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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)
Patricia J. Walsh, 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
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Date of fiscal year end: 12/31
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Date of reporting period: 09/30/08
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ITEM 1. SCHEDULE OF INVESTMENTS.
CONSOLIDATED SCHEDULE OF INVESTMENTS MassMutual Corporate Investors
September 30, 2008
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES - 81.41%:(A) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
PRIVATE PLACEMENT INVESTMENTS -77.14%
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 $ 2,368,473 11/21/07 $ 2,321,004 $ 2,225,316
Limited Partnership Interest (B) 14.99% int. 11/21/07 224,795 213,560
------------ ------------
2,545,799 2,438,876
------------ ------------
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 -- 17,649
Warrant, exercisable until 2012, to purchase
common stock at $.02 per share (B) 2,323 shs. 04/08/04 -- 599,438
------------ ------------
2,125,000 2,742,087
------------ ------------
A W X HOLDINGS CORPORATION
A provider of aerial equipment rental, sales and repair services to non-residential construction and maintenance contractors
operating in the State of Indiana.
10.5% Senior Secured Term Note due 2014 $ 735,000 05/15/08 720,300 713,227
13% Senior Subordinated Note due 2015 $ 735,000 05/15/08 659,902 706,275
Common Stock (B) 105,000 shs. 05/15/08 105,000 99,750
Warrant, exercisable until 2015, to purchase
common stock at $.01 per share (B) 36,923 shs. 05/15/08 62,395 369
------------ ------------
1,547,597 1,519,621
------------ ------------
ADVANCED TECHNOLOGIES HOLDINGS
A provider of factory maintence services to industrial companies.
15% Senior Subordinated Note due 2013 $ 2,071,400 12/27/07 2,030,090 2,012,267
Preferred Stock (B) 1,031 shs. 12/27/07 510,000 484,499
------------ ------------
2,540,090 2,496,766
------------ ------------
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 1,579,009
14% Senior Subordinated Note due 2015 $ 1,260,000 03/09/07 1,137,524 1,213,915
Common Stock (B) 262,500 shs. 03/09/07 262,500 326,898
Warrant, exercisable until 2015, to purchase
common stock at $.01 per share (B) 66,116 shs. 03/09/07 111,527 82,336
------------ ------------
3,114,639 3,202,158
------------ ------------
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7
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2008
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
ALL CURRENT HOLDING COMPANY
A specialty re-seller of essential electrical parts and components primarily serving wholesale distributors.
12% Senior Subordinated Note due 2015 $ 1,140,317 09/26/08 $ 1,035,420 $ 1,103,536
Common Stock (B) 1,347 shs. 09/26/08 134,683 127,965
Warrant, exercisable until 2018, to purchase
common stock at $.01 per share (B) 957 shs. 09/26/08 87,993 10
------------ ------------
1,258,096 1,231,511
------------ ------------
AMERICAN HOSPICE MANAGEMENT HOLDING LLC
A for-profit hospice care provider in the United States.
12% Senior Subordinated Note due 2013 $ 3,187,495 * 3,033,665 3,135,734
Preferred Class A Unit (B) 3,223 uts. ** 322,300 161,150
Preferred Class B Unit (B) 1,526 uts. 06/09/08 152,626 152,626
Common Class B Unit (B) 30,420 uts. 01/22/04 1 --
Common Class D Unit (B) 6,980 uts. 09/12/06 1 --
------------ ------------
3,508,593 3,449,510
------------ ------------
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 1,556,788 1,507,943
Common Stock (B) 497 shs. 05/18/05 497,340 45,733
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 130 shs. 05/18/05 112,128 11,989
------------ ------------
2,166,256 1,565,665
------------ ------------
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 2,160,796 2,231,897
Preferred Stock Class A (B) 879 shs. 06/30/06 268,121 182,490
Common Stock (B) 1 sh. 06/30/06 286 --
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 309 shs. 06/30/06 92,102 64,136
------------ ------------
2,521,305 2,478,523
------------ ------------
C D N T, INC.
A value-added converter and distributor of specialty pressure sensitive adhesives, foams, films, and foils.
10.5% Senior Secured Term Note due 2014 $ 750,872 08/07/08 735,855 733,949
12.5% Senior Subordinated Note due 2015 $ 750,872 08/07/08 678,919 726,599
Common Stock (B) 73,256 shs. 08/07/08 73,256 69,593
Warrant, exercisable until 2018, to purchase
common stock at $.01 per share (B) 57,600 shs. 08/07/08 57,689 576
------------ ------------
1,545,719 1,530,717
------------ ------------
* 01/22/04 and 06/09/08.
** 01/22/04 and 09/12/06.
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8
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED) MassMutual Corporate Investors
September 30, 2008
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
CAPESUCCESS LLC
A provider of diversified staffing services.
Preferred Membership Interests (B) 1,881 uts. 04/29/00 $ 8,395 $ --
Common Membership Interests (B) 24,318 uts. 04/29/00 108,983 --
------------ ------------
117,378 --
------------ ------------
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 $ 247,283 04/30/03 247,283 247,283
11.5% Senior Subordinated Note due 2011 $ 424,818 04/30/03 406,701 424,818
Common Stock (B) 126,812 shs. 04/30/03 126,812 234,919
Warrant, exercisable until 2010, to purchase
common stock at $.01 per share (B) 87,672 shs. 04/30/03 40,804 162,412
------------ ------------
821,600 1,069,432
------------ ------------
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 2,004,107
Limited Liability Company Unit Class A (B) 156,046 uts. 01/12/07 156,046 13,949
Limited Liability Company Unit Class C (B) 112,873 uts. 01/12/07 112,873 10,090
------------ ------------
2,502,121 2,028,146
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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 1,400,785
Preferred Stock Series C (B) 8,986 shs. 07/05/07 300,168 459,297
Common Stock (B) 718 shs. 07/05/07 7 7
Limited Partnership Interest (B) 7.74% int. ** 189,586 --
------------ ------------
1,190,153 1,860,089
------------ ------------
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 2,447,364 2,447,551
Warrant, exercisable until 2013, to purchase
common stock at $.001 per share (B) 20 shs. 08/04/05 137,166 102,013
------------ ------------
2,584,530 2,549,564
------------ ------------
* 12/30/97 and 05/29/99.
** 08/12/04 and 01/14/05.
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9
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2008
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
CRANE RENTAL CORPORATION
A crane rental company.
13% Senior Subordinated Note due 2015 $ 2,295,000 08/21/08 $ 2,055,832 $ 2,230,808
Common Stock (B) 255,000 shs. 08/21/08 255,000 242,250
Warrant, exercisable until 2016, to purchase
common stock at $.01 per share (B) 136,070 shs. 08/21/08 194,826 1,361
------------ ------------
2,505,658 2,474,419
------------ ------------
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 1,741,322 1,847,826
Limited Partnership Interest (B) 1.82% int. 10/30/06 702,174 1,331,400
Warrant, exercisable until 2014, to purchase
preferred stock at $.01 per share (B) 50 shs. 10/30/06 49,830 59,028
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 34 shs. 10/30/06 34,000 134,089
------------ ------------
2,527,326 3,372,343
------------ ------------
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 1,266,653
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 1,266,653
------------ ------------
DUNCAN SYSTEMS, INC.
A distributor of windshields and side glass for the recreational vehicle market.
10% Senior Secured Term Note due 2013 $ 540,000 11/01/06 531,900 509,683
13% Senior Subordinated Note due 2014 $ 855,000 11/01/06 771,831 792,697
Common Stock (B) 180,000 shs. 11/01/06 180,000 158,669
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 56,514 shs. 11/01/06 78,160 49,817
------------ ------------
1,561,891 1,510,866
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DWYER GROUP, INC.
A franchiser of a variety of home repair services.
Common Stock (B) 6,906 shs. ** 690,600 1,123,327
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 2,034 shs. 10/30/03 186,469 330,783
------------ ------------
877,069 1,454,110
------------ ------------
* 10/24/96 and 08/28/98.
** 10/30/03 and 01/02/04.
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10
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED) MassMutual Corporate Investors
September 30, 2008
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
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 $ 2,241,522 01/08/08 $ 2,202,437 $ 2,111,798
Common Stock (B) 660 shs. 01/08/08 329,990 313,500
------------ ------------
2,532,427 2,425,298
------------ ------------
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 77,208 198,794
------------ ------------
ELECTRA BICYCLE COMPANY LLC
A designer and marketer of branded leisure bicycles.
15.5% Senior Secured Term Note A due 2009 $ 63,765 04/12/07 62,490 63,765
10.5% Senior Secured Term Note B due 2012 $ 631,275 04/12/07 622,283 631,275
12% Senior Secured Term Note C due 2012 $ 510,121 04/12/07 474,967 520,323
Limited Liability Company Unit Series F 64,597 uts. 04/12/07 64,597 157,135
Limited Liability Company Unit Series G 4,990 uts. 04/12/07 4,990 12,138
------------ ------------
1,229,327 1,384,636
------------ ------------
ENZYMATIC THERAPY, INC.
A manufacturer and distributor of branded natural medicines and nutritional supplements.
Limited Partnership Interest (B) 1.32% int. 03/30/00 531,250 357,053
Warrant, exercisable until 2009, to purchase
common stock at $.01 per share (B) 29,117 shs. 03/30/00 255,000 224,098
------------ ------------
786,250 581,151
------------ ------------
EVANS CONSOLES, INC.
A designer and manufacturer of consoles and control center systems.
Common Stock (B) 90,000 shs. 05/06/04 6 1,082,834
------------ ------------
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 2,246,068 2,151,563
Preferred Unit (B) 159 uts. 06/01/06 159,362 130,539
Common Unit Class B (B) 1,386 uts. 06/01/06 122,361 --
------------ ------------
2,527,791 2,282,102
------------ ------------
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11
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2008
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
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 $ 830,433
14% Senior Subordinated Note due 2014 $ 555,059 04/13/06 504,948 500,042
Common Stock (B) 109,436 shs. 04/13/06 109,436 --
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 30,940 shs. 04/13/06 48,433 --
------------ ------------
1,567,426 1,330,475
------------ ------------
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 2,178,816 1,773,913
Common Stock (B) 185 shs. 02/03/06 184,783 --
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 254 shs. 02/03/06 208,435 --
------------ ------------
2,572,034 1,773,913
------------ ------------
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 2,198,076 1,168,750
Preferred Stock (B) 31,718 shs. 06/12/08 31,718 --
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 --
------------ ------------
2,561,507 1,168,750
------------ ------------
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 1,721,250
8% Series A Convertible Preferred Stock, convertible into
4.25% of the fully diluted common shares (B) 146,658 shs. 11/01/07 146,658 1,467
------------ ------------
1,874,250 1,722,717
------------ ------------
GQ HOLDINGS LLC
A developer and distributor of tools, equipment, and supplies to the natural and engineered stone industry.
15% Senior Subordinated Note due 2015 $ 2,299,077 06/27/08 2,253,095 2,182,993
Common Stock (B) 7,304 shs. 06/27/08 250,923 225,832
------------ ------------
2,504,018 2,408,825
------------ ------------
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12
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED) MassMutual Corporate Investors
September 30, 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) 40 shs. * 40,476 --
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 --
------------ ------------
2,546,276 --
------------ ------------
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 ** 1,908,906 1,944,836
Common Stock (B) 63 shs. ** 62,742 57,678
Warrant, exercisable until 2012, to purchase
common stock at $.02 per share (B) 200 shs. ** 199,501 183,403
------------ ------------
2,171,149 2,185,917
------------ ------------
HOSPITALITY MINTS HOLDING COMPANY
A manufacturer of individually-wrapped imprinted promotional mints.
12% Senior Subordinated Note due 2016 $ 2,075,581 08/19/08 1,920,297 2,003,496
Common Stock (B) 474 shs. 08/19/08 474,419 450,699
Warrant, exercisable until 2016, to purchase
common stock at $.01 per share (B) 123 shs. 08/19/08 113,773 1
------------ ------------
2,508,489 2,454,196
------------ ------------
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 2,077 110,496
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 20 shs. 02/27/07 612 32,544
------------ ------------
2,689 143,040
------------ ------------
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 $ 43,943 03/01/04 1 --
Common Stock (B) 228 shs. 06/01/00 262,200 --
------------ ------------
262,201 --
------------ ------------
* 09/18/07 and 06/27/08.
** 06/30/04 and 08/19/04.
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13
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 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 $ 924,157 $ 937,253
Limited Partnership Interest of
Saw Mill Capital Fund II, L.P. (B) 2.50% int. 08/03/00 886,352 411,359
Warrant, exercisable until 2010, to purchase
common stock at $.01 per share (B) 50,870 shs. 08/04/00 115,412 82,612
------------ ------------
1,925,921 1,431,224
------------ ------------
JUSTRITE MANUFACTURING ACQUISITION CO.
A manufacturer of safety products such as storage cabinets and containers.
12% Senior Subordinated Note due 2011 $ 1,593,750 12/15/04 1,533,119 1,565,149
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 1,121 shs. 12/15/04 101,109 253,454
------------ ------------
1,634,228 1,818,603
------------ ------------
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 $ 2,362,612 10/15/07 2,315,749 2,270,663
Common Stock (B) 220,673 shs. 10/15/07 220,673 209,639
------------ ------------
2,536,422 2,480,302
------------ ------------
K N B HOLDINGS CORPORATION
A designer, manufacturer and marketer of products for the custom framing market.
13.5% Senior Subordinated Note due 2013 $ 2,492,956 05/25/06 2,389,884 2,405,803
Common Stock (B) 134,210 shs. 05/25/06 134,210 106,079
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 82,357 shs. 05/25/06 71,534 65,094
------------ ------------
2,595,628 2,576,976
------------ ------------
K P I HOLDINGS, INC.
Pace Industries, a subsidiary of Leggett & Platt, is the largest player in the U.S. non-automotive, non-ferrous die casting segment.
13% Senior Subordinated Note due 2014 $ 2,106,522 07/16/08 1,968,368 2,029,437
Common Stock (B) 443 shs. 07/15/08 443,478 421,306
Warrant, exercisable until 2018, to purchase
common stock at $.01 per share (B) 96 shs. 07/16/08 96,024 1
------------ ------------
2,507,870 2,450,744
------------ ------------
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 2,133,877 2,043,940
Common Stock (B) 232 shs. 03/13/07 232,000 105,245
Warrant, exercisable until 2017, to purchase
common stock at $.01 per share (B) 167 shs. 03/14/07 162,260 75,758
------------ ------------
2,528,137 2,224,943
------------ ------------
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14
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED) MassMutual Corporate Investors
September 30, 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 $ 2,208,968 12/20/07 $ 2,168,944 $ 2,092,070
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
------------ ------------
2,533,230 2,438,193
------------ ------------
M V I HOLDING, INC.
A manufacturer of large precision machined metal components used in equipment which services a variety of industries, including
the oil & gas, mining, and defense markets.
13% Senior Subordinated Note due 2016 $ 1,214,286 09/12/08 1,124,429 1,163,780
Common Stock (B) 61 shs. 09/12/08 60,714 57,675
Warrant, exercisable until 2018, to purchase
common stock at $.01 per share (B) 66 shs. 09/12/08 65,571 1
------------ ------------
1,250,714 1,221,456
------------ ------------
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 05/04/07 912,469 948,948
Limited Liability Company Unit (B) 24,109 uts. * 314,464 419,455
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 3,375 shs. 05/04/07 43,031 58,719
------------ ------------
1,269,964 1,427,122
------------ ------------
MAVERICK ACQUISITION COMPANY
A manufacturer of capsules that cover the cork and neck of wine bottles.
7.19% Senior Secured Tranche A Note due 2010 (C) $ 368,773 09/03/04 368,773 364,458
12% Senior Secured Tranche B Note due 2011 $ 313,433 09/03/04 291,644 292,405
Limited Partnership Interest (B) 7.84% int. 09/03/04 58,769 33,152
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 425 shs. 09/03/04 39,473 23,954
------------ ------------
758,659 713,969
------------ ------------
MEDSYSTEMS HOLDINGS LLC
A manufacturer of enteral feeding products,such as feeding tubes and other products related to assisted feeding.
13% Senior Subordinated Note due 2015 $ 1,148,213 08/29/08 1,005,992 1,114,485
Preferred Units (B) 126 uts. 08/29/08 125,519 119,244
Common Unit Class A (B) 1,268 uts. 08/29/08 1,268 1,205
Common Unit Class B (B) 472 uts. 08/29/08 120,064 5
------------ ------------
1,252,843 1,234,939
------------ ------------
* 05/04/07 and 01/02/08.
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15
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2008
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
MEGTEC HOLDINGS, INC.
A supplier of industrial and environmental products and services to a broad array of industries, including the printing, coating,
converting, pharmaceutical, electronic, chemical, wood processing, and coal mining industries.
12% Senior Subordinated Note due 2016 $ 2,161,017 09/24/08 $ 1,981,274 $ 2,082,307
Preferred Stock (B) 107 shs. 09/24/08 103,255 1
Limited Partnership Interest (B) 388,983 int. 09/16/08 388,983 369,534
Warrant, exercisable until 2018, to purchase
common stock at $.01 per share (B) 35 shs. 09/24/08 33,268 --
------------ ------------
2,506,780 2,451,842
------------ ------------
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 * 2,554,203 2,607,169
Common Stock (B) 450 shs. * 450,000 717,708
Warrant, exercisable until 2013, to purchase
common stock at $.02 per share (B) 164 shs. * 162,974 261,533
------------ ------------
3,167,177 3,586,410
------------ ------------
MILWAUKEE GEAR COMPANY
A manufacturer of high-precision custom gears and gear drives used by original equipment manufacturers operating in a number of
industries.
13% Senior Subordinated Note due 2014 $ 2,353,846 07/21/08 2,212,655 2,281,128
Preferred Stock (B) 263 shs. 07/21/08 261,830 248,732
Common Stock (B) 18 shs. 07/21/08 20,000 19,000
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 10 shs. 07/21/08 11,285 --
------------ ------------
2,505,770 2,548,860
------------ ------------
MOMENTUM HOLDING CO.
A designer and supplier of upholstery fabric to commercial furniture manufacturers and architectural and design firms.
Limited Partnership Interest (B) 21.23% int. 08/04/06 106,153 231,006
Warrant, exercisable until 2014, to purchase
common stock at $.02 per share (B) 1,107 shs. 08/04/06 107,109 240,797
------------ ------------
213,262 471,803
------------ ------------
MONESSEN HOLDING CORPORATION
A designer and manufacturer of a broad line of gas, wood, and electric hearth products and accessories.
14% Senior Subordinated Note due 2014 $ 2,719,363 07/25/08 2,540,277 2,447,426
Warrant, exercisable until 2014, to purchase
common stock at $.02 per share (B) 152 shs. 03/31/06 138,125 --
------------ ------------
2,678,402 2,447,426
------------ ------------
* 08/12/05 and 09/11/06.
--------------------------------------------------------------------------------------------------------------------------------
16
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED) MassMutual Corporate Investors
September 30, 2008
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
MORTON INDUSTRIAL GROUP, INC.
A manufacturer of highly engineered metal fabricated components.
12% Senior Subordinated Note due 2014 (D) $ 2,440,909 08/25/06 $ 2,242,151 $ 2,196,818
30% Series A Preferred Stock (B) 77,993 shs. 07/28/08 37,227 70,194
Common Stock (B) 1 sh. 08/25/06 1 --
------------ ------------
2,279,379 2,267,012
------------ ------------
NABCO, INC.
A producer of explosive containment vessels in the United States.
14% Senior Subordinated Note due 2014 $ 762,074 02/24/06 667,938 381,037
Limited Liability Company Unit (B) 825 uts. * 825,410 --
Warrant, exercisable until 2016, to purchase
common stock at $.01 per share (B) 129 shs. 02/24/06 37,188 --
------------ ------------
1,530,536 381,037
------------ ------------
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 (D) $ 1,234,551 05/28/04 1,103,763 617,276
8.75% Senior Secured Note due 2011 (D) $ 573,028 05/28/04 573,028 544,376
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 --
------------ ------------
2,481,737 1,161,652
------------ ------------
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 2,056,452
Common Stock (B) 425,000 shs. 08/02/07 425,000 444,502
Warrant, exercisable until 2015, to purchase
common stock at $.01 per share (B) 119,360 shs. 08/02/07 194,257 124,837
------------ ------------
2,507,500 2,625,791
------------ ------------
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 1,403,169
Limited Partnership Interest of
Saw Mill PCG Partners LLC (B) 2.61% int. 02/01/07 1,020,000 382,803
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 91 shs. 02/02/07 90,830 34,088
------------ ------------
2,519,400 1,820,060
------------ ------------
* 02/24/06 and 06/22/07.
--------------------------------------------------------------------------------------------------------------------------------
17
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2008
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
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 1,429,978 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 --
------------ ------------
2,717,023 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 $ 521,956 01/03/06 514,126 493,680
13% Senior Subordinated Note due 2013 $ 687,241 01/03/06 625,750 634,102
Common Stock (B) 322,307 shs. 01/03/06 322,307 --
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 75,378 shs. 01/03/06 62,824 --
------------ ------------
1,525,007 1,127,782
------------ ------------
OLYMPIC SALES, INC.
A boat retailer in Washington state, Oregon, California and British Columbia.
12% Senior Subordinated Note due 2008 (D) $ 1,022,000 08/07/98 1,022,000 204,400
12% Senior Subordinated Note due 2008 (D) $ 307,071 02/09/00 268,283 61,414
Limited Partnership Interest of Riverside VIII,
VIII-A and VIII-B Holding Company, L.P. 20.58% int. * 1,555,992 --
Warrants, exercisable until 2008, to purchase
common stock at $.01 per share (B) 28,648 shs. ** 389,188 --
------------ ------------
3,235,463 265,814
------------ ------------
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 1,127,160
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 619 shs. 01/17/06 170,801 190,304
------------ ------------
742,916 1,317,464
------------ ------------
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 $ 2,255,720 07/03/06 2,155,565 2,148,577
Preferred Unit (B) 382 uts. 07/03/06 382,150 339,731
Preferred Unit (B) 69 uts. 07/03/06 68,790 61,154
Common Unit Class I (B) 148 uts. 07/03/06 -- --
Common Unit Class L (B) 31 uts. 07/03/06 -- --
------------ ------------
2,606,505 2,549,462
------------ ------------
* 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) MassMutual Corporate Investors
September 30, 2008
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
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 $ 2,167,718 $ 2,280,996
Preferred Stock (B) 36 shs. 03/31/06 329,596 391,635
Common Stock (B) 23 shs. 03/31/06 25,500 79,488
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 13 shs. 03/31/06 11,122 46,238
------------ ------------
2,533,936 2,798,357
------------ ------------
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 1,206,218 1,194,896
Limited Liability Company Unit (B) 1,754,707 uts. 04/27/07 63,233 --
------------ ------------
1,269,451 1,194,896
------------ ------------
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 2,009,561 2,025,407
Membership Interests of MM/Lincap
PPI Investments, Inc., LLC (B) 2.42% int. 12/21/00 265,625 --
------------ ------------
2,275,186 2,025,407
------------ ------------
POSTLE ALUMINUM COMPANY LLC
A manufacturer and distributor of aluminum extruded products.
12% Senior Subordinated Note due 2014 $ 2,040,000 10/02/06 1,904,617 1,870,320
Limited Liability Company Unit 1,384 uts. 10/02/06 510,000 270,485
Warrant, exercisable until 2016, to purchase
common stock at $.01 per share (B) 344 shs. 10/02/06 124,644 67,274
------------ ------------
2,539,261 2,208,079
------------ ------------
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 2,164,512 2,264,982
Limited Partnership Interest (B) 177,729 int. 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
------------ ------------
2,509,829 2,433,838
------------ ------------
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 --
------------ ------------
* 08/12/94 and 11/14/01.
--------------------------------------------------------------------------------------------------------------------------------
19
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2008
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
QUALIS AUTOMOTIVE LLC
A distributor of aftermarket automotive brake and chassis products.
12% Senior Subordinated Note due 2012 $ 1,770,833 05/28/04 $ 1,569,999 $ 1,723,862
Common Stock 354,167 shs. 05/28/04 354,166 101,955
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share 377,719 shs. 05/28/04 377,719 108,735
------------ ------------
2,301,884 1,934,552
------------ ------------
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 --
------------ ------------
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 2,181,108
Limited Liability Company Unit (B) 2,828 uts. 12/15/06 282,810 192,949
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 3 shs. 12/15/06 131,483 90,991
------------ ------------
2,504,656 2,465,048
------------ ------------
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 2,414,574
Warrant, exercisable until 2018, to purchase
common stock at $.01 per share (B) 6 shs. 01/18/08 31,089 --
------------ ------------
2,499,000 2,414,574
------------ ------------
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 2,122,045 2,295,123
Common Stock (B) 289,362 shs. 02/10/06 289,362 427,083
Warrant, exercisable until 2016, to purchase
common stock at $.01 per share (B) 131,555 shs. 02/10/06 119,796 194,168
------------ ------------
2,531,203 2,916,374
------------ ------------
ROYAL BATHS MANUFACTURING COMPANY
A manufacturer and distributor of acrylic and cultured marble bathroom products.
12.5% Senior Subordinated Note due 2011 $ 1,062,500 11/14/03 998,519 994,187
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 140 shs. 11/14/03 122,946 51,648
------------ ------------
1,121,465 1,045,835
------------ ------------
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. 06/02/99 256,212 893,226
------------ ------------
--------------------------------------------------------------------------------------------------------------------------------
20
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED) MassMutual Corporate Investors
September 30, 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 $ 1,465,695 $ 1,467,680
Common Stock (B) 612 shs. * 642,937 569,143
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 134 shs. 09/10/04 113,578 124,263
------------ ------------
2,222,210 2,161,086
------------ ------------
SMART SOURCE HOLDINGS LLC
A short-term computer rental company.
12% Senior Subordinated Note due 2015 $ 2,223,076 ** 2,026,344 2,155,745
Limited Liability Company Unit (B) 619 uts. ** 638,061 671,271
Warrant, exercisable until 2015, to purchase
common stock at $.01 per share (B) 157 shs. ** 164,769 170,055
------------ ------------
2,829,174 2,997,071
------------ ------------
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 2,117,002 2,135,522
Common Stock (B) 311 shs. 08/01/06 310,976 421,316
Warrant, exercisable until 2014, to purchase
common stock at $.02 per share (B) 104 shs. 08/01/06 93,293 140,317
------------ ------------
2,521,271 2,697,155
------------ ------------
SYNTERACT HOLDINGS CORPORATION
A provider of outsourced clinical trial management services to pharmaceutical and biotechnology companies.
14% Senior Subordinated Note due 2016 $ 2,550,000 09/02/08 2,374,091 2,481,814
Warrant, exercisable until 2018, to purchase
preferred stock at $.01 per share (B) 1,280 shs. 09/02/08 12,521 13
Warrant, exercisable until 2018, to purchase
common stock at $.01 per share (B) 12,803 shs. 09/02/08 112,693 128
------------ ------------
2,499,305 2,481,955
------------ ------------
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 2,412,842
Warrant, exercisable until 2016, to purchase
common stock at $.01 per share (B) 9 shs. 01/14/08 88,054 --
------------ ------------
2,499,000 2,412,842
------------ ------------
* 09/10/04 and 10/05/07.
** 08/31/07 and 03/06/08.
--------------------------------------------------------------------------------------------------------------------------------
21
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 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 provider of specialty services to the North American railroad industry.
13% Senior Subordinated Note due 2015 $ 2,217,385 10/14/05 $ 1,952,116 $ 2,188,061
Common Stock 2,203 shs. 10/14/05 2,203 1,064,504
Warrant, exercisable until 2015, to purchase
common stock at $.01 per share 1,192 shs. 09/30/08 568,009 575,982
------------ ------------
2,522,328 3,828,547
------------ ------------
TERRA RENEWAL LLC
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.
6.74% Senior Secured Tranche B Note due 2012 (C) $ 25,967 * 25,837 25,528
7.05% Senior Secured Tranche B Note due 2012 (C) $ 1,490,220 * 1,485,215 1,465,019
8.25% Senior Secured Tranche B Note due 2012 (C) $ 1,443 09/30/08 1,435 1,418
12% Senior Subordinated Note due 2014 $ 1,162,110 ** 1,111,798 1,132,225
Limited Partnership Interest of
Saw Mill Capital Fund V, L.P. (B) 3.97% int. 03/01/05 116,285 799,282
Warrant, exercisable until 2016, to purchase
common stock at $.01 per share (B) 72 shs. 04/28/06 59,041 138,969
------------ ------------
2,799,611 3,562,441
------------ ------------
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 2,136,802
Series A Preferred Stock (B) 414 shs. 10/26/07 414,051 295,427
------------ ------------
2,516,414 2,432,229
------------ ------------
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 03/02/07 838,581 832,940
13% Senior Subordinated Note due 2014 $ 598,450 03/02/07 490,608 579,692
Common Stock (B) 125,199 shs. 03/02/07 125,199 125,044
Warrant, exercisable until 2014 to purchase
common stock at $.01 per share (B) 34,533 shs. 03/02/07 95,873 34,490
------------ ------------
1,550,261 1,572,166
------------ ------------
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 1,655,593 1,645,741
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
------------ ------------
1,951,789 1,843,903
------------ ------------
* 04/28/06 and 12/21/06.
** 04/28/06 and 09/13/06.
--------------------------------------------------------------------------------------------------------------------------------
22
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED) MassMutual Corporate Investors
September 30, 2008
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
TRANSTAR HOLDING COMPANY
A distributor of aftermarket automotive transmission parts.
12% Senior Subordinated Note due 2014 $ 1,734,000 08/31/05 $ 1,673,248 $ 1,676,425
Common Stock (B) 1,078 shs. * 1,078,450 1,197,840
Warrant, exercisable until 2013, to purchase
common stock at $.02 per share (B) 86 shs. 08/31/05 77,485 95,454
------------ ------------
2,829,183 2,969,719
------------ ------------
TRANZONIC COMPANIES (THE)
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 2,602,697 2,712,000
Common Stock (B) 630 shs. 02/04/98 630,000 869,519
Warrant, exercisable until 2009, to purchase
common stock at $.01 per share (B) 444 shs. 02/05/98 368,832 612,804
------------ ------------
3,601,529 4,194,323
------------ ------------
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 (D) $ 2,309,541 ** 2,141,949 1,154,771
Common Stock (B) 742 shs. ** 800,860 --
Warrant, exercisable until 2013, to purchase
common stock at $.02 per share (B) 153 shs. ** 159,894 --
------------ ------------
3,102,703 1,154,771
------------ ------------
TRUSTILE DOORS, INC.
A manufacturer and distributor of interior doors.
Warrant, exercisable until 2010, to purchase
common stock at $.01 per share (B) 5,781 shs. 04/11/03 71,438 303,394
------------ ------------
U M A ENTERPRISES, INC.
An importer and wholesaler of home decor products.
15% Senior Subordinated Note due 2015 $ 1,670,389 02/08/08 1,649,473 1,612,164
Convertible Preferred Stock (B) 887 shs. 02/08/08 886,956 842,612
------------ ------------
2,536,429 2,454,776
------------ ------------
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 1,754,097 1,804,158
Common Stock (B) 182 shs. 04/30/04 182,200 102,922
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 230 shs. 04/30/04 211,736 130,160
------------ ------------
2,148,033 2,037,240
------------ ------------
* 08/31/05 and 04/30/07.
** 07/19/05 and 12/22/05.
--------------------------------------------------------------------------------------------------------------------------------
23
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2008
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
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 05/17/07 790,897 782,296
13% Senior Subordinated Note due 2014 $ 648,530 05/17/07 587,001 623,224
Common Stock (B) 123,529 shs. 05/17/07 123,529 97,937
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 35,006 shs. 05/17/07 55,055 27,754
------------ ------------
1,556,482 1,531,211
------------ ------------
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 1,783,302 1,738,934
Common Stock (B) 26,456 shs. * 264,558 248,893
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 23,787 shs. 09/24/04 186,883 223,783
------------ ------------
2,234,743 2,211,610
------------ ------------
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 1,483,065 850,000
14.5% PIK Note due 2010 $ 342,418 06/30/07 308,176 171,209
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 --
------------ ------------
2,388,551 1,021,209
------------ ------------
WAGGIN' TRAIN HOLDINGS LLC
A producer of premium quality meat dog treats.
14% Senior Subordinated Note due 2014 $ 2,154,166 11/15/07 2,111,013 1,989,744
Limited Liability Company Unit Class B (B) 423 uts. 11/15/07 422,652 380,385
Limited Liability Company Unit Class C (B) 423 uts. 11/15/07 -- 4
------------ ------------
2,533,665 2,370,133
------------ ------------
WALLS INDUSTRIES, INC.
A provider of branded workwear and sporting goods apparel.
Limited Partnership Interest (B) 0.40% int. 07/12/04 3,728 --
Common Stock (B) 4,028 shs. 12/21/07 -- --
------------ ------------
3,728 --
------------ ------------
* 09/24/04 and 12/22/06.
--------------------------------------------------------------------------------------------------------------------------------
24
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED) MassMutual Corporate Investors
September 30, 2008
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
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 $ 1,612,850 $ 1,603,375
Common Stock (B) 191 shs. 11/30/06 191,250 119,457
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 95 shs. 11/30/06 86,493 59,638
------------ ------------
1,890,593 1,782,470
------------ ------------
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 1,060,692 1,043,276
Limited Partnership Interest (B) 23.16% int. 05/14/07 115,804 --
Warrant, exercisable until 2015, to purchase
common stock at $.02 per share (B) 88 shs. 05/14/07 83,462 --
------------ ------------
1,259,958 1,043,276
------------ ------------
XALOY SUPERIOR HOLDINGS, INC.
A provider of melt processing components and ancillary equipment for both plastic injection molding and extrusion applications.
15% Senior Subordinated Note due 2015 $ 2,266,667 09/08/08 2,221,333 2,192,750
Common Stock (B) 283 shs. 09/08/08 283,331 269,163
------------ ------------
2,504,664 2,461,913
------------ ------------
TOTAL PRIVATE PLACEMENT INVESTMENTS (E) 197,411,957 182,736,023
------------ ------------
--------------------------------------------------------------------------------------------------------------------------------
25
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2008
(Unaudited)
Shares or
Interest Due Principal
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Rate Date Amount Cost Fair Value
------- -------- ------------ ------------ ------------
RULE 144A SECURITIES - 4.27%:
BONDS - 4.27%
American Tire Distributor (C) 9.041% 04/01/12 $ 1,000,000 $ 950,000 $ 840,000
Cenveo Corporation 10.500 08/15/16 100,000 100,000 93,000
Charter Communications Op LLC 8.000 04/30/12 800,000 767,250 716,000
Compucom Systems, Inc. 12.500 10/01/15 1,330,000 1,287,750 1,193,675
Douglas Dynamics LLC 7.750 01/15/12 1,010,000 955,268 828,200
G F S I, Inc. (C) 10.500 06/01/11 750,000 719,745 675,000
Intergen NV 9.000 06/30/17 750,000 743,918 750,000
Nortek, Inc. 10.000 12/01/13 175,000 173,175 155,750
Packaging Dynamics Corporation of America 10.000 05/01/16 1,200,000 1,195,216 780,000
Rock-Tenn Co. 9.250 03/15/16 1,075,000 1,116,610 1,091,125
Ryerson, Inc. 12.000 11/01/15 65,000 65,000 55,250
SandRidge Energy, Inc. 8.000 06/01/18 360,000 364,458 309,600
Ticketmaster 10.750 08/01/16 500,000 500,000 470,000
Tunica-Biloxi Gaming Authority 9.000 11/15/15 1,075,000 1,103,353 989,000
TXU Energy Company LLC 10.250 11/01/15 1,250,000 1,261,914 1,128,125
Videotron, Ltd. 9.125 04/15/18 40,000 39,373 40,650
------------ ------------
TOTAL BONDS 11,343,030 10,115,375
------------ ------------
CONVERTIBLE PREFERRED STOCK - 0.00%
ETEX Corporation (B) 777 716 --
------------ ------------
TOTAL CONVERTIBLE PREFERRED STOCK 716 --
------------ ------------
PREFERRED STOCK - 0.00%
TherOX, Inc. (B) 103 4,131 --
------------ ------------
TOTAL PREFERRED STOCK 4,131 --
------------ ------------
COMMON STOCK - 0.00%
Touchstone Health Partnership (B) 1,168 4,254 --
------------ ------------
TOTAL COMMON STOCK 4,254 --
------------ ------------
TOTAL RULE 144A SECURITIES 11,352,131 10,115,375
------------ ------------
TOTAL CORPORATE RESTRICTED SECURITIES $208,764,088 $192,851,398
------------ ------------
----------------------------------------------------------------------------------------------------------------
26
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED) MassMutual Corporate Investors
September 30, 2008
(Unaudited)
Interest Due Principal Market
CORPORATE PUBLIC SECURITIES - 26.47%: (A) Rate Date Amount Cost Value
------- -------- ------------ ------------ ------------
BONDS - 24.55%
A M C Entertainment, Inc. 11.000% 02/01/16 $ 1,315,000 $ 1,322,080 $ 1,295,275
Activant Solutions, Inc. 9.500 05/01/16 150,000 150,000 111,000
ALH Fin LLC / ALH Fin Corporation 8.500 01/15/13 870,000 839,213 811,275
Appleton Papers, Inc. 8.125 06/15/11 300,000 300,000 263,250
Aramark Corporation (C) 6.301 02/01/15 200,000 200,000 175,000
Aramark Corporation 8.500 02/01/15 500,000 502,452 470,000
Atlas Pipeline Partners 8.125 12/15/15 200,000 200,000 184,000
Bally Total Fitness Holdings Corporation (F) 14.000 10/01/13 90,000 73,350 3,600
Basic Energy Services 7.125 04/15/16 225,000 225,000 200,250
Berry Plastics Corporation (C) 7.463 02/15/15 500,000 472,672 445,000
Boyd Gaming Corporation 7.125 02/01/16 1,300,000 1,066,500 900,250
Brigham Exploration Co. 9.625 05/01/14 1,200,000 1,167,903 1,002,000
CCH I Holdings LLC 11.125 01/15/14 550,000 351,438 191,125
Cablevision Systems Corporation (C) 7.133 04/01/09 300,000 300,000 296,250
Cablevision Systems Corporation 8.000 04/15/12 1,000,000 1,009,684 940,000
Cenveo Corporation 7.875 12/01/13 1,300,000 1,192,500 1,001,000
Chaparral Energy, Inc. 8.875 02/01/17 1,500,000 1,491,780 1,185,000
Cincinnati Bell, Inc. 8.375 01/15/14 1,100,000 1,007,500 957,000
Clayton Williams Energy, Inc. 7.750 08/01/13 750,000 729,000 656,250
Community Health Systems, Inc. (C) 8.875 07/15/15 1,200,000 1,169,415 1,140,000
Delta Petroleum Corporation 7.000 04/01/15 750,000 661,875 521,250
Dynegy Holdings, Inc. 7.500 06/01/15 500,000 446,548 422,500
Dynegy Holdings, Inc. 8.375 05/01/16 330,000 330,000 287,100
Ford Motor Credit Co. 7.375 10/28/09 875,000 872,813 703,470
Gencorp, Inc. 9.500 08/15/13 259,000 259,000 255,115
General Motors Acceptance Corporation 7.750 01/19/10 1,250,000 1,269,385 748,456
Goodyear Tire & Rubber Co. 7.857 08/15/11 1,150,000 1,097,750 1,118,375
Graham Packaging Corporation 8.500 10/15/12 280,000 268,800 259,000
Great Lakes Dredge & Dock Corporation 7.750 12/15/13 1,000,000 948,750 915,000
H C A, Inc. 9.250 11/15/16 1,125,000 1,148,243 1,094,063
Hawker Beechcraft Acquisition Co. 9.750 04/01/17 1,000,000 1,008,902 895,000
Hughes Network Systems 9.500 04/15/14 1,325,000 1,347,587 1,285,250
Inergy LP 8.250 03/01/16 470,000 481,517 432,400
Intelsat Bermuda Ltd. 9.250 06/15/16 1,365,000 1,413,889 1,269,450
Interline Brands, Inc. 8.125 06/15/14 1,300,000 1,291,107 1,287,000
Kar Holdings, Inc. 8.750 05/01/14 50,000 50,000 40,750
Kar Holdings, Inc. 10.000 05/01/15 500,000 462,919 385,000
----------------------------------------------------------------------------------------------------------------
27
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2008
(Unaudited)
Interest Due Principal Market
CORPORATE PUBLIC SECURITIES:(A)(Continued) Rate Date Amount Cost Value
------- -------- ------------ ------------ ------------
L-3 Communications Holdings, Inc. 6.125% 07/15/13 $ 1,000,000 $ 995,000 $ 930,000
Leucadia National Corporation 7.000 08/15/13 450,000 450,879 424,125
Liberty Media Corporation 5.700 05/15/13 1,000,000 951,610 831,718
Majestic Star Casino LLC 9.500 10/15/10 500,000 500,000 225,000
Manitowoc Company, Inc. 7.125 11/01/13 200,000 200,000 186,000
Mariner Energy, Inc. 8.000 05/15/17 1,100,000 1,097,487 929,500
Markwest Energy Operating Co. 6.875 11/01/14 950,000 930,563 855,000
Markwest Energy Operating Co. 8.750 04/15/18 125,000 123,979 118,750
Mediacom Broadband LLC 8.500 10/15/15 1,250,000 1,260,570 1,031,250
N R G Energy, Inc. 7.375 02/01/16 175,000 175,000 157,500
Neiman Marcus Group, Inc. 10.375 10/15/15 1,000,000 1,011,405 837,500
Newark Group, Inc. 9.750 03/15/14 850,000 796,863 297,500
North American Energy Partners 8.750 12/01/11 1,165,000 1,174,132 1,071,800
O E D Corp./Diamond Jo Company Guarantee 8.750 04/15/12 1,000,000 985,960 910,000
Petrohawk Energy Corporation 9.125 07/15/13 1,500,000 1,520,512 1,410,000
Pliant Corporation 11.125 09/01/09 550,000 539,000 390,500
Pliant Corporation (C) 11.850 06/15/09 1,049,329 1,056,382 902,423
Polypore, Inc. 8.750 05/15/12 1,460,000 1,410,050 1,343,200
Pregis Corporation 12.375 10/15/13 1,000,000 981,490 650,000
Quality Distribution, Inc. (C) 7.291 01/15/12 545,000 546,676 272,500
Quebecor Media, Inc. 7.750 03/15/16 1,375,000 1,281,423 1,203,125
Range Resources Corporation 7.250 05/01/18 50,000 50,000 47,250
RBS Global & Rexnord Corporation 11.750 08/01/16 275,000 284,124 259,875
Rental Service Corporation 9.500 12/01/14 1,500,000 1,488,659 1,136,250
Scholastic Corporation 5.000 04/15/13 1,500,000 1,278,750 1,266,834
Seneca Gaming Corporation 7.250 05/01/12 500,000 477,500 435,000
Shaw Communications, Inc. 7.250 04/06/11 400,000 412,858 394,000
Sheridan Acquisition Corporation 10.250 08/15/11 375,000 370,001 333,750
Stanadyne Corporation 10.000 08/15/14 1,500,000 1,500,000 1,395,000
Steel Dynamics, Inc. 6.750 04/01/15 700,000 695,000 602,000
Stewart & Stevenson LLC 10.000 07/15/14 1,500,000 1,534,262 1,312,500
Stratos Global 9.875 02/15/13 575,000 577,904 560,625
Tekni-Plex, Inc. 8.750 11/15/13 650,000 654,763 497,250
Tenneco, Inc. 8.125 11/15/15 100,000 100,000 85,500
Tenneco, Inc. 8.625 11/15/14 1,000,000 1,002,185 795,000
Texas Industries, Inc. 7.250 07/15/13 70,000 70,000 60,900
Time Warner Telecom Holdings 9.250 02/15/14 1,000,000 1,009,324 925,000
Titan International, Inc. 8.000 01/15/12 1,070,000 1,062,100 1,037,900
----------------------------------------------------------------------------------------------------------------
28
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED) MassMutual Corporate Investors
September 30, 2008
(Unaudited)
Shares or
Interest Due Principal Market
CORPORATE PUBLIC SECURITIES:(A)(Continued) Rate Date Amount Cost Value
------- -------- ------------ ------------ ------------
Transdigm, Inc. 7.750% 07/15/14 $ 500,000 $ 503,614 $ 470,000
Trimas Corporation 9.875 06/15/12 1,073,000 982,375 909,368
Tube City IMS Corporation 9.750 02/01/15 1,500,000 1,485,859 1,335,000
United Components, Inc. 9.375 06/15/13 1,080,000 1,080,739 896,400
United Rentals, Inc. 7.750 11/15/13 625,000 625,000 476,563
United Rentals, Inc. 7.000 02/15/14 500,000 500,000 350,000
Virgin Media Finance PLC 9.125 08/15/16 1,380,000 1,414,919 1,155,750
Vought Aircraft Industries 8.000 07/15/11 1,150,000 1,115,399 1,000,500
Warner Music Group Corporation 7.375 04/15/14 275,000 275,000 204,186
Waste Services, Inc. 9.500 04/15/14 1,100,000 1,119,751 1,078,000
------------ ------------
TOTAL BONDS 66,788,639 58,144,496
------------ ------------
COMMON STOCK - 1.73%
Chase Packaging Corporation (B) 9,541 -- 773
CKX, Inc. (B) 97,500 784,875 600,600
Directed Electronics, Inc. (B) 368,560 1,856,534 368,560
El Paso Corporation (B) 65,000 808,362 829,400
EnerNOC, Inc. (B) 46,500 1,283,262 480,810
ITC^DeltaCom, Inc. (B) 178,666 1,563,328 348,399
Intrepid Potash, Inc. (B) 365 11,680 10,848
PepsiAmericas, Inc. 52,418 1,141,349 1,086,101
Supreme Industries, Inc. 118,035 267,322 360,007
------------ ------------
TOTAL COMMON STOCK 7,716,712 4,085,498
------------ ------------
CONVERTIBLE BONDS - 0.19%
Citadel Broadcasting Corporation 4.000% 02/15/11 583,000 452,556 451,096
------------ ------------
TOTAL CONVERTIBLE BONDS 452,556 451,096
------------ ------------
TOTAL CORPORATE PUBLIC SECURITIES $ 74,957,907 $ 62,681,090
------------ ------------
----------------------------------------------------------------------------------------------------------------
29
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2008
(Unaudited)
Interest Due Principal
SHORT-TERM SECURITIES: Rate/Yield* Date Amount Cost Market Value
------- -------- ------------ ------------ ------------
COMMERCIAL PAPER - 2.24%
Kraft Foods, Inc. 6.003% 10/03/08 $ 1,306,000 $ 1,305,565 $ 1,305,565
Wisconsin Gas Co. 4.000 10/01/08 4,000,000 4,000,000 4,000,000
------------ ------------
TOTAL SHORT-TERM SECURITIES $ 5,305,565 $ 5,305,565
------------ ------------
TOTAL INVESTMENTS 110.12% $289,027,560 $260,838,053
============ ------------
Other Assets 3.35 7,951,096
Liabilities (13.47) (31,911,605)
------ ------------
TOTAL NET ASSETS 100.00% $236,877,544
====== ============
(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 09/30/08.
(D) Defaulted security; interest not accrued.
(E) Illiquid securities. At September 30, 2008, the value of these securities amounted to $182,736,023 or 77.14% of net assets.
(F) Security valued at fair value using methods determined in good faith by or under the direction of the Board of Trustees.
* Effective yield at purchase
PIK - Payment-in-kind
----------------------------------------------------------------------------------------------------------------
30
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONTINUED) MassMutual Corporate Investors
September 30, 2008
(Unaudited)
Fair Value/ Fair Value/
INDUSTRY CLASSIFICATION: Market Value Market Value
-------------- --------------
AEROSPACE - 3.39% BROADCASTING & ENTERTAINMENT - 3.23%
Gencorp, Inc. $ 255,115 CCH I Holdings LLC $ 191,125
Hughes Network Systems 1,285,250 Cablevision Systems Corporation 1,236,250
L-3 Communications Holdings, Inc. 930,000 Charter Communications Op LLC 716,000
P A S Holdco LLC 2,549,462 Citadel Broadcasting Corporation 451,096
Transdigm, Inc. 470,000 CKX, Inc. 600,600
Visioneering, Inc. 1,531,211 Liberty Media Corporation 831,718
Vought Aircraft Industries 1,000,500 Mediacom Broadband LLC 1,031,250
-------------- Shaw Communications, Inc. 394,000
8,021,538 Virgin Media Finance PLC 1,155,750
-------------- Workplace Media Holding Co. 1,043,276
AUTOMOBILE - 6.54% --------------
American Tire Distributor 840,000 7,651,065
Fuel Systems Holding Corporation 1,168,750 --------------
Goodyear Tire & Rubber Co. 1,118,375 BUILDINGS & REAL ESTATE - 1.09%
Jason, Inc. 1,431,224 K W P I Holdings Corporation 2,224,943
Nyloncraft, Inc. 1,896,875 Texas Industries, Inc. 60,900
Ontario Drive & Gear Ltd. 1,317,464 TruStile Doors, Inc. 303,394
Qualis Automotive LLC 1,934,552 --------------
Tenneco, Inc. 880,500 2,589,237
Titan International, Inc. 1,037,900 --------------
Transtar Holding Company 2,969,719 CHEMICAL, PLASTICS & RUBBER - 0.24%
United Components, Inc. 896,400 Capital Specialty Plastics, Inc. 558,932
-------------- --------------
15,491,759 558,932
-------------- --------------
BEVERAGE, DRUG & FOOD - 3.43% CONSUMER PRODUCTS - 7.74%
Aramark Corporation 645,000 Aero Holdings, Inc. 3,202,158
Golden County Foods Holding, Inc. 1,722,717 ALH Fin LLC/ALH Fin Corporation 811,275
Hospitality Mints Holding Company 2,454,196 Bravo Sports Holding Corporation 2,478,523
PepsiAmericas, Inc. 1,086,101 G F S I, Inc. 675,000
Specialty Foods Group, Inc. -- K N B Holdings Corporation 2,576,976
Vitality Foodservice, Inc. 2,211,610 Kar Holdings, Inc. 425,750
-------------- Momentum Holding Co. 471,803
8,119,624 R A J Manufacturing Holdings LLC 2,465,048
-------------- Royal Baths Manufacturing Company 1,045,835
The Tranzonic Companies 4,194,323
Walls Industries, Inc. --
--------------
18,346,691
--------------
------------------------------------------------------------------------------------------------------------------------------------
31
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONTINUED)
September 30, 2008
(Unaudited)
Fair Value/ Fair Value/
INDUSTRY CLASSIFICATION:(Continued) Market Value Market Value
-------------- --------------
CONTAINERS, PACKAGING & GLASS - 4.99% DIVERSIFIED/CONGLOMERATE, SERVICE - 7.99%
Berry Plastics Corporation $ 445,000 A W X Holdings Corporation $ 1,519,621
Chase Packaging Corporation 773 Advanced Technologies Holdings 2,496,766
Flutes, Inc. 1,330,475 CapeSuccess LLC --
Graham Packaging Corporation 259,000 Crane Rental Corporation 2,474,419
Maverick Acquisition Company 713,969 Diversco, Inc./DHI Holdings, Inc. 1,266,653
P I I Holding Corporation 2,798,357 Dwyer Group, Inc. 1,454,110
Packaging Dynamics Corporation of America 780,000 Fowler Holding, Inc. 1,773,913
Paradigm Packaging, Inc. 2,025,407 GQ Holdings LLC 2,408,825
Pliant Corporation 1,292,923 Insurance Claims Management, Inc. 143,040
Pregis Corporation 650,000 Interline Brands, Inc. 1,287,000
Tekni-Plex, Inc. 497,250 Mail Communications Group, Inc. 1,427,122
Vitex Packaging Group, Inc. 1,021,209 Nesco Holdings Corporation 2,625,791
-------------- Videotron, Ltd. 40,650
11,814,363 --------------
-------------- 18,917,910
DISTRIBUTION - 0.64% --------------
Duncan Systems, Inc. 1,510,866 ELECTRONICS - 1.01%
QualServ Corporation -- Connecticut Electric, Inc. 2,028,146
-------------- Directed Electronics, Inc. 368,560
1,510,866 --------------
-------------- 2,396,706
DIVERSIFIED/CONGLOMERATE, --------------
MANUFACTURING - 11.54% FARMING & AGRICULTURE - 1.00%
A H C Holding Company, Inc. 2,438,876 Protein Genetics, Inc. --
Activant Solutions, Inc. 111,000 Waggin' Train Holdings LLC 2,370,133
Arrow Tru-Line Holdings, Inc. 1,565,665 --------------
C D N T, Inc. 1,530,717 2,370,133
Douglas Dynamics LLC 828,200 --------------
Evans Consoles, Inc. 1,082,834 FINANCIAL SERVICES - 1.17%
Great Lakes Dredge & Dock Corporation 915,000 Ford Motor Credit Co. 703,470
K P I Holdings, Inc. 2,450,744 General Motors Acceptance Corporation 748,456
MEGTEC Holdings, Inc. 2,451,842 Hawker Beechcraft Acquisition Co. 895,000
Milwaukee Gear Company 2,548,860 Highgate Capital LLC --
Nortek, Inc. 155,750 Leucadia National Corporation 424,125
Polypore, Inc. 1,343,200 Victory Ventures LLC --
Postle Aluminum Company LLC 2,208,079 --------------
Radiac Abrasives, Inc. 2,916,374 2,771,051
RBS Global & Rexnord Corporation 259,875 --------------
Trimas Corporation 909,368 HEALTHCARE, EDUCATION & CHILDCARE - 5.57%
Truck Bodies & Equipment International 1,154,771 A T I Acquisition Company 2,742,087
Xaloy Superior Holdings, Inc. 2,461,913 American Hospice Management Holding LLC 3,449,510
-------------- Community Health Systems, Inc. 1,140,000
27,333,068 F H S Holdings LLC 2,282,102
-------------- H C A, Inc. 1,094,063
Synteract Holdings Corporation 2,481,955
Touchstone Health Partnership --
--------------
13,189,717
--------------
------------------------------------------------------------------------------------------------------------------------------------
32
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONTINUED) MassMutual Corporate Investors
September 30, 2008
(Unaudited)
Fair Value/ Fair Value/
INDUSTRY CLASSIFICATION:(Continued) Market Value Market Value
-------------- --------------
HOME & OFFICE FURNISHINGS, HOUSEWARES, MACHINERY - 10.51%
AND DURABLE CONSUMER PRODUCTS - 9.12% Davis-Standard LLC $ 3,372,343
Connor Sport Court International, Inc. $ 1,860,089 E S P Holdco, Inc. 2,425,298
H M Holding Company -- Integration Technology Systems, Inc. --
Home Decor Holding Company 2,185,917 K-Tek Holdings Corporation 2,438,193
Justrite Manufacturing Acquisition Co. 1,818,603 M V I Holding, Inc. 1,221,456
K H O F Holdings, Inc. 2,480,302 Manitowoc Company, Inc. 186,000
Monessen Holding Corporation 2,447,426 Morton Industrial Group, Inc. 2,267,012
Stanton Carpet Holding Co. 2,697,155 Navis Global 1,161,652
Transpac Holdings Company 1,843,903 NetShape Technologies, Inc. 1,820,060
U M A Enterprises, Inc. 2,454,776 Pacific Consolidated Holdings LLC 1,194,896
U-Line Corporation 2,037,240 Power Services Holding Company 2,433,838
Wellborn Forest Holding Co. 1,782,470 R E I Delaware Holding, Inc. 2,414,574
-------------- Safety Speed Cut Manufacturing Company, Inc. 893,226
21,607,881 Stanadyne Corporation 1,395,000
-------------- Stewart & Stevenson LLC 1,312,500
LEISURE, AMUSEMENT, ENTERTAINMENT - 3.79% Supreme Industries, Inc. 360,007
A M C Entertainment, Inc. 1,295,275 --------------
Bally Total Fitness Holding Corporation 3,600 24,896,055
Boyd Gaming Corporation 900,250 --------------
Electra Bicycle Company LLC 1,384,636 MEDICAL DEVICES/BIOTECH - 3.05%
Majestic Star Casino LLC 225,000 Coeur, Inc. 1,069,432
O E D Corp/Diamond Jo Company Guarantee 910,000 E X C Acquisition Corporation 198,794
Savage Sports Holding, Inc. 2,161,086 ETEX Corporation --
Seneca Gaming Corporation 435,000 MedSystems Holdings LLC 1,234,939
Ticketmaster 470,000 MicroGroup, Inc. 3,586,410
Tunica-Biloxi Gaming Authority 989,000 OakRiver Technology, Inc. 1,127,782
Warner Music Group Corporation 204,186 TherOX, Inc. --
-------------- --------------
8,978,033 7,217,357
-------------- --------------
MINING, STEEL, IRON & NON PRECIOUS
METALS - 1.86%
Ryerson, Inc. 55,250
Steel Dynamics, Inc. 602,000
T H I Acquisition, Inc. 2,412,842
Tube City IMS Corporation 1,335,000
--------------
4,405,092
--------------
------------------------------------------------------------------------------------------------------------------------------------
33
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONTINUED)
September 30, 2008
(Unaudited)
Fair Value/ Fair Value/
INDUSTRY CLASSIFICATION:(Continued) Market Value Market Value
-------------- --------------
NATURAL RESOURCES - 1.19% TECHNOLOGY - 1.97%
Appleton Papers, Inc. $ 263,250 Compucom Systems, Inc. $ 1,193,675
Cenveo Corporation 1,094,000 EnerNOC, Inc. 480,810
Intrepid Potash, Inc. 10,848 Smart Source Holdings LLC 2,997,071
Range Resources Corporation 47,250 --------------
Rock-Tenn Co. 1,091,125 4,671,556
SandRidge Energy, Inc. 309,600 --------------
-------------- TELECOMMUNICATIONS - 2.23%
2,816,073 All Current Holding Company 1,231,511
-------------- Cincinnati Bell, Inc. 957,000
OIL & GAS - 3.09% Intelsat Bermuda Ltd. 1,269,450
Atlas Pipeline Partners 184,000 ITC^DeltaCom, Inc. 348,399
Basic Energy Services 200,250 Stratos Global 560,625
Brigham Exploration Co. 1,002,000 Time Warner Telecom Holdings 925,000
Chaparral Energy, Inc. 1,185,000 --------------
Clayton Williams Energy, Inc. 656,250 5,291,985
Delta Petroleum Corporation 521,250 --------------
Mariner Energy, Inc. 929,500 TRANSPORTATION - 1.89%
North American Energy Partners 1,071,800 NABCO, Inc. 381,037
Total E & S, Inc. 1,572,166 Quality Distribution, Inc. 272,500
-------------- Tangent Rail Corporation 3,828,547
7,322,216 --------------
-------------- 4,482,084
PHARMACEUTICALS - 1.32% --------------
CorePharma LLC 2,549,564 UTILITIES - 2.70%
Enzymatic Therapy, Inc. 581,151 Dynegy Holdings, Inc. 709,600
-------------- El Paso Corporation 829,400
3,130,715 Inergy LP 432,400
-------------- Intergen NV 750,000
PUBLISHING/PRINTING - 1.31% Markwest Energy Operating Co. 973,750
Newark Group, Inc. 297,500 N R G Energy, Inc. 157,500
Quebecor Media, Inc. 1,203,125 Petrohawk Energy Corporation 1,410,000
Scholastic Corporation 1,266,834 TXU Energy Company LLC 1,128,125
Sheridan Acquisition Corporation 333,750 --------------
-------------- 6,390,775
3,101,209 --------------
-------------- WASTE MANAGEMENT / POLLUTION - 2.99%
RETAIL STORES - 1.29% Terra Renewal LLC 3,562,441
Neiman Marcus Group, Inc. 837,500 Torrent Group Holdings, Inc. 2,432,229
Olympic Sales, Inc. 265,814 Waste Services, Inc. 1,078,000
Rental Service Corporation 1,136,250 --------------
United Rentals, Inc. 826,563 7,072,670
-------------- --------------
3,066,127 TOTAL CORPORATE RESTRICTED AND
-------------- PUBLIC SECURITIES - 107.88% $ 255,532,488
==============
See Notes to Consolidated Financial Statements
------------------------------------------------------------------------------------------------------------------------------------
34
INCOME TAX INFORMATION
The aggregate cost of investments is substantially the same for financial
reporting and federal income tax purposes as of September 30, 2008. The net
unrealized depreciation of investments for financial reporting and federal
tax purposes as of September 30, 2008 is $28,189,507 and consists of
$13,948,039 appreciation and $42,137,546 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, prepayment 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 September 30, 2008:
ASSETS TOTAL LEVEL 1 LEVEL 2 LEVEL 3
-----------------------------------------------------------------------------
Restricted Securities $192,851,398 $ -- $10,115,375 $182,736,023
Public Securities 62,681,090 4,085,498 58,591,992 3,600
Short-term Securities 5,305,565 -- 5,305,565 --
-----------------------------------------------------------------------------
TOTAL $260,838,053 $4,085,498 $74,012,932 $182,739,623
Following is a reconciliation of Level 3 assets for which significant
unobservable inputs were used to determine fair value:
RESTRICTED PUBLIC SHORT-TERM
ASSETS SECURITIES SECURITIES SECURITIES TOTAL
-----------------------------------------------------------------------------
Beginning balance
at 12/31/2007 $175,656,605 $ 74,700 $ -- $175,731,305
Total gains or losses
(realized/unrealized)
included in earnings* (8,590,964) (71,100) -- (8,662,064)
Purchases, sales,
issuances &
settlements (net) 15,670,382 -- -- 15,670,382
-----------------------------------------------------------------------------
ENDING BALANCE
at 9/30/08 $182,736,023 $ 3,600 $ -- $182,739,623
* 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 9/30/08 is $(11,306,746).
--------------------------------------------------------------------------------
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 November 24, 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 November 24, 2008
------------------------------------------------------------------
By (Signature and Title)* /s/ James M. Roy
---------------------------------------------
James M. Roy, Vice President and
Chief Financial Officer
Date November 24, 2008
------------------------------------------------------------------
* PRINT THE NAME AND TITLE OF EACH SIGNING OFFICER UNDER HIS OR HER SIGNATURE.