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014 A000001 JEFFERIES & COMPANY, INC.
014 B000001 8-00000
014 A000002 ADVEST, INC.
014 B000002 8-00000
015 A000001 THE CHASE MANHATTAN BANK, N.A.
015 B000001 C
015 C010001 BROOKLYN
015 C020001 NY
015 C030001 11245
015 E010001 X
020 A000001 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
020 B000001 13-2741729
020 C000001 20
020 A000002 ALLEN & COMPANY
020 B000002 13-6176976
020 C000002 15
020 A000003 JONES & ASSOCIATES INC
020 B000003 95-3583143
020 C000003 10
020 A000004 HAMBRECHT & QUIST LLC
020 B000004 94-3220292
020 C000004 8
020 A000005 LEGG MASON WOOD WALKER
020 B000005 52-0902557
020 C000005 6
020 A000006 LADENBURG, THALMAN LLC
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020 C000006 5
<PAGE> PAGE 2
020 A000007 LAZARD FRERES AND COMPNAY
020 B000007 13-5545100
020 C000007 5
020 A000008 DAIN RAUSCHER INCORPORATED
020 B000008 41-0212020
020 C000008 4
020 A000009 JANNEY MONTGOMERY SCOTT INC.
020 B000009 23-0731260
020 C000009 3
020 A000010 WASSERSTEIN PERELLA SECURITIES INC.
020 B000010 13-3502273
020 C000010 3
021 000000 82
022 A000001 GOLDMAN, SACHS & CO
022 B000001 13-5108880
022 C000001 212274
022 D000001 6593
022 A000002 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
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022 C000002 135312
022 D000002 11485
022 A000003 LEHMAN BROTHERS, INC.
022 B000003 13-2518466
022 C000003 42668
022 D000003 1807
022 A000004 MORGAN STANLEY & CO. INCORPORATED
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022 C000004 25374
022 D000004 5070
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022 B000005 13-3224016
022 C000005 29119
022 D000005 73
022 A000006 BA SECURITIES
022 B000006 04-2476032
022 C000006 28067
022 D000006 250
022 A000007 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
022 B000007 13-2741729
022 C000007 13413
022 D000007 7736
022 A000008 CHASE SECURITIES INC.
022 B000008 13-3112953
022 C000008 12064
022 D000008 1234
022 A000009 BT ALEX. BROWN INCORPORATED
022 B000009 13-3311934
022 C000009 10232
022 D000009 2286
022 A000010 SMITH BARNEY INC.
022 B000010 13-1912900
<PAGE> PAGE 3
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<PAGE> PAGE 4
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080 A000000 NEW HAMPSHIRE INSURANCE COMPANY
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<PAGE> PAGE 5
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SIGNATURE CHARLES C. MCCOBB
TITLE VICE PRESIDENT & CFO
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
REPORT TO SHAREHOLDERS OF MASSMUTUAL CORPORATE INVESTORS FOR THE YEAR
ENDED DECEMBER 31, 1998 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000275694
<NAME> MASSMUTUAL CORPORATE INVESTORS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 213,431,002
<INVESTMENTS-AT-VALUE> 228,502,549
<RECEIVABLES> 5,159,039
<ASSETS-OTHER> 4,056,616
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 237,718,204
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 20,000,000
<OTHER-ITEMS-LIABILITIES> 12,698,801
<TOTAL-LIABILITIES> 32,698,801
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 104,651,714
<SHARES-COMMON-STOCK> 8,587,495
<SHARES-COMMON-PRIOR> 8,513,448
<ACCUMULATED-NII-CURRENT> 770,118
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 11,032,950
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 15,071,547
<NET-ASSETS> 205,019,403
<DIVIDEND-INCOME> 756,457
<INTEREST-INCOME> 17,469,339
<OTHER-INCOME> 0
<EXPENSES-NET> 4,379,796
<NET-INVESTMENT-INCOME> 13,846,000
<REALIZED-GAINS-CURRENT> 13,725,696
<APPREC-INCREASE-CURRENT> (841,905)
<NET-CHANGE-FROM-OPS> 26,729,791
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 13,662,200
<DISTRIBUTIONS-OF-GAINS> 2,710,879
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 74,047
<NET-CHANGE-IN-ASSETS> 12,160,985
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 73,493,074
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,883,052
<INTEREST-EXPENSE> 1,066,000
<GROSS-EXPENSE> 4,379,796
<AVERAGE-NET-ASSETS> 204,899,446
<PER-SHARE-NAV-BEGIN> 22.65
<PER-SHARE-NII> 1.62
<PER-SHARE-GAIN-APPREC> 1.51
<PER-SHARE-DIVIDEND> (1.91)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 23.87
<EXPENSE-RATIO> 2.12
<AVG-DEBT-OUTSTANDING> 20,000,000
<AVG-DEBT-PER-SHARE> 2.33
</TABLE>
EXHIBIT INDEX TO FORM N-SAR
OF MASSMUTUAL CORPORATE INVESTORS
FOR PERIOD ENDED DECEMBER 31, 1998
EXHIBIT NO. DESCRIPTION
77B Accountant's Report on Internal Control
77O Transactions Effected Pursuant to Rule 10f-3
77Q2 Information Called for by the Instructions to Sub-Item 77Q2
PRICEWATERHOUSECOOPERS
PricewaterhouseCoopers LLP
2300 BayBank Tower
Post Office Box 59
Springfield, MA 01101-0059
Telephone (413) 781-7200
Facsimile (413) 733-2195
To the Board of Trustees of
MassMutual Corporate Investors
In planning and performing our audit of the financial statements of
MassMutual Corporate Investors for the year ended December 31, 1998,
we considered its internal control, including control activities for
safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR, not to
provide assurance on internal control.
The management of MassMutual Corporate Investors is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of controls.
Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally
accepted accounting principles. Those controls include the
safeguarding of assets against unauthorized acquisition, use or
disposition.
Because of inherent limitations in internal control, error or fraud
may occur and not be detected. Also, projection of any evaluation of
internal control to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose
all matters in internal control that might be material weaknesses
under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the
design or operation of one or more of the internal control components
does not reduce to a relatively low level the risk that misstatements
caused by error or fraud in amounts that would be material in
relation to the financial statements being audited may occur and not
be detected within a timely period by employees in the normal course
of performing their assigned functions. However, we noted no matters
involving internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses
as defined above as of December 31, 1998.
This report is intended solely for the information and use of
management, the Board of Trustees of MassMutual Corporate Investors,
and the Securities and Exchange Commission.
PricewaterhouseCoopers
Springfield, Massachusetts
February 25, 1999
For Period Ending 12/31/98
File No. 811-2183
Item 77O. Transactions Effected Pursuant to Rule 10f-3
Registrant purchased in a Rule 144A offering from Jefferies & Co.,
Inc. $800,000 principal amount of 10.125% Senior Notes due December 1,
2004 issued by Mrs. Fields Original Cookies, Inc. at a price of $97.00
on August 13, 1998. Mr. Richard G. Dooley, Vice Chairman and member
of the Board of Trustees of Registrant, is a director of Jefferies
Group, Inc., the parent of Jefferies & Co.
To the extent such offerings might be deemed to be underwritten public
offerings, Registrant claims an exemption from the provisions of
Section 10(f) of the Investment Company Act of 1940, as amended, (the
"Act") on the basis that, with respect to this purchase, Registrant
has complied with the provisions of Rule 10f-3 promulgated under the
Act. Registrant's Board of Trustees have adopted the procedures,
pursuant to which such purchases may be effected. Such procedures are
reasonably designed to provide for the conditions set forth in
subsections (a) through (g) of Rule 10f-3.
Registrant will preserve a record of this transaction for a period of
six years from the end of the fiscal year in which the transaction
occurred, the first two years in an easily accessible place.
For Period Ended 12/31/98
File No. 811-2183
Item 77Q2 Information Called for by the Instructions to Sub-Item
77Q2.
During the fiscal year Mark B. Ackerman inadvertently failed to file
SEC Form 3 in a timely manner upon his election as Treasurer and
executive officer of the Trust. In addition, four employees of the
Insurance Company, who had reporting responsibilities with respect to
transactions in securities of the Trust, failed to timely file SEC
Form 4 in connection with certain deferrals and transfers to a "shadow
account" under an employee benefit plan of the Insurance Company.
Lawrence V. Burkett, Jr. failed to timely file eight forms with
respect to twelve transactions; Robert E. Joyal failed to timely file
seven forms with respect to eleven transactions; Mary Wilson Kibbe
failed to timely file ten forms with respect to ten transactions and
Efrem Marder failed to timely file three forms with respect to four
transactions.
