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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001072613-04-000418.txt : 20040225
<SEC-HEADER>0001072613-04-000418.hdr.sgml : 20040225
<ACCEPTANCE-DATETIME>20040225143859
ACCESSION NUMBER:		0001072613-04-000418
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20031231
FILED AS OF DATE:		20040225
EFFECTIVENESS DATE:		20040225

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:		04627211

	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 FORM NSAR-B
<TEXT>
<PAGE>      PAGE  1
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000 I000000 6.1
000 J000000 A
001 A000000 MASSMUTUAL PARTICIPATION INVESTORS
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001 C000000 4132261000
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008 D030001 01115
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012 C030001 80231
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<PAGE>      PAGE  2
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020 B000003 13-6176976
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020 A000004 CHARLES SCHWAB
020 B000004 94-1737782
020 C000004      1
020 A000005 GOLDMAN, SACHS & CO.
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020 C000005      0
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020 C000010      0
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022 B000003 13-4994650
022 C000003     59169
<PAGE>      PAGE  3
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022 B000005 13-2518466
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022 B000006 36-3595942
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022 A000007 SALOMON SMITH BARNEY HOLD INC.
022 B000007 11-2418191
022 C000007      5782
022 D000007      1739
022 A000008 JEFFRIES & CO., INC.
022 B000008 95-2622900
022 C000008      3908
022 D000008      1991
022 A000009 MORGAN STANLEY AND CO.
022 B000009 13-2655998
022 C000009      1505
022 D000009      2630
022 A000010 SPEAR, LEEDS & KELLOGG, LP
022 B000010 13-5515460
022 C000010       389
022 D000010      3264
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<PAGE>      PAGE  7
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<PAGE>      PAGE  9
080 A000000 NEW HAMPSHIRE INSURANCE COMPANY
080 B000000 NONE
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SIGNATURE   CHARLES C. MCCOBB, JR.
TITLE       V.P. AND C.F.O.
<PAGE>
                           EXHIBIT INDEX TO FORM N-SAR
                      OF MASSMUTUAL PARTICIPATION INVESTORS
                 FOR SEMI-ANNUAL PERIOD ENDED DECEMBER 31, 2003


EXHIBIT NO.                   DESCRIPTION

77B               Accountant's Report on Internal Control

77E               Legal Proceedings

77K               Changes in Registrant's Certifying Accountant

77Q1(a)           Information Called for by the Instruction to Sub-Item 77Q1(a)

77Q2              Information Called for by the Instruction to Sub-Item 77Q2



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77B
<SEQUENCE>3
<FILENAME>item-77b_12459.txt
<DESCRIPTION>ACCOUNTANT'S REPORT ON INTERNAL CONTROL
<TEXT>
               ITEM 77B - ACCOUNTANT'S REPORT ON INTERNAL CONTROL

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

                                                            Deloitte
                                                            & Touche
                                                             [LOGO]

Tel: (212) 436-2000
Fax: (212) 436-5000
www.us.deloitte.com


INDEPENDENT AUDITORS' REPORT


To the Board of Trustees and Shareholders 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, 2003, (on which we have issued our
reports dated February 6, 2004), 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, 2003.

This report is intended solely for the information and use of the Trusts'
Management, the Board of Trustees and Shareholders of MassMutual Corporate
Investors and MassMutual Participation Investors, management and the Securities
and Exchange Commission and is not intended to be and should not be used by
anyone other than these specified parties.

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

February 6, 2004

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

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77E
<SEQUENCE>4
<FILENAME>item-77e_12459.txt
<DESCRIPTION>LEGAL PROCEEDINGS
<TEXT>
                                                                        ITEM 77E
                                                                        --------

                               LEGAL PROCEEDINGS


The Registrant, together with other investors, including Massachusetts Mutual
Life Insurance Company (the parent of Registrant's investment advisor), is a
plaintiff in litigation connected with private placement investments made by the
Registrant 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.
Initially two separate civil lawsuits were brought in New York State Court in
an attempt to recover damages for lost investment funds from Sharp's working
capital lender and auditors. The first lawsuit against Sharp's working capital
lender was dismissed prior to trial. An appeal of this dismissal was
unsuccessful. The second lawsuit against Sharp's auditors, KPMG, is in its
preliminary stages. The parties to this lawsuit, including the Registrant, have
recently agreed to submit the matters which are the subject of the lawsuit to a
non-binding mediation proceeding. The Registrant is unable to estimate any
recovery from this lawsuit as of December 31, 2003.


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77K
<SEQUENCE>5
<FILENAME>item-77k_12459.txt
<DESCRIPTION>CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
<TEXT>
            Item 77K - Changes in Registrant's Certifying Accountant

The accounting firm of Deloitte & Touche LLP ("D&T") audited the Registrant's
fiscal year 2003 financial statements and will prepare its 2003 tax returns. The
Registrant's Audit Committee engaged the accounting firm of KPMG LLP ("KPMG") to
audit its 2004 financial statements and prepare its 2004 tax returns. KPMG's
appointment is effective January 1, 2004 for the fiscal year ending December 31,
2004, which appointment was ratified by the registrant's full Board of Trustees,
including those Trustees who are not "interested persons" of the Registrant.
Aside from general questions related to KPMG's assessment of the Registrant as a
potential audit client and the Registrant's assessment of KPMG's credentials and
competence, the Registrant did not consult KPMG regarding the application of
accounting principles to specific transactions, the type of audit opinion that
KPMG might render to the Registrant, or any matter which was the subject of a
disagreement between the Registrant and D&T (of which there were none).



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q1(A)
<SEQUENCE>6
<FILENAME>item-77q1a_12459.txt
<DESCRIPTION>INFORMATION RE: SUB-ITEM 77Q1(A)
<TEXT>
                                                                 EXHIBIT 77Q1(a)
                                                                 ---------------

MassMutual Participation Investors By-Law Amendments:
- -----------------------------------------------------

SECTION 4.7

For purposes of (1) any standard of care applicable to a Trustee in the
discharge of his or her duties as a trustee and (2) indemnification of a Trustee
pursuant to Article IV, Section 4.3 of the Declaration of Trust, the conduct of
the Trustee shall be evaluated solely by reference to a hypothetical reasonable
person, without regard to any special expertise, knowledge or other
qualifications of the Trustee. In particular, and without limiting the
generality of the foregoing, neither the determination that a Trustee is an
"audit committee financial expert" nor the knowledge, experience or other
qualifications underlying such a determination shall result in that Trustee
being held to a standard of care that is higher than the standard that would be
applicable in the absence of such a determination or such knowledge, experience
or qualification, nor shall such a determination or such knowledge, experience
or other qualification impose any duties, obligations or liabilities that are
greater than would obtain in the absence of such a determination or such
knowledge, experience or qualification.

SECTION 4.8

For purposes of the determinations by the Trustees and/or the opinion of
independent legal counsel referred to in Article IV, Section 4.3 of the
Declaration of Trust and for purposes of the determinations by the Trustee
and/or the opinion of independent legal counsel referred to in Article IV,
Section 4.4 of the Declaration of Trust, the Trustees acting on the matter, or
the independent legal counsel, as the case may be, shall be entitled to rely on
a rebuttable presumption that the relevant Trustee, officer, employee or agent
(each a "Covered Person") (1) has acted in good faith and in the reasonable
belief that his or her actions were in the best interests of the Trust and (2)
has not engaged in willful misfeasance, bad faith, gross negligence or reckless
disregard of the duties involved in the conduct of such Covered Person's office
or agency.

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q2
<SEQUENCE>7
<FILENAME>item-77q2_12459.txt
<DESCRIPTION>INFORMATION RE: SUB-ITEM 77Q2
<TEXT>
                                                                    EXHIBIT 77Q2
                                                                    ------------


During the Trust's fiscal year, James E. Masur inadvertently failed to file a
timely SEC Form 3 after becoming Babson's Chief Financial Officer, Comptroller
and Managing Director. Babson's Compliance Department informed Mr. Masur that he
had failed to file his SEC Form 3 on January 14, 2004, and he subsequently filed
such Form on January 15, 2004.

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