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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)
Rodney J. Dillman, Vice President and Secretary,
1500 Main Street, Suite 2800, Springfield, MA 01115
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(Name and address of agent for service)
Registrant's telephone number, including area code: 413-226-1000
___________________
Date of fiscal year end: 12/31
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Date of reporting period: 03/31/07
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ITEM 1. SCHEDULE OF INVESTMENTS.
CONSOLIDATED SCHEDULE OF INVESTMENTS MASSMUTUAL PARTICIPATION INVESTORS
March 31, 2007
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES - 79.56%:(A) Principal Amount Date Cost Fair Value
-------------- -------- ------------ ------------
Private Placement Investments - 74.93%
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 $ 1,099,282
Warrant, exercisable until 2012, to purchase
common stock at $.02 per share (B) 1,230 shs. 04/08/04 -- 12
Warrant, exercisable until 2012, to purchase
preferred stock at $.01 per share (B) 33,505 shs. 03/23/06 33,860 33,860
------------ ------------
1,158,860 1,133,154
------------ ------------
ADORN, INC.
A manufacturer of wall panels, cabinets, moldings
and countertops for houses and recreational vehicles.
12.5% Subordinated Note due 2012 $ 775,862 02/29/00 738,191 775,862
Warrant, exercisable until 2012, to purchase
common stock at $.02 per share (B) 192 shs. 02/29/00 162,931 251,473
------------ ------------
901,122 1,027,335
------------ ------------
AERO HOLDINGS, INC.
A provider of geospatial services to corporate and
government clients.
10.5% Senior Secured Term Note due 2014 $ 930,000 03/09/07 916,050 911,694
14% Senior Subordinated Note due 2015 $ 720,000 03/09/07 641,870 704,563
Common Stock (B) 150,000 shs. 03/09/07 150,000 142,500
Warrant, exercisable until 2015, to purchase
common stock at $.01 per share (B) 37,780 shs. 03/09/07 63,730 378
------------ ------------
1,771,650 1,759,135
------------ ------------
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 $ 583,333 04/08/05 553,959 595,000
Limited Partnership Interest (B) 0.19% int. 04/07/05 41,667 109,940
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 66 shs. 04/08/05 64,833 174,395
------------ ------------
660,459 879,335
------------ ------------
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 1,033,451 1,126,330
Preferred Class A Unit (B) 1,706 uts. * 170,600 187,660
Common Class B Unit (B) 16,100 uts. 01/22/04 1 32,474
Common Class D Unit (B) 3,690 uts. 09/12/06 -- 7,443
------------ ------------
1,204,052 1,353,907
------------ ------------
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 05/18/05 813,212 878,936
Common Stock (B) 263 shs. 05/18/05 263,298 226,092
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 69 shs. 05/18/05 59,362 59,275
------------ ------------
1,135,872 1,164,303
------------ ------------
*01/22/04 and 09/12/06.
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7
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL PARTICIPATION INVESTORS
March 31, 2007
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Principal Amount Date Cost Fair Value
-------------- -------- ------------ ------------
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 $ 841,364 $ 919,790
Common Stock (B) 275 shs. * 275,108 578,480
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 73 shs. 12/31/04 63,254 153,057
------------ ------------
1,179,726 1,651,327
------------ ------------
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 --
------------ ------------
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 $ 1,207,902 06/30/06 1,137,677 1,148,882
Preferred Stock Class A (B) 465 shs. 06/30/06 141,946 127,752
Common Stock (B) 1 sh. 06/30/06 152 137
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 164 shs. 06/30/06 48,760 2
------------ ------------
1,328,535 1,276,773
------------ ------------
CAINS FOODS, L.P.
A producer of mayonnaise and sauce products for both the
retail and food service markets.
Limited Partnership Interest (B) 1.81% int. 09/29/95 22,519 154,384
------------ ------------
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. ** 252 223,573
------------ ------------
COEUR, INC.
A producer of proprietary, disposable power
injection syringes.
8.75% Senior Secured Term Note due 2010 $ 264,493 04/30/03 264,493 268,273
11.5% Senior Subordinated Note due 2011 $ 242,754 04/30/03 227,826 244,777
Common Stock (B) 72,464 shs. 04/30/03 72,463 183,036
Warrant, exercisable until 2010, to purchase
common stock at $.01 per share (B) 50,099 shs. 04/30/03 23,317 126,545
------------ ------------
588,099 822,631
------------ ------------
*12/31/04, 03/31/05 and 05/02/06.
**12/30/97 and 05/29/99.
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8
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL PARTICIPATION INVESTORS
March 31, 2007
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Principal Amount Date Cost Fair Value
-------------- -------- ------------ ------------
COINING CORPORATION OF AMERICA LLC
A manufacturer of close tolerance parts and
metal stampings.
10.6% Senior Secured Revolving Credit
Facility due 2007 (C) $ 12,346 01/07/02 $ 12,346 $ 12,315
10.6% Senior Secured Tranche A Note due 2007 (C) $ 372,493 06/26/01 372,493 371,084
13% Senior Secured Tranche B Note due 2008 $ 370,370 06/26/01 370,370 370,370
Limited Partnership Interest (B) 3.65% int. 06/26/01 185,185 582,364
Warrant, exercisable until 2008, to purchase
common stock at $.01 per share (B) 61,163 shs. 06/26/01 45,370 192,344
------------ ------------
985,764 1,528,477
------------ ------------
CONNECTICUT ELECTRIC, INC.
A supplier and distributor of electrical products sold into
the retail and wholesale markets.
12% Senior Subordinated Note due 2014 $ 1,267,387 01/12/07 1,182,283 1,250,573
Limited Liability Company Unit Class A (B) 82,616 uts. 01/12/07 82,613 78,482
Limited Liability Company Unit Class C (B) 59,756 uts. 01/12/07 59,756 56,769
------------ ------------
1,324,652 1,385,824
------------ ------------
CONNOR SPORT COURT INTERNATIONAL, INC.
A designer and manufacturer of outdoor and
indoor synthetic sports flooring and other temporary
flooring products.
12% Senior Subordinated Note due 2012 (D) $ 1,059,417 * 974,588 529,709
Limited Partnership Interest (B) 4.43% int. ** 103,135 --
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 92 shs. * 84,829 --
------------ ------------
1,162,552 529,709
------------ ------------
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 1,111,584 1,177,746
Common Stock (B) 269 shs. *** 278,521 350,174
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 54 shs. 06/15/05 53,295 70,823
------------ ------------
1,443,400 1,598,743
------------ ------------
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 1,286,031 1,363,500
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 10 shs. 08/04/05 72,617 36,912
------------ ------------
1,358,648 1,400,412
------------ ------------
*08/12/04 and 01/18/05.
**08/12/04 and 01/14/05.
***06/15/05 and 05/22/06.
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9
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL PARTICIPATION INVESTORS
March 31, 2007
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Principal Amount Date Cost Fair Value
-------------- -------- ------------ ------------
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 $ 978,261 10/30/06 $ 915,720 $ 985,957
Limited Partnership Interest (B) 371,739 uts. 10/30/06 371,739 353,152
Warrant, exercisable until 2014, to purchase
preferred stock at $.01 per share (B) 26 shs. 10/30/06 26,380 --
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 18 shs. 10/30/06 18,000 --
------------ ------------
1,331,839 1,339,109
------------ ------------
DELTACOM, INC.
A provider of integrated communications services in the
southeastern United States.
13.88% Senior Secured Note due 2009 (C) $ 1,190,609 07/26/05 1,167,097 1,222,362
17.38% Senior Secured Note due 2009 (C) $ 194,982 07/26/05 172,174 194,007
Warrant, exercisable until 2009, to purchase
convertible preferred stock at $.03 per share (B) 54,468 shs. 07/26/05 18,156 150,876
------------ ------------
1,357,427 1,567,245
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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. 07/19/01 185,869 502,223
Warrant, exercisable until 2007, to purchase
common stock at $.01 per share 157 shs. 07/19/01 69,872 254,549
------------ ------------
255,741 756,772
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DIRECTED ELECTRONICS, INC.
A designer and distributor of brand name
automotive security systems, audio products and
installation accessories.
Common Stock (B) 195,118 shs. * 982,868 1,634,628
Limited Partnership Interest (B) 4.61% int. ** -- 205,170
------------ ------------
982,868 1,839,798
------------ ------------
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 --
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 --
------------ ------------
*12/19/05 and 06/17/06.
**12/22/99 and 09/14/05.
***10/24/96 and 08/28/98.
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10
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL PARTICIPATION INVESTORS
March 31, 2007
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Principal Amount Date Cost Fair Value
-------------- -------- ------------ ------------
DUNCAN SYSTEMS, INC.
A distributor of windshields and side glass for the
recreational vehicle market.
10% Senior Secured Term Note due 2013 $ 308,571 11/01/06 $ 303,942 $ 302,606
13% Senior Subordinated Note due 2014 $ 488,572 11/01/06 435,407 477,644
Common Stock (B) 102,857 shs. 11/01/06 102,857 97,714
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 32,294 shs. 11/01/06 44,663 323
------------ ------------
886,869 878,287
------------ ------------
DWYER GROUP, INC.
A franchiser of a variety of home repair services.
Common Stock (B) 3,656 shs. * 365,600 469,116
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 1,077 shs. 10/30/03 98,719 138,144
------------ ------------
464,319 607,260
------------ ------------
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) 11 shs. 06/28/04 40,875 81,825
------------ ------------
EAGLE PACK PET FOODS, INC.
A manufacturer of premium pet food sold through
independent pet stores.
12% Senior Subordinated Note due 2011 $ 803,572 ** 783,942 811,608
Warrant, exercisable until 2011, to purchase
common stock at $.02 per share (B) 2,163 shs. 09/24/04 20,893 47,867
------------ ------------
804,835 859,475
------------ ------------
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 33,750
Warrant, exercisable until 2009, to purchase
common stock at $.01 per share (B) 15,415 shs. 03/30/00 135,000 22,500
------------ ------------
416,250 56,250
------------ ------------
EVANS CONSOLES, INC.
A designer and manufacturer of consoles and control
center systems.
Common Stock 45,000 shs. 05/06/04 6 --
------------ ------------
F H S HOLDINGS LLC
A national provider of customized disease management
services to large self-insured employers.
12% Senior Subordinated Note due 2014 $ 1,265,625 06/01/06 1,179,795 1,282,880
Preferred Unit (B) 84 uts. 06/01/06 83,530 75,177
Common Unit (B) 844 uts. 06/01/06 844 759
Common Unit Class B (B) 734 shs. 06/01/06 64,779 58,301
------------ ------------
1,328,948 1,417,117
------------ ------------
*10/30/03 and 01/02/04.
**09/24/04 and 4/20/06.
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11
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL PARTICIPATION INVESTORS
March 31, 2007
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Principal Amount 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 $ 524,791 04/13/06 $ 516,919 $ 527,605
14% Senior Subordinated Note due 2014 $ 315,599 04/13/06 285,069 319,274
Common Stock (B) 62,535 shs. 04/13/06 62,535 56,282
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 17,680 shs. 04/13/06 27,676 177
------------ ------------
892,199 903,338
------------ ------------
FOWLER HOLDING, INC.
A provider of site development services to residential
homebuilders and developers in the Raleigh/Durham
region of North Carolina.
12% Senior Subordinated Note due 2013 $ 1,252,174 02/03/06 1,134,673 1,234,809
Common Stock (B) 98 shs. 02/03/06 97,826 51,430
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 135 shs. 02/03/06 110,348 70,750
------------ ------------
1,342,847 1,356,989
------------ ------------
FUEL SYSTEMS HOLDING CORPORATION
An independent North American supplier of fuel tanks for
a wide variety of commercial vehicles.
12% Senior Subordinated Note due 2014 $ 1,237,500 01/31/06 1,155,114 1,255,805
Common Stock (B) 112,500 shs. 01/31/06 112,500 194,901
Warrant, exercisable until 2016, to purchase
common stock at $.01 per share (B) 73,275 shs. 01/31/06 63,113 126,945
------------ ------------
1,330,727 1,577,651
------------ ------------
H M HOLDING COMPANY
A designer, manufacturer, and importer of promotional and
wood furniture.
12% Senior Subordinated Note due 2013 $ 1,170,000 02/10/06 1,089,701 1,083,654
Common Stock (B) 180 shs. 02/10/06 180,000 144,000
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 67 shs. 02/10/06 61,875 1
------------ ------------
1,331,576 1,227,655
------------ ------------
HAWK PRECISION COMPONENTS GROUP, 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 $ 810,000 02/02/07 745,713 789,938
Limited Partnership Interest of
Saw Mill PCG Partners LLC (B) 540 uts. 02/02/07 540,000 513,000
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 48 shs. 02/02/07 48,087 --
------------ ------------
1,333,800 1,302,938
------------ ------------
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 91,867 --
------------ ------------
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12
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL PARTICIPATION INVESTORS
March 31, 2007
(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 * $ 995,849 $ 1,092,811
Common Stock (B) 33 shs. * 33,216 45,892
Warrant, exercisable until 2012, to purchase
common stock at $.02 per share (B) 106 shs. * 105,618 145,909
------------ ------------
1,134,683 1,284,612
------------ ------------
INTEGRATION TECHNOLOGY SYSTEMS, INC.
A manufacturer of steel protective computer and network
systems for the industrial and office environments.
12% Senior Secured Note due 2008 $ 949,004 03/01/04 938,546 711,753
Common Stock (B) 130 shs. 06/01/00 149,500 --
------------ ------------
1,088,046 711,753
------------ ------------
JASON, INC.
A diversified manufacturing company serving various
industrial markets.
13% Senior Subordinated Note due 2008 $ 510,187 08/04/00 491,808 505,085
14% Cumulative Redeemable Preferred Stock Series A (B) 153 shs. 08/04/00 153,119 148,525
Limited Partnership Interest of
Saw Mill Capital Fund II, L.P. (B) 1.30% int. 08/03/00 469,245 240,606
Warrants, exercisable until 2008 and 2009, to purchase
common stock at $.01 per share (B) 26,931 shs. 08/04/00 61,101 48,320
------------ ------------
1,175,273 942,536
------------ ------------
JUSTRITE MANUFACTURING ACQUISITION CO.
A manufacturer of safety products such as storage cabinets
and containers.
12% Senior Subordinated Note due 2011 $ 843,750 12/15/04 801,837 852,188
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 594 shs. 12/15/04 53,528 62,267
------------ ------------
855,365 914,455
------------ ------------
K N B HOLDINGS CORPORATION
A designer, manufacturer and marketer of products for the
custom framing market.
13.5% Senior Subordinated Note due 2013 $ 1,290,490 05/25/06 1,229,884 1,285,748
Common Stock (B) 71,053 shs. 05/25/06 71,053 63,948
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 43,600 shs. 05/25/06 37,871 436
------------ ------------
1,338,808 1,350,132
------------ ------------
K W P I HOLDINGS CORPORATION
A manufacturer and distributor of vinyl windows and patio
doors througout the northwestern United States.
12% Senior Subordinated Note due 2014 $ 1,227,000 03/14/07 1,116,570 1,210,115
Common Stock (B) 123 shs. 03/13/07 123,000 116,850
Warrant, excercisable until 2017, to purchase
common stock at $.01 per share (B) 89 shs. 03/14/07 85,890 1
------------ ------------
1,325,460 1,326,966
------------ ------------
*06/30/04 and 08/19/04.
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13
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL PARTICIPATION INVESTORS
March 31, 2007
(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.
8.35% Senior Secured Revolving Note due 2007 (C) $ 83,869 06/16/00 $ 83,869 $ 84,432
8.35% Senior Secured Tranche A Note due 2007 (C) $ 39,314 07/19/00 39,314 39,242
12% Senior Secured Tranche B Note due 2008 $ 314,509 06/16/00 308,711 316,088
Limited Partnership Interest of
Riverside XVI Holding Company, L.P. (B) 3.02% int. 06/12/00 190,563 297,504
Warrant, exercisable until 2008, to purchase
common stock at $.01 per share (B) 633 shs. 06/12/00 26,209 99,726
------------ ------------
648,666 836,992
------------ ------------
KELE AND ASSOCIATES, INC.
A distributor of building automation control products.
12% Senior Subordinated Note due 2012 $ 969,643 02/27/04 900,257 979,339
Preferred Stock (B) 12 shs. 11/24/04 237,794 241,915
Common Stock (B) 6 shs. 02/27/04 6,814 156,092
Warrant, exercisable until 2012, to purchase
common stock at $.02 per share (B) 6 shs. 02/27/04 4,124 142,761
------------ ------------
1,148,989 1,520,107
------------ ------------
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 (D) $ 2,036,000 * 1,899,714 1,018,000
Common Stock (B) 3,057 shs. * 213,998 --
Warrant, exercisable until 2008, to purchase
common stock at $.11 per share (B) 8,245 shs. * 318,838 --
------------ ------------
2,432,550 1,018,000
------------ ------------
MAGNATECH INTERNATIONAL, INC.
A supplier of process equipment and related parts used
in the manufacturing of medium and high-pressure
reinforced hoses.
12% Senior Subordinated Note due 2014 $ 675,000 04/05/06 629,207 688,034
13% Preferred Stock (B) 299 shs. 04/05/06 299,295 284,335
Common Stock (B) 66 shs. 04/05/06 66,202 62,890
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 7 shs. 04/05/06 6,832 --
------------ ------------
1,001,536 1,035,259
------------ ------------
MAVERICK ACQUISITION COMPANY
A manufacturer of capsules that cover the cork and neck of
wine bottles.
9.85% Senior Secured Tranche A Note due 2010 (C) $ 367,783 09/03/04 367,783 369,431
12% Senior Secured Tranche B Note due 2011 $ 179,104 09/03/04 162,200 179,837
Limited Partnership Interest (B) 4.48% int. 09/03/04 33,582 33,001
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 243 shs. 09/03/04 22,556 23,845
------------ ------------
586,121 606,114
------------ ------------
*12/23/98 and 01/28/99.
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14
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL PARTICIPATION INVESTORS
March 31, 2007
(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 $ 509,197 $ 564,873
8.75% Senior Subordinated Note due 2012 $ 660,322 09/30/04 660,322 679,028
Common Stock (B) 218,099 shs. 09/30/04 218,099 658,202
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 87,755 shs. 09/30/04 51,941 264,837
------------ ------------
1,439,559 2,166,940
------------ ------------
MEDASSIST, INC.
A provider of patient eligibility and accounts receivable
management services to hospitals and physician practices.
8% Preferred Stock (B) 44 shs. 10/28/04 44,289 44,563
Common Stock (B) 13,863 shs. 10/28/04 18,576 50,034
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 47,090 shs. 05/01/03 21,534 161,725
------------ ------------
84,399 256,322
------------ ------------
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 $ 1,421,795 * 1,339,468 1,445,346
Common Stock (B) 238 shs. * 238,000 213,487
Warrant, exercisable until 2013, to purchase
common stock at $.02 per share (B) 87 shs. * 86,281 77,869
------------ ------------
1,663,749 1,736,702
------------ ------------
MOMENTUM HOLDING CO.
A designer and supplier of upholstery fabric to commercial
furniture manufacturers and architectural and design firms.
12% Senior Subordinated Note due 2014 $ 618,802 08/04/06 552,264 625,670
Limited Partnership Interest (B) 56,198 uts. 08/04/06 56,198 50,578
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 586 shs. 08/04/06 56,705 6
------------ ------------
665,167 676,254
------------ ------------
MONESSEN HOLDING CORPORATION
A designer and manufacturer of a broad line of gas, wood
and electric hearth products and accessories.
12% Senior Subordinated Note due 2014 $ 1,350,000 03/31/06 1,254,998 1,283,830
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 81 shs. 03/31/06 73,125 1
------------ ------------
1,328,123 1,283,831
------------ ------------
MORTON INDUSTRIAL GROUP, INC.
A manufacturer of highly engineered metal
fabricated components.
12% Senior Subordinated Note due 2014 $ 1,292,246 08/25/06 1,190,235 1,295,390
Common Stock (B) 57,754 shs. 08/25/06 57,754 51,979
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 91,923 shs. 08/25/06 79,380 919
------------ ------------
1,327,369 1,348,288
------------ ------------
*08/12/05 and 09/11/06.
----------------------------------------------------------------------------------------------------------------------------------
15
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL PARTICIPATION INVESTORS
March 31, 2007
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Principal Amount Date Cost Fair Value
-------------- -------- ------------ ------------
MOSS, INC.
A manufacturer and distributor of large display and
exhibit structures.
Limited Partnership Interest of
Riverside Capital Appreciation Fund I, L.P. (B) 19.20% int. * $ 199,301 $ 235,731
Warrant, exercisable until 2010, to purchase
common stock at $.01 per share (B) 122 shs. 12/21/05 20,941 14,432
------------ ------------
220,242 250,163
------------ ------------
NABCO, INC.
A producer of explosive containment vessels in the
United States.
12% Senior Subordinated Note due 2014 $ 330,882 02/24/06 306,186 309,044
Limited Liability Company Unit (B) 344 uts. 02/24/06 344,120 309,708
Warrant, exercisable until 2016, to purchase
common stock at $.01 per share (B) 26 shs. 02/24/06 19,687 --
------------ ------------
669,993 618,752
------------ ------------
NAVIS GLOBAL
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 05/28/04 645,282 699,106
8.75% Senior Secured Note due 2011 $ 409,310 05/28/04 409,310 408,736
Common Stock (B) 385,233 shs. 05/28/04 385,233 327,448
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 116,521 shs. 05/28/04 74,736 1,165
------------ ------------
1,514,561 1,436,455
------------ ------------
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 1,000,854
10% Preferred Stock (B) 135 shs. 03/29/04 135,044 136,828
Common Stock (B) 3,418 shs. 03/29/04 3,418 82,682
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 4,565 shs. 03/29/04 3,877 110,420
------------ ------------
1,125,000 1,330,784
------------ ------------
NYLONCRAFT, INC.
A supplier of engineered plastic components for the
automotive industry.
9% Senior Secured Note due 2009 $ 464,286 01/28/02 464,286 441,072
11.5% Senior Subordinated Note due 2012 $ 857,143 01/28/02 800,625 428,572
Common Stock (B) 178,571 shs. 01/28/02 178,571 --
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 138,928 shs. 01/28/02 92,597 --
------------ ------------
1,536,079 869,644
------------ ------------
O R S NASCO HOLDING, INC.
A wholesale distributor of industrial supplies in
North America.
13% Senior Subordinated Note due 2013 $ 1,256,152 12/20/05 1,183,462 1,281,275
Common Stock (B) 93,848 shs. 12/20/05 93,848 112,292
Warrant, exercisable until 2015, to purchase
common stock at $.01 per share (B) 52,820 shs. 12/20/05 52,292 63,201
------------ ------------
1,329,602 1,456,768
------------ ------------
*09/20/00, 05/23/02 and 02/21/07.
----------------------------------------------------------------------------------------------------------------------------------
16
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL PARTICIPATION INVESTORS
March 31, 2007
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Principal Amount Date Cost Fair Value
-------------- -------- ------------ ------------
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 $ 323,115 01/03/06 $ 318,268 $ 318,651
13% Senior Subordinated Note due 2013 $ 392,709 01/03/06 352,447 386,516
Common Stock (B) 184,176 shs. 01/03/06 184,176 165,758
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 43,073 shs. 01/03/06 35,900 431
------------ ------------
890,791 871,356
------------ ------------
OLYMPIC SALES, INC.
A boat retailer in Washington state, Oregon, California and
British Columbia.
12% Senior Subordinated Note due 2008 $ 803,000 08/07/98 803,000 779,597
12% Senior Subordinated Note due 2008 $ 244,154 02/09/00 238,590 239,717
Limited Partnership Interest of Riverside VIII, VIII-A and
VIII-B Holding Company, L.P. 10.66% int. * 808,386 808,347
Warrants, exercisable until 2007 and 2008, to purchase
common stock at $.01 per share (B) 15,166 shs. ** 206,041 204,198
------------ ------------
2,056,017 2,031,859
------------ ------------
ONTARIO DRIVE & GEAR LTD.
A manufacturer of all-wheel drive, off-road amphibious
vehicles and related accessories.
13% Senior Subordinated Note due 2013 $ 1,047,115 01/17/06 946,925 1,060,565
Limited Liability Company Unit (B) 1,942 uts. 01/17/06 302,885 360,288
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 328 shs. 01/17/06 90,424 60,830
------------ ------------
1,340,234 1,481,683
------------ ------------
OVERTON'S HOLDING COMPANY
A marketer of marine and water sports accessories in the
United States.
12% Senior Subordinated Note due 2014 $ 962,104 04/28/06 901,783 963,896
Common Stock (B) 50 shs. 04/28/06 50,000 45,000
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 49 shs. 04/28/06 44,322 --
------------ ------------
996,105 1,008,896
------------ ------------
P A S HOLDCO LLC
An independent provider of maintenance, repair and
overhaul services to the aerospace gas turbine engine and
airframe markets.
14% Senior Subordinated Note due 2014 $ 1,158,977 07/03/06 1,101,385 1,169,412
Preferred Unit (B) 202 uts. 07/03/06 202,320 192,204
Preferred Unit (B) 36 uts. 07/03/06 36,420 34,599
Common Unit Class I (B) 78 uts. 07/03/06 -- 1
Common Unit Class L (B) 17 uts. 07/03/06 -- --
------------ ------------
1,340,125 1,396,216
------------ ------------
*08/07/98, 02/23/99, 12/22/99 and 02/25/03.
**08/07/98 and 02/29/00.
----------------------------------------------------------------------------------------------------------------------------------
17
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL PARTICIPATION INVESTORS
March 31, 2007
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Principal Amount Date Cost Fair Value
-------------- -------- ------------ ------------
P I I HOLDING CORPORATION
A manufacturer of plastic film and bags for the general
industrial, medical, and food industries.
12% Senior Subordinated Note due 2013 $ 1,215,000 03/31/06 $ 1,137,517 $ 1,214,490
Preferred Stock (B) 19 shs. 03/31/06 174,492 165,788
Common Stock (B) 12 shs. 03/31/06 13,500 12,150
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 7 shs. 03/31/06 5,888 --
------------ ------------
1,331,397 1,392,428
------------ ------------
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 1,079,623 1,120,846
Membership Interests of MM/Lincap
PPI Investments, Inc., LLC (B) 1.28% int. 12/21/00 140,625 194,471
------------ ------------
1,220,248 1,315,317
------------ ------------
POSTLE ALUMINUM COMPANY LLC
A manufacturer and distributor of aluminum
extruded products.
12% Senior Subordinated Note due 2014 $ 1,080,000 10/02/06 1,000,172 1,086,320
Limited Liability Company Unit (B) 733 uts. 10/02/06 270,000 256,499
Warrant, exercisable until 2016, to purchase
common stock at $.01 per share (B) 182 shs. 10/02/06 65,988 2
------------ ------------
1,336,160 1,342,821
------------ ------------
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 05/28/04 791,010 938,722
Common Stock 187,500 shs. 05/28/04 187,500 64,525
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share 199,969 shs. 05/28/04 199,969 68,816
------------ ------------
1,178,479 1,072,063
------------ ------------
QUALSERV CORPORATION
A provider of foodservice equipment and supplies to major
restaurant chains and their franchisees.
14% Senior Subordinated Note due 2012 (D) $ 1,002,475 07/09/04 976,254 --
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 --
------------ ------------
*11/14/01 and 08/12/94.
----------------------------------------------------------------------------------------------------------------------------------
18
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL PARTICIPATION INVESTORS
March 31, 2007
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Principal Amount Date Cost Fair Value
-------------- -------- ------------ ------------
R A J MANUFACTURING HOLDINGS LLC
A designer and manufacturer of women's swimwear sold
under a variety of licensed brand names.
12.5% Senior Subordinated Note due 2014 $ 1,200,277 12/15/06 $ 1,106,663 $ 1,203,200
Limited Liability Company Unit (B) 1,497 uts. 12/15/06 149,723 142,237
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 2 shs. 12/15/06 69,609 --
------------ ------------
1,325,995 1,345,437
------------ ------------
RADIAC ABRASIVES, INC.
A manufacturer of bonded abrasive and super abrasive
grinding wheels in the United States.
12% Senior Subordinated Note due 2014 $ 1,196,809 02/10/06 1,115,629 1,232,712
Common Stock (B) 153,191 shs. 02/10/06 153,191 137,872
Warrant, exercisable until 2016, to purchase
common stock at $.01 per share (B) 69,647 shs. 02/10/06 63,421 696
------------ ------------
1,332,241 1,371,280
------------ ------------
RIVER RANCH FRESH FOODS LLC
A supplier of fresh produce to the retail and
foodservice channels.
13% Senior Subordinated Note due 2011 (D) $ 975,000 09/29/04 891,404 780,000
Limited Liability Company Unit (B) 21,500 uts. 09/29/04 150,000 --
18% Preferred Stock (B) 75,000 shs. 11/16/06 75,000 75,000
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 12,481 shs. 09/29/04 83,596 --
------------ ------------
1,200,000 855,000
------------ ------------
ROYAL BATHS MANUFACTURING COMPANY
A manufacturer and distributor of acrylic and cultured
marble bathroom products.
12.5% Senior Subordinated Note due 2011 $ 562,500 11/14/03 516,477 573,750
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 74 shs. 11/14/03 65,089 101,250
------------ ------------
581,566 675,000
------------ ------------
SAFETY SPEED CUT MANUFACTURING COMPANY, INC.
A manufacturer of vertical panel saws and routers for the
wood working industry.
8.85% Senior Secured Tranche A Note due 2007 (C) $ 80,761 06/02/99 80,761 80,761
12% Senior Secured Tranche B Note due 2007 $ 646,089 06/02/99 646,089 646,089
Class B Common Stock (B) 846 shs. 06/02/99 146,456 664,038
------------ ------------
873,306 1,390,888
------------ ------------
SAVAGE SPORTS HOLDING, INC.
A manufacturer of sporting firearms.
12% Senior Subordinated Note due 2012 $ 814,655 09/10/04 766,554 828,199
Common Stock (B) 310 shs. 09/10/04 310,345 324,435
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 71 shs. 09/10/04 60,129 73,951
------------ ------------
1,137,028 1,226,585
------------ ------------
SPECIALTY FOODS GROUP, INC.
A manufacturer and distributor of branded meat products.
Limited Partnership Interest of MHD Holdings LLC 0.76% int. 08/29/00 363,576 --
------------ ------------
----------------------------------------------------------------------------------------------------------------------------------
19
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL PARTICIPATION INVESTORS
March 31, 2007
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Principal Amount Date Cost Fair Value
-------------- -------- ------------ ------------
STANTON CARPET HOLDING CO.
A designer and marketer of high and mid-priced decorative
carpets and rugs.
12.13% Senior Subordinated Note due 2014 $ 1,185,366 08/01/06 $ 1,114,427 $ 1,187,896
Common Stock (B) 165 shs. 08/01/06 164,634 148,167
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 55 shs. 08/01/06 49,390 1
------------ ------------
1,328,451 1,336,064
------------ ------------
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 Liability Company Unit (B) 1.05% int. 08/20/03 33,462 7,465
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 45,942 shs. 08/21/03 10,249 10,249
------------ ------------
43,711 17,714
------------ ------------
TANGENT RAIL CORPORATION
A manufacturer of rail ties and provides specialty services
to the North American railroad industry.
13% Senior Subordinated Note due 2013 $ 1,173,909 10/14/05 1,011,793 1,197,387
Preferred Stock (B) 701 shs. 10/14/05 70,078 73,933
Common Stock (B) 1,167 shs. 10/14/05 1,167 209,886
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 618 shs. 10/14/05 155,860 111,148
------------ ------------
1,238,898 1,592,354
------------ ------------
TERRA RENEWAL SERVICES, INC.
A provider of wastewater residual management and
required environmental reporting, permitting, nutrient
management planning and record keeping to companies
involved in poultry and food processing.
8.65 Senior Secured Tranche B Note due 2012 (C) $ 874,322 * 871,105 865,704
12% Senior Subordinated Note due 2014 $ 664,062 ** 632,521 665,596
Limited Partnership Interest of
Saw Mill Capital Fund V, L.P. 2.30% int. 03/01/05 66,448 110,957
Warrant, exercisable until 2016, to purchase
common stock at $.01 per share (B) 41 shs. 04/28/06 34,627 27,853
------------ ------------
1,604,701 1,670,110
------------ ------------
TOTAL EQUIPMENT & SERVICE, INC.
A manufacturer of a wide variety of equipment used in the
oil and gas industry.
10.5% Senior Secured Term Note due 2013 $ 486,487 03/02/07 479,190 479,465
13% Senior Subordinated Note due 2014 $ 341,971 03/02/07 280,347 335,772
Common Stock (B) 71,542 shs. 03/02/07 71,542 67,965
Warrant, exercisable until 2014 to purchase
common stock at $.01 per share (B) 19,733 shs. 03/02/07 54,784 197
------------ ------------
885,863 883,399
------------ ------------
*04/28/06 and 12/21/06.
**04/28/06 and 09/13/06.
----------------------------------------------------------------------------------------------------------------------------------
20
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL PARTICIPATION INVESTORS
March 31, 2007
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES:(A)(Continued) Principal Amount Date Cost Fair Value
-------------- -------- ------------ ------------
THE TRANZONIC COMPANIES
A producer of commercial and industrial supplies,
such as safety products, janitorial supplies, work
apparel, washroom and restroom supplies and sanitary
care products.
13% Senior Subordinated Note due 2009 $ 1,356,000 02/05/98 $ 1,291,121 $ 1,356,000
Common Stock (B) 315 shs. 02/04/98 315,000 108,755
Warrant, exercisable until 2009, to purchase
common stock at $.01 per share (B) 222 shs. 02/05/98 184,416 76,647
------------ ------------
1,790,537 1,541,402
------------ ------------
TRANSTAR HOLDING COMPANY
A distributor of aftermarket automotive transmission parts.
12% Senior Subordinated Note due 2013 $ 918,000 08/31/05 881,515 942,570
Common Stock (B) 432 shs. 08/31/05 432,000 404,615
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 46 shs. 08/31/05 41,021 42,616
------------ ------------
1,354,536 1,389,801
------------ ------------
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 $ 225,806 01/20/00 225,806 227,057
12% Senior Subordinated Note due 2010 $ 758,100 01/20/00 737,070 771,361
Common Stock (B) 129,960 shs. 01/20/00 129,960 499,162
Warrant, exercisable until 2010, to purchase
common stock at $1 per share (B) 148,911 shs. 01/20/00 56,316 571,951
------------ ------------
1,149,152 2,069,531
------------ ------------
TRUCK BODIES & EQUIPMENT INTERNATIONAL
A designer and manufacturer of accessories for heavy and
medium duty trucks, primarily dump bodies, hoists,
various forms of flat-bed bodies, landscape bodies and
other accessories.
12% Senior Subordinated Note due 2013 $ 1,222,698 * 1,143,522 1,249,980
Common Stock (B) 393 shs. * 423,985 975,779
Warrant, exercisable until 2013, to purchase
common stock at $.02 per share (B) 81 shs. * 84,650 201,515
------------ ------------
1,652,157 2,427,274
------------ ------------
TRUSTILE DOORS, INC.
A manufacturer and distributor of interior doors.
12.5% Senior Subordinated Note due 2010 $ 562,500 04/11/03 534,481 573,750
Warrant, exercisable until 2010, to purchase
common stock at $.01 per share (B) 3,060 shs. 04/11/03 47,974 115,706
------------ ------------
582,455 689,456
------------ ------------
U S S HOLDINGS, INC.
A producer of high grade industrial and specialty
silica sands.
14% Redeemable Preferred Stock (B) 499 shs. 09/30/99 272,912 466,871
Convertible Preferred Stock Series A and B, convertible
into common stock at $8.02 per share (B) 72,720 shs. 12/19/96 583,365 --
Common Stock (B) 10,013 shs. 09/30/99 399,505 --
Warrants, exercisable until 2010, to
purchase common stock at $.01 per share (B) 2,459 shs. ** 64,182 --
------------ ------------
1,319,964 466,871
------------ ------------
*07/19/05 and 12/22/05.
**12/19/96 and 09/30/99.
----------------------------------------------------------------------------------------------------------------------------------
21
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL PARTICIPATION INVESTORS
March 31, 2007
(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 ice
making, wine storage and refrigeration appliances.
12.5% Senior Subordinated Note due 2012 $ 996,500 04/30/04 $ 910,289 $ 996,500
Common Stock (B) 96 shs. 04/30/04 96,400 164,150
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 122 shs. 04/30/04 112,106 207,742
------------ ------------
1,118,795 1,368,392
------------ ------------
VICTORY VENTURES LLC
An acquirer of controlling or substantial interests in
other entities.
Series A Preferred Units (B) 0.04% int. 12/02/96 1 --
------------ ------------
VITALITY FOODSERVICE, INC.
A non-carbonated beverage dispensing company focused
on the foodservice industry.
15% Senior Subordinated Note due 2011 $ 1,036,622 09/24/04 958,280 932,960
Common Stock (B) 14,006 shs. * 140,064 112,048
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 12,593 shs. 09/24/04 98,938 100,744
------------ ------------
1,197,282 1,145,752
------------ ------------
VITEX PACKAGING GROUP, INC.
A manufacturer of specialty packaging, primarily
envelopes and tags used on tea bags.
12.5% Senior Subordinated Note due 2012 $ 900,000 07/19/04 785,152 827,113
Limited Liability Company Unit Class A (B) 0.93% int. 07/19/04 219,375 175,500
Limited Liability Company Unit Class B (B) 0.41% int. 07/19/04 96,848 77,479
------------ ------------
1,101,375 1,080,092
------------ ------------
WALLS INDUSTRIES, INC.
A provider of branded workwear and sporting goods apparel.
12.35% Senior Subordinated Lien Note due 2009 (C) $ 345,395 07/12/04 345,395 345,911
14% Senior Subordinated Note due 2012 $ 574,613 07/12/04 573,277 586,105
Limited Partnership Interest (B) 0.20% int. 07/12/04 19,737 362,507
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 2,133 shs. 07/12/04 1,500 39,181
------------ ------------
939,909 1,333,704
------------ ------------
WELLBORN FOREST HOLDING CO.
A manufacturer of semi-custom kitchen and bath cabinetry.
12.13% Senior Subordinated Note due 2014 $ 911,250 11/30/06 848,131 890,787
Common Stock (B) 101 shs. 11/30/06 101,250 96,188
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 51 shs. 11/30/06 45,790 1
------------ ------------
995,171 986,976
------------ ------------
Total Private Placement Investments $ 96,569,446 $ 97,416,793
------------ ------------
*09/24/04 and 12/22/06.
----------------------------------------------------------------------------------------------------------------------------------
22
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL PARTICIPATION INVESTORS
March 31, 2007
(Unaudited)
Shares or
Interest Due Principal
CORPORATE RESTRICTED SECURITIES(A)(Continued) Rate Date Amount Cost Fair Value
-------- -------- ------------ ------------ ------------
RULE 144A SECURITIES - 4.63%: (A)
BONDS - 4.63%
Aramark Corporation 8.500% 02/01/15 $ 100,000 $ 100,000 $ 103,500
Aramark Corporation 8.860 02/01/15 100,000 100,000 102,875
Bombardier, Inc. 6.300 05/01/14 500,000 440,315 475,000
Charter Communications Op LLC 8.000 04/30/12 250,000 249,375 260,313
Douglas Dynamics LLC 7.750 01/15/12 325,000 326,543 302,250
G F S I, Inc. (C) 11.500 06/01/11 375,000 340,343 371,250
H C A, Inc. 9.250 11/15/16 500,000 508,698 539,375
Idearc, Inc. 8.000 11/15/16 300,000 300,000 308,625
Packaging Dynamics Corporation of Ameri 10.000 05/01/16 850,000 859,972 875,500
Rental Service Corporation 9.500 12/01/14 500,000 507,279 532,500
Steel Dynamics, Inc. 6.750 04/01/15 100,000 100,000 100,250
Stewart & Stevenson LLC 10.000 07/15/14 750,000 771,090 785,625
Tenaska Alabama Partners LP 7.000 06/30/21 176,110 176,110 177,232
Titan International, Inc. 8.000 01/15/12 70,000 70,000 72,013
Transdigm, Inc. 7.750 07/15/14 150,000 151,481 154,875
Tube City IMS Corporation 9.750 02/01/15 320,000 332,789 332,800
Tunica-Biloxi Gaming Authority 9.000 11/15/15 500,000 516,383 531,250
------------ ------------
TOTAL BONDS $ 5,850,378 6,025,233
------------ ------------
WARRANTS - 0.00%
Winsloew Furniture, Inc. (B) 700 $ 7 $ --
------------ ------------
TOTAL WARRANTS 7 --
------------ ------------
TOTAL RULE 144A SECURITIES 5,850,385 6,025,233
------------ ------------
TOTAL CORPORATE RESTRICTED SECURITIES $102,419,831 $103,442,026
------------ ------------
------------------------------------------------------------------------------------------------------------------------
23
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL PARTICIPATION INVESTORS
March 31, 2007
(Unaudited)
Interest Due Principal
CORPORATE PUBLIC SECURITIES -- 23.49%:(A) Rate Date Amount Cost Market Value
-------- -------- ------------ ------------ ------------
BONDS - 23.28%
Allied Waste NA 7.875% 04/15/13 $ 500,000 $ 513,468 $ 518,750
Appleton Papers, Inc. 8.125 06/15/11 250,000 250,000 256,875
Atlas Pipeline Partners 8.125 12/15/15 600,000 612,225 618,000
BCP Crystal US Holdings Corporation 9.625 06/15/14 355,000 355,000 403,252
Basic Energy Services 7.125 04/15/16 625,000 610,043 609,375
Blockbuster, Inc. (C) 9.000 09/01/12 275,000 276,262 277,750
Cablevision Systems Corporation 8.000 04/15/12 500,000 506,597 507,500
Chemed Corporation 8.750 02/24/11 600,000 600,000 624,000
Chesapeake Energy Corporation 7.000 08/15/14 650,000 673,574 669,500
Cincinnati Bell, Inc. 8.375 01/15/14 550,000 503,750 562,375
Clayton Williams Energy, Inc. 7.750 08/01/13 575,000 557,000 540,500
Del Monte Corporation 8.625 12/15/12 200,000 200,000 208,000
Dynegy Holdings, Inc. 8.375 05/01/16 665,000 676,522 691,600
Edison Mission Energy 7.750 06/15/16 35,000 35,000 36,488
Electronic Data Systems Corporation 7.125 10/15/09 500,000 503,584 521,389
Esterline Technologies 7.750 06/15/13 175,000 175,000 179,813
Exco Resources, Inc. 7.250 01/15/11 500,000 488,750 501,250
Ford Motor Credit Co. 7.375 10/28/09 750,000 748,125 748,622
Ford Motor Credit Co. 8.000 12/15/16 150,000 147,483 144,491
Freeport-McMoran Copper & Gold 8.375 04/01/17 190,000 190,000 205,438
Gencorp, Inc. 9.500 08/15/13 130,000 130,000 138,450
General Motors Acceptance Corporation 5.850 01/14/09 750,000 742,074 740,348
Goodyear Tire & Rubber Co. 7.857 08/15/11 350,000 327,250 366,188
Goodyear Tire & Rubber Co. 9.000 07/01/15 100,000 101,984 109,750
GulfMark Offshore, Inc. 7.750 07/15/14 300,000 298,725 304,500
Inergy LP 8.250 03/01/16 75,000 75,000 78,750
Interline Brands, Inc. 8.125 06/15/14 150,000 148,925 154,875
Iron Mountain, Inc. 8.750 07/15/18 500,000 515,456 537,500
K 2, Inc. 7.375 07/01/14 150,000 150,515 148,875
Koppers, Inc. 9.875 10/15/13 170,000 170,000 184,450
Lazard LLC 7.125 05/15/15 375,000 374,704 395,357
Leucadia National Corporation 7.000 08/15/13 350,000 355,759 351,750
Liberty Media Corporation 5.700 05/15/13 500,000 475,805 479,386
Lodgenet Entertainment Corp. 9.500 06/15/13 375,000 375,000 409,794
M G M Mirage, Inc. 6.000 10/01/09 225,000 226,808 225,281
Mac-Gray Corporation 7.625 08/15/15 300,000 300,000 306,000
Majestic Star Casino LLC 9.500 10/15/10 250,000 250,000 262,188
Manitowoc Company, Inc. 7.125 11/01/13 100,000 100,000 102,000
Markwest Energy Operating Co. 6.875 11/01/14 550,000 532,750 533,500
Mediacom Broadband LLC 8.500 10/15/15 750,000 766,492 766,875
Metaldyne Corporation (C) 10.000 11/01/13 340,000 341,832 347,650
N R G Energy, Inc. 7.375 02/01/16 600,000 598,750 616,500
NTL Cable PLC 9.125 08/15/16 690,000 709,688 727,950
Nalco Co. 7.750 11/15/11 250,000 250,000 256,250
Neiman Marcus Group, Inc. 10.375 10/15/15 600,000 600,000 669,000
Nextel Communications, Inc. 7.375 08/01/15 400,000 408,554 413,720
North American Energy Partners 8.750 12/01/11 200,000 200,000 204,000
Nova Chemicals Corporation (C) 8.502 11/15/13 215,000 215,000 213,925
O E D Corp/Diamond Jo Company Guarantee 8.750 04/15/12 500,000 492,980 496,250
Offshore Logistics, Inc. 6.125 06/15/13 350,000 350,000 333,375
P Q Corporation 7.500 02/15/13 685,000 677,350 691,850
Pacific Energy Partners 7.125 06/15/14 250,000 251,811 261,080
Pacific Energy Partners 6.250 09/15/15 100,000 99,544 99,996
Petrohawk Energy Corporation 9.125 07/15/13 500,000 498,932 532,500
Pinnacle Foods Group 8.250 12/01/13 225,000 225,000 244,699
------------------------------------------------------------------------------------------------------------------------
24
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL PARTICIPATION INVESTORS
March 31, 2007
(Unaudited)
Interest Due Principal
CORPORATE PUBLIC SECURITIES(A)(Continued) Rate Date Amount Cost Market Value
-------- -------- ------------ ------------ ------------
BONDS, CONTINUED
Pliant Corporation (C) 11.850% 06/15/09 $ 681,101 $ 685,935 $ 771,347
Primedia, Inc. 8.000 05/15/13 500,000 513,605 517,500
Quicksilver Resources, Inc. 7.125 04/01/16 600,000 583,125 591,000
R H Donnelley, Inc. 8.875 01/15/16 325,000 346,472 345,313
Rent-A-Center, Inc. 7.500 05/01/10 250,000 250,000 251,875
Rock-Tenn Co. 8.200 08/15/11 80,000 80,497 84,800
Rogers Wireless, Inc. 7.500 03/15/15 560,000 597,648 606,900
Service Corporation International (C) 7.000 06/15/17 500,000 495,015 503,750
Sheridan Acquisition Corporation 10.250 08/15/11 225,000 222,001 235,406
Sierra Pacific Resources 6.750 08/15/17 330,000 331,551 336,864
Tekni-Plex, Inc. 12.750 06/15/10 500,000 483,500 467,500
Tenet Healthcare Corporation 6.375 12/01/11 250,000 241,250 233,750
Tenet Healthcare Corporation 9.875 07/01/14 350,000 341,859 353,500
Tenneco, Inc. 8.625 11/15/14 500,000 501,250 521,250
Tennessee Gas Pipeline Co. 7.000 03/15/27 250,000 261,826 267,011
Texas Industries, Inc. 7.250 07/15/13 35,000 35,000 36,050
Triton P C S, Inc. 8.500 06/01/13 500,000 500,000 515,000
Tyco International Group SA 6.375 10/15/11 150,000 148,500 158,515
Unisys Corporation 8.000 10/15/12 90,000 90,000 90,225
United Components, Inc. 9.375 06/15/13 535,000 536,200 553,725
United Rentals, Inc. 7.750 11/15/13 325,000 325,000 333,938
Universal City Florida (C) 10.110 05/01/10 100,000 100,000 103,125
Universal City Florida (C) 8.375 05/01/10 100,000 100,000 103,125
Vought Aircraft Industries 8.000 07/15/11 650,000 648,609 637,000
Warner Music Group Corporation 7.375 04/15/14 125,000 125,000 119,063
------------ ------------
TOTAL BONDS $ 29,502,914 $ 30,267,062
------------ ------------
------------------------------------------------------------------------------------------------------------------------
25
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL PARTICIPATION INVESTORS
March 31, 2007
(Unaudited)
Shares or
Interest Due Principal
CORPORATE PUBLIC SECURITIES(A)(Continued) Rate Date Amount Cost Market Value
-------- -------- ------------ ------------ ------------
COMMON STOCK - 0.01%
Distributed Energy Systems Corporation (B) 14,000 $ 177,078 $ 19,180
------------ ------------
TOTAL COMMON STOCK 177,078 19,180
------------ ------------
CONVERTIBLE BONDS - 0.20%
Citadel Broadcasting Corporation 1.875% 02/15/11 $ 300,000 $ 232,875 $ 254,250
------------ ------------
TOTAL CONVERTIBLE BONDS 232,875 254,250
------------ ------------
TOTAL CORPORATE PUBLIC SECURITIES $ 29,912,867 $ 30,540,492
------------ ------------
Interest Due Principal
SHORT-TERM SECURITIES: Rate/Yield* Date Amount Cost Market Value
-------- -------- ------------ ------------ ------------
COMMERCIAL PAPER - 4.10%
Burlington Northern Santa Fe 5.380% 04/02/07 $ 2,527,000 $ 2,526,245 $ 2,526,245
ConocoPhillips 5.470 04/03/07 1,703,000 1,702,224 1,702,224
Wellpoint, Inc. 5.330 04/02/07 1,103,000 1,102,673 1,102,673
------------ ------------
TOTAL SHORT-TERM SECURITIES $ 5,331,142 $ 5,331,142
------------ ------------
TOTAL INVESTMENTS 107.15% $137,663,840 $139,313,660
============ ------------
Other Assets 2.94 3,819,848
Liabilities (10.09) (13,118,111)
------ ------------
TOTAL NET ASSETS 100.00% $130,015,397
====== ============
(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 03/31/07.
(D) Defaulted security; interest not accrued.
* Effective yield at purchase.
See Notes to Consolidated Financial Statements.
------------------------------------------------------------------------------------------------------------------------
26
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL PARTICIPATION INVESTORS
March 31, 2007
(Unaudited)
Fair Value/ Fair Value/
INDUSTRY CLASSIFICATION: Market Value Market Value
-------------- --------------
AEROSPACE - 3.16% BUILDINGS & REAL ESTATE - 2.37%
Consolidated Foundries Holdings $ 1,598,743 Adorn, Inc. $ 1,027,335
Esterline Technologies 179,813 K W P I Holdings Corporation 1,326,966
Gencorp, Inc. 138,450 Texas Industries, Inc. 36,050
P A S Holdco LLC 1,396,216 TruStile Doors, Inc. 689,456
Transdigm, Inc. 154,875 ------------
Vought Aircraft Industries 637,000 3,079,807
------------ ------------
4,105,097
------------ CHEMICAL, PLASTICS & RUBBER - 1.51%
BCP Crystal US Holdings Corporation 403,252
AUTOMOBILE - 9.20% Capital Specialty Plastics, Inc. 223,573
Ford Motor Credit Co. 893,113 Koppers, Inc. 184,450
Fuel Systems Holding Corporation 1,577,651 Nalco Co. 256,250
General Motors Acceptance Corporation 740,348 Nova Chemicals Corporation 213,925
Goodyear Tire & Rubber Co. 475,938 P Q Corporation 691,850
Jason, Inc. 942,536 ------------
LIH Investors, L.P. 1,018,000 1,973,300
Metaldyne Corporation 347,650 ------------
Nyloncraft, Inc. 869,644
Ontario Drive & Gear Ltd. 1,481,683 CONSUMER PRODUCTS - 9.21%
Qualis Automotive LLC 1,072,063 Aero Holdings, Inc. 1,759,135
Tenneco, Inc. 521,250 Augusta Sportswear Holding Co. 1,651,327
Titan International, Inc. 72,013 Bravo Sports Holding Corporation 1,276,773
Transtar Holding Company 1,389,801 G F S I, Inc. 371,250
United Components, Inc. 553,725 K N B Holdings Corporation 1,350,132
------------ Momentum Holding Co. 676,254
11,955,415 R A J Manufacturing Holdings LLC 1,345,437
------------ Royal Baths Manufacturing Company 675,000
The Tranzonic Companies 1,541,402
BEVERAGE, DRUG & FOOD - 3.85% Walls Industries, Inc. 1,333,704
Aramark Corporation 206,375 Winsloew Furniture, Inc. --
Beta Brands Ltd. -- ------------
Cains Foods, L.P. 154,384 11,980,414
Del Monte Corporation 208,000 ------------
Eagle Pack Pet Foods, Inc. 859,475
Nonni's Food Company 1,330,784 CONTAINERS, PACKAGING & GLASS - 5.70%
Pinnacle Foods Group 244,699 Flutes, Inc. 903,338
River Ranch Fresh Foods LLC 855,000 Maverick Acquisition Company 606,114
Specialty Foods Group, Inc. -- P I I Holding Corporation 1,392,428
Vitality Foodservice, Inc. 1,145,752 Packaging Dynamics Corporation of America 875,500
------------ Paradigm Packaging, Inc. 1,315,317
5,004,469 Pliant Corporation 771,347
------------ Tekni-Plex, Inc. 467,500
Vitex Packaging, Inc. 1,080,092
BROADCASTING & ENTERTAINMENT - 2.06% ------------
Cablevision Systems Corporation 507,500 7,411,636
Charter Communications Op LLC 260,313 ------------
Citadel Broadcasting Corporation 254,250
Liberty Media Corporation 479,386 DISTRIBUTION - 3.76%
Lodgenet Entertainment Corporation 409,794 Duncan Systems, Inc. 878,287
Mediacom Broadband LLC 766,875 Kele and Associates, Inc. 1,520,107
------------ Magnatech International, Inc. 1,035,259
2,678,118 O R S Nasco Holding, Inc. 1,456,768
------------ QualServ Corporation --
Strategic Equipment & Supply Corporation, Inc. --
------------
4,890,421
------------
----------------------------------------------------------------------------------------------------------------------------------
27
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL PARTICIPATION INVESTORS
March 31, 2007
(Unaudited)
Fair Value/ Fair Value/
INDUSTRY CLASSIFICATION:(Cont.) Market Value Market Value
-------------- --------------
DIVERSIFIED/CONGLOMERATE, HEALTHCARE, EDUCATION &
MANUFACTURING - 8.00% CHILDCARE - 4.07%
AmerCable, Inc. $ 879,335 A T I Acquisition Company $ 1,133,154
Arrow Tru-Line Holdings, Inc. 1,164,303 American Hospice Management Holding LLC 1,353,907
Bombardier, Inc. 475,000 F H S Holdings LLC 1,417,117
Coining Corporation of America LLC 1,528,477 H C A, Inc. 539,375
Dexter Magnetics Technologies, Inc. 756,772 MedAssist, Inc. 256,322
Douglas Dynamics LLC 302,250 Tenet Healthcare Corporation 587,250
Evans Consoles, Inc. -- ------------
Postle Aluminum Company LLC 1,342,821 5,287,125
Radiac Abrasives, Inc. 1,371,280 ------------
Truck Bodies & Equipment International 2,427,274
Tyco International Group SA 158,515 HOME & OFFICE FURNISHINGS, HOUSEWARES,
------------ AND DURABLE CONSUMER PRODUCTS - 6.87%
10,406,027 Connor Sport Court International, Inc. 529,709
------------ H M Holding Company 1,227,655
Home Decor Holding Company 1,284,612
DIVERSIFIED/CONGLOMERATE, Justrite Manufacturing Acquisition Co. 914,455
SERVICE - 3.74% Monessen Holding Coporation 1,283,831
Allied Waste NA 518,750 Stanton Carpet Holding Co. 1,336,064
CapeSuccess LLC 2,512 U-Line Corporation 1,368,392
Chemed Corporation 624,000 Wellborn Forest Holding Co. 986,976
Diversco, Inc./DHI Holdings, Inc. -- ------------
Dwyer Group, Inc. 607,260 8,931,694
Fowler Holding, Inc. 1,356,989 ------------
Interline Brands, Inc. 154,875
Iron Mountain, Inc. 537,500 LEISURE, AMUSEMENT,
Mac-Gray Corporation 306,000 ENTERTAINMENT - 3.90%
Moss, Inc. 250,163 Harrah's Operating Co.
Service Corporation International 503,750 K 2, Inc. 148,875
------------ Keepsake Quilting, Inc. 836,992
4,861,799 M G M Mirage, Inc. 225,281
------------ Majestic Star Casino LLC 262,188
O E D Corp/Diamond Jo Company Guarantee 496,250
ELECTRONICS - 2.90% Overton's Holding Company 1,008,896
Connecticut Electric, Inc. 1,385,824 Savage Sports Holding, Inc. 1,226,585
Directed Electronics, Inc. 1,839,798 Tunica-Biloxi Gaming Authority 531,250
Distributed Energy Systems Corporation 19,180 Universal City Florida 206,250
Electronic Data Systems Corporation 521,389 Warner Music Group Corporation 119,063
------------ ------------
3,766,191 5,061,630
------------ ------------
FARMING & AGRICULTURE - 0.00% MACHINERY - 9.75%
Protein Genetics, Inc. -- Davis-Standard LLC 1,339,109
------------ Hawk Precision Components Group, Inc. 1,302,938
Integration Technology Systems, Inc. 711,753
FINANCIAL SERVICES - 0.57% Manitowoc Company, Inc. 102,000
Highgate Capital LLC -- Maxon Corporation 2,166,940
Lazard LLC 395,357 Morton Industrial Group, Inc. 1,348,288
Leucadia National Corporation 351,750 Navis Global 1,436,455
Victory Ventures LLC -- Safety Speed Cut Manufacturing Company, Inc. 1,390,888
------------ Stewart & Stevenson LLC 785,625
747,107 Synventive Equity LLC 17,714
------------ Tronair, Inc. 2,069,531
------------
12,671,241
------------
----------------------------------------------------------------------------------------------------------------------------------
28
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL PARTICIPATION INVESTORS
March 31, 2007
(Unaudited)
Fair Value/ Fair Value/
INDUSTRY CLASSIFICATION:(Cont.) Market Value Market Value
-------------- --------------
MEDICAL DEVICES/BIOTECH - 2.70% RETAIL STORES - 3.15%
Coeur, Inc. $ 822,631 Blockbuster, Inc. $ 277,750
E X C Acquisition Corporation 81,825 Neiman Marcus Group, Inc. 669,000
MicroGroup, Inc. 1,736,702 Olympic Sales, Inc. 2,031,859
OakRiver Technology, Inc. 871,356 Rent-A-Center, Inc. 251,875
------------ Rental Service Corporation 532,500
3,512,514 United Rentals, Inc. 333,938
------------ ------------
4,096,922
MINING, STEEL, IRON & NON PRECIOUS ------------
METALS - 0.85%
Freeport-McMoran Copper & Gold 205,438 TECHNOLOGY - 0.07%
Steel Dynamics, Inc. 100,250 Unisys Corporation 90,225
Tube City IMS Corporation 332,800 ------------
U S S Holdings, Inc. 466,871
------------ TELECOMMUNICATIONS - 3.38%
1,105,359 Cincinnati Bell, Inc. 562,375
------------ DeltaCom, Inc. 1,567,245
Nextel Communications, Inc. 413,720
NATURAL RESOURCES - 0.26% NTL Cable PLC 727,950
Appleton Papers, Inc. 256,875 Rogers Wireless, Inc. 606,900
Rock-Tenn Co. 84,800 Triton P C S, Inc. 515,000
------------ ------------
341,675 4,393,190
------------ ------------
OIL AND GAS - 4.25% TRANSPORTATION - 1.70%
Atlas Pipeline Partners 618,000 NABCO, Inc. 618,752
Basic Energy Services 609,375 Tangent Rail Corporation 1,592,354
Chesapeake Energy Corporation 669,500 ------------
Clayton Williams Energy, Inc. 540,500 2,211,106
Exco Resources, Inc. 501,250 ------------
GulfMark Offshore, Inc. 304,500
North American Energy Partners 204,000 UTILITIES - 2.59%
Offshore Logistics, Inc. 333,375 Dynegy Holdings, Inc. 691,600
Quicksilver Resources, Inc. 591,000 Edison Mission Energy 36,488
Tennessee Gas Pipeline Co. 267,011 Inergy LP 78,750
Total Equipment & Service, Inc. 883,399 Markwest Energy Operating Co. 533,500
------------ N R G Energy, Inc. 616,500
5,521,910 Pacific Energy Partners 361,076
------------ Petrohawk Energy Corporation 532,500
Sierra Pacific Resources 336,864
PHARMACEUTICALS - 1.12% Tenaska Alabama Partners LP 177,232
CorePharma LLC 1,400,412 ------------
Enzymatic Therapy, Inc. 56,250 3,364,510
------------ ------------
1,456,662
------------ WASTE MANAGEMENT / POLLUTION - 1.28%
Terra Renewal Services, Inc. 1,670,110
PUBLISHING/PRINTING - 1.08% ------------
Idearc, Inc. 308,625
Primedia, Inc. 517,500 Total Corporate Restricted and
R H Donnelley, Inc. 345,313 Public Securities - 103.05% $133,982,518
Sheridan Acquisition Corporation 235,406 ============
------------
1,406,844
------------
----------------------------------------------------------------------------------------------------------------------------------
29
INCOME TAX INFORMATION
The aggregate cost of investments is substantially the same for financial
reporting and federal income tax purposes as of March 31, 2007. The net
unrealized appreciation of investments for financial reporting and federal tax
purposes as of March 31, 2007 is $1,649,820 and consists of $14,172,177
appreciation and $12,522,357 depreciation.
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 has 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 Participation Investors
----------------------------------
By (Signature and Title)* /s/ Clifford M. Noreen
---------------------------------------------
Clifford M. Noreen, President
Date May 30, 2007
------------------------------------------------------------------
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 May 30, 2007
------------------------------------------------------------------
By (Signature and Title)* /s/ James M. Roy
---------------------------------------------
James M. Roy, Vice President and
Chief Financial Officer
Date May 30, 2007
------------------------------------------------------------------
* PRINT THE NAME AND TITLE OF EACH SIGNING OFFICER UNDER HIS OR HER SIGNATURE.