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<SEC-DOCUMENT>0001072613-08-000601.txt : 20080229
<SEC-HEADER>0001072613-08-000601.hdr.sgml : 20080229
<ACCEPTANCE-DATETIME>20080229120819
ACCESSION NUMBER:		0001072613-08-000601
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20071231
FILED AS OF DATE:		20080229
DATE AS OF CHANGE:		20080229
EFFECTIVENESS DATE:		20080229

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:		08653728

	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
<TEXT>
<PAGE>      PAGE  1
000 B000000 12/31/2007
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 5189
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 N
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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 BABSON CAPITAL MANAGEMENT LLC
008 B000001 A
008 C000001 801-241
008 D010001 SPRINGFIELD
008 D020001 MA
008 D030001 01115
008 D040001 5189
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 FIRST BOSTON CORP.
020 B000001 13-5659485
020 C000001      1
020 A000002 MERRILL, LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000002 13-5674085
020 C000002      1
020 A000003 LEHMAN BROTHERS
020 B000003 13-2518466
020 C000003      0
020 A000004 SALOMON SMITH BARNEY HOLD INC
020 B000004 11-2418191
020 C000004      0
020 A000005 WACHOVIA SECURITIES LLC
020 B000005 34-1542819
020 C000005      0
020 A000006 CIBC WORK MARKETS CORP.
020 B000006 13-2798343
020 C000006      0
020 A000007 JP MORGAN CHASE
020 B000007 13-4994650
020 C000007      0
020 A000008 GOLDMAN, SACHS & CO
020 B000008 13-5108880
020 C000008      0
020 A000009 BEAR, STEARNS & CO
020 B000009 13-3299429
020 C000009      0
020 A000010 PIPER, JAFFRAY INC.
020 B000010 41-0953246
020 C000010      0
021  000000        3
022 A000001 GOLDMAN, SACHS & CO.
022 B000001 13-5108880
022 C000001    151319
022 D000001       273
022 A000002 JP MORGAN CHASE
022 B000002 13-4994650
022 C000002    121106
022 D000002      3067
<PAGE>      PAGE  3
022 A000003 CITIGROUP
022 B000003 13-3214963
022 C000003     71726
022 D000003         0
022 A000004 WACHOVIA SECURITIES LLC
022 B000004 34-1542819
022 C000004     36562
022 D000004       255
022 A000005 MERRILL, LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000005 13-5674085
022 C000005     30012
022 D000005       145
022 A000006 LEHMAN BROTHERS
022 B000006 13-2518466
022 C000006     24692
022 D000006       382
022 A000007 FIRST BOSTON CORP.
022 B000007 13-5659485
022 C000007     20281
022 D000007      1218
022 A000008 DEUTSCHE BNK CAPITAL CORP
022 B000008 13-2730828
022 C000008      5809
022 D000008       209
022 A000009 HKW & COMPANY
022 B000009 13-1769063
022 C000009      4871
022 D000009         0
022 A000010 MAXON ACQUISITION COMPANY
022 C000010         0
022 D000010      3108
023 C000000     489650
023 D000000      28297
024  000000 N
025 A000001 DELETE
025 D000001       0
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<PAGE>      PAGE  4
026 H000000 N
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<PAGE>      PAGE  5
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<PAGE>      PAGE  6
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070 F010000 N
070 F020000 N
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<PAGE>      PAGE  7
070 G020000 N
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070 H020000 N
070 I010000 N
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<PAGE>      PAGE  8
072 Y000000        0
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073 A010000   1.2300
073 A020000   0.0000
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074 A000000     1029
074 B000000        0
074 C000000     7525
074 D000000   108292
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074 F000000    16473
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074 T000000   126625
074 U010000  9861611
074 U020000        0
074 V010000    12.84
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076  000000    13.18
077 A000000 Y
077 B000000 Y
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<PAGE>      PAGE  9
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
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077 M000000 N
077 N000000 N
077 O000000 Y
077 P000000 N
077 Q010000 N
077 Q020000 Y
077 Q030000 N
078  000000 N
080 A000000 NATIONAL UNION FIRE INSURANCE COMPANY
080 B000000 NONE
080 C000000     1350
081 A000000 Y
081 B000000   1
082 A000000 N
082 B000000        0
083 A000000 N
083 B000000        0
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084 B000000        0
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086 C020000      0
086 D010000      0
086 D020000      0
086 E010000      0
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086 F020000      0
087 A010000 SHARES OF BENEFICIAL INTEREST
087 A020000 576299101
087 A030000 MPV
088 A000000 Y
088 B000000 N
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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 ANNUAL PERIOD ENDED DECEMBER 31, 2007


EXHIBIT NO.                   DESCRIPTION

77B               Accountant's Report on Internal Controls

77O               Transactions Effected Pursuant to Rule 10f-3

77Q2              Information called for by Item 405 of Regulation S-K

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77B
<SEQUENCE>2
<FILENAME>exh-77b_15728.txt
<DESCRIPTION>ACCOUNTANT'S REPORT ON INTERNAL CONTROLS
<TEXT>
                                                                   EXHIBIT 77(B)
                                                                   -------------

[KPMG LOGO]     KPMG LLP                             Telephone   617 988  1000
                99 High Street                       Fax         617 507  8321
                Boston, MA 02110-2371                Internet    WWW.US.KPMG.COM
                                                                 ---------------



             Report of Independent Registered Public Accounting Firm

The Shareholders and Board of Trustees of MassMutual Participation Investors

In planning and performing our audit of the financial statements of MassMutual
Participation Investors (the "Company") as of and for the year ended December
31, 2007, in accordance with the standards of the Public Company Accounting
Oversight Board (United States), we considered the Company's internal control
over financial reporting, including controls over safeguarding securities, as a
basis for designing our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the requirements of Form
N-SAR, but not for the purpose of expressing an opinion on the effectiveness of
the Company's internal control over financial reporting. Accordingly, we express
no such opinion.

Management of the Company is responsible for establishing and maintaining
effective internal control over financial reporting. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of controls. A company's internal control
over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted
accounting principles. A company's internal control over financial reporting
includes those policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the company; (2) provide
reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the company are
being made only in accordance with authorizations of management and directors of
the company; and (3) provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use, or disposition of the company's
assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting
may not prevent or detect misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree of compliance
with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design
or operation of a control does not allow management or employees, in the normal
course of performing their assigned functions, to prevent or detect
misstatements on a timely basis. A material weakness is a deficiency, or a
combination of deficiencies, in internal control over financial reporting, such
that there is a reasonable possibility that a material misstatement of the
Company's annual or interim financial statements will not be prevented or
detected on a timely basis.



           KPMG LLP, a U.S. limited liability partnership, is the U.S.
             member firm of KPMG International, a Swiss cooperative.
<PAGE>
[KPMG LOGO]



Our consideration of the Company's internal control over financial reporting was
for the limited purpose described in the first paragraph and would not
necessarily disclose all deficiencies in internal control that might be material
weaknesses under standards established by the Public Company Accounting
Oversight Board (United States). However, we noted no deficiencies in the
Company's internal control over financial reporting and its operation, including
controls over safeguarding securities, that we consider to be a material
weakness as defined above as of December 31, 2007.

This report is intended solely for the information and use of management and the
Company 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 11, 2008
<PAGE>
[KPMG LOGO]     KPMG LLP                             Telephone   617 988  1000
                99 High Street                       Fax         617 507  8321
                Boston, MA 02110-2371                Internet    WWW.US.KPMG.COM
                                                                 ---------------



            Report of Independent Registered Public Accounting Firm

The Shareholders and Board of Trustees of MassMutual Participation Investors

We have audited the accompanying statement of assets and liabilities of
MassMutual Participation Investors (the Trust), including the schedule of
investments, as of December 31, 2007, and the related statements of operations
and cash flows for the year then ended and the statements of changes in net
assets for each of the years in the two-year period then ended and the financial
highlights for each of the years in the four-year period then ended. These
financial statements and financial highlights are the responsibility of the
Trust's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits. The financial
highlights for the year ended December 31, 2003 was audited by other independent
registered public accountants whose report, dated February 6, 2004, expressed an
unqualified opinion on those financial highlights.

We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included confirmation of
securities owned as of December 31, 2007 by counting securities at the custodian
and by correspondence with the custodian, or by other appropriate auditing
procedures. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
MassMutual Participation Investors as of December 31, 2007, and the results of
its operations, its cash flows, the changes in its net assets, and the financial
highlights for the years described above, in conformity with accounting
principles generally accepted in the United States of America.

                                       /s/ KPMG LLP
Boston, Massachusetts
February 11, 2008





           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-99.77O
<SEQUENCE>3
<FILENAME>exh77-o_15728.txt
<DESCRIPTION>TRANSACTIONS EFFECTED PURSUANT TO RULE 10F-3
<TEXT>
                                                                   EXHIBIT 77(O)
                                                                   -------------


<TABLE><CAPTION>
MassMutual Participation Investors
Rule10f-3 Report
Name of Fund: MassMutual Participation Investors
Name of Sub-Advisor: Babson Capital Management LLC
Rule 10f-3 Report - Acquisition of securities during existence of an underwriting or selling syndicate in the 1st quarter of 2007.
Name of Affiliate member of underwriting or selling syndicate - Jefferies & Co.

- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                              Aggregate principal
                                                                                              amount of purchase
                                                                                              of any class of the
                                                                                              offering $ and # of
                                                                                              shares. [This
                                                                                              amount, when added
                                                                              Name of         to purchases by
                                                                              Affiliated      other investment      (X) Aggregate
                                                                              Underwriter     companies for whom    principal amount
                                                                              managing or     the adviser and the   of such class of
                                                                              participating   relevant sub-         securities being
                                                                              in syndicate    adviser, if any,      offered [For
                                                                              (attach list    act as adviser,       securities not
Type of Security*                                                             of all          may not exceed 25%    purchased in an
(indicate A, B,    Issuer        Description  Date of    Underwriter(s)       members of      of column (X) or      Eligible Rule
C, D or E)         Name          of Security  Purchase   from who purchased   syndicate)      (Y)                   144A Offering]
- ------------------------------------------------------------------------------------------------------------------------------------
<S>               <C>           <C>          <C>        <C>                  <C>             <C>                   <C>



                   Cellcom       Common                  Goldman              Jefferies       $58,000;
A                  Israel Ltd    Stock        2/5/2007   Sachs & Co.          & Co.           2,900 shares          $400.00 Mln
- ------------------------------------------------------------------------------------------------------------------------------------



                   Accuray       Common                  JP Morgan            Jefferies       $18,000;
A                  Inc.          Stock        2/7/2007   Securities           & Co.           1,000 shares          $288.00 Mln
- ------------------------------------------------------------------------------------------------------------------------------------


                   Mellanox                              Credit Suisse
                   Technologies  Common                  Securities           Jefferies       $3,400;
A                  Inc.          Stock        2/7/2007   USA LLC              & Co.           200 shares            $102.00 Mln
- ------------------------------------------------------------------------------------------------------------------------------------


                   Fortress                              Lehman Brothers
                   Investment    Common                  Lazard Capital       Jefferies       $12,950;
A                  Grouup        Stock        2/8/2007   Markets LLC          & Co.           700 shares          $634.29 Mln
- ------------------------------------------------------------------------------------------------------------------------------------



                                 Common                  Goldman              Jefferies       $3,000;
A                  Opnext Inc.   Stock        2/14/2007  Sachs & Co.          & Co.           200 shares            $253.64 Mln
- ------------------------------------------------------------------------------------------------------------------------------------



                   Clearwire     Common                  Merrill              Jefferies       $50,000;
A                  Corp.         Stock        3/7/2007   Lynch & Co.          & Co.           2,000 shares          $600.00 Mln
- ------------------------------------------------------------------------------------------------------------------------------------



                   Sourcefire    Common                                       Jefferies       $6,000;
A                  Inc.          Stock        3/8/2007   Morgan Stanley       & Co.           400 shares            $86.55 Mln
- ------------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------
(Y) 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                                      (Z) Price paid
144A(a)(1), plus                                     by each other
(b) the principal                                    purchaser in the
amount of the        Purchase price,                 offering or in
offering of such     net of fees and                 any concurrent
class in any         expenses [may                   offering of the
concurrent public    not exceed                      securities prior
offering. [For       column (Z)                      to close of
securities           unless offered                  first full
purchased in an      for subscription   Date         business day      Commission,
Eligible Rule        upon exercise of   offering     on which sales    spread
144A Offering]       rights]            commenced    are made.         or profit
- ------------------------------------------------------------------------------------
                                                                       Gross Spread:
                                                                       $1.300;
                                                                       Selling
                                                                       Concession:
N/A                  $20 per share      2/5/2007     $20 per share     $0.780
- ------------------------------------------------------------------------------------
                                                                       Gross Spread:
                                                                       $1.260;
                                                                       Selling
                                                                       Concession:
N/A                  $18 per share      2/7/2007     $18 per share     $0.756
- ------------------------------------------------------------------------------------
                                                                       Gross Spread:
                                                                       $1.190;
                                                                       Selling
                                                                       Concession:
N/A                  $17 per share      2/7/2007     $17 per share     $0.714
- ------------------------------------------------------------------------------------
                                                                       Gross Spread:
                                                                       $1.110;
                                                                       Selling
                                                                       Concession:
N/A                  $18.5 per share    2/8/2007     $18.5 per share   $0.720
- ------------------------------------------------------------------------------------
                                                                       Gross Spread:
                                                                       $1.050;
                                                                       Selling
                                                                       Concession:
N/A                  $15 per share      2/14/2007    $15 per share     $0.630
- ------------------------------------------------------------------------------------
                                                                       Gross Spread:
                                                                       $1.500;
                                                                       Selling
                                                                       Concession:
N/A                  $25 per share      3/7/2007     $25 per share     $0.900
- ------------------------------------------------------------------------------------
                                                                       Gross Spread:
                                                                       $1.050;
                                                                       Selling
                                                                       Concession:
N/A                  $15 per share      3/8/2007     $15 per share     $0.630
- ------------------------------------------------------------------------------------
</TABLE>
* Indicate
(A) if part of an issue registered under the Securities Act of 1933 that is
    being offered to the public,
(B) part of an issue of government securities, as defined in section 2(a)(16) of
    the Investment Company Act of 1940,
(C) if Eligible Municipal Securities,
(D) if Securities sold in an Eligible Foreign Offering,
(E) if Securities sold in an Eligible Rule 144A Offering.

<PAGE>
The undersigned certifies that the information contained herein is complete and
accurate and the following conditions have been satisfied:

1.   The purchase price did not exceed the 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).
2.   The underwriting was a firm commitment underwriting
3.   The commission, spread or profit was reasonable and fair in relation to
     that being received by others for underwriting similar securities during
     the same period.
4.   For securities that are not municipal securities - The issuer has been in
     continuous operation for not less than three years, including the
     operations of any predecessors.
5.   For municipal securities only - The issue 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.
6.   The amount of such securities purchased by all of the investment companies
     advised by the adviser and the relevant sub-adviser(s) to the Fund
     purchasing such securities did not exceed 25% of column X or Y.
7.   No Affiliated Underwriter was a direct or indirect participant in the sale.
8.   Each transaction specified in this report has been effected in compliance
     with SEC Rule 10f-3.
<PAGE>

<TABLE><CAPTION>
MassMutual Participation Investors
Rule10f-3 Report
Name of Fund: MassMutual Participation Investors
Name of Sub-Advisor: Babson Capital Management LLC
Rule 10f-3 Report - Acquisition of securities during existence of an underwriting or selling syndicate in the 2nd quarter of 2007.
Name of Affiliate member of underwriting or selling syndicate - Jefferies & Co.

- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                              Aggregate principal
                                                                                              amount of purchase
                                                                                              of any class of the
                                                                                              offering $ and # of
                                                                                              shares. [This
                                                                                              amount, when added
                                                                              Name of         to purchases by
                                                                              Affiliated      other investment      (X) Aggregate
                                                                              Underwriter     companies for whom    principal amount
                                                                              managing or     the adviser and the   of such class of
                                                                              participating   relevant sub-         securities being
                                                                              in syndicate    adviser, if any,      offered [For
                                                                              (attach list    act as adviser,       securities not
Type of Security*                                                             of all          may not exceed 25%    purchased in an
(indicate A, B,    Issuer        Description  Date of    Underwriter(s)       members of      of column (X) or      Eligible Rule
C, D or E)         Name          of Security  Purchase   from who purchased   syndicate)      (Y)                   144A Offering]
- ------------------------------------------------------------------------------------------------------------------------------------
<S>               <C>           <C>          <C>        <C>                  <C>             <C>                   <C>


                                 Common                                       Jefferies       $369,600;
A                  Enernoc       Stock        5/17/2007  Credit Suisse        & Co.           16,800 shares         $97.50 Mln
- ------------------------------------------------------------------------------------------------------------------------------------


                   Limelight
                   Networks      Common                  Goldman              Jefferies       $2,200;
A                  Inc.          Stock        6/7/2007   Sachs & Co.          & Co.           200 shares            $240.00 Mln
- ------------------------------------------------------------------------------------------------------------------------------------



                   Comscore      Common                                       Jefferies       $13,500;
A                  Inc.          Stock        6/26/2007  Credit Suisse        & Co.           900 shares            $87.45 Mln
- ------------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------
(Y) 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                                      (Z) Price paid
144A(a)(1), plus                                     by each other
(b) the principal                                    purchaser in the
amount of the        Purchase price,                 offering or in
offering of such     net of fees and                 any concurrent
class in any         expenses [may                   offering of the
concurrent public    not exceed                      securities prior
offering. [For       column (Z)                      to close of
securities           unless offered                  first full
purchased in an      for subscription   Date         business day      Commission,
Eligible Rule        upon exercise of   offering     on which sales    spread
144A Offering]       rights]            commenced    are made.         or profit
- ------------------------------------------------------------------------------------
                                                                       Gross Spread:
                                                                       $1.820;
                                                                       Selling
                                                                       Concession:
N/A                  $22 per share      5/17/2007    $22 per share     $1.092
- ------------------------------------------------------------------------------------
                                                                       Gross Spread:
                                                                       $1.050;
                                                                       Selling
                                                                       Concession:
N/A                  $11 per share      6/7/2007     $11 per share     $0.630
- ------------------------------------------------------------------------------------
                                                                       Gross Spread:
                                                                       $1.155;
                                                                       Selling
                                                                       Concession:
N/A                  $15 per share      6/26/2007    $15 per share     $0.693
- ------------------------------------------------------------------------------------
</TABLE>
* Indicate
(A) if part of an issue registered under the Securities Act of 1933 that is
    being offered to the public,
(B) part of an issue of government securities, as defined in section 2(a)(16) of
    the Investment Company Act of 1940,
(C) if Eligible Municipal Securities,
(D) if Securities sold in an Eligible Foreign Offering,
(E) if Securities sold in an Eligible Rule 144A Offering.
<PAGE>
The undersigned certifies that the information contained herein is complete and
accurate and the following conditions have been satisfied:

1.   The purchase price did not exceed the 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).
2.   The underwriting was a firm commitment underwriting
3.   The commission, spread or profit was reasonable and fair in relation to
     that being received by others for underwriting similar securities during
     the same period.
4.   For securities that are not municipal securities - The issuer has been in
     continuous operation for not less than three years, including the
     operations of any predecessors.
5.   For municipal securities only - The issue 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.
6.   The amount of such securities purchased by all of the investment companies
     advised by the adviser and the relevant sub-adviser(s) to the Fund
     purchasing such securities did not exceed 25% of column X or Y.
7.   No Affiliated Underwriter was a direct or indirect participant in the sale.
8.   Each transaction specified in this report has been effected in compliance
     with SEC Rule 10f-3.
<PAGE>

<TABLE><CAPTION>
MassMutual Participation Investors
Rule10f-3 Report
Name of Fund: MassMutual Participation Investors
Name of Sub-Advisor: Babson Capital Management LLC
Rule 10f-3 Report - Acquisition of securities during existence of an underwriting or selling syndicate in the 3rd quarter of 2007.
Name of Affiliate member of underwriting or selling syndicate - Jefferies & Co.

- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                              Aggregate principal
                                                                                              amount of purchase
                                                                                              of any class of the
                                                                                              offering $ and # of
                                                                                              shares. [This
                                                                                              amount, when added
                                                                              Name of         to purchases by
                                                                              Affiliated      other investment      (X) Aggregate
                                                                              Underwriter     companies for whom    principal amount
                                                                              managing or     the adviser and the   of such class of
                                                                              participating   relevant sub-         securities being
                                                                              in syndicate    adviser, if any,      offered [For
                                                                              (attach list    act as adviser,       securities not
Type of Security*                                                             of all          may not exceed 25%    purchased in an
(indicate A, B,    Issuer        Description  Date of    Underwriter(s)       members of      of column (X) or      Eligible Rule
C, D or E)         Name          of Security  Purchase   from who purchased   syndicate)      (Y)                   144A Offering]
- ------------------------------------------------------------------------------------------------------------------------------------
<S>               <C>           <C>          <C>        <C>                  <C>             <C>                   <C>


                   Dice          Common                                       Jefferies       $2,600;
A                  Holdings      Stock        7/17/2007  Morgan Stanley       & Co.           200 shares            $217.10 Mln
- ------------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------
(Y) 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                                      (Z) Price paid
144A(a)(1), plus                                     by each other
(b) the principal                                    purchaser in the
amount of the        Purchase price,                 offering or in
offering of such     net of fees and                 any concurrent
class in any         expenses [may                   offering of the
concurrent public    not exceed                      securities prior
offering. [For       column (Z)                      to close of
securities           unless offered                  first full
purchased in an      for subscription   Date         business day      Commission,
Eligible Rule        upon exercise of   offering     on which sales    spread
144A Offering]       rights]            commenced    are made.         or profit
- ------------------------------------------------------------------------------------
                                                                       Gross Spread:
N/A                  $13 per share      7/17/2007    $13 per share     $0.910
- ------------------------------------------------------------------------------------
</TABLE>
* Indicate
(A) if part of an issue registered under the Securities Act of 1933 that is
    being offered to the public,
(B) part of an issue of government securities, as defined in section 2(a)(16) of
    the Investment Company Act of 1940,
(C) if Eligible Municipal Securities,
(D) if Securities sold in an Eligible Foreign Offering,
(E) if Securities sold in an Eligible Rule 144A Offering.

The undersigned certifies that the information contained herein is complete and
accurate and the following conditions have been satisfied:

1.   The purchase price did not exceed the 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).
2.   The underwriting was a firm commitment underwriting
3.   The commission, spread or profit was reasonable and fair in relation to
     that being received by others for underwriting similar securities during
     the same period.
4.   For securities that are not municipal securities - The issuer has been in
     continuous operation for not less than three years, including the
     operations of any predecessors.
5.   For municipal securities only - The issue 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.
6.   The amount of such securities purchased by all of the investment companies
     advised by the adviser and the relevant sub-adviser(s) to the Fund
     purchasing such securities did not exceed 25% of column X or Y.
7.   No Affiliated Underwriter was a direct or indirect participant in the sale.
8.   Each transaction specified in this report has been effected in compliance
     with SEC Rule 10f-3.
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q2
<SEQUENCE>4
<FILENAME>exh-77q2_15728.txt
<DESCRIPTION>INFORMATION CALLED FOR BY ITEM 405 OF REGULATION S-K
<TEXT>
                                   ITEM 77Q-2


The Registrant's Trustees and certain officers, investment advisers, certain
affiliated persons of the investment advisers and persons who own more than 10%
of any class of outstanding securities of the Registrant are required to file
forms reporting their affiliation with the Registrant and reports of ownership
and changes in ownership of the Registrant's securities with the Securities and
Exchange Commission ("SEC") and the New York Stock Exchange. These persons and
entities are required by SEC regulation to furnish the Registrant with copies of
all such forms they file. Based solely on a review of these forms furnished to
the Registrant, the Registrant believes that each of its Trustees and relevant
officers, Babson Capital Management LLC, the Registrant's adviser, ("Babson
Capital") and relevant affiliated persons have complied with all applicable
filing requirements during the Registrant's fiscal year ended December 31, 2007,
except that Michael Ross of Babson Capital and Babson Capital each inadvertently
filed a late Form 3.
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
