Senate Bill, No. 28

Enclosed please find the twenty-eighth Report of the Massachusetts Capital Resource Company as required by Section 20 of Chapter 816 of the Acts of 1977.

REPORT OF THE MASSACHUSETTS CAPITAL RESOURCE COMPANY
PURSUANT TO SECTION 20 OF CHAPTER 816 OF THE ACTS OF 1977

This report of the Massachusetts Capital Resource Company (the "MCRC") is filed with the Clerk of the Senate pursuant to Section 20 of Chapter 816 of the Acts and Resolves of the General Court of Massachusetts for 1977 (the "Act") and is being filed for the taxable year for domestic life insurance companies ended December 31, 2004.

1. Aggregate Cumulative Investment. MCRC was organized as a limited partnership in accordance with the provisions of the Act in December of 1977 and, as required, was originally funded by capital contributions aggregating $20 million. In accordance with the Act and Partnership Agreement, additional contributions to the capital of MCRC of $20 million were made in December of 1978, December of 1979, December of 1980 and December of 1981. As of December 31, 2004 the aggregate cumulative investment of the Partners was $100 million.

2. Qualified Investments. Aggregate qualified investments of the MCRC actually made as of December 31, 2004 totaled $503,271,756. A detailed list of investments made is set forth in Appendix A.

3. Employment Considerations. MCRC expects that its aggregate investment activities as of December 31, 2004 will permit eligible companies to create 11,486 positions in the Commonwealth and preserve 5,470 existing jobs. A detailed analysis is presented in Appendix A.

By:_______________________________________________
William J. Torpey, Jr., President
March 1, 2005

Report of the
MASSACHUSETTS CAPITAL RESOURCE COMPANY
PURSUANT TO SECTION 12 OF CHAPTER 816
OF THE ACTS OF 1977
As of December 31, 2004

Appendix A

	Investment	Jobs	Jobs	Total
Company/Location	Amount	Maintained	Created	Jobs

Adams Print Works, Inc	$200,000	14	0	14
Adams

Adams Russell Co., Inc.	5,000,000	0	5	5
Waltham

Adcole Corporation	1,000,000	0	10	10
Marlborough

ADE Corporation	1,750,000	0	50	50
Newton

Adden Furniture	1,750,000	22	12	34
Lowell

Advantage Systems, Inc.	1,000,000	0	25	25
Marlborough

Aeonic Systems	1,000,000	0	45	45
Billerica

Agromarine Industries, Inc.	350,000	0	67	67
d/b/a Bluewater Seafood Corp.
New Bedford

All Seasons Services	1,833,056	24	23	47
No. Quincy

Alpha Software Corporation	1,250,000	0	96	96
Burlington

Alternate Circuit Technology	500,000	0	100	100
Haverhill

Amicon Corporation	2,000,000	0	24	24
Lexington

Analytical Systems	5,000,000	93	75	168
Engineering Corp.
Burlington

Appex Lunayach Systems	1,450,006	0	29	29
Waltham

Aqualine Resources, Inc.	1,500,000	0	23	23
Waltham

Arley Corporation	4,995,675	27	3	30
Taunton

Armatron International	5,000,000	0	97	97
Melrose

Artel Video Systems, Inc.	2,302,168	0	14	14
Marlborough

Aspen Technology, Inc.	4,500,000	0	59	59
Cambridge

Autographix, Inc.	2,400,001	0	58	58
Waltham

Baird Corporation	1,579,985	0	159	159
Bedford

L.G. Balfour Company	3,000,000	0	331	331
North Attleboro

Banyan Systems Corp.	2,500,005	0	74	74
Westboro

Barnes Worsteds, Inc.	150,000	42	6	48
Kingston

Basic Health Management, Inc.	150,000	0	12	12
Boston

Rudolph Beaver Company	1,500,000	0	55	55
Waltham

Berkshire Corporation	1,700,000	0	36	36
Great Barrington

Biodevelopment Labs	1,000,000	38	0	38
Cambridge

BioFertec, LTD (Medelle)	1,100,250	0	10	10
Cambridge

Bitstream Inc.	1,350,100	0	53	53
Cambridge

BIW Cable Systems	2,500,000	250	0	250
Boston

Boston Copico, Inc.	1,350,000	0	14	14
Canton

Braxton Electronics	150,000	14	0	14
Chicopee

BTU Engineering Corporation	1,523,725	88	0	88
Billerica

Burt Printing Co., Inc.	300,000	55	0	55
Chicopee

Business Research Corp.	1,000,000	0	12	12
Boston

Butcher Polish Co.	4,750,000	0	50	50
Marlboro

Butler Automatic, Inc.	3,000,000	0	112	112
Canton

Buxton, Inc.	6,134,091	197	0	197
Agawam

Cadec Systems, Inc.	437,938	0	8	8
Littleton

Candela Laser Corp.	4,707,600	0	41	41
Wayland

Carlisle Group Instruments, Inc.	312,500	0	0	0
Waltham

John R. Casey, Inc.	500,000	15	0	15
Cambridge

Catamount Manufacturing	1,500,000	0	21	21
Orange

Charles River Media	166,667	0	0	0
Rockland

ChemDesign Corporation	5,338,366	0	80	80
Fitchburg

Civigenics, Inc.	2,173,713	0	101	101
Westboro

Clarity Imaging Technologies	166,667	0	7	7
Woburn

Clean Harbors, Inc.	5,000,000	0	30	30
Quincy

Clearpoint Inc.	1,000,000	0	42	42
Hopkinton

Coca-Cola Bottling Company	1,000,000	0	37	37
of Northampton
Northampton

Color-Tex International	4,000,000	32	0	32
South Boston

Commodore Foods, Inc.	600,000	0	62	62
Lowell

Communications General Corp.	200,001	7	0	7
Acton

Community Care Systems	2,000,007	0	84	84
Boston

Computer Corporation of America	1,500,000	0	69	69
Cambridge

Computer-Link Corporation	342,000	0	20	20
Burlington



Connective Commerce Inc.	125,000	0	0	0
Pittsfield

Conversion Devices, Inc.	600,000	0	63	63
Brockton

Coppus Engineering Corp.	6,187,500	0	102	102
Worcester

COREX Technologies, Corp.	1,500,000	0	11	11
Cambridge

Course Technology	750,000	0	11	11
Cambridge

Cranbarry Incorporated	1,000,000	19	0	19
East Boston

Creative Packaging, Inc.	2,500,000	0	65	65
Worcester

Crosby Vandenburgh Group	1,100,000	0	0	0
Boston

Crystal Systems, Inc.	622,808	0	34	34
Salem

C.S. Pierce Companies	1,000,000	0	25	25
Brockton

Custom Silicon, Inc.	500,000	0	20	20
Lowell

CyTerra Corp	1,500,000	0	70	70
Waltham

Datamarine International, Inc.	1,800,000	0	34	34
Pocasset

Data-Signal Corporation	100,000	6	13	19
Watertown

Data Terminal Systems, Inc.	4,000,000	0	82	82
Maynard

DBS, Inc.	4,019,669	300	0	300
d/b/a Farrington Business
systems, Inc.
Randolph

Design Components	350,000	0	0	0
Medfield

Diagnostic Aids Co., Inc.	325,000	0	8	8
North Billerica

Diano Corporation	275,000	34	0	34
Woburn

Dorman-Bogdonoff Corporation	650,000	24	24	48
Andover

Electronic Designs, Inc.	1,500,000	0	21	21
Hopkinton

Emulogic, Inc.	681,716	0	53	53
Westwood

Epsco, Inc.	3,500,000	33	63	96
Westwood

Essense Systems, Inc.	2,303,315	0	128	128
Peabody

EtchLogic	166,667	0	0	0
Boston

E-Travel	2,127,548	0	65	65
Concord

EuroGauging Corp	1,885,000	0	18	18
Billerica

EXA Corporation	1,185,000	0	38	38
Cambridge

Exergen Corporation	900,000	0	25	25
Newton

Extraction Systems, Inc.	3,000,000	0	20	20
Franklin

Extrude Hone Corporation	4,000,000	124	0	124
Woburn

FastChannel Network, Inc..	3,500,000	0	113	113
Needham

FASTech Integration, Inc.	2,000,000	0	59	59
Lincoln

Fetco International, Inc.	2,750,000	0	45	45
Randolph

Fiberspar & Tube Corporation	833,341	0	40	40
West Wareham

Fire Control Instruments	2,158,103	62	10	72
Newton

First Security Services Corp.	400,000	0	360	360
Boston

Fitcorp Healthcare Centers, Inc.	2,000,000	0	63	63
Boston

Fletcher Granite	2,100,000	44	0	44
Chelmsford

FormaTech, Inc.	166,667	0	0	0
Lowell

Foster Medical	2,540,000	46	0	46
Dedham

Foster-Miller Associates, Inc.	4,750,000	0	147	147
Waltham

Fruit Salad, Inc.	500,000	0	50	50
Lawrence

Garlock Printing Corp.	1,000,000	0	17	17
Gardner

Gamera BioScience	29,440	0	0	0
Cambridge

Gem Group, The	5,500,000	0	80	80
Danvers

Louis M. Gerson Co., Inc.	2,100,000	0	55	55
Middleboro

Genzyme Corporation	118,345	0	0	0
Cambridge


Genzyme Transgenics	189,042	0	0	0
Framingham

GlobalWare Solutions, Inc.	4,000,000	25	0	25
Haverhill

The Gloucester Corporation	300,000	0	63	63
Lynn

Haskon, Inc.	1,500,000	429	0	429
Taunton

Heffernan Press, Inc.	250,000	145	0	145
Worcester

Henco Software, Inc.	1,000,000	0	80	80
Waltham

Herzog-Hart Group	600,000	24	20	44
Boston

Hologic	1,000,000	0	42	42
Waltham

Homemaker Industries, Inc.	3,500,000	12	0	12
Brockton

Hyannis Harbor Tours, Inc.	4,200,000	0	20	20
Hyannis

iKnowMed	5,500	0	0	0
Sudbury

Independent Cable	1,000,000	0	18	18
Hudson

Infocom, Inc.	2,000,000	0	0	0
Cambridge

Input Output Computer	1,450,000	0	185	185
Services, Inc.
Waltham


Instron Corporation	4,000,000	0	19	19
Canton

INSYTE	300,000	0	12	12
Newton

Intelco Corporation	1,000,000	0	32	32
Acton

Interactive Images	550,000	0	13	13
Woburn

Interactive Management Systems, Inc.	449,833	0	0	0
Belmont

Interactive Training Systems, Inc.	2,100,000	0	55	55
Cambridge

Intermetrics, Inc.	1,000,000	0	151	151
Cambridge

International Health Specialists	2,000,000	0	215	215
Newton

International Power Devices, Inc.	2,000,000	0	154	154
Allston

Internet Securities	1,526,250	0	45	45
Boston

Jasco Aluminum Products, Inc.	200,000	100	0	100
Peabody

J & S Caterers, Inc.	125,000	80	0	80
Boston

Joan and David, Inc.	5,500,000	36	15	51
Everett

Jones and Bartlett Publishers	2,375,000	0	30	30
Boston

Kaye Instruments, Inc.	2,575,000	0	118	118
Bedford

Kervick Enterprises, Inc.	2,500,000	0	52	52
Worcester & Springfield

Keydata Corporation	1,000,000	0	59	59
Watertown

KeyTek Instruments	1,000,000	0	77	77
Burlington

Kinefac Corporation	1,050,000	0	20	20
Worcester

Kybe Corporation	1,000,000	31	7	38
Waltham

Laserdata	1,073,000	0	14	14
Tyngsboro

Liant Software Corporation	2,300,000	0	78	78
Framingham

Lightbridge, Inc.	2,750,000	0	223	223
Waltham

Linius Technologies Inc.	1,717,729	14	0	14
Westborough

Liquid Metronics, Inc.	750,000	0	34	34
Acton

LSE Corporation	450,000	42	0	42
Woburn

Ludlow Textiles Co., Inc.	600,000	60	27	87
Ludlow

Lund International Corp.	2,050,000	0	27	27
Hudson

Mac-Gray	4,000,000	22	0	22
Cambridge

Malden Mills, Inc.	4,000,000	0	200	200
Lawrence

Marine Optical, Inc.	2,393,548	0	28	28
Easton

Marian Heath Co	1,800,000	23	0	23
Wareham

Market Forge Company	350,000	134	0	134
Everett

L.E. Mason	2,562,500	0	24	24
Hyde Park

MATEC Corporation	2,000,000	0	14	14
Hopkinton

MediaCom Corporation	1,584,035	0	41	41
Bedford

Medimaging Technology	3,000,000	0	10	10
Wilmington

Metritape, Inc.	422,000	0	48	48
Concord

MicroCal Scientific	3,750,000	12	0	12
Northampton

Microcom, Inc.	750,002	0	45	45
Norwood

Microwave Device Technologies	133,333	0	1	1
Westford

Microwave Logic	812,000	0	25	25
Chelmsford

Miller Golf, Inc.	300,000	12	3	15
Randolph

Millitech Corporation	2,150,000	0	35	35
So. Deerfield

MPM Corporation	2,000,000	0	41	41
Franklin

Multisystems, Inc.	500,000	0	40	40
Cambridge

National Mentor, Inc.	600,000	0	25	25
Boston

New England Mackintosh	1,260,000	224	44	268
Brockton

New Media Graphics	1,277,516	41	137	178
Billerica

Newton Foods, Inc.	750,000	0	15	15
Canton and Taunton

W.H. Nichols Company	4,000,000	0	144	144
Waltham

Northeast Energy Services	4,012,000	0	23	23
Framingham

North Shore Weeklies	3,740,534	85	53	138
Ipswich

Northstar Industries Inc.	1,000,000	0	15	15
Metheun

Nypro, Inc.	2,000,000	0	205	205
Clinton

Office Unlimited, Inc.	1,000,000	0	41	41
Boston

Optical Corp. of America	2,550,000	55	0	55
Marlborough

Optical Publishing Co., Inc.	100,000	0	15	15
Pittsfield

Optronics International Inc.	750,000	0	73	73
Chelmsford

Organizational Dynamics, Inc.	5,500,000	0	26	26
Burlington

Orion Research Incorporated	2,000,000	0	190	190
Cambridge

Pagg Corporation	4,000,000	0	76	76
Hopedale

Parks Corporation	1,900,000	0	30	30
Somerset

Pathway Designs	800,004	0	36	36
Wellesley

John I. Paulding Co.	600,000	92	18	110
New Bedford

PCI Group, Inc.	2,000,000	81	0	81
New Bedford

PCI Services, Inc	3,000,000	0	61	61
Boston

Pencept, Inc.	500,869	0	21	21
Waltham

Perception Tehnology, Inc.	400,000	0	32	32
Canton

Peritus Software Services	1,750,002	0	16	16
Billerica

Charles A. Perkins	800,000	0	0	0
Lancaster

Phoenix Controls Corporation	750,000	0	21	21
Newton

Physical Sciences, Inc.	1,000,000	0	24	24
Andover

Pilot Software, Inc.	1,225,000	0	20	20
Boston

Pixley Richards, Inc.	3,650,000	157	38	195
Plymouth


Polar Corp.	10,000,000	30	105	135
Worcester

Powell Advertising and Design	100,000	0	0	0
Boston

Precast Specialties Corp	112,500	0	0	0
Abington

Precision Robots, Inc.	2,000,000	0	47	47
Billerica

Production Assistants	50,000	8	7	15
Waltham

Professional Development Group, Inc.	1,134,366	0	25	25
Framingham

Project Software & Development	2,000,000	0	70	70
Cambridge

Protocare, Inc.	1,184,326	0	16	16
Waltham

P&W Railroad	5,000,000	0	23	23
Worcester

Quabbin Industries, Inc.	200,000	25	0	25
Chicopee

Rapid Processing Co., Inc.	500,000	0	6	6
Haverhill

Research Plastics, Inc.	250,000	0	12	12
Salem

Remediation Technologies, Inc.	5,500,000	0	32	32
Concord

Repromedix/MBDC	125,000	0	0	0
Boston

Rex Cut Products, Inc.	400,000	39	9	48
Fall River

Rising Paper Company	500,000	0	10	10
Housatonic

Roll Systems, Inc.	4,002,000	0	35	35
Burlington

Royal Institutional Services, Inc.	2,000,000	0	114	114
Somerville/Worcester

Sanitoy, Inc.	1,000,000	0	46	46
Fitchburg

Scott & Duncan	335,000	32	0	32
Boston

Seaman Paper Company	2,500,000	336	25	361
Otter River

Security Source, Inc.	166,667	0	0	0
Peabody

Semicon, Inc.	1,000,000	0	182	182
Burlington

Sensarray Corporation	83,333	0	1	1
Burlington

Signal Technology	1,625,000	0	119	119
Weymouth

Silver Oak Solutions, Inc.	1,500,000	35	15	50
Boston

Simonds Cutting Tools	7,300,000	258	35	293
Fitchburg

Sinicon Plastics	100,000	12	0	12
Pittsfield

Sippican, Inc.	10,000,000	208	34	242
Marion

Solar-X Corporation	350,000	50	0	50
Newton

Southworth Company	8,412,500	0	109	109
West Springfield

Spire Corporation	3,000,000	0	45	45
Bedford

Springboard Technology	714,286	0	7	7
Springfield

Steinbrecher Corporation	1,000,000	0	62	62
Woburn

Sterlingwale Corporation	1,000,000	97	40	137
Fall River

Steven Paper Mills, Inc.	250,000	173	30	203
Westfield

Stull & Lee	150,000	0	21	21
Boston

T.B. Sugrue, Inc.	300,000	38	0	38
Belchertown

Paul Sullivan Tennis Sportsware, Inc.	300,000	0	64	64
Methuen

TACC International Corp.	5,000,000	0	29	29
Rockland

Tad Technical Services Corp.	2,000,000	0	150	150
Cambridge

Taunton Silversmiths	640,000	3	0	3
Taunton

Tech Pak, Inc.	2,750,000	0	15	15
Peabody

Telechron, Inc.	500,000	103	29	132
Ashland

Thermo Cardiosystems, Inc.	3,000,000	0	35	35
Waltham

Thermo Electron Corporation	10,000,000	0	300	300
Waltham

Town & Country Jewelry Mfg. Corp.	4,000,000	0	100	100
Chelsea

Trina, Inc.	2,196,574	68	10	78
Fall River

Tripod, Inc.	499,992	0	11	11
Williamstown

United Medical Systems, Inc.	3,000,000	55	10	65
Westborough

United Technical Product, Inc.	600,000	5	0	5
Canton

Universal Industries	2,015,000	94	0	94
Mattapoisett

Unnico Service Company	5,000,000	0	14	14
Boston

Valkyrie Company, Inc.	1,000,000	0	66	66
Worcester

Vested Development, Inc	1,500,000	0	11	11
Woburn

Vicor Corp.	500,000	0	26	26
Andover

Visual Technology, Inc.	5,000,000	0	46	46
Andover

Vivid, Inc.	1,050,875	0	48	48
Waltham

VoiceTek Corporation	3,000,000	0	79	79
Chelmsford

Waltham Grinding Wheels, Inc.	500,000	28	27	55
Westfield

Wang Laboratories, Inc.	5,000,000	0	380	380
Lowell

B.T. Wagner	200,000	0	0	0
Stockbridge

W.A. Wilde Company	1,750,000	30	51	81
Holliston

Warren Pump, Inc.	3,000,000	80	0	80
Warren

Webster Spring Co., Inc.	3,500,000	0	82	82
Oxford

Whitesmiths, Ltd.	250,000	4	6	10
Concord

E.T. Wright	1,750,000	113	0	113
Rockland

wTe Corporation	2,000,000	0	39	39
Bedford

Xylogics, Inc.	1,000,000	0	26	26
Burlington

Zaiq Technologies, Inc.	4,250,000	0	179	179
Woburn

Z Corporation	4,000,000	0	81	81
Burlington

Z-Med Inc.	2,250,000	0	15	15
Ashland

Zoll Medical Corporation	1,000,000	0	43	43
Woburn

	$503,271,756	5,470	11,486	16,956

SENATE, No. 28

The Commonwealth of Massachusetts

In the Year Two Thousand and Five.

REPORT OF THE
MASSACHUSETTS CAPITAL RESOURCE COMPANY
SUBMITTING ITS TWENTY-EIGHTH ANNUAL REPORT

REPORT OF THE MASSACHUSETTS CAPITAL RESOURCE COMPANY
PURSUANT TO SECTION 20 OF CHAPTER 816 OF THE ACTS OF 1977

SENATE, No. 28

The Commonwealth of Massachusetts

In the Year Two Thousand and Five.

REPORT OF THE MASSACHUSETTS CAPITAL RESOURCE COMPANY SUBMITTING ITS TWENTY-EIGHTH ANNUAL REPORT

REPORT OF THE MASSACHUSETTS CAPITAL RESOURCE COMPANY PURSUANT TO SECTION 20 OF CHAPTER 816 OF THE ACTS OF 1977

REPORT OF THE
MASSACHUSETTS CAPITAL RESOURCE COMPANY
SUBMITTING ITS TWENTY-EIGHTH ANNUAL REPORT

REPORT OF THE MASSACHUSETTS CAPITAL RESOURCE COMPANY
PURSUANT TO SECTION 20 OF CHAPTER 816 OF THE ACTS OF 1977