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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-Q
Quarterly Schedule of Portfolio Holdings of
Registered Management Investment Company
Investment Company Act file number 811-02183
MassMutual Corporate Investors
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(Exact name of registrant as specified in charter)
1500 Main Street, Suite 600, Springfield, MA 01115
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(Address of principal executive offices) (Zip code)
Rodney J. Dillman, Vice President and Secretary,
1500 Main Street, Suite 2800, Springfield, MA 01115
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(Name and address of agent for service)
Registrant's telephone number, including area code: 413-226-1000
___________________
Date of fiscal year end: 12/31
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Date of reporting period: 03/31/08
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ITEM 1. SCHEDULE OF INVESTMENTS.
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2008
(unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES - 74.39%:(A) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
PRIVATE PLACEMENT INVESTMENTS -70.89%
A H C HOLDING COMPANY, INC.
A designer and manufacturer of boilers and water heaters for the commercial sector.
15% Senior Subordinated Note due 2015 $ 2,332,956 11/21/07 $ 2,286,403 $ 2,279,705
Limited Partnership Interest (B) 14.99% int. 11/21/07 224,795 213,560
------------ ------------
2,511,198 2,493,265
------------ ------------
A T I ACQUISITION COMPANY
A for-profit post-secondary school serving students in Texas, Florida and Arizona.
12% Senior Subordinated Note due 2012 $ 2,125,000 04/08/04 2,125,000 2,125,000
Warrant, exercisable until 2012, to purchase
preferred stock at $.01 per share (B) 13 shs. 11/16/07 -- 16,966
Warrant, exercisable until 2012, to purchase
common stock at $.02 per share (B) 2,323 shs. 04/08/04 -- 24,959
------------ ------------
2,125,000 2,166,925
------------ ------------
ADVANCED TECHNOLOGIES HOLDINGS
A provider of factory maintence services to industrial companies.
15% Senior Subordinated Note due 2013 $ 2,040,000 12/27/07 1,999,200 2,011,825
Preferred Stock (B) 1,031 shs. 12/27/07 510,000 484,499
------------ ------------
2,509,200 2,496,324
------------ ------------
AERO HOLDINGS, INC.
A provider of geospatial services to corporate and government clients.
10.5% Senior Secured Term Note due 2014 $ 1,627,500 03/09/07 1,603,088 1,598,918
14% Senior Subordinated Note due 2015 $ 1,260,000 03/09/07 1,132,664 1,234,172
Common Stock (B) 262,500 shs. 03/09/07 262,500 613,865
Warrant, exercisable until 2015, to purchase
common stock at $.01 per share (B) 66,116 shs. 03/09/07 111,527 154,615
------------ ------------
3,109,779 3,601,570
------------ ------------
AMERICAN HOSPICE MANAGEMENT HOLDING LLC
A for-profit hospice care provider in the United States.
12% Senior Subordinated Note due 2010 $ 2,125,000 01/22/04 1,985,547 2,008,549
Preferred Class A Unit (B) 3,223 uts. * 322,300 --
Common Class B Unit (B) 30,420 uts. 01/22/04 1 --
Common Class D Unit (B) 6,980 uts. 09/12/06 1 --
------------ ------------
2,307,849 2,008,549
------------ ------------
* 01/22/04 and 09/12/06. Massmutual Corporate Investors
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7
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONTINUED)
March 31, 2008
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
ARROW TRU-LINE HOLDINGS, INC.
A manufacturer of hardware for residential and commercial overhead garage doors in North America.
12% Senior Subordinated Note due 2012 $ 1,627,660 05/18/05 $ 1,549,429 $ 1,540,944
Common Stock (B) 497 shs. 05/18/05 497,340 74,041
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 130 shs. 05/18/05 112,128 19,410
------------ ------------
2,158,897 1,634,395
------------ ------------
BRAVO SPORTS HOLDING CORPORATION
A designer and marketer of niche branded consumer products including canopies, trampolines, in-line skates,
skateboards, and urethane wheels.
12.5% Senior Subordinated Note due 2014 $ 2,281,593 06/30/06 2,156,591 2,320,868
Preferred Stock Class A (B) 879 shs. 06/30/06 268,121 248,980
Common Stock (B) 1 sh. 06/30/06 286 23,913
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 309 shs. 06/30/06 92,102 87,503
------------ ------------
2,517,100 2,681,264
------------ ------------
CAPESUCCESS LLC
A provider of diversified staffing services.
Preferred Membership Interests (B) 1,882 uts. 04/29/00 8,395 420
Common Membership Interests (B) 24,318 uts. 04/29/00 108,983 5,442
------------ ------------
117,378 5,862
------------ ------------
CAPITAL SPECIALTY PLASTICS, INC.
A producer of desiccant strips used for packaging pharmaceutical products.
Common Stock (B) 109 shs. * 503 558,932
------------ ------------
COEUR, INC.
A producer of proprietary, disposable power injection syringes.
8.75% Senior Secured Term Note due 2010 $ 355,072 04/30/03 355,072 356,635
11.5% Senior Subordinated Note due 2011 $ 424,818 04/30/03 403,862 422,025
Common Stock (B) 126,812 shs. 04/30/03 126,812 365,028
Warrant, exercisable until 2010, to purchase
common stock at $.01 per share (B) 87,672 shs. 04/30/03 40,804 252,364
------------ ------------
926,550 1,396,052
------------ ------------
* 12/30/97and 05/29/99
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8
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONTINUED)
March 31, 2008
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
CONNECTICUT ELECTRIC, INC.
A supplier and distributor of electrical products sold into the retail and wholesale markets.
12% Senior Subordinated Note due 2014 $ 2,393,954 01/12/07 $ 2,233,202 $ 2,161,222
Limited Liability Company Unit Class A (B) 156,046 uts. 01/12/07 156,046 65,446
Limited Liability Company Unit Class C (B) 112,873 uts. 01/12/07 112,873 47,339
------------ ------------
2,502,121 2,274,007
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CONNOR SPORT COURT INTERNATIONAL, INC.
A designer and manufacturer of outdoor and indoor synthetic sports flooring and other temporary flooring products.
Preferred Stock Series B-2 (B) 17,152 shs. 07/05/07 700,392 700,393
Preferred Stock Series C (B) 8,986 shs. 07/05/07 300,168 300,168
Common Stock (B) 718 shs. 07/05/07 7 7
Limited Partnership Interest (B) 7.74% int. * 189,586 --
------------ ------------
1,190,153 1,000,568
------------ ------------
CONSOLIDATED FOUNDRIES HOLDINGS
A manufacturer of engineered cast metal components for the global aerospace and defense industries.
12% Senior Subordinated Note due 2013 $ 2,185,714 06/15/05 2,109,357 2,197,365
Common Stock (B) 509 shs. ** 526,096 1,730,776
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 103 shs. 06/15/05 100,668 350,061
------------ ------------
2,736,121 4,278,202
------------ ------------
COREPHARMA LLC
A manufacturer of oral dose generic pharmaceuticals targeted at niche applications.
12% Senior Subordinated Note due 2013 $ 2,550,000 08/04/05 2,440,917 2,532,952
Warrant, exercisable until 2013, to purchase
common stock at $.001 per share (B) 20 shs. 08/04/05 137,166 103,424
------------ ------------
2,578,083 2,636,376
------------ ------------
* 08/12/04 and 01/14/05.
** 06/15/05 and 05/22/06. Massmutual Corporate Investors
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9
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONTINUED)
March 31, 2008
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
DAVIS-STANDARD LLC
A manufacturer, assembler, and installer of a broad range of capital equipment that is used in the extrusion, conversion, and
processing of plastic materials.
12% Senior Subordinated Note due 2014 $ 1,847,826 10/30/06 $ 1,737,202 $ 1,901,661
Limited Partnership Interest (B) 1.82% int. 10/30/06 702,174 1,151,599
Warrant, exercisable until 2014, to purchase
preferred stock at $.01 per share (B) 50 shs. 10/30/06 49,830 54,813
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 34 shs. 10/30/06 34,000 111,225
------------ ------------
2,523,206 3,219,298
------------ ------------
DIRECTED ELECTRONICS, INC.
A designer and distributor of brand name automotive security systems, audio products and installation accessories.
Common Stock (B) (E) 368,560 shs. * 1,856,534 770,290
------------ ------------
DIVERSCO, INC./DHI HOLDINGS, INC.
A contract provider of janitorial and equipment maintenance services and temporary production labor to industrial customers.
Membership Interests of MM/Lincap
Diversco Investments Ltd. LLC (B) 27.20% int. 08/27/98 734,090 --
Preferred Stock (B) 3,278 shs. 12/14/01 2,784,133 778,527
Warrants, exercisable until 2011, to purchase common
stock of DHI Holdings, Inc. at $.01 per share (B) 13,352 shs. ** 403,427 --
------------ ------------
3,921,650 778,527
------------ ------------
DUNCAN SYSTEMS, INC.
A distributor of windshields and side glass for the recreational vehicle market.
10% Senior Secured Term Note due 2013 $ 540,000 11/01/06 531,900 530,855
13% Senior Subordinated Note due 2014 $ 855,000 11/01/06 768,229 836,937
Common Stock (B) 180,000 shs 11/01/06 180,000 237,651
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 56,514 shs. 11/01/06 78,160 74,614
------------ ------------
1,558,289 1,680,057
------------ ------------
* 12/19/05 and 06/17/06
** 10/24/96 and 8/28/98.
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10
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONTINUED)
March 31, 2008
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
DWYER GROUP, INC.
A franchiser of a variety of home repair services.
Common Stock (B) 6,906 shs. * $ 690,600 $ 1,060,723
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 2,034 shs. 10/30/03 186,469 312,348
------------ ------------
877,069 1,373,071
------------ ------------
E S P HOLDCO, INC.
A manufacturer of power protection technology for commercial office equipment, primarily supplying the office equipment
dealer network.
14% Senior Subordinated Note due 2015 $ 2,220,010 01/08/08 2,181,160 2,204,624
Common Stock (B) 660 shs. 01/08/08 329,990 313,500
------------ ------------
2,511,150 2,518,124
------------ ------------
E X C ACQUISITION CORPORATION
A manufacturer of pre-filled syringes and pump systems used for intravenous drug delivery.
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 22 shs. 06/28/04 77,208 166,250
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ELECTRA BICYCLE COMPANY LLC
A designer and marketer of branded leisure bicycles.
10.5% Senior Secured Term Note A due 2009 $ 127,531 04/12/07 124,980 126,859
10.5% Senior Secured Term Note B due 2012 $ 688,664 04/12/07 677,590 681,023
12% Senior Secured Term Note C due 2012 $ 510,121 04/12/07 474,967 499,725
Limited Liability Company Unit Series F 64,597 uts. 04/12/07 64,597 61,367
Limited Liability Company Unit Series G (B) 4,990 uts. 04/12/07 4,990 4,741
------------ ------------
1,347,124 1,373,715
------------ ------------
ENZYMATIC THERAPY, INC.
A manufacturer and distributor of branded natural medicines and nutritional supplements.
Limited Partnership Interest (B) 1.32% int. 03/30/00 531,250 286,660
Warrant, exercisable until 2009, to purchase
common stock at $.01 per share (B) 29,117 shs. 03/30/00 255,000 179,918
------------ ------------
786,250 466,578
------------ ------------
EVANS CONSOLES, INC.
A designer and manufacturer of consoles and control center systems.
Common Stock (B) 90,000 shs. 05/06/04 6 1,301,310
------------ ------------
* 10/30/03 and 01/02/04. Massmutual Corporate Investors
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11
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONTINUED)
March 31, 2008
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
F H S HOLDINGS LLC
A national provider of customized disease management services to large self-insured employers.
12% Senior Subordinated Note due 2014 $ 2,390,625 06/01/06 $ 2,239,832 $ 2,369,541
Preferred Unit (B) 158 uts. 06/01/06 159,362 173,427
Common Unit Class B (B) 1,386 uts. 06/01/06 122,361 112,088
------------ ------------
2,521,555 2,655,056
------------ ------------
FLUTES, INC.
An independent manufacturer of micro fluted corrugated sheet material for the food and consumer products
packaging industries.
10% Senior Secured Term Note due 2013 $ 918,385 04/13/06 904,609 904,249
14% Senior Subordinated Note due 2014 $ 555,059 04/13/06 502,765 546,947
Common Stock (B) 109,436 shs. 04/13/06 109,436 14,660
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 30,940 shs. 04/13/06 48,433 4,145
------------ ------------
1,565,243 1,470,001
------------ ------------
FOWLER HOLDING, INC.
A provider of site development services to residential homebuilders and developers in the Raleigh/Durham
region of North Carolina.
12% Senior Subordinated Note due 2013 $ 2,365,217 02/03/06 2,166,162 2,174,897
Common Stock (B) 185 shs. 02/03/06 184,783 49,194
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 254 shs. 02/03/06 208,435 67,671
------------ ------------
2,559,380 2,291,762
------------ ------------
FUEL SYSTEMS HOLDING CORPORATION
An independent North American supplier of fuel tanks for a wide variety of commercial vehicles.
12% Senior Subordinated Note due 2014 $ 2,337,500 01/31/06 2,192,339 2,137,849
Common Stock (B) 212,500 shs. 01/31/06 212,500 --
Warrant, exercisable until 2016, to purchase
common stock at $.01 per share (B) 138,408 shs. 01/31/06 119,213 --
------------ ------------
2,524,052 2,137,849
------------ ------------
GOLDEN COUNTY FOODS HOLDING, INC.
A manufacturer of frozen appetizers and snacks.
12% Senior Subordinated Note due 2015 $ 1,912,500 11/01/07 1,727,592 1,864,662
8% Series A Convertible Preferred Stock, convertible into
4.25% of the fully dilluted common shares (B) 146,658 shs. 11/01/07 146,658 139,325
------------ ------------
1,874,250 2,003,987
------------ ------------
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12
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONTINUED)
March 31, 2008
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
H M HOLDING COMPANY
A designer, manufacturer, and importer of promotional and wood furniture.
12% Senior Subordinated Note due 2013 (D) $ 2,210,000 02/10/06 $ 2,048,925 $ --
Preferred Stock (B) 20 shs. 09/18/07 20,238 --
Common Stock (B) 340 shs. 02/10/06 340,000 --
Warrant, exercisable until 2013, to purchase
common stock at $.02 per share (B) 126 shs. 02/10/06 116,875 --
------------ ------------
2,526,038 --
------------ ------------
HIGHGATE CAPITAL LLC
An acquirer of controlling or substantial interests in manufacturing and marketing entities.
Series A Preferred Units (B) 1.19% int. 7/21/94 367,440 --
------------ ------------
HOME DECOR HOLDING COMPANY
A designer, manufacturer and marketer of framed art and wall decor products.
12.5% Senior Subordinated Note due 2012 $ 2,043,269 * 1,898,991 2,026,882
Common Stock (B) 63 shs. * 62,742 81,488
Warrant, exercisable until 2012, to purchase
common stock at $.02 per share (B) 200 shs. * 199,501 259,114
------------ ------------
2,161,234 2,367,484
------------ ------------
INSURANCE CLAIMS MANAGEMENT, INC.
A third party administrator providing auto and property claim administration services for insurance companies.
Common Stock (B) 69 shs. 02/27/07 2,077 42,172
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share 20 shs. 02/27/07 612 12,421
------------ ------------
2,689 54,593
------------ ------------
INTEGRATION TECHNOLOGY SYSTEMS, INC.
A manufacturer of steel protective computer and network systems for the industrial and office environments.
12% Senior Secured Note due on demand (D) $ 43,943 03/01/04 1 --
Common Stock (B) 228 shs. 06/01/00 262,200 --
------------ ------------
262,201 --
------------ ------------
* 06/30/04 and 08/19/04. Massmutual Corporate Investors
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13
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONTINUED)
March 31, 2008
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
JASON, INC.
A diversified manufacturing company serving various industrial markets.
13% Senior Subordinated Note due 2010 $ 963,687 08/04/00 $ 916,389 $ 940,920
Limited Partnership Interest of
Saw Mill Capital Fund II, L.P. (B) 2.50% int. 08/03/00 886,352 591,737
Warrant, exercisable until 2010, to purchase
common stock at $.01 per share (B) 50,870 shs. 08/04/00 115,412 118,837
------------ ------------
1,918,153 1,651,494
------------ ------------
JUSTRITE MANUFACTURING AQUISITION CO.
A manufacturer of safety products such as storage cabinets and containers.
12% Senior Subordinated Note due 2011 $ 1,593,750 12/15/04 1,526,535 1,594,221
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 1,121 shs. 12/15/04 101,109 261,135
------------ ------------
1,627,644 1,855,356
------------ ------------
K H O F HOLDINGS, INC.
A manufacturer of premium disposable tableware products serving both the foodservice and consumer channels.
14% Senior Subordinated Note due 2014 $ 2,339,162 10/15/07 2,292,583 2,305,871
Common Stock (B) 220,673 shs. 10/15/07 220,673 209,639
------------ ------------
2,513,256 2,515,510
------------ ------------
K N B HOLDINGS CORPORATION
A designer, manufacturer and marketer of products for the custom framing market.
13.5% Senior Subordinated Note due 2013 $ 2,474,363 05/25/06 2,367,280 2,464,505
Common Stock (B) 134,210 shs. 05/25/06 134,210 137,378
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 82,357 shs. 05/25/06 71,534 84,301
------------ ------------
2,573,024 2,686,184
------------ ------------
K W P I HOLDINGS CORPORATION
A manufacturer and distributor of vinyl windows and patio doors throughout the northwestern United States.
12% Senior Subordinated Note due 2014 $ 2,318,000 03/14/07 2,125,557 2,240,423
Common Stock (B) 232 shs. 03/13/07 232,000 160,543
Warrant, exercisable until 2017, to purchase
common stock at $.01 per share (B) 167 shs. 03/14/07 162,260 115,563
------------ ------------
2,519,817 2,516,529
------------ ------------
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14
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONTINUED)
March 31, 2008
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
K-TEK HOLDING CORPORATION
A manufacturer of instrumentation for liquid and bulk solids level detection for process and storage tanks.
14% Senior Secured Note due 2015 $ 2,185,714 12/20/07 $ 2,146,371 $ 2,132,841
Preferred Stock (B) 363,260 shs. 12/20/07 363,260 345,097
Common Stock (B) 102,616 shs. 12/20/07 1,026 1,026
------------ ------------
2,510,657 2,478,964
------------ ------------
MAGNATECH INTERNATIONAL, INC.
A supplier of process equipment and related parts used in the manufacturing of medium and high-pressure reinforced hoses.
12% Senior Subordinated Note due 2014 $ 1,062,500 04/05/06 995,058 1,062,500
13% Preferred Stock (B) 565 shs. 04/05/06 565,335 721,926
Common Stock (B) 125 shs. 04/05/06 125,048 910,114
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 13 shs. 04/05/06 12,905 93,886
------------ ------------
1,698,346 2,788,426
------------ ------------
MAIL COMMUNICATIONS GROUP, INC.
A provider of mail processing and handling services, lettershop services, and commercial printing services.
12.5% Senior Subordinated Note due 2014 $ 975,000 05/04/07 912,469 945,436
Limited Liability Company Unit (B) 24,109 uts. * 314,464 298,741
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 3,375 shs. 05/04/07 43,031 34
------------ ------------
1,269,964 1,244,211
------------ ------------
MAVERICK ACQUISITION COMPANY
A manufacturer of capsules that cover the cork and neck of wine bottles.
9.2% Senior Secured Tranche A Note due 2010 (C) $ 452,774 09/03/04 452,774 445,964
12% Senior Secured Tranche B Note due 2011 $ 313,433 09/03/04 288,858 297,322
Limited Partnership Interest (B) 7.84% int. 09/03/04 58,769 33,680
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 425 shs. 09/03/04 39,473 24,335
------------ ------------
839,874 801,301
------------ ------------
* 05/04/07 and 01/02/08. Massmutual Corporate Investors
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15
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONTINUED)
March 31, 2008
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
MICROGROUP, INC.
A manufacturer of precision parts and assemblies, and a value-added supplier of metal tubing and bars.
12% Senior Subordinated Note due 2013 $ 2,685,614 * $ 2,545,658 $ 2,646,021
Common Stock (B) 450 shs. * 450,000 424,219
Warrant, exercisable until 2013, to purchase
common stock at $.02 per share (B) 164 shs. * 162,974 154,585
------------ ------------
3,158,632 3,224,825
------------ ------------
MOMENTUM HOLDING CO.
A designer and supplier of upholstery fabric to commercial furniture manufacturers and architectural and design firms.
12% Senior Subordinated Note due 2014 $ 1,168,847 08/04/06 1,051,667 1,179,607
Limited Partnership Interest (B) 21.23% int. 08/04/06 106,153 181,930
Warrant, exercisable until 2014, to purchase
common stock at $.02 per share (B) 1,107 shs. 08/04/06 107,109 189,640
------------ ------------
1,264,929 1,551,177
------------ ------------
MONESSEN HOLDING CORPORATION
A designer and manufacturer of a broad line of gas, wood, and electric hearth products and accessories.
12% Senior Subordinated Note due 2014 $ 2,550,000 03/31/06 2,381,633 2,295,000
Warrant, exercisable until 2014, to purchase
common stock at $.02 per share (B) 152 shs. 03/31/06 138,125 --
------------ ------------
2,519,758 2,295,000
------------ ------------
MORTON INDUSTRIAL GROUP, INC.
A manufacturer of highly engineered metal fabricated components.
12% Senior Subordinated Note due 2014 $ 2,440,909 08/25/06 2,260,057 2,196,818
30% Series A Preferred Stock (B) 17,051 shs. 03/03/08 17,051 --
Common Stock (B) 109,091 shs. 08/25/06 109,091 --
Warrant, exercisable until 2014, to purchase
common stock at $.02 per share (B) 173,633 shs. 08/25/06 149,940 --
------------ ------------
2,536,139 2,196,818
------------ ------------
MOSS, INC.
A manufacturer and distributor of large display and exhibit structures.
Limited Partnership Interest of
Riverside Capital Appreciation Fund I, L.P. (B) 37.37% int. ** 348,620 690,470
Warrant, exercisable until 2010, to purchase
common stock at $.01 per share (B) 214 shs. 12/21/05 36,647 42,390
------------ ------------
385,267 732,860
------------ ------------
* 08/12/05 and 09/11/06.
** 09/20/00, 05/23/02 and 02/21/07.
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16
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONTINUED)
March 31, 2008
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
NABCO, INC.
A producer of explosive containment vessels in the United States.
14% Senior Subordinated Note due 2014 $ 712,219 02/24/06 $ 640,839 $ 356,109
Limited Liability Company Unit (B) 825 uts. * 825,410 --
Warrant, exercisable until 2016, to purchase
common stock at $.01 per share (B) 48 shs. 02/24/06 37,188 --
------------ ------------
1,503,437 356,109
------------ ------------
NAVIS GLOBAL
A designer, manufacturer, seller and servicer of finishing machinery for the knit and woven segments of the
global textile industry.
12% Senior Subordinated Note due 2014 $ 1,234,551 05/28/04 1,140,645 1,178,314
8.75% Senior Secured Note due 2011 $ 573,025 05/28/04 573,028 563,178
Common Stock (B) 674,157 shs. 05/28/04 674,157 --
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 203,912 shs. 05/28/04 130,789 --
------------ ------------
2,518,619 1,741,492
------------ ------------
NESCO HOLDINGS CORPORATION
A sales and leasing company that provides equipment to the electric utility, telecommunications, and various other industries.
12% Senior Subordinated Note due 2015 $ 2,125,000 08/02/07 1,888,243 2,097,740
Common Stock (B) 425,000 shs. 08/02/07 425,000 403,750
Warrant, exercisable until 2015, to purchase
common stock at $.01 per share (B) 119,360 shs. 08/02/07 194,257 1,194
------------ ------------
2,507,500 2,502,684
------------ ------------
NETSHAPE TECHNOLOGIES, INC.
A manufacturer of powder metal and metal injection molded precision components used in industrial, consumer,
and other applications.
12% Senior Subordinated Note due 2014 $ 1,530,000 02/02/07 1,408,570 1,406,586
Limited Partnership Interest of
Saw Mill PCG Partners LLC (B) 1,020 uts. 02/01/07 1,020,000 148,757
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 91 shs. 02/02/07 90,830 13,247
------------ ------------
2,519,400 1,568,590
------------ ------------
* 02/24/06 and 06/22/07. Massmutual Corporate Investors
--------------------------------------------------------------------------------------------------------------------------------
17
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONTINUED)
March 31, 2008
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
NONNI'S FOOD COMPANY
A producer and distributor of premium biscotti and bagel chips in North America.
12.25% Senior Subordinated Note due 2012 $ 1,863,462 03/29/04 $ 1,856,139 $ 1,863,462
10% Preferred Stock (B) 255 shs. 03/29/04 255,083 333,964
Common Stock (B) 6,455 shs. 03/29/04 6,455 491,774
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 8,622 shs. 03/29/04 7,323 656,878
------------ ------------
2,125,000 3,346,078
------------ ------------
NYLONCRAFT, INC.
A supplier of engineered plastic components for the automotive industry.
9% Senior Secured Note due 2009 $ 812,500 01/28/02 812,500 771,875
11.5% Senior Subordinated Note due 2012 $ 1,500,000 01/28/02 1,419,891 1,125,000
Common Stock (B) 312,500 shs. 01/28/02 312,500 --
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 243,223 shs. 01/28/02 162,045 --
------------ ------------
2,706,936 1,896,875
------------ ------------
OAKRIVER TECHNOLOGY, INC.
Designs, engineers and assembles high precision automated process equipment for the medical device industry,
with a focus on defibrillators and stents.
10% Senior Secured Note due 2012 $ 565,452 01/03/06 556,970 543,948
13% Senior Subordinated Note due 2013 $ 687,241 01/03/06 622,483 652,579
Common Stock (B) 322,307 shs. 01/03/06 322,307 20,585
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 75,378 shs. 01/03/06 62,824 4,814
------------ ------------
1,564,584 1,221,926
------------ ------------
OLYMPIC SALES, INC.
A boat retailer in Washington state, Oregon, California and British Columbia.
12% Senior Subordinated Note due 2008 $ 1,022,000 08/07/98 1,022,000 1,006,616
12% Senior Subordinated Note due 2008 $ 307,071 02/09/00 303,298 302,403
Limited Partnership Interest of Riverside VIII,
VIII-A and VIII-B Holding Company, L.P. (B) 20.58% int. * 1,555,992 --
Warrants, exercisable until 2008, to purchase
common stock at $.01 per share (B) 28,648 shs. ** 389,188 --
------------ ------------
3,270,478 1,309,019
------------ ------------
* 08/07/98, 02/23/99, 12/22/99 and 02/25/03.
** 08/07/98 and 02/09/00.
--------------------------------------------------------------------------------------------------------------------------------
18
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONTINUED)
March 31, 2008
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
ONTARIO DRIVE & GEAR LTD.
A manufacturer of all-wheel drive, off-road amphibious vehicles and related accessories.
Limited Liability Company Unit (B) 3,667 uts. 01/17/06 $ 572,115 $ 1,018,215
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 619 shs. 01/17/06 170,801 171,911
------------ ------------
742,916 1,190,126
------------ ------------
P A S HOLDCO LLC
An independent provider of maintenance, repair and overhaul services to the aerospace gas turbine engine and
airframe markets.
14% Senior Subordinated Note due 2014 $ 2,233,330 07/03/06 2,130,446 2,226,966
Preferred Unit (B) 382 uts. 07/03/06 382,150 395,907
Preferred Unit (B) 69 uts. 07/03/06 68,790 71,266
Common Unit Class I (B) 148 uts. 07/03/06 -- --
Common Unit Class L (B) 31 uts. 07/03/06 -- --
------------ ------------
2,581,386 2,694,139
------------ ------------
P I I HOLDING CORPORATION
A manufacturer of plastic film and bags for the general industrial, medical, and food industries.
12% Senior Subordinated Note due 2013 $ 2,295,000 03/31/06 2,160,956 2,317,950
Preferred Stock (B) 36 shs. 03/31/06 329,596 380,176
Common Stock (B) 23 shs. 03/31/06 25,500 55,698
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 13 shs. 03/31/06 11,122 32,399
------------ ------------
2,527,174 2,786,223
------------ ------------
PACIFIC CONSOLIDATED HOLDINGS LLC
A manufacturer of rugged, mobile liquid and gaseous oxygen and nitrogen generating systems used in the global defense,
oil & gas, and medical sectors.
12% Senior Subordinated Note due 2012 $ 1,304,624 04/27/07 1,198,729 1,218,741
Limited Liability Company Unit (B) 1,754,707 uts. 04/27/07 63,233 60,011
------------ ------------
1,261,962 1,278,752
------------ ------------
PARADIGM PACKAGING, INC.
A manufacturer of plastic bottles and closures for the nutritional, pharmaceutical, personal care
and food packaging markets.
12% Senior Subordinated Note due 2011 $ 2,125,000 12/19/00 2,085,946 2,109,962
Membership Interests of MM/Lincap
PPI Investments, Inc., LLC (B) 2.42% int. 12/21/00 265,625 162,285
------------ ------------
2,351,571 2,272,247
------------ ------------
Massmutual Corporate Investors
--------------------------------------------------------------------------------------------------------------------------------
19
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONTINUED)
March 31, 2008
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
POSTLE ALUMINUM COMPANY LLC
A manufacturer and distributor of aluminum extruded products.
12% Senior Subordinated Note due 2014 $ 2,040,000 10/02/06 $ 1,899,155 $ 2,049,061
Limited Liability Company Unit (B) 1,384 uts. 10/02/06 510,000 422,958
Warrant, exercisable until 2016, to purchase
common stock at $.01 per share (B) 344 shs. 10/02/06 124,644 105,197
------------ ------------
2,533,799 2,577,216
------------ ------------
POWER SERVICES HOLDING COMPANY
A provider of industrial motor repair services, predictive and preventative maintenance, and performance
improvement consulting, serving the petrochemical, mining, power generation, metals, and paper industries.
12% Senior Subordinated Note due 2016 $ 2,372,093 02/11/08 2,158,373 2,340,344
Limited Partnership Interest 177,729 uts. 02/11/08 177,729 168,843
Warrant, exercisable until 2016, to purchase
common stock at $.01 per share (B) 1,322 shs. 02/11/08 167,588 13
------------ ------------
2,503,690 2,509,200
------------ ------------
PROTEIN GENETICS, INC.
A producer of bovine artificial insemination products, related breeding and healthcare products and specialty genetics
sold to the dairy and beef industries.
9.8% Redeemable Exchangeable Preferred Stock (B) 1,004 shs. 08/12/94 100,350 --
Common Stock (B) 2,600 shs. * 126,866 --
------------ ------------
227,216 --
------------ ------------
QUALIS AUTOMOTIVE LLC
A distributor of aftermarket automotive brake and chassis products.
12% Senior Subordinated Note due 2012 $ 1,770,833 05/28/04 1,542,560 1,737,234
Common Stock (B) 354,166 shs. 05/28/04 354,166 198,016
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share 377,719 shs. 05/28/04 377,719 211,184
------------ ------------
2,274,445 2,146,434
------------ ------------
QUALSERV CORPORATION
A provider of foodservice equipment and supplies to major restaurant chains and their franchisees.
Limited Partnership Interest (B) 9.26% int. 07/09/04 1 --
------------ ------------
* 08/12/94 and 11/14/01.
--------------------------------------------------------------------------------------------------------------------------------
20
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONTINUED)
March 31, 2008
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
R A J MANUFACTURING HOLDINGS LLC
A designer and manufacturer of women's swimwear sold under a variety of licensed brand names.
12.5% Senior Subordinated Note due 2014 $ 2,267,190 12/15/06 $ 2,090,363 $ 2,270,225
Limited Liability Company Unit (B) 2,828 uts. 12/15/06 282,810 154,950
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 3 shs. 12/15/06 131,483 73,072
------------ ------------
2,504,656 2,498,247
------------ ------------
R E I DELAWARE HOLDING, INC.
An engineer and manufacturer of highly complex, close tolerance components, assemblies,
tooling and custom automation equipment primarily for aerospace, medical and defense/radar markets.
12% Senior Subordinated Note due 2016 $ 2,550,000 01/18/08 2,467,911 2,524,713
Warrant, exercisable until 2018, to purchase
common stock at $.01 per share (B) 6 shs. 01/18/08 31,089 --
------------ ------------
2,499,000 2,524,713
------------ ------------
RADIAC ABRASIVES, INC.
A manufacturer of bonded abrasive and super abrasive grinding wheels in the United States.
12% Senior Subordinated Note due 2014 $ 2,260,638 02/10/06 2,116,579 2,305,851
Common Stock (B) 289,362 shs. 02/10/06 289,362 372,362
Warrant, exercisable until 2016, to purchase
common stock at $.01 per share (B) 131,555 shs. 02/10/06 119,796 169,290
------------ ------------
2,525,737 2,847,503
------------ ------------
ROYAL BATHS MANUFACTURING COMPANY
A manufacturer and distributor of acrylic and cultured marble bathroom products.
12.5% Senior Subordinated Notes due 2011 $ 1,062,500 11/14/03 990,317 1,053,717
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 140 shs. 11/14/03 122,946 131,613
------------ ------------
1,113,263 1,185,330
------------ ------------
SAFETY SPEED CUT MANUFACTURING COMPANY, INC.
A manufacturer of vertical panel saws and routers for the wood working industry.
Class B Common Stock (B) 1,480 shs. 06/02/99 256,212 1,274,560
------------ ------------
Massmutual Corporate Investors
--------------------------------------------------------------------------------------------------------------------------------
21
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONTINUED)
March 31, 2008
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
SAVAGE SPORTS HOLDING, INC.
A manufacturer of sporting firearms.
12% Senior Subordinated Note due 2012 $ 1,538,793 09/10/04 $ 1,459,402 $ 1,559,729
Common Stock (B) 612 shs. * 642,937 1,096,954
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 134 shs. 09/10/04 113,578 239,502
------------ ------------
2,215,917 2,896,185
------------ ------------
SMART SOURCE HOLDINGS LLC
A short-term computer rental company.
12% Senior Subordinated Note due 2015 $ 2,223,076 ** 2,020,239 2,173,415
Limited Liability Company Unit (B) 619 uts. ** 638,061 588,487
Warrant, exercisable until 2015, to purchase
common stock at $.01 per share (B) 157 shs. ** 164,769 2
------------ ------------
2,823,069 2,761,904
------------ ------------
SPECIALTY FOODS GROUP, INC.
A manufacturer and distributor of branded meat products.
Limited Partnership Interest of MHD Holdings LLC (B) 1.43% int. 08/29/00 684,724 --
------------ ------------
STANTON CARPET HOLDING CO.
A designer and marketer of high and mid-priced decorative carpets and rugs.
12.13% Senior Subordinated Note due 2014 $ 2,239,024 08/01/06 2,112,769 2,217,508
Common Stock (B) 311 shs. 08/01/06 310,976 367,957
Warrant, exercisable until 2014, to purchase
common stock at $.02 per share (B) 104 shs. 08/01/06 93,293 122,546
------------ ------------
2,517,038 2,708,011
------------ ------------
STRATEGIC EQUIPMENT & SUPPLY CORPORATION, INC.
A provider of kitchen and restaurant design, equipment fabrication and installation services.
Warrant, exercisable until 2008, to purchase
common stock at $.01 per share (B) 106,539 shs. 01/14/00 658,751 --
------------ ------------
T H I ACQUISITION, INC.
A machine servicing company providing value-added steel services to long steel products.
12% Senior Subordinated Note due 2016 $ 2,550,000 01/14/08 2,410,946 2,522,305
Warrant, exercisable until 2016, to purchase
common stock at $.01 per share (B) 9 shs. 01/14/08 88,054 --
------------ ------------
2,499,000 2,522,305
------------ ------------
* 09/10/04 and 10/05/07.
** 08/31/07 and 03/06/08.
--------------------------------------------------------------------------------------------------------------------------------
22
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONTINUED)
March 31, 2008
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
TANGENT RAIL CORPORATION
A manufacturer of rail ties and provides specialty services to the North American railroad industry.
13% Senior Subordinated Note due 2013 $ 2,217,385 10/14/05 $ 1,939,864 $ 2,217,385
Common Stock (B) 2,203 shs. 10/14/05 2,203 1,620,923
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 1,167 shs. 10/14/05 294,403 858,655
------------ ------------
2,236,470 4,696,963
------------ ------------
TERRA RENEWAL SERVICES, INC.
A provider of wastewater residual management and required environmental reporting, permitting,
nutrient management planning and record keeping to companies involved in poultry and food processing.
8.7% Senior Secured Tranche B Note due 2012 (C) $ 1,520,515 * 1,515,366 1,462,549
12% Senior Subordinated Note due 2014 $ 1,162,110 ** 1,110,071 1,151,549
Limited Partnership Interest of
Saw Mill Capital Fund V, L.P. (B) 2.30% int. 03/01/05 116,285 728,014
Warrant, exercisable until 2016, to purchase
common stock at $.01 per share (B) 72 shs. 04/28/06 59,041 126,579
------------ ------------
2,800,763 3,468,691
------------ ------------
TORRENT GROUP HOLDINGS, INC.
A contractor specializing in the sales and installation of engineered drywells for the retention and filtration of
stormwater and nuisance water flow.
12.5% Senior Subordinated Note due 2013 $ 2,239,024 10/26/07 2,102,363 2,210,216
Series A Preferred Stock (B) 414 shs. 10/26/07 414,051 393,348
------------ ------------
2,516,414 2,603,564
------------ ------------
TOTAL E & S, INC.
A manufacturer of a wide variety of equipment used in the oil and gas industry.
10.5% Senior Secured Term Note due 2013 $ 851,351 03/02/07 838,581 840,878
13% Senior Subordinated Note due 2014 $ 598,450 03/02/07 490,608 588,306
Common Stock (B) 125,199 shs. 03/02/07 125,199 50,736
Warrant, exercisable until 2014 to purchase
common stock at $.01 per share (B) 34,533 shs. 03/02/07 95,873 13,994
------------ ------------
1,550,261 1,493,914
------------ ------------
* 4/28/06 and 12/21/06.
** 04/28/06 and 09/13/06. Massmutual Corporate Investors
--------------------------------------------------------------------------------------------------------------------------------
23
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONTINUED)
March 31, 2008
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
THE TRANZONIC COMPANIES
A producer of commercial and industrial supplies, such as safety products, janitorial supplies, work apparel, washroom and
restroom supplies and sanitary care products.
13% Senior Subordinated Note due 2010 $ 2,712,000 02/05/98 $ 2,579,765 $ 2,712,000
Common Stock (B) 630 shs. 02/04/98 630,000 691,096
Warrant, exercisable until 2009, to purchase
common stock at $.01 per share (B) 444 shs. 02/05/98 368,832 487,058
------------ ------------
3,578,597 3,890,154
------------ ------------
TRANSPAC HOLDING COMPANY
A designer, importer, and wholesaler of home decor and seasonal gift products.
12% Senior Subordinated Note due 2015 $ 1,773,006 10/31/07 1,652,045 1,737,913
Common Stock (B) 209 shs. 10/31/07 208,589 198,161
Warrant, exercisable until 2015, to purchase
common stock at $.01 per share (B) 94 shs. 10/31/07 87,607 1
------------ ------------
1,948,241 1,936,075
------------ ------------
TRANSTAR HOLDING COMPANY
A distributor of aftermarket automotive transmission parts.
12% Senior Subordinated Note due 2014 $ 1,734,000 08/31/05 1,669,957 1,777,631
Common Stock (B) 1,078 shs. * 1,078,450 1,413,404
Warrant, exercisable until 2014, to purchase
common stock at $.02 per share (B) 86 shs. 08/31/05 77,485 112,632
------------ ------------
2,825,892 3,303,667
------------ ------------
TRUCK BODIES & EQUIPMENT INTERNATIONAL
A designer and manufacturer of accessories for heavy and medium duty trucks, primarily dump bodies, hoists,
various forms of flat-bed bodies, landscape bodies and other accessories.
12% Senior Subordinated Note due 2013 $ 2,309,541 ** 2,173,291 2,078,587
Common Stock (B) 742 shs. ** 800,860 141,012
Warrant, exercisable until 2013, to purchase
common stock at $.02 per share (B) 153 shs. ** 159,894 29,124
------------ ------------
3,134,045 2,248,723
------------ ------------
* 08/31/05 and 04/30/07
** 07/19/05 and 12/22/05.
--------------------------------------------------------------------------------------------------------------------------------
24
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONTINUED)
March 31, 2008
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
TRUSTILE DOORS, INC.
A manufacturer and distributor of interior doors.
12.5% Senior Subordinated Note due 2010 $ 850,000 04/11/03 $ 819,843 $ 856,648
Warrant, exercisable until 2010, to purchase
common stock at $.01 per share (B) 5,781 shs. 04/11/03 83,927 216,342
------------ ------------
903,770 1,072,990
------------ ------------
U M A ENTERPRISES, INC.
An importer and wholesaler of home decor products.
15% Senior Subordinated Note due 2015 $ 1,663,044 02/08/08 1,629,783 1,654,008
Convertible Preferred Stock (B) 887 shs. 02/08/08 886,956 842,612
------------ ------------
2,516,739 2,496,620
------------ ------------
U-LINE CORPORATION
A manufacturer of high-end, built-in, undercounter ice making, wine storage and refrigeration appliances.
12.5% Senior Subordinated Note due 2012 $ 1,882,100 04/30/04 1,741,666 1,850,740
Common Stock (B) 182 shs. 04/30/04 182,200 137,176
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 230 shs. 04/30/04 211,736 173,480
------------ ------------
2,135,602 2,161,396
------------ ------------
VICTORY VENTURES LLC
An acquirer of controlling or substantial interests in other entities.
Series A Preferred Units (B) 1 ut. 12/02/96 937 --
------------ ------------
VISIONEERING, INC.
A designer and manufacturer of tooling and fixtures for the aerospace industry.
10.5% Senior Secured Term Loan due 2013 $ 802,941 05/17/07 790,897 801,983
13% Senior Subordinated Note due 2014 $ 648,530 05/17/07 584,511 646,646
Common Stock (B) 123,529 shs. 05/17/07 123,529 117,353
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 35,006 shs. 05/17/07 55,055 350
------------ ------------
1,553,992 1,566,332
------------ ------------
* 09/24/04 and 12/22/06. Massmutual Corporate Investors
--------------------------------------------------------------------------------------------------------------------------------
25
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONTINUED)
March 31, 2008
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
VITALITY FOODSERVICE, INC.
A non-carbonated beverage dispensing company focused on the foodservice industry.
13% Senior Subordinated Note due 2011 $ 1,887,288 09/24/04 $ 1,770,082 $ 1,706,371
Common Stock (B) 26,456 shs. * 264,558 197,509
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 23,787 shs. 09/24/04 186,883 177,583
------------ ------------
2,221,523 2,081,463
------------ ------------
VITEX PACKAGING GROUP, INC.
A manufacturer of specialty packaging, primarily envelopes and tags used on tea bags.
12.5% Senior Subordinated Note due 2012 $ 1,700,000 07/19/04 1,483,065 1,530,000
14.5% PIK Note due 2010 $ 212,500 06/30/07 192,717 191,250
Limited Liability Company Unit Class A (B) 414,375 uts. 07/19/04 414,375 --
Limited Liability Company Unit Class B (B) 182,935 uts. 07/19/04 182,935 --
------------ ------------
2,273,092 1,721,250
------------ ------------
WAGGIN' TRAIN HOLDINGS LLC
A producer of premium quality meat dog treats.
14% Senior Subordinated Note due 2014 $ 2,132,785 11/15/07 2,090,198 2,083,933
Limited Liability Company Unit Class B (B) 423 uts. 11/15/07 422,652 401,518
Limited Liability Company Unit Class C (B) 423 uts. 11/15/07 -- 4
------------ ------------
2,512,850 2,485,455
------------ ------------
WALLS INDUSTRIES, INC.
A provider of branded workwear and sporting goods apparel.
Limited Partnership Interest (B) 0.40% int. 07/12/04 3,728 6,770
Common Stock (B) 4,028 shs. 12/21/07 -- 7,315
------------ ------------
3,728 14,085
------------ ------------
WELLBORN FOREST HOLDING CO.
A manufacturer of semi-custom kitchen and bath cabinetry.
12.13% Senior Subordinated Note due 2014 $ 1,721,250 11/30/06 1,609,019 1,629,273
Common Stock (B) 191 shs. 11/30/06 191,250 112,950
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 95 shs. 11/30/06 86,493 56,389
------------ ------------
1,886,762 1,798,612
------------ ------------
* 09/24/04 and 12/22/06.
--------------------------------------------------------------------------------------------------------------------------------
26
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONTINUED)
March 31, 2008
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
WORKPLACE MEDIA HOLDING CO.
A direct marketer specializing in providing advertisers with access to consumers in the workplace.
13% Senior Subordinated Note due 2015 $ 1,159,196 05/14/07 $ 1,057,494 $ 1,078,674
Limited Partnership Interests (B) 23.16% int. 05/14/07 115,804 98,433
Warrant, exercisable until 2015, to purchase
common stock at $.02 per share (B) 88 shs. 05/14/07 83,462 1
------------ ------------
1,256,760 1,177,108
------------ ------------
TOTAL PRIVATE PLACEMENT INVESTMENTS (F) 180,321,879 177,231,828
------------ ------------
Massmutual Corporate Investors
--------------------------------------------------------------------------------------------------------------------------------
27
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONTINUED)
March 31, 2008
(Unaudited)
Shares or
Interest Due Principal
CORPORATE RESTRICTED SECURITIES: (A) (Continued) Rate Date Amount Cost Fair Value
------- -------- ------------ ------------ ------------
RULE 144A SECURITIES - 3.50%:
BONDS - 3.50%
American Tire Distributor (C) 10.979% 04/01/12 $ 1,000,000 $ 950,000 $ 895,000
Charter Communications Op LLC 8.000 04/30/12 550,000 529,125 504,625
Compucom Systems, Inc. 12.500 10/01/15 1,330,000 1,285,972 1,240,225
Douglas Dynamics LLC 7.750 01/15/12 630,000 632,568 472,500
G F S I, Inc. (C) 10.500 06/01/11 750,000 719,745 697,500
Intergen NV 9.000 06/30/17 750,000 743,918 783,750
Packaging Dynamics Corporation of America 10.000 05/01/16 1,200,000 1,195,334 894,000
Penhall International 12.000 08/01/14 650,000 665,823 549,250
Rock-Tenn Co. 9.250 03/15/16 75,000 74,475 77,625
Ryerson, Inc. 12.000 11/01/15 65,000 65,000 61,425
Snoqualmie Entertainment Authority 9.125 02/01/15 500,000 487,956 425,000
Tenneco, Inc. 8.125 11/15/15 100,000 100,000 99,250
Tunica-Biloxi Gaming Authority 9.000 11/15/15 1,075,000 1,104,778 1,042,750
TXU Energy Company LLC 10.250 11/01/15 1,000,000 1,004,875 996,250
------------ ------------
TOTAL BONDS $ 9,559,569 $ 8,739,150
------------ ------------
CONVERTIBLE PREFERRED STOCK - 0.00%
ETEX Corporation 777 716 --
------------ ------------
TOTAL CONVERTIBLE PREFERRED STOCK 716 --
------------ ------------
PREFERRED STOCK - 0.00%
TherOX, Inc. 103 4,131 --
------------ ------------
TOTAL PREFERRED STOCK 4,131 --
------------ ------------
COMMON STOCK - 0.00%
Touchstone Health Partnership 1,168 4,254 --
------------ ------------
TOTAL COMMON STOCK 4,254 --
------------ ------------
TOTAL RULE 144A SECURITIES 9,568,670 8,739,150
------------ ------------
TOTAL CORPORATE RESTRICTED SECURITIES $189,890,549 $185,970,978
------------ ------------
----------------------------------------------------------------------------------------------------------------
28
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONTINUED)
March 31, 2008
(Unaudited)
Interest Due Principal Market
CORPORATE PUBLIC SECURITIES - 26.14%: (A) Rate Date Amount Cost Value
------- -------- ------------ ------------ ------------
BONDS - 23.88%
A M C Entertainment, Inc. 11.000% 02/01/16 $ 815,000 $ 817,222 $ 763,038
Activant Solutions, Inc. 9.500 05/01/16 150,000 150,000 126,000
Affinia Group, Inc. 9.000 11/30/14 785,000 709,625 678,044
ALH Fin LLC / ALH Fin Corporation 8.500 01/15/13 870,000 839,213 791,700
Appleton Papers, Inc. 8.125 06/15/11 300,000 300,000 288,750
Aramark Corporation (C) 6.739 02/01/15 200,000 200,000 176,500
Aramark Corporation 8.500 02/01/15 500,000 502,500 501,250
Atlas Pipeline Partners 8.125 12/15/15 200,000 200,000 203,500
Bally Total Fitness Holdings Corporation 14.000 10/01/13 90,000 73,350 54,000
Basic Energy Services 7.125 04/15/16 225,000 225,000 214,313
Blockbuster, Inc. (C) 9.000 09/01/12 475,000 475,675 387,125
Boyd Gaming Corporation 7.125 02/01/16 1,000,000 824,250 805,000
Brigham Exploration Co. 9.625 05/01/14 1,200,000 1,167,903 1,032,000
Bristow Group, Inc. 7.500 09/15/17 150,000 150,000 150,750
CCH I Holdings LLC 11.125 01/15/14 550,000 351,438 264,000
Cablevision Systems Corporation 8.000 04/15/12 1,000,000 1,010,857 972,500
Cenveo Corporation 7.875 12/01/13 550,000 550,000 445,500
Chaparral Energy, Inc. 8.875 02/01/17 1,500,000 1,491,780 1,301,250
Cincinnati Bell, Inc. 8.375 01/15/14 1,100,000 1,007,500 1,031,250
Clayton Williams Energy, Inc. 7.750 08/01/13 1,200,000 1,179,000 1,038,000
Community Health Systems, Inc. 8.875 07/15/15 1,200,000 1,169,415 1,204,500
Delta Petroleum Corporation 7.000 04/01/15 750,000 661,875 667,500
Dynegy Holdings, Inc. 6.875 04/01/11 500,000 422,500 491,250
Dynegy Holdings, Inc. 7.500 06/01/15 500,000 446,548 468,750
Dynegy Holdings, Inc. 8.375 05/01/16 330,000 330,000 326,700
Edison Mission Energy 7.750 06/15/16 55,000 55,000 56,650
Esterline Technologies 7.750 06/15/13 200,000 200,000 203,000
Ford Motor Credit Co. 7.375 10/28/09 1,250,000 1,246,875 1,138,916
Gencorp, Inc. 9.500 08/15/13 259,000 259,000 257,058
General Motors Acceptance Corporation 7.750 01/19/10 1,250,000 1,276,465 1,081,208
Goodyear Tire & Rubber Co. 7.857 08/15/11 1,400,000 1,342,750 1,433,250
Graham Packaging Corporation 9.875 10/15/14 280,000 252,700 235,200
Great Lakes Dredge & Dock Corporation 7.750 12/15/13 500,000 481,250 457,500
H C A, Inc. 9.250 11/15/16 975,000 990,924 1,011,563
Hawker Beechcraft Acquisition Co. 9.750 04/01/17 1,275,000 1,287,356 1,268,625
Hughes Network Systems 9.500 04/15/14 1,050,000 1,071,103 1,044,750
Inergy LP 8.250 03/01/16 150,000 150,000 153,375
Massmutual Corporate Investors
----------------------------------------------------------------------------------------------------------------
29
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONTINUED)
March 31, 2008
(Unaudited)
Interest Due Principal
CORPORATE PUBLIC SECURITIES: (A) (Continued) Rate Date Amount Cost Market Value
------- -------- ------------ ------------ ------------
Intelsat Bermuda Ltd. 9.250% 06/15/16 $ 1,365,000 $ 1,416,096 $ 1,375,238
Interline Brands, Inc. 8.125 06/15/14 1,300,000 1,291,107 1,241,500
Kar Holdings, Inc. 8.750 05/01/14 50,000 50,000 44,500
Kar Holdings, Inc. 10.000 05/01/15 1,000,000 926,448 865,000
Koppers, Inc. 9.875 10/15/13 477,000 477,000 500,850
Leucadia National Corporation 7.000 08/15/13 650,000 659,293 645,125
Liberty Media Corporation 5.700 05/15/13 1,000,000 951,610 875,544
Majestic Star Casino LLC 9.500 10/15/10 500,000 500,000 441,250
Manitowoc Company, Inc. 7.125 11/01/13 200,000 200,000 198,000
Mariner Energy, Inc. 8.000 05/15/17 800,000 805,187 764,000
Markwest Energy Operating Co. 6.875 11/01/14 775,000 763,000 732,375
Mediacom Broadband LLC 8.500 10/15/15 1,500,000 1,517,532 1,260,000
N R G Energy, Inc. 7.375 02/01/16 175,000 175,000 171,500
N T L Cable PLC 9.125 08/15/16 1,380,000 1,416,455 1,235,100
Neiman Marcus Group, Inc. 10.375 10/15/15 750,000 757,500 750,000
Newark Group, Inc. 9.750 03/15/14 850,000 796,863 688,500
North American Energy Partners 8.750 12/01/11 1,165,000 1,175,372 1,153,350
O E D Corp./Diamond Jo Company Guarantee 8.750 04/15/12 1,000,000 985,960 880,000
Petrohawk Energy Corporation 9.125 07/15/13 1,500,000 1,522,830 1,541,250
Pliant Corporation 11.125 09/01/09 550,000 539,000 437,250
Pliant Corporation (C) 11.850 06/15/09 990,634 998,818 970,822
Polypore, Inc. 8.750 05/15/12 1,960,000 1,893,800 1,881,600
Pregis Corporation 12.375 10/15/13 1,000,000 981,490 930,000
Quality Distribution, Inc. (C) 8.758 01/15/12 545,000 547,096 407,388
Quebecor Media, Inc. 7.750 03/15/16 1,175,000 1,097,423 1,072,188
RBS Global & Rexnord Corporation 11.750 08/01/16 275,000 284,486 237,875
Rental Service Corporation 9.500 12/01/14 1,500,000 1,489,385 1,252,500
Scholastic Corporation 5.000 04/15/13 1,500,000 1,278,750 1,278,656
Sheridan Acquisition Corporation 10.250 08/15/11 375,000 370,001 330,469
Stanadyne Corporation 10.000 08/15/14 1,500,000 1,500,000 1,365,000
Steel Dynamics, Inc. 6.750 04/01/15 200,000 200,000 196,000
Stewart & Stevenson LLC 10.000 07/15/14 1,500,000 1,536,464 1,440,000
Stratos Global 9.875 02/15/13 575,000 578,167 584,344
Tekni-Plex, Inc. 8.750 11/15/13 650,000 655,126 572,000
Tenneco, Inc. 8.625 11/15/14 1,000,000 1,002,318 982,500
Texas Industries, Inc. 7.250 07/15/13 70,000 70,000 68,075
Time Warner Telecom Holdings 9.250 02/15/14 1,000,000 1,009,912 1,010,000
Titan International, Inc. 8.000 01/15/12 370,000 365,600 362,600
----------------------------------------------------------------------------------------------------------------
30
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONTINUED)
March 31, 2008
(Unaudited)
Interest Due Principal
CORPORATE PUBLIC SECURITIES: (A) (Continued) Rate Date Amount Cost Market Value
------- -------- ------------ ------------ ------------
Trimas Corporation 9.875% 06/15/12 $ 823,000 $ 764,250 $ 716,010
Triton PCS, Inc. 8.500 06/01/13 550,000 550,000 572,688
Tube City IMS Corporation 9.750 02/01/15 1,000,000 1,009,604 880,000
United Components, Inc. 9.375 06/15/13 1,080,000 1,081,001 989,550
United Rentals, Inc. 7.750 11/15/13 625,000 625,000 509,375
United Rentals, Inc. 7.000 02/15/14 500,000 500,000 392,500
Vought Aircraft Industries 8.000 07/15/11 1,000,000 998,796 917,500
Warner Music Group Corporation 7.375 04/15/14 275,000 275,000 211,750
Waste Services, Inc. 9.500 04/15/14 1,100,000 1,121,102 1,053,250
------------ ------------
TOTAL BONDS $ 63,578,916 $ 59,709,237
------------ ------------
COMMON STOCK - 2.02%
Bally Total Fitness Holdings Corporation (B) 600 $ 5,520 $ 156
Chase Packaging Corporation 9,541 -- 1,908
Comcast Corporation 33,200 613,868 642,088
EnerNOC, Inc. (B) 46,500 1,283,262 530,100
ITC^DeltaCom, Inc. (B) 178,666 1,563,328 661,064
PepsiAmericas, Inc. 92,145 2,006,365 2,352,462
Supreme Industries, Inc. 115,721 267,323 659,610
Visa, Inc. 3,324 146,256 207,285
------------ ------------
TOTAL COMMON STOCK $ 5,885,922 $ 5,054,673
------------ ------------
CONVERTIBLE BONDS - 0.24%
Citadel Broadcasting Corporation 1.875% 02/15/11 $ 700,000 $ 543,375 $ 594,125
------------ ------------
TOTAL CONVERTIBLE BONDS 543,375 594,125
------------ ------------
TOTAL CORPORATE PUBLIC SECURITIES $ 70,008,213 $ 65,358,035
------------ ------------
Massmutual Corporate Investors
----------------------------------------------------------------------------------------------------------------
31
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONTINUED)
March 31, 2008
(Unaudited)
Interest Due Principal
CORPORATE PUBLIC SECURITIES: (A) (Continued) Rate/Yield* Date Amount Cost Market Value
------- -------- ------------ ------------ ------------
SHORT-TERM SECURITIES:
COMMERCIAL PAPER - 10.41%
Detroit Edison Company 3.052% 04/04/08 $ 4,900,000 $ 4,898,755 $ 4,898,755
Duke Energy Carolinas LLC 3.102 04/02/08 3,854,000 3,853,668 3,853,668
Duke Energy Carolinas LLC 3.107 04/11/08 302,000 301,740 301,740
International Lease Finance Corporation 2.583 04/07/08 988,000 987,575 987,575
International Lease Finance Corporation 3.003 04/09/08 2,539,000 2,537,307 2,537,307
Kraft Foods, Inc. 3.155 04/01/08 883,000 883,000 883,000
P P G Industries, Inc. 3.103 04/07/08 3,422,000 3,420,232 3,420,232
Textron Financial Corporation 3.350 04/01/08 4,873,000 4,873,000 4,873,000
Wisconsin Gas Company 2.651 04/03/08 4,266,000 4,265,372 4,265,372
------------ ------------
TOTAL SHORT-TERM SECURITIES $ 26,020,649 $ 26,020,649
------------ ------------
TOTAL INVESTMENTS 110.94% $285,919,411 $277,349,662
============ ============
Other Assets 2.78 6,967,838
Liabilities (13.72) (34,309,976)
------ ------------
TOTAL NET ASSETS 100.00% $250,007,524
====== ============
(A) In each of the convertible note, warrant, convertible preferred and common stock investments, the issuer has
agreed to provide certain registration rights.
(B) Non-income producing security.
(C) Variable rate security; rate indicated is as of 3/31/08.
(D) Defaulted Security; interest not accrued.
(E) Security publicly priced.
(F) Illiquid securities. At March 31, 2008, the value of these securities amounted to $177,231,828 or 70.89% of
net assets.
* Effective yield at purchase.
PIK - Payment-in-kind
----------------------------------------------------------------------------------------------------------------
32
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONTINUED)
March 31, 2008
(Unaudited)
Fair Value/ Fair Value/
INDUSTRY CLASSIFICATION: Market Value Market Value
-------------- --------------
AEROSPACE - 4.38% BROADCASTING & ENTERTAINMENT - 2.69%
Consolidated Foundries Holdings $ 4,278,202 CCH I Holdings LLC $ 264,000
Esterline Technologies 203,000 Cablevision Systems Corporation 972,500
Gencorp, Inc. 257,058 Cenveo Corporation 445,500
Hughes Network Systems 1,044,750 Charter Communications Op LLC 504,625
P A S Holdco LLC 2,694,139 Citadel Broadcasting Corporation 594,125
Visioneering, Inc. 1,566,332 Comcast Corporation 642,088
Vought Aircraft Industries 917,500 Liberty Media Corporation 875,544
-------------- Mediacom Broadband LLC 1,260,000
10,960,981 Workplace Media Holding Co. 1,177,108
-------------- --------------
AUTOMOBILE - 7.72% 6,735,490
American Tire Distributor 895,000 --------------
Ford Motor Credit Co. 1,138,916 BUILDINGS & REAL ESTATE - 1.46%
Fuel Systems Holding Corporation 2,137,849 K W P I Holdings Corporation 2,516,529
General Motors Acceptance Corporation 1,081,208 Texas Industries, Inc. 68,075
Goodyear Tire & Rubber Co. 1,433,250 TruStile Doors, Inc. 1,072,990
Jason, Inc. 1,651,494 --------------
Nyloncraft, Inc. 1,896,875 3,657,594
Ontario Drive & Gear Ltd. 1,190,126 --------------
Qualis Automotive LLC 2,146,434 CHEMICAL, PLASTICS & RUBBER - 0.42%
Tenneco, Inc. 1,081,750 Capital Specialty Plastics, Inc. 558,932
Titan International, Inc. 362,600 Koppers, Inc. 500,850
Transtar Holding Company 3,303,667 --------------
United Components, Inc. 989,550 1,059,782
-------------- --------------
19,308,719 CONSUMER PRODUCTS - 8.20%
-------------- Aero Holdings, Inc. 3,601,570
BEVERAGE, DRUG & FOOD - 4.19% ALH Fin LLC/ALH Fin Corporation 791,700
Aramark Corporation 677,750 Bravo Sports Holding Corporation 2,681,264
Golden Country Foods Holding, Inc. 2,003,987 G F S I, Inc. 697,500
Nonni's Food Company 3,346,078 K N B Holdings Corporation 2,686,184
PepsiAmericas, Inc. 2,352,462 Kar Holdings, Inc. 909,500
Specialty Foods Group, Inc. -- Momentum Holding Co. 1,551,177
Vitality Foodservice, Inc. 2,081,463 R A J Manufacturing Holdings LLC 2,498,247
-------------- Royal Baths Manufacturing Company 1,185,330
10,461,740 The Tranzonic Companies 3,890,154
-------------- Walls Industries, Inc. 14,085
--------------
20,506,711
--------------
Massmutual Corporate Investors
------------------------------------------------------------------------------------------------------------------------------------
33
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONTINUED)
March 31, 2008
(Unaudited)
Fair Value/ Fair Value/
INDUSTRY CLASSIFICATION:(Continued) Market Value Market Value
-------------- --------------
CONTAINERS, PACKAGING & GLASS - 5.24% DIVERSIFIED/CONGLOMERATE,
Chase Packaging Corporation $ 1,908 SERVICE - 4.09%
Flutes, Inc. 1,470,001 Advanced Technologies Holdings $ 2,496,324
Graham Packaging Corporation 235,200 CapeSuccess LLC 5,862
Maverick Acquisition Company 801,301 Diversco, Inc./DHI Holdings, Inc. 778,527
P I I Holding Corporation 2,786,223 Dwyer Group, Inc. 1,373,071
Packaging Dynamics Corporation of America 894,000 Fowler Holding, Inc. 2,291,762
Paradigm Packaging, Inc. 2,272,247 Insurance Claims Management, Inc. 54,593
Pliant Corporation 1,408,072 Interline Brands, Inc. 1,241,500
Pregis Corporation 930,000 Mail Communications Group, Inc. 1,244,211
Tekni-Plex, Inc. 572,000 Moss, Inc. 732,860
Vitex Packaging Group, Inc. 1,721,250 --------------
-------------- 10,218,710
13,092,202 --------------
-------------- ELECTRONICS - 1.22%
DISTRIBUTION - 2.06% Connecticut Electric, Inc. 2,274,007
Affinia Group, Inc. 678,044 Directed Electronics, Inc. 770,290
Duncan Systems, Inc. 1,680,057 --------------
Magnatech International, Inc. 2,788,426 3,044,297
Strategic Equipment & Supply Corporation, Inc. -- --------------
QualServ Corporation -- FARMING & AGRICULTURE - 0.99%
-------------- Protein Genetics, Inc. --
5,146,527 Waggin' Train Holdings LLC 2,485,455
-------------- --------------
DIVERSIFIED/CONGLOMERATE, 2,485,455
MANUFACTURING - 6.80% --------------
A H C Holding Company, Inc. 2,493,265 FINANCIAL SERVICES - 1.99%
Activant Solutions, Inc. 126,000 Hawker Beechcraft Acquisition Co. 1,268,625
Arrow Tru-Line Holdings, Inc. 1,634,395 Highgate Capital LLC --
Douglas Dynamics LLC 472,500 Leucadia National Corporation 645,125
Evans Consoles, Inc. 1,301,310 Nesco Holdings Corp. 2,502,684
Great Lakes Dredge & Dock Corporation 457,500 Penhall International 549,250
Polypore, Inc. 1,881,600 Victory Ventures LLC --
Postle Aluminum Company LLC 2,577,216 --------------
Radiac Abrasives, Inc. 2,847,503 4,965,684
RBS Global & Rexnord Corporation 237,875 --------------
Trimas Corporation 716,010 HEALTHCARE, EDUCATION &
Truck Bodies & Equipment International 2,248,723 CHILDCARE - 3.62%
-------------- A T I Acquisition Company 2,166,925
16,993,897 American Hospice Management Holding LLC 2,008,549
-------------- Community Health Systems, Inc. 1,204,500
F H S Holdings LLC 2,655,056
H C A, Inc. 1,011,563
Touchstone Health Partnership --
--------------
9,046,593
--------------
------------------------------------------------------------------------------------------------------------------------------------
34
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONTINUED)
March 31, 2008
(Unaudited)
Fair Value/ Fair Value/
INDUSTRY CLASSIFICATION:(Continued) Market Value Market Value
-------------- --------------
HOME & OFFICE FURNISHINGS, MACHINERY - 9.99%
HOUSEWARES, AND DURABLE Davis-Standard LLC $ 3,219,298
CONSUMER PRODUCTS - 8.45% E S P Holdco, Inc. 2,518,124
Connor Sport Court International, Inc. $ 1,000,568 K-Tek Holdings Corporation 2,478,964
H M Holding Company -- Manitowoc Company, Inc. 198,000
Home Decor Holding Company 2,367,484 Morton Industrial Group, Inc. 2,196,818
Justrite Manufacturing Acquisition Co. 1,855,356 Navis Global 1,741,492
K H O F Holdings, Inc. 2,515,510 NetShape Technologies, Inc. 1,568,590
Monessen Holding Corporation 2,295,000 Pacific Consolidated Holdings LLC 1,278,752
Stanton Carpet Holding Co. 2,708,011 Power Services Holding Company 2,509,200
Transpac Holdings Company 1,936,075 R E I Delaware Holding, Inc. 2,524,713
U M A Enterprises, Inc. 2,496,620 Safety Speed Cut Manufacturing Company, Inc. 1,274,560
U-Line Corporation 2,161,396 Stanadyne Corporation 1,365,000
Wellborn Forest Holding Co. 1,798,612 Stewart & Stevenson LLC 1,440,000
-------------- Supreme Industries, Inc. 659,610
21,134,632 --------------
-------------- 24,973,121
LEISURE, AMUSEMENT, --------------
ENTERTAINMENT - 3.56% MEDICAL DEVICES/BIOTECH - 2.40%
A M C Entertainment, Inc. 763,038 Coeur, Inc. 1,396,052
Bally Total Fitness Holding Corporation 54,156 E X C Acquisition Corporation 166,250
Boyd Gaming Corporation 805,000 ETEX Corporation --
Electra Bicycle Company LLC 1,373,715 MicroGroup, Inc. 3,224,825
Majestic Star Casino LLC 441,250 OakRiver Technology, Inc. 1,221,926
O E D Corp/Diamond Jo Company Guarantee 880,000 TherOX, Inc. --
Savage Sports Holding, Inc. 2,896,185 --------------
Snoqualmie Entertainment Authority 425,000 6,009,053
Tunica-Biloxi Gaming Authority 1,042,750 --------------
Warner Music Group Corporation 211,750 MINING, STEEL, IRON & NON PRECIOUS
-------------- METALS - 1.46%
8,892,844 Ryerson, Inc. 61,425
-------------- Steel Dynamics, Inc. 196,000
T H I Acquisition, Inc. 2,522,305
Tube City IMS Corporation 880,000
--------------
3,659,730
--------------
NATURAL RESOURCES - 0.15%
Appleton Papers, Inc. 288,750
Rock-Tenn Co. 77,625
--------------
366,375
--------------
Massmutual Corporate Investors
------------------------------------------------------------------------------------------------------------------------------------
35
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONTINUED)
March 31, 2008
(Unaudited)
Fair Value/ Fair Value/
INDUSTRY CLASSIFICATION:(Continued) Market Value Market Value
-------------- --------------
OIL & GAS - 3.21% TELECOMMUNICATIONS - 2.59%
Atlas Pipeline Partners $ 203,500 Cincinnati Bell, Inc. $ 1,031,250
Basic Energy Services 214,313 Intelsat Bermuda Ltd. 1,375,238
Brigham Exploration Co. 1,032,000 ITC^DeltaCom, Inc. 661,064
Bristow Group, Inc. 150,750 N T L Cable PLC 1,235,100
Chaparral Energy, Inc. 1,301,250 Stratos Global 584,344
Clayton Williams Energy, Inc. 1,038,000 Time Warner Telecom Holdings 1,010,000
Delta Petroleum Corporation 667,500 Triton P C S, Inc. 572,688
Mariner Energy, Inc. 764,000 --------------
North American Energy Partners 1,153,350 6,469,684
Total E & S, Inc. 1,493,914 --------------
-------------- TRANSPORTATION - 2.18%
8,018,577 NABCO, Inc. 356,109
-------------- Quality Distribution, Inc. 407,388
PHARMACEUTICALS - 1.24% Tangent Rail Corporation 4,696,963
CorePharma LLC 2,636,376 --------------
Enzymatic Therapy, Inc. 466,578 5,460,460
-------------- --------------
3,102,954 UTILITIES - 2.29%
-------------- Dynegy Holdings, Inc. 1,286,700
PUBLISHING/PRINTING - 1.35% Edison Mission Energy 56,650
Newark Group, Inc. 688,500 Inergy LP 153,375
Quebecor Media, Inc. 1,072,188 Intergen NV 783,750
Scholastic Corporation 1,278,656 Markwest Energy Operating Co. 732,375
Sheridan Acquisition Corporation 330,469 N R G Energy, Inc. 171,500
-------------- Petrohawk Energy Corporation 1,541,250
3,369,813 TXU Energy Company LLC 996,250
-------------- --------------
RETAIL STORES - 1.84% 5,721,850
Blockbuster, Inc. 387,125 --------------
Neiman Marcus Group, Inc. 750,000 WASTE MANAGEMENT / POLLUTION - 2.85%
Olympic Sales, Inc. 1,309,019 Terra Renewal Services, Inc. 3,468,691
Rental Service Corporation 1,252,500 Torrent Group Holdings, Inc. 2,603,564
United Rentals, Inc. 901,875 Waste Services, Inc. 1,053,250
-------------- --------------
4,600,519 7,125,505
-------------- --------------
TECHNOLOGY - 1.90% Total Corporate Restricted and
Compucom Systems, Inc. 1,240,225 Public Securities - 100.53% $ 251,329,013
EnerNOC, Inc. 530,100 ==============
Smart Source Holdings LLC 2,761,904
Visa, Inc. 207,285
--------------
4,739,514
--------------
See notes to Consolidated Financial Statements
------------------------------------------------------------------------------------------------------------------------------------
36
INCOME TAX INFORMATION
The aggregate cost of investments is substantially the same for financial
reporting and federal income tax purposes as of March 31, 2008. The net
unrealized depreciation of investments for financial reporting and federal tax
purposes as of March 31, 2008 is $8,569,749 and consists of $21,249,163
appreciation and $29,818,912 depreciation.
FAIR VALUE MEASUREMENTS
Effective January 1, 2008, the Trust adopted FASB Statement of Financial
Accounting Standards No. 157, "Fair Value Measurements" ("FAS 157"). FAS 157
clarifies the definition of fair value, establishes a framework for measuring
fair values and requires additional disclosures about the use of fair value
measurements. FAS 157 requires companies to provide expanded information
about the assets and liabilities measured at fair value and the potential
effect of these fair valuations of an entity's financial performance.
Various inputs are used in determining the value of the Trust's investments.
Using the hierarchy established under FAS 157, these inputs are summarized in
the three broad levels listed below:
Level 1: quoted prices in active markets for identical securities
Level 2: other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayments speeds, credit risk,
etc.)
Level 3: significant unobservable inputs (including the Trust's own
assumptions in determining the fair value of investments)
The inputs and methodology used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Trust's net assets
as of March 31, 2008:
ASSETS TOTAL LEVEL 1 LEVEL 2 LEVEL 3
-----------------------------------------------------------------------------
Private Securities $ 185,970,978 $ 770,290 $ 8,739,150 $ 176,461,538
Public Securities 65,358,035 5,054,673 60,249,362 54,000
Short-term Securities 26,020,649 -- 26,020,649 --
-----------------------------------------------------------------------------
TOTAL $ 277,349,662 $ 5,824,963 $95,009,161 $ 176,515,538
Following is a reconciliation of Level 3 assets for which significant
unobservable inputs were used to determine fair value:
PRIVATE PUBLIC SHORT-TERM
ASSETS SECURITIES SECURITIES SECURITIES TOTAL
-----------------------------------------------------------------------------
Beginning balance
at 12/31/2007 $ 175,656,608 $ 74,700 $ -- $ 175,731,308
Total Gains or Losses
(realized/unrealized)
included in earnings* (263,552) (20,700) -- (284,252)
Purchases, sales,
issuances & settlements
(net) 1,068,482 -- -- 1,068,482
-----------------------------------------------------------------------------
ENDING BALANCE AT
3/31/08 $ 176,461,538 $ 54,000 $ 176,515,538
* The amount of total gains or losses for the period included in earnings
attributable to the change in unrealized gains or losses relating to level 3
assets still held at 3/31/08 is $(1,139,101).
ITEM 2. CONTROLS AND PROCEDURES.
(a) The principal executive officer and principal financial officer of
the Registrant evaluated the effectiveness of the Registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment
Company Act of 1940 (the "Act") as of a date within 90 days of the filing date
of this report and based on that evaluation have concluded that such disclosure
controls and procedures are effective to provide reasonable assurance that
material information required to be disclosed by the Registrant on Form N-Q is
recorded, processed, summarized and reported within the time periods specified
in the Securities and Exchange Commission's rules and forms.
(b) There were no changes in the Registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred
during the Registrant's last fiscal quarter that have materially affected, or
are reasonably likely to materially affect, the Registrant's internal control
over financial reporting.
ITEM 3. EXHIBITS.
Certifications pursuant to Rule 30a-2(a) under the Investment Company
Act of 1940 (17 CFR 270.30a-2(a)) are attached hereto as an exhibit.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the Registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) MassMutual Corporate Investors
------------------------------
By (Signature and Title)* /s/ Clifford M. Noreen
---------------------------------------------
Clifford M. Noreen, President
Date May 30, 2008
------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the Registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Clifford M. Noreen
---------------------------------------------
Clifford M. Noreen, President
Date May 30, 2008
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By (Signature and Title)* /s/ James M. Roy
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James M. Roy, Vice President and
Chief Financial Officer
Date May 30, 2008
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* PRINT THE NAME AND TITLE OF EACH SIGNING OFFICER UNDER HIS OR HER SIGNATURE.