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<SEC-DOCUMENT>0001072613-04-001614.txt : 20040831
<SEC-HEADER>0001072613-04-001614.hdr.sgml : 20040831
<ACCEPTANCE-DATETIME>20040831133158
ACCESSION NUMBER:		0001072613-04-001614
CONFORMED SUBMISSION TYPE:	N-PX
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040630
FILED AS OF DATE:		20040831
DATE AS OF CHANGE:		20040831
EFFECTIVENESS DATE:		20040831

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:		N-PX
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05531
		FILM NUMBER:		041007697

	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>N-PX
<SEQUENCE>1
<FILENAME>form-npx_12918.txt
<DESCRIPTION>FORM N-PX FOR PERIOD ENDED JUNE 30, 2004
<TEXT>
================================================================================


                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                               ------------------
                                    FORM N-PX
                               ------------------


          ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT
                               INVESTMENT COMPANY

                  Investment Company Act file number 811-05531

                               ------------------

                       MassMutual Participation Investors
               (Exact name of registrant as specified in charter)

                               ------------------

                                1500 Main Street
                                   Suite 1100
                              Springfield, MA 01115
               (Address of principal executive offices) (Zip code)
 -------------------------------------------------------------------------------
                  Stephen L. Kuhn, Vice President and Secretary
               1500 Main Street, Suite 2800, Springfield, MA 01115
 -------------------------------------------------------------------------------
                     (name and address of agent for service)


        Registrant's telephone number, including area code: 413-226-1000

                      Date of fiscal year end: December 31

             Date of reporting period: July 1, 2003 - June 30, 2004

================================================================================
<PAGE>
<TABLE><CAPTION>
Item 1. Proxy Voting Record

======================MassMutual Participation Investors Fund===================

Delstar Holding Corp.

Ticker:                                                                      Security ID: 24736#123

Meeting Date:           September 9, 2003                                     Meeting Type: Annual
Record Date:            August 28, 2003
<S>         <C>                                             <C>                     <C>                     <C>
#           Proposal                                        Mgt Rec                 Vote Cast               Sponsor
1.1         Elect Director Mark Abrahams                    For                     For                     Management
1.2         Elect Director Martin Doolan                    For                     For                     Management
1.3         Elect Director John Nevin                       For                     For                     Management
1.4         Elect Director James Parsons                    For                     For                     Management
1.5         Elect Director Carlo von Schroeter              For                     For                     Management
1.6         Edward Truslow                                  For                     For                     Management

- --------------------------------------------------------------------------------------------------------------------------
ITC Deltacom, Inc.

Ticker:                 ITCD                                                 Security ID: 2030469

Meeting Date:           December 18, 2003                                     Meeting Type: Annual
Record Date:            November 3, 2003

#           Proposal                                        Mgt Rec                 Vote Cast               Sponsor
1.1         Elect Director John Almeida, Jr.                For                     Withhold                Management
1.2         Elect Director Donald W. Burton                 For                     For                     Management
1.3         Elect Director John J. DeLucca                  For                     For                     Management
1.4         Elect Director R. Gerald McCarley               For                     For                     Management
1.5         Elect Director Thomas E. McInerney              For                     Withhold                Management
1.6         Elect Director Robert C. Taylor                 For                     For                     Management
1.7         Elect Director Larry F. Williams                For                     Withhold                Management
2.          Increase Authorized Preferred and
            Common Stock                                    For                     Against                 Management
3.          Approve Repricing of Options                    For                     Against                 Management

- --------------------------------------------------------------------------------------------------------------------------
Delstar Holding Corp.

Ticker:                                                                      Security ID: 24736#123

Meeting Date:           February 18, 2004                                     Meeting Type: Annual
Record Date:            February 10, 2004
#           Proposal                                        Mgt Rec                 Vote Cast               Sponsor
1.1         Elect Director Mark Abrahams                    For                     For                     Management
1.2         Elect Director Martin Doolan                    For                     For                     Management
1.3         Elect Director John Nevin                       For                     For                     Management
1.4         Elect Director James Parsons                    For                     For                     Management
1.5         Elect Director Carlo von Schroeter              For                     For                     Management
1.6         Edward Truslow                                  For                     For                     Management

- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE><CAPTION>
Distributed Energy Systems Corp.

Ticker:                 DESC                                                 Security ID: 25475V104

Meeting Date:           June 2, 2004                                          Meeting Type: Annual
Record Date:            April 8, 2004
<S>         <C>                                             <C>                     <C>                     <C>
#           Proposal                                        Mgt Rec                 Vote Cast               Sponsor
1.1         Elect Director Paul Koeppe                      For                     Withhold                Management
1.2         Elect Director Gerald Ostroski                  For                     For                     Management
1.3         Elect Director Philip Sharp                     For                     For                     Management
2           Ratify Auditors                                 For                     For                     Management

- --------------------------------------------------------------------------------------------------------------------------
ITC Deltacom, Inc.

Ticker:                 ITCD                                                 Security ID: 2030469

Meeting Date:           April 27, 2004                                        Meeting Type: Annual
Record Date:            March 26, 2004

#           Proposal                                        Mgt Rec                 Vote Cast               Sponsor
1.1         Elect Director John Almeida, Jr.                For                     Withhold                Management
1.2         Elect Director Donald W. Burton                 For                     For                     Management
1.3         Elect Director John J. DeLucca                  For                     For                     Management
1.4         Elect Director R. Gerald McCarley               For                     For                     Management
1.5         Elect Director Thomas E. McInerney              For                     Withhold                Management
1.6         Elect Director Robert C. Taylor                 For                     For                     Management
1.7         Elect Director Larry F. Williams                For                     Withhold                Management

- --------------------------------------------------------------------------------------------------------------------------
Rent-Way, Inc.

Ticker:                 RWY                                                  Security ID: 76009U104

Meeting Date:           March 10, 2004                                        Meeting Type: Annual
Record Date:            January 21, 2004

#           Proposal                                        Mgt Rec                 Vote Cast               Sponsor
1.1         Elect Director William E. Morgenstern           For                     For                     Management
1.2         Elect Director John W. Higbee                   For                     For                     Management
2           Approve Stock Option Plan                       For                     For                     Management
3           Other Business                                  For                     Against                 Shareholder

- --------------------------------------------------------------------------------------------------------------------------
Transmontaigne Inc.

Ticker:                 TMG                                                  Security ID: 893934109

Meeting Date:           May 6, 2004                                           Meeting Type: Annual
Record Date:            March 8, 2004

#           Proposal                                        Mgt Rec                 Vote Cast               Sponsor
1.1         Elect Director Cortlandt S. Dietler             For                     For                     Management
1.2         Elect Director Donald H. Anderson               For                     For                     Management
1.3         Elect Director David J. Butters                 For                     For                     Management
1.4         Elect Director John A. Hill                     For                     For                     Management
1.5         Elect Director Bryan H. Lawrence                For                     For                     Management
1.6         Elect Director Harold R. Logan, Jr.             For                     For                     Management
1.7         Elect Director Edwin H. Morgens                 For                     For                     Management
1.8         Elect Director Wayne W.Murdy                    For                     For                     Management
1.9         Elect Director Walter P. Schuetze               For                     For                     Management
2           Increase Authorized Common Stock                For                     For                     Management

- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE><CAPTION>
Chemed Corporation (formerly known as Roto-Rooter, Inc.)

Ticker:     CHE                                                              Security ID:  163596109

Meeting Date:           May 17, 2004                                          Meeting Type: Annual
Record Date:            March 19, 2004
<S>         <C>                                             <C>                     <C>                     <C>
#           Proposal                                        Mgt Rec                 Vote Cast               Sponsor
1.1         Donald Breen                                    For                     No Vote                 Management
1.2         Charles H. Erhart, Jr.                          For                     No Vote                 Management
1.3         Joel F. Gemunder                                For                     No Vote                 Management
1.4         Patrick P. Grace                                For                     No Vote                 Management
1.5         Edward L. Hutton                                For                     No Vote                 Management
1.6         Thomas C. Hutton                                For                     No Vote                 Management
1.7         Sandra E. Laney                                 For                     No Vote                 Management
1.8         Kevin J. McNamara                               For                     No Vote                 Management
1.9         Timothy S. O'Toole                              For                     No Vote                 Management
1.10        Donald E. Saunders                              For                     No Vote                 Management
1.11        George J. Walsh III                             For                     No Vote                 Management
1.12        Frank E. Wood                                   For                     No Vote                 Management
2           To approve and adopt the Company's 2004
            Stock Incentive Plan.                           For                     No Vote                 Management
3.          To approve an amendment to the Company's 2002
            Executive Long-Term Incentive Plan.             For                     No Vote                 Management
4.          To approve an amendment to the Company's
            Certificate of Incorporation, as amended,
            increasing the number of authorized shares
            of Capital Stock from 15,000,000 shares to
            40,000,000 shares.                              For                     No Vote                 Management
5.          To approve an amendment to the Company's
            Certificate of Incorporation, as amended,
            changing the Company's name to Chemed
            Corporation.                                    For                     No Vote                 Management

- --------------------------------------------------------------------------------------------------------------------------
DT Industries, Inc.

Ticker:                 DTII                                                 Security ID: 23333J108

Meeting Date:           November 11, 2003                                     Meeting Type: Annual
Record Date:            September 19, 2003

#           Proposal                                        Mgt Rec                 Vote Cast               Sponsor
1.1         Elect Director James J. Kerley                  For                     No Vote                 Management
1.2         Elect Director John F. Logan                    For                     No Vote                 Management
1.3         Elect Director Charles F. Pollnow               For                     No Vote                 Management
2           Rescind Shareholder Rights Plan                 Against                 No Vote                 Shareholder

- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>

                                   SIGNATURES
                           [SEE GENERAL INSTRUCTION F]

Pursuant to the requirements of the Investment Company Act of 1940, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

(Registrant) MassMutual Participation Investors



By (Signature and Title)* /s/ Roger W. Crandall
                          --------------------------
                          Roger W. Crandall, President


Date: August 31, 2004


* Print the name and title of each signing officer under his or her signature.


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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