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<SEC-DOCUMENT>0001072613-05-000558.txt : 20050228
<SEC-HEADER>0001072613-05-000558.hdr.sgml : 20050228
<ACCEPTANCE-DATETIME>20050228145444
ACCESSION NUMBER:		0001072613-05-000558
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20041231
FILED AS OF DATE:		20050228
DATE AS OF CHANGE:		20050228
EFFECTIVENESS DATE:		20050228

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:		05644944

	BUSINESS ADDRESS:	
		STREET 1:		1500 MAIN STREET
		STREET 2:		SUITE 600
		CITY:			SPRINGFIELD
		STATE:			MA
		ZIP:			01115
		BUSINESS PHONE:		4132261000

	MAIL ADDRESS:	
		STREET 1:		1500 MAIN STREET
		STREET 2:		SUITE 600
		CITY:			SPRINGFIELD
		STATE:			MA
		ZIP:			01115

	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 12/31/2004
000 C000000 0000831655
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000 F000000 Y
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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 600
002 B000000 SPRINGFIELD
002 C000000 MA
002 D010000 01115
002 D020000 0001
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008 A000001 BABSON CAPITAL MANAGEMENT LLC
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 80217
012 C040001 3673
013 A000001 KPMG LLP
013 B010001 BOSTON
013 B020001 MA
013 B030001 02110
013 B040001 2371
<PAGE>      PAGE  2
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015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 10043
015 E010001 X
018  000000 Y
019 A000000 Y
019 B000000    2
019 C000000 CIPIINVEST
020 A000001 ALLEN & CO.
020 B000001 13-6176976
020 C000001      1
020 A000002 LAZARD FRERES AND CO
020 B000002 13-5545100
020 C000002      1
020 A000003 FIRST BOSTON CORP.
020 B000003 13-5659485
020 C000003      1
020 A000004 PRUDENTIAL SECURITIES INC.
020 B000004 22-2347336
020 C000004      0
020 A000005 SPEAR LEEDS & KELLOGG, LP
020 B000005 13-5515460
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020 C000006      0
020 A000007 CHARLES SCHWAB
020 B000007 94-1737782
020 C000007      0
020 A000008 MERRILL, LYNCH, PIERCE, FENNER & SMITH INC.
020 B000008 13-5674085
020 C000008      0
020 A000009 GOLDMAN, SACHS & CO.
020 B000009 13-5108880
020 C000009      0
020 A000010 KNIGHT SECURITIES
020 B000010 22-3660471
020 C000010      0
021  000000        5
022 A000001 JP MORGAN CHASE
022 B000001 13-4994650
022 C000001     82399
022 D000001       750
022 A000002 GOLDMAN, SACHS & CO.
022 B000002 13-5108880
022 C000002     80973
022 D000002      1050
022 A000003 MERRILL, LYNCH, PIERCE, FENNER & SMITH INC.
022 B000003 13-5674085
<PAGE>      PAGE  3
022 C000003     68299
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022 A000004 FIRST BOSTON CORP.
022 B000004 13-5659485
022 C000004     39824
022 D000004      1471
022 A000005 SHEARSON LEHMAN AMER EXP
022 B000005 13-2518466
022 C000005     24211
022 D000005       713
022 A000006 FIRST CHICAGO CAPITAL MARKET
022 B000006 36-3595942
022 C000006      8264
022 D000006         0
022 A000007 JEFFERIES & CO., INC.
022 B000007 94-1737782
022 C000007      3190
022 D000007      2031
022 A000008 SALOMON SMITH BARNEY HOLD INC.
022 B000008 11-2418191
022 C000008      3496
022 D000008      1448
022 A000009 KBC FINANCIAL SERVICES
022 B000009 13-4035459
022 C000009       272
022 D000009      4272
022 A000010 HKW & COMPANY
022 B000010 13-1769063
022 C000010      4125
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<PAGE>      PAGE  7
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<PAGE>      PAGE  9
078  000000 N
080 A000000 NATIONAL UNION FIRE INS.CO. OF PITTSBURGH, PA
080 C000000     1200
081 A000000 Y
081 B000000   1
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087 A010000 SHARES OF BENEFICIAL INTEREST
087 A020000 576299101
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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, 2004


EXHIBIT NO.                   DESCRIPTION

77B               Accountant's Report on Internal Control

77E               Legal Proceedings

77O               Transactions Effected Pursuant to Rule 10f-3

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77B
<SEQUENCE>2
<FILENAME>item-77b_13239.txt
<DESCRIPTION>REPORT OF KPMG LLP
<TEXT>
               ITEM 77B - ACCOUNTANT'S REPORT ON INTERNAL CONTROL

[LOGO]
               KPMG LLP                         Telephone        617 988 1000
               99 High Street                   Fax              617 988 0800
               Boston, MA 02110-2371            Internet         www.us.kpmg.com




             Report of Independent Registered Public Accounting Firm


The Board of Trustees and Shareholders
MassMutual Participation Investors:


In planning and performing our audit of the financial statements of MassMutual
Participation Investors (the "Trust") for the year ended December 31, 2004, we
considered its internal control, including control activities for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on internal control.

The management of the Trust 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 cost of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing 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 internal control, error or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design and operation may
deteriorate.

Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under the standards of the
Public Accounting Oversight Board (United States). A material weakness is a
significant deficiency, or combination of significant deficiencies, that results
in more than a remote likelihood that a material misstatement of the annual or
interim financial statement will not be prevented or detected. However, we noted
no matters involving internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses as defined
above as of December 31, 2004.

This report is intended solely for the information and use of management and the
Board of Trustees of the Trust 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/ KPMG LLP

February 7, 2005

           KPMG LLP, a U.S. limited liability partnership, is the U.S.
             member firm of KPMG International, a Swiss cooperative.
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77E
<SEQUENCE>3
<FILENAME>item-77e_13239.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 11
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 involving Sharp's working capital
lender was dismissed prior to trial. An appeal of this dismissal was
unsuccessful. The second lawsuit against Sharp's auditors is continuing. The
parties to this lawsuit, including the Registrant, have submitted the matters
which are the subject of the lawsuit to a non-binding mediation proceeding. The
mediation proceedings were unsuccessful. The trial for this lawsuit is scheduled
to begin in April 2005. The Registrant is unable to estimate any potential
recovery from this lawsuit as of December 31, 2004.
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77O
<SEQUENCE>4
<FILENAME>item-77o_13239.txt
<DESCRIPTION>TRANSACTIONS EFFECTED PURSUANT TO RULE 10F-3
<TEXT>
            ITEM 770 - TRANSACTIONS EFFECTED PURSUANT TO RULE 10f-3

                       MASSMUTUAL PARTICIPATION INVESTORS
            For the period from October 1, 2004 to December 31, 2004
                         Record of Securities Purchased
                         under the Rule 10f-3 Procedures

1.   Fund: MassMutual Participation Investors

2.   Adviser (if any): Babson Capital Management LLC

3.   Securities are: (Select one)

            (a)         Part of an issue registered under the
                        Securities Act of 1933 which is being
                        offered to the public                             X
                                                                        _____

            (b)         Eligible Municipal securities                   _____

            (c)         Securities purchased in an Eligible             _____
                        Rule 144A Offering

            (d)         Securities purchased in an Eligible             _____
                        Foreign Offering

4.   Issuer: Iowa Telecommunications Services Inc.
     Ticker: IWA
     Cusip: 462594201

5.   Description of Security: Common Stock

6.   Date of Purchase: November 17, 2004

7.   Underwriter from whom purchased: Merrill Lynch & Co.

                                      -1-
<PAGE>

8.   Name of Affiliated Underwriter managing or participating in syndicate
     (attach list of all members of syndicate): Jefferies & Company, Inc

9.   Aggregate principal amount of purchase of any class of the offering [this
     amount, when added to purchases by other investment companies for whom the
     adviser and the relevant sub-adviser, if any, act as adviser, may not
     exceed 25% of (10)(a) or (10)(b)]: $3,325,000 or 0.916%

10.  (a) (for securities not purchased in an Eligible Rule 144A Offering)
     Aggregate principal amount of such class of securities being offered:
     $363,113,000

     (b)  (for securities purchased in an Eligible Rule 144A Offering only) The
     principal amount of the offering of such class sold by underwriters or
     members of the selling syndicate to qualified institutional buyers, as
     defined in Rule 144A(a)(1) of this chapter, plus (b) the principal amount
     of the offering of such class in any concurrent public offering: N/A

11.  Purchase price, net of fees and expenses [may not exceed (13) unless
     offered for subscription upon exercise of rights]: $19.00 per share,
     $66,500 principal

12.  Date offering commenced: November 17, 2004

13.  Price paid by each other purchaser in the offering or in any concurrent
     offering of the securities prior to close of first full business day on
     which sales are made: $19.00 per share

14.  Commission, spread or profit: 0.68 selling concession

                                      -2-
<PAGE>

15.  Have the following conditions been                    Yes     No
     satisfied?                                           _____   _____

     a.   The purchase price did not exceed the             X
          price paid by each other purchaser in the       _____   _____
          offering or in any concurrent offering of the
          securities prior to the close of the first
          full business day on which sales are made
          (or, if a rights offering, the securities
          were purchased on the fourth day preceding
          the day on which the offering terminated)?

     b.   The underwriting was a firm                       X
          commitment underwriting?                        _____   _____

     c.   The commission, spread or profit                  X
          was reasonable and fair in relation to that     _____   _____
          being received by others for underwriting
          similar securities during the same period?

     d.   (i) (For securities that are not                  X
          municipal securities) The issuer has been in    _____   _____
          continuous operation for not less than three
          years, including the operations of any
          predecessors?

          (ii) (For municipal securities only) The         N/A
          issuer of securities has received an            _____   _____
          investment grade rating from a nationally
          recognized statistical rating organization
          or, if the issuer or entity supplying the
          revenues from which the issue is to be paid
          has been in operation less than three years
          (including the operations of any
          predecessors), it has received one of the
          three highest ratings from at least one
          such rating service?

     e.   No Affiliated Underwriter was a                  X
          direct or indirect participant in the sale?    _____   _____

                                       -3-
<PAGE>

                       MASSMUTUAL PARTICIPATION INVESTORS
            For the period from October 1, 2004 to December 31, 2004
                         Record of Securities Purchased
                         under the Rule 10f-3 Procedures

1.   Fund: MassMutual Participation Investors

2.   Adviser (if any): Babson Capital Management LLC

3.   Securities are: (Select one)

     (a)         Part of an issue registered under the
                 Securities Act of 1933 which is being
                 offered to the public                             X
                                                                 _____

     (b)         Eligible Municipal securities                   _____

     (c)         Securities purchased in an Eligible             _____
                 Rule 144A Offering

     (d)         Securities purchased in an Eligible             _____
                 Foreign Offering

4.   Issuer: PRA International
     Ticker: PRAI
     Cusip: 69353C101

5.   Description of Security: Common Stock

6.   Date of Purchase: November 17, 2004

7.   Underwriter from whom purchased: Credit Suisse First Boston Corp.



                                      -1-
<PAGE>

8.   Name of Affiliated Underwriter
     managing or participating in
     syndicate (attach list of all
     members of syndicate): Jefferies & Company, Inc

9.   Aggregate principal amount of purchase of
     any class of the offering [this amount, when added
     to purchases by other investment companies for
     whom the adviser and the relevant sub-adviser, if
     any, act as adviser, may not exceed 25% of (10)(a)
     or (10)(b)]: $142,500 or 0.125%

10.  (a) (for securities not purchased in an Eligible Rule 144A
     Offering) Aggregate principal amount of such class
     of securities being offered: $114,000,000

     (b) (for securities purchased in an Eligible Rule
     144A Offering only) The principal amount of the
     offering of such class sold by underwriters or
     members of the selling syndicate to qualified
     institutional buyers, as defined in Rule
     144A(a)(1) of this chapter, plus (b) the principal
     amount of the offering of such class in any
     concurrent public offering: N/A

11.  Purchase price, net of fees and expenses [may not exceed
     (13) unless offered for subscription upon exercise
     of rights]: $19.00 per share, $1,900 principal

12.  Date offering commenced: November 17, 2004

13.  Price paid by each other purchaser in the offering
     or in any concurrent offering of the securities
     prior to close of first full business day on which
     sales are made: $19.00 per share

14.  Commission, spread or profit: 0.798 selling concession

                          -2-
<PAGE>

15.  Have the following conditions been                    Yes     No
     satisfied?                                           _____   _____

     a.   The purchase price did not exceed the             X
          price paid by each other purchaser in the       _____   _____
          offering or in any concurrent offering of the
          securities prior to the close of the first
          full business day on which sales are made
          (or, if a rights offering, the securities
          were purchased on the fourth day preceding
          the day on which the offering terminated)?

     b.   The underwriting was a firm                       X
          commitment underwriting?                        _____   _____

     c.   The commission, spread or profit                  X
          was reasonable and fair in relation to that     _____   _____
          being received by others for underwriting
          similar securities during the same period?

     d.   (i) (For securities that are not                  X
          municipal securities) The issuer has been in    _____   _____
          continuous operation for not less than three
          years, including the operations of any
          predecessors?

          (ii) (For municipal securities only) The         N/A
          issuer of securities has received an            _____   _____
          investment grade rating from a nationally
          recognized statistical rating organization
          or, if the issuer or entity supplying the
          revenues from which the issue is to be paid
          has been in operation less than three years
          (including the operations of any
          predecessors), it has received one of the
          three highest ratings from at least one such
          rating service?

     e.   No Affiliated Underwriter was a                   X
          direct or indirect participant in the sale?     _____   _____


                                       -3-
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
