Lehman Brothers Collection - Contemporary Business Archives

Harvard Business School Baker Library Historical Collections

Lehman Brothers Collection

Twentieth-Century Business Archives

MassMutual Corporate Investors Inc. - Lehman Brothers Collection

MassMutual Corporate Investors Inc.

List of Deals

MassMutual Corporate Investors was a closed-end investment trust created in 1972 in Massachusetts by the Massachusetts Mutual Life Insurance Company. The insurance company continued to serve as the investment advisor to the trust after it was created. Massachusetts Mutual was the tenth-largest life insurer in the United States, with assets in excess of $4 billion. This venture would be the first of its kind sponsored by an insurance company.

The trust had as its investment objective the goal of developing a portfolio of securities that would provide investors a fixed yield and at the same time the opportunity for capital profits. In seeking to attain these objectives, the trust expected to invest primarily in long-term debt obligations and occasionally in preferred stocks with equity features, such as common stock conversion privileges.

During August 1971 the trust went public with an initial public offering of stock at $15 per share in a deal that was valued at approximately $100 million. The deal was managed by Lehman Brothers.

The trust began operations on September 1, 1971, and within four months it had completed eight loans totaling $19.6 million.

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