<SEC-DOCUMENT>0001225208-12-002074.txt : 20120125
<SEC-HEADER>0001225208-12-002074.hdr.sgml : 20120125
<ACCEPTANCE-DATETIME>20120125173748
ACCESSION NUMBER:		0001225208-12-002074
CONFORMED SUBMISSION TYPE:	4/A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20120113
FILED AS OF DATE:		20120125
DATE AS OF CHANGE:		20120125

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BENSON DONALD E
		CENTRAL INDEX KEY:			0001244657

	FILING VALUES:
		FORM TYPE:		4/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05531
		FILM NUMBER:		12545636

	MAIL ADDRESS:	
		STREET 1:		60 SOUTH SIXTH ST STE 3800
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55450

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BABSON CAPITAL PARTICIPATION INVESTORS
		CENTRAL INDEX KEY:			0000831655
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		IRS NUMBER:				043025730
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	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 PARTICIPATION INVESTORS
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MASSMUTUAL CORPORATE INVESTORS II
		DATE OF NAME CHANGE:	19880417
</SEC-HEADER>
<DOCUMENT>
<TYPE>4/A
<SEQUENCE>1
<FILENAME>doc4a.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0304</schemaVersion>

    <documentType>4/A</documentType>

    <periodOfReport>2012-01-13</periodOfReport>

    <dateOfOriginalSubmission>2012-01-03</dateOfOriginalSubmission>

    <issuer>
        <issuerCik>0000831655</issuerCik>
        <issuerName>BABSON CAPITAL PARTICIPATION INVESTORS</issuerName>
        <issuerTradingSymbol>MPV</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001244657</rptOwnerCik>
            <rptOwnerName>BENSON DONALD E</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1500 MAIN STREET</rptOwnerStreet1>
            <rptOwnerStreet2>P O BOX 15189</rptOwnerStreet2>
            <rptOwnerCity>SPRINGFIELD</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>01115</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isOther>1</isOther>
            <otherText>Trustee</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Shares of Beneficial Interest (&quot;Common Shares&quot;)</value>
            </securityTitle>
            <transactionDate>
                <value>2012-01-13</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>340.2190</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>14.9100</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>12417.9920</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Shares of Beneficial Interest (&quot;Common Shares&quot;)</value>
            </securityTitle>
            <transactionDate>
                <value>2012-01-13</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>310.7900</value>
                    <footnoteId id="F2"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>16.0800</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>12728.7820</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">Purchased pursuant to the Trust's Dividend Reinvestment Plan.</footnote>
        <footnote id="F2">Purchased pursuant to the Trust's Cash Purchase Plan.</footnote>
    </footnotes>

    <remarks>This is a re-submission of the Form 4 filed on 1/03/2012 to update the transaction information previously reported. See accession number 00012225208-12-000185.  Effective close of business December 16, 2011, MassMutual Participation Investors changed its name to Babson Capital Participation Investors.</remarks>

    <ownerSignature>
        <signatureName>Ann Malloy as Attorney-in-fact</signatureName>
        <signatureDate>2012-01-25</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
