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[Pages:16]MASSMUTUAL IRA

An Investors Guide to MassMutual Funds

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INVEST INSURE RETIRE

You Want to Know that You've Chosen Wisely

Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliates bring strong investment know-how and active monitoring to each mutual fund in your IRA. We regularly monitor the managers responsible for the day-to-day portfolio management of each fund, scrutinizing them on a variety of critical factors. In addition, these expert managers are responsive to the fact that MassMutual demands adherence to the highest ethical investing and business practices. If you have a great deal of investment know-how or none at all, you will find a robust combination of expertise, services and support to help you build your retirement portfolio. MassMutual Financial Group is the fleet name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliates, with more than $450 billion in assets under management at year-end 2006. Assets under management include assets and certain external investment funds managed by MassMutual's subsidiaries. Founded in 1851, MassMutual is a mutually owned financial protection, accumulation and income management company headquartered in Springfield, Mass. MassMutual's major affiliates include: OppenheimerFunds, Inc.; Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; MML Investors Services, Inc., MassMutual International LLC and The MassMutual Trust Company, FSB. MassMutual is on the Internet at .

Before investing in any of the MassMutual Premier Funds and MassMutual Select Funds, investors should carefully consider a fund's investment objectives, risks, charges and expenses. The fund's prospectus contains this and other information about the fund. You may obtain the prospectuses by calling a MassMutual IRA Specialist at 1-877-747-6277. Read the prospectuses carefully before investing.

Experience You Can Count On

Proven Expertise

We know it's your money. You want stable, long-term results with reasonable risk. MassMutual oversees investment options managed by more than 25 investment companies. This sub-advised approach enables you to take advantage of our comprehensive expertise ? an expertise sharpened by years of providing retirement investment strategies to more than 5,000 institutional clients and more than 800,000 individual investors. We apply stringent performance criteria as part of a rigorous selection and monitoring process to build and oversee the sub-advised funds in our program.

Quality Choice

Our sub-advised approach gives you access to some of the best money managers available. We start with a large universe of possible managers. We look at where they're going, in addition to where they've been. We narrow our selections and get to know the investment managers face-to-face. We assess their style, culture and team dynamics. And we hold them accountable for results. We provide you with choice without clutter.

The sub-advised MassMutual Funds are composed of two families: MassMutual Select Funds and MassMutual Premier Funds. Select Funds are managed by unaffiliated managers. Premier Funds are managed by MassMutual affiliates OppenheimerFunds, Inc., Baring International Investment Limited, and Babson Capital Management. We make this distinction between affiliated and unaffiliated managers because we believe it is something you would like to know.

Comprehensive Oversight

We know you demand the best. That's why our portfolio managers of the MassMutual Funds are subject to ongoing monitoring and regular scrutiny to make sure they continue to manage their portfolios in the intended style. Through our sub-advised approach, MassMutual serves as the investment manager and hires specialized fund managers to handle day-to-day investment management. We know you demand checks and balances. That's why our team goes even further. We provide an additional layer of proprietary oversight through our due diligence process. We also rely on outside sources like Kanon Bloch Carr? (KBC) and Morningstar for data to help us support your investment needs. Providing you with comprehensive oversight is why we believe a sub-advised approach makes sense.

A Single Solution

We know that each investor is different ? from the confident investor to the saver who wants the experts to do the work and everyone in-between. If you are looking for expert help or may not have the time or confidence to design your own portfolio, we've made it easy with our MassMutual EasyChoiceSM IRA program. With the MassMutual EasyChoiceSM IRA program, you can choose one of our MassMutual Select Destination Retirement Series of Funds ? single solutions that combine professional management and monitoring with diversification all in one investment. Each option has an automatic process that invests more conservatively as retirement nears.

By selecting MassMutual Funds, you gain more than peace of mind, you receive a program that is easy to implement and manage. Put MassMutual to work for you.

1

MassMutual EasyChoiceSM IRA

MassMutual Select Destination Retirement Series

The EasyChoice IRA program gives you access to the MassMutual Select Destination Retirement Series. Each of these funds provides an alternative investment solution that offers you investment management and monitoring as well as diversification. The most important feature of the Select Destination Retirement Series options is a professionally managed, risk-controlled automatic roll down process that seamlessly invests more conservatively as retirement nears.

A Simplified Approach

Each Select Destination Retirement investment is composed of a chosen mix of other MassMutual Funds which bring with them an additional layer of supervision and due diligence. Each single investment solution offers diversity through multiple asset classes, investment styles and managers. These fund solutions offer professional management and automatic rebalancing whereby MassMutual periodically adjusts each fund's asset mix between stock funds and bond/money market funds over time to reflect your need to invest more conservatively up to and during retirement. Each fund invests in a varying combination of MassMutual Funds listed on the following pages. In addition to fund expenses, an investor may be subject to the expenses associated with the funds included in the portfolio.

The Destination Retirement Investment Series

MassMutual's Destination Retirement series gives you an all-in-one investment solution. Just determine your retirement date, and our automatic roll down process seamlessly invests more conservatively as that date approaches.

? Each option is named to coincide with future retirement dates: 2010 Fund, 2020 Fund, and so on, with risk-appropriate allocations in each

? Chosen from MassMutual Funds which carry an additional layer of supervision and due diligence

? Offer diversity through multiple asset classes, investment styles, and managers

Select Destination Retirement

2040 Fund 1

3%

97%

Select Destination Retirement

2030 Fund

20%

80%

Select Destination Retirement

2020 Fund

44% 56%

Select Destination Retirement

2010 Fund

37% 63%

Select Destination Retirement

Income Fund

25%

75%

2036 ? 2045

2026 ? 2035

Stock Funds Bond/Money Market Funds

2016 ? 2025

Retirement Year

2008 ? 2015

Before 2008

The MassMutual IRA should not be considered as a complete retirement solution. When planning for retirement, you should also think about factors, such as your total assets, your income needs, life insurance and health insurance needs, as well as planning for emergencies. Before investing in the MassMutual IRA, please be sure to determine whether an IRA asset is appropriate for you by considering several factors such as, your objectives, time horizon, risk tolerance, retirement needs, and income needs. Your MassMutual IRA value will fluctuate based on market performance, and when redeemed, may be worth less than the original cost.

1A significant percentage of the underlying investments in this strategy have a higher than average risk exposure. Investors should consider their risk tolerance carefully before choosing such a strategy. 2

MassMutual Funds

It's easy to choose investments, plus you can rest easy knowing the MassMutual Funds select from managers that are standouts in their particular investment approach, putting together a team that works for you.

A Broad Range of Choices

Money Market & Bond Funds

MONEY MARKET ? Premier Money

Market Fund

(Babson Capital)

BOND ? Premier Short-

Duration Bond Fund

(Babson Capital)

? Premier InflationProtected Bond Fund

(Babson Capital)

? Premier Core Bond Fund (Babson

Capital)

? Premier Diversified Bond Fund

(Babson Capital)

? Select Strategic Bond Fund

(Western Asset)

? Premier Strategic Income Fund

(OFI)

? Premier High Yield Fund (Babson

Capital)

Lifestyle/Asset Allocation

BALANCED

? Premier Balanced Fund

(Babson Capital)

? Select Strategic Balanced Fund

(ClearBridge/Western Asset)

LIFESTYLE/ASSET ALLOCATION

? Select Destination Retirement Income Fund1

? Select Destination Retirement 2010 Fund1

? Select Destination Retirement 2020 Fund1

? Select Destination Retirement 2030 Fund1

? Select Destination Retirement 2040 Fund1

Value

LARGE CAP

? Premier Value Fund

(OFI Institutional)

? Select Diversified Value Fund

(AllianceBernstein)

? Select Large Cap Value Fund

(Davis Advisors)

? Select Fundamental Value Fund

(Wellington)

? Premier Enhanced Index Value Fund

(Babson Capital)

? Select Value Equity Fund

(Fidelity)

SMALL/MID CAP

? Premier Small Company Opportunities Fund

(OFI Institutional)

? Select Focused Value Fund

(Harris/Cooke & Bieler)

? Select Small Company Value Fund

(Clover/T. Rowe Price/ EARNEST)

? Premier Main Street Small Cap Fund

(OFI)

? Select Small Cap Value Equity Fund

(SSgA)

? Premier Small Capitalization Value Fund

(OFI Institutional)

? Premier Discovery Value Fund

(OFI Institutional)

? Select Mid-Cap Value Fund (Cooke & Bieler)

Stock Funds

Core & Specialty

LARGE CAP CORE ? Select Indexed

Equity Fund

(Northern Trust)

? Premier Main Street Fund

(OFI)

? Select Core Opportunities Fund

(Victory)

? Premier Enhanced Index Core Equity Fund

(Babson Capital)

SPECIALTY ? Select OTC 100

Fund

(Northern Trust)

Growth

International/Global

LARGE CAP

? Select Growth Equity Fund (GMO)

? Select Blue Chip Growth Fund

(T. Rowe Price)

? Premier Capital Appreciation Fund

(OFI)

? Select Aggressive Growth Fund

(Sands/Delaware)

? Premier Core Growth Fund

(OFI Institutional)

? Select Large Cap Growth Fund

(AllianceBernstein)

? Premier Enhanced Index Growth Fund

(Babson Capital)

SMALL/MID CAP

? Select Mid Cap Growth Equity Fund (Navellier)

? Select Mid Cap Growth Equity II Fund (T. Rowe Price)

? Select Small Cap Growth Equity Fund (Waddell &

Reed/Wellington)

? Select Small Company Growth Fund (Mazama/Eagle)

? Select Small Cap Core Equity Fund

(Goldman Sachs)

? Select Emerging Growth Fund

(Insight/Delaware)

INTERNATIONAL

? Premier International Equity Fund (OFI)

? Premier Focused International Fund

(Baring)

? Select Diversified International Fund

(AllianceBernstein)

GLOBAL

? Select Overseas Fund (MFS/Harris)

? Premier Global Fund (OFI)

1MassMutual Select Destination Retirement Series Funds invest in other MassMutual Premier Funds and MassMutual Select Funds.

3

Low Med High

Our Family of Funds

MONEY MARKET AND BOND FUNDS

Premier Money Market Fund (Babson Capital)

Ticker: MKAXX

Fund Focus

Short Interm Long

MassMutual Premier Money Market Fund seeks to maximize current

income consistent with liquidity and preservation of capital.

The fund normally invests in high-quality debt securities with a

maturity not exceeding 397 days; including corporate debt securities

and U.S. government obligations. It invests 100% of assets in securities

having the highest rating of at least one nationally recognized statistical

rating organization. The fund may invest no more than 5% of its assets

in securities that have the second highest rating quality.

Premier Short-Duration Bond Fund (Babson Capital)

Ticker: MSHAX

Fund Focus

Short Interm Long

MassMutual Premier Short-Duration Bond Fund seeks a high total return

from current income.

The fund normally invests at least 80% of assets in investment-

grade fixed-income securities; which may include U.S. government

obligations, corporate debt, foreign debt, and mortgage-backed and other

asset-backed securities. It normally maintains a portfolio duration of no

more than three years.

Premier Inflation-Protected Bond Fund

(Babson Capital)

Ticker: MPSAX

Fund Focus

Short Interm Long

Seeks 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 invests at least 80% of its assets in inflation-indexed

bonds of varying maturities issued by the U.S. and non-U.S. governments,

their agencies or government-sponsored enterprises, and corporations.

The fund may invest up to 20% of its assets in holdings that are not

inflation-indexed. It may also invest up to 20% of its assets in non-U.S.

holdings.

Low Med High

Low Med High

Low Med High

Premier Core Bond Fund (Babson Capital)

Ticker: MMCBX

Fund Focus

Short Interm Long

MassMutual Premier Core Bond Fund seeks a high total rate of return

consistent with prudent investment risk and preservation of capital.

The fund invests at least 80% of assets in investment-grade fixed-

income securities; which include U.S. government obligations, corporate

debt, foreign debt, and mortgage-backed and other asset-backed securities.

The fund may invest up to 10% of assets in below investment grade debt

securities. The duration of the fund's portfolio is intended to match

within 10% of the duration of the Lehman Brothers Aggregate Bond

Index.

Premier Diversified Bond Fund (Babson Capital)

Ticker: MDVAX

Fund Focus

Short Interm Long

MassMutual Premier Diversified Bond Fund seeks a superior total rate of

return.

The fund invests at least 80% of assets in U.S. dollar-denominated

corporate obligations, securities issued or guaranteed by the U.S.

Government or its agencies, U.S. dollar-denominated bonds of foreign

issuers, private placement bonds, mortgage-backed and other asset-

backed securities. The average credit quality is above BBB-, though the

fund may invest up to 25% of assets in below investment grade debt

securities. The duration of the fund is intended to be within 10% of the

duration of the Lehman Brothers Aggregate Bond index.

Past name(s): MassMutual Diversified Bond Fund.

Low Med High

MassMutual ActiveChoiceSM IRA

With the MassMutual ActiveChoiceSM IRA program, you can choose from a variety of mutual funds in the MassMutual funds. For people who prefer to build their own portfolio, our MassMutual ActiveChoiceSM IRA program is ready, willing, and able. You can choose from more than 25 investment managers in our program.

4

Low Med High

Select Strategic Bond Fund (Western Asset)

Ticker: MSBAX

Fund Focus

Short Interm Long

MassMutual Select Strategic Bond Fund seeks a superior total rate of return.

The fund normally invests at least 80% of assets in U.S. dollar-

denominated fixed-income securities and other debt instruments of

domestic and foreign entities, including corporate bonds, securities

issued or guaranteed by the U.S. government, its agencies or

instrumentalities, mortgage-backed securities and money market

instruments. The fund may invest up to 20% of its total assets in non-

U.S. dollar denominated securities.

Premier Strategic Income Fund (OFI)

Ticker: MSCAX

Fund Focus

Short Interm Long

MassMutual Premier Strategic Income Fund the investment seeks high

current income.

The fund invests mainly in debt securities of three market sectors:

foreign governments and companies, U.S. government securities, and lower

rated high-yield securities of U.S. and foreign companies. Debt securities

include foreign government and U.S. government bonds and notes, CMOs,

other mortgage-related securities and asset-backed securities, participation

interests in loans, "structured" notes, lower-grade, high-yield domestic and

foreign corporate debt obligations, and "zero-coupon" securities. Normally,

the fund invests in all three market sectors at a time, but in abnormal

circumstances it may invest in one sector at a time.

Low Med High

Low Med High

Premier High Yield Fund (Babson Capital)

Ticker: MPHAX

Fund Focus

Short Interm Long

MassMutual Premier High Yield Fund seeks a high level of total return,

with an emphasis on current income.

The fund normally invests at least 80% of assets in lower rated

fixed income securities, known as "junk bonds." The fund may also

invest in convertible securities, preferred stocks, warrants, bank

borrowings, and other fixed income securities. The fund has an average

dollar-weighted portfolio maturity ranging from 4-10 years

Morningstar Style BoxTM The Morningstar Style Box reveals a fund's investment strategy. For equity funds and fixed-income funds respectively, the vertical axis shows the market capitalization of the stocks owned or the average credit quality of the bonds owned. The horizontal axis shows investment style (value, blend, or growth) or interest rate sensitivity as measured by a bond's duration (short, intermediate or long). Duration is a measure of interest-rate sensitivity--the longer a fund's duration, the more sensitive the fund is to shifts in interest rates.

Before investing in any of the MassMutual Premier Funds and MassMutual Select Funds, investors should carefully consider a fund's investment objectives, risks, charges and expenses. The fund's prospectus contains this and other information about the fund. You may obtain the prospectuses by calling a MassMutual IRA Specialist at 1-877-747-6277. Read the prospectuses carefully before investing.

5

Our Family of Funds

Small Med Large Low Med High

Small Med Large Low Med High

LIFESTYLE/ASSET ALLOCATION

Premier Balanced Fund (Babson Capital)

Ticker: MMBDX

Fund Focus

Value Blend Growth

Short Interm Long

MassMutual Premier Balanced Fund seeks a high total rate of return

consistent with the preservation of capital.

The fund normally invests in a diversified portfolio of three segments.

It invests no more than 30% of assets in the money market segment, which

seeks to meet liquidity needs by investing in diverse money market

instruments; and invests 20%-40% of assets in the core bond segment, which

invests primarily in investment grade fixed income instruments; and invests

50%-70% of assets in the core equity segment, which invests primarily in

stocks of large capitalization companies.

Past name(s): MassMutual Balanced Fund.

. Select Strategic Balanced Fund (ClearBridge/Western)

Ticker: MTSAX

Fund Focus

Value Blend Growth

Short Interm Long

MassMutual Select Strategic Balanced Fund seeks long-term capital growth,

consistent with preservation of capital and balanced by current income.

The fund's target allocation is 60% equity securities and 40% fixed

income securities but may invests up to 100% of its total assets in

money market instruments. The equity component will consist primarily

of common stocks and its equivalents that the manager believes are

undervalued in the marketplace.

Small Med Large Low Med High

Small Med Large Low Med High

Destination Retirement 20101

Ticker: MRXAX

Fund Focus

Value Blend Growth

Short Interm Long

MassMutual Select Destination Retirement 2010 Fund seeks to achieve

high total rate of return on an annual basis as is considered consistent

with prudent investment risk and the preservation of capital.

The fund primarily invests in a combination of MassMutual equity,

fixed income, and money market funds using an asset allocation strategy

that becomes increasingly conservative until it reaches 25% equity funds

and 75% in fixed income funds, including money market funds. The fund

is designed for investors expecting to retire around the year 2010.

Destination Retirement 20201

Ticker: MRTAX

Fund Focus

Value Blend Growth

Short Interm Long

MassMutual Select Destination Retirement 2020 Fund seeks to achieve

as high a total rate of return on an annual basis as is considered

consistent with prudent investment risk and the preservation of capital.

The fund primarily invests in MassMutual equity, fixed income,

and money market funds using an allocation strategy that becomes

increasingly conservative until it reaches 25% in equity funds and 75%

in fixed-income funds, including money market funds. The fund is

designed for investors expecting to retire around the year 2020.

Destination Retirement 20301

Destination Retirement Income1

Ticker: MRDAX

Fund Focus

Value Blend Growth

Short Interm Long

MassMutual Select Destination Retirement Income Fund seeks to achieve

high current income and, as a secondary objective, capital appreciation.

The fund primarily invests in a combination of MassMutual

equity, fixed income, and money market funds, using an asset allocation

strategy designed for investors already in retirement.

Small Med Large Low Med High

Ticker: MRYAX

Fund Focus

Value Blend Growth

Short Interm Long

MassMutual Select Destination Retirement 2030 Fund seeks to achieve

as high a total rate of return on an annual basis as is considered

consistent with prudent investment risk and the preservation of capital.

The fund primarily invests in a combination of MassMutual equity,

fixed income, and money market funds using an asset allocation strategy

that becomes increasingly conservative until it reaches 25% in equity funds

and 75% in fixed-income funds, including money market funds. The

fund is designed for investors expecting to retire around the year 2030.

Destination Retirement 20401,2

Ticker: MRFAX

Fund Focus

Value Blend Growth

MassMutual Select Destination Retirement 2040 Fund seeks to achieve

as high a total rate of return on an annual basis as is considered

consistent with prudent investment risk and the preservation of capital.

1MassMutual Select Destination Retirement Series Funds invest in other MassMutual Premier Funds and MassMutual Select Funds.

The fund primarily invests in MassMutual equity, fixed income, and money market funds using an asset allocation strategy that becomes increasingly conservative until it reaches 25% in equity funds and 75% in

2A significant percentage of the underlying investments in this

fixed-income funds, including money market funds. The fund is

strategy have a higher than average risk exposure. 6

designed for investors expecting to retire around the year 2040.

Small Med Large Low Med High

Small Med Large

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