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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-Q
Quarterly Schedule of Portfolio Holdings of
Registered Management Investment Company
Investment Company Act file number 811-02183
MassMutual Corporate Investors
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(Exact name of registrant as specified in charter)
1500 Main Street, Suite 600, Springfield, MA 01115
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(Address of principal executive offices) (Zip code)
Rodney J. Dillman, Vice President and Secretary,
1500 Main Street, Suite 2800, Springfield, MA 01115
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(Name and address of agent for service)
Registrant's telephone number, including area code: 413-226-1000
___________________
Date of fiscal year end: 12/31
___________________
Date of reporting period: 09/30/06
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ITEM 1. SCHEDULE OF INVESTMENTS.
CONSOLIDATED SCHEDULE OF INVESTMENTS MASSMUTUAL CORPORATE INVESTORS
September 30, 2006
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES - 70.17%:(A) Principal Amount Date Cost Fair Value
-------------- -------- ------------ ------------
PRIVATE PLACEMENT INVESTMENTS - 65.12%
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 $ 1,955,672
Warrant, exercisable until 2012, to purchase
common stock at $.02 per share (B) 2,323 shs. 04/08/04 -- 23
Warrant, exercisable until 2012, to purchase
preferred stock at $.01 per share (B) 63,287 shs. 03/23/06 63,958 633
------------ ------------
2,188,958 1,956,328
------------ ------------
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 1,999,829 2,125,000
Warrant, exercisable until 2010, to purchase
common stock at $.02 per share (B) 364 shs. 02/29/00 307,759 578,840
------------ ------------
2,307,588 2,703,840
------------ ------------
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 $ 1,101,852 04/08/05 1,043,460 1,123,889
Limited Partnership Interest (B) 0.36% int. 04/07/05 78,704 152,836
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 125 shs. 04/08/05 122,463 242,478
------------ ------------
1,244,627 1,519,203
------------ ------------
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 1,937,258 2,162,832
Preferred Class A Unit (B) 3,223 uts. * 322,300 290,070
Common Class B Unit 30,420 uts. 01/22/04 1 291,840
Common Class D Unit (B) 6,980 uts. 09/12/06 1 70
------------ ------------
2,259,560 2,744,812
------------ ------------
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 1,530,045 1,660,213
Common Stock (B) 497 shs. 05/18/05 497,340 571,342
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 130 shs. 05/18/05 112,128 149,780
------------ ------------
2,139,513 2,381,335
------------ ------------
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 1,583,837 1,742,261
Common Stock (B) 520 shs. ** 519,622 934,866
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 137 shs. 12/31/04 119,482 247,358
------------ ------------
2,222,941 2,924,485
------------ ------------
*01/22/04 and 09/12/06.
**12/31/04, 03/31/05 and 05/02/06.
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7
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL CORPORATE INVESTORS
September 30, 2006
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES(A)(Continued) Principal Amount Date Cost Fair Value
-------------- -------- ------------ ------------
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 --
------------ ------------
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 2,145,499 2,272,716
Preferred Stock Class A (B) 879 shs. 06/30/06 268,121 254,713
Common Stock (B) 1 shs. 06/30/06 286 272
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 309 shs. 06/30/06 92,102 3
------------ ------------
2,506,008 2,527,704
------------ ------------
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 1,551,492
14% Senior Subordinated Note due 2013 $ 1,148,710 08/12/05 1,051,171 1,148,710
Common Stock (B) 470,150 shs. 08/12/05 470,150 1,514,118
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 86,716 shs. 08/12/05 106,592 279,270
------------ ------------
3,179,405 4,493,590
------------ ------------
CAINS FOODS, L.P.
A producer of mayonnaise and sauce products for both the
retail and food service markets.
Limited Partnership Interest (B) 3.69 % int. 09/29/95 45,046 143,302
------------ ------------
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 55,408
------------ ------------
COEUR, INC.
A producer of proprietary, disposable power
injection syringes.
8.75% Senior Secured Term Note due 2010 $ 462,862 04/30/03 462,862 468,979
11.5% Senior Subordinated Note due 2011 $ 424,819 04/30/03 396,367 435,208
Common Stock (B) 126,812 shs. 04/30/03 126,812 212,283
Warrant, exercisable until 2010, to purchase
common stock at $.01 per share (B) 87,672 shs. 04/30/03 40,804 146,763
------------ ------------
1,026,845 1,263,233
------------ ------------
*12/30/97 and 05/29/99.
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8
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL CORPORATE INVESTORS
September 30, 2006
(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.
10.74% Senior Secured Revolving Credit
Facility due 2007 (C) $ 108,025 01/07/02 $ 108,025 $ 107,083
10.74% Senior Secured Tranche A Note due 2007 (C) $ 759,887 06/26/01 759,887 749,759
13% Senior Secured Tranche B Note due 2008 $ 648,148 06/26/01 648,148 649,138
Limited Partnership Interest (B) 6.38% int. 06/26/01 324,074 560,000
Warrant, exercisable until 2008, to purchase
common stock at $.01 per share (B) 107,036 shs. 06/26/01 79,398 184,958
------------ ------------
1,919,532 2,250,938
------------ ------------
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 (D) $ 2,001,121 * 1,840,888 1,801,009
Limited Partnership Interest (B) 7.74% int. ** 189,586 1,896
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 174 shs. * 160,233 2
------------ ------------
2,190,707 1,802,907
------------ ------------
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 2,095,307 2,201,606
Common Stock (B) 509 shs. *** 526,096 457,839
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 103 shs. 06/15/05 100,668 1
------------ ------------
2,722,071 2,659,446
------------ ------------
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 2,423,881 2,532,288
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 20 shs. 08/04/05 137,166 --
------------ ------------
2,561,047 2,532,288
------------ ------------
CORVEST GROUP, INC.
A manufacturer and distributor of promotional products.
12% Senior Subordinated Note due 2009 (D) $ 3,863,636 **** 3,731,533 --
Common Stock (B) 56 shs. **** 96,591 --
Limited Partnership Interest (B) 19.32% int. **** 283,359 --
Warrant, exercisable until 2007, to purchase
common stock at $.01 per share (B) 324 shs. **** 297,203 --
------------ ------------
4,408,686 --
------------ ------------
*08/12/04 and 01/18/05.
**08/12/04 and 01/14/05.
***06/15/05 and 05/22/06.
****03/05/99 and 03/24/99.
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9
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL CORPORATE INVESTORS
September 30, 2006
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES(A)(Continued) Principal Amount Date Cost Fair Value
-------------- -------- ------------ ------------
DEXTER MAGNETICS TECHNOLOGIES, INC.
A designer, fabricator, assembler and distributor of
industrial magnets and subassemblies in North America
and Europe.
Common Stock 585 shs. 07/19/01 $ 585,145 $ 805,529
Warrant, exercisable until 2006, to purchase
common stock at $.01 per share 297 shs. 07/19/01 250,611 408,278
------------ ------------
835,756 1,213,807
------------ ------------
DIRECTED ELECTRONICS, INC.
A designer and distributor of brand name
automotive security systems, audio products and
installation accessories.
Common Stock (B) 239,547 shs. 12/19/05 76,530 3,255,441
Limited Partnership Interest (B) 8.70% int. * 49,531 653,116
------------ ------------
126,061 3,908,557
------------ ------------
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. 08/27/98 734,090 --
Preferred Stock (B) 3,278 shs. 12/14/01 2,784,133 2,505,724
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 2,505,724
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DWYER GROUP, INC.
A franchiser of a variety of home repair services.
14% Senior Subordinated Note due 2011 $ 1,859,375 10/30/03 1,715,335 1,896,563
Common Stock (B) 6,906 shs. *** 690,600 718,224
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 2,034 shs. 10/30/03 186,469 211,493
------------ ------------
2,592,404 2,826,280
------------ ------------
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 77,208 129,824
------------ ------------
EAGLE PACK PET FOODS, INC.
A manufacturer of premium pet food sold through
independent pet stores.
12% Senior Subordinated Note due 2011 $ 1,517,857 **** 1,477,830 1,533,036
Warrant, exercisable until 2011, to purchase
common stock at $.02 per share (B) 4,085 shs. 09/24/04 39,464 64,303
------------ ------------
1,517,294 1,597,339
------------ ------------
*12/22/99 and 09/14/05.
**10/24/96 and 08/28/98.
***10/30/03 and 01/02/04.
****09/24/04 and 04/20/06.
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10
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL CORPORATE INVESTORS
September 30, 2006
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES(A)(Continued) Principal Amount Date Cost Fair Value
-------------- -------- ------------ ------------
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 $ 26,421 $ 8,104
------------ ------------
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 63,750
Warrant, exercisable until 2009, to purchase
common stock at $.01 per share (B) 29,117 shs. 03/30/00 255,000 42,500
------------ ------------
786,250 106,250
------------ ------------
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 2,089,359 212,500
16.03% Overdue Interest Secured Note due 2008 (C) $ 143,465 01/13/06 129,118 129,118
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 43,878 shs. 09/09/03 35,641 --
------------ ------------
2,254,118 341,618
------------ ------------
EVANS CONSOLES, INC.
A designer and manufacturer of consoles and control
center systems.
Common Stock (B) 90,000 shs. 05/06/04 6 --
------------ ------------
6 --
------------ ------------
F H S HOLDING LLC
A national provider of customized disease management
services to large, self-insured employers.
12% Senior Subordinated Note due 2014 $ 2,390,625 06/01/06 2,223,415 2,424,813
Preferred Unit (B) 158 uts. 06/01/06 157,780 142,002
Common Unit (B) 1,594 uts. 06/01/06 1,594 1,434
Common Unit Class B (B) 1,386 uts. 06/01/06 122,361 110,125
------------ ------------
2,505,150 2,678,374
------------ ------------
FLUTES, INC.
An independent manufacturer of micro fluted
corrugated sheet material for the food and consumer
products packaging industries.
10% Senior Secured Term Note due 2013 $ 918,385 04/13/06 904,609 912,774
14% Senior Subordinated Note due 2014 $ 549,550 04/13/06 491,626 547,047
Common Stock (B) 109,436 shs. 04/13/06 109,436 98,492
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 30,940 shs. 04/13/06 48,433 309
------------ ------------
1,554,104 1,558,622
------------ ------------
FOWLER HOLDING, INC.
A provider of site development services to residential
homebuilders and developers in the Raleigh/Durham
region of North Carolina.
12% Senior Subordinated Note due 2013 $ 2,365,217 02/03/06 2,132,988 2,381,778
Common Stock (B) 185 shs. 02/03/06 184,783 166,302
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 254 shs. 02/03/06 208,435 3
------------ ------------
2,526,206 2,548,083
------------ ------------
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11
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL CORPORATE INVESTORS
September 30, 2006
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES(A)(Continued) Principal Amount Date Cost Fair Value
-------------- -------- ------------ ------------
FUEL SYSTEMS HOLDING CORPORATION
An independent North American supplier of fuel tanks for
a wide variety of commercial vehicles.
12% Senior Subordinated Note due 2014 $ 2,337,500 01/31/06 $ 2,177,150 $ 2,345,358
Common Stock (B) 212,500 shs. 01/31/06 212,500 191,250
Warrant, exercisable until 2016, to purchase
common stock at $.01 per share (B) 138,408 shs. 01/31/06 119,213 1,384
------------ ------------
2,508,863 2,537,992
------------ ------------
H M HOLDING COMPANY
A designer, manufacturer, and importer of promotional and
wood furniture.
12% Senior Subordinated Note due 2013 $ 2,210,000 02/10/06 2,053,736 2,188,071
Common Stock (B) 340 shs. 02/10/06 340,000 306,000
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 126 shs. 02/10/06 116,875 1
------------ ------------
2,510,611 2,494,072
------------ ------------
HIGHGATE CAPITAL LLC
An acquirer of controlling or substantial interests in
manufacturing and marketing entities.
Series A Preferred Units (B) 1.19% int. 07/21/94 367,440 2,947
------------ ------------
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 * 1,872,984 2,086,560
Common Stock (B) 63 shs. * 62,742 83,796
Warrant, exercisable until 2012, to purchase
common stock at $.02 per share (B) 200 shs. * 199,501 266,452
------------ ------------
2,135,227 2,436,808
------------ ------------
INTEGRATION TECHNOLOGY SYSTEMS, INC.
A manufacturer of steel protective computer and network
systems for the industrial and office environments.
12% Senior Secured Note due 2007 $ 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.
13.63% Senior Secured Note due 2009 (C) $ 2,227,179 07/26/05 2,182,810 2,231,364
17.13% Senior Secured Note due 2009 (C) $ 358,262 07/26/05 315,220 357,845
Warrant, exercisable until 2009, to purchase
convertible preferred stock at $.01 per share (B) 102,884 shs. 07/26/05 34,295 179,018
------------ ------------
2,532,325 2,768,227
------------ ------------
JASON, INC.
A diversified manufacturing company serving various
industrial markets.
13% Senior Subordinated Note due 2008 $ 963,687 08/04/00 919,665 955,497
14% Cumulative Redeemable Preferred Stock Series A (B) 289 shs. 08/04/00 289,224 282,775
Limited Partnership Interests of
Saw Mill Capital Fund II, L.P. (B) 2.50% int. 08/03/00 886,352 709,205
Warrants, exercisable until 2008 and 2009, to purchase
common stock at $.01 per share (B) 50,870 shs. 08/04/00 115,412 40,694
------------ ------------
2,210,653 1,988,171
------------ ------------
* 06/30/04 and 08/19/04.
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12
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL CORPORATE INVESTORS
September 30, 2006
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES(A)(Continued) Principal Amount Date Cost Fair Value
-------------- -------- ------------ ------------
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 $ 1,509,220 $ 1,595,577
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 1,121 shs. 12/15/04 101,109 45,401
------------ ------------
1,610,329 1,640,978
------------ ------------
K N B HOLDINGS CORPORATION
A designer, manufacturer and marketer of products for the
custom framing market.
13.5% Senior Subordinated Note due 2013 $ 2,419,414 05/25/06 2,301,650 2,410,067
Common Stock (B) 134,210 shs. 05/25/06 134,210 120,789
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 82,357 shs. 05/25/06 71,534 824
------------ ------------
2,507,394 2,531,680
------------ ------------
KEEPSAKE QUILTING, INC.
A seller of quilting fabrics, books, patterns, kits and
notions to consumers.
8.89% Senior Secured Revolving Note due 2007 (C) $ 91,732 06/16/00 91,732 91,883
8.89% Senior Secured Tranche A Note due 2007 (C) $ 206,397 07/19/00 206,397 204,943
12% Senior Secured Tranche B Note due 2008 $ 550,392 06/16/00 536,343 554,233
Limited Partnership Interest of
Riverside XVI Holding Company, L.P. (B) 5.29% int. 06/12/00 333,490 230,928
Warrant, exercisable until 2008, to purchase
common stock at $.01 per share (B) 1,108 shs. 06/12/00 45,866 77,414
------------ ------------
1,213,828 1,159,401
------------ ------------
KELE AND ASSOCIATES, INC.
A distributor of building automation control products.
12% Senior Subordinated Note due 2012 $ 1,831,548 02/27/04 1,691,785 1,886,494
Preferred Stock (B) 23 shs. 11/24/04 449,164 456,950
Common Stock (B) 12 shs. 02/27/04 12,871 222,528
Warrant, exercisable until 2012, to purchase
common stock at $.02 per share (B) 11 shs. 02/27/04 7,793 203,679
------------ ------------
2,161,613 2,769,651
------------ ------------
KEYSTONE NORTH AMERICA, INC.
An operator of funeral homes in North America.
Common Stock 49,216 shs. 02/08/05 236,709 289,071
------------ ------------
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 * 3,593,821 3,747,048
Common Stock (B) 5,800 shs. * 406,003 88,668
Warrant, exercisable until 2006, to purchase
common stock at $.11 per share (B) 15,572 shs. * 602,127 238,059
------------ ------------
4,601,951 4,073,775
------------ ------------
*12/23/98 and 01/28/99.
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13
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL CORPORATE INVESTORS
September 30, 2006
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES(A)(Continued) Principal Amount Date Cost Fair Value
-------------- -------- ------------ ------------
MAGNATECH INTERNATIONAL, INC.
A supplier of process equipment and related parts used
in the manufacturing of medium and high-pressure
reinforced hoses.
12% Senior Subordinated Note due 2014 $ 1,275,000 04/05/06 $ 1,185,981 $ 1,269,440
13% Preferred Stock (B) 565 shs. 04/05/06 565,335 537,064
Common Stock (B) 125 shs. 04/05/06 125,048 118,798
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 13 shs. 04/05/06 12,905 --
------------ ------------
1,889,269 1,925,302
------------ ------------
MAVERICK ACQUISITION COMPANY
A manufacturer of capsules that cover the cork and neck of
wine bottles.
9.98% Senior Secured Tranche A Note due 2010 (C) $ 697,169 09/03/04 697,169 700,745
12% Senior Secured Tranche B Note due 2011 $ 313,433 09/03/04 281,618 317,742
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
------------ ------------
1,077,029 1,071,383
------------ ------------
MAXON CORPORATION
A manufacturer of industrial combustion equipment and
related shut-off valves and control valves.
12% Senior Subordinated Note due 2012 $ 962,215 09/30/04 886,579 990,460
8.75% Senior Subordinated Note due 2012 $ 1,155,562 09/30/04 1,155,562 1,192,316
Common Stock (B) 381,672 shs. 09/30/04 381,672 696,170
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 153,572 shs. 09/30/04 90,897 280,115
------------ ------------
2,514,710 3,159,061
------------ ------------
MEDASSIST, INC.
A provider of patient eligibility and accounts receivable
management services to hospitals and physician practices.
8% Preferred Stock (B) 84 shs. 10/28/04 83,658 84,200
Common Stock (B) 26,185 shs. 10/28/04 35,088 87,259
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 88,948 shs. 05/01/03 40,675 296,412
------------ ------------
159,421 467,871
------------ ------------
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 * 2,523,081 2,732,491
Common Stock (B) 450 shs. * 450,000 405,000
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 164 shs. * 162,974 2
------------ ------------
3,136,055 3,137,493
------------ ------------
MOMENTUM HOLDING CO.
A designer and supplier of upholstery fabric to commercial
furniture manufacturers and architectural and design firms.
12% Senior Subordinated Note due 2014 $ 1,168,847 08/04/06 1,039,360 1,182,372
Limited Partnership Interest (B) 106,153 uts. 08/04/06 106,153 95,538
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 1,107 shs. 08/04/06 107,109 11
------------ ------------
1,252,622 1,277,921
------------ ------------
*08/12/05 and 09/11/06.
----------------------------------------------------------------------------------------------------------------------------------
14
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL CORPORATE INVESTORS
September 30, 2006
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES(A)(Continued) Principal Amount Date Cost Fair Value
-------------- -------- ------------ ------------
MONESSEN HOLDING CORPORATION
A designer and manufacturer of a broad line of gas, wood,
and electric hearth products and accessories.
12% Senior Subordinated Note due 2014 $ 2,550,000 03/31/06 $ 2,365,569 $ 2,538,880
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 152 shs. 03/31/06 138,125 2
------------ ------------
2,503,694 2,538,882
------------ ------------
MORTON INDUSTRIAL GROUP, INC.
A manufacturer of highly engineered metal
fabricated components.
12% Senior Subordinated Note due 2014 $ 2,440,909 08/25/06 2,242,872 2,478,310
Common Stock (B) 109,091 shs. 08/25/06 109,091 98,182
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 173,633 shs. 08/25/06 149,940 1,736
------------ ------------
2,501,903 2,578,228
------------ ------------
MOSS, INC.
A manufacturer and distributor of large display and
exhibit structures.
9.48% Senior Secured Revolving Note due 2010 (C) $ 92,647 07/03/06 92,647 93,481
9.48% Senior Secured Tranche A Note due 2010 (C) $ 962,500 12/21/05 952,875 967,874
12% Senior Secured Tranche B Note due 2010 $ 350,000 12/21/05 309,853 354,370
Limited Partnership Interest of
Riverside Capital Appreciation Fund I, L.P. (B) 33.59% int. * 49 127,993
Warrant, exercisable until 2010, to purchase
common stock at $.01 per share (B) 214 shs. 12/21/05 36,647 22,256
------------ ------------
1,392,071 1,565,974
------------ ------------
NABCO, INC.
A producer of explosive containment vessels in the
United States.
12% Senior Subordinated Note due 2014 $ 625,000 02/24/06 576,841 617,533
Limited Partnership Interest (B) 650 uts. 02/24/06 650,000 617,500
Warrant, exercisable until 2016, to purchase
common stock at $.01 per share (B) 48 shs. 02/24/06 37,188 --
------------ ------------
1,264,029 1,235,033
------------ ------------
NEFF MOTIVATION, INC.
A manufacturer and distributor of customized awards and
sportswear to schools.
12.5% Senior Subordinated Note due 2011 $ 1,062,500 01/31/03 935,422 1,083,750
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 212 shs. 01/31/03 180,625 260,112
------------ ------------
1,116,047 1,343,862
------------ ------------
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 1,855,668
10% Preferred Stock (B) 255 shs. 03/29/04 255,083 253,390
Common Stock (B) 6,455 shs. 03/29/04 6,455 49,545
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 8,622 shs. 03/29/04 7,323 66,106
------------ ------------
2,125,000 2,224,709
------------ ------------
*09/20/00 and 05/23/02.
----------------------------------------------------------------------------------------------------------------------------------
15
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL CORPORATE INVESTORS
September 30, 2006
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES(A)(Continued) Principal Amount Date Cost Fair Value
-------------- -------- ------------ ------------
NYLONCRAFT, INC.
A supplier of engineered plastic components for the
automotive industry.
9% Senior Secured Note due 2009 $ 812,500 01/28/02 $ 812,500 $ 794,710
11.5% Senior Subordinated Note due 2012 $ 1,500,000 01/28/02 1,393,316 1,418,482
Common Stock (B) 312,500 shs. 01/28/02 312,500 156,250
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 243,223 shs. 01/28/02 162,045 121,612
------------ ------------
2,680,361 2,491,054
------------ ------------
O R S NASCO HOLDING, INC.
A wholesale distributor of industrial supplies in
North America.
13% Senior Subordinated Note due 2013 $ 2,372,732 12/20/05 2,231,588 2,384,714
Common Stock (B) 177,268 shs. 12/20/05 177,268 159,541
Warrant, exercisable until 2015, to purchase
common stock at $.01 per share (B) 99,771 shs. 12/20/05 98,773 998
------------ ------------
2,507,629 2,545,253
------------ ------------
OAKRIVER TECHNOLOGY, INC.
Designs, engineers and assembles high precision
automated process equipment for the medical device
industry, with a focus on defibrillators and stents.
10% Senior Secured Note due 2012 $ 565,452 01/03/06 556,970 562,104
13% Senior Subordinated Note due 2013 $ 687,241 01/03/06 614,154 683,318
Common Stock (B) 322,307 shs. 01/03/06 322,307 290,076
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 72,185 shs. 01/03/06 62,824 722
------------ ------------
1,556,255 1,536,220
------------ ------------
OLYMPIC SALES, INC.
A boat retailer in Washington state, Oregon, California and
British Columbia.
12% Senior Subordinated Note due 2008 $ 2,205,071 ** 2,197,902 2,129,144
Limited Partnership Interest of Riverside VIII,
VIII-A and VIII-B Holding Company, L.P. (B) 20.57% int. * 1,555,992 1,555,626
Warrants, exercisable until 2007 and 2008, to purchase
common stock at $.01 per share (B) 28,648 shs. ** 389,188 385,720
------------ ------------
4,143,082 4,070,490
------------ ------------
ONTARIO DRIVE & GEAR LTD.
A manufacturer of all-wheel drive, off-road amphibious
vehicles and related accessories.
13% Senior Subordinated Note due 2013 $ 1,977,885 01/17/06 1,779,319 1,985,001
Limited Partnership Interest (B) 3,667 uts. 01/17/06 572,115 514,903
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 619 shs. 01/17/06 170,801 6
------------ ------------
2,522,235 2,499,910
------------ ------------
*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, 2006
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES(A)(Continued) Principal Amount Date Cost Fair Value
-------------- -------- ------------ ------------
OVERTON'S HOLDING COMPANY
A marketer of marine and water sports accessories in the
United States.
12% Senior Subordinated Note due 2014 $ 1,817,308 04/28/06 $ 1,699,718 $ 1,820,845
Common Stock (B) 95 shs. 04/28/06 95,000 85,500
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 94 shs. 04/28/06 83,720 1
------------ ------------
1,878,438 1,906,346
------------ ------------
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 $ 2,167,847 07/03/06 2,056,727 2,162,824
Preferred Unit (B) 382 uts. 07/03/06 382,150 363,043
Preferred Unit (B) 69 uts. 07/03/06 68,790 65,351
Common Unit Class I (B) 148 uts. 07/03/06 -- 1
Common Unit Class L (B) 31 uts. 07/03/06 -- --
------------ ------------
2,507,667 2,591,219
------------ ------------
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 2,143,104 2,293,983
Preferred Stock (B) 36 shs. 03/31/06 329,596 313,116
Common Stock (B) 23 shs. 03/31/06 25,500 22,950
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 13 shs. 03/31/06 11,122 --
------------ ------------
2,509,322 2,630,049
------------ ------------
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 2,018,475 2,084,933
Membership Interests of MM/Lincap
PPI Investments, Inc., LLC (B) 2.42% int. 12/21/00 265,625 280,043
------------ ------------
2,284,100 2,364,976
------------ ------------
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 1,472,818 1,821,339
Common Stock 354,166 shs. 05/28/04 354,166 653,436
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share 377,719 shs. 05/28/04 377,719 696,892
------------ ------------
2,204,703 3,171,667
------------ ------------
*11/14/01 and 08/12/94.
----------------------------------------------------------------------------------------------------------------------------------
17
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL CORPORATE INVESTORS
September 30, 2006
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES(A)(Continued) Principal Amount Date Cost Fair Value
-------------- -------- ------------ ------------
QUALSERV CORPORATION
A provider of foodservice equipment and supplies to
major restaurant chains and their franchisees.
14% Senior Subordinated Note due 2012 (D) $ 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
------------ ------------
RADIAC ABRASIVES, INC.
A manufacturer of bonded abrasive and super abrasive
grinding wheels in the United States.
12% Senior Subordinated Note due 2014 $ 2,260,638 02/10/06 2,102,816 2,245,513
Common Stock (B) 289,362 shs. 02/10/06 289,362 260,426
Warrant, exercisable until 2016, to purchase
common stock at $.01 per share (B) 131,555 shs. 02/10/06 119,796 1,316
------------ ------------
2,511,974 2,507,255
------------ ------------
RIVER RANCH FRESH FOODS LLC
A supplier of fresh produce to the retail and
foodservice channels.
13% Senior Subordinated Note due 2011 (D) $ 1,841,667 09/29/04 1,683,764 1,473,334
Limited Partnership Interest (B) 40,610 uts. 09/29/04 283,333 --
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 23,575 shs. 09/29/04 157,903 --
------------ ------------
2,125,000 1,473,334
------------ ------------
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 11/14/03 968,985 1,080,879
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 140 shs. 11/14/03 122,946 92,775
------------ ------------
1,091,931 1,173,654
------------ ------------
SAFETY SPEED CUT MANUFACTURING COMPANY, INC.
A manufacturer of vertical panel saws and routers for the
wood working industry.
8.73% Senior Secured Tranche A Note due 2007 (C) $ 423,995 06/02/99 423,995 423,995
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. 06/02/99 256,212 699,633
------------ ------------
1,810,859 2,254,280
------------ ------------
SAVAGE SPORTS HOLDING, INC.
A manufacturer of sporting firearms.
12% Senior Subordinated Note due 2012 $ 1,538,793 09/10/04 1,442,768 1,533,674
Common Stock (B) 586 shs. 09/10/04 586,207 478,207
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 134 shs. 09/10/04 113,578 109,001
------------ ------------
2,142,553 2,120,882
------------ ------------
SPECIALTY FOODS GROUP, INC.
A manufacturer and distributor of branded meat products.
Limited Partnership Interest of MHD Holdings LLC 1.43% int. 08/29/00 684,724 --
------------ ------------
----------------------------------------------------------------------------------------------------------------------------------
18
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL CORPORATE INVESTORS
September 30, 2006
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES(A)(Continued) Principal Amount Date Cost Fair Value
-------------- -------- ------------ ------------
STANTON CARPET HOLDING CO.
A designer and marketer of high and mid-priced decorative
carpets and rugs.
12.125% Senior Subordinated Note due 2014 $ 2,239,024 08/01/06 $ 2,101,851 $ 2,244,006
Common Stock (B) 311 shs. 08/01/06 310,976 279,882
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 104 shs. 08/01/06 93,293 1
------------ ------------
2,506,120 2,523,889
------------ ------------
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 --
------------ ------------
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 63,206 14,100
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 86,780 shs. 08/21/03 19,359 19,359
------------ ------------
82,565 33,459
------------ ------------
TANGENT RAIL CORPORATION
A manufacturer of rail ties and provides specialty services
to the North American railroad industry.
13% Senior Subordinated Note due 2013 $ 2,217,385 10/14/05 1,899,620 2,281,579
Preferred Stock (B) 3,304 shs. 10/14/05 330,412 340,415
Common Stock (B) 2,203 shs. 10/14/05 2,203 1,983
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 1,167 shs. 10/14/05 294,403 12
------------ ------------
2,526,638 2,623,989
------------ ------------
TERRA RENEWAL SERVICES, INC.
A provider of wastewater residual management and
required environmental reporting, permitting, nutrient
management planning and record keeping to companies
involved in poultry and food processing.
8.68% Senior Secured Tranche A Note due 2011 (C) $ 278,906 04/28/06 277,512 275,617
8.75% Senior Secured Tranche A Note due 2011 (C) $ 213,281 04/28/06 213,237 210,766
8.93% Senior Secured Tranche B Note due 2012 (C) $ 314,795 04/28/06 314,795 310,537
8.65% Senior Secured Tranche B Note due 2012 (C) $ 423,487 04/28/06 421,610 417,758
8.64% Senior Secured Tranche B Note due 2012 (C) $ 366,680 09/11/06 364,847 361,720
12% Senior Subordinated Note due 2014 $ 1,162,110 04/28/06 1,105,481 1,164,918
Limited Partnership Interest of
Saw Mill Capital Fund V, L.P. 2.30% int. 03/01/05 215,742 194,173
Warrant, exercisable until 2016, to purchase
common stock at $.01 per share (B) 72 shs. 04/28/06 60,597 1
------------ ------------
2,973,821 2,935,490
------------ ------------
----------------------------------------------------------------------------------------------------------------------------------
19
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL CORPORATE INVESTORS
September 30, 2006
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES(A)(Continued) Principal Amount Date Cost Fair Value
-------------- -------- ------------ ------------
THE TRANZONIC COMPANIES
A producer of commercial and industrial supplies, such as
safety products, janitorial supplies, work apparel, washroom
and restroom supplies and sanitary care products.
13% Senior Subordinated Note due 2009 $ 2,712,000 02/05/98 $ 2,559,446 $ 2,712,000
Common Stock (B) 630 shs. 02/04/98 630,000 627,425
Warrant, exercisable until 2006, to purchase
common stock at $.01 per share (B) 444 shs. 02/05/98 368,832 442,185
------------ ------------
3,558,278 3,781,610
------------ ------------
TRANSTAR HOLDING COMPANY
A distributor of aftermarket automotive transmission parts.
12% Senior Subordinated Note due 2013 $ 1,734,000 08/31/05 1,661,973 1,782,926
Common Stock (B) 816 shs. 08/31/05 816,000 775,200
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 86 shs. 08/31/05 77,485 1
------------ ------------
2,555,458 2,558,127
------------ ------------
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 $ 789,836 01/20/00 789,836 794,231
12% Senior Subordinated Note due 2010 $ 1,326,500 01/20/00 1,283,615 1,352,451
Common Stock (B) 227,400 shs. 01/20/00 227,400 548,489
Warrant, exercisable until 2010, to purchase
common stock at $1 per share (B) 260,563 shs. 01/20/00 98,540 628,478
------------ ------------
2,399,391 3,323,649
------------ ------------
TRUCK BODIES & EQUIPMENT INTERNATIONAL
A designer and manufacturer of accessories for heavy and
medium duty trucks, primarily dump bodies, hoists,
various forms of flat-bed bodies, landscape bodies and
other accessories.
12% Senior Subordinated Note due 2013 $ 2,309,541 * 2,153,975 2,391,103
Common Stock (B) 742 shs. * 800,860 1,004,517
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 153 shs. * 159,894 207,469
------------ ------------
3,114,729 3,603,089
------------ ------------
TRUSTILE DOORS, INC.
A manufacturer and distributor of interior doors.
12.5% Senior Subordinated Note due 2010 $ 1,062,500 04/11/03 1,002,760 1,083,750
Warrant, exercisable until 2010, to purchase
common stock at $.01 per share (B) 5,781 shs. 04/11/03 95,625 122,006
------------ ------------
1,098,385 1,205,756
------------ ------------
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 1,124,084 1,222,852
8.75% Senior Secured Note due 2011 $ 716,292 05/28/04 716,291 715,089
Common Stock (B) 674,157 shs. 05/28/04 674,157 573,033
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 203,912 shs. 05/28/04 130,789 2,039
------------ ------------
2,645,321 2,513,013
------------ ------------
*07/19/05 and 12/22/05.
----------------------------------------------------------------------------------------------------------------------------------
7
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL CORPORATE INVESTORS
September 30, 2006
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES(A)(Continued) Principal Amount Date Cost Fair Value
-------------- -------- ------------ ------------
U S S HOLDINGS, INC.
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) 145,446 shs. 12/19/96 1,166,829 --
Common Stock (B) 20,027 shs. 09/30/99 799,068 --
Warrants, exercisable until 2010 to
purchase common stock at $.01 per share (B) 4,918 shs. * 128,372 --
------------ ------------
2,640,127 108,991
------------ ------------
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 1,709,257 1,937,833
Common Stock (B) 182 shs. 04/30/04 182,200 229,572
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 230 shs. 04/30/04 211,735 290,329
------------ ------------
2,103,192 2,457,734
------------ ------------
VICTORY VENTURES LLC
An acquirer of controlling or substantial interests in
other entities.
Series A Preferred Units (B) 0.15% 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 1,735,845 1,879,839
Common Stock (B) 23,771 shs. 09/24/04 237,710 288,818
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 23,787 shs. 09/24/04 186,883 289,012
------------ ------------
2,160,438 2,457,669
------------ ------------
VITEX PACKAGING GROUP, INC.
A manufacturer of specialty packaging, primarily envelopes
and tags used on tea bags.
12.5% Senior Subordinated Note due 2012 $ 1,700,000 07/19/04 1,483,065 1,616,064
Limited Partnership Interest Class A (B) 1.75% int. 07/19/04 414,375 372,938
Limited Partnership Interest Class B (B) 0.77% int. 07/19/04 182,935 164,641
------------ ------------
2,080,375 2,153,643
------------ ------------
WALLS INDUSTRIES, INC.
A provider of branded workwear and sporting
goods apparel.
10% Senior Subordinated Lien Note due 2009 $ 838,816 07/12/04 838,816 838,821
14% Senior Subordinated Note due 2012 $ 1,085,380 07/12/04 1,082,875 1,107,088
Limited Partnership Interest (B) 0.40% int. 07/12/04 37,280 511,010
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 4,029 shs. 07/12/04 2,833 55,223
------------ ------------
1,961,804 2,512,142
------------ ------------
TOTAL PRIVATE PLACEMENT INVESTMENTS $172,001,321 $171,119,067
------------ ------------
*12/19/96 and 09/30/99.
----------------------------------------------------------------------------------------------------------------------------------
21
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL CORPORATE INVESTORS
September 30, 2006
(Unaudited)
Shares or
Interest Due Principal
CORPORATE RESTRICTED SECURITIES (A) (CONTINUED) Rate Date Amount Cost Fair Value
------- -------- ------------ ------------ ------------
RULE 144A SECURITIES - 5.05%:
BONDS - 5.05%
A E S Corporation 9.000% 05/15/15 $ 200,000 $ 200,000 $ 215,500
Activant Solutions, Inc. (C) 9.500 05/01/16 150,000 150,000 138,750
American Tire Distributor (C) 11.758 04/01/12 1,000,000 950,000 911,250
Basic Energy Services 7.125 04/15/16 225,000 225,000 217,125
Bombardier, Inc. 6.300 05/01/14 1,000,000 890,000 897,500
Brigham Exploration Co. 9.625 05/01/14 700,000 690,403 682,500
Calpine Corporation 8.750 07/15/13 500,000 465,000 503,750
Charter Communications Op LLC 8.000 04/30/12 250,000 249,375 251,875
Douglas Dynamics LLC 7.750 01/15/12 630,000 633,405 595,350
Edison Mission Energy 7.750 06/15/16 500,000 500,000 506,250
G F S I, Inc. 11.000 06/01/11 750,000 682,541 720,000
Interactive Health LLC 7.250 04/01/11 872,000 747,932 697,600
Packaging Dynamics Corporation of America 10.000 05/01/16 700,000 700,000 707,000
Petrohawk Energy Corporation 9.125 07/15/13 1,000,000 998,025 1,005,000
Pregis Corporation 12.375 10/15/13 1,000,000 981,490 1,040,000
Service Corporation International (C) 8.000 06/15/17 1,000,000 990,030 957,500
Stewart & Stevenson LLC 10.000 07/15/14 1,200,000 1,225,610 1,215,000
Tekni-Plex, Inc. (C) 9.750 11/15/13 650,000 655,903 641,875
Tenaska Alabama Partners LP 7.000 06/30/21 351,805 351,805 344,738
Tunica-Biloxi Gaming Authority 9.000 11/15/15 1,000,000 1,032,773 1,040,000
------------ ------------
TOTAL BONDS 13,319,292 13,288,563
------------ ------------
COMMON STOCK - 0.00%
Jordan Telecom Products 70 $ 14,000 --
------------ ------------
TOTAL COMMON STOCK 14,000 --
------------ ------------
WARRANTS - 0.00%
Winsloew Furniture, Inc. (B) 900 $ 9 $ --
------------ ------------
TOTAL WARRANTS 9 --
------------ ------------
TOTAL RULE 144A SECURITIES 13,333,301 13,288,563
------------ ------------
TOTAL CORPORATE RESTRICTED SECURITIES $185,334,622 $184,407,630
------------ ------------
----------------------------------------------------------------------------------------------------------------
22
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL CORPORATE INVESTORS
September 30, 2006
(Unaudited)
Interest Due Principal
CORPORATE PUBLIC SECURITIES - 30.06%:(A) Rate Date Amount Cost Market Value
------- -------- ------------ ------------ ------------
BONDS - 27.93%
A M C Entertainment, Inc. 11.000% 02/01/16 $ 815,000 $ 817,373 $ 888,350
Abitibi-Consolidated, Inc. 7.750 06/15/11 1,000,000 1,028,295 915,000
Affinia Group, Inc. 9.000 11/30/14 910,000 834,625 848,575
Alamosa Delaware, Inc. 11.000 07/31/10 325,000 328,958 355,063
Alamosa Delaware, Inc. 8.500 01/31/12 400,000 400,000 426,000
ALH Fin LLC/ALH Fin Corporation 8.500 01/15/13 950,000 918,813 928,625
Allied Waste NA 7.875 04/15/13 1,000,000 1,022,846 1,022,500
Appleton Papers, Inc. 8.125 06/15/11 300,000 300,000 300,000
Argo Tech Corporation 9.250 06/01/11 850,000 850,000 884,000
Atlas Pipeline Partners 8.125 12/15/15 200,000 200,000 203,500
Bally Total Fitness Holding Corporation 9.875 10/15/07 135,000 128,925 119,475
BCP Crystal US Holdings Corporation 9.625 06/15/14 485,000 485,000 526,225
Blockbuster, Inc. (C) 9.000 09/01/12 475,000 476,009 435,813
CCH I Holdings LLC 11.000 10/01/15 1,000,000 890,000 910,000
CCH I Holdings LLC 11.125 01/15/14 1,000,000 640,438 702,500
Cablevision Systems Corporation 8.000 04/15/12 1,000,000 1,014,071 1,012,500
Cadmus Communications Corporation 8.375 06/15/14 1,000,000 995,625 967,500
Cenveo Corporation 7.875 12/01/13 1,100,000 1,100,000 1,042,250
Chemed Corporation 8.750 02/24/11 1,125,000 1,125,000 1,167,188
Chesapeake Energy Corporation 7.000 08/15/14 1,075,000 1,111,865 1,062,906
Cincinnati Bell, Inc. 8.375 01/15/14 1,100,000 1,007,500 1,111,000
Clayton Williams Energy, Inc. 7.750 08/01/13 800,000 800,000 720,000
Consolidated Container Corporation (E) 0.000 06/15/09 750,000 719,536 720,000
Del Monte Corporation 8.625 12/15/12 225,000 225,000 235,969
Dollar Financial Group 9.750 11/15/11 444,000 444,000 484,377
Dominos Pizza, Inc. 8.250 07/01/11 292,000 289,891 306,600
Dynegy Holdings, Inc. 6.875 04/01/11 500,000 422,500 486,875
Dynegy Holdings, Inc. 8.375 05/01/16 330,000 330,000 335,775
El Paso Corporation 7.875 06/15/12 1,050,000 1,061,836 1,089,375
Esterline Technologies 7.750 06/15/13 200,000 200,000 202,000
Flextronics International Ltd. 6.500 05/15/13 400,000 400,000 396,000
Ford Motor Credit Co. 7.375 10/28/09 1,250,000 1,246,875 1,214,755
Gencorp, Inc. 9.500 08/15/13 259,000 259,000 269,360
General Motors Acceptance Corporation 7.750 01/19/10 1,250,000 1,296,462 1,280,805
Geo Sub Corporation 11.000 05/15/12 600,000 595,500 618,000
Goodyear Tire & Rubber Co. 7.857 08/15/11 1,400,000 1,342,750 1,361,500
Great Lakes Dredge & Dock Corporation 7.750 12/15/13 1,015,000 926,319 943,950
GulfMark Offshore, Inc. 7.750 07/15/14 565,000 562,599 567,825
Houghton Mifflin Co. 9.875 02/01/13 1,000,000 1,046,570 1,057,500
Imax Corporation 9.625 12/01/10 1,000,000 1,028,673 952,500
Inergy LP 8.250 03/01/16 150,000 150,000 155,250
Insurance Auto Auctions, Inc. 11.000 04/01/13 1,000,000 1,009,298 995,000
Intelsat Subsidiary Holding Company Ltd. (C) 9.614 01/15/12 1,000,000 1,009,727 1,013,750
Interline Brands, Inc. 8.125 06/15/14 325,000 322,670 329,062
Iron Mountain, Inc. 8.750 07/15/18 1,065,000 1,100,319 1,104,938
Koppers Inc. 9.875 10/15/13 477,000 477,000 516,353
Land O'Lakes, Inc. 9.000 12/15/10 750,000 750,000 795,000
Lazard LLC 7.125 05/15/15 750,000 749,408 781,478
Leucadia National Corporation 7.000 08/15/13 650,000 661,355 656,500
Liberty Media Corporation 5.700 05/15/13 1,000,000 951,610 943,621
Lodgenet Entertainment Corporation 9.500 06/15/13 425,000 425,000 454,750
Lyondell Chemical Co. 9.500 12/15/08 530,000 516,360 545,238
----------------------------------------------------------------------------------------------------------------
23
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL CORPORATE INVESTORS
September 30, 2006
(Unaudited)
Interest Due Principal
CORPORATE PUBLIC SECURITIES(A)(Continued) Rate Date Amount Cost Market Value
------- -------- ------------ ------------ ------------
BONDS, CONTINUED
M G M Mirage, Inc. 6.000% 10/01/09 $ 375,000 $ 378,566 $ 370,312
Mac-Gray Corporation 7.625 08/15/15 600,000 600,000 612,000
Majestic Star Casino LLC 9.500 10/15/10 500,000 500,000 511,250
Manitowoc Company, Inc. 7.125 11/01/13 200,000 200,000 197,000
Markwest Energy Operating Co. 6.875 11/01/14 475,000 475,000 446,500
Mediacom LLC 9.500 01/15/13 1,000,000 1,002,127 1,022,500
Metaldyne Corporation 11.000 06/15/12 750,000 601,250 675,000
Metaldyne Corporation (C) 10.000 11/01/13 510,000 513,585 515,100
Mrs. Fields Brands 11.500 03/15/11 750,000 713,710 630,000
N R G Energy, Inc. 7.375 02/01/16 175,000 175,000 173,905
Nalco Co. 7.750 11/15/11 500,000 500,000 510,000
National Wine & Spirits, Inc. 10.125 01/15/09 1,260,000 1,252,429 1,272,600
Neiman Marcus Group, Inc. 10.375 10/15/15 1,250,000 1,250,000 1,350,000
Newark Group, Inc. 9.750 03/15/14 850,000 796,863 824,500
North American Energy Partners 8.750 12/01/11 400,000 400,000 399,000
Nova Chemicals Corporation (C) 8.405 11/15/13 475,000 475,000 484,500
NTL Cable PLC 9.125 08/15/16 980,000 1,003,229 1,011,850
O E D Corp/Diamond Jo Company Guarantee 8.750 04/15/12 1,000,000 985,960 1,000,000
Offshore Logistics, Inc. 6.125 06/15/13 450,000 450,000 421,875
P Q Corporation 7.500 02/15/13 1,100,000 1,088,750 1,045,000
Pacific Energy Partners 7.125 06/15/14 500,000 503,813 510,000
Pacific Energy Partners 6.250 09/15/15 150,000 149,316 147,750
Pinnacle Foods Group 8.250 12/01/13 450,000 450,000 450,563
Pliant Corporation (C) 11.850 06/15/09 833,687 832,980 929,562
Primedia, Inc. 8.000 05/15/13 1,000,000 1,023,355 907,500
Quality Distribution LLC 9.000 11/15/10 300,000 288,000 287,250
Quality Distribution LLC (C) 10.007 01/15/12 325,000 323,375 329,875
Quicksilver Resources, Inc 7.125 04/01/16 500,000 500,000 473,750
Rent-A-Center, Inc. 7.500 05/01/10 400,000 400,000 402,000
Rent-Way, Inc. 11.875 06/15/10 800,000 832,759 928,000
Rock-Tenn Co. 8.200 08/15/11 1,000,000 1,006,795 1,040,000
Rogers Wireless, Inc. 7.250 12/15/12 165,000 165,000 172,630
Rogers Wireless, Inc. 7.500 03/15/15 870,000 929,188 928,725
Rogers Wireless, Inc. 8.000 12/15/12 165,000 165,000 175,312
Samsonite Corporation 8.875 06/01/11 1,000,000 1,038,330 1,047,500
Sbarro, Inc. 11.000 09/15/09 1,000,000 1,013,157 1,017,500
Sheridan Acquisition Corporation 10.250 08/15/11 375,000 370,000 379,688
Sierra Pacific Resources 6.750 08/15/17 635,000 638,204 635,268
Stanadyne Corporation 10.000 08/15/14 1,500,000 1,500,000 1,515,000
Sungard Data Systems 9.125 08/15/13 175,000 175,000 181,125
Tekni-Plex, Inc. 12.750 06/15/10 1,000,000 960,125 850,000
Telex Communications, Inc. 11.500 10/15/08 500,000 500,000 530,000
Tenet Healthcare Corporation 9.875 07/01/14 500,000 488,370 498,125
Tenneco, Inc. 8.625 11/15/14 1,000,000 1,002,500 987,500
Texas Industries, Inc. 7.250 07/15/13 70,000 70,000 70,000
Trimas Corporation 9.875 06/15/12 625,000 566,250 578,125
Triton P C S, Inc. 8.500 06/01/13 550,000 550,000 510,125
Unisys Corporation 8.000 10/15/12 190,000 190,000 177,650
United Components, Inc. 9.375 06/15/13 1,080,000 1,081,719 1,069,200
United Rentals, Inc. 7.750 11/15/13 625,000 625,000 615,625
United Rentals, Inc. 7.000 02/15/14 500,000 500,000 470,000
Universal City Florida 8.375 05/01/10 200,000 200,000 200,750
----------------------------------------------------------------------------------------------------------------
24
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL CORPORATE INVESTORS
September 30, 2006
(Unaudited)
Shares or
Interest Due Principal
CORPORATE PUBLIC SECURITIES(A)(Continued) Rate Date Amount Cost Market Value
------- -------- ------------ ------------ ------------
BONDS, CONTINUED
Universal City Florida (C) 10.239% 05/01/10 $ 200,000 $ 200,000 $ 205,500
Vertis, Inc. 10.875 06/15/09 280,000 275,400 281,400
Vought Aircraft Industries 8.000 07/15/11 1,000,000 999,899 917,500
Warner Music Group 7.375 04/15/14 275,000 275,000 268,125
Waste Services, Inc. 9.500 04/15/14 1,100,000 1,124,739 1,127,500
Wornick Co. 10.875 07/15/11 750,000 750,000 746,250
------------ ------------
TOTAL BONDS 73,020,344 73,398,341
------------ ------------
COMMON STOCK - 1.04%
Bally Total Fitness Holding Corporation (B) 600 $ 5,520 $ 906
Bare Escentuals, Inc (B) 400 8,800 10,860
PepsiAmericas, Inc. 92,145 2,006,365 1,966,374
Supreme Industries, Inc. 115,722 267,325 766,080
------------ ------------
TOTAL COMMON STOCK 2,288,010 2,744,220
------------ ------------
CONVERTIBLE BONDS - 1.09%
Citadel Broadcasting Corporation 1.875% 02/15/11 $ 700,000 $ 543,375 $ 569,625
Graftech International 1.625 01/15/24 1,500,000 1,083,750 1,078,125
ICOS Corporation 2.000 07/01/23 750,000 596,250 644,062
Q L T, Inc. 3.000 09/15/23 600,000 546,257 555,750
------------ ------------
TOTAL CONVERTIBLE BONDS 2,769,632 2,847,562
------------ ------------
TOTAL CORPORATE PUBLIC SECURITIES $ 78,077,986 $ 78,990,123
------------ ------------
Interest Due Principal
SHORT-TERM SECURITIES: Rate/Yield Date Amount Cost Market Value
------- -------- ------------ ------------ ------------
COMMERCIAL PAPER - 2.30%
Detroit Edison Co. 5.300% 10/02/06 $ 3,777,000 $ 3,775,888 $ 3,775,888
Kraft Foods, Inc. 5.310 10/03/06 789,000 788,651 788,651
Kraft Foods, Inc. 5.330 10/04/06 1,475,000 1,474,126 1,474,126
------------ ------------
TOTAL SHORT-TERM SECURITIES $ 6,038,665 $ 6,038,665
------------ ------------
TOTAL INVESTMENTS 102.53% $269,451,273 $269,436,418
============ ------------
Other Assets 5.93 15,576,529
Liabilities (8.46) (22,228,609)
------ ------------
TOTAL NET ASSETS 100.00% $262,784,338
====== ============
(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 09/30/06.
(D) Defaulted Security; interest not accrued.
(E) Step Bond: Coupon rate is zero or below market for an initial period and then increases to a higher
coupon rate at a specified date.
----------------------------------------------------------------------------------------------------------------
25
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL CORPORATE INVESTORS
September 30, 2006
(Unaudited)
Fair Value/ Fair Value/
INDUSTRY CLASSIFICATION: Market Value Market Value
-------------- --------------
AEROSPACE - 2.86% BUILDINGS & REAL ESTATE - 1.51%
Argo Tech Corporation $ 884,000 Adorn, Inc. $ 2,703,840
Consolidated Foundries Holdings 2,659,446 Texas Industries, Inc. 70,000
Esterline Technologies 202,000 TruStile Doors, Inc. 1,205,756
Gencorp, Inc. 269,360 --------------
P A S Holdco LLC 2,591,219 3,979,596
Vought Aircraft Industries 917,500 --------------
-------------- CHEMICAL, PLASTICS & RUBBER - 1.40%
7,523,525 BCP Crystal US Holding Corporation 526,225
-------------- Capital Specialty Plastics, Inc. 55,408
AUTOMOBILE - 10.40% Koppers, Inc. 516,353
American Tire Distributor 911,250 Lyondell Chemical Co. 545,238
Ford Motor Credit Co. 1,214,755 Nalco Co. 510,000
Fuel Systems Holding Corporation 2,537,992 Nova Chemicals Corporation 484,500
General Motors Acceptance Corporation 1,280,805 P Q Corporation 1,045,000
Goodyear Tire & Rubber Co. 1,361,500 --------------
Jason, Inc. 1,988,171 3,682,724
LIH Investors, L.P. 4,073,775 --------------
Metaldyne Corporation 1,190,100 CONSUMER PRODUCTS - 7.63%
Nyloncraft, Inc. 2,491,054 ALH Fin LLC/ALH Fin Corporation 928,625
Ontario Drive & Gear Ltd. 2,499,910 Augusta Sportswear Holding Co. 2,924,485
Qualis Automotive LLC 3,171,667 Bravo Sports Holding Corporation 2,527,704
Tenneco, Inc. 987,500 Euro-Pro Corporation 341,618
Transtar Holding Company 2,558,127 G F S I, Inc. 720,000
United Components, Inc. 1,069,200 K N B Holdings Corporation 2,531,680
-------------- Momentum Holding Co. 1,277,921
27,335,806 Neff Motivation, Inc. 1,343,862
-------------- Royal Baths Manufacturing Company 1,173,654
BEVERAGE, DRUG & FOOD - 5.83% The Tranzonic Companies 3,781,610
Beta Brands Ltd. -- Walls Industries, Inc. 2,512,142
Cains Foods, L.P. 143,302 Winsloew Furniture, Inc. --
Del Monte Corporation 235,969 --------------
Dominos, Inc. 306,600 20,063,301
Eagle Pack Pet Foods, Inc. 1,597,339 --------------
Land O'Lakes, Inc. 795,000 CONTAINERS, PACKAGING
Mrs. Fields Brands 630,000 & GLASS - 5.58%
National Wine & Spirits, Inc. 1,272,600 Consolidated Container Corporation 720,000
Nonni's Food Company 2,224,709 Flutes, Inc. 1,558,622
PepsiAmericas, Inc. 1,966,374 Maverick Acquisition Company 1,071,383
Pinnacle Foods Group 450,563 P I I Holding Corporation 2,630,049
River Ranch Fresh Foods LLC 1,473,334 Packaging Dynamics Corporation of America 707,000
Sbarro, Inc. 1,017,500 Paradigm Packaging, Inc. 2,364,976
Specialty Foods Group, Inc. -- Pliant Corporation 929,562
Vitality Foodservice, Inc. 2,457,669 Pregis Corporation 1,040,000
Wornick Co. 746,250 Tekni-Plex, Inc. 1,491,875
-------------- Vitex Packaging, Inc. 2,153,643
15,317,209 --------------
-------------- 14,667,110
BROADCASTING & --------------
ENTERTAINMENT - 2.63% DISTRIBUTION - 3.51%
CCH I Holdings LLC 1,612,500 Affina Group, Inc. 848,575
Cablevision Systems Corporation 1,012,500 Corvest Group, Inc. --
Cenveo Corporation 1,042,250 Kele and Associates, Inc. 2,769,651
Charter Communications Op LLC 251,875 Magnatech International, Inc. 1,925,302
Citadel Broadcasting Corporation 569,625 O R S Nasco Holding, Inc. 2,545,253
Liberty Media Corporation 943,621 QualServ Corporation 1,136,138
Lodgenet Entertainment Corporation 454,750 Strategic Equipment & Supply Corporation, Inc. --
Mediacom LLC 1,022,500 --------------
-------------- 9,224,919
6,909,621 --------------
--------------
------------------------------------------------------------------------------------------------------------------------------------
26
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL CORPORATE INVESTORS
September 30, 2006
(Unaudited)
Fair Value/ Fair Value/
INDUSTRY CLASSIFICATION: (Cont.) Market Value Market Value
-------------- --------------
DIVERSIFIED/CONGLOMERATE, HEALTHCARE, EDUCATION &
MANUFACTURING - 6.97% CHILDCARE - 3.90%
Activant Solutions, Inc. $ 138,750 A T I Acquisition Company $ 1,956,328
AmerCable, Inc. 1,519,203 American Hospice Management Holding LLC 2,744,812
Arrow Tru-Line Holdings, Inc. 2,381,335 F H S Holding LLC 2,678,374
Bombardier, Inc. 897,500 ICOS Corporation 644,062
Coining Corporation of America LLC 2,250,938 Interactive Health LLC 697,600
Dexter Magnetics Technologies, Inc. 1,213,807 MedAssist, Inc. 467,871
Douglas Dynamics LLC 595,350 Q L T, Inc. 555,750
Evans Consoles, Inc. -- Tenet Healthcare Corporation 498,125
Geo Sub Corporation 618,000 --------------
Graftech International 1,078,125 10,242,922
Great Lakes Dredge & Dock Corporation 943,950 --------------
Radiac Abrasives, Inc. 2,507,255 HOME & OFFICE FURNISHINGS,
Trimas Corporation 578,125 HOUSEWARES, AND DURABLE
Truck Bodies & Equipment International 3,603,089 CONSUMER PRODUCTS - 6.45%
-------------- Connor Sport Court International, Inc. 1,802,907
18,325,427 H M Holding Company 2,494,072
-------------- Home Decor Holding Company 2,436,808
DIVERSIFIED/CONGLOMERATE, Justrite Manufacturing Acquisition Co. 1,640,978
SERVICE - 5.69% Monessen Holding Corporation 2,538,882
Allied Waste NA 1,022,500 Samsonite Corporation 1,047,500
Bare Escentuals, Inc. 10,860 Stanton Carpet Holding Co. 2,523,889
CapeSuccess LLC 5,862 U-Line Corporation 2,457,734
Chemed Corporation 1,167,188 --------------
Diversco, Inc./DHI Holdings, Inc. 2,505,724 16,942,770
Dwyer Group, Inc. 2,826,280 --------------
Fowler Holding, Inc. 2,548,083 LEISURE, AMUSEMENT,
Interline Brands, Inc. 329,062 ENTERTAINMENT - 4.09%
Iron Mountain, Inc. 1,104,938 A M C Entertainment, Inc. 888,350
Keystone North America, Inc. 289,071 Bally Total Fitness Holding Corporation 120,381
Mac-Gray Corporation 612,000 IMAX Corporation 952,500
Moss, Inc. 1,565,974 Keepsake Quilting, Inc. 1,159,401
Service Corporation International 957,500 M G M Mirage, Inc. 370,312
-------------- Majestic Star Casino LLC 511,250
14,945,042 O E D Corp/Diamond Jo Company Guarantee 1,000,000
-------------- Overton's Holding Company 1,906,346
ELECTRONICS - 1.91% Savage Sports Holding, Inc. 2,120,882
A E S Corporation 215,500 Tunica-Biloxi Gaming Authority 1,040,000
Calpine Corporation 503,750 Universal City Florida 406,250
Directed Electronics, Inc. 3,908,557 Warner Music Group 268,125
Flextronics International Ltd. 396,000 --------------
-------------- 10,743,797
5,023,807 --------------
-------------- MACHINERY - 7.16%
FARMING & AGRICULTURE - 0.00% Integration Technology Systems, Inc. 1,248,333
Protein Genetics, Inc. -- Manitowoc Company, Inc. 197,000
-------------- Maxon Corporation 3,159,061
FINANCIAL SERVICES - 0.73% Morton Industrial Group, Inc. 2,578,228
Dollar Financial Group 484,377 Safety Speed Cut Manufacturing Company, Inc. 2,254,280
East River Ventures I, L.P. 8,104 Stanadyne Corporation 1,515,000
Highgate Capital LLC 2,947 Stewart & Stevenson LLC 1,215,000
Lazard LLC 781,478 Supreme Industries, Inc. 766,080
Leucadia National Corporation 656,500 Synventive Equity LLC 33,459
Victory Ventures LLC 2 Tronair, Inc. 3,323,649
-------------- Tubular Textile Machinery 2,513,013
1,933,408 --------------
-------------- 18,803,103
--------------
------------------------------------------------------------------------------------------------------------------------------------
27
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL CORPORATE INVESTORS
September 30, 2006
(Unaudited)
Fair Value/ Fair Value/
INDUSTRY CLASSIFICATION: (Cont.) Market Value Market Value
-------------- --------------
MEDICAL DEVICES/BIOTECH - 2.31% TECHNOLOGY - 1.85%
Coeur, Inc. $ 1,263,233 C & J Spec-Rent Services, Inc. $ 4,493,590
E X C Acquisition Corporation 129,824 Sungard Data Systems 181,125
MicroGroup, Inc. 3,137,493 Unisys Corporation 177,650
OakRiver Technology, Inc. 1,536,220 --------------
-------------- 4,852,365
6,066,770 --------------
-------------- TELECOMMUNICATIONS - 3.43%
MINING, STEEL, IRON & Alamosa Delaware 781,063
NON PRECIOUS METALS - 0.04% Cincinnati Bell, Inc. 1,111,000
U S S Holdings, Inc. 108,991 Intelsat Subsidiary Holding Company Ltd 1,013,750
-------------- ITC^DeltaCom, Inc. 2,768,227
NATURAL RESOURCES - 0.86% Jordan Telecom Products --
Abitibi-Consolidated, Inc. 915,000 NTL Cable PLC 1,011,850
Appleton Papers, Inc. 300,000 Rogers Wireless, Inc. 1,276,667
Rock-Tenn Co. 1,040,000 Telex Communications, Inc. 530,000
-------------- Triton P C S, Inc. 510,125
2,255,000 --------------
-------------- 9,002,682
OIL AND GAS - 1.73% --------------
Basic Energy Services 217,125 TRANSPORTATION - 1.70%
Brigham Exploration Co. 682,500 NABCO, Inc. 1,235,033
Chesapeake Energy Corporation 1,062,906 Quality Distribution LLC 617,125
Clayton Williams Energy, Inc. 720,000 Tangent Rail Corporation 2,623,989
GulfMark Offshore, Inc. 567,825 --------------
North American Energy Partners 399,000 4,476,147
Offshore Logistics, Inc. 421,875 --------------
Quicksilver Resources, Inc. 473,750 UTILITIES - 2.30%
-------------- Atlas Pipeline Partners 203,500
4,544,981 Dynegy Holdings, Inc. 822,650
-------------- Edison Mission Energy 506,250
PHARMACEUTICALS - 1.00% El Paso Corporation 1,089,375
CorePharma LLC 2,532,288 Inergy LP 155,250
Enzymatic Therapy, Inc. 106,250 Markwest Energy Operating Co. 446,500
-------------- N R G Energy, Inc. 173,905
2,638,538 Pacific Energy Partners 657,750
-------------- Petrohawk Energy Corporation 1,005,000
PUBLISHING/PRINTING - 1.68% Sierra Pacific Resources 635,268
Cadmus Communications Corporation 967,500 Tenaska Alabama Partners L.P. 344,738
Houghton Mifflin Co. 1,057,500 --------------
Newark Group, Inc. 824,500 6,040,186
Primedia, Inc. 907,500 --------------
Sheridan Acquisition Corporation 379,688 WASTE MANAGEMENT/
Vertis, Inc. 281,400 POLLUTION - 1.55%
-------------- Terra Renewal Services, Inc. 2,935,490
4,418,088 Waste Services, Inc. 1,127,500
-------------- --------------
RETAIL STORES - 3.53% 4,062,990
Blockbuster, Inc. 435,813 --------------
Insurance Auto Auctions, Inc. 995,000 Total Corporate Restricted and
Neiman Marcus Group, Inc. 1,350,000 Public Securities - 100.23% $ 263,397,753
Olympic Sales, Inc. 4,070,490 ==============
Rent-A-Center, Inc. 402,000
Rent-Way, Inc. 928,000
United Rentals, Inc. 1,085,625
--------------
9,266,928
--------------
INCOME TAX INFORMATION
The aggregate cost of investments was substantially the same for financial reporting and federal income tax purposes as of September
30, 2006. The net unrealized depreciation of investments for financial reporting and federal tax purposes as of September 30, 2006
is $14,855 and consists of $22,811,678 appreciation and $22,826,533 depreciation.
------------------------------------------------------------------------------------------------------------------------------------
27
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 27, 2006
------------------------------------------------------------------
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 27, 2006
------------------------------------------------------------------
By (Signature and Title)* /s/ James M. Roy
---------------------------------------------
James M. Roy, Vice President and
Chief Financial Officer
Date November 27, 2006
------------------------------------------------------------------
* PRINT THE NAME AND TITLE OF EACH SIGNING OFFICER UNDER HIS OR HER SIGNATURE.