<SEC-DOCUMENT>0001072613-15-000205-index.html : 20150306
<SEC-HEADER>0001072613-15-000205.hdr.sgml : 20150306
<ACCEPTANCE-DATETIME>20150306145900
ACCESSION NUMBER:		0001072613-15-000205
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		13
CONFORMED PERIOD OF REPORT:	20141231
FILED AS OF DATE:		20150306
DATE AS OF CHANGE:		20150306
EFFECTIVENESS DATE:		20150306

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BABSON CAPITAL PARTICIPATION INVESTORS
		CENTRAL INDEX KEY:			0000831655
		IRS NUMBER:				043025730
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05531
		FILM NUMBER:		15681154

	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>N-CSR
<SEQUENCE>1
<FILENAME>participation-ncsr_17773.htm
<DESCRIPTION>BABSON CAPITAL PARTICIPATION INVESTORS
<TEXT>
Document 1 - file: participation-ncsr_17773.htm

</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2
<SEQUENCE>2
<FILENAME>exh2_17773.htm
<DESCRIPTION>CODE OF ETHICS
<TEXT>
Document 2 - file: exh2_17773.htm

</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.31.1
<SEQUENCE>3
<FILENAME>exh99-311_17773.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
Document 3 - file: exh99-311_17773.htm

</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.31.2
<SEQUENCE>4
<FILENAME>exh99-312_17773.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
Document 4 - file: exh99-312_17773.htm

</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.32
<SEQUENCE>5
<FILENAME>exh99-32_17773.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
Document 5 - file: exh99-32_17773.htm

</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>img001.jpg
<TEXT>
Document 6 - file: img001.jpg

</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>img002.jpg
<TEXT>
Document 7 - file: img002.jpg

</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>img003.jpg
<TEXT>
Document 8 - file: img003.jpg

</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>img004.jpg
<TEXT>
Document 9 - file: img004.jpg

</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>img005.jpg
<TEXT>
Document 10 - file: img005.jpg

</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>img006.jpg
<TEXT>
Document 11 - file: img006.jpg

</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>img007.jpg
<TEXT>
Document 12 - file: img007.jpg

</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>13
<FILENAME>logo.jpg
<TEXT>
Document 13 - file: logo.jpg

</DOCUMENT>
</SEC-DOCUMENT>