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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549


FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05531



Barings Participation Investors
(Exact name of registrant as specified in charter)


300 South Tryon Street, Suite 2500, Charlotte, NC 28202
(Address of principal executive offices) (Zip code)


Corporation Service Company (CSC)
251 Little Falls Drive, Wilmington, DE 19808
(Name and address of agent for service)




Registrant's telephone number, including area code: 704-805-7200
Date of fiscal year end: 12/31
Date of reporting period: 06/30/25


Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e- 1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.

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ITEM 1. REPORT TO STOCKHOLDERS.

Attached hereto is the semi-annual shareholder report transmitted to shareholders pursuant to Rule 30e-1 of the Investment Company Act of 1940, as amended.


Barings
Participation Investors
Report for the
Six Months Ended June 30, 2025
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Adviser
Barings LLC
300 S Tryon St., Suite 2500
Charlotte, NC 28202
Independent Registered Public Accounting Firm
KPMG LLP
New York, NY 10154
Counsel to the Trust
Ropes & Gray LLP
Boston, Massachusetts 02199
Custodian
State Street Bank and Trust Company
Boston, Massachusetts 02110
 

Transfer Agent & Registrar
SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS")
P.O. Box 219086
Kansas City, Missouri 64121-9086
1-800-647-7374
Internet Website
https://www.barings.com/mpv
 
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Barings Participation Investors
c/o Barings LLC
300 S Tryon St., Suite 2500
Charlotte, NC 28202                                           
1-866-399-1516
 
 
Investment Objective and Policy
Barings Participation Investors (the “Trust”) is a closed-end management investment company, first offered to the public in 1988, whose shares are traded on the New York Stock Exchange under the trading symbol “MPV”. The Trust’s share price can be found in the financial section of most newspapers under either the New York Stock Exchange listings or Closed-End Fund Listings.
The Trust’s investment objective is to maintain a portfolio of securities providing a current yield and, when available, an opportunity for capital gains. The Trust’s principal investments are privately placed, below-investment grade, long-term debt obligations including bank loans and mezzanine debt instruments. Such private placement securities may, in some cases, be accompanied by equity features such as common stock, preferred stock, warrants, conversion rights, or other equity features. The Trust typically purchases these investments, which are not publicly tradable, directly from their issuers in private placement transactions. These investments are typically made to small or middle market companies. In addition, the Trust may invest, subject to certain limitations, in marketable debt securities (including high yield and/or investment grade securities), marketable common stocks and special situations investments. The Trust's special situations investments generally consist of investments in corporate debt instruments and equity instruments of issuers that are stressed or distressed. Below-investment grade or high yield securities have predominantly speculative characteristics with respect to the capacity of the issuer to pay interest and repay principal.
The Trust distributes substantially all of its net income to shareholders each year. Accordingly, the Trust pays dividends to shareholders four times per year. The Trust pays dividends to its shareholders in cash, unless the shareholder elects to participate in the Dividend Reinvestment and Share Purchase Plan.
Form N-PORT
The Trust files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on part F of Form N-PORT. This information is available (i) on the SEC’s website at http://www.sec.gov; and (ii) at the SEC’s Public Reference Room in Washington, DC (which information on their operation may be obtained by calling 1-800-SEC-0330). A complete schedule of portfolio holdings as of each quarter-end is available upon request by calling, toll-free, 866-399-1516.

Proxy Voting Policies & Procedures; Proxy Voting Record
The Trustees of the Trust have delegated proxy voting responsibilities relating to the voting of securities held by the Trust to Barings LLC (“Barings”). A description of Barings’ proxy voting policies and procedures is available (1) without charge, upon request, by calling, toll-free 866-399-1516; (2) on the Trust’s website at https://www.barings.com/mpv; and (3) on the SEC’s website at http://www.sec.gov. Information regarding how the Trust voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (1) on the Trust’s website at https://www.barings.com/mpv; and (2) on the SEC’s website at http://www.sec.gov.
Legal Matters
The Trust has entered into contractual arrangements with an investment adviser, transfer agent and custodian (collectively “service providers”) who each provide services to the Trust. Shareholders are not parties to, or intended beneficiaries of, these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the Trust.
Under the Trust’s Bylaws, any claims asserted against or on behalf of the Trust, including claims against Trustees and officers must be brought in courts located within the Commonwealth of Massachusetts.
The Trust’s registration statement and this shareholder report are not contracts between the Trust and its shareholders and do not give rise to any contractual rights or obligations or any shareholder rights other than any rights conferred explicitly by federal or state securities laws that may not be waived.
 







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Barings Participation Investors
TO OUR SHAREHOLDERS
July 31, 2025
We are pleased to present the June 30, 2025 Quarterly Report of Barings Participation Investors (the “Trust”).

PORTFOLIO PERFORMANCE

The Board of Trustees declared a quarterly dividend of $0.37 per share, payable on September 12, 2025, to shareholders of record on August 29, 2025. The Trust earned $0.32 per share of net investment income, net of taxes, for the second quarter of 2025, compared to $0.31 per share in the previous quarter.
June 30, 2025(1)(2)
March 31, 2025 (1)(2)
% Change
Quarterly Dividend per share
0.37(3)
0.37— %
Net Investment Income(4)
$3,396,864 $3,351,768 1.4 %
Net Assets$168,117,718 $167,580,570 0.3 %
Net Assets per share(5)
$15.68 $15.65 0.2 %
Share Price$20.11 $17.63 14.1 %
Dividend Yield at Share Price7.4 %8.4 %(11.9)%
(Discount) / Premium 28.25 %12.65 %
(1) Past performance is no guarantee of future results
(2) Figures are unaudited
(3) Payable on September 12, 2025
(4) Figures are shown net of excise tax
(5) Based on shares outstanding at the end of the period of 10,722,277 and 10,704,909 as of 6/30/2025 and as of 3/31/2025, respectively.

•Quarterly total returns at June 30, 2025 and March 31, 2025 were 2.57% and 1.23%, respectively. Longer term, the Trust returned 9.5%, 10.2%, 11.6%, 9.1%, and 10.6% for the 1, 3, 5, 10, and 25-year periods, respectively, based on the change in the Trust’s net assets assuming the reinvestment of all dividends.
•The Trust’s average quarter-end premium/(discount) for the 1, 3, 5 and 10-year periods was 14.7%, (2.12)%, (5.74)% and (0.47)%, respectively.
•U.S. fixed income markets, as approximated by the Bloomberg Barclays U.S. Corporate High Yield Index and the S&P UBS Leveraged Loan Index, returned 3.5% and 2.3% for the quarter, respectively.

PORTFOLIO BENEFITS

•We believe the Trust benefits from being part of the larger Barings North American Private Finance (“NAPF”) platform, which as of June 30, 2025, has over 30 years of experience and had commitments of over $28 billion to private credit.
•The NAPF platform has provided two primary benefits to the Trust: Direct deal origination and credit underwriting. NAPF has served as the Lead or Co-Lead on over 80% of its originated transactions and has a senior loan loss rate of 0.03% since inception. The benefit of being the Lead or Co-Lead lender is the ability to lead negotiations on terms and have influence over the credit agreement.
•The Trust has continued to benefit from NAPF’s strong origination relationships with private equity sponsors. Every private placement investment in the portfolio was directly originated by Barings via a sponsor (without a financial intermediary), where one hundred percent of the economics are passed through to investors.
•The Trust has consistently generated a stable dividend yield for investors, which to date has been paid exclusively from investment income and capital gains – no return of capital, all while employing a limited amount of leverage 0.13x.
•The Trust continues to invest in what we believe are high-quality companies in defensive sectors and remains well diversified with 27 different industries across 179 assets, where over 65% of those investments are first lien senior secured loans that we believe provide strong risk adjusted returns. The Trust continues to invest in senior subordinated debt when we believe the risk adjusted return is appropriate. Approximately 14% of the market value of the Trust was equity, generating ~$14 million ($1.31 per share) in unrealized appreciation as of June 30, 2025.
1

(Continued)
PORTFOLIO ACTIVITY

Consistent with the stated investment objective of the Trust, we continued to search for relative value across the capital structure of potential investments that provide current yield with an opportunity for capital gains. During the three months ended June 30, 2025, the Trust made 16 new investments totaling $13.7 million and 40 add-on investments in existing portfolio companies totaling approximately $1.0 million. During the three months ended June 30, 2025, the Trust had 5 private investment loans repaid at par totaling $1.8 million and realized four equity investments that generated realized gains of $0.5 million.
PORTFOLIO LIQUIDITY

The Trust maintained a liquidity position comprised of a combination of its available cash balance and short-term investments of $4.2 million or 2.2% of total assets, contributing to a low leverage profile at 0.13x as of June 30, 2025. The available credit facility balance coupled with the current cash balance provides liquidity to support our current portfolio companies as well as invest in new portfolio companies. As always, the Trust continues to benefit from strong relationships with our carefully chosen financial sponsor partners. These relationships provide clear benefits to the portfolio companies including potential access to additional capital if needed and strategic thinking to compliment a company’s management team. High-quality and timely information about portfolio companies, which is only available in a private market setting, allows us to work constructively with financial sponsors and maximize the portfolio companies’ long-term health and value.

The Trust’s recently announced dividend of $0.37 remains consistent with the prior quarter. With more than 65% of the Trust in first lien floating rate loans, the Trust's net investment income has decreased slightly given falling interest rates. While recurring investment income remains stable, it may not be sufficient to fully fund the current dividend rate in the future. The level of recurring investment income expected to be generated by the Trust in 2025, combined with the availability of earnings carry forwards and other non-recurring income, is currently expected to be sufficient to maintain the current dividend rate over the next several quarters. We believe the strong credit quality and diverse portfolio construction positions the Trust to continue to maximize shareholder value in determining the quarterly dividend, the Board of Trustees seeks to ensure that the Trust will be able to pay sustainable dividends over the long term.

Thank you for your continued interest in and support of Barings Participation Investors.

Sincerely,
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Christina Emery
President

















2

Portfolio Composition as of 06/30/25*
 
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* Based on market value of total investments
Cautionary Notice: Certain statements contained in this report may be “forward looking” statements. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made and which reflect management’s current estimates, projections, expectations or beliefs, and which are subject to risks and uncertainties that may cause actual results to differ materially. These statements are subject to change at any time based upon economic, market or other conditions and may not be relied upon as investment advice or an indication of the Trust’s trading intent. References to specific securities are not recommendations of such securities, and may not be representative of the Trust’s current or future investments. We undertake no obligation to publicly update forward looking statements, whether as a result of new information, future events, or otherwise.
3


 
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Average Annual Returns June 30, 2025
1 Year5 Year10 Year
Barings Participation Investors33.91 %18.57 %13.40 %
Bloomberg Barclays U.S. Corporate High Yield Index10.29 %5.97 %5.38 %
Data for Barings Participation Investors (the “Trust”) represents returns based on the change in the Trust’s market price assuming the reinvestment of all dividends and distributions. Past performance is no guarantee of future results.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on distributions from the Trust or the sale of shares.

4
CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES Barings Participation Investors
June 30, 2025
(Unaudited)
 

 
Assets:
Investments
(See Consolidated Schedule of Investments)
Corporate restricted securities - private placement investments at fair value$172,097,347
(Cost - $ 162,218,794)
Corporate restricted securities - rule 144A securities at fair value6,001,675
(Cost - $ 6,635,662)
Corporate public securities at fair value8,133,923
(Cost - $ 8,316,341)
Total investments (Cost - $ 177,170,797)
186,232,945
Cash4,210,223
Foreign currencies (Cost - $ 6,831)
6,329
Dividend and interest receivable2,157,116
Receivable for investments sold545,071
Other assets385,523
Total assets193,537,207
Liabilities:
Note payable15,000,000
Credit facility (net of deferred financing fees of $163,653)9,586,347
Investment advisory fee payable 378,265
Interest payable 143,404
Deferred tax liability132,556
Accrued expenses178,917
Total liabilities25,419,489
Commitments and Contingencies (See Note 7)
Total net assets$168,117,718
Net Assets:
Common shares, par value $0.01 per share
$107,223
Additional paid-in capital145,193,006
Total distributable earnings22,817,489
Total net assets$168,117,718
Common shares issued and outstanding (14,787,750 authorized)
10,722,277
Net asset value per share$15.68
 

 
See Notes to Consolidated Financial Statements 5
CONSOLIDATED STATEMENT OF OPERATIONS Barings Participation Investors
For the six months ended June 30, 2025
(Unaudited)
 
Investment Income:
Interest$8,699,719
Dividends60,378
Other146,334
Total investment income8,906,431
Expenses:
Interest and other financing fees847,477
Investment advisory fees755,321
Professional fees225,280
Trustees’ fees and expenses163,200
Reports to shareholders84,000
Custodian fees12,000
Other70,321
Total expenses2,157,599
Investment income - net6,748,832
Income tax, including excise tax expense200
Net investment income after taxes6,748,632
Net realized and unrealized loss on investments and foreign currency:
Net realized loss on investments before taxes(1,164,389)
Income tax expense(15,604)
Net realized loss on investments after taxes(1,179,993)
Net increase in unrealized appreciation of investments before taxes666,721
Net decrease in unrealized depreciation of foreign currency translation before taxes324
Deferred income tax benefit (expense)6,292
Net increase in unrealized appreciation of investments and foreign currency transactions after taxes673,337
Net loss on investments and foreign currency(506,656)
Net increase in net assets resulting from operations$6,241,976
 

 
See Notes to Consolidated Financial Statements 6
CONSOLIDATED STATEMENT OF CASH FLOWS Barings Participation Investors
For the six months ended June 30, 2025
(Unaudited)
 
Net decrease in cash & foreign currencies:
Cash flows from operating activities:
Purchases of portfolio securities$(24,652,872)
Proceeds from disposition of portfolio securities23,278,422
Interest, dividends and other income received8,219,040
Interest expenses paid(836,118)
Operating expenses paid(1,311,515)
Income taxes paid(440,804)
Net cash provided by operating activities4,256,153
Cash flows from financing activities:
Proceeds from credit facility1,250,000
Cash dividends paid from net investment income(8,980,541)
  Receipts for shares issued on reinvestment of dividends715,132 
Financing fees paid(22,898)
Net cash used for financing activities(7,038,307)
Net decrease in cash & foreign currencies(2,782,154)
Cash & foreign currencies - beginning of period6,998,382
Effects of foreign currency exchange rate changes on cash and cash equivalents324
Cash & foreign currencies - end of period$4,216,552
Reconciliation of net increase in net assets to
net cash provided by operating activities:
Net increase in net assets resulting from operations$6,241,976
Adjustments to reconcile net income to net cash used in operating activities:
Purchases of portfolio securities(24,652,872)
Proceeds from disposition of portfolio securities23,278,422
Unrealized appreciation on investments(666,721)
Net realized loss on investments1,164,389
Payment-in-kind non-cash income received(574,429)
Amortization and accretion(339,744)
Changes in operating assets and liabilities:
  Decrease in interest receivable503,912
  Increase in other assets(277,130)
  Decrease in deferred tax liability(6,292)
  Increase in investment advisory fee payable6,742
  Increase in interest payable11,359
  Decrease in accrued expenses(8,135)
Decrease in tax payable(425,000)
Total adjustments to net assets from operations(1,985,499)
Effects of foreign currency exchange rate changes on cash and cash equivalents(324)
Net cash provided by operating activities$4,256,153
 

 
See Notes to Consolidated Financial Statements 7
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS Barings Participation Investors
 
For the six months ended
06/30/2025
(Unaudited)
For the
year ended
12/31/2024
Increase / (decrease) in net assets:
Operations:
Investment income - net$6,748,632$16,500,252
Net realized loss on investments and foreign currency after taxes(1,179,993)(860,920)
Net change in unrealized appreciation of investments and foreign currency after taxes673,3371,607,801
Net increase in net assets resulting from operations6,241,97617,247,133
  Increase from common shares issued on reinvestment of dividends
   Common shares issued 715,1321,233,130
Dividends to shareholders from:
Net investment income(3,960,816)(16,725,552)
Total increase / (decrease) in net assets2,996,2921,754,711
Net assets, beginning of period/year165,121,426163,366,715
Net assets, end of period/year$168,117,718$165,121,426
 

 
See Notes to Consolidated Financial Statements 8
CONSOLIDATED SELECTED FINANCIAL HIGHLIGHTS Barings Participation Investors

Selected data for each share of beneficial interest outstanding:
 
For the six months ended
06/30/2025
(Unaudited)
For the years ended December 31,
2024 2023 2022 2021 2020
Net asset value: Beginning of period/year$15.46$15.41$14.99$15.19$13.60$13.80
Net investment income (a)0.631.551.500.970.861.00
Net realized and unrealized gain / (loss) on investments(0.05)0.070.21(0.31)1.53(0.40)
Total from investment operations0.581.621.710.662.390.60
Dividends from net investment income to common shareholders(0.37)(1.57)(1.29)(0.83)(0.80)(0.80)
Dividends from realized gain on investments to common shareholders———(0.03)——
Increase from dividends reinvested0.01————0.00 (b)
Total dividends(0.36)(1.57)(1.29)(0.86)(0.80)(0.80)
Net asset value: End of period/year$15.68$15.46$15.41$14.99$15.19$13.60
Per share market value: End of period/year$20.11$17.09$15.60$12.32$14.80$11.88
Total investment return
Net asset value (c)3.83%10.76%12.46%4.42%17.84%4.66%
Market value (c)20.07%20.83%38.51%(10.57%)32.09%(21.11%)
Net assets (in millions): End of period/year$168.12$165.12$163.37$158.92$161.08$144.18
Ratio of total expenses to average net assets (d)2.62% (e)2.89%2.66%2.35%2.66%1.47%
Ratio of operating expenses to average net assets1.58% (e)1.56%1.56%1.46%1.46%1.38%
Ratio of interest expense to average net assets1.02% (e)0.91%0.76%0.63%0.41%0.43%
Ratio of income tax expense to average net assets0.02% (e)0.42%0.34%0.26%0.79%(0.34)%
Ratio of net investment income to average net assets8.15% (e)9.86%9.69%6.39%5.99%7.52%
Portfolio turnover12% 32%12%12%43%34%
(a)    Calculated using average shares.
(b)    Rounds to less than $0.01 per share.
(c)    Net asset value return represents portfolio returns based on change in the Trust’s net asset value assuming the reinvestment of all dividends and distributions which differs from the total investment return based on the Trust’s market value due to the difference distributions which differs from the total investment return based on the Trust’s market value due to the difference between the Trust’s net asset value and the market value of its shares outstanding; past performance is no guarantee of future results.
(d)    Total expenses include income tax expense.
(e)    Annualized.

For the six months ended
06/30/2025
(Unaudited)
For the years ended December 31,
Senior borrowings:2024 2023 2022 2021 2020
Total principal amount (in millions)$25$24$22$24$21$15
Asset coverage per $1,000 of indebtedness$7,793$8,026$8,511$7,763$8,670$10,612
 
See Notes to Consolidated Financial Statements 9
Consolidated Schedule of Investments Barings Participation Investors
June 30, 2025
(Unaudited)
Corporate Restricted Securities - 105.94%: (A)Principal Amount,
Shares, Units or
Ownership  Percentage		Acquisition
Date		CostFair Value
Private Placement Investments - 102.37%: (C)
1WorldSync, Inc.
A product information sharing platform that connects manufacturers/suppliers and key retailers via the Global Data Synchronization Network.
9.17% Term Loan due 10/08/2025 (SOFR + 4.750%) (G)$2,347,271 *$2,348,576 $2,347,271 
* 07/01/19 and 12/09/20.
Accelevation
A vertically integrated designer, producer and installer of customized data center facility solutions and services, predominately in the U.S market. The Company’s revenue streams consist of design and installation of customized electrical, power solutions, air flow containment, and layout of critical infrastructure systems at data centers.
9.32% Term Loan due 01/02/2031 (SOFR + 5.000%) (G)$281,678 01/02/25186,832 187,189 
Accredited Labs
Offers calibration services for manufacturing and other types of equipment, in addition to product sales and rentals, repair services and other services.
13.50% HoldCo PIK Note due 06/26/2031 (G)$1,000,000 06/30/25265,772 265,714 
Accurus Aerospace
A supplier of highly engineered metallic parts, kits and assemblies, and processing services.
10.16% First Lien Term Loan due 03/31/2028 (SOFR + 5.750%) (G)$520,173 04/05/22490,390 486,454 
Common Stock (B) 611 shs. 04/05/22611 — 
Limited Liability Company Unit (B) 8,752 uts. 10/14/218,752 — 
499,753 486,454 
Adacore Inc
AdaCore is a provider of a software development toolkit that helps software developers to write code for embedded systems using a number of programming languages, including Ada, C/C++, Rust, and SPARK.
9.56% First Lien Term Loan due 03/13/2030 (SOFR + 5.250%) (G)$1,163,427 03/13/241,008,120 1,018,103 
Advantage Software
A provider of enterprise resource planning (ERP) software built for advertising and marketing agencies.
Limited Liability Company Unit Class A (B) (F) 766 uts. 10/01/2124,353 46,877 
Limited Liability Company Unit Class A (B) (F) 197 uts. 10/01/216,320 12,090 
Limited Liability Company Unit Class B (B) (F) 766 uts. 10/01/21784 — 
Limited Liability Company Unit Class B (B) (F) 197 uts. 10/01/21201 — 
31,658 58,967 
AIT Worldwide Logistics, Inc.
A provider of domestic and international third-party logistics services.
Limited Liability Company Unit (B) 56 uts. 04/06/2155,645 95,690 
See Notes to Consolidated Financial Statements 10
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
June 30, 2025
(Unaudited)
Corporate Restricted Securities - 105.94%: (A)Principal Amount,
Shares, Units or
Ownership  Percentage		Acquisition
Date		CostFair Value
Private Placement Investments - 102.37%: (C)
Americo Chemical Products
A provider of customized specialty chemical solutions and services for pretreatment of metal surfaces and related applications.
9.33% First Lien Term Loan due 04/28/2029 (SOFR + 5.000%) (G)$506,146 04/28/23$378,040 $379,929 
9.33% Senior Term Loan due 12/02/2029 (SOFR + 5.000%)$270,868 12/10/24267,319 267,563 
Limited Liability Company Unit (B) (F) 22,480 uts. 04/28/2322,480 29,449 
667,839 676,941 
Application Bootcamp LLC
Offers comprehensive educational counseling services, including personalized college admissions counseling, essay guidance, and standardized test tutoring. The Company primarily targets high school students, but also serves college students / graduates and middle school students.
9.75% Senior Term Loan due 04/21/2031 (SOFR + 5.000%)$1,504,787 04/21/251,117,701 1,117,029 
14.00% Senior Subordinated Debt 04/21/2031$57,092 04/21/2557,092 57,092 
Limited Liability Company Unit Common (B) (F) 163,121 uts. 04/21/25163,121 163,121 
1,337,914 1,337,242 
Applied Aerospace Structures Corp.
A leading provider of specialized large-scale composite and metal-bonded structures for platforms in the aircraft, space, and land/sea end markets.
8.80% Term Loan due 11/22/2028 (SOFR + 4.500%) (G) $894,215 12/01/22595,708 593,333 
Limited Liability Company Unit (B) 8 uts. 12/01/228,000 17,352 
603,708 610,685 
ASC Communications, LLC (Becker's Healthcare)
An operator of trade shows and controlled circulation publications targeting the healthcare market.
9.18% Term Loan due 07/15/2027 (SOFR + 4.750%) (G)$280,895 07/15/22256,388 258,231 
Limited Liability Company Unit (B) (F) 535 uts. 07/15/2211,221 19,840 
267,609 278,071 
Audio Precision
A provider of high-end audio test and measurement sensing instrumentation software and accessories.
11.43% Term Loan due 10/31/2025 (SOFR + 7.000%)$1,685,115 10/30/181,684,504 1,546,936 
Aurora Parts & Accessories LLC (d.b.a Hoosier)
A distributor of aftermarket over-the-road semi-trailer parts and accessories sold to customers across North America.
Preferred Stock (B) 210 shs. 08/17/15209,390 209,390 
Common Stock (B) 210 shs. 08/17/15210 218,435 
209,600 427,825 
BBB Industries LLC - DBA (GC EOS Buyer Inc.)
A supplier of remanufactured and new parts to the North American automotive aftermarket.
13.38% Second Lien Term Loan due 07/25/2030 (SOFR + 9.000%)$454,545 07/25/22443,022 424,091 
Limited Liability Company Unit (B) 45 uts. 07/25/2245,000 43,437 
488,022 467,528 
See Notes to Consolidated Financial Statements 11
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
June 30, 2025
(Unaudited)
Corporate Restricted Securities - 105.94%: (A)Principal Amount,
Shares, Units or
Ownership  Percentage		Acquisition
Date		CostFair Value
Private Placement Investments - 102.37%: (C)
Becklar
A provider of event monitoring and emergency response solutions for critical use cases including commercial and residential fire and security, video surveillance, remote guarding, personal health & safety, and workforce safety.
8.93% Senior Term Loan due 12/06/2030 (SOFR + 4.750%) (G)$1,005,849 12/05/24$769,823 $771,213 
Best Lawyers (Azalea Investment Holdings, LLC)
A global digital media company that provides ranking and marketing services to the legal community.
9.69% First Lien Term Loan due 11/19/2027 (SOFR + 5.250%) (G)$1,205,615 11/30/211,085,331 1,095,037 
12.00% HoldCo PIK Note due 05/19/2028$442,482 11/30/21439,898 442,482 
Limited Liability Company Unit (B) 44,231 uts. 11/30/2144,231 71,212 
1,569,460 1,608,731 
BKF Engineers
A provider of civil engineering, land surveying, and land planning services for government agencies, institutions, devlopers, design professionals, contractors, school district and corporations throughout the west coast.
9.33% Senior Term Loan due 07/19/2027 (SOFR + 5.000%) (G)$618,243 08/23/24442,050 443,813 
Common Stock (B) 56,012 shs. 08/23/2456,012 61,053 
498,062 504,866 
Bridger Aerospace
A provider of comprehensive solutions to combat wildfires in the United States including fire suppression, air attack and unmanned aircraft systems.
Series C Convertible Preferred Equity (7.00% PIK) (B) 183 shs. 08/12/22217,016 187,560 
BrightSign
A provider of digital signage hardware and software solutions, serving a variety of end markets, including retail, restaurants, government, sports, and entertainment.
9.93% Term Loan due 10/14/2027 (SOFR + 5.500%) (G)$1,382,598 10/14/211,325,873 1,317,327 
9.93% Senior Term Loan due 03/28/2030 (SOFR + 5.500%)$48,273 04/03/2547,836 47,790 
Limited Liability Company Unit (B) (F) 111,835 uts. 10/14/21111,835 121,901 
1,485,544 1,487,018 
Brown Machine LLC
A designer and manufacturer of thermoforming equipment used in the production of plastic packaging containers within the food and beverage industry.
10.70% Term Loan due 10/04/2025 (SOFR + 6.250%)$784,104 10/03/18783,699 723,728 
Cadence, Inc.
A full-service contract manufacturer (“CMO”) and supplier of advanced products, technologies, and services to medical device, life science, and industrial companies.
9.43% First Lien Term Loan due 05/21/2026 (SOFR+ 5.000%)$847,630 05/14/18845,747 834,915 
9.51% Incremental Term Loan due 05/26/2026 (SOFR + 5.250%)$362,480 10/02/23359,428 357,768 
1,205,175 1,192,683 
See Notes to Consolidated Financial Statements 12
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
June 30, 2025
(Unaudited)
Corporate Restricted Securities - 105.94%: (A)Principal Amount,
Shares, Units or
Ownership  Percentage		Acquisition
Date		CostFair Value
Private Placement Investments - 102.37%: (C)
CAi Software
A vendor of mission-critical, production-oriented software to niche manufacturing and distribution sectors.
9.30% Term Loan due 12/10/2028 (SOFR + 5.000%) (G)$2,426,412 12/13/21$2,284,609 $2,308,539 
Caldwell & Gregory LLC
A commercial laundry leasing company for multi-unit housing and universities.
9.05% Term Loan due 09/30/2027 (SOFR + 4.750%) (G)$1,715,060 09/30/241,360,489 1,363,617 
California Custom Fruits & Flavors
Develops and manufactures value-added, custom-formulated processed fruit and flavor bases for various customers across the Private Label, Branded, Direct Grocery, and Food-Service channels.
9.28% First Lien Term Loan due 02/11/2030 (SOFR + 5.000%) (G)$438,950 02/26/24303,588 305,529 
Limited Liability Company Unit (B) (F) 12 uts. 02/26/2412,00012,299
315,588 317,828 
Cascade Services
A residential services platform that provides HVAC repair and replacement work for single-family homes in southern geographies.
10.28% First Lien Term Loan due 09/30/2029 (SOFR + 6.000%) (G)$990,056 10/04/23949,325 942,143 
Cash Flow Management
A software provider that integrates core banking systems with branch technology and creates modern retail banking experiences for financial institutions.
9.03% First Lien Term Loan due 12/27/2027 (SOFR + 4.750%) (G)$957,555 12/28/21916,983 915,361 
Limited Liability Company Unit (B) (F) 12,008 uts. 07/22/2212,665 13,089 
929,648 928,450 
CJS Global
A janitorial services provider focused on high end restaurants in NYC, Florida, and Texas.
10.12% Senior Term Loan due 10/31/2027 (SOFR + 5.750%)$1,272,756 11/18/241,250,919 1,265,119 
10.07% Term Loan due 03/10/2029 (SOFR + 5.750%) (G)$955,215 03/20/23576,952 587,415 
10.03% Term Loan due 07/24/2027 (LIBOR + 5.750%) (G)$120,367 08/08/24118,688 119,645 
Limited Liability Company Unit Common (B) 303,180 uts. 03/20/23147,469 260,823 
2,094,028 2,233,002 
Cloudbreak
A language translation and interpretation services provider to approximately 970 hospitals and outpatient clinics across the U.S.
9.30% Term Loan due 03/15/2030 (SOFR + 5.000%) (G)$1,655,091 03/15/241,511,622 1,524,292 
Limited Liability Company Unit Class A (B) (F)  49 uts. 03/15/2449,170 54,467 
Limited Liability Company Unit Class B (B) (F) (I) 49 uts. 03/15/24— 57,009 
1,560,792 1,635,768 
See Notes to Consolidated Financial Statements 13
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
June 30, 2025
(Unaudited)
Corporate Restricted Securities - 105.94%: (A)Principal Amount,
Shares, Units or
Ownership  Percentage		Acquisition
Date		CostFair Value
Private Placement Investments - 102.37%: (C)
CloudWave
A provider of managed cloud hosting and IT services for hospitals.
8.95% Term Loan due 01/04/2027 (SOFR + 4.500%)$1,598,407 01/29/21$1,588,936 $1,582,423 
Limited Liability Company Unit (B) (F) 55,645 uts. 01/29/2155,645 158,589 
1,644,581 1,741,012 
Coduet Royalty Holdings, LLC
A special purpose vehicle whose primary assets are comprised of royalty rights on two pharmaceuticals developed by Coherus Biosciences.
SPV Common Equity (F) 290,344 shs. 05/08/24290,344 540,040 
Cogency Global
A provider of statutory representation and compliance services for corporate and professional services clients.
8.78% Term Loan due 12/28/2027 (SOFR + 4.500%) (G)$816,798 02/14/22727,003 734,146 
9.07% Incremental Term Loan due 02/14/2028 (SOFR + 4.750%) (G)$651,442 09/13/23641,782 651,442 
8.78% Incremental Term Loan due 02/14/2028 (SOFR + 4.500%) (G)$104,005 12/30/22102,408 104,005 
Preferred Stock (B)  33 shs. 02/14/2236,108 94,672 
1,507,301 1,584,265 
Cognito Forms
An online workflow automation and form builder platform allowing users to create, manage, and automate their data collection processes, offering features like drag-and-drop form fields, templates, AI form generation, and integrations into various applications.
10.57% Senior Term Loan due 04/30/2031 (SOFR + 6.250%) (G)$1,606,849 05/02/251,484,9801,484,209
Common Stock (B) 1,182 shs. 05/02/25118,200118,200
1,603,180 1,602,409 
Coherus Biosciences
A commercial-stage biopharmaceutical company focused on the research, development, and commercialization of innovative cancer treatments and its biosimilars.
12.30% First Lien Term Loan due 05/08/2029 (SOFR + 8.000%)$299,324 05/07/24292,405 293,038 
Coker
A provider of consulting advisory services to healthcare organizations with the goal of enabling client transformation.
8.80% Senior Term Loan due 03/20/2030 (SOFR + 4.500%) (G)$1,391,870 03/20/25356,943 357,714 
Command Alkon
A vertical-market software and technology provider to the heavy building materials industry delivering purpose-built, mission critical products that serve as the core operating & production systems for ready-mix concrete producers, asphalt producers, and aggregate suppliers.
Limited Liability Company Unit Class B (B) (I) 6,629 uts. 04/23/20— 30,227 
See Notes to Consolidated Financial Statements 14
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
June 30, 2025
(Unaudited)
Corporate Restricted Securities - 105.94%: (A)Principal Amount,
Shares, Units or
Ownership  Percentage		Acquisition
Date		CostFair Value
Private Placement Investments - 102.37%: (C)
Compass Precision
A manufacturer of custom metal precision components.
11.00% (1.00% PIK) Senior Subordinated Note due 10/16/2025$1,335,730 04/15/22$1,333,560 $1,333,058 
Limited Liability Company Unit (B) (F) 158,995 uts. 10/14/21431,250 1,030,290 
1,764,810 2,363,348 
Comply365
A provider of proprietary enterprise SaaS and mobile solutions for content management and document distribution in highly regulated industries, including Aviation and Rail.
9.68% First Lien Term Loan due 04/19/2028 (SOFR + 5.250%) (G)$677,241 04/15/22616,597 609,594 
Concept Machine Tool Sales, LLC
A full-service distributor of high-end machine tools and metrology equipment, exclusively representing a variety of global manufacturers in the Upper Midwest.
9.47% Term Loan due 01/31/2027 (SOFR + 5.250%)$575,250 01/30/20575,250 496,441 
(0.25% PIK) Incremental Term Loan due 01/31/2027 (SOFR +.250%)$76,083 09/14/2375,373 65,659 
Limited Liability Company Unit (B) (F) 1,237 uts. *49,559 — 
Limited Liability Company Unit (B) (F) 443 uts. 09/14/2317,748 — 
* 01/30/20 and 03/05/21717,930 562,100 
CTS Engines
A provider of maintenance, repair and overhaul services within the aerospace & defense market.
9.90% Term Loan due 12/22/2026 (SOFR + 5.500%) (G)$1,382,990 12/22/201,376,214 1,273,691 
DataServ
A managed IT services provider serving Ohio’s state, local, and education (“SLED”) market (79% of FY21 Revenue), as well as small and medium-sized businesses (“SMB”, 8%) and enterprise clients (13%).
Preferred Stock (B)  17,546 shs. *19,238 20,002 
*11/02/22 & 06/10/25
Decks Direct
An eCommerce direct-to-consumer seller of specialty residential decking products in the United States.
10.73% (0.25% PIK) Term Loan due 12/28/2026 (SOFR + 6.250%) (G)$1,396,511 12/29/21996,702 672,854 
10.70% (0.25% PIK) Incremental Term Loan due 12/28/2026 (SOFR + 6.250%)$268,791 12/21/23265,803 204,818 
10.73% (0.25% PIK) Incremental Term Loan due 12/28/2026 (SOFR + 6.250%)$109,384 07/31/23108,189 83,351 
Common Stock (B) 2,209 shs. 12/29/2194,091 — 
Limited Liability Company Unit Class A (B)  553 uts. 04/29/2425,563 — 
Preferred Stock (B) 11 shs. 03/18/2511,888 — 
1,502,236 961,023 
See Notes to Consolidated Financial Statements 15
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
June 30, 2025
(Unaudited)
Corporate Restricted Securities - 105.94%: (A)Principal Amount,
Shares, Units or
Ownership  Percentage		Acquisition
Date		CostFair Value
Private Placement Investments - 102.37%: (C)
DistroKid (IVP XII DKCo-Invest,LP)
A subscription-based music distribution platform that allows artists to easily distribute, promote, and monetize their music across digital service providers, such as Spotify and Apple Music.
9.18% Senior Term Loan due 09/30/2027 (SOFR + 4.750%)$2,059,920 10/01/21$2,048,002 $2,059,920 
Limited Liability Company Unit (B) (F) 73,333 uts. 10/01/2173,404 91,666 
2,121,406 2,151,586 
Diversified Packaging
A provider of pre-press products and services to the packaging industry, serving customers in the upper Midwest U.S. The Company operates under two divisions: plate manufacturing and material distribution.
11.00% (0.25% PIK) Second Lien Term Loan due 6/27/2029$811,572 06/27/24798,663798,018
Limited Liability Company Unit (B) (F) 2,769 uts. 06/27/24276,900365,730
1,075,563 1,163,748 
Door & Window Guard Systems
A provider of modular, high-grade steel guards (or “panels”) used to cover door and window openings on vacant residential, commercial, and government buildings.
8.80% Term Loan due 03/03/2032 (SOFR + 4.500%) (G)$524,205 03/28/25408,587 408,831 
Common Stock (B) 20 uts. 03/28/2520,320 22,489 
428,907 431,320 
Dwyer Instruments, Inc.
A designer and manufacturer of precision measurement and control products for use with solids, liquids and gases.
9.05% Term Loan due 07/01/2027 (SOFR + 4.750%)$1,675,179 07/20/211,657,243 1,668,478 
Echo Logistics
A provider of tech-enabled freight brokerage across various modes including Truckload, Less-than-Truckload, Parcel, and Intermodal, as well as managed (contracted) transportation services.
11.68% Second Lien Term Loan due 11/05/2029 (SOFR + 7.250%)$1,679,204 11/22/211,663,058 1,588,527 
Limited Liability Company Unit (B) 46 uts. 11/22/2145,796 23,774 
1,708,854 1,612,301 
EFC International
A St. Louis-based global distributor (40% of revenue ex-US) of branded, highly engineered fasteners and specialty components.
13.50% (2.50% PIK) Term Loan due 02/28/2030$1,020,031 03/01/231,000,811 1,013,197 
Limited Liability Company Unit (B) (F) 205 uts. 03/01/23288,462 347,071 
1,289,273 1,360,268 
EFI Productivity Software
A provider of ERP software solutions purpose-built for the print and packaging industry.
9.94% Term Loan due 12/30/2027 (SOFR + 5.500%) (G)$1,012,790 12/30/21885,862 881,884 
9.83% Incremental Term Loan due 12/30/2027 (SOFR + +5.500%) (G)$696,784 05/23/24403,475 405,267 
1,289,337 1,287,151 
See Notes to Consolidated Financial Statements 16
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
June 30, 2025
(Unaudited)
Corporate Restricted Securities - 105.94%: (A)Principal Amount,
Shares, Units or
Ownership  Percentage		Acquisition
Date		CostFair Value
Private Placement Investments - 102.37%: (C)
Electric Equipment and Engineering
Engineers and manufactures alternating current and direct current electrical power distribution products.
13.50% (3.00% PIK) Senior Term Loan due 12/02/2030$874,494 12/02/24$858,962 $860,327 
Common Stock (B) 515,625 shs. 12/02/24515,625 757,969 
1,374,587 1,618,296 
Elite Sportswear Holding, LLC
A designer and manufacturer of gymnastics, competitive cheerleading and swimwear apparel in the U.S. and internationally.
Limited Liability Company Unit (B) (F) 1,218,266 uts. 10/14/16159,722 158,375 
Energy Acquisition Company, Inc.
ECI designs, manufactures, assembles, and integrates electrical wire harnesses, control boxes, and other components for specialty industrial and home appliance end markets.
10.81% First Lien Term Loan due 05/10/2029 (SOFR + 6.500%)$742,890 05/01/24692,918 692,004 
ENTACT Environmental Services, Inc.
A provider of environmental remediation and geotechnical services for blue-chip companies with regulatory-driven liability enforcement needs.
10.05% Term Loan due 12/15/2025 (SOFR + 5.750%)$844,890 02/09/21842,649 838,132 
10.05% Incremental Term Loan due 12/15/2025 (SOFR + 5.750%)$145,423 09/01/23144,842 144,259 
987,491 982,391 
eShipping
An asset-life third party logistics Company that serves a broad variety of end markets and offers service across all major transportation modes.
9.33% Term Loan due 11/05/2027 (SOFR + 5.000%) (G)$1,091,526 11/05/21912,050 920,589 
Expert Institute Group
A healthcare-focused outsourced B2B legal services provider that connects plaintiff attorney law firms with high-quality expert witnesses, offers medical record review from in-house medical professionals, provides background checks on allied and opposing witnesses, and utilizes AI-enabled diligence solutions to enable more efficient case outcomes.
8.72% Senior Term Loan due 03/04/2032 (SOFR + 4.500%) (G)$391,631 03/04/25150,360 150,608 
Five Star Holding, LLC
A fully integrated platform of specialty packaging brands that manufactures flexible packaging solutions.
11.58% Second Lien Term Loan due 04/27/2030 (SOFR + 7.250%)$476,190 05/04/22470,435 472,857 
Limited Liability Company Unit Common (B) (F) 34 uts. 05/24/2233,631 26,288 
504,066 499,145 
See Notes to Consolidated Financial Statements 17
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
June 30, 2025
(Unaudited)
Corporate Restricted Securities - 105.94%: (A)Principal Amount,
Shares, Units or
Ownership  Percentage		Acquisition
Date		CostFair Value
Private Placement Investments - 102.37%: (C)
Follett School Solutions
A provider of software for K-12 school libraries.
8.77% Term Loan due 04/11/2030 (SOFR + 4.500%)$1,499,918 04/21/25$1,499,918 $1,499,918 
LP Units (B) (F) 881 uts. 08/30/218,805 12,811 
LP Interest (B) (F) 200 shs. 08/30/212,003 2,914 
1,510,726 1,515,643 
FragilePAK
A provider of third-party logistics services focused on the full delivery life-cycle for big and bulky products.
10.20% Term Loan due 05/24/2027 (SOFR + 5.750%)$1,035,000 05/21/211,025,958 1,035,000 
Limited Liability Company Unit (B) (F) 108 uts. 05/21/21107,813 86,526 
1,133,771 1,121,526 
Gojo Industries
A manufacturer of hand hygiene and skin health products.
13.82% First Lien Term Loan due 10/20/2028 (SOFR + 9.500%) $618,561 10/24/23606,702 618,561 
Golden Ceramic Dental Lab
A full service dental lab offering removable, crown and bridge, implants, orthodontics and sleep appliances in-house.
10.30% Senior Term Loan due 08/07/2027 (SOFR + 6.000%) (G) $1,298,412 08/21/24909,317 909,209 
Limited Liability Company Unit (B) (F) 419,595 uts. 08/21/24419,595 562,257 
1,328,912 1,471,466 
GraphPad Software, Inc.
A provider of data analysis, statistics and graphing software solution for scientific research applications, with a focus on the life sciences and academic end-markets.
Preferred Stock (B) (F)3,737 shs.04/27/21103,147 178,190 
Handi Quilter Holding Company (Premier Needle Arts)
A designer and manufacturer of long-arm quilting machines and related components for the consumer quilting market.
Limited Liability Company Unit Preferred (B) 372 uts. *371,644 32,962 
Limited Liability Company Unit Common Class A (B) (I) 3,716 uts. 12/19/14— — 
*12/19/14 and 04/29/16.371,644 32,962 
HaystackID
A provider of eDiscovery, advisory, and review services that help 500+ corporations (58% of revenue) and law firms (42%) manage complex, data intensive investigations and litigation.
8.88% Senior Term Loan due 01/31/2028 (SOFR + 4.750%) (G) $1,018,427 01/31/25579,564 579,586 
Heartland Veterinary Partners
A veterinary support organization that provides a comprehensive set of general veterinary services as well as ancillary services such as boarding and grooming.
11.00% Opco PIK Note due 11/09/2028 (G)$2,550,433 11/17/212,529,636 2,359,150 
See Notes to Consolidated Financial Statements 18
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
June 30, 2025
(Unaudited)
Corporate Restricted Securities - 105.94%: (A)Principal Amount,
Shares, Units or
Ownership  Percentage		Acquisition
Date		CostFair Value
Private Placement Investments - 102.37%: (C)
HemaSource, Inc.
A technology-enabled distributor of consumable medical products to plasma collection centers.
9.08% Senior Term Loan due 08/31/2029 (SOFR + 4.750%) (G) $958,241 08/31/23$739,234 $755,867 
Limited Liability Company Unit Common (B) 11,337 uts. 08/31/2311,337 14,625 
750,571 770,492 
Home Care Assistance, LLC
A provider of private pay non-medical home care assistance services.
9.38% Term Loan due 03/31/2027 (SOFR + 5.000%)$823,051 03/26/21817,361 741,569 
HOP Entertainment LLC
A provider of post production equipment and services to producers of television shows and motion pictures.
Limited Liability Company Unit Class F (B) (F) (I) 47 uts. 10/14/11— — 
Limited Liability Company Unit Class G (B) (F) (I) 114 uts. 10/14/11— — 
Limited Liability Company Unit Class H (B) (F) (I) 47 uts. 10/14/11— — 
Limited Liability Company Unit Class I (B) (F) (I) 47 uts. 10/14/11— — 
— — 
HTI Technology & Industries Inc.
A designer and manufacturer of powered motion solutions to industrial customers.
13.01% Term Loan due 07/07/2025 (SOFR + 8.500%) (G) $875,724 07/27/22704,898 645,720 
13.01% Incremental Term Loan due 07/27/2025 (SOFR + 8.500%) (G) $94,249 02/15/2394,166 87,840 
799,064 733,560 
Ice House America
A manufacturer and operator of automated ice and water vending units with an installed base of 4,200+ units in service (including Company-owned fleet of 165 units) primarily located in the Southeastern United States.
10.26% Term Loan due 12/28/2029 (SOFR + 6.000%) (G) $1,168,627 01/12/24975,083 954,225 
Limited Liability Company Unit (B) (F) 579 uts. 01/12/2457,892 47,454 
1,032,975 1,001,679 
Illumifin
A leading provider of third-party administrator (“TPA”) services and software for life and annuity insurance providers.
10.53% Incremental Term Loan due 02/04/2028 (SOFR + 6.000% cash, 3.750% PIK) $422,304 04/05/22418,916 399,077 
Innovia Medical
A manufacturer of single-use surgical products (e.g., blades & knives, vent and fluid tubes, wipes, etc.) for ear, nose, & throat (ENT), ophthalmic (i.e., eye procedures), and other general surgical applications, as well as sterile processing systems used to store and transport surgical instruments.
9.04% Term Loan due 06/27/2031 (G)$453,928 06/30/25447,722447,722
Limited Liability Company Unit (B) (F) 39 uts. 06/30/255,3095,309
453,031453,031
See Notes to Consolidated Financial Statements 19
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
June 30, 2025
(Unaudited)
Corporate Restricted Securities - 105.94%: (A)Principal Amount,
Shares, Units or
Ownership  Percentage		Acquisition
Date		CostFair Value
Private Placement Investments - 102.37%: (C)
ISTO Biologics
In the orthobioligic space, providing solutions in autologous therapies and bone grafts for spine, orthopedics and sports medicine.
9.05% Senior Term Loan due 12/31/2028 (SOFR + 4.750%) (G)$631,048 10/18/23$559,711 $568,223 
Jones Fish
A provider of lake management services, fish stocking and pond aeration sales and services.
9.84% First Lien Term Loan due 12/20/2027 (SOFR + 5.500%) (G)$1,559,551 02/28/221,344,738 1,344,346 
9.80% First Lien Term Loan due 02/28/2029 (SOFR + 5.500%)$274,262 03/16/23269,203 271,519 
9.73% Incremental Lien Term Loan due 02/28/2028 (SOFR + 5.500%)$178,699 04/28/23176,195 176,911 
Common Stock (B) (F) 401 shs. 02/28/2241,971 187,700 
1,832,107 1,980,476 
Kings III
A provider of emergency phones and monitoring services.
9.33% First Lien Term Loan due 07/07/2028 (SOFR + 5.000%) (G)$489,931 08/31/22430,386 435,558 
9.33% Incremental Lien Term Loan due 08/31/2028 (SOFR + 5.000%) (G)$498,839 02/16/24495,858 498,839 
926,244 934,397 
LeadsOnline
A nationwide provider of data, technology and intelligence tools used by law enforcement agencies, investigators, and businesses.
8.80% Term Loan due 12/23/2027 (SOFR + 4.500%) (G)$1,672,614 02/07/221,435,705 1,442,916 
Limited Liability Company Unit (B) (F) 7,050 uts. 02/07/227,302 17,414 
1,443,007 1,460,330 
Lockmasters Incorporated
A leading distributor of 3rd party locks and related hardware (e.g., safes, high-security cabinets, and locksmith tools) serving various commercial & industrial end markets including financial services, education, automotive, data centers, and others.
9.30% Senior Term Loan due 09/01/2027 (SOFR + 5.000%) (G)$721,993 05/01/25552,330 551,921 
LYNX Franchising
A global franchisor of B2B services including commercial janitorial services, shared office space solutions, and textile and electronics restoration services.
10.67% Incremental Term Loan due 12/18/2026 (SOFR + 6.250%)$2,401,614 *2,389,275 2,372,795 
* 12/22/20 and 09/09/21
See Notes to Consolidated Financial Statements 20
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
June 30, 2025
(Unaudited)
Corporate Restricted Securities - 105.94%: (A)Principal Amount,
Shares, Units or
Ownership  Percentage		Acquisition
Date		CostFair Value
Private Placement Investments - 102.37%: (C)
Madison Indoor Air Solutions
A manufacturer and distributor of heating, dehumidification and other air quality solutions.
Limited Liability Company Unit (B) 726,845 uts. 02/20/19$2,298,574 $13,737,377 
Magnolia Wash Holdings (Express Wash Acquisition Company, LLC)
An express car wash consolidator primarily in the Southeastern US.
10.46% Senior Term Loan due 04/10/2031 (SOFR + 6.250%) (G)$417,117 04/09/25389,922 389,766 
Media Recovery, Inc.
A global manufacturer and developer of shock, temperature, vibration, and other condition indicators and monitors for in-transit and storage applications.
8.80% Term Loan due 09/30/2027 (SOFR + 4.500%) (G)$1,264,780 09/30/241,073,418 1,075,725 
Mission Microwave
A leading provider of high-performance solid-state power amplifiers and block upconverters to support ground-based, maritime, airborne, and space-based satellite communication applications.
9.80% Senior Lien Term Loan due 12/31/2029 (SOFR + 5.500%) (G)$720,585 03/01/24635,574 602,106 
Limited Liability Company Unit (B) 307 uts. 03/01/2430,700 14,363 
666,274 616,469 
MNS Engineers, Inc.
A consulting firm that provides civil engineering, construction management and land surveying services.
9.43% First Lien Term Loan due 07/30/2027 (SOFR + 5.000%)$755,000 08/09/21749,735 755,000 
Limited Liability Company Unit (B) 100,000 uts. 08/09/21100,000 145,000 
849,735 900,000 
Mobile Pro Systems
A manufacturer of creative mobile surveillance systems for real-time monitoring in nearly any environment.
11.00% PIK Second Lien Term Loan due 06/23/2027$607,891 06/27/22604,441 607,890 
Common Stock (B) (F) 4,118 shs. 02/28/22411,765 577,295 
1,016,206 1,185,185 
Momentum Group
A leading value-added distributor of design-focused textiles and wallcoverings to hospitality, workplace, healthcare, and other commercial end markets (no residential exposure).
9.80% Term Loan due 03/28/2029 (SOFR + 5.500%) (G)$482,200 03/28/25423,649 423,770 
MSI Express
A contract manufacturer and packager of shelf-stable food and beverages for major consumer packaged goods.
9.05% Senior Term Loan due 03/24/2031 (SOFR + 4.750%)$558,065 03/24/25357,319 357,601 
See Notes to Consolidated Financial Statements 21
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
June 30, 2025
(Unaudited)
Corporate Restricted Securities - 105.94%: (A)Principal Amount,
Shares, Units or
Ownership  Percentage		Acquisition
Date		CostFair Value
Private Placement Investments - 102.37%: (C)
Music Reports, Inc.
An administrator of comprehensive offering of rights and royalties solutions for music and cue sheet copyrights to music and entertainment customers.
10.67% Incremental Term Loan due 08/21/2026 (SOFR + 6.250%)$783,584 11/05/21$779,832 $763,994 
10.67% Term Loan due 08/21/2026 (SOFR + 6.250%)$548,682 08/25/20546,051 534,965 
1,325,883 1,298,959 
Navia Benefit Solutions, Inc.
A third-party administrator of employee-directed healthcare benefits.
8.83% Term Loan due 02/01/2026 (SOFR + 4.500%) (G)$1,132,173 02/10/211,123,215 1,132,172 
8.93% Incremental Term Loan due 02/01/2027 (SOFR + 4.500%)$503,269 11/14/22496,073 503,269 
1,619,288 1,635,441 
Net at Work
An SMB-focused IT service provider specializing in software sales, implementation, managed services and hosting services.
9.80% Term Loan due 09/13/2029 (SOFR + 5.500%) (G)$1,680,470 09/13/231,010,710 1,040,129 
Limited Liability Company Unit Class (B) (F) 32,603 uts. 09/13/2332,603 35,537 
1,043,313 1,075,666 
Newforma
A leader in Project Information Management software for the construction industry.
10.80% Term Loan due 04/02/2029 (SOFR + 6.500%) (G)$735,611 03/31/23658,841 660,862 
Limited Liability Company Unit (B) 81,722 shs. 08/15/2384,194 48,216 
743,035 709,078 
Northstar Recycling
A managed service provider for waste and recycling services, primarily targeting food and beverage end markets.
8.95% Senior Term Loan due 12/16/2029 (SOFR + 4.650%) (G)$1,470,943 12/13/24992,662 994,420 
Ocelot Holdco
An electric power services provider that focuses on construction and maintenance services, installing electrical distribution systems and substation infrastructure.
10.00% Term Loan due 10/20/2027$217,651 10/24/23217,650217,650
Preferred Stock (B) 15 shs. 10/24/23138,217190,918
Common Stock (B) (I) 12 shs. 10/24/23098,880
355,867 507,448 
Omega Holdings
A distributor of aftermarket automotive air conditioning products.
9.23% Term Loan due 03/31/2029 (SOFR + 4.750%) (G)$603,515 03/31/22513,917 520,104 
ORS Nasco
A leading industrial maintenance, repair, and operations (“MRO”) product wholesale distributor.
9.30% Senior Term Loan due 08/07/2031 (SOFR + 5.000%) (G) 430,847 06/13/25424,436 424,384 
See Notes to Consolidated Financial Statements 22
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
June 30, 2025
(Unaudited)
Corporate Restricted Securities - 105.94%: (A)Principal Amount,
Shares, Units or
Ownership  Percentage		Acquisition
Date		CostFair Value
Private Placement Investments - 102.37%: (C)
PANOS Brands LLC
A marketer and distributor of branded consumer foods in the specialty, natural, better-for-you, “free from” healthy and gluten-free categories.
Common Stock Class A (B) 380,545 shs. *$380,545 $479,487 
* 01/29/16 and 02/17/17.
Parkview Dental Partners
A dental service organization focused in the southwest Florida market.
12.55% Term Loan due 10/12/2029 (SOFR + 8.300%) (G)$611,833 10/20/23$603,070 609,386 
Limited Liability Company Unit (B) (F) 30,371 uts. 10/20/23303,705 291,921 
906,775 901,307 
Pearl Holding Group
A managing general agent that originates, underwrites, and administers non-standard auto insurance policies for carriers in Florida.
10.54% (4.00% PIK) First Lien Term Loan due 12/16/2026 (SOFR + 6.000%)$1,889,699 12/20/211,868,053 1,874,392 
Warrant-Class A, to purchase common stock at $.01 per share (B) 924 shs. 12/22/21— — 
Warrant-Class B, to purchase common stock at $.01 per share (B) 312 shs. 12/22/21— — 
Warrant-Class D, to purchase common stock at $.01 per share (B) 89 shs. 12/22/21— — 
1,868,053 1,874,392 
Pegasus Transtech Corporation
A provider of end-to-end document, driver and logistics management solutions, which enable its customers (carriers, brokers, and drivers) to operate more efficiently, reduce manual overhead, enhance compliance, and shorten cash conversion cycles.
10.33% Term Loan due 11/17/2026 (SOFR + 6.000%)$1,410,623 11/14/171,405,216 1,410,623 
10.33% Term Loan due 08/31/2026 (SOFR + 6.000%)$284,939 09/29/20282,972 284,939 
1,688,188 1,695,562 
Polara (VSC Polara LLC)
A manufacturer of pedestrian traffic management and safety systems, including accessible pedestrian signals, “push to walk” buttons, and related “traffic” control units.
9.20% First Lien Term Loan due 12/03/2027 (SOFR + 4.750%) (G)$895,621 12/03/21762,628 752,738 
Limited Liability Company Unit (B) (F) 1,471 uts. 12/03/21147,110 345,635 
909,738 1,098,373 
Polytex Holdings LLC
A manufacturer of water based inks and related products serving primarily the wall covering market.
2.50% (2.500% PIK) Senior Subordinated Note due 12/31/2027 (D)$2,376,372 12/03/211,064,183 1,000,452 
Limited Liability Company Unit (B) 185,072 uts. 07/31/14172,898 — 
* 09/28/17 and 02/15/18.1,237,081 1,000,452 
See Notes to Consolidated Financial Statements 23
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
June 30, 2025
(Unaudited)
Corporate Restricted Securities - 105.94%: (A)Principal Amount,
Shares, Units or
Ownership  Percentage		Acquisition
Date		CostFair Value
Private Placement Investments - 102.37%: (C)
Portfolio Group
A provider of professional finance and insurance products to automobile dealerships, delivering a suite of offerings that supplement earnings derived from vehicle transactions.
10.45% First Lien Term Loan due 12/02/2025 (SOFR + 6.000%) (G)$1,268,824.00 11/15/21$1,263,674 $1,196,501 
Process Insights Acquisition, Inc.
A designer and assembler of highly engineered, mission critical instruments and sensors that provide compositional analyses to measure contaminants and impurities within gases and liquids.
10.58% Term Loan due 06/30/2029 (SOFR + 6.250%) (G)$815,063 07/18/23698,875 655,560 
Limited Liability Company Unit (B) 32 shs. 07/18/2332,000 16,687 690991
730,875 672,247 
ProcessBarron (Process Equipment, Inc. / PB Holdings, LLC)
Specializes in the design, manufacturing, installation, maintenance and repair of parts and equipment for blue chip industrial customers in the Southern US.
9.67% Term Loan due 03/06/2026 (SOFR + 5.250%) (G)$672,914 03/06/19 670,793  656,764
ProfitOptics
A software development and consulting company that delivers solutions via its proprietary software development platform, Catalyst.
10.17% Term Loan due 02/15/2028 (SOFR + 5.750%) (G)$835,000 03/15/22704,920 712,420 
8.00% Senior Subordinated Note due 02/15/2029$32,258 03/15/2232,258 30,710 
Limited Liability Company Unit (B) 96,774 uts. 03/15/2264,516 151,935 
801,694 895,065 
Project Halo
A two-sided platform that provides a cloud-based compliance reporting software to fire departments, water municipalities, and state building departments, which is used by authorities having jurisdictions to ensure commercial properties within its jurisdiction maintain compliance with fire codes and annual / semi-annual inspection requirements for fire alarms, sprinklers, fire extinguishers, etc.
9.26% Senior Term Loan due 02/06/2032 (SOFR + 5.000%) (G)$1,000,000 02/06/25 569,510  570,401
Pro Vision
A leading mobile video technology solutions provider, including vehicle video recording systems, body-worn cameras, data management and cloud based storage solutions for commercial, transit, and public safety organizations.
8.83% Senior Term Loan due 09/19/2029 (SOFR + 4.500%) (G)$906,424 09/23/24725,874727,296
Common Stock (B) 218 shs. 09/30/2421,82421,829
747,698 749,125 
See Notes to Consolidated Financial Statements 24
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
June 30, 2025
(Unaudited)
Corporate Restricted Securities - 105.94%: (A)Principal Amount,
Shares, Units or
Ownership  Percentage		Acquisition
Date		CostFair Value
Private Placement Investments - 102.37%: (C)
Randy's Worldwide
A designer and distributor of automotive aftermarket parts serving the repair/replacement, off-road and racing/performance segments.
9.33% First Lien Term Loan due 10/31/2028 (SOFR + 5.000%) (G)$191,675 11/01/22$164,026 $166,937 
Limited Liability Company Unit Class A (B) 54 uts. 11/01/225,400 6,851 
169,426 173,788 
RapidAir
An asset‐light manufacturer of branded compressed air products, including fittings, accessories, aluminum piping, filtration, and other adjacent products/services.
8.85% Senior Term Loan due 10/15/2030 (SOFR + 4.750%) (G)$547,705 10/15/24294,485 295,431 
Common Stock (B) 30 shs. 10/15/2430,000 27,382 
324,485 322,813 
Real Chemistry
A leading pure-play, tech-enabled analytical marketing agency in the U.S primarily serving the pharmaceutical and healthcare industry.
8.83% Senior Term Loan due 04/12/2032 (SOFR + 4.500%) (G)$500,000 04/10/25 289,452  289,059
Recovery Point Systems, Inc.
A provider of IT infrastructure, colocation and cloud based resiliency services.
10.16% Term Loan due 07/31/2026 (SOFR + 5.750%)$1,292,080 08/12/201,287,279 1,292,080 
Limited Liability Company Unit (B) (F) 21,532 uts. 03/05/2121,532 10,120 
1,308,811 1,302,200 
Renovation Brands (Renovation Parent Holdings, LLC)
A portfolio of seven proprietary brands that sell various home improvement products primarily through the e-Commerce channel.
9.94% Senior Term Loan due 08/16/2027 (SOFR + 5.500%)$936,893 11/15/21927,625 877,869 
Limited Liability Company Unit (B) 40,479 uts. 09/29/1740,479 19,025 
968,104 896,894 
RKD Group
A provider of marketing and fundraising services to non-profit organizations (“NPOs”) in the U.S. RKD provides a full suite of services including strategic planning, content creation/design, campaign execution, as well as data analytics to improve donor segmentation and provide strategic insights to inform future campaigns.
9.82% Term Loan due 05/19/2031 (SOFR + 5.500%) (G)$1,725,000 05/19/251,386,775 1,386,405 
RoadOne IntermodaLogistics
A provider of intermodal logistics and solutions including drayage (moving containers at port/rail locations), dedicated trucking services, warehousing, storage, and transloading (unloading, storing, and repackaging freight), among other services.
10.49% First Lien Term Loan due 12/30/2028 (SOFR + 6.250%) (G)$652,006 12/30/22628,369 643,230 
See Notes to Consolidated Financial Statements 25
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
June 30, 2025
(Unaudited)
Corporate Restricted Securities - 105.94%: (A)Principal Amount,
Shares, Units or
Ownership  Percentage		Acquisition
Date		CostFair Value
Private Placement Investments - 102.37%: (C)
Rock Labor
A provider of live entertainment event labor in the United States.
9.82% Term Loan due 09/14/2029 (SOFR + 5.500%) (G)$398,995 09/14/23$332,740 $336,299 
Limited Liability Company Unit (B) (F) 12,266 uts. 09/14/2365,676 55,688 
398,416 391,987 
Rock-it Cargo
A provider of specialized international logistics solutions to the music touring, performing arts, live events, fine art and specialty industries.
9.42% Term Loan due 07/31/2026 (SOFR + 5.000%)$2,392,914 07/30/182,385,089 2,380,949 
ROI Solutions
Call center outsourcing and end user engagement services provider.
9.17% Senior Term Loan due 09/13/2029 (SOFR + 5.000%) (G)$1,432,989 10/03/241,029,399 1,031,946 
RPX Corp
A provider of subscription services that help member companies mitigate the risk of patent disputes and reduce the cost of patent litigation.
9.56% Term Loan due 08/02/2030 (SOFR + 5.250%) (G)$2,483,140 08/02/242,199,513 2,205,026 
Ruffalo Noel Levitz
A provider of enrollment management, student retention and career services, and fundraising management for colleges and universities.
8.28% PIK Term Loan due 12/31/2026 (SOFR + 4.000%) (D)$1,280,817 01/08/191,277,411 400,896 
11.41% Senior Term Loan due 04/15/2030 (G)$81,237 04/15/2543,411 43,377 
1,320,822 444,273 
Safety Products Holdings, Inc.
A manufacturer of highly engineered safety cutting tools.
9.33% Term Loan due 12/15/2026 (SOFR+ 5.000%) (G)$1,979,028 12/15/201,970,193 1,979,028 
Common Stock (B) 30 shs. 12/16/2029,900 38,601 
* 12/15/20 and 07/24/24.2,000,093 2,017,629 
Sandvine Corporation
A provider of active network intelligence solutions.
Class A Units (B) (I) 688 shs. 06/28/2400
Class B Units (B) (I) 2,395 shs. 06/28/2400
Class C Units (B) (I) 31,364 shs. 06/28/2400
— — 
Sara Lee Frozen Foods
A provider of frozen bakery products, desserts and sweet baked goods.
9.18% First Lien Term Loan due 07/30/2025 (SOFR + 4.750%)$1,433,624 07/27/181,426,1761,421,295
See Notes to Consolidated Financial Statements 26
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
June 30, 2025
(Unaudited)
Corporate Restricted Securities - 105.94%: (A)Principal Amount,
Shares, Units or
Ownership  Percentage		Acquisition
Date		CostFair Value
Private Placement Investments - 102.37%: (C)
SBP Holdings
A specialty product distribution platform which provides mission-critical products, services, and technical expertise across industrial rubber and fluid power segments.
9.33% Term Loan due 01/31/2028 (SOFR + 5.000%) (G)$1,239,482 03/27/23$663,832 $678,609 
Scaled Agile, Inc.
A provider of training and certifications for IT professionals focused on software development.
6.65% (3.75% PIK) Term Loan due 12/15/2027 (SOFR + 2.250%) (G)$1,479,335 12/16/211,464,949 1,263,352 
Screenvision Media
One of two leading cinema advertising networks in the US, offering advertising solutions to national and local brands across an exclusive in-cinema network.
9.28% First Term Loan due 04/25/2030 (SOFR + 5.000%) (G)$498,409 04/25/25436,343 435,977 
12.78% Second Term Loan due 04/25/2030 (SOFR + 8.500%)$447,214 04/25/25429,982 429,326 
866,325 865,303 
SEKO Worldwide, LLC
A third-party logistics provider of ground, ocean, air and home delivery forwarding services.
11.32% (6.00% PIK) Senior Term Loan due 11/27/2029 (SOFR + 7.000%)$533,298 11/27/24530,834 533,298 
Common Stock (B) 184 shs. 11/27/24808,118 466,054 
1,338,952 999,352 
Smartling, Inc.
A provider in SaaS-based translation management systems and related translation services.
8.93% Term Loan due 10/26/2027 (SOFR + 4.500%) (G)$1,670,713 11/03/211,556,134 1,569,243 
smartShift Technologies
A provider of technology-enabled services for the SAP ERP ecosystem.
9.26% First Lien Term Loan due 09/30/2029 (SOFR + 5.000%) (G)$1,478,345 09/01/231,284,653 1,310,331 
Common Stock (B) 29 shs. 09/01/2329,000 61,304 
1,313,653 1,371,635 
Sonicwall
A provider of network security (i.e. firewall products) primarily focused on the SMB market.
9.82% Term Loan due 01/31/2028 (SOFR + 5.500%) (G)$962,264 06/13/25 943,343  945,425
Spatco
A provider of mission-critical services to maintain, test, inspect, certify, and install fueling station infrastructure.
9.28% Senior Term Loan due 07/23/2030 (SOFR + 5.000%) (G)$1,678,199 07/23/241,210,542 1,215,683 
Limited Liability Company Unit (B) (F) 47,941 uts. 07/23/2447,941 44,585 
1,258,483 1,260,268 
See Notes to Consolidated Financial Statements 27
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
June 30, 2025
(Unaudited)
Corporate Restricted Securities - 105.94%: (A)Principal Amount,
Shares, Units or
Ownership  Percentage		Acquisition
Date		CostFair Value
Private Placement Investments - 102.37%: (C)
Stackline
An e-commerce data company that tracks products sold through online retailers.
11.99% Senior PIK Note due 07/30/2028 (SOFR + 7.750%)$2,504,234 07/29/21$2,489,425 $2,504,234 
Common Stock (B) 1,340 shs. 07/30/2142,078 76,728 
2,531,503 2,580,962 
Standard Elevator Systems
A scaled manufacturer of elevator components combining four elevator companies, Standard Elevator Systems, EMI Porta, Texacone, and ZZIPCO.
10.18% First Lien Term Loan due 12/02/2027 (SOFR + 5.750%) (G)$1,208,542 12/02/211,058,451987,231
10.22% Incremental Lien Term Loan due 12/02/2027 (SOFR + 5.750%)$452,827 04/02/24446,848 422,488 
1,505,299 1,409,719 
Stratus Unlimited
A nationwide provider of brand implementation services, including exterior and interior signage, refresh and remodel, and facility maintenance and repair.
9.88% Term Loan due 06/08/2027 (SOFR + 5.500%) (G)$918,257 07/02/21853,712 835,423 
9.63% Incremental Term Loan due 06/30/2027 (SOFR + 5.250%) (G)$717,841 06/07/24362,830 346,444 
Limited Liability Company Unit (B) 75 uts. 06/30/2174,666 52,623 
1,291,208 1,234,490 
SVI International, Inc.
A supplier of aftermarket repair parts and accessories for automotive lifts, automotive shop equipment, and other specialty equipment (hospital bed lifts, boat lifts, etc.).
11.03% First Line Term Loan due 03/31/2030 (SOFR + 6.750%) (G)$1,101,795 03/04/241,006,656 1,023,824 
Limited Liability Company Unit (B) (F) 311,881 uts. 05/22/23311,881 474,059 
1,318,537 1,497,883 
Swoop
A provider of marketing data and engagement technology to the biopharma industry.
8.83% Senior Line Term Loan due 04/12/2032 (SOFR 4.500%) (G)$500,000 04/10/25 255,595  255,076
Tank Holding
A manufacturer of proprietary rotational molded polyethylene and steel storage tanks and containers.
10.18% Term Loan due 03/31/2028 (SOFR + 5.750%) (G)$554,315 03/31/22526,333 525,980 
10.43% Incremental Term Loan due 03/31/2028 (SOFR + 6.000%)$155,642 05/22/23152,997 154,086 
679,330 680,066 
Tapco
A leading manufacturer, distributor, service provider and software provider of intelligent transportations safety systems in North America.
8.83% Term Loan due 11/15/2030 (SOFR + 4.500%) (F) (G)$1,709,529 11/15/24932,351 934,982 
Common Stock (B) (F) 17 shs. 11/15/2417,000 20,359 
949,351 955,341 
See Notes to Consolidated Financial Statements 28
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
June 30, 2025
(Unaudited)
Corporate Restricted Securities - 105.94%: (A)Principal Amount,
Shares, Units or
Ownership  Percentage		Acquisition
Date		CostFair Value
Private Placement Investments - 102.37%: (C)
Team Air (Swifty Holdings LLC)
A leading HVAC wholesale distributor headquartered in Nashville, Tennessee.
14.00% Subordinated Note due 05/02/2030$1,035,000 05/25/23$1,023,001 $1,017,923 
14.00% Senior Subordinated Note due 08/31/2027$201,250 08/30/24198,125 197,929 
14.00% Senior Subordinated Note due 12/16/2029$61,333 12/19/2460,297 60,321 
Limited Liability Company Unit (B) (F) 891,204 uts. 05/25/23901,630 926,853 
2,183,053 2,203,026 
Tencarva Machinery Company
A distributor of mission critical, engineered equipment, replacement parts and services in the industrial and municipal end-markets.
9.20% Senior Term Loan due 12/20/2027 (SOFR + 4.750%) (G)$1,943,510 12/20/211,607,946 1,597,781 
9.20% Term Loan due 12/04/2029 (SOFR + 4.750%) (G)$542,774 01/02/25215,695 215,697 
1,823,641 1,813,478 
Terrybear
A designer and wholesaler of cremation urns and memorial products for people and pets.
10.00% (4.00% PIK) Term Loan due 04/27/2028$1,003,784 04/29/22995,455 912,440 
Limited Liability Company Unit (B) (F) 84,038 uts. 10/14/21823,577 — 
1,819,032 912,440 
The Caprock Group (aka TA/TCG Holdings, LLC)
A wealth manager focused on ultra-high-net-worth individuals, who have $25-30 million of investable assets on average.
9.07% Term Loan due 12/18/2029 (SOFR + 4.750%) (G)$685,251 05/21/25678,613 678,399 
9.08% Term Loan due 12/15/2027 (SOFR + 4.750%) (G)$1,066,753 12/21/21328,069 327,583 
1,006,682 1,005,982 
The Hilb Group, LLC
An insurance brokerage platform that offers insurance and benefits programs to middle-market companies throughout the Eastern seaboard.
8.83% Term Loan due 10/31/2031 (SOFR + 4.500%) (G)$782,220 10/31/24573,957 574,934 
The Octave Music Group, Inc. (fka TouchTunes)
A global provider of digital music and media and introduced the play-for-play digital jukebox in 1998.
Limited Liability Company Unit (B) 25,641 uts. 04/01/2225,641 77,180 
Tipco Technologies
A fluid solution supplier for industrial, hydraulic and high-purity applications.
9.55% Senior Term Loan due 09/03/2027 (SOFR + 5.250%) (G)$581,375 09/03/24523,483 523,470 
See Notes to Consolidated Financial Statements 29
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
June 30, 2025
(Unaudited)
Corporate Restricted Securities - 105.94%: (A)Principal Amount,
Shares, Units or
Ownership  Percentage		Acquisition
Date		CostFair Value
Private Placement Investments - 102.37%: (C)
Trident Maritime Systems
A leading provider of turnkey marine vessel systems and solutions for government and commercial new ship construction as well as repair, refurbishment, and retrofit markets worldwide.
9.90% (2.00% PIK) Term Loan due 02/19/2026 (SOFR + 5.500%)$1,682,321 02/25/21$1,674,312 $1,470,348 
9.90% (2.00% PIK) Incremental Term Loan due 03/31/2027 (SOFR + 5.500%)$56,967 10/19/2356,109 49,789 
1,730,421 1,520,137 
Trintech, Inc.
An international provider of core, cloud-based financial close software.
9.83% Term Loan due 07/25/2029 (SOFR + 5.500%) (G)$1,700,973 07/25/231,578,393 1,594,763 
Turnberry Solutions, Inc.
A provider of technology consulting services.
10.43% Term Loan due 07/30/2026 (SOFR + 6.000%)$1,567,894 07/29/211,560,678 1,567,894 
UHY LLP
A top 30 US CPA firm providing tax, audit and consulting advisory services primarily to middle market customers.
9.08% Senior Term Loan due 11/21/2031 (SOFR + 4.750%) (G)$1,962,852 11/22/24902,184 920,115 
Unosquare
A provider of outsourced digital engineering and software development services for the banking, financial services, insurance, life sciences, and high-tech industries.
9.08% Term Loan due 06/02/2031 (SOFR + 4.750%) (G)$605,665 06/02/25352,638352,518
Limited Liability Company Unit (B) 15,278 uts. 06/02/2515,27815,278
367,916367,796
U.S. Legal Support, Inc.
A provider of court reporting, record retrieval and other legal supplemental services.
10.20% Term Loan due 06/01/2026 (SOFR + 5.750%) (G)$2,008,859 11/29/182,003,947 1,990,980 
10.20% Senior Loan due 10/11/2027 (SOFR + 5.750%)$471,477 10/10/24468,841 467,281 
2,472,788 2,458,261 
USA Industries
A manufacturer and supplier of piping isolation & testing products, tube plugs, flow measurement orifice plates, and heat exchanger tools which are sold or rented to customers.
13.75% (1.00% PIK) Term Loan due 06/30/2029$632,173 03/14/24625,118 629,013 
Limited Liability Company Unit (B) 27,916 uts. 01/10/2551,923 134,553 
677,041 763,566 
See Notes to Consolidated Financial Statements 30
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
June 30, 2025
(Unaudited)
Corporate Restricted Securities - 105.94%: (A)Principal Amount,
Shares, Units or
Ownership  Percentage		Acquisition
Date		CostFair Value
Private Placement Investments - 102.37%: (C)
VB Spine
A top-5 producer of spinal implants and devices used in fusion and non-fusion spinal surgeries.
12.80% Secured Term Loan due 03/25/2030 (SOFR + 8.500%)$1,564,266 03/31/25$$1,504,814 $1,501,695 
Common Stock (B) 26,485 shs. 03/31/25— — 
1,504,814 1,501,695 
VitalSource
A provider of digital fulfillment software for the higher education sector.
8.82% Term Loan due 06/01/2028 (SOFR + 4.500%)$1,573,840 06/01/211,556,632 1,558,101 
7.31% Term Loan due 04/11/2030 (SOFR + 4.500%) (G)$106,565 06/01/2174,142 74,101 
Limited Liability Company Unit (B) (F) 1,891 uts. 04/21/2518,909 45,457 
1,649,683 1,677,659 
VP Holding Company
A provider of school transportation services for special-needs and homeless children in Massachusetts and Connecticut.
10.68% Term Loan due 12/31/2025 (SOFR + 6.250%) (G)$2,114,134 05/17/182,112,349 2,092,993 
Warner Pacific Insurance Services
A wholesale insurance broker focused on employee benefits.
9.40% Term Loan due 12/27/2027 (SOFR + 5.000%) (G)$1,633,972 08/01/23884,212 888,380 
9.36% Term Loan due 12/13/2029 (SOFR + 5.000%) (G)$85,228 12/23/2484,530 84,530 
968,742 972,910 
Westminster Acquisition LLC
A manufacturer of premium, all-natural oyster cracker products sold under the Westminster and Olde Cape Cod brands.
Limited Liability Company Unit (B) (F) 370,241 uts. 08/03/15370,241 14,810 
Whitcraft Holdings, Inc.
A leading supplier of highly engineered components for commercial and military aircraft engines.
10.83% First Lien Term Loan due 02/15/2029 (SOFR + 6.500%) (G)$951,878 02/15/23826,588 849,603 
Limited Liability Company Unit (B) 4,206 uts. 02/15/2342,058 64,769 
868,646 914,372 
Wilson Language Training
A leading provider of supplemental literacy curriculum and professional development products for the K-12 market, with a particular emphasis on early reading (K-3).
9.03% Senior Term Loan due 04/19/2032 (SOFR + 4.750%) (G)$613,489 04/17/25456,434 456,210 
See Notes to Consolidated Financial Statements 31
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
June 30, 2025
(Unaudited)
Corporate Restricted Securities - 105.94%: (A)Principal Amount,
Shares, Units or
Ownership  Percentage		Acquisition
Date		CostFair Value
Private Placement Investments - 102.37%: (C)
Woodland Foods, Inc.
A provider of specialty dry ingredients such as herbs & spices, rice & grains, mushrooms & truffles, chilies, and other ingredients to customers within the industrial, foodservice, and retail end-markets.
9.97% Term Loan due 11/30/2027 (SOFR + 5.500%) (G)$1,013,202 12/01/21$965,456 $959,642 
9.97% Term Loan due 03/05/2030 (SOFR + 5.500%)$242,680 03/05/25278,866 277,500 
9.97% Incremental Term Loan due 12/01/2027 (SOFR + 5.500%)$90,677 04/09/2489,473 89,407 
Limited Liability Company Unit (B) (F) 146 uts. 09/29/17145,803 129,832 
Limited Liability Company Unit Preferred (B) (F) 32 uts. 04/05/2441,252 41,249 
Preferred Stock (B) (F) 10 uts. 03/05/2514,123 14,109 
1,534,973 1,511,739 
World 50, Inc.
A provider of exclusive peer-to-peer networks for C-suite executives at leading corporations.
9.74% First Lien Term Loan due 03/22/2030 (SOFR + 5.500%) (G)$1,704,487 03/22/241,593,7001,620,540
Worldwide Electric Corporation
Develops, produces, and distributes electric motors, gear reducers, motor controls, generators, and frequency converters.
9.55% Term Loan due 10/03/2029 (SOFR + 5.250%) (G)$977,857 10/03/22840,362 841,117 
Ziyad
An end-to-end importer, brand manager, value-added processor, and distributor of Middle Eastern and Mediterranean foods.
10.20% First Lien Term Loan due 02/09/2028 (SOFR + 5.750%) (G)$979,219 02/08/22876,014873,555
10.20% Incremental Term Loan due 02/09/2028 (SOFR + 5.750%) (G)$674,981 08/31/23666,064 666,544 
Limited Liability Company Unit (B) (F) 31 uts. 02/09/2231,256 45,755 
1,573,334 1,585,854 
Total Private Placement Investments (E)$162,218,794 $172,097,347 



See Notes to Consolidated Financial Statements 32
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
June 30, 2025
(Unaudited)
Corporate Restricted Securities - 106.30%: (A)Interest
Rate		Maturity
Date		Principal
Amount		CostMarket
Value
Rule 144A Securities - 3.57%: (H)
Bonds - 3.57%
Carriage Purchaser Inc.7.875 10/15/2029$750,000 $616,889 $666,411 
County of Gallatin MT11.500 09/01/2027340,000 340,000 350,180 
CSC Holdings LLC5.000 11/15/2031625,000 545,902 290,625 
Inmarsat Finance PLC9.000 09/15/2029480,000 479,784 482,461 
Liberty Cablevision of Puerto Rico6.750 10/15/2027750,000 704,201 505,193 
Nielsen 9.290 04/15/2029658,000 647,700 640,685 
Prince9.000 02/15/2030740,000 658,838 498,536 
Radiology Partners, Inc (9.781% PIK)9.781 02/15/2030786,679 751,581 772,911 
Staples10.750 09/01/2029750,000 730,979 709,818 
Terrier Media Buyer, Inc.8.875 12/15/2027428,000 419,327 403,460 
Wilsonart11.000 08/15/2032750,000 740,461 681,395 
Total Bonds6,635,662 6,001,675 
Common Stock - 0.00%
TherOX, Inc. (B)2 shs— — 
Touchstone Health Partnership (B)292 shs— — 
Total Common Stock— — 
Total Rule 144A Securities$6,635,662 $6,001,675 
Total Corporate Restricted Securities$168,854,456 $178,099,022 
 
See Notes to Consolidated Financial Statements 33
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
June 30, 2025
(Unaudited)
Corporate Public Securities - 4.84%: (A)LIBOR
Spread		Interest
Rate		Maturity
Date		Principal
Amount		CostMarket
Value
Bank Loans - 4.46%
AP Highlands9.3810/16/2028$705,446 $699,637 $694,158 
Aretec Group Inc3.507.838/9/2030843,630 845,739 844,769 
Bausch Health Companies Inc6.2510.569/25/2030917,431 895,428 882,881 
BMC Software5.7510.087/30/20321,000,000 988,258 970,630 
Fidelis5.009.3012/31/2031995,000 990,511 990,523 
Mcafee (6.04% PIK)7.006.047/27/202830,396 30,396 7,042 
Precisely4.008.544/24/2028936,615 928,520 886,272 
Syncsort Incorporated7.2511.794/23/2029222,222 221,400 204,722 
Team Health Holdings5.259.533/2/2027548,229 538,439 544,714 
Twitter6.5010.9310/26/2029497,449 496,859 485,480 
Two Kings Casino4.759.0512/16/2031280,400 279,043 283,322 
Wilsonart4.258.557/25/2031718,943 709,542 707,037 
Total Bank Loans7,623,772 7,501,550 
Bonds - 0.82%
Jetblue Airways—9.87509/20/31650,000 692,569 632,373 
Total Bonds692,569 632,373 
Total Corporate Public Securities$8,316,341 $8,133,923 
Total Investments110.78%$177,170,797 $186,232,945 
Other Assets4.34 7,304,262 
Liabilities(15.12)(25,419,489)
Total Net Assets100.00%$168,117,718 
(A)    In each of the convertible note, warrant, convertible preferred and common stock investments, the issuer has agreed to provide certain registration rights.
(B)    Non-income producing security.
(C)    Security valued at fair value using methods determined in good faith by or under the direction of the Board of Trustees.
(D)    Defaulted security; interest not accrued.
(E)    Illiquid securities. As of June 30, 2025, the value of these securities amounted to $172,097,347 or 102.37% of net assets.
(F)    Held in PI Subsidiary Trust.
(G)    A portion of these securities contain unfunded commitments. As of June 30, 2025, total unfunded commitments amounted to $20,105,882 and had unrealized depreciation of $(99,137) or (0.06)% of net assets. See Note 7.
(H)    Security exempt from registration under Rule 144a of the Securities Act of 1933. These securities may only be resold in transactions exempt from registration, normally to qualified institutional buyers.
(I)    Security received at zero cost through a restructuring of previously held debt or equity securities.

PIK - Payment-in-kind
SOFR - Secured Overnight Financing Rate
 
See Notes to Consolidated Financial Statements 34
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
June 30, 2025
(Unaudited)
Industry Classification:Fair Value/
Market Value
AEROSPACE & DEFENSE - 4.95%
Accurus Aerospace$486,454 
Applied Aerospace Structures Corp.610,685 
Bridger Aerospace187,560 
Compass Precision2,363,348 
County of Gallatin MT350,180 
CTS Engines1,273,691 
Mission Microwave616,469 
Trident Maritime Systems1,520,137 
Whitcraft Holdings, Inc.914,372 
8,322,896 
AIRLINES - 1.34%
Echo Logistics1,612,301 
Jetblue Airways632,373 
2,244,674 
AUTOMOTIVE - 3.40%
Aurora Parts & Accessories LLC (d.b.a Hoosier)427,825 
BBB Industries LLC - DBA (GC EOS Buyer Inc.)467,528 
EFC International1,360,268 
Omega Holdings520,104 
Randy's Worldwide173,788 
Spatco1,260,268 
SVI International, Inc.1,497,883 
5,707,664 
BROKERAGE, ASSET MANAGERS & EXCHANGES - 1.44%
Aretec Group Inc844,769 
The Caprock Group1,005,982 
The Hilb Group, LLC574,934 
2,425,685 
BUILDING MATERIALS - 1.73%
Decks Direct961,023 
Lockmasters Incorporated551,921 
Wilsonart1,388,432 
2,901,376 
CABLE & SATELLITE - 0.76%
CSC Holdings LLC290,625 
Inmarsat Finance PLC482,461 
Liberty Cablevision of Puerto Rico505,193 
1,278,279 
Industry Classification:Fair Value/
Market Value
CHEMICALS - 1.29%
Americo Chemical Products$676,941 
Polytex Holdings LLC1,000,452 
Prince498,536 
2,175,929 
CONSUMER CYCLICAL SERVICES - 6.96%
CJS Global2,233,002 
Expert Institute Group150,608 
LYNX Franchising2,372,795 
Mobile Pro Systems1,185,185 
ROI Solutions1,031,946 
Staples709,818 
Swoop255,076 
Team Air (Swifty Holdings LLC)2,203,026 
Turnberry Solutions, Inc.1,567,894 
11,709,350 
CONSUMER INDUSTRIAL - 0.57%
Tapco955,341 
CONSUMER PRODUCTS - 3.20%
Elite Sportswear Holding, LLC158,375 
Handi Quilter Holding Company32,962 
Ice House America1,001,679 
Jones Fish1,980,476 
Magnolia Wash Holdings (Express Wash Acquisition Company, LLC)389,766 
Renovation Brands (Renovation Parent Holdings, LLC)896,894 
Terrybear912,440 
Terrybear1,191,285 
6,563,877 
DIVERSIFIED MANUFACTURING - 4.84%
Accelevation187,189 
Energy Acquisition Company, Inc.692,004 
HTI Technology & Industries Inc.733,560 
MNS Engineers, Inc.900,000 
Process Insights Acquisition, Inc.672,247 
Safety Products Holdings, Inc.2,017,629 
Standard Elevator Systems1,409,719 
Tank Holding680,066 
Worldwide Electric Corporation841,117 
8,133,531 
See Notes to Consolidated Financial Statements 35
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
June 30, 2025
(Unaudited)
Industry Classification:Fair Value/
Market Value
ELECTRIC - 2.00%
Cascade Services$942,143 
Dwyer Instruments, Inc.1,668,478 
Pro Vision749,125 
3,359,746 
ENVIRONMENTAL - 1.18%
ENTACT Environmental Services, Inc.982,391 
Northstar Recycling994,420 
1,976,811 
FINANCE COMPANIES - 1.12%
AP Highlands694,158 
Portfolio Group1,196,501 
1,890,659 
FINANCIAL OTHER - 2.40%
Coduet Royalty Holdings, LLC540,040 
Cogency Global1,584,265 
Fidelis990,523 
UHY LLP920,115 
4,034,943 
FOOD & BEVERAGE - 3.17%
California Custom Fruits & Flavors317,828 
PANOS Brands LLC479,487 
Sara Lee Frozen Foods1,421,295 
Westminster Acquisition LLC14,810 
Woodland Foods, Inc.1,511,739 
Ziyad1,585,854 
5,331,013 
GAMING - 0.17%
Two Kings Casino283,322 
HEALTHCARE - 8.17%
Cadence, Inc.$1,192,683 
Cloudbreak1,635,768 
Golden Ceramic Dental Lab1,471,466 
Heartland Veterinary Partners2,359,150 
HemaSource, Inc.770,492 
Home Care Assistance, LLC741,569 
Illumifin399,077 
Innovia Medical453,031 
ISTO Biologics 568,223 
Parkview Dental Partners901,307 
Real Chemistry289,059 
Radiology Partners, Inc772,911 
Team Health Holdings544,714 
13,734,891 
Industry Classification:Fair Value/
Market Value
HEALTH INSURANCE - 0.58%
Warner Pacific Insurance Services972,910 
INDUSTRIAL OTHER - 20.66%
Accredited Labs265,714 
Application Bootcamp LLC1,337,242 
BKF Engineers504,866 
Caldwell & Gregory LLC1,363,617 
Coker357,714 
Concept Machine Tool Sales, LLC562,100 
Door & Window Guard Systems431,320 
Electric Equipment and Engineering1,618,296 
Gojo Industries618,561 
Kings III934,397 
Madison Indoor Air Solutions13,737,377 
Media Recovery, Inc.1,075,725 
Momentum Group423,770 
MSI Express357,601 
Ocelot Holdco507,448 
ORS Nasco424,384 
Polara (VSC Polara LLC)1,098,373 
ProcessBarron (Process Equipment, Inc. / PB Holdings, LLC)656,764 
RapidAir322,813 
SBP Holdings678,609 
Stratus Unlimited1,234,490 
Tencarva Machinery Company1,813,478 
Tipco Technologies523,470 
USA Industries763,566 
VB Spine1,501,695 
World 50, Inc.1,620,540 
34,733,930 
LOCAL AUTHORITY - 0.87%
LeadsOnline1,460,330 
MEDIA & ENTERTAINMENT - 5.27%
Advantage Software58,967 
ASC Communications, LLC (Becker's Healthcare)278,071 
BrightSign1,487,018 
DistroKid (IVP XII DKCo-Invest, LP)2,151,586 
Music Reports, Inc.1,298,959 
RKD Group1,386,405 
Rock Labor391,987 
Screenvision Media865,303 
Terrier Media Buyer, Inc.403,460 
See Notes to Consolidated Financial Statements 36
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
June 30, 2025
(Unaudited)
Industry Classification:Fair Value/
Market Value
The Octave Music Group, Inc. (fka TouchTunes)77,180 
Wilson Language Training456,210 
8,855,146 
PACKAGING - 1.42%
Brown Machine LLC723,728 
Diversified Packaging1,163,748 
Five Star Holding, LLC499,145 
2,386,621 
PHARMACEUTICALS - 0.53%
Bausch Health Companies Inc882,881 
PROPERTY & CASUALTY - 1.11%
Pearl Holding Group1,874,392 
TECHNOLOGY - 25.34%
1WorldSync, Inc.2,347,271 
AdaCore Inc1,018,103 
Audio Precision1,546,936 
Becklar771,213 
Best Lawyers (Azalea Investment Holdings, LLC)1,608,731 
BMC Software970,630 
CAi Software2,308,539 
Cash Flow Management928,450 
CloudWave1,741,012 
Cognito Forms1,602,409 
Coherus Biosciences293,038 
Command Alkon30,227 
Comply365609,594 
DataServ20,002 
EFI Productivity Software1,287,151 
Follett School Solutions1,515,643 
GraphPad Software, Inc.178,190 
HaystackID579,586 
Mcafee7,042 
Net at Work1,075,666 
Newforma709,078 
Nielsen 640,685 
Precisely886,272 
ProfitOptics895,065 
Project Halo570,401 
Recovery Point Systems, Inc.1,302,200 
RPX Corp2,205,026 
Ruffalo Noel Levitz444,273 
Scaled Agile, Inc.1,263,352 
Industry Classification:Fair Value/
Market Value
Smartling, Inc.1,569,243 
smartShift Technologies1,371,635 
Sonicwall 945,425 
Stackline2,580,962 
Syncsort Incorporated204,722 
Trintech, Inc.1,594,763 
Twitter485,480 
Unosquare367,796 
U.S. Legal Support, Inc.2,458,261 
VitalSource1,677,659 
42,611,731 
TRANSPORTATION SERVICES - 6.31%
AIT Worldwide Logistics, Inc.95,690 
Carriage Purchaser Inc.666,411 
eShipping920,589 
FragilePAK1,121,526 
Pegasus Transtech Corporation1,695,562 
RoadOne IntermodaLogistics643,230 
Rock-it Cargo2,380,949 
SEKO Worldwide, LLC999,352 
VP Holding Company2,092,993 
10,616,302 
Total Investments - 110.78%
  (Cost - $177,170,797)
$186,232,945 




See Notes to Consolidated Financial Statements 37
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Barings Participation Investors
(Unaudited)

1. History
Barings Participation Investors (the “Trust”) was organized as a Massachusetts business trust under the laws of the Commonwealth of Massachusetts pursuant to a Declaration of Trust dated April 7, 1988.
The Trust is a diversified closed-end management investment company. Barings LLC (“Barings”), a wholly-owned indirect subsidiary of Massachusetts Mutual Life Insurance Company (“MassMutual”), acts as its investment adviser. The Trust’s investment objective is to maintain a portfolio of securities providing a current yield and, when available, an opportunity for capital gains. The Trust’s principal investments are privately placed, below investment grade, long-term debt obligations including bank loans and mezzanine debt instruments. Such direct placement securities may, in some cases, be accompanied by equity features such as common stock, preferred stock, warrants, conversion rights, or other equity features. The Trust typically purchases these investments, which are not publicly tradable, directly from their issuers in private placement transactions. These investments are typically made to small or middle market companies. In addition, the Trust may invest, subject to certain limitations, in marketable debt securities (including high yield and/or investment grade securities) and marketable common stock. Below investment grade or high yield securities have predominantly speculative characteristics with respect to the capacity of the issuer to pay interest and repay capital.
On January 27, 1998, the Board of Trustees authorized the formation of a wholly-owned subsidiary of the Trust (“PI Subsidiary Trust”) for the purpose of holding certain investments. The results of the PI Subsidiary Trust are consolidated in the accompanying financial statements. Footnote 2.D below discusses the Federal tax consequences of the PI Subsidiary Trust.
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed consistently by the Trust in the preparation of its consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
The Trustees have determined that the Trust is an investment company in accordance with Accounting Standards Codification (“ASC”) 946, Financial Services – Investment Companies, for the purpose of financial reporting.
A. Fair Value Measurements:
Under U.S. GAAP, fair value represents the price that should be received to sell an asset (exit price) in an orderly transaction between willing market participants at the measurement date.
Determination of Fair Value
The net asset value (“NAV”) of the Trust’s shares is determined as of the close of business on the last business day of each quarter, as of the date of any distribution, and at such other times as Barings, as the Trust’s valuation designee under Rule 2a-5 of the 1940 Act, shall determine the fair value of the Trust’s investments, subject to the general oversight of the Board.
Barings has established a Pricing Committee which is responsible for setting the guidelines used in fair valuation and ensuring that those guidelines are being followed. Barings considers all relevant factors that are reasonably available, through either public information or information directly available to Barings, when determining the fair value of a security. Barings reports to the Board each quarter regarding the valuation of each portfolio security in accordance with the procedures and guidelines referred to above, which include the relevant factors referred to below. The consolidated financial statements include private placement restricted securities valued at $172,097,347 (102.37% of net assets) as of June 30, 2025, the values of which have been estimated by Barings based on the process described above in the absence of readily ascertainable market values. Due to the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the securities existed, and the differences could be material.
Independent Valuation Process
The fair value of bank loans and equity investments that are unsyndicated or for which market quotations are not readily available, including middle-market bank loans, will be submitted to an independent provider to perform an independent valuation on those bank loans and equity investments as of the end of each quarter. Such bank loans and equity investments will be held at cost until such time as they are sent to the valuation provider for an initial valuation subject to override by the Adviser should it determine that there have been material changes in interest rates and/or the credit quality of the issuer. The independent valuation provider applies various methods (synthetic rating analysis, discounting cash flows, and re-underwriting analysis) to establish the rate of return a market participant would require (the “discount rate”) as of the valuation date, given market conditions, prevailing lending standards and the perceived credit quality of the issuer. Future expected cash flows for each investment are discounted back to present value using these discount rates in the discounted cash flow analysis. A range of value will be provided by the valuation provider and the Adviser will
38
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Barings Participation Investors
(Unaudited)
determine the point within that range that it will use in making valuation determinations. The Adviser will use its internal valuation model as a comparison point to validate the price range provided by the valuation provider. If the Advisers’ Pricing Committee disagrees with the price range provided, it may make a fair value determination that is outside of the range provided by the independent valuation provider, such determination to be reported to the Trustees in the Adviser’s quarterly reporting to the Board. In certain instances, the Trust may determine that it is not cost-effective, and as a result is not in the shareholders’ best interests, to request the independent valuation firm to perform the Procedures on certain investments. Such instances include, but are not limited to, situations where the fair value of the investment in the portfolio company is determined to be insignificant relative to the total investment portfolio.
Following is a description of valuation methodologies used for assets recorded at fair value:
Corporate Public Securities at Fair Value – Bank Loans, Corporate Bonds, Preferred Stocks and Common Stocks
The Trust uses external independent third-party pricing services to determine the fair values of its Corporate Public Securities. At June 30, 2025, 100% of the carrying value of these investments was from external pricing services. In the event that the primary pricing service does not provide a price, the Trust utilizes the pricing provided by a secondary pricing service.
Public debt securities generally trade in the over-the-counter market rather than on a securities exchange. The Trust’s pricing services use multiple valuation techniques to determine fair value. In instances where significant market activity exists, the pricing services may utilize a market based approach through which quotes from market makers are used to determine fair value. In instances where significant market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics such as benchmark yield curves, option adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal underlying prepayments, collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value.
The Trust’s investments in bank loans are normally valued at the bid quotation obtained from dealers in loans by an independent pricing service in accordance with the Trust’s valuation policies and procedures approved by the Trustees.
Public equity securities listed on an exchange or on the NASDAQ National Market System are valued at the last quoted sales price of that day.
At least annually, Barings conducts reviews of the primary pricing vendors to validate that the inputs used in that vendors’ pricing process are deemed to be market observable as defined in the standard. While Barings is not provided access to proprietary models of the vendors, the reviews have included on-site walk-throughs of the pricing process, methodologies and control procedures for each asset class and level for which prices are provided. The reviews also include an examination of the underlying inputs and assumptions for a sample of individual securities across asset classes, credit rating levels and various durations. In addition, the pricing vendors have an established challenge process in place for all security valuations, which facilitates identification and resolution of prices that fall outside expected ranges. Barings believes that the prices received from the pricing vendors are representative of prices that would be received to sell the assets at the measurement date (exit prices) and are classified appropriately in the hierarchy.
Corporate Restricted Securities at Fair Value – Bank Loans, Corporate Bonds
The fair value of certain notes is determined using an internal model that discounts the anticipated cash flows of those notes using a specific discount rate. Changes to that discount rate are driven by changes in general interest rates, probabilities of default and credit adjustments. The discount rate used within the models to discount the future anticipated cash flows is considered a significant unobservable input. Increases/(decreases) in the discount rate would result in a (decrease)/increase to the notes’ fair value.
The fair value of certain distressed notes is based on an enterprise waterfall methodology which is discussed in the equity security valuation section below.
Corporate Restricted Securities at Fair Value – Common Stock, Preferred Stock and Partnerships & LLC’s
The fair value of equity securities is determined using an enterprise waterfall methodology. Under this methodology, the enterprise value of the company is first estimated and that value is then allocated to the company’s outstanding debt and equity securities based on the documented priority of each class of securities in the capital structure. Generally, the waterfall proceeds from senior debt, to senior and junior subordinated debt, to preferred stock, then finally common stock.
To estimate a company’s enterprise value, the company’s trailing twelve months earnings before interest, taxes, depreciation and amortization (“EBITDA”) is multiplied by a valuation multiple.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Barings Participation Investors
(Unaudited)
Both the company’s EBITDA and valuation multiple are considered significant unobservable inputs. Increases/ (decreases) to the company’s EBITDA and/or valuation multiple would result in increases/ (decreases) to the equity value.
 Short-Term Securities
Short-term securities with more than sixty days to maturity are valued at fair value, using external independent third-party services. Short-term securities, of sufficient credit quality, having a maturity of sixty days or less are valued at amortized cost, which approximates fair value.
New Accounting Pronouncements
In June 2022, the FASB issued Accounting Standards Update, 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction ("ASU 2022-03"). The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. The Trust has determined that this guidance has not had a significant impact on its consolidated financial statements.
In November 2023, the FASB issued Accounting Standards Update, 2023-07, Segment Reporting (Topic 280) (“ASU 2023-07”), which applies to all entities that are required to report segment information in accordance with Topic 280, Segment Reporting. The amendments in ASU 2023-07 improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The effective dates for the amendments in ASU 2023-07 are for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Trust adopted the aforementioned guidance and it did not have a material impact on the Fund’s consolidated financial statements. See “Segments” below for disclosure.
Segments
The Trust makes investments in securities of issuers that operate in various industries. The Trust represents a single reporting segment, where performance is measured against its single investment objective as described in Note 1. The segment generates revenues through debt investments, and on a limited basis, may acquire equity investments in portfolio companies. The accounting policies of the single segment is the same as those described in “Significant Accounting Policies.” The Trust has identified the President and Chief Financial Officer as the chief operating decision makers (“CODM”), who evaluate the performance of the single segment. The CODM uses segment net investment income before taxes and net increase in net assets resulting from operations to determine the capital allocation of the Trust, the dividend policy, and the Trust’s investment strategy, which is outlined in Note 1. As the Trust operates as a single reportable segment, the segment assets are presented on the accompanying Consolidated Statement of Assets and Liabilities as “total assets” and the net investment income before taxes, significant segment expenses and net increase in net assets resulting from operations are presented on the accompanying Consolidated Statements of Operations.

Fair Value Hierarchy
The Trust categorizes its investments measured at fair value in three levels, based on the inputs and assumptions used to determine fair value. These levels are as follows:
Level 1 – quoted prices in active markets for identical securities
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Trust’s own assumptions in determining the fair value of investments)
The following table summarizes the levels in the fair value hierarchy into which the Trust’s financial instruments are categorized as of June 30, 2025.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Barings Participation Investors
(Unaudited)

The fair values of the Trust’s investments disaggregated into the three levels of the fair value hierarchy based upon the lowest level of significant input used in the valuation as of June 30, 2025 are as follows:
 
Assets:TotalLevel 1Level 2Level 3
Restricted Securities
Corporate Bonds$7,002,127 $— $6,001,675 $1,000,452 
Bank Loans145,449,955 — 945,425 144,504,530 
Common Stock - U.S.4,331,959 — 4,331,959 
Preferred Stock696,648 — — 696,648 
Partnerships and LLCs20,618,333 — — 20,618,333 
Public Securities
Bank Loans7,501,550 5,816,869 1,684,681 
Corporate Bonds632,373 — 632,373 — 
Total$186,232,945 $— $13,396,342 $172,836,603 
See information disaggregated by security type and industry classification in the Unaudited Consolidated Schedule of Investments.

Quantitative Information about Level 3 Fair Value Measurements
The following table represents quantitative information about Level 3 fair value measurements as of June 30, 2025:
Fair ValueValuation
Technique		Unobservable
Inputs		RangeWeighted*
Bank Loans$121,809,415Income ApproachImplied Spread8.0% - 22.9%11.2%
$2,671,982Market ApproachEarnings Multiple7.6x - 10.5x9.0x
Corporate Bonds$1,000,452Market ApproachRevenue Multiple0.3x0.3x
Equity Securities**$24,540,703Enterprise Value Waterfall ApproachValuation Multiple0.1x - 33.0x12.4x
$804,329Market ApproachRevenue Multiple1.0x - 11.5x4.2x
Certain of the Trust’s Level 3 equity securities investments may be valued using unadjusted inputs that have not been internally developed by the Trust, including recently purchased securities held at cost. As a result, fair value of assets of $22,009,722 have been excluded from the preceding table.
* The weighted averages disclosed in the table above were weighted by relative fair value
** Including partnerships and LLC’s
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Barings Participation Investors
(Unaudited)
Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
Assets:
Beginning balance at
12/31/2024
Included in
earnings		PurchasesSalesPrepaymentsTransfers
into
Level 3*		Transfers
out of
Level 3*
Ending
balance at
06/30/2025
Restricted Securities
Corporate Bonds
$959,937 $40,515 $— $— $— $— $— $1,000,452 
Bank Loans
137,695,499 (463,670)23,813,054 (4,355,221)(12,185,132)— — 144,504,530 
Common Stock - U.S.
4,285,172 (86,603)139,132 (5,742)— — — 4,331,959 
Preferred Stock
657,453 (4,641)47,016 (3,180)— — — 696,648 
Partnerships and LLCs
20,662,269 858,339 267,987 (1,170,262)— — — 20,618,333 
Public Securities
Bank Loans
2,282,891 6,790 — — (605,000)— — 1,684,681 
Total$166,543,221 $350,730 $24,267,189 $(5,534,405)$(12,790,132)$— $— $172,836,603 
* For the six months ended June 30, 2025, there were no transfers into or out of Level 3.

OID Amortization, Gains and Losses on Level 3 assets included in Net Increase in Net Assets resulting from Operations for the period are presented in the following accounts on the Statement of Operations:
Net Increase / (Decrease) in Net Assets Resulting from OperationsChange in Unrealized Depreciation in Net Assets from assets still held
Interest - OID Amortization$278,462 -
Net realized loss on investments before taxes(429,576)-
Net change in unrealized appreciation of investments before taxes501,844  (262,580)
B. Accounting for Investments:
Investment Income
Investment transactions are accounted for on the trade date. Interest income, including the amortization of premiums and accretion of discounts on bonds held using the yield-to-maturity method, is recorded on the accrual basis to the extent that such amounts are expected to be collected. Generally, when interest and/or principal payments on a loan become past due, or if the Trust otherwise does not expect the borrower to be able to service its debt and other obligations, the Trust will place the investment on non-accrual status and will cease recognizing interest income on that investment for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The Trust writes off any previously accrued and uncollected interest when it is determined that interest is no longer considered collectible. As of June 30, 2025, the fair value of the Trust’s non-accrual assets was $1,599,426, or 0.9% of the total fair value of the Trust’s portfolio, and the cost of the Trust’s non-accrual assets was $2,341,028, or 1.3% of the total cost of the Trust’s portfolio.
Payment-in-Kind Interest
The Trust currently holds, and expects to hold in the future, some investments in its portfolio that contain Payment-in-Kind (“PIK”) interest provisions. The PIK interest, computed at the contractual rate specified in each loan agreement, is added to the principal balance of the investment, rather than being paid to the Trust in cash, and is recorded as interest income. Thus, the actual collection of PIK interest may be deferred until the time of debt principal repayment. PIK interest, which is a non-cash source of income at the time of recognition, is included in the Trust’s taxable income and therefore affects the amount the Trust is required to distribute to its stockholders to maintain its qualification as a “regulated investment company” for federal income tax purposes, even though the Trust has not yet collected the cash. Generally, when current cash interest and/or principal payments on an investment become past due, or if the Trust otherwise does not expect the borrower to be able to service its debt and other obligations, the Trust will place the investment on PIK non-accrual status and will cease recognizing PIK interest income on that investment for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Barings Participation Investors
(Unaudited)
income is deemed to be collectible. The Trust writes off any accrued and uncollected PIK interest when it is determined that the PIK interest is no longer collectible. As of June 30, 2025, the Trust held no PIK non-accrual assets.
Realized Gain or Loss and Unrealized Appreciation or Depreciation of Portfolio Investments
Realized gains and losses on investment transactions and unrealized appreciation and depreciation of investments are reported for financial statement and Federal income tax purposes on the identified cost method.
C. Use of Estimates:
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.
D. Federal Income Taxes:
The Trust has elected to be taxed as a “regulated investment company” under the Internal Revenue Code, and intends to maintain this qualification and to distribute substantially all of its net taxable income to its shareholders. In any year when net long-term capital gains are realized by the Trust, management, after evaluating the prevailing economic conditions, will recommend that the Trustees either designate the net realized long-term gains as undistributed and pay the Federal capital gains taxes thereon or distribute all or a portion of such net gains.
The Trust is taxed as a regulated investment company and is therefore limited as to the amount of non-qualified income that it may receive as the result of operating a trade or business, e.g. the Trust’s pro rata share of income allocable to the Trust by a partnership operating company. The Trust’s violation of this limitation could result in the loss of its status as a regulated investment company, thereby subjecting all of its net income and capital gains to corporate taxes prior to distribution to its shareholders. The Trust, from time-to-time, identifies investment opportunities in the securities of entities that could cause such trade or business income to be allocable to the Trust. The PI Subsidiary Trust (described in Footnote 1 above) was formed in order to allow investment in such securities without adversely affecting the Trust’s status as a regulated investment company.
The PI Subsidiary Trust is not taxed as a regulated investment company. Accordingly, prior to the Trust receiving any distributions from the PI Subsidiary Trust, all of the PI Subsidiary Trust’s taxable income and realized gains, including non-qualified income and realized gains, is subject to taxation at prevailing corporate tax rates. As of June 30, 2025, the PI Subsidiary Trust has incurred income tax expense of $15,604.
Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of the existing assets and liabilities and their respective tax basis. As of June 30, 2025, the PI Subsidiary Trust has a deferred tax liability of $132,556.
E. Distributions to Shareholders:
The Trust records distributions to shareholders from net investment income and net realized gains, if any, on the ex-dividend date. The Trust’s net investment income dividend is declared four times per year. The Trust’s net realized capital gain distribution, if any, is declared in December.
3. Investment Services Contract
A. Services:
Under an Investment Services Contract (the “Contract”) with the Trust, Barings agrees to use its best efforts to present to the Trust a continuing and suitable investment program consistent with the investment objectives and policies of the Trust. Barings represents the Trust in any negotiations with issuers, investment banking firms, securities brokers or dealers and other institutions or investors relating to the Trust’s investments. Under the Contract, Barings also provides administration of the day-to-day operations of the Trust and provides the Trust with office space and office equipment, accounting and bookkeeping services, and necessary executive, clerical and secretarial personnel for the performance of the foregoing services.
B. Fee:
For its services under the Contract, Barings is paid a quarterly investment advisory fee equal to 0.225% of the value of the Trust’s net assets as of the last business day of each fiscal quarter, an amount approximately equivalent to 0.90% on an annual basis. A majority
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Barings Participation Investors
(Unaudited)
of the Trustees, including a majority of the Trustees who are not interested persons of the Trust or of Barings, approve the valuation of the Trust’s net assets as of such day.
4. Borrowings
Senior Secured Indebtedness
MassMutual holds the Trust’s $15,000,000 Senior Floating Rate Convertible Note (the “Note”) issued by the Trust on December 13, 2023. The Note is due December 13, 2033, and accrues interest at the rate of SOFR plus 2.20% per annum. MassMutual, at its option, can convert the principal amount of the Note into common shares. The dollar amount of principal would be converted into an equivalent dollar amount of common shares based upon the average price of the common shares for ten business days prior to the notice of conversion. For the six months ended June 30, 2025 the Trust incurred total interest expense on the Note of $498,750.
The Trust may redeem the Note, in whole or in part, at the principal amount proposed to be redeemed together with the accrued and unpaid interest thereon through the redemption date plus a Make Whole Premium. The Make Whole Premium equals the excess of (1) the present value of the scheduled payments of principal and interest which the Trust would have paid but for the proposed redemption, discounted at a rate which is equal to the lesser of (i) the interest rate applicable interest on the premium calculation date, and (ii) 0.50% plus the Treasury Constant Yield at such time, over (2) the principal of the Note proposed to be redeemed. If the amount designated in clause (1) above is equal to or less than the amount specified in clause (2) above, then the Make Whole Premium shall be 3.00%.
Credit Facility
On July 22, 2021 (the “Effective Date”), MassMutual provided to the Trust, a five-year $15,000,000 committed revolving credit facility. Borrowings under the revolving credit facility bear interest, at the rate of LIBOR plus 2.25%. The Trust will also be responsible for paying a commitment fee of 0.50% on the unused amount. On December 13, 2023, the Trust amended the credit agreement with MassMutual to increase the aggregate commitment amount by $7,500,000 to a total aggregate commitment amount of $22,500,000, extend the maturity date to December 13, 2028, and set the interest accrual to a rate of SOFR plus 2.20% on the outstanding borrowings. Deferred financing fees in the amount of $163,653 are presented on the Consolidated Statement of Assets & Liabilities.
The average principal balance and interest rate for the period during which the credit facility was utilized for the six months ended June 30, 2025, was approximately $9,059,392 and 6.54%, respectively. As of June 30, 2025, the principal balance outstanding was $9,750,000 at an interest rate of 6.50%. For the six months ended June 30, 2025, the Trust incurred total interest expense on the Credit Facility of $297,820.
5. Purchases and Sales of Investments
 
For the six months ended 06/30/2025
Cost of Investments Acquired Proceeds from Sales or Maturities
Corporate restricted securities$22,498,746 $19,502,270 
Corporate public securities694,350 1,869,614 
6. Risks
Investment Risks
In the normal course of its business, the Trust trades various financial instruments and enters into certain investment activities with investment risks. These risks include:
Below Investment Grade (high yield/junk bond) Instruments Risk
Below investment grade securities, commonly known as “junk” or “high yield” bonds, have speculative characteristics and involve greater volatility of price and yield, greater risk of loss of principal and interest, and generally reflect a greater possibility of an adverse change in financial condition that could affect an issuer’s ability to honor its obligations. Below investment grade debt instruments are considered to be predominantly speculative investments. In some cases, these obligations may be highly speculative and have poor prospects for reaching investment grade standing. Below investment grade debt instruments are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These instruments may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of the financial markets generally and less secondary market liquidity. The prices of below investment grade debt instruments may be affected by legislative and regulatory
44
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Barings Participation Investors
(Unaudited)
developments. Because below investment grade debt instruments are difficult to value and are more likely to be fair valued, particularly during erratic markets, the values realized on their sale may differ from the values at which they are carried on the books of the Trust.
Borrowing and Leverage Risk
The Trust may borrow, subject to certain limitations, to fund redemptions, post collateral for hedges or to purchase loans, bonds and structured products prior to settlement of pending sale transactions. Any such borrowings, as well as transactions such as when-issued, delayed-delivery, forward commitment purchases and loans of portfolio securities, can result in leverage. The use of leverage involves special risks, and makes the net asset value of the Trust and the yield to shareholders more volatile. There can be no assurance that the Trust’s leveraging strategies would be successful. In addition, the counterparties to the Trust’s leveraging transactions will have priority of payment over the Trust’s shareholders.
Credit Risk
Credit risk is the risk that one or more debt obligations in the Trust’s portfolio will decline in price, or fail to pay dividends, interest or principal when due because the issuer of the obligation experiences an actual or perceived decline in its financial status. Credit ratings issued by credit rating agencies are designed to evaluate the safety of principal and interest payments of rated instruments. They do not, however, evaluate the market value risk of below investment grade debt instruments and, therefore, may not fully reflect the true risks of an investment. In addition, credit rating agencies may or may not make timely changes in a rating to reflect changes in the economy or in the conditions of the issuer that affect the market value of the instruments. Consequently, credit ratings are used only as a preliminary indicator of investment quality. Investments in below investment grade and comparable unrated obligations will be more dependent on Barings’s credit analysis than would be the case with investments in investment grade instruments. Barings employ their own credit research and analysis, which includes a study of existing debt, capital structure, ability to service debt and to pay dividends, sensitivity to economic conditions, operating history and current earnings trends.
One or more debt obligations in the Trust’s portfolio may decline in price, or fail to pay dividends, interest or principal when due because the issuer of the obligation experiences an actual or perceived decline in its financial status or due to changes in the specific or general market, economic, industry, political, regulatory, public health or other conditions.
Cybersecurity Risk
A cyber incident is considered to be any adverse event that threatens the confidentiality, integrity or availability of the information resources of us, Barings or our portfolio investments. These incidents may be an intentional attack or an unintentional event and could involve gaining unauthorized access to our or Barings’ information systems or those of our portfolio investments for purposes of misappropriating assets, stealing confidential information, corrupting data or causing operational disruption. Barings’ employees may be the target of fraudulent calls, emails and other forms of activities. The result of these incidents may include disrupted operations, misstated or unreliable financial data, liability for stolen assets or information, increased cybersecurity protection and insurance costs, litigation and damage to business relationships. The Trust’s business operations rely upon secure information technology systems for data processing, storage, and reporting. The Trust depends on the effectiveness of the information and cybersecurity policies, procedures, and capabilities maintained by its affiliates and their respective third-party service providers to protect their computer and telecommunications systems and the data that reside on or are transmitted through them.
Substantial costs may be incurred in order to prevent any cyber incidents in the future. The costs related to cyber or other security threats or disruptions may not be fully insured or indemnified by other means. As the Trust’s and our portfolio investments’ reliance on technology has increased, so have the risks posed to the Trust’s information systems, both internal and those provided by Barings and third-party service providers, and the information systems of the Trust’s portfolio investments. Barings has implemented processes, procedures and internal controls to help mitigate cybersecurity risks and cyber intrusions, but these measures, as well as the Trust’s increased awareness of the nature and extent of a risk of a cyber incident, do not guarantee that a cyber incident will not occur and/or that the Trust’s financial results, operations or confidential information will not be negatively impacted by such an incident. In addition, cybersecurity continues to be a key priority for regulators around the world, and some jurisdictions have enacted laws requiring companies to notify individuals or the general investing public of data security breaches involving certain types of personal data, including the SEC, which, on July 26, 2023, adopted amendments requiring the prompt public disclosure of certain cybersecurity breaches. If the Trust fails to comply with the relevant laws and regulations, the Trust could suffer financial losses, a disruption of the Trust’s business, liability to investors, regulatory intervention or reputational damage.
Defaults by Portfolio Investments
A portfolio investment’s failure to satisfy financial or operating covenants imposed by the Trust or other lenders could lead to defaults and, potentially, termination of its loans and foreclosure on its secured assets, which could trigger cross-defaults under other
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Barings Participation Investors
(Unaudited)
agreements and jeopardize a portfolio investment’s ability to meet its obligations under the debt or equity securities that the Trust holds. The Trust may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms, which may include the waiver of certain financial covenants, with a defaulting portfolio investment.
Duration Risk
The Trust may invest in investments of any duration or maturity. Although stated in years, duration is not simply a measure of time. Duration measures the time-weighted expected cash flows of a security, which can determine the security’s sensitivity to changes in the general level of interest rates (or yields). Securities with longer durations tend to be more sensitive to interest rate (or yield) changes than securities with shorter durations. Duration differs from maturity in that it considers potential changes to interest rates, and a security’s coupon payments, yield, price and par value and call features, in addition to the amount of time until the security matures. Various techniques may be used to shorten or lengthen the Trust’s duration. The duration of a security will be expected to change over time with changes in market factors and time to maturity.
Inflation Risk
Certain of the Trust’s portfolio investments are in industries that could be impacted by inflation. If such portfolio investments are unable to pass any increases in their costs of operations along to their customers, it could adversely affect their operating results and impact their ability to pay interest and principal on the Trust’s loans, particularly if interest rates rise in response to inflation. In addition, any projected future decreases in the Trust’s portfolio investments’ operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of the Trust’s portfolio investments could result in future realized or unrealized losses and therefore reduce the Trust’s net assets resulting from operations.
Liquidity Risk
The Trust may, subject to certain limitations, invest in illiquid securities (i.e., securities that cannot be disposed of in current market conditions in seven calendar days or less without the disposition significantly changing the market value of the security). Illiquid securities may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in market value. Some securities may be subject to restrictions on resale. Illiquid securities may be difficult to value. Also, the Trust may not be able to dispose of illiquid securities at a favorable time or price when desired, and the Trust may suffer a loss if forced to sell such securities for cash needs. Below investment grade loans and other debt securities tend to be less liquid than higher-rated securities.
Loan Risk
The loans in which the Trust may invest are subject to a number of risks. Loans are subject to the risk of non-payment of scheduled interest or principal. Such non-payment would result in a reduction of income to the Trust, a reduction in the value of the investment and a potential decrease in the net asset value of the Trust. There can be no assurance that the liquidation of any collateral securing a loan would satisfy the borrower’s obligation in the event of non-payment of scheduled interest or principal payments, or that such collateral could be readily liquidated. In the event of bankruptcy of a borrower, the Trust could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a loan. Loan participations and assignments involve credit risk, interest rate risk, liquidity risk, and the risks of being a lender. Loans are not as easily purchased or sold as publicly traded securities and there can be no assurance that future levels of supply and demand in loan trading will provide the degree of liquidity which currently exists in the market. In addition, the terms of the loans may restrict their transferability without borrower consent.
These factors may have an adverse effect on the market price of the loan and the Trust’s ability to dispose of particular portfolio investments. A less liquid secondary market also may make it more difficult for the Trust to obtain precise valuations of the high yield loans in its portfolio. The settlement period (the period between the execution of the trade and the delivery of cash to the purchaser) for some loan transactions may be significantly longer than the settlement period for other investments, and in some cases longer than seven days. It is possible that sale proceeds from loan transactions will not be available to meet redemption obligations, in which case the Trust may be required to utilize cash balances or, if necessary, sell its more liquid investments or investments with shorter settlement periods. Some loans may not be considered “securities” for certain purposes under the federal securities laws, and purchasers, such as the Trust, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws.

Management Risk

The Trust is subject to management risk because it is an actively managed portfolio. Barings apply investment techniques and risk analyses in making investment decisions for the Trust, but there can be no guarantee that such techniques and analyses will produce the desired results.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Barings Participation Investors
(Unaudited)
Market Risk
The value of the Trust’s portfolio securities may decline, at times sharply and unpredictably, as a result of unfavorable market-induced changes affecting particular industries, sectors, or issuers. Stock and bond markets can decline significantly in response to issuer, market, economic, industry, political, regulatory, geopolitical, public health and other conditions, as well as investor perceptions of these conditions. Such conditions may include, but are not limited to, war, terrorism, natural and environmental disasters and epidemics or pandemics (including the recent coronavirus pandemic), which may be highly disruptive to economies and markets. Such conditions may also adversely affect the liquidity of the Trust’s securities. The Trust is subject to risks affecting issuers, such as management performance, financial leverage, industry problems, and reduced demand for goods or services.
Prepayment and Extension Risk
Prepayment and extension risk is the risk that a loan, bond or other investment might be called or otherwise converted, prepaid or redeemed before maturity. This risk is primarily associated with mortgage-backed and other asset-backed securities and floating rate loans. If the investment is converted, prepaid or redeemed before maturity, particularly during a time of declining interest rates or spreads, the Trust may not be able to invest the proceeds in other investments providing as high a level of income, resulting in a reduced yield to the Trust. Conversely, as interest rates rise or spreads widen, the likelihood of prepayment decreases and the maturity of the investment may extend. The Trust may be unable to capitalize on securities with higher interest rates or wider spreads because the Trust’s investments are locked in at a lower rate for a longer period of time.
Valuation Risk
Under the 1940 Act, the Trust is required to carry our portfolio investments at market value or, if there is no readily available market value, at fair value as determined in good faith by the Board of Trustees. The Board has designated Barings as valuation designee to perform the Trust’s fair value determinations relating to the value of our assets for which market quotations are not readily available.
Typically there is not a public market for the securities in which we have invested and will generally continue to invest. Barings conducts the valuation of such investments, upon which the Trust’s net asset value is primarily based, in accordance with its valuation policy, as well as established and documented processes and methodologies for determining the fair values of investments on a recurring basis in accordance with the 1940 Act and ASC Topic 820. The Trust’s current valuation policy and processes were established by Barings and have been approved by the Board. The Adviser has established a pricing committee that is, subject to the oversight of the Board, responsible for the approval, implementation and oversight of the processes and methodologies that relate to the pricing and valuation of assets held by the Trust. Barings uses independent third-party providers to price the portfolio, but in the event an acceptable price cannot be obtained from an approved external source, Barings will utilize alternative methods in accordance with internal pricing procedures established by Barings’ pricing committee.
The determination of fair value and consequently, the amount of unrealized appreciation and depreciation in the Trust’s portfolio, is to a certain degree subjective and dependent on the judgment of Barings. Certain factors that may be considered in determining the fair value of the Trust’s investments include the nature and realizable value of any collateral, the portfolio investment’s earnings and its ability to make payments on its indebtedness, the markets in which the portfolio investment does business, comparison to comparable publicly-traded companies, discounted cash flows and other relevant factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time and may be based on estimates, Barings’ determinations of fair value may differ materially from the values that would have been used if a ready market for these securities existed. Due to this uncertainty, Barings’ fair value determinations may cause our net asset value on a given date to materially understate or overstate the value that the Trust may ultimately realize upon the sale or disposition of one or more of its investments. As a result, investors purchasing the Trust’s securities based on an overstated net asset value would pay a higher price than the value of the Trust’s investments might warrant. Conversely, investors selling shares during a period in which the net asset value understates the value of our investments will receive a lower price for their shares than the value of the Trust’s investments might warrant.
7. Commitments and Contingencies
During the normal course of business, the Trust may enter into contracts and agreements that contain a variety of representations and warranties. The exposure, if any, to the Trust under these arrangements is unknown as this would involve future claims that may or may not be made against the Trust and which have not yet occurred. The Trust has no history of prior claims related to such contracts and agreements.
47
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Barings Participation Investors
(Unaudited)
At June 30, 2025, the Trust had the following unfunded commitments:
Delayed Draw Term LoansUnfunded Amount Unfunded Value
Accelevation$57,179 $57,258 
Accredited Labs714,286 714,228 
Adacore Inc30,613 32,977 
Applied Aerospace Structures Corp23,125 23,162 
Becklar119,306 119,471 
Caldwell & Gregory LLC159,563 160,034 
California Custom73,457 74,267 
Cascade Services19,853 16,987 
Cash Flow Management 276,755 276,755 
Coker903,826 904,396 
EFI Productivity Software 282,807 283,287 
Electrical Components39,000 38,978 
Expert Institute154,480 154,578 
Global Point Technology Group 102,273 95,355 
Golden Ceramic Dental Lab186,486 186,471 
HaystackID346,085 346,092 
Ice House America163,225 159,290 
Lockmasters Incorporated118,575 118,491 
MSI Express83,710 83,755 
Net at Work509,659 518,809 
Northstar Recycling253,550 253,854 
Process Insights Acquisition, Inc.52,932 47,306 
Project Halo335,366 335,665 
Randy's Worldwide 16,900 17,567 
Rapidair Compressed Air Products163,983 164,267 
Real Chemistry129,582 129,248 
RKD GROUP189,174 189,133 
ROI Solutions201,719 202,082 
SBP Holdings 395,272 397,287 
SPATCO234,370 235,297 
Stratus Unlimited 407,185 392,129 
SVI International, Inc.25,990 27,726 
Swoop181,818 181,349 
TAPCO553,083 554,012 
Tencarva Machinery Company320,292 320,294 
The Caprock Group 535,353 535,185 
The Hilb Group, LLC123,470 123,629 
TIPCO TECHNOLOGIES9,019 9,013 
UHY LLP867,672 875,598 
Unosquare164,365 164,333 
VitalSource$31,398 $31,386 
Warner Pacific Insurance Services732,192 735,055 
Whitcraft LLC 254,872 255,315 
Wilson Language Training41,907 41,892 
48
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Barings Participation Investors
(Unaudited)
Delayed Draw Term LoansUnfunded Amount Unfunded Value
Woodland Foods, Inc.39,375 39,345 
$10,625,102$10,622,608 
 
RevolversUnfunded Amount Unfunded Value
Accelevation$33,789 $33,856 
Accurus Aerospace 25,917 25,423 
Adacore Inc101,913 102,788 
Americo Chemical Products120,041 120,490 
Applied Aerospace Structures Corp14,475 14,704 
ASC Communications, LLC 22,664 22,813 
Becklar103,058 103,200 
Best Lawyers 110,577 111,467 
BKF Engineers165,590 166,062 
BrightSign51,444 50,615 
CAi Software117,873 120,196 
Caldwell & Gregory LLC172,500 172,815 
California Custom55,093 55,336 
Cascade Services3,309 2,828 
Cash Flow Management 29,851 29,724 
CJS Global242,424 245,463 
Cloudbreak119,048 120,536 
Cogency Global82,652 83,375 
Cognito Forms94,521 94,475 
Coker111,400 111,462 
Comply36552,748 52,203 
Decks Direct, LLC414,337 318,387 
Door and Window Guard Systems Inc110,603 110,662 
EFI Productivity Software118,246 118,003 
eShipping170,937 172,274 
Expert Institute83,058 83,110 
Global Point Technology Group 68,182 63,551 
Golden Ceramic Dental Lab186,486 186,471 
HaystackID83,998 84,000 
HemaSource, Inc.202,373 205,886 
Ice House America12,613 11,001 
Innovia Medical42,580 42,580 
ISTO Biologics60,932 61,754 
Jones Fish199,610 199,525 
Kings III54,374 54,989 
LeadsOnline 224,512 225,521 
Lockmasters Incorporated45,785 45,758 
Magnolia Wash Holdings 23,180 23,172 
Media Recovery, Inc.174,764 175,282 
Mission Microwave73,803 69,171 
Momentum Group54,042 54,056 
MSI Express110,392 110,454 
49
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Barings Participation Investors
(Unaudited)
RevolversUnfunded Amount Unfunded Value
Net at Work130,682 132,970 
Newforma62,979 63,283 
Northstar Recycling208,264 208,513 
Omega Holdings83,411 85,031 
Polara 142,884 127,787 
Process Insights Acquisition, Inc.49,517 43,415 
ProfitOptics122,581 124,297 
Project Halo83,333 83,408 
Pro-Vision168,976 169,337 
Randy's Worldwide 7,187 7,470 
Rapidair Compressed Air Products81,992 82,133 
Real Chemistry78,859 78,847 
RKD GROUP130,533 130,505 
RoadOne IntermodaLogistics10,970 12,984 
Rock Labor57,867 58,384 
ROI Solutions180,553 180,873 
RPX Corp252,041 252,601 
Ruffalo Noel Levitz37,055 37,021 
SBP Holdings 162,503 163,909 
Screenvision Media52,464 52,426 
Smartling, Inc.101,471 102,260 
smartShift Technologies168,014 170,932 
SPATCO204,986 205,607 
Standard Elevator Systems 140,339 131,724 
SVI International, Inc.51,980 53,716 
Swoop60,606 60,596 
Tank Holding Corp21,818 21,781 
TAPCO201,121 201,431 
Tencarva Machinery Company321,435 319,860 
The Caprock Group 193,150 192,985 
The Hilb Group, LLC77,714 77,819 
TIPCO TECHNOLOGIES42,549 42,548 
Top Tier Admissions367,021 366,902 
Trintech Inc88,010 89,196 
UHY LLP229,678 231,776 
Unosquare79,696 79,681 
Whitcraft LLC 102,275 105,316 
Wilson Language Training107,704 107,663 
Woodland Foods, Inc.169,273 168,094 
World 50, Inc.83,947 85,269 
Worldwide Electric Corporation124,224 124,320 
Ziyad93,424 94,029 
$9,480,780 $9,384,137 
Total Unfunded Commitments$20,105,882 $20,006,745 

As of June 30, 2025, unfunded commitments had unrealized depreciation of $(99,137) or (0.06)% of net assets.

50
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Barings Participation Investors
(Unaudited)
8. Quarterly Results of Investment Operations (unaudited)
March 31, 2025
Amount Per Share
Investment income$4,405,947 
Net investment income (net of taxes)3,351,767 $0.31 
Net realized and unrealized loss on investments (net of taxes)(1,292,938)(0.12)
June 30, 2025
Amount
Per Share
Investment income$4,500,484 
Net investment income (net of taxes)3,396,865 $0.32 
Net realized and unrealized gain on investments (net of taxes)786,282 0.07 
9.    Results of Shareholder Meeting

The Annual Meeting of Shareholders was held on Thursday, May 16, 2025. The shareholders were asked to vote to re-elect Susan B. Sweeney and David M. Mihalick as Trustees, each for a three-year term. The shareholders approved the proposal. The Trust’s other Trustees, Cliff Noreen, Michael H. Brown, Barbara M. Ginader, Maleyne M. Syracuse and Edward P. Grace, continued to serve their respective terms following the May 16, 2025 Annual Shareholder Meeting. The results of the voting are set forth below.
Shares forWithheld
Susan B. Sweeney7,871,832242,401
David M. Mihalick7,897,443216,790
9. Subsequent Events
The Trust has evaluated the possibility of subsequent events after the balance sheet date of June 30, 2025, through the date that the financial statements are issued. The Trust has determined that there are no material events that would require recognition or disclosure in this report through this date.
51

This privacy notice is being provided on behalf of Barings LLC and its affiliates: Barings Securities LLC; Barings Australia Pty Ltd; Barings Japan Limited; Barings Investment Advisers (Hong Kong) Limited; Barings Funds Trust; Barings Global Short Duration High Yield Fund; Barings BDC, Inc.; Barings Corporate Investors and Barings Participation Investors (together, for purposes of this privacy notice, “Barings”).
When you use Barings you entrust us not only with your hard-earned assets but also with your personal and financial data. We consider your data to be private and confidential, and protecting its confidentiality is important to us. Our policies and procedures regarding your personal information are summarized below.
We may collect non-public personal information about you from:
• Applications or other forms, interviews, or by other means;
• Consumer or other reporting agencies, government agencies, employers or others;
• Your transactions with us, our affiliates, or others; and
• Our Internet website.
We may share the financial information we collect with our financial service affiliates, such as insurance companies, investment companies and securities broker-dealers. Additionally, so that we may continue to offer you products and services that best meet your investment needs and to effect transactions that you request or authorize, we may disclose the information we collect, as described above, to companies that perform administrative or marketing services on our behalf, such as transfer agents, custodian banks, service providers or printers and mailers that assist us in the distribution of investor materials or that provide operational support to Barings. These companies are required to protect this information and will use this information only for the services for which we hire them, and are not permitted to use or share this information for any other purpose. Some of these companies may perform such services in jurisdictions other than the United States. We may share some or all of the information we collect with other financial institutions with whom we jointly market products. This may be done only if it is permitted by the state in which you live. Some disclosures may be limited to your name, contact and transaction information with us or our affiliates.
Any disclosures will be only to the extent permitted by federal and state law. Certain disclosures may require us to get an “opt-in” or “opt-out” from you. If this is required, we will do so before information is shared. Otherwise, we do not share any personal information about our customers or former customers unless authorized by the customer or as permitted by law.
We restrict access to personal information about you to those employees who need to know that information to provide products and services to you. We maintain physical, electronic and procedural safeguards that comply with legal standards to guard your personal information. As an added measure, we do not include personal or account information in non-secure e-mails that we send you via the Internet without your prior consent. We advise you not to send such information to us in non-secure e-mails.
This joint notice describes the privacy policies of Barings, the Funds and Barings Securities LLC. It applies to all Barings and the Funds accounts you presently have, or may open in the future, using your social security number or federal taxpayer identification number - whether or not you remain a shareholder of our Funds or as an advisory client of Barings. As mandated by rules issued by the Securities and Exchange Commission, we will be sending you this notice annually, as long as you own shares in the Funds or have an account with Barings.
Barings Securities LLC is a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). Investors may obtain information about SIPC including the SIPC brochure by contacting SIPC online at www.sipc.org or calling (202)-371-8300. Investors may obtain information about FINRA including the FINRA Investor Brochure by contacting FINRA online at www.finra.org or by calling (800) 289-9999.
April 2019
52



Members of the Board of
Trustees
 
Clifford M. Noreen
Chairman
 
Michael H. Brown*
 
Barbara M. Ginader*
 
Edward P. Grace III*
 
David M. Mihalick
 
Susan B. Sweeney*
 
Maleyne M. Syracuse*
 
*Member of the Audit Committee
 
Officers
Christina Emery
President
 
Christopher D. Hanscom
Chief Financial Officer
Treasurer
 
Ashlee Steinnerd
Chief Legal Officer
 
Itzbell Branca
Chief Compliance Officer
 
Andrea Nitzan
Principal Accounting Officer
 
Alexandra Pacini
Secretary
 
Sean Feeley
Vice President
 
Joseph Evanchick
Vice President 

Matthew Curtis
Tax Officer
DIVIDEND REINVESTMENT AND SHARE PURCHASE PLAN
Barings Participation Investors (the “Trust”) offers a Dividend Reinvestment and Cash Purchase Plan (the “Plan”). The Plan provides a simple and automatic way for shareholders to add to their holdings in the Trust through the receipt of dividend shares issued by the Trust or through the reinvestment of cash dividends in Trust shares purchased in the open market. The dividends of each shareholder will be automatically reinvested in the Trust by SS&C GIDS, the Transfer Agent, in accordance with the Plan, unless such shareholder elects not to participate by providing written notice to the Transfer Agent. A shareholder may terminate his or her participation by notifying the Transfer Agent in writing.

Participating shareholders may also make additional contributions to the Plan from their own funds. Such contributions may be made by personal check or other means in an amount not less than $100 nor more than $5,000 per quarter. Cash contributions must be received by the Transfer Agent at least five days (but no more then 30 days) before the payment date of a dividend or distribution.

Whenever the Trust declares a dividend payable in cash or shares, the Transfer Agent, acting on behalf of each participating shareholder, will take the dividend in shares only if the net asset value is lower than the market price plus an estimated brokerage commission as of the close of business on the valuation day. Pursuant to the Trust’s Policy on the Determination of Fair Value, the net asset value of the Trust’s shares is determined by Barings, as the Trust’s valuation designee under Rule 2a-5 of the 1940 Act. Barings considers all relevant factors that are reasonably available, through either public information or information directly available to Barings on the valuation date. The valuation day is the last day preceding the day of dividend payment.

When the dividend is to be taken in shares, the number of shares to be received is determined by dividing the cash dividend by the net asset value as of the close of business on the valuation date or, if greater than net asset value, 95% of the closing share price. If the net asset value of the shares is higher than the market value plus an estimated commission, the Transfer Agent, consistent with obtaining the best price and execution, will buy shares on the open market at current prices promptly after the dividend payment date.

The reinvestment of dividends does not, in any way, relieve participating shareholders of any federal, state or local tax. For federal income tax purposes, the amount reportable in respect of a dividend received in newly-issued shares of the Trust will be the fair market value of the shares received, which will be reportable as ordinary income and/or capital gains.

As compensation for its services, the Transfer Agent receives a fee of 5% of any dividend and cash contribution (in no event in excess of $2.50 per distribution per shareholder.)

Any questions regarding the Plan should be addressed to SS&C GIDS, Transfer Agent for Barings Participation Investors’ Dividend Reinvestment and Cash Purchase Plan, P.O. Box 219086, Kansas City, MO 64121-9086.










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 Barings
 Participation Investors
CI6216








(b) Not applicable.
ITEM 2. CODE OF ETHICS.
Not applicable for semi-annual reports.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable for semi-annual reports.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable for semi-annual reports.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable for semi-annual reports.
ITEM 6. INVESTMENTS
(a) A schedule of investments for the Registrant is included as part of this report to shareholders under Item 1 of this Form N-CSR.
(b) Not applicable.
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.
ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.
Not applicable.
ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable for semi-annual reports.
ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
(a)    Not applicable for semi-annual reports.
(b)    There were no changes to the Registrant's Portfolio Managers during the period covered by this report.
ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.


Period(a)
Total Number of Shares (or Units) Purchased		(b)
Average Price Paid Per Share (or Unit)		(c)
Total Number of Shares (or Units) Purchased as part of Publicly Announced Plans or Programs		(d)
Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs
Month #1 01/01/25-1/31/250000
Month #2 02/01/25-2/28/250000
Month #3 03/01/25-3/31/250000
Month #4 04/01/25-4/30/250000
Month #5 05/01/25-5/31/250000
Month #6 06/01/25-6/30/250000
Total0000

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There were no material changes to the procedures by which shareholder may send recommendations to the Board for nominees to the Registrant's Board since the Registrant last provided disclosure as to such procedures in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K or this item.
ITEM 16. CONTROLS AND PROCEDURES.
(a) The principal executive officer and principal financial officer of the Registrant evaluated the effectiveness of the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days of the filing date of this report and based on that evaluation have concluded that such disclosure controls and procedures are effective to provide reasonable assurance that material information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.
(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by the report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
(a)    Not applicable.
(b)    Not applicable.
ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
(a)    Not applicable for this filing.
ITEM 19. EXHIBITS
(a)    (1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Not applicable for semi-annual reports.

    (2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed.

Not applicable for semi-annual reports.

    (3) A separate certification for each principal executive and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)).

Attached hereto as EX-99.31.1

Attached hereto as EX-99.31.2

    (4) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.


Not applicable.

(5) Change in the registrant’s independent public accountant.

Not applicable.

(b)    Certifications pursuant to Rule 30a-2(b) under the Act.

Attached hereto as EX-99.32

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant)Barings Participation Investors
By:/s/ Christina Emery
Christina Emery, President
Date:September 8, 2025
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
(Registrant)Barings Participation Investors
By:/s/ Christina Emery
Christina Emery, President
Date:September 8, 2025
(Registrant)Barings Participation Investors
By:/s/ Christopher Hanscom
Christopher Hanscom, Chief Financial Officer
Date:September 8, 2025

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

EX-99.31

EX-99.31

EX-99.32