UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-2183
---------------------------------------------
MassMutual Corporate Investors
--------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
1500 Main Street, Suite 600, Springfield, MA 01115
--------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Rodney J. Dillman, Vice President and Secretary
1500 Main Street, Suite 2800, Springfield, MA 01115
--------------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: 413-226-1000
----------------------------
Date of fiscal year end: 12/31
------------------
Date of reporting period: 6/30/06
------------------
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORT TO STOCKHOLDERS.
Attached hereto is the semi-annual shareholder report transmitted to
shareholders pursuant to Rule 30e-1 of the Investment Company Act of
1940, as amended.
MassMutual
Corporate Investors
Report for the
Six Months Ended June 30, 2006
[LOGO]
ADVISER
Babson Capital Management LLC
1500 Main Street
Springfield, Massachusetts 01115
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
KPMG LLP
Boston, Massachusetts 02110
COUNSEL TO THE TRUST
Ropes & Gray LLP
Boston, Massachusetts 02110
CUSTODIAN
Citibank, N.A.
New York, New York 10043
TRANSFER AGENT & REGISTRAR
Shareholder Financial Services, Inc.
P.O. Box 173673
Denver, Colorado 80217-3673
1-800-647-7374
Internet Website: www.babsoncapital.com/mci
MassMutual Corporate Investors
c/o Babson Capital Management LLC
[LOGO] 1500 Main Street, Suite 600
Springfield, Massachusetts 01115
(413) 226-1516
INVESTMENT OBJECTIVE AND POLICY
MassMutual Corporate Investors (the "Trust") is a closed-end management
investment company, first offered to the public in 1971, whose shares are
traded on the New York Stock Exchange under the trading symbol "MCI". The
Trust's share price can be found in the financial section of most newspapers as
"MassCp" or "MassMuInv" under the New York Stock Exchange listings.
The Trust's investment objective is to maintain a portfolio of securities
providing a fixed yield while providing an opportunity for capital gains. The
Trust's principal investments are privately placed, below-investment grade,
long-term corporate debt obligations with equity features such as warrants,
conversion rights, or other equity features and, occasionally, preferred stocks.
The Trust typically purchases these investments, which are not publicly
tradable, directly from their issuers, which tend to be smaller companies. In
addition, the Trust may temporarily invest, subject to certain limitations, in
marketable investment grade debt securities, other marketable debt securities
(including high yield securities) and marketable common stocks.
Babson Capital Management LLC ("Babson Capital") manages the Trust on a total
return basis. The Trust distributes substantially all of its net income to
shareholders each year. Accordingly, the Trust pays dividends to shareholders
quarterly in January, May, August, and November. The Trust pays dividends to its
shareholders in cash, unless the shareholder elects to participate in the
Dividend Reinvestment and Share Purchase Plan.
FORM N-Q
The Trust files its complete schedule of portfolio holdings with the U.S.
Securities and Exchange Commission ("SEC") for the first and third quarters of
each fiscal year on Form N-Q. This information is available (i) on the SEC's
website at http://www.sec.gov; and (ii) at the SEC's Public Reference Room in
Washington, DC (which information on their operation may be obtained by calling
1-800-SEC-0330). A complete schedule of portfolio holdings as of each
quarter-end is available upon request by calling, toll-free, 866-399-1516.
PROXY VOTING POLICIES & PROCEDURES; PROXY VOTING RECORD
The Trustees of the Trust have delegated proxy voting responsibilities relating
to the voting of securities held by the Trust to Babson Capital. A description
of Babson Capital's proxy voting policies and procedures is available (1)
without charge, upon request, by calling, toll-free 866-399-1516; (2) on the
Trust's website: http://www.babsoncapital.com/mci; and (3) on the SEC's website
at http://www.sec.gov. Information regarding how the Trust voted proxies
relating to portfolio securities during the most recent 12-month period ended
June 30 is available (1) on the Trust's website:
http://www.babsoncapital.com/mci; and (2) on the SEC's website at
http://www.sec.gov.
MCI
Listed
NYSE
TO OUR SHAREHOLDERS
August 9, 2006
We are pleased to present the June 30, 2006 Semi-Annual Report of MassMutual
Corporate Investors (the "Trust"). At the Trust's Quarterly Board of Trustees
Meeting, which was held on July 18, 2006, the Trustees appointed William J.
Barrett as a Trustee, thereby increasing the size of the Board from eight to
nine. Mr. Barrett is currently President of Barrett-Gardner Associates, Inc., an
investment banking firm.
The Trust's Board of Trustees declared an increase in the quarterly dividend to
50 cents per share, payable on August 14, 2006 to shareholders of record on July
28, 2006. A dividend of 48 cents per share was paid in the previous quarter.
U.S. equity markets, as measured by several broad market indices, posted mixed
returns. During the quarter ended June 30, 2006, large company stocks, as
approximated by the Dow Jones Industrial Average, increased 0.94%, while smaller
company stocks, as approximated by the Russell 2000 Index, decreased 5.02%. For
the six months ended June 30, 2006, returns were 5.22% and 8.21%, respectively.
U.S. fixed income markets, as measured by selected indices, were also mixed
during the quarter. The Lehman Brothers Government/Credit Index and the Lehman
Brothers U.S. Corporate High Yield Index decreased 0.14% and increased 0.25%,
respectively, for the quarter. For the six months ended June 30, 2005, returns
were -1.15% and 3.14%, respectively.
For the quarter ended June 30, 2006, the Trust earned 53 cents per share, of
which 3 cents per share was from nonrecurring items. The Trust earned 56 cents
per share in the previous quarter, of which 6 cents per share was from
nonrecurring items. The Trust's net assets as of June 30, 2006 totaled
$257,216,961 or $28.21 per share compared to $249,955,368 or $27.47 per share on
March 31, 2006. This translated into a net portfolio return of 4.51% for the
quarter, and 10.17% for the six months ended June 30, 2006, based on the change
in the Trust's net assets assuming the reinvestment of all dividends. Long term,
the Trust's portfolio had average annualized returns of 22.37%, 16.10%, 14.97%,
and 15.53% for the 1-, 5-, 10- and 25- year time periods ended June 30, 2006,
respectively, based on change in net assets with the reinvestment of all
dividends.
During the quarter, the Trust made private placement investments in six new
issuers and closed two "follow-on" investments, totaling approximately $12.4
million. The follow-on investments purchased by the Trust were in Eagle Pack Pet
Foods, Inc. and Terra Renewal Services, Inc. The six new issuers the Trust
invested in were Bravo Sports Holding Corporation, F H S Holdings LLC, Flutes,
Inc., K N B Holdings Corporation, Magnatech International, Inc. and Overton's
Holding Company. The weighted average coupon of the bond portion of these
investments was 12.12%. (A brief description of these investments can be found
in the Consolidated Schedule of Investments.)
Thank you for your continued interest in and support of MassMutual Corporate
Investors.
Sincerely, PORTFOLIO COMPOSITION AS OF 06/30/06*
/s/ Clifford M. Noreen [PIE CHART APPEARS HERE]
--------------------------
President Private High Yield Debt 45.5%
Private Investment Grade Debt 5.9%
Private/Restricted Equity 16.4%
Cash & Short Term Investments 5.1%
Public High Yield Debt 25.6%
*Based on market value of total investments
--------------------------------------------------------------------------------
1
CONSOLIDATED STATEMENT OF MASSMUTUAL CORPORATE INVESTORS
ASSETS AND LIABILITIES
June 30, 2006
(Unaudited)
ASSETS:
Investments
(See Consolidated Schedule of Investments)
Corporate restricted securities at fair value
(Cost - $181,360,142) $183,786,156
Corporate public securities at market value
(Cost - $73,647,223) 73,371,640
Short-term securities at amortized cost 6,500,871
------------
263,658,667
Cash 7,341,021
Interest receivable 5,363,967
Receivable for investments sold 3,182,042
Other assets 12,968
------------
TOTAL ASSETS $279,558,665
------------
LIABILITIES:
Payable for investments purchased $ 827,710
Investment advisory fee payable 803,803
Note payable 20,000,000
Interest payable 187,711
Accrued expenses 159,421
Accrued taxes payable 363,059
------------
TOTAL LIABILITIES 22,341,704
------------
TOTAL NET ASSETS $257,216,961
============
NET ASSETS:
Common shares, par value $1.00 per share; an unlimited number authorized $ 9,117,418
Additional paid-in capital 107,215,641
Retained net realized gain on investments, prior years 115,317,244
Undistributed net investment income 7,083,103
Undistributed net realized gain on investments 16,479,477
Net unrealized appreciation of investments 2,004,078
------------
TOTAL NET ASSETS $257,216,961
============
COMMON SHARES ISSUED AND OUTSTANDING 9,117,418
============
NET ASSET VALUE PER SHARE $ 28.21
============
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
--------------------------------------------------------------------------------------------
2
CONSOLIDATED STATEMENT OF OPERATIONS MASSMUTUAL CORPORATE INVESTORS
For the six months ended June 30, 2006
(Unaudited)
INVESTMENT INCOME:
Interest $ 11,572,161
Dividends 980,831
------------
TOTAL INVESTMENT INCOME 12,552,992
------------
EXPENSES:
Investment advisory fees 1,584,914
Professional fees 81,500
Interest 757,596
Trustees' fees and expenses 90,000
Reports to shareholders 56,000
Transfer agent/registrar's expenses 16,000
Other 14,218
------------
TOTAL EXPENSES 2,600,228
------------
INVESTMENT INCOME - NET 9,952,764
------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments before taxes 15,226,417
Income tax expense (350,255)
------------
Net realized gain on investments 14,876,162
Net change in unrealized appreciation of investments before taxes (1,202,623)
Net change in deferred income tax expense 129,220
------------
Net change in unrealized appreciation of investments (1,073,403)
NET GAIN ON INVESTMENTS 13,802,759
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 23,755,523
============
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
--------------------------------------------------------------------------------------------
3
CONSOLIDATED STATEMENT OF CASH FLOWS MASSMUTUAL CORPORATE INVESTORS
For the six months ended June 30, 2006
(Unaudited)
NET INCREASE IN CASH:
Cash flows from operating activities:
Interest and dividends received $ 11,681,799
Interest expense paid (757,596)
Operating expenses paid (1,791,996)
Income taxes paid (7,430,442)
------------
NET CASH PROVIDED BY OPERATING ACTIVITIES 1,701,765
------------
Cash flows from investing activities:
Purchases/Proceeds/Maturities from short-term portfolio securities, net 17,851,861
Purchase of portfolio securities (51,962,963)
Proceeds from disposition of portfolio securities 45,351,995
------------
NET CASH PROVIDED BY INVESTING ACTIVITIES 11,240,893
------------
NET CASH PROVIDED BY OPERATING AND INVESTING ACTIVITIES 12,942,658
------------
Cash flows from financing activities:
Cash dividends paid from net investment income (12,616,957)
Receipts for shares issued on reinvestment of dividends 1,553,870
------------
NET CASH USED FOR FINANCING ACTIVITIES (11,063,087)
------------
NET INCREASE IN CASH 1,879,571
Cash - beginning of year 5,461,450
------------
CASH - END OF PERIOD $ 7,341,021
============
RECONCILIATION OF NET INCREASE IN NET ASSETS TO NET
CASH PROVIDED BY OPERATING AND INVESTING ACTIVITIES:
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 23,755,523
------------
Increase in investments (1,911,824)
Increase in interest and dividends receivable (341,251)
Increase in receivable for investments sold (2,264,937)
Decrease in other assets 36,207
Increase in payable for investments purchased 827,710
Increase in investment advisory fee payable 65,442
Decrease in accrued expenses (14,805)
Decrease in accrued taxes payable (7,209,407)
------------
TOTAL ADJUSTMENTS TO NET ASSETS FROM OPERATIONS (10,812,865)
------------
NET CASH PROVIDED BY OPERATING AND INVESTING ACTIVITIES $ 12,942,658
============
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
--------------------------------------------------------------------------------------------
4
CONSOLIDATED STATEMENTS OF MASSMUTUAL CORPORATE INVESTORS
CHANGES IN NET ASSETS
For the six
months ended For the
06/30/2006 year ended
(Unaudited) 12/31/2005
------------ ------------
INCREASE IN NET ASSETS:
OPERATIONS:
Investment income - net $ 9,952,764 $ 18,371,097
Net realized gain on investments 14,876,162 15,531,627
Net change in unrealized appreciation of investments (1,073,403) 2,199,515
------------ ------------
Net increase in net assets resulting from operations 23,755,523 36,102,239
Increase from common shares issued on reinvestment of dividends
Common shares issued (2006 - 52,465; 2005 - 86,526) 1,553,870 2,375,977
Dividends to shareholders from:
Net investment income (2006 - $0.48 per share; 2005 - $2.11 per share) (4,367,850) (19,033,162)
Net realized gains on investments (2005 - $0.18 per share) -- (1,674,784)
------------ ------------
TOTAL INCREASE IN NET ASSETS 20,941,543 17,770,270
NET ASSETS, BEGINNING OF YEAR 236,275,418 218,505,148
------------ ------------
NET ASSETS, END OF PERIOD/YEAR (including undistributed net investment
income of $7,083,103 and $1,848,444, respectively) $257,216,961 $236,275,418
============ ============
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
--------------------------------------------------------------------------------------------------------------
5
CONSOLIDATED SELECTED FINANCIAL HIGHLIGHTS MASSMUTUAL CORPORATE INVESTORS
Selected data for each common share outstanding:
For the six months For the years ended December 31,
ended 06/30/2006 ----------------------------------------------------------------------
(Unaudited) 2005 2004 2003 2002 2001
---------- ---------- ---------- ---------- ---------- ----------
Net asset value:
Beginning of year $ 26.06 $ 24.34 $ 21.84 $ 19.40 $ 20.07 $ 20.74
---------- ---------- ---------- ---------- ---------- ----------
Net investment income (a) 1.09 2.03 2.00 1.44 1.53 1.70
Net realized and unrealized
gain (loss) on investments 1.52 1.96 (b) 2.64 2.83 (0.59) (0.53)
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations 2.61 3.99 4.64 4.27 0.94 1.17
---------- ---------- ---------- ---------- ---------- ----------
Dividends from net investment
income to common shareholders (0.48) (2.11) (2.16) (1.84) (1.44) (1.79)
Distributions from net realized gain on
investments to common shareholders -- (0.18) -- -- (0.18) (0.09)
Change from issuance of shares 0.02 0.02 0.02 0.01 0.01 0.04
---------- ---------- ---------- ---------- ---------- ----------
Total distributions (0.46) (2.27) (2.14) (1.83) (1.61) (1.84)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value:
End of period/year $ 28.21 $ 26.06 $ 24.34 $ 21.84 $ 19.40 $ 20.07
---------- ---------- ---------- ---------- ---------- ----------
Per share market value:
End of period/year $ 31.70 $ 30.05 $ 28.50 $ 22.90 $ 19.49 $ 20.70
========== ========== ========== ========== ========== ==========
Total investment return
Market value 7.17% 16.95% 36.10% 27.53% 1.35% 1.88%
Net asset value (c) 10.17% 20.04% 22.76% 22.61% 4.80% 5.91%
Net assets (in millions):
End of period/year $ 257.22 $ 236.28 $ 218.51 $ 193.79 $ 171.03 $ 175.11
Ratio of operating expenses
to average net assets 1.51%(d) 1.78% 1.93% 2.04% 1.82% 1.72%
Ratio of interest expense
to average net assets 0.62%(d) 0.73% 0.77% 0.82% 0.86% 0.84%
Ratio of total expenses
to average net assets 2.13%(d) 2.51% 2.70% 2.86% 2.68% 2.56%
Ratio of net investment income
to average net assets 8.14%(d) 7.98% 8.68% 6.95% 7.65% 8.20%
Portfolio turnover 19.14% 35.22% 53.45% 56.10% 34.02% 24.48%
(a) Calculated using average shares.
(b) Amount includes $0.19 per share in litigation proceeds.
(c) Net asset value return represents portfolio returns based on change in the Trust's net asset value assuming the reinvestment of
all dividends and distributions which differs from the total investment return based on the Trust's market value due to the
difference between the Trust's net asset value and the market value of its shares outstanding; past performance is no guarantee
of future results.
(d) Annualized.
Senior securities:
Total principal amount (in millions) $ 20 $ 20 $ 29 $ 20 $ 20 $ 20
Asset coverage per $1,000
of indebtedness $ 13,861 $ 12,814 $ 8,535 $ 10,689 $ 9,551 $ 9,756
CONSOLIDATED SELECTED FINANCIAL HIGHLIGHTS
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
--------------------------------------------------------------------------------
6
CONSOLIDATED SCHEDULE OF INVESTMENTS MASSMUTUAL CORPORATE INVESTORS
JUNE 30, 2006
(Unaudited)
Shares, Units,
Warrants,
Ownership
or Principal Acquisition Fair
CORPORATE RESTRICTED SECURITIES - 71.45%: (A) Amount Date Cost Value
---------------------------------------------------------------------------------------------------------------------------------
PRIVATE PLACEMENT INVESTMENTS - 66.24%
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 $ 1,880,582
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 1,881,238
------------- -------------
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 1,988,763 2,125,000
Warrant, exercisable until 2010, to purchase
common stock at $.02 per share (B) 364 shs. 02/29/00 307,759 523,541
------------- -------------
2,296,522 2,648,541
------------- -------------
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 1,042,071 1,105,367
Limited Partnership Interest (B) 0.36% int. 04/07/05 78,704 121,048
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 125 shs. 04/08/05 122,463 192,047
------------- -------------
1,243,238 1,418,462
------------- -------------
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 1,930,223 2,132,969
Preferred Class A Unit (B) 2,525 uts. 01/22/04 252,500 227,250
Common Class B Unit (B) 30,420 uts. 01/22/04 1 291,840
------------- -------------
2,182,724 2,652,059
------------- -------------
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 1,527,212 1,635,086
Common Stock (B) 497 shs. 05/18/05 497,340 653,505
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 130 shs. 05/18/05 112,128 171,319
------------- -------------
2,136,680 2,459,910
------------- -------------
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 1,581,233 1,691,737
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
------------- -------------
2,220,337 2,873,961
------------- -------------
*12/31/04, 03/31/05 and 05/02/06.
---------------------------------------------------------------------------------------------------------------------------------
7
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL CORPORATE INVESTORS
JUNE 30, 2006
(Unaudited)
Shares, Units,
Warrants,
Ownership
or Principal Acquisition Fair
CORPORATE RESTRICTED SECURITIES (A) (CONTINUED) Amount Date Cost Value
---------------------------------------------------------------------------------------------------------------------------------
BEACON MEDICAL PRODUCTS, INC.
A designer, manufacturer and marketer of medical air and
gas distribution systems.
9% Senior Secured Revolving Credit
Facility due 2007 (C) $ 230,636 04/09/02 $ 230,636 $ 230,636
9% Senior Secured Tranche A Note due 2008 (C) $ 542,056 04/09/02 542,056 542,056
12% Senior Secured Note due 2010 $ 721,196 04/09/02 641,802 721,196
Limited Partnership Interest of Riverside Capital
Appreciation Fund IV, L.P. (B) 8.91% int. 04/09/02 152,329 599,567
Warrant, exercisable until 2010, to purchase
common stock at $.01 per share (B) 1,390 shs. 04/09/02 127,497 546,962
------------- -------------
1,694,320 2,640,417
------------- -------------
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 2,143,859 2,224,781
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
------------- -------------
2,504,368 2,479,769
------------- -------------
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 1,583,961
14% Senior Subordinated Note due 2013 $ 1,143,018 08/12/05 1,043,241 1,157,230
Common Stock (B) 470,150 shs. 08/12/05 470,150 901,278
Warrants, exercisable until 2013, to purchase
common stock at $.01 per share (B) 86,716 shs. 08/12/05 106,592 166,235
------------- -------------
3,171,475 3,808,704
------------- -------------
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 09/13/02 759,036 759,897
11% Senior Subordinated Note due 2010 $ 838,102 09/13/02 810,903 841,701
Common Stock (B) 316,265 shs. 09/13/02 316,265 711,596
Warrant, exercisable until 2010, to purchase
common stock at $.01 per share (B) 137,175 shs. 09/13/02 60,250 308,644
------------- -------------
1,946,454 2,621,838
------------- -------------
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 45,046 323,911
------------- -------------
---------------------------------------------------------------------------------------------------------------------------------
8
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL CORPORATE INVESTORS
JUNE 30, 2006
(Unaudited)
Shares, Units,
Warrants,
Ownership
or Principal Acquisition Fair
CORPORATE RESTRICTED SECURITIES (A) (CONTINUED) Amount Date Cost Value
---------------------------------------------------------------------------------------------------------------------------------
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 04/30/03 462,862 462,763
11.5% Senior Subordinated Note due 2011 $ 424,819 04/30/03 395,272 424,973
Common Stock (B) 126,812 shs. 04/30/03 126,812 223,696
Warrant, exercisable until 2010, to purchase
common stock at $.01 per share (B) 87,672 shs. 04/30/03 40,804 154,653
------------- -------------
1,025,750 1,266,085
------------- -------------
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 01/07/02 108,025 108,025
10.21% Senior Secured Tranche A Note due 2007 (C) $ 759,887 06/26/01 759,887 743,185
13% Senior Secured Tranche B Note due 2008 $ 648,148 06/26/01 648,148 639,020
Limited Partnership Interest (B) 6.38% int. 06/26/01 324,074 291,667
Warrant, exercisable until 2008, to purchase
common stock at $.01 per share (B) 107,036 shs. 06/26/01 79,398 152,205
------------- -------------
1,919,532 1,934,102
------------- -------------
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 2,093,225 2,133,929
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
------------- -------------
2,719,989 2,591,769
------------- -------------
*12/30/97 and 05/29/99.
**08/12/04 and 01/18/05.
***08/12/04 and 01/14/05.
****06/15/05 and 05/22/06.
---------------------------------------------------------------------------------------------------------------------------------
9
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL CORPORATE INVESTORS
JUNE 30, 2006
(Unaudited)
Shares, Units,
Warrants,
Ownership
or Principal Acquisition Fair
CORPORATE RESTRICTED SECURITIES (A) (CONTINUED) Amount Date Cost Value
---------------------------------------------------------------------------------------------------------------------------------
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 $ 2,421,361 $ 2,480,933
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 20 shs. 08/04/05 137,166 --
------------- -------------
2,558,527 2,480,933
------------- -------------
CORVEST GROUP, INC.
A manufacturer and distributor of promotional products.
12% Senior Subordinated Note due 2009 (D) $ 3,863,636 * 3,743,862 965,909
Common Stock (B) 56 shs. * 96,591 --
Limited Partnership Interest (B) 19.32% int. * 284,052 --
Warrant, exercisable until 2007, to purchase
common stock at $.01 per share (B) 324 shs. * 297,203 --
------------- -------------
4,421,708 965,909
------------- -------------
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. 07/19/01 585,145 805,529
Warrant, exercisable until 2006, to purchase
common stock at $.01 per share (B) 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 2,828,569
Limited Partnership Interest (B) 8.70% int. ** 49,531 567,475
------------- -------------
126,061 3,396,044
------------- -------------
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
------------- -------------
DWYER GROUP, INC.
A franchiser of a variety of home repair services.
14% Senior Subordinated Note due 2011 $ 1,859,375 10/30/03 1,710,873 1,880,701
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
------------- -------------
2,587,942 2,810,418
------------- -------------
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 77,208 148,852
------------- -------------
*03/05/99 and 03/24/99.
**12/22/99 and 09/14/05.
***10/24/96 and 8/28/98.
****10/30/03 and 01/02/04.
---------------------------------------------------------------------------------------------------------------------------------
10
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL CORPORATE INVESTORS
JUNE 30, 2006
(Unaudited)
Shares, Units,
Warrants,
Ownership
or Principal Acquisition Fair
CORPORATE RESTRICTED SECURITIES (A) (CONTINUED) Amount Date Cost Value
---------------------------------------------------------------------------------------------------------------------------------
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 * $ 1,476,424 $ 1,516,699
Warrant, exercisable until 2011, to purchase
common stock at $.02 per share (B) 4,085 shs. 09/24/04 39,464 83,975
------------- -------------
1,515,888 1,600,674
------------- -------------
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 HOLDINGS LLC
A national provider of customized disease management
services to large, self-insured employers.
12% Senior Subordinated Note due 2014 $ 2,390,625 06/01/06 2,220,968 2,375,701
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
------------- -------------
2,502,703 2,629,262
------------- -------------
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 04/13/06 904,609 893,908
14% Senior Subordinated Note due 2014 $ 547,179 04/13/06 488,508 533,916
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
------------- -------------
1,550,986 1,526,625
------------- -------------
*09/24/04 and 4/20/06.
---------------------------------------------------------------------------------------------------------------------------------
11
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL CORPORATE INVESTORS
JUNE 30, 2006
(Unaudited)
Shares, Units,
Warrants,
Ownership
or Principal Acquisition Fair
CORPORATE RESTRICTED SECURITIES (A) (CONTINUED) Amount Date Cost Value
---------------------------------------------------------------------------------------------------------------------------------
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 $ 2,128,160 $ 2,285,667
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
------------- -------------
2,521,378 2,451,972
------------- -------------
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 2,174,919 2,269,159
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
------------- -------------
2,506,632 2,461,793
------------- -------------
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 2,051,532 2,142,729
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
------------- -------------
2,508,407 2,448,730
------------- -------------
HIGHGATE CAPITAL LLC
An acquirer of controlling or substantial interests in
manufacturing and marketing entities.
Series A Preferred Units (B) 1.19% int. 7/21/94 367,440 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 * 1,869,240 2,029,809
Common Stock (B) 63 shs. * 62,742 71,994
Warrant, exercisable until 2012, to purchase
common stock at $.02 per share (B) 200 shs. * 199,501 228,926
------------- -------------
2,131,483 2,330,729
------------- -------------
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.
13.19% Senior Secured Note due 2009 (C) $ 2,218,747 07/26/05 2,174,523 2,199,331
16.69% Senior Secured Note due 2009 (C) $ 353,822 07/26/05 310,859 349,641
Warrant, exercisable until 2009, to purchase
convertible preferred stock at $.01 per share (B) 102,884 shs. 07/26/05 34,295 138,893
------------- -------------
2,519,677 2,687,865
------------- -------------
*06/30/04 and 08/19/04.
---------------------------------------------------------------------------------------------------------------------------------
12
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL CORPORATE INVESTORS
JUNE 30, 2006
(Unaudited)
Shares, Units,
Warrants,
Ownership
or Principal Acquisition Fair
CORPORATE RESTRICTED SECURITIES (A) (CONTINUED) Amount Date Cost Value
---------------------------------------------------------------------------------------------------------------------------------
JASON, INC.
A diversified manufacturing company serving various
industrial markets.
13% Senior Subordinated Note due 2008 $ 963,687 08/04/00 $ 915,318 $ 949,990
14% Cumulative Redeemable Preferred Stock Series A (B) 289 shs. 08/04/00 289,224 282,322
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 40,694
------------- -------------
2,206,315 1,982,211
------------- -------------
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 1,506,670 1,538,466
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 1,121 shs. 12/15/04 101,109 11
------------- -------------
1,607,779 1,538,477
------------- -------------
K N B HOLDINGS CORPORATION
A designer, manufacturer and marketer of products for the
custom framing market.
13.5% Senior Subordinated Note due 2013 $ 2,415,790 05/25/06 2,296,499 2,361,352
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
------------- -------------
2,502,243 2,482,965
------------- -------------
KEEPSAKE QUILTING, INC.
A seller of quilting fabrics, books, patterns, kits and
notions to consumers.
8.77% Senior Secured Revolving Note due 2006 (C) $ 36,693 06/16/00 36,693 36,662
8.77% Senior Secured Tranche A Note due 2007 (C) $ 275,196 06/16/00 275,196 272,557
12% Senior Secured Tranche B Note due 2008 $ 550,392 06/16/00 534,509 550,759
Limited Partnership Interest of
Riverside XVI Holding Company, L.P. (B) 5.29% int. 6/12/00 333,490 216,582
Warrant, exercisable until 2008, to purchase
common stock at $.01 per share (B) 1,108 shs. 6/12/00 45,866 71,946
------------- -------------
1,225,754 1,148,506
------------- -------------
KELE AND ASSOCIATES, INC.
A distributor of building automation control products.
12% Senior Subordinated Note due 2012 $ 1,831,548 02/27/04 1,687,660 1,867,020
Preferred Stock (B) 23 shs. 11/24/04 449,164 456,950
Common Stock (B) 12 shs. 02/27/04 12,871 175,834
Warrant, exercisable until 2012, to purchase
common stock at $.02 per share (B) 11 shs. 02/27/04 7,793 160,940
------------- -------------
2,157,488 2,660,744
------------- -------------
KEYSTONE NORTH AMERICA, INC.
An operator of funeral homes in North America.
Common Stock (B) 49,216 shs. 02/08/05 236,709 296,871
------------- -------------
---------------------------------------------------------------------------------------------------------------------------------
13
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL CORPORATE INVESTORS
JUNE 30, 2006
(Unaudited)
Shares, Units,
Warrants,
Ownership
or Principal Acquisition Fair
CORPORATE RESTRICTED SECURITIES (A) (CONTINUED) Amount Date Cost Value
---------------------------------------------------------------------------------------------------------------------------------
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 * $ 3,575,486 $ 3,739,650
Common Stock (B) 5,800 shs. * 406,003 223,300
Warrant, exercisable until 2006, to purchase
common stock at $.11 per share (B) 15,572 shs. * 602,127 599,522
------------- -------------
4,583,616 4,562,472
------------- -------------
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 1,184,793 1,253,759
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 --
------------- -------------
1,888,081 1,909,621
------------- -------------
MAVERICK ACQUISITION COMPANY
A manufacturer of capsules that cover the cork and neck of
wine bottles.
9.5% Senior Secured Tranche A Note due 2010 (C) $ 689,213 09/03/04 689,213 689,362
12% Senior Secured Tranche B Note due 2011 $ 313,433 09/03/04 280,573 309,756
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
------------- -------------
1,068,028 1,052,014
------------- -------------
MAXON CORPORATION
A manufacturer of industrial combustion equipment and
related shut-off valves and control valves.
12% Senior Subordinated Note due 2012 $ 962,215 09/30/04 884,370 974,056
8.75% Senior Subordinated Note due 2012 $ 1,281,112 09/30/04 1,281,112 1,304,145
Common Stock (B) 381,672 shs. 09/30/04 381,672 690,063
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 153,572 shs. 09/30/04 90,897 277,657
------------- -------------
2,638,051 3,245,921
------------- -------------
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 82,071
Common Stock (B) 26,185 shs. 10/02/04 35,088 72,476
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 88,948 shs. 05/01/03 40,675 246,196
------------- -------------
159,421 400,743
------------- -------------
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 2,013,446 2,137,030
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
------------- -------------
2,558,534 2,504,231
------------- -------------
*12/23/98 and 01/28/99.
---------------------------------------------------------------------------------------------------------------------------------
14
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL CORPORATE INVESTORS
JUNE 30, 2006
(Unaudited)
Shares, Units,
Warrants,
Ownership
or Principal Acquisition Fair
CORPORATE RESTRICTED SECURITIES (A) (CONTINUED) Amount Date Cost 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 $ 2,363,197 $ 2,485,414
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 152 shs. 03/31/06 138,125 2
------------- -------------
2,501,322 2,485,416
------------- -------------
MOSS, INC.
A manufacturer and distributor of large display and
exhibit structures.
9% Senior Secured Tranche A Note due 2010 (C) $ 962,500 12/21/05 952,875 968,306
12% Senior Secured Tranche B Note due 2010 $ 350,000 12/21/05 309,853 349,406
Limited Partnership Interest of
Riverside Capital Appreciation Fund I, L.P. (B) 0.02% int. * 49 379,628
Warrant, exercisable until 2010, to purchase
common stock at $.01 per share (B) 214 shs. 09/21/00 36,647 2
------------- -------------
1,299,424 1,697,342
------------- -------------
NABCO, INC.
A producer of explosive containment vessels in the
United States.
12% Senior Subordinated Note due 2014 $ 625,000 02/24/06 576,115 604,569
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 --
------------- -------------
1,263,303 1,222,069
------------- -------------
NEFF MOTIVATION, INC.
A manufacturer and distributor of customized awards and
sportswear to schools.
12.5% Senior Subordinated Note due 2011 $ 1,062,500 01/31/03 930,804 1,083,750
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 212 shs. 01/31/03 180,625 215,068
------------- -------------
1,111,429 1,298,818
------------- -------------
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 1,823,589
10% Preferred Stock (B) 255 shs. 03/29/04 255,083 248,714
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 2,187,954
------------- -------------
NYLONCRAFT, INC.
A supplier of engineered plastic components for the
automotive industry.
9% Senior Secured Note due 2009 $ 812,500 01/28/02 812,500 793,605
11.5% Senior Subordinated Note due 2012 $ 1,500,000 01/28/02 1,389,437 1,419,166
Common Stock (B) 312,500 shs. 01/28/02 312,500 250,000
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 243,223 shs. 01/28/02 162,045 2,432
------------- -------------
2,676,482 2,465,203
------------- -------------
*09/20/00 and 05/23/02.
---------------------------------------------------------------------------------------------------------------------------------
15
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL CORPORATE INVESTORS
JUNE 30, 2006
(Unaudited)
Shares, Units,
Warrants,
Ownership
or Principal Acquisition Fair
CORPORATE RESTRICTED SECURITIES (A) (CONTINUED) Amount Date Cost Value
---------------------------------------------------------------------------------------------------------------------------------
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 $ 2,229,783 $ 2,310,706
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
------------- -------------
2,505,824 2,471,245
------------- -------------
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 01/03/06 556,970 552,754
13% Senior Subordinated Note due 2013 $ 687,241 01/03/06 612,741 670,188
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
------------- -------------
1,554,842 1,513,740
------------- -------------
OLYMPIC SALES, INC.
A boat retailer in Washington state, Oregon, California and
British Columbia.
14% Senior Subordinated Note due 2006 $ 2,482,000 08/07/98 2,482,000 2,473,463
12% Senior Subordinated Note due 2008 $ 307,071 02/09/00 298,203 300,301
Limited Partnership Interest of Riverside VIII,
VIII-A and VIII-B Holding Company, L.P. 20.57% int. * 1,555,820 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
------------- -------------
4,725,211 4,715,110
------------- -------------
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 1,774,892 1,930,789
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
------------- -------------
2,517,808 2,445,698
------------- -------------
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 1,698,265 1,782,637
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
------------- -------------
1,876,985 1,868,138
------------- -------------
*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
JUNE 30, 2006
(Unaudited)
Shares, Units,
Warrants,
Ownership
or Principal Acquisition Fair
CORPORATE RESTRICTED SECURITIES (A) (CONTINUED) Amount Date Cost Value
---------------------------------------------------------------------------------------------------------------------------------
P I I HOLDING CORPORATION
A manufacturer of plastic film and bags for the general
industrial, medical, and food industries.
12% Senior Subordinated Note due 2013 $ 2,295,000 03/31/06 $ 2,140,466 $ 2,224,558
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 --
------------- -------------
2,506,684 2,560,624
------------- -------------
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 2,008,518 2,062,655
Membership Interests of MM/Lincap
PPI Investments, Inc., LLC (B) 2.42% int. 12/21/00 265,625 280,043
------------- -------------
2,274,143 2,342,698
------------- -------------
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 1,462,749 1,794,496
Common Stock (B) 354,166 shs. 05/28/04 354,166 653,436
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 377,719 shs. 05/28/04 377,719 696,892
------------- -------------
2,194,634 3,144,824
------------- -------------
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 2,100,704 2,198,674
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
------------- -------------
2,509,862 2,460,416
------------- -------------
*11/14/01 and 08/12/94.
---------------------------------------------------------------------------------------------------------------------------------
17
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL CORPORATE INVESTORS
JUNE 30, 2006
(Unaudited)
Shares, Units,
Warrants,
Ownership
or Principal Acquisition Fair
CORPORATE RESTRICTED SECURITIES (A) (CONTINUED) Amount Date Cost Value
---------------------------------------------------------------------------------------------------------------------------------
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 $ 1,657,500
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 1,657,500
------------- -------------
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 11/14/03 965,942 1,054,138
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 140 shs. 11/14/03 122,946 71,317
------------- -------------
1,088,888 1,125,455
------------- -------------
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) $ 565,326 06/02/99 565,326 565,326
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. 06/02/99 256,212 497,517
------------- -------------
1,952,190 2,193,495
------------- -------------
SAVAGE SPORTS HOLDING, INC.
A manufacturer of sporting firearms.
12% Senior Subordinated Note due 2012 $ 1,538,793 09/10/04 1,440,335 1,505,644
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
------------- -------------
2,140,120 2,092,852
------------- -------------
SPECIALTY FOODS GROUP, INC.
A manufacturer and distributor of branded meat products.
Limited Partnership Interest of MHD Holdings LLC (B) 1.43% int. 08/29/00 579,736 --
------------- -------------
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
------------- -------------
---------------------------------------------------------------------------------------------------------------------------------
18
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL CORPORATE INVESTORS
JUNE 30, 2006
(Unaudited)
Shares, Units,
Warrants,
Ownership
or Principal Acquisition Fair
CORPORATE RESTRICTED SECURITIES (A) (CONTINUED) Amount Date Cost Value
---------------------------------------------------------------------------------------------------------------------------------
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 $ 1,893,881 $ 2,240,010
Preferred Stock (B) 3,304 shs. 10/14/05 330,412 332,762
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
------------- -------------
2,520,899 2,574,767
------------- -------------
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.
10% Senior Secured Term A Note due 2011 (C) $ 492,187 04/28/06 490,748 485,164
10.25% Senior Secured Term B Note due 2012 (C) $ 738,282 04/28/06 736,405 720,412
12% Senior Subordinated Note due 2014 $ 1,162,110 04/28/06 1,104,804 1,140,637
Limited Partnership Interest of
Saw Mill Capital Fund V, L.P. 4.00% int. 03/01/05 215,747 194,173
Warrant, exercisable until 2016, to purchase
common stock at $.01 per share (B) 72 shs. 04/28/06 60,597 1
------------- -------------
2,608,301 2,540,387
------------- -------------
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 2,548,802 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
------------- -------------
3,547,634 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 1,660,478 1,728,371
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
------------- -------------
2,553,963 2,503,572
------------- -------------
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 01/20/00 789,836 790,221
12% Senior Subordinated Note due 2010 $ 1,326,500 01/20/00 1,281,185 1,329,153
Common Stock (B) 227,400 shs. 01/20/00 227,400 521,883
Warrant, exercisable until 2010, to purchase
common stock at $1 per share (B) 260,563 shs. 01/20/00 98,540 597,992
------------- -------------
2,396,961 3,239,249
------------- -------------
---------------------------------------------------------------------------------------------------------------------------------
19
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL CORPORATE INVESTORS
JUNE 30, 2006
(Unaudited)
Shares, Units,
Warrants,
Ownership
or Principal Acquisition Fair
CORPORATE RESTRICTED SECURITIES (A) (CONTINUED) Amount Date Cost Value
---------------------------------------------------------------------------------------------------------------------------------
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 * $ 2,151,143 $ 2,345,327
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
------------- -------------
3,111,897 3,557,313
------------- -------------
TRUSTILE DOORS, INC.
A manufacturer and distributor of interior doors.
12.5% Senior Subordinated Note due 2010 $ 1,062,500 04/11/03 999,566 1,056,004
Warrant, exercisable until 2010, to purchase
common stock at $.01 per share (B) 5,781 shs. 04/11/03 95,625 71,747
------------- -------------
1,095,191 1,127,751
------------- -------------
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 1,121,535 1,198,547
8.75% Senior Secured Note due 2011 $ 716,292 05/28/04 716,292 707,093
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
------------- -------------
2,642,773 2,480,712
------------- -------------
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 1,094,376
------------- -------------
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 08/06/03 780,482 894,737
Preferred Stock (B) 2,571 shs. 08/06/03 257,095 263,330
Common Stock (B) 1,032 shs. 08/06/03 1,032 1,553,511
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 949 shs. 08/06/03 298,198 977,210
------------- -------------
1,336,807 3,688,788
------------- -------------
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. 12/19/96 128,372 --
------------- -------------
2,640,127 108,991
------------- -------------
* 07/19/05 and 12/22/05.
---------------------------------------------------------------------------------------------------------------------------------
20
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL CORPORATE INVESTORS
JUNE 30, 2006
(Unaudited)
Shares, Units,
Warrants,
Ownership
or Principal Acquisition Fair
CORPORATE RESTRICTED SECURITIES (A) (CONTINUED) Amount Date Cost 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 $ 1,704,621 $ 1,905,414
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. 04/30/04 211,736 290,329
------------- -------------
2,098,557 2,425,315
------------- -------------
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 1,730,919 1,849,855
Common Stock (B) 23,771 shs. 09/24/04 237,710 326,328
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 23,787 shs. 09/24/04 186,883 326,548
------------- -------------
2,155,512 2,502,731
------------- -------------
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 1,585,837
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. 07/19/04 182,935 164,642
------------- -------------
2,080,375 2,123,417
------------- -------------
WALLS INDUSTRIES, INC.
A provider of branded workwear and sporting
goods apparel.
10% Senior Subordinated Lien Note due 2009 $ 838,816 07/12/04 838,816 848,620
14% Senior Subordinated Note due 2012 $ 1,064,098 07/12/04 1,061,292 1,094,515
Limited Partnership Interest (B) 0.40% int. 07/12/04 37,281 872,375
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 4,029 shs. 07/12/04 2,833 94,275
------------- -------------
1,940,222 2,909,785
------------- -------------
TOTAL PRIVATE PLACEMENT INVESTMENTS $ 167,993,090 $ 170,393,268
------------- -------------
---------------------------------------------------------------------------------------------------------------------------------
21
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL CORPORATE INVESTORS
JUNE 30, 2006
(Unaudited)
Shares or
Interest Due Principal
CORPORATE RESTRICTED SECURITIES:(A) (CONTINUED) Rate Date Amount Cost Fair Value
---------------------------------------------------------------------------------------------------------------------------------
RULE 144A SECURITIES - 5.21%:
BONDS - 5.21%
A E S Corporation 9.000% 05/15/15 $ 200,000 $ 200,000 $ 215,000
Activant Solutions, Inc. (C) 9.500 05/01/16 150,000 150,000 145,125
American Tire Distributor (C) 11.240 04/01/12 1,000,000 950,000 930,000
Atlas Pipeline Partners 8.125 12/15/15 200,000 200,000 199,250
Basic Energy Services 7.125 04/15/16 225,000 225,000 209,250
Bombardier, Inc. 6.300 05/01/14 1,000,000 890,000 870,000
Brigham Exploration Company 9.625 05/01/14 700,000 690,403 686,000
Calpine Corporation 8.750 07/15/13 500,000 465,000 470,000
Charter Communications Op LLC 8.000 04/30/12 250,000 249,375 248,750
Douglas Dynamics LLC 7.750 01/15/12 630,000 633,535 598,500
Dynegy Holdings, Inc. 8.375 05/01/16 330,000 330,000 325,050
Edison Mission Energy 7.750 06/15/16 500,000 500,000 491,250
G F S I, Inc. 11.000 06/01/11 750,000 682,541 708,750
Interactive Health LLC 7.250 04/01/11 872,000 742,789 716,130
Neiman Marcus Group, Inc. 10.375 10/15/15 1,250,000 1,250,000 1,328,125
Packaging Corporation of America 10.000 05/01/16 700,000 700,000 700,000
Petrohawk Energy Corporation 9.125 07/15/13 550,000 543,043 543,043
Pregis Corporation 12.375 10/15/13 1,000,000 981,490 1,040,000
Service Corporation International (C) 8.000 06/15/17 1,000,000 990,030 935,000
Siebe PLC 6.500 01/15/10 650,000 572,000 665,883
Stewart & Stevenson LLC 10.000 07/15/14 225,000 225,000 225,844
Sungard Data Systems 9.125 08/15/13 175,000 175,000 181,563
Tekni-Plex, Inc. (C) 9.500 11/15/13 650,000 656,032 617,500
Tenaska Alabama Partners LP 7.000 06/30/21 351,805 351,805 342,875
------------ ------------
TOTAL BONDS 13,353,043 13,392,888
------------ ------------
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 13,367,052 13,392,888
------------ ------------
TOTAL CORPORATE RESTRICTED SECURITIES $181,360,142 $183,786,156
------------ ------------
---------------------------------------------------------------------------------------------------------------------------------
22
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL CORPORATE INVESTORS
JUNE 30, 2006
(Unaudited)
Interest Due Principal
CORPORATE PUBLIC SECURITIES - 28.53%: (A) Rate Date Amount Cost Market Value
---------------------------------------------------------------------------------------------------------------------------------
BONDS - 25.89%
A M C Entertainment, Inc. 11.000% 02/01/16 $ 815,000 $ 817,373 $ 872,050
Abitibi-Consolidated, Inc. 7.750 06/15/11 1,000,000 1,029,556 917,500
Affinia Group, Inc. 9.000 11/30/14 910,000 834,625 825,825
Alamosa Delaware, Inc. 11.000 07/31/10 325,000 329,165 355,875
Alamosa Delaware, Inc. 8.500 01/31/12 400,000 400,000 424,000
ALH Fin LLC/ALH Fin Corporation 8.500 01/15/13 950,000 918,813 916,750
Allied Waste NA 7.875 04/15/13 1,000,000 1,023,514 1,000,000
Appleton Papers, Inc. 8.125 06/15/11 300,000 300,000 303,000
Argo Tech Corporation 9.250 06/01/11 850,000 850,000 875,500
Bally Total Fitness Holding Corporation 9.875 10/15/07 135,000 128,925 132,638
BCP Crystal US Holdings Corporation 9.625 06/15/14 485,000 485,000 526,225
Blockbuster, Inc. 10.000 09/01/12 475,000 476,038 442,938
C S C Holdings, Inc. 7.625 04/01/11 500,000 501,741 500,000
CCH I Holdings LLC 11.000 10/01/15 1,000,000 890,000 875,000
CCH I Holdings LLC 11.125 01/15/14 1,000,000 640,438 610,000
Cablevision Systems Corporation (C) 9.620 04/01/09 1,000,000 1,000,000 1,060,000
Cadmus Communications Corporation 8.375 06/15/14 750,000 750,000 742,500
Cenveo Corporation 7.875 12/01/13 1,100,000 1,100,000 1,072,500
Chemed Corporation 8.750 02/24/11 1,125,000 1,125,000 1,181,250
Chesapeake Energy Corporation 7.000 08/15/14 1,075,000 1,112,768 1,040,063
Cincinnati Bell, Inc. 8.375 01/15/14 1,100,000 1,007,500 1,083,500
Clayton Williams Energy, Inc. 7.750 08/01/13 800,000 800,000 736,000
Del Monte Corporation 8.625 12/15/12 225,000 225,000 231,750
Dollar Financial Group 9.750 11/15/11 600,000 600,000 645,000
Dominos Pizza, Inc. 8.250 07/01/11 292,000 289,892 302,950
Dynegy Holdings, Inc. 6.875 04/01/11 500,000 422,500 472,500
El Paso Corporation 7.875 06/15/12 1,050,000 1,062,248 1,068,375
Esterline Technologies 7.750 06/15/13 200,000 200,000 202,500
Flextronics International Ltd. 6.500 05/15/13 400,000 400,000 380,000
Ford Motor Credit Company 7.375 10/28/09 1,250,000 1,246,875 1,155,673
Gencorp, Inc. 9.500 08/15/13 259,000 259,000 275,188
General Motors Acceptance Corporation 7.750 01/19/10 1,250,000 1,299,605 1,243,554
Geo Sub Corporation 11.000 05/15/12 600,000 595,500 603,000
Goodyear Tire & Rubber Company 7.857 08/15/11 1,400,000 1,342,750 1,298,500
Great Lakes Dredge & Dock Corporation 7.750 12/15/13 1,015,000 926,319 935,069
GulfMark Offshore, Inc. 7.750 07/15/14 565,000 562,599 550,875
Houghton Mifflin Co. 9.875 02/01/13 1,000,000 1,047,930 1,037,500
Huntsman LLC 11.625 10/15/10 324,000 320,161 358,020
Imax Corporation 9.625 12/01/10 1,000,000 1,030,086 1,025,000
Inergy LP 8.250 03/01/16 150,000 150,000 151,500
Insurance Auto Auctions, Inc. 11.000 04/01/13 1,000,000 1,009,562 985,000
Intelsat Subsidiary Holding Company Ltd. (C) 9.614 01/15/12 450,000 449,996 454,500
Interline Brands Inc. 8.125 06/15/14 325,000 322,670 324,188
Koppers Inc. 9.875 10/15/13 477,000 477,000 511,582
Land O'Lakes, Inc. 9.000 12/15/10 750,000 750,000 780,000
Lazard LLC 7.125 05/15/15 750,000 749,408 757,988
Leucadia National Corporation 7.000 08/15/13 650,000 661,678 630,500
Liberty Media Corporation 5.700 05/15/13 1,000,000 951,610 908,131
Lodgenet Entertainment Corporation 9.500 06/15/13 425,000 425,000 452,625
Lyondell Chemical Co. 9.500 12/15/08 530,000 517,022 544,575
M G M Mirage, Inc. 6.000 10/01/09 375,000 378,834 364,688
Mac-Gray Corporation 7.625 08/15/15 600,000 600,000 606,000
---------------------------------------------------------------------------------------------------------------------------------
23
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL CORPORATE INVESTORS
JUNE 30, 2006
(Unaudited)
Interest Due Principal
CORPORATE PUBLIC SECURITIES (A) (CONTINUED) Rate Date Amount Cost Market Value
---------------------------------------------------------------------------------------------------------------------------------
BONDS, CONTINUED
Magnachip Semiconductor 8.000% 12/15/14 $ 100,000 $ 100,000 $ 83,000
Majestic Star Casino LLC 9.500 10/15/10 500,000 500,000 523,750
Manitowoc Company, Inc. 7.125 11/01/13 200,000 200,000 196,000
Markwest Energy Operating Co. 6.875 11/01/14 475,000 475,000 437,000
Mediacom LLC 9.500 01/15/13 1,000,000 1,002,409 995,000
Metaldyne Corporation 11.000 06/15/12 750,000 601,250 637,500
Metaldyne Corporation 10.000 11/01/13 510,000 513,671 493,425
Moog, Inc. 6.250 01/15/15 120,000 120,000 112,800
Mrs. Fields Brands 11.500 03/15/11 750,000 713,710 660,000
N R G Energy, Inc. 7.375 02/01/16 175,000 175,000 170,625
Nalco Co. 7.750 11/15/11 500,000 500,000 498,750
National Wine & Spirits, Inc. 10.125 01/15/09 1,260,000 1,253,117 1,260,000
Newark Group, Inc. 9.750 03/15/14 850,000 796,863 786,250
North American Energy Partners 8.750 12/01/11 400,000 400,000 384,000
Nova Chemicals Corporation (C) 8.405 11/15/13 475,000 475,000 471,438
O E D Corp/Diamond Jo Company Guarantee 8.750 04/15/12 1,000,000 985,960 1,006,250
Offshore Logistics, Inc. 6.125 06/15/13 450,000 450,000 415,125
P Q Corporation 7.750 02/15/13 1,100,000 1,088,750 1,034,000
Pacific Energy Partners 7.125 06/15/14 500,000 503,906 505,000
Pacific Energy Partners 6.250 09/15/15 150,000 149,316 145,500
Pinnacle Foods Group 8.250 12/01/13 450,000 450,000 442,125
Pliant Corporation 11.625 06/15/09 787,891 803,141 852,892
Primedia, Inc. 8.000 05/15/13 1,000,000 1,024,024 895,000
Quality Distribution LLC (C) 9.568 01/15/12 325,000 323,375 322,156
Quicksilver Resources, Inc 7.125 04/01/16 500,000 500,000 468,750
Rent-A-Center, Inc. 7.500 05/01/10 400,000 400,000 398,000
Rent-Way, Inc. 11.875 06/15/10 800,000 834,891 823,000
Rock-Tenn Co. 8.200 08/15/11 1,000,000 1,007,077 1,000,000
Rogers Wireless, Inc. 7.250 12/15/12 165,000 165,000 166,238
Rogers Wireless, Inc. 7.500 03/15/15 870,000 930,492 878,700
Rogers Wireless, Inc. 8.000 12/15/12 165,000 165,000 168,712
Samsonite Corporation 8.875 06/01/11 1,000,000 1,040,015 1,037,500
Sbarro, Inc. 11.000 09/15/09 1,000,000 1,014,083 1,018,750
Sheridan Acquisition Corporation 10.250 08/15/11 375,000 370,000 381,094
Sierra Pacific Resources 6.750 08/15/17 635,000 638,237 599,960
Stanadyne Corporation 10.000 08/15/14 1,500,000 1,500,000 1,402,500
Tekni-Plex, Inc. 12.750 06/15/10 1,000,000 960,125 705,000
Telex Communications, Inc. 11.500 10/15/08 500,000 500,000 527,500
Telex Communications, Inc. 0.000 01/15/09 471,915 206,820 353,936
Tenet Healthcare Corporation 9.875 07/01/14 500,000 488,370 500,000
Texas Industries, Inc. 7.250 07/15/13 70,000 70,000 69,300
Transmontaigne, Inc. 9.125 06/01/10 520,000 511,075 553,800
Trimas Corporation 9.875 06/15/12 625,000 566,250 571,875
Triton P C S, Inc. 8.500 06/01/13 550,000 550,000 504,625
Unisys Corporation 8.000 10/15/12 190,000 190,000 176,700
United Components, Inc. 9.375 06/15/13 1,080,000 1,081,830 1,063,800
United Rentals, Inc. 7.750 11/15/13 625,000 625,000 593,750
United Rentals, Inc. 7.000 02/15/14 500,000 500,000 456,875
Universal City Florida (C) 9.899 05/01/10 200,000 200,000 206,500
Universal City Florida 8.375 05/01/10 200,000 200,000 201,000
Utilicorp United, Inc. 9.950 02/01/11 50,000 54,260 56,280
Vertis, Inc. 10.875 06/15/09 280,000 275,400 275,800
---------------------------------------------------------------------------------------------------------------------------------
24
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL CORPORATE INVESTORS
JUNE 30, 2006
(Unaudited)
Shares or
Interest Due Principal
CORPORATE PUBLIC SECURITIES (A) (CONTINUED) Rate Date Amount Cost Market Value
---------------------------------------------------------------------------------------------------------------------------------
BONDS, CONTINUED
Vicorp Restaurants, Inc. 10.500% 04/15/11 $ 475,000 $ 462,820 $ 422,750
Vought Aircraft Industries 8.000 07/15/11 1,000,000 1,000,071 905,000
Warner Music Group 7.375 04/15/14 275,000 275,000 266,750
Wornick Co. 10.875 07/15/11 750,000 750,000 755,625
------------ ------------
TOTAL BONDS 67,430,009 66,587,501
------------ ------------
COMMON STOCK - 1.55%
Aventine Renewable Energy (B) 400 $ 17,200 $ 15,560
Bally Total Fitness Holding Corporation (B) 600 5,520 4,068
Basin Water, Inc. (B) 2,100 25,200 21,042
Dyncorp International, Inc. (B) 8,100 121,500 84,078
Gmarket, Inc. (B) 400 6,100 6,148
J Crew Group, Inc. (B) 4,100 82,000 112,545
PepsiAmericas, Inc. (B) 92,145 2,006,365 2,037,326
Rent-Way, Inc. (B) 92,866 916,263 685,351
Supreme Industries, Inc. (B) 115,722 267,325 830,884
Telex Communications, Inc. (B) 17,707 1 177,075
Telex Communications, Inc. (B) 489 7 4,890
Theravance, Inc. (B) 13 101 297
------------ ------------
TOTAL COMMON STOCK 3,447,582 3,979,264
------------ ------------
CONVERTIBLE BONDS - 1.09%
Citadel Broadcasting Corporation 1.875% 02/15/11 $ 700,000 $ 543,375 $ 574,000
Graftech International 1.625 01/15/24 1,500,000 1,083,750 1,076,250
ICOS Corporation 2.000 07/01/23 750,000 596,250 613,125
Q L T, Inc. 3.000 09/15/23 600,000 546,257 541,500
------------ ------------
TOTAL CONVERTIBLE BONDS 2,769,632 2,804,875
------------ ------------
TOTAL CORPORATE PUBLIC SECURITIES $ 73,647,223 $ 73,371,640
------------ ------------
Interest Due Principal Market
SHORT-TERM SECURITIES: Rate/Yield Date Amount Cost Value
---------------------------------------------------------------------------------------------------------------------------------
COMMERCIAL PAPER - 2.52%
Centex Corporation 5.400% 07/06/06 $ 1,505,000 $ 1,503,871 $ 1,503,871
Textron Financial Corporation 5.400 07/05/06 5,000,000 4,997,000 4,997,000
------------ ------------
TOTAL SHORT-TERM SECURITIES $ 6,500,871 $ 6,500,871
------------ ------------
TOTAL INVESTMENTS 102.50% $261,508,236 $263,658,667
============ ------------
Other Assets 6.18 15,899,998
Liabilities (8.68) (22,341,704)
------ ------------
TOTAL NET ASSETS 100.00% $257,216,961
====== ============
(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 06/30/06.
(D) Defaulted security; interest not accrued.
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
---------------------------------------------------------------------------------------------------------------------------------
25
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL CORPORATE INVESTORS
June 30, 2006
(Unaudited)
Fair Value/ Fair Value/
Industry Classification: (Cont.) Market Value Market Value
------------------------------------------------------------ ------------------------------------------------------------
AEROSPACE - 2.15% BUILDINGS & REAL ESTATE - 1.49%
Argo Tech Corporation $ 875,500 Adorn, Inc. $ 2,648,541
Bombardier, Inc. 870,000 Texas Industries, Inc. 69,300
Consolidated Foundries Holdings 2,591,769 TruStile Doors, Inc. 1,127,751
Dyncorp International, Inc. 84,078 ------------
Esterline Technologies 202,500 3,845,592
Vought Aircraft Industries 905,000 ------------
------------ CHEMICAL, PLASTICS
5,528,847 & RUBBER - 1.16%
------------ Capital Specialty Plastics, Inc. 55,408
AUTOMOBILE - 8.48% Huntsman LLC 358,020
American Tire Distributor 930,000 Koppers, Inc. 511,582
Gencorp, Inc. 275,188 Lyondell Chemical Co. 544,575
Goodyear Tire & Rubber Co. 1,298,500 Nova Chemicals Corporation 471,438
Jason, Inc. 1,982,211 P Q Corporation 1,034,000
LIH Investors, L.P. 4,562,472 ------------
Metaldyne Corporation 1,130,925 2,975,023
Nyloncraft, Inc. 2,465,203 ------------
Ontario Drive & Gear Ltd. 2,445,698 CONSUMER PRODUCTS - 8.78%
Qualis Automotive LLC 3,144,824 ALH Fin LLC/ALH Fin Corporation 916,750
Transtar Holding Company 2,503,572 Appleton Papers, Inc. 303,000
United Components, Inc. 1,063,800 Augusta Sportswear Holding Co. 2,873,961
------------ Bravo Sports Holding Corporation 2,479,769
21,802,393 Euro-Pro Corporation 341,618
------------ Flutes, Inc. 1,526,625
BEVERAGE, DRUG & FOOD - 6.29% G F S I, Inc. 708,750
Beta Brands Ltd. -- K N B Holdings Corporation 2,482,965
Cains Foods, L.P. 323,911 Maverick Acquisition Company 1,052,014
Del Monte Corporation 231,750 Royal Baths Manufacturing Company 1,125,455
Dominos Pizza, Inc. 302,950 Savage Sports Holding, Inc. 2,092,852
Eagle Pack Pet Foods, Inc. 1,600,674 The Tranzonic Companies 3,781,610
Land O'Lakes, Inc. 780,000 Walls Industries, Inc. 2,909,785
Mrs. Fields Brands 660,000 Winsloew Furniture, Inc. --
National Wine & Spirits, Inc. 1,260,000 ------------
Nonni's Food Company 2,187,954 22,595,154
PepsiAmericas, Inc. 2,037,326 ------------
Pinnacle Foods Group 442,125 CONTAINERS, PACKAGING
River Ranch Fresh Foods LLC 1,657,500 & GLASS - 4.73%
Sbarro, Inc. 1,018,750 NABCO, Inc. 1,222,069
Specialty Foods Group, Inc. -- P I I Holding Corporation 2,560,624
Vicorp Restaurants, Inc. 422,750 Packaging Corporation of America 700,000
Vitality Foodservice, Inc. 2,502,731 Paradigm Packaging, Inc. 2,342,698
Wornick Co. 755,625 Pliant Corporation 852,892
------------ Pregis Corporation 1,040,000
16,184,046 Tekni-Plex, Inc. 1,322,500
------------ Vitex Packaging, Inc. 2,123,417
BROADCASTING & ------------
ENTERTAINMENT - 2.84% 12,164,200
CCH I Holdings LLC 1,485,000 ------------
C S C Holdings, Inc. 500,000 DISTRIBUTION - 3.13%
Cablevision Systems Corporation 1,060,000 Affina Group, Inc. 825,825
Cenveo Corporation 1,072,500 Corvest Group, Inc. 965,909
Charter Communications Op LLC 248,750 Kele and Associates, Inc. 2,660,744
Citadel Broadcasting Company 574,000 O R S Nasco Holding, Inc. 2,471,245
Liberty Media Corporation 908,131 QualServ Corporation 1,136,138
Lodgenet Entertainment Corporation 452,625 Strategic Equipment & Supply Corporation, Inc. --
Mediacom LLC 995,000 ------------
------------ 8,059,861
7,296,006 ------------
------------
----------------------------------------------------------------------------------------------------------------------------------
26
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL CORPORATE INVESTORS
June 30, 2006
(Unaudited)
Fair Value/ Fair Value/
Industry Classification: (Cont.) Market Value Market Value
------------------------------------------------------------ ------------------------------------------------------------
DIVERSIFIED/CONGLOMERATE, FINANCIAL SERVICES - 1.93%
MANUFACTURING - 9.28% BCP Crystal US Holding Corporation $ 526,225
Activant Solutions, Inc. $ 145,125 Dollar Financial Group 645,000
AmerCable, Inc. 1,418,462 East River Ventures I, L.P. 8,104
Arrow Tru-Line Holdings, Inc. 2,459,910 Ford Motor Credit Company 1,155,673
Coining Corporation of America LLC 1,934,102 General Motors Acceptance Corporation 1,243,554
Dexter Magnetics Technologies, Inc. 1,213,807 Highgate Capital LLC 2,947
Douglas Dynamics LLC 598,500 Lazard LLC 757,988
Evans Consoles, Inc. -- Leucadia National Corporation 630,500
Geo Sub Corporation 603,000 Victory Ventures LLC 2
Gmarket, Inc. 6,148 ------------
Graftech International 1,076,250 4,969,993
Great Lakes Dredge & Dock Corporation 935,069 ------------
H M Holding Company 2,448,730 HEALTHCARE, EDUCATION &
Justrite Manufacturing Acquisition Co. 1,538,477 CHILDCARE - 3.86%
Magnatech International, Inc. 1,909,621 A T I Acquisition Company 1,881,238
Radiac Abrasives, Inc. 2,460,416 American Hospice Management Holding LLC 2,652,059
Rock-Tenn Co. 1,000,000 F H S Holdings LLC 2,629,262
Trimas Corporation 571,875 ICOS Corporation 613,125
Truck Bodies & Equipment International 3,557,313 Interactive Health LLC 716,130
------------ MedAssist, Inc. 400,743
23,876,805 Q L T, Inc. 541,500
------------ Tenet Healthcare Corporation 5 00,000
DIVERSIFIED/CONGLOMERATE, Theravance, Inc. 297
SERVICE - 7.32% ------------
Abitibi-Consolidated, Inc. 917,500 9,934,354
Allied Waste NA 1,000,000 ------------
CapeSuccess LLC 5,862 HOME & OFFICE FURNISHINGS,
Chemed Corporation 1,181,250 HOUSEWARES, AND DURABLE
Diversco, Inc./DHI Holdings, Inc. 2,505,724 CONSUMER PRODUCTS - 3.92%
Dwyer Group, Inc. 2,810,418 Connor Sport Court International, Inc. 1,802,907
Fowler Holding, Inc. 2,451,972 Home Decor Holding Company 2,330,729
Interline Brands, Inc. 324,188 Monessen Holding Corporation 2,485,416
Keystone North America, Inc. 296,871 Samsonite Corporation 1,037,500
Mac-Gray Corporation 606,000 U-Line Corporation 2,425,315
Moss, Inc. 1,697,342 ------------
Service Corporation International 935,000 10,081,867
U S M Holdings Corporation 3,688,788 ------------
Universal City Florida 407,500 LEISURE, AMUSEMENT,
------------ ENTERTAINMENT - 2.80%
18,828,415 A M C Entertainment, Inc. 872,050
------------ Bally Total Fitness Holding Corporation 136,706
ELECTRONICS - 1.99% IMAX Corporation 1,025,000
A E S Corporation 215,000 Keepsake Quilting, Inc. 1,148,506
Calpine Corporation 470,000 M G M Mirage, Inc. 364,688
Directed Electronics, Inc. 3,396,044 Majestic Star Casino LLC 523,750
Flextronics International Ltd. 380,000 O E D Corp/Diamond Jo Company Guarantee 1,006,250
Siebe PLC 665,883 Overton's Holding Company 1,868,138
------------ Warner Music Group 266,750
5,126,927 ------------
------------ 7,211,838
FARMING & AGRICULTURE - 0.00% ------------
Protein Genetics, Inc. --
------------
----------------------------------------------------------------------------------------------------------------------------------
27
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL CORPORATE INVESTORS
June 30, 2006
(Unaudited)
Fair Value/ Fair Value/
Industry Classification: (Cont.) Market Value Market Value
------------------------------------------------------------ ------------------------------------------------------------
MACHINERY - 6.90% RETAIL STORES - 5.03%
Aearo Co. Blockbuster, Inc. $ 442,938
Basin Water, Inc. $ 21,042 Insurance Auto Auctions, Inc. 985,000
C & M Conveyor, Inc. 2,621,838 J Crew Group, Inc. 112,545
Integration Technology Systems, Inc. 1,248,333 Neff Motivation, Inc. 1,298,818
Manitowoc Company, Inc. 196,000 Neiman Marcus Group, Inc. 1,328,125
Maxon Corporation 3,245,921 Olympic Sales, Inc. 4,715,110
Safety Speed Cut Manufacturing Company, Inc. 2,193,495 Rent-A-Center, Inc. 398,000
Stanadyne Corporation 1,402,500 Rent-Way, Inc. 1,508,351
Stewart & Stevenson LLC 225,844 TVI, Inc. 1,094,376
Supreme Industries, Inc. 830,884 United Rentals, Inc. 1,050,625
Synventive Equity LLC 33,459 ------------
Tronair, Inc. 3,239,249 12,933,888
Tubular Textile Machinery 2,480,712 ------------
------------ TECHNOLOGY - 0.17%
17,739,277 Cymer, Inc.
------------ Magnachip Semiconductor 83,000
MEDICAL DEVICES/BIOTECH - 3.14% Sungard Data Systems 181,563
Beacon Medical Products, Inc. 2,640,417 Unisys Corporation 176,700
Coeur, Inc. 1,266,085 ------------
E X C Acquisition Corporation 148,852 441,263
MicroGroup, Inc. 2,504,231 ------------
OakRiver Technology, Inc. 1,513,740 TELECOMMUNICATIONS - 3.03%
------------ Alamosa Delaware 779,875
8,073,325 Cincinnati Bell, Inc. 1,083,500
------------ Intelsat Subsidiary Holding Company Ltd. 454,500
MINING, STEEL, IRON & ITC^DeltaCom, Inc. 2,687,865
NON PRECIOUS METALS - 0.04% Rogers Wireless, Inc. 1,213,650
U S S Holdings, Inc. 108,991 Telex Communications, Inc. 1,063,401
------------ Triton P C S, Inc. 504,625
OIL AND GAS - 5.18% ------------
Aventine Renewable Energy 15,560 7,787,416
Basic Energy Services 209,250 ------------
Brigham Exploration Company 686,000 TRANSPORTATION - 1.13%
C & J Spec-Rent Services, Inc. 3,808,704 Quality Distribution LLC 322,156
Chesapeake Energy Corporation 1,040,063 Tangent Rail Corporation 2,574,767
Clayton Williams Energy, Inc. 736,000 ------------
Dynegy Holdings, Inc. 797,550 2,896,923
Fuel Systems Holding Corporation 2,461,793 ------------
GulfMark Offshore, Inc. 550,875 UTILITIES - 1.61%
North American Energy Partners 384,000 Atlas Pipeline Partners 199,250
Offshore Logistics, Inc. 415,125 Edison Mission Energy 491,250
Pacific Energy Partners 650,500 El Paso Corporation 1,068,375
Petrohawk Energy Corporation 543,043 Inergy LP 151,500
Quicksilver Resources, Inc. 468,750 Markwest Energy Operating Co. 437,000
Transmontaigne, Inc. 553,800 Moog, Inc. 112,800
------------ N R G Energy, Inc. 170,625
13,321,013 Nalco Co. 498,750
------------ Sierra Pacific Resources 599,960
PHARMACEUTICALS - 1.01% Tenaska Alabama Partners L.P. 342,875
CorePharma LLC 2,480,933 Utilicorp United, Inc. 56,280
Enzymatic Therapy, Inc. 106,250 ------------
------------ 4,128,665
2,587,183 ------------
------------ WASTE MANAGEMENT /
PUBLISHING/PRINTING - 1.60% POLLUTION - 0.99%
Cadmus Communications Corporation 742,500 Terra Renewal Services, Inc. 2,540,387
Houghton Mifflin Co. 1,037,500 ------------
Newark Group, Inc. 786,250 TOTAL CORPORATE RESTRICTED AND
Primedia, Inc. 895,000 PUBLIC SECURITIES - 99.98% $257,157,796
Sheridan Acquisition Corporation 381,094 ============
Vertis, Inc. 275,800
------------
4,118,144
------------
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
----------------------------------------------------------------------------------------------------------------------------------
28
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS MASSMUTUAL CORPORATE INVESTORS
(Unaudited)
1. HISTORY
MassMutual Corporate Investors (the "Trust") commenced operations in 1971 as
a Delaware corporation. Pursuant to an Agreement and Plan of Reorganization
dated November 14, 1985, approved by shareholders, the Trust was reorganized
as a Massachusetts business trust under the laws of the Commonwealth of
Massachusetts, effective November 28, 1985.
The Trust is a diversified closed-end management investment company. Babson
Capital Management LLC ("Babson Capital"), a wholly-owned indirect subsidiary
of Massachusetts Mutual Life Insurance Company ("MassMutual"), acts as its
investment adviser. The Trust's investment objective is to maintain a
portfolio of securities providing a fixed yield while providing an
opportunity for capital gains by investing primarily in a portfolio of
privately placed below investment grade, long term corporate debt obligations
with equity features, such as warrants, conversions rights, or other equity
features and, occasionally, preferred stocks purchased directly from their
issuers.
On January 27, 1998, the Board of Trustees authorized the formation of a
wholly-owned subsidiary ("MMCI Subsidiary Trust") for the purpose of holding
certain investments. The results of MMCI Subsidiary Trust have been included
in the accompanying consolidated financial statements. Footnote 2.D below
discusses the Federal tax consequences of the MMCI Subsidiary Trust.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies followed
consistently by the Trust in the preparation of the consolidated financial
statements in conformity with accounting principles generally accepted in the
United States of America.
A. VALUATION OF INVESTMENTS:
Valuation of a security in the Trust's portfolio is made on the basis of
market price whenever market quotations are readily available and all
securities of the same class held by the Trust can be readily sold in such
market.
Nearly all securities which are acquired by the Trust directly from the
issuers and shares into which such securities may be converted or which may
be purchased on the exercise of warrants attached to such securities will be
subject to legal or contractual delays in, or restrictions on, resale and
will therefore be "restricted securities." Generally speaking, as contrasted
with open-market sales of unrestricted securities which may be effected
immediately if the market is adequate, absent an exemption from registration,
restricted securities can be sold only in a public offering for which a
registration statement is in effect under the Securities Act of 1933, as
amended (the "1933 Act").
The value of restricted securities, and of any other assets for which there
are no reliable market quotations, is the fair value as determined in good
faith by the Trust's Board of Trustees (the "Trustees"). Each restricted
security is valued by the Trustees at the time of the acquisition thereof and
at least quarterly thereafter. The Trustees have established guidelines to
aid in the valuation of each security. Generally, restricted securities are
initially valued at cost or less at the time of acquisition by the Trust.
Values greater or less than cost are used thereafter for restricted
securities in appropriate circumstances. Among the factors ordinarily
considered are the existence of restrictions upon the sale of the security by
the Trust; an estimate of the existence and extent of a market for the
security; the extent of any discount at which the security was acquired; the
estimated period of time during which the security will not be freely
marketable; the estimated expenses of registering or otherwise qualifying the
security for public sale; estimated underwriting commissions if underwriting
would be required to effect a sale; in the case of a convertible security,
whether or not it would trade on the basis of its stock equivalent; in the
case of a debt obligation which would trade independently of any equity
equivalent, the current yields on comparable securities; the estimated amount
of the floating supply of such securities available for purchase; the
proportion of the issue held by the Trust; changes in the financial condition
and prospects of the issuer; the existence of merger proposals or tender
offers affecting the issuer; and any other factors affecting fair value, all
in accordance with the Investment Company Act of 1940, as amended (the "1940
Act"). In making valuations, opinions of counsel may be relied upon as to
whether or not securities are restricted securities and as to the legal
requirements for public sale.
When market quotations are readily available for unrestricted securities of
an issuer, restricted securities of the same class are generally valued at a
discount from the market price of such unrestricted securities. The Trustees,
however, consider all factors in fixing any discount, including the filing of
a registration statement for such securities under the 1933 Act and any other
developments which are likely to increase the probability that the securities
may be publicly sold by the Trust without restriction.
The Trustee's meet at least once each quarter to value the Trust's portfolio
securities as of the close of business on the last business day of the
preceding quarter. This valuation requires the approval of a majority of the
Trustees of the Trust, including a majority of the Trustees who are not
interested persons of the Trust or of Babson Capital, the Trust's investment
adviser. In making valuations, the Trustees will consider reports by Babson
Capital analyzing each portfolio security in accordance with the relevant
factors referred to above. Babson Capital has agreed to provide such reports
to the Trust at least quarterly.
--------------------------------------------------------------------------------
29
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS MASSMUTUAL CORPORATE INVESTORS
(CONTINUED)
The consolidated financial statements include private placement restricted
securities valued at $170,393,268 (66.24% of net assets) as of June 30, 2006
whose values have been estimated by the Trustees in the absence of readily
ascertainable market values. Due to the inherent uncertainty of valuation,
those estimated values may differ significantly from the values that would
have been used had a ready market for the securities existed, and the
differences could be material.
The values for corporate public securities are stated at the last reported
sales price or at prices based upon quotations obtained from brokers and
dealers as of June 30, 2006, subject to discount where appropriate, and are
approved by the Trustees.
Short-term securities with more than sixty days to maturity are valued at
fair value and short-term securities having a maturity of sixty days or less
are valued at amortized cost which approximates market value.
B. ACCOUNTING FOR INVESTMENTS:
Investment transactions are accounted for on the trade date. Dividend income
is recorded on the ex-dividend date. Interest income is recorded on the
accrual basis, including the amortization of premiums and accretion of
discounts on bonds held. The Trust does not accrue income when payment is
delinquent and when management believes payment is questionable.
Realized gains and losses on investment transactions and unrealized
appreciation and depreciation of investments are reported for financial
statement and Federal income tax purposes on the identified cost method.
C. USE OF ESTIMATES:
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosure of contingent assets and liabilities
at the date of the financial statements and the reported amounts of revenues
and expenses during the reporting period. Actual results could differ from
those estimates.
D. FEDERAL INCOME TAXES:
The Trust has elected to be taxed as a "regulated investment company" under
the Internal Revenue Code and intends to maintain this qualification and to
distribute substantially all of its net taxable income to its shareholders.
In any year when net long-term capital gains are realized by the Trust,
management, after evaluating the prevailing economic conditions, will
recommend to the Trustees either to designate the net realized long-term
gains as undistributed and pay the federal capital gains taxes thereon or to
distribute all or a portion of such net gains.
The Trust is taxed as a regulated investment company and is therefore limited
as to the amount of non-qualified income that it may receive as the result of
operating a trade or business, e.g. the Trust's pro rata share of income
allocable to the Trust by a partnership operating company. The Trust's
violation of this limitation could result in the loss of its status as a
regulated investment company, thereby subjecting all of its net income and
capital gains to corporate taxes prior to distribution to its shareholders.
The Trust, from time-to-time, identifies investment opportunities in the
securities of entities that could cause such trade or business income to be
allocable to the Trust. The MMCI Subsidiary Trust (described in Footnote 1,
above) was formed in order to allow investment in such securities without
adversely affecting the Trust's status as a regulated investment company.
The MMCI Subsidiary Trust is not taxed as a regulated investment company.
Accordingly, prior to the Trust receiving any distributions from the MMCI
Subsidiary Trust, all of the MMCI Subsidiary Trust's taxable income and
realized gains, including non-qualified income and realized gains, is subject
to taxation at prevailing corporate tax rates. For the six months ended June
30, 2006, the MMCI Subsidiary Trust has accrued tax expense on net realized
gains of $350,255 and reduced deferred tax expense on net unrealized gains by
$129,220.
E. DISTRIBUTIONS TO SHAREHOLDERS:
The Trust records distributions to shareholders from net investment income
and net realized gains, if any, on the exdividend date. The Trust's net
investment income dividend is declared four times per year, in April, July,
October, and December. The Trust's net realized capital gain distribution, if
any, is declared in December.
3. INVESTMENT SERVICES CONTRACT
A. NEW INVESTMENT SERVICES CONTRACT:
An Investment Services Contract between the Trust and Babson Capital,
effective October 1, 2005 (the "New Contract"), provides for a quarterly
investment advisory fee of 0.3125% of the net asset value of the Trust each
quarter, which is approximately equal to 1.25% annually, with no performance
adjustment. The New Contract provides that for its first eighteen months, the
investment advisory fee cannot exceed the amount that Babson Capital would
have been paid under the prior Investment Services Contract with the Trust
dated July 1, 1988 (the "Prior Contract").
B. SERVICES:
Under the New Contract with the Trust, Babson Capital agrees to use its best
efforts to present to the Trust a continuing and suitable investment program
consistent with the
--------------------------------------------------------------------------------
30
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS MASSMUTUAL CORPORATE INVESTORS
(CONTINUED)
investment objectives and policies of the Trust. Babson Capital represents
the Trust in any negotiations with issuers, investment banking firms,
securities brokers or dealers and other institutions or investors relating to
the Trust's investments. Under the New Contract, Babson Capital provides
administration of the day-to-day operations of the Trust and provides the
Trust with office space and office equipment, accounting and bookkeeping
services, and necessary executive, clerical and secretarial personnel for the
performance of the foregoing services.
C. PRIOR INVESTMENT SERVICES CONTRACT ADVISORY FEE:
Under the Prior Contract, the Trust paid Babson Capital a quarterly base rate
(the "Base Fee Rate") of 5/16 of 1% of the value of the Trust's net assets as
of the end of each fiscal quarter, approximately equivalent to 1.25% of the
net asset value of the Trust on an annual basis, plus or minus a quarterly
performance adjustment (the "Performance Adjustment") of up to 1/16 of 1% of
net asset value, approximately equivalent to plus or minus 0.25% on an annual
basis.
The Performance Adjustment was based on the Trust's performance as compared
to a benchmark rate of return (the "Target Rate") equal to 5.0 percentage
points plus an unweighted, arithmetic average of the rates of return of the
Standard & Poor's Industrials Composite (formerly called the Standard &
Poor's Industrial Price Index) and the Lehman Brothers Intermediate U.S.
Credit Index (formerly called the Lehman Brothers Corporate Bond Index) over
a rolling three-year period (the "Measurement Period") comprising the twelve
quarters ending on the last day of each quarter (the "Valuation Date"). Since
the Standard & Poor's Industrials Composite is not readily available to the
general public, Babson Capital obtained the information for this index from
Factset Research Systems. The three-year annualized return for the Standard &
Poor's Industrials Composite for the period ended June 30, 2006 was 10.47%.
Under the Prior Contract, the Performance Adjustment was equal to 5% of the
difference between the Trust's actual rate of return over the Measurement
Period and the Target Rate. If the Trust's actual rate of return exceeded the
Target Rate, the Base Fee Rate would be increased by an amount equal to the
Performance Adjustment; if the Trust's actual rate of return was less than
the Target Rate, the Base Fee Rate was reduced by the Performance Adjustment.
Under the Prior Contract, the investment advisory fee payable by the Trust
would be equal to the Base Fee Rate (as adjusted by the Performance
Adjustment) times the net asset value of the Trust as of the Valuation Date.
Additionally, Babson Capital agreed to waive, for each quarter beginning July
1, 2004, the amount, if any, by which the investment advisory fee calculated
in the manner described in the Prior Contract exceeded the sum of (i) 5/16 of
1% times the ending net asset value for that quarter plus or minus (ii) the
Performance Adjustment applied against the average quarter end net assets for
the Trust for the twelve-quarter period ending on such quarter.
4. SENIOR SECURED INDEBTEDNESS
A. NOTE PAYABLE:
MassMutual holds the Trust's $20,000,000 Senior Fixed Rate Convertible Note
(the "Note") issued by the Trust in 1995. The Note, as amended, is due
November 15, 2007 and accrues at 7.39% per annum. MassMutual, at its option,
can convert the principal amount of the Note into common shares. The dollar
amount of principal would be converted into an equivalent dollar amount of
common shares based upon the average price of the common shares for ten
business days prior to the notice of conversion. For the six months ended
June 30, 2006, the Trust incurred total interest expense on the Note of
$739,000.
The Trust may redeem the Note, in whole or in part, at the principal amount
proposed to be redeemed together with the accrued and unpaid interest thereon
through the redemption date plus the Make Whole Premium. The Make Whole
Premium equals the excess of (i) the present value of the scheduled payments
of principal and interest which the Trust would have paid but for the
proposed redemption, discounted at the rate of interest of U.S. Treasury
obligations whose maturity approximates that of the Note plus 0.50% over (ii)
the principal of the Note proposed to be redeemed.
B. REVOLVING CREDIT AGREEMENT:
The Trust entered into a Revolving Credit Agreement (the "Revolver") with The
Royal Bank of Scotland PLC as of May 31, 2005 (the "Agent Bank"), in the
principal amount of $25,000,000, maturing May 31, 2008. The Revolver bears
interest payable in arrears at a per annum rate that varies depending upon
whether the Trust requests a Base Rate Loan or LIBOR Rate Loan. Interest on
Base Rate Loans equals the higher of: (i) the annual "Base Rate" as set
periodically by the Agent Bank and (ii) the most recent Federal Funds
Effective Rate plus .50% per annum. Per annum interest on LIBOR Rate Loans
equals .37% plus the London Inter Bank Offered Rate ("LIBOR") rate, divided
by 1 minus LIBOR Reserve Rate. The Trust also incurs expense on the undrawn
portion of the total Revolver at a rate of .15% per annum.
As of June 30, 2006, there was no outstanding amount against the Revolver.
For the six months ended June 30, 2006, the Trust incurred total expense on
the Revolver of $18,596 related to the undrawn portion.
--------------------------------------------------------------------------------
31
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS MASSMUTUAL CORPORATE INVESTORS
(CONTINUED)
5. PURCHASES AND SALES OF INVESTMENTS
FOR THE SIX MONTHS
ENDED 6/30/2006
COST OF PROCEEDS FROM
INVESTMENTS SALES OR
ACQUIRED MATURITIES
------------ ------------
Corporate restricted securities $ 42,756,607 $ 22,817,472
Corporate public securities 10,034,066 24,799,460
The aggregate cost of investments was substantially the same for financial
reporting and federal income tax purposes as of June 30, 2006. The net
unrealized appreciation of investments for financial reporting and federal
tax purposes as of June 30, 2006 is $2,150,431 and consists of $24,080,410
appreciation and $21,929,979 depreciation.
Net unrealized appreciation of investments on the Statement of Assets and
Liabilities reflects the balance of a tax accrual of $146,353 on net
unrealized gains on the MMCI Subsidiary Trust.
6. QUARTERLY RESULTS OF INVESTMENT OPERATIONS
March 31, 2006
Amount Per Share
----------- ------------
Investment income $ 6,350,324
Net investment income $ 5,061,431 $ 0.56
Net realized and unrealized gain $ 7,598,686 $ 0.84
on investments (net of taxes)
June 30, 2006
Amount Per Share
----------- ------------
Investment income $ 6,202,668
Net investment income $ 4,891,333 $ 0.53
Net realized and unrealized gain $ 6,204,073 $ 0.68
on investments (net of taxes)
7. AGGREGATE REMUNERATION PAID TO OFFICERS, TRUSTEES AND THEIR AFFILIATED
PERSONS
For the six months ended June 30, 2006, the Trust paid its Trustees aggregate
remuneration of $79,000. The Trust did not pay any compensation to any of its
Trustees who are "interested persons" (as defined by the 1940 Act) of the
Trust. The Trust currently classifies Messrs. Crandall and Joyal as
"interested persons" of the Trust.
All of the Trust's officers are employees of Babson Capital or MassMutual.
Pursuant to the Investment Services Contracts, the Trust does not compensate
its officers who are employees of Babson Capital or MassMutual.
Mr. Crandall, one of the Trust's Trustees, is an "affiliated person" (as
defined by the 1940 Act) of MassMutual and Babson Capital. The Trust did not
make any payments to Babson Capital for the six months ended June 30, 2006,
other than amounts payable to Babson Capital pursuant to the Investment
Services Contract. For the six months ended June 30, 2006, the Trust paid the
following amounts to MassMutual, exclusive of interest expense on the Note
explained in Footnote 4.A:
Preparation of the Trust's Quarterly
and Annual Reports to Shareholders $ 7,277
Preparation of Certain of the
Trust's Shareholder Communications 657
Preparation of the Trust's
Annual Proxy Statements 588
-------
$ 8,522
=======
8. RESULTS OF SHAREHOLDER MEETING
The Annual Meeting of Shareholders was held on Friday, April 21, 2006. The
Shareholders voted to elect Roger W. Crandall and Martin T. Hart as trustees,
each for a three-year term. The Trust's other trustees (Donald E. Benson,
Michael H. Brown, Donald Glickman, Robert E. Joyal, Jack A. Laughery and
Corine T. Norgaard) continued to serve their respective terms following the
April 21, 2006 Annual Shareholders Meeting. The results of the Shareholders'
votes are set forth below.
TRUSTEE
ROGER W. MARTIN T.
CRANDALL HART
--------- ---------
Shares for 7,102,714 7,065,957
Withheld 76,936 113,693
Total 7,179,650 7,179,650
% of Shares Voted for 98.93% 98.42%
9. SUBSEQUENT EVENT
At the Board of Trustees' July 18, 2006 quarterly meeting, the Board voted to
expand the Board from eight to nine Trustees and appointed William J. Barrett
as a Trustee for a three-year term of office.
--------------------------------------------------------------------------------
32
TRUSTEES OFFICERS
William J. Barrett Roger W. Crandall Chairman
Donald E. Benson* Clifford M. Noreen President
Michael H. Brown James M. Roy Vice President &
Chief Financial Officer
Roger W. Crandall
Rodney J. Dillman Vice President &
Donald Glickman Secretary
Martin T. Hart* Jill A. Fricchione Vice President
Robert E. Joyal Michael P. Hermsen Vice President
Jack A. Laughery Mary Wilson Kibbe Vice President
Corine T. Norgaard* Michael L. Klofas Vice President
Richard E. Spencer, II Vice President
Ronald S. Talaia Treasurer
John T. Davitt, Jr. Comptroller
Melissa M. LaGrant Chief Compliance Officer
*MEMBER OF THE AUDIT COMMITTEE
--------------------------------------------------------------------------------
DIVIDEND REINVESTMENT AND SHARE PURCHASE PLAN
MassMutual Corporate Investors offers a Dividend Reinvestment and Share Purchase
Plan. The Plan provides a simple way for shareholders to add to their holdings
in the Trust through the receipt of dividend shares issued by the Trust or
through the reinvestment of cash dividends in Trust shares purchased in the open
market. A shareholder may join the Plan by filling out and mailing an
authorization card to Shareholder Financial Services, Inc., the Transfer Agent.
Participating shareholders will continue to participate until they notify the
Transfer Agent, in writing, of their desire to terminate participation. Unless a
shareholder elects to participate in the Plan, he or she will, in effect, have
elected to receive dividends and distributions in cash.
Participating shareholders may also make additional contributions to the Plan
from their own funds. Such contributions may be made by personal check or other
means in an amount not less than $10 nor more than $5,000 per quarter.
Whenever the Trust declares a dividend payable in cash or shares, the Transfer
Agent, acting on behalf of each participating shareholder, will take the
dividend in shares only if the net asset value is lower than the market price
plus an estimated brokerage commission as of the close of business on the
valuation day. The valuation day is the last day preceding the day of dividend
payment.
When the dividend is to be taken in shares, the number of shares to be received
is determined by dividing the cash dividend by the net asset value as of the
close of business on the valuation date or, if greater than net asset value, 95%
of the closing share price. If the net asset value of the shares is higher than
the market value plus an estimated commission, the Transfer Agent, consistent
with obtaining the best price and execution, will buy shares on the open market
at current prices promptly after the dividend payment date.
The reinvestment of dividends does not, in any way, relieve participating
shareholders of any federal, state or local tax. For federal income tax
purposes, the amount reportable in respect of a dividend received in newlyissued
shares of the Trust will be the fair market value of the shares received, which
will be reportable as ordinary income and/or capital gains.
As compensation for its services, the Transfer Agent receives a fee of 5% of any
dividend and cash contribution (in no event in excess of $2.50 per distribution
per shareholder.)
Any questions regarding the Plan should be addressed to Shareholder Financial
Services, Inc., Agent for MassMutual Corporate Investors' Dividend Reinvestment
and Share Purchase Plan, P.O. Box 173673, Denver CO 80217-3673.
MASSMUTUAL
CORPORATE INVESTORS
DB1039 806
ITEM 2. CODE OF ETHICS.
Not applicable for this filing.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable for this filing.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable for this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable for this filing.
ITEM 6. SCHEDULE OF INVESTMENTS
Not applicable for this filing.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable for this filing.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable for this filing. There have been no changes in any of
the Portfolio Managers identified in the Registrant's most recent
annual report on Form N-CSR.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not Applicable for this filing.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Not Applicable for this filing.
ITEM 11. 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-CSR 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)
during the Registrant's second fiscal quarter that have
materially affected, or are reasonably likely to materially
affect, the Registrant's internal control over financial
reporting.
ITEM 12. EXHIBITS.
(a)(1) ANY CODE OF ETHICS, OR AMENDMENTS THERETO, THAT IS THE SUBJECT OF
DISCLOSURE REQUIRED BY ITEM 2, TO THE EXTENT THAT THE REGISTRANT
INTENDS TO SATISFY THE ITEM 2 REQUIREMENTS THROUGH THE FILING OF
AN EXHIBIT.
None.
(a)(2) A SEPARATE CERTIFICATION FOR EACH PRINCIPAL EXECUTIVE OFFICER AND
PRINCIPAL FINANCIAL OFFICER OF THE REGISTRANT AS REQUIRED BY RULE
30a-2 UNDER THE ACT.
Attached hereto as EX-99.31.1
Attached hereto as EX-99.31.2
(a)(3) ANY WRITTEN SOLICITATION TO PURCHASE SECURITIES UNDER RULE 23c-1
UNDER THE ACT (17 CFR 270.23c-1) SENT OR GIVEN DURING THE PERIOD
COVERED BY THE REPORT BY OR ON BEHALF OF THE REGISTRANT TO 10 OR
MORE PERSONS.
Not Applicable for this filing.
(b) CERTIFICATIONS PURSUANT TO RULE 30a-2(b) UNDER THE ACT.
Attached hereto as EX-99.32
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: /s/ Clifford M. Noreen
----------------------------------
Clifford M. Noreen, President
----------------------------------
Date: September 5, 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: /s/ Clifford M. Noreen
----------------------------------
Clifford M. Noreen, President
----------------------------------
Date: September 5, 2006
----------------------------------
By: /s/ James M. Roy
----------------------------------
James M. Roy, Vice President, and
Chief Financial Officer
----------------------------------
Date: September 5, 2006
------------------------------