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<SEC-DOCUMENT>0001072613-06-001866.txt : 20060829
<SEC-HEADER>0001072613-06-001866.hdr.sgml : 20060829
<ACCEPTANCE-DATETIME>20060829142837
ACCESSION NUMBER:		0001072613-06-001866
CONFORMED SUBMISSION TYPE:	NSAR-A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060630
FILED AS OF DATE:		20060829
DATE AS OF CHANGE:		20060829
EFFECTIVENESS DATE:		20060829

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-A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05531
		FILM NUMBER:		061061986

	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-A
<SEQUENCE>1
<FILENAME>answer.fil
<DESCRIPTION>MASSMUTUAL PARTICIPATION INVESTORS N-SAR
<TEXT>
<PAGE>      PAGE  1
000 A000000 06/30/2006
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 600
002 B000000 SPRINGFIELD
002 C000000 MA
002 D010000 01115
002 D020000 0001
003  000000 N
004  000000 N
005  000000 N
006  000000 N
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007 C010100  1
007 C010200  2
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007 C010400  4
007 C010500  5
007 C010600  6
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007 C011000 10
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
014 A000001 BABSON CAPITAL SECURITIES INC
014 B000001 8-47589
015 A000001 CITIBANK, N.A.
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 & COMPANY INC.
020 B000001 13-4132953
020 C000001     16
020 A000002 JEFFERIES & CO., INC.
020 B000002 94-1737782
020 C000002      1
020 A000003 ICAP CORPORATES, LLC
020 B000003 13-3858854
020 C000003      0
020 A000004 GOLDMAN, SACHS & CO.
020 B000004 13-5108880
020 C000004      0
020 A000005 BANC OF AMERICA SECURITIES LLC
020 B000005 56-2058405
020 C000005      0
020 A000006 WACHOVIA SECURITIES LLC
020 B000006 34-1542819
020 C000006      0
020 A000007 CREDIT SUISSE SECURITIES (USA) LLC
020 B000007 13-5659485
020 C000007      0
020 A000008 LIQUIDNET, INC.
020 B000008 13-4095933
020 C000008      0
020 A000009 JP MORGAN CHASE
020 B000009 13-4994650
020 C000009      0
020 A000010 LEHMAN BROTHERS INC.
020 B000010 13-2518466
020 C000010      0
021  000000       18
022 A000001 GOLDMAN, SACHS & CO.
022 B000001 13-5108880
022 C000001     70193
022 D000001         0
022 A000002 JP MORGAN CHASE
022 B000002 13-4994650
022 C000002     54613
022 D000002         0
<PAGE>      PAGE  3
022 A000003 MERRILL, LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000003 13-5674085
022 C000003     45926
022 D000003       849
022 A000004 FIRST BOSTON CORP.
022 B000004 13-5659485
022 C000004     27527
022 D000004       504
022 A000005 CITIGROUP
022 B000005 13-3214963
022 C000005     20106
022 D000005       600
022 A000006 SHEARSON LEHMAN AMERICAN EXPRESS
022 B000006 13-2518466
022 C000006     13605
022 D000006       742
022 A000007 TERRA RENEWAL SERVICES, INC.
022 B000007 71-0774612
022 C000007      1367
022 D000007         0
022 A000008 FOWLER HOLDING, INC.
022 C000008      1335
022 D000008         0
022 A000009 ONTARIO DRIVE & GEAR LTD.
022 C000009      1333
022 D000009         0
022 A000010 RADIAC ABRASIVES, INC.
022 C000010      1329
022 D000010         0
023 C000000     251450
023 D000000       6269
024  000000 N
025 A000001 DELETE
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<PAGE>      PAGE  5
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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<PAGE>      PAGE  8
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<PAGE>      PAGE  9
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088 A000000 Y
088 B000000 N
088 C000000 N
088 D000000 N
SIGNATURE   JAMES M. ROY
TITLE       V.P. AND C.F.O.
<PAGE>

                           EXHIBIT INDEX TO FORM N-SAR
                      OF MASSMUTUAL PARTICIPATION INVESTORS
                   FOR SEMI-ANNUAL PERIOD ENDED JUNE 30, 2006


EXHIBIT NO.                   DESCRIPTION

77O               Transactions Effected Pursuant to Rule 10F-3

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77O
<SEQUENCE>2
<FILENAME>exh-77o_14511.txt
<DESCRIPTION>TRANSACTIONS EFFECTED PURSUANT TO RULE 10F-3
<TEXT>
            ITEM 77O - TRANSACTIONS EFFECTED PURSUANT TO RULE 10f-3

                       MASSMUTUAL PARTICIPATION INVESTORS
              For the period from January 1, 2006 to March 31, 2006
                         Record of Securities Purchased
                  under the Registrant's 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: Morton's Restaurant Group
     Ticker: MRT
     Cusip: 619430101

5.   Description of Security: Common Stock

6.   Date of Purchase: 02/08/06

7.   Underwriter from whom purchased: Wachovia Securities Inc.



                                      -1-
<PAGE>

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

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)]: $867,000.00 or 0.54%

10.  (a) (for securities not purchased in an Eligible
     Rule 144A Offering) Aggregate principal amount of
     such class of securities being offered:
     $160,900,000.00

     (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]: $17.00 per share, $39,100.00
     principal

12.  Date offering commenced: 02/08/06

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: $17.00 per share

14.  Commission, spread or profit: $0.714 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


                                       -3-
<PAGE>

                                                           Yes     No
                                                          _____   _____

          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?     _____   _____































                                       -4-
<PAGE>

                           MORTON'S RESTAURANT GROUP
             For the period from January 1, 2006 to March 31, 2006
                    Non-affiliated brokers in the syndicate

Wachovia Securities
Piper Jaffray
RBC Capital Markets
SG Cowen & Co.


























                                      -1-
<PAGE>



                       MASSMUTUAL PARTICIPATION INVESTORS
               For the period from April 1, 2006 to June 30, 2006
                         Record of Securities Purchased
                  under the Registarnt's 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: Complete Production Services, Inc.
     Ticker: CPX
     Cusip: 20453E109

5.   Description of Security: Common Stock

6.   Date of Purchase: 04/20/06

7.   Underwriter(s) from whom purchased: Credit Suisse Securities (USA) LLC,
     UBS Securities LLC


                                      -1-
<PAGE>

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

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)]: $600,000.00 or 0.10%

10.  (a) (for securities not purchased in an Eligible
     Rule 144A Offering) Aggregate principal amount of
     such class of securities being offered:
     $624,000,000.00

     (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]: $24.00 per share, $117,600.00
     principal

12.  Date offering commenced: 04/20/06

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: $24.00 per share

14.  Commission, spread or profit: $0.900 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

                                      -3-
<PAGE>

                                                           Yes     No
                                                          _____   _____

          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?     _____   _____


































                                       -4-
<PAGE>

                       Complete Production Services, Inc.
               For the period from April 1, 2006 to June 30, 2006
                     Non-affiliated brokers in the syndicate

CREDIT SUISSE SECURITIES LLC
UBS SECURITIES LLC
BANC OF AMERICA SECURITIES LLC
JOHNSON RICE & COMPANY LLC
RAYMOND JAMES & ASSOCIATES, INC.
SIMMINS & COMPANY INTERNATIONAL
PICKERING ENERGY PARTNERS, INC.

























                                      -1-
<PAGE>


                       MASSMUTUAL PARTICIPATION INVESTORS
               For the period from April 1, 2006 to June 30, 2006
                         Record of Securities Purchased
                  under the Registrant's 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: DynCorp International Inc.
     Ticker: DCP
     Cusip: 26817C101

5.   Description of Security: Common Stock

6.   Date of Purchase: 05/03/06

7.   Underwriter(s) from whom purchased: Credit Suisse (USA) LLC,
     Goldman, Sachs & Co.



                                      -1-
<PAGE>

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

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)]: $750,000.00 or 0.20%

10.  (a) (for securities not purchased in an Eligible
     Rule 144A Offering) Aggregate principal amount of
     such class of securities being offered:
     $375,000,000.00

     (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]: $15.00 per share, $250,500.00
     principal

12.  Date offering commenced: 05/03/06

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: $15.00 per share

14.  Commission, spread or profit: $0.540 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

                                      -3-
<PAGE>

                                                           Yes     No
                                                          _____   _____

          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?     _____   _____


































                                       -4-
<PAGE>

                           DynCorp International Inc.
               For the period from April 1, 2006 to June 30, 2006
                    Non-affiliated brokers in the syndicate

CREDIT SUISSE SECURITIES LLC
GOLDMAN, SACHS & CO.
BEAR, STEARNS & CO. INC.
CIBC WORLD MARKETS CORP.
UBS SECURITIES LLC
WACHOVIA CAPITAL MARKETS, LLC





























                                      -1-
<PAGE>
                       MASSMUTUAL PARTICIPATION INVESTORS
               For the period from April 1, 2006 to June 30, 2006
                         Record of Securities Purchased
                  under the Registrant's 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
                                                          _____

     (b)  Eligible Municipal securities                   _____

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

     (d)  Securities purchased in an Eligible             _____
          Foreign Offering

4.   Issuer: Packaging Dynamics
     Ticker: PKDY
     Cusip: 69516RAA0

5.   Description of Security: Corporate Bond

6.   Date of Purchase: 04/13/06

7.   Underwriter(s) from whom purchased: Deutsche Bank Securities Inc.



                                      -1-
<PAGE>

8.   Name of Affiliated Underwriter managing or
     participating in syndicate: Jefferies & Company

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)]: $12,000,000.00 or 8.00%

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

     (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: $150,000,000.00

11.  Purchase price, net of fees and expenses [may not
     exceed (13) unless offered for subscription upon
     exercise of rights]: $11.00 per share, $350,000
     principal

12.  Date offering commenced: 04/13/06

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: $100.00 per bond

14.  Commission, spread or profit: 2.75%


                                       -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


                                       -3-
<PAGE>

                                                           Yes     No
                                                          _____   _____

          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?     _____   _____




































                                       -4-
<PAGE>

                            PACKAGING DYNAMICS CORP.
              For the period from April 1, 2006 to June 30, 2006
                    Non-affiliated brokers in the syndicate

Deutsche Bank Securities Inc.








































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