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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 15
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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 20
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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
008 B000501 A
008 C000501 801-8059
008 D010501 SPRINGFIELD
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008 A000502 DAVID L. BABSON AND COMPANY INCORPORATED
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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070 E020500 N
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070 I020500 N
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070 J020500 N
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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
008 D020601 MA
008 D030601 01111
008 A000602 DAVID L. BABSON AND COMPANY INCORPORATED
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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
008 B000701 A
008 C000701 801-8059
008 D010701 SPRINGFIELD
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015 A000701 INVESTORS BANK & TRUST COMPANY
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<PAGE> PAGE 31
015 C010702 NEW YORK
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015 A000705 EUROCLEAR
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015 A000708 BANK OF IRELAND
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015 A000709 BANCOMER SA
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015 A000710 BARCLAYS BANK
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<PAGE> PAGE 32
015 A000711 THE STANDARD BANK OF SOUTH AFRICA LTD
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015 A000712 ROYAL TRUST CORPORATION OF CANADA
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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, 1996
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 31
<NAME> Core Bond Fund, Class 1
<S> <C>
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<ACCUMULATED-NET-GAINS> (1,885,881)
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 120,838
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8,751
<OTHER-INCOME> 0
<EXPENSES-NET> 2,135
<NET-INVESTMENT-INCOME> 6,616
<REALIZED-GAINS-CURRENT> (433)
<APPREC-INCREASE-CURRENT> (5,258)
<NET-CHANGE-FROM-OPS> 925
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,416
<DISTRIBUTIONS-OF-GAINS> 740
<DISTRIBUTIONS-OTHER> 0
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<NUMBER-OF-SHARES-REDEEMED> 5,250
<SHARES-REINVESTED> 489
<NET-CHANGE-IN-ASSETS> (50,089)
<ACCUMULATED-NII-PRIOR> 114,829
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<GROSS-ADVISORY-FEES> 1,375,667
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,698,976
<AVERAGE-NET-ASSETS> 129,650
<PER-SHARE-NAV-BEGIN> 10.79
<PER-SHARE-NII> 0.53
<PER-SHARE-GAIN-APPREC> (0.36)
<PER-SHARE-DIVIDEND> (0.40)
<PER-SHARE-DISTRIBUTIONS> (0.06)
<RETURNS-OF-CAPITAL> 0.00
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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, 1996
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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 348,014,562
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<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 11,631
<SHARES-COMMON-PRIOR> 11,069
<ACCUMULATED-NII-CURRENT> 1,845,746
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,885,881)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,708,323
<NET-ASSETS> 122,293
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8,013
<OTHER-INCOME> 0
<EXPENSES-NET> 1,299
<NET-INVESTMENT-INCOME> 6,714
<REALIZED-GAINS-CURRENT> (663)
<APPREC-INCREASE-CURRENT> (3,478)
<NET-CHANGE-FROM-OPS> 2,573
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,227
<DISTRIBUTIONS-OF-GAINS> 714
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 562
<NET-CHANGE-IN-ASSETS> 2,573
<ACCUMULATED-NII-PRIOR> 114,829
<ACCUMULATED-GAINS-PRIOR> 1,944,986
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,375,667
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,698,976
<AVERAGE-NET-ASSETS> 118,456
<PER-SHARE-NAV-BEGIN> 10.82
<PER-SHARE-NII> 0.60
<PER-SHARE-GAIN-APPREC> (0.38)
<PER-SHARE-DIVIDEND> (0.47)
<PER-SHARE-DISTRIBUTIONS> (0.06)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.51
<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, 1996
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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 348,014,562
<INVESTMENTS-AT-VALUE> 352,734,624
<RECEIVABLES> 4,972,581
<ASSETS-OTHER> 4,936
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 357,712,141
<PAYABLE-FOR-SECURITIES> 142,615
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 504,349
<TOTAL-LIABILITIES> 646,964
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 352,396,989
<SHARES-COMMON-STOCK> 11,699
<SHARES-COMMON-PRIOR> 11,095
<ACCUMULATED-NII-CURRENT> 1,845,746
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,885,881)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,708,323
<NET-ASSETS> 123,107
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8,051
<OTHER-INCOME> 0
<EXPENSES-NET> 892
<NET-INVESTMENT-INCOME> 7,159
<REALIZED-GAINS-CURRENT> (665)
<APPREC-INCREASE-CURRENT> (3,487)
<NET-CHANGE-FROM-OPS> 3,007
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,674
<DISTRIBUTIONS-OF-GAINS> 715
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 604
<NET-CHANGE-IN-ASSETS> 3,007
<ACCUMULATED-NII-PRIOR> 114,829
<ACCUMULATED-GAINS-PRIOR> 1,944,986
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,375,667
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,698,976
<AVERAGE-NET-ASSETS> 119,036
<PER-SHARE-NAV-BEGIN> 10.82
<PER-SHARE-NII> 0.64
<PER-SHARE-GAIN-APPREC> (0.37)
<PER-SHARE-DIVIDEND> (0.51)
<PER-SHARE-DISTRIBUTIONS> (0.06)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.52
<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, 1996
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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 348,014,562
<INVESTMENTS-AT-VALUE> 352,734,624
<RECEIVABLES> 4,972,581
<ASSETS-OTHER> 4,936
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 357,712,141
<PAYABLE-FOR-SECURITIES> 142,615
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 504,349
<TOTAL-LIABILITIES> 646,964
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 352,396,989
<SHARES-COMMON-STOCK> 34,141,922
<SHARES-COMMON-PRIOR> 23,578,010
<ACCUMULATED-NII-CURRENT> 1,845,746
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,885,881)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,708,323
<NET-ASSETS> 356,698,939
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 20,666,644
<OTHER-INCOME> 0
<EXPENSES-NET> 1,566,380
<NET-INVESTMENT-INCOME> 19,100,264
<REALIZED-GAINS-CURRENT> (1,884,332)
<APPREC-INCREASE-CURRENT> (6,444,659)
<NET-CHANGE-FROM-OPS> 10,771,273
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 17,374,307
<DISTRIBUTIONS-OF-GAINS> 1,942,817
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15,244,478
<NUMBER-OF-SHARES-REDEEMED> 6,519,179
<SHARES-REINVESTED> 1,838,613
<NET-CHANGE-IN-ASSETS> 103,158,860
<ACCUMULATED-NII-PRIOR> 114,829
<ACCUMULATED-GAINS-PRIOR> 1,944,986
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,375,667
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,698,976
<AVERAGE-NET-ASSETS> 305,336,628
<PER-SHARE-NAV-BEGIN> 10.75
<PER-SHARE-NII> 0.67
<PER-SHARE-GAIN-APPREC> (0.37)
<PER-SHARE-DIVIDEND> (0.54)
<PER-SHARE-DISTRIBUTIONS> (0.06)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.45
<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, 1996
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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 1,768,842,158
<INVESTMENTS-AT-VALUE> 2,480,700,084
<RECEIVABLES> 9,176,728
<ASSETS-OTHER> 190
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,489,877,002
<PAYABLE-FOR-SECURITIES> 481,850
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,186,917
<TOTAL-LIABILITIES> 3,668,767
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,759,761,092
<SHARES-COMMON-STOCK> 10,640
<SHARES-COMMON-PRIOR> 10,237
<ACCUMULATED-NII-CURRENT> 410,862
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 14,178,355
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 711,857,926
<NET-ASSETS> 153,607
<DIVIDEND-INCOME> 4,094
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 2,308
<NET-INVESTMENT-INCOME> 1,786
<REALIZED-GAINS-CURRENT> 4,508
<APPREC-INCREASE-CURRENT> 18,055
<NET-CHANGE-FROM-OPS> 24,349
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,849
<DISTRIBUTIONS-OF-GAINS> 4,035
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 403
<NET-CHANGE-IN-ASSETS> 24,349
<ACCUMULATED-NII-PRIOR> 626,868
<ACCUMULATED-GAINS-PRIOR> 4,803,720
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10,377,627
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 12,765,654
<AVERAGE-NET-ASSETS> 140,077
<PER-SHARE-NAV-BEGIN> 12.63
<PER-SHARE-NII> 0.17
<PER-SHARE-GAIN-APPREC> 2.21
<PER-SHARE-DIVIDEND> (0.18)
<PER-SHARE-DISTRIBUTIONS> (0.39)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 14.44
<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, 1996
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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 1,768,842,158
<INVESTMENTS-AT-VALUE> 2,480,700,084
<RECEIVABLES> 9,176,728
<ASSETS-OTHER> 190
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,489,877,002
<PAYABLE-FOR-SECURITIES> 481,850
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,186,917
<TOTAL-LIABILITIES> 3,668,767
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,759,761,092
<SHARES-COMMON-STOCK> 10,740
<SHARES-COMMON-PRIOR> 10,284
<ACCUMULATED-NII-CURRENT> 410,862
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 14,178,355
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 711,857,926
<NET-ASSETS> 155,446
<DIVIDEND-INCOME> 4,132
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 1,552
<NET-INVESTMENT-INCOME> 2,580
<REALIZED-GAINS-CURRENT> 4,552
<APPREC-INCREASE-CURRENT> 18,226
<NET-CHANGE-FROM-OPS> 25,358
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,628
<DISTRIBUTIONS-OF-GAINS> 4,054
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 456
<NET-CHANGE-IN-ASSETS> 25,358
<ACCUMULATED-NII-PRIOR> 626,868
<ACCUMULATED-GAINS-PRIOR> 4,803,720
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10,377,627
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 12,765,654
<AVERAGE-NET-ASSETS> 141,371
<PER-SHARE-NAV-BEGIN> 12.65
<PER-SHARE-NII> 0.25
<PER-SHARE-GAIN-APPREC> 2.22
<PER-SHARE-DIVIDEND> (0.26)
<PER-SHARE-DISTRIBUTIONS> (0.39)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 14.47
<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, 1996
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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 1,768,842,158
<INVESTMENTS-AT-VALUE> 2,480,700,084
<RECEIVABLES> 9,176,728
<ASSETS-OTHER> 190
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,489,877,002
<PAYABLE-FOR-SECURITIES> 481,850
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,186,917
<TOTAL-LIABILITIES> 3,668,767
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,759,761,092
<SHARES-COMMON-STOCK> 10,793
<SHARES-COMMON-PRIOR> 10,301
<ACCUMULATED-NII-CURRENT> 410,862
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 14,178,355
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 711,857,926
<NET-ASSETS> 156,351
<DIVIDEND-INCOME> 4,149
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 1,065
<NET-INVESTMENT-INCOME> 3,084
<REALIZED-GAINS-CURRENT> 4,571
<APPREC-INCREASE-CURRENT> 18,305
<NET-CHANGE-FROM-OPS> 25,960
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,152
<DISTRIBUTIONS-OF-GAINS> 4,061
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 492
<NET-CHANGE-IN-ASSETS> 25,960
<ACCUMULATED-NII-PRIOR> 626,868
<ACCUMULATED-GAINS-PRIOR> 4,803,720
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10,377,627
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 12,765,654
<AVERAGE-NET-ASSETS> 141,951
<PER-SHARE-NAV-BEGIN> 12.66
<PER-SHARE-NII> 0.30
<PER-SHARE-GAIN-APPREC> 2.23
<PER-SHARE-DIVIDEND> (0.31)
<PER-SHARE-DISTRIBUTIONS> (0.39)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 14.49
<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, 1996
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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 1,768,842,158
<INVESTMENTS-AT-VALUE> 2,480,700,084
<RECEIVABLES> 9,176,728
<ASSETS-OTHER> 190
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,489,877,002
<PAYABLE-FOR-SECURITIES> 481,850
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,186,917
<TOTAL-LIABILITIES> 3,668,767
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,759,761,092
<SHARES-COMMON-STOCK> 171,928,663
<SHARES-COMMON-PRIOR> 168,233,242
<ACCUMULATED-NII-CURRENT> 410,862
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 14,178,355
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 711,857,926
<NET-ASSETS> 2,485,742,831
<DIVIDEND-INCOME> 67,387,881
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 11,683,062
<NET-INVESTMENT-INCOME> 55,704,819
<REALIZED-GAINS-CURRENT> 74,026,915
<APPREC-INCREASE-CURRENT> 296,400,180
<NET-CHANGE-FROM-OPS> 426,131,914
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 55,920,646
<DISTRIBUTIONS-OF-GAINS> 64,653,761
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 42,761,147
<NUMBER-OF-SHARES-REDEEMED> 47,300,940
<SHARES-REINVESTED> 8,235,214
<NET-CHANGE-IN-ASSETS> 360,494,426
<ACCUMULATED-NII-PRIOR> 626,868
<ACCUMULATED-GAINS-PRIOR> 4,803,720
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10,377,627
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 12,765,654
<AVERAGE-NET-ASSETS> 2,305,715,939
<PER-SHARE-NAV-BEGIN> 12.63
<PER-SHARE-NII> 0.34
<PER-SHARE-GAIN-APPREC> 2.22
<PER-SHARE-DIVIDEND> (0.34)
<PER-SHARE-DISTRIBUTIONS> (0.39)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 14.46
<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, 1996
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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 260,002,847
<INVESTMENTS-AT-VALUE> 259,994,759
<RECEIVABLES> 976,836
<ASSETS-OTHER> 1,293
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 260,972,888
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,911,407
<TOTAL-LIABILITIES> 1,911,407
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 258,996,044
<SHARES-COMMON-STOCK> 727
<SHARES-COMMON-PRIOR> 698
<ACCUMULATED-NII-CURRENT> 80,676
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (7,151)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (8,088)
<NET-ASSETS> 109,724
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,040
<OTHER-INCOME> 0
<EXPENSES-NET> 1,772
<NET-INVESTMENT-INCOME> 4,268
<REALIZED-GAINS-CURRENT> (2)
<APPREC-INCREASE-CURRENT> 11
<NET-CHANGE-FROM-OPS> 4,276
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,288
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 28
<NET-CHANGE-IN-ASSETS> 4,276
<ACCUMULATED-NII-PRIOR> 132,953
<ACCUMULATED-GAINS-PRIOR> (2,083)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,150,292
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,410,328
<AVERAGE-NET-ASSETS> 107,583
<PER-SHARE-NAV-BEGIN> 151.05
<PER-SHARE-NII> 6.09
<PER-SHARE-GAIN-APPREC> 0.03
<PER-SHARE-DIVIDEND> (6.14)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 151.03
<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, 1996
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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 260,002,847
<INVESTMENTS-AT-VALUE> 259,994,759
<RECEIVABLES> 976,836
<ASSETS-OTHER> 1,293
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 260,972,888
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,911,407
<TOTAL-LIABILITIES> 1,911,407
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 258,996,044
<SHARES-COMMON-STOCK> 734
<SHARES-COMMON-PRIOR> 702
<ACCUMULATED-NII-CURRENT> 80,676
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (7,151)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (8,088)
<NET-ASSETS> 111,039
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,095
<OTHER-INCOME> 0
<EXPENSES-NET> 1,191
<NET-INVESTMENT-INCOME> 4,904
<REALIZED-GAINS-CURRENT> (2)
<APPREC-INCREASE-CURRENT> 11
<NET-CHANGE-FROM-OPS> 4,913
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,922
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 33
<NET-CHANGE-IN-ASSETS> 4,913
<ACCUMULATED-NII-PRIOR> 132,953
<ACCUMULATED-GAINS-PRIOR> (2,083)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,150,292
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,410,328
<AVERAGE-NET-ASSETS> 108,572
<PER-SHARE-NAV-BEGIN> 151.24
<PER-SHARE-NII> 6.96
<PER-SHARE-GAIN-APPREC> 0.04
<PER-SHARE-DIVIDEND> (7.01)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 151.23
<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, 1996
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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 260,002,847
<INVESTMENTS-AT-VALUE> 259,994,759
<RECEIVABLES> 976,836
<ASSETS-OTHER> 1,293
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 260,972,888
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,911,407
<TOTAL-LIABILITIES> 1,911,407
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 258,996,044
<SHARES-COMMON-STOCK> 738
<SHARES-COMMON-PRIOR> 703
<ACCUMULATED-NII-CURRENT> 80,676
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (7,151)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (8,088)
<NET-ASSETS> 111,694
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,120
<OTHER-INCOME> 0
<EXPENSES-NET> 817
<NET-INVESTMENT-INCOME> 5,303
<REALIZED-GAINS-CURRENT> (2)
<APPREC-INCREASE-CURRENT> 11
<NET-CHANGE-FROM-OPS> 5,312
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,335
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 35
<NET-CHANGE-IN-ASSETS> 5,312
<ACCUMULATED-NII-PRIOR> 132,953
<ACCUMULATED-GAINS-PRIOR> (2,083)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,150,292
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,410,328
<AVERAGE-NET-ASSETS> 109,023
<PER-SHARE-NAV-BEGIN> 151.32
<PER-SHARE-NII> 7.51
<PER-SHARE-GAIN-APPREC> 0.05
<PER-SHARE-DIVIDEND> (7.59)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 151.29
<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, 1996
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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 260,002,847
<INVESTMENTS-AT-VALUE> 259,994,759
<RECEIVABLES> 976,836
<ASSETS-OTHER> 1,293
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 260,972,888
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,911,407
<TOTAL-LIABILITIES> 1,911,407
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 258,996,044
<SHARES-COMMON-STOCK> 1,713,474
<SHARES-COMMON-PRIOR> 1,681,065
<ACCUMULATED-NII-CURRENT> 80,676
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (7,151)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (8,088)
<NET-ASSETS> 258,729,024
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 14,332,595
<OTHER-INCOME> 0
<EXPENSES-NET> 1,317,325
<NET-INVESTMENT-INCOME> 13,015,270
<REALIZED-GAINS-CURRENT> (5,061)
<APPREC-INCREASE-CURRENT> 11,415
<NET-CHANGE-FROM-OPS> 13,021,624
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 13,067,477
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,391,584
<NUMBER-OF-SHARES-REDEEMED> 2,445,697
<SHARES-REINVESTED> 86,522
<NET-CHANGE-IN-ASSETS> 4,792,873
<ACCUMULATED-NII-PRIOR> 132,953
<ACCUMULATED-GAINS-PRIOR> (2,083)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,150,292
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,410,328
<AVERAGE-NET-ASSETS> 255,295,137
<PER-SHARE-NAV-BEGIN> 151.06
<PER-SHARE-NII> 7.85
<PER-SHARE-GAIN-APPREC> 0.06
<PER-SHARE-DIVIDEND> (7.97)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 151.00
<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, 1996
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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 345,071,819
<INVESTMENTS-AT-VALUE> 456,481,387
<RECEIVABLES> 1,616,401
<ASSETS-OTHER> 16,575
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 458,114,363
<PAYABLE-FOR-SECURITIES> 124,059
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 621,921
<TOTAL-LIABILITIES> 745,980
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 340,794,078
<SHARES-COMMON-STOCK> 10,666
<SHARES-COMMON-PRIOR> 15,094
<ACCUMULATED-NII-CURRENT> 192,363
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,972,374
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 111,409,568
<NET-ASSETS> 142,813
<DIVIDEND-INCOME> 4,876
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 2,573
<NET-INVESTMENT-INCOME> 2,303
<REALIZED-GAINS-CURRENT> 5,689
<APPREC-INCREASE-CURRENT> 16,721
<NET-CHANGE-FROM-OPS> 24,713
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,430
<DISTRIBUTIONS-OF-GAINS> 3,230
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,373
<NUMBER-OF-SHARES-REDEEMED> 9,150
<SHARES-REINVESTED> 349
<NET-CHANGE-IN-ASSETS> (29,232)
<ACCUMULATED-NII-PRIOR> 99,330
<ACCUMULATED-GAINS-PRIOR> (33,140)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,298,488
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,738,444
<AVERAGE-NET-ASSETS> 147,278
<PER-SHARE-NAV-BEGIN> 11.40
<PER-SHARE-NII> 0.21
<PER-SHARE-GAIN-APPREC> 2.23
<PER-SHARE-DIVIDEND> (0.14)
<PER-SHARE-DISTRIBUTIONS> (0.31)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.39
<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, 1996
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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 345,071,819
<INVESTMENTS-AT-VALUE> 456,481,387
<RECEIVABLES> 1,616,401
<ASSETS-OTHER> 16,575
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 458,114,363
<PAYABLE-FOR-SECURITIES> 124,059
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 621,921
<TOTAL-LIABILITIES> 745,980
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 340,794,078
<SHARES-COMMON-STOCK> 10,767
<SHARES-COMMON-PRIOR> 10,347
<ACCUMULATED-NII-CURRENT> 192,363
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,972,374
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 111,409,568
<NET-ASSETS> 144,545
<DIVIDEND-INCOME> 3,839
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 1,527
<NET-INVESTMENT-INCOME> 2,312
<REALIZED-GAINS-CURRENT> 4,657
<APPREC-INCREASE-CURRENT> 19,237
<NET-CHANGE-FROM-OPS> 26,206
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,382
<DISTRIBUTIONS-OF-GAINS> 3,240
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 420
<NET-CHANGE-IN-ASSETS> 26,206
<ACCUMULATED-NII-PRIOR> 99,330
<ACCUMULATED-GAINS-PRIOR> (33,140)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,298,488
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,738,444
<AVERAGE-NET-ASSETS> 127,503
<PER-SHARE-NAV-BEGIN> 11.44
<PER-SHARE-NII> 0.22
<PER-SHARE-GAIN-APPREC> 2.30
<PER-SHARE-DIVIDEND> (0.23)
<PER-SHARE-DISTRIBUTIONS> (0.31)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.42
<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, 1996
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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 345,071,819
<INVESTMENTS-AT-VALUE> 456,481,387
<RECEIVABLES> 1,616,401
<ASSETS-OTHER> 16,575
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 458,114,363
<PAYABLE-FOR-SECURITIES> 124,059
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 621,921
<TOTAL-LIABILITIES> 745,980
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 340,794,078
<SHARES-COMMON-STOCK> 10,837
<SHARES-COMMON-PRIOR> 10,382
<ACCUMULATED-NII-CURRENT> 192,363
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,972,374
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 111,409,568
<NET-ASSETS> 145,609
<DIVIDEND-INCOME> 3,859
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 1,090
<NET-INVESTMENT-INCOME> 2,769
<REALIZED-GAINS-CURRENT> 4,685
<APPREC-INCREASE-CURRENT> 19,358
<NET-CHANGE-FROM-OPS> 26,812
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,845
<DISTRIBUTIONS-OF-GAINS> 3,251
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 455
<NET-CHANGE-IN-ASSETS> 26,812
<ACCUMULATED-NII-PRIOR> 99,330
<ACCUMULATED-GAINS-PRIOR> (33,140)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,298,488
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,738,444
<AVERAGE-NET-ASSETS> 128,222
<PER-SHARE-NAV-BEGIN> 11.44
<PER-SHARE-NII> 0.27
<PER-SHARE-GAIN-APPREC> 2.31
<PER-SHARE-DIVIDEND> (0.27)
<PER-SHARE-DISTRIBUTIONS> (0.31)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.44
<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, 1996
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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 345,071,819
<INVESTMENTS-AT-VALUE> 456,481,387
<RECEIVABLES> 1,616,401
<ASSETS-OTHER> 16,575
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 458,114,363
<PAYABLE-FOR-SECURITIES> 124,059
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 621,921
<TOTAL-LIABILITIES> 745,980
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 340,794,078
<SHARES-COMMON-STOCK> 34,013,589
<SHARES-COMMON-PRIOR> 33,253,093
<ACCUMULATED-NII-CURRENT> 192,363
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,972,374
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 111,409,568
<NET-ASSETS> 456,935,416
<DIVIDEND-INCOME> 12,557,494
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 2,550,949
<NET-INVESTMENT-INCOME> 10,006,545
<REALIZED-GAINS-CURRENT> 15,173,182
<APPREC-INCREASE-CURRENT> 63,095,779
<NET-CHANGE-FROM-OPS> 88,275,506
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 9,914,239
<DISTRIBUTIONS-OF-GAINS> 10,172,978
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,428,037
<NUMBER-OF-SHARES-REDEEMED> 11,168,365
<SHARES-REINVESTED> 1,500,824
<NET-CHANGE-IN-ASSETS> 76,537,068
<ACCUMULATED-NII-PRIOR> 99,330
<ACCUMULATED-GAINS-PRIOR> (33,140)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,298,488
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,738,444
<AVERAGE-NET-ASSETS> 417,503,927
<PER-SHARE-NAV-BEGIN> 11.44
<PER-SHARE-NII> 0.31
<PER-SHARE-GAIN-APPREC> 2.29
<PER-SHARE-DIVIDEND> (0.30)
<PER-SHARE-DISTRIBUTIONS> (0.31)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.43
<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, 1996
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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 456,772,419
<INVESTMENTS-AT-VALUE> 542,867,778
<RECEIVABLES> 21,887,135
<ASSETS-OTHER> 1,546
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 564,756,459
<PAYABLE-FOR-SECURITIES> 87,044
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 983,567
<TOTAL-LIABILITIES> 1,070,611
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 475,645,805
<SHARES-COMMON-STOCK> 10,838
<SHARES-COMMON-PRIOR> 15,043
<ACCUMULATED-NII-CURRENT> 26,102
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,920,993
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 86,092,948
<NET-ASSETS> 133,821
<DIVIDEND-INCOME> 6,053
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 2,290
<NET-INVESTMENT-INCOME> 3,763
<REALIZED-GAINS-CURRENT> 2,360
<APPREC-INCREASE-CURRENT> 9,196
<NET-CHANGE-FROM-OPS> 15,319
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,204
<DISTRIBUTIONS-OF-GAINS> 1,969
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 931
<NUMBER-OF-SHARES-REDEEMED> 5,552
<SHARES-REINVESTED> 416
<NET-CHANGE-IN-ASSETS> (39,222)
<ACCUMULATED-NII-PRIOR> 179,574
<ACCUMULATED-GAINS-PRIOR> 877,322
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,271,174
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,789,789
<AVERAGE-NET-ASSETS> 139,036
<PER-SHARE-NAV-BEGIN> 11.50
<PER-SHARE-NII> 0.34
<PER-SHARE-GAIN-APPREC> 1.01
<PER-SHARE-DIVIDEND> (0.31)
<PER-SHARE-DISTRIBUTIONS> (0.19)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.35
<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, 1996
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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 456,772,419
<INVESTMENTS-AT-VALUE> 542,867,778
<RECEIVABLES> 21,887,135
<ASSETS-OTHER> 1,546
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 564,756,459
<PAYABLE-FOR-SECURITIES> 87,044
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 983,567
<TOTAL-LIABILITIES> 1,070,611
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 475,645,805
<SHARES-COMMON-STOCK> 10,948
<SHARES-COMMON-PRIOR> 10,464
<ACCUMULATED-NII-CURRENT> 26,102
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,920,993
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 86,092,948
<NET-ASSETS> 135,418
<DIVIDEND-INCOME> 5,519
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 1,394
<NET-INVESTMENT-INCOME> 4,125
<REALIZED-GAINS-CURRENT> 2,230
<APPREC-INCREASE-CURRENT> 8,395
<NET-CHANGE-FROM-OPS> 14,750
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,068
<DISTRIBUTIONS-OF-GAINS> 1,970
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 484
<NET-CHANGE-IN-ASSETS> 14,750
<ACCUMULATED-NII-PRIOR> 179,574
<ACCUMULATED-GAINS-PRIOR> 877,322
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,271,174
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,789,789
<AVERAGE-NET-ASSETS> 127,006
<PER-SHARE-NAV-BEGIN> 11.53
<PER-SHARE-NII> 0.39
<PER-SHARE-GAIN-APPREC> 1.03
<PER-SHARE-DIVIDEND> (0.39)
<PER-SHARE-DISTRIBUTIONS> (0.19)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.37
<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, 1996
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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 456,772,419
<INVESTMENTS-AT-VALUE> 542,867,778
<RECEIVABLES> 21,887,135
<ASSETS-OTHER> 1,546
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 564,756,459
<PAYABLE-FOR-SECURITIES> 87,044
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 983,567
<TOTAL-LIABILITIES> 1,070,611
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 475,645,805
<SHARES-COMMON-STOCK> 10,994
<SHARES-COMMON-PRIOR> 10,473
<ACCUMULATED-NII-CURRENT> 26,102
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,920,993
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 86,092,948
<NET-ASSETS> 136,218
<DIVIDEND-INCOME> 5,542
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 956
<NET-INVESTMENT-INCOME> 4,586
<REALIZED-GAINS-CURRENT> 2,239
<APPREC-INCREASE-CURRENT> 8,433
<NET-CHANGE-FROM-OPS> 15,258
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,538
<DISTRIBUTIONS-OF-GAINS> 1,972
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 521
<NET-CHANGE-IN-ASSETS> 15,258
<ACCUMULATED-NII-PRIOR> 179,574
<ACCUMULATED-GAINS-PRIOR> 877,322
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,271,174
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,789,789
<AVERAGE-NET-ASSETS> 127,536
<PER-SHARE-NAV-BEGIN> 11.55
<PER-SHARE-NII> 0.44
<PER-SHARE-GAIN-APPREC> 1.02
<PER-SHARE-DIVIDEND> (0.43)
<PER-SHARE-DISTRIBUTIONS> (0.19)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.39
<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, 1996
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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 456,772,419
<INVESTMENTS-AT-VALUE> 542,867,778
<RECEIVABLES> 21,887,135
<ASSETS-OTHER> 1,546
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 564,756,459
<PAYABLE-FOR-SECURITIES> 87,044
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 983,567
<TOTAL-LIABILITIES> 1,070,611
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 475,645,805
<SHARES-COMMON-STOCK> 45,632,444
<SHARES-COMMON-PRIOR> 39,690,301
<ACCUMULATED-NII-CURRENT> 26,102
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,920,993
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 86,092,948
<NET-ASSETS> 563,280,391
<DIVIDEND-INCOME> 21,917,233
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 2,582,078
<NET-INVESTMENT-INCOME> 19,335,155
<REALIZED-GAINS-CURRENT> 8,878,977
<APPREC-INCREASE-CURRENT> 33,082,821
<NET-CHANGE-FROM-OPS> 61,296,953
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 19,441,756
<DISTRIBUTIONS-OF-GAINS> 7,883,759
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 16,529,257
<NUMBER-OF-SHARES-REDEEMED> 12,780,860
<SHARES-REINVESTED> 2,193,746
<NET-CHANGE-IN-ASSETS> 106,507,531
<ACCUMULATED-NII-PRIOR> 179,574
<ACCUMULATED-GAINS-PRIOR> 877,322
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,271,174
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,789,789
<AVERAGE-NET-ASSETS> 504,311,686
<PER-SHARE-NAV-BEGIN> 11.51
<PER-SHARE-NII> 0.46
<PER-SHARE-GAIN-APPREC> 1.02
<PER-SHARE-DIVIDEND> (0.46)
<PER-SHARE-DISTRIBUTIONS> (0.19)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.34
<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, 1996
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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 309,944,622
<INVESTMENTS-AT-VALUE> 357,237,341
<RECEIVABLES> 3,209,507
<ASSETS-OTHER> 4,987,097
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 365,433,945
<PAYABLE-FOR-SECURITIES> 6,371,010
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,411,123
<TOTAL-LIABILITIES> 8,782,133
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 320,990,580
<SHARES-COMMON-STOCK> 10,176
<SHARES-COMMON-PRIOR> 11,708
<ACCUMULATED-NII-CURRENT> 113,978
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (12,355,482)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 47,902,736
<NET-ASSETS> 112,681
<DIVIDEND-INCOME> 1,921
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 2,524
<NET-INVESTMENT-INCOME> (603)
<REALIZED-GAINS-CURRENT> 4,628
<APPREC-INCREASE-CURRENT> 11,747
<NET-CHANGE-FROM-OPS> 15,772
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,057
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,377
<NUMBER-OF-SHARES-REDEEMED> 7,009
<SHARES-REINVESTED> 100
<NET-CHANGE-IN-ASSETS> 1,038
<ACCUMULATED-NII-PRIOR> (215,389)
<ACCUMULATED-GAINS-PRIOR> (17,063,339)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,398,114
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,051,454
<AVERAGE-NET-ASSETS> 117,494
<PER-SHARE-NAV-BEGIN> 9.54
<PER-SHARE-NII> (0.07)
<PER-SHARE-GAIN-APPREC> 1.70
<PER-SHARE-DIVIDEND> (0.10)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.07
<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, 1996
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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 309,944,622
<INVESTMENTS-AT-VALUE> 357,237,341
<RECEIVABLES> 3,209,507
<ASSETS-OTHER> 4,987,097
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 365,433,945
<PAYABLE-FOR-SECURITIES> 6,371,010
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,411,123
<TOTAL-LIABILITIES> 8,782,133
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 320,990,580
<SHARES-COMMON-STOCK> 10,281
<SHARES-COMMON-PRIOR> 10,120
<ACCUMULATED-NII-CURRENT> 113,978
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (12,355,482)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 47,902,736
<NET-ASSETS> 114,019
<DIVIDEND-INCOME> 1,684
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 1,668
<NET-INVESTMENT-INCOME> 16
<REALIZED-GAINS-CURRENT> 4,134
<APPREC-INCREASE-CURRENT> 13,151
<NET-CHANGE-FROM-OPS> 17,301
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,741
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 161
<NET-CHANGE-IN-ASSETS> 17,250
<ACCUMULATED-NII-PRIOR> (215,389)
<ACCUMULATED-GAINS-PRIOR> (17,063,339)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,398,114
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,051,454
<AVERAGE-NET-ASSETS> 104,334
<PER-SHARE-NAV-BEGIN> 9.56
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 1.70
<PER-SHARE-DIVIDEND> (0.17)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.09
<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, 1996
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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 309,944,622
<INVESTMENTS-AT-VALUE> 357,237,341
<RECEIVABLES> 3,209,507
<ASSETS-OTHER> 4,987,097
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 365,433,945
<PAYABLE-FOR-SECURITIES> 6,371,010
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,411,123
<TOTAL-LIABILITIES> 8,782,133
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 320,990,580
<SHARES-COMMON-STOCK> 10,315
<SHARES-COMMON-PRIOR> 10,129
<ACCUMULATED-NII-CURRENT> 113,978
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (12,355,482)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 47,902,736
<NET-ASSETS> 114,468
<DIVIDEND-INCOME> 1,688
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 1,410
<NET-INVESTMENT-INCOME> 278
<REALIZED-GAINS-CURRENT> 4,144
<APPREC-INCREASE-CURRENT> 12,486
<NET-CHANGE-FROM-OPS> 16,908
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,014
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 186
<NET-CHANGE-IN-ASSETS> 17,560
<ACCUMULATED-NII-PRIOR> (215,389)
<ACCUMULATED-GAINS-PRIOR> (17,063,339)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,398,114
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,051,454
<AVERAGE-NET-ASSETS> 104,615
<PER-SHARE-NAV-BEGIN> 9.57
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 1.70
<PER-SHARE-DIVIDEND> (0.20)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.10
<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, 1996
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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 309,944,622
<INVESTMENTS-AT-VALUE> 357,237,341
<RECEIVABLES> 3,209,507
<ASSETS-OTHER> 4,987,097
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 365,433,945
<PAYABLE-FOR-SECURITIES> 6,371,010
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,411,123
<TOTAL-LIABILITIES> 8,782,133
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 320,990,580
<SHARES-COMMON-STOCK> 32,070,618
<SHARES-COMMON-PRIOR> 23,044,249
<ACCUMULATED-NII-CURRENT> 113,978
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (12,355,482)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 47,902,736
<NET-ASSETS> 356,310,644
<DIVIDEND-INCOME> 4,500,395
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 2,849,083
<NET-INVESTMENT-INCOME> 1,651,312
<REALIZED-GAINS-CURRENT> 10,719,446
<APPREC-INCREASE-CURRENT> 36,493,290
<NET-CHANGE-FROM-OPS> 48,864,048
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7,341,319
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14,964,804
<NUMBER-OF-SHARES-REDEEMED> 6,611,341
<SHARES-REINVESTED> 672,906
<NET-CHANGE-IN-ASSETS> 135,592,376
<ACCUMULATED-NII-PRIOR> (215,389)
<ACCUMULATED-GAINS-PRIOR> (17,063,339)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,398,114
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,051,454
<AVERAGE-NET-ASSETS> 281,804,600
<PER-SHARE-NAV-BEGIN> 9.58
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 1.71
<PER-SHARE-DIVIDEND> (0.24)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.11
<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, 1996
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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 142,542,031
<INVESTMENTS-AT-VALUE> 143,559,760
<RECEIVABLES> 2,357,708
<ASSETS-OTHER> 1,576
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 145,919,044
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 385,635
<TOTAL-LIABILITIES> 385,635
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 144,792,097
<SHARES-COMMON-STOCK> 11,415
<SHARES-COMMON-PRIOR> 10,896
<ACCUMULATED-NII-CURRENT> 18,783
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (295,200)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,017,729
<NET-ASSETS> 115,863
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,341
<OTHER-INCOME> 0
<EXPENSES-NET> 1,858
<NET-INVESTMENT-INCOME> 5,483
<REALIZED-GAINS-CURRENT> (222)
<APPREC-INCREASE-CURRENT> (387)
<NET-CHANGE-FROM-OPS> 4,874
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,226
<DISTRIBUTIONS-OF-GAINS> 59
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 519
<NET-CHANGE-IN-ASSETS> 4,874
<ACCUMULATED-NII-PRIOR> 68,862
<ACCUMULATED-GAINS-PRIOR> 71,465
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 606,206
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 749,145
<AVERAGE-NET-ASSETS> 112,826
<PER-SHARE-NAV-BEGIN> 10.19
<PER-SHARE-NII> 0.50
<PER-SHARE-GAIN-APPREC> (0.05)
<PER-SHARE-DIVIDEND> (0.48)
<PER-SHARE-DISTRIBUTIONS> (0.01)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.15
<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, 1996
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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 142,542,031
<INVESTMENTS-AT-VALUE> 143,559,760
<RECEIVABLES> 2,357,708
<ASSETS-OTHER> 1,576
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 145,919,044
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 385,635
<TOTAL-LIABILITIES> 385,635
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 144,792,097
<SHARES-COMMON-STOCK> 11,544
<SHARES-COMMON-PRIOR> 10,960
<ACCUMULATED-NII-CURRENT> 18,783
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (295,200)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,017,729
<NET-ASSETS> 117,250
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,409
<OTHER-INCOME> 0
<EXPENSES-NET> 1,249
<NET-INVESTMENT-INCOME> 6,160
<REALIZED-GAINS-CURRENT> (224)
<APPREC-INCREASE-CURRENT> (388)
<NET-CHANGE-FROM-OPS> 5,548
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,892
<DISTRIBUTIONS-OF-GAINS> 59
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 584
<NET-CHANGE-IN-ASSETS> 5,548
<ACCUMULATED-NII-PRIOR> 68,862
<ACCUMULATED-GAINS-PRIOR> 71,465
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 606,206
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 749,145
<AVERAGE-NET-ASSETS> 113,863
<PER-SHARE-NAV-BEGIN> 10.19
<PER-SHARE-NII> 0.56
<PER-SHARE-GAIN-APPREC> (0.04)
<PER-SHARE-DIVIDEND> (0.54)
<PER-SHARE-DISTRIBUTIONS> (0.01)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.16
<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, 1996
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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 142,542,031
<INVESTMENTS-AT-VALUE> 143,559,760
<RECEIVABLES> 2,357,708
<ASSETS-OTHER> 1,576
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 145,919,044
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 385,635
<TOTAL-LIABILITIES> 385,635
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 144,792,097
<SHARES-COMMON-STOCK> 11,599
<SHARES-COMMON-PRIOR> 10,974
<ACCUMULATED-NII-CURRENT> 18,783
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (295,200)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,017,729
<NET-ASSETS> 118,001
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,444
<OTHER-INCOME> 0
<EXPENSES-NET> 858
<NET-INVESTMENT-INCOME> 6,586
<REALIZED-GAINS-CURRENT> (225)
<APPREC-INCREASE-CURRENT> (387)
<NET-CHANGE-FROM-OPS> 5,974
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6,322
<DISTRIBUTIONS-OF-GAINS> 59
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 625
<NET-CHANGE-IN-ASSETS> 5,974
<ACCUMULATED-NII-PRIOR> 68,862
<ACCUMULATED-GAINS-PRIOR> 71,465
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 606,206
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 749,145
<AVERAGE-NET-ASSETS> 114,393
<PER-SHARE-NAV-BEGIN> 10.21
<PER-SHARE-NII> 0.60
<PER-SHARE-GAIN-APPREC> (0.05)
<PER-SHARE-DIVIDEND> (0.58)
<PER-SHARE-DISTRIBUTIONS> (0.01)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.17
<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, 1996
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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 142,542,031
<INVESTMENTS-AT-VALUE> 143,559,760
<RECEIVABLES> 2,357,708
<ASSETS-OTHER> 1,576
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 145,919,044
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 385,635
<TOTAL-LIABILITIES> 385,635
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 144,792,097
<SHARES-COMMON-STOCK> 14,365,202
<SHARES-COMMON-PRIOR> 12,113,356
<ACCUMULATED-NII-CURRENT> 18,783
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (295,200)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,017,729
<NET-ASSETS> 145,182,295
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8,760,981
<OTHER-INCOME> 0
<EXPENSES-NET> 697,389
<NET-INVESTMENT-INCOME> 8,063,592
<REALIZED-GAINS-CURRENT> (274,174)
<APPREC-INCREASE-CURRENT> (383,540)
<NET-CHANGE-FROM-OPS> 7,405,878
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8,134,815
<DISTRIBUTIONS-OF-GAINS> 71,288
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,074,656
<NUMBER-OF-SHARES-REDEEMED> 4,631,745
<SHARES-REINVESTED> 808,935
<NET-CHANGE-IN-ASSETS> 22,278,139
<ACCUMULATED-NII-PRIOR> 68,862
<ACCUMULATED-GAINS-PRIOR> 71,465
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 606,206
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 749,145
<AVERAGE-NET-ASSETS> 134,371,356
<PER-SHARE-NAV-BEGIN> 10.15
<PER-SHARE-NII> 0.60
<PER-SHARE-GAIN-APPREC> (0.03)
<PER-SHARE-DIVIDEND> (0.60)
<PER-SHARE-DISTRIBUTIONS> (0.01)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.11
<EXPENSE-RATIO> 0.52
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
EXHIBIT INDEX TO FORM N-SAR
Exhibit No. Description
77B Accountant's Report on Internal Control
77C Submission of Matters to a Vote of Security Holders
77Q(e) Investment Sub-Advisory Agreement, effective January 1, 1997,
between Massachusetts Mutual Life Insurance Company and David
L. Babson and Company Incorporated regarding MassMutual Value
Equity Fund, MassMutual Small Cap Value Equity Fund, and the
Value Equity Sector of MassMutual Balanced Fund
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, 1996, 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, 1996.
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 14, 1997
For Period Ended 12/31/96
File No. 811-8274
Item 77C. Submission of Matters to a Vote of Security Holders
At the special meeting held on October 16, 1996, Registrant's shareholders
voted on certain matters described in the proxy solicitation materials that were
furnished to contract holders and filed with the Securities and Exchange
Commission by letter dated September 26, 1996.
These matters included the following proposals: (i) to approve new
investment sub-advisory agreements between Massachusetts Mutual Life Insurance
Company ("MassMutual") and David L. Babson and Company Incorporated; (ii) to
elect six Trustees; and (iii) to ratify the selection of Coopers & Lybrand as
independent accountants for the fiscal year ending December 31, 1996.
All of the above-listed proposals were approved by the shareholders
according to the attached voting certificate which sets forth the vote totals
for each proposal.
Richard H. Ayers, David E.A. Carson, Richard G. Dooley, Richard W. Greene,
Beverly C.L. Hamilton, and F.William Marshall, Jr. were elected as Trustees at
the special shareholder meeting. Gary E. Wendlandt, Ronald J. Abdow, Mary E.
Boland, Charles J. McCarthy, John V. Murphy and John H. Southworth are the other
Trustees as of the date hereof.
MASSMUTUAL INSTITUTIONAL FUNDS: VOTING CERTIFICATE
October 16, 1996 Special Meeting of Shareholders
- ------------------ --------------- ----------------- -----------------
Prime Fund Short-Term Bond Core Bond Fund
Fund
- ------------------ --------------- ----------------- -----------------
Number of Shares 1,535,470.40 13,343,403.33 30,752,701.81
as of the Record
Date
- ------------------ --------------- ----------------- -----------------
- ------------------ --------------- ----------------- -----------------
Shares Present 1,535,470.40 13,343,403.33 30,752,291.054
in Person or by
Proxy
- ------------------ --------------- ----------------- -----------------
- ------------------ ----------------- ----------------- ---------------
Balanced Fund Value Equity Small Cap
Fund Value Equity
- ------------------ --------------- ----------------- -----------------
Number of Shares 41,884,702.61 167,208,460.54 34,223,488.57
as of the Record
Date
- ------------------ --------------- ----------------- -----------------
- ------------------ --------------- ----------------- -----------------
Shares Present 41,884,435.157 167,208,460.54 34,221,947.778
in Person or by
Proxy
- ------------------ -----------------
- ------------------ -----------------
International
Equity Fund
- ------------------ -----------------
Number of Shares 28,994,142.01
as of the Record
Date
- ------------------ -----------------
- ------------------ -----------------
Shares Present 28,991,582.828
in Person or by
Proxy
- ------------------ -----------------
Proposal 1 - Approval of Investment Sub-Advisory Agreement to be entered into
between Massachusetts Mutual Life Insurance Company and David L. Babson &
Company, as described in the Proxy Statement.
- ------------------ --------------- ----------------- -----------------
Prime Fund Short-Term Bond Core Bond Fund
Fund
- ------------------ --------------- ----------------- -----------------
- ------------------ --------------- ----------------- -----------------
Shares Voted For N/A N/A N/A
- ------------------ --------------- ----------------- -----------------
- ------------------ --------------- ----------------- -----------------
Shares Voted N/A N/A N/A
Against or
Abstain
- ------------------ --------------- ----------------- -----------------
- ------------------ --------------- ----------------- -----------------
% Voted For N/A N/A N/A
- ------------------ --------------- ----------------- -----------------
- ------------------ ---------------- ---------------- ----------------
Balanced Fund Value Equity Small Cap
Fund Value Equity
Fund
- ------------------ ---------------- ---------------- ----------------
- ------------------ ---------------- ---------------- ----------------
Shares Voted For 41,884,435.157 167,208,460.54 34,221,947.778
- ------------------ ---------------- ---------------- ----------------
- ------------------ ---------------- ---------------- ----------------
Shares Voted 0 0 0
Against or
Abstain
- ------------------ ---------------- ---------------- ----------------
- ------------------ ---------------- ---------------- ----------------
% Voted For 99.99% 100% 99.99%
- ------------------ ---------------- ---------------- ----------------
- ------------------ -----------------
International
Equity Fund
Fund
- ------------------ -----------------
- ------------------ -----------------
Shares Voted For N/A
- ------------------ -----------------
- ------------------ -----------------
Shares Voted N/A
Against or
Abstain
- ------------------ -----------------
- ------------------ -----------------
% Voted For N/A
- ------------------ -----------------
Proposal 2 - Election of Richard H. Ayers, David E. A. Carson, Richard G.
Dooley, Richard W. Greene, Beverly C. L. Hamilton, and F. William Marshall, Jr.
as members of the Board of Trustees, each for an indefinite term.
- ------------------ --------------- ----------------- ---------------
Prime Fund Short-Term Bond Core Bond Fund
Fund
- ------------------ --------------- ----------------- ---------------
- ------------------ --------------- ----------------- ---------------
Shares Voted For 1,535,470.40 13,343,403.33 30,752,291.054
All Nominees
- ------------------ --------------- ----------------- ---------------
- ------------------ --------------- ----------------- ---------------
Shares Voted 0 0 0
Against or
Abstain
- ------------------ --------------- ----------------- ---------------
- ------------------ --------------- ----------------- ---------------
% Voted For 100% 100% 99.99%
- ------------------ --------------- ----------------- ---------------
- ------------------ ----------------- ---------------- -----------------
Balanced Fund Value Equity Small Cap Value
Fund Equity Fund
- ------------------ ----------------- ---------------- -----------------
- ------------------ ----------------- ---------------- -----------------
Shares Voted For 41,884,435.157 167,208,460.54 34,221,947.778
All Nominees
- ------------------ ----------------- ---------------- -----------------
- ------------------ ----------------- ---------------- -----------------
Shares Voted 0 0 0
Against or
Abstain
- ------------------ ----------------- ---------------- -----------------
- ------------------ ----------------- ---------------- -----------------
% Voted For 99.99% 100% 99.99%
- ------------------ ----------------- ---------------- -----------------
- ------------------ -----------------
International
Equity Fund
- ------------------ -----------------
- ------------------ -----------------
Shares Voted For 28,991,582.828
All Nominees
- ------------------ -----------------
- ------------------ -----------------
Shares Voted 0
Against or
Abstain
- ------------------ -----------------
- ------------------ -----------------
% Voted For 99.99%
- ------------------ -----------------
Proposal 3 - Ratification of the selection of Coopers & Lybrand L.L.P. as
independent auditors and accountants of the Trust for the fiscal year ending
December 31, 1996.
- ------------------ -------------- ---------------- -----------------
Prime Fund Short-Term Core Bond Fund
Bond Fund
- ------------------ -------------- ---------------- -----------------
- ------------------ -------------- ---------------- -----------------
Shares Voted For 1,535,470.40 13,343,403.33 30,752,291.054
- ------------------ -------------- ---------------- -----------------
- ------------------ -------------- ---------------- -----------------
Shares Voted 0 0 0
Against or
Abstain
- ------------------ -------------- ---------------- -----------------
- ------------------ -------------- ---------------- -----------------
% Voted For 100% 100% 99.99%
- ------------------ -------------- ---------------- -----------------
- ------------------ ---------------- ---------------- -----------------
Balanced Fund Value Equity Small Cap Value
Fund Equity Fund
- ------------------ ---------------- ---------------- -----------------
- ------------------ ---------------- ---------------- -----------------
Shares Voted For 41,884,435.157 167,208,460.54 34,221,947.778
- ------------------ ---------------- ---------------- -----------------
- ------------------ ---------------- ---------------- -----------------
Shares Voted 0 0 0
Against or
Abstain
- ------------------ ---------------- ---------------- -----------------
- ------------------ ---------------- ---------------- -----------------
% Voted For 99.99% 100% 99.99%
- ------------------ ---------------- ---------------- -----------------
- ------------------ ------------------
International
Equity Fund
- ------------------ ------------------
- ------------------ ------------------
Shares Voted For 28,991,582.828
- ------------------ ------------------
- ------------------ ------------------
Shares Voted 0
Against or
Abstain
- ------------------ ------------------
- ------------------ ------------------
% Voted For 99.99%
- ------------------ ------------------
John E. Deitelbaum
Election Inspector
INVESTMENT SUB-ADVISORY AGREEMENT
Between
MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
And
DAVID L. BABSON AND COMPANY INCORPORATED
(With respect to MassMutual Value Equity Fund)
<PAGE>
INVESTMENT SUB-ADVISORY AGREEMENT
This INVESTMENT SUB-ADVISORY AGREEMENT (the "Sub-Advisory Agreement"),
is by and between David L. Babson and Company Incorporated, organized under the
laws of the Commonwealth of Massachusetts (the "Sub-Adviser"), and Massachusetts
Mutual Life Insurance Company, a Massachusetts corporation ("MassMutual"),
effective this 1st day of January, 1997.
WHEREAS, the MassMutual Value Equity Fund (the "Fund") is a series of
MassMutual Institutional Funds (the "Trust"), a Massachusetts business trust
which is an open-end diversified management investment company registered as
such with the Securities and Exchange Commission (the "Commission") pursuant to
the Investment Company Act of 1940, as amended (the "Act"), and the Trust has
appointed MassMutual as the investment adviser for the Fund pursuant to the
terms of an Investment Advisory Agreement (the "Advisory Agreement");
WHEREAS, the Advisory Agreement provides that MassMutual may, at its
option, subject to approval by the Trustees of the Trust and, to the extent
necessary, shareholders of the Fund, appoint a sub-adviser to assume certain
responsibilities and obligations of MassMutual under the Advisory Agreement;
WHEREAS, MassMutual and the Sub-Adviser are investment advisers
registered with the Commission as such under the Investment Advisers Act of
1940, as amended (the "Advisers Act"); and
WHEREAS, MassMutual desires to appoint the Sub-Adviser as its
sub-adviser for the Fund and the Sub-Adviser is willing to act in such capacity
upon the terms herein set forth;
NOW THEREFORE, in consideration of the premises and of the mutual
covenants herein contained, MassMutual and the Sub-Adviser, the parties hereto,
intending to be legally bound, hereby agree as follows:
1. General Provision.
MassMutual hereby employs the Sub-Adviser and the Sub-Adviser hereby
undertakes to act as the investment sub-adviser of the Fund to provide
investment advice and to perform for the Fund such other duties and
functions as are hereinafter set forth. The Sub-Adviser shall, in all
matters, give to the Fund and the Trust's Board of Trustees, directly
or through MassMutual, the benefit of the Sub-Adviser's best judgment,
effort, advice and recommendations and shall, at all times conform to,
and use its best efforts to enable the Fund to conform to:
(a) the provisions of the Act and any rules or regulations thereunder;
(b) any other applicable provisions of state or federal law;
(c) the provisions of the Agreement and Declaration of Trust and Bylaws
of the Trust, as amended from time to time (collectively referred
to as the "Trust Documents");
(d) policies and determinations of the Board of Trustees of the Trust
and MassMutual;
(e) the fundamental and non-fundamental policies and investment
restrictions of the Fund as reflected in the Trust's registration
statement under the Investment Company Act or as such policies may,
from time to time, be amended by the Fund's shareholders; and
(f) the Prospectus and Statement of Additional Information of the Fund
in effect from time to time.
The appropriate officers and employees of the Sub-Adviser shall be
available upon reasonable notice for consultation with any of the
Trustees and officers of the Trust and MassMutual with respect to any
matter dealing with the business and affairs of the Fund, such as the
valuation of portfolio securities of the Fund, including but not
limited to securities that are either not registered for public sale or
securities not traded on any securities market.
2. Duties of the Sub-Adviser.
(a) The Sub-Adviser shall, subject to the direction and control by
the Trust's Board of Trustees or MassMutual, to the extent
MassMutual's direction is not inconsistent with that of the
Board of Trustees, (i) regularly provide investment advice and
recommendations to the Fund, directly or through MassMutual,
with respect to the Fund's investments, investment policies
and he purchase and sale of securities; (ii) supervise and
monitor continuously the investment program of the Fund and
the composition of its portfolio and determine what securities
shall be purchased or sold by the Fund; (iii) arrange, subject
to the provisions of Section 5 hereof, for the purchase of
securities and other investments for the Fund and the sale of
securities and other investments held in the portfolio of the
Fund; and (iv) provide reports on the foregoing to the Board
of Trustees at each Board meeting.
(b) Provided that none of MassMutual, the Fund or the Trust shall
be required to pay any compensation other than as provided by
the terms of this Sub-Advisory Agreement and subject to the
provisions of Section 5 hereof, the Sub-Adviser may obtain
investment information, research or assistance from any other
person, firm or corporation to supplement, update or otherwise
improve its investment management services.
(c) Provided that nothing herein shall be deemed to protect the
Sub-Adviser from willful misfeasance, bad faith or gross
negligence in the performance of its duties, or reckless
disregard to its obligations and duties under this
Sub-Advisory Agreement, the Sub-Adviser shall not be liable
for any loss sustained by reason of good faith errors or
omissions in connection with any matters to which this
Sub-Advisory Agreement relates.
(d) Nothing in this Sub-Advisory Agreement shall prevent
MassMutual or the Sub-Adviser or any officer thereof from
acting as investment adviser or sub-adviser for any other
person, firm or corporation and shall not in any way limit or
restrict MassMutual or the Sub-Adviser or any of their
respective directors, officers, members, stockholders or
employees from buying, selling, or trading any securities for
its own account or for the account of others for whom it or
they may be acting, provided that such activities will not
adversely affect or otherwise impair the performance by any
party of its duties and obligations under this Sub-Advisory
Agreement.
(e) The Sub-Adviser shall cooperate with MassMutual by providing
MassMutual with any information in the Sub-Adviser's
possession necessary for supervising the activities of all
administrative and clerical personnel as shall be required to
provide corporate administration for the Fund, including the
compilation and maintenance of such records with respect to
its operations as may reasonably be required. The Sub-Adviser
shall, at its own expense, provide such officers for the Trust
as its Board may request.
3. Duties of MassMutual
MassMutual shall provide the Sub-Adviser with the following information
about the Fund:
(a) cash flow estimates on request;
(b) notice of the Fund's "investable funds" by 9:00 a.m. each
business day;
(c) as they are modified, from time to time, current versions of
the documents and policies referred to in Subsections (c),
(d), (e) and (f) of Section 1 hereof, above.
4. Compensation of the Sub-Adviser.
MassMutual agrees to pay the Sub-Adviser and the Sub-Adviser agrees to
accept as full compensation for the performance of all functions and
duties on its part to be performed pursuant to the provisions hereof, a
fee paid weekly at the annual rate .13% of the average daily net asset
value of the Fund, determined at the close of the New York Stock
Exchange on each day that the Exchange is open for trading and paid on
the last day of each week.
5. Portfolio Transactions and Brokerage.
(a) The Sub-Adviser is authorized, in arranging the purchase and
sale of the Fund's publicly-traded portfolio securities, to
employ or deal with such members of securities exchanges,
brokers or dealers (hereinafter "broker- dealers"), including
"affiliated" broker-dealers, as that term is defined in the
Act, as may, in its best judgment, implement the policy of the
Fund to obtain, at reasonable expense, the best execution
(prompt and reliable execution at the most favorable security
price obtainable) of the Fund's portfolio transactions.
(b) The Sub-Adviser may effect the purchase and sale of securities
(which are otherwise publicly traded) in private transactions
on such terms and conditions as are customary in such
transactions, may use a broker in such to effect said
transactions, and may enter into a contract in which the
broker acts either as principal or as agent.
The Sub-Adviser shall select broker-dealers to effect the
Fund's portfolio transactions on the basis of its estimate of
their ability to obtain best execution of particular and
related portfolio transactions. The abilities of a
broker-dealer to obtain best execution of particular portfolio
transaction(s) will be judged by the Sub-Adviser on the basis
of all relevant factors and considerations including, insofar
as feasible, the execution capabilities required by the
transaction or transactions; the ability and willingness of
the broker-dealer to facilitate the Fund's portfolio
transactions by participating therein for its own account; the
importance to the Fund of speed, efficiency or
confidentiality; the broker-dealer's apparent familiarity with
sources from or to whom particular securities might be
purchased or sold; as well as any other matters relevant to
the selection of a broker-dealer for particular and related
transactions of the Fund.
6. Duration.
Unless terminated earlier pursuant to Section 7 hereof, this
Sub-Advisory Agreement shall remain in effect until August 2, 1997.
Thereafter it shall continue in effect from year to year, so long as
such continuance shall be approved at least annually by the Trust's
Board of Trustees, including the vote of the majority of the Trustees
of the Trust who are not parties to this Sub-Advisory Agreement or
"interested persons" (as defined in the Act) of any such party cast in
person at a meeting called for the purpose of voting on such approval,
or by the holders of a "majority" (as defined in the Act) of the
outstanding voting securities of the Fund.
7. Termination.
This Sub-Advisory Agreement shall terminate automatically upon its
assignment or in the event upon the termination of the Advisory
Agreement; it may also be terminated: (i) for cause or with the consent
of the parties and the Trust by MassMutual or the Sub-Adviser at any
time without penalty upon sixty days' written notice to the other party
and the Trust; or (ii) by the Trust at any time without penalty upon
sixty days' written notice to MassMutual and the Sub-Adviser provided
that such termination by the Trust shall be directed or approved by a
vote of a majority of all of the Trustees of the Trust then in office
or by the vote of the holders of a "majority" of the outstanding voting
securities of the Fund (as defined in the Act).
8. Disclaimer of Shareholder Liability.
MassMutual and the Sub-Adviser understand that the obligations of the
Trust under this Sub-Advisory Agreement are not binding upon any
Trustee or shareholder of the Trust personally, but bind only the Trust
and the Trust's property. MassMutual and the Sub-Adviser represent that
each has notice of the provisions of the Trust Documents disclaiming
shareholder and Trustee liability for acts or obligations of the Trust.
9. Notice.
Any notice under this Sub-Advisory Agreement shall be in writing,
addressed and delivered or mailed, postage prepaid, to the other party,
with a copy to the Trust, at the addresses below or such other address
as such other party may designate for the receipt of such notice.
If to MassMutual:
Massachusetts Mutual Life Insurance Company
1295 State Street
Springfield, MA 01111
Attention: Hamline C. Wilson
Senior Managing Director
If to the Sub-Adviser:
David L. Babson and Company Incorporated
One Memorial Drive
Cambridge, MA 02142
Attention: John V. Murphy
Chief Operating Officer
If to either party, copies to:
MassMutual Institutional Funds
1295 State Street
Springfield, MA 01111
Attention: Stuart H. Reese
President
Investors Bank & Trust
89 South Street
Boston, MA 02111
Attention: Susan Mosher, Esq.
IN WITNESS WHEREOF, MassMutual and the Sub-Adviser have caused this
Sub-Advisory Agreement to be executed on the day and year first above written.
MASSACHUSETTS MUTUAL LIFE
INSURANCE COMPANY
By: ___________________________________
Hamline C. Wilson
Senior Managing Director
DAVID L. BABSON AND COMPANY INCORPORATED
By: ____________________________________
John V. Murphy
Chief Operating Officer
Accepted and Acknowledged:
MASSMUTUAL INSTITUTIONAL FUNDS on behalf of
MASSMUTUAL VALUE EQUITY FUND
By: _____________________________________
Stuart H. Reese
President
<PAGE>
INVESTMENT SUB-ADVISORY AGREEMENT
Between
MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
And
DAVID L. BABSON AND COMPANY INCORPORATED
(With respect to MassMutual Small Cap Value Equity Fund)
<PAGE>
INVESTMENT SUB-ADVISORY AGREEMENT
This INVESTMENT SUB-ADVISORY AGREEMENT (the "Sub-Advisory Agreement"),
is by and between David L. Babson and Company Incorporated, organized under the
laws of the Commonwealth of Massachusetts (the "Sub-Adviser"), and Massachusetts
Mutual Life Insurance Company, a Massachusetts corporation ("MassMutual"),
effective this 1st day of January, 1997.
WHEREAS, the MassMutual Small Cap Value Equity Fund (the "Fund") is a
series of MassMutual Institutional Funds (the "Trust"), a Massachusetts business
trust which is an open-end diversified management investment company registered
as such with the Securities and Exchange Commission (the "Commission") pursuant
to the Investment Company Act of 1940, as amended (the "Act"), and the Trust has
appointed MassMutual as the investment adviser for the Fund pursuant to the
terms of an Investment Advisory Agreement (the "Advisory Agreement");
WHEREAS, the Advisory Agreement provides that MassMutual may, at its
option, subject to approval by the Trustees of the Trust and, to the extent
necessary, shareholders of the Fund, appoint a sub-adviser to assume certain
responsibilities and obligations of MassMutual under the Advisory Agreement;
WHEREAS, MassMutual and the Sub-Adviser are investment advisers
registered with the Commission as such under the Investment Advisers Act of
1940, as amended (the "Advisers Act"); and
WHEREAS, MassMutual desires to appoint the Sub-Adviser as its
sub-adviser for the Fund and the Sub-Adviser is willing to act in such capacity
upon the terms herein set forth;
NOW THEREFORE, in consideration of the premises and of the mutual
covenants herein contained, MassMutual and the Sub-Adviser, the parties hereto,
intending to be legally bound, hereby agree as follows:
1. General Provision.
MassMutual hereby employs the Sub-Adviser and the Sub-Adviser hereby
undertakes to act as the investment sub-adviser of the Fund to provide
investment advice and to perform for the Fund such other duties and
functions as are hereinafter set forth. The Sub-Adviser shall, in all
matters, give to the Fund and the Trust's Board of Trustees, directly
or through MassMutual, the benefit of the Sub-Adviser's best judgment,
effort, advice and recommendations and shall, at all times conform to,
and use its best efforts to enable the Fund to conform to:
(a) the provisions of the Act and any rules or regulations thereunder;
(b) any other applicable provisions of state or federal law;
(c) the provisions of the Agreement and Declaration of Trust and
Bylaws of the Trust, as amended from time to time (collectively
referred to as the "Trust Documents");
(d) policies and determinations of the Board of Trustees of the Trust and
MassMutual;
(e) the fundamental and non-fundamental policies and investment
restrictions of the Fund as reflected in the Trust's
registration statement under the Investment Company Act or as such
policies may, from time to time, be amended by the Fund's
shareholders; and
(f) the Prospectus and Statement of Additional Information of the Fund in
effect from time to time.
The appropriate officers and employees of the Sub-Adviser shall be
available upon reasonable notice for consultation with any of the
Trustees and officers of the Trust and MassMutual with respect to any
matter dealing with the business and affairs of the Fund, such as the
valuation of portfolio securities of the Fund, including but not
limited to securities that are either not registered for public sale or
securities not traded on any securities market.
2. Duties of the Sub-Adviser.
(a) The Sub-Adviser shall, subject to the direction and control by
the Trust's Board of Trustees or MassMutual, to the extent
MassMutual's direction is not inconsistent with that of the
Board of Trustees, (i) regularly provide investment advice and
recommendations to the Fund, directly or through MassMutual,
with respect to the Fund's investments, investment policies
and the purchase and sale of securities; (ii) supervise and
monitor continuously the investment program of the Fund and
the composition of its portfolio and determine what securities
shall be purchased or sold by the Fund; (iii) arrange, subject
to the provisions of Section 5 hereof, for the purchase of
securities and other investments for the Fund and the sale of
securities and other investments held in the portfolio of the
Fund; and (iv) provide reports on the foregoing to the Board
of Trustees at each Board meeting.
(b) Provided that none of MassMutual, the Fund or the Trust shall
be required to pay any compensation other than as provided by
the terms of this Sub-Advisory Agreement and subject to the
provisions of Section 5 hereof, the Sub-Adviser may obtain
investment information, research or assistance from any other
person, firm or corporation to supplement, update or otherwise
improve its investment management services.
(c) Provided that nothing herein shall be deemed to protect the
Sub-Adviser from willful misfeasance, bad faith or gross
negligence in the performance of its duties, or reckless
disregard to its obligations and duties under this
Sub-Advisory Agreement, the Sub-Adviser shall not be liable
for any loss sustained by reason of good faith errors or
omissions in connection with any matters to which this
Sub-Advisory Agreement relates.
(d) Nothing in this Sub-Advisory Agreement shall prevent
MassMutual or the Sub-Adviser or any officer thereof from
acting as investment adviser or sub-adviser for any other
person, firm or corporation and shall not in any way limit or
restrict MassMutual or the Sub-Adviser or any of their
respective directors, officers, members, stockholders or
employees from buying, selling, or trading any securities for
its own account or for the account of others for whom it or
they may be acting, provided that such activities will not
adversely affect or otherwise impair the performance by any
party of its duties and obligations under this Sub-Advisory
Agreement.
(e) The Sub-Adviser shall cooperate with MassMutual by providing
MassMutual with any information in the Sub-Adviser's
possession necessary for supervising the activities of all
administrative and clerical personnel as shall be required to
provide corporate administration for the Fund, including the
compilation and maintenance of such records with respect to
its operations as may reasonably be required. The Sub-Adviser
shall, at its own expense, provide such officers for the Trust
as its Board may request.
3. Duties of MassMutual
MassMutual shall provide the Sub-Adviser with the following information
about the Fund:
(a) cash flow estimates on request;
(b) notice of the Fund's "investable funds" by 9:00 a.m. each
business day;
(c) as they are modified, from time to time, current versions of
the documents and policies referred to in Subsections (c),
(d), (e) and (f) of Section 1 hereof, above.
4. Compensation of the Sub-Adviser.
MassMutual agrees to pay the Sub-Adviser and the Sub-Adviser agrees to
accept as full compensation for the performance of all functions and
duties on its part to be performed pursuant to the provisions hereof, a
fee paid weekly at the annual rate .25% of the average daily net asset
value of the Fund, determined at the close of the New York Stock
Exchange on each day that the Exchange is open for trading and paid on
the last day of each week.
5. Portfolio Transactions and Brokerage.
(a) The Sub-Adviser is authorized, in arranging the purchase and
sale of the Fund's publicly-traded portfolio securities, to
employ or deal with such members of securities exchanges,
brokers or dealers (hereinafter "broker- dealers"), including
"affiliated" broker-dealers, as that term is defined in the
Act, as may, in its best judgment, implement the policy of the
Fund to obtain, at reasonable expense, the best execution
(prompt and reliable execution at the most favorable security
price obtainable) of the Fund's portfolio transactions.
(b) The Sub-Adviser may effect the purchase and sale of securities
(which are otherwise publicly traded) in private transactions
on such terms and conditions as are customary in such
transactions, may use a broker in such to effect said
transactions, and may enter into a contract in which the
broker acts either as principal or as agent.
The Sub-Adviser shall select broker-dealers to effect the
Fund's portfolio transactions on the basis of its estimate of
their ability to obtain best execution of particular and
related portfolio transactions. The abilities of a
broker-dealer to obtain best execution of particular portfolio
transaction(s) will be judged by the Sub-Adviser on the basis
of all relevant factors and considerations including, insofar
as feasible, the execution capabilities required by the
transaction or transactions; the ability and willingness of
the broker-dealer to facilitate the Fund's portfolio
transactions by participating therein for its own account; the
importance to the Fund of speed, efficiency or
confidentiality; the broker-dealer's apparent familiarity with
sources from or to whom particular securities might be
purchased or sold; as well as any other matters relevant to
the selection of a broker-dealer for particular and related
transactions of the Fund.
6. Duration.
Unless terminated earlier pursuant to Section 7 hereof, this
Sub-Advisory Agreement shall remain in effect until August 2, 1997.
Thereafter it shall continue in effect from year to year, so long as
such continuance shall be approved at least annually by the Trust's
Board of Trustees, including the vote of the majority of the Trustees
of the Trust who are not parties to this Sub-Advisory Agreement or
"interested persons" (as defined in the Act) of any such party cast in
person at a meeting called for the purpose of voting on such approval,
or by the holders of a "majority" (as defined in the Act) of the
outstanding voting securities of the Fund.
7. Termination.
This Sub-Advisory Agreement shall terminate automatically upon its
assignment or in the event upon the termination of the Advisory
Agreement; it may also be terminated: (i) for cause or with the consent
of the parties and the Trust by MassMutual or the Sub-Adviser at any
time without penalty upon sixty days' written notice to the other party
and the Trust; or (ii) by the Trust at any time without penalty upon
sixty days' written notice to MassMutual and the Sub-Adviser provided
that such termination by the Trust shall be directed or approved by a
vote of a majority of all of the Trustees of the Trust then in office
or by the vote of the holders of a "majority" of the outstanding voting
securities of the Fund (as defined in the Act).
8. Disclaimer of Shareholder Liability.
MassMutual and the Sub-Adviser understand that the obligations of the
Trust under this Sub-Advisory Agreement are not binding upon any
Trustee or shareholder of the Trust personally, but bind only the Trust
and the Trust's property. MassMutual and the Sub-Adviser represent that
each has notice of the provisions of the Trust Documents disclaiming
shareholder and Trustee liability for acts or obligations of the Trust.
9. Notice.
Any notice under this Sub-Advisory Agreement shall be in writing,
addressed and delivered or mailed, postage prepaid, to the other party,
with a copy to the Trust, at the addresses below or such other address
as such other party may designate for the receipt of such notice.
If to MassMutual:
Massachusetts Mutual Life Insurance Company
1295 State Street
Springfield, MA 01111
Attention: Hamline C. Wilson
Senior Managing Director
If to the Sub-Adviser:
David L. Babson and Company Incorporated
One Memorial Drive
Cambridge, MA 02142
Attention: John V. Murphy
Chief Operating Officer
If to either party, copies to:
MassMutual Institutional Funds
1295 State Street
Springfield, MA 01111
Attention: Stuart H. Reese
President
Investors Bank & Trust
89 South Street
Boston, MA 02111
Attention: Susan Mosher, Esq.
IN WITNESS WHEREOF, MassMutual and the Sub-Adviser have caused this
Sub-Advisory Agreement to be executed on the day and year first above written.
MASSACHUSETTS MUTUAL LIFE
INSURANCE COMPANY
By: ___________________________________
Hamline C. Wilson
Senior Managing Directo
DAVID L. BABSON AND COMPANY INCORPORATED
By: ____________________________________
John V. Murphy
Chief Operating Officer
Accepted and Acknowledged:
MASSMUTUAL INSTITUTIONAL FUNDS on behalf of
MASSMUTUAL SMALL CAP VALUE EQUITY FUND
By: _____________________________________
Stuart H. Reese
President
<PAGE>
INVESTMENT SUB-ADVISORY AGREEMENT
Between
MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
And
DAVID L. BABSON AND COMPANY INCORPORATED
(With respect to the Value Equity Sector of the MassMutual Balanced Fund)
<PAGE>
INVESTMENT SUB-ADVISORY AGREEMENT
This INVESTMENT SUB-ADVISORY AGREEMENT (the "Sub-Advisory Agreement"),
is by and between David L. Babson and Company Incorporated, organized under the
laws of the Commonwealth of Massachusetts (the "Sub-Adviser"), and Massachusetts
Mutual Life Insurance Company, a Massachusetts corporation ("MassMutual"),
effective this 1st day of January, 1997.
WHEREAS, the MassMutual Balanced Fund (the "Fund") is a series of
MassMutual Institutional Funds (the "Trust"), a Massachusetts business trust
which is an open-end diversified management investment company registered as
such with the Securities and Exchange Commission (the "Commission") pursuant to
the Investment Company Act of 1940, as amended (the "Act"), and the Trust has
appointed MassMutual as the investment adviser for the Fund, including the
Equity Sector of the Fund, pursuant to the terms of an Investment Advisory
Agreement (the "Advisory Agreement");
WHEREAS, the Advisory Agreement provides that MassMutual may, at its
option, subject to approval by the Trustees of the Trust and, to the extent
necessary, shareholders of the Fund, appoint a sub-adviser to assume certain
responsibilities and obligations of MassMutual under the Advisory Agreement;
WHEREAS, MassMutual and the Sub-Adviser are investment advisers
registered with the Commission as such under the Investment Advisers Act of
1940, as amended (the "Advisers Act"); and
WHEREAS, MassMutual desires to appoint the Sub-Adviser as its
sub-adviser for the Fund and the Sub-Adviser is willing to act in such capacity
upon the terms herein set forth;
NOW THEREFORE, in consideration of the premises and of the mutual
covenants herein contained, MassMutual and the Sub-Adviser, the parties hereto,
intending to be legally bound, hereby agree as follows:
1. General Provision.
MassMutual hereby employs the Sub-Adviser and the Sub-Adviser hereby
undertakes to act as the investment sub-adviser of the Fund to provide
investment advice and to perform for the Fund such other duties and
functions as are hereinafter set forth. The Sub-Adviser shall, in all
matters, give to the Fund and the Trust's Board of Trustees, directly
or through MassMutual, the benefit of the Sub-Adviser's best judgment,
effort, advice and recommendations and shall, at all times conform to,
and use its best efforts to enable the Fund to conform to:
(a) the provisions of the Act and any rules or regulations
thereunder;
(b) any other applicable provisions of state or federal law;
(c) the provisions of the Agreement and Declaration of Trust and
Bylaws of the Trust, as amended from time to time
(collectively referred to as the "Trust Documents");
(d) policies and determinations of the Board of Trustees of the
Trust and MassMutual;
(e) the fundamental and non-fundamental policies and investment
restrictions of the Fund as reflected in the Trust's
registration statement under the Investment Company Act or as
such policies may, from time to time, be amended by the Fund's
shareholders; and
(f) the Prospectus and Statement of Additional Information of the
Fund in effect from time to time.
The appropriate officers and employees of the Sub-Adviser shall be
available upon reasonable notice for consultation with any of the
Trustees and officers of the Trust and MassMutual with respect to any
matter dealing with the business and affairs of the Fund, such as the
valuation of portfolio securities of the Fund, including but not
limited to securities that are either not registered for public sale or
securities not traded on any securities market.
2. Duties of the Sub-Adviser.
(a) The Sub-Adviser shall, subject to the direction and control by
the Trust's Board of Trustees or MassMutual, to the extent
MassMutual's direction is not inconsistent with that of the
Board of Trustees, (i) regularly provide investment advice and
recommendations to the Fund, directly or through MassMutual,
with respect to the Fund's investments, investment policies
and the purchase and sale of securities; (ii) supervise and
monitor continuously the investment program of the Fund and
the composition of its portfolio and determine what securities
shall be purchased or sold by the Fund; (iii) arrange, subject
to the provisions of Section 5 hereof, for the purchase of
securities and other investments for the Fund and the sale of
securities and other investments held in the portfolio of the
Fund; and (iv) provide reports on the foregoing to the Board
of Trustees at each Board meeting.
(b) Provided that none of MassMutual, the Fund or the Trust shall
be required to pay any compensation other than as provided by
the terms of this Sub-Advisory Agreement and subject to the
provisions of Section 5 hereof, the Sub-Adviser may obtain
investment information, research or assistance from any other
person, firm or corporation to supplement, update or otherwise
improve its investment management services.
(c) Provided that nothing herein shall be deemed to protect the
Sub-Adviser from willful misfeasance, bad faith or gross
negligence in the performance of its duties, or reckless
disregard to its obligations and duties under this
Sub-Advisory Agreement, the Sub-Adviser shall not be liable
for any loss sustained by reason of good faith errors or
omissions in connection with any matters to which this
Sub-Advisory Agreement relates.
(d) Nothing in this Sub-Advisory Agreement shall prevent
MassMutual or the Sub-Adviser or any officer thereof from
acting as investment adviser or sub-adviser for any other
person, firm or corporation and shall not in any way limit or
restrict MassMutual or the Sub-Adviser or any of their
respective directors, officers, members, stockholders or
employees from buying, selling, or trading any securities for
its own account or for the account of others for whom it or
they may be acting, provided that such activities will not
adversely affect or otherwise impair the performance by any
party of its duties and obligations under this Sub-Advisory
Agreement.
(e) The Sub-Adviser shall cooperate with MassMutual by providing
MassMutual with any information in the Sub-Adviser's
possession necessary for supervising the activities of all
administrative and clerical personnel as shall be required to
provide corporate administration for the Fund, including the
compilation and maintenance of such records with respect to
its operations as may reasonably be required. The Sub-Adviser
shall, at its own expense, provide such officers for the Trust
as its Board may request.
3. Duties of MassMutual
MassMutual shall provide the Sub-Adviser with the following information
about the Fund:
(a) cash flow estimates on request;
(b) notice of the Fund's "investable funds" by 9:00 a.m. each
business day;
(c) as they are modified, from time to time, current versions of
the documents and policies referred to in Subsections (c),
(d), (e) and (f) of Section 1 hereof, above.
4. Compensation of the Sub-Adviser.
MassMutual agrees to pay the Sub-Adviser and the Sub-Adviser agrees to
accept as full compensation for the performance of all functions and
duties on its part to be performed pursuant to the provisions hereof, a
fee paid weekly at the annual rate .13% of the average daily net asset
value of the Fund, determined at the close of the New York Stock
Exchange on each day that the Exchange is open for trading and paid on
the last day of each week.
5. Portfolio Transactions and Brokerage.
(a) The Sub-Adviser is authorized, in arranging the purchase and
sale of the Fund's publicly-traded portfolio securities, to
employ or deal with such members of securities exchanges,
brokers or dealers (hereinafter "broker- dealers"), including
"affiliated" broker-dealers, as that term is defined in the
Act, as may, in its best judgment, implement the policy of the
Fund to obtain, at reasonable expense, the best execution
(prompt and reliable execution at the most favorable security
price obtainable) of the Fund's portfolio transactions.
(b) The Sub-Adviser may effect the purchase and sale of securities
(which are otherwise publicly traded) in private transactions
on such terms and conditions as are customary in such
transactions, may use a broker in such to effect said
transactions, and may enter into a contract in which the
broker acts either as principal or as agent.
The Sub-Adviser shall select broker-dealers to effect the
Fund's portfolio transactions on the basis of its estimate of
their ability to obtain best execution of particular and
related portfolio transactions. The abilities of a
broker-dealer to obtain best execution of particular portfolio
transaction(s) will be judged by the Sub-Adviser on the basis
of all relevant factors and considerations including, insofar
as feasible, the execution capabilities required by the
transaction or transactions; the ability and willingness of
the broker-dealer to facilitate the Fund's portfolio
transactions by participating therein for its own account; the
importance to the Fund of speed, efficiency or
confidentiality; the broker-dealer's apparent familiarity with
sources from or to whom particular securities might be
purchased or sold; as well as any other matters relevant to
the selection of a broker-dealer for particular and related
transactions of the Fund.
6. Duration.
Unless terminated earlier pursuant to Section 7 hereof, this
Sub-Advisory Agreement shall remain in effect until August 2, 1997.
Thereafter it shall continue in effect from year to year, so long as
such continuance shall be approved at least annually by the Trust's
Board of Trustees, including the vote of the majority of the Trustees
of the Trust who are not parties to this Sub-Advisory Agreement or
"interested persons" (as defined in the Act) of any such party cast in
person at a meeting called for the purpose of voting on such approval,
or by the holders of a "majority" (as defined in the Act) of the
outstanding voting securities of the Fund.
7. Termination.
This Sub-Advisory Agreement shall terminate automatically upon its
assignment or in the event upon the termination of the Advisory
Agreement; it may also be terminated: (i) for cause or with the consent
of the parties and the Trust by MassMutual or the Sub-Adviser at any
time without penalty upon sixty days' written notice to the other party
and the Trust; or (ii) by the Trust at any time without penalty upon
sixty days' written notice to MassMutual and the Sub-Adviser provided
that such termination by the Trust shall be directed or approved by a
vote of a majority of all of the Trustees of the Trust then in office
or by the vote of the holders of a "majority" of the outstanding voting
securities of the Fund (as defined in the Act).
8. Disclaimer of Shareholder Liability.
MassMutual and the Sub-Adviser understand that the obligations of the
Trust under this Sub-Advisory Agreement are not binding upon any
Trustee or shareholder of the Trust personally, but bind only the Trust
and the Trust's property. MassMutual and the Sub-Adviser represent that
each has notice of the provisions of the Trust Documents disclaiming
shareholder and Trustee liability for acts or obligations of the Trust.
9. Notice.
Any notice under this Sub-Advisory Agreement shall be in writing,
addressed and delivered or mailed, postage prepaid, to the other party,
with a copy to the Trust, at the addresses below or such other address
as such other party may designate for the receipt of such notice.
If to MassMutual:
Massachusetts Mutual Life Insurance Company
1295 State Street
Springfield, MA 01111
Attention: Hamline C. Wilson
Senior Managing Director
If to the Sub-Adviser:
David L. Babson and Company Incorporated
One Memorial Drive
Cambridge, MA 02142
Attention: John V. Murphy
Chief Operating Officer
If to either party, copies to:
MassMutual Institutional Funds
1295 State Street
Springfield, MA 01111
Attention: Stuart H. Reese
President
Investors Bank & Trust
89 South Street
Boston, MA 02111
Attention: Susan Mosher, Esq.
IN WITNESS WHEREOF, MassMutual and the Sub-Adviser have caused this
Sub-Advisory Agreement to be executed on the day and year first above written.
MASSACHUSETTS MUTUAL LIFE
INSURANCE COMPANY
By: ___________________________________
Hamline C. Wilson
Senior Managing Director
DAVID L. BABSON AND COMPANY INCORPORATED
By: ____________________________________
John V. Murphy
Chief Operating Officer
Accepted and Acknowledged:
MASSMUTUAL INSTITUTIONAL FUNDS on behalf of
the Value Equity Sector of the MASSMUTUAL BALANCED FUND
By: _____________________________________
Stuart H. Reese
President
