<SEC-DOCUMENT>0001225208-12-014045.txt : 20120608
<SEC-HEADER>0001225208-12-014045.hdr.sgml : 20120608
<ACCEPTANCE-DATETIME>20120608145134
ACCESSION NUMBER:		0001225208-12-014045
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20120530
FILED AS OF DATE:		20120608
DATE AS OF CHANGE:		20120608

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Fowler Ian M
		CENTRAL INDEX KEY:			0001551798

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05531
		FILM NUMBER:		12897570

	MAIL ADDRESS:	
		STREET 1:		150 SOUTH WACKER DRIVE
		STREET 2:		SUITE 350
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

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>3
<SEQUENCE>1
<FILENAME>doc3.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0205</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2012-05-30</periodOfReport>

    <noSecuritiesOwned>1</noSecuritiesOwned>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001551798</rptOwnerCik>
            <rptOwnerName>Fowler Ian M</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>Officer of the Adviser</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes></footnotes>

    <remarks>No securities are beneficially owned by the Reporting Person.</remarks>

    <ownerSignature>
        <signatureName>Jessica Burns as Attorney-in-fact</signatureName>
        <signatureDate>2012-06-08</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>2
<FILENAME>ifowler.txt
<TEXT>
SEC Form 3, Form 4 and Form 5 and Application for EDGAR Access
(Form ID) Confirmation of Authority to Sign


Pursuant to Instruction 7 to SEC "Form 3 - Initial Statement of Beneficial
Ownership of Securities", "Form 4--Statement of Changes in Beneficial Ownership"
and "Form 5 - Annual Statement of Beneficial Ownership of Securities", the
undersigned, being an Officer of Babson Capital Management LLC,  investment
adviser to Babson Capital Corporate Investors and Babson Capital Participation
Investors (each, a "Trust"), hereby appoint and designate Jessica Burns, Ruth
Howe, Ann Malloy, and Melissa LaGrant each as my true and lawful attorneys in
fact with full power to (a) apply for access to the EDGAR filing system in my
name and (b) sign for me and file with the Securities and Exchange Commission,
the New York Stock Exchange and the Trust said SEC Forms 3, 4 and/or 5 with
respect to shares of the Trust purchased or sold by the undersigned or any
otherchange of beneficial ownership relating to equity or derivative securities
of the Trust required to be reportedby the undersigned.
This authorization shall remain in effect until a written revocation is executed
by the undersigned and filed with the Securities and Exchange Commission.





Date:             06-04-2012
Name:             Ian M. Fowler
Title:            Managing Director of Babson Capital Management LLC



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