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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, Springfield, MA 01115
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(Address of principal executive offices) (Zip code)
Patricia J. Walsh, Vice President, Secretary and Chief Legal Officer
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: 09/30/10
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CONSOLIDATED SCHEDULE OF INVESTMENTS
September 30, 2010
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES - 89.85%:(A) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
PRIVATE PLACEMENT INVESTMENTS - 84.64%
A E COMPANY, INC.
A designer and manufacturer of machined parts and assembly structures for the commercial and military aerospace industries.
11% Senior Secured Note due 2015 $ 1,413,462 * $ 1,385,193 $ 1,455,392
13% Senior Subordinated Note due 2016 $ 1,413,461 11/10/09 1,265,201 1,468,279
Common Stock (B) 323,077 shs. 11/10/09 323,077 306,923
Warrant, exercisable until 2019, to purchase
common stock at $.01 per share (B) 161,538 shs. 11/10/09 119,991 1,615
------------ -----------
* 11/10/09 and 11/18/09. 3,093,462 3,232,209
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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 $ 2,535,741 11/21/07 2,484,598 2,561,099
Limited Partnership Interest (B) 23.16% int. 11/21/07 224,795 399,425
------------ -----------
2,709,393 2,960,524
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A S A P INDUSTRIES LLC
A designer and manufacturer of components used on oil and natural gas wells.
12.5% Senior Subordinated Note due 2015 $ 850,946 12/31/08 739,153 867,964
Limited Liability Company Unit Class A-2 (B) 1,276 uts. 12/31/08 140,406 216,880
Limited Liability Company Unit Class A-3 (B) 1,149 uts. 12/31/08 126,365 195,193
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1,005,924 1,280,037
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A S C GROUP, INC.
A designer and manufacturer of high reliability encryption equipment, communications products, computing systems and electronic
components primarily for the military and aerospace sectors.
12.75% Senior Subordinated Note due 2016 $ 2,318,182 10/09/09 1,986,875 2,387,727
Limited Liability Company Unit Class A (B) 2,359 uts. 10/09/09 231,818 220,215
Limited Liability Company Unit Class B (B) 2,782 uts. 10/09/09 273,352 28
------------ -----------
2,492,045 2,607,970
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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 (D) $ 735,000 05/15/08 720,300 551,250
13% Senior Subordinated Note due 2015 (D) $ 735,000 05/15/08 657,905 --
Common Stock (B) 105,000 shs. 05/15/08 105,000 --
Warrant, exercisable until 2015, to purchase
common stock at $.01 per share (B) 36,923 shs. 05/15/08 62,395 --
------------ -----------
1,545,600 551,250
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8
MassMutual Corporate Investors
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2010
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
ADVANCED TECHNOLOGIES HOLDINGS
A provider of factory maintenance services to industrial companies.
15% Senior Subordinated Note due 2013 $ 2,215,488 12/27/07 $ 2,173,039 $ 2,237,643
Preferred Stock (B) 1,031 shs. 12/27/07 510,000 512,860
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2,683,039 2,750,503
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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 1,627,500
14% Senior Subordinated Note due 2015 $ 1,260,000 03/09/07 1,161,382 1,260,000
Common Stock (B) 262,500 shs. 03/09/07 262,500 448,875
Warrant, exercisable until 2015, to purchase
common stock at $.01 per share (B) 66,116 shs. 03/09/07 111,527 113,058
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3,138,497 3,449,433
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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 1,053,128 1,151,720
Common Stock (B) 1,347 shs. 09/26/08 134,683 103,201
Warrant, exercisable until 2018, to purchase
common stock at $.01 per share (B) 958 shs. 09/26/08 87,993 73,398
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1,275,804 1,328,319
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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 3,187,495
Preferred Class A Unit (B) 3,223 uts. ** 322,300 540,630
Preferred Class B Unit (B) 1,526 uts. 06/09/08 152,626 218,189
Common Class B Unit (B) 30,420 uts. 01/22/04 1 96,824
Common Class D Unit (B) 6,980 uts. 09/12/06 1 22,217
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* 01/22/04 and 06/09/08. ** 01/22/04 and 09/12/06. 3,508,593 4,065,355
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APEX ANALYTIX HOLDING CORPORATION
A provider of audit recovery and fraud detection services and software to commercial and retail businesses in the U.S. and Europe.
12.5% Senior Subordinated Note due 2016 $ 1,912,500 04/28/09 1,627,036 1,950,750
Preferred Stock Series B (B) 3,065 shs. 04/28/09 306,507 481,150
Common Stock (B) 1,366 shs. 04/28/09 1,366 214,443
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1,934,909 2,646,343
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9
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2010
(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 $ 1,859,060 05/18/05 $ 1,667,348 $ 1,580,201
Preferred Stock (B) 63 shs. 10/16/09 62,756 31,380
Common Stock (B) 497 shs. 05/18/05 497,340 --
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 130 shs. 05/18/05 112,128 --
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2,339,572 1,611,581
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ASSOCIATED DIVERSIFIED SERVICES
A provider of routine maintenance and repair services primarily to electric utility companies predominantly on electric power
distribution lines.
10% Senior Secured Term Note due 2016 (C) $ 853,714 09/30/10 832,371 852,451
13% Senior Subordinated Note due 2017 $ 853,714 09/30/10 761,606 844,547
Limited Liability Company Unit Class B (B) 92,571 uts. 09/30/10 92,571 87,942
Limited Liability Company Unit Class B OID (B) 70,765 uts. 09/30/10 70,765 708
------------ -----------
1,757,313 1,785,648
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BARCODES GROUP, INC.
A distibutor and reseller of automatic identification and data capture equipment, including mobile computers, scanners,
point-of-sale systems, labels, and accessories.
13.5% Senior Subordinated Note due 2016 $ 1,915,953 07/27/10 1,819,259 1,962,059
Preferred Stock (B) 39 shs. 07/27/10 394,487 374,775
Common Stock Class A (B) 131 shs. 07/27/10 1,310 1,245
Warrant, exercisable until 2020, to purchase
common stock at $.01 per share (B) 23 shs. 07/27/10 227 --
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2,215,283 2,338,079
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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 2,180,614 2,281,593
Preferred Stock Class A (B) 879 shs. 06/30/06 268,121 159,473
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 56,046
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2,541,123 2,497,112
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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 $ 659,946 08/07/08 652,782 628,871
12.5% Senior Subordinated Note due 2015 $ 750,872 08/07/08 692,484 682,935
Common Stock (B) 73,256 shs. 08/07/08 73,256 33,742
Warrant, exercisable until 2018, to purchase
common stock at $.01 per share (B) 57,600 shs. 08/07/08 57,689 26,531
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1,476,211 1,372,079
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10
MassMutual Corporate Investors
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2010
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
CAPITAL SPECIALTY PLASTICS, INC.
A producer of desiccant strips used for packaging pharmaceutical products.
Common Stock (B) 109 shs. * $ 503 $ 1,174,109
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*12/30/97 and 05/29/99.
CLOUGH, HARBOUR AND ASSOCIATES
An engineering service firm that is located in Albany, NY.
12.25% Senior Subordinated Note due 2015 $ 2,400,000 12/02/08 2,225,100 2,448,000
Preferred Stock (B) 277 shs. 12/02/08 276,900 274,856
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2,502,000 2,722,856
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COEUR, INC.
A producer of proprietary, disposable power injection syringes.
12% Senior Subordinated Note due 2016 $ 1,214,286 10/10/08 1,098,929 1,238,572
Common Stock (B) 607 shs. 10/10/08 60,714 38,384
Warrant, exercisable until 2018, to purchase
common stock at $.01 per share (B) 934 shs. 10/10/08 91,071 59,053
------------ -----------
1,250,714 1,336,009
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CONNECTICUT ELECTRIC, INC.
A supplier and distributor of electrical products sold into the retail and wholesale markets.
10% Senior Subordinated Note due 2014 (D) $ 1,456,429 01/12/07 1,358,631 728,215
Limited Liability Company Unit Class A (B) 156,046 uts. 01/12/07 156,046 --
Limited Liability Company Unit Class C (B) 112,873 uts. 01/12/07 112,873 --
Limited Liability Company Unit Class D (B) 1,268,437 uts. 05/03/10 -- --
Limited Liability Company Unit Class E (B) 2,081 uts. 05/03/10 -- --
------------ -----------
1,627,550 728,215
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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 1,715,247
Preferred Stock Series C (B) 8,986 shs. 07/05/07 300,168 898,560
Common Stock (B) 718 shs. 07/05/07 7 513
Limited Partnership Interest (B) 12.64% int. * 189,586 --
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*08/12/04 and 01/14/05. 1,190,153 2,614,320
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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 2,477,623 2,550,000
Warrant, exercisable until 2013, to purchase
common stock at $.001 per share (B) 20 shs. 08/04/05 137,166 240,935
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2,614,789 2,790,935
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11
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2010
(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 $ 2,096,329 $ 2,289,755
Common Stock (B) 255,000 shs. 08/21/08 255,000 --
Warrant, exercisable until 2016, to purchase
common stock at $.01 per share (B) 136,070 shs. 08/21/08 194,826 --
------------ -----------
2,546,155 2,289,755
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CUSTOM ENGINEERED WHEELS, INC.
A manufacturer of custom engineered, non-pneumatic plastic wheels and plastic tread cap tires used primarily for lawn and garden
products and wheelchairs.
12.5% Senior Subordinated Note due 2016 $ 2,182,212 10/27/09 1,892,808 2,247,678
Preferred Stock PIK (B) 296 shs. 10/27/09 295,550 280,773
Preferred Stock Series A (B) 216 shs. 10/27/09 197,152 2
Common Stock (B) 72 shs. 10/27/09 72,238 68,628
Warrant, exercisable until 2016, to purchase
common stock at $.01 per share (B) 53 shs. 10/27/09 48,608 1
------------ -----------
2,506,356 2,597,082
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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 1,760,714 1,822,383
Limited Partnership Interest (B) 1.82% int. 10/30/06 702,174 760,901
Warrant, exercisable until 2014, to purchase
preferred stock at $.01 per share (B) 50 shs. 10/30/06 49,830 71,919
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 34 shs. 10/30/06 34,000 24,609
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2,546,718 2,679,812
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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 --
Warrants, exercisable until 2011, to purchase common
stock of DHI Holdings, Inc. at $.01 per share (B) 13,352 shs. * 403,427 473,000
------------ -----------
*10/24/96 and 08/28/98. 1,137,517 473,000
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12
MassMutual Corporate Investors
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2010
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
DUNCAN SYSTEMS, INC.
A distributor of windshields and side glass for the recreational vehicle market.
10% Senior Secured Term Note due 2013 $ 405,000 11/01/06 $ 398,925 $ 414,394
13% Senior Subordinated Note due 2014 $ 855,000 11/01/06 789,267 855,000
Common Stock (B) 180,000 shs. 11/01/06 180,000 156,615
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 56,514 shs. 11/01/06 78,160 49,172
------------ -----------
1,446,352 1,475,181
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DWYER GROUP, INC.
A franchiser of a variety of home repair services.
Common Stock (B) 6,906 shs. * 690,600 1,211,250
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 2,034 shs. 10/30/03 186,469 356,673
------------ -----------
*10/30/03 and 01/02/04. 877,069 1,567,923
------------ -----------
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 $ 2,344,431 01/08/08 2,300,293 2,319,888
Common Stock (B) 660 shs. 01/08/08 329,990 105,988
------------ -----------
2,630,283 2,425,876
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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 76,657
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EATEM HOLDING COMPANY
A developer and manufacturer of savory flavor systems for soups, sauces, gravies, and other products produced by food manufacturers
for retail and foodservice end products.
12.5% Senior Subordinated Note due 2018 $ 2,850,000 02/01/10 2,471,700 2,926,563
Common Stock (B) 150 shs. 02/01/10 150,000 142,500
Warrant, exercisable until 2018, to purchase
common stock at $.01 per share (B) 358 shs. 02/01/10 321,300 4
------------ -----------
2,943,000 3,069,067
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F C X HOLDINGS CORPORATION
A distributor of specialty/technical valves, actuators, accessories, and process instrumentation supplying a number of industrial,
high purity, and energy end markets in North America.
15% Senior Subordinated Note due 2015 $ 2,242,079 10/06/08 2,198,899 2,314,579
Preferred Stock (B) 4,341 shs. 10/06/08 434,074 212,665
Common Stock (B) 3,069 shs. 10/06/08 3,069 --
------------ -----------
2,636,042 2,527,244
------------ -----------
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13
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2010
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
F F C HOLDING CORPORATION
A leading U.S. manufacturer of private label frozen novelty and ice cream products.
16% Senior Subordinated Note due 2014 $ 2,487,805 09/27/10 $ 2,438,049 $ 2,483,710
Limited Liability Company Units Preferred (B) 512 uts. 09/27/10 460,976 437,931
Limited Liability Company Units (B) 512 uts. 09/27/10 51,220 48,659
------------ -----------
2,950,245 2,970,300
------------ -----------
F H S HOLDINGS LLC
A national provider of customized disease management services to large self-insured employers.
12% Senior Subordinated Note due 2014 (D) $ 2,390,625 06/01/06 2,220,452 --
Limited Liability Company Units of Linden/FHS Holdings LLC (B) 159 uts. 06/01/06 159,362 --
Common Unit Class B (B) 1,386 uts. 06/01/06 122,361 --
------------ -----------
2,502,175 --
------------ -----------
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 (D) $ 918,385 04/13/06 904,609 459,193
14% Senior Subordinated Note due 2014 (D) $ 555,059 04/13/06 495,635 --
------------ -----------
1,400,244 459,193
------------ -----------
GOLDEN COUNTY FOODS HOLDING, INC.
A manufacturer of frozen appetizers and snacks.
16% Senior Subordinated Note due 2015 $ 1,912,500 11/01/07 1,727,592 1,816,875
16% PIK Note due 2015 $ 472,711 12/31/08 399,004 449,076
8% Series A Convertible Preferred Stock, convertible into
fully diluted common shares (B) 146,658 shs. 11/01/07 146,658 14,272
------------ -----------
2,273,254 2,280,223
------------ -----------
H M HOLDING COMPANY
A designer, manufacturer, and importer of promotional and wood furniture.
7.5% Senior Subordinated Note due 2013 (D) $ 685,100 10/15/09 512,231 513,825
Preferred Stock (B) 40 shs. * 40,476 --
Preferred Stock Series B (B) 2,055 shs. 10/15/09 1,536,694
Common Stock (B) 340 shs. 02/10/06 340,000 --
Common Stock Class C (B) 560 shs. 10/15/09 -- --
Warrant, exercisable until 2013, to purchase
common stock at $.02 per share (B) 126 shs. 02/10/06 116,875 --
------------ -----------
* 09/18/07 and 06/27/08. 2,546,276 513,825
------------ -----------
HIGHGATE CAPITAL LLC
An acquirer of controlling or substantial interests in manufacturing and marketing entities.
Series A Preferred Units (B) 1.19% int. 07/21/94 367,440 --
------------ -----------
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14
MassMutual Corporate Investors
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2010
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
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 * $ 1,926,884 $ 2,043,269
Common Stock (B) 63 shs. * 62,742 99,613
Warrant, exercisable until 2012, to purchase
common stock at $.02 per share (B) 200 shs. * 199,501 316,748
------------ -----------
* 06/30/04 and 08/19/04. 2,189,127 2,459,630
------------ -----------
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 1,971,802
Common Stock (B) 474 shs. 08/19/08 474,419 113,041
Warrant, exercisable until 2016, to purchase
common stock at $.01 per share (B) 123 shs. 08/19/08 113,773 29,217
------------ -----------
2,508,489 2,114,060
------------ -----------
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 2,077 264,968
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 20 shs. 02/27/07 612 78,040
------------ -----------
2,689 343,008
------------ -----------
INTERNATIONAL OFFSHORE SERVICES LLC
A leading provider of marine transportation services, platform decommissioning, and salvage services to oil and gas producers in the
shallow waters of the Gulf of Mexico.
14.25% Senior Subordinated Secured Note due 2017 $ 2,550,000 07/07/09 2,299,566 2,569,633
Limited Liability Company Unit (B) 3,112 uts. 07/07/09 186,684 --
------------ -----------
2,486,250 2,569,633
------------ -----------
JASON, INC.
A diversified manufacturing company serving various industrial markets.
13% Senior Subordinated Note due 2010 (D) $ 963,687 08/04/00 848,275 48,184
Limited Partnership Interest of
Saw Mill Capital Fund II, L.P. (B) 2.50% int. 08/03/00 886,470 --
------------ -----------
1,734,745 48,184
------------ -----------
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 1,564,212 1,593,750
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 1,121 shs. 12/15/04 101,109 210,253
------------ -----------
1,665,321 1,804,003
------------ -----------
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15
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2010
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
K H O F HOLDINGS, INC.
A manufacturer of premium disposable tableware products serving both the foodservice and consumer channels.
Common Stock (B) 220,673 shs. 10/15/07 $ 135,084 $ 187,965
------------ -----------
K N B HOLDINGS CORPORATION
A designer, manufacturer and marketer of products for the custom framing market.
15.5% Senior Subordinated Note due 2013 (D) $ 3,012,887 05/25/06 2,641,395 2,862,243
Common Stock (B) 134,210 shs. 05/25/06 134,210 --
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 82,357 shs. 05/25/06 71,534 --
------------ -----------
2,847,139 2,862,243
------------ -----------
K P I HOLDINGS, INC.
The largest player in the U.S. non-automotive, non-ferrous die casting segment.
18% Senior Subordinated Note due 2014 (D) $ 2,106,522 07/16/08 1,968,368 2,001,196
Convertible Preferred Stock Series C (B) 55 shs. 06/30/09 55,435 --
Convertible Preferred Stock Series D (B) 24 shs. 09/17/09 24,476 --
Common Stock (B) 443 shs. 07/15/08 443,478 --
Warrant, exercisable until 2018, to purchase
common stock at $.01 per share (B) 734 shs. * 96,024 --
------------ -----------
* 07/16/08 and 09/17/09. 2,587,781 2,001,196
------------ -----------
K W P I HOLDINGS CORPORATION
A manufacturer and distributor of vinyl windows and patio doors throughout the northwestern United States.
18% Senior Subordinated Note due 2014 (D) $ 2,938,407 03/14/07 2,674,368 2,350,726
Common Stock (B) 232 shs. 03/13/07 232,000 --
Warrant, exercisable until 2019, to purchase
preferred stock at $.01 per share (B) 134 shs. 07/07/09 -- --
Warrant, exercisable until 2017, to purchase
common stock at $.01 per share (B) 167 shs. 03/14/07 162,260 --
------------ -----------
3,068,628 2,350,726
------------ -----------
L H D EUROPE HOLDING, INC.
A non-carbonated beverage dispensing company focused on the foodservice industry.
Common Stock (B) 85 shs. 12/28/09 7,916 24,225
------------ -----------
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16
MassMutual Corporate Investors
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2010
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
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 and gas, mining, and defense markets.
13% Senior Subordinated Note due 2016 $ 1,239,403 09/12/08 $ 1,148,989 $ 1,199,056
Common Stock (B) 61 shs. 09/12/08 60,714 --
Warrant, exercisable until 2018, to purchase
common stock at $.01 per share (B) 66 shs. 09/12/08 65,571 --
------------ -----------
1,275,274 1,199,056
------------ -----------
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 05/04/07 912,469 975,000
Limited Liability Company Unit (B) 24,109 uts. * 314,464 321,494
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 3,375 shs. 05/04/07 43,031 45,006
------------ -----------
* 05/04/07 and 01/02/08. 1,269,964 1,341,500
------------ -----------
MANHATTAN BEACHWEAR HOLDING COMPANY
A designer and distributor of women's swimwear.
12.5% Senior Subordinated Note due 2018 $ 2,647,059 01/15/10 2,325,462 2,700,000
Common Stock (B) 353 shs. 01/15/10 352,941 335,293
Warrant, exercisable until 2019, to purchase
common stock at $.01 per share (B) 312 shs. 01/15/10 283,738 3
------------ -----------
2,962,141 3,035,296
------------ -----------
MAVERICK ACQUISITION COMPANY
A manufacturer of capsules that cover the cork and neck of wine bottles.
6.79% Senior Secured Tranche A Note due 2011 (C) $ 153,259 09/03/04 153,259 153,259
12.5% Senior Secured Tranche B Note due 2011 $ 313,433 09/03/04 305,092 313,433
6.79% Senior Secured Revolver due 2011 (C) $ 78,358 09/03/04 78,357 78,357
Limited Partnership Interest (B) 7.84% int. 09/03/04 58,769 20,963
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 425 shs. 09/03/04 39,473 15,146
------------ -----------
634,950 581,158
------------ -----------
MBWS ULTIMATE HOLDCO, INC.
A provider of services throughout North Dakota that address the fluid management and related transportation needs of an oil well.
12% Senior Subordinated Note due 2016 $ 2,651,163 09/07/10 2,368,870 2,640,158
Preferred Stock Series A (B) 4,164 shs. 09/07/10 416,392 395,580
Common Stock (B) 458 shs. 09/07/10 45,845 43,510
Warrant, exercisable until 2016, to purchase
common stock at $.01 per share (B) 1,158 shs. 09/07/10 115,870 12
------------ -----------
2,946,977 3,079,260
------------ -----------
--------------------------------------------------------------------------------------------------------------------------------
17
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2010
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
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 $ 1,172,388 08/29/08 $ 1,052,228 $ 1,184,112
Preferred Unit (B) 126 uts. 08/29/08 125,519 143,365
Common Unit Class A (B) 1,268 uts. 08/29/08 1,268 --
Common Unit Class B (B) 472 uts. 08/29/08 120,064 --
------------ -----------
1,299,079 1,327,477
------------ -----------
MEGTEC HOLDINGS, INC.
A supplier of industrial and environmental products and services to a broad array of industries.
12% Senior Subordinated Note due 2016 $ 2,161,017 09/24/08 1,981,274 2,134,105
Preferred Stock (B) 107 shs. 09/24/08 103,255 --
Limited Partnership Interest (B) 1.40% int. 09/16/08 388,983 --
Warrant, exercisable until 2018, to purchase
common stock at $.01 per share (B) 35 shs. 09/24/08 33,268 --
------------ -----------
2,506,780 2,134,105
------------ -----------
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 (D) $ 2,685,614 * 2,594,539 2,282,772
Common Stock (B) 450 shs. * 450,000 --
Warrant, exercisable until 2013, to purchase
common stock at $.02 per share (B) 164 shs. * 162,974 --
------------ -----------
* 08/12/05 and 09/11/06. 3,207,513 2,282,772
------------ -----------
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 2,236,587 2,118,461
Preferred Stock (B) 263 shs. 07/21/08 261,830 --
Common Stock (B) 18 shs. 07/21/08 20,000 --
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 10 shs. 07/21/08 11,285 --
------------ -----------
2,529,702 2,118,461
------------ -----------
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. 08/04/06 106,153 262,088
Warrant, exercisable until 2014, to purchase
common stock at $.02 per share (B) 1,107 shs. 08/04/06 107,109 273,196
------------ -----------
213,262 535,284
------------ -----------
--------------------------------------------------------------------------------------------------------------------------------
18
MassMutual Corporate Investors
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2010
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
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 (D) $ 2,550,000 07/25/08 $ 2,416,568 $ 1,275,000
14% PIK Note due 2014 (D) $ 792,791 07/25/08 646,821 396,395
Warrant, exercisable until 2014, to purchase
common stock at $.02 per share (B) 152 shs. 03/31/06 138,125 --
------------ -----------
3,201,514 1,671,395
------------ -----------
NABCO, INC.
A producer of explosive containment vessels in the United States.
14% Senior Subordinated Note due 2014 (D) $ 625,000 02/24/06 575,313 --
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 --
------------ -----------
* 02/24/06 and 06/22/07. 1,437,911 --
------------ -----------
NAVIS GLOBAL
A designer, manufacturer, seller and servicer of finishing machinery for the knit and woven segments of the global textile industry.
10.75% Senior Secured Note due 2011 (D) $ 695,588 05/28/04 689,460 660,809
14% Senior Subordinated Note due 2014 (D) $ 1,365,385 05/28/04 1,162,487 341,346
------------ -----------
1,851,947 1,002,155
------------ -----------
NESCO HOLDINGS CORPORATION
A sales and leasing company that provides equipment to the electric utility, telecommunications, and various other industries.
12% Senior Secured Subordinated Note due 2015 $ 2,125,000 08/02/07 1,888,243 2,125,000
Common Stock (B) 425,000 shs. 08/02/07 425,000 666,674
Warrant, exercisable until 2015, to purchase
common stock at $.01 per share (B) 119,360 shs. 08/02/07 194,257 187,234
------------ -----------
2,507,500 2,978,908
------------ -----------
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 1,071,000
Limited Partnership Interest of
Saw Mill PCG Partners LLC (B) 2.73% int. 02/01/07 1,019,980 --
Limited Liability Company Unit Class D of
Saw Mill PCG Partners LLC (B) 15 uts. * 15,389 --
Limited Liability Company Unit Class D-1 of
Saw Mill PCG Partners LLC (B) 123 uts. 09/30/09 122,664 --
Preferred Stock Class A (B) 1 sh. 12/18/08 1,370 --
Preferred Stock Class A-1 (B) 11 shs. 09/30/09 10,643 --
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 91 shs. 02/02/07 90,830 --
------------ -----------
* 12/18/08 and 09/30/09. 2,669,446 1,071,000
------------ -----------
--------------------------------------------------------------------------------------------------------------------------------
19
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2010
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
NORTHWEST MAILING SERVICES, INC.
A producer of promotional materials for companies that use direct mail as part of their customer retention and loyalty programs.
12% Senior Subordinated Note due 2016 $ 2,818,421 * $ 2,307,058 $ 2,886,868
Limited Partnership Interest (B) 3,287 uts. * 328,679 150,167
Warrant, exercisable until 2019, to purchase
common stock at $.01 per share (B) 4,920 shs. * 492,016 224,792
------------ -----------
* 07/09/09 and 08/09/10 3,127,753 3,261,827
------------ -----------
NYLONCRAFT, INC.
A supplier of engineered plastic components for the automotive industry.
10% Senior Secured Note due 2012 $ 812,500 01/28/02 812,500 771,875
15% Senior Subordinated Note due 2012 (D) $ 500,000 01/28/02 473,642 475,000
Convertible Preferred Stock A (B) 1,000 shs. 01/28/02 961,637 446,129
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 --
------------ -----------
2,722,324 1,693,004
------------ -----------
O E C HOLDING CORPORATION
A provider of elevator maintenance, repair and modernization services.
13% Senior Subordinated Note due 2017 $ 1,333,333 06/04/10 1,216,016 1,360,888
Preferred Stock Series A (B) 1,661 shs. 06/04/10 166,062 157,759
Preferred Stock Series B (B) 934 shs. 06/04/10 93,376 9
Common Stock (B) 1,032 shs. 06/04/10 1,032 981
------------ -----------
1,476,486 1,519,637
------------ -----------
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 $ 80,468 01/03/06 79,261 80,468
13% Senior Subordinated Note due 2013 $ 687,241 01/03/06 641,561 687,241
Common Stock (B) 322,307 shs. 01/03/06 322,307 241,369
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 75,378 shs. 01/03/06 62,824 56,449
------------ -----------
1,105,953 1,065,527
------------ -----------
OLYMPIC SALES, INC.
A boat retailer in Washington state, Oregon, California and British Columbia.
12% Senior Subordinated Note due 2010 (D) $ 1,022,000 08/07/98 1,022,000 153,300
12% Senior Subordinated Note due 2010 (D) $ 307,071 02/09/00 268,283 46,061
------------ -----------
1,290,283 199,361
------------ -----------
--------------------------------------------------------------------------------------------------------------------------------
20
MassMutual Corporate Investors
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2010
(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 $ 678,798
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 619 shs. 01/17/06 170,801 114,605
------------ -----------
742,916 793,403
------------ -----------
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 $ 2,359,281 07/03/06 2,271,474 2,359,281
Preferred Unit (B) 382 uts. 07/03/06 382,150 598,554
Preferred Unit (B) 69 uts. 07/03/06 68,790 107,744
Common Unit Class I (B) 148 uts. 07/03/06 -- 1,367,320
Common Unit Class L (B) 31 uts. 07/03/06 -- 288,951
------------ -----------
2,722,414 4,721,850
------------ -----------
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 2,199,496 2,295,000
Preferred Stock (B) 36 shs. 03/31/06 329,596 464,393
Common Stock (B) 23 shs. 03/31/06 25,500 222,019
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 13 shs. 03/31/06 11,122 129,148
------------ -----------
2,565,714 3,110,560
------------ -----------
PACIFIC CONSOLIDATED HOLDINGS LLC
A manufacturer of rugged, mobile liquid and gaseous oxygen and nitrogen generating systems used in the global defense, oil and gas,
and medical sectors.
14% Senior Subordinated Note due 2012 $ 1,358,188 04/27/07 1,290,841 1,263,595
5% Senior Subordinated Note due 2012 $ 79,688 07/21/10 79,688 79,999
Preferred Shares Series E (B) 79,688 shs. 07/21/10 -- --
Limited Liability Company Unit (B) 1,754,707 uts. 04/27/07 63,233 --
------------ -----------
1,433,762 1,343,594
------------ -----------
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 2,081,906 2,125,000
Membership Interests of MM/Lincap
PPI Investments, Inc., LLC (B) 2.42% int. 12/21/00 265,625 263,942
------------ -----------
2,347,531 2,388,942
------------ -----------
--------------------------------------------------------------------------------------------------------------------------------
21
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2010
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
PEARLMAN ENTERPRISES, INC.
A developer and distributor of tools, equipment, and supplies to the natural and engineered stone industry.
Preferred Stock Series A (B) 2,334 shs. 05/22/09 $ 111,508 $ --
Preferred Stock Series B (B) 13,334 shs. 05/22/09 547,872 --
Common Stock (B) 40,540 shs. 05/22/09 1,877,208 --
------------ -----------
2,536,588 --
------------ -----------
POSTLE ALUMINUM COMPANY LLC
A manufacturer and distributor of aluminum extruded products.
15% Senior Subordinated Note due 2013 $ 1,545,072 06/03/10 1,514,505 1,548,493
3% Senior Subordinated PIK Note due 2014 (D) $ 2,283,699 10/02/06 2,014,226 2,169,514
Limited Liability Company Unit Class A (B) 1,384 uts. 10/02/06 510,000 --
Limited Liability Company Unit (B) 143 uts. 05/22/09 642 --
Warrant, exercisable until 2016, to purchase
common stock at $.01 per share (B) 8,595 shs. 10/02/06 124,644 --
------------ -----------
4,164,017 3,718,007
------------ -----------
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 2,193,362 2,312,423
Limited Partnership Interest (B) 23.70% int. 02/11/08 177,729 19,475
Warrant, exercisable until 2016, to purchase
common stock at $.01 per share (B) 1,322 shs. 02/11/08 167,588 38,383
------------ -----------
2,538,679 2,370,281
------------ -----------
PRECISION WIRE HOLDING COMPANY
A manufacturer of specialty medical wires that are used in non-elective minimally invasive surgical procedures.
14.25% Senior Subordinated Note due 2016 $ 2,584,168 11/12/09 2,323,130 2,655,677
Warrant, exercisable until 2019, to purchase
common stock at $.01 per share (B) 206 shs. 11/12/09 203,944 2
------------ -----------
2,527,074 2,655,679
------------ -----------
QUALIS AUTOMOTIVE LLC
A distributor of aftermarket automotive brake and chassis products.
13% Senior Subordinated Note due 2013 $ 1,742,711 05/28/04 1,598,853 1,742,711
Common Stock (B) 354,167 shs. 05/28/04 354,166 484,463
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 377,719 shs. 05/28/04 377,719 516,680
------------ -----------
2,330,738 2,743,854
------------ -----------
--------------------------------------------------------------------------------------------------------------------------------
22
MassMutual Corporate Investors
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2010
(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.
14.5% Senior Subordinated Note due 2014 $ 2,614,243 12/15/06 $ 2,415,863 $ 2,483,531
Limited Liability Company Unit (B) 2,828 uts. 12/15/06 282,810 109,096
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 3 shs. 12/15/06 131,483 51,448
------------ -----------
2,830,156 2,644,075
------------ -----------
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 2,565,813
Warrant, exercisable until 2018, to purchase
common stock at $.01 per share (B) 6 shs. 01/18/08 31,089 8,916
------------ -----------
2,499,000 2,574,729
------------ -----------
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 1,037,930 1,060,654
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 140 shs. 11/14/03 122,946 153,909
------------ -----------
1,160,876 1,214,563
------------ -----------
SAFETY SPEED CUT MANUFACTURING COMPANY, INC.
A manufacturer of vertical panel saws and routers for the woodworking industry.
Class B Common Stock (B) 1,480 shs. 06/02/99 256,212 287,345
------------ -----------
SAVAGE SPORTS HOLDING, INC.
A manufacturer of sporting firearms.
12% Senior Subordinated Note due 2012 $ 1,538,793 09/10/04 1,491,348 1,538,793
Preferred Stock Series A (B) 66,185 shs. 05/28/10 66,185 62,871
Common Stock (B) 612 shs. * 642,937 827,551
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 134 shs. 09/10/04 113,578 180,682
------------ -----------
* 09/10/04 and 10/05/07. 2,314,048 2,609,897
------------ -----------
SENCORE HOLDING COMPANY
A designer, manufacturer, and marketer of decoders, receivers and modulators sold to broadcasters, satellite, cable and telecom
operators for encoding/decoding analog and digital transmission video signals.
12.5% Senior Subordinated Note due 2014 $ 1,765,385 01/15/09 1,571,983 1,500,577
Common Stock (B) 131 shs. 01/15/09 130,769 --
Warrant, exercisable until 2019, to purchase
common stock at $.01 per share (B) 282 shs. 01/15/09 281,604 --
------------ -----------
1,984,356 1,500,577
------------ -----------
--------------------------------------------------------------------------------------------------------------------------------
23
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2010
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
SMART SOURCE HOLDINGS LLC
A short-term computer rental company.
12% Senior Subordinated Note due 2015 $ 2,223,076 * $ 2,055,232 $ 2,194,207
Limited Liability Company Unit (B) 619 uts. * 631,592 416,810
Warrant, exercisable until 2015, to purchase
common stock at $.01 per share (B) 157 shs. * 164,769 105,592
------------ -----------
* 08/31/07 and 03/06/08. 2,851,593 2,716,609
------------ -----------
SPARTAN FOODS HOLDING COMPANY
A manufacturer of branded pizza crusts and pancakes.
12.25% Senior Subordinated Note due 2017 $ 1,912,500 12/15/09 1,659,708 1,930,591
Warrant, exercisable until 2018, to purchase
common stock at $.01 per share (B) 257 shs. 12/15/09 227,109 3
------------ -----------
1,886,817 1,930,594
------------ -----------
SPECIALTY COMMODITIES, INC.
A distributor of specialty food ingredients.
13.25% Senior Subordinated Note due 2016 $ 2,305,033 10/23/08 2,173,111 2,351,133
Common Stock (B) 30,000 shs. 10/23/08 300,000 213,551
Warrant, excercisable until 2018, to purchase
common stock at $.01 per share (B) 11,054 shs. 10/23/08 100,650 78,686
------------ -----------
2,573,761 2,643,370
------------ -----------
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 2,136,843 2,182,899
Common Stock (B) 311 shs. 08/01/06 310,976 98,977
Warrant, exercisable until 2014, to purchase
common stock at $.02 per share (B) 104 shs. 08/01/06 93,293 32,964
------------ -----------
2,541,112 2,314,840
------------ -----------
SUNDANCE INVESTCO LLC
A provider of post-production services to producers of movies and television shows.
Limited Liability Company Unit Class A (B) 6,429 shs. 03/31/10 -- --
------------ -----------
SYNTERACT HOLDINGS CORPORATION
A provider of outsourced clinical trial management services to pharmaceutical and biotechnology companies.
14.5% Senior Subordinated Note due 2016 $ 2,609,066 09/02/08 2,452,263 2,635,156
Redeemable Preferred Stock Series A (B) 1,280 shs. 09/02/08 12,523 273
Warrant, exercisable until 2018, to purchase
common stock at $.01 per share (B) 12,803 shs. 09/02/08 112,693 --
------------ -----------
2,577,479 2,635,429
------------ -----------
--------------------------------------------------------------------------------------------------------------------------------
24
MassMutual Corporate Investors
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2010
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
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 $ 2,040,000
Warrant, exercisable until 2016, to purchase
common stock at $.01 per share (B) 9 shs. 01/14/08 88,054 --
------------ -----------
2,499,000 2,040,000
------------ -----------
TELECORPS HOLDINGS, INC.
A provider of equipment and services to producers of television shows and motion pictures.
12.75% Senior Subordinated Note due 2016 $ 3,176,506 * 2,785,539 2,700,030
Common Stock (B) 270 shs. 09/02/09 10,994 --
Warrant, exercisable until 2019, to purchase
common stock at $.01 per share (B) 7,906 shs. * 327,437 --
------------ -----------
* 05/20/09 and 09/02/09. 3,123,970 2,700,030
------------ -----------
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.
12% Senior Subordinated Note due 2014 $ 1,162,110 * 1,119,886 949,128
6.79% Term Note due 2012 (C) $ 1,364,712 * 1,360,262 1,277,882
8.75% Term Note due 2012 (C) $ 1,453 * 1,453 1,360
Limited Partnership Interest of
Saw Mill Capital Fund V, LLC (B) 3.97% int. ** 149,176 --
Warrant, exercisable until 2016, to purchase
common stock at $.01 per share (B) 72 shs. 04/28/06 59,041 --
------------ -----------
* 04/28/06 and 09/13/06. ** 03/01/05 and 10/10/08. 2,689,818 2,228,370
------------ -----------
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.
14.5% Senior Subordinated Note due 2013 (D) $ 2,455,561 10/26/07 2,102,363 --
Series B Preferred Stock (B) 182 shs. 03/31/10 -- --
Common Stock (B) 515 shs. 03/31/10 414,051 --
------------ -----------
2,516,414 --
------------ -----------
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 03/02/07 838,581 808,783
13% Senior Subordinated Note due 2014 (D) $ 598,450 03/02/07 490,608 299,225
------------ -----------
1,329,189 1,108,008
------------ -----------
--------------------------------------------------------------------------------------------------------------------------------
25
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2010
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
TRANSPAC HOLDING COMPANY
A designer, importer and wholesaler of home decor and seasonal gift products.
14% Senior Subordinated Note due 2015 (D) $ 1,773,006 10/31/07 $ 1,649,939 $ 1,684,356
Common Stock (B) 209 shs. 10/31/07 208,589 11,780
Warrant, exercisable until 2015, to purchase
common stock at $.01 per share (B) 94 shs. 10/31/07 87,607 5,319
------------ -----------
1,946,135 1,701,455
------------ -----------
TRANSTAR HOLDING COMPANY
A distributor of aftermarket automotive transmission parts.
12% Senior Subordinated Note due 2014 $ 1,734,000 08/31/05 1,688,654 1,734,000
Common Stock (B) 1,078 shs. * 1,078,450 1,584,150
Warrant, exercisable until 2013, to purchase
common stock at $.02 per share (B) 86 shs. 08/31/05 77,485 126,238
------------ -----------
* 08/31/05 and 04/30/07. 2,844,589 3,444,388
------------ -----------
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 2,681,582 2,712,000
Common Stock (B) 630 shs. 02/04/98 630,000 726,199
Warrant, exercisable until 2010, to purchase
common stock at $.01 per share (B) 444 shs. 02/05/98 368,832 511,797
------------ -----------
3,680,414 3,949,996
------------ -----------
TRUCK BODIES & EQUIPMENT INTERNATIONAL
A designer and manufacturer of accessories for heavy and medium duty trucks, primarily dump bodies, hoists, various forms of flatbed
bodies, landscape bodies and other accessories.
8% Senior Subordinated Note due 2011 (D) $ 2,309,541 * 2,141,949 2,078,587
Preferred Stock Series B (B) 241 shs. 10/20/08 241,172 --
Common Stock (B) 742 shs. * 800,860 --
Warrant, exercisable until 2013, to purchase
common stock at $.02 per share (B) 153 shs. * 159,894 --
Warrant, exercisable until 2018, to purchase
common stock at $.01 per share (B) 1,054 shs. 10/20/08 -- --
------------ -----------
* 07/19/05 and 12/22/05. 3,343,875 2,078,587
------------ -----------
TRUSTILE DOORS, INC.
A manufacturer and distributor of interior doors.
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 5,781 shs. 04/11/03 68,059 1,092
------------ -----------
--------------------------------------------------------------------------------------------------------------------------------
26
MassMutual Corporate Investors
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2010
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
U M A ENTERPRISES, INC.
An importer and wholesaler of home decor products.
15% Senior Subordinated Note due 2015 $ 1,799,982 02/08/08 $ 1,761,079 $ 1,798,860
Convertible Preferred Stock (B) 887 shs. 02/08/08 886,956 525,116
------------ -----------
2,648,035 2,323,976
------------ -----------
U-LINE CORPORATION
A manufacturer of high-end, built-in, undercounter ice making, wine storage and refrigeration appliances.
14.5% Senior Subordinated Note due 2012 $ 1,882,100 04/30/04 1,813,789 1,787,995
14.5% PIK Note due 2012 $ 418,614 10/06/09 371,407 397,684
Common Stock (B) 182 shs. 04/30/04 182,200 56,290
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 230 shs. 04/30/04 211,736 71,188
------------ -----------
2,579,132 2,313,157
------------ -----------
VISIONEERING, INC.
A designer and manufacturer of tooling and fixtures for the aerospace industry.
10.5% Senior Secured Term Loan due 2013 $ 802,941 05/17/07 790,897 796,872
13% Senior Subordinated Note due 2014 $ 648,530 05/17/07 595,643 640,716
18% PIK Convertible Preferred Stock (B) 37,381 shs. 03/13/09 72,519 --
Common Stock (B) 123,529 shs. 05/17/07 123,529 --
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 35,006 shs. 05/17/07 55,055 --
------------ -----------
1,637,643 1,437,588
------------ -----------
VITEX PACKAGING GROUP, INC.
A manufacturer of specialty packaging, primarily envelopes and tags used on tea bags.
10% Senior Subordinated PIK Note due 2011 $ 169,294 10/29/09 156,927 160,830
5% Senior Subordinated PIK Note due 2011 (D) $ 850,000 06/30/07 741,532 807,500
Class B Unit (B) 767,881 uts. 10/29/09 348,058 --
Class C Unit (B) 850,000 uts. 10/29/09 780,572 393,155
Limited Liability Company Unit Class A (B) 723,465 uts. * 433,222 --
Limited Liability Company Unit Class B (B) 182,935 uts. 07/19/04 182,935 --
------------ -----------
* 07/19/04 and 10/29/09. 2,643,246 1,361,485
------------ -----------
WELLBORN FOREST HOLDING CO.
A manufacturer of semi-custom kitchen and bath cabinetry.
14.13% Senior Subordinated Note due 2014 $ 1,721,250 11/30/06 1,621,114 1,635,188
Common Stock (B) 191 shs. 11/30/06 191,250 57,997
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 95 shs. 11/30/06 86,493 28,954
------------ -----------
1,898,857 1,722,139
------------ -----------
--------------------------------------------------------------------------------------------------------------------------------
27
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2010
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
WHEATON HOLDING CORPORATION
A distributor and manufacturer of laboratory supply products and packaging.
13% Senior Subordinated Note due 2017 $ 3,000,000 06/08/10 $ 2,734,772 $ 3,050,545
Preferred Stock Series B (B) 2,109 shs. 06/08/10 210,924 21
Common Stock (B) 1,058 shs. 06/08/10 1,058 11
------------ -----------
2,946,754 3,050,577
------------ -----------
WORKPLACE MEDIA HOLDING CO.
A direct marketer specializing in providing advertisers with access to consumers in the workplace.
13% Senior Subordinated Note due 2015 (D) $ 1,159,196 05/14/07 1,076,003 811,437
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 --
------------ -----------
1,275,269 811,437
------------ -----------
XALOY SUPERIOR HOLDINGS, INC.
A provider of melt processing components and ancillary equipment for both plastic injection molding and extrusion applications.
15.5% Senior Subordinated Note due 2015 (D) $ 2,322,844 09/08/08 2,272,887 1,858,275
Common Stock (B) 283 shs. 09/08/08 283,333 --
------------ -----------
2,556,220 1,858,275
------------ -----------
Total Private Placement Investments (E) 223,370,201 201,158,838
------------ -----------
--------------------------------------------------------------------------------------------------------------------------------
28
MassMutual Corporate Investors
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2010
(Unaudited)
Interest Due Principal Market
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Rate Date Amount Cost Value
------- -------- ------------ ------------ ------------
RULE 144A SECURITIES - 5.21%:
BONDS - 4.91%
Appleton Papers, Inc. 11.250% 12/15/15 $ 303,000 $ 300,000 $ 227,250
Cemex Finance LLC 9.500 12/14/16 375,000 391,758 377,361
Cenveo Corporation 10.500 08/15/16 100,000 100,000 102,250
Coffeyville Resources LLC 9.000 04/01/15 140,000 139,315 147,700
CompuCom Systems, Inc. 12.500 10/01/15 1,330,000 1,296,156 1,426,425
Dae Aviation Holdings, Inc. 11.250 08/01/15 200,000 195,166 201,520
Energy Future Holdings 10.000 01/15/20 400,000 402,960 401,000
Evertec, Inc. 11.000 10/01/18 375,000 375,000 376,875
Fidelity National Information 7.625 07/15/17 100,000 100,000 106,750
Fidelity National Information 7.875 07/15/20 125,000 125,000 134,688
G F S I, Inc. (C) 10.500 06/01/11 715,000 685,658 715,000
Gannett Company, Inc. 9.375 11/15/17 125,000 123,228 136,875
Georgia Gulf Corporation 9.000 01/15/17 190,000 194,968 199,025
Hertz Corporation 7.500 10/15/18 75,000 75,000 74,719
Inergy, L.P. 7.000 10/01/18 200,000 200,000 205,000
International Lease Finance Corporation 8.625 09/15/15 140,000 137,938 149,800
Landry's Restaurants, Inc. 11.625 12/01/15 125,000 133,887 131,875
Libbey Glass, Inc. 10.000 02/15/15 125,000 130,868 134,375
LIN Television Corporation 8.375 04/15/18 190,000 192,514 199,975
Lyondell Chemical Co. 8.000 11/01/17 195,000 195,000 212,794
Magnachip Semiconductor 10.500 04/15/18 180,000 180,623 186,750
Michael Foods, Inc. 9.750 07/15/18 75,000 75,000 80,250
Nexstar Broadcasting Group, Inc. 8.875 04/15/17 175,000 173,887 182,438
Packaging Dynamics Corporation of America 10.000 05/01/16 1,200,000 1,194,678 1,134,000
Pinafore LLC 9.000 10/01/18 330,000 330,000 345,675
SandRidge Energy, Inc. 8.000 06/01/18 360,000 363,791 351,000
SandRidge Energy, Inc. 8.750 01/15/20 750,000 744,973 742,500
Sinclair Television Group, Inc. 9.250 11/01/17 425,000 414,311 455,813
Spectrum Brands, Inc. 9.500 06/15/18 125,000 123,293 135,625
Trimas Corporation 9.750 12/15/17 75,000 73,586 79,313
Tunica-Biloxi Gaming Authority 9.000 11/15/15 1,075,000 1,097,000 971,531
Univision Communications, Inc. 12.000 07/01/14 200,000 213,284 218,750
Valeant Pharmaceuticals International 6.750 10/01/17 70,000 69,650 71,575
Valeant Pharmaceuticals International 7.000 10/01/20 130,000 129,188 132,925
ViaSystems, Inc. 12.000 01/15/15 175,000 169,387 192,500
--------------------------------------------------------------------------------------------------------------------------------
29
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2010
(Unaudited)
Shares or
Interest Due Principal Market
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Rate Date Amount Cost Value
------- -------- ------------ ------------ ------------
Visant Corporation 10.000% 10/01/17 $ 75,000 $ 75,000 $ 78,563
Warner Chilcott Co. LLC 7.750 09/15/18 475,000 484,496 488,063
West Corporation 11.000 10/15/16 150,000 158,842 159,370
------------ ------------
TOTAL BONDS 11,565,405 11,667,898
------------ ------------
CONVERTIBLE PREFERRED STOCK - 0.00%
ETEX Corporation (B) 777 716 --
------------ ------------
TOTAL CONVERTIBLE PREFERRED STOCK 716 --
------------ ------------
PREFERRED STOCK - 0.06%
General Motors Acceptance Corporation, Inc. 143 45,009 131,203
TherOX, Inc. (B) 103 4,131 --
------------ ------------
TOTAL PREFERRED STOCK 49,140 131,203
------------ ------------
COMMON STOCK - 0.24%
Newark Group, Inc. (B) 134,520 796,863 571,627
Nortek, Inc. (B) 175 1 6,834
Touchstone Health Partnership (B) 1,168 4,254 --
------------ ------------
TOTAL COMMON STOCK 801,118 578,461
------------ ------------
TOTAL RULE 144A SECURITIES 12,416,379 12,377,562
------------ ------------
TOTAL CORPORATE RESTRICTED SECURITIES $235,786,580 $213,536,400
------------ ------------
--------------------------------------------------------------------------------------------------------------------------------
30
MassMutual Corporate Investors
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2010
(Unaudited)
Interest Due Principal Market
CORPORATE PUBLIC SECURITIES - 15.92%: (A) Rate Date Amount Cost Value
------- -------- ------------ ------------ ------------
BONDS - 15.37%
A M C Entertainment, Inc. 11.000% 02/01/16 $ 1,000,000 $ 1,003,180 $ 1,067,500
ACCO Brands Corporation 10.625 03/15/15 100,000 98,734 111,750
Affinia Group, Inc. 9.000 11/30/14 50,000 48,500 51,500
American Axle & Manufacturing Holding, Inc. 7.875 03/01/17 750,000 608,625 743,438
American General Finance Corporation 6.500 09/15/17 375,000 322,500 296,250
Atlas Pipeline Partners 8.125 12/15/15 750,000 663,750 757,500
B E Aerospace, Inc. 6.875 10/01/20 100,000 99,104 102,000
Berry Plastics Corporation 5.276 02/15/15 500,000 479,632 471,250
Berry Plastics Corporation (C) 8.875 09/15/14 750,000 705,000 729,375
Boyd Gaming Corporation 7.125 02/01/16 700,000 630,500 585,375
Boyd Gaming Corporation 6.750 04/15/14 150,000 137,250 133,500
C I T Group, Inc. 7.000 05/01/15 415,000 386,988 411,888
Cenveo Corporation 7.875 12/01/13 1,300,000 1,192,500 1,254,500
Chaparral Energy, Inc. 8.875 02/01/17 1,000,000 991,780 972,500
Clear Channel Worldwide Holdings, Inc. 9.250 12/15/17 750,000 750,000 800,625
Crosstex Energy L.P. 8.875 02/15/18 225,000 220,445 235,688
Diversey, Inc. 8.250 11/15/19 100,000 99,170 107,000
Easton-Bell Sports, Inc. 9.750 12/01/16 320,000 327,803 347,600
Energy Transfer Equity LP 7.500 10/15/20 100,000 100,000 105,250
Exide Corporation 10.500 03/15/13 430,000 431,914 439,675
Ford Motor Credit Co. 7.450 07/16/31 500,000 441,500 521,250
Ford Motor Credit Co. 8.000 06/01/14 125,000 107,232 136,250
Gencorp, Inc. 9.500 08/15/13 259,000 259,000 263,533
Geoeye, Inc. 9.625 10/01/15 750,000 775,909 818,438
Goodyear Tire & Rubber Co. 10.500 05/15/16 100,000 96,439 113,250
Gray Television, Inc. 10.500 06/29/15 500,000 476,223 499,375
Great Lakes Dredge & Dock Corporation 7.750 12/15/13 1,000,000 948,750 1,005,000
Harrah's Operating Co. 11.250 06/01/17 325,000 314,031 355,875
Hawker Beechcraft Acquisition Co. 9.750 04/01/17 1,000,000 1,006,288 592,500
Headwaters, Inc. 11.375 11/01/14 500,000 517,525 532,500
Intelsat Bermuda Ltd. 9.250 06/15/16 1,365,000 1,404,066 1,450,313
Interline Brands, Inc. 8.125 06/15/14 1,000,000 992,541 1,032,500
International Coal Group, Inc. 9.125 04/01/18 625,000 626,623 662,500
International Lease Finance Corporation 5.875 05/01/13 750,000 672,250 750,000
J.C. Penney Company, Inc. 7.950 04/01/17 500,000 554,735 561,250
Kar Holdings, Inc. 8.750 05/01/14 50,000 50,000 52,063
Lamar Media Corporation 7.875 04/15/18 125,000 125,000 131,250
Landry's Restaurants, Inc. 11.625 12/01/15 40,000 42,661 42,200
Level 3 Financing, Inc. 10.000 02/01/18 750,000 745,646 675,000
--------------------------------------------------------------------------------------------------------------------------------
31
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2010
(Unaudited)
Interest Due Principal Market
CORPORATE PUBLIC SECURITIES: (A)(Continued) Rate Date Amount Cost Value
------- -------- ------------ ------------ ------------
Liberty Media Corporation 5.700% 05/15/13 $ 1,000,000 $ 951,610 $ 1,017,500
Manitowoc Company, Inc. 7.125 11/01/13 200,000 200,000 199,500
Markwest Energy Operating Co. 8.750 04/15/18 125,000 123,979 135,000
Markwest Energy Operating Co. 6.875 11/01/14 70,000 55,578 70,788
McClatchy Co. 11.500 02/15/17 275,000 271,766 292,531
Nebraska Book Company, Inc. 8.625 03/15/12 750,000 676,875 716,250
Nortek, Inc. 11.000 12/01/13 175,778 173,174 186,764
NXP Funding LLC 9.500 10/15/15 750,000 738,750 768,750
Omnicare, Inc. 7.750 06/01/20 75,000 75,000 76,688
Owens Corning, Inc. 9.000 06/15/19 55,000 54,112 65,313
Pinnacle Foods Finance LLC 9.250 04/01/15 300,000 308,003 312,000
Polypore, Inc. 8.750 05/15/12 1,000,000 965,000 1,002,500
Pregis Corporation 12.375 10/15/13 1,000,000 981,490 1,005,000
Quebecor Media, Inc. 7.750 03/15/16 1,050,000 978,235 1,082,813
Quiksilver, Inc. 6.875 04/15/15 315,000 290,463 298,463
RailAmerica, Inc. 9.250 07/01/17 240,000 230,589 263,100
Reddy Ice Corporation 13.250 11/01/15 150,000 153,893 140,250
Rental Service Corporation 9.500 12/01/14 750,000 728,490 777,188
Rite Aid Corporation 10.250 10/15/19 175,000 190,073 182,219
Sabre Holdings Corporation 8.350 03/15/16 500,000 455,000 510,000
Sanmina-SCI Corporation 8.125 03/01/16 375,000 374,063 384,375
Sheridan Acquisition Corporation 10.250 08/15/11 375,000 370,001 371,719
Sprint Capital Corporation 6.900 05/01/19 625,000 575,531 628,125
Stanadyne Corporation 10.000 08/15/14 1,000,000 1,000,000 945,000
Teck Resources Ltd. 10.750 05/15/19 65,000 61,977 81,855
Tekni-Plex, Inc. 8.750 11/15/13 650,000 653,141 510,250
Thermadyne Holdings Corporation 10.500 02/01/14 115,000 115,585 116,725
Ticketmaster Entertainment, Inc. 10.750 07/28/16 500,000 500,000 547,500
Titan International, Inc. 8.000 01/15/12 1,070,000 1,062,100 1,150,250
Tube City IMS Corporation 9.750 02/01/15 1,000,000 966,039 1,020,000
United Components, Inc. 9.375 06/15/13 1,080,000 1,079,565 1,098,900
United Rentals, Inc. 10.875 06/15/16 125,000 121,477 141,094
Verso Paper Holdings LLC 9.125 08/01/14 350,000 340,375 350,875
Verso Paper Holdings LLC 11.375 08/01/16 175,000 170,250 157,273
------------ ------------
TOTAL BONDS 35,445,978 36,525,769
------------ ------------
----------------------------------------------------------------------------------------------------------------
32
MassMutual Corporate Investors
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2010
(Unaudited)
Market
CORPORATE PUBLIC SECURITIES:(A)(Continued Shares Cost Value
------------ ------------ ------------
COMMON STOCK - 0.55%
Bally Total Fitness Holding Corporation (B) 29 $ 2 $ --
Chase Packaging Corporation (B) 9,541 -- 668
CKX, Inc. (B) 97,500 784,875 477,750
Directed Electronics, Inc. (B) 368,560 1,856,534 276,420
Intrepid Potash, Inc. (B) 365 11,680 9,516
ITC^DeltaCom, Inc. (B) 178,666 1,563,328 246,559
Rue21, Inc. (B) 650 12,350 16,777
Supreme Industries, Inc. 125,116 267,319 279,009
------------ ------------
TOTAL COMMON STOCK 4,496,088 1,306,699
------------ ------------
TOTAL CORPORATE PUBLIC SECURITIES $ 39,942,066 $ 37,832,468
------------ ------------
Interest Due Principal Market
SHORT-TERM SECURITIES: Rate/Yield^ Date Amount Cost Value
------- -------- ------------ ------------ ------------
COMMERCIAL PAPER - 2.48%
Citigroup Funding, Inc. 0.330% 10/05/10 $ 2,400,000 $ 2,399,912 $ 2,399,912
Wisconsin Electric Power Co. 0.230 10/04/10 3,500,000 3,499,933 3,499,933
------------ ------------
TOTAL SHORT-TERM SECURITIES $ 5,899,845 $ 5,899,845
------------ ------------
TOTAL INVESTMENTS 108.25% $281,628,491 $257,268,713
============ ------------
Other Assets 5.10 12,131,470
Liabilities (13.35) (31,740,487)
------ ------------
TOTAL NET ASSETS 100.00% $237,659,696
====== ============
(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 09/30/10.
(D) Defaulted security; interest not accrued.
(E) Illiquid securities. As of September 30, 2010, the value of these securities amounted to $201,158,838 or
84.64% of net assets.
^ Effective yield at purchase
PIK - Payment-in-kind
----------------------------------------------------------------------------------------------------------------
33
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2010
(Unaudited)
Fair Value/ Fair Value/
INDUSTRY CLASSIFICATION: Market Value Market Value
-------------- --------------
AEROSPACE - 4.44% BROADCASTING & ENTERTAINMENT - 2.36%
A E Company, Inc. $ 3,232,209 CKX, Inc. $ 477,750
B E Aerospace, Inc. 102,000 Clear Channel Worldwide Holdings, Inc. 800,625
Dae Aviation Holdings, Inc. 201,520 Geoeye, Inc. 818,438
Gencorp, Inc. 263,533 Gray Television, Inc. 499,375
Hawker Beechcraft Acquisition Co. 592,500 Lamar Media Corporation 131,250
P A S Holdco LLC 4,721,850 Liberty Media Corporation 1,017,500
Visioneering, Inc. 1,437,588 LIN Television Corporation 199,975
-------------- Nexstar Broadcasting Group, Inc. 182,438
10,551,200 Sinclair Television Group, Inc. 455,813
-------------- Univision Communications, Inc. 218,750
AUTOMOBILE - 5.16% Workplace Media Holding Co. 811,437
American Axle & Manufacturing Holding, Inc. 743,438 --------------
Exide Corporation 439,675 5,613,351
Goodyear Tire & Rubber Co. 113,250 --------------
Jason, Inc. 48,184 BUILDINGS & REAL ESTATE - 1.02%
Nyloncraft, Inc. 1,693,004 K W P I Holdings Corporation 2,350,726
Ontario Drive & Gear Ltd. 793,403 Owens Corning, Inc. 65,313
Qualis Automotive LLC 2,743,854 TruStile Doors, Inc. 1,092
Titan International, Inc. 1,150,250 --------------
Transtar Holding Company 3,444,388 2,417,131
United Components, Inc. 1,098,900 --------------
-------------- CHEMICAL, PLASTICS & RUBBER - 0.49%
12,268,346 Capital Specialty Plastics, Inc. 1,174,109
-------------- --------------
BEVERAGE, DRUG & FOOD - 6.43% CONSUMER PRODUCTS - 10.28%
Eatem Holding Company 3,069,067 Aero Holdings, Inc. 3,449,433
F F C Holding Corporation 2,970,300 Bravo Sports Holding Corporation 2,497,112
Golden County Foods Holding, Inc. 2,280,223 Custom Engineered Wheels, Inc. 2,597,082
Hospitality Mints Holding Company 2,114,060 Diversey, Inc. 107,000
Landry's Restaurants, Inc. 174,075 Easton-Bell Sports, Inc. 347,600
L H D Europe Holding, Inc. 24,225 G F S I, Inc. 715,000
Michael Foods, Inc. 80,250 K N B Holdings Corporation 2,862,243
Spartan Foods Holding Company 1,930,594 Kar Holdings, Inc. 52,063
Specialty Commodities, Inc. 2,643,370 Lyondell Chemical Co. 212,794
-------------- Manhattan Beachwear Holding Company 3,035,296
15,286,164 Momentum Holding Co. 535,284
-------------- R A J Manufacturing Holdings LLC 2,644,075
Reddy Ice Corporation 140,250
Royal Baths Manufacturing Company 1,214,563
The Tranzonic Companies 3,949,996
Visant Corporation 78,563
--------------
24,438,354
--------------
------------------------------------------------------------------------------------------------------------------------------------
34
MassMutual Corporate Investors
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2010
(Unaudited)
Fair Value/ Fair Value/
INDUSTRY CLASSIFICATION: Market Value Market Value
-------------- --------------
CONTAINERS, PACKAGING & GLASS - 4.94% DIVERSIFIED/CONGLOMERATE, SERVICE - 11.37%
Berry Plastics Corporation $ 1,200,625 A S C Group, Inc. $ 2,607,970
Chase Packaging Corporation 668 A W X Holdings Corporation 551,250
Flutes, Inc. 459,193 ACCO Brands Corporation 111,750
Maverick Acquisition Company 581,158 Advanced Technologies Holdings 2,750,503
P I I Holding Corporation 3,110,560 Affinia Group, Inc. 51,500
Packaging Dynamics Corporation of America 1,134,000 Apex Analytix Holding Corporation 2,646,343
Paradigm Packaging, Inc. 2,388,942 Associated Diversified Services 1,785,648
Pregis Corporation 1,005,000 Clough, Harbour, and Associates 2,722,856
Tekni-Plex, Inc. 510,250 Crane Rental Corporation 2,289,755
Vitex Packaging Group, Inc. 1,361,485 Diversco, Inc./DHI Holdings, Inc. 473,000
-------------- Dwyer Group, Inc. 1,567,923
11,751,881 Insurance Claims Management, Inc. 343,008
-------------- Interline Brands, Inc. 1,032,500
DISTRIBUTION - 1.68% Mail Communications Group, Inc. 1,341,500
Duncan Systems, Inc. 1,475,181 Nesco Holdings Corporation 2,978,908
F C X Holdings Corporation 2,527,244 Northwest Mailing Services, Inc. 3,261,827
-------------- Pearlman Enterprises, Inc. --
4,002,425 Sabre Holdings Corporation 510,000
-------------- --------------
DIVERSIFIED/CONGLOMERATE, 27,026,241
MANUFACTURING - 10.23% --------------
A H C Holding Company, Inc. 2,960,524 ELECTRONICS - 1.57%
Arrow Tru-Line Holdings, Inc. 1,611,581 Barcodes Group, Inc. 2,338,079
C D N T, Inc. 1,372,079 Connecticut Electric, Inc. 728,215
Great Lakes Dredge & Dock Corporation 1,005,000 Directed Electronics, Inc. 276,420
Headwaters, Inc. 532,500 Sanmina-SCI Corporation 384,375
K P I Holdings, Inc. 2,001,196 --------------
MEGTEC Holdings, Inc. 2,134,105 3,727,089
Milwaukee Gear Company 2,118,461 --------------
Nortek, Inc. 193,598 FINANCIAL SERVICES - 3.95%
Polypore, Inc. 1,002,500 American General Finance Corporation 296,250
O E C Holding Corporation 1,519,637 C I T Group, Inc. 411,888
Postle Aluminum Company LLC 3,718,007 Cemex Finance LLC 377,361
Thermadyne Holdings Corporation 116,725 Evertec, Inc. 376,875
Trimas Corporation 79,313 Ford Motor Credit Co. 657,500
Truck Bodies & Equipment International 2,078,587 General Motors Acceptance Corporation, Inc. 131,203
Xaloy Superior Holdings, Inc. 1,858,275 Highgate Capital LLC --
-------------- International Lease Finance Corporation 899,800
24,302,088 Pinafore LLC 345,675
-------------- Ryder System, Inc. 2,399,912
Societe Generale NA 3,499,933
--------------
9,396,397
--------------
------------------------------------------------------------------------------------------------------------------------------------
35
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2010
(Unaudited)
Fair Value/ Fair Value/
INDUSTRY CLASSIFICATION: Market Value Market Value
-------------- --------------
HEALTHCARE, EDUCATION & CHILDCARE - 4.10% MACHINERY - 7.43%
American Hospice Management A S A P Industries LLC $ 1,280,037
Holding LLC $ 4,065,355 Davis-Standard LLC 2,679,812
F H S Holdings LLC -- E S P Holdco, Inc. 2,425,876
Synteract Holdings Corporation 2,635,429 M V I Holding, Inc. 1,199,056
Touchstone Health Partnership -- Manitowoc Company, Inc. 199,500
Wheaton Holding Corporation 3,050,577 Navis Global 1,002,155
-------------- NetShape Technologies, Inc. 1,071,000
9,751,361 Pacific Consolidated Holdings LLC 1,343,594
-------------- Power Services Holding Company 2,370,281
HOME & OFFICE FURNISHINGS, HOUSEWARES R E I Delaware Holding, Inc. 2,574,729
& DURABLE CONSUMER PRODUCTS - 8.50% Safety Speed Cut Manufacturing Company, Inc. 287,345
Connor Sport Court International, Inc. 2,614,320 Stanadyne Corporation 945,000
H M Holding Company 513,825 Supreme Industries, Inc. 279,009
Home Decor Holding Company 2,459,630 --------------
Justrite Manufacturing Acquisition Co. 1,804,003 17,657,394
K H O F Holdings, Inc. 187,965 --------------
Libbey Glass, Inc. 134,375 MEDICAL DEVICES/BIOTECH - 3.71%
Monessen Holding Corporation 1,671,395 Coeur, Inc. 1,336,009
Quiksilver, Inc. 298,463 E X C Acquisition Corporation 76,657
Spectrum Brands, Inc. 135,625 ETEX Corporation --
Stanton Carpet Holding Co. 2,314,840 MedSystems Holdings LLC 1,327,477
Transpac Holding Company 1,701,455 MicroGroup, Inc. 2,282,772
U M A Enterprises, Inc. 2,323,976 OakRiver Technology, Inc. 1,065,527
U-Line Corporation 2,313,157 Omnicare, Inc. 76,688
Wellborn Forest Holding Co. 1,722,139 Precision Wire Holding Company 2,655,679
-------------- TherOX, Inc. --
20,195,168 --------------
-------------- 8,820,809
LEISURE, AMUSEMENT & ENTERTAINMENT - 2.64% --------------
A M C Entertainment, Inc. 1,067,500 MINING, STEEL, IRON & NON-PRECIOUS
Bally Total Fitness Holding Corporation -- METALS - 1.32%
Boyd Gaming Corporation 718,875 T H I Acquisition, Inc. 2,040,000
Harrah's Operating Co. 355,875 Teck Resources Ltd. 81,855
Savage Sports Holding, Inc. 2,609,897 Tube City IMS Corporation 1,020,000
Ticketmaster Entertainment, Inc. 547,500 --------------
Tunica-Biloxi Gaming Authority 971,531 3,141,855
-------------- --------------
6,271,178
--------------
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36
MassMutual Corporate Investors
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2010
(Unaudited)
Fair Value/ Fair Value/
INDUSTRY CLASSIFICATION: Market Value Market Value
-------------- --------------
NATURAL RESOURCES - 1.71% RETAIL STORES - 1.22%
Appleton Papers, Inc. $ 227,250 J.C. Penney Company, Inc. $ 561,250
Cenveo Corporation 1,356,750 Nebraska Book Company, Inc. 716,250
Georgia Culf Corporation 199,025 Olympic Sales, Inc. 199,361
International Coal Group, Inc. 662,500 Pinnacle Foods Finance LLC 312,000
Intrepid Potash, Inc. 9,516 Rental Service Corporation 777,188
SandRidge Energy, Inc. 1,093,500 Rite Aid Corporation 182,219
Verso Paper Holdings LLC 508,148 Rue21, Inc. 16,777
-------------- United Rentals, Inc. 141,094
4,056,689 --------------
-------------- 2,906,139
OIL & GAS - 3.68% --------------
Atlas Pipeline Partners 757,500 TECHNOLOGY - 2.97%
Coffeyville Resources LLC 147,700 Compucom Systems, Inc. 1,426,425
Chaparral Energy, Inc. 972,500 Fidelity National Information 241,438
Energy Transfer Equity LP 105,250 Magnachip Semiconductor 186,750
International Offshore Services LLC 2,569,633 NXP Funding LLC 768,750
MBWS Ultimate Holdco, Inc. 3,079,260 Sencore Holding Company 1,500,577
Total E & S, Inc. 1,108,008 Smart Source Holdings LLC 2,716,609
-------------- ViaSystems, Inc. 192,500
8,739,851 --------------
-------------- 7,033,049
PHARMACEUTICALS - 1.47% --------------
CorePharma LLC 2,790,935 TELECOMMUNICATIONS - 3.03%
Valeant Pharmaceuticals International 204,500 All Current Holding Company 1,328,319
Warner Chilcott Co. LLC 488,063 Intelsat Bermuda Ltd. 1,450,313
-------------- ITC^DeltaCom, Inc. 246,559
3,483,498 Level 3 Financing, Inc. 675,000
-------------- Sprint Capital Corporation 628,125
PUBLISHING/PRINTING - 1.03% Sundance Investco LLC --
Gannett Company, Inc. 136,875 Telecorps Holdings, Inc. 2,700,030
McClatchy Co. 292,531 West Corporation 159,370
Newark Group, Inc. 571,627 --------------
Quebecor Media, Inc. 1,082,813 7,187,716
Sheridan Acquisition Corporation 371,719 --------------
-------------- TRANSPORTATION - 0.14%
2,455,565 Hertz Corporation 74,719
-------------- NABCO, Inc. --
RailAmerica, Inc. 263,100
--------------
337,819
--------------
------------------------------------------------------------------------------------------------------------------------------------
37
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2010
(Unaudited)
Fair Value/
INDUSTRY CLASSIFICATION: Market Value
--------------
UTILITIES - 0.44%
Crosstex Energy, L.P. $ 235,688
Energy Future Holdings 401,000
Inergy, L.P. 205,000
Markwest Energy Operating Co. 205,788
--------------
1,047,476
--------------
WASTE MANAGEMENT/POLLUTION - 0.94%
Terra Renewal LLC 2,228,370
Torrent Group Holdings, Inc. --
--------------
2,228,370
--------------
Total Investments - 108.25% $ 257,268,713
==============
See Notes to Consolidated Financial Statements
------------------------------------------------------------------------------------------------------------------------------------
38
INCOME TAX INFORMATION
The aggregate cost of investments is substantially the same for financial
reporting and Federal income tax purposes as of September 30, 2010. The net
unrealized depreciation of investments for financial reporting and Federal tax
purposes as of September 30, 2010 is $24,359,778 and consists of $22,289,105
appreciation and $46,648,883 depreciation.
FAIR VALUE MEASUREMENTS
In accordance with the authoritative guidance on fair value measurements and
disclosures under accounting principles generally accepted in the United States
of America ("U.S. GAAP"), the Trust discloses the fair value of its investments
in a hierarchy that prioritizes the inputs to valuation techniques used to
measure the fair value. The hierarchy gives the highest priority to valuations
based upon unadjusted quoted prices in active markets for identical assets or
liabilities (level 1 measurement) and the lowest priority to valuations based
upon unobservable inputs that are significant to the valuation (level 3
measurements). The guidance establishes three levels of the fair value hierarchy
as follows:
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, 2010:
Assets: Total Level 1 Level 2 Level 3
--------------------------------------------------------------------------------------
Restricted Securities
Corporate Bonds $181,662,149 $ -- $ 11,667,898 $169,994,251
Common Stock - U.S. 16,611,164 -- 6,834 16,604,330
Preferred Stock 7,139,367 -- 131,203 7,008,164
Partnerships and LLCs 8,123,720 -- -- 8,123,720
Public Securities
Corporate Bonds 36,525,769 -- 36,525,769 --
Common Stock - U.S. 1,306,699 1,306,699 -- --
Preferred Stock -- -- -- --
Short-term Securities 5,899,845 -- 5,899,845 --
--------------------------------------------------------------------------------------
Total $257,268,713 $ 1,306,699 $ 54,231,549 $201,730,465
Following is a reconciliation of Level 3 assets for which significant
unobservable inputs were used to determine fair value:
Unrealized
Total gains Purchases, gains & losses
Beginning or losses sales, issuances Transfers in Ending in net income
balance (realized/ & settlements and/or balance at from assets
Assets: at 12/31/2009 unrealized) (net) out of Level 3 09/30/2010 still held
---------------------------------------------------------------------------------------------------------------------------------
Restricted Securities
Corporate Bonds $ 152,772,751 $ 6,884,600 $ 10,336,900 $ -- $ 169,994,251 $ 4,729,903
Common Stock - U.S. 14,693,318 1,647,206 263,806 -- 16,604,330 1,063,228
Preferred Stock 6,638,626 2,381,932 (2,012,394) -- 7,008,164 1,078,181
Partnerships and LLCs 6,678,496 2,751,705 (1,306,481) -- 8,123,720 1,716,253
Public Securities
Corporate Bonds 10 (8) (2) -- -- --
---------------------------------------------------------------------------------------------------------------------------------
$ 180,783,201 $ 13,665,435 $ 7,281,829 $ -- $ 201,730,465 $ 8,587,565
---------------------------------------------------------------------------------------------------------------------------------
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/ Michael L. Klofas
---------------------------------------------
Michael L. Klofas, President
Date November 29, 2010
------------------------------------------------------------------
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/ Michael L. Klofas
---------------------------------------------
Michael L. Klofas, President
Date November 29, 2010
------------------------------------------------------------------
By (Signature and Title)* /s/ James M. Roy
---------------------------------------------
James M. Roy, Vice President and
Chief Financial Officer
Date November 29, 2010
------------------------------------------------------------------
* PRINT THE NAME AND TITLE OF EACH SIGNING OFFICER UNDER HIS OR HER SIGNATURE.