Board of Trustees Meeting
Springfield -- 04/11/2003 --
The Board of Trustees of MassMutual Corporate Investors (the "Trust") met today. The Trust also conducted its Annual Meeting of Shareholders. The Trustees declared a dividend of 36 cents per share payable on May 15, 2003 to shareholders of record on May 2, 2003. The Trust paid a 36 cents per share dividend in the preceding quarter.
The Trustees approved the Trust's net assets value as of March 31, 2003, of $180,197,951 or $20.39 per share based on 8,836,464 shares outstanding.
The Trust also announced that Roger W. Crandall will succeed Robert E. Joyal as President of the Trust. At the Trust's Annual Meeting of Shareholders, Mr. Joyal announced that he is retiring as President of the Trust, effective Monday, April 14, 2003. Mr. Crandall is currently the head of the Corporate Securities Group where he oversees all corporate credit related investments, including public and private bonds, bank loans, mezzanine and private equity investments, as well as structured credit products, for David L. Babson & Company Inc. ("Babson"), the Trust's investment adviser. Prior to his tenure with Babson, Mr. Crandall was responsible for the management of several portfolios and headed the structured product development area for Massachusetts Mutual Life Insurance Company, Babson's parent company.
At the Annual Meeting of Shareholders held today, the Trust's shareholders re-elected two of its trustees, elected a new trustee, appointed Deloitte & Touche LLP as auditors and approved the continuance of the Babson's Investment Services Contract.
The Trust's shareholders re-elected Martin T. Hart and Stuart H. Reese for three-year terms as trustees. The shareholders also elected Robert E. Joyal as a new trustee for a one-year term. He succeeds Richard G. Dooley, who retired from the Trust's Board of Trustees. Mr. Joyal is Babson's President and, until Mr. Crandall assumes his duties, is President of the Trust.
About MassMutual Corporate Investors
MassMutual Corporate Investors is a closed-end management investment company advised by Babson Capital Management LLC. Its shares are traded on the New York Stock Exchange under the trading symbol ("MCI").
Per share amounts are rounded to the nearest cent.
Cautionary Notice: Certain statements contained in this press release may be "forward looking" statements within the meaning of the Private Securities Litigation Act of 1995. These statements are not guarantees of future performance and actual results may differ materially from those forecasted.