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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-Q
Quarterly Schedule of Portfolio Holdings of
Registered Management Investment Company
Investment Company Act file number 811-02183
MassMutual Corporate Investors
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(Exact name of registrant as specified in charter)
1500 Main Street, Suite 600, Springfield, MA 01115
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(Address of principal executive offices) (Zip code)
Stephen L. Kuhn, Vice President and Secretary,
1500 Main Street, Suite 2800, Springfield, MA 01115
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(Name and address of agent for service)
Registrant's telephone number, including area code: 413-226-1000
___________________
Date of fiscal year end: 12/31
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Date of reporting period: 09/30/05
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ITEM 1. SCHEDULE OF INVESTMENTS.
CONSOLIDATED SCHEDULE OF INVESTMENTS MASSMUTUAL CORPORATE INVESTORS
September 30, 2005
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES - 71.51%:(A) Principal Amount Date Cost Fair Value
------------ ------------ ------------ ------------
PRIVATE PLACEMENT INVESTMENTS - 63.46%
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 $ 1,977,746
Warrant, exercisable until 2012, to purchase
common stock at $.02 per share (B) 2,323 shs. 04/08/04 -- 23
------------ ------------
2,125,000 1,977,769
------------ ------------
A W C HOLDING COMPANY
A manufacturer and distributor of aluminum and vinyl
windows and doors in the Southwest and Southeast regions
of the U.S.
12% Senior Subordinated Note due 2012 $ 2,125,000 05/18/04 1,934,223 2,117,502
Limited Partnership interest of AWC Investments, LLC (B) 250 uts. 05/18/04 212,500 341,057
------------ ------------
2,146,723 2,458,559
------------ ------------
ADORN, INC.
A manufacturer of wall panels, cabinets, moldings and
countertops for houses and recreational vehicles.
12.5% Subordinated Note due 2010 $ 2,125,000 02/29/00 1,959,265 2,125,000
Warrant, exercisable until 2010, to purchase
common stock at $.02 per share (B) 364 shs. 02/29/00 307,759 425,377
------------ ------------
2,267,024 2,550,377
------------ ------------
AMERCABLE, INC.
A manufacturer of electric power, instrumentation and
control cables, primarily for the mining and oil and gas
industries.
12% Senior Subordinated Note due 2013 $ 2,046,296 04/08/05 1,928,055 2,014,581
Limited Partnership Interest (B) 79 uts. 04/07/05 78,704 70,830
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 125 shs. 04/08/05 122,463 1
------------ ------------
2,129,222 2,085,412
------------ ------------
AMERICA'S BODY COMPANY, INC./LCP HOLDING CO.
A designer and manufacturer of commercial work vehicles.
12% Preferred Stock Series C (B) 395 shs. 12/16/03 1,750,000 3,500,001
Warrant, exercisable until 2007, to purchase
common stock at $.01 per share (B) 80 shs. * 513,334 1
------------ ------------
2,263,334 3,500,002
------------ ------------
AMERICAN HOSPICE MANAGEMENT HOLDING LLC
A for-profit hospice care provider in the United States.
12% Senior Subordinated Note due 2010 $ 2,125,000 01/22/04 1,910,566 2,188,750
Preferred Class A Unit (B) 2,525 uts. 01/22/04 252,500 227,250
Common Class B Unit (B) 3,042 uts. 01/22/04 -- 291,648
------------ ------------
2,163,066 2,707,648
------------ ------------
*11/02/98 and 12/16/03.
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7
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL CORPORATE INVESTORS
September 30, 2005
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES(A)(CONTINUED) Principal Amount Date Cost Fair Value
------------ ------------ ------------ ------------
ARROW TRU-LINE HOLDINGS, INC.
A manufacturer of hardware for residential and
commercial overhead garage doors in North America.
12% Senior Subordinated Note due 2012 $ 1,627,660 05/18/05 $ 1,519,169 $ 1,607,405
Common Stock (B) 497 shs. 05/18/05 497,340 447,606
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 130 shs. 05/18/05 112,128 1
------------ ------------
2,128,637 2,055,012
------------ ------------
AUGUSTA SPORTSWEAR HOLDING CO.
A manufacturer and distributor of athletic apparel,
activewear and team uniforms.
12% Senior Subordinated Note due 2012 $ 1,686,800 12/31/04 1,573,985 1,681,357
Common Stock (B) 493 shs. * 492,975 443,682
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 137 shs. 12/31/04 119,482 1
------------ ------------
2,186,442 2,125,040
------------ ------------
BEACON MEDICAL PRODUCTS, INC.
A designer, manufacturer and marketer of medical air and
gas distribution systems.
Senior Secured Floating Rate Revolving Credit
Facility due 2007 $ 230,636 04/09/02 230,636 231,094
Senior Secured Tranche A Floating Rate Note due 2008 $ 696,414 04/09/02 696,414 696,414
12% Senior Secured Note due 2010 $ 721,196 04/09/02 630,788 750,044
Limited Partnership Interest of Riverside Capital
Appreciation Fund IV, L.P.(B) 11.16% int. 04/09/02 152,329 141,209
Warrant, exercisable until 2010, to purchase
common stock at $.01 per share (B) 1,390 shs. 04/09/02 127,497 128,861
------------ ------------
1,837,664 1,947,622
------------ ------------
BETA BRANDS LTD
A manufacturer of hard candy and chocolate-coated
products sold primarily to the Canadian market.
5% Promissory Note due 2009 (B) $ 195,498 03/31/04 195,498 --
Warrant, exercisable until 2009, to purchase
common stock at $.01 per share (B) 4,895 shs. 03/31/04 1 --
------------ ------------
195,499 --
------------ ------------
BETTER MINERALS & AGGREGATES
A producer of high grade industrial and specialty
silica sands.
14% Redeemable Preferred Stock (B) 997 shs. 09/30/99 545,858 108,991
Convertible Preferred Stock Series A and B, convertible
into common stock at $9.26 per share (B) 126,003 shs. 12/19/96 1,166,700 --
Common Stock (B) 20,027 shs. 09/30/99 799,068 --
Warrants, exercisable until 2005 and 2010, to
purchase common stock at $.01 per share (B) 11,399 shs. ** 128,502 --
------------ ------------
2,640,128 108,991
------------ ------------
*12/31/04 and 03/31/05.
**12/19/96 and 09/30/99.
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8
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL CORPORATE INVESTORS
September 30, 2005
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES(A)(CONTINUED) Principal Amount Date Cost Fair Value
------------ ------------ ------------ ------------
C & J SPEC-RENT SERVICES, INC.
A provider of coiled tubing and pressure pumping services
to the oil and gas industry in Texas and Louisiana.
10% Senior Secured Term Note due 2012 $ 1,551,492 08/12/05 $ 1,551,492 $ 1,527,169
14% Senior Subordinated Note due 2013 $ 1,128,358 08/12/05 1,022,525 1,097,519
Common Stock (B) 470,150 shs. 08/12/05 470,150 423,135
Warrants, exercisable until 2013, to purchase
common stock at $.01 per share (B) 86,716 shs. 08/12/05 106,592 867
------------ ------------
3,150,759 3,048,690
------------ ------------
C & M CONVEYOR, INC.
A manufacturer and supplier of material handling systems
to the corrugated sheet and container industry.
9.5% Senior Secured Term Note due 2007 $ 759,036 09/13/02 759,036 764,097
11% Senior Subordinated Note due 2010 $ 838,102 09/13/02 803,332 850,498
Common Stock (B) 316,265 shs. 09/13/02 316,265 474,398
Warrant, exercisable until 2010, to purchase
common stock at $.01 per share (B) 137,175 shs. 09/13/02 60,250 205,763
------------ ------------
1,938,883 2,294,756
------------ ------------
CAINS FOODS, L.P.
A producer of mayonnaise and sauce products for both the
retail and food service markets.
Limited Partnership Interest (B) 117 uts. 09/29/95 158,369 541,204
------------ ------------
CAPESUCCESS LLC
A provider of diversified staffing services.
Preferred Membership Interests (B) 1,882 uts. 04/29/00 8,396 420
Common Membership Interests (B) 24,318 uts. 04/29/00 108,983 5,442
------------ ------------
117,379 5,862
------------ ------------
CAPITAL SPECIALTY PLASTICS, INC.
A producer of desiccant strips used for packaging
pharmaceutical products.
Common Stock (B) 109 shs. * 503 2,156
------------ ------------
COEUR, INC.
A producer of proprietary, disposable power injection
syringes.
8.75% Senior Secured Term Note due 2010 $ 570,652 04/30/03 570,652 581,364
11.5% Senior Subordinated Note due 2011 $ 424,819 04/30/03 392,163 433,228
Common Stock (B) 126,812 shs. 04/30/03 126,812 114,131
Warrant, exercisable until 2010, to purchase
common stock at $.01 per share (B) 87,672 shs. 04/30/03 40,804 877
------------ ------------
1,130,431 1,129,600
------------ ------------
*12/30/97 and 05/29/99.
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9
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL CORPORATE INVESTORS
September 30, 2005
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES(A)(CONTINUED) Principal Amount Date Cost Fair Value
------------ ------------ ------------ ------------
COINING CORPORATION OF AMERICA LLC
A manufacturer of close tolerance parts and metal
stampings.
Senior Secured Floating Rate Revolving Credit
Facility due 2006 $ 162,037 01/07/02 $ 162,037 $ 158,998
Senior Secured Floating Rate Tranche A Note due 2007 $ 889,517 06/26/01 889,517 840,214
13% Senior Secured Tranche B Note due 2006 $ 648,148 06/26/01 648,148 630,790
Limited Partnership Interest (B) 6.38% int. 06/26/01 324,074 259,259
Warrant, exercisable until 2008, to purchase
common stock at $.01 per share (B) 107,036 shs. 06/26/01 79,398 1,070
------------ ------------
2,103,174 1,890,331
------------ ------------
CONNOR SPORT COURT INTERNATIONAL, INC.
A designer and manufacturer of outdoor and indoor
synthetic sports flooring and other temporary flooring
products.
12% Senior Subordinated Note due 2012 $ 2,001,121 * 1,849,108 1,953,376
Limited Partnership Interest (B) 189,585 uts. ** 189,586 170,627
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 174 shs. * 160,233 2
------------ ------------
2,198,927 2,124,005
------------ ------------
CONSOLIDATED FOUNDRIES HOLDINGS
A manufacturer of engineered cast metal components for
the global aerospace and defense industries.
12% Senior Subordinated Note due 2013 $ 2,185,714 06/15/05 2,087,398 2,142,137
Common Stock (B) 364 shs. 06/15/05 364,286 327,861
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 103 shs. 06/15/05 100,668 1
------------ ------------
2,552,352 2,469,999
------------ ------------
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 2,414,265 2,523,136
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 20 shs. 08/04/05 137,166 --
------------ ------------
2,551,431 2,523,136
------------ ------------
CORVEST GROUP, INC.
A manufacturer and distributor of promotional products.
12% Senior Subordinated Note due 2007 $ 3,863,636 *** 3,716,991 3,090,909
Common Stock (B) 56 shs. *** 96,591 9,658
Limited Partnership Interest (B) 19.32% int. *** 297,203 55,700
Warrant, exercisable until 2007, to purchase
common stock at $.01 per share (B) 324 shs. *** 284,052 28,677
------------ ------------
4,394,837 3,184,944
------------ ------------
*08/12/04 and 01/18/05.
**08/12/04 and 01/14/05.
***03/05/99 and 03/24/99.
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10
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL CORPORATE INVESTORS
September 30, 2005
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES(A)(CONTINUED) Principal Amount Date Cost Fair Value
------------ ------------ ------------ ------------
DELSTAR HOLDING CORPORATION
A manufacturer of plastic netting for a wide variety of
industries.
Convertible Preferred Stock, convertible into common
stock at $10 per share (B) 3,514 shs. 10/05/01 $ 427,153 $ 395,243
Convertible Preferred Stock, convertible into common
stock at $11.84 per share (B) 412 shs. 09/16/04 48,793 46,353
------------ ------------
475,946 441,596
------------ ------------
DEXTER MAGNETICS TECHNOLOGIES, INC.
A designer, fabricator, assembler and distributor of
industrial magnets and subassemblies in North America
and Europe.
Common Stock (B) 585 shs. 07/19/01 585,145 694,854
Warrant, exercisable until 2006, to purchase
common stock at $.01 per share (B) 297 shs. 07/19/01 250,611 352,183
------------ ------------
835,756 1,047,037
------------ ------------
DIRECTED ELECTRONICS, INC.
A designer and distributor of brand name automotive
security systems, audio products and installation
accessories.
Class A Common Stock (B) 5,612 shs. 09/15/05 94,868 182,056
Class B Common Stock (B) 36,633 shs. 12/22/99 -- 1,188,363
Limited Partnership Interest (B) 8.70% int. * 63,450 1,997,148
Warrant, exercisable until 2007, to purchase
common stock at $.01 per share (B) 48,569 shs. 12/22/99 -- 1,575,580
------------ ------------
158,318 4,943,147
------------ ------------
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) 27.19% int. 8/27/98 734,090 --
Preferred Stock (B) 3,278 shs. 12/14/01 2,784,133 2,088,103
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 2,088,103
------------ ------------
DWYER GROUP, INC.
A franchiser of a variety of home repair services.
14% Senior Subordinated Note due 2011 $ 1,859,375 10/30/03 1,698,556 1,897,683
Common Stock (B) 6,906 shs. *** 690,600 593,384
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 2,034 shs. 10/30/03 186,469 174,732
------------ ------------
2,575,625 2,665,799
------------ ------------
*12/22/99 and 09/14/05.
**10/24/96 and 08/28/98.
***10/30/03 and 01/02/04.
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11
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL CORPORATE INVESTORS
September 30, 2005
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES(A)(CONTINUED) Principal Amount Date Cost Fair Value
------------ ------------ ------------ ------------
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 $ 107,985
------------ ------------
EAGLE PACK PET FOODS, INC.
A manufacturer of premium pet food sold through
independent pet stores.
14% Senior Subordinated Note due 2011 $ 1,062,500 09/24/04 1,026,572 1,094,375
Warrant, exercisable until 2011, to purchase
common stock at $.02 per share (B) 4,085 shs. 09/24/04 39,464 60,172
------------ ------------
1,066,036 1,154,547
------------ ------------
EAST RIVER VENTURES I, L.P.
An acquirer of controlling or substantial interests in other
entities.
Limited Partnership Interest (B) 0.14% int. 01/01/01 27,341 21,706
------------ ------------
ENZYMATIC THERAPY, INC
A manufacturer and distributor of branded natural
medicines and nutritional supplements
Limited Partnership Interest (B) 1.32% int. 03/30/00 531,250 5,313
Warrant, exercisable until 2009, to purchase
common stock at $.01 per share (B) 29,117 shs. 03/30/00 255,000 291
------------ ------------
786,250 5,604
------------ ------------
EURO-PRO CORPORATION
A designer, marketer and distributor of floor care, steam
cleaning and small kitchen products and appliances.
13.25% Senior Subordinated Note due 2011 $ 2,125,000 09/09/03 2,089,359 1,912,500
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 43,878 shs. 09/09/03 35,641 439
2,125,000 1,912,939
------------ ------------
EVANS CONSOLES, INC.
A designer and manufacturer of consoles and control
center systems.
Limited Partnership Interest of CM Equity Partners (B) 2.24% int. 02/11/98 128,464 --
Common Stock (B) 90,000 shs. 05/06/04 6 --
------------ ------------
128,470 --
------------ ------------
HIGHGATE CAPITAL LLC
An acquirer of controlling or substantial interests in
manufacturing and marketing entities.
Series A Preferred Units (B) 1.19% int. 07/21/94 369,442 2,947
------------ ------------
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12
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL CORPORATE INVESTORS
September 30, 2005
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES(A)(CONTINUED) Principal Amount 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 * $ 1,858,466 $ 2,085,890
Common Stock(B) 63 shs. * 62,742 56,466
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 200 shs. * 199,501 2
------------ ------------
2,120,709 2,142,358
------------ ------------
HUSSEY SEATING CORPORATION
A manufacturer of spectator seating products.
Senior Secured Floating Rate Revolving Note due 2006 $ 1,544,856 06/12/96 1,544,856 772,428
Senior Secured Floating Rate Note due 2006 $ 365,625 ** 365,625 182,813
12% Senior Subordinated Note due 2006 $ 1,350,000 03/31/03 1,350,000 13,500
Common Stock (B) 4,771 shs. 03/12/04 225,000 --
------------ ------------
3,485,481 968,741
------------ ------------
INTEGRATION TECHNOLOGY SYSTEMS, INC.
A manufacturer of steel protective computer and network
systems for the industrial and office environments.
12% Senior Secured Note due 2006 $ 1,644,444 03/01/04 1,646,101 1,248,333
Common Stock (B) 228 shs. 06/01/00 262,200 --
------------ ------------
1,908,301 1,248,333
------------ ------------
ITC^DELTACOM, INC.
A provider of integrated communications services in the
southeastern United States.
Senior Secured Floating Rate Note due 2009 $ 2,207,053 07/26/05 2,207,053 2,175,640
Senior Secured Floating Rate Note due 2009 $ 342,947 07/26/05 342,947 339,509
Warrant, exercisable until 2009, to purchase
convertible preferred stock at $.01 per share (B) 102,884 shs. 07/26/05 -- 220,172
------------ ------------
2,550,000 2,735,321
------------ ------------
JASON, INC.
A diversified manufacturing company serving various
industrial markets.
13% Senior Subordinated Note due 2008 $ 963,687 08/04/00 903,098 946,029
14% Cumulative Redeemable Preferred Stock Series A (B) 289 shs. 08/04/00 289,224 283,917
Limited Partnership Interests of
Saw Mill Capital Fund II, L.P. (B) 2.50% int. 08/03/00 886,361 709,205
Warrants, exercisable until 2008 and 2009, to purchase
common stock at $.01 per share (B) 50,870 shs. 08/04/00 115,412 46,927
------------ ------------
2,194,095 1,986,078
------------ ------------
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 1,499,505 1,573,189
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 1,121 shs. 12/15/04 101,109 11
------------ ------------
1,600,614 1,573,200
------------ ------------
*06/30/04 and 08/19/04.
**06/12/96 and 08/03/01.
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13
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL CORPORATE INVESTORS
September 30, 2005
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES(A)(CONTINUED) Principal Amount Date Cost Fair Value
------------ ------------ ------------ ------------
KEEPSAKE QUILTING, INC.
A seller of quilting fabrics, books, patterns, kits and
notions to consumers.
Senior Secured Floating Rate Revolving Note due 2005 $ 36,693 06/16/00 $ 36,693 $ 36,766
Senior Secured Floating Rate Tranche A Note due 2007 $ 481,593 06/16/00 481,593 482,557
12% Senior Secured Tranche B Note due 2008 $ 550,392 06/16/00 529,331 561,400
Limited Partnership Interest of
Riverside XVI Holding Company, L.P. (B) 5.29% int. 06/12/00 333,490 346,731
Warrant, exercisable until 2008, to purchase
common stock at $.01 per share (B) 1,108 shs. 06/12/00 45,866 116,231
------------ ------------
1,426,973 1,543,685
------------ ------------
KELE AND ASSOCIATES, INC.
A distributor of building automation control products.
12% Senior Subordinated Note due 2012 $ 1,831,548 02/27/04 1,676,111 1,816,821
Common Stock (B) 35 shs. 02/27/04 462,035 415,776
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 11 shs. 02/27/04 7,793 --
------------ ------------
2,145,939 2,232,597
------------ ------------
KENAN-ADVANTAGE TRANSPORT COMPANY
A transporter of light petroleum, petrochemicals, lubricants
and residual fuels.
12.5% Senior Subordinated Note due 2009 $ 1,817,435 04/30/01 1,817,435 1,817,435
Preferred Stock (B) 307 shs. 04/30/01 307,000 614,000
Warrant, exercisable until 2009, to purchase
common stock at $.01 per share (B) 269 shs. 04/30/01 14 538,000
------------ ------------
2,124,449 2,969,435
------------ ------------
KEYSTONE NORTH AMERICA, INC.
An operator of funeral homes in North America.
Common Stock (B) 49,216 shs. 02/08/05 236,709 311,045
------------ ------------
LIH INVESTORS, L.P.
A manufacturer and marketer of a broad line of external
accessories for new and used sport utility vehicles, trucks
and vans.
12.5% Senior Subordinated Note due 2008 $ 3,845,000 * 3,523,736 3,845,000
Common Stock (B) 5,800 shs. * 406,003 284,200
Warrant, exercisable until 2006, to purchase
common stock at $.11 per share (B) 15,572 shs. * 602,127 763,028
------------ ------------
4,531,866 4,892,228
------------ ------------
MAVERICK ACQUISITION COMPANY
A manufacturer of capsules that cover the cork and neck of
wine bottles.
Senior Secured Floating Rate Tranche A Note due 2010 $ 763,992 09/03/04 763,992 755,585
12% Senior Secured Tranche B Note due 2011 $ 313,433 09/03/04 277,627 317,992
Limited Partnership Interest (B) 7.84% int. 09/03/04 58,769 52,892
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 425 shs. 09/03/04 39,473 4
------------ ------------
1,139,861 1,126,473
------------ ------------
*12/23/98 and 01/28/99.
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14
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL CORPORATE INVESTORS
September 30, 2005
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES(A)(CONTINUED) Principal Amount Date Cost Fair Value
------------ ------------ ------------ ------------
MAXON CORPORATION
A manufacturer of industrial combustion equipment and
related shut-off valves and control valves.
12% Senior Subordinated Note due 2012 $ 962,215 09/30/04 $ 878,346 $ 946,351
8.75% Senior Subordinated Note due 2012 $ 1,281,112 09/30/04 1,281,112 1,272,436
Common Stock (B) 381,672 shs. 09/30/04 381,672 343,505
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 153,572 shs. 09/30/04 90,897 1,536
------------ ------------
2,632,027 2,563,828
------------ ------------
MEDASSIST, INC.
A provider of patient eligibility and accounts receivable
management services to hospitals and physician practices.
8% Preferred Stock 84 shs. 10/28/04 83,658 85,276
Common Stock 26,185 shs. 10/02/04 35,088 40,534
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share 83,214 shs. 05/01/03 40,675 136,891
------------ ------------
159,421 262,701
------------ ------------
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 $ 2,142,000 08/12/05 2,005,941 2,096,139
Common Stock (B) 408 shs. 08/12/05 408,000 367,200
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 137 shs. 08/12/05 137,088 1
------------ ------------
2,551,029 2,463,340
------------ ------------
MOSS, INC.
A manufacturer and distributor of large display and exhibit
structures.
Senior Secured Floating Rate Revolving Note due 2005 $ 100,860 03/24/05 100,860 100,860
Senior Secured Floating Rate Tranche A Note due 2007 $ 733,071 09/21/00 733,071 733,071
12% Senior Secured Tranche B Note due 2008 $ 336,200 09/21/00 319,893 336,200
Limited Partnership Interest of
Riverside Capital Appreciation Fund I, L.P. (B) 37.37% int. * 311,481 389,333
Warrant, exercisable until 2008, to purchase
common stock at $100 per share (B) 463 shs. 09/21/00 40,344 19,235
------------ ------------
1,505,649 1,578,699
------------ ------------
MUSTANG VENTURES COMPANY
A natural gas gathering and processing operation located in
Oklahoma and Texas.
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 16,535 shs. 12/11/02 493,501 694,833
------------ ------------
NEFF MOTIVATION, INC.
A manufacturer and distributor of customized awards and
sportswear to schools.
12.5% Senior Subordinated Note due 2011 $ 1,062,500 01/31/03 917,502 1,093,176
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 212 shs. 01/31/03 180,625 86,937
------------ ------------
1,098,127 1,180,113
------------ ------------
*09/20/00 and 05/23/02.
--------------------------------------------------------------------------------
15
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL CORPORATE INVESTORS
September 30, 2005
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES(A)(CONTINUED) Principal Amount Date Cost Fair Value
------------ ------------ ------------ ------------
NONNI'S FOOD COMPANY
A producer and distributor of premium biscotti and bagel
chips in North America.
12.25% Senior Subordinated Note due 2012 $ 1,863,462 03/29/04 $ 1,856,139 $ 1,890,992
10% Preferred Stock (B) 255 shs. 03/29/04 255,083 258,463
Common Stock (B) 6,455 shs. 03/29/04 6,455 48,025
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 8,622 shs. 03/29/04 7,323 64,080
------------ ------------
2,125,000 2,261,560
------------ ------------
NYLONCRAFT, INC.
A supplier of engineered plastic components for the
automotive industry.
9% Senior Secured Note due 2009 $ 812,500 01/28/02 812,500 806,600
11.5% Senior Subordinated Note due 2012 $ 1,500,000 01/28/02 1,378,408 1,468,878
Common Stock (B) 312,500 shs. 01/28/02 312,500 213,750
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 243,223 shs. 01/28/02 162,045 164,176
------------ ------------
2,665,453 2,653,404
------------ ------------
OLYMPIC SALES, INC.
A boat retailer in Washington state, Oregon, California and
British Columbia.
12% Senior Subordinated Note due 2006 $ 2,482,000 08/07/98 2,482,000 2,420,288
12% Senior Subordinated Note due 2008 $ 307,071 02/09/00 293,085 288,973
Limited Partnership Interest of Riverside VIII,
VIII-A and VIII-B Holding Company, L.P. 1,531,250 uts. * 1,555,820 1,245,601
Warrants, exercisable until 2007 and 2008, to purchase
common stock at $.01 per share (B) 28,648 shs. ** 389,188 88,695
------------ ------------
4,720,093 4,043,557
------------ ------------
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 2008 $ 2,125,000 12/19/00 1,981,015 2,093,117
Membership Interests of MM/Lincap
PPI Investments, Inc., LLC (B) 2.42% int. 12/21/00 265,625 358,594
------------ ------------
2,246,640 2,451,711
------------ ------------
PRECISION DYNAMICS, INC.
A manufacturer of custom-designed solenoid valves and
controls.
Senior Secured Floating Rate Revolving Credit
Facility due 2005 $ 619,400 07/22/96 619,400 619,400
Senior Secured Floating Rate Term Note due 2005 $ 8,150 07/22/96 8,150 8,150
12% Senior Secured Term Note due 2005 $ 326,000 07/22/96 323,842 326,000
8% Preferred Stock (B) 456 shs. 07/22/96 232,046 232,046
Common Stock (B) 599 shs. 07/22/96 28,978 28,978
Warrant, exercisable until 2005, to purchase
common stock at $.01 per share (B) 322 shs. 07/22/96 97,800 3
------------ ------------
1,310,216 1,214,577
------------ ------------
*08/07/98, 02/23/99, 12/22/99 and 02/25/03.
**08/07/98 and 02/09/00.
--------------------------------------------------------------------------------
16
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL CORPORATE INVESTORS
September 30, 2005
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES(A)(CONTINUED) Principal Amount Date Cost Fair Value
------------ ------------ ------------ ------------
PROCESS CHEMICALS LLC
A specialty chemical company that manufactures
processed chemicals for the fertilizer, asphalt and concrete
industries.
Common Membership Interests 2 uts. * $ 4 $ 288,000
------------ ------------
PROTEIN GENETICS, INC.
A producer of bovine artificial insemination products,
related breeding and healthcare products and specialty
genetics sold to the dairy and beef industries.
9.8% Redeemable Exchangeable Preferred Stock (B) 1,004 shs. 08/12/94 100,350 --
Common Stock (B) 2,600 shs. ** 126,866 --
------------ ------------
227,216 --
------------ ------------
QUALIS AUTOMOTIVE LLC
A distributor of aftermarket automotive brake and chassis
products.
12% Senior Subordinated Note due 2012 $ 1,770,834 05/28/04 1,435,108 1,814,501
Common Stock (B) 354,166 shs. 05/28/04 354,166 318,749
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 377,719 shs. 05/28/04 377,719 3,777
------------ ------------
2,166,993 2,137,027
------------ ------------
QUALSERV CORPORATION
A provider of foodservice equipment and supplies, to
major restaurant chains and their franchisees.
16.5% Senior Subordinated Note due 2012 $ 1,893,563 07/09/04 1,844,035 1,136,138
Limited Partnership Interest (B) 9.26% int. 07/09/04 259,146 --
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 528 shs. 07/09/04 49,061 --
------------ ------------
2,152,242 1,136,138
------------ ------------
RIVER RANCH FRESH FOODS LLC
A supplier of fresh produce to the retail and foodservice
channels.
13% Senior Subordinated Note due 2011 $ 1,841,667 09/29/04 1,697,579 1,783,603
Limited Partnership Interest (B) 40,610 uts. 09/29/04 283,333 255,000
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 23,715 shs. 09/29/04 157,903 236
------------ ------------
2,138,815 2,038,839
------------ ------------
ROYAL BATHS MANUFACTURING COMPANY
A manufacturer and distributor of acrylic and cultured
marble bathroom products.
12.5% Senior Subordinated Notes due 2011 $ 1,062,500 11/14/03 957,209 1,044,761
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 140 shs. 11/14/03 122,946 1
------------ ------------
1,080,155 1,044,762
------------ ------------
*07/31/97 and 01/04/99.
**11/14/01 and 08/12/94.
--------------------------------------------------------------------------------
17
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL CORPORATE INVESTORS
September 30, 2005
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES(A)(CONTINUED) Principal Amount Date Cost Fair Value
------------ ------------ ------------ ------------
RUGBY MANUFACTURING COMPANY
A designer and manufacturer of accessories for heavy and
medium duty trucks, primarily dump bodies, hoists,
various forms of flat-bed bodies, landscape bodies and
other accessories.
12% Senior Subordinated Note due 2013 $ 1,924,618 07/19/05 $ 1,804,812 $ 1,895,741
Common Stock (B) 625 shs. 07/19/05 625,382 562,842
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 127 shs. 07/19/05 121,335 1
------------ ------------
2,551,529 2,458,584
------------ ------------
SAFETY SPEED CUT MANUFACTURING COMPANY, INC.
A manufacturer of vertical panel saws and routers for the
wood working industry.
Senior Secured Floating Rate Tranche A Note due 2007 $ 918,655 06/02/99 918,655 918,655
12% Senior Secured Tranche B Note Due 2007 $ 1,130,652 06/02/99 1,130,652 1,130,652
Class B Common Stock (B) 1,480 shs. 06/02/99 256,212 508,125
------------ ------------
2,305,519 2,557,432
------------ ------------
SAVAGE SPORTS HOLDING, INC.
A manufacturer of sporting firearms.
12% Senior Subordinated Note due 2012 $ 1,538,793 09/10/04 1,433,426 1,527,960
Common Stock (B) 586 shs. 09/10/04 586,207 527,589
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 134 shs. 09/10/04 113,578 1
------------ ------------
2,133,211 2,055,550
------------ ------------
SHELTER ACQUISITION, INC.
A distributor of roofing supplies and products throughout
the Midwest.
12.5% Senior Subordinated Note due 2008 $ 1,517,857 08/01/02 1,391,071 1,517,857
Common Stock (B) 901,775 shs. * 901,775 1,571,343
Warrant, exercisable until 2009, to purchase
common stock at $.01 per share (B) 263,444 shs. 08/01/02 216,446 459,050
------------ ------------
2,509,292 3,548,250
------------ ------------
SNYDER INDUSTRIES, INC.
A manufacturer of proprietary rotationally molded
polyethylene containers.
12.25% Senior Subordinated Note due 2008 $ 3,125,000 12/06/99 2,902,302 3,125,000
Warrant, exercisable until 2007, to purchase
common stock at $.01 per share (B) 513 shs. 12/06/99 426,136 554,040
------------ ------------
3,328,438 3,679,040
------------ ------------
SPECIALTY FOODS GROUP, INC.
A manufacturer and distributor of branded meat products.
Limited Partnership Interest of MHD Holdings LLC 1.43% int. 08/29/00 579,736 122,980
------------ ------------
STRATEGIC EQUIPMENT & SUPPLY CORPORATION, INC.
A provider of kitchen and restaurant design, equipment
fabrication and installation services.
Warrant, exercisable until 2008, to purchase
common stock at $.01 per share (B) 106,539 shs. 01/14/00 658,751 --
------------ ------------
*08/01/02, 01/17/03 and 12/31/04.
--------------------------------------------------------------------------------
18
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL CORPORATE INVESTORS
September 30, 2005
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES(A)(CONTINUED) Principal Amount Date Cost Fair Value
------------ ------------ ------------ ------------
SYNVENTIVE EQUITY LLC
A manufacturer of hot runner systems used in the plastic
injection molding process.
Limited Partnership Interest (B) 1.99% int. 08/20/03 $ 63,207 $ 11,280
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 86,780 shs. 08/21/03 19,359 15,487
------------ ------------
82,566 26,767
------------ ------------
TERRA RENEWAL SERVICES, INC.
A provider of wastewater residual management and
required environmental reporting, permitting, nutrient
management planning and record keeping to companies
involved in poultry and food processing.
Senior Secured Floating Rate Term A Note due 2010 $ 298,730 03/01/05 298,730 298,103
Senior Secured Floating Rate Term B Note due 2012 $ 367,383 03/01/05 367,383 366,374
12% Senior Subordinated Note due 2013 $ 1,025,391 03/01/05 971,741 1,004,948
Limited Partnership Interest of
Saw Mill Capital Fund V, L.P. (B) 412 uts. 03/01/05 412,207 370,989
Warrant, exercisable until 2015, to purchase
common stock at $.01 per share (B) 65 shs. 03/01/05 56,171 1
------------ ------------
2,106,232 2,040,415
------------ ------------
THE TRANZONIC COMPANIES
A producer of commercial and industrial supplies, such as
safety products, janitorial supplies, work apparel,
washroom and restroom supplies and sanitary care
products.
13% Senior Subordinated Note due 2009 $ 2,712,000 02/05/98 2,518,747 2,712,000
Common Stock (B) 630 shs. 02/04/98 630,000 636,741
Warrant, exercisable until 2006, to purchase
common stock at $.01 per share (B) 444 shs. 02/05/98 368,832 448,751
------------ ------------
3,517,579 3,797,492
------------ ------------
TIDEWATER HOLDINGS, INC.
An operator of a barge transportation line on the
Columbia/Snake River system.
17% Preferred Stock (B) 560 shs. 12/23/02 560,000 756,000
Convertible Preferred Stock, convertible into
common stock at $1,000 per share (B) 1,120 shs. 07/25/96 1,120,000 1,512,000
Warrant, exercisable until 2008, to purchase
common stock at $.01 per share (B) 474 shs. 07/25/96 48,216 639,576
------------ ------------
1,728,216 2,907,576
------------ ------------
TOMAH HOLDINGS, INC.
A manufacturer of specialty chemicals.
16% Senior Subordinated Note due 2011 $ 1,461,764 12/08/03 1,415,896 1,520,235
16% Preferred Stock Series A (B) 37 shs. 12/08/03 631,630 658,864
Common Stock (B) 21,240 shs. * 209,770 275,464
------------ ------------
2,257,296 2,454,563
------------ ------------
*12/08/03 and 07/01/05.
--------------------------------------------------------------------------------
19
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL CORPORATE INVESTORS
September 30, 2005
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES(A)(CONTINUED) Principal Amount Date Cost Fair Value
------------ ------------ ------------ ------------
TRANSTAR HOLDING COMPANY
A distributor of aftermarket automotive transmission parts.
12% Senior Subordinated Note due 2013 $ 1,734,000 08/31/05 $ 1,656,796 $ 1,716,596
Common Stock (B) 816 shs. 08/31/05 816,000 734,400
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 86 shs. 08/31/05 77,485 1
------------ ------------
2,550,281 2,450,997
------------ ------------
TRONAIR, INC.
A designer, engineer and manufacturer of ground support
equipment for the business, commuter and commercial
aviation markets.
10.5% Senior Secured Term Note due 2008 $ 1,184,565 01/20/00 1,184,565 1,180,688
12% Senior Subordinated Note due 2010 $ 1,326,500 01/20/00 1,271,793 1,329,465
Common Stock (B) 227,400 shs. 01/20/00 227,400 181,920
Warrant, exercisable until 2010, to purchase
common stock at $1 per share (B) 260,563 shs. 01/20/00 98,540 2,606
------------ ------------
2,782,298 2,694,679
------------ ------------
TRUSTILE DOORS, INC.
A manufacturer and distributor of interior doors.
12.5% Senior Subordinated Note due 2010 $ 1,062,500 04/11/03 990,542 1,046,139
Warrant, exercisable until 2010, to purchase
common stock at $.01 per share (B) 5,781 shs. 04/11/03 95,625 33,038
------------ ------------
1,086,167 1,079,177
------------ ------------
TUBULAR TEXTILE MACHINERY
A designer, manufacturer, seller and servicer of finishing
machinery for the knit and woven segments of the global
textile industry.
12% Senior Subordinated Note due 2014 $ 1,234,551 05/28/04 1,114,662 1,165,231
8.75% Senior Secured Note due 2011 $ 716,292 05/28/04 716,292 684,722
Common Stock (B) 674,157 shs. 05/28/04 674,157 337,079
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 203,912 shs. 05/28/04 130,789 2,039
------------ ------------
2,635,900 2,189,071
------------ ------------
TVI, INC.
A retailer of used clothing in the United States, Canada
and Australia.
Common Stock (B) 354,167 shs. 05/02/00 354,167 382,500
------------ ------------
U S M HOLDINGS CORPORATION
A provider of facility maintenance services to retail and
corporate clients with multiple locations.
12% Senior Subordinated Note due 2011 $ 894,737 08/06/03 769,968 921,579
Preferred Stock 2,571 shs. 08/06/03 257,096 257,096
Common Stock (B) 1,032 shs. 08/06/03 1,032 1,032
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share 949 shs. 08/06/03 298,198 949
------------ ------------
1,326,294 1,180,656
------------ ------------
--------------------------------------------------------------------------------
20
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL CORPORATE INVESTORS
September 30, 2005
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES(A)(CONTINUED) Principal Amount Date Cost Fair Value
------------ ------------ ------------ ------------
U-LINE CORPORATION
A manufacturer of high-end, built-in, undercounter
icemaking, wine storage and refrigeration appliances.
12.5% Senior Subordinated Note due 2012 $ 1,882,100 04/30/04 $ 1,691,348 $ 1,946,192
Common Stock (B) 182 shs. 04/30/04 182,200 163,980
Warrant, exercisable until 2012, to purchase
common stock at $1 per share (B) 230 shs. 04/30/04 211,736 2
------------ ------------
2,085,284 2,110,174
------------ ------------
VICTORY VENTURES LLC
An acquirer of controlling or substantial interests in other
entities.
Series A Preferred Units (B) 0.13% int. 12/02/96 1 2
------------ ------------
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 1,717,048 1,894,682
Common Stock (B) 23,771 shs. 09/24/04 237,710 213,939
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 23,787 shs. 09/24/04 186,883 238
------------ ------------
2,141,641 2,108,859
------------ ------------
VITEX PACKAGING GROUP, INC.
A manufacturer of specialty packaging, primarily
envelopes and tags used on tea bags and medical and food
products.
12.5% Senior Subordinated Note due 2012 $ 1,700,000 07/19/04 1,483,065 1,672,444
Limited Partnership Interest Class A (B) 414,375 uts. 07/19/04 414,375 372,938
Limited Partnership Interest Class B (B) 182,935 uts. 07/19/04 182,935 164,642
------------ ------------
2,080,375 2,210,024
------------ ------------
WALLS INDUSTRIES, INC.
A provider of branded workwear and sporting goods
apparel.
10% Senior Subordinated Lien Note due 2009 $ 1,006,579 07/12/04 1,006,579 1,007,357
14% Senior Subordinated Note due 2012 $ 1,069,419 07/12/04 1,066,728 1,072,652
Limited Partnership Interest (B) 0.40% int. 07/12/04 37,281 33,553
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 4,029 shs. 07/12/04 2,833 40
------------ ------------
2,113,421 2,113,602
------------ ------------
WEASLER HOLDINGS LLC
A manufacturer of mechanical power transmission
components for the agricultural, lawn and turf industries.
Limited Partnership Interest (B) 1.55% int. 02/03/03 101,190 269,922
Warrant, exercisable until 2010, to purchase
common stock at $.01 per share (B) 256 shs. 02/04/03 209,829 683,565
------------ ------------
311,019 953,487
------------ ------------
Total Private Placement Investments 152,889,617 151,986,985
------------ ------------
--------------------------------------------------------------------------------
21
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL CORPORATE INVESTORS
September 30, 2005
(Unaudited)
Shares or
Interest Due Principal
CORPORATE RESTRICTED SECURITIES (A) (CONTINUED) Rate Date Amount Cost Fair Value
---- ---- ------ ---- ------------
RULE 144A SECURITIES - 8.05%:
BONDS - 7.05%
A E S Corporation 9.000% 05/15/15 $ 200,000 $ 200,000 $ 219,500
Activant Solutions, Inc. 9.504 04/01/10 825,000 825,000 841,500
Affinia Group, Inc. 9.000 11/30/14 460,000 460,000 358,800
Blockbuster, Inc. 9.000 09/01/12 475,000 477,042 391,875
Bombardier, Inc. 6.300 05/01/14 1,000,000 890,000 885,000
Calpine Corporation 8.750 07/15/13 500,000 465,000 353,750
Charter Communications Op LLC 8.000 04/30/12 250,000 249,375 251,875
Clayton Williams Energy, Inc. 7.750 08/01/13 800,000 800,000 782,000
Douglas Dynamics, LLC 7.750 01/15/12 630,000 633,911 630,000
IAAI Finance Corporation 11.000 04/01/13 800,000 799,437 821,572
Intelsat Bermuda Ltd. 8.695 01/15/12 450,000 450,000 457,875
Intelsat Bermuda Ltd. 8.250 01/15/13 500,000 500,000 503,125
Interactive Health LLC 7.250 04/01/11 900,000 751,230 774,000
Lazard LLC 7.125 05/15/15 750,000 749,407 744,717
Mac-Gray Corporation 7.625 08/15/15 600,000 600,000 612,000
Markwest Energy 6.875 11/01/14 475,000 475,000 470,250
Metaldyne Corporation 11.000 11/01/13 510,000 513,841 443,700
Neiman Marcus Group, Inc. 10.375 10/15/15 1,250,000 1,250,000 1,243,750
P Q Corporation 7.500 02/15/13 1,100,000 1,088,750 1,067,000
Pacific Energy Partners 6.250 09/15/15 150,000 149,316 150,375
Pogo Producing Company 6.875 10/01/17 500,000 500,000 506,875
Service Corporation International 7.000 06/15/17 1,000,000 990,030 1,010,000
Siebe PLC 6.500 01/15/10 650,000 572,000 575,250
Sierra Pacific Resources 6.750 08/15/17 635,000 638,348 636,587
Sungard Data Systems 9.125 08/15/13 175,000 175,000 181,344
Tekni-Plex, Inc. 10.875 08/15/12 250,000 250,000 267,500
Tekni-Plex, Inc. 8.750 11/15/13 650,000 656,238 555,750
Tenaska Alabama Partners LP 7.000 06/30/21 360,000 360,000 364,505
Texas Genco LLC 6.875 12/15/14 705,000 705,000 717,337
Texas Industries, Inc. 7.250 07/15/13 70,000 70,000 72,800
------------ ------------ ------------
TOTAL BONDS $ 17,620,000 17,243,925 16,890,612
============ ------------ ------------
COMMON STOCK - 0.00%
Jordan Telecom Products (B) 70 $ 14,000 --
------------ ------------
TOTAL COMMON STOCK 14,000 --
------------ ------------
CONVERTIBLE BONDS - 1.00%
Cymer, Inc. 3.500% 02/15/09 $ 850,000 $ 850,000 $ 825,563
ICOS Corporation 2.000 07/01/23 750,000 596,250 628,125
QLT Inc. 3.000 09/15/23 600,000 546,257 545,250
Wesco International, Inc, 2.625 10/15/25 375,000 375,000 390,937
------------ ------------ ------------
TOTAL CONVERTIBLE BONDS $ 2,575,000 2,367,507 2,389,875
============ ------------ ------------
WARRANTS - 0.00%
Winsloew Furniture, Inc. (B) 900 $ 9 $ --
------------ ------------
TOTAL WARRANTS 9 --
------------ ------------
TOTAL RULE 144A SECURITIES 19,625,441 19,280,487
------------ ------------
TOTAL CORPORATE RESTRICTED SECURITIES $172,515,058 $171,267,472
------------ ------------
--------------------------------------------------------------------------------
22
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL CORPORATE INVESTORS
September 30, 2005
(Unaudited)
Interest Due Principal
CORPORATE PUBLIC SECURITIES - 31.37%: (A) Rate Date Amount Cost Market Value
---- ---- ------ ---- ------------
BONDS - 27.56%
Abitibi-Consolidated, Inc. 7.750% 06/15/11 $ 1,000,000 $ 1,033,198 $ 985,000
Activant Solutions, Inc. 10.500 06/15/11 585,000 584,723 611,325
Aearo Co. 8.250 04/15/12 450,000 450,000 450,000
Alamosa Delaware, Inc. 11.000 07/31/10 325,000 329,756 366,437
Alamosa Delaware, Inc. 8.500 01/31/12 400,000 400,000 427,000
Alh Fin LLC/ALH Fin Corporation 8.500 01/15/13 725,000 704,500 685,125
Allied Waste NA 7.875 04/15/13 1,000,000 1,025,468 1,020,000
American Media Operation, Inc. 8.875 01/15/11 900,000 901,514 796,500
Appleton Papers, Inc. 8.125 06/15/11 300,000 300,000 294,000
Argo Tech Corporation 9.250 06/01/11 850,000 850,000 901,000
Bally Total Fitness Holding Corporation 9.875 10/15/07 135,000 128,925 121,837
BCP Crystal US Holdings Corporation 9.625 06/15/14 485,000 485,000 539,562
C C O Holdings LLC/Cap Corporation 7.995 12/15/10 500,000 499,617 493,750
C S C Holdings, Inc. 7.625 04/01/11 500,000 501,965 491,250
Cablevision Systems Corporation 7.890 04/01/09 1,000,000 1,000,000 1,025,000
Cadmus Communications Corporation 8.375 06/15/14 750,000 750,000 774,375
Cenveo Corporation 7.875 12/01/13 1,100,000 1,100,000 1,061,500
Charter Comm Holdings LLC 10.000 04/01/09 1,000,000 815,000 862,500
Chemed Corporation 8.750 02/24/11 1,125,000 1,125,000 1,215,000
Chesapeake Energy Corporation 7.000 08/15/14 1,075,000 1,115,393 1,128,750
Cincinnati Bell, Inc. 8.375 01/15/14 1,100,000 1,007,500 1,083,500
Del Monte Corporation 8.625 12/15/12 225,000 225,000 241,875
Dollar Financial Group 9.750 11/15/11 600,000 600,000 624,000
Dominos, Inc. 8.250 07/01/11 292,000 289,892 306,600
Dynegy Holdings, Inc. 6.875 04/01/11 500,000 422,500 488,750
El Paso Corporation 7.875 06/15/12 1,050,000 1,063,427 1,086,750
Esterline Technologies 7.750 06/15/13 200,000 200,000 211,000
Flextronics Intl Ltd. 6.500 05/15/13 400,000 400,000 408,000
Ford Motor Credit Co. 7.375 10/28/09 1,250,000 1,246,875 1,207,434
G F S I, Inc. 9.625 03/01/07 750,000 680,604 682,500
Gencorp, Inc. 9.500 08/15/13 259,000 259,000 283,929
General Motors Accept Corporation 7.750 01/19/10 1,250,000 1,308,730 1,211,633
Goodyear Tire & Rubber Co. 7.857 08/15/11 1,400,000 1,342,750 1,354,500
Great Lakes Dredge & Dock Corporation 7.750 12/15/13 750,000 679,250 688,125
GulfMark Offshore, Inc. 7.750 07/15/14 565,000 562,599 600,312
Houghton Mifflin Co. 9.875 02/01/13 1,000,000 1,051,833 1,060,000
Huntsman LLC 11.625 10/15/10 324,000 320,161 370,170
Interpool, Inc. 7.350 08/01/07 750,000 761,729 766,875
Iron Mountain, Inc. 6.625 01/01/16 1,000,000 951,250 940,000
Koppers, Inc. 9.875 10/15/13 700,000 700,000 773,500
Land O'Lakes, Inc. 9.000 12/15/10 750,000 750,000 826,875
Leucadia National Corporation 7.000 08/15/13 650,000 662,617 653,250
Liberty Media Corporation 5.700 05/15/13 1,000,000 951,610 910,017
Lodgenet Entertainment Corporation 9.500 06/15/13 425,000 425,000 465,375
Lyondell Chemical Co. 9.500 12/15/08 900,000 914,353 942,750
M C I, Inc. 8.735 05/01/14 500,000 452,500 557,500
M G M Mirage, Inc. 6.000 10/01/09 375,000 379,625 370,313
M S X International, Inc. 11.000 10/15/07 350,000 347,004 348,250
Magnachip Semiconductor 8.000 12/15/14 100,000 100,000 92,000
Majestic Star Casino LLC 9.500 10/15/10 500,000 500,000 495,000
Manitowoc Company, Inc. 7.125 11/01/13 200,000 200,000 207,000
--------------------------------------------------------------------------------
23
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL CORPORATE INVESTORS
September 30, 2005
(Unaudited)
Interest Due Principal
CORPORATE PUBLIC SECURITIES (A) (Continued) Rate Date Amount Cost Market Value
---- ---- ------ ---- ------------
Mediacom LLC 9.500% 01/15/13 $ 1,000,000 $ 1,003,217 $ 992,500
Merrill Corporation 12.000 05/01/09 1,500,000 1,577,346 1,582,500
Metaldyne Corporation 11.000 06/15/12 750,000 601,250 510,000
Moog, Inc. 6.250 01/15/15 120,000 120,000 120,600
Mrs. Fields Brands 11.500 03/15/11 750,000 713,710 705,000
N R G Energy, Inc. 8.000 12/15/13 453,000 453,000 482,445
Nalco Co. 7.750 11/15/11 500,000 500,000 511,250
National Wine & Spirits, Inc. 10.125 01/15/09 745,000 733,716 752,450
North American Energy Partners 8.750 12/01/11 400,000 400,000 380,000
Numatics, Inc. 9.625 04/01/08 550,000 538,986 558,823
O E D Corp/Diamond Jo Company Guarantee 8.750 04/15/12 1,000,000 985,960 981,250
O M Group, Inc. 9.250 12/15/11 750,000 774,940 763,125
Offshore Logistics, Inc. 6.125 06/15/13 450,000 450,000 443,250
Pacific Energy Partners 7.125 06/15/14 500,000 504,175 518,750
Pinnacle Foods Group 8.250 12/01/13 450,000 450,000 425,250
Pliant Corporation 11.625 06/15/09 744,611 760,220 789,287
Pliant Corporation 13.000 06/01/10 1,000,000 936,875 475,000
Primedia, Inc. 8.000 05/15/13 1,000,000 1,025,981 1,007,500
Quintiles Transnational Corporation 10.000 10/01/13 500,000 500,000 562,500
Rayovac Corporation 8.500 10/01/13 200,000 200,000 193,000
Rent-A-Center, Inc. 7.500 05/01/10 400,000 400,000 380,500
Rent-Way, Inc. 11.875 06/15/10 800,000 840,965 880,000
Rhodia SA 10.250 06/01/10 800,000 826,056 846,000
Rhodia SA 8.875 06/01/11 500,000 499,668 472,500
Rogers Wireless, Inc. 7.250 12/15/12 165,000 165,000 174,488
Rogers Wireless, Inc. 7.500 03/15/15 870,000 934,339 937,425
Rogers Wireless, Inc. 8.000 12/15/12 165,000 165,000 174,281
Samsonite Corporation 8.875 06/01/11 1,000,000 1,044,877 1,062,500
Sbarro, Inc. 11.000 09/15/09 750,000 762,989 746,250
Sea Containers Ltd. 10.500 05/15/12 460,000 449,380 466,900
Service Corporation International 6.000 12/15/05 41,000 41,040 41,000
Sheridan Acquisition Corporation 10.250 08/15/11 375,000 370,001 390,000
Ship Finance Intl Ltd. 8.500 12/15/13 750,000 750,000 730,312
Sports Club Co. 11.375 03/15/06 150,000 145,500 148,500
Stanadyne Corporation 10.000 08/15/14 1,500,000 1,500,000 1,485,000
Tekni-Plex, Inc. 12.750 06/15/10 1,000,000 960,125 555,000
Telex Communications, Inc. 11.500 10/15/08 500,000 500,000 533,750
Telex Communications, Inc. 0.000 01/15/09 471,915 206,820 292,587
Tenet Healthcare Corporation 6.375 12/01/11 500,000 482,500 466,250
Tenet Healthcare Corporation 9.875 07/01/14 500,000 488,370 522,500
Thermadyne Holdings Corporation 9.250 02/01/14 1,000,000 986,250 915,000
Triton P C S, Inc. 8.500 06/01/13 550,000 550,000 523,875
Unisys Corporation 8.000 10/15/12 305,000 305,000 299,663
United Components, Inc. 9.375 06/15/13 500,000 501,875 497,500
United Rentals, Inc. 7.750 11/15/13 625,000 625,000 603,125
United Rentals, Inc. 7.000 02/15/14 500,000 500,000 463,750
Universal City Florida 8.443 05/01/10 200,000 200,000 207,500
Universal City Florida 8.375 05/01/10 200,000 200,000 207,500
Utilicorp United, Inc. 9.950 02/01/11 1,000,000 1,096,511 1,122,500
Vicorp Restaurants, Inc. 10.500 04/15/11 600,000 592,746 585,000
Vought Aircraft Industries 8.000 07/15/11 1,000,000 1,000,566 950,000
--------------------------------------------------------------------------------
24
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL CORPORATE INVESTORS
September 30, 2005
(Unaudited)
Shares or
Interest Due Principal
CORPORATE PUBLIC SECURITIES (A) (Continued) Rate Date Amount Cost Market Value
---- ---- ------ ---- ------------
Warner Music Group 7.375 % 04/15/14 $ 275,000 $ 275,000 $ 275,688
Wornick Co. 10.875 07/15/11 750,000 750,000 770,625
------------ ------------ ------------
TOTAL BONDS $ 66,885,526 66,200,822 65,989,643
============ ------------ ------------
COMMON STOCK - 3.13%
Chemed Corporation 1,200 $ 30,000 $ 52,000
H C I Direct, Inc. (B) 1,000 -- --
P W Eagle, Inc. (B) 196,518 1 1,513,189
PepsiAmericas, Inc. 92,145 2,006,365 2,094,456
Rent-Way, Inc. (B) 92,866 916,263 637,989
Supreme Industries, Inc. 115,722 267,325 1,086,630
Telex Communications, Inc. (B) 489 7 1,467
Telex Communications, Inc. (B) 17,707 1 53,122
Transmontaigne, Inc. (B) 258,720 798,595 2,067,173
------------ ------------
TOTAL COMMON STOCK 4,018,557 7,506,034
------------ ------------
CONVERTIBLE BONDS - 0.68%
Citadel Broadcasting Corporation 1.875% 02/15/11 $ 700,000 $ 543,375 $ 545,125
Leucadia National Corporation 3.750 04/15/14 1,000,000 1,000,000 1,086,250
------------ ------------ ------------
TOTAL CONVERTIBLE BONDS $ 1,700,000 1,543,375 1,631,375
============ ------------ ------------
TOTAL CORPORATE PUBLIC SECURITIES $ 71,762,754 $ 75,127,052
------------ ------------
Interest Due Principal
SHORT-TERM SECURITIES: Rate/Yield Date Amount Cost Market Value
---- ---- ------ ---- ------------
COMMERCIAL PAPER - 0.45%
Engelhard Corporation 3.830% 10/03/05 $ 1,076,000 $ 1,075,767 $ 1,075,767
------------ ------------ ------------
TOTAL SHORT-TERM SECURITIES $ 1,076,000 $ 1,075,767 $ 1,075,767
============ ------------ ------------
TOTAL INVESTMENTS 103.33% $245,353,579 $247,470,291
============ ------------
Other Assets 6.05 14,503,907
Liabilities (9.38) (22,475,556)
------ ------------
TOTAL NET ASSETS 100.00% $239,498,642
====== ============
(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.
--------------------------------------------------------------------------------
25
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL CORPORATE INVESTORS
September 30, 2005
(Unaudited)
Fair Value/ Fair Value/
INDUSTRY CLASSIFICATION: Market Value INDUSTRY CLASSIFICATION: (Cont.) Market Value
-------------- --------------
AEROSPACE - 2.26% BUILDINGS & REAL ESTATE - 4.05%
Argo Tech Corporation $ 901,000 A W C Holding Company $ 2,458,559
Bombardier Capital, Inc. 885,000 Adorn, Inc. 2,550,377
Consolidated Foundries Holdings 2,469,999 Shelter Acquisition, Inc. 3,548,250
Esterline Technologies 211,000 Texas Industries, Inc. 72,800
Vought Aircraft Industries 950,000 TruStile Doors, Inc. 1,079,177
-------------- --------------
5,416,999 9,709,163
-------------- --------------
AUTOMOBILE - 8.65% CARGO TRANSPORT - 2.76%
America's Body Company, Inc./LCP Holding Co. 3,500,002 Kenan-Advantage Transport Company 2,969,435
Gencorp, Inc. 283,929 Ship Finance International Ltd. 730,312
Goodyear Tire & Rubber Co. 1,354,500 Tidewater Holdings, Inc. 2,907,576
Jason, Inc. 1,986,078 --------------
LIH Investors, L.P. 4,892,228 6,607,323
Metaldyne Corporation 953,700 --------------
Nyloncraft, Inc. 2,653,404 CHEMICAL, PLASTICS & RUBBER - 3.33%
Qualis Automotive LLC 2,137,027 Capital Specialty Plastics, Inc. 2,156
Transtar Holding Company 2,450,997 Huntsman LLC 370,170
United Components, Inc. 497,500 Koppers, Inc. 773,500
-------------- Lyondell Chemical Co. 942,750
20,709,365 O M Group, Inc. 763,125
-------------- P Q Corporation 1,067,000
BEVERAGE, DRUG & FOOD - 6.25% Process Chemicals LLC 288,000
Beta Brands Ltd. - Rhodia SA 1,318,500
Cains Foods, L.P. 541,204 Tomah Holdings, Inc. 2,454,563
Del Monte Corporation 241,875 --------------
Dominos, Inc. 306,600 7,979,764
Eagle Pack Pet Foods, Inc. 1,154,547 --------------
Land O' Lakes, Inc. 826,875 CONSUMER PRODUCTS - 6.69%
National Wine & Spirits, Inc. 752,450 Alh Fin LLC / ALH Fin Corporation 685,125
Nonni's Food Company, Inc. 2,261,560 Appleton Papers, Inc. 294,000
PepsiAmericas, Inc. 2,094,456 Augusta Sportswear Holding Co. 2,125,040
Pinnacle Foods Holdings 425,250 Euro-Pro Corporation 1,912,939
River Ranch Fresh Foods LLC 2,038,839 G F S I, Inc. 682,500
Sbarro, Inc. 746,250 H C I Direct, Inc. --
Specialty Foods Group, Inc. 122,980 Maverick Acquisition Company 1,126,473
Vicorp Restaurants, Inc. 585,000 Rayovac Corporation 193,000
Vitality Foodservice, Inc. 2,108,859 Royal Baths Manufacturing Company 1,044,762
Wornick Co. 770,625 Savage Sports Holdings, Inc. 2,055,550
-------------- The Tranzonic Companies 3,797,492
14,977,370 Walls Industries, Inc. 2,113,602
-------------- Winsloew Furniture, Inc. --
BROADCASTING & --------------
ENTERTAINMENT - 2.96% 16,030,483
C C O Holdings LLC/Cap Corp 493,750 --------------
C S C Holdings, Inc. 491,250 CONTAINERS, PACKAGING
Cablevision Systems Corporation 1,025,000 & GLASS - 4.78%
Cenveo Corporation 1,061,500 A E P Industries, Inc.
Charter Communications Holdings LLC 251,875 Paradigm Packaging, Inc. 2,451,711
Charter Communications Op LLC 862,500 Pliant Corporation 1,264,287
Citadel Broadcasting Corporation 545,125 Sea Containers Ltd. 466,900
Liberty Media Corporation 910,017 Snyder Industries, Inc. 3,679,040
Lodgenet Entertainment Corporation 465,375 Tekni-Plex, Inc. 1,378,250
Mediacom LLC 992,500 Vitex Packaging, Inc. 2,210,024
-------------- --------------
7,098,892 11,450,212
-------------- --------------
--------------------------------------------------------------------------------
26
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL CORPORATE INVESTORS
September 30, 2005
(Unaudited)
Fair Value/ Fair Value/
INDUSTRY CLASSIFICATION: Market Value INDUSTRY CLASSIFICATION: (Cont.) Market Value
-------------- --------------
DISTRIBUTION - 2.89% FARMING & AGRICULTURE - 0.00%
Affinia Group, Inc. $ 358,800 Protein Genetics, Inc. $ --
Corvest Group, Inc. 3,184,944 --------------
Kele and Associates, Inc. 2,232,597 FINANCIAL SERVICES - 3.16%
QualServ Corporation 1,136,138 BCP Crystal US Holding Corporation 539,562
Strategic Equipment & Dollar Financial Group 624,000
Supply Corporation, Inc. -- East River Ventures I, L.P. 21,706
-------------- Ford Motor Credit Co. 1,207,434
6,912,479 General Motors Acceptance Corporation 1,211,633
-------------- Highgate Capital LLC 2,947
DIVERSIFIED/CONGLOMERATE, Interpool, Inc. 766,875
MANUFACTURING - 5.80% Lazard LLC 744,717
Activant Solutions Inc. 1,452,825 Leucadia National Corporation 1,739,500
AmerCable, Inc. 2,085,412 Mrs. Fields Brands 705,000
Arrow Tru-Line Holdings, Inc. 2,055,012 Victory Ventures LLC 2
Coining of America LLC 1,890,331 --------------
Dexter Magnetics Technologies, Inc. 1,047,037 7,563,376
Douglas Dynamics LLC 630,000 --------------
Evans Consoles, Inc. -- HEALTHCARE, EDUCATION
Great Lakes Dredge & Dock Corporation 688,125 & CHILDCARE - 3.53%
Justrite Manufacturing Acquisition Co. 1,573,200 A T I Acquisition Company 1,977,769
Rugby Manufacturing Company 2,458,584 American Hospice Management Holding LLC 2,707,648
-------------- ICOS Corporation 628,125
13,880,526 Interactive Health LLC 774,000
-------------- MedAssist, Inc. 262,701
DIVERSIFIED/CONGLOMERATE, QLT, Inc. 545,250
SERVICE - 6.20% Quintiles Transnational Corporation 562,500
Abitibi-Consolidated, Inc. 985,000 Tenet Healthcare Corporation 988,750
Allied Waste NA 1,020,000 --------------
CapeSuccess LLC 5,862 8,446,743
Chemed Corporation 1,267,008 --------------
Diversco, Inc./DHI Holdings, Inc. 2,088,103 HOME & OFFICE FURNISHINGS,
Dwyer Group, Inc. 2,665,799 HOUSEWARES, AND DURABLE
Iron Mountain, Inc. 940,000 CONSUMER PRODUCTS - 3.51%
Keystone North America, Inc. 311,045 Connor Sport Court International, Inc. 2,124,005
Mac-Gray Corporation 612,000 Home Decor Holding Company 2,142,358
Moss, Inc. 1,578,699 Hussey Seating Corporation 968,741
M S X International, Inc. 348,250 Samsonite Corporation 1,062,500
Service Corporation International 1,051,000 U-Line Corporation 2,110,174
U S M Holdings Corporation 1,180,656 --------------
Universal City Florida 415,000 8,407,778
Wesco International, Inc. 390,937 --------------
-------------- LEISURE, AMUSEMENT,
14,859,359 ENTERTAINMENT - 1.58%
-------------- Bally Total Fitness Holding Corporation 121,837
ELECTRONICS - 3.72% Keepsake Quilting, Inc. 1,543,685
A E S Corporation 219,500 M G M Mirage, Inc. 370,313
Calpine Corporation 353,750 Majestic Star Casino LLC 495,000
Directed Electronics, Inc. 4,943,147 O E D Corp/Diamond Jo Company Guarantee 981,250
Flextronics International Ltd. 408,000 Warner Music Group 275,688
N R G Energy, Inc. 482,445 --------------
Precision Dynamics, Inc. 1,214,577 3,787,773
Siebe PLC 575,250 --------------
Texas Genco LLC 717,337
--------------
8,914,006
--------------
--------------------------------------------------------------------------------
27
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL CORPORATE INVESTORS
September 30, 2005
(Unaudited)
Fair Value/ Fair Value/
INDUSTRY CLASSIFICATION: Market Value INDUSTRY CLASSIFICATION: (Cont.) Market Value
-------------- --------------
MACHINERY - 8.21% PUBLISHING/PRINTING - 2.34%
Aearo Co. $ 450,000 American Media Operation, Inc. $ 796,500
C & M Conveyor, Inc. 2,294,756 Cadmus Communications Corporation 774,375
Integration Technology Systems, Inc. 1,248,333 Houghton Mifflin Co. 1,060,000
Manitowoc Company, Inc. 207,000 Merrill Corporation 1,582,500
Maxon Corporation 2,563,828 Primedia, Inc. 1,007,500
Numatics, Inc. 558,823 Sheridan Acquisition Corporation 390,000
P W Eagle, Inc. 1,513,189 --------------
Safety Speed Cut Manufacturing Company, Inc. 2,557,432 5,610,875
Stanadyne Corporation 1,485,000 --------------
Synventive Equity LLC 26,767 RETAIL STORES - 4.67%
Thermadyne Holdings Corporation 915,000 Blockbuster, Inc. 391,875
Tronair, Inc. 2,694,679 IAAI Finance Corporation 821,572
Tubular Textile Machinery 2,189,071 Neff Corporation 1,180,113
Weasler Holdings LLC 953,487 Neiman Marcus Group, Inc. 1,243,750
-------------- Olympic Sales, Inc. 4,043,557
19,657,365 Rent-A-Center, Inc. 380,500
-------------- Rent-Way, Inc. 1,517,989
MEDICAL DEVICES/BIOTECH - 2.36% Sports Club Co. 148,500
Bausch & Lomb, Inc. TVI, Inc. 382,500
Beacon Medical Products, Inc. 1,947,622 United Rentals, Inc. 1,066,875
Coeur, Inc. 1,129,600 --------------
E X C Acquisition Corporation 107,985 11,177,231
MicroGroup, Inc. 2,463,340 --------------
-------------- TECHNOLOGY - 0.77%
5,648,547 Cymer, Inc. 825,563
-------------- Delstar Holding Corporation 441,596
MINING, STEEL, IRON & Magnachip Semiconductor 92,000
NON PRECIOUS METALS - 0.05% Sungard Data Systems 181,344
Better Minerals & Aggregates 108,991 Unisys Corporation 299,663
-------------- --------------
OIL AND GAS - 4.97% 1,840,166
C & J Spec-Rent Services, Inc. 3,048,690 --------------
Chesapeake Energy Corporation 1,128,750 TELECOMMUNICATIONS - 3.68%
Clayton Williams Energy, Inc. 782,000 Alamosa Delaware, Inc. 793,437
Dynegy Holdings, Inc. 488,750 Cincinnati Bell, Inc. 1,083,500
GulfMark Offshore, Inc. 600,312 Intelsat Bermuda, Ltd. 961,000
Mustang Ventures Company 694,833 ITC^DeltaCom, Inc. 2,735,321
North American Energy Partners 380,000 Jordan Telecom Products --
Offshore Logistics, Inc. 443,250 MCI, Inc. 557,500
Pacific Energy Partners 669,125 Rogers Wireless, Inc. 1,286,194
Pogo Producing Co. 506,875 Telex Communications, Inc. 880,926
Supreme Industries, Inc. 1,086,630 Triton P C S, Inc. 523,875
Transmontaigne, Inc. 2,067,173 --------------
-------------- 8,821,753
11,896,388 --------------
-------------- UTILITIES - 1.80%
PHARMACEUTICALS - 1.06% El Paso Corporation 1,086,750
CorePharma LLC 2,523,136 Markwest Energy 470,250
Enzymatic Therapy, Inc. 5,604 Moog, Inc. 120,600
-------------- Nalco Co. 511,250
2,528,740 Sierra Pacific Resources 636,587
-------------- Tenaska Alabama Partners LP 364,505
Utilicorp United, Inc. 1,122,500
--------------
4,312,442
--------------
WASTE MANAGEMENT /
POLLUTION - 0.85%
Terra Renewal Services, Inc. 2,040,415
--------------
Corporate Restricted and
Public Securities - 102.88% $ 246,394,524
==============
INCOME TAX INFORMATION:
The aggregate cost of investments was substantially the same for financial
reporting and federal income tax purposes as of September 30, 2005.
The net unrealized appreciation of investments for federal tax purposes as
of September 30, 2005 is $2,116,712 and consists of $24,980,374
appreciation and $22,863,662 depreciation.
--------------------------------------------------------------------------------
28
ITEM 2. CONTROLS AND PROCEDURES.
(a) The principal executive officer and principal financial officer of
the Registrant evaluated the effectiveness of the Registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment
Company Act of 1940 (the "Act")) as of a date within 90 days of the filing date
of this report and based on that evaluation have concluded that such disclosure
controls and procedures are effective to provide reasonable assurance that
material information required to be disclosed by the Registrant on Form N-Q is
recorded, processed, summarized and reported within the time periods specified
in the Securities and Exchange Commission's rules and forms.
(b) There were no changes in the Registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred
during the Registrant's last fiscal quarter that have materially affected, or
are reasonably likely to materially affect, the Registrant's internal control
over financial reporting.
ITEM 3. EXHIBITS.
Certifications pursuant to Rule 30a-2(a) under the Investment Company
Act of 1940 (17 CFR 270.30a-2(a)) are attached hereto as an exhibit.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the Registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) MassMutual Corporate Investors
------------------------------
By (Signature and Title)* /s/ Clifford M. Noreen
---------------------------------------------
Clifford M. Noreen, President
Date November 28, 2005
------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the Registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Clifford M. Noreen
---------------------------------------------
Clifford M. Noreen, President
Date November 28, 2005
------------------------------------------------------------------
By (Signature and Title)* /s/ James M. Roy
---------------------------------------------
James M. Roy, Vice President and
Chief Financial Officer
Date November 28, 2005
------------------------------------------------------------------
* PRINT THE NAME AND TITLE OF EACH SIGNING OFFICER UNDER HIS OR HER SIGNATURE.