MASSMUTUAL PARTICIPATION INVESTORS
NSAR-B, 1996-02-26
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<PAGE>      PAGE  1
000 B000000 12/31/95
000 C000000 0000831655
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000 E000000 NF
000 F000000 Y
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000 J000000 U
001 A000000 MASSMUTUAL PARTICIPATION INVESTORS
001 B000000 811-5531
001 C000000 4137888411
002 A000000 1295 STATE STREET
002 B000000 SPRINGFIELD
002 C000000 MA
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008 A000001 MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
008 B000001 A
008 C000001 801-8059
008 D010001 SPRINGFIELD
008 D020001 MA
008 D030001 01111
008 D040001 0001
012 A000001 SHAREHOLDER FINANCIAL SERVICES, INC.
012 B000001 84-1817
012 C010001 DENVER
012 C020001 CO
012 C030001 80231
013 A000001 COOPERS & LYBRAND L.L.P.
013 B010001 SPRINGFIELD
013 B020001 MA
013 B030001 01101
015 A000001 THE CHASE MANHATTAN BANK, N.A.
015 B000001 C
<PAGE>      PAGE  2
015 C010001 BROOKLYN
015 C020001 NY
015 C030001 11245
015 E010001 X
018  000000 Y
019 A000000 Y
019 B000000   22
019 C000000 MASSMUTUAL
020 A000001 JONES & ASSOCIATES, INC.
020 B000001 95-3583143
020 C000001      8
020 A000002 CANTOR FITZGERALD & CO
020 B000002 13-3680184
020 C000002      3
020 A000003 ALLEN & COMPANY, INCORPORATED
020 B000003 13-6176976
020 C000003      2
020 A000004 CANTOR, WEISS & FRIEDNER, INC.
020 C000004      2
020 A000005 ADVEST, INC.
020 B000005 06-0950348
020 C000005      1
020 A000006 JEFFERIES & COMPANY, INC.
020 B000006 95-2622900
020 C000006      1
020 A000007 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
020 B000007 13-2741729
020 C000007      1
020 A000008 LAZARD, FRERES & CO.
020 B000008 13-5545100
020 C000008      1
020 A000009 GOLDMAN, SACHS & CO.
020 B000009 13-5108880
020 C000009      1
020 A000010 ANDERSON & STRUDWICK, INCORPORATED
020 B000010 54-0968806
020 C000010      1
021  000000       23
022 A000001 MERRILL LYNCH PIERCE FENNER & SMITH, INC.
022 B000001 13-5674085
022 C000001     78322
022 D000001      2002
022 A000002 GOLDMAN, SACHS & CO
022 B000002 13-5108880
022 C000002     63583
022 D000002       214
022 A000003 LEHMAN BROTHERS, INC.
022 B000003 13-2518466
022 C000003     27935
022 D000003      1049
022 A000004 MORGAN (J.P.) SECURITIES, INC.
<PAGE>      PAGE  3
022 B000004 13-3224016
022 C000004     19632
022 D000004      1107
022 A000005 GENERAL MOTORS ACCEPTANCE CORPORATION
022 B000005 38-0572512
022 C000005     19895
022 D000005         0
022 A000006 CS FIRST BOSTON CORPORATION
022 B000006 13-5659485
022 C000006     11119
022 D000006         0
022 A000007 BA SECURITIES, INC.
022 B000007 94-4035346
022 C000007     10923
022 D000007         0
022 A000008 FORD MOTOR CREDIT COMPANY
022 B000008 38-1612444
022 C000008     10078
022 D000008         0
022 A000009 BT SECURITIES CORPORATION
022 B000009 13-3311934
022 C000009      5886
022 D000009         0
022 A000010 GRANTCHESTER SECURITIES INC.
022 C000010      3285
022 D000010      2498
023 C000000     284347
023 D000000      37680
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<PAGE>      PAGE  4
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<PAGE>      PAGE  5
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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<PAGE>      PAGE  9
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SIGNATURE   STEPHEN L. KUHN                              
TITLE       SECRETARY           
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000831655
<NAME> MASSMUTUAL PARTICIPATION INVESTORS
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-START>                             JAN-01-1995
<PERIOD-END>                               DEC-31-1995
<INVESTMENTS-AT-COST>                       98,006,310
<INVESTMENTS-AT-VALUE>                     107,587,261
<RECEIVABLES>                                2,670,884
<ASSETS-OTHER>                                  28,405
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             110,286,550
<PAYABLE-FOR-SECURITIES>                       500,000
<SENIOR-LONG-TERM-DEBT>                     12,000,000
<OTHER-ITEMS-LIABILITIES>                    2,500,407
<TOTAL-LIABILITIES>                         15,000,407
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    84,987,987
<SHARES-COMMON-STOCK>                        9,216,665
<SHARES-COMMON-PRIOR>                        9,216,665
<ACCUMULATED-NII-CURRENT>                      134,748
<OVERDISTRIBUTION-NII>                               0
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<OVERDISTRIBUTION-GAINS>                             0
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<NET-ASSETS>                                95,286,143
<DIVIDEND-INCOME>                              173,463
<INTEREST-INCOME>                            8,088,960
<OTHER-INCOME>                                       0
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<EQUALIZATION>                                       0
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<PER-SHARE-NAV-BEGIN>                             8.84
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</TABLE>


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