N-CSR 1 a07-28068_1ncsr.htm N-CSR

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			811-08690

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

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

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

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

Date of fiscal year end:	10/31/2007

Date of reporting period:		10/31/2007

Item 1. Reports to Stockholders.

MassMutual
Premier Funds

Annual Report

October 31, 2007

insure invest retire

Retirement Services

Table of Contents

Letter to Shareholders					1

Portfolio Manager Reports					4

Portfolio of Investments

MassMutual Premier Money Market Fund					89

MassMutual Premier Short-Duration Bond Fund					91

MassMutual Premier Inflation-Protected Bond Fund					98

MassMutual Premier Core Bond Fund					99

MassMutual Premier Diversified Bond Fund					108

MassMutual Premier Strategic Income Fund					118

MassMutual Premier High Yield Fund					135

MassMutual Premier Balanced Fund					139

MassMutual Premier Value Fund					150

MassMutual Premier Enhanced Index Value Fund					152

MassMutual Premier Enhanced Index Core Equity Fund					158

MassMutual Premier Main Street Fund					164

MassMutual Premier Capital Appreciation Fund					168

MassMutual Premier Core Growth Fund					171

MassMutual Premier Enhanced Index Growth Fund					174

MassMutual Premier Discovery Value Fund					181

MassMutual Premier Small Capitalization Value Fund					184

MassMutual Premier Main Street Small Cap Fund					187

MassMutual Premier Small Company Opportunities Fund					199

MassMutual Premier Global Fund					211

MassMutual Premier International Equity Fund					214

MassMutual Premier Focused International Fund					218

Statement of Assets and Liabilities					220

Statement of Operations					232

Statement of Changes in Net Assets					238

Financial Highlights					250

Notes to Financial Statements					297

Report of Independent Registered Public Accounting Firm					370

Trustees and Officers (Unaudited)					371

Federal Tax Information (Unaudited)					375

Other Information (Unaudited)					376

This material must be preceded or accompanied by a current prospectus for the MassMutual Premier Funds. Investors should consider a Fund's investment objective, risks, charges and expenses carefully before investing. This and other information about the investment company is available in the prospectus. Read it carefully before investing.

MassMutual Premier Funds – Letter to Shareholders

To Our Shareholders

October 31, 2007

Frederick C. Castellani

When the markets become more volatile or there is an unexpected development, there is a natural tendency to focus on short-term developments. However, our view is that one of the keys to successful investing is to maintain a disciplined focus on the longer term. Consequently, MassMutual recommends an approach to investing that de-emphasizes inevitable periods of market volatility and employs a diversification strategy that suits an investor's risk tolerance, financial goals and time horizon.

Stocks and bonds rise in a volatile environment; subprime issues cause concerns

For the 12 months ended October 31, 2007, equities outperformed bonds by a wide margin in an environment of substantial market volatility. The Dow Jones Industrial Average^SM ("the Dow"), a barometer of blue-chip activity, returned 15.31% for the 12-month period. Similarly, the S&P 500^® Index, a measure of U.S. large-cap stock performance, advanced 14.55%. The clear leader in the U.S. equity markets was the technology-heavy Nasdaq Composite^® Index ("Nasdaq"), which gained 20.81%. Turning to the worldwide equity market, the winner for the period was the Morgan Stanley Capital International Europe, Australasia, Far East ("MSCI^® EAFE^®") Index, a benchmark for foreign stocks in developed markets, with its 24.91% return. In the fixed-income arena, the Lehman Brothers^® Aggregate Bond Index, a broad measure of the U.S. investment-grade bond markets, advanced 5.38% for the 12-month period ended October 31, 2007, as fixed-income investments continued to trail equities.*

Large domestic stocks, measured by the Dow and the S&P 500 Index, forged higher during the final months of 2006. Small caps, as evidenced by the Russell 2000^® Index, also ended the year strongly – as did technology stocks in the Nasdaq. The U.S. dollar weakened during the period, which helped the MSCI EAFE Index turn in a double-digit advance. In the fixed-income market, bond prices changed little as 2006 drew to a close, due in part to low default rates and generally favorable corporate earnings. Against this backdrop, the Lehman Brothers Aggregate Bond Index posted a marginal gain. The yield curve remained inverted, meaning that the yields of shorter-term securities generally stayed higher than those of longer-term issues.*

Domestic equities showed little change during the first quarter of 2007, despite a significant increase in volatility across the board. The Dow declined slightly for the three months ended March 31, 2007; conversely, the S&P 500 Index and the Nasdaq each finished with a small advance. The depreciating U.S. dollar continued to support the returns of foreign stocks – once again helping the MSCI EAFE Index outperform its U.S. counterparts. Fixed-income investor concerns about the weak housing market and subprime lender problems caused bond yields to ease and prices to rally. Overall, most Treasury securities ended the first quarter with modest price gains, and the Lehman Brothers Aggregate Bond Index closed out the period with a positive return.

Most U.S. stock indexes advanced in the second quarter of 2007, as stocks rode a wave of optimism over corporate earnings and overcame short periods of increased volatility associated with investor concerns about soft retail sales, rising interest rates, inflation, the housing market and subprime mortgages. Performance was mixed among fixed-income categories, but investors favored shorter-term issues, such as the 13-week U.S. Treasury Bill. High-yield bonds barely managed a positive return for the quarter, despite moderately favorable corporate earnings and low default rates on corporate high-yield securities.

Most categories of U.S. stocks finished the third quarter of 2007 higher. The final results masked a significant spike in market volatility from mid-July through mid-August, however, as concerns about the subprime mortgage market intensified further. On August 17, 2007, the Fed added liquidity to the banking system and increased the demand for loans by cutting the discount rate by 0.50%. The discount rate is the interest rate that regional Federal Reserve banks charge banks and financial institutions when they borrow funds on a short-term basis. After a surprise drop in a key August employment number and negative movement in other key economic indicators, the central bank moved even more aggressively

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

(Continued)
1

MassMutual Premier Funds – Letter to Shareholders (Continued)

to ease monetary conditions, lowering the closely watched target federal funds rate by a larger-than-expected 0.50% to 4.75% and cutting the discount rate an additional 0.50% to 5.25% (interest rate level refers to primary discount rate, not the secondary discount rate) at its September 18, 2007 meeting. The federal funds rate is the interest rate that banks and financial institutions charge each other for borrowing funds overnight. As a result, most broad-based U.S. stock indexes were trading near their all-time highs at the end of the quarter. Conversely, small-cap stocks struggled, with the Russell 2000^® Index returning -3.09% for the quarter. The MSCI EAFE Index returned 2.18% during this time frame. In the bond marketplace, the growing concerns about a weakening economy triggered a decline in bond yields and boosted prices. Moreover, a general flight from risk led to strong demand for Treasuries. Toward the end of September 2007, following the Fed's aggressive reduction in short-term interest rates, bond prices gave up some of their recent gains, as fixed-income investors began to question the Fed's commitment to keep inflation at bay. On balance, though, bonds benefited from the quarter's developments. Against this backdrop, the Lehman Brothers Aggregate Bond Index posted a healthy 2.85% gain.

During October 2007, domestic stocks advanced slightly, with the clear leader being the Nasdaq, with its 5.83% return. Foreign stocks, as measured by the MSCI EAFE Index, also did well, with a gain of 3.93%. In the fixed-income market, the 10-year Treasury ended the month at 4.48% (compared to 4.58% at the beginning of October), as the Lehman Brothers Aggregate Bond Index returned 0.90% for the period.

All eyes turn to the Federal Reserve

Just how serious is the subprime mortgage situation, and what can we expect for the U.S. economy going forward? In part, investors' nervousness during the past few months stemmed from the fact that clear answers to those questions were hard to come by. Nevertheless, the Fed demonstrated its desire to stave off a recession with the aforementioned cuts in the federal funds and discount rates during the September 2007 Federal Open Market Committee ("FOMC") meeting. While there had been speculation about a possible cut in the federal funds rate throughout much of July and August 2007, the deciding factor seemed to be an unexpected drop in non-farm payrolls reported at the beginning of September, which suggested that the difficulties in the subprime market might be spreading to the broader economy. The Fed followed up its September rate cuts with additional 0.25% federal funds and discount rate reductions at the October 31, 2007 FOMC meeting.

The Fed's actions had the desired effect of reassuring the financial markets in the short term, although the Fed's October rate reduction statement called further cuts into question, due to inflationary fears. With inflation on the rise, the Fed, under Chairman Ben Bernanke, might have to be more cautious about lowering interest rates to stimulate a sluggish U.S. economy. Mr. Bernanke must also take into account the potential impact of the Fed's actions on the U.S. dollar. For instance, in September, a consensus had developed that the Fed would cut interest rates. The larger-than-expected rate reduction, however, only accelerated the dollar's rate of depreciation. Needless to say, uncertainty over the Fed's actions with respect to monetary policy will, in the short term, undoubtedly influence investor sentiment as 2007 draws to a close.

Outlook

While we were preparing this report, the equity and fixed-income markets showed an even greater increase in volatility attributable to the continuing increase of investor concerns over the impact of the subprime mortgage situation. When the markets become more volatile or there is an unexpected development, such as the Fed's larger-than-anticipated rate cut, there is a natural tendency to focus on short-term developments. However, our view is that one of the keys to successful investing is to maintain a disciplined focus on long-term results. Benjamin Graham, the father of "value" investing,

(Continued)
2

MassMutual Premier Funds – Letter to Shareholders (Continued)

once observed that in the short term, the stock market is a voting machine, but in the long term, it is a weighing machine. By that, he meant that strong fundamentals tend to be recognized in the long run, even if emotions sometimes rule the day over shorter periods of time. In line with this thinking, MassMutual recommends a focus on the longer term and an approach to investing that de-emphasizes inevitable periods of market volatility and employs a diversification strategy that suits an investor's risk tolerance, financial goals and time horizon.

Frederick C. Castellani
President

The information provided is the opinion of MassMutual Retirement Services Investments Marketing as of 11/1/07 and is subject to change without notice. It is not to be construed as tax, legal or investment advice. Of course, past performance does not guarantee future results.

MassMutual Premier Money Market Fund – Portfolio Manager Report

What is the investment objective of the MassMutual Premier Money Market Fund – and who is the Fund's sub-adviser?
This Fund seeks to maximize current income to the extent consistent with liquidity and the preservation of capital by investing in a diversified portfolio of money market instruments. The Fund's sub-adviser is Babson Capital Management LLC (Babson Capital).

How did the Fund perform during the 12 months ended October 31, 2007?
The Fund's Class S shares had a return of 4.92%, nearly in line with the 4.95% return of the Salomon Smith Barney 3-Month Treasury Bill Index.

What was the investment background during the period?
During the final quarter of 2006, the equity markets steadily rose, while corporate bonds also turned in a relatively strong performance. The high-yield sector rallied in the period and investment-grade corporate bonds and other non-Treasuries ("credits") outpaced U.S. Treasuries by 0.25%. Bond yields rose and prices fell early in 2007, reflecting expectations that the economy would achieve a "soft landing" – that is, a mild slowdown without recession. Conversely, bond yields eased and prices rallied later in the quarter when concerns intensified about the weak housing market and problems with subprime lenders made headlines. Bond prices move in the opposite direction to interest rates (or yields); when yields rise, the prices of existing bonds fall – and vice versa. In the end, the Lehman Brothers^® Aggregate Bond Index closed out the quarter with a modest advance. The second quarter of 2007 was characterized by a change in investor sentiment concerning economic growth. In April 2007, many indicators were showing stagnant or slowing economic activity. But when most indicators of economic activity later started pointing to growth, the bond market reacted by making a sizable correction, with most long-term bond indexes losing ground. As a result, both the level of interest rates and the pricing of credit risk rose significantly. With respect to the latter, mounting problems surrounding poor mortgage underwriting triggered a sharp sell-off, as credit spreads – or the differences in yields between comparable bonds – widened meaningfully in numerous sectors. The correction was particularly severe in the lower-quality asset-backed securities supported by subprime mortgages and was largely confined to fixed-income markets, as most U.S. large-cap equity indexes rose over 5%.

What began as a real estate problem in the first and second quarters of 2007 became a capital markets problem in the third quarter of 2007. Some aggressively leveraged investors were caught seriously unprepared, as losses forced margin-related selling, resulting in several high-profile hedge fund implosions. The sharp re-pricing of credit risk, which began in June 2007, also raised the specter of troubling scenarios in various structured investment vehicles ("SIVs"), which had been created over the past few years – many with business models contingent on access to short-term lending markets. Coordinated efforts by global central banks subsequently brought short rates down and improved – but did not fully correct – both primary and secondary market liquidity. The Federal Reserve ("Fed") reversed its bias during the quarter, citing prospects for weaker growth. In August, the Fed cut the discount rate – which is the interest rate that regional Fed banks charge banks and financial institutions when they borrow funds on a short-term basis – by 0.50%, and followed with cuts of 0.50% to both the discount and federal funds rates in September 2007. The federal funds rate is the interest rate that banks and financial institutions charge each other for borrowing funds overnight. The Fed followed up its September rate cuts with additional 0.25% federal funds and discount rate reductions at its October 31, 2007 meeting.

What factors contributed to the Fund's performance?
During the fourth quarter of 2006, concerns mounted that inflation could still be an issue. Fed Chairman Ben Bernanke singled out unit labor costs as a potential source of inflationary pressures – and monetary policy statements implied that it was premature to expect lower interest rates. However, the shape of the yield curve pointed towards less inflation and lower yields in 2007. The yield curve is a graphical representation of bond yields ranging from very short maturities to the longest available, with the curve indicating whether short-term rates are higher or lower than long-term rates. In the first quarter of 2007,

MassMutual Premier Money Market Fund – Portfolio Manager Report (Continued)

the prices of most Treasury securities registered sizable gains when stocks suffered a big sell-off in late February 2007, as concerned investors fled to safer investments. Not surprisingly, some of those gains were reversed when the stock market stabilized in the weeks following the sell-off until the end of the first quarter.

With respect to yield levels, investors reassessed their expectations for monetary policy in the second quarter of 2007. In April 2007, an expectation for approximately 0.50% of easing by the Fed had been built into the market. However, as economic growth expectations improved, the market began to believe that the Fed would hold interest rates steady indefinitely and a bond sell-off ensued. For example, during the period, 5- and 10- year U.S. Treasury yields rose 0.39% and 0.38%, respectively. From summer to October 2007, investors generally favored higher-quality assets over lower (i.e., credit spreads – the yield disparities between corporate bonds and other non-Treasuries – widened), with risk-free U.S. Treasuries providing the best returns in the fixed-income sector.

What is your outlook?
With summer storms behind us, and the end of 2007 coming into view, we would like to report that "all's clear." Unfortunately, we cannot – our cautious stance remains. Near term, loosening of credit market conditions, following recent global central banks' accommodations, should allow for market sentiment to improve, and it is true that most fixed-income sectors are more attractively priced now than they were a few months ago. That said, many sectors' valuations still reflect a thin margin for error, given a highly uncertain economic backdrop. We continue to approach current markets opportunistically, looking for the hidden gems in an otherwise difficult environment.

MassMutual Premier Money Market Fund

Asset Allocation

(% of Net Assets) on 10/31/07

Commercial Paper	78.0	%
U.S. Treasury Bills	16.6	%
Discount Notes	4.7	%
Total Long-Term Investments	99.3	%
Short-Term Investments and Other Assets and Liabilities	0.7	%
	100.0	%

MassMutual Premier Money Market Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Premier Money Market Fund Class S and Salomon Smith Barney 3-Month Treasury Bill Index.

MassMutual Premier Money Market Fund
Total Return

	_{One Year}_{11/1/06 - 10/31/07}			_{Five Year}_{Average Annual}_{11/1/02 - 10/31/07}			_{Ten Year}_{Average Annual}_{11/1/97 - 10/31/07}
Class S		4.92	%		2.63	%		3.62	%
Salomon Smith Barney 3-Month Treasury Bill Index		4.95	%		2.87	%		3.65	%

Hypothetical Investments in MassMutual Premier Money Market Fund Class A, Class Y and Salomon Smith Barney 3-Month Treasury Bill Index.

MassMutual Premier Money Market Fund
Total Return

	_{One Year}_{11/1/06 - 10/31/07}			_{Five Year}_{Average Annual}_{11/1/02 - 10/31/07}			_{Since Inception}_{Average Annual}_{1/1/98 - 10/31/07}
Class A		4.59	%		2.26	%		3.12	%
Class Y		4.81	%		2.53	%		3.48	%
Salomon Smith Barney 3-Month Treasury Bill Index		4.95	%		2.87	%		3.62	%

Hypothetical Investments in MassMutual Premier Money Market Fund Class L and Salomon Smith Barney 3-Month Treasury Bill Index.

MassMutual Premier Money Market Fund
Total Return

	_{One Year}_{11/1/06 - 10/31/07}			_{Five Year}_{Average Annual}_{11/1/02 - 10/31/07}			_{Since Inception}_{Average Annual}_{5/3/99 - 10/31/07}
Class L		4.84	%		2.50	%		3.15	%
Salomon Smith Barney 3-Month Treasury Bill Index		4.95	%		2.87	%		3.42	%

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

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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 Salomon Smith Barney 3-Month Treasury Bill Index is unmanaged, does not incur expenses and cannot be purchased directly by investors. Treasury Bills are backed by the U.S. Government and offer a fixed rate of return, while the Fund's shares are not guaranteed. 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.

An investment in the MassMutual Premier Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

MassMutual Premier Short-Duration Bond Fund – Portfolio Manager Report

What is the investment objective of the MassMutual Premier Short-Duration Bond Fund – and who is the Fund's sub-adviser?
This Fund seeks to achieve a high total rate of return primarily from current income while minimizing fluctuations in capital values by investing primarily in a diversified portfolio of short-term investment-grade fixed-income securities. The Fund's sub-adviser is Babson Capital Management LLC (Babson Capital).

How did the Fund perform during the 12 months ended October 31, 2007?
The Fund's Class S shares returned 5.88%, moderately outpacing the 5.73% return of the Lehman Brothers^® 1-3 Year Government Bond Index, an unmanaged index of U.S. government bonds with one to three years remaining to the scheduled payment of principal.

What was the investment background during the period?
During the final quarter of 2006, the equity markets steadily rose, while corporate bonds also turned in a relatively strong performance. The high-yield sector rallied in the period and investment-grade corporate bonds and other non-Treasuries ("credits") outpaced U.S. Treasuries by 0.25%. Bond yields rose and prices fell early in 2007, reflecting expectations that the economy would achieve a "soft landing" – that is, a mild slowdown without recession. Conversely, bond yields eased and prices rallied later in the quarter when concerns intensified about the weak housing market and problems with subprime lenders made headlines. Bond prices move in the opposite direction to interest rates (or yields); when yields rise, the prices of existing bonds fall – and vice versa. In the end, the Lehman Brothers Aggregate Bond Index closed out the quarter with a modest advance. The second quarter of 2007 was characterized by a change in investor sentiment concerning economic growth. In April 2007, many indicators were showing stagnant or slowing economic activity. But when most indicators of economic activity later started pointing to growth, the bond market reacted by making a sizable correction, with most long-term bond indexes losing ground for the quarter. As a result, both the level of interest rates and the pricing of credit risk rose significantly. With respect to the latter, mounting problems surrounding poor mortgage underwriting triggered a sharp sell-off, as credit spreads – or the differences in yields between comparable bonds – widened meaningfully in numerous sectors. The correction was particularly severe in the lower-quality asset-backed securities supported by subprime mortgages and was largely confined to fixed-income markets, as equity prices continued to advance.

What factors contributed to the Fund's performance?
The Fund outperformed the Lehman Brothers 1-3 Year Government Bond Index ("the benchmark") during the fourth quarter of 2006. During the period, Treasury note yields increased by between 0.10% and 0.12%, and the yield curve ended the year slightly more inverted – meaning that the yields of shorter-term securities generally stayed higher than those of longer-term issues. The yield curve is a graphical representation of bond yields ranging from very short maturities to the longest available,

MassMutual Premier Short-Duration Bond Fund – Portfolio Manager Report (Continued)

with the curve indicating whether short-term rates are higher or lower than long-term rates. The Fund's duration target remained very short. Short-duration portfolios generally outperformed the benchmark during the first quarter of 2007. 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. During this time frame, Treasury note yields decreased by between 0.05% and 0.23%, with the yield curve steepening during the period. Due to the Fed remaining on the sidelines (with respect to any change in the direction of interest rates), the highest yields in the Treasury market during the period could still be captured in the short-term sector. As the first quarter of 2007 came to a close, the Fund's duration target again remained very short.

In government paper, Treasury bill yields declined by 0.13% to 0.23% during the second quarter of 2007, while Treasury note yields increased by 0.28% to 0.38%. These changes resulted in a much steeper curve overall, although the very short end remained somewhat inverted. The Fed remained on the sidelines and the market seemed to give up any expectations of Fed changes for the remainder of 2007, in either direction (easing or tightening). The Fund performed in line with the benchmark during the second quarter of 2007, as the portfolio's duration was very similar to the benchmark's throughout most of the period. The portfolio's duration still remained short, although there was some increase due to the steepening curve. The Fund's performance trailed the benchmark during the third quarter of 2007, as the portfolio's duration was slightly longer than the benchmark's during this time frame. The portfolio's duration still remained well short of the maximum allowed, but there was an increase due to the steepening curve. In October 2007, the Fund outpaced the benchmark, as the portfolio's duration continued to remain slightly longer than the benchmark's.

MassMutual Premier Short-Duration

Bond Fund

Quality Structure

(% of Net Assets) on 10/31/07

U.S. Governments, Aaa/AAA	40.7	%
Aa/AA	1.7	%
A/A	3.2	%
Baa/BBB	8.6	%
Ba/BB	2.0	%
B and Below	0.3	%
Options	0.1	%
Equities	0.1	%
Total Long-Term Investments	56.7	%
Short-Term Investments and Other Assets and Liabilities	43.3	%
	100.0	%

MassMutual Premier Short-Duration Bond Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Premier Short-Duration Bond Fund Class S and the Lehman Brothers 1-3 Year Government Bond Index.

MassMutual Premier Short-Duration Bond Fund
Total Return

	_{One Year}_{11/1/06 - 10/31/07}			_{Five Year}_{Average Annual}_{11/1/02 - 10/31/07}			_{Ten Year}_{Average Annual}_{11/1/97 - 10/31/07}
Class S		5.88	%		3.92	%		4.89	%
Lehman Brothers 1-3 Year Government Bond Index		5.73	%		2.93	%		4.73	%

Hypothetical Investments in MassMutual Premier Short-Duration Bond Fund Class A, Class A (sales load deducted), Class Y and the Lehman Brothers 1-3 Year Government Bond Index.

MassMutual Premier Short-Duration Bond Fund
Total Return

	_{One Year}_{11/1/06 - 10/31/07}			_{Five Year}_{Average Annual}_{11/1/02 - 10/31/07}			_{Since Inception}_{Average Annual}_{1/1/98 - 10/31/07}
Class A		5.55	%		3.52	%		4.42	%
Class A
(Sales load deducted)*		1.86	%		2.78	%		4.04	%
Class Y		5.86	%		3.88	%		4.80	%
Lehman Brothers 1-3 Year Government Bond Index		5.73	%		2.93	%		4.72	%

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 3.50% maximum sales charge.

Investors should note that the Fund is a professionally managed mutual fund, while the Lehman Brothers 1-3 Year Government Bond Index is unmanaged, does not incur expenses and cannot be purchased directly by investors. Investors should read the Fund's prospectus with regard to the Fund's investment objective, risks and charges and expenses in conjunction with these financial statements. Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.

MassMutual Premier Short-Duration Bond Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Premier Short-Duration Bond Fund Class L and the Lehman Brothers 1-3 Year Government Bond Index.

MassMutual Premier Short-Duration Bond Fund
Total Return

	_{One Year}_{11/1/06 - 10/31/07}			_{Five Year}_{Average Annual}_{11/1/02 - 10/31/07}			_{Since Inception}_{Average Annual}_{5/3/99 - 10/31/07}
Class L		5.74	%		3.76	%		4.56	%
Lehman Brothers 1-3 Year Government Bond Index		5.73	%		2.93	%		4.53	%

Hypothetical Investments in MassMutual Premier Short-Duration Bond Fund Class N, Class N (CDSC fees deducted), and the Lehman Brothers 1-3 Year Government Bond Index.

MassMutual Premier Short-Duration Bond Fund
Total Return

	_{One Year}_{11/1/06 - 10/31/07}			_{Since Inception}_{Average Annual}_{12/31/02 - 10/31/07}
Class N		5.25	%		3.02	%
Class N (CDSC fees deducted)*		4.25	%		3.02	%
Lehman Brothers 1-3 Year Government Bond Index		5.73	%		2.90	%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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

MassMutual Premier Inflation-Protected Bond Fund – Portfolio Manager Report

What is the investment objective of the MassMutual Premier Inflation-Protected Bond Fund – and who is the Fund's sub-adviser?
This Fund seeks to achieve as high a total rate of real return on an annual basis as is considered consistent with prudent investment risk and the preservation of capital. The Fund's sub-adviser is Babson Capital Management LLC (Babson Capital).

How did the Fund perform during the 12 months ended October 31, 2007?
The Fund's Class S shares returned 5.86%, trailing the 6.34% return for the Lehman U.S. Treasury Inflation Note Index, an unmanaged index that measures the broad performance of U.S. Treasury inflation-indexed bonds.

How do inflation-indexed bonds protect against inflation?
Like many other fixed-income securities, inflation-indexed bonds pay income twice a year, based on a fixed coupon rate. However, both the principal and the interest payment are adjusted for the level of inflation. The inflation rate – as measured by the Consumer Price Index – results in an adjustment to the principal amount of an inflation-protected security. The coupon rate is then applied to the adjusted principal amount to determine the interest payment. For example, assuming an inflation rate of 3%, a security with a par value of $1,000 and a coupon rate of 1.75%, the adjusted principal amount after one year would be $1,030 ($1,000 increased by 3%). The interest payment would be calculated by multiplying $1,030 by 1.75% instead of using the original $1,000 par value to calculate the amount of interest.

What was the investment background during the period?
During the final quarter of 2006, the equity markets steadily rose, while corporate bonds also turned in a relatively strong performance. The high-yield sector rallied in the period and investment-grade corporate bonds and other non-Treasuries ("credits") outpaced U.S. Treasuries by 0.25%. Bond yields rose and prices fell early in 2007, reflecting expectations that the economy would achieve a "soft landing" – that is, a mild slowdown without recession. Conversely, bond yields eased and prices rallied later in the quarter when concerns intensified about the weak housing market and problems with subprime lenders made headlines. Bond prices move in the opposite direction to interest rates (or yields); when yields rise, the prices of existing bonds fall – and vice versa. In the end, the Lehman Brothers^® Aggregate Bond Index closed out the quarter with a modest advance. The second quarter of 2007 was characterized by a change in investor sentiment concerning economic growth. In April 2007, many indicators were showing stagnant or slowing economic activity. But when most indicators of economic activity later started pointing to growth, the bond market reacted by making a sizable correction, with most long-term bond indexes losing ground for the quarter. As a result, both the level of interest rates and the pricing of credit risk rose significantly. With respect to the latter, mounting problems surrounding poor mortgage underwriting triggered a sharp sell-off, as credit spreads – or the differences in yields between comparable bonds – widened meaningfully in numerous sectors. The correction was particularly severe in the lower-quality asset-backed securities supported by subprime mortgages and was largely confined to fixed-income markets, as equity prices continued to advance.

MassMutual Premier Inflation-Protected Bond Fund – Portfolio Manager Report (Continued)

September rate cuts with additional 0.25% federal funds and discount rate reductions at its October 31, 2007 meeting. Most domestic stocks advanced slightly during the month of October, led by the Nasdaq Composite^® Index ("Nasdaq"), which returned 5.83%. The Lehman Brothers Aggregate Bond Index also gained slightly.

What factors contributed to the Fund's performance?
The Fund outperformed the Lehman U.S. Treasury Inflation Note Index ("the benchmark") during the fourth quarter of 2006, driven by the Fund's small cash position during a period of increasing yields. Conversely, the Fund underperformed the benchmark in the first quarter of 2007. The portfolio's performance was negatively impacted during the second quarter of 2007 by unexpected withdrawals, which resulted in inopportune trading and a subsequent decline in the Fund's assets of over 10%. The performance of corporate inflation-protected securities ("CIPS") was highly negative during the third quarter of 2007, as bonds suffered in the wake of the spreading of the subprime crisis. Nevertheless, this afforded us the opportunity to make some attractive purchases in CIPs. In October 2007, Treasury Inflation-Protected Securities ("TIPS") were the best performers, as the Fund performed in line with the benchmark.

MassMutual Premier Inflation-Protected

Bond Fund

Quality Structure

(% of Net Assets) on 10/31/07

U.S. Governments, Aaa/AAA	99.2	%
Total Long-Term Investments	99.2	%
Short-Term Investments and Other Assets and Liabilities	0.8	%
	100.0	%

MassMutual Premier Inflation-Protected Bond Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Premier Inflation-Protected Bond Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, Class N, Class N (CDSC fees deducted) and the Lehman U.S. Treasury Inflation Note Index.

MassMutual Premier Inflation-Protected Bond Fund
Total Return

	_{One Year}_{11/1/06 - 10/31/07}			_{Since Inception}_{Average Annual}_{12/31/03 - 10/31/07}
Class S		5.86	%		4.62	%
Class A		5.44	%		4.01	%
Class A (Sales load deducted)*		0.43	%		2.70	%
Class Y		5.85	%		4.52	%
Class L		5.68	%		4.36	%
Class N		5.17	%		3.80	%
Class N (CDSC fees deducted)*		4.17	%		3.80	%
Lehman U.S. Treasury Inflation Note Index		6.34	%		5.03	%

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.

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

MassMutual Premier Core Bond Fund – Portfolio Manager Report

What is the investment objective of the MassMutual Premier Core Bond Fund – and who is the Fund's sub-adviser?
This Fund seeks to achieve a high total rate of return consistent with prudent investment risk and the preservation of capital by investing primarily in a diversified portfolio of investment-grade fixed-income securities. The Fund's sub-adviser is Babson Capital Management LLC (Babson Capital).

How did the Fund perform during the 12 months ended October 31, 2007?
The Fund's Class S shares returned 5.57%, outpacing the 5.38% return of the Lehman Brothers^® Aggregate Bond Index, an unmanaged index of fixed-rate investment-grade securities with at least one year to maturity, combining the Lehman Brothers^® U.S. Government/Credit Index and the Lehman Brothers^® Mortgage-Backed Securities Index.

What was the investment background during the period?
During the final quarter of 2006, the equity markets steadily rose, while corporate bonds also turned in a relatively strong performance. The high-yield sector rallied and investment-grade corporate bonds and other non-Treasuries ("credits") outpaced U.S. Treasuries by 0.25%. Bond yields rose and prices fell early in 2007, reflecting expectations that the economy would achieve a "soft landing" – that is, a mild slowdown without recession. Conversely, bond yields eased and prices rallied later in the quarter when concerns intensified about the weak housing market and problems with subprime lenders made headlines. Bond prices move in the opposite direction to interest rates (or yields); when yields rise, the prices of existing bonds fall – and vice versa. In the end, the Lehman Brothers Aggregate Bond Index closed out the quarter with a modest advance. The second quarter of 2007 was characterized by a change in investor sentiment concerning economic growth. In April 2007, many indicators were showing stagnant or slowing economic activity. But when most indicators of economic activity later started pointing to growth, the bond market reacted by making a sizable correction, with most long-term bond indexes losing ground. As a result, both the level of interest rates and the pricing of credit risk rose significantly. With respect to the latter, mounting problems surrounding poor mortgage underwriting triggered a sharp sell-off, as credit spreads – or the differences in yields between comparable bonds – widened meaningfully in numerous sectors. The correction was particularly severe in the lower-quality asset-backed securities supported by subprime mortgages and was largely confined to fixed-income markets, as equity prices continued to advance.

What began as a real estate problem in the first and second quarters of 2007 became a capital markets problem in the third quarter of 2007. Some aggressively leveraged investors were caught seriously unprepared, as losses forced margin-related selling, resulting in several high-profile hedge fund implosions. The sharp re-pricing of credit risk, which began in June 2007, also raised the specter of troubling scenarios in various structured investment vehicles ("SIVs"), which had been created over the past few years – many with business models contingent on access to short-term lending markets. Coordinated efforts by global central banks subsequently brought short rates down and improved – but did not fully correct – both primary and secondary market liquidity. The Federal Reserve ("Fed") reversed its bias during the quarter, citing prospects for weaker growth. In August, the Fed cut the discount rate – which is the interest rate that regional Fed banks charge banks and financial institutions when they borrow funds on a short-term basis – by 0.50%, and followed with cuts of 0.50% to both the discount and federal funds rates in September 2007. The federal funds rate is the interest rate that banks and financial institutions charge each other for borrowing funds overnight. During October 2007, there was considerable intra-month interest rate volatility, primarily in shorter maturities, which generally moved lower in yield. Much of the corporate market did well for the month, as subprime fears abated temporarily. Unfortunately, the financials sector gave it all back and then some, following third-quarter 2007 earnings releases, which were generally weaker than expected. The Fed followed up its September rate cuts with additional 0.25% federal funds and discount rate reductions at its October 31, 2007 meeting.

What factors contributed to the Fund's performance?
In the fourth quarter of 2006, the Fund's strength came from its lower-quality credit exposure. Also enhancing performance was opportunistic mortgage trading activity. Higher coupon holdings aided results late in the year. Once again in the first quarter of 2007, lower-quality credit exposure drove the Fund's results. Favorable security selection and sector allocation were also positive factors. The Fund

MassMutual Premier Core Bond Fund – Portfolio Manager Report (Continued)

struggled in the second quarter of 2007, as a result of various factors, including unfavorable sector allocation and suboptimal yield curve positioning. In the third quarter of 2007, the Fund's conservative positioning allowed returns to hold up quite well.

In October 2007, the Fund's performance continued to be driven by favorable sector positioning, including strategic underweight positions in financials and corporate mortgage-backed securities ("CMBS"). While it held an overweight position in corporate bonds, the Fund's exposure is biased towards shorter-maturity and higher-quality industrial issues. A modest overweight position in mortgage-backed securities ("MBS") also contributed to the Fund's results for the month.

What is your outlook?
Approaching year-end, portfolio positioning is particularly challenging, as conflicting opinions abound regarding Gross Domestic Product growth, the direction of interest rates and the vulnerability of global markets. We continue to take a cautious approach, trading carefully around the edges to take advantage of opportunities as yield spreads widen, while remaining mindful of the current difficult environment.

MassMutual Premier Core Bond Fund

Quality Structure

(% of Net Assets) on 10/31/07

U.S. Governments, Aaa/AAA	62.8	%
Aa/AA	3.7	%
A/A	8.6	%
Baa/BBB	19.2	%
Ba/BB	4.5	%
B and Below	0.0	%
Options	0.2	%
Equities	0.1	%
Total Long-Term Investments	99.1	%
Short-Term Investments and Other Assets and Liabilities	0.9	%
	100.0	%

MassMutual Premier Core Bond Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Premier Core Bond Fund Class S and the Lehman Brothers Aggregate Bond Index.

MassMutual Premier Core Bond Fund
Total Return

	_{One Year}_{11/1/06 - 10/31/07}			_{Five Year}_{Average Annual}_{11/1/02 - 10/31/07}			_{Ten Year}_{Average Annual}_{11/1/97 - 10/31/07}
Class S		5.57	%		4.65	%		5.55	%
Lehman Brothers Aggregate Bond Index		5.38	%		4.41	%		5.91	%

Hypothetical Investments in MassMutual Premier Core Bond Fund Class A, Class A (sales load deducted), Class Y and the Lehman Brothers Aggregate Bond Index.

MassMutual Premier Core Bond Fund
Total Return

	_{One Year}_{11/1/06 - 10/31/07}			_{Five Year}_{Average Annual}_{11/1/02 - 10/31/07}			_{Since Inception}_{Average Annual}_{1/1/98 - 10/31/07}
Class A		5.23	%		4.23	%		5.05	%
Class A (Sales load deducted)*		0.23	%		3.22	%		4.53	%
Class Y		5.56	%		4.59	%		5.42	%
Lehman Brothers Aggregate Bond Index		5.38	%		4.41	%		5.86	%

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 4.75% maximum sales charge.

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

MassMutual Premier Core Bond Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Premier Core Bond Fund Class L and the Lehman Brothers Aggregate Bond Index.

MassMutual Premier Core Bond Fund
Total Return

	_{One Year}_{11/1/06 - 10/31/07}			_{Five Year}_{Average Annual}_{11/1/02 - 10/31/07}			_{Since Inception}_{Average Annual}_{5/3/99 - 10/31/07}
Class L		5.49	%		4.49	%		5.28	%
Lehman Brothers Aggregate Bond Index		5.38	%		4.41	%		5.79	%

Hypothetical Investments in MassMutual Premier Core Bond Fund Class N, Class N (CDSC fees deducted) and the Lehman Brothers Aggregate Bond Index.

MassMutual Premier Core Bond Fund
Total Return

	_{One Year}_{11/1/06 - 10/31/07}			_{Since Inception}_{Average Annual}_{12/31/02 - 10/31/07}
Class N		4.91	%		3.49	%
Class N (CDSC fees deducted)*		3.91	%		3.49	%
Lehman Brothers Aggregate Bond Index		5.38	%		4.11	%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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

MassMutual Premier Diversified Bond Fund – Portfolio Manager Report

What is the investment objective of the MassMutual Premier Diversified Bond Fund – and who is the Fund's sub-adviser?
This Fund seeks a superior total rate of return by investing in fixed-income instruments. The Fund's sub-adviser is Babson Capital Management LLC (Babson Capital).

How did the Fund perform during the 12 months ended October 31, 2007?
The Fund's Class S shares returned 5.69%, moderately outpacing the 5.38% return of the Lehman Brothers^® Aggregate Bond Index, an unmanaged index of fixed-rate investment-grade securities with at least one year to maturity, combining the Lehman Brothers^® U.S. Government/Credit Index and the Lehman Brothers^® Mortgage-Backed Securities Index.

What was the investment background during the period?
During the final quarter of 2006, the equity markets steadily rose, while corporate bonds also turned in a relatively strong performance. The high-yield sector rallied in the period and investment-grade corporate bonds and other non-Treasuries ("credits") outpaced U.S. Treasuries by 0.25%. Bond yields rose and prices fell early in 2007, reflecting expectations that the economy would achieve a "soft landing" – that is, a mild slowdown without recession. However, as concerns intensified about the weak housing market and problems with subprime lenders made headlines, bond yields eased and prices rallied. Bond prices move in the opposite direction to interest rates (or yields); when yields rise, the prices of existing bonds fall – and vice versa. In the end, the Lehman Brothers Aggregate Bond Index closed out the quarter with a modest advance. The second quarter of 2007 was characterized by a change in investor sentiment concerning economic growth. In April 2007, many indicators were showing stagnant or slowing economic activity. But when most indicators of economic activity later started pointing to growth, the bond market reacted by making a sizable correction, with most long-term bond indexes losing ground for the quarter. As a result, both the level of interest rates and the pricing of credit risk rose significantly. With respect to the latter, mounting problems surrounding poor mortgage underwriting triggered a sharp sell-off, as credit spreads – or the differences in yields between comparable bonds – widened meaningfully in numerous sectors. The correction was particularly severe in the lower-quality asset-backed securities supported by subprime mortgages. The high-yield sector also suffered, as an excessive supply of poorly structured new issues exacerbated the back-up. This correction was largely confined to fixed-income markets, however, as equity prices continued to advance.

What began as a real estate problem in the first and second quarters of 2007 became a capital markets problem in the third quarter of 2007. Some aggressively leveraged investors were caught seriously unprepared, as losses forced margin-related selling, resulting in several high-profile hedge fund implosions. The sharp re-pricing of credit risk which began in June also raised the specter of troubling scenarios in various structured investment vehicles ("SIVs"), which had been created over the past few years – many with business models contingent on access to short-term lending markets. Coordinated efforts by global central banks subsequently brought short rates down and improved – but did not fully correct – both primary and secondary market liquidity. The Federal Reserve ("Fed") reversed its bias during the quarter, citing prospects for weaker growth. In August, the Fed cut the discount rate – which is the interest rate that regional Fed banks charge banks and financial institutions when they borrow funds on a short-term basis – by 0.50%, and followed with cuts of 0.50% to both the discount and federal funds rates in September 2007. The federal funds rate is the interest rate that banks and financial institutions charge each other for borrowing funds overnight. During October 2007, there was considerable intra-month interest rate volatility, primarily in shorter maturities, which generally moved lower in yield. Much of the corporate market did well for the month, as subprime fears abated temporarily. Unfortunately, the financials sector gave it all back and then some, following third-quarter 2007 earnings releases, which were generally weaker than expected. The Fed followed up its September rate cuts with additional 0.25% federal funds and discount rate reductions at its October 31, 2007 meeting.

MassMutual Premier Diversified Bond Fund – Portfolio Manager Report (Continued)

What factors contributed to the Fund's performance?
The Fund outperformed the Lehman Brothers Aggregate Bond Index ("the benchmark") in the fourth quarter of 2006. Driving the Fund's performance was its lower-quality credit exposure. Every year since 2002, a bias toward high-yield debt has been a winning trade – and 2006 was no exception. Also enhancing performance was opportunistic mortgage trading activity. In the first quarter of 2007, the Fund outperformed its benchmark, once again benefiting from its allocation to lower-quality bonds.

In the second quarter of 2007, the Fund's performance was driven by its exposure to high-yield bonds. During this time frame, high-yield holdings on average, represented approximately 8.5% of the portfolio. In the third quarter of 2007, despite a modest exposure to lower-quality bonds, which benefited the portfolio earlier in the year, the Fund's other holdings more than offset the negative impact of lagging high-yield bonds. The portfolio continued to hold a small allocation to high-yield securities, which also hindered performance in October 2007.

MassMutual Premier Diversified

Bond Fund

Quality Structure

(% of Net Assets) on 10/31/07

U.S. Governments, Aaa/AAA	61.2	%
Aa/AA	4.5	%
A/A	8.5	%
Baa/BBB	15.1	%
Ba/BB	1.5	%
B and Below	5.2	%
Equities	0.2	%
Options	0.1	%
Total Long-Term Investments	96.3	%
Short-Term Investments and Other Assets and Liabilities	3.7	%
	100.0	%

MassMutual Premier Diversified Bond Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Premier Diversified Bond Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L and the Lehman Brothers Aggregate Bond Index.

MassMutual Premier Diversified Bond Fund
Total Return

	_{One Year}_{11/1/06 - 10/31/07}			_{Five Year}_{Average Annual}_{11/1/02 - 10/31/07}			_{Since Inception}_{Average Annual}_{5/3/99 - 10/31/07}
Class S		5.69	%		5.48	%		5.52	%
Class A		5.40	%		5.12	%		5.12	%
Class A (Sales load deducted)*		0.40	%		4.10	%		4.52	%
Class Y		5.68	%		5.45	%		5.45	%
Class L		5.60	%		5.40	%		5.37	%
Lehman Brothers Aggregate Bond Index		5.38	%		4.41	%		5.79	%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

* Class A (sales load deducted) returns include the 4.75% maximum sales charge.

MassMutual Premier Diversified Bond Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Premier Diversified Bond Fund Class N, Class N (CDSC fees deducted) and the Lehman Brothers Aggregate Bond Index.

MassMutual Premier Diversified Bond Fund
Total Return

	_{One Year}_{11/1/06 - 10/31/07}			_{Since Inception}_{Average Annual}_{12/31/02 - 10/31/07}
Class N		5.04	%		4.40	%
Class N (CDSC fees deducted)*		4.04	%		4.40	%
Lehman Brothers Aggregate Bond Index		5.38	%		4.11	%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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

MassMutual Premier Strategic Income Fund – Portfolio Manager Report

What is the investment objective of the MassMutual Premier Strategic Income Fund – and who is the Fund's sub-adviser?
This Fund seeks high current income by investing mainly in fixed-income debt securities. The Fund's sub-adviser is OFI Institutional Asset Management, Inc. (OFI Institutional).

How did the Fund perform during the 12 months ended October 31, 2007?
The Fund's Class S shares returned 10.96%, outperforming the 5.38% return of the Lehman Brothers^® Aggregate Bond Index, an unmanaged index of fixed-rate investment-grade securities with at least one year to maturity, combining the Lehman Brothers^® U.S. Government/Credit Index and the Lehman Brothers^® Mortgage-Backed Securities Index. The Fund also outpaced the 9.42% return of the Citigroup World Government Bond Index, an unmanaged index of debt securities of major foreign government bond markets.

What was the investment background during the period?
In the fixed-income market, bond prices changed little as 2006 drew to a close, due in part to low default rates and generally favorable corporate earnings. Against this backdrop, the Lehman Brothers Aggregate Bond Index posted a marginal gain. The yield curve remained inverted, meaning that the yields of shorter-term securities generally stayed higher than those of longer-term issues. The yield curve is a graphical representation of bond yields ranging from very short maturities to the longest available, with the curve indicating whether short-term rates are higher or lower than long-term rates. Bond yields rose and prices fell early in 2007, reflecting expectations that the economy would achieve a "soft landing" – that is, a mild slowdown without recession. Bond prices move in the opposite direction of interest rates (or yields); when yields rise, the prices of existing bonds fall – and vice versa. Conversely, bond yields eased and prices rallied later in the quarter when concerns intensified about the weak housing market and problems with subprime lenders made headlines. Most Treasury securities ended the quarter with minor price gains, and the Lehman Brothers Aggregate Bond Index posted a modest advance.

What factors contributed to the Fund's performance?
In the fourth quarter of 2006, Fund management capitalized on opportunities in selected emerging markets to lock in higher yields. In the U.S. government sector, interest rates increased appreciably toward the end of the quarter. Mortgages generally underperformed. The high-yield market remained strong; spreads – or the differences in yields between comparable bonds – continued to be tight, as corporate balance sheets remained firm and investors sought yield. New supply remained high. Driven by low default rates and stable fundamentals, lower-quality securities continued to outperform. In the

MassMutual Premier Strategic Income Fund – Portfolio Manager Report (Continued)

first quarter of 2007, the Fund's performance in the international sector was largely driven by emerging market debt. From a credit quality perspective, higher-quality bonds (AA) provided the best excess returns versus Treasuries, while lower-rated (BBB) issuers lost an average of 0.32%. Mortgages exposed to greater levels of prepayment risk outperformed those with less prepayment risk. Investor demand for high-yield securities continued unabated.

In the second quarter of 2007, the majority of the Fund's performance in the international sector was driven by emerging market debt. The mortgage market performed poorly during June 2007, in the face of increased risks associated with subprime mortgages. In the high-yield sector, the cost of credit increased, as high-yield spreads over Treasuries widened 0.53% from the end of May; lower credit quality bonds, (CCC) underperformed the most. The third quarter of 2007 was a volatile period for international bonds. Emerging market bond prices were not as heavily impacted during the summer volatility as they have been in past periods of risk aversion, but they did experience price declines in August 2007, as investors favored higher-quality debt. The Fed's interest rate cuts in September 2007 helped increase risk appetites and contributed to a rapid decline in the value of the dollar versus major currencies, which helped to drive the Fund's performance. Once again, the Fund benefited from its ability to invest in both developed and emerging market economies and from its exposure to both foreign bonds and currencies. Mortgages performed well in September 2007, as liquidity returned to the market, but not to pre-subprime crisis levels. The high-yield market gained traction in September 2007 and managed to close the quarter with a positive return – largely due to the Fed's September rate cuts and the positive impact to bonds affected by the preliminary settlement of the labor agreement between General Motors ("GM") and the United Auto Workers. Interest rates were volatile in October 2007, as signals remained mixed regarding the economic impact of the subprime housing crisis. Mortgages performed well, as ample liquidity and attractive valuations in the sector continued to draw investors. In the high-yield sector, high-yield spreads over Treasuries widened a modest amount during the month. The portfolio continued to hold less CCC-rated exposure and more high-quality (i.e., higher than BB-rated) exposure than the high-yield index.

What is your outlook?
We expect market volatility to remain high due to uncertainties surrounding the housing sector and its broader impact on the economy countered by the expectations of further rate cuts by the Fed. We expect liquidity may improve as the credit markets settle, remain cautious in our outlook and continue to focus on defensive sectors and higher-quality bonds.

MassMutual Premier Strategic

Income Fund

Asset Allocation

(% of Net Assets) on 10/31/07

Bonds & Notes	78.8	%
Equities	1.1	%
Options	0.1	%
Total Long-Term Investments	80.0	%
Short-Term Investments and Other Assets and Liabilities	20.0	%
	100.0	%

MassMutual Premier Strategic Income Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

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

MassMutual Premier Strategic Income Fund
Total Return

	_{One Year}_{11/1/06 - 10/31/07}			_{Since Inception}_{Average Annual}_{12/31/04 - 10/31/07}
Class S		10.96	%		6.39	%
Class A		10.43	%		5.87	%
Class A (Sales load deducted)*		5.18	%		4.07	%
Class Y		10.84	%		6.31	%
Class L		10.84	%		6.20	%
Class N		10.26	%		5.69	%
Class N (CDSC fees deducted)*		9.26	%		5.69	%
Lehman Brothers Aggregate Bond Index		5.38	%		4.14	%
Citigroup World Government Bond Index		9.42	%		2.49	%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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

MassMutual Premier High Yield Fund – Portfolio Manager Report

What is the investment objective of the MassMutual Premier High Yield Fund – and who is the Fund's
sub-adviser?
This Fund seeks to achieve a high level of total return, with an emphasis on current income, by investing primarily in high-yield debt and related securities. The Fund's sub-adviser is Babson Capital Management LLC (Babson Capital).

How did the Fund perform during the 12 months ended October 31, 2007?
The Fund's Class S shares returned 6.98% outperforming the 6.73% return of the Lehman Brothers^® U.S. Corporate High Yield Index, which covers the universe of fixed rate, non-investment-grade debt from the corporate and non-corporate sectors.

What was the investment background during the period?
For investors, the final quarter of 2006 was characterized by many conflicting signals. Housing starts, production, orders and retail sales all pointed toward softer business conditions. On the other hand, the equity markets seemed to ignore the economic data and steadily rose throughout the quarter. Corporate bonds also turned in a relatively strong performance. The high-yield sector rallied and investment-grade credits outpaced U.S. Treasuries by 0.25%. Bond yields rose and prices fell early in 2007. Conversely, bond yields eased and prices rallied later in the quarter when concerns intensified about the weak housing market and problems with subprime lenders made headlines. Bond prices move in the opposite direction to interest rates (or yields); when yields rise, the prices of existing bonds fall – and vice versa. Most Treasury securities ended the quarter with minor price gains; the Lehman Brothers^® Aggregate Bond Index closed out the quarter with a modest advance and the S&P 500^® Index was up a mere 0.64%.

The high-yield market experienced a pullback in the second quarter of 2007, as continued concerns about the subprime market and the subsequent turmoil in several large hedge funds led to increased volatility and a repricing of risk within the credit markets. Concurrent with these events, the large high-yield new issue calendar of $21.8 billion in June was met with resistance from investors and several large high-yield transactions failed to be priced. Treasuries were also negatively impacted by subprime concerns, with yields on the 10-year ending the quarter at 5.03%, up from 4.65% at the end of March. In the third quarter of 2007, in a market already uneasy from subprime mortgage woes, the high-yield market rebounded, buoyed in part by action taken by the Federal Reserve ("Fed"). In August, the Fed cut the discount rate – which is the interest rate that regional Fed banks charge banks and financial institutions when they borrow funds on a short-term basis – by 0.50%, and followed with cuts of 0.50% to both the discount and federal funds rates in September 2007. The federal funds rate is the interest rate that banks and financial institutions charge each other for borrowing funds overnight. For the quarter, the BB-rated and B-rated sectors generated positive returns, while the CCC-rated sector, unable to overcome the extreme weakness suffered in June (-5.64%), finished with a negative return. Finally, in October 2007, single-B-rated bonds continued to provide strong performance, with favorable returns from gaming and technology companies. Also in October, the Fed followed up its September rate cuts with additional 0.25% federal funds and discount rate reductions at its October 31, 2007 meeting. Most domestic stocks advanced slightly during the month, led by the Nasdaq Composite^® Index ("Nasdaq"), which returned 5.83%. The Lehman Brothers Aggregate Bond Index also gained slightly.

What factors contributed to the Fund's performance?
In the fourth quarter of 2006, Charter Communications was a top performer – and one of the Fund's largest holdings. The Fund's portfolio positions in autos (particularly General Motors ("GM") and Ford) were a mixed blessing, as they provided solid returns, but lost large amounts of outperformance, as the Fund was weighted towards the finance companies (GMAC and Ford Credit), which underperformed the auto companies. Also consistent with the results for the quarter, the Fund's underweight position in upper-tier credits benefited performance, as the benign credit environment rewarded investors for incremental risk-taking.

MassMutual Premier High Yield Fund – Portfolio Manager Report (Continued)

In the first quarter of 2007, mid- and lower-tier securities among the media cable, packaging and industrial-other industries posted strong results. Charter Communications and Packaging Dynamics were a few of the providers of outperformance. Default rates continued to trend lower, with only two bond defaults during the first quarter. In April 2007, the high-yield market rebounded to post a 1.30% return. All major sectors posted positive returns and lower-quality advanced the most. The Fund benefited from the overweight in B-rated and CCC-rated bonds. With respect to specific holdings, the overweight position in Charter Communications continued to be a strong driver of performance, as was the Fund's underweight in GMAC.

For the second quarter of 2007, the Fund's performance was primarily driven by its allocations to CCC-rated bonds and the media non-cable sector. The portfolio's underweight position in higher-quality BB-rated bonds in favor of lower-quality continued to be rewarded, as did an overweight in industrials. Conversely, detractors from performance included the Fund's allocations to automotives, construction (machines) and non-corporate (CDX) exposure. In the third quarter of 2007, the Fund's positions in the retailers, food and beverage and industrial other sectors helped performance, while the Fund's exposure to the restaurants and media noncable sectors detracted. In October 2007, the Fund performed well. On the downside, however, auto finance company issues continued to struggle, as market pressures weighed on their performance.

What is your outlook?
We are generally positive on the market, as corporate earnings continue to be steady, default measures remain near all-time lows, and the market's higher yields and wider option-adjusted spread ("OAS") present investors with appropriately priced opportunities in the high-yield market. As always, we will remain watchful for signs of economic weakness that could require us to reposition our high-yield portfolios.

MassMutual Premier High Yield Fund

Quality Structure

(% of Net Assets) on 10/31/07

U.S. Governments, Aaa/AAA	6.5	%
Baa/BBB	1.3	%
Ba/BB	7.2	%
B and Below	77.9	%
Total Long-Term Investments	92.9	%
Short-Term Investments and Other Assets and Liabilities	7.1	%
	100.0	%

MassMutual Premier High Yield Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Premier High Yield Fund Class Y and the Lehman Brothers U.S. Corporate High Yield Index.

MassMutual Premier High Yield Fund
Total Return

	_{One Year}_{11/1/06 - 10/31/07}			_{Five Year}_{Average Annual}_{11/1/02 - 10/31/07}			_{Since Inception}_{Average Annual}_{9/5/00 - 10/31/07}
Class Y		6.85	%		12.82	%		8.58	%
Lehman Brothers U.S. Corporate High Yield Index		6.73	%		12.99	%		7.36	%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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

MassMutual Premier High Yield Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Premier High Yield Fund Class S, Class A, Class A (sales load deducted), Class L, Class N, Class N (CDSC fees deducted) and the Lehman Brothers U.S. Corporate High Yield Index.

MassMutual Premier High Yield Fund
Total Return

	_{One Year}_{11/1/06 - 10/31/07}			_{Since Inception}_{Average Annual}_{11/1/04 - 10/31/07}
Class S		6.98	%		7.01	%
Class A		6.53	%		6.55	%
Class A (Sales load deducted)*		0.40	%		4.47	%
Class L		6.73	%		6.80	%
Class N		6.08	%		6.18	%
Class N (CDSC fees deducted)*		5.08	%		6.18	%
Lehman Brothers U.S. Corporate High Yield Index		6.73	%		7.01	%

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.

MassMutual Premier Balanced Fund – Portfolio Manager Report

What is the investment objective of the MassMutual Premier Balanced Fund – and who is the Fund's
sub-adviser?
This Fund seeks to achieve a high total rate of return over an extended period of time consistent with the preservation of capital by investing in a diversified portfolio of equity securities, fixed-income securities and money market instruments. The Fund's sub-adviser is Babson Capital Management LLC (Babson Capital).

How did the Fund perform during the 12 months ended October 31, 2007?
The Fund's Class S shares returned 10.42%, underperforming the 14.55% return of the S&P 500^® Index, a widely recognized, unmanaged index representative of common stocks of larger capitalized U.S. companies, and the 12.55% return of the Lipper Balanced Fund Index, an unmanaged, equally weighted index of the 30 largest mutual funds within the Lipper Balanced Category. Conversely, the Fund's Class S shares outpaced the 5.38% return of the Lehman Brothers^® Aggregate Bond Index, an unmanaged index of fixed rate investment-grade securities with at least one year to maturity, combining the Lehman Brothers^® U.S. Government/Credit Index and the Lehman Brothers^® Mortgage-Backed Securities Index.

What was the investment background during the period?
For investors, the final quarter of 2006 was characterized by many conflicting signals. On the one hand, the economic data, led by the housing sector, pointed to an economy that was losing momentum. Housing starts, production, orders and retail sales all pointed toward softer business conditions. On the other hand, the equity markets seemed to ignore the economic data and steadily rose throughout the quarter. U.S. stock prices showed little change during the first quarter of 2007, despite a significant increase in volatility across the board.

The second quarter of 2007 was characterized by a change in investor sentiment concerning economic growth. In April 2007, many indicators were showing stagnant or slowing economic activity. But when most indicators of economic activity started pointing to growth, the bond market reacted by making a sizable correction, with most long-term bond indexes losing ground for the quarter. The equity market cheered the news; U.S. large-cap indexes rose more than 5% in most cases. The third quarter of 2007 will go down as one of the most volatile quarters in recent history. Remarkably, the market ended up higher after all was said and done, but it required intervention from central banks worldwide and the U.S. Federal Reserve ("Fed") to get us there. The ongoing deterioration in the housing market finally led to a rise in delinquencies on mortgages. This caused a run on mortgage-backed securities, particularly of the subprime variety. Many funds held these securities in leveraged portfolios, so when their prices dropped, the funds' returns plunged. The contagion spread to the equity markets when some of these funds needed to liquidate equity positions to cover investor redemptions. When the commercial paper markets seized up due to the large amount of asset-backed paper in the system, central banks around the world responded by adding liquidity to the system. On August 17, 2007, the Fed lowered the discount rate – the interest rate that regional Fed banks charge banks and financial institutions when they borrow funds on a short-term basis – by 0.50%. On September 18, 2007, the Fed finally lowered the federal funds rate by 0.50%, simultaneously cutting the discount rate an additional 0.50% and essentially flooding the system with liquidity to avert the perceived crisis. The federal funds rate is the interest rate that banks and financial institutions charge each other for borrowing funds overnight. The Fed followed up its September rate cuts with additional 0.25% federal funds and discount rate reductions at its October 31, 2007 meeting.

During October 2007, domestic stocks advanced slightly, with the clear leader being the Nasdaq Composite^® Index ("Nasdaq"), with its 5.83% return. In the fixed-income market, the 10-year Treasury ended the month at 4.48% (compared to 4.58% at the beginning of October), as the Lehman Brothers Aggregate Bond Index returned 0.90% for the period.

How did the Fund's stock component perform?
During the fourth quarter of 2006, the Fund's equity models performed well. The market favored small stocks, with higher beta that were growing rapidly. Momentum and estimate revision factors did not help in stock selection in the fourth quarter, however, due to the shift in economic conditions. In the first

MassMutual Premier Balanced Fund – Portfolio Manager Report (Continued)

quarter of 2007, the Fund's favorable security selection and sector allocation benefited performance. In the second quarter of 2007, the Fund's core model underperformed due to the poor performance of value factors. The best-performing factors during this period were beta, momentum and estimate revision. For most of the quarter, the Fund held an overweight position in equities and a slight overweight in bonds. Toward the end of the quarter, we began to drop the Fund's allocation to equities, while raising the stake in bonds. The overweight position in equities paid off, however, as the S&P 500 rose 5.9% during the period, whereas the Lehman Brothers Aggregate Bond Index fell 0.35%. In the third quarter of 2007, the equity market responded to the Fed rate cut in predictable fashion by rising over 10% off the quarter's earlier lows. The stocks that led the charge were those with heavy exposure to overseas economic activity. These companies are essentially large, growth oriented and have been favored by investors for the past year. To translate this to factor performance, the factors that have outperformed have been growth, momentum and large capitalization. Value strategies performed poorly – a pattern that spilled over into the month of October 2007.

How did the bond portfolio perform?
In the final months of 2006, the Fund found strength in its lower-quality credit exposure. Also enhancing performance was opportunistic mortgage trading activity. Higher coupon holdings aided results as well. In the first quarter of 2007, the Fund's lower-quality credit exposure and favorable sector allocation were key drivers of performance. The Fund's bond component struggled in the second quarter of 2007 as a result of various factors, including unfavorable sector allocation. In the third quarter of 2007, the Fund's conservative positioning allowed returns to hold up quite well.

In October 2007, the Fund's performance in the bond segment continued to be driven by favorable sector positioning, including strategically underweight positions in financials and corporate mortgage-backed securities ("CMBS"). While holding an overweight position in corporate bonds, the Fund's exposure is biased towards shorter-maturity and higher-quality industrial issues. A modestly overweight position in mortgage-backed securities ("MBS") also contributed to the Fund's results in the bond segment of the portfolio.

What is your outlook?
At the end of the second quarter in 2007, we held the view that it was likely that the economy was in the late cycle and that we could see the markets reflecting that character. The rise in volatility, the outperformance of growth factors and the relative underperformance of small-cap stocks are all typically characteristic of late-cycle activity. But what remains to be seen is how long the late cycle will last. During the last economic cycle, late-cycle activity was present for years, before the economy ultimately faltered in 2002. Our view is that this pattern could repeat itself. As always, however, we plan to maintain our disciplined investment approach and listen to our models.

MassMutual Premier Balanced

Fund

Asset Allocation

(% of Net Assets) on 10/31/07

Equities	61.6	%
Bonds & Notes	26.4	%
Options	0.2	%
Total Long-Term Investments	88.2	%
Short-Term Investments and Other Assets and Liabilities	11.8	%
	100.0	%

MassMutual Premier Balanced Fund

Largest Stock Holdings

(% of Net Assets) on 10/31/07

Exxon Mobil Corp.	2.6	%
AT&T, Inc.	1.5	%
General Electric Co.	1.4	%
Microsoft Corp.	1.4	%
Cisco Systems, Inc.	1.2	%
Altria Group, Inc.	1.1	%
International Business Machines Corp.	1.1	%
American International Group, Inc.	1.1	%
Apple, Inc.	1.1	%
Pfizer, Inc.	1.1	%

MassMutual Premier Balanced Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Premier Balanced Fund Class S, the Lipper Balanced Fund Index, the Lehman Brothers Aggregate Bond Index and the S&P 500 Index.

MassMutual Premier Balanced Fund
Total Return

	_{One Year}_{11/1/06 - 10/31/07}			_{Five Year}_{Average Annual}_{11/1/02 - 10/31/07}			_{Ten Year}_{Average Annual}_{11/1/97 - 10/31/07}
Class S		10.42	%		10.11	%		4.53	%
Lipper Balanced Fund Index		12.55	%		11.24	%		6.82	%
Lehman Brothers Aggregate Bond Index		5.38	%		4.41	%		5.91	%
S&P 500 Index		14.55	%		13.87	%		7.10	%

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

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

MassMutual Premier Balanced Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Premier Balanced Fund Class A, Class A (sales load deducted), Class Y, the Lipper Balanced Fund Index, the Lehman Brothers Aggregate Bond Index and the S&P 500 Index.

MassMutual Premier Balanced Fund
Total Return

	_{One Year}_{11/1/06 - 10/31/07}			_{Five Year}_{Average Annual}_{11/1/02 - 10/31/07}			_{Since Inception}_{Average Annual}_{1/1/98 - 10/31/07}
Class A		9.76	%		9.48	%		3.59	%
Class A (Sales load deducted)*		3.45	%		8.19	%		2.96	%
Class Y		10.25	%		9.92	%		4.00	%
Lipper Balanced Fund Index		12.55	%		11.24	%		6.58	%
Lehman Brothers Aggregate Bond Index		5.38	%		4.41	%		5.86	%
S&P 500 Index		14.55	%		13.87	%		6.55	%

Hypothetical Investments in MassMutual Premier Balanced Fund Class L, the Lipper Balanced Fund Index, the Lehman Brothers Aggregate Bond Index and the S&P 500 Index.

MassMutual Premier Balanced Fund
Total Return

	_{One Year}_{11/1/06 - 10/31/07}			_{Five Year}_{Average Annual}_{11/1/02 - 10/31/07}			_{Since Inception}_{Average Annual}_{5/3/99 - 10/31/07}
Class L		10.04	%		9.77	%		2.62	%
Lipper Balanced Fund Index		12.55	%		11.24	%		5.26	%
Lehman Brothers Aggregate Bond Index		5.38	%		4.41	%		5.79	%
S&P 500 Index		14.55	%		13.87	%		3.42	%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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

MassMutual Premier Balanced Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Premier Balanced Fund Class N, Class N (CDSC fees deducted), the Lipper Balanced Fund Index, the Lehman Brothers Aggregate Bond Index and the S&P 500 Index.

MassMutual Premier Balanced Fund
Total Return

	_{One Year}_{11/1/06 - 10/31/07}			_Since_Inception_{Average Annual}_{12/31/02 - 10/31/07}
Class N		9.48	%		9.38	%
Class N (CDSC fees deducted)*		8.48	%		9.38	%
Lipper Balanced Fund Index		12.55	%		11.39	%
Lehman Brothers Aggregate Bond Index		5.38	%		4.11	%
S&P 500 Index		14.55	%		14.48	%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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

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

MassMutual Premier Value Fund – Portfolio Manager Report

What is the investment objective of the MassMutual Premier Value Fund – and who is the Fund's sub-adviser?
This Fund seeks to achieve long-term capital appreciation primarily through investment in a portfolio of common stocks of established companies. The Fund's sub-adviser is OFI Institutional Asset Management, Inc. (OFI Institutional).

How did the Fund perform during the 12 months ended October 31, 2007?
The Fund's Class S shares returned 17.78%, outperforming the 14.55% return of the S&P 500^® Index, a widely recognized, unmanaged index representative of common stocks of larger capitalized U.S. companies. The Fund's 17.78% return also exceeded the 10.83% return of the Russell 1000^® Value Index, an unmanaged index representative of stocks with greater-than-average value orientation among the stocks of the largest 1000 U.S. companies based on capitalization.

What was the investment background during the period?
Domestic stocks forged higher during the final months of 2006, reaching some notable milestones along the way. The U.S. dollar weakened slightly during the period, which helped the MSCI^® EAFE^® Index turn in a double-digit advance. U.S. equity prices showed little change during the first quarter of 2007, despite a significant increase in volatility across the board. The dollar rallied early in the quarter, but gave up those gains later on, losing ground against most major foreign currencies. This depreciation supported the returns of foreign stocks and helped the MSCI EAFE Index return exceed its U.S. counterparts. Most U.S. stock indexes advanced in the second quarter of 2007, as stocks rode a wave of optimism over corporate earnings and overcame short periods of increased volatility associated with investor concerns about soft retail sales, rising interest rates, inflation, the housing market and subprime mortgages.

Most categories of U.S. stocks advanced in the third quarter of 2007 as well. The final results, however, masked a significant spike in market volatility from mid-July through mid-August, as worries about the subprime mortgage market intensified. To help quell these concerns, on August 17, 2007, the Federal Reserve ("Fed") cut the discount rate – the interest rate that regional Fed banks charge banks and financial institutions when they borrow funds on a short-term basis – by 0.50%. The central bank moved even more aggressively to ease monetary conditions at its September 18, 2007 meeting, lowering the federal funds rate by a larger-than-expected 0.50% and cutting the discount rate an additional 0.50%. The federal funds rate is the interest rate that banks and financial institutions charge each other for borrowing funds overnight. As a result, most broad-based U.S. stock indexes were trading near their all-time highs at the end of the third quarter, although, small-cap stocks, as measured by the Russell 2000^® Index, lost 3.09% for the period. The MSCI EAFE Index returned 2.18% during this time frame. The Fed followed up its September rate cuts with additional 0.25% federal funds and discount rate reductions at its October 31, 2007 meeting. Most domestic stocks advanced slightly during the month of October, led by the Nasdaq Composite^® Index ("Nasdaq"), which returned 5.83%. Foreign stocks also did well, resulting in the MSCI EAFE Index gaining 3.93%.

What factors contributed to the Fund's performance?
In the fourth quarter of 2006, performance drivers included the consumer staples, utilities and industrials sectors – with consumer staples emerging as the most significant source of added value during the quarter. Utilities also performed well, as several holdings posted double-digit returns. Sectors that primarily detracted from performance relative to the Russell 1000 Value Index were financials, consumer discretionary and energy. In the first quarter of 2007, successful stock selection in the consumer discretionary sector drove relative performance. In energy, the Fund's stock selection generated some performance drag. The largest detractor from relative performance, however, was telecommunication services, where positive stock selection was undermined by a significant underweight position relative to the Russell 1000 Value Index.

During the second quarter of 2007, the Fund's exposure to the industrials and consumer discretionary sectors contributed in large part to its favorable performance. Industrials represented the largest source of added value, with stock selection leading the way. The only detractors, from the sector perspective,

MassMutual Premier Value Fund – Portfolio Manager Report (Continued)

were health care and energy. Creating most of the relative drag was weakness in the health care sector, where stock selection effects fueled the underperformance. In the third quarter of 2007, the Fund's outperformance primarily resulted from sector exposures to consumer discretionary, industrials and energy stocks. Offsetting this was less-than-favorable performance from portfolio holdings in the financials and consumer staples sectors. Financials hindered the Fund's performance, as weak stock selection offset some positive effects from the Fund's underweight position in this beleaguered sector. Finally, in October 2007, the Fund's exposure to the financials, consumer discretionary and information technology sectors drove its weak relative returns. Contributors to positive returns, on the other hand, were the Fund's investments in the energy, consumer staples and utilities sectors.

What is your outlook?
We will continue to keep a watchful eye on the various factors that have had a strong influence over the markets for the past several years – such as oil prices, inflation and Fed policy – as well as those that are somewhat newer to the equation, such as the fallout generated in the real estate markets and the subprime mortgage debacle. While it is impossible to accurately predict how these factors will affect the equity markets in 2008, we have sought to position the Fund to navigate the wide array of variables that may challenge investors throughout the coming year.

MassMutual Premier Value Fund

Industry Table

(% of Net Assets) on 10/31/07

Diversified Financial	15.0	%
Oil & Gas	10.2	%
Banks	9.0	%
Aerospace & Defense	8.0	%
Electric	7.9	%
Media	5.2	%
Semiconductors	5.1	%
Pharmaceuticals	4.4	%
Health Care — Products	3.6	%
Telecommunications	3.4	%
Manufacturing	3.2	%
Agriculture	3.1	%
Chemicals	2.4	%
Software	2.2	%
Oil & Gas Services	2.1	%
Retail	2.0	%
Foods	1.7	%
Insurance	1.7	%
Machinery — Diversified	1.6	%
Iron & Steel	1.6	%
Auto Manufacturers	1.6	%
Health Care — Services	1.1	%
Entertainment	0.7	%
Total Long-Term Investments	96.8	%
Short-Term Investments and Other Assets and Liabilities	3.2	%
	100.0	%

MassMutual Premier Value Fund

Largest Stock Holdings

(% of Net Assets) on 10/31/07

Boeing Co.	5.5	%
Exxon Mobil Corp.	5.0	%
Credit Suisse Group, Sponsored ADR (Switzerland)	4.8	%
FirstEnergy Corp.	4.7	%
Wachovia Corp.	4.7	%
Bank of America Corp.	4.3	%
UBS AG	4.0	%
Johnson & Johnson	3.6	%
Novartis AG ADR (Switzerland)	3.2	%
Siemens AG Sponsored ADR (Germany)	3.2	%

MassMutual Premier Value Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Premier Value Fund Class L, the Russell 1000 Value Index and the S&P 500 Index.

MassMutual Premier Value Fund
Total Return

	_{One Year}_{11/1/06 - 10/31/07}			_{Five Year}_{Average Annual}_{11/1/02 - 10/31/07}			_{Ten Year}_{Average Annual}_{11/1/97 - 10/31/07}
Class L		17.55	%		13.94	%		7.35	%
Russell 1000 Value Index		10.83	%		16.39	%		9.11	%
S&P 500 Index		14.55	%		13.87	%		7.10	%

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

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

MassMutual Premier Value Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Premier Value Fund Class S, Class A, Class A (sales load deducted), Class Y, Class N, Class N (CDSC fees deducted), the Russell 1000 Value Index and the S&P 500 Index.

MassMutual Premier Value Fund
Total Return

	_{One Year}_{11/1/06 - 10/31/07}			_{Since Inception}_{Average Annual}_{11/1/04 - 10/31/07}
Class S		17.78	%		12.85	%
Class A		17.21	%		12.31	%
Class A (Sales load deducted)*		10.47	%		10.11	%
Class Y		17.63	%		12.74	%
Class N		16.64	%		11.88	%
Class N (CDSC fees deducted)*		15.64	%		11.88	%
Russell 1000 Value Index		10.83	%		14.62	%
S&P 500 Index		14.55	%		13.15	%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

MassMutual Premier Enhanced Index Value Fund – Portfolio Manager Report

What is the investment objective of the MassMutual Premier Enhanced Index Value Fund – and who is the Fund's sub-adviser?
This Fund seeks to outperform the total return performance of its benchmark index, the Russell 1000^® Value Index, while maintaining risk characteristics similar to those of the benchmark. The Fund's sub-adviser is Babson Capital Management LLC (Babson Capital).

How did the Fund perform during the 12 months ended October 31, 2007?
The Fund's Class S shares returned 8.55%, trailing the 10.83% return of the Russell 1000 Value Index, an unmanaged index consisting of those Russell 1000^® Index securities (representing the 1000 largest U.S. companies, based on market capitalization) with greater-than-average value orientation that tend to exhibit lower price-to-book ratios and forecasted growth values than securities in the growth universe.

The second quarter of 2007 was characterized by a change in investor sentiment concerning economic growth. In April 2007, many indicators were showing stagnant or slowing economic activity. But when most indicators of economic activity later started pointing to growth, the bond market reacted by making a sizable correction, with most long-term bond indexes losing ground for the quarter. The equity market cheered the news; U.S. large-cap indexes rose more than 5% in most cases. The third quarter of 2007 will go down as one of the most volatile quarters in recent history. Remarkably, the market ended up higher, but it required intervention from central banks worldwide and our own Federal Reserve ("Fed") to influence those results. The ongoing deterioration in the housing market finally led to a rise in delinquencies on mortgages. This caused a run on mortgage-backed securities, particularly of the subprime variety. Many funds held these securities in leveraged portfolios, so when their prices dropped, the funds' returns plunged. The contagion spread to the equity markets when some of these funds needed to liquidate equity positions to cover investor redemptions. When the commercial paper markets seized up due to the large amount of asset-backed paper in the system, central banks around the world responded by adding liquidity to the system. On August 17, 2007, the Fed lowered the discount rate – the interest rate that regional Fed banks charge banks and financial institutions when they borrow funds on a short-term basis – by 0.50%. On September 18, 2007, the Fed finally lowered the federal funds rate by 0.50%, simultaneously cutting the discount rate an additional 0.50% and essentially flooding the system with liquidity to avert the perceived crisis. The federal funds rate is the interest rate that banks and financial institutions charge each other for borrowing funds overnight. The Fed followed up its September rate cuts with additional 0.25% federal funds and discount rate reductions at its October 31, 2007 meeting.

The equity market saw modest gains in October, although there was a slight disparity in the performance of growth stocks relative to their value counterparts. For the month, the Russell 1000 Value Index remained essentially flat, while the Russell 1000^® Growth Index advanced slightly.

What factors contributed to the Fund's performance?
During the fourth quarter of 2006, the Fund's value model performed well. The market favored small-cap stocks, with higher beta that were growing rapidly. Momentum and estimate revision factors did not help in stock selection, due to the shift in economic conditions. Value strategies performed well, but had volatile returns, as many of the cheapest names based on the value metrics were in the housing sector – which had been the epicenter of the market's upheaval for the better part of the year. In the first quarter of 2007, the Fund lagged due to increased market volatility, which caused the performance of the models to be erratic. The Fund's value model did particularly poorly, especially in the heavily weighted financial sector, when

MassMutual Premier Enhanced Index Value Fund – Portfolio Manager Report (Continued)

news surrounding the deterioration of the subprime markets and defaults associated with that decline drove stock prices down. Growth and momentum factors did better than the value factor.

In the second quarter of 2007, the Fund's value model underperformed due to the poor performance of value factors. The best-performing factors during this period were beta, momentum and estimate revision. In the third quarter of 2007, the model was slow to respond to the shift away from value, and the Fund's relative returns suffered accordingly, even though our research had been emphasizing growth strategies, and we had added some more growth-oriented factors to the model over the past year. Finally, turning to October 2007, we saw the pattern continuing, and the Fund's value strategies underperformed once again.

What is your outlook?
At the end of the second quarter of 2007, we held the view that it was likely that the economy was in the late cycle and that we could see the markets reflecting that character. The rise in volatility, the outperformance of growth factors and the relative underperformance of small-cap stocks are all typically characteristic of late-cycle activity. But what remains to be seen is how long the late cycle will last. During the last economic cycle, late-cycle activity was present for years before the economy ultimately faltered in 2002. Our view is that this pattern could repeat itself. As always, however, we plan to maintain our disciplined investment approach and listen to our models.

MassMutual Premier Enhanced Index Value Fund – Portfolio Manager Report (Continued)

MassMutual Premier Enhanced Index Value Fund

Industry Table

(% of Net Assets) on 10/31/07

Oil & Gas	14.6	%
Banks	9.5	%
Insurance	9.3	%
Diversified Financial	9.2	%
Telecommunications	7.5	%
Manufacturing	6.6	%
Electric	5.1	%
Pharmaceuticals	3.7	%
Media	3.3	%
Retail	2.6	%
Aerospace & Defense	2.3	%
Chemicals	2.3	%
Real Estate Investment Trusts (REITS)	2.2	%
Agriculture	1.8	%
Health Care — Products	1.7	%
Foods	1.6	%
Cosmetics & Personal Care	1.6	%
Computers	1.6	%
Beverages	1.1	%
Gas	0.9	%
Savings & Loans	0.8	%
Iron & Steel	0.8	%
Machinery — Diversified	0.7	%
Transportation	0.7	%
Pipelines	0.6	%
Health Care — Services	0.5	%
Biotechnology	0.5	%
Internet	0.5	%
Forest Products & Paper	0.5	%
Office Equipment/Supplies	0.4	%
Household Products	0.4	%
Mining	0.3	%
Environmental Controls	0.3	%
Commercial Services	0.3	%
Electronics	0.3	%
Building Materials	0.3	%
Home Builders	0.3	%
Software	0.3	%
Electrical Components & Equipment	0.3	%
Semiconductors	0.2	%
Auto Manufacturers	0.2	%
Hand & Machine Tools	0.2	%
Engineering & Construction	0.2	%
Investment Companies	0.2	%
Entertainment	0.2	%
Distribution & Wholesale	0.2	%
Leisure Time	0.1	%
Airlines	0.1	%
Automotive & Parts	0.1	%
Textiles	0.1	%
Packaging & Containers	0.1	%
Office Furnishings	0.1	%
Toys, Games & Hobbies	0.1	%
Apparel	0.1	%
Oil & Gas Services	0.1	%
Trucking & Leasing	0.1	%
Lodging	0.1	%
Home Furnishing	0.1	%
Housewares	0.1	%
Holding Company — Diversified	0.0	%
Total Long-Term Investments	100.0	%
Short-Term Investments and Other Assets and Liabilities	0.0	%
	100.0	%

MassMutual Premier

Enhanced Index Value Fund

Largest Stock Holdings

(% of Net Assets) on 10/31/07

Exxon Mobil Corp.	5.9	%
General Electric Co.	4.3	%
AT&T, Inc.	4.0	%
Bank of America Corp.	3.2	%
Chevron Corp.	2.9	%
Citigroup, Inc.	2.8	%
Pfizer, Inc.	2.7	%
ConocoPhillips	2.6	%
JP Morgan Chase & Co.	2.0	%
American International Group, Inc.	1.8	%

MassMutual Premier Enhanced Index Value Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Premier Enhanced Index Value Fund Class Y and the Russell 1000 Value Index.

MassMutual Premier Enhanced Index Value Fund
Total Return

	_{One Year}_{11/1/06 - 10/31/07}			_{Five Year}_{Average Annual}_{11/1/02 - 10/31/07}			_{Since Inception}_{Average Annual}_{12/19/00 - 10/31/07}
Class Y		7.98	%		15.70	%		8.54	%
Russell 1000 Value Index		10.83	%		16.39	%		8.23	%

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

MassMutual Premier Enhanced Index Value Fund
Total Return

	_{One Year}_{11/1/06 - 10/31/07}			_{Since Inception}_{Average Annual}_{11/1/04 - 10/31/07}
Class S		8.55	%		14.13	%
Class A		7.62	%		13.40	%
Class A (Sales load deducted)*		1.43	%		11.19	%
Class L		7.83	%		13.65	%
Class N		7.26	%		13.06	%
Class N (CDSC fees deducted)*		6.28	%		13.06	%
Russell 1000 Value Index		10.83	%		14.62	%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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

MassMutual Premier Enhanced Index Core Equity Fund – Portfolio Manager Report

What is the investment objective of the MassMutual Premier Enhanced Index Core Equity Fund – and who is the Fund's sub-adviser?
This Fund seeks to outperform the total return performance of its benchmark index, the S&P 500^® Index, while maintaining risk characteristics similar to those of the benchmark. The Fund's sub-adviser is Babson Capital Management LLC (Babson Capital).

How did the Fund perform during the 12 months ended October 31, 2007?
The Fund's Class S shares returned 12.48%, underperforming the 14.55% return of the S&P 500 Index, a widely recognized, unmanaged index representative of common stocks of larger capitalized U.S. companies.

The second quarter of 2007 was characterized by a change in investor sentiment concerning economic growth. In April 2007, many indicators were showing stagnant or slowing economic activity. But when most indicators of economic activity later started pointing to growth, the bond market reacted by making a sizable correction, with most long-term bond indexes losing ground for the quarter. The equity market cheered the news; U.S. large-cap indexes rose more than 5% in most cases. The third quarter of 2007 will go down as one of the most volatile quarters in recent history. Remarkably, the market ended up higher, but it required intervention from central banks worldwide and our own Federal Reserve ("Fed") to influence those results. The ongoing deterioration in the housing market finally led to a rise in delinquencies on mortgages. This caused a run on mortgage-backed securities, particularly of the subprime variety. Many funds held these securities in leveraged portfolios, so when their prices dropped, the funds' returns plunged. The contagion spread to the equity markets when some of these funds needed to liquidate equity positions to cover investor redemptions. When the commercial paper markets seized up due to the large amount of asset-backed paper in the system, central banks around the world responded by adding liquidity to the system. On August 17, 2007, the Fed lowered the discount rate – the interest rate that regional Fed banks charge banks and financial institutions when they borrow funds on a short-term basis – by 0.50%. On September 18, 2007, the Fed finally lowered the federal funds rate by 0.50%, simultaneously cutting the discount rate an additional 0.50% and essentially flooding the system with liquidity to avert the perceived crisis. The federal funds rate is the interest rate that banks and financial institutions charge each other for borrowing funds overnight. The Fed followed up its September rate cuts with additional 0.25% federal funds and discount rate reductions at its October 31, 2007 meeting.

The equity market saw modest gains in October 2007, although there was a large disparity in the performance of growth stocks relative to their value counterparts. For the month, the Russell 1000^® Value Index remained essentially flat, while the Russell 1000^® Growth Index advanced slightly.

What factors contributed to the Fund's performance?
During the fourth quarter of 2006, the Fund's models performed well. The market favored small-cap stocks, with higher beta that were growing rapidly. Momentum and estimate revision factors did not help in stock selection, due to the shift in economic conditions. In the first quarter of 2007, the Fund's core equity model was down slightly. The financial sector, which has a relatively large weight in the value universe, struggled against news of continuing deterioration of the subprime mortgage market and defaults associated with that decline. Growth and momentum factors generally did well, but there was no clear pattern of effective factors across the market.

MassMutual Premier Enhanced Index Core Equity Fund – Portfolio Manager Report (Continued)

In the second quarter of 2007, the Fund's core model underperformed due to the poor performance of value factors. The best-performing factors during this period were beta, momentum and estimate revision. In the third quarter of 2007, the equity market responded to the Fed rate cuts in predictable fashion by rising over 10% off the quarter's earlier lows. The stocks that led the charge were those with heavy exposure to overseas economic activity. These companies are essentially large, growth-oriented and have been favored by investors for the past year. To translate this to factor performance, the factors that outperformed were growth, momentum and large capitalization. Value strategies performed poorly through October 2007.

What is your outlook?
At the end of the second quarter of 2007, we held the view that it was likely that the economy was in the late cycle and that we could see the markets reflecting that character. The rise in volatility, the outperformance of growth factors and the relative underperformance of small-cap stocks are all typically characteristic of late-cycle activity. But what remains to be seen is how long the late cycle will last. During the last economic cycle, late-cycle activity was present for years, before the economy ultimately faltered in 2002. Our view is that this pattern could repeat itself. As always, however, we plan to maintain our disciplined investment approach and listen to our models.

MassMutual Premier Enhanced Index Core Equity Fund – Portfolio Manager Report (Continued)

MassMutual Premier Enhanced Index Core Equity Fund

Industry Table

(% of Net Assets) on 10/31/07

Oil & Gas	9.8	%
Insurance	7.0	%
Computers	6.9	%
Diversified Financial	6.8	%
Telecommunications	6.7	%
Pharmaceuticals	5.3	%
Banks	5.1	%
Manufacturing	5.1	%
Software	4.7	%
Aerospace & Defense	3.9	%
Retail	3.7	%
Media	3.6	%
Electric	3.0	%
Health Care — Products	2.8	%
Semiconductors	2.4	%
Agriculture	2.0	%
Internet	1.9	%
Beverages	1.8	%
Chemicals	1.7	%
Transportation	1.5	%
Cosmetics & Personal Care	1.4	%
Foods	1.4	%
Oil & Gas Services	1.4	%
Health Care — Services	1.3	%
Mining	0.7	%
Commercial Services	0.6	%
Apparel	0.5	%
Machinery — Diversified	0.5	%
Electronics	0.5	%
Environmental Controls	0.5	%
Biotechnology	0.4	%
Iron & Steel	0.4	%
Household Products	0.4	%
Gas	0.4	%
Electrical Components & Equipment	0.3	%
Real Estate Investment Trusts (REITS)	0.3	%
Pipelines	0.3	%
Forest Products & Paper	0.3	%
Advertising	0.3	%
Machinery — Construction & Mining	0.3	%
Packaging & Containers	0.3	%
Auto Manufacturers	0.2	%
Office Equipment/Supplies	0.2	%
Savings & Loans	0.2	%
Engineering & Construction	0.2	%
Hand & Machine Tools	0.2	%
Investment Companies	0.2	%
Distribution & Wholesale	0.2	%
Home Builders	0.1	%
Metal Fabricate & Hardware	0.1	%
Automotive & Parts	0.1	%
Lodging	0.1	%
Housewares	0.1	%
Building Materials	0.1	%
Toys, Games & Hobbies	0.1	%
Home Furnishing	0.1	%
Leisure Time	0.1	%
Entertainment	0.0	%
Real Estate	0.0	%
Coal	0.0	%
Total Long-Term Investments	100.5	%
Short-Term Investments and Other Assets and Liabilities	(0.5	%)
	100.0	%

MassMutual Premier

Enhanced Index Core Equity Fund

Largest Stock Holdings

(% of Net Assets) on 10/31/07

Exxon Mobil Corp.	4.2	%
AT&T, Inc.	2.4	%
General Electric Co.	2.3	%
Microsoft Corp.	2.3	%
Cisco Systems, Inc.	1.9	%
Altria Group, Inc.	1.8	%
American International Group, Inc.	1.8	%
International Business Machines Corp.	1.8	%
Pfizer, Inc.	1.8	%
ConocoPhillips	1.7	%

MassMutual Premier Enhanced Index Core Equity Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Premier Enhanced Index Core Equity Fund Class Y and the S&P 500 Index.

MassMutual Premier Enhanced Index Core Equity Fund
Total Return

	_{One Year}_{11/1/06 - 10/31/07}			_{Five Year}_{Average Annual}_{11/1/02 - 10/31/07}			_{Ten Year}_{Average Annual}_{11/1/97 - 10/31/07}
Class Y		12.33	%		13.49	%		5.32	%
S&P 500 Index		14.55	%		13.87	%		7.10	%

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

MassMutual Premier Enhanced Index Core Equity Fund
Total Return

	_{One Year}_{11/1/06 - 10/31/07}			_{Since Inception}_{Average Annual}_{11/1/04 - 10/31/07}
Class S		12.48	%		13.02	%
Class A		11.89	%		12.41	%
Class A (Sales load deducted)*		5.45	%		10.21	%
Class L		12.17	%		12.70	%
Class N		11.58	%		12.08	%
Class N (CDSC fees deducted)*		10.58	%		12.08	%
S&P 500 Index		14.55	%		13.15	%

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

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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

MassMutual Premier Main Street Fund – Portfolio Manager Report

What is the investment objective of the MassMutual Premier Main Street Fund – and who is the Fund's sub-adviser?
This Fund seeks a high total return by investing mainly in common stocks of U.S. companies of different capitalization ranges, presently focusing on large-capitalization issuers. The Fund's sub-adviser is OFI Institutional Asset Management, Inc. (OFI Institutional).

How did the Fund perform during the 12 months ended October 31, 2007?
The Fund's Class S shares returned 14.74%, outpacing the 14.55% return of the S&P 500^® Index, a widely recognized, unmanaged index representative of common stocks of larger capitalized U.S. companies.

What was the investment background during the period?
Domestic stocks forged higher during the final months of 2006, reaching some notable milestones along the way. The Dow Jones Industrial Average^SM ("the Dow") posted a series of new highs, and the S&P 500 Index broke the 1,400 level by year-end. Small-cap stocks, as evidenced by the Russell 2000^® Index, also ended the year strongly, as did the technology-heavy Nasdaq Composite^® Index ("Nasdaq"). U.S. stock prices showed little change during the first quarter of 2007, despite a significant increase in volatility across the board.

The U.S. stock market saw strong returns in the second quarter of 2007, despite inflation fears, which stoked rising yields on 10-year Treasury notes. The Federal Reserve ("Fed") held the federal funds rate steady for the eighth consecutive meeting in June 2007, as the yield on 10-year Treasury Notes reached a five-year high (5.30%) and the economy added more jobs than expected. U.S. equities demonstrated strength once again in the eventful third quarter of 2007, despite volatility that had not been experienced in quite some time. The problems in the subprime mortgage market spread to credit markets around the world, with spillover effects in the U.S. equity markets. Consequently, the Fed dropped the discount rate by 0.50% on August 17, 2007, then cut both the discount and federal funds rates by 0.50% on September 18, 2007 – which allowed the equity markets to shrug off some doldrums and post solid gains. The federal funds rate is the interest rate that banks and financial institutions charge each other for borrowing funds overnight. The Fed followed up its September rate cuts with additional 0.25% federal funds and discount rate reductions at its October 31, 2007 meeting. Most domestic stocks advanced slightly during the month of October, led by the Nasdaq, which returned 5.83%. The Lehman Brothers^® Aggregate Bond Index also gained slightly.

What factors contributed to the Fund's performance?
In the fourth quarter of 2006, the Fund's overweight position in mega-cap stocks relative to the benchmark S&P 500 Index ("the benchmark") helped drive returns. Favorable stock selection within each market capitalization category also modestly added to performance. Conversely, hampering the Fund's performance was its underweight position in the strong-performing mid-cap stock category. With respect to economic sectors, the best-performing sectors relative to the benchmark were consumer staples, energy and financials. The weakest sectors on a relative basis were consumer discretionary and information technology. In the first quarter of 2007, the Fund's underweight position in mid-cap stocks helped performance slightly in March, as did the absence of real estate investment trusts ("REITs") from the Fund's portfolio. Favorable stock selection in the large-cap category was offset by weaker results in mid caps.

As the second quarter of 2007 came to a close, the Fund held its most significant overweight position versus the benchmark in the information technology, health care and energy sectors. Industrials became the most underweight sector in the portfolio relative to the benchmark, followed by financials and utilities. In the third quarter of 2007, the Fund's returns declined as the level of outperformance between mega caps and the worst-performing micro caps was substantial. During this time frame, we increased the amount of the portfolio invested in mega caps to almost 63%, while reducing large caps to about 32%. At the same time, we increased mid caps to slightly more than 5% from practically zero. As the third quarter of 2007 wound down, the Fund had a mega-cap tilt relative to the S&P 500 Index.

MassMutual Premier Main Street Fund – Portfolio Manager Report (Continued)

The Fund had a challenging month in October 2007 relative to the benchmark, as our top-down (market capitalization) model and bottom-up (individual stock selection) models detracted from performance. In particular, our overweight position in mega caps hampered the Fund's returns. In addition, despite a substantial amount of positive performance from our large overweight position in the technology sector, our overweight position in financials detracted materially from performance, as the large money center banks and brokerages were hit hard by fallout from the mortgage sector. Additionally, stock selection within the energy sector hampered performance for the month.

What is your outlook?
As we stated earlier this year, our models, which had been indicating that the prolonged cycle of small-cap outperformance was likely coming to an end, have been proven correct. Market leadership has changed, as mega, large and mid caps have recently outperformed small and micro caps. During the first nine months of 2007, mega caps outperformed all other groups, including mid caps. If we are indeed entering a period of increased risk aversion, it is our view that investors will continue to seek safety in mega-cap issues. Consequently, the Fund has moved out of many small positions in mid- and small-cap stocks in order to concentrate more resources in large- and mega-cap companies.

MassMutual Premier Main Street Fund – Portfolio Manager Report (Continued)

MassMutual Premier Main Street Fund

Industry Table

(% of Net Assets) on 10/31/07

Diversified Financial	12.3	%
Telecommunications	9.0	%
Oil & Gas	8.9	%
Computers	8.4	%
Software	6.4	%
Banks	5.9	%
Insurance	5.8	%
Manufacturing	5.2	%
Media	4.5	%
Semiconductors	3.5	%
Internet	3.0	%
Health Care — Services	3.0	%
Aerospace & Defense	2.8	%
Pharmaceuticals	2.7	%
Retail	2.6	%
Health Care — Products	1.9	%
Agriculture	1.7	%
Oil & Gas Services	1.3	%
Biotechnology	1.3	%
Commercial Services	1.1	%
Cosmetics & Personal Care	1.1	%
Foods	1.0	%
Iron & Steel	0.8	%
Beverages	0.7	%
Electronics	0.6	%
Chemicals	0.5	%
Forest Products & Paper	0.5	%
Machinery — Diversified	0.5	%
Mining	0.5	%
Office Equipment/Supplies	0.5	%
Savings & Loans	0.4	%
Electric	0.2	%
Apparel	0.2	%
Airlines	0.1	%
Home Builders	0.1	%
Advertising	0.1	%
Real Estate Investment Trusts (REITS)	0.1	%
Hand & Machine Tools	0.1	%
Packaging & Containers	0.1	%
Automotive & Parts	0.1	%
Building Materials	0.1	%
Household Products	0.0	%
Lodging	0.0	%
Textiles	0.0	%
Home Furnishing	0.0	%
Transportation	0.0	%
Auto Manufacturers	0.0	%
Housewares	0.0	%
Total Long-Term Investments	99.6	%
Short-Term Investments and Other Assets and Liabilities	0.4	%
	100.0	%

MassMutual Premier

Main Street Fund

Largest Stock Holdings

(% of Net Assets) on 10/31/07

Exxon Mobil Corp.	4.3	%
Microsoft Corp.	3.9	%
General Electric Co.	3.1	%
Bank of America Corp.	2.8	%
Citigroup, Inc.	2.8	%
Cisco Systems, Inc.	2.6	%
JP Morgan Chase & Co.	2.6	%
Hewlett-Packard Co.	2.5	%
International Business Machines Corp.	2.3	%
American International Group, Inc.	2.1	%

MassMutual Premier Main Street Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

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

MassMutual Premier Main Street Fund
Total Return

	_{One Year}_{11/1/06 - 10/31/07}			_{Since Inception}_{Average Annual}_{12/31/04 - 10/31/07}
Class S		14.74	%		11.41	%
Class A		14.20	%		10.79	%
Class A (Sales load deducted)*		7.63	%		8.50	%
Class Y		14.43	%		11.15	%
Class L		14.52	%		11.09	%
Class N		13.87	%		10.46	%
Class N (CDSC fees deducted)*		12.87	%		10.46	%
S&P 500 Index		14.55	%		11.02	%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

MassMutual Premier Capital Appreciation Fund – Portfolio Manager Report

What is the investment objective of the MassMutual Premier Capital Appreciation Fund – and who is the Fund's sub-adviser?
This Fund seeks long-term capital appreciation by investing mainly in common stocks of "growth companies." These may be newer companies or established companies of any capitalization range that the Fund's sub-adviser, OppenheimerFunds, Inc. (OFI), believes may appreciate in value over the long term.

How did the Fund perform during the 12 months ended October 31, 2007?
The Fund's Class S shares returned 22.71%, outpacing the 19.23% return of the Russell 1000^®Growth Index, an unmanaged index consisting of those Russell 1000 securities (representing the 1000 largest U.S. companies based on market capitalization) with greater-than-average growth orientation that tend to exhibit higher price-to-book ratios and forecasted growth values than securities in the value universe. The Fund also exceeded the 14.55% return of the S&P 500^® Index, a widely recognized, unmanaged index representative of common stocks of larger capitalized U.S. companies.

As we originally noted in the Fund's April 30, 2007 semi-annual report, going forward, the Fund's performance will be compared to the Russell 1000 Growth Index rather than the S&P 500 Index because the Russell 1000 Growth Index more closely represents the Fund's investment strategy.

Most categories of U.S. stocks advanced in the third quarter of 2007 as well. The final results, however, masked a significant spike in market volatility from mid-July through mid-August, as worries about the subprime mortgage market intensified. To help quell these concerns, on August 17, 2007, the Federal Reserve ("Fed") cut the discount rate – the interest rate that regional Fed banks charge banks and financial institutions when they borrow funds on a short-term basis – by 0.50%. The Fed moved even more aggressively to ease monetary conditions at its September 18, 2007 meeting, lowering the federal funds rate by a larger-than-expected 0.50% and cutting the discount rate an additional 0.50%. The federal funds rate is the interest rate that banks and financial institutions charge each other for borrowing funds overnight. As a result, most broad-based U.S. stock indexes were trading near their all-time highs at the end of the third quarter, although small-cap stocks, as measured by the Russell 2000^® Index, lost 3.09% for the period. The MSCI EAFE Index returned 2.18% during this time frame. The Fed followed up its September rate cuts with additional 0.25% federal funds and discount rate reductions at its October 31, 2007 meeting. Most domestic stocks advanced slightly during the month of October, led by the Nasdaq Composite^® Index ("Nasdaq"), which returned 5.83%. Foreign stocks also did well, resulting in the MSCI EAFE Index gaining 3.93%.

What factors contributed to the Fund's performance?
During the final months of 2006, information technology and consumer discretionary were the portfolio's best-performing sectors on an absolute basis. Relative to the benchmark Russell 1000 Growth Index, however, most sectors slightly detracted from overall performance – except for telecommunication services, materials, utilities and industrials, which were essentially flat. Turning to the first quarter of 2007, information technology, energy and health care were the best-performing sectors on a relative basis. Conversely, less-than-favorable stock selection in the telecommunications and financials sectors impeded the Fund's relative performance.

MassMutual Premier Capital Appreciation Fund – Portfolio Manager Report (Continued)

During the second quarter of 2007, favorable stock selection in the energy and materials sectors fueled the Fund's relative results. An overweight position in the energy sector also contributed. Relative to the benchmark, however, the worst-performing sectors were information technology, industrials and consumer discretionary. On an absolute basis, information technology was the portfolio's best-performing sector; however, relative to the benchmark, the Fund underperformed due to stock selection. Underperformance in both industrials and consumer discretionary also came from stock selection rather than sector weights. In the third quarter of 2007, consumer discretionary, information technology and health care were the portfolio's best-performing sectors relative to the benchmark. This was mainly the result of stock selection, although an overweight position in information technology and an underweight position in consumer discretionary also contributed. The worst-performing sectors relative to the benchmark were financials and consumer staples.

During October 2007, the Fund's relative performance was hindered by an overweight position in telecommunication services and stock selection in the consumer discretionary sector. On a positive note, our stock selection in the industrials group contributed to performance.

What is your outlook?
As we head into a profit deceleration environment and a slowing economic cycle in the United States, our view is that investors tend to pay a premium for companies that can exhibit growth. Furthermore, relative valuations for both large-cap and growth stocks, in particular, stand at appealing levels compared to smaller-cap and value-oriented issues. That being said, we nevertheless caution that the recent increased volatility in the markets presents numerous challenges. We believe, however, that we have positioned the Fund to navigate the wide array of market conditions that investors may face throughout the coming months.

MassMutual Premier Capital Appreciation Fund – Portfolio Manager Report (Continued)

MassMutual Premier Capital Appreciation Fund

Industry Table

(% of Net Assets) on 10/31/07

Telecommunications	11.5	%
Computers	10.8	%
Diversified Financial	8.4	%
Pharmaceuticals	6.8	%
Internet	6.3	%
Aerospace & Defense	5.3	%
Retail	5.0	%
Chemicals	4.1	%
Software	4.1	%
Oil & Gas	3.7	%
Oil & Gas Services	3.6	%
Foods	3.6	%
Media	2.8	%
Semiconductors	2.4	%
Lodging	2.0	%
Commercial Services	1.9	%
Health Care — Services	1.8	%
Health Care — Products	1.7	%
Insurance	1.7	%
Biotechnology	1.5	%
Apparel	1.3	%
Engineering & Construction	1.3	%
Electronics	1.2	%
Household Products	1.1	%
Real Estate	0.8	%
Banks	0.8	%
Metal Fabricate & Hardware	0.7	%
Iron & Steel	0.6	%
Machinery — Construction & Mining	0.5	%
Beverages	0.4	%
Total Long-Term Investments	97.7	%
Short-Term Investments and Other Assets and Liabilities	2.3	%
	100.0	%

MassMutual Premier Capital Appreciation Fund

Largest Stock Holdings

(% of Net Assets) on 10/31/07

Google, Inc. Cl. A	4.1	%
Cisco Systems, Inc.	3.3	%
Apple, Inc.	2.8	%
Monsanto Co.	2.6	%
Research In Motion Ltd.	2.3	%
Schlumberger Ltd.	2.2	%
The Goldman Sachs Group, Inc.	2.2	%
Boeing Co.	2.0	%
Las Vegas Sands Corp.	2.0	%
CME Group, Inc.	1.9	%

MassMutual Premier Capital Appreciation Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Premier Capital Appreciation 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 and the Russell 1000 Growth Index.

MassMutual Premier Capital Appreciation Fund
Total Return

	_{One Year}_{11/1/06 - 10/31/07}			_{Since Inception}_{Average Annual}_{12/31/04 - 10/31/07}
Class S		22.71	%		11.33	%
Class A		22.13	%		10.90	%
Class A (Sales load deducted)*		15.11	%		8.61	%
Class Y		22.50	%		11.18	%
Class L		22.24	%		11.03	%
Class N		21.74	%		10.49	%
Class N (CDSC fees deducted)*		20.74	%		10.49	%
S&P 500 Index		14.55	%		11.02	%
Russell 1000 Growth Index		19.23	%		10.74	%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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

MassMutual Premier Core Growth Fund – Portfolio Manager Report

What is the investment objective of the MassMutual Premier Core Growth Fund – and who is the Fund's sub-adviser?
This Fund seeks to achieve long-term capital and income growth through investment primarily in common stocks of companies having a large or mid-size market capitalization. Current yield is secondary to the long-term growth objective. The Fund's sub-adviser is OFI Institutional Asset Management, Inc. (OFI Institutional).

How did the Fund perform during the 12 months ended October 31, 2007?
The Fund's Class S shares returned 24.38%, outperforming the 19.23% return of the Russell 1000^® Growth Index, an unmanaged index that contains stocks with a greater-than-average growth orientation among the stocks of the 1000 largest U.S. companies based on total market capitalization. The Fund also outpaced the 14.55% return of the S&P 500^® Index, a widely recognized, unmanaged index representative of common stocks of larger capitalized U.S. companies.

Most categories of U.S. stocks advanced in the third quarter of 2007 as well. The final results, however, masked a significant spike in market volatility from mid-July through mid-August, as worries about the subprime mortgage market intensified. To help quell these concerns, on August 17, 2007, the Federal Reserve ("Fed") cut the discount rate – the interest rate that regional Fed banks charge banks and financial institutions when they borrow funds on a short-term basis – by 0.50%. The Fed moved even more aggressively to ease monetary conditions at its September 18, 2007 meeting, lowering the federal funds rate by a larger-than-expected 0.50% and cutting the discount rate an additional 0.50%. The federal funds rate is the interest rate that banks and financial institutions charge each other for borrowing funds overnight. As a result, most broad-based U.S. stock indexes were trading near their all-time highs at the end of the third quarter, although small-cap stocks, as measured by the Russell 2000^® Index, lost 3.09% for the period. The MSCI EAFE Index returned 2.18% during this time frame. The Fed followed up its September rate cuts with additional 0.25% federal funds and discount rate reductions at its October 31, 2007 meeting. Most domestic stocks advanced slightly during the month of October, led by the Nasdaq Composite^® Index ("Nasdaq"), which returned 5.83%. Foreign stocks also did well, resulting in the MSCI EAFE Index gaining 3.93%.

MassMutual Premier Core Growth Fund – Portfolio Manager Report (Continued)

MassMutual Premier Core Growth Fund

Industry Table

(% of Net Assets) on 10/31/07

Telecommunications	11.6	%
Computers	10.9	%
Diversified Financial	8.5	%
Pharmaceuticals	6.8	%
Internet	6.3	%
Aerospace & Defense	5.3	%
Retail	5.1	%
Chemicals	4.2	%
Software	4.2	%
Oil & Gas	3.7	%
Foods	3.6	%
Oil & Gas Services	3.6	%
Media	2.8	%
Semiconductors	2.5	%
Lodging	2.0	%
Commercial Services	1.9	%
Health Care — Services	1.8	%
Health Care — Products	1.7	%
Insurance	1.7	%
Biotechnology	1.5	%
Apparel	1.4	%
Engineering & Construction	1.3	%
Electronics	1.2	%
Household Products	1.1	%
Real Estate	0.8	%
Banks	0.8	%
Metal Fabricate & Hardware	0.7	%
Iron & Steel	0.6	%
Machinery — Construction & Mining	0.5	%
Beverages	0.4	%
Total Long-Term Investments	98.5	%
Short-Term Investments and Other Assets and Liabilities	1.5	%
	100.0	%

MassMutual Premier

Core Growth Fund

Largest Stock Holdings

(% of Net Assets) on 10/31/07

Google, Inc. Cl. A	4.1	%
Cisco Systems, Inc.	3.4	%
Apple, Inc.	2.8	%
Monsanto Co.	2.6	%
Research In Motion Ltd.	2.3	%
Schlumberger Ltd.	2.2	%
The Goldman Sachs Group, Inc.	2.2	%
Boeing Co.	2.0	%
Las Vegas Sands Corp.	2.0	%
CME Group, Inc.	1.9	%

MassMutual Premier Core Growth Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Premier Core Growth Fund Class S, the Russell 1000 Growth Index and the S&P 500 Index.

MassMutual Premier Core Growth Fund
Total Return

	_{One Year}_{11/1/06 - 10/31/07}			_{Five Year}_{Average Annual}_{11/1/02 - 10/31/07}			_{Since Inception}_{Average Annual}_{1/20/98 - 10/31/07}
Class S		24.38	%		11.34	%		3.66	%
Russell 1000 Growth Index		19.23	%		12.61	%		4.38	%
S&P 500 Index		14.55	%		13.87	%		6.67	%

Hypothetical Investments in MassMutual Premier Core Growth Fund Class A, Class A (sales load deducted), Class Y, Class L, Class N, Class N (CDSC fees deducted), the Russell 1000 Growth Index and the S&P 500 Index.

MassMutual Premier Core Growth Fund
Total Return

	_{One Year}_{11/1/06 - 10/31/07}			_{Since Inception}_{Average Annual}_{11/1/04 - 10/31/07}
Class A		23.91	%		10.88	%
Class A (Sales load deducted)*		16.78	%		8.72	%
Class Y		24.30	%		11.31	%
Class L		24.10	%		11.15	%
Class N		23.50	%		10.55	%
Class N (CDSC fees deducted)*		22.50	%		10.55	%
Russell 1000 Growth Index		19.23	%		12.87	%
S&P 500 Index		14.55	%		13.15	%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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.

MassMutual Premier Enhanced Index Growth Fund – Portfolio Manager Report

What is the investment objective of the MassMutual Premier Enhanced Index Growth Fund – and who is the Fund's sub-adviser?
This Fund seeks to outperform the total return performance of its benchmark index, the Russell 1000^® Growth Index, while maintaining risk characteristics similar to those of the benchmark. The Fund's sub-adviser is Babson Capital Management LLC (Babson Capital).

How did the Fund perform during the 12 months ended October 31, 2007?
The Fund's Class S shares returned 18.20%, underperforming the 19.23% return of the Russell 1000 Growth Index, an unmanaged index consisting of those Russell 1000^® Index securities (representing the 1000 largest U.S. companies, based on market capitalization) with greater-than-average growth orientation that tend to exhibit higher price-to-book ratios and forecasted growth values than securities in the value universe.

The second quarter of 2007 was characterized by a change in investor sentiment concerning economic growth. In April 2007, many indicators were showing stagnant or slowing economic activity. But when most indicators of economic activity later started pointing to growth, the bond market reacted by making a sizable correction, with most long-term bond indexes losing ground for the quarter. The equity market cheered the news; U.S. large-cap indexes rose more than 5% in most cases. The third quarter of 2007 will go down as one of the most volatile quarters in recent history. Remarkably, the market ended up higher, but it required intervention from central banks worldwide and our own Federal Reserve ("Fed") to influence those results. The ongoing deterioration in the housing market finally led to a rise in delinquencies on mortgages. This caused a run on mortgage-backed securities, particularly of the subprime variety. Many funds held these securities in leveraged portfolios, so when their prices dropped, the funds' returns plunged. The contagion spread to the equity markets when some of these funds needed to liquidate equity positions to cover investor redemptions. When the commercial paper markets seized up due to the large amount of asset-backed paper in the system, central banks around the world responded by adding liquidity to the system. On August 17, 2007, the Fed lowered the discount rate – the interest rate that regional Fed banks charge banks and financial institutions when they borrow funds on a short-term basis – by 0.50%. On September 18, 2007, the Fed finally lowered the federal funds rate by 0.50%, simultaneously cutting the discount rate an additional 0.50% and essentially flooding the system with liquidity to avert the perceived crisis. The federal funds rate is the interest rate that banks and financial institutions charge each other for borrowing funds overnight. The Fed followed up its September rate cuts with additional 0.25% federal funds and discount rate reductions at its October 31, 2007 meeting.

The equity market saw modest gains in October, although there was a large disparity in the performance of growth stocks relative to their value counterparts. For the month, the Russell 1000^® Value Index remained essentially flat, while the Russell 1000 Growth Index advanced slightly.

What factors contributed to the Fund's performance?
During the fourth quarter of 2006, the Fund's growth model performed well. The market favored small-cap stocks, with higher beta that were growing rapidly. Momentum and estimate revision factors did not help in stock selection, due to the shift in economic conditions. In the first quarter of 2007, the Fund's growth model once again had favorable returns. Growth and momentum factors generally did well, but there was no clear pattern of effective factors across the market. Value factors performed

MassMutual Premier Enhanced Index Growth Fund – Portfolio Manager Report (Continued)

poorly, especially in the financial sector, when news surrounding the deterioration of the subprime markets and defaults associated with that decline drove stock prices down. Growth and momentum factors aided performance most notably in the health care sector.

In the second quarter of 2007, the Fund's core and value models underperformed due to the poor performance of value factors during the period. The best-performing factors were beta, momentum and estimate revision. These factors generally do well in periods when the market moves higher. Most factors that favor stocks with prudent capital use, such as dividend yield and share buyback, underperformed. Turning to the third quarter of 2007, the Fund struggled when the model was slow to respond to the shift toward growth, despite the fact that our research had been emphasizing growth strategies, and we had added some more growth-oriented factors to the model over the past year. Consequently, the Fund's relative returns suffered. Finally, in October 2007, the Fund's growth factor contributed to its results for the month.

MassMutual Premier Enhanced Index Growth Fund – Portfolio Manager Report (Continued)

MassMutual Premier Enhanced Index Growth Fund

Industry Table

(% of Net Assets) on 10/31/07

Computers	9.5	%
Software	8.0	%
Pharmaceuticals	6.3	%
Retail	5.6	%
Telecommunications	5.1	%
Semiconductors	4.8	%
Health Care — Products	4.2	%
Oil & Gas	4.0	%
Aerospace & Defense	3.7	%
Internet	3.5	%
Diversified Financial	3.3	%
Media	3.2	%
Oil & Gas Services	2.9	%
Beverages	2.8	%
Manufacturing	2.5	%
Health Care — Services	2.4	%
Insurance	2.1	%
Commercial Services	2.0	%
Chemicals	1.9	%
Agriculture	1.8	%
Transportation	1.6	%
Cosmetics & Personal Care	1.5	%
Electric	1.2	%
Electronics	1.2	%
Engineering & Construction	1.0	%
Foods	1.0	%
Mining	1.0	%
Machinery — Construction & Mining	1.0	%
Apparel	0.8	%
Machinery — Diversified	0.8	%
Biotechnology	0.7	%
Investment Companies	0.6	%
Environmental Controls	0.6	%
Electrical Components & Equipment	0.6	%
Real Estate Investment Trusts (REITS)	0.6	%
Banks	0.5	%
Advertising	0.5	%
Airlines	0.4	%
Packaging & Containers	0.4	%
Household Products	0.3	%
Iron & Steel	0.3	%
Entertainment	0.3	%
Building Materials	0.3	%
Automotive & Parts	0.3	%
Pipelines	0.3	%
Home Builders	0.2	%
Lodging	0.2	%
Office Furnishings	0.2	%
Hand & Machine Tools	0.2	%
Metal Fabricate & Hardware	0.2	%
Housewares	0.2	%
Trucking & Leasing	0.1	%
Toys, Games & Hobbies	0.1	%
Distribution & Wholesale	0.1	%
Home Furnishing	0.1	%
Real Estate	0.1	%
Auto Manufacturers	0.1	%
Coal	0.1	%
Electrical Equipment & Electronics	0.0	%
Savings & Loans	0.0	%
Total Long-Term Investments	99.3	%
Short-Term Investments and Other Assets and Liabilities	0.7	%
	100.0	%

MassMutual Premier Enhanced

Index Growth Fund

Largest Stock Holdings

(% of Net Assets) on 10/31/07

Microsoft Corp.	3.9	%
Cisco Systems, Inc.	2.9	%
Apple, Inc.	2.5	%
Hewlett-Packard Co.	2.2	%
International Business Machines Corp.	2.1	%
Intel Corp.	1.8	%
Exxon Mobil Corp.	1.7	%
Altria Group, Inc.	1.6	%
Merck & Co., Inc.	1.4	%
PepsiCo, Inc.	1.4	%

MassMutual Premier Enhanced Index Growth Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Premier Enhanced Index Growth Fund Class Y and the Russell 1000 Growth Index.

MassMutual Premier Enhanced Index Growth Fund
Total Return

	_{One Year}_{11/1/06 - 10/31/07}			_{Five Year}_{Average Annual}_{11/1/02 - 10/31/07}			_{Since Inception}_{Average Annual}_{12/19/00-10/31/07}
Class Y		18.40	%		12.62	%		1.53	%
Russell 1000 Growth Index		19.23	%		12.61	%		0.26	%

Hypothetical Investments in MassMutual Premier Enhanced Index Growth Fund Class S, Class A, Class A (sales load deducted), Class L, Class N, Class N (CDSC fees deducted) and the Russell 1000 Growth Index.

MassMutual Premier Enhanced Index Growth Fund
Total Return

	_{One Year}_{11/1/06 - 10/31/07}			_{Since Inception}_{Average Annual}_{11/1/04 - 10/31/07}
Class S		18.20	%		12.85	%
Class A		17.91	%		12.41	%
Class A (Sales load deducted)*		11.13	%		10.21	%
Class L		18.29	%		12.67	%
Class N		17.67	%		12.05	%
Class N (CDSC fees deducted)*		16.67	%		12.05	%
Russell 1000 Growth Index		19.23	%		12.87	%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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.

MassMutual Premier Discovery Value Fund – Portfolio Manager Report

What is the investment objective of the MassMutual Premier Discovery Value Fund – and who is the Fund's sub-adviser?
This Fund seeks long-term capital appreciation by investing mainly in stocks of U.S. issuers having a market capitalization up to $13 billion. This includes both small-cap stocks (stocks of issuers that have a market capitalization under $3 billion) and mid-cap stocks (stocks of issuers having a capitalization between $3 billion and $13 billion). The Fund's sub-adviser is OFI Institutional Asset Management, Inc. (OFI Institutional).

How did the Fund perform during the 12 months ended October 31, 2007?
The Fund's Class S shares returned 22.53%, significantly outpacing the 9.73% return of the Russell Midcap^® Value Index, a widely recognized, unmanaged index which measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. The stocks are also members of the Russell 1000^® Value Index. The Fund also widely exceeded the 4.63% return of the Russell 2500^® Value Index, an unmanaged index representative of common stocks of small- and mid-capitalization U.S. companies with lower price-to-book ratios and lower forecasted growth values.

What was the investment background during the period?
Domestic stocks forged higher during the final months of 2006, reaching some notable milestones along the way. The Dow Jones Industrial Average^SM ("the Dow") posted a series of new highs, and the S&P 500^® Index broke the 1,400 level by year-end. Small-cap stocks, as evidenced by the Russell 2000^® Index, also ended the year strongly. For its part, the technology-heavy Nasdaq Composite^® Index ("Nasdaq") also did well in the fourth quarter of 2006. U.S. stock prices showed little change during the first quarter of 2007, despite a significant increase in volatility across the board.

The U.S. stock market saw strong returns in the second quarter of 2007, despite inflation fears, which stoked rising yields on 10-year Treasury notes. The Federal Reserve ("Fed") held the federal funds rate steady for the eighth consecutive meeting in June, as the yield on 10-year Treasury Notes reached a five-year high (5.30%) and the economy added more jobs than expected. U.S. equities demonstrated strength once again in the eventful third quarter of 2007, despite an increased level of volatility. The problems in the subprime mortgage market spread to credit markets around the world, with spillover effects in the U.S. equity markets. Consequently, the Fed dropped the discount rate by 0.50% on August 17, 2007, then cut both the discount and federal funds rates by 0.50% on September 18, 2007 – which allowed the equity markets to shrug off some doldrums and post solid gains. The federal funds rate is the interest rate that banks and financial institutions charge each other for borrowing funds overnight. The Fed followed up its September rate cuts with additional 0.25% federal funds and discount rate reductions at its October 31, 2007 meeting. Most domestic stocks advanced slightly during the month of October, led by the Nasdaq, which returned 5.83%. The Lehman Brothers^® Aggregate Bond Index also gained slightly.

What factors contributed to the Fund's performance?
The top contributing sectors to the Fund's relative performance in the fourth quarter of 2006 were information technology, consumer discretionary and materials. Detracting from performance were health care, telecommunications services and energy. In the materials sector, most of our holdings posted double-digit returns, as steel and metal-related stocks moved up on market consolidation rumors. Detracting most significantly from relative performance was health care. In the first quarter of 2007, from the sector perspective, the top performers on a relative basis were materials, industrials and financials. The Fund held no materially weak sectors. The Fund's underweight position in financials relative to the Russell Midcap Value Index was a positive, as the broader group fell on subprime mortgage-related news. Weakness in the portfolio was thinly spread throughout, as no single sector created an aggregate drag on returns.

MassMutual Premier Discovery Value Fund – Portfolio Manager Report (Continued)

Turning to the second quarter of 2007, the majority of the Fund's outperformance was driven by the portfolio's exposure to the industrials, financials and consumer discretionary sectors. Conversely, the top detracting sectors were health care and information technology. Overall, strong performance was widespread, as the portfolio outperformed in eight out of 10 sectors. In the third quarter of 2007, the Fund outperformed in seven out of 10 sectors. Leading the way were information technology, consumer discretionary and industrials. Conversely, the sectors that provided a drag on the Fund's results were consumer staples, financials and utilities. Detracting most significantly were our stock picks within the financials sector. In October 2007, the Fund's performance was driven by its exposures to the information technology, materials and consumer staples sectors. Offsetting some of this strength was weakness in consumer discretionary and utilities.

MassMutual Premier Discovery Value Fund – Portfolio Manager Report (Continued)

MassMutual Premier Discovery Value Fund

Industry Table

(% of Net Assets) on 10/31/07

Electric	6.9	%
Retail	5.6	%
Diversified Financial	5.3	%
Semiconductors	4.9	%
Insurance	4.8	%
Oil & Gas	4.0	%
Aerospace & Defense	3.9	%
Pharmaceuticals	3.9	%
Health Care — Services	3.5	%
Chemicals	3.2	%
Software	3.2	%
Electronics	3.1	%
Telecommunications	3.1	%
Transportation	3.0	%
Entertainment	3.0	%
Banks	2.9	%
Oil & Gas Services	2.3	%
Media	2.2	%
Foods	1.8	%
Iron & Steel	1.7	%
Building Materials	1.7	%
Machinery — Construction & Mining	1.7	%
Automotive & Parts	1.6	%
Internet	1.4	%
Computers	1.4	%
Savings & Loans	1.4	%
Real Estate Investment Trusts (REITS)	1.3	%
Electrical Components & Equipment	1.3	%
Gas	1.3	%
Metal Fabricate & Hardware	1.2	%
Toys, Games & Hobbies	1.2	%
Lodging	1.0	%
Auto Manufacturers	1.0	%
Engineering & Construction	1.0	%
Manufacturing	0.9	%
Household Products	0.8	%
Coal	0.8	%
Leisure Time	0.6	%
Real Estate	0.4	%
Trucking & Leasing	0.3	%
Total Long-Term Investments	94.6	%
Short-Term Investments and Other Assets and Liabilities	5.4	%
	100.0	%

MassMutual Premier Discovery Value Fund

Largest Stock Holdings

(% of Net Assets) on 10/31/07

Carpenter Technology Corp.	1.7	%
Joy Global, Inc.	1.7	%
CMS Energy Corp.	1.6	%
Everest Re Group Ltd.	1.6	%
National Financial Partners Corp.	1.6	%
The Goodyear Tire & Rubber Co.	1.6	%
Goodrich Corp.	1.5	%
THQ, Inc.	1.5	%
E*TRADE Financial Corp.	1.4	%
McAfee, Inc.	1.4	%

MassMutual Premier Discovery Value Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Premier Discovery Value Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, Class N, Class N (CDSC fees deducted), the Russell Midcap Value Index and the Russell 2500 Value Index.

MassMutual Premier Discovery Value Fund
Total Return

	_{One Year}_{11/1/06 - 10/31/07}			_{Since Inception}_{Average Annual}_{12/1/05-10/31/07}
Class S		22.53	%		20.23	%
Class A		21.97	%		19.70	%
Class A (Sales load deducted)*		14.95	%		16.06	%
Class Y		22.45	%		20.18	%
Class L		22.30	%		20.00	%
Class N		21.58	%		19.32	%
Class N (CDSC fees deducted)*		20.58	%		19.32	%
Russell Midcap Value Index		9.73	%		13.62	%
Russell 2500 Value Index		4.63	%		10.21	%

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.

Investors should note that the Fund is a professionally managed mutual fund, while the Russell Midcap Value Index and the Russell 2500 Value Index are unmanaged, do not incur expenses and cannot be purchased directly by investors. Investors should read the Fund's prospectus with regard to the Fund's investment objective, risks and charges and expenses in conjunction with these financial statements. Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. The performance tables and charts do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or the redemption of the Fund shares.

MassMutual Premier Small Capitalization Value Fund – Portfolio Manager Report

What is the investment objective of the MassMutual Premier Small Capitalization Value Fund – and who is the Fund's sub-adviser?
This Fund seeks to achieve long-term capital appreciation primarily through investment in small to medium-size companies. The Fund's sub-adviser is OFI Institutional Asset Management, Inc. (OFI Institutional).

How did the Fund perform during the 12 months ended October 31, 2007?
The Fund's Class S shares returned 4.23%, exceeding the 2.05% return of the Russell 2000^® Value Index, an unmanaged index that measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. On the other hand, the Fund's 4.23% return trailed the 9.28% return of the Russell 2000^® Index, a widely recognized, unmanaged index representative of common stocks of smaller capitalized U.S. companies.

What was the investment background during the period?
Domestic stocks forged higher during the final months of 2006, reaching some notable milestones along the way. The Dow Jones Industrial Average^SM ("the Dow") posted a series of new highs, and the S&P 500^® Index broke the 1,400 level by year-end. Small-cap stocks, as evidenced by the Russell 2000 Index, also ended the year strongly. For its part, the technology-heavy Nasdaq Composite^® Index ("Nasdaq") also did well in the fourth quarter. U.S. stock prices showed little change during the first quarter of 2007, despite a significant increase in volatility across the board.

Subprime mortgage concerns seemed to overshadow almost all other economic and political activity in the second quarter of 2007, as fear of contagion to other segments of the mortgage market and the economy at large weighed heavily on the minds of investors. These mounting subprime worries exerted downward pressure on the prices of many financial and consumer discretionary stocks. Nonetheless, the overall equity markets fared favorably across all sizes and styles. The cloud that hung over the bond market was much darker, and investor concerns seemed to impact the entire credit spectrum. In the third quarter of 2007, the markets became more volatile. But while the market environment was more volatile than usual, by quarter-end – with help from the Federal Reserve ("Fed") – investors had shrugged off the worries that had hampered global financial markets only a few weeks prior. The summer sell-off was severe, but shares of companies with solid fundamentals rebounded. The Fed followed up its September rate cuts with additional 0.25% federal funds and discount rate reductions at its October 31, 2007 meeting. Most domestic stocks advanced slightly during the month of October, led by the Nasdaq, which returned 5.83%. The Lehman Brothers^® Aggregate Bond Index also gained slightly.

What factors contributed to the Fund's performance?
For the fourth quarter of 2006, materials proved to be the best-performing sector of the Russell 2000 Value Index ("the Index"), with consumer staples and consumer discretionary taking second and third place, respectively. Financials underperformed, hurt primarily by banks outside New York City. The Index reported positive performance in nine of its ten sectors for the first quarter of 2007, with materials again finishing as the best-performing sector, followed by consumer staples and health care. The portfolio held a greater position (relative to the Index) in consumer staples and health care stocks, but a lower relative position in materials stocks. The Index's weakest sectors were financials, utilities and telecommunication services. The portfolio had below-Index exposure in financials and utilities, but a higher weighting in telecommunication services.

Sector performance was favorable for the portfolio for the second quarter of 2007, with seven of the ten economic sectors posting positive relative results. Both stock selection and allocation decisions were cumulatively positive. The industrials and information technology sectors made the biggest contribution to performance. By contrast, financials was the portfolio's weakest sector. Turning to the third quarter of 2007, stock selection was the primary driver of the Fund's outperformance, with the largest contributions coming from the industrial and consumer discretionary sectors – although stock selection in the consumer staples, financials and materials sectors detracted from relative returns.

MassMutual Premier Small Capitalization Value Fund – Portfolio Manager Report (Continued)

In October 2007, the best-performing sector of the Index was telecommunication services, followed by health care and energy. The portfolio held overweight positions in telecommunication services and health care stocks, and an underweight position in energy stocks. The weakest sectors of the Index during the month were financials, consumer discretionary and consumer staples. The portfolio held a lower weighting than the Index in financials, but an overweight position in consumer discretionary and consumer staples stocks.

What is your outlook?
These are worrisome times for investors. Economic growth in the U.S. has slowed. Additionally, rising inflation is still a concern, as commodity prices have remained strong, while the housing market has remained weak. Finally, the U.S. dollar is weaker, the credit crunch has slowed new credit formation, and corporate earnings growth is showing signs of slowing. Aside from the current macroeconomic picture, small-cap stocks are no longer deeply discounted relative to their large-cap counterparts. On the other hand, the special dynamic of the small-cap market has not changed. The greatest added value in small-cap investing tends to come from rigorous fundamental research. Consequently, we will continue to seek companies with superior risk-reward opportunities.

MassMutual Premier Small Capitalization Value Fund – Portfolio Manager Report (Continued)

MassMutual Premier Small

Capitalization Value Fund

Industry Table

(% of Net Assets) on 10/31/07

Banks	8.8	%
Health Care — Services	6.1	%
Machinery — Diversified	6.0	%
Commercial Services	6.0	%
Diversified Financial	6.0	%
Retail	5.8	%
Aerospace & Defense	5.8	%
Insurance	5.6	%
Telecommunications	5.6	%
Software	5.0	%
Electronics	4.8	%
Oil & Gas	3.8	%
Foods	3.4	%
Entertainment	3.0	%
Apparel	2.8	%
Household Products	2.6	%
Internet	2.4	%
Real Estate Investment Trusts (REITS)	2.2	%
Transportation	1.7	%
Semiconductors	1.6	%
Chemicals	1.5	%
Pharmaceuticals	1.4	%
Electrical Components & Equipment	1.2	%
Textiles	0.9	%
Building Materials	0.8	%
Restaurants	0.8	%
Beverages	0.7	%
Energy — Alternate Sources	0.4	%
Oil & Gas Services	0.4	%
Total Long-Term Investments	97.1	%
Short-Term Investments and Other Assets and Liabilities	2.9	%
	100.0	%

MassMutual Premier Small

Capitalization Value Fund

Largest Stock Holdings

(% of Net Assets) on 10/31/07

Kaman Corp.	3.1	%
Aspen Technology, Inc.	2.8	%
Ducommun, Inc.	2.7	%
Res-Care, Inc.	2.6	%
1-800-Flowers.com, Inc. Cl. A	2.4	%
Columbus McKinnon Corp.	2.4	%
Comtech Telecommunications	2.3	%
Amedisys, Inc.	2.1	%
LaBarge, Inc.	2.1	%
Middleby Corp.	2.1	%

MassMutual Premier Small Capitalization Value Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Premier Small Capitalization Value Fund Class S, the Russell 2000 Value Index and the Russell 2000 Index.

MassMutual Premier Small Capitalization Value Fund
Total Return

	_{One Year}_{11/1/06 - 10/31/07}			_{Five Year}_{Average Annual}_{11/1/02 - 10/31/07}			_{Since Inception}_{Average Annual}_{12/19/00 - 10/31/07}
Class S		4.23	%		15.57	%		10.47	%
Russell 2000 Value Index		2.05	%		18.60	%		13.84	%
Russell 2000 Index		9.28	%		18.67	%		10.20	%

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

MassMutual Premier Small Capitalization Value Fund
Total Return

	_{One Year}_{11/1/06 - 10/31/07}			_{Since Inception}_{Average Annual}_{11/1/04 - 10/31/07}
Class A		3.80	%		7.84	%
Class A (Sales load deducted)*		–2.16	%		5.73	%
Class Y		4.23	%		8.27	%
Class L		4.04	%		8.18	%
Class N		3.50	%		7.52	%
Class N (CDSC fees deducted)*		2.55	%		7.52	%
Russell 2000 Value Index		2.05	%		12.34	%
Russell 2000 Index		9.28	%		13.69	%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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.

MassMutual Premier Main Street Small Cap Fund – Portfolio Manager Report

What is the investment objective of the MassMutual Premier Main Street Small Cap Fund – and who is the Fund's sub-adviser?
The Fund Seeks capital appreciation by investing mainly in common stocks of small-capitalization ("small-cap") U.S. companies that the Fund's sub-adviser, OFI Institutional Asset Management, Inc. (OFI Institutional), believes have favorable business trends or prospects. These may include "growth" and/or "value" common stocks and other equity securities.

How did the Fund perform during the 12 months ended October 31, 2007?
The Fund's Class S shares returned 10.41%, exceeding the 9.28% return of the Russell 2000^® Index, a widely recognized, unmanaged index representative of common stocks of smaller capitalized U.S. companies.

What was the investment background during the period?
Domestic stocks forged higher during the final months of 2006, reaching some notable milestones along the way. The Dow Jones Industrial Average^SM ("the Dow") posted a series of new highs, and the S&P 500^® Index broke the 1,400 level by year-end. Small-cap stocks, as evidenced by the Russell 2000 Index, also ended the year strongly. For its part, the technology-heavy Nasdaq Composite^® Index ("Nasdaq") also did well in the fourth quarter of 2006. U.S. stock prices showed little change during the first quarter of 2007, despite a significant increase in volatility across the board.

The U.S. stock market saw strong returns in the second quarter of 2007, despite inflation fears, which stoked rising yields on 10-year Treasury notes. The Federal Reserve ("Fed") held the federal funds rate steady for the eighth consecutive meeting in June 2007, as the yield on 10-year Treasury Notes reached a five-year high (5.30%) and the economy added more jobs than expected. U.S. equities demonstrated strength once again in the eventful third quarter of 2007, despite volatility that had not been experienced in quite some time. The problems in the subprime mortgage market spread to credit markets around the world, with spillover effects in the U.S. equity markets. Consequently, the Fed dropped the discount rate by 0.50% on August 17, 2007, then cut both the discount and federal funds rates by 0.50% on September 18, 2007 – which allowed the equity markets to shrug off some doldrums and post solid gains. The Fed followed up its September rate cuts with additional 0.25% federal funds and discount rate reductions at its October 31, 2007 meeting. Most domestic stocks advanced slightly during the month of October, led by the Nasdaq, which returned 5.83%. The Lehman Brothers^® Aggregate Bond Index also gained slightly.

What factors contributed to the Fund's performance?
The Fund underperformed the Russell 2000 Index ("the benchmark") in the fourth quarter of 2006, as micro-cap stocks, an underweight position in the Fund relative to the benchmark, were the best performers in December. With respect to sectors, the best performers relative to the benchmark were materials, financials and industrials. The weakest sectors on a relative basis were consumer discretionary, energy, consumer staples and information technology. The Fund outperformed the Russell 2000 Index in the first quarter of 2007, and we increased portfolio's allocations to financials and utilities and decreased the Fund's weightings in materials and information technology.

As of the end of the second quarter of 2007, the Fund held its most significant overweight position versus the benchmark in the consumer discretionary sector, followed by materials. The Fund remained most underweight relative to the benchmark in financials and health care. At the end of June 2007, the Fund was positioned slightly towards value and larger cap with respect to company size. The Fund had a challenging third quarter of 2007, as our top-down market capitalization model boosted performance, whereas our bottom-up stock ranking models hampered performance. The portfolio's active overweight position in larger companies in the small-cap universe contributed positively to returns, as our models have been favoring larger versus smaller for quite some time. The Fund's trading in the quarter resulted in increased weightings in the technology sector and decreased weightings in the financials and utilities sectors.

MassMutual Premier Main Street Small Cap Fund – Portfolio Manager Report (Continued)

In October 2007, the Fund had a strong month relative to its peers, but underperformed its benchmark, as our top-down market capitalization model hampered performance, while our bottom-up stock ranking models contributed to our relative performance. The portfolio's active overweight position in larger companies in the small-cap universe detracted from performance, as larger stocks trailed smaller stocks in our small-cap universe. Our multi-factor, bottom-up stock selection models proved helpful relative to the Fund's peers, but detracted from the Fund's relative performance. From a sector allocation standpoint, the portfolio's underweight position in financials and overweight in technology stocks benefited returns. Finally, despite positive stock selection in the consumer discretionary and industrials sectors, poor stock selection within both the financials and technology sectors hampered the Fund's performance relative to the benchmark.

What is your outlook?
The cycle of small-cap outperformance, which started in 1999 and lasted more than seven years, appears to have ended. Indeed, mega-, large- and mid-cap stocks have generally outperformed small- and micro-cap stocks since the end of January 2006, with mega-cap stocks beating all others. While volatility has increased and smaller stocks are still capable of sharp rallies, our models predict they do not have the potential for substantial or sustained outperformance over the next 12 months.

MassMutual Premier Main Street Small Cap Fund – Portfolio Manager Report (Continued)

MassMutual Premier Main Street Small Cap Fund

Industry Table

(% of Net Assets) on 10/31/07

Commercial Services	7.7	%
Software	7.2	%
Semiconductors	6.6	%
Retail	5.5	%
Telecommunications	4.9	%
Internet	4.5	%
Computers	4.5	%
Insurance	4.3	%
Electronics	4.0	%
Chemicals	3.3	%
Pharmaceuticals	3.1	%
Real Estate Investment Trusts (REITS)	2.5	%
Health Care — Services	2.4	%
Manufacturing	2.0	%
Health Care — Products	2.0	%
Machinery — Diversified	1.9	%
Diversified Financial	1.7	%
Oil & Gas Services	1.6	%
Household Products	1.5	%
Automotive & Parts	1.4	%
Transportation	1.4	%
Oil & Gas	1.3	%
Metal Fabricate & Hardware	1.3	%
Airlines	1.2	%
Aerospace & Defense	1.2	%
Engineering & Construction	1.1	%
Apparel	1.1	%
Mining	1.1	%
Media	1.1	%
Iron & Steel	1.0	%
Electrical Components & Equipment	1.0	%
Environmental Controls	1.0	%
Building Materials	1.0	%
Home Builders	0.9	%
Coal	0.9	%
Electric	0.8	%
Foods	0.8	%
Gas	0.8	%
Packaging & Containers	0.6	%
Leisure Time	0.6	%
Office Furnishings	0.6	%
Forest Products & Paper	0.6	%
Agriculture	0.6	%
Hand & Machine Tools	0.5	%
Biotechnology	0.5	%
Home Furnishing	0.5	%
Savings & Loans	0.4	%
Distribution & Wholesale	0.4	%
Banks	0.3	%
Toys, Games & Hobbies	0.3	%
Lodging	0.3	%
Office Equipment/Supplies	0.2	%
Advertising	0.2	%
Beverages	0.2	%
Textiles	0.2	%
Cosmetics & Personal Care	0.2	%
Housewares	0.2	%
Machinery — Construction & Mining	0.1	%
Real Estate	0.1	%
Entertainment	0.0	%
Total Long-Term Investments	99.2	%
Short-Term Investments and Other Assets and Liabilities	0.8	%
	100.0	%

MassMutual Premier Main Street

Small Cap Fund

Largest Stock Holdings

(% of Net Assets) on 10/31/07

Deluxe Corp.	0.4	%
Tupperware Brands Corp.	0.4	%
Varian, Inc.	0.4	%
Woodward Governor Co.	0.4	%
Century Aluminum Co.	0.3	%
Curtiss-Wright Corp.	0.3	%
Graftech International Ltd.	0.3	%
Massey Energy Co.	0.3	%
Rofin-Sinar Technologies, Inc.	0.3	%
United Online, Inc.	0.3	%

MassMutual Premier Main Street Small Cap Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

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

MassMutual Premier Main Street Small Cap Fund
Total Return

	_{One Year}_{11/1/06 - 10/31/07}			_{Since Inception}_{Average Annual}_{9/27/06 - 10/31/07}
Class S		10.41	%		13.95	%
Class A		9.85	%		13.42	%
Class A (Sales load deducted)*		3.54	%		7.45	%
Class Y		10.33	%		13.87	%
Class L		10.14	%		13.69	%
Class N		9.67	%		13.15	%
Class N (CDSC fees deducted)*		8.67	%		12.25	%
Russell 2000 Index		9.28	%		13.60	%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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

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

MassMutual Premier Small Company Opportunities Fund – Portfolio Manager Report

What is the investment objective of the MassMutual Premier Small Company Opportunities Fund – and who is the Fund's sub-adviser?
This Fund seeks to achieve long-term capital appreciation through investment primarily in common stocks of smaller, faster-growing companies whose securities at the time of purchase are considered by the Fund's sub-adviser, OFI Institutional Asset Management, Inc. (OFI Institutional), to be realistically valued.

How did the Fund perform during the 12 months ended October 31, 2007?
The Fund's Class S shares returned 10.45%, outperforming the 9.28% return of the Russell 2000^® Index, a widely recognized, unmanaged index representative of common stocks of smaller capitalized U.S. companies.

What was the investment background during the period?
Domestic stocks forged higher during the final months of 2006, reaching some notable milestones along the way. The Dow Jones Industrial Average^SM ("the Dow") posted a series of new highs, and the S&P 500^® Index broke the 1,400 level by year-end. Small-cap stocks, as evidenced by the Russell 2000 Index, also ended the year strongly. For its part, the technology-heavy Nasdaq Composite^® Index ("Nasdaq") also did well in the fourth quarter of 2006. U.S. stock prices showed little change during the first quarter of 2007, despite a significant increase in volatility across the board.

The U.S. stock market saw strong returns in the second quarter of 2007, despite inflation fears, which stoked rising yields on 10-year Treasury notes. The Federal Reserve ("Fed") held the federal funds rate steady for the eighth consecutive meeting in June 2007, as the yield on 10-year Treasury Notes reached a five-year high (5.30%) and the economy added more jobs than expected. U.S. equities demonstrated strength once again in the eventful third quarter of 2007, despite volatility that had not been experienced in quite some time. The problems in the subprime mortgage market spread to credit markets around the world, with spillover effects in the U.S. equity markets. Consequently, the Fed dropped the discount rate by 0.50% on August 17, 2007, then cut both the discount and federal funds rates by 0.50% on September 18, 2007 – which allowed the equity markets to shrug off some doldrums and post solid gains. The Fed followed up its September rate cuts with additional 0.25% federal funds and discount rate reductions at its October 31, 2007 meeting. Most domestic stocks advanced slightly during the month of October, led by the Nasdaq, which returned 5.83%. The Lehman Brothers^® Aggregate Bond Index also gained slightly.

What factors contributed to the Fund's performance?
The Fund underperformed the Russell 2000 Index ("the benchmark") in the fourth quarter of 2006, as micro-cap stocks, an underweight position in the Fund relative to the benchmark, were the best performers in December. With respect to sectors, the best performers relative to the benchmark were materials, financials and industrials. The weakest sectors on a relative basis were consumer discretionary, energy, consumer staples and information technology. The Fund outperformed the Russell 2000 Index in the first quarter of 2007, and we increased the portfolio's allocations to financials and utilities and decreased the Fund's weightings in materials and information technology.

MassMutual Premier Small Company Opportunities Fund – Portfolio Manager Report (Continued)

MassMutual Premier Small Company Opportunities Fund

Industry Table

(% of Net Assets) on 10/31/07

Commercial Services	7.6	%
Software	7.2	%
Semiconductors	6.6	%
Retail	5.5	%
Telecommunications	4.9	%
Internet	4.5	%
Computers	4.5	%
Insurance	4.3	%
Electronics	4.0	%
Chemicals	3.3	%
Pharmaceuticals	3.1	%
Real Estate Investment Trusts (REITS)	2.7	%
Health Care — Services	2.4	%
Health Care — Products	2.1	%
Manufacturing	2.0	%
Machinery — Diversified	1.8	%
Diversified Financial	1.7	%
Oil & Gas Services	1.6	%
Household Products	1.5	%
Transportation	1.4	%
Automotive & Parts	1.4	%
Oil & Gas	1.3	%
Metal Fabricate & Hardware	1.3	%
Airlines	1.2	%
Aerospace & Defense	1.2	%
Apparel	1.1	%
Engineering & Construction	1.1	%
Mining	1.1	%
Media	1.1	%
Iron & Steel	1.0	%
Electrical Components & Equipment	1.0	%
Environmental Controls	1.0	%
Building Materials	0.9	%
Home Builders	0.9	%
Coal	0.9	%
Foods	0.8	%
Electric	0.8	%
Gas	0.7	%
Investment Companies	0.7	%
Packaging & Containers	0.6	%
Leisure Time	0.6	%
Agriculture	0.6	%
Forest Products & Paper	0.6	%
Office Furnishings	0.6	%
Hand & Machine Tools	0.5	%
Biotechnology	0.5	%
Home Furnishing	0.5	%
Savings & Loans	0.4	%
Distribution & Wholesale	0.4	%
Banks	0.3	%
Toys, Games & Hobbies	0.3	%
Office Equipment/Supplies	0.2	%
Lodging	0.2	%
Advertising	0.2	%
Beverages	0.2	%
Textiles	0.2	%
Cosmetics & Personal Care	0.2	%
Energy — Alternate Sources	0.1	%
Housewares	0.1	%
Machinery — Construction & Mining	0.1	%
Real Estate	0.1	%
Total Long-Term Investments	99.7	%
Short-Term Investments and Other Assets and Liabilities	0.3	%
	100.0	%

MassMutual Premier Small Company

Opportunities Fund

Largest Stock Holdings

(% of Net Assets) on 10/31/07

iShares Russell 2002 Index Fund	0.7	%
Deluxe Corp.	0.4	%
Tupperware Brands Corp.	0.4	%
Varian, Inc.	0.4	%
Woodward Governor Co.	0.4	%
Curtiss-Wright Corp.	0.3	%
Graftech International Ltd.	0.3	%
Massey Energy Co.	0.3	%
United Online, Inc.	0.3	%
Valueclick, Inc.	0.3	%

MassMutual Premier Small Company Opportunities Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Premier Small Company Opportunities Fund Class A, Class A (sales load deducted) and the Russell 2000 Index.

MassMutual Premier Small Company Opportunities Fund
Total Return

	_{One Year}_{11/1/06 - 10/31/07}			_{Five Year}_{Average Annual}_{11/1/02 - 10/31/07}			_{Since Inception}_{Average Annual}_{7/20/98 - 10/31/07}
Class A		9.94	%		12.97	%		11.04	%
Class A (Sales load deducted)*		3.62	%		11.64	%		10.34	%
Russell 2000 Index		9.28	%		18.67	%		7.83	%

Hypothetical Investments in MassMutual Premier Small Company Opportunities Fund Class S, Class Y, Class L, Class N, Class N (CDSC fees deducted) and the Russell 2000 Index.

MassMutual Premier Small Company Opportunities Fund
Total Return

	_{One Year}_{11/1/06 - 10/31/07}			_{Since Inception}_{Average Annual}_{11/1/04 - 10/31/07}
Class S		10.45	%		9.31	%
Class Y		10.33	%		9.21	%
Class L		10.28	%		9.11	%
Class N		9.54	%		8.44	%
Class N (CDSC fees deducted)*		8.80	%		8.44	%
Russell 2000 Index		9.28	%		13.69	%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

MassMutual Premier Global Fund – Portfolio Manager Report

What is the investment objective of the MassMutual Premier Global Fund – and who is the Fund's sub-adviser?
This Fund seeks long-term capital appreciation by investing mainly in common stocks of companies in the U.S. and foreign countries. The Fund's sub-adviser is OppenheimerFunds, Inc. (OFI).

How did the Fund perform during the 12 months ended October 31, 2007?
The Fund's Class S shares returned 19.43%, moderately trailing the 20.39% return of the Morgan Stanley Capital International ("MSCI") World Index^SM, an unmanaged index of issuers listed on the stock exchanges of 20 foreign countries and the U.S.

What was the investment background during the period?
Domestic stocks forged higher during the final months of 2006, reaching some notable milestones along the way. The Dow Jones Industrial Average^SM ("the Dow") posted a series of new highs, and the S&P 500^® Index broke the 1,400 level by year-end. The U.S. dollar weakened slightly during the period, which helped the MSCI World Index advance 8.37%. Domestic stock prices showed little change during the first quarter of 2007, despite a significant increase in volatility across the board. The U.S. dollar rallied early in the quarter, but gave up those gains later on, losing ground against most major foreign currencies. The dollar's depreciation supported the returns of foreign stocks and helped the MSCI World Index outperform its U.S. counterparts.

The U.S. stock market saw strong returns in the second quarter of 2007, despite inflation fears, which stoked rising yields on 10-year Treasury notes. The MSCI World Index trailed some U.S. equity indexes, in spite of continued foreign currency strength versus the U.S. dollar and positive results from Far East (ex-Japan) markets. Most U.S. equity markets advanced modestly in the eventful third quarter of 2007, despite extreme volatility. The problems in the subprime mortgage market spread to credit markets around the world, with spillover effects in the U.S. equity markets. Consequently, the Federal Reserve ("Fed") dropped the discount rate by 0.50% on August 17, 2007, then cut both the discount and federal funds rates by 0.50% on September 18, 2007 – which allowed the equity markets to shrug off some doldrums and post solid gains. Like its U.S. counterparts, the MSCI World Index saw a modest gain during the third quarter, advancing 2.36%. The Fed followed up its September rate cuts with additional 0.25% federal funds and discount rate reductions at its October 31, 2007 meeting. Most domestic stocks advanced slightly during the month of October, led by the Nasdaq Composite^® Index ("Nasdaq"), which returned 5.83%. Foreign stocks also did well, as the MSCI World Index advanced 3.07%.

What factors contributed to the Fund's performance?
From a country perspective, the United States was the largest contributor to the portfolio in the fourth quarter of 2006; although on a relative basis, it was also the costliest. When compared to the MSCI World Index ("the benchmark"), the Fund held an underweight allocation to the U.S. market by more than 7%. Relative to the benchmark, the Fund outperformed in Sweden and the UK. From a sector perspective, the largest contributors were information technology, financials and consumer discretionary. The UK presented the most notable positive performance for the portfolio in the first quarter of 2007. On the downside, while once again underweighting the U.S. relative to the benchmark proved beneficial, less-than-favorable stock selection overshadowed potential gains. Elsewhere, stock selection in Sweden and France sent those countries toward the bottom of the performance roster. The portfolio's lack of investment in Australia also proved detrimental. Results were mixed on the emerging market front. While stock selection in India (and India overall) detracted from benchmark comparisons, the portfolio's positions in Brazil and Mexico provided good returns. Asia (ex-Japan) detracted slightly. With respect to sector performance, stock selection within consumer discretionary and consumer staples helped drive the Fund's returns. Conversely, information technology was the largest detractor from relative performance in the first quarter.

During the second quarter of 2007, positive performance drivers included Vodafone Group (a global telecommunication services provider), Ericsson Telephone (the world's largest supplier of wireless infrastructure), Siemens (a global industrial conglomerate) and Hyundai Heavy Industries (the world's

MassMutual Premier Global Fund – Portfolio Manager Report (Continued)

largest shipyard). On the downside, detracting from second-quarter performance were Chugai Pharmaceuticals (a Japanese company), Sega Sammy Holdings (a maker of pachi-slot and pachinko machines, as well as a developer of home and arcade games), Credit Saison (a consumer finance company) and KDDI Corp. (the second-largest telecommunications provider in Japan). Turning to the third quarter of 2007, relative to the benchmark, information technology was the largest contributor to performance from a sector standpoint. On the other hand, the portfolio's underweight positions in the energy and materials sectors cost the Fund in terms of performance. From a geographic perspective, relative to the benchmark, the Fund's U.S. positions were the primary drivers of performance, as the Fund held an underweight position there. Finally, in October 2007, our top-performing stocks were Microsoft, Vodafone Group (a global telecommunication services provider) and HSBC (an international financial services conglomerate). On the downside, our worst performers were Ericcson Telephone, American International Group (the world's largest insurer) and Roche Holdings (a Swiss pharmaceuticals company).

What is your outlook?
The Fund's investment strategy continues to be focused on identifying long-term structural growth stocks – companies with durable long-term earnings and cash flow growth characteristics, strong economic returns on invested capital, and healthy balance sheets. We continue to favor the valuations of large-cap growth companies, particularly technology companies with high barriers to entry and returns on capital.

MassMutual Premier Global Fund – Portfolio Manager Report (Continued)

MassMutual Premier Global Fund

Country Weightings

(% of Net Assets) on 10/31/07

United States	33.2	%
United Kingdom	12.4	%
Japan	11.0	%
Sweden	7.0	%
Germany	6.8	%
France	5.3	%
Switzerland	2.8	%
India	2.8	%
Taiwan	2.1	%
Mexico	2.0	%
Brazil	1.9	%
Netherlands	1.6	%
South Korea	1.4	%
Canada	1.4	%
Spain	1.2	%
Panama	1.2	%
Bermuda	1.1	%
Holland	1.0	%
Finland	0.9	%
Italy	0.8	%
Norway	0.6	%
Denmark	0.3	%
China	0.1	%
Total Long-Term Investments	98.9	%
Short-Term Investments and Other Assets and Liabilities	1.1	%
	100.0	%

MassMutual Premier Global Fund

Largest Stock Holdings

(% of Net Assets) on 10/31/07

Telefonaktiebolaget LM Ericsson Cl. B	3.4	%
Vodafone Group PLC	2.5	%
Siemens AG	2.0	%
Hennes & Mauritz AB Cl. B	1.8	%
Juniper Networks, Inc.	1.8	%
Microsoft Corp.	1.8	%
eBay, Inc.	1.6	%
LVMH Moet Hennessy Louis Vuitton SA	1.5	%
Transocean, Inc.	1.5	%
Credit Suisse Group	1.4	%

MassMutual Premier Global Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Premier Global Fund Class S, Class A, Class A (sales load deducted), Class Y, Class L, Class N, Class N (CDSC fees deducted) and the MSCI World Index.

MassMutual Premier Global Fund
Total Return

	_{One Year}_{11/1/06 - 10/31/07}			_{Since Inception}_{Average Annual}_{12/31/04 - 10/31/07}
Class S		19.43	%		15.66	%
Class A		18.73	%		15.03	%
Class A (Sales load deducted)*		11.90	%		12.65	%
Class Y		19.29	%		15.49	%
Class L		19.07	%		15.35	%
Class N		18.69	%		14.92	%
Class N (CDSC fees deducted)*		17.69	%		14.92	%
MSCI World Index		20.39	%		15.74	%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

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

MassMutual Premier International Equity Fund – Portfolio Manager Report

What is the investment objective of the MassMutual Premier International Equity Fund – and who is the Fund's sub-adviser?
This Fund seeks to achieve a high total rate of return over the long term by investing in a diversified portfolio of foreign and domestic equity securities. The Fund's sub-adviser is OFI Institutional Asset Management, Inc. (OFI Institutional).

How did the Fund perform during the 12 months ended October 31, 2007?
The Fund's Class S shares returned 34.17%, outpacing the 24.91% return of the Morgan Stanley Capital International Europe, Australasia, Far East ("MSCI^® EAFE^®") Index, a widely recognized, unmanaged index representative of foreign securities in the major non-U.S. markets of Europe, Australia and the Far East.

What was the investment background during the period?
Domestic stocks forged higher during the final months of 2006, reaching some notable milestones along the way. The Dow Jones Industrial Average^SM ("the Dow") posted a series of new highs, and the S&P 500^®Index broke the 1,400 level by year-end. The U.S. dollar weakened slightly during the period, which helped the MSCI EAFE Index turn in a double-digit advance. Domestic stock prices showed little change during the first quarter of 2007, despite a significant increase in volatility across the board. The U.S. dollar rallied early in the quarter, but gave up those gains later on, losing ground against most major foreign currencies. The dollar's depreciation supported the returns of foreign stocks and helped the MSCI EAFE Index outperform its U.S. counterparts.

The U.S. stock market saw strong returns in the second quarter of 2007, despite inflation fears, which stoked rising yields on 10-year Treasury notes. The MSCI EAFE Index trailed many U.S. equity indexes, in spite of continued foreign currency strength versus the U.S. dollar and positive results from Far East (ex-Japan) markets. Most U.S. equity markets advanced modestly in the eventful third quarter of 2007, despite extreme volatility. The problems in the subprime mortgage market spread to credit markets around the world, with spillover effects in the U.S. equity markets. Consequently, the Federal Reserve ("Fed") dropped the discount rate by 0.50% on August 17, 2007, then cut both the discount and federal funds rates by 0.50% on September 18, 2007 – which allowed the equity markets to shrug off some doldrums and post solid gains. The Fed followed up its September rate cuts with additional 0.25% federal funds and discount rate reductions at its October 31, 2007 meeting. Most domestic stocks advanced slightly during the month of October, led by the Nasdaq Composite^® Index ("Nasdaq"), which returned 5.83%. Foreign stocks also did well, as the MSCI EAFE Index advanced 3.93%.

What factors contributed to the Fund's performance?
The Fund performed well for the fourth quarter of 2006, which was a welcome finish to a strong year. The Fund's patient holding of several companies – most notably NicOx and NeuroSearch, both European biotechnology companies – resulted in substantial contributions to performance. Conversely, one of the Fund's worst contributors to performance came from Novogen, a company that has a promising oncological compound. In the first quarter of 2007, the Fund's top-performing stocks were Tandberg (a videoconferencing provider), Leighton Holdings (an Australian engineering and construction firm) and Hyundai Heavy Industries (a Korean shipbuilder). On the downside, the largest performance detractors were Ericsson (a worldwide telecommunications supplier), Yahoo! Japan and Neurosearch (a Danish biopharmaceutical company). From a country perspective, the UK was the best performer. The MSCI United Kingdom Index returned 1.9% over the same period in dollar terms. The worst-performing market was Japan.

In the second quarter of 2007, the portfolio's top-performing stocks were Hyundai Heavy Industries, ABB (a supplier of electrical infrastructure equipment) and Alstom (an engineering company specializing in power plants and rail projects). Hyundai Heavy Industries rose 86.8% on strong Asian demand for commercial ships. Consequently, we trimmed this position and took profits on the sale. On the downside, our worst performers were Sumitomo Realty & Development Co., Credit Saison (a consumer finance company) and NicOx. NicOx, which had been the top performer in the portfolio in

MassMutual Premier International Equity Fund – Portfolio Manager Report (Continued)

2006, fell 6.8% during the period. In the third quarter of 2007, our top contributors posted impressive gains. These strong performers included Companhia Vale do Rio Doce (CVRD; a major miner of iron ore), which gained 51%; Nintendo, which advanced 42%; and Neurosearch, which rose 45%. On the other hand, the largest detractors from Fund performance were William Demant (a hearing aid company), Aalberts Industries (a provider of industrial services and flow control products) and Mitsubishi UFJ. In October 2007, our top contributors were ICICI Bank, ABB and Leighton Holdings. Conversely, the largest detractors from fund performance were Ericsson, Anglo Irish Bank and Canon.

What is your outlook?
Recent history is full of market turmoil: the stock market crash of 1987, the savings and loan crisis of the late 1980s, the Mexico crisis of 1994, the Russian default and Asia crisis of 1997/98, and the dot-com bubble ending in 2000. The aftermath of these shocks provided equity investors with considerable opportunities. The real worry, in our view, is a return to the stagnant equity markets we saw in the 1970s. The current turbulence in the markets, resulting from the subprime crisis, continues. Nevertheless, we will continue to seek those opportunities that may enable us to buy attractive companies at discount prices. Robust worldwide economic growth, particularly in the emerging world, is one factor that keeps us optimistic.

MassMutual Premier International

Equity Fund

Country Weightings

(% of Net Assets) on 10/31/07

United Kingdom	16.3	%
Japan	15.0	%
France	11.2	%
Switzerland	10.3	%
Germany	7.0	%
Australia	5.2	%
Denmark	3.4	%
Italy	3.2	%
India	3.1	%
Brazil	2.9	%
Sweden	2.6	%
Holland	2.3	%
United States	2.1	%
Norway	2.0	%
Spain	1.8	%
Ireland	1.7	%
Netherlands	1.6	%
South Korea	1.4	%
South Africa	1.2	%
Finland	0.8	%
Lebanon	0.7	%
Panama	0.6	%
Mexico	0.5	%
Canada	0.1	%
Total Long-Term Investments	97.0	%
Short-Term Investments and Other Assets and Liabilities	3.0	%
	100.0	%

MassMutual Premier International

Equity Fund

Largest Stock Holdings

(% of Net Assets) on 10/31/07

ABB Ltd.	2.4	%
William Demant Holding	2.0	%
Capita Group PLC	1.9	%
Cia Vale do Rio Doce Sponsored ADR (Brazil)	1.9	%
Nicox SA	1.7	%
Alstom	1.6	%
Continental AG	1.6	%
Nintendo Co., Ltd.	1.6	%
Tandberg ASA	1.6	%
Yahoo! Japan Corp.	1.6	%

MassMutual Premier International Equity Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Premier International Equity Fund Class S and the MSCI EAFE Index.

MassMutual Premier International Equity Fund
Total Return

	_{One Year}_{11/1/06 - 10/31/07}			_{Five Year}_{Average Annual}_{11/1/02 - 10/31/07}			_{Ten Year}_{Average Annual}_{11/1/97 - 10/31/07}
Class S		34.17	%		26.51	%		9.90	%
MSCI EAFE Index		24.91	%		23.21	%		9.26	%

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

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

MassMutual Premier International Equity Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Premier International Equity Fund Class A, Class A (sales load deducted), Class Y and the MSCI EAFE Index.

MassMutual Premier International Equity Fund
Total Return

	_{One Year}_{11/1/06 - 10/31/07}			_{Five Year}_{Average Annual}_{11/1/02 - 10/31/07}			_{Since Inception}_{Average Annual}_{1/1/98 - 10/31/07}
Class A		33.50	%		25.95	%		9.47	%
Class A (Sales load deducted)*		25.83	%		24.47	%		8.82	%
Class Y		34.05	%		26.46	%		9.93	%
MSCI EAFE Index		24.91	%		23.21	%		9.44	%

Hypothetical Investments in MassMutual Premier International Equity Fund Class L and the MSCI EAFE Index.

MassMutual Premier International Equity Fund
Total Return

	_{One Year}_{11/1/06 - 10/31/07}			_{Five Year}_{Average Annual}_{11/1/02 - 10/31/07}			_{Since Inception}_{Average Annual}_{5/3/99 - 10/31/07}
Class L		33.87	%		26.26	%		10.05	%
MSCI EAFE Index		24.91	%		23.21	%		7.96	%

Hypothetical Investments in MassMutual Premier International Equity Fund Class N, Class N (CDSC fees deducted) and the MSCI EAFE Index.

MassMutual Premier International Equity Fund
Total Return

	_{One Year}_{11/1/06 - 10/31/07}			_{Since Inception}_{Average Annual}_{12/31/02-10/31/07}
Class N		33.12	%		26.28	%
Class N (CDSC fees deducted)*		32.12	%		26.28	%
MSCI EAFE Index		24.91	%		24.03	%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

MassMutual Premier Focused International Fund – Portfolio Manager Report

What is the investment objective of the MassMutual Premier Focused International Fund – and who is the Fund's sub-adviser?
This Fund seeks long-term capital appreciation. The Fund's sub-adviser is Baring International Investment Limited (Baring).

How did the Fund perform during the 12 months ended October 31, 2007?
The Fund's Class S shares returned 40.18%, significantly outpacing the 24.91% return of the Morgan Stanley Capital International Europe, Australasia, Far East ("MSCI^® EAFE^®") Index, a widely recognized, unmanaged index representative of foreign securities in the major non-U.S. markets of Europe, Australia and the Far East.

What was the investment background during the period?
All major international equity market returns were positive in the fourth quarter of 2006, as expectations of steady growth and stable interest rates around the world helped to drive the powerful year-end rally. The Asian (ex-Japan) markets were the best performers, as Japan continued its 2006 trend of being the worst-performing major market. At the sector level, telecommunications was the leader, whereas health care was the worst performer, as large pharmaceutical stocks continued to disappoint. Most major international equity market returns continued to advance in the first quarter of 2007, although the environment was marked by significant volatility mid-quarter in the form of a global stock sell-off and an important change in market leadership. Previously, the U.S. exchanges set the tone for global trading patterns and Asian investors stayed up all night to watch American markets. This was not the case in 2007. China/Asia caused the largest downturn in the U.S. exchanges since the 9/11 attacks – and then China/Asia led the subsequent global rally. The Pacific (ex-Japan) and Europe (ex-UK) were the best-performing regions in the first quarter of 2007, while Japan and the UK slightly underperformed. At the sector level, materials and industrials were the leaders; technology and energy were the worst performers.

International markets continued to perform admirably in the second quarter of 2007. From a geographic perspective, the best-performing regions continued to be the Pacific (ex-Japan) and Europe (ex-UK), with the UK and Japan once again trailing the pack. With respect to sectors, energy, materials and industrials were the second-quarter winners. Consumer discretionary, financials and health care, on the other hand, were the laggards. In the third quarter of 2007, the issues emanating from problems in the U.S. mortgage-backed debt market shook global markets in August. During this time frame, the best-performing areas of the international markets were emerging markets and the Pacific (ex-Japan). Once again, Japan and the UK trailed the rest. From a sector perspective, telecommunications and materials were the clear leaders – while the worst-performing sectors were consumer discretionary and financials. In October 2007, international markets displayed strength once again, as the MSCI EAFE Index advanced slightly. Despite numerous challenges surfacing in Europe, certain countries, such as Spain and Portugal, were quite strong, with double-digit gains. At the end of the line once again was Japan, which lost a bit of ground. Conversely, emerging markets remained strong, as the MSCI Emerging Markets Index advanced in the double digits for the month, with China, India, and Brazil as the standouts.

What factors contributed to the Fund's performance? The majority of the Fund's strength in the fourth quarter of 2006 came from positive stock selection and asset allocation in Hong Kong and Singapore, its underweight position in the Japanese market and currency, and positive stock selection in Europe. On the other hand, small-cap stocks in Japan, Europe and Australia detracted from the Fund's performance. During the first quarter of 2007, positive stock selection in Europe (ex-UK) and in the financials sector helped to drive the Fund's performance. Conversely, the Fund's overweight position in energy and stock selection in materials hampered results.

In the second quarter of 2007, the Fund's overweight position in the strong-performing Pacific (ex-Japan) region helped to drive the portfolio's results. Additionally, the Fund's investments in the

MassMutual Premier Focused International Fund – Portfolio Manager Report (Continued)

energy and materials sectors helped boost its progress. Also contributing was positive stock selection in most regions. Alternatively, stock selection in Europe (ex-UK) hampered the Fund's performance, as Carnegie and Danske Bank reported disappointing results. In the third quarter of 2007, positive stock selection in the energy and financials sectors – coupled with overweight positions in the materials sector and the Pacific (ex-Japan) region accelerated the Fund's advance. On the other hand, stock selection in Japan detracted. In October 2007, favorable stock selection in the financials, industrials and energy sectors – along with an overweight position in Pacific ex-Japan – drove the Fund's performance. During the month, we sold the last of the portfolio's large-capitalization Hong Kong-listed Chinese stocks and started investing once again in Japan, where we had begun to reduce the Fund's position.

What is your outlook?
We expect global equity markets to remain positive but volatile, driven by fears of slowing growth in the United States (where a recession is possible, in our view) and accelerating growth in Asia and the Middle East, both of which could experience increasing inflation. We believe that fears of a much sharper global slowdown could periodically impact international equity markets. Consequently, we will continue to leverage these periods of share price weakness to add to our most-compelling stock ideas.

MassMutual Premier Focused

International Fund

Country Weightings

(% of Net Assets) on 10/31/07

United Kingdom	14.6	%
Japan	13.0	%
Australia	10.0	%
Switzerland	9.5	%
Greece	7.8	%
Germany	7.1	%
France	7.0	%
Singapore	6.1	%
Bermuda	4.4	%
United States	3.4	%
Norway	2.1	%
Holland	2.0	%
Austria	1.9	%
Finland	1.9	%
Luxembourg	1.9	%
Cyprus	1.8	%
Denmark	1.6	%
Total Long-Term Investments	96.1	%
Short-Term Investments and Other Assets and Liabilities	3.9	%
	100.0	%

MassMutual Premier Focused

International Fund

Largest Stock Holdings

(% of Net Assets) on 10/31/07

iShares MSCI EAFE Index Fund	3.4	%
China Hongxing Sports Ltd.	2.6	%
Singapore Exchange, Ltd.	2.6	%
Piraeus Bank SA	2.3	%
Worleyparsons Ltd.	2.3	%
Oxiana Ltd.	2.2	%
Aker Kvaerner ASA	2.1	%
Julius Baer Holding AG	2.0	%
Nomura Holdings, Inc.	2.0	%
Sun Frontier Fudousan Co., Ltd.	2.0	%

MassMutual Premier Focused International Fund – Portfolio Manager Report (Continued)

Growth of a $10,000 Investment

Hypothetical Investments in MassMutual Premier Focused 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 EAFE Index.

MassMutual Premier Focused International Fund
Total Return

	_{One Year}_{11/1/06 - 10/31/07}			_{Since Inception}_{Average Annual}_{12/01/05 - 10/31/07}
Class S		40.18	%		33.75	%
Class A		39.55	%		33.16	%
Class A (Sales load deducted)*		31.53	%		29.11	%
Class Y		40.12	%		33.66	%
Class L		39.91	%		33.50	%
Class N		39.19	%		32.75	%
Class N (CDSC fees deducted)*		38.19	%		32.75	%
MSCI EAFE Index		24.91	%		25.90	%

GROWTH OF $10,000 INVESTMENT SINCE INCEPTION

MassMutual Premier Money Market Fund – Portfolio of Investments

October 31, 2007

	Principal Amount		Market Value
SHORT-TERM INVESTMENTS — 99.3%
Commercial Paper — 78.0%
Abbey National North America LLC 5.240% 11/09/2007	$	21,000,000	$	20,975,548
American General Finance Corp. 5.230% 11/14/2007		6,185,000		6,173,319
American General Finance Corp. 5.320% 11/07/2007		4,150,000		4,146,320
American Honda Finance Corp. 4.550% 12/10/2007		5,024,000		4,999,236
American Honda Finance Corp. 4.750% 12/13/2007		9,175,000		9,124,155
Archer-Daniels- Midland Co.(a) 5.100% 11/06/2007		20,950,000		20,935,161
Bank of America Corp. 5.380% 11/28/2007		7,250,000		7,220,746
Bankamerica Corp. 4.960% 03/14/2008		13,950,000		13,692,452
Bryant Park Funding LLC 4.850% 11/28/2007		7,316,000		7,289,388
Bryant Park Funding LLC(a) 5.450% 12/13/2007		11,600,000		11,526,243
Caterpillar Financial Services Corp. 4.730% 11/05/2007		790,000		789,585
CIT Group, Inc. 5.450% 11/21/2007		21,320,000		21,255,448
Coca-Cola Co. 4.710% 11/05/2007		8,900,000		8,895,342
Danske Corp. 5.040% 12/21/2007		11,100,000		11,022,300
Disney (Walt) Co. (The) 4.810% 01/25/2008		21,200,000		20,959,233
Falcon Asset Securitization Corp. 4.760% 11/26/2007		1,719,000		1,713,318
Falcon Asset Securitization Corp. 4.930% 11/16/2007		14,972,000		14,941,245
FCAR Owner Trust 5.030% 01/03/2008		5,367,000		5,319,757
FCAR Owner Trust 5.120% 12/20/2007		9,916,000		9,846,897

	Principal Amount		Market Value
General Electric Co. 4.700% 12/31/2007	$	12,000,000	$	11,906,000
General Electric Co. 4.740% 11/27/2007		9,000,000		8,969,190
Governor & Co. of the Bank 4.870% 02/01/2008		21,100,000		20,837,399
Harley-Davidson Funding Corp. 4.730% 11/05/2007		7,800,000		7,795,901
Harley-Davidson Funding Corp. 4.740% 11/01/2007		4,000,000		4,000,000
HBOS Treasury Services 5.300% 11/08/2007		12,388,000		12,375,234
HBOS Treasury Services 5.400% 11/01/2007		3,499,000		3,499,000
Honeywell International, Inc.(a) 5.250% 11/08/2007		4,675,000		4,670,227
Honeywell International, Inc.(a) 5.250% 11/14/2007		10,235,000		10,215,596
John Deere Capital Co. 4.730% 01/04/2008		14,485,000		14,363,197
John Deere Capital Co. 4.740% 12/07/2007		6,662,000		6,630,422
Johnson & Johnson 4.650% 11/13/2007		12,100,000		12,081,245
Johnson & Johnson(a) 5.000% 11/19/2007		8,625,000		8,603,438
L'Oreal USA, Inc. 4.730% 11/07/2007		3,265,000		3,262,426
L'Oreal USA, Inc. 4.750% 11/02/2007		10,685,000		10,683,590
McGraw-Hill, Inc. 4.880% 12/03/2007		11,700,000		11,649,248
Minnesota Mining & Manufacturing Co. 4.710% 11/27/2007		3,439,000		3,427,302
Nestle Capital Corp. 4.720% 02/08/2008		12,900,000		12,732,558
Nestle Capital Corp. 4.730% 02/04/2008		8,318,000		8,214,175
New Center Asset Trust 4.920% 02/20/2008		20,950,000		20,632,188
Paccar Financial Corp. 5.220% 11/08/2007		6,375,000		6,368,530
Paccar Financial Corp. 5.250% 11/15/2007		8,325,000		8,308,003

	Principal Amount		Market Value
Parker-Hannifin Corp. 4.700% 11/26/2007	$	9,500,000	$	9,468,993
Parker-Hannifin Corp. 4.770% 11/07/2007		4,881,000		4,877,120
Praxair, Inc. 4.550% 11/26/2007		5,437,000		5,419,821
Praxair, Inc. 4.670% 11/13/2007		12,877,000		12,856,955
Proctor & Gamble Co. 4.550% 01/16/2008		20,800,000		20,600,204
Sigma Aldrich Corp. 4.750% 11/16/2007		9,000,000		8,982,187
Societe Generale North America, Inc. 5.080% 01/22/2008		11,700,000		11,564,618
Societe Generale North America, Inc. 5.350% 11/29/2007		7,900,000		7,867,127
Societe Generale North America, Inc. 5.400% 11/02/2007		1,700,000		1,699,745
South Carolina Electric & Gas 5.200% 11/19/2007		18,825,000		18,776,055
South Carolina Electric & Gas 5.270% 11/13/2007		2,265,000		2,261,021
Southern Co. (The) 4.730% 11/14/2007		4,424,000		4,416,443
Southern Co. (The)(a) 4.830% 11/02/2007		8,870,000		8,868,810
Stanley Works (The) 4.800% 11/02/2007		5,000,000		4,999,333
Toyota Motor Credit Corp. 5.270% 11/30/2007		20,800,000		20,711,698
UBS Americas, Inc. 5.520% 12/04/2007		21,275,000		21,167,349
United Healthcare Corp. 4.750% 01/31/2008		19,594,000		19,358,736
Walgreen Co. 4.600% 11/20/2007		20,820,000		20,769,454
Wal-Mart Stores, Inc.(a) 4.720% 12/18/2007		4,700,000		4,671,037
Wal-Mart Stores, Inc.(a) 4.900% 12/11/2007		16,225,000		16,136,664
Windmill Funding Corp. 5.060% 12/10/2007		16,950,000		16,857,086
				654,381,018

(Continued)

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

MassMutual Premier Money Market Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Discount Notes — 4.7%
Federal Farm Credit Bank 4.990% 02/01/2008	$	13,612,000	$	13,438,416
Federal Home Loan Bank 4.370% 12/19/2007		12,679,000		12,605,124
Federal Home Loan Bank 4.460% 01/28/2008		13,575,000		13,427,002
				39,470,542
U.S. Treasury Bills — 16.6%
U.S. Treasury Bill 3.500% 11/15/2007		24,700,000		24,666,381
U.S. Treasury Bill 3.650% 01/03/2008		13,490,000		13,403,833
U.S. Treasury Bill 3.700% 01/10/2008		25,880,000		25,693,808
U.S. Treasury Bill 3.800% 12/27/2007		15,540,000		15,448,141
U.S. Treasury Bill 4.005% 12/06/2007		14,115,000		14,060,039
U.S. Treasury Bill 4.290% 11/29/2007		21,820,000		21,747,194
U.S. Treasury Bill 4.650% 11/15/2007		10,760,000		10,740,542
U.S. Treasury Bill 4.790% 11/01/2007		13,200,000		13,200,000
				138,959,938
TOTAL SHORT-TERM INVESTMENTS (Cost $832,811,498)				832,811,498
TOTAL INVESTMENTS — 99.3%(b)				832,811,498
Other Assets/ (Liabilities) — 0.7%				5,865,843
NET ASSETS — 100.0%			$	838,677,341

Notes to Portfolio of Investments

(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 October 31, 2007, these securities amounted to a value of $85,627,176 or 10.2% of net assets.

(b) The total cost equals the aggregate cost for federal tax purposes.

The remainder of this page is intentionally left blank.

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

MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments

October 31, 2007

	Number of Shares		Market Value
EQUITIES — 0.1%
PREFERRED STOCK — 0.1%
Investment Companies
Special Value Expansion Fund LLC(a)		5,500	$	556,641
TOTAL PREFERRED STOCK (Cost $550,000)				556,641
TOTAL EQUITIES (Cost $550,000)				556,641
	Principal Amount
BONDS & NOTES — 56.4%
ASSET BACKED SECURITIES — 0.2%
Electric — 0.2%
Mirant Mid-Atlantic LLC, Series 2001, Class A 8.625% 06/30/2012	$	751,533		789,109
Home Equity ABS — 0.0%
New Century Home Equity Loan Trust, Series 1997-NC5, Class A6 FRN 7.200% 10/25/2028		8,672		8,634
TOTAL ASSET BACKED SECURITIES (Cost $816,507)				797,743
CORPORATE DEBT — 26.9%
Apparel — 0.1%
Kellwood Co. 7.625% 10/15/2017		125,000		109,375
Kellwood Co. 7.875% 07/15/2009		300,000		304,198
				413,573
Auto Manufacturers — 0.3%
DaimlerChrysler NA Holding 4.050% 06/04/2008		1,700,000		1,686,267
Banks — 0.5%
Bank of America Corp. 3.250% 08/15/2008		500,000		493,194
Barclays Bank PLC 5.450% 09/12/2012		700,000		707,847
Wachovia Bank NA 7.800% 08/18/2010		600,000		643,062

	Principal Amount		Market Value
Wells Fargo & Co. 4.125% 03/10/2008	$	760,000	$	756,114
				2,600,217
Beverages — 0.5%
Anheuser-Busch Cos., Inc. 5.050% 10/15/2016		435,000		422,197
Constellation Brands, Inc. 8.000% 02/15/2008		300,000		300,000
Foster's Finance Corp.(a) 6.875% 06/15/2011		1,000,000		1,057,827
Miller Brewing Co.(a) 4.250% 08/15/2008		475,000		471,660
				2,251,684
Building Materials — 0.3%
American Standard, Inc. 7.375% 02/01/2008		350,000		351,132
American Standard, Inc. 7.625% 02/15/2010		900,000		942,860
				1,293,992
Chemicals — 0.5%
Cytec Industries, Inc. 5.500% 10/01/2010		600,000		604,928
Lubrizol Corp. 4.625% 10/01/2009		720,000		714,200
Lubrizol Corp. 5.875% 12/01/2008		450,000		451,494
Sensient Technologies 6.500% 04/01/2009		700,000		707,448
				2,478,070
Commercial Services — 1.1%
Deluxe Corp. 7.375% 06/01/2015		180,000		178,200
Donnelley (R.R.) & Sons Co. 4.950% 05/15/2010		650,000		645,195
Equifax, Inc. 4.950% 11/01/2007		500,000		500,000
Equifax, Inc. 6.300% 07/01/2017		800,000		813,014
ERAC USA Finance Co.(a) 5.800% 10/15/2012		1,000,000		1,003,194
ERAC USA Finance Co.(a) 7.950% 12/15/2009		1,155,000		1,216,806
Valassis Communications, Inc. 6.625% 01/15/2009		1,210,000		1,193,362
				5,549,771

	Principal Amount		Market Value
Computers — 0.1%
Electronic Data Systems Corp., Series B 6.500% 08/01/2013	$	475,000	$	480,992
Cosmetics & Personal Care — 0.8%
Procter & Gamble Co. 3.500% 12/15/2008		4,000,000		3,940,016
Diversified Financial — 3.7%
American General Finance Corp. 5.900% 09/15/2012		500,000		504,925
American Honda Finance Corp.(a) 3.850% 11/06/2008		900,000		888,494
Caterpillar Financial Services Corp., Series F 3.625% 11/15/2007		1,500,000		1,499,434
CIT Group, Inc. 3.650% 11/23/2007		1,600,000		1,598,192
CIT Group, Inc. 5.125% 09/30/2014		290,000		266,987
Citigroup, Inc. 5.500% 02/15/2017		840,000		823,830
Countrywide Home Loans, Inc. 3.250% 05/21/2008		1,310,000		1,245,065
Eaton Vance Corp. 6.500% 10/02/2017		575,000		587,000
Emerald Investment Grade CBO Ltd. FRN(a) 5.885% 05/24/2011		653,807		650,538
Ford Motor Credit Co. 5.800% 01/12/2009		1,675,000		1,615,963
Franklin Resources, Inc. 3.700% 04/15/2008		1,025,000		1,020,229
Glencore Funding LLC(a) 6.000% 04/15/2014		665,000		667,554
The Goldman Sachs Group, Inc. 5.150% 01/15/2014		250,000		244,066
The Goldman Sachs Group, Inc. 5.625% 01/15/2017		775,000		750,421
Household Finance Corp. 4.125% 12/15/2008		1,250,000		1,237,206
Household Finance Corp. 6.375% 10/15/2011		175,000		180,865
Lazard Group LLC 6.850% 06/15/2017		650,000		642,309

(Continued)

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

MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Lazard Group LLC 7.125% 05/15/2015	$	805,000	$	815,626
Lehman Brothers Holdings, Inc. 6.200% 09/26/2014		1,235,000		1,243,014
Residential Capital Corp. 7.125% 11/21/2008		1,140,000		960,450
SLM Corp. 5.000% 10/01/2013		1,100,000		972,119
				18,414,287
Electric — 3.8%
Allegheny Energy Supply 7.800% 03/15/2011		300,000		317,250
Allegheny Energy Supply Co. LLC(a) 8.250% 04/15/2012		475,000		515,375
Appalachian Power Co., Series G 3.600% 05/15/2008		640,000		634,484
Carolina Power & Light Co. 5.125% 09/15/2013		780,000		772,413
Carolina Power & Light Co. 5.950% 03/01/2009		1,000,000		1,009,696
Centerpoint Energy, Inc., Series B 5.875% 06/01/2008		1,210,000		1,210,609
Consumers Energy Co. 4.400% 08/15/2009		425,000		421,218
Entergy Gulf States, Inc. 5.250% 08/01/2015		1,925,000		1,826,819
Ipalco Enterprises, Inc. 8.375% 11/14/2008		1,395,000		1,419,413
Kansas Gas & Electric Co. 5.647% 03/29/2021		525,000		506,510
Kiowa Power Partners LLC(a) 4.811% 12/30/2013		378,690		373,139
MidAmerican Energy Holdings Co. 3.500% 05/15/2008		1,270,000		1,259,049
MidAmerican Funding LLC 6.750% 03/01/2011		1,000,000		1,038,631
Monongahela Power 6.700% 06/15/2014		500,000		528,055
Monongahela Power 7.360% 01/15/2010		700,000		719,128
Nevada Power Co., Series L 5.875% 01/15/2015		650,000		652,050
Pacific Gas & Electric Co. 4.800% 03/01/2014		950,000		919,791

	Principal Amount		Market Value
Pennsylvania Electric Co. Class B 6.125% 04/01/2009	$	585,000	$	592,802
PSEG Energy Holdings, Inc. 8.625% 02/15/2008		184,000		185,112
Tampa Electric Co. 6.375% 08/15/2012		750,000		781,574
Tenaska Oklahoma(a) 6.528% 12/30/2014		398,409		401,062
TransAlta Corp. 5.750% 12/15/2013		1,250,000		1,246,796
Tri-State Generation & Transmission Association, Series 2003, Class A(a) 6.040% 01/31/2018		613,529		624,865
Wisconsin Electric Power 3.500% 12/01/2007		960,000		958,755
				18,914,596
Electrical Components & Equipment — 0.3%
Ametek, Inc. 7.200% 07/15/2008		1,715,000		1,733,519
Electronics — 0.2%
Thomas & Betts Corp. 6.625% 05/07/2008		725,000		728,751
Thomas & Betts Corp., Series B 6.390% 02/10/2009		325,000		330,313
				1,059,064
Environmental Controls — 0.1%
Allied Waste North America, Inc., Series B 5.750% 02/15/2011		590,000		575,250
Foods — 1.1%
Delhaize Group 6.500% 06/15/2017		1,180,000		1,207,903
Fred Meyer, Inc. 7.450% 03/01/2008		1,475,000		1,485,197
Sara Lee Corp. 3.875% 06/15/2013		60,000		55,338
Smithfield Foods, Inc. 7.000% 08/01/2011		2,635,000		2,661,350
				5,409,788
Forest Products & Paper — 0.7%
International Paper Co. 3.800% 04/01/2008		2,880,000		2,862,184
Rock-Tenn Co. 5.625% 03/15/2013		180,000		168,300
Rock-Tenn Co. 8.200% 08/15/2011		650,000		666,250
				3,696,734

	Principal Amount		Market Value
Gas — 0.4%
Australian Gas Light Co. Ltd.(a) 6.400% 04/15/2008	$	930,000	$	935,438
OAO Gazprom(a) 9.625% 03/01/2013		455,000		524,388
Southwest Gas Corp. 8.375% 02/15/2011		375,000		406,371
				1,866,197
Holding Company – Diversified — 0.2%
Leucadia National Corp. 7.000% 08/15/2013		1,035,000		1,009,125
Home Builders — 0.2%
Centex Corp. 7.875% 02/01/2011		350,000		339,720
D.R. Horton, Inc. 4.875% 01/15/2010		170,000		156,954
Lennar Corp., Series B 5.125% 10/01/2010		80,000		72,297
Lennar Corp., Series B 6.500% 04/15/2016		300,000		269,186
				838,157
Home Furnishing — 0.2%
Maytag Corp. 8.630% 11/15/2007		775,000		775,466
Household Products — 0.2%
Kimberly-Clark Corp. 6.125% 08/01/2017		800,000		842,161
Housewares — 0.1%
Newell Rubbermaid, Inc. 4.000% 05/01/2010		495,000		488,203
Insurance — 0.2%
Prudential Financial, Inc. 5.800% 06/15/2012		1,000,000		1,021,490
Investment Companies — 0.1%
Xstrata Finance Canada(a) 5.800% 11/15/2016		335,000		332,235
Iron & Steel — 0.1%
Reliance Steel & Aluminum Co. 6.200% 11/15/2016		445,000		443,471
Lodging — 0.4%
Harrah's Operating Co., Inc. 5.500% 07/01/2010		485,000		468,025
MGM Mirage 6.000% 10/01/2009		400,000		399,000
MGM Mirage 6.750% 09/01/2012		340,000		334,900

(Continued)

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

MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Starwood Hotels & Resorts Worldwide, Inc. 6.250% 02/15/2013	$	250,000	$	250,838
Starwood Hotels & Resorts Worldwide, Inc. 7.875% 05/01/2012		565,000		601,995
				2,054,758
Machinery – Diversified — 0.3%
Briggs & Stratton Corp. 8.875% 03/15/2011		855,000		910,575
Idex Corp. 6.875% 02/15/2008		775,000		778,494
				1,689,069
Manufacturing — 0.7%
Bombardier Capital, Inc.(a) 6.750% 05/01/2012		330,000		332,475
Cooper US, Inc. 6.100% 07/01/2017		775,000		800,597
Covidien International F(a) 5.450% 10/15/2012		600,000		602,246
Pentair, Inc. 7.850% 10/15/2009		950,000		1,002,130
Tyco Electronics Group SA(a) 6.000% 10/01/2012		375,000		379,221
Tyco Electronics Group SA(a) 6.550% 10/01/2017		325,000		331,639
				3,448,308
Media — 3.1%
Belo Corp. 8.000% 11/01/2008		600,000		611,212
Clear Channel Communications, Inc. 4.250% 05/15/2009		1,085,000		1,043,578
Comcast Corp. 5.500% 03/15/2011		1,860,000		1,871,069
Cox Communications, Inc. 4.625% 01/15/2010		2,865,000		2,833,379
Cox Enterprises, Inc.(a) 4.375% 05/01/2008		1,390,000		1,384,386
Dow Jones & Co., Inc. 3.875% 02/15/2008		1,300,000		1,295,733
Knight-Ridder, Inc. 7.125% 06/01/2011		250,000		243,913
McGraw-Hill Cos Inc. 5.375% 11/15/2012		750,000		749,333
News America, Inc. 6.625% 01/09/2008		500,000		500,935
Rogers Cable, Inc. 5.500% 03/15/2014		260,000		254,139

	Principal Amount		Market Value
Scholastic Corp. 5.000% 04/15/2013	$	575,000	$	498,442
Shaw Communications, Inc. 8.250% 04/11/2010		1,540,000		1,636,250
Thomson Corp. 5.700% 10/01/2014		1,495,000		1,493,306
Viacom, Inc. 6.625% 05/15/2011		650,000		675,767
				15,091,442
Metal Fabricate & Hardware — 0.2%
Timken Co. 5.750% 02/15/2010		920,000		913,534
Mining — 0.1%
Vale Overseas Ltd. 6.250% 01/23/2017		535,000		540,946
Office Equipment/Supplies — 0.1%
Xerox Corp. 5.500% 05/15/2012		280,000		280,083
Oil & Gas — 0.9%
Anadarko Petroleum Corp. 3.250% 05/01/2008		300,000		297,054
Enterprise Products Operating LP 7.500% 02/01/2011		210,000		222,717
The Premcor Refining Group, Inc. 6.750% 05/01/2014		320,000		332,968
Shell International Finance 5.625% 06/27/2011		1,500,000		1,545,272
Tesoro Corp.(a) 6.500% 06/01/2017		400,000		395,000
Valero Energy Corp. 3.500% 04/01/2009		500,000		489,737
XTO Energy, Inc. 4.900% 02/01/2014		1,000,000		965,235
				4,247,983
Oil & Gas Services — 0.0%
Hornbeck Offshore Services, Inc., Series B 6.125% 12/01/2014		220,000		209,550
Packaging & Containers — 0.1%
Packaging Corp. of America 5.750% 08/01/2013		435,000		435,533
Pactiv Corp. 5.875% 07/15/2012		280,000		285,299
				720,832
Pipelines — 1.9%
Consolidated Natural Gas Co., Series C 6.250% 11/01/2011		1,190,000		1,227,489

	Principal Amount		Market Value
Duke Capital Corp. 7.500% 10/01/2009	$	700,000	$	729,830
Enbridge Energy Partners LP 4.000% 01/15/2009		900,000		886,217
Enbridge, Inc. 5.800% 06/15/2014		1,360,000		1,374,838
Gulf South Pipeline Co. LP(a) 5.050% 02/01/2015		275,000		263,300
Kinder Morgan Energy Partners LP 6.000% 02/01/2017		175,000		175,226
Pacific Energy Partners LP/Pacific Energy Finance Corp. 7.125% 06/15/2014		550,000		568,270
Plains All American Pipeline Co. 5.625% 12/15/2013		685,000		682,945
Southern Natural Gas Co.(a) 5.900% 04/01/2017		420,000		411,414
Texas Eastern Transmission LP(a) 6.000% 09/15/2017		275,000		277,316
Trans-Canada Pipelines, Ltd. 6.490% 01/21/2009		2,000,000		2,040,116
Transcontinental Gas Pipe Line Corp. 8.875% 07/15/2012		600,000		673,500
				9,310,461
Real Estate Investment Trusts (REITS) — 0.9%
Brandywine Operating Partnership LP 5.625% 12/15/2010		550,000		548,574
iStar Financial, Inc. REIT 7.000% 03/15/2008		660,000		660,063
iStar Financial, Inc. REIT, Series B 4.875% 01/15/2009		200,000		195,886
iStar Financial, Inc. REIT, Series B 5.700% 03/01/2014		385,000		350,145
Prologis REIT 5.250% 11/15/2010		1,000,000		997,494
Senior Housing Properties Trust REIT 8.625% 01/15/2012		175,000		189,000
United Dominion Realty Trust, Inc. REIT 4.500% 03/03/2008		570,000		569,140

(Continued)

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

MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Weingarten Realty Investors REIT, Series A 7.500% 12/19/2010	$	1,075,000	$	1,139,324
				4,649,626
Retail — 0.1%
J.C. Penney Co., Inc. 7.950% 04/01/2017		200,000		223,284
Lowe's Companies, Inc. 5.600% 09/15/2012		425,000		431,047
				654,331
Software — 0.1%
Certegy, Inc. 4.750% 09/15/2008		300,000		297,375
Telecommunications — 1.4%
British Telecom PLC FRN 8.625% 12/15/2010		1,125,000		1,237,692
Embarq Corp. 7.082% 06/01/2016		65,000		67,934
Qwest Corp. 7.875% 09/01/2011		1,900,000		2,004,500
Qwest Corp. 8.875% 03/15/2012		400,000		438,000
Rogers Wireless Communications, Inc. 6.375% 03/01/2014		450,000		459,694
SBC Communications, Inc. 6.125% 02/15/2008		650,000		651,294
Sprint Nextel Corp. 6.000% 12/01/2016		1,150,000		1,105,737
Verizon New England, Inc. 6.500% 09/15/2011		500,000		519,566
Vodafone Group PLC 7.750% 02/15/2010		300,000		317,261
				6,801,678
Transportation — 0.8%
Canadian National Railway Co. 5.850% 11/15/2017		370,000		376,477
CNF, Inc. 8.875% 05/01/2010		930,000		1,004,992
CSX Corp. 6.250% 10/15/2008		1,900,000		1,919,042
Norfolk Southern Corp. 6.000% 04/30/2008		625,000		628,456
				3,928,967
TOTAL CORPORATE DEBT (Cost $134,031,715)				132,953,268

	Principal Amount		Market Value
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 7.7%
Commercial MBS — 1.5%
Bear Stearns Commercial Mortgage Securities, Series 2007-PW15, Class A2 5.205% 02/11/2044	$	1,530,000	$	1,522,199
Bear Stearns Commercial Mortgage Securities, Series 2007-T26, Class A2 5.330% 01/12/2045		1,000,000		996,408
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class A2A 5.237% 12/11/2049		2,100,000		2,095,582
Morgan Stanley Capital I, Series 2007-IQ14, Class A2 5.610% 04/15/2049		2,775,000		2,791,836
				7,406,025
Home Equity ABS — 0.6%
Terwin Mortgage Trust, Series 2006-10SL, Class A2 5.000% 10/31/2036		3,350,000		3,079,906
Other ABS — 0.9%
Ares High Yield CSO PLC, Series 2005-2A, Class 2B1 FRN(a) 6.360% 09/20/2010		775,000		754,656
Galena CDO Cayman Islands, Ltd., Series 2005-1, Class B1U7 FRN(a) 6.246% 01/11/2013		1,025,000		995,593
Newport Waves CDO, Series 2007-1A, Class A3LS(a) 6.188% 06/20/2014		1,600,000		1,462,500
Salt Creek High Yield CSO Ltd., Series 2005-1A, Class A7, FRN(a) 7.588% 09/20/2010		575,000		551,012
Salt Creek High Yield CSO Ltd., Series 2005-1A, Class B2, FRN(a) 8.188% 09/20/2010		460,000		438,222
				4,201,983

	Principal Amount		Market Value
WL Collateral CMO — 4.7%
ABN AMRO Mortgage Corp., Series 2003-12, Class 1A 5.000% 12/25/2033	$	1,664,207	$	1,576,641
Bank of America Mortgage Securities, Series 2004-G, Class 2A7 FRN 4.534% 08/25/2034		546,018		539,979
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-5, Class IIA FRN 3.994% 07/25/2034		1,844,143		1,813,222
Chase Mortgage Finance Corp., Series 2007-A2, Class 2A1 4.242% 07/25/2037		4,202,255		4,156,030
Countrywide Home Loans, Inc., Series 2003-42, Class 1A1, FRN 7.302% 09/25/2033		145,622		147,270
Countrywide Home Loans, Inc., Series 2004-2, Class 1A1, FRN 6.013% 02/25/2034		130,931		131,712
First Nationwide Trust, Series 2001-5, Class A1 6.750% 10/21/2031		50,897		52,051
GSR Mortgage Loan Trust, Series 2004-9, Class 2A1, VRN 6.640% 08/25/2034		159,101		160,083
Impac Secured Assets Corp., Series 2007-2, Class 1A1A, FRN 5.241% 05/25/2037		2,383,300		2,346,635
IndyMac Bancorp, Inc. Mortgage Loan Trust, Series 2004-AR4, Class 1A, VRN 6.933% 08/25/2034		321,141		322,114
Merrill Lynch Mortgage Investors, Inc., Series 2003-A4, Class 1A, VRN 7.227% 07/25/2033		35,084		35,038

(Continued)

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

MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Merrill Lynch Mortgage Investors, Inc., Series 2004-A1, Class 1A, FRN 6.226% 02/25/2034	$	57,991	$	58,605
Merrill Lynch Mortgage Investors, Inc., Series 2004-A1, Class 2A2 VRN 4.558% 02/25/2034		1,128,533		1,119,149
Morgan Stanley Mortgage Loan Trust, Series 2004-2AR, Class 1A, FRN 7.375% 02/25/2034		7,374		7,510
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A, FRN 7.419% 03/25/2034		184,578		188,388
Structured Asset Securities Corp., Series 2003-30, Class 1A1 5.500% 10/25/2033		1,562,434		1,527,769
Washington Mutual MSC Mortgage, Series 2004-RA1, Class 2A 7.000% 03/25/2034		640,329		650,583
Washington Mutual MSC Mortgage, Series 2004-RA4, Class 2A 6.500% 08/25/2034		289,721		291,400
Washington Mutual, Inc., Series 2004-AR14, Class A1 FRN 4.259% 01/25/2035		2,208,387		2,173,453
Washington Mutual, Inc., Series 2004-AR2, Class A, FRN 6.333% 04/25/2044		462,378		464,324
Wells Fargo Mortgage Backed Securities Trust, Series 2004-P, Class 2A1, FRN 4.224% 09/25/2034		1,565,461		1,552,366
Wells Fargo Mortgage Backed Securities Trust, Series 2004-Z, Class 2A1 FRN 4.573% 12/25/2034		1,967,206		1,944,895

	Principal Amount		Market Value
Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR10, Class 2A2, FRN 4.110% 06/25/2035	$	2,127,974	$	2,115,724
				23,374,941
WL Collateral PAC — 0.0%
Structured Asset Securities Corp., Series 2002-11A, Class 2A1, FRN 7.153% 06/25/2032		123,683		123,242
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $38,866,046)				38,186,097
SOVEREIGN DEBT OBLIGATIONS — 0.1%
Province of Ontario 4.750% 01/19/2016		450,000		442,798
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $447,582)				442,798
U.S. GOVERNMENT AGENCY OBLIGATIONS — 21.3%
Pass-Through Securities
FHLMC 5.500% 07/01/2020		429,110		430,451
FHLMC 7.500% 06/01/2015		32,881		34,654
FNMA 4.500% 12/01/2020		3,640,807		3,523,192
FNMA 5.500% 02/01/2018- 03/01/2037		27,753,143		27,707,657
FNMA 6.500% 01/01/2037		3,505,318		3,589,939
FNMA 9.000% 10/01/2009		14,893		15,051
FNMA FRN 4.363% 10/01/2034		2,453,897		2,429,236
FNMA TBA(b) 5.000% 12/01/2037		5,100,000		4,890,820
FNMA TBA(b) 5.500% 11/01/2037		5,284,000		5,207,630
FNMA TBA(b) 6.500% 11/01/2037		25,200,000		25,792,593
GNMA 5.500% 06/15/2036		2,335,056		2,322,925
GNMA 6.000% 05/15/2037- 07/15/2037		4,788,888		4,853,051

	Principal Amount		Market Value
GNMA 6.500% 05/15/2036- 08/15/2037	$	21,295,962	$	21,920,698
GNMA 7.500% 08/15/2029		54,397		57,578
GNMA TBA(b) 5.500% 11/01/2037		2,325,000		2,311,014
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $104,777,639)				105,086,489
U.S. TREASURY OBLIGATIONS — 0.2%
U.S. Treasury Note(c) 4.500% 05/15/2017		1,085,000		1,088,391
TOTAL U.S. TREASURY OBLIGATIONS (Cost $1,082,774)				1,088,391
TOTAL BONDS & NOTES (Cost $280,022,263)				278,554,786
OPTIONS — 0.1%
Bear Stearns Bank Put, Expires 9/21/2009, Strike 4.58		9,875,000		146,155
Bear Stearns Co., Inc. Floor, Expires 10/01/2014, Strike 0.00		8,000,000		88,526
Bear Stearns Put, Expires 9/21/2009, Strike 5.05		40,500,000		436,873
TOTAL OPTIONS (Cost $590,451)				671,554
TOTAL LONG TERM INVESTMENTS (Cost $281,162,714)				279,782,981
SHORT-TERM INVESTMENTS — 51.6%
Cash Equivalents — 0.2%
Abbey National PLC Eurodollar Time Deposit 4.850% 11/08/2007		8,176		8,176
ABN Amro Bank NV Eurodollar Time Deposit 4.795% 11/21/2007		20,445		20,445
ABN Amro Bank NV Eurodollar Time Deposit 4.950% 11/14/2007		16,356		16,356
ABN Amro Bank NV Eurodollar Time Deposit 5.050% 11/13/2007		24,534		24,534
Bank of Nova Scotia Eurodollar Time Deposit 4.650% 11/30/2007		10,223		10,223

(Continued)

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

MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Bank of Nova Scotia Eurodollar Time Deposit 4.800% 11/26/2007	$	24,534	$	24,534
Bank of Nova Scotia Eurodollar Time Deposit 4.940% 11/16/2007		16,356		16,356
Bank of Nova Scotia Eurodollar Time Deposit 4.950% 11/19/2007		10,223		10,223
Bank of Nova Scotia Eurodollar Time Deposit 5.000% 11/15/2007		10,223		10,223
Barclays Eurodollar Time Deposit 5.000% 01/22/2008		12,267		12,267
Barclays Eurodollar Time Deposit 5.330% 11/05/2007		10,223		10,223
BNP Paribas Eurodollar Time Deposit 4.720% 11/01/2007		49,069		49,069
BNP Paribas Eurodollar Time Deposit 4.800% 11/23/2007		20,445		20,445
BNP Paribas Eurodollar Time Deposit 4.900% 11/01/2007		20,445		20,445
BNP Paribas Eurodollar Time Deposit 5.020% 11/15/2007		12,267		12,267
Calyon Eurodollar Time Deposit 4.875% 11/01/2007		40,891		40,891
Calyon Eurodollar Time Deposit 5.330% 11/07/2007		40,891		40,891
Canadian Imperial Bank of Commerce Eurodollar Time Deposit 5.340% 11/09/2007		8,178		8,178
Dexia Group Eurodollar Time Deposit 4.980% 11/14/2007		26,579		26,579
Dexia Group Eurodollar Time Deposit 5.000% 11/05/2007		10,223		10,223
Dexia Group Eurodollar Time Deposit 5.100% 11/05/2007		12,267		12,267
Fifth Third Bancorp Eurodollar Time Deposit 4.625% 11/01/2007		30,668		30,668
Fortis Bank Eurodollar Time Deposit 4.820% 11/01/2007		40,891		40,891

	Principal Amount		Market Value
Fortis Bank Eurodollar Time Deposit 5.330% 11/05/2007	$	30,668	$	30,668
Freddie Mac Agency 4.533% 11/05/2007		2,570		2,570
Freddie Mac Agency Discount Note 4.527% 11/13/2007		7,960		7,960
General Electric Capital Corp. 4.822% 11/14/2007		40,705		40,705
JP Morgan Chase & Co. Eurodollar Time Deposit 5.150% 02/12/2008		20,445		20,445
Lloyds TSB Bank Eurodollar Time Deposit 4.880% 11/20/2007		30,668		30,668
Lloyds TSB Bank Eurodollar Time Deposit 4.950% 11/09/2007		20,445		20,445
National Australia Bank Eurodollar Time Deposit 4.800% 11/01/2007		40,891		40,891
Rabobank Nederland Eurodollar Time Deposit 4.813% 11/01/2007		40,891		40,891
Rabobank Nederland Eurodollar Time Deposit 4.820% 11/08/2007		30,668		30,668
Rabobank Nederland Eurodollar Time Deposit 4.950% 11/01/2007		18,401		18,401
Rabobank Nederland Eurodollar Time Deposit 4.950% 11/15/2007		10,223		10,223
Reserve Primary Money Market Fund(d)		18,587		18,587
Royal Bank of Canada Eurodollar Time Deposit 4.950% 11/16/2007		12,267		12,267
Royal Bank of Scotland Eurodollar Time Deposit 4.950% 11/01/2007		61,336		61,336
Royal Bank of Scotland Eurodollar Time Deposit 5.000% 01/22/2008		10,223		10,223
Royal Bank of Scotland Eurodollar Time Deposit 5.330% 11/07/2007		20,445		20,445
Societe Generale Eurodollar Time Deposit 4.813% 11/01/2007		40,891		40,891

	Principal Amount		Market Value
Societe Generale Eurodollar Time Deposit 5.050% 11/02/2007	$	16,356	$	16,356
Societe Generale Eurodollar Time Deposit 5.050% 11/19/2007		8,178		8,178
Societe Generale Eurodollar Time Deposit 5.120% 11/01/2007		16,356		16,356
Svenska Handlesbanken Eurodollar Time Deposit 4.840% 11/01/2007		63,882		63,882
Toronto Dominion Bank Eurodollar Time Deposit 4.880% 11/06/2007		10,223		10,223
Toronto Dominion Bank Eurodollar Time Deposit 5.000% 11/07/2007		30,668		30,668
UBS AG Eurodollar Time Deposit 5.365% 11/08/2007		10,223		10,223
Wells Fargo Eurodollar Time Deposit 4.750% 11/23/2007		20,445		20,445
Wells Fargo Eurodollar Time Deposit 4.800% 11/09/2007		20,445		20,445
				1,131,434
Commercial Paper — 51.4%
Alcoa, Inc. 5.800% 11/01/2007		1,680,000		1,680,000
Avery Dennison Corp. 5.350% 11/02/2007		6,492,000		6,491,035
Barclays U.S. Funding LLC 5.100% 01/09/2008		4,650,000		4,604,546
Burlington Northern Santa Fe Corp.(a) 5.300% 12/04/2007		5,000,000		4,975,708
Burlington Northern Santa Fe Corp.(a) 5.500% 12/06/2007		7,000,000		6,962,569
Cadbury Schweppes Finance PLC 5.320% 12/21/2007		5,510,000		5,469,287
Cadbury Schweppes Finance PLC(a) 5.850% 11/09/2007		5,270,000		5,263,149
Campbell Soup Co. 5.000% 01/16/2008		2,510,000		2,483,506
CIT Group, Inc. 5.240% 11/05/2007		3,570,000		3,567,921
CIT Group, Inc.(a) 5.950% 11/30/2007		5,788,000		5,760,258

(Continued)

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

MassMutual Premier Short-Duration Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
CIT Group, Inc.(a) 5.950% 12/10/2007	$	2,700,000	$	2,682,596
Coca-Cola Co. (The) 5.170% 11/30/2007		2,900,000		2,887,922
Computer Sciences Corp.(a) 5.200% 12/14/2007		4,045,000		4,019,876
Computer Sciences Corp.(a) 5.400% 12/13/2007		2,485,000		2,469,345
Computer Sciences Corp.(a) 5.550% 11/16/2007		2,050,000		2,045,259
Computer Sciences Corp.(a) 6.200% 12/05/2007		2,700,000		2,684,190
Devon Energy Corp.(a) 5.340% 11/28/2007		5,000,000		4,979,975
Devon Energy Corp.(a) 5.700% 11/05/2007		2,100,000		2,098,670
Disney (Walt) Co. (The) 4.820% 01/23/2008		6,000,000		5,933,323
Dow Chemical Co. 5.250% 01/22/2008		3,000,000		2,964,125
Dow Chemical Co. 5.300% 01/07/2008		4,270,000		4,227,881
Dow Chemical Co. 5.300% 01/18/2008		2,125,000		2,100,598
Dow Jones & Co., Inc. 5.250% 11/07/2007		7,900,000		7,893,087
Dow Jones & Co., Inc. 5.300% 11/16/2007		4,200,000		4,190,725
Duke Energy Carolinas 5.250% 11/26/2007		8,255,000		8,224,904
Duke Energy Carolinas 5.300% 01/11/2008		3,900,000		3,859,234
FCAR Owner Trust 4.850% 01/23/2008		6,325,000		6,254,274
General Mills, Inc.(a) 5.450% 11/20/2007		2,030,000		2,024,161
General Mills,Inc. 5.150% 12/05/2007		3,240,000		3,224,241
Governor & Bank of Ireland 4.730% 01/28/2008		9,190,000		9,083,743
Ing (US) Funding LLC 4.910% 01/25/2008		3,500,000		3,459,424
Kellogg Co. 5.200% 12/07/2007		5,000,000		4,974,000
Kellogg Co. 5.270% 11/26/2007		480,000		478,243
Kellogg Co.(a) 5.900% 11/26/2007		1,180,000		1,175,165

	Principal Amount		Market Value
Kellogg Co.(a) 5.900% 11/29/2007	$	4,500,000	$	4,479,350
Lincoln National Corp. 5.220% 11/28/2007		2,885,000		2,873,705
Lincoln National Corp. 5.250% 11/28/2007		3,240,000		3,227,243
Monsanto Co. 5.000% 11/29/2007		4,000,000		3,984,445
Monsanto Co. 5.250% 11/27/2007		4,240,000		4,223,923
Monsanto Co. 5.280% 11/26/2007		3,810,000		3,796,030
New Center Asset Trust 4.950% 12/18/2007		2,375,000		2,359,652
New Center Asset Trust 5.230% 12/17/2007		3,240,000		3,218,348
Ryder System, Inc. 5.280% 12/14/2007		6,000,000		5,962,160
Ryder System, Inc. 5.300% 11/13/2007		5,000,000		4,991,167
Schering Plough Corp. 5.150% 12/11/2007		4,950,000		4,921,675
Strabucks Corp. 5.250% 11/15/2007		5,000,000		4,989,792
Textron Financial Corp. 5.250% 11/14/2007		5,500,000		5,489,573
Time Warner Cable, Inc. 5.340% 01/14/2008		5,890,000		5,825,347
Time Warner, Inc. 5.350% 12/26/2007		6,100,000		6,050,141
UBS Americas, Inc. 5.070% 12/31/2007		6,860,000		6,802,033
UBS Americas, Inc. 5.480% 01/04/2008		4,400,000		4,357,134
United Healthcare Corp.(a) 5.200% 12/17/2007		3,000,000		2,980,067
United Healthcare Corp.(a) 5.500% 11/27/2007		4,000,000		3,984,111
United Healthcare Corp.(a) 5.650% 12/12/2007		5,000,000		4,967,826
VF Corp. 6.000% 11/08/2007		3,000,000		2,996,500
Volvo Treasury NA LLC(a) 5.310% 11/15/2007		2,950,000		2,943,909
Wellpoint, Inc. 5.200% 11/19/2007		2,495,000		2,488,513
WellPoint, Inc.(a) 5.370% 12/03/2007		6,850,000		6,817,303
Whirlpool Corp. 5.000% 11/27/2007		4,000,000		3,985,556
Whirlpool Corp. 5.200% 11/30/2007		4,000,000		3,983,245
				253,891,688

	Market Value
TOTAL SHORT-TERM INVESTMENTS (Cost $255,023,122)	$	255,023,122
TOTAL INVESTMENTS — 108.2% (Cost $536,185,836)(e)		534,806,103
Other Assets/ (Liabilities) — (8.2%)		(40,720,018	)
NET ASSETS — 100.0%	$	494,086,085

Notes to Portfolio of Investments

FRN - Floating Rate Note

TBA - To be announced

VRN - Variable Rate Note

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

(d) Amount represents shares owned of the fund.

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

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

MassMutual Premier Inflation-Protected Bond Fund – Portfolio of Investments

October 31, 2007

	Principal Amount		Market Value
BONDS & NOTES — 99.2%
U.S. TREASURY OBLIGATIONS — 99.2%
U.S. Treasury Inflation Index 0.875% 04/15/2010	$	25,875,213	$	25,281,943
U.S. Treasury Inflation Index 1.625% 01/15/2015		17,668,214		17,153,351
U.S. Treasury Inflation Index 1.875% 07/15/2013		17,926,962		17,872,174
U.S. Treasury Inflation Index 1.875% 07/15/2015		15,478,975		15,287,906
U.S. Treasury Inflation Index 2.000% 01/15/2014		19,867,525		19,855,107
U.S. Treasury Inflation Index 2.000% 07/15/2014		17,682,533		17,684,909
U.S. Treasury Inflation Index 2.000% 01/15/2016		20,983,829		20,830,909
U.S. Treasury Inflation Index 2.000% 01/15/2026		14,855,252		14,372,177
U.S. Treasury Inflation Index 2.375% 04/15/2011		18,028,680		18,318,491
U.S. Treasury Inflation Index 2.375% 01/15/2017		9,413,669		9,616,563
U.S. Treasury Inflation Index 2.375% 01/15/2025		28,564,516		29,190,793
U.S. Treasury Inflation Index 2.375% 01/15/2027		7,372,151		7,564,471
U.S. Treasury Inflation Index 2.500% 07/15/2016		15,989,688		16,524,893
U.S. Treasury Inflation Index 3.000% 07/15/2012		24,221,845		25,451,634
U.S. Treasury Inflation Index 3.375% 01/15/2012		5,878,470		6,233,879
U.S. Treasury Inflation Index 3.375% 04/15/2032		4,843,863		5,997,732

	Principal Amount		Market Value
U.S. Treasury Inflation Index 3.500% 01/15/2011	$	10,943,360	$	11,515,492
U.S. Treasury Inflation Index 3.625% 04/15/2028		18,923,738		23,328,711
U.S. Treasury Inflation Index 3.875% 01/15/2009		13,883,067		14,252,271
U.S. Treasury Inflation Index 3.875% 04/15/2029		23,519,514		30,224,927
U.S. Treasury Inflation Index 4.250% 01/15/2010		11,122,830		11,733,161
				358,291,494
TOTAL BONDS & NOTES (Cost $360,033,193)				358,291,494
SHORT-TERM INVESTMENTS — 0.3%
Repurchase Agreements
State Street Bank & Trust Co. Repurchase Agreement, dated 10/31/2007, 3.01%, due 11/01/2007(a)		939,763		939,763
TOTAL SHORT-TERM INVESTMENTS (Cost $939,763)				939,763
TOTAL INVESTMENTS — 99.5% (Cost $360,972,956)(b)				359,231,257
Other Assets/ (Liabilities) — 0.5%				1,853,385
NET ASSETS — 100.0%			$	361,084,642

Notes to Portfolio of Investments

(a) Maturity value of $939,842. Collateralized by a U.S. Government Agency obligation with a rate of 5.441%, maturity date of 05/15/2036, and an aggregate market value, including accrued interest, of $959,087.

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

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

MassMutual Premier Core Bond Fund – Portfolio of Investments

October 31, 2007

	Number of Shares		Market Value
EQUITIES — 0.1%
COMMON STOCK — 0.0%
Airlines — 0.0%
UAL Corp.(a) (b)		1,876	$	89,860
Electric — 0.0%
Dynegy, Inc. Cl. A(a)		239		2,201
TOTAL COMMON STOCK (Cost $0)				92,061
PREFERRED STOCK — 0.1%
Investment Companies
Special Value Expansion Fund LLC(c)		12,500		1,265,094
TOTAL PREFERRED STOCK (Cost $1,250,000)				1,265,094
TOTAL EQUITIES (Cost $1,250,000)				1,357,155
	Principal Amount
BONDS & NOTES — 98.8%
ASSET BACKED SECURITIES — 0.2%
Electric — 0.2%
Mirant Mid-Atlantic LLC, Series 2001, Class A 8.625% 06/30/2012	$	2,245,280		2,357,497
Home Equity ABS — 0.0%
New Century Home Equity Loan Trust, Series 1997-NC5, Class A6 FRN 7.200% 10/25/2028		33,406		33,258
Other ABS — 0.0%
Community Program Loan Trust Series 1987-A, Class A4 4.500% 10/01/2018		485,239		478,883
TOTAL ASSET BACKED SECURITIES (Cost $2,902,510)				2,869,638
CORPORATE DEBT — 35.1%
Advertising — 0.1%
Interpublic Group Co. Inc. 5.400% 11/15/2009		822,000		805,560

	Principal Amount		Market Value
Aerospace & Defense — 0.2%
Goodrich (B.F.) Co. 7.500% 04/15/2008	$	3,179,000	$	3,209,827
Airlines — 0.0%
United Air Lines, Inc., Series 91B(d) (e) 10.110% 02/19/2049		443,789		-
US Airways, Inc., Class B(d) (e) 7.500% 04/15/2008		1,001,003		10
				10
Apparel — 0.3%
Kellwood Co. 7.625% 10/15/2017		507,000		443,625
Kellwood Co. 7.875% 07/15/2009		973,000		986,614
VF Corp. 6.450% 11/01/2037		2,510,000		2,499,847
				3,930,086
Auto Manufacturers — 0.3%
DaimlerChrysler NA Holding 4.050% 06/04/2008		4,339,000		4,303,950
Banks — 1.4%
Bank of America Corp. 3.250% 08/15/2008		4,106,000		4,050,109
Bank of America Corp. 7.400% 01/15/2011		121,248		129,194
Bank One Corp. 6.000% 08/01/2008		2,218,000		2,234,027
Barclays Bank PLC 5.450% 09/12/2012		2,500,000		2,528,025
HSBC Holdings PLC 6.500% 09/15/2037		7,100,000		7,034,495
Wachovia Corp. 5.300% 10/15/2011		3,778,000		3,775,979
Wells Fargo & Co. 4.125% 03/10/2008		2,467,000		2,454,386
				22,206,215
Beverages — 0.5%
Anheuser-Busch Cos., Inc. 5.050% 10/15/2016		1,269,000		1,231,651
Anheuser-Busch Cos., Inc. 6.500% 02/01/2043		1,828,000		1,905,939
Coca-Cola Co. 5.350% 11/15/2017		1,825,000		1,812,366

	Principal Amount		Market Value
Constellation Brands, Inc. 8.000% 02/15/2008	$	1,005,000	$	1,005,000
Foster's Finance Corp.(c) 6.875% 06/15/2011		872,000		922,425
Miller Brewing Co.(c) 4.250% 08/15/2008		1,576,000		1,564,918
				8,442,299
Building Materials — 0.3%
American Standard, Inc. 7.375% 02/01/2008		1,142,000		1,145,693
American Standard, Inc. 7.625% 02/15/2010		3,006,000		3,149,152
				4,294,845
Chemicals — 0.5%
Cytec Industries, Inc. 5.500% 10/01/2010		1,918,000		1,933,754
Ecolab, Inc. 6.875% 02/01/2011		110,000		115,210
Lubrizol Corp. 4.625% 10/01/2009		2,531,000		2,510,613
Lubrizol Corp. 5.875% 12/01/2008		1,611,000		1,616,347
Sensient Technologies 6.500% 04/01/2009		2,133,000		2,155,695
				8,331,619
Commercial Services — 1.0%
Deluxe Corp. 7.375% 06/01/2015		500,000		495,000
Donnelley (R.R.) & Sons Co. 4.950% 05/15/2010		2,174,000		2,157,930
Equifax, Inc. 4.950% 11/01/2007		1,590,000		1,590,000
Equifax, Inc. 7.000% 07/01/2037		1,370,000		1,388,173
ERAC USA Finance Co.(c) 6.700% 06/01/2034		1,620,000		1,524,247
ERAC USA Finance Co.(c) 7.000% 10/15/2037		4,865,000		4,787,447
ERAC USA Finance Co.(c) 7.950% 12/1/5/2009		37,000		38,980
Valassis Communications, Inc. 6.625% 01/15/2009		3,530,000		3,481,462
				15,463,239

(Continued)

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

MassMutual Premier Core Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Computers — 0.2%
Electronic Data Systems Corp., Series B 6.500% 08/01/2013	$	1,646,000	$	1,666,763
IBM Canada Credit Services Corp.(c) 3.750% 11/30/2007		1,109,000		1,108,010
				2,774,773
Diversified Financial — 5.3%
American Express Co. 6.150% 08/28/2017		1,060,000		1,081,037
American General Finance Corp. 5.900% 09/15/2012		4,480,000		4,524,132
American General Finance Corp. 6.500% 09/15/2017		1,155,000		1,192,532
American Honda Finance Corp.(c) 3.850% 11/06/2008		3,035,000		2,996,201
BlackRock, Inc. 6.250% 09/15/2017		2,520,000		2,543,764
Boeing Capital Corp. 5.800% 01/15/2013		580,000		598,204
Caterpillar Financial Services Corp., Series F 3.625% 11/15/2007		5,038,000		5,036,101
CIT Group, Inc. 3.650% 11/23/2007		3,654,000		3,649,871
CIT Group, Inc. 3.875% 11/03/2008		1,183,000		1,155,958
CIT Group, Inc. 5.125% 09/30/2014		2,400,000		2,209,548
Citigroup, Inc. 5.500% 02/15/2017		2,495,000		2,446,971
Citigroup, Inc. 7.250% 10/01/2010		136,904		145,034
Countrywide Home Loans, Inc. 3.250% 05/21/2008		4,641,000		4,410,950
Eaton Vance Corp. 6.500% 10/02/2017		3,375,000		3,445,433
Emerald Investment Grade CBO Ltd. FRN(c) 5.885% 05/24/2011		637,462		634,274
Franklin Resources, Inc. 3.700% 04/15/2008		3,543,000		3,526,507
General Electric Capital Corp. 5.375% 10/20/2016		2,407,000		2,398,823
General Motors Acceptance Corp. 6.875% 09/15/2011		216		199

	Principal Amount		Market Value
Glencore Funding LLC(c) 6.000% 04/15/2014	$	2,330,000	$	2,338,950
The Goldman Sachs Group, Inc. 5.625% 01/15/2017		6,615,000		6,405,205
The Goldman Sachs Group, Inc. 6.125% 02/15/2033		1,439,000		1,406,669
The Goldman Sachs Group, Inc. 6.750% 10/01/2037		1,435,000		1,440,411
Household Finance Corp. 4.125% 12/15/2008		3,529,000		3,492,881
Household Finance Corp. 6.375% 10/15/2011		669,000		691,423
HSBC Finance Corp. 5.900% 06/19/2012		3,770,000		3,841,762
Lazard Group LLC 6.850% 06/15/2017		1,575,000		1,556,363
Lazard Group LLC 7.125% 05/15/2015		2,407,000		2,438,772
Lehman Brothers Holdings, Inc. 6.200% 09/26/2014		3,885,000		3,910,210
Lehman Brothers Holdings, Inc. 6.875% 07/17/2037		2,640,000		2,615,844
Lehman Brothers Holdings, Inc. 7.000% 09/27/2027		510,000		520,839
Morgan Stanley 5.450% 01/09/2017		1,526,000		1,475,901
Residential Capital Corp. 7.125% 11/21/2008		3,444,000		2,901,570
SLM Corp. 5.000% 10/01/2013		2,129,000		1,881,493
Trains 10-2002 VRN(c) 6.962% 01/15/2012		1,949,248		2,047,802
				80,961,634
Electric — 3.3%
Allegheny Energy Supply Co. LLC(c) 8.250% 04/15/2012		1,516,000		1,644,860
Appalachian Power Co., Series G 3.600% 05/15/2008		2,231,000		2,211,771
Carolina Power & Light Co. 6.125% 09/15/2033		37,000		37,708

	Principal Amount		Market Value
Centerpoint Energy, Inc., Series B 5.875% 06/01/2008	$	5,218,000	$	5,220,625
Consolidated Edison Co. of New York, Inc. 6.150% 07/01/2008		69,000		69,444
Consumers Energy Co. 4.400% 08/15/2009		1,279,000		1,267,618
Entergy Gulf States, Inc.(f) 5.250% 08/01/2015		5,801,000		5,505,132
Ipalco Enterprises, Inc. 8.375% 11/14/2008		4,568,000		4,647,940
Kansas Gas & Electric Co. 5.647% 03/29/2021		1,736,000		1,674,858
Kiowa Power Partners LLC(c) 4.811% 12/30/2013		1,175,578		1,158,344
MidAmerican Energy Holdings Co. 3.500% 05/15/2008		5,317,000		5,271,152
Monongahela Power 6.700% 06/15/2014		1,667,000		1,760,535
Nevada Power Co., Series L 5.875% 01/15/2015		2,193,000		2,199,917
Pennsylvania Electric Co. Class B 6.125% 04/01/2009		4,385,000		4,443,483
Progress Energy Inc. 7.100% 03/01/2011		79,216		83,470
PSEG Energy Holdings, Inc. 8.625% 02/15/2008		575,000		578,475
Tenaska Oklahoma(c) 6.528% 12/30/2014		1,491,925		1,501,861
TransAlta Corp. 5.750% 12/15/2013		4,496,000		4,484,477
Tri-State Generation & Transmission Association, Series 2003, Class A(c) 6.040% 01/31/2018		1,756,446		1,788,899
Tri-State Generation & Transmission Association, Series 2003, Class B(c) 7.144% 07/31/2033		2,232,000		2,379,447
Wisconsin Electric Power 3.500% 12/01/2007		3,106,000		3,101,972
				51,031,988
Electrical Components & Equipment — 0.4%
Ametek, Inc. 7.200% 07/15/2008		5,774,000		5,836,348

(Continued)

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

MassMutual Premier Core Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Electronics — 0.2%
Thomas & Betts Corp. 6.625% 05/07/2008	$	2,151,000	$	2,162,129
Thomas & Betts Corp., Series B 6.390% 02/10/2009		1,051,000		1,068,183
				3,230,312
Energy – Alternate Sources — 0.0%
MidAmerican Energy Holdings Co. 5.125% 01/15/2013		69,000		68,261
Environmental Controls — 0.5%
Allied Waste North America 6.500% 11/15/2010		6,395,000		6,434,969
Allied Waste North America, Inc., Series B 5.750% 02/15/2011		1,899,000		1,851,525
Republic Services, Inc. 6.750% 08/15/2011		78,000		81,757
				8,368,251
Foods — 0.6%
Conagra Foods Inc. 6.750% 09/15/2011		121,248		127,305
Fred Meyer, Inc. 7.450% 03/01/2008		1,041,000		1,048,196
Hershey Foods Corp.(f) 7.200% 08/15/2027		538,000		614,827
Sara Lee Corp. 3.875% 06/15/2013		749,000		690,803
Smithfield Foods, Inc. 7.000% 08/01/2011		7,070,000		7,140,700
				9,621,831
Forest Products & Paper — 0.7%
International Paper Co. 3.800% 04/01/2008		7,806,000		7,757,712
Rock-Tenn Co. 5.625% 03/15/2013		505,000		472,175
Rock-Tenn Co. 8.200% 08/15/2011		1,891,000		1,938,275
				10,168,162
Gas — 0.5%
Australian Gas Light Co. Ltd.(c) 6.400% 04/15/2008		3,170,000		3,188,535
KeySpan Gas East Corp., Series A 6.900% 01/15/2008		617,000		619,071

	Principal Amount		Market Value
OAO Gazprom(c) 9.625% 03/01/2013	$	1,520,000	$	1,751,800
Piedmont Natural Gas Co., Series E 6.000% 12/19/2033		1,573,000		1,522,540
Southwest Gas Corp. 8.375% 02/15/2011		1,133,000		1,227,783
				8,309,729
Health Care – Products — 0.0%
Boston Scientific Corp. 5.450% 06/15/2014		91,000		82,810
Holding Company – Diversified — 0.2%
Leucadia National Corp. 7.000% 08/15/2013		1,411,000		1,375,725
Leucadia National Corp. 7.750% 08/15/2013		1,848,000		1,824,900
				3,200,625
Home Builders — 0.2%
Centex Corp. 7.875% 02/01/2011		1,480,000		1,436,531
D.R. Horton, Inc. 4.875% 01/15/2010		534,000		493,019
Lennar Corp., Series B 5.125% 10/01/2010		340,000		307,260
Lennar Corp., Series B 6.500% 04/15/2016		914,000		820,121
				3,056,931
Household Products — 0.2%
Kimberly-Clark Corp. 6.125% 08/01/2017		2,380,000		2,505,428
Housewares — 0.2%
Newell Rubbermaid, Inc. 4.000% 05/01/2010		1,684,000		1,660,877
Toro Co. 7.800% 06/15/2027		773,000		825,460
				2,486,337
Insurance — 0.1%
Lincoln National Corp. 6.300% 10/09/2037		1,245,000		1,246,595
Internet — 0.1%
The Thomson Corp. 6.200% 01/05/2012		1,959,000		2,021,610
Investment Companies — 0.1%
Xstrata Finance Canada(c) 5.800% 11/15/2016		1,023,000		1,014,557

	Principal Amount		Market Value
Iron & Steel — 0.1%
Reliance Steel & Aluminum Co. 6.200% 11/15/2016	$	1,347,000	$	1,342,373
Lodging — 1.2%
Harrah's Operating Co., Inc. 5.500% 07/01/2010		1,590,000		1,534,350
Marriot International(f) 6.200% 06/15/2016		4,038,000		4,059,046
MGM Mirage 6.000% 10/01/2009		4,111,000		4,100,722
MGM Mirage 6.750% 09/01/2012		3,197,000		3,149,045
Park Place Entertainment Corp. 7.000% 04/15/2013		1,478,000		1,544,510
Park Place Entertainment Corp. 7.500% 09/01/2009		1,608,000		1,660,260
Starwood Hotels & Resorts Worldwide, Inc. 6.250% 02/15/2013		760,000		762,547
Starwood Hotels & Resorts Worldwide, Inc. 7.875% 05/01/2012		1,909,000		2,033,996
				18,844,476
Machinery – Diversified — 0.4%
Briggs & Stratton Corp. 8.875% 03/15/2011		2,713,000		2,889,345
Idex Corp. 6.875% 02/15/2008		3,408,000		3,423,367
				6,312,712
Manufacturing — 1.1%
Bombardier Capital, Inc.(c) 6.750% 05/01/2012		1,156,000		1,164,670
Carlisle Companies, Inc. 6.700% 05/15/2008		3,326,000		3,337,904
Cooper US, Inc. 6.100% 07/01/2017		2,110,000		2,179,689
Covidien International Finance SA(c) 6.550% 10/15/2037		1,755,000		1,787,919
Dover Corp. 6.250% 06/01/2008		1,478,000		1,484,919
Pentair, Inc. 7.850% 10/15/2009		3,100,000		3,270,109
Tyco Electronics Group SA(c) 6.000% 10/01/2012		1,215,000		1,228,676

(Continued)

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

MassMutual Premier Core Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Tyco Electronics Group SA(c) 6.550% 10/01/2017	$	1,100,000	$	1,122,470
Tyco Electronics Group SA(c) 7.125% 10/01/2037		1,280,000		1,338,177
				16,914,533
Media — 4.4%
Belo Corp. 8.000% 11/01/2008		2,526,000		2,573,203
Clear Channel Communications, Inc. 4.250% 05/15/2009		1,877,000		1,805,342
Clear Channel Communications, Inc. 4.625% 01/15/2008		4,568,000		4,545,128
Comcast Cable Communications, Inc. 6.200% 11/15/2008		4,728,000		4,771,569
Comcast Cable Communications, Inc. 8.375% 03/15/2013		121,000		136,538
Comcast Corp. 5.500% 03/15/2011		1,142,000		1,148,796
Cox Communications, Inc. 4.625% 01/15/2010		10,282,000		10,168,518
Cox Communications, Inc. 6.750% 03/15/2011		196,000		204,728
Cox Enterprises, Inc.(c) 4.375% 05/01/2008		4,408,000		4,390,196
Dow Jones & Co., Inc. 3.875% 2/15/2008		4,225,000		4,211,134
Echostar DBS Corp. 7.125% 02/01/2016		2,284,000		2,386,780
Knight-Ridder, Inc. 7.125% 06/01/2011		690,000		673,201
McGraw-Hill Cos Inc. 5.375% 11/15/2012		2,500,000		2,497,775
News America Holdings, Inc. 6.750% 01/09/2038		1,478,000		1,558,866
News America Holdings, Inc. 8.875% 04/26/2023		1,976,000		2,406,481
Rogers Cable Inc. 7.875% 05/01/2012		2,398,000		2,605,763
Rogers Cable, Inc. 5.500% 03/15/2014		822,000		803,471
Scholastic Corp. 5.000% 04/15/2013		1,749,000		1,516,131
Shaw Communications, Inc. 8.250% 04/11/2010		4,856,000		5,159,500

	Principal Amount		Market Value
Tele-Communications- TCI Group 9.800% 02/01/2012	$	155,000	$	179,520
Thomson Corp. 5.700% 10/01/2014		4,690,000		4,684,686
Time Warner, Inc. 5.875% 11/15/2016		3,033,000		3,013,252
Viacom, Inc. 6.250% 04/30/2016		1,188,000		1,199,733
Viacom, Inc. 6.625% 05/15/2011		3,558,000		3,699,046
Viacom, Inc. 7.875% 07/30/2030		970,000		1,065,717
				67,405,074
Metal Fabricate & Hardware — 0.2%
Timken Co. 5.750% 02/15/2010		2,969,000		2,948,134
Mining — 0.6%
Alcan Aluminum Ltd. 6.250% 11/01/2008		1,848,000		1,862,494
Codelco, Inc.(c) 6.150% 10/24/2036		1,503,000		1,501,344
Vale Overseas Ltd. 6.250% 01/23/2017		1,626,000		1,644,071
Vale Overseas Ltd. 6.875% 11/21/2036		1,494,000		1,553,077
Vulcan Materials Co. 6.000% 04/01/2009		2,957,000		3,001,837
				9,562,823
Office Equipment/Supplies — 0.1%
Xerox Corp. 5.500% 05/15/2012		1,175,000		1,175,349
Office Furnishings — 0.2%
Miller (Herman), Inc. 7.125% 03/15/2011		2,259,000		2,381,813
Oil & Gas — 0.8%
Enterprise Products Operating LP 7.500% 02/01/2011		735,000		779,511
Mobil Corp.(f) 8.625% 08/15/2021		3,326,000		4,390,257
Newfield Exploration Co 7.625% 03/01/2011		987,000		1,024,012
Northern Natural Gas Co.(c) 7.000% 06/01/2011		709,000		749,797
The Premcor Refining Group, Inc. 6.750% 05/01/2014		1,105,000		1,149,780
Tesoro Corp.(c) 6.500% 06/01/2017		1,100,000		1,086,250

	Principal Amount		Market Value
XTO Energy, Inc. 4.900% 02/01/2014	$	3,746,000	$	3,615,770
				12,795,377
Oil & Gas Services — 0.2%
Colonial Pipeline Co.(c) 7.630% 04/15/2032		1,656,000		1,968,982
Hornbeck Offshore Services, Inc., Series B 6.125% 12/01/2014		1,009,000		961,072
				2,930,054
Packaging & Containers — 0.3%
Bemis Co., Inc. 6.500% 08/15/2008		831,000		835,862
Packaging Corp. of America 5.750% 08/01/2013		1,425,000		1,426,746
Pactiv Corp. 5.875% 07/15/2012		1,140,000		1,161,574
Pactiv Corp. 6.400% 01/15/2018		1,025,000		1,058,233
Sealed Air Corp.(c) 6.875% 07/15/2033		717,000		677,809
				5,160,224
Pipelines — 2.2%
Alliance Pipeline LP(c) 6.996% 12/31/2019		1,218,337		1,334,006
Boardwalk Pipelines LLC 5.500% 02/01/2017		914,000		877,475
Consolidated Natural Gas Co., Series C 6.250% 11/01/2011		3,500,000		3,610,261
Duke Energy Field Services Corp.(f) 7.875% 08/16/2010		3,696,000		3,952,499
Enbridge, Inc. 5.800% 06/15/2014		4,010,000		4,053,749
Gulf South Pipeline Co. LP(c) 5.050% 02/01/2015		868,000		831,069
Kern River Funding Corp.(c) 4.893% 04/30/2018		3,036,571		3,025,700
Kinder Morgan Energy Partners LP 6.000% 02/01/2017		685,000		685,886
Kinder Morgan Energy Partners LP 6.300% 02/01/2009		822,000		832,864

(Continued)

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

MassMutual Premier Core Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Kinder Morgan Energy Partners LP 6.500% 02/01/2037	$	571,000	$	565,028
Kinder Morgan Energy Partners LP 6.950% 01/15/2038		2,160,000		2,263,846
Kinder Morgan Energy Partners LP 7.125% 03/15/2012		59,000		62,410
Pacific Energy Partners LP/Pacific Energy Finance Corp. 6.250% 09/15/2015		585,000		575,087
Pacific Energy Partners LP/Pacific Energy Finance Corp. 7.125% 06/15/2014		1,891,000		1,953,817
Plains All American Pipeline Co. 4.750% 08/15/2009		475,000		471,622
Plains All American Pipeline Co. 5.625% 12/15/2013		2,197,000		2,190,409
Southern Natural Gas Co.(c) 5.900% 04/01/2017		1,345,000		1,317,504
Texas Eastern Transmission LP(c) 6.000% 09/15/2017		850,000		857,157
Trans-Canada Pipelines 6.200% 10/15/2037		2,455,000		2,462,215
Transcontinental Gas Pipe Line Corp. 8.875% 07/15/2012		1,830,000		2,054,175
				33,976,779
Real Estate Investment Trusts (REITS) — 1.3%
Brandywine Operating Partnership LP 5.625% 12/15/2010		1,686,000		1,681,630
BRE Properties, Inc. 7.450% 01/15/2011		1,848,000		1,949,126
iStar Financial, Inc. REIT 7.000% 03/15/2008		2,046,000		2,046,194
iStar Financial, Inc. REIT, Series B 4.875% 01/15/2009		703,000		688,541
iStar Financial, Inc. REIT, Series B 5.700% 03/01/2014		1,347,000		1,225,053
Kimco Realty Corp., Series B 7.860% 11/01/2007		2,923,000		2,923,000

	Principal Amount		Market Value
Prologis REIT 5.250% 11/15/2010	$	3,508,000	$	3,499,209
Senior Housing Properties Trust REIT 8.625% 01/15/2012		457,000		493,560
United Dominion Realty Trust, Inc. REIT 4.500% 03/03/2008		1,754,000		1,751,355
Weingarten Realty Investors REIT, Series A 7.500% 12/19/2010		3,650,000		3,868,401
				20,126,069
Retail — 0.3%
J.C. Penney Co., Inc. 7.950% 04/01/2017		649,000		724,558
Lowe's Companies, Inc. 5.600% 09/15/2012		1,350,000		1,369,208
McDonald's Corp. 6.300% 10/15/2037		645,000		658,146
Sears Roebuck Acceptance Corp. 6.750% 08/15/2011		167,216		167,478
Yum! Brands, Inc. 6.875% 11/15/2037		2,405,000		2,403,143
				5,322,533
Savings & Loans — 0.2%
Washington Mutual Bank 5.650% 08/15/2014		4,038,000		3,737,217
Software — 0.1%
Certegy, Inc. 4.750% 09/15/2008		1,035,000		1,025,944
Telecommunications — 2.7%
Anixter, Inc. 5.950% 03/01/2015		2,800,000		2,562,000
AT&T Corp. 6.000% 03/15/2009		15,000		15,199
AT&T, Inc. 6.500% 09/01/2037		1,485,000		1,566,408
British Telecom PLC Step 9.125% 12/15/2030		1,050,000		1,419,924
Deutsche Telekom International Finance B.V. Step 8.250% 06/15/2030		4,535,000		5,651,807
Embarq Corp. 7.082% 06/01/2016		1,046,000		1,093,209
Qwest Corp. 7.875% 09/01/2011		3,715,000		3,919,325
Qwest Corp. 8.875% 03/15/2012		3,696,000		4,047,120

	Principal Amount		Market Value
Rogers Wireless Communications, Inc. 6.375% 03/01/2014	$	1,553,000	$	1,586,456
SBC Communications, Inc. 6.125% 02/15/2008		1,462,000		1,464,911
Sprint Capital Corp. 6.125% 11/15/2008		6,669,000		6,706,326
Sprint Capital Corp. 6.900% 05/01/2019		1,373,000		1,373,091
Sprint Nextel Corp. 6.000% 12/01/2016		3,490,000		3,355,670
Telecom Italia Capital SA 6.000% 09/30/2034		1,663,000		1,592,810
Telefonica Emisiones, S.A.U. 7.045% 06/20/2036		2,845,000		3,124,959
Verizon Global Funding Corp. 4.375% 06/01/2013		840,000		806,856
Verizon Global Funding Corp. 7.750% 12/01/2030		987,000		1,162,756
Verizon Virginia, Inc., Series A 4.625% 03/15/2013		46,000		44,173
				41,493,000
Textiles — 0.1%
Mohawk Industries, Inc., Series D 7.200% 04/15/2012		1,306,000		1,389,263
Transportation — 0.9%
Burlington Northern Santa Fe Corp. 6.750% 03/15/2029		2,658,000		2,797,114
Canadian National Railway Co. 5.850% 11/15/2017		1,200,000		1,221,006
Canadian National Railway Co. 6.375% 11/15/2037		1,070,000		1,106,060
CNF, Inc. 8.875% 05/01/2010		1,848,000		1,997,017
CSX Corp. 6.250% 10/15/2008		2,853,000		2,881,593
CSX Corp. 7.250% 05/01/2027		733,000		795,811
Norfolk Southern Corp. 6.000% 04/30/2008		2,129,000		2,140,771
Norfolk Southern Corp. 7.250% 02/15/2031		110,000		123,341
				13,062,713

(Continued)

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

MassMutual Premier Core Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Trucking & Leasing — 0.3%
TTX Co.(c) 4.500% 12/15/2010	$	4,805,000	$	4,744,923
TOTAL CORPORATE DEBT (Cost $541,366,809)				539,625,215
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 10.2%
Commercial MBS — 4.2%
Bank of America Large Loan, Series 2001-FMA, Class A2(c) 6.490% 12/13/2016		1,404,000		1,460,265
Bear Stearns Commercial Mortgage Securities, Series 2007-PW15, Class A2 5.205% 02/11/2044		5,025,000		4,999,380
Bear Stearns Commercial Mortgage Securities, Series 2007-T26, Class A2 5.330% 01/12/2045		3,125,000		3,113,775
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class A2A 5.237% 12/11/2049		6,325,000		6,311,693
JP Morgan Commercial Mortgage Finance Corp., Series 1999-C7, Class A2 6.507% 10/15/2035		171,412		172,441
LB-UBS Commercial Mortgage Trust, Series 2007-C1, Class A3 5.398% 02/15/2040		15,165,000		15,016,856
Morgan Stanley Capital I, Series 2007-HQ11, Class A31 5.439% 02/20/2044		14,206,000		14,107,817
Morgan Stanley Capital I, Series 2007-IQ14, Class A2 5.610% 04/15/2049		7,750,000		7,797,018
Morgan Stanley Dean Witter Capital I, Series 2001-280, Class A1(c) 6.148% 02/03/2016		1,268,659		1,289,945

	Principal Amount		Market Value
Starwood Commercial Mortgage Trust, Series 1999-C1A, Class B(c) 6.920% 02/03/2014	$	2,218,000	$	2,280,323
Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class A2 6.055% 02/15/2051		7,970,000		8,123,774
				64,673,287
Home Equity ABS — 0.6%
Terwin Mortgage Trust, Series 2006-10SL, Class A2 5.000% 10/31/2036		10,323,000		9,490,708
Other ABS — 0.8%
Ares High Yield CSO PLC, Series 2005-2A, Class 2B1 FRN(c) 6.360% 09/20/2010		2,284,000		2,224,045
Galena CDO Cayman Islands, Ltd., Series 2005-1, Class B1U7 FRN(c) 6.246% 01/11/2013		3,050,000		2,962,496
Newport Waves CDO, Series 2007-1A, Class A3LS(c) 6.188% 06/20/2014		5,000,000		4,570,313
Salt Creek High Yield CSO Ltd., Series 2005-1A, Class A7, FRN(c) 7.588% 09/20/2010		1,750,000		1,676,992
Salt Creek High Yield CSO Ltd., Series 2005-1A, Class B2, FRN(c) 8.188% 09/20/2010		1,350,000		1,286,086
				12,719,932
Transportation — 0.0%
FedEx Corp., Series 1997-1, Class A 7.500% 01/15/2018		74,702		81,051
WL Collateral CMO — 4.6%
ABN AMRO Mortgage Corp., Series 2003-12, Class 1A 5.000% 12/25/2033		5,471,005		5,183,136

	Principal Amount		Market Value
Bank of America Mortgage Securities, Series 2004-G, Class 2A7 FRN 4.534% 08/25/2034	$	1,893,195	$	1,872,253
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-5, Class IIA FRN 3.994% 07/25/2034		4,456,282		4,381,563
Chase Mortgage Finance Corp., Series 2007-A2, Class 2A1 4.242% 07/25/2037		11,460,694		11,334,627
Countrywide Home Loans, Inc., Series 2003-42, Class 1A1, FRN 7.302% 09/25/2033		527,970		533,946
Countrywide Home Loans, Inc., Series 2004-2, Class 1A1, FRN 6.013% 02/25/2034		461,056		463,803
First Nationwide Trust, Series 2001-5, Class A1 6.750% 10/21/2031		105,591		107,985
GSR Mortgage Loan Trust, Series 2004-9, Class 2A1, VRN 6.640% 08/25/2034		543,292		546,645
Impac Secured Assets Corp., Series 2007-2, Class 1A1A, FRN 5.241% 05/25/2037		7,194,867		7,084,181
IndyMac Bancorp, Inc. Mortgage Loan Trust, Series 2004-AR4, Class 1A, VRN 6.933% 08/25/2034		990,117		993,116
Merrill Lynch Mortgage Investors, Inc., Series 2003-A4, Class 1A, VRN 7.227% 07/25/2033		82,131		82,025
Merrill Lynch Mortgage Investors, Inc., Series 2004-A1, Class 1A, FRN 6.226% 02/25/2034		220,098		222,429

(Continued)

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

MassMutual Premier Core Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Morgan Stanley Mortgage Loan Trust, Series 2004-2AR, Class 1A, FRN 7.375% 02/25/2034	$	24,567	$	25,023
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A, FRN 7.419% 03/25/2034		661,845		675,507
Structured Asset Securities Corp., Series 2003-30, Class 1A1 5.500% 10/25/2033		4,845,630		4,738,120
Vendee Mortgage Trust, Series 1992-1, Class 2Z 7.750% 05/15/2022		1,092,126		1,151,141
Washington Mutual MSC Mortgage, Series 2004-RA1, Class 2A 7.000% 03/25/2034		2,221,140		2,256,709
Washington Mutual MSC Mortgage, Series 2004-RA4, Class 2A 6.500% 08/25/2034		992,153		997,906
Washington Mutual, Inc., Series 2004-AR14, Class A1 FRN 4.259% 01/25/2035		7,800,761		7,677,359
Washington Mutual, Inc., Series 2004-AR2, Class A, FRN 6.333% 04/25/2044		1,590,580		1,597,276
Wells Fargo Mortgage Backed Securities Trust, Series 2004-P, Class 2A1, FRN 4.224% 09/25/2034		5,369,828		5,324,910
Wells Fargo Mortgage Backed Securities Trust, Series 2004-Z, Class 2A1 FRN 4.573% 12/25/2034		6,675,385		6,599,676
Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR10, Class 2A2, FRN 4.110% 06/25/2035		6,739,295		6,700,499
				70,549,835

	Principal Amount		Market Value
WL Collateral PAC — 0.0%
Structured Asset Securities Corp., Series 2002-11A, Class 2A1, FRN 7.153% 06/25/2032	$	440,216	$	438,645
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $160,287,183)				157,953,458
SOVEREIGN DEBT OBLIGATIONS — 0.8%
Province of Ontario 4.750% 01/19/2016		6,760,000		6,651,813
United Mexican States 5.625% 01/15/2017		5,239,000		5,314,966
				11,966,779
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $11,747,667)				11,966,779
U.S. GOVERNMENT AGENCY OBLIGATIONS — 44.1%
Other Agencies — 0.1%
Pass-Through Securities
New Valley Generation IV, TVA 4.687% 01/15/2022		1,814,751		1,786,882
U.S. Government Agencies — 44.0%
Collateralized Mortgage Obligations
FHLMC, Series 2178, Class PB 7.000% 08/15/2029		1,738,031		1,788,773
FNMA Series 1989-20, Class A 6.750% 04/25/2018		1,263,899		1,309,650
				3,098,423
Pass-Through Securities
FHLMC 4.500% 10/01/2018		209,265		203,355
FHLMC 5.000% 10/01/2035		22,461,613		21,579,817
FHLMC 5.500% 12/01/2020- 06/01/2033		46,215,534		46,255,645
FHLMC 6.000% 06/01/2016- 02/01/2018		826,461		846,364
FHLMC 6.500% 05/01/2016- 07/01/2017		1,301,456		1,335,942

	Principal Amount		Market Value
FHLMC 7.000% 07/01/2029- 10/01/2031	$	1,004,818	$	1,050,719
FHLMC 7.500% 06/01/2015- 01/01/2031		604,257		641,441
FHLMC 8.000% 03/01/2015- 08/01/2015		630,847		670,330
FHLMC 8.250% 05/01/2017		78,446		83,578
FHLMC 8.500% 11/01/2025		86,274		94,199
FHLMC 9.000% 03/01/2017		5,268		5,604
FNMA 3.875% 02/15/2010		31,974,000		31,648,597
FNMA 4.500% 09/01/2018- 04/01/2021		12,259,580		11,871,331
FNMA 5.000% 03/01/2018- 09/01/2035		36,285,129		34,860,189
FNMA 5.500% 03/01/2017- 09/01/2035		101,248,491		100,784,446
FNMA 6.000% 05/01/2011		20,444		20,808
FNMA 6.500% 05/01/2017		609,655		627,096
FNMA 7.000% 12/01/2029- 07/01/2032		243,371		254,196
FNMA 7.500% 09/01/2029- 10/01/2031		274,674		292,003
FNMA 8.000% 07/01/2020- 09/01/2031		753,554		810,159
FNMA 8.500% 08/01/2026		202,048		219,333
FNMA FRN 4.363% 10/01/2034		7,487,867		7,412,618
FNMA TBA(g) 4.500% 11/01/2037		91,812,000		85,514,266
FNMA TBA(g) 5.000% 12/01/2037		38,976,000		37,377,376
FNMA TBA(g) 6.500% 11/01/2037		78,875,000		80,729,793
GNMA 5.500% 06/15/2036		56,016,509		55,725,486
GNMA 6.000% 06/15/2011- 08/15/2037		15,271,284		15,477,315

(Continued)

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

MassMutual Premier Core Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
GNMA 6.500% 08/15/2028- 09/15/2037	$	102,971,222	$	105,996,987
GNMA 7.000% 08/15/2023- 08/15/2032		1,451,667		1,521,596
GNMA 7.250% 07/20/2021- 07/20/2022		676,446		714,676
GNMA 7.500% 06/15/2011- 09/15/2023		463,538		489,313
GNMA 8.000% 12/15/2007- 11/15/2030		217,931		231,726
GNMA 8.500% 08/15/2030		4,352		4,758
GNMA 9.000% 04/15/2009- 10/15/2009		2,184		2,237
GNMA TBA(g) 5.500% 11/01/2037		28,400,000		28,229,157
				673,582,456
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $677,400,809)				678,467,761
U.S. TREASURY OBLIGATIONS — 8.4%
U.S. Treasury Bond(b) (f) 6.125% 11/15/2027		11,828,000		13,838,760
U.S. Treasury Bond(b) (f) (h) 6.125% 08/15/2029		37,593,000		44,347,992
U.S. Treasury Bond 6.875% 08/15/2025		4,495,000		5,601,894
U.S. Treasury Bond(f) 7.125% 02/15/2023		3,216,000		4,028,542
U.S. Treasury Bond(b) (f) 8.875% 08/15/2017		16,116,000		21,614,326
U.S. Treasury Note(b) 4.500% 05/15/2017		33,835,000		33,940,734
U.S. Treasury Note(f) 4.875% 05/31/2011		5,255,000		5,403,618
				128,775,866
TOTAL U.S. TREASURY OBLIGATIONS (Cost $124,345,615)				128,775,866
TOTAL BONDS & NOTES (Cost $1,518,050,593)				1,519,658,717

	Principal Amount		Market Value
OPTIONS — 0.2%
Bear Stearns Bank Put, Expires 9/21/2009, Strike 4.58	$	29,625,000	$	438,465
Bear Stearns Co., Inc. Floor, Expires 10/01/2014, Strike 0.00		23,800,000		263,365
Bear Stearns Put, Expires 9/21/2009, Strike 5.05		121,500,000		1,310,619
TOTAL OPTIONS (Cost $1,768,670)				2,012,449
TOTAL LONG TERM INVESTMENTS (Cost $1,521,069,263)				1,523,028,321
SHORT-TERM INVESTMENTS — 21.3%
Cash Equivalents — 6.0%(j)
Abbey National PLC Eurodollar Time Deposit 4.850% 11/08/2007		662,613		662,613
ABN Amro Bank NV Eurodollar Time Deposit 4.795% 11/21/2007		1,656,516		1,656,516
ABN Amro Bank NV Eurodollar Time Deposit 4.950% 11/14/2007		1,325,213		1,325,213
ABN Amro Bank NV Eurodollar Time Deposit 5.050% 11/13/2007		1,987,819		1,987,819
Bank of Nova Scotia Eurodollar Time Deposit 4.650% 11/30/2007		828,258		828,258
Bank of Nova Scotia Eurodollar Time Deposit 4.800% 11/26/2007		1,987,819		1,987,819
Bank of Nova Scotia Eurodollar Time Deposit 4.940% 11/16/2007		1,325,213		1,325,213
Bank of Nova Scotia Eurodollar Time Deposit 4.950% 11/19/2007		828,258		828,258
Bank of Nova Scotia Eurodollar Time Deposit 5.000% 11/15/2007		828,258		828,258
Barclays Eurodollar Time Deposit 5.000% 01/22/2008		993,910		993,910
Barclays Eurodollar Time Deposit 5.330% 11/05/2007		828,258		828,258

	Principal Amount		Market Value
BNP Paribas Eurodollar Time Deposit 4.720% 11/01/2007	$	3,975,639	$	3,975,639
BNP Paribas Eurodollar Time Deposit 4.800% 11/23/2007		1,656,516		1,656,516
BNP Paribas Eurodollar Time Deposit 4.900% 11/01/2007		1,656,516		1,656,516
BNP Paribas Eurodollar Time Deposit 5.020% 11/15/2007		993,910		993,910
Calyon Eurodollar Time Deposit 4.875% 11/01/2007		3,313,032		3,313,032
Calyon Eurodollar Time Deposit 5.330% 11/07/2007		3,313,032		3,313,032
Canadian Imperial Bank of Commerce Eurodollar Time Deposit 5.340% 11/09/2007		662,606		662,606
Dexia Group Eurodollar Time Deposit 4.980% 11/14/2007		2,153,471		2,153,471
Dexia Group Eurodollar Time Deposit 5.000% 11/05/2007		828,258		828,258
Dexia Group Eurodollar Time Deposit 5.100% 11/05/2007		993,910		993,910
Fifth Third Bancorp Eurodollar Time Deposit 4.625% 11/01/2007		2,484,774		2,484,774
Fortis Bank Eurodollar Time Deposit 4.820% 11/01/2007		3,313,032		3,313,032
Fortis Bank Eurodollar Time Deposit 5.330% 11/05/2007		2,484,774		2,484,774
Freddie Mac Agency 4.533% 11/05/2007		208,203		208,203
Freddie Mac Agency Discount Note 4.527% 11/13/2007		644,898		644,898
General Electric Capital Corp. 4.822% 11/14/2007		3,298,013		3,298,013
JP Morgan Chase & Co. Eurodollar Time Deposit 5.150% 02/12/2008		1,656,516		1,656,516
Lloyds TSB Bank Eurodollar Time Deposit 4.880% 11/20/2007		2,484,774		2,484,774

(Continued)

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

MassMutual Premier Core Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Lloyds TSB Bank Eurodollar Time Deposit 4.950% 11/09/2007	$	1,656,516	$	1,656,516
National Australia Bank Eurodollar Time Deposit 4.800% 11/01/2007		3,313,032		3,313,032
Rabobank Nederland Eurodollar Time Deposit 4.813% 11/01/2007		3,313,032		3,313,032
Rabobank Nederland Eurodollar Time Deposit 4.820% 11/08/2007		2,484,774		2,484,774
Rabobank Nederland Eurodollar Time Deposit 4.950% 11/01/2007		1,490,865		1,490,865
Rabobank Nederland Eurodollar Time Deposit 4.950% 11/15/2007		828,258		828,258
Reserve Primary Money Market Fund(i)		1,505,977		1,505,977
Royal Bank of Canada Eurodollar Time Deposit 4.950% 11/16/2007		993,910		993,910
Royal Bank of Scotland Eurodollar Time Deposit 4.950% 11/01/2007		4,969,549		4,969,549
Royal Bank of Scotland Eurodollar Time Deposit 5.000% 01/22/2008		828,258		828,258
Royal Bank of Scotland Eurodollar Time Deposit 5.330% 11/07/2007		1,656,516		1,656,516
Societe Generale Eurodollar Time Deposit 4.813% 11/01/2007		3,313,032		3,313,032
Societe Generale Eurodollar Time Deposit 5.050% 11/02/2007		1,325,213		1,325,213
Societe Generale Eurodollar Time Deposit 5.050% 11/19/2007		662,606		662,606
Societe Generale Eurodollar Time Deposit 5.120% 11/01/2007		1,325,213		1,325,213
Svenska Handlesbanken Eurodollar Time Deposit 4.840% 11/01/2007		5,175,803		5,175,803
Toronto Dominion Bank Eurodollar Time Deposit 4.880% 11/06/2007		828,258		828,258
Toronto Dominion Bank Eurodollar Time Deposit 5.000% 11/07/2007		2,484,774		2,484,774

	Principal Amount		Market Value
UBS AG Eurodollar Time Deposit 5.365% 11/08/2007	$	828,258	$	828,258
Wells Fargo Eurodollar Time Deposit 4.750% 11/23/2007		1,656,516		1,656,516
Wells Fargo Eurodollar Time Deposit 4.800% 11/09/2007		1,656,516		1,656,516
				91,670,885
Commercial Paper — 15.3%
Cadbury Schweppes Financial 5.550% 11/07/2007		10,000,000		9,990,750
Campbell Soup Co. 5.000% 11/01/2007		11,636,000		11,636,000
Cargill, Inc.(c) 5.400% 11/20/2007		10,993,000		10,961,670
CIT Group, Inc. 5.050% 12/20/2007		9,063,000		9,000,703
Computer Sciences Corp. 4.950% 11/30/2007		15,200,000		15,139,390
Computer Sciences Corp. 5.200% 11/21/2007		10,888,000		10,856,546
Devon Energy Corp. 5.170% 11/15/2007		12,000,000		11,975,873
Dow Chemical Co. 5.250% 01/25/2008		16,124,000		15,924,130
Dow Jones & Co., Inc. 5.070% 11/27/2007		3,379,000		3,366,627
DTE Capital Corp. 5.170% 11/29/2007		16,141,000		16,076,095
Duke Energy Carolinas 5.250% 11/05/2007		9,990,000		9,984,173
General Mills, Inc. 5.200% 11/14/2007		5,838,000		5,827,038
Kellogg Co. 5.200% 11/26/2007		12,558,000		12,512,652
Marathon Oil Corp. 5.300% 11/09/2007		4,983,000		4,977,131
Monsanto Co. 5.250% 11/30/2007		7,938,000		7,904,429
New Center Asset Trust 4.850% 12/21/2007		12,581,000		12,496,253
R.R Donnelly & Sons 5.300% 11/02/2007		4,163,000		4,162,387
Ryder System, Inc. 5.100% 11/28/2007		4,799,000		4,780,644
Ryder System, Inc. 5.300% 11/13/2007		7,094,000		7,081,467
South Carolina Electric & Gas 5.200% 11/28/2007		3,685,000		3,670,628

	Principal Amount		Market Value
South Carolina Electric & Gas 5.300% 11/06/2007	$	6,600,000	$	6,595,142
Starbucks Corp. 5.200% 11/16/2007		13,294,000		13,265,196
Time Warner Cable, Inc. 5.310% 11/08/2007		12,947,000		12,933,632
United Healthcare Corp.(c) 5.550% 12/17/2007		14,980,000		14,873,767
				235,992,323
TOTAL SHORT-TERM INVESTMENTS (Cost $327,663,208)				327,663,208
TOTAL INVESTMENTS — 120.4% (Cost $1,848,732,471)(k)				1,850,691,529
Other Assets/ (Liabilities) — (20.4%)				(313,051,403	)
NET ASSETS — 100.0%			$	1,537,640,126

Notes to Portfolio of Investments

FRN - Floating Rate Note

STEP - Step up bond

TBA - To be announced

VRN - Variable Rate Note

(a) Non-income producing security.

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

(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 October 31, 2007, these securities amounted to a value of $106,369,202 or 6.9% of net assets.

(d) Security is currently in default.

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

(f) All or a portion of this security is segregated to cover forward purchase commitments. (Note 2).

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

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

(i) Amount represents shares owned of the fund.

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

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

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

MassMutual Premier Diversified Bond Fund – Portfolio of Investments

October 31, 2007

	Number of Shares		Market Value
EQUITIES — 0.2%
COMMON STOCK — 0.0%
Diversified Financial — 0.0%
Contifinancial Corp. Liquidating Trust(a)		114,845	$	1,709
Telecommunications — 0.0%
Manitoba Telecom Services, Inc.		1,909		94,465
TOTAL COMMON STOCK (Cost $138,241)				96,174
PREFERRED STOCK — 0.2%
Investment Companies Special Value Expansion Fund LLC(b)		7,500		759,056
TOTAL PREFERRED STOCK (Cost $750,000)				759,056
TOTAL EQUITIES (Cost $888,241)				855,230
	Principal Amount
BONDS & NOTES — 96.0%
ASSET BACKED SECURITIES — 0.1%
Electric — 0.1%
Mirant Mid-Atlantic LLC, Series 2001, Class A 8.625% 06/30/2012	$	554,409		582,130
Home Equity ABS — 0.0%
New Century Home Equity Loan Trust, Series 1997-NC5, Class A6 FRN 7.200% 10/25/2028		1,518		1,511
TOTAL ASSET BACKED SECURITIES (Cost $597,277)				583,641
CORPORATE DEBT — 35.0%
Advertising — 0.0%
RH Donnelley Corp. 8.875% 01/15/2016		175,000		175,000
Aerospace & Defense — 0.1%
Goodrich (B.F.) Co. 7.500% 04/15/2008		100,000		100,970

	Principal Amount		Market Value
TransDigm, Inc. 7.750% 07/15/2014	$	325,000	$	330,687
				431,657
Apparel — 0.3%
Kellwood Co. 7.625% 10/15/2017		65,000		56,875
Kellwood Co. 7.875% 07/15/2009		200,000		202,798
VF Corp. 6.450% 11/01/2037		1,150,000		1,145,348
				1,405,021
Auto Manufacturers — 0.4%
DaimlerChrysler NA Holding 4.050% 06/04/2008		100,000		99,192
Ford Motor Co. 7.450% 07/16/2031		1,000,000		790,000
General Motors Corp.(c) 8.375% 07/15/2033		1,090,000		991,900
				1,881,092
Automotive & Parts — 0.7%
Affinia Group, Inc. 9.000% 11/30/2014		240,000		224,400
American Tire Distributer FRN(b) 11.481% 04/01/2012		400,000		404,000
The Goodyear Tire & Rubber Co.(c) 9.000% 07/01/2015		163,000		178,281
Johnson Controls, Inc. 6.300% 02/01/2008		575,000		575,701
Lear Corp., Series B 8.750% 12/01/2016		500,000		480,000
Stanadyne Corp. 10.000% 08/15/2014		450,000		456,750
Tenneco Automotive, Inc.(c) 8.625% 11/15/2014		650,000		663,000
Titan International, Inc. 8.000% 01/15/2012		75,000		75,000
United Components, Inc. 9.375% 06/15/2013		665,000		678,300
				3,735,432
Banks — 1.4%
Bank of America Corp. 4.250% 10/01/2010		225,000		221,572
Bank of America Corp.(c) 6.000% 09/01/2017		750,000		764,572

	Principal Amount		Market Value
Barclays Bank PLC 5.450% 09/12/2012	$	1,100,000	$	1,112,331
HSBC Holdings PLC 6.500% 09/15/2037		1,900,000		1,882,471
Wachovia Bank NA 7.800% 08/18/2010		950,000		1,018,181
Wachovia Corp. 5.300% 10/15/2011		1,245,000		1,244,334
Wells Fargo & Co. 4.125% 03/10/2008		750,000		746,165
Wells Fargo & Co. 4.875% 01/12/2011		235,000		233,719
				7,223,345
Beverages — 0.7%
Anheuser-Busch Cos., Inc. 5.050% 10/15/2016		65,000		63,087
Anheuser-Busch Cos., Inc. 6.500% 02/01/2043		450,000		469,186
Coca-Cola Co. 5.350% 11/15/2017		800,000		794,462
Diageo Finance BV 3.875% 04/01/2011		1,010,000		971,116
Foster's Finance Corp.(b) 6.875% 06/15/2011		430,000		454,866
Miller Brewing Co.(b) 4.250% 08/15/2008		275,000		273,066
Molson Coors Capital Finance ULC 4.850% 09/22/2010		500,000		496,544
				3,522,327
Building Materials — 0.3%
American Standard, Inc. 7.375% 02/01/2008		852,000		854,755
American Standard, Inc. 7.625% 02/15/2010		100,000		104,762
Interline Brands, Inc. 8.125% 06/15/2014		325,000		324,187
York International Corp. 6.700% 06/01/2008		365,000		367,518
				1,651,222
Chemicals — 0.3%
Cytec Industries, Inc. 5.500% 10/01/2010		415,000		418,409
Ecolab, Inc. 6.875% 02/01/2011		135,000		141,395
Innophos, Inc. Step 8.875% 08/15/2014		100,000		100,750
Lubrizol Corp. 5.875% 12/01/2008		315,000		316,045

(Continued)

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

MassMutual Premier Diversified Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Praxair, Inc. 6.500% 03/01/2008	$	550,000	$	552,764
				1,529,363
Commercial Services — 1.4%
Aramark Corp. 8.500% 02/01/2015		225,000		227,812
ARAMARK Corp. FRN 8.856% 02/01/2015		225,000		226,125
Cenveo Corp. 7.875% 12/01/2013		250,000		234,375
Donnelley (R.R.) & Sons Co. 4.950% 05/15/2010		650,000		645,195
Equifax, Inc. 4.950% 11/01/2007		625,000		625,000
Equifax, Inc. 7.000% 07/01/2037		355,000		359,709
ERAC USA Finance Co.(b) 6.700% 06/01/2034		250,000		235,223
ERAC USA Finance Co.(b) 7.000% 10/15/2037		2,400,000		2,361,742
ERAC USA Finance Co.(b) 7.950% 12/15/2009		455,000		479,348
Great Lakes Dredge & Dock Corp. 7.750% 12/15/2013		130,000		126,100
Iron Mountain, Inc.(c) 8.750% 07/15/2018		285,000		299,250
Penhall International(b) 12.000% 08/01/2014		450,000		460,125
Rental Service Corp. 9.500% 12/01/2014		200,000		192,250
United Rentals 7.750% 11/15/2013		210,000		223,650
Valassis Communications, Inc. 8.250% 03/01/2015		180,000		151,650
				6,847,554
Computers — 0.1%
Compucom Systems, Inc.(b) 12.500% 10/01/2015		290,000		290,000
Electronic Data Systems Corp., Series B 6.500% 08/01/2013		290,000		293,658
				583,658
Diversified Financial — 6.0%
Alamosa Delaware, Inc. 8.500% 01/31/2012		1,000,000		1,041,021
American Express Co. 6.150% 08/28/2017		300,000		305,954
American General Finance Corp. 5.900% 09/15/2012		1,610,000		1,625,860

	Principal Amount		Market Value
American General Finance Corp. 6.500% 09/15/2017	$	550,000	$	567,872
American Honda Finance Corp.(b) 3.850% 11/06/2008		200,000		197,443
BlackRock, Inc. 6.250% 09/15/2017		1,200,000		1,211,316
Boeing Capital Corp. 5.800% 01/15/2013		150,000		154,708
Boeing Capital Corp., Ltd. 6.500% 02/15/2012		1,040,000		1,099,292
Capital One Bank 5.000% 06/15/2009		680,000		675,484
CIT Group, Inc. 3.650% 11/23/2007		850,000		849,039
CIT Group, Inc. 3.875% 11/03/2008		275,000		268,714
CIT Group, Inc. 5.125% 09/30/2014		675,000		621,435
Citigroup, Inc. 5.500% 02/15/2017		725,000		711,044
Citigroup, Inc. 5.850% 12/11/2034		475,000		453,876
Countrywide Home Loans, Inc. 3.250% 05/21/2008		1,000,000		950,431
Eaton Vance Corp. 6.500% 10/02/2017		1,100,000		1,122,956
Emerald Investment Grade CBO Ltd. FRN(b) 5.885% 05/24/2011		215,487		214,409
ERAC USA Finance Co.(b) 6.800% 02/15/2008		100,000		100,260
Ford Motor Credit Co. 8.000% 12/15/2016		500,000		462,897
Franklin Resources, Inc. 3.700% 04/15/2008		1,675,000		1,667,203
General Electric Capital Corp. 4.250% 12/01/2010		270,000		265,919
General Electric Capital Corp. 5.375% 10/20/2016		1,200,000		1,195,924
Glencore Funding LLC(b) 6.000% 04/15/2014		600,000		602,305
GMAC LLC 6.875% 08/28/2012		330,000		297,493
The Goldman Sachs Group, Inc. 5.150% 01/15/2014		1,175,000		1,147,110
The Goldman Sachs Group, Inc. 5.625% 01/15/2017		1,000,000		968,285

	Principal Amount		Market Value
The Goldman Sachs Group, Inc. 6.125% 02/15/2033	$	440,000	$	430,114
The Goldman Sachs Group, Inc. 6.750% 10/01/2037		605,000		607,281
Hawker Beechcraft Acquisition Co. LLC/ Hawker Beechcraft Notes Co.(b) 9.750% 04/01/2017		375,000		381,562
Household Finance Corp. 4.125% 12/15/2008		375,000		371,162
Household Finance Corp. 6.375% 10/15/2011		660,000		682,121
HSBC Finance Corp. 5.900% 06/19/2012		1,300,000		1,324,745
Hughes Network System LLC 9.500% 04/15/2014		175,000		179,594
Idearc, Inc. 8.000% 11/15/2016		320,000		320,800
Lazard Group LLC 6.850% 06/15/2017		635,000		627,486
Lazard Group LLC 7.125% 05/15/2015		505,000		511,666
Lehman Brothers Holdings, Inc. 6.200% 09/26/2014		1,260,000		1,268,176
Lehman Brothers Holdings, Inc. 6.875% 07/17/2037		825,000		817,451
Lehman Brothers Holdings, Inc. 7.000% 09/27/2027		175,000		178,719
MBNA Corp. 4.625% 09/15/2008		430,000		428,401
Merrill Lynch & Co., Inc. 4.125% 01/15/2009		775,000		765,450
Morgan Stanley 5.450% 01/09/2017		450,000		435,226
Pinnacle Foods Finance LLC/ Pinnacle Foods Finance Corp.(b) (c) 10.625% 04/01/2017		275,000		256,437
Residential Capital Corp. 7.125% 11/21/2008		1,090,000		918,325
SLM Corp., Series A 4.000% 01/15/2009		1,000,000		966,932
Snoqualmie Ent Authority(b) 9.125% 02/01/2015		75,000		73,687
				30,323,585

(Continued)

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

MassMutual Premier Diversified Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Electric — 2.8%
Allegheny Energy Supply Co. LLC(b) 8.250% 04/15/2012	$	325,000	$	352,625
Appalachian Power Co., Series G 3.600% 05/15/2008		375,000		371,768
Carolina Power & Light Co. 5.950% 03/01/2009		1,410,000		1,423,671
Centerpoint Energy, Inc. Series B 6.850% 06/01/2015		525,000		549,566
Centerpoint Energy, Inc., Series B 5.875% 06/01/2008		785,000		785,395
Consumers Energy Co. 4.400% 08/15/2009		600,000		594,661
Dominion Resources, Inc. 4.125% 02/15/2008		385,000		383,684
Duke Energy Corp. 4.200% 10/01/2008		210,000		208,385
Edison Mission Energy Corp. 7.750% 06/15/2016		40,000		41,100
Elwood Energy LLC 8.159% 07/05/2026		526,905		539,982
Entergy Gulf States, Inc. 5.250% 08/01/2015		425,000		403,324
Exelon Corp. 4.900% 06/15/2015		700,000		656,753
Indianapolis Power & Light(b) 6.300% 07/01/2013		175,000		180,861
Intergen NV(b) 9.000% 06/30/2017		300,000		317,250
Kansas Gas & Electric Co. 5.647% 03/29/2021		349,016		336,724
Kiowa Power Partners LLC(b) 4.811% 12/30/2013		227,214		223,883
MidAmerican Energy Holdings Co. 3.500% 05/15/2008		640,000		634,481
MidAmerican Funding LLC 6.750% 03/01/2011		725,000		753,007
Monongahela Power 6.700% 06/15/2014		275,000		290,430
Nevada Power Co., Series L 5.875% 01/15/2015		200,000		200,631
Niagara Mohawk Power Corp., Series G 7.750% 10/01/2008		150,000		153,363
NRG Energy, Inc. 7.375% 02/01/2016		450,000		448,875

	Principal Amount		Market Value
Pennsylvania Electric Co. Class B 6.125% 04/01/2009	$	1,385,000	$	1,403,472
PSEG Energy Holdings, Inc. 8.625% 02/15/2008		62,000		62,375
Tenaska Oklahoma(b) 6.528% 12/30/2014		282,870		284,754
TransAlta Corp. 5.750% 12/15/2013		1,500,000		1,496,155
Tri-State Generation & Transmission Association, Series 2003, Class A(b) 6.040% 01/31/2018		131,471		133,900
Tri-State Generation & Transmission Association, Series 2003, Class B(b) 7.144% 07/31/2033		290,000		309,158
Wisconsin Electric Power 3.500% 12/01/2007		560,000		559,274
				14,099,507
Electrical Components & Equipment — 0.2%
Ametek, Inc. 7.200% 07/15/2008		760,000		768,206
Electronics — 0.5%
Thermo Electron Corp. 7.625% 10/30/2008		1,110,000		1,131,258
Thomas & Betts Corp., Series B 6.390% 02/10/2009		1,500,000		1,524,523
				2,655,781
Engineering & Construction — 0.1%
North American Energy Partners, Inc. 8.750% 12/01/2011		475,000		479,750
Entertainment — 0.4%
AMC Entertainment, Inc. 11.000% 02/01/2016		265,000		286,862
Diamond Jo LLC 8.750% 04/15/2012		400,000		399,000
Mohegan Tribal Gaming Authority 6.125% 02/15/2013		600,000		571,500
Tunica-Biloxi Gaming Authority(b) 9.000% 11/15/2015		625,000		650,000
				1,907,362
Environmental Controls — 0.2%
Republic Services, Inc. 6.750% 08/15/2011		485,000		508,360

	Principal Amount		Market Value
Waste Services, Inc. 9.500% 04/15/2014	$	600,000	$	600,000
				1,108,360
Foods — 0.5%
Fred Meyer, Inc. 7.450% 03/01/2008		750,000		755,185
General Mills Inc. 5.700% 02/15/2017		1,500,000		1,483,912
Land O' Lakes, Inc. 8.750% 11/15/2011		150,000		153,750
Sara Lee Corp. 3.875% 06/15/2013		240,000		221,352
Stater Brothers Holdings 7.750% 04/15/2015		100,000		99,750
				2,713,949
Forest Products & Paper — 0.4%
International Paper Co.(c) 3.800% 04/01/2008		1,900,000		1,888,247
Newark Group, Inc. 9.750% 03/15/2014		190,000		186,200
Rock-Tenn Co. 8.200% 08/15/2011		60,000		61,500
				2,135,947
Gas — 0.3%
Australian Gas Light Co. Ltd.(b) 6.400% 04/15/2008		520,000		523,040
OAO Gazprom(b) 9.625% 03/01/2013		300,000		345,750
Piedmont Natural Gas Co., Series E 6.000% 12/19/2033		175,000		169,386
Southwest Gas Corp. 8.375% 02/15/2011		350,000		379,280
				1,417,456
Health Care – Services — 0.2%
Community Health Systems, Inc.(b) (c) 8.875% 07/15/2015		450,000		455,625
HCA, Inc. 9.250% 11/15/2016		345,000		363,112
Universal Health Services, Inc. 6.750% 11/15/2011		165,000		170,794
				989,531
Holding Company – Diversified — 0.1%
Leucadia National Corp. 7.000% 08/15/2013		385,000		375,375

(Continued)

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

MassMutual Premier Diversified Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Home Builders — 0.2%
Centex Corp. 7.875% 02/01/2011	$	475,000	$	461,049
D.R. Horton, Inc. 4.875% 01/15/2010		220,000		203,116
Lennar Corp., Series B 5.125% 10/01/2010		105,000		94,889
Lennar Corp., Series B 6.500% 04/15/2016		450,000		403,780
				1,162,834
Home Furnishing — 0.2%
ALH Finance LLC/ ALH Finance Corp. 8.500% 01/15/2013		250,000		245,625
Maytag Corp. 8.630% 11/15/2007		700,000		700,421
				946,046
Household Products — 0.4%
Kimberly-Clark Corp. 6.125% 08/01/2017		1,200,000		1,263,241
Yankee Acquisition Corp.(c) 9.750% 02/15/2017		630,000		582,750
				1,845,991
Housewares — 0.1%
Newell Rubbermaid, Inc. 4.000% 05/01/2010		290,000		286,018
Toro Co. 7.800% 06/15/2027		190,000		202,895
				488,913
Insurance — 0.1%
Berkshire Hathaway Finance Corp. 4.850% 01/15/2015		250,000		242,221
Lincoln National Corp. 6.300% 10/09/2037		405,000		405,519
				647,740
Internet — 0.0%
The Thomson Corp. 6.200% 01/05/2012		70,000		72,237
Investment Companies — 0.1%
Xstrata Finance Canada(b) 5.800% 11/15/2016		325,000		322,318
Iron & Steel — 0.2%
Reliance Steel & Aluminum Co. 6.200% 11/15/2016		435,000		433,506
Ryerson, Inc.(b) 12.000% 11/01/2015		70,000		71,925

	Principal Amount		Market Value
Tube City IMS Corp. 9.750% 02/01/2015	$	310,000	$	304,575
				810,006
Lodging — 0.4%
Marriot International 6.200% 06/15/2016		1,225,000		1,231,385
Starwood Hotels & Resorts Worldwide, Inc. 6.250% 02/15/2013		375,000		376,257
Station Casinos, Inc. 6.625% 03/15/2018		525,000		416,062
				2,023,704
Machinery – Diversified — 0.4%
Briggs & Stratton Corp. 8.875% 03/15/2011		555,000		591,075
Idex Corp. 6.875% 02/15/2008		935,000		939,216
Stewart & Stevenson LLC 10.000% 07/15/2014		500,000		513,750
				2,044,041
Manufacturing — 1.1%
Cooper US, Inc. 6.100% 07/01/2017		605,000		624,982
Covidien International F(b) 5.450% 10/15/2012		1,000,000		1,003,743
Covidien International Finance SA(b) 6.550% 10/15/2037		850,000		865,943
Pentair, Inc. 7.850% 10/15/2009		570,000		601,278
Polypore, Inc. 8.750% 05/15/2012		650,000		643,500
RBS Global, Inc. and Rexnord Corp.(c) 11.750% 08/01/2016		200,000		212,000
Tyco Electronics Group SA(b) 6.000% 10/01/2012		550,000		556,191
Tyco Electronics Group SA(b) 6.550% 10/01/2017		500,000		510,213
Tyco Electronics Group SA(b) 7.125% 10/01/2037		650,000		679,543
				5,697,393
Media — 3.7%
Belo Corp. 8.000% 11/01/2008		750,000		764,015
British Sky Broadcasting PLC 6.875% 02/23/2009		750,000		766,701

	Principal Amount		Market Value
Cablevision Systems Corp., Series B 8.000% 04/15/2012	$	275,000	$	268,812
CCH I LLC 11.125% 01/15/2014		675,000		583,875
Clear Channel Communications, Inc. 4.250% 05/15/2009		1,100,000		1,058,005
Comcast Cable Communications, Inc. 6.200% 11/15/2008		850,000		857,833
Comcast Corp. 5.500% 03/15/2011		1,775,000		1,785,563
Comcast Corp. 7.050% 03/15/2033		500,000		538,602
Cox Communications, Inc. 4.625% 01/15/2010		2,930,000		2,897,662
Cox Communications, Inc. 6.750% 03/15/2011		145,000		151,457
Cox Enterprises, Inc.(b) 4.375% 05/01/2008		460,000		458,142
Dow Jones & Co., Inc. 3.875% 02/15/2008		1,400,000		1,395,405
Knight-Ridder, Inc. 7.125% 06/01/2011		170,000		165,861
McGraw-Hill Cos Inc. 5.375% 11/15/2012		1,210,000		1,202,866
Mediacom Broadband LLC 8.500% 10/15/2015		375,000		369,375
News America, Inc. 6.625% 01/09/2008		1,000,000		1,001,869
Quebecor Media, Inc.(b) 7.750% 03/15/2016		375,000		361,875
Shaw Communications, Inc. 8.250% 04/11/2010		225,000		239,062
Thomson Corp. 5.700% 10/01/2014		1,520,000		1,518,278
Thomson Corp. 5.750% 02/01/2008		1,130,000		1,131,461
Time Warner, Inc. 5.875% 11/15/2016		260,000		258,307
Viacom, Inc. 7.875% 07/30/2030		610,000		670,193
				18,445,219
Metal Fabricate & Hardware — 0.2%
Timken Co. 5.750% 02/15/2010		580,000		575,924
Trimas Corp. 9.875% 06/15/2012		168,000		172,620
				748,544

(Continued)

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

MassMutual Premier Diversified Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Mining — 0.3%
Codelco, Inc.(b) 6.150% 10/24/2036	$	465,000	$	464,488
Freeport-McMoran Copper & Gold, Inc. 8.375% 04/01/2017		205,000		224,475
Vale Overseas Ltd. 6.250% 01/23/2017		515,000		520,724
Vale Overseas Ltd. 6.875% 11/21/2036		470,000		488,585
				1,698,272
Office Equipment/Supplies — 0.1%
Xerox Corp. 5.500% 05/15/2012		335,000		335,099
Office Furnishings — 0.1%
Miller (Herman), Inc. 7.125% 03/15/2011		525,000		553,542
Oil & Gas — 1.5%
Brigham Exploration Co. 9.625% 05/01/2014		340,000		324,700
Chaparral Energy, Inc.(b) 8.875% 02/01/2017		375,000		350,625
Clayton William Energy 7.750% 08/01/2013		200,000		187,500
Delta Petroleum Corp.(c) 7.000% 04/01/2015		300,000		259,500
ENSCO International, Inc. 6.750% 11/15/2007		235,000		235,130
Enterprise Products Operating LP 7.500% 02/01/2011		110,000		116,661
Mariner Energy, Inc. 8.000% 05/15/2017		310,000		306,125
Petrohawk Energy Corp. 9.125% 07/15/2013		375,000		397,969
The Premcor Refining Group, Inc. 6.750% 05/01/2014		420,000		437,021
Quicksilver Resources, Inc. 7.125% 04/01/2016		200,000		197,000
Shell International Finance 5.625% 06/27/2011		3,915,000		4,033,159
Tesoro Corp.(b) 6.500% 06/01/2017		200,000		197,500
XTO Energy, Inc. 4.900% 02/01/2014		375,000		361,963
XTO Energy, Inc. 6.250% 04/15/2013		125,000		129,808
				7,534,661

	Principal Amount		Market Value
Oil & Gas Services — 0.1%
Basic Energy Services 7.125% 04/15/2016	$	400,000	$	385,000
Colonial Pipeline Co.(b) 7.630% 04/15/2032		65,000		77,285
				462,285
Packaging & Containers — 0.5%
Graham Packaging Co.(c) 9.875% 10/15/2014		235,000		232,650
Packaging Dynamics Finance Corp.(b) 10.000% 05/01/2016		975,000		979,875
Pactiv Corp. 5.875% 07/15/2012		325,000		331,151
Pactiv Corp. 6.400% 01/15/2018		290,000		299,402
Pliant Corp.(c) 11.125% 09/01/2009		235,000		203,275
Pregis Corp.(c) 12.375% 10/15/2013		400,000		436,000
				2,482,353
Pipelines — 1.8%
Atlas Pipeline Partners LP 8.125% 12/15/2015		175,000		174,125
Consolidated Natural Gas Co., Series C 6.250% 11/01/2011		275,000		283,663
Duke Energy Field Services Corp.(d) 7.875% 08/16/2010		255,000		272,697
Dynegy Holdings, Inc. 8.375% 05/01/2016		325,000		325,813
Enbridge Energy Partners LP 4.000% 01/15/2009		650,000		640,045
Enbridge, Inc. 5.800% 06/15/2014		1,150,000		1,162,547
Gulf South Pipeline Co. LP(b) 5.050% 02/01/2015		250,000		239,363
Kern River Funding Corp.(b) 4.893% 04/30/2018		139,475		138,975
Kinder Morgan Energy Partners LP 6.000% 02/01/2017		120,000		120,155
Kinder Morgan Energy Partners LP 6.300% 02/01/2009		1,500,000		1,519,826
Kinder Morgan Energy Partners LP 6.500% 02/01/2037		95,000		94,006

	Principal Amount		Market Value
Kinder Morgan Energy Partners LP 6.950% 01/15/2038	$	570,000	$	597,404
Kinder Morgan Finance 5.700% 01/05/2016		400,000		364,103
MarkWest Energy Partners LP/ MarkWest Energy Finance Corp., Series B 6.875% 11/01/2014		320,000		299,200
Pacific Energy Partners LP/Pacific Energy Finance Corp. 6.250% 09/15/2015		125,000		122,882
Pacific Energy Partners LP/Pacific Energy Finance Corp. 7.125% 06/15/2014		335,000		346,128
Plains All American Pipeline Co. 4.750% 08/15/2009		550,000		546,089
Plains All American Pipeline Co. 5.625% 12/15/2013		335,000		333,995
Southern Natural Gas Co.(b) 5.900% 04/01/2017		355,000		347,743
Texas Eastern Transmission LP(b) 6.000% 09/15/2017		425,000		428,579
Trans-Canada Pipelines 6.200% 10/15/2037		720,000		722,116
				9,079,454
Real Estate Investment Trusts (REITS) — 1.0%
Brandywine Operating Partnership LP 5.625% 12/15/2010		705,000		703,173
iStar Financial, Inc. REIT 7.000% 03/15/2008		575,000		575,055
iStar Financial, Inc. REIT, Series B 4.875% 01/15/2009		85,000		83,252
iStar Financial, Inc. REIT, Series B 5.700% 03/01/2014		170,000		154,610
Kimco Realty Corp., Series B 7.860% 11/01/2007		130,000		130,000
Prologis REIT 5.250% 11/15/2010		1,335,000		1,331,654
Senior Housing Properties Trust REIT 8.625% 01/15/2012		50,000		54,000

(Continued)

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

MassMutual Premier Diversified Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Simon Property Group LP REIT 4.875% 03/18/2010	$	575,000	$	569,464
United Dominion Realty Trust, Inc. REIT 4.500% 03/03/2008		550,000		549,171
Weingarten Realty Investors REIT, Series A 4.857% 01/15/2014		720,000		686,297
				4,836,676
Retail — 0.7%
Dave & Buster's, Inc. 11.250% 03/15/2014		125,000		127,188
Inergy LP/Inergy Finance Corp. 8.250% 03/01/2016		350,000		365,750
J.C. Penney Co., Inc. 7.950% 04/01/2017		140,000		156,299
Lowe's Companies, Inc. 5.600% 09/15/2012		650,000		659,248
McDonald's Corp. 6.300% 10/15/2037		325,000		331,624
Michaels Stores, Inc. 11.375% 11/01/2016		630,000		628,425
Neiman-Marcus Group, Inc. 10.375% 10/15/2015		180,000		195,750
Rite Aid Corp.(b) 9.500% 06/15/2017		275,000		254,375
Yum! Brands, Inc. 6.875% 11/15/2037		790,000		789,390
				3,508,049
Savings & Loans — 0.3%
Washington Mutual Bank 4.500% 08/25/2008		500,000		493,743
Washington Mutual Bank 5.650% 08/15/2014		1,225,000		1,133,752
				1,627,495
Software — 0.0%
Certegy, Inc. 4.750% 09/15/2008		50,000		49,563
Telecommunications — 3.0%
Anixter, Inc. 5.950% 03/01/2015		345,000		315,675
AT&T, Inc. 6.500% 09/01/2037		700,000		738,374
British Telecom PLC Step 9.125% 12/15/2030		345,000		466,547
Cincinnati Bell, Inc. 8.375% 01/15/2014		350,000		350,875

	Principal Amount		Market Value
Deutsche Telekom International Finance B.V. Step 8.250% 06/15/2030	$	1,495,000	$	1,863,165
Embarq Corp. 7.082% 06/01/2016		430,000		449,407
Hawaiian Telcom Communications(c) 12.500% 05/01/2015		460,000		499,100
Insight Midwest LP/ Insight Capital, Inc. 9.750% 10/01/2009		65,000		65,081
Intelsat Bermuda Ltd. 9.250% 06/15/2016		265,000		274,938
Nextel Communications 7.375% 08/01/2015		300,000		303,000
NTL Cable PLC 9.125% 08/15/2016		225,000		237,375
Qwest Corp. 8.875% 03/15/2012		1,470,000		1,609,650
Rogers Wireless Communications, Inc. 7.500% 03/15/2015		35,000		37,934
SBC Communications, Inc. 6.125% 02/15/2008		372,000		372,741
SBC Communications, Inc. 6.150% 09/15/2034		750,000		758,032
Sprint Capital Corp. 6.125% 11/15/2008		1,440,000		1,448,060
Sprint Capital Corp. 6.900% 05/01/2019		240,000		240,016
Sprint Nextel Corp. 6.000% 12/01/2016		525,000		504,793
Stratos Global Corp. 9.875% 02/15/2013		270,000		283,500
Telecom Italia Capital SA 6.000% 09/30/2034		500,000		478,897
Telefonica Emisiones, S.A.U. 7.045% 06/20/2036		935,000		1,027,008
Verizon Global Funding Corp. 4.375% 06/01/2013		900,000		864,489
Verizon Virginia, Inc., Series A 4.625% 03/15/2013		610,000		585,769
Vodafone Group PLC 7.750% 02/15/2010		1,250,000		1,321,921
				15,096,347
Transportation — 0.9%
Bristow Group, Inc.(b) 7.500% 09/15/2017		50,000		51,500

	Principal Amount		Market Value
Burlington Northern Santa Fe Corp. 6.750% 03/15/2029	$	490,000	$	515,646
Canadian National Railway Co. 5.850% 11/15/2017		375,000		381,564
Canadian National Railway Co. 6.375% 11/15/2037		335,000		346,290
CNF, Inc. 8.875% 05/01/2010		300,000		324,191
CSX Corp. 6.250% 10/15/2008		250,000		252,506
Norfolk Southern Corp. 6.000% 04/30/2008		375,000		377,073
Quality Distribution LLC/ QD Capital Corp. 9.000% 11/15/2010		350,000		334,250
Quality Distribution LLC/ QD Capital Corp. FRN 9.709% 01/15/2012		270,000		271,350
Union Pacific Corp. 5.750% 11/15/2017		250,000		247,807
Union Pacific Corp. 7.375% 09/15/2009		750,000		782,265
Union Pacific Corp., Series E 6.790% 11/09/2007		500,000		500,093
				4,384,535
Trucking & Leasing — 0.2%
TTX Co.(b) 4.500% 12/15/2010		1,000,000		987,497
TOTAL CORPORATE DEBT (Cost $176,441,400)				175,851,294
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 8.6%
Commercial MBS — 3.6%
Bear Stearns Commercial Mortgage Securities, Series 2007-PW15, Class A2 5.205% 02/11/2044		1,325,000		1,318,244
Bear Stearns Commercial Mortgage Securities, Series 2007-T26, Class A2 5.330% 01/12/2045		750,000		747,306
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class A2A 5.237% 12/11/2049		1,775,000		1,771,266

(Continued)

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

MassMutual Premier Diversified Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
LB-UBS Commercial Mortgage Trust, Series 2007-C1, Class A3 5.398% 02/15/2040	$	4,450,000	$	4,406,529
Morgan Stanley Capital I, Series 2007-HQ11, Class A31 5.439% 02/20/2044		4,200,000		4,170,972
Morgan Stanley Capital I, Series 2007-IQ14, Class A2 5.610% 04/15/2049		2,225,000		2,238,499
Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class A2 6.055% 02/15/2051		3,500,000		3,567,529
				18,220,345
Home Equity ABS — 0.6%
Terwin Mortgage Trust, Series 2006-10SL, Class A2 5.000% 10/31/2036		3,150,000		2,896,031
Other ABS — 0.8%
Ares High Yield CSO PLC, Series 2005-2A, Class 2B1 FRN(b) 6.360% 09/20/2010		700,000		681,625
Galena CDO Cayman Islands, Ltd., Series 2005-1, Class B1U7 FRN(b) 6.246% 01/11/2013		875,000		849,896
Newport Waves CDO, Series 2007-1A, Class A3LS(b) 6.188% 06/20/2014		1,375,000		1,256,836
Salt Creek High Yield CSO Ltd.,Series 2005-1A, Class A7, FRN(b) 7.588% 09/20/2010		515,000		493,515
Salt Creek High Yield CSO Ltd.,Series 2005-1A, Class B2, FRN(b) 8.188% 09/20/2010		430,000		409,642
				3,691,514
WL Collateral CMO — 3.6%
ABN AMRO Mortgage Corp., Series 2003-12, Class 1A 5.000% 12/25/2033		656,139		621,615

	Principal Amount		Market Value
Bank of America Mortgage Securities, Series 2004-G, Class 2A7 FRN 4.534% 08/25/2034	$	335,057	$	331,350
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-5, Class IIA FRN 3.994% 07/25/2034		1,085,665		1,067,461
Chase Mortgage Finance Corp., Series 2007-A2, Class 2A1 4.242% 07/25/2037		3,342,703		3,305,933
Countrywide Home Loans, Inc., Series 2003-42, Class 1A1, FRN 7.302% 09/25/2033		75,996		76,857
Countrywide Home Loans, Inc., Series 2004-2, Class 1A1, FRN 6.013% 02/25/2034		63,912		64,293
First Nationwide Trust, Series 2001-5, Class A1 6.750% 10/21/2031		77,406		79,123
GSR Mortgage Loan Trust, Series 2004-9, Class 2A1, VRN 6.640% 08/25/2034		87,884		88,427
Impac Secured Assets Corp., Series 2007-2, Class 1A1A, FRN 5.241% 05/25/2037		2,383,300		2,346,635
IndyMac Bancorp, Inc. Mortgage Loan Trust, Series 2004-AR4, Class 1A, VRN 6.933% 08/25/2034		170,606		171,123
MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 3A6 FRN 3.786% 11/21/2034		2,975,000		2,908,829
Merrill Lynch Mortgage Investors, Inc., Series 2003-A4, Class 1A, VRN 7.227% 07/25/2033		17,103		17,081
Merrill Lynch Mortgage Investors, Inc., Series 2004-A1, Class 1A, FRN 6.226% 02/25/2034		28,995		29,302

	Principal Amount		Market Value
Merrill Lynch Mortgage Investors, Inc., Series 2004-A1, Class 2A2 VRN 4.558% 02/25/2034	$	722,657	$	716,648
Morgan Stanley Mortgage Loan Trust, Series 2004-2AR, Class 1A, FRN 7.375% 02/25/2034		3,036		3,093
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A, FRN 7.419% 03/25/2034		82,401		84,102
Structured Asset Securities Corp., Series 2003-30, Class 1A1 5.500% 10/25/2033		208,325		203,702
Structured Asset Securities Corp., Series 2003-7H, Class A1II 6.500% 03/25/2033		561,889		555,008
Vendee Mortgage Trust, Series 1992-1, Class 2Z 7.750% 05/15/2022		43,255		45,593
Washington Mutual MSC Mortgage, Series 2004-RA1, Class 2A 7.000% 03/25/2034		305,157		310,043
Washington Mutual MSC Mortgage, Series 2004-RA4, Class 2A 6.500% 08/25/2034		168,225		169,200
Washington Mutual, Inc., Series 2004-AR14, Class A1 FRN 4.259% 01/25/2035		1,472,258		1,448,968
Washington Mutual, Inc., Series 2004-AR2, Class A, FRN 6.333% 04/25/2044		225,728		226,678
Wells Fargo Mortgage Backed Securities Trust, Series 2004-P, Class 2A1, FRN 4.224% 09/25/2034		886,110		878,698
Wells Fargo Mortgage Backed Securities Trust, Series 2004-Z, Class 2A1 FRN 4.573% 12/25/2034		1,170,956		1,157,675

(Continued)

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

MassMutual Premier Diversified Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR10, Class 2A2, FRN 4.110% 06/25/2035	$	1,312,251	$	1,304,697
				18,212,134
WL Collateral PAC — 0.0%
Structured Asset Securities Corp., Series 2002-11A, Class 2A1, FRN 7.153% 06/25/2032		60,629		60,413
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $43,700,677)				43,080,437
SOVEREIGN DEBT OBLIGATIONS — 0.6%
Province of Ontario 4.750% 01/19/2016		1,525,000		1,500,594
United Mexican States 5.625% 01/15/2017		1,255,000		1,273,198
United Mexican States 8.375% 01/14/2011		100,000		111,000
				2,884,792
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $2,828,827)				2,884,792
U.S. GOVERNMENT AGENCY OBLIGATIONS — 40.7%
Other Agencies — 0.0%
Pass-Through Securities
New Valley Generation IV, TVA 4.687% 01/15/2022		91,747		90,338
U.S. Government Agencies — 40.7%
Collateralized Mortgage Obligations
FHLMC, Series 2178, Class PB 7.000% 08/15/2029		104,954		108,018
Pass-Through Securities
FHLMC 5.000% 11/01/2018- 01/01/2020		1,796,909		1,775,370
FHLMC 5.500% 06/01/2017- 11/01/2031		12,633,034		12,666,875
FHLMC 6.000% 04/01/2017- 02/01/2018		43,592		44,492
FHLMC 7.000% 09/01/2031		11,298		11,802

	Principal Amount		Market Value
FHLMC 7.500% 09/01/2024- 02/01/2030	$	67,988	$	72,713
FNMA 3.875% 02/15/2010		7,300,000		7,225,707
FNMA 4.500% 09/01/2018- 03/01/2021		8,327,705		8,059,076
FNMA 5.000% 03/01/2018- 09/01/2035		9,860,942		9,524,025
FNMA 5.500% 03/01/2017- 09/01/2035		30,774,314		30,633,854
FNMA 6.500% 07/01/2016- 01/01/2037		5,397,503		5,527,871
FNMA 7.500% 04/01/2031- 06/01/2031		54,675		58,067
FNMA FRN 4.363% 10/01/2034		2,504,233		2,479,067
FNMA TBA(e) 4.500% 11/01/2037		27,450,000		25,567,100
FNMA TBA(e) 5.000% 12/01/2037		29,600,000		28,385,938
FNMA TBA(e) 6.500% 11/01/2037		15,100,000		15,455,086
GNMA 5.500% 06/15/2036		15,898,256		15,815,660
GNMA 6.000% 05/15/2037- 08/15/2037		4,744,947		4,808,521
GNMA 6.500% 01/15/2032- 09/15/2037		32,586,469		33,542,657
GNMA(d) 7.000% 10/15/2027- 08/15/2032		164,113		172,251
GNMA 8.000% 08/15/2026- 03/15/2027		30,497		32,816
GNMA TBA(e) 5.500% 11/01/2037		2,625,000		2,609,209
				204,468,157
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $204,493,020)				204,666,513
U.S. TREASURY OBLIGATIONS — 11.0%
U.S. Treasury Bond(c) (d) (f) 6.125% 08/15/2029		16,290,000		19,217,109

	Principal Amount		Market Value
U.S. Treasury Bond(d) 7.125% 02/15/2023	$	1,500,000	$	1,878,984
U.S. Treasury Note 4.000% 11/15/2012		8,740,000		8,695,617
U.S. Treasury Note(c) (d) 4.500% 05/15/2017		14,025,000		14,068,828
U.S. Treasury Note 4.875% 05/31/2011		11,425,000		11,748,113
				55,608,651
TOTAL U.S. TREASURY OBLIGATIONS (Cost $54,610,216)				55,608,651
TOTAL BONDS & NOTES (Cost $482,671,417)				482,675,328
OPTIONS — 0.1%
Bear Stearns Bank Put, Expires 9/21/2009, Strike 4.58		9,875,000		146,155
Bear Stearns Co., Inc. Floor, Expires 10/01/2014, Strike 0.00		5,000,000		55,329
Bear Stearns Put, Expires 9/21/2009, Strike 5.05		40,500,000		436,873
TOTAL OPTIONS (Cost $550,250)				638,357
TOTAL LONG TERM INVESTMENTS (Cost $484,109,908)				484,168,915
SHORT-TERM INVESTMENTS — 24.8%
Cash Equivalents — 7.6%(h)
Abbey National PLC Eurodollar Time Deposit 4.850% 11/08/2007		275,727		275,727
ABN Amro Bank NV Eurodollar Time Deposit 4.795% 11/21/2007		689,323		689,323
ABN Amro Bank NV Eurodollar Time Deposit 4.950% 11/14/2007		551,459		551,459
ABN Amro Bank NV Eurodollar Time Deposit 5.050% 11/13/2007		827,188		827,188
Bank of Nova Scotia Eurodollar Time Deposit 4.650% 11/30/2007		344,662		344,662
Bank of Nova Scotia Eurodollar Time Deposit 4.800% 11/26/2007		827,188		827,188
Bank of Nova Scotia Eurodollar Time Deposit 4.940% 11/16/2007		551,459		551,459

(Continued)

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

MassMutual Premier Diversified Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Bank of Nova Scotia Eurodollar Time Deposit 4.950% 11/19/2007	$	344,662	$	344,662
Bank of Nova Scotia Eurodollar Time Deposit 5.000% 11/15/2007		344,662		344,662
Barclays Eurodollar Time Deposit 5.000% 01/22/2008		413,594		413,594
Barclays Eurodollar Time Deposit 5.330% 11/05/2007		344,662		344,662
BNP Paribas Eurodollar Time Deposit 4.720% 11/01/2007		1,654,376		1,654,376
BNP Paribas Eurodollar Time Deposit 4.800% 11/23/2007		689,323		689,323
BNP Paribas Eurodollar Time Deposit 4.900% 11/01/2007		689,323		689,323
BNP Paribas Eurodollar Time Deposit 5.020% 11/15/2007		413,594		413,594
Calyon Eurodollar Time Deposit 4.875% 11/01/2007		1,378,647		1,378,647
Calyon Eurodollar Time Deposit 5.330% 11/07/2007		1,378,647		1,378,647
Canadian Imperial Bank of Commerce Eurodollar Time Deposit 5.340% 11/09/2007		275,729		275,729
Dexia Group Eurodollar Time Deposit 4.980% 11/14/2007		896,120		896,120
Dexia Group Eurodollar Time Deposit 5.000% 11/05/2007		344,662		344,662
Dexia Group Eurodollar Time Deposit 5.100% 11/05/2007		413,594		413,594
Fifth Third Bancorp Eurodollar Time Deposit 4.625% 11/01/2007		1,033,985		1,033,985
Fortis Bank Eurodollar Time Deposit 4.820% 11/01/2007		1,378,647		1,378,647
Fortis Bank Eurodollar Time Deposit 5.330% 11/05/2007		1,033,985		1,033,985

	Principal Amount		Market Value
Freddie Mac Agency 4.533% 11/05/2007	$	86,639	$	86,639
Freddie Mac Agency Discount Note 4.527% 11/13/2007		268,360		268,360
General Electric Capital Corp. 4.822% 11/14/2007		1,372,397		1,372,397
JP Morgan Chase & Co. Eurodollar Time Deposit 5.150% 02/12/2008		689,323		689,323
Lloyds TSB Bank Eurodollar Time Deposit 4.880% 11/20/2007		1,033,985		1,033,985
Lloyds TSB Bank Eurodollar Time Deposit 4.950% 11/09/2007		689,323		689,323
National Australia Bank Eurodollar Time Deposit 4.800% 11/01/2007		1,378,647		1,378,647
Rabobank Nederland Eurodollar Time Deposit 4.813% 11/01/2007		1,378,647		1,378,647
Rabobank Nederland Eurodollar Time Deposit 4.820% 11/08/2007		1,033,985		1,033,985
Rabobank Nederland Eurodollar Time Deposit 4.950% 11/01/2007		620,391		620,391
Rabobank Nederland Eurodollar Time Deposit 4.950% 11/15/2007		344,662		344,662
Reserve Primary Money Market Fund(g)		626,680		626,680
Royal Bank of Canada Eurodollar Time Deposit 4.950% 11/16/2007		413,594		413,594
Royal Bank of Scotland Eurodollar Time Deposit 4.950% 11/01/2007		2,067,970		2,067,970
Royal Bank of Scotland Eurodollar Time Deposit 5.000% 01/22/2008		344,662		344,662
Royal Bank of Scotland Eurodollar Time Deposit 5.330% 11/07/2007		689,323		689,323
Societe Generale Eurodollar Time Deposit 4.813% 11/01/2007		1,378,647		1,378,647

	Principal Amount		Market Value
Societe Generale Eurodollar Time Deposit 5.050% 11/02/2007	$	551,459	$	551,459
Societe Generale Eurodollar Time Deposit 5.050% 11/19/2007		275,729		275,729
Societe Generale Eurodollar Time Deposit 5.120% 11/01/2007		551,459		551,459
Svenska Handlesbanken Eurodollar Time Deposit 4.840% 11/01/2007		2,153,798		2,153,798
Toronto Dominion Bank Eurodollar Time Deposit 4.880% 11/06/2007		344,662		344,662
Toronto Dominion Bank Eurodollar Time Deposit 5.000% 11/07/2007		1,033,985		1,033,985
UBS AG Eurodollar Time Deposit 5.365% 11/08/2007		344,662		344,662
Wells Fargo Eurodollar Time Deposit 4.750% 11/23/2007		689,323		689,323
Wells Fargo Eurodollar Time Deposit 4.800% 11/09/2007		689,323		689,323
				38,146,853
Commercial Paper — 17.2%
Avery Dennison Corp. 5.150% 11/06/2007		7,123,000		7,117,905
Bemis Company, Inc. 5.000% 11/26/2007		8,438,000		8,408,701
Cadbury Schweppes Financial 5.450% 11/13/2007		5,019,000		5,009,882
Cadbury Schweppes Financial 5.530% 11/09/2007		2,420,000		2,417,026
Cardinal Health, Inc. 5.070% 11/20/2007		6,118,000		6,101,629
CIT Group, Inc. 5.450% 11/05/2007		6,000,000		5,996,367
DTE Capital Corp. 5.250% 11/08/2007		5,146,000		5,140,747
Duke Energy Corp. 5.150% 11/14/2007		6,506,000		6,493,901
General Mills, Inc. 5.100% 11/07/2007		7,145,000		7,138,927
Marathon Oil Corp. 5.250% 11/02/2007		6,461,000		6,460,058
R.R. Donnelly & Sons 5.130% 11/19/2007		3,732,000		3,722,427

(Continued)

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

MassMutual Premier Diversified Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Reed Elsevier, Inc. 4.850% 11/16/2007	$	7,450,000	$	7,434,945
Strabucks Corp. 5.200% 11/15/2007		7,331,000		7,316,175
Time Warner Cable, Inc. 4.980% 11/27/2007		3,620,000		3,606,980
Wellpoint, Inc. 5.200% 11/01/2007		4,271,000		4,271,000
				86,636,670
TOTAL SHORT-TERM INVESTMENTS (Cost $124,783,523)				124,783,523
TOTAL INVESTMENTS — 121.1% (Cost $608,893,431)(i)				608,952,438
Other Assets/ (Liabilities) — (21.1%)				(106,238,584	)
NET ASSETS — 100.0%			$	502,713,854

Notes to Portfolio of Investments

FRN - Floating Rate Note

STEP - Step up bond

TBA - To be announced

VRN - Variable Rate Note

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

(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 October 31, 2007, these securities amounted to a value of $24,359,587 or 4.8% of net assets.

(d) All or a portion of this security is segregated to cover forward purchase commitments. (Note 2).

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

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

(g) Amount represents shares owned of the fund.

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

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

The remainder of this page is intentionally left blank.

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

MassMutual Premier Strategic Income Fund – Portfolio of Investments

October 31, 2007

	Number of Shares		Market Value
EQUITIES — 1.1%
COMMON STOCK — 1.0%
Cosmetics & Personal Care — 0.0%
Revlon, Inc. Cl. A(a)		172,427	$	198,291
Diversified Financial — 0.0%
The Goldman Sachs Group, Inc.		366		90,739
London Stock Exchange GBP(b)		2,320		-
				90,739
Electric — 0.2%
Constellation Energy Group, Inc.		4,624		437,893
Public Service Enterprise Group, Inc.		4,564		436,318
				874,211
Investment Companies — 0.4%
Arco Capital Corp., Ltd.		111,042		1,665,630
Media — 0.1%
Mediacom Communications Corp.(a)		59,982		344,896
Mining — 0.0%
Kaiser Aluminum & Chemical Corp.(b)		168,000		-
Telecommunications — 0.3%
AT&T, Inc.		14,555		608,253
Telus Corp. CAD		7,127		429,572
Telus Corp. CAD		52		3,011
Orion Network Systems, Inc. Escrow(b)		446,000		4,460
				1,045,296
TOTAL COMMON STOCK (Cost $4,219,714)				4,219,063
PREFERRED STOCK — 0.1%
Media — 0.0%
Ion Media Networks, Inc.		17		110,500

	Number of Shares		Market Value
Real Estate Investment Trusts (REITS) — 0.1%
Sovereign Real Estate Investment Corp. REIT(c)		200	$	278,800
TOTAL PREFERRED STOCK (Cost $432,378)				389,300
TOTAL EQUITIES (Cost $4,652,092)				4,608,363
	Principal Amount
BONDS & NOTES — 78.8%
ASSET BACKED SECURITIES — 0.4%
Automobile ABS — 0.0%
BMW Vehicle Owner Trust, Series 2006-A, Class A2 5.300% 05/26/2009	$	58,245		58,225
Daimler Chrysler Auto Trust, Series 2006-C, Class A2 5.250% 05/08/2009(f)		102,095		102,120
				160,345
Electric — 0.0%
Mirant Mid-Atlantic LLC, Series 2001, Class A 8.625% 06/30/2012		135,522		142,298
Home Equity ABS — 0.1%
HFC Home Equity Loan Asset Backed Certificates, Series 2006-4, Class A2V FRN 5.108% 03/20/2036		50,000		48,506
MASTR Asset Backed Securities Trust, Series 2006-WMC3, Class A3 FRN 4.973% 08/25/2036		180,000		174,039
				222,545

	Principal Amount		Market Value
Manufactured Housing ABS — 0.0%
Green Tree Financial Corp., Series 1997-5, Class M1 6.950% 05/15/2029	$	186,000	$	168,035
Other ABS — 0.3%
Chase Funding Mortgage Loan Asset-Backed Certificates, Series 2003-2, Class 2A2 FRN 5.153% 02/25/2033		86,760		84,673
Countrywide Asset Backed Certificates, Series 2005-17, Class 1AF1 FRN 5.073% 05/25/2036		23,507		23,456
Countrywide Asset-Backed Certificates, Series 2005-16, Class 2AT2 5.382% 05/25/2036		230,000		227,756
Countrywide Asset-Backed Certificates, Series 2005-17, Class 1AF2 5.363% 05/25/2036		50,000		49,597
Countrywide Asset-Backed Certificates, Series 2006-25, Class 2A2 FRN 4.993% 06/25/2037		130,000		125,127
First Franklin Mortage Asset Backed Certificates, Series 2005-FF10, Class A3 FRN 5.083% 11/25/2035		280,000		277,807
First Franklin Mortage Asset Backed Certificates, Series 2006-FF5, Class 2A1 FRN 4.923% 04/25/2036		34,698		34,437

(Continued)

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

MassMutual Premier Strategic Income Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Goldman Sachs Asset Management CBO Ltd., Series 1A, Class D(c) 12.540% 06/13/2011	$	224,000	$	-
SSB RV Trust, Series 2001-1, Class B 6.640% 04/15/2018		93,000		94,075
Start CLO Ltd., Series 2006-3A, Class F FRN(c) 22.720% 06/07/2011		120,000		117,900
				1,034,828
TOTAL ASSET BACKED SECURITIES (Cost $1,827,062)				1,728,051
CORPORATE DEBT — 21.3%
Advertising — 0.4%
Lamar Media Corp. 6.625% 08/15/2015		239,000		229,440
RH Donnelley Corp. 6.875% 01/15/2013		200,000		188,000
RH Donnelley Corp. 6.875% 01/15/2013		370,000		347,800
RH Donnelley Corp. 6.875% 01/15/2013		395,000		371,300
RH Donnelley Corp. 8.875% 01/15/2016		160,000		160,000
Vertis, Inc. 9.750% 04/01/2009		284,000		284,000
				1,580,540
Aerospace & Defense — 0.2%
Alliant Techsystems, Inc. 6.750% 04/01/2016		225,000		223,875
DRS Technologies, Inc. 6.625% 02/01/2016		100,000		99,000
DRS Technologies, Inc. 7.625% 02/01/2018		45,000		46,012
L-3 Communications Corp. 5.875% 01/15/2015		149,000		145,275
L-3 Communications Corp. 6.125% 01/15/2014		100,000		99,000
L-3 Communications Corp. 6.375% 10/15/2015		185,000		185,000
				798,162
Agriculture — 0.1%
MHP SA(c) 10.250% 11/30/2011		170,000		173,400

	Principal Amount		Market Value
Reynolds American, Inc. 7.250% 06/01/2013	$	315,000	$	334,651
				508,051
Airlines — 0.0%
ATA Holdings Corp. STEP(b) (i) 02/01/2009		382,000		-
Apparel — 0.1%
Levi Strauss & Co. 9.750% 01/15/2015		225,000		234,844
Quiksilver, Inc. 6.875% 04/15/2015		100,000		93,250
				328,094
Automotive & Parts — 0.2%
The Goodyear Tire & Rubber Co. 7.857% 08/15/2011		219,000		226,665
The Goodyear Tire & Rubber Co.(d) 9.000% 07/01/2015		123,000		134,531
Lear Corp., Series B 8.750% 12/01/2016		415,000		398,400
Tenneco Automotive, Inc. 10.250% 07/15/2013		85,000		91,694
				851,290
Banking, Savings & Loans — 0.2%
JP Morgan Chase Bank(c) 0.000% 01/05/2016		1,979,004		965,517
Banks — 3.6%
Banco Bilbao Vizcaya Argentaria SA EUR(e) 4.250% 07/15/2014		500,000		704,749
Banco BMG SA(c) 9.150% 01/15/2016		655,000		695,151
Banco Credito Del Peru FRN(c) 6.950% 11/07/2021		175,000		171,500
Banco Hipotecario SA(c) 9.750% 04/27/2016		330,000		329,175
Barclays Bank PLC FRN 6.278% 12/15/2049		630,000		560,618
Depfa ACS Bank, Series E EUR(e) 3.875% 11/14/2016		120,000		164,585
HBOS PLC FRN(c) 6.413% 09/29/2049		900,000		776,160

	Principal Amount		Market Value
HBOS Treasury Services PLC EUR(e) 4.375% 07/13/2016	$	1,905,000	$	2,681,644
HBOS Treasury Services PLC, Series E EUR(e) 4.500% 07/13/2021		940,000		1,304,270
HSBC Bank PLC 0.000% 01/12/2010		800,000		717,160
ICICI Bank Ltd.(c) 6.375% 04/30/2022		880,000		814,818
ICICI Bank Ltd.(c) 6.625% 10/03/2012		840,000		846,575
ING Bank NV UAH(c) (e) 11.890% 12/30/2009		290,000		66,168
Kuznetski Capital for Bank of Moscow(c) 7.375% 11/26/2010		245,000		248,062
VTB Capital SA(c) 6.250% 06/30/2035		300,000		294,750
WM Covered Bond Program, Series E EUR(e) 3.875% 09/27/2011		1,765,000		2,474,093
WM Covered Bond Program, Series E EUR(e) 4.000% 09/27/2016		1,510,000		2,048,863
				14,898,341
Beverages — 0.1%
Cia Brasileira de Bebidas, BRL(c) (e) 9.500% 07/24/2017		740,000		380,137
Constellation Brands, Inc. 7.250% 09/01/2016		35,000		35,262
Constellation Brands, Inc. 8.125% 01/15/2012		75,000		76,312
				491,711
Building Materials — 0.2%
Dayton Superior Corp. 13.000% 06/15/2009		93,000		92,302
Goodman Global Holding Co., Inc. 7.875% 12/15/2012		390,000		407,550
Interline Brands, Inc. 8.125% 06/15/2014		75,000		74,812
Nortek, Inc. 8.500% 09/01/2014		85,000		75,225
NTK Holdings, Inc.(d) 0.000% 03/01/2014		215,000		140,825
				790,714

(Continued)

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

MassMutual Premier Strategic Income Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Chemicals — 0.2%
Equistar Chemicals, LP/Equistar Funding Corp. 8.750% 02/15/2009	$	206,000	$	214,240
Equistar Chemicals, LP/Equistar Funding Corp. 10.625% 05/01/2011		57,000		59,565
Huntsman International LLC 7.375% 01/01/2015		109,000		115,267
Huntsman International LLC 7.875% 11/15/2014		30,000		32,250
Huntsman International LLC 11.500% 07/15/2012		71,000		77,212
Lyondell Chemical Co. 8.000% 09/15/2014		155,000		171,662
Lyondell Chemical Co. 8.250% 09/15/2016		80,000		91,400
Lyondell Chemical Co. 10.500% 06/01/2013		75,000		80,812
				842,408
Coal — 0.1%
Massey Energy Co 6.625% 11/15/2010		40,000		39,000
Peabody Energy Corp. 6.875% 03/15/2013		400,000		402,000
				441,000
Commercial Services — 0.5%
Ace Cash Expenses, Inc.(c) 10.250% 10/01/2014		20,000		20,050
Aramark Corp. 8.500% 02/01/2015		97,000		98,212
Ashtead Capital, Inc.(c) 9.000% 08/15/2016		55,000		53,350
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 7.750% 05/15/2016		60,000		59,100
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. FRN 7.860% 05/15/2014		25,000		24,687
Cenveo Corp. 7.875% 12/01/2013		100,000		93,750
Corrections Corp. of America 6.250% 03/15/2013		125,000		124,225

	Principal Amount		Market Value
Di Finance/Dyncorp International, Series B 9.500% 02/15/2013	$	141,000	$	149,812
Education Management LLC/Education Management Corp. 10.250% 06/01/2016		200,000		210,000
FTI Consulting, Inc. 7.750% 10/01/2016		70,000		73,150
H&E Equipment Services(d) 8.375% 07/15/2016		60,000		58,200
Hertz Corp. 8.875% 01/01/2014		105,000		108,150
Hertz Corp. 10.500% 01/01/2016		95,000		102,125
iPayment, Inc. 9.750% 05/15/2014		55,000		52,800
Iron Mountain, Inc. 8.625% 04/01/2013		180,000		183,150
Quebecor World Capital Corp.(c) 8.750% 03/15/2016		60,000		55,500
Sgs International, Inc. 12.000% 12/15/2013		130,000		136,825
United Rentals North America, Inc. 7.000% 02/15/2014		591,000		626,460
				2,229,546
Cosmetics & Personal Care — 0.0%
Elizabeth Arden, Inc. 7.750% 01/15/2014		175,000		174,562
Diversified Financial — 4.2%
Aiolos Ltd. EUR FRN(c) (e) 9.517% 04/08/2009		250,000		361,993
AKIBARE Ltd. FRN(c) 8.445% 05/22/2012		250,000		253,300
C10 Capital Ltd. FRN(c) 6.722% 12/31/2049		690,000		664,953
Calabash Re Ltd. FRN(c) 13.999% 05/26/2009		250,000		261,875
Cascadia Ltd. FRN(c) 8.849% 06/13/2008		250,000		250,075
Cat-Mex Ltd. FRN(c) 7.850% 05/18/2009		250,000		247,322
CCM Merger, Inc.(c) 8.000% 08/01/2013		130,000		124,800
Champlain Ltd. VRN(c) 18.120% 01/07/2009		250,000		250,000

	Principal Amount		Market Value
Cloverie PLC, Series E FRN 9.615% 12/20/2010	$	200,000	$	217,060
Cs International (Exim of Ukraine) 8.400% 02/09/2016		480,000		480,000
Dali Capital PLC for Bank of Moscow, Series E RUB(e) 7.250% 11/25/2009		5,400,000		219,235
Dali Capital SA for JSC Rosbank, Series E RUB(e) 8.000% 09/30/2009		5,200,000		211,273
E*TRADE Financial Corp. 7.375% 09/15/2013		136,000		127,160
E*TRADE Financial Corp. 8.000% 06/15/2011		105,000		99,750
Eurus Ltd. FRN(c) 11.234% 04/08/2009		250,000		253,350
Fhu-Jin Ltd. FRN(c) 9.260% 08/03/2011		250,000		255,122
Fusion 2007 Ltd. FRN(c) 11.510% 05/19/2009		400,000		402,000
General Motors Acceptance Corp. 8.000% 11/01/2031		240,000		221,836
HSBC Finance CAP Trust IX FRN 5.911% 11/30/2035		500,000		478,111
Idearc, Inc. 8.000% 11/15/2016		220,000		220,550
IIRSA Norte Finance Ltd.(c) 8.750% 05/30/2024		214,593		250,001
ISA Capital do Brasil SA(c) 7.875% 01/30/2012		160,000		164,000
ISA Capital do Brasil SA(c) 8.800% 01/30/2017		200,000		208,000
JP Morgan Hipotecaria su Casita, MXN(e) 6.100% 09/25/2035		535,800		169,722
JSC Astana Finance(b) (c) 9.160% 03/14/2012		1,100,000		1,014,677
Lakeside Re Ltd. FRN(c) 11.731% 12/31/2009		250,000		259,375

(Continued)

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

MassMutual Premier Strategic Income Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
LatAm Cayman Trust 2006(c) 10.000% 11/17/2016	$	105,694	$	100,800
Lehman Brothers, Covered Bond Issuer EUR(e) 4.250% 04/05/2017		360,000		500,514
Majapahit Holding BV(c) 7.250% 10/17/2011		205,000		210,125
Majapahit Holding BV(c) 7.750% 10/17/2016		395,000		407,363
MedQuake Ltd. FRN(c) 10.658% 05/31/2010		250,000		249,975
Midori Ltd. FRN(c) 7.993% 10/24/2012		250,000		249,975
Momentive Performance(c) 9.750% 12/01/2014		200,000		195,000
Morgan Stanley(c) 14.400% 08/04/2016		616,000		871,640
Morgan Stanley BRL(c) (e) (f) 10.090% 05/03/2017		1,650,000		899,401
National Gas Co.(c) 6.050% 01/15/2036		320,000		309,557
Nelson Re Ltd. FRN(c) 17.240% 06/21/2010		450,000		450,000
Osiris Capital PLC, Series D FRN(c) 10.245% 01/15/2010		250,000		252,475
Petroleum Export LLC/Cayman SPV(c) 5.265% 06/15/2011		889,898		886,819
Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp.(c) (d) 10.625% 04/01/2017		265,000		247,112
Rainbow National Services LLC(c) 8.750% 09/01/2012		85,000		88,400
Salisbury International Invest FRN(c) 9.330% 07/20/2011		200,000		207,120
SLM Corp. 4.500% 07/26/2010		520,000		486,870
Successor Euro Wind Ltd. FRN(c) 10.948% 06/06/2008		250,000		247,850
Successor II Ltd. FRN(c) 22.890% 06/06/2008		250,000		255,800
Successor Japan Quake FRN(c) 9.948% 06/06/2008		440,000		442,596

	Principal Amount		Market Value
Tengizchevroil Finance Co. SARL, Series A(c) 6.124% 11/15/2014	$	663,000	$	641,452
Tiers Trust/United States STEP 06/15/2097		525,000		241,610
Transshipment Megahub, MYR(e) 6.850% 11/02/2012		1,000,000		316,582
Ucar Finance, Inc. 10.250% 02/15/2012		40,000		41,800
Universal City Development Partners 11.750% 04/01/2010		142,000		149,100
Vanguard Health STEP(d) 0.000% 10/01/2015		366,000		285,480
Willow Re., Ltd. FRN(c) 10.483% 06/16/2010		490,000		503,524
				17,404,480
Electric — 1.3%
AES Corp.(c) 8.750% 05/15/2013		402,000		425,115
AES Domincana Energia(c) 11.000% 12/13/2015		180,000		185,400
AES Panama SA(c) 6.350% 12/21/2016		155,000		152,520
CMS Energy Corp. 8.500% 04/15/2011		93,000		99,719
Edison Mission Energy Corp.(c) 7.000% 05/15/2017		490,000		478,975
Edison Mission Energy Corp. 7.500% 06/15/2013		60,000		60,825
Edison Mission Energy Corp. 7.750% 06/15/2016		85,000		87,337
Eeb International Ltd.(c) 8.750% 10/31/2014		410,000		406,279
Eletropaulo Metropolitana de Sao Paulo SA BRL(c) (e) 19.125% 06/28/2010		325,000		211,473
Mirant Americas Generation, Inc. 8.300% 05/01/2011		600,000		606,750
Mirant Americas Generation, Inc. 9.125% 05/01/2031		100,000		100,500

	Principal Amount		Market Value
National Power Corp.(c) (d) 6.875% 11/02/2016	$	172,000	$	176,085
National Power Corp. 9.625% 05/15/2028		435,000		535,050
National Power Corp. PHP(e) 5.875% 12/19/2016		15,400,000		337,548
NRG Energy, Inc. 7.375% 02/01/2016		585,000		583,538
NRG Energy, Inc. 7.375% 01/15/2017		250,000		248,750
Reliant Energy, Inc. 6.750% 12/15/2014		50,000		50,875
Sierra Pacific Resources 6.750% 08/15/2017		474,000		458,529
				5,205,268
Electronics — 0.1%
Stoneridge, Inc. 11.500% 05/01/2012		173,000		180,785
Entertainment — 0.7%
American Casino & Entertainment Properties LLC 7.850% 02/01/2012		200,000		207,250
Cinemark, Inc. STEP 0.000% 03/15/2014		171,000		160,954
Gaylord Entertainment Co. 8.000% 11/15/2013		200,000		203,500
Greektown Holdings(c) 10.750% 12/01/2013		195,000		194,025
Isle of Capri Casinos, Inc. 7.000% 03/01/2014		178,000		157,975
Marquee Holdings, Inc. STEP 12.000% 08/15/2014		300,000		254,250
Mohegan Tribal Gaming Authority 6.125% 02/15/2013		60,000		57,150
Mohegan Tribal Gaming Authority 6.375% 07/15/2009		123,000		121,770
Mohegan Tribal Gaming Authority 6.875% 02/15/2015		185,000		180,838
Mohegan Tribal Gaming Authority 7.125% 08/15/2014		100,000		98,000
Mohegan Tribal Gaming Authority 8.000% 04/01/2012		100,000		102,125

(Continued)

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

MassMutual Premier Strategic Income Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Penn National Gaming, Inc. 6.750% 03/01/2015	$	60,000	$	61,500
Pinnacle Entertainment, Inc. 8.250% 03/15/2012		375,000		386,250
Pokagon Gaming Authority(c) 10.375% 06/15/2014		85,000		93,925
Vail Resorts, Inc. 6.750% 02/15/2014		250,000		246,875
WMG Holdings Corp. STEP 0.000% 12/15/2014		441,000		324,135
				2,850,522
Environmental Controls — 0.0%
Allied Waste NA Series B 7.375% 04/15/2014		100,000		101,000
Foods — 0.4%
Albertson's, Inc. 8.000% 05/01/2031		397,000		413,908
Del Monte Corp. 6.750% 02/15/2015		50,000		48,625
Del Monte Corp. 8.625% 12/15/2012		145,000		147,900
Delhaize America, Inc. 9.000% 04/15/2031		530,000		641,510
Dole Food Co., Inc. FRN 8.625% 05/01/2009		71,000		71,355
Smithfield Foods, Inc. 7.625% 02/15/2008		114,000		114,000
				1,437,298
Forest Products & Paper — 0.0%
Domtar, Inc. 7.125% 08/15/2015		100,000		99,000
Verso Paper Holdings LLC FRN 9.106% 08/01/2014		45,000		45,225
				144,225
Health Care – Products — 0.1%
Baush & Lomb, Inc.(c) 9.875% 11/01/2015		50,000		51,500
Fresenius Medical Care Capital Trust II 7.875% 02/01/2008		123,000		123,308
Fresenius Medical Care Capital Trust IV 7.875% 06/15/2011		40,000		41,800
				216,608

	Principal Amount		Market Value
Health Care – Services — 0.2%
DaVita, Inc. 6.625% 03/15/2013	$	95,000	$	94,525
DaVita, Inc. 7.250% 03/15/2015		190,000		192,138
HCA, Inc. 6.375% 01/15/2015		415,000		354,306
Healthsouth Corp. 10.750% 06/15/2016		105,000		110,775
Psychiatric Solutions, Inc. 7.750% 07/15/2015		60,000		61,050
Select Medical Corp.(d) 7.625% 02/01/2015		160,000		142,400
				955,194
Holding Company – Diversified — 0.1%
Kansas City Southern Railway Co. 7.500% 06/15/2009		75,000		75,938
Nell AF SARL(c) (d) 8.375% 08/15/2015		420,000		375,900
Stena AB 7.000% 12/01/2016		28,000		27,860
				479,698
Home Builders — 0.2%
Centex Corp. 5.800% 09/15/2009		155,000		148,456
DR Horton, Inc. 9.750% 09/15/2010		87,000		85,375
K. Hovnanian Enterprises, Inc.(d) 8.875% 04/01/2012		97,000		70,810
KB Home 8.625% 12/15/2008		76,000		74,860
Standard-Pacific Corp.(d) 9.250% 04/15/2012		65,000		37,375
Toll Corp. 8.250% 12/01/2011		75,000		73,500
WCI Communities, Inc.(d) 9.125% 05/01/2012		130,000		101,075
William Lyon Homes, Inc. 10.750% 04/01/2013		229,000		154,575
				746,026
Household Products — 0.0%
Church & Dwight Co., Inc. 6.000% 12/15/2012		150,000		146,063

	Principal Amount		Market Value
Insurance — 0.2%
Foundation Re II Ltd. FRN(c) 15.320% 01/08/2009	$	118,000	$	116,820
Foundation Re Ltd. FRN(c) 9.620% 11/24/2008		250,000		245,845
Residential Reinsurance Ltd., Series B FRN(c) 14.071% 06/06/2008		300,000		292,500
Vasco Re 2006 Ltd. FRN(c) 14.169% 06/05/2009		260,000		270,036
				925,201
Iron & Steel — 0.1%
AK Steel Corp. 7.750% 06/15/2012		105,000		107,756
Ispat Inland ULC 9.750% 04/01/2014		125,000		136,073
				243,829
Leisure Time — 0.1%
Leslie's Poolmart 7.750% 02/01/2013		160,000		152,000
NCL Corp. 10.625% 07/15/2014		200,000		202,500
Travelport LLC 11.875% 09/01/2016		200,000		216,000
				570,500
Lodging — 0.4%
Caesars Entertainment, Inc. 7.875% 03/15/2010		161,000		166,635
French Lick Resorts & Casino LLC/French Lick Resorts & Casino Corp.(c) (d) 10.750% 04/15/2014		165,000		131,175
Mandalay Resort Group 9.375% 02/15/2010		130,000		136,500
MGM Mirage 6.750% 04/01/2013		120,000		117,000
MGM Mirage 8.375% 02/01/2011		190,000		198,550
Station Casinos, Inc. 6.500% 02/01/2014		200,000		167,000
Station Casinos, Inc. 6.875% 03/01/2016		60,000		49,650
Trump Entertainment Resorts, Inc. 8.500% 06/01/2015		350,000		296,625

(Continued)

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

MassMutual Premier Strategic Income Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 6.625% 12/01/2014	$	285,000	$	280,013
				1,543,148
Machinery – Diversified — 0.1%
Case New Holland, Inc. 7.125% 03/01/2014		100,000		103,500
Douglas Dynamics LLC(c) 7.750% 01/15/2012		86,000		77,400
				180,900
Manufacturing — 0.1%
Bombardier, Inc.(c) 8.000% 11/15/2014		50,000		52,000
Eastman Kodak Co. 3.625% 05/15/2008		45,000		44,269
Koppers, Inc. 9.875% 10/15/2013		65,000		68,738
RBS Global, Inc. and Rexnord Corp.(d) 11.750% 08/01/2016		165,000		174,900
				339,907
Manufacturing – Diversified — 0.1%
Sally Holdings LLC(d) 9.250% 11/15/2014		221,000		222,105
Sally Holdings LLC(d) 10.500% 11/15/2016		130,000		129,350
				351,455
Media — 0.8%
Allbritton Communications Co. 7.750% 12/15/2012		204,000		207,060
American Media Operations, Inc.(d) 10.250% 05/01/2009		150,000		143,625
CCH I LLC 11.000% 10/01/2015		205,000		198,850
Dex Media East LLC/Dex Media East Finance Co. 9.875% 11/15/2009		160,000		164,200
Dex Media West LLC/Dex Media Finance Co., Series B 8.500% 08/15/2010		91,000		93,389
Dex Media West LLC/Dex Media Finance Co., Series B 9.875% 08/15/2013		160,000		170,600

	Principal Amount		Market Value
Dex Media, Inc. 0.000% 11/15/2013	$	200,000	$	189,500
Dex Media, Inc. 8.000% 11/15/2013		30,000		30,075
Echostar DBS Corp. 6.375% 10/01/2011		265,000		268,313
Entercom Radio LLC/Entercom Capital, Inc. 7.625% 03/01/2014		75,000		74,625
Lin Television Corp. 6.500% 05/15/2013		122,000		118,340
Medianews Group, Inc. 6.375% 04/01/2014		100,000		74,000
Medianews Group, Inc. 6.875% 10/01/2013		375,000		285,000
Nielsen Finance LLC, Co. 10.000% 08/01/2014		245,000		257,863
Radio One, Inc. 8.875% 07/01/2011		108,000		106,110
Shaw Communications, Inc. Series B CAD(e) 8.540% 09/30/2027		543,000		576,145
Sinclair Broadcast Group, Inc. 8.000% 03/15/2012		195,000		200,363
Sirius Satellite Radio 9.625% 08/01/2013		25,000		24,844
XM Satellite Radio, Inc. 9.750% 05/01/2014		55,000		55,550
				3,238,452
Metal Fabricate & Hardware — 0.1%
Trimas Corp. 9.875% 06/15/2012		237,000		243,518
Mining — 0.6%
Alrosa Finance SA(c) 8.875% 11/17/2014		225,000		247,163
Alrosa Finance SA, Series Reg S 8.875% 11/17/2014		1,300,000		1,430,234
Freeport-McMoran Copper & Gold, Inc. 8.375% 04/01/2017		445,000		487,275
Novelis, Inc. 7.250% 02/15/2015		200,000		192,000
				2,356,672
Multi-National — 0.0%
Inter-American Development Bank BRL FRN(e) 0.000% 12/08/2009		250,000		150,186

	Principal Amount		Market Value
Oil & Gas — 1.6%
Berry Petroleum Co. 8.250% 11/01/2016	$	30,000	$	30,600
Chesapeake Energy Corp. 6.875% 01/15/2016		452,000		449,740
Compton Petroleum Finance Corp. 7.625% 12/01/2013		190,000		181,925
Enterprise Products Oper FRN 8.375% 08/01/2066		315,000		327,897
Forest Oil Corp. 7.750% 05/01/2014		130,000		131,300
Frontier Oil Corp. 6.625% 10/01/2011		100,000		99,500
Newfield Exploration Co. 6.625% 09/01/2014		400,000		393,000
Oao Gazprom(c) 7.288% 08/16/2037		1,800,000		1,911,960
Petrobras International Finance Co. 5.875% 03/01/2018		1,240,000		1,222,789
Pogo Producing Co. 7.875% 05/01/2013		60,000		61,200
The Premcor Refining Group, Inc. 9.500% 02/01/2013		186,000		196,114
Quicksilver Resources, Inc. 7.125% 04/01/2016		225,000		221,625
Range Resources Corp. 6.375% 03/15/2015		60,000		58,500
Range Resources Corp. 7.500% 05/15/2016		225,000		229,500
Sabine Pass LNG 7.250% 11/30/2013		145,000		142,100
Sabine Pass LNG LP 7.500% 11/30/2016		290,000		284,200
Stone Energy Corp. 6.750% 12/15/2014		250,000		230,938
Tesoro Corp. 6.250% 11/01/2012		95,000		94,288
Tesoro Corp. 6.625% 11/01/2015		95,000		94,288
Whiting Petroleum Corp. 7.250% 05/01/2012		200,000		197,500
				6,558,964
Oil & Gas Services — 0.0%
Basic Energy Services 7.125% 04/15/2016		60,000		57,750

(Continued)

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

MassMutual Premier Strategic Income Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Packaging & Containers — 0.5%
Ball Corp. 6.625% 03/15/2018	$	225,000	$	222,750
Berry Plastics Holding Corp. 8.875% 09/15/2014		200,000		205,000
Crown Americas, Inc. 7.750% 11/15/2015		205,000		211,150
Graham Packaging Co.(d) 9.875% 10/15/2014		155,000		153,450
Graphic Packaging International Corp. 8.500% 08/15/2011		140,000		142,100
Graphic Packaging International Corp. 9.500% 08/15/2013		75,000		78,750
Owens Brockway Glass Container, Inc. 8.750% 11/15/2012		298,000		311,038
Owens Brockway Glass Container, Inc. 8.875% 02/15/2009		190,000		191,425
Vitro Sab De Cv 8.625% 02/01/2012		225,000		224,438
Vitro Sab De Cv 9.125% 02/01/2017		385,000		380,188
				2,120,289
Pharmaceuticals — 0.0%
Angiotech Pharmaceuticals, Inc. 7.750% 04/01/2014		60,000		50,700
Omnicare, Inc. 6.750% 12/15/2013		50,000		48,250
Omnicare, Inc. 6.875% 12/15/2015		65,000		62,400
				161,350
Pipelines — 0.3%
Atlas Pipeline Partners LP 8.125% 12/15/2015		65,000		64,675
Copano Energy LLC 8.125% 03/01/2016		40,000		41,100
Dynegy Holdings, Inc. 6.875% 04/01/2011		159,000		155,025
Dynegy Holdings, Inc. 8.750% 02/15/2012		159,000		163,770
Kinder Morgan Energy Partners, LP 7.300% 08/15/2033		606,000		644,823

	Principal Amount		Market Value
Pacific Energy Partners LP/Pacific Energy Finance Corp. 6.250% 09/15/2015	$	25,000	$	24,576
Targa Resources, Inc.(c) 8.500% 11/01/2013		130,000		131,300
				1,225,269
Real Estate Investment Trusts (REITS) — 0.1%
FelCor Lodging, LP REIT STEP 8.500% 06/01/2011		201,000		213,060
Host Hotels & Resorts, Inc. LP REIT 6.375% 03/15/2015		140,000		138,250
Host Hotels & Resorts, LP 6.875% 11/01/2014		30,000		30,225
Ventas Realty LP Capital Corp. 6.750% 04/01/2017		60,000		60,000
				441,535
Regional (State & Province) — 1.1%
Johor Corp., Series P3 MYR STEP(e) 1.000% 07/31/2012		1,870,000		581,409
New S. Wales Treasury Corp. AUD(e) 6.000% 10/01/2009		4,265,000		3,859,995
Province Del Neuquen(c) 8.656% 10/18/2014		220,000		224,950
				4,666,354
Retail — 0.2%
Buffets, Inc. 12.500% 11/01/2014		25,000		16,188
Claires Stores, Inc.(c) (d) 10.500% 06/01/2017		285,000		216,600
Inergy LP/Inergy Finance Corp. 8.250% 03/01/2016		40,000		41,800
Neiman-Marcus Group, Inc. 9.000% 10/15/2015		135,000		142,425
Neiman-Marcus Group, Inc. 10.375% 10/15/2015		90,000		97,875
Rent-A-Center, Inc. 7.500% 05/01/2010		100,000		95,500
Rite Aid Corp. 8.125% 05/01/2010		149,000		149,931
				760,319

	Principal Amount		Market Value
Savings & Loans — 0.0%
Ocwen Capital Trust 1 10.875% 08/01/2027	$	140,000	$	125,650
Telecommunications — 1.4%
America Movil SA de CV MXN(c) (e) 8.460% 12/18/2036		9,100,000		838,977
American Cellular Corp., Series B 10.000% 08/01/2011		41,000		43,050
American Tower Corp. 7.125% 10/15/2012		70,000		71,750
American Tower Corp. 7.500% 05/01/2012		310,000		319,300
Citizens Communications Co. 6.250% 01/15/2013		555,000		545,288
Dobson Communications Corp. 8.875% 10/01/2013		183,000		194,438
Dobson Communications Corp. FRN 9.493% 10/15/2012		40,000		40,800
Intelsat Bermuda Ltd. 11.250% 06/15/2016		10,000		10,750
Intelsat Corp. 9.000% 06/15/2016		50,000		51,125
Intelsat Subsidiary Holding Co. Ltd. 8.250% 01/15/2013		100,000		100,750
Intelsat Subsidiary Holding Co. Ltd. STEP 8.875% 01/15/2015		140,000		142,100
Nextel Communications 7.375% 08/01/2015		1,435,000		1,449,350
NTL Cable PLC 9.125% 08/15/2016		50,000		52,750
PanAmSat Corp. 9.000% 08/15/2014		253,000		258,060
Qwest Corp. 8.875% 03/15/2012		470,000		514,650
Rural Cellular Corp. 9.875% 02/01/2010		132,000		137,610
Telefonica Del Peru SA PEN(c) (e) 8.000% 04/11/2016		828,300		292,934
West Corp. 9.500% 10/15/2014		120,000		123,300
West Corp. 11.000% 10/15/2016		50,000		52,375
Windstream Corp. 8.125% 08/01/2013		285,000		301,388

(Continued)

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

MassMutual Premier Strategic Income Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Windstream Corp. 8.625% 08/01/2016	$	185,000	$	197,950
				5,738,695
Textiles — 0.0%
INVISTA(c) 9.250% 05/01/2012		120,000		126,600
Transportation — 0.3%
Panama Canal Railway Co.(c) 7.000% 11/01/2026		410,000		410,000
PHI, Inc. 7.125% 04/15/2013		75,000		72,750
TGI International Ltd.(c) 9.500% 10/03/2017		770,000		805,574
				1,288,324
Trucking & Leasing — 0.0%
Greenbrier Cos., Inc. 8.375% 05/15/2015		115,000		113,706
TOTAL CORPORATE DEBT (Cost $87,268,646)				88,295,676
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 4.4%
Automobile ABS — 0.3%
AESOP Funding II LLC, Series 2005-1A, Class A2 FRN(c) 5.058% 04/20/2009		50,000		49,977
Capital One Prime Auto Receivables Trust, Series 2005-1, Class A4 FRN 5.111% 04/15/2011		1,060,000		1,055,197
Taganka Car Loan Finance PLC, Series 2006-1A, Class C FRN(c) 8.391% 11/14/2013		90,000		89,010
				1,194,184
Commercial MBS — 1.2%
Banc of America Commercial Mortgage, Inc., Series 2005-3, Class A2 4.501% 07/10/2043		200,000		196,711

	Principal Amount		Market Value
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class A2B 5.205% 12/11/2049	$	430,000	$	426,731
First Union-Lehman Brothers-Bank of America, Series 1998-C2, Class A2 6.560% 11/18/2035		103,952		104,047
GE Capital Commerical Mortgage Corp., Series 2005-C3, Class A2 4.853% 07/10/2045		120,000		119,080
Greenwich Capital Commercial Funding Corp., Series 2005-GG3, Class A2 4.305% 08/10/2042(f)		120,000		117,925
Greenwich Capital Commercial Funding Corp., Series 2005-GG5, Class A2 5.117% 04/10/2037		130,000		129,401
Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A2 5.381% 07/10/2012		320,000		319,596
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP2, Class A2 4.575% 07/15/2042		50,000		49,256
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP4, Class A2 4.790% 10/15/2042		170,000		168,225
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-LD12, Class A2 5.827% 02/15/2051		220,000		237,664

	Principal Amount		Market Value
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class A2S 5.305% 01/15/2049	$	380,000	$	377,698
JP Morgan Commercial Mortgage Finance Corp., Series 2000-C9, Class A2 7.770% 10/15/2032		361,714		376,600
LB Commercial Conduit Mortgage Trust, Series 199-C2, Class C 7.470% 10/15/2032		314,000		327,122
LB-UBS Commercial Mortgage Trust, Series 2000-C3, Class A2 7.950% 05/15/2025		369,034		388,136
LB-UBS Commercial Mortgage Trust, Series 2005-C5, Class A2 4.885% 09/15/2040		140,000		139,213
LB-UBS Commercial Mortgage Trust, Series 2007-C1, Class A2 5.318% 02/15/2040		350,000		349,157
Nomura Asset Securities Corp., Series 1998-D, Class A 6.590% 03/15/2030		362,386		363,434
PNC Mortgage Acceptance Corp., Series 2001-C1, Class A2 6.360% 03/12/2034		373,000		385,459
Wachovia Bank Commercial Mortgage Trust, Series 2005-C17, Class A2 4.782% 03/15/2042		220,000		218,250
Wachovia Bank Commercial Mortgage Trust, Series 2006-C29, Class A2 5.275% 11/15/2048		54,000		53,759
				4,847,464

(Continued)

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

MassMutual Premier Strategic Income Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Home Equity ABS — 0.2%
Ace Securities Corp., Series 2005-HE7, Class A2B FRN 5.053% 11/25/2035	$	92,748	$	92,400
Argent Securities, Inc., Series 2004-W8, Class A2 FRN 5.353% 05/25/2034		165,153		161,695
Argent Securities, Inc., Series 2006-M3, Class A2B FRN 4.973% 10/25/2036		100,000		97,620
Centex Home Equity, Series 2006-A, Class AV2 FRN 4.973% 06/25/2036		180,000		178,538
Household Home Equity Loan Trust, Series 2005-3, Class A1 FRN 5.258% 01/20/2035		71,951		70,182
Optim One Mortgage Loan Trust, Series 2006-2, Class 2A2 FRN 4.973% 07/25/2036		210,000		206,948
Residential Asset Securitization Trust, Series 2006-KS7, Class A2 FRN 4.973% 09/25/2036		150,000		146,575
				953,958
Other ABS — 0.6%
Countrywide Asset Backed Certificates, Series 2006-8, Class 2A1 FRN 5.161% 01/25/2046		314,693		312,480
First Franklin Mortage Loan, Series, 2006-FF10, Class A3 FRN 4.963% 07/25/2036		120,000		116,035
First Franklin Mortage Loan, Series, 2006-FF9, Class 2A2 FRN 4.983% 06/25/2036		60,000		58,397
ICE EM CLO, Series 2007-1A, Class C FRN(c) 8.400% 08/15/2022		800,000		748,000

	Principal Amount		Market Value
ICE EM CLO, Series 2007-1A, Class D FRN(c) 10.400% 08/15/2022	$	800,000	$	736,000
Lehman XS Trust, Series 2005-10, Class 2A3B 5.550% 01/25/2036		76,072		75,121
Lehman XS Trust, Series 2005-2, Class 2A1B 5.180% 08/25/2035		59,293		59,273
Popular ABS Mortgage Pass-Through Trust, Series 2005-2, Class AF2 4.415% 04/25/2035		1,483		1,477
Popular ABS Mortgage Pass-Through Trust, Series 2005-6, Class A3 5.680% 01/25/2036		70,000		68,955
Residential Asset Mortgage Products, Inc. Series 2006-RS4, Class A1 FRN 4.953% 07/25/2036		38,183		37,990
Residential Asset Mortgage Products, Inc., Series 2004-RS7, Class AI3 4.450% 07/25/2028		13,094		13,040
Specialty Underwriting & Residential Finance, Series 2005-BC3, Class A2B FRN 5.123% 06/25/2036		219,722		219,173
Structured Asset Investment Loan Trust, Series 2006-2, Class A1 FRN 4.933% 04/25/2036		26,265		26,182
Wells Fargo Home Equity Trust, Series 2006-2, Class A2 FRN 4.973% 07/25/2036		120,000		118,838
				2,590,961
WL Collateral CMO — 2.0%
Argent Securities, Inc., Series 2006-W5, Class A2B FRN 4.973% 06/25/2036		140,000		138,250

	Principal Amount		Market Value
Banc of America Funding Corp., Series 2004-2, Class 2A1 6.500% 07/20/2032	$	107,136	$	107,847
Banc of America Mortgage Securities, Series 2003-E, Class 2A2 4.350% 06/25/2033		527,268		526,196
Banc of America Mortgage Securities, Series 2004-8, Class 5A1 6.500% 05/25/2032		101,596		102,140
Bear Stearns Adjustable Rate Mortgage Tr & Pro, Series 2006-4, Class 2A1 FRN 5.804% 10/25/2036		199,989		200,624
Chaseflex Trust, Series 2006-2, Class A1B FRN 4.973% 09/25/2036		53,503		53,459
Citigroup Mortgage Loan Trust, Inc., Series 2006-AR5, Class 1A3A FRN 5.896% 07/25/2036		408,015		409,658
Citigroup Mortgage Loan Trust, Inc., Series 2006-WF1, Class A2B 5.536% 03/01/2036		50,000		49,947
Citigroup Mortgage Loan Trust, Inc., Series 2006-WFH3, Class A2 4.725% 10/25/2036		80,000		77,944
CitiMortgage Alternative Loan Trust, Series 2006-A5, Class 1A13 FRN 5.581% 10/25/2036		346,448		343,204
Countrywide Alternative Loan Trust, Series 2005-J1, Class 3A1 6.500% 08/25/2032		230,657		231,953

(Continued)

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

MassMutual Premier Strategic Income Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Countrywide Alternative Loan Trust, Series 2007-8CB, Class A1 5.500% 05/25/2037	$	897,539	$	878,760
Countrywide Home Loan, Series 2003-46, Class 1A2 FRN 4.121% 01/19/2034		823,108		818,364
Deutshe ALT, Series 2006-AB2, Class A7 5.961% 06/25/2036		109,628		109,709
Deutshe ALT, Series 2006-AB3, Class A7 6.360% 07/25/2036		29,136		29,196
Deutshe ALT, Series 2006-AB4, Class A1A 6.005% 06/25/2008		412,636		411,771
First Horizon Alternative Mortgage Securities, Series 2007-FA2, Class 1A1 5.500% 04/25/2037		214,545		212,257
JP Morgan Mortgage Trust, Series 2005-S2, Class 3A1 FRN 6.755% 02/25/2032		228,595		230,906
Lehman XS Trust, Series 2005-4, Class 2A1B 5.170% 10/25/2035		50,962		50,691
Malt, Series 2004-9, Class A3 4.700% 08/25/2034		9,222		9,193
MASTR 2006-3 2A1 FRN 5.323% 10/25/2036		923,258		913,897
MASTR Alternative Loans Trust, Series 2004-6, Class 10A1 6.000% 07/25/2034		144,997		143,668
Residential Accredit Loans, Inc. Series 2006-QS5, Class 2A2 6.000% 05/25/2036		133,745		133,700
Residential Accredit Loans, Inc., Series 2003-QS1, Class A2 5.750% 01/25/2033		74,110		73,991

	Principal Amount		Market Value
Residential Accredit Loans, Inc., Series 2006-QS13, Class 1A5 6.000% 09/25/2036	$	677,379	$	673,792
Residential Accredit Loans, Inc., Series 2006-QS13, Class 1A8 6.000% 09/25/2036		155,479		155,559
Residential Accredit Loans, Inc., Series 2007-QS6, Class A114 5.750% 04/25/2037		289,709		290,012
Residential Accredit Loans, Inc., Series 2007-QS6, Class A28 5.750% 04/25/2037		269,374		272,084
Residential Asset Securitization Trust, Series 2006-A9CB, Class A5 6.000% 09/25/2036		193,026		193,070
Structured Asset Securities Corp., Series 2005-4XS, Class 3A1 5.180% 03/25/2035		36,937		36,972
Washington Mutual Mortgage, Series 2003-AR9, Class 2A FRN 4.047% 09/25/2033		317,491		315,928
Washington Mutual, Inc., Series 2005-AR8, Class 2AB1 FRN 5.123% 07/25/2045		10,060		10,050
				8,204,792
WL Collateral PAC — 0.1%
Wells Fargo Mortgage Backed Securities T & Pro, Series 2006-12, Class A1 6.000% 10/25/2036		309,907		311,112
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $18,399,031)				18,102,471

	Principal Amount		Market Value
SOVEREIGN DEBT OBLIGATIONS — 21.7%
Argentina Bonos 7.000% 09/12/2013	$	1,510,000	$	1,371,911
Argentine Republic 7.000% 10/03/2015		190,000		163,875
Argentine Republic ARS(e) 2.000% 09/30/2014		3,259,000		1,024,664
Argentine Republic VRN 5.389% 08/03/2012		281,250		259,650
Autopistas del Nordeste Cayman Ltd.(c) 9.390% 01/15/2026		556,737		567,872
Banco Inves SA, MXN(e) 6.450% 03/13/2034		880,000		313,237
Bonos Y Oblig Del Estado EUR(e) 3.800% 01/31/2017		455,000		632,666
Bundesrepub Deutschland Series 05 EUR(e) 4.000% 01/04/2037		2,255,000		2,997,914
Canada Government CAD(e) 0.000% 12/27/2007		2,910,000		3,033,984
Central Bank of Argentina ARS VRN(e) 2.000% 02/04/2018		648,240		266,090
Central Bank of Nigeria 5.092% 01/05/2010		62,913		10,601
Cert Di Credito Des Treasury EUR FRN(e) 4.000% 07/01/2009		4,030,000		5,844,056
Dominican Republic 9.040% 01/23/2018		437,191		507,141
Dominican Republic(c) 9.500% 09/27/2011		118,729		126,922
French Discount T-Bill EUR(e) 0.000% 01/17/2008		780,000		1,117,563
French Republic EUR(e) 3.250% 04/25/2016		2,125,000		2,846,728
French Republic EUR(e) 4.000% 10/25/2038		1,865,000		2,447,258
Hellenic Republic EUR(e) 4.600% 05/20/2013		1,325,000		1,938,966
Japan Government JPY(e) 0.800% 01/15/2009		423,000,000		3,681,083
Japan Government JPY(e) 0.900% 12/20/2012		198,000,000		1,701,247

(Continued)

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

MassMutual Premier Strategic Income Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Japan Government JPY(e) 1.500% 03/20/2015	$	210,000,000	$	1,845,957
Japan Government JPY(e) 2.300% 12/20/2036		284,000,000		2,401,592
Kingdom of Belgium EUR(e) 0.000% 11/15/2007		1,430,000		2,062,969
Kingdom of Belgium EUR(e) 5.000% 03/28/2035		570,000		872,017
Kingdom of Denmark DKK(e) 4.000% 08/15/2008- 11/15/2015		3,300,000		633,683
Kingdom of Denmark DKK(e) 7.000% 11/10/2024		315,000		78,831
Kingdom of the Netherlands EUR(e) 5.000% 07/15/2011		830,000		1,232,716
Malaysia Government MYR(e) 4.720% 09/30/2015		1,280,000		410,341
Peru Bond Soberano PEN(e) 7.840% 08/12/2020		2,575,000		975,240
Queensland Treasury Corp., AUD(e) 6.000% 07/14/2009		230,000		209,023
Republic of Argentina FRN 0.000% 12/15/2035		1,120,000		154,000
Republic of Austria, EUR(c) (e) 4.000% 09/15/2016		615,000		868,619
Republic of Brazil 6.000% 01/17/2017		775,000		792,050
Republic of Brazil 8.000% 01/15/2018		2,330,000		2,613,095
Republic of Brazil 8.750% 02/04/2025		170,000		222,700
Republic of Brazil 8.875% 10/14/2019		1,190,000		1,502,375
Republic of Brazil 10.500% 07/14/2014		802,000		1,025,357
Republic of Bulgaria 8.250%		260,000		306,488
Republic of Bulgaria(c) 8.250% 01/15/2015		250,000		295,000
Republic of Colombia 7.375% 09/18/2037		731,000		834,802
Republic of Colombia 8.125% 05/21/2024		205,000		246,513

	Principal Amount		Market Value
Republic of Colombia 10.750% 01/15/2013	$	310,000	$	381,455
Republic of Colombia COP(e) 11.750% 03/01/2010		111,000,000		58,368
Republic of Colombia COP(e) 12.000% 10/22/2015		1,731,000,000		985,002
Republic of Costa Rica 9.995% 08/01/2020		172,000		225,750
Republic of Egypt EGP(c) (e) 8.750% 07/18/2012		1,480,000		276,297
Republic of El Salvador(c) 7.625% 09/21/2034		178,000		206,480
Republic of El Salvador(c) 7.650% 06/15/2035		495,000		574,200
Republic of Germany EUR(e) 01/16/2008		4,040,000		5,789,980
Republic of Germany EUR(e) 3.750% 07/04/2013		1,270,000		1,797,147
Republic of Ghana(c) 8.500% 10/04/2017		440,000		451,000
Republic of Guatemala 10.250% 11/08/2011		132,000		152,130
Republic of Guatemala(c) 10.250%		108,000		124,470
Republic of Indonesia(c) 6.750% 03/10/2014		770,000		803,726
Republic of Indonesia(c) (d) 7.250% 04/20/2015		785,000		841,913
Republic of Indonesia(c) 8.500% 10/12/2035		340,000		414,375
Republic of Panama 6.700% 01/26/2036		860,000		906,440
Republic of Panama 7.250% 03/15/2015		425,000		465,375
Republic of Panama 8.875% 09/30/2027		140,000		181,650
Republic of Panama 9.375% 04/01/2029		500,000		680,000
Republic of Peru PEN(e) 8.600% 08/12/2017		1,109,000		433,199
Republic of Peru PEN(e) 9.910% 05/05/2015		2,393,000		971,926
Republic of Peru PEN(e) 12.250% 08/10/2011		386,000		155,354
Republic of Poland PLN(e) 5.000% 10/24/2013		1,850,000		713,563

	Principal Amount		Market Value
Republic of Poland PLN(e) 5.750% 09/23/2022	$	445,000	$	180,800
Republic of the Philippines 7.750% 01/14/2031		246,000		280,440
Republic of the Philippines 9.000% 02/15/2013		650,000		747,500
Republic of Turkey 6.750% 04/03/2018		1,545,000		1,568,175
Republic of Turkey 7.000% 09/26/2016		1,195,000		1,250,481
Republic of Turkey 7.250% 03/15/2015		1,045,000		1,106,446
Republic of Turkey TRY(e) 0.000% 08/13/2008		875,000		658,785
Republic of Turkey TRY(e) 16.000% 03/07/2012		4,590,000		4,070,344
Republic of Uruguay 4.250% 04/05/2027		7,600,000		355,545
Republic of Uruguay 5.000% 09/14/2018		7,520,000		407,393
Republic of Uruguay 7.625% 03/21/2036		380,000		424,650
Republic of Uruguay 8.000% 11/18/2022		905,000		1,031,700
Santa Fe de Bogota DC, COP(c) (e) 9.750% 07/26/2028		445,000,000		220,889
Spain Letras Del Tesoro EUR(e) 0.000% 03/20/2008		1,555,000		2,212,440
State of Israel ILS(e) 7.500% 03/31/2014		3,255,000		918,478
United Kingdom GBP(e) 4.000% 03/07/2009		965,000		1,969,352
United Kingdom GBP(e) 5.000% 03/07/2008		935,000		1,933,257
United Kingdom Treasury GBP(e) 6.000% 12/07/2028		1,065,000		2,580,385
				89,943,656
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $84,817,735)				89,943,656
STRUCTURED OBLIGATIONS — 6.4%
Citigroup Funding, Inc. Unsec. Credit Linked Nts. 0.000% 05/12/2008		195,652		185,928
Citigroup Funding, Inc. Unsec. Credit Linked Nts. 0.000% 02/21/2008		228,383		266,320

(Continued)

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

MassMutual Premier Strategic Income Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Citigroup Funding, Inc. Unsec. Credit Linked Nts. 0.000% 03/20/2008	$	101,072	$	97,471
Citigroup Funding, Inc. Unsec. Credit Linked Nts. 0.000% 12/24/2007		98,928		97,695
Citigroup Funding, Inc. Unsec. Credit Linked Nts. 0.000% 03/10/2008		162,252		157,034
Citigroup Funding, Inc. Unsec. Credit Linked Nts. 0.000% 03/20/2008		111,975		102,202
Citigroup Funding, Inc. Unsec. Credit Linked Nts. 4.000% 05/18/2009		171,342		169,867
Citigroup Funding, Inc. Unsec. Credit Linked Nts.(c) 15.000% 03/12/2012		238,031		250,747
Citigroup Global Markets Holdings, Inc., Dominican Republic Unsec. Credit Linked Nts. 22.000% 10/03/2011		98,802		126,754
Citigroup Global Markets Holdings, Inc., Republic of Argentina Bond Unsec. Credit Linked Nts.(c) 0.000% 05/22/2008		72,115		77,855
Citigroup Global Markets Holdings, Inc., Republic of Argentina Unsec. Credit Linked Nts. 0.000% 04/16/2010		250,144		293,801
Citigroup Global Markets Holdings, Inc., Republic of Colombia Unsec. Credit Linked Nts.(c) 11.000% 07/27/2020		128,592		179,320

	Principal Amount		Market Value
Citigroup Global Markets Holdings, Inc., Republic of Egypt Unsec. Credit Linked Nts.(c) 0.000% 02/16/2008	$	163,286	$	171,878
Citigroup Global Markets Holdings, Inc., Republic of Nigeria Unsec. Credit Linked Nts. NGN 0.000% 03/01/2011		538,614		677,867
Citigroup Global Markets Holdings, Inc., Republic of Nigeria Unsec. Credit Linked Nts. NGN 0.000% 04/04/2011		389,714		481,351
Citigroup Global Markets Holdings, Inc., Ukraine Unsec. Credit Linked Nts.(c) 0.000% 01/04/2010		58,772		52,113
Citigroup, Credit Linked Nts. 0.000% 08/11/2008		217,523		201,698
Coriolanus Ltd. BRL(c) (e) 0.000% 12/31/2017		3,300,000		1,332,338
Coriolanus Ltd. FRN(c) 0.000% 08/10/2010		400,000		384,600
Credit & Repackaged Securities Ltd. COP(c) (e) 0.000% 02/08/2037		4,000,000		163,600
Credit & Repackaged Securities Ltd. TRY(c) (e) 0.000% 03/29/2017		3,500,000		757,142
Credit Suisse First Boston, Ukraine Unsec. Credit Linked Nts., UAH(e) 0.000% 12/30/2009		1,765,000		385,825
Credit Suisse First Boston, Ukraine Unsec. Credit Linked Nts., UAH(e) 11.940% 12/30/2009		2,650,000		582,576

	Principal Amount		Market Value
Credit Suisse International, Russian Federation Credit Linked Nts. RUB(e) 8.590% 05/20/2010	$	15,100,000	$	634,921
Dominican Republic 0.000% 05/12/2008		89,157		84,726
Dresdner Bank AG FRN 0.000% 12/12/2011		200,000		214,260
Eirles Two Ltd. FRN(c) 6.793% 04/30/2012		800,000		767,200
Eirles Two Ltd. FRN 8.279% 04/20/2012		700,000		662,900
Emblem Finance Co., Ltd. FRN(c) 9.598% 06/20/2010		340,000		337,892
JP Morgan Chase Bank(c) 0.000% 11/30/2012		367,142		307,104
JP Morgan Securities Ltd., Republic of Argentina Unsec. Credit Linked Nts. ARS(e) 0.000% 12/19/2011		1,610,006		517,060
JP Morgan Securities Ltd., Republic of Brazil Real Unsec. Credit Linked Nts., BRL(e) 0.000% 01/02/2015		8,326,000		2,118,672
JP Morgan Securities Ltd., Republic of Brazil Unsec. Credit Linked Nts. 0.000% 05/15/2045		290,000		271,714
JP Morgan Securities Ltd., Republic of Columbia Unsec. Credit Linked Nts. COP(e) 0.000% 10/31/2016		1,437,872		661,997
JP Morgan Securities Ltd., Republic of Columbia Unsec. Credit Linked Nts., COP(e) 0.000% 08/03/2020		1,370,363		464,273

(Continued)

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

MassMutual Premier Strategic Income Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
JP Morgan Securities Ltd., Republic of Peru Unsec. Credit Linked Nts.(c) (e) 0.000% 09/02/2015	$	292,127	$	178,668
Lehman Brothers Holdings, Inc. 6.000% 02/05/2017		2,120,000		2,008,516
Lehman Brothers, Senegal, Unsec. Credit Linked Nts. 10.750% 05/15/2012		1,300,000		1,300,000
Morgan Stanley, Republic of the Philippines Unsec. Credit Linked Nts. 0.000% 09/20/2015		2,400,000		2,885,544
Morgan Stanley, Republic of the Philippines Unsec. Credit Linked Nts.(c) 0.000% 06/20/2016		160,000		172,005
Morgan Stanley, Republic of the Philippines Unsec. Credit Linked Nts.(c) 8.430% 09/20/2015		250,000		289,540
Morgan Stanley, Unsec. Credit Linked Nts. BRL(c) (e) 0.000% 01/05/2022		1,887,048		392,506
Morgan Stanley, Unsec. Credit Linked Nts. PEN(c) (e) 6.250% 03/23/2017		716,000		225,904
Nielsen Finance LLC Co Step(d) 12.500% 08/01/2016		180,000		130,050
Piazza Vittoria Finance FRN EUR(e) 4.454% 07/20/2010		422,957		608,947
Red Square Capital Ltd. RUB(c) (e) 0.000% 11/20/2008		10,000,000		409,273
Republic of Brazil 0.000% 02/20/2012		432,737		518,287
Republic of Egypt 0.000% 02/28/2008		238,852		262,749
Republic of Egypt 0.000% 01/10/2008		252,040		267,029
Republic of Ghana(c) 0.000% 04/02/2010		534,233		510,620

	Principal Amount		Market Value
Republic of South Africa NGN(e) 9.250% 01/18/2008	$	30,900,000	$	273,904
Russian Federation 0.000% 12/02/2008		130,344		143,771
Russian Federation 7.500% 12/04/2008		291,806		314,010
UBS AG Stamford CT, Ghanaian Credit Linked Nts. 0.000% 12/21/2011		170,755		181,396
UBS AG, Nigerian, Unsec. Credit Linked Nts. 13.500% 09/18/2011		1,200,000		1,150,860
				26,462,280
TOTAL STRUCTURED OBLIGATIONS (Cost $23,739,912)				26,462,280
U.S. GOVERNMENT AGENCY OBLIGATIONS — 24.5%
Collateralized Mortgage Obligations — 4.5%
FHLMC, Series 1360, Class PZ 7.500% 09/15/2022		264,284		264,134
FHLMC, Series 1628, Class LZ 6.500% 12/15/2023		339,637		351,130
FHLMC, Series 2035, Class PE IO 7.000% 03/15/2028		129,149		21,250
FHLMC, Series 2042, Class N 6.500% 03/15/2028		90,656		92,160
FHLMC, Series 2043, Class ZP 6.500% 04/15/2028		123,016		125,292
FHLMC, Series 2049, Class PL IO 7.000% 04/15/2028		796,493		118,644
FHLMC, Series 2055, Class ZM 6.500% 05/15/2028		59,678		61,191
FHLMC, Series 2080, Class Z 6.500% 08/15/2028		94,500		97,428
FHLMC, Series 2122, Class F FRN 5.541% 02/15/2029		215,578		216,869
FHLMC, Series 216, Class IO 6.000% 12/01/2031		77,321		17,997

	Principal Amount		Market Value
FHLMC, Series 2177, Class SB IO 3.859% 08/15/2029	$	663,206	$	70,244
FHLMC, Series 224, Class IO 6.000% 03/01/2033		224,003		53,831
FHLMC, Series 2279, Class PK 6.500% 01/15/2031		120,151		123,264
FHLMC, Series 2344, Class FP FRN 6.041% 08/15/2031		117,815		120,382
FHLMC, Series 2387, Class PD 6.000% 04/15/2030		410		410
FHLMC, Series 2401, Class FA FRN 5.741% 07/15/2029		366,436		370,180
FHLMC, Series 2410, Class PF FRN 6.071% 02/15/2032		340,786		348,266
FHLMC, Series 2412, Class GF FRN 6.041% 02/15/2032		255,266		260,437
FHLMC, Series 2427, Class ZM 6.500% 03/15/2032		168,340		172,038
FHLMC, Series 243, Class IO 6.000% 12/15/2032		119,826		28,344
FHLMC, Series 2435, Class EQ 6.000% 05/15/2031		229,967		232,676
FHLMC, Series 2451, Class FD FRN 6.091% 03/15/2032		86,644		88,578
FHLMC, Series 2453, Class BD 6.000% 05/15/2017		140,907		142,852
FHLMC, Series 2461, Class PZ 6.500% 06/15/2032		230,323		233,341
FHLMC, Series 2464, Class FI FRN 6.091% 02/15/2032		70,713		72,275
FHLMC, Series 2470, Class LF FRN 6.091% 02/15/2032		70,325		71,879
FHLMC, Series 2471, Class FD FRN 6.091% 03/15/2032		131,761		134,602
FHLMC, Series 2517, Class GF FRN 6.091% 02/15/2032		80,047		81,816

(Continued)

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

MassMutual Premier Strategic Income Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
FHLMC, Series 2551, Class LF FRN 5.591% 01/15/2033	$	349,405	$	351,358
FHLMC, Series 2641, Class CE 3.500% 09/15/2025		108,033		106,417
FHLMC, Series 2676, Class KY 5.000% 09/15/2023		119,000		112,266
FHLMC, Series 2727, Class UA 3.500% 10/15/2022		56,404		55,819
FHLMC, Series 2736, Class DB 3.300% 11/15/2026		502,900		492,626
FHLMC, Series 2777, Class PJ 4.000% 05/15/2024		59,587		59,106
FHLMC, Series 2802, Class AS FRN 2.159% 04/15/2033		237,850		14,125
FHLMC, Series 2819, Class IO FRN 2.509% 06/15/2034		510,651		38,962
FHLMC, Series 2920, Class IO FRN 1.609% 01/15/2035		290,853		15,094
FHLMC, Series 2934, Class NA 5.000% 04/15/2024		168,571		168,582
FHLMC, Series 2939, Class PE 5.000% 02/15/2035		658,000		612,088
FHLMC, Series 3000, Class IO FRN 1.059% 07/15/2025		402,079		16,789
FHLMC, Series 3004, Class IO FRN 1.059% 07/15/2035		533,402		22,627
FHLMC, Series 3025, Class SJ FRN 6.082% 08/15/2035		24,037		24,488
FHLMC, Series 3094, Class HS 5.715% 06/15/2034		87,832		89,013
FHLMC, Series 3110, Class SL 1.059% 02/15/2026		421,679		18,546
FHLMC, Series 3138, Class PA 5.500% 02/15/2027		960,433		969,275
FNMA, Series 1999-54, Class LH 6.500% 11/25/2029		170,485		174,712

	Principal Amount		Market Value
FNMA, Series 2001-44, Class QC 6.000% 09/25/2016	$	309,678	$	315,179
FNMA, Series 2001-46, Class ZG 6.000% 09/25/2031		879,550		890,837
FNMA, Series 2001-50, Class NE 6.000% 08/25/2030		2,706		2,698
FNMA, Series 2001-51, Class OD 6.500% 10/25/2031		159,223		163,331
FNMA, Series 2001-68, Class FD FRN 5.373% 12/25/2031		929,209		936,397
FNMA, Series 2001-69, Class PF FRN 5.873% 12/25/2031		159,993		163,514
FNMA, Series 2001-70, Class LR 6.000% 09/25/2030(f)		13,446		13,467
FNMA, Series 2001-80, Class Z 6.000% 01/25/2032		172,059		174,265
FNMA, Series 2001-82, Class ZA 6.500% 01/25/2032		70,144		72,359
FNMA, Series 2001-T10, Class IO 0.450% 12/25/2041		5,598,312		68,771
FNMA, Series 2002-29, Class F FRN 5.873% 04/25/2032		75,076		76,728
FNMA, Series 2002-60, Class FH FRN 5.873% 08/25/2032		201,441		205,834
FNMA, Series 2002-64, Class FJ FRN 5.873% 04/25/2032		23,629		24,150
FNMA, Series 2002-66, Class FG FRN 5.873% 09/25/2032		508,024		519,069
FNMA, Series 2002-68, Class 20 FRN 5.535% 10/18/2032		69,024		69,374
FNMA, Series 2002-89, Class S IO 3.328% 01/25/2033		131,173		12,689
FNMA, Series 2002-9, Class PC 6.000% 03/25/2017		139,171		140,857
FNMA, Series 2003-116, Class FA FRN 5.273% 11/25/2033		32,980		33,059

	Principal Amount		Market Value
FNMA, Series 2003-118, Class S, IO 4.270% 12/25/2033	$	351,304	$	44,167
FNMA, Series 2003-13, Class IO 7.000% 03/25/2033		160,329		36,543
FNMA, Series 2003-130, Class CS FRN 4.355% 12/25/2033		211,462		195,878
FNMA, Series 2003-17, Class EQ 5.500% 03/25/2023		403,000		390,231
FNMA, Series 2003-23, Class EQ 5.500% 04/25/2023		331,000		320,394
FNMA, Series 2003-33, Class IO FRN 3.378% 05/25/2033		198,186		25,099
FNMA, Series 2003-4, Class S, IO FRN 3.378% 02/25/2033		101,245		11,469
FNMA, Series 2003-81, Class NB 4.500% 11/25/2014		490,000		487,526
FNMA, Series 2003-81, Class PU 4.000% 03/25/2025		129,131		127,750
FNMA, Series 2003-84, Class AJ 3.000% 04/25/2013		129,757		128,204
FNMA, Series 2003-84, Class GC 4.500% 05/25/2015		590,000		587,023
FNMA, Series 2003-84, Class PW 3.000% 06/25/2022		61,326		60,862
FNMA, Series 2004-101, Class BG 5.000% 01/25/2020		155,000		151,198
FNMA, Series 2004-52, Class JR 4.500% 07/25/2024		240,572		239,441
FNMA, Series 2004-W9, Class 2A2 7.000% 02/25/2044		69,711		72,638
FNMA, Series 2005-100, Class BQ 5.500% 11/25/2025		110,000		106,652
FNMA, Series 2005-105, Class SA 1.828% 12/25/2035		1,500,556		93,563
FNMA, Series 2005-40, Class SA, IO FRN 1.828% 05/25/2035		843,885		43,616

(Continued)

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

MassMutual Premier Strategic Income Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
FNMA, Series 2005-40, Class SB, IO FRN 1.878% 05/25/2035	$	225,270	$	12,419
FNMA, Series 2005-59, Class NQ FRN 4.694% 05/25/2035		156,580		150,748
FNMA, Series 2005-71, Class DB 4.500% 08/25/2035		190,000		176,212
FNMA, Series 2005-71, Class SA, IO FRN 1.878% 08/25/2025		254,397		16,232
FNMA, Series 2005-85, Class SA 1.278% 10/25/2035		2,145,964		92,926
FNMA, Series 2005-87, Class IO FRN 1.828% 10/25/2035		1,207,799		76,888
FNMA, Series 2006-11, Class PS FRN 6.701% 03/25/2036		114,562		116,129
FNMA, Series 2006-119, Class MS FRN 1.828% 12/25/2036		121,191		7,635
FNMA, Series 2006-33, Class IO FRN 2.328% 05/25/2036		2,058,494		173,435
FNMA, Series 2006-43, Class Sj FRN 1.718% 06/25/2036		1,896,157		132,653
FNMA, Series 2006-44, Class 0A 5.500% 12/25/2026		274,750		276,827
FNMA, Series 2006-46, Class SW FRN 6.334% 06/25/2036		150,343		149,332
FNMA, Series 2006-50, Class KS FRN 6.334% 06/25/2036		131,167		125,704
FNMA, Series 2006-50, Class SK FRN 6.334% 06/25/2036		159,082		154,699
FNMA, Series 2006-57, Class PA 5.500% 08/25/2027		371,048		373,960
FNMA, Series 2006-75, Class IO FRN 1.598% 08/25/2036		241,911		16,004
FNMA, Series 2006-90, Class SX IO 2.358% 09/25/2036		531,580		35,591
FNMA, Series 2055-87, Class IO FRN 1.178% 10/25/2035		1,633,466		77,709

	Principal Amount		Market Value
FNMA, Series 254, Class 2 IO 7.500% 01/01/2024	$	357,401	$	92,351
FNMA, Series 319, Class IO 6.500% 02/01/2032		1,116,942		278,590
FNMA, Series 324, Class 2, IO 6.500% 07/01/2032		209,763		46,790
FNMA, Series 331, Class 5 6.000% 02/01/2033		327,822		71,966
FNMA, Series 334, Class 5 5.500% 05/01/2033		190,081		47,416
FNMA, Series 339, Class 7 5.500% 07/01/2033		653,079		142,851
FNMA, Series 342, Class IO 6.000% 10/01/2033		225,892		54,179
FNMA, Series 344, Class 2 IO 6.000% 12/01/2033		464,247		111,927
FNMA, Series SMBS, Class 321, IO 6.500% 04/01/2032		308,505		77,410
GNMA, Series 2000-12, Class ZA 8.000% 02/16/2030		972,051		1,046,935
GNMA, Series 2001-62, Class KZ 6.500% 12/16/2031		344,055		353,306
Total Collateralized Mortgage Obligations				18,807,059
Pass-Through Securities — 20.0%
FHLMC 3.375% 04/15/2009		6,240,000		6,154,702
FHLMC 4.500% 05/01/2019		807,703		783,377
FHLMC 5.000% 08/01/2033- 12/01/2034		2,008,903		1,895,612
FHLMC 5.250% 05/21/2009		6,100,000		6,179,776
FHLMC 5.500% 11/15/2025		541,795		544,966
FHLMC 6.000% 07/01/2024- 03/01/2033		405,071		409,822
FHLMC 6.500% 04/01/2018- 06/01/2035		2,219,458		2,284,537

	Principal Amount		Market Value
FHLMC 7.000% 03/01/2031- 10/01/2031	$	138,453	$	145,729
FHLMC 7.500% 02/01/2032		32,034		33,920
FHLMC 8.500% 08/01/2031		19,306		20,922
FNMA 0.000% 07/01/2032		52,379		39,986
FNMA 4.500% 05/01/2018- 08/01/2020		4,592,414		4,459,061
FNMA 4.625% 10/25/2012		2,990,000		2,972,921
FNMA 4.750% 11/19/2012		2,980,000		2,979,369
FNMA 5.000% 12/01/2017- 09/01/2035		6,304,244		6,164,979
FNMA 5.000% 08/01/2033- 11/01/2033(f)		3,115,222		2,997,549
FNMA 5.125% 07/13/2009		8,270,000		8,375,092
FNMA 5.500% 02/01/2022- 01/01/2034		17,890,353		17,723,299
FNMA 6.000% 06/01/2017- 08/01/2035		5,129,584		5,123,613
FNMA 6.500% 05/01/2017- 10/01/2034		1,725,909		1,779,261
FNMA 7.000% 11/01/2017- 04/01/2034		1,447,769		1,517,654
FNMA 7.500% 02/01/2027- 03/01/2033		821,163		878,128
FNMA Interest Strip 6.000% 03/01/2033		315,166		73,924
FNMA TBA(g) 5.000% 11/01/2022		2,232,000		2,197,299
FNMA TBA(g) 5.500% 11/01/2022- 11/01/2037		407,000		406,723
FNMA TBA(g) 6.000% 11/01/2022- 11/01/2037		5,429,000		5,486,158
GNMA 13.000% 10/15/2015		74,868		86,064
GNMA 13.500% 06/15/2015		99,555		114,769

(Continued)

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

MassMutual Premier Strategic Income Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Resolution Funding Corp. Principal Strip 01/15/2021	$	1,955,000	$	1,007,731
Total Pass-Through Securities				82,836,943
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $101,317,834)				101,644,002
TOTAL BONDS & NOTES (Cost $317,370,220)				326,176,136
OPTIONS — 0.1%
Bank of America Basket Call, JPY Expires 11/19/07, Strike 90.86		2,030,000		-
Credit Suisse Basket Call, EUR Expires 12/12/07, Strike 1.02		4,110,000		3,888
Credit Suisse Call, EUR Expires 12/21/07, Strike 1.41		3,210,000		136,987
Deutsche Bank Call BRL, Expires 12/21/07, Strike 1.81		2,820,000		75,953
TOTAL OPTIONS (Cost $131,620)				216,828
TOTAL LONG TERM INVESTMENTS (Cost $322,153,932)				331,001,327
SHORT-TERM INVESTMENTS — 18.4%
Cash Equivalents — 0.8%(j)
Abbey National PLC Eurodollar Time Deposit 4.850% 11/08/2007		23,631		23,631
ABN Amro Bank NV Eurodollar Time Deposit 4.795% 11/21/2007		59,077		59,077
ABN Amro Bank NV Eurodollar Time Deposit 4.950% 11/14/2007		47,262		47,262
ABN Amro Bank NV Eurodollar Time Deposit 5.050% 11/13/2007		70,892		70,892
Bank of Nova Scotia Eurodollar Time Deposit 4.650% 11/30/2007		29,538		29,538
Bank of Nova Scotia Eurodollar Time Deposit 4.800% 11/26/2007		70,892		70,892

	Principal Amount		Market Value
Bank of Nova Scotia Eurodollar Time Deposit 4.940% 11/16/2007	$	47,262	$	47,262
Bank of Nova Scotia Eurodollar Time Deposit 4.950% 11/19/2007		29,538		29,538
Bank of Nova Scotia Eurodollar Time Deposit 5.000% 11/15/2007		29,538		29,538
Barclays Eurodollar Time Deposit 5.000% 01/22/2008		35,446		35,446
Barclays Eurodollar Time Deposit 5.330% 11/05/2007		29,538		29,538
BNP Paribas Eurodollar Time Deposit 4.720% 11/01/2007		141,785		141,785
BNP Paribas Eurodollar Time Deposit 4.800% 11/23/2007		59,077		59,077
BNP Paribas Eurodollar Time Deposit 4.900% 11/01/2007		59,077		59,077
BNP Paribas Eurodollar Time Deposit 5.020% 11/15/2007		35,446		35,446
Calyon Eurodollar Time Deposit 4.875% 11/01/2007		118,154		118,154
Calyon Eurodollar Time Deposit 5.330% 11/07/2007		118,154		118,154
Canadian Imperial Bank of Commerce Eurodollar Time Deposit 5.340% 11/09/2007		23,631		23,631
Dexia Group Eurodollar Time Deposit 4.980% 11/14/2007		76,800		76,800
Dexia Group Eurodollar Time Deposit 5.000% 11/05/2007		29,538		29,538
Dexia Group Eurodollar Time Deposit 5.100% 11/05/2007		35,446		35,446
Fifth Third Bancorp Eurodollar Time Deposit 4.625% 11/01/2007		88,615		88,615
Fortis Bank Eurodollar Time Deposit 4.820% 11/01/2007		118,154		118,154

	Principal Amount		Market Value
Fortis Bank Eurodollar Time Deposit 5.330% 11/05/2007	$	88,615	$	88,615
Freddie Mac Agency 4.533% 11/05/2007		7,425		7,425
Freddie Mac Agency Discount Note 4.527% 11/13/2007		22,999		22,999
General Electric Capital Corp. 4.822% 11/14/2007		117,621		117,621
JP Morgan Chase & Co. Eurodollar Time Deposit 5.150% 02/12/2008		59,077		59,077
Lloyds TSB Bank Eurodollar Time Deposit 4.880% 11/20/2007		88,615		88,615
Lloyds TSB Bank Eurodollar Time Deposit 4.950% 11/09/2007		59,077		59,077
National Australia Bank Eurodollar Time Deposit 4.800% 11/01/2007		118,154		118,154
Rabobank Nederland Eurodollar Time Deposit 4.813% 11/01/2007		118,154		118,154
Rabobank Nederland Eurodollar Time Deposit 4.820% 11/08/2007		88,615		88,615
Rabobank Nederland Eurodollar Time Deposit 4.950% 11/01/2007		53,169		53,169
Rabobank Nederland Eurodollar Time Deposit 4.950% 11/15/2007		29,538		29,538
Reserve Primary Money Market Fund(h)		53,708		53,708
Royal Bank of Canada Eurodollar Time Deposit 4.950% 11/16/2007		35,446		35,446
Royal Bank of Scotland Eurodollar Time Deposit 4.950% 11/01/2007		177,234		177,234
Royal Bank of Scotland Eurodollar Time Deposit 5.000% 01/22/2008		29,538		29,538
Royal Bank of Scotland Eurodollar Time Deposit 5.330% 11/07/2007		59,077		59,077
Societe Generale Eurodollar Time Deposit 4.813% 11/01/2007		118,154		118,154

(Continued)

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

MassMutual Premier Strategic Income Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Societe Generale Eurodollar Time Deposit 5.050% 11/02/2007	$	47,262	$	47,262
Societe Generale Eurodollar Time Deposit 5.050% 11/19/2007		23,631		23,631
Societe Generale Eurodollar Time Deposit 5.120% 11/01/2007		47,262		47,262
Svenska Handlesbanken Eurodollar Time Deposit 4.840% 11/01/2007		184,587		184,587
Toronto Dominion Bank Eurodollar Time Deposit 4.880% 11/06/2007		29,538		29,538
Toronto Dominion Bank Eurodollar Time Deposit 5.000% 11/07/2007		88,615		88,615
UBS AG Eurodollar Time Deposit 5.365% 11/08/2007		29,538		29,538
Wells Fargo Eurodollar Time Deposit 4.750% 11/23/2007		59,077		59,077
Wells Fargo Eurodollar Time Deposit 4.800% 11/09/2007		59,077		59,077
				3,269,294
Discount Notes — 10.2%
FHLMC 4.500% 02/25/2008		41,290,000		40,701,495
FHLMC 4.945% 02/04/2008		1,750,000		1,727,163
				42,428,658
Repurchase Agreements — 7.4%
State Street Bank & Trust Co. Repurchase Agreement, dated 10/31/2007, 3.01%, due 11/01/2007(k)		30,561,918		30,561,918
TOTAL SHORT-TERM INVESTMENTS (Cost $76,259,870)				76,259,870
TOTAL INVESTMENTS — 98.3% (Cost $398,413,802)(l)				407,261,197
Other Assets/ (Liabilities) — 1.7%				6,891,243
NET ASSETS — 100.0%			$	414,152,440

Notes to Portfolio of Investments

ARS - Argentine Peso

AUD - Australian Dollar

BRL - Brazilian Real

CAD - Canadian Dollar

COP - Colombian Peso

DKK - Danish Krone

EGP - Egyptian Pound

EUR - Euro

FRN - Floating Rate Note

GBP - British Pound

ILS - Israeli Shekel

JPY - Japanese Yen

KZT - Kazakhstan Tenge

MXN - Mexican Peso

MYR - Malaysian Ringgit

NGN - Nigeria Naira

PEN - Peruvian New Sol

PHP - Philippine Peso

PLN - Polish Zloty

RUB - Russian Ruble

STEP - Step up bond

TBA - To be announced

TRY - New Turkish Lira

UAH - Ukraine Hryvnia

VRN - Variable Rate Note

(a) Non-income producing security.

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

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

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

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

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

(h) Amount represents shares owned of the fund.

(i) Security is currently in default.

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

(k) Maturity value of $30,564,474. Collateralized by a U.S. Government Agency obligations with rates ranging from 5.179% to 5.441%, maturity dates ranging from 12/25/2035 to 1/15/2036, and an aggregate market value, including accrued interest of $31,173,740.

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

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

MassMutual Premier High Yield Fund – Portfolio of Investments

October 31, 2007

	Principal Amount		Market Value
BONDS & NOTES — 92.9%
CORPORATE DEBT — 92.9%
Advertising — 0.9%
RH Donnelley Corp. 8.875% 01/15/2016	$	1,700,000	$	1,700,000
Aerospace & Defense — 0.5%
TransDigm, Inc. 7.750% 07/15/2014		1,000,000		1,017,500
Auto Manufacturers — 3.9%
Ford Motor Co. 7.450% 07/16/2031		4,830,000		3,815,700
General Motors Corp.(a) 8.375% 07/15/2033		4,300,000		3,913,000
				7,728,700
Automotive & Parts — 8.9%
Affinia Group, Inc. 9.000% 11/30/2014		3,975,000		3,716,625
American Tire Distributer FRN(b) 11.481% 04/01/2012		1,000,000		1,010,000
The Goodyear Tire & Rubber Co.(a) 9.000% 07/01/2015		1,495,000		1,635,156
Lear Corp., Series B 8.750% 12/01/2016		3,800,000		3,648,000
Stanadyne Corp. 10.000% 08/15/2014		1,900,000		1,928,500
Tenneco Automotive, Inc.(a) 8.625% 11/15/2014		2,300,000		2,346,000
Titan International, Inc. 8.000% 01/15/2012		425,000		425,000
United Components, Inc. 9.375% 06/15/2013		2,850,000		2,907,000
				17,616,281
Building Materials — 0.9%
Interline Brands, Inc. 8.125% 06/15/2014		1,700,000		1,695,750
Chemicals — 0.2%
Innophos, Inc. Step 8.875% 08/15/2014		325,000		327,437
Commercial Services — 7.7%
Aramark Corp. 8.500% 02/01/2015		650,000		658,125
ARAMARK Corp. FRN 8.856% 02/01/2015		650,000		653,250
Cenveo Corp. 7.875% 12/01/2013		3,350,000		3,140,625

	Principal Amount		Market Value
Great Lakes Dredge & Dock Corp. 7.750% 12/15/2013	$	1,970,000	$	1,910,900
Iron Mountain, Inc.(a) 8.750% 07/15/2018		2,650,000		2,782,500
Penhall International(b) 12.000% 08/01/2014		1,455,000		1,487,737
Rental Service Corp. 9.500% 12/01/2014		1,800,000		1,730,250
United Rentals 7.750% 11/15/2013		1,250,000		1,331,250
Valassis Communications, Inc. 8.250% 03/01/2015		1,930,000		1,626,025
				15,320,662
Computers — 0.9%
Compucom Systems, Inc.(b) 12.500% 10/01/2015		1,770,000		1,770,000
Diversified Financial — 7.2%
Ford Motor Credit Co. 8.000% 12/15/2016		3,800,000		3,518,017
GMAC LLC 6.875% 08/28/2012		2,850,000		2,569,258
Hawker Beechcraft Acquisition Co. LLC / Hawker Beechcraft Notes Co.(a) (b) 9.750% 04/01/2017		2,850,000		2,899,875
Hughes Network System LLC 9.500% 04/15/2014		1,340,000		1,375,175
Idearc, Inc. 8.000% 11/15/2016		1,580,000		1,583,950
Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp.(a) (b) 10.625% 04/01/2017		2,100,000		1,958,250
Snoqualmie Ent Authority(b) 9.125% 02/01/2015		280,000		275,100
				14,179,625
Electric — 1.8%
Edison Mission Energy Corp. 7.750% 06/15/2016		140,000		143,850
Intergen NV(b) 9.000% 06/30/2017		2,000,000		2,115,000
NRG Energy, Inc. 7.375% 02/01/2016		1,350,000		1,346,625
				3,605,475

	Principal Amount		Market Value
Engineering & Construction — 0.9%
North American Energy Partners, Inc. 8.750% 12/01/2011	$	1,725,000	$	1,742,250
Entertainment — 2.9%
AMC Entertainment, Inc.(a) 11.000% 02/01/2016		2,315,000		2,505,987
Diamond Jo LLC 8.750% 04/15/2012		900,000		897,750
Tunica-Biloxi Gaming Authority(b) 9.000% 11/15/2015		2,175,000		2,262,000
				5,665,737
Environmental Controls — 1.1%
Waste Services, Inc. 9.500% 04/15/2014		2,200,000		2,200,000
Foods — 0.2%
Stater Brothers Holdings 7.750% 04/15/2015		350,000		349,125
Forest Products & Paper — 1.4%
Newark Group, Inc. 9.750% 03/15/2014		2,725,000		2,670,500
Rock-Tenn Co. 8.200% 08/15/2011		150,000		153,750
				2,824,250
Health Care – Services — 3.2%
Community Health Systems, Inc.(a) (b) 8.875% 07/15/2015		2,715,000		2,748,938
HCA, Inc. 9.250% 11/15/2016		3,450,000		3,631,125
				6,380,063
Holding Company – Diversified — 0.4%
Leucadia National Corp. 7.000% 08/15/2013		750,000		731,250
Home Furnishing — 2.0%
ALH Finance LLC/ALH Finance Corp. 8.500% 01/15/2013		4,120,000		4,047,900
Household Products — 1.1%
Yankee Acquisition Corp.(a) 9.750% 02/15/2017		2,460,000		2,275,500
Iron & Steel — 1.4%
Ryerson, Inc.(b) 12.000% 11/01/2015		250,000		256,875

(Continued)

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

MassMutual Premier High Yield Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Steel Dynamics, Inc.(b) 6.750% 04/01/2015	$	650,000	$	622,375
Tube City IMS Corp. 9.750% 02/01/2015		1,955,000		1,920,788
				2,800,038
Lodging — 1.9%
Park Place Entertainment Corp. 7.000% 04/15/2013		45,000		47,025
Park Place Entertainment Corp. 7.500% 09/01/2009		1,700,000		1,755,250
Station Casinos, Inc. 6.625% 03/15/2018		2,600,000		2,060,500
				3,862,775
Machinery – Diversified — 1.9%
Stewart & Stevenson LLC 10.000% 07/15/2014		3,750,000		3,853,125
Manufacturing — 2.4%
Polypore, Inc. 8.750% 05/15/2012		3,600,000		3,564,000
RBS Global, Inc. and Rexnord Corp.(a) 11.750% 08/01/2016		1,095,000		1,160,700
				4,724,700
Media — 6.2%
Cablevision Systems Corp., Series B 8.000% 04/15/2012		2,750,000		2,688,125
CCH I LLC 11.125% 01/15/2014		6,245,000		5,401,925
Mediacom Broadband LLC 8.500% 10/15/2015		2,850,000		2,807,250
Quebecor Media, Inc.(b) 7.750% 03/15/2016		1,550,000		1,495,750
				12,393,050
Metal Fabricate & Hardware — 1.3%
Trimas Corp. 9.875% 06/15/2012		2,546,000		2,616,015
Mining — 1.1%
Freeport-McMoran Copper & Gold, Inc. 8.375% 04/01/2017		1,985,000		2,173,575
Oil & Gas — 8.3%
Brigham Exploration Co. 9.625% 05/01/2014		3,280,000		3,132,400
Chaparral Energy, Inc.(b) 8.875% 02/01/2017		2,850,000		2,664,750

	Principal Amount		Market Value
Clayton William Energy 7.750% 08/01/2013	$	1,750,000	$	1,640,625
Delta Petroleum Corp.(a) 7.000% 04/01/2015		1,000,000		865,000
Mariner Energy, Inc. 8.000% 05/15/2017		2,810,000		2,774,875
Petrohawk Energy Corp. 9.125% 07/15/2013		2,850,000		3,024,563
Quicksilver Resources, Inc. 7.125% 04/01/2016		2,450,000		2,413,250
				16,515,463
Oil & Gas Services — 0.8%
Basic Energy Services 7.125% 04/15/2016		1,600,000		1,540,000
Packaging & Containers — 5.6%
Graham Packaging Co.(a) 9.875% 10/15/2014		3,600,000		3,564,000
Packaging Dynamics Finance Corp.(b) 10.000% 05/01/2016		3,825,000		3,844,125
Pliant Corp.(a) 11.125% 09/01/2009		2,970,000		2,569,050
Pregis Corp.(a) 12.375% 10/15/2013		1,000,000		1,090,000
				11,067,175
Pipelines — 4.1%
Atlas Pipeline Partners LP 8.125% 12/15/2015		400,000		398,000
Dynegy Holdings, Inc. 8.375% 05/01/2016		2,720,000		2,726,800
Kinder Morgan Finance 5.700% 01/05/2016		2,600,000		2,366,668
MarkWest Energy Partners LP / MarkWest Energy Finance Corp., Series B 6.875% 11/01/2014		1,390,000		1,299,650
Pacific Energy Partners LP/Pacific Energy Finance Corp. 6.250% 09/15/2015		350,000		344,069
Pacific Energy Partners LP/Pacific Energy Finance Corp. 7.125% 06/15/2014		700,000		723,253
Williams Cos., Inc. 7.125% 09/01/2011		250,000		259,375
				8,117,815
Retail — 4.1%
Dave & Buster's, Inc. 11.250% 03/15/2014		950,000		966,625

	Principal Amount		Market Value
Michaels Stores, Inc.(a) 11.375% 11/01/2016	$	2,460,000	$	2,453,850
Neiman-Marcus Group, Inc.(a) 10.375% 10/15/2015		2,050,000		2,229,375
Rite Aid Corp.(b) 9.500% 06/15/2017		2,675,000		2,474,375
				8,124,225
Telecommunications — 5.9%
Cincinnati Bell, Inc. 8.375% 01/15/2014		1,575,000		1,578,938
Hawaiian Telcom Communications(a) 12.500% 05/01/2015		3,050,000		3,309,250
Insight Midwest LP/Insight Capital, Inc. 9.750% 10/01/2009		194,000		194,243
Intelsat Bermuda Ltd. 9.250% 06/15/2016		1,830,000		1,898,625
NTL Cable PLC 9.125% 08/15/2016		3,565,000		3,761,075
Stratos Global Corp. 9.875% 02/15/2013		985,000		1,034,250
				11,776,381
Transportation — 1.8%
Bristow Group, Inc.(b) 7.500% 09/15/2017		560,000		576,800
Quality Distribution LLC/QD Capital Corp. 9.000% 11/15/2010		1,665,000		1,590,075
Quality Distribution LLC/QD Capital Corp. FRN 9.709% 01/15/2012		1,325,000		1,331,625
				3,498,500
TOTAL BONDS & NOTES (Cost $186,044,893)				184,240,342
SHORT-TERM INVESTMENTS — 20.9%
Cash Equivalents — 15.2%(d)
Abbey National PLC Eurodollar Time Deposit 4.850% 11/08/2007		218,341		218,341
ABN Amro Bank NV Eurodollar Time Deposit 4.795% 11/21/2007		545,852		545,852
ABN Amro Bank NV Eurodollar Time Deposit 4.950% 11/14/2007		436,682		436,682
ABN Amro Bank NV Eurodollar Time Deposit 5.050% 11/13/2007		655,023		655,023

(Continued)

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

MassMutual Premier High Yield Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Bank of Nova Scotia Eurodollar Time Deposit 4.650% 11/30/2007	$	272,926	$	272,926
Bank of Nova Scotia Eurodollar Time Deposit 4.800% 11/26/2007		655,023		655,023
Bank of Nova Scotia Eurodollar Time Deposit 4.940% 11/16/2007		436,682		436,682
Bank of Nova Scotia Eurodollar Time Deposit 4.950% 11/19/2007		272,926		272,926
Bank of Nova Scotia Eurodollar Time Deposit 5.000% 11/15/2007		272,926		272,926
Barclays Eurodollar Time Deposit 5.000% 01/22/2008		327,511		327,511
Barclays Eurodollar Time Deposit 5.330% 11/05/2007		272,926		272,926
BNP Paribas Eurodollar Time Deposit 4.720% 11/01/2007		1,310,046		1,310,046
BNP Paribas Eurodollar Time Deposit 4.800% 11/23/2007		545,852		545,852
BNP Paribas Eurodollar Time Deposit 4.900% 11/01/2007		545,852		545,852
BNP Paribas Eurodollar Time Deposit 5.020% 11/15/2007		327,511		327,511
Calyon Eurodollar Time Deposit 4.875% 11/01/2007		1,091,705		1,091,705
Calyon Eurodollar Time Deposit 5.330% 11/07/2007		1,091,705		1,091,705
Canadian Imperial Bank of Commerce Eurodollar Time Deposit 5.340% 11/09/2007		218,341		218,341
Dexia Group Eurodollar Time Deposit 4.980% 11/14/2007		709,608		709,608
Dexia Group Eurodollar Time Deposit 5.000% 11/05/2007		272,926		272,926
Dexia Group Eurodollar Time Deposit 5.100% 11/05/2007		327,511		327,511

	Principal Amount		Market Value
Fifth Third Bancorp Eurodollar Time Deposit 4.625% 11/01/2007	$	818,778	$	818,778
Fortis Bank Eurodollar Time Deposit 4.820% 11/01/2007		1,091,705		1,091,705
Fortis Bank Eurodollar Time Deposit 5.330% 11/05/2007		818,778		818,778
Freddie Mac Agency 4.533% 11/05/2007		68,607		68,607
Freddie Mac Agency Discount Note 4.527% 11/13/2007		212,506		212,506
General Electric Capital Corp. 4.822% 11/14/2007		1,086,759		1,086,759
JP Morgan Chase & Co. Eurodollar Time Deposit 5.150% 02/12/2008		545,852		545,852
Lloyds TSB Bank Eurodollar Time Deposit 4.880% 11/20/2007		818,778		818,778
Lloyds TSB Bank Eurodollar Time Deposit 4.950% 11/09/2007		545,852		545,852
National Australia Bank Eurodollar Time Deposit 4.800% 11/01/2007		1,091,705		1,091,705
Rabobank Nederland Eurodollar Time Deposit 4.813% 11/01/2007		1,091,705		1,091,705
Rabobank Nederland Eurodollar Time Deposit 4.820% 11/08/2007		818,778		818,778
Rabobank Nederland Eurodollar Time Deposit 4.950% 11/01/2007		491,267		491,267
Rabobank Nederland Eurodollar Time Deposit 4.950% 11/15/2007		272,926		272,926
Reserve Primary Money Market Fund(c)		496,247		496,247
Royal Bank of Canada Eurodollar Time Deposit 4.950% 11/16/2007		327,511		327,511
Royal Bank of Scotland Eurodollar Time Deposit 4.950% 11/01/2007		1,637,557		1,637,557
Royal Bank of Scotland Eurodollar Time Deposit 5.000% 01/22/2008		272,926		272,926

	Principal Amount		Market Value
Royal Bank of Scotland Eurodollar Time Deposit 5.330% 11/07/2007	$	545,852	$	545,852
Societe Generale Eurodollar Time Deposit 4.813% 11/01/2007		1,091,705		1,091,705
Societe Generale Eurodollar Time Deposit 5.050% 11/02/2007		436,682		436,682
Societe Generale Eurodollar Time Deposit 5.050% 11/19/2007		218,341		218,341
Societe Generale Eurodollar Time Deposit 5.120% 11/01/2007		436,682		436,682
Svenska Handlesbanken Eurodollar Time Deposit 4.840% 11/01/2007		1,705,522		1,705,522
Toronto Dominion Bank Eurodollar Time Deposit 4.880% 11/06/2007		272,926		272,926
Toronto Dominion Bank Eurodollar Time Deposit 5.000% 11/07/2007		818,778		818,778
UBS AG Eurodollar Time Deposit 5.365% 11/08/2007		272,926		272,926
Wells Fargo Eurodollar Time Deposit 4.750% 11/23/2007		545,852		545,852
Wells Fargo Eurodollar Time Deposit 4.800% 11/09/2007		545,852		545,852
				30,207,230
Commercial Paper — 5.7%
Fortune Brands, Inc. 5.050% 11/05/2007		4,141,000		4,138,676
Textron Financial 5.000% 11/02/2007		2,318,000		2,317,678
Wellpoint, Inc. 5.000% 11/01/2007		4,743,000		4,743,000
				11,199,354
TOTAL SHORT-TERM INVESTMENTS (Cost $41,406,584)				41,406,584
TOTAL INVESTMENTS — 113.8% (Cost $227,451,477)(e)				225,646,926
Other Assets/ (Liabilities) — (13.8%)				(27,286,493	)
NET ASSETS — 100.0%			$	198,360,433

(Continued)

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

MassMutual Premier High Yield Fund – Portfolio of Investments (Continued)

Notes to Portfolio of Investments

FRN - Floating Rate Note

STEP - Step up bond

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

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

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

The remainder of this page is intentionally left blank.

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

MassMutual Premier Balanced Fund – Portfolio of Investments

October 31, 2007

	Number of Shares		Market Value
EQUITIES — 61.6%
COMMON STOCK — 61.6%
Advertising — 0.2%
Omnicom Group, Inc.		6,200	$	316,076
Aerospace & Defense — 2.3%
Boeing Co.		9,900		976,041
General Dynamics Corp.		5,000		454,800
Goodrich Corp.(a)		1,100		76,626
L-3 Communications Holdings, Inc.(a)		2,600		285,064
Lockheed Martin Corp.		5,900		649,236
Northrop Grumman Corp.		6,700		560,254
Raytheon Co.(a)		8,800		559,768
Rockwell Collins, Inc.		1,100		82,291
United Technologies Corp.		12,800		980,352
				4,624,432
Agriculture — 1.2%
Altria Group, Inc.		30,500		2,224,365
Reynolds American, Inc.(a)		1,400		90,202
UST, Inc.(a)		2,800		149,296
				2,463,863
Airlines — 0.0%
Southwest Airlines Co.		500		7,105
Apparel — 0.3%
Coach, Inc.(a) (b)		2,900		106,024
Nike, Inc. Cl. B		6,500		430,690
Polo Ralph Lauren Corp.(a)		500		34,400
VF Corp.		700		60,991
				632,105
Auto Manufacturers — 0.1%
Ford Motor Co.(a) (b)		1,300		11,531
General Motors Corp.		6,500		254,735
Paccar, Inc.		150		8,334
				274,600
Automotive & Parts — 0.1%
Johnson Controls, Inc.(a)		2,700		118,044
Banks — 3.1%
Banco Bilbao Vizcaya Argentaria SA, Sponsored ADR (Spain)		700		17,668
Bank of America Corp.		40,764		1,968,086
The Bank of New York Mellon Corp.		8,899		434,716
BB&T Corp.		1,300		48,061
Capital One Financial Corp.		2,542		166,730

	Number of Shares		Market Value
Comerica, Inc.		1,900	$	88,692
Fifth Third Bancorp		6,100		190,808
Huntington Bancshares, Inc.		900		16,119
KeyCorp		5,400		153,630
M&T Bank Corp.		600		59,688
Marshall and Ilsley Corp.		1,800		76,860
National City Corp.		2,100		50,925
Northern Trust Corp.		1,700		127,857
PNC Financial Services Group, Inc.		2,500		180,400
Regions Financial Corp.		4,297		116,535
State Street Corp.		1,600		127,632
SunTrust Banks, Inc.		2,100		152,460
Synovus Financial Corp.		1,800		47,448
U.S. Bancorp		13,600		450,976
Wachovia Corp.		11,990		548,303
Wells Fargo & Co.		33,600		1,142,736
Zions Bancorp		600		35,466
				6,201,796
Beverages — 1.1%
Anheuser-Busch Cos., Inc.		8,100		415,368
The Coca-Cola Co.		9,500		586,720
Coca-Cola Enterprises, Inc.		6,900		178,089
Constellation Brands, Inc. Cl. A(b)		1,200		30,144
Molson Coors Brewing Co. Cl. B		500		28,615
The Pepsi Bottling Group, Inc.		3,300		142,164
PepsiCo, Inc.		11,300		833,036
				2,214,136
Biotechnology — 0.3%
Biogen Idec, Inc.(b)		5,000		372,200
Celgene Corp.(a) (b)		100		6,600
Genzyme Corp.(b)		2,400		182,328
				561,128
Building Materials — 0.1%
American Standard Cos., Inc.		100		3,727
Masco Corp.(a)		4,600		110,768
				114,495
Chemicals — 1.0%
Air Products & Chemicals, Inc.		1,400		136,990
Ashland, Inc.		900		52,848
The Dow Chemical Co.		7,700		346,808

	Number of Shares		Market Value
Du Pont (E.I.) de Nemours & Co.		10,700	$	529,757
Eastman Chemical Co.		600		39,954
International Flavors & Fragrances, Inc.		1,100		57,431
Monsanto Co.		4,300		419,809
Praxair, Inc.		2,500		213,700
Rohm & Haas Co.(a)		300		15,564
The Sherwin- Williams Co.(a)		2,400		153,408
Sigma-Aldrich Corp.		1,600		82,672
				2,048,941
Coal — 0.0%
CONSOL Energy, Inc.		100		5,650
Commercial Services — 0.3%
Apollo Group, Inc. Cl. A(b)		1,200		95,112
Convergys Corp.(b)		700		12,831
Donnelley (R.R.) & Sons Co.		1,000		40,290
Equifax, Inc.		1,500		57,750
McKesson Corp.		3,800		251,180
Monster Worldwide, Inc.(b)		100		4,058
Moody's Corp.		1,400		61,208
Robert Half International, Inc.		300		9,027
Western Union		5,800		127,832
				659,288
Computers — 4.2%
Affiliated Computer Services, Inc. Cl. A(b)		1,700		86,122
Apple, Inc.(b)		11,200		2,127,440
Computer Sciences Corp.(b)		2,300		134,297
Dell, Inc.(a) (b)		21,700		664,020
Electronic Data Systems Corp.		4,800		103,632
EMC Corp.(b)		34,800		883,572
Hewlett-Packard Co.		32,500		1,679,600
International Business Machines Corp.		19,000		2,206,280
Lexmark International, Inc. Cl. A(a) (b)		400		16,796
NCR Corp.(b)		1,200		33,108
Network Appliance, Inc.(b)		2,600		81,874
SanDisk Corp.(a) (b)		800		35,520
Sun Microsystems, Inc.(a) (b)		27,000		154,170
Teradata Corp.(b)		2,300		65,619
				8,272,050

(Continued)

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

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Cosmetics & Personal Care — 0.9%
Colgate-Palmolive Co.		2,400	$	183,048
The Estee Lauder Cos., Inc. Cl. A		500		21,950
The Procter & Gamble Co.		22,118		1,537,643
				1,742,641
Distribution & Wholesale — 0.1%
Genuine Parts Co.		700		34,349
W.W. Grainger, Inc.		1,600		143,872
				178,221
Diversified Financial — 4.1%
American Express Co.		9,000		548,550
Ameriprise Financial, Inc.		1,640		103,287
The Bear Stearns Cos., Inc.		200		22,720
The Charles Schwab Corp.		4,200		97,608
CIT Group, Inc.		1,500		52,860
Citigroup, Inc.		34,700		1,453,930
CME Group, Inc.		400		266,500
Countrywide Financial Corp.(a)		3,198		49,633
Discover Financial Services		8,450		163,085
E*TRADE Financial Corp.(a) (b)		3,000		33,420
Fannie Mae		9,100		519,064
Federated Investors, Inc. Cl. B		300		12,900
Franklin Resources, Inc.(a)		600		77,808
Freddie Mac		5,100		266,373
The Goldman Sachs Group, Inc.		7,000		1,735,440
IntercontinentalExchange, Inc.(b)		200		35,640
JP Morgan Chase & Co.		30,100		1,414,700
Janus Capital Group, Inc.(a)		400		13,804
Legg Mason, Inc.		100		8,294
Lehman Brothers Holdings, Inc.		6,100		386,374
Merrill Lynch & Co., Inc.		7,300		481,946
Morgan Stanley		6,500		437,190
				8,181,126
Electric — 1.8%
AES Corp.(b)		100		2,141
Ameren Corp.		1,600		86,496
American Electric Power Co., Inc.		4,700		226,587
CenterPoint Energy, Inc.(a)		4,900		82,124
Consolidated Edison, Inc.(a)		5,900		277,831
Constellation Energy Group, Inc.		700		66,290
DTE Energy Co.		2,200		109,120
Duke Energy Corp.		26,664		511,149
Edison International		6,800		395,012

	Number of Shares		Market Value
Entergy Corp.		500	$	59,935
Exelon Corp.		1,700		140,726
FirstEnergy Corp.		2,600		181,220
FPL Group, Inc.		3,300		225,786
PG&E Corp.		4,600		225,078
Pinnacle West Capital Corp.(a)		800		32,320
PPL Corp.		3,000		155,100
Progress Energy, Inc.		3,100		148,800
Public Service Enterprise Group, Inc.		2,600		248,560
Southern Co.		7,500		274,950
Xcel Energy, Inc.		5,900		133,045
				3,582,270
Electrical Components & Equipment — 0.2%
Emerson Electric Co.		7,600		397,252
Molex, Inc.		100		2,856
				400,108
Electronics — 0.3%
Agilent Technologies, Inc.(b)		2,800		103,180
Jabil Circuit, Inc.		100		2,173
PerkinElmer, Inc.(a)		2,600		71,552
Tektronix, Inc.		700		26,495
Thermo Fisher Scientific, Inc.(b)		3,900		229,359
Tyco Electronics Ltd.		1,847		65,882
Waters Corp.(b)		900		69,282
				567,923
Engineering & Construction — 0.1%
Fluor Corp.		1,300		205,400
Jacobs Engineering Group, Inc.(b)		500		43,575
				248,975
Entertainment — 0.0%
International Game Technology		800		34,888
Environmental Controls — 0.3%
Allied Waste Industries, Inc.(a) (b)		22,200		280,608
Waste Management, Inc.		7,800		283,842
				564,450
Foods — 0.9%
ConAgra Foods, Inc.		3,000		71,190
General Mills, Inc.		3,100		178,963
Heinz (H. J.) Co.		2,200		102,916
The Hershey Co.		1,000		43,110
Kellogg Co.		1,800		95,022
The Kroger Co.		13,400		393,826
Safeway, Inc.		3,400		115,600

	Number of Shares		Market Value
Sara Lee Corp.		8,900	$	147,206
SuperValu, Inc.(a)		3,500		135,625
Sysco Corp.		6,100		209,169
Tyson Foods, Inc. Cl. A(a)		6,200		97,960
Wrigley (Wm.) Jr. Co.		1,700		104,839
				1,695,426
Forest Products & Paper — 0.2%
International Paper Co.		5,100		188,496
MeadWestvaco Corp.		800		26,912
Temple-Inland, Inc.		1,000		53,670
Weyerhaeuser Co.(a)		600		45,546
				314,624
Gas — 0.2%
Nicor, Inc.(a)		1,200		51,924
NiSource, Inc.(a)		3,600		73,620
Sempra Energy		5,600		344,456
				470,000
Hand & Machine Tools — 0.1%
The Black & Decker Corp.		1,300		116,883
Snap-on, Inc.		600		29,946
The Stanley Works		1,100		63,305
				210,134
Health Care – Products — 1.7%
Bard (C.R.), Inc.		500		41,805
Baxter International, Inc.		9,500		570,095
Becton, Dickinson & Co.		800		66,768
Boston Scientific Corp.(b)		4,100		56,867
Covidien Ltd.		2,147		89,315
Johnson & Johnson		29,700		1,935,549
Medtronic, Inc.		8,100		384,264
Patterson Cos., Inc.(b)		1,400		54,754
St. Jude Medical, Inc.(b)		1,000		40,730
Zimmer Holdings, Inc.(b)		1,700		118,133
				3,358,280
Health Care – Services — 0.8%
Aetna, Inc.		7,800		438,126
Coventry Health Care, Inc.(a) (b)		950		57,294
Humana, Inc.(b)		1,000		74,950
Laboratory Corp. of America Holdings(b)		700		48,125
Manor Care, Inc.		200		13,316
Quest Diagnostics, Inc.		700		37,226
UnitedHealth Group, Inc.		12,300		604,545
WellPoint, Inc.(b)		3,800		301,074
				1,574,656
Holding Company – Diversified — 0.0%
Leucadia National Corp.		400		20,264

(Continued)

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

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Home Builders — 0.1%
Centex Corp.(a)		1,700	$	42,602
D.R. Horton, Inc.		2,200		27,918
KB Home(a)		1,400		38,696
Lennar Corp. Cl. A(a)		1,000		22,850
Pulte Homes, Inc.(a)		100		1,484
				133,550
Home Furnishing — 0.1%
Harman International Industries, Inc.		100		8,420
Whirlpool Corp.(a)		1,400		110,852
				119,272
Household Products — 0.2%
The Clorox Co.		1,800		112,626
Fortune Brands, Inc.		1,500		125,655
Kimberly-Clark Corp.		3,400		241,026
				479,307
Housewares — 0.1%
Newell Rubbermaid, Inc.(a)		4,400		128,304
Insurance — 4.3%
ACE Ltd.		6,300		381,843
AFLAC, Inc.		3,000		188,340
Allstate Corp.		6,800		356,320
Ambac Financial Group, Inc.(a)		1,000		36,830
American International Group, Inc.		34,000		2,146,080
Aon Corp.		4,500		203,940
Assurant, Inc.		1,500		87,660
Chubb Corp.		8,000		426,800
Cigna Corp.		5,000		262,450
Cincinnati Financial Corp.		3,014		119,897
Genworth Financial, Inc. Cl. A		3,400		92,820
The Hartford Financial Services Group, Inc.		6,100		591,883
Lincoln National Corp.		2,906		181,247
Loews Corp.		3,200		157,088
MBIA, Inc.(a)		2,000		86,080
Metlife, Inc.		14,300		984,555
Principal Financial Group, Inc.		3,100		209,777
Progressive Corp.(a)		2,500		46,250
Prudential Financial, Inc.		7,800		754,416
Safeco Corp.		1,300		75,270
Torchmark Corp.		1,200		78,192
St. Paul Travelers Companies		11,622		606,785
Unum Group		4,200		98,028
XL Capital Ltd. Cl. A(a)		3,700		266,215
				8,438,766

	Number of Shares		Market Value
Internet — 1.2%
Amazon.com, Inc.(a) (b)		7,400	$	659,710
eBay, Inc.(b)		16,300		588,430
Expedia, Inc.(b)		2,800		91,448
Google, Inc. Cl. A(a) (b)		800		565,600
IAC/InterActiveCorp(b)		2,700		79,542
Symantec Corp.(b)		11,700		219,726
VeriSign, Inc.(a) (b)		2,800		95,452
Yahoo!, Inc.(a) (b)		1,100		34,210
				2,334,118
Investment Companies — 0.1%
American Capital Strategies Ltd.(a)		5,100		221,391
Iron & Steel — 0.3%
Allegheny Technologies, Inc.(a)		100		10,217
Nucor Corp.		3,900		241,878
United States Steel Corp.(a)		2,600		280,540
				532,635
Leisure Time — 0.0%
Carnival Corp.		1,100		52,778
Lodging — 0.1%
Marriott International, Inc. Cl. A		200		8,222
Starwood Hotels & Resorts Worldwide, Inc.		1,300		73,918
Wyndham Worldwide Corp.		840		27,577
				109,717
Machinery – Construction & Mining — 0.1%
Caterpillar, Inc.		3,800		283,518
Terex Corp.(b)		100		7,422
				290,940
Machinery – Diversified — 0.3%
Cummins, Inc.		400		47,984
Deere & Co.		2,400		371,760
Rockwell Automation, Inc.		2,500		172,200
				591,944
Manufacturing — 3.1%
3M Co.(a)		5,400		466,344
Cooper Industries Ltd. Cl. A		2,300		120,497
Danaher Corp.		3,200		274,144
Dover Corp.		1,400		64,400
Eastman Kodak Co.(a)		4,600		131,836
Eaton Corp.		1,900		175,902
General Electric Co.		68,600		2,823,576
Honeywell International, Inc.		13,300		803,453
Illinois Tool Works, Inc.		3,100		177,506
Ingersoll-Rand Co. Ltd. Cl. A		1,700		85,595
ITT Corp.		2,300		153,916

	Number of Shares		Market Value
Leggett & Platt, Inc.		2,700	$	52,461
Pall Corp.		1,600		64,112
Parker Hannifin Corp.		3,150		253,166
Textron, Inc.		1,900		131,499
Tyco International Ltd.		10,147		417,752
				6,196,159
Media — 2.2%
CBS Corp. Cl. B		9,400		269,780
Clear Channel Communications, Inc.		17,300		653,421
The DIRECTV Group, Inc.(b)		3,900		103,272
Dow Jones & Co., Inc.(a)		1,300		77,753
Gannett Co., Inc.		2,800		118,748
The McGraw-Hill Companies, Inc.		4,000		200,160
Meredith Corp.(a)		4,300		267,675
New York Times Co. Cl. A		2,400		46,944
The Scripps (E.W.) Co. Cl. A		400		18,004
Time Warner, Inc.		35,000		639,100
Tribune Co.		1,300		39,338
Viacom, Inc. Cl. B(b)		11,100		458,319
The Walt Disney Co.		39,400		1,364,422
				4,256,936
Metal Fabricate & Hardware — 0.1%
Precision Castparts Corp.		1,000		149,810
Mining — 0.4%
Alcoa, Inc.		500		19,795
Freeport-McMoran Copper & Gold, Inc.		7,106		836,234
Vulcan Materials Co.(a)		100		8,551
				864,580
Office Equipment/Supplies — 0.1%
Xerox Corp.(b)		15,000		261,600
Oil & Gas — 6.0%
Anadarko Petroleum Corp.		4,200		247,884
Chesapeake Energy Corp.		300		11,844
Chevron Corp.		19,185		1,755,619
ConocoPhillips		24,574		2,087,807
Devon Energy Corp.		5,000		467,000
EOG Resources, Inc.		100		8,860
Exxon Mobil Corp.		55,100		5,068,649
Hess Corp.		2,100		150,381
Marathon Oil Corp.		8,300		490,779
Murphy Oil Corp.		1,500		110,445
Nabors Industries Ltd.(b)		300		8,424
Noble Corp.		2,000		105,900
Noble Energy, Inc.		700		53,578
Occidental Petroleum Corp.		9,600		662,880
Sunoco, Inc.		500		36,800
Tesoro Corp.		1,500		90,795

(Continued)

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

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Transocean, Inc.(a) (b)		800	$	95,496
Valero Energy Corp.		5,200		366,236
XTO Energy, Inc.		100		6,638
				11,826,015
Oil & Gas Services — 0.9%
Baker Hughes, Inc.		100		8,672
BJ Services Co.(a)		100		2,519
Halliburton Co.(a)		2,700		106,434
National Oilwell Varco, Inc.(b)		7,300		534,652
Schlumberger Ltd.		11,200		1,081,584
Weatherford International Ltd.(b)		200		12,982
				1,746,843
Packaging & Containers — 0.2%
Ball Corp.		3,000		148,740
Pactiv Corp.(b)		5,100		140,097
Sealed Air Corp.		500		12,465
				301,302
Pharmaceuticals — 3.3%
AmerisourceBergen Corp.		2,700		127,197
Bristol-Myers Squibb Co.		23,200		695,768
Eli Lilly & Co.(a)		12,900		698,535
Express Scripts, Inc.(b)		4,100		258,710
Forest Laboratories, Inc.(b)		4,900		191,443
Hospira, Inc.(b)		400		16,532
King Pharmaceuticals, Inc.(b)		3,300		34,980
Medco Health Solutions, Inc.(b)		4,800		453,024
Merck & Co., Inc.		19,700		1,147,722
Pfizer, Inc.		85,800		2,111,538
Schering-Plough Corp.		6,800		207,536
Watson Pharmaceutical, Inc.(a) (b)		6,300		192,528
Wyeth		5,900		286,917
				6,422,430
Pipelines — 0.2%
El Paso Corp.		9,300		164,238
Questar Corp.		700		39,956
Spectra Energy Corp.		3,000		77,940
The Williams Cos., Inc.		3,000		109,470
				391,604
Real Estate — 0.0%
CB Richard Ellis Group, Inc. Cl. A(b)		1,300		31,694
Real Estate Investment Trusts (REITS) — 0.4%
Boston Properties, Inc.		900		97,506
Equity Residential REIT(a)		1,900		79,382

	Number of Shares		Market Value
Host Hotels & Resorts, Inc. REIT(a)		24,500	$	542,920
Kimco Realty Corp.(a)		900		37,368
ProLogis		1,700		121,958
				879,134
Retail — 2.2%
AutoNation, Inc.(b)		100		1,769
AutoZone, Inc.(a) (b)		2,200		273,702
Best Buy Co., Inc.(a)		6,300		305,676
Big Lots, Inc.(a) (b)		14,200		340,516
Circuit City Stores, Inc.(a)		100		793
Costco Wholesale Corp.		2,800		188,328
CVS Caremark Corp.		5,977		249,659
Darden Restaurants, Inc.		600		25,800
Family Dollar Stores, Inc.(a)		4,700		119,145
The Gap, Inc.		6,900		130,410
The Home Depot, Inc.(a)		1,000		31,510
J.C. Penney Co., Inc.		100		5,624
Lowe's Companies, Inc.		100		2,689
Macy's, Inc.		1,892		60,601
McDonald's Corp.		12,700		758,190
RadioShack Corp.(a)		19,500		402,090
Sears Holdings Corp.(a) (b)		500		67,395
Staples, Inc.(a)		100		2,334
Tiffany & Co.		1,900		102,942
The TJX Cos., Inc.		13,900		402,127
Walgreen Co.(a)		300		11,895
Wal-Mart Stores, Inc.		14,600		660,066
Wendy's International, Inc.		1,800		62,568
Yum! Brands, Inc.		5,200		209,404
				4,415,233
Savings & Loans — 0.1%
Hudson City Bancorp, Inc.		3,400		53,244
Sovereign Bancorp, Inc.(a)		2,500		36,075
Washington Mutual, Inc.(a)		6,685		186,378
				275,697
Semiconductors — 1.5%
Advanced Micro Devices, Inc.(a) (b)		800		10,464
Analog Devices, Inc.		2,200		73,612
Applied Materials, Inc.		25,600		497,152
Broadcom Corp. Cl. A(b)		1,400		45,570
Intel Corp.		45,000		1,210,500
KLA-Tencor Corp.		1,200		63,180
Linear Technology Corp.		1,500		49,530
LSI Corp.(a) (b)		3,500		23,100
MEMC Electronic Materials, Inc.(b)		1,200		87,864
Micron Technology, Inc.(a) (b)		400		4,204

	Number of Shares		Market Value
National Semiconductor Corp.		3,400	$	85,476
Novellus Systems, Inc.(b)		1,800		51,138
Nvidia Corp.(a) (b)		10,300		364,414
Teradyne, Inc.(b)		4,700		57,998
Texas Instruments, Inc.		7,800		254,280
Xilinx, Inc.		1,900		46,360
				2,924,842
Software — 2.9%
Adobe Systems, Inc.(b)		7,200		344,880
Autodesk, Inc.(b)		4,600		224,940
Automatic Data Processing, Inc.		6,100		302,316
BMC Software, Inc.(b)		5,900		199,656
CA, Inc.(a)		8,562		226,465
Citrix Systems, Inc.(b)		1,100		47,289
Compuware Corp.(b)		1,200		12,000
Electronic Arts, Inc.(a) (b)		100		6,112
Fidelity National Information Services, Inc.		500		23,060
Fiserv, Inc.(b)		600		33,240
IMS Health, Inc.(a)		1,200		30,252
Intuit, Inc.(b)		2,400		77,208
Microsoft Corp.		73,400		2,701,854
Novell, Inc.(b)		35,500		268,380
Oracle Corp.(b)		54,700		1,212,699
				5,710,351
Telecommunications — 4.1%
Alltel Corp.		2,400		170,760
AT&T, Inc.		69,427		2,901,354
CenturyTel, Inc.		4,200		185,010
Ciena Corp.(a) (b)		1,300		62,218
Cisco Systems, Inc.(b)		69,200		2,287,752
Corning, Inc.		7,300		177,171
Embarq Corp.		2,796		147,964
JDS Uniphase Corp.(a) (b)		125		1,908
Juniper Networks, Inc.(b)		9,500		342,000
Motorola, Inc.		6,500		122,135
Qualcomm, Inc.		9,300		397,389
Qwest Communications International, Inc.(a) (b)		15,600		112,008
Sprint Nextel Corp.		5,835		99,779
Tellabs, Inc.(b)		100		881
Verizon Communications, Inc.		21,668		998,245
Windstream Corp.		5,300		71,285
				8,077,859
Toys, Games & Hobbies — 0.1%
Hasbro, Inc.		2,100		62,685
Mattel, Inc.		2,000		41,780
				104,465

(Continued)

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

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Transportation — 0.9%
Burlington Northern Santa Fe Corp.		2,000	$	174,300
C.H. Robinson Worldwide, Inc.		1,000		49,920
CSX Corp.		7,000		313,390
Norfolk Southern Corp.		4,500		232,425
Ryder System, Inc.		100		4,785
Union Pacific Corp.		3,300		422,532
United Parcel Service, Inc. Cl. B		7,800		585,780
				1,783,132
TOTAL COMMON STOCK (Cost $112,889,685)				121,710,103
TOTAL EQUITIES (Cost $112,889,685)				121,710,103
RIGHTS — 0.0%
Computers
Seagate Technology(b) (c)		5,100		-
TOTAL RIGHTS (Cost $0)				-
	Principal Amount
BONDS & NOTES — 26.4%
ASSET BACKED SECURITIES — 0.1%
Electric
Mirant Mid-Atlantic LLC, Series 2001, Class A 8.625% 06/30/2012	$	105,954		111,251
TOTAL ASSET BACKED SECURITIES (Cost $113,900)				111,251
CORPORATE DEBT — 10.7%
Airlines — 0.0%
US Airways, Inc., Class B(c) (d) 7.500% 04/15/2008		434,841		4
Apparel — 0.1%
Kellwood Co. 7.625% 10/15/2017		15,000		13,125
Kellwood Co. 7.875% 07/15/2009		50,000		50,700
VF Corp. 6.450% 11/01/2037		80,000		79,676
				143,501

	Principal Amount		Market Value
Auto Manufacturers — 0.3%
DaimlerChrysler NA Holding 4.050% 06/04/2008	$	530,000	$	525,719
Banks — 0.4%
Bank of America Corp. 4.250% 10/01/2010		225,000		221,572
HSBC Holdings PLC 6.500% 09/15/2037		275,000		272,463
Wachovia Corp. 5.300% 10/15/2011		165,000		164,912
Wells Fargo & Co. 4.125% 03/10/2008		125,000		124,361
				783,308
Beverages — 0.3%
Anheuser-Busch Cos., Inc. 5.050% 10/15/2016		75,000		72,793
Anheuser-Busch Cos., Inc. 6.500% 02/01/2043		50,000		52,132
Coca-Cola Co. 5.350% 11/15/2017		60,000		59,585
Constellation Brands, Inc. 8.000% 02/15/2008		55,000		55,000
Diageo Finance BV 3.875% 04/01/2011		35,000		33,653
Foster's Finance Corp.(e) 6.875% 06/15/2011		225,000		238,011
				511,174
Building Materials — 0.1%
American Standard, Inc. 7.625% 02/15/2010		200,000		209,524
Chemicals — 0.2%
Cytec Industries, Inc. 5.500% 10/01/2010		90,000		90,739
Lubrizol Corp. 4.625% 10/01/2009		130,000		128,953
Lubrizol Corp. 5.875% 12/01/2008		90,000		90,299
Sensient Technologies 6.500% 04/01/2009		90,000		90,958
				400,949
Commercial Services — 0.3%
Deluxe Corp. 7.375% 06/01/2015		20,000		19,800
Donnelley (R.R.) & Sons Co. 4.950% 05/15/2010		100,000		99,261
Equifax, Inc. 7.000% 07/01/2037		60,000		60,796

	Principal Amount		Market Value
ERAC USA Finance Co.(e) 6.700% 06/01/2034	$	85,000	$	79,976
ERAC USA Finance Co.(e) 7.000% 10/15/2037		175,000		172,210
Valassis Communications, Inc. 6.625% 01/15/2009		150,000		147,937
				579,980
Computers — 0.1%
Electronic Data Systems Corp., Series B 6.500% 08/01/2013		90,000		91,135
Diversified Financial — 1.6%
American Express Co. 6.150% 08/28/2017		50,000		50,992
American General Finance Corp. 6.500% 09/15/2017		50,000		51,625
American Honda Finance Corp.(e) 3.850% 11/06/2008		175,000		172,763
BlackRock, Inc. 6.250% 09/15/2017		100,000		100,943
Boeing Capital Corp., Ltd. 6.500% 02/15/2012		50,000		52,851
CIT Group, Inc. 5.125% 09/30/2014		120,000		110,477
Citigroup, Inc. 5.500% 02/15/2017		115,000		112,786
Countrywide Home Loans, Inc. 3.250% 05/21/2008		250,000		237,608
Eaton Vance Corp. 6.500% 10/02/2017		130,000		132,713
Emerald Investment Grade CBO Ltd. FRN(e) 5.885% 05/24/2011		326,903		325,269
Franklin Resources, Inc. 3.700% 04/15/2008		200,000		199,069
General Electric Capital Corp. 5.375% 10/20/2016		100,000		99,660
Glencore Funding LLC(e) 6.000% 04/15/2014		150,000		150,576
The Goldman Sachs Group, Inc. 5.625% 01/15/2017		130,000		125,877
The Goldman Sachs Group, Inc. 6.125% 02/15/2033		65,000		63,540

(Continued)

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

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
The Goldman Sachs Group, Inc. 6.750% 10/01/2037	$	65,000	$	65,245
Household Finance Corp. 4.125% 12/15/2008		250,000		247,441
Household Finance Corp. 6.375% 10/15/2011		125,000		129,190
HSBC Finance Corp. 5.900% 06/19/2012		65,000		66,237
Lazard Group LLC 6.850% 06/15/2017		75,000		74,113
Lazard Group LLC 7.125% 05/15/2015		95,000		96,254
Lehman Brothers Holdings, Inc. 6.200% 09/26/2014		55,000		55,357
Lehman Brothers Holdings, Inc. 6.875% 07/17/2037		110,000		108,993
Lehman Brothers Holdings, Inc. 7.000% 09/27/2027		25,000		25,531
Morgan Stanley 5.450% 01/09/2017		60,000		58,030
Residential Capital Corp. 7.125% 11/21/2008		145,000		122,162
SLM Corp. 5.000% 10/01/2013		65,000		57,443
				3,092,745
Electric — 1.2%
Allegheny Energy Supply Co. LLC(e) 8.250% 04/15/2012		75,000		81,375
Carolina Power & Light Co. 5.950% 03/01/2009		20,000		20,194
Centerpoint Energy, Inc., Series B 5.875% 06/01/2008		300,000		300,151
Consumers Energy Co. 4.400% 08/15/2009		55,000		54,511
Duke Energy Corp. 4.200% 10/01/2008		10,000		9,923
Entergy Gulf States, Inc. 5.250% 08/01/2015		275,000		260,974
Ipalco Enterprises, Inc. 8.375% 11/14/2008		255,000		259,462
Kansas Gas & Electric Co. 5.647% 03/29/2021		85,000		82,006
MidAmerican Energy Holdings Co. 3.500% 05/15/2008		275,000		272,629
MidAmerican Funding LLC 6.750% 03/01/2011		45,000		46,738

	Principal Amount		Market Value
Monongahela Power 6.700% 06/15/2014	$	110,000	$	116,172
Nevada Power Co., Series L 5.875% 01/15/2015		120,000		120,378
Pennsylvania Electric Co. Class B 6.125% 04/01/2009		175,000		177,334
PSEG Energy Holdings, Inc. 8.625% 02/15/2008		28,000		28,169
Tenaska Oklahoma(e) 6.528% 12/30/2014		127,491		128,340
TransAlta Corp. 5.750% 12/15/2013		250,000		249,359
Tri-State Generation & Transmission Association, Series 2003, Class A(e) 6.040% 01/31/2018		105,176		107,120
Tri-State Generation & Transmission Association, Series 2003, Class B(e) 7.144% 07/31/2033		135,000		143,918
				2,458,753
Electrical Components & Equipment — 0.1%
Ametek, Inc. 7.200% 07/15/2008		280,000		283,023
Electronics — 0.1%
Thomas & Betts Corp. 6.625% 05/07/2008		75,000		75,388
Thomas & Betts Corp., Series B 6.390% 02/10/2009		55,000		55,899
				131,287
Environmental Controls — 0.1%
Allied Waste North America, Inc., Series B 5.750% 02/15/2011		110,000		107,250
Foods — 0.2%
Sara Lee Corp. 3.875% 06/15/2013		35,000		32,280
Smithfield Foods, Inc. 7.000% 08/01/2011		340,000		343,400
				375,680
Forest Products & Paper — 0.0%
Rock-Tenn Co. 5.625% 03/15/2013		25,000		23,375
Rock-Tenn Co. 8.200% 08/15/2011		55,000		56,375
				79,750

	Principal Amount		Market Value
Gas — 0.2%
Australian Gas Light Co. Ltd.(e) 6.400% 04/15/2008	$	190,000	$	191,111
OAO Gazprom(e) 9.625% 03/01/2013		75,000		86,437
Piedmont Natural Gas Co., Series E 6.000% 12/19/2033		100,000		96,792
Southwest Gas Corp. 8.375% 02/15/2011		50,000		54,183
				428,523
Holding Company – Diversified — 0.2%
Leucadia National Corp. 7.750% 08/15/2013		350,000		345,625
Home Builders — 0.1%
Centex Corp. 7.875% 02/01/2011		65,000		63,091
D.R. Horton, Inc. 4.875% 01/15/2010		25,000		23,081
Lennar Corp., Series B 5.125% 10/01/2010		15,000		13,556
Lennar Corp., Series B 6.500% 04/15/2016		40,000		35,892
				135,620
Household Products — 0.1%
Kimberly-Clark Corp. 6.125% 08/01/2017		125,000		131,588
Housewares — 0.1%
Newell Rubbermaid, Inc. 4.000% 05/01/2010		100,000		98,627
Toro Co. 7.800% 06/15/2027		40,000		42,715
				141,342
Insurance — 0.0%
Lincoln National Corp. 6.300% 10/09/2037		50,000		50,064
Investment Companies — 0.0%
Xstrata Finance Canada(e) 5.800% 11/15/2016		45,000		44,629
Iron & Steel — 0.0%
Reliance Steel & Aluminum Co. 6.200% 11/15/2016		55,000		54,811
Lodging — 0.3%
Harrah's Operating Co., Inc. 5.500% 07/01/2010		100,000		96,500
Marriot International 6.200% 06/15/2016		180,000		180,938

(Continued)

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

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
MGM Mirage 6.000% 10/01/2009	$	60,000	$	59,850
MGM Mirage 6.750% 09/01/2012		200,000		197,000
Starwood Hotels & Resorts Worldwide, Inc. 6.250% 02/15/2013		35,000		35,117
Starwood Hotels & Resorts Worldwide, Inc. 7.875% 05/01/2012		105,000		111,875
				681,280
Machinery – Diversified — 0.1%
Briggs & Stratton Corp. 8.875% 03/15/2011		140,000		149,100
Idex Corp. 6.875% 02/15/2008		100,000		100,451
				249,551
Manufacturing — 0.3%
Bombardier Capital, Inc.(e) 6.750% 05/01/2012		65,000		65,487
Cooper US, Inc. 6.100% 07/01/2017		90,000		92,973
Covidien International Finance SA(e) 6.550% 10/15/2037		60,000		61,125
Pentair, Inc. 7.850% 10/15/2009		175,000		184,603
Tyco Electronics Group SA(e) 6.000% 10/01/2012		45,000		45,507
Tyco Electronics Group SA(e) 6.550% 10/01/2017		40,000		40,817
Tyco Electronics Group SA(e) 7.125% 10/01/2037		50,000		52,273
				542,785
Media — 1.0%
Belo Corp. 8.000% 11/01/2008		100,000		101,869
Clear Channel Communications, Inc. 4.250% 05/15/2009		150,000		144,273
Cox Communications, Inc. 4.625% 01/15/2010		495,000		489,537
Cox Communications, Inc. 6.750% 03/15/2011		200,000		208,906
Dow Jones & Co., Inc. 3.875% 02/15/2008		220,000		219,278
Knight-Ridder, Inc. 7.125% 06/01/2011		30,000		29,270

	Principal Amount		Market Value
Rogers Cable, Inc. 5.500% 03/15/2014	$	60,000	$	58,648
Scholastic Corp. 5.000% 04/15/2013		70,000		60,680
Shaw Communications, Inc. 8.250% 04/11/2010		190,000		201,875
Thomson Corp. 5.700% 10/01/2014		190,000		189,785
Time Warner, Inc. 5.875% 11/15/2016		125,000		124,186
Viacom, Inc. 6.250% 04/30/2016		40,000		40,395
Viacom, Inc. 6.625% 05/15/2011		120,000		124,757
Viacom, Inc. 7.875% 07/30/2030		40,000		43,947
				2,037,406
Metal Fabricate & Hardware — 0.1%
Timken Co. 5.750% 02/15/2010		135,000		134,051
Mining — 0.2%
Codelco, Inc.(e) 6.150% 10/24/2036		65,000		64,928
Vale Overseas Ltd. 6.250% 01/23/2017		65,000		65,722
Vale Overseas Ltd. 6.875% 11/21/2036		60,000		62,373
Vulcan Materials Co. 6.000% 04/01/2009		250,000		253,791
				446,814
Office Equipment/Supplies — 0.0%
Xerox Corp. 5.500% 05/15/2012		50,000		50,015
Oil & Gas — 0.2%
Enterprise Products Operating LP 7.500% 02/01/2011		35,000		37,120
Mobil Corp. 8.625% 08/15/2021		145,000		191,397
The Premcor Refining Group, Inc. 6.750% 05/01/2014		60,000		62,431
Tesoro Corp.(e) 6.500% 06/01/2017		50,000		49,375
				340,323
Oil & Gas Services — 0.1%
Colonial Pipeline Co.(e) 7.630% 04/15/2032		200,000		237,800
Hornbeck Offshore Services, Inc., Series B 6.125% 12/01/2014		45,000		42,862
				280,662

	Principal Amount		Market Value
Packaging & Containers — 0.1%
Packaging Corp. of America 5.750% 08/01/2013	$	70,000	$	70,086
Pactiv Corp. 5.875% 07/15/2012		50,000		50,946
Pactiv Corp. 6.400% 01/15/2018		45,000		46,459
Sealed Air Corp.(e) 6.875% 07/15/2033		40,000		37,814
				205,305
Pipelines — 0.7%
Boardwalk Pipelines LLC 5.500% 02/01/2017		40,000		38,402
Consolidated Natural Gas Co., Series C 6.250% 11/01/2011		65,000		67,048
Duke Energy Field Services Corp. 7.875% 08/16/2010		550,000		588,169
Gulf South Pipeline Co. LP(e) 5.050% 02/01/2015		40,000		38,298
Kern River Funding Corp.(e) 4.893% 04/30/2018		160,200		159,626
Kinder Morgan Energy Partners LP 6.000% 02/01/2017		25,000		25,032
Kinder Morgan Energy Partners LP 6.500% 02/01/2037		25,000		24,739
Kinder Morgan Energy Partners LP 6.950% 01/15/2038		95,000		99,567
Pacific Energy Partners LP/Pacific Energy Finance Corp. 6.250% 09/15/2015		30,000		29,492
Pacific Energy Partners LP/Pacific Energy Finance Corp. 7.125% 06/15/2014		100,000		103,322
Southern Natural Gas Co.(e) 5.900% 04/01/2017		55,000		53,876
Trans-Canada Pipelines 6.200% 10/15/2037		85,000		85,250
Transcontinental Gas Pipe Line Corp. 8.875% 07/15/2012		75,000		84,187
				1,397,008

(Continued)

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

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Real Estate Investment Trusts (REITS) — 0.6%
Brandywine Operating Partnership LP 5.625% 12/15/2010	$	70,000	$	69,819
iStar Financial, Inc. REIT 7.000% 03/15/2008		75,000		75,007
iStar Financial, Inc. REIT, Series B 4.875% 01/15/2009		45,000		44,074
iStar Financial, Inc. REIT, Series B 5.700% 03/01/2014		80,000		72,757
Kimco Realty Corp., Series B 7.860% 11/01/2007		350,000		350,000
Prologis REIT 5.250% 11/15/2010		145,000		144,637
Senior Housing Properties Trust REIT 8.625% 01/15/2012		25,000		27,000
United Dominion Realty Trust, Inc. REIT 4.500% 03/03/2008		75,000		74,887
Weingarten Realty Investors REIT, Series A 7.500% 12/19/2010		210,000		222,566
				1,080,747
Retail — 0.1%
J.C. Penney Co., Inc. 7.950% 04/01/2017		30,000		33,493
Lowe's Companies, Inc. 5.600% 09/15/2012		55,000		55,783
McDonald's Corp. 6.300% 10/15/2037		25,000		25,510
Yum! Brands, Inc. 6.875% 11/15/2037		90,000		89,931
				204,717
Savings & Loans — 0.1%
Washington Mutual Bank 5.650% 08/15/2014		180,000		166,592
Software — 0.0%
Certegy, Inc. 4.750% 09/15/2008		60,000		59,475
Telecommunications — 0.8%
Anixter, Inc. 5.950% 03/01/2015		130,000		118,950
AT&T, Inc. 6.500% 09/01/2037		65,000		68,563
British Telecom PLC Step 9.125% 12/15/2030		45,000		60,854

	Principal Amount		Market Value
Deutsche Telekom International Finance B.V. Step 8.250% 06/15/2030	$	165,000	$	205,634
Embarq Corp. 7.082% 06/01/2016		55,000		57,482
Qwest Corp. 7.875% 09/01/2011		170,000		179,350
Qwest Corp. 8.875% 03/15/2012		140,000		153,300
Sprint Capital Corp. 6.125% 11/15/2008		270,000		271,511
Sprint Capital Corp. 6.900% 05/01/2019		60,000		60,004
Sprint Nextel Corp. 6.000% 12/01/2016		130,000		124,996
Telecom Italia Capital SA 6.000% 09/30/2034		75,000		71,834
Telefonica Emisiones, S.A.U. 7.045% 06/20/2036		105,000		115,332
Verizon Global Funding Corp. 7.750% 12/01/2030		140,000		164,930
				1,652,740
Textiles — 0.0%
Mohawk Industries, Inc., Series D 7.200% 04/15/2012		85,000		90,419
Transportation — 0.2%
Burlington Northern Santa Fe Corp. 6.750% 03/15/2029		130,000		136,804
Canadian National Railway Co. 5.850% 11/15/2017		45,000		45,788
Canadian National Railway Co. 6.375% 11/15/2037		40,000		41,348
CSX Corp. 7.250% 05/01/2027		10,000		10,857
Norfolk Southern Corp. 6.000% 04/30/2008		120,000		120,663
				355,460
TOTAL CORPORATE DEBT (Cost $21,506,342)				21,081,334
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 3.7%
Commercial MBS — 1.8%
Bear Stearns Commercial Mortgage Securities, Series 2007-PW15, Class A2 5.205% 02/11/2044		200,000		198,980

	Principal Amount		Market Value
Bear Stearns Commercial Mortgage Securities, Series 2007-T26, Class A2 5.330% 01/12/2045	$	150,000	$	149,461
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class A2A 5.237% 12/11/2049		275,000		274,421
LB-UBS Commercial Mortgage Trust, Series 2007-C1, Class A3 5.398% 02/15/2040		650,000		643,650
Morgan Stanley Capital I, Series 2007-HQ11, Class A31 5.439% 02/20/2044		600,000		595,853
Morgan Stanley Capital I, Series 2007-IQ14, Class A2 5.610% 04/15/2049		325,000		326,972
Starwood Commercial Mortgage Trust, Series 1999-C1A, Class B(e) 6.920% 02/03/2014		1,000,000		1,028,099
Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class A2 6.055% 02/15/2051		370,000		377,139
				3,594,575
Home Equity ABS — 0.2%
Terwin Mortgage Trust, Series 2006-10SL, Class A2 5.000% 10/31/2036		475,000		436,703
Other ABS — 0.3%
Galena CDO Cayman Islands, Ltd., Series 2005-1, Class B1U7 FRN(e) 6.246% 01/11/2013		250,000		242,827
Newport Waves CDO, Series 2007-1A, Class A3LS(e) 6.188% 06/20/2014		250,000		228,516
				471,343
WL Collateral CMO — 1.4%
ABN AMRO Mortgage Corp., Series 2003-12, Class 1A 5.000% 12/25/2033		328,068		310,806

(Continued)

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

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Chase Mortgage Finance Corp., Series 2007-A2, Class 2A1 4.242% 07/25/2037	$	477,529	$	472,276
Countrywide Home Loans, Inc., Series 2003-42, Class 1A1, FRN 7.302% 09/25/2033		31,855		32,215
Countrywide Home Loans, Inc., Series 2004-2, Class 1A1, FRN 6.013% 02/25/2034		28,849		29,021
First Nationwide Trust, Series 2001-5, Class A1 6.750% 10/21/2031		23,328		23,857
GSR Mortgage Loan Trust, Series 2004-9, Class 2A1, VRN 6.640% 08/25/2034		33,714		33,922
Impac Secured Assets Corp., Series 2007-2, Class 1A1A, FRN 5.241% 05/25/2037		269,808		265,657
IndyMac Bancorp, Inc. Mortgage Loan Trust, Series 2004-AR4, Class 1A, VRN 6.933% 08/25/2034		70,250		70,462
Merrill Lynch Mortgage Investors, Inc., Series 2003-A4, Class 1A, VRN 7.227% 07/25/2033		8,771		8,759
Merrill Lynch Mortgage Investors, Inc., Series 2004-A1, Class 1A, FRN 6.226% 02/25/2034		13,382		13,524
Morgan Stanley Mortgage Loan Trust, Series 2004-2AR, Class 1A, FRN 7.375% 02/25/2034		1,735		1,767
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-2, Class 2A, FRN 7.419% 03/25/2034		41,200		42,051
Structured Asset Securities Corp., Series 2003-30, Class 1A1 5.500% 10/25/2033		338,527		331,016

	Principal Amount		Market Value
Vendee Mortgage Trust, Series 1992-1, Class 2Z 7.750% 05/15/2022	$	126,153	$	132,970
Washington Mutual MSC Mortgage, Series 2004-RA1, Class 2A 7.000% 03/25/2034		135,069		137,232
Washington Mutual MSC Mortgage, Series 2004-RA4, Class 2A 6.500% 08/25/2034		56,075		56,400
Washington Mutual, Inc., Series 2004-AR2, Class A, FRN 6.333% 04/25/2044		98,301		98,715
Wells Fargo Mortgage Backed Securities Trust, Series 2004-P, Class 2A1, FRN 4.224% 09/25/2034		295,370		292,899
Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR10, Class 2A2, FRN 4.110% 06/25/2035		336,929		334,990
				2,688,539
WL Collateral PAC — 0.0%
Structured Asset Securities Corp., Series 2002-11A, Class 2A1, FRN 7.153% 06/25/2032		26,677		26,582
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $7,289,257)				7,217,742
SOVEREIGN DEBT OBLIGATIONS — 0.0%
United Mexican States 5.625% 01/15/2017		45,000		45,653
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $42,677)				45,653
U.S. GOVERNMENT AGENCY OBLIGATIONS — 11.0%
Other Agencies — 0.0%
Pass-Through Securities
New Valley Generation IV, TVA 4.687% 01/15/2022		91,747		90,338

	Principal Amount		Market Value
U.S. Government Agencies — 11.0%
Pass-Through Securities
FHLMC 5.500% 07/01/2020- 03/01/2021	$	2,746,586	$	2,755,460
FHLMC 6.000% 09/01/2016- 02/01/2018		95,734		98,092
FHLMC 6.500% 08/01/2016		18,921		19,472
FHLMC 8.000% 06/01/2027		61,955		66,783
FHLMC 9.000% 03/01/2017		3,562		3,789
FNMA 4.500% 12/01/2020		1,018,688		985,780
FNMA 5.000% 09/01/2035		1,760,693		1,691,435
FNMA 5.500% 09/01/2019- 08/01/2035		4,909,697		4,890,729
FNMA 6.000% 05/01/2016		27,810		28,434
FNMA 7.000% 01/01/2031- 05/01/2031		55,962		58,434
FNMA 7.500% 10/01/2029- 05/01/2030		99,518		106,498
FNMA 8.000% 03/01/2030- 08/01/2031		39,404		42,322
FNMA FRN 4.363% 10/01/2034		275,882		273,109
FNMA TBA(f) 4.500% 11/01/2037		2,600,000		2,421,656
FNMA TBA(f) 5.000% 12/01/2037		500,000		479,492
FNMA TBA(f) 6.500% 11/01/2037		1,275,000		1,304,982
GNMA 5.500% 06/15/2036		1,068,164		1,062,615
GNMA 6.500% 07/15/2036- 07/15/2037		3,532,982		3,636,625
GNMA 7.000% 08/15/2023- 08/15/2032		57,811		60,645
GNMA 7.500% 03/15/2017- 06/15/2017		42,429		44,576
GNMA 8.000% 04/15/2008- 07/15/2008		249		250

(Continued)

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

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
GNMA 9.000% 12/15/2008- 05/15/2009	$	12,036	$	12,287
GNMA TBA(f) 5.500% 11/01/2037		1,675,000		1,664,924
				21,708,389
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $21,794,141)				21,798,727
U.S. TREASURY OBLIGATIONS — 0.9%
U.S. Treasury Bond(a) (g) (h) 6.125% 08/15/2029		1,200,000		1,415,625
U.S. Treasury Bond 6.875% 08/15/2025		140,000		174,475
U.S. Treasury Note(a) (g) 4.500% 05/15/2017		240,000		240,750
				1,830,850
TOTAL U.S. TREASURY OBLIGATIONS (Cost $1,751,659)				1,830,850
TOTAL BONDS & NOTES (Cost $52,497,976)				52,085,557
OPTIONS — 0.2%
Bear Stearns Bank Put, Expires 9/21/2009, Strike 4.58		4,937,500		73,077
Bear Stearns Co., Inc. Floor, Expires 10/01/2014, Strike 0.00		1,000,000		11,066
Bear Stearns Put, Expires 9/21/2009, Strike 5.05		20,250,000		218,437
TOTAL OPTIONS (Cost $255,025)				302,580
TOTAL LONG TERM INVESTMENTS (Cost $165,642,686)				174,098,240
SHORT-TERM INVESTMENTS — 21.1%
Cash Equivalents — 7.0%(j)
Abbey National PLC Eurodollar Time Deposit 4.850% 11/08/2007		99,730		99,730
ABN Amro Bank NV Eurodollar Time Deposit 4.795% 11/21/2007		249,326		249,326
ABN Amro Bank NV Eurodollar Time Deposit 4.950% 11/14/2007		199,460		199,460

	Principal Amount		Market Value
ABN Amro Bank NV Eurodollar Time Deposit 5.050% 11/13/2007	$	299,194	$	299,194
Bank of Nova Scotia Eurodollar Time Deposit 4.650% 11/30/2007		124,662		124,662
Bank of Nova Scotia Eurodollar Time Deposit 4.800% 11/26/2007		299,191		299,191
Bank of Nova Scotia Eurodollar Time Deposit 4.940% 11/16/2007		199,460		199,460
Bank of Nova Scotia Eurodollar Time Deposit 4.950% 11/19/2007		124,662		124,662
Bank of Nova Scotia Eurodollar Time Deposit 5.000% 11/15/2007		124,662		124,662
Barclays Eurodollar Time Deposit 5.000% 01/22/2008		149,596		149,596
Barclays Eurodollar Time Deposit 5.330% 11/05/2007		124,662		124,662
BNP Paribas Eurodollar Time Deposit 4.720% 11/01/2007		598,382		598,382
BNP Paribas Eurodollar Time Deposit 4.800% 11/23/2007		249,326		249,326
BNP Paribas Eurodollar Time Deposit 4.900% 11/01/2007		249,326		249,326
BNP Paribas Eurodollar Time Deposit 5.020% 11/15/2007		149,596		149,596
Calyon Eurodollar Time Deposit 4.875% 11/01/2007		498,652		498,652
Calyon Eurodollar Time Deposit 5.330% 11/07/2007		498,652		498,652
Canadian Imperial Bank of Commerce Eurodollar Time Deposit 5.340% 11/09/2007		99,730		99,730
Dexia Group Eurodollar Time Deposit 4.980% 11/14/2007		324,124		324,124
Dexia Group Eurodollar Time Deposit 5.000% 11/05/2007		124,662		124,662
Dexia Group Eurodollar Time Deposit 5.100% 11/05/2007		149,596		149,596

	Principal Amount		Market Value
Fifth Third Bancorp Eurodollar Time Deposit 4.625% 11/01/2007	$	373,989	$	373,989
Fortis Bank Eurodollar Time Deposit 4.820% 11/01/2007		498,652		498,652
Fortis Bank Eurodollar Time Deposit 5.330% 11/05/2007		373,989		373,989
Freddie Mac Agency 4.533% 11/05/2007		31,337		31,337
Freddie Mac Agency Discount Note 4.527% 11/13/2007		97,065		97,065
General Electric Capital Corp. 4.822% 11/14/2007		496,391		496,391
JP Morgan Chase & Co. Eurodollar Time Deposit 5.150% 02/12/2008		249,326		249,326
Lloyds TSB Bank Eurodollar Time Deposit 4.880% 11/20/2007		373,989		373,989
Lloyds TSB Bank Eurodollar Time Deposit 4.950% 11/09/2007		249,326		249,326
National Australia Bank Eurodollar Time Deposit 4.800% 11/01/2007		498,652		498,652
Rabobank Nederland Eurodollar Time Deposit 4.813% 11/01/2007		498,652		498,652
Rabobank Nederland Eurodollar Time Deposit 4.820% 11/08/2007		373,989		373,989
Rabobank Nederland Eurodollar Time Deposit 4.950% 11/01/2007		224,393		224,393
Rabobank Nederland Eurodollar Time Deposit 4.950% 11/15/2007		124,662		124,662
Reserve Primary Money Market Fund(i)		226,668		226,668
Royal Bank of Canada Eurodollar Time Deposit 4.950% 11/16/2007		149,596		149,596
Royal Bank of Scotland Eurodollar Time Deposit 4.950% 11/01/2007		747,977		747,977
Royal Bank of Scotland Eurodollar Time Deposit 5.000% 01/22/2008		124,662		124,662
Royal Bank of Scotland Eurodollar Time Deposit 5.330% 11/07/2007		249,326		249,326

(Continued)

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

MassMutual Premier Balanced Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Societe Generale Eurodollar Time Deposit 4.813% 11/01/2007	$	498,652	$	498,652
Societe Generale Eurodollar Time Deposit 5.050% 11/02/2007		199,460		199,460
Societe Generale Eurodollar Time Deposit 5.050% 11/19/2007		99,730		99,730
Societe Generale Eurodollar Time Deposit 5.120% 11/01/2007		199,460		199,460
Svenska Handlesbanken Eurodollar Time Deposit 4.840% 11/01/2007		779,021		779,021
Toronto Dominion Bank Eurodollar Time Deposit 4.880% 11/06/2007		124,662		124,662
Toronto Dominion Bank Eurodollar Time Deposit 5.000% 11/07/2007		373,989		373,989
UBS AG Eurodollar Time Deposit 5.365% 11/08/2007		124,662		124,662
Wells Fargo Eurodollar Time Deposit 4.750% 11/23/2007		249,326		249,326
Wells Fargo Eurodollar Time Deposit 4.800% 11/09/2007		249,326		249,326
				13,797,580
Commercial Paper — 12.1%
Avery Dennison Corp. 5.100% 11/01/2007		2,036,000		2,036,000
Avery Dennison Corp. 5.170% 11/15/2007		795,000		793,402
Avery Dennison Corp. 5.200% 11/01/2007		1,380,000		1,380,000
Bemis Company, Inc. 5.000% 11/26/2007		326,000		324,868
Cadbury Schweppes Financial 5.450% 11/16/2007		612,000		610,610
Campbell Soup Co. 5.050% 11/01/2007		680,000		680,000
CIT Group, Inc.(e) 5.500% 11/09/2007		680,000		679,169
Computer Sciences Corp. 4.980% 11/07/2007		1,382,000		1,380,853
Computer Sciences Corp. 5.250% 11/07/2007		699,000		698,388
Dow Chemical Co. 5.200% 11/08/2007		755,000		754,237

	Principal Amount		Market Value
Dow Jones & Co., Inc. 5.280% 11/19/2007	$	850,000	$	847,756
DTE Capital Corp. 5.120% 11/21/2007		631,000		629,205
DTE Capital Corp. 5.130% 11/02/2007		695,000		694,901
Duke Energy Carolinas 5.150% 11/02/2007		488,000		487,930
Duke Energy Carolinas 5.250% 11/05/2007		755,000		754,559
Estee Lauder Companies 4.750% 11/01/2007		680,000		680,000
Fortune Brands, Inc. 5.280% 12/03/2007		855,000		850,987
Gannett Co.,Inc. 5.000% 11/05/2007		1,031,000		1,030,427
General Mills, Inc. 5.200% 11/14/2007		800,000		798,498
Lincoln National Corp. 5.250% 11/28/2007		605,000		602,618
Monsanto Co. 5.020% 11/29/2007		780,000		776,955
Parker-Hannifin Corp. 4.570% 12/04/2007		616,000		613,419
Ryder System, Inc. 5.280% 11/20/2007		850,000		847,631
South Carolina Electric & Gas 5.200% 11/19/2007		579,000		577,495
Starbucks Corp. 5.020% 11/06/2007		1,229,000		1,228,143
Starbucks Corp. 5.200% 11/13/2007		850,000		848,527
Time Warner, Inc. 5.210% 11/06/2007		755,000		754,454
Wellpoint, Inc. 5.200% 11/02/2007		783,000		782,887
Whirlpool Corp. 5.200% 11/30/2007		785,000		781,712
				23,925,631
Discount Notes — 2.0%
Federal Farm Credit 4.340% 12/05/2007		4,000,000		3,983,604
TOTAL SHORT-TERM INVESTMENTS (Cost $41,706,815)				41,706,815
TOTAL INVESTMENTS — 109.3% (Cost $207,349,501)(k)				215,805,055
Other Assets/ (Liabilities) — (9.3%)				(18,329,299	)
NET ASSETS — 100.0%			$	197,475,756

Notes to Portfolio of Investments

ADR - American Depository Receipt

FRN - Floating Rate Note

STEP - Step up bond

VRN - Variable Rate Note

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

(b) Non-income producing security.

(d) Security is currently in default.

(e) 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 October 31, 2007, these securities amounted to a value of $5,007,272 or 2.5% of net assets.

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

(g) All or a portion of this security is segregated to cover forward purchase commitments. (Note 2).

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

(i) Amount represents shares owned of the fund.

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

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

The accompanying notes are an integral part of the financial statements.
149

MassMutual Premier Value Fund – Portfolio of Investments

October 31, 2007

	Number of Shares		Market Value
EQUITIES — 96.8%
COMMON STOCK — 96.8%
Aerospace & Defense — 8.0%
Alliant Techsystems, Inc.(a)		45,210	$	4,990,732
Boeing Co.		277,400		27,348,866
United Technologies Corp.		97,290		7,451,441
				39,791,039
Agriculture — 3.1%
Altria Group, Inc.		215,620		15,725,167
Auto Manufacturers — 1.6%
Navistar International Corp.(a)		125,950		7,934,850
Banks — 9.0%
Bank of America Corp.		443,260		21,400,593
Wachovia Corp.		518,668		23,718,688
				45,119,281
Chemicals — 2.4%
BASF AG, Sponsored ADR (Germany)		38,080		5,262,656
The Lubrizol Corp.		98,980		6,718,762
				11,981,418
Diversified Financial — 15.0%
Credit Suisse Group, Sponsored ADR (Switzerland)(b)		356,450		24,131,665
E*TRADE Financial Corp.(a) (b)		1,293,430		14,408,810
Freddie Mac		214,851		11,221,668
National Financial Partners Corp.		92,583		5,061,513
UBS AG		371,762		19,959,902
				74,783,558
Electric — 7.9%
Dynegy, Inc. Cl. A(a)		224,190		2,064,790
Exelon Corp.		171,878		14,228,061
FirstEnergy Corp.		335,390		23,376,683
				39,669,534
Entertainment — 0.7%
Cinemark Holdings, Inc.(b)		210,310		3,619,435
Foods — 1.7%
ConAgra Foods, Inc.		365,709		8,678,275
Health Care – Products — 3.6%
Johnson & Johnson		273,731		17,839,049

	Number of Shares		Market Value
Health Care – Services — 1.1%
WellPoint, Inc.(a)		66,540	$	5,271,964
Insurance — 1.7%
Everest Re Group Ltd.		77,710		8,279,223
Iron & Steel — 1.6%
Carpenter Technology Corp.		56,770		8,226,541
Machinery – Diversified — 1.6%
Deere & Co.		53,130		8,229,837
Manufacturing — 3.2%
Siemens AG Sponsored ADR (Germany)(b)		117,026		15,958,836
Media — 5.2%
Comcast Corp. Special, Cl. A(a)		178,600		3,727,382
Liberty Global, Inc. Cl. C(a)		344,007		12,618,177
News Corp., Inc. Cl. A		447,736		9,702,439
				26,047,998
Oil & Gas — 10.2%
Exxon Mobil Corp.		272,240		25,043,358
Murphy Oil Corp.		165,870		12,213,008
Petroleo Brasileiro SA Sponsored ADR (Brazil)(b)		59,826		5,721,160
Total SA Sponsored ADR (France)		97,750		7,879,627
				50,857,153
Oil & Gas Services — 2.1%
Halliburton Co.		265,275		10,457,140
Pharmaceuticals — 4.4%
Medco Health Solutions, Inc.(a)		53,587		5,057,541
Novartis AG ADR (Switzerland)		300,510		15,978,117
Vanda Pharmaceuticals, Inc.(a) (b)		59,025		885,375
				21,921,033
Retail — 2.0%
Costco Wholesale Corp.		148,931		10,017,099
Semiconductors — 5.1%
Applied Materials, Inc.		235,436		4,572,167
KLA-Tencor Corp.(b)		203,910		10,735,861
Lam Research Corp.(a)		202,170		10,148,934
				25,456,962

	Number of Shares		Market Value
Software — 2.2%
Take-Two Interactive Software, Inc.(a)		574,000	$	10,779,720
Telecommunications — 3.4%
AT&T, Inc.		237,501		9,925,167
Sprint Nextel Corp.		428,290		7,323,759
				17,248,926
TOTAL EQUITIES (Cost $442,296,231)				483,894,038
	Principal Amount
SHORT-TERM INVESTMENTS — 7.8%
Cash Equivalents — 7.0%(d)
Abbey National PLC Eurodollar Time Deposit 4.850% 11/08/2007	$	254,607		254,607
ABN Amro Bank NV Eurodollar Time Deposit 4.795% 11/21/2007		636,532		636,532
ABN Amro Bank NV Eurodollar Time Deposit 4.950% 11/14/2007		509,226		509,226
ABN Amro Bank NV Eurodollar Time Deposit 5.050% 11/13/2007		763,838		763,838
Bank of Nova Scotia Eurodollar Time Deposit 4.650% 11/30/2007		318,266		318,266
Bank of Nova Scotia Eurodollar Time Deposit 4.800% 11/26/2007		763,838		763,838
Bank of Nova Scotia Eurodollar Time Deposit 4.940% 11/16/2007		509,226		509,226
Bank of Nova Scotia Eurodollar Time Deposit 4.950% 11/19/2007		318,266		318,266
Bank of Nova Scotia Eurodollar Time Deposit 5.000% 11/15/2007		318,266		318,266
Barclays Eurodollar Time Deposit 5.000% 01/22/2008		381,919		381,919
Barclays Eurodollar Time Deposit 5.330% 11/05/2007		318,266		318,266

(Continued)

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

MassMutual Premier Value Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
BNP Paribas Eurodollar Time Deposit 4.720% 11/01/2007	$	1,527,677	$	1,527,677
BNP Paribas Eurodollar Time Deposit 4.800% 11/23/2007		636,532		636,532
BNP Paribas Eurodollar Time Deposit 4.900% 11/01/2007		636,532		636,532
BNP Paribas Eurodollar Time Deposit 5.020% 11/15/2007		381,919		381,919
Calyon Eurodollar Time Deposit 4.875% 11/01/2007		1,273,064		1,273,064
Calyon Eurodollar Time Deposit 5.330% 11/07/2007		1,273,064		1,273,064
Canadian Imperial Bank of Commerce Eurodollar Time Deposit 5.340% 11/09/2007		254,613		254,613
Dexia Group Eurodollar Time Deposit 4.980% 11/14/2007		827,491		827,491
Dexia Group Eurodollar Time Deposit 5.000% 11/05/2007		318,266		318,266
Dexia Group Eurodollar Time Deposit 5.100% 11/05/2007		381,919		381,919
Fifth Third Bancorp Eurodollar Time Deposit 4.625% 11/01/2007		954,798		954,798
Fortis Bank Eurodollar Time Deposit 4.820% 11/01/2007		1,273,064		1,273,064
Fortis Bank Eurodollar Time Deposit 5.330% 11/05/2007		954,798		954,798
Freddie Mac Agency 4.533% 11/05/2007		80,004		80,004
Freddie Mac Agency Discount Note 4.527% 11/13/2007		247,808		247,808
General Electric Capital Corp. 4.822% 11/14/2007		1,267,293		1,267,293
JP Morgan Chase & Co. Eurodollar Time Deposit 5.150% 02/12/2008		636,532		636,532

	Principal Amount		Market Value
Lloyds TSB Bank Eurodollar Time Deposit 4.880% 11/20/2007	$	954,798	$	954,798
Lloyds TSB Bank Eurodollar Time Deposit 4.950% 11/09/2007		636,532		636,532
National Australia Bank Eurodollar Time Deposit 4.800% 11/01/2007		1,273,064		1,273,064
Rabobank Nederland Eurodollar Time Deposit 4.813% 11/01/2007		1,273,064		1,273,064
Rabobank Nederland Eurodollar Time Deposit 4.820% 11/08/2007		954,798		954,798
Rabobank Nederland Eurodollar Time Deposit 4.950% 11/01/2007		572,879		572,879
Rabobank Nederland Eurodollar Time Deposit 4.950% 11/15/2007		318,266		318,266
Reserve Primary Money Market Fund(c)		578,686		578,686
Royal Bank of Canada Eurodollar Time Deposit 4.950% 11/16/2007		381,919		381,919
Royal Bank of Scotland Eurodollar Time Deposit 4.950% 11/01/2007		1,909,596		1,909,596
Royal Bank of Scotland Eurodollar Time Deposit 5.000% 01/22/2008		318,266		318,266
Royal Bank of Scotland Eurodollar Time Deposit 5.330% 11/07/2007		636,532		636,532
Societe Generale Eurodollar Time Deposit 4.813% 11/01/2007		1,273,064		1,273,064
Societe Generale Eurodollar Time Deposit 5.050% 11/02/2007		509,226		509,226
Societe Generale Eurodollar Time Deposit 5.050% 11/19/2007		254,613		254,613
Societe Generale Eurodollar Time Deposit 5.120% 11/01/2007		509,226		509,226
Svenska Handlesbanken Eurodollar Time Deposit 4.840% 11/01/2007		1,988,851		1,988,851
Toronto Dominion Bank Eurodollar Time Deposit 4.880% 11/06/2007		318,266		318,266

	Principal Amount		Market Value
Toronto Dominion Bank Eurodollar Time Deposit 5.000% 11/07/2007	$	954,798	$	954,798
UBS AG Eurodollar Time Deposit 5.365% 11/08/2007		318,266		318,266
Wells Fargo Eurodollar Time Deposit 4.750% 11/23/2007		636,532		636,532
Wells Fargo Eurodollar Time Deposit 4.800% 11/09/2007		636,532		636,532
				35,225,398
Repurchase Agreements — 0.8%
State Street Bank & Trust Co. Repurchase Agreement, dated 10/31/2007, 3.01%, due 11/01/2007(e)		3,888,376		3,888,376
TOTAL SHORT-TERM INVESTMENTS (Cost $39,113,774)				39,113,774
TOTAL INVESTMENTS — 104.6% (Cost $481,410,005)(f)				523,007,812
Other Assets/ (Liabilities) — (4.6%)				(23,169,936	)
NET ASSETS — 100.0%			$	499,837,876

Notes to Portfolio of Investments

ADR - American Depository Receipt

(a) Non-income producing security.

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

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

(e) Maturity value of $3,888,701. Collateralized by a U.S. Government Agency obligation with a rate of 4.711%, maturity date of 8/01/2035, and an aggregate market value, including accrued interest, of $3,966,470.

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

The accompanying notes are an integral part of the financial statements.
151

MassMutual Premier Enhanced Index Value Fund – Portfolio of Investments

October 31, 2007

	Number of Shares		Market Value
EQUITIES — 100.0%
COMMON STOCK — 100.0%
Advertising — 0.0%
Interpublic Group of Companies, Inc.(a)		5,100	$	52,785
RH Donnelley Corp.(a)		2,220		121,767
				174,552
Aerospace & Defense — 2.3%
DRS Technologies, Inc.		2,200		126,368
General Dynamics Corp.		34,380		3,127,205
L-3 Communications Holdings, Inc.(b)		12,760		1,399,006
Northrop Grumman Corp.		50,450		4,218,629
Raytheon Co.		32,320		2,055,875
United Technologies Corp.		31,830		2,437,860
				13,364,943
Agriculture — 1.8%
Altria Group, Inc.		121,390		8,852,973
Loews Corp.-Carolina Group		5,330		457,207
Reynolds American, Inc.(b)		11,870		764,784
UST, Inc.		9,910		528,401
				10,603,365
Airlines — 0.1%
Northwest Airlines Corp.(a)		5,300		98,315
UAL Corp.(a) (b)		12,280		588,212
US Airways Group, Inc.(a) (b)		2,700		74,682
				761,209
Apparel — 0.1%
Jones Apparel Group, Inc.		30		628
Liz Claiborne, Inc.		280		7,972
VF Corp.		5,730		499,255
				507,855
Auto Manufacturers — 0.2%
General Motors Corp.		35,310		1,383,799
Automotive & Parts — 0.1%
Autoliv, Inc.		2,100		132,678
BorgWarner, Inc.		2,400		253,704
Johnson Controls, Inc.		7,800		341,016
				727,398
Banks — 9.5%
Associated Banc-Corp		9,050		261,183
Banco Bilbao Vizcaya Argentaria SA, Sponsored ADR (Spain)		454		11,459

	Number of Shares		Market Value
BancorpSouth, Inc.		10,100	$	245,026
Bank of America Corp.		388,719		18,767,353
Bank of Hawaii Corp.		1,920		102,067
The Bank of New York Mellon Corp.		33,300		1,626,705
BB&T Corp.		30,219		1,117,196
BOK Financial Corp.		1,500		81,810
Capital One Financial Corp.		18,161		1,191,180
City National Corp.		2,170		146,692
The Colonial BancGroup, Inc.		9,720		186,430
Comerica, Inc.		17,700		826,236
Commerce Bancshares, Inc.		3,173		149,670
Cullen/Frost Bankers, Inc.		2,100		111,678
East West Bancorp, Inc.		6,300		212,562
Fifth Third Bancorp		61,160		1,913,085
First Horizon National Corp.(b)		5,020		130,922
Fulton Financial Corp.		7,117		93,304
Huntington Bancshares, Inc.		22,371		400,665
KeyCorp		43,090		1,225,910
M&T Bank Corp.		2,840		282,523
Marshall and Ilsley Corp.		17,280		737,856
National City Corp.		18,439		447,146
Northern Trust Corp.		1,100		82,731
PNC Financial Services Group, Inc.		18,986		1,370,030
Popular, Inc.(b)		17,100		180,405
Regions Financial Corp.		46,960		1,273,555
State Street Corp.		2,600		207,402
SunTrust Banks, Inc.		25,599		1,858,487
Synovus Financial Corp.		3,660		96,478
TCF Financial Corp.		7,800		177,606
U.S. Bancorp		95,940		3,181,370
UnionBanCal Corp.(b)		4,600		248,446
Valley National Bancorp		5,669		116,101
Wachovia Corp.		137,213		6,274,750
Webster Financial Corp.		3,390		122,854
Wells Fargo & Co.		278,110		9,458,521
Wilmington Trust Corp.		4,200		152,754
Zions Bancorp		6,650		393,081
				55,463,229
Beverages — 1.1%
Anheuser-Busch Cos., Inc.		23,880		1,224,566
The Coca-Cola Co.		33,490		2,068,342
Coca-Cola Enterprises, Inc.		43,220		1,115,508
Constellation Brands, Inc. Cl. A(a)		11,630		292,146
Molson Coors Brewing Co. Cl. B		7,660		438,382

	Number of Shares		Market Value
The Pepsi Bottling Group, Inc.		11,460	$	493,697
PepsiAmericas, Inc.		27,100		968,012
				6,600,653
Biotechnology — 0.5%
Amgen, Inc.(a) (b)		2,100		122,031
Biogen Idec, Inc.(a)		23,590		1,756,040
Charles River Laboratories International, Inc.(a)		1,200		69,600
Invitrogen Corp.(a)		10,680		970,492
				2,918,163
Building Materials — 0.3%
Lennox International, Inc.		14,000		499,800
Masco Corp.		38,500		927,080
Owens Corning, Inc.(a) (b)		11,700		270,387
				1,697,267
Chemicals — 2.3%
Air Products & Chemicals, Inc.		7,370		721,154
Ashland, Inc.		13,250		778,040
Cabot Corp.		6,430		225,114
Celanese Corp. Cl. A		12,370		519,045
Cytec Industries, Inc.		11,800		787,178
The Dow Chemical Co.		64,360		2,898,774
Du Pont (E.I.) de Nemours & Co.		66,200		3,277,562
Eastman Chemical Co.		5,400		359,586
FMC Corp.		3,900		224,250
Hercules, Inc.		4,400		82,764
Huntsman Corp.		3,200		84,320
International Flavors & Fragrances, Inc.		3,820		199,442
The Lubrizol Corp.		7,020		476,518
Lyondell Chemical Co.		30,820		1,462,409
The Mosaic Co.(a) (b)		8,500		593,300
PPG Industries, Inc.		720		53,813
Rohm & Haas Co.		2,500		129,700
RPM, Inc.		4,600		98,578
Sigma-Aldrich Corp.		5,580		288,319
The Valspar Corp.		1,680		42,050
				13,301,916
Commercial Services — 0.3%
Avis Budget Group, Inc.(a)		3,900		81,393
Convergys Corp.(a)		6,270		114,929
Donnelley (R.R.) & Sons Co.		14,760		594,680
Hewitt Associates, Inc. Cl. A(a)		18,800		663,264

(Continued)

The accompanying notes are an integral part of the financial statements.
152

MassMutual Premier Enhanced Index Value Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
McKesson Corp.		3,890	$	257,129
Service Corp. International		18,570		268,708
				1,980,103
Computers — 1.6%
Affiliated Computer Services, Inc. Cl. A(a)		6,300		319,158
Cadence Design Systems, Inc.(a)		14,730		288,708
Ceridian Corp.(a)		650		23,361
Computer Sciences Corp.(a)		14,570		850,742
Electronic Data Systems Corp.		21,320		460,299
International Business Machines Corp.		29,120		3,381,414
Lexmark International, Inc. Cl. A(a)		5,470		229,685
NCR Corp.(a)		25,000		689,750
SanDisk Corp.(a)		3,200		142,080
Seagate Technology		35,200		979,968
Sun Microsystems, Inc.(a) (b)		146,460		836,287
Teradata Corp.(a)		25,000		713,250
Western Digital Corp.(a)		12,900		334,368
				9,249,070
Cosmetics & Personal Care — 1.6%
Alberto-Culver Co.		27,610		717,584
Colgate-Palmolive Co.		970		73,982
The Procter & Gamble Co.		124,410		8,648,983
				9,440,549
Distribution & Wholesale — 0.2%
Genuine Parts Co.		4,820		236,517
Tech Data Corp.(a)		5,700		224,181
W.W. Grainger, Inc.		4,990		448,701
				909,399
Diversified Financial — 9.2%
AmeriCredit Corp.(a) (b)		3,740		52,771
Ameriprise Financial, Inc.		17,080		1,075,698
The Bear Stearns Cos., Inc.		4,600		522,560
BlackRock, Inc.		500		103,475
CIT Group, Inc.		12,880		453,891
Citigroup, Inc.		395,360		16,565,584
Countrywide Financial Corp.(b)		18,290		283,861
E*TRADE Financial Corp.(a) (b)		5,400		60,156
Fannie Mae		85,360		4,868,934
Freddie Mac		26,520		1,385,140
The Goldman Sachs Group, Inc.		25,480		6,317,002
IndyMac Bancorp, Inc.(b)		3,860		51,801
JP Morgan Chase & Co.		253,988		11,937,436

	Number of Shares		Market Value
Janus Capital Group, Inc.(b)		4,200	$	144,942
Jefferies Group, Inc.		2,500		66,825
Legg Mason, Inc.		1,600		132,704
Lehman Brothers Holdings, Inc.		45,360		2,873,102
Merrill Lynch & Co., Inc.		38,690		2,554,314
Morgan Stanley		56,560		3,804,226
Student Loan Corp.		120		19,930
Thornburg Mortgage, Inc.(b)		14,100		148,050
				53,422,402
Electric — 5.1%
Alliant Energy Corp.		8,100		324,000
Ameren Corp.		8,860		478,972
American Electric Power Co., Inc.		34,380		1,657,460
Consolidated Edison, Inc.		41,660		1,961,769
Constellation Energy Group, Inc.		1,640		155,308
Dominion Resources, Inc.		2,150		197,004
DPL, Inc.		1,900		55,176
DTE Energy Co.(b)		12,010		595,696
Duke Energy Corp.		159,366		3,055,046
Edison International		50,280		2,920,765
Energy East Corp.		15,450		430,746
Entergy Corp.		8,080		968,550
Exelon Corp.		9,540		789,721
FirstEnergy Corp.		20,320		1,416,304
FPL Group, Inc.		35,060		2,398,805
Great Plains Energy, Inc.		5,437		162,240
Integrys Energy Group, Inc.		2,740		147,439
MDU Resources Group, Inc.		10,600		298,496
Mirant Corp.(a)		5,100		216,036
Northeast Utilities		15,140		466,766
NRG Energy, Inc.(a)		1,800		82,188
NSTAR		7,510		264,052
OGE Energy Corp.		12,660		484,878
Pepco Holdings, Inc.		1,110		31,624
PG&E Corp.		35,730		1,748,269
Pinnacle West Capital Corp.		6,560		265,024
PPL Corp.		9,930		513,381
Progress Energy, Inc.		17,500		840,000
Public Service Enterprise Group, Inc.		24,750		2,366,100
Puget Energy, Inc.		12,960		366,120
Reliant Energy, Inc.(a)		23,300		641,216
SCANA Corp.		11,820		479,774
Southern Co.		51,050		1,871,493
Teco Energy, Inc.		330		5,554
Wisconsin Energy Corp.		6,780		324,626
Xcel Energy, Inc.		38,120		859,606
				29,840,204

	Number of Shares		Market Value
Electrical Components & Equipment — 0.3%
Emerson Electric Co.		8,130	$	424,955
Energizer Holdings, Inc.(a)		5,670		591,381
Hubbell, Inc. Cl. B		8,100		445,500
				1,461,836
Electronics — 0.3%
Arrow Electronics, Inc.(a)		5,600		223,888
Avnet, Inc.(a)		15,300		638,316
Flextronics International Ltd.(a)		3,223		39,675
PerkinElmer, Inc.(b)		5,710		157,139
Tektronix, Inc.		2,300		87,055
Thermo Fisher Scientific, Inc.(a)		13,910		818,047
				1,964,120
Engineering & Construction — 0.2%
KBR, Inc.(a)		14,600		626,048
URS Corp.(a)		8,050		497,570
				1,123,618
Entertainment — 0.2%
Regal Entertainment Group Cl. A(b)		41,200		929,884
Environmental Controls — 0.3%
Allied Waste Industries, Inc.(a) (b)		61,850		781,784
Republic Services, Inc.		9,135		312,326
Waste Management, Inc.		25,240		918,484
				2,012,594
Foods — 1.6%
Campbell Soup Co.		340		12,573
ConAgra Foods, Inc.		19,280		457,514
Corn Products International, Inc.		7,070		300,758
Dean Foods Co.		4,860		134,962
Del Monte Foods Co.		9,820		101,539
General Mills, Inc.		25,270		1,458,837
Heinz (H. J.) Co.		11,130		520,661
The Hershey Co.		1,100		47,421
Hormel Foods Corp.		1,300		47,424
The J.M. Smucker Co.		6,540		349,432
Kellogg Co.		4,320		228,053
Kraft Foods, Inc. Cl. A		53,200		1,777,412
The Kroger Co.		30,740		903,449
Safeway, Inc.		32,140		1,092,760
Sara Lee Corp.		36,470		603,214
Smithfield Foods, Inc.(a)		1,100		31,537
SuperValu, Inc.		20,700		802,125
Tyson Foods, Inc. Cl. A		33,600		530,880
Wrigley (Wm.) Jr. Co.		1,300		80,171
				9,480,722

(Continued)

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

MassMutual Premier Enhanced Index Value Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Forest Products & Paper — 0.5%
Domtar Corp.(a)		14,100	$	120,978
International Paper Co.		29,800		1,101,408
MeadWestvaco Corp.		12,500		420,500
Plum Creek Timber Co., Inc.		280		12,508
Smurfit-Stone Container Corp.(a)		20,400		247,044
Temple-Inland, Inc.		6,450		346,171
Weyerhaeuser Co.		6,800		516,188
				2,764,797
Gas — 0.9%
AGL Resources, Inc.(b)		15,860		626,946
Atmos Energy Corp.(b)		9,750		273,487
Energen Corp.		9,200		588,800
Nicor, Inc.		3,200		138,464
NiSource, Inc.		25,890		529,450
Sempra Energy		40,560		2,494,846
Southern Union Co.		4,270		134,505
UGI Corp.		11,190		297,878
Vectren Corp.		12,950		363,118
				5,447,494
Hand & Machine Tools — 0.2%
The Black & Decker Corp.		4,630		416,283
Kennametal, Inc.		1,000		91,210
Snap-on, Inc.		4,930		246,056
The Stanley Works		6,800		391,340
				1,144,889
Health Care – Products — 1.7%
Boston Scientific Corp.(a)		62,300		864,101
Johnson & Johnson		139,900		9,117,283
				9,981,384
Health Care – Services — 0.5%
Aetna, Inc.		13,720		770,652
Community Health Systems, Inc.(a)		2,200		72,446
Coventry Health Care, Inc.(a)		5,100		307,581
WellPoint, Inc.(a)		22,708		1,799,155
				2,949,834
Holding Company – Diversified — 0.0%
Leucadia National Corp.(b)		3,620		183,389
Home Builders — 0.3%
Centex Corp.		9,800		245,588
KB Home		4,400		121,616
Lennar Corp. Cl. A		4,100		93,685
MDC Holdings, Inc.		1,100		44,561
NVR, Inc.(a) (b)		1,300		618,475
Pulte Homes, Inc.(b)		3,800		56,392

	Number of Shares		Market Value
The Ryland Group, Inc.		2,200	$	62,546
Thor Industries, Inc.		4,800		230,400
Toll Brothers, Inc.(a) (b)		3,400		77,894
				1,551,157
Home Furnishing — 0.1%
Whirlpool Corp.(b)		4,100		324,638
Household Products — 0.4%
The Clorox Co.		3,300		206,481
Fortune Brands, Inc.		10,860		909,742
Kimberly-Clark Corp.		17,940		1,271,767
				2,387,990
Housewares — 0.1%
Newell Rubbermaid, Inc.		10,700		312,012
Insurance — 9.3%
ACE Ltd.		34,400		2,084,984
Alleghany Corp.(a)		100		39,302
Allied World Assurance Holdings Ltd.		7,700		368,907
Allstate Corp.		51,100		2,677,640
Ambac Financial Group, Inc.(b)		5,150		189,674
American Financial Group, Inc.		8,100		242,190
American International Group, Inc.		168,650		10,645,188
American National Insurance Co.		2,880		372,384
Aon Corp.		39,660		1,797,391
Arch Capital Group Ltd.(a)		8,300		620,591
Assurant, Inc.		12,090		706,540
Axis Capital Holdings Ltd.		18,200		723,268
W.R. Berkley Corp.		5,700		171,513
Chubb Corp.		49,710		2,652,029
Cincinnati Financial Corp.		15,620		621,364
Conseco, Inc.(a)		4,800		75,792
Endurance Specialty Holdings Ltd.		15,700		615,597
Erie Indemnity Co. Cl. A		2,150		122,335
Everest Re Group Ltd.		3,900		415,506
Fidelity National Financial, Inc.		4,600		70,794
First American Corp.		4,000		120,400
Gallagher (Arthur J.) & Co.		5,300		141,033
Genworth Financial, Inc. Cl. A		21,910		598,143
The Hanover Insurance Group, Inc.		2,400		110,568
The Hartford Financial Services Group, Inc.		38,590		3,744,388
HCC Insurance Holdings, Inc.		6,370		190,399

	Number of Shares		Market Value
Lincoln National Corp.		13,598	$	848,107
Loews Corp.		18,470		906,692
Markel Corp.(a) (b)		540		293,339
MBIA, Inc.		13,530		582,331
Mercury General Corp.		4,890		250,906
Metlife, Inc.		51,540		3,548,529
MGIC Investment Corp.(b)		4,050		78,408
Nationwide Financial Services, Inc. Cl. A		12,550		673,308
Old Republic International Corp.		10,812		165,748
PartnerRe Ltd.		5,300		441,225
The PMI Group, Inc.		6,030		96,661
Principal Financial Group, Inc.		30,310		2,051,078
Progressive Corp.(b)		30,720		568,320
Protective Life Corp.		3,580		153,475
Prudential Financial, Inc.		47,840		4,627,085
Reinsurance Group of America, Inc.		9,450		539,879
RenaissanceRe Holdings Ltd.		7,400		431,716
Safeco Corp.		10,720		620,688
StanCorp Financial Group, Inc.		1,770		97,580
Torchmark Corp.		6,640		432,662
Transatlantic Holdings, Inc.		1,600		119,248
St. Paul Travelers Companies		72,869		3,804,490
Unitrin, Inc.		3,950		182,925
Unum Group		26,850		626,679
White Mountains Insurance Group Ltd.		400		215,044
XL Capital Ltd. Cl. A		21,000		1,510,950
				53,984,993
Internet — 0.5%
Expedia, Inc.(a)		31,340		1,023,564
IAC/InterActiveCorp(a)		18,300		539,118
Symantec Corp.(a)		69,850		1,311,783
				2,874,465
Investment Companies — 0.2%
Allied Capital Corp.(b)		420		12,382
American Capital Strategies Ltd.(b)		24,710		1,072,661
				1,085,043
Iron & Steel — 0.8%
Nucor Corp.		27,050		1,677,641
Reliance Steel & Aluminum Co.		1,900		110,865
Steel Dynamics, Inc.		2,670		142,097
United States Steel Corp.		23,490		2,534,571
				4,465,174

(Continued)

The accompanying notes are an integral part of the financial statements.
154

MassMutual Premier Enhanced Index Value Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Leisure Time — 0.1%
Carnival Corp.(b)		14,000	$	671,720
Royal Caribbean Cruises Ltd.		4,600		197,248
				868,968
Lodging — 0.1%
Wyndham Worldwide Corp.		10,100		331,583
Machinery – Diversified — 0.7%
AGCO Corp.(a)		14,670		875,506
Deere & Co.		18,800		2,912,120
Gardner Denver, Inc.(a)		15,400		556,402
				4,344,028
Manufacturing — 6.6%
3M Co.		3,000		259,080
Cooper Industries Ltd. Cl. A		9,900		518,661
Crane Co.		8,120		385,213
Dover Corp.		8,470		389,620
Eastman Kodak Co.		27,600		791,016
Eaton Corp.		12,970		1,200,763
General Electric Co.		605,790		24,934,316
Honeywell International, Inc.		15,090		911,587
Illinois Tool Works, Inc.		8,200		469,532
Ingersoll-Rand Co. Ltd. Cl. A		15,300		770,355
ITT Corp.		10,620		710,690
Leggett & Platt, Inc.		9,410		182,836
Pall Corp.		4,590		183,921
Parker Hannifin Corp.		22,230		1,786,625
Pentair, Inc.		13,300		470,687
SPX Corp.		8,600		871,180
Teleflex, Inc.		10,120		740,885
Tyco International Ltd.		72,525		2,985,854
				38,562,821
Media — 3.3%
Cablevision Systems Corp. Cl. A(a)		9,040		265,143
CBS Corp. Cl. B		79,540		2,282,798
Clear Channel Communications, Inc.		83,840		3,166,637
Discovery Holding Co. Cl. A(a)		6,200		176,762
Gannett Co., Inc.		15,700		665,837
Idearc, Inc.		25,600		690,688
Liberty Global, Inc. Cl. A(a)		12,090		474,533
Liberty Media Holding Corp. Capital Cl. A(a)		12,560		1,569,749
New York Times Co. Cl. A(b)		10,900		213,204
The Scripps (E.W.) Co. Cl. A		4,800		216,048
Time Warner Cable, Inc. Cl. A(a)		4,200		120,078

	Number of Shares		Market Value
Time Warner, Inc.		177,420	$	3,239,689
Tribune Co.		12,020		363,725
The Walt Disney Co.		161,790		5,602,788
Washington Post Co. Cl. B		300		254,700
				19,302,379
Mining — 0.3%
Alcoa, Inc.		23,300		922,447
Freeport-McMoran Copper & Gold, Inc.		9,400		1,106,192
				2,028,639
Office Equipment/Supplies — 0.4%
Xerox Corp.(a)		142,460		2,484,502
Office Furnishings — 0.1%
Steelcase, Inc. Cl. A		36,030		643,856
Oil & Gas — 14.6%
Anadarko Petroleum Corp.		30,300		1,788,306
Chevron Corp.		187,345		17,143,941
Cimarex Energy Co.		2,900		117,479
ConocoPhillips		175,598		14,918,806
Continental Resources, Inc.(a)		5,200		122,252
Devon Energy Corp.		33,100		3,091,540
Exxon Mobil Corp.		374,830		34,480,612
Frontier Oil Corp.		3,300		151,107
Hess Corp.		10,900		780,549
Marathon Oil Corp.		63,410		3,749,433
Murphy Oil Corp.		10,200		751,026
Noble Energy, Inc.		8,100		619,974
Occidental Petroleum Corp.		83,144		5,741,093
Patterson-UTI Energy, Inc.		19,200		382,848
Valero Energy Corp.		11,064		779,238
Western Refining, Inc.		8,000		293,440
				84,911,644
Oil & Gas Services — 0.1%
SEACOR Holdings, Inc.(a)		1,500		137,475
Tidewater, Inc.(b)		6,030		329,660
				467,135
Packaging & Containers — 0.1%
Bemis Co., Inc.(b)		5,560		156,570
Owens-Illinois, Inc.(a)		3,800		168,796
Sonoco Products Co.		10,700		330,844
				656,210
Pharmaceuticals — 3.7%
AmerisourceBergen Corp.		10,440		491,828
Eli Lilly & Co.(b)		37,820		2,047,953
King Pharmaceuticals, Inc.(a)		30,170		319,802
Merck & Co., Inc.		23,460		1,366,780
Omnicare, Inc.		3,000		88,500

	Number of Shares		Market Value
Pfizer, Inc.		638,080	$	15,703,149
Watson Pharmaceutical, Inc.(a)		20,760		634,426
Wyeth		16,710		812,607
				21,465,045
Pipelines — 0.6%
El Paso Corp.		71,000		1,253,860
National Fuel Gas Co.		7,850		380,647
Oneok, Inc.		12,080		603,275
Questar Corp.		3,900		222,612
Spectra Energy Corp.		25,600		665,088
The Williams Cos., Inc.		3,300		120,417
				3,245,899
Real Estate Investment Trusts (REITS) — 2.2%
AMB Property Corp.		4,990		326,097
Annaly Capital Management, Inc. REIT		98,260		1,679,263
AvalonBay Communities, Inc.		870		106,706
Boston Properties, Inc.		9,530		1,032,480
BRE Properties, Inc. Cl. A REIT(b)		270		14,796
Camden Property Trust REIT		210		13,094
Colonial Properties Trust REIT(b)		10,230		320,506
Developers Diversified Realty Corp. REIT		2,470		124,488
Douglas Emmett, Inc. REIT		9,100		239,421
Duke Realty Corp. REIT		1,600		51,440
Equity Residential REIT(b)		36,500		1,524,970
HCP, Inc. REIT		30,300		1,031,412
Health Care REIT, Inc.(b)		5,800		256,882
Hospitalities Properties Trust		14,240		563,904
Host Hotels & Resorts, Inc. REIT(b)		85,400		1,892,464
HRPT Properties Trust		41,970		394,098
iStar Financial, Inc.(b)		27,960		853,060
Kimco Realty Corp.(b)		16,200		672,624
Liberty Property Trust REIT		270		10,157
Mack-Cali Realty Corp.		660		26,129
ProLogis		4,700		337,178
Public Storage		600		48,582
Rayonier, Inc. REIT		10,610		512,357
Regency Centers Corp.(b)		300		21,444
Simon Property Group, Inc. REIT		860		89,535
SL Green Realty Corp.		2,900		349,914
Taubman Centers, Inc. REIT		5,800		341,446
Vornado Realty Trust(b)		1,140		127,361
				12,961,808

(Continued)

The accompanying notes are an integral part of the financial statements.
155

MassMutual Premier Enhanced Index Value Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Retail — 2.6%
AutoNation, Inc.(a)		7,540	$	133,383
Barnes & Noble, Inc.		15,000		579,600
BJ's Wholesale Club, Inc.(a)		29,600		1,062,048
Circuit City Stores, Inc.(b)		300		2,379
Costco Wholesale Corp.		9,580		644,351
CVS Caremark Corp.		15,900		664,143
Foot Locker, Inc.		4,600		68,494
The Gap, Inc.		53,200		1,005,480
Macy's, Inc.		39,794		1,274,602
McDonald's Corp.		108,210		6,460,137
RadioShack Corp.(b)		51,170		1,055,125
Rite Aid Corp.(a) (b)		40,000		156,400
Saks, Inc.		5,470		115,745
Sears Holdings Corp.(a) (b)		5,910		796,609
Wal-Mart Stores, Inc.		26,400		1,193,544
				15,212,040
Savings & Loans — 0.8%
Astoria Financial Corp.		7,960		206,880
Hudson City Bancorp, Inc.		12,900		202,014
New York Community Bancorp, Inc.		18,340		341,307
Sovereign Bancorp, Inc.		32,900		474,747
Washington Federal, Inc.		4,216		101,859
Washington Mutual, Inc.		112,928		3,148,433
				4,475,240
Semiconductors — 0.2%
Fairchild Semiconductor International, Inc.(a)		4,000		73,000
Integrated Device Technology, Inc.(a)		10,800		145,044
Intersil Corp. Cl. A		27,900		846,486
Novellus Systems, Inc.(a)		7,180		203,984
Teradyne, Inc.(a)		14,640		180,658
				1,449,172
Software — 0.3%
CA, Inc.(b)		21,690		573,701
Compuware Corp.(a)		2,640		26,400
Fair Isaac Corp.(b)		5,700		216,144
Fidelity National Information Services, Inc.		1,700		78,404
IMS Health, Inc.		2,830		71,344
Novell, Inc.(a)		71,600		541,296
				1,507,289
Telecommunications — 7.5%
ADC Telecommunications, Inc.(a)		45,000		841,500
Alltel Corp.		37,640		2,678,086
AT&T, Inc.		563,814		23,561,787

	Number of Shares		Market Value
CenturyTel, Inc.		16,280	$	717,134
Citizens Communications Co.		11,430		150,419
Embarq Corp.		20,440		1,081,685
Juniper Networks, Inc.(a)		24,200		871,200
Motorola, Inc.		81,300		1,527,627
Qwest Communications International, Inc.(a) (b)		102,290		734,442
Sprint Nextel Corp.		53,500		914,850
Telephone and Data Systems, Inc.(b)		4,230		295,254
US Cellular Corp.(a)		820		77,203
Verizon Communications, Inc.		215,108		9,910,026
Windstream Corp.		20,262		272,524
				43,633,737
Textiles — 0.1%
Mohawk Industries, Inc.(a) (b)		8,430		719,416
Toys, Games & Hobbies — 0.1%
Hasbro, Inc.		14,170		422,975
Mattel, Inc.		9,990		208,691
				631,666
Transportation — 0.7%
Alexander & Baldwin, Inc.		2,000		104,760
Burlington Northern Santa Fe Corp.		900		78,435
Con-way, Inc.		10,700		455,927
CSX Corp.		29,700		1,329,669
Norfolk Southern Corp.		7,700		397,705
Overseas Shipholding Group, Inc.		3,940		293,136
Ryder System, Inc.(b)		3,590		171,782
Teekay Corp.		1,200		67,140
Union Pacific Corp.		8,270		1,058,891
YRC Worldwide, Inc.(a) (b)		2,300		56,534
				4,013,979
Trucking & Leasing — 0.1%
GATX Corp.		10,300		421,991
TOTAL EQUITIES (Cost $566,233,384)				583,115,156

	Principal Amount		Market Value
SHORT-TERM INVESTMENTS — 4.5%
Cash Equivalents — 4.1%(d)
Abbey National PLC Eurodollar Time Deposit 4.850% 11/08/2007	$	174,516	$	174,516
ABN Amro Bank NV Eurodollar Time Deposit 4.795% 11/21/2007		436,290		436,290
ABN Amro Bank NV Eurodollar Time Deposit 4.950% 11/14/2007		349,032		349,032
ABN Amro Bank NV Eurodollar Time Deposit 5.050% 11/13/2007		523,548		523,548
Bank of Nova Scotia Eurodollar Time Deposit 4.650% 11/30/2007		218,145		218,145
Bank of Nova Scotia Eurodollar Time Deposit 4.800% 11/26/2007		523,548		523,548
Bank of Nova Scotia Eurodollar Time Deposit 4.940% 11/16/2007		349,032		349,032
Bank of Nova Scotia Eurodollar Time Deposit 4.950% 11/19/2007		218,145		218,145
Bank of Nova Scotia Eurodollar Time Deposit 5.000% 11/15/2007		218,145		218,145
Barclays Eurodollar Time Deposit 5.000% 01/22/2008		261,774		261,774
Barclays Eurodollar Time Deposit 5.330% 11/05/2007		218,145		218,145
BNP Paribas Eurodollar Time Deposit 4.720% 11/01/2007		1,047,097		1,047,097
BNP Paribas Eurodollar Time Deposit 4.800% 11/23/2007		436,290		436,290
BNP Paribas Eurodollar Time Deposit 4.900% 11/01/2007		436,290		436,290
BNP Paribas Eurodollar Time Deposit 5.020% 11/15/2007		261,774		261,774
Calyon Eurodollar Time Deposit 4.875% 11/01/2007		872,581		872,581
Calyon Eurodollar Time Deposit 5.330% 11/07/2007		872,582		872,582

(Continued)

The accompanying notes are an integral part of the financial statements.
156

MassMutual Premier Enhanced Index Value Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Canadian Imperial Bank of Commerce Eurodollar Time Deposit 5.340% 11/09/2007	$	174,516	$	174,516
Dexia Group Eurodollar Time Deposit 4.980% 11/14/2007		567,177		567,177
Dexia Group Eurodollar Time Deposit 5.000% 11/05/2007		218,145		218,145
Dexia Group Eurodollar Time Deposit 5.100% 11/05/2007		261,774		261,774
Fifth Third Bancorp Eurodollar Time Deposit 4.625% 11/01/2007		654,435		654,435
Fortis Bank Eurodollar Time Deposit 4.820% 11/01/2007		872,581		872,581
Fortis Bank Eurodollar Time Deposit 5.330% 11/05/2007		654,435		654,435
Freddie Mac Agency 4.533% 11/05/2007		54,836		54,836
Freddie Mac Agency Discount Note 4.527% 11/13/2007		169,852		169,852
General Electric Capital Corp. 4.822% 11/14/2007		868,626		868,626
JP Morgan Chase & Co. Eurodollar Time Deposit 5.150% 02/12/2008		436,290		436,290
Lloyds TSB Bank Eurodollar Time Deposit 4.880% 11/20/2007		654,435		654,435
Lloyds TSB Bank Eurodollar Time Deposit 4.950% 11/09/2007		436,290		436,290
National Australia Bank Eurodollar Time Deposit 4.800% 11/01/2007		872,581		872,581
Rabobank Nederland Eurodollar Time Deposit 4.813% 11/01/2007		872,581		872,581
Rabobank Nederland Eurodollar Time Deposit 4.820% 11/08/2007		654,435		654,435
Rabobank Nederland Eurodollar Time Deposit 4.950% 11/01/2007		392,661		392,661
Rabobank Nederland Eurodollar Time Deposit 4.950% 11/15/2007		218,145		218,145

	Principal Amount		Market Value
Reserve Primary Money Market Fund(c)	$	396,642	$	396,642
Royal Bank of Canada Eurodollar Time Deposit 4.950% 11/16/2007		261,774		261,774
Royal Bank of Scotland Eurodollar Time Deposit 4.950% 11/01/2007		1,308,871		1,308,871
Royal Bank of Scotland Eurodollar Time Deposit 5.000% 01/22/2008		218,145		218,145
Royal Bank of Scotland Eurodollar Time Deposit 5.330% 11/07/2007		436,290		436,290
Societe Generale Eurodollar Time Deposit 4.813% 11/01/2007		872,581		872,581
Societe Generale Eurodollar Time Deposit 5.050% 11/02/2007		349,033		349,033
Societe Generale Eurodollar Time Deposit 5.050% 11/19/2007		174,517		174,517
Societe Generale Eurodollar Time Deposit 5.120% 11/01/2007		349,032		349,032
Svenska Handlesbanken Eurodollar Time Deposit 4.840% 11/01/2007		1,363,194		1,363,194
Toronto Dominion Bank Eurodollar Time Deposit 4.880% 11/06/2007		218,146		218,146
Toronto Dominion Bank Eurodollar Time Deposit 5.000% 11/07/2007		654,436		654,436
UBS AG Eurodollar Time Deposit 5.365% 11/08/2007		218,146		218,146
Wells Fargo Eurodollar Time Deposit 4.750% 11/23/2007		436,290		436,290
Wells Fargo Eurodollar Time Deposit 4.800% 11/09/2007		436,290		436,290
				24,144,116

	Principal Amount		Market Value
Repurchase Agreements — 0.4%
State Street Bank & Trust Co. Repurchase Agreement, dated 10/31/2007, 3.01%, due 11/01/2007(e)	$	2,218,610	$	2,218,610
TOTAL SHORT-TERM INVESTMENTS (Cost $26,362,726)				26,362,726
TOTAL INVESTMENTS — 104.5% (Cost $592,596,110)(f)				609,477,882
Other Assets/ (Liabilities) — (4.5%)				(26,383,390	)
NET ASSETS — 100.0%			$	583,094,492

Notes to Portfolio of Investments

ADR - American Depository Receipt

(a) Non-income producing security.

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

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

(e) Maturity value of $2,218,796. Collateralized by a U.S. Government Agency obligation with a rate of 5.441%, maturity date of 05/15/2036, and an aggregate market value, including accrued interest, of $2,265,343.

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

The accompanying notes are an integral part of the financial statements.
157

MassMutual Premier Enhanced Index Core Equity Fund – Portfolio of Investments

October 31, 2007

	Number of Shares		Market Value
EQUITIES — 100.5%
COMMON STOCK — 100.5%
Advertising — 0.3%
Interpublic Group of Companies, Inc.(a)		100	$	1,034
Omnicom Group, Inc.		3,500		178,430
				179,464
Aerospace & Defense — 3.9%
Boeing Co.		5,500		542,245
General Dynamics Corp.		2,800		254,688
Goodrich Corp.(b)		600		41,796
L-3 Communications Holdings, Inc.(b)		1,500		164,460
Lockheed Martin Corp.		3,300		363,132
Northrop Grumman Corp.		3,800		317,756
Raytheon Co.(b)		4,900		311,689
Rockwell Collins, Inc.		600		44,886
United Technologies Corp.		7,200		551,448
				2,592,100
Agriculture — 2.0%
Altria Group, Inc.		17,000		1,239,810
Reynolds American, Inc.(b)		800		51,544
UST, Inc.		1,500		79,980
				1,371,334
Airlines — 0.0%
Southwest Airlines Co.		200		2,842
Apparel — 0.5%
Coach, Inc.(a) (b)		1,600		58,496
Nike, Inc. Cl. B		3,700		245,162
Polo Ralph Lauren Corp.		200		13,760
VF Corp.		300		26,139
				343,557
Auto Manufacturers — 0.2%
Ford Motor Co.(a) (b)		1,100		9,757
General Motors Corp.		3,600		141,084
Paccar, Inc.		150		8,334
				159,175
Automotive & Parts — 0.1%
Johnson Controls, Inc.(b)		1,700		74,324
Banks — 5.1%
Banco Bilbao Vizcaya Argentaria SA, Sponsored ADR (Spain)		440		11,106
Bank of America Corp.		22,853		1,103,343

	Number of Shares		Market Value
The Bank of New York Mellon Corp.		4,852	$	237,020
BB&T Corp.		800		29,576
Capital One Financial Corp.		1,409		92,416
Comerica, Inc.		1,100		51,348
Fifth Third Bancorp		3,200		100,096
Huntington Bancshares, Inc.		500		8,955
KeyCorp		3,100		88,195
M&T Bank Corp.		200		19,896
Marshall and Ilsley Corp.		1,000		42,700
National City Corp.		1,100		26,675
Northern Trust Corp.		900		67,689
PNC Financial Services Group, Inc.		1,400		101,024
Regions Financial Corp.		2,390		64,817
State Street Corp.		900		71,793
SunTrust Banks, Inc.		1,200		87,120
Synovus Financial Corp.		1,200		31,632
U.S. Bancorp(b)		7,500		248,700
Wachovia Corp.(b)		6,746		308,495
Wells Fargo & Co.(b)		18,800		639,388
Zions Bancorp		300		17,733
				3,449,717
Beverages — 1.8%
Anheuser-Busch Cos., Inc.		4,600		235,888
The Coca-Cola Co.		5,100		314,976
Coca-Cola Enterprises, Inc.		3,900		100,659
Constellation Brands, Inc. Cl. A(a)		600		15,072
Molson Coors Brewing Co. Cl. B		300		17,169
The Pepsi Bottling Group, Inc.		1,800		77,544
PepsiCo, Inc.		6,500		479,180
				1,240,488
Biotechnology — 0.4%
Biogen Idec, Inc.(a)		2,600		193,544
Celgene Corp.(a) (b)		100		6,600
Genzyme Corp.(a)		1,300		98,761
				298,905
Building Materials — 0.1%
American Standard Cos., Inc.		100		3,727
Masco Corp.		2,500		60,200
				63,927
Chemicals — 1.7%
Air Products & Chemicals, Inc.		700		68,495
Ashland, Inc.		500		29,360

	Number of Shares		Market Value
The Dow Chemical Co.		4,100	$	184,664
Du Pont (E.I.) de Nemours & Co.		5,800		287,158
Eastman Chemical Co.		200		13,318
International Flavors & Fragrances, Inc.		500		26,105
Monsanto Co.		2,400		234,312
Praxair, Inc.		1,400		119,672
Rohm & Haas Co.		200		10,376
The Sherwin-Williams Co.(b)		1,400		89,488
Sigma-Aldrich Corp.		900		46,503
				1,109,451
Coal — 0.0%
CONSOL Energy, Inc.		100		5,650
Commercial Services — 0.6%
Apollo Group, Inc. Cl. A(a)		600		47,556
Convergys Corp.(a)		600		10,998
Donnelley (R.R.) & Sons Co.		600		24,174
Equifax, Inc.		1,200		46,200
McKesson Corp.		2,200		145,420
Monster Worldwide, Inc.(a)		100		4,058
Moody's Corp.		600		26,232
Robert Half International, Inc.		100		3,009
Western Union		3,400		74,936
				382,583
Computers — 6.9%
Affiliated Computer Services, Inc. Cl. A(a)		900		45,594
Apple, Inc.(a)		6,100		1,158,695
Computer Sciences Corp.(a)		1,300		75,907
Dell, Inc.(a) (b)		12,300		376,380
Electronic Data Systems Corp.		2,800		60,452
EMC Corp.(a)		19,800		502,722
Hewlett-Packard Co.		18,200		940,576
International Business Machines Corp.		10,700		1,242,484
Lexmark International, Inc. Cl. A(a) (b)		700		29,393
NCR Corp.(a)		600		16,554
Network Appliance, Inc.(a)		1,100		34,639
SanDisk Corp.(a) (b)		400		17,760
Sun Microsystems, Inc.(a) (b)		15,000		85,650
Teradata Corp.(a)		1,200		34,236
				4,621,042

(Continued)

The accompanying notes are an integral part of the financial statements.
158

MassMutual Premier Enhanced Index Core Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Cosmetics & Personal Care — 1.4%
Colgate-Palmolive Co.		1,300	$	99,151
The Estee Lauder Cos., Inc. Cl. A		200		8,780
The Procter & Gamble Co.(b)		12,382		860,797
				968,728
Distribution & Wholesale — 0.2%
Genuine Parts Co.		700		34,349
W.W. Grainger, Inc.		800		71,936
				106,285
Diversified Financial — 6.8%
American Express Co.		4,900		298,655
Ameriprise Financial, Inc.		860		54,163
The Bear Stearns Cos., Inc.		200		22,720
The Charles Schwab Corp.		2,200		51,128
CIT Group, Inc.		900		31,716
Citigroup, Inc.		19,500		817,050
CME Group, Inc.		200		133,250
Countrywide Financial Corp.(b)		1,698		26,353
Discover Financial Services		4,600		88,780
E*TRADE Financial Corp.(a) (b)		800		8,912
Fannie Mae		5,200		296,608
Franklin Resources, Inc.(b)		300		38,904
Freddie Mac		2,800		146,244
The Goldman Sachs Group, Inc.		3,900		966,888
IntercontinentalExchange, Inc.(a)		100		17,820
JP Morgan Chase & Co.		16,800		789,600
Janus Capital Group, Inc.(b)		500		17,255
Legg Mason, Inc.		100		8,294
Lehman Brothers Holdings, Inc.		3,500		221,690
Merrill Lynch & Co., Inc.		4,200		277,284
Morgan Stanley		3,800		255,588
T. Rowe Price Group, Inc.		100		6,424
				4,575,326
Electric — 3.0%
AES Corp.(a)		500		10,705
Ameren Corp.		1,000		54,060
American Electric Power Co., Inc.		2,700		130,167
CenterPoint Energy, Inc.		2,600		43,576
Consolidated Edison, Inc.		3,200		150,688
Constellation Energy Group, Inc.		400		37,880
DTE Energy Co.		1,200		59,520
Duke Energy Corp.		14,980		287,167

	Number of Shares		Market Value
Edison International		3,800	$	220,742
Entergy Corp.		300		35,961
Exelon Corp.		900		74,502
FirstEnergy Corp.		1,400		97,580
FPL Group, Inc.		2,000		136,840
PG&E Corp.		2,500		122,325
Pinnacle West Capital Corp.		300		12,120
PPL Corp.		1,700		87,890
Progress Energy, Inc.		1,900		91,200
Public Service Enterprise Group, Inc.		1,400		133,840
Southern Co.		4,200		153,972
Xcel Energy, Inc.		3,300		74,415
				2,015,150
Electrical Components & Equipment — 0.3%
Emerson Electric Co.		4,100		214,307
Molex, Inc.		100		2,856
				217,163
Electronics — 0.5%
Agilent Technologies, Inc.(a)		1,700		62,645
Jabil Circuit, Inc.		100		2,173
PerkinElmer, Inc.(b)		1,500		41,280
Tektronix, Inc.		400		15,140
Thermo Fisher Scientific, Inc.(a)		2,200		129,382
Tyco Electronics Ltd.		1,107		39,487
Waters Corp.(a)		500		38,490
				328,597
Engineering & Construction — 0.2%
Fluor Corp.		700		110,600
Jacobs Engineering Group, Inc.(a)		300		26,145
				136,745
Entertainment — 0.0%
International Game Technology		400		17,444
Environmental Controls — 0.5%
Allied Waste Industries, Inc.(a) (b)		12,200		154,208
Waste Management, Inc.		4,500		163,755
				317,963
Foods — 1.4%
ConAgra Foods, Inc.		1,800		42,714
General Mills, Inc.		1,600		92,368
Heinz (H. J.) Co.		1,400		65,492
The Hershey Co.		700		30,177
Kellogg Co.		1,000		52,790
The Kroger Co.		7,700		226,303
Safeway, Inc.(b)		1,900		64,600
Sara Lee Corp.		5,100		84,354

	Number of Shares		Market Value
SuperValu, Inc.(b)		2,000	$	77,500
Sysco Corp.		3,100		106,299
Tyson Foods, Inc. Cl. A(b)		3,400		53,720
Wrigley (Wm.) Jr. Co.		900		55,503
				951,820
Forest Products & Paper — 0.3%
International Paper Co.		2,900		107,184
MeadWestvaco Corp.		800		26,912
Temple-Inland, Inc.		600		32,202
Weyerhaeuser Co.		300		22,773
				189,071
Gas — 0.4%
Nicor, Inc.		700		30,289
NiSource, Inc.		1,500		30,675
Sempra Energy		3,200		196,832
				257,796
Hand & Machine Tools — 0.2%
The Black & Decker Corp.		700		62,937
Snap-on, Inc.		400		19,964
The Stanley Works		700		40,285
				123,186
Health Care – Products — 2.8%
Bard (C.R.), Inc.		200		16,722
Baxter International, Inc.		5,400		324,054
Becton, Dickinson & Co.		500		41,730
Boston Scientific Corp.(a)		2,100		29,127
Covidien Ltd.		1,207		50,211
Johnson & Johnson		16,600		1,081,822
Medtronic, Inc.		4,500		213,480
Patterson Cos., Inc.(a)		500		19,555
St. Jude Medical, Inc.(a)		500		20,365
Zimmer Holdings, Inc.(a)		900		62,541
				1,859,607
Health Care – Services — 1.3%
Aetna, Inc.		4,500		252,765
Coventry Health Care, Inc.(a) (b)		400		24,124
Humana, Inc.(a)		500		37,475
Laboratory Corp. of America Holdings(a)		400		27,500
Quest Diagnostics, Inc.		400		21,272
UnitedHealth Group, Inc.		6,800		334,220
WellPoint, Inc.(a)		2,000		158,460
				855,816
Home Builders — 0.1%
Centex Corp.		1,000		25,060
D.R. Horton, Inc.		1,200		15,228
KB Home		800		22,112
Lennar Corp. Cl. A		600		13,710
Pulte Homes, Inc.(b)		100		1,484
				77,594

(Continued)

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

MassMutual Premier Enhanced Index Core Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Home Furnishing — 0.1%
Whirlpool Corp.(b)		700	$	55,426
Household Products — 0.4%
The Clorox Co.		1,100		68,827
Fortune Brands, Inc.		800		67,016
Kimberly-Clark Corp.		1,900		134,691
				270,534
Housewares — 0.1%
Newell Rubbermaid, Inc.(b)		2,300		67,068
Insurance — 7.0%
ACE Ltd.		3,500		212,135
AFLAC, Inc.		1,600		100,448
Allstate Corp.		4,000		209,600
Ambac Financial Group, Inc.(b)		500		18,415
American International Group, Inc.		19,100		1,205,592
Aon Corp.		2,500		113,300
Assurant, Inc.		900		52,596
Chubb Corp.		4,300		229,405
Cigna Corp.		2,900		152,221
Cincinnati Financial Corp.		1,746		69,456
Genworth Financial, Inc. Cl. A		1,800		49,140
The Hartford Financial Services Group, Inc.		3,500		339,605
Lincoln National Corp.		1,649		102,848
Loews Corp.		1,800		88,362
MBIA, Inc.		1,000		43,040
Metlife, Inc.		8,000		550,800
Principal Financial Group, Inc.		1,700		115,039
Progressive Corp.(b)		1,400		25,900
Prudential Financial, Inc.		4,500		435,240
Safeco Corp.		700		40,530
Torchmark Corp.		700		45,612
St. Paul Travelers Companies		6,557		342,341
Unum Group		2,500		58,350
XL Capital Ltd. Cl. A		1,900		136,705
				4,736,680
Internet — 1.9%
Amazon.com, Inc.(a) (b)		4,100		365,515
eBay, Inc.(a)		9,000		324,900
Expedia, Inc.(a)		1,500		48,990
Google, Inc. Cl. A(a) (b)		400		282,800
IAC/InterActiveCorp(a)		1,400		41,244
Symantec Corp.(a)		6,500		122,070
VeriSign, Inc.(a) (b)		1,500		51,135
Yahoo!, Inc.(a) (b)		500		15,550
				1,252,204

	Number of Shares		Market Value
Investment Companies — 0.2%
American Capital Strategies Ltd.(b)		2,800	$	121,548
Iron & Steel — 0.4%
Allegheny Technologies, Inc.(b)		100		10,217
Nucor Corp.		2,000		124,040
United States Steel Corp.(b)		1,500		161,850
				296,107
Leisure Time — 0.1%
Carnival Corp.		600		28,788
Harley-Davidson, Inc.		100		5,150
				33,938
Lodging — 0.1%
Harrah's Entertainment, Inc.		100		8,825
Marriott International, Inc. Cl. A		100		4,111
Starwood Hotels & Resorts Worldwide, Inc.		700		39,802
Wyndham Worldwide Corp.		640		21,011
				73,749
Machinery – Construction & Mining — 0.3%
Caterpillar, Inc.		2,100		156,681
Terex Corp.(a)		200		14,844
				171,525
Machinery – Diversified — 0.5%
Cummins, Inc.		200		23,992
Deere & Co.		1,300		201,370
Rockwell Automation, Inc.		1,600		110,208
				335,570
Manufacturing — 5.1%
3M Co.(b)		3,000		259,080
Cooper Industries Ltd. Cl. A		1,200		62,868
Danaher Corp.		1,800		154,206
Dover Corp.		700		32,200
Eastman Kodak Co.		2,500		71,650
Eaton Corp.		1,000		92,580
General Electric Co.		38,200		1,572,312
Honeywell International, Inc.		7,800		471,198
Illinois Tool Works, Inc.		1,748		100,090
Ingersoll-Rand Co. Ltd. Cl. A		700		35,245
ITT Corp.		1,200		80,304
Leggett & Platt, Inc.		1,300		25,259
Pall Corp.		800		32,056
Parker Hannifin Corp.(b)		1,800		144,666
Textron, Inc.		1,000		69,210
Tyco International Ltd.		5,707		234,957
				3,437,881

	Number of Shares		Market Value
Media — 3.6%
CBS Corp. Cl. B		5,350	$	153,545
Clear Channel Communications, Inc.		9,900		373,923
The DIRECTV Group, Inc.(a)		2,200		58,256
Dow Jones & Co., Inc.		600		35,886
Gannett Co., Inc.		1,500		63,615
The McGraw-Hill Companies, Inc.		2,300		115,092
Meredith Corp.(b)		2,400		149,400
New York Times Co. Cl. A(b)		1,600		31,296
The Scripps (E.W.) Co. Cl. A		300		13,503
Time Warner, Inc.		19,600		357,896
Tribune Co.		700		21,182
Viacom, Inc. Cl. B(a)		6,300		260,127
The Walt Disney Co.		22,300		772,249
				2,405,970
Metal Fabricate & Hardware — 0.1%
Precision Castparts Corp.		500		74,905
Mining — 0.7%
Alcoa, Inc.		400		15,836
Freeport-McMoran Copper & Gold, Inc.		3,936		463,188
Vulcan Materials Co.(b)		100		8,551
				487,575
Office Equipment/Supplies — 0.2%
Xerox Corp.(a)		8,500		148,240
Oil & Gas — 9.8%
Anadarko Petroleum Corp.		2,300		135,746
Chesapeake Energy Corp.		100		3,948
Chevron Corp.		10,739		982,726
ConocoPhillips		13,693		1,163,357
Devon Energy Corp.		2,700		252,180
ENSCO International, Inc.(b)		100		5,549
EOG Resources, Inc.		100		8,860
Exxon Mobil Corp.		30,800		2,833,292
Hess Corp.		1,200		85,932
Marathon Oil Corp.		4,500		266,085
Murphy Oil Corp.		800		58,904
Nabors Industries Ltd.(a)		100		2,808
Noble Corp.		1,000		52,950
Noble Energy, Inc.		300		22,962
Occidental Petroleum Corp.		5,300		365,965
Sunoco, Inc.		300		22,080
Tesoro Corp.		900		54,477
Transocean, Inc.(a) (b)		500		59,685

(Continued)

The accompanying notes are an integral part of the financial statements.
160

MassMutual Premier Enhanced Index Core Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Valero Energy Corp.		2,900	$	204,247
XTO Energy, Inc.		100		6,638
				6,588,391
Oil & Gas Services — 1.4%
BJ Services Co.(b)		100		2,519
Halliburton Co.(b)		1,600		63,072
National Oilwell Varco, Inc.(a)		3,900		285,636
Schlumberger Ltd.		6,100		589,077
Weatherford International Ltd.(a)		100		6,491
				946,795
Packaging & Containers — 0.3%
Ball Corp.		1,600		79,328
Pactiv Corp.(a)		3,000		82,410
Sealed Air Corp.		300		7,479
				169,217
Pharmaceuticals — 5.3%
AmerisourceBergen Corp.		1,600		75,376
Bristol-Myers Squibb Co.		13,300		398,867
Eli Lilly & Co.		7,100		384,465
Express Scripts, Inc.(a)		2,300		145,130
Forest Laboratories, Inc.(a)		2,900		113,303
King Pharmaceuticals, Inc.(a)		1,700		18,020
Medco Health Solutions, Inc.(a)		2,700		254,826
Merck & Co., Inc.		11,100		646,686
Pfizer, Inc.		47,900		1,178,819
Schering-Plough Corp.		3,800		115,976
Watson Pharmaceutical, Inc.(a) (b)		3,500		106,960
Wyeth		3,200		155,616
				3,594,044
Pipelines — 0.3%
El Paso Corp.		5,200		91,832
Questar Corp.		300		17,124
Spectra Energy Corp.		1,600		41,568
The Williams Cos., Inc.		1,700		62,033
				212,557
Real Estate — 0.0%
CB Richard Ellis Group, Inc. Cl. A(a)		300		7,314
Real Estate Investment Trusts (REITS) — 0.3%
Boston Properties, Inc.(b)		500		54,170
Equity Residential REIT(b)		1,000		41,780
Host Hotels & Resorts, Inc. REIT(b)		1,600		35,456
Kimco Realty Corp.(b)		500		20,760
ProLogis		900		64,566
				216,732

	Number of Shares		Market Value
Retail — 3.7%
AutoNation, Inc.(a) (b)		100	$	1,769
AutoZone, Inc.(a) (b)		1,300		161,733
Best Buy Co., Inc.(b)		3,300		160,116
Big Lots, Inc.(a) (b)		7,900		189,442
Circuit City Stores, Inc.(b)		100		793
Costco Wholesale Corp.		1,600		107,616
CVS Caremark Corp.		3,104		129,654
Darden Restaurants, Inc.		300		12,900
Family Dollar Stores, Inc.(b)		2,700		68,445
The Gap, Inc.		3,800		71,820
The Home Depot, Inc.(b)		200		6,302
J.C. Penney Co., Inc.		100		5,624
Kohl's Corp.(a)		100		5,497
Lowe's Companies, Inc.		100		2,689
Macy's, Inc.		1,072		34,336
McDonald's Corp.		7,300		435,810
Nordstrom, Inc.		100		3,944
Office Depot, Inc.(a)		100		1,876
RadioShack Corp.(b)		11,100		228,882
Sears Holdings Corp.(a) (b)		200		26,958
Staples, Inc.(b)		50		1,167
Tiffany & Co.		1,000		54,180
The TJX Cos., Inc.		7,900		228,547
Walgreen Co.		200		7,930
Wal-Mart Stores, Inc.		7,900		357,159
Wendy's International, Inc.		1,000		34,760
Yum! Brands, Inc.		3,000		120,810
				2,460,759
Savings & Loans — 0.2%
Hudson City Bancorp, Inc.		1,200		18,792
Sovereign Bancorp, Inc.		1,300		18,759
Washington Mutual, Inc.		3,632		101,260
				138,811
Semiconductors — 2.4%
Advanced Micro Devices, Inc.(a) (b)		300		3,924
Altera Corp.		100		1,962
Analog Devices, Inc.		1,100		36,806
Applied Materials, Inc.		14,400		279,648
Broadcom Corp. Cl. A(a)		700		22,785
Intel Corp.		25,000		672,500
KLA-Tencor Corp.		700		36,855
Linear Technology Corp.(b)		600		19,812
LSI Corp.(a) (b)		1,800		11,880
MEMC Electronic Materials, Inc.(a)		600		43,932
Micron Technology, Inc.(a) (b)		200		2,102
National Semiconductor Corp.		2,100		52,794
Novellus Systems, Inc.(a)		1,000		28,410
Nvidia Corp.(a)		5,300		187,514

	Number of Shares		Market Value
QLogic Corp.(a)		600	$	9,318
Teradyne, Inc.(a)		2,900		35,786
Texas Instruments, Inc.		4,300		140,180
Xilinx, Inc.		1,000		24,400
				1,610,608
Software — 4.7%
Adobe Systems, Inc.(a)		3,900		186,810
Autodesk, Inc.(a)		2,500		122,250
Automatic Data Processing, Inc.		3,400		168,504
BMC Software, Inc.(a)		3,200		108,288
CA, Inc.(b)		4,606		121,829
Citrix Systems, Inc.(a)		700		30,093
Compuware Corp.(a)		1,200		12,000
Electronic Arts, Inc.(a) (b)		100		6,112
Fidelity National Information Services, Inc.		300		13,836
Fiserv, Inc.(a)		300		16,620
IMS Health, Inc.		600		15,126
Intuit, Inc.(a)		1,200		38,604
Microsoft Corp.		41,400		1,523,934
Novell, Inc.(a)		19,700		148,932
Oracle Corp.(a)		30,283		671,374
				3,184,312
Telecommunications — 6.7%
Alltel Corp.		1,400		99,610
AT&T, Inc.		38,849		1,623,500
CenturyTel, Inc.		2,700		118,935
Ciena Corp.(a) (b)		700		33,502
Cisco Systems, Inc.(a)		38,600		1,276,116
Corning, Inc.		3,900		94,653
Embarq Corp.		1,618		85,625
JDS Uniphase Corp.(a) (b)		462		7,050
Juniper Networks, Inc.(a)		5,400		194,400
Motorola, Inc.		3,300		62,007
Qualcomm, Inc.		5,100		217,923
Qwest Communications International, Inc.(a) (b)		9,100		65,338
Sprint Nextel Corp.(b)		3,361		57,473
Tellabs, Inc.(a)		100		881
Verizon Communications, Inc.		12,100		557,447
Windstream Corp.		2,800		37,660
				4,532,120
Toys, Games & Hobbies — 0.1%
Hasbro, Inc.		1,200		35,820
Mattel, Inc.		1,200		25,068
				60,888
Transportation — 1.5%
Burlington Northern Santa Fe Corp.		1,100		95,865

(Continued)

The accompanying notes are an integral part of the financial statements.
161

MassMutual Premier Enhanced Index Core Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
C.H. Robinson Worldwide, Inc.		600	$	29,952
CSX Corp.		3,900		174,603
Norfolk Southern Corp.		2,700		139,455
Ryder System, Inc.		200		9,570
Union Pacific Corp.		1,900		243,276
United Parcel Service, Inc. Cl. B		4,300		322,930
				1,015,651
TOTAL EQUITIES (Cost $63,108,801)				67,599,969
	Principal Amount
SHORT-TERM INVESTMENTS — 11.6%
Cash Equivalents — 11.3%(d)
Abbey National PLC Eurodollar Time Deposit 4.850% 11/08/2007	$	55,142		55,142
ABN Amro Bank NV Eurodollar Time Deposit 4.795% 11/21/2007		137,868		137,868
ABN Amro Bank NV Eurodollar Time Deposit 4.950% 11/14/2007		110,294		110,294
ABN Amro Bank NV Eurodollar Time Deposit 5.050% 11/13/2007		165,441		165,441
Bank of Nova Scotia Eurodollar Time Deposit 4.650% 11/30/2007		68,934		68,934
Bank of Nova Scotia Eurodollar Time Deposit 4.800% 11/26/2007		165,441		165,441
Bank of Nova Scotia Eurodollar Time Deposit 4.940% 11/16/2007		110,294		110,294
Bank of Nova Scotia Eurodollar Time Deposit 4.950% 11/19/2007		68,934		68,934
Bank of Nova Scotia Eurodollar Time Deposit 5.000% 11/15/2007		68,934		68,934
Barclays Eurodollar Time Deposit 5.000% 01/22/2008		82,721		82,721
Barclays Eurodollar Time Deposit 5.330% 11/05/2007		68,934		68,934
BNP Paribas Eurodollar Time Deposit 4.720% 11/01/2007		330,883		330,883

	Principal Amount		Market Value
BNP Paribas Eurodollar Time Deposit 4.800% 11/23/2007	$	137,868	$	137,868
BNP Paribas Eurodollar Time Deposit 4.900% 11/01/2007		137,868		137,868
BNP Paribas Eurodollar Time Deposit 5.020% 11/15/2007		82,721		82,721
Calyon Eurodollar Time Deposit 4.875% 11/01/2007		275,736		275,736
Calyon Eurodollar Time Deposit 5.330% 11/07/2007		275,736		275,736
Canadian Imperial Bank of Commerce Eurodollar Time Deposit 5.340% 11/09/2007		55,147		55,147
Dexia Group Eurodollar Time Deposit 4.980% 11/14/2007		179,228		179,228
Dexia Group Eurodollar Time Deposit 5.000% 11/05/2007		68,934		68,934
Dexia Group Eurodollar Time Deposit 5.100% 11/05/2007		82,721		82,721
Fifth Third Bancorp Eurodollar Time Deposit 4.625% 11/01/2007		206,802		206,802
Fortis Bank Eurodollar Time Deposit 4.820% 11/01/2007		275,736		275,736
Fortis Bank Eurodollar Time Deposit 5.330% 11/05/2007		206,802		206,802
Freddie Mac Agency 4.533% 11/05/2007		17,328		17,328
Freddie Mac Agency Discount Note 4.527% 11/13/2007		53,673		53,673
General Electric Capital Corp. 4.822% 11/14/2007		274,486		274,486
JP Morgan Chase & Co. Eurodollar Time Deposit 5.150% 02/12/2008		137,868		137,868
Lloyds TSB Bank Eurodollar Time Deposit 4.880% 11/20/2007		206,802		206,802
Lloyds TSB Bank Eurodollar Time Deposit 4.950% 11/09/2007		137,868		137,868

	Principal Amount		Market Value
National Australia Bank Eurodollar Time Deposit 4.800% 11/01/2007	$	275,736	$	275,736
Rabobank Nederland Eurodollar Time Deposit 4.813% 11/01/2007		275,736		275,736
Rabobank Nederland Eurodollar Time Deposit 4.820% 11/08/2007		206,802		206,802
Rabobank Nederland Eurodollar Time Deposit 4.950% 11/01/2007		124,081		124,081
Rabobank Nederland Eurodollar Time Deposit 4.950% 11/15/2007		68,934		68,934
Reserve Primary Money Market Fund(c)		125,339		125,339
Royal Bank of Canada Eurodollar Time Deposit 4.950% 11/16/2007		82,721		82,721
Royal Bank of Scotland Eurodollar Time Deposit 4.950% 11/01/2007		413,604		413,604
Royal Bank of Scotland Eurodollar Time Deposit 5.000% 01/22/2008		68,934		68,934
Royal Bank of Scotland Eurodollar Time Deposit 5.330% 11/07/2007		137,868		137,868
Societe Generale Eurodollar Time Deposit 4.813% 11/01/2007		275,736		275,736
Societe Generale Eurodollar Time Deposit 5.050% 11/02/2007		110,294		110,294
Societe Generale Eurodollar Time Deposit 5.050% 11/19/2007		55,147		55,147
Societe Generale Eurodollar Time Deposit 5.120% 11/01/2007		110,294		110,294
Svenska Handlesbanken Eurodollar Time Deposit 4.840% 11/01/2007		430,770		430,770
Toronto Dominion Bank Eurodollar Time Deposit 4.880% 11/06/2007		68,934		68,934
Toronto Dominion Bank Eurodollar Time Deposit 5.000% 11/07/2007		206,802		206,802
UBS AG Eurodollar Time Deposit 5.365% 11/08/2007		68,934		68,934

(Continued)

The accompanying notes are an integral part of the financial statements.
162

MassMutual Premier Enhanced Index Core Equity Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Wells Fargo Eurodollar Time Deposit 4.750% 11/23/2007	$	137,868	$	137,868
Wells Fargo Eurodollar Time Deposit 4.800% 11/09/2007		137,868		137,868
				7,629,546
Repurchase Agreements — 0.3%
State Street Bank & Trust Co. Repurchase Agreement, dated 10/31/2007, 3.01%, due 11/01/2007(e)		175,805		175,805
TOTAL SHORT-TERM INVESTMENTS (Cost $7,805,351)				7,805,351
TOTAL INVESTMENTS — 112.1% (Cost $70,914,152)(f)				75,405,320
Other Assets/ (Liabilities) — (12.1%)				(8,146,575	)
NET ASSETS — 100.0%			$	67,258,745

Notes to Portfolio of Investments

ADR - American Depository Receipt

(a) Non-income producing security.

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

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

(e) Maturity value of $175,820. Collateralized by a U.S. Government Agency obligation with a rate of 6.755%, maturity date of 11/01/2035, and an aggregate market value, including accrued interest, of $179,438.

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

The remainder of this page is intentionally left blank.

The accompanying notes are an integral part of the financial statements.
163

MassMutual Premier Main Street Fund – Portfolio of Investments

October 31, 2007

	Number of Shares		Market Value
EQUITIES — 99.6%
COMMON STOCK — 99.6%
Advertising — 0.1%
Omnicom Group, Inc.		5,500	$	280,390
Aerospace & Defense — 2.8%
Boeing Co.		49,000		4,830,910
L-3 Communications Holdings, Inc.(a)		10,700		1,173,148
Lockheed Martin Corp.		7,300		803,292
Northrop Grumman Corp.		15,200		1,271,024
Raytheon Co.		32,100		2,041,881
				10,120,255
Agriculture — 1.7%
Altria Group, Inc.		82,300		6,002,139
UST, Inc.		1,800		95,976
				6,098,115
Airlines — 0.1%
AMR Corp.(b)		6,100		146,400
Continental Airlines, Inc. Cl. B(b)		3,900		133,965
Northwest Airlines Corp.(b)		3,500		64,925
UAL Corp.(a) (b)		1,500		71,850
US Airways Group, Inc.(a) (b)		4,100		113,406
				530,546
Apparel — 0.2%
Nike, Inc. Cl. B		8,200		543,332
Polo Ralph Lauren Corp.		900		61,920
				605,252
Auto Manufacturers — 0.0%
General Motors Corp.		1,300		50,947
Automotive & Parts — 0.1%
The Goodyear Tire & Rubber Co.(b)		2,700		81,405
Lear Corp.(b)		3,200		113,696
				195,101
Banks — 5.9%
Bank of America Corp.		210,683		10,171,775
U.S. Bancorp		50,100		1,661,316
Wachovia Corp.		128,455		5,874,247
Wells Fargo & Co.		115,700		3,934,957
				21,642,295
Beverages — 0.7%
The Coca-Cola Co.		26,400		1,630,464
PepsiCo, Inc.		13,600		1,002,592
				2,633,056

	Number of Shares		Market Value
Biotechnology — 1.3%
Amgen, Inc.(b)		31,700	$	1,842,087
Biogen Idec, Inc.(b)		25,900		1,927,996
Genentech, Inc.(b)		11,900		882,147
Invitrogen Corp.(b)		1,600		145,392
				4,797,622
Building Materials — 0.1%
Lennox International, Inc.		1,100		39,270
USG Corp.(a) (b)		3,300		131,175
				170,445
Chemicals — 0.5%
Ashland, Inc.		900		52,848
Celanese Corp. Cl. A		1,800		75,528
CF Industries Holdings, Inc.		1,000		87,900
The Dow Chemical Co.		28,400		1,279,136
The Mosaic Co.(a) (b)		5,500		383,900
Terra Industries, Inc.(a) (b)		2,700		99,603
				1,978,915
Commercial Services — 1.1%
Accenture Ltd. Cl. A		48,300		1,886,115
Apollo Group, Inc. Cl. A(b)		1,500		118,890
ChoicePoint, Inc.(b)		1,900		74,708
Convergys Corp.(b)		5,900		108,147
The Corporate Executive Board Co.		700		49,875
Gartner Group, Inc.(b)		1,900		41,610
Hewitt Associates, Inc. Cl. A(b)		1,900		67,032
ITT Educational Services, Inc.(b)		1,200		152,628
McKesson Corp.		20,800		1,374,880
Robert Half International, Inc.		2,100		63,189
SAIC, Inc.(b)		2,600		51,246
				3,988,320
Computers — 8.4%
Affiliated Computer Services, Inc. Cl. A(b)		2,300		116,518
Apple, Inc.(b)		27,100		5,147,645
Brocade Communications Systems, Inc.(b)		7,200		68,472
Cadence Design Systems, Inc.(b)		3,400		66,640
Computer Sciences Corp.(b)		3,000		175,170
Dell, Inc.(b)		66,400		2,031,840
DST Systems, Inc.(b)		1,600		135,536
Electronic Data Systems Corp.		69,800		1,506,982
EMC Corp.(b)		110,600		2,808,134
Hewlett-Packard Co.		174,000		8,992,320

	Number of Shares		Market Value
International Business Machines Corp.		73,700	$	8,558,044
Lexmark International, Inc. Cl. A(b)		3,500		146,965
MICROS Systems, Inc.(b)		800		57,456
NCR Corp.(b)		3,300		91,047
Network Appliance, Inc.(b)		6,400		201,536
Seagate Technology		10,500		292,320
Synopsys, Inc.(b)		3,200		90,432
Teradata Corp.(b)		3,200		91,296
Western Digital Corp.(b)		5,900		152,928
				30,731,281
Cosmetics & Personal Care — 1.1%
The Procter & Gamble Co.		55,492		3,857,804
Diversified Financial — 12.3%
American Express Co.		1,300		79,235
Ameriprise Financial, Inc.		28,580		1,799,968
The Bear Stearns Cos., Inc.		4,900		556,640
Citigroup, Inc.		241,900		10,135,610
Discover Financial Services		10,800		208,440
Fannie Mae		36,800		2,099,072
The Goldman Sachs Group, Inc.		30,900		7,660,728
JP Morgan Chase & Co.		198,100		9,310,700
Janus Capital Group, Inc.(a)		4,900		169,099
Lehman Brothers Holdings, Inc.		15,900		1,007,106
Merrill Lynch & Co., Inc.		81,900		5,407,038
Morgan Stanley		96,100		6,463,686
				44,897,322
Electric — 0.2%
Edison International		7,000		406,630
Progress Energy, Inc.		7,700		369,600
				776,230
Electronics — 0.6%
Agilent Technologies, Inc.(b)		46,400		1,709,840
Arrow Electronics, Inc.(b)		2,900		115,942
Avnet, Inc.(b)		3,600		150,192
Tektronix, Inc.		1,600		60,560
Thomas & Betts Corp.(a) (b)		2,000		112,020
Tyco Electronics Ltd.(b)		4,050		144,463
				2,293,017
Foods — 1.0%
Heinz (H. J.) Co.		2,300		107,594
The Kroger Co.		56,800		1,669,352
Safeway, Inc.		38,900		1,322,600
Sara Lee Corp.		42,300		699,642
				3,799,188

(Continued)

The accompanying notes are an integral part of the financial statements.
164

MassMutual Premier Main Street Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Forest Products & Paper — 0.5%
International Paper Co.		46,700	$	1,726,032
Weyerhaeuser Co.(a)		3,300		250,503
				1,976,535
Hand & Machine Tools — 0.1%
The Black & Decker Corp.		1,700		152,847
The Stanley Works		1,200		69,060
				221,907
Health Care – Products — 1.9%
Baxter International, Inc.		13,400		804,134
Intuitive Surgical, Inc.(b)		400		130,748
Johnson & Johnson		91,900		5,989,123
Kinetic Concepts, Inc.(b)		2,200		132,220
				7,056,225
Health Care – Services — 3.0%
Aetna, Inc.		42,400		2,381,608
Coventry Health Care, Inc.(b)		1,600		96,496
Health Net, Inc.(b)		2,700		144,747
Humana, Inc.(b)		2,700		202,365
Lincare Holdings, Inc.(a) (b)		1,600		55,632
UnitedHealth Group, Inc.		82,640		4,061,756
WellPoint, Inc.(b)		51,134		4,051,347
				10,993,951
Home Builders — 0.1%
Centex Corp.		2,100		52,626
KB Home(a)		2,500		69,100
Lennar Corp. Cl. A(a)		2,800		63,980
NVR, Inc.(a) (b)		200		95,150
Toll Brothers, Inc.(b)		2,500		57,275
				338,131
Home Furnishing — 0.0%
Tempur-Pedic International, Inc.(a)		1,600		57,600
Household Products — 0.0%
Fossil, Inc.(b)		1,200		45,072
The Scotts Miracle-Gro Co.		1,100		50,479
				95,551
Housewares — 0.0%
The Toro Co.		900		50,094
Insurance — 5.8%
ACE Ltd.		5,900		357,599
Allstate Corp.		29,600		1,551,040
Ambac Financial Group, Inc.(a)		1,200		44,196
American International Group, Inc.		122,600		7,738,512
Aon Corp.		24,500		1,110,340
Assurant, Inc.		1,500		87,660

	Number of Shares		Market Value
Chubb Corp.		37,900	$	2,021,965
Cigna Corp.		9,300		488,157
CNA Financial Corp.		7,800		309,114
Fidelity National Financial, Inc.		3,400		52,326
First American Corp.		1,600		48,160
Genworth Financial, Inc. Cl. A		58,600		1,599,780
HCC Insurance Holdings, Inc.		1,900		56,791
Lincoln National Corp.		10,600		661,122
MBIA, Inc.		1,400		60,256
Metlife, Inc.		26,800		1,845,180
MGIC Investment Corp.(a)		1,600		30,976
The PMI Group, Inc.		1,600		25,648
Principal Financial Group, Inc.		7,800		527,826
Safeco Corp.		1,300		75,270
St. Paul Travelers Companies		41,900		2,187,599
XL Capital Ltd. Cl. A		5,000		359,750
				21,239,267
Internet — 3.0%
Amazon.com, Inc.(a) (b)		20,900		1,863,235
Check Point Software Technologies Ltd.(b)		1,500		37,890
eBay, Inc.(b)		59,500		2,147,950
Google, Inc. Cl. A(a) (b)		7,200		5,090,400
McAfee, Inc.(b)		3,300		136,455
Symantec Corp.(b)		89,400		1,678,932
VeriSign, Inc.(a) (b)		2,600		88,634
				11,043,496
Iron & Steel — 0.8%
AK Steel Holding Corp.(b)		1,600		80,208
Carpenter Technology Corp.		500		72,455
Nucor Corp.		26,900		1,668,338
Reliance Steel & Aluminum Co.		1,100		64,185
Steel Dynamics, Inc.		1,400		74,508
United States Steel Corp.		8,100		873,990
				2,833,684
Lodging — 0.0%
Wyndham Worldwide Corp.		2,200		72,226
Machinery – Diversified — 0.5%
Cummins, Inc.		9,700		1,163,612
Deere & Co.		3,600		557,640
Rockwell Automation, Inc.		1,500		103,320
				1,824,572
Manufacturing — 5.2%
3M Co.		19,500		1,684,020
Acuity Brands, Inc.		800		38,240
Eaton Corp.		5,900		546,222
General Electric Co.		272,700		11,224,332

	Number of Shares		Market Value
Honeywell International, Inc.		44,000	$	2,658,040
Ingersoll-Rand Co. Ltd. Cl. A		6,900		347,415
Parker Hannifin Corp.		10,200		819,774
SPX Corp.		1,500		151,950
Teleflex, Inc.		1,000		73,210
Tyco International Ltd.		37,950		1,562,402
				19,105,605
Media — 4.5%
CBS Corp. Cl. B		26,300		754,810
Clear Channel Communications, Inc.		52,700		1,990,479
Comcast Corp. Cl. A(b)		33,100		696,755
EchoStar Communications Corp. Cl. A(b)		19,900		974,304
Gannett Co., Inc.		16,100		682,801
Liberty Global, Inc. Cl. A(b)		7,500		294,375
Liberty Media Holding Corp. Capital Cl. A(b)		1,200		149,976
News Corp., Inc. Cl. A		20,500		444,235
Time Warner, Inc.		261,800		4,780,468
Viacom, Inc. Cl. B(b)		45,250		1,868,373
The Walt Disney Co.		103,500		3,584,205
				16,220,781
Mining — 0.5%
Southern Copper Corp.(a)		12,100		1,690,370
Office Equipment/Supplies — 0.5%
Xerox Corp.(b)		94,000		1,639,360
Oil & Gas — 8.9%
Chevron Corp.		78,410		7,175,299
ConocoPhillips		51,439		4,370,257
Exxon Mobil Corp.		171,600		15,785,484
Holly Corp.		800		50,240
Marathon Oil Corp.		14,300		845,559
Occidental Petroleum Corp.		22,900		1,581,245
Tesoro Corp.(a)		3,000		181,590
Valero Energy Corp.		32,900		2,317,147
				32,306,821
Oil & Gas Services — 1.3%
Dresser-Rand Group, Inc.(b)		2,500		96,750
Global Industries Ltd.(b)		3,700		91,094
Schlumberger Ltd.		48,500		4,683,645
				4,871,489
Packaging & Containers — 0.1%
Owens-Illinois, Inc.(b)		3,700		164,354
Packaging Corp. of America		1,800		57,312
				221,666
Pharmaceuticals — 2.7%
AmerisourceBergen Corp.		1,900		89,509
Endo Pharmaceuticals Holdings, Inc.(b)		2,200		64,460

(Continued)

The accompanying notes are an integral part of the financial statements.
165

MassMutual Premier Main Street Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Express Scripts, Inc.(b)		27,000	$	1,703,700
Forest Laboratories, Inc.(b)		30,400		1,187,728
King Pharmaceuticals, Inc.(b)		10,900		115,540
Medco Health Solutions, Inc.(b)		22,100		2,085,798
NBTY, Inc.(b)		1,300		46,280
Pfizer, Inc.		132,400		3,258,364
Sepracor, Inc.(b)		3,500		96,390
Wyeth		25,500		1,240,065
				9,887,834
Real Estate Investment Trusts (REITS) — 0.1%
General Growth Properties, Inc. REIT		4,800		260,928
Retail — 2.6%
Abercrombie & Fitch Co. Cl. A		1,000		79,200
AutoNation, Inc.(b)		3,000		53,070
AutoZone, Inc.(a) (b)		1,200		149,292
Big Lots, Inc.(a) (b)		4,200		100,716
Chico's FAS, Inc.(b)		3,700		48,618
Chipotle Mexican Grill, Inc. Cl. B(b)		1,381		170,305
Costco Wholesale Corp.		9,400		632,244
CVS Caremark Corp.		9,200		384,284
Dollar Tree Stores, Inc.(b)		3,200		122,560
Family Dollar Stores, Inc.(a)		5,000		126,750
The Gap, Inc.		16,900		319,410
The Home Depot, Inc.(a)		94,600		2,980,846
Macy's, Inc.		49,200		1,575,876
McDonald's Corp.		1,700		101,490
Men's Wearhouse, Inc.(a)		1,200		50,712
RadioShack Corp.(a)		5,900		121,658
Sears Holdings Corp.(a) (b)		11,200		1,509,648
The TJX Cos., Inc.		21,500		621,995
Yum! Brands, Inc.		7,400		297,998
				9,446,672
Savings & Loans — 0.4%
Washington Mutual, Inc.(a)		46,500		1,296,420
Semiconductors — 3.5%
Analog Devices, Inc.		23,200		776,272
Applied Materials, Inc.		91,800		1,782,756
Atmel Corp.(b)		10,100		49,389
Broadcom Corp. Cl. A(b)		9,700		315,735
Integrated Device Technology, Inc.(b)		4,600		61,778
Intel Corp.		167,000		4,492,300
Intersil Corp. Cl. A		2,000		60,680
KLA-Tencor Corp.		1,900		100,035
Lam Research Corp.(b)		1,500		75,300
Linear Technology Corp.		4,500		148,590
National Semiconductor Corp.		5,900		148,326
Novellus Systems, Inc.(b)		4,800		136,368

	Number of Shares		Market Value
Nvidia Corp.(b)		51,900	$	1,836,222
ON Semiconductor Corp.(b)		4,400		44,880
Teradyne, Inc.(b)		8,900		109,826
Texas Instruments, Inc.		70,700		2,304,820
Varian Semiconductor Equipment Associates, Inc.(b)		1,300		59,826
Xilinx, Inc.		6,000		146,400
				12,649,503
Software — 6.4%
Activision, Inc.(b)		4,100		96,965
Adobe Systems, Inc.(b)		35,000		1,676,500
Ansys, Inc.(b)		1,500		58,215
Autodesk, Inc.(b)		3,600		176,040
Automatic Data Processing, Inc.		41,500		2,056,740
BEA Systems, Inc.(b)		10,600		179,140
BMC Software, Inc.(b)		4,700		159,048
CA, Inc.		19,000		502,550
Citrix Systems, Inc.(b)		2,100		90,279
Cognos, Inc.(b)		1,300		65,429
Compuware Corp.(b)		8,700		87,000
Fidelity National Information Services, Inc.		2,000		92,240
Intuit, Inc.(b)		5,800		186,586
MasterCard, Inc. Cl. A(a)		4,500		852,975
Microsoft Corp.		384,600		14,157,126
Novell, Inc.(b)		10,900		82,404
Oracle Corp.(b)		116,700		2,587,239
Red Hat, Inc.(b)		6,300		136,017
Salesforce.com, Inc.(a) (b)		1,400		78,918
				23,321,411
Telecommunications — 9.0%
Alltel Corp.		20,200		1,437,230
AT&T, Inc.		125,352		5,238,460
CenturyTel, Inc.		3,100		136,555
Cisco Systems, Inc.(b)		285,500		9,438,630
CommScope, Inc.(a) (b)		1,100		51,887
Embarq Corp.		2,800		148,176
Foundry Networks, Inc.(b)		5,500		116,270
Juniper Networks, Inc.(b)		55,000		1,980,000
Motorola, Inc.		113,800		2,138,302
Qualcomm, Inc.		149,300		6,379,589
Qwest Communications International, Inc.(a) (b)		199,000		1,428,820
Sprint Nextel Corp.		101,327		1,732,692
Telephone and Data Systems, Inc.(a)		1,300		90,740
Tellabs, Inc.(b)		6,700		59,027
Verizon Communications, Inc.		48,000		2,211,360
Windstream Corp.		3,900		52,455
				32,640,193

	Number of Shares		Market Value
Textiles — 0.0%
Mohawk Industries, Inc.(a) (b)		800	$	68,272
Transportation — 0.0%
Overseas Shipholding Group, Inc.		700		52,080
TOTAL EQUITIES (Cost $328,670,000)				362,928,745
RIGHTS — 0.0%
Electric
Progress Energy, Inc.(b)		19,900		6,567
TOTAL RIGHTS (Cost $2,686)				6,567
WARRANTS — 0.0%
Savings & Loans
Dime Bancorp, Inc., Expires 12/26/2050, Strike 0.00		14,200		2,565
TOTAL WARRANTS (Cost $2,698)				2,565
TOTAL LONG TERM INVESTMENTS (Cost $328,675,384)				362,937,877
	Principal Amount
SHORT-TERM INVESTMENTS — 5.0%
Cash Equivalents — 4.8%(d)
Abbey National PLC Eurodollar Time Deposit 4.850% 11/08/2007	$	125,691		125,691
ABN Amro Bank NV Eurodollar Time Deposit 4.795% 11/21/2007		314,227		314,227
ABN Amro Bank NV Eurodollar Time Deposit 4.950% 11/14/2007		251,381		251,381
ABN Amro Bank NV Eurodollar Time Deposit 5.050% 11/13/2007		377,072		377,072
Bank of Nova Scotia Eurodollar Time Deposit 4.650% 11/30/2007		157,113		157,113
Bank of Nova Scotia Eurodollar Time Deposit 4.800% 11/26/2007		377,072		377,072
Bank of Nova Scotia Eurodollar Time Deposit 4.940% 11/16/2007		251,381		251,381

(Continued)

The accompanying notes are an integral part of the financial statements.
166

MassMutual Premier Main Street Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Bank of Nova Scotia Eurodollar Time Deposit 4.950% 11/19/2007	$	157,113	$	157,113
Bank of Nova Scotia Eurodollar Time Deposit 5.000% 11/15/2007		157,113		157,113
Barclays Eurodollar Time Deposit 5.000% 01/22/2008		188,536		188,536
Barclays Eurodollar Time Deposit 5.330% 11/05/2007		157,113		157,113
BNP Paribas Eurodollar Time Deposit 4.720% 11/01/2007		754,144		754,144
BNP Paribas Eurodollar Time Deposit 4.800% 11/23/2007		314,227		314,227
BNP Paribas Eurodollar Time Deposit 4.900% 11/01/2007		314,227		314,227
BNP Paribas Eurodollar Time Deposit 5.020% 11/15/2007		188,536		188,536
Calyon Eurodollar Time Deposit 4.875% 11/01/2007		628,453		628,453
Calyon Eurodollar Time Deposit 5.330% 11/07/2007		628,453		628,453
Canadian Imperial Bank of Commerce Eurodollar Time Deposit 5.340% 11/09/2007		125,691		125,691
Dexia Group Eurodollar Time Deposit 4.980% 11/14/2007		408,495		408,495
Dexia Group Eurodollar Time Deposit 5.000% 11/05/2007		157,113		157,113
Dexia Group Eurodollar Time Deposit 5.100% 11/05/2007		188,536		188,536
Fifth Third Bancorp Eurodollar Time Deposit 4.625% 11/01/2007		471,340		471,340
Fortis Bank Eurodollar Time Deposit 4.820% 11/01/2007		628,453		628,453
Fortis Bank Eurodollar Time Deposit 5.330% 11/05/2007		471,340		471,340

	Principal Amount		Market Value
Freddie Mac Agency 4.533% 11/05/2007	$	39,494	$	39,494
Freddie Mac Agency Discount Note 4.527% 11/13/2007		122,332		122,332
General Electric Capital Corp. 4.822% 11/14/2007		625,604		625,604
JP Morgan Chase & Co. Eurodollar Time Deposit 5.150% 02/12/2008		314,227		314,227
Lloyds TSB Bank Eurodollar Time Deposit 4.880% 11/20/2007		471,340		471,340
Lloyds TSB Bank Eurodollar Time Deposit 4.950% 11/09/2007		314,227		314,227
National Australia Bank Eurodollar Time Deposit 4.800% 11/01/2007		628,453		628,453
Rabobank Nederland Eurodollar Time Deposit 4.813% 11/01/2007		628,453		628,453
Rabobank Nederland Eurodollar Time Deposit 4.820% 11/08/2007		471,340		471,340
Rabobank Nederland Eurodollar Time Deposit 4.950% 11/01/2007		282,804		282,804
Rabobank Nederland Eurodollar Time Deposit 4.950% 11/15/2007		157,112		157,112
Reserve Primary Money Market Fund(c)		285,671		285,671
Royal Bank of Canada Eurodollar Time Deposit 4.950% 11/16/2007		188,536		188,536
Royal Bank of Scotland Eurodollar Time Deposit 4.950% 11/01/2007		942,680		942,680
Royal Bank of Scotland Eurodollar Time Deposit 5.000% 01/22/2008		157,113		157,113
Royal Bank of Scotland Eurodollar Time Deposit 5.330% 11/07/2007		314,227		314,227
Societe Generale Eurodollar Time Deposit 4.813% 11/01/2007		628,453		628,453
Societe Generale Eurodollar Time Deposit 5.050% 11/02/2007		251,380		251,380
Societe Generale Eurodollar Time Deposit 5.050% 11/19/2007		125,691		125,691

	Principal Amount		Market Value
Societe Generale Eurodollar Time Deposit 5.120% 11/01/2007	$	251,381	$	251,381
Svenska Handlesbanken Eurodollar Time Deposit 4.840% 11/01/2007		981,804		981,804
Toronto Dominion Bank Eurodollar Time Deposit 4.880% 11/06/2007		157,112		157,112
Toronto Dominion Bank Eurodollar Time Deposit 5.000% 11/07/2007		471,340		471,340
UBS AG Eurodollar Time Deposit 5.365% 11/08/2007		157,113		157,113
Wells Fargo Eurodollar Time Deposit 4.750% 11/23/2007		314,227		314,227
Wells Fargo Eurodollar Time Deposit 4.800% 11/09/2007		314,227		314,227
				17,389,161
Repurchase Agreements — 0.2%
State Street Bank & Trust Co. Repurchase Agreement, dated 10/31/2007, 3.01%, due 11/01/2007(e)		929,824		929,824
TOTAL SHORT-TERM INVESTMENTS (Cost $18,318,985)				18,318,985
TOTAL INVESTMENTS — 104.6% (Cost $346,994,369)(f)				381,256,862
Other Assets/ (Liabilities) — (4.6%)				(16,937,822	)
NET ASSETS — 100.0%			$	364,319,040

Notes to Portfolio of Investments

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

(b) Non-income producing security.

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

(e) Marturity value of $929,902. Collateralized by a U.S. Government Agency obligation with a rate of 5.173%, maturity date of 05/25/2036, and an aggregate market value, including accrued interest, of $951,530.

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

The accompanying notes are an integral part of the financial statements.
167

MassMutual Premier Capital Appreciation Fund – Portfolio of Investments

October 31, 2007

	Number of Shares		Market Value
EQUITIES — 97.7%
COMMON STOCK — 97.7%
Aerospace & Defense — 5.3%
Boeing Co.		250,500	$	24,696,795
General Dynamics Corp.		165,400		15,044,784
Lockheed Martin Corp.		38,100		4,192,524
United Technologies Corp.		262,300		20,089,557
				64,023,660
Apparel — 1.3%
Polo Ralph Lauren Corp.		235,000		16,168,000
Banks — 0.8%
Northern Trust Corp.		129,900		9,769,779
Beverages — 0.4%
Fomento Economico Mexicano SAB MXN		1,345,800		4,759,005
Biotechnology — 1.5%
Celgene Corp.(a)		164,400		10,850,400
Genentech, Inc.(a)		105,160		7,795,511
				18,645,911
Chemicals — 4.1%
Monsanto Co.		320,600		31,300,178
Praxair, Inc.		221,840		18,962,883
				50,263,061
Commercial Services — 1.9%
The Corporate Executive Board Co.(b)		133,500		9,511,875
Fastenal Co.(b)		215,000		9,563,200
Robert Half International, Inc.		139,600		4,200,564
				23,275,639
Computers — 10.8%
Affiliated Computer Services, Inc. Cl. A(a)		302,100		15,304,386
Apple, Inc.(a)		177,300		33,678,135
Cognizant Technology Solutions Corp. Cl. A(a)		274,000		11,360,040
EMC Corp.(a)		893,030		22,674,032
Hewlett-Packard Co.		205,800		10,635,744
Network Appliance, Inc.(a) (b)		317,900		10,010,671
Research In Motion Ltd.(a)		220,900		27,504,259
				131,167,267
Diversified Financial — 8.4%
The Charles Schwab Corp.		383,900		8,921,836
CME Group, Inc.		34,500		22,985,625

	Number of Shares		Market Value
E*TRADE Financial Corp.(a)		416,000	$	4,634,240
Fortress Investment Group LLC Cl. A(b)		511,100		11,269,755
Franklin Resources, Inc.		75,600		9,803,808
The Goldman Sachs Group, Inc.		105,940		26,264,645
UBS AG Registered CHF		330,265		17,694,209
				101,574,118
Electronics — 1.2%
Thermo Fisher Scientific, Inc.(a)		256,200		15,067,122
Engineering & Construction — 1.3%
ABB Ltd. CHF		517,923		15,632,490
Foods — 3.6%
Cadbury Schweppes PLC GBP		1,327,540		17,551,911
Nestle SA CHF		37,672		17,383,371
Sysco Corp.		242,000		8,298,180
				43,233,462
Health Care – Products — 1.7%
Bard (C.R.), Inc.(b)		59,600		4,983,156
Henry Schein, Inc.(a) (b)		133,800		8,014,620
St. Jude Medical, Inc.(a)		197,200		8,031,956
				21,029,732
Health Care – Services — 1.8%
Covance, Inc.(a)		100,200		8,266,500
WellPoint, Inc.(a)		171,500		13,587,945
				21,854,445
Household Products — 1.1%
Reckitt Benckiser Group PLC GBP		228,510		13,232,765
Insurance — 1.7%
Ambac Financial Group, Inc.(b)		108,300		3,988,689
Prudential Financial, Inc.		166,220		16,076,798
				20,065,487
Internet — 6.3%
Alibaba.Com, Ltd. HKD(e)		24,000		41,806
eBay, Inc.(a)		579,900		20,934,390
F5 Networks, Inc.(a)		156,300		5,631,489
Google, Inc. Cl. A(a)		70,800		50,055,600
				76,663,285
Iron & Steel — 0.6%
Allegheny Technologies, Inc.(b)		69,700		7,121,249

	Number of Shares		Market Value
Lodging — 2.0%
Las Vegas Sands Corp.(a)		180,100	$	23,901,071
Machinery – Construction & Mining — 0.5%
Joy Global, Inc.		106,400		6,177,584
Media — 2.8%
Cablevision Systems Corp. Cl. A(a)		162,500		4,766,125
Comcast Corp. Special, Cl. A(a)		575,345		12,007,450
Liberty Global, Inc. Cl. A(a)		188,900		7,414,325
XM Satellite Radio Holdings, Inc. Cl. A(a)		720,200		9,564,256
				33,752,156
Metal Fabricate & Hardware — 0.7%
Precision Castparts Corp.		60,000		8,988,600
Oil & Gas — 3.7%
Occidental Petroleum Corp.		250,200		17,276,310
Range Resources Corp.		294,380		13,226,493
XTO Energy, Inc.		209,400		13,899,972
				44,402,775
Oil & Gas Services — 3.6%
Schlumberger Ltd.		273,600		26,421,552
Smith International, Inc.		255,400		16,869,170
				43,290,722
Pharmaceuticals — 6.8%
Abbott Laboratories		184,900		10,099,238
Allergan, Inc.		109,300		7,386,494
Gilead Sciences, Inc.(a)		277,300		12,808,487
Medco Health Solutions, Inc.(a)		149,400		14,100,372
Merck & Co., Inc.		201,300		11,727,738
Roche Holding AG CHF		100,394		17,131,260
Shire PLC GBP		355,850		8,872,893
				82,126,482
Real Estate — 0.8%
CB Richard Ellis Group, Inc. Cl. A(a) (b)		407,300		9,929,974
Retail — 5.0%
Abercrombie & Fitch Co. Cl. A		103,000		8,157,600
Costco Wholesale Corp.		306,100		20,588,286
J.C. Penney Co., Inc.		245,480		13,805,795
Target Corp.		175,200		10,750,272
Tiffany & Co.		134,200		7,270,956
				60,572,909

(Continued)

The accompanying notes are an integral part of the financial statements.
168

MassMutual Premier Capital Appreciation Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Semiconductors — 2.4%
ASML Holding NV(a) (b)		283,532	$	9,900,937
Broadcom Corp. Cl. A(a) (b)		351,280		11,434,164
Microchip Technology, Inc.		237,400		7,874,558
				29,209,659
Software — 4.1%
Adobe Systems, Inc.(a)		333,460		15,972,734
Autodesk, Inc.(a)		270,900		13,247,010
Microsoft Corp.		344,490		12,680,677
Salesforce.com, Inc.(a) (b)		143,800		8,106,006
				50,006,427
Telecommunications — 11.5%
Amdocs Ltd.(a)		320,200		11,014,880
America Movil SAB de CV Sponsored ADR (Mexico)		195,300		12,770,667
American Tower Corp. Cl. A(a)		284,200		12,555,956
Cisco Systems, Inc.(a)		1,214,390		40,147,733
Corning, Inc.		852,900		20,699,883
Crown Castle International Corp.(a) (b)		333,300		13,688,631
NII Holdings, Inc. Cl. B(a)		228,700		13,264,600
Qualcomm, Inc.		360,500		15,404,165
				139,546,515
TOTAL EQUITIES (Cost $912,321,702)				1,185,451,351
	Principal Amount
SHORT-TERM INVESTMENTS — 9.5%
Cash Equivalents — 7.0%(d)
Abbey National PLC Eurodollar Time Deposit 4.850% 11/08/2007	$	611,920		611,920
ABN Amro Bank NV Eurodollar Time Deposit 4.795% 11/21/2007		1,529,800		1,529,800
ABN Amro Bank NV Eurodollar Time Deposit 4.950% 11/14/2007		1,223,840		1,223,840
ABN Amro Bank NV Eurodollar Time Deposit 5.050% 11/13/2007		1,835,760		1,835,760
Bank of Nova Scotia Eurodollar Time Deposit 4.650% 11/30/2007		764,900		764,900
Bank of Nova Scotia Eurodollar Time Deposit 4.800% 11/26/2007		1,835,760		1,835,760

	Principal Amount		Market Value
Bank of Nova Scotia Eurodollar Time Deposit 4.940% 11/16/2007	$	1,223,840	$	1,223,840
Bank of Nova Scotia Eurodollar Time Deposit 4.950% 11/19/2007		764,900		764,900
Bank of Nova Scotia Eurodollar Time Deposit 5.000% 11/15/2007		764,900		764,900
Barclays Eurodollar Time Deposit 5.000% 01/22/2008		917,880		917,880
Barclays Eurodollar Time Deposit 5.330% 11/05/2007		764,900		764,900
BNP Paribas Eurodollar Time Deposit 4.720% 11/01/2007		3,671,519		3,671,519
BNP Paribas Eurodollar Time Deposit 4.800% 11/23/2007		1,529,800		1,529,800
BNP Paribas Eurodollar Time Deposit 4.900% 11/01/2007		1,529,800		1,529,800
BNP Paribas Eurodollar Time Deposit 5.020% 11/15/2007		917,880		917,880
Calyon Eurodollar Time Deposit 4.875% 11/01/2007		3,059,599		3,059,599
Calyon Eurodollar Time Deposit 5.330% 11/07/2007		3,059,599		3,059,599
Canadian Imperial Bank of Commerce Eurodollar Time Deposit 5.340% 11/09/2007		611,920		611,920
Dexia Group Eurodollar Time Deposit 4.980% 11/14/2007		1,988,740		1,988,740
Dexia Group Eurodollar Time Deposit 5.000% 11/05/2007		764,900		764,900
Dexia Group Eurodollar Time Deposit 5.100% 11/05/2007		917,880		917,880
Fifth Third Bancorp Eurodollar Time Deposit 4.625% 11/01/2007		2,294,700		2,294,700
Fortis Bank Eurodollar Time Deposit 4.820% 11/01/2007		3,059,599		3,059,599
Fortis Bank Eurodollar Time Deposit 5.330% 11/05/2007		2,294,700		2,294,700

	Principal Amount		Market Value
Freddie Mac Agency Discount Note 4.527% 11/13/2007	$	595,566	$	595,566
Freddie Mac Agency Discount Note 4.533% 11/05/2007		192,276		192,276
General Electric Capital Corp. 4.822% 11/14/2007		3,045,729		3,045,729
JP Morgan Chase & Co. Eurodollar Time Deposit 5.150% 02/12/2008		1,529,800		1,529,800
Lloyds TSB Bank Eurodollar Time Deposit 4.880% 11/20/2007		2,294,700		2,294,700
Lloyds TSB Bank Eurodollar Time Deposit 4.950% 11/09/2007		1,529,800		1,529,800
National Australia Bank Eurodollar Time Deposit 4.800% 11/01/2007		3,059,599		3,059,599
Rabobank Nederland Eurodollar Time Deposit 4.813% 11/01/2007		3,059,599		3,059,599
Rabobank Nederland Eurodollar Time Deposit 4.820% 11/08/2007		2,294,700		2,294,700
Rabobank Nederland Eurodollar Time Deposit 4.950% 11/01/2007		1,376,820		1,376,820
Rabobank Nederland Eurodollar Time Deposit 4.950% 11/15/2007		764,900		764,900
Reserve Primary Money Market Fund(c)		1,390,777		1,390,777
Royal Bank of Canada Eurodollar Time Deposit 4.950% 11/16/2007		917,880		917,880
Royal Bank of Scotland Eurodollar Time Deposit 4.950% 11/01/2007		4,589,396		4,589,396
Royal Bank of Scotland Eurodollar Time Deposit 5.000% 01/22/2008		764,900		764,900
Royal Bank of Scotland Eurodollar Time Deposit 5.330% 11/07/2007		1,529,800		1,529,800
Societe Generale Eurodollar Time Deposit 4.813% 11/01/2007		3,059,599		3,059,599
Societe Generale Eurodollar Time Deposit 5.050% 11/02/2007		1,223,840		1,223,840

(Continued)

The accompanying notes are an integral part of the financial statements.
169

MassMutual Premier Capital Appreciation Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Societe Generale Eurodollar Time Deposit 5.050% 11/19/2007	$	611,920	$	611,920
Societe Generale Eurodollar Time Deposit 5.120% 11/01/2007		1,223,840		1,223,840
Svenska Handlesbanken Eurodollar Time Deposit 4.840% 11/01/2007		4,779,874		4,779,874
Toronto Dominion Bank Eurodollar Time Deposit 4.880% 11/06/2007		764,900		764,900
Toronto Dominion Bank Eurodollar Time Deposit 5.000% 11/07/2007		2,294,700		2,294,700
UBS AG Eurodollar Time Deposit 5.365% 11/08/2007		764,900		764,900
Wells Fargo Eurodollar Time Deposit 4.750% 11/23/2007		1,529,800		1,529,800
Wells Fargo Eurodollar Time Deposit 4.800% 11/09/2007		1,529,800		1,529,800
				84,658,451
Repurchase Agreements — 2.5%
State Street Bank & Trust Co. Repurchase Agreement, dated 10/31/2007, 3.01%, due 11/01/2007(f)		30,965,687		30,965,687
TOTAL SHORT-TERM INVESTMENTS (Cost $115,624,138)				115,624,138
TOTAL INVESTMENTS — 107.2% (Cost $1,027,945,840)(g)				1,301,075,489
Other Assets/ (Liabilities) — (7.2%)				(87,558,952	)
NET ASSETS — 100.0%			$	1,213,516,537

Notes to Portfolio of Investments

ADR - American Depository Receipt

CHF - Swiss Franc

GBP - British Pound

HKD - Hong Kong Dollar

MXN - Mexican Peso

(a) Non-income producing security.

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

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

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

(f) Maturity value of $30,968,276. Collateralized by a U.S. Government Agency obligation with a rate of 5.173%, maturity date of 5/25/2036, and an aggregate market value, including accrued interest, of $31,586,661.

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

The accompanying notes are an integral part of the financial statements.
170

MassMutual Premier Core Growth Fund – Portfolio of Investments

October 31, 2007

	Number of Shares		Market Value
EQUITIES — 98.5%
COMMON STOCK — 98.5%
Aerospace & Defense — 5.3%
Boeing Co.		17,853	$	1,760,127
General Dynamics Corp.		12,056		1,096,614
Lockheed Martin Corp.		2,700		297,108
United Technologies Corp.		19,100		1,462,869
				4,616,718
Apparel — 1.4%
Polo Ralph Lauren Corp.		17,011		1,170,357
Banks — 0.8%
Northern Trust Corp.		9,300		699,453
Beverages — 0.4%
Fomento Econonico Mexicano SAB MXN		96,600		341,596
Biotechnology — 1.5%
Celgene Corp.(a) (b)		11,729		774,114
Genentech, Inc.(a)		7,474		554,048
				1,328,162
Chemicals — 4.2%
Monsanto Co.		23,464		2,290,790
Praxair, Inc.		15,900		1,359,132
				3,649,922
Commercial Services — 1.9%
The Corporate Executive Board Co.(b)		9,600		684,000
Fastenal Co.(b)		15,552		691,753
Robert Half International, Inc.		10,100		303,909
				1,679,662
Computers — 10.9%
Affiliated Computer Services, Inc. Cl. A(a)		21,691		1,098,866
Apple, Inc.(a)		12,762		2,424,142
Cognizant Technology Solutions Corp. Cl. A(a)		19,366		802,914
EMC Corp.(a)		64,074		1,626,839
Hewlett-Packard Co.		14,600		754,528
Network Appliance, Inc.(a)		22,599		711,643
Research In Motion Ltd.(a)		16,000		1,992,160
				9,411,092
Diversified Financial — 8.5%
The Charles Schwab Corp.		28,000		650,720
CME Group, Inc.		2,499		1,664,959
E*TRADE Financial Corp.(a) (b)		29,600		329,744

	Number of Shares		Market Value
Fortress Investment Group LLC Cl. A(b)		37,400	$	824,670
Franklin Resources, Inc.		5,423		703,255
The Goldman Sachs Group, Inc.		7,770		1,926,338
UBS AG Registered CHF		23,530		1,260,638
				7,360,324
Electronics — 1.2%
Thermo Fisher Scientific, Inc.(a)		18,200		1,070,342
Engineering & Construction — 1.3%
ABB Ltd. CHF		37,527		1,132,679
Foods — 3.6%
Cadbury Schweppes PLC GBP		96,900		1,281,152
Nestle SA CHF		2,724		1,256,963
Sysco Corp.		17,292		592,943
				3,131,058
Health Care – Products — 1.7%
Bard (C.R.), Inc.		4,235		354,088
Henry Schein, Inc.(a)		9,532		570,967
St. Jude Medical, Inc.(a)		14,224		579,344
				1,504,399
Health Care – Services — 1.8%
Covance, Inc.(a)		7,100		585,750
WellPoint, Inc.(a)		12,400		982,452
				1,568,202
Household Products — 1.1%
Reckitt Benckiser Group PLC		16,650		964,183
Insurance — 1.7%
Ambac Financial Group, Inc.(b)		7,700		283,591
Prudential Financial, Inc.		12,112		1,171,473
				1,455,064
Internet — 6.3%
Alibaba.Com Ltd. HKD		2,000		3,484
eBay, Inc.(a)		41,353		1,492,843
F5 Networks, Inc.(a)		11,296		406,995
Google, Inc. Cl. A(a) (b)		5,000		3,535,000
				5,438,322
Iron & Steel — 0.6%
Allegheny Technologies, Inc.(b)		4,999		510,748
Lodging — 2.0%
Las Vegas Sands Corp.(a)		13,186		1,749,914

	Number of Shares		Market Value
Machinery – Construction & Mining — 0.5%
Joy Global, Inc.		7,575	$	439,804
Media — 2.8%
Cablevision Systems Corp. Cl. A(a)		11,600		340,228
Comcast Corp. Special, Cl. A(a)		41,027		856,233
Liberty Global, Inc. Cl. A(a)		13,500		529,875
XM Satellite Radio Holdings, Inc. Cl. A(a)		51,185		679,737
				2,406,073
Metal Fabricate & Hardware — 0.7%
Precision Castparts Corp.		4,200		629,202
Oil & Gas — 3.7%
Occidental Petroleum Corp.		18,133		1,252,084
Range Resources Corp.		21,500		965,995
XTO Energy, Inc.		15,198		1,008,843
				3,226,922
Oil & Gas Services — 3.6%
Schlumberger Ltd.		19,636		1,896,249
Smith International, Inc.		18,400		1,215,320
				3,111,569
Pharmaceuticals — 6.8%
Abbott Laboratories		13,200		720,984
Allergan, Inc.		7,732		522,529
Gilead Sciences, Inc.(a)		20,324		938,766
Medco Health Solutions, Inc.(a)		10,869		1,025,816
Merck & Co., Inc.		14,500		844,770
Roche Holding AG CHF		7,138		1,218,030
Shire PLC GBP		25,510		636,076
				5,906,971
Real Estate — 0.8%
CB Richard Ellis Group, Inc. Cl. A(a)		28,946		705,703
Retail — 5.1%
Abercrombie & Fitch Co. Cl. A(b)		7,500		594,000
Costco Wholesale Corp.		22,230		1,495,190
J.C. Penney Co., Inc.		17,724		996,798
Target Corp.		12,685		778,352
Tiffany & Co.		9,720		526,630
				4,390,970
Semiconductors — 2.5%
ASML Holding NV(a) (b)		20,158		703,917
Broadcom Corp. Cl. A(a)		25,668		835,493
Microchip Technology, Inc.		17,300		573,841
				2,113,251

(Continued)

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

MassMutual Premier Core Growth Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Software — 4.2%
Adobe Systems, Inc.(a)		24,156	$	1,157,072
Autodesk, Inc.(a)		19,447		950,958
Microsoft Corp.		24,384		897,575
Salesforce.com, Inc.(a) (b)		10,460		589,630
				3,595,235
Telecommunications — 11.6%
Amdocs Ltd.(a)		23,116		795,190
America Movil SAB de CV Sponsored ADR (Mexico)		13,870		906,959
American Tower Corp. Cl. A(a) (b)		19,936		880,772
Cisco Systems, Inc.(a)		89,074		2,944,786
Corning, Inc.		60,463		1,467,437
Crown Castle International Corp.(a)		24,339		999,603
NII Holdings, Inc. Cl. B(a)		16,296		945,168
Qualcomm, Inc.		25,900		1,106,707
				10,046,622
TOTAL EQUITIES (Cost $72,039,254)				85,354,519
	Principal Amount
SHORT-TERM INVESTMENTS — 13.5%
Cash Equivalents — 11.8%(d)
Abbey National PLC Eurodollar Time Deposit 4.850% 11/08/2007	$	74,066		74,066
ABN Amro Bank NV Eurodollar Time Deposit 4.795% 11/21/2007		185,182		185,182
ABN Amro Bank NV Eurodollar Time Deposit 4.950% 11/14/2007		148,145		148,145
ABN Amro Bank NV Eurodollar Time Deposit 5.050% 11/13/2007		222,218		222,218
Bank of Nova Scotia Eurodollar Time Deposit 4.650% 11/30/2007		92,591		92,591
Bank of Nova Scotia Eurodollar Time Deposit 4.800% 11/26/2007		222,218		222,218
Bank of Nova Scotia Eurodollar Time Deposit 4.940% 11/16/2007		148,145		148,145
Bank of Nova Scotia Eurodollar Time Deposit 4.950% 11/19/2007		92,591		92,591

	Principal Amount		Market Value
Bank of Nova Scotia Eurodollar Time Deposit 5.000% 11/15/2007	$	92,591	$	92,591
Barclays Eurodollar Time Deposit 5.000% 01/22/2008		111,109		111,109
Barclays Eurodollar Time Deposit 5.330% 11/05/2007		92,591		92,591
BNP Paribas Eurodollar Time Deposit 4.720% 11/01/2007		444,436		444,436
BNP Paribas Eurodollar Time Deposit 4.800% 11/23/2007		185,182		185,182
BNP Paribas Eurodollar Time Deposit 4.900% 11/01/2007		185,182		185,182
BNP Paribas Eurodollar Time Deposit 5.020% 11/15/2007		111,109		111,109
Calyon Eurodollar Time Deposit 4.875% 11/01/2007		370,363		370,363
Calyon Eurodollar Time Deposit 5.330% 11/07/2007		370,363		370,363
Canadian Imperial Bank of Commerce Eurodollar Time Deposit 5.340% 11/09/2007		74,073		74,073
Dexia Group Eurodollar Time Deposit 4.980% 11/14/2007		240,736		240,736
Dexia Group Eurodollar Time Deposit 5.000% 11/05/2007		92,591		92,591
Dexia Group Eurodollar Time Deposit 5.100% 11/05/2007		111,109		111,109
Fifth Third Bancorp Eurodollar Time Deposit 4.625% 11/01/2007		277,772		277,772
Fortis Bank Eurodollar Time Deposit 4.820% 11/01/2007		370,363		370,363
Fortis Bank Eurodollar Time Deposit 5.330% 11/05/2007		277,772		277,772
Freddie Mac Agency 4.533% 11/05/2007		23,275		23,275
Freddie Mac Agency Discount Note 4.527% 11/13/2007		72,093		72,093

	Principal Amount		Market Value
General Electric Capital Corp. 4.822% 11/14/2007	$	368,684	$	368,684
JP Morgan Chase & Co. Eurodollar Time Deposit 5.150% 02/12/2008		185,182		185,182
Lloyds TSB Bank Eurodollar Time Deposit 4.880% 11/20/2007		277,772		277,772
Lloyds TSB Bank Eurodollar Time Deposit 4.950% 11/09/2007		185,182		185,182
National Australia Bank Eurodollar Time Deposit 4.800% 11/01/2007		370,363		370,363
Rabobank Nederland Eurodollar Time Deposit 4.813% 11/01/2007		370,363		370,363
Rabobank Nederland Eurodollar Time Deposit 4.820% 11/08/2007		277,772		277,772
Rabobank Nederland Eurodollar Time Deposit 4.950% 11/01/2007		166,663		166,663
Rabobank Nederland Eurodollar Time Deposit 4.950% 11/15/2007		92,591		92,591
Reserve Primary Money Market Fund(c)		168,353		168,353
Royal Bank of Canada Eurodollar Time Deposit 4.950% 11/16/2007		111,109		111,109
Royal Bank of Scotland Eurodollar Time Deposit 4.950% 11/01/2007		555,545		555,545
Royal Bank of Scotland Eurodollar Time Deposit 5.000% 01/22/2008		92,591		92,591
Royal Bank of Scotland Eurodollar Time Deposit 5.330% 11/07/2007		185,182		185,182
Societe Generale Eurodollar Time Deposit 4.813% 11/01/2007		370,363		370,363
Societe Generale Eurodollar Time Deposit 5.050% 11/02/2007		148,145		148,145
Societe Generale Eurodollar Time Deposit 5.050% 11/19/2007		74,073		74,073
Societe Generale Eurodollar Time Deposit 5.120% 11/01/2007		148,145		148,145

(Continued)

The accompanying notes are an integral part of the financial statements.
172

MassMutual Premier Core Growth Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Svenska Handlesbanken Eurodollar Time Deposit 4.840% 11/01/2007	$	578,602	$	578,602
Toronto Dominion Bank Eurodollar Time Deposit 4.880% 11/06/2007		92,591		92,591
Toronto Dominion Bank Eurodollar Time Deposit 5.000% 11/07/2007		277,772		277,772
UBS AG Eurodollar Time Deposit 5.365% 11/08/2007		92,591		92,591
Wells Fargo Eurodollar Time Deposit 4.750% 11/23/2007		185,182		185,182
Wells Fargo Eurodollar Time Deposit 4.800% 11/09/2007		185,182		185,182
				10,247,864
Repurchase Agreements — 1.7%
State Street Bank & Trust Co. Repurchase, Agreement dated 10/31/2007, 3.01%, due 11/01/2007(e)		1,463,583		1,463,583
TOTAL SHORT-TERM INVESTMENTS (Cost $11,711,447)				11,711,447
TOTAL INVESTMENTS — 112.0% (Cost $83,750,701)(f)				97,065,966
Other Assets/ (Liabilities) — (12.0%)				(10,384,132	)
NET ASSETS — 100.0%			$	86,681,834

Notes to Portfolio of Investments

ADR - American Depository Receipt

CHF - Swiss Franc

GBP - British Pound

HKD - Hong Kong Dollar

MXN - Mexican Peso

(a) Non-income producing security.

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

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

(e) Maturity value of $1,463,705. Collateralized by a U.S. Government Agency obligation with a rate of 4.173%, maturity date of 5/01/2035, and an aggregate market value, including accrued interest, of $1,494,146.

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

The remainder of this page is intentionally left blank.

The accompanying notes are an integral part of the financial statements.
173

MassMutual Premier Enhanced Index Growth Fund – Portfolio of Investments

October 31, 2007

	Number of Shares		Market Value
EQUITIES — 98.7%
COMMON STOCK — 98.7%
Advertising — 0.5%
Getty Images, Inc.(a)		410	$	11,582
Harte-Hanks, Inc.		1,010		17,806
Interpublic Group of Companies, Inc.(a)		7,910		81,868
Omnicom Group, Inc.		28,060		1,430,499
				1,541,755
Aerospace & Defense — 3.7%
Alliant Techsystems, Inc.(a) (b)		500		55,195
Boeing Co.		40,180		3,961,346
DRS Technologies, Inc.		100		5,744
General Dynamics Corp.		3,400		309,264
Goodrich Corp.		4,900		341,334
L-3 Communications Holdings, Inc.(b)		4,300		471,452
Lockheed Martin Corp.		25,100		2,762,004
Northrop Grumman Corp.		6,610		552,728
Raytheon Co.		17,780		1,130,986
Rockwell Collins, Inc.		5,200		389,012
United Technologies Corp.		31,620		2,421,776
				12,400,841
Agriculture — 1.8%
Altria Group, Inc.		72,590		5,293,989
Loews Corp. - Carolina Group		4,500		386,010
UST, Inc.		6,130		326,852
				6,006,851
Airlines — 0.4%
AMR Corp.(a)		820		19,680
Continental Airlines, Inc. Cl. B(a)		5,930		203,695
Copa Holdings SA Cl. A		5,900		223,079
Delta Air Lines, Inc.(a)		15,800		328,640
Northwest Airlines Corp.(a)		11,500		213,325
Southwest Airlines Co.		230		3,268
UAL Corp.(a) (b)		10,000		479,000
				1,470,687
Apparel — 0.8%
Coach, Inc.(a)		12,630		461,753
Guess?, Inc.		1,600		82,224
Hanesbrands, Inc.(a)		1,900		58,976
Nike, Inc. Cl. B		27,280		1,807,573
Phillips-Van Heusen Corp.		3,200		152,960
Polo Ralph Lauren Corp.		2,180		149,984
				2,713,470

	Number of Shares		Market Value
Auto Manufacturers — 0.1%
Oshkosh Truck Corp.		2,340	$	126,828
Paccar, Inc.		3,800		211,128
				337,956
Automotive & Parts — 0.3%
Autoliv, Inc.		1,400		88,452
BorgWarner, Inc.		1,000		105,710
The Goodyear Tire & Rubber Co.(a)		1,420		42,813
Johnson Controls, Inc.		15,350		671,102
				908,077
Banks — 0.5%
Bank of Hawaii Corp.		460		24,454
Northern Trust Corp.		7,200		541,512
State Street Corp.(b)		12,177		971,359
Synovus Financial Corp.		2,850		75,126
Wachovia Corp.		2,326		106,368
				1,718,819
Beverages — 2.8%
Anheuser-Busch Cos., Inc.		17,370		890,734
The Coca-Cola Co.		58,360		3,604,314
The Pepsi Bottling Group, Inc.		7,280		313,622
PepsiCo, Inc.		65,210		4,807,281
				9,615,951
Biotechnology — 0.7%
Amgen, Inc.(a)		18,400		1,069,224
Biogen Idec, Inc.(a)		5,540		412,398
Genzyme Corp.(a)		6,000		455,820
Invitrogen Corp.(a)		4,230		384,380
PDL BioPharma, Inc.(a)		3,900		82,680
				2,404,502
Building Materials — 0.3%
American Standard Cos., Inc.		1,520		56,650
Eagle Materials, Inc.(b)		1,220		48,202
Lennox International, Inc.		16,300		581,910
Martin Marietta Materials, Inc.(b)		1,200		155,220
Masco Corp.		2,960		71,277
				913,259
Chemicals — 1.9%
Air Products & Chemicals, Inc.		3,300		322,905
Airgas, Inc.		1,300		65,611
Albemarle Corp.		4,300		205,368

	Number of Shares		Market Value
Cabot Corp.		10,850	$	379,858
Celanese Corp. Cl. A		8,460		354,982
Du Pont (E.I.) de Nemours & Co.		6,610		327,261
Ecolab, Inc.		1,900		89,623
Hercules, Inc.		2,100		39,501
International Flavors & Fragrances, Inc.		4,910		256,351
The Lubrizol Corp.		6,100		414,068
Monsanto Co.		18,490		1,805,179
The Mosaic Co.(a) (b)		3,400		237,320
Praxair, Inc.		10,770		920,620
Rohm & Haas Co.		1,310		67,963
RPM, Inc.		2,100		45,003
The Sherwin- Williams Co.(b)		12,490		798,361
Sigma-Aldrich Corp.		1,220		63,037
				6,393,011
Coal — 0.1%
CONSOL Energy, Inc.		200		11,300
Massey Energy Co.		3,000		95,040
Peabody Energy Corp.		1,600		89,200
				195,540
Commercial Services — 2.0%
Accenture Ltd. Cl. A		49,400		1,929,070
Alliance Data Systems Corp.(a)		2,450		196,980
Apollo Group, Inc. Cl. A(a)		7,600		602,376
Avis Budget Group, Inc.(a)		1,100		22,957
Career Education Corp.(a)		1,640		58,614
The Corporate Executive Board Co.		700		49,875
Corrections Corp. of America(a)		1,940		54,883
Equifax, Inc.		8,860		341,110
Hertz Global Holdings, Inc.(a)		4,400		95,392
Hewitt Associates, Inc. Cl. A(a)		15,300		539,784
ITT Educational Services, Inc.(a)		3,170		403,192
Manpower, Inc.		4,050		302,697
McKesson Corp.		14,160		935,976
Monster Worldwide, Inc.(a)		2,050		83,189
Moody's Corp.(b)		6,710		293,361
Quanta Services, Inc.(a) (b)		2,600		85,800
Robert Half International, Inc.		2,600		78,234

(Continued)

The accompanying notes are an integral part of the financial statements.
174

MassMutual Premier Enhanced Index Growth Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Weight Watchers International, Inc.		2,300	$	117,852
Western Union		25,500		562,020
				6,753,362
Computers — 9.5%
Affiliated Computer Services, Inc. Cl. A(a)		2,700		136,782
Apple, Inc.(a)		45,230		8,591,438
Brocade Communications Systems, Inc.(a)		12,300		116,973
Cadence Design Systems, Inc.(a)		5,290		103,684
Ceridian Corp.(a)		5,360		192,638
Dell, Inc.(a)		80,910		2,475,846
DST Systems, Inc.(a)		5,670		480,306
Electronic Data Systems Corp.		15,440		333,350
EMC Corp.(a)		131,160		3,330,152
FactSet Research Systems, Inc.		1,480		104,370
Hewlett-Packard Co.		142,970		7,388,690
International Business Machines Corp.		62,320		7,236,598
Lexmark International, Inc. Cl. A(a)		2,230		93,638
NCR Corp.(a)		4,790		132,156
Network Appliance, Inc.(a)		10,890		342,926
SanDisk Corp.(a) (b)		3,500		155,400
Seagate Technology		10,800		300,672
Sun Microsystems, Inc.(a) (b)		16,170		92,331
Synopsys, Inc.(a)		9,490		268,187
Teradata Corp.(a)		4,790		136,659
Western Digital Corp.(a)		6,060		157,075
				32,169,871
Cosmetics & Personal Care — 1.5%
Alberto-Culver Co.		19,540		507,845
Colgate-Palmolive Co.		16,900		1,288,963
The Estee Lauder Cos., Inc. Cl. A		2,700		118,530
The Procter & Gamble Co.		47,227		3,283,221
				5,198,559
Distribution & Wholesale — 0.1%
W.W. Grainger, Inc.		4,040		363,277
Diversified Financial — 3.3%
Affiliated Managers Group, Inc.(a) (b)		560		73,668
American Express Co.		40,420		2,463,599
AmeriCredit Corp.(a) (b)		2,180		30,760
BlackRock, Inc.		700		144,865
The Charles Schwab Corp.		14,170		329,311

	Number of Shares		Market Value
CME Group, Inc.		1,275	$	849,469
E*TRADE Financial Corp.(a) (b)		2,580		28,741
Eaton Vance Corp.		1,760		88,053
Federated Investors, Inc. Cl. B		2,300		98,900
The First Marblehead Corp.		1,100		42,713
Franklin Resources, Inc.		5,180		671,742
Freddie Mac		9,670		505,064
The Goldman Sachs Group, Inc.		16,550		4,103,076
IntercontinentalExchange, Inc.(a)		500		89,100
Janus Capital Group, Inc.(b)		3,500		120,785
Lazard Ltd. Cl. A		1,500		75,300
Legg Mason, Inc.		2,000		165,880
Merrill Lynch & Co., Inc.		8,030		530,141
Morgan Stanley		2,160		145,282
Nuveen Investments, Inc. Cl. A		100		6,480
NYSE Euronext(b)		1,300		122,031
T. Rowe Price Group, Inc.		3,100		199,144
TD Ameritrade Holding Corp.(a)		9,400		179,916
				11,064,020
Electric — 1.2%
CenterPoint Energy, Inc.(b)		23,500		393,860
Constellation Energy Group, Inc.		7,650		724,455
DPL, Inc.		2,050		59,532
Exelon Corp.		13,500		1,117,530
Mirant Corp.(a)		10,600		449,016
NRG Energy, Inc.(a) (b)		8,400		383,544
PPL Corp.		20,700		1,070,190
Sierra Pacific Resources		2,200		37,114
				4,235,241
Electrical Components & Equipment — 0.6%
Ametek, Inc.		6,500		305,500
Emerson Electric Co.		21,640		1,131,123
Energizer Holdings, Inc.(a)		2,000		208,600
Hubbell, Inc. Cl. B		4,500		247,500
				1,892,723
Electrical Equipment & Electronics — 0.0%
Wesco International, Inc.(a) (b)		2,430		113,359
Electronics — 1.2%
Agilent Technologies, Inc.(a)		12,990		478,681
Amphenol Corp. Cl. A		1,860		82,342
Applera Corp. - Applied Biosystems Group		1,160		43,082

	Number of Shares		Market Value
Arrow Electronics, Inc.(a)		4,300	$	171,914
Avnet, Inc.(a)		12,650		527,758
Dolby Laboratories, Inc. Cl. A(a)		8,330		345,362
Garmin Ltd.(b)		3,700		397,380
Gentex Corp.		4,500		93,510
Jabil Circuit, Inc.		1,380		29,987
Mettler-Toledo International, Inc.(a)		2,540		270,129
PerkinElmer, Inc.(b)		6,760		186,035
Tektronix, Inc.		600		22,710
Thermo Fisher Scientific, Inc.(a)		6,700		394,027
Thomas & Betts Corp.(a) (b)		6,080		340,541
Trimble Navigation Ltd.(a)		5,660		236,022
Vishay Intertechnology, Inc.(a)		6,080		76,547
Waters Corp.(a)		3,420		263,272
				3,959,299
Energy – Alternate Sources — 0.0%
Covanta Holding Corp.(a)		10		271
First Solar, Inc.(a) (b)		500		79,405
				79,676
Engineering & Construction — 1.0%
Fluor Corp.		5,100		805,800
Foster Wheeler Ltd.(a)		2,100		311,325
Jacobs Engineering Group, Inc.(a)		4,060		353,829
McDermott International, Inc.(a)		19,800		1,208,988
The Shaw Group, Inc.(a)		3,300		246,180
URS Corp.(a)		10,300		636,643
				3,562,765
Entertainment — 0.3%
DreamWorks Animation SKG, Inc. Cl. A(a)		3,800		123,728
International Game Technology		3,800		165,718
Penn National Gaming, Inc.(a)		2,400		148,200
Regal Entertainment Group Cl. A(b)		24,250		547,322
				984,968
Environmental Controls — 0.6%
Allied Waste Industries, Inc.(a) (b)		50,760		641,606
Nalco Holding Co.		5,000		124,300
Republic Services, Inc.		10,380		354,892
Stericycle, Inc.(a)		2,300		134,159
Waste Management, Inc.		20,400		742,356
				1,997,313

(Continued)

The accompanying notes are an integral part of the financial statements.
175

MassMutual Premier Enhanced Index Growth Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Foods — 1.0%
General Mills, Inc.		2,250	$	129,892
Heinz (H. J.) Co.		7,480		349,914
The Hershey Co.		3,800		163,818
Kellogg Co.		5,300		279,787
The Kroger Co.		36,340		1,068,033
Sara Lee Corp.		12,130		200,630
Sysco Corp.		22,500		771,525
Wrigley (Wm.) Jr. Co.		7,000		431,690
				3,395,289
Forest Products & Paper — 0.0%
Domtar Corp.(a)		3,700		31,746
Hand & Machine Tools — 0.2%
The Black & Decker Corp.		2,520		226,573
Kennametal, Inc.		3,100		282,751
Lincoln Electric Holdings, Inc.		700		50,575
The Stanley Works		2,430		139,846
				699,745
Health Care – Products — 4.2%
Advanced Medical Optics, Inc.(a) (b)		4,050		111,172
Bard (C.R.), Inc.		3,520		294,307
Baxter International, Inc.		46,170		2,770,662
Beckman Coulter, Inc.		1,640		116,145
Becton, Dickinson & Co.		10,560		881,338
Dade Behring Holdings, Inc.		6,200		476,966
Dentsply International, Inc.		11,510		477,435
Edwards Lifesciences Corp.(a)		2,050		102,951
Gen-Probe, Inc.(a)		1,000		70,020
Henry Schein, Inc.(a)		3,700		221,630
IDEXX Laboratories, Inc.(a)		400		48,712
Intuitive Surgical, Inc.(a)		1,400		457,618
Johnson & Johnson		60,750		3,959,077
Kinetic Concepts, Inc.(a) (b)		6,500		390,650
Medtronic, Inc.		46,390		2,200,742
Patterson Cos., Inc.(a)		4,200		164,262
St. Jude Medical, Inc.(a)		12,900		525,417
Stryker Corp.		3,700		262,700
Techne Corp.(a)		900		58,716
Zimmer Holdings, Inc.(a)		8,930		620,546
				14,211,066
Health Care – Services — 2.4%
Aetna, Inc.		26,370		1,481,203
Covance, Inc.(a)		500		41,250
Coventry Health Care, Inc.(a) (b)		7,665		462,276
DaVita, Inc.(a)		2,900		189,051

	Number of Shares		Market Value
Health Net, Inc.(a)		6,260	$	335,599
Humana, Inc.(a)		4,440		332,778
Laboratory Corp. of America Holdings(a)		3,200		220,000
Lincare Holdings, Inc.(a) (b)		11,940		415,154
Manor Care, Inc.(b)		1,900		126,502
Pediatrix Medical Group, Inc.(a)		1,320		86,460
Quest Diagnostics, Inc.		4,240		225,483
Sierra Health Services, Inc.(a)		1,030		43,569
UnitedHealth Group, Inc.		64,460		3,168,209
WellCare Health Plans, Inc.(a) (b)		10,070		243,593
WellPoint, Inc.(a)		7,429		588,600
				7,959,727
Home Builders — 0.2%
Centex Corp.		570		14,284
NVR, Inc.(a) (b)		1,200		570,900
Pulte Homes, Inc.(b)		1,800		26,712
Thor Industries, Inc.		4,400		211,200
				823,096
Home Furnishing — 0.1%
Harman International Industries, Inc.		60		5,052
Whirlpool Corp.(b)		4,300		340,474
				345,526
Household Products — 0.3%
Avery Dennison Corp.		1,500		86,850
Church & Dwight Co., Inc.(b)		2,340		110,705
The Clorox Co.		6,100		381,677
Kimberly-Clark Corp.		8,090		573,500
				1,152,732
Housewares — 0.2%
Newell Rubbermaid, Inc.(b)		10,910		318,136
The Toro Co.		4,290		238,781
				556,917
Insurance — 2.1%
ACE Ltd.		9,300		563,673
AFLAC, Inc.		16,360		1,027,081
American International Group, Inc.		13,950		880,524
W.R. Berkley Corp.		3,080		92,677
Brown & Brown, Inc.		2,500		62,975
Cigna Corp.		20,300		1,065,547
CNA Financial Corp.		1,300		51,519
Erie Indemnity Co. Cl. A		5,500		312,950
Gallagher (Arthur J.) & Co.		920		24,481

	Number of Shares		Market Value
The Hanover Insurance Group, Inc.		1,350	$	62,194
HCC Insurance Holdings, Inc.		5,110		152,738
PartnerRe Ltd.		3,600		299,700
Philadelphia Consolidated Holding Corp.(a)		4,520		184,416
Principal Financial Group, Inc.		5,370		363,388
Prudential Financial, Inc.		8,740		845,333
Transatlantic Holdings, Inc.		6,080		453,142
XL Capital Ltd. Cl. A		7,400		532,430
				6,974,768
Internet — 3.5%
Akamai Technologies, Inc.(a) (b)		140		5,487
Amazon.com, Inc.(a) (b)		26,190		2,334,838
Checkfree Corp.(a) (b)		1,400		66,542
eBay, Inc.(a)		90,560		3,269,216
F5 Networks, Inc.(a)		4,200		151,326
Google, Inc. Cl. A(a)		5,880		4,157,160
Hlth Corp.(a)		9,500		134,045
IAC/InterActiveCorp(a)		2,480		73,061
McAfee, Inc.(a)		14,380		594,613
NutriSystem, Inc.(a) (b)		1,800		54,180
Symantec Corp.(a)		8,130		152,681
VeriSign, Inc.(a) (b)		12,810		436,693
Yahoo!, Inc.(a)		16,600		516,260
				11,946,102
Iron & Steel — 0.3%
AK Steel Holding Corp.(a)		8,900		446,157
Allegheny Technologies, Inc.(b)		1,170		119,539
Carpenter Technology Corp.		470		68,108
Cleveland-Cliffs, Inc.		2,100		200,865
Nucor Corp.		4,000		248,080
Steel Dynamics, Inc.		1,000		53,220
				1,135,969
Leisure Time — 0.0%
Carnival Corp.		2,000		95,960
Lodging — 0.2%
Choice Hotels International, Inc.		580		22,469
Las Vegas Sands Corp.(a)		2,070		274,710
Starwood Hotels & Resorts Worldwide, Inc.		3,760		213,794
Wyndham Worldwide Corp.		700		22,981
Wynn Resorts Ltd.		1,700		274,431
				808,385

(Continued)

The accompanying notes are an integral part of the financial statements.
176

MassMutual Premier Enhanced Index Growth Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Machinery – Construction & Mining — 1.0%
Caterpillar, Inc.		38,800	$	2,894,868
Joy Global, Inc.		2,930		170,116
Terex Corp.(a)		2,880		213,754
				3,278,738
Machinery – Diversified — 0.8%
AGCO Corp.(a)		8,940		533,539
Cummins, Inc.		5,300		635,788
Deere & Co.		700		108,430
Flowserve Corp.		500		39,480
IDEX Corp.		1,500		53,130
The Manitowoc Co., Inc.		7,660		377,332
Rockwell Automation, Inc.		11,160		768,701
Zebra Technologies Corp. Cl. A(a)		1,200		46,908
				2,563,308
Manufacturing — 2.5%
3M Co.		22,230		1,919,783
Cooper Industries Ltd. Cl. A		4,100		214,799
Danaher Corp.		11,620		995,485
Dover Corp.		2,200		101,200
Eaton Corp.		1,300		120,354
Harsco Corp.		100		6,062
Honeywell International, Inc.		45,940		2,775,235
Illinois Tool Works, Inc.		18,170		1,040,414
Ingersoll-Rand Co. Ltd. Cl. A		500		25,175
ITT Corp.		1,690		113,095
Pall Corp.		6,050		242,423
Roper Industries, Inc.(b)		2,700		191,187
Textron, Inc.		9,800		678,258
Trinity Industries, Inc.		920		33,249
				8,456,719
Media — 3.2%
Cablevision Systems Corp. Cl. A(a)		2,300		67,459
Central European Media Enterprises Ltd.(a)		300		34,425
Clear Channel Communications, Inc.		22,400		846,048
CTC Media, Inc.(a)		900		22,581
The DIRECTV Group, Inc.(a)		22,420		593,682
Discovery Holding Co. Cl. A(a)		4,800		136,848
Dow Jones & Co., Inc.		6,000		358,860
EchoStar Communications Corp. Cl. A(a)		6,700		328,032
John Wiley & Sons, Inc. Cl. A		12,510		550,190

	Number of Shares		Market Value
Liberty Global, Inc. Cl. A(a)		6,080	$	238,640
The McGraw-Hill Companies, Inc.		24,420		1,221,977
Meredith Corp.(b)		8,680		540,330
News Corp., Inc. Cl. A		31,200		676,104
Sirius Satellite Radio, Inc.(a) (b)		45,990		154,526
Time Warner Cable, Inc. Cl. A(a)		2,600		74,334
Time Warner, Inc.		25,010		456,683
Viacom, Inc. Cl. B(a)		47,600		1,965,404
The Walt Disney Co.		74,080		2,565,390
XM Satellite Radio Holdings, Inc. Cl. A(a)		100		1,328
				10,832,841
Metal Fabricate & Hardware — 0.2%
Precision Castparts Corp.		4,400		659,164
Mining — 1.0%
Freeport-McMoran Copper & Gold, Inc.		22,260		2,619,557
Southern Copper Corp.		4,900		684,530
Vulcan Materials Co.(b)		920		78,669
				3,382,756
Office Equipment/Supplies — 0.0%
Pitney Bowes, Inc.		1,700		68,068
Office Furnishings — 0.2%
HNI Corp.(b)		12,700		550,672
Steelcase, Inc. Cl. A		9,930		177,449
				728,121
Oil & Gas — 4.0%
Cabot Oil & Gas Corp.		300		11,907
Chesapeake Energy Corp.		300		11,844
Continental Resources, Inc.(a)		8,800		206,888
Denbury Resources, Inc.(a)		1,400		79,240
Diamond Offshore Drilling, Inc.		800		90,584
ENSCO International, Inc.(b)		5,950		330,165
Exxon Mobil Corp.		64,180		5,903,918
Frontier Oil Corp.		5,170		236,734
GlobalSantaFe Corp.		10,100		818,403
Holly Corp.		6,940		435,832
Nabors Industries Ltd.(a)		900		25,272
Noble Corp.		11,500		608,925
Noble Energy, Inc.		2,100		160,734
Pride International, Inc.(a)		4,030		148,707
Range Resources Corp.		100		4,493
Southwestern Energy Co.(a)		6,400		331,072
Sunoco, Inc.		3,750		276,000
Tesoro Corp.(b)		10,100		611,353

	Number of Shares		Market Value
Transocean, Inc.(a)		11,100	$	1,325,007
Valero Energy Corp.		22,100		1,556,503
Western Refining, Inc.		5,600		205,408
XTO Energy, Inc.		200		13,276
				13,392,265
Oil & Gas Services — 2.9%
BJ Services Co.		120		3,023
Cameron International Corp.(a)		4,600		447,856
Dresser-Rand Group, Inc.(a)		6,400		247,680
FMC Technologies, Inc.(a)		4,500		272,835
Global Industries Ltd.(a)		22,500		553,950
Grant Prideco, Inc.(a)		1,410		69,316
Halliburton Co.(b)		23,190		914,150
Helix Energy Solutions Group, Inc.(a)		800		37,000
National Oilwell Varco, Inc.(a)		27,640		2,024,354
Oceaneering International, Inc.(a)		1,900		146,813
Schlumberger Ltd.		46,700		4,509,819
Smith International, Inc.		2,300		151,915
Superior Energy Services, Inc.(a)		2,800		103,824
Tidewater, Inc.(b)		5,710		312,166
				9,794,701
Packaging & Containers — 0.4%
Ball Corp.		7,900		391,682
Crown Holdings, Inc.(a)		2,780		68,944
Owens-Illinois, Inc.(a)		6,400		284,288
Packaging Corp. of America		10,100		321,584
Pactiv Corp.(a)		11,520		316,454
				1,382,952
Pharmaceuticals — 6.3%
Abbott Laboratories		63,650		3,476,563
Allergan, Inc.		6,900		466,302
AmerisourceBergen Corp.		2,940		138,503
Bristol-Myers Squibb Co.		99,400		2,981,006
Cephalon, Inc.(a) (b)		2,250		165,915
Eli Lilly & Co.(b)		30,630		1,658,614
Endo Pharmaceuticals Holdings, Inc.(a)		4,590		134,487
Express Scripts, Inc.(a)		15,980		1,008,338
Forest Laboratories, Inc.(a)		21,200		828,284
Herbalife Ltd.		3,600		158,724
Hospira, Inc.(a)		3,500		144,655
Medco Health Solutions, Inc.(a)		19,180		1,810,208
Merck & Co., Inc.		82,750		4,821,015
NBTY, Inc.(a)		16,100		573,160

(Continued)

The accompanying notes are an integral part of the financial statements.
177

MassMutual Premier Enhanced Index Growth Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Omnicare, Inc.		1,050	$	30,975
Schering-Plough Corp.		28,300		863,716
Sepracor, Inc.(a) (b)		9,800		269,892
VCA Antech, Inc.(a)		1,300		59,865
Warner Chilcott Ltd. Cl. A(a) (b)		7,500		138,975
Watson Pharmaceutical, Inc.(a)		2,000		61,120
Wyeth		28,190		1,370,880
				21,161,197
Pipelines — 0.3%
Equitable Resources, Inc.		2,000		112,640
Questar Corp.		3,980		227,178
The Williams Cos., Inc.		15,150		552,823
				892,641
Real Estate — 0.1%
CB Richard Ellis Group, Inc. Cl. A(a)		5,330		129,945
Jones Lang Lasalle, Inc.		1,880		179,220
The St. Joe Co.(b)		1,000		33,860
				343,025
Real Estate Investment Trusts (REITS) — 0.6%
Apartment Investment & Management Co. Cl. A		1,400		65,422
CapitalSource, Inc.(b)		4,960		90,371
Duke Realty Corp. REIT		3,900		125,385
General Growth Properties, Inc. REIT		2,100		114,156
Health Care REIT, Inc.(b)		1,800		79,722
ProLogis		11,800		846,532
Rayonier, Inc. REIT		200		9,658
Taubman Centers, Inc. REIT		1,800		105,966
Ventas, Inc.		7,030		301,517
Weingarten Realty Investors REIT		3,600		137,736
				1,876,465
Retail — 5.6%
Abercrombie & Fitch Co. Cl. A		4,570		361,944
Advance Auto Parts, Inc.		80		2,730
American Eagle Outfitters, Inc.		165		3,924
AutoZone, Inc.(a) (b)		5,190		645,688
Barnes & Noble, Inc.		12,500		483,000
Best Buy Co., Inc.(b)		24,980		1,212,030
Big Lots, Inc.(a) (b)		10,800		258,984
Brinker International, Inc.		2,620		66,522
Burger King Holdings, Inc.		1,950		51,558
Circuit City Stores, Inc.(b)		2,700		21,411
Coldwater Creek, Inc.(a) (b)		300		2,685

	Number of Shares		Market Value
Copart, Inc.(a)		1,300	$	49,894
Costco Wholesale Corp.		16,600		1,116,516
CVS Caremark Corp.		35,296		1,474,314
Darden Restaurants, Inc.(b)		4,370		187,910
Dick's Sporting Goods, Inc.(a)		2,400		80,088
Dollar Tree Stores, Inc.(a)		13,290		509,007
Family Dollar Stores, Inc.(b)		18,910		479,368
Gamestop Corp. Cl. A(a)		12,000		710,640
The Home Depot, Inc.(b)		17,860		562,769
Kohl's Corp.(a)		10		550
Lowe's Companies, Inc.		30,000		806,700
McDonald's Corp.		17,500		1,044,750
MSC Industrial Direct Co. Cl. A		500		24,355
Nordstrom, Inc.		240		9,466
Petsmart, Inc.		3,700		110,815
RadioShack Corp.(b)		38,900		802,118
Ross Stores, Inc.		7,190		194,274
Staples, Inc.		11,670		272,378
Tiffany & Co.		7,100		384,678
Tim Hortons, Inc.		6,560		248,624
The TJX Cos., Inc.		54,760		1,584,207
Wal-Mart Stores, Inc.		80,220		3,626,746
Wendy's International, Inc.		7,910		274,952
Williams-Sonoma, Inc.		1,500		47,160
Yum! Brands, Inc.		31,720		1,277,364
				18,990,119
Savings & Loans — 0.0%
Hudson City Bancorp, Inc.		6,300		98,658
Semiconductors — 4.8%
Advanced Micro Devices, Inc.(a) (b)		740		9,679
Altera Corp.		10		196
Analog Devices, Inc.		9,650		322,889
Applied Materials, Inc.		113,720		2,208,442
Broadcom Corp. Cl. A(a)		5,930		193,021
Cypress Semiconductor Corp.(a)		3,330		121,711
Integrated Device Technology, Inc.(a)		6,300		84,609
Intel Corp.		222,970		5,997,893
Intersil Corp. Cl. A		15,800		479,372
KLA-Tencor Corp.(b)		5,740		302,211
Lam Research Corp.(a)		6,540		328,308
Linear Technology Corp.(b)		9,000		297,180
LSI Corp.(a) (b)		365		2,409
Marvell Technology Group Ltd.(a)		800		14,424

	Number of Shares		Market Value
Maxim Integrated Products, Inc.		9,450	$	256,095
MEMC Electronic Materials, Inc.(a)		10,930		800,295
Microchip Technology, Inc.		60		1,990
Micron Technology, Inc.(a) (b)		150		1,576
National Semiconductor Corp.		21,230		533,722
Novellus Systems, Inc.(a)		5,390		153,130
Nvidia Corp.(a)		46,965		1,661,622
QLogic Corp.(a)		3,210		49,851
Silicon Laboratories, Inc.(a)		1,600		69,920
Teradyne, Inc.(a)		8,240		101,682
Texas Instruments, Inc.		47,070		1,534,482
Varian Semiconductor Equipment Associates, Inc.(a)		5,000		230,100
Xilinx, Inc.		13,450		328,180
				16,084,989
Software — 8.0%
Activision, Inc.(a)		16,050		379,582
Acxiom Corp.		690		9,067
Adobe Systems, Inc.(a)		32,440		1,553,876
Autodesk, Inc.(a)		19,390		948,171
Automatic Data Processing, Inc.		19,620		972,367
BEA Systems, Inc.(a)		14,040		237,276
BMC Software, Inc.(a)		17,920		606,413
Broadridge Financial Solutions, Inc.		10,700		214,000
CA, Inc.		19,750		522,388
Cerner Corp.(a)		900		53,604
Citrix Systems, Inc.(a)		6,270		269,547
Compuware Corp.(a)		8,200		82,000
Dun & Bradstreet Corp.		5,290		512,337
Electronic Arts, Inc.(a)		170		10,390
Fair Isaac Corp.(b)		910		34,507
Fidelity National Information Services, Inc.		4,830		222,760
Fiserv, Inc.(a)		5,800		321,320
Global Payments, Inc.		1,400		66,584
IMS Health, Inc.		4,690		118,235
Intuit, Inc.(a)		7,110		228,729
MasterCard, Inc. Cl. A(b)		3,030		574,337
Microsoft Corp.		356,760		13,132,336
NAVTEQ Corp.(a)		5,970		460,884
Novell, Inc.(a)		61,000		461,160
Oracle Corp.(a)		194,350		4,308,740
Paychex, Inc.		3,600		150,408
Red Hat, Inc.(a)		3,670		79,235
Salesforce.com, Inc.(a) (b)		2,810		158,400
SEI Investments Co.		1,100		34,782

(Continued)

The accompanying notes are an integral part of the financial statements.
178

MassMutual Premier Enhanced Index Growth Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Total System Services, Inc.(b)		3,880	$	116,245
VeriFone Holdings, Inc.(a)		1,000		49,430
				26,889,110
Telecommunications — 5.1%
American Tower Corp. Cl. A(a)		16,415		725,215
Ciena Corp.(a) (b)		3,300		157,938
Cisco Systems, Inc.(a)		294,060		9,721,624
Citizens Communications Co.		3,110		40,928
CommScope, Inc.(a) (b)		6,800		320,756
Corning, Inc.		33,240		806,735
Harris Corp.		6,200		375,472
Juniper Networks, Inc.(a)		31,620		1,138,320
Level 3 Communications, Inc.(a) (b)		20		61
NeuStar, Inc. Cl. A(a) (b)		7,100		242,820
Qualcomm, Inc.		56,000		2,392,880
SBA Communications Corp. Cl. A(a)		4,510		160,556
Telephone and Data Systems, Inc.(b)		3,180		221,964
US Cellular Corp.(a)		6,800		640,220
Windstream Corp.		13,300		178,885
				17,124,374
Toys, Games & Hobbies — 0.1%
Hasbro, Inc.		9,300		277,605
Mattel, Inc.		9,000		188,010
				465,615
Transportation — 1.6%
Burlington Northern Santa Fe Corp.		8,310		724,217
C.H. Robinson Worldwide, Inc.		6,600		329,472
Con-way, Inc.		9,800		417,578
CSX Corp.		4,260		190,720
Frontline Ltd.(b)		1,600		72,640
J.B. Hunt Transport Services, Inc.		2,670		74,012
Kansas City Southern(a) (b)		800		30,952
Kirby Corp.(a)		1,300		59,384
Landstar System, Inc.		4,500		189,405
Norfolk Southern Corp.		11,460		591,909
Union Pacific Corp.		9,260		1,185,650
United Parcel Service, Inc. Cl. B		19,500		1,464,450
				5,330,389
Trucking & Leasing — 0.1%
GATX Corp.		11,440		468,697

	Number of Shares		Market Value
TOTAL EQUITIES (Cost $306,032,316)			$	333,397,092
MUTUAL FUND — 0.6%
Investment Companies
iShares Russell 1000 Growth Index Fund		32,000		2,038,400
TOTAL MUTUAL FUND (Cost $2,002,944)				2,038,400
TOTAL LONG TERM INVESTMENTS (Cost $308,035,260)				335,435,492
	Principal Amount
SHORT-TERM INVESTMENTS — 8.9%
Cash Equivalents — 7.7%(d)
Abbey National PLC Eurodollar Time Deposit 4.850% 11/08/2007	$	189,603		189,603
ABN Amro Bank NV Eurodollar Time Deposit 4.795% 11/21/2007		474,007		474,007
ABN Amro Bank NV Eurodollar Time Deposit 4.950% 11/14/2007		379,206		379,206
ABN Amro Bank NV Eurodollar Time Deposit 5.050% 11/13/2007		568,809		568,809
Bank of Nova Scotia Eurodollar Time Deposit 4.650% 11/30/2007		237,004		237,004
Bank of Nova Scotia Eurodollar Time Deposit 4.800% 11/26/2007		568,809		568,809
Bank of Nova Scotia Eurodollar Time Deposit 4.940% 11/16/2007		379,206		379,206
Bank of Nova Scotia Eurodollar Time Deposit 4.950% 11/19/2007		237,004		237,004
Bank of Nova Scotia Eurodollar Time Deposit 5.000% 11/15/2007		237,004		237,004
Barclays Eurodollar Time Deposit 5.000% 01/22/2008		284,404		284,404
Barclays Eurodollar Time Deposit 5.330% 11/05/2007		237,004		237,004

	Principal Amount		Market Value
BNP Paribas Eurodollar Time Deposit 4.720% 11/01/2007	$	1,137,617	$	1,137,617
BNP Paribas Eurodollar Time Deposit 4.800% 11/23/2007		474,007		474,007
BNP Paribas Eurodollar Time Deposit 4.900% 11/01/2007		474,007		474,007
BNP Paribas Eurodollar Time Deposit 5.020% 11/15/2007		284,404		284,404
Calyon Eurodollar Time Deposit 4.875% 11/01/2007		948,015		948,015
Calyon Eurodollar Time Deposit 5.330% 11/07/2007		948,015		948,015
Canadian Imperial Bank of Commerce Eurodollar Time Deposit 5.340% 11/09/2007		189,603		189,603
Dexia Group Eurodollar Time Deposit 4.980% 11/14/2007		616,209		616,209
Dexia Group Eurodollar Time Deposit 5.000% 11/05/2007		237,004		237,004
Dexia Group Eurodollar Time Deposit 5.100% 11/05/2007		284,404		284,404
Fifth Third Bancorp Eurodollar Time Deposit 4.625% 11/01/2007		711,011		711,011
Fortis Bank Eurodollar Time Deposit 4.820% 11/01/2007		948,015		948,015
Fortis Bank Eurodollar Time Deposit 5.330% 11/05/2007		711,011		711,011
Freddie Mac Agency 4.533% 11/05/2007		59,577		59,577
Freddie Mac Agency Discount Note 4.527% 11/13/2007		184,536		184,536
General Electric Capital Corp. 4.822% 11/14/2007		943,717		943,717
JP Morgan Chase & Co. Eurodollar Time Deposit 5.150% 02/12/2008		474,007		474,007
Lloyds TSB Bank Eurodollar Time Deposit 4.880% 11/20/2007		711,011		711,011

(Continued)

The accompanying notes are an integral part of the financial statements.
179

MassMutual Premier Enhanced Index Growth Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Lloyds TSB Bank Eurodollar Time Deposit 4.950% 11/09/2007	$	474,007	$	474,007
National Australia Bank Eurodollar Time Deposit 4.800% 11/01/2007		948,015		948,015
Rabobank Nederland Eurodollar Time Deposit 4.813% 11/01/2007		948,015		948,015
Rabobank Nederland Eurodollar Time Deposit 4.820% 11/08/2007		711,011		711,011
Rabobank Nederland Eurodollar Time Deposit 4.950% 11/01/2007		426,607		426,607
Rabobank Nederland Eurodollar Time Deposit 4.950% 11/15/2007		237,004		237,004
Reserve Primary Money Market Fund(c)		430,931		430,931
Royal Bank of Canada Eurodollar Time Deposit 4.950% 11/16/2007		284,404		284,404
Royal Bank of Scotland Eurodollar Time Deposit 4.950% 11/01/2007		1,422,020		1,422,020
Royal Bank of Scotland Eurodollar Time Deposit 5.000% 01/22/2008		237,004		237,004
Royal Bank of Scotland Eurodollar Time Deposit 5.330% 11/07/2007		474,007		474,007
Societe Generale Eurodollar Time Deposit 4.813% 11/01/2007		948,015		948,015
Societe Generale Eurodollar Time Deposit 5.050% 11/02/2007		379,206		379,206
Societe Generale Eurodollar Time Deposit 5.050% 11/19/2007		189,603		189,603
Societe Generale Eurodollar Time Deposit 5.120% 11/01/2007		379,206		379,206
Svenska Handlesbanken Eurodollar Time Deposit 4.840% 11/01/2007		1,481,038		1,481,038
Toronto Dominion Bank Eurodollar Time Deposit 4.880% 11/06/2007		237,004		237,004
Toronto Dominion Bank Eurodollar Time Deposit 5.000% 11/07/2007		711,011		711,011

	Principal Amount		Market Value
UBS AG Eurodollar Time Deposit 5.365% 11/08/2007	$	237,004	$	237,004
Wells Fargo Eurodollar Time Deposit 4.750% 11/23/2007		474,007		474,007
Wells Fargo Eurodollar Time Deposit 4.800% 11/09/2007		474,007		474,007
				26,231,356
Repurchase Agreements — 1.2%
State Street Bank & Trust Co. Repurchase, Agreement dated 10/31/2007, 3.01%, due 11/01/2007(e)		3,980,172		3,980,172
TOTAL SHORT-TERM INVESTMENTS (Cost $30,211,528)				30,211,528
TOTAL INVESTMENTS — 108.2% (Cost $338,246,788)(f)				365,647,020
Other Assets/ (Liabilities) — (8.2%)				(27,852,878	)
NET ASSETS — 100.0%			$	337,794,142

Notes to Portfolio of Investments

(a) Non-income producing security.

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

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

(e) Maturity value of $3,980,505. Collateralized by a U.S Government Agency obligation with a rate of 5.441%, maturity date of 1/15/2036, and an aggregate market value, including accrued interest, of $4,059,882.

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

The accompanying notes are an integral part of the financial statements.
180

MassMutual Premier Discovery Value Fund – Portfolio of Investments

October 31, 2007

	Number of Shares		Market Value
EQUITIES — 94.6%
COMMON STOCK — 94.6%
Aerospace & Defense — 3.9%
Alliant Techsystems, Inc.(a) (b)		5,543	$	611,892
Goodrich Corp.(b)		12,489		869,984
Spirit AeroSystems Holdings, Inc. Cl. A(a)		22,149		769,013
				2,250,889
Auto Manufacturers — 1.0%
Navistar International Corp.(a)		9,292		585,396
Automotive & Parts — 1.6%
The Goodyear Tire & Rubber Co.(a)		30,253		912,128
Banks — 2.9%
The Colonial BancGroup, Inc.		28,428		545,249
East West Bancorp, Inc.		18,049		608,973
Sterling Financial Corp.		21,867		492,007
				1,646,229
Building Materials — 1.7%
Martin Marietta Materials, Inc.(b)		3,054		395,035
Texas Industries, Inc.		7,657		559,420
				954,455
Chemicals — 3.2%
Albemarle Corp.		11,262		537,873
FMC Corp.		9,330		536,475
The Lubrizol Corp.		10,972		744,779
				1,819,127
Coal — 0.8%
Peabody Energy Corp.		8,318		463,728
Computers — 1.4%
Affiliated Computer Services, Inc. Cl. A(a)		12,960		656,554
Seagate Technology		5,427		151,088
				807,642
Diversified Financial — 5.3%
Affiliated Managers Group, Inc.(a) (b)		5,542		729,050
E*TRADE Financial Corp.(a) (b)		72,380		806,313
Investment Technology Group, Inc.(a)		14,244		596,824

	Number of Shares		Market Value
National Financial Partners Corp.		16,326	$	892,542
				3,024,729
Electric — 6.9%
AES Corp.(a)		32,832		702,933
Cleco Corp.		29,122		767,365
CMS Energy Corp.(b)		55,403		940,189
Dynegy, Inc. Cl. A(a)		55,402		510,252
Mirant Corp.(a)		9,574		405,555
NRG Energy, Inc.(a) (b)		13,126		599,333
				3,925,627
Electrical Components & Equipment — 1.3%
Ametek, Inc.		15,303		719,241
Electronics — 3.1%
Agilent Technologies, Inc.(a)		18,073		665,990
Amphenol Corp. Cl. A		14,217		629,387
Thermo Fisher Scientific, Inc.(a)		8,053		473,597
				1,768,974
Engineering & Construction — 1.0%
Foster Wheeler Ltd.(a)		2,027		300,503
KBR, Inc.(a)		6,519		279,535
				580,038
Entertainment — 3.0%
Cinemark Holdings, Inc.		16,602		285,720
Penn National Gaming, Inc.(a)		7,501		463,187
Pinnacle Entertainment, Inc.(a)		21,868		638,546
Scientific Games Corp. Cl. A(a)		8,603		310,998
				1,698,451
Foods — 1.8%
Chiquita Brands International, Inc.(a) (b)		24,755		464,156
ConAgra Foods, Inc.		24,060		570,944
				1,035,100
Gas — 1.3%
Southern Union Co.		22,697		714,955
Health Care – Services — 3.5%
Community Health Systems, Inc.(a)		16,408		540,315
DaVita, Inc.(a)		10,930		712,527

	Number of Shares		Market Value
Health Net, Inc.(a)		13,664	$	732,527
				1,985,369
Household Products — 0.8%
Jarden Corp.(a)		13,125		466,200
Insurance — 4.8%
ACE Ltd.		6,013		364,448
Everest Re Group Ltd.		8,780		935,421
Fidelity National Financial, Inc.		18,156		279,421
Platinum Underwriters Holdings Ltd.		3,242		116,712
Protective Life Corp.		16,270		697,495
Validus Holdings, Ltd.(a)		13,148		340,533
				2,734,030
Internet — 1.4%
McAfee, Inc.(a)		19,691		814,223
Iron & Steel — 1.7%
Carpenter Technology Corp.		6,831		989,880
Leisure Time — 0.6%
Brunswick Corp.		14,436		322,067
Lodging — 1.0%
Gaylord Entertainment Co.(a)		10,939		595,957
Machinery – Construction & Mining — 1.7%
Joy Global, Inc.		16,388		951,487
Manufacturing — 0.9%
Cooper Industries Ltd. Cl. A		9,950		521,281
Media — 2.2%
Cablevision Systems Corp. Cl. A(a)		5,369		157,473
Liberty Global, Inc. Cl. A(a)		14,504		569,282
Liberty Global, Inc. Cl. C(a) (b)		15,109		554,198
				1,280,953
Metal Fabricate & Hardware — 1.2%
Kaydon Corp.(b)		13,128		706,155
Oil & Gas — 4.0%
Continental Resources, Inc.(a)		18,987		446,384
CVR Energy, Inc.(a)		10,930		249,204
Delta Petroleum Corp.(a) (b)		22,147		414,149
Murphy Oil Corp.		7,469		549,942

(Continued)

The accompanying notes are an integral part of the financial statements.
181

MassMutual Premier Discovery Value Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Range Resources Corp.		13,858	$	622,640
				2,282,319
Oil & Gas Services — 2.3%
Exterran Holdings, Inc.(a)		6,830		575,086
National Oilwell Varco, Inc.(a)		4,554		333,535
Weatherford International Ltd.(a)		6,558		425,680
				1,334,301
Pharmaceuticals — 3.9%
Herbalife Ltd.		15,849		698,782
Hospira, Inc.(a)		17,430		720,382
Medco Health Solutions, Inc.(a)		6,667		629,231
Vanda Pharmaceuticals, Inc.(a) (b)		12,360		185,400
				2,233,795
Real Estate — 0.4%
Dupont Fabros Technology REIT(a)		8,260		177,425
Meruelo Maddux Properties, Inc.(a)		10,270		49,399
				226,824
Real Estate Investment Trusts (REITS) — 1.3%
American Financial Realty Trust		25,700		173,218
BioMed Realty Trust, Inc. REIT		12,196		291,362
General Growth Properties, Inc. REIT		5,470		297,349
				761,929
Retail — 5.6%
Advance Auto Parts, Inc.		17,493		596,861
Costco Wholesale Corp.		4,374		294,195
Longs Drug Stores Corp.		5,822		305,713
OfficeMax, Inc.(b)		18,045		571,124
Panera Bread Co. Cl. A(a) (b)		10,930		448,021
The Pantry, Inc.(a) (b)		19,788		554,460
Urban Outfitters, Inc.(a) (b)		16,408		414,630
				3,185,004
Savings & Loans — 1.4%
NewAlliance Bancshares, Inc.(b)		55,387		774,864
Semiconductors — 4.9%
ASML Holding NV(a) (b)		16,404		572,828
FormFactor, Inc.(a)		11,108		434,434
Lam Research Corp.(a)		11,540		579,308

	Number of Shares		Market Value
Maxim Integrated Products, Inc.		21,990	$	595,929
Varian Semiconductor Equipment Associates, Inc.(a)		13,529		622,605
				2,805,104
Software — 3.2%
Activision, Inc.(a)		10,895		257,667
Electronic Arts, Inc.(a) (b)		10,888		665,475
THQ, Inc.(a) (b)		32,528		881,184
				1,804,326
Telecommunications — 3.1%
Amdocs Ltd.(a)		16,618		571,659
Crown Castle International Corp.(a)		16,622		682,666
NII Holdings, Inc. Cl. B(a)		8,700		504,600
				1,758,925
Toys, Games & Hobbies — 1.2%
Mattel, Inc.		32,800		685,192
Transportation — 3.0%
Atlas Air Worldwide Holdings, Inc.(a)		5,900		345,681
Capital Product Partners, LP(b)		11,060		297,625
Eagle Bulk Shipping, Inc.(b)		17,640		601,348
J.B. Hunt Transport Services, Inc.		11,101		307,720
Navios Maritime Holdings, Inc.		9,436		170,509
				1,722,883
Trucking & Leasing — 0.3%
The Greenbrier Cos., Inc.(b)		6,230		166,403
TOTAL EQUITIES (Cost $51,091,933)				54,016,180
	Principal Amount
SHORT-TERM INVESTMENTS — 23.3%
Cash Equivalents — 18.1%(d)
Abbey National PLC Eurodollar Time Deposit 4.850% 11/08/2007	$	74,538		74,538
ABN Amro Bank NV Eurodollar Time Deposit 4.795% 11/21/2007		186,346		186,346

	Principal Amount		Market Value
ABN Amro Bank NV Eurodollar Time Deposit 4.950% 11/14/2007	$	149,077	$	149,077
ABN Amro Bank NV Eurodollar Time Deposit 5.050% 11/13/2007		223,619		223,619
Bank of Nova Scotia Eurodollar Time Deposit 4.650% 11/30/2007		93,173		93,173
Bank of Nova Scotia Eurodollar Time Deposit 4.800% 11/26/2007		223,615		223,615
Bank of Nova Scotia Eurodollar Time Deposit 4.940% 11/16/2007		149,077		149,077
Bank of Nova Scotia Eurodollar Time Deposit 4.950% 11/19/2007		93,173		93,173
Bank of Nova Scotia Eurodollar Time Deposit 5.000% 11/15/2007		93,173		93,173
Barclays Eurodollar Time Deposit 5.000% 01/22/2008		111,808		111,808
Barclays Eurodollar Time Deposit 5.330% 11/05/2007		93,173		93,173
BNP Paribas Eurodollar Time Deposit 4.720% 11/01/2007		447,231		447,231
BNP Paribas Eurodollar Time Deposit 4.800% 11/23/2007		186,346		186,346
BNP Paribas Eurodollar Time Deposit 4.900% 11/01/2007		186,346		186,346
BNP Paribas Eurodollar Time Deposit 5.020% 11/15/2007		111,808		111,808
Calyon Eurodollar Time Deposit 4.875% 11/01/2007		372,692		372,692
Calyon Eurodollar Time Deposit 5.330% 11/07/2007		372,692		372,692
Canadian Imperial Bank of Commerce Eurodollar Time Deposit 5.340% 11/09/2007		74,538		74,538
Dexia Group Eurodollar Time Deposit 4.980% 11/14/2007		242,250		242,250

(Continued)

The accompanying notes are an integral part of the financial statements.
182

MassMutual Premier Discovery Value Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Dexia Group Eurodollar Time Deposit 5.000% 11/05/2007	$	93,173	$	93,173
Dexia Group Eurodollar Time Deposit 5.100% 11/05/2007		111,808		111,808
Fifth Third Bancorp Eurodollar Time Deposit 4.625% 11/01/2007		279,519		279,519
Fortis Bank Eurodollar Time Deposit 4.820% 11/01/2007		372,692		372,692
Fortis Bank Eurodollar Time Deposit 5.330% 11/05/2007		279,519		279,519
Freddie Mac Agency 4.533% 11/05/2007		23,421		23,421
Freddie Mac Agency Discount Note 4.527% 11/13/2007		72,546		72,546
General Electric Capital Corp. 4.822% 11/14/2007		371,003		371,003
JP Morgan Chase & Co. Eurodollar Time Deposit 5.150% 02/12/2008		186,346		186,346
Lloyds TSB Bank Eurodollar Time Deposit 4.880% 11/20/2007		279,519		279,519
Lloyds TSB Bank Eurodollar Time Deposit 4.950% 11/09/2007		186,346		186,346
National Australia Bank Eurodollar Time Deposit 4.800% 11/01/2007		372,692		372,692
Rabobank Nederland Eurodollar Time Deposit 4.813% 11/01/2007		372,692		372,692
Rabobank Nederland Eurodollar Time Deposit 4.820% 11/08/2007		279,519		279,519
Rabobank Nederland Eurodollar Time Deposit 4.950% 11/01/2007		167,711		167,711
Rabobank Nederland Eurodollar Time Deposit 4.950% 11/15/2007		93,173		93,173
Reserve Primary Money Market Fund(c)		169,412		169,412

	Principal Amount		Market Value
Royal Bank of Canada Eurodollar Time Deposit 4.950% 11/16/2007	$	111,808	$	111,808
Royal Bank of Scotland Eurodollar Time Deposit 4.950% 11/01/2007		559,038		559,038
Royal Bank of Scotland Eurodollar Time Deposit 5.000% 01/22/2008		93,173		93,173
Royal Bank of Scotland Eurodollar Time Deposit 5.330% 11/07/2007		186,346		186,346
Societe Generale Eurodollar Time Deposit 4.813% 11/01/2007		372,692		372,692
Societe Generale Eurodollar Time Deposit 5.050% 11/02/2007		149,077		149,077
Societe Generale Eurodollar Time Deposit 5.050% 11/19/2007		74,538		74,538
Societe Generale Eurodollar Time Deposit 5.120% 11/01/2007		149,077		149,077
Svenska Handlesbanken Eurodollar Time Deposit 4.840% 11/01/2007		582,240		582,240
Toronto Dominion Bank Eurodollar Time Deposit 4.880% 11/06/2007		93,173		93,173
Toronto Dominion Bank Eurodollar Time Deposit 5.000% 11/07/2007		279,519		279,519
UBS AG Eurodollar Time Deposit 5.365% 11/08/2007		93,173		93,173
Wells Fargo Eurodollar Time Deposit 4.750% 11/23/2007		186,346		186,346
Wells Fargo Eurodollar Time Deposit 4.800% 11/09/2007		186,346		186,346
				10,312,312

	Principal Amount		Market Value
Repurchase Agreements — 5.2%
State Street Bank & Trust Co. Repurchase Agreement, dated 10/31/2007, 3.01%, due 11/01/2007(e)	$	2,969,900	$	2,969,900
TOTAL SHORT-TERM INVESTMENTS (Cost $13,282,212)				13,282,212
TOTAL INVESTMENTS — 117.9% (Cost $64,374,145)(f)				67,298,392
Other Assets/ (Liabilities) — (17.9%)				(10,229,503	)
NET ASSETS — 100.0%			$	57,068,889

Notes to Portfolio of Investments

(a) Non-income producing security.

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

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

(e) Maturity value of $2,970,148. Collateralized by a U.S. Government Agency obligation with a rate of 4.749%, maturity date of 09/01/2035, and an aggregate market value, including accrued interest, of $3,030,675.

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

The accompanying notes are an integral part of the financial statements.
183

MassMutual Premier Small Capitalization Value Fund – Portfolio of Investments

October 31, 2007

	Number of Shares		Market Value
EQUITIES — 97.1%
COMMON STOCK — 97.1%
Aerospace & Defense — 5.8%
Ducommun, Inc.(a)		71,641	$	2,846,297
Kaman Corp.		84,703		3,194,150
				6,040,447
Apparel — 2.8%
Hanesbrands, Inc.(a)		46,073		1,430,106
Maidenform Brands, Inc.(a)		102,730		1,525,540
				2,955,646
Banks — 8.8%
The Bancorp, Inc.(a)		70,744		1,269,855
Center Financial Corp.		61,709		789,258
Community Bancorp/NV(a)		50,382		1,021,243
PrivateBancorp, Inc.(b)		44,564		1,254,922
Smithtown Bancorp, Inc.(b)		66,447		1,471,801
Sterling Financial Corp.		52,214		1,174,815
UCBH Holdings, Inc.		75,879		1,295,255
Virginia Commerce Bancorp(a) (b)		63,387		905,800
				9,182,949
Beverages — 0.7%
Cott Corp.(a) (b)		103,799		744,239
Building Materials — 0.8%
US Concrete, Inc.(a) (b)		168,150		834,024
Chemicals — 1.5%
PolyOne Corp.(a)		200,691		1,603,521
Commercial Services — 6.0%
Deluxe Corp.		52,655		2,124,103
FTI Consulting, Inc.(a) (b)		37,212		2,020,612
Gevity HR, Inc.		70,941		707,991
TNS, Inc.		83,845		1,354,097
				6,206,803
Diversified Financial — 6.0%
Asta Funding, Inc.(b)		46,807		1,663,521
Investment Technology Group, Inc.(a)		27,353		1,146,091
National Financial Partners Corp.		7,197		393,460
Penson Worldwide, Inc.(a) (b)		81,182		1,374,411

	Number of Shares		Market Value
Thomas Weisel Partners Group, Inc.(a) (b)		101,850	$	1,620,433
				6,197,916
Electrical Components & Equipment — 1.2%
C&D Technologies, Inc.(a) (b)		261,141		1,258,700
Electronics — 4.8%
Benchmark Electronics, Inc.(a) (b)		52,152		1,069,637
LaBarge, Inc.(a)		161,233		2,216,954
Nu Horizons Electronics Corp.(a)		166,035		1,188,811
Watts Water Technologies, Inc. Cl. A(b)		17,199		488,968
				4,964,370
Energy – Alternate Sources — 0.4%
Headwaters, Inc.(a) (b)		32,218		462,328
Entertainment — 3.0%
Century Casinos, Inc.(a) (b)		195,161		1,395,401
Steinway Musical Instruments, Inc.		58,691		1,757,795
				3,153,196
Foods — 3.4%
Nash Finch Co.(b)		54,813		2,052,747
United Natural Foods, Inc.(a) (b)		52,088		1,507,427
				3,560,174
Health Care – Services — 6.1%
Amedisys, Inc.(a) (b)		52,466		2,227,183
Res-Care, Inc.(a)		111,429		2,736,696
Skilled Healthcare Group, Inc. Cl. A(a)		86,046		1,409,433
				6,373,312
Household Products — 2.6%
ACCO Brands Corp.(a) (b)		71,626		1,535,661
Central Garden & Pet Co.(a)		48,147		399,139
Central Garden & Pet Co. Cl. A(a)		96,296		801,183
				2,735,983
Insurance — 5.6%
Argo Group International Holdings Ltd.(a)		25,355		1,080,377

	Number of Shares		Market Value
Delphi Financial Group, Inc. Cl. A		47,959	$	1,858,411
Meadowbrook Insurance Group, Inc.(a)		120,013		1,155,725
ProAssurance Corp.(a) (b)		32,154		1,772,972
				5,867,485
Internet — 2.4%
1-800-Flowers.com, Inc. Cl. A(a)		204,677		2,454,077
Machinery – Diversified — 6.0%
Columbus McKinnon Corp.(a)		76,525		2,539,099
Middleby Corp.(a) (b)		33,705		2,196,555
Wabtec Corp.		40,833		1,532,462
				6,268,116
Oil & Gas — 3.8%
Berry Petroleum Co. Cl. A		44,228		2,154,788
Whiting Petroleum Corp.(a)		32,930		1,780,196
				3,934,984
Oil & Gas Services — 0.4%
Basic Energy Services, Inc.(a) (b)		20,585		407,377
Pharmaceuticals — 1.4%
Animal Health International, Inc.(a)		135,409		1,475,958
Real Estate Investment Trusts (REITS) — 2.2%
Anthracite Capital, Inc. REIT(b)		119,688		995,804
Ashford Hospitality Trust		128,617		1,265,591
				2,261,395
Restaurants — 0.8%
Benihana, Inc. Cl. A(a)		46,581		822,155
Retail — 5.8%
Duckwall-Alco Stores, Inc.(a)		50,922		1,860,181
Movado Group, Inc.		65,969		1,985,007
Rush Enterprises, Inc. Cl. A(a)		73,919		1,252,927
Talbots, Inc.(b)		64,812		953,384
				6,051,499
Semiconductors — 1.6%
GSI Group, Inc.(a)		182,300		1,713,620
Software — 5.0%
Aspen Technology, Inc.(a)		166,180		2,898,179

(Continued)

The accompanying notes are an integral part of the financial statements.
184

MassMutual Premier Small Capitalization Value Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Parametric Technology Corp.(a)		69,600	$	1,329,360
PDF Solutions, Inc.(a)		117,843		930,960
				5,158,499
Telecommunications — 5.6%
Comtech Telecommunications(a)		45,067		2,444,885
Powerwave Technologies, Inc.(a) (b)		270,220		1,502,423
Premiere Global Services, Inc.(a)		113,739		1,874,419
				5,821,727
Textiles — 0.9%
Dixie Group, Inc.(a)		94,015		921,347
Transportation — 1.7%
American Commercial Lines, Inc.(a) (b)		32,895		490,464
Vitran Corp., Inc.(a)		91,623		1,280,890
				1,771,354
TOTAL EQUITIES (Cost $94,292,752)				101,203,201
	Principal Amount
SHORT-TERM INVESTMENTS — 30.1%
Cash Equivalents — 27.6%(d)
Abbey National PLC Eurodollar Time Deposit 4.850% 11/08/2007	$	207,887		207,887
ABN Amro Bank NV Eurodollar Time Deposit 4.795% 11/21/2007		519,717		519,717
ABN Amro Bank NV Eurodollar Time Deposit 4.950% 11/14/2007		415,773		415,773
ABN Amro Bank NV Eurodollar Time Deposit 5.050% 11/13/2007		623,658		623,658
Bank of Nova Scotia Eurodollar Time Deposit 4.650% 11/30/2007		259,858		259,858
Bank of Nova Scotia Eurodollar Time Deposit 4.800% 11/26/2007		623,660		623,660
Bank of Nova Scotia Eurodollar Time Deposit 4.940% 11/16/2007		415,773		415,773

	Principal Amount		Market Value
Bank of Nova Scotia Eurodollar Time Deposit 4.950% 11/19/2007	$	259,858	$	259,858
Bank of Nova Scotia Eurodollar Time Deposit 5.000% 11/15/2007		259,858		259,858
Barclays Eurodollar Time Deposit 5.000% 01/22/2008		311,830		311,830
Barclays Eurodollar Time Deposit 5.330% 11/05/2007		259,858		259,858
BNP Paribas Eurodollar Time Deposit 4.720% 11/01/2007		1,247,320		1,247,320
BNP Paribas Eurodollar Time Deposit 4.800% 11/23/2007		519,717		519,717
BNP Paribas Eurodollar Time Deposit 4.900% 11/01/2007		519,717		519,717
BNP Paribas Eurodollar Time Deposit 5.020% 11/15/2007		311,830		311,830
Calyon Eurodollar Time Deposit 4.875% 11/01/2007		1,039,433		1,039,433
Calyon Eurodollar Time Deposit 5.330% 11/07/2007		1,039,433		1,039,433
Canadian Imperial Bank of Commerce Eurodollar Time Deposit 5.340% 11/09/2007		207,887		207,887
Dexia Group Eurodollar Time Deposit 4.980% 11/14/2007		675,632		675,632
Dexia Group Eurodollar Time Deposit 5.000% 11/05/2007		259,858		259,858
Dexia Group Eurodollar Time Deposit 5.100% 11/05/2007		311,830		311,830
Fifth Third Bancorp Eurodollar Time Deposit 4.625% 11/01/2007		779,575		779,575
Fortis Bank Eurodollar Time Deposit 4.820% 11/01/2007		1,039,433		1,039,433
Fortis Bank Eurodollar Time Deposit 5.330% 11/05/2007		779,575		779,575
Freddie Mac Agency 4.533% 11/05/2007		65,322		65,322

	Principal Amount		Market Value
Freddie Mac Agency Discount Note 4.527% 11/13/2007	$	202,331	$	202,331
General Electric Capital Corp. 4.822% 11/14/2007		1,034,721		1,034,721
JP Morgan Chase & Co. Eurodollar Time Deposit 5.150% 02/12/2008		519,717		519,717
Lloyds TSB Bank Eurodollar Time Deposit 4.880% 11/20/2007		779,575		779,575
Lloyds TSB Bank Eurodollar Time Deposit 4.950% 11/09/2007		519,717		519,717
National Australia Bank Eurodollar Time Deposit 4.800% 11/01/2007		1,039,433		1,039,433
Rabobank Nederland Eurodollar Time Deposit 4.813% 11/01/2007		1,039,433		1,039,433
Rabobank Nederland Eurodollar Time Deposit 4.820% 11/08/2007		779,575		779,575
Rabobank Nederland Eurodollar Time Deposit 4.950% 11/01/2007		467,745		467,745
Rabobank Nederland Eurodollar Time Deposit 4.950% 11/15/2007		259,858		259,858
Reserve Primary Money Market Fund(c)		472,486		472,486
Royal Bank of Canada Eurodollar Time Deposit 4.950% 11/16/2007		311,830		311,830
Royal Bank of Scotland Eurodollar Time Deposit 4.950% 11/01/2007		1,559,150		1,559,150
Royal Bank of Scotland Eurodollar Time Deposit 5.000% 01/22/2008		259,858		259,858
Royal Bank of Scotland Eurodollar Time Deposit 5.330% 11/07/2007		519,717		519,717
Societe Generale Eurodollar Time Deposit 4.813% 11/01/2007		1,039,433		1,039,433
Societe Generale Eurodollar Time Deposit 5.050% 11/02/2007		415,773		415,773
Societe Generale Eurodollar Time Deposit 5.050% 11/19/2007		207,887		207,887

(Continued)

The accompanying notes are an integral part of the financial statements.
185

MassMutual Premier Small Capitalization Value Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Societe Generale Eurodollar Time Deposit 5.120% 11/01/2007	$	415,773	$	415,773
Svenska Handlesbanken Eurodollar Time Deposit 4.840% 11/01/2007		1,623,860		1,623,860
Toronto Dominion Bank Eurodollar Time Deposit 4.880% 11/06/2007		259,858		259,858
Toronto Dominion Bank Eurodollar Time Deposit 5.000% 11/07/2007		779,575		779,575
UBS AG Eurodollar Time Deposit 5.365% 11/08/2007		259,858		259,858
Wells Fargo Eurodollar Time Deposit 4.750% 11/23/2007		519,717		519,717
Wells Fargo Eurodollar Time Deposit 4.800% 11/09/2007		519,717		519,717
				28,760,889
Repurchase Agreements — 2.5%
State Street Bank & Trust Co. Repurchase Agreement, dated 10/31/2007, 3.01%, due 11/01/2007(e)		2,562,170		2,562,170
TOTAL SHORT-TERM INVESTMENTS (Cost $31,323,059)				31,323,059
TOTAL INVESTMENTS — 127.2% (Cost $125,615,811)(f)				132,526,260
Other Assets/ (Liabilities) — (27.2%)				(28,350,548	)
NET ASSETS — 100.0%			$	104,175,712

Notes to Portfolio of Investments

(a) Non-income producing security.

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

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

(e) Maturity value of $2,562,384. Collateralized by U.S. Government Agency obligations with rates of 5.441%, maturity dates of 5/15/2036 and an aggregate market value, including accrued interest, of $2,615,324.

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

The remainder of this page is intentionally left blank.

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

MassMutual Premier Main Street Small Cap Fund – Portfolio of Investments

October 31, 2007

	Number of Shares		Market Value
EQUITIES — 99.2%
COMMON STOCK — 99.2%
Advertising — 0.2%
Gaiam, Inc. Cl. A(a)		3,100	$	72,075
Getty Images, Inc.(a)		4,400		124,300
Greenfield Online, Inc.(a)		3,300		50,358
ValueVision Media, Inc. Cl. A(a)		700		3,619
				250,352
Aerospace & Defense — 1.2%
Aerovironment, Inc.(a)		900		23,157
Curtiss-Wright Corp.		7,400		416,546
DRS Technologies, Inc.		5,400		310,176
Ducommun, Inc.(a)		1,200		47,676
EDO Corp.(b)		500		29,000
HEICO Corp.(b)		1,500		81,660
Kaman Corp.		1,200		45,252
Orbital Sciences Corp.(a)		8,800		224,664
Sequa Corp. Cl. A(a)		900		156,438
United Industrial Corp.(b)		1,100		88,902
				1,423,471
Agriculture — 0.6%
Alliance One International, Inc.(a) (b)		4,700		30,691
Loews Corp. - Carolina Group		900		77,202
Universal Corp.		5,800		282,692
UST, Inc.(b)		4,800		255,936
Vector Group Ltd.(b)		5,655		123,731
				770,252
Airlines — 1.2%
Allegiant Travel Co.(a)		1,000		36,020
AMR Corp.(a)		10,200		244,800
Continental Airlines, Inc. Cl. B(a)		6,100		209,535
Copa Holdings SA Cl. A		3,100		117,211
Delta Air Lines, Inc.(a)		2,500		52,000
Northwest Airlines Corp.(a)		10,900		202,195
Pinnacle Airlines Corp.(a) (b)		3,700		58,608
Republic Airways Holdings, Inc.(a)		5,100		108,579
SkyWest, Inc.		600		16,374
UAL Corp.(a) (b)		4,600		220,340
US Airways Group, Inc.(a) (b)		7,300		201,918
				1,467,580

	Number of Shares		Market Value
Apparel — 1.1%
Cherokee, Inc.		600	$	22,860
Deckers Outdoor Corp.(a)		2,500		349,475
G-III Apparel Group, Ltd.(a)		500		8,135
The Gymboree Corp.(a)		1,800		61,254
Kellwood Co.		2,300		38,111
Maidenform Brands, Inc.(a)		100		1,485
Perry Ellis International, Inc.(a)		2,200		51,040
Polo Ralph Lauren Corp.		3,000		206,400
Steven Madden Ltd.		1,200		26,748
The Warnaco Group, Inc.(a)		7,400		301,106
Wolverine World Wide, Inc.		11,000		282,040
				1,348,654
Auto Manufacturers — 0.0%
Wabash National Corp.		1,000		10,150
Automotive & Parts — 1.4%
Accuride Corp.(a)		3,100		31,620
Aftermarket Technology Corp.(a)		2,800		96,656
American Axle & Manufacturing Holdings, Inc.		12,500		343,250
Amerigon, Inc.(a)		2,800		54,992
ArvinMeritor, Inc.		1,200		17,796
Cooper Tire & Rubber Co.		11,600		258,448
Fuel Systems Solutions, Inc.(a)		600		11,286
The Goodyear Tire & Rubber Co.(a)		8,100		244,215
Hayes Lemmerz International, Inc.(a)		2,600		12,090
Lear Corp.(a)		5,700		202,521
Standard Motor Products, Inc.		100		836
Tenneco, Inc.(a)		11,800		361,198
Titan International, Inc.		1,900		57,494
TRW Automotive Holdings Corp.(a)		1,600		47,504
				1,739,906
Banks — 0.3%
Amcore Financial, Inc.		500		11,855
Bancfirst Corp.		100		4,544
Bank of the Ozarks, Inc.		300		8,685
Cascade Bancorp(b)		900		17,316
Central Pacific Financial Corp.		400		8,972
City Holding Co.		1,000		37,810

	Number of Shares		Market Value
Columbia Banking Systems, Inc.		600	$	18,642
Comerica, Inc.		1,300		60,684
Encore Bancshares, Inc.(a)		1,100		23,540
F.N.B. Corp.(b)		1,000		16,620
First Busey Corp. Cl. A		400		8,292
First Security Group Inc./Tn		300		3,003
Hanmi Financial Corp.		200		2,204
Independent Bank Corp./Rockland, MA		100		2,958
NBT Bancorp, Inc.		800		19,736
Park National Corp.(b)		300		23,778
Porter Bancorp, Inc.		300		6,591
Preferred Bank/ Los Angeles, CA		300		8,919
Sterling Financial Corp.		300		5,505
SVB Financial Group(a)		1,700		88,043
WesBanco, Inc.(b)		1,000		23,070
				400,767
Beverages — 0.2%
Boston Beer Co., Inc. Cl. A(a)		1,400		73,150
Green Mountain Coffee Roasters, Inc.(a) (b)		2,100		78,330
Hansen Natural Corp.(a) (b)		1,100		74,800
				226,280
Biotechnology — 0.5%
Acorda Therapeutics, Inc.(a)		1,300		26,351
American Oriental Bioengineering, Inc.(a) (b)		7,000		96,390
BioMimetic Therapeutics, Inc.(a)		1,000		13,770
Bio-Rad Laboratories, Inc. Cl. A(a)		200		19,316
CryoLife, Inc.(a)		500		3,375
Halozyme Therapeutics, Inc.(a)		3,000		27,540
Illumina, Inc.(a)		300		16,845
Immunomedics, Inc.(a)		200		460
Invitrogen Corp.(a)		2,600		236,262
Regeneration Technologies, Inc.(a)		800		8,488
Regeneron Pharmaceuticals, Inc.(a)		2,000		44,000
Savient Pharmaceuticals, Inc.(a)		4,300		60,544
Seattle Genetics, Inc.(a) (b)		2,900		34,829
XOMA Ltd.(a) (b)		4,800		17,616
				605,786

(Continued)

The accompanying notes are an integral part of the financial statements.
187

MassMutual Premier Main Street Small Cap Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Building Materials — 1.0%
Aaon, Inc.		950	$	17,348
Apogee Enterprises, Inc.		3,500		82,355
Builders FirstSource, Inc.(a)		700		5,075
Comfort Systems USA, Inc.		5,000		73,100
Drew Industries, Inc.(a)		5,000		197,900
Genlyte Group, Inc.(a)		1,800		117,180
Goodman Global, Inc.(a)		4,300		105,995
Lennox International, Inc.		5,900		210,630
LSI Industries, Inc.		2,000		37,800
Simpson Manufacturing Co., Inc.(b)		3,100		92,969
USG Corp.(a) (b)		5,600		222,600
				1,162,952
Chemicals — 3.3%
American Vanguard Corp.(b)		700		12,439
Arch Chemicals, Inc.		3,600		164,232
Ashland, Inc.		3,500		205,520
Cabot Corp.		1,700		59,517
Celanese Corp. Cl. A		5,600		234,976
CF Industries Holdings, Inc.		2,900		254,910
Eastman Chemical Co.		200		13,318
Ferro Corp.		5,800		120,176
W.R. Grace & Co.(a) (b)		11,200		331,520
H.B. Fuller Co.		9,600		282,528
Hercules, Inc.(a)		5,000		94,050
ICO, Inc.(a)		3,400		49,232
Innophos Holdings, Inc.		1,800		28,620
Innospec, Inc.(b)		2,600		55,354
Landec Corp.(a)		3,800		56,468
Lyondell Chemical Co.		4,800		227,760
Minerals Technologies, Inc.		500		35,110
NuCo2, Inc.(a)		500		12,895
Olin Corp.(b)		12,000		273,360
OM Group, Inc.(a)		5,100		270,198
Penford Corp.		300		10,581
PolyOne Corp.(a)		2,300		18,377
Rockwood Holdings, Inc.(a)		3,200		125,088
Schulman (A.), Inc.		1,900		44,859
Sensient Technologies Corp.		9,800		292,922
The Sherwin-Williams Co.(b)		1,800		115,056
Spartech Corp.		4,700		72,239
Stepan Co.		700		24,248
Terra Industries, Inc.(a) (b)		7,000		258,230
Tronox, Inc. Cl. A		1,600		13,616
UAP Holding Corp.		7,000		222,810
Valhi, Inc.		700		18,683
				3,998,892
Coal — 0.9%
Alpha Natural Resources, Inc.(a)		13,300		364,952

	Number of Shares		Market Value
Foundation Coal Holdings, Inc.		6,900	$	294,768
Massey Energy Co.		13,000		411,840
				1,071,560
Commercial Services — 7.7%
ABM Industries, Inc.		7,800		183,456
Administaff, Inc.		7,800		311,064
Advance America Cash Advance Centers, Inc.		600		5,736
The Advisory Board Co.(a)		1,000		64,210
Albany Molecular Research, Inc.(a)		2,100		37,989
Alliance Data Systems Corp.(a)		900		72,360
Apollo Group, Inc. Cl. A(a)		3,900		309,114
Arbitron, Inc.(b)		700		35,434
Avis Budget Group, Inc.(a)		800		16,696
Bankrate, Inc.(a) (b)		1,700		78,115
Barrett Business Svcs Inc.		300		5,097
BearingPoint, Inc.(a)		21,600		103,464
Bowne & Co., Inc.		4,100		71,258
Capella Education Co.(a)		1,200		74,400
Career Education Corp.(a)		1,400		50,036
CBIZ, Inc.(a)		2,600		23,400
CDI Corp.		2,400		66,144
Chemed Corp.		6,200		355,384
ChoicePoint, Inc.(a)		4,300		169,076
Coinmach Service Corp. Cl. A		500		6,565
Coinstar, Inc.(a)		7,100		244,595
Consolidated Graphics, Inc.(a)		2,100		134,358
Convergys Corp.(a)		10,100		185,133
Cornell Cos., Inc.(a)		2,100		52,248
The Corporate Executive Board Co.(b)		1,900		135,375
CorVel Corp.(a)		500		13,290
CPI Corp.		300		9,963
CRA International, Inc.(a)		700		36,246
Deluxe Corp.		10,700		431,638
DeVry, Inc.		6,100		333,609
Diamond Management & Technology Consultants, Inc.		4,300		45,924
Dollar Thrifty Automotive Group, Inc.(a)		1,500		51,750
Donnelley (R.R.) & Sons Co.		1,900		76,551
DynCorp International, Inc.(a)		8,700		196,968
Emergency Medical Services Corp. Cl. A(a) (b)		5,200		157,924
Exlservice Holdings Inc.(a)		100		2,700
Exponent, Inc.(a)		2,500		75,525

	Number of Shares		Market Value
First Consulting Group, Inc.(a)		100	$	1,269
Forrester Research, Inc.(a)		500		11,860
FTI Consulting, Inc.(a)		100		5,430
Gartner Group, Inc.(a)		5,600		122,640
Healthspring, Inc.(a)		14,400		302,400
Heartland Payment Systems, Inc.(b)		6,600		198,000
Heidrick & Struggles International, Inc.(a)		4,500		194,490
Hewitt Associates, Inc. Cl. A(a)		4,900		172,872
Hudson Highland Group, Inc.(a)		4,000		45,920
ICF International, Inc.(a)		1,600		49,680
Integrated Electrical Services, Inc.(a)		1,800		41,958
ITT Educational Services, Inc.(a)		1,700		216,223
Kendle International, Inc.(a)		1,800		72,594
Korn/Ferry International(a)		10,900		208,844
Labor Ready, Inc.(a)		16,300		286,554
Landauer, Inc.		900		44,343
Manpower, Inc.		600		44,844
Maximus, Inc.		3,600		172,512
Midas, Inc.(a)		700		11,179
Monro Muffler, Inc.		900		20,502
MPS Group, Inc.(a)		13,200		161,172
PAREXEL International Corp.(a)		5,300		243,800
PharmaNet Development Group, Inc.(a)		2,600		84,240
PHH Corp.(a)		3,100		69,316
Premier Exhibitions, Inc.(a) (b)		4,400		48,796
Pre-Paid Legal Services, Inc.(a) (b)		1,800		107,280
Providence Service Corp. (The)(a)		700		22,253
Rent-A-Center, Inc.(a)		8,700		139,200
Resources Connection, Inc.(a)		4,800		109,296
Robert Half International, Inc.		6,900		207,621
Rollins, Inc.		5,600		170,072
RSC Holdings, Inc.(a)		100		1,455
SAIC, Inc.(a)		9,300		183,303
Service Corp. International		3,000		43,410
Sotheby's(b)		1,100		59,587
Spherion Corp.(a)		8,600		74,992
Steiner Leisure Ltd.(a)		2,000		89,960
Stewart Enterprises, Inc. Cl. A		5,500		49,885
Strayer Education, Inc.		1,800		335,628

(Continued)

The accompanying notes are an integral part of the financial statements.
188

MassMutual Premier Main Street Small Cap Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Team, Inc.(a) (b)		2,100	$	67,599
TeleTech Holdings, Inc.(a)		9,000		224,370
Viad Corp.		6,500		230,360
Volt Information Sciences, Inc.(a)		1,450		22,547
Watson Wyatt Worldwide, Inc. Cl. A		3,900		185,913
Weight Watchers International, Inc.		300		15,372
				9,394,336
Computers — 4.5%
Affiliated Computer Services, Inc. Cl. A(a)		4,100		207,706
Ansoft Corp.(a)		2,600		78,208
Brocade Communications Systems, Inc.(a)		16,600		157,866
CACI International, Inc. Cl. A(a)		3,000		161,550
Cadence Design Systems, Inc.(a)		10,100		197,960
Ceridian Corp.(a)		800		28,752
Ciber, Inc.(a)		7,000		54,530
Compellent Technologies Inc.(a) (b)		100		1,610
Computer Sciences Corp.(a)		5,000		291,950
COMSYS IT Partners, Inc.(a)		3,300		58,674
Comtech Group, Inc.(a)		2,800		60,228
DST Systems, Inc.(a)		2,800		237,188
Electronic Data Systems Corp.		12,200		263,398
Electronics for Imaging, Inc.(a)		8,000		182,400
IHS, Inc. Cl. A(a)		400		25,220
Immersion Corp.(a)		200		3,238
InterVoice, Inc.(a)		2,300		22,540
Iomega Corp.(a)		5,000		19,650
Jack Henry & Associates, Inc.		10,400		303,888
Lexmark International, Inc. Cl. A(a) (b)		5,100		214,149
Magma Design Automation, Inc.(a)		2,000		29,780
Manhattan Associates, Inc.(a)		3,500		105,560
Mentor Graphics Corp.(a)		1,700		27,234
MICROS Systems, Inc.(a)		2,800		201,096
MTS Systems Corp.		1,900		84,531
NCR Corp.(a)		8,100		223,479
Network Appliance, Inc.(a)		8,200		258,218
Palm, Inc.(b)		17,400		156,948
Perot Systems Corp. Cl. A(a)		4,000		58,400
Radiant Systems, Inc.(a)		4,100		66,912

	Number of Shares		Market Value
Sigma Designs, Inc.(a)		3,400	$	199,818
Silicon Storage Technology, Inc.(a)		6,700		22,244
Smart Modular Technologies(a)		3,100		27,404
SRA International, Inc. Cl. A(a)		3,700		101,602
Stratasys, Inc.(a) (b)		2,800		72,884
SYKES Enterprises, Inc.(a)		3,700		65,305
Synaptics, Inc.(a) (b)		5,300		288,055
Synopsys, Inc.(a)		8,000		226,080
Syntel, Inc.		4,800		204,384
Teradata Corp.(a)		3,700		105,561
Tyler Technologies, Inc.(a)		4,800		77,376
Unisys Corp.(a)		11,900		72,352
Western Digital Corp.(a)		9,600		248,832
				5,494,760
Consumer Services — 0.0%
Core-Mark Holding Co., Inc.(a)		800		27,760
Cosmetics & Personal Care — 0.2%
Alberto-Culver Co.		600		15,594
Elizabeth Arden, Inc.(a) (b)		3,300		82,170
The Estee Lauder Cos., Inc. Cl. A		2,100		92,190
Inter Parfums, Inc.		400		9,536
				199,490
Distribution & Wholesale — 0.4%
Tech Data Corp.(a)		7,600		298,908
W.W. Grainger, Inc.		1,900		170,848
				469,756
Diversified Financial — 1.7%
Advanta Corp. Cl. B		9,550		150,890
AmeriCredit Corp.(a) (b)		6,100		86,071
Asset Acceptance Capital Corp.		3,300		35,508
Asta Funding, Inc.(b)		700		24,878
Calamos Asset Management, Inc. Cl. A		2,500		85,050
CIT Group, Inc.		5,100		179,724
Discover Financial Services		6,000		115,800
Federal Agricultural Mortgage Corp. Cl. C		1,500		44,025
Financial Federal Corp.(b)		2,400		64,848
GAMCO Investors, Inc. Cl. A		1,700		105,247
GFI Group, Inc.(a)		1,200		103,584
International Securities Exchange Holdings, Inc.(b)		2,600		174,330
Janus Capital Group, Inc.(b)		7,300		251,923

	Number of Shares		Market Value
MarketAxess Holdings, Inc.(a)		3,200	$	50,144
Ocwen Financial Corp.(a)		1,500		11,190
optionsXpress Holdings, Inc.		5,200		154,752
Portfolio Recovery Associates, Inc.(b)		3,200		144,352
SWS Group, Inc.		3,300		62,667
TradeStation Group, Inc.(a)		3,300		40,260
US Global Investors, Inc. Cl. A(b)		2,800		64,288
World Acceptance Corp.(a) (b)		2,400		77,424
				2,026,955
Electric — 0.8%
Avista Corp.		4,100		90,405
Black Hills Corp.		1,900		84,398
El Paso Electric Co.(a)		8,100		197,235
Energy East Corp.		1,300		36,244
NRG Energy, Inc.(a)		3,600		164,376
Otter Tail Corp.		2,100		72,744
Pike Electric Corp.(a)		2,900		57,130
Reliant Energy, Inc.(a)		2,600		71,552
Unisource Energy Corp.		5,200		164,944
				939,028
Electrical Components & Equipment — 1.0%
Advanced Energy Industries, Inc.(a)		12,200		195,200
Belden, Inc.		2,500		145,675
Encore Wire Corp.(b)		1,900		39,900
Energizer Holdings, Inc.(a)		1,000		104,300
EnerSys(a)		1,100		19,932
Graftech International Ltd.(a)		22,100		417,690
Lamson & Sessions Co. (The)(a)		1,200		32,688
Littelfuse, Inc.(a)		4,400		140,052
Powell Industries, Inc.(a)		500		21,045
Superior Essex, Inc.(a)		1,900		63,175
Vicor Corp.		1,300		18,252
				1,197,909
Electrical Equipment & Electronics — 0.0%
Houston Wire & Cable Co.(b)		400		7,028
Electronics — 4.0%
American Science & Engineering, Inc.		1,200		72,528
Analogic Corp.		2,700		154,305
Arrow Electronics, Inc.(a)		5,300		211,894
Avnet, Inc.(a)		6,100		254,492
Axsys Technologies, Inc.(a)		400		15,752
Badger Meter, Inc.		1,100		42,295

(Continued)

The accompanying notes are an integral part of the financial statements.
189

MassMutual Premier Main Street Small Cap Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Bel Fuse, Inc. Cl. A		900	$	31,257
Checkpoint Systems, Inc.(a)		7,500		226,875
CTS Corp.		3,700		45,695
Cubic Corp.		3,700		166,500
Cymer, Inc.(a)		9,000		382,500
Dionex Corp.(a)		3,600		316,800
Dolby Laboratories, Inc. Cl. A(a)		1,700		70,482
Electro Scientific Industries, Inc.(a)		2,000		43,640
Excel Technology, Inc.(a)		200		5,628
Faro Technologies, Inc.(a)		2,100		60,396
FEI Co.(a) (b)		10,200		295,902
FLIR Systems, Inc.(a) (b)		700		48,573
Gentex Corp.		1,600		33,248
II-VI, Inc.(a)		1,000		34,740
Lo-Jack Corp.(a)		2,600		45,682
Measurement Specialties, Inc.(a)		900		24,966
Methode Electronics, Inc.		4,700		58,938
Mettler-Toledo International, Inc.(a)		800		85,080
NAM TAI Electronics, Inc.		2,100		25,305
National Instruments Corp.		3,000		97,320
Park Electrochemical Corp.		2,400		75,168
Rofin-Sinar Technologies, Inc.(a) (b)		5,000		393,100
Sanmina-SCI Corp.(a)		41,400		91,494
Sonic Solutions, Inc.(a)		1,300		15,600
Stoneridge, Inc.(a)		100		1,029
Technitrol, Inc.		2,100		61,761
Tektronix, Inc.		7,000		264,950
Thomas & Betts Corp.(a) (b)		3,800		212,838
Varian, Inc.(a)		6,300		465,507
Woodward Governor Co.		6,600		442,200
				4,874,440
Energy – Alternate Sources — 0.0%
FuelCell Energy, Inc.(a)		1,000		10,060
Engineering & Construction — 1.1%
Chicago Bridge & Iron Co.		800		40,000
Dycom Industries, Inc.(a)		10,400		293,800
Emcor Group, Inc.(a)		10,100		347,743
ENGlobal Corp.(a)		1,100		15,268
Layne Christensen Co.(a)		2,300		130,962
Michael Baker Corp.(a)		1,400		73,906
Perini Corp.(a)		6,600		378,510
The Shaw Group, Inc.(a)		200		14,920
Washington Group International, Inc.(a)		600		58,410
				1,353,519

	Number of Shares		Market Value
Entertainment — 0.0%
Warner Music Group Corp.		5,000	$	50,900
Environmental Controls — 1.0%
American Ecology Corp.		600		14,364
Calgon Carbon Corp.(a) (b)		5,700		84,930
Casella Waste Systems, Inc. Cl. A(a)		1,100		16,203
Darling International, Inc.(a)		6,300		63,378
Fuel Tech, Inc.(a) (b)		2,200		65,054
Metal Management, Inc.		6,800		357,476
Republic Services, Inc.		2,950		100,860
TETRA Technologies, Inc.(a) (b)		5,600		130,760
Waste Connections, Inc.(a)		9,200		311,052
Waste Industries USA, Inc.		700		25,200
				1,169,277
Foods — 0.8%
Arden Group, Inc. Cl. A		200		28,484
Cal-Maine Foods, Inc.		2,700		64,638
Flowers Foods, Inc.		14,550		319,227
Fresh Del Monte Produce, Inc.		1,000		36,280
Imperial Sugar Co.(b)		2,200		56,738
Ingles Markets, Inc. Cl. A		3,000		83,250
J&J Snack Foods Corp.		200		7,124
The J.M. Smucker Co.		400		21,372
Nash Finch Co.(b)		2,000		74,900
Pathmark Stores, Inc.(a)		200		2,620
Performance Food Group Co.(a)		5,900		159,241
SuperValu, Inc.(b)		1,700		65,875
				919,749
Forest Products & Paper — 0.6%
AbitibiBowater, Inc.		2,080		71,261
BlueLinx Holdings, Inc.		200		1,042
Buckeye Technologies, Inc.(a)		5,200		93,184
Deltic Timber Corp.		100		5,592
Mercer International, Inc.(a)		400		3,760
Rock-Tenn Co. Cl. A		11,200		326,592
Schweitzer-Mauduit International, Inc.		1,400		39,228
United Stationers, Inc.(a)		3,800		220,058
Wausau Paper Corp.		2,400		24,024
				784,741
Gas — 0.8%
Atmos Energy Corp.		400		11,220
New Jersey Resources Corp.		3,600		177,300
Northwest Natural Gas Co.		5,600		269,752

	Number of Shares		Market Value
SEMCO Energy, Inc.(a)		400	$	3,248
South Jersey Industries, Inc.		600		22,536
Southwest Gas Corp.		2,100		62,496
UGI Corp.		100		2,662
Vectren Corp.		2,000		56,080
WGL Holdings, Inc.		9,100		308,672
				913,966
Hand & Machine Tools — 0.5%
The Black & Decker Corp.		2,700		242,757
Hardinge, Inc.		1,500		48,495
Regal-Beloit Corp.		2,800		137,312
The Stanley Works		3,400		195,670
				624,234
Health Care – Products — 2.0%
Abaxis, Inc.(a)		300		8,796
Align Technology, Inc.(a) (b)		7,000		144,900
ArthoCare Corp.(a)		2,100		136,164
CONMED Corp.(a)		5,800		164,952
Cynosure, Inc. Cl. A(a)		1,600		60,816
Dade Behring Holdings, Inc.		3,000		230,790
Datascope Corp.		1,300		46,969
Hansen Medical, Inc.(a) (b)		2,000		77,740
Hologic, Inc.(a)		500		33,965
Immucor, Inc.(a)		3,000		96,750
Intuitive Surgical, Inc.(a)		1,000		326,870
Inverness Medical Innovations, Inc.(a)		349		20,971
IRIS International, Inc.(a)		1,400		25,760
Kinetic Concepts, Inc.(a)		3,200		192,320
LCA-Vision, Inc.		3,000		51,210
Meridian Bioscience, Inc.		6,400		211,776
OraSure Technologies, Inc.(a)		2,200		19,954
PSS World Medical, Inc.(a)		3,700		74,740
Quidel Corp.(a)		4,100		84,665
Somanetics Corp.(a)		300		5,838
SonoSite, Inc.(a)		500		17,595
Steris Corp.		10,400		302,016
Trans1, Inc.(a) (b)		1,800		45,000
Ventana Medical Systems, Inc.(a) (b)		800		70,400
				2,450,957
Health Care – Services — 2.4%
Air Methods Corp.(a)		1,500		80,955
Alliance Imaging, Inc.(a)		6,200		61,442
American Dental Partners, Inc.(a)		1,400		34,706
AMERIGROUP Corp.(a) (b)		8,100		283,500

(Continued)

The accompanying notes are an integral part of the financial statements.
190

MassMutual Premier Main Street Small Cap Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Apria Healthcare Group, Inc.(a)		12,700	$	306,959
Centene Corp.(a)		8,400		195,972
Coventry Health Care, Inc.(a) (b)		4,500		271,395
Health Net, Inc.(a)		4,600		246,606
Humana, Inc.(a)		4,100		307,295
Kindred Healthcare, Inc.(a)		7,000		148,680
Lincare Holdings, Inc.(a) (b)		4,000		139,080
Medcath Corp.(a)		1,800		49,914
Molina Healthcare, Inc.(a) (b)		6,200		236,282
National Healthcare Corp.		100		4,980
Nighthawk Radiology Holdings, Inc.(a)		100		2,354
RehabCare Group, Inc.(a)		1,900		39,406
Res-Care, Inc.(a)		1,700		41,752
Sierra Health Services, Inc.(a)		500		21,150
Skilled Healthcare Group, Inc. Cl. A(a)		2,400		39,312
Sunrise Senior Living, Inc.(a)		3,100		114,700
Tenet Healthcare Corp.(a) (b)		76,300		267,813
WellCare Health Plans, Inc.(a) (b)		800		19,352
				2,913,605
Holding Company – Diversified — 0.0%
Star Maritime Acquisition Corp.(a) (b)		2,700		39,879
Home Builders — 0.9%
Centex Corp.(b)		5,700		142,842
Champion Enterprises, Inc.(a) (b)		8,000		94,880
Fleetwood Enterprises, Inc.(a) (b)		5,600		50,400
KB Home(b)		7,700		212,828
Lennar Corp. Cl. A(b)		8,400		191,940
Monaco Coach Corp.		3,300		38,280
NVR, Inc.(a) (b)		400		190,300
Toll Brothers, Inc.(a)		8,100		185,571
				1,107,041
Home Furnishing — 0.5%
American Woodmark Corp.		300		7,608
Hooker Furniture Corp.		1,100		23,694
Kimball International, Inc. Cl. B		4,700		62,651
Tempur-Pedic International, Inc.(b)		9,100		327,600

	Number of Shares		Market Value
Universal Electronics, Inc.(a)		2,200	$	79,420
Whirlpool Corp.		600		47,508
				548,481
Household Products — 1.5%
ACCO Brands Corp.(a) (b)		5,800		124,352
American Greetings Corp. Cl. A		14,400		379,296
Blyth, Inc.		7,000		133,630
The Clorox Co.		1,200		75,084
CSS Industries, Inc.		1,600		63,360
Ennis, Inc.		2,900		59,276
Fossil, Inc.(a)		7,000		262,920
Helen of Troy Ltd.(a)		1,700		30,600
Prestige Brands Holdings, Inc.(a)		1,300		13,598
The Scotts Miracle-Gro Co.		3,700		169,793
Tupperware Brands Corp.		12,100		436,810
WD-40 Co.		1,900		75,240
				1,823,959
Housewares — 0.2%
Libbey, Inc.		200		3,598
The Toro Co.		3,300		183,678
				187,276
Insurance — 4.3%
Affirmative Insurance Holdings, Inc.		100		1,088
Alfa Corp.		700		12,740
Ambac Financial Group, Inc.(b)		3,500		128,905
American Equity Investment Life Holding Co.		2,100		20,517
American Financial Group, Inc.		2,150		64,285
American Physicians Capital, Inc.(a)		1,800		78,408
Amerisafe, Inc.(a)		3,200		51,744
Amtrust Financial Services, Inc.(b)		3,400		47,430
Argo Group International Holdings Ltd.(a)		2,712		115,558
Aspen Insurance Holdings Ltd.		1,000		27,360
Assurant, Inc.		4,100		239,604
Assured Guaranty Ltd.		3,400		78,438
CNA Surety Corp.(a)		2,800		55,412
CNinsure, Inc. ADR (China)(a)		1,040		26,302
The Commerce Group, Inc.		2,800		102,172
Darwin Professional Underwriters, Inc.(a)		500		11,340

	Number of Shares		Market Value
Delphi Financial Group, Inc. Cl. A		7,700	$	298,375
Donegal Group, Inc. Cl. A		300		5,151
EMC Insurance Group, Inc.		500		13,165
Everest Re Group Ltd.		500		53,270
FBL Financial Group, Inc. Cl. A		3,100		125,488
Fidelity National Financial, Inc.		7,200		110,808
First American Corp.		4,400		132,440
FPIC Insurance Group, Inc.(a)		1,000		41,780
Harleysville Group, Inc.		1,700		52,989
HCC Insurance Holdings, Inc.		4,000		119,560
Hilb, Rogal & Hobbs Co.		1,600		70,512
Horace Mann Educators Corp.		6,600		136,554
Infinity Property & Casualty Corp.		4,000		160,880
IPC Holdings Ltd.		4,000		119,640
James River Group, Inc.		100		3,430
Landamerica Financial Group, Inc.(b)		3,000		83,370
Max Capital Group Ltd.		7,600		215,004
MBIA, Inc.(b)		4,000		172,160
Meadowbrook Insurance Group, Inc.(a)		1,900		18,297
MGIC Investment Corp.(b)		1,300		25,168
The Midland Co.		1,200		76,344
Montpelier Re Holdings Ltd.		400		7,160
National Interstate Corp.		700		22,400
National Western Life Insurance Co. Cl. A		100		21,728
Navigators Group, Inc.(a)		1,000		60,300
NYMAGIC, Inc.		200		5,768
Odyssey Re Holdings Corp.		400		14,872
The Phoenix Companies, Inc.		15,500		213,590
Platinum Underwriters Holdings Ltd.		4,200		151,200
The PMI Group, Inc.		5,600		89,768
ProAssurance Corp.(a) (b)		2,600		143,364
Procentury Corp.		1,600		23,792
Radian Group, Inc.(b)		9,800		123,382
RAM Holdings Ltd.(a)		1,400		9,674
Reinsurance Group of America, Inc.		300		17,139
RLI Corp.		4,900		285,033
Safeco Corp.		3,700		214,230
Safety Insurance Group, Inc.		200		7,192
SeaBright Insurance Holdings Ltd.(a)		3,000		50,040
Selective Insurance Group		3,300		80,223

(Continued)

The accompanying notes are an integral part of the financial statements.
191

MassMutual Premier Main Street Small Cap Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
StanCorp Financial Group, Inc.		1,300	$	71,669
State Auto Financial Corp.		1,300		35,776
Torchmark Corp.		1,000		65,160
Transatlantic Holdings, Inc.		500		37,265
United America Indemnity Ltd. Cl. A(a)		6,000		132,300
United Fire & Casualty Co.		2,400		76,896
Universal American Financial Corp.(a)		800		19,408
Zenith National Insurance Corp.		4,100		164,738
				5,239,755
Internet — 4.5%
1-800-Flowers.com, Inc. Cl. A(a)		5,000		59,950
Asiainfo Holdings, Inc.(a)		6,600		80,718
Audible, Inc.(a)		800		10,552
Authorize.Net Holdings, Inc.(a)		3,900		91,143
Blue Coat Systems, Inc.(a)		5,900		239,481
Blue Nile, Inc.(a) (b)		2,900		229,216
Check Point Software Technologies Ltd.(a)		6,400		161,664
Chordiant Software, Inc.(a)		5,300		76,267
CMGI, Inc.(a)		103,300		145,653
Cogent Communications Group, Inc.(a) (b)		9,200		254,656
CyberSources Corp.(a) (b)		2,100		34,335
DealerTrack Holdings, Inc.(a)		500		24,545
Digital River, Inc.(a) (b)		6,100		323,666
EarthLink, Inc.(a)		1,900		15,029
Equinix, Inc.(a) (b)		300		34,998
eResearch Technology, Inc.(a) (b)		4,300		47,730
Expedia, Inc.(a)		5,700		186,162
F5 Networks, Inc.(a)		1,400		50,442
FTD Group, Inc.		700		9,835
Global Sources Ltd.(a) (b)		4,200		136,122
Harris Interactive, Inc.(a)		400		1,844
Ibasis, Inc.		800		6,320
Imergent, Inc.(b)		2,700		65,124
Interwoven, Inc.(a)		4,700		66,693
j2 Global Communications, Inc.(a)		11,000		370,590
Keynote Systems, Inc.(a)		300		4,407
LoopNet, Inc.(a) (b)		3,200		60,320
McAfee, Inc.(a)		6,200		256,370
Navisite, Inc.(a)		1,500		16,305
NetFlix, Inc.(a) (b)		7,500		198,525
Overstock.com, Inc.(a) (b)		2,300		89,999
Perficient, Inc.(a)		1,100		20,735

	Number of Shares		Market Value
Priceline.com, Inc.(a) (b)		1,600	$	148,960
RightNow Technologies, Inc.(a) (b)		1,400		28,028
S1 Corp.(a)		8,600		72,412
Sapient Corp.(a)		11,900		83,300
Shutterfly, Inc.(a)		1,600		53,392
SonicWALL, Inc.(a)		8,100		83,754
Stamps.com, Inc.(a)		500		6,940
TechTarget, Inc.(a)		250		4,322
TheStreet.com, Inc.(b)		3,600		48,600
TIBCO Software, Inc.(a)		36,000		330,480
Travelzoo, Inc.(a) (b)		1,300		23,400
United Online, Inc.		23,600		415,360
Valueclick, Inc.(a)		13,800		375,222
Vasco Data Security International, Inc.(a)		3,200		84,608
VeriSign, Inc.(a) (b)		7,800		265,902
Vignette Corp.(a)		3,500		60,340
Vocus, Inc.(a)		1,800		64,764
Websense, Inc.(a)		1,100		20,240
				5,539,420
Investment Companies — 0.0%
Pzena Investment Management, Inc.(a) (b)		1,100		21,318
Iron & Steel — 1.0%
AK Steel Holding Corp.(a)		4,000		200,520
Carpenter Technology Corp.		1,600		231,856
Claymont Steel Holdings, Inc.(a)		300		6,147
Cleveland-Cliffs, Inc.		200		19,130
Reliance Steel & Aluminum Co.		2,000		116,700
Schnitzer Steel Industries, Inc. Cl. A		2,200		145,354
Shiloh Industries, Inc.		400		4,204
Steel Dynamics, Inc.		4,400		234,168
United States Steel Corp.(b)		2,400		258,960
Universal Stainless & Alloy(a)		900		33,525
Wheeling-Pittsburgh Corp.(a)		800		15,736
				1,266,300
Leisure Time — 0.6%
Ambassadors Group, Inc.		1,400		25,438
Arctic Cat, Inc.(b)		600		8,652
Brunswick Corp.		10,100		225,331
Callaway Golf Co.		12,900		223,428
Polaris Industries, Inc.(b)		6,200		304,916
				787,765
Lodging — 0.3%
Monarch Casino & Resort, Inc.(a)		2,300		70,357

	Number of Shares		Market Value
Riviera Holdings Corp.(a)		100	$	2,790
Wyndham Worldwide Corp.(a)		7,000		229,810
				302,957
Machinery – Construction & Mining — 0.1%
Astec Industries, Inc.(a)		3,900		176,748
Machinery – Diversified — 1.9%
AGCO Corp.(a)		500		29,840
Applied Industrial Technologies, Inc.		8,100		287,145
Cascade Corp.		900		56,682
Cognex Corp.		1,700		30,566
Columbus McKinnon Corp.(a)		1,500		49,770
Gardner Denver, Inc.(a)		6,700		242,071
Gerber Scientific, Inc.(a)		200		2,210
Gorman-Rupp Co.		400		15,488
Hurco Companies, Inc.(a)		1,200		68,520
Intevac, Inc.(a)		1,200		21,084
Kadant, Inc.(a)		1,800		58,446
Middleby Corp.(a)		4,000		260,680
NACCO Industries, Inc. Cl. A		1,200		124,308
Nordson Corp.		600		32,100
Robbins & Myers, Inc.(b)		3,700		267,510
Rockwell Automation, Inc.		4,100		282,408
Sauer-Danfoss, Inc.		1,900		49,210
Tecumseh Products Co. Cl. A(a)		3,100		56,017
Tennant Co.		1,900		89,604
TurboChef Technologies, Inc.(a)		400		6,144
Wabtec Corp.		4,900		183,897
Zebra Technologies Corp. Cl. A(a)		1,300		50,817
				2,264,517
Machinery & Components — 0.0%
Watsco, Inc.		600		24,984
Manufacturing — 2.0%
A.O. Smith Corp.		800		29,912
Actuant Corp. Cl. A(b)		3,400		234,532
Acuity Brands, Inc.		6,700		320,260
Ameron International Corp.		400		43,148
AptarGroup, Inc.		1,100		49,170
AZZ, Inc.(a)		500		17,050
Barnes Group, Inc.		5,000		183,650
Blount International, Inc.(a)		3,300		40,359
Ceradyne, Inc.(a)		5,300		362,573
Crane Co.		100		4,744
Eastman Kodak Co.(b)		500		14,330

(Continued)

The accompanying notes are an integral part of the financial statements.
192

MassMutual Premier Main Street Small Cap Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
EnPro Industries, Inc.(a)		5,400	$	221,454
Freightcar America, Inc.		400		17,280
GenTek, Inc.(a) (b)		700		23,800
Koppers Holdings, Inc.		2,300		103,040
LSB Industries, Inc.(a)		600		16,212
Matthews International Corp. Cl. A		500		22,785
McCoy Corp. CAD		6,200		29,401
Myers Industries, Inc.		2,800		59,332
Pall Corp.		1,200		48,084
Raven Industries, Inc.		1,000		43,210
Reddy Ice Holdings, Inc.		1,700		47,073
SPX Corp.		2,500		253,250
Sturm, Ruger & Co., Inc.(a)		4,100		38,335
Teleflex, Inc.		2,800		204,988
Tredegar Corp.		3,100		54,002
				2,481,974
Media — 1.1%
Acacia Research - Acacia Technologies(a)		4,500		74,295
Charter Communications, Inc. Cl. A(a) (b)		84,300		174,501
Cox Radio, Inc. Cl. A(a)		7,900		95,432
Cumulus Media, Inc. Cl. A(a) (b)		3,200		32,992
DG FastChannel, Inc.(a) (b)		1,000		24,590
Entravision Communications Corp. Cl. A(a)		22,200		202,020
Gray Television, Inc.		1,200		11,352
Journal Communications, Inc. Cl. A		2,100		18,711
Lin TV Corp. Cl. A(a)		5,900		85,963
Mediacom Communications Corp.(a)		6,300		36,225
Nexstar Broadcasting Group, Inc. Cl. A(a)		100		943
Scholastic Corp.(a)		6,200		245,396
Sinclair Broadcast Group, Inc. Cl. A(b)		18,500		222,740
Tribune Co.		2,388		72,261
Westwood One, Inc.		1,300		2,782
				1,300,203
Metal Fabricate & Hardware — 1.3%
Ampco-Pittsburgh Corp.		1,700		68,136
Circor International, Inc.		1,800		90,414
Haynes International, Inc.(a)		700		61,264
Kaydon Corp.		3,300		177,507
LB Foster Co. Cl. A(a)		1,700		73,185
Mueller Industries, Inc.		5,300		190,588
Quanex Corp.		6,800		280,092
RBC Bearings, Inc.(a)		2,400		96,456

	Number of Shares		Market Value
Sun Hydraulics Corp.		2,050	$	73,779
Valmont Industries, Inc.		1,400		134,008
Worthington Industries, Inc.(b)		12,800		320,000
				1,565,429
Mining — 1.1%
Amerigo Resources Ltd. CAD		15,600		45,009
Brush Engineered Materials, Inc.(a)		1,000		48,300
Century Aluminum Co.(a) (b)		6,900		401,511
Compass Minerals International, Inc.		7,200		265,752
Farallon Resources Ltd. CAD(a)		20,100		16,660
Hecla Mining Co.(a)		33,700		324,194
Redcorp Ventures LGN CAD		89,600		26,321
Usec, Inc.(a) (b)		19,400		170,720
				1,298,467
Office Equipment/Supplies — 0.2%
Ikon Office Solutions, Inc.		22,300		294,360
Office Furnishings — 0.6%
Herman Miller, Inc.		2,900		78,938
HNI Corp.(b)		1,900		82,384
Interface, Inc. Cl. A		9,700		185,561
Knoll, Inc.		15,100		286,749
Steelcase, Inc. Cl. A		8,600		153,682
				787,314
Oil & Gas — 1.3%
Alon USA Energy, Inc.		800		29,416
Atwood Oceanics, Inc.(a)		300		25,272
Berry Petroleum Co. Cl. A		4,600		224,112
Bill Barrett Corp.(a) (b)		600		28,080
Celtic Exploration Ltd. CAD(a)		400		5,519
Continental Resources, Inc.(a)		1,700		39,967
Delek US Holdings, Inc.		1,600		38,384
Ensign Energy Services, Inc. CAD		1,300		23,173
Frontier Oil Corp.		700		32,053
Galleon Energy, Inc. Cl. A CAD(a)		1,900		28,685
Grey Wolf, Inc.(a) (b)		29,900		168,337
Holly Corp.		1,800		113,040
Jura Energy Corp. CAD(a)		13,900		8,896
Mariner Energy, Inc.(a)		5,400		135,000
Midnight Oil Exploration Ltd. CAD		3,800		5,183

	Number of Shares		Market Value
Paramount Resources Ltd. Cl. A CAD(a)		1,200	$	23,241
Patterson-UTI Energy, Inc.		600		11,964
Petrohawk Energy Corp.(a)		1,300		24,050
Real Resources, Inc. CAD(a)		1,100		12,441
Rosetta Resources, Inc.(a)		4,100		77,900
Stone Energy Corp.(a)		5,400		240,732
Sure Energy, Inc. CAD(a)		200		201
Tesoro Corp.		4,400		266,332
TUSK Energy Corp. CAD(a)		9,700		15,570
				1,577,548
Oil & Gas Services — 1.6%
Dawson Geophysical Co.(a)		1,100		87,791
Dresser-Rand Group, Inc.(a)		4,800		185,760
Dril-Quip, Inc.(a)		200		10,666
Exterran Holdings, Inc.(a)		1,100		92,620
Global Industries Ltd.(a)		8,400		206,808
Gulf Island Fabrication, Inc.		1,500		52,380
Hercules Offshore, Inc.(a) (b)		3,950		106,808
Leader Energy Services Ltd. CAD(a)		9,100		1,337
Markwest Hydrocarbon, Inc.		400		24,192
Matrix Service Co.(a)		1,600		47,184
NATCO Group, Inc. Cl. A(a)		4,300		229,233
Newpark Resources, Inc.(a)		5,400		33,858
Oil States International, Inc.(a) (b)		4,900		211,631
SEACOR Holdings, Inc.(a)		2,400		219,960
T-3 Energy Services, Inc.(a)		1,400		66,528
Technicoil Corp. CAD(a)		17,900		10,892
Tidewater, Inc.(b)		1,200		65,604
Trican Well Service Ltd. CAD		1,400		29,376
Trico Marine Services, Inc.(a)		100		3,245
Willbros Group, Inc.(a) (b)		6,200		237,274
				1,923,147
Packaging & Containers — 0.6%
AEP Industries, Inc.(a)		600		23,910
Crown Holdings, Inc.(a)		4,700		116,560
Graphic Packaging Corp.(a)		1,000		4,920
Owens-Illinois, Inc.(a)		5,800		257,636
Packaging Corp. of America		6,100		194,224
Pactiv Corp.(a)		600		16,482
Silgan Holdings, Inc.		3,200		174,624
				788,356
Pharmaceuticals — 3.1%
Alpharma, Inc. Cl. A(a)		1,300		26,806
AmerisourceBergen Corp.		5,400		254,394

(Continued)

The accompanying notes are an integral part of the financial statements.
193

MassMutual Premier Main Street Small Cap Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Auxilium Pharmaceuticals, Inc.(a)		1,800	$	47,538
Bradley Pharmaceuticals, Inc.(a)		2,100		41,307
Caraco Pharmaceutical Laboratories Ltd.(a)		200		3,114
Cubist Pharmaceuticals, Inc.(a)		11,000		257,400
Cypress Bioscience, Inc.(a)		1,800		24,282
CytRx Corp.(a) (b)		9,600		36,288
Endo Pharmaceuticals Holdings, Inc.(a)		3,800		111,340
Forest Laboratories, Inc.(a)		6,400		250,048
Impax Laboratories, Inc.(a)		100		1,075
King Pharmaceuticals, Inc.(a)		17,600		186,560
K-V Pharmaceutical Co. Cl. A(a)		5,600		175,504
Medicis Pharmaceutical Corp. Cl. A(b)		9,100		270,179
MGI Pharma, Inc.(a) (b)		11,700		381,186
NBTY, Inc.(a)		5,000		178,000
Noven Pharmaceuticals, Inc.(a)		600		9,276
Obagi Medical Products, Inc.(a)		3,500		76,440
OSI Pharmaceuticals, Inc.(a)		7,800		324,246
Pain Therapeutics, Inc.(a) (b)		1,600		16,416
Par Pharmaceutical Cos., Inc.(a)		2,800		51,632
Perrigo Co.		9,000		213,390
PetMed Express, Inc.(a)		2,900		42,282
PharMerica Corp.(a) (b)		2,367		37,754
Pozen, Inc.(a) (b)		3,700		34,632
Salix Pharmaceuticals Ltd.(a) (b)		1,800		21,060
Sciele Pharma, Inc.(a) (b)		12,100		307,824
Sepracor, Inc.(a)		7,100		195,534
Valeant Pharmaceuticals International(a)		4,500		65,475
ViroPharma, Inc.(a) (b)		1,300		11,193
Xenoport, Inc.(a)		2,600		127,608
				3,779,783
Pipelines — 0.0%
Oneok, Inc.		700		34,958
Real Estate — 0.1%
Dupont Fabros Technology REIT(a)		2,200		47,256
Stratus Properties, Inc.(a)		300		10,380
W.P. Carey & Co. LLC		600		20,970
				78,606

	Number of Shares		Market Value
Real Estate Investment Trusts (REITS) — 2.5%
Acadia Realty Trust REIT		300	$	7,950
Agree Realty Corp. REIT		900		29,142
Alexandria Real Estate Equities, Inc. REIT		700		72,198
Arbor Realty Trust, Inc.		900		16,992
Ashford Hospitality Trust		5,000		49,200
Associated Estates Realty Corp. REIT		600		7,284
BioMed Realty Trust, Inc. REIT		200		4,778
Brandywine Realty Trust REIT		2,300		59,501
Capital Trust Cl. A REIT(b)		800		26,976
CBL & Associates Properties, Inc. REIT		2,300		76,153
Cedar Shopping Centers, Inc. REIT		1,100		14,135
Colonial Properties Trust REIT(b)		500		15,665
Corporate Office Properties Trust REIT		900		37,197
DiamondRock Hospitality Co.		5,400		103,464
Digital Realty Trust, Inc. REIT		3,200		140,768
Eastgroup Properties REIT		800		38,144
Entertainment Properties Trust REIT		1,500		82,305
Equity Lifestyle Properties, Inc. REIT		800		40,192
Equity One, Inc.		2,800		73,304
FelCor Lodging Trust, Inc.		4,700		98,418
First Industrial Realty Trust, Inc.(b)		3,900		158,925
Glimcher Realty Trust REIT		600		13,320
Gramercy Capital Corp.		1,100		29,007
Hersha Hospitality Trust		1,200		12,972
Highwoods Properties, Inc.		2,500		89,900
Home Properties, Inc.(b)		700		35,994
Inland Real Estate Corp.		5,100		75,990
Kite Realty Group Trust REIT		1,400		25,368
LaSalle Hotel Properties		1,400		57,848
Lexington Realty Trust REIT(b)		2,500		49,475
LTC Properties, Inc.		1,600		40,544
Medical Properties Trust, Inc.(b)		600		7,878
Mid-America Apartment Communities, Inc. REIT		900		46,800
National Health Investors, Inc.		600		17,574
National Retail Properties, Inc. REIT(b)		4,400		111,540

	Number of Shares		Market Value
Nationwide Health Properties, Inc. REIT		6,500	$	202,930
Newcastle Investment Corp.(b)		2,100		31,185
Omega Healthcare Investors, Inc. REIT		3,900		65,247
Parkway Properties, Inc. REIT		1,200		51,600
Pennsylvania REIT		2,600		99,190
PS Business Parks, Inc. REIT		1,100		64,130
RAIT Financial Trust		2,400		21,840
Ramco-Gershenson Properties Trust		1,000		28,610
Realty Income Corp.(b)		5,000		147,700
Redwood Trust, Inc.(b)		700		18,445
Resource Capital Corp.(b)		200		2,064
Saul Centers, Inc. REIT(b)		500		27,410
Senior Housing Properties Trust		5,900		132,278
Sovran Self Storage, Inc. REIT		600		28,386
Strategic Hotels & Resorts, Inc. REIT		3,300		72,072
Sunstone Hotel Investors, Inc.		3,200		88,992
Tanger Factory Outlet Centers, Inc. REIT		2,400		101,088
Taubman Centers, Inc. REIT		1,000		58,870
Washington REIT		1,500		52,830
				3,061,768
Retail — 5.5%
A.C. Moore Arts & Crafts, Inc.(a)		2,700		45,144
Abercrombie & Fitch Co. Cl. A(b)		3,000		237,600
Aeropostale, Inc.(a)		15,300		350,370
AFC Enterprises, Inc.(a)		1,600		21,360
AnnTaylor Stores Corp.(a)		1,300		40,287
Applebee's International, Inc.		10,600		268,604
Asbury Automotive Group, Inc.		2,100		38,493
AutoNation, Inc.(a) (b)		10,900		192,821
AutoZone, Inc.(a) (b)		1,900		236,379
Barnes & Noble, Inc.		5,900		227,976
Big 5 Sporting Goods Corp.		1,200		21,420
Big Lots, Inc.(a)		7,100		170,258
BJ's Wholesale Club, Inc.(a)		8,900		319,332
Blockbuster, Inc. Cl. A(a) (b)		42,800		225,128
Bob Evans Farms, Inc.		8,700		245,166
Books-A-Million, Inc.		1,800		24,102

(Continued)

The accompanying notes are an integral part of the financial statements.
194

MassMutual Premier Main Street Small Cap Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Brown Shoe Co., Inc.		9,650	$	196,860
The Buckle, Inc.		8,200		353,420
Buffalo Wild Wings, Inc.(a) (b)		2,100		64,386
Casey's General Stores, Inc.		6,100		173,850
Cato Corp. Cl. A		2,000		40,160
CBRL Group, Inc.		1,003		40,020
CEC Entertainment, Inc.(a)		2,700		80,460
Chico's FAS, Inc.(a)		8,500		111,690
Chipotle Mexican Grill, Inc. Cl. A(a) (b)		500		69,500
Christopher & Banks Corp.		700		9,604
Conn's, Inc.(a) (b)		2,700		69,039
CSK Auto Corp.(a)		100		1,140
Denny's Corp.(a)		14,100		67,962
Dollar Tree Stores, Inc.(a)		5,700		218,310
Domino's Pizza, Inc.		7,100		109,624
Dress Barn, Inc.(a)		11,400		186,846
Family Dollar Stores, Inc.		8,600		218,010
Hibbett Sports, Inc.(a)		3,200		75,488
Hot Topic, Inc.(a)		5,800		44,428
IHOP Corp.(b)		3,200		202,656
Insight Enterprises, Inc.(a)		1,600		44,224
Jack in the Box, Inc.(a)		1,000		31,370
Jo-Ann Stores, Inc.(a)		2,500		48,175
Jos. A. Bank Clothiers, Inc.(a) (b)		2,500		73,025
Landry's Restaurants, Inc.(b)		300		8,616
Luby's, Inc.(a)		600		6,630
McCormick & Schmick's Seafood Restaurants, Inc.(a)		100		1,698
Men's Wearhouse, Inc.(b)		4,700		198,622
Movado Group, Inc.		3,400		102,306
Nu Skin Enterprises, Inc. Cl. A		1,600		27,632
O'Charley's, Inc.		200		3,206
Office Depot, Inc.(a)		7,200		135,072
Pacific Sunwear of California, Inc.(a)		1,300		21,736
PC Connection, Inc.(a) (b)		1,600		23,520
The PEP Boys-Manny, Moe & Jack(b)		5,100		75,021
Pier 1 Imports, Inc.(a) (b)		6,100		31,049
PriceSmart, Inc.(b)		1,200		34,128
RadioShack Corp.(b)		9,000		185,580
Regis Corp.		4,100		137,760
Sally Beauty Co., Inc.(a)		17,400		160,950
School Specialty, Inc.(a) (b)		1,100		37,125
Select Comfort Corp.(a)		3,300		37,719
Sonic Automotive, Inc.		3,600		90,936
Stage Stores, Inc.		2,850		53,466
Systemax, Inc.(b)		2,800		65,520

	Number of Shares		Market Value
Talbots, Inc.(b)		1,100	$	16,181
Ulta Salon, Cosmetics & Fragrance, Inc.(a)		1,110		37,962
Wendy's International, Inc.		1,900		66,044
West Marine, Inc.(a)		600		6,474
				6,759,640
Savings & Loans — 0.4%
Brookline Bancorp, Inc.		600		6,456
Downey Financial Corp.(b)		3,600		146,628
First Niagara Financial Group, Inc.		15,600		205,920
FirstFed Financial Corp.(a) (b)		2,800		119,784
KNBT Bancorp, Inc.		100		1,714
TierOne Corp.(b)		1,400		31,990
WSFS Financial Corp.		400		23,064
				535,556
Semiconductors — 6.6%
Actel Corp.(a)		1,200		13,668
Advanced Analogic Technologies, Inc.(a)		1,000		12,080
AMIS Holdings, Inc.(a)		12,100		92,807
Amkor Technology, Inc.(a)		21,700		245,861
Analog Devices, Inc.		7,400		247,604
Asyst Technologies, Inc.(a)		2,800		13,440
Atmel Corp.(a)		32,200		157,458
ATMI, Inc.(a)		7,800		250,692
AuthenTec, Inc.(a)		1,200		19,332
Brooks Automation, Inc.(a)		19,900		258,302
Cabot Microelectronics Corp.(a) (b)		5,500		218,240
Cohu, Inc.		1,800		29,520
Credence Systems Corp.(a)		13,900		42,395
DSP Group, Inc.(a)		700		11,053
Emcore Corp.(a) (b)		4,900		52,871
Emulex Corp.(a)		13,900		301,074
Entegris, Inc.(a) (b)		23,200		211,816
Exar Corp.(a)		2,300		27,968
Hittite Microwave Corp.(a)		800		40,200
Integrated Device Technology, Inc.(a)		13,000		174,590
Intersil Corp. Cl. A		7,300		221,482
IXYS Corp.(a)		400		4,220
KLA-Tencor Corp.(b)		5,200		273,780
Kulicke & Soffa Industries, Inc.(a) (b)		8,900		67,373
Lam Research Corp.(a)		4,600		230,920
Linear Technology Corp.(b)		7,900		260,858
LTX Corp.(a)		5,000		16,550
Mattson Technology, Inc.(a)		5,300		46,004
Micrel, Inc.		23,600		213,580
Microtune, Inc.(a)		4,000		24,120

	Number of Shares		Market Value
MIPS Technologies, Inc.(a)		3,100	$	24,490
MKS Instruments, Inc.(a)		12,800		257,024
Monolithic Power Systems, Inc.(a)		3,500		76,755
National Semiconductor Corp.		10,100		253,914
Netlogic Microsystems, Inc.(a) (b)		2,500		83,000
Novellus Systems, Inc.(a)		7,800		221,598
ON Semiconductor Corp.(a)		15,500		158,100
PMC-Sierra, Inc.(a)		35,300		318,053
QLogic Corp.(a)		20,600		319,918
Rambus, Inc.(a)		1,500		29,685
Rudolph Technologies, Inc.(a)		2,800		36,484
Semtech Corp.(a)		14,700		251,517
Silicon Laboratories, Inc.(a)		7,300		319,010
SiRF Technology Holdings, Inc.(a) (b)		4,700		140,107
Skyworks Solutions, Inc.(a)		29,500		271,990
Standard Microsystems Corp.(a)		3,100		120,900
Supertex, Inc.(a)		1,600		58,464
Teradyne, Inc.(a)		14,700		181,398
Tessera Technologies, Inc.(a)		2,400		91,656
Ultra Clean Holdings, Inc.(a)		1,800		23,112
Ultratech, Inc.(a)		900		10,431
Varian Semiconductor Equipment Associates, Inc.(a)		4,500		207,090
Veeco Instruments, Inc.(a)		2,700		48,789
Verigy Ltd.(a)		10,900		250,591
Volterra Semiconductor Corp.(a) (b)		1,700		20,893
Xilinx, Inc.		9,500		231,800
Zoran Corp.(a)		11,400		290,700
				8,077,327
Software — 7.2%
Activision, Inc.(a)		9,800		231,770
Actuate Corp.(a)		10,100		88,779
Acxiom Corp.		6,300		82,782
Advent Software, Inc.(a) (b)		3,600		199,188
American Software Cl. A		200		1,622
Ansys, Inc.(a)		4,700		182,407
Aspen Technology, Inc.(a)		20,500		357,520
Autodesk, Inc.(a)		6,300		308,070
BEA Systems, Inc.(a) (b)		15,700		265,330
Blackbaud, Inc.		7,300		196,735
Blackboard, Inc.(a) (b)		3,600		179,640
BMC Software, Inc.(a)		7,700		260,568

(Continued)

The accompanying notes are an integral part of the financial statements.
195

MassMutual Premier Main Street Small Cap Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Broadridge Financial Solutions, Inc.		6,200	$	124,000
Citrix Systems, Inc.(a)		6,200		266,538
Cognos, Inc.(a)		3,600		181,188
Commvault Systems, Inc.(a)		1,800		36,612
Computer Programs & Systems, Inc.		600		14,862
Compuware Corp.(a)		21,500		215,000
Concur Technologies, Inc.(a)		5,400		194,616
CSG Systems International, Inc.(a)		6,800		139,604
DivX, Inc.(a)		800		10,024
Double-Take Software, Inc.(a)		1,300		30,979
Dun & Bradstreet Corp.		400		38,740
Eclipsys Corp.(a)		4,000		90,240
Epicor Software Corp.(a)		1,100		12,848
EPIQ Systems, Inc.(a)		3,250		63,018
Fair Isaac Corp.(b)		6,100		231,312
FalconStor Software, Inc.(a) (b)		5,500		77,165
Fidelity National Information Services, Inc.		5,600		258,272
Fiserv, Inc.(a)		1,500		83,100
Informatica Corp.(a)		15,200		259,616
InnerWorkings, Inc.(a)		800		12,872
Interactive Intelligence, Inc.(a)		1,900		49,495
Intuit, Inc.(a)		8,800		283,096
JDA Software Group, Inc.(a)		3,000		74,880
Lawson Software, Inc.(a)		23,600		266,444
Longtop Financial Technologies Ltd. ADR (China)(a) (b)		652		18,517
ManTech International Corp. Cl. A(a)		7,100		282,296
MicroStrategy, Inc. Cl. A(a)		3,300		324,489
NAVTEQ Corp.(a)		900		69,480
Noah Education Holdings Ltd. ADR (China)(a) (b)		3,260		58,582
Novell, Inc.(a)		24,300		183,708
Nuance Communications, Inc.(a) (b)		3,500		77,385
Omnicell, Inc.(a)		7,100		187,440
Omniture, Inc.(a) (b)		6,700		228,872
Open Text Corp.(a) (b)		6,700		209,040
Parametric Technology Corp.(a)		1,800		34,380
Phase Forward, Inc.(a)		4,700		111,813
Progress Software Corp.(a)		2,200		71,962
PROS Holdings, Inc.(a)		3,600		64,728
Quest Software, Inc.(a) (b)		9,800		170,520

	Number of Shares		Market Value
Red Hat, Inc.(a)		10,400	$	224,536
Salesforce.com, Inc.(a)		1,500		84,555
SPSS, Inc.(a)		3,400		129,200
Sybase, Inc.(a)		4,800		137,280
Synchronoss Technologies, Inc.(a) (b)		4,500		180,000
Taleo Corp., Cl. A(a)		2,800		78,260
THE9 Ltd. ADR (Cayman Islands)(a) (b)		3,800		120,650
THQ, Inc.(a)		7,200		195,048
Total System Services, Inc.(b)		1,100		32,956
Ultimate Software Group, Inc.(a)		1,600		55,216
Wind River Systems, Inc.(a) (b)		7,100		88,821
				8,788,666
Telecommunications — 4.9%
ADC Telecommunications, Inc.(a)		16,800		314,160
ADTRAN, Inc.		14,900		358,643
Alaska Communications Systems Group, Inc.		5,400		87,858
Anaren, Inc.(a)		300		4,701
Andrew Corp.(a) (b)		8,100		118,746
Anixter International, Inc.(a) (b)		400		28,740
Arris Group, Inc.(a)		10,800		124,200
Atheros Communications, Inc.(a)		2,200		77,220
Atlantic Tele-Network, Inc.		1,500		53,865
Cbeyond, Inc.(a)		6,800		266,016
C-COR, Inc.(a)		4,000		49,040
Cellcom Israel Ltd.(a)		550		14,592
Centennial Communications Corp.(a)		8,000		81,920
CenturyTel, Inc.		4,200		185,010
Cincinnati Bell, Inc.(a)		68,900		373,438
Citizens Communications Co.		2,753		36,229
CommScope, Inc.(a) (b)		3,700		174,529
Comtech Telecommunications(a) (b)		6,700		363,475
Consolidated Communications Holdings, Inc.		2,600		51,766
CPI International, Inc.(a)		800		16,256
Dobson Communications Corp. Cl. A(a)		5,300		68,582
Embarq Corp.		4,100		216,972
EMS Technologies, Inc.(a)		2,500		70,100
Extreme Networks, Inc.(a)		13,300		58,254
Fairpoint Communications, Inc.		2,000		36,980

	Number of Shares		Market Value
Foundry Networks, Inc.(a)		11,000	$	232,540
General Communication, Inc. Cl. A(a)		1,000		11,730
GeoEye, Inc.(a)		2,300		72,013
Globecomm Systems Inc.(a)		200		3,088
Harmonic, Inc.(a)		8,400		103,488
Hypercom Corp.(a)		500		2,705
InterDigital, Inc.(a) (b)		6,000		128,940
Iowa Telecommunications Services, Inc.		4,200		82,824
Ixia(a)		1,600		16,736
Knology, Inc.(a)		500		8,395
Loral Space & Communications(a)		800		32,304
Mastec, Inc.(a)		5,500		86,845
Maxcom Telecomunicaciones SA de CV ADR (Mexico)(a) (b)		400		6,944
Network Equipment Technologies, Inc.(a) (b)		4,800		71,520
North Pittsburgh Systems, Inc.		200		4,856
Novatel Wireless, Inc.(a)		4,500		117,000
NTELOS Holdings Corp.		4,900		147,931
OpNext, Inc.(a)		400		4,760
PAETEC Holding Corp.(a)		2,000		26,900
Plantronics, Inc.		8,400		229,740
Premiere Global Services, Inc.(a)		16,900		278,512
RF Micro Devices, Inc.(a) (b)		36,400		226,408
Rural Cellular Corp. Cl. A(a)		800		35,496
ShoreTel, Inc.(a)		4,000		72,760
Surewest Communications		300		7,944
Switch & Data Facilities Co., Inc.(a)		200		3,936
Syniverse Holdings, Inc.(a)		4,400		73,436
Telephone and Data Systems, Inc.(b)		3,700		258,260
Tellabs, Inc.(a)		7,400		65,194
Time Warner Telecom, Inc. Cl. A(a)		1,600		37,184
USA Mobility, Inc.(a)		1,300		20,332
Viasat, Inc.(a)		3,800		115,900
Windstream Corp.		9,300		125,085
				5,942,998
Textiles — 0.2%
Mohawk Industries, Inc.(a) (b)		2,300		196,282
UniFirst Corp./MA		500		18,815
				215,097

(Continued)

The accompanying notes are an integral part of the financial statements.
196

MassMutual Premier Main Street Small Cap Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Toys, Games & Hobbies — 0.3%
JAKKS Pacific, Inc.(a) (b)		3,400	$	90,100
Marvel Entertainment, Inc.(a) (b)		10,000		247,400
RC2 Corp.(a)		1,600		47,712
				385,212
Transportation — 1.4%
ABX Air, Inc.(a)		4,000		25,280
American Commercial Lines, Inc.(a) (b)		3,600		53,676
Arlington Tankers Ltd.		200		4,920
Atlas Air Worldwide Holdings, Inc.(a)		2,100		123,039
CAI International, Inc.(a)		3,600		47,916
Con-way, Inc.		3,500		149,135
Double Hull Tankers, Inc.		900		13,977
Excel Maritime Carriers Ltd.(b)		2,700		190,593
Genco Shipping & Trading Ltd.(b)		400		28,756
General Maritime Corp.(b)		1,500		42,270
Gulfmark Offshore, Inc.(a) (b)		5,300		246,874
Horizon Lines, Inc. Cl. A		6,200		195,052
Hub Group, Inc. Cl. A(a)		7,600		192,812
Knightsbridge Tankers Ltd.(b)		800		20,384
Landstar System, Inc.		3,900		164,151
Overseas Shipholding Group, Inc.		2,600		193,440
Pacer International, Inc.		2,100		30,954
				1,723,229
TOTAL EQUITIES (Cost $116,904,264)				121,029,110
WARRANTS — 0.0%
Mining
Redcorp Ventures, Ltd. Warrants, Expires 7/10/2009, Strike 0.65 CAD		44,800		3,525
TOTAL WARRANTS (Cost $0)				3,525
TOTAL LONG TERM INVESTMENTS (Cost $116,904,264)				121,032,635

	Principal Amount		Market Value
SHORT-TERM INVESTMENTS — 19.2%
Cash Equivalents — 18.2%(d)
Abbey National PLC Eurodollar Time Deposit 4.850% 11/08/2007	$	160,485	$	160,485
ABN Amro Bank NV Eurodollar Time Deposit 4.795% 11/21/2007		401,214		401,214
ABN Amro Bank NV Eurodollar Time Deposit 4.950% 11/14/2007		320,971		320,971
ABN Amro Bank NV Eurodollar Time Deposit 5.050% 11/13/2007		481,456		481,456
Bank of Nova Scotia Eurodollar Time Deposit 4.650% 11/30/2007		200,607		200,607
Bank of Nova Scotia Eurodollar Time Deposit 4.800% 11/26/2007		481,456		481,456
Bank of Nova Scotia Eurodollar Time Deposit 4.940% 11/16/2007		320,971		320,971
Bank of Nova Scotia Eurodollar Time Deposit 4.950% 11/19/2007		200,607		200,607
Bank of Nova Scotia Eurodollar Time Deposit 5.000% 11/15/2007		200,607		200,607
Barclays Eurodollar Time Deposit 5.000% 01/22/2008		240,728		240,728
Barclays Eurodollar Time Deposit 5.330% 11/05/2007		200,607		200,607
BNP Paribas Eurodollar Time Deposit 4.720% 11/01/2007		962,913		962,913
BNP Paribas Eurodollar Time Deposit 4.800% 11/23/2007		401,214		401,214
BNP Paribas Eurodollar Time Deposit 4.900% 11/01/2007		401,214		401,214
BNP Paribas Eurodollar Time Deposit 5.020% 11/15/2007		240,728		240,728
Calyon Eurodollar Time Deposit 4.875% 11/01/2007		802,427		802,427
Calyon Eurodollar Time Deposit 5.330% 11/07/2007		802,427		802,427

	Principal Amount		Market Value
Canadian Imperial Bank of Commerce Eurodollar Time Deposit 5.340% 11/09/2007	$	160,485	$	160,485
Dexia Group Eurodollar Time Deposit 4.980% 11/14/2007		521,578		521,578
Dexia Group Eurodollar Time Deposit 5.000% 11/05/2007		200,607		200,607
Dexia Group Eurodollar Time Deposit 5.100% 11/05/2007		240,728		240,728
Fifth Third Bancorp Eurodollar Time Deposit 4.625% 11/01/2007		601,820		601,820
Fortis Bank Eurodollar Time Deposit 4.820% 11/01/2007		802,427		802,427
Fortis Bank Eurodollar Time Deposit 5.330% 11/05/2007		601,820		601,820
Freddie Mac Agency 4.533% 11/05/2007		50,427		50,427
Freddie Mac Agency Discount Note 4.527% 11/13/2007		156,196		156,196
General Electric Capital Corp. 4.822% 11/14/2007		798,790		798,790
JP Morgan Chase & Co. Eurodollar Time Deposit 5.150% 02/12/2008		401,214		401,214
Lloyds TSB Bank Eurodollar Time Deposit 4.880% 11/20/2007		601,820		601,820
Lloyds TSB Bank Eurodollar Time Deposit 4.950% 11/09/2007		401,214		401,214
National Australia Bank Eurodollar Time Deposit 4.800% 11/01/2007		802,427		802,427
Rabobank Nederland Eurodollar Time Deposit 4.813% 11/01/2007		802,427		802,427
Rabobank Nederland Eurodollar Time Deposit 4.820% 11/08/2007		601,820		601,820
Rabobank Nederland Eurodollar Time Deposit 4.950% 11/01/2007		361,092		361,092
Rabobank Nederland Eurodollar Time Deposit 4.950% 11/15/2007		200,607		200,607

(Continued)

The accompanying notes are an integral part of the financial statements.
197

MassMutual Premier Main Street Small Cap Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Reserve Primary Money Market Fund(c)	$	364,753	$	364,753
Royal Bank of Canada Eurodollar Time Deposit 4.950% 11/16/2007		240,728		240,728
Royal Bank of Scotland Eurodollar Time Deposit 4.950% 11/01/2007		1,203,641		1,203,641
Royal Bank of Scotland Eurodollar Time Deposit 5.000% 01/22/2008		200,607		200,607
Royal Bank of Scotland Eurodollar Time Deposit 5.330% 11/07/2007		401,214		401,214
Societe Generale Eurodollar Time Deposit 4.813% 11/01/2007		802,427		802,427
Societe Generale Eurodollar Time Deposit 5.050% 11/02/2007		320,971		320,971
Societe Generale Eurodollar Time Deposit 5.050% 11/19/2007		160,485		160,485
Societe Generale Eurodollar Time Deposit 5.120% 11/01/2007		320,971		320,971
Svenska Handlesbanken Eurodollar Time Deposit 4.840% 11/01/2007		1,253,596		1,253,596
Toronto Dominion Bank Eurodollar Time Deposit 4.880% 11/06/2007		200,607		200,607
Toronto Dominion Bank Eurodollar Time Deposit 5.000% 11/07/2007		601,820		601,820
UBS AG Eurodollar Time Deposit 5.365% 11/08/2007		200,607		200,607
Wells Fargo Eurodollar Time Deposit 4.750% 11/23/2007		401,214		401,214
Wells Fargo Eurodollar Time Deposit 4.800% 11/09/2007		401,214		401,214
				22,202,986

	Principal Amount		Market Value
Repurchase Agreements — 1.0%
State Street Bank & Trust Co. Repurchase Agreement, dated 10/31/2007, 3.01%, due 11/01/2007(e)	$	1,227,590	$	1,227,590
TOTAL SHORT-TERM INVESTMENTS (Cost $23,430,576)				23,430,576
TOTAL INVESTMENTS — 118.4% (Cost $140,334,840)(f)				144,463,211
Other Assets/ (Liabilities) — (18.4%)				(22,459,427	)
NET ASSETS — 100.0%			$	122,003,784

Notes to Portfolio of Investments

ADR - American Depository Receipt

CAD - Canadian Dollar

(a) Non-income producing security.

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

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

(e) Maturity value of $1,227,693. Collateralized by a U.S. Government Agency obligation with a rate of 5.441%, maturity date of 05/15/2036, and an aggregate market value, including accrued interest, of $1,254,184.

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

The accompanying notes are an integral part of the financial statements.
198

MassMutual Premier Small Company Opportunities Fund – Portfolio of Investments

October 31, 2007

	Number of Shares		Market Value
EQUITIES — 99.0%
COMMON STOCK — 99.0%
Advertising — 0.2%
Gaiam, Inc. Cl. A(a)		9,900	$	230,175
Getty Images, Inc.(a)		15,300		432,225
Greenfield Online, Inc.(a)		10,600		161,756
ValueVision Media, Inc. Cl. A(a)		2,500		12,925
				837,081
Aerospace & Defense — 1.2%
Aerovironment, Inc.(a)		2,900		74,617
Curtiss-Wright Corp.		23,900		1,345,331
DRS Technologies, Inc.		17,300		993,712
Ducommun, Inc.(a)		4,000		158,920
EDO Corp.(b)		1,700		98,600
HEICO Corp.(b)		4,600		250,424
Kaman Corp.		3,918		147,748
Orbital Sciences Corp.(a)		28,361		724,056
Sequa Corp. Cl. A(a)		3,052		530,499
United Industrial Corp.(b)		3,530		285,295
				4,609,202
Agriculture — 0.6%
Alliance One International, Inc.(a)		15,500		101,215
Loews Corp. - Carolina Group		2,786		238,983
Universal Corp.(b)		18,800		916,312
UST, Inc.		16,200		863,784
Vector Group Ltd.(b)		18,195		398,107
				2,518,401
Airlines — 1.2%
Allegiant Travel Co.(a)		3,300		118,866
AMR Corp.(a)		32,700		784,800
Continental Airlines, Inc. Cl. B(a)		19,700		676,695
Copa Holdings SA Cl. A		10,500		397,005
Delta Air Lines, Inc.(a)		8,000		166,400
Northwest Airlines Corp.(a)		35,100		651,105
Pinnacle Airlines Corp.(a) (b)		12,000		190,080
Republic Airways Holdings, Inc.(a)		16,400		349,156
SkyWest, Inc.		2,000		54,580
UAL Corp.(a) (b)		15,000		718,500
US Airways Group, Inc.(a) (b)		23,300		644,478
				4,751,665

	Number of Shares		Market Value
Apparel — 1.1%
Cherokee, Inc.		1,840	$	70,104
Deckers Outdoor Corp.(a)		8,000		1,118,320
G-III Apparel Group, Ltd.(a)		1,600		26,032
The Gymboree Corp.(a)		5,734		195,128
Kellwood Co.(b)		7,608		126,065
Maidenform Brands, Inc.(a)		300		4,455
Oxford Industries, Inc.		100		2,591
Perry Ellis International, Inc.(a)		6,900		160,080
Polo Ralph Lauren Corp.		9,600		660,480
Steven Madden Ltd.		3,790		84,479
The Warnaco Group, Inc.(a)		25,400		1,033,526
Wolverine World Wide, Inc.		36,104		925,707
				4,406,967
Auto Manufacturers — 0.0%
Wabash National Corp.		3,100		31,465
Automotive & Parts — 1.4%
Accuride Corp.(a)		10,200		104,040
Aftermarket Technology Corp.(a)		9,036		311,923
American Axle & Manufacturing Holdings, Inc.		40,300		1,106,638
Amerigon, Inc.(a)		8,900		174,796
ArvinMeritor, Inc.		4,005		59,394
Cooper Tire & Rubber Co.		37,300		831,044
Fuel Systems Solutions, Inc.(a)		1,862		35,024
The Goodyear Tire & Rubber Co.(a)		26,000		783,900
Hayes Lemmerz International, Inc.(a)		8,400		39,060
Lear Corp.(a)		18,487		656,843
Standard Motor Products, Inc.		400		3,344
Tenneco, Inc.(a)		39,648		1,213,625
TRW Automotive Holdings Corp.(a)		5,300		157,357
				5,476,988
Banks — 0.3%
Amcore Financial, Inc.		1,500		35,565
Bancfirst Corp.		200		9,088
Bank of the Ozarks, Inc.		900		26,055
Capital City Bank Group, Inc.(b)		100		2,819

	Number of Shares		Market Value
Cascade Bancorp(b)		2,900	$	55,796
Central Pacific Financial Corp.		1,400		31,402
City Holding Co.		3,275		123,828
Columbia Banking Systems, Inc.		2,000		62,140
Comerica, Inc.		4,200		196,056
Encore Bancshares, Inc.(a)		3,400		72,760
F.N.B. Corp.(b)		3,400		56,508
First Busey Corp. Cl. A		1,300		26,949
First Citizens BancShares, Inc. Cl. A		100		16,283
Hanmi Financial Corp.		600		6,612
Independent Bank Corp./Rockland, MA		300		8,874
Intervest Bancshares Corp.		100		2,089
NBT Bancorp, Inc.		2,400		59,208
Park National Corp.(b)		900		71,334
Porter Bancorp, Inc.		1,100		24,167
Preferred Bank/ Los Angeles, CA		950		28,243
Sterling Financial Corp.		1,100		20,185
SVB Financial Group(a)		5,600		290,024
WesBanco, Inc.		3,200		73,824
				1,299,809
Beverages — 0.2%
Boston Beer Co., Inc. Cl. A(a)		4,736		247,456
Green Mountain Coffee Roasters, Inc.(a) (b)		6,800		253,640
Hansen Natural Corp.(a) (b)		3,700		251,600
				752,696
Biotechnology — 0.5%
Acorda Therapeutics, Inc.(a)		4,300		87,161
American Oriental Bioengineering, Inc.(a) (b)		23,200		319,464
Bio-Rad Laboratories, Inc. Cl. A(a)		557		53,795
CryoLife, Inc.(a)		1,800		12,150
Halozyme Therapeutics, Inc.(a)		9,600		88,128
Illumina, Inc.(a)		1,000		56,150
Immunomedics, Inc.(a)		800		1,840
Invitrogen Corp.(a)		8,400		763,308
Regeneration Technologies, Inc.(a)		2,400		25,464

(Continued)

The accompanying notes are an integral part of the financial statements.
199

MassMutual Premier Small Company Opportunities Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Regeneron Pharmaceuticals, Inc.(a)		6,500	$	143,000
Savient Pharmaceuticals, Inc.(a)		13,800		194,304
Seattle Genetics, Inc.(a) (b)		9,200		110,492
XOMA Ltd.(a) (b)		15,700		57,619
				1,912,875
Building Materials — 0.9%
Aaon, Inc.		3,050		55,692
Apogee Enterprises, Inc.		11,700		275,301
Builders FirstSource, Inc.(a)		2,100		15,225
Comfort Systems USA, Inc.		16,288		238,131
Drew Industries, Inc.(a)		16,000		633,280
Genlyte Group, Inc.(a)		5,700		371,070
Goodman Global, Inc.(a)		14,500		357,425
Lennox International, Inc.		19,600		699,720
LSI Industries, Inc.		6,300		119,070
Simpson Manufacturing Co., Inc.(b)		9,900		296,901
USG Corp.(a) (b)		18,000		715,500
				3,777,315
Chemicals — 3.3%
American Vanguard Corp.(b)		2,400		42,648
Arch Chemicals, Inc.		11,639		530,971
Ashland, Inc.		11,200		657,664
Cabot Corp.		5,700		199,557
Celanese Corp. Cl. A		18,800		788,848
CF Industries Holdings, Inc.		9,600		843,840
Eastman Chemical Co.		700		46,613
Ferro Corp.		18,700		387,464
W.R. Grace & Co.(a) (b)		39,953		1,182,609
H.B. Fuller Co.		31,400		924,102
Hercules, Inc.		16,000		300,960
ICO, Inc.(a)		10,942		158,440
Innophos Holdings, Inc.		5,700		90,630
Innospec, Inc.		8,300		176,707
Landec Corp.(a)		12,200		181,292
Lyondell Chemical Co.		17,300		820,885
Minerals Technologies, Inc.		1,600		112,352
NuCo2, Inc.(a)		1,500		38,685
Olin Corp.(b)		40,200		915,756
OM Group, Inc.(a)		16,450		871,521
Penford Corp.		900		31,743
PolyOne Corp.(a)		7,428		59,350
Rockwood Holdings, Inc.(a)		10,200		398,718
Schulman (A.), Inc.		6,172		145,721
Sensient Technologies Corp.		32,988		986,011
The Sherwin- Williams Co.(b)		5,900		377,128

	Number of Shares		Market Value
Spartech Corp.		15,108	$	232,210
Stepan Co.		2,200		76,208
Terra Industries, Inc.(a) (b)		22,600		833,714
Tronox, Inc. Cl. A		5,059		43,052
UAP Holding Corp.		22,605		719,517
Valhi, Inc.(b)		2,300		61,387
				13,236,303
Coal — 0.9%
Alpha Natural Resources, Inc.(a)		41,200		1,130,528
Foundation Coal Holdings, Inc.		23,200		991,104
Massey Energy Co.		43,600		1,381,248
				3,502,880
Commercial Services — 7.6%
ABM Industries, Inc.		25,200		592,704
Administaff, Inc.		25,029		998,157
Advance America Cash Advance Centers, Inc.		1,900		18,164
The Advisory Board Co.(a)		3,300		211,893
Albany Molecular Research, Inc.(a)		6,700		121,203
Alliance Data Systems Corp.(a)		3,000		241,200
Apollo Group, Inc. Cl. A(a)		13,200		1,046,232
Arbitron, Inc.(b)		2,500		126,550
Avis Budget Group, Inc.(a)		2,700		56,349
Bankrate, Inc.(a) (b)		5,500		252,725
Barrett Business Svcs Inc.		900		15,291
BearingPoint, Inc.(a)		70,800		339,132
Bowne & Co., Inc.		13,100		227,678
Capella Education Co.(a)		3,800		235,600
Career Education Corp.(a)		4,100		146,534
CBIZ, Inc.(a)		8,400		75,600
CDI Corp.		7,800		214,968
Chemed Corp.		19,800		1,134,936
ChoicePoint, Inc.(a)		13,900		546,548
Coinmach Service Corp. Cl. A		1,900		24,947
Coinstar, Inc.(a)		22,700		782,015
Consolidated Graphics, Inc.(a)		6,578		420,860
Convergys Corp.(a)		33,793		619,426
Cornell Cos., Inc.(a)		6,900		171,672
The Corporate Executive Board Co.		6,000		427,500
CorVel Corp.(a)		1,500		39,870
CPI Corp.		1,000		33,210
CRA International, Inc.(a)		2,200		113,916

	Number of Shares		Market Value
Deluxe Corp.		35,800	$	1,444,172
DeVry, Inc.		19,700		1,077,393
Diamond Management & Technology Consultants, Inc.		13,800		147,384
Dollar Thrifty Automotive Group, Inc.(a)		5,060		174,570
Donnelley (R.R.) & Sons Co.		6,300		253,827
DynCorp International, Inc.(a)		28,200		638,448
Emergency Medical Services Corp. Cl. A(a) (b)		16,700		507,179
Exlservice Holdings Inc.(a)		400		10,800
Exponent, Inc.(a)		8,000		241,680
First Consulting Group, Inc.(a)		300		3,807
Forrester Research, Inc.(a)		1,746		41,415
FTI Consulting, Inc.(a)		300		16,290
Gartner Group, Inc.(a)		18,110		396,609
Healthspring, Inc.(a)		42,800		898,800
Heartland Payment Systems, Inc.(b)		21,300		639,000
Heidrick & Struggles International, Inc.		14,309		618,435
Hewitt Associates, Inc. Cl. A(a)		15,900		560,952
Hudson Highland Group, Inc.(a)		13,000		149,240
ICF International, Inc.(a)		5,200		161,460
Integrated Electrical Services, Inc.(a)		5,800		135,198
ITT Educational Services, Inc.(a)		5,585		710,356
Kelly Services, Inc. Cl. A		100		2,103
Kendle International, Inc.(a)		6,100		246,013
Korn/Ferry International(a)		35,176		673,972
Labor Ready, Inc.(a)		52,179		917,307
Landauer, Inc.		3,000		147,810
Manpower, Inc.		2,080		155,459
Maximus, Inc.		11,600		555,872
Midas, Inc.(a)		2,300		36,731
Monro Muffler, Inc.		2,950		67,201
MPS Group, Inc.(a)		43,369		529,535
PAREXEL International Corp.(a)		17,300		795,800
PharmaNet Development Group, Inc.(a)		8,500		275,400
PHH Corp.(a)		10,111		226,082
Premier Exhibitions, Inc.(a) (b)		14,200		157,478

(Continued)

The accompanying notes are an integral part of the financial statements.
200

MassMutual Premier Small Company Opportunities Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Pre-Paid Legal Services, Inc.(a) (b)		6,000	$	357,600
Providence Service Corp. (The)(a)		2,100		66,759
Rent-A-Center, Inc.(a) (b)		28,018		448,288
Resources Connection, Inc.		16,000		364,320
Robert Half International, Inc.		22,200		667,998
Rollins, Inc.		18,300		555,771
RSC Holdings, Inc.(a)		500		7,275
SAIC, Inc.(a)		30,000		591,300
Service Corp. International		9,700		140,359
Sotheby's(b)		3,897		211,100
Spherion Corp.(a)		27,708		241,614
Steiner Leisure Ltd.(a)		6,701		301,411
Stewart Enterprises, Inc. Cl. A		17,717		160,693
Strayer Education, Inc.		5,740		1,070,280
Team, Inc.(a) (b)		6,800		218,892
TeleTech Holdings, Inc.(a)		30,100		750,393
Viad Corp.		20,893		740,448
Volt Information Sciences, Inc.(a)		4,685		72,852
Watson Wyatt Worldwide, Inc. Cl. A		12,493		595,541
Weight Watchers International, Inc.		1,000		51,240
				30,462,792
Computers — 4.5%
Affiliated Computer Services, Inc. Cl. A(a)		13,100		663,646
Ansoft Corp.(a)		8,239		247,829
Brocade Communications Systems, Inc.(a)		55,100		524,001
CACI International, Inc. Cl. A(a)		9,800		527,730
Cadence Design Systems, Inc.(a)		33,717		660,853
Ceridian Corp.(a)		2,587		92,977
Ciber, Inc.(a)		22,645		176,405
Compellent Technologies Inc.(a) (b)		500		8,050
Computer Sciences Corp.(a)		16,200		945,918
COMSYS IT Partners, Inc.(a)		11,100		197,358
Comtech Group, Inc.(a)		9,100		195,741
DST Systems, Inc.(a)		8,900		753,919
Electronic Data Systems Corp.		41,000		885,190
Electronics for Imaging, Inc.(a)		25,600		583,680

	Number of Shares		Market Value
Hutchinson Technology, Inc.(a)		100	$	2,373
IHS, Inc. Cl. A(a)		1,200		75,660
Immersion Corp.(a)		600		9,714
InterVoice, Inc.(a)		7,500		73,500
Iomega Corp.(a)		16,200		63,666
Jack Henry & Associates, Inc.		33,600		981,792
Lexmark International, Inc. Cl. A(a) (b)		16,500		692,835
Magma Design Automation, Inc.(a)		6,400		95,296
Manhattan Associates, Inc.(a)		12,500		377,000
Mentor Graphics Corp.(a)		5,300		84,906
MICROS Systems, Inc.(a)		9,488		681,428
MTS Systems Corp.		6,253		278,196
NCR Corp.(a)		26,900		742,171
Network Appliance, Inc.(a)		26,400		831,336
Palm, Inc.(b)		58,400		526,768
Perot Systems Corp. Cl. A(a)		13,000		189,800
Radiant Systems, Inc.(a)		13,300		217,056
Sigma Designs, Inc.(a)		11,000		646,470
Silicon Storage Technology, Inc.(a)		21,700		72,044
Smart Modular Technologies(a)		10,600		93,704
SRA International, Inc. Cl. A(a)		12,100		332,266
Stratasys, Inc.(a) (b)		9,400		244,682
SYKES Enterprises, Inc.(a)		11,857		209,276
Synaptics, Inc.(a)		17,500		951,125
Synopsys, Inc.(a)		25,600		723,456
Syntel, Inc.		15,900		677,022
Teradata Corp.(a)		12,300		350,919
Tyler Technologies, Inc.(a)		15,500		249,860
Unisys Corp.(a)		39,900		242,592
Western Digital Corp.(a)		31,000		803,520
				17,983,730
Consumer Services — 0.0%
Core-Mark Holding Co., Inc.(a)		2,500		86,750
Cosmetics & Personal Care — 0.2%
Alberto-Culver Co.		1,900		49,381
Elizabeth Arden, Inc.(a) (b)		10,700		266,430
The Estee Lauder Cos., Inc. Cl. A		6,600		289,740
Inter Parfums, Inc.		1,200		28,608
				634,159

	Number of Shares		Market Value
Distribution & Wholesale — 0.4%
Tech Data Corp.(a)		24,500	$	963,585
W.W. Grainger, Inc.		6,100		548,512
				1,512,097
Diversified Financial — 1.7%
Advanta Corp. Cl. B		30,792		486,514
AmeriCredit Corp.(a) (b)		19,623		276,881
Asset Acceptance Capital Corp.		10,700		115,132
Asta Funding, Inc.(b)		2,337		83,057
Calamos Asset Management, Inc. Cl. A		7,900		268,758
CIT Group, Inc.		17,000		599,080
Discover Financial Services		20,100		387,930
Federal Agricultural Mortgage Corp. Cl. C		4,782		140,352
Financial Federal Corp.		7,900		213,458
GAMCO Investors, Inc. Cl. A		5,600		346,696
GFI Group, Inc.(a)		3,900		336,648
International Securities Exchange Holdings, Inc.(b)		8,900		596,745
Janus Capital Group, Inc.(b)		24,411		842,424
MarketAxess Holdings, Inc.(a)		10,200		159,834
Ocwen Financial Corp.(a)		4,700		35,062
optionsXpress Holdings, Inc.(b)		16,700		496,992
Portfolio Recovery Associates, Inc.(b)		10,300		464,633
SWS Group, Inc.		10,746		204,067
TradeStation Group, Inc.(a)		10,600		129,320
US Global Investors, Inc. Cl. A		9,100		208,936
World Acceptance Corp.(a) (b)		7,900		254,854
				6,647,373
Electric — 0.8%
Avista Corp.		13,200		291,060
Black Hills Corp.		6,000		266,520
Central Vermont Public Service Corp.		100		3,178
El Paso Electric Co.(a)		26,000		633,100
Energy East Corp.		4,400		122,672
NRG Energy, Inc.(a)		11,500		525,090
Otter Tail Corp.		6,700		232,088
Pike Electric Corp.(a)		9,200		181,240
Reliant Energy, Inc.(a)		8,400		231,168
Unisource Energy Corp.		16,800		532,896
				3,019,012

(Continued)

The accompanying notes are an integral part of the financial statements.
201

MassMutual Premier Small Company Opportunities Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Electrical Components & Equipment — 1.0%
Advanced Energy Industries, Inc.(a)		39,276	$	628,416
Belden, Inc.		8,359		487,079
Encore Wire Corp.(b)		6,500		136,500
Energizer Holdings, Inc.(a)		3,136		327,085
EnerSys(a)		3,700		67,044
Graftech International Ltd.(a)		71,500		1,351,350
Greatbatch, Inc.(a) (b)		200		4,972
Lamson & Sessions Co. (The)(a)		4,645		126,530
Littelfuse, Inc.(a)		14,169		450,999
Powell Industries, Inc.(a)		1,500		63,135
Superior Essex, Inc.(a)		6,300		209,475
Vicor Corp.		4,301		60,386
				3,912,971
Electrical Equipment & Electronics — 0.0%
Houston Wire & Cable Co.(b)		1,300		22,841
Electronics — 4.0%
American Science & Engineering, Inc.		3,800		229,672
Analogic Corp.		8,600		491,490
Arrow Electronics, Inc.(a)		17,600		703,648
Avnet, Inc.(a)		19,700		821,884
Axsys Technologies, Inc.(a)		1,100		43,318
Badger Meter, Inc.		3,600		138,420
Bel Fuse, Inc. Cl. A		5,400		187,542
Checkpoint Systems, Inc.(a)		24,200		732,050
CTS Corp.		12,313		152,066
Cubic Corp.		12,000		540,000
Cymer, Inc.(a)		27,848		1,183,540
Dionex Corp.(a)		12,600		1,108,800
Dolby Laboratories, Inc. Cl. A(a)		5,700		236,322
Electro Scientific Industries, Inc.(a)		6,500		141,830
Excel Technology, Inc.(a)		600		16,884
Faro Technologies, Inc.(a)		7,100		204,196
FEI Co.(a) (b)		32,600		945,726
FLIR Systems, Inc.(a) (b)		2,600		180,414
Gentex Corp.		5,300		110,134
II-VI, Inc.(a)		3,320		115,337
Lo-Jack Corp.(a)		8,800		154,616
Measurement Specialties, Inc.(a)		2,800		77,672
Methode Electronics, Inc.		15,000		188,100
Mettler-Toledo International, Inc.(a)		2,492		265,024
NAM TAI Electronics, Inc.		6,700		80,735

	Number of Shares		Market Value
National Instruments Corp.		9,500	$	308,180
Park Electrochemical Corp.		8,000		250,560
Rofin-Sinar Technologies, Inc.(a) (b)		15,949		1,253,910
Sanmina-SCI Corp.(a)		133,200		294,372
Sonic Solutions, Inc.(a)		4,200		50,400
Stoneridge, Inc.(a)		300		3,087
Technitrol, Inc.		6,900		202,929
Tektronix, Inc.		22,900		866,765
Thomas & Betts Corp.(a) (b)		12,400		694,524
Varian, Inc.(a)		21,200		1,566,468
Woodward Governor Co.		21,687		1,453,029
				15,993,644
Energy – Alternate Sources — 0.1%
Can Hydro Developers Inc.(a)		31,300		214,764
FuelCell Energy, Inc.(a) (b)		3,300		33,198
				247,962
Engineering & Construction — 1.1%
Chicago Bridge & Iron Co.		2,500		125,000
Dycom Industries, Inc.(a)		33,500		946,375
Emcor Group, Inc.(a)		32,616		1,122,969
ENGlobal Corp.(a)		3,700		51,356
Layne Christensen Co.(a)		7,400		421,356
Michael Baker Corp.(a)		4,800		253,392
Perini Corp.(a)		21,000		1,204,350
The Shaw Group, Inc.(a)		600		44,760
Sterling Construction Co., Inc.(a)		200		4,972
Washington Group International, Inc.(a)		2,100		204,435
				4,378,965
Entertainment — 0.0%
Warner Music Group Corp.		16,200		164,916
Environmental Controls — 1.0%
American Ecology Corp.		2,100		50,274
Calgon Carbon Corp.(a) (b)		18,500		275,650
Casella Waste Systems, Inc. Cl. A(a)		3,500		51,555
Darling International, Inc.(a)		20,200		203,212
Fuel Tech, Inc.(a) (b)		7,100		209,947
Metal Management, Inc.		22,253		1,169,840
Republic Services, Inc.		9,650		329,933
TETRA Technologies, Inc.(a) (b)		18,116		423,009

	Number of Shares		Market Value
Waste Connections, Inc.(a)		29,500	$	997,395
Waste Industries USA, Inc.		2,400		86,400
				3,797,215
Foods — 0.8%
Arden Group, Inc. Cl. A		682		97,130
Cal-Maine Foods, Inc.		8,800		210,672
Flowers Foods, Inc.		46,741		1,025,498
Fresh Del Monte Produce, Inc.		3,200		116,096
Imperial Sugar Co.(b)		6,900		177,951
Ingles Markets, Inc. Cl. A		9,540		264,735
J&J Snack Foods Corp.		547		19,484
The J.M. Smucker Co.		1,300		69,459
Nash Finch Co.(b)		6,600		247,170
Pathmark Stores, Inc.(a)		800		10,480
Performance Food Group Co.(a)		18,902		510,165
Seaboard Corp.(b)		100		163,200
SuperValu, Inc.(b)		5,700		220,875
				3,132,915
Forest Products & Paper — 0.6%
AbitibiBowater, Inc.		6,760		231,598
BlueLinx Holdings, Inc.		500		2,605
Buckeye Technologies, Inc.(a)		17,100		306,432
Deltic Timber Corp.		300		16,776
Mercer International, Inc.(a)		1,400		13,160
Rock-Tenn Co. Cl. A		34,509		1,006,282
Schweitzer-Mauduit International, Inc.		4,600		128,892
United Stationers, Inc.(a)		12,160		704,186
Wausau Paper Corp.		7,600		76,076
				2,486,007
Gas — 0.7%
Atmos Energy Corp.		1,400		39,270
New Jersey Resources Corp.(b)		11,500		566,375
Northwest Natural Gas Co.		17,900		862,243
SEMCO Energy, Inc.(a)		1,400		11,368
South Jersey Industries, Inc.		1,800		67,608
Southwest Gas Corp.		6,657		198,112
UGI Corp.		200		5,324
Vectren Corp.		6,300		176,652
WGL Holdings, Inc.		30,400		1,031,168
				2,958,120
Hand & Machine Tools — 0.5%
The Black & Decker Corp.		9,000		809,190
Hardinge, Inc.		5,000		161,650
Regal-Beloit Corp.		9,100		446,264
The Stanley Works		10,700		615,785
				2,032,889

(Continued)

The accompanying notes are an integral part of the financial statements.
202

MassMutual Premier Small Company Opportunities Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Health Care – Products — 2.1%
Abaxis, Inc.(a)		900	$	26,388
Align Technology, Inc.(a) (b)		22,600		467,820
ArthoCare Corp.(a) (b)		6,700		434,428
CONMED Corp.(a)		18,700		531,828
Cynosure, Inc. Cl. A(a)		5,300		201,453
Dade Behring Holdings, Inc.		10,600		815,458
Datascope Corp.		4,100		148,133
Hansen Medical, Inc.(a) (b)		6,600		256,542
Hologic, Inc.(a)		2,300		156,239
Immucor, Inc.(a)		9,616		310,116
Intuitive Surgical, Inc.(a)		3,500		1,144,045
Inverness Medical Innovations, Inc.(a)		1,265		76,014
IRIS International, Inc.(a)		4,700		86,480
Kinetic Concepts, Inc.(a)		10,900		655,090
LCA-Vision, Inc.		9,491		162,011
Meridian Bioscience, Inc.		20,436		676,227
OraSure Technologies, Inc.(a)		7,200		65,304
PSS World Medical, Inc.(a)		11,899		240,360
Quidel Corp.(a)		13,400		276,710
Somanetics Corp.(a)		900		17,514
SonoSite, Inc.(a)		1,700		59,823
Steris Corp.		34,900		1,013,496
Trans1, Inc.(a) (b)		6,200		155,000
Ventana Medical Systems, Inc.(a) (b)		2,800		246,400
				8,222,879
Health Care – Services — 2.4%
Air Methods Corp.(a)		5,085		274,437
Alliance Imaging, Inc.(a)		20,500		203,155
American Dental Partners, Inc.(a)		4,700		116,513
AMERIGROUP Corp.(a) (b)		27,300		955,500
Apria Healthcare Group, Inc.(a)		39,500		954,715
Centene Corp.(a)		26,900		627,577
Coventry Health Care, Inc.(a) (b)		14,600		880,526
Health Net, Inc.(a)		14,990		803,614
Humana, Inc.(a)		13,627		1,021,344
Kindred Healthcare, Inc.(a)		22,600		480,024
Lincare Holdings, Inc.(a) (b)		12,900		448,533
Medcath Corp.(a)		5,800		160,834
Molina Healthcare, Inc.(a) (b)		22,435		854,998

	Number of Shares		Market Value
National Healthcare Corp.		290	$	14,442
Nighthawk Radiology Holdings, Inc.(a)		200		4,708
RehabCare Group, Inc.(a)		6,000		124,440
Res-Care, Inc.(a)		5,400		132,624
Sierra Health Services, Inc.(a)		1,000		42,300
Skilled Healthcare Group, Inc. Cl. A(a)		7,900		129,402
Sunrise Senior Living, Inc.(a) (b)		10,000		370,000
Tenet Healthcare Corp.(a) (b)		245,700		862,407
WellCare Health Plans, Inc.(a) (b)		2,676		64,732
				9,526,825
Holding Company – Diversified — 0.0%
Star Maritime Acquisition Corp.(a) (b)		8,700		128,499
Home Builders — 0.9%
Centex Corp.		18,900		473,634
Champion Enterprises, Inc.(a) (b)		26,300		311,918
Fleetwood Enterprises, Inc.(a) (b)		18,100		162,900
KB Home		25,900		715,876
Lennar Corp. Cl. A		26,900		614,665
Monaco Coach Corp.		10,700		124,120
NVR, Inc.(a) (b)		1,300		618,475
Toll Brothers, Inc.(a) (b)		27,000		618,570
				3,640,158
Home Furnishing — 0.5%
American Woodmark Corp.(b)		1,015		25,740
Hooker Furniture Corp.		3,400		73,236
Kimball International, Inc. Cl. B		15,100		201,283
Tempur-Pedic International, Inc.(b)		30,505		1,098,180
Universal Electronics, Inc.(a)		6,900		249,090
Whirlpool Corp.(b)		2,100		166,278
				1,813,807
Household Products — 1.5%
ACCO Brands Corp.(a) (b)		18,700		400,928
American Greetings Corp. Cl. A		46,128		1,215,012
Blyth, Inc.		22,400		427,616
The Clorox Co.		3,900		244,023
CSS Industries, Inc.		5,000		198,000
Ennis, Inc.		9,088		185,759

	Number of Shares		Market Value
Fossil, Inc.(a)		22,600	$	848,856
Helen of Troy Ltd.(a)		5,700		102,600
Prestige Brands Holdings, Inc.(a)		4,200		43,932
The Scotts Miracle-Gro Co.		12,100		555,269
Tupperware Brands Corp.		38,900		1,404,290
WD-40 Co.		6,100		241,560
				5,867,845
Housewares — 0.1%
Libbey, Inc.		600		10,794
The Toro Co.		10,483		583,484
				594,278
Insurance — 4.3%
Affirmative Insurance Holdings, Inc.		200		2,176
Alfa Corp.		900		16,380
Alleghany Corp.(a)		100		39,302
Ambac Financial Group, Inc.(b)		11,600		427,228
American Equity Investment Life Holding Co.		6,600		64,482
American Financial Group, Inc.		7,100		212,290
American Physicians Capital, Inc.		5,800		252,648
Amerisafe, Inc.(a)		10,400		168,168
Amtrust Financial Services, Inc.(b)		10,900		152,055
Argo Group International Holdings Ltd.(a)		8,765		373,477
Aspen Insurance Holdings Ltd.		3,300		90,288
Assurant, Inc.		13,600		794,784
Assured Guaranty Ltd.		11,100		256,077
CNA Surety Corp.(a)		9,089		179,871
CNinsure, Inc. ADR (China)(a)		3,420		86,492
The Commerce Group, Inc.(b)		9,099		332,023
Darwin Professional Underwriters, Inc.(a)		1,600		36,288
Delphi Financial Group, Inc. Cl. A		25,384		983,630
Donegal Group, Inc. Cl. A		957		16,432
EMC Insurance Group, Inc.		1,430		37,652
Everest Re Group Ltd.		1,600		170,464
FBL Financial Group, Inc. Cl. A		10,100		408,848
Fidelity National Financial, Inc.		24,200		372,438
First American Corp.		15,000		451,500

(Continued)

The accompanying notes are an integral part of the financial statements.
203

MassMutual Premier Small Company Opportunities Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
FPIC Insurance Group, Inc.(a)		3,298	$	137,790
Harleysville Group, Inc.		5,621		175,207
HCC Insurance Holdings, Inc.		13,500		403,515
Hilb, Rogal & Hobbs Co.		5,500		242,385
Horace Mann Educators Corp.		21,372		442,187
Infinity Property & Casualty Corp.		12,835		516,224
IPC Holdings Ltd.		12,900		385,839
James River Group, Inc.		200		6,860
Landamerica Financial Group, Inc.(b)		9,724		270,230
Max Capital Group Ltd.		24,400		690,276
MBIA, Inc.(b)		13,400		576,736
Meadowbrook Insurance Group, Inc.(a)		6,100		58,743
MGIC Investment Corp.(b)		4,200		81,312
The Midland Co.		3,973		252,762
Montpelier Re Holdings Ltd.		1,300		23,270
National Interstate Corp.		2,100		67,200
National Western Life Insurance Co. Cl. A		300		65,184
Navigators Group, Inc.(a)		3,100		186,930
NYMAGIC, Inc.		800		23,072
Odyssey Re Holdings Corp.		1,472		54,729
The Phoenix Companies, Inc.		49,793		686,148
Platinum Underwriters Holdings Ltd.		13,900		500,400
The PMI Group, Inc.		18,619		298,463
ProAssurance Corp.(a) (b)		8,500		468,690
Procentury Corp.		5,100		75,837
Radian Group, Inc.(b)		32,610		410,560
RAM Holdings Ltd.(a)		4,700		32,477
Reinsurance Group of America, Inc.		900		51,417
RLI Corp.		16,290		947,589
Safeco Corp.		12,400		717,960
Safety Insurance Group, Inc.		554		19,922
SeaBright Insurance Holdings Ltd.(a)		9,730		162,296
Selective Insurance Group		10,744		261,187
StanCorp Financial Group, Inc.		4,400		242,572
State Auto Financial Corp.		4,200		115,584
Torchmark Corp.		3,000		195,480
Transatlantic Holdings, Inc.		1,600		119,248
United America Indemnity Ltd. Cl. A(a)		19,262		424,727
United Fire & Casualty Co.		7,700		246,708

	Number of Shares		Market Value
Universal American Financial Corp.(a)		3,200	$	77,632
Zenith National Insurance Corp.		13,138		527,885
				17,168,226
Internet — 4.5%
1-800-Flowers.com, Inc. Cl. A(a)		16,800		201,432
Asiainfo Holdings, Inc.(a)		21,100		258,053
Audible, Inc.(a)		2,700		35,613
Authorize.Net Holdings, Inc.(a)		14,753		344,778
Blue Coat Systems, Inc.(a)		19,100		775,269
Blue Nile, Inc.(a) (b)		9,300		735,072
Check Point Software Technologies Ltd.(a)		21,200		535,512
Chordiant Software, Inc.(a)		17,800		256,142
CMGI, Inc.(a)		355,900		501,819
Cogent Communications Group, Inc.(a) (b)		30,500		844,240
CyberSources Corp.(a) (b)		6,700		109,545
DealerTrack Holdings, Inc.(a)		1,600		78,544
Digital River, Inc.(a) (b)		20,500		1,087,730
EarthLink, Inc.(a)		6,200		49,042
Equinix, Inc.(a) (b)		1,000		116,660
eResearch Technology, Inc.(a)		14,000		155,400
Expedia, Inc.(a)		18,500		604,210
F5 Networks, Inc.(a)		4,600		165,738
FTD Group, Inc.		2,242		31,500
Global Sources Ltd.(a) (b)		13,500		437,535
Harris Interactive, Inc.(a)		1,400		6,454
Ibasis, Inc.		2,600		20,540
Imergent, Inc.(b)		8,700		209,844
Internet Capital Group, Inc.(a)		100		1,284
Interwoven, Inc.(a)		15,055		213,630
j2 Global Communications, Inc.(a)		35,335		1,190,436
Keynote Systems, Inc.(a)		1,000		14,690
LoopNet, Inc.(a) (b)		10,200		192,270
McAfee, Inc.(a)		20,200		835,270
Navisite, Inc.(a)		4,900		53,263
NetFlix, Inc.(a) (b)		24,100		637,927
Overstock.com, Inc.(a) (b)		7,400		289,562
Perficient, Inc.(a)		3,600		67,860
Priceline.com, Inc.(a) (b)		4,900		456,190
RightNow Technologies, Inc.(a) (b)		4,400		88,088
S1 Corp.(a)		27,800		234,076
Sapient Corp.(a)		38,200		267,400
Shutterfly, Inc.(a)		5,100		170,187

	Number of Shares		Market Value
SonicWALL, Inc.(a)		26,065	$	269,512
Stamps.com, Inc.(a)		1,700		23,596
TechTarget, Inc.(a)		710		12,276
TheStreet.com, Inc.		11,666		157,491
TIBCO Software, Inc.(a)		116,000		1,064,880
Travelzoo, Inc.(a) (b)		4,481		80,658
United Online, Inc.		72,047		1,268,027
Valueclick, Inc.(a) (b)		46,400		1,261,616
Vasco Data Security International, Inc.(a)		10,200		269,688
VeriSign, Inc.(a) (b)		25,100		855,659
Vignette Corp.(a)		11,778		203,053
Vocus, Inc.(a)		5,700		205,086
Websense, Inc.(a)		3,795		69,828
				18,014,175
Investment Companies — 0.0%
Pzena Investment Management, Inc.(a) (b)		3,600		69,768
Iron & Steel — 1.0%
AK Steel Holding Corp.(a)		13,490		676,254
Carpenter Technology Corp.		5,100		739,041
Claymont Steel Holdings, Inc.(a)		1,100		22,539
Cleveland-Cliffs, Inc.		700		66,955
Reliance Steel & Aluminum Co.		6,400		373,440
Schnitzer Steel Industries, Inc. Cl. A		7,208		476,233
Shiloh Industries, Inc.		1,247		13,106
Steel Dynamics, Inc.		14,584		776,160
United States Steel Corp.(b)		8,200		884,780
Universal Stainless & Alloy(a)		2,900		108,025
Wheeling- Pittsburgh Corp.(a)		2,700		53,109
				4,189,642
Leisure Time — 0.6%
Ambassadors Group, Inc.		4,621		83,964
Arctic Cat, Inc.(b)		2,100		30,282
Brunswick Corp.		32,300		720,613
Callaway Golf Co.		41,388		716,840
Polaris Industries, Inc.		20,200		993,436
				2,545,135
Lodging — 0.2%
Lodgian, Inc.(a)		100		1,217
Monarch Casino & Resort, Inc.(a)		7,582		231,933
Riviera Holdings Corp.(a)		300		8,370
Wyndham Worldwide Corp.		22,600		741,958
				983,478

(Continued)

The accompanying notes are an integral part of the financial statements.
204

MassMutual Premier Small Company Opportunities Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Machinery – Construction & Mining — 0.1%
Astec Industries, Inc.(a)		12,756	$	578,102
Machinery – Diversified — 1.8%
AGCO Corp.(a)		1,800		107,424
Applied Industrial Technologies, Inc.		25,972		920,707
Cascade Corp.		3,000		188,940
Cognex Corp.		5,500		98,890
Columbus McKinnon Corp.(a)		4,800		159,264
Gardner Denver, Inc.(a)		21,400		773,182
Gerber Scientific, Inc.(a)		500		5,525
Gorman-Rupp Co.		1,300		50,336
Hurco Companies, Inc.(a)		3,800		216,980
Intevac, Inc.(a)		3,957		69,524
Kadant, Inc.(a)		5,800		188,326
Middleby Corp.(a) (b)		13,128		855,552
NACCO Industries, Inc. Cl. A		3,799		393,538
Nordson Corp.		1,982		106,037
Robbins & Myers, Inc.(b)		12,300		889,290
Rockwell Automation, Inc.		13,300		916,104
Sauer-Danfoss, Inc.		5,987		155,063
Tecumseh Products Co. Cl. A(a)		9,800		177,086
Tennant Co.		6,136		289,374
TurboChef Technologies, Inc.(a)		1,100		16,896
Wabtec Corp.		15,639		586,932
Zebra Technologies Corp. Cl. A(a)		4,300		168,087
				7,333,057
Machinery & Components — 0.0%
Watsco, Inc.		1,800		74,952
Manufacturing — 2.0%
A.O. Smith Corp.		2,700		100,953
Actuant Corp. Cl. A(b)		11,100		765,678
Acuity Brands, Inc.		21,684		1,036,495
Ameron International Corp.		1,300		140,231
AptarGroup, Inc.		3,600		160,920
AZZ, Inc.(a)		1,500		51,150
Barnes Group, Inc.		16,100		591,353
Blount International, Inc.(a)		10,600		129,638
Ceradyne, Inc.(a)		16,700		1,142,447
Crane Co.		200		9,488
Eastman Kodak Co.		1,500		42,990
EnPro Industries, Inc.(a)		17,300		709,473
Freightcar America, Inc.		1,300		56,160
GenTek, Inc.(a) (b)		2,208		75,072
Koppers Holdings, Inc.		7,400		331,520
LSB Industries, Inc.(a)		1,900		51,338

	Number of Shares		Market Value
Matthews International Corp. Cl. A		1,600	$	72,912
McCoy Corp. CAD		24,300		115,235
Myers Industries, Inc.		11,565		245,062
Pall Corp.		3,700		148,259
Raven Industries, Inc.		3,300		142,593
Reddy Ice Holdings, Inc.		5,600		155,064
SPX Corp.		7,981		808,475
Sturm, Ruger & Co., Inc.(a)		13,100		122,485
Teleflex, Inc.		9,000		658,890
Tredegar Corp.		9,900		172,458
				8,036,339
Media — 1.1%
Acacia Research - Acacia Technologies(a)		14,389		237,562
Charter Communications, Inc. Cl. A(a) (b)		282,500		584,775
Cox Radio, Inc. Cl. A(a)		25,551		308,656
Cumulus Media, Inc. Cl. A(a) (b)		10,791		111,255
DG FastChannel, Inc.(a) (b)		3,000		73,770
Entravision Communications Corp. Cl. A(a)		71,300		648,830
Gray Television, Inc.		4,000		37,840
Journal Communications, Inc. Cl. A		6,700		59,697
Lin TV Corp. Cl. A(a)		19,900		289,943
Mediacom Communications Corp.(a)		20,200		116,150
Nexstar Broadcasting Group, Inc. Cl. A(a)		300		2,829
Scholastic Corp.(a)		20,000		791,600
Sinclair Broadcast Group, Inc. Cl. A(b)		60,802		732,056
Tribune Co.		7,679		232,367
Westwood One, Inc.		4,200		8,988
				4,236,318
Metal Fabricate & Hardware — 1.3%
Ampco-Pittsburgh Corp.		5,703		228,576
Circor International, Inc.		5,700		286,311
Haynes International, Inc.(a)		2,400		210,048
Kaydon Corp.(b)		10,608		570,604
LB Foster Co. Cl. A(a)		5,400		232,470
Mueller Industries, Inc.		17,097		614,808
Quanex Corp.		21,911		902,514
RBC Bearings, Inc.(a)		7,900		317,501
Sun Hydraulics Corp.		6,650		239,333

	Number of Shares		Market Value
Valmont Industries, Inc.		4,593	$	439,642
Worthington Industries, Inc.(b)		42,400		1,060,000
				5,101,807
Mining — 1.1%
Amerigo Resources Ltd. CAD		74,300		214,368
Brush Engineered Materials, Inc.(a)		3,200		154,560
Century Aluminum Co.(a)		21,662		1,260,512
Compass Minerals International, Inc.		23,287		859,523
Farallon Resources Ltd. CAD(a)		84,100		69,705
Hecla Mining Co.(a)		108,200		1,040,884
Redcorp Ventures LGN CAD		338,800		99,527
Usec, Inc.(a) (b)		64,545		567,996
				4,267,075
Office Equipment/Supplies — 0.2%
Ikon Office Solutions, Inc.		74,911		988,825
Office Furnishings — 0.6%
Herman Miller, Inc.		9,300		253,146
HNI Corp.(b)		3,500		151,760
Interface, Inc. Cl. A		31,592		604,355
Knoll, Inc.		48,464		920,331
Steelcase, Inc. Cl. A		27,937		499,234
				2,428,826
Oil & Gas — 1.3%
Alon USA Energy, Inc.		2,600		95,602
Atwood Oceanics, Inc.(a)		700		58,968
Berry Petroleum Co. Cl. A		14,700		716,184
Bill Barrett Corp.(a) (b)		1,900		88,920
Celtic Exploration Ltd. CAD(a)		1,300		17,935
Continental Resources, Inc.(a)		5,500		129,305
Delek US Holdings, Inc.		5,000		119,950
Ensign Energy Services, Inc. CAD		4,300		76,648
Frontier Oil Corp.		2,300		105,317
Galleon Energy, Inc. Cl. A CAD(a)		6,300		95,113
Grey Wolf, Inc.(a) (b)		96,200		541,606
Holly Corp.		5,839		366,689
Jura Energy Corp. CAD(a)		58,700		37,567
Mariner Energy, Inc.(a)		17,400		435,000
Midnight Oil Exploration Ltd. CAD(a)		20,500		27,960
Midnight Oil Exploration Ltd. CAD		44,400		60,557

(Continued)

The accompanying notes are an integral part of the financial statements.
205

MassMutual Premier Small Company Opportunities Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Paramount Resources Ltd. Cl. A CAD(a)		2,600	$	50,355
Patterson-UTI Energy, Inc.		1,900		37,886
Pearl Exploration and Production Ltd. CAD(a)		864		3,173
Petrohawk Energy Corp.(a)		3,500		64,750
Real Resources, Inc. CAD(a)		7,000		79,169
Rosetta Resources, Inc.(a)		13,100		248,900
Stone Energy Corp.(a)		17,600		784,608
Sure Energy, Inc. CAD(a)		3,668		3,694
Tesoro Corp.		14,592		883,254
TUSK Energy Corp. CAD(a)		61,600		98,881
				5,227,991
Oil & Gas Services — 1.6%
Dawson Geophysical Co.(a)		3,500		279,335
Dresser-Rand Group, Inc.(a)		15,800		611,460
Dril-Quip, Inc.(a)		700		37,331
Exterran Holdings, Inc.(a)		3,600		303,120
Global Industries Ltd.(a)		27,100		667,202
Gulf Island Fabrication, Inc.		4,700		164,124
Hercules Offshore, Inc.(a) (b)		13,155		355,711
Leader Energy Services Ltd. CAD(a)		35,000		5,141
Markwest Hydrocarbon, Inc.		1,300		78,624
Matrix Service Co.(a)		5,200		153,348
NATCO Group, Inc. Cl. A(a)		13,805		735,945
Newpark Resources, Inc.(a)		17,400		109,098
Oil States International, Inc.(a) (b)		16,300		703,997
SEACOR Holdings, Inc.(a)		7,800		714,870
T-3 Energy Services, Inc.(a)		4,600		218,592
Technicoil Corp. CAD(a)		99,200		60,364
Tidewater, Inc.(b)		3,971		217,095
Trican Well Service Ltd. CAD		6,400		134,292
Trico Marine Services, Inc.(a)		400		12,980
Willbros Group, Inc.(a) (b)		19,900		761,573
				6,324,202
Packaging & Containers — 0.6%
AEP Industries, Inc.(a)		1,894		75,476
Crown Holdings, Inc.(a)		15,700		389,360

	Number of Shares		Market Value
Graphic Packaging Corp.(a)		3,200	$	15,744
Owens-Illinois, Inc.(a)		18,700		830,654
Packaging Corp. of America		20,555		654,471
Pactiv Corp.(a)		1,995		54,803
Silgan Holdings, Inc.		10,299		562,016
				2,582,524
Pharmaceuticals — 3.1%
Alpharma, Inc. Cl. A(a)		4,241		87,449
AmerisourceBergen Corp.		18,000		847,980
Auxilium Pharmaceuticals, Inc.(a)		5,900		155,819
Bradley Pharmaceuticals, Inc.(a)		9,800		192,766
Caraco Pharmaceutical Laboratories Ltd.(a)		700		10,899
Cubist Pharmaceuticals, Inc.(a)		36,200		847,080
Cypress Bioscience, Inc.(a)		5,900		79,591
CytRx Corp.(a) (b)		31,600		119,448
Endo Pharmaceuticals Holdings, Inc.(a)		12,400		363,320
Forest Laboratories, Inc.(a)		21,600		843,912
Impax Laboratories, Inc.(a)		400		4,300
King Pharmaceuticals, Inc.(a)		59,090		626,354
K-V Pharmaceutical Co. Cl. A(a) (b)		18,100		567,254
Medicis Pharmaceutical Corp. Cl. A(b)		29,400		872,886
MGI Pharma, Inc.(a) (b)		37,600		1,225,008
NBTY, Inc.(a)		16,049		571,344
Noven Pharmaceuticals, Inc.(a)		2,100		32,466
Obagi Medical Products, Inc.(a)		11,600		253,344
OSI Pharmaceuticals, Inc.(a)		25,000		1,039,250
Pain Therapeutics, Inc.(a) (b)		5,200		53,352
Par Pharmaceutical Cos., Inc.(a)		9,000		165,960
Perrigo Co.		29,100		689,961
PetMed Express, Inc.(a)		9,400		137,052
PharMerica Corp.(a) (b)		7,899		125,989
Pozen, Inc.(a) (b)		11,700		109,512
Salix Pharmaceuticals Ltd.(a) (b)		3,200		37,440
Sciele Pharma, Inc.(a) (b)		37,600		956,544
Sepracor, Inc.(a) (b)		22,600		622,404

	Number of Shares		Market Value
Valeant Pharmaceuticals International(a)		14,600	$	212,430
ViroPharma, Inc.(a) (b)		4,300		37,023
Xenoport, Inc.(a)		8,500		417,180
				12,305,317
Pipelines — 0.0%
Oneok, Inc.		2,302		114,962
Real Estate — 0.1%
Dupont Fabros Technology REIT(a)		7,310		157,019
Stratus Properties, Inc.(a)		1,106		38,268
W.P. Carey & Co. LLC		2,100		73,395
				268,682
Real Estate Investment Trusts (REITS) — 2.7%
Acadia Realty Trust REIT		1,000		26,500
Agree Realty Corp. REIT		3,713		120,227
Alexander's, Inc. REIT(a)		100		40,195
Alexandria Real Estate Equities, Inc. REIT		2,600		268,164
Arbor Realty Trust, Inc.		2,900		54,752
Ashford Hospitality Trust		19,500		191,880
Associated Estates Realty Corp. REIT		2,300		27,922
BioMed Realty Trust, Inc. REIT		600		14,334
Brandywine Realty Trust REIT		7,587		196,276
Capital Trust Cl. A REIT(b)		3,000		101,160
CBL & Associates Properties, Inc. REIT		6,490		214,884
Cedar Shopping Centers, Inc. REIT		4,000		51,400
Colonial Properties Trust REIT(b)		1,904		59,652
Corporate Office Properties Trust REIT		3,300		136,389
DCT Industrial Trust, Inc. REIT		100		1,073
DiamondRock Hospitality Co.		17,500		335,300
Digital Realty Trust, Inc. REIT		11,178		491,720
Eastgroup Properties REIT		2,800		133,504
Entertainment Properties Trust REIT		5,700		312,759
Equity Lifestyle Properties, Inc. REIT		3,100		155,744
Equity One, Inc.		8,611		225,436
FelCor Lodging Trust, Inc.		16,500		345,510
First Industrial Realty Trust, Inc.(b)		13,886		565,854
Glimcher Realty Trust REIT		1,964		43,601

(Continued)

The accompanying notes are an integral part of the financial statements.
206

MassMutual Premier Small Company Opportunities Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Gramercy Capital Corp.		3,600	$	94,932
Hersha Hospitality Trust		4,100		44,321
Highwoods Properties, Inc.(b)		8,500		305,660
Home Properties, Inc.		2,500		128,550
Inland Real Estate Corp.(b)		18,000		268,200
Kite Realty Group Trust REIT		5,000		90,600
LaSalle Hotel Properties		4,600		190,072
Lexington Realty Trust REIT(b)		9,459		187,194
LTC Properties, Inc.		5,400		136,836
Medical Properties Trust, Inc.		2,300		30,199
Mid-America Apartment Communities, Inc. REIT		3,292		171,184
National Health Investors, Inc.		2,300		67,367
National Retail Properties, Inc. REIT(b)		14,377		364,457
Nationwide Health Properties, Inc. REIT(b)		22,878		714,251
Newcastle Investment Corp.(b)		7,000		103,950
Omega Healthcare Investors, Inc. REIT		13,400		224,182
Parkway Properties, Inc. REIT		4,200		180,600
Pennsylvania REIT		9,500		362,425
PS Business Parks, Inc. REIT		3,800		221,540
RAIT Financial Trust(b)		9,600		87,360
Ramco-Gershenson Properties Trust		4,000		114,440
Realty Income Corp.(b)		16,600		490,364
Redwood Trust, Inc.(b)		3,100		81,685
Resource Capital Corp.		800		8,256
Saul Centers, Inc. REIT(b)		1,600		87,712
Senior Housing Properties Trust		19,192		430,285
Sovran Self Storage, Inc. REIT		2,300		108,813
Strategic Hotels & Resorts, Inc. REIT		10,299		224,930
Sunstone Hotel Investors, Inc.		10,800		300,348
Tanger Factory Outlet Centers, Inc. REIT		8,925		375,921
Taubman Centers, Inc. REIT		4,300		253,141
Washington REIT		5,100		179,622
				10,743,633

	Number of Shares		Market Value
Retail — 5.5%
A.C. Moore Arts & Crafts, Inc.(a)		8,700	$	145,464
Abercrombie & Fitch Co. Cl. A(b)		9,600		760,320
Aeropostale, Inc.(a)		49,150		1,125,535
AFC Enterprises, Inc.(a)		4,973		66,390
AnnTaylor Stores Corp.(a)		3,300		102,267
Applebee's International, Inc.		33,400		846,356
Asbury Automotive Group, Inc.		6,854		125,634
AutoNation, Inc.(a) (b)		35,100		620,919
AutoZone, Inc.(a) (b)		6,300		783,783
Barnes & Noble, Inc.		19,800		765,072
Big 5 Sporting Goods Corp.		4,000		71,400
Big Lots, Inc.(a) (b)		22,623		542,500
BJ's Wholesale Club, Inc.(a)		29,200		1,047,696
Blockbuster, Inc. Cl. A(a) (b)		140,700		740,082
Bob Evans Farms, Inc.		28,877		813,754
Books-A-Million, Inc.		5,800		77,662
Brown Shoe Co., Inc.		30,947		631,319
The Buckle, Inc.		25,653		1,105,644
Buffalo Wild Wings, Inc.(a) (b)		7,390		226,577
Casey's General Stores, Inc.		19,707		561,649
Cato Corp. Cl. A		6,551		131,544
CBRL Group, Inc.		3,156		125,924
CEC Entertainment, Inc.(a)		8,600		256,280
Chico's FAS, Inc.(a)		28,500		374,490
Chipotle Mexican Grill, Inc. Cl. A(a) (b)		1,600		222,400
Christopher & Banks Corp.		2,100		28,812
Conn's, Inc.(a) (b)		8,600		219,902
CSK Auto Corp.(a)		400		4,560
Denny's Corp.(a)		45,450		219,069
Dollar Tree Stores, Inc.(a)		18,328		701,962
Domino's Pizza, Inc.		22,835		352,572
Dress Barn, Inc.(a)		36,690		601,349
Family Dollar Stores, Inc.(b)		27,645		700,801
Hibbett Sports, Inc.(a)		10,700		252,413
Hot Topic, Inc.(a)		18,700		143,242
IHOP Corp.(b)		10,191		645,396
Insight Enterprises, Inc.(a)		5,332		147,376
Jack in the Box, Inc.(a)		3,042		95,428
Jo-Ann Stores, Inc.(a)		8,100		156,087
Jos. A. Bank Clothiers, Inc.(a) (b)		8,300		242,443
Landry's Restaurants, Inc.(b)		900		25,848
Luby's, Inc.(a)		1,950		21,547

	Number of Shares		Market Value
McCormick & Schmick's Seafood Restaurants, Inc.(a)		327	$	5,552
Men's Wearhouse, Inc.(b)		15,261		644,930
Movado Group, Inc.		12,000		361,080
Nu Skin Enterprises, Inc. Cl. A		5,100		88,077
O'Charley's, Inc.		542		8,688
Office Depot, Inc.(a)		23,100		433,356
Pacific Sunwear of California, Inc.(a)		4,389		73,384
PC Connection, Inc.(a) (b)		5,300		77,910
The PEP Boys-Manny, Moe & Jack		16,400		241,244
Pier 1 Imports, Inc.(a) (b)		19,600		99,764
PriceSmart, Inc.		3,800		108,072
RadioShack Corp.(b)		30,100		620,662
Regis Corp.		13,082		439,555
Sally Beauty Co., Inc.(a)		56,600		523,550
School Specialty, Inc.(a) (b)		3,500		118,125
Select Comfort Corp.(a) (b)		11,100		126,873
Sonic Automotive, Inc.		11,700		295,542
Stage Stores, Inc.		9,083		170,397
Systemax, Inc.(b)		9,500		222,300
Talbots, Inc.(b)		3,600		52,956
Ulta Salon, Cosmetics & Fragrance, Inc.(a)		3,680		125,856
Wendy's International, Inc.		6,200		215,512
West Marine, Inc.(a)		2,000		21,580
				21,904,433
Savings & Loans — 0.4%
Anchor Bancorp Wisconsin, Inc.		100		2,460
Brookline Bancorp, Inc.		1,900		20,444
Downey Financial Corp.(b)		11,700		476,541
First Niagara Financial Group, Inc.		50,164		662,165
FirstFed Financial Corp.(a) (b)		9,993		427,501
TierOne Corp.(b)		4,630		105,795
Washington Federal, Inc.		100		2,416
WSFS Financial Corp.		1,484		85,567
				1,782,889
Semiconductors — 6.6%
Actel Corp.(a)		3,900		44,421
Advanced Analogic Technologies, Inc.(a)		3,200		38,656
AMIS Holdings, Inc.(a)		38,800		297,596
Amkor Technology, Inc.(a)		69,770		790,494
Analog Devices, Inc.		25,100		839,846

(Continued)

The accompanying notes are an integral part of the financial statements.
207

MassMutual Premier Small Company Opportunities Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Asyst Technologies, Inc.(a)		8,968	$	43,046
Atmel Corp.(a)		108,000		528,120
ATMI, Inc.(a)		27,400		880,636
AuthenTec, Inc.(a)		3,800		61,218
Brooks Automation, Inc.(a)		63,900		829,422
Cabot Microelectronics Corp.(a) (b)		18,400		730,112
Cohu, Inc.		5,900		96,760
Credence Systems Corp.(a)		44,400		135,420
DSP Group, Inc.(a)		2,400		37,896
Emcore Corp.(a) (b)		16,400		176,956
Emulex Corp.(a)		46,120		998,959
Entegris, Inc.(a)		75,100		685,663
Exar Corp.(a)		7,200		87,552
Hittite Microwave Corp.(a)		2,500		125,625
Integrated Device Technology, Inc.(a)		41,800		561,374
Intersil Corp. Cl. A		23,500		712,990
IXYS Corp.(a)		1,400		14,770
KLA-Tencor Corp.(b)		16,800		884,520
Kulicke & Soffa Industries, Inc.(a)		28,523		215,919
Lam Research Corp.(a)		14,800		742,960
Linear Technology Corp.(b)		25,400		838,708
LTX Corp.(a)		16,145		53,440
Mattson Technology, Inc.(a)		17,000		147,560
Micrel, Inc.		75,926		687,130
Microtune, Inc.(a)		12,900		77,787
MIPS Technologies, Inc.(a)		9,900		78,210
MKS Instruments, Inc.(a) (b)		42,322		849,826
Monolithic Power Systems, Inc.(a)		11,400		250,002
National Semiconductor Corp.		32,400		814,536
Netlogic Microsystems, Inc.(a) (b)		8,300		275,560
Novellus Systems, Inc.(a)		25,100		713,091
ON Semiconductor Corp.(a) (b)		54,600		556,920
PMC-Sierra, Inc.(a) (b)		116,900		1,053,269
QLogic Corp.(a)		66,200		1,028,086
Rambus, Inc.(a)		4,800		94,992
Rudolph Technologies, Inc.(a)		8,900		115,967
Semtech Corp.(a)		48,900		836,679
Silicon Laboratories, Inc.(a)		23,800		1,040,060
SiRF Technology Holdings, Inc.(a) (b)		15,700		468,017
Skyworks Solutions, Inc.(a)		96,600		890,652
Standard Microsystems Corp.(a)		9,700		378,300

	Number of Shares		Market Value
Supertex, Inc.(a)		5,281	$	192,968
Teradyne, Inc.(a)		47,300		583,682
Tessera Technologies, Inc.(a)		7,600		290,244
Ultra Clean Holdings, Inc.(a)		5,600		71,904
Ultratech, Inc.(a)		3,100		35,929
Varian Semiconductor Equipment Associates, Inc.(a)		14,550		669,591
Veeco Instruments, Inc.(a)		8,700		157,209
Verigy Ltd.(a)		34,600		795,454
Volterra Semiconductor Corp.(a) (b)		5,600		68,824
Xilinx, Inc.		32,000		780,800
Zoran Corp.(a)		38,100		971,550
				26,427,878
Software — 7.2%
Activision, Inc.(a)		32,900		778,085
Actuate Corp.(a)		33,686		296,100
Acxiom Corp.		20,300		266,742
Advent Software, Inc.(a) (b)		11,733		649,187
American Software Cl. A		600		4,866
Ansys, Inc.(a)		15,000		582,150
Aspen Technology, Inc.(a)		66,580		1,161,155
Autodesk, Inc.(a)		20,300		992,670
BEA Systems, Inc.(a)		53,000		895,700
Blackbaud, Inc.		23,800		641,410
Blackboard, Inc.(a)		11,600		578,840
BMC Software, Inc.(a)		24,836		840,450
Broadridge Financial Solutions, Inc.		20,000		400,000
Citrix Systems, Inc.(a)		20,000		859,800
Cognos, Inc.(a)		11,500		578,795
Commvault Systems, Inc.(a)		5,700		115,938
Computer Programs & Systems, Inc.		2,000		49,540
Compuware Corp.(a)		71,400		714,000
Concur Technologies, Inc.(a)		17,300		623,492
CSG Systems International, Inc.(a)		21,837		448,314
DivX, Inc.(a)		2,700		33,831
Double-Take Software, Inc.(a)		4,200		100,086
Dun & Bradstreet Corp.		1,400		135,590
Eclipsys Corp.(a)		13,000		293,280
Epicor Software Corp.(a)		3,400		39,712
EPIQ Systems, Inc.(a)		10,800		209,412
Fair Isaac Corp.(b)		20,074		761,206
FalconStor Software, Inc.(a) (b)		17,600		246,928
Fidelity National Information Services, Inc.		18,100		834,772

	Number of Shares		Market Value
Fiserv, Inc.(a)		4,800	$	265,920
Informatica Corp.(a)		49,000		836,920
InnerWorkings, Inc.(a)		2,700		43,443
Interactive Intelligence, Inc.(a)		6,000		156,300
Intuit, Inc.(a)		28,500		916,845
JDA Software Group, Inc.(a)		9,900		247,104
Lawson Software, Inc.(a)		75,700		854,653
Longtop Financial Technologies Ltd. ADR (China)(a) (b)		2,160		61,344
ManTech International Corp. Cl. A(a)		22,800		906,528
MicroStrategy, Inc. Cl. A(a)		10,568		1,039,151
NAVTEQ Corp.(a)		2,900		223,880
Noah Education Holdings Ltd. ADR (China)(a) (b)		10,830		194,615
Novell, Inc.(a)		78,200		591,192
Nuance Communications, Inc.(a) (b)		11,500		254,265
Omnicell, Inc.(a)		22,704		599,386
Omniture, Inc.(a) (b)		21,600		737,856
Open Text Corp.(a) (b)		22,030		687,336
Parametric Technology Corp.(a)		6,100		116,510
Phase Forward, Inc.(a)		15,418		366,794
Progress Software Corp.(a)		7,200		235,512
PROS Holdings, Inc.(a)		11,700		210,366
Quest Software, Inc.(a) (b)		31,700		551,580
Red Hat, Inc.(a) (b)		33,500		723,265
Salesforce.com, Inc.(a)		5,000		281,850
SPSS, Inc.(a) (b)		11,399		433,162
Sybase, Inc.(a)		16,300		466,180
Synchronoss Technologies, Inc.(a) (b)		14,500		580,000
Taleo Corp., Cl. A(a)		9,100		254,345
THE9 Ltd. ADR (Cayman Islands)(a) (b)		12,900		409,575
THQ, Inc.(a)		23,700		642,033
Total System Services, Inc.(b)		3,500		104,860
Ultimate Software Group, Inc.(a)		5,200		179,452
Wind River Systems, Inc.(a) (b)		23,000		287,730
				28,592,003
Telecommunications — 4.9%
ADC Telecommunications, Inc.(a)		55,100		1,030,370
ADTRAN, Inc.		47,100		1,133,697
Alaska Communications Systems Group, Inc.		17,274		281,048

(Continued)

The accompanying notes are an integral part of the financial statements.
208

MassMutual Premier Small Company Opportunities Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Anaren, Inc.(a)		1,023	$	16,030
Andrew Corp.(a) (b)		25,400		372,364
Anixter International, Inc.(a) (b)		1,300		93,405
Arris Group, Inc.(a)		34,900		401,350
Atheros Communications, Inc.(a)		7,300		256,230
Atlantic Tele-Network, Inc.		4,800		172,368
Cbeyond, Inc.(a) (b)		21,700		848,904
C-COR, Inc.(a)		14,600		178,996
Cellcom Israel Ltd.(a)		1,940		51,468
Centennial Communications Corp.(a)		25,700		263,168
CenturyTel, Inc.		14,219		626,347
Cincinnati Bell, Inc.(a)		216,991		1,176,091
Citizens Communications Co.		9,166		120,625
CommScope, Inc.(a) (b)		12,533		591,182
Comtech Telecommunications(a) (b)		22,200		1,204,350
Consolidated Communications Holdings, Inc.		8,450		168,240
CPI International, Inc.(a)		2,600		52,832
Dobson Communications Corp. Cl. A(a)		18,900		244,566
Embarq Corp.		13,700		725,004
EMS Technologies, Inc.(a)		8,152		228,582
Extreme Networks, Inc.(a)		42,800		187,464
Fairpoint Communications, Inc.		6,300		116,487
Foundry Networks, Inc.(a)		36,300		767,382
General Communication, Inc. Cl. A(a)		3,069		35,999
GeoEye, Inc.(a)		7,400		231,694
Globecomm Systems Inc.(a)		700		10,808
Harmonic, Inc.(a)		28,200		347,424
Hypercom Corp.(a)		1,629		8,813
InterDigital, Inc.(a) (b)		19,450		417,981
Iowa Telecommunications Services, Inc.		13,800		272,136
Ixia(a)		4,900		51,254
Knology, Inc.(a)		1,494		25,084
Loral Space & Communications(a)		2,500		100,950
Mastec, Inc.(a)		17,500		276,325
Maxcom Telecomunicaciones SA de CV ADR (Mexico)(a) (b)		1,500		26,040
Network Equipment Technologies, Inc.(a) (b)		15,800		235,420
North Pittsburgh Systems, Inc.		729		17,700
Novatel Wireless, Inc.(a)		15,700		408,200

	Number of Shares		Market Value
NTELOS Holdings Corp.		15,700	$	473,983
OpNext, Inc.(a)		1,400		16,660
PAETEC Holding Corp.(a)		6,600		88,770
Plantronics, Inc.		28,000		765,800
Premiere Global Services, Inc.(a)		56,900		937,712
RF Micro Devices, Inc.(a) (b)		123,100		765,682
Rural Cellular Corp. Cl. A(a)		2,500		110,925
ShoreTel, Inc.(a)		13,000		236,470
Surewest Communications		1,000		26,480
Switch & Data Facilities Co., Inc.(a)		500		9,840
Syniverse Holdings, Inc.(a)		14,300		238,667
Telephone and Data Systems, Inc.(b)		11,900		830,620
Tellabs, Inc.(a)		24,800		218,488
Time Warner Telecom, Inc. Cl. A(a)		4,700		109,228
USA Mobility, Inc.(a)		4,100		64,124
Viasat, Inc.(a)		12,203		372,192
Windstream Corp.		31,400		422,330
				19,462,349
Textiles — 0.2%
Mohawk Industries, Inc.(a) (b)		7,800		665,652
UniFirst Corp./MA		1,700		63,971
				729,623
Toys, Games & Hobbies — 0.3%
JAKKS Pacific, Inc.(a) (b)		11,100		294,150
Marvel Entertainment, Inc.(a) (b)		32,108		794,352
RC2 Corp.(a)		5,500		164,010
				1,252,512
Transportation — 1.4%
ABX Air, Inc.(a)		12,800		80,896
American Commercial Lines, Inc.(a) (b)		11,600		172,956
Arlington Tankers Ltd.		500		12,300
Atlas Air Worldwide Holdings, Inc.(a)		7,000		410,130
CAI International, Inc.(a)		11,700		155,727
Con-way, Inc.		11,700		498,537
Double Hull Tankers, Inc.		2,900		45,037
Excel Maritime Carriers Ltd.(b)		8,800		621,192
Genco Shipping & Trading Ltd.		1,200		86,268
General Maritime Corp.(b)		4,522		127,430
Gulfmark Offshore, Inc.(a)		17,800		829,124

	Number of Shares		Market Value
Horizon Lines, Inc. Cl. A		20,100	$	632,346
Hub Group, Inc. Cl. A(a)		24,443		620,119
Knightsbridge Tankers Ltd.(b)		2,700		68,796
Landstar System, Inc.		12,400		521,916
Overseas Shipholding Group, Inc.		8,600		639,840
Pacer International, Inc.		6,300		92,862
				5,615,476
TOTAL EQUITIES (Cost $371,478,106)				395,732,495
WARRANTS — 0.0%
Mining
Redcorp Ventures, Ltd. Warrants, Expires 7/10/2009, Strike 0.65 CAD		169,400		13,330
TOTAL WARRANTS (Cost $0)				13,330
MUTUAL FUND — 0.7%
Investment Companies
iShares Russell 2000 Index Fund		32,000		2,636,160
TOTAL MUTUAL FUND (Cost $2,574,083)				2,636,160
TOTAL LONG TERM INVESTMENTS (Cost $374,052,189)				398,381,985
	Principal Amount
SHORT-TERM INVESTMENTS — 18.6%
Cash Equivalents — 18.4%(d)
Abbey National PLC Eurodollar Time Deposit 4.850% 11/08/2007	$	529,979		529,979
ABN Amro Bank NV Eurodollar Time Deposit 4.795% 11/21/2007		1,324,946		1,324,946
ABN Amro Bank NV Eurodollar Time Deposit 4.950% 11/14/2007		1,059,957		1,059,957
ABN Amro Bank NV Eurodollar Time Deposit 5.050% 11/13/2007		1,589,934		1,589,934
Bank of Nova Scotia Eurodollar Time Deposit 4.650% 11/30/2007		662,473		662,473
Bank of Nova Scotia Eurodollar Time Deposit 4.800% 11/26/2007		1,589,936		1,589,936

(Continued)

The accompanying notes are an integral part of the financial statements.
209

MassMutual Premier Small Company Opportunities Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Bank of Nova Scotia Eurodollar Time Deposit 4.940% 11/16/2007	$	1,059,957	$	1,059,957
Bank of Nova Scotia Eurodollar Time Deposit 4.950% 11/19/2007		662,473		662,473
Bank of Nova Scotia Eurodollar Time Deposit 5.000% 11/15/2007		662,473		662,473
Barclays Eurodollar Time Deposit 5.000% 01/22/2008		794,968		794,968
Barclays Eurodollar Time Deposit 5.330% 11/05/2007		662,473		662,473
BNP Paribas Eurodollar Time Deposit 4.720% 11/01/2007		3,179,871		3,179,871
BNP Paribas Eurodollar Time Deposit 4.800% 11/23/2007		1,324,946		1,324,946
BNP Paribas Eurodollar Time Deposit 4.900% 11/01/2007		1,324,946		1,324,946
BNP Paribas Eurodollar Time Deposit 5.020% 11/15/2007		794,968		794,968
Calyon Eurodollar Time Deposit 4.875% 11/01/2007		2,649,893		2,649,893
Calyon Eurodollar Time Deposit 5.330% 11/07/2007		2,649,893		2,649,893
Canadian Imperial Bank of Commerce Eurodollar Time Deposit 5.340% 11/09/2007		529,979		529,979
Dexia Group Eurodollar Time Deposit 4.980% 11/14/2007		1,722,430		1,722,430
Dexia Group Eurodollar Time Deposit 5.000% 11/05/2007		662,473		662,473
Dexia Group Eurodollar Time Deposit 5.100% 11/05/2007		794,968		794,968
Fifth Third Bancorp Eurodollar Time Deposit 4.625% 11/01/2007		1,987,420		1,987,420
Fortis Bank Eurodollar Time Deposit 4.820% 11/01/2007		2,649,893		2,649,893

	Principal Amount		Market Value
Fortis Bank Eurodollar Time Deposit 5.330% 11/05/2007	$	1,987,420	$	1,987,420
Freddie Mac Agency 4.533% 11/05/2007		166,529		166,529
Freddie Mac Agency Discount Note 4.527% 11/13/2007		515,815		515,815
General Electric Capital Corp. 4.822% 11/14/2007		2,637,880		2,637,880
JP Morgan Chase & Co. Eurodollar Time Deposit 5.150% 02/12/2008		1,324,946		1,324,946
Lloyds TSB Bank Eurodollar Time Deposit 4.880% 11/20/2007		1,987,420		1,987,420
Lloyds TSB Bank Eurodollar Time Deposit 4.950% 11/09/2007		1,324,946		1,324,946
National Australia Bank Eurodollar Time Deposit 4.800% 11/01/2007		2,649,893		2,649,893
Rabobank Nederland Eurodollar Time Deposit 4.813% 11/01/2007		2,649,893		2,649,893
Rabobank Nederland Eurodollar Time Deposit 4.820% 11/08/2007		1,987,420		1,987,420
Rabobank Nederland Eurodollar Time Deposit 4.950% 11/01/2007		1,192,452		1,192,452
Rabobank Nederland Eurodollar Time Deposit 4.950% 11/15/2007		662,473		662,473
Reserve Primary Money Market Fund(c)		1,204,540		1,204,540
Royal Bank of Canada Eurodollar Time Deposit 4.950% 11/16/2007		794,968		794,968
Royal Bank of Scotland Eurodollar Time Deposit 4.950% 11/01/2007		3,974,839		3,974,839
Royal Bank of Scotland Eurodollar Time Deposit 5.000% 01/22/2008		662,473		662,473
Royal Bank of Scotland Eurodollar Time Deposit 5.330% 11/07/2007		1,324,946		1,324,946
Societe Generale Eurodollar Time Deposit 4.813% 11/01/2007		2,649,893		2,649,893
Societe Generale Eurodollar Time Deposit 5.050% 11/02/2007		1,059,957		1,059,957

	Principal Amount		Market Value
Societe Generale Eurodollar Time Deposit 5.050% 11/19/2007	$	529,979	$	529,979
Societe Generale Eurodollar Time Deposit 5.120% 11/01/2007		1,059,957		1,059,957
Svenska Handlesbanken Eurodollar Time Deposit 4.840% 11/01/2007		4,139,810		4,139,810
Toronto Dominion Bank Eurodollar Time Deposit 4.880% 11/06/2007		662,473		662,473
Toronto Dominion Bank Eurodollar Time Deposit 5.000% 11/07/2007		1,987,420		1,987,420
UBS AG Eurodollar Time Deposit 5.365% 11/08/2007		662,473		662,473
Wells Fargo Eurodollar Time Deposit 4.750% 11/23/2007		1,324,946		1,324,946
Wells Fargo Eurodollar Time Deposit 4.800% 11/09/2007		1,324,946		1,324,946
				73,321,956
Repurchase Agreements — 0.2%
State Street Bank & Trust Co. Repurchase, Agreement dated 10/31/2007, 3.01%, due 11/01/2007(e)		924,879		924,879
TOTAL SHORT-TERM INVESTMENTS (Cost $74,246,835)				74,246,835
TOTAL INVESTMENTS — 118.3% (Cost $448,299,024)(f)				472,628,820
Other Assets/ (Liabilities) — (18.3%)				(73,110,671	)
NET ASSETS — 100.0%			$	399,518,149

Notes to Portfolio of Investments

ADR - American Depository Receipt

CAD - Canadian Dollar

(a) Non-income producing security.

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

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

(e) Maturity value of $924,957. Collateralized by a U.S. Government Agency oligation, with a rate of 4.819%, maturity date of 10/01/2035, and an aggregate market value, including accrued interest, of $943,883.

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

The accompanying notes are an integral part of the financial statements.
210

MassMutual Premier Global Fund – Portfolio of Investments

October 31, 2007

	Number of Shares		Market Value
EQUITIES — 98.9%
COMMON STOCK — 97.7%
Advertising — 0.5%
WPP Group PLC		265,820	$	3,626,925
Aerospace & Defense — 4.4%
Boeing Co.		47,800		4,712,602
Empresa Brasileira de Aeronautica SA ADR (Brazil)		158,800		7,744,676
European Aeronautic Defense and Space Co.		237,340		8,063,565
Lockheed Martin Corp.		45,100		4,962,804
Northrop Grumman Corp.		50,000		4,181,000
Raytheon Co.		82,000		5,216,020
				34,880,667
Apparel — 1.0%
Burberry Group PLC		256,830		3,283,016
Coach, Inc.(a)		56,400		2,061,984
Tod's SpA(b)		26,800		2,249,169
				7,594,169
Auto Manufacturers — 1.7%
Bayerische Motoren Werke AG		120,993		8,097,684
Toyota Motor Corp.		87,130		4,988,327
				13,086,011
Banks — 5.5%
BNP Paribas SA		17,580		1,942,096
HSBC Holdings PLC		402,430		7,935,293
ICICI Bank Ltd., Sponsored ADR (India)		46,200		3,208,128
Northern Trust Corp.		120,800		9,085,368
Royal Bank of Scotland Group PLC		920,384		9,896,144
Societe Generale Cl. A		38,631		6,494,603
Sumitomo Mitsui Financial Group, Inc.(b)		576		4,710,289
				43,271,921
Beverages — 2.4%
Cia de Bebidas das Americas, ADR (Brazil)		85,900		7,018,889
Diageo PLC		179,354		4,097,561
Fomento Econonico Mexicano SAB		1,423,000		5,031,998
Grupo Modelo SA Cl. C		656,300		3,046,435
				19,194,883

	Number of Shares		Market Value
Biotechnology — 1.0%
3SBio, Inc., Sponsored ADR (China)(a)		33,100	$	679,874
Genentech, Inc.(a)		37,100		2,750,223
InterMune, Inc.(a) (b)		52,700		1,049,784
Nektar Therapeutics(a) (b)		44,000		263,120
Nicox SA(a) (b)		40,912		973,140
Regeneron Pharmaceuticals, Inc.(a)		34,600		761,200
Seattle Genetics, Inc.(a) (b)		79,700		957,197
				7,434,538
Chemicals — 0.6%
Praxair, Inc.		28,600		2,444,728
Syngenta AG		9,278		2,236,301
				4,681,029
Commercial Services — 0.7%
Experian Ltd.		129,601		1,354,822
Secom Company Ltd.		80,000		4,114,845
				5,469,667
Cosmetics & Personal Care — 0.8%
Colgate-Palmolive Co.		85,800		6,543,966
Diversified Financial — 2.8%
Credit Saison Co., Ltd.		134,120		4,263,818
Credit Suisse Group		167,993		11,314,266
Morgan Stanley		98,100		6,598,206
				22,176,290
Electric — 0.9%
Fortum Oyj		159,800		6,919,842
Electrical Components & Equipment — 1.5%
Emerson Electric Co.		165,000		8,624,550
Mitsubishi Electric Corp.		278,000		3,379,263
				12,003,813
Electronics — 3.8%
Fanuc Ltd.		20,900		2,292,555
Hoya Pentax HD Corp.		162,700		5,926,071
Keyence Corp.		16,020		3,697,063
Koninklijke Philips Electronics NV		217,600		9,010,308
Kyocera Corp.		39,500		3,352,181
Murata Manufacturing Co., Ltd.		98,610		5,989,521
				30,267,699
Entertainment — 0.7%
International Game Technology		109,300		4,766,573
Shuffle Master, Inc.(a) (b)		56,100		767,448
				5,534,021

	Number of Shares		Market Value
Foods — 2.0%
Cadbury Schweppes PLC		602,297	$	7,963,198
Tesco PLC		767,878		7,784,322
				15,747,520
Hand & Machine Tools — 0.3%
Nidec Corp.		27,700		2,090,320
Health Care – Products — 0.9%
IDEXX Laboratories, Inc.(a)		7,100		864,638
Johnson & Johnson		28,300		1,844,311
Smith & Nephew PLC		317,164		4,279,159
				6,988,108
Holding Company – Diversified — 1.5%
LVMH Moet Hennessy Louis Vuitton SA		90,730		11,684,421
Home Furnishing — 1.4%
Sony Corp.		227,700		11,274,220
Household Products — 1.9%
Hindustan Unilever Ltd.		781,000		4,130,842
Reckitt Benckiser Group PLC		180,206		10,435,533
				14,566,375
Insurance — 4.8%
ACE Ltd.		76,700		4,648,787
AFLAC, Inc.		91,000		5,712,980
Allianz AG		45,119		10,151,403
American International Group, Inc.		86,600		5,466,192
Prudential PLC		475,082		7,730,781
Sony Financial Holdings Inc.(a)		186		670,547
XL Capital Ltd. Cl. A		50,700		3,647,865
				38,028,555
Internet — 1.6%
eBay, Inc.(a)		351,000		12,671,100
Investment Companies — 0.8%
Investor AB Cl. B		249,196		6,158,046
Leisure Time — 1.4%
Carnival Corp.		198,200		9,509,636
Sega Sammy Holdings, Inc.(b)		101,700		1,402,823
				10,912,459
Manufacturing — 3.0%
3M Co.		88,900		7,677,404
Siemens AG		118,335		16,079,743
				23,757,147

(Continued)

The accompanying notes are an integral part of the financial statements.
211

MassMutual Premier Global Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Media — 3.8%
Dish TV India Ltd.(a)		468,198	$	725,332
Grupo Televisa SA Sponsored ADR (Mexico)		295,800		7,350,630
Pearson PLC		209,000		3,462,637
Sirius Satellite Radio, Inc.(a) (b)		1,786,976		6,004,239
The Walt Disney Co.		229,900		7,961,437
ZEE Entertainment Enterprise Ltd.		555,002		4,709,705
				30,213,980
Metal Fabricate & Hardware — 1.0%
Assa Abloy AB Cl. B		374,500		7,863,992
Office Equipment/Supplies — 0.3%
Canon, Inc.		52,750		2,671,139
Oil & Gas — 5.0%
BP PLC, Sponsored ADR (United Kingdom)		84,300		6,574,557
Chevron Corp.		68,300		6,250,133
Husky Energy, Inc.(b)		230,100		10,629,285
Total SA		54,870		4,416,342
Transocean, Inc.(a)		96,100		11,471,457
				39,341,774
Oil & Gas Services — 1.1%
Technip SA		97,740		8,770,145
Pharmaceuticals — 4.9%
Acadia Pharmaceuticals, Inc.(a) (b)		57,800		888,964
Chugai Pharmaceutical Co., Ltd.		126,900		2,201,125
Gilead Sciences, Inc.(a)		158,500		7,321,115
Hospira, Inc.(a)		19,900		822,467
Novo Nordisk A/S Cl. B		18,200		2,260,149
Pharmion Corp.(a)		17,200		827,664
Roche Holding AG		51,349		8,762,207
Sanofi-Aventis		87,260		7,656,789
Shionogi & Co., Ltd.		329,800		5,636,422
Theravance, Inc.(a) (b)		79,100		1,979,082
				38,355,984
Retail — 6.5%
Bulgari SpA		254,500		3,979,182
Hennes & Mauritz AB Cl. B		218,100		14,501,450
Inditex SA		127,900		9,532,484
McDonald's Corp.		106,500		6,358,050
Seven & I Holdings Co., Ltd.		83,511		2,154,755
Tiffany & Co.		149,000		8,072,820
Wal-Mart Stores, Inc.		143,200		6,474,072
				51,072,813

	Number of Shares		Market Value
Semiconductors — 6.1%
Advanced Micro Devices, Inc.(a) (b)		456,800	$	5,974,944
Altera Corp.		229,200		4,496,904
Cree, Inc.(a) (b)		158,600		4,440,800
Linear Technology Corp.(b)		94,900		3,133,598
Maxim Integrated Products, Inc.		211,500		5,731,650
MediaTek, Inc.		527,970		10,474,398
Samsung Electronics Co., Ltd.		6,419		3,978,106
Taiwan Semiconductor Manufacturing Co. Ltd.		2,199,896		4,390,097
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR (Taiwan)		180,906		1,926,649
Xilinx, Inc.		153,100		3,735,640
				48,282,786
Software — 8.0%
Adobe Systems, Inc.(a)		191,500		9,172,850
Automatic Data Processing, Inc.		188,600		9,347,016
Infosys Technologies Ltd.		188,697		8,912,267
Intuit, Inc.(a)		262,900		8,457,493
Microsoft Corp.		386,100		14,212,341
SAP AG		174,222		9,424,617
Square Enix Co., Ltd.(b)		107,100		3,522,553
				63,049,137
Telecommunications — 11.8%
Cisco Systems, Inc.(a)		121,800		4,026,708
Corning, Inc.(a)		335,700		8,147,439
Juniper Networks, Inc.(a) (b)		391,300		14,086,800
KDDI Corp.		1,041		7,897,559
SK Telecom Co. Ltd. ADR (South Korea)(b)		234,400		7,221,864
Tandberg ASA		194,000		4,977,664
Telefonaktiebolaget LM Ericsson Cl. B		8,830,400		26,430,673
Vodafone Group PLC		4,961,516		19,502,438
Wire & Wireless India Data(a)		435,651		414,917
				92,706,062
Toys, Games & Hobbies — 0.6%
Nintendo Co., Ltd.		7,400		4,673,337

	Number of Shares		Market Value
Transportation — 0.7%
TPG NV		94,100	$	3,858,399
United Parcel Service, Inc. Cl. B		25,000		1,877,500
				5,735,899
TOTAL COMMON STOCK (Cost $565,911,902)				769,300,760
PREFERRED STOCK — 1.2% Auto Manufacturers
Bayerische Motoren Werke-Pfd Preferred Stock		38,435		2,150,598
Porsche AG		2,825		7,530,365
TOTAL PREFERRED STOCK (Cost $3,702,498)				9,680,963
TOTAL EQUITIES (Cost $569,614,400)				778,981,723
	Principal Amount
SHORT-TERM INVESTMENTS — 8.1%
Cash Equivalents — 7.3%(d)
Abbey National PLC Eurodollar Time Deposit 4.850% 11/08/2007	$	418,002		418,002
ABN Amro Bank NV Eurodollar Time Deposit 4.795% 11/21/2007		1,045,003		1,045,003
ABN Amro Bank NV Eurodollar Time Deposit 4.950% 11/14/2007		836,003		836,003
ABN Amro Bank NV Eurodollar Time Deposit 5.050% 11/13/2007		1,254,004		1,254,004
Bank of Nova Scotia Eurodollar Time Deposit 4.650% 11/30/2007		522,501		522,501
Bank of Nova Scotia Eurodollar Time Deposit 4.800% 11/26/2007		1,254,004		1,254,004
Bank of Nova Scotia Eurodollar Time Deposit 4.940% 11/16/2007		836,002		836,002
Bank of Nova Scotia Eurodollar Time Deposit 4.950% 11/19/2007		522,501		522,501
Bank of Nova Scotia Eurodollar Time Deposit 5.000% 11/15/2007		522,501		522,501
Barclays Eurodollar Time Deposit 5.000% 01/22/2008		627,002		627,002

(Continued)

The accompanying notes are an integral part of the financial statements.
212

MassMutual Premier Global Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Barclays Eurodollar Time Deposit 5.330% 11/05/2007	$	522,501	$	522,501
BNP Paribas Eurodollar Time Deposit 4.720% 11/01/2007		2,508,007		2,508,007
BNP Paribas Eurodollar Time Deposit 4.800% 11/23/2007		1,045,003		1,045,003
BNP Paribas Eurodollar Time Deposit 4.900% 11/01/2007		1,045,003		1,045,003
BNP Paribas Eurodollar Time Deposit 5.020% 11/15/2007		627,002		627,002
Calyon Eurodollar Time Deposit 4.875% 11/01/2007		2,090,006		2,090,006
Calyon Eurodollar Time Deposit 5.330% 11/07/2007		2,090,007		2,090,007
Canadian Imperial Bank of Commerce Eurodollar Time Deposit 5.340% 11/09/2007		418,001		418,001
Dexia Group Eurodollar Time Deposit 4.980% 11/14/2007		1,358,504		1,358,504
Dexia Group Eurodollar Time Deposit 5.000% 11/05/2007		522,501		522,501
Dexia Group Eurodollar Time Deposit 5.100% 11/05/2007		627,002		627,002
Fifth Third Bancorp Eurodollar Time Deposit 4.625% 11/01/2007		1,567,504		1,567,504
Fortis Bank Eurodollar Time Deposit 4.820% 11/01/2007		2,090,006		2,090,006
Fortis Bank Eurodollar Time Deposit 5.330% 11/05/2007		1,567,504		1,567,504
Freddie Mac Agency 4.533% 11/05/2007		131,343		131,343
Freddie Mac Agency Discount Note 4.527% 11/13/2007		406,830		406,830
General Electric Capital Corp. 4.822% 11/14/2007		2,080,531		2,080,531
JP Morgan Chase & Co. Eurodollar Time Deposit 5.150% 02/12/2008		1,045,003		1,045,003

	Principal Amount		Market Value
Lloyds TSB Bank Eurodollar Time Deposit 4.880% 11/20/2007	$	1,567,504	$	1,567,504
Lloyds TSB Bank Eurodollar Time Deposit 4.950% 11/09/2007		1,045,004		1,045,004
National Australia Bank Eurodollar Time Deposit 4.800% 11/01/2007		2,090,006		2,090,006
Rabobank Nederland Eurodollar Time Deposit 4.813% 11/01/2007		2,090,006		2,090,006
Rabobank Nederland Eurodollar Time Deposit 4.820% 11/08/2007		1,567,504		1,567,504
Rabobank Nederland Eurodollar Time Deposit 4.950% 11/01/2007		940,503		940,503
Rabobank Nederland Eurodollar Time Deposit 4.950% 11/15/2007		522,501		522,501
Reserve Primary Money Market Fund(c)		950,036		950,036
Royal Bank of Canada Eurodollar Time Deposit 4.950% 11/16/2007		627,002		627,002
Royal Bank of Scotland Eurodollar Time Deposit 4.950% 11/01/2007		3,135,009		3,135,009
Royal Bank of Scotland Eurodollar Time Deposit 5.000% 01/22/2008		522,501		522,501
Royal Bank of Scotland Eurodollar Time Deposit 5.330% 11/07/2007		1,045,003		1,045,003
Societe Generale Eurodollar Time Deposit 4.813% 11/01/2007		2,090,006		2,090,006
Societe Generale Eurodollar Time Deposit 5.050% 11/02/2007		836,002		836,002
Societe Generale Eurodollar Time Deposit 5.050% 11/19/2007		418,002		418,002
Societe Generale Eurodollar Time Deposit 5.120% 11/01/2007		836,002		836,002
Svenska Handlesbanken Eurodollar Time Deposit 4.840% 11/01/2007		3,265,123		3,265,123
Toronto Dominion Bank Eurodollar Time Deposit 4.880% 11/06/2007		522,501		522,501

	Principal Amount		Market Value
Toronto Dominion Bank Eurodollar Time Deposit 5.000% 11/07/2007	$	1,567,504	$	1,567,504
UBS AG Eurodollar Time Deposit 5.365% 11/08/2007		522,501		522,501
Wells Fargo Eurodollar Time Deposit 4.750% 11/23/2007		1,045,003		1,045,003
Wells Fargo Eurodollar Time Deposit 4.800% 11/09/2007		1,045,003		1,045,003
				57,830,007
Repurchase Agreements — 0.8%
State Street Bank & Trust Co. Repurchase, Agreement dated 10/31/2007, 3.01%, due 11/01/2007(e)		5,941,131		5,941,131
TOTAL SHORT-TERM INVESTMENTS (Cost $63,771,138)				63,771,138
TOTAL INVESTMENTS — 107.0% (Cost $633,385,538)(f)				842,752,861
Other Assets/ (Liabilities) — (7.0%)				(54,853,290	)
NET ASSETS — 100.0%			$	787,899,571

Notes to Portfolio of Investments

ADR - American Depository Receipt

(a) Non-income producing security.

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

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

(e) Maturity value of $5,941,628. Collateralized by U.S. Government Agency obligations with rates ranging from 4.749% to 4.819%, maturity dates ranging from 09/01/2035 to 10/01/2035, and an aggregate market value, including accrued interest, of $6,062,390.

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

The accompanying notes are an integral part of the financial statements.
213

MassMutual Premier International Equity Fund – Portfolio of Investments

October 31, 2007

	Number of Shares		Market Value
EQUITIES — 97.0%
COMMON STOCK — 95.7%
Aerospace & Defense — 1.0%
Embraer-Empresa Bras de Aeronautica		1,078,819	$	12,937,207
Apparel — 0.4%
Burberry Group PLC		467,383		5,974,481
Auto Manufacturers — 1.8%
Bayerische Motoren Werke AG		143,359		9,594,570
Honda Motor Co. Ltd.		162,126		6,088,628
Toyota Motor Corp.		156,200		8,942,691
				24,625,889
Automotive & Parts — 1.6%
Continental AG		137,751		20,773,792
Banks — 5.9%
Anglo Irish Bank Corp. PLC		944,288		15,860,223
Commerzbank AG		110,235		4,685,427
ICICI Bank Ltd., Sponsored ADR (India)		238,675		16,573,592
Joyo Bank Ltd.		774,000		4,795,044
Mitsubishi Tokyo Financial Group, Inc.		1,098,000		10,961,463
Royal Bank of Scotland Group PLC		954,637		10,264,438
Societe Generale Cl. A		49,664		8,349,459
UniCredito Italiano SpA		500,300		4,290,390
UniCredito Italiano SpA		276,385		2,376,679
				78,156,715
Beverages — 1.9%
C&C Group PLC		946,431		7,551,607
Foster's Group Ltd.		334,088		1,976,881
Heineken NV		82,600		5,776,589
Pernod-Ricard SA		42,604		9,833,827
				25,138,904
Biotechnology — 2.8%
CSL Ltd.		265,800		9,119,901
Marshall Edwards, Inc.(a) (b)		1,433,580		4,874,172
Marshall Edwards, Inc.		278,300		946,220
Nicox SA(a) (b)		953,123		22,671,144
				37,611,437
Building Materials — 0.4%
Sika AG		3,023		5,992,284

	Number of Shares		Market Value
Chemicals — 1.3%
Filtrona PLC		661,032	$	3,532,830
Nufarm Ltd.		763,025		11,118,148
Syngenta AG		13,376		3,224,053
				17,875,031
Commercial Services — 4.4%
BTG PLC(a)		1,115,211		2,679,743
Bunzl PLC		765,892		11,554,690
Capita Group PLC		1,613,186		25,171,981
Dignity PLC		280,600		4,570,495
Experian Ltd.		435,488		4,552,501
Prosegur, Compania de Seguridad SA		216,429		8,426,830
Randstad Holdings NV		28,856		1,607,628
				58,563,868
Computers — 0.8%
Logitech International(a)		312,064		10,826,573
Cosmetics & Personal Care — 0.6%
L'Oreal SA(b)		65,960		8,658,182
Diversified Financial — 3.8%
Collins Stewart PLC		2,442,291		10,860,896
Credit Suisse Group		69,792		4,703,484
Housing Development Finance Corp.		127,900		9,073,034
Mediobanca SpA(b)		166,900		3,954,764
Paragon Group of Cos. PLC		239,505		1,182,695
Tullett Prebon PLC		1,471,421		13,533,747
UBS AG Registered		128,688		6,894,562
				50,203,182
Electric — 0.3%
Fortum Oyj		103,100		4,464,554
Electrical Components & Equipment — 0.4%
Ushio, Inc.(b)		293,200		6,043,542
Electronics — 3.2%
Art Advanced Research Technologies, Inc.		2,653,076		487,109
Art Advanced Research Technologies, Inc.(a)		3,163,727		580,866
Art Advanced Technologies Preferred		836,671		153,614
Hoya Pentax HD Corp.		352,300		12,831,929
Keyence Corp.		44,209		10,202,464
Koninklijke Philips Electronics NV		107,200		4,438,902
Nippon Electric Glass Co., Ltd.		183,000		3,107,559
Omron Corp.		158,821		3,896,715
Phoenix Mecano AG		14,287		6,772,012
				42,471,170

	Number of Shares		Market Value
Energy – Alternate Sources — 0.5%
Ceres Power Holdings PLC(a)		966,786	$	6,767,863
Engineering & Construction — 4.8%
ABB Ltd.		1,039,633		31,379,282
Boskalis Westminster(b)		183,857		11,182,414
Leighton Holdings Ltd.(b)		301,944		17,625,347
Vinci SA		45,970		3,774,567
				63,961,610
Entertainment — 0.4%
William Hill PLC		379,430		4,884,035
Foods — 2.8%
Barry Callebaut AG(a)		18,854		15,115,223
Cadbury Schweppes PLC		301,493		3,986,154
Koninklijke Numico NV(c)		47,288		3,728,416
Morrison (WM) Supermarkets		504,144		3,099,337
Nestle SA		10,688		4,931,872
Woolworths Ltd.		191,071		5,939,308
				36,800,310
Hand & Machine Tools — 1.1%
Nidec Corp.		199,000		15,017,098
Health Care – Products — 7.1%
Cie Generale d'Optique Essilor International SA		87,860		5,606,246
Luxottica Group SpA(b)		269,300		9,439,927
Nobel Biocare Holding AG		23,323		6,800,402
Ortivus AB, A Shares(a)		114,300		170,317
Ortivus AB, B Shares(a)		859,965		1,201,339
Smith & Nephew PLC		413,320		5,576,490
Sonova Holding AG		105,195		11,825,969
Straumann Holding AG Registered		22,084		6,172,073
Synthes, Inc.		120,037		14,984,548
Terumo Corp.		136,800		6,678,348
William Demant Holding(a) (b)		285,300		26,228,908
				94,684,567
Holding Company – Diversified — 0.5%
LVMH Moet Hennessy Louis Vuitton SA		53,730		6,919,475
Home Furnishing — 1.5%
SEB SA		54,503		10,411,560
Sony Corp.		199,100		9,858,134
				20,269,694

(Continued)

The accompanying notes are an integral part of the financial statements.
214

MassMutual Premier International Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Market Value
Insurance — 2.1%
Allianz AG		31,314	$	7,045,392
AMP Ltd.		542,001		5,127,292
Prudential PLC		313,642		5,103,745
QBE Insurance Group Ltd.		335,400		10,137,900
				27,414,329
Internet — 1.9%
United Internet AG Registered		176,410		3,874,435
Yahoo! Japan Corp.		48,247		21,450,186
				25,324,621
Leisure Time — 1.3%
Carnival Corp.(b)		156,900		7,528,062
Ducati Motor Holding SpA(a) (b)		3,285,100		9,442,270
				16,970,332
Machinery – Construction & Mining — 0.8%
Takeuchi Manufacturing Co., Ltd.(b)		179,142		10,804,550
Machinery – Diversified — 2.4%
Alstom		89,180		21,183,937
Demag Cranes AG		198,443		11,449,650
				32,633,587
Manufacturing — 2.2%
Aalberts Industries NV		799,398		19,391,106
Siemens AG		74,978		10,188,253
				29,579,359
Media — 3.4%
British Sky Broadcasting Group PLC		351,045		4,958,461
Gestevision Telecinco SA		63,700		1,834,725
Grupo Televisa SA Sponsored ADR (Mexico)		264,500		6,572,825
Mediaset SpA		1,271,900		13,154,860
Publishing & Broadcasting		129,823		2,513,968
Societe Television Francaise 1		84,280		2,332,935
Sogecable SA(a)		0		13
Vivendi SA		162,860		7,333,091
ZEE Entertainment Enterprise Ltd.		801,902		6,804,879
				45,505,757
Mining — 4.0%
Cia Vale do Rio Doce Sponsored ADR (Brazil)		798,500		25,208,645
Impala Platinum Holdings Ltd.		442,000		16,555,120
Rio Tinto PLC GBP		125,905		11,745,951
				53,509,716

	Number of Shares		Market Value
Office Equipment/Supplies — 0.7%
Canon, Inc.		174,800	$	8,851,472
Oil & Gas — 2.2%
BG Group PLC		562,840		10,383,035
BP PLC, Sponsored ADR (United Kingdom)		96,400		7,518,236
Total SA		138,490		11,146,696
				29,047,967
Oil & Gas Services — 1.4%
Technip SA		206,430		18,522,826
Pharmaceuticals — 3.9%
Astellas Pharma, Inc.		55,770		2,470,261
GlaxoSmithKline PLC		73,005		1,876,440
H. Lundbeck AS(b)		51,200		1,467,880
NeuroSearch A/S(a) (b)		224,179		17,152,897
Novogen Ltd.(a)		4,200,040		6,478,373
Roche Holding AG		36,869		6,291,336
Sanofi-Aventis		70,213		6,160,969
Santhera Pharmaceuticals- Registered(a)		25,544		2,293,874
Shionogi & Co., Ltd.		174,000		2,973,734
Takeda Pharmaceutical Co. Ltd.		75,900		4,747,703
				51,913,467
Real Estate — 2.8%
Daito Trust Construction Co., Ltd.		143,412		6,657,359
DIC Asset AG(b)		234,795		7,957,217
Solidere GDR (Lebanon)(a) (d)		547,337		9,967,007
Sumitomo Realty & Development Co., Ltd.		351,000		12,378,621
				36,960,204
Retail — 5.4%
Carphone Warehouse Group		1,196,360		8,714,679
Compagnie Financiere Richemont AG, A Units		95,527		6,820,791
Hennes & Mauritz AB Cl. B		183,600		12,207,548
Inditex SA		178,500		13,303,740
Next PLC		276,550		12,702,325
PPR SA		30,380		6,022,041
The Swatch Group AG Cl. B		24,985		7,995,284
Wolseley PLC		210,860		3,653,194
				71,419,602
Semiconductors — 0.4%
ASM International NV(b)		193,700		5,512,702
Shipbuilding — 1.4%
Hyundai Heavy Industries Co., Ltd.		33,199		18,799,620

	Number of Shares		Market Value
Software — 2.9%
Autonomy Corp. PLC(a)		689,885	$	14,122,914
Compugroup Holding AG(a)		38,428		797,162
Infosys Technologies Ltd.		198,538		9,377,063
The Sage Group PLC		849,310		4,269,269
SAP AG		128,421		6,946,992
Square Enix Co., Ltd.(b)		98,800		3,249,563
				38,762,963
Telecommunications — 4.7%
KDDI Corp.		793		6,016,104
Nokia Oyj		165,200		6,543,668
Tandberg ASA(b)		822,900		21,114,017
Telefonaktiebolaget LM Ericsson Cl. B		6,889,300		20,620,678
Vodafone Group PLC		2,065,350		8,118,358
				62,412,825
Toys, Games & Hobbies — 1.6%
Nintendo Co., Ltd.		34,700		21,914,161
Transportation — 0.4%
Tsakos Energy Navigation Ltd.(b)		75,994		5,288,422
Venture Capital — 0.5%
3i Group PLC		269,851		6,088,657
TOTAL COMMON STOCK (Cost $769,674,338)				1,276,858,602
PREFERRED STOCK — 1.3%
Auto Manufacturers — 0.8%
Porsche AG		3,686		9,825,460
Insurance — 0.5%
Ceres Group, Inc.(c)		66,772		434,018
Ceres Group, Inc., Series C(c)		900,000		5,850,000
Ceres Group, Inc., Series D(a) (c)		29,700		193,050
Ceres, Inc. Preferred-Class C1(c)		30,048		195,312
				6,672,380
TOTAL PREFERRED STOCK (Cost $8,101,722)				16,497,840
TOTAL EQUITIES (Cost $777,776,060)				1,293,356,442
WARRANTS — 0.0%
Biotechnology
Marshall Edwards, Inc., Expires 12/12/2012, Strike 0.00(c)		97,405		108,829
TOTAL WARRANTS (Cost $0)				108,829
TOTAL LONG TERM INVESTMENTS (Cost $777,776,060)				1,293,465,271

(Continued)

The accompanying notes are an integral part of the financial statements.
215

MassMutual Premier International Equity Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
SHORT-TERM INVESTMENTS — 11.6%
Cash Equivalents — 8.6%(f)
Abbey National PLC Eurodollar Time Deposit 4.850% 11/08/2007	$	830,657	$	830,657
ABN Amro Bank NV Eurodollar Time Deposit 4.795% 11/21/2007		2,076,642		2,076,642
ABN Amro Bank NV Eurodollar Time Deposit 4.950% 11/14/2007		1,661,313		1,661,313
ABN Amro Bank NV Eurodollar Time Deposit 5.050% 11/13/2007		2,491,970		2,491,970
Bank of Nova Scotia Eurodollar Time Deposit 4.650% 11/30/2007		1,038,321		1,038,321
Bank of Nova Scotia Eurodollar Time Deposit 4.800% 11/26/2007		2,491,970		2,491,970
Bank of Nova Scotia Eurodollar Time Deposit 4.940% 11/16/2007		1,661,313		1,661,313
Bank of Nova Scotia Eurodollar Time Deposit 4.950% 11/19/2007		1,038,321		1,038,321
Bank of Nova Scotia Eurodollar Time Deposit 5.000% 11/15/2007		1,038,321		1,038,321
Barclays Eurodollar Time Deposit 5.000% 01/22/2008		1,245,985		1,245,985
Barclays Eurodollar Time Deposit 5.330% 11/05/2007		1,038,321		1,038,321
BNP Paribas Eurodollar Time Deposit 4.720% 11/01/2007		4,983,940		4,983,940
BNP Paribas Eurodollar Time Deposit 4.800% 11/23/2007		2,076,642		2,076,642
BNP Paribas Eurodollar Time Deposit 4.900% 11/01/2007		2,076,642		2,076,642
BNP Paribas Eurodollar Time Deposit 5.020% 11/15/2007		1,245,985		1,245,985
Calyon Eurodollar Time Deposit 4.875% 11/01/2007		4,153,284		4,153,284
Calyon Eurodollar Time Deposit 5.330% 11/07/2007		4,153,284		4,153,284

	Principal Amount		Market Value
Canadian Imperial Bank of Commerce Eurodollar Time Deposit 5.340% 11/09/2007	$	830,657	$	830,657
Dexia Group Eurodollar Time Deposit 4.980% 11/14/2007		2,699,634		2,699,634
Dexia Group Eurodollar Time Deposit 5.000% 11/05/2007		1,038,321		1,038,321
Dexia Group Eurodollar Time Deposit 5.100% 11/05/2007		1,245,985		1,245,985
Fifth Third Bancorp Eurodollar Time Deposit 4.625% 11/01/2007		3,114,963		3,114,963
Fortis Bank Eurodollar Time Deposit 4.820% 11/01/2007		4,153,284		4,153,284
Fortis Bank Eurodollar Time Deposit 5.330% 11/05/2007		3,114,963		3,114,963
Freddie Mac Agency 4.533% 11/05/2007		261,007		261,007
Freddie Mac Agency Discount Note 4.527% 11/13/2007		808,458		808,458
General Electric Capital Corp. 4.822% 11/14/2007		4,134,455		4,134,455
JP Morgan Chase & Co. Eurodollar Time Deposit 5.150% 02/12/2008		2,076,642		2,076,642
Lloyds TSB Bank Eurodollar Time Deposit 4.880% 11/20/2007		3,114,963		3,114,963
Lloyds TSB Bank Eurodollar Time Deposit 4.950% 11/09/2007		2,076,642		2,076,642
National Australia Bank Eurodollar Time Deposit 4.800% 11/01/2007		4,153,284		4,153,284
Rabobank Nederland Eurodollar Time Deposit 4.813% 11/01/2007		4,153,284		4,153,284
Rabobank Nederland Eurodollar Time Deposit 4.820% 11/08/2007		3,114,963		3,114,963
Rabobank Nederland Eurodollar Time Deposit 4.950% 11/01/2007		1,868,978		1,868,978
Rabobank Nederland Eurodollar Time Deposit 4.950% 11/15/2007		1,038,321		1,038,321

	Principal Amount		Market Value
Reserve Primary Money Market Fund(e)	$	1,887,923	$	1,887,923
Royal Bank of Canada Eurodollar Time Deposit 4.950% 11/16/2007		1,245,985		1,245,985
Royal Bank of Scotland Eurodollar Time Deposit 4.950% 11/01/2007		6,229,924		6,229,924
Royal Bank of Scotland Eurodollar Time Deposit 5.000% 01/22/2008		1,038,321		1,038,321
Royal Bank of Scotland Eurodollar Time Deposit 5.330% 11/07/2007		2,076,642		2,076,642
Societe Generale Eurodollar Time Deposit 4.813% 11/01/2007		4,153,284		4,153,284
Societe Generale Eurodollar Time Deposit 5.050% 11/02/2007		1,661,313		1,661,313
Societe Generale Eurodollar Time Deposit 5.050% 11/19/2007		830,657		830,657
Societe Generale Eurodollar Time Deposit 5.120% 11/01/2007		1,661,313		1,661,313
Svenska Handlesbanken Eurodollar Time Deposit 4.840% 11/01/2007		6,488,490		6,488,490
Toronto Dominion Bank Eurodollar Time Deposit 4.880% 11/06/2007		1,038,321		1,038,321
Toronto Dominion Bank Eurodollar Time Deposit 5.000% 11/07/2007		3,114,962		3,114,962
UBS AG Eurodollar Time Deposit 5.365% 11/08/2007		1,038,321		1,038,321
Wells Fargo Eurodollar Time Deposit 4.750% 11/23/2007		2,076,642		2,076,642
Wells Fargo Eurodollar Time Deposit 4.800% 11/09/2007		2,076,642		2,076,642
				114,920,455

(Continued)

The accompanying notes are an integral part of the financial statements.
216

MassMutual Premier International Equity Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Repurchase Agreements — 3.0%
State Street Bank & Trust Co. Repurchase Agreement, dated 10/31/2007, 3.01%, due 11/01/2007(g)	$	39,842,610	$	39,842,610
TOTAL SHORT-TERM INVESTMENTS (Cost $154,763,065)				154,763,065
TOTAL INVESTMENTS — 108.6% (Cost $932,539,125)(h)				1,448,228,336
Other Assets/ (Liabilities) — (8.6%)				(114,212,617	)
NET ASSETS — 100.0%			$	1,334,015,719

Notes to Portfolio of Investments

ADR - American Depository Receipt

GDR - Global Depository Receipt

(a) Non-income producing security.

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

(d) Securities exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2007, these securities amounted to a value of $9,967,007 or 0.7% of net assets.

(e) Amount represents shares owned of the fund.

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

(g) Maturity value of $39,845,941. Collateralized by a U.S Government Agency obligations with rates ranging from 5.253% to 5.441%, maturity dates ranging from 1/25/2036 to 5/15/2036, and an aggregate market value, including accrued interest, of $40,641,852.

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

The remainder of this page is intentionally left blank.

The accompanying notes are an integral part of the financial statements.
217

MassMutual Premier Focused International Fund – Portfolio of Investments

October 31, 2007

	Number of Shares		Market Value
EQUITIES — 92.7%
COMMON STOCK — 91.0%
Aerospace & Defense — 1.7%
Rolls-Royce Group PLC(a)		123,871	$	1,385,452
Rolls-Royce Group-B Shr Ent(e)		5,004,388		10,370
				1,395,822
Apparel — 2.6%
China Hongxing Sports Ltd.		2,343,000		2,109,317
Banks — 8.0%
Bank of Cyprus Public Co., Ltd.		77,014		1,505,429
Julius Baer Holding AG		18,995		1,650,555
Piraeus Bank SA		46,108		1,851,432
Standard Chartered PLC		40,623		1,577,944
				6,585,360
Beverages — 1.9%
Coca-Cola Hellenic Bottling		24,846		1,541,150
Chemicals — 3.5%
Bayer AG		16,233		1,349,369
Lonza Group AG Registered		13,303		1,551,071
				2,900,440
Commercial Services — 1.7%
Mitsui & Co. Ltd.		54,000		1,406,880
Diversified Financial — 8.4%
Hellenic Exchanges SA		46,523		1,621,176
Man Group PLC		125,959		1,543,660
Nomura Holdings, Inc.		91,500		1,633,771
Singapore Exchange, Ltd.		191,000		2,099,162
				6,897,769
Engineering & Construction — 6.1%
Aker Kvaerner ASA		48,450		1,702,757
Vinci SA		17,388		1,427,717
Worleyparsons Ltd.		42,481		1,904,052
				5,034,526
Holding Company – Diversified — 1.8%
Keppel Corp, Ltd.		144,000		1,484,670
Home Furnishing — 1.9%
Rational AG		6,717		1,552,650
Insurance — 5.4%
QBE Insurance Group Ltd.		46,735		1,412,626
Swiss Reinsurance		16,353		1,537,236
Zurich Financial Services AG		5,025		1,515,846
				4,465,708

	Number of Shares		Market Value
Iron & Steel — 1.9%
ArcelorMittal		19,092	$	1,540,785
Manufacturing — 1.9%
Peace Mark Holdings Ltd.		926,000		1,545,349
Mining — 12.9%
Anglo American PLC		21,692		1,492,378
Lihir Gold Ltd.(a)		398,887		1,574,586
Lonmin PLC		19,097		1,361,748
Osaka Titanium Technologies Co.		15,900		1,394,092
Oxiana Ltd.		465,122		1,833,151
Xstrata PLC		21,155		1,513,801
Zinifex Ltd.		92,051		1,453,718
				10,623,474
Oil & Gas — 5.3%
BG Group PLC		78,354		1,445,441
Total SA		16,661		1,341,000
Tullow Oil PLC		119,480		1,585,280
				4,371,721
Oil & Gas Services — 3.9%
Compagnie Generale de Geophysique-Veritas(a)		4,748		1,553,378
Furgo NV		18,520		1,623,669
				3,177,047
Pharmaceuticals — 3.5%
Novo Nordisk A/S Cl. B		10,925		1,356,710
Shire PLC		62,346		1,554,558
				2,911,268
Real Estate — 5.9%
Immoeast Immobilien AG(a)		126,711		1,544,577
Mitsui Fudosan Co. Ltd.		58,000		1,604,820
Sun Frontier Fudousan Co., Ltd.		724		1,656,701
				4,806,098
Real Estate Investment Trusts (REITS) — 1.7%
Capitaland Ltd.		250,000		1,406,071
Retail — 1.7%
Mitsubishi Corp.		43,500		1,355,290
Software — 2.0%
Software AG		17,370		1,623,434
Telecommunications — 3.5%
Cosmote Mobile Communications SA		40,960		1,413,066
Neuf Promesses		28,098		1,420,536
				2,833,602

	Number of Shares		Market Value
Transportation — 3.8%
Cargotec Corp.		24,927	$	1,541,878
Tokyu Corp.		244,000		1,587,437
				3,129,315
TOTAL COMMON STOCK (Cost $58,547,472)				74,697,746
PREFERRED STOCK — 1.7%
Health Care – Services
Fresenius SE		17,124		1,355,688
TOTAL PREFERRED STOCK (Cost $1,197,550)				1,355,688
TOTAL EQUITIES (Cost $59,745,022)				76,053,434
MUTUAL FUND — 3.4%
Investment Companies
iShares MSCI EAFE Index Fund(b)		32,126		2,771,189
TOTAL MUTUAL FUND (Cost $2,656,997)				2,771,189
TOTAL LONG TERM INVESTMENTS (Cost $62,402,019)				78,824,623
	Principal Amount
SHORT-TERM INVESTMENTS — 6.8%
Cash Equivalents — 3.3%(d)
Abbey National PLC Eurodollar Time Deposit 4.850% 11/08/2007	$	19,931		19,931
ABN Amro Bank NV Eurodollar Time Deposit 4.795% 11/21/2007		49,836		49,836
ABN Amro Bank NV Eurodollar Time Deposit 4.950% 11/14/2007		39,869		39,869
ABN Amro Bank NV Eurodollar Time Deposit 5.050% 11/13/2007		59,803		59,803
Bank of Nova Scotia Eurodollar Time Deposit 4.650% 11/30/2007		24,918		24,918
Bank of Nova Scotia Eurodollar Time Deposit 4.800% 11/26/2007		59,803		59,803

(Continued)

The accompanying notes are an integral part of the financial statements.
218

MassMutual Premier Focused International Fund – Portfolio of Investments (Continued)

	Principal Amount		Market Value
Bank of Nova Scotia Eurodollar Time Deposit 4.940% 11/16/2007	$	39,869	$	39,869
Bank of Nova Scotia Eurodollar Time Deposit 4.950% 11/19/2007		24,918		24,918
Bank of Nova Scotia Eurodollar Time Deposit 5.000% 11/15/2007		24,918		24,918
Barclays Eurodollar Time Deposit 5.000% 01/22/2008		29,902		29,902
Barclays Eurodollar Time Deposit 5.330% 11/05/2007		24,918		24,918
BNP Paribas Eurodollar Time Deposit 4.720% 11/01/2007		119,606		119,606
BNP Paribas Eurodollar Time Deposit 4.800% 11/23/2007		49,836		49,836
BNP Paribas Eurodollar Time Deposit 4.900% 11/01/2007		49,836		49,836
BNP Paribas Eurodollar Time Deposit 5.020% 11/15/2007		29,902		29,902
Calyon Eurodollar Time Deposit 4.875% 11/01/2007		99,672		99,672
Calyon Eurodollar Time Deposit 5.330% 11/07/2007		99,672		99,672
Canadian Imperial Bank of Commerce Eurodollar Time Deposit 5.340% 11/09/2007		19,934		19,934
Dexia Group Eurodollar Time Deposit 4.980% 11/14/2007		64,787		64,787
Dexia Group Eurodollar Time Deposit 5.000% 11/05/2007		24,918		24,918
Dexia Group Eurodollar Time Deposit 5.100% 11/05/2007		29,902		29,902
Fifth Third Bancorp Eurodollar Time Deposit 4.625% 11/01/2007		74,754		74,754
Fortis Bank Eurodollar Time Deposit 4.820% 11/01/2007		99,672		99,672

	Principal Amount		Market Value
Fortis Bank Eurodollar Time Deposit 5.330% 11/05/2007	$	74,754	$	74,754
Freddie Mac Agency 4.533% 11/05/2007		6,264		6,264
Freddie Mac Agency Discount Note 4.527% 11/13/2007		19,402		19,402
General Electric Capital Corp. 4.822% 11/14/2007		99,220		99,220
JP Morgan Chase & Co. Eurodollar Time Deposit 5.150% 02/12/2008		49,836		49,836
Lloyds TSB Bank Eurodollar Time Deposit 4.880% 11/20/2007		74,754		74,754
Lloyds TSB Bank Eurodollar Time Deposit 4.950% 11/09/2007		49,836		49,836
National Australia Bank Eurodollar Time Deposit 4.800% 11/01/2007		99,672		99,672
Rabobank Nederland Eurodollar Time Deposit 4.813% 11/01/2007		99,672		99,672
Rabobank Nederland Eurodollar Time Deposit 4.820% 11/08/2007		74,754		74,754
Rabobank Nederland Eurodollar Time Deposit 4.950% 11/01/2007		44,852		44,852
Rabobank Nederland Eurodollar Time Deposit 4.950% 11/15/2007		24,918		24,918
Reserve Primary Money Market Fund(c)		45,307		45,307
Royal Bank of Canada Eurodollar Time Deposit 4.950% 11/16/2007		29,902		29,902
Royal Bank of Scotland Eurodollar Time Deposit 4.950% 11/01/2007		149,508		149,508
Royal Bank of Scotland Eurodollar Time Deposit 5.000% 01/22/2008		24,918		24,918
Royal Bank of Scotland Eurodollar Time Deposit 5.330% 11/07/2007		49,836		49,836
Societe Generale Eurodollar Time Deposit 4.813% 11/01/2007		99,672		99,672
Societe Generale Eurodollar Time Deposit 5.050% 11/02/2007		39,869		39,869

	Principal Amount		Market Value
Societe Generale Eurodollar Time Deposit 5.050% 11/19/2007	$	19,934	$	19,934
Societe Generale Eurodollar Time Deposit 5.120% 11/01/2007		39,869		39,869
Svenska Handlesbanken Eurodollar Time Deposit 4.840% 11/01/2007		155,713		155,713
Toronto Dominion Bank Eurodollar Time Deposit 4.880% 11/06/2007		24,918		24,918
Toronto Dominion Bank Eurodollar Time Deposit 5.000% 11/07/2007		74,754		74,754
UBS AG Eurodollar Time Deposit 5.365% 11/08/2007		24,918		24,918
Wells Fargo Eurodollar Time Deposit 4.750% 11/23/2007		49,836		49,836
Wells Fargo Eurodollar Time Deposit 4.800% 11/09/2007		49,836		49,836
				2,757,900
Repurchase Agreements — 3.5%
State Street Bank & Trust Co. Repurchase, Agreement dated 10/31/2007, 3.01%, due 11/01/2007(f)		2,857,127		2,857,127
TOTAL SHORT-TERM INVESTMENTS (Cost $5,615,027)				5,615,027
TOTAL INVESTMENTS — 102.9% (Cost $68,017,046)(g)				84,439,650
Other Assets/ (Liabilities) — (2.9%)				(2,345,973	)
NET ASSETS — 100.0%			$	82,093,677

Notes to Portfolio of Investments

(a) Non-income producing security.

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

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

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

(f) Maturity value of $2,857,366. Collateralized by a U.S. Government Agency obligation with a rate of 4.749%, maturity date of 9/01/2035, and an aggregate market value, including accrued interest, of $2,917,618.

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

The accompanying notes are an integral part of the financial statements.
219

MassMutual Premier Funds – Financial Statements

Statement of Assets and Liabilities

October 31, 2007

	MassMutual Premier Money Market Fund			MassMutual Premier Short-Duration Bond Fund			MassMutual Premier Inflation-Protected Bond Fund			MassMutual Premier Core Bond Fund
Assets:
Investments, at value (Note 2)(a)	$	-		$	279,782,981		$	358,291,494		$	1,523,028,321
Short-term investments, at value (Note 2)(b)		832,811,498			255,023,122			939,763			327,663,208
Total investments(c)		832,811,498			534,806,103			359,231,257			1,850,691,529
Cash		-			-			-			-
Foreign currency, at value(d)		-			-			-			-
Receivables from:
Investments sold		-			-			-			4,514,106
Open forward foreign currency contracts (Note 2)		-			-			-			-
Investment adviser (Note 3)		20,431			27,905			-			48,815
Fund shares sold		11,785,302			148,472			172,682			654,788
Interest and dividends		36			2,661,729			1,941,820			14,676,075
Foreign taxes withheld		-			-			-			-
Open swap agreements (Note 2)		-			1,080,099			-			3,576,181
Options premiums (Note 2)		-			-			-			-
Total assets		844,617,267			538,724,308			361,345,759			1,874,161,494
Liabilities:
Payables for:
Investments purchased		-			749,332			-			8,693,601
Written options outstanding, at value (Note 2)(e)		-			614,529			-			1,843,587
Dividends (Note 2)		1,362			-			-			-
Open forward foreign currency contracts (Note 2)		-			-			-			-
Fund shares repurchased		5,406,284			2,501,342			11,108			66,914
Variation margin on open futures contracts (Note 2)		-			-			-			182,563
Securities on loan (Note 2)		-			1,131,434			-			91,670,885
Settlement of investments purchased on a when issued basis (Note 2)		-			38,137,929			-			231,806,386
Open swap agreements, at value (Note 2)		-			40,570			-			125,337
Trustees' fees and expenses (Note 3)		21,711			14,739			2,891			56,348
Affiliates (Note 3):
Investment management fees		266,973			178,992			155,491			664,640
Administration fees		101,832			84,320			34,532			187,352
Service fees		62,993			15,830			6,716			41,770
Distribution fees		-			902			54			956
Due to custodian		290			18,684			-			34,874
Broker for collateral held for open futures contracts (Note 2)		-			1,086,192			-			1,034,057
Accrued expense and other liabilities		78,481			63,428			50,325			112,098
Total liabilities		5,939,926			44,638,223			261,117			336,521,368
Net assets	$	838,677,341		$	494,086,085		$	361,084,642		$	1,537,640,126
Net assets consist of:
Paid-in capital	$	838,690,319		$	483,039,990		$	356,144,504		$	1,493,760,672
Undistributed net investment income (distributions in excess of net investment income)		(18,231	)		20,095,502			14,069,399			60,538,516
Accumulated net realized gain (loss) on investments		5,253			(8,342,799	)		(7,387,562	)		(21,250,737	)
Net unrealized appreciation (depreciation) on investments		-			(706,608	)		(1,741,699	)		4,591,675
Net assets	$	838,677,341		$	494,086,085		$	361,084,642		$	1,537,640,126
(a) Cost of investments - unaffiliated issuers:	$	-		$	281,162,714		$	360,033,193		$	1,521,069,263
(b) Cost of short-term investments:	$	832,811,498		$	255,023,122		$	939,763		$	327,663,208
(c) Securities on loan with market value of:	$	-		$	1,077,507		$	-		$	87,423,090
(d) Cost of foreign currency:	$	-		$	-		$	-		$	-
(e) Premiums on written options:	$	-		$	488,250		$	-		$	1,464,751

The accompanying notes are an integral part of the financial statements.
220

	MassMutual Premier Diversified Bond Fund			MassMutual Premier Strategic Income Fund		MassMutual Premier High Yield Fund
Assets:
Investments, at value (Note 2)(a)	$	484,168,915		$	331,001,327	$	184,240,342
Short-term investments, at value (Note 2)(b)		124,783,523			76,259,870		41,406,584
Total investments(c)		608,952,438			407,261,197		225,646,926
Cash		-			-		22,306
Foreign currency, at value(d)		-			1,150,509		-
Receivables from:
Investments sold		2,628,091			2,484,699		2,550,369
Open forward foreign currency contracts (Note 2)		-			6,196,537		-
Investment adviser (Note 3)		20,894			34,102		-
Fund shares sold		408,276			323,242		109,140
Interest and dividends		4,770,541			4,463,351		4,887,249
Foreign taxes withheld		-			1,078		-
Open swap agreements (Note 2)		1,203,970			22,718,612		-
Options premiums (Note 2)		-			10,667		-
Total assets		617,984,210			444,643,994		233,215,990
Liabilities:
Payables for:
Investments purchased		2,894,315			3,196,481		4,446,036
Written options outstanding, at value (Note 2)(e)		614,529			37,651		-
Dividends (Note 2)		-			-		-
Open forward foreign currency contracts (Note 2)		-			5,144,817		-
Fund shares repurchased		38,803			41,930		22,574
Variation margin on open futures contracts (Note 2)		53,703			695,642		-
Securities on loan (Note 2)		38,146,853			3,269,294		30,207,230
Settlement of investments purchased on a when issued basis (Note 2)		72,066,777			8,054,512		-
Open swap agreements, at value (Note 2)		36,041			2,304,709		-
Trustees' fees and expenses (Note 3)		7,177			1,985		1,047
Affiliates (Note 3):
Investment management fees		226,119			203,397		89,489
Administration fees		89,836			112,381		37,703
Service fees		10,265			7,421		7,675
Distribution fees		360			132		438
Due to custodian		34,459			7,324,469		-
Broker for collateral held for open futures contracts (Note 2)		987,375			-		-
Accrued expense and other liabilities		63,744			96,733		43,365
Total liabilities		115,270,356			30,491,554		34,855,557
Net assets	$	502,713,854		$	414,152,440	$	198,360,433
Net assets consist of:
Paid-in capital	$	484,045,084		$	380,789,627	$	187,831,191
Undistributed net investment income (distributions in excess of net investment income)		17,875,588			20,571,863		11,837,262
Accumulated net realized gain (loss) on investments		(110,103	)		2,600,567		496,531
Net unrealized appreciation (depreciation) on investments		903,285			10,190,383		(1,804,551	)
Net assets	$	502,713,854		$	414,152,440	$	198,360,433
(a) Cost of investments - unaffiliated issuers:	$	484,109,908		$	322,153,932	$	186,044,893
(b) Cost of short-term investments:	$	124,783,523		$	76,259,870	$	41,406,584
(c) Securities on loan with market value of:	$	36,441,701		$	3,110,776	$	28,655,958
(d) Cost of foreign currency:	$	-		$	1,072,157	$	-
(e) Premiums on written options:	$	488,250		$	33,762	$	-

221

MassMutual Premier Funds – Financial Statements (Continued)

Statement of Assets and Liabilities

October 31, 2007

	MassMutual Premier Money Market Fund		MassMutual Premier Short-Duration Bond Fund		MassMutual Premier Inflation-Protected Bond Fund		MassMutual Premier Core Bond Fund
Class A shares:
Net assets	$	281,269,736	$	64,506,256	$	29,868,084	$	183,195,583
Shares outstanding		281,269,743		6,235,388		2,873,644		16,703,628
Net asset value and redemption price per share	$	1.00	$	10.35	$	10.39	$	10.97
Offering price per share (100/[100-maximum sales charge] of net asset value)	$	-	$	10.73	$	10.91	$	11.52
Class L shares:
Net assets	$	84,966,615	$	173,954,045	$	63,393,733	$	368,953,845
Shares outstanding		84,966,775		16,759,328		6,043,709		33,413,165
Net asset value, offering price and redemption price per share	$	1.00	$	10.38	$	10.49	$	11.04
Class Y shares:
Net assets	$	213,689,961	$	55,094,300	$	71,071,583	$	202,008,212
Shares outstanding		213,690,784		5,285,523		6,758,118		18,229,457
Net asset value, offering price and redemption price per share	$	1.00	$	10.42	$	10.52	$	11.08
Class S shares:
Net assets	$	258,751,029	$	196,525,400	$	196,516,898	$	779,238,674
Shares outstanding		258,749,861		18,735,279		18,655,847		69,927,758
Net asset value, offering price and redemption price per share	$	1.00	$	10.49	$	10.53	$	11.14
Class N shares:
Net assets	$	-	$	4,006,084	$	234,344	$	4,243,812
Shares outstanding		-		388,718		22,444		388,551
Net asset value, offering price and redemption price per share	$	-	$	10.31	$	10.44	$	10.92

The accompanying notes are an integral part of the financial statements.
222

	MassMutual Premier Diversified Bond Fund		MassMutual Premier Strategic Income Fund		MassMutual Premier High Yield Fund
Class A shares:
Net assets	$	44,027,666	$	33,246,514	$	32,164,186
Shares outstanding		4,013,579		3,047,126		2,953,128
Net asset value and redemption price per share	$	10.97	$	10.91	$	10.89
Offering price per share (100/[100-maximum sales charge] of net asset value)	$	11.52	$	11.45	$	11.55
Class L shares:
Net assets	$	191,935,532	$	302,119,048	$	5,135,189
Shares outstanding		17,589,029		27,428,206		469,550
Net asset value, offering price and redemption price per share	$	10.91	$	11.01	$	10.94
Class Y shares:
Net assets	$	51,536,951	$	12,619,857	$	105,706,144
Shares outstanding		4,698,180		1,143,812		9,619,954
Net asset value, offering price and redemption price per share	$	10.97	$	11.03	$	10.99
Class S shares:
Net assets	$	213,606,073	$	65,577,572	$	53,406,343
Shares outstanding		19,407,646		5,951,382		4,862,051
Net asset value, offering price and redemption price per share	$	11.01	$	11.02	$	10.98
Class N shares:
Net assets	$	1,607,632	$	589,449	$	1,948,571
Shares outstanding		148,276		53,849		179,084
Net asset value, offering price and redemption price per share	$	10.84	$	10.95	$	10.88

223

MassMutual Premier Funds – Financial Statements (Continued)

Statement of Assets and Liabilities

October 31, 2007

	MassMutual Premier Balanced Fund		MassMutual Premier Value Fund			MassMutual Premier Enhanced Index Value Fund			MassMutual Premier Enhanced Index Core Equity Fund
Investments, at value (Note 2)(a)	$	174,098,240	$	483,894,038		$	583,115,156		$	67,599,969
Short-term investments, at value (Note 2)(b)		41,706,815		39,113,774			26,362,726			7,805,351
Total investments(c)		215,805,055		523,007,812			609,477,882			75,405,320
Cash		4,604		5,017			22,113			1,244
Receivables from:
Investments sold		9,450,901		25,379,881			30,565,251			3,955,759
Investment adviser (Note 3)		17,744		-			-			-
Fund shares sold		4,556		40,299			410,962			1,351
Interest and dividends		711,486		357,300			926,960			70,829
Foreign taxes withheld		9		44,925			6			5
Open swap agreements (Note 2)		155,173		-			-			-
Total assets		226,149,528		548,835,234			641,403,174			79,434,508
Liabilities:
Payables for:
Investments purchased		8,375,861		12,431,989			33,132,425			4,199,698
Written options outstanding, at value (Note 2)(d)		307,264		-			-			-
Fund shares repurchased		110,460		953,677			621,157			255,906
Variation margin on open futures contracts (Note 2)		11,827		-			-			-
Securities on loan (Note 2)		13,797,580		35,225,398			24,144,116			7,629,546
Settlement of investments purchased on a when issued basis (Note 2)		5,883,706		-			-			-
Open swap agreements, at value (Note 2)		5,656		-			-			-
Trustees' fees and expenses (Note 3)		11,506		36,730			-			339
Affiliates (Note 3):
Investment management fees		85,792		230,930			271,912			30,415
Administration fees		19,861		52,528			76,942			8,405
Service fees		2,671		6,461			4,477			1,752
Distribution fees		33		30			106			144
Accrued expense and other liabilities		61,555		59,615			57,547			49,558
Total liabilities		28,673,772		48,997,358			58,308,682			12,175,763
Net assets	$	197,475,756	$	499,837,876		$	583,094,492		$	67,258,745
Net assets consist of:
Paid-in capital	$	182,401,442	$	404,166,394		$	568,395,319		$	63,471,019
Undistributed net investment income (distributions in excess of net investment income)		4,563,595		(33,450	)		9,533			529,699
Accumulated net realized gain (loss) on investments		2,006,091		54,107,125			(2,192,132	)		(1,233,141	)
Net unrealized appreciation (depreciation) on investments		8,504,628		41,597,807			16,881,772			4,491,168
Net assets	$	197,475,756	$	499,837,876		$	583,094,492		$	67,258,745
(a) Cost of investments - unaffiliated issuers:	$	165,642,686	$	442,296,231		$	566,233,384		$	63,108,801
(b) Cost of short-term investments:	$	41,706,815	$	39,113,774		$	26,362,726		$	7,805,351
(c) Securities on loan with market value of:	$	13,402,573	$	34,145,302		$	23,384,984		$	7,444,224
(d) Premiums on written options:	$	244,125	$	-		$	-		$	-

The accompanying notes are an integral part of the financial statements.
224

	MassMutual Premier Main Street Fund		MassMutual Premier Capital Appreciation Fund		MassMutual Premier Core Growth Fund
Investments, at value (Note 2)(a)	$	362,937,877	$	1,185,451,351	$	85,354,519
Short-term investments, at value (Note 2)(b)		18,318,985		115,624,138		11,711,447
Total investments(c)		381,256,862		1,301,075,489		97,065,966
Cash		5,423		57,931		4,710
Receivables from:
Investments sold		5,465,643		3,690,409		279,152
Investment adviser (Note 3)		39,780		121,244		5,763
Fund shares sold		131,812		702,636		66,329
Interest and dividends		371,956		259,351		19,663
Foreign taxes withheld		8		135,312		-
Open swap agreements (Note 2)		-		-		-
Total assets		387,271,484		1,306,042,372		97,441,583
Liabilities:
Payables for:
Investments purchased		5,160,701		6,762,328		408,069
Written options outstanding, at value (Note 2)(d)		-		-		-
Fund shares repurchased		69,263		35,359		-
Variation margin on open futures contracts (Note 2)		-		-		-
Securities on loan (Note 2)		17,389,161		84,658,451		10,247,864
Settlement of investments purchased on a when issued basis (Note 2)		-		-		-
Open swap agreements, at value (Note 2)		-		-		-
Trustees' fees and expenses (Note 3)		2,454		6,602		500
Affiliates (Note 3):
Investment management fees		214,141		700,124		41,987
Administration fees		57,835		188,622		16,767
Service fees		4,548		81,100		281
Distribution fees		28		360		31
Accrued expense and other liabilities		54,313		92,889		44,250
Total liabilities		22,952,444		92,525,835		10,759,749
Net assets	$	364,319,040	$	1,213,516,537	$	86,681,834
Net assets consist of:
Paid-in capital	$	282,662,887	$	915,280,142	$	114,880,407
Undistributed net investment income (distributions in excess of net investment income)		3,266,915		116,479		0
Accumulated net realized gain (loss) on investments		44,126,745		24,989,781		(41,513,655	)
Net unrealized appreciation (depreciation) on investments		34,262,493		273,130,135		13,315,082
Net assets	$	364,319,040	$	1,213,516,537	$	86,681,834
(a) Cost of investments - unaffiliated issuers:	$	328,675,384	$	912,321,702	$	72,039,254
(b) Cost of short-term investments:	$	18,318,985	$	115,624,138	$	11,711,447
(c) Securities on loan with market value of:	$	17,019,265	$	82,498,189	$	10,027,544
(d) Premiums on written options:	$	-	$	-	$	-

225

MassMutual Premier Funds – Financial Statements (Continued)

Statement of Assets and Liabilities

October 31, 2007

	MassMutual Premier Balanced Fund		MassMutual Premier Value Fund		MassMutual Premier Enhanced Index Value Fund		MassMutual Premier Enhanced Index Core Equity Fund
Class A shares:
Net assets	$	11,595,462	$	27,777,868	$	18,838,021	$	7,135,846
Shares outstanding		1,047,051		1,344,180		1,435,527		516,108
Net asset value and redemption price per share	$	11.07	$	20.67	$	13.12	$	13.83
Offering price per share (100/[100-maximum sales charge] of net asset value)	$	11.75	$	21.93	$	13.92	$	14.67
Class L shares:
Net assets	$	2,417,761	$	78,979,834	$	118,847,408	$	1,972,176
Shares outstanding		215,523		3,804,889		9,016,469		141,835
Net asset value, offering price and redemption price per share	$	11.22	$	20.76	$	13.18	$	13.90
Class Y shares:
Net assets	$	2,597,146	$	4,389,490	$	157,739,650	$	57,124,673
Shares outstanding		224,077		211,405		11,928,623		4,104,211
Net asset value, offering price and redemption price per share	$	11.59	$	20.76	$	13.22	$	13.92
Class S shares:
Net assets	$	180,718,696	$	388,558,604	$	287,201,290	$	390,247
Shares outstanding		16,054,463		18,695,863		21,606,964		27,959
Net asset value, offering price and redemption price per share	$	11.26	$	20.78	$	13.29	$	13.96
Class N shares:
Net assets	$	146,691	$	132,080	$	468,123	$	635,803
Shares outstanding		13,377		6,439		35,498		45,986
Net asset value, offering price and redemption price per share	$	10.97	$	20.51	$	13.19	$	13.83

The accompanying notes are an integral part of the financial statements.
226

	MassMutual Premier Main Street Fund		MassMutual Premier Capital Appreciation Fund		MassMutual Premier Core Growth Fund
Class A shares:
Net assets	$	20,165,063	$	363,471,160	$	1,149,833
Shares outstanding		1,612,891		27,103,704		101,328
Net asset value and redemption price per share	$	12.50	$	13.41	$	11.35
Offering price per share (100/[100-maximum sales charge] of net asset value)	$	13.26	$	14.23	$	12.04
Class L shares:
Net assets	$	99,144,973	$	75,118,930	$	25,515,153
Shares outstanding		7,876,796		5,600,842		2,231,753
Net asset value, offering price and redemption price per share	$	12.59	$	13.41	$	11.43
Class Y shares:
Net assets	$	125,609	$	57,564,330	$	136,760
Shares outstanding		10,011		4,280,682		11,931
Net asset value, offering price and redemption price per share	$	12.55	$	13.45	$	11.46
Class S shares:
Net assets	$	244,758,059	$	715,738,283	$	59,741,822
Shares outstanding		19,381,854		52,993,995		5,204,275
Net asset value, offering price and redemption price per share	$	12.63	$	13.51	$	11.48
Class N shares:
Net assets	$	125,336	$	1,623,834	$	138,266
Shares outstanding		10,011		122,385		12,241
Net asset value, offering price and redemption price per share	$	12.52	$	13.27	$	11.30

227

MassMutual Premier Funds – Financial Statements (Continued)

Statement of Assets and Liabilities

October 31, 2007

	MassMutual Premier Enhanced Index Growth Fund		MassMutual Premier Discovery Value Fund		MassMutual Premier Small Capitalization Value Fund		MassMutual Premier Main Street Small Cap Fund
Assets:
Investments, at value (Note 2)(a)	$	335,435,492	$	54,016,180	$	101,203,201	$	121,032,635
Short-term investments, at value (Note 2)(b)		30,211,528		13,282,212		31,323,059		23,430,576
Total investments(c)		365,647,020		67,298,392		132,526,260		144,463,211
Cash		6,022		3,271		33,083		13,373
Foreign currency, at value(d)		-		-		-		-
Receivables from:
Investments sold		19,600,637		1,344,437		571,378		2,677,889
Investment adviser (Note 3)		-		-		-		18,216
Fund shares sold		413,247		16,617		557		135,114
Interest and dividends		187,391		27,890		83,428		217,972
Foreign taxes withheld		-		-		-		4
Total assets		385,854,317		68,690,607		133,214,706		147,525,779
Liabilities:
Payables for:
Investments purchased		21,590,427		1,069,656		-		3,169,899
Fund shares repurchased		13,992		134,843		150,655		1,372
Securities on loan (Note 2)		26,231,356		10,312,312		28,760,889		22,202,986
Trustees' fees and expenses (Note 3)		909		133		801		367
Affiliates (Note 3):
Investment management fees		148,061		39,467		68,558		63,089
Administration fees		25,878		7,617		12,753		17,313
Service fees		1,035		3,931		1,219		752
Distribution fees		31		198		349		7
Due to custodian		-		-		-		-
Accrued expense and other liabilities		48,486		53,561		43,770		66,210
Total liabilities		48,060,175		11,621,718		29,038,994		25,521,995
Net assets	$	337,794,142	$	57,068,889	$	104,175,712	$	122,003,784
Net assets consist of:
Paid-in capital	$	299,915,777	$	51,715,089	$	74,074,960	$	115,193,778
Undistributed net investment income (distributions in excess of net investment income)		998,115		860		87,256		683,413
Accumulated net realized gain (loss) on investments		9,480,018		2,428,693		23,103,047		1,998,210
Net unrealized appreciation (depreciation) on investments		27,400,232		2,924,247		6,910,449		4,128,383
Net assets	$	337,794,142	$	57,068,889	$	104,175,712	$	122,003,784
(a) Cost of investments - unaffiliated issuers:	$	308,035,260	$	51,091,933	$	94,292,752	$	116,904,264
(b) Cost of short-term investments:	$	30,211,528	$	13,282,212	$	31,323,059	$	23,430,576
(c) Securities on loan with market value of:	$	25,426,523	$	10,033,110	$	27,463,085	$	21,427,499
(d) Cost of foreign currency:	$	-	$	-	$	-	$	-

The accompanying notes are an integral part of the financial statements.
228

	MassMutual Premier Small Company Opportunities Fund		MassMutual Premier Global Fund		MassMutual Premier International Equity Fund			MassMutual Premier Focused International Fund
Assets:
Investments, at value (Note 2)(a)	$	398,381,985	$	778,981,723	$	1,293,465,271		$	78,824,623
Short-term investments, at value (Note 2)(b)		74,246,835		63,771,138		154,763,065			5,615,027
Total investments(c)		472,628,820		842,752,861		1,448,228,336			84,439,650
Cash		40,451		63,393		23,533			478,283
Foreign currency, at value(d)		-		1,767,192		-			-
Receivables from:
Investments sold		8,923,028		1,361,533		1,357,395			970,137
Investment adviser (Note 3)		60,890		77,412		-			-
Fund shares sold		14,789		106,213		267,520			132,533
Interest and dividends		730,819		594,688		1,407,778			104,638
Foreign taxes withheld		48		22,197		348,364			17,435
Total assets		482,398,845		846,745,489		1,451,632,926			86,142,676
Liabilities:
Payables for:
Investments purchased		8,226,753		-		1,179,451			903,306
Fund shares repurchased		915,163		138,946		13,246			49,213
Securities on loan (Note 2)		73,321,956		57,830,007		114,920,455			2,757,900
Trustees' fees and expenses (Note 3)		19,017		5,166		32,693			224
Affiliates (Note 3):
Investment management fees		211,325		566,545		1,049,453			60,590
Administration fees		67,428		184,922		197,919			14,704
Service fees		37,233		11,298		22,646			7,481
Distribution fees		23		192		67			180
Due to custodian		-		-		-			162,063
Accrued expense and other liabilities		81,798		108,842		201,277			93,338
Total liabilities		82,880,696		58,845,918		117,617,207			4,048,999
Net assets	$	399,518,149	$	787,899,571	$	1,334,015,719		$	82,093,677
Net assets consist of:
Paid-in capital	$	307,370,338	$	533,114,207	$	844,582,173		$	63,431,723
Undistributed net investment income (distributions in excess of net investment income)		2,848,936		3,642,866		6,273,413			92,676
Accumulated net realized gain (loss) on investments		64,969,079		41,756,422		(32,561,939	)		2,149,635
Net unrealized appreciation (depreciation) on investments		24,329,796		209,386,076		515,722,072			16,419,643
Net assets	$	399,518,149	$	787,899,571	$	1,334,015,719		$	82,093,677
(a) Cost of investments - unaffiliated issuers:	$	374,052,189	$	569,614,400	$	777,776,060		$	62,402,019
(b) Cost of short-term investments:	$	74,246,835	$	63,771,138	$	154,763,065		$	5,615,027
(c) Securities on loan with market value of:	$	70,817,811	$	54,868,640	$	111,817,553		$	2,734,442
(d) Cost of foreign currency:	$	-	$	1,747,988	$	-		$	(162,953	)

229

MassMutual Premier Funds – Financial Statements (Continued)

Statement of Assets and Liabilities

October 31, 2007

	MassMutual Premier Enhanced Index Growth Fund		MassMutual Premier Discovery Value Fund		MassMutual Premier Small Capitalization Value Fund			MassMutual Premier Main Street Small Cap Fund
Class A shares:
Net assets	$	4,531,866	$	18,211,408	$	3,670,732		$	3,419,712
Shares outstanding		420,979		1,406,786		237,344			298,242
Net asset value and redemption price per share	$	10.77	$	12.95	$	15.47		$	11.47
Offering price per share (100/[100-maximum sales charge] of net asset value)	$	11.43	$	13.74	$	16.41		$	12.17
Class L shares:
Net assets	$	92,738,058	$	1,322,431	$	981		$	49,729,038
Shares outstanding		8,573,583		101,698		63			4,322,681
Net asset value, offering price and redemption price per share	$	10.82	$	13.00	$	15.63	*	$	11.50
Class Y shares:
Net assets	$	99,772,472	$	10,351,743	$	7,642,264		$	108
Shares outstanding		9,193,899		795,090		487,693			9
Net asset value, offering price and redemption price per share	$	10.85	$	13.02	$	15.67		$	11.52	*
Class S shares:
Net assets	$	140,611,456	$	26,300,716	$	91,325,090		$	68,822,263
Shares outstanding		12,975,381		2,019,504		5,819,840			5,972,417
Net asset value, offering price and redemption price per share	$	10.84	$	13.02	$	15.69		$	11.52
Class N shares:
Net assets	$	140,290	$	882,591	$	1,536,645		$	32,663
Shares outstanding		13,085		68,244		100,329			2,855
Net asset value, offering price and redemption price per share	$	10.72	$	12.93	$	15.32		$	11.44

* Net asset value calculations reflect fractional share and dollar amounts.

The accompanying notes are an integral part of the financial statements.
230

	MassMutual Premier Small Company Opportunities Fund		MassMutual Premier Global Fund		MassMutual Premier International Equity Fund		MassMutual Premier Focused International Fund
Class A shares:
Net assets	$	163,154,073	$	49,634,612	$	103,369,187	$	36,717,562
Shares outstanding		12,951,503		3,485,169		5,370,397		2,134,549
Net asset value and redemption price per share	$	12.60	$	14.24	$	19.25	$	17.20
Offering price per share (100/[100-maximum sales charge] of net asset value)	$	13.37	$	15.11	$	20.42	$	18.25
Class L shares:
Net assets	$	8,595,018	$	303,017,157	$	113,297,542	$	17,631,728
Shares outstanding		674,811		21,094,731		5,823,646		1,020,966
Net asset value, offering price and redemption price per share	$	12.74	$	14.36	$	19.45	$	17.27
Class Y shares:
Net assets	$	6,898,456	$	10,514,162	$	83,332,677	$	738,874
Shares outstanding		539,573		733,258		4,253,246		42,676
Net asset value, offering price and redemption price per share	$	12.79	$	14.34	$	19.59	$	17.31
Class S shares:
Net assets	$	220,766,980	$	423,869,963	$	1,033,708,781	$	26,158,915
Shares outstanding		17,192,032		29,403,480		52,647,551		1,509,737
Net asset value, offering price and redemption price per share	$	12.84	$	14.42	$	19.63	$	17.33
Class N shares:
Net assets	$	103,622	$	863,677	$	307,532	$	846,598
Shares outstanding		8,344		60,371		16,144		49,506
Net asset value, offering price and redemption price per share	$	12.42	$	14.31	$	19.05	$	17.10

231

MassMutual Premier Funds – Financial Statements (Continued)

Statement of Operations

For the Year Ended October 31, 2007

	MassMutual Premier Money Market Fund			MassMutual Premier Short-Duration Bond Fund			MassMutual Premier Inflation-Protected Bond Fund			MassMutual Premier Core Bond Fund
Investment Income (Note 2):
Dividends(a)	$	-		$	-		$	-		$	-
Interest		41,337,502			27,375,166			13,799,026			84,974,345
Securities lending net income		-			896			-			255,955
Total investment income		41,337,502			27,376,062			13,799,026			85,230,300
Expenses (Note 3):
Investment management fees (Note 3)		2,749,013			2,067,447			1,697,597			7,640,245
Custody fees		65,954			51,733			28,355			158,816
Trustee reporting		2,684			2,684			2,685			2,685
Audit and legal fees		67,904			56,670			40,904			66,357
Proxy fees		575			1,137			574			575
Shareholder reporting fees		45,011			34,641			20,700			111,305
Trustees' fees (Note 3)		51,410			34,914			24,285			110,586
		2,982,551			2,249,226			1,815,100			8,090,569
Administration fees (Note 3):
Class A		826,780			218,917			68,933			546,026
Class L		298,458			518,196			130,430			1,075,368
Class Y		324,807			147,270			101,847			306,643
Class S		196,846			233,916			63,010			675,691
Class N		-			6,612			748			7,229
Distribution fees (Note 3):
Class N		-			4,481			566			5,090
Service fees (Note 3):
Class A		632,869			171,618			61,372			478,802
Class N		-			4,481			566			5,090
Total expenses		5,262,311			3,554,717			2,242,572			11,190,508
Expenses waived (Note 3)		(49,747	)		(72,722	)		-			(53,986	)
Class A administration fees waived (Note 3)		(455,665	)		(48,053	)		(11,529	)		(153,217	)
Class L administration fees waived (Note 3)		(164,490	)		(113,746	)		-			(301,752	)
Class N administration fees waived (Note 3)		-			(1,255	)		(95	)		(1,629	)
Net expenses		4,592,409			3,318,941			2,230,948			10,679,924
Net investment income (loss)		36,745,093			24,057,121			11,568,078			74,550,376
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		-			861,414			(1,599,353	)		(28,090	)
Futures contracts		-			-			-			2,887,983
Written options		-			84,217			-			270,370
Swap contracts		-			1,288,969			-			2,608,883
Foreign currency transactions		-			-			-			-
Net realized gain (loss)		-			2,234,600			(1,599,353	)		5,739,146
Net change in unrealized appreciation (depreciation) on:
Investments		-			1,171,892			11,012,900			3,139,257
Futures contracts		-			-			-			(1,181,900	)
Written options		-			(190,987	)		-			(585,902	)
Swap contracts		-			1,156,282			-			3,605,679
Translation of assets and liabilities in foreign currencies		-			34,009			-			-
Net unrealized appreciation (depreciation)		-			2,171,196			11,012,900			4,977,134
Net realized gain (loss) and change in unrealized appreciation (depreciation)		-			4,405,796			9,413,547			10,716,280
Net increase (decrease) in net assets resulting from operations	$	36,745,093		$	28,462,917		$	20,981,625		$	85,266,656
(a) Net of withholding tax of:	$	-		$	-		$	-		$	-

The accompanying notes are an integral part of the financial statements.
232

	MassMutual Premier Diversified Bond Fund			MassMutual Premier Strategic Income Fund			MassMutual Premier High Yield Fund
Investment Income (Note 2):
Dividends(a)	$	3,244		$	51,166		$	-
Interest		25,255,610			19,067,192			14,901,000
Securities lending net income		139,685			44,488			139,115
Total investment income		25,398,539			19,162,846			15,040,115
Expenses (Note 3):
Investment management fees (Note 3)		2,319,007			1,918,587			880,225
Custody fees		63,853			202,649			14,751
Trustee reporting		2,685			2,684			2,685
Audit and legal fees		55,013			68,357			34,251
Proxy fees		575			575			575
Shareholder reporting fees		28,525			19,418			7,493
Trustees' fees (Note 3)		31,806			20,991			11,373
		2,501,464			2,233,261			951,353
Administration fees (Note 3):
Class A		135,262			83,695			86,193
Class L		739,764			919,201			13,784
Class Y		53,668			15,838			198,352
Class S		338,343			62,953			61,977
Class N		5,954			2,195			7,775
Distribution fees (Note 3):
Class N		3,578			1,407			4,929
Service fees (Note 3):
Class A		92,392			61,541			62,586
Class N		3,578			1,407			4,929
Total expenses		3,874,003			3,381,498			1,391,878
Expenses waived (Note 3)		(71,146	)		(299,428	)		-
Class A administration fees waived (Note 3)		(55,435	)		-			-
Class L administration fees waived (Note 3)		(295,119	)		-			-
Class N administration fees waived (Note 3)		(2,147	)		-			-
Net expenses		3,450,156			3,082,070			1,391,878
Net investment income (loss)		21,948,383			16,080,776			13,648,237
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		2,483,516			5,389,135			482,333
Futures contracts		448,070			1,970,131			-
Written options		61,481			411,360			-
Swap contracts		771,007			2,584,543			-
Foreign currency transactions		-			463,373			-
Net realized gain (loss)		3,764,074			10,818,542			482,333
Net change in unrealized appreciation (depreciation) on:
Investments		136,440			7,335,249			(3,472,979	)
Futures contracts		(202,845	)		21,991			-
Written options		(172,163	)		(1,507	)		-
Swap contracts		1,049,218			(514,101	)		-
Translation of assets and liabilities in foreign currencies		-			1,737,191			-
Net unrealized appreciation (depreciation)		810,650			8,578,823			(3,472,979	)
Net realized gain (loss) and change in unrealized appreciation (depreciation)		4,574,724			19,397,365			(2,990,646	)
Net increase (decrease) in net assets resulting from operations	$	26,523,107		$	35,478,141		$	10,657,591
(a) Net of withholding tax of:	$	338		$	3,605		$	-

233

MassMutual Premier Funds – Financial Statements (Continued)

Statement of Operations

For the Year Ended October 31, 2007

	MassMutual Premier Balanced Fund			MassMutual Premier Value Fund		MassMutual Premier Enhanced Index Value Fund			MassMutual Premier Enhanced Index Core Equity Fund
Investment Income (Note 2):
Dividends(a)	$	2,416,209		$	8,571,319	$	8,660,144		$	1,055,342
Interest		4,658,299			534,377		128,203			17,656
Securities lending net income		22,827			74,181		61,207			6,025
Total investment income		7,097,335			9,179,877		8,849,554			1,079,023
Expenses (Note 3):
Investment management fees (Note 3)		1,001,556			2,520,751		1,773,929			284,021
Custody fees		59,501			69,530		59,540			22,634
Trustee reporting		2,683			2,685		647			2,685
Audit and legal fees		65,972			38,805		36,713			34,012
Proxy fees		975			1,537		1,077			975
Shareholder reporting fees		18,481			33,910		17,750			1,163
Trustees' fees (Note 3)		14,239			32,693		17,107			3,430
		1,163,407			2,699,911		1,906,763			348,920
Administration fees (Note 3):
Class A		41,782			84,371		37,091			14,376
Class L		9,200			219,125		250,639			3,237
Class Y		5,702			6,910		220,691			57,783
Class S		167,835			258,849		71,353			173
Class N		643			1,609		1,145			772
Distribution fees (Note 3):
Class N		352			1,070		777			610
Service fees (Note 3):
Class A		26,324			66,791		30,057			13,496
Class N		352			1,070		777			610
Total expenses		1,415,597			3,339,706		2,519,293			439,977
Expenses waived (Note 3)		(92,578	)		-		(21,077	)		(23,140	)
Net expenses		1,323,019			3,339,706		2,498,216			416,837
Net investment income (loss)		5,774,316			5,840,171		6,351,338			662,186
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		16,517,974			65,759,019		14,357,694			4,634,718
Futures contracts		465,446			-		-			-
Written options		11,471			-		-			-
Swap contracts		78,881			-		-			-
Foreign currency transactions		-			-		-			-
Net realized gain (loss)		17,073,772			65,759,019		14,357,694			4,634,718
Net change in unrealized appreciation (depreciation) on:
Investments		(2,232,753	)		10,504,807		4,800,428			1,227,171
Futures contracts		(57,639	)		-		-			-
Written options		(71,963	)		-		-			-
Swap contracts		170,798			-		-			-
Translation of assets and liabilities in foreign currencies		-			-		-			-
Net unrealized appreciation (depreciation)		(2,191,557	)		10,504,807		4,800,428			1,227,171
Net realized gain (loss) and change in unrealized appreciation (depreciation)		14,882,215			76,263,826		19,158,122			5,861,889
Net increase (decrease) in net assets resulting from operations	$	20,656,531		$	82,103,997	$	25,509,460		$	6,524,075
(a) Net of withholding tax of:	$	45		$	397,528	$	28		$	27

The accompanying notes are an integral part of the financial statements.
234

	MassMutual Premier Main Street Fund			MassMutual Premier Capital Appreciation Fund			MassMutual Premier Core Growth Fund
Investment Income (Note 2):
Dividends(a)	$	6,924,497		$	8,269,344		$	460,370
Interest		57,574			647,514			36,895
Securities lending net income		46,465			254,307			18,880
Total investment income		7,028,536			9,171,165			516,145
Expenses (Note 3):
Investment management fees (Note 3)		2,389,871			6,767,570			410,841
Custody fees		111,438			183,622			38,647
Trustee reporting		2,684			2,684			2,685
Audit and legal fees		39,386			44,422			32,744
Proxy fees		975			975			1,537
Shareholder reporting fees		23,362			60,594			3,404
Trustees' fees (Note 3)		24,766			67,860			4,343
		2,592,482			7,127,727			494,201
Administration fees (Note 3):
Class A		53,455			987,879			2,558
Class L		318,562			142,466			68,296
Class Y		6,931			75,806			251
Class S		267,538			612,545			85,798
Class N		427			4,552			497
Distribution fees (Note 3):
Class N		296			3,252			305
Service fees (Note 3):
Class A		43,109			823,232			1,791
Class N		296			3,252			305
Total expenses		3,283,096			9,780,711			654,002
Expenses waived (Note 3)		(474,825	)		(948,314	)		(51,316	)
Net expenses		2,808,271			8,832,397			602,686
Net investment income (loss)		4,220,265			338,768			(86,541	)
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		46,094,655			45,115,482			6,362,535
Futures contracts		-			-			-
Written options		-			-			(64,101	)
Swap contracts		-			-			-
Foreign currency transactions		(450	)		(222,289	)		(43,130	)
Net realized gain (loss)		46,094,205			44,893,193			6,255,304
Net change in unrealized appreciation (depreciation) on:
Investments		(384,392	)		171,270,652			10,372,012
Futures contracts		-			-			-
Written options		-			-			-
Swap contracts		-			-			-
Translation of assets and liabilities in foreign currencies		-			875			(183	)
Net unrealized appreciation (depreciation)		(384,392	)		171,271,527			10,371,829
Net realized gain (loss) and change in unrealized appreciation (depreciation)		45,709,813			216,164,720			16,627,133
Net increase (decrease) in net assets resulting from operations	$	49,930,078		$	216,503,488		$	16,540,592
(a) Net of withholding tax of:	$	22		$	250,541		$	819

235

MassMutual Premier Funds – Financial Statements (Continued)

Statement of Operations

For the Year Ended October 31, 2007

	MassMutual Premier Enhanced Index Growth Fund		MassMutual Premier Discovery Value Fund			MassMutual Premier Small Capitalization Value Fund			MassMutual Premier Main Street Small Cap Fund
Investment Income (Note 2):
Dividends(a)	$	2,337,238	$	244,278		$	835,423		$	1,346,712
Interest		129,526		63,490			127,164			38,136
Securities lending net income		25,507		13,890			156,828			67,102
Total investment income		2,492,271		321,658			1,119,415			1,451,950
Expenses (Note 3):
Investment management fees (Note 3)		1,033,805		226,548			822,480			529,566
Custody fees		60,900		37,228			10,915			177,877
Trustee reporting		2,685		316			2,685			2,684
Audit and legal fees		36,718		37,483			34,336			30,570
Proxy fees		975		1,529			1,537			1,529
Shareholder reporting fees		5,859		12,190			6,066			31,009
Trustees' fees (Note 3)		10,788		1,260			8,176			5,716
		1,151,730		316,554			886,195			778,951
Administration fees (Note 3):
Class A		6,414		20,074			12,965			3,912
Class L		117,622		642			522			108,267
Class Y		46,331		6,384			7,651			19
Class S		11,065		8,442			122,976			26,931
Class N		338		1,227			5,996			127
Distribution fees (Note 3):
Class N		320		682			4,107			91
Service fees (Note 3):
Class A		7,479		16,729			10,290			3,260
Class N		320		682			4,107			91
Total expenses		1,341,619		371,416			1,054,809			921,649
Expenses waived (Note 3)		-		(71,055	)		(22,650	)		(213,300	)
Net expenses		1,341,619		300,361			1,032,159			708,349
Net investment income (loss)		1,150,652		21,297			87,256			743,601
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		12,285,949		2,419,339			23,289,410			1,961,913
Foreign currency transactions		-		(1,907	)		-			2,043
Net realized gain (loss)		12,285,949		2,417,432			23,289,410			1,963,956
Net change in unrealized appreciation (depreciation) on:
Investments		23,295,259		2,399,102			(18,740,961	)		3,717,825
Translation of assets and liabilities in foreign currencies		-		-			-			37
Net unrealized appreciation (depreciation)		23,295,259		2,399,102			(18,740,961	)		3,717,862
Net realized gain (loss) and change in unrealized appreciation (depreciation)		35,581,208		4,816,534			4,548,449			5,681,818
Net increase (decrease) in net assets resulting from operations	$	36,731,860	$	4,837,831		$	4,635,705		$	6,425,419
(a) Net of withholding tax of:	$	-	$	1,581		$	-		$	771

The accompanying notes are an integral part of the financial statements.
236

	MassMutual Premier Small Company Opportunities Fund			MassMutual Premier Global Fund			MassMutual Premier International Equity Fund			MassMutual Premier Focused International Fund
Investment Income (Note 2):
Dividends(a)	$	6,875,177		$	12,802,247		$	29,806,687		$	962,300
Interest		55,891			155,523			597,436			46,967
Securities lending net income		326,672			689,706			746,587			7,959
Total investment income		7,257,740			13,647,476			31,150,710			1,017,226
Expenses (Note 3):
Investment management fees (Note 3)		2,738,562			6,178,878			10,337,267			425,079
Custody fees		386,925			528,939			1,163,071			80,365
Trustee reporting		2,685			2,684			2,684			284
Audit and legal fees		41,428			48,902			68,784			47,963
Proxy fees		1,537			975			975			1,529
Shareholder reporting fees		44,823			46,726			74,707			7,252
Trustees' fees (Note 3)		30,990			52,889			81,462			2,137
		3,246,950			6,859,993			11,728,950			564,609
Administration fees (Note 3):
Class A		564,222			149,578			302,501			50,206
Class L		70,004			1,068,133			340,991			37,539
Class Y		14,333			20,220			135,103			638
Class S		244,025			762,809			1,300,736			8,627
Class N		432			2,852			993			1,362
Distribution fees (Note 3):
Class N		272			1,739			672			757
Service fees (Note 3):
Class A		474,774			103,874			236,921			41,838
Class N		272			1,739			672			757
Total expenses		4,615,284			8,970,937			14,047,539			706,333
Expenses waived (Note 3)		(447,480	)		(1,112,947	)		(165,804	)		(66,354	)
Net expenses		4,167,804			7,857,990			13,881,735			639,979
Net investment income (loss)		3,089,936			5,789,486			17,268,975			377,247
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		67,309,428			45,140,341			165,325,454			2,149,643
Foreign currency transactions		(15,789	)		(390,922	)		(1,549,379	)		(279,493	)
Net realized gain (loss)		67,293,639			44,749,419			163,776,075			1,870,150
Net change in unrealized appreciation (depreciation) on:
Investments		(20,465,430	)		84,748,686			170,437,002			15,022,465
Translation of assets and liabilities in foreign currencies		1,876			27,137			49,552			(1,615	)
Net unrealized appreciation (depreciation)		(20,463,554	)		84,775,823			170,486,554			15,020,850
Net realized gain (loss) and change in unrealized appreciation (depreciation)		46,830,085			129,525,242			334,262,629			16,891,000
Net increase (decrease) in net assets resulting from operations	$	49,920,021		$	135,314,728		$	351,531,604		$	17,268,247
(a) Net of withholding tax of:	$	6,442		$	1,001,777		$	1,846,592		$	67,934

237

MassMutual Premier Funds – Financial Statements (Continued)

Statement of Changes in Net Assets

	MassMutual Premier Money Market Fund						MassMutual Premier Short-Duration Bond Fund
	Year Ended October 31, 2007			Year Ended October 31, 2006			Year Ended October 31, 2007			Year Ended October 31, 2006
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	36,745,093		$	21,499,950		$	24,057,121		$	21,582,646
Net realized gain (loss) on investment transactions		-			-			2,234,600			(2,153,780	)
Net change in unrealized appreciation (depreciation) on investments		-			-			2,171,196			2,801,685
Net increase (decrease) in net assets resulting from operations		36,745,093			21,499,950			28,462,917			22,230,551
Distributions to shareholders (Note 2):
From net investment income:
Class A		(11,383,108	)		(5,046,829	)		(3,051,276	)		(2,607,347	)
Class L		(4,332,005	)		(3,110,696	)		(6,704,299	)		(7,926,728	)
Class Y		(8,667,680	)		(3,725,148	)		(3,725,918	)		(2,963,980	)
Class S		(12,362,300	)		(9,617,277	)		(8,988,755	)		(7,168,614	)
Class N		-			-			(4,035	)		(3,549	)
Total distributions from net investment income		(36,745,093	)		(21,499,950	)		(22,474,283	)		(20,670,218	)
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		93,278,710			97,649,051			(9,423,325	)		8,497,249
Class L		3,592,250			17,912,202			(2,508,472	)		(22,908,678	)
Class Y		102,376,738			34,930,691			(26,049,559	)		11,712,872
Class S		9,528,618			35,069,596			9,545,999			26,639,828
Class N		-			-			3,808,028			(75	)
Increase (decrease) in net assets from fund share transactions		208,776,316			185,561,540			(24,627,329	)		23,941,196
Total increase (decrease) in net assets		208,776,316			185,561,540			(18,638,695	)		25,501,529
Net assets:
Beginning of year		629,901,025			444,339,485			512,724,780			487,223,251
End of year	$	838,677,341		$	629,901,025		$	494,086,085		$	512,724,780
Undistributed net investment income (distributions in excess of net investment income) included in net assets at the end of the year	$	(18,231	)	$	(17,118	)	$	20,095,502		$	18,782,483

The accompanying notes are an integral part of the financial statements.
238

	MassMutual Premier Inflation-Protected Bond Fund						MassMutual Premier Core Bond Fund
	Year Ended October 31, 2007			Year Ended October 31, 2006			Year Ended October 31, 2007			Year Ended October 31, 2006
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	11,568,078		$	14,120,173		$	74,550,376		$	74,603,207
Net realized gain (loss) on investment transactions		(1,599,353	)		(794,268	)		5,739,146			(11,916,595	)
Net change in unrealized appreciation (depreciation) on investments		11,012,900			(6,218,015	)		4,977,134			13,639,062
Net increase (decrease) in net assets resulting from operations		20,981,625			7,107,890			85,266,656			76,325,674
Distributions to shareholders (Note 2):
From net investment income:
Class A		(708,453	)		(830,309	)		(8,523,667	)		(10,072,220	)
Class L		(179,760	)		(258,150	)		(17,465,981	)		(17,647,143	)
Class Y		(3,046,491	)		(4,572,540	)		(10,079,342	)		(9,352,639	)
Class S		(7,725,749	)		(8,883,093	)		(38,756,521	)		(39,495,370	)
Class N		(6,661	)		(5,032	)		(10,837	)		(56,422	)
Total distributions from net investment income		(11,667,114	)		(14,549,124	)		(74,836,348	)		(76,623,794	)
From net realized gains:
Class A		-			(18,292	)		-			-
Class L		-			(5,541	)		-			-
Class Y		-			(95,605	)		-			-
Class S		-			(182,140	)		-			-
Class N		-			(122	)		-			-
Total distributions from net realized gains		-			(301,700	)		-			-
Net fund share transactions (Note 5):
Class A		8,500,786			5,108,732			(35,141,057	)		(21,709,541	)
Class L		54,215,931			428,555			(58,529,775	)		38,428,451
Class Y		(15,141,770	)		7,976,875			(12,022,194	)		(1,980,177	)
Class S		(4,772,632	)		60,583,395			(87,110,479	)		33,566,369
Class N		17,395			100,560			3,758,583			(945,812	)
Increase (decrease) in net assets from fund share transactions		42,819,710			74,198,117			(189,044,922	)		47,359,290
Total increase (decrease) in net assets		52,134,221			66,455,183			(178,614,614	)		47,061,170
Net assets:
Beginning of year		308,950,421			242,495,238			1,716,254,740			1,669,193,570
End of year	$	361,084,642		$	308,950,421		$	1,537,640,126		$	1,716,254,740
Undistributed net investment income (distributions in excess of net investment income) included in net assets at the end of the year	$	14,069,399		$	11,666,450		$	60,538,516		$	62,127,629

239

MassMutual Premier Funds – Financial Statements (Continued)

Statement of Changes in Net Assets

	MassMutual Premier Diversified Bond Fund						MassMutual Premier Strategic Income Fund
	Year Ended October 31, 2007			Year Ended October 31, 2006			Year Ended October 31, 2007			Year Ended October 31, 2006
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	21,948,383		$	18,298,880		$	16,080,776		$	12,917,364
Net realized gain (loss) on investment transactions		3,764,074			(2,165,402	)		10,818,542			(4,151,554	)
Net change in unrealized appreciation (depreciation) on investments		810,650			6,010,788			8,578,823			5,918,318
Net increase (decrease) in net assets resulting from operations		26,523,107			22,144,266			35,478,141			14,684,128
Distributions to shareholders (Note 2):
From net investment income:
Class A		(1,455,684	)		(1,245,943	)		(612,005	)		(270,661	)
Class L		(9,426,596	)		(5,453,736	)		(7,564,286	)		(9,083,066	)
Class Y		(503,437	)		(401,819	)		(219,339	)		(467,504	)
Class S		(8,599,964	)		(6,956,518	)		(1,342,240	)		(4,111	)
Class N		(48,546	)		(43,115	)		(16,922	)		(3,376	)
Total distributions from net investment income		(20,034,227	)		(14,101,131	)		(9,754,792	)		(9,828,718	)
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		9,588,504			(4,540,211	)		16,412,712			9,733,555
Class L		(46,665,692	)		93,049,803			70,588,396			(33,918,413	)
Class Y		38,748,917			797,541			5,550,304			(5,392,800	)
Class S		471,530			49,769,165			61,700,246			625,204
Class N		344,985			(15,500	)		71,954			359,625
Increase (decrease) in net assets from fund share transactions		2,488,244			139,060,798			154,323,612			(28,592,829	)
Total increase (decrease) in net assets		8,977,124			147,103,933			180,046,961			(23,737,419	)
Net assets:
Beginning of year		493,736,730			346,632,797			234,105,479			257,842,898
End of year	$	502,713,854		$	493,736,730		$	414,152,440		$	234,105,479
Undistributed net investment income (distributions in excess of net investment income) included in net assets at the end of the year	$	17,875,588		$	16,454,541		$	20,571,863		$	6,339,474

The accompanying notes are an integral part of the financial statements.
240

	MassMutual Premier High Yield Fund
	Year Ended October 31, 2007			Year Ended October 31, 2006
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	13,648,237		$	8,337,898
Net realized gain (loss) on investment transactions		482,333			284,723
Net change in unrealized appreciation (depreciation) on investments		(3,472,979	)		2,044,580
Net increase (decrease) in net assets resulting from operations		10,657,591			10,667,201
Distributions to shareholders (Note 2):
From net investment income:
Class A		(1,040,979	)		(465,098	)
Class L		(185,977	)		(60,398	)
Class Y		(5,559,583	)		(4,270,497	)
Class S		(2,045,928	)		(1,677,220	)
Class N		(119,200	)		(6,500	)
Total distributions from net investment income		(8,951,667	)		(6,479,713	)
From net realized gains:
Class A		(30,249	)		(32,206	)
Class L		(5,223	)		(4,102	)
Class Y		(154,860	)		(294,051	)
Class S		(56,711	)		(113,722	)
Class N		(3,488	)		(501	)
Total distributions from net realized gains		(250,531	)		(444,582	)
Net fund share transactions (Note 5):
Class A		16,035,434			9,754,819
Class L		2,571,783			2,067,073
Class Y		25,588,355			13,288,650
Class S		20,042,987			7,050,346
Class N		(22,254	)		1,768,746
Increase (decrease) in net assets from fund share transactions		64,216,305			33,929,634
Total increase (decrease) in net assets		65,671,698			37,672,540
Net assets:
Beginning of year		132,688,735			95,016,195
End of year	$	198,360,433		$	132,688,735
Undistributed net investment income (distributions in excess of net investment income) included in net assets at the end of the year	$	11,837,262		$	7,161,813

241

MassMutual Premier Funds – Financial Statements (Continued)

Statement of Changes in Net Assets

	MassMutual Premier Balanced Fund						MassMutual Premier Value Fund
	Year Ended October 31, 2007			Year Ended October 31, 2006			Year Ended October 31, 2007			Year Ended October 31, 2006
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	5,774,316		$	5,983,286		$	5,840,171		$	7,141,866
Net realized gain (loss) on investment transactions		17,073,772			13,121,303			65,759,019			97,907,740
Net change in unrealized appreciation (depreciation) on investments		(2,191,557	)		7,373,404			10,504,807			(41,788,790	)
Net increase (decrease) in net assets resulting from operations		20,656,531			26,477,993			82,103,997			63,260,816
Distributions to shareholders (Note 2):
From net investment income:
Class A		(217,281	)		(170,929	)		(979,225	)		(227,714	)
Class L		(52,167	)		(47,560	)		(3,331,661	)		(1,823,939	)
Class Y		(53,948	)		(47,299	)		(165,922	)		(53,633	)
Class S		(5,362,244	)		(6,174,607	)		(16,764,960	)		(7,032,969	)
Class N		(2,602	)		(8,024	)		(33,491	)		(1,887	)
Total distributions from net investment income		(5,688,242	)		(6,448,419	)		(21,275,259	)		(9,140,142	)
From net realized gains:
Class A		-			-			(404,119	)		(87,707	)
Class L		-			-			(1,314,243	)		(616,286	)
Class Y		-			-			(62,926	)		(16,793	)
Class S		-			-			(6,243,220	)		(2,078,066	)
Class N		-			-			(13,632	)		(991	)
Total distributions from net realized gains		-			-			(8,038,140	)		(2,799,843	)
Tax return of capital:
Class A		-			-			-			-
Class L		-			-			-			-
Class Y		-			-			-			-
Class S		-			-			-			-
Class N		-			-			-			-
Total distributions from tax return of capital		-			-			-			-
Net fund share transactions (Note 5):
Class A		1,449,026			795,297			875,719			5,976,493
Class L		55,783			(111,706	)		(6,790,628	)		(52,492,390	)
Class Y		304,283			14,905			572,009			(94,126	)
Class S		(40,392,361	)		(43,573,721	)		(23,843,074	)		(62,928,428	)
Class N		(162	)		(294,265	)		(668,045	)		515,036
Increase (decrease) in net assets from fund share transactions		(38,583,431	)		(43,169,490	)		(29,854,019	)		(109,023,415	)
Total increase (decrease) in net assets		(23,615,142	)		(23,139,916	)		22,936,579			(57,702,584	)
Net assets:
Beginning of year		221,090,898			244,230,814			476,901,297			534,603,881
End of year	$	197,475,756		$	221,090,898		$	499,837,876		$	476,901,297
Undistributed net investment income (distributions in excess of net investment income) included in net assets at the end of the year	$	4,563,595		$	4,552,872		$	(33,450	)	$	4,938,801

The accompanying notes are an integral part of the financial statements.
242

	MassMutual Premier Enhanced Index Value Fund						MassMutual Premier Enhanced Index Core Equity Fund
	Year Ended October 31, 2007			Year Ended October 31, 2006			Year Ended October 31, 2007			Year Ended October 31, 2006
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	6,351,338		$	1,897,234		$	662,186		$	472,986
Net realized gain (loss) on investment transactions		14,357,694			7,628,250			4,634,718			2,967,916
Net change in unrealized appreciation (depreciation) on investments		4,800,428			9,819,334			1,227,171			2,373,755
Net increase (decrease) in net assets resulting from operations		25,509,460			19,344,818			6,524,075			5,814,657
Distributions to shareholders (Note 2):
From net investment income:
Class A		(156,059	)		(73,387	)		(25,973	)		(3,624	)
Class L		(1,142,172	)		(29,339	)		(6,928	)		(8,089	)
Class Y		(2,454,464	)		(1,180,697	)		(448,038	)		(394,466	)
Class S		(1,855,257	)		(1,799	)		(2,320	)		(1,413	)
Class N		(2,342	)		(905	)		(474	)		(608	)
Total distributions from net investment income		(5,610,294	)		(1,286,127	)		(483,733	)		(408,200	)
From net realized gains:
Class A		(871,199	)		(354,875	)		-			-
Class L		(5,383,757	)		(161,810	)		-			-
Class Y		(10,802,259	)		(5,716,148	)		-			-
Class S		(7,634,259	)		(8,320	)		-			-
Class N		(19,507	)		(8,320	)		-			-
Total distributions from net realized gains		(24,710,981	)		(6,249,473	)		-			-
Tax return of capital:
Class A		(31,461	)		-			-			-
Class L		(230,254	)		-			-			-
Class Y		(494,803	)		-			-			-
Class S		(374,007	)		-			-			-
Class N		(472	)		-			-			-
Total distributions from tax return of capital		(1,130,997	)		-			-			-
Net fund share transactions (Note 5):
Class A		14,484,995			2,902,395			3,855,050			2,193,371
Class L		106,603,104			12,899,995			1,089,321			(55,309	)
Class Y		52,951,123			20,130,403			12,002,168			3,178,719
Class S		284,323,201			116,791			152,885			71,381
Class N		333,425			9,167			460,679			1
Increase (decrease) in net assets from fund share transactions		458,695,848			36,058,751			17,560,103			5,388,163
Total increase (decrease) in net assets		452,753,036			47,867,969			23,600,445			10,794,620
Net assets:
Beginning of year		130,341,456			82,473,487			43,658,300			32,863,680
End of year	$	583,094,492		$	130,341,456		$	67,258,745		$	43,658,300
Undistributed net investment income (distributions in excess of net investment income) included in net assets at the end of the year	$	9,533		$	1,485,184		$	529,699		$	356,961

243

MassMutual Premier Funds – Financial Statements (Continued)

Statement of Changes in Net Assets

	MassMutual Premier Main Street Fund						MassMutual Premier Capital Appreciation Fund
	Year Ended October 31, 2007			Year Ended October 31, 2006			Year Ended October 31, 2007			Year Ended October 31, 2006
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	4,220,265		$	3,916,419		$	338,768		$	93,474
Net realized gain (loss) on investment transactions		46,094,205			18,372,597			44,893,193			(4,740,629	)
Net change in unrealized appreciation (depreciation) on investments		(384,392	)		29,278,031			171,271,527			81,679,325
Net increase (decrease) in net assets resulting from operations		49,930,078			51,567,047			216,503,488			77,032,170
Distributions to shareholders (Note 2):
From net investment income:
Class A		(111,470	)		(56,482	)		-			-
Class L		(879,584	)		(1,087,995	)		-			(43,459	)
Class Y		(76,162	)		(1,296	)		-			(137,319	)
Class S		(2,858,157	)		(2,985,168	)		-			(1,673,287	)
Class N		(384	)		(593	)		-			-
Total distributions from net investment income		(3,925,757	)		(4,131,534	)		-			(1,854,064	)
From net realized gains:
Class A		(699,997	)		-			-			-
Class L		(4,850,366	)		-			-			-
Class Y		(310,168	)		-			-			-
Class S		(11,544,173	)		-			-			-
Class N		(5,635	)		-			-			-
Total distributions from net realized gains		(17,410,339	)		-			-			-
Tax return of capital:
Class L		-			-			-			(3,868	)
Class Y		-			-			-			(12,221	)
Class S		-			-			-			(148,916	)
Total distributions from tax return of capital		-			-			-			(165,005	)
Net fund share transactions (Note 5):
Class A		5,395,511			7,530,957			(20,537,986	)		(3,250,383	)
Class L		(16,663,450	)		(5,732,519	)		41,137,584			11,614,452
Class Y		51,929			1			1,475,745			19,044,987
Class S		(20,869,120	)		(14,886,752	)		43,051,291			14,893,965
Class N		6			448			337,031			534,111
Increase (decrease) in net assets from fund share transactions		(32,085,124	)		(13,087,865	)		65,463,665			42,837,132
Total increase (decrease) in net assets		(3,491,142	)		34,347,648			281,967,153			117,850,233
Net assets:
Beginning of year		367,810,182			333,462,534			931,549,384			813,699,151
End of year	$	364,319,040		$	367,810,182		$	1,213,516,537		$	931,549,384
Undistributed net investment income (distributions in excess of net investment income) included in net assets at the end of the year	$	3,266,915		$	2,973,530		$	116,479		$	-

The accompanying notes are an integral part of the financial statements.
244

	MassMutual Premier Core Growth Fund
	Year Ended October 31, 2007			Year Ended October 31, 2006
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(86,541	)	$	46,800
Net realized gain (loss) on investment transactions		6,255,304			9,177,424
Net change in unrealized appreciation (depreciation) on investments		10,371,829			(8,877,438	)
Net increase (decrease) in net assets resulting from operations		16,540,592			346,786
Distributions to shareholders (Note 2):
From net investment income:
Class A		-			(985	)
Class L		-			(418	)
Class Y		-			(576	)
Class S		-			(494,400	)
Class N		-			-
Total distributions from net investment income		-			(496,379	)
From net realized gains:
Class A		-			-
Class L		-			-
Class Y		-			-
Class S		-			-
Class N		-			-
Total distributions from net realized gains		-			-
Tax return of capital:
Class L		-			-
Class Y		-			-
Class S		-			-
Total distributions from tax return of capital		-			-
Net fund share transactions (Note 5):
Class A		642,381			233,563
Class L		20,925,527			3,058
Class Y		-			1
Class S		(27,598,543	)		(9,114,129	)
Class N		1,903			1,055
Increase (decrease) in net assets from fund share transactions		(6,028,732	)		(8,876,452	)
Total increase (decrease) in net assets		10,511,860			(9,026,045	)
Net assets:
Beginning of year		76,169,974			85,196,019
End of year	$	86,681,834		$	76,169,974
Undistributed net investment income (distributions in excess of net investment income) included in net assets at the end of the year	$	-		$	-

245

MassMutual Premier Funds – Financial Statements (Continued)

Statement of Changes in Net Assets

	MassMutual Premier Enhanced Index Growth Fund						MassMutual Premier Discovery Value Fund
	Year Ended October 31, 2007			Year Ended October 31, 2006			Year Ended October 31, 2007			Period Ended October 31, 2006*
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	1,150,652		$	253,229		$	21,297		$	118,966
Net realized gain (loss) on investment transactions		12,285,949			2,037,579			2,417,432			1,017,999
Net change in unrealized appreciation (depreciation) on investments		23,295,259			2,970,152			2,399,102			525,145
Net increase (decrease) in net assets resulting from operations		36,731,860			5,260,960			4,837,831			1,662,110
Distributions to shareholders (Note 2):
From net investment income:
Class A		(2,949	)		(4,211	)		(1,121	)		(50	)
Class L		(29,926	)		(306	)		(783	)		(71	)
Class Y		(234,096	)		(144,650	)		(948	)		(84	)
Class S		(55,533	)		(521	)		(108,327	)		(8,901	)
Class N		-			-			(178	)		(16	)
Total distributions from net investment income		(322,504	)		(149,688	)		(111,357	)		(9,122	)
From net realized gains:
Class A		-			-			(15,222	)		-
Class L		-			-			(9,350	)		-
Class Y		-			-			(9,350	)		-
Class S		-			-			(982,413	)		-
Class N		-			-			(9,350	)		-
Total distributions from net realized gains		-			-			(1,025,685	)		-
Net fund share transactions (Note 5):
Class A		2,371,601			1,328,327			17,231,689			141,240
Class L		74,879,168			7,955,746			1,180,211			100,100
Class Y		35,199,319			14,276,591			9,915,442			100,100
Class S		126,167,769			208,982			11,918,668			10,315,972
Class N		-			-			711,590			100,100
Increase (decrease) in net assets from fund share transactions		238,617,857			23,769,646			40,957,600			10,757,512
Total increase (decrease) in net assets		275,027,213			28,880,918			44,658,389			12,410,500
Net assets:
Beginning of year		62,766,929			33,886,011			12,410,500			-
End of year	$	337,794,142		$	62,766,929		$	57,068,889		$	12,410,500
Undistributed net investment income (distributions in excess of net investment income) included in net assets at the end of the year	$	998,115		$	183,574		$	860		$	108,450

* Fund commenced operations on December 1, 2005.

** Fund commenced operations on September 27, 2006.

The accompanying notes are an integral part of the financial statements.
246

	MassMutual Premier Small Capitalization Value Fund						MassMutual Premier Main Street Small Cap Fund
	Year Ended October 31, 2007			Year Ended October 31, 2006			Year Ended October 31, 2007			Period Ended October 31, 2006**
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	87,256		$	(92,703	)	$	743,601		$	2,424
Net realized gain (loss) on investment transactions		23,289,410			10,163,097			1,963,956			39,320
Net change in unrealized appreciation (depreciation) on investments		(18,740,961	)		5,501,025			3,717,862			410,521
Net increase (decrease) in net assets resulting from operations		4,635,705			15,571,419			6,425,419			452,265
Distributions to shareholders (Note 2):
From net investment income:
Class A		-			-			-			-
Class L		-			-			-			-
Class Y		-			-			-			-
Class S		-			-			(32,910	)		-
Class N		-			-			-			-
Total distributions from net investment income		-			-			(32,910	)		-
From net realized gains:
Class A		(333,421	)		(175,973	)		-			-
Class L		(20,368	)		(66,250	)		-			-
Class Y		(169,577	)		(22,814	)		-			-
Class S		(9,516,653	)		(3,404,418	)		(39,511	)		-
Class N		(137,040	)		(3,743	)		-			-
Total distributions from net realized gains		(10,177,059	)		(3,673,198	)		(39,511	)		-
Net fund share transactions (Note 5):
Class A		(42,536	)		748,025			3,213,604			100,000
Class L		(238,586	)		(1,609,146	)		46,898,343			100,000
Class Y		6,335,411			1,213,937			(107,772	)		100,000
Class S		(17,983,747	)		1,823,084			55,269,814			9,600,000
Class N		99,871			1,273,080			(75,468	)		100,000
Increase (decrease) in net assets from fund share transactions		(11,829,587	)		3,448,980			105,198,521			10,000,000
Total increase (decrease) in net assets		(17,370,941	)		15,347,201			111,551,519		$	10,452,265
Net assets:
Beginning of year		121,546,653			106,199,452			10,452,265			-
End of year	$	104,175,712		$	121,546,653		$	122,003,784		$	10,452,265
Undistributed net investment income (distributions in excess of net investment income) included in net assets at the end of the year	$	87,256		$	13,100		$	683,413		$	2,298

247

MassMutual Premier Funds – Financial Statements (Continued)

Statement of Changes in Net Assets

	MassMutual Premier Small Company Opportunities Fund						MassMutual Premier Global Fund
	Year Ended October 31, 2007			Year Ended October 31, 2006			Year Ended October 31, 2007			Year Ended October 31, 2006
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	3,089,936		$	66,245		$	5,789,486		$	7,912,617
Net realized gain (loss) on investment transactions		67,293,639			174,815,355			44,749,419			18,726,985
Net change in unrealized appreciation (depreciation) on investments		(20,463,554	)		(96,943,957	)		84,775,823			92,477,429
Net increase (decrease) in net assets resulting from operations		49,920,021			77,937,643			135,314,728			119,117,031
Distributions to shareholders (Note 2):
From net investment income:
Class A		-			-			(347,584	)		(94,992	)
Class L		-			-			(3,197,416	)		(1,713,963	)
Class Y		-			-			(177,787	)		(29,266	)
Class S		-			-			(5,593,026	)		(3,170,093	)
Class N		-			-			(5,510	)		(451	)
Total distributions from net investment income		-			-			(9,321,323	)		(5,008,765	)
From net realized gains:
Class A		(68,646,538	)		(31,055,958	)		(901,262	)		-
Class L		(21,822,478	)		(7,501,295	)		(7,455,289	)		-
Class Y		(2,198,973	)		(1,080,685	)		(341,094	)		-
Class S		(84,089,474	)		(30,147,036	)		(10,882,665	)		-
Class N		(47,414	)		(11,953	)		(16,042	)		-
Total distributions from net realized gains		(176,804,877	)		(69,796,927	)		(19,596,352	)		-
Net fund share transactions (Note 5):
Class A		(23,554,444	)		(177,816,763	)		12,198,624			22,474,285
Class L		(47,164,841	)		(15,438,931	)		(28,643,261	)		1,386,081
Class Y		1,867,756			(8,054,825	)		4,809,599			1,010,733
Class S		(50,671,648	)		(44,339,618	)		(71,359,729	)		(2,484,689	)
Class N		268			28			185,045			216,844
Increase (decrease) in net assets from fund share transactions		(119,522,909	)		(245,650,109	)		(82,809,722	)		22,603,254
Total increase (decrease) in net assets		(246,407,765	)		(237,509,393	)		23,587,331			136,711,520
Net assets:
Beginning of year		645,925,914			883,435,307			764,312,240			627,600,720
End of year	$	399,518,149		$	645,925,914		$	787,899,571		$	764,312,240
Undistributed net investment income (distributions in excess of net investment income) included in net assets at the end of the year	$	2,848,936		$	(12,159	)	$	2,848,936		$	6,275,603

* Fund commenced operations on December 1, 2005.

The accompanying notes are an integral part of the financial statements.
248

	MassMutual Premier International Equity Fund						MassMutual Premier Focused International Fund
	Year Ended October 31, 2007			Year Ended October 31, 2006			Year Ended October 31, 2007			Period Ended October 31, 2006*
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	17,268,975		$	9,384,488		$	377,247		$	66,691
Net realized gain (loss) on investment transactions		163,776,075			97,124,363			1,870,121			123,969
Net change in unrealized appreciation (depreciation) on investments		170,486,554			131,183,221			15,020,879			1,398,793
Net increase (decrease) in net assets resulting from operations		351,531,604			237,692,072			17,268,247			1,589,453
Distributions to shareholders (Note 2):
From net investment income:
Class A		(826,498	)		(453,512	)		(205	)		-
Class L		(886,145	)		(2,314,307	)		(10,262	)		-
Class Y		(915,987	)		(661,608	)		(256	)		-
Class S		(11,279,127	)		(7,164,613	)		(8,684	)		-
Class N		(1,564	)		(957	)		-			-
Total distributions from net investment income		(13,909,321	)		(10,594,997	)		(19,407	)		-
From net realized gains:
Class A		-			-			(41,915	)		-
Class L		-			-			(74,788	)		-
Class Y		-			-			(1,836	)		-
Class S		-			-			(56,563	)		-
Class N		-			-			(1,241	)		-
Total distributions from net realized gains		-			-			(176,343	)		-
Net fund share transactions (Note 5):
Class A		(8,418,890	)		14,713,208			26,491,674			3,552,052
Class L		(36,073,960	)		(146,851,689	)		3,545,273			9,508,524
Class Y		(12,275,504	)		(443,224	)		409,631			150,364
Class S		(30,696,207	)		42,411,250			14,244,163			4,882,392
Class N		17			(350	)		524,212			123,442
Increase (decrease) in net assets from fund share transactions		(87,464,544	)		(90,170,805	)		45,214,953			18,216,774
Total increase (decrease) in net assets		250,157,739			136,926,270			62,287,450			19,806,227
Net assets:
Beginning of year		1,083,857,980			946,931,710			19,806,227			0
End of year	$	1,334,015,719		$	1,083,857,980		$	82,093,677		$	19,806,227
Undistributed net investment income (distributions in excess of net investment income) included in net assets at the end of the year	$	6,273,413		$	1,740,712		$	92,676		$	14,329

249

MassMutual Premier Money Market Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05			Period ended 10/31/04©©			Year ended 12/31/03			Year ended 12/31/02†
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income (loss) from investment operations:
Net investment income (loss)		0.04	***		0.04	***		0.02	***		0.00	***††		0.00	***††		0.01	***
Net realized and unrealized gain (loss) on investments		-			-			-			0.00	††		0.00	††		0.00	††
Total income from investment operations		0.04			0.04			0.02			0.00			0.00			0.01
Less distributions to shareholders:
From net investment income		(0.04	)		(0.04	)		(0.02	)		(0.00	)††		(0.00	)††		(0.01	)
From net realized gains		-			-			-			(0.00	)††		(0.00	)††		-
Total distributions		(0.04	)		(0.04	)		(0.02	)		-			(0.00	)		(0.01	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return(a)		4.59	%		4.09	%		2.09	%		0.28	% **		0.20	%		0.92	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	281,270		$	187,991		$	90,342		$	82,439		$	78,968		$	90,331
Ratio of expenses to average daily net assets:
Before expense waiver		0.96	%		0.98	%		0.95	%		0.98	% *		0.95	%		0.95	%
After expense waiver		0.77	% #		0.77	% #		0.77	% #		0.86	% *#		0.94	% #		N/A
Net investment income (loss) to average daily net assets		4.50	%		4.11	%		2.07	%		0.34	% *		0.21	%		0.92	%
	Class L
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05			Period ended 10/31/04©©			Year ended 12/31/03			Year ended 12/31/02†
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income (loss) from investment operations:
Net investment income (loss)		0.05	***		0.04	***		0.02	***		0.00	***††		0.00	***††		0.01	***
Net realized and unrealized gain (loss) on investments		-			-			-			0.00	††		0.00	††		0.00	††
Total income from investment operations		0.05			0.04			0.02			0.00			0.00			0.01
Less distributions to shareholders:
From net investment income		(0.05	)		(0.04	)		(0.02	)		(0.00	)††		(0.00	)††		(0.01	)
From net realized gains		-			-			-			(0.00	)††		(0.00	)††		-
Total distributions		(0.05	)		(0.04	)		(0.02	)		-			(0.00	)		(0.01	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return(a)		4.84	%		4.35	%		2.34	%		0.47	% **		0.44	%		1.19	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	84,967		$	81,374		$	63,462		$	61,345		$	55,400		$	66,906
Ratio of expenses to average daily net assets:
Before expense waiver		0.71	%		0.73	%		0.70	%		0.74	% *		0.70	%		0.70	%
After expense waiver		0.52	% #		0.52	% #		0.52	% #		0.63	% *#		N/A			N/A
Net investment income (loss) to average daily net assets		4.74	%		4.32	%		2.32	%		0.56	% *		0.44	%		1.17	%

* Annualized.

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

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

† Amounts have been restated to reflect stock splits.

†† Amount is less than $0.01 per share.

©© For the period from January 1, 2004 through October 31, 2004.

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

(a) Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

The accompanying notes are an integral part of the financial statements.
250

MassMutual Premier Money Market Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05			Period ended 10/31/04©©			Year ended 12/31/03			Year ended 12/31/02†
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income (loss) from investment operations:
Net investment income (loss)		0.05	***		0.04	***		0.02	***		0.01	***		0.01	***		0.01	***
Net realized and unrealized gain (loss) on investments		-			-			-			0.00	††		0.00	††		0.01
Total income from investment operations		0.05			0.04			0.02			0.01			0.01			0.02
Less distributions to shareholders:
From net investment income		(0.05	)		(0.04	)		(0.02	)		(0.01	)		(0.01	)		(0.02	)
From net realized gains		-			-			-			(0.00	)††		(0.00	)††		-
Total distributions		(0.05	)		(0.04	)		(0.02	)		(0.01	)		(0.01	)		(0.02	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return(a)		4.81	%		4.32	%		2.31	%		0.51	% **		0.59	%		1.33	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	213,690		$	111,314		$	76,384		$	123,384		$	90,362		$	107,089
Ratio of expenses to average daily net assets:
Before expense waiver		0.56	%		0.58	%		0.55	%		0.59	% *		0.55	%		0.55	%
After expense waiver		0.55	% #		0.55	% #		0.55	% #		N/A			N/A			N/A
Net investment income (loss) to average daily net assets		4.71	%		4.31	%		2.20	%		0.64	% *		0.59	%		1.31	%
	Class S
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05			Period ended 10/31/04©©			Year ended 12/31/03			Year ended 12/31/02†
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income (loss) from investment operations:
Net investment income (loss)		0.05	***		0.04	***		0.02	***		0.01	***		0.01	***		0.01	***
Net realized and unrealized gain (loss) on investments		-			-			-			0.00	††		0.00	††		0.01
Total income from investment operations		0.05			0.04			0.02			0.01			0.01			0.02
Less distributions to shareholders:
From net investment income		(0.05	)		(0.04	)		(0.02	)		(0.01	)		(0.01	)		(0.02	)
From net realized gains		-			-			-			(0.00	)††		(0.00	)††		-
Total distributions		(0.05	)		(0.04	)		(0.02	)		(0.01	)		(0.01	)		(0.02	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return(a)		4.92	%		4.42	%		2.42	%		0.59	% **		0.69	%		1.42	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	258,751		$	249,221		$	214,152		$	255,835		$	269,275		$	332,076
Ratio of expenses to average daily net assets:
Before expense waiver		0.46	%		0.48	%		0.45	%		0.48	% *		0.45	%		0.45	%
After expense waiver		0.45	% #		0.45	% #		0.45	% #		N/A			N/A			N/A
Net investment income (loss) to average daily net assets		4.81	%		4.36	%		2.36	%		0.70	% *		0.70	%		1.43	%

* Annualized.

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

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

† Amounts have been restated to reflect stock splits.

†† Amount is less than $0.01 per share.

©© For the period from January 1, 2004 through October 31, 2004.

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

The accompanying notes are an integral part of the financial statements.
251

MassMutual Premier Short-Duration Bond Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05			Period ended 10/31/04©			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	10.23		$	10.21		$	10.52		$	10.27		$	10.34		$	10.03
Income (loss) from investment operations:
Net investment income (loss)		0.44	***		0.39	***		0.32	***		0.27	***		0.34	***		0.40	***
Net realized and unrealized gain (loss) on investments		0.11			0.01			(0.23	)		(0.02	)		(0.01	)		0.32
Total income from investment operations		0.55			0.40			0.09			0.25			0.33			0.72
Less distributions to shareholders:
From net investment income		(0.43	)		(0.38	)		(0.37	)		-			(0.40	)		(0.41	)
From net realized gains		-			-			(0.03	)		-			-			-
Total distributions		(0.43	)		(0.38	)		(0.40	)		-			(0.40	)		(0.41	)
Net asset value, end of period	$	10.35		$	10.23		$	10.21		$	10.52		$	10.27		$	10.34
Total Return(a)		5.55	% (b)		4.09	% (b)		0.88	% (b)		2.43	% (b)**		3.22	%		7.19	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	64,506		$	73,351		$	64,617		$	59,552		$	43,144		$	21,199
Ratio of expenses to average daily net assets:
Before expense waiver		1.00	%		1.00	%		0.99	%		0.99	% *		0.99	%		0.99	%
After expense waiver		0.92	% #		0.92	% #		0.92	% #		0.95	% *#		N/A			N/A
Net investment income (loss) to average daily net assets		4.37	%		3.91	%		3.17	%		3.14	% *		3.20	%		3.88	%
Portfolio turnover rate		332	%		156	%		114	%		78	% **		41	%		19	%
	Class L
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05			Period ended 10/31/04©			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	10.26		$	10.23		$	10.53		$	10.27		$	10.32		$	10.01
Income (loss) from investment operations:
Net investment income (loss)		0.47	***		0.42	***		0.35	***		0.29	***		0.36	***		0.43	***
Net realized and unrealized gain (loss) on investments		0.10			0.02			(0.23	)		(0.03	)		0.01			0.32
Total income from investment operations		0.57			0.44			0.12			0.26			0.37			0.75
Less distributions to shareholders:
From net investment income		(0.45	)		(0.41	)		(0.39	)		-			(0.42	)		(0.44	)
From net realized gains		-			-			(0.03	)		-			-			-
Total distributions		(0.45	)		(0.41	)		(0.42	)		-			(0.42	)		(0.44	)
Net asset value, end of period	$	10.38		$	10.26		$	10.23		$	10.53		$	10.27		$	10.32
Total Return(a)		5.74	%		4.41	%		1.20	%		2.53	% **		3.55	%		7.47	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	173,954		$	174,021		$	196,942		$	196,397		$	183,757		$	139,555
Ratio of expenses to average daily net assets:
Before expense waiver		0.75	%		0.75	%		0.74	%		0.74	% *		0.74	%		0.74	%
After expense waiver		0.67	% #		0.67	% #		0.67	% #		0.70	% *#		N/A			N/A
Net investment income (loss) to average daily net assets		4.60	%		4.14	%		3.44	%		3.35	% *		3.46	%		4.13	%
Portfolio turnover rate		332	%		156	%		114	%		78	% **		41	%		19	%

* Annualized.

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

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

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

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

The accompanying notes are an integral part of the financial statements.
252

MassMutual Premier Short-Duration Bond Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05			Period ended 10/31/04©			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	10.30		$	10.27		$	10.58		$	10.30		$	10.37		$	10.05
Income (loss) from investment operations:
Net investment income (loss)		0.48	***		0.43	***		0.36	***		0.30	***		0.38	***		0.44	***
Net realized and unrealized gain (loss) on investments		0.10			0.02			(0.24	)		(0.02	)		(0.02	)		0.34
Total income from investment operations		0.58			0.45			0.12			0.28			0.36			0.78
Less distributions to shareholders:
From net investment income		(0.46	)		(0.42	)		(0.40	)		-			(0.43	)		(0.46	)
From net realized gains		-			-			(0.03	)		-			-			-
Total distributions		(0.46	)		(0.42	)		(0.43	)		-			(0.43	)		(0.46	)
Net asset value, end of period	$	10.42		$	10.30		$	10.27		$	10.58		$	10.30		$	10.37
Total Return(a)		5.86	%		4.48	%		1.17	%		2.72	% **		3.50	%		7.73	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	55,094		$	80,419		$	68,287		$	49,563		$	55,458		$	42,750
Ratio of expenses to average daily net assets:
Before expense waiver		0.60	%		0.60	%		0.59	%		0.59	% *		0.59	%		0.59	%
After expense waiver		0.59	% #		0.59	% #		0.59	% #		N/A			N/A			N/A
Net investment income (loss) to average daily net assets		4.77	%		4.24	%		3.48	%		3.45	% *		3.60	%		4.24	%
Portfolio turnover rate		332	%		156	%		114	%		78	% **		41	%		19	%
	Class S
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05			Period ended 10/31/04©			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	10.37		$	10.34		$	10.64		$	10.36		$	10.41		$	10.08
Income (loss) from investment operations:
Net investment income (loss)		0.49	***		0.44	***		0.37	***		0.30	***		0.39	***		0.45	***
Net realized and unrealized gain (loss) on investments		0.10			0.01			(0.24	)		(0.02	)		(0.01	)		0.33
Total income from investment operations		0.59			0.45			0.13			0.28			0.38			0.78
Less distributions to shareholders:
From net investment income		(0.47	)		(0.42	)		(0.40	)		-			(0.43	)		(0.45	)
From net realized gains		-			-			(0.03	)		-			-			-
Total distributions		(0.47	)		(0.42	)		(0.43	)		-			(0.43	)		(0.45	)
Net asset value, end of period	$	10.49		$	10.37		$	10.34		$	10.64		$	10.36		$	10.41
Total Return(a)		5.88	%		4.51	%		1.33	%		2.70	% **		3.68	%		7.75	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	196,525		$	184,830		$	157,275		$	128,695		$	127,246		$	146,276
Ratio of expenses to average daily net assets:
Before expense waiver		0.55	%		0.55	%		0.54	%		0.54	% *		0.54	%		0.54	%
After expense waiver		0.54	% #		0.54	% #		0.54	% #		N/A			N/A			N/A
Net investment income (loss) to average daily net assets		4.75	%		4.29	%		3.54	%		3.48	% *		3.67	%		4.38	%
Portfolio turnover rate		332	%		156	%		114	%		78	% **		41	%		19	%

* Annualized.

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

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

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

The accompanying notes are an integral part of the financial statements.
253

MassMutual Premier Short-Duration Bond Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05			Period ended 10/31/04©			Year ended 12/31/03			Period ended 12/31/02©©
Net asset value, beginning of period	$	10.20		$	10.16		$	10.47		$	10.25		$	10.30		$	10.31
Income (loss) from investment operations:
Net investment income (loss)		0.39	***		0.36	***		0.24	***		0.25	***		0.31	***		(0.00	)***†
Net realized and unrealized gain (loss) on investments		0.12			0.03			(0.19	)		(0.03	)		(0.00	)†		(0.01	)
Total income (loss) from investment operations		0.51			0.39			0.05			0.22			0.31			(0.01	)
Less distributions to shareholders:
From net investment income		(0.40	)		(0.35	)		(0.33	)		-			(0.36	)		-
Tax return of capital		-			-			(0.03	)		-			-			-
Total distributions		(0.40	)		(0.35	)		(0.36	)		-			(0.36	)		-
Net asset value, end of period	$	10.31		$	10.20		$	10.16		$	10.47		$	10.25		$	10.30
Total Return(a)		5.25	% (b)		3.74	% (b)		0.62	% (b)		2.15	% **(b)		2.98	% (b)		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	4,006		$	103		$	103		$	106		$	104		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		1.30	%		1.30	%		1.29	%		1.29	% *		1.29	%		-	‡
After expense waiver		1.22	% #		1.22	% #		1.22	% #		1.25	% *#		N/A			N/A
Net investment income (loss) to average daily net assets		3.80	%		3.61	%		2.39	%		2.92	% *		2.92	%		-	‡
Portfolio turnover rate		332	%		156	%		114	%		78	% **		41	%		19	%

* Annualized.

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

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

† Amount is less than $0.01 per share.

©© Class N commenced operations on December 31, 2002.

‡ Amount is de minimis due to the short period of operations.

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

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

The accompanying notes are an integral part of the financial statements.
254

MassMutual Premier Inflation-Protected Bond Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05			Period ended 10/31/04††			Period ended 12/31/03©
Net asset value, beginning of period	$	10.19		$	10.51		$	10.60		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.25	***		0.45	***		0.69	***		0.36	***		-
Net realized and unrealized gain (loss) on investments		0.28			(0.24	)		(0.48	)		0.24			-
Total income from investment operations		0.53			0.21			0.21			0.60			0.00
Less distributions to shareholders:
From net investment income		(0.33	)		(0.52	)		(0.29	)		-			-
From net realized gains		-			(0.01	)		(0.01	)		-			-
Total distributions		(0.33	)		(0.53	)		(0.30	)		-			-
Net asset value, end of period	$	10.39		$	10.19		$	10.51		$	10.60		$	10.00
Total Return(a)		5.44	% (b)		2.07	% (b)		1.95	% (b)		6.00	%**(b)		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	29,868		$	20,591		$	15,983		$	4,447		$	1
Ratio of expenses to average daily net assets:
Before expense waiver		1.04	%		1.04	%		1.04	%		1.11	%*		-	‡
After expense waiver		1.00	% #		N/A			N/A			1.08	%*#		N/A
Net investment income (loss) to average daily net assets		2.52	%		4.50	%		6.52	%		4.11	%*		-	‡
Portfolio turnover rate		17	%		4	%		7	%		4	%**		-	‡
	Class L
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05			Period ended 10/31/04 ††			Period ended 12/31/03©
Net asset value, beginning of period	$	10.28		$	10.59		$	10.66		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.45	***		0.46	***		0.46	***		0.33	***		-
Net realized and unrealized gain (loss) on investments		0.11			(0.23	)		(0.23	)		0.33			-
Total income from investment operations		0.56			0.23			0.23			0.66			0.00
Less distributions to shareholders:
From net investment income		(0.35	)		(0.53	)		(0.29	)		-			-
From net realized gains		-			(0.01	)		(0.01	)		-			-
Total distributions		(0.35	)		(0.54	)		(0.30	)		-			-
Net asset value, end of period	$	10.49		$	10.28		$	10.59		$	10.66		$	10.00
Total Return(a)		5.68	%		2.29	%		2.22	%		6.60	%**		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	63,394		$	5,232		$	4,977		$	2,095		$	1
Ratio of expenses to average daily net assets:
Before expense waiver		0.79	%		0.79	%		0.79	%		0.86	%*		-	‡
After expense waiver		N/A			N/A			N/A			0.83	%*#		N/A
Net investment income (loss) to average daily net assets		4.50	%		4.52	%		4.32	%		3.82	%*		-	‡
Portfolio turnover rate		17	%		4	%		7	%		4	%**		-	‡

* Annualized.

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

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

†† For the period from January 1, 2004 through October 31, 2004.

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

‡ Amount is de minimis due to the short period of operations.

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

The accompanying notes are an integral part of the financial statements.
255

MassMutual Premier Inflation-Protected Bond Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05			Period ended 10/31/04††			Period ended 12/31/03©
Net asset value, beginning of period	$	10.31		$	10.61		$	10.67		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.30	***		0.49	***		0.56	***		0.34	***		-
Net realized and unrealized gain (loss) on investments		0.28			(0.23	)		(0.31	)		0.33			-
Total income from investment operations		0.58			0.26			0.25			0.67			0.00
Less distributions to shareholders:
From net investment income		(0.37	)		(0.55	)		(0.30	)		-			-
From net realized gains		-			(0.01	)		(0.01	)		-			-
Total distributions		(0.37	)		(0.56	)		(0.31	)		-			-
Net asset value, end of period	$	10.52		$	10.31		$	10.61		$	10.67		$	10.00
Total Return(a)		5.85	%		2.53	%		2.32	%		6.70	%**		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	71,072		$	85,267		$	79,985		$	66,938		$	1
Ratio of expenses to average daily net assets:
Before expense waiver		0.64	%		0.64	%		0.64	%		0.71	%*		-	‡
After expense waiver		N/A			N/A			N/A			0.68	%*#		N/A
Net investment income (loss) to average daily net assets		3.01	%		4.81	%		5.27	%		3.92	%*		-	‡
Portfolio turnover rate		17	%		4	%		7	%		4	%**		-	‡
	Class S
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05			Period ended 10/31/04††			Period ended 12/31/03©
Net asset value, beginning of period	$	10.33		$	10.63		$	10.68		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.32	***		0.50	***		0.56	***		0.34	***		-
Net realized and unrealized gain (loss) on investments		0.26			(0.23	)		(0.30	)		0.34			-
Total income from investment operations		0.58			0.27			0.26			0.68			0.00
Less distributions to shareholders:
From net investment income		(0.38	)		(0.56	)		(0.30	)		-			-
From net realized gains		-			(0.01	)		(0.01	)		-			-
Total distributions		(0.38	)		(0.57	)		(0.31	)		-			-
Net asset value, end of period	$	10.53		$	10.33		$	10.63		$	10.68		$	10.00
Total Return(a)		5.86	%		2.63	%		2.49	%		6.80	%**		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	196,517		$	197,648		$	141,438		$	84,021		$	10,521
Ratio of expenses to average daily net assets:
Before expense waiver		0.54	%		0.54	%		0.54	%		0.61	%*		-	‡
After expense waiver		N/A			N/A			N/A			0.58	%*#		N/A
Net investment income (loss) to average daily net assets		3.18	%		4.95	%		5.24	%		3.90	%*		-	‡
Portfolio turnover rate		17	%		4	%		7	%		4	%**		-	‡

* Annualized.

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

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

†† For the period from January 1, 2004 through October 31, 2004.

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

‡ Amount is de minimis due to the short period of operations.

The accompanying notes are an integral part of the financial statements.
256

MassMutual Premier Inflation-Protected Bond Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05			Period ended 10/31/04††			Period ended 12/31/03©
Net asset value, beginning of period	$	10.25		$	10.55		$	10.61		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.22	***		0.41	***		0.48	***		0.22	***		-
Net realized and unrealized gain (loss) on investments		0.29			(0.23	)		(0.31	)		0.39			-
Total income from investment operations		0.51			0.18			0.17			0.61			0.00
Less distributions to shareholders:
From net investment income		(0.32	)		(0.47	)		(0.22	)		-			-
From net realized gains		-			(0.01	)		(0.01	)		-			-
Total distributions		(0.32	)		(0.48	)		(0.23	)		-			-
Net asset value, end of period	$	10.44		$	10.25		$	10.55		$	10.61		$	10.00
Total Return(a)		5.17	% (b)		1.77	% (b)		1.60	% (b)		6.10	%**(b)		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	234		$	212		$	113		$	107		$	1
Ratio of expenses to average daily net assets:
Before expense waiver		1.34	%		1.35	%		1.34	%		1.41	%*		-	‡
After expense waiver		1.30	% #		N/A			N/A			1.38	%*#		N/A
Net investment income (loss) to average daily net assets		2.24	%		4.00	%		4.49	%		2.62	%*		-	‡
Portfolio turnover rate		17	%		4	%		7	%		4	%**		-	‡

* Annualized.

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

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

†† For the period from January 1, 2004 through October 31, 2004.

‡ Amount is de minimis due to the short period of operations.

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

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

The accompanying notes are an integral part of the financial statements.
257

MassMutual Premier Core Bond Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05			Period ended 10/31/04©			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	10.87		$	10.88		$	10.88		$	10.93		$	11.18		$	10.76
Income (loss) from investment operations:
Net investment income (loss)		0.47	***		0.44	***		0.39	***		0.31	***		0.36	***		0.48	***
Net realized and unrealized gain (loss) on investments		0.08			0.02			(0.32	)		0.10			0.17			0.42
Total income from investment operations		0.55			0.46			0.07			0.41			0.53			0.90
Less distributions to shareholders:
From net investment income		(0.45	)		(0.47	)		(0.07	)		(0.36	)		(0.63	)		(0.45	)
From net realized gains		-			-			-			(0.10	)		(0.15	)		(0.03	)
Total distributions		(0.45	)		(0.47	)		(0.07	)		(0.46	)		(0.78	)		(0.48	)
Net asset value, end of period	$	10.97		$	10.87		$	10.88		$	10.88		$	10.93		$	11.18
Total Return(a)		5.23	% (b)		4.31	% (b)		0.64	% (b)		3.74	% **(b)		4.78	%		8.28	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	183,196		$	217,383		$	239,708		$	227,160		$	204,591		$	156,727
Ratio of expenses to average daily net assets:
Before expense waiver		1.04	%		1.04	%		1.03	%		1.05	% *		1.04	%		1.04	%
After expense waiver		0.96	% #		0.96	% #		0.95	% #		1.00	% *#		N/A			N/A
Net investment income (loss) to average daily net assets		4.39	%		4.13	%		3.62	%		3.40	% *		3.17	%		4.34	%
Portfolio turnover rate		394	%		197	%		219	%		178	% **		146	%		187	%
	Class L
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05			Period ended 10/31/04©			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	10.94		$	10.95		$	10.94		$	10.98		$	11.22		$	10.79
Income (loss) from investment operations:
Net investment income (loss)		0.50	***		0.47	***		0.42	***		0.33	***		0.39	***		0.52	***
Net realized and unrealized gain (loss) on investments		0.08			0.01			(0.33	)		0.11			0.18			0.40
Total income from investment operations		0.58			0.48			0.09			0.44			0.57			0.92
Less distributions to shareholders:
From net investment income		(0.48	)		(0.49	)		(0.08	)		(0.38	)		(0.66	)		(0.46	)
From net realized gains		-			-			-			(0.10	)		(0.15	)		(0.03	)
Total distributions		(0.48	)		(0.49	)		(0.08	)		(0.48	)		(0.81	)		(0.49	)
Net asset value, end of period	$	11.04		$	10.94		$	10.95		$	10.94		$	10.98		$	11.22
Total Return(a)		5.49	%		4.55	%		0.79	%		4.02	% **		5.09	%		8.49	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	368,954		$	425,017		$	385,684		$	405,695		$	348,158		$	289,553
Ratio of expenses to average daily net assets:
Before expense waiver		0.79	%		0.79	%		0.79	%		0.80	% *		0.79	%		0.79	%
After expense waiver		0.71	% #		0.71	% #		0.71	% #		0.75	% *#		N/A			N/A
Net investment income (loss) to average daily net assets		4.64	%		4.37	%		3.86	%		3.62	% *		3.42	%		4.62	%
Portfolio turnover rate		394	%		197	%		219	%		178	% **		146	%		187	%

* Annualized.

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

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

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

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

The accompanying notes are an integral part of the financial statements.
258

MassMutual Premier Core Bond Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05			Period ended 10/31/04©			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	10.98		$	10.99		$	10.97		$	11.01		$	11.25		$	10.82
Income (loss) from investment operations:
Net investment income (loss)		0.51	***		0.48	***		0.43	***		0.34	***		0.41	***		0.54	***
Net realized and unrealized gain (loss) on investments		0.08			0.01			(0.33	)		0.11			0.17			0.40
Total income from investment operations		0.59			0.49			0.10			0.45			0.58			0.94
Less distributions to shareholders:
From net investment income		(0.49	)		(0.50	)		(0.08	)		(0.39	)		(0.67	)		(0.48	)
From net realized gains		-			-			-			(0.10	)		(0.15	)		(0.03	)
Total distributions		(0.49	)		(0.50	)		(0.08	)		(0.49	)		(0.82	)		(0.51	)
Net asset value, end of period	$	11.08		$	10.98		$	10.99		$	10.97		$	11.01		$	11.25
Total Return(a)		5.56	%		4.60	%		0.90	%		4.11	% **		5.23	%		8.61	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	202,008		$	212,477		$	214,159		$	200,216		$	153,913		$	172,997
Ratio of expenses to average daily net assets:
Before expense waiver		0.64	%		0.64	%		0.64	%		0.65	% *		0.64	%		0.64	%
After expense waiver		0.64	% #		0.64	% #		0.64	% #		N/A			N/A			N/A
Net investment income (loss) to average daily net assets		4.71	%		4.44	%		3.93	%		3.71	% *		3.58	%		4.79	%
Portfolio turnover rate		394	%		197	%		219	%		178	% **		146	%		187	%
	Class S
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05			Period ended 10/31/04©			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	11.04		$	11.04		$	11.02		$	11.06		$	11.29		$	10.85
Income (loss) from investment operations:
Net investment income (loss)		0.52	***		0.48	***		0.44	***		0.35	***		0.42	***		0.54	***
Net realized and unrealized gain (loss) on investments		0.07			0.03			(0.34	)		0.10			0.18			0.41
Total income from investment operations		0.59			0.51			0.10			0.45			0.60			0.95
Less distributions to shareholders:
From net investment income		(0.49	)		(0.51	)		(0.08	)		(0.39	)		(0.68	)		(0.48	)
From net realized gains		-			-			-			(0.10	)		(0.15	)		(0.03	)
Total distributions		(0.49	)		(0.51	)		(0.08	)		(0.49	)		(0.83	)		(0.51	)
Net asset value, end of period	$	11.14		$	11.04		$	11.04		$	11.02		$	11.06		$	11.29
Total Return(a)		5.57	%		4.64	%		1.00	%		4.11	% **		5.32	%		8.71	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	779,239		$	861,000		$	828,275		$	780,442		$	814,837		$	1,252,515
Ratio of expenses to average daily net assets:
Before expense waiver		0.59	%		0.59	%		0.59	%		0.60	% *		0.59	%		0.59	%
After expense waiver		0.59	% #		0.59	% #		0.59	% #		N/A			N/A			N/A
Net investment income (loss) to average daily net assets		4.77	%		4.49	%		3.98	%		3.75	% *		3.62	%		4.83	%
Portfolio turnover rate		394	%		197	%		219	%		178	% **		146	%		187	%

* Annualized.

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

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

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

The accompanying notes are an integral part of the financial statements.
259

MassMutual Premier Core Bond Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05			Period ended 10/31/04©©			Year ended 12/31/03			Period ended 12/31/02©
Net asset value, beginning of period	$	10.73		$	10.76		$	10.79		$	10.84		$	11.15		$	11.16
Income (loss) from investment operations:
Net investment income (loss)		0.42	***		0.40	***		0.36	***		0.29	***		0.34	***		(0.00	)***†
Net realized and unrealized gain (loss) on investments		0.09			0.00	†		(0.33	)		0.08			0.16			(0.01	)
Total income (loss) from investment operations		0.51			0.40			0.03			0.37			0.50			(0.01	)
Less distributions to shareholders:
From net investment income		(0.32	)		(0.43	)		(0.06	)		(0.32	)		(0.66	)		-
From net realized gains		-			-			-			(0.10	)		(0.15	)		-
Total distributions		(0.32	)		(0.43	)		(0.06	)		(0.42	)		(0.81	)		-
Net asset value, end of period	$	10.92		$	10.73		$	10.76		$	10.79		$	10.84		$	11.15
Total Return(a)		4.91	% (b)		3.86	% (b)		0.30	% (b)		3.45	% **(b)		4.51	% (b)		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	4,244		$	377		$	1,367		$	1,107		$	1,215		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		1.36	%		1.36	%		1.36	%		1.34	% *		1.36	%		-	‡
After expense waiver		1.28	% #		1.28	% #		1.28	% #		1.30	% *#		N/A			N/A
Net investment income (loss) to average daily net assets		3.89	%		3.77	%		3.30	%		3.13	% *		2.94	%		-	‡
Portfolio turnover rate		394	%		197	%		219	%		178	% **		146	%		187	%

* Annualized

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

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

† Amount is less than $0.01 per share.

©© For the period January 1, 2004 through October 31, 2004.

‡ Amount is de minimis due to the short period of operations.

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

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

The accompanying notes are an integral part of the financial statements.
260

MassMutual Premier Diversified Bond Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05			Period ended 10/31/04©			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	10.85		$	10.75		$	11.07		$	10.63		$	10.04		$	9.69
Income (loss) from investment operations:
Net investment income (loss)		0.48	***		0.44	***		0.39	***		0.33	***		0.44	***		0.46	***
Net realized and unrealized gain (loss) on investments		0.09			0.05			(0.30	)		0.11			0.36			0.29
Total income from investment operations		0.57			0.49			0.09			0.44			0.80			0.75
Less distributions to shareholders:
From net investment income		(0.45	)		(0.39	)		(0.36	)		-			(0.18	)		(0.40	)
From net realized gains		-			-			(0.05	)		-			(0.03	)		-
Total distributions		(0.45	)		(0.39	)		(0.41	)		-			(0.21	)		(0.40	)
Net asset value, end of period	$	10.97		$	10.85		$	10.75		$	11.07		$	10.63		$	10.04
Total Return(a)		5.40	% (b)		4.72	% (b)		0.83	% (b)		4.14	%**(b)		7.95	%		7.78	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	44,028		$	33,904		$	38,218		$	26,001		$	12,221		$	18,401
Ratio of expenses to average daily net assets:
Before expense waiver		1.16	%		1.15	%		1.15	%		1.11	%*		1.14	%		1.16	%
After expense waiver		0.99	% #		0.99	% #		0.99	% #		1.01	%*#		N/A			1.15	% #
Net investment income (loss) to average daily net assets		4.52	%		4.13	%		3.61	%		3.70	%*		4.17	%		4.61	%
Portfolio turnover rate		427	%		208	%		137	%		84	%**		105	%		76	%
	Class L
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05			Period ended 10/31/04©			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	10.80		$	10.71		$	11.02		$	10.56		$	10.10		$	9.66
Income (loss) from investment operations:
Net investment income (loss)		0.50	***		0.48	***		0.41	***		0.35	***		0.43	***		0.51	***
Net realized and unrealized gain (loss) on investments		0.08			0.03			(0.29	)		0.11			0.35			0.33
Total income from investment operations		0.58			0.51			0.12			0.46			0.78			0.84
Less distributions to shareholders:
From net investment income		(0.47	)		(0.42	)		(0.38	)		-			(0.29	)		(0.40	)
From net realized gains		-			-			(0.05	)		-			(0.03	)		-
Total distributions		(0.47	)		(0.42	)		(0.43	)		-			(0.32	)		(0.40	)
Net asset value, end of period	$	10.91		$	10.80		$	10.71		$	11.02		$	10.56		$	10.10
Total Return(a)		5.60	%		4.91	%		1.13	%		4.36	%**		8.36	%		8.09	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	191,936		$	237,088		$	138,848		$	117,093		$	64,281		$	632
Ratio of expenses to average daily net assets:
Before expense waiver		0.92	%		0.91	%		0.91	%		0.86	%*		0.90	%		0.90	%
After expense waiver		0.75	% #		0.75	% #		0.75	% #		0.76	%*#		N/A			0.90	% #
Net investment income (loss) to average daily net assets		4.73	%		4.54	%		3.84	%		3.93	%*		3.99	%		5.17	%
Portfolio turnover rate		427	%		208	%		137	%		84	%**		105	%		76	%

* Annualized.

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

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

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

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

The accompanying notes are an integral part of the financial statements.
261

MassMutual Premier Diversified Bond Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05			Period ended 10/31/04©			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	10.85		$	10.76		$	11.07		$	10.61		$	10.07		$	9.70
Income (loss) from investment operations:
Net investment income (loss)		0.48	***		0.46	***		0.43	***		0.36	***		0.47	***		0.50	***
Net realized and unrealized gain (loss) on investments		0.11			0.05			(0.31	)		0.10			0.39			0.30
Total income from investment operations		0.59			0.51			0.12			0.46			0.86			0.80
Less distributions to shareholders:
From net investment income		(0.47	)		(0.42	)		(0.38	)		-			(0.29	)		(0.43	)
From net realized gains		-			-			(0.05	)		-			(0.03	)		-
Total distributions		(0.47	)		(0.42	)		(0.43	)		-			(0.32	)		(0.43	)
Net asset value, end of period	$	10.97		$	10.85		$	10.76		$	11.07		$	10.61		$	10.07
Total Return(a)		5.68	%		4.91	%		1.15	%		4.34	%**		8.41	%		8.30	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	51,537		$	11,218		$	10,329		$	7,221		$	6,975		$	3,979
Ratio of expenses to average daily net assets:
Before expense waiver		0.76	%		0.75	%		0.75	%		0.71	%*		0.74	%		0.75	%
After expense waiver		0.74	% #		0.74	% #		0.74	% #		N/A			N/A			0.74	% #
Net investment income (loss) to average daily net assets		4.48	%		4.34	%		4.00	%		3.96	%*		4.44	%		4.99	%
Portfolio turnover rate		427	%		208	%		137	%		84	%**		105	%		76	%
	Class S
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05			Period ended 10/31/04©			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	10.89		$	10.79		$	11.10		$	10.64		$	10.10		$	9.71
Income (loss) from investment operations:
Net investment income (loss)		0.51	***		0.47	***		0.44	***		0.36	***		0.48	***		0.53	***
Net realized and unrealized gain (loss) on investments		0.09			0.06			(0.31	)		0.10			0.38			0.29
Total income from investment operations		0.60			0.53			0.13			0.46			0.86			0.82
Less distributions to shareholders:
From net investment income		(0.48	)		(0.43	)		(0.39	)		-			(0.29	)		(0.43	)
From net realized gains		-			-			(0.05	)		-			(0.03	)		-
Total distributions		(0.48	)		(0.43	)		(0.44	)		-			(0.32	)		(0.43	)
Net asset value, end of period	$	11.01		$	10.89		$	10.79		$	11.10		$	10.64		$	10.10
Total Return(a)		5.69	%		5.06	%		1.10	%		4.42	%**		8.48	%		8.41	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	213,606		$	210,289		$	157,993		$	104,200		$	74,735		$	39,147
Ratio of expenses to average daily net assets:
Before expense waiver		0.71	%		0.70	%		0.70	%		0.66	%*		0.69	%		0.70	%
After expense waiver		0.69	% #		0.69	% #		0.69	% #		N/A			N/A			0.70	% #
Net investment income (loss) to average daily net assets		4.80	%		4.40	%		4.06	%		4.02	%*		4.57	%		5.31	%
Portfolio turnover rate		427	%		208	%		137	%		84	%**		105	%		76	%

* Annualized.

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

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

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

The accompanying notes are an integral part of the financial statements.
262

MassMutual Premier Diversified Bond Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05			Period ended 10/31/04©			Year ended 12/31/03			Period ended 12/31/02©©
Net asset value, beginning of period	$	10.73		$	10.65		$	10.96		$	10.55		$	10.02		$	10.03
Income (loss) from investment operations:
Net investment income (loss)		0.44	***		0.41	***		0.36	***		0.30	***		0.40	***		0.00	***†
Net realized and unrealized gain (loss) on investments		0.08			0.04			(0.30	)		0.11			0.37			(0.01	)
Total income (loss) from investment operations		0.52			0.45			0.06			0.41			0.77			(0.01	)
Less distributions to shareholders:
From net investment income		(0.41	)		(0.37	)		(0.32	)		-			(0.21	)		-
From net realized gains		-			-			(0.05	)		-			(0.03	)		-
Total distributions		(0.41	)		(0.37	)		(0.37	)		-			(0.24	)		-
Net asset value, end of period	$	10.84		$	10.73		$	10.65		$	10.96		$	10.55		$	10.02
Total Return(a)		5.04	% (b)		4.35	% (b)		0.56	% (b)		3.89	%**(b)		7.65	% (b)		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	1,608		$	1,238		$	1,245		$	128		$	111		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		1.46	%		1.45	%		1.45	%		1.41	%*		1.44	%		-	‡
After expense waiver		1.29	% #		1.29	% #		1.29	% #		1.32	%*#		N/A			N/A
Net investment income (loss) to average daily net assets		4.19	%		3.95	%		3.33	%		3.34	%*		3.86	%		-	‡
Portfolio turnover rate		427	%		208	%		137	%		84	%**		105	%		76	%

* Annualized.

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

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

† Amount is less than $0.01 per share.

©© Class N commenced operations on December 31, 2002.

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

‡ Amount is de minimis due to the short period of operations.

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

The accompanying notes are an integral part of the financial statements.
263

MassMutual Premier Strategic Income Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A									Class L
	Year ended 10/31/07			Year ended 10/31/06			Period ended 10/31/05†			Year ended 10/31/07			Year ended 10/31/06			Period ended 10/31/05†
Net asset value, beginning of period	$	10.22		$	10.03		$	10.00		$	10.29		$	10.05		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.46	***		0.46	***		0.28	***		0.48	***		0.52	***		0.35	***
Net realized and unrealized gain (loss) on investments		0.59			0.14			(0.25	)		0.60			0.11			(0.30	)
Total income from investment operations		1.05			0.60			0.03			1.08			0.63			0.05
Less distributions to shareholders:
From net investment income		(0.36	)		(0.41	)		-			(0.36	)		(0.39	)		-
Net asset value, end of period	$	10.91		$	10.22		$	10.03		$	11.01		$	10.29		$	10.05
Total Return(a)		10.43	% (b)		6.15	% (b)		0.30	% **(b)		10.84	%		6.46	%		0.50	% **
Ratios / Supplemental Data:
Net assets, end of year (000's)	$	33,247		$	14,973		$	4,896		$	302,119		$	211,542		$	241,273
Ratio of expenses to average daily net assets:
Before expense waiver		1.23	%		1.26	%		1.25	% *		0.98	%		1.00	%		0.98	% *
After expense waiver		1.16	% #		1.16	% #		1.16	% *#		0.89	% #		0.89	% #		0.89	% *#
Net investment income (loss) to average daily net assets		4.36	%		4.63	%		3.30	% *		4.60	%		5.20	%		4.22	% *
Portfolio turnover rate		131	%		159	%		159	% **		131	%		159	%		159	% **
	Class Y									Class S
	Year ended 10/31/07			Year ended 10/31/06			Period ended 10/31/05†			Year ended 10/31/07			Year ended 10/31/06			Period ended 10/31/05†
Net asset value, beginning of period	$	10.30		$	10.06		$	10.00		$	10.31		$	10.07		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.51	***		0.55	***		0.36	***		0.50	***		0.47	***		0.36	***
Net realized and unrealized gain (loss) on investments		0.59			0.10			(0.30	)		0.61			0.18			(0.29	)
Total income from investment operations		1.10			0.65			0.06			1.11			0.65			0.07
Less distributions to shareholders:
From net investment income		(0.37	)		(0.41	)		-			(0.40	)		(0.41	)		-
Net asset value, end of period	$	11.03		$	10.30		$	10.06		$	11.02		$	10.31		$	10.07
Total Return(a)		10.84	%		6.68	%		0.60	% **		10.96	%		6.67	%		0.70	% **
Ratios / Supplemental Data:
Net assets, end of year (000's)	$	12,620		$	6,360		$	11,473		$	65,578		$	752		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		0.83	%		0.85	%		0.85	% *		0.78	%		0.82	%		0.77	% *
After expense waiver		0.76	% #		0.76	% #		0.76	% *#		0.71	% #		0.71	% #		0.71	% *#
Net investment income (loss) to average daily net assets		4.80	%		5.49	%		4.26	% *		4.78	%		4.64	%		4.33	% *
Portfolio turnover rate		131	%		159	%		159	% **		131	%		159	%		159	% **

* Annualized.

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

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

† For the period December 31, 2004 (commencement of operations) through October 31, 2005.

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

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

The accompanying notes are an integral part of the financial statements.
264

MassMutual Premier Strategic Income Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

							Class N
	Year ended 10/31/07			Year ended 10/31/06			Period ended 10/31/05†
Net asset value, beginning of period	$	10.26		$	10.01		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.43	***		0.41	***		0.31	***
Net realized and unrealized gain (loss) on investments		0.61			0.18			(0.30	)
Total income from investment operations		1.04			0.59			0.01
Less distributions to shareholders:
From net investment income		(0.35	)		(0.34	)		-
Net asset value, end of period	$	10.95		$	10.26		$	10.01
Total Return(a)		10.26	% (b)		6.01	% (b)		0.10	% **(b)
Ratios / Supplemental Data:
Net assets, end of year (000's)	$	589		$	479		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		1.53	%		1.56	%		1.52	% *
After expense waiver		1.38	% #		1.38	% #		1.38	% *#
Net investment income (loss) to average daily net assets		4.10	%		4.07	%		3.67	% *
Portfolio turnover rate		131	%		159	%		159	% **

* Annualized.

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

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

† For the period December 31, 2004 (commencement of operations) through October 31, 2005.

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

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

The accompanying notes are an integral part of the financial statements.
265

MassMutual Premier High Yield Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A									Class L
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05†			Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05†
Net asset value, beginning of year	$	10.85		$	10.64		$	10.39		$	10.89		$	10.67		$	10.39
Income (loss) from investment operations:
Net investment income (loss)		0.80	***		0.76	***		0.74	***		0.83	***		0.79	***		0.76	***
Net realized and unrealized gain (loss) on investments		(0.11	)		0.21			(0.37	)		(0.10	)		0.20			(0.36	)
Total income from investment operations		0.69			0.97			0.37			0.73			0.99			0.40
Less distributions to shareholders:
From net investment income		(0.63	)		(0.71	)		(0.12	)		(0.66	)		(0.72	)		(0.12	)
From net realized gains		(0.02	)		(0.05	)		-			(0.02	)		(0.05	)		-
Total distributions		(0.65	)		(0.76	)		(0.12	)		(0.68	)		(0.77	)		(0.12	)
Net asset value, end of year	$	10.89		$	10.85		$	10.64		$	10.94		$	10.89		$	10.67
Total Return(a)		6.53	% (b)		9.64	% (b)		3.56	% (b)		6.73	%		9.97	%		3.78	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	32,164		$	15,895		$	5,660		$	5,135		$	2,515		$	369
Ratio of expenses to average daily net assets:
Before expense waiver		1.14	%		1.15	%		1.16	%		0.88	%		0.90	%		0.91	%
After expense waiver		N/A			1.15	% #		1.15	% #		N/A			0.90	% #		0.90	% #
Net investment income (loss) to average daily net assets		7.42	%		7.24	%		6.98	%		7.67	%		7.53	%		7.18	%
Portfolio turnover rate		93	%		61	%		59	%		93	%		61	%		59	%

	Class Y
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05			Year ended 10/31/04			Year ended 10/31/03
Net asset value, beginning of year	$	10.93		$	10.67		$	10.39		$	10.05		$	8.27
Income (loss) from investment operations:
Net investment income (loss)		0.85	***		0.80	***		0.77	***		0.84			0.82
Net realized and unrealized gain (loss) on investments		(0.11	)		0.22			(0.37	)		0.35			1.79
Total income from investment operations		0.74			1.02			0.40			1.19			2.61
Less distributions to shareholders:
From net investment income		(0.66	)		(0.71	)		(0.12	)		(0.85	)		(0.83	)
From net realized gains		(0.02	)		(0.05	)		-			-			-
Total distributions		(0.68	)		(0.76	)		(0.12	)		(0.85	)		(0.83	)
Net asset value, end of year	$	10.99		$	10.93		$	10.67		$	10.39		$	10.05

Total Return		6.85	% (a)		10.15	% (a)		3.92	% (a)		12.32	%		33.04	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	105,706		$	79,691		$	64,235		$	78,901		$	50,552
Ratio of expenses to average daily net assets:
Before expense waiver		0.73	%		0.75	%		0.75	%		0.78	%		1.02	%
After expense waiver		N/A			0.75	% #		0.75	% #		0.75	% #		0.75	% #
Net investment income (loss) to average daily net assets		7.80	%		7.59	%		7.29	%		8.30	%		8.98	%
Portfolio turnover rate		93	%		61	%		59	%		70	%		103	%

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

† For the period November 1, 2004 (commencement of operations) through October 31, 2005.

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

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

The accompanying notes are an integral part of the financial statements.
266

MassMutual Premier High Yield Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class S									Class N
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05†			Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05†
Net asset value, beginning of year	$	10.92		$	10.67		$	10.39		$	10.87		$	10.62		$	10.39
Income (loss) from investment operations:
Net investment income (loss)		0.85	***		0.80	***		0.78	***		0.77	***		0.75	***		0.70	***
Net realized and unrealized gain (loss) on investments		(0.11	)		0.22			(0.37	)		(0.11	)		0.18			(0.36	)
Total income from investment operations		0.74			1.02			0.41			0.66			0.93			0.34
Less distributions to shareholders:
From net investment income		(0.66	)		(0.72	)		(0.13	)		(0.63	)		(0.63	)		(0.11	)
From net realized gains		(0.02	)		(0.05	)		-			(0.02	)		(0.05	)		-
Total distributions		(0.68	)		(0.77	)		(0.13	)		(0.65	)		(0.68	)		(0.11	)
Net asset value, end of year	$	10.98		$	10.92		$	10.67		$	10.88		$	10.87		$	10.62
Total Return(a)		6.98	%		10.17	%		3.96	%		6.08	% (b)		9.29	% (b)		3.25	% (b)
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	53,406		$	32,625		$	24,644		$	1,949		$	1,963		$	109
Ratio of expenses to average daily net assets:
Before expense waiver		0.68	%		0.70	%		0.70	%		1.43	%		1.45	%		1.45	%
After expense waiver		N/A			0.70	% #		0.70	% #		N/A			1.45	% #		1.45	% #
Net investment income (loss) to average daily net assets		7.86	%		7.65	%		7.37	%		7.11	%		7.10	%		6.60	%
Portfolio turnover rate		93	%		61	%		59	%		93	%		61	%		59	%

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

† For the period November 1, 2004 (commencement of operations) through October 31, 2005.

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

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

The accompanying notes are an integral part of the financial statements.
267

MassMutual Premier Balanced Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05			Period ended 10/31/04©			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	10.31		$	9.45		$	9.10		$	8.84		$	7.66		$	8.93
Income (loss) from investment operations:
Net investment income (loss)		0.24	***		0.20	***		0.17	***		0.11	***		0.14	***		0.17	***
Net realized and unrealized gain (loss) on investments		0.75			0.87			0.36			0.15			1.20			(1.24	)
Total income (loss) from investment operations		0.99			1.07			0.53			0.26			1.34			(1.07	)
Less distributions to shareholders:
From net investment income		(0.23	)		(0.21	)		(0.18	)		-			(0.16	)		(0.20	)
Net asset value, end of period	$	11.07		$	10.31		$	9.45		$	9.10		$	8.84		$	7.66
Total Return(a)		9.76	% (b)		11.47	% (b)		5.84	% (b)		2.94	%**(b)		17.52	%		(11.98	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	11,595		$	9,378		$	7,838		$	7,555		$	7,287		$	5,490
Ratio of expenses to average daily net assets:
Before expense waiver		1.20	%		1.21	%		1.17	%		1.20	%*		1.16	%		1.16	%
After expense waiver		1.16	% #		1.16	% #		1.16	% #		N/A			N/A			N/A
Net investment income (loss) to average daily net assets		2.23	%		2.04	%		1.84	%		1.43	%*		1.70	%		2.08	%
Portfolio turnover rate		194	%		150	%		139	%		104	%**		95	%		94	%
	Class L
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05			Period ended 10/31/04©			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	10.44		$	9.55		$	9.18		$	8.91		$	7.71		$	8.98
Income (loss) from investment operations:
Net investment income (loss)		0.27	***		0.23	***		0.20	***		0.13	***		0.16	***		0.20	***
Net realized and unrealized gain (loss) on investments		0.76			0.88			0.36			0.14			1.21			(1.25	)
Total income (loss) from investment operations		1.03			1.11			0.56			0.27			1.37			(1.05	)
Less distributions to shareholders:
From net investment income		(0.25	)		(0.22	)		(0.19	)		-			(0.17	)		(0.22	)
Net asset value, end of period	$	11.22		$	10.44		$	9.55		$	9.18		$	8.91		$	7.71
Total Return(a)		10.04	%		11.86	%		6.02	%		3.14	%**		17.77	%		(11.67	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	2,418		$	2,195		$	2,119		$	2,779		$	2,393		$	3,280
Ratio of expenses to average daily net assets:
Before expense waiver		0.95	%		0.96	%		0.92	%		0.94	%*		0.91	%		0.91	%
After expense waiver		0.91	% #		0.91	% #		0.91	% #		N/A			N/A			N/A
Net investment income (loss) to average daily net assets		2.48	%		2.29	%		2.14	%		1.70	%*		1.97	%		2.33	%
Portfolio turnover rate		194	%		150	%		139	%		104	%**		95	%		94	%

* Annualized.

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

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

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

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

The accompanying notes are an integral part of the financial statements.
268

MassMutual Premier Balanced Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05			Period ended 10/31/04©			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	10.77		$	9.86		$	9.48		$	9.18		$	7.94		$	9.25
Income (loss) from investment operations:
Net investment income (loss)		0.29	***		0.25	***		0.22	***		0.14	***		0.18	***		0.21	***
Net realized and unrealized gain (loss) on investments		0.79			0.90			0.38			0.16			1.25			(1.29	)
Total income (loss) from investment operations		1.08			1.15			0.60			0.30			1.43			(1.08	)
Less distributions to shareholders:
From net investment income		(0.26	)		(0.24	)		(0.22	)		-			(0.19	)		(0.23	)
Net asset value, end of period	$	11.59		$	10.77		$	9.86		$	9.48		$	9.18		$	7.94
Total Return(a)		10.25	%		11.90	%		6.31	%		3.27	%**		18.02	%		(11.64	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	2,597		$	2,119		$	1,923		$	2,083		$	2,138		$	2,438
Ratio of expenses to average daily net assets:
Before expense waiver		0.80	%		0.81	%		0.77	%		0.80	%*		0.76	%		0.76	%
After expense waiver		0.76	% #		0.76	% #		0.76	% #		N/A			N/A			N/A
Net investment income (loss) to average daily net assets		2.63	%		2.44	%		2.26	%		1.84	%*		2.09	%		2.48	%
Portfolio turnover rate		194	%		150	%		139	%		104	%**		95	%		94	%
	Class S
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05			Period ended 10/31/04©			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	10.47		$	9.59		$	9.22		$	8.93		$	7.72		$	9.00
Income (loss) from investment operations:
Net investment income (loss)		0.30	***		0.26	***		0.23	***		0.15	***		0.19	***		0.22	***
Net realized and unrealized gain (loss) on investments		0.77			0.88			0.37			0.14			1.22			(1.25	)
Total income (loss) from investment operations		1.07			1.14			0.60			0.29			1.41			(1.03	)
Less distributions to shareholders:
From net investment income		(0.28	)		(0.26	)		(0.23	)		-			(0.20	)		(0.25	)
Net asset value, end of period	$	11.26		$	10.47		$	9.59		$	9.22		$	8.93		$	7.72
Total Return(a)		10.42	%		12.12	%		6.43	%		3.36	%**		18.30	%		(11.47	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	180,719		$	207,263		$	231,935		$	262,347		$	277,665		$	261,137
Ratio of expenses to average daily net assets:
Before expense waiver		0.64	%		0.65	%		0.61	%		0.63	%*		0.60	%		0.60	%
After expense waiver		0.60	% #		0.60	% #		0.60	% #		N/A			N/A			N/A
Net investment income (loss) to average daily net assets		2.80	%		2.61	%		2.43	%		1.99	%*		2.26	%		2.64	%
Portfolio turnover rate		194	%		150	%		139	%		104	%**		95	%		94	%

* Annualized.

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

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

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

The accompanying notes are an integral part of the financial statements.
269

MassMutual Premier Balanced Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05			Period ended 10/31/04©			Year ended 12/31/03			Period ended 12/31/02©©
Net asset value, beginning of period	$	10.21		$	9.37		$	9.00		$	8.77		$	7.63		$	7.63
Income (loss) from investment operations:
Net investment income (loss)		0.20	***		0.18	***		0.15	***		0.08	***		0.12	***		(0.00	)***†
Net realized and unrealized gain (loss) on investments		0.75			0.84			0.34			0.15			1.19			(0.00	)†
Total income (loss) from investment operations		0.95			1.02			0.49			0.23			1.31			(0.00	)
Less distributions to shareholders:
From net investment income		(0.19	)		(0.18	)		(0.12	)		-			(0.17	)		-
Net asset value, end of period	$	10.97		$	10.21		$	9.37		$	9.00		$	8.77		$	7.63
Total Return(a)		9.48	% (b)		11.03	% (b)		5.49	% (b)		2.62	%**(b)		17.22	% (b)		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	147		$	137		$	416		$	544		$	523		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		1.51	%		1.52	%		1.48	%		1.49	%*		1.47	%		-	‡
After expense waiver		1.47	% #		1.47	% #		1.47	% #		N/A			N/A			N/A
Net investment income (loss) to average daily net assets		1.92	%		1.81	%		1.60	%		1.13	%*		1.38	%		-	‡
Portfolio turnover rate		194	%		150	%		139	%		104	%**		95	%		94	%

* Annualized.

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

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

† Amount is less than $0.01 per share.

©© Class N commenced operations on December 31, 2002.

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

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

‡ Amount is de minimis due to short period of operations.

The accompanying notes are an integral part of the financial statements.
270

MassMutual Premier Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Year ended 10/31/07						Year ended 10/31/06						Year ended 10/31/05†
Net asset value, beginning of year	$18.72						$16.82						$15.87
Income (loss) from investment operations:
Net investment income (loss)	0.14 ***						0.16 ***						0.22 ***
Net realized and unrealized gain (loss) on investments	2.94						2.07						0.82
Total income from investment operations	3.08						2.23						1.04
Less distributions to shareholders:
From net investment income	(0.80)						(0.24)						(0.09)
From net realized gains	(0.33)						(0.09)						-
Total distributions	(1.13)						(0.33)						(0.09)
Net asset value, end of year	$20.67						$18.72						$16.82

Total Return(a)	17.21% (b)						13.45% (b)						6.52% (b)
Ratios / Supplemental Data:
Net assets, end of year (000's)	$27,778						$24,149						$15,932
Ratio of expenses to average daily net assets:
Before expense waiver	1.10%						1.10%						1.09%
After expense waiver	N/A						1.10% #						N/A
Net investment income (loss) to average daily net assets	0.72%						0.93%						1.32%
Portfolio turnover rate	151%						157%						53%
	Class L
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05			Year ended 10/31/04			Year ended 10/31/03
Net asset value, beginning of year	$	18.78		$	16.86		$	15.87		$	14.15		$	12.25
Income (loss) from investment operations:
Net investment income (loss)		0.20	***		0.24	***		0.28	***		0.23			0.18
Net realized and unrealized gain (loss) on investments		2.94			2.04			0.80			1.87			1.87
Total income from investment operations		3.14			2.28			1.08			2.10			2.05
Less distributions to shareholders:
From net investment income		(0.83	)		(0.27	)		(0.09	)		(0.38	)		(0.15	)
From net realized gains		(0.33	)		(0.09	)		-			-			-
Total distributions		(1.16	)		(0.36	)		(0.09	)		(0.38	)		(0.15	)
Net asset value, end of year	$	20.76		$	18.78		$	16.86		$	15.87		$	14.15

Total Return(a)		17.55	%		13.76	%		6.82	%		15.00	%		16.87	%
Ratios / Supplemental Data:
Net assets, end of year (000's)	$	78,980		$	77,697		$	121,377		$	70,724		$	68,306
Ratio of expenses to average daily net assets:
Before expense waiver		0.81	%		0.81	%		0.80	%		0.80	%		0.82	%
After expense waiver		N/A			0.81	% #		N/A			0.80	% #		0.80	% #
Net investment income (loss) to average daily net assets		1.01	%		1.36	%		1.66	%		1.38	%		1.43	%
Portfolio turnover rate		151	%		157	%		53	%		30	%		49	%

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

† For the period November 1, 2004 (commencement of operations) through October 31, 2005.

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

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

The accompanying notes are an integral part of the financial statements.
271

MassMutual Premier Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y									Class S
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05†			Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05†
Net asset value, beginning of year	$	18.80		$	16.87		$	15.87		$	18.81		$	16.89		$	15.87
Income (loss) from investment operations:
Net investment income (loss)		0.22	***		0.24	***		0.30	***		0.24	***		0.26	***		0.32	***
Net realized and unrealized gain (loss) on investments		2.94			2.07			0.80			2.94			2.06			0.80
Total income from investment operations		3.16			2.31			1.10			3.18			2.32			1.12
Less distributions to shareholders:
From net investment income		(0.87	)		(0.29	)		(0.10	)		(0.88	)		(0.31	)		(0.10	)
From net realized gains		(0.33	)		(0.09	)		-			(0.33	)		(0.09	)		-
Total distributions		(1.20	)		(0.38	)		(0.10	)		(1.21	)		(0.40	)		(0.10	)
Net asset value, end of year	$	20.76		$	18.80		$	16.87		$	20.78		$	18.81		$	16.89

Total Return(a)		17.63	%		13.89	%		6.97	%		17.78	%		14.00	%		7.05	%
Ratios / Supplemental Data:
Net assets, end of year (000's)	$	4,389		$	3,400		$	3,147		$	388,559		$	370,894		$	393,965
Ratio of expenses to average daily net assets:
Before expense waiver		0.70	%		0.70	%		0.69	%		0.60	%		0.60	%		0.59	%
After expense waiver		N/A			0.70	% #		N/A			N/A			0.60	% #		N/A
Net investment income (loss) to average daily net assets		1.12	%		1.38	%		1.78	%		1.22	%		1.51	%		1.89	%
Portfolio turnover rate		151	%		157	%		53	%		151	%		157	%		53	%

	Class N
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05†
Net asset value, beginning of year	$	18.68		$	16.78		$	15.87
Income (loss) from investment operations:
Net investment income (loss)		0.06	***		0.04	***		0.19	***
Net realized and unrealized gain (loss) on investments		2.91			2.12			0.79
Total income from investment operations		2.97			2.16			0.98
Less distributions to shareholders:
From net investment income		(0.81	)		(0.17	)		(0.07	)
From net realized gains		(0.33	)		(0.09	)		-
Total distributions		(1.14	)		(0.26	)		(0.07	)
Net asset value, end of year	$	20.51		$	18.68		$	16.78

Total Return(a)		16.64	% (b)		13.06	% (b)		6.18	% (b)
Ratios / Supplemental Data:
Net assets, end of year (000's)	$	132		$	762		$	182
Ratio of expenses to average daily net assets:
Before expense waiver		1.41	%		1.42	%		1.40	%
After expense waiver		N/A			1.42	% #		N/A
Net investment income (loss) to average daily net assets		0.31	%		0.23	%		1.13	%
Portfolio turnover rate		151	%		157	%		53	%

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

† For the period November 1, 2004 (commencement of operations) through October 31, 2005.

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

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

The accompanying notes are an integral part of the financial statements.
272

MassMutual Premier Enhanced Index Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A									Class L
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05†			Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05†
Net asset value, beginning of year	$	13.45		$	12.20		$	10.96		$	13.52		$	12.20		$	10.96
Income (loss) from investment operations:
Net investment income (loss)		0.19	***		0.18	***		0.18	***		0.23	***		0.21	***		0.21	***
Net realized and unrealized gain (loss) on investments		0.79			2.17			1.16			0.79			2.19			1.14
Total income from investment operations		0.98			2.35			1.34			1.02			2.40			1.35
Less distributions to shareholders:
From net investment income		(0.19	)		(0.19	)		(0.04	)		(0.23	)		(0.17	)		(0.05	)
From net realized gains		(1.08	)		(0.91	)		(0.06	)		(1.08	)		(0.91	)		(0.06	)
Tax return of capital		(0.04	)		-			-			(0.05	)		-			-
Total distributions		(1.31	)		(1.10	)		(0.10	)		(1.36	)		(1.08	)		(0.11	)
Net asset value, end of year	$	13.12		$	13.45		$	12.20		$	13.18		$	13.52		$	12.20

Total Return(a)		7.62	% (b)		20.68	% (b)		12.30	% (b)		7.83	%		21.04	%		12.47	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	18,838		$	4,698		$	1,509		$	118,847		$	15,911		$	2,192
Ratio of expenses to average daily net assets:
Before expense waiver		1.10	%		1.14	%		1.16	%		0.85	%		0.89	%		0.91	%
After expense waiver		1.09	% #		1.09	% #		1.09	% #		0.84	% #		0.84	% #		0.84	% #
Net investment income (loss) to average daily net assets		1.42	%		1.48	%		1.47	%		1.65	%		1.67	%		1.74	%
Portfolio turnover rate		139	%		144	%		150	%		139	%		144	%		150	%

	Class Y
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05			Year ended 10/31/04			Year ended 10/31/03
Net asset value, beginning of year	$	13.56		$	12.24		$	10.96		$	10.01		$	8.35
Income (loss) from investment operations:
Net investment income (loss)		0.26	***		0.24	***		0.23	***		0.18			0.17
Net realized and unrealized gain (loss) on investments		0.78			2.18			1.16			1.34			1.63
Total income from investment operations		1.04			2.42			1.39			1.52			1.80
Less distributions to shareholders:
From net investment income		(0.25	)		(0.19	)		(0.05	)		(0.31	)		(0.14	)
From net realized gains		(1.08	)		(0.91	)		(0.06	)		(0.26	)		-
Tax return of capital		(0.05	)		-			-			-			-
Total distributions		(1.38	)		(1.10	)		(0.11	)		(0.57	)		(0.14	)
Net asset value, end of year	$	13.22		$	13.56		$	12.24		$	10.96		$	10.01

Total Return		7.98	% (a)		21.22	% (a)		12.74	% (a)		15.31	%		21.87	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	157,740		$	109,358		$	78,550		$	38,480		$	28,342
Ratio of expenses to average daily net assets:
Before expense waiver		0.70	%		0.74	%		0.76	%		0.98	%		1.22	%
After expense waiver		0.69	% #		0.69	% #		0.69	% #		0.70	% #		0.70	% #
Net investment income (loss) to average daily net assets		1.90	%		1.93	%		1.95	%		1.80	%		1.86	%
Portfolio turnover rate		139	%		144	%		150	%		102	%		94	%

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

† For the period November 1, 2004 (commencement of operations) through October 31, 2005.

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

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

The accompanying notes are an integral part of the financial statements.
273

MassMutual Premier Enhanced Index Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class S									Class N
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05†			Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05†
Net asset value, beginning of year	$	13.57		$	12.25		$	10.96		$	13.48		$	12.16		$	10.96
Income (loss) from investment operations:
Net investment income (loss)		0.25	***		0.26	***		0.25	***		0.15	***		0.15	***		0.15	***
Net realized and unrealized gain (loss) on investments		0.87			2.17			1.15			0.79			2.18			1.15
Total income from investment operations		1.12			2.43			1.40			0.94			2.33			1.30
Less distributions to shareholders:
From net investment income		(0.27	)		(0.20	)		(0.05	)		(0.12	)		(0.10	)		(0.04	)
From net realized gains		(1.08	)		(0.91	)		(0.06	)		(1.08	)		(0.91	)		(0.06	)
Tax return of capital		(0.05	)		-			-			(0.03	)		-			-
Total distributions		(1.40	)		(1.11	)		(0.11	)		(1.23	)		(1.01	)		(0.10	)
Net asset value, end of year	$	13.29		$	13.57		$	12.25		$	13.19		$	13.48		$	12.16

Total Return(a)		8.55	%		21.37	%		12.85	%		7.26	% (b)		20.35	% (b)		11.96	% (b)
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	287,201		$	241		$	112		$	468		$	134		$	111
Ratio of expenses to average daily net assets:
Before expense waiver		0.60	%		0.64	%		0.66	%		1.41	%		1.45	%		1.47	%
After expense waiver		0.59	% #		0.59	% #		0.59	% #		1.40	% #		1.40	% #		1.40	% #
Net investment income (loss) to average daily net assets		1.80	%		2.04	%		2.08	%		1.13	%		1.23	%		1.27	%
Portfolio turnover rate		139	%		144	%		150	%		139	%		144	%		150	%

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

† For the period November 1, 2004 (commencement of operations) through October 31, 2005.

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

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

The accompanying notes are an integral part of the financial statements.
274

MassMutual Premier Enhanced Index Core Equity Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A									Class L
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05†			Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05†
Net asset value, beginning of year	$	12.46		$	10.80		$	9.95		$	12.50		$	10.82		$	9.95
Income (loss) from investment operations:
Net investment income (loss)		0.10	***		0.09	***		0.09	***		0.14	***		0.13	***		0.12	***
Net realized and unrealized gain (loss) on investments		1.38			1.67			0.81			1.37			1.67			0.80
Total income from investment operations		1.48			1.76			0.90			1.51			1.80			0.92
Less distributions to shareholders:
From net investment income		(0.11	)		(0.10	)		(0.05	)		(0.11	)		(0.12	)		(0.05	)
Net asset value, end of year	$	13.83		$	12.46		$	10.80		$	13.90		$	12.50		$	10.82

Total Return(a)		11.89	% (b)		16.45	% (b)		9.02	% (b)		12.17	%		16.78	%		9.26	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	7,136		$	2,693		$	344		$	1,972		$	777		$	720
Ratio of expenses to average daily net assets:
Before expense waiver		1.13	%		1.20	%		1.20	%		0.88	%		0.94	%		0.95	%
After expense waiver		1.09	% #		1.09	% #		1.09	% #		0.84	% #		0.84	% #		0.84	% #
Net investment income (loss) to average daily net assets		0.79	%		0.78	%		0.86	%		1.04	%		1.13	%		1.08	%
Portfolio turnover rate		148	%		163	%		154	%		148	%		163	%		154	%

	Class Y
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05			Year ended 10/31/04			Year ended 10/31/03
Net asset value, beginning of year	$	12.51		$	10.83		$	9.95		$	9.28		$	7.82
Income (loss) from investment operations:
Net investment income (loss)		0.16	***		0.15	***		0.16	***		0.11			0.09
Net realized and unrealized gain (loss) on investments		1.38			1.67			0.77			0.74			1.45
Total income from investment operations		1.54			1.82			0.93			0.85			1.54
Less distributions to shareholders:
From net investment income		(0.13	)		(0.14	)		(0.05	)		(0.18	)		(0.08	)
Net asset value, end of year	$	13.92		$	12.51		$	10.83		$	9.95		$	9.28

Total Return		12.33	% (a)		17.00	% (a)		9.39	% (a)		9.17	%		19.93	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	57,125		$	39,859		$	31,582		$	30,017		$	27,402
Ratio of expenses to average daily net assets:
Before expense waiver		0.73	%		0.79	%		0.80	%		1.00	%		1.18	%
After expense waiver		0.69	% #		0.69	% #		0.69	% #		0.70	% #		0.70	% #
Net investment income (loss) to average daily net assets		1.21	%		1.28	%		1.46	%		1.06	%		1.11	%
Portfolio turnover rate		148	%		163	%		154	%		116	%		90	%

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

† For the period November 1, 2004 (commencement of operations) through October 31, 2005.

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

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

The accompanying notes are an integral part of the financial statements.
275

MassMutual Premier Enhanced Index Core Equity Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class S									Class N
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05†			Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05†
Net asset value, beginning of year	$	12.55		$	10.85		$	9.95		$	12.44		$	10.77		$	9.95
Income (loss) from investment operations:
Net investment income (loss)		0.18	***		0.16	***		0.17	***		0.05	***		0.07	***		0.08	***
Net realized and unrealized gain (loss) on investments		1.37			1.68			0.78			1.39			1.66			0.78
Total income from investment operations		1.55			1.84			0.95			1.44			1.73			0.86
Less distributions to shareholders:
From net investment income		(0.14	)		(0.14	)		(0.05	)		(0.05	)		(0.06	)		(0.04	)
Net asset value, end of year	$	13.96		$	12.55		$	10.85		$	13.83		$	12.44		$	10.77

Total Return(a)		12.48	%		17.01	%		9.70	%		11.58	% (b)		16.13	% (b)		8.66	% (b)
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	390		$	204		$	109		$	636		$	125		$	108
Ratio of expenses to average daily net assets:
Before expense waiver		0.68	%		0.74	%		0.70	%		1.43	%		1.49	%		1.51	%
After expense waiver		0.59	% #		0.59	% #		0.59	% #		1.40	% #		1.40	% #		1.40	% #
Net investment income (loss) to average daily net assets		1.33	%		1.37	%		1.56	%		0.39	%		0.57	%		0.75	%
Portfolio turnover rate		148	%		163	%		154	%		148	%		163	%		154	%

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

† For the period November 1, 2004 (commencement of operations) through October 31, 2005.

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

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

The accompanying notes are an integral part of the financial statements.
276

MassMutual Premier Main Street Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A									Class L
	Year ended 10/31/07			Year ended 10/31/06			Period ended 10/31/05†			Year ended 10/31/07			Year ended 10/31/06			Period ended 10/31/05†
Net asset value, beginning of period	$	11.58		$	10.15		$	10.00		$	11.64		$	10.17		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.09	***		0.06	***		0.05	***		0.12	***		0.10	***		0.08	***
Net realized and unrealized gain (loss) on investments		1.48			1.49			0.10			1.49			1.48			0.09
Total income from investment operations		1.57			1.55			0.15			1.61			1.58			0.17
Less distributions to shareholders:
From net investment income		(0.09	)		(0.12	)		-			(0.10	)		(0.11	)		-
From net realized gains		(0.56	)		-			-			(0.56	)		-			-
Total distributions		(0.65	)		(0.12	)		-			(0.66	)		(0.11	)		-
Net asset value, end of period	$	12.50		$	11.58		$	10.15		$	12.59		$	11.64		$	10.17
Total Return(a)		14.20	% (b)		15.35	% (b)		1.50	%**(b)		14.52	%		15.69	%		1.70	%**
Ratios / Supplemental Data:
Net assets, end of year (000's)	$	20,165		$	13,292		$	4,562		$	99,145		$	107,627		$	99,450
Ratio of expenses to average daily net assets:
Before expense waiver		1.27	%		1.27	%		1.25	%*		1.02	%		1.02	%		1.01	%*
After expense waiver		1.16	% #		1.23	% #		1.23	%*#		0.91	% #		0.93	% #		0.93	%* #
Net investment income (loss) to average daily net assets		0.73	%		0.58	%		0.54	%*		1.01	%		0.92	%		0.93	%*
Portfolio turnover rate		105	%		110	%		78	%**		105	%		110	%		78	%**
	Class Y									Class S
	Year ended 10/31/07			Year ended 10/31/06			Period ended 10/31/05†			Year ended 10/31/07			Year ended 10/31/06			Period ended 10/31/05†
Net asset value, beginning of period	$	11.64		$	10.17		$	10.00		$	11.69		$	10.19		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.13	***		0.11	***		0.08	***		0.15	***		0.14	***		0.10	***
Net realized and unrealized gain (loss) on investments		1.48			1.49			0.09			1.49			1.49			0.09
Total income from investment operations		1.61			1.60			0.17			1.64			1.63			0.19
Less distributions to shareholders:
From net investment income		(0.14	)		(0.13	)		-			(0.14	)		(0.13	)		-
From net realized gains		(0.56	)		-			-			(0.56	)		-			-
Total distributions		(0.70	)		(0.13	)		-			(0.70	)		(0.13	)		-
Net asset value, end of period	$	12.55		$	11.64		$	10.17		$	12.63		$	11.69		$	10.19
Total Return(a)		14.43	%		15.96	%		1.70	%**		14.74	%		16.18	%		1.90	%**
Ratios / Supplemental Data:
Net assets, end of year (000's)	$	126		$	117		$	102		$	244,758		$	246,658		$	229,247
Ratio of expenses to average daily net assets:
Before expense waiver		0.87	%		0.87	%		0.85	%*		0.82	%		0.82	%		0.81	%*
After expense waiver		0.76	% #		0.83	% #		0.83	%*#		0.67	% #		0.60	% #		0.60	%*#
Net investment income (loss) to average daily net assets		1.10	%		1.02	%		1.01	%*		1.24	%		1.25	%		1.26	%*
Portfolio turnover rate		105	%		110	%		78	%**		105	%		110	%		78	%**

* Annualized.

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

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

† For the period December 31, 2004 (commencement of operations) through October 31, 2005.

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

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

The accompanying notes are an integral part of the financial statements.
277

MassMutual Premier Main Street Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Year ended 10/31/07			Year ended 10/31/06			Period ended 10/31/05†
Net asset value, beginning of period	$	11.58		$	10.11		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.05	***		0.03	***		0.03	***
Net realized and unrealized gain (loss) on investments		1.49			1.50			0.08
Total income from investment operations		1.54			1.53			0.11
Less distributions to shareholders:
From net investment income		(0.04	)		(0.06	)		-
From net realized gains		(0.56	)		-			-
Total distributions		(0.60	)		(0.06	)		-
Net asset value, end of period	$	12.52		$	11.58		$	10.11
Total Return(a)		13.87	% (b)		15.07	% (b)		1.20	%**(b)
Ratios / Supplemental Data:
Net assets, end of year (000's)	$	125		$	116		$	101
Ratio of expenses to average daily net assets:
Before expense waiver		1.57	%		1.57	%		1.55	%*
After expense waiver		1.46	% #		1.53	% #		1.53	%*#
Net investment income (loss) to average daily net assets		0.45	%		0.31	%		0.31	%*
Portfolio turnover rate		105	%		110	%		78	%**

* Annualized.

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

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

† For the period December 31, 2004 (commencement of operations) through October 31, 2005.

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

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

The accompanying notes are an integral part of the financial statements.
278

MassMutual Premier Capital Appreciation Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A									Class L
	Year ended 10/31/07			Year ended 10/31/06			Period ended 10/31/05©			Year ended 10/31/07			Year ended 10/31/06			Period ended 10/31/05©
Net asset value, beginning of period	$	10.98		$	10.06		$	10.00		$	10.97		$	10.07		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.03	)***		(0.02	)***		0.00	***†		(0.01	)***		(0.01	)***		0.00	***†
Net realized and unrealized gain (loss) on investments		2.46			0.94			0.06			2.45			0.95			0.07
Total income from investment operations		2.43			0.92			0.06			2.44			0.94			0.07
Less distributions to shareholders:
From net investment income		-			-			-			-			(0.04	)		-
Tax return of capital		-			-			-			-			(0.00	)†		-
Total distributions		-			-			-			-			(0.04	)		-
Net asset value, end of period	$	13.41		$	10.98		$	10.06		$	13.41		$	10.97		$	10.07
Total Return(a)		22.13	% (b)		9.15	% (b)		0.60	%**(b)		22.24	%		9.30	%		0.70	%**
Ratios / Supplemental Data:
Net assets, end of year (000's)	$	363,471		$	317,251		$	294,065		$	75,119		$	23,252		$	10,104
Ratio of expenses to average daily net assets:
Before expense waiver		1.23	%		1.23	%		1.23	%*		0.98	%		0.99	%		0.98	%*
After expense waiver		1.09	% #		1.09	% #		1.09	%*#		0.97	% #		0.97	% #		0.97	%*#
Net investment income (loss) to average daily net assets		(0.21	)%		(0.22	)%		0.06	%*		(0.08	)%		(0.12	)%		0.00	%*
Portfolio turnover rate		57	%		58	%		59	%**		57	%		58	%		59	%**
	Class Y									Class S
	Year ended 10/31/07			Year ended 10/31/06			Period ended 10/31/05©			Year ended 10/31/07			Year ended 10/31/06			Period ended 10/31/05©
Net asset value, beginning of period	$	10.98		$	10.07		$	10.00		$	11.01		$	10.09		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.01	***		0.00	***†		0.02	***		0.02	***		0.02	***		0.04	***
Net realized and unrealized gain (loss) on investments		2.46			0.95			0.05			2.48			0.94			0.05
Total income from investment operations		2.47			0.95			0.07			2.50			0.96			0.09
Less distributions to shareholders:
From net investment income		-			(0.04	)		-			-			(0.04	)		-
Tax return of capital		-			(0.00	)†		-			-			(0.00	)†		-
Total distributions		-			(0.04	)		-			-			(0.04	)		-
Net asset value, end of period	$	13.45		$	10.98		$	10.07		$	13.51		$	11.01		$	10.09
Total Return(a)		22.50	%		9.49	%		0.70	%**		22.71	%		9.51	%		0.90	%**
Ratios / Supplemental Data:
Net assets, end of year (000's)	$	57,564		$	45,576		$	23,856		$	715,738		$	544,457		$	485,248
Ratio of expenses to average daily net assets:
Before expense waiver		0.83	%		0.83	%		0.84	%*		0.78	%		0.78	%		0.78	%*
After expense waiver		0.82	% #		0.82	% #		0.82	%*#		0.71	% #		0.71	% #		0.71	%*#
Net investment income (loss) to average daily net assets		0.06	%		0.04	%		0.20	%*		0.17	%		0.16	%		0.45	%*
Portfolio turnover rate		57	%		58	%		59	%**		57	%		58	%		59	%**

* Annualized.

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

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

† Amount is less than $0.01 per share.

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

(a) Employee retirement benefit plans that invest plan assets in Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

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

The accompanying notes are an integral part of the financial statements.
279

MassMutual Premier Capital Appreciation Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Year ended 10/31/07			Year ended 10/31/06			Period ended 10/31/05©
Net asset value, beginning of period	$	10.90		$	10.03		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.07	)***		(0.06	)***		(0.02	)***
Net realized and unrealized gain (loss) on investments		2.44			0.93			0.05
Total income from investment operations		2.37			0.87			0.03
Net asset value, end of period	$	13.27		$	10.90		$	10.03
Total Return(a)		21.74	% (b)		8.67	% (b)		0.30	% **(b)
Ratios / Supplemental Data:
Net assets, end of year (000's)	$	1,624		$	1,014		$	426
Ratio of expenses to average daily net assets:
Before expense waiver		1.53	%		1.53	%		1.53	% *
After expense waiver		1.46	% #		1.46	% #		1.46	% *#
Net investment income (loss) to average daily net assets		(0.58	)%		(0.62	)%		(0.29	)% *
Portfolio turnover rate		57	%		58	%		59	% **

* Annualized.

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

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

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

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

The accompanying notes are an integral part of the financial statements.
280

MassMutual Premier Core Growth Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A									Class L
	Year ended 10/31/07			Year ended 10/31/06			Period ended 10/31/05©			Year ended 10/31/07			Year ended 10/31/06			Period ended 10/31/05©
Net asset value, beginning of period	$	9.16		$	9.06		$	8.39		$	9.20		$	9.08		$	8.39
Income (loss) from investment operations:
Net investment income (loss)		(0.05	)***		(0.04	)***		0.04	***		(0.02	)***		(0.01	)***		0.06	***
Net realized and unrealized gain (loss) on investments		2.24			0.18			0.66			2.25			0.17			0.67
Total income from investment operations		2.19			0.14			0.70			2.23			0.16			0.73
Less distributions to shareholders:
From net investment income		-			(0.04	)		(0.03	)		-			(0.04	)		(0.04	)
Net asset value, end of period	$	11.35		$	9.16		$	9.06		$	11.43		$	9.20		$	9.08
Total Return(a)		23.91	% (b)		1.51	% (b)		8.39	% (b)		24.10	%		1.81	%		8.68	%
Ratios / Supplemental Data:
Net assets, end of year (000's)	$	1,150		$	350		$	116		$	25,515		$	113		$	108
Ratio of expenses to average daily net assets:
Before expense waiver		1.27	%		1.25	%		1.22	%		1.02	%		1.00	%		0.97	%
After expense waiver		1.20	% #		1.20	% #		1.20	% #		0.95	% #		0.95	% #		0.95	% #
Net investment income (loss) to average daily net assets		(0.46	)%		(0.47	)%		0.44	%		(0.19	)%		(0.15	)%		0.70	%
Portfolio turnover rate		117	%		164	%		35	%		117	%		164	%		35	%

	Class Y
	Year ended 10/31/07			Year ended 10/31/06			Period ended 10/31/05©
Net asset value, beginning of period	$	9.22		$	9.09		$	8.39
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)***		0.00	***†		0.07	***
Net realized and unrealized gain (loss) on investments		2.25			0.18			0.67
Total income from investment operations		2.24			0.18			0.74
Less distributions to shareholders:
From net investment income		-			(0.05	)		(0.04	)
Net asset value, end of period	$	11.46		$	9.22		$	9.09
Total Return(a)		24.30	%		1.95	%		8.82	%
Ratios / Supplemental Data:
Net assets, end of year (000's)	$	137		$	110		$	108
Ratio of expenses to average daily net assets:
Before expense waiver		0.87	%		0.85	%		0.82	%
After expense waiver		0.80	% #		0.80	% #		0.80	% #
Net investment income (loss) to average daily net assets		(0.11	)%		0.00	% ††		0.85	%
Portfolio turnover rate		117	%		164	%		35	%

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

† Amount is less than $0.01 per share.

†† Amount is less than 0.01%.

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

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

The accompanying notes are an integral part of the financial statements.
281

MassMutual Premier Core Growth Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class S
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05			Year ended 10/31/04			Year ended 10/31/03
Net asset value, beginning of year	$	9.22		$	9.10		$	8.39		$	7.83		$	6.85
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)***		0.01	***		0.08	***		0.04			0.04
Net realized and unrealized gain (loss) on investments		2.27			0.16			0.67			0.59			0.96
Total income from investment operations		2.26			0.17			0.75			0.63			1.00
Less distributions to shareholders:
From net investment income		-			(0.05	)		(0.04	)		(0.07	)		(0.02	)
Net asset value, end of year	$	11.48		$	9.22		$	9.10		$	8.39		$	7.83
Total Return		24.38	% (a)		2.00	% (a)		8.95	% (a)		8.05	%		14.56	%
Ratios / Supplemental Data:
Net assets, end of year (000's)	$	59,742		$	75,487		$	84,756		$	77,304		$	101,530
Ratio of expenses to average daily net assets:
Before expense waiver		0.82	%		0.80	%		0.77	%		0.77	%		0.75	%
After expense waiver		0.75	% #		0.75	% #		0.75	% #		N/A			N/A
Net investment income (loss) to average daily net assets		(0.09	)%		0.06	%		0.90	%		0.33	%		0.41	%
Portfolio turnover rate		117	%		164	%		35	%		28	%		83	%

	Class N
	Year ended 10/31/07			Year ended 10/31/06			Period ended 10/31/05©
Net asset value, beginning of period	$	9.15		$	9.04		$	8.39
Income (loss) from investment operations:
Net investment income (loss)		(0.08	)***		(0.06	)***		0.01	***
Net realized and unrealized gain (loss) on investments		2.23			0.17			0.67
Total income from investment operations		2.15			0.11			0.68
Less distributions to shareholders:
From net investment income		-			-			(0.03	)
Net asset value, end of period	$	11.30		$	9.15		$	9.04
Total Return(a)		23.50	% (b)		1.22	% (b)		8.10	% (b)
Ratios / Supplemental Data:
Net assets, end of year (000's)	$	138		$	110		$	108
Ratio of expenses to average daily net assets:
Before expense waiver		1.57	%		1.55	%		1.52	%
After expense waiver		1.50	% #		1.50	% #		1.50	% #
Net investment income (loss) to average daily net assets		(0.81	)%		(0.70	)%		0.15	%
Portfolio turnover rate		117	%		164	%		35	%

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

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

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

The accompanying notes are an integral part of the financial statements.
282

MassMutual Premier Enhanced Index Growth Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A									Class L
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05†			Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05†
Net asset value, beginning of year	$	9.14		$	8.24		$	7.65		$	9.18		$	8.26		$	7.65
Income (loss) from investment operations:
Net investment income (loss)		0.02	***		0.02	***		0.02	***		0.04	***		0.02	***		0.06	***
Net realized and unrealized gain (loss) on investments		1.62			0.91			0.61			1.63			0.92			0.59
Total income from investment operations		1.64			0.93			0.63			1.67			0.94			0.65
Less distributions to shareholders:
From net investment income		(0.01	)		(0.03	)		(0.04	)		(0.03	)		(0.02	)		(0.04	)
Net asset value, end of year	$	10.77		$	9.14		$	8.24		$	10.82		$	9.18		$	8.26
Total Return(a)		17.91	% (b)		11.33	% (b)		8.20	% (b)		18.29	%		11.44	%		8.50	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	4,532		$	1,621		$	226		$	92,738		$	8,280		$	108
Ratio of expenses to average daily net assets:
Before expense waiver		1.02	%		1.12	%		1.15	%		0.77	%		0.89	%		0.91	%
After expense waiver		N/A			1.07	% #		1.09	% #		N/A			0.84	% #		0.84	% #
Net investment income (loss) to average daily net assets		0.20	%		0.24	%		0.28	%		0.42	%		0.24	%		0.70	%
Portfolio turnover rate		181	%		163	%		127	%		181	%		163	%		127	%

	Class Y
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05			Year ended 10/31/04			Year ended 10/31/03
Net asset value, beginning of year	$	9.20		$	8.27		$	7.65		$	7.41		$	6.12
Income (loss) from investment operations:
Net investment income (loss)		0.06	***		0.05	***		0.06	***		0.02			0.03
Net realized and unrealized gain (loss) on investments		1.63			0.92			0.60			0.26			1.28
Total income from investment operations		1.69			0.97			0.66			0.28			1.31
Less distributions to shareholders:
From net investment income		(0.04	)		(0.04	)		(0.04	)		(0.04	)		(0.02	)
Net asset value, end of year	$	10.85		$	9.20		$	8.27		$	7.65		$	7.41
Total Return		18.40	% (a)		11.71	% (a)		8.66	% (a)		3.83	%		21.42	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	99,772		$	52,415		$	33,336		$	21,313		$	20,154
Ratio of expenses to average daily net assets:
Before expense waiver		0.62	%		0.73	%		0.76	%		1.15	%		1.40	%
After expense waiver		N/A			0.67	% #		0.69	% #		0.70	% #		0.70	% #
Net investment income (loss) to average daily net assets		0.62	%		0.62	%		0.78	%		0.36	%		0.41	%
Portfolio turnover rate		181	%		163	%		127	%		112	%		69	%

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

† For the period November 1, 2004 (commencement of operations) through October 31, 2005.

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

(b) Total return exludes sales charges and would be lower for the period presented if it reflected these charges.

The accompanying notes are an integral part of the financial statements.
283

MassMutual Premier Enhanced Index Growth Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class S									Class N
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05†			Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05†
Net asset value, beginning of year	$	9.21		$	8.28		$	7.65		$	9.11		$	8.22		$	7.65
Income (loss) from investment operations:
Net investment income (loss)		0.06	***		0.06	***		0.08	***		(0.01	)***		(0.01	)***		0.01	***
Net realized and unrealized gain (loss) on investments		1.61			0.91			0.59			1.62			0.90			0.59
Total income from investment operations		1.67			0.97			0.67			1.61			0.89			0.60
Less distributions to shareholders:
From net investment income		(0.04	)		(0.04	)		(0.04	)		-			-			(0.03	)
Net asset value, end of year	$	10.84		$	9.21		$	8.28		$	10.72		$	9.11		$	8.22

Total Return(a)		18.20	%		11.74	%		8.80	%		17.67	% (b)		10.83	% (b)		7.88	% (b)
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	140,611		$	332		$	108		$	140		$	119		$	108
Ratio of expenses to average daily net assets:
Before expense waiver		0.57	%		0.67	%		0.71	%		1.32	%		1.42	%		1.46	%
After expense waiver		N/A			0.57	% #		0.59	% #		N/A			1.38	% #		1.40	% #
Net investment income (loss) to average daily net assets		0.61	%		0.72	%		0.95	%		(0.06	)%		(0.07	)%		0.14	%
Portfolio turnover rate		181	%		163	%		127	%		181	%		163	%		127	%

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

† For the period November 1, 2004 (commencement of operations) through October 31, 2005.

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

(b) Total return exludes sales charges and would be lower for the period presented if it reflected these charges.

The accompanying notes are an integral part of the financial statements.
284

MassMutual Premier Discovery Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A						Class L						Class Y
	Year ended 10/31/07			Period ended 10/31/06†			Year ended 10/31/07			Period ended 10/31/06†			Year ended 10/31/07			Period ended 10/31/06†
Net asset value, beginning of period	$	11.57		$	10.00		$	11.59		$	10.00		$	11.61		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.03	)***		0.08	***		0.00	***††		0.10	***		0.02	***		0.11	***
Net realized and unrealized gain (loss) on investments		2.41			1.50			2.42			1.50			2.41			1.51
Total income from investment operations		2.38			1.58			2.42			1.60			2.43			1.62
Less distributions to shareholders:
From net investment income		(0.07	)		(0.01	)		(0.08	)		(0.01	)		(0.09	)		(0.01	)
From net realized gains		(0.93	)		-			(0.93	)		-			(0.93	)		-
Total distributions		(1.00	)		(0.01	)		(1.01	)		(0.01	)		(1.02	)		(0.01	)
Net asset value, end of period	$	12.95		$	11.57		$	13.00		$	11.59		$	13.02		$	11.61
Total Return(a)		21.97	% (b)		15.76	% **(b)		22.30	%		15.98	% **		22.45	%		16.20	% **
Ratios / Supplemental Data:
Net assets, end of year (000's)	$	18,211		$	158		$	1,322		$	116		$	10,352		$	116
Ratio of expenses to average daily net assets:
Before expense waiver		1.67	%		1.90	% *		1.42	%		1.65	% *		1.27	%		1.50	% *
After expense waiver		1.40	% #		1.40	% *#		1.15	% #		1.15	% *#		1.00	% #		1.00	% *#
Net investment income (loss) to average daily net assets		(0.24	)%		0.78	% *		0.03	%		0.99	% *		0.19	%		1.14	% *
Portfolio turnover rate		119	%		180	% **		119	%		180	% **		119	%		180	% **

	Class S						Class N
	Year ended 10/31/07			Period ended 10/31/06†			Year ended 10/31/07			Period ended 10/31/06†
Net asset value, beginning of period	$	11.61		$	10.00		$	11.54		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.02	***		0.12	***		(0.05	)***		0.04	***
Net realized and unrealized gain (loss) on investments		2.42			1.50			2.39			1.50
Total income from investment operations		2.44			1.62			2.34			1.54
Less distributions to shareholders:
From net investment income		(0.10	)		(0.01	)		(0.02	)		(0.00	)††
From net realized gains		(0.93	)		-			(0.93	)		-
Total distributions		(1.03	)		(0.01	)		(0.95	)		(0.00	)
Net asset value, end of period	$	13.02		$	11.61		$	12.93		$	11.54
Total Return(a)		22.53	%		16.21	% **		21.58	% (b)		15.42	% **(b)
Ratios / Supplemental Data:
Net assets, end of year (000's)	$	26,301		$	11,905		$	883		$	116
Ratio of expenses to average daily net assets:
Before expense waiver		1.17	%		1.40	% *		2.07	%		2.30	% *
After expense waiver		0.93	% #		0.93	% *#		1.70	% #		1.70	% *#
Net investment income (loss) to average daily net assets		0.18	%		1.21	% *		(0.39	)%		0.44	% *
Portfolio turnover rate		119	%		180	% **		119	%		180	% **

* Annualized.

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

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

† For the period December 1, 2005 (commencement of operations) through October 31, 2006.

†† Amount is less then $0.01 per share.

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

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

The accompanying notes are an integral part of the financial statements.
285

MassMutual Premier Small Capitalization Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A									Class L
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05†			Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05†
Net asset value, beginning of year	$	16.27		$	14.71		$	13.95		$	16.38		$	14.75		$	13.95
Income (loss) from investment operations:
Net investment income (loss)		(0.06	)***		(0.08	)***		(0.08	)***		(0.00	)***††		(0.04	)***		(0.04	)***
Net realized and unrealized gain (loss) on investments		0.66			2.16			0.84			0.65			2.19			0.84
Total income from investment operations		0.60			2.08			0.76			0.65			2.15			0.80
Less distributions to shareholders:
From net realized gains		(1.40	)		(0.52	)		-			(1.40	)		(0.52	)		-
Net asset value, end of year	$	15.47		$	16.27		$	14.71		$	15.63		$	16.38		$	14.75

Total Return(a)		3.80	% (b)		14.57	% (b)		5.45	% (b)		4.04	%		15.09	%		5.73	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	3,671		$	3,899		$	2,724		$	1		$	236		$	1,726
Ratio of expenses to average daily net assets:
Before expense waiver		1.32	%		1.32	%		1.32	%		1.07	%		1.07	%		1.07	%
After expense waiver		1.30	% #		1.30	% #		1.30	% #		1.05	% #		1.05	% #		1.05	% #
Net investment income (loss) to average daily net assets		(0.36	)%		(0.52	)%		(0.51	)%		(0.01	)%		(0.24	)%		(0.27	)%
Portfolio turnover rate		70	%		33	%		32	%		70	%		33	%		32	%

	Class Y
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05†
Net asset value, beginning of year	$	16.40		$	14.77		$	13.95
Income (loss) from investment operations:
Net investment income (loss)		0.00	***††		(0.02	)***		(0.02	)***
Net realized and unrealized gain (loss) on investments		0.67			2.17			0.84
Total income from investment operations		0.67			2.15			0.82
Less distributions to shareholders:
From net realized gains		(1.40	)		(0.52	)		-
Net asset value, end of year	$	15.67		$	16.40		$	14.77

Total Return(a)		4.23	%		14.99	%		5.88	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	7,642		$	2,000		$	641
Ratio of expenses to average daily net assets:
Before expense waiver		0.92	%		0.92	%		0.92	%
After expense waiver		0.90	% #		0.90	% #		0.90	% #
Net investment income (loss) to average daily net assets		0.02	%		(0.10	)%		(0.11	)%
Portfolio turnover rate		70	%		33	%		32	%

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

† For the period November 1, 2004 (commencement of operations) through October 31, 2005.

†† Amount is less than $0.01 per share.

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

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

The accompanying notes are an integral part of the financial statements.
286

MassMutual Premier Small Capitalization Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class S
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05			Year ended 10/31/04			Year ended 10/31/03
Net asset value, beginning of year	$	16.42		$	14.78		$	13.95		$	12.80		$	9.31
Income (loss) from investment operations:
Net investment income (loss)		0.02	***		(0.01	)***		(0.01	)***		0.02			0.03
Net realized and unrealized gain (loss) on investments		0.65			2.17			0.84			2.22			3.50
Total income from investment operations		0.67			2.16			0.83			2.24			3.53
Less distributions to shareholders:
From net investment income		-			-			-			(0.04	)		(0.04	)
From net realized gains		(1.40	)		(0.52	)		-			(1.05	)		-
Total distributions		(1.40	)		(0.52	)		-			(1.09	)		(0.04	)
Net asset value, end of year	$	15.69		$	16.42		$	14.78		$	13.95		$	12.80

Total Return		4.23	% (a)		15.05	% (a)		5.95	% (a)		17.48	%		38.13	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	91,325		$	113,892		$	101,002		$	102,717		$	83,165
Ratio of expenses to average daily net assets:
Before expense waiver		0.87	%		0.87	%		0.87	%		0.90	%		0.98	%
After expense waiver		0.85	% #		0.85	% #		0.85	% #		0.85	% #		0.85	% #
Net investment income (loss) to average daily net assets		0.10	%		(0.06	)%		(0.07	)%		0.17	%		0.39	%
Portfolio turnover rate		70	%		33	%		32	%		66	%		65	%

	Class N
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05†
Net asset value, beginning of year	$	16.17		$	14.67		$	13.95
Income (loss) from investment operations:
Net investment income (loss)		(0.10	)***		(0.13	)***		(0.12	)***
Net realized and unrealized gain (loss) on investments		0.65			2.15			0.84
Total income from investment operations		0.55			2.02			0.72
Less distributions to shareholders:
From net realized gains		(1.40	)		(0.52	)		-
Net asset value, end of year	$	15.32		$	16.17		$	14.67

Total Return(a)		3.50	% (b)		14.19	% (b)		5.16	% (b)
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	1,537		$	1,520		$	106
Ratio of expenses to average daily net assets:
Before expense waiver		1.62	%		1.62	%		1.62	%
After expense waiver		1.60	% #		1.60	% #		1.60	% #
Net investment income (loss) to average daily net assets		(0.65	)%		(0.81	)%		(0.82	)%
Portfolio turnover rate		70	%		33	%		32	%

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

† For the period November 1, 2004 (commencement of operations) through October 31, 2005.

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

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

The accompanying notes are an integral part of the financial statements.
287

MassMutual Premier Main Street Small Cap Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A						Class L						Class Y
	Year ended 10/31/07			Period ended 10/31/06©			Year ended 10/31/07			Period ended 10/31/06©			Year ended 10/31/07			Period ended 10/31/06©
Net asset value, beginning of period	$	10.45		$	10.00		$	10.45		$	10.00		$	10.45		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.06	***		(0.00	)***†		0.08	***		0.00	***†		0.07	***		0.00	***†
Net realized and unrealized gain (loss) on investments		0.97			0.45			0.98			0.45			1.01			0.45
Total income from investment operations		1.03			0.45			1.06			0.45			1.08			0.45
Less distributions to shareholders:
From net realized gains		(0.01	)		-			(0.01	)		-			(0.01	)		-
Net asset value, end of period	$	11.47		$	10.45		$	11.50		$	10.45		$	11.52		$	10.45
Total Return(a)		9.85	% (b)		4.50	% **(b)		10.14	%		4.50	% **		10.33	%		4.50	%**
Ratios / Supplemental Data:
Net assets, end of year (000's)	$	3,420		$	104		$	49,729		$	105		$	0		$	105
Ratio of expenses to average daily net assets:
Before expense waiver		1.40	%		5.08	% *		1.15	%		4.83	% *		1.00	%		4.68	%*
After expense waiver		1.14	% #		1.14	% *#		0.89	% #		0.89	% *#		0.79	% #		0.79	%*#
Net investment income (loss) to average daily net assets		0.52	%		(0.19	)% *		0.74	%		0.07	% *		0.67	%		0.17	%*
Portfolio turnover rate		127	%		17	% **		127	%		17	% **		127	%		17	%**

	Class S						Class N
	Year ended 10/31/07			Period ended 10/31/06©			Year ended 10/31/07			Period ended 10/31/06©
Net asset value, beginning of period	$	10.45		$	10.00		$	10.44		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.10	***		0.00	***†		0.01	***		(0.01	)***
Net realized and unrealized gain (loss) on investments		0.99			0.45			1.00			0.45
Total income from investment operations		1.09			0.45			1.01			0.44
Less distributions to shareholders:
From net investment income		(0.01	)		-			-			-
From net realized gains		(0.01	)		-			(0.01	)		-
Total distributions		(0.02	)		-			(0.01	)		-
Net asset value, end of period	$	11.52		$	10.45		$	11.44		$	10.44
Total Return(a)		10.41	%		4.50	% **		9.67	% (b)		4.40	% **(b)
Ratios / Supplemental Data:
Net assets, end of year (000's)	$	68,822		$	10,034		$	33		$	104
Ratio of expenses to average daily net assets:
Before expense waiver		0.90	%		4.58	% *		1.70	%		5.38	% *
After expense waiver		0.69	% #		0.69	% *#		1.49	% #		1.49	% *#
Net investment income (loss) to average daily net assets		0.87	%		0.27	% *		0.11	%		(0.54	)% *
Portfolio turnover rate		127	%		17	% **		127	%		17	% **

* Annualized.

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

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

† Amount is less than $0.01 per share.

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

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

The accompanying notes are an integral part of the financial statements.
288

MassMutual Premier Small Company Opportunities Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05			Year ended 10/31/04			Year ended 10/31/03
Net asset value, beginning of year	$	16.99		$	16.84		$	15.79		$	15.16		$	11.76
Income (loss) from investment operations:
Net investment income (loss)		0.05	***		(0.04	)***		(0.05	)***		(0.08	)		(0.04	)
Net realized and unrealized gain (loss) on investments		1.26			1.63			1.10			1.31			3.74
Total income from investment operations		1.31			1.59			1.05			1.23			3.70
Less distributions to shareholders:
Tax return of capital		-			-			-			-			(0.00	)†
From net realized gains		(5.70	)		(1.44	)		(0.00	)†		(0.60	)		(0.30	)
Total distributions		(5.70	)		(1.44	)		(0.00	)		(0.60	)		(0.30	)
Net asset value, end of year	$	12.60		$	16.99		$	16.84		$	15.79		$	15.16

Total Return(a)		9.94	% (b)		9.81	% (b)		6.74	% (b)		8.13	%		32.08	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	163,154		$	236,029		$	411,467		$	452,238		$	450,972
Ratio of expenses to average daily net assets:
Before expense waiver		1.23	%		1.17	%		1.15	%		1.13	%		1.14	%
After expense waiver		1.14	% #		1.14	% #		1.14	% #		N/A			N/A
Net investment income (loss) to average daily net assets		0.40	%		(0.24	)%		(0.28	)%		(0.45	)%		(0.37	)%
Portfolio turnover rate		111	%		134	%		45	%		43	%		53	%

	Class L									Class Y
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05©			Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05©
Net asset value, beginning of year	$	17.08		$	16.89		$	15.79		$	17.11		$	16.91		$	15.79
Income (loss) from investment operations:
Net investment income (loss)		0.08	***		0.00	***†		(0.01	)***		0.10	***		0.02	***		0.01	***
Net realized and unrealized gain (loss) on investments		1.28			1.63			1.11			1.28			1.62			1.11
Total income from investment operations		1.36			1.63			1.10			1.38			1.64			1.12
Less distributions to shareholders:
From net realized gains		(5.70	)		(1.44	)		(0.00	)†		(5.70	)		(1.44	)		(0.00	)†
Net asset value, end of year	$	12.74		$	17.08		$	16.89		$	12.79		$	17.11		$	16.91
Total Return(a)		10.28	%		10.09	%		6.99	%		10.33	%		10.21	%		7.12	%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	8,595		$	74,494		$	88,802		$	6,898		$	6,564		$	14,667
Ratio of expenses to average daily net assets:
Before expense waiver		0.98	%		0.92	%		0.90	%		0.88	%		0.82	%		0.80	%
After expense waiver		0.89	% #		0.89	% #		0.89	% #		0.79	% #		0.79	% #		0.79	% #
Net investment income (loss) to average daily net assets		0.56	%		0.02	%		(0.03	)%		0.76	%		0.13	%		0.07	%
Portfolio turnover rate		111	%		134	%		45	%		111	%		134	%		45	%

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

† Amount is less than $0.01 per share.

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

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

The accompanying notes are an integral part of the financial statements.
289

MassMutual Premier Small Company Opportunities Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class S									Class N
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05©			Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05©
Net asset value, beginning of year	$	17.15		$	16.92		$	15.79		$	16.87		$	16.79		$	15.79
Income (loss) from investment operations:
Net investment income (loss)		0.11	***		0.04	***		0.03	***		0.01	***		(0.10	)***		(0.11	)***
Net realized and unrealized gain (loss) on investments		1.28			1.63			1.10			1.24			1.62			1.11
Total income from investment operations		1.39			1.67			1.13			1.25			1.52			1.00
Less distributions to shareholders:
From net realized gains		(5.70	)		(1.44	)		(0.00	)†		(5.70	)		(1.44	)		(0.00	)†
Net asset value, end of year	$	12.84		$	17.15		$	16.92		$	12.42		$	16.87		$	16.79
Total Return(a)		10.45	%		10.26	%		7.25	%		9.54	% (b)		9.45	% (b)		6.36	% (b)
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	220,767		$	328,698		$	368,359		$	104		$	140		$	140
Ratio of expenses to average daily net assets:
Before expense waiver		0.78	%		0.72	%		0.70	%		1.58	%		1.52	%		1.50	%
After expense waiver		0.69	% #		0.69	% #		0.69	% #		1.49	% #		1.49	% #		1.49	% #
Net investment income (loss) to average daily net assets		0.85	%		0.22	%		0.17	%		0.06	%		(0.58	)%		(0.63	)%
Portfolio turnover rate		111	%		134	%		45	%		111	%		134	%		45	%

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

† Amount is less than $0.01 per share.

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

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

The accompanying notes are an integral part of the financial statements.
290

MassMutual Premier Global Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A									Class L
	Year ended 10/31/07			Year ended 10/31/06			Period ended 10/31/05©			Year ended 10/31/07			Year ended 10/31/06			Period ended 10/31/05©
Net asset value, beginning of period	$	12.43		$	10.58		$	10.00		$	12.51		$	10.60		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.04	***		0.08	***		0.00	***†		0.08	***		0.11	***		0.05	***
Net realized and unrealized gain (loss) on investments		2.23			1.86			0.58			2.24			1.87			0.55
Total income from investment operations		2.27			1.94			0.58			2.32			1.98			0.60
Less distributions to shareholders:
From net investment income		(0.13	)		(0.09	)		-			(0.14	)		(0.07	)		-
From net realized gains		(0.33	)		-			-			(0.33	)		-			-
Total distributions		(0.46	)		(0.09	)		-			(0.47	)		(0.07	)		-
Net asset value, end of period	$	14.24		$	12.43		$	10.58		$	14.36		$	12.51		$	10.60
Total Return(a)		18.73	% (b)		18.41	% (b)		5.80	%**(b)		19.07	%		18.78	%		6.00	%**
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	49,635		$	31,763		$	6,539		$	303,017		$	290,689		$	245,413
Ratio of expenses to average daily net assets:
Before expense waiver		1.50	%		1.50	%		1.50	%*		1.25	%		1.24	%		1.25	%*
After expense waiver		1.43	% #		1.43	% #		1.43	%*#		1.14	% #		1.14	% #		1.14	%*#
Net investment income (loss) to average daily net assets		0.34	%		0.69	%		0.00	%*		0.63	%		0.96	%		0.59	%*
Portfolio turnover rate		16	%		25	%		25	%**		16	%		25	%		25	%**
	Class Y									Class S
	Year ended 10/31/07			Year ended 10/31/06			Period ended 10/31/05©			Year ended 10/31/07			Year ended 10/31/06			Period ended 10/31/05©
Net asset value, beginning of period	$	12.50		$	10.61		$	10.00		$	12.55		$	10.62		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.10	***		0.12	***		0.06	***		0.12	***		0.14	***		0.07	***
Net realized and unrealized gain (loss) on investments		2.24			1.87			0.55			2.25			1.88			0.55
Total income from investment operations		2.34			1.99			0.61			2.37			2.02			0.62
Less distributions to shareholders:
From net investment income		(0.17	)		(0.10	)		-			(0.17	)		(0.09	)		-
From net realized gains		(0.33	)		-			-			(0.33	)		-			-
Total distributions		(0.50	)		(0.10	)		-			(0.50	)		(0.09	)		-
Net asset value, end of period	$	14.34		$	12.50		$	10.61		$	14.42		$	12.55		$	10.62
Total Return(a)		19.29	%		18.86	%		6.10	%**		19.43	%		19.11	%		6.20	%**
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	10,514		$	4,702		$	3,099		$	423,870		$	436,584		$	372,258
Ratio of expenses to average daily net assets:
Before expense waiver		1.10	%		1.10	%		1.12	%*		1.07	%		1.06	%		1.06	%*
After expense waiver		1.03	% #		1.03	% #		1.03	%*#		0.89	% #		0.89	% #		0.89	%*#
Net investment income (loss) to average daily net assets		0.74	%		1.06	%		0.66	%*		0.87	%		1.21	%		0.85	%*
Portfolio turnover rate		16	%		25	%		25	%**		16	%		25	%		25	%**

* Annualized.

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

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

† Amount is less than $ 0.01 per share.

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

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

The accompanying notes are an integral part of the financial statements.
291

MassMutual Premier Global Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Year ended 10/31/07			Year ended 10/31/06			Period ended 10/31/05©
Net asset value, beginning of period	$	12.48		$	10.56		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.03	***		0.06	***		0.02	***
Net realized and unrealized gain (loss) on investments		2.24			1.88			0.54
Total income from investment operations		2.27			1.94			0.56
Less distributions to shareholders:
From net investment income		(0.11	)		(0.02	)		-
From net realized gains		(0.33	)		-			-
Total distributions		(0.44	)		(0.02	)		-
Net asset value, end of period	$	14.31		$	12.48		$	10.56
Total Return(a)		18.69	% (b)		18.35	% (b)		5.60	%**(b)
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	864		$	574		$	291
Ratio of expenses to average daily net assets:
Before expense waiver		1.80	%		1.80	%		1.79	%*
After expense waiver		1.52	% #		1.52	% #		1.52	%*#
Net investment income (loss) to average daily net assets		0.23	%		0.53	%		0.27	%*
Portfolio turnover rate		16	%		25	%		25	%**

* Annualized.

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

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

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

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

The accompanying notes are an integral part of the financial statements.
292

MassMutual Premier International Equity Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05††			Period ended 10/31/04©			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	14.55		$	11.61		$	9.64		$	9.46		$	6.32		$	9.12
Income (loss) from investment operations:
Net investment income (loss)		0.18	***		0.07	***		0.03	***		0.02	***		0.01	***		0.05	***
Net realized and unrealized gain (loss) on investments		4.66			2.96			1.94			0.20			3.16			(2.80	)
Total income (loss) from investment operations		4.84			3.03			1.97			0.22			3.17			(2.75	)
Less distributions to shareholders:
From net investment income		(0.14	)		(0.09	)		-			(0.04	)		(0.03	)		(0.05	)
Tax return of capital		-			-			-			-			-			(0.00	)†
Total distributions		(0.14	)		(0.09	)		-			(0.04	)		(0.03	)		(0.05	)
Net asset value, end of period	$	19.25		$	14.55		$	11.61		$	9.64		$	9.46		$	6.32
Total Return(a)		33.50	% (c)		26.27	% (c)		20.44	%(c)		2.33	% **(c)		49.88	%		(30.11	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	103,369		$	85,486		$	55,809		$	46,831		$	50,817		$	30,849
Ratio of expenses to average daily net assets:
Before expense waiver		1.53	%		1.55	%		1.54	%		1.53	% *		1.52	%		1.53	%
After expense waiver		1.52	% #		1.52	% #		1.52	%#		1.52	% *(b)		1.50	% (b)		1.52	% (b)#
Net investment income (loss) to average daily net assets		1.05	%		0.55	%		0.28	%		0.31	% *		0.15	%		0.67	%
Portfolio turnover rate		25	%		27	%		26	%		32	% **		70	%		40	%
	Class L
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05††			Period ended 10/31/04©			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	14.66		$	11.69		$	9.69		$	9.48		$	6.34		$	9.13
Income (loss) from investment operations:
Net investment income (loss)		0.22	***		0.10	***		0.06	***		0.04	***		0.03	***		0.08	***
Net realized and unrealized gain (loss) on investments		4.70			2.99			1.94			0.21			3.15			(2.81	)
Total income (loss) from investment operations		4.92			3.09			2.00			0.25			3.18			(2.73	)
Less distributions to shareholders:
From net investment income		(0.13	)		(0.12	)		-			(0.04	)		(0.04	)		(0.06	)
Tax return of capital		-			-			-			-			-			(0.00	)†
Total distributions		(0.13	)		(0.12	)		-			(0.04	)		(0.04	)		(0.06	)
Net asset value, end of period	$	19.45		$	14.66		$	11.69		$	9.69		$	9.48		$	6.34
Total Return(a)		33.87	%		26.61	%		20.64	%		2.66	% **		50.23	%		(29.89	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	113,298		$	118,352		$	223,255		$	185,394		$	183,493		$	95,876
Ratio of expenses to average daily net assets:
Before expense waiver		1.28	%		1.30	%		1.29	%		1.28	% *		1.27	%		1.28	%
After expense waiver		1.27	% #		1.27	% #		1.27	%#		1.27	% *(b)		1.25	% (b)		1.27	% (b)#
Net investment income (loss) to average daily net assets		1.28	%		0.77	%		0.54	%		0.53	% *		0.34	%		0.97	%
Portfolio turnover rate		25	%		27	%		26	%		32	% **		70	%		40	%

* Annualized.

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

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

† Amount is less than $0.01 per share.

†† Effective November 1, 2004, rebated brokerage commissions are included with realized gain or loss on investment transactions. Prior to November 1, 2004, these amounts were presented as a reduction of expenses. Prior year amounts have not been restated to reflect this change due to immateriality. (See Note 3).

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

(b) The Fund has entered into agreements with certain brokers to rebate a portion of brokerage commissions. The rebated commissions were used to reduce operating expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
293

MassMutual Premier International Equity Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class Y
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05††			Period ended 10/31/04©			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	14.79		$	11.80		$	9.76		$	9.54		$	6.37		$	9.18
Income (loss) from investment operations:
Net investment income (loss)		0.25	***		0.13	***		0.08	***		0.05	***		0.05	***		0.08	***
Net realized and unrealized gain (loss) on investments		4.74			3.00			1.97			0.21			3.17			(2.81	)
Total income (loss) from investment operations		4.99			3.13			2.05			0.26			3.22			(2.73	)
Less distributions to shareholders:
From net investment income		(0.19	)		(0.14	)		(0.01	)		(0.04	)		(0.05	)		(0.08	)
Tax return of capital		-			-			-			-			-			(0.00	)†
Total distributions		(0.19	)		(0.14	)		(0.01	)		(0.04	)		(0.05	)		(0.08	)
Net asset value, end of period	$	19.59		$	14.79		$	11.80		$	9.76		$	9.54		$	6.37
Total Return(a)		34.05	%		26.68	%		20.95	%		2.75	% **		50.60	%		(29.82	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	83,333		$	73,348		$	59,211		$	39,106		$	44,227		$	41,795
Ratio of expenses to average daily net assets:
Before expense waiver		1.13	%		1.15	%		1.14	%		1.13	% *		1.12	%		1.12	%
After expense waiver		1.12	% #		1.12	% #		1.12	% #		1.11	% *(b)		1.10	% (b)		1.11	% (b)#
Net investment income (loss) to average daily net assets		1.46	%		0.93	%		0.69	%		0.66	% *		0.64	%		1.07	%
Portfolio turnover rate		25	%		27	%		26	%		32	% **		70	%		40	%
	Class S
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05††			Period ended 10/31/04©			Year ended 12/31/03			Year ended 12/31/02
Net asset value, beginning of period	$	14.82		$	11.82		$	9.78		$	9.56		$	6.39		$	9.21
Income (loss) from investment operations:
Net investment income (loss)		0.25	***		0.13	***		0.08	***		0.06	***		0.04	***		0.09	***
Net realized and unrealized gain (loss) on investments		4.76			3.01			1.97			0.20			3.19			(2.83	)
Total income (loss) from investment operations		5.01			3.14			2.05			0.26			3.23			(2.74	)
Less distributions to shareholders:
From net investment income		(0.20	)		(0.14	)		(0.01	)		(0.04	)		(0.06	)		(0.08	)
Tax return of capital		-			-			-			-			-			(0.00	)†
Total distributions		(0.20	)		(0.14	)		(0.01	)		(0.04	)		(0.06	)		(0.08	)
Net asset value, end of period	$	19.63		$	14.82		$	11.82		$	9.78		$	9.56		$	6.39
Total Return(a)		34.17	%		26.76	%		20.91	%		2.75	% **		50.49	%		(29.82	)%
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	1,033,709		$	806,440		$	608,471		$	524,488		$	587,883		$	441,475
Ratio of expenses to average daily net assets:
Before expense waiver		1.10	%		1.12	%		1.11	%		1.10	% *		1.09	%		1.10	%
After expense waiver		1.09	% #		1.09	% #		1.09	% #		1.08	% *(b)		1.07	% (b)		1.09	% (b)#
Net investment income (loss) to average daily net assets		1.47	%		0.97	%		0.72	%		0.70	% *		0.58	%		1.18	%
Portfolio turnover rate		25	%		27	%		26	%		32	% **		70	%		40	%

* Annualized.

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

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

† Amount is less than $0.01 per share.

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

(b) The Fund has entered into agreements with certain brokers to rebate a portion of brokerage commissions. The rebated commissions were used to reduce operating expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
294

MassMutual Premier International Equity Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class N
	Year ended 10/31/07			Year ended 10/31/06			Year ended 10/31/05††			Period ended 10/31/04©			Year ended 12/31/03			Period ended 12/31/02©©
Net asset value, beginning of period	$	14.40		$	11.50		$	9.58		$	9.42		$	6.30		$	6.26
Income (loss) from investment operations:
Net investment income (loss)		0.12	***		0.03	***		(0.00	)***†		(0.00	)***†		(0.01	)***		(0.00	)***†
Net realized and unrealized gain (loss) on investments		4.63			2.93			1.92			0.20			3.13			0.04
Total income from investment operations		4.75			2.96			1.92			0.20			3.12			0.04
Less distributions to shareholders:
From net investment income		(0.10	)		(0.06	)		-			(0.04	)		(0.00	)†		-
Net asset value, end of period	$	19.05		$	14.40		$	11.50		$	9.58		$	9.42		$	6.30

Total Return(a)		33.12	% (c)		25.82	% (c)		20.04	% (c)		2.22	% **(c)		49.44	% (c)		-	‡
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	308		$	232		$	186		$	155		$	152		$	102
Ratio of expenses to average daily net assets:
Before expense waiver		1.83	%		1.85	%		1.84	%		1.83	% *		1.82	%		-	‡
After expense waiver		1.82	% #		1.82	% #		1.82	% #		1.82	% *(b)		1.81	% (b)		-	‡
Net investment income (loss) to average daily net assets		0.74	%		0.23	%		(0.01	)%		(0.02	)% *		(0.16	)%		-	‡
Portfolio turnover rate		25	%		27	%		26	%		32	% **		70	%		40	%

* Annualized.

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

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

† Amount is less than $0.01 per share.

©© Class N commenced operations on December 31, 2002.

‡ Amount is de minimis due to the short period of operations.

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

(b) The Fund has entered into agreements with certain brokers to rebate a portion of brokerage commissions. The rebated commissions were used to reduce operating expenses of the Fund.

The accompanying notes are an integral part of the financial statements.
295

MassMutual Premier Focused International Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

	Class A						Class L						Class Y
	Year ended 10/31/07			Period ended 10/31/06†			Year ended 10/31/07			Period ended 10/31/06†			Year ended 10/31/07			Period ended 10/31/06†
Net asset value, beginning of period	$	12.41		$	10.00		$	12.44		$	10.00		$	12.45		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.08	***		0.07	***		0.11	***		(0.01	)***		0.14	***		0.12	***
Net realized and unrealized gain (loss) on investments		4.80			2.34			4.82			2.45			4.82			2.33
Total income from investment operations		4.88			2.41			4.93			2.44			4.96			2.45
Less distributions to shareholders:
From net investment income		(0.00	)††		-			(0.01	)		-			(0.01	)		-
From net realized gains		(0.09	)		-			(0.09	)		-			(0.09	)		-
Total distributions		(0.09	)		-			(0.10	)		-			(0.10	)		-
Net asset value, end of period	$	17.20		$	12.41		$	17.27		$	12.44		$	17.31		$	12.45
Total Return(a)		39.55	% (b)		24.10	%**(b)		39.91	%		24.40	% **		40.12	%		24.50	%**
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	36,718		$	3,773		$	17,632		$	9,667		$	739		$	179
Ratio of expenses to average daily net assets:
Before expense waiver		1.75	%		1.70	%*		1.50	%		2.21	% *		1.35	%		2.52	%*
After expense waiver		1.58	% #		1.58	%*#		1.33	% #		1.33	% *#		1.18	% #		1.18	%*#
Net investment income (loss) to average daily net assets		0.57	%		0.68	%*		0.78	%		(0.13	)% *		0.95	%		1.13	%*
Portfolio turnover rate		95	%		81	%**		95	%		81	% **		95	%		81	%**

	Class S						Class N
	Year ended 10/31/07			Period ended 10/31/06†			Year ended 10/31/07			Period ended 10/31/06†
Net asset value, beginning of period	$	12.46		$	10.00		$	12.37		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.15	***		0.13	***		0.02	***		0.05	***
Net realized and unrealized gain (loss) on investments		4.82			2.33			4.80			2.32
Total income from investment operations		4.97			2.46			4.82			2.37
Less distributions to shareholders:
From net investment income		(0.01	)		-			-			-
From net realized gains		(0.09	)		-			(0.09	)		-
Total distributions		(0.10	)		-			(0.09	)		-
Net asset value, end of period	$	17.33		$	12.46		$	17.10		$	12.37
Total Return(a)		40.18	%		24.60	%**		39.19	% (b)		23.70	% **(b)
Ratios / Supplemental Data:
Net assets, end of period (000's)	$	26,159		$	6,036		$	847		$	151
Ratio of expenses to average daily net assets:
Before expense waiver		1.25	%		2.52	%*		2.15	%		3.35	% *
After expense waiver		1.15	% #		1.15	%*#		1.88	% #		1.88	% *#
Net investment income (loss) to average daily net assets		1.04	%		1.22	%*		0.13	%		0.47	% *
Portfolio turnover rate		95	%		81	%**		95	%		81	% **

* Annualized.

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

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

† For the period December 1, 2005 (commencement of operations) through October 31, 2006.

†† Amount is less than $0.01 per share.

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

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

The accompanying notes are an integral part of the financial statements.
296

Notes to Financial Statements

1. The Fund
MassMutual Premier 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 August 1, 1994, as amended. The Trust consists of the following series (each individually referred to as a "Fund" or collectively as the "Funds"): MassMutual Premier Money Market Fund ("Money Market Fund"), MassMutual Premier Short-Duration Bond Fund ("Short-Duration Bond Fund"), MassMutual Premier Inflation-Protected Bond Fund ("Inflation-Protected Bond Fund"), MassMutual Premier Core Bond Fund ("Core Bond Fund"), MassMutual Premier Diversified Bond Fund ("Diversified Bond Fund"), MassMutual Premier Strategic Income Fund ("Strategic Income Fund"), MassMutual Premier High Yield Fund ("High Yield Fund"), MassMutual Premier Balanced Fund ("Balanced Fund"), MassMutual Premier Value Fund ("Value Fund"), MassMutual Premier Enhanced Index Value Fund ("Enhanced Index Value Fund"), MassMutual Premier Enhanced Index Core Equity Fund ("Enhanced Index Core Equity Fund"), MassMutual Premier Main Street Fund ("Main Street Fund"), MassMutual Premier Capital Appreciation Fund ("Capital Appreciation Fund"), MassMutual Premier Core Growth Fund ("Core Growth Fund"), MassMutual Premier Enhanced Index Growth Fund ("Enhanced Index Growth Fund"), MassMutual Premier Discovery Value Fund ("Discovery Value Fund"), MassMutual Premier Small Capitalization Value Fund ("Small Capitalization Value Fund"), MassMutual Premier Main Street Small Cap Fund ("Main Street Small Cap Fund"), MassMutual Premier Small Company Opportunities Fund ("Small Company Opportunities Fund"), MassMutual Premier Global Fund ("Global Fund"), MassMutual Premier International Equity Fund ("International Equity Fund") and MassMutual Premier Focused International Fund ("Focused International Fund").

The Discovery Value Fund and Focused International Fund commenced operations on December 1, 2005.

The Main Street Small Cap Fund commenced operations on September 27, 2006.

Prior to the opening of business on September 17, 2007, the Enhanced Index Value Fund acquired all assets and liabilities of the MassMutual Premier Enhanced Index Value Fund II ("Enhanced Index Value Fund II). The acquisition was accomplished by a tax-free exchange of 510,982 Class A shares, 54,818 Class L shares, 186,139 Class Y shares, 16,377,117 Class S shares and 14,363 Class N shares of the Enhanced Index Value Fund II for 353,027 Class A shares, 38,011 Class L shares, 127,576 Class Y shares, 11,169,165 Class S shares and 9,845 Class N shares of the Enhanced Index Value Fund. Enhanced Index Value Fund II's net assets at that date of $152,349,540, including $3,799,417 of net unrealized appreciation, were combined with those of the Enhanced Index Value Fund. The aggregate net assets of the Enhanced Index Value Fund immediately before the acquisition were $420,379,056. The combined net assets of the Enhanced Index Value Fund immediately following the acquisition were $572,728,596.

Each Fund has five classes of shares: Class A, Class L, Class Y, Class S and Class N. Class N shares of the Money Market Fund are not currently available. The principal economic difference among the classes is the level of service and administration fees borne by the classes. The classes of shares are offered to different types of investors, as outlined in the Trust's Prospectus.

2. Significant Accounting Policies
The following is a summary of significant accounting policies followed consistently by each Fund in the preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America ("generally accepted accounting principles"). The preparation of the financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

297

Notes to Financial Statements (Continued)

Investment Valuation
Equity securities are valued on the basis of valuations furnished by a pricing service, authorized by the Board of Trustees ("Trustees"), which provides the last reported sale price for securities listed on a national securities exchange or the official closing price on the NASDAQ National Market System, or in the case of over-the-counter securities not so listed, the last reported bid price. Debt securities (other than short-term obligations with a remaining maturity of sixty days or less) are valued on the basis of valuations furnished by a pricing service, authorized by the Trustees, which determines valuations taking into account appropriate factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data. For all Funds, excluding the Money Market Fund, short-term securities with a remaining maturity of sixty days or less are valued at either amortized cost or at original cost plus accrued interest, whichever approximates current market value. The Money Market Fund's portfolio securities are valued at amortized cost in accordance with Rule 2a-7 under the 1940 Act pursuant to which the Money Market Fund must adhere to certain conditions. It is the intention of the Money Market Fund to maintain a per-share net asset value of $1.00. All other securities and other assets, including futures, options, swaps and debt securities for which the prices supplied by a pricing agent are deemed by the Trustees not to be representative of market values, including restricted securities and securities for which no market quotation is available, are valued at fair value in accordance with procedures approved by the Trustees. Securities are typically valued on the basis of valuations furnished by a primary pricing service or, if no such valuation is available, from a secondary pricing service. However, valuation methods approved by the Trustees which are intended to reflect fair value may be used when pricing service information is not readily available or when a security's value is believed to have been materially affected by a significant event, such as a natural disaster, an economic event like a bankruptcy filing, or a substantial fluctuation in domestic or foreign markets, that has occurred after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market). In such a case, a Fund's value for a security is likely to be different from the last quoted market price or pricing service information. In addition, a fair value pricing service is used to assist in the pricing of foreign securities held by the Trust's foreign funds. Due to the subjective and variable nature of fair value pricing, it is possible that the value determined for a particular asset may be materially different from the value realized upon such asset's sale.

Portfolio securities traded on more than one national securities exchange are valued at the last price on the business day as of which such value is being determined at the close of the exchange representing the principal market for such securities. All assets and liabilities expressed in foreign currencies are converted into U.S. dollars at the mean between the buying and selling rates of such currencies against U.S. dollars last quoted by any major bank. If such quotations are not available, the rate of exchange is determined in accordance with policies established by the Trustees.

Securities Lending
Each Fund may lend its securities to qualified brokers; however, securities lending cannot exceed 33% of the total assets of the Funds taken at current value. The loans are collateralized at all times with cash or securities with a market value at least equal to 100% of the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional collateral is delivered to the Fund the next business day. As with other extensions of credit, the Funds may bear the risk of delay in recovery or even loss of rights in the collateral should the borrower of the securities fail financially. The Funds receive compensation for lending their securities. At October 31, 2007, the Funds loaned securities having the following market values collateralized by cash, which was invested in short-term instruments in the following amounts:

	Securities on Loan		Collateral
Short-Duration Bond Fund	$	1,077,507	$	1,131,434
Core Bond Fund		87,423,090		91,670,885
Diversified Bond Fund		36,441,701		38,146,853
Strategic Income Fund		3,110,776		3,269,294
High Yield Fund		28,655,958		30,207,230

298

Notes to Financial Statements (Continued)

	Securities on Loan		Collateral
Balanced Fund	$	13,402,573	$	13,797,580
Value Fund		34,145,302		35,225,398
Enhanced Index Value Fund		23,384,984		24,144,116
Enhanced Index Core Equity Fund		7,444,224		7,629,546
Main Street Fund		17,019,265		17,389,161
Capital Appreciation Fund		82,498,189		84,658,451
Core Growth Fund		10,027,544		10,247,864
Enhanced Index Growth Fund		25,426,523		26,231,356
Discovery Value Fund		10,033,110		10,312,312
Small Capitalization Value Fund		27,463,085		28,760,889
Main Street Small Cap Fund		21,427,499		22,202,986
Small Company Opportunities Fund		70,817,811		73,321,956
Global Fund		54,868,640		57,830,007
International Equity Fund		111,817,553		114,920,455
Focused International Fund		2,734,442		2,757,900
	$	666,630,481	$	693,855,673

For each Fund, the amount of securities on loan indicated in the table above may not correspond with the securities on loan identified on the Portfolio of Investments because securities with pending sales are in the process of recall from the brokers.

The Trust receives, as fees, a share of the income earned on investment of the cash collateral received for the loan of securities. For the year ended October 31, 2007, the Trust earned securities lending agent fees as follows:

	Securities Lending Gross Income		Securities Lending Fees and Expenses		Securities Lending Net Income
Short-Duration Bond Fund	$	29,553	$	28,657	$	896
Core Bond Fund		7,615,715		7,359,760		255,955
Diversified Bond Fund		2,929,909		2,790,224		139,685
Strategic Income Fund		497,068		452,580		44,488
High Yield Fund		1,408,855		1,269,740		139,115
Balanced Fund		747,456		724,629		22,827
Value Fund		1,823,992		1,749,811		74,181
Enhanced Index Value Fund		1,133,380		1,072,173		61,207
Enhanced Index Core Equity Fund		223,106		217,081		6,025
Main Street Fund		814,698		768,233		46,465
Capital Appreciation Fund		5,648,335		5,394,028		254,307
Core Growth Fund		438,134		419,254		18,880
Enhanced Index Growth Fund		701,520		676,013		25,507
Discovery Value Fund		302,530		288,640		13,890
Small Capitalization Value Fund		1,474,912		1,318,084		156,828
Main Street Small Cap Fund		649,664		582,562		67,102
Small Company Opportunities Fund		4,271,084		3,944,412		326,672
Global Fund		4,673,608		3,983,902		689,706
International Equity Fund		7,509,818		6,763,231		746,587
Focused International Fund		56,076		48,117		7,959
	$	42,949,413	$	39,851,131	$	3,098,282

299

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. The Funds, through their custodian, take possession of the securities collateralizing the repurchase agreement. The collateral is marked to market daily to ensure that the market value of the underlying assets remains sufficient to protect the Funds in the event of default by the seller. Collateral for certain tri-party repurchase agreements is held at the counterparty's custodian in a segregated account for the benefit of the Funds and the counterparty. In connection with transactions in repurchase agreements, if the seller defaults and the value of the collateral declines or if the seller enters insolvency proceedings, realization of collateral by the Funds may be delayed or limited.

Accounting for Investments
Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investments and unrealized appreciation and depreciation of investments are computed by the specific identification cost method. Interest income, adjusted for amortization of discounts and premiums on debt securities, is earned from the settlement date and is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date.

Federal Income Tax
It is each Fund's intent to continue to comply with the provisions of subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to a regulated investment company. Under such provisions, the Funds will not be subject to federal income taxes on their ordinary income and net realized capital gains to the extent they are distributed or deemed to have been distributed to their shareholders. Therefore, no federal income tax provision is required. Withholding taxes on foreign interest, dividends, and capital gains have been provided for in accordance with the applicable country's tax rules and rates.

Dividends and Distributions to Shareholders
Dividends from net investment income of each Fund, other than the Money Market Fund, are declared and paid annually and at other times as may be required to satisfy tax or regulatory requirements. Dividends from net investment income are declared daily and paid monthly for the Money Market Fund. Distributions of any net realized capital gains of each Fund are declared and paid annually and at other times as may be required to satisfy tax or regulatory requirements. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. These differences are primarily due to investments in forward contracts, passive foreign investment companies, the deferral of wash sale losses, and paydowns on certain mortgage-backed securities. As a result, net investment income and net realized gain on investment transactions for a reporting period may differ significantly from distributions during such period.

Accordingly, the Funds may periodically make reclassifications among certain of their capital accounts without affecting the net asset value of the Funds.

During the year ended December 31, 2007, the following amounts were reclassified due to differences between book and tax accounting.

	Paid-in Capital			Accumulated Net Realized Gain on Investments			Undistributed Net Investment Income
Money Market Fund	$	-		$	1,113		$	(1,113	)
Short-Duration Bond Fund		3,487			266,332			(269,819	)
Inflation-Protected Bond Fund		-			(2,501,985	)		2,501,985
Core Bond Fund		(258,819	)		1,561,960			(1,303,141	)
Diversified Bond Fund		(3	)		493,112			(493,109	)
Strategic Income Fund		(1,615,347	)		(6,291,058	)		7,906,405
High Yield Fund		-			21,121			(21,121	)
Balanced Fund		(2,772	)		78,123			(75,351	)

300

Notes to Financial Statements (Continued)

	Paid-in Capital			Accumulated Net Realized Gain on Investments			Undistributed Net Investment Income
Value Fund	$	-		$	(10,462,837	)	$	10,462,837
Enhanced Index Value Fund		(125,982	)		1,211,680			(1,085,698	)
Enhanced Index Core Equity Fund		(57	)		5,772			(5,715	)
Main Street Fund		(1	)		1,124			(1,123	)
Capital Appreciation Fund		-			222,289			(222,289	)
Core Growth Fund		(129,672	)		43,131			86,541
Enhanced Index Growth Fund		(824	)		14,431			(13,607	)
Discovery Value Fund		-			17,530			(17,530	)
Small Capitalization Value Fund		13,101			(1	)		(13,100	)
Main Street Small Cap Fund		(4,743	)		34,319			(29,576	)
Small Company Opportunities Fund		(15,188	)		244,029			(228,841	)
Global Fund		411,140			(1,310,240	)		899,100
International Equity Fund		(1	)		(1,173,046	)		1,173,047
Focused International Fund		(4	)		279,497			(279,493	)

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 recorded on the books of the Funds and the amount actually received.

Forward Foreign Currency
Contracts
Each Fund may enter into forward foreign currency contracts in order to hedge the effect of currency movements of foreign denominated securities or obligations. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange and interest rates. Forward foreign currency contracts are marked to market daily and the change in their value is recorded by the Funds as an unrealized gain or loss. When a forward 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.

Forward foreign currency contracts involve a risk of loss from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in foreign currency values and interest rates.

The notional or contractual amounts of these instruments represent the investments the Funds have in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risk associated with these instruments is meaningful only when all related and offsetting transactions and counterparty risk are considered.

301

Notes to Financial Statements (Continued)

A summary of open forward foreign currency contracts for the Strategic Income Fund at October 31, 2007 is as follows:

Settlement Date	Contracts to Deliver/Receive	Units of Currency		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
Strategic Income Fund
BUYS
11/23/07	Argentinian Peso		4,850,000	$	1,525,493	$	1,540,294	$	14,801
01/16/08	Australian Dollar		880,000		792,748		812,076		19,328
04/10/08	Australian Dollar		3,208,000		2,878,857		2,942,537		63,680
11/13/07	Australian Dollar		786,000		679,531		725,521		45,990
12/21/07	Australian Dollar		592,000		485,979		546,649		60,670
01/03/08	Brazilian Real		9,125,000		4,329,186		5,204,940		875,754
11/05/07	Brazilian Real		12,930,000		6,642,557		7,380,137		737,579
12/04/07	Brazilian Real		7,905,000		4,471,077		4,511,986		40,909
01/15/08	Canadian Dollar		780,000		802,816		821,521		18,705
01/16/08	Canadian Dollar		950,000		986,808		1,000,575		13,767
11/13/07	Canadian Dollar		405,000		412,004		424,907		12,903
11/23/07	Canadian Dollar		720,000		733,568		755,390		21,822
12/21/07	Canadian Dollar		1,025,000		972,975		1,077,851		104,876
01/25/08	Swiss Franc		865,000		745,940		750,134		4,194
04/10/08	Swiss Franc		3,810,000		3,284,483		3,315,848		31,365
11/08/07	Swiss Franc		1,420,000		1,205,819		1,223,663		17,844
11/13/07	Swiss Franc		1,498,000		1,239,920		1,290,879		50,959
12/19/07	Swiss Franc		1,070,000		920,743		924,527		3,784
12/21/07	Swiss Franc		835,000		719,053		721,719		2,666
01/16/08	Chilean Peso		540,000,000		1,093,490		1,093,923		433
01/25/08	Czech Republic Koruna		14,920,000		792,082		804,985		12,903
01/30/08	Czech Republic Koruna		52,800,000		2,832,449		2,849,263		16,814
12/19/07	Czech Republic Koruna		18,130,000		961,804		974,185		12,381
12/21/07	Czech Republic Koruna		14,460,000		766,905		777,343		10,438
01/29/08	Euro		530,000		735,785		767,535		31,750
04/07/08	Euro		2,420,000		3,428,233		3,505,268		77,035
04/10/08	Euro		490,000		700,024		709,749		9,725
11/01/07	Euro		295,000		425,449		426,171		722
11/02/07	Euro		285,000		411,740		411,725		(15	)
11/07/07	Euro		1,440,000		2,043,601		2,080,294		36,693
11/13/07	Euro		2,135,000		2,999,669		3,084,324		84,655
11/30/07	Euro		1,890,000		2,584,859		2,730,385		145,526
12/06/07	Euro		640,000		901,722		924,780		23,058
12/27/07	Euro		3,210,000		4,526,158		4,645,569		119,411
11/01/07	Great British Pound		60,000		123,972		124,327		355
11/02/07	Great British Pound		60,000		124,314		124,327		13
11/13/07	Great British Pound		770,000		1,565,808		1,595,524		29,716
12/21/07	Great British Pound		410,000		813,063		849,850		36,787
12/27/07	Great British Pound		1,940,000		3,948,731		4,021,693		72,962
01/25/08	Hong Kong Dollar		11,250,000		1,451,626		1,453,045		1,419
12/19/07	Hong Kong Dollar		14,200,000		1,831,944		1,832,908		964
12/21/07	Hong Kong Dollar		10,660,000		1,375,283		1,376,034		751
01/30/08	Hungarian Forint		343,000,000		1,955,245		1,963,103		7,858
01/31/08	Hungarian Forint		343,000,000		1,958,579		1,962,970		4,391
01/31/08	Indonesian Rupiah		8,600,000,000		944,536		938,261		(6,275	)

302

Notes to Financial Statements (Continued)

Settlement Date	Contracts to Deliver/Receive	Units of Currency		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
12/03/07	Indonesian Rupiah		19,120,000,000	$	2,096,491	$	2,101,099	$	4,608
01/02/08	Israeli Shekel		4,450,000		1,121,359		1,124,731		3,372
01/30/08	Israeli Shekel		5,620,000		1,413,613		1,420,615		7,002
11/16/07	Indian Rupee		32,000,000		808,796		813,732		4,936
04/10/08	Japanese Yen		1,932,000,000		16,875,566		17,047,440		171,874
11/01/07	Japanese Yen		32,000,000		279,110		277,983		(1,127	)
11/13/07	Japanese Yen		277,000,000		2,427,719		2,406,289		(21,430	)
11/30/07	Japanese Yen		673,000,000		5,912,162		5,846,328		(65,834	)
12/21/07	Japanese Yen		128,000,000		1,061,184		1,115,488		54,304
01/30/08	Republic of Korea Won		1,885,000,000		2,080,272		2,099,393		19,121
02/01/08	Republic of Korea Won		1,540,000,000		1,682,477		1,715,252		32,775
04/30/08	Republic of Korea Won		1,566,000,000		1,727,913		1,746,357		18,444
01/04/08	Kazakhstan Tenge		15,000,000		123,711		123,105		(606	)
11/05/07	Kazakhstan Tenge		44,000,000		364,088		363,787		(301	)
11/06/07	Kazakhstan Tenge		60,000,000		496,689		496,073		(616	)
11/26/07	Mexican Peso		20,900,000		1,878,550		1,950,036		71,486
01/30/08	Malaysian Ringgit		7,300,000		2,196,810		2,195,167		(1,643	)
11/15/07	Malaysian Ringgit		5,840,000		1,727,980		1,751,124		23,144
12/17/07	Malaysian Ringgit		2,350,000		677,824		705,289		27,465
01/29/08	Norwegian Krone		13,150,000		2,225,794		2,435,099		209,305
01/16/08	New Zealand Dollar		3,450,000		2,397,540		2,633,420		235,880
01/17/08	New Zealand Dollar		1,030,000		793,481		786,129		(7,352	)
11/05/07	New Zealand Dollar		2,175,000		1,661,178		1,668,329		7,151
11/13/07	New Zealand Dollar		750,000		571,448		575,286		3,838
12/21/07	New Zealand Dollar		940,000		703,268		719,541		16,273
01/30/08	Philippine Peso		56,000,000		1,282,932		1,277,549		(5,383	)
01/31/08	Philippine Peso		60,000,000		1,373,941		1,368,747		(5,194	)
11/29/07	Philippine Peso		60,000,000		1,372,056		1,373,626		1,570
01/30/08	Polish Zloty		5,280,000		2,093,145		2,104,743		11,598
11/07/07	Polish Zloty		5,600,000		2,029,721		2,221,870		192,149
02/21/08	Russian Ruble		43,650,000		1,669,216		1,760,984		91,768
12/06/07	Russian Ruble		45,699,000		1,777,957		1,851,373		73,416
04/10/08	Swedish Krona		12,660,000		1,950,562		1,993,489		42,927
12/21/07	Swedish Krona		3,330,000		493,085		523,328		30,243
02/05/08	Singapore Dollar		3,080,000		2,078,919		2,139,005		60,086
01/30/08	Slovakia Koruna		51,100,000		2,218,465		2,224,758		6,293
01/17/08	New Turkish Lira		920,000		736,542		766,676		30,134
01/24/08	New Turkish Lira		2,765,000		1,850,736		2,299,077		448,341
02/01/08	New Turkish Lira		2,100,000		1,114,531		1,741,712		627,181
11/02/07	New Turkish Lira		1,610,000		1,208,074		1,366,897		158,823
11/07/07	New Turkish Lira		4,130,000		3,167,969		3,506,389		338,420
11/26/07	New Turkish Lira		2,125,000		1,730,315		1,804,135		73,820
11/15/07	South African Rand		11,600,000		1,715,849		1,769,642		53,793
11/29/07	South African Rand		15,590,000		2,356,765		2,378,337		21,572
								$	5,935,692
SELLS
01/16/08	Australian Dollar		880,000		783,024		812,076		(29,052	)
04/10/08	Australian Dollar		6,140,000		5,434,425		5,631,914		(197,489	)
11/13/07	Australian Dollar		670,000		535,414		618,446		(83,032	)

303

Notes to Financial Statements (Continued)

Settlement Date	Contracts to Deliver/Receive	Units of Currency		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
11/05/07	Brazilian Real		12,930,000	$	7,101,045	$	7,380,137	$	(279,092	)
12/04/07	Brazilian Real		2,620,000		1,484,433		1,495,434		(11,001	)
01/16/08	Canadian Dollar		950,000		903,110		1,000,575		(97,465	)
04/10/08	Canadian Dollar		2,280,000		2,367,417		2,401,095		(33,678	)
11/23/07	Canadian Dollar		2,615,000		2,509,380		2,743,535		(234,155	)
12/21/07	Canadian Dollar		510,000		481,255		536,297		(55,042	)
01/25/08	Swiss Franc		865,000		713,195		750,134		(36,939	)
11/08/07	Swiss Franc		55,000		46,387		47,395		(1,008	)
11/13/07	Swiss Franc		1,380,000		1,161,792		1,189,194		(27,402	)
11/15/07	Swiss Franc		1,900,000		1,616,471		1,637,296		(20,825	)
12/19/07	Swiss Franc		1,070,000		897,629		924,527		(26,898	)
12/21/07	Swiss Franc		1,686,000		1,419,920		1,457,267		(37,347	)
11/09/07	Chinese Yuan Renminbi		12,200,000		1,637,421		1,634,731		2,690
01/25/08	Czech Republic Koruna		14,920,000		703,917		804,985		(101,068	)
12/19/07	Czech Republic Koruna		18,130,000		874,031		974,185		(100,154	)
12/21/07	Czech Republic Koruna		14,460,000		694,611		777,343		(82,732	)
01/29/08	Euro		530,000		709,005		767,535		(58,530	)
02/06/08	Euro		1,140,000		1,568,519		1,651,013		(82,494	)
04/10/08	Euro		4,120,000		5,806,679		5,967,687		(161,008	)
04/29/08	Euro		3,420,000		4,902,536		4,953,974		(51,438	)
11/01/07	Euro		295,000		420,523		426,171		(5,648	)
11/02/07	Euro		285,000		405,840		411,725		(5,885	)
11/07/07	Euro		1,440,000		1,976,861		2,080,294		(103,433	)
11/13/07	Euro		420,000		564,606		606,752		(42,146	)
11/21/07	Euro		250,000		339,220		361,162		(21,942	)
12/06/07	Euro		640,000		878,424		924,780		(46,356	)
12/21/07	Euro		520,000		707,360		752,219		(44,859	)
02/06/08	Great British Pound		600,000		1,216,707		1,242,472		(25,765	)
04/10/08	Great British Pound		690,000		1,405,656		1,425,445		(19,789	)
11/01/07	Great British Pound		60,000		122,910		124,327		(1,417	)
11/02/07	Great British Pound		60,000		122,796		124,327		(1,531	)
11/13/07	Great British Pound		570,000		1,129,178		1,181,102		(51,924	)
12/21/07	Great British Pound		410,000		829,336		849,850		(20,514	)
12/27/07	Great British Pound		2,140,000		4,354,497		4,436,301		(81,804	)
01/25/08	Hong Kong Dollar		11,250,000		1,454,391		1,453,045		1,346
12/19/07	Hong Kong Dollar		14,200,000		1,837,431		1,832,908		4,523
12/21/07	Hong Kong Dollar		10,660,000		1,379,196		1,376,034		3,162
11/16/07	Indian Rupee		32,000,000		778,589		813,732		(35,143	)
02/05/08	Japanese Yen		117,000,000		1,014,805		1,025,670		(10,865	)
02/06/08	Japanese Yen		141,000,000		1,210,247		1,236,187		(25,940	)
11/01/07	Japanese Yen		32,000,000		278,770		277,983		787
11/05/07	Japanese Yen		180,000,000		1,559,792		1,563,654		(3,862	)
11/13/07	Japanese Yen		207,000,000		1,749,247		1,798,202		(48,955	)
11/30/07	Japanese Yen		902,000,000		7,877,761		7,835,643		42,118
12/21/07	Japanese Yen		262,000,000		2,339,766		2,283,265		56,501
01/04/08	Kazakhstan Tenge		15,000,000		120,724		123,105		(2,381	)
11/05/07	Kazakhstan Tenge		44,000,000		356,758		363,787		(7,029	)
11/06/07	Kazakhstan Tenge		60,000,000		488,400		496,073		(7,673	)
12/17/07	Malaysian Ringgit		2,350,000		699,093		705,289		(6,196	)
01/29/08	Norwegian Krone		13,150,000		2,348,797		2,435,099		(86,302	)

304

Notes to Financial Statements (Continued)

Settlement Date	Contracts to Deliver/Receive	Units of Currency		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)
01/16/08	New Zealand Dollar		3,450,000	$	2,332,864	$	2,633,420	$	(300,556	)
01/17/08	New Zealand Dollar		1,030,000		780,663		786,129		(5,466	)
04/10/08	New Zealand Dollar		810,000		605,491		612,506		(7,015	)
11/13/07	New Zealand Dollar		750,000		512,567		575,286		(62,719	)
12/21/07	New Zealand Dollar		269,000		185,355		205,911		(20,556	)
11/07/07	Polish Zloty		5,600,000		2,105,181		2,221,870		(116,689	)
12/06/07	Russian Ruble		45,699,000		1,811,003		1,851,373		(40,370	)
12/21/07	Swedish Krona		3,330,000		478,648		523,328		(44,680	)
11/15/07	Singapore Dollar		2,400,000		1,645,887		1,657,344		(11,457	)
01/24/08	New Turkish Lira		2,765,000		1,481,068		2,299,077		(818,009	)
02/01/08	New Turkish Lira		2,100,000		1,105,142		1,741,712		(636,570	)
11/02/07	New Turkish Lira		1,040,000		754,170		882,965		(128,795	)
11/07/07	New Turkish Lira		2,350,000		1,712,598		1,995,161		(282,563	)
11/15/07	Taiwan New Dollar		52,000,000		1,600,492		1,604,938		(4,446	)
								$	(4,883,972	)

Delayed Delivery Transactions, When Issued Securities, and Forward Commitments
Each Fund may purchase or sell securities on a "when issued" or delayed delivery or on a forward commitment basis. The Funds use forward commitments to manage interest rate exposure or as a temporary substitute for purchasing or selling particular debt securities. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. These securities are valued on the basis of valuations furnished by a pricing service, authorized by the Trustees, which determines valuations taking into account appropriate factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data. Securities for which no market quotation is available, are valued at fair value in accordance with procedures approved by the Trustees. The Funds record on a daily basis the unrealized appreciation (depreciation) based upon changes in the value of these securities. When a forward commitment contract is closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was closed. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract, or if the issuer does not issue the securities due to political, economic, or other factors. Funds monitor exposure to ensure counterparties are creditworthy and concentration of exposure is minimized.

A summary of open obligations for the Short-Duration Bond Fund, Core Bond Fund, Diversified Bond Fund, Strategic Income Fund and the Balanced Fund under these forward commitments at October 31, 2007 is as follows:

Forward Commitment Contracts to Buy	Expiration of Contracts	Aggregate Face Value of Contracts		Cost		Market Value		Unrealized Appreciation (Depreciation)
Short-Duration Bond Fund
FNMA TBA
5.0% 12/01/2037	Dec-07	$	5,100,000	$	4,881,656	$	4,890,820	$	9,164
5.5% 11/01/2037	Nov-07		5,284,000		5,187,351		5,207,630		20,279
6.5% 11/01/2037	Nov-07		25,200,000		25,696,125		25,792,593		96,468
								$	125,911
GNMA TBA
5.5% 11/01/2037	Nov-07	$	2,325,000	$	2,291,578	$	2,311,014	$	19,436

305

Notes to Financial Statements (Continued)

Forward Commitment Contracts to Buy	Expiration of Contracts	Aggregate Face Value of Contracts		Cost		Market Value		Unrealized Appreciation (Depreciation)
Core Bond Fund
FNMA TBA
4.5% 11/01/2037	Nov-07	$	91,812,000	$	85,636,208	$	85,514,266	$	(121,942	)
5.0% 12/01/2037	Dec-07		38,976,000		37,422,220		37,377,376		(44,844	)
6.5% 11/01/2037	Nov-07		78,875,000		80,395,039		80,729,793		334,754
								$	167,968
GNMA TBA
5.5% 11/01/2037	Nov-07	$	28,400,000	$	27,991,750	$	28,229,157	$	237,407
Diversified Bond Fund
FNMA TBA
4.5% 11/01/2037	Nov-07	$	27,450,000	$	25,603,559	$	25,567,100	$	(36,459	)
5.0% 12/01/2037	Nov-07		29,600,000		28,469,313		28,385,938		(83,375	)
6.5% 11/01/2037	Nov-07		15,100,000		15,397,281		15,455,086		57,805
								$	(62,029	)
GNMA TBA
5.5% 11/01/2037	Nov-07	$	2,625,000	$	2,587,266	$	2,609,209	$	21,943
Strategic Income Fund
FNMA TBA
5.0% 11/01/2022	Nov-07	$	2,232,000	$	2,185,965	$	2,197,299	$	11,334
5.5% 11/01/2022-2037	Nov-07		407,000		404,855		406,723		1,868
6.0% 11/01/2022-2037	Nov-07		5,429,000		5,463,692		5,486,158		22,466
								$	35,668
Balanced Fund
FNMA TBA
4.5% 11/01/2037	Nov-07	$	2,600,000	$	2,429,130	$	2,421,656	$	(7,474	)
5.0% 12/01/2037	Dec-07		500,000		481,094		479,492		(1,602	)
6.5% 11/01/2037	Nov-07		1,275,000		1,300,102		1,304,982		4,880
								$	(4,196	)
GNMA TBA
5.5% 11/01/2037	Nov-07	$	1,675,000	$	1,650,922	$	1,664,924	$	14,002

Financial Futures Contracts
The Funds may purchase or sell financial futures contracts and options on such futures contracts for the purpose of hedging the market risk on existing securities or as a substitute for the purchase of securities. Futures contracts are contracts for delayed delivery of securities at a specific future date and at a specific price or yield. Upon entering into a contract, the Funds deposit and maintain as collateral such initial margin as required by the exchange on which the transaction is effected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Funds as unrealized gains or losses. When the contract is closed, each Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

306

Notes to Financial Statements (Continued)

A summary of open futures contracts for the Core Bond Fund, Diversified Bond Fund, Strategic Income Fund and the Balanced Fund at October 31, 2007 is as follows:

Number of Contracts		Type	Expiration Date	Notional Contract Value		Net Unrealized Appreciation (Depreciation)
Core Bond Fund
BUYS
	90	U.S. Treasury Note 5 Year	12/30/07	$	9,660,938	$	106,535
	236	U.S. Treasury Note 2 Year	12/31/07		48,877,813		246,173
	50	U.S. Treasury Note 10 Year	12/31/07		5,500,781		40,436
						$	393,144
Diversified Bond Fund
BUYS
	51	U.S. Treasury Note 5 Year	12/30/07	$	5,474,531	$	60,370
	64	U.S. Treasury Note 2 Year	12/31/07		13,255,000		66,758
						$	127,128
Strategic Income Fund
BUYS
	20	JGB Mini 10 Year	12/10/07	$	2,364,418	$	7,277
	9	Canadian 10 Year Bond	12/17/07		1,065,005		6,190
	169	Euro Schatz	12/10/07		25,198,264		(59,874	)
	409	U.S. Treasury Note 5 Year	12/30/07		43,903,594		119,031
	4	DAX Index	12/19/07		1,164,314		27,773
	4	Long Gilt Index	12/30/07		889,349		(5,588	)
	32	NASDAQ 100 E-mini	12/21/07		1,441,600		118,441
	54	Euro Boble	12/11/07		8,402,566		(31,779	)
	21	OMX 30 Index	12/24/07		390,490		2,141
	1	S&P/MIB Index	12/21/07		293,863		3,128
	9	U.S. Treasury Note 2 Year	12/31/07		1,863,984		(6,273	)
	236	U.S. Long Bond	12/30/07		26,572,125		154,191
						$	334,658
SELLS
	10	CAC40 Index	11/16/07	$	844,108	$	(2,384	)
	89	S&P 500 E-mini	12/21/07		6,919,305		(292,365	)
	14	Mex Bolsa Index	12/21/07		412,773		(10,420	)
	16	Nikkei 225 Index	12/7/07		2,322,547		(94,533	)
	20	Euro Bund	12/10/07		3,274,440		(31,657	)
	58	U.S. Treasury Note 10 Year	12/31/07		6,380,906		44,091
	11	Australian 10 Year Bond	12/17/07		1,001,505		21,061
	7	FTSE 100 Index	12/16/07		978,854		(58,599	)
						$	(424,806	)
Balanced Fund
BUYS
	6	U.S. Treasury Note 5 Year	12/31/07	$	1,242,656	$	6,259
	21	U.S. Treasury Note 10 Year	12/31/07		2,310,328		(9,970	)
						$	(3,711	)

Options
The Funds may purchase put and call options. By purchasing a put option, a Fund obtains the right (but not the obligation) to sell the instrument underlying the option at a fixed strike price. In return for this right, a Fund pays the current market price for the option (known as the option premium). Options have various types of underlying instruments, including specific securities, indexes of securities, indexes of security prices, indexes of interest rates, futures contracts and swap agreements. A Fund may terminate its position in a put option it has purchased by allowing it to expire or by exercising the option. A Fund may also close out a put option position by entering into an offsetting transaction, if a liquid market exists. If the option is allowed to expire, a Fund will lose the entire premium it paid. Premiums paid for purchasing options which expire are treated as realized losses. If a Fund exercises a put option on a

307

Notes to Financial Statements (Continued)

security, it will sell the instrument underlying the option at the strike price. If a Fund exercises an option on an index, settlement is in cash and does not involve the actual sale of securities.

The buyer of a typical put option can expect to realize a gain if the price of the underlying instrument falls substantially. However, if the price of the instrument underlying the option does not fall enough to offset the cost of purchasing the option, a put buyer can expect to suffer a loss (limited to the amount of the premium paid, plus related transaction costs).

The features of call options are essentially the same as those of put options, except that the purchaser of a call option obtains the right to purchase, rather than sell, the instrument underlying the option at the option's strike price. A call buyer typically attempts to participate in potential price increases of the instrument underlying the option with risk limited to the cost of the option if security prices fall. At the same time, the buyer can expect to suffer a loss if security prices do not rise sufficiently to offset the cost of the option. See the Portfolio of Investments of the Short-Duration Bond Fund, Core Bond Fund, Diversified Bond Fund, Strategic Income Fund and Balanced Fund for open purchased option contracts as of October 31, 2007.

The Funds may also "write" put and call options. When a Fund writes a put option, it takes the opposite side of the transaction from the option's purchaser. In return for receipt of the premium, a Fund assumes the obligation to pay the strike price for the instrument underlying the option if the other party to the option chooses to exercise it. A Fund may seek to terminate its position in a put option it writes before exercise by purchasing an offsetting option in the market at its current price. If the market is not liquid for a put option a Fund has written, however, a Fund must continue to be prepared to pay the strike price while the option is outstanding, regardless of price changes, and must continue to post margin as discussed below.

If the price of the underlying instrument rises, a put writer would generally expect to profit, although its gain would be limited to the amount of the premium it received. If security prices remain the same over time, it is likely that the writer will also profit, because it should be able to close out the option at a lower price. If security prices fall, the put writer would expect to suffer a loss. This loss should be less than the loss from purchasing and holding the underlying instrument directly, however, because the premium received for writing the option should offset a portion of the decline.

Writing a call option obligates a Fund to sell or deliver the option's underlying instrument in return for the strike price upon exercise of the option. The characteristics of writing call options are similar to those of writing put options, except that writing calls generally is a profitable strategy if prices remain the same or fall. Through receipt of the option premium a call writer offsets part of the effect of a price increase. At the same time, because a call writer must be prepared to deliver the underlying instrument in return for the strike price, even if its current value is greater, a call writer gives up some ability to participate in security price increases.

The writer of an exchange traded put or call option on a security, an index of securities or a futures contract is required to deposit cash or securities or a letter of credit as margin and to make mark to market payments of variation margin as the position becomes unprofitable. When a Fund writes a call or put option, an amount equal to the premium received is recorded as a liability. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against the amount paid on the underlying investment to determine the realized gain or loss.

308

Notes to Financial Statements (Continued)

A summary of open written option contracts for the Short-Duration Bond Fund, Core Bond Fund, Diversified Bond Fund, Strategic Income Fund and Balanced Fund at October 31, 2007, is as follows:

Notional Amount		Expiration Date	Description	Premiums		Value
Short-Duration Bond Fund
$	40,500,000	9/21/2009	Bear Stearns Bank PLC Call, Strike 4.05	$	158,750	$	185,947
	9,875,000	9/21/2009	Bear Stearns Bank PLC Call, Strike 5.58		329,500		428,582
				$	488,250	$	614,529
Core Bond Fund
$	121,500,000	9/21/2009	Bear Stearns Bank PLC Call, Strike 4.05	$	476,251	$	557,841
	29,625,000	9/21/2009	Bear Stearns Bank PLC Call, Strike 5.58		988,500		1,285,746
				$	1,464,751	$	1,843,587
Diversified Bond Fund
$	40,500,000	9/21/2009	Bear Stearns Bank PLC Call, Strike 4.05	$	158,750	$	185,947
	9,875,000	9/21/2009	Bear Stearns Bank PLC Call, Strike 5.58		329,500		428,582
				$	488,250	$	614,529
Strategic Income Fund
$	33,000,000	11/5/2007	Lehman Brothers JPY Call, Strike 114.60	$	1,803	$	779
	33,000,000	11/5/2007	Lehman Brothers JPY Put, Strike 114.60		1,803		2,460
	285,000	11/5/2007	Merrill Lynch EUR Call, Strike 1.44		2,093		3,249
	285,000	11/5/2007	Merrill Lynch EUR Put, Strike 1.44		2,052		834
	60,000	11/5/2007	Bank of America GBP Call, Strike 2.06		576		1,326
	60,000	11/5/2007	Bank of America GBP Put, Strike 2.06		584		263
	295,000	11/7/2007	Lehman Brothers EUR Call, Strike 1.45		2,181		2,181
	295,000	11/7/2007	Lehman Brothers EUR Put, Strike 1.45		2,181		2,181
	60,000	11/7/2007	Merrill Lynch GBP Call, Strike 2.07		569		569
	60,000	11/7/2007	Merrill Lynch GBP Put, Strike 2.07		556		556
	285,000	11/6/2007	Merrill Lynch EUR Call, Strike 1.44		2,062		3,399
	285,000	11/6/2007	Merrill Lynch EUR Put, Strike 1.44		2,011		976
	60,000	11/6/2007	Bank of America GBP Call, Strike 2.06		550		1,155
	60,000	11/6/2007	Bank of America GBP Put, Strike 2.06		557		319
	60,000	11/2/2007	JP Morgan GBP Call, Strike 2.05		560		1,564
	60,000	11/2/2007	JP Morgan GBP Put, Strike 2.05		560		62
	34,000,000	11/2/2007	Lehman Brothers JPY Call, Strike 114.20		2,013		334
	34,000,000	11/2/2007	Lehman Brothers JPY Put, Strike 114.20		2,013		3,138
	280,000	11/2/2007	Bank of America EUR Call, Strike 1.44		2,034		3,806
	280,000	11/2/2007	Bank of America EUR Put, Strike 1.44		2,014		916
	290,000	11/1/2007	Lehman Brothers EUR Call, Strike 1.43		1,924		5,811
	290,000	11/1/2007	Lehman Brothers EUR Put, Strike 1.43		1,924		5
	60,000	11/1/2007	Merrill Lynch GBP Call, Strike 2.05		575		1,762
	60,000	11/1/2007	Merrill Lynch GBP Put, Strike 2.05		566		8
				$	33,762	$	37,651
Balanced Fund
$	20,250,000	9/21/2009	Bear Stearns Bank PLC Call, Strike 4.05	$	79,375	$	92,973
	4,937,500	9/21/2009	Bear Stearns Bank PLC Call, Strike 5.58		164,750		214,291
				$	244,125	$	307,264

309

Notes to Financial Statements (Continued)

Transactions in options written for the Short-Duration Bond Fund, Core Bond Fund, Diversified Bond Fund, Strategic Income Fund, Balanced Fund and Core Growth Fund during the year ended October 31, 2007 were as follows:

	Number of Contracts			Premiums Received
Short-Duration Bond Fund
Options outstanding at October 31, 2006		11,055,000		$	643,971
Options written		52,625,000			492,638
Options terminated in closing purchase transactions		(13,305,000	)		(648,359	)
Options outstanding at October 31, 2007		50,375,000		$	488,250
Core Bond Fund
Options outstanding at October 31, 2006		35,376,000		$	2,060,709
Options written		158,775,000			1,479,668
Options terminated in closing purchase transactions		(43,026,000	)		(2,075,626	)
Options outstanding at October 31, 2007		151,125,000		$	1,464,751
Diversified Bond Fund
Options outstanding at October 31, 2006		7,839,000		$	456,634
Options written		52,875,000			493,125
Options terminated in closing purchase transactions		(10,339,000	)		(461,509	)
Options outstanding at October 31, 2007		50,375,000		$	488,250
Strategic Income Fund
Options outstanding at October 31, 2006		1,180,000		$	20,009
Options written		9,717,210,000			432,517
Options terminated in closing purchase transactions		(9,580,920,000	)		(418,764	)
Options outstanding at October 31, 2007		137,470,000		$	33,762
Balanced Fund
Options outstanding at October 31, 2006		1,507,500		$	87,814
Options written		25,487,500			244,710
Options terminated in closing purchase transactions		(1,807,500	)		(88,399	)
Options outstanding at October 31, 2007		25,187,500		$	244,125
Core Growth Fund
Options outstanding at October 31, 2006		-		$	-
Options written		120			38,334
Options terminated in closing purchase transactions		(120	)		(38,334	)
Options outstanding at October 31, 2007		-		$	-

Exchange traded options are valued at the last sale price, or if no sales are reported, the last bid price for purchased options and the last ask price for written options. Options traded over-the-counter are valued using prices supplied by a primary pricing source chosen by the Trust.

Swaps
The Funds may engage in swap transactions, including, but not limited to, interest rate, currency, credit default, indices, basket, specific security and commodity swaps, interest rate caps, floors and collars (collectively defined as "swap transactions").

Each Fund may enter into swap transactions for any legal purpose consistent with its investment objective and policies, such as for the purpose of attempting to obtain or preserve a particular return or spread at a lower cost than obtaining that return or spread through purchases and/or sales of instruments

310

Notes to Financial Statements (Continued)

in cash markets, to protect against currency fluctuation, as a duration management technique, to protect against any increase in the price of securities a Fund anticipates purchasing at a later date, or to gain exposure to certain markets in the most economical way possible.

Swap agreements are two-party contracts entered into primarily by institutional counterparties for periods ranging from a few weeks to several years. In a standard swap transaction, two parties agree to exchange the returns (or differentials in rates of return) that would be earned or realized on specified notional investments or instruments. The gross returns to be exchanged or "swapped" between the parties are calculated by reference to a "notional amount," i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency or commodity, or in a "basket" of securities representing a particular index. The purchaser of an interest rate cap or floor, upon payment of a fee, has the right to receive payments (and the seller of the cap is obligated to make payments) to the extent a specified interest rate exceeds (in the case of a cap) or is less than (in the case of a floor) a specified level over a specified period of time or at specified dates. The purchaser of an interest rate collar, upon payment of a fee, has the right to receive payments (and the seller of the collar is obligated to make payments) to the extent that a specified interest rate falls outside an agreed upon range over a specified period of time or at specified dates.

The amount of a Fund's potential gain or loss on any swap transaction is not subject to any fixed limit. Nor is there any fixed limit on a Fund's potential loss if it sells a cap or collar. If the Fund buys a cap, floor or collar, however, the Fund's potential loss is limited to the amount of the fee that it has paid. When measured against the initial amount of cash required to initiate the transaction, which is typically zero in the case of most conventional swap transactions, swaps, caps, floors and collars tend to be more volatile than many other types of instruments.

The Funds will maintain cash or liquid assets in an amount sufficient at all times to cover its current obligations under its swap transactions, caps, floors and collars. If a Fund enters into a swap agreement on a net basis, it will segregate assets with a daily value at least equal to the excess, if any, of a Fund's accrued obligations under the swap agreement over the accrued amount a Fund is entitled to receive under the agreement. If a Fund enters into a swap agreement on other than a net basis, or sells a cap, floor or collar, it will segregate assets with a daily value at least equal to the full amount of a Fund's accrued obligation under the agreement.

During the term of a swap, cap, floor or collar, changes in the value of the instrument are recognized as unrealized gains or losses by marking to market to reflect the market value of the instrument. When the instrument is terminated, a Fund will record a realized gain or loss equal to the difference, if any, between the proceeds from (or cost of) the closing transaction and a Fund's basis in the contract.

During the term of a swap, cap, floor or collar, the periodic net payments can be made for a set period of time or may be triggered by a predetermined credit event. The net periodic payments may be based on a fixed or variable interest rate; the change in market value of a specific security, basket of securities or index; or the return generated by a security. These periodic payments received or made by the Trust are recorded in the accompanying Statement of Operations as realized gains and losses, respectively.

The Funds may enter into credit default swaps to buy or sell credit protection on an individual issuer or a basket of issuers of bonds. When a Fund is the buyer of a credit default swap contract, the Fund is entitled to receive the par or other agreed-upon value, of a referenced debt obligation from the counterparty to the contract in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the debt obligation. In return, the Fund would pay the counterparty a periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the Fund would have spent the stream of payments and received no benefit from the contract. When a Fund is the seller of a credit default swap contract, it receives the stream of payments, but is obligated to pay upon default of the referenced debt obligation. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap. During the period that the credit default swap contract is open, the contract is marked to market in accordance with the terms of the contract based on the current interest rate spreads and credit risk of the referred obligation of the underlying issuer and

311

Notes to Financial Statements (Continued)

interest accrual through valuation date. Changes in the value of credit default swap contracts are recorded as unrealized gains or losses and periodic cash settlements are recorded as realized gains or losses. The Fund will segregate assets in the form of cash and cash equivalents in an amount equal to the aggregate market value of the credit default swaps of which it is the seller, marked to market on a daily basis. These transactions involve certain risks, including the risk that the seller may be unable to fulfill the transaction.

A summary of open swap agreements for the Short-Duration Bond Fund, Core Bond Fund, Diversified Bond Fund, Strategic Income Fund and the Balanced Fund at October 31, 2007, is as follows:

Notional Amount			Expiration Date	Description	Net Unrealized Appreciation (Depreciation)
Short-Duration Bond Fund
Credit Default Swaps
	1,250,000	USD	12/20/2009	Agreement with Barclays Bank PLC,	$	(9,985	)
				dated 12/15/05 to pay 0.55% times the notional
				amount. The Fund receives payment only upon a
				default event of Cox Communications, Inc. Note.
	8,000,000	USD	10/12/2052	Agreement with Goldman Sachs & Co., dated 3/07/06 to pay 0.35% times the notional amount. The Fund receives payment only upon a default event of CMBX.NA.A.1.		608,195
	600,000	USD	9/20/2011	Agreement with Goldman Sachs & Co., dated 8/25/06, to pay 0.53% times the notional amount. The Fund receives payment only upon a default event of United Mexican States.		(2,329	)
	1,200,000	USD	6/20/2017	Agreement with Bear Stearns Bank PLC, dated 3/22/07 to pay 1.08% times the notional amount. The Fund receives payment only upon a default event of Brunswick Corporation Notes.		7,652
	1,050,000	USD	6/20/2017	Agreement with Barclays Bank PLC, dated 5/05/07 to pay 0.85% times the notional amount. The Fund receives payment only upon a default event of Sarah Lee Corporation.		(28,256	)
	1,050,000	USD	9/20/2017	Agreement with Goldman Sachs & Co., dated 7/13/07 to pay 0.66% times the notional amount. The Fund receives payment only upon a default event of Washington Mutual, Inc.-Note.		62,418
	1,225,000	USD	6/20/2012	Agreement with JP Morgan Chase, dated 5/23/07 to pay 1.20% times the notional amount. The Fund receives payments only upon a default event of LCDX.NA.8.		(31,091	)
	900,000	USD	9/20/2012	Agreement with Bear Stearns, dated 8/21/07 to pay 0.65% times the notional amount. The Fund receives payments only upon a default event of Brunswick Corp. Note.		5,235
	450,000	USD	9/20/2017	Agreement with Credit Suisse Securities LLC, dated 8/31/07 to pay 1.05% times the notional amount. The Fund receives payments only upon a default event of Brunswick Corp. Note.		6,223
	2,500,000	USD	10/12/2052	Agreement with Goldman Sachs & Co., dated 10/17/07 to pay 0.76% times the notional amount. The Fund receives payments only upon a default event of CMBX.NA.BBB.1.		151,555
					$	769,617

312

Notes to Financial Statements (Continued)

Notional Amount			Expiration Date	Description	Net Unrealized Appreciation (Depreciation)
Core Bond Fund
Credit Default Swaps
	3,800,000	USD	12/20/2009	Agreement with Barclays Bank PLC,	$	(30,356	)
				dated 12/15/05 to pay 0.55% times the notional
				amount. The Fund receives payment only upon a
				default event of Cox Communications, Inc. Note.
	24,100,000	USD	10/12/2052	Agreement with Goldman Sachs, dated 3/07/06 to pay 0.35% times the notional amount. The Fund receives payment only upon a default event of CMBX.NA.A.1.		1,832,184
	4,020,000	USD	6/20/2016	Agreement with Credit Suisse Securities LLC, dated 8/10/06 to pay 0.58% times the notional amount. The Fund receives payment only upon a default event of Marriot International, Inc.		27,388
	1,800,000	USD	9/20/2011	Agreement with Goldman Sachs International, dated 8/25/06 to pay 0.53% times the notional amount. The Fund receives payment only upon a default event United Mexican States.		(6,176	)
	4,020,000	USD	9/20/2014	Agreement with Bank of America, dated 11/11/06 to pay 0.28% times the notional amount. The Fund receives payment only upon a default event of Washington Mutual, Inc.		264,529
	3,525,000	USD	6/20/2017	Agreement with Bear Stearns Bank PLC, dated 3/22/07 to pay 1.08% times the notional amount. The Fund receives payment only upon a default event of Brunswick Corporation Notes.		22,478
	3,300,000	USD	6/20/2017	Agreement with Barclays Bank PLC, dated 5/05/07 to pay 0.85% times the notional amount. The Fund receives payment only upon a default event of Sara Lee Corporation Debenture.		(88,805	)
	3,125,000	USD	9/20/2017	Agreement with Goldman Sachs, dated 7/13/07 to pay 0.66% times the notional amount. The Fund receives payment only upon a default event of Washington Mutual, Inc. Note.		185,769
	3,000,000	USD	9/20/2012	Agreement with Bear Stearns, dated 8/21/07 to pay 0.65% times the notional amount. The Fund receives payments only upon a default event of Brunswick Corp.		17,451
	1,650,000	USD	9/20/2017	Agreement with Credit Suisse Securities LLC, dated 8/31/07 to pay 1.05% times the notional amount. The Fund receives payments only upon a default event of Brunswick Corp.		22,818
	3,773,000	USD	6/20/2012	Agreement with J P Morgan Chase, dated 5/23/07 to pay 1.20% times the notional amount. The Fund receives payment only upon a default event of LCDX.NA.8.		(95,761	)
	7,700,000	USD	10/12/2052	Agreement with Goldman Sachs International, dated 9/25/07 to pay 0.76% times the notional amount. The Fund receives payments only upon a default event of CMBX.NA.BBB.1.		466,790
					$	2,618,309

313

Notes to Financial Statements (Continued)

Notional Amount			Expiration Date	Description	Net Unrealized Appreciation (Depreciation)
Diversified Bond Fund
Credit Default Swaps
	900,000	USD	12/20/2009	Agreement with Barclays Bank PLC,	$	(7,189	)
				dated 12/15/05 to pay 0.55% times the notional
				amount. The Fund receives payment only upon a
				default event of Cox Communications, Inc. Note.
	6,800,000	USD	10/12/2052	Agreement with Goldman Sachs & Co., dated 3/07/06 to pay 0.35% times the notional amount. The Fund receives payment only upon a default event of CMBX.NA.A.1.		516,965
	1,225,000	USD	6/20/2016	Agreement with Credit Suisse Securities LLC, dated 8/9/06, to pay 0.58% times the notional amount. The Fund receives payment only upon a default event of Marriot International, Inc.		8,346
	500,000	USD	9/20/2011	Agreement with Goldman Sachs & Co., dated 8/25/06, to pay 0.53% times the notional amount. The Fund receives payment only upon a default event United Mexican States.		(1,941	)
	1,225,000	USD	9/20/2014	Agreement with Bank of America, dated 11/11/06 to pay 0.28% times the notional amount. The Fund receives payment only upon a default event of Washington Mutual, Inc.		80,609
	1,030,000	USD	6/20/2017	Agreement with Bear Stearns Bank PLC, dated 3/22/07 to pay 1.08% times the notional amount. The Fund receives payment only upon a default event of Brunswick Corporation Notes.		6,568
	5,000,000	USD	6/20/2012	Agreement with JP Morgan Chase, dated 3/28/07 to pay 2.75% times the notional amount. The Fund receives payment only upon a default event of CDX.NA.HY.8		73,507
	1,000,000	USD	6/20/2017	Agreement with Barclays Bank PLC, dated 5/05/07 to pay 0.85% times the notional amount. The Fund receives payment only upon a default event of Sara Lee Corporation Debenture.		(26,911	)
	1,000,000	USD	9/20/2012	Agreement with Bear Stearns, dated 8/21/07 to pay 0.65% times the notional amount. The Fund receives payments only upon a default event of Brunswick Corp.		6,359
	500,000	USD	9/20/2017	Agreement with Credit Suisse Securities LLC, dated 8/31/07 to pay 1.05% times the notional amount. The Fund receives payments only upon a default event of Brunswick Corp.		7,206
	1,225,000	USD	6/20/2012	Agreement with JP Morgan Chase, dated 5/23/07 to pay 1.20% times the notional amount. The Fund receives payment only upon a default event of LCDX.NA.8.		(31,091	)
	1,000,000	USD	9/20/2017	Agreement with Goldman Sachs & Co., dated 7/13/07 to pay 0.66% times the notional amount. The Fund receives payment only upon a default event of Washington Mutual, Inc. Note.		59,446
	2,500,000	USD	10/12/2052	Agreement with Goldman Sachs & Co., dated 9/25/07 to pay 0.76% times the notional amount. The Fund receives payments only upon a default event of CMBX.NA.BBB.1.		151,555
					$	843,429

314

Notes to Financial Statements (Continued)

Notional Amount			Expiration Date	Description	Net Unrealized Appreciation (Depreciation)
Strategic Income Fund
Credit Default Swaps
	515,000	USD	12/20/2015	Agreement with Citigroup, dated 12/7/05	$	(725	)
				to pay 0.40% times the notional amount. The Fund
				receives payment only upon a default event of
				Hungary Bond.
	920,000	USD	3/24/2013	Agreement with Morgan Stanley & Co., dated 5/4/06 to receive 1.30% times the notional amount. The Fund makes payment only upon a default event of USD 110,000,000 Eurobonds.		(5,432	)
	350,000	USD	9/20/2011	Agreement with UBS AG, dated 6/29/06 to receive 2.30% times the notional amount. The Fund makes payment only upon a default event of UBS Short Bond.		15,501
	145,000	USD	11/21/2016	Agreement with Morgan Stanley & Co., dated 11/3/06 to receive 2.75% times the notional amount. The Fund makes payment only upon a default event of Republic of Turkey.		4,709
	260,000	USD	12/20/2016	Agreement with Deutsche Bank, dated 11/22/06 to receive 6.00% times the notional amount. The Fund makes payment only upon a default event of Ford Motor Co.		(6,884	)
	210,000	USD	12/20/2016	Agreement with Deutsche Bank, dated 11/22/06 to receive 4.75% times the notional amount. The Fund makes payment only upon a default event of General Motors.		(8,012	)
	210,000	USD	12/20/2016	Agreement with Morgan Stanley & Co., dated 11/28/06 to receive 4.90% times the notional amount. The Fund makes payment only upon a default event of General Motors.		(7,070	)
	260,000	USD	12/20/2016	Agreement with JP Morgan Chase dated 11/28/06 to receive 6.00% times the notional amount. The Fund makes payment only upon a default event of Ford Motor Co.		(6,742	)
	260,000	USD	12/20/2016	Agreement with Morgan Stanley & Co., dated 11/29/06 to receive 6.15% times the notional amount. The Fund makes payment only upon default of Ford Motor Co.		(4,216	)
	210,000	USD	12/20/2016	Agreement with Goldman Sachs & Co., dated 11/29/06 to receive 4.95% times the notional amount. The Fund makes payment only upon default of General Motors.		(3,796	)
	400,000	USD	12/20/2016	Agreement with Deutsche Bank, dated 11/30/06 to receive 5.85% times the notional amount. The Fund makes payment only upon a default event of Ford Motor Co.		(13,474	)
	315,000	USD	12/20/2016	Agreement with JP Morgan Chase, dated 11/30/06 to receive 4.75% times the notional amount. The Fund makes payment only upon a default event of General Motors.		(12,468	)
	255,000	USD	12/20/2016	Agreement with Deutsche Bank, dated 12/06/06 to receive 4.68% times the notional amount. The Fund makes payment only upon a default event of General Motors.		(10,635	)

315

Notes to Financial Statements (Continued)

Notional Amount			Expiration Date	Description	Net Unrealized Appreciation (Depreciation)
Credit Default Swaps (continued)
	320,000	USD	12/20/2016	Agreement with Deutsche Bank, dated 12/06/06	$	(11,548	)
				to receive 5.80% times the notional amount.
				The Fund makes payment only upon a default
				event of Ford Motor Co.
	240,000	USD	12/20/2016	Agreement with Deutsche Bank, dated 12/02/06 to pay 1.71% times the notional amount. The Fund receives payment only upon a default event of Peru Bond.		(7,848	)
	90,000	USD	3/20/2012	Agreement with Morgan Stanley & Co., dated 1/16/07 to receive 1.51% times the notional amount. The Fund makes payment only upon a default event of Smithfield Food.		(1,613	)
	410,000	USD	3/20/2012	Agreement with Citigroup, dated 1/18/07 to receive 1.88% times the notional amount. The Fund makes payment only upon a default event of Allied Waste.		(16,048	)
	140,000	USD	3/20/2012	Agreement with Lehman Brothers, dated 1/19/07 to receive 1.88% times the notional amount. The Fund makes payment only upon a default event of Allied Waste.		(5,735	)
	180,000	USD	12/20/2011	Agreement with Credit Suisse Securities LLC, dated 1/19/07 to receive 3.25% times the notional amount. The Fund makes payment only upon a default event of CDX.NA.HY.7.		(133	)
	510,000	USD	12/20/2011	Agreement with Deutsche Bank, dated 1/19/07 to receive 3.44% times the notional amount. The Fund makes payment only upon a default event of CDX.NA.HY.7.		(18,524	)
	45,000	USD	3/20/2012	Agreement with Lehman Brothers, dated 1/22/07 to receive 1.88% times the notional amount. The Fund makes payment only upon a default event of Allied Waste.		(1,844	)
	120,000	USD	3/20/2012	Agreement with Credit Suisse Securities LLC, dated 1/22/07 to receive 1.49% times the notional amount. The Fund makes payment only upon a default event of Smithfield Foods.		(2,732	)
	260,000	USD	3/20/2012	Agreement with Lehman Brothers Inc., dated 1/25/07 to receive 1.58% times the notional amount. The Fund makes payment only upon a default event of Smithfield Foods.		(4,844	)
	140,000	USD	3/20/2017	Agreement with Deutsche Bank, dated 1/25/07 to receive 1.00% times the notional amount. The Fund makes payment only upon a default event of Vale Overseas Ltd.		(291	)
	140,000	USD	3/20/2017	Agreement with Deutsche Bank, dated 1/25/07 to pay 0.42% times the notional amount. The Fund receives payment only upon a default event of Inco Ltd.		1,096
	700,000	USD	3/20/2012	Agreement with Credit Suisse Securities LLC, dated 1/29/07 to receive 2.39% times the notional amount. The Fund makes payment only upon a default event of Ford Motor.		(56,655	)

316

Notes to Financial Statements (Continued)

Notional Amount			Expiration Date	Description	Net Unrealized Appreciation (Depreciation)
Credit Default Swaps (continued)
	65,000	USD	3/20/2017	Agreement with Morgan Stanley & Co.,	$	275
				dated 1/30/07 to receive 1.06% times the notional
				amount. The Fund makes payment only upon a
				default event of Vale Overseas Ltd.
	65,000	USD	3/20/2017	Agreement with JP Morgan Chase, dated 1/30/07 to pay 0.52% times the notional amount. The Fund receives payment only upon a default event of Inco Ltd.		(117	)
	180,000	USD	3/20/2017	Agreement with Goldman Sachs & Co., dated 1/31/07 to receive 1.39% times the notional amount. The Fund makes payment only upon a default event of GMAC LLC.		(27,295	)
	180,000	USD	3/20/2017	Agreement with Lehman Brothers Inc., dated 1/31/07 to receive 1.40% times the notional amount. The Fund makes payment only upon a default event of GMAC LLC.		(36,618	)
	375,000	USD	3/20/2012	Agreement with Deutsche Bank, dated 1/30/07 to receive 2.39% times the notional amount. The Fund makes payment only upon a default event of Ford Motor Co.		(28,960	)
	30,000	USD	3/20/2012	Agreement with Deutsche Bank, dated 2/01/07 to receive 1.02% times the notional amount. The Fund makes payment only upon a default event of Williams Co.		190
	160,000	USD	3/20/2017	Agreement with Goldman Sachs & Co., dated 2/02/07 to receive 1.39% times the notional amount. The Fund makes payment only upon a default event of GMAC LLC.		(24,262	)
	271,000	USD	3/20/2017	Agreement with Credit Suisse Securities LLC, dated 2/2/07 to receive 1.39% times the notional amount. The Fund makes payment only upon a default event of GMAC LLC.		(44,788	)
	190,000	USD	12/20/2016	Agreement with Morgan Stanley & Co., dated 1/08/07 to receive 4.62% times the notional amount. The Fund makes payment only upon a default event of General Motors.		(8,266	)
	230,000	USD	12/20/2016	Agreement with Morgan Stanley & Co., dated 1/08/07 to receive 5.90% times the notional amount. The Fund makes payment only upon a default event of Ford Motor Co.		(4,920	)
	600,000	USD	3/20/2012	Agreement with Credit Suisse Securities LLC, dated 1/11/07 to receive 1.15% times the notional amount. The Fund makes payment only upon a default event of Williams Co.		7,023
	120,000	USD	3/20/2012	Agreement with Barclays Bank PLC, dated 1/11/07 to receive 1.50% times the notional amount. The Fund makes payment only upon a default event of Smithfield Foods.		(2,217	)
	210,000	USD	3/20/2012	Agreement with Deutsche Bank, dated 2/06/07 to receive 2.34% times the notional amount. The Fund makes payment only upon a default event of Ford Motor Credit Co.		(16,529	)

317

Notes to Financial Statements (Continued)

Notional Amount			Expiration Date	Description	Net Unrealized Appreciation (Depreciation)
Credit Default Swaps (continued)
	240,000	USD	3/20/2012	Agreement with Citigroup, dated 2/06/07	$	(19,752	)
				to receive 2.32% times the notional amount.
				The Fund makes payment only upon a
				default event of Ford Motor Credit Co.
	285,000	USD	3/20/2017	Agreement with Deutsche Bank, dated 2/06/07 to receive 1.37% times the notional amount. The Fund makes payment only upon a default event of GMAC LLC.		(46,624	)
	235,000	USD	3/20/2017	Agreement with Goldman Sachs, dated 2/07/07 to receive 1.37% times the notional amount. The Fund makes payment only upon a default event of GMAC LLC.		(35,838	)
	145,000	USD	3/20/2017	Agreement with Morgan Stanley, dated 2/09/07 to receive 0.97% times the notional amount. The Fund makes payment only upon a default event of Vale Overseas Ltd.		(322	)
	205,000	USD	3/20/2017	Agreement with Goldman Sachs, dated 2/09/07 to receive 1.39% times the notional amount. The Fund makes payment only upon a default event of GMAC LLC.		(31,086	)
	145,000	USD	3/20/2017	Agreement with Morgan Stanley, dated 2/09/07 to pay 0.52% times the notional amount. The Fund receives payment only upon a default event of Inco Ltd.		259
	195,000	USD	3/20/2012	Agreement with Credit Suisse Securities LLC, dated 2/28/2007, to receive 2.55% times the notional mount. The Fund makes payment only upon a default event of Ford Motor Credit Co.		(14,813	)
	165,000	USD	3/20/2017	Agreement with Morgan Stanley & Co., dated 3/02/07 to pay 0.60% times the notional amount. The Fund receives payment only upon a default event of Inco Ltd.		(685	)
	165,000	USD	3/20/2017	Agreement with Morgan Stanley, dated 3/02/07 to receive 1.04% times the notional amount. The Fund makes payment only upon a default event of Vale Overseas Ltd.		462
	288,000	USD	3/20/2008	Agreement with Barclay's Capital, dated 3/05/07 to receive 1.22% times the notional amount. The Fund makes payment only upon a default event of Residential Capital, LLC.		(26,979	)
	145,000	USD	3/20/2008	Agreement with Barclay's Capital, dated 3/05/07 to receive 1.20% times the notional amount. The Fund makes payment only upon a default event of Residential Capital, LLC.		(13,593	)
	144,000	USD	3/20/2008	Agreement with Goldman Sachs & Co., dated 3/05/07 to receive 1.18% times the notional amount. The Fund makes payment only upon a default event of Residential Capital, LLC.		(10,476	)
	145,000	USD	3/20/2008	Agreement with Credit Suisse Securities LLC, dated 3/06/07 to receive 1.30% times the notional amount. The Fund makes payment only upon a default event of Residential Capital, LLC.		(9,130	)

318

Notes to Financial Statements (Continued)

Notional Amount			Expiration Date	Description	Net Unrealized Appreciation (Depreciation)
Credit Default Swaps (continued)
	145,000	USD	3/20/2008	Agreement with Goldman Sachs & Co.,	$	(10,458	)
				dated 3/06/07 to receive 1.38% times the notional
				amount. The Fund makes payment only upon a
						default event of Residential Capital, LLC.
	221,000	USD	3/20/2008	Agreement with Barclays Bank PLC, dated 3/07/07 to receive 1.75% times the notional amount. The Fund makes payment only upon a default event of Residential Capital, LLC.		(20,291	)
	145,000	USD	12/20/2011	Agreement with Lehman Brothers Inc., dated 3/06/07 to receive 3.25% times the notional amount. The Fund makes payment only upon a default event of CDXHY7 Index.		(2,190	)
	145,000	USD	12/20/2011	Agreement with Lehman Brothers Inc., dated 3/06/07 to receive 3.25% times the notional amount. The Fund makes payment only upon a default event of CDXHY7 Index.		(2,190	)
	155,000	USD	3/20/2017	Agreement with Deutsche Bank, dated 3/15/07 to pay 0.63% times the notional amount. The Fund receives payment only upon a default event of Inco Ltd.		(1,204	)
	70,000	USD	3/20/2017	Agreement with Credit Suisse Securities LLC, dated 3/15/07 to pay 0.58% times the notional amount. The Fund receives payment only upon a default event of Inco Ltd.		(373	)
	70,000	USD	3/20/2017	Agreement with Credit Suisse Securities LLC, dated 3/15/07 to receive 1.03% times the notional amount. The Fund makes payment only upon a default event of Vale Overseas Ltd.		45
	155,000	USD	3/20/2017	Agreement with Deutsche Bank, dated 3/15/07 to receive 1.05% times the notional amount. The Fund makes payment only upon a default event of Vale Overseas Ltd.		239
	1,440,000	USD	4/20/2017	Agreement with Deutsche Bank, dated 3/22/07 to receive 1.32% times the notional amount. The Fund makes payment only upon a default event of CDXHY7 Index.		6,238
	412,000	USD	6/20/2008	Agreement with Goldman Sachs & Co., dated 3/29/07 to receive 2.00% times the notional amount. The Fund makes payment only upon a default event of K. Hovnanian Enterprises.		(20,444	)
	295,000	USD	6/20/2008	Agreement with Goldman Sachs & Co., dated 3/30/07 to receive 2.00% times the notional amount. The Fund makes payment only upon a default event of K. Hovnanian Enterprises.		(14,639	)
	74,000	USD	6/20/2008	Agreement with Citigroup, dated 3/29/07 to receive 1.10% times the notional amount. The Fund makes payment only upon a default event of Univision Communications.		(611	)
	74,000	USD	6/20/2008	Agreement with Lehman Brothers Inc., dated 3/29/07 to receive 1.10% times the notional amount. The Fund makes payment only upon a default event of Univision Communications.		(564	)

319

Notes to Financial Statements (Continued)

Notional Amount			Expiration Date	Description	Net Unrealized Appreciation (Depreciation)
Credit Default Swaps (continued)
	147,000	USD	6/20/2008	Agreement with Lehman Brothers Inc.,	$	(1,074	)
				dated 3/30/07 to receive 1.15% times the notional
				amount. The Fund makes payment only upon a
				default event of Univision Communications.
	815,000	USD	6/20/2008	Agreement with Goldman Sachs & Co., dated 3/30/07 to receive 2.20% times the notional amount. The Fund makes payment only upon a default event of Standard Pacific.		(78,486	)
	405,000	USD	4/20/2011	Agreement with Credit Suisse Securities LLC, dated 3/31/2007 to receive 3.25% times the notional amount. The Fund makes payment only upon a default event of Ukraine Bond.		(59,970	)
	327,000	USD	6/20/2008	Agreement with Lehman Brothers Inc., dated 4/02/07 to receive 1.20% times the notional amount. The Fund makes payment only upon a default event of Univision Communications.		(2,287	)
	515,000	USD	4/20/2012	Agreement with Barclays Bank PLC., dated 4/06/07 to receive 1.62% times the notional amount. The Fund makes payment only upon a default event of Republic of Turkey.		2,038
	385,000	USD	4/20/2017	Agreement with Citigroup, dated 4/06/07 to receive 2.47% times the notional amount. The Fund makes payment only upon a default event of Republic of Turkey.		3,300
	520,000	USD	4/20/2012	Agreement with Morgan Stanley & Co., dated 4/11/07 to receive 1.60% times the notional amount. The Fund makes payment only upon a default event of Republic of Turkey.		2,741
	260,000	USD	4/20/2017	Agreement with Merrill Lynch International, dated 4/11/07 to receive 2.47% times the notional amount. The Fund makes payment only upon a default event of Republic of Turkey.		1,584
	115,000	USD	6/20/2008	Agreement with Lehman Brothers Inc., dated 4/24/07 to receive 2.65% times the notional amount. The Fund makes payment only upon a default event of Beazer Homes.		(9,027	)
	75,000	USD	6/20/2008	Agreement with Lehman Brothers Inc., dated 5/07/2007, to receive 2.33% times the notional amount. The Fund makes payment only upon a default event of Beazer Homes USA, Inc.		(6,019	)
	190,000	USD	6/20/2011	Agreement with JP Morgan Chase Bank, dated 6/11/2007, to receive 1.08% times the notional amount. The Fund makes payment only upon a default event of Dean Foods Company.		(6,457	)
	390,000	USD	6/20/2017	Agreement with Morgan Stanley & Co., dated 6/09/2007, to receive 1.04% times the notional amount. The Fund makes payment only upon a default event of Republic of Peru.		(5,646	)
	145,000	USD	6/20/2011	Agreement with Merrill Lynch International, dated 6/12/2007, to receive 1.59% times the notional amount. The Fund makes payment only upon a default event of TXU Corporation.		(11,813	)

320

Notes to Financial Statements (Continued)

Notional Amount			Expiration Date	Description	Net Unrealized Appreciation (Depreciation)
Credit Default Swaps (continued)
	140,000	USD	6/20/2011	Agreement with Barclays Bank PLC,	$	(1,917	)
				dated 6/12/2007, to receive 1.01% times the
				notional amount. The Fund makes payment only
				upon a default event of Constellation Brands.
	75,000	USD	6/20/2011	Agreement with Credit Suisse Securities LLC, dated 6/14/2007, to receive 1.61% times the notional amount. The Fund makes payment only upon a default event of TXU Corporation.		(6,476	)
	125,000	USD	6/20/2011	Agreement with Barclays Bank PLC, dated 6/14/2007, to receive 1.03% times the notional amount. The Fund makes payment only upon a default event of Constellation Brands.		(1,629	)
	180,000	USD	6/20/2011	Agreement with Merrill Lynch International, dated 6/14/2007, to receive 1.62% times the notional amount. The Fund makes payment only upon a default event of TXU Corporation.		(14,499	)
	70,000	USD	6/20/2011	Agreement with Lehman Brothers Inc., dated 6/18/2007, to receive .80% times the notional amount. The Fund makes payment only upon a default event of El Paso Corporation.		(1,045	)
	205,000	USD	6/20/2011	Agreement with Merrill Lynch International, dated 6/18/2007, to receive 2.06% times the notional amount. The Fund makes payment only upon a default event of TXU Corporation.		(13,749	)
	130,000	USD	6/20/2011	Agreement with Citigroup, dated 6/19/2007, to receive .82% times the notional amount. The Fund makes payment only upon a default event of El Paso Corporation.		(2,668	)
	465,000	USD	6/20/2017	Agreement with UBS AG, dated 6/20/2007, to receive 1.45% times the notional amount. The Fund makes payment only upon a default event of Republic of the Philippines.		(14,044	)
	100,000	USD	9/20/2011	Agreement with Merrill Lynch International, dated 6/22/2007, to receive 2.05% times the notional amount. The Fund makes payment only upon a default event of Reliant Energy, Inc.		(2,408	)
	75,000	USD	9/20/2012	Agreement with JP Morgan Chase Bank, dated 6/25/2007, to receive 1.35% times the notional amount. The Fund makes payment only upon a default event of The Mosaic Company.		1,813
	100,000	USD	9/20/2011	Agreement with Lehman Brothers Inc., dated 6/26/2007, to receive 3.55% times the notional amount. The Fund makes payment only upon a default event of Freescale Semiconductor, Inc.		(4,456	)
	70,000	USD	9/20/2012	Agreement with JP Morgan Chase Bank, dated 6/26/2007, to receive 1.50% times the notional amount. The Fund makes payment only upon a default event of The Mosaic Company.		2,147
	70,000	USD	9/20/2012	Agreement with Barclays Bank PLC, dated 6/26/2007, to receive 1.50% times the notional amount. The Fund makes payment only upon a default event of The Mosaic Company.		2,041

321

Notes to Financial Statements (Continued)

Notional Amount			Expiration Date	Description	Net Unrealized Appreciation (Depreciation)
Credit Default Swaps (continued)
	85,000	USD	9/20/2008	Agreement with JP Morgan Chase,	$	(1,007	)
				dated 6/26/2007, to receive 1.40% times the
				notional amount. The Fund makes payment only
				upon a default event of Rite Aid Corporation.
	105,000	USD	9/20/2012	Agreement with Lehman Brothers Inc., dated 6/26/2007, to receive 4.15% times the notional amount. The Fund makes payment only upon a default event of NXP B.V.		(5,641	)
	130,000	USD	3/20/2012	Agreement with Morgan Stanley & Co., dated 6/27/2007, to receive 1.77% times the notional amount. The Fund makes payment only upon a default event of Smithfield Foods, Inc.		(1,035	)
	150,000	USD	9/20/2011	Agreement with Goldman Sachs & Co., dated 6/27/2007, to receive 3.60% times the notional amount. The Fund makes payment only upon a default event of Freescale Semiconductor, Inc.		(5,790	)
	70,000	USD	9/20/2011	Agreement with Citigroup, dated 6/27/2007, to receive 2.45% times the notional amount. The Fund makes payment only upon a default event of Reliant Energy, Inc.		(1,255	)
	75,000	USD	9/20/2008	Agreement with Lehman Brothers Inc., dated 6/27/2007, to receive 1.35% times the notional amount. The Fund makes payment only upon a default event of Rite Aid Corporation.		(1,161	)
	180,000	USD	9/20/2008	Agreement with Goldman Sachs & Co., dated 6/27/2007, to receive 2.65% times the notional amount. The Fund makes payment only upon a default event of Beazer Homes USA Inc.		(15,904	)
	180,000	USD	9/20/2011	Agreement with Citigroup, dated 6/28/2007, to receive 2.60% times the notional amount. The Fund makes payment only upon a default event of Reliant Energy, Inc.		(2,324	)
	150,000	USD	9/20/2008	Agreement with Lehman Brothers Inc., dated 6/28/2007, to receive 1.85% times the notional amount. The Fund makes payment only upon a default event of Toys "R" Us, Inc.		(2,235	)
	75,000	USD	9/20/2011	Agreement with Goldman Sachs & Co., dated 6/29/2007, to receive 3.75% times the notional amount. The Fund makes payment only upon a default event of Freescale Semiconductor, Inc.		(2,537	)
	150,000	USD	9/20/2008	Agreement with Goldman Sachs & Co., dated 6/29/2007, to receive 4.80% times the notional amount. The Fund makes payment only upon a default event of Beazer Homes USA, Inc.		(10,831	)
	150,000	USD	9/20/2008	Agreement with Barclays Bank PLC, dated 6/29/2007, to receive 4.70% times the notional amount. The Fund makes payment only upon a default event of Beazer Homes USA, Inc.		(8,867	)
	75,000	USD	9/20/2012	Agreement with Lehman Brothers Inc., dated 6/29/2007, to receive 4.45% times the notional amount. The Fund makes payment only upon a default event of NXP B.V.		(3,198	)

322

Notes to Financial Statements (Continued)

Notional Amount			Expiration Date	Description	Net Unrealized Appreciation (Depreciation)
Credit Default Swaps (continued)
	185,000	USD	9/20/2008	Agreement with Lehman Brothers Inc.,	$	(2,863	)
				dated 7/02/2007, to receive 1.35% times the
				notional amount. The Fund makes payment only
				upon a default event of Rite Aid Corporation.
	45,000	USD	9/20/2012	Agreement with Citigroup, dated 7/03/07 to receive 4.50% times the notional amount. The Fund makes payment only upon a default event of NXP B.V.		(1,816	)
	170,000	USD	9/20/2008	Agreement with JP Morgan Chase Bank, dated 7/03/2007, to receive 2.38% times the notional amount. The Fund makes payment only upon a default event of Dole Food Company, Inc.		(1,300	)
	70,000	USD	9/20/2008	Agreement with JP Morgan Chase Bank, dated 7/03/2007, to receive 1.92% times the notional amount. The Fund makes payment only upon a default event of Toys "R" Us, Inc.		(692	)
	10,000	USD	9/20/2008	Agreement with Lehman Brothers Inc., dated 7/05/2007, to receive 1.45% times the notional amount. The Fund makes payment only upon a default event of Rite Aid Corporation.		(146	)
	200,000	USD	9/22/2008	Agreement with Lehman Brothers Inc., dated 7/05/2007, to receive 1.95% times the notional amount. The Fund makes payment only upon a default event of Toys "R" Us, Inc.		(2,808	)
	70,000	USD	9/20/2011	Agreement with Lehman Brothers Inc., dated 7/09/07 to receive 3.72% times the notional amount. The Fund makes payment only upon a default event of FreeScale Semiconductor, Inc.		(2,743	)
	145,000	USD	9/20/2008	Agreement with Lehman Brothers Inc., dated 7/09/07 to receive 1.15% times the notional amount. The Fund makes payment only upon a default event of Arvinmeritor, Inc.		(626	)
	150,000	USD	9/20/2012	Agreement with Citigroup, dated 7/10/07 to receive 4.65% times the notional amount. The Fund makes payment only upon a default event of NXP B.V.		(3,310	)
	220,000	USD	9/20/2008	Agreement with Lehman Brothers Inc., dated 7/11/07 to receive 5.40% times the notional amount. The Fund makes payment only upon a default event of Beazer Homes USA, Inc.		(14,350	)
	1,635,000	EUR	3/23/2013	Agreement with Morgan Stanley & Co., dated 5/11/07 to receive 3.00% times the notional amount. The Fund makes payment only upon a default event of MOS Gisad CDS.		(31,117	)
	140,000	USD	6/20/2011	Agreement with Morgan Stanley & Co., dated 5/16/07 to receive .95% times the notional amount. The Fund makes payment only upon a default event of Dean Foods Company.		(4,303	)
	140,000	USD	6/20/2011	Agreement with JP Morgan Chase, dated 5/17/07 to receive 1.03% times the notional amount. The Fund makes payment only upon a default event of Dean Foods Company.		(4,984	)

323

Notes to Financial Statements (Continued)

Notional Amount			Expiration Date	Description	Net Unrealized Appreciation (Depreciation)
Credit Default Swaps (continued)
	140,000	USD	6/20/2011	Agreement with JP Morgan Chase, dated 5/17/07	$	(4,848	)
				to receive 1.06% times the notional amount.
				The Fund makes payment only upon a default
				event of Dean Foods Company.
	80,000	USD	6/20/2011	Agreement with Credit Suisse Securities LLC, dated 5/31/2007, to receive 1.02% times the notional amount. The Fund makes payment only upon a default event of Dean Foods Company.		(2,965	)
	190,000	USD	6/20/2011	Agreement with Credit Suisse Securities LLC, dated 5/31/2007, to receive 1.02% times the notional amount. The Fund makes payment only upon a default event of Constellation Brands, Inc.		(3,066	)
	75,000	USD	6/20/2011	Agreement with Credit Suisse Securities LLC, dated 6/01/2007, to receive 1.00% times the notional amount. The Fund makes payment only upon a default event of Dean Foods Company.		(2,828	)
	144,000	USD	6/20/2011	Agreement with Citigroup, dated 6/01/2007, to receive .72% times the notional amount. The Fund makes payment only upon a default event of El Paso Corporation.		(3,427	)
	69,000	USD	6/20/2011	Agreement with Credit Suisse Securities LLC, dated 6/01/2007, to receive 1.00% times the notional amount. The Fund makes payment only upon a default event of Constellation Brands, Inc.		(1,150	)
	216,000	USD	6/20/2011	Agreement with Lehman Brothers Inc., dated 6/01/2007, to receive 0.73% times the notional amount. The Fund makes payment only upon a default event of El Paso Corporation.		(3,722	)
	145,000	USD	6/20/2011	Agreement with Merrill Lynch International, dated 6/01/2007, to receive 1.53% times the notional amount. The Fund makes payment only upon a default event of TXU Corporation.		(12,080	)
	70,000	USD	6/20/2011	Agreement with Credit Suisse Securities LLC, dated 6/05/2007, to receive 0.74% times the notional amount. The Fund makes payment only upon a default event of El Paso Corporation.		(1,483	)
	145,000	USD	6/20/2011	Agreement with Credit Suisse Securities LLC, dated 6/06/2007, to receive 1.53% times the notional amount. The Fund makes payment only upon a default event of TXU Corporation.		(12,874	)
	70,000	USD	6/20/2011	Agreement with JP Morgan Chase, dated 6/06/2007, to receive 1.05% times the notional amount. The Fund makes payment only upon a default event of Dean Foods Company.		(2,447	)
	150,000	USD	6/20/2011	Agreement with Lehman Brothers Inc., dated 6/07/2007, to receive 1.00% times the notional amount. The Fund makes payment only upon a default event of Constellation Brands.		(2,564	)
	140,000	USD	6/20/2011	Agreement with Merrill Lynch International, dated 6/08/2007, to receive 1.58% times the notional amount. The Fund makes payment only upon a default event of TXU Corporation.		(11,449	)

324

Notes to Financial Statements (Continued)

Notional Amount			Expiration Date	Description	Net Unrealized Appreciation (Depreciation)
Credit Default Swaps (continued)
	130,000	USD	6/20/2011	Agreement with Citigroup, dated 6/08/2007, to	$	(2,838	)
				receive 0.78% times the notional amount. The
				Fund makes payment only upon a default event
				of El Paso Corporation.
	75,000	USD	6/20/2011	Agreement with Credit Suisse Securities LLC, dated 6/08/2007, to receive 0.77% times the notional amount. The Fund makes payment only upon a default event of El Paso Corporation.		(1,515	)
	70,000	USD	9/20/2012	Agreement with UBS AG., dated 7/12/2007, to receive 1.78% times the notional amount. The Fund makes payment only upon a default event of The Mosaic Company.		2,995
	150,000	USD	9/20/2008	Agreement with Credit Suisse Securities LLC, dated 7/12/07 to receive 1.40% times the notional amount. The Fund makes payment only upon a default event of Arvinmeritor, Inc.		(549	)
	35,000	USD	9/20/2012	Agreement with Morgan Stanley & Co., dated 7/13/07 to receive 4.95% times the notional amount. The Fund makes payment only upon a default event of NXP B.V.		(894	)
	150,000	USD	9/20/2008	Agreement with Goldman Sachs & Co., dated 7/16/07 to receive 1.60% times the notional amount. The Fund makes payment only upon a default event of Arvinmeritor, Inc.		(167	)
	210,000	USD	9/20/2008	Agreement with Lehman Brothers Inc., dated 7/18/2007, to receive 4.22% times the notional amount. The Fund makes payment only upon a default event of K. Hovnanian Enterprises, Inc.		(14,258	)
	55,000	USD	9/20/2012	Agreement with Credit Suisse Securities LLC, dated 7/19/2007, to receive 5.25% times the notional amount. The Fund makes payment only upon a default event of NXP B.V.		(489	)
	30,000	USD	5/25/2046	Agreement with Goldman Sachs & Co., dated 7/25/07 to pay 0.17% monthly times the notional amount. The Fund receives payment only upon a default event of ABX.HE.AA.06-2 Index.		(9,453	)
	30,000	USD	5/25/2046	Agreement with Morgan Stanley & Co., dated 7/25/07 to pay 0.17% monthly times the notional amount. The Fund receives payment only upon a default event of ABX.HE.AA.06-2 Index.		(9,449	)
	145,000	USD	9/20/2008	Agreement with Credit Suisse Securities LLC, dated 7/20/07 to receive 1.60% times the notional amount. The Fund makes payment only upon a default event of Arvinmeritor, Inc.		(279	)
	90,000	USD	9/20/2008	Agreement with Credit Suisse Securities LLC, dated 7/20/07 to receive 2.80% times the notional amount. The Fund makes payment only upon a default event of Toys "R" US, Inc.		(1,121	)
	150,000	USD	9/20/2008	Agreement with Lehman Brothers Inc., dated 7/25/2007, to receive 3.20% times the notional amount. The Fund makes payment only upon a default event of Dole Food Company, Inc.		152

325

Notes to Financial Statements (Continued)

Notional Amount			Expiration Date	Description	Net Unrealized Appreciation (Depreciation)
Credit Default Swaps (continued)
	45,000	USD	9/20/2008	Agreement with Citigroup, dated 7/25/07 to	$	172
				receive 2.05% times the notional amount. The
				Fund makes payment only upon a default event
				of Amkor Technology, Inc.
	160,000	USD	9/20/2008	Agreement with Lehman Brothers Inc., dated 7/26/07 to receive 2.20% times the notional amount. The Fund makes payment only upon a default event of Arvinmeritor, Inc.		758
	260,000	USD	9/20/2008	Agreement with Lehman Brothers Inc., dated 7/26/07 to receive 5.22% times the notional amount. The Fund makes payment only upon a default event of Six Flags, Inc.		(3,103	)
	120,000	USD	6/20/2011	Agreement with Goldman Sachs & Co., dated 7/26/07 to receive 1.90% times the notional amount. The Fund makes payment only upon a default event of Constellation Brands, Inc.		2,119
	150,000	USD	9/20/2008	Agreement with Lehman Brothers Inc., dated 7/26/07 to receive 2.75% times the notional amount. The Fund makes payment only upon a default event of First Data Corporation.		738
	85,000	USD	9/20/2008	Agreement with Lehman Brothers Inc., dated 7/27/07 to receive 4.30% times the notional amount. The Fund makes payment only upon a default event of Toys "R" US, Inc.		514
	150,000	USD	9/20/2008	Agreement with Lehman Brothers Inc., dated 7/27/07 to receive 3.50% times the notional amount. The Fund makes payment only upon a default event of First Data Corporation.		1,709
	50,000	USD	9/20/2008	Agreement with Goldman Sachs & Co., dated 7/27/07 to receive 2.65% times the notional amount. The Fund makes payment only upon a default event of Amkor Technology, Inc.		356
	60,000	USD	5/25/2046	Agreement with Morgan Stanley & Co., dated 8/02/07 to pay 0.17% monthly times the notional amount. The Fund receives payment only upon a default event of ABX.HE.AA Index.		(17,692	)
	100,000	USD	5/25/2046	Agreement with Deutsche Bank, dated 8/03/07 to pay 0.17% monthly times the notional amount. The Fund receives payment only upon a default event of ABX.HE.AA Index.		(27,504	)
	230,000	USD	5/25/2046	Agreement with Deutsche Bank, dated 8/03/07 to pay 0.11% monthly times the notional amount. The Fund receives payment only upon a default event of ABX.HE.AAA Index.		(14,946	)
	110,000	USD	9/20/2008	Agreement with Lehman Brothers Inc., dated 7/30/07 to receive 5.25% times the notional amount. The Fund makes payment only upon a default event of Dole Food Company, Inc.		2,048
	450,000	USD	9/20/2008	Agreement with Morgan Stanley & Co., dated 7/31/07 to receive 6.17% times the notional amount. The Fund makes payment only upon a default event of Residential Capital, LLC.		(51,213	)

326

Notes to Financial Statements (Continued)

Notional
Amount

Expiration
Date

Description

Net Unrealized
Appreciation
(Depreciation)

Credit Default Swaps (continued)

220,000

USD

9/20/2012

Agreement with Citigroup dated 7/31/07 to

8,353

receive 2.10% times the notional amount. The

Fund makes payment only upon a default event

of Republic Indonesia.

155,000

USD

9/20/2008

Agreement with Morgan Stanley & Co.,
dated 7/31/07 to receive 6.25% times the notional
amount. The Fund makes payment only upon a
default event of Residential Capital, LLC.

(17,553

)

230,000

USD

5/25/2046

Agreement with Deutsche Bank, dated 8/06/07
to pay 0.11% monthly times the notional amount.
The Fund receives payment only upon a default
event of ABX.HE.AAA Index.

(14,949

)

80,000

USD

8/2/2007

Agreement with Lehman Brothers Inc.,
dated 8/02/07 to receive 2.50% times the notional
amount. The Fund makes payment only upon a
default event of Amkor Technology Inc.

380

450,000

USD

9/20/2012

Agreement with Morgan Stanley & Co.,
dated 8/02/07 to receive 2.23% times the notional
amount. The Fund makes payment only upon a
default event of Republic of Indonesia.

19,236

75,000

USD

9/20/2008

Agreement with Lehman Brothers Inc.,
dated 8/03/07 to receive 3.00% times the notional
amount. The Fund makes payment only upon a
default event of First Data Corp.

530

35,000

USD

9/20/2012

Agreement with Goldman Sachs & Co.,
dated 8/03/07 to receive 2.00% times the notional
amount. The Fund makes payment only upon a
default event of Mosaic Global Holding.

1,836

100,000

USD

9/20/2008

Agreement with Lehman Brothers Inc.,
dated 8/06/07 to receive 3.00% times the notional
amount. The Fund makes payment only upon a
default event of First Data Corp.

708

30,000

USD

9/20/2008

Agreement with Goldman Sachs & Co.,
dated 8/06/07 to receive 3.00% times the notional
amount. The Fund makes payment only upon a
default event of First Data Corp.

281

145,000

USD

3/20/2017

Agreement with Lehman Brothers Inc.,
dated 2/13/07 to receive 1.40% times the notional
amount. The Fund makes payment only upon a
default event of GMAC LLC.

(29,498

)

135,000

USD

3/20/2017

Agreement with Morgan Stanley & Co.,
dated 2/15/07 to receive .92% times the notional
amount. The Fund makes payment only upon
default Vale Overseas Ltd.

(784

)

135,000

USD

3/20/2017

Agreement with Morgan Stanley & Co.,
dated 2/15/07 to pay .52% times the notional
amount. The Fund receives payment only upon a
default event of CVRD INCO Limited.

242

110,000

USD

9/20/2008

Agreement with Lehman Brothers Inc.,
dated 8/07/07 to receive 3.00% times the notional
amount. The Fund makes payment only upon a
default event of Arvinmeritor Inc.

1,280

327

Notes to Financial Statements (Continued)

Notional
Amount

Expiration
Date

Description

Net Unrealized
Appreciation
(Depreciation)

Credit Default Swaps (continued)

80,000

USD

9/20/2012

Agreement with Goldman Sachs & Co.,

3,014

dated 8/09/07 to receive 1.60% times the notional

amount. The Fund makes payment only upon a

default event of Mosaic Global Holding.

855,000

USD

9/20/2008

Agreement with Deutsche Bank, dated 8/09/07
to receive 2.55% times the notional amount.
The Fund makes payment only upon a default
event of Countrywide Home Loan.

(45,039

)

850,000

USD

9/20/2008

Agreement with Lehman Brothers Inc.,
dated 8/10/07 to receive 1.95% times the notional
amount. The Fund makes payment only upon a
default event of MBIA Inc.

(13,595

)

530,000

USD

6/20/2012

Agreement with Lehman Brothers Inc.,
dated 8/14/07 to receive 2.75% times the notional
amount. The Fund makes payment only upon a
default event of CDX.NA.HY.8.

10,371

380,000

USD

6/20/2012

Agreement with Credit Suisse Securities LLC.,
dated 8/14/07 to receive 2.75% times the notional
amount. The Fund makes payment only upon a
default event of CDX.NA.HY.8.

8,154

455,000

USD

6/20/2012

Agreement with JP Morgan Chase dated 8/13/07
to receive 2.75% times the notional amount.
The Fund makes payment only upon a default
event of CDX.NA.HY.8.

9,106

380,000

USD

6/20/2012

Agreement with Lehman Brothers Inc.,
dated 8/14/07 to receive 2.75% times the notional
amount. The Fund makes payment only upon a
default event of CDX.NA.HY.8.

6,961

850,000

USD

9/20/2008

Agreement with Barclays Bank PLC,
dated 8/15/2007, to receive 3.25% times the
notional amount. The Fund makes payment only
upon a default event of Citigroup Inc.

(84

)

40,000

USD

9/20/2012

Agreement with UBS AG, dated 9/07/07 to
receive 5.05% times the notional amount. The
Fund makes payment only upon a default event
of Massey Energy Co.

1,842

302,000

USD

9/20/2012

Agreement with Deutsche Bank, dated 9/07/07
to pay .61% times the notional amount. The Fund
receives payment only upon a default event
of Credit Suisse Group.

1,506

98,000

USD

9/20/2012

Agreement with Deutsche Bank, dated 9/07/07
to pay .425% times the notional amount. The
Fund receives payment only upon a default event
of Credit Suisse Group.

85,000

USD

9/20/2012

Agreement with Goldman Sachs & Co.,
dated 9/07/07 to receive 3.70% times the notional
amount. The Fund makes payment only upon a
default event of Nalco Co.

2,927

155,000

USD

9/20/2008

Agreement with JP Morgan Chase, dated 9/07/07
to receive .75% times the notional amount. The
Fund makes payment only upon a default event
of Morgan Stanley.

262

328

Notes to Financial Statements (Continued)

Notional
Amount

Expiration
Date

Description

Net Unrealized
Appreciation
(Depreciation)

Credit Default Swaps (continued)

80,000

USD

9/20/2012

Agreement with UBS AG, dated 9/10/07 to

3,857

receive .51% times the notional amount. The

Fund makes payment only upon a default event

of Massey Energy Co.

480,000

USD

9/20/2008

Agreement with JP Morgan Chase, dated 9/12/07
to receive 1.55% times the notional amount.
The Fund makes payment only upon a default
event of Lehman Brothers Holdings Inc.

1,657

480,000

USD

9/20/2008

Agreement with JP Morgan Chase, dated 9/12/07
to receive .80% times the notional amount. The
Fund makes payment only upon a default event of
Merrill Lynch & Co. Inc.

(48

)

415,000

USD

9/20/2008

Agreement with JP Morgan Chase, dated 9/12/07
to receive .75% times the notional amount. The
Fund makes payment only upon a default event of
Morgan Stanley.

711

190,000

USD

9/20/2008

Agreement with UBS AG, dated 9/13/07
to receive 1.55% times the notional amount.
The Fund makes payment only upon a
default event of Lehman Brothers Inc.

873

70,000

USD

9/20/2008

Agreement with Lehman Brothers Inc.,
dated 9/12/07 to receive 1.85% times the notional
amount. The Fund makes payment only upon a
default event of Nortel Networks Corp.

(175

)

65,000

USD

9/20/2008

Agreement with Citigroup, dated 9/13/07 to
receive 7.60% times the notional amount. The
Fund makes payment only upon a default event
of Tribune Co.

1,033

140,000

USD

9/20/2008

Agreement with Citigroup, dated 9/14/07 to
receive 1.89% times the notional amount. The
Fund makes payment only upon a default event
of Nortel Networks Corp.

268

50,000

USD

9/20/2008

Agreement with Lehman Brothers Inc.,
dated 9/14/07 to receive 7.55% times the notional
amount. The Fund makes payment only upon a
default event of Tribune Co.

381

20,000

USD

9/20/2008

Agreement with Lehman Brothers Inc.,
dated 9/17/07 to receive 7.55% times the notional
amount. The Fund makes payment only upon a
default event of Tribune Co.

156

475,000

USD

9/20/2008

Agreement with Lehman Brothers Inc.,
dated 9/17/07 to receive 1.60% times the notional
amount. The Fund makes payment only upon a
default event of Bear Stearns Cos Inc.

1,654

30,000

USD

9/20/2010

Agreement with Credit Suisse Securities LLC.,
dated 9/19/07 to pay 6.375% times the notional
amount. The Fund receives payment only upon a
default event of Charter Communication.

524

30,000

USD

9/20/2017

Agreement with Credit Suisse Securities LLC.,
dated 9/19/07 to receive 0.20% times the notional
amount. The Fund makes payment only upon a
default event of Charter Communication Corp.

(349

)

329

Notes to Financial Statements (Continued)

Notional Amount			Expiration Date	Description	Net Unrealized Appreciation (Depreciation)
Credit Default Swaps (continued)
	20,000	USD	12/20/2010	Agreement with Lehman Brothers Inc.,	$	251
				dated 9/18/07 to receive 3.40% times the notional
				amount. The Fund makes payment only upon a
				default event of Cablevision Systems.
	95,000	USD	9/20/2008	Agreement with Citigroup, dated 09/18/2007 to receive 7.50% times the notional amount. The Fund makes payment only upon a default event of Citigroup Funding Inc.		1,449
	35,000	USD	9/20/2010	Agreement with Credit Suisse Securities LLC., dated 8/24/07 to pay 7.00% times the notional amount. The Fund receives payment only upon a default event of Charter Communications Holdings, LLC.		(6,614	)
	35,000	USD	9/20/2017	Agreement with Credit Suisse Securities LLC, dated 8/28/07 to receive 5.00% times the notional amount. The Fund makes payment only upon a default event of Charter Communications Holdings, LLC.		(385	)
	75,000	USD	9/20/2012	Agreement with Lehman Brothers Inc, dated 8/28/07 to receive 5.00% times the notional amount. The Fund makes payment only upon a default event of Charter Communications Holdings, LLC.		9,328
	70,000	USD	9/20/2012	Agreement with Citigroup, dated 08/24/2007 to receive 4.10% times the notional amount. The Fund makes payment only upon a default event of Jefferson Smurfit Co.		(966	)
	75,000	USD	9/20/2010	Agreement with Lehman Brothers Inc., dated 08/24/2007 to pay 7.25% times the notional amount. The Fund receives payment only upon a default event of Charter Communications Holdings, LLC.		(10,043	)
	200,000	USD	9/20/2012	Agreement with Credit Suisse Securities LLC., dated 8/27/07 to pay 0.38% times the notional amount. The Fund receives payment only upon a default event of Centurytel Inc.		288
	98,000	USD	9/20/2012	Agreement with Credit Suisse Securities LLC., dated 8/27/07 to pay 0.57% times the notional amount. The Fund receives payment only upon a default event of Embarq Corp.		476
	45,000	USD	9/20/2012	Agreement with Lehman Brothers Inc., dated 8/28/07 to receive 3.40% times the notional amount. The Fund makes payment only upon a default event of Nalco Company.		878
	105,000	USD	9/20/2008	Agreement with Barclays Bank PLC, dated 8/28/07 to receive 7.00% times the notional amount. The Fund makes payment only upon a default event of Six Flags Inc.		(924	)
	75,000	USD	9/20/2012	Agreement with Citigroup, dated 8/29/07 to receive 3.60% times the notional amount. The Fund makes payment only upon a default event of Citigroup Funding Inc.		2,457

330

Notes to Financial Statements (Continued)

Notional Amount			Expiration Date	Description	Net Unrealized Appreciation (Depreciation)
Credit Default Swaps (continued)
	75,000	USD	9/20/2010	Agreement with Lehman Brothers Inc.,	$	(883	)
				dated 8/29/07 to pay 7.60% times the notional
				amount. The Fund receives payment only upon a
				default event of Charter Communication
				Holdings, LLC.
	75,000	USD	9/20/2012	Agreement with Lehman Brothers Inc., dated 8/31/07 to receive 5.00% times the notional amount. The Fund makes payment only upon a default event of Charter Communication Holdings, LLC.		(11,753	)
	75,000	USD	12/20/2010	Agreement with Lehman Brothers Inc., dated 9/21/2007 to receive 3.13% times the notional amount. The Fund makes payment only upon a default event of Cablevision Systems.		367
	65,000	USD	12/20/2008	Agreement with Goldman Sachs & Co., dated 9/25/2007 to receive 2.90% times the notional amount. The Fund makes payment only upon a default event of Lennar Corp.		(961	)
	50,000	USD	12/20/2008	Agreement with Morgan Stanley & Co., dated 9/25/2007 to receive 2.90% times the notional amount. The Fund makes payment only upon a default event of Lennar Corp.		(632	)
	285,000	USD	12/20/2008	Agreement with Lehman Brothers Inc., dated 9/25/07 to receive 2.90% times the notional amount. The Fund makes payment only upon a default event of Lennar Corp.		(3,112	)
	10,000	USD	12/20/2010	Agreement with Citigroup, dated 10/03/07 to receive 3.10% times the notional amount. The Fund makes payment only upon a default event of Cablevision Systems.		54
	85,000	USD	9/20/2008	Agreement with Lehman Brothers Inc., dated 8/21/07 to receive 7.00% times the notional amount. The Fund makes payment only upon a default event of Six Flags Inc.		249
	75,000	USD	9/20/2008	Agreement with Lehman Brothers Inc., dated 8/22/07to receive 7.45% times the notional amount. The Fund makes payment only upon a default event of Tribune Co.		491
	205,000	USD	12/20/2012	Agreement with Merrill Lynch International, dated 10/15/07 to receive 4.05% times the notional amount. The Fund makes payment only upon a default event of General Motors Corp.		(9,695	)
	305,000	USD	12/20/2012	Agreement with Merrill Lynch International, dated 10/15/07 to receive 5.30% times the notional amount. The Fund makes payment only upon a default event of Ford Motor Co.		(11,504	)
	1,600,000	USD	12/20/2012	Agreement with Lehman Brothers Inc., dated 10/19/07 to receive 3.75% times the notional amount. The Fund makes payment only upon a default event of CDX.NA.HY.		(33,508	)
	255,000	USD	12/20/2008	Agreement with Deutsche Bank, dated 10/17/07 to receive 2.925% times the notional amount. The Fund makes payment only upon a default event of ISTAR Financial Inc.		(3,106	)

331

Notes to Financial Statements (Continued)

Notional Amount			Expiration Date	Description	Net Unrealized Appreciation (Depreciation)
Credit Default Swaps (continued)
	960,000	USD	12/20/2012	Agreement with Deutsche Bank, dated 10/19/07	$	(19,799	)
				to receive 1.00% times the notional amount.
				The Fund makes payment only upon a default
				event of CDX.NA.HY.
	145,000	USD	12/20/2008	Agreement with Deutsche Bank, dated 10/18/07 to receive 3.00% times the notional amount. The Fund makes payment only upon a default event of iStar Financial Inc.		(1,649	)
	785,000	USD	12/20/2012	Agreement with JP Morgan Chase dated 10/22/07 to receive 3.75% times the notional amount. The Fund makes payment only upon a default event of CDX.NA.HY.9.		(13,296	)
	735,000	USD	12/20/2012	Agreement with Morgan Stanley & Co., dated 10/23/07 to receive 3.75% times the notional amount. The Fund makes payment only upon a default event of CDX.NA.HY.9.		(8,334	)
	3,190,000	EUR	12/20/2012	Agreement with Lehman Brothers Inc., dated 10/23/07 to pay 3.175% times the notional amount. The Fund receives payment only upon a default event of ITRAXX Europe Crossover.		(99,051	)
	15,000	USD	12/20/2008	Agreement with Lehman Brothers Inc., dated 10/23/07 to receive 6.40% times the notional amount. The Fund makes payment only upon a default event of Tribune Co.		(45	)
	45,000	USD	12/20/2008	Agreement with Credit Suisse Securities LLC, dated 10/24/07 to receive 6.35% times the notional amount. The Fund makes payment only upon a default event of Tribune Co.		(320	)
	110,000	USD	12/20/2008	Agreement with Deutsche Bank, dated 10/31/07 to receive 8.50% times the notional amount. The Fund makes payment only upon a default event of Countrywide Home Loans.		(26	)
	45,000	USD	12/20/2012	Agreement with Merrill Lynch International, dated 10/31/07 to receive 3.25% times the notional amount. The Fund makes payment only upon a default event of Georgia-Pacific Corp.		0
	80,000	USD	9/20/2008	Agreement with Lehman Brothers Inc., dated 8/16/07 to receive 2.10% times the notional amount. The Fund makes payment only upon a default event of Lear Corp.		886
Interest Rate Swaps
	124,000,000	CLP	8/22/2017	Agreement with Citigroup, dated 8/24/07 to receive the notional amount times 6.53% and to pay the notional amount times the Indice Camara Promedio Index.		340
	211,000,000	KZT	6/29/2012	Agreement with Morgan Stanley & Co. Inc., dated 6/29/2007 to pay 8.25% times the notional amount and to receive the notional times the 3 month KZT-Prime-Reuters.		8,333
	1,850,000	EUR	8/22/2017	Agreement with Morgan Stanley & Co. Inc., dated 8/22/07 to pay the notional amount times 4.713% and to receive the notional amount multiplied by the 6 Month Floating Rate EUR-EURIBOR-Reuters Index.		(20,960	)

332

Notes to Financial Statements (Continued)

Notional Amount			Expiration Date	Description	Net Unrealized Appreciation (Depreciation)
Interest Rate Swaps (continued)
	361,000,000	HUF	10/10/2017	Agreement with Deutsche Bank, dated 10/10/07	$	(17,365	)
				to pay the notional amount times 6.66% and to
				receive the notional amount times the 6 Month
				Floating Rate HUF-BUBOR-Reuters Index.
	11,090,000	NOK	10/10/2017	Agreement with Barclays Bank PLC, dated 10/10/07 to receive the notional amount times 5.61% and to pay the notional amount times the 6 Month Floating Rate NOK-NIBOR-NIBR Index.		3,189
	80,000,000	INR	10/9/2017	Agreement with Citigroup, dated 10/09/07 to pay the notional amount times 7.55% and to receive the notional amount times the Floating Rate INR-MIBOR-OIS-Compound Index.		(25,712	)
	2,260,000	AUD	10/9/2017	Agreement with Deutsche Bank, dated 10/09/07 to receive the notional amount times 6.89% and to pay the notional amount times the 6 month Floating Rate AUD-BBR-BBSW Index.		3,767
	155,000,000	CLP	8/21/2017	Agreement with Banco Santander Central Hipano, S.A., dated 8/20/07 to receive the notional amount times 6.60% and to pay the notional amount times the 6 Month Floating Rate Tasa Nominal Annual Index.		(1,572	)
	124,000,000	CLP	8/21/2017	Agreement with Credit Suisse Securities LLC., dated 8/21/07 to receive the notional amount times 6.58% and to pay the notional amount times the 6 Month Floating Rate Tasa Nomial Annual Index.		1,072
	2,060,000	USD	8/13/2017	Agreement with Merrill Lynch International dated 8/13/07 to pay the notional amount times 5.33% and to receive the notional amount times the floating rate on the Constant Maturity Option Price divided by 10,000.		(42,166	)
	1,270,000	BRL	1/4/2010	Agreement with Goldman Sachs & Co., dated 8/2/06 to receive the notional amount times 14.89% and to pay the notional amount times the Brazil Interbank Deposit Rate Annualized.		(36,607	)
	2,120,000	USD	2/5/2017	Agreement with Lehman Brothers Inc., dated 8/05/07 to receive the notional amount times 3.00% and to pay 8 times 0.31% minus the USD-ISDA-Swap Rate 2 year plus 10 year times the notional amount.		(3,548	)
	43,650,000	RUB	12/23/2013	Agreement with Morgan Stanley & Co., dated 2/22/07 to receive the notional amount times 7.75% and to pay the notional amount times the 3 Month Floating Rate USB-LIBOR-BBA.		2,507
	505,000	TRY	02/26/2012	Agreement with Credit Suisse Securities LLC, dated 2/26/07 to receive the notional amount times 16.75% and to pay the notional amount times the 3 Month Floating Rate USB-LIBOR-BBA.		77,189
	8,340,000	USD	6/11/2017	Agreement with Merrill Lynch International, dated 6/11/07 to pay 4.66% times the notional amount and receive the notional times the floating rate on the Constant Maturity Option Price.		224,099

333

Notes to Financial Statements (Continued)

Notional
Amount

Expiration
Date

Description

Net Unrealized
Appreciation
(Depreciation)

Interest Rate Swaps (continued)

3,750,724.73

BRL

1/2/2012

Agreement with Goldman Sachs & Co.,

(120,974

)

dated 7/10/07 to receive the notional amount

times 10.67% and to pay the notional amount

floating rate by the Brazil Interbank Deposit Rate

Annualized.

930,000

BRL

1/2/2015

Agreement with Goldman Sachs & Co.,
dated 2/08/07 to receive the notional amount
times 12.29% and to pay the notional
amount times the Brazil Interbank
Deposit Rate, Annualized.

24,115

2,030,000

BRL

1/2/2015

Agreement with Goldman Sachs & Co.,
dated 2/07/07 to receive the notional amount
times 12.26% and to pay the notional
amount times the Brazil Interbank
Deposit Rate, Annualized.

49,981

300,000

TRY

2/9/2012

Agreement with Credit Suisse Securities LLC,
dated 2/09/07 to receive the notional amount
times 17.30% and to pay the notional amount
times 3 Month the Floating Rate USD-LIBOR-BBA.

59,589

3,130,000

MXN

12/17/2026

Agreement with Credit Suisse Securities LLC,
dated 1/11/07 to receive the notional amount
times 8.30% and to pay the notional amount
times the Floating Rate MXN-TIIE-Banxico.

(781

)

1,300,000

MXN

9/16/2026

Agreement with Goldman Sachs & Co.,
dated 10/11/06 to receive the notional amount
times 9.33% and to pay the notional amount times
the Floating Rate MXN-TIIE-BANXICO Index.

11,678

3,070,000

MXN

8/27/2026

Agreement with Goldman Sachs & Co.,
dated 9/21/06 to receive the notional amount
times 9.15% and to pay the notional amount
times the Floating Rate MXN-TIIE-BANXICO
Index.

22,403

610,000

BRL

1/02/2012

Agreement with Goldman Sachs & Co.,
dated 9/20/06 to receive the notional amount
times 14.05% and to pay the notional amount
times the Brazil Interbank Deposit Rate,
Annualized.

43,214

610,000

BRL

1/03/2012

Agreement with Banco Santander Central
Hipano, S.A., dated 9/20/06 to receive the
notional amount times 14.00% and to pay the
notional amount times the Brazil Interbank
Deposit Rate, Annualized.

18,933

310,000

TRY

2/6/2012

Agreement with Merrill Lynch International,
dated 2/06/07 to receive the notional amount times
17.10% and to pay the notional amount times the
3 Month Floating Rate USD-LIBOR-BBA.

47,530

200,000

TRY

2/7/2012

Agreement with Credit Suisse Securities LLC,
dated 2/07/07 to receive the notional amount
times 17.25% and to pay the notional amount
times the 3 Month Floating Rate USD-LIBOR-BBA.

45,356

1,110,000

BRL

1/2/2014

Agreement with Goldman Sachs & Co., dated
12/8/06 to receive the notional amount times
12.92% and to pay the notional amount times
the Brazil Interbank Deposit Rate, Annualized.

55,943

334

Notes to Financial Statements (Continued)

Notional
Amount

Expiration
Date

Description

Net Unrealized
Appreciation
(Depreciation)

Interest Rate Swaps (continued)

560,000

BRL

1/2/2014

Agreement with Goldman Sachs & Co., dated

27,005

12/12/06 to receive the notional amount times

12.87% and to pay the notional amount times

the Brazil Interbank Deposit Rate, Annualized.

1,110,000

BRL

1/4/2010

Agreement with Goldman Sachs & Co., dated
12/12/06 to receive the notional amount times
12.71% and to pay the notional amount times
the Brazil Interbank Deposit Rate, Annualized.

21,681

1,300,000

BRL

1/4/2010

Agreement with Goldman Sachs & Co., dated
12/13/06 to receive the notional amount times
12.61% and to pay the notional amount times
the Brazil Interbank Deposit Rate, Annualized.

55,058

2,700,000

BRL

1/2/2012

Agreement with JP Morgan Chase, dated 12/28/06
to receive the notional amount times 12.38%
and to pay the notional amount times the
Brazil Interbank Deposit Rate, Annualized.

61,009

2,700,000

BRL

1/2/2012

Agreement with Goldman Sachs & Co., dated
12/28/06 to receive the notional amount times
12.39% and to pay the notional amount times
the Brazil Interbank Deposit Rate, Annualized.

63,733

52,000,000

HUF

7/3/2011

Agreement with Deutsche Bank, dated 7/3/06
to pay the notional amount times 8.44%
and receive protection on HUF-BUBOR-REUTERS.

(15,077

)

1,210,000

BRL

1/2/2012

Agreement with JP Morgan Chase, dated
9/19/06 to receive the notional amount times
13.91% and to pay the notional amount times
the Brazil Interbank Deposit Rate, Annualized.

(10,734

)

10,600,000

TWD

6/27/2011

Agreement with Citigroup, dated 6/26/06 to pay
the notional amount times 2.32% and
to receive protection on TWD-TELERATE Dollars.

3,124

10,600,000

INR

6/27/2011

Agreement with Deutsche Bank, dated 6/26/06
to pay the notional amount times 7.18% and to
receive protection on INR-MIBOR-OISE-
Compound.

5,007

8,600,000

MXN

2/5/2016

Agreement with Goldman Sachs & Co.,
dated 2/17/06 to receive the notional amount times
8.70% and to pay the notional amount times the
Floating Rate MXN-TIIE-BANXICO Index.

23,357

80,000

PLN

3/24/2010

Agreement with Citigroup, dated 3/24/05 to
receive the notional amount times 5.52% and to
pay the notional amount times the 6 month
Floating Rate PLZ-WIBOR-WIBO Index.

128,000

PLN

3/25/2010

Agreement with Citigroup, dated 3/25/05 to
receive the notional amount times 5.55% and to
pay the notional amount times the 6 month
Floating Rate PLZ-WIBOR-WIBO Index.

490,000

USD

5/13/2015

Agreement with Deutsche Bank, dated 5/13/05
to receive the notional amount times 5.46%
and to pay the notional amount times the
6 Month Floating Rate USD-LIBOR-BBA.

117,615

270,000

USD

6/23/2015

Agreement with Deutsche Bank, dated 6/23/05
to receive the notional amount times 5.25%
and to pay the notional amount times the
6 Month Floating Rate USD-LIBOR-BBA.

55,623

335

Notes to Financial Statements (Continued)

Notional
Amount

Expiration
Date

Description

Net Unrealized
Appreciation
(Depreciation)

Interest Rate Swaps (continued)

385,000

PLN

7/1/2010

Agreement with First Boston Corp., dated 7/01/05

(4,209

)

to receive the notional amount times 4.48%

and to pay the notional amount times the

6 month Floating Rate PLZ-WIBOR-WIBO Index.

1,340,000

PLN

7/4/2010

Agreement with Lehman Brothers Inc.,
dated 7/04/05 to receive the notional amount
times 4.53% and to pay the notional amount
times the 6 month Floating Rate
PLZ-WIBOR-WIBO Index.

4,818

2,200,000

MXN

8/26/2025

Agreement with Goldman Sachs & Co.,
dated 9/20/05 to receive the notional amount times
9.51% and to pay the notional amount times the
Floating Rate MXN-TIIE-BANXICO Index.

24,989

3,120,000

MXN

8/28/2025

Agreement with Goldman Sachs & Co.,
dated 9/22/05 to receive the notional amount
times 9.50% and to pay the notional amount times
the Floating Rate MXN-TIIE-BANXICO Index.

32,340

2,680,000

NZD

10/19/2010

Agreement with Westpac Banking Corp ABN.,
dated 10/19/09 to pay the notional amount times
7.91% and to receive the notional amount
times the 3 months Floating Rate
NZD-BBR-FRA Index.

1,350

2,040,000

USD

10/19/2010

Agreement with Westpac Banking Corp ABN.,
dated 10/19/09 to receive the notional amount
times 5.01% and to pay the notional amount
times the 3 months Floating Rate
USD-LIBOR-BBA Index.

6,611

2,040,000

USD

10/13/2010

Agreement with Westpac Banking Corp ABN.,
dated 10/13/09 to receive the notional amount
times 4.95% and to pay the notional amount
times the 3 months Floating Rate
USD-LIBOR-BBA Index.

5,629

2,680,000

NZD

10/13/2010

Agreement with Westpac Banking Corp ABN.,
dated 10/13/09 to pay the notional amount times
7.82% and to receive the notional amount
times the 3 months Floating Rate
NZD-BBR-FRA Index.

2,293

2,680,000

NZD

10/13/2010

Agreement with Westpac Banking Corp ABN.,
dated 10/13/09 to pay the notional amount times
7.84% and to receive the notional amount
times the 3 months Floating Rate
NZD-BBR-FRA Index.

2,077

2,040,000

USD

10/13/10

Agreement with Westpac Banking Corp ABN.,
dated 10/13/09 to receive the notional amount
times 4.93% and to pay the notional amount
times the 3 months Floating Rate
USD-LIBOR-BBA Index.

6,860

2,900,000

CNY

2/16/2017

Agreement with Goldman Sachs & Co.,
dated 2/16/12 to pay the notional amount times
4.00% and to receive the notional amount
times the CNY-CFXSREPOFIX01-Reuters.

21,191

336

Notes to Financial Statements (Continued)

Notional Amount			Expiration Date	Description	Net Unrealized Appreciation (Depreciation)
Total Return Swaps
	920,000	USD	11/1/2007	Agreement with Lehman Brothers, dated 5/04/07	$	(10,888	)
				to receive the monthly payment based on the
				spread of the Lehman Brothers CMBS AAA 8.5+
				Index times the notional amount if positive and to
				pay the absolute value of the spread if negative.
	400,000	USD	11/1/2007	Agreement with Deutsche Bank, dated 5/04/07 to receive the monthly payment based on the spread the Lehman Brothers CMBS Aaa 8.5+0.275% Index times the notional amount if positive and to pay the absolute value the spread if negative.		(4,753	)
	300,000	USD	1/31/2008	Agreement with Morgan Stanley & Co., dated 7/26/07 to receive the monthly payment based on the spread the Lehman Brothers CMBS AAA 8.5+ Index times the notional amount if positive and to pay the absolute value the spread if negative.		(4,770	)
	507,000	USD	2/1/2008	Agreement with Lehman Brother Inc., dated 8/03/07 to receive the monthly payment based on the spread the Lehman Brothers CMBS AAA 8.5+ Index times the notional amount if positive and to pay the absolute value the spread if negative.		(5,888	)
	633,000	USD	2/1/2008	Agreement with UBS AG, dated 8/03/07 to receive the monthly payment based on the spread the Lehman Brothers CMBS AAA 8.5+0.6% Index times the notional amount if positive and to pay the absolute value the spread if negative.		(7,323	)
	1,390,000	USD	2/1/2008	Agreement with Deutsche Bank, dated 8/03/07 to receive the monthly payment based on the spread the Lehman Brothers CMBS Aaa 8.5+0.60% Index times the notional amount if positive and to pay the absolute value the spread if negative.		(16,126	)
	834,154	BRL	12/12/2007	Agreement with Goldman Sachs & Co., dated 10/16/07 with respect to Bovespa Index futures contracts where by the fund receives or makes payments based on the total return of the Bovespa Index.		11,900
	15,655,650	INR	11/29/2007	Agreement with Goldman Sachs & Co., dated 10/30/07 with respect to INDF/NSE Nifty Index Futures contracts where by the Fund receives or makes payments based on the total return of the INDF/NSE Nifty Index.		(45,036	)
	1,053,138	INR	11/29/2007	Agreement with Goldman Sachs & Co., dated 10/30/07 with respect to INDF/NSE Nifty Index Futures contracts where by the Fund receives or makes payments based on the total return of the INDF/NSE Nifty Index.		(3,263	)
	2,287	USD	9/15/2008	Agreement with Deutshe Bank, dated 8/08/07 to pay the monthly return on the USD-LIBOR-BBA times the notional amount plus 0.20% and to receive the total return on a custom basket U.S. equities.		3,061

337

Notes to Financial Statements (Continued)

Notional
Amount

Expiration
Date

Description

Net Unrealized
Appreciation
(Depreciation)

Total Return Swaps (continued)

141,416

JPY

4/3/2008

Agreement with Citigroup, dated 10/05/07 to pay

13,102

the monthly return on the JPY-LIBOR-BBA

times the notional amount and to receive the

total return on a custom basket Japanese equities.

5,712

EUR

10/10/2008

Agreement with Morgan Stanley & Co.,
dated 10/05/07 to pay the monthly return on the
EUR-LIBOR-BBA times the notional
amount and to receive the total return on a custom
basket EUR equities.

(190

)

14,826

EUR

10/7/2008

Agreement with Deutsche Bank., dated 9/07/07
to pay the monthly return on the EUR-LIBOR-BBA
times the notional amount and to receive the
total return on a custom basket EUR equities.

63,931

599,169

GBP

5/6/2008

Agreement with Citigroup, dated 10/05/07 to pay
the monthly return on the GBP-LIBOR-BBA
times the notional amount and to receive the
total return on a custom basket UK equities.

30,013

3,950,246

USD

10/7/2008

Agreement with Goldman Sachs & Co.,
dated 10/05/07 to pay the monthly return on the
USD-LIBOR-BBA times the notional amount plus
0.30% and to receive the total return on a custom
basket US equities.

(37,656

)

413,297

USD

10/8/2008

Agreement with Goldman Sachs & Co.,
dated 10/09/07 to pay USD-LIBOR-BBA and to
receive payments based on the total return of the
MSCI Market Index.

13,845

600,000

USD

3/1/2008

Agreement with Lehman Brothers Inc.,
dated 9/01/07 to receive the monthly payment
based on the spread the Lehman Brothers
CMBS AAA 8.5+ Index times the notional amount
if positive and to pay the absolute value the spread
if negative.

(7,379

)

441,140

CHF

12/28/2007

Agreement with Goldman Sachs & Co.,
dated 9/21/07 with respect to SMIDEC07 Futures
futures contracts where by the fund receives or
makes payments based on the total return the
Swiss Market Index.

(9,887

)

690,000

RON

3/10/2008

Agreement with Lehman Brothers Inc., dated 3/16/05
where by the fund makes an up front payment and
receives periodic payments and the redemption
proceeds based on Romania Government Bond.

36,882

57,000

RON

4/18/2008

Agreement with Lehman Brothers Inc., dated 4/22/05
where by the fund makes an up front payment and
receives periodic payments and the redemption
proceeds based on Romania Government Bond.

3,885

1,535,000

RUB

4/21/2011

Agreement with Deutsche Bank, dated 4/28/06
where by the fund makes an up front payment and
receives periodic payments and the redemption
proceeds based on Moscow Region bond.

6,508

52,200,000

KZT

3/20/2009

Agreement with Deutsche Bank, dated 3/24/06
where by the fund makes an up front payment and
receives periodic payments and the redemption
proceeds based on JSC Halyk Bank of Kazakhstan.

9,147

338

Notes to Financial Statements (Continued)

Notional
Amount

Expiration
Date

Description

Net Unrealized
Appreciation
(Depreciation)

Total Return Swaps (continued)

2,301,266

MXN

1/5/2011

Agreement with Deutsche Bank, dated 6/19/06

8,877

where by the fund makes an up front payment and

receives periodic payments and the redemption

proceeds based on Arrendadora Capita

Corporation, SA.

7,620,000

RUB

6/22/2010

Agreement with Credit Suisse Securities LLC,
dated 9/14/07 where by the fund makes an up
front payment and receives periodic payments
and the redemption proceeds based on Russian
Federation bonds.

6,326

9,520,000

RUB

3/26/2011

Agreement with Credit Suisse Securities LLC,
dated 3/29/07 where by the fund makes an up
front payment and receives periodic payments
and the redemption proceeds based on Russian
Federation bonds.

(4,217

)

13,000,000

RUB

10/4/2008

Agreement with Merrill Lynch International,
dated 4/04/07 where by the fund makes an up
front payment and receives periodic payments
and the redemption proceeds based on Ensorte
Enterprises Ltd.

5,716

765,000

UAH

4/19/2010

Agreement with Credit Suisse Securities LLC,
dated 4/05/07 where by the fund makes an up
front payment and receives periodic payments
and the redemption proceeds based on Boryspil
Airport bonds.

(2,988

)

420,000

BRL

8/18/2010

Agreement with Deutsche Bank, dated 2/09/06
where by the fund makes an up front payment and
receives periodic payments and the redemption
proceeds based on Federative Republic of Brazil.

118,932

13,700,000

NGN

2/24/2009

Agreement with Deutsche Bank, dated 3/24/06
where by the fund makes an up front payment and
receives periodic payments and the redemption
proceeds based on the Republic of Nigeria.

7,009

18,000,000

NGN

1/27/2009

Agreement with Deutsche Bank, dated 3/24/06
where by the fund makes an up front payment and
receives periodic payments and the redemption
proceeds based on the Republic of Nigeria.

5,445

5,420,829

RUB

7/5/2012

Agreement with Morgan Stanley & Co.,
dated 3/30/06 where by the fund makes an up
front payment and receives periodic payments
and the redemption proceeds based on Red Arrow
International Leasing Public Ltd. Co.

27,242

3,976,023

RUB

7/5/2012

Agreement with Morgan Stanley & Co.,
dated 3/30/06 where by the fund makes an up front
payment and receives periodic payments and the
redemption proceeds based on Red Arrow
International Leasing Public Ltd. Co.

19,692

12,000,000

RUB

5/13/2009

Agreement with Deutsche Bank, dated 8/14/06
where by the fund makes an up front payment and
receives periodic payments and the redemption
proceeds based on OJSC Russian Agricultural Bank.

63,516

339

Notes to Financial Statements (Continued)

Notional
Amount

Expiration
Date

Description

Net Unrealized
Appreciation
(Depreciation)

Total Return Swaps (continued)

69,000,000

KZT

5/25/2008

Agreement with Morgan Stanley & Co.,

(28,742

)

dated 8/16/06 where by the fund makes an up

front payment and receives periodic payments

and the redemption proceeds based on the

Republic of Kazakhstan.

880,000

BRL

8/2/2010

Agreement with Morgan Stanley & Co.,
dated 7/18/07 where by the fund makes an up
front payment and receives periodic payments
and the redemption proceeds based on Frigorifico
Margen Ltd.

35,908

229,333

USD

6/22/2013

Agreement with Deutsche Bank, dated 4/04/05
where by the fund makes an up front payment and
receives periodic payments and the redemption
proceeds based on the Republic of Indonesia.

9,536

7,090,000

RUB

12/14/2008

Agreement with Deutsche Bank, dated 12/22/06
where by the fund makes an up front payment and
receives periodic payments and the redemption
proceeds based on Federalnaya Setevaya
Kompaniya Edinoy Energe.

26,128

8,090,000

RUB

2/22/2008

Agreement with Deutsche Bank, dated 12/22/06
where by the fund makes an up front payment and
receives periodic payments and the redemption
proceeds based on Rosselkhozbank.

35,975

8,090,000

RUB

2/20/2008

Agreement with Deutsche Bank, dated 12/22/06
where by the fund makes an up front payment and
receives periodic payments and the redemption
proceeds based on Sberbank.

35,428

10,790,000

RUB

2/27/2008

Agreement with Deutsche Bank, dated 12/22/06
where by the fund makes an up front payment and
receives periodic payments and the redemption
proceeds based on Sberbank.

47,033

6,900,000

RUB

1/22/2009

Agreement with Credit Suisse Securities LLC,
dated 12/21/06 where by the fund makes an up
front payment and receives periodic payments
and the redemption proceeds based on Russian
Railways bonds.

14,847

11,520,000

RUB

8/6/2009

Agreement with Credit Suisse Securities LLC,
dated 2/06/07 where by the fund makes an up
front payment and receives periodic payments
and the redemption proceeds based on Gazprom
OAO bonds.

23,109

13,100,000

RUB

2/22/2008

Agreement with Deutsche Bank, dated 1/31/07
where by the fund makes an up front payment and
receives periodic payments and the redemption
proceeds based on Rosselkhozbank.

57,112

16,594,354

RUB

8/15/2034

Agreement with Morgan Stanley & Co.,
dated 1/05/07 where by the fund makes an up
front payment and receives periodic payments
and the redemption proceeds based on EM Whole
Loan SA.

(17,468

)

5,200,000

RUB

12/12/2008

Agreement with Credit Suisse Securities LLC,
dated 1/30/07 where by the fund makes an up
front payment and receives periodic payments
and the redemption proceeds based on FFS UES
bonds.

14,993

340

Notes to Financial Statements (Continued)

Notional Amount			Expiration Date	Description	Net Unrealized Appreciation (Depreciation)
Total Return Swaps (continued)
	5,600,000	RUB	2/21/2008	Agreement with Deutsche Bank, dated 1/24/07	$	24,741
				where by the fund makes an up front payment and
				receives periodic payments and the redemption
				proceeds based on Rosselkhozbank.
	11,760,000	RUB	10/29/2009	Agreement with Credit Suisse Securities LLC, dated 2/01/07 where by the fund makes an up front payment and receives periodic payments and the redemption proceeds based on Gazprom OAO bonds.		40,368
	2,318,000,000	VND	1/19/2017	Agreement with Credit Suisse Securities LLC, dated 2/13/07 where by the fund makes an up front payment and receives periodic payments and the redemption proceeds based on Vietnam bonds.		(7,942	)
	2,510,000,000	COP	7/24/2020	Agreement with Deutsche Bank, dated 2/22/07 where by the fund makes an up front payment and receives periodic payments and the redemption proceeds based on the Republic of Colombia.		(2,695	)
	57,000	RON	4/18/2010	Agreement with Lehman Brothers Inc., dated 4/20/05 where by the fund makes an up front payment and receives periodic payments and the redemption proceeds based on Republic of Romania.		3,848
	2,600,000,000	IDR	9/16/2011	Agreement with Deutsche Bank, dated 5/18/06 where by the fund makes an up front payment and receives periodic payments and the redemption proceeds based on the Republic of Indonesia.		6,258
	5,800,000,000	VND	4/20/2017	Agreement with Deutsche Bank, dated 4/13/07 where by the fund makes an up front payment and receives periodic payments and the redemption proceeds based on Vietnam Shipping Industry Group.		(20,547	)
	326,817	USD	9/7/2012	Agreement with Deutsche Bank, dated 10/11/06 where by the fund makes an up front payment and receives periodic payments and the redemption proceeds based on Series 2006-A Certificates.		1,634
	510,000	USD	2/6/2009	Agreement with Morgan Stanley & Co., dated 1/05/07 where by the fund makes an up front payment and receives periodic payments and the redemption proceeds based on WTI Trading Ltd.		(17,850	)
	680,000	USD	2/6/2009	Agreement with Deutsche Bank, dated 2/01/07 where by the fund makes an up front payment and receives periodic payments and the redemption proceeds based on WTI Trading Ltd.		(23,800	)
	665,000	USD	5/30/2012	Agreement with Citigroup, dated 5/31/07 where by the fund makes an up front payment and receives periodic payments and the redemption proceeds based on Renins Nonlife Ltd.		35,393
	16,800,000	RUB	6/24/2012	Agreement with Credit Suisse Securities LLC, dated 7/03/07 where by the fund makes an up front payment and receives periodic payments and the redemption proceeds based on Moscoblgaz-Finans.		20,490

341

Notes to Financial Statements (Continued)

Notional
Amount

Expiration
Date

Description

Net Unrealized
Appreciation
(Depreciation)

Total Return Swaps (continued)

2,200,000

EGP

9/16/2008

Agreement with Deutsche Bank, dated 9/18/07

11,639

where by the fund makes an up front payment and

receives periodic payments and the redemption

proceeds based on the Republic of Egypt.

1,503,213

MXN

1/5/2011

Agreement with Deutsche Bank, dated 6/19/06
where by the fund makes an up front payment and
receives periodic payments and the redemption
proceeds based on Arrendadora Capita
Corporation, SA.

6,670

287,000,000

COP

9/14/2014

Agreement with Deutsche Bank, dated 7/6/06
where by the fund makes an up front payment
and receives periodic payments and the
redemption proceeds based on the Republic of
Colombia.

30,390

1,506,598

MXN

1/5/2011

Agreement with Deutsche Bank, dated 7/14/06
where by the fund makes an up front payment and
receives periodic payments and the redemption
proceeds based on Arrendadora Capita
Corporation, SA.

7,813

420,000

USD

8/27/2010

Agreement with Deutsche Bank, dated 8/30/05
where by the fund makes an up front payment and
receives periodic payments and the redemption
proceeds based on Ukrtelecom.

5,296

420,000

USD

2/27/2011

Agreement with Deutsche Bank, dated 8/30/05
where by the fund makes an up front payment and
receives periodic payments and the redemption
proceeds based on Ukrtelecom.

4,040

420,000

USD

8/27/2011

Agreement with Deutsche Bank, dated 8/30/05
where by the fund makes an up front payment and
receives periodic payments and the redemption
proceeds based on Ukrtelecom.

2,911

420,000

USD

3/1/2012

Agreement with Deutsche Bank, dated 8/30/05
where by the fund makes an up front payment and
receives periodic payments and the redemption
proceeds based on Ukrtelecom.

1,932

420,000

USD

8/30/2012

Agreement with Deutsche Bank, dated 8/30/05
where by the fund makes an up front payment and
receives periodic payments and the redemption
proceeds based on Ukrtelecom.

1,184

110,000

ARS

12/21/2011

Agreement with Deutsche Bank, dated 10/06/05
where by the fund makes an up front payment and
receives periodic payments and the redemption
proceeds based on the Republic of Argentina.

(1,751

)

40,000,000

RUB

10/15/2009

Agreement with Morgan Stanley & Co.,
dated 10/16/07 where by the fund makes an up
front payment and receives periodic payments
and the redemption proceeds based on ZAO
Faktoringovaya Kompaniya.

11,425

137,000

RON

4/18/2008

Agreement with Lehman Brothers Inc.,
dated 4/20/05 where by the fund makes an up
front payment and receives periodic payments
and the redemption proceeds based on
Romania Government Bond.

9,453

342

Notes to Financial Statements (Continued)

Notional Amount			Expiration Date	Description	Net Unrealized Appreciation (Depreciation)
Total Return Swaps (continued)
	990,000	USD	2/5/2008	Agreement with Deutsche Bank, dated 2/06/07	$	17,616
				where by the fund makes an up front payment and
				receives periodic payments and the redemption
				proceeds based on the Republic of Egypt.
	11,850,000	RUB	1/24/2009	Agreement with Deutsche Bank, dated 6/19/06 where by the fund makes an up front payment and receives periodic payments and the redemption proceeds based on Russian Railways.		28,354
	18,645,000	RUB	2/21/2012	Agreement with Credit Suisse Securities LLC, dated 3/13/07 where by the fund makes an up front payment and receives periodic payments and the redemption proceeds based on Orengurgskaya IZHK bonds.		12,248
	235,000	USD	2/20/2011	Agreement with Deutsche Bank, dated 2/16/06 where by the fund makes an up front payment and receives periodic payments and the redemption proceeds based on the Republic of Peru.		7,681
	540,000	USD	1/20/2009	Agreement with Credit Suisse Securities LLC, dated 1/05/07 where by the fund makes an up front payment and receives periodic payments and the redemption proceeds based on NJSC Naftogaz of Ukraine.		(24,516	)
					$	211,317
Balanced Fund
Credit Default Swaps
	200,000	USD	12/20/2009	Agreement with Barclays Bank PLC, dated 12/15/05 to pay 0.55% times the notional amount. The Fund receives payment only upon a default event of Cox Communications, Inc. Note.		(1,597	)
	1,100,000	USD	10/12/2052	Agreement with Goldman Sachs & Co., dated 3/7/06 to pay 0.35% times the notional amount. The Fund receives payment only upon a default event of CMBX.NA.A.1.		83,627
	180,000	USD	6/20/2016	Agreement with Credit Suisse Securities LLC, dated 8/9/06, to pay 0.58% times the notional amount. The Fund receives payment only upon a default event of Marriot International, Inc.		1,226
	75,000	USD	9/20/2011	Agreement with Goldman Sachs & Co., dated 8/25/06, to pay 0.53% times the notional amount. The Fund receives payment only upon a default event of United Mexican States.		(291	)
	180,000	USD	9/20/2014	Agreement with Bank of America, dated 11/11/06 to pay 0.28% times the notional amount. The Fund receives payment only upon a default event of Washington Mutual, Inc.		11,845
	160,000	USD	6/20/2017	Agreement with Bear Stearns Bank PLC, dated 3/22/07 to pay 1.08% times the notional amount. The Fund makes payment only upon a default event of Brunswick Corporation Notes.		1,020
	140,000	USD	6/20/2017	Agreement with Barclays Bank PLC, dated 5/05/07 to pay 0.85% times the notional amount. The Fund receives payment only upon a default event of Sara Lee Corporation Debenture.		(3,767	)

343

Notes to Financial Statements (Continued)

Notional
Amount

Expiration
Date

Description

Net Unrealized
Appreciation
(Depreciation)

Credit Default Swaps (continued)

137,500

USD

9/20/2017

Agreement with Goldman Sachs & Co.,

8,173

dated 7/13/07 to pay 0.66% times the notional

amount. The Fund receives payment only upon a

default event of Washington Mutual, Inc. Note.

171,500

USD

6/20/2012

Agreement with JP Morgan Chase, dated 5/23/07
to pay 1.20% times the notional amount. The Fund
receives payments only upon a default event of
LCDX.NA.8.

(4,353

)

200,000

USD

9/20/2012

Agreement with Bear Stearns, dated 8/21/07
to pay 0.65% times the notional amount. The Fund
receives payments only upon a default event of
Brunswick Corp.

1,163

50,000

USD

9/20/2017

Agreement with Credit Suisse Securities LLC,
dated 8/31/07 to pay 1.05% times the notional
amount. The Fund receives payments only upon a
default event of Brunswick Corp.

692

300,000

USD

10/12/2052

Agreement with Goldman Sachs International,
dated 10/17/07 to pay 0.76% times the notional
amount. The Fund receives payments only upon
a default event of CMBX.NA.BBB.1.

18,186

115,924

AUD Australian Dollar
ARS Argentine Peso
BRL Brazilian Real
CHF Swiss Franc
CLP Chilean Peso
COP Colombian Peso
CNY Chinese Yuan Renminbi
EGP Egyptian Pound
EUR Euro
GBP Great British Pound
HUF Hungarian Forint
IDR Indonesian Rupiah
INR Indian Rupee
JPY Japanese Yen
KZT Kazakhstan Tenge
MXN Mexican Peso
NGN Nigeria Naira
NOK Norwegian Krone
NZD New Zealand Dollar
PLN Polish Zloty
RON New Romanian Lev
RUB Russian Ruble
TRY New Turkish Lira
TWD Taiwan New Dollar
UAH Ukraine Hryrnia
USD United States Dollar
VND Vietnam Dong

Structured Notes
The Strategic Income Fund, the Short-Duration Bond Fund, the Core Bond Fund, the Diversified Bond Fund, the High Yield Fund and the Balanced Fund's Core Bond Segment can buy "structured" notes, which are specially-designed debt investments with principal payments or interest payments that are linked to the value of an index (such as a currency or securities index) or commodity. The terms of the

344

Notes to Financial Statements (Continued)

instrument may be "structured" by the purchaser (the Fund) and the borrower issuing the note. The values of these notes will fall or rise in response to the changes in the values of the underlying security or index. They are subject to both credit and interest rate risks. Therefore the Fund could receive more or less than it originally invested when a note matures, or it might receive less interest than the stated coupon payment if the underlying investment or index does not perform as anticipated. The prices of these notes may be very volatile and they may have a limited trading market, making it difficult for the Fund to value them or to sell its investment quickly at an acceptable price.

Dollar Roll Transactions
The Funds may engage in dollar roll transactions. A dollar roll transaction involves a sale by a Fund of a GNMA certificate or other mortgage backed security to a financial institution, such as a bank or broker-dealer, concurrent with an agreement by the Fund to repurchase a similar security from the institution at a later date at an agreed upon price. The securities that are repurchased will bear the same interest rate as those sold, but generally will be collateralized by different pools of mortgages with different prepayment histories than those sold. During the period between the sale and repurchase, a Fund will not be entitled to receive the interest and principal payments on the securities sold. Proceeds of the sale will be invested in additional instruments for the Fund. A Fund is compensated for agreeing to repurchase the security by the difference between the current sales price and the price for the future purchase (often referred to as the "drop") as well as by the interest earned on the cash proceeds of the initial sale. Dollar rolls may be renewed over a period of several months with a different repurchaser or repurchase price and a cash settlement made at each renewal without physical delivery of securities. Moreover, a Fund may enter into a dollar roll transaction involving a security not then in the Fund's portfolio.

A Fund will segregate cash or other liquid securities in an amount sufficient to meet its obligations under dollar roll transactions or otherwise cover its obligations as permitted by applicable law. Dollar roll transactions involve potential risks of loss which are different from those related to the securities underlying the transaction. For example, if the counterparty were to become insolvent, the Fund's right to purchase from the counterparty may be restricted. Additionally, the market value of the securities sold by the Fund may decline below the repurchase price of those securities to be purchased.

For the year ended October 31, 2007, the Strategic Income Fund earned $34,401 in interest income from dollar roll transactions.

Inflation-Indexed Bonds
The Funds may invest in inflation-indexed bonds, which are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. Two structures are common. The U.S. Treasury and some other issuers use a structure that accrues inflation into the principal value of the bond. Most other issuers pay out the Consumer Price Index accruals as part of a periodic coupon.

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.

345

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.

Allocation of Operating Activity
In maintaining the records for the Funds, the income and expense accounts are allocated to each class of shares. Investment income, unrealized and realized gains or losses are prorated among the classes of shares based on the relative net assets of each. Expenses are allocated to each class of shares depending on the nature of the expenditures. Administration and service fees, which are directly attributable to a class of shares, are charged to that class' operations. Expenses of the Fund not directly attributable to the operations of any class of shares or Fund are prorated among the Funds and classes to which the expense relates based on the relative net assets of each.

Foreign Securities
The Global Fund invests a significant amount of its assets and each of the International Equity Fund and Focused International Fund invests substantially all of its assets in foreign securities. The other Funds may also invest in foreign securities, subject to certain percentage restrictions. Investing in securities of foreign companies and foreign governments involves special risks and considerations not typically associated with investing in securities of U.S. companies and the U.S. Government. These risks include revaluation of currencies and future adverse political and economic developments. Moreover, securities of many foreign companies and foreign governments and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. companies and the U.S. Government.

3. Management
Fees and Other
Transactions

Investment Management Fees
Under agreements between the Trust and Massachusetts Mutual Life Insurance Company ("MassMutual") on behalf of each Fund, MassMutual is responsible for providing investment management services for each Fund. In return for this service, MassMutual receives advisory fees monthly based upon each Fund's average daily net assets at the following annual rates:

Money Market Fund	0.35	%
Short-Duration Bond Fund	0.40	%
Inflation-Protected Bond Fund	0.48	%
Core Bond Fund	0.48	%
Diversified Bond Fund	0.50	%
Strategic Income Fund	0.55	%
High Yield Fund	0.50	%
Balanced Fund	0.48	%
Value Fund	0.50	%
Enhanced Index Value Fund	0.50	%
Enhanced Index Core Equity Fund	0.50	%
Main Street Fund	0.65	%
Capital Appreciation Fund	0.65	%
Core Growth Fund	0.55	%
Enhanced Index Growth Fund	0.50	%
Discovery Value Fund	0.80	%
Small Capitalization Value Fund	0.70	%
Main Street Small Cap Fund	0.58	%
Small Company Opportunities Fund	0.58	%
Global Fund	0.80	%
International Equity Fund	0.85	%
Focused International Fund	0.90	%

MassMutual has entered into investment sub-advisory agreements with Babson Capital Management LLC ("Babson Capital") pursuant to which Babson Capital serves as certain Funds' sub-adviser providing day-to-day management of the Funds' investments. Babson Capital is a wholly-owned subsidiary of MassMutual Holding LLC, which is a controlled subsidiary of MassMutual. During the year, Babson Capital received a sub-advisory fee from MassMutual based upon each Fund's average daily net assets at the following annual rates:

Money Market Fund	0.05	%
Short-Duration Bond Fund	0.08	%
Inflation-Protected Bond Fund	0.08	%
Core Bond Fund	0.10	%
Diversified Bond Fund	0.10	%
High Yield Fund	0.20	%
Balanced Fund: Fixed income portion	0.09	%

346

Notes to Financial Statements (Continued)

Balanced Fund: Equity portion*				0.30% on the first $50 million, 0.25% on the next $50 million, 0.20% on any excess over $100 million
Enhanced Index Value Fund*				0.30% on the first $50 million, 0.25% on the next $50 million, 0.20% on any excess over $100 million
Enhanced Index Core Equity Fund*				0.30% on the first $50 million, 0.25% on the next $50 million, 0.20% on any excess over $100 million
Enhanced Index Growth Fund*				0.30% on the first $50 million, 0.25% on the next $50 million, 0.20% on any excess over $100 million

* Sub-advisory fee based on Aggregate Assets. For purposes of these sub-advisory agreements, "Aggregate Assets" means the aggregate of (i) the average daily net assets of the Fund determined at the close of the New York Stock Exchange on each day that the Exchange is open for trading, and (ii) the average daily net assets of certain other funds or accounts of MassMutual or its affiliates, including other funds registered under the 1940 Act, for which Babson Capital provides investment advisory services, as agreed upon from time to time by MassMutual and Babson Capital, determined at the close of the Exchange on each day that the Exchange is open for trading.

MassMutual has entered into investment sub-advisory agreements with its indirect subsidiary OppenheimerFunds, Inc. ("OFI") on behalf of certain funds. These agreements provide that OFI manage the investment and reinvestment of the assets of these funds. OFI received a fee based upon each Fund's average daily net assets at the following annual rates:

Capital Appreciation Fund				0.42% on the first $700 million, 0.25% on any excess over $700 million
Global Fund				0.50% of the first $750 million, 0.28% on the next $50 million, 0.25% on any excess over $800 million

MassMutual has entered into investment sub-advisory agreements with OFI Institutional Asset Management, Inc. ("OFI Institutional"), a wholly-owned subsidiary of OFI, on behalf of certain funds. These agreements provide that OFI Institutional manage the investment and reinvestment of the assets of these funds. OFI Institutional received a fee based upon each Fund's average daily net assets at the following annual rates:

Strategic Income Fund				0.35% on the first $250 million, 0.32% on the next $50 million, 0.30% on the next $50 million, 0.25% on any excess over $350 million
Value Fund				0.23%
Main Street Fund				0.33% on the first $1 billion, 0.30% on any excess over $1 billion
Core Growth Fund				0.23%
Discovery Value Fund				0.40%
Small Capitalization Value Fund				0.40%
Main Street Small Cap Fund				0.40%
Small Company Opportunities Fund				0.40% on the first $1 billion 0.30% on any excess over $1 billion
International Equity Fund				0.50%

Prior to March 1, 2007, Babson Capital managed the investment and reinvestment of the assets of the Enhanced Index Value Fund, Enhanced Index Core Equity Fund, Enhanced Index Growth Fund and the equity portion of the Balanced Fund, and received fees equal to an annual rate of 0.25% average daily net assets for each Fund.

347

Notes to Financial Statements (Continued)

Prior to March 1, 2007, OFI managed the investment and reinvestment of the assets of the Strategic Income Fund, Main Street Fund and International Equity Fund and received fees equal to the annual rates listed above for each Fund.

Prior to May 1, 2007, OFI managed the investment and reinvestment of the assets of the Capital Appreciation Fund and the Global Fund, and received fees equal to an annual rate of 0.42% on the first $700 million, 0.40% on the next $300 million and 0.375% on any excess over $1 billion of the average daily net assets of the Capital Appreciation Fund and 0.58% on the first $475 million, 0.50% on the next $525 million and 0.45% on any excess over $1 billion of the average daily net assets of the Global Fund.

From March 1, 2007 to April 30, 2007, OFI Institutional managed the investment and reinvestment of the assets of the Strategic Income Fund and received fees equal to an annual rate of 0.49% on the first $225 million, 0.32% on the next $275 million and 0.25% on any excess over $500 million of the average daily net assets of the Fund.

MassMutual has entered into an investment sub-advisory agreement with its indirect subsidiary Baring International Investment Limited ("Baring"). This agreement provides that Baring manage the investment and reinvestment of the assets of the Focused International Fund. Baring received an annual fee of 0.55% of the Fund's average daily net assets.

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 received an administrative services fee monthly based upon the average daily net assets of the applicable class of shares of the Funds at the following annual rates:

	Class A			Class L			Class Y			Class S			Class N
Money Market Fund		0.3266	%		0.3266	%		0.1766	%		0.0766	%		N/A
Short-Duration Bond Fund		0.3189	%		0.3189	%		0.1689	%		0.1189	%		0.3689	%
Inflation-Protected Bond Fund		0.2808	%		0.2808	%		0.1308	%		0.0308	%		0.3308	%
Core Bond Fund		0.2851	%		0.2851	%		0.1351	%		0.0851	%		0.3551	%
Diversified Bond Fund		0.3660	%		0.3760	%		0.2160	%		0.1660	%		0.4160	%
Strategic Income Fund		0.3400	%		0.3400	%		0.1900	%		0.1400	%		0.3900	%
High Yield Fund		0.3443	%		0.3443	%		0.1943	%		0.1443	%		0.3943	%
Balanced Fund		0.3968	%		0.3968	%		0.2468	%		0.0868	%		0.4568	%
Value Fund		0.3158	%		0.2758	%		0.1658	%		0.0658	%		0.3758	%
Enhanced Index Value Fund		0.3085	%		0.3085	%		0.1585	%		0.0585	%		0.3685	%
Enhanced Index Core Equity Fund		0.2663	%		0.2663	%		0.1163	%		0.0663	%		0.3163	%
Main Street Fund		0.3100	%		0.3100	%		0.1600	%		0.1100	%		0.3600	%
Capital Appreciation Fund		0.3000	%		0.3000	%		0.1500	%		0.1000	%		0.3500	%
Core Growth Fund		0.3571	%		0.3571	%		0.2071	%		0.1571	%		0.4071	%
Enhanced Index Growth Fund		0.2144	%		0.2144	%		0.0644	%		0.0144	%		0.2644	%
Discovery Value Fund		0.3000	%		0.3000	%		0.1500	%		0.0500	%		0.4500	%
Small Capitalization Value Fund		0.3150	%		0.3150	%		0.1650	%		0.1150	%		0.3650	%
Main Street Small Cap Fund		0.3000	%		0.3000	%		0.1500	%		0.0500	%		0.3500	%
Small Company Opportunities Fund		0.2971	%		0.2971	%		0.1971	%		0.0971	%		0.3971	%
Global Fund		0.3600	%		0.3600	%		0.2100	%		0.1800	%		0.4100	%
International Equity Fund		0.3192	%		0.3192	%		0.1692	%		0.1392	%		0.3692	%
Focused International Fund		0.3000	%		0.3000	%		0.1500	%		0.0500	%		0.4500	%

Distribution and Service Fees
MML Distributors, LLC (the "Distributor") acts as distributor to each Fund. Pursuant to separate 12b-1 Plans adopted by the Funds, Class A shares of each Fund pay an annual fee of 0.25% of the average daily net asset value of Class A shares to: (i) the Distributor for services provided and expenses incurred by its connection with the distribution of Class A shares of the Fund; and (ii) MassMutual for services

348

Notes to Financial Statements (Continued)

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 its connection with the distribution of Class N shares of the Fund; and 0.25% of the average daily net asset value of Class N shares to MassMutual for services provided and expenses incurred by it for purposes of maintaining or providing personal services to Class N shareholders. The Distribution fee may be spent by the Distributor on any activities or expenses primarily intended to result in the sale of Class A or Class N shares of the Fund. The Servicing Fee may be spent by MassMutual on personal services rendered to Class A or Class N shareholders of a Fund and/or maintenance of Class A or Class N shareholder accounts. The Distributor is a majority owned subsidiary of MassMutual. In addition, OppenheimerFunds Distributor, Inc. (the "Sub-Distributor") acts as a sub-distributor to each Fund. The Sub-Distributor is an affiliate of the Distributor and an indirect majority owned subsidiary of MassMutual.

Expense Caps and Waivers
Except as noted below, during the period, the fees and expenses of the following Funds were capped as follows. MassMutual has agreed to continue these through February 29, 2008.

	Class A			Class L			Class Y			Class S			Class N
Money Market Fund		0.7700	%		0.5200	%		0.5500	%		0.4500	%		N/A
Short-Duration Bond Fund		0.9200	%		0.6700	%		0.5900	%		0.5400	%		1.2200	%
Core Bond Fund		0.9600	%		0.7100	%		0.6400	%		0.5900	%		1.2800	%
Diversified Bond Fund		0.9900	%		0.7500	%		0.7400	%		0.6900	%		1.2900	%
Strategic Income Fund		1.1600	%		0.8900	%		0.7600	%		0.7100	%		1.3800	%
Balanced Fund		1.1600	%		0.9100	%		0.7600	%		0.6000	%		1.4700	%
Enhanced Index Value Fund		1.0900	%		0.8400	%		0.6900	%		0.5900	%		1.4000	%
Enhanced Index Core Equity Fund		1.0900	%		0.8400	%		0.6900	%		0.5900	%		1.4000	%
Main Street Fund¹		1.1600	%		0.9100	%		0.7600	%		0.7100	%		1.4600	%
Capital Appreciation Fund		1.0900	%		0.9700	%		0.8200	%		0.7100	%		1.4600	%
Core Growth Fund		1.2000	%		0.9500	%		0.8000	%		0.7500	%		1.5000	%
Enhanced Index Growth Fund²		1.0544	%		0.8044	%		0.6544	%		0.6044	%		1.3544	%
Discovery Value Fund		1.4000	%		1.1500	%		1.0000	%		0.9300	%		1.7000	%
Small Capitalization Value Fund		1.3000	%		1.0500	%		0.9000	%		0.8500	%		1.6000	%
Main Street Small Cap Fund		1.1400	%		0.8900	%		0.7900	%		0.6900	%		1.4900	%
Small Company Opportunities Fund		1.1400	%		0.8900	%		0.7900	%		0.6900	%		1.4900	%
Global Fund		1.4300	%		1.1400	%		1.0300	%		0.8900	%		1.5200	%
International Equity Fund		1.5200	%		1.2700	%		1.1200	%		1.0900	%		1.8200	%
Focused International Fund		1.5800	%		1.3300	%		1.1800	%		1.1500	%		1.8800	%

1 From November 1, 2006 through February 28, 2007, the fees and expenses of the Main Street Fund were capped at 1.1600%, 0.9100%, 0.7600%, 0.6000% and 1.4600% for Class A, L, Y, S and N, respectively.

2 From November 1, 2006 through February 28, 2007, the fees and expenses of the Enhanced Index Growth Fund were capped at 1.0900%, 0.8400%, 0.6900%, 0.5900% and 1.4000% for Class A, L, Y, S and N, respectively.

For the Money Market Fund, MassMutual has agreed to voluntarily waive some or all of its fees and, if necessary, a portion of its management fees, to allow each class of the Fund to maintain a 7-day yield of at least approximately 0.10%. Payments made to intermediaries will be unaffected. MassMutual may amend or discontinue this waiver at any time without advance notice.

Effective March 1, 2007, MassMutual agreed to voluntarily waive, through February 29, 2008, Administration fees for Classes A, L and N, as follows: 0.18% for the Money Market Fund, 0.07% for the Short-Duration Bond Fund, 0.08% for the Core Bond Fund, and 0.15% for the Diversified Bond Fund. Effective June 1, 2007, MassMutual agreed to voluntarily waive 0.10% of the Administration fees for Classes A and N of the Inflation-Protected Bond Fund.

349

Notes to Financial Statements (Continued)

Other
Certain officers and trustees of the Funds are also officers of MassMutual. The compensation of each trustee who is not an officer of MassMutual is borne by the Funds.

The following table shows certain concentrations of principal shareholders of each Fund with record or beneficial ownership as of October 31, 2007. Investment activities of these shareholders could have a material effect on the respective Funds.

	Shareholders Holding in Excess of 10% of Fund's Outstanding Shares ("Principal Shareholders")		Total % owned by Principal Shareholders			Total % Ownership by Related Party
Money Market Fund		1		74.7	%		77.2	%
Short-Duration Bond Fund		1		77.2			96.0
Inflation-Protected Bond Fund		3		73.9			91.0
Core Bond Fund		1		84.1			94.8
Diversified Bond Fund		2		80.5			96.2
Strategic Income Fund		1		84.6			96.3
High Yield Fund		1		87.7			87.7
Balanced Fund		1		97.1			97.1
Value Fund		1		95.1			97.5
Enhanced Index Value Fund		1		72.6			92.7
Enhanced Index Core Equity Fund		1		91.4			91.8
Main Street Fund		1		95.8			96.8
Capital Appreciation Fund		1		93.0			95.8
Core Growth Fund		1		95.0			95.0
Enhanced Index Growth Fund		3		81.7			96.7
Discovery Value Fund		2		98.9			82.0
Small Capitalization Value Fund		1		96.6			96.6
Main Street Small Cap Fund		3		81.9			98.9
Small Company Opportunities Fund		1		94.6			95.9
Global Fund		1		96.5			96.5
International Equity Fund		1		90.9			96.5
Focused International Fund		2		95.9			83.5

4. Purchases and Sales of Investments
Cost of purchases and proceeds from sales of investment securities (excluding short-term investments) for the year ended October 31, 2007, 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
Short-Duration Bond Fund	$	80,195,908	$	700,910,694	$	49,174,457	$	640,948,789
Inflation-Protected Bond Fund		105,979,731		-		59,635,375		-
Core Bond Fund		624,837,034		4,331,509,995		727,284,923		4,285,444,208
Diversified Bond Fund		247,834,931		1,354,459,665		286,776,749		1,254,880,375
Strategic Income Fund		131,388,428		358,797,359		76,884,284		293,876,911
High Yield Fund		-		216,377,627		-		151,062,591
Balanced Fund		39,365,522		314,351,238		46,500,977		340,064,188
Value Fund		-		730,113,331		-		768,609,945
Enhanced Index Value Fund		-		878,821,720		-		486,543,647
Enhanced Index Core Equity Fund		-		101,486,708		-		83,264,773
Main Street Fund		-		383,213,439		-		432,494,164

350

Notes to Financial Statements (Continued)

	Purchases				Sales
	Long-Term U.S. Government Securities		Other Long-Term Securities		Long-Term U.S. Government Securities		Other Long-Term Securities
Capital Appreciation Fund	$	-	$	643,205,534	$	-	$	579,473,932
Core Growth Fund		-		86,677,564		-		94,251,138
Enhanced Index Growth Fund		-		606,872,957		-		369,759,754
Discovery Value Fund		-		69,487,738		-		32,195,692
Small Capitalization Value Fund		-		79,344,310		-		97,162,545
Main Street Small Cap Fund		-		182,278,506		-		112,899,870
Small Company Opportunities Fund		-		524,906,158		-		815,485,325
Global Fund		-		118,339,183		-		215,452,603
International Equity Fund		-		293,237,137		-		410,864,641
Focused International Fund		-		85,785,249		-		43,566,466

5. Capital Share Transactions
The Funds are authorized to issue an unlimited number of shares, with no par value in each class of shares. Changes in shares outstanding for each Fund are as follows:

	Year ended October 31, 2007						Year ended October 31, 2006
	Shares			Amount			Shares			Amount
Money Market Fund Class A
Sold		1,748,109,294		$	1,748,109,294			1,917,143,361		$	1,917,143,361
Issued as reinvestment of dividends		11,322,416			11,322,591			5,448,602			5,448,601
Redeemed		(1,666,153,177	)		(1,666,153,175	)		(1,824,942,911	)		(1,824,942,911	)
Net increase (decrease)		93,278,533		$	93,278,710			97,649,052		$	97,649,051
Money Market Fund Class L
Sold		418,824,638		$	418,824,637			418,281,906		$	418,281,906
Issued as reinvestment of dividends		4,332,005			4,332,005			3,110,696			3,110,696
Redeemed		(419,564,392	)		(419,564,392	)		(403,480,400	)		(403,480,400	)
Net increase (decrease)		3,592,251		$	3,592,250			17,912,202		$	17,912,202
Money Market Fund Class Y
Sold		1,083,112,117		$	1,083,112,117			1,177,545,318		$	1,177,545,318
Issued as reinvestment of dividends		8,667,695			8,667,695			3,725,142			3,725,142
Redeemed		(989,403,078	)		(989,403,074	)		(1,146,339,770	)		(1,146,339,769	)
Net increase (decrease)		102,376,734		$	102,376,738			34,930,690		$	34,930,691
Money Market Fund Class S
Sold		713,344,139		$	713,344,139			732,659,346		$	732,659,346
Issued as reinvestment of dividends		12,344,169			12,344,169			9,617,277			9,617,277
Redeemed		(716,159,690	)		(716,159,690	)		(707,207,028	)		(707,207,027	)
Net increase (decrease)		9,528,618		$	9,528,618			35,069,595		$	35,069,596
Short-Duration Bond Fund Class A
Sold		2,110,501		$	21,308,464			2,428,042		$	24,484,094
Issued as reinvestment of dividends		308,187			3,051,054			263,635			2,607,347
Redeemed		(3,351,063	)		(33,782,843	)		(1,854,941	)		(18,594,192	)
Net increase (decrease)		(932,375	)	$	(9,423,325	)		836,736		$	8,497,249
Short-Duration Bond Fund Class L
Sold		5,133,336		$	52,092,298			2,789,765		$	28,143,267
Issued as reinvestment of dividends		676,519			6,704,299			800,680			7,926,728
Redeemed		(6,011,928	)		(61,305,069	)		(5,884,040	)		(58,978,673	)
Net increase (decrease)		(202,073	)	$	(2,508,472	)		(2,293,595	)	$	(22,908,678	)
Short-Duration Bond Fund Class Y
Sold		6,908,899		$	69,995,243			2,658,391		$	26,942,152
Issued as reinvestment of dividends		374,841			3,725,918			298,487			2,963,980
Redeemed		(9,802,924	)		(99,770,720	)		(1,799,822	)		(18,193,260	)
Net increase (decrease)		(2,519,184	)	$	(26,049,559	)		1,157,056		$	11,712,872

351

Notes to Financial Statements (Continued)

	Year ended October 31, 2007						Year ended October 31, 2006
	Shares			Amount			Shares			Amount
Short-Duration Bond Fund Class S
Sold		6,431,615		$	66,145,932			6,199,406		$	63,298,645
Issued as reinvestment of dividends		898,875			8,988,755			717,579			7,168,614
Redeemed		(6,417,790	)		(65,588,688	)		(4,311,206	)		(43,827,431	)
Net increase (decrease)		912,700		$	9,545,999			2,605,779		$	26,639,828
Short-Duration Bond Fund Class N
Sold		378,570		$	3,807,985			-		$	-
Issued as reinvestment of dividends		4			43			4			40
Redeemed		-			-			(12	)		(115	)
Net increase (decrease)		378,574		$	3,808,028			(8	)	$	(75	)
Inflation-Protected Bond Fund Class A
Sold		1,244,406		$	12,409,327			1,204,036		$	12,196,569
Issued as reinvestment of dividends		72,341			708,223			84,103			848,597
Redeemed		(463,578	)		(4,616,764	)		(788,050	)		(7,936,434	)
Net increase (decrease)		853,169		$	8,500,786			500,089		$	5,108,732
Inflation-Protected Bond Fund Class L
Sold		6,175,140		$	60,691,759			240,507		$	2,443,323
Issued as reinvestment of dividends		18,231			179,760			25,953			263,691
Redeemed		(658,500	)		(6,655,588	)		(227,624	)		(2,278,459	)
Net increase (decrease)		5,534,871		$	54,215,931			38,836		$	428,555
Inflation-Protected Bond Fund Class Y
Sold		1,373,306		$	13,771,513			2,289,433		$	23,674,394
Issued as reinvestment of dividends		308,662			3,046,491			459,012			4,668,145
Redeemed		(3,195,422	)		(31,959,774	)		(2,012,815	)		(20,365,664	)
Net increase (decrease)		(1,513,454	)	$	(15,141,770	)		735,630		$	7,976,875
Inflation-Protected Bond Fund Class S
Sold		4,741,463		$	47,977,642			7,933,785		$	81,755,889
Issued as reinvestment of dividends		781,958			7,725,749			836,641			8,517,001
Redeemed		(6,007,694	)		(60,476,023	)		(2,933,393	)		(29,689,495	)
Net increase (decrease)		(484,273	)	$	(4,772,632	)		5,837,033		$	60,583,395
Inflation-Protected Bond Fund Class N
Sold		8,652		$	85,292			10,027		$	100,276
Issued as reinvestment of dividends		350			3,450			31			321
Redeemed		(7,273	)		(71,347	)		(4	)		(37	)
Net increase (decrease)		1,729		$	17,395			10,054		$	100,560
Core Bond Fund Class A
Sold		4,794,705		$	51,304,930			6,402,565		$	68,084,376
Issued as reinvestment of dividends		810,939			8,522,974			953,804			10,072,166
Redeemed		(8,900,457	)		(94,968,961	)		(9,392,288	)		(99,866,083	)
Net increase (decrease)		(3,294,813	)	$	(35,141,057	)		(2,035,919	)	$	(21,709,541	)
Core Bond Fund Class L
Sold		12,836,189		$	138,083,991			14,037,630		$	149,170,747
Issued as reinvestment of dividends		1,653,975			17,465,981			1,663,256			17,647,143
Redeemed		(19,911,013	)		(214,079,747	)		(12,084,168	)		(128,389,439	)
Net increase (decrease)		(5,420,849	)	$	(58,529,775	)		3,616,718		$	38,428,451
Core Bond Fund Class Y
Sold		7,994,608		$	86,010,312			4,846,914		$	52,165,525
Issued as reinvestment of dividends		951,779			10,079,342			879,007			9,352,639
Redeemed		(10,061,335	)		(108,111,848	)		(5,871,686	)		(63,498,341	)
Net increase (decrease)		(1,114,948	)	$	(12,022,194	)		(145,765	)	$	(1,980,177	)
Core Bond Fund Class S
Sold		21,958,883		$	238,111,236			24,632,512		$	266,516,515
Issued as reinvestment of dividends		3,635,292			38,715,861			3,690,697			39,453,555
Redeemed		(33,645,895	)		(363,937,576	)		(25,338,258	)		(272,403,701	)
Net increase (decrease)		(8,051,720	)	$	(87,110,479	)		2,984,951		$	33,566,369

352

Notes to Financial Statements (Continued)

	Year ended October 31, 2007						Year ended October 31, 2006
	Shares			Amount			Shares			Amount
Core Bond Fund Class N
Sold		363,462		$	3,865,052			14,986		$	159,206
Issued as reinvestment of dividends		1,033			10,837			5,394			56,422
Redeemed		(11,112	)		(117,306	)		(112,300	)		(1,161,440	)
Net increase (decrease)		353,383		$	3,758,583			(91,920	)	$	(945,812	)
Diversified Bond Fund Class A
Sold		2,387,583		$	25,533,805			995,395		$	10,519,967
Issued as reinvestment of dividends		138,637			1,455,684			118,662			1,245,943
Redeemed		(1,636,709	)		(17,400,985	)		(1,543,767	)		(16,306,121	)
Net increase (decrease)		889,511		$	9,588,504			(429,710	)	$	(4,540,211	)
Diversified Bond Fund Class L
Sold		6,081,550		$	64,862,776			12,527,346		$	130,224,107
Issued as reinvestment of dividends		903,796			9,426,596			522,890			5,453,736
Redeemed		(11,349,594	)		(120,955,064	)		(4,066,057	)		(42,628,040	)
Net increase (decrease)		(4,364,248	)	$	(46,665,692	)		8,984,179		$	93,049,803
Diversified Bond Fund Class Y
Sold		4,592,123		$	48,650,137			246,952		$	2,626,955
Issued as reinvestment of dividends		48,038			503,437			38,341			401,819
Redeemed		(975,439	)		(10,404,657	)		(211,769	)		(2,231,233	)
Net increase (decrease)		3,664,722		$	38,748,917			73,524		$	797,541
Diversified Bond Fund Class S
Sold		5,495,583		$	58,788,517			5,869,273		$	62,403,682
Issued as reinvestment of dividends		676,434			7,109,321			533,992			5,612,248
Redeemed		(6,080,276	)		(65,426,308	)		(1,727,508	)		(18,246,765	)
Net increase (decrease)		91,741		$	471,530			4,675,757		$	49,769,165
Diversified Bond Fund Class N
Sold		48,240		$	507,201			27,743		$	290,572
Issued as reinvestment of dividends		4,663			48,546			3,778			39,330
Redeemed		(19,962	)		(210,762	)		(33,115	)		(345,402	)
Net increase (decrease)		32,941		$	344,985			(1,594	)	$	(15,500	)
Strategic Income Fund Class A
Sold		1,968,645		$	20,456,512			1,257,800		$	12,527,090
Issued as reinvestment of dividends		60,577			611,826			27,314			266,586
Redeemed		(447,160	)		(4,655,626	)		(308,362	)		(3,060,121	)
Net increase (decrease)		1,582,062		$	16,412,712			976,752		$	9,733,555
Strategic Income Fund Class L
Sold		14,097,548		$	146,606,275			6,202,602		$	61,977,882
Issued as reinvestment of dividends		743,784			7,564,286			925,895			9,083,027
Redeemed		(7,961,919	)		(83,582,165	)		(10,584,148	)		(104,979,322	)
Net increase (decrease)		6,879,413		$	70,588,396			(3,455,651	)	$	(33,918,413	)
Strategic Income Fund Class Y
Sold		719,524		$	7,590,795			189,358		$	1,864,843
Issued as reinvestment of dividends		21,546			219,339			47,285			463,395
Redeemed		(214,809	)		(2,259,830	)		(759,719	)		(7,721,038	)
Net increase (decrease)		526,261		$	5,550,304			(523,076	)	$	(5,392,800	)
Strategic Income Fund Class S
Sold		6,391,835		$	67,206,754			62,948		$	625,200
Issued as reinvestment of dividends		131,720			1,338,271			-			4
Redeemed		(645,131	)		(6,844,779	)		-			-
Net increase (decrease)		5,878,424		$	61,700,246			62,948		$	625,204
Strategic Income Fund Class N
Sold		80,021		$	841,082			46,627		$	457,163
Issued as reinvestment of dividends		1,327			13,467			2			18
Redeemed		(74,204	)		(782,595	)		(9,977	)		(97,556	)
Net increase (decrease)		7,144		$	71,954			36,652		$	359,625

353

Notes to Financial Statements (Continued)

	Year ended October 31, 2007						Year ended October 31, 2006
	Shares			Amount			Shares			Amount
High Yield Fund Class A
Sold		1,951,823		$	21,081,272			1,102,032		$	11,541,462
Issued as reinvestment of dividends		102,129			1,069,289			48,857			490,043
Redeemed		(565,756	)		(6,115,127	)		(217,846	)		(2,276,686	)
Net increase (decrease)		1,488,196		$	16,035,434			933,043		$	9,754,819
High Yield Fund Class L
Sold		328,987		$	3,560,346			239,460		$	2,519,293
Issued as reinvestment of dividends		18,227			191,200			5,682			57,107
Redeemed		(108,682	)		(1,179,763	)		(48,764	)		(509,327	)
Net increase (decrease)		238,532		$	2,571,783			196,378		$	2,067,073
High Yield Fund Class Y
Sold		4,159,474		$	45,447,805			1,881,274		$	19,820,162
Issued as reinvestment of dividends		529,541			5,576,071			439,566			4,426,433
Redeemed		(2,362,454	)		(25,435,521	)		(1,045,272	)		(10,957,945	)
Net increase (decrease)		2,326,561		$	25,588,355			1,275,568		$	13,288,650
High Yield Fund Class S
Sold		2,233,785		$	23,992,193			782,490		$	8,212,821
Issued as reinvestment of dividends		199,871			2,102,639			177,290			1,783,537
Redeemed		(559,169	)		(6,051,845	)		(280,988	)		(2,946,012	)
Net increase (decrease)		1,874,487		$	20,042,987			678,792		$	7,050,346
High Yield Fund Class N
Sold		70,610		$	760,673			174,077		$	1,808,856
Issued as reinvestment of dividends		11,101			116,448			42			425
Redeemed		(83,220	)		(899,375	)		(3,772	)		(40,535	)
Net increase (decrease)		(1,509	)	$	(22,254	)		170,347		$	1,768,746
Balanced Fund Class A
Sold		486,135		$	5,139,750			314,386		$	3,075,624
Issued as reinvestment of dividends		20,961			216,529			17,898			170,929
Redeemed		(369,532	)		(3,907,253	)		(252,297	)		(2,451,256	)
Net increase (decrease)		137,564		$	1,449,026			79,987		$	795,297
Balanced Fund Class L
Sold		20,961		$	223,755			30,745		$	303,495
Issued as reinvestment of dividends		4,997			52,167			4,928			47,560
Redeemed		(20,715	)		(220,139	)		(47,151	)		(462,761	)
Net increase (decrease)		5,243		$	55,783			(11,478	)	$	(111,706	)
Balanced Fund Class Y
Sold		47,452		$	529,783			30,852		$	316,466
Issued as reinvestment of dividends		5,009			53,948			4,758			47,299
Redeemed		(25,084	)		(279,448	)		(33,941	)		(348,860	)
Net increase (decrease)		27,377		$	304,283			1,669		$	14,905
Balanced Fund Class S
Sold		2,321,543		$	24,787,880			3,926,831		$	38,850,232
Issued as reinvestment of dividends		513,133			5,362,244			639,856			6,174,607
Redeemed		(6,579,531	)		(70,542,485	)		(8,956,843	)		(88,598,560	)
Net increase (decrease)		(3,744,855	)	$	(40,392,361	)		(4,390,156	)	$	(43,573,721	)
Balanced Fund Class N
Sold		-		$	-			141		$	1,344
Issued as reinvestment of dividends		1			2			592			5,616
Redeemed		(16	)		(164	)		(31,775	)		(301,225	)
Net increase (decrease)		(15	)	$	(162	)		(31,042	)	$	(294,265	)

354

Notes to Financial Statements (Continued)

	Year ended October 31, 2007						Year ended October 31, 2006
	Shares			Amount			Shares			Amount
Value Fund Class A
Sold		453,183		$	8,786,302			694,618		$	12,088,274
Issued as reinvestment of dividends		75,675			1,383,335			18,609			315,421
Redeemed		(474,997	)		(9,293,918	)		(370,268	)		(6,427,202	)
Net increase (decrease)		53,861		$	875,719			342,959		$	5,976,493
Value Fund Class L
Sold		1,234,851		$	24,337,050			951,924		$	16,735,314
Issued as reinvestment of dividends		253,597			4,645,904			143,658			2,437,891
Redeemed		(1,821,361	)		(35,773,582	)		(4,157,668	)		(71,665,595	)
Net increase (decrease)		(332,913	)	$	(6,790,628	)		(3,062,086	)	$	(52,492,390	)
Value Fund Class Y
Sold		64,104		$	1,259,336			45,904		$	811,186
Issued as reinvestment of dividends		12,498			228,848			4,150			70,426
Redeemed		(46,090	)		(916,175	)		(55,686	)		(975,738	)
Net increase (decrease)		30,512		$	572,009			(5,632	)	$	(94,126	)
Value Fund Class S
Sold		1,845,364		$	34,969,346			592,760		$	10,573,300
Issued as reinvestment of dividends		1,256,591			23,008,180			537,207			9,111,035
Redeemed		(4,123,991	)		(81,820,600	)		(4,740,546	)		(82,612,763	)
Net increase (decrease)		(1,022,036	)	$	(23,843,074	)		(3,610,579	)	$	(62,928,428	)
Value Fund Class N
Sold		1,262		$	24,144			37,636		$	646,326
Issued as reinvestment of dividends		2,301			41,930			98			1,666
Redeemed		(37,918	)		(734,119	)		(7,787	)		(132,956	)
Net increase (decrease)		(34,355	)	$	(668,045	)		29,947		$	515,036
Enhanced Index Value Fund Class A
Sold		1,070,283		$	14,613,234			549,806		$	7,021,821
Issued - merger		353,027			4,464,487			-			-
Issued as reinvestment of dividends		81,389			1,058,719			35,992			418,231
Redeemed		(418,372	)		(5,651,445	)		(360,334	)		(4,537,657	)
Net increase (decrease)		1,086,327		$	14,484,995			225,464		$	2,902,395
Enhanced Index Value Fund Class L
Sold		8,487,545		$	115,637,868			1,082,258		$	13,982,403
Issued - merger		38,011			703,075			-			-
Issued as reinvestment of dividends		521,158			6,756,183			15,552			181,329
Redeemed		(1,206,681	)		(16,494,022	)		(100,961	)		(1,263,737	)
Net increase (decrease)		7,840,033		$	106,603,104			996,849		$	12,899,995
Enhanced Index Value Fund Class Y
Sold		4,592,577		$	63,473,794			1,976,868		$	24,759,653
Issued - merger		127,576			1,638,270			-			-
Issued as reinvestment of dividends		1,046,230			13,751,526			590,989			6,896,846
Redeemed		(1,904,654	)		(25,912,467	)		(920,356	)		(11,526,096	)
Net increase (decrease)		3,861,729		$	52,951,123			1,647,501		$	20,130,403
Enhanced Index Value Fund Class S
Sold		10,917,225		$	149,824,125			8,600		$	116,781
Issued - merger		11,169,165			141,623,524			-			-
Issued as reinvestment of dividends		749,970			9,850,683			1			10
Redeemed		(1,247,130	)		(16,975,131	)		-			-
Net increase (decrease)		21,589,230		$	284,323,201			8,601		$	116,791
Enhanced Index Value Fund Class N
Sold		27,464		$	375,197			778		$	9,158
Issued - merger		9,845			120,767			-			-
Issued as reinvestment of dividends		851			11,055			1			9
Redeemed		(12,574	)		(173,594	)		-			-
Net increase (decrease)		25,586		$	333,425			779		$	9,167

355

Notes to Financial Statements (Continued)

	Year ended October 31, 2007						Year ended October 31, 2006
	Shares			Amount			Shares			Amount
Enhanced Index Core Equity Fund Class A
Sold		410,968		$	5,319,642			211,854		$	2,507,815
Issued as reinvestment of dividends		2,039			25,973			230			2,571
Redeemed		(113,020	)		(1,490,565	)		(27,774	)		(317,015	)
Net increase (decrease)		299,987		$	3,855,050			184,310		$	2,193,371
Enhanced Index Core Equity Fund Class L
Sold		90,725		$	1,240,831			4,442		$	50,407
Issued as reinvestment of dividends		454			5,809			614			6,867
Redeemed		(11,543	)		(157,319	)		(9,407	)		(112,583	)
Net increase (decrease)		79,636		$	1,089,321			(4,351	)	$	(55,309	)
Enhanced Index Core Equity Fund Class Y
Sold		1,142,877		$	15,000,341			412,166		$	4,837,744
Issued as reinvestment of dividends		35,058			448,038			35,179			393,654
Redeemed		(258,643	)		(3,446,211	)		(177,875	)		(2,052,679	)
Net increase (decrease)		919,292		$	12,002,168			269,470		$	3,178,719
Enhanced Index Core Equity Fund Class S
Sold		14,010		$	184,000			6,185		$	71,380
Issued as reinvestment of dividends		69			885			-			1
Redeemed		(2,365	)		(32,000	)		-			-
Net increase (decrease)		11,714		$	152,885			6,185		$	71,381
Enhanced Index Core Equity Fund Class N
Sold		40,631		$	522,239			-		$	-
Issued as reinvestment of dividends		-			-			-			1
Redeemed		(4,705	)		(61,560	)		-			-
Net increase (decrease)		35,926		$	460,679			-		$	1
Main Street Fund Class A
Sold		810,607		$	9,495,447			912,245		$	9,838,627
Issued as reinvestment of dividends		72,066			811,458			5,269			55,322
Redeemed		(417,545	)		(4,911,394	)		(219,427	)		(2,362,992	)
Net increase (decrease)		465,128		$	5,395,511			698,087		$	7,530,957
Main Street Fund Class L
Sold		1,338,341		$	15,684,075			1,921,606		$	20,926,910
Issued as reinvestment of dividends		506,626			5,729,950			103,322			1,087,984
Redeemed		(3,213,577	)		(38,077,475	)		(2,562,631	)		(27,747,413	)
Net increase (decrease)		(1,368,610	)	$	(16,663,450	)		(537,703	)	$	(5,732,519	)
Main Street Fund Class Y
Sold		544,676		$	6,545,399			-		$	-
Issued as reinvestment of dividends		33,657			379,319			-			1
Redeemed		(578,332	)		(6,872,789	)		-			-
Net increase (decrease)		1		$	51,929			-		$	1
Main Street Fund Class S
Sold		3,393,343		$	39,892,325			5,024,243		$	54,867,946
Issued as reinvestment of dividends		1,272,290			14,402,330			283,221			2,985,155
Redeemed		(6,384,787	)		(75,163,775	)		(6,696,280	)		(72,739,853	)
Net increase (decrease)		(1,719,154	)	$	(20,869,120	)		(1,388,816	)	$	(14,886,752	)
Main Street Fund Class N
Sold		-		$	-			8,946		$	93,840
Issued as reinvestment of dividends		1			6			-			1
Redeemed		-			-			(8,946	)		(93,393	)
Net increase (decrease)		1		$	6			-		$	448

356

Notes to Financial Statements (Continued)

	Year ended October 31, 2007						Year ended October 31, 2006
	Shares			Amount			Shares			Amount
Capital Appreciation Fund Class A
Sold		6,230,561		$	73,690,468			9,255,503		$	98,246,075
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(8,026,073	)		(94,228,454	)		(9,592,653	)		(101,496,458	)
Net increase (decrease)		(1,795,512	)	$	(20,537,986	)		(337,150	)	$	(3,250,383	)
Capital Appreciation Fund Class L
Sold		4,332,666		$	51,133,514			1,659,574		$	17,345,543
Issued as reinvestment of dividends		-			-			4,457			46,973
Redeemed		(852,133	)		(9,995,930	)		(547,220	)		(5,778,064	)
Net increase (decrease)		3,480,533		$	41,137,584			1,116,811		$	11,614,452
Capital Appreciation Fund Class Y
Sold		704,123		$	8,367,036			2,168,052		$	23,095,949
Issued as reinvestment of dividends		-			-			14,147			149,106
Redeemed		(574,785	)		(6,891,291	)		(399,080	)		(4,200,068	)
Net increase (decrease)		129,338		$	1,475,745			1,783,119		$	19,044,987
Capital Appreciation Fund Class S
Sold		11,624,653		$	138,257,666			10,716,496		$	114,136,288
Issued as reinvestment of dividends		-			-			172,557			1,822,199
Redeemed		(8,062,856	)		(95,206,375	)		(9,550,950	)		(101,064,522	)
Net increase (decrease)		3,561,797		$	43,051,291			1,338,103		$	14,893,965
Capital Appreciation Fund Class N
Sold		58,796		$	704,099			60,941		$	643,203
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(29,390	)		(367,068	)		(10,428	)		(109,092	)
Net increase (decrease)		29,406		$	337,031			50,513		$	534,111
Core Growth Fund Class A
Sold		72,335		$	735,806			38,018		$	351,327
Issued as reinvestment of dividends		-			-			58			537
Redeemed		(9,230	)		(93,425	)		(12,630	)		(118,301	)
Net increase (decrease)		63,105		$	642,381			25,446		$	233,563
Core Growth Fund Class L
Sold		3,290,187		$	31,685,992			349		$	3,209
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(1,070,698	)		(10,760,465	)		(16	)		(151	)
Net increase (decrease)		2,219,489		$	20,925,527			333		$	3,058
Core Growth Fund Class Y
Sold		-		$	-			-		$	-
Issued as reinvestment of dividends		-			-			-			1
Redeemed		-			-			-			-
Net increase (decrease)		-		$	-			-		$	1
Core Growth Fund Class S
Sold		1,708,126		$	17,552,684			2,116,547		$	19,229,914
Issued as reinvestment of dividends		-			-			52,877			494,400
Redeemed		(4,687,479	)		(45,151,227	)		(3,301,860	)		(28,838,443	)
Net increase (decrease)		(2,979,353	)	$	(27,598,543	)		(1,132,436	)	$	(9,114,129	)
Core Growth Fund Class N
Sold		205		$	2,053			136		$	1,194
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(15	)		(150	)		(16	)		(139	)
Net increase (decrease)		190		$	1,903			120		$	1,055
Enhanced Index Growth Fund Class A
Sold		358,855		$	3,527,129			305,607		$	2,697,402
Issued as reinvestment of dividends		295			2,754			439			3,795
Redeemed		(115,580	)		(1,158,282	)		(156,011	)		(1,372,870	)
Net increase (decrease)		243,570		$	2,371,601			150,035		$	1,328,327

357

Notes to Financial Statements (Continued)

	Year ended October 31, 2007						Year ended October 31, 2006
	Shares			Amount			Shares			Amount
Enhanced Index Growth Fund Class L
Sold		8,568,543		$	83,765,480			1,056,197		$	9,462,509
Issued as reinvestment of dividends		3,201			29,926			1			-
Redeemed		(900,212	)		(8,916,238	)		(167,232	)		(1,506,763	)
Net increase (decrease)		7,671,532		$	74,879,168			888,966		$	7,955,746
Enhanced Index Growth Fund Class Y
Sold		4,152,650		$	41,757,146			2,156,346		$	18,509,901
Issued as reinvestment of dividends		24,984			234,096			16,646			144,650
Redeemed		(683,788	)		(6,791,923	)		(502,419	)		(4,377,960	)
Net increase (decrease)		3,493,846		$	35,199,319			1,670,573		$	14,276,591
Enhanced Index Growth Fund Class S
Sold		13,649,826		$	132,995,228			22,948		$	208,981
Issued as reinvestment of dividends		5,884			55,016			-			1
Redeemed		(716,362	)		(6,882,475	)		-			-
Net increase (decrease)		12,939,348		$	126,167,769			22,948		$	208,982
Enhanced Index Growth Fund Class N
Sold		-		$	-			-		$	-
Issued as reinvestment of dividends		-			-			-			-
Redeemed		-			-			-			-
Net increase (decrease)		-		$	-			-		$	-
Discovery Value Fund Class A*
Sold		1,494,534		$	18,485,151			13,644		$	141,276
Issued as reinvestment of dividends		565			6,315			-			-
Redeemed		(101,954	)		(1,259,777	)		(3	)		(36	)
Net increase (decrease)		1,393,145		$	17,231,689			13,641		$	141,240
Discovery Value Fund Class L*
Sold		95,034		$	1,222,284			10,010		$	100,100
Issued as reinvestment of dividends		1			10			-			-
Redeemed		(3,347	)		(42,083	)		-			-
Net increase (decrease)		91,688		$	1,180,211			10,010		$	100,100
Discovery Value Fund Class Y*
Sold		818,719		$	10,340,890			10,010		$	100,100
Issued as reinvestment of dividends		1			10			-			-
Redeemed		(33,640	)		(425,458	)		-			-
Net increase (decrease)		785,080		$	9,915,442			10,010		$	100,100
Discovery Value Fund Class S*
Sold		1,189,982		$	14,408,249			1,033,546		$	10,406,555
Issued as reinvestment of dividends		8,501			95,211			-			-
Redeemed		(204,017	)		(2,584,792	)		(8,508	)		(90,583	)
Net increase (decrease)		994,466		$	11,918,668			1,025,038		$	10,315,972
Discovery Value Fund Class N*
Sold		62,736		$	768,020			10,010		$	100,100
Issued as reinvestment of dividends		1			9			-			-
Redeemed		(4,503	)		(56,439	)		-			-
Net increase (decrease)		58,234		$	711,590			10,010		$	100,100
Small Capitalization Value Fund Class A
Sold		155,233		$	2,442,276			326,292		$	5,048,672
Issued as reinvestment of dividends		21,849			333,421			11,879			172,250
Redeemed		(179,442	)		(2,818,233	)		(283,624	)		(4,472,897	)
Net increase (decrease)		(2,360	)	$	(42,536	)		54,547		$	748,025
Small Capitalization Value Fund Class L
Sold		553		$	9,101			231,332		$	3,714,011
Issued as reinvestment of dividends		1,324			20,368			4,298			62,527
Redeemed		(16,197	)		(268,055	)		(338,314	)		(5,385,684	)
Net increase (decrease)		(14,320	)	$	(238,586	)		(102,684	)	$	(1,609,146	)

358

Notes to Financial Statements (Continued)

	Year ended October 31, 2007						Year ended October 31, 2006
	Shares			Amount			Shares			Amount
Small Capitalization Value Fund Class Y
Sold		635,359		$	10,571,020			138,321		$	2,148,560
Issued as reinvestment of dividends		11,011			169,577			1,311			19,091
Redeemed		(280,622	)		(4,405,186	)		(61,099	)		(953,714	)
Net increase (decrease)		365,748		$	6,335,411			78,533		$	1,213,937
Small Capitalization Value Fund Class S
Sold		1,248,065		$	19,911,705			2,125,175		$	33,656,190
Issued as reinvestment of dividends		617,163			9,516,653			233,339			3,404,419
Redeemed		(2,983,678	)		(47,412,105	)		(2,254,139	)		(35,237,525	)
Net increase (decrease)		(1,118,450	)	$	(17,983,747	)		104,375		$	1,823,084
Small Capitalization Value Fund Class N
Sold		31,429		$	500,130			92,939		$	1,367,834
Issued as reinvestment of dividends		8,389			127,007			1			20
Redeemed		(33,509	)		(527,266	)		(6,127	)		(94,774	)
Net increase (decrease)		6,309		$	99,871			86,813		$	1,273,080
Main Street Small Cap Fund Class A**
Sold		344,445		$	3,839,656			10,000		$	100,000
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(56,203	)		(626,052	)		-			-
Net increase (decrease)		288,242		$	3,213,604			10,000		$	100,000
Main Street Small Cap Fund Class L**
Sold		5,021,717		$	54,914,993			10,000		$	100,000
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(709,036	)		(8,016,650	)		-			-
Net increase (decrease)		4,312,681		$	46,898,343			10,000		$	100,000
Main Street Small Cap Fund Class Y**
Sold		9		$	128			10,000		$	100,000
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(10,000	)		(107,900	)		-			-
Net increase (decrease)		(9,991	)	$	(107,772	)		10,000		$	100,000
Main Street Small Cap Fund Class S**
Sold		6,255,588		$	68,826,194			960,000		$	9,600,000
Issued as reinvestment of dividends		6,731			72,421			-			-
Redeemed		(1,249,902	)		(13,628,801	)		-			-
Net increase (decrease)		5,012,417		$	55,269,814			960,000		$	9,600,000
Main Street Small Cap Fund Class N**
Sold		2,932		$	33,084			10,000		$	100,000
Issued as reinvestment of dividends		-			-			-			-
Redeemed		(10,077	)		(108,552	)		-			-
Net increase (decrease)		(7,145	)	$	(75,468	)		10,000		$	100,000
Small Company Opportunities Fund Class A
Sold		3,218,581		$	41,688,596			5,171,565		$	87,395,074
Issued as reinvestment of dividends		5,811,417			68,632,836			1,924,038			31,053,976
Redeemed		(9,974,777	)		(133,875,876	)		(17,628,889	)		(296,265,813	)
Net increase (decrease)		(944,779	)	$	(23,554,444	)		(10,533,286	)	$	(177,816,763	)
Small Company Opportunities Fund Class L
Sold		747,472		$	10,231,558			835,248		$	14,007,390
Issued as reinvestment of dividends		1,832,282			21,822,478			463,043			7,501,294
Redeemed		(6,266,957	)		(79,218,877	)		(2,193,876	)		(36,947,615	)
Net increase (decrease)		(3,687,203	)	$	(47,164,841	)		(895,585	)	$	(15,438,931	)
Small Company Opportunities Fund Class Y
Sold		91,219		$	1,187,975			183,306		$	3,037,667
Issued as reinvestment of dividends		184,015			2,198,973			66,627			1,080,685
Redeemed		(119,259	)		(1,519,192	)		(733,886	)		(12,173,177	)
Net increase (decrease)		155,975		$	1,867,756			(483,953	)	$	(8,054,825	)

359

Notes to Financial Statements (Continued)

	Year ended October 31, 2007						Year ended October 31, 2006
	Shares			Amount			Shares			Amount
Small Company Opportunities Fund Class S
Sold		2,276,086		$	30,038,261			4,468,287		$	75,620,572
Issued as reinvestment of dividends		7,013,301			84,089,474			1,856,345			30,147,038
Redeemed		(11,261,352	)		(164,799,383	)		(8,927,046	)		(150,107,228	)
Net increase (decrease)		(1,971,965	)	$	(50,671,648	)		(2,602,414	)	$	(44,339,618	)
Small Company Opportunities Fund Class N
Sold		-		$	-			-		$	4
Issued as reinvestment of dividends		24			268			3			66
Redeemed		-			-			(2	)		(42	)
Net increase (decrease)		24		$	268			1		$	28
Global Fund Class A
Sold		1,797,956		$	23,659,654			2,774,673		$	32,328,673
Issued as reinvestment of dividends		99,029			1,248,756			8,320			94,103
Redeemed		(967,009	)		(12,709,786	)		(845,976	)		(9,948,491	)
Net increase (decrease)		929,976		$	12,198,624			1,937,017		$	22,474,285
Global Fund Class L
Sold		4,258,512		$	55,942,752			7,097,374		$	83,383,518
Issued as reinvestment of dividends		839,456			10,652,705			150,876			1,713,956
Redeemed		(7,235,352	)		(95,238,718	)		(7,166,162	)		(83,711,393	)
Net increase (decrease)		(2,137,384	)	$	(28,643,261	)		82,088		$	1,386,081
Global Fund Class Y
Sold		801,581		$	10,500,858			168,480		$	1,981,741
Issued as reinvestment of dividends		41,018			518,881			2,492			28,261
Redeemed		(485,390	)		(6,210,140	)		(87,042	)		(999,269	)
Net increase (decrease)		357,209		$	4,809,599			83,930		$	1,010,733
Global Fund Class S
Sold		5,301,616		$	69,827,380			11,462,411		$	134,858,150
Issued as reinvestment of dividends		1,296,278			16,475,690			278,811			3,170,084
Redeemed		(11,978,466	)		(157,662,799	)		(12,000,066	)		(140,512,923	)
Net increase (decrease)		(5,380,572	)	$	(71,359,729	)		(258,844	)	$	(2,484,689	)
Global Fund Class N
Sold		31,053		$	409,691			31,759		$	366,988
Issued as reinvestment of dividends		1,349			17,102			25			288
Redeemed		(17,974	)		(241,748	)		(13,380	)		(150,432	)
Net increase (decrease)		14,428		$	185,045			18,404		$	216,844
International Equity Fund Class A
Sold		2,594,659		$	42,811,214			3,394,006		$	45,325,565
Issued as reinvestment of dividends		52,677			825,977			36,395			453,478
Redeemed		(3,153,895	)		(52,056,081	)		(2,360,550	)		(31,065,835	)
Net increase (decrease)		(506,559	)	$	(8,418,890	)		1,069,851		$	14,713,208
International Equity Fund Class L
Sold		1,876,491		$	31,760,910			1,694,642		$	22,476,343
Issued as reinvestment of dividends		56,014			886,145			184,701			2,314,307
Redeemed		(4,184,051	)		(68,721,015	)		(12,901,024	)		(171,642,339	)
Net increase (decrease)		(2,251,546	)	$	(36,073,960	)		(11,021,681	)	$	(146,851,689	)
International Equity Fund Class Y
Sold		1,232,164		$	20,889,889			1,448,459		$	19,574,759
Issued as reinvestment of dividends		57,573			915,987			52,384			661,608
Redeemed		(1,995,559	)		(34,081,380	)		(1,561,551	)		(20,679,591	)
Net increase (decrease)		(705,822	)	$	(12,275,504	)		(60,708	)	$	(443,224	)
International Equity Fund Class S
Sold		17,166,353		$	285,482,957			21,607,734		$	293,931,284
Issued as reinvestment of dividends		707,599			11,279,127			565,925			7,164,613
Redeemed		(19,631,249	)		(327,458,291	)		(19,237,738	)		(258,684,647	)
Net increase (decrease)		(1,757,297	)	$	(30,696,207	)		2,935,921		$	42,411,250

360

Notes to Financial Statements (Continued)

	Year ended October 31, 2007						Year ended October 31, 2006
	Shares			Amount			Shares			Amount
International Equity Fund Class N
Sold		-		$	1			4		$	52
Issued as reinvestment of dividends		2			16			1			11
Redeemed		-			-			(34	)		(413	)
Net increase (decrease)		2		$	17			(29	)	$	(350	)
Focused International Fund Class A*
Sold		2,164,727		$	31,444,440			323,884		$	3,788,378
Issued as reinvestment of dividends		2,675			41,210			-			-
Redeemed		(336,915	)		(4,993,976	)		(19,822	)		(236,326	)
Net increase (decrease)		1,830,487		$	26,491,674			304,062		$	3,552,052
Focused International Fund Class L*
Sold		497,923		$	7,099,617			788,743		$	9,651,381
Issued as reinvestment of dividends		6,341			84,019			-			-
Redeemed		(260,531	)		(3,638,363	)		(11,510	)		(142,857	)
Net increase (decrease)		243,733		$	3,545,273			777,233		$	9,508,524
Focused International Fund Class Y*
Sold		32,577		$	467,428			14,356		$	150,393
Issued as reinvestment of dividends		80			1,059			-			-
Redeemed		(4,335	)		(58,856	)		(2	)		(29	)
Net increase (decrease)		28,322		$	409,631			14,354		$	150,364
Focused International Fund Class S*
Sold		1,452,772		$	20,138,862			486,073		$	4,899,750
Issued as reinvestment of dividends		1,292			17,141			-			-
Redeemed		(428,867	)		(5,911,840	)		(1,533	)		(17,358	)
Net increase (decrease)		1,025,197		$	14,244,163			484,540		$	4,882,392
Focused International Fund Class N*
Sold		38,040		$	536,281			12,224		$	123,442
Issued as reinvestment of dividends		25			335			-			-
Redeemed		(783	)		(12,404	)		-			-
Net increase (decrease)		37,282		$	524,212			12,224		$	123,442

* Fund commenced operations on December 1, 2005.

** Fund commenced operations on September 27, 2006.

Redemptions or exchanges of Class A shares made within eighteen months of purchase from initial investments of $1 million or more are subject to a contingent deferred sales charge of 1% of the amount redeemed. Redemptions or exchanges of Class N shares made within eighteen months of purchase are subject to a contingent deferred sales charge of 1% of the amount redeemed. The distributor receives all contingent deferred sales charges. Any contingent deferred sales charges during the year ended October 31, 2007 were waived for any redemptions or exchanges subject to such a charge.

6. Federal Income Tax Information
At October 31, 2007, the cost of securities and the unrealized appreciation (depreciation) in the value of investments owned by the Funds, as computed on a Federal income tax basis, were as follows:

	Federal Income Tax Cost		Tax Basis Unrealized Appreciation		Tax Basis Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Short-Duration Bond Fund	$	538,172,054	$	1,201,658	$	(4,567,609	)	$	(3,365,951	)
Inflation-Protected Bond Fund		362,613,094		2,261,389		(5,643,226	)		(3,381,837	)
Core Bond Fund		1,850,433,050		13,453,555		(13,195,076	)		258,479
Diversified Bond Fund		609,446,654		3,095,517		(3,589,733	)		(494,216	)
Strategic Income Fund		398,194,329		13,372,114		(4,305,246	)		9,066,868
High Yield Fund		227,443,467		1,871,921		(3,668,462	)		(1,796,541	)
Balanced Fund		208,131,999		11,920,486		(4,247,430	)		7,673,056
Value Fund		483,370,173		51,366,022		(11,728,383	)		39,637,639
Enhanced Index Value Fund		594,778,709		40,467,947		(25,768,774	)		14,699,173

361

Notes to Financial Statements (Continued)

	Federal Income Tax Cost		Tax Basis Unrealized Appreciation		Tax Basis Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Enhanced Index Core Equity Fund	$	71,240,560	$	6,055,916	$	(1,891,156	)	$	4,164,760
Main Street Fund		348,482,029		42,971,613		(10,196,780	)		32,774,833
Capital Appreciation Fund		1,029,669,710		294,407,956		(23,002,177	)		271,405,779
Core Growth Fund		84,590,924		14,637,255		(2,162,213	)		12,475,042
Enhanced Index Growth Fund		339,544,271		32,611,288		(6,508,539	)		26,102,749
Discovery Value Fund		64,546,240		4,353,438		(1,601,286	)		2,752,152
Small Capitalization Value Fund		126,106,388		17,667,424		(11,247,552	)		6,419,872
Main Street Small Cap Fund		140,560,348		10,949,517		(7,046,654	)		3,902,863
Small Company Opportunities Fund		449,344,393		43,824,267		(20,539,840	)		23,284,427
Global Fund		639,502,049		219,253,395		(16,002,583	)		203,250,812
International Equity Fund		960,178,076		510,108,015		(22,057,755	)		488,050,260
Focused International Fund		68,466,804		16,561,786		(588,940	)		15,972,846

Note: The aggregate cost for investments for the Money Market Fund as of October 31, 2007, is the same for financial reporting and Federal income tax purposes.

At October 31 2007, the following Funds had available, for Federal income tax purposes, unused capital losses:

	Expiring 2009		Expiring 2010		Expiring 2011		Expiring 2012		Expiring 2013		Expiring 2014		Expiring 2015
Short- Duration Bond Fund	$	-	$	-	$	-	$	-	$	257,360	$	6,180,324	$	-
Inflation- Protected Bond Fund		-		-		-		-		-		715,787		5,031,637
Core Bond Fund		-		-		-		-		-		14,530,268		-
Enhanced Index Core Equity Fund		-		-		906,976		-		-		-		-
Core Growth Fund		4,807,653		26,380,390		9,485,389		-		-		-		-
International Equity Fund		-		-		23,627,923		-		-		-		-

Net capital loss carryforwards may be applied against any net realized taxable gains in each succeeding year, or until their respective expiration dates, whichever occurs first.

Certain differences exist from the amounts reflected in the Statement of Changes in Net Assets primarily due to the character of short-term capital gains treated as ordinary income for tax purposes.

The tax character of distributions paid during the year ended October 31, 2007 was as follows:

	Ordinary Income		Long Term Capital Gain		Return of Capital
Money Market Fund	$	36,745,093	$	-	$	-
Short-Duration Bond Fund		22,474,283		-		-
Inflation-Protected Bond Fund		11,667,114		-		-
Core Bond Fund		74,836,348		-		-
Diversified Bond Fund		20,034,227		-		-
Strategic Income Fund		9,754,792		-		-
High Yield Fund		9,129,735		72,463		-

362

Notes to Financial Statements (Continued)

	Ordinary Income		Long Term Capital Gain		Return of Capital
Balanced Fund	$	5,688,242	$	-	$	-
Value Fund		21,275,259		8,038,140		-
Enhanced Index Value Fund		17,147,848		13,173,427		1,130,997
Enhanced Index Core Equity Fund		483,733		-		-
Main Street Fund		11,415,491		9,920,605		-
Enhanced Index Growth Fund		322,504		-		-
Discovery Value Fund		1,132,542		4,500		-
Small Capitalization Value Fund		-		10,177,059		-
Main Street Small Cap Fund		73,321		100		-
Small Company Opportunities Fund		-		176,804,877		-
Global Fund		13,383,098		15,534,577		-
International Equity Fund		13,909,321		-		-
Focused International Fund		195,750		-		-

The tax character of distributions paid during the year ended October 31, 2006 was as follows:

	Ordinary Income		Long Term Capital Gain		Short Term Capital Gain		Return of Capital
Money Market Fund	$	21,499,950	$	-	$	-	$	-
Short-Duration Bond Fund		20,670,218		-		-		-
Inflation-Protected Bond Fund		14,569,212		281,613		-		-
Core Bond Fund		76,623,794		-		-		-
Diversified Bond Fund		14,101,131		-		-		-
Strategic Income Fund		9,828,718		-		-		-
High Yield Fund		6,479,713		444,582		-		-
Balanced Fund		6,448,419		-		-		-
Value Fund		9,140,142		2,799,843		-		-
Enhanced Index Value Fund		4,366,174		3,169,427		-		-
Enhanced Index Core Equity Fund		408,200		-		-		-
Main Street Fund		4,131,534		-		-		-
Capital Appreciation Fund		1,854,064		-		-		165,005
Core Growth Fund		496,379		-		-		-
Enhanced Index Growth Fund		149,688		-		-		-
Discovery Value Fund		9,122		-		-		-
Small Capitalization Value Fund		29,366		3,643,833		-		-
Small Company Opportunities Fund		10,497,048		59,299,879		-		-
Global Fund		5,008,765		-		-		-
International Equity Fund		10,594,997		-		-		-

At October 31, 2007, the components of distributable earnings on a tax basis were as follows:

	Undistributed Ordinary Income		Long Term Capital Gain (Capital Loss Carryover)			Other Temporary Differences			Unrealized Appreciation (Depreciation)
Money Market Fund	$	-	$	-		$	(18,231	)	$	-
Short-Duration Bond Fund		20,827,310		(6,437,684	)		(776,984	)		(2,566,547	)
Inflation-Protected Bond Fund		14,070,063		(5,747,424	)		(664	)		(3,381,837	)
Core Bond Fund		63,852,817		-			(17,406,665	)		(2,566,698	)
Diversified Bond Fund		20,392,419		-			(925,458	)		(798,191	)
Strategic Income Fund		20,697,241		2,290,794			721,292			9,653,486
High Yield Fund		11,820,916		504,867			-			(1,796,541	)
Balanced Fund		4,873,315		2,587,982			(172,252	)		7,785,269

363

Notes to Financial Statements (Continued)

	Undistributed Ordinary Income		Long Term Capital Gain (Capital Loss Carryover)			Other Temporary Differences			Unrealized Appreciation (Depreciation)
Value Fund	$	21,432,676	$	34,634,617		$	(33,450	)	$	39,637,639
Enhanced Index Value Fund		-		-			-			14,699,173
Enhanced Index Core Equity Fund		529,942		(906,976	)		-			4,164,760
Main Street Fund		19,835,061		29,046,259			-			32,774,833
Capital Appreciation Fund		116,479		26,713,651			-			271,406,265
Core Growth Fund		-		(40,673,432	)		-			12,474,859
Enhanced Index Growth Fund		8,666,275		3,109,341			-			26,102,749
Discovery Value Fund		2,231,121		370,527			-			2,752,152
Small Company Opportunities Fund		56,854,183		12,024,584			(15,383	)		23,284,427
Main Street Small Cap Fund		2,860,013		47,118			-			3,902,875
Small Capitalization Value Fund		3,273,088		20,407,792			-			6,419,872
Global Fund		8,469,531		43,046,268			-			203,269,565
International Equity Fund		25,003,244		(23,627,923	)		(24,896	)		488,083,121
Focused International Fund		1,546,458		1,145,611			-			15,969,885

Pursuant to Section 852 of the Internal Revenue Code, the following Funds have designated capital gain dividends for the year ended October 31, 2007.

	Long Term Capital Dividend
High Yield Fund	$	72,463
Value Fund		8,038,140
Enhanced Index Value Fund		13,173,427
Main Street Fund		9,920,605
Discovery Value Fund		4,500
Small Capitalization Value Fund		10,177,059
Main Street Small Cap Fund		100
Small Company Opportunities Fund		176,804,877
Global Fund		15,534,577

On July 13, 2006, the Financial Accounting Standards Board (FASB) released FASB Interpretation No. 48 "Accounting for Uncertainty in Income Taxes" (FIN 48). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the fund's tax returns to determine whether the tax positions are "more-likely-than not" of being sustained by the applicable tax authority. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. At this time, management is evaluating the implications of FIN 48 and its impact in the financial statements has not yet been determined.

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the year ended October 31, 2007, the Funds did not incur any interest or penalties. The Funds are subject to examination by U.S. federal, state and foreign tax authorities for returns filed after 2004, 2005 and 2006, respectively.

364

Notes to Financial Statements (Continued)

7. New Accounting Pronouncements
In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 determines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Funds' financial statement disclosures.

8. Proxy Voting (Unaudited)
A description of the policies and procedures that each Fund's investment adviser and sub-advisers use to vote proxies relating to the Fund's portfolio securities is available, without charge, upon request, by calling 1-888-309-3539, and on the Securities and Exchange Commission's website at http://www.sec.gov.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available, without charge, upon request, on the MassMutual website at http://www.massmutual.com/retire and on the Securities and Exchange Commission's website at http://www.sec.gov.

9. Quarterly Reporting (Unaudited)
The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds' Forms N-Q are available on the SEC website at http://www.sec.gov. The Funds' Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

10. Legal Proceedings (Unaudited)
On November 6, 2003, the MassMutual Prime Fund (now known as the MassMutual Premier Money Market Fund), the MassMutual Core Bond Fund (now known as the MassMutual Premier Core Bond Fund) and the MassMutual Balanced Fund (now known as the MassMutual Premier Balanced Fund) were each named as a defendant in an adversary proceeding brought by Enron Corp. ("Enron"), as debtor and debtor-in-possession, in the U.S. Bankruptcy Court for the Southern District of New York, in connection with Enron's Chapter 11 bankruptcy proceeding (In re Enron Corp.). On October 18, 2005, the MassMutual Short-Term Bond Fund (now known as the MassMutual Premier Short-Duration Bond Fund) and the MassMutual Diversified Bond Fund (now known as the MassMutual Premier Diversified Bond Fund) were named as additional defendants in In re Enron Corp. Enron alleges that the dozens of parties named as defendants, including these Funds and certain affiliates of these Funds and MassMutual, were initial transferees of early redemptions or prepayments of Enron commercial paper made shortly before Enron's bankruptcy in December 2001, or were parties for whose benefit such redemptions or prepayments were made, or were immediate or mediate transferees of such redemptions or prepayments. It is alleged that these Funds and the other defendants urged Enron to make these prepayments or redemptions prior to the stated maturity of the commercial paper and contrary to the terms of the commercial paper's original issuing documents, that the transactions depleted Enron's estate, and that they had the effect of unfairly preferring the holders of commercial paper at the expense of other general unsecured creditors. Enron seeks to avoid each of these transactions and recover these payments, plus interest and court costs, so that all similarly situated creditors of Enron can equally and ratably share the monies.

While these Funds believe that they have valid defenses to all claims raised by Enron, these Funds cannot predict the outcome of this proceeding. The amounts sought to be recovered from the Money Market Fund, the Balanced Fund, the Core Bond Fund, the Short-Duration Bond Fund and the Diversified Bond Fund, plus interest and Enron's court costs, are approximately $9.7 million, $5.5 million, $3.2 million, $1.3 million and $890 thousand respectively. If the proceeding were to be decided in a manner adverse to these Funds, or if these Funds enter into a settlement agreement with Enron, the payment of such judgment or settlement could have a material adverse effect on each Fund's net asset value. To remove any doubt that the Money Market Fund will be able to maintain a net asset value of $1.00 per share due to this proceeding, the Money Market Fund and MassMutual have entered into an indemnification agreement whereby MassMutual has agreed to indemnify the Money Market Fund, to the extent necessary, in order for the Money Market Fund to maintain a net asset value of $1.00

365

Notes to Financial Statements (Continued)

per share, in the event that any liability is incurred or settlement payment is made by the Money Market Fund in connection with this proceeding.

11. Trustees' Approval of Investment Advisory Contracts (Unaudited) At Board meetings held on April 26, 2007 and May 31, 2007, the Board, including the Independent Trustees, approved the existing Advisory Agreements for the Strategic Income Fund, Main Street Fund and International Equity Fund and the existing Advisory Agreements and Sub-Advisory Agreements (collectively, the "Contracts") for each of the Money Market Fund, Short-Duration Bond Fund, Inflation-Protected Bond Fund, Core Bond Fund, Diversified Bond Fund, High Yield Fund, Balanced Fund, Value Fund, Enhanced Index Value Fund, Enhanced Index Core Equity Fund, Capital Appreciation Fund, Core Growth Fund, Enhanced Index Growth Fund, Discovery Value Fund, Small Capitalization Value Fund, Small Company Opportunities Fund, Global Fund and Focused International Fund (each a "Fund" and collectively, the "Funds"). In preparation for the meetings, the Trustees requested, and the Adviser and Sub-Advisers provided in advance of the meetings, certain materials relevant to the consideration of the Contracts.

At the meeting held on April 26, 2007, the Trustees' independent counsel reviewed with all of the Independent Trustees the requirement under the 1940 Act that the Trustees, including a majority of the Independent Trustees, consider annually the continuation of the Funds' Contracts. In advance of the meeting, the Independent Trustees received a memorandum, prepared by independent counsel, addressing their duties and responsibilities in approving the Contracts, including identification of types of information relevant to such consideration. The Trustees' independent counsel reviewed the memorandum and the role of the Independent Trustees in renewing the Contracts, including, among other things, (i) the nature of the Trustees' responsibilities and factors the Trustees are entitled or required to consider in this regard, (ii) the enhanced disclosure requirements relating to the Board's approval of the Contracts, and (iii) recent mutual fund fee litigation.

In addition, the Independent Trustees received in advance of the meeting (i) a memorandum from the Adviser discussing the nature and quality of the services it provides as investment manager to the Funds, (ii) a profitability analysis prepared by the Adviser, and (iii) a fee study report (the "Third-Party Report") with respect to each Fund prepared by an independent third-party vendor (the "Third-Party"). The Third-Party Report provided detailed comparative fee, expense and performance information for each Fund to assist the Trustees in their evaluation of the Contracts.

Representatives of the Adviser ("Management") gave a presentation which provided an overview of the nature and quality of services provided by the Adviser to the Funds. This presentation included a discussion of the Adviser's operations and capabilities. A representative of the Third-Party was present for a portion of the meeting and made a presentation to the Independent Trustees with respect to the Third-Party Report.

The Independent Trustees then reviewed, and considered separately for each Fund, the detailed information presented in the Third-Party Report regarding (i) Fund expenses including, among other things, both the Fund's advisory fee and total net expense ratios versus its expense group and expense universe; and (ii) the Fund's relative performance (over various time periods versus its performance group, performance universe and benchmark index, taking into account the Fund's strategy).

Throughout the discussion, Management responded to Trustee questions and provided additional information concerning the Core Bond Fund, Inflation-Protected Bond Fund, International Equity Fund, Balanced Fund and Diversified Bond Fund, whose total net expenses ranked in the 4th or 5th quintiles of their respective expense groups, and the Core Bond Fund, Small Company Opportunities Fund, Core Growth Fund, Value Fund and Small Capitalization Value Fund, whose three-year total returns placed in the 4th or 5th quintiles of their respective performance universes.

366

Notes to Financial Statements (Continued)

Management noted that the primary cause of the Core Bond Fund's 5th quintile expense ranking was advisory fee expense. In addition, it was noted that the Core Bond Fund underperformed its performance group average in all time periods. Management stated that despite its ranking among its peers, it had outperformed its benchmark in all time periods while remaining consistent with its conservative investment mandate and that its expenses were only four basis points higher than the median when compared against the larger expense universe. Additionally, Management noted that the Fund's Class S shares have a four-star Morningstar rating.

Management noted that the Inflation-Protected Bond Fund's advisory fee expense was the primary reason for its 5th quintile expense ranking. Management noted that the Fund's profitability to MassMutual, as compared to other Funds it managed, was low. In addition, Management noted that the Fund's Sub-Adviser, Babson Capital Management, LLC ("Babson Capital") had executed on its mandate to outperform its benchmark gross of fees on a one-, two- and three-year basis.

Management noted, in respect of the International Equity Fund and Balanced Fund, that administrator expenses were the primary reason for these Funds' 4th quintile expense rankings. With respect to the International Equity Fund, Management stated that the Fund's total net expenses were in line with the median in its expense universe and that the Fund ranked in the 1st quintile for performance in both the one- and four-year time periods. With respect to the Balanced Fund, Management noted that the Fund has a relatively low advisory fee and that its ranking improves to the 2nd quintile when compared to the Fund's expense universe (as opposed to its expense group).

Management noted that the primary cause of the Diversified Bond Fund's 4th quintile ranking was advisory fee expense. Management noted that the Fund has consistently ranked in the first three quintiles for performance and has outperformed the performance universe median for all periods except the two-year period.

Management noted that each of the Small Company Opportunities Fund, Core Growth Fund and Value Fund underperformed its respective performance group average in all time periods. Management stated that the Small Company Opportunities Fund had ranked in the 1st quintile for total expenses in its expense group and that, over the past year, had undergone a change in its portfolio management team and strategy to help improve its performance. Management also noted that the Core Growth Fund and Value Fund had each ranked in the 1st quintile for total expenses in its respective expense group and that each had undergone a sub-adviser change over the past year which had already resulted in improved performance for each Fund under its new portfolio management team.

Management noted that the Small Capitalization Value Fund ranked in the 5th quintile of performance for the three-year time period. Management explained that the Fund had undergone a change in its portfolio management team over the past year and noted that, for the one-year period, the Fund ranked in the 2nd quintile of its performance group and in the 3rd quintile of its performance universe. It was also noted that the Fund's expenses, including advisory and 12b-1 fees, are not high and have not been high historically.

In conjunction with their review of the Third-Party Report, the Independent Trustees also reviewed and considered information included in the materials concerning economies of scale and profitability of the Adviser's relationship with the various Funds, including: (i) a description of the revenue (including management fees and administrative service fees, as applicable) and expense allocation methodology employed by the Adviser; and (ii) profitability information for the Funds and each Fund individually, which included a sensitivity analysis for those Funds without breakpoints of the expected level of profitability assuming increased Fund assets of $100 million and $250 million. The discussions and consideration included the intangible benefits derived by the Adviser and its affiliates resulting from their relationships with the Funds and the so-called "fallout benefits" to the Adviser, such as any reputational value derived from serving as investment adviser to the Funds. It was noted that the Funds

367

Notes to Financial Statements (Continued)

do not have breakpoints as the advisory fee is established at the time of a Premier Fund's introduction based upon a mature fund projection.

The Independent Trustees next considered the materials provided by the Adviser in advance of the Meeting and information discussed with Management at the Meeting relating to the Adviser and the nature, scope and quality of services the Adviser provides to the Funds. The Independent Trustees noted the fact that the Adviser delegates substantially all responsibility for furnishing a continuous investment program for the Funds, and making investment decisions with respect to a Fund's assets, to the relevant Sub-Advisers. The Independent Trustees reviewed the Adviser's ability to provide investment oversight, administrative and shareholder services to the Funds. The Independent Trustees also considered the experience and qualifications of the personnel of the Adviser that perform, or oversee the performance of, the services provided to the Funds and the needs of the Funds for administrative and shareholder services.

The Independent Trustees also considered, and discussed with Management, among other things: (i) the ability of the Adviser to monitor the operations and performance of each Fund's Sub-Adviser; (ii) the financial condition, stability and business strategy of the Adviser; (iii) the ability of the Adviser with respect to regulatory compliance and the ability to monitor compliance with the investment policies of the Funds; (iv) the profitability of the Adviser; (v) possible economies of scale; and (vi) any conditions affecting the Adviser's future provision of high quality services to the Funds.

The Independent Trustees discussed with Management and considered a wide range of information about, among other things: (i) each Sub-Adviser and its personnel with responsibilities for providing services to the respective Fund; (ii) the terms of the Sub-Advisory Agreements; (iii) the scope and quality of services provided to each Fund under the Sub-Advisory Agreements; and (iv) the fees payable to each Sub-Adviser by the Adviser. The Independent Trustees also noted that each Sub-Adviser may receive research services from brokers in connection with portfolio securities transactions for the Funds and that research services furnished by brokers through which the Funds effect securities transactions may be used by the Sub-Adviser in advising other accounts that it advises; and that, conversely, research services furnished to a Sub-Adviser in connection with other accounts each Sub-Adviser advises may be used by the Sub-Adviser in advising the Funds.

Prior to the votes being taken to approve the Contracts, the Independent met separately in executive session to discuss the appropriateness of such contracts. In their deliberation with respect to these matters, the Independent Trustees were advised by their independent legal counsel. The Independent Trustees weighed the foregoing matters in light of the advice given to them by their independent legal counsel as to the law applicable to the review of investment advisory contracts. In arriving at a decision, the Independent Trustees did not identify any single matter as all-important or controlling. The foregoing summary does not detail all of the matters considered.

After their deliberation, during which independent counsel was present, the Independent Trustees indicated that they were prepared to recommend approval of the Contracts for each of the Funds, with the exception of the Inflation-Protected Bond Fund, for which they requested additional information and analysis concerning the Fund's expenses and performance. The Independent Trustees requested that this information be provided at the May 31, 2007 meeting.

As to the Money Market Fund, Short-Duration Bond Fund, Core Bond Fund, Diversified Bond Fund, Strategic Income Fund, High Yield Fund, Balanced Fund, Value Fund, Enhanced Index Value Fund, Enhanced Index Core Equity Fund, Main Street Fund, Capital Appreciation Fund, Core Growth Fund, Enhanced Index Growth Fund, Discovery Value Fund, Small Capitalization Value Fund, Small Company Opportunities Fund, Global Fund, International Equity Fund and Focused International Fund the Independent Trustees concluded that: (i) overall, they were satisfied with the nature, extent and quality of services provided, and expected to be provided in the future under the Contracts, including the level of the Adviser's oversight of the Funds and the sub-advisory process; (ii) the Adviser's level

368

Notes to Financial Statements (Continued)

of profitability from its relationship to the various Funds was not excessive and that the advisory fees payable under the Contracts, and the Funds' total expenses, were fair and reasonable; (iii) the investment processes, research capabilities and philosophies of each Sub-Adviser are well suited to each Fund, given their investment objective and policies; (iv) either the relative or absolute performance of a Fund (in each case, taking into account the applicable investment strategy and risk profile of the Fund), or the steps the Adviser has proposed to be taken to remedy any underperformance of the Fund, are sufficient to warrant continuation of the Contract for each of the Funds; and (v) the terms of the Contracts are fair and reasonable with respect to each Fund and are in the best interests of each Fund's shareholders. In arriving at a decision to recommend approval of these Contracts to the Board, the Independent Trustees did not identify any single matter as all-important or controlling. The foregoing summary does not detail all of the matters considered.

At their meeting on May 31, 2007, the Independent Trustees discussed the Inflation-Protected Bond Fund in more detail. With respect to the Fund's performance, Management noted that (i) over the one- and two-year periods the Fund ranked in the 5th quintile of its performance group and (ii) over the one- and two-year periods, and over the three-year period, the Fund ranked in the 4th and the 3rd quintiles of its performance universe, respectively. Management, referring to a spreadsheet that was distributed during the meeting, explained that the Third-Party performance group and performance universe included funds that invest outside of TIPS/Treasuries. Management noted that the addition of corporate securities and equities in the peer group portfolios can impact relative returns and most likely resulted in some outperformance versus a 100% TIPS portfolio. Management stated that the Fund's Sub-Adviser, Babson Capital, had in fact executed successfully on its mandate of outperforming the Fund's benchmark gross of fees. In addition, Management noted that any attempt at enhancing returns by adding outside asset classes to the Fund might compromise asset allocations made by clients of MassMutual Retirement Services ("RS") and could preclude the Fund from future consideration as an offering in RS' asset allocation products.

With respect to the Fund's expenses, Management acknowledged that (i) the Fund's total expenses had ranked in the 5th quintile in the expense group and 4th quintile in the expense universe and (ii) the Fund's advisory fees had ranked in the 5th quintile in both the expense group and the expense universe. Management explained that although the Fund's profitability to MassMutual is low compared to other Funds, Management was proposing to waive ten basis points of administrative expenses on Class A and Class N shares in order to help improve the competitiveness of the Fund's fees and performance.

Prior to the votes being taken to approve the Contracts for the Inflation-Protected Bond Fund, the Independent Trustees met separately in executive session to discuss the appropriateness of such Contracts. In their deliberation with respect to these matters, the Independent Trustees were advised by their independent legal counsel. The Independent Trustees weighed the foregoing matters in light of the advice given to them by their independent legal counsel as to the review of investment advisory contracts. The Independent Trustees considered the additional information that had been presented and determined, on the basis of that information, to recommend for approval to the Board the Contracts for the Inflation-Protected Bond Fund. In arriving at a decision, the Independent Trustees did not identify any single matter as all-important or controlling. The foregoing summary does not detail all of the matters considered.

At the Board meeting on May 31, 2007, the Board, including the Independent Trustees, also approved the Contracts for each of the Money Market Fund, Short-Duration Bond Fund, Inflation-Protected Bond Fund, Core Bond Fund, Diversified Bond Fund, Strategic Income Fund, High Yield Fund, Balanced Fund, Value Fund, Enhanced Index Value Fund, Enhanced Index Core Equity Fund, Main Street Fund, Capital Appreciation Fund, Core Growth Fund, Enhanced Index Growth Fund, Discovery Value Fund, Small Capitalization Value Fund, Small Company Opportunities Fund, Global Fund, International Equity Fund and Focused International Fund.

369

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of MassMutual Premier Funds:

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of MassMutual Premier Funds (the "Trust"), comprised of MassMutual Premier Money Market Fund, MassMutual Premier Short-Duration Bond Fund, MassMutual Premier Inflation-Protected Bond Fund, MassMutual Premier Core Bond Fund, MassMutual Premier Diversified Bond Fund, MassMutual Premier Strategic Income Fund, MassMutual Premier High Yield Fund, MassMutual Premier Balanced Fund, MassMutual Premier Value Fund, MassMutual Premier Enhanced Index Value Fund, MassMutual Premier Enhanced Index Core Equity Fund, MassMutual Premier Main Street Fund, MassMutual Premier Capital Appreciation Fund, MassMutual Premier Core Growth Fund, MassMutual Premier Enhanced Index Growth Fund, MassMutual Premier Discovery Value Fund, MassMutual Premier Small Capitalization Value Fund, MassMutual Premier Main Street Small Cap Fund, MassMutual Premier Small Company Opportunities Fund, MassMutual Premier Global Fund, MassMutual Premier International Equity Fund, and MassMutual Premier Focused International Fund (the "Funds") as of October 31, 2007, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust's 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 audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its 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 of the effectiveness of the Trust's 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 October 31, 2007, 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 October 31, 2007, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP
Boston, Massachusetts
December 28, 2007

370

Trustees and Officers (Unaudited)

The following table lists Premier Trust's trustees and officers as of October 31, 2007; their address and age; their position with Premier Trust; the length of time holding that position with Premier 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. Premier Trust's Statement of Additional Information includes additional information about Premier Trust's trustees and is available, without charge, upon request by calling 1-888-309-3539 or by writing MassMutual Premier Fund, 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

Ronald J. Abdow
Age: 75

Trustee of the Trust

Since
2004

Chairman, Abdow Corporation (operator of restaurants).

Trustee, Abdow G&R Trust and Abdow G&R Co. (owners and operators of restaurant properties); Chairman, Western Mass Development Corp.; Chairman, American International College; Trustee (since 2005), MML Series Investment Fund II (open-end investment company).

Nabil N. El-Hage
Age: 49

Chairman

Trustee of the Trust

Since
2006

Since
2003

Professor of Management Practice (since 2005), Senior Lecturer (2003-2005), Harvard Business School; Chairman (1995-2005) and CEO (1995-2003), Jeepers! Inc. (indoor amusement centers).

Chairman (since 2006), Trustee (since 2005), MML Series Investment Fund II (open-end investment company).

Maria D. Furman
Age: 53

Trustee of the Trust

Since
2004

Managing Director, Director and Portfolio Manager (1976-2002), Standish, Ayer and Wood (investment management).

Trustee (since 2005), MML Series Investment Fund II (open-end investment company).

C. Ann Merrifield
Age: 56

Trustee of the Trust

Since
2004

President, Biosurgery (since 2003), Executive Vice President, Biosurgery (2001-2003), President, Genetics (1997-2001), Genzyme Corporation.

Director (since 1997), Playtex Products, Inc.; Trustee (since 2005), MML Series Investment Fund II (open-end investment company).

371

Trustees and Officers (Unaudited) (Continued)

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

Corine T. Norgaard
Age: 70

Trustee of the Trust

Since
2004

President (2004-2005), Thompson Enterprises (real estate investment); Dean (1996-2004), Barney School of Business at the University of Hartford.

Director (since 1992), ING Variable Funds (formerly Aetna Variable Fund); Director (since 1993), ING Series Fund, Inc. (formerly Aetna Series Fund); Trustee (since 1997), MassMutual Corporate Investors and MassMutual Participation Investors (closed-end investment companies); Trustee (since 2005), MML Series Investment Fund II (open-end investment company).

Interested
Trustees

Frederick C. Castellani Age: 60

Vice Chairman, Trustee, and President of the Trust
Vice President

Since
2006
(2004-2006)

Executive Vice President (since 2001), Senior Vice President (1996-2001), MassMutual.

Trustee and President (since 2001), MassMutual Select Funds (open-end investment company); Trustee (since 2001), Vice President (since 2006), MML Series Investment Fund (open-end investment company); Vice Chairman, Trustee, and Vice President (since 2006), MML Series Investment Fund II (open-end investment company).

372

Trustees and Officers (Unaudited) (Continued)

Principal Officers
who are Not
Trustees

Name, Address*,
and Age

Position(s)
Held with
Trust

Length
of Time
Served

Principal
Occupation(s) During
Past 5 Years

Number of
Portfolios in
Fund
Complex
Overseen by
Trustee

Nicholas H. Palmerino
Age: 42

Chief Financial Officer and Treasurer of the Trust

Since 2006

Assistant Vice President (since 2006), MassMutual; Vice President (2006), Consultant (2005-2006), JP Morgan Chase Worldwide Securities Services; Senior Vice President (2003-2004), CDC IXIS Asset Management Services, Inc. and CDC IXIS Asset Management Advisers, L.P.; Vice President (1996-2003), Loomis Sayles & Company, L.P.; Chief Financial Officer and Treasurer (since 2006), MassMutual Select 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).

Kristin L. Fafard
Age: 40

Vice President of the Trust

Since 2005

Assistant Vice President (since 2005), Managing Director (2000-2003), MassMutual; Assistant Vice President (2000-2003), Allmerica Asset Management; Vice President (since 2005), MassMutual Select Funds (open-end investment company); Vice President (since 2005), MML Series Investment Fund (open-end investment company); Vice President (since 2005) MML Series Investment Fund II (open-end investment company).

Philip S. Wellman
Age: 43

Vice President and Chief Compliance Officer of the Trust

Since 2007

Vice President, Compliance (since 2007), 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 Select 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).

John E. Deitelbaum
Age: 39

Vice President, Clerk and Chief Legal Officer of the Trust

Since 2006

Vice President and Associate General Counsel (since 2006), Second Vice President and Associate General Counsel (2000-2006), MassMutual; Vice President, Secretary and Chief Legal Officer (since 2006), MassMutual Select Funds (open-end investment company); Vice President, Secretary and Chief Legal Officer (since 2006), MML Series Investment Fund (open-end investment company); Vice President, Clerk and Chief Legal Officer (since 2006), MML Series Investment Fund II (open-end investment company).

373

Trustees and Officers (Unaudited) (Continued)

Name, Address*,
and Age

Position(s)
Held with
Trust

Length
of Time
Served

Principal
Occupation(s) During
Past 5 Years

Number of
Portfolios in
Fund
Complex
Overseen by
Trustee

Eric H. Wietsma
Age: 41

Vice President of the Trust

Since 2006

Vice President (since 2005), MassMutual; Vice President (1999-2005), Hartford Life Insurance Company; Vice President (since 2006), MassMutual Select 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).

* The address of each Trustee and Principal Officer is the same as that for Premier 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 successor or until he dies, resigns or is removed. Notwithstanding the foregoing, (i) a Trustee shall retire and cease to serve as a Trustee upon conclusion of the calendar year in which such Trustee attains the age of seventy-five years and (ii) an interested Trustee shall no longer serve as Trustee if or when they are no longer an employee of MassMutual, or an affiliate. However, any Trustee who attains the age of seventy-five years during 2006 shall retire and cease to serve as a Trustee on or before December 31, 2007.

374

Federal Tax Information (Unaudited)

For corporate shareholders, a portion of the ordinary dividends paid during the Fund's year ended October 31, 2007 qualified for the dividends received deduction, as follows:

Fund Name	Dividends Received Deduction
Strategic Income Fund		0.46	%
Value Fund		30.06	%
Enhanced Index Value Fund		42.22	%
Enhanced Index Core Equity Fund		100.00	%
Main Street Fund		55.34	%
Enhanced Index Growth Fund		100.00	%
Discovery Value Fund		10.75	%
Main Street Small Cap Fund		100.00	%
Global Fund		17.31	%
International Equity		0.18	%

Under Section 854(b)(2) of the Code, the Funds 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 October 31, 2007:

Fund Name	Qualified Dividend Income
Diversified Bond Fund		0.02	%
Strategic Income Fund		0.45	%
Value Fund		39.88	%
Enhanced Index Value Fund		42.53	%
Enhanced Index Core Equity Fund		100.00	%
Main Street Fund		53.70	%
Enhanced Index Growth Fund		100.00	%
Discovery Value Fund		16.37	%
Main Street Small Cap Fund		100.00	%
Global Fund		57.09	%
International Equity Fund		100.00	%
Focused International Fund		100.00	%

In January 2008, shareholders will receive Form 1099-DIV which will include their share of qualified dividends distributed during the calendar year 2006. Shareholders are advised to check with their tax advisors for information on the treatment of these amounts on their individual income tax returns.

375

Other Information (Unaudited)

Fund Expenses October 31, 2007

Expense Examples				The following information is in regards to expenses for the six month period ended October 31, 2007: As a shareholder of the Funds, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemptions; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested for the six month period ended October 31, 2007.

Actual Expenses				The first line of each table on the following pages provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Operating Expenses Incurred" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes				The second line of each table on the following pages provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful 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.

376

Other Information (Unaudited) (Continued)

The Funds incur ongoing operating expenses during the normal course of business, such as management fees, shareholder service fees, other expenses. The following tables, assuming a $1,000 investment in a class of shares, disclose the ending account value and operating expenses incurred for the six months ended October 31, 2007, based on, (1) the classes' actual return and actual expenses, and (2) a hypothetical annualized 5% return and the classes' actual expenses:

Money Market Fund

Class A

	Beginning Value		Operating Ending Value		Expense Incurred*
1) Actual	$	1,000.00	$	1,022.70	$	3.93
2) Hypothetical		1,000.00		1,021.32		3.92

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 0.77%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,024.00	$	2.65
2) Hypothetical		1,000.00		1,022.58		2.65

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 0.52%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,023.80	$	2.81
2) Hypothetical		1,000.00		1,022.43		2.80

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 0.55%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,024.30	$	2.30
2) Hypothetical		1,000.00		1,022.94		2.29

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 0.45%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

377

Other Information (Unaudited) (Continued)

Short-Duration Bond Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,027.80	$	4.70
2) Hypothetical		1,000.00		1,020.57		4.69

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 0.92%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,028.70	$	3.43
2) Hypothetical		1,000.00		1,021.83		3.41

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 0.67%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,029.60	$	3.02
2) Hypothetical		1,000.00		1,022.23		3.01

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 0.59%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,029.40	$	2.76
2) Hypothetical		1,000.00		1,022.48		2.75

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 0.54%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,026.90	$	6.23
2) Hypothetical		1,000.00		1,019.06		6.21

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 1.22%, 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.

378

Other Information (Unaudited) (Continued)

Inflation-Protected Bond Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,038.00	$	4.93
2) Hypothetical		1,000.00		1,020.37		4.89

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 0.96%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,039.60	$	4.11
2) Hypothetical		1,000.00		1,021.17		4.08

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 0.80%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,040.60	$	3.34
2) Hypothetical		1,000.00		1,021.93		3.31

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 0.65%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,040.50	$	2.83
2) Hypothetical		1,000.00		1,022.43		2.80

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,036.70	$	6.52
2) Hypothetical		1,000.00		1,018.80		6.46

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 1.27%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

379

Other Information (Unaudited) (Continued)

Core Bond Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,027.20	$	4.91
2) Hypothetical		1,000.00		1,020.37		4.89

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,027.90	$	3.63
2) Hypothetical		1,000.00		1,021.63		3.62

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 0.71%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,028.80	$	3.27
2) Hypothetical		1,000.00		1,021.98		3.26

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 0.64%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,028.60	$	3.02
2) Hypothetical		1,000.00		1,022.23		3.01

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,025.40	$	6.53
2) Hypothetical		1,000.00		1,018.75		6.51

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 1.28%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

380

Other Information (Unaudited) (Continued)

Diversified Bond Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,025.20	$	5.05
2) Hypothetical		1,000.00		1,020.21		5.04

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 0.99%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,026.30	$	3.83
2) Hypothetical		1,000.00		1,021.42		3.82

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 0.75%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,027.20	$	3.78
2) Hypothetical		1,000.00		1,021.48		3.77

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 0.74%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,028.00	$	3.53
2) Hypothetical		1,000.00		1,021.73		3.52

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 0.69%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,023.60	$	6.58
2) Hypothetical		1,000.00		1,018.70		6.56

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 1.29%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

381

Other Information (Unaudited) (Continued)

Strategic Income Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,038.10	$	5.96
2) Hypothetical		1,000.00		1,019.36		5.90

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 1.16%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,039.70	$	4.58
2) Hypothetical		1,000.00		1,020.72		4.53

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 0.89%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,039.60	$	3.91
2) Hypothetical		1,000.00		1,021.37		3.87

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 0.76%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,040.60	$	3.65
2) Hypothetical		1,000.00		1,021.63		3.62

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,037.00	$	7.09
2) Hypothetical		1,000.00		1,018.25		7.02

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 1.38%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

382

Other Information (Unaudited) (Continued)

High Yield Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	992.70	$	5.73
2) Hypothetical		1,000.00		1,019.46		5.80

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 1.14%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	993.60	$	4.47
2) Hypothetical		1,000.00		1,020.72		4.53

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	994.60	$	3.72
2) Hypothetical		1,000.00		1,021.48		3.77

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	995.50	$	3.47
2) Hypothetical		1,000.00		1,021.73		3.52

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	990.90	$	7.23
2) Hypothetical		1,000.00		1,017.95		7.32

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 1.44%, 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.

383

Other Information (Unaudited) (Continued)

Balanced Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,034.60	$	5.95
2) Hypothetical		1,000.00		1,019.36		5.90

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,037.00	$	4.67
2) Hypothetical		1,000.00		1,020.62		4.63

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 0.91%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,036.70	$	3.90
2) Hypothetical		1,000.00		1,021.37		3.87

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,038.70	$	3.08
2) Hypothetical		1,000.00		1,022.18		3.06

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 0.60%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,033.90	$	7.54
2) Hypothetical		1,000.00		1,017.80		7.48

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 1.47%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

384

Other Information (Unaudited) (Continued)

Value Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,030.90	$	5.68
2) Hypothetical		1,000.00		1,019.61		5.65

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 1.11%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,032.30	$	4.20
2) Hypothetical		1,000.00		1,021.07		4.18

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 0.82%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,032.80	$	3.64
2) Hypothetical		1,000.00		1,021.63		3.62

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,033.30	$	3.13
2) Hypothetical		1,000.00		1,022.13		3.11

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 0.61%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,028.60	$	7.41
2) Hypothetical		1,000.00		1,017.90		7.38

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 1.45%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

385

Other Information (Unaudited) (Continued)

Enhanced Index Value Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	993.90	$	5.48
2) Hypothetical		1,000.00		1,019.71		5.55

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 1.09%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	995.60	$	4.23
2) Hypothetical		1,000.00		1,020.97		4.28

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 0.84%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	996.20	$	3.47
2) Hypothetical		1,000.00		1,021.73		3.52

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	996.90	$	2.97
2) Hypothetical		1,000.00		1,022.23		3.01

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	992.90	$	7.03
2) Hypothetical		1,000.00		1,018.15		7.12

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 1.40%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

386

Other Information (Unaudited) (Continued)

Enhanced Index Core Equity Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,038.30	$	5.60
2) Hypothetical		1,000.00		1,019.71		5.55

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,039.60	$	4.32
2) Hypothetical		1,000.00		1,020.97		4.28

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,040.40	$	3.55
2) Hypothetical		1,000.00		1,021.73		3.52

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,041.00	$	3.04
2) Hypothetical		1,000.00		1,022.23		3.01

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,037.50	$	7.19
2) Hypothetical		1,000.00		1,018.15		7.12

387

Other Information (Unaudited) (Continued)

Main Street Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,059.30	$	6.02
2) Hypothetical		1,000.00		1,019.36		5.90

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,061.60	$	4.73
2) Hypothetical		1,000.00		1,020.62		4.63

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,060.90	$	3.95
2) Hypothetical		1,000.00		1,021.37		3.87

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,062.20	$	3.69
2) Hypothetical		1,000.00		1,021.63		3.62

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,058.30	$	7.57
2) Hypothetical		1,000.00		1,017.85		7.43

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 1.46%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

388

Other Information (Unaudited) (Continued)

Capital Appreciation Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,129.70	$	5.85
2) Hypothetical		1,000.00		1,019.71		5.55

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,129.70	$	5.21
2) Hypothetical		1,000.00		1,020.32		4.94

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 0.97%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,131.20	$	4.40
2) Hypothetical		1,000.00		1,021.07		4.18

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,132.40	$	3.82
2) Hypothetical		1,000.00		1,021.63		3.62

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,127.40	$	7.83
2) Hypothetical		1,000.00		1,017.85		7.43

389

Other Information (Unaudited) (Continued)

Core Growth Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,136.10	$	6.46
2) Hypothetical		1,000.00		1,019.16		6.11

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 1.20%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,137.30	$	5.12
2) Hypothetical		1,000.00		1,020.42		4.84

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 0.95%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,138.00	$	4.31
2) Hypothetical		1,000.00		1,021.17		4.08

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,138.90	$	4.04
2) Hypothetical		1,000.00		1,021.42		3.82

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,134.50	$	8.07
2) Hypothetical		1,000.00		1,017.64		7.63

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 1.50%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

390

Other Information (Unaudited) (Continued)

Enhanced Index Growth Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,091.30	$	5.27
2) Hypothetical		1,000.00		1,020.16		5.09

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 1.00%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,094.00	$	4.01
2) Hypothetical		1,000.00		1,021.37		3.87

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,090.50	$	3.16
2) Hypothetical		1,000.00		1,022.18		3.06

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,094.90	$	2.96
2) Hypothetical		1,000.00		1,022.38		2.85

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 0.56%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,093.80	$	6.86
2) Hypothetical		1,000.00		1,018.65		6.61

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 1.30%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

391

Other Information (Unaudited) (Continued)

Discovery Value Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,043.50	$	7.21
2) Hypothetical		1,000.00		1,018.05		7.12

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,044.20	$	5.93
2) Hypothetical		1,000.00		1,019.41		5.85

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 1.15%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,044.90	$	5.15
2) Hypothetical		1,000.00		1,020.16		5.09

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,044.90	$	4.79
2) Hypothetical		1,000.00		1,020.52		4.74

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 0.93%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,041.10	$	8.75
2) Hypothetical		1,000.00		1,016.64		8.64

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 1.70%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

392

Other Information (Unaudited) (Continued)

Small Capitalization Value Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	968.10	$	6.45
2) Hypothetical		1,000.00		1,018.65		6.61

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	969.00	$	5.21
2) Hypothetical		1,000.00		1,019.91		5.35

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 1.05%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	969.70	$	4.47
2) Hypothetical		1,000.00		1,020.67		4.58

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 0.90%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	969.70	$	4.22
2) Hypothetical		1,000.00		1,020.92		4.33

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 0.85%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	966.60	$	7.93
2) Hypothetical		1,000.00		1,017.14		8.13

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 1.60%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

393

Other Information (Unaudited) (Continued)

Main Street Small Cap Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	995.70	$	5.73
2) Hypothetical		1,000.00		1,019.46		5.80

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	996.50	$	4.48
2) Hypothetical		1,000.00		1,020.72		4.53

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	998.30	$	3.93
2) Hypothetical		1,000.00		1,021.27		3.97

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 0.78%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	997.40	$	3.47
2) Hypothetical		1,000.00		1,021.73		3.52

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	993.90	$	7.49
2) Hypothetical		1,000.00		1,017.69		7.58

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 1.49%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

394

Other Information (Unaudited) (Continued)

Small Company Opportunities Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	995.30	$	5.73
2) Hypothetical		1,000.00		1,019.46		5.80

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	996.90	$	4.48
2) Hypothetical		1,000.00		1,020.72		4.53

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	997.90	$	3.98
2) Hypothetical		1,000.00		1,021.22		4.02

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 0.79%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	997.70	$	3.47
2) Hypothetical		1,000.00		1,021.73		3.52

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	993.60	$	7.49
2) Hypothetical		1,000.00		1,017.69		7.58

395

Other Information (Unaudited) (Continued)

Global Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,065.10	$	7.44
2) Hypothetical		1,000.00		1,018.00		7.27

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 1.43%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,066.10	$	5.94
2) Hypothetical		1,000.00		1,019.46		5.80

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,067.00	$	5.37
2) Hypothetical		1,000.00		1,020.01		5.24

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 1.03%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,068.10	$	4.64
2) Hypothetical		1,000.00		1,020.72		4.53

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,064.70	$	7.91
2) Hypothetical		1,000.00		1,017.54		7.73

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 1.52%, 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.

396

Other Information (Unaudited) (Continued)

International Equity Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,121.10	$	8.13
2) Hypothetical		1,000.00		1,017.54		7.73

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,122.30	$	6.79
2) Hypothetical		1,000.00		1,018.80		6.46

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,119.30	$	5.98
2) Hypothetical		1,000.00		1,019.56		5.70

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 1.12%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,123.60	$	5.83
2) Hypothetical		1,000.00		1,019.71		5.55

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,122.60	$	9.74
2) Hypothetical		1,000.00		1,016.03		9.25

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 1.82%, 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.

397

Other Information (Unaudited) (Continued)

Focused International Fund

Class A

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,218.10	$	8.83
2) Hypothetical		1,000.00		1,017.24		8.03

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 1.58%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class L

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,220.50	$	7.44
2) Hypothetical		1,000.00		1,018.50		6.77

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 1.33%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class Y

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,220.70	$	6.60
2) Hypothetical		1,000.00		1,019.26		6.01

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 1.18%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

Class S

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,221.30	$	6.44
2) Hypothetical		1,000.00		1,019.14		5.85

Class N

	Beginning Value		Ending Value		Operating Expense Incurred*
1) Actual	$	1,000.00	$	1,216.20	$	10.50
2) Hypothetical		1,000.00		1,015.73		9.55

* Expenses are calculated using the annualized expense ratio for the six months ended October 31, 2007 of 1.88%, multiplied by the average account value over the period, multiplied by the number of days in the period, divided by the number of days in the year.

398

Distributor:

MML Distributors, LLC

1295 State Street

Springfield, MA 01111-0001

December 28, 2007

Securities offered through registered representatives of MML Investors Services, Inc., member FINRA and SIPC (www.finra.org and www.sipc.org), 1295 State Street, Springfield, MA 01111.

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.

L4544 1207

C:05477-03

Item 2. Code of Ethics.

As of October 31, 2007, 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 October 31, 2007, 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 Nabil N. El-Hage, a member of the Audit Committee, is audit committee financial expert as defined by the Securities and Exchange Commission (the “SEC”). Mr. El-Hage is “independent” as defined by the SEC for purposes of audit committee financial expert determinations.

Item 4. Principal Accountant Fees and Services.

(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 2007 and 2006 were $604,450 and $468,000, respectively.
(b)	AUDIT RELATED FEES: No such fees were billed to the Registrant by Deloitte & Touche LLP for 2007 or 2006.
(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 2007 and 2006 were $240,841 and $79,600, respectively.
(d)	ALL OTHER FEES: No such fees were billed to the Registrant by Deloitte & Touche LLP for 2007 and 2006.
(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 2007 and 2006 were pre-approved by the committee.
	(2) Not applicable.
(f)	Not applicable.
(g)	The aggregate non-audit fees billed by Deloitte and Touche LLP for services rendered to the Registrant, and the Registrant’s adviser, for the fiscal years 2007 and 2006 were $350,841 and $352,190, respectively.
(h)	Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this filing.

Item 6. Schedule of Investments.

Not applicable to this filing.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this filing.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to this filing.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to this filing.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable to this filing.

Item 11. Controls and Procedures.

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) were effective as of a date within 90 days prior to the filing date of this report (the “Evaluation Date”), based on their evaluation of the effectiveness of the Registrant’s disclosure controls and procedures as of the Evaluation Date.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Code of Ethics (Item 2) is attached.

(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) are attached hereto as Exhibit 99CERT.

(a)(3) Not applicable to this filing.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 as required by Rule 30a-2(b), under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)), Rule 15d-14(b) under the Securities Exchange Act of 1934 (17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) are attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)

MassMutual Premier Funds

By (Signature and Title)	/s/ Frederick C. Castellani
	Frederick C. Castellani, President and Principal Executive Officer

Date

12/21/07

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ Frederick C. Castellani
	Frederick C. Castellani, President and Principal Executive Officer

Date

12/21/07

By (Signature and Title)	/s/ Nicholas H. Palmerino
	Nicholas H. Palmerino, Treasurer and Principal Financial Officer

Date

12/21/07