<SEC-DOCUMENT>0001225208-12-025910.txt : 20121226
<SEC-HEADER>0001225208-12-025910.hdr.sgml : 20121224
<ACCEPTANCE-DATETIME>20121226060141
ACCESSION NUMBER:		0001225208-12-025910
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20121214
FILED AS OF DATE:		20121226
DATE AS OF CHANGE:		20121226

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Corbett M. Timothy
		CENTRAL INDEX KEY:			0001563277

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05531
		FILM NUMBER:		121283577

	MAIL ADDRESS:	
		STREET 1:		1295 STATE STREET
		STREET 2:		MASSACHUSETTS LIFE INSURANCE COMPANY
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28202

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>2012-12-14</periodOfReport>

    <noSecuritiesOwned>1</noSecuritiesOwned>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001563277</rptOwnerCik>
            <rptOwnerName>Corbett M. Timothy</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>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>2012-12-24</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>2
<FILENAME>tcorbett.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 or co-manager of Babson Capital
Corporate Investors, Babson Capital Participation Investors, Babson Capital
Global Short Duration High Yield Fund,Special Value Opportunities Fund, LLC,
Tennenbaum Opportunities Fund V, LLC and Tennenbaum Opportunities Partners V,
LP  (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 Issuers
said SEC Forms 3, 4 and/or 5 with respect to shares of the Issuers 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: 11-28-2012

Name:	M. Timothy Corbett
Title:	Member of Board of Managers of Adviser
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
