<PAGE> PAGE 1
000 B000000 12/31/96
000 C000000 0000831655
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 MASSMUTUAL PARTICIPATION INVESTORS
001 B000000 811-5531
001 C000000 4137888411
002 A000000 1295 STATE STREET
002 B000000 SPRINGFIELD
002 C000000 MA
002 D010000 01111
002 D020000 0001
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
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 31
019 C000000 MASSMUTUAL
020 A000001 JONES & ASSOCIATES, INC.
020 B000001 95-3583143
020 C000001 6
020 A000002 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
020 B000002 13-2741729
020 C000002 5
020 A000003 ALLEN & COMPANY INCORPORATED
020 B000003 13-6176976
020 C000003 3
020 A000004 CREDIT SUISSE FIRST BOSTON CORPORATION
020 B000004 13-5659485
020 C000004 3
020 A000005 GRUNTAL & CO. INCORPORATED
020 B000005 13-3179859
020 C000005 2
020 A000006 ADVEST, INC.
020 B000006 06-0950348
020 C000006 1
020 A000007 WASSERSTEIN PERELLA SECURITIES, INC.
020 B000007 13-3502273
020 C000007 1
020 A000008 CANTOR FITZGERALD & CO
020 B000008 13-3680187
020 C000008 1
020 A000009 SMITH BARNEY SHEARSON
020 B000009 13-1912900
020 C000009 1
020 A000010 LAZARD, FRERES & CO.
020 B000010 13-5545100
020 C000010 1
021 000000 25
022 A000001 MERRILL LYNCH PIERCE FENNER & SMITH, INC.
022 B000001 13-5674085
022 C000001 167355
022 D000001 8389
022 A000002 GOLDMAN, SACHS & CO
022 B000002 13-5108880
022 C000002 73268
022 D000002 1357
022 A000003 LEHMAN BROTHERS, INC.
022 B000003 13-2518466
022 C000003 43939
022 D000003 1176
<PAGE> PAGE 3
022 A000004 MORGAN (J.P.) SECURITIES INC.
022 B000004 13-3224016
022 C000004 34938
022 D000004 1293
022 A000005 BA SECURITIES INC.
022 B000005 95-4035346
022 C000005 15653
022 D000005 0
022 A000006 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
022 B000006 13-2741729
022 C000006 4184
022 D000006 3315
022 A000007 MORGAN, STANLEY & CO., INCORPORATED
022 B000007 13-2655998
022 C000007 7226
022 D000007 131
022 A000008 GRANTCHESTER SECURITIES INC.
022 C000008 1075
022 D000008 5536
022 A000009 BT SECURITIES, INC.
022 B000009 13-3311934
022 C000009 4482
022 D000009 849
022 A000010 CREDIT SUISSE FIRST BOSTON CORPORATION
022 B000010 13-5659485
022 C000010 4281
022 D000010 47
023 C000000 386808
023 D000000 47428
024 000000 Y
025 A000001 MERRILL LYNCH & CO.
025 B000001 13-2740599
025 C000001 D
025 D000001 300
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 N
<PAGE> PAGE 4
028 A010000 0
028 A020000 0
028 A030000 0
028 A040000 0
028 B010000 0
028 B020000 0
028 B030000 0
028 B040000 0
028 C010000 0
028 C020000 0
028 C030000 0
028 C040000 0
028 D010000 0
028 D020000 0
028 D030000 0
028 D040000 0
028 E010000 0
028 E020000 0
028 E030000 0
028 E040000 0
028 F010000 0
028 F020000 0
028 F030000 0
028 F040000 0
028 G010000 0
028 G020000 0
028 G030000 0
028 G040000 0
028 H000000 0
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
035 000000 0
036 B000000 0
038 000000 0
042 A000000 0
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043 000000 0
044 000000 0
045 000000 Y
046 000000 N
<PAGE> PAGE 5
047 000000 Y
048 000000 0.900
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 Y
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
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054 M000000 Y
054 N000000 N
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057 000000 N
058 A000000 N
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060 A000000 Y
<PAGE> PAGE 6
060 B000000 Y
061 000000 0
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
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062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 5.1
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062 L000000 0.0
062 M000000 5.1
062 N000000 0.0
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062 P000000 83.1
062 Q000000 0.0
062 R000000 20.7
063 A000000 0
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064 A000000 Y
064 B000000 N
066 A000000 Y
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066 C000000 N
066 D000000 N
066 E000000 N
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066 G000000 Y
067 000000 N
068 A000000 N
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070 B020000 N
070 C010000 N
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070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
<PAGE> PAGE 7
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 N
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 N
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 69522
071 B000000 66217
071 C000000 96691
071 D000000 68
072 A000000 12
072 B000000 8784
072 C000000 148
072 D000000 0
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072 R000000 31
072 S000000 12
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 22
072 X000000 1912
072 Y000000 0
072 Z000000 7020
072AA000000 11252
<PAGE> PAGE 8
072BB000000 1881
072CC010000 0
072CC020000 2884
072DD010000 7147
072DD020000 0
072EE000000 1885
073 A010000 0.7800
073 A020000 0.0000
073 B000000 0.2000
073 C000000 0.0000
074 A000000 4
074 B000000 0
074 C000000 4910
074 D000000 85730
074 E000000 5176
074 F000000 14891
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 3970
074 K000000 0
074 L000000 1540
074 M000000 0
074 N000000 116221
074 O000000 135
074 P000000 219
074 Q000000 12000
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 6713
074 S000000 0
074 T000000 97154
074 U010000 9217
074 U020000 0
074 V010000 10.54
074 V020000 0.00
074 W000000 0.0000
074 X000000 1060
074 Y000000 0
075 A000000 0
075 B000000 97712
076 000000 9.25
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
<PAGE> PAGE 9
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 Y
077 Q030000 N
078 000000 N
080 A000000 LLOYDS OF LONDON
080 C000000 1200
081 A000000 Y
081 B000000 1
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 N
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
087 A010000 SHARES OF BENEFICIAL INTEREST
087 A020000 576299101
087 A030000 MPV
088 A000000 Y
088 B000000 N
088 C000000 N
088 D000000 N
SIGNATURE STEPHEN L. KUHN
TITLE SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
ANNUAL REPORT TO SHAREHOLDERS OF MASSMUTUAL PARTICIPATION INVESTORS FOR
THE YEAR ENDED DECEMBER 31, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000831655
<NAME> MASSMUTUAL PARTICIPATION INVESTORS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 104,009,828
<INVESTMENTS-AT-VALUE> 110,706,511
<RECEIVABLES> 5,510,541
<ASSETS-OTHER> 4,414
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 116,221,466
<PAYABLE-FOR-SECURITIES> 135,000
<SENIOR-LONG-TERM-DEBT> 12,000,000
<OTHER-ITEMS-LIABILITIES> 6,932,607
<TOTAL-LIABILITIES> 19,067,607
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 84,895,820
<SHARES-COMMON-STOCK> 9,216,665
<SHARES-COMMON-PRIOR> 9,216,665
<ACCUMULATED-NII-CURRENT> 7,224
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,879,508
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,696,683
<NET-ASSETS> 97,153,859
<DIVIDEND-INCOME> 147,618
<INTEREST-INCOME> 8,784,434
<OTHER-INCOME> 0
<EXPENSES-NET> 1,912,206
<NET-INVESTMENT-INCOME> 7,019,846
<REALIZED-GAINS-CURRENT> 9,371,190
<APPREC-INCREASE-CURRENT> (2,884,268)
<NET-CHANGE-FROM-OPS> 10,900,048
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7,147,370
<DISTRIBUTIONS-OF-GAINS> 1,884,962
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,867,716
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 582,457
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 885,454
<INTEREST-EXPENSE> 831,600
<GROSS-EXPENSE> 195,152
<AVERAGE-NET-ASSETS> 97,712,266
<PER-SHARE-NAV-BEGIN> 10.34
<PER-SHARE-NII> 0.76
<PER-SHARE-GAIN-APPREC> 0.42
<PER-SHARE-DIVIDEND> 0.78
<PER-SHARE-DISTRIBUTIONS> 0.20
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.54
<EXPENSE-RATIO> 1.96
<AVG-DEBT-OUTSTANDING> 12,000,000
<AVG-DEBT-PER-SHARE> 1.3
</TABLE>
