================================================================================
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
--------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
1500 Main Street, Suite 600, Springfield, MA 01115
--------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Stephen L. Kuhn, Vice President and Secretary,
1500 Main Street, Suite 2800, Springfield, MA 01115
--------------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: 413-226-1000
___________________
Date of fiscal year end: 12/31
___________________
Date of reporting period: 09/30/04
___________________
================================================================================
ITEM 1. SCHEDULE OF INVESTMENTS.
CONSOLIDATED SCHEDULE OF INVESTMENTS MASSMUTUAL PARTICIPATION INVESTORS
September 30, 2004
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES - 90.44% (A) Principal Amount Date Cost Fair Value
---------------- ----------- ------------ ------------
PRIVATE PLACEMENT INVESTMENTS - 80.40%
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 $ 1,119,900
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 1,230 shs. 04/08/04 -- 12
------------ ------------
1,125,000 1,119,912
------------ ------------
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 1,015,269 1,015,754
Limited Partnership Interest (B) 132 uts. 05/18/04 112,500 101,252
------------ ------------
1,127,769 1,117,006
------------ ------------
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 1,018,723 1,109,607
Warrant, exercisable until 2010, to purchase
common stock at $.02 per share (B) 192 shs. 02/29/00 162,931 72,757
------------ ------------
1,181,654 1,182,364
------------ ------------
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 1,312,500
Warrant, exercisable until 2007, to purchase
common stock at $.01 per share (B) 40 shs. * 256,667 --
------------ ------------
1,131,667 1,312,500
------------ ------------
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 1,005,411 1,170,000
Preferred Class A Unit (B) 1,337 uts. 01/22/04 127,477 114,749
Common Class B Unit (B) 1,610 uts. 01/22/04 -- 16
------------ ------------
1,132,888 1,284,765
------------ ------------
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 $ 65,896 04/09/02 65,896 65,535
Senior Secured Tranche A Floating Rate Note due 2008 $ 514,244 04/09/02 514,244 509,015
12% Senior Secured Note due 2010 $ 412,112 04/09/02 353,129 431,261
Limited Partnership Interest of Riverside Capital
Appreciation Fund IV, L.P. (B) 0.64% int. 04/09/02 87,045 78,341
Warrant, exercisable until 2010, to purchase
common stock at $.01 per share (B) 794 shs. 04/09/02 72,856 44,674
------------ ------------
1,093,170 1,128,826
------------ ------------
*11/02/98 and 12/24/03.
--------------------------------------------------------------------------------
7
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL PARTICIPATION INVESTORS
September 30, 2004
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES (A) (CONTINUED) Principal Amount Date Cost Fair Value
---------------- ----------- ------------ ------------
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
------------ ------------
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 $ 569,277 09/13/02 569,277 574,436
11% Senior Subordinated Note due 2010 $ 478,916 09/13/02 453,634 488,109
Common Stock (B) 180,723 shs. 09/13/02 180,723 144,578
Warrant, exercisable until 2010, to purchase
common stock at $.01 per share (B) 78,386 shs. 09/13/02 34,428 784
------------ ------------
1,238,062 1,207,907
------------ ------------
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 97,201
------------ ------------
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
pharmaceuticals products.
Common Stock (B) 55 shs. ** 252 252
------------ ------------
CHEMED CORPORATION
An operator in the residential and commercial
repair-and-maintenance service industry through two
wholly owned subsidiaries Roto-Rooter and Service America.
Common Stock (B) 10,500 shs. 02/24/04 525,000 585,270
------------ ------------
*12/19/96 and 09/30/99.
**12/30/97 and 05/29/99.
--------------------------------------------------------------------------------
8
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL PARTICIPATION INVESTORS
September 30, 2004
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES (A) (CONTINUED) Principal Amount Date Cost Fair Value
---------------- ----------- ------------ ------------
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 $ 333,934
11.5% Senior Subordinated Note due 2011 $ 242,754 04/30/03 222,008 248,845
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
------------ ------------
643,875 648,497
------------ ------------
COINING CORPORATION OF AMERICA LLC
A manufacturer of close tolerance parts and metal stampings.
Senior Secured Floating Rate Revolving Credit
Facility due 2006 $ 61,728 01/07/02 61,728 59,142
Senior Secured Floating Rate Tranche A Note due 2007 $ 583,333 06/26/01 583,333 534,637
13% Senior Secured Tranche B Note due 2006 $ 370,370 06/26/01 370,370 364,777
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
------------ ------------
1,245,986 1,107,316
------------ ------------
COLIBRI HOLDINGS CORPORATION
A manufacturer and distributor of wild bird feeders
and accessories.
12.5% Senior Subordinated Note due 2008 $ 843,750 09/22/00 752,167 800,493
28% Preferred Stock (B) 38 shs. 11/02/01 37,500 37,216
20% Preferred Stock (B) 35 shs. 03/09/04 35,156 33,920
Common Stock (B) 756 shs. 09/22/00 281,250 140,625
Warrant, exercisable until 2008, to purchase
common stock at $.01 per share (B) 446 shs. 09/22/00 140,625 4
------------ ------------
1,246,698 1,012,258
------------ ------------
CORVEST GROUP, INC.
A manufacturer and distributor of promotional products.
12% Senior Subordinated Note due 2007 (B) $ 2,045,455 * 1,979,505 1,840,910
Common Stock (B) 30 shs. * 51,136 12,784
Limited Partnership Interest (B) 10.23% int. * 150,810 37,955
Warrant, exercisable until 2007, to purchase
common stock at $.01 per share (B) 171 shs. * 157,343 73,721
------------ ------------
2,338,794 1,965,370
------------ ------------
DELSTAR HOLDING CORPORATION
A manufacturer of plastic netting for a wide variety of industries.
Convertible Preferred Stock, convertible into common
stock at $12.16 per share (B) 1,758 shs. 10/05/01 213,691 197,751
Preferred Stock (B) 206 shs. 09/16/04 24,414 23,193
------------ ------------
238,105 220,944
------------ ------------
*03/05/99 and 03/24/99.
--------------------------------------------------------------------------------
9
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL PARTICIPATION INVESTORS
September 30, 2004
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES (A) (CONTINUED) Principal Amount Date Cost Fair Value
---------------- ----------- ------------ ------------
DEXTER MAGNETICS TECHNOLOGIES, INC.
A designer, fabricator, assembler and distributor of industrial
magnets and subassemblies in North America and Europe.
12% Senior Subordinated Note due 2006 $ 244,565 07/19/01 $ 224,053 $ 244,890
Common Stock (B) 310 shs. 07/19/01 309,746 278,802
Warrant, exercisable until 2006, to purchase
common stock at $.01 per share (B) 157 shs. 07/19/01 132,677 2
------------ ------------
666,476 523,694
------------ ------------
DIRECTED ELECTRONICS, INC.
A designer and distributor of brand name automotive
security systems, audio products and installation accessories.
Class B Common Stock (B) 19,394 shs. 12/22/99 -- 296,723
Limited Partnership Interest (B) 4.61% int. 12/22/99 1 444,616
Warrant, exercisable until 2007, to purchase
common stock at $.01 per share (B) 25,713 shs. 12/22/99 -- 393,407
------------ ------------
1 1,134,746
------------ ------------
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 1,392,067 696,032
Warrants, exercisable until 2011, to purchase
common stock of DHI Holdings, Inc. at $.01 per share (B) 6,676 shs. * 201,655 --
------------ ------------
1,960,217 696,032
------------ ------------
DWYER GROUP, INC.
A franchiser of a variety of home repair services.
14% Senior Subordinated Note due 2011 $ 984,375 10/30/03 891,656 962,858
Common Stock (B) 3,656 shs. ** 365,600 329,040
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 1,077 shs. 10/30/03 98,719 11
------------ ------------
1,355,975 1,291,909
------------ ------------
E X C ACQUISITION CORPORATION
A manufacturer of pre-filled syringes and pump systems
used for intravenous drug delivery
15% Senior Subordinated Note due 2012 $ 1,125,000 06/28/04 1,084,806 1,139,006
Warrant, exercisable until 2014, to purchase
common stock at $.01 per share (B) 11 shs. 06/28/04 40,875 --
------------ ------------
1,125,681 1,139,006
------------ ------------
*10/24/96 and 08/28/98.
**10/30/03 and 01/02/04.
--------------------------------------------------------------------------------
10
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL PARTICIPATION INVESTORS
September 30, 2004
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES (A) (CONTINUED) Principal Amount Date Cost Fair Value
---------------- ----------- ------------ ------------
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 $ 541,612 $ 560,782
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 2,163 shs. 09/24/04 20,893 22
------------ ------------
562,505 560,804
------------ ------------
EAGLE WINDOW & DOOR HOLDING CO.
A manufacturer of wood and aluminum-clad wood
windows and doors.
12% Senior Subordinated Note due 2010 $ 1,000,000 05/06/02 878,388 1,030,000
Common Stock (B) 125 shs. 05/06/02 125,000 222,738
Warrant, exercisable until 2010, to purchase
common stock at $.01 per share (B) 232 shs. 05/06/02 150,000 413,292
------------ ------------
1,153,388 1,666,030
------------ ------------
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 7,238 6,821
------------ ------------
ENZYMATIC THERAPY, INC.
A manufacturer and distributor of branded natural
medicines and nutritional supplements.
13% Senior Subordinated Note due 2005 (B) $ 843,750 09/17/02 714,590 506,250
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) 253 shs. 03/30/00 135,000 3
------------ ------------
1,130,840 509,066
------------ ------------
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 1,107,573 1,135,418
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 23,229 shs. 09/09/03 18,869 232
------------ ------------
1,126,442 1,135,650
------------ ------------
EVANS CONSOLES, INC.
A designer and manufacturer of consoles
and control center systems.
10% Senior Secured Note due 2006 $ 301,500 05/06/04 301,500 301,500
Limited Partnership Interest of CM
Equity Partners (B) 1.21% int. 02/11/98 63,627 --
Common Stock (B) 45,000 shs. 05/06/04 6 --
------------ ------------
365,133 301,500
------------ ------------
EXAMINATION MANAGEMENT SERVICES, INC.
A national full-service evidence provider to the insurance
industry and a provider of occupational health testing.
12% Senior Subordinated Note due 2007 (B) $ 1,116,867 03/16/99 1,070,152 --
Limited Partnership Interest (B) 6.96% int. 03/02/99 1,133,133 --
Warrant, exercisable until 2007, to purchase
common stock at $.01 per share (B) 40,888 shs. 03/16/99 93,072 --
------------ ------------
2,296,357 --
------------ ------------
--------------------------------------------------------------------------------
11
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL PARTICIPATION INVESTORS
September 30, 2004
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES (A) (CONTINUED) Principal Amount Date Cost Fair Value
---------------- ----------- ------------ ------------
G C-SUN HOLDINGS, L.P.
A value-added national distributor of maintenance, repair
and operating supplies such as fasteners, electrical
components and tools.
12% Senior Subordinated Note due 2008 (B) $ 920,000 03/02/00 $ 774,285 $ 690,000
Warrant, exercisable until 2008, to purchase
common stock at $.01 per share (B) 469 shs. 03/02/00 185,220 --
------------ ------------
959,505 690,000
------------ ------------
HAMILTON FUNERAL SERVICES CENTERS, INC.
A privately held owner and operator of funeral
homes in the United States.
16.5% Senior Subordinated Note due 2007 (B) $ 2,208,026 * 2,147,182 220,803
Warrant, exercisable until 2007, to purchase
common stock at $1 per share (B) 196,421 shs. * 28,131 --
------------ ------------
2,175,313 220,803
------------ ------------
HIGHGATE CAPITAL LLC
An acquirer of controlling or substantial interests
in manufacturing and marketing entities.
Series A Preferred Units (B) 0.30% int. 7/21/94 96,320 681
------------ ------------
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 ** 977,176 1,098,249
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
------------ ------------
1,116,010 1,128,148
------------ ------------
HUSSEY SEATING CORPORATION
A manufacturer of spectator seating products.
Senior Secured Floating Rate Revolving Note due 2006 $ 917,020 06/12/96 917,020 917,020
Senior Secured Floating Rate Note due 2006 $ 216,563 *** 216,563 216,563
12% Senior Subordinated Note due 2006 $ 675,000 03/31/03 675,000 672,539
Common Stock (B) 2,860 shs. 03/12/04 112,500 126,489
------------ ------------
1,921,083 1,932,611
------------ ------------
INTEGRATION TECHNOLOGY SYSTEMS, INC.
A manufacturer of steel protective computer and network
systems for the industrial and office environments.
16.5% Senior Secured Note due 2006 $ 914,072 03/01/04 913,283 875,414
Common Stock (B) 130 shs. 06/01/00 149,500 74,750
------------ ------------
1,062,783 950,164
------------ ------------
*01/25/99 and 07/16/99.
**06/30/04 and 08/19/04.
***06/12/96 and 08/03/01.
--------------------------------------------------------------------------------
12
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL PARTICIPATION INVESTORS
September 30, 2004
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES (A) (CONTINUED) Principal Amount Date Cost Fair Value
---------------- ----------- ------------ ------------
JASON, INC.
A diversified manufacturing company serving various
industrial markets.
13% Senior Subordinated Note due 2008 $ 510,187 08/04/00 $ 470,562 $ 457,500
14% Cumulative Redeemable Preferred Stock Series A (B) 153 shs. 08/04/00 153,119 140,490
Limited Partnership Interest of
Saw Mill Capital Fund II, L.P. (B) 1.30% int. 08/03/00 469,275 234,663
Warrants, exercisable until 2008 and 2009, to purchase
common stock at $.01 per share (B) 26,931 shs. 08/04/00 61,101 269
------------ ------------
1,154,057 832,922
------------ ------------
KEEPSAKE QUILTING, INC.
A seller of quilting fabrics, books, patterns, kits and
notions to consumers.
Senior Secured Floating Rate Revolving Note due 2005 $ 73,386 06/16/00 73,386 73,267
Senior Secured Floating Rate Tranche A Note due 2007 $ 416,725 06/16/00 416,725 412,972
12% Senior Secured Tranche B Note due 2008 $ 314,509 06/16/00 298,963 323,944
Limited Partnership Interest of
Riverside XVI Holding Company, L.P. (B) 3.02% int. 06/12/00 190,563 171,504
Warrant, exercisable until 2008, to purchase
common stock at $.01 per share (B) 633 shs. 06/12/00 26,209 18,179
------------ ------------
1,005,846 999,866
------------ ------------
KELE AND ASSOCIATES, INC.
A distributor of building automation control products.
12% Senior Subordinated Note due 2012 $ 969,643 02/27/04 880,118 966,709
Preferred Stock Class A (B) 12 shs. 02/27/04 237,794 255,994
Common Stock (B) 6 shs. 02/27/04 6,814 6,133
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 6 shs. 02/27/04 4,124 --
------------ ------------
1,128,850 1,228,836
------------ ------------
KENAN-ADVANTAGE TRANSPORT COMPANY
A transporter of light petroleum, petrochemicals, lubricants
and residual fuels.
12.5% Senior Subordinated Note due 2009 $ 962,170 04/30/01 962,170 981,413
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 1
------------ ------------
1,125,177 1,307,414
------------ ------------
LANCASTER LABORATORIES, INC.
A laboratory testing operation in the United States.
Common Stock (B) 455,739 shs. 09/25/00 312,254 434,778
------------ ------------
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 * 1,833,709 2,048,548
Common Stock (B) 3,057 shs. * 213,998 181,892
Warrant, exercisable until 2006, to purchase
common stock at $.11 per share (B) 8,245 shs. * 318,838 490,578
------------ ------------
2,366,545 2,721,018
------------ ------------
*12/23/98 and 01/28/99.
--------------------------------------------------------------------------------
13
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL PARTICIPATION INVESTORS
September 30, 2004
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES (A) (CONTINUED) Principal Amount Date Cost Fair Value
---------------- ----------- ------------ ------------
MAVERICK ACQUISITION COMPANY
A manufacturer of capsules that cover the cork and neck
of wine bottles.
Senior Secured Floating Rate Revolving Note due 2009 $ 7,712 09/03/04 $ 7,712 $ 7,635
Senior Secured Floating Rate Tranche A Note due 2010 $ 447,762 09/03/04 447,762 442,533
12% Senior Secured Tranche B Note due 2011 $ 179,104 09/03/04 156,670 182,561
Limited Partnership Interest (B) 33,582 uts. 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
------------ ------------
668,282 662,955
------------ ------------
MAXON CORPORATION
A manufacturer of industrial combustion equipment
and related shut-off valves and control valves.
12% Senior Subordinated Note due 2012 $ 549,837 09/30/04 497,895 543,514
8.75% Senior Subordinated Note due 2012 $ 732,065 09/30/04 732,065 731,260
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
------------ ------------
1,500,000 1,471,941
------------ ------------
MEDASSIST, INC.
A provider of patient eligibility and accounts receivable
management services to hospitals and physician practices.
12% Senior Subordinated Note due 2011 $ 1,125,000 05/01/03 1,105,982 1,158,750
Warrant, exercisable until 2013, to purchase
common stock at $.01 per share (B) 44,054 shs. 05/01/03 21,534 28,151
------------ ------------
1,127,516 1,186,901
------------ ------------
MOSS, INC.
A manufacturer and distributor of large display and
exhibit structures.
Senior Secured Floating Rate Tranche A Note due 2007 $ 544,015 09/21/00 544,015 544,015
12% Senior Secured Tranche B Note due 2008 $ 192,200 09/21/00 180,530 192,200
Limited Partnership Interest of
Riverside Capital Appreciation Fund I, L.P. (B) 4.27% int. * 178,069 133,546
Warrant, exercisable until 2008, to purchase
common stock at $100 per share (B) 264 shs. 09/21/00 23,064 3
------------ ------------
925,678 869,764
------------ ------------
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. 12/11/02 261,264 496,624
------------ ------------
NEFF MOTIVATION, INC.
A manufacturer and distributor of customized
awards and sportswear to schools.
12.5% Senior Subordinated Note due 2011 $ 562,500 01/31/03 477,604 581,655
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 112 shs. 01/31/03 95,625 46,025
------------ ------------
573,229 627,680
------------ ------------
*09/20/00 and 05/23/02.
--------------------------------------------------------------------------------
14
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL PARTICIPATION INVESTORS
September 30, 2004
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES (A) (CONTINUED) Principal Amount Date Cost Fair Value
---------------- ----------- ------------ ------------
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 $ 1,018,873
10% Preferred Stock (B) 135 shs. 03/29/04 135,044 137,740
Common Stock (B) 3,418 shs. 03/29/04 3,418 3,076
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 4,565 shs. 03/29/04 3,877 46
------------ ------------
1,125,000 1,159,735
------------ ------------
NPC, INC.
A manufacturer of flexible connectors and equipment used
in the installation of sewers and storm drain pipelines.
Senior Secured Floating Rate Revolving Note due 2006 $ 236,675 06/25/99 236,675 232,116
Senior Secured Floating Rate Note due 2006 $ 1,156,780 06/25/99 1,156,760 1,133,561
12% Senior Secured Tranche B Note due 2007 $ 559,322 06/25/99 520,134 559,322
Limited Partnership Interest of Riverside XIII
Holding Company L.P. (B) 1.93% int. 06/11/99 169,648 126,536
Warrant, exercisable until 2007, to purchase
common stock at $.01 per share (B) 115 shs. 06/25/99 81,356 1
------------ ------------
2,164,573 2,051,536
------------ ------------
NYLONCRAFT, INC.
A supplier of engineered plastic components for the
automotive industry.
9% Senior Secured Note due 2009 $ 464,286 01/28/02 464,286 504,758
11.5% Senior Subordinated Note due 2012 $ 857,143 01/28/02 780,181 933,736
Common Stock (B) 178,571 shs. 01/28/02 178,571 186,428
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 138,928 shs. 01/28/02 92,597 143,790
------------ ------------
1,515,635 1,768,712
------------ ------------
OLYMPIC SALES, INC.
A boat retailer in Washington state, Oregon and California
and British Columbia.
12% Senior Subordinated Note due 2006 $ 1,387,000 08/07/98 1,338,198 1,248,781
12% Senior Subordinated Note due 2008 $ 244,154 02/09/00 228,251 205,796
Limited Partnership Interest of Riverside VIII, VIII-A and
VIII-B Holding Company, L.P. (B) 795,964 shs. * 808,274 415,321
Warrants, exercisable until 2007 and 2008, to purchase
common stock at $.01 per share (B) 15,166 shs. ** 206,041 152
------------ ------------
2,580,764 1,870,050
------------ ------------
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 1,031,513 1,147,500
Membership Interests of MM/Lincap
PPI Investments, Inc., LLC (B) 1.28% int. 12/21/00 140,625 140,625
------------ ------------
1,172,138 1,288,125
------------ ------------
*08/07/98, 02/23/99, 12/22/99 and 02/25/03.
**08/07/98 and 02/29/00.
--------------------------------------------------------------------------------
15
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL PARTICIPATION INVESTORS
September 30, 2004
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES (A) (CONTINUED) Principal Amount Date Cost Fair Value
---------------- ----------- ------------ ------------
P H I HOLDING COMPANY
A retailer of mid-priced gift items, home and garden
decor, accessories and other similar consumer products.
12.5% Senior Subordinated Note due 2010 $ 1,125,000 10/25/02 $ 984,764 $ 1,170,000
Warrant, exercisable until 2010, to purchase
common stock at $.02 per share (B) 186 shs. 10/25/02 157,102 169,651
------------ ------------
1,141,866 1,339,651
------------ ------------
POLYMER TECHNOLOGIES, INC./POLI-TWINE WESTERN, INC.
A manufacturer of polypropylene twine for the hay
bailing marketplace.
8% Senior Subordinated Note due 2010 (B) $ 393,750 09/27/02 264,679 --
------------ ------------
PRECISION DYNAMICS, INC.
A manufacturer of custom-designed solenoid valves
and controls.
Senior Secured Floating Rate Revolving Credit
Facility due 2004 $ 366,750 07/22/96 366,750 366,750
Senior Secured Floating Rate Term Note
due 2004 $ 350,450 07/22/96 350,450 350,450
12% Senior Secured Term Note due 2004 $ 163,000 07/22/96 161,292 163,000
8% Preferred Stock (B) 187 shs. 07/22/96 115,982 115,895
Common Stock (B) 299 shs. 07/22/96 14,489 14,489
Warrant, exercisable until 2004, to purchase
common stock at $.01 per share (B) 162 shs. 07/22/96 49,000 2
------------ ------------
1,057,963 1,010,586
------------ ------------
PROCESS CHEMICALS LLC
A specialty chemical company that manufactures
processed chemicals for the fertilizer, asphalt and
concrete industries.
Common Membership Interests 4,932 uts. * 4 --
------------ ------------
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 --
------------ ------------
PW EAGLE, INC. - O.T.C.
An extruder of small and medium diameter plastic pipe
and tubing in the United States.
18% Senior Subordinated Note due 2007 $ 1,875,130 09/16/99 1,863,018 656,296
Warrant, exercisable until 2007, to purchase
common stock at $.01 per share (B) 101,505 shs. 09/16/99 1 92,598
------------ ------------
1,863,019 748,894
------------ ------------
*07/31/97 and 01/04/99.
**11/14/01 and 08/12/94.
--------------------------------------------------------------------------------
16
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL PARTICIPATION INVESTORS
September 30, 2004
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES (A) (CONTINUED) Principal Amount Date Cost Fair Value
---------------- ----------- ------------ ------------
QUALIS AUTOMOTIVE LLC
A distributor of aftermarket automotive brake
and chassis products.
12% Senior Subordinated Note due 2012 $ 937,500 05/28/04 $ 742,923 $ 953,311
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
------------ ------------
1,130,392 1,124,061
------------ ------------
QUALSERV CORPORATION
A provider of foodservice equipment and supplies,
to major restaurant chains and their franchisees.
14% Senior Subordinated Note due 2012 $ 987,805 07/09/04 962,235 1,008,127
Limited Partnership Interest (B) 137,195 uts. 07/09/04 137,195 137,195
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 280 shs. 07/09/04 25,973 3
------------ ------------
1,125,403 1,131,606
------------ ------------
RIVER RANCH FRESH FOODS LLC
A supplier of fresh producer to the retail
and foodservice channels.
13% Senior Subordinated Note due 2011 $ 975,000 09/29/04 891,436 984,106
Limited Partnership Interest (B) 150,000 uts. 09/29/04 150,000 135,000
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 12,481 shs. 09/29/04 83,596 125
------------ ------------
1,125,032 1,119,231
------------ ------------
ROYAL BATHS MANUFACTURING COMPANY
A manufacturer and distributor of acrylic
and cultured marble bathroom products.
12.5% Senior Subordinated Note due 2011 $ 562,500 11/14/03 501,354 562,780
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 74 shs. 11/14/03 65,089 1
------------ ------------
566,443 562,781
------------ ------------
SAFETY SPEED CUT MANUFACTURING COMPANY, INC.
A manufacturer of vertical panel saws and routers
for the wood working industry.
Senior Secured Floating Rate Revolving Note due 2006 $ 161,522 05/01/03 161,522 164,272
Senior Secured Floating Rate Tranche A Note due 2007 $ 794,151 06/02/99 794,151 794,151
12% Senior Secured Tranche B Note due 2007 $ 646,089 06/02/99 646,089 646,089
Class B Common Stock (B) 846 shs. 06/02/99 146,456 264,900
------------ ------------
1,748,218 1,869,412
------------ ------------
SAVAGE SPORTS HOLDINGS, INC.
A manufacturer of sporting firearms.
12% Senior Subordinated Note due 2012 $ 814,655 09/10/04 754,706 823,362
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
------------ ------------
1,125,180 1,102,678
------------ ------------
--------------------------------------------------------------------------------
17
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL PARTICIPATION INVESTORS
September 30, 2004
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES (A) (CONTINUED) Principal Amount Date Cost Fair Value
---------------- ----------- ------------ ------------
SELIG ACQUISITION CORPORATION
A manufacturer of container sealing materials
for bottles used in consumer products.
12% Senior Subordinated Note due 2009 $ 1,125,000 06/13/02 $ 1,050,563 $ 1,145,250
Warrant, exercisable until 2009, to purchase
common stock at $.01 per share (B) 1,064 shs. 06/13/02 96,365 223,543
------------ ------------
1,146,928 1,368,793
------------ ------------
SHELTER ACQUISITION, INC.
A distributor of roofing supplies and products
throughout the Midwest.
12.5% Senior Subordinated Note due 2008 $ 803,571 08/01/02 718,779 819,642
Common Stock (B) 401,786 shs. * 401,786 361,607
Warrant, exercisable until 2009, to purchase
common stock at $.01 per share (B) 139,470 shs. 08/01/02 114,589 1,395
------------ ------------
1,235,154 1,182,644
------------ ------------
SNYDER INDUSTRIES, INC.
A manufacturer of proprietary rotationally molded
polyethylene containers.
12.25% Senior Subordinated Note due 2007 $ 2,250,000 12/06/99 2,100,766 2,272,500
Warrant, exercisable until 2007, to purchase
common stock at $.01 per share (B) 369 shs. 12/06/99 306,818 55,566
------------ ------------
2,407,584 2,328,066
------------ ------------
SPECIALTY FOODS GROUP, INC.
A manufacturer and distributor of branded meat products.
Limited Partnership Interest of MHD Holdings LLC (B) 0.76% int. 08/29/00 278,907 49,487
------------ ------------
SPORT COURT INTERNATIONAL, INC.
A designer and manufacturer of synthetic indoor
and outdoor sports flooring and other temporary
flooring products.
Senior Secured Floating Rate Revolving Note due 2009 $ 106,143 08/12/04 106,143 105,120
Senior Secured Floating Rate Note due 2009 $ 301,240 08/12/04 301,240 298,253
12% Senior Secured Note due 2012 $ 145,304 08/12/04 135,362 146,559
Limited Partnership Interest (B) 37,617 uts. 08/12/04 37,617 33,856
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 19 shs. 08/12/04 10,056 1
------------ ------------
590,418 583,789
------------ ------------
STRATEGIC EQUIPMENT & SUPPLY CORPORATION, INC.
A provider of kitchen and restaurant design,
equipment fabrication and installation services.
12% Senior Subordinated Note due 2008 $ 2,250,000 01/14/00 2,035,985 2,272,500
Warrant, exercisable until 2008, to purchase
common stock at $.01 per share (B) 61,862 shs. 01/14/00 382,501 --
------------ ------------
2,418,486 2,272,500
------------ ------------
*08/01/02 and 01/17/03.
--------------------------------------------------------------------------------
18
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL PARTICIPATION INVESTORS
September 30, 2004
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES (A) (CONTINUED) Principal Amount Date Cost Fair Value
---------------- ----------- ------------ ------------
SYNVENTIVE EQUITY LLC
A manufacturer of hot runner systems used in the plastic
injection molding process.
12% Senior Subordinated Note due 2007 $ 975,000 08/21/03 $ 939,119 $ 994,500
Limited Partnership Interest (B) 0.32% int. 08/20/03 150,000 150,000
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 45,942 shs. 08/21/03 45,000 459
------------ ------------
1,134,119 1,144,959
------------ ------------
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 1,241,714 1,356,000
Common Stock (B) 315 shs. 02/04/98 315,000 267,238
Warrant, exercisable until 2006, to purchase
common stock at $.01 per share (B) 222 shs. 02/05/98 184,416 188,337
------------ ------------
1,741,130 1,811,575
------------ ------------
TIDEWATER HOLDINGS, INC
An operator of a barge transportation line
on the Columbia/Snake River system.
17% Preferred Stock (B) 280 shs. 12/23/02 280,000 266,000
Convertible Preferred Stock, convertible into
common stock at $1,000 per share (B) 560 shs. 07/25/96 560,000 504,000
Warrant, exercisable until 2008, to purchase
common stock at $.01 per share (B) 237 shs. 07/25/96 24,103 213,192
------------ ------------
864,103 983,192
------------ ------------
TINNERMAN-PALNUT ENGINEERED COMPONENTS
A manufacturer of precision engineered metal
and plastic fasteners and assembly components.
12.75% Senior Subordinated Note due 2008 $ 595,588 12/06/01 457,312 601,544
Class B Unit (B) 52,941 uts. 12/06/01 38,928 35,035
Class C Unit (B) 92,184 uts. 12/06/01 67,782 61,005
------------ ------------
564,022 697,584
------------ ------------
TOMAH HOLDINGS, INC.
A manufacturer of specialty chemicals.
16% Senior Subordinated Note due 2011 $ 750,000 12/08/03 722,843 766,865
16% Preferred Stock Series A (B) 20 shs. 12/08/03 334,393 341,242
Common Stock (B) 2,789 shs. 12/08/03 69,602 62,641
------------ ------------
1,126,838 1,170,748
------------ ------------
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 $ 902,572 01/20/00 902,572 894,113
12% Senior Subordinated Note due 2010 $ 758,100 01/20/00 720,883 749,707
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
------------ ------------
1,809,731 1,749,277
------------ ------------
--------------------------------------------------------------------------------
19
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL PARTICIPATION INVESTORS
September 30, 2004
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES (A) (CONTINUED) Principal Amount Date Cost Fair Value
---------------- ----------- ------------ ------------
TRUSTILE DOORS, INC.
A manufacturer and distributor of interior doors.
12.5% Senior Subordinated Note due 2010 $ 562,500 04/11/03 $ 518,783 $ 569,247
Warrant, exercisable until 2010, to purchase
common stock at $.01 per share (B) 3,060 shs. 04/11/03 50,625 31
------------ ------------
569,408 569,278
------------ ------------
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 05/28/04 632,317 718,989
8.75% Senior Secured Note due 2011 $ 409,310 05/28/04 409,310 419,377
Common Stock (B) 385,233 shs. 05/28/04 385,233 346,710
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 116,521 shs. 05/28/04 74,736 1,165
------------ ------------
1,501,596 1,486,241
------------ ------------
TVI, INC.
A retailer of used clothing in the United States,
Canada and Australia.
Common Stock (B) 187,500 shs. 05/02/00 141,769 219,375
------------ ------------
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 $ 947,368 08/06/03 802,283 967,273
Preferred Stock (B) 1,771 shs. 08/06/03 177,086 159,387
Common Stock (B) 546 shs. 08/06/03 546 491
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 502 shs. 08/06/03 157,869 5
------------ ------------
1,137,784 1,127,156
------------ ------------
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 04/30/04 887,225 1,010,014
10% Jr Subordinated Note due 2012 $ 32,100 04/30/04 32,100 32,118
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
------------ ------------
1,127,831 1,128,893
------------ ------------
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
------------ ------------
--------------------------------------------------------------------------------
20
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL PARTICIPATION INVESTORS
September 30, 2004
(Unaudited)
Shares, Units,
Warrants,
Ownership or Acquisition
CORPORATE RESTRICTED SECURITIES (A) (CONTINUED) Principal Amount Date Cost Fair Value
---------------- ----------- ------------ ------------
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 $ 900,333 $ 1,007,990
Common Stock (B) 12,585 shs. 09/24/04 125,850 113,265
Warrant, exercisable until 2012, to purchase
common stock at $.01 per share (B) 12,593 shs. 09/24/04 98,938 126
------------ ------------
1,125,121 1,121,381
------------ ------------
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 07/19/04 785,152 900,895
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 1,185,496
------------ ------------
WALLS INDUSTRIES, INC.
A provider of branded workwear and sporting goods apparel.
10% Senior Subordinated Lien Note due 2009 $ 552,632 07/12/04 552,632 544,598
14% Senior Subordinated Note due 2012 $ 552,631 07/12/04 551,131 544,111
Limited Partnership Interest (B) 19,737 uts. 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
------------ ------------
1,125,000 1,106,493
------------ ------------
WASHINGTON INVENTORY SERVICES, INC.
A provider of physical inventory taking and other
related services to retailers.
12.5% Senior Subordinated Note due 2011 $ 569,524 11/03/00 558,598 580,914
Senior Preferred Stock (B) 2,484 shs. 11/01/00 118,605 115,712
Class B Common Stock (B) 4,743 shs. 11/01/00 4,743 43,669
Warrant, exercisable until 2011, to purchase
common stock at $.01 per share (B) 2,107 shs. 11/03/00 -- 19,380
------------ ------------
681,946 759,675
------------ ------------
WEASLER HOLDINGS LLC
A manufacturer of mechanical power transmission
components for the agricultural, lawn and turf industries.
Limited Partnership Interest (B) 0.82% int. 02/03/04 53,570 51,427
Warrant, exercisable until 2010, to purchase
common stock at $.01 per share (B) 136 shs. 02/04/03 111,086 1
------------ ------------
164,656 51,428
------------ ------------
WICOR AMERICAS, INC.
A manufacturer of cellulose based insulation products,
systems and services for electrical transformer equipment
manufacturers.
20% Senior Subordinated Secured Note due 2009 $ 1,334,139 11/09/01 1,329,071 1,262,807
------------ ------------
TOTAL PRIVATE PLACEMENT INVESTMENTS $ 92,149,905 $ 84,283,686
------------ ------------
--------------------------------------------------------------------------------
21
CONSOLIDATED SCHEDULE OF INVESTMENTS(CONT.) MASSMUTUAL PARTICIPATION INVESTORS
September 30, 2004
(Unaudited)
Shares or
Interest Due Principal
CORPORATE RESTRICTED SECURITIES (A) (CONTINUED) Rate Date Amount Cost Fair Value
---- ---- ------ ---- ------------
RULE 144A SECURITIES - 10.04%: (A)
BONDS - 9.62%
A E S Corporation 8.750% 05/15/13 $ 425,000 $ 479,592 $ 479,188
A E S Corporation 9.000 05/15/15 175,000 175,000 197,313
Appleton Papers, Inc. 8.125 06/15/11 250,000 250,000 257,500
Argo Tech Corporation 9.250 06/01/11 425,000 425,000 455,813
BCP Caylux Holding Lux SCA 9.625 06/15/14 550,000 551,719 594,000
Blockbuster, Inc. 9.000 09/01/12 150,000 150,000 155,625
Bombardier Capital, Inc. 6.125 06/29/06 500,000 513,001 495,950
Bombardier Capital, Inc. 6.300 05/01/14 500,000 440,315 431,819
Cablevision Systems Corporation 5.670 04/01/09 450,000 450,000 468,000
Cadmus Communications Corporation 8.375 06/15/14 350,000 350,000 377,125
Charter Communications Op LLC 8.000 04/30/12 500,000 498,750 498,750
Chesapeake Energy Corporation 7.000 08/15/14 150,000 150,000 158,625
Collins & Aikman Products Co. 12.875 08/24/12 150,000 144,661 138,375
GulfMark Offshore, Inc. 7.750 07/15/14 300,000 298,725 303,750
IMAX Corporation 9.625 12/01/10 250,000 250,000 249,375
Interactive Health LLC 7.250 04/01/11 500,000 407,016 430,000
Jostens I H Corporation 7.625 10/01/12 650,000 650,000 653,250
K 2, Inc. 7.375 07/01/14 150,000 150,000 159,000
M G M Mirage, Inc. 6.000 10/01/09 225,000 228,356 228,094
Metaldyne Corporation 10.000 11/01/13 340,000 342,188 316,200
North American Energy Partners 8.750 12/01/11 200,000 200,000 195,000
O E D Corp/Diamond Jo Company Guarantee 8.750 04/15/12 500,000 492,980 462,500
Pacific Energy Partners 7.125 06/15/14 250,000 245,635 270,625
Pinnacle Food Holding 8.250 12/01/13 225,000 225,000 212,062
Sheridan Acquisition Corporation 10.250 08/15/11 225,000 222,001 243,562
Siebe PLC 6.500 01/15/10 350,000 308,000 316,750
TCW Leveraged Income Trust, L.P. (B) 8.410 09/30/04 1,500,000 1,500,000 468,000
Tenet Healthcare Corporation 9.875 07/01/14 350,000 341,859 365,750
Warner Music Group 7.375 04/15/14 125,000 125,000 129,375
Wornick Co. 10.875 07/15/11 350,000 350,000 374,500
------------ ------------ ------------
TOTAL BONDS $ 11,065,000 10,914,798 10,085,876
============ ------------ ------------
CONVERTIBLE BONDS - 0.42%
Cymer, Inc. 3.500% 02/15/09 $ 450,000 $ 450,000 $ 444,937
------------ ------------ ------------
TOTAL CONVERTIBLE BONDS $ 450,000 450,000 444,937
============ ------------ ------------
CONVERTIBLE PREFERRED STOCK - 0.00%
D T Industries, Inc. (B) 10,000 $ 500,000 $ --
------------ ------------
TOTAL CONVERTIBLE PREFERRED STOCK 500,000 --
------------ ------------
WARRANTS - 0.00%
Winsloew Furniture, Inc. (B) 700 $ 7 $ 11
------------ ------------
TOTAL WARRANTS 7 11
------------ ------------
TOTAL RULE 144A SECURITIES 11,864,805 10,530,824
------------ ------------
TOTAL CORPORATE RESTRICTED SECURITIES $104,014,710 $ 94,814,510
------------ ------------
--------------------------------------------------------------------------------
22
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL PARTICIPATION INVESTORS
September 30, 2004
(Unaudited)
Interest Due Principal
CORPORATE PUBLIC SECURITIES - 22.20%: (A) Rate Date Amount Cost Market Value
---- ---- ------ ---- ------------
BONDS - 19.69%
A E P Industries, Inc. 9.875% 11/15/07 $ 150,000 $ 142,874 $ 152,812
Activant Solutions, Inc. 10.500 06/15/11 400,000 403,375 412,000
Aearo Co. 8.250 04/15/12 225,000 225,000 229,500
Airplanes Pass Thru Trust (B) 8.150 03/15/19 1,399,350 1,398,113 --
Allied Waste NA 7.375 04/15/14 500,000 487,500 481,250
American Media Operation, Inc. 8.875 01/15/11 475,000 475,735 492,812
Arrow Electronics, Inc. 7.000 01/15/07 500,000 529,320 534,811
C S C Holdings, Inc. 7.625 04/01/11 250,000 251,122 263,437
Cenveo Corporation 7.875 12/01/13 550,000 550,000 536,250
Chemed Corporation 8.750 02/24/11 600,000 600,000 618,000
Cincinnati Bell, Inc. 8.375 01/15/14 550,000 503,750 501,875
Collins & Aikman Products Co. 10.750 12/31/11 300,000 309,527 300,000
Del Monte Corporation 8.625 12/15/12 200,000 200,000 222,500
Dollar Financial Group 9.750 11/15/11 325,000 325,000 344,500
Dominos, Inc. 8.250 07/01/11 109,000 108,213 117,992
Electronic Data Systems Co. 7.125 10/15/09 500,000 506,555 537,070
Esterline Technologies 7.750 06/15/13 175,000 175,000 187,250
Flextronics International Ltd. 6.500 05/15/13 250,000 250,000 255,625
Ford Motor Credit Co. 5.800 01/12/09 500,000 499,070 518,246
G F S I, Inc. 9.625 03/01/07 375,000 335,792 362,813
Gencorp, Inc. 9.500 08/15/13 200,000 200,000 214,000
General Motors Acceptance Corporation 5.850 01/14/09 500,000 503,944 516,911
General Nutrition Center 8.500 12/01/10 425,000 435,938 434,563
Goodyear Tire & Rubber Co. 7.857 08/15/11 350,000 327,250 329,875
Hexcel Corporation 9.750 01/15/09 340,000 340,000 357,000
Houghton Mifflin Co. 9.875 02/01/13 500,000 528,583 525,000
Huntsman LLC 11.625 10/15/10 250,000 247,038 289,375
Intrawest Corporation 7.500 10/15/13 250,000 250,000 259,063
Koppers, Inc. 9.875 10/15/13 250,000 250,000 276,250
Leucadia National Corporation 7.000 08/15/13 350,000 357,432 348,250
Lodgenet Entertainment Corporation 9.500 06/15/13 375,000 375,000 408,750
Lyondell Chemical Co. 9.500 12/15/08 450,000 461,769 491,063
M S X International, Inc. 11.000 10/15/07 175,000 173,502 173,250
Majestic Star Casino LLC 9.500 10/15/10 250,000 250,000 255,000
Manitowoc Company, Inc. 7.125 11/01/13 100,000 100,000 105,750
Mediacom LLC 9.500 01/15/13 600,000 592,750 577,500
Nalco Co. 7.750 11/15/11 250,000 250,000 265,000
Neff Corporation 10.250 06/01/08 90,000 89,000 76,500
Nextel Communications Corporation 7.375 08/01/15 400,000 410,825 430,000
Northwest Airlines Corporation 8.970 01/02/15 711,425 711,425 448,496
Numatics, Inc. 9.625 04/01/08 375,000 376,932 337,500
Offshore Logistics, Inc. 6.125 06/15/13 350,000 350,000 355,250
Pliant Corporation 0.000 06/15/09 675,000 564,574 577,125
Quintiles Transnational Corporation 10.000 10/01/13 250,000 250,000 265,000
Rayovac Corporation 8.500 10/01/13 175,000 175,000 189,875
Rent-A-Center, Inc. 7.500 05/01/10 250,000 250,000 258,750
Rent-Way, Inc. 11.875 06/15/10 450,000 473,299 490,500
Rhodia SA 8.875 06/01/11 250,000 249,834 217,500
Rhodia SA 10.250 06/01/10 250,000 252,796 258,750
S P X Corporation 6.250 06/15/11 250,000 250,000 243,750
Service Corp International 6.000 12/15/05 21,000 21,119 21,578
Sports Club Co. 11.375 03/15/06 100,000 97,000 95,000
Tekni-Plex, Inc. 12.750 06/15/10 500,000 483,500 417,500
--------------------------------------------------------------------------------
23
Shares or
Interest Due Principal
CORPORATE PUBLIC SECURITIES (A) (CONTINUED) Rate Date Amount Cost Fair Value
---- ---- ------ ---- ------------
Telex Communications, Inc. 11.500% 10/15/08 $ 250,000 $ 250,000 $ 270,000
Tenet Healthcare Corporation 6.375 12/01/11 250,000 241,250 224,375
Triton P C S, Inc. 8.500 06/01/13 500,000 500,000 453,750
Tyco International Group SA 6.375 10/15/11 150,000 148,500 165,888
United Rentals, Inc. 7.750 11/15/13 325,000 325,000 304,688
Vicorp Restaurants Inc. 10.500 04/15/11 300,000 296,373 298,500
Von Hoffman Press, Inc. 10.250 03/15/09 175,000 184,357 194,250
Vought Aircraft Industries 8.000 07/15/11 650,000 649,482 624,000
Williams Scotsman, Inc. 9.875 06/01/07 250,000 246,250 239,375
Winsloew Furniture, Inc. 12.750 08/15/07 350,000 342,017 288,750
------------ ------------ ------------
TOTAL BONDS $ 22,245,775 22,107,685 20,641,993
============ ------------ ------------
COMMON STOCK - 2.00%
Convera Corporation (B) 21,050 $ 771,153 $ 77,675
D T Industries, Inc. (B) 89,438 584,047 268
Distributed Energy Systems 1 4,000 177,078 25,480
EOS International, Inc. (B) 39,375 438,156 4,725
H C I Direct, Inc. (B) 500 -- --
I T C/Deltacom, Inc. (B) 11,750 227,950 51,818
Rent-Way, Inc. (B) 46,432 458,123 318,059
Transmontaigne, Inc. (B) 277,771 909,179 1,616,627
------------ ------------
TOTAL COMMON STOCK 3,565,686 2,094,652
------------ ------------
CONVERTIBLE BONDS - 0.51%
Leucadia National Corporation 3.750% 04/15/14 $ 500,000 $ 500,000 $ 537,500
------------ ------------ ------------
TOTAL CONVERTIBLE BONDS $ 500,000 500,000 537,500
============ ------------ ------------
TOTAL CORPORATE PUBLIC SECURITIES $ 26,173,371 $ 23,274,145
------------ ------------
Interest Due Principal
SHORT-TERM SECURITIES: Rate/Yield Date Amount Cost Market Value
---------- ---- ------ ---- ------------
COMMERCIAL PAPER - 4.78%
Albertson's, Inc. 1.810% 10/06/04 $ 1,110,000 $ 1,109,721 $ 1,109,721
Carolina Power & Light Co. 1.851 10/07/04 300,000 299,908 299,908
Elsevier Finance S A 1.891 10/01/04 2,165,000 2,165,000 2,165,000
Pearson Holdings, Inc. 1.851 10/12/04 140,000 139,920 139,920
Textron Financial Corporation 1.800 10/04/04 1,300,000 1,299,805 1,299,805
------------ ------------ ------------
TOTAL SHORT-TERM SECURITIES $ 5,015,000 $ 5,014,354 $ 5,014,354
============ ------------ ------------
TOTAL INVESTMENTS 117.42% $135,202,435 123,103,009
============ ------------
Other Assets 5.26 5,515,513
Liabilities (22.68) (23,774,680)
------- ------------
Total Net Assets 100.00% $104,843,842
======= ============
(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.
--------------------------------------------------------------------------------
24
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL PARTICIPATION INVESTORS
September 30, 2004
(Unaudited)
Fair Value/ Fair Value/
INDUSTRY CLASSIFICATION: (Cont.) Market Value INDUSTRY CLASSIFICATION: (Cont.) Market Value
-------------- --------------
AEROSPACE - 2.62% BUILDINGS & REAL ESTATE - 5.45%
Argo Tech Corporation $ 455,813 A W C Holding Company $ 1,117,006
Esterline Technologies 187,250 Adorn, Inc. 1,182,364
Hexcel Corporation 357,000 Eagle Window & Door Holding Co. 1,666,030
Qualis Automotive LLC 1,124,061 Shelter Acquisition, Inc. 1,182,644
Vought Aircraft Industries 624,000 TruStile Doors, Inc. 569,278
-------------- --------------
2,748,124 5,717,322
-------------- --------------
AIRLINES - 0.43% CARGO TRANSPORT - 2.19%
Northwest Airlines Corporation 448,496 Kenan-Advantage Transport Company 1,307,414
-------------- Tidewater Holdings, Inc. 983,192
AUTOMOBILE - 7.57% --------------
America's Body Company, Inc./LCP 2,290,606
Holding Co. 1,312,500 --------------
Collins & Aikman Products Co. 438,375 CHEMICAL, PLASTICS
Gencorp, Inc. 214,000 & RUBBER - 2.58%
Goodyear Tire & Rubber Co. 329,875 Capital Specialty Plastics, Inc. 252
Jason, Inc. 832,922 Huntsman LLC 289,375
LIH Investors, L.P. 2,721,018 Koppers, Inc. 276,250
Metaldyne Corporation 316,200 Lyondell Chemical Co. 491,063
Nyloncraft, Inc. 1,768,712 Process Chemicals LLC --
-------------- Rhodia SA 476,250
7,933,602 Tomah Holdings, Inc. 1,170,748
-------------- --------------
BEVERAGE, DRUG & FOOD - 5.09% 2,703,938
Beta Brands Ltd. -- --------------
Cains Foods, L.P. 97,201 CONSUMER PRODUCTS - 8.32%
Del Monte Corporation 222,500 Appleton Papers, Inc. 257,500
Dominos, Inc. 117,992 Colibri Holdings Corporation 1,012,258
Eagle Pack Pet Foods, Inc. 560,804 Euro-Pro Corporation 1,135,650
Nonni's Food Company 1,159,735 G F S I, Inc. 362,813
Pinnacle Food Holding 212,062 H C I Direct, Inc. --
River Ranch Fresh Foods LLC 1,119,231 K 2, Inc. 159,000
Specialty Foods Group, Inc. 49,487 Maverick Acquisition Company 662,955
Vicorp Restaurants, Inc. 298,500 Neff Motivation, Inc. 76,500
Vitality Foodservice, Inc. 1,121,381 Rayovac Corporation 189,875
Wornick Co. 374,500 Royal Baths Manufacturing Company 562,781
-------------- Savage Sports Holdings, Inc. 1,102,678
5,333,393 The Tranzonic Companies 1,811,575
-------------- Walls Industries, Inc. 1,106,493
BROADCASTING & Winsloew Furniture, Inc. 288,761
ENTERTAINMENT - 2.84% --------------
C S C Holdings, Inc. 263,437 8,728,839
Cablevision Systems Corporation 468,000 --------------
Cenveo Corporation 536,250
Charter Communications Op LLc 498,750
Lodgenet Entertainment Corporation 408,750
Mediacom Communications Corporation 577,500
M G M Mirage, Inc. 228,094
--------------
2,980,781
--------------
--------------------------------------------------------------------------------
25
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL PARTICIPATION INVESTORS
September 30, 2004
(Unaudited)
Fair Value/ Fair Value/
INDUSTRY CLASSIFICATION: (Cont.) Market Value INDUSTRY CLASSIFICATION: (Cont.) Market Value
-------------- --------------
CONTAINERS, PACKAGING ELECTRONICS - 4.28%
& GLASS - 6.98% A E S Corporation $ 676,501
A E P Industries, Inc. $ 152,812 Arrow Electronics, Inc. 534,811
Paradigm Packaging, Inc. 1,288,125 Directed Electronics, Inc. 1,134,746
Pliant Corporation 577,125 Distributed Energy Systems 25,480
Selig Acquisition Corporation 1,368,793 Electronic Data Systems Co. 537,070
Snyder Industries, Inc. 2,328,066 Flextronics International Ltd. 255,625
Tekni-Plex, Inc. 417,500 Precision Dynamics, Inc. 1,010,586
Vitex Packaging, Inc. 1,185,496 Siebe PLC 316,750
-------------- --------------
7,317,917 4,491,569
-------------- --------------
DISTRIBUTION - 6.95% FARMING & AGRICULTURE - 0.00%
Corvest Group, Inc. 1,965,370 Polymer Technologies, Inc./Poli-Twine
G C-Sun Holdings L.P. 690,000 Western, Inc. --
Kele and Associates, Inc. 1,228,836 Protein Genetics, Inc. --
QualServ Corporation 1,131,606 --------------
Strategic Equip & Supply Corporation, Inc. 2,272,500 FINANCIAL SERVICES - 3.41%
-------------- Airplanes Pass Thru Trust --
7,288,312 BCP Caylux Holding Lux SCA 594,000
-------------- Dollar Financial Group 344,500
DIVERSIFIED/CONGLOMERATE, East River Ventures I, L.P. 6,821
MANUFACTURING - 5.38% Ford Motor Credit Co. 518,246
Activant Solutions, Inc. 412,000 General Motors Acceptance Corporation 516,911
Bombardier Capital, Inc. 927,769 Highgate Capital LLC 681
Coining of America LLC 1,107,316 Leucadia National Corporation 885,750
Dexter Magnetics Technologies, Inc. 523,694 TCW Leveraged Income Trust, L.P. 468,000
Evans Consoles, Inc. 301,500 Victory Ventures LLC 2
S P X Corporation 243,750 Williams Scotsman, Inc. 239,375
Tinnerman-Palnut Engineered Components 697,584 --------------
Tyco International Group SA 165,888 3,574,286
Wicor Americas, Inc. 1,262,807 --------------
-------------- HEALTHCARE, EDUCATION &
5,642,308 CHILDCARE - 4.65%
-------------- A T I Acquisition Company 1,119,912
DIVERSIFIED/CONGLOMERATE, American Hospice Management Holding LLC 1,284,765
SERVICE - 6.95% Interactive Health LLC 430,000
Allied Waste NA 481,250 MedAssist, Inc. 1,186,901
CapeSuccess LLC 2,512 Quintiles Transnational Corporation 265,000
Chemed Corporation 1,203,270 Tenet Healthcare Corporation 590,125
Diversco, Inc./DHI Holdings, Inc. 696,032 --------------
Dwyer Group, Inc. 1,291,909 4,876,703
Examination Management Services, Inc. -- --------------
Hamilton Funeral Services Centers, Inc. 220,803 HOME & OFFICE FURNISHINGS,
Lancaster Laboratories, Inc. 434,778 HOUSEWARES, AND DURABLE
Moss, Inc. 869,764 CONSUMER PRODUCTS - 4.55%
M S X International, Inc. 173,250 Home Decor Holding Company 1,128,148
Service Corp International 21,578 Hussey Seating Corporation 1,932,611
U S M Holdings Corporation 1,127,156 Sport Court International, Inc. 583,789
Washington Inventory Services, Inc. 759,675 U-Line Corporation 1,128,893
-------------- --------------
7,281,977 4,773,441
-------------- --------------
--------------------------------------------------------------------------------
26
CONSOLIDATED SCHEDULE OF INVESTMENTS (CONT.) MASSMUTUAL PARTICIPATION INVESTORS
September 30, 2004
(Unaudited)
Fair Value/ Fair Value/
INDUSTRY CLASSIFICATION: (Cont.) Market Value INDUSTRY CLASSIFICATION: (Cont.) Market Value
-------------- --------------
LEISURE, AMUSEMENT, PHARMACEUTICALS - 0.49%
ENTERTAINMENT - 2.25% Enzymatic Therapy, Inc. $ 509,066
IMAX Corporation $ 249,375 --------------
Intrawest Corporation 259,063 PUBLISHING/PRINTING - 2.37%
Keepsake Quilting, Inc. 999,866 American Media Operation, Inc. 492,812
Majestic Star Casino LLC 255,000 Cadmus Communications Corporation 377,125
O E D Corp/Diamond Jo Company Guarantee 462,500 Houghton Mifflin Co. 525,000
Warner Music Group 129,375 Jostens I H Corporation 653,250
-------------- Sheridan Acquisition Corporation 243,562
2,355,179 Von Hoffman Press, Inc. 194,250
-------------- --------------
MACHINERY - 12.79% 2,485,999
Aearo Co. 229,500 --------------
C & M Conveyor, Inc. 1,207,907 RETAIL STORES - 5.84%
D T Industries, Inc. 268 Blockbuster, Inc. 155,625
Integration Technology Systems, Inc. 950,164 EOS International, Inc. 4,725
Manitowoc Company, Inc. 105,750 General Nutrition Center 434,563
Maxon Corporation 1,471,941 Neff Corporation 627,680
NPC, Inc. 2,051,536 Olympic Sales, Inc. 1,870,050
Numatics, Inc. 337,500 P H I Holding Company 1,339,651
PW Eagle, Inc. 748,894 Rent-A-Center, Inc. 258,750
Safety Speed Cut Manufacturing Company, Inc. 1,869,412 Rent-Way, Inc. 808,559
Synventive Equity LLC 1,144,959 Sports Club Co. 95,000
Tronair, Inc. 1,749,277 TVI, Inc. 219,375
Tubular Textile Machinery 1,486,241 United Rentals, Inc. 304,688
Weasler Holdings LLC 51,428 --------------
-------------- 6,118,666
13,404,777 --------------
-------------- TECHNOLOGY - 0.71%
MEDICAL DEVICES/BIOTECH - 2.78% Convera Corporation 77,675
Beacon Medical Products, Inc. 1,128,826 Cymer, Inc. 444,937
Coeur, Inc. 648,497 Delstar Holding Corporation 220,944
E X C Acquisition Corporation 1,139,006 --------------
-------------- 743,556
2,916,329 --------------
-------------- TELECOMMUNICATIONS - 1.63%
MINING, STEEL, IRON Cincinnati Bell, Inc. 501,875
& NON PRECIOUS METALS - 0.05% I T C/Deltacom, Inc. 51,818
Better Minerals & Aggregates 54,525 Nextel Communications Corporation 430,000
-------------- Telex Communications, Inc. 270,000
OIL AND GAS - 3.24% Triton P C S, Inc. 453,750
Chesapeake Energy Corporation 158,625 --------------
GulfMark Offshore, Inc. 303,750 1,707,443
Mustang Ventures Company 496,624 --------------
North American Energy Partners 195,000 UTILITIES - 0.25%
Offshore Logistics, Inc. 355,250 Nalco Co. 265,000
Pacific Energy Partners 270,625 --------------
Transmontaigne, Inc. 1,616,627 Total Corporate Restricted
-------------- and Public Securities - 112.64% $ 118,088,655
3,396,501 ==============
--------------
--------------------------------------------------------------------------------
27
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 this evaluation have concluded that such disclosure
controls and procedures are effective to provide reasonable assurance that
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 has been no change 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 is
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/ Roger W. Crandall
---------------------------------------------
Roger W. Crandall, President
Date November 24, 2004
------------------------------------------------------------------
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/ Roger W. Crandall
---------------------------------------------
Roger W. Crandall, President
Date November 24, 2004
------------------------------------------------------------------
By (Signature and Title)* /s/ Charles C. McCobb, Jr.
---------------------------------------------
Charles C. McCobb, Jr., Vice President and
Chief Financial Officer
Date November 24, 2004
------------------------------------------------------------------
* PRINT THE NAME AND TITLE OF EACH SIGNING OFFICER UNDER HIS OR HER SIGNATURE.