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      PAGE  2
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      PAGE  9
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SIGNATURE   JAMES M. ROY
TITLE       V.P. AND C.F.O.

                          EXHIBIT INDEX TO FORM N-SAR
                     OF BABSON CAPITAL PARTICIPATION INVESTORS
                   FOR ANNUAL PERIOD ENDED DECEMBER 31, 2012


EXHIBIT NO.                   DESCRIPTION

77B               Accountant's Report on Internal Controls

77Q2              Information Called for by Item 405 of Regulation S-K