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<PAGE> PAGE 2
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<PAGE> PAGE 10
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<PAGE> PAGE 12
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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008 A000501 MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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008 A000601 MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
008 B000601 A
008 C000601 801-8059
008 D010601 SPRINGFIELD
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008 D030601 01111
008 A000602 CONCERT CAPITAL MANANGEMENT, INC.
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015 A000601 INVESTORS BANK & TRUST COMPANY
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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008 A000701 MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
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015 A000701 INVESTORS BANK & TRUST COMPANY
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<PAGE> PAGE 31
015 A000703 CHASE MANHATTAN BANK
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015 A000710 BARCLAYS BANK
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015 A000711 THE STANDARD BANK OF SOUTH AFRICA LTD
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<PAGE> PAGE 32
015 E040711 X
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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SIGNATURE STEPHEN KUHN
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from The MassMutual Institutional Funds, Inc.
form N-SAR for the year ended December 31, 1995
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 31
<NAME> Core Bond Fund, Class 1
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from The MassMutual Institutional Funds, Inc.
form N-SAR for the year ended December 31, 1995
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 32
<NAME> Core Bond Fund, Class 2
<S> <C>
<PERIOD-TYPE> YEAR
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<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 239,909,867
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<OTHER-INCOME> 0
<EXPENSES-NET> 1,219
<NET-INVESTMENT-INCOME> 6,624
<REALIZED-GAINS-CURRENT> 4,770
<APPREC-INCREASE-CURRENT> 7,261
<NET-CHANGE-FROM-OPS> 18,655
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,956
<DISTRIBUTIONS-OF-GAINS> 3,332
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 861
<NET-CHANGE-IN-ASSETS> 18,655
<ACCUMULATED-NII-PRIOR> 13,385
<ACCUMULATED-GAINS-PRIOR> (165,909)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 964,830
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,193,435
<AVERAGE-NET-ASSETS> 110,860
<PER-SHARE-NAV-BEGIN> 9.90
<PER-SHARE-NII> 0.64
<PER-SHARE-GAIN-APPREC> 1.19
<PER-SHARE-DIVIDEND> (0.58)
<PER-SHARE-DISTRIBUTIONS> (0.33)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.82
<EXPENSE-RATIO> 1.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from The MassMutual Institutional Funds, Inc.
form N-SAR for the year ended December 31, 1995
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 33
<NAME> Core Bond Fund, Class 3
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 239,909,867
<INVESTMENTS-AT-VALUE> 250,680,241
<RECEIVABLES> 3,614,565
<ASSETS-OTHER> 10,602
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 254,305,408
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 354,582
<TOTAL-LIABILITIES> 354,582
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 240,725,806
<SHARES-COMMON-STOCK> 11,095
<SHARES-COMMON-PRIOR> 10,201
<ACCUMULATED-NII-CURRENT> 114,829
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,944,986
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11,165,205
<NET-ASSETS> 120,100
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,856
<OTHER-INCOME> 0
<EXPENSES-NET> 833
<NET-INVESTMENT-INCOME> 7,023
<REALIZED-GAINS-CURRENT> 4,777
<APPREC-INCREASE-CURRENT> 7,268
<NET-CHANGE-FROM-OPS> 19,068
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6,329
<DISTRIBUTIONS-OF-GAINS> 3,329
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 894
<NET-CHANGE-IN-ASSETS> 19,068
<ACCUMULATED-NII-PRIOR> 13,385
<ACCUMULATED-GAINS-PRIOR> (165,909)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 964,830
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,193,435
<AVERAGE-NET-ASSETS> 111,018
<PER-SHARE-NAV-BEGIN> 9.90
<PER-SHARE-NII> 0.68
<PER-SHARE-GAIN-APPREC> 1.19
<PER-SHARE-DIVIDEND> (0.62)
<PER-SHARE-DISTRIBUTIONS> (0.33)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.82
<EXPENSE-RATIO> 0.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from The MassMutual Institutional Funds, Inc.
form N-SAR for the year ended December 31, 1995
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 34
<NAME> Core Bond Fund, Class 4
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 239,909,867
<INVESTMENTS-AT-VALUE> 250,680,241
<RECEIVABLES> 3,614,565
<ASSETS-OTHER> 10,602
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 254,305,408
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 354,582
<TOTAL-LIABILITIES> 354,582
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 240,725,806
<SHARES-COMMON-STOCK> 23,578,010
<SHARES-COMMON-PRIOR> 19,724,656
<ACCUMULATED-NII-CURRENT> 114,829
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,944,986
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11,165,205
<NET-ASSETS> 253,540,079
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 15,131,035
<OTHER-INCOME> 0
<EXPENSES-NET> 1,098,104
<NET-INVESTMENT-INCOME> 14,032,931
<REALIZED-GAINS-CURRENT> 9,128,219
<APPREC-INCREASE-CURRENT> 14,042,497
<NET-CHANGE-FROM-OPS> 37,203,647
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 13,924,661
<DISTRIBUTIONS-OF-GAINS> 7,028,844
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,241,236
<NUMBER-OF-SHARES-REDEEMED> 6,340,632
<SHARES-REINVESTED> 1,952,750
<NET-CHANGE-IN-ASSETS> 59,389,783
<ACCUMULATED-NII-PRIOR> 13,385
<ACCUMULATED-GAINS-PRIOR> (165,909)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 964,830
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,193,435
<AVERAGE-NET-ASSETS> 214,050,916
<PER-SHARE-NAV-BEGIN> 9.84
<PER-SHARE-NII> 0.72
<PER-SHARE-GAIN-APPREC> 1.17
<PER-SHARE-DIVIDEND> (0.65)
<PER-SHARE-DISTRIBUTIONS> (0.33)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.75
<EXPENSE-RATIO> 0.51
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from The MassMutual Institutional Funds, Inc.
form N-SAR for the year ended December 31, 1995
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 51
<NAME> Value Equity Fund, Class 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 1,707,620,788
<INVESTMENTS-AT-VALUE> 2,123,023,948
<RECEIVABLES> 9,681,631
<ASSETS-OTHER> 1,519
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,132,707,098
<PAYABLE-FOR-SECURITIES> 3,858,263
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,210,693
<TOTAL-LIABILITIES> 7,068,956
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,704,804,394
<SHARES-COMMON-STOCK> 10,237
<SHARES-COMMON-PRIOR> 10,018
<ACCUMULATED-NII-CURRENT> 626,868
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,803,720
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 415,403,160
<NET-ASSETS> 129,258
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,695
<OTHER-INCOME> 0
<EXPENSES-NET> 1,890
<NET-INVESTMENT-INCOME> 1,805
<REALIZED-GAINS-CURRENT> 1,325
<APPREC-INCREASE-CURRENT> 26,778
<NET-CHANGE-FROM-OPS> 29,908
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,761
<DISTRIBUTIONS-OF-GAINS> 990
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 219
<NET-CHANGE-IN-ASSETS> 29,908
<ACCUMULATED-NII-PRIOR> 148,716
<ACCUMULATED-GAINS-PRIOR> (508,693)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8,289,231
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 10,188,712
<AVERAGE-NET-ASSETS> 114,568
<PER-SHARE-NAV-BEGIN> 9.92
<PER-SHARE-NII> 0.18
<PER-SHARE-GAIN-APPREC> 2.81
<PER-SHARE-DIVIDEND> (0.18)
<PER-SHARE-DISTRIBUTIONS> (0.10)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.63
<EXPENSE-RATIO> 1.65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from The MassMutual Institutional Funds, Inc.
form N-SAR for the year ended December 31, 1995
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 52
<NAME> Value Equity Fund, Class 2
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 1,707,620,788
<INVESTMENTS-AT-VALUE> 2,123,023,948
<RECEIVABLES> 9,681,631
<ASSETS-OTHER> 1,519
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,132,707,098
<PAYABLE-FOR-SECURITIES> 3,858,263
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,210,693
<TOTAL-LIABILITIES> 7,068,956
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,704,804,394
<SHARES-COMMON-STOCK> 10,284
<SHARES-COMMON-PRIOR> 10,017
<ACCUMULATED-NII-CURRENT> 626,868
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,803,720
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 415,403,160
<NET-ASSETS> 130,088
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,710
<OTHER-INCOME> 0
<EXPENSES-NET> 1,265
<NET-INVESTMENT-INCOME> 2,445
<REALIZED-GAINS-CURRENT> 1,329
<APPREC-INCREASE-CURRENT> 26,874
<NET-CHANGE-FROM-OPS> 30,648
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,382
<DISTRIBUTIONS-OF-GAINS> 990
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 267
<NET-CHANGE-IN-ASSETS> 30,648
<ACCUMULATED-NII-PRIOR> 148,716
<ACCUMULATED-GAINS-PRIOR> (508,693)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8,289,231
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 10,188,712
<AVERAGE-NET-ASSETS> 114,994
<PER-SHARE-NAV-BEGIN> 9.93
<PER-SHARE-NII> 0.24
<PER-SHARE-GAIN-APPREC> 2.82
<PER-SHARE-DIVIDEND> (0.24)
<PER-SHARE-DISTRIBUTIONS> (0.10)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.65
<EXPENSE-RATIO> 1.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from The MassMutual Institutional Funds, Inc.
form N-SAR for the year ended December 31, 1995
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 53
<NAME> Value Equity Fund, Class 3
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 1,707,620,788
<INVESTMENTS-AT-VALUE> 2,123,023,948
<RECEIVABLES> 9,681,631
<ASSETS-OTHER> 1,519
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,132,707,098
<PAYABLE-FOR-SECURITIES> 3,858,263
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,210,693
<TOTAL-LIABILITIES> 7,068,956
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,704,804,394
<SHARES-COMMON-STOCK> 10,301
<SHARES-COMMON-PRIOR> 10,002
<ACCUMULATED-NII-CURRENT> 626,868
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,803,720
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 415,403,160
<NET-ASSETS> 130,391
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,711
<OTHER-INCOME> 0
<EXPENSES-NET> 863
<NET-INVESTMENT-INCOME> 2,848
<REALIZED-GAINS-CURRENT> 1,332
<APPREC-INCREASE-CURRENT> 26,886
<NET-CHANGE-FROM-OPS> 31,066
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,774
<DISTRIBUTIONS-OF-GAINS> 988
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 299
<NET-CHANGE-IN-ASSETS> 31,066
<ACCUMULATED-NII-PRIOR> 148,716
<ACCUMULATED-GAINS-PRIOR> (508,693)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8,289,231
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 10,188,712
<AVERAGE-NET-ASSETS> 115,065
<PER-SHARE-NAV-BEGIN> 9.93
<PER-SHARE-NII> 0.28
<PER-SHARE-GAIN-APPREC> 2.83
<PER-SHARE-DIVIDEND> (0.28)
<PER-SHARE-DISTRIBUTIONS> (0.10)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.66
<EXPENSE-RATIO> 0.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from The MassMutual Institutional Funds, Inc.
form N-SAR for the year ended December 31, 1995
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 54
<NAME> Value Equity Fund, Class 4
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 1,707,620,788
<INVESTMENTS-AT-VALUE> 2,123,023,948
<RECEIVABLES> 9,681,631
<ASSETS-OTHER> 1,519
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,132,707,098
<PAYABLE-FOR-SECURITIES> 3,858,263
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,210,693
<TOTAL-LIABILITIES> 7,068,956
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,704,804,394
<SHARES-COMMON-STOCK> 168,233,242
<SHARES-COMMON-PRIOR> 157,806,039
<ACCUMULATED-NII-CURRENT> 626,868
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,803,720
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 415,403,160
<NET-ASSETS> 2,125,248,405
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 59,407,167
<OTHER-INCOME> 0
<EXPENSES-NET> 9,331,923
<NET-INVESTMENT-INCOME> 50,075,244
<REALIZED-GAINS-CURRENT> 21,367,666
<APPREC-INCREASE-CURRENT> 429,643,973
<NET-CHANGE-FROM-OPS> 501,086,883
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 49,597,273
<DISTRIBUTIONS-OF-GAINS> 16,056,271
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 39,224,457
<NUMBER-OF-SHARES-REDEEMED> 34,020,780
<SHARES-REINVESTED> 5,223,526
<NET-CHANGE-IN-ASSETS> 561,685,891
<ACCUMULATED-NII-PRIOR> 148,716
<ACCUMULATED-GAINS-PRIOR> (508,693)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8,289,231
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 10,188,712
<AVERAGE-NET-ASSETS> 1,841,706,614
<PER-SHARE-NAV-BEGIN> 9.91
<PER-SHARE-NII> 0.31
<PER-SHARE-GAIN-APPREC> 2.82
<PER-SHARE-DIVIDEND> (0.31)
<PER-SHARE-DISTRIBUTIONS> (0.10)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.63
<EXPENSE-RATIO> 0.51
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from The MassMutual Institutional Funds, Inc.
form N-SAR for the year ended December 31, 1995
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 11
<NAME> Prime Fund, Class 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 254,279,931
<INVESTMENTS-AT-VALUE> 254,260,396
<RECEIVABLES> 1,047,543
<ASSETS-OTHER> 3,036
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 255,310,975
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,056,868
<TOTAL-LIABILITIES> 1,056,868
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 254,142,772
<SHARES-COMMON-STOCK> 698
<SHARES-COMMON-PRIOR> 670
<ACCUMULATED-NII-CURRENT> 132,953
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,083)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (19,535)
<NET-ASSETS> 105,448
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,327
<OTHER-INCOME> 0
<EXPENSES-NET> 1,701
<NET-INVESTMENT-INCOME> 4,626
<REALIZED-GAINS-CURRENT> (1)
<APPREC-INCREASE-CURRENT> (6)
<NET-CHANGE-FROM-OPS> 4,619
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,178
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 28
<NET-CHANGE-IN-ASSETS> 4,619
<ACCUMULATED-NII-PRIOR> 23,163
<ACCUMULATED-GAINS-PRIOR> (302)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,027,586
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,251,107
<AVERAGE-NET-ASSETS> 103,114
<PER-SHARE-NAV-BEGIN> 150.39
<PER-SHARE-NII> 6.90
<PER-SHARE-GAIN-APPREC> (0.01)
<PER-SHARE-DIVIDEND> (6.23)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 151.05
<EXPENSE-RATIO> 1.65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from The MassMutual Institutional Funds, Inc.
form N-SAR for the year ended December 31, 1995
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 12
<NAME> Prime Fund, Class 2
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 254,279,931
<INVESTMENTS-AT-VALUE> 254,260,396
<RECEIVABLES> 1,047,543
<ASSETS-OTHER> 3,036
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 255,310,975
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,056,868
<TOTAL-LIABILITIES> 1,056,868
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 254,142,772
<SHARES-COMMON-STOCK> 702
<SHARES-COMMON-PRIOR> 670
<ACCUMULATED-NII-CURRENT> 132,953
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,083)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (19,535)
<NET-ASSETS> 106,126
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,349
<OTHER-INCOME> 0
<EXPENSES-NET> 1,138
<NET-INVESTMENT-INCOME> 5,211
<REALIZED-GAINS-CURRENT> (1)
<APPREC-INCREASE-CURRENT> (6)
<NET-CHANGE-FROM-OPS> 5,205
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,746
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 31
<NET-CHANGE-IN-ASSETS> 5,205
<ACCUMULATED-NII-PRIOR> 23,163
<ACCUMULATED-GAINS-PRIOR> (302)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,027,586
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,251,107
<AVERAGE-NET-ASSETS> 103,488
<PER-SHARE-NAV-BEGIN> 150.56
<PER-SHARE-NII> 7.78
<PER-SHARE-GAIN-APPREC> (0.02)
<PER-SHARE-DIVIDEND> (7.08)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 151.24
<EXPENSE-RATIO> 1.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from The MassMutual Institutional Funds, Inc.
form N-SAR for the year ended December 31, 1995
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 13
<NAME> Prime Fund, Class 3
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 254,279,931
<INVESTMENTS-AT-VALUE> 254,260,396
<RECEIVABLES> 1,047,543
<ASSETS-OTHER> 3,036
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 255,310,975
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,056,868
<TOTAL-LIABILITIES> 1,056,868
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 254,142,772
<SHARES-COMMON-STOCK> 703
<SHARES-COMMON-PRIOR> 669
<ACCUMULATED-NII-CURRENT> 132,953
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,083)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (19,535)
<NET-ASSETS> 106,382
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,353
<OTHER-INCOME> 0
<EXPENSES-NET> 777
<NET-INVESTMENT-INCOME> 5,576
<REALIZED-GAINS-CURRENT> (1)
<APPREC-INCREASE-CURRENT> (5)
<NET-CHANGE-FROM-OPS> 5,570
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,095
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 34
<NET-CHANGE-IN-ASSETS> 5,570
<ACCUMULATED-NII-PRIOR> 23,163
<ACCUMULATED-GAINS-PRIOR> (302)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,027,586
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,251,107
<AVERAGE-NET-ASSETS> 103,553
<PER-SHARE-NAV-BEGIN> 150.61
<PER-SHARE-NII> 8.33
<PER-SHARE-GAIN-APPREC> (0.01)
<PER-SHARE-DIVIDEND> (7.61)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 151.32
<EXPENSE-RATIO> 0.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from The MassMutual Institutional Funds, Inc.
form N-SAR for the year ended December 31, 1995
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 14
<NAME> Prime Fund, Class 4
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 254,279,931
<INVESTMENTS-AT-VALUE> 254,260,396
<RECEIVABLES> 1,047,543
<ASSETS-OTHER> 3,036
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 255,310,975
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,056,868
<TOTAL-LIABILITIES> 1,056,868
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 254,142,772
<SHARES-COMMON-STOCK> 1,681,065
<SHARES-COMMON-PRIOR> 1,134,253
<ACCUMULATED-NII-CURRENT> 132,953
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,083)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (19,535)
<NET-ASSETS> 253,936,151
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 13,978,404
<OTHER-INCOME> 0
<EXPENSES-NET> 1,176,677
<NET-INVESTMENT-INCOME> 12,801,727
<REALIZED-GAINS-CURRENT> (1,778)
<APPREC-INCREASE-CURRENT> (15,442)
<NET-CHANGE-FROM-OPS> 12,784,507
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 12,693,331
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,826,451
<NUMBER-OF-SHARES-REDEEMED> 1,363,706
<SHARES-REINVESTED> 84,068
<NET-CHANGE-IN-ASSETS> 83,388,277
<ACCUMULATED-NII-PRIOR> 23,163
<ACCUMULATED-GAINS-PRIOR> (302)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,027,586
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,251,107
<AVERAGE-NET-ASSETS> 228,042,275
<PER-SHARE-NAV-BEGIN> 150.36
<PER-SHARE-NII> 8.70
<PER-SHARE-GAIN-APPREC> (0.02)
<PER-SHARE-DIVIDEND> (7.98)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 151.06
<EXPENSE-RATIO> 0.52
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from The MassMutual Institutional Funds, Inc.
form N-SAR for the year ended December 31, 1995
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 61
<NAME> Small CAP Value Equity Fund, Class 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 335,986,313
<INVESTMENTS-AT-VALUE> 384,244,786
<RECEIVABLES> 2,078,297
<ASSETS-OTHER> 1,875
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 386,324,958
<PAYABLE-FOR-SECURITIES> 4,245,252
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,272,177
<TOTAL-LIABILITIES> 5,517,429
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 332,482,866
<SHARES-COMMON-STOCK> 15,094
<SHARES-COMMON-PRIOR> 10,235
<ACCUMULATED-NII-CURRENT> 99,330
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (33,140)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 48,258,473
<NET-ASSETS> 172,045
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,145
<OTHER-INCOME> 0
<EXPENSES-NET> 2,310
<NET-INVESTMENT-INCOME> 835
<REALIZED-GAINS-CURRENT> 1,215
<APPREC-INCREASE-CURRENT> 21,126
<NET-CHANGE-FROM-OPS> 23,176
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,356
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,740
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 119
<NET-CHANGE-IN-ASSETS> 72,894
<ACCUMULATED-NII-PRIOR> 28,759
<ACCUMULATED-GAINS-PRIOR> (809,930)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,928,743
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,300,580
<AVERAGE-NET-ASSETS> 131,975
<PER-SHARE-NAV-BEGIN> 9.69
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 1.74
<PER-SHARE-DIVIDEND> (0.09)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.40
<EXPENSE-RATIO> 1.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from The MassMutual Institutional Funds, Inc.
form N-SAR for the year ended December 31, 1995
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 62
<NAME> Small CAP Value Equity Fund, Class 2
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 335,986,313
<INVESTMENTS-AT-VALUE> 384,244,786
<RECEIVABLES> 2,078,297
<ASSETS-OTHER> 1,875
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 386,324,958
<PAYABLE-FOR-SECURITIES> 4,245,252
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,272,177
<TOTAL-LIABILITIES> 5,517,429
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 332,482,866
<SHARES-COMMON-STOCK> 10,347
<SHARES-COMMON-PRIOR> 10,233
<ACCUMULATED-NII-CURRENT> 99,330
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (33,140)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 48,258,473
<NET-ASSETS> 118,339
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,576
<OTHER-INCOME> 0
<EXPENSES-NET> 1,294
<NET-INVESTMENT-INCOME> 1,282
<REALIZED-GAINS-CURRENT> 216
<APPREC-INCREASE-CURRENT> 17,600
<NET-CHANGE-FROM-OPS> 19,098
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,300
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 114
<NET-CHANGE-IN-ASSETS> 19,098
<ACCUMULATED-NII-PRIOR> 28,759
<ACCUMULATED-GAINS-PRIOR> (809,930)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,928,743
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,300,580
<AVERAGE-NET-ASSETS> 107,874
<PER-SHARE-NAV-BEGIN> 9.70
<PER-SHARE-NII> 0.13
<PER-SHARE-GAIN-APPREC> 1.74
<PER-SHARE-DIVIDEND> (0.13)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.44
<EXPENSE-RATIO> 1.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from The MassMutual Institutional Funds, Inc.
form N-SAR for the year ended December 31, 1995
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 63
<NAME> Small CAP Value Equity Fund, Class 3
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 335,986,313
<INVESTMENTS-AT-VALUE> 384,244,786
<RECEIVABLES> 2,078,297
<ASSETS-OTHER> 1,875
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 386,324,958
<PAYABLE-FOR-SECURITIES> 4,245,252
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,272,177
<TOTAL-LIABILITIES> 5,517,429
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 332,482,866
<SHARES-COMMON-STOCK> 10,382
<SHARES-COMMON-PRIOR> 10,236
<ACCUMULATED-NII-CURRENT> 99,330
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (33,140)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 48,258,473
<NET-ASSETS> 118,797
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,581
<OTHER-INCOME> 0
<EXPENSES-NET> 919
<NET-INVESTMENT-INCOME> 1,662
<REALIZED-GAINS-CURRENT> 218
<APPREC-INCREASE-CURRENT> 17,639
<NET-CHANGE-FROM-OPS> 19,519
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,672
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 146
<NET-CHANGE-IN-ASSETS> 19,519
<ACCUMULATED-NII-PRIOR> 28,759
<ACCUMULATED-GAINS-PRIOR> (809,930)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,928,743
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,300,580
<AVERAGE-NET-ASSETS> 108,104
<PER-SHARE-NAV-BEGIN> 9.70
<PER-SHARE-NII> 0.16
<PER-SHARE-GAIN-APPREC> 1.74
<PER-SHARE-DIVIDEND> (0.16)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.44
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from The MassMutual Institutional Funds, Inc.
form N-SAR for the year ended December 31, 1995
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 64
<NAME> Small CAP Value Equity Fund, Class 4
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 335,986,313
<INVESTMENTS-AT-VALUE> 384,244,786
<RECEIVABLES> 2,078,297
<ASSETS-OTHER> 1,875
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 386,324,958
<PAYABLE-FOR-SECURITIES> 4,245,252
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,272,177
<TOTAL-LIABILITIES> 5,517,429
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 332,482,866
<SHARES-COMMON-STOCK> 33,253,093
<SHARES-COMMON-PRIOR> 32,058,197
<ACCUMULATED-NII-CURRENT> 99,330
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (33,140)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 48,258,473
<NET-ASSETS> 380,398,348
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8,370,958
<OTHER-INCOME> 0
<EXPENSES-NET> 2,140,607
<NET-INVESTMENT-INCOME> 6,230,351
<REALIZED-GAINS-CURRENT> 775,141
<APPREC-INCREASE-CURRENT> 57,335,119
<NET-CHANGE-FROM-OPS> 64,340,611
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 16,159,231
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,765,741
<NUMBER-OF-SHARES-REDEEMED> 9,110,662
<SHARES-REINVESTED> 539,817
<NET-CHANGE-IN-ASSETS> 69,609,734
<ACCUMULATED-NII-PRIOR> 28,759
<ACCUMULATED-GAINS-PRIOR> (809,930)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,928,743
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,300,580
<AVERAGE-NET-ASSETS> 350,332,554
<PER-SHARE-NAV-BEGIN> 9.69
<PER-SHARE-NII> 0.19
<PER-SHARE-GAIN-APPREC> 1.75
<PER-SHARE-DIVIDEND> (0.19)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.44
<EXPENSE-RATIO> 0.61
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from The MassMutual Institutional Funds, Inc.
form N-SAR for the year ended December 31, 1995
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 41
<NAME> Balanced Fund, Class 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 402,843,123
<INVESTMENTS-AT-VALUE> 455,679,547
<RECEIVABLES> 2,283,279
<ASSETS-OTHER> 2,308
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 457,965,134
<PAYABLE-FOR-SECURITIES> 31,267
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 746,336
<TOTAL-LIABILITIES> 777,603
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 403,146,532
<SHARES-COMMON-STOCK> 15,043
<SHARES-COMMON-PRIOR> 10,056
<ACCUMULATED-NII-CURRENT> 179,574
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 877,322
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 52,984,103
<NET-ASSETS> 173,043
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,287
<OTHER-INCOME> 0
<EXPENSES-NET> 2,214
<NET-INVESTMENT-INCOME> 4,073
<REALIZED-GAINS-CURRENT> 1,545
<APPREC-INCREASE-CURRENT> 18,118
<NET-CHANGE-FROM-OPS> 23,736
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,846
<DISTRIBUTIONS-OF-GAINS> 1,239
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,480
<NUMBER-OF-SHARES-REDEEMED> 23
<SHARES-REINVESTED> 530
<NET-CHANGE-IN-ASSETS> 73,053
<ACCUMULATED-NII-PRIOR> 30,533
<ACCUMULATED-GAINS-PRIOR> (283,084)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,801,770
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,217,699
<AVERAGE-NET-ASSETS> 134,212
<PER-SHARE-NAV-BEGIN> 9.94
<PER-SHARE-NII> 0.28
<PER-SHARE-GAIN-APPREC> 1.70
<PER-SHARE-DIVIDEND> (0.33)
<PER-SHARE-DISTRIBUTIONS> (0.09)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.50
<EXPENSE-RATIO> 1.65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from The MassMutual Institutional Funds, Inc.
form N-SAR for the year ended December 31, 1995
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 42
<NAME> Balanced Fund, Class 2
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 402,843,123
<INVESTMENTS-AT-VALUE> 455,679,547
<RECEIVABLES> 2,283,279
<ASSETS-OTHER> 2,308
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 457,965,134
<PAYABLE-FOR-SECURITIES> 31,267
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 746,336
<TOTAL-LIABILITIES> 777,603
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 403,146,532
<SHARES-COMMON-STOCK> 10,464
<SHARES-COMMON-PRIOR> 10,063
<ACCUMULATED-NII-CURRENT> 179,574
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 877,322
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 52,984,103
<NET-ASSETS> 120,668
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,200
<OTHER-INCOME> 0
<EXPENSES-NET> 1,217
<NET-INVESTMENT-INCOME> 3,983
<REALIZED-GAINS-CURRENT> 1,201
<APPREC-INCREASE-CURRENT> 15,403
<NET-CHANGE-FROM-OPS> 20,587
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,751
<DISTRIBUTIONS-OF-GAINS> 859
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 401
<NET-CHANGE-IN-ASSETS> 20,587
<ACCUMULATED-NII-PRIOR> 30,533
<ACCUMULATED-GAINS-PRIOR> (283,084)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,801,770
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,217,699
<AVERAGE-NET-ASSETS> 110,679
<PER-SHARE-NAV-BEGIN> 9.95
<PER-SHARE-NII> 0.39
<PER-SHARE-GAIN-APPREC> 1.65
<PER-SHARE-DIVIDEND> (0.37)
<PER-SHARE-DISTRIBUTIONS> (0.09)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.53
<EXPENSE-RATIO> 1.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from The MassMutual Institutional Funds, Inc.
form N-SAR for the year ended December 31, 1995
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 43
<NAME> Balanced Fund, Class 3
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 402,843,123
<INVESTMENTS-AT-VALUE> 455,679,547
<RECEIVABLES> 2,283,279
<ASSETS-OTHER> 2,308
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 457,965,134
<PAYABLE-FOR-SECURITIES> 31,267
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 746,336
<TOTAL-LIABILITIES> 777,603
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 403,146,532
<SHARES-COMMON-STOCK> 10,473
<SHARES-COMMON-PRIOR> 10,040
<ACCUMULATED-NII-CURRENT> 179,574
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 877,322
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 52,984,103
<NET-ASSETS> 120,960
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,195
<OTHER-INCOME> 0
<EXPENSES-NET> 830
<NET-INVESTMENT-INCOME> 4,365
<REALIZED-GAINS-CURRENT> 1,202
<APPREC-INCREASE-CURRENT> 15,413
<NET-CHANGE-FROM-OPS> 20,980
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,120
<DISTRIBUTIONS-OF-GAINS> 857
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 433
<NET-CHANGE-IN-ASSETS> 20,980
<ACCUMULATED-NII-PRIOR> 30,533
<ACCUMULATED-GAINS-PRIOR> (283,084)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,801,770
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,217,699
<AVERAGE-NET-ASSETS> 110,762
<PER-SHARE-NAV-BEGIN> 9.96
<PER-SHARE-NII> 0.43
<PER-SHARE-GAIN-APPREC> 1.66
<PER-SHARE-DIVIDEND> (0.41)
<PER-SHARE-DISTRIBUTIONS> (0.09)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.55
<EXPENSE-RATIO> 0.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from The MassMutual Institutional Funds, Inc.
form N-SAR for the year ended December 31, 1995
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 44
<NAME> Balanced Fund, Class 4
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 402,843,123
<INVESTMENTS-AT-VALUE> 455,679,547
<RECEIVABLES> 2,283,279
<ASSETS-OTHER> 2,308
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 457,965,134
<PAYABLE-FOR-SECURITIES> 31,267
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 746,336
<TOTAL-LIABILITIES> 777,603
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 403,146,532
<SHARES-COMMON-STOCK> 39,690,301
<SHARES-COMMON-PRIOR> 35,244,333
<ACCUMULATED-NII-CURRENT> 179,574
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 877,322
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 52,984,103
<NET-ASSETS> 456,772,860
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 18,759,996
<OTHER-INCOME> 0
<EXPENSES-NET> 2,048,188
<NET-INVESTMENT-INCOME> 16,711,808
<REALIZED-GAINS-CURRENT> 4,356,041
<APPREC-INCREASE-CURRENT> 55,449,924
<NET-CHANGE-FROM-OPS> 76,517,773
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 16,528,781
<DISTRIBUTIONS-OF-GAINS> 3,230,318
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17,612,664
<NUMBER-OF-SHARES-REDEEMED> 14,889,389
<SHARES-REINVESTED> 1,722,693
<NET-CHANGE-IN-ASSETS> 107,085,195
<ACCUMULATED-NII-PRIOR> 30,533
<ACCUMULATED-GAINS-PRIOR> (283,084)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,801,770
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,217,699
<AVERAGE-NET-ASSETS> 400,037,538
<PER-SHARE-NAV-BEGIN> 9.92
<PER-SHARE-NII> 0.44
<PER-SHARE-GAIN-APPREC> 1.68
<PER-SHARE-DIVIDEND> (0.44)
<PER-SHARE-DISTRIBUTIONS> (0.09)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.51
<EXPENSE-RATIO> 0.51
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from The MassMutual Institutional Funds, Inc.
form N-SAR for the year ended December 31, 1995
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 71
<NAME> International Equity Fund, Class 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 210,698,378
<INVESTMENTS-AT-VALUE> 221,046,039
<RECEIVABLES> 1,744,023
<ASSETS-OTHER> 987,108
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 223,777,170
<PAYABLE-FOR-SECURITIES> 2,412,871
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 340,711
<TOTAL-LIABILITIES> 2,753,582
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 226,930,254
<SHARES-COMMON-STOCK> 11,708
<SHARES-COMMON-PRIOR> 10,005
<ACCUMULATED-NII-CURRENT> (215,389)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (17,063,339)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11,372,062
<NET-ASSETS> 111,643
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,772
<OTHER-INCOME> 0
<EXPENSES-NET> 2,184
<NET-INVESTMENT-INCOME> (412)
<REALIZED-GAINS-CURRENT> (5,912)
<APPREC-INCREASE-CURRENT> 11,711
<NET-CHANGE-FROM-OPS> 5,387
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 830
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,610
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 93
<NET-CHANGE-IN-ASSETS> 19,121
<ACCUMULATED-NII-PRIOR> 15,124
<ACCUMULATED-GAINS-PRIOR> (3,065,246)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,580,088
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,035,483
<AVERAGE-NET-ASSETS> 101,595
<PER-SHARE-NAV-BEGIN> 9.25
<PER-SHARE-NII> (0.03)
<PER-SHARE-GAIN-APPREC> 0.40
<PER-SHARE-DIVIDEND> (0.08)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.54
<EXPENSE-RATIO> 2.15
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from The MassMutual Institutional Funds, Inc.
form N-SAR for the year ended December 31, 1995
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 72
<NAME> International Equity Fund, Class 2
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 210,698,378
<INVESTMENTS-AT-VALUE> 221,046,039
<RECEIVABLES> 1,744,023
<ASSETS-OTHER> 987,108
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 223,777,170
<PAYABLE-FOR-SECURITIES> 2,412,871
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 340,711
<TOTAL-LIABILITIES> 2,753,582
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 226,930,254
<SHARES-COMMON-STOCK> 10,120
<SHARES-COMMON-PRIOR> 9,996
<ACCUMULATED-NII-CURRENT> (215,389)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (17,063,339)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11,372,062
<NET-ASSETS> 96,769
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,690
<OTHER-INCOME> 0
<EXPENSES-NET> 1,512
<NET-INVESTMENT-INCOME> 178
<REALIZED-GAINS-CURRENT> (5,124)
<APPREC-INCREASE-CURRENT> 10,945
<NET-CHANGE-FROM-OPS> 5,999
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,147
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 124
<NET-CHANGE-IN-ASSETS> 4,163
<ACCUMULATED-NII-PRIOR> 15,124
<ACCUMULATED-GAINS-PRIOR> (3,065,246)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,580,088
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,035,483
<AVERAGE-NET-ASSETS> 94,528
<PER-SHARE-NAV-BEGIN> 9.26
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0.40
<PER-SHARE-DIVIDEND> (0.12)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.56
<EXPENSE-RATIO> 1.60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from The MassMutual Institutional Funds, Inc.
form N-SAR for the year ended December 31, 1995
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 73
<NAME> International Equity Fund, Class 3
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 210,698,378
<INVESTMENTS-AT-VALUE> 221,046,039
<RECEIVABLES> 1,744,023
<ASSETS-OTHER> 987,108
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 223,777,170
<PAYABLE-FOR-SECURITIES> 2,412,871
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 340,711
<TOTAL-LIABILITIES> 2,753,582
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 226,930,254
<SHARES-COMMON-STOCK> 10,129
<SHARES-COMMON-PRIOR> 9,980
<ACCUMULATED-NII-CURRENT> (215,389)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (17,063,339)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11,372,062
<NET-ASSETS> 96,908
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,697
<OTHER-INCOME> 0
<EXPENSES-NET> 1,276
<NET-INVESTMENT-INCOME> 421
<REALIZED-GAINS-CURRENT> (5,131)
<APPREC-INCREASE-CURRENT> 10,984
<NET-CHANGE-FROM-OPS> 6,274
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,414
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 149
<NET-CHANGE-IN-ASSETS> 4,408
<ACCUMULATED-NII-PRIOR> 15,124
<ACCUMULATED-GAINS-PRIOR> (3,065,246)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,580,088
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,035,483
<AVERAGE-NET-ASSETS> 94,536
<PER-SHARE-NAV-BEGIN> 9.27
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 0.40
<PER-SHARE-DIVIDEND> (0.14)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.57
<EXPENSE-RATIO> 1.35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from The MassMutual Institutional Funds, Inc.
form N-SAR for the year ended December 31, 1995
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 74
<NAME> International Equity Fund, Class 4
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 210,698,378
<INVESTMENTS-AT-VALUE> 221,046,039
<RECEIVABLES> 1,744,023
<ASSETS-OTHER> 987,108
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 223,777,170
<PAYABLE-FOR-SECURITIES> 2,412,871
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 340,711
<TOTAL-LIABILITIES> 2,753,582
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 226,930,254
<SHARES-COMMON-STOCK> 23,044,249
<SHARES-COMMON-PRIOR> 16,188,105
<ACCUMULATED-NII-CURRENT> (215,389)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (17,063,339)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11,372,062
<NET-ASSETS> 220,718,268
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,269,825
<OTHER-INCOME> 0
<EXPENSES-NET> 1,859,723
<NET-INVESTMENT-INCOME> 1,410,102
<REALIZED-GAINS-CURRENT> (11,664,073)
<APPREC-INCREASE-CURRENT> 19,905,476
<NET-CHANGE-FROM-OPS> 9,651,505
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,955,264
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,931,440
<NUMBER-OF-SHARES-REDEEMED> 5,487,562
<SHARES-REINVESTED> 412,266
<NET-CHANGE-IN-ASSETS> 70,519,017
<ACCUMULATED-NII-PRIOR> 15,124
<ACCUMULATED-GAINS-PRIOR> (3,065,246)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,580,088
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,035,483
<AVERAGE-NET-ASSETS> 185,602,024
<PER-SHARE-NAV-BEGIN> 9.28
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> 0.41
<PER-SHARE-DIVIDEND> (0.18)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.58
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from The MassMutual Institutional Funds, Inc.
form N-SAR for the year ended December 31, 1995
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 21
<NAME> Short Term Bond Fund, Class 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 121,170,614
<INVESTMENTS-AT-VALUE> 122,573,045
<RECEIVABLES> 822,724
<ASSETS-OTHER> 137
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 123,395,906
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 157,032
<TOTAL-LIABILITIES> 157,032
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 121,696,116
<SHARES-COMMON-STOCK> 10,896
<SHARES-COMMON-PRIOR> 10,156
<ACCUMULATED-NII-CURRENT> 68,862
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 71,465
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,402,431
<NET-ASSETS> 110,989
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,319
<OTHER-INCOME> 0
<EXPENSES-NET> 1,762
<NET-INVESTMENT-INCOME> 5,557
<REALIZED-GAINS-CURRENT> 2,257
<APPREC-INCREASE-CURRENT> 2,715
<NET-CHANGE-FROM-OPS> 10,529
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,481
<DISTRIBUTIONS-OF-GAINS> 2,049
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 740
<NET-CHANGE-IN-ASSETS> 10,529
<ACCUMULATED-NII-PRIOR> 692
<ACCUMULATED-GAINS-PRIOR> (138,396)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 528,655
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 651,288
<AVERAGE-NET-ASSETS> 106,811
<PER-SHARE-NAV-BEGIN> 9.89
<PER-SHARE-NII> 0.55
<PER-SHARE-GAIN-APPREC> 0.49
<PER-SHARE-DIVIDEND> (0.54)
<PER-SHARE-DISTRIBUTIONS> (0.20)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.19
<EXPENSE-RATIO> 1.65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from The MassMutual Institutional Funds, Inc.
form N-SAR for the year ended December 31, 1995
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 22
<NAME> Short Term Bond Fund, Class 2
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 121,170,614
<INVESTMENTS-AT-VALUE> 122,573,045
<RECEIVABLES> 822,724
<ASSETS-OTHER> 137
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 123,395,906
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 157,032
<TOTAL-LIABILITIES> 157,032
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 121,696,116
<SHARES-COMMON-STOCK> 10,960
<SHARES-COMMON-PRIOR> 10,164
<ACCUMULATED-NII-CURRENT> 68,862
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 71,465
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,402,431
<NET-ASSETS> 111,702
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,347
<OTHER-INCOME> 0
<EXPENSES-NET> 1,179
<NET-INVESTMENT-INCOME> 6,168
<REALIZED-GAINS-CURRENT> 2,264
<APPREC-INCREASE-CURRENT> 2,719
<NET-CHANGE-FROM-OPS> 11,151
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6,066
<DISTRIBUTIONS-OF-GAINS> 2,050
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 796
<NET-CHANGE-IN-ASSETS> 11,151
<ACCUMULATED-NII-PRIOR> 692
<ACCUMULATED-GAINS-PRIOR> (138,396)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 528,655
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 651,288
<AVERAGE-NET-ASSETS> 107,201
<PER-SHARE-NAV-BEGIN> 9.89
<PER-SHARE-NII> 0.61
<PER-SHARE-GAIN-APPREC> 0.49
<PER-SHARE-DIVIDEND> (0.60)
<PER-SHARE-DISTRIBUTIONS> (0.20)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.19
<EXPENSE-RATIO> 1.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from The MassMutual Institutional Funds, Inc.
form N-SAR for the year ended December 31, 1995
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 23
<NAME> Short Term Bond Fund, Class 3
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 121,170,614
<INVESTMENTS-AT-VALUE> 122,573,045
<RECEIVABLES> 822,724
<ASSETS-OTHER> 137
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 123,395,906
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 157,032
<TOTAL-LIABILITIES> 157,032
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 121,696,116
<SHARES-COMMON-STOCK> 10,974
<SHARES-COMMON-PRIOR> 10,144
<ACCUMULATED-NII-CURRENT> 68,862
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 71,465
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,402,431
<NET-ASSETS> 112,027
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,354
<OTHER-INCOME> 0
<EXPENSES-NET> 805
<NET-INVESTMENT-INCOME> 6,549
<REALIZED-GAINS-CURRENT> 2,266
<APPREC-INCREASE-CURRENT> 2,720
<NET-CHANGE-FROM-OPS> 11,535
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6,421
<DISTRIBUTIONS-OF-GAINS> 2,046
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 830
<NET-CHANGE-IN-ASSETS> 11,535
<ACCUMULATED-NII-PRIOR> 692
<ACCUMULATED-GAINS-PRIOR> (138,396)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 528,655
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 651,288
<AVERAGE-NET-ASSETS> 107,323
<PER-SHARE-NAV-BEGIN> 9.91
<PER-SHARE-NII> 0.64
<PER-SHARE-GAIN-APPREC> 0.49
<PER-SHARE-DIVIDEND> (0.63)
<PER-SHARE-DISTRIBUTIONS> (0.20)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.21
<EXPENSE-RATIO> 0.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from The MassMutual Institutional Funds, Inc.
form N-SAR for the year ended December 31, 1995
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 24
<NAME> Short Term Bond Fund, Class 4
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 121,170,614
<INVESTMENTS-AT-VALUE> 122,573,045
<RECEIVABLES> 822,724
<ASSETS-OTHER> 137
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 123,395,906
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 157,032
<TOTAL-LIABILITIES> 157,032
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 121,696,116
<SHARES-COMMON-STOCK> 12,113,356
<SHARES-COMMON-PRIOR> 10,847,942
<ACCUMULATED-NII-CURRENT> 68,862
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 71,465
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,402,431
<NET-ASSETS> 122,904,156
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8,013,963
<OTHER-INCOME> 0
<EXPENSES-NET> 608,096
<NET-INVESTMENT-INCOME> 7,405,867
<REALIZED-GAINS-CURRENT> 2,482,431
<APPREC-INCREASE-CURRENT> 2,847,545
<NET-CHANGE-FROM-OPS> 12,735,843
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7,354,246
<DISTRIBUTIONS-OF-GAINS> 2,256,969
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,136,925
<NUMBER-OF-SHARES-REDEEMED> 4,819,336
<SHARES-REINVESTED> 947,825
<NET-CHANGE-IN-ASSETS> 16,058,246
<ACCUMULATED-NII-PRIOR> 692
<ACCUMULATED-GAINS-PRIOR> (138,396)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 528,655
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 651,288
<AVERAGE-NET-ASSETS> 117,157,563
<PER-SHARE-NAV-BEGIN> 9.85
<PER-SHARE-NII> 0.66
<PER-SHARE-GAIN-APPREC> 0.50
<PER-SHARE-DIVIDEND> (0.66)
<PER-SHARE-DISTRIBUTIONS> (0.20)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.15
<EXPENSE-RATIO> 0.52
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees and Shareholders of the
MassMutual Institutional Funds:
In planning and performing our audits of the financial statements and financial
highlights of the MassMutual Institutional Funds (the "Trust"), comprising,
respectively, the Prime, Short-Term Bond, Core Bond, Balanced, Value Equity,
Small Cap Value Equity, and International Equity Funds, for the year ended
December 31, 1995, we considered its internal control structure, including
procedures for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial statements
and financial highlights and to comply with the requirements of Form N-SAR, not
to provide assurance on the internal control structure.
The management of the Trust is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and related
costs of internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded against loss
from unauthorized use or disposition and that transactions are executed in
accordance with management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements and financial
highlights being audited may occur and not be detected within a timely period by
employees in the normal course of performing their assigned functions. However,
we noted no matters involving the internal control structure, including
procedures for safeguarding securities, that we consider to be material
weaknesses, as defined above, as of December 31, 1995.
This report is intended solely for the information and use of management of the
Trust and the Securities and Exchange Commission.
/s/ COOPERS & LYBRAND L.L.P.
Springfield, Massachusetts
February 9, 1996
<PAGE>
MASSMUTUAL INSTITUTIONAL FUNDS
REPORT ON THE REVIEW OF THE INTERNAL CONTROL
STRUCTURE FOR CONTROLLING MULTI-CLASS FUNDS
For the Year Ended December 31, 1995
<PAGE>
MASSMUTUAL INSTITUTIONAL FUNDS
REPORT ON THE REVIEW OF THE INTERNAL CONTROL
STRUCTURE FOR CONTROLLING MULTI-CLASS FUNDS
Index
-------
<TABLE>
<CAPTION>
Page
----
<S> <C>
I. Report of Independent Accountants 1-2
II. Investors Bank & Trust Company's Policies and Procedures
Relating to the Multiple Classes of Shares Expense Allocation,
Net Asset Value and Dividend and/or Distribution Calculations 3-6
III. Investors Bank & Trust Company's
Daily Allocation Calculation Worksheet 7
IV. Testing of Operating Effectiveness of Policies and Procedures Relating
to the Daily Allocation Worksheet for the year ended December 31, 1995 8-11
</TABLE>
<PAGE>
Section I
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees and Shareholders of the
MassMutual Institutional Funds:
We have examined the accompanying description of the overview of operations and
control procedures of Investors Bank & Trust Company (Section II), recordkeeper
for the MassMutual Institutional Funds, comprising, respectively, the Prime,
Short-Term Bond, Core Bond, Balanced, Value Equity, Small Cap Value Equity and
International Equity Funds (the "Funds"), related to the Daily Allocation
Calculation Worksheet (the "Worksheet"). Our examination included procedures to
obtain reasonable assurance about whether (1) the accompanying description
presents fairly, in all material respects, the aspects of Investors Bank & Trust
Company's policies and procedures, with respect to the Worksheet, that may be
relevant to the Funds' internal control structure, (2) the control structure
policies and procedures included in the description were suitably designed to
achieve the control objectives specified in the description, if those policies
and procedures were complied with satisfactorily, and (3) such policies and
procedures had been placed in operation as of October 3, 1994 (commencement of
operations). The control objectives were specified by the order pursuant to
Section 6(c) of the Investment Company Act of 1940, filed with the Securities
and Exchange Commission on December 10, 1993 (the "Exemptive Order"). Our
examination was performed in accordance with standards established by the
American Institute of Certified Public Accountants and included those procedures
we considered necessary in the circumstances to obtain a reasonable basis for
rendering our opinion.
In our opinion, the accompanying description of the aforementioned overview of
operations and control procedures presents fairly, in all material respects, the
relevant aspects of Investors Bank & Trust Company's policies and procedures,
with respect to the Worksheet, that had been placed in operation as of January
1, 1995. Also, in our opinion, the policies and procedures, as described, are
suitably designed to provide reasonable assurance that the specified control
objectives would be achieved if the described policies and procedures were
complied with satisfactorily and the Funds' applied the internal control
structure policies and procedures contemplated in the design of Investors Bank &
Trust Company's policies and procedures with respect to the Worksheet.
1
<PAGE>
In addition to the procedures we considered necessary to render our opinion as
expressed in the previous paragraph, we applied tests, listed in Section IV, to
specific policies and procedures to obtain evidence about their effectiveness in
meeting the control objectives, described in Section II, during the year ended
December 31, 1995. The specific policies and procedures are listed in Section
II, and the nature, timing, extent and results of the tests are listed in
Section IV. In our opinion, the policies and procedures that were tested, as
described in Sections II and IV, were operating with sufficient effectiveness to
provide reasonable, but not absolute, assurance that the control objectives
specified in Section II were achieved during the year ended December 31, 1995.
However, the scope of our engagement did not include tests to determine whether
control objectives listed in Section II and not tested in Section IV were
achieved; accordingly, we express no opinion on the achievement of control
objectives listed in Section II and not tested in Section IV.
The description of policies and procedures at Investors Bank & Trust Company is
as of December 31, 1995, and information about tests of the operating
effectiveness of specified policies and procedures covers the year ended
December 31, 1995. Any projection of such information to the future is subject
to the risk that, because of change, the description may no longer portray the
system in existence. The potential effectiveness of specified policies and
procedures at Investors Bank & Trust Company is subject to inherent limitations
and, accordingly, errors or irregularities may occur and not be detected.
Furthermore, the projection of any conclusions, based on our findings, to future
periods is subject to the risk that changes may alter the validity of such
conclusions.
This report is intended solely for the use of the Shareholders and management of
the Funds and for the filing with the Securities and Exchange Commission and
should not be used for any other purpose.
/s/ COOPERS & LYBRAND L.L.P.
Springfield, Massachusetts
February 9, 1996
2
<PAGE>
SECTION II
MASSMUTUAL INSTITUTIONAL FUNDS
INVESTORS BANK & TRUST COMPANY'S
POLICIES AND PROCEDURES RELATING TO THE
MULTIPLE CLASSES OF SHARES EXPENSE ALLOCATION, NET ASSET VALUE
AND DIVIDEND AND/OR DISTRIBUTION CALCULATIONS
-------
The MassMutual Institutional Funds (the "Trust"), comprising, respectively, the
Prime, Short-Term Bond, Core Bond, Balanced, Value Equity, Small Cap Value
Equity and International Equity Funds (the "Funds"), have adopted the multiple
classes of shares pricing system to maintain records that account for multiple
classes of shares. Class 1, Class 2 and Class 3 shares of each Fund are subject
to a descending level of distribution and service fees based on certain
eligibility requirements. The eligibility requirements, as outlined in the
Trust's prospectus, are based on minimum asset levels and/or number of
participants. Class 4 shares of each Fund are available only to separate
investment accounts of MassMutual. Separate net asset values ("NAV"), dividends
and/or distributions are calculated for each class of shares.
Dividends are declared and distributed from net investment income per policies
established by the Trust's Board of Trustees and disclosed in the Trust's
prospectus. Net realized gains (if any), are distributed at least annually.
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 allocated daily to each class of shares based on the
percentage of net assets at the beginning of the day adjusted for the day's
capital stock activity. Expenses are allocated to each class of shares depending
on the nature of the expenditures.
Expenses fall into three categories: (1) expenses attributable to all classes
that are allocated based on net assets at the beginning of the day, adjusted for
the day's capital share activity (e.g., management fee, legal, audit, etc.); (2)
class specific expenses that have different rates for one class versus the other
(e.g., 12b-1 fees); and (3) class specific expenses which are charged on a
class-by-class basis (e.g., SEC filing fees).
3
<PAGE>
Prior to determining the day's NAV or dividends and distributions, the following
expense items are calculated as indicated:
1. Management Fee and Expenses Attributable to all Classes:
The expense is calculated based on the appropriate portfolio factor (i.e.,
net assets or daily accrual from expense budget) prorated to each class by
the prior night's net assets adjusted for the day's capital stock activity.
2. Class Specific Expenses with Different Rates:
Using the beginning of the day's net assets for respective applicable
classes, the current day's accrual will be calculated using the appropriate
class specific rate.
3. Class Specific Expenses:
The expense is calculated on a per account or class basis and separately
charged to each class.
The following represents the internal accounting control objectives and
procedures for the allocation of income and expenses and the computation of the
net asset value and, if applicable, the dividend and/or distribution for each
class of shares utilizing the Worksheet. These procedures presume that normal
procedures and controls remain in effect at Investors Bank & Trust Company for
all other daily fund accounting.
1. To ascertain that the capital share activity as reported by the Fund's
transfer agent is recorded for each class in an accurate and timely manner:
A. Capital share activity is reported by the transfer agent for each
class on a trade-date-plus-one basis. Information reported to the
fund accountant includes share and dollar opening balances, activity
for the day and closing balances. The transfer agency function at
Investors Bank & Trust Company is an independent function of mutual
fund accounting.
B. These balances are reconciled to the general ledger on a daily basis
by the mutual fund accountant.
2. To ascertain that the class specific expenses, as enumerated in items (2)
and (3) on page 3, charged to each class of shares are correctly recorded
in the fund accounting records and are allocated to the correct class of
shares:
A. Class specific expenses are determined by calculation (e.g., 12b-1
fee) or accruals based upon a budget authorized by MassMutual.
4
<PAGE>
3. To ascertain that income, non-class specific operating expenses and
realized and unrealized gains and losses are allocated properly to each
class of shares:
A. Prior day's ending net assets and NAV per share for each class of
shares for the current day is agreed to prior day's Worksheet.
B. The daily net capital share activity for each class for the
current day is agreed to information provided by the transfer
agent.
C. Percentage of net assets by class are calculated for each class
of shares based upon the information from the prior day's
Worksheet and the information provided by the transfer agent.
D. The allocation of fund income, other operating expenses, and
realized and unrealized gain or loss is calculated based upon the
applicable percentage calculated in the above control procedure
(3C).
E. The above process is reviewed by the Custody Supervisor
4. To ascertain that upon completion of accounting procedures and compliance
with internal controls described as in Nos. 1, 2, and 3 above, daily net
asset value per share for each class of shares is calculated accurately
and in a timely manner:
A. The daily net asset value per share for each class is determined
using the Daily Allocation Calculation Worksheet (the
"Worksheet"). The primary purpose of the Worksheet is to compute
the allocation percentage by class and to apply such percentages
to the various components of the daily net investment income and
realized and unrealized gains or losses. The Worksheet is
documented in Section III.
B. Periodically, Worksheets are randomly selected for testing.
Information is traced back to supporting documentation and the
Worksheet is manually recalculated by the mutual fund accountant
to ensure the integrity of the Worksheet.
C. The above process (4A) is reviewed by the Custody Supervisor.
5
<PAGE>
5. To ascertain that dividends and/or distributions are properly calculated
and in compliance with the Funds' dividend and/or distribution policy:
A. Total portfolio undistributed net investment income is determined
per class.
B. On a class by class basis, the undistributed net investment
income is divided by the total paid shares outstanding to obtain
the dividend rate for each class.
C. The maximum distribution rate for net realized gains is
determined by dividing the Funds' class specific accumulated net
realized gains by the total shares outstanding on the ex-dividend
date.
D. The sum of each class' dividends are agreed to the composite
(i.e., "core") totals for the portfolio.
E. The dividend and/or distribution is verified for compliance with
the portfolio's stated policy.
F. Authorization to record the dividend and/or distribution is
obtained from the portfolio manager, or the portfolio's designee.
G. The above procedures are reviewed by the Fund Administrator.
6. To ascertain that the dividend rates and daily NAV per share for each
class of shares reflect the proper allocation of income and operating
expenses, as well as the full amount of any direct expenses charged to
the respective class of shares:
A. The sum of each class' net assets, shares outstanding, net
investment income and realized and unrealized gains or losses is
agreed to the core totals for the portfolio.
B. Net assets for each class is agreed to the opening balance
adjusted for the day's activity (shares outstanding are compared
to daily Capital Stock Summary sheets received from the transfer
agent) and the core total net assets for the Funds are agreed to
the primary accounting system.
C. Relative movement of each class' net asset value per share is
checked by the fund accountant and supervisor for reasonableness
against anticipated results.
D. The above procedures are reviewed by the fund accounting
supervisor and/or manager.
6
<PAGE>
Section III
<TABLE>
<CAPTION>
MASSMUTUAL INSTITUTIONAL FUNDS DAILY ALLOCATION CALCULATION WORKSHEET
DATE: --------------------------------------
CORE CLASS I CLASS II CLASS III CLASS IV
---- ------- -------- --------- --------
<S> <C> <C> <C> <C> <C>
Prior Day Net Asset Value (NAV) Per Share (unrounded)
Current Day Capital Shares Outstanding ---------- ---------- ---------- ---------- ----------
Adjusted Record Share Net Assets ---------- ---------- ---------- ---------- ----------
Record Shares Allocation Ratios 100%
========== ========== ========== ========== ==========
ROLL-DOWN: CORE to CLASS ALLOCATIONS:
- ----------------------------------------
Interest and Dividend Income
Other Income
Amortization
Common Expenses ---------- ---------- ---------- ---------- ----------
Core to Class Allocation ---------- ---------- ---------- ---------- ----------
ROLL-UP: CLASS to CORE ALLOCATIONS:
- --------------------------------------
Total Class Specific Expenses ---------- ---------- ---------- ---------- ----------
Income Distributions ---------- ---------- ---------- ---------- ----------
Paid in Surplus ---------- ---------- ---------- ---------- ----------
ROLL-DOWN: CORE to CLASS ALLOCATIONS:
- ----------------------------------------
Realized Gain/Loss ---------- ---------- ---------- ---------- ----------
Unrealized Gain/Loss:
Prior Day's Unrealized
Current Day's Unrealized ----------
Current Day's Change in Unrealized ---------- ---------- ---------- ---------- ----------
Daily Net Asset Change
Prior Day Net Assets ---------- ---------- ---------- ---------- ----------
Current Day Net Assets ========== ========== ========== ========== ==========
Current Day Capital Shares Outstanding ========== ========== ========== ========== ==========
NAV Per Share (unrounded) ========== ========== ========== ========== ==========
NAV Per Share (rounded)
Load N/A N/A N/A N/A
---------- ---------- ---------- ----------
Offering Price
========== ========== ========== ==========
-------------------------------- ---------------------------------
PREPARED BY : REVIEWED BY :
Class II-I Class III-II Class IV-III
---------- ------------ ------------
Prior Day NAV Difference:
Current Day NAV Difference:
---------- ---------- ----------
Divergence Change:
========== ========== ==========
</TABLE>
7
<PAGE>
SECTION IV
MASSMUTUAL INSTITUTIONAL FUNDS
TESTING OF OPERATING EFFECTIVENESS OF POLICIES AND PROCEDURES
RELATING TO THE DAILY ALLOCATION WORKSHEET
FOR THE YEAR ENDED DECEMBER 31, 1995
We reviewed the methodology and procedures for calculating the daily net asset
value and, if applicable, the dividends and/or distributions of the multiple
classes of shares and the allocation of income and accrual of expenses for those
classes of shares.
Procedures
The following are the detailed procedures which we performed with respect to the
Worksheet. We selected a representative sample of Worksheets for all Funds
during the year ended December 31, 1995, to test compliance with the control
procedures as described in Section II. All items listed in quotation marks refer
to items appearing in the Worksheet in Section III. Our performance of the
following detailed steps did not result in any exceptions.
"Record Shares Allocation Ratios:"
Agreed "Prior Day Net Asset Value (NAV) Per Share" to the previous day's
Worksheet and to the NAV included on the Capital Stock Summary as
reported by the transfer agent for each class of shares.
Agreed "Current Day Capital Shares Outstanding" for each class of shares
to the Capital Stock Summary as reported by the transfer agent.
Recalculated the "Adjusted Record Share Net Assets" as the "Prior Day NAV
Per Share" multiplied by "Current Day Capital Shares Outstanding."
Recalculated for each class of shares "Record Shares Allocation Ratios"
by dividing "Adjusted Record Share Net Assets" for each respective class
of shares by Core "Adjusted Record Share Net Assets."
"Core to Class Allocations:"
Agreed the following daily activity amounts to the primary accounting
system:
- "Interest and Dividend Income;"
- "Other Income;"
- "Amortization;" and
- "Common Expenses."
8
<PAGE>
Recalculated, for each class of shares, the "Core to Class Allocations"
of daily income and expense by multiplying the respective daily income
and expense amounts by each class' "Record Shares Allocation Ratio."
Recalculated, for each class of shares, the total "Core to Class
Allocations" as the summation of all respective income and expense
allocated amounts.
"Class to Core Allocations:"
"Total Class Specific Expenses" (which represents the summation of distribution
(i.e., 12b-1 fees) service and administrative expenses):
Agreed "Total Class Specific Expenses," for each class of shares, to the
primary accounting system.
Agreed, for each class of shares, the annual accrual rate for 12b-1 Fees,
Service Fees, and Administration Fees to the respective prospectus.
Recalculated, for each class of shares, 12b-1 Fees, Service Fees, and
Administration Fees by multiplying "Prior Day Net Assets" by each class'
annual accrual rate, divided by 365 days, and multiplied by the number of
days in the accrual period.
"Income Distributions" (which represent the summation of dividend and capital
gains distributions):
Agreed dividend and capital gains distribution rates per share to the
distribution authorization from MassMutual.
Recalculated dividend distribution by multiplying the dividend rate per
share by the "Current Day Capital Shares Outstanding" for each class.
Recalculated the capital gains distribution by multiplying the capital
gains distribution rate per share, by the "Current Day Capital Shares
Outstanding" for each class.
Agreed dividend and capital gains distribution to the primary accounting
system.
"Paid-in Surplus:"
Agreed "Paid-in Surplus" to the Capital Stock Summary as reported by the
transfer agent for each class of shares.
Agreed "Paid-in Surplus" for each class of shares to the primary
accounting system.
9
<PAGE>
"Realized Gain/Loss" and "Unrealized Gain/Loss:"
Agreed "Realized Gain/Loss" to the primary accounting system.
Agreed "Prior Day's Unrealized" to the prior day's Worksheet and to the
primary accounting system.
Agreed "Current Day's Unrealized" to the primary accounting system.
Recalculated the "Current Day's Change in Unrealized" as the difference
between "Prior Day's Unrealized" and "Current Day's Unrealized."
Recalculated the "Core to Class Allocations" of daily realized and
unrealized gain/loss for each class of shares by multiplying the core
realized and unrealized gain/loss amounts by each class' "Record Shares
Allocation Ratio."
"Daily Net Asset Change:"
Recalculated "Daily Net Asset Change," for each class of shares, as the
net amount of the following subtotals:
- "Core to Class Allocations;"
- "Total Class Specific Expenses;"
- "Income Distributions;"
- "Paid-in Surplus;"
- "Realized Gain/Loss;" and
- Current Day's Change in Unrealized Gain/Loss."
"Prior Day Net Assets:"
Agreed "Prior Day Net Assets," for each class of shares, to the prior
day's Worksheet.
Agreed "Prior Day Net Assets," for each class of shares, to the primary
accounting system.
"Current Day Net Assets:"
Recalculated "Current Day Net Assets," for each class of shares, as the
summation of the "Daily Net Asset Change" and the "Prior Day Net Assets."
Agreed "Current Day Net Assets," for each class of shares, to the primary
accounting system.
10
<PAGE>
"NAV Per Share:"
Recalculated "NAV Per Share (unrounded)," at the core level and for each
class of shares, by dividing "Current Day Net Assets" by "Current Day
Capital Shares Outstanding."
Assessed the appropriateness of the rounding of "NAV Per Share
(unrounded)" to arrive at "NAV Per Share (rounded)."
"Load:"
Agreed "Load" for each class of shares to the Fund's prospectus. Load for
each class of shares is zero for the current period under examination.
"Offering Price:"
Recalculated "Offering Price," for each class of shares, as the net of
the "NAV Per Share (rounded)" and the applicable "Load."
Agreed "Offering Price" to "NAV Per Share (rounded)," as "Load" was
previously determined to be zero for each class of shares.
Other:
Determined that the Worksheet had been approved by the mutual fund
accountant and Fund Accounting Supervisor, documenting their respective
reviews and verifications of the daily multi-class share allocation
calculation.
11
