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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-Q
Quarterly Schedule of Portfolio Holdings of
Registered Management Investment Company
Investment Company Act file number 811-02183
MassMutual Corporate Investors
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(Exact name of registrant as specified in charter)
1500 Main Street, Springfield, MA 01115
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(Address of principal executive offices) (Zip code)
Patricia J. Walsh, Vice President and Secretary,
1500 Main Street, Suite 2800, Springfield, MA 01115
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(Name and address of agent for service)
Registrant's telephone number, including area code: 413-226-1000
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Date of fiscal year end: 12/31
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Date of reporting period: 03/31/10
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ITEM 1. SCHEDULE OF INVESTMENTS.
MassMutual Corporate Investors
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2010
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES - 91.53%:(A) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
PRIVATE PLACEMENT INVESTMENTS - 84.12%
A E COMPANY, INC.
A designer and manufacturer of machined parts and assembly structures for the commercial and military aerospace industries.
11% Senior Secured Note due 2015 $ 1,413,462 * $ 1,385,193 $ 1,415,809
13% Senior Subordinated Note due 2016 $ 1,413,461 11/10/09 1,265,201 1,416,384
Common Stock (B) 323,077 shs. 11/10/09 323,077 306,923
Warrant, exercisable until 2019, to purchase
common stock at $.01 per share (B) 161,538 shs. 11/10/09 119,991 1,615
------------ ------------
* 11/10/09 and 11/18/09. 3,093,462 3,140,731
------------ ------------
A H C HOLDING COMPANY, INC.
A designer and manufacturer of boilers and water heaters for the commercial sector.
15% Senior Subordinated Note due 2015 $ 2,497,509 11/21/07 2,446,032 2,522,484
Limited Partnership Interest (B) 23.16% int. 11/21/07 224,795 310,220
------------ ------------
2,670,827 2,832,704
------------ ------------
A S A P INDUSTRIES LLC
A designer and manufacturer of components used on oil and natural gas wells.
12.5% Senior Subordinated Note due 2015 $ 850,946 12/31/08 739,153 867,964
Limited Liability Company Unit Class A-2 (B) 1,276 uts. 12/31/08 140,406 201,183
Limited Liability Company Unit Class A-3 (B) 1,149 uts. 12/31/08 126,365 181,065
------------ ------------
1,005,924 1,250,212
------------ ------------
A S C GROUP, INC.
A designer and manufacturer of high reliability encryption equipment, communications products, computing systems and electronic
components primarily for the military and aerospace sectors.
12.75% Senior Subordinated Note due 2016 $ 2,318,182 10/09/09 1,986,875 2,344,542
Limited Liability Company Unit Class A (B) 2,359 uts. 10/09/09 231,818 220,215
Limited Liability Company Unit Class B (B) 2,782 uts. 10/09/09 273,352 28
------------ ------------
2,492,045 2,564,785
------------ ------------
A W X HOLDINGS CORPORATION
A provider of aerial equipment rental, sales and repair services to non-residential construction and maintenance contractors
operating in the State of Indiana.
10.5% Senior Secured Term Note due 2014 $ 735,000 05/15/08 720,300 683,359
13% Senior Subordinated Note due 2015 $ 735,000 05/15/08 669,579 657,637
Common Stock (B) 105,000 shs. 05/15/08 105,000 --
Warrant, exercisable until 2015, to purchase
common stock at $.01 per share (B) 36,923 shs. 05/15/08 62,395 --
------------ ------------
1,557,274 1,340,996
------------ ------------
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7
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
March 31, 2010
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
ADVANCED TECHNOLOGIES HOLDINGS
A provider of factory maintenance services to industrial companies.
15% Senior Subordinated Note due 2013 $ 2,182,626 12/27/07 $ 2,140,111 $ 2,171,697
Preferred Stock (B) 1,031 shs. 12/27/07 510,000 333,612
------------ ------------
2,650,111 2,505,309
------------ ------------
AERO HOLDINGS, INC.
A provider of geospatial services to corporate and government clients.
10.5% Senior Secured Term Note due 2014 $ 1,627,500 03/09/07 1,603,088 1,633,684
14% Senior Subordinated Note due 2015 $ 1,260,000 03/09/07 1,154,713 1,260,000
Common Stock (B) 262,500 shs. 03/09/07 262,500 --
Warrant, exercisable until 2015, to purchase
common stock at $.01 per share (B) 66,116 shs. 03/09/07 111,528 --
------------ ------------
3,131,829 2,893,684
------------ ------------
ALL CURRENT HOLDING COMPANY
A specialty re-seller of essential electrical parts and components primarily serving wholesale distributors.
12% Senior Subordinated Note due 2015 $ 1,140,317 09/26/08 1,048,154 1,115,091
Common Stock (B) 1,347 shs. 09/26/08 134,683 72,804
Warrant, exercisable until 2018, to purchase
common stock at $.01 per share (B) 958 shs. 09/26/08 87,993 51,779
------------ ------------
1,270,830 1,239,674
------------ ------------
AMERICAN HOSPICE MANAGEMENT HOLDING LLC
A for-profit hospice care provider in the United States.
12% Senior Subordinated Note due 2013 $ 3,187,495 * 3,033,665 3,187,495
Preferred Class A Unit (B) 3,223 uts. ** 322,300 519,524
Preferred Class B Unit (B) 1,526 uts. 06/09/08 152,626 200,188
Common Class B Unit (B) 30,420 uts. 01/22/04 1 72,478
Common Class D Unit (B) 6,980 uts. 09/12/06 1 16,630
------------ ------------
* 01/22/04 and 06/09/08. ** 01/22/04 and 09/12/06. 3,508,593 3,996,315
------------ ------------
APEX ANALYTIX HOLDING CORPORATION
A provider of audit recovery and fraud detection services and software to commercial and retail businesses in the U.S. and Europe.
12.5% Senior Subordinated Note due 2016 $ 1,912,500 04/28/09 1,603,912 1,969,875
Preferred Stock Series B (B) 3,065 shs. 04/28/09 306,507 31
Common Stock (B) 1,366 shs. 04/28/09 1,366 14
------------ ------------
1,911,785 1,969,920
------------ ------------
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8
MassMutual Corporate Investors
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
March 31, 2010
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
ARROW TRU-LINE HOLDINGS, INC.
A manufacturer of hardware for residential and commercial overhead garage doors in North America.
14% Senior Subordinated Note due 2012 $ 1,859,060 05/18/05 $ 1,667,348 $ 1,487,248
Preferred Stock (B) 63 shs. 10/16/09 62,756 31,380
Common Stock (B) 497 shs. 05/18/05 497,340 --
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 130 shs. 05/18/05 112,128 --
------------ ------------
2,339,572 1,518,628
------------ ------------
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 2,175,148 2,215,892
Preferred Stock Class A (B) 879 shs. 06/30/06 268,121 121,582
Common Stock (B) 1 sh. 06/30/06 286 --
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 309 shs. 06/30/06 92,102 42,730
------------ ------------
2,535,657 2,380,204
------------ ------------
CDNT, INC.
A value-added converter and distributor of specialty pressure sensitive adhesives, foams, films, and foils.
10.5% Senior Secured Term Note due 2014 $ 750,872 08/07/08 735,855 696,594
12.5% Senior Subordinated Note due 2015 $ 750,872 08/07/08 688,607 661,730
Common Stock (B) 73,256 shs. 08/07/08 73,256 --
Warrant, exercisable until 2018, to purchase
common stock at $.01 per share (B) 57,600 shs. 08/07/08 57,689 --
------------ ------------
1,555,407 1,358,324
------------ ------------
CAPITAL SPECIALTY PLASTICS, INC.
A producer of desiccant strips used for packaging pharmaceutical products.
Common Stock (B) 109 shs. * 503 795,663
------------ ------------
* 12/30/97 and 05/29/99.
CLOUGH, HARBOUR AND ASSOCIATES
An engineering service firm that is located in Albany, NY.
12.25% Senior Subordinated Note due 2015 $ 2,400,000 12/02/08 2,225,100 2,448,000
Preferred Stock (B) 277 shs. 12/02/08 276,900 270,099
------------ ------------
2,502,000 2,718,099
------------ ------------
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9
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
March 31, 2010
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
COEUR, INC.
A producer of proprietary, disposable power injection syringes.
12% Senior Subordinated Note due 2016 $ 1,214,286 10/10/08 $ 1,098,929 $ 1,238,572
Common Stock (B) 607 shs. 10/10/08 60,714 50,637
Warrant, exercisable until 2018, to purchase
common stock at $.01 per share (B) 934 shs. 10/10/08 91,071 77,904
------------ ------------
1,250,714 1,367,113
------------ ------------
CONNECTICUT ELECTRIC, INC.
A supplier and distributor of electrical products sold into the retail and wholesale markets.
12% Senior Subordinated Note due 2014 $ 2,393,954 01/12/07 2,233,202 957,582
Limited Liability Company Unit Class A (B) 156,046 uts. 01/12/07 156,046 --
Limited Liability Company Unit Class C (B) 112,873 uts. 01/12/07 112,873 --
------------ ------------
2,502,121 957,582
------------ ------------
CONNOR SPORT COURT INTERNATIONAL, INC.
A designer and manufacturer of outdoor and indoor synthetic sports flooring and other temporary flooring products.
Preferred Stock Series B-2 (B) 17,152 shs. 07/05/07 700,392 1,715,247
Preferred Stock Series C (B) 8,986 shs. 07/05/07 300,168 898,560
Common Stock (B) 718 shs. 07/05/07 7 251
Limited Partnership Interest (B) 12.64% int. * 189,586 --
------------ ------------
*08/12/04 and 01/14/05. 1,190,153 2,614,058
------------ ------------
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 2,469,296 2,550,000
Warrant, exercisable until 2013, to purchase
common stock at $.001 per share (B) 20 shs. 08/04/05 137,166 206,157
------------ ------------
2,606,462 2,756,157
------------ ------------
CRANE RENTAL CORPORATION
A crane rental company.
13% Senior Subordinated Note due 2015 $ 2,295,000 08/21/08 2,085,196 2,340,900
Common Stock (B) 255,000 shs. 08/21/08 255,000 78,535
Warrant, exercisable until 2016, to purchase
common stock at $.01 per share (B) 136,070 shs. 08/21/08 194,826 41,907
------------ ------------
2,535,022 2,461,342
------------ ------------
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10
MassMutual Corporate Investors
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
March 31, 2010
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
CUSTOM ENGINEERED WHEELS, INC.
A manufacturer of custom engineered, non-pneumatic plastic wheels and plastic tread cap tires used primarily for lawn and garden
products and wheelchairs.
12.5% Senior Subordinated Note due 2016 $ 2,182,212 10/27/09 $ 1,892,808 $ 2,202,479
Preferred Stock PIK 296 shs. 10/27/09 295,550 280,773
Preferred Stock Series A 216 shs. 10/27/09 197,152 2
Common Stock (B) 72 shs. 10/27/09 72,238 68,628
Warrant, exercisable until 2016, to purchase
common stock at $.01 per share (B) 53 shs. 10/27/09 48,608 1
------------ ------------
2,506,356 2,551,883
------------ ------------
DAVIS-STANDARD LLC
A manufacturer, assembler, and installer of a broad range of capital equipment that is used in the extrusion, conversion, and
processing of plastic materials.
12% Senior Subordinated Note due 2014 $ 1,847,826 10/30/06 1,755,391 1,809,474
Limited Partnership Interest (B) 1.82% int. 10/30/06 702,174 785,938
Warrant, exercisable until 2014, to purchase
preferred stock at $.01 per share (B) 50 shs. 10/30/06 49,830 68,454
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 34 shs. 10/30/06 34,000 31,455
------------ ------------
2,541,395 2,695,321
------------ ------------
DIVERSCO, INC./DHI HOLDINGS, INC.
A contract provider of janitorial and equipment maintenance services and temporary production labor to industrial customers.
Membership Interests of MM/Lincap
Diversco Investments Ltd. LLC (B) 27.20% int. 08/27/98 734,090 --
Preferred Stock (B) 2,586 shs. 12/14/01 2,186,976 2,082,021
Warrants, exercisable until 2011, to purchase
common stock of DHI Holdings, Inc. at $.01 per share (B) 13,352 shs. * 403,427 --
------------ ------------
* 10/24/96 and 08/28/98. 3,324,493 2,082,021
------------ ------------
DUNCAN SYSTEMS, INC.
A distributor of windshields and side glass for the recreational vehicle market.
10% Senior Secured Term Note due 2013 $ 405,000 11/01/06 398,925 415,762
13% Senior Subordinated Note due 2014 $ 855,000 11/01/06 784,426 855,000
Common Stock (B) 180,000 shs. 11/01/06 180,000 173,885
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 56,514 shs. 11/01/06 78,160 54,594
------------ ------------
1,441,511 1,499,241
------------ ------------
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11
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
March 31, 2010
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
DWYER GROUP, INC.
A franchiser of a variety of home repair services.
Common Stock (B) 6,906 shs. * $ 690,600 $ 1,162,678
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 2,034 shs. 10/30/03 186,469 342,371
------------ ------------
*10/30/03 and 01/02/04. 877,069 1,505,049
------------ ------------
E S P HOLDCO, INC.
A manufacturer of power protection technology for commercial office equipment, primarily supplying the office equipment dealer
network.
14% Senior Subordinated Note due 2015 $ 2,321,162 01/08/08 2,277,911 2,174,400
Common Stock (B) 660 shs. 01/08/08 329,990 41,361
------------ ------------
2,607,901 2,215,761
------------ ------------
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 77,208 196,205
------------ ------------
EATEM HOLDING COMPANY
A developer and manufacturer of savory flavor systems for soups, sauces, gravies, and other products produced by food manufacturers
or retail and foodservice end products.
12.5% Senior Subordinated Note due 2018 $ 2,850,000 02/01/10 2,471,700 2,834,681
Common Stock 150 shs. 02/01/10 150,000 142,500
Warrant, exercisable until 2018, to purchase
common stock at $.01 per share (B) 358 shs. 02/01/10 321,300 4
------------ ------------
2,943,000 2,977,185
------------ ------------
F C X HOLDINGS CORPORATION
A distributor of specialty/technical valves, actuators, accessories, and process instrumentation supplying a number of industrial,
high purity, and energy end markets in North America.
15% Senior Subordinated Note due 2015 $ 2,208,822 10/06/08 2,164,902 2,229,186
Preferred Stock (B) 4,341 shs. 10/06/08 434,074 203,305
Common Stock (B) 3,069 shs. 10/06/08 3,069 --
------------ ------------
2,602,045 2,432,491
------------ ------------
F H S HOLDINGS LLC
A national provider of customized disease management services to large self-insured employers.
12% Senior Subordinated Note due 2014 (D) $ 2,390,625 06/01/06 2,220,452 597,656
Limited Liability Company Units of Linden/FHS Holdings LLC (B) 159 uts. 06/01/06 159,362 --
Common Unit Class B (B) 1,386 uts. 06/01/06 122,361 --
------------ ------------
2,502,175 597,656
------------ ------------
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12
MassMutual Corporate Investors
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
March 31, 2010
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
FLUTES, INC.
An independent manufacturer of micro fluted corrugated sheet material for the food and consumer products packaging industries.
10% Senior Secured Term Note due 2013 (D) $ 918,385 04/13/06 $ 904,609 $ 229,596
14% Senior Subordinated Note due 2014 (D) $ 555,059 04/13/06 495,635 --
------------ ------------
1,400,244 229,596
------------ ------------
GOLDEN COUNTY FOODS HOLDING, INC.
A manufacturer of frozen appetizers and snacks.
16% Senior Subordinated Note due 2015 $ 1,912,500 11/01/07 1,727,592 1,721,250
16% PIK Note due 2015 $ 400,977 12/31/08 327,475 360,879
8% Series A Convertible Preferred Stock, convertible into
fully dilluted common shares (B) 146,658 shs. 11/01/07 146,658 --
------------ ------------
2,201,725 2,082,129
------------ ------------
H M HOLDING COMPANY
A designer, manufacturer, and importer of promotional and wood furniture.
7.5% Senior Subordinated Note due 2013 (D) $ 685,100 10/15/09 512,231 342,550
Preferred Stock (B) 40 shs. * 40,476 --
Preferred Stock Series B (B) 2,055 shs. 10/15/09 1,536,694
Common Stock (B) 340 shs. 02/10/06 340,000 --
Common Stock Class C (B) 560 shs. 10/15/09 -- --
Warrant, exercisable until 2013, to purchase
common stock at $.02 per share (B) 126 shs. 02/10/06 116,875 --
------------ ------------
* 09/18/07 and 06/27/08. 2,546,276 342,550
------------ ------------
HIGHGATE CAPITAL LLC
An acquirer of controlling or substantial interests in manufacturing and marketing entities.
Series A Preferred Units (B) 1.19% int. 07/21/94 367,440 --
------------ ------------
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 * 1,943,087 2,043,269
Common Stock (B) 63 shs. * 62,742 77,020
Warrant, exercisable until 2012, to purchase
common stock at $.02 per share (B) 200 shs. * 199,501 244,907
------------ ------------
* 06/30/04 and 08/19/04. 2,205,330 2,365,196
------------ ------------
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13
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
March 31, 2010
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
HOSPITALITY MINTS HOLDING COMPANY
A manufacturer of individually-wrapped imprinted promotional mints.
12% Senior Subordinated Note due 2016 $ 2,075,581 08/19/08 $ 1,920,297 $ 1,971,802
Common Stock (B) 474 shs. 08/19/08 474,419 98,430
Warrant, exercisable until 2016, to purchase
common stock at $.01 per share (B) 123 shs. 08/19/08 113,773 25,440
------------ ------------
2,508,489 2,095,672
------------ ------------
INSURANCE CLAIMS MANAGEMENT, INC.
A third party administrator providing auto and property claim administration services for insurance companies.
Common Stock (B) 69 shs. 02/27/07 2,077 175,764
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 20 shs. 02/27/07 612 51,767
------------ ------------
2,689 227,531
------------ ------------
INTERNATIONAL OFFSHORE SERVICES LLC
A leading provider of marine transportation services, platform decomissioning, and salvage services to oil and gas producers in the
shallow waters of the Gulf of Mexico.
14.25% Senior Subordinated Secured Note due 2017 $ 2,550,000 07/07/09 2,299,566 2,551,132
Limited Liability Company Unit (B) 3,112 uts. 07/07/09 186,684 31
------------ ------------
2,486,250 2,551,163
------------ ------------
JASON, INC.
A diversified manufacturing company serving various industrial markets.
13% Senior Subordinated Note due 2010 $ 963,687 08/04/00 848,275 48,184
Limited Partnership Interest of
Saw Mill Capital Fund II, L.P. (B) 2.50% int. 08/03/00 886,470 --
Warrant, exercisable until 2010, to purchase
common stock at $.01 per share (B) 50,870 shs. 08/04/00 115,412 --
------------ ------------
1,850,157 48,184
------------ ------------
JUSTRITE MANUFACTURING ACQUISITION CO.
A manufacturer of safety products such as storage cabinets and containers.
12% Senior Subordinated Note due 2011 $ 1,593,750 12/15/04 1,555,626 1,593,750
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 1,121 shs. 12/15/04 101,109 163,556
------------ ------------
1,656,735 1,757,306
------------ ------------
K H O F HOLDINGS, INC.
A manufacturer of premium disposable tableware products serving both the foodservice and consumer channels.
14% Senior Subordinated Note due 2014 $ 2,446,554 10/15/07 2,398,391 2,471,005
Common Stock (B) 220,673 shs. 10/15/07 220,673 234,680
------------ ------------
2,619,064 2,705,685
------------ ------------
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14
MassMutual Corporate Investors
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
March 31, 2010
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
K N B HOLDINGS CORPORATION
A designer, manufacturer and marketer of products for the custom framing market.
15.5% Senior Subordinated Note due 2013 $ 3,012,887 05/25/06 $ 2,641,395 $ 1,506,444
Common Stock (B) 134,210 shs. 05/25/06 134,210 --
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 82,357 shs. 05/25/06 71,534 --
------------ ------------
2,847,139 1,506,444
------------ ------------
K P I HOLDINGS, INC.
Pace Industries is the largest player in the U.S. non-automotive, non-ferrous die casting segment.
13% Senior Subordinated Note due 2014 $ 2,106,522 07/16/08 1,968,368 1,579,892
Convertible Preferred Stock Series C (B) 55 shs. 06/30/09 55,435 --
Convertible Preferred Stock Series D (B) 24 shs. 09/17/09 24,476 --
Common Stock (B) 443 shs. 07/15/08 443,478 --
Warrant, exercisable until 2018, to purchase
common stock at $.01 per share (B) 734 shs. * 96,024 --
------------ ------------
* 07/16/08 and 09/17/09. 2,587,781 1,579,892
------------ ------------
K W P I HOLDINGS CORPORATION
A manufacturer and distributor of vinyl windows and patio doors throughout the northwestern United States.
18% Senior Subordinated Note due 2014 $ 2,811,873 03/14/07 2,559,653 2,249,498
Common Stock (B) 232 shs. 03/13/07 232,000 --
Warrant, exercisable until 2019, to purchase
preferred stock at $.01 per share (B) 134 shs. 07/07/09 -- --
Warrant, exercisable until 2017, to purchase
common stock at $.01 per share (B) 167 shs. 03/14/07 162,260 --
------------ ------------
2,953,913 2,249,498
------------ ------------
K-TEK HOLDING CORPORATION
A manufacturer of instrumentation for liquid and bulk solids level detection for process and storage tanks.
14% Senior Subordinated Note due 2015 $ 2,287,451 12/20/07 2,246,104 2,310,326
Preferred Stock (B) 363,260 shs. 12/20/07 363,260 426,715
Common Stock (B) 102,616 shs. 12/20/07 1,026 28,684
------------ ------------
2,610,390 2,765,725
------------ ------------
L H D EUROPE HOLDING, INC.
A non-carbonated beverage dispensing company focused on the foodservice industry.
Common Stock (B) 85 shs. 12/28/09 7,916 24,225
------------ ------------
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15
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
March 31, 2010
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
MVI HOLDING, INC.
A manufacturer of large precision machined metal components used in equipment which services a variety of industries, including the
oil and gas, mining, and defense markets.
13% Senior Subordinated Note due 2016 $ 1,233,229 09/12/08 $ 1,143,030 $ 1,182,441
Common Stock (B) 61 shs. 09/12/08 60,714 --
Warrant, exercisable until 2018, to purchase
common stock at $.01 per share (B) 66 shs. 09/12/08 65,571 --
------------ ------------
1,269,315 1,182,441
------------ ------------
MAIL COMMUNICATIONS GROUP, INC.
A provider of mail processing and handling services, lettershop services, and commercial printing services.
12.5% Senior Subordinated Note due 2014 $ 975,000 05/04/07 912,469 975,000
Limited Liability Company Unit (B) 24,109 uts. * 314,464 326,342
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 3,375 shs. 05/04/07 43,031 45,685
------------ ------------
* 05/04/07 and 01/02/08. 1,269,964 1,347,027
------------ ------------
MANHATTAN BEACHWEAR HOLDING COMPANY
A designer and distributor of women's swimwear.
12.5% Senior Subordinated Note due 2018 $ 2,647,059 01/15/10 2,314,756 2,648,354
Common Stock (B) 353 shs. 01/15/10 352,941 335,293
Warrant, exercisable until 2019, to purchase
common stock at $.01 per share (B) 312 shs. 01/15/10 283,738 3
------------ ------------
2,951,435 2,983,650
------------ ------------
MAVERICK ACQUISITION COMPANY
A manufacturer of capsules that cover the cork and neck of wine bottles.
6.79% Senior Secured Tranche A Note due 2010 (C) $ 236,006 09/03/04 236,006 234,813
12.5% Senior Secured Tranche B Note due 2011 $ 313,433 09/03/04 301,350 304,402
6.75% Senior Secured Revolver due 2011 (C) $ 50,933 09/03/04 50,933 50,122
Limited Partnership Interest (B) 7.84% int. 09/03/04 58,769 15,953
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 425 shs. 09/03/04 39,473 11,527
------------ ------------
686,531 616,817
------------ ------------
MEDSYSTEMS HOLDINGS LLC
A manufacturer of enteral feeding products, such as feeding tubes and other products related to assisted feeding.
13% Senior Subordinated Note due 2015 $ 1,166,548 08/29/08 1,040,200 1,189,879
Preferred Unit (B) 126 uts. 08/29/08 125,519 139,579
Common Unit Class A (B) 1,268 uts. 08/29/08 1,268 85,843
Common Unit Class B (B) 472 uts. 08/29/08 120,064 31,941
------------ ------------
1,287,051 1,447,242
------------ ------------
--------------------------------------------------------------------------------------------------------------------------------
16
MassMutual Corporate Investors
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
March 31, 2010
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
MEGTEC HOLDINGS, INC.
A supplier of industrial and environmental products and services to a broad array of industries.
12% Senior Subordinated Note due 2016 $ 2,161,017 09/24/08 $ 1,981,274 $ 2,052,966
Preferred Stock (B) 107 shs. 09/24/08 103,255 12,034
Limited Partnership Interest (B) 1.40% int. 09/16/08 388,983 --
Warrant, exercisable until 2018, to purchase
common stock at $.01 per share (B) 35 shs. 09/24/08 33,268 --
------------ ------------
2,506,780 2,065,000
------------ ------------
MICROGROUP, INC.
A manufacturer of precision parts and assemblies, and a value-added supplier of metal tubing and bars.
12% Senior Subordinated Note due 2013 (D) $ 2,685,614 * 2,583,450 2,282,772
Common Stock (B) 450 shs. * 450,000 --
Warrant, exercisable until 2013, to purchase
common stock at $.02 per share (B) 164 shs. * 162,974 --
------------ ------------
* 08/12/05 and 09/11/06. 3,196,424 2,282,772
------------ ------------
MILWAUKEE GEAR COMPANY
A manufacturer of high-precision custom gears and gear drives used by original equipment manufacturers operating in a number of
industries.
13% Senior Subordinated Note due 2014 $ 2,353,846 07/21/08 2,229,974 2,118,461
Preferred Stock (B) 263 shs. 07/21/08 261,830 --
Common Stock (B) 18 shs. 07/21/08 20,000 --
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 10 shs. 07/21/08 11,285 --
------------ ------------
2,523,089 2,118,461
------------ ------------
MOMENTUM HOLDING CO.
A designer and supplier of upholstery fabric to commercial furniture manufacturers and architectural and design firms.
Limited Partnership Interest (B) 21.23% int. 08/04/06 106,153 260,507
Warrant, exercisable until 2014, to purchase
common stock at $.02 per share (B) 1,107 shs. 08/04/06 107,109 271,548
------------ ------------
213,262 532,055
------------ ------------
MONESSEN HOLDING CORPORATION
A designer and manufacturer of a broad line of gas, wood, and electric hearth products and accessories.
14% Senior Subordinated Note due 2014 (D) $ 2,550,000 07/25/08 2,408,686 1,275,000
14% PIK Note due 2014 (D) $ 792,791 07/25/08 646,821 396,395
Warrant, exercisable until 2014, to purchase
common stock at $.02 per share (B) 152 shs. 03/31/06 138,125 --
------------ ------------
3,193,632 1,671,395
------------ ------------
--------------------------------------------------------------------------------------------------------------------------------
17
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
March 31, 2010
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
NABCO, INC.
A producer of explosive containment vessels in the United States.
14% Senior Subordinated Note due 2014 $ 625,000 02/24/06 $ 575,313 $ 312,500
Limited Liability Company Unit (B) 825 uts. * 825,410 --
Warrant, exercisable until 2016, to purchase
common stock at $.01 per share (B) 129 shs. 02/24/06 37,188 --
------------ ------------
* 02/24/06 and 06/22/07. 1,437,911 312,500
------------ ------------
NAVIS GLOBAL
A designer, manufacturer, seller and servicer of finishing machinery for the knit and woven segments of the global textile industry.
12% Senior Secured Term Note Series A due 2010 $ 29,494 11/14/08 29,494 29,494
14% Senior Subordinated Note due 2014 (D) $ 1,338,613 05/28/04 1,155,793 --
10.75% Senior Secured Note due 2011 (D) $ 609,206 05/28/04 607,397 152,302
------------ ------------
1,792,684 181,796
------------ ------------
NESCO HOLDINGS CORPORATION
A sales and leasing company that provides equipment to the electric utility, telecommunications, and various other industries.
12% Senior Secured Subordinated Note due 2015 $ 2,125,000 08/02/07 1,888,243 2,146,250
Common Stock (B) 425,000 shs. 08/02/07 425,000 465,325
Warrant, exercisable until 2015, to purchase
common stock at $.01 per share (B) 119,360 shs. 08/02/07 194,257 130,685
------------ ------------
2,507,500 2,742,260
------------ ------------
NETSHAPE TECHNOLOGIES, INC.
A manufacturer of powder metal and metal injection molded precision components used in industrial, consumer, and other applications.
12% Senior Subordinated Note due 2014 $ 1,530,000 02/02/07 1,408,570 1,134,051
Limited Partnership Interest of
Saw Mill PCG Partners LLC (B) 2.73% int. 02/01/07 1,019,980 --
Limited Liability Company Unit Class D of
Saw Mill PCG Partners LLC (B) 15 uts. * 15,389 7,695
Limited Liability Company Unit Class D- 1 of
Saw Mill PCG Partners LLC (B) 82 uts. 09/30/09 81,776 40,896
Preferred Stock Class A (B) 1 sh. 12/18/08 1,370 686
Preferred Stock Class A-1 (B) 7 shs. 09/30/09 7,096 3,550
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 91 shs. 02/02/07 90,830 --
------------ ------------
* 12/18/08 and 09/30/09. 2,625,011 1,186,878
------------ ------------
--------------------------------------------------------------------------------------------------------------------------------
18
MassMutual Corporate Investors
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
March 31, 2010
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
NORTHWEST MAILING SERVICES, INC.
A producer of promotional materials for companies that use direct mail as part of their customer retention and loyalty programs.
12% Senior Subordinated Note due 2016 $ 2,281,579 07/09/09 $ 1,907,249 $ 2,372,842
Limited Partnership Interest (B) 2,684 uts. 07/09/09 268,421 255,000
Warrant, exercisable until 2019, to purchase
common stock at $.01 per share (B) 3,498 shs. 07/09/09 349,753 35
------------ ------------
2,525,423 2,627,877
------------ ------------
NYLONCRAFT, INC.
A supplier of engineered plastic components for the automotive industry.
10% Senior Secured Note due 2012 $ 812,500 01/28/02 812,500 609,375
15% Senior Subordinated Note due 2012 (D) $ 500,000 01/28/02 473,642 --
Convertable Preferred Stock A (B) 1,000 shs. 01/28/02 961,637 --
Common Stock (B) 312,500 shs. 01/28/02 312,500 --
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 243,223 shs. 01/28/02 162,045 --
------------ ------------
2,722,324 609,375
------------ ------------
OAKRIVER TECHNOLOGY, INC.
Designs, engineers and assembles high precision automated process equipment for the medical device industry, with a focus on
defibrillators and stents.
10% Senior Secured Note due 2012 $ 145,713 01/03/06 143,527 150,409
13% Senior Subordinated Note due 2013 $ 687,241 01/03/06 637,170 687,241
Common Stock (B) 322,307 shs. 01/03/06 322,307 221,484
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 75,378 shs. 01/03/06 62,824 51,799
------------ ------------
1,165,828 1,110,933
------------ ------------
OLYMPIC SALES, INC.
A boat retailer in Washington state, Oregon, California and British Columbia.
12% Senior Subordinated Note due 2010 (D) $ 1,022,000 08/07/98 1,022,000 153,300
12% Senior Subordinated Note due 2010 (D) $ 307,071 02/09/00 268,283 46,061
------------ ------------
1,290,283 199,361
------------ ------------
ONTARIO DRIVE & GEAR LTD.
A manufacturer of all-wheel drive, off-road amphibious vehicles and related accessories.
Limited Liability Company Unit (B) 3,667 uts. 01/17/06 572,115 464,031
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 619 shs. 01/17/06 170,801 78,345
------------ ------------
742,916 542,376
------------ ------------
--------------------------------------------------------------------------------------------------------------------------------
19
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
March 31, 2010
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
PAS HOLDCO LLC
An independent provider of maintenance, repair and overhaul services to the aerospace gas turbine engine and airframe markets.
14% Senior Subordinated Note due 2014 $ 2,335,864 07/03/06 $ 2,244,109 $ 2,359,223
Preferred Unit (B) 382 uts. 07/03/06 382,150 564,465
Preferred Unit (B) 69 uts. 07/03/06 68,790 101,608
Common Unit Class I (B) 148 uts. 07/03/06 -- 734,650
Common Unit Class L (B) 31 uts. 07/03/06 -- 155,251
------------ ------------
2,695,049 3,915,197
------------ ------------
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 2,190,745 2,295,000
Preferred Stock (B) 36 shs. 03/31/06 329,596 450,878
Common Stock (B) 23 shs. 03/31/06 25,500 161,468
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 13 shs. 03/31/06 11,122 93,926
------------ ------------
2,556,963 3,001,272
------------ ------------
PACIFIC CONSOLIDATED HOLDINGS LLC
A manufacturer of rugged, mobile liquid and gaseous oxygen and nitrogen generating systems used in the global defense, oil and gas,
and medical sectors.
14% Senior Subordinated Note due 2012 $ 1,331,354 04/27/07 1,256,764 1,157,382
Limited Liability Company Unit (B) 1,754,707 uts. 04/27/07 63,233 --
------------ ------------
1,319,997 1,157,382
------------ ------------
PARADIGM PACKAGING, INC.
A manufacturer of plastic bottles and closures for the nutritional, pharmaceutical, personal care, and food packaging markets.
12% Senior Subordinated Note due 2011 $ 2,125,000 12/19/00 2,061,853 2,115,923
Membership Interests of MM/Lincap
PPI Investments, Inc., LLC (B) 2.42% int. 12/21/00 265,625 288,947
------------ ------------
2,327,478 2,404,870
------------ ------------
PEARLMAN ENTERPRISES, INC.
A developer and distributor of tools, equipment, and supplies to the natural and engineered stone industry.
Preferred Stock Series A (B) 2,334 shs. 05/22/09 111,508 --
Preferred Stock Series B (B) 13,334 shs. 05/22/09 547,872 --
Common Stock (B) 40,540 shs. 05/22/09 1,877,208 --
------------ ------------
2,536,588 --
------------ ------------
--------------------------------------------------------------------------------------------------------------------------------
20
MassMutual Corporate Investors
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
March 31, 2010
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
POSTLE ALUMINUM COMPANY LLC
A manufacturer and distributor of aluminum extruded products.
3% Senior Subordinated PIK Note due 2014 (D) $ 2,198,100 10/02/06 $ 2,014,226 $ --
Limited Liability Company Unit Class A 1,384 uts. 10/02/06 510,000 --
Limited Liability Company Unit 143 uts. 05/22/09 72,042 67,828
Warrant, exercisable until 2016, to purchase
common stock at $.01 per share (B) 8,595 shs. 10/02/06 124,644 --
------------ ------------
2,720,912 67,828
------------ ------------
POWER SERVICES HOLDING COMPANY
A provider of industrial motor repair services, predictive and preventative maintenance, and performance improvement consulting
serving the petrochemical, mining, power generation, metals, and paper industries.
12% Senior Subordinated Note due 2016 $ 2,372,093 02/11/08 2,185,301 2,292,649
Limited Partnership Interest (B) 23.70% int. 02/11/08 177,729 30,165
Warrant, exercisable until 2016, to purchase
common stock at $.01 per share (B) 1,322 shs. 02/11/08 167,588 59,449
------------ ------------
2,530,618 2,382,263
------------ ------------
PRECISION WIRE HOLDING COMPANY
A manufacturer of specialty medical wires that are used in non-elective minimally invasive surgical procedures.
14.25% Senior Subordinated Note due 2016 $ 2,564,895 11/12/09 2,303,532 2,565,971
Warrant, exercisable until 2019, to purchase
common stock at $.01 per share (B) 206 shs. 11/12/09 203,944 2
------------ ------------
2,507,476 2,565,973
------------ ------------
QUALIS AUTOMOTIVE LLC
A distributor of aftermarket automotive brake and chassis products.
13% Senior Subordinated Note due 2012 $ 1,742,711 05/28/04 1,598,853 1,836,249
Common Stock (B) 354,167 shs. 05/28/04 354,166 357,104
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 377,719 shs. 05/28/04 377,719 380,852
------------ ------------
2,330,738 2,574,205
------------ ------------
RAJ MANUFACTURING HOLDINGS LLC
A designer and manufacturer of women's swimwear sold under a variety of licensed brand names.
14.5% Senior Subordinated Note due 2014 $ 2,434,074 12/15/06 2,244,702 2,190,666
Limited Liability Company Unit (B) 2,828 uts. 12/15/06 282,810 6,221
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 3 shs. 12/15/06 131,483 2,934
------------ ------------
2,658,995 2,199,821
------------ ------------
--------------------------------------------------------------------------------------------------------------------------------
21
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
March 31, 2010
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
REI DELAWARE HOLDING, INC.
An engineer and manufacturer of highly complex, close tolerance components, assemblies, tooling and custom automation equipment
primarily for aerospace, medical and defense/radar markets.
12% Senior Subordinated Note due 2016 $ 2,550,000 01/18/08 $ 2,467,911 $ 2,548,952
Warrant, exercisable until 2018, to purchase
common stock at $.01 per share (B) 6 shs. 01/18/08 31,089 35,047
------------ ------------
2,499,000 2,583,999
------------ ------------
ROYAL BATHS MANUFACTURING COMPANY
A manufacturer and distributor of acrylic and cultured marble bathroom products.
12.5% Senior Subordinated Note due 2011 $ 1,062,500 11/14/03 1,027,048 1,046,969
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 140 shs. 11/14/03 122,946 63,659
------------ ------------
1,149,994 1,110,628
------------ ------------
SAFETY SPEED CUT MANUFACTURING COMPANY, INC.
A manufacturer of vertical panel saws and routers for the wood working industry.
Class B Common Stock (B) 1,480 shs. 06/02/99 256,212 247,257
------------ ------------
SAVAGE SPORTS HOLDING, INC.
A manufacturer of sporting firearms.
12% Senior Subordinated Note due 2012 $ 1,538,793 09/10/04 1,487,318 1,538,793
Common Stock (B) 612 shs. * 642,937 1,041,562
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 134 shs. 09/10/04 113,578 227,408
------------ ------------
* 09/10/04 and 10/05/07. 2,243,833 2,807,763
------------ ------------
SENCORE HOLDING COMPANY
A designer, manufacturer, and marketer of decoders, receivers and modulators sold to broadcasters, satellite, cable and telecom
operators for encoding/decoding analog and digital transmission video signals.
12.5% Senior Subordinated Note due 2014 $ 1,765,385 01/15/09 1,556,628 1,596,219
Common Stock (B) 131 shs. 01/15/09 130,769 32,693
Warrant, exercisable until 2019, to purchase
common stock at $.01 per share (B) 282 shs. 01/15/09 281,604 3
------------ ------------
1,969,001 1,628,915
------------ ------------
SMART SOURCE HOLDINGS LLC
A short-term computer rental company.
12% Senior Subordinated Note due 2015 $ 2,223,076 * 2,047,279 2,156,753
Limited Liability Company Unit (B) 619 uts. * 631,592 398,734
Warrant, exercisable until 2015, to purchase
common stock at $.01 per share (B) 157 shs. * 164,769 101,013
------------ ------------
* 08/31/07 and 03/06/08. 2,843,640 2,656,500
------------ ------------
--------------------------------------------------------------------------------------------------------------------------------
22
MassMutual Corporate Investors
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
March 31, 2010
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
SPARTAN FOODS HOLDING COMPANY
A manufacturer of branded pizza crusts and pancakes.
12.5% Senior Subordinated Note due 2017 $ 1,912,500 12/15/09 $ 1,651,496 $ 1,915,313
Warrant, exercisable until 2018, to purchase
common stock at $.01 per share (B) 257 shs. 12/15/09 227,109 3
------------ ------------
1,878,605 1,915,316
------------ ------------
SPECIALTY COMMODITIES, INC.
A distributor of specialty food ingredients.
13.25% Senior Subordinated Note due 2016 $ 2,290,693 10/23/08 2,154,587 2,336,507
Common Stock (B) 30,000 shs. 10/23/08 300,000 198,531
Warrant, excercisable until 2018, to purchase
common stock at $.01 per share (B) 11,054 shs. 10/23/08 100,650 73,152
------------ ------------
2,555,237 2,608,190
------------ ------------
STANTON CARPET HOLDING CO.
A designer and marketer of high and mid-priced decorative carpets and rugs.
12.13% Senior Subordinated Note due 2014 $ 2,239,024 08/01/06 2,131,406 2,097,147
Common Stock (B) 311 shs. 08/01/06 310,976 36,110
Warrant, exercisable until 2014, to purchase
common stock at $.02 per share (B) 104 shs. 08/01/06 93,293 12,026
------------ ------------
2,535,675 2,145,283
------------ ------------
SUNDANCE INVESTCO LLC
A provider of post-production services to producers of movies and television shows.
Limited Liability Company Unit Class A 6,429 shs. 03/31/10 -- --
------------ ------------
SYNTERACT HOLDINGS CORPORATION
A provider of outsourced clinical trial management services to pharmaceutical and biotechnology companies.
14% Senior Subordinated Note due 2016 $ 2,591,006 09/02/08 2,428,868 2,624,610
Redeemable Preferred Stock Series A (B) 1,280 shs. 09/02/08 12,523 12,608
Warrant, exercisable until 2018, to purchase
common stock at $.01 per share (B) 12,803 shs. 09/02/08 112,693 --
------------ ------------
2,554,084 2,637,218
------------ ------------
T H I ACQUISITION, INC.
A machine servicing company providing value-added steel services to long steel products.
12% Senior Subordinated Note due 2016 $ 2,550,000 01/14/08 2,410,946 2,040,000
Warrant, exercisable until 2016, to purchase
common stock at $.01 per share (B) 9 shs. 01/14/08 88,054 --
------------ ------------
2,499,000 2,040,000
------------ ------------
--------------------------------------------------------------------------------------------------------------------------------
23
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
March 31, 2010
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
TANGENT RAIL CORPORATION
A manufacturer of rail ties and provider of specialty services to the North American railroad industry.
13% Senior Subordinated Note due 2015 $ 2,217,385 10/14/05 $ 1,952,116 $ 2,217,385
Common Stock (B) 2,203 shs. 10/14/05 2,203 1,321,595
Warrant, exercisable until 2015, to purchase
common stock at $.01 per share (B) 1,192 shs. 09/30/08 568,009 715,089
------------ ------------
2,522,328 4,254,069
------------ ------------
TELECORPS HOLDINGS, INC.
A provider of equipment and services to producers of television shows and motion pictures.
12.75% Senior Subordinated Note due 2016 $ 3,176,506 * 2,785,539 3,017,681
Common Stock (B) 270 shs. 09/02/09 10,994 8,246
Warrant, exercisable until 2019, to purchase
common stock at $.01 per share (B) 7,906 shs. * 327,437 79
------------ ------------
* 05/20/09 and 09/02/09. 3,123,970 3,026,006
------------ ------------
TERRA RENEWAL LLC
A provider of wastewater residual management and required environmental reporting, permitting, nutrient management planning and
record keeping to companies involved in poultry and food processing.
12% Senior Subordinated Note due 2014 $ 1,162,110 * 1,117,672 946,886
6.79% Term Note due 2012 (C) $ 1,367,598 * 1,363,147 1,260,615
8.75% Term Note due 2012 (C) $ 1,446 * 1,446 1,333
Limited Partnership Interest of
Saw Mill Capital Fund V, LLC (B) 3.97% int. ** 149,176 --
Warrant, exercisable until 2016, to purchase
common stock at $.01 per share (B) 72 shs. 04/28/06 59,041 --
------------ ------------
* 04/28/06 and 09/13/06. ** 03/01/05 and 10/10/08. 2,690,482 2,208,834
------------ ------------
TORRENT GROUP HOLDINGS, INC.
A contractor specializing in the sales and installation of engineered drywells for the retention and filtration of stormwater and
nuisance water flow.
12.5% Senior Subordinated Note due 2013 (D) $ 2,239,024 10/26/07 2,102,363 --
Series A Preferred Stock (B) 414 shs. 10/26/07 414,051 --
------------ ------------
2,516,414 --
------------ ------------
TOTAL E&S, INC.
A manufacturer of a wide variety of equipment used in the oil and gas industry.
10.5% Senior Secured Term Note due 2013 $ 851,351 03/02/07 838,581 808,783
13% Senior Subordinated Note due 2014 (D) $ 598,450 03/02/07 490,608 299,225
------------ ------------
1,329,189 1,108,008
------------ ------------
--------------------------------------------------------------------------------------------------------------------------------
24
MassMutual Corporate Investors
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
March 31, 2010
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
TRANSPAC HOLDING COMPANY
A designer, importer and wholesaler of home decor and seasonal gift products.
12% Senior Subordinated Note due 2015 (D) $ 1,773,006 10/31/07 $ 1,649,939 $ 1,595,705
Common Stock (B) 209 shs. 10/31/07 208,589 --
Warrant, exercisable until 2015, to purchase
common stock at $.01 per share (B) 94 shs. 10/31/07 87,607 --
------------ ------------
1,946,135 1,595,705
------------ ------------
TRANSTAR HOLDING COMPANY
A distributor of aftermarket automotive transmission parts.
12% Senior Subordinated Note due 2014 $ 1,734,000 08/31/05 1,684,426 1,751,340
Common Stock (B) 1,078 shs. * 1,078,450 1,341,415
Warrant, exercisable until 2013, to purchase
common stock at $.02 per share (B) 86 shs. 08/31/05 77,485 106,895
------------ ------------
* 08/31/05 and 04/30/07. 2,840,361 3,199,650
------------ ------------
TRANZONIC COMPANIES (THE)
A producer of commercial and industrial supplies, such as safety products, janitorial supplies, work apparel, washroom and restroom
supplies and sanitary care products.
13% Senior Subordinated Note due 2010 $ 2,712,000 02/05/98 2,682,569 2,712,000
Common Stock (B) 630 shs. 02/04/98 630,000 709,405
Warrant, exercisable until 2010, to purchase
common stock at $.01 per share (B) 444 shs. 02/05/98 368,832 499,962
------------ ------------
3,681,401 3,921,367
------------ ------------
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.
16% Senior Subordinated Note due 2010 (D) $ 2,309,541 * 2,141,949 577,385
Preferred Stock Series B (B) 241 shs. 10/20/08 241,172 --
Common Stock (B) 742 shs. * 800,860 --
Warrant, exercisable until 2013, to purchase
common stock at $.02 per share (B) 153 shs. * 159,894 --
Warrant, exercisable until 2018, to purchase
common stock at $.01 per share (B) 1,054 shs. 10/20/08 -- --
------------ ------------
* 07/19/05 and 12/22/05. 3,343,875 577,385
------------ ------------
TRUSTILE DOORS, INC.
A manufacturer and distributor of interior doors.
Warrant, exercisable until 2010, to purchase
common stock at $.01 per share (B) 5,781 shs. 04/11/03 68,059 105,305
------------ ------------
--------------------------------------------------------------------------------------------------------------------------------
25
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
March 31, 2010
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
UMA ENTERPRISES, INC.
An importer and wholesaler of home decor products.
15% Senior Subordinated Note due 2015 $ 1,773,283 02/08/08 $ 1,734,623 $ 1,732,752
Convertible Preferred Stock (B) 887 shs. 02/08/08 886,956 271,082
------------ ------------
2,621,579 2,003,834
------------ ------------
U-LINE CORPORATION
A manufacturer of high-end, built-in, undercounter ice making, wine storage and refrigeration appliances.
14.5% Senior Subordinated Note due 2012 $ 1,882,100 04/30/04 1,797,221 1,599,785
14.5% PIK Note due 2012 $ 262,766 10/06/09 223,351 223,351
Common Stock (B) 182 shs. 04/30/04 182,200 --
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 230 shs. 04/30/04 211,736 --
------------ ------------
2,414,508 1,823,136
------------ ------------
VISIONEERING, INC.
A designer and manufacturer of tooling and fixtures for the aerospace industry.
10.5% Senior Secured Term Loan due 2013 $ 802,941 05/17/07 790,897 786,971
13% Senior Subordinated Note due 2014 $ 648,530 05/17/07 595,661 621,188
18% PIK Convertible Preferred Stock (B) 37,381 shs. 03/13/09 72,519 58,015
Common Stock (B) 123,529 shs. 05/17/07 123,529 --
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 35,006 shs. 05/17/07 55,055 --
------------ ------------
1,637,661 1,466,174
------------ ------------
VITEX PACKAGING GROUP, INC.
A manufacturer of specialty packaging, primarily envelopes and tags used on tea bags.
10% Senior Subordinated PIK Note due 2011 (D) $ 161,137 07/19/04 145,091 153,080
5% Senior Subordinated PIK Note due 2011 (D) $ 850,000 06/30/07 741,532 807,500
Class B Unit (B) 767,881 uts. 10/29/09 348,058 --
Class C Unit (B) 850,000 uts. 10/29/09 780,572 196,578
Limited Liability Company Unit Class A (B) 723,465 uts. * 433,222 --
Limited Liability Company Unit Class B (B) 182,935 uts. 07/19/04 182,935 --
------------ ------------
*07/19/04 and 10/29/09. 2,631,410 1,157,158
------------ ------------
WAGGIN' TRAIN HOLDINGS LLC
A producer of premium quality meat dog treats.
14% Senior Subordinated Note due 2014 $ 2,230,702 11/15/07 2,185,168 2,253,009
Limited Liability Company Unit Class B (B) 423 uts. 11/15/07 422,652 500,302
Limited Liability Company Unit Class C (B) 423 uts. 11/15/07 -- 424,668
------------ ------------
2,607,820 3,177,979
------------ ------------
--------------------------------------------------------------------------------------------------------------------------------
26
MassMutual Corporate Investors
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
March 31, 2010
(Unaudited)
Principal Amount
Shares, Units
or Ownership Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Percentage Date Cost Fair Value
------------ -------- ------------ ------------
WALLS INDUSTRIES, INC.
A provider of branded workwear and sporting goods apparel.
Limited Partnership Interest (B) 0.40% int. 07/12/04 $ 3,728 $ --
Common Stock (B) 4,028 shs. 12/21/07 -- --
------------ ------------
3,728 --
------------ ------------
WELLBORN FOREST HOLDING CO.
A manufacturer of semi-custom kitchen and bath cabinetry.
14.13% Senior Subordinated Note due 2014 $ 1,721,250 11/30/06 1,621,114 1,463,063
Common Stock (B) 191 shs. 11/30/06 191,250 8,571
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 95 shs. 11/30/06 86,493 4,279
------------ ------------
1,898,857 1,475,913
------------ ------------
WORKPLACE MEDIA HOLDING CO.
A direct marketer specializing in providing advertisers with access to consumers in the workplace.
13% Senior Subordinated Note due 2015 $ 1,159,196 05/14/07 1,071,737 1,075,235
Limited Partnership Interest (B) 23.16% int. 05/14/07 115,804 --
Warrant, exercisable until 2015, to purchase
common stock at $.02 per share (B) 88 shs. 05/14/07 83,462 --
------------ ------------
1,271,003 1,075,235
------------ ------------
XALOY SUPERIOR HOLDINGS, INC.
A provider of melt processing components and ancillary equipment for both plastic injection molding and extrusion applications.
15.5% Senior Subordinated Note due 2015 (D) $ 2,322,844 09/08/08 2,272,882 1,161,418
Common Stock (B) 283 shs. 09/08/08 283,333 --
------------ ------------
2,556,215 1,161,418
------------ ------------
TOTAL PRIVATE PLACEMENT INVESTMENTS (E) 219,366,435 185,692,381
------------ ------------
--------------------------------------------------------------------------------------------------------------------------------
27
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
March 31, 2010
(Unaudited)
Interest Due Principal Market
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Rate Date Amount Cost Value
------- -------- ------------ ------------ ------------
RULE 144A SECURITIES - 7.41%:
BONDS - 7.36%
ACCO Brands Corporation 10.625% 03/15/15 $ 100,000 $ 98,598 $ 109,250
Advanced Micro Devices, Inc. 8.125 12/15/17 750,000 714,806 777,188
American Tire Distributor (C) 6.501 04/01/12 1,000,000 950,000 901,250
Appleton Papers, Inc. 11.250 12/15/15 303,000 300,000 278,760
Avis Budget Car Rental LLC 9.625 03/15/18 85,000 83,839 88,825
Cemex Finance LLC 9.500 12/14/16 375,000 392,762 388,068
Cenveo Corporation 10.500 08/15/16 100,000 100,000 101,875
Clear Channel Worldwide Holdings, Inc. 9.250 12/15/17 750,000 750,000 783,750
Coffeyville Resources LLC 9.000 04/01/15 140,000 139,315 142,450
Compucom Systems, Inc. 12.500 10/01/15 1,330,000 1,293,843 1,409,800
CONSOL Energy, Inc. 8.250 04/01/20 35,000 35,000 35,963
Cricket Communications, Inc. 9.375 11/01/14 750,000 754,909 763,125
Crosstex Energy, L.P. 8.875 02/15/18 225,000 220,345 232,031
Dae Aviation Holdings, Inc. 11.250 08/01/15 100,000 95,500 93,500
Douglas Dynamics LLC 7.750 01/15/12 1,010,000 954,302 1,020,100
Eastman Kodak Co. 9.750 03/01/18 750,000 734,844 735,000
Easton-Bell Sports, Inc. 9.750 12/01/16 320,000 328,222 336,800
Energy Future Holdings 10.000 01/15/20 100,000 100,000 104,000
G F S I, Inc. (C) 10.500 06/01/11 715,000 685,658 531,781
Gannett Company, Inc. 9.375 11/15/17 125,000 123,228 133,750
Great Atlantic & Pacific Tea Co. 11.375 08/01/15 75,000 73,192 73,875
Headwaters, Inc. 11.375 11/01/14 500,000 519,270 521,875
International Lease Finance Corporation 8.625 09/15/15 140,000 137,781 143,116
JohnsonDiversey, Inc. 8.250 11/15/19 100,000 99,170 103,500
L B I Escrow Corporation 8.000 11/01/17 195,000 195,000 201,825
Level 3 Financing, Inc. 10.000 02/01/18 750,000 745,497 716,250
McClatchy Co. 11.500 02/15/17 275,000 271,766 281,188
N F R Energy LLC 9.750 02/15/17 200,000 197,466 199,500
New Communications Holdings, Inc. 8.250 04/15/17 750,000 750,000 758,438
Packaging Dynamics Corporation of America 10.000 05/01/16 1,200,000 1,194,822 895,500
Pinnacle Foods Finance LLC 9.250 04/01/15 75,000 75,000 76,875
Reddy Ice Corporation 13.250 11/01/15 100,000 102,500 102,500
SandRidge Energy, Inc. 8.000 06/01/18 360,000 363,970 342,000
SandRidge Energy, Inc. 8.750 01/15/20 750,000 744,973 731,250
Sinclair Television Group, Inc. 9.250 11/01/17 425,000 413,795 448,375
--------------------------------------------------------------------------------------------------------------------------------
28
MassMutual Corporate Investors
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
March 31, 2010
(Unaudited)
Shares or
Interest Due Principal Market
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Rate Date Amount Cost Value
------- -------- ------------ ------------ ------------
Trimas Corporation 9.750% 12/15/17 $ 75,000 $ 73,523 $ 77,625
Tunica-Biloxi Gaming Authority 9.000 11/15/15 1,075,000 1,098,686 1,021,250
T W Telecom Holdings, Inc. 8.000 03/01/18 20,000 19,857 20,350
Univision Comunications, Inc. 12.000 07/01/14 200,000 214,696 219,000
ViaSystems, Inc. 12.000 01/15/15 175,000 168,801 189,875
West Corporation 11.000 10/15/16 150,000 159,360 159,000
------------ ------------
TOTAL BONDS 16,474,296 16,250,433
------------ ------------
CONVERTIBLE PREFERRED STOCK - 0.00%
ETEX Corporation (B) 777 716 --
------------ ------------
TOTAL CONVERTIBLE PREFERRED STOCK 716 --
------------ ------------
PREFERRED STOCK - 0.05%
General Motors Acceptance Corporation, Inc. 143 45,009 109,002
TherOX, Inc. (B) 103 4,131 --
------------ ------------
TOTAL PREFERRED STOCK 49,140 109,002
------------ ------------
COMMON STOCK - 0.00%
Touchstone Health Partnership (B) 1,168 4,254 --
------------ ------------
TOTAL COMMON STOCK 4,254 --
------------ ------------
TOTAL RULE 144A SECURITIES 16,528,406 16,359,435
------------ ------------
TOTAL CORPORATE RESTRICTED SECURITIES $235,894,841 $202,051,816
------------ ------------
----------------------------------------------------------------------------------------------------------------
29
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
March 31, 2010
(Unaudited)
Interest Due Principal Market
CORPORATE PUBLIC SECURITIES - 19.35%: (A) Rate Date Amount Cost Value
------- -------- ------------ ------------ ------------
BONDS - 18.34%
AMC Entertainment, Inc. 11.000% 02/01/16 $ 1,000,000 $ 1,003,398 $ 1,073,750
Affinia Group, Inc. 9.000 11/30/14 50,000 48,500 49,750
American Axle & Manufacturing Holding, Inc. 7.875 03/01/17 750,000 608,625 699,375
American General Finance Corporation 6.500 09/15/17 375,000 322,500 319,609
Atlas Pipeline Partners 8.125 12/15/15 750,000 663,750 723,750
Bally Total Fitness Holdings Corporation (F) 14.000 10/01/13 104,062 74,053 10
Berry Plastics Corporation 8.875 09/15/14 750,000 705,000 732,188
Berry Plastics Corporation (C) 5.000 02/15/15 500,000 477,771 477,500
Bon-Ton Stores, Inc. 10.250 03/15/14 750,000 709,288 731,250
Boyd Gaming Corporation 6.750 04/15/14 150,000 137,250 130,875
Boyd Gaming Corporation 7.125 02/01/16 700,000 630,500 584,500
Brigham Exploration Co. 9.625 05/01/14 1,000,000 970,645 1,020,000
C I T Group, Inc. 7.000 05/01/15 790,000 738,006 736,675
Cenveo Corporation 7.875 12/01/13 1,300,000 1,192,500 1,244,750
Chaparral Energy, Inc. 8.875 02/01/17 1,000,000 991,780 915,000
Dynegy Holdings, Inc. 7.750 06/01/19 830,000 564,400 626,650
Exide Corporation 10.500 03/15/13 375,000 377,395 380,625
Ford Motor Credit Co. 7.450 07/16/31 500,000 441,500 472,500
Ford Motor Credit Co. 8.000 06/01/14 275,000 231,833 290,125
Gencorp, Inc. 9.500 08/15/13 259,000 259,000 263,209
Goodyear Tire & Rubber Co. 10.500 05/15/16 100,000 96,217 108,000
Great Lakes Dredge & Dock Corporation 7.750 12/15/13 1,000,000 948,750 1,008,750
Harrah's Operating Co. 11.250 06/01/17 325,000 313,502 350,188
Hawker Beechcraft Acquisition Co. 9.750 04/01/17 1,000,000 1,007,277 717,500
Hertz Corporation 10.500 01/01/16 750,000 775,943 805,313
Intelsat Bermuda Ltd. 9.250 06/15/16 1,365,000 1,406,685 1,378,650
Interline Brands, Inc. 8.125 06/15/14 1,000,000 992,541 1,030,000
International Coal Group, Inc. 9.125 04/01/18 175,000 173,772 178,938
International Lease Finance Corporation 5.875 05/01/13 750,000 672,250 720,252
Kar Holdings, Inc. 8.750 05/01/14 50,000 50,000 51,000
Liberty Media Corporation 5.700 05/15/13 1,000,000 951,610 1,000,000
Manitowoc Company, Inc. 7.125 11/01/13 200,000 200,000 199,500
Mariner Energy, Inc. 11.750 06/30/16 160,000 155,737 179,600
Markwest Energy Operating Co. 6.875 11/01/14 70,000 55,578 68,600
Markwest Energy Operating Co. 8.750 04/15/18 125,000 123,979 128,281
Michaels Stores, Inc. 11.375 11/01/16 785,000 814,209 847,800
Nebraska Book Company, Inc. 8.625 03/15/12 750,000 676,875 710,625
----------------------------------------------------------------------------------------------------------------
30
MassMutual Corporate Investors
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
March 31, 2010
(Unaudited)
Interest Due Principal Market
CORPORATE PUBLIC SECURITIES:(A)(Continued Rate Date Amount Cost Value
------- -------- ------------ ------------ ------------
Newark Group, Inc. 9.750% 03/15/14 $ 850,000 $ 796,863 $ 484,500
Nortek, Inc. 11.000 12/01/13 175,778 173,174 188,522
North American Energy Partners 8.750 12/01/11 1,165,000 1,170,098 1,165,000
Owens Corning, Inc. 9.000 06/15/19 55,000 54,112 64,488
Polypore, Inc. 8.750 05/15/12 1,000,000 965,000 1,001,250
Pregis Corporation 12.375 10/15/13 1,000,000 981,490 1,015,000
Quebecor Media, Inc. 7.750 03/15/16 1,050,000 978,235 1,063,125
Quiksilver, Inc. 6.875 04/15/15 215,000 197,713 198,875
RailAmerica, Inc. 9.250 07/01/17 270,000 259,412 287,888
Rental Service Corporation 9.500 12/01/14 750,000 728,640 742,500
Sabre Holdings Corporation 8.350 03/15/16 500,000 455,000 475,000
Sanmina-SCI Corporation 8.125 03/01/16 375,000 374,063 377,344
Seneca Gaming Corporation 7.250 05/01/12 500,000 477,500 493,750
Sheridan Acquisition Corporation 10.250 08/15/11 375,000 370,001 372,188
Speedway Motorsports, Inc. 8.750 06/01/16 70,000 67,898 74,550
Sprint Capital Corporation 6.900 05/01/19 625,000 575,531 571,875
Stanadyne Corporation 10.000 08/15/14 1,000,000 1,000,000 915,000
Stewart & Stevenson LLC 10.000 07/15/14 1,465,000 1,491,482 1,410,063
Stone Energy Corporation 8.625 02/01/17 750,000 740,348 738,750
T X U Energy Company LLC 10.250 11/01/15 350,000 356,170 243,250
Teck Resources Ltd. 10.750 05/15/19 65,000 61,877 79,625
Tekni-Plex, Inc. 8.750 11/15/13 650,000 653,572 520,000
Tenneco, Inc. 8.125 11/15/15 1,100,000 540,000 1,124,750
Texas Industries, Inc. 7.250 07/15/13 70,000 70,000 68,775
Thermadyne Holdings Corporation 11.500 02/01/14 115,000 115,863 115,288
Ticketmaster Entertainment, Inc. 10.750 07/28/16 500,000 500,000 557,500
Titan International, Inc. 8.000 01/15/12 1,070,000 1,062,100 1,070,000
Tube City IMS Corporation 9.750 02/01/15 1,000,000 966,194 983,750
United Components, Inc. 9.375 06/15/13 1,080,000 1,079,880 1,085,400
United Rentals, Inc. 10.875 06/15/16 125,000 121,479 135,934
Verso Paper Holdings LLC 9.125 08/01/14 750,000 730,313 727,500
Videotron, Ltd. 9.125 04/15/18 40,000 39,373 44,450
Waste Services, Inc. 9.500 04/15/14 1,100,000 1,115,317 1,133,000
------------ ------------
TOTAL BONDS 39,831,317 40,483,978
------------ ------------
----------------------------------------------------------------------------------------------------------------
31
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
March 31, 2010
(Unaudited)
Shares or
Interest Due Principal Market
CORPORATE PUBLIC SECURITIES:(A)(Continued Rate Date Amount Cost Value
------- -------- ------------ ------------ ------------
COMMON STOCK - 1.00%
Chase Packaging Corporation (B) 9,541 $ -- $ 954
CKX, Inc. (B) 97,500 784,875 597,675
Directed Electronics, Inc. (B) 368,560 1,856,534 165,852
El Paso Corporation (B) 65,000 808,362 704,600
Intrepid Potash, Inc. (B) 365 11,680 11,070
ITC^DeltaCom, Inc. (B) 178,666 1,563,328 360,905
Nortek, Inc. (B) 175 1 7,000
Rue21, Inc. (B) 650 12,350 22,536
Supreme Industries, Inc. 125,116 267,319 330,306
------------ ------------
TOTAL COMMON STOCK 5,304,449 2,200,898
------------ ------------
CONVERTIBLE BONDS - 0.01%
Citadel Broadcasting Corporation 4.000% 02/15/11 $ 583,000 452,554 32,065
------------ ------------
TOTAL CONVERTIBLE BONDS 452,554 32,065
------------ ------------
TOTAL CORPORATE PUBLIC SECURITIES $ 45,588,320 $ 42,716,941
------------ ------------
Interest Due Principal Market
SHORT-TERM SECURITIES: Rate/Yield^ Date Amount Cost Value
------- -------- ------------ ------------ ------------
COMMERCIAL PAPER - 0.91%
Ryder System, Inc. 0.233% 04/12/10 $ 2,000,000 1,999,859 1,999,859
------------ ------------
TOTAL SHORT-TERM SECURITIES $ 1,999,859 $ 1,999,859
------------ ------------
TOTAL INVESTMENTS 111.79% $283,483,020 $246,768,616
============ ------------
Other Assets 4.23 9,332,091
Liabilities (16.02) (35,364,942)
------ ------------
TOTAL NET ASSETS 100.00% $220,735,765
====== ============
(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 03/31/10.
(D) Defaulted security; interest not accrued.
(E) Illiquid securities. As of March 31, 2010, the value of these securities amounted to $185,692,381 or 84.12%
of net assets.
(F) Security valued at fair value using methods determined in good faith by or under the direction of the Board
of Trustees.
^ Effective yield at purchase
PIK - Payment-in-kind
----------------------------------------------------------------------------------------------------------------
32
MassMutual Corporate Investors
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
March 31, 2010
(Unaudited)
Fair Value/ Fair Value/
INDUSTRY CLASSIFICATION: Market Value Market Value
-------------- --------------
AEROSPACE - 4.02% BROADCASTING & ENTERTAINMENT - 1.92%
A E Company, Inc. $ 3,140,731 Citadel Broadcasting Corporation $ 32,065
Dae Aviation Holdings, Inc. 93,500 CKX, Inc. 597,675
Gencorp, Inc. 263,209 Clear Channel Worldwide Holdings, Inc. 783,750
P A S Holdco LLC 3,915,197 Liberty Media Corporation 1,000,000
Visioneering, Inc. 1,466,174 Sinclair Television Group, Inc. 448,375
-------------- Speedway Motorsports, Inc. 74,550
8,878,811 Univision Communications, Inc. 219,000
-------------- Workplace Media Holding Co. 1,075,235
AUTOMOBILE - 5.59% --------------
American Tire Distributor 901,250 4,230,650
American Axle & Manufacturing Holding, Inc. 699,375 --------------
Exide Corporation 380,625 BUILDINGS & REAL ESTATE - 1.13%
Goodyear Tire & Rubber Co. 108,000 K W P I Holdings Corporation 2,249,498
Jason, Inc. 48,184 Owens Corning, Inc. 64,488
Nyloncraft, Inc. 609,375 Texas Industries, Inc. 68,775
Ontario Drive & Gear Ltd. 542,376 TruStile Doors, Inc. 105,305
Qualis Automotive LLC 2,574,205 --------------
Tenneco, Inc. 1,124,750 2,488,066
Titan International, Inc. 1,070,000 --------------
Transtar Holding Company 3,199,650 CHEMICAL, PLASTICS & RUBBER - 0.36%
United Components, Inc. 1,085,400 Capital Specialty Plastics, Inc. 795,663
-------------- --------------
12,343,190 CONSUMER PRODUCTS - 9.94%
-------------- Aero Holdings, Inc. 2,893,684
BEVERAGE, DRUG & FOOD - 6.74% Bravo Sports Holding Corporation 2,380,204
Eatem Holding Company 2,977,185 Custom Engineered Wheels, Inc. 2,551,883
Golden County Foods Holding, Inc. 2,082,129 Eastman Kodak Co. 735,000
Hospitality Mints Holding Company 2,095,672 Easton-Bell Sports, Inc. 336,800
L H D Europe Holding, Inc. 24,225 G F S I, Inc. 531,781
Spartan Foods Holding Company 1,915,316 JohnsonDiversey, Inc. 103,500
Specialty Commodities, Inc. 2,608,190 K N B Holdings Corporation 1,506,444
Waggin' Train Holdings LLC 3,177,979 Kar Holdings, Inc. 51,000
-------------- Manhattan Beachwear Holding Company 2,983,650
14,880,696 Momentum Holding Co. 532,055
-------------- R A J Manufacturing Holdings LLC 2,199,821
Reddy Ice Corporation 102,500
Royal Baths Manufacturing Company 1,110,628
The Tranzonic Companies 3,921,367
Walls Industries, Inc. --
--------------
21,940,317
--------------
------------------------------------------------------------------------------------------------------------------------------------
33
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
March 31, 2010
(Unaudited)
Fair Value/ Fair Value/
INDUSTRY CLASSIFICATION: Market Value Market Value
-------------- --------------
CONTAINERS, PACKAGING & GLASS - 5.01% DIVERSIFIED/CONGLOMERATE, SERVICE - 11.69%
Berry Plastics Corporation $ 1,209,688 A S C Group, Inc. $ 2,564,785
Chase Packaging Corporation 954 A W X Holdings Corporation 1,340,996
Flutes, Inc. 229,596 ACCO Brands Corporation 109,250
Maverick Acquisition Company 616,817 Advanced Technologies Holdings 2,505,309
P I I Holding Corporation 3,001,272 Affinia Group, Inc. 49,750
Packaging Dynamics Corporation of America 895,500 Apex Analytix Holding Corporation 1,969,920
Paradigm Packaging, Inc. 2,404,870 Clough, Harbour, and Associates 2,718,099
Pregis Corporation 1,015,000 Crane Rental Corporation 2,461,342
Tekni-Plex, Inc. 520,000 Diversco, Inc./DHI Holdings, Inc. 2,082,021
Vitex Packaging Group, Inc. 1,157,158 Dwyer Group, Inc. 1,505,049
-------------- Insurance Claims Management, Inc. 227,531
11,050,855 Interline Brands, Inc. 1,030,000
-------------- Mail Communications Group, Inc. 1,347,027
DISTRIBUTION - 1.78% Nesco Holdings Corporation 2,742,260
Duncan Systems, Inc. 1,499,241 Northwest Mailing Services, Inc. 2,627,877
F C X Holdings Corporation 2,432,491 Pearlman Enterprises, Inc. --
-------------- Sabre Holdings Corporation 475,000
3,931,732 Videotron, Ltd. 44,450
-------------- --------------
DIVERSIFIED/CONGLOMERATE, MANUFACTURING- 25,800,666
7.80% --------------
A H C Holding Company, Inc. 2,832,704 ELECTRONICS - 0.68%
Arrow Tru-Line Holdings, Inc. 1,518,628 Connecticut Electric, Inc. 957,582
C D N T, Inc. 1,358,324 Directed Electronics, Inc. 165,852
Douglas Dynamics LLC 1,020,100 Sanmina-SCI Corporation 377,344
Great Lakes Dredge & Dock Corporation 1,008,750 --------------
Headwaters, Inc. 521,875 1,500,778
K P I Holdings, Inc. 1,579,892 --------------
MEGTEC Holdings, Inc. 2,065,000 FINANCIAL SERVICES - 1.86%
Milwaukee Gear Company 2,118,461 American General Finance Corporation 319,609
Nortek, Inc. 195,522 C I T Group, Inc. 736,675
Polypore, Inc. 1,001,250 Cemex Finance LLC 388,068
Postle Aluminum Company LLC 67,828 Ford Motor Credit Co. 762,625
Thermadyne Holdings Corporation 115,288 General Motors Acceptance Corporation, Inc. 109,002
Trimas Corporation 77,625 Hawker Beechcraft Acquisition Co. 717,500
Truck Bodies & Equipment International 577,385 Highgate Capital LLC --
Xaloy Superior Holdings, Inc. 1,161,418 International Lease Finance Corporation 863,368
-------------- L B I Escrow Corporation 201,825
17,220,050 --------------
-------------- 4,098,672
--------------
------------------------------------------------------------------------------------------------------------------------------------
34
MassMutual Corporate Investors
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
March 31, 2010
(Unaudited)
Fair Value/ Fair Value/
INDUSTRY CLASSIFICATION: Market Value Market Value
-------------- --------------
HEALTHCARE, EDUCATION & CHILDCARE - 3.28% MACHINERY - 9.38%
American Hospice Management Holding LLC $ 3,996,315 A S A P Industries LLC $ 1,250,212
F H S Holdings LLC 597,656 Davis-Standard LLC 2,695,321
Synteract Holdings Corporation 2,637,218 E S P Holdco, Inc. 2,215,761
Touchstone Health Partnership -- K-Tek Holdings Corporation 2,765,725
-------------- M V I Holding, Inc. 1,182,441
7,231,189 Manitowoc Company, Inc. 199,500
-------------- Navis Global 181,796
HOME & OFFICE FURNISHINGS, HOUSEWARES, AND NetShape Technologies, Inc. 1,186,878
DURABLE CONSUMER PRODUCTS - 9.38% Pacific Consolidated Holdings LLC 1,157,382
Connor Sport Court International, Inc. 2,614,058 Power Services Holding Company 2,382,263
H M Holding Company 342,550 R E I Delaware Holding, Inc. 2,583,999
Home Decor Holding Company 2,365,196 Safety Speed Cut Manufacturing Company, Inc. 247,257
Justrite Manufacturing Acquisition Co. 1,757,306 Stanadyne Corporation 915,000
K H O F Holdings, Inc. 2,705,685 Stewart & Stevenson LLC 1,410,063
Monessen Holding Corporation 1,671,395 Supreme Industries, Inc. 330,306
Quiksilver, Inc. 198,875 --------------
Stanton Carpet Holding Co. 2,145,283 20,703,904
Transpac Holding Company 1,595,705 --------------
U M A Enterprises, Inc. 2,003,834 MEDICAL DEVICES/BIOTECH - 4.06%
U-Line Corporation 1,823,136 Coeur, Inc. 1,367,113
Wellborn Forest Holding Co. 1,475,913 E X C Acquisition Corporation 196,205
-------------- ETEX Corporation --
20,698,936 MedSystems Holdings LLC 1,447,242
-------------- MicroGroup, Inc. 2,282,772
LEISURE, AMUSEMENT, ENTERTAINMENT - 3.18% OakRiver Technology, Inc. 1,110,933
A M C Entertainment, Inc. 1,073,750 Precision Wire Holding Company 2,565,973
Bally Total Fitness Holding Corporation 10 TherOX, Inc. --
Boyd Gaming Corporation 715,375 --------------
Harrah's Operating Escrow LLC 350,188 8,970,238
Savage Sports Holding, Inc. 2,807,763 --------------
Seneca Gaming Corporation 493,750 MINING, STEEL, IRON & NON-PRECIOUS
Ticketmaster Entertainment, Inc. 557,500 METALS - 1.41%
Tunica-Biloxi Gaming Authority 1,021,250 T H I Acquisition, Inc. 2,040,000
-------------- Teck Resources Ltd. 79,625
7,019,586 Tube City IMS Corporation 983,750
-------------- --------------
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35
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
March 31, 2010
(Unaudited)
Fair Value/ Fair Value/
INDUSTRY CLASSIFICATION: Market Value Market Value
-------------- --------------
NATURAL RESOURCES - 1.65% RETAIL STORES - 1.60%
Appleton Papers, Inc. $ 278,760 Bon-Ton Stores, Inc. $ 731,250
Cenveo Corporation 1,346,625 Great Atlantic & Pacific Tea Co. 73,875
CONSOL Energy, Inc. 35,963 Michaels Stores, Inc. 847,800
International Coal Group, Inc. 178,938 Nebraska Book Company, Inc. 710,625
Intrepid Potash, Inc. 11,070 Olympic Sales, Inc. 199,361
SandRidge Energy, Inc. 1,073,250 Pinnacle Foods Finance LLC 76,875
Verso Paper Holdings LLC 727,500 Rental Service Corporation 742,500
-------------- Rue21, Inc. 22,536
3,652,106 United Rentals, Inc. 135,934
-------------- --------------
OIL & GAS - 3.96% 3,540,756
Atlas Pipeline Partners 723,750 --------------
Brigham Exploration Co. 1,020,000 TECHNOLOGY - 3.02%
Coffeyville Resources LLC 142,450 Advanced Micro Devices, Inc. 777,188
Chaparral Energy, Inc. 915,000 Compucom Systems, Inc. 1,409,800
International Offshore Services LLC 2,551,163 Sencore Holding Company 1,628,915
Mariner Energy, Inc. 179,600 Smart Source Holdings LLC 2,656,500
N F R Energy LLC 199,500 ViaSystems, Inc. 189,875
North American Energy Partners 1,165,000 --------------
Stone Energy Corporation 738,750 6,662,278
Total E & S, Inc. 1,108,008 --------------
-------------- TELECOMMUNICATIONS - 4.07%
8,743,221 All Current Holding Company 1,239,674
-------------- Cricket Communications, Inc. 763,125
PHARMACEUTICALS - 1.25% Intelsat Bermuda Ltd. 1,378,650
CorePharma LLC 2,756,157 ITC^DeltaCom, Inc. 360,905
-------------- Level 3 Financing, Inc. 716,250
PUBLISHING/PRINTING - 1.06% New Communications Holdings, Inc. 758,438
Gannett Company, Inc. 133,750 Sprint Capital Corporation 571,875
McClatchy Co. 281,188 Sundance Investco LLC --
Newark Group, Inc. 484,500 T W Telecom Holdings, Inc. 20,350
Quebecor Media, Inc. 1,063,125 Telecorps Holdings, Inc. 3,026,006
Sheridan Acquisition Corporation 372,188 West Corporation 159,000
-------------- --------------
2,334,751 8,994,273
-------------- --------------
See Notes to Consolidated Financial Statements
------------------------------------------------------------------------------------------------------------------------------------
36
MassMutual Corporate Investors
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
March 31, 2010
(Unaudited)
Fair Value/
INDUSTRY CLASSIFICATION: Market Value
--------------
TRANSPORTATION - 3.51%
Avis Budget Car Rental LLC $ 88,825
Hertz Corporation 805,313
NABCO, Inc. 312,500
RailAmerica, Inc. 287,888
Ryder System, Inc. 1,999,859
Tangent Rail Corporation 4,254,069
--------------
7,748,454
--------------
UTILITIES - 0.95%
Crosstex Energy, L.P. 232,031
Dynegy Holdings, Inc. 626,650
El Paso Corporation 704,600
Energy Future Holdings 104,000
Markwest Energy Operating Co. 196,881
T X U Energy Company LLC 243,250
--------------
2,107,412
--------------
WASTE MANAGEMENT / POLLUTION - 1.51%
Terra Renewal LLC 2,208,834
Torrent Group Holdings, Inc. --
Waste Services, Inc. 1,133,000
--------------
3,341,834
TOTAL INVESTMENTS - 111.79% $ 246,768,616
--------------
See Notes to Consolidated Financial Statements
------------------------------------------------------------------------------------------------------------------------------------
37
INCOME TAX INFORMATION
The aggregate cost of investments is substantially the same for financial
reporting and federal income tax purposes as of March 31, 2010. The net
unrealized depreciation of investments for financial reporting and federal tax
purposes as of March 31, 2010 is $36,714,404 and consists of $19,603,824
appreciation and $56,318,228 depreciation.
FAIR VALUE MEASUREMENTS
In accordance with the authoritative guidance on fair value measurements and
disclosures under accounting principles generally accepted in the United States
of America ("U.S. GAAP"), the Trust discloses the fair value of its investments
in a hierarchy that prioritizes the inputs to valuation techniques used to
measure the fair value. The hierarchy gives the highest priority to valuations
based upon unadjusted quoted prices in active markets for identical assets or
liabilities (level 1 measurement) and the lowest priority to valuations based
upon unobservable inputs that are significant to the valuation (level 3
measurements). The guidance establishes three levels of the fair value hierarchy
as follows:
Level 1: quoted prices in active markets for identical securities
Level 2: other significant observable inputs (including quoted prices
for similar securities, interest rates, prepayment speeds,
credit risk, etc.)
Level 3: significant unobservable inputs (including the Trust's own
assumptions in determining the fair value of investments)
The inputs and methodology used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Trust's net assets as
of March 31, 2010:
ASSETS: TOTAL LEVEL 1 LEVEL 2 LEVEL 3
--------------------------------------------------------------------------------
Restricted Securities
Bonds $172,475,637 $ -- $16,250,433 $156,225,204
Common Stock 14,979,242 -- -- 14,979,242
Preferred Stock 7,281,180 -- 109,002 7,172,178
Partnerships and LLCs 7,315,757 -- -- 7,315,757
Public Securities
Bonds 40,516,042 -- 40,516,032 10
Common Stock 2,200,899 2,193,899 7,000 --
Short-term Securities 1,999,859 -- 1,999,859 --
--------------------------------------------------------------------------------
TOTAL $246,768,616 $2,193,899 $58,882,324 $185,692,391
Following is a reconciliation of Level 3 assets for which significant
unobservable inputs were used to determine fair value:
Unrealized
Total gains Purchases, gains & losses
Beginning or losses sales, issuances Transfers in Ending in net income
balance (realized/ & settlements and/or balance at from assets
Assets: at 12/31/2009 unrealized) (net) out of Level 3 03/31/2010 still held
---------------------------------------------------------------------------------------------------------------------------------
Restricted Securities
Bonds $152,772,751 $ (1,041,323) $5,443,176 $ (949,400) $156,225,204 $ (1,080,381)
Common Stock 14,693,318 (822,055) 1,107,979 -- 14,979,242 (822,055)
Preferred Stock 6,638,626 531,187 2,365 -- 7,172,178 531,187
Partnerships and LLCs 6,678,496 610,002 27,259 -- 7,315,757 610,002
Public Securities Bonds 10 -- -- -- 10 --
---------------------------------------------------------------------------------------------------------------------------------
$180,783,201 $ (722,189) $6,580,779 $ (949,400) $185,692,391 $ (761,247)
ITEM 2. CONTROLS AND PROCEDURES.
(a) The principal executive officer and principal financial officer of
the Registrant evaluated the effectiveness of the Registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment
Company Act of 1940 (the "Act") as of a date within 90 days of the filing date
of this report and based on that evaluation have concluded that such disclosure
controls and procedures are effective to provide reasonable assurance that
material information required to be disclosed by the Registrant on Form N-Q is
recorded, processed, summarized and reported within the time periods specified
in the Securities and Exchange Commission's rules and forms.
(b) There were no changes in the Registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred
during the Registrant's last fiscal quarter that have materially affected, or
are reasonably likely to materially affect, the Registrant's internal control
over financial reporting.
ITEM 3. EXHIBITS.
Certifications pursuant to Rule 30a-2(a) under the Investment Company
Act of 1940 (17 CFR 270.30a-2(a)) are attached hereto as an exhibit.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the Registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) MassMutual Corporate Investors
------------------------------
By (Signature and Title)* /s/ Michael L. Klofas
---------------------------------------------
Michael L. Klofas, President
Date May 28, 2010
------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the Registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Michael L. Klofas
---------------------------------------------
Michael L. Klofas, President
Date May 28, 2010
------------------------------------------------------------------
By (Signature and Title)* /s/ James M. Roy
---------------------------------------------
James M. Roy, Vice President and
Chief Financial Officer
Date May 28, 2010
------------------------------------------------------------------
* PRINT THE NAME AND TITLE OF EACH SIGNING OFFICER UNDER HIS OR HER SIGNATURE.