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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 811-05531
MassMutual Participation Investors
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(Exact name of registrant as specified in charter)
1500 Main Street, Suite 600, Springfield, MA 01115
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(Address of principal executive offices) (Zip code)
Stephen L. Kuhn, Vice President and Secretary,
1500 Main Street, Suite 2800, Springfield, MA 01115
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(Name and address of agent for service)
Registrant's telephone number, including area code: 413-226-1000
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Date of fiscal year end: 12/31
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Date of reporting period: 09/30/05
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ITEM 1. SCHEDULE OF INVESTMENTS.
CONSOLIDATED SCHEDULE OF INVESTMENTS MASSMUTUAL PARTICIPATION INVESTORS
September 30, 2005
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES - 77.85%:(A) Principal Amount Date Cost Fair Value
------------ ------------ ------------ ------------
PRIVATE PLACEMENT INVESTMENTS - 69.06%
A T I ACQUISITION COMPANY
A for-profit post-secondary school serving students in
Texas, Florida and Arizona.
12% Senior Subordinated Note due 2012 $ 1,125,000 04/08/04 $ 1,125,000 $ 1,047,042
Warrant, exercisable until 2012, to purchase
common stock at $.02 per share (B) 1,230 shs. 04/08/04 -- 12
------------ ------------
1,125,000 1,047,054
------------ ------------
A W C HOLDING COMPANY
A manufacturer and distributor of aluminum and vinyl
windows and doors in the Southwest and Southeast regions
of the U.S.
12% Senior Subordinated Note due 2012 $ 1,125,000 05/18/04 1,024,000 1,121,030
Limited Partnership Interest of
AWC Investments, LLC (B) 132 uts. 05/18/04 112,500 180,561
------------ ------------
1,136,500 1,301,591
------------ ------------
ADORN, INC.
A manufacturer of wall panels, cabinets, moldings and
countertops for houses and recreational vehicles.
12.5% Subordinated Note due 2010 $ 1,125,000 02/29/00 1,037,258 1,125,000
Warrant, exercisable until 2010, to purchase
common stock at $.02 per share (B) 192 shs. 02/29/00 162,931 225,202
------------ ------------
1,200,189 1,350,202
------------ ------------
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 $ 1,083,333 04/08/05 1,020,735 1,066,543
Limited Partnership Interest (B) 42 uts. 04/07/05 41,667 37,503
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 66 shs. 04/08/05 64,833 1
------------ ------------
1,127,235 1,104,047
------------ ------------
AMERICA'S BODY COMPANY, INC./LCP HOLDING CO.
A designer and manufacturer of commercial work vehicles.
12% Preferred Stock Series C (B) 197 shs. 12/16/03 875,000 1,750,000
Warrant, exercisable until 2007, to purchase
common stock at $.01 per share (B) 40 shs. * 256,667 --
------------ ------------
1,131,667 1,750,000
------------ ------------
AMERICAN HOSPICE MANAGEMENT HOLDING LLC
A for-profit hospice care provider in the United States.
12% Senior Subordinated Note due 2010 $ 1,125,000 01/22/04 1,011,453 1,158,750
Preferred Class A Unit (B) 1,337 uts. 01/22/04 133,700 120,330
Common Class B Unit 1,610 uts. 01/22/04 -- 154,458
------------ ------------
1,145,153 1,433,538
------------ ------------
*11/02/98 and 12/24/03.
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7
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL PARTICIPATION INVESTORS
September 30, 2005
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES (A) (Continued) Principal Amount Date Cost Fair Value
------------ ------------ ------------ ------------
ARROW TRU-LINE HOLDINGS, INC.
A manufacturer of hardware for residential and
commercial overhead garage doors in North America.
12% Senior Subordinated Note due 2012 $ 861,702 05/18/05 $ 804,265 $ 850,979
Common Stock (B) 263 shs. 05/18/05 263,298 236,970
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 69 shs. 05/18/05 59,362 1
------------ ------------
1,126,925 1,087,950
------------ ------------
AUGUSTA SPORTSWEAR HOLDING CO.
A manufacturer and distributor of athletic apparel,
activewear and team uniforms.
12% Senior Subordinated Note due 2012 $ 893,000 12/31/04 833,275 890,118
Common Stock (B) 261 shs. * 261,000 234,900
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 73 shs. 12/31/04 63,254 1
------------ ------------
1,157,529 1,125,019
------------ ------------
BEACON MEDICAL PRODUCTS, INC.
A designer, manufacturer and marketer of medical air and
gas distribution systems.
Senior Secured Floating Rate Revolving Credit
Facility due 2007 $ 131,792 04/09/02 131,792 132,054
Senior Secured Tranche A Floating Rate Note due 2008 $ 397,951 04/09/02 397,951 397,951
12% Senior Secured Note due 2010 $ 412,112 04/09/02 360,450 428,596
Limited Partnership Interest of Riverside Capital
Appreciation Fund IV, L.P. (B) 6.38% int. 04/09/02 87,045 80,691
Warrant, exercisable until 2010, to purchase
common stock at $.01 per share (B) 794 shs. 04/09/02 72,856 73,635
------------ ------------
1,050,094 1,112,927
------------ ------------
BETA BRANDS LTD
A manufacturer of hard candy and chocolate-coated
products sold primarily to the Canadian market.
5% Promissory Note due 2009 (B) $ 96,698 03/31/04 96,698 --
Warrant, exercisable until 2009, to purchase
common stock at $.01 per share (B) 2,421 shs. 03/31/04 1 --
------------ ------------
96,699 --
------------ ------------
BETTER MINERALS & AGGREGATES
A producer of high grade industrial and specialty silica
sands.
14% Redeemable Preferred Stock (B) 499 shs. 09/30/99 272,912 54,525
Convertible Preferred Stock Series A and B, convertible
into common stock at $9.26 per share (B) 62,997 shs. 12/19/96 583,300 --
Common Stock (B) 10,013 shs. 09/30/99 399,505 --
Warrants, exercisable until 2005 and 2010, to
purchase common stock at $.01 per share (B) 5,700 shs. ** 64,247 --
------------ ------------
1,319,964 54,525
------------ ------------
*12/31/04 and 03/31/05.
**12/19/96 and 09/30/99.
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8
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL PARTICIPATION INVESTORS
September 30, 2005
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES (A) (Continued) Principal Amount Date Cost Fair Value
------------ ------------ ------------ ------------
C & J SPEC-RENT SERVICES, INC
A provider of coiled tubing and pressure pumping services
to the oil and gas industry in Texas and Louisiana
10% Senior Secured Term Note due 2012 $ 886,597 08/12/05 $ 886,567 $ 872,668
14% Senior Subordinated Note due 2013 $ 644,776 08/12/05 584,300 627,154
Common Stock (B) 268,657 shs. 08/12/05 268,657 241,791
Warrants, exercisable until 2013, to purchase
common stock at $.01 per share (B) 49,552 shs. 08/12/05 60,910 496
------------ ------------
1,800,434 1,742,109
------------ ------------
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 $ 433,735 09/13/02 433,735 436,627
11% Senior Subordinated Note due 2010 $ 478,916 09/13/02 459,048 486,000
Common Stock (B) 180,723 shs. 09/13/02 180,723 271,085
Warrant, exercisable until 2010, to purchase
common stock at $.01 per share (B) 78,386 shs. 09/13/02 34,428 117,579
------------ ------------
1,107,934 1,311,291
------------ ------------
CAINS FOODS, L.P.
A producer of mayonnaise and sauce products for both the
retail and food service markets
Limited Partnership Interest (B) 58 uts. 09/29/95 79,184 270,579
------------ ------------
CAPESUCCESS LLC
A provider of diversified staffing services
Preferred Membership Interests (B) 806 uts. 04/29/00 3,598 180
Common Membership Interests (B) 10,421 uts. 04/29/00 46,706 2,332
------------ ------------
50,304 2,512
------------ ------------
CAPITAL SPECIALTY PLASTICS, INC
A producer of desiccant strips used for packaging
pharmaceutical products
Common Stock (B) 55 shs. * 252 1,078
------------ ------------
COEUR, INC
A producer of proprietary, disposable power injection
syringes
8.75% Senior Secured Term Note due 2010 $ 326,087 04/30/03 326,087 332,208
11.5% Senior Subordinated Note due 2011 $ 242,754 04/30/03 224,094 247,559
Common Stock (B) 72,463 shs. 04/30/03 72,463 65,217
Warrant, exercisable until 2010, to purchase
common stock at $.01 per share (B) 50,099 shs. 04/30/03 23,317 501
------------ ------------
645,961 645,485
------------ ------------
*12/30/97 and 05/29/99
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9
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL PARTICIPATION INVESTORS
September 30, 2005
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES (A) (Continued) Principal Amount Date Cost Fair Value
------------ ------------ ------------ ------------
COINING CORPORATION OF AMERICA LLC
A manufacturer of close tolerance parts and metal
stampings.
Senior Secured Floating Rate Revolving Credit
Facility due 2006 $ 92,593 01/07/02 $ 92,593 $ 90,856
Senior Secured Floating Rate Tranche A Note due 2007 $ 508,296 06/26/01 508,296 480,123
13% Senior Secured Tranche B Note due 2006 $ 370,370 06/26/01 370,370 360,451
Limited Partnership Interest (B) 3.65% int. 06/26/01 185,185 148,148
Warrant, exercisable until 2008, to purchase
common stock at $.01 per share (B) 61,163 shs. 06/26/01 45,370 612
------------ ------------
1,201,814 1,080,190
------------ ------------
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 $ 1,059,417 * 978,939 1,034,140
Limited Partnership Interest (B) 103,135 uts. ** 103,135 92,821
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 92 shs. * 84,829 1
------------ ------------
1,166,903 1,126,962
------------ ------------
CONSOLIDATED FOUNDRIES HOLDINGS
A manufacturer of engineered cast metal components for
the global aerospace and defense industries
12% Senior Subordinated Note due 2013 $ 1,157,143 06/15/05 1,105,093 1,134,073
Common Stock (B) 193 shs 06/15/05 192,857 173,574
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 54 shs. 06/15/05 53,295 1
------------ ------------
1,351,245 1,307,648
------------ ------------
COREPHARMA LLC
A manufacturer of oral dose generic pharmaceuticals
targeted at niche applications.
12% Senior Subordinated Note due 2013 $ 1,350,000 08/04/05 1,278,140 1,335,778
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 10 shs. 08/04/05 72,617 --
------------ ------------
1,350,757 1,335,778
------------ ------------
CORVEST GROUP, INC.
A manufacturer and distributor of promotional products.
12% Senior Subordinated Note due 2007 $ 2,045,455 *** 1,967,819 1,636,364
Common Stock (B) 30 shs. *** 51,136 5,114
Limited Partnership Interest (B) 10.23% int. *** 150,377 15,182
Warrant, exercisable until 2007, to purchase
common stock at $.01 per share (B) 171 shs. *** 157,343 29,489
------------ ------------
2,326,675 1,686,149
------------ ------------
*08/12/04 and 01/18/05.
**08/12/04 and 01/14/05.
***03/05/99 and 03/24/99.
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10
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL PARTICIPATION INVESTORS
September 30, 2005
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES (A) (Continued) Principal Amount Date Cost Fair Value
------------ ------------ ------------ ------------
DELSTAR HOLDING CORPORATION
A manufacturer of plastic netting for a wide variety of
industries.
Convertible Preferred Stock, convertible into common
stock at $10 per share (B) 1,758 shs. 10/05/01 $ 213,691 $ 197,751
Convertible Preferred Stock, convertible into common
stock at $11.84 per share (B) 206 shs. 09/16/04 24,414 23,193
------------ ------------
238,105 220,944
------------ ------------
DEXTER MAGNETICS TECHNOLOGIES, INC.
A designer, fabricator, assembler and distributor of
industrial magnets and subassemblies in North America
and Europe.
Common Stock (B) 310 shs. 07/19/01 309,783 367,858
Warrant, exercisable until 2006, to purchase
common stock at $.01 per share (B) 157 shs. 07/19/01 132,677 186,446
------------ ------------
442,460 554,304
------------ ------------
DIRECTED ELECTRONICS, INC.
A designer and distributor of brand name automotive
security systems, audio products and installation
accessories.
Class A Common Stock (B) 2,971 shs. 09/15/05 50,224 96,382
Class B Common Stock (B) 19,394 shs. 12/22/99 -- 629,130
Limited Partnership Interest (B) 4.61% int. * 33,592 1,057,308
Warrant, exercisable until 2007, to purchase
common stock at $.01 per share (B) 25,713 shs. 12/22/99 -- 834,126
------------ ------------
83,816 2,616,946
------------ ------------
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) 13.57% int. 08/27/98 366,495 --
Preferred Stock (B) 1,639 shs. 12/14/01 1,392,067 1,044,048
Warrants, exercisable until 2011, to purchase
common stock of DHI Holdings, Inc. at $.01 per share (B) 6,676 shs. ** 201,655 --
------------ ------------
1,960,217 1,044,048
------------ ------------
DWYER GROUP, INC.
A franchiser of a variety of home repair services.
14% Senior Subordinated Note due 2011 $ 984,375 10/30/03 899,235 1,004,656
Common Stock (B) 3,656 shs. *** 365,600 314,134
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 1,077 shs. 10/30/03 98,719 92,506
------------ ------------
1,363,554 1,411,296
------------ ------------
*12/22/99 and 09/14/05.
**10/24/96 and 08/28/98.
***10/30/03 and 01/02/04.
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11
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL PARTICIPATION INVESTORS
September 30, 2005
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES (A) (Continued) Principal Amount Date Cost Fair Value
------------ ------------ ------------ ------------
E X C ACQUISITION CORPORATION
A manufacturer of pre-filled syringes and pump systems
used for intravenous drug delivery.
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share 11 shs. 06/28/04 $ 40,875 $ 57,171
------------ ------------
EAGLE PACK PET FOODS, INC.
A manufacturer of premium pet food sold through
independent pet stores.
14% Senior Subordinated Note due 2011 $ 562,500 09/24/04 543,479 579,375
Warrant, exercisable until 2011, to purchase
common stock at $.02 per share (B) 2,163 shs. 09/24/04 20,893 31,861
------------ ------------
564,372 611,236
------------ ------------
EAST RIVER VENTURES I, L.P.
An acquirer of controlling or substantial interests in other
entities.
Limited Partnership Interest (B) 0.04% int. 01/01/01 6,831 5,423
------------ ------------
ENZYMATIC THERAPY, INC.
A manufacturer and distributor of branded natural
medicines and nutritional supplements.
Limited Partnership Interest (B) 0.70% int. 03/30/00 281,250 2,813
Warrant, exercisable until 2009, to purchase
common stock at $.01 per share (B) 15,415 shs. 03/30/00 135,000 154
------------ ------------
416,250 2,967
------------ ------------
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 $ 1,125,000 09/09/03 1,106,131 1,012,500
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 23,229 shs. 09/09/03 18,869 232
------------ ------------
1,125,000 1,012,732
------------ ------------
EVANS CONSOLES, INC.
A designer and manufacturer of consoles and control
center systems.
Limited Partnership Interest of CM
Equity Partners (B) 1.21% int. 02/11/98 64,535 --
Common Stock (B) 45,000 shs. 05/06/04 6 --
------------ ------------
64,541 --
------------ ------------
HIGHGATE CAPITAL LLC
An acquirer of controlling or substantial interests in
manufacturing and marketing entities.
Series A Preferred Units (B) 0.30% int. 07/21/94 92,366 737
------------ ------------
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12
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL PARTICIPATION INVESTORS
September 30, 2005
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES (A) (Continued) Principal Amount Date Cost Fair Value
------------ ------------ ------------ ------------
HOME DECOR HOLDING COMPANY
A designer, manufacturer and marketer of framed art and
wall decor products.
12.5% Senior Subordinated Note due 2012 $ 1,081,731 * $ 983,894 $ 1,104,295
Common Stock (B) 33 shs. * 33,216 29,898
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 106 shs. * 105,618 1
------------ ------------
1,122,728 1,134,194
------------ ------------
HUSSEY SEATING CORPORATION
A manufacturer of spectator seating products.
Senior Secured Floating Rate Revolving Note due 2006 $ 1,054,767 06/12/96 1,054,767 527,384
Senior Secured Floating Rate Note due 2006 $ 182,813 ** 182,813 91,406
12% Senior Subordinated Note due 2006 $ 675,000 03/31/03 675,000 6,750
Common Stock (B) 2,860 shs. 03/12/04 112,500 --
------------ ------------
2,025,080 625,540
------------ ------------
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 $ 949,004 03/01/04 938,546 711,753
Common Stock (B) 130 shs. 06/01/00 149,500 --
------------ ------------
1,088,046 711,753
------------ ------------
ITC^DELTACOM, INC.
A provider of integrated communications services in the
southeastern United States.
Senior Secured Floating Rate Note due 2009 $ 1,168,440 07/26/05 1,168,440 1,151,809
Senior Secured Floating Rate Note due 2009 $ 181,560 07/26/05 181,560 179,740
Warrant, exercisable until 2009, to purchase
convertible preferred stock at $.01 per share (B) 54,468 shs. 07/26/05 -- 116,562
------------ ------------
1,350,000 1,448,111
------------ ------------
JASON, INC.
A diversified manufacturing company serving various
industrial markets.
13% Senior Subordinated Note due 2008 $ 510,187 08/04/00 478,110 500,839
14% Cumulative Redeemable Preferred Stock Series A (B) 153 shs. 08/04/00 153,119 150,312
Limited Partnership Interest of
Saw Mill Capital Fund II, L.P. (B) 1.30% int. 08/03/00 469,250 375,461
Warrants, exercisable until 2008 and 2009, to purchase
common stock at $.01 per share (B) 26,931 shs. 08/04/00 61,101 24,844
------------ ------------
1,161,580 1,051,456
------------ ------------
JUSTRITE MANUFACTURING ACQUISITION CO.
A manufacturer of safety products such as storage cabinets
and containers.
12% Senior Subordinated Note due 2011 $ 843,750 12/15/04 793,856 832,865
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 594 shs. 12/15/04 53,528 6
------------ ------------
847,384 832,871
------------ ------------
*06/30/04 and 08/19/04
**06/12/96 and 08/03/01.
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13
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL PARTICIPATION INVESTORS
September 30, 2005
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES (A) (Continued) Principal Amount Date Cost Fair Value
------------ ------------ ------------ ------------
KEEPSAKE QUILTING, INC.
A seller of quilting fabrics, books, patterns, kits and
notions to consumers.
Senior Secured Floating Rate Revolving Note due 2005 $ 20,967 06/16/00 $ 20,967 $ 21,009
Senior Secured Floating Rate Tranche A Note due 2007 $ 275,196 06/16/00 275,196 275,747
12% Senior Secured Tranche B Note due 2008 $ 314,509 06/16/00 302,474 320,799
Limited Partnership Interest of
Riverside XVI Holding Company, L.P. (B) 3.02% int. 06/12/00 190,563 198,132
Warrant, exercisable until 2008, to purchase
common stock at $.01 per share (B) 633 shs. 06/12/00 26,209 66,415
------------ ------------
815,409 882,102
------------ ------------
KELE AND ASSOCIATES, INC.
A distributor of building automation control products.
12% Senior Subordinated Note due 2012 $ 969,643 02/27/04 887,353 961,847
Common Stock (B) 18 shs. 02/27/04 244,608 220,119
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 6 shs. 02/27/04 4,124 --
------------ ------------
1,136,085 1,181,966
------------ ------------
KENAN-ADVANTAGE TRANSPORT COMPANY
A transporter of light petroleum, petrochemicals, lubricants
and residual fuels.
12.5% Senior Subordinated Note due 2009 $ 962,170 04/30/01 962,170 962,170
Preferred Stock (B) 163 shs. 04/30/01 163,000 326,000
Warrant, exercisable until 2009, to purchase
common stock at $.01 per share (B) 142 shs. 04/30/01 7 284,000
------------ ------------
1,125,177 1,572,170
------------ ------------
KEYSTONE NORTH AMERICA, INC.
An operator of funeral homes in North America.
Common Stock 28,577 shs. 02/08/05 137,444 180,607
------------ ------------
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 $ 2,036,000 * 1,865,885 2,036,000
Common Stock (B) 3,057 shs. * 213,998 149,793
Warrant, exercisable until 2006, to purchase
common stock at $.11 per share (B) 8,245 shs. * 318,838 404,005
------------ ------------
2,398,721 2,589,798
------------ ------------
MAVERICK ACQUISITION COMPANY
A manufacturer of capsules that cover the cork and neck of
wine bottles.
Senior Secured Floating Rate Tranche A Note due 2010 $ 436,568 09/03/04 436,568 431,764
12% Senior Secured Tranche B Note due 2011 $ 179,104 09/03/04 158,644 181,709
Limited Partnership Interest (B) 4.48% int. 09/03/04 33,582 30,224
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 243 shs. 09/03/04 22,556 2
------------ ------------
651,350 643,699
------------ ------------
*12/23/98 and 01/28/99.
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14
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL PARTICIPATION INVESTORS
September 30, 2005
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES (A) (Continued) Principal Amount Date Cost Fair Value
------------ ------------ ------------ ------------
MAXON CORPORATION
A manufacturer of industrial combustion equipment and
related shut-off valves and control valves.
12% Senior Subordinated Note due 2012 $ 549,837 09/30/04 $ 501,912 $ 540,772
8.75% Senior Subordinated Note due 2012 $ 732,065 09/30/04 732,065 727,107
Common Stock (B) 218,099 shs. 09/30/04 218,099 196,289
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 87,755 shs. 09/30/04 51,941 878
------------ ------------
1,504,017 1,465,046
------------ ------------
MEDASSIST, INC.
A provider of patient eligibility and accounts receivable
management services to hospitals and physician practices.
8% Preferred Stock 44 shs. 10/28/04 44,289 45,145
Common Stock 13,863 shs. 10/28/04 18,576 21,459
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share 47,090 shs. 05/01/03 21,534 72,472
------------ ------------
84,399 139,076
------------ ------------
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 $ 1,134,000 08/12/05 1,061,969 1,109,721
Common Stock (B) 216 shs. 08/12/05 216,000 194,400
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 73 shs. 08/12/05 72,576 1
------------ ------------
1,350,545 1,304,122
------------ ------------
MOSS, INC.
A manufacturer and distributor of large display and exhibit
structures.
Senior Secured Floating Rate Revolving Note due 2005 $ 57,660 03/24/05 57,660 57,660
Senior Secured Floating Rate Tranche A Note due 2007 $ 419,085 09/21/00 419,085 419,085
12% Senior Secured Tranche B Note due 2008 $ 192,200 09/21/00 182,878 192,200
Limited Partnership Interest of
Riverside Capital Appreciation Fund I, L.P. (B) 21.37% int. * 178,069 222,576
Warrant, exercisable until 2008, to purchase
common stock at $100 per share (B) 264 shs. 09/21/00 23,064 10,997
------------ ------------
860,756 902,518
------------ ------------
MUSTANG VENTURES COMPANY
A natural gas gathering and processing operation located in
Oklahoma and Texas.
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 8,752 shs. 12/11/02 261,264 367,762
------------ ------------
*09/20/00 and 05/23/02.
--------------------------------------------------------------------------------
15
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL PARTICIPATION INVESTORS
September 30, 2005
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES (A) (Continued) Principal Amount Date Cost Fair Value
------------ ------------ ------------ ------------
NEFF MOTIVATION, INC.
A manufacturer and distributor of customized awards and
sportswear to schools.
12.5% Senior Subordinated Note due 2011 $ 562,500 01/31/03 $ 485,736 $ 578,740
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 112 shs. 01/31/03 95,625 46,025
------------ ------------
581,361 624,765
------------ ------------
NONNI'S FOOD COMPANY
A producer and distributor of premium biscotti and bagel
chips in North America.
12.25% Senior Subordinated Note due 2012 $ 986,538 03/29/04 982,661 1,001,113
10% Preferred Stock (B) 135 shs. 03/29/04 135,044 136,831
Common Stock (B) 3,418 shs. 03/29/04 3,418 25,430
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 4,565 shs. 03/29/04 3,877 33,925
------------ ------------
1,125,000 1,197,299
------------ ------------
NYLONCRAFT, INC.
A supplier of engineered plastic components for the
automotive industry.
9% Senior Secured Note due 2009 $ 464,286 01/28/02 464,286 460,914
11.5% Senior Subordinated Note due 2012 $ 857,143 01/28/02 787,662 839,359
Common Stock (B) 178,571 shs. 01/28/02 178,571 122,143
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 138,928 shs. 01/28/02 92,597 93,777
------------ ------------
1,523,116 1,516,193
------------ ------------
OLYMPIC SALES, INC.
A boat retailer in Washington state, Oregon and California
and British Columbia.
12% Senior Subordinated Note due 2006 $ 1,241,000 08/07/98 1,241,000 1,210,144
12% Senior Subordinated Note due 2008 $ 244,154 02/09/00 233,034 229,764
Limited Partnership Interest of Riverside VIII, VIII-A and
VIII-B Holding Company, L.P. 795,964 uts. * 808,300 647,524
Warrants, exercisable until 2007 and 2008, to purchase
common stock at $.01 per share (B) 15,166 shs. ** 206,041 46,955
------------ ------------
2,488,375 2,134,387
------------ ------------
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 $ 1,125,000 12/19/00 1,048,772 1,108,121
Membership Interests of MM/Lincap
PPI Investments, Inc., LLC (B) 1.28% int. 12/21/00 140,625 189,844
------------ ------------
1,189,397 1,297,965
------------ ------------
*08/07/98, 02/23/99, 12/22/99 and 02/25/03.
**08/07/98 and 02/29/00.
--------------------------------------------------------------------------------
16
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL PARTICIPATION INVESTORS
September 30, 2005
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES (A) (Continued) Principal Amount Date Cost Fair Value
------------ ------------ ------------ ------------
PRECISION DYNAMICS, INC.
A manufacturer of custom-designed solenoid valves & controls.
Senior Secured Floating Rate Revolving Credit
Facility due 2005 $ 309,700 07/22/96 $ 309,700 $ 309,700
Senior Secured Floating Rate Term Note due 2005 $ 4,075 07/22/96 4,075 4,075
12% Senior Secured Term Note due 2005 $ 163,000 07/22/96 161,921 163,000
8% Preferred Stock 228 shs. 07/22/96 116,023 115,944
Common Stock (B) 299 shs. 07/22/96 14,489 14,489
Warrant, exercisable until 2005, to purchase
common stock at $.01 per share (B) 162 shs. 07/22/96 49,000 2
------------ ------------
655,208 607,210
------------ ------------
PROCESS CHEMICALS LLC
A specialty chemical company that manufactures
processed chemicals for the fertilizer, asphalt and concrete
industries.
Common Membership Interests 1 uts. * 4 144,000
------------ ------------
PROTEIN GENETICS, INC.
A producer of bovine artificial insemination products,
related breeding and healthcare products and specialty
genetics sold to the dairy and beef industries.
9.8% Redeemable Exchangeable Preferred Stock (B) 332 shs. 08/12/94 33,217 --
Common Stock (B) 867 shs. ** 42,365 --
------------ ------------
75,582 --
------------ ------------
QUALIS AUTOMOTIVE LLC
A distributor of aftermarket automotive brake and chassis
products.
12% Senior Subordinated Note due 2012 $ 937,500 05/28/04 759,763 960,618
Common Stock (B) 187,500 shs. 05/28/04 187,500 168,750
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 199,969 shs. 05/28/04 199,969 2,000
------------ ------------
1,147,232 1,131,368
------------ ------------
QUALSERV CORPORATION
A provider of foodservice equipment and supplies, to
major restaurant chains and their franchisees.
16.5% Senior Subordinated Note due 2012 $ 1,002,475 07/09/04 976,254 601,485
Limited Partnership Interest (B) 4.90% int. 07/09/04 137,195 --
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 280 shs. 07/09/04 25,973 --
------------ ------------
1,139,422 601,485
------------ ------------
RIVER RANCH FRESH FOODS LLC
A supplier of fresh produce to the retail and foodservice
channels.
13% Senior Subordinated Note due 2011 $ 975,000 09/29/04 898,718 944,260
Limited Partnership Interest (B) 21,499 uts. 09/29/04 150,000 134,997
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 12,481 shs. 09/29/04 83,596 125
------------ ------------
1,132,314 1,079,382
------------ ------------
*07/31/97 and 01/04/99.
**11/14/01 and 08/12/94.
--------------------------------------------------------------------------------
17
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL PARTICIPATION INVESTORS
September 30, 2005
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES (A) (Continued) Principal Amount Date Cost Fair Value
------------ ------------ ------------ ------------
ROYAL BATHS MANUFACTURING COMPANY
A manufacturer and distributor of acrylic and cultured
marble bathroom products.
12.5% Senior Subordinated Note due 2011 $ 562,500 11/14/03 $ 506,757 $ 553,109
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 74 shs. 11/14/03 65,089 1
------------ ------------
571,846 553,110
------------ ------------
RUGBY MANUFACTURING COMPANY
A designer and manufacturer of accessories for heavy and
medium duty trucks, primarily dump bodies, hoists,
various forms of flat-bed bodies, landscape bodies and
other accessories.
12% Senior Subordinated Note due 2013 $ 1,018,915 07/19/05 955,488 1,003,627
Common Stock (B) 331 shs. 07/19/05 331,085 297,981
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 67 shs. 07/19/05 64,236 1
------------ ------------
1,350,809 1,301,609
------------ ------------
SAFETY SPEED CUT MANUFACTURING COMPANY, INC.
A manufacturer of vertical panel saws and routers for the
wood working industry.
Senior Secured Floating Rate Tranche A Note due 2007 $ 524,947 06/02/99 524,947 524,947
12% Senior Secured Tranche B Note due 2007 $ 646,089 06/02/99 646,089 646,089
Class B Common Stock (B) 846 shs. 06/02/99 146,456 290,455
------------ ------------
1,317,492 1,461,491
------------ ------------
SAVAGE SPORTS HOLDING, INC.
A manufacturer of sporting firearms.
12% Senior Subordinated Note due 2012 $ 814,655 09/10/04 758,872 808,920
Common Stock (B) 310 shs. 09/10/04 310,345 279,315
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 71 shs. 09/10/04 60,129 1
------------ ------------
1,129,346 1,088,236
------------ ------------
SHELTER ACQUISITION, INC.
A distributor of roofing supplies & products throughout the Midwest.
12.5% Senior Subordinated Note due 2008 $ 803,571 08/01/02 736,449 803,571
Common Stock (B) 477,411 shs. * 477,411 831,889
Warrant, exercisable until 2009, to purchase
common stock at $.01 per share (B) 139,470 shs. 08/01/02 114,589 243,027
------------ ------------
1,328,449 1,878,487
------------ ------------
SNYDER INDUSTRIES, INC.
A manufacturer of proprietary rotationally molded
polyethylene containers.
12.25% Senior Subordinated Note due 2008 $ 2,250,000 12/06/99 2,105,335 2,250,000
Warrant, exercisable until 2007, to purchase
common stock at $.01 per share (B) 369 shs. 12/06/99 306,818 398,844
------------ ------------
2,412,153 2,648,844
------------ ------------
SPECIALTY FOODS GROUP, INC.
A manufacturer and distributor of branded meat products.
Limited Partnership Interest of MHD Holdings LLC 0.76% int. 08/29/00 307,860 65,314
------------ ------------
*08/01/02, 01/17/03 and 12/31/04.
--------------------------------------------------------------------------------
18
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL PARTICIPATION INVESTORS
September 30, 2005
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES (A) (Continued) Principal Amount Date Cost Fair Value
------------ ------------ ------------ ------------
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) 61,862 shs. 01/14/00 $ 382,501 $ --
------------ ------------
SYNVENTIVE EQUITY LLC
A manufacturer of hot runner systems used in the plastic
injection molding process.
Limited Partnership Interest (B) 1.05% int. 08/20/03 33,463 5,972
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 45,942 shs. 08/21/03 10,249 8,199
------------ ------------
43,712 14,171
------------ ------------
TERRA RENEWAL SERVICES, INC.
A provider of wastewater residual management and
required environmental reporting, permitting, nutrient
management planning and record keeping to companies
involved in poultry and food processing.
Senior Secured Floating Rate Term A Note due 2010 $ 170,704 03/01/05 170,704 170,345
Senior Secured Floating Rate Term B Note due 2012 $ 209,933 03/01/05 209,933 209,356
12% Senior Subordinated Note due 2013 $ 585,937 03/01/05 555,280 574,255
Limited Partnership Interest of
Saw Mill Capital Fund V, L.P. (B) 236 uts. 03/01/05 235,547 211,995
Warrant, exercisable until 2015, to purchase
common stock at $.01 per share (B) 37 shs. 03/01/05 32,098 --
------------ ------------
1,203,562 1,165,951
------------ ------------
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 $ 1,356,000 02/05/98 1,259,373 1,356,000
Common Stock (B) 315 shs. 02/04/98 315,000 318,371
Warrant, exercisable until 2006, to purchase
common stock at $.01 per share (B) 222 shs. 02/05/98 184,416 224,375
------------ ------------
1,758,789 1,898,746
------------ ------------
TIDEWATER HOLDINGS, INC.
An operator of a barge transportation line on the
Columbia/Snake River system.
17% Preferred Stock (B) 280 shs. 12/23/02 280,000 378,000
Convertible Preferred Stock, convertible into
common stock at $1,000 per share (B) 560 shs. 07/25/96 560,000 756,000
Warrant, exercisable until 2008, to purchase
common stock at $.01 per share (B) 237 shs 07/25/96 24,103 319,788
------------ ------------
864,103 1,453,788
------------ ------------
TOMAH HOLDINGS, INC.
A manufacturer of specialty chemicals.
16% Senior Subordinated Note due 2011 $ 773,875 12/08/03 749,592 804,830
16% Preferred Stock Series A (B) 20 shs. 12/08/03 334,393 348,926
Common Stock (B) 11,246 shs. * 111,066 145,844
------------ ------------
1,195,051 1,299,600
------------ ------------
*12/08/03 and 07/01/05.
--------------------------------------------------------------------------------
19
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL PARTICIPATION INVESTORS
September 30, 2005
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES (A) (Continued) Principal Amount Date Cost Fair Value
------------ ------------ ------------ ------------
TRANSTAR HOLDING COMPANY
A distributor of aftermarket automotive transmission parts.
12% Senior Subordinated Note due 2013 $ 918,000 08/31/05 $ 877,127 $ 908,786
Common Stock (B) 432 shs. 08/31/05 432,000 388,800
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 46 shs. 08/31/05 41,021 --
------------ ------------
1,350,148 1,297,586
------------ ------------
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 $ 676,983 01/20/00 676,983 674,768
12% Senior Subordinated Note due 2010 $ 758,100 01/20/00 726,835 759,794
Common Stock (B) 129,960 shs. 01/20/00 129,960 103,968
Warrant, exercisable until 2010, to purchase
common stock at $1 per share (B) 148,912 shs. 01/20/00 56,316 1,489
------------ ------------
1,590,094 1,540,019
------------ ------------
TRUSTILE DOORS, INC.
A manufacturer and distributor of interior doors.
12.5% Senior Subordinated Note due 2010 $ 562,500 04/11/03 524,405 553,838
Warrant, exercisable until 2010, to purchase
common stock at $.01 per share (B) 3,060 shs. 04/11/03 50,625 17,491
------------ ------------
575,030 571,329
------------ ------------
TUBULAR TEXTILE MACHINERY
A designer, manufacturer, sale and servicer of finishing
machinery for the knit and woven segments of the global
textile industry.
12% Senior Subordinated Note due 2014 $ 705,457 05/28/04 636,949 665,846
8.75% Senior Secured Note due 2011 $ 409,310 05/28/04 409,310 391,270
Common Stock (B) 385,233 shs. 05/28/04 385,233 192,617
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 116,521 shs. 05/28/04 74,736 1,165
------------ ------------
1,506,228 1,250,898
------------ ------------
TVI, INC.
A retailer of used clothing in the United States, Canada
and Australia.
Common Stock (B) 187,500 shs. 05/02/00 187,500 202,500
------------ ------------
U S M HOLDINGS CORPORATION
A provider of facility maintenance services to retail and
corporate clients with multiple locations.
12% Senior Subordinated Note due 2011 $ 473,684 08/06/03 407,630 487,895
Preferred Stock 1,361 shs. 08/06/03 136,089 136,098
Common Stock (B) 546 shs. 08/06/03 546 546
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share 502 shs. 08/06/03 157,869 502
------------ ------------
702,134 625,041
------------ ------------
--------------------------------------------------------------------------------
20
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL PARTICIPATION INVESTORS
September 30, 2005
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES (A) (Continued) Principal Amount Date Cost Fair Value
------------ ------------ ------------ ------------
U-LINE CORPORATION
A manufacturer of high-end, built-in, undercounter
icemaking, wine storage and refrigeration appliances.
12.5% Senior Subordinated Note due 2012 $ 996,500 04/30/04 $ 895,482 $ 1,030,434
Common Stock (B) 96 shs. 04/30/04 96,400 86,760
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 122 shs. 04/30/04 112,106 1
------------ ------------
1,103,988 1,117,195
------------ ------------
VICTORY VENTURES LLC
An acquirer of controlling or substantial interests in other entities.
Series A Preferred Units (B) 0.03% 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 $ 999,153 09/24/04 909,026 1,003,067
Common Stock (B) 12,585 shs. 09/24/04 125,850 113,265
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 12,593 shs. 09/24/04 98,938 126
------------ ------------
1,133,814 1,116,458
------------ ------------
VITEX PACKAGING GROUP, INC.
A manufacturer of specialty packaging, primarily
envelopes and tags used on tea bags and medical and food
products.
12.5% Senior Subordinated Note due 2012 $ 900,000 07/19/04 785,152 885,411
Limited Partnership Interest Class A (B) 219,375 uts. 07/19/04 219,375 197,438
Limited Partnership Interest Class B (B) 96,848 uts. 07/19/04 96,848 87,163
------------ ------------
1,101,375 1,170,012
------------ ------------
WALLS INDUSTRIES, INC.
A provider of branded workwear and sporting goods apparel.
10% Senior Subordinated Lien Note due 2009 $ 532,895 07/12/04 532,895 533,305
14% Senior Subordinated Note due 2012 $ 566,163 07/12/04 564,740 567,870
Limited Partnership Interest (B) 0.20% int. 07/12/04 19,737 17,763
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 2,133 shs. 07/12/04 1,500 21
------------ ------------
1,118,872 1,118,959
------------ ------------
WEASLER HOLDINGS LLC
A manufacturer of mechanical power transmission
components for the agricultural, lawn and turf industries.
Limited Partnership Interest (B) 0.82% int. 02/03/03 53,570 142,897
Warrant, exercisable until 2010, to purchase
common stock at $.01 per share (B) 136 shs. 02/04/03 111,086 361,895
------------ ------------
164,656 504,792
------------ ------------
TOTAL PRIVATE PLACEMENT INVESTMENTS 82,473,314 82,125,421
------------ ------------
--------------------------------------------------------------------------------
21
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL PARTICIPATION INVESTORS
September 30, 2005
(Unaudited)
Shares or
Interest Due Principal
CORPORATE RESTRICTED SECURITIES (A) (CONTINUED) Rate Date Amount Cost Fair Value
---- ---- ------ ---- ------------
RULE 144A SECURITIES - 8.79%:
BONDS - 7.70%
A E S Corporation 8.750% 05/15/13 $ 425,000 $ 474,756 $ 465,375
A E S Corporation 9.000 05/15/15 175,000 175,000 192,063
Activant Solutions, Inc. 9.504 04/01/10 400,000 400,000 408,000
Blockbuster, Inc. 9.000 09/01/12 275,000 277,042 226,875
Bombardier Capital, Inc. 6.125 06/29/06 500,000 505,662 500,625
Bombardier, Inc. 6.300 05/01/14 500,000 440,315 442,500
Charter Communications Op LLC 8.000 04/30/12 500,000 498,750 503,750
Clayton Williams Energy, Inc. 7.750 08/01/13 375,000 375,000 366,560
Douglas Dynamics, LLC 7.750 01/15/12 325,000 326,924 325,000
Intelsat Bermuda Ltd. 8.695 01/15/12 225,000 225,000 228,938
Intelsat Bermuda Ltd. 8.250 01/15/13 250,000 250,000 251,563
Interactive Health LLC 7.250 04/01/11 500,000 417,350 430,000
Lazard LLC 7.125 05/15/15 375,000 374,704 372,359
Mac-Gray Corporation 7.625 08/15/15 300,000 300,000 306,000
Markwest Energy 6.875 11/01/14 250,000 250,000 247,500
Metaldyne Corporation 11.000 11/01/13 340,000 342,068 295,800
Neiman Marcus Group, Inc. 10.375 10/15/15 600,000 600,000 597,000
P Q Corporation 7.500 02/15/13 685,000 677,350 664,450
Pacific Energy Partners 6.250 09/15/15 100,000 99,543 100,250
Pogo Producing Co. 6.875 10/01/17 250,000 250,000 253,438
Service Corporation International 7.000 06/15/17 500,000 495,015 505,000
Siebe PLC 6.500 01/15/10 350,000 308,000 309,750
Sierra Pacific Resources 6.750 08/15/17 330,000 331,674 330,825
Sungard Data Systems 9.125 08/15/13 75,000 75,000 77,718
T C W Lev Income Trust L.P. (B) 8.410 11/30/05 717,144 717,144 179,285
Tenaska Alabama Partners L.P. 7.000 06/30/21 185,000 185,000 187,315
Texas Genco LLC 6.875 12/15/14 350,000 350,000 356,125
Texas Industries, Inc. 7.250 07/15/13 35,000 35,000 36,400
------------ ------------ ------------
TOTAL BONDS $ 9,892,144 9,756,297 9,160,464
============ ------------ ------------
CONVERTIBLE BONDS - 1.09%
Cymer, Inc. 3.500% 02/15/09 $ 450,000 $ 450,000 $ 437,063
ICOS Corporation 2.000 07/01/23 375,000 298,125 314,063
QLT, Inc. 3.000 09/15/23 305,000 277,410 277,169
Wesco International, Inc. 2.625 10/15/25 250,000 250,000 260,625
------------ ------------ ------------
TOTAL CONVERTIBLE BONDS $ 1,380,000 1,275,535 1,288,920
============ ------------ ------------
WARRANTS - 0.00%
Winsloew Furniture, Inc. (B) 700 $ 7 $ --
------------ ------------
TOTAL WARRANTS 7 --
------------ ------------
TOTAL RULE 144A SECURITIES 11,031,839 10,449,384
------------ ------------
TOTAL CORPORATE RESTRICTED SECURITIES $ 93,505,153 $ 92,574,805
------------ ------------
--------------------------------------------------------------------------------
22
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL PARTICIPATION INVESTORS
September 30, 2005
(Unaudited)
Interest Due Principal
CORPORATE PUBLIC SECURITIES - 25.84%:(A) Rate Date Amount Cost Market Value
-------- -------- --------- -------- ------------
BONDS - 22.79%
Abitibi-Consolidated, Inc. 7.750% 06/15/11 $ 500,000 $ 516,599 $ 492,500
Activant Solutions, Inc. 10.500 06/15/11 325,000 325,880 339,625
Aearo Co. 8.250 04/15/12 225,000 225,000 225,000
Allied Waste NA 7.875 04/15/13 500,000 513,688 510,000
American Media Operation, Inc. 8.875 01/15/11 475,000 475,649 420,375
Appleton Papers, Inc. 8.125 06/15/11 250,000 250,000 245,000
Argo Tech Corporation 9.250 06/01/11 425,000 425,000 450,500
Arrow Electronics, Inc. 7.000 01/15/07 500,000 516,848 512,741
BCP Crystal US Holding Corporation 9.625 06/15/14 355,000 355,000 394,938
C S C Holdings, Inc. 7.625 04/01/11 250,000 250,982 245,625
Cablevision Systems Corporation 7.890 04/01/09 450,000 450,000 461,250
Cadmus Communications Corporation 8.375 06/15/14 350,000 350,000 361,375
Chemed Corporation 8.750 02/24/11 600,000 600,000 648,000
Chesapeake Energy Corporation 7.000 08/15/14 650,000 676,962 682,500
Cincinnati Bell, Inc. 8.375 01/15/14 550,000 503,750 541,750
Del Monte Corporation 8.625 12/15/12 200,000 200,000 215,000
Dollar Financial Group 9.750 11/15/11 325,000 325,000 338,000
Dominos, Inc. 8.250 07/01/11 109,000 108,213 114,450
Electronic Data Systems Corporation 7.125 10/15/09 500,000 505,427 535,499
Esterline Technologies 7.750 06/15/13 175,000 175,000 184,625
Ford Motor Credit Co. 5.800 01/12/09 500,000 499,070 466,541
Ford Motor Credit Co. 7.375 10/28/09 750,000 748,125 724,460
G F S I, Inc. 9.625 03/01/07 375,000 339,385 341,250
Gencorp, Inc. 9.500 08/15/13 130,000 130,000 142,513
General Motors Accept Corporation 5.850 01/14/09 750,000 743,418 698,387
Goodyear Tire & Rubber Co. 7.857 08/15/11 350,000 327,250 338,625
GulfMark Offshore, Inc. 7.750 07/15/14 300,000 298,725 318,750
Houghton Mifflin Co. 9.875 02/01/13 500,000 527,535 530,000
Huntsman LLC 11.625 10/15/10 163,000 161,068 186,228
Intrawest Corporation 7.500 10/15/13 250,000 250,000 255,938
K 2, Inc. 7.375 07/01/14 150,000 150,591 150,000
Koppers, Inc. 9.875 10/15/13 250,000 250,000 276,250
Leucadia National Corporation 7.000 08/15/13 350,000 356,794 351,750
Liberty Media Corporation 5.700 05/15/13 500,000 475,805 455,009
Lodgenet Entertainment Corporation 9.500 06/15/13 375,000 375,000 410,625
Lyondell Chemical Co. 9.500 12/15/08 450,000 457,176 471,375
M G M Mirage, Inc. 6.000 10/01/09 225,000 227,775 222,188
M S X International, Inc. 11.000 10/15/07 175,000 173,502 174,125
Magnachip Semiconductor 8.000 12/15/14 50,000 50,000 46,000
Majestic Star Casino LLC 9.500 10/15/10 250,000 250,000 247,500
Manitowoc Company, Inc. 7.125 11/01/13 100,000 100,000 103,500
Mediacom LLC 9.500 01/15/13 750,000 745,965 744,375
Moog, Inc. 6.250 01/15/15 60,000 60,000 60,300
Nalco Co. 7.750 11/15/11 250,000 250,000 255,625
National Wine & Spirits, Inc. 10.125 01/15/09 25,000 25,354 25,250
Nextel Communications Corporation 7.375 08/01/15 400,000 410,166 428,226
North American Energy Partners 8.750 12/01/11 200,000 200,000 190,000
Numatics, Inc. 9.625 04/01/08 375,000 376,226 381,016
O E D Corp/Diamond Jo Company Guarantee 8.750 04/15/12 500,000 492,980 490,625
--------------------------------------------------------------------------------
23
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL PARTICIPATION INVESTORS
September 30, 2005
(Unaudited)
Interest Due Principal
CORPORATE PUBLIC SECURITIES(A)(Continued) Rate Date Amount Cost Market Value
-------- -------- --------- -------- ------------
Offshore Logistics, Inc. 6.125% 06/15/13 $ 350,000 $ 350,000 $ 344,750
Pacific Energy Partners 7.125 06/15/14 250,000 252,088 259,375
Pinnacle Foods Group 8.250 12/01/13 225,000 225,000 212,625
Pliant Corporation 11.625 06/15/09 574,414 586,456 608,879
Primedia, Inc. 8.000 05/15/13 500,000 513,750 503,750
Quintiles Transnational Corporation 10.000 10/01/13 250,000 250,000 281,250
Rayovac Corporation 8.500 10/01/13 175,000 175,000 168,875
Rent-A-Center, Inc. 7.500 05/01/10 250,000 250,000 237,813
Rent-Way, Inc. 11.875 06/15/10 450,000 469,608 495,000
Rhodia SA 8.875 06/01/11 250,000 249,834 236,250
Rhodia SA 10.250 06/01/10 250,000 252,457 264,375
Rogers Wireless, Inc. 7.250 12/15/12 90,000 90,000 95,175
Rogers Wireless, Inc. 7.500 03/15/15 560,000 602,893 603,400
Rogers Wireless, Inc. 8.000 12/15/12 90,000 90,000 95,063
Samsonite Corporation 8.875 06/01/11 500,000 523,609 531,250
Service Corporation International 6.000 12/15/05 21,000 21,020 21,000
Sheridan Acquisition Corporation 10.250 08/15/11 225,000 222,000 234,000
Sports Club Co. 11.375 03/15/06 100,000 97,000 99,000
Tekni-Plex, Inc. 12.750 06/15/10 500,000 483,500 277,500
Telex Communications, Inc. 11.500 10/15/08 250,000 250,000 266,875
Tenet Healthcare Corporation 6.375 12/01/11 250,000 241,250 233,125
Tenet Healthcare Corporation 9.875 07/01/14 350,000 341,858 365,750
Triton P C S, Inc. 8.500 06/01/13 500,000 500,000 476,250
Tyco International Group SA 6.375 10/15/11 150,000 148,500 159,880
Unisys Corporation 8.000 10/15/12 150,000 150,000 147,375
United Rentals, Inc. 7.750 11/15/13 325,000 325,000 313,624
Universal City Florida 8.375 05/01/10 100,000 100,000 103,750
Universal City Florida 8.443 05/01/10 100,000 100,000 103,750
Utilicorp United, Inc. 9.950 02/01/11 500,000 548,255 561,250
Vicorp Restaurants, Inc. 10.500 04/15/11 300,000 296,373 292,500
Vought Aircraft Industries 8.000 07/15/11 650,000 649,158 617,500
Warner Music Group 7.375 04/15/14 125,000 125,000 125,312
Wornick Co. 10.875 07/15/11 350,000 350,000 359,624
------------ ------------ ------------
TOTAL BONDS $ 26,927,414 27,030,517 27,101,079
============ ------------ ------------
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24
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL PARTICIPATION INVESTORS
September 30, 2005
(Unaudited)
Shares or
Interest Due Principal
CORPORATE PUBLIC SECURITIES (A)(CONTINUED) Rate Date Amount Cost Market Value
-------- -------- --------- -------- ------------
COMMON STOCK - 2.40%
Chemed Corporation 300 $ 7,500 $ 13,002
Distributed Energy Systems Corporation 14,000 177,078 116,760
H C I Direct, Inc. (B) 500 -- --
P W Eagle, Inc. (B) 101,236 1 779,517
Rent-Way, Inc. (B) 46,432 458,123 318,988
Transmontaigne, Inc. (B) 203,165 598,597 1,623,288
------------ ------------
TOTAL COMMON STOCK 1,241,299 2,851,555
------------ ------------
CONVERTIBLE BONDS - 0.65%
Citadel Broadcasting Corporation 1.875% 02/15/11 $ 300,000 $ 232,875 $ 233,625
Leucadia National Corporation 3.750 04/15/14 500,000 500,000 543,125
------------ ------------ ------------
TOTAL CONVERTIBLE BONDS $ 800,000 732,875 776,750
============ ------------ ------------
TOTAL CORPORATE PUBLIC SECURITIES $ 29,004,691 $ 30,729,384
------------ ------------
Interest Due Principal
SHORT-TERM SECURITIES: Rate/Yield Date Amount Cost Market Value
---------- -------- --------- -------- ------------
COMMERCIAL PAPER - 1.66%
I T T Industries, Inc. 3.951% 10/3/05 $ 1,977,000 $ 1,976,566 $ 1,976,566
------------ ------------ ------------
TOTAL SHORT-TERM SECURITIES $ 1,977,000 $ 1,976,566 $ 1,976,566
============ ------------ ------------
TOTAL INVESTMENTS 105.35% $124,486,410 $125,280,755
============ ------------
Other Assets 5.83 6,931,483
Liabilities (11.18) (13,291,825)
------ ------------
TOTAL NET ASSETS 100.00% $118,920,413
====== ============
(A) In each of the convertible note, warrant, convertible preferred and common
stock investments, the issuer has agreed to provide certain registration
rights.
(B) Non-income producing security.
--------------------------------------------------------------------------------
25
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL PARTICIPATION INVESTORS
September 30, 2005
(Unaudited)
Fair Value/ Fair Value/
INDUSTRY CLASSIFICATION: Market Value INDUSTRY CLASSIFICATION: (Cont.) Market Value
-------------- --------------
AEROSPACE - 2.53% CARGO TRANSPORT - 2.55%
Argo Tech Corporation $ 450,500 Kenan-Advantage Transport Company $ 1,572,170
Bombardier, Inc. 442,500 Tidewater Holdings, Inc. 1,453,788
Consolidated Foundries Holdings 1,307,648 --------------
Esterline Technologies 184,625 3,025,958
Vought Aircraft Industries 617,500 --------------
-------------- CHEMICAL, PLASTICS & RUBBER - 2.98%
3,002,773 Capital Specialty Plastics, Inc. 1,078
-------------- Huntsman LLC 186,228
AUTOMOBILE - 8.50% Koppers, Inc. 276,250
America's Body Company, Inc./LCP Holding Co. 1,750,000 Lyondell Chemical Co. 471,375
Gencorp, Inc. 142,513 P Q Corporation 664,450
Goodyear Tire & Rubber Co. 338,625 Process Chemicals LLC 144,000
Jason, Inc. 1,051,456 Rhodia SA 500,625
LIH Investors, L.P. 2,589,798 Tomah Holdings, Inc. 1,299,600
Metaldyne Corporation 295,800 --------------
Nyloncraft, Inc. 1,516,193 3,543,606
Qualis Automotive LLC 1,131,368 --------------
Transtar Holding Company 1,297,586 CONSUMER PRODUCTS - 7.02%
-------------- Appleton Papers, Inc. 245,000
10,113,339 Augusta Sportswear Holding Co. 1,125,019
-------------- Euro-Pro Corporation 1,012,732
BEVERAGE, DRUG & FOOD - 4.68% G F S I, Inc. 341,250
Beta Brands Ltd. - H C I Direct, Inc. --
Cains Foods, L.P. 270,579 K 2, Inc. 150,000
Del Monte Corporation 215,000 Maverick Acquisition Company 643,699
Dominos, Inc. 114,450 Rayovac Corporation 168,875
Eagle Pack Pet Foods, Inc. 611,236 Royal Baths Manufacturing Company 553,110
National Wine & Spirits, Inc. 25,250 Savage Sports Holding, Inc. 1,088,236
Nonni's Food Company 1,197,299 The Tranzonic Companies 1,898,746
Pinnacle Foods Group 212,625 Walls Industries, Inc. 1,118,959
River Ranch Fresh Foods LLC 1,079,382 Winsloew Furniture, Inc. --
Specialty Foods Group, Inc. 65,314 --------------
Vicorp Restaurants, Inc. 292,500 8,345,626
Vitality Foodservice, Inc. 1,116,458 --------------
Wornick Co. 359,624 CONTAINERS, PACKAGING
-------------- & GLASS - 5.05%
5,559,717 Paradigm Packaging, Inc. 1,297,965
-------------- Pliant Corporation 608,879
BROADCASTING & ENTERTAINMENT- 2.57% Snyder Industries, Inc. 2,648,844
C S C Holdings, Inc. 245,625 Tekni-Plex, Inc. 277,500
Cablevision Systems Corporation 461,250 Vitex Packaging, Inc. 1,170,012
Charter Communications Op LLC 503,750 --------------
Citadel Broadcasting Corporation 233,625 6,003,200
Liberty Media Corporation 455,009 --------------
Lodgenet Entertainment Corporation 410,625 DISTRIBUTION - 2.92%
Mediacom LLC 744,375 Corvest Group, Inc. 1,686,149
-------------- Kele and Associates, Inc. 1,181,966
3,054,259 QualServ Corporation 601,485
-------------- Strategic Equipment & Supply Corporation, Inc. --
BUILDINGS & REAL ESTATE - 4.32% --------------
A W C Holding Company 1,301,591 3,469,600
Adorn, Inc. 1,350,202 --------------
Shelter Acquisition, Inc. 1,878,487
Texas Industries, Inc. 36,400
TruStile Doors, Inc. 571,329
--------------
5,138,009
--------------
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26
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL PARTICIPATION INVESTORS
September 30, 2005
(Unaudited)
Fair Value/ Fair Value/
INDUSTRY CLASSIFICATION: (Cont.) Market Value INDUSTRY CLASSIFICATION: (Cont.) Market Value
-------------- --------------
DIVERSIFIED/CONGLOMERATE, FINANCIAL SERVICES - 3.85%
MANUFACTURING - 6.05% BCP Crystal US Holding Corporation $ 394,938
Activant Solutions, Inc. $ 747,625 Bombardier Capital, Inc. 500,625
AmerCable, Inc. 1,104,047 Dollar Financial Group 338,000
Arrow Tru-Line Holdings, Inc. 1,087,950 East River Ventures I, L.P. 5,423
Coining Corporation of America LLC 1,080,190 Ford Motor Credit Co. 1,191,001
Dexter Magnetics Technologies, Inc. 554,304 General Motors Acceptance Corporation 698,387
Douglas Dynamics LLC 325,000 Highgate Capital LLC 737
Evans Consoles, Inc. -- Lazard LLC 372,359
Justrite Manufacturing Acquisition Co. 832,871 Leucadia National Corporation 894,875
Rugby Manufacturing Company 1,301,609 T C W Leveraged Income Trust, L.P. 179,285
Tyco International Group SA 159,880 Victory Ventures LLC 2
-------------- --------------
7,193,476 4,575,632
-------------- --------------
DIVERSIFIED/CONGLOMERATE, HEALTHCARE, EDUCATION
SERVICE - 6.14% & CHILDCARE - 3.80%
Abitibi-Consolidated, Inc. 492,500 A T I Acquisition Company 1,047,054
Allied Waste NA 510,000 American Hospice Management Holding LLC 1,433,538
CapeSuccess LLC 2,512 ICOS Corporation 314,063
Chemed Corporation 661,002 Interactive Health LLC 430,000
Diversco, Inc./DHI Holdings, Inc. 1,044,048 MedAssist, Inc. 139,076
Dwyer Group, Inc. 1,411,296 QLT, Inc. 277,169
Keystone North America, Inc. 180,607 Quintiles Transnational Corporation 281,250
Mac-Gray Corporation 306,000 Tenet Healthcare Corporation 598,875
Moss, Inc. 902,518 --------------
M S X International, Inc. 174,125 4,521,025
Service Corporation International 526,000 --------------
U S M Holdings Corporation 625,041 HOME & OFFICE FURNISHINGS
Universal City Florida 207,500 HOUSEWARES, AND DURABLE CONSUMER
Wesco International, Inc. 260,625 PRODUCTS - 3.81%
-------------- Connor Sport Court International, Inc. 1,126,962
7,303,774 Home Decor Holding Company 1,134,194
-------------- Hussey Seating Corporation 625,540
ELECTRONICS - 4.80% Samsonite Corporation 531,250
A E S Corporation 657,438 U-Line Corporation 1,117,195
Arrow Electronics, Inc. 512,741 --------------
Directed Electronics, Inc. 2,616,946 4,535,141
Distributed Energy Systems 116,760 --------------
Electronic Data Systems Corporation 535,499 LEISURE, AMUSEMENT,
Precision Dynamics, Inc. 607,210 ENTERTAINMENT - 1.87%
Siebe PLC 309,750 Intrawest Corporation 255,938
Texas Genco LLC 356,125 Keepsake Quilting, Inc. 882,102
-------------- M G M Mirage, Inc. 222,188
5,712,469 Majestic Star Casino LLC 247,500
-------------- O E D Corp/Diamond Jo Company Guarantee 490,625
FARMING & AGRICULTURE - 0.00% Warner Music Group 125,312
Protein Genetics, Inc. -- --------------
-------------- 2,223,665
--------------
--------------------------------------------------------------------------------
27
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL PARTICIPATION INVESTORS
September 30, 2005
(Unaudited)
Fair Value/ Fair Value/
INDUSTRY CLASSIFICATION: (Cont.) Market Value INDUSTRY CLASSIFICATION: (Cont.) Market Value
-------------- --------------
MACHINERY - 8.20% RETAIL STORES - 4.41%
Aearo Co. $ 225,000 Blockbuster, Inc. $ 226,875
C & M Conveyor, Inc. 1,311,291 Neff Corporation 624,765
Integration Technology Systems, Inc. 711,753 Neiman Marcus Group, Inc. 597,000
Manitowoc Company, Inc. 103,500 Olympic Sales, Inc. 2,134,387
Maxon Corporation 1,465,046 Rent-A-Center, Inc. 237,813
Numatics, Inc. 381,016 Rent-Way, Inc. 813,988
P W Eagle, Inc. 779,517 Sports Club Co. 99,000
Safety Speed Cut Manufacturing Company, 1,461,491 TVI, Inc. 202,500
Synventive Equity LLC 14,171 United Rentals, Inc. 313,624
Tronair, Inc. 1,540,019 --------------
Tubular Textile Machinery 1,250,898 5,249,952
Weasler Holdings LLC 504,792 --------------
-------------- TECHNOLOGY - 0.78%
9,748,494 Cymer, Inc. 437,063
-------------- Delstar Holding Corporation 220,944
MEDICAL DEVICES/BIOTECH - 2.62% Magnachip Semiconductor 46,000
Beacon Medical Products, Inc. 1,112,927 Sungard Data Systems 77,718
Coeur, Inc. 645,485 Unisys Corporation 147,375
E X C Acquisition Corporation 57,171 --------------
MicroGroup, Inc. 1,304,122 929,100
-------------- --------------
3,119,705 TELECOMMUNICATIONS - 3.73%
-------------- Cincinnati Bell, Inc. 541,750
MINING, STEEL, IRON Intelsat Bermuda, Ltd. 480,501
& NON PRECIOUS METALS - 0.05% ITC^DeltaCom, Inc. 1,448,111
Better Minerals & Aggregates 54,525 Nextel Communications Corporation 428,226
-------------- Rogers Wireless, Inc. 793,638
OIL AND GAS - 5.25% Telex Communications, Inc. 266,875
C & J Spec-Rent Services, Inc. 1,742,109 Triton P C S, Inc. 476,250
Chesapeake Energy Corporation 682,500 --------------
Clayton Williams Energy, Inc. 366,560 4,435,351
GulfMark Offshore, Inc. 318,750 --------------
Mustang Ventures Company 367,762 UTILITIES - 1.38%
North American Energy Partners 190,000 Markwest Energy 247,500
Pogo Producing Co. 253,438 Moog, Inc. 60,300
Offshore Logistics, Inc. 344,750 Nalco Co. 255,625
Pacific Energy Partners 359,625 Sierra Pacific Resources 330,825
Transmontaigne, Inc. 1,623,288 Tenaska Alabama Partners LP 187,315
-------------- Utilicorp United, Inc. 561,250
6,248,782 --------------
-------------- 1,642,815
PHARMACEUTICALS - 1.13% --------------
CorePharma LLC 1,335,778 WASTE MANAGEMENT /
Enzymatic Therapy, Inc. 2,967 POLLUTION - 0.98%
-------------- Terra Renewal Services, Inc. 1,165,951
1,338,745 --------------
-------------- TOTAL CORPORATE RESTRICTED AND
PUBLISHING/PRINTING - 1.72% PUBLIC SECURITIES - 103.69% $ 123,304,189
American Media Operation, Inc. 420,375 ==============
Cadmus Communications Corporation 361,375
Houghton Mifflin Co. 530,000
Primedia, Inc. 503,750
Sheridan Acquisition Corporation 234,000
--------------
2,049,500
--------------
INCOME TAX INFORMATION:
The aggregate cost of investments was substantially the same for financial
reporting and federal income tax purposes as of September 30, 2005. The net
unrealized appreciation of investments for financial reporting and federal tax
purposes as of September 30, 2005 is $794,345 and consists of $12,815,436
appreciation and $12,021,091 depreciation.
--------------------------------------------------------------------------------
28
ITEM 2. CONTROLS AND PROCEDURES.
(a) The principal executive officer and principal financial officer of
the Registrant evaluated the effectiveness of the Registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment
Company Act of 1940 (the "Act")) as of a date within 90 days of the filing date
of this report and based on that evaluation have concluded that such disclosure
controls and procedures are effective to provide reasonable assurance that
material information required to be disclosed by the Registrant on Form N-Q is
recorded, processed, summarized and reported within the time periods specified
in the Securities and Exchange Commission's rules and forms.
(b) There were no changes in the Registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred
during the Registrant's last fiscal quarter that have materially affected, or
are reasonably likely to materially affect, the Registrant's internal control
over financial reporting.
ITEM 3. EXHIBITS.
Certifications pursuant to Rule 30a-2(a) under the Investment Company
Act of 1940 (17CFR 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 Participation Investors
----------------------------------
By (Signature and Title)* /s/ Clifford M. Noreen
---------------------------------------------
Clifford M. Noreen, President
Date November 28, 2005
------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the Registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Clifford M. Noreen
---------------------------------------------
Clifford M. Noreen, President
Date November 28, 2005
------------------------------------------------------------------
By (Signature and Title)* /s/ James M. Roy
---------------------------------------------
James M. Roy, Vice President and
Chief Financial Officer
Date November 28, 2005
------------------------------------------------------------------
* PRINT THE NAME AND TITLE OF EACH SIGNING OFFICER UNDER HIS OR HER SIGNATURE.