-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 QtSgsr2MYgzE66X+cQJxR8ggQ+n7RT9tUDE3WG4Sgd3QA9kwLAUIlbmB2gc2qDnI
 2Ch0dXYWFC9IkEZfb57Xng==

<SEC-DOCUMENT>0001072613-03-000360.txt : 20030228
<SEC-HEADER>0001072613-03-000360.hdr.sgml : 20030228
<ACCEPTANCE-DATETIME>20030228111120
ACCESSION NUMBER:		0001072613-03-000360
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20021231
FILED AS OF DATE:		20030228
EFFECTIVENESS DATE:		20030228

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MASSMUTUAL PARTICIPATION INVESTORS
		CENTRAL INDEX KEY:			0000831655
		IRS NUMBER:				043025730
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		NSAR-B
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05531
		FILM NUMBER:		03585062

	BUSINESS ADDRESS:	
		STREET 1:		1295 STATE STREET
		CITY:			SPRINGFIELD
		STATE:			MA
		ZIP:			01111
		BUSINESS PHONE:		4137446118

	MAIL ADDRESS:	
		STREET 1:		1295 STATE STREET
		CITY:			SPRINGFIELD
		STATE:			MA
		ZIP:			01111

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MASSMUTUAL CORPORATE INVESTORS II
		DATE OF NAME CHANGE:	19880417
</SEC-HEADER>
<DOCUMENT>
<TYPE>NSAR-B
<SEQUENCE>1
<FILENAME>answer.fil
<DESCRIPTION>MASSMUTUAL PARTICIPATION INVESTORS NSAR-B
<TEXT>
<PAGE>      PAGE  1
000 B000000 12/31/2002
000 C000000 0000831655
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 MASSMUTUAL PARTICIPATION INVESTORS
001 B000000 811-5531
001 C000000 4132261000
002 A000000 1500 MAIN STREET, SUITE 1100
002 B000000 SPRINGFIELD
002 C000000 MA
002 D010000 01115
002 D020000 0001
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 N
007 B000000  0
007 C010100  1
007 C010200  2
007 C010300  3
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A000001 DAVID L. BABSON & COMPANY INC.
008 B000001 A
008 C000001 801-241
008 D010001 SPRINGFIELD
008 D020001 MA
008 D030001 01115
008 D040001 0001
012 A000001 SHAREHOLDER FINANCIAL SERVICES, INC.
012 B000001 84-1817
012 C010001 DENVER
012 C020001 CO
012 C030001 80231
013 A000001 DELOITTE & TOUCHE LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10281
013 B040001 1414
015 A000001 CITIBANK, N.A.
<PAGE>      PAGE  2
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 10043
015 E010001 X
015 A000002 DELETE
018  000000 Y
019 A000000 Y
019 B000000    2
019 C000000 CIPIINVEST
020 A000001 ALLEN & COMPANY INCORPORATED
020 B000001 13-6176976
020 C000001      3
020 A000002 CIBC OPPENHEIMER
020 B000002 13-2798343
020 C000002      2
020 A000003 SALOMON SMITH BARNEY HOLD INC.
020 B000003 11-2418191
020 C000003      1
020 A000004 GOLDMAN, SACHS & CO.
020 B000004 13-5108880
020 C000004      1
020 A000005 DUNLEVY & CO., INC.
020 B000005 13-2919975
020 C000005      0
020 A000006 FIRST BOSTON CORP.
020 B000006 13-5659485
020 C000006      0
020 A000007 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
020 B000007 13-5674085
020 C000007      0
020 A000008 TP WEISEL
020 C000008      0
020 C000009      0
020 C000010      0
021  000000        7
022 A000001 MERRILL, LYNCH, PIERCE, FENNER & SMITH INC.
022 B000001 13-5674085
022 C000001    108346
022 D000001      3096
022 A000002 GOLDMAN, SACHS & CO.
022 B000002 13-5108880
022 C000002     94119
022 D000002      3580
022 A000003 JP MORGAN CHASE
022 B000003 13-4994650
022 C000003     47406
022 D000003         0
022 A000004 FIRST BOSTON CORP.
022 B000004 13-5659485
022 C000004      9134
<PAGE>      PAGE  3
022 D000004       161
022 A000005 FIRST CHICAGO CAPITAL MARKET
022 B000005 36-3593942
022 C000005      8362
022 D000005         0
022 A000006 SALOMON SMITH BARNEY HOLD INC.
022 B000006 11-2418191
022 C000006      2428
022 D000006      1173
022 A000007 MORGAN STANLEY DEAN WITTER & CO.
022 B000007 13-2655998
022 C000007      1576
022 D000007       861
022 A000008 BNP PARIBAS
022 C000008         0
022 D000008      2294
022 A000009 SHEARSON LEHMAN AMER EXP
022 C000009      2240
022 D000009         0
022 A000010 HKW & COMPANY
022 C000010      1500
022 D000010         0
023 C000000     367737
023 D000000      36138
024  000000 N
025 D000001       0
025 D000002       0
025 D000003       0
025 D000004       0
025 D000005       0
025 D000006       0
025 D000007       0
025 D000008       0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027  000000 N
028 A010000         0
028 A020000         0
028 A030000         0
028 A040000         0
028 B010000         0
028 B020000         0
028 B030000         0
028 B040000         0
<PAGE>      PAGE  4
028 C010000         0
028 C020000         0
028 C030000         0
028 C040000         0
028 D010000         0
028 D020000         0
028 D030000         0
028 D040000         0
028 E010000         0
028 E020000         0
028 E030000         0
028 E040000         0
028 F010000         0
028 F020000         0
028 F030000         0
028 F040000         0
028 G010000         0
028 G020000         0
028 G030000         0
028 G040000         0
028 H000000         0
030 A000000      0
030 B000000  0.00
030 C000000  0.00
031 A000000      0
031 B000000      0
032  000000      0
033  000000      0
035  000000      0
036 B000000      0
038  000000      0
042 A000000   0
042 B000000   0
042 C000000   0
042 D000000   0
042 E000000   0
042 F000000   0
042 G000000   0
042 H000000   0
043  000000      0
044  000000      0
045  000000 Y
046  000000 N
047  000000 Y
048  000000  0.900
048 A010000        0
048 A020000 0.000
048 B010000        0
048 B020000 0.000
048 C010000        0
048 C020000 0.000
<PAGE>      PAGE  5
048 D010000        0
048 D020000 0.000
048 E010000        0
048 E020000 0.000
048 F010000        0
048 F020000 0.000
048 G010000        0
048 G020000 0.000
048 H010000        0
048 H020000 0.000
048 I010000        0
048 I020000 0.000
048 J010000        0
048 J020000 0.000
048 K010000        0
048 K020000 0.000
049  000000 N
050  000000 N
051  000000 N
052  000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 Y
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 Y
055 A000000 Y
055 B000000 Y
056  000000 Y
057  000000 N
058 A000000 N
059  000000 Y
060 A000000 Y
060 B000000 Y
061  000000        0
062 A000000 Y
062 B000000   0.0
062 C000000   0.0
062 D000000   0.0
062 E000000   0.0
062 F000000   0.0
<PAGE>      PAGE  6
062 G000000   0.0
062 H000000   0.0
062 I000000   9.3
062 J000000   0.0
062 K000000   0.0
062 L000000   0.0
062 M000000   0.0
062 N000000   0.0
062 O000000   0.0
062 P000000  94.1
062 Q000000   0.0
062 R000000  22.5
063 A000000   0
063 B000000  5.2
064 A000000 Y
064 B000000 Y
065  000000 N
066 A000000 Y
066 B000000 N
066 C000000 N
066 D000000 N
066 E000000 N
066 F000000 N
066 G000000 Y
067  000000 N
068 A000000 N
068 B000000 N
069  000000 N
070 A010000 Y
070 A020000 N
070 B010000 N
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 N
070 K020000 N
070 L010000 Y
<PAGE>      PAGE  7
070 L020000 N
070 M010000 N
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 Y
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000     36071
071 B000000     38466
071 C000000    102140
071 D000000   35
072 A000000 12
072 B000000    10108
072 C000000      205
072 D000000        0
072 E000000        0
072 F000000      794
072 G000000        0
072 H000000        0
072 I000000       24
072 J000000       20
072 K000000        0
072 L000000       93
072 M000000       82
072 N000000        0
072 O000000        0
072 P000000      944
072 Q000000        0
072 R000000       41
072 S000000       54
072 T000000        0
072 U000000        0
072 V000000        0
072 W000000        5
072 X000000     2057
072 Y000000        0
072 Z000000     8257
072AA000000     5731
072BB000000     7352
072CC010000        0
072CC020000     1702
072DD010000     8163
072DD020000        0
072EE000000        0
073 A010000   0.8600
<PAGE>      PAGE  8
073 A020000   0.0000
073 B000000   0.0000
073 C000000   0.0000
074 A000000      580
074 B000000        0
074 C000000     7757
074 D000000    78638
074 E000000     3850
074 F000000     9510
074 G000000        0
074 H000000        0
074 I000000     5455
074 J000000      637
074 K000000        0
074 L000000     1890
074 M000000        0
074 N000000   108318
074 O000000        0
074 P000000      189
074 Q000000    22500
074 R010000        0
074 R020000        0
074 R030000        0
074 R040000     2042
074 S000000        0
074 T000000    83587
074 U010000  9521055
074 U020000        0
074 V010000     8.78
074 V020000     0.00
074 W000000   0.0000
074 X000000      871
074 Y000000        0
075 A000000        0
075 B000000    87615
076  000000     9.40
077 A000000 Y
077 B000000 Y
077 E000000 Y
077 Q010000 N
077 Q020000 Y
077 Q030000 Y
078  000000 N
080 A000000 NEW HAMPSHIRE INSURANCE COMPANY
080 B000000 NONE
080 C000000     1200
081 A000000 Y
081 B000000   1
082 A000000 N
082 B000000        0
083 A000000 N
<PAGE>      PAGE  9
083 B000000        0
084 A000000 N
084 B000000        0
085 A000000 Y
085 B000000 N
086 A010000     76
086 A020000    724
086 B010000      0
086 B020000      0
086 C010000      0
086 C020000      0
086 D010000      0
086 D020000      0
086 E010000      0
086 E020000      0
086 F010000      0
086 F020000      0
087 A010000 SHARES OF BENEFICIAL INTEREST
087 A020000 576299101
087 A030000 MPV
088 A000000 Y
088 B000000 N
088 C000000 N
088 D000000 N
SIGNATURE   CHARLES C. MCCOBB, JR.
TITLE       V.P. AND C.F.O.
<PAGE>
                           EXIHIBT INDEX TO FORM N-SAR
                      OF MASSMUTUAL PARTICIPATION INVESTORS
                        FOR YEAR ENDED DECEMBER 31, 2002


EXHIBIT NO.                   DESCRIPTION

77B               Accountant's Report on Internal Control
77E               Legal Proceedings
77Q(2)            Information Called for by the Instructions to Sub-Item 77Q(2)
77Q(3)            Information Called for by the Instructions to Sub-Item 77Q(3)


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77B
<SEQUENCE>3
<FILENAME>item-77b_11730.txt
<DESCRIPTION>ACCOUNTANT'S REPORT ON INTERNAL CONTROL
<TEXT>
Sub-Item 77B - Accountant's Report on Internal Control


Deloitte & Touche LLP
Two World Financial Center
New York, New York 10281-1414

Tel: (212) 436-2000
Fax: (212) 436-5000
WWW.US.DELOITTE.COM
- -------------------

                                                                        Deloitte
                                                                        & Touche

INDEPENDENT AUDITORS' REPORT

To the Shareholders and the Audit Committee of the Board of Trustees of
MassMutual Corporate Investors and MassMutual Participation Investors (the
"Trusts")

In planning and performing our audit of the consolidated financial statements of
the Trusts for the year ended December 31, 2002, (on which we have issued our
reports dated February 7, 2003), we considered the Trusts' internal control,
including control activities for safeguarding securities, in order to determine
our auditing procedures for the purpose of expressing an opinion on the
consolidated financial statements and to comply with the requirements of Form
N-SAR, not to provide assurance on the Trusts' internal control.

The management of the Trusts 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 consolidated financial statements for external
purposes that are fairly presented in conformity with accounting principles
generally accepted in the United States of America. Those controls include the
safeguarding of assets against unauthorized acquisition, use, or disposition.

Because of inherent limitations in any internal control, misstatements due to
error or fraud may occur and may not be detected. Also, projections of any
evaluation of internal control to future periods are subject to the risk that
internal control may become inadequate because of changes in conditions, or that
the degree of compliance with policies and procedures may deteriorate.

Our consideration of the Trusts' internal control would not necessarily disclose
all matters in the Trusts' 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 consolidated 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 the Trusts' internal control and its operation,
including controls for safeguarding securities, that we consider to be material
weaknesses as defined above as of December 31, 2002.

This report is intended solely for the information and use of the Audit
Committee of the Board of Trustees of MassMutual Corporate Investors and
MassMutual Participation Investors and management and is not intended to be and
should not be used by anyone other than these specified parties.
February 7, 2003


/s/ Deloitte & Touche LLP
- ---------------------------------

Deloitte
Touche
Tohmatsu
- --------




</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77E
<SEQUENCE>4
<FILENAME>item-77e_11730.txt
<DESCRIPTION>LEGAL PROCEEDINGS
<TEXT>
                          ITEM 77E - LEGAL PROCEEDINGS


The Trust, together with other investors, including MassMutual, is a plaintiff
in two lawsuits in connection with private placement investments made by the
Trust in Sharp International Corporation ("Sharp"). Three managing shareholders
of Sharp, which is currently being liquidated in Chapter 7 liquidation
proceedings, have pleaded guilty to criminal fraud charges. Two separate civil
lawsuits have been brought in New York state court in an attempt to recover
damage for lost investment funds from Sharp's working capital lender and
auditors. The Trust is unable to estimate any recovery from these lawsuits as of
February 7, 2003.




</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q2
<SEQUENCE>5
<FILENAME>item-77q2_11730.txt
<DESCRIPTION>EXCHANGE ACT SECTION 16(A) COMPLIANCE INFORMATION
<TEXT>
                                 Sub-Item 77Q(2)

                Exchange Act Section 16(a) Compliance Information

            During the fiscal year two Babson employees who had reporting
responsibilities with respect to transactions in securities failed to timely
file a Form 3 and Form 4 respectively. Mr. Davitt inadvertently failed to timely
file a Form 3 upon becoming Comptroller of the Trust. Ms. Fortier inadvertently
failed to timely file a Form 4 upon leaving her position as Comptroller of the
Trust.



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q3
<SEQUENCE>6
<FILENAME>item-77q3_11730.txt
<DESCRIPTION>ITEM 77Q3 - OFFICER'S CERTIFICATIONS
<TEXT>
                       MASSMUTUAL PARTICIPATION INVESTORS
                       ITEM 77Q3 - OFFICERS' CERTIFICATION


The registrant's principal executive officer and principal financial officer
have concluded, based on their evaluation of the effectiveness of the design and
operation of the registrant's disclosure controls and procedures as of a date
within 90 days of the filing date of this report on Form N-SAR, that the design
and operation of such controls and procedures are effective to provide
reasonable assurance that information required to be disclosed by the registrant
in the reports that it files or submits under the Securities Exchange Act of
1934 is recorded, processed, summarized, and reported, within the time periods
specified in the Commission's rules and forms. There have been no significant
changes in the registrant's internal controls or in other factors that could
significantly affect these controls subsequent to the date of their evaluation.



<PAGE>

                                 CERTIFICATIONS

MassMutual Participation Investors
1500 Main Street, Suite 1100
Springfield, MA  01115

I, Robert E. Joyal, certify that:

1. I have reviewed this report on Form N-SAR of MassMutual Participation
Investors;

2. Based on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial information included in this report, and
the financial statements on which the financial information is based, fairly
present in all material respects the financial condition, results of operations,
changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
rule 30a-2(c) under the Investment Company Act) for the registrant and have:

      a) Designed such disclosure controls and procedures to ensure that
      material information relating to the registrant, including its
      consolidated subsidiaries, is made known to us by others within those
      entities, particularly during the period in which this report is being
      prepared;

      b) Evaluated the effectiveness of the registrant's disclosure controls and
      procedures as of a date within 90 days prior to the filing date of this
      report (the "Evaluation Date"); and

      c) Presented in this report our conclusions about the effectiveness of the
      disclosure controls and procedures based on our evaluation as of the
      Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
the registrant's board of directors (or persons performing the equivalent
functions):

      a) All significant deficiencies in the design or operation of internal
      controls which could adversely affect the registrant's ability to record,
      process, summarize, and report financial data and have identified for the
      registrant's auditors any material weaknesses in internal controls; and

      b) Any fraud, whether or not material, that involves management or other
      employees who have a significant role in the registrant's internal
      controls; and

6. The registrant's other certifying officers and I have indicated in this
report whether or not there were significant changes in internal controls or in
other factors that could significantly affect internal controls subsequent to
the date of our most recent evaluation, including any corrective actions with
regard to significant deficiencies and material weaknesses.

Date: February 26, 2003

/s/ Robert E. Joyal
- ----------------------------
Robert E. Joyal
President
MassMutual Participation Investors

<PAGE>

                                 CERTIFICATIONS

MassMutual Participation Investors
1500 Main Street, Suite 1100
Springfield, MA  01115


I, Charles C. McCobb, Jr., certify that:

1. I have reviewed this report on Form N-SAR of MassMutual Participation
Investors;

2. Based on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial information included in this report, and
the financial statements on which the financial information is based, fairly
present in all material respects the financial condition, results of operations,
changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
rule 30a-2(c) under the Investment Company Act) for the registrant and have:

      a) Designed such disclosure controls and procedures to ensure that
      material information relating to the registrant, including its
      consolidated subsidiaries, is made known to us by others within those
      entities, particularly during the period in which this report is being
      prepared;

      b) Evaluated the effectiveness of the registrant's disclosure controls and
      procedures as of a date within 90 days prior to the filing date of this
      report (the "Evaluation Date"); and

      c) Presented in this report our conclusions about the effectiveness of the
      disclosure controls and procedures based on our evaluation as of the
      Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
the registrant's board of directors (or persons performing the equivalent
functions):

      a) All significant deficiencies in the design or operation of internal
      controls which could adversely affect the registrant's ability to record,
      process, summarize, and report financial data and have identified for the
      registrant's auditors any material weaknesses in internal controls; and

      b) Any fraud, whether or not material, that involves management or other
      employees who have a significant role in the registrant's internal
      controls; and

6. The registrant's other certifying officers and I have indicated in this
report whether or not there were significant changes in internal controls or in
other factors that could significantly affect internal controls subsequent to
the date of our most recent evaluation, including any corrective actions with
regard to significant deficiencies and material weaknesses.

Date: February 26, 2003


/s/ Charles C. McCobb, Jr.
- --------------------------
Charles C. McCobb, Jr.
Vice President and CFO
MassMutual Participation Investors

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
