<SEC-DOCUMENT>0001225208-12-020091.txt : 20120924
<SEC-HEADER>0001225208-12-020091.hdr.sgml : 20120924
<ACCEPTANCE-DATETIME>20120924142133
ACCESSION NUMBER:		0001225208-12-020091
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20120914
FILED AS OF DATE:		20120924
DATE AS OF CHANGE:		20120924

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Ward Chicares Elizabeth
		CENTRAL INDEX KEY:			0001558815

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05531
		FILM NUMBER:		121106056

	MAIL ADDRESS:	
		STREET 1:		1295 STATE STREET B345
		STREET 2:		MASSACHUSETTS MUTUAL LIFE INSURANCE CO.
		CITY:			SPRINGFIELD
		STATE:			MA
		ZIP:			01111

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>X0206</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2012-09-14</periodOfReport>

    <noSecuritiesOwned>1</noSecuritiesOwned>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001558815</rptOwnerCik>
            <rptOwnerName>Ward Chicares Elizabeth</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1295 STATE STREET B345</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>SPRINGFIELD</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>01111</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isOther>1</isOther>
            <otherText>Adviser Board Member</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes></footnotes>

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

    <ownerSignature>
        <signatureName>Ann Malloy as Attorney-in-fact</signatureName>
        <signatureDate>2012-09-24</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>2
<FILENAME>eward.txt
<TEXT>
Securities and Exchange Commission ("SEC") Forms 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 a Member of the Board of Managers of Babson Capital
Management LLC, the investment adviser to Babson Capital Global High Yield Short
Duration Fund, Babson Capital Corporate Investors and Babson Capital
Participation Investors (the "Issuers"), 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 SEC, the New York Stock
Exchange and the Funds said SEC Forms 3, 4 and/or 5 with respect to shares of
the Funds purchased or sold by the undersigned or any other change of
beneficial ownership relating to equity or derivative securities of the Issuers
required to be reported by the undersigned.

This authorization shall remain in effect until a written revocation is executed
by the undersigned and filed with the SEC.


Signature and Date: 9-20-2012
Name:	Elizabeth Ward Chicares
Title:	Member of Board of Managers of Adviser
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
