================================================================================
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
--------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
1500 Main Street, Springfield, MA 01115
--------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Patricia J. Walsh, Vice President and Secretary,
1500 Main Street, Suite 2800, Springfield, MA 01115
--------------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: 413-226-1000
___________________
Date of fiscal year end: 12/31
___________________
Date of reporting period: 09/30/09
___________________
================================================================================
MassMutual Corporate Investors
CONSOLIDATED SCHEDULE OF INVESTMENTS
September 30, 2009
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES - 87.32%:(A) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
PRIVATE PLACEMENT INVESTMENTS - 82.27%
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 $ 2,460,057 11/21/07 $ 2,408,230 $ 2,509,258
Limited Partnership Interest (B) 23.16% int. 11/21/07 224,795 213,973
------------ ------------
2,633,025 2,723,231
------------ ------------
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 $ 1,134,594 12/31/08 985,537 1,168,632
Limited Liability Company Unit Class A-2 (B) 1,276 uts. 12/31/08 140,406 133,386
Limited Liability Company Unit Class A-3 (B) 1,149 uts. 12/31/08 126,365 11
------------ ------------
1,252,308 1,302,029
------------ ------------
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 -- 24,188
Warrant, exercisable until 2012, to purchase
common stock at $.02 per share (B) 2,323 shs. 04/08/04 -- 2,871,084
------------ ------------
2,125,000 5,020,272
------------ ------------
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 05/15/08 720,300 693,412
13% Senior Subordinated Note due 2015 $ 735,000 05/15/08 666,108 676,390
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 --
------------ ------------
1,553,803 1,369,802
------------ ------------
ADVANCED TECHNOLOGIES HOLDINGS
A provider of factory maintence services to industrial companies.
15% Senior Subordinated Note due 2013 $ 2,150,251 12/27/07 2,107,357 2,193,256
Preferred Stock (B) 1,031 shs. 12/27/07 510,000 472,253
------------ ------------
2,617,357 2,665,509
------------ ------------
--------------------------------------------------------------------------------------------------------------------------------
7
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2009
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
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 $ 1,677,233
14% Senior Subordinated Note due 2015 $ 1,260,000 03/09/07 1,148,514 1,272,600
Common Stock (B) 262,500 shs. 03/09/07 262,500 268,724
Warrant, exercisable until 2015, to purchase
common stock at $.01 per share (B) 66,116 shs. 03/09/07 111,527 67,684
------------ ------------
3,125,629 3,286,241
------------ ------------
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 1,043,507 1,162,564
Common Stock (B) 1,347 shs. 09/26/08 134,683 133,202
Warrant, exercisable until 2018, to purchase
common stock at $.01 per share (B) 958 shs. 09/26/08 87,993 94,735
------------ ------------
1,266,183 1,390,501
------------ ------------
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. ** 322,300 498,915
Preferred Class B Unit (B) 1,526 uts. 06/09/08 152,626 183,416
Common Class B Unit (B) 30,420 uts. 01/22/04 1 17,661
Common Class D Unit (B) 6,980 uts. 09/12/06 1 4,052
------------ ------------
3,508,593 3,891,539
------------ ------------
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 1,577,838 1,969,875
Preferred Stock Series B (B) 3,065 shs. 04/28/09 306,507 31
Common Stock (B) 1,366 shs. 04/28/09 1,366 14
------------ ------------
1,885,711 1,969,920
------------ ------------
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 1,573,066 1,383,511
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 --
------------ ------------
2,182,534 1,383,511
------------ ------------
* 01/22/04 and 06/09/08.
** 01/22/04 and 09/12/06.
--------------------------------------------------------------------------------------------------------------------------------
8
MassMutual Corporate Investors
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2009
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
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 $ 2,170,057 $ 2,212,610
Preferred Stock Class A (B) 879 shs. 06/30/06 268,121 87,459
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 30,737
------------ ------------
2,530,566 2,330,806
------------ ------------
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 08/07/08 735,855 705,030
12.5% Senior Subordinated Note due 2015 $ 750,872 08/07/08 685,141 681,017
Common Stock (B) 73,256 shs. 08/07/08 73,256 --
Warrant, exercisable until 2018, to purchase
common stock at $.01 per share (B) 57,600 shs. 08/07/08 57,689 --
------------ ------------
1,551,941 1,386,047
------------ ------------
CAPITAL SPECIALTY PLASTICS, INC.
A producer of desiccant strips used for packaging pharmaceutical products.
Common Stock (B) 109 shs. * 503 771,524
------------ ------------
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 2,472,000
Preferred Stock (B) 277 shs. 12/02/08 276,900 263,055
------------ ------------
2,502,000 2,735,055
------------ ------------
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 1,250,715
Common Stock (B) 607 shs. 10/10/08 60,714 57,678
Warrant, exercisable until 2018, to purchase
common stock at $.01 per share (B) 934 shs. 10/10/08 91,071 9
------------ ------------
1,250,714 1,308,402
------------ ------------
CONNECTICUT ELECTRIC, INC.
A supplier and distributor of electrical products sold into the retail and wholesale markets.
12% Senior Subordinated Note due 2014 (D) $ 2,393,954 01/12/07 2,233,202 1,196,977
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 --
------------ ------------
2,502,121 1,196,977
------------ ------------
* 12/30/97 and 05/29/99.
--------------------------------------------------------------------------------------------------------------------------------
9
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2009
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
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. 07/05/07 300,168 874,589
Common Stock (B) 718 shs. 07/05/07 7 7
Limited Partnership Interest (B) 12.64% int. * 189,586 --
------------ ------------
1,190,153 2,589,843
------------ ------------
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 2,461,527 2,550,000
Warrant, exercisable until 2013, to purchase
common stock at $.001 per share (B) 20 shs. 08/04/05 137,166 180,758
------------ ------------
2,598,693 2,730,758
------------ ------------
CRANE RENTAL CORPORATION
A crane rental company.
13% Senior Subordinated Note due 2015 $ 2,295,000 08/21/08 2,074,793 2,340,900
Common Stock (B) 255,000 shs. 08/21/08 255,000 182,769
Warrant, exercisable until 2016, to purchase
common stock at $.01 per share (B) 136,070 shs. 08/21/08 194,826 97,527
------------ ------------
2,524,619 2,621,196
------------ ------------
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 1,750,398 1,859,580
Limited Partnership Interest (B) 1.82% int. 10/30/06 702,174 1,039,699
Warrant, exercisable until 2014, to purchase
preferred stock at $.01 per share (B) 50 shs. 10/30/06 49,830 65,155
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 34 shs. 10/30/06 34,000 70,580
------------ ------------
2,536,402 3,035,014
------------ ------------
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 1,319,430
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 1,319,430
------------ ------------
* 08/12/04 and 01/14/05.
** 10/24/96 and 08/28/98.
--------------------------------------------------------------------------------------------------------------------------------
10
MassMutual Corporate Investors
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2009
(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 $ 540,000 11/01/06 $ 531,900 $ 551,609
13% Senior Subordinated Note due 2014 $ 855,000 11/01/06 779,907 863,550
Common Stock (B) 180,000 shs. 11/01/06 180,000 144,361
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 56,514 shs. 11/01/06 78,160 45,325
------------ ------------
1,569,967 1,604,845
------------ ------------
DWYER GROUP, INC.
A franchiser of a variety of home repair services.
Common Stock (B) 6,906 shs. * 690,600 1,142,475
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 2,034 shs. 10/30/03 186,469 336,421
------------ ------------
877,069 1,478,896
------------ ------------
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 $ 2,298,123 01/08/08 2,255,940 2,235,553
Common Stock (B) 660 shs. 01/08/08 329,990 107,076
------------ ------------
2,585,930 2,342,629
------------ ------------
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 77,208 265,386
------------ ------------
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 $ 2,176,059 10/06/08 2,131,866 2,199,847
Preferred Stock (B) 4,341 shs. 10/06/08 434,074 243,061
Common Stock (B) 3,069 shs. 10/06/08 3,069 --
------------ ------------
2,569,009 2,442,908
------------ ------------
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 1,195,313
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 1,195,313
------------ ------------
* 10/30/03 and 01/02/04.
--------------------------------------------------------------------------------------------------------------------------------
11
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2009
(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 (D) $ 918,385 04/13/06 $ 904,609 $ 229,596
14% Senior Subordinated Note due 2014 (D) $ 555,059 04/13/06 495,635 --
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 --
------------ ------------
1,558,113 229,596
------------ ------------
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 (D) $ 2,365,217 02/03/06 2,121,304 --
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 --
------------ ------------
2,514,522 --
------------ ------------
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 (D) $ 2,337,500 01/31/06 2,171,538 --
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 --
------------ ------------
2,534,969 --
------------ ------------
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 1,530,000
16% PIK Note due 2015 $ 392,029 12/31/08 320,317 313,623
8% Series A Convertible Preferred Stock, convertible into
4.25% of the fully dilluted common shares (B) 146,658 shs. 11/01/07 146,658 --
------------ ------------
2,194,567 1,843,623
------------ ------------
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 --
------------ ------------
* 09/18/07 and 06/27/08.
--------------------------------------------------------------------------------------------------------------------------------
12
MassMutual Corporate Investors
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2009
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
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 * 1,930,902 2,030,333
Common Stock (B) 63 shs. * 62,742 53,017
Warrant, exercisable until 2012, to purchase
common stock at $.02 per share (B) 200 shs. * 199,501 168,583
------------ ------------
2,193,145 2,251,933
------------ ------------
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 2,024,865
Common Stock (B) 474 shs. 08/19/08 474,419 124,954
Warrant, exercisable until 2016, to purchase
common stock at $.01 per share (B) 123 shs. 08/19/08 113,773 32,296
------------ ------------
2,508,489 2,182,115
------------ ------------
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 2,077 113,888
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 20 shs. 02/27/07 612 33,543
------------ ------------
2,689 147,431
------------ ------------
INTEGRATION TECHNOLOGY SYSTEMS, INC.
A manufacturer of steel protective computer and network systems for the industrial and office environments.
12% Senior Subordinated Note due on demand $ 43,943 03/01/04 1 --
Common Stock (B) 228 shs. 06/01/00 262,200 --
------------ ------------
262,201 --
------------ ------------
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 2,626,500
Limited Liability Company Unit (B) 3,112 uts. 07/07/09 186,684 31
------------ ------------
2,486,250 2,626,531
------------ ------------
* 06/30/04 and 08/19/04.
--------------------------------------------------------------------------------------------------------------------------------
13
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2009
(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 (D) $ 963,687 08/04/00 $ 848,275 $ 481,844
Limited Partnership Interest of
Saw Mill Capital Fund II, L.P. (B) 2.50% int. 08/03/00 886,479 --
Warrant, exercisable until 2010, to purchase
common stock at $.01 per share (B) 50,870 shs. 08/04/00 115,412 --
------------ ------------
1,850,166 481,844
------------ ------------
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 1,547,635 1,593,750
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 1,121 shs. 12/15/04 101,109 183,056
------------ ------------
1,648,744 1,776,806
------------ ------------
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 $ 2,422,271 10/15/07 2,373,913 2,470,716
Common Stock (B) 220,673 shs. 10/15/07 220,673 167,382
------------ ------------
2,594,586 2,638,098
------------ ------------
K N B HOLDINGS CORPORATION
A designer, manufacturer and marketer of products for the custom framing market.
13.5% Senior Subordinated Note due 2013 $ 2,540,051 05/25/06 2,442,261 2,159,043
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 --
------------ ------------
2,648,005 2,159,043
------------ ------------
K P I HOLDINGS, INC.
Pace Industries is the largest player in the U.S. non-automotive, non-ferrous die casting segment.
13% Senior Subordinated Note due 2014 (D) $ 2,106,522 07/16/08 1,968,368 1,579,892
Convertible Preferred Stock Series C (B) 55 shs. 06/30/09 55,435 41,250
Convertible Preferred Stock Series D (B) 24 shs. 09/17/09 24,476 18,353
Common Stock (B) 443 shs. 07/15/08 443,478 --
Warrant, exercisable until 2018, to purchase
common stock at $.01 per share (B) 96 shs. 07/16/08 96,024 --
------------ ------------
2,587,781 1,639,495
------------ ------------
--------------------------------------------------------------------------------------------------------------------------------
14
MassMutual Corporate Investors
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2009
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
K W P I HOLDINGS CORPORATION
A manufacturer and distributor of vinyl windows and patio doors throughout the northwestern United States.
12.75% Senior Subordinated Note due 2014 $ 2,593,530 03/14/07 $ 2,373,384 $ 2,074,824
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 --
------------ ------------
2,767,644 2,074,824
------------ ------------
K-TEK HOLDING CORPORATION
A manufacturer of instrumentation for liquid and bulk solids level detection for process and storage tanks.
14% Senior Subordinated Note due 2015 $ 2,264,747 12/20/07 2,223,081 2,310,042
Preferred Stock (B) 363,260 shs. 12/20/07 363,260 410,013
Common Stock (B) 102,616 shs. 12/20/07 1,026 53,537
------------ ------------
2,587,367 2,773,592
------------ ------------
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 $ 1,227,086 09/12/08 1,136,873 1,251,628
Common Stock (B) 61 shs. 09/12/08 60,714 61,287
Warrant, exercisable until 2018, to purchase
common stock at $.01 per share (B) 66 shs. 09/12/08 65,571 66,193
------------ ------------
1,263,158 1,379,108
------------ ------------
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. * 314,464 331,607
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 3,375 shs. 05/04/07 43,031 46,422
------------ ------------
1,269,964 1,353,029
------------ ------------
MAVERICK ACQUISITION COMPANY
A manufacturer of capsules that cover the cork and neck of wine bottles.
6.78% Senior Secured Tranche A Note due 2010 (C) $ 300,546 09/03/04 300,546 298,530
12.5% Senior Secured Tranche B Note due 2011 $ 313,433 09/03/04 297,874 301,935
Limited Partnership Interest (B) 7.84% int. 09/03/04 58,769 11,933
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 425 shs. 09/03/04 39,473 8,622
------------ ------------
696,662 621,020
------------ ------------
* 05/04/07 and 01/02/08.
--------------------------------------------------------------------------------------------------------------------------------
15
MassMutual Corporate Investors
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2009
(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 $ 1,160,737 08/29/08 $ 1,028,608 $ 1,183,952
Preferred Unit (B) 126 uts. 08/29/08 125,519 134,115
Common Unit Class A (B) 1,268 uts. 08/29/08 1,268 56,953
Common Unit Class B (B) 472 uts. 08/29/08 120,064 21,192
------------ ------------
1,275,459 1,396,212
------------ ------------
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 2,129,224
Preferred Stock (B) 107 shs. 09/24/08 103,255 111,355
Limited Partnership Interest (B) 388,983 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 2,240,579
------------ ------------
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 * 2,573,060 2,712,470
Common Stock (B) 450 shs. * 450,000 637,991
Warrant, exercisable until 2013, to purchase
common stock at $.02 per share (B) 164 shs. * 162,974 232,484
------------ ------------
3,186,034 3,582,945
------------ ------------
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 2,223,799 2,323,660
Preferred Stock (B) 263 shs. 07/21/08 261,830 249,219
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 --
------------ ------------
2,516,914 2,572,879
------------ ------------
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. 08/04/06 106,153 238,690
Warrant, exercisable until 2014, to purchase
common stock at $.02 per share (B) 1,107 shs. 08/04/06 107,109 248,806
------------ ------------
213,262 487,496
------------ ------------
* 08/12/05 and 09/11/06.
--------------------------------------------------------------------------------------------------------------------------------
16
MassMutual Corporate Investors
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2009
(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 $ 2,550,000 07/25/08 $ 2,401,291 $ 2,040,000
14% PIK Note due 2014 $ 679,750 07/25/08 590,300 543,800
Warrant, exercisable until 2014, to purchase
common stock at $.02 per share (B) 152 shs. 03/31/06 138,125 --
------------ ------------
3,129,716 2,583,800
------------ ------------
NABCO, INC.
A producer of explosive containment vessels in the United States.
14% Senior Subordinated Note due 2014 $ 815,419 02/24/06 699,815 611,564
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 --
------------ ------------
1,562,413 611,564
------------ ------------
NAVIS GLOBAL
A designer, manufacturer, seller and servicer of finishing machinery for the knit and woven segments of the global textile industry.
12% Senior Secured Term Note Series A due 2010 $ 117,978 11/14/08 117,978 117,978
14% Senior Subordinated Note due 2014 (D) $ 1,338,613 05/28/04 1,155,793 --
10.75% Senior Secured Note due 2011 (D) $ 609,206 05/28/04 607,397 152,302
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 203,912 shs. 05/28/04 130,789 --
------------ ------------
2,011,957 270,280
------------ ------------
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 2,146,250
Common Stock (B) 425,000 shs. 08/02/07 425,000 655,152
Warrant, exercisable until 2015, to purchase
common stock at $.01 per share (B) 119,360 shs. 08/02/07 194,257 183,998
------------ ------------
2,507,500 2,985,400
------------ ------------
* 02/24/06 and 06/22/07.
--------------------------------------------------------------------------------------------------------------------------------
17
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2009
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
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 $ 1,185,501
Limited Partnership Interest of
Saw Mill PCG Partners LLC (B) 2.61% int. 02/01/07 1,019,958 --
Limited Liability Company Unit Class D of
Saw Mill PCG Partners LLC (B) 42 uts. * 41,712 20,855
Preferred Stock Class A (B) 1 sh. 12/18/08 1,370 686
Preferred Stock Class A-1 (B) 2 shs. 09/30/09 2,284 1,140
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 91 shs. 02/02/07 90,830 --
------------ ------------
2,564,724 1,208,182
------------ ------------
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 $ 2,281,579 07/09/09 1,892,454 2,372,842
Limited Partnership Interest (B) 2,684 uts. 07/09/09 268,421 255,000
Warrant, exercisable until 2019, to purchase
common stock at $.01 per share (B) 3,498 shs. 07/09/09 349,753 35
------------ ------------
2,510,628 2,627,877
------------ ------------
NYLONCRAFT, INC.
A supplier of engineered plastic components for the automotive industry.
9% Senior Secured Note due 2009 $ 812,500 01/28/02 812,500 609,375
11.5% Senior Subordinated Note due 2012 (D) $ 1,500,000 01/28/02 1,435,279 --
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 --
------------ ------------
2,722,324 609,375
------------ ------------
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 $ 293,600 01/03/06 289,196 299,659
13% Senior Subordinated Note due 2013 $ 687,241 01/03/06 633,073 687,241
Common Stock (B) 322,307 shs. 01/03/06 322,307 238,083
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 75,378 shs. 01/03/06 62,824 55,681
------------ ------------
1,307,400 1,280,664
------------ ------------
* 12/18/08 and 09/30/09.
--------------------------------------------------------------------------------------------------------------------------------
18
MassMutual Corporate Investors
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2009
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
OLYMPIC SALES, INC.
A boat retailer in Washington state, Oregon, California and British Columbia.
12% Senior Subordinated Note due 2009 (D) $ 1,022,000 08/07/98 $ 1,022,000 $ 153,300
12% Senior Subordinated Note due 2009 (D) $ 307,071 02/09/00 268,283 46,061
------------ ------------
1,290,283 199,361
------------ ------------
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. 01/17/06 572,115 453,412
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 619 shs. 01/17/06 170,801 76,552
------------ ------------
742,916 529,964
------------ ------------
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 $ 2,312,679 07/03/06 2,217,106 2,335,806
Preferred Unit (B) 382 uts. 07/03/06 382,150 531,807
Preferred Unit (B) 69 uts. 07/03/06 68,790 95,730
Common Unit Class I (B) 148 uts. 07/03/06 -- 323,839
Common Unit Class L (B) 31 uts. 07/03/06 -- 68,436
------------ ------------
2,668,046 3,355,618
------------ ------------
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 2,182,585 2,295,000
Preferred Stock (B) 36 shs. 03/31/06 329,596 437,544
Common Stock (B) 23 shs. 03/31/06 25,500 101,457
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 13 shs. 03/31/06 11,122 59,018
------------ ------------
2,548,803 2,893,019
------------ ------------
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.
14% Senior Subordinated Note due 2012 $ 1,331,354 04/27/07 1,247,409 1,276,436
Limited Liability Company Unit (B) 1,754,707 uts. 04/27/07 63,233 --
------------ ------------
1,310,642 1,276,436
------------ ------------
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 2,043,238 2,114,332
Membership Interests of MM/Lincap
PPI Investments, Inc., LLC (B) 2.42% int. 12/21/00 265,625 177,129
------------ ------------
2,308,863 2,291,461
------------ ------------
--------------------------------------------------------------------------------------------------------------------------------
19
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2009
(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.
3% Senior Subordinated PIK Note due 2014 (D) $ 2,198,100 10/02/06 2,014,226 549,525
Limited Liability Company Unit Class A 1,384 uts. 10/02/06 510,000 --
Limited Liability Company Unit 143 uts. 05/22/09 72,042 67,828
Warrant, exercisable until 2016, to purchase
common stock at $.01 per share (B) 8,595 shs. 10/02/06 124,644 --
------------ ------------
2,720,912 617,353
------------ ------------
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 2,178,046 2,419,535
Limited Partnership Interest (B) 23.70% int. 02/11/08 177,729 92,073
Warrant, exercisable until 2016, to purchase
common stock at $.01 per share (B) 1,322 shs. 02/11/08 167,588 181,458
------------ ------------
2,523,363 2,693,066
------------ ------------
QUALIS AUTOMOTIVE LLC
A distributor of aftermarket automotive brake and chassis products.
12% Senior Subordinated Note due 2012 $ 1,742,711 05/28/04 1,598,853 1,791,146
Common Stock (B) 354,167 shs. 05/28/04 354,166 58,546
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 377,719 shs. 05/28/04 377,719 62,440
------------ ------------
2,330,738 1,912,132
------------ ------------
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 2,246,073
Limited Liability Company Unit (B) 2,828 uts. 12/15/06 282,810 158,758
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 3 shs. 12/15/06 131,483 74,867
------------ ------------
2,504,656 2,479,698
------------ ------------
--------------------------------------------------------------------------------------------------------------------------------
20
MassMutual Corporate Investors
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2009
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
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 $ 2,580,199
Warrant, exercisable until 2018, to purchase
common stock at $.01 per share (B) 6 shs. 01/18/08 31,089 57,006
------------ ------------
2,499,000 2,637,205
------------ ------------
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 1,016,835 1,025,270
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 140 shs. 11/14/03 122,946 --
------------ ------------
1,139,781 1,025,270
------------ ------------
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. 06/02/99 256,212 462,827
------------ ------------
SAVAGE SPORTS HOLDING, INC.
A manufacturer of sporting firearms.
12% Senior Subordinated Note due 2012 $ 1,538,793 09/10/04 1,479,628 1,538,793
Common Stock (B) 612 shs. * 642,937 1,027,554
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 134 shs. 09/10/04 113,578 224,349
------------ ------------
2,236,143 2,790,696
------------ ------------
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 1,542,417 1,611,664
Common Stock (B) 131 shs. 01/15/09 130,769 32,693
Warrant, exercisable until 2019, to purchase
common stock at $.01 per share (B) 282 shs. 01/15/09 281,604 3
------------ ------------
1,954,790 1,644,360
------------ ------------
SMART SOURCE HOLDINGS LLC
A short-term computer rental company.
12% Senior Subordinated Note due 2015 $ 2,223,076 ** 2,039,834 2,223,076
Limited Liability Company Unit (B) 619 uts. ** 637,996 514,685
Warrant, exercisable until 2015, to purchase
common stock at $.01 per share (B) 157 shs. ** 164,769 130,387
------------ ------------
2,842,599 2,868,148
------------ ------------
* 09/10/04 and 10/05/07.
** 08/31/07 and 03/06/08.
--------------------------------------------------------------------------------------------------------------------------------
21
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2009
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
SPECIALTY COMMODITIES, INC.
A distributor of specialty food ingredients.
13.25% Senior Subordinated Note due 2016 $ 2,276,443 10/23/08 $ 2,136,401 $ 2,344,737
Common Stock (B) 30,000 shs. 10/23/08 300,000 285,000
Warrant, excercisable until 2018, to purchase
common stock at $.01 per share (B) 11,054 shs. 10/23/08 100,650 111
------------ ------------
2,537,051 2,629,848
------------ ------------
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 2,126,310 2,087,355
Common Stock (B) 311 shs. 08/01/06 310,976 24,629
Warrant, exercisable until 2014, to purchase
common stock at $.02 per share (B) 104 shs. 08/01/06 93,293 8,203
------------ ------------
2,530,579 2,120,187
------------ ------------
SYNTERACT HOLDINGS CORPORATION
A provider of outsourced clinical trial management services to pharmaceutical and biotechnology companies.
14% Senior Subordinated Note due 2016 $ 2,577,956 09/02/08 2,410,513 2,629,515
Redeemable Preferred Stock Series A (B) 1,280 shs. 09/02/08 12,523 43,546
Warrant, exercisable until 2018, to purchase
common stock at $.01 per share (B) 12,803 shs. 09/02/08 112,693 --
------------ ------------
2,535,729 2,673,061
------------ ------------
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 2,550,000
Warrant, exercisable until 2016, to purchase
common stock at $.01 per share (B) 9 shs. 01/14/08 88,054 74,861
------------ ------------
2,499,000 2,624,861
------------ ------------
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 2,217,385
Common Stock (B) 2,203 shs. 10/14/05 2,203 922,198
Warrant, exercisable until 2015, to purchase
common stock at $.01 per share (B) 1,192 shs. 09/30/08 568,009 498,983
------------ ------------
2,522,328 3,638,566
------------ ------------
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 3,271,801
Common Stock (B) 270 shs. 09/02/09 10,994 10,445
Warrant, exercisable until 2019, to purchase
common stock at $.01 per share (B) 7,906 shs. * 327,437 79
------------ ------------
3,123,970 3,282,325
------------ ------------
* 05/20/09 and 09/02/09.
--------------------------------------------------------------------------------------------------------------------------------
22
MassMutual Corporate Investors
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2009
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
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 * $ 1,115,591 $ 929,688
6.75%Term Note due 2012 (C) $ 1,508,259 * 1,503,120 1,357,433
Limited Partnership Interest of
Saw Mill Capital Fund V, LLC (B) 3.97% int. ** 149,259 --
Warrant, exercisable until 2016, to purchase
common stock at $.01 per share (B) 72 shs. 04/28/06 59,041 --
------------ ------------
2,827,011 2,287,121
------------ ------------
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 1,903,170
Series A Preferred Stock (B) 414 shs. 10/26/07 414,051 --
------------ ------------
2,516,414 1,903,170
------------ ------------
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 $ 598,450 03/02/07 490,608 448,838
Common Stock (B) 125,199 shs. 03/02/07 125,199 --
Warrant, exercisable until 2014 to purchase
common stock at $.01 per share (B) 34,533 shs. 03/02/07 95,873 --
------------ ------------
1,550,261 1,257,621
------------ ------------
TRANSPAC HOLDING COMPANY
A designer, importer, and wholesaler of home decor and seasonal gift products.
12% Senior Subordinated Note due 2015 (D) $ 1,773,006 10/31/07 1,649,939 1,507,055
Common Stock (B) 209 shs. 10/31/07 208,589 --
Warrant, exercisable until 2015, to purchase
common stock at $.01 per share (B) 94 shs. 10/31/07 87,607 --
------------ ------------
1,946,135 1,507,055
------------ ------------
TRANSTAR HOLDING COMPANY
A distributor of aftermarket automotive transmission parts.
12% Senior Subordinated Note due 2014 $ 1,734,000 08/31/05 1,680,474 1,751,340
Common Stock (B) 1,078 shs. *** 1,078,450 980,371
Warrant, exercisable until 2013, to purchase
common stock at $.02 per share (B) 86 shs. 08/31/05 77,485 78,124
------------ ------------
2,836,409 2,809,835
------------ ------------
* 04/28/06 and 09/13/06.
** 03/01/05 and 10/10/08.
*** 08/31/05 and 04/30/07.
--------------------------------------------------------------------------------------------------------------------------------
23
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2009
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
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 $ 2,653,957 $ 2,712,000
Common Stock (B) 630 shs. 02/04/98 630,000 543,659
Warrant, exercisable until 2010, to purchase
common stock at $.01 per share (B) 444 shs. 02/05/98 368,832 383,150
------------ ------------
3,652,789 3,638,809
------------ ------------
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.
16% Senior Subordinated Note due 2010 (D) $ 2,309,541 * 2,141,949 577,385
16% PIK Note due 2010 (D) $ 639,464 12/30/08 159,866 159,866
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 -- --
------------ ------------
3,503,741 737,251
------------ ------------
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 68,059 227,752
------------ ------------
U M A ENTERPRISES, INC.
An importer and wholesaler of home decor products.
15% Senior Subordinated Note due 2015 $ 1,746,980 02/08/08 1,708,950 1,706,176
Convertible Preferred Stock (B) 887 shs. 02/08/08 886,956 23,172
------------ ------------
2,595,906 1,729,348
------------ ------------
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 1,781,803 1,599,785
Common Stock (B) 182 shs. 04/30/04 182,200 --
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 230 shs. 04/30/04 211,736 --
------------ ------------
2,175,739 1,599,785
------------ ------------
* 07/19/05 and 12/22/05.
--------------------------------------------------------------------------------------------------------------------------------
24
MassMutual Corporate Investors
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2009
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
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 $ 813,393
13% Senior Subordinated Note due 2014 $ 648,530 05/17/07 592,561 655,015
18% PIK Convertible Preferred Stock (B) 37,381 shs. 03/13/09 72,519 68,893
Common Stock (B) 123,529 shs. 05/17/07 123,529 3,447
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 35,006 shs. 05/17/07 55,055 977
------------ ------------
1,634,561 1,541,725
------------ ------------
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 1,812,926 1,879,229
Common Stock (B) 26,456 shs. * 264,558 288,965
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 23,787 shs. 09/24/04 186,883 259,813
------------ ------------
2,264,367 2,428,007
------------ ------------
VITEX PACKAGING GROUP, INC.
A manufacturer of specialty packaging, primarily envelopes and tags used on tea bags.
12.5% Senior Subordinated Note due 2012 (D) $ 1,700,000 07/19/04 1,483,065 --
14.5% PIK Note due 2010 (D) $ 407,956 06/30/07 340,945 --
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 --
------------ ------------
2,421,320 --
------------ ------------
WAGGIN' TRAIN HOLDINGS LLC
A producer of premium quality meat dog treats.
14% Senior Subordinated Note due 2014 $ 2,208,561 11/15/07 2,162,840 2,252,732
Limited Liability Company Unit Class B (B) 423 uts. 11/15/07 422,652 480,720
Limited Liability Company Unit Class C (B) 423 uts. 11/15/07 -- 223,374
------------ ------------
2,585,492 2,956,826
------------ ------------
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 --
------------ ------------
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 1,621,285 1,463,063
Common Stock (B) 191 shs. 11/30/06 191,250 --
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 95 shs. 11/30/06 86,493 --
------------ ------------
1,899,028 1,463,063
------------ ------------
* 09/24/04 and 12/22/06.
--------------------------------------------------------------------------------------------------------------------------------
25
MassMutual Corporate Investors
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2009
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
WORKPLACE MEDIA HOLDING CO.
A direct marketer specializing in providing advertisers with access to consumers in the workplace.
13% Senior Subordinated Note due 2015 $ 1,159,196 05/14/07 $ 1,067,797 $ 1,071,105
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 --
------------ ------------
1,267,063 1,071,105
------------ ------------
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 (D) $ 2,322,844 09/08/08 2,272,885 1,161,415
Common Stock (B) 283 shs. 09/08/08 283,333 --
------------ ------------
2,556,218 1,161,415
------------ ------------
TOTAL PRIVATE PLACEMENT INVESTMENTS (E) 211,005,945 179,958,275
------------ ------------
--------------------------------------------------------------------------------------------------------------------------------
26
MassMutual Corporate Investors
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2009
(Unaudited)
Shares or
Interest Due Principal
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Rate Date Amount Cost Fair Value
------- -------- ------------ ------------ ------------
RULE 144A SECURITIES - 5.05%:
BONDS - 5.01%
ACCO Brands Corporation 10.625% 03/15/15 $ 100,000 $ 98,502 $ 104,625
Affinia Group, Inc. 10.750 08/15/16 50,000 49,400 53,625
American Tire Distributor (C) 6.847 04/01/12 1,000,000 950,000 830,000
Appleton Papers, Inc. 11.250 12/15/15 303,000 300,000 245,809
Cenveo Corporation 10.500 08/15/16 100,000 100,000 94,000
Charter Communications Op LLC 8.000 04/30/12 1,350,000 1,152,250 1,373,625
Compucom Systems, Inc. 12.500 10/01/15 1,330,000 1,291,677 1,240,225
Douglas Dynamics LLC 7.750 01/15/12 1,010,000 954,635 868,600
G F S I, Inc. (C) 10.500 06/01/11 715,000 685,658 532,675
General Motors Acceptance Corporation 7.750 01/19/10 815,000 733,174 813,981
Gannett Company, Inc. 8.750 11/15/14 45,000 44,309 44,100
Gannett Company, Inc. 9.375 11/15/17 125,000 123,228 122,500
Great Atlantic & Pacific Tea Co. 11.375 08/01/15 75,000 73,075 75,938
H C A, Inc. 9.875 02/15/17 35,000 33,895 37,275
Harrah's Operating Escrow LLC 11.250 06/01/17 325,000 313,012 326,625
Intergen NV 9.000 06/30/17 750,000 743,918 772,500
Interpublic Group of Companies 10.000 07/15/17 75,000 73,507 81,000
Markwest Energy Operating Co. 6.875 11/01/14 70,000 55,305 65,450
MGM Mirage, Inc. 10.375 05/15/14 45,000 43,804 48,038
MGM Mirage, Inc. 11.125 11/15/17 75,000 73,059 81,938
Newpage Corporation 11.375 12/31/14 725,000 709,598 706,875
Packaging Dynamics Corporation of America 10.000 05/01/16 1,200,000 1,194,960 543,000
RailAmerica, Inc. 9.250 07/01/17 300,000 288,049 314,250
SandRidge Energy, Inc. 8.000 06/01/18 360,000 364,141 346,500
Solo Cup Co. 10.500 11/01/13 55,000 53,900 58,300
Speedway Motorsports, Inc. 8.750 06/01/16 70,000 67,864 72,800
Tunica-Biloxi Gaming Authority 9.000 11/15/15 1,075,000 1,100,308 967,500
United Rentals, Inc. 10.875 06/15/16 125,000 121,412 133,750
------------ ------------
TOTAL BONDS 11,792,640 10,955,504
------------ ------------
CONVERTIBLE PREFERRED STOCK - 0.00%
ETEX Corporation (B) 777 716 --
------------ ------------
TOTAL CONVERTIBLE PREFERRED STOCK 716 --
------------ ------------
----------------------------------------------------------------------------------------------------------------
27
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2009
(Unaudited)
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Shares Cost Market Value
------------ ------------ ------------
PREFERRED STOCK - 0.04%
Preferred Blocker, Inc. 143 $ 45,009 $ 83,159
TherOX, Inc. (B) 103 4,131 --
------------ ------------
TOTAL PREFERRED STOCK 49,140 83,159
------------ ------------
COMMON STOCK - 0.00%
Touchstone Health Partnership (B) 1,168 4,254 --
------------ ------------
TOTAL COMMON STOCK 4,254 --
------------ ------------
TOTAL RULE 144A SECURITIES 11,846,750 11,038,663
------------ ------------
TOTAL CORPORATE RESTRICTED SECURITIES $222,852,695 $190,996,938
------------ ------------
----------------------------------------------------------------------------------------------------------------
28
MassMutual Corporate Investors
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2009
(Unaudited)
Interest Due Principal Market
CORPORATE PUBLIC SECURITIES - 22.50%: (A) Rate Date Amount Cost Value
------- -------- ------------ ------------ ------------
BONDS - 20.96%
A M C Entertainment, Inc. 8.750% 02/01/16 $ 750,000 $ 732,204 $ 774,375
A M C Entertainment, Inc. 11.000 02/01/16 1,315,000 1,321,452 1,400,475
Activant Solutions, Inc. 9.500 05/01/16 150,000 150,000 134,250
Aramark Corporation (C) 3.983 02/01/15 200,000 200,000 173,500
Aramark Corporation 8.500 02/01/15 500,000 502,146 504,375
Bally Total Fitness Holdings Corporation (F) 14.000 10/01/13 104,062 74,053 10
Basic Energy Services 7.125 04/15/16 225,000 225,000 176,625
Berry Plastics Corporation (C) 5.259 02/15/15 500,000 476,017 460,000
Brigham Exploration Co. 9.625 05/01/14 1,200,000 1,167,903 1,062,000
Cenveo Corporation 7.875 12/01/13 1,300,000 1,192,500 1,043,250
Chaparral Energy, Inc. 8.875 02/01/17 1,500,000 1,491,780 1,207,500
Cincinnati Bell, Inc. 7.000 02/15/15 900,000 645,750 873,000
Community Health Systems, Inc. 8.875 07/15/15 1,200,000 1,169,415 1,230,000
Corrections Corporation of America 7.750 06/01/17 150,000 145,802 154,875
Denbury Resources, Inc. 9.750 03/01/16 50,000 46,637 53,125
Dynegy Holdings, Inc. 7.750 06/01/19 830,000 564,400 707,575
El Paso Corporation 12.000 12/12/13 55,000 49,608 62,838
Ford Motor Credit Co. 7.500 08/01/12 100,000 91,962 96,017
Ford Motor Credit Co. 8.000 06/01/14 275,000 228,020 264,000
Gencorp, Inc. 9.500 08/15/13 259,000 259,000 207,200
Goodyear Tire & Rubber Co. 10.500 05/15/16 100,000 96,004 108,500
Graham Packaging Corporation 8.500 10/15/12 280,000 268,800 282,800
Great Lakes Dredge & Dock Corporation 7.750 12/15/13 1,000,000 948,750 981,250
Hawker Beechcraft Acquisition Co. 9.750 04/01/17 1,000,000 1,008,223 610,000
Hughes Network Systems 9.500 04/15/14 1,325,000 1,344,291 1,331,625
Inergy LP 8.250 03/01/16 470,000 480,310 472,350
Intelsat Bermuda Ltd. 9.250 06/15/16 1,365,000 1,409,184 1,341,113
Interline Brands, Inc. 8.125 06/15/14 1,300,000 1,291,107 1,274,000
Iron Mountain, Inc. 8.375 08/15/21 45,000 44,831 46,519
Kar Holdings, Inc. 8.750 05/01/14 50,000 50,000 49,500
Leucadia National Corporation 7.000 08/15/13 450,000 450,642 455,063
Liberty Media Corporation 5.700 05/15/13 1,000,000 951,610 947,500
Manitowoc Company, Inc. 7.125 11/01/13 200,000 200,000 173,000
Mariner Energy, Inc. 11.750 06/30/16 160,000 155,487 172,400
Markwest Energy Operating Co. 6.875 11/01/14 950,000 930,563 893,000
Markwest Energy Operating Co. 8.750 04/15/18 125,000 123,979 124,375
N R G Energy, Inc. 8.500 06/15/19 200,000 196,696 200,750
----------------------------------------------------------------------------------------------------------------
29
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2009
(Unaudited)
Interest Due Principal Market
CORPORATE PUBLIC SECURITIES: (A) (Continued) Rate Date Amount Cost Value
------- -------- ------------ ------------ ------------
Newark Group, Inc. (F) 9.750% 03/15/14 $ 850,000 $ 796,863 $ 68,000
Nortek, Inc. 10.000 12/01/13 175,000 173,175 178,500
North American Energy Partners 8.750 12/01/11 1,165,000 1,171,496 1,141,700
Owens Corning, Inc. 9.000 06/15/19 55,000 54,112 59,400
Pliant Corporation 11.125 12/15/09 550,000 539,000 6,188
Pliant Corporation (C) 11.850 12/15/09 1,111,500 1,081,149 957,279
Polypore, Inc. 8.750 05/15/12 1,460,000 1,410,050 1,423,500
Pregis Corporation 12.375 10/15/13 1,000,000 981,490 945,000
Quebecor Media, Inc. 7.750 03/15/16 1,050,000 978,235 1,039,500
Rental Service Corporation 9.500 12/01/14 500,000 484,183 482,500
Rock-Tenn Co. 9.250 03/15/16 1,075,000 1,112,376 1,150,250
Scholastic Corporation 5.000 04/15/13 1,500,000 1,278,750 1,282,500
Seneca Gaming Corporation 7.250 05/01/12 500,000 477,500 462,500
Sheridan Acquisition Corporation 10.250 08/15/11 375,000 370,001 315,000
Stanadyne Corporation 10.000 08/15/14 1,500,000 1,500,000 1,260,000
Stewart & Stevenson LLC 10.000 07/15/14 1,465,000 1,493,942 1,347,800
T X U Energy Company LLC 10.250 11/01/15 1,250,000 1,260,978 900,000
Teck Resources Ltd. 9.750 05/15/14 50,000 47,789 55,000
Teck Resources Ltd. 10.250 05/15/16 75,000 71,160 84,750
Teck Resources Ltd. 10.750 05/15/19 65,000 61,767 75,563
Tekni-Plex, Inc. 8.750 11/15/13 650,000 653,986 474,500
Tenneco, Inc. 8.125 11/15/15 1,100,000 540,000 1,067,000
Texas Industries, Inc. 7.250 07/15/13 70,000 70,000 67,200
Ticketmaster Entertainment, Inc. 10.750 07/28/16 500,000 500,000 512,500
Time Warner Telecom Holdings 9.250 02/15/14 1,000,000 1,007,905 1,030,000
Titan International, Inc. 8.000 01/15/12 1,070,000 1,062,100 1,035,225
Transdigm, Inc. 7.750 07/15/14 500,000 503,095 496,250
Trimas Corporation 9.875 06/15/12 1,073,000 982,375 968,383
Tube City IMS Corporation 9.750 02/01/15 1,500,000 1,483,204 1,215,000
United Components, Inc. 9.375 06/15/13 1,080,000 1,080,179 866,700
United Rentals, Inc. 6.500 02/15/12 1,125,000 815,625 1,127,813
Videotron, Ltd. 9.125 04/15/18 40,000 39,373 43,300
Virgin Media Finance PLC 9.125 08/15/16 1,380,000 1,411,654 1,417,950
Vought Aircraft Industries 8.000 07/15/11 1,150,000 1,115,399 1,138,500
Waste Services, Inc. 9.500 04/15/14 1,100,000 1,116,864 1,094,500
------------ ------------
TOTAL BONDS 48,409,901 45,838,486
------------ ------------
----------------------------------------------------------------------------------------------------------------
30
MassMutual Corporate Investors
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2009
(Unaudited)
Shares or
Interest Due Principal Market
CORPORATE PUBLIC SECURITIES: (A) (Continued) Rate Date Amount Cost Value
------- -------- ------------ ------------ ------------
COMMON STOCK - 1.50%
A123 Systems Inc. 650 $ 8,775 $ 13,858
Chase Packaging Corporation (B) 9,541 -- 1,431
CKX, Inc. (B) 97,500 784,875 654,225
Directed Electronics, Inc. (B) 368,560 1,856,534 154,795
El Paso Corporation (B) 65,000 808,362 670,800
EnerNOC, Inc. (B) 37,361 994,619 1,238,891
ITC^DeltaCom, Inc. (B) 178,666 1,563,328 230,479
Intrepid Potash, Inc. (B) 365 11,680 8,610
Supreme Industries, Inc. 125,116 267,320 305,280
------------ ------------
TOTAL COMMON STOCK 6,295,493 3,278,369
------------ ------------
CONVERTIBLE BONDS - 0.04%
Citadel Broadcasting Corporation 4.000% 02/15/11 $ 583,000 452,554 87,450
------------ ------------
TOTAL CONVERTIBLE BONDS 452,554 87,450
------------ ------------
TOTAL CORPORATE PUBLIC SECURITIES $ 55,157,948 $ 49,204,305
------------ ------------
TOTAL INVESTMENTS 109.82% $278,010,643 $240,201,243
============ ------------
Other Assets 4.50 9,855,759
Liabilities (14.32) (31,324,219)
------ ------------
TOTAL NET ASSETS 100.00% $218,732,783
====== ============
(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 09/30/09.
(D) Defaulted security; interest not accrued.
(E) Illiquid securities. At September 30, 2009, the value of these securities amounted to $179,958,275 or 82.27%
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.
PIK - Payment-in-kind
----------------------------------------------------------------------------------------------------------------
31
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2009
(Unaudited)
Fair Value/ Fair Value/
INDUSTRY CLASSIFICATION: Market Value Market Value
-------------- --------------
AEROSPACE - 3.69% BUILDINGS & REAL ESTATE - 1.11%
Gencorp, Inc. $ 207,200 K W P I Holdings Corporation $ 2,074,824
Hughes Network Systems 1,331,625 Owens Corning, Inc. 59,400
P A S Holdco LLC 3,355,618 Texas Industries, Inc. 67,200
Transdigm, Inc. 496,250 TruStile Doors, Inc. 227,752
Visioneering, Inc. 1,541,725 --------------
Vought Aircraft Industries 1,138,500 2,429,176
-------------- --------------
8,070,918 CHEMICAL, PLASTICS & RUBBER - 0.35%
-------------- Capital Specialty Plastics, Inc. 771,524
AUTOMOBILE - 4.69% --------------
American Tire Distributor 830,000 CONSUMER PRODUCTS - 7.31%
Fuel Systems Holding Corporation -- Aero Holdings, Inc. 3,286,241
Goodyear Tire & Rubber Co. 108,500 Bravo Sports Holding Corporation 2,330,806
Jason, Inc. 481,844 G F S I, Inc. 532,675
Nyloncraft, Inc. 609,375 K N B Holdings Corporation 2,159,043
Ontario Drive & Gear Ltd. 529,964 Kar Holdings, Inc. 49,500
Qualis Automotive LLC 1,912,132 Momentum Holding Co. 487,496
Tenneco, Inc. 1,067,000 R A J Manufacturing Holdings LLC 2,479,698
Titan International, Inc. 1,035,225 Royal Baths Manufacturing Company 1,025,270
Transtar Holding Company 2,809,835 The Tranzonic Companies 3,638,809
United Components, Inc. 866,700 Walls Industries, Inc. --
-------------- --------------
10,250,575 15,989,538
-------------- --------------
BEVERAGE, DRUG & FOOD - 4.46% CONTAINERS, PACKAGING & GLASS - 4.47%
Aramark Corporation 677,875 Berry Plastics Corporation 460,000
Golden County Foods Holding, Inc. 1,843,623 Chase Packaging Corporation 1,431
Hospitality Mints Holding Company 2,182,115 Flutes, Inc. 229,596
Specialty Commodities, Inc. 2,629,848 Graham Packaging Corporation 282,800
Vitality Foodservice, Inc. 2,428,007 Maverick Acquisition Company 621,020
-------------- P I I Holding Corporation 2,893,019
9,761,468 Packaging Dynamics Corporation of America 543,000
-------------- Paradigm Packaging, Inc. 2,291,461
BROADCASTING & ENTERTAINMENT - 2.61% Pliant Corporation 963,467
Charter Communications Op LLC 1,373,625 Pregis Corporation 945,000
Citadel Broadcasting Corporation 87,450 Solo Cup Co. 58,300
CKX, Inc. 654,225 Tekni-Plex, Inc. 474,500
Interpublic Group of Companies 81,000 Vitex Packaging Group, Inc. --
Liberty Media Corporation 947,500 --------------
Speedway Motorsports, Inc. 72,800 9,763,594
Virgin Media Finance PLC 1,417,950 --------------
Workplace Media Holding Co. 1,071,105
--------------
5,705,655
--------------
------------------------------------------------------------------------------------------------------------------------------------
32
MassMutual Corporate Investors
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2009
(Unaudited)
Fair Value/ Fair Value/
INDUSTRY CLASSIFICATION:(Continued) Market Value Market Value
-------------- --------------
DISTRIBUTION - 1.85% DIVERSIFIED/CONGLOMERATE, SERVICE - 10.49%
Duncan Systems, Inc. $ 1,604,845 ACCO Brands Corporation $ 104,625
F C X Holdings Corporation 2,442,908 A W X Holdings Corporation 1,369,802
-------------- Advanced Technologies Holdings 2,665,509
4,047,753 Affinia Group, Inc. 53,625
-------------- Apex Analytix Holding Corporation 1,969,920
DIVERSIFIED/CONGLOMERATE, Clough, Harbour, and Associates 2,735,055
MANUFACTURING - 8.70% Corrections Corporation of America 154,875
A H C Holding Company, Inc. 2,723,231 Crane Rental Corporation 2,621,196
Activant Solutions, Inc. 134,250 Diversco, Inc./DHI Holdings, Inc. 1,319,430
Arrow Tru-Line Holdings, Inc. 1,383,511 Dwyer Group, Inc. 1,478,896
C D N T, Inc. 1,386,047 Fowler Holding, Inc. --
Douglas Dynamics LLC 868,600 Insurance Claims Management, Inc. 147,431
Great Lakes Dredge & Dock Corporation 981,250 Interline Brands, Inc. 1,274,000
K P I Holdings, Inc. 1,639,495 Iron Mountain, Inc. 46,519
MEGTEC Holdings, Inc. 2,240,579 Mail Communications Group, Inc. 1,353,029
Milwaukee Gear Company 2,572,879 Nesco Holdings Corporation 2,985,400
Nortek, Inc. 178,500 Northwest Mailing Services, Inc. 2,627,877
Polypore, Inc. 1,423,500 Pearlman Enterprises, Inc. --
Postle Aluminum Company LLC 617,353 Videotron, Ltd. 43,300
Trimas Corporation 968,383 --------------
Truck Bodies & Equipment International 737,251 22,950,489
Xaloy Superior Holdings, Inc. 1,161,415 --------------
-------------- ELECTRONICS - 0.63%
19,016,244 A123 Systems, Inc. 13,858
-------------- Connecticut Electric, Inc. 1,196,977
Directed Electronics, Inc. 154,795
--------------
1,365,630
--------------
FARMING & AGRICULTURE - 1.35%
Waggin' Train Holdings LLC 2,956,826
--------------
FINANCIAL SERVICES - 1.06%
Ford Motor Credit Co. 360,017
General Motors Acceptance Corporation 813,981
Hawker Beechcraft Acquisition Co. 610,000
Highgate Capital LLC --
Leucadia National Corporation 455,063
Preferred Blocker, Inc. 83,159
--------------
2,322,220
--------------
------------------------------------------------------------------------------------------------------------------------------------
33
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2009
(Unaudited)
Fair Value/ Fair Value/
INDUSTRY CLASSIFICATION:(Continued) Market Value Market Value
-------------- --------------
HEALTHCARE, EDUCATION & CHILDCARE - 6.42% MACHINERY - 10.27%
A T I Acquisition Company $ 5,020,272 A S A P Industries LLC $ 1,302,029
American Hospice Management Holding LLC 3,891,539 Davis-Standard LLC 3,035,014
Community Health Systems, Inc. 1,230,000 E S P Holdco, Inc. 2,342,629
F H S Holdings LLC 1,195,313 Integration Technology Systems, Inc. --
H C A, Inc. 37,275 K-Tek Holdings Corporation 2,773,592
Synteract Holdings Corporation 2,673,061 M V I Holding, Inc. 1,379,108
-------------- Manitowoc Company, Inc. 173,000
14,047,460 Navis Global 270,280
-------------- NetShape Technologies, Inc. 1,208,182
HOME & OFFICE FURNISHINGS, HOUSEWARES, AND Pacific Consolidated Holdings LLC 1,276,436
DURABLE CONSUMER PRODUCTS - 9.26% Power Services Holding Company 2,693,066
Connor Sport Court International, Inc. 2,589,843 R E I Delaware Holding, Inc. 2,637,205
H M Holding Company -- Safety Speed Cut Manufacturing Company, Inc. 462,827
Home Decor Holding Company 2,251,933 Stanadyne Corporation 1,260,000
Justrite Manufacturing Acquisition Co. 1,776,806 Stewart & Stevenson LLC 1,347,800
K H O F Holdings, Inc. 2,638,098 Supreme Industries, Inc. 305,280
Monessen Holding Corporation 2,583,800 --------------
Stanton Carpet Holding Co. 2,120,187 22,466,448
Transpac Holdings Company 1,507,055 --------------
U M A Enterprises, Inc. 1,729,348 MEDICAL DEVICES/BIOTECH - 3.58%
U-Line Corporation 1,599,785 Coeur, Inc. 1,308,402
Wellborn Forest Holding Co. 1,463,063 E X C Acquisition Corporation 265,386
-------------- ETEX Corporation --
20,259,918 MedSystems Holdings LLC 1,396,212
-------------- MicroGroup, Inc. 3,582,945
LEISURE, AMUSEMENT, ENTERTAINMENT - 3.37% OakRiver Technology, Inc. 1,280,664
A M C Entertainment, Inc. 2,174,850 --------------
Bally Total Fitness Holding Corporation 10 7,833,609
Harrah's Operating Escrow LLC 326,625 --------------
MGM Mirage, Inc. 129,976 MINING, STEEL, IRON & NON PRECIOUS
Savage Sports Holding, Inc. 2,790,696 METALS - 1.86%
Seneca Gaming Corporation 462,500 T H I Acquisition, Inc. 2,624,861
Ticketmaster Entertainment, Inc. 512,500 Teck Resources Ltd. 215,313
Tunica-Biloxi Gaming Authority 967,500 Tube City IMS Corporation 1,215,000
-------------- --------------
7,364,657 4,055,174
-------------- --------------
NATURAL RESOURCES - 1.64%
Appleton Papers, Inc. 245,809
Cenveo Corporation 1,137,250
Intrepid Potash, Inc. 8,610
Newpage Corporation 706,875
Rock-Tenn Co. 1,150,250
SandRidge Energy, Inc. 346,500
--------------
3,595,294
--------------
------------------------------------------------------------------------------------------------------------------------------------
34
MassMutual Corporate Investors
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2009
(Unaudited)
Fair Value/ Fair Value/
INDUSTRY CLASSIFICATION:(Continued) Market Value Market Value
-------------- --------------
OIL & GAS - 3.52% TELECOMMUNICATIONS - 3.72%
Basic Energy Services $ 176,625 All Current Holding Company $ 1,390,501
Brigham Exploration Co. 1,062,000 Cincinnati Bell, Inc. 873,000
Chaparral Energy, Inc. 1,207,500 Intelsat Bermuda Ltd. 1,341,113
Denbury Resources, Inc. 53,125 ITC^DeltaCom, Inc. 230,479
International Offshore Services LLC 2,626,531 Telecorps Holdings, Inc. 3,282,325
Mariner Energy, Inc. 172,400 Time Warner Telecom Holdings 1,030,000
North American Energy Partners 1,141,700 --------------
Total E & S, Inc. 1,257,621 8,147,418
-------------- --------------
7,697,502 TRANSPORTATION - 2.09%
-------------- NABCO, Inc. 611,564
PHARMACEUTICALS - 1.25% RailAmerica, Inc. 314,250
CorePharma LLC 2,730,758 Tangent Rail Corporation 3,638,566
-------------- --------------
PUBLISHING/PRINTING - 1.31% 4,564,380
Gannett Company, Inc. 166,600 --------------
Newark Group, Inc. 68,000 UTILITIES - 2.23%
Quebecor Media, Inc. 1,039,500 Dynegy Holdings, Inc. 707,575
Scholastic Corporation 1,282,500 El Paso Corporation 733,638
Sheridan Acquisition Corporation 315,000 Inergy LP 472,350
-------------- Intergen NV 772,500
2,871,600 Markwest Energy Operating Co. 1,082,825
-------------- N R G Energy, Inc. 200,750
RETAIL STORES - 0.92% T X U Energy Company LLC 900,000
Great Atlantic & Pacific Tea Co. 75,938 --------------
Olympic Sales, Inc. 199,361 4,869,638
Rental Service Corporation 482,500 --------------
United Rentals, Inc. 1,261,563 WASTE MANAGEMENT / POLLUTION - 2.41%
-------------- Terra Renewal LLC 2,287,121
2,019,362 Torrent Group Holdings, Inc. 1,903,170
-------------- Waste Services, Inc. 1,094,500
TECHNOLOGY - 3.20% --------------
Compucom Systems, Inc. 1,240,225 5,284,791
EnerNOC, Inc. 1,238,891 --------------
Sencore Holding Company 1,644,360
Smart Source Holdings LLC 2,868,148
-------------- TOTAL INVESTMENTS - 109.82% $ 240,201,243
6,991,624 ==============
--------------
See Notes to Consolidated Financial Statements
------------------------------------------------------------------------------------------------------------------------------------
35
INCOME TAX INFORMATION
The aggregate cost of investments is substantially the same for financial
reporting and federal income tax purposes as of September 30, 2009. The net
unrealized depreciation of investments for financial reporting and federal
tax purposes as of September 30, 2009 is $37,809,400 and consists of
$21,170,427 appreciation and $58,979,827 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 on an entity's financial performance.
Various inputs are used in determining the value of the Trust's investments.
Using the hierarchy established under FAS 157, these inputs are summarized in
the three broad levels listed below:
Level 1: quoted prices in active markets for identical securities
Level 2: other significant observable inputs (including quoted prices
for similar securities, interest rates, prepayments speeds, credit
risk, etc.)
Level 3: significant unobservable inputs (including the Trust's own
assumptions in determining the fair value of investments)
The inputs and methodology used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Trust's net assets
as of September 30, 2009:
ASSETS TOTAL LEVEL 1 LEVEL 2 LEVEL 3
-----------------------------------------------------------------------------
Restricted Securities $190,996,938 $ -- $11,038,663 $179,958,275
Public Securities 49,204,305 3,278,369 45,857,926 68,010
-----------------------------------------------------------------------------
TOTAL $240,201,243 $3,278,369 $56,896,589 $180,026,285
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 12/31/2008 $182,799,290 $ 260 $ -- $182,799,550
Total gains or losses
(realized/unrealized)
included in earnings* (12,424,849) (13,000) -- (12,437,849)
Purchases, sales,
issuances &
settlements (net) 9,583,834 -- -- 9,583,834
Transfers in and /
or out of Level 3 -- 80,750 -- 80,750
-----------------------------------------------------------------------------
ENDING BALANCE
AT 09/30/2009 $179,958,275 $68,010 $ -- $180,026,285
* The amount of net losses for the period included in earnings attributable
to the change in unrealized gains or losses relating to Level 3 assets still
held at 09/30/09 is $(10,470,642).
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 30, 2009
------------------------------------------------------------------
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 30, 2009
------------------------------------------------------------------
By (Signature and Title)* /s/ James M. Roy
---------------------------------------------
James M. Roy, Vice President and
Chief Financial Officer
Date November 30, 2009
------------------------------------------------------------------
* PRINT THE NAME AND TITLE OF EACH SIGNING OFFICER UNDER HIS OR HER SIGNATURE.