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MASSMUTUAL INSTITUTIONAL FUNDS
Supplement dated December 1, 1999
to the Prospectus dated May 3, 1999
The Prospectus is changed as follows:
1. The first full paragraph under the heading "Principal Investment Strategies
and Risks" for the MassMutual Small Cap Value Equity Fund is deleted and the
following is substituted in its place:
The Fund invests primarily in stocks, securities convertible into stocks
and other securities, such as warrants and stock rights, whose value is
based on stock prices. The Fund generally invests in publicly traded
stocks of companies with market capitalizations in the range of companies
in the Russell 2000 Index (between approximately $5 million and
approximately $7.0 billion), the Fund's benchmark. Normally, however, at
least 65% of the Fund's investments will be in small cap companies. For
these purposes, the Fund treats as "small cap" those companies with market
capitalizations of up to $1.5 billion at the time of purchase. The Fund
will not automatically sell or cease to purchase the stock of a company it
already owns just because the company's market capitalization grows or
falls outside the range of companies in the Russell 2000 Index.
2. The portfolio manager of the MassMutual Small Cap Value Equity Fund changed
on December 1, 1999. The description of the former portfolio manager is deleted
and the following is substituted in its place:
Paul S. Szczygiel________________________________________________________
Principally responsible for the day-to-day management of the Small Cap
Value Equity Fund since December 1, 1999. Prior to assuming day-to-day
responsibility for managing the Fund, Mr. Szczygiel was actively involved
in assisting the previous portfolio manager. Mr. Szczygiel also currently
serves as portfolio manager for several other registered and unregistered
funds sponsored by David L. Babson with similar investment objectives to
the Fund. Mr. Szczygiel is a Chartered Financial Analyst with over 14
years of investment experience, and has been associated with the MassMutual
organization since 1994, prior to which he was an Associate Director at
Bear Stearns. Mr. Szczygiel is assisted in the day-to-day management of
the Fund by a team of David L. Babson investment professionals.
December 1, 1999
