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: 06/30/26

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. §. 3507.

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ITEM 1. REPORT TO STOCKHOLDERS.

(a) 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.

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Barings Participation Investors
Report for the Six Months Ended June 30, 2026

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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://mpv.barings.com

 

			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 (including securities of stressed or distressed issuers) 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://mpv.barings.com; 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://mpv.barings.com; 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, 2026

We are pleased to present the June 30, 2026 Semi-Annual 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 11, 2026, to shareholders of record on August 28, 2026. The Trust earned $0.27 per share of net investment income, net of taxes, for the second quarter of 2026, consistent with the $0.27 per share reported in the previous quarter. As discussed below, the Trust uses earnings carry forwards to support the dividend.

The quarterly total returns at June 30, 2026 and March 31, 2026 were 5.81% and 0.39%, respectively. Longer term, the Trust returned 10.79%, 10.15%, 10.45%, 10.00%, 9.69%, 10.06%, 9.73%, and 11.22% for the one-, two-, three-, five-, ten-, fifteen-, twenty-, and twenty-five-year periods ended June 30, 2026, respectively. The Trust delivers these returns while maintaining a modest level of leverage, 0.18x at June 30, 2026, well below the leverage levels for many public private credit vehicles.

The Trust’s average quarter-end (discount)/premium for the 1, 3, 5 and 10-year periods was 12.97%, 8.61%, (0.85)% and 1.31%, 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 2.47% and 1.85% for the quarter, respectively.

			June 30, 2026(1)(2)						March 31, 2025(1)(2)						% Change
Quarterly Dividend per share			0.37(3)						0.37						—		%
Net Investment Income(4)			$	2,964,295					$	2,912,137					1.8		%
Net Assets			$	170,644,513					$	164,761,934					3.6		%
Net Assets per share(5)			$	15.81					$	15.29					3.4		%
Share Price			$	16.84					$	17.14					(1.8)		%
Dividend Yield at Share Price			8.8		%				8.6		%				2.3		%
(Discount) / Premium			6.5		%				12.1		%

(1) Past performance is no guarantee of future results

(2) Figures are unaudited

(3) Payable on September 11, 2026

(4) Figures are shown net of excise tax

(5) Based on shares outstanding at the end of the period of 10,792,257 and 10,773,235 as of 6/30/2026 and as of 3/31/2026, 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, 2026, has over 30 years of experience and had commitments of over $33 billion to private credit. The Trust itself has been in existence, delivering superior shareholder returns, since 1988.

The NAPF team’s direct deal origination and disciplined credit underwriting provide multiple advantages to the Trust. NAPF maintains strong origination relationships with carefully chosen private equity sponsors. Every private placement investment in the Trust’s portfolio was directly originated by NAPF via a sponsor, without a financial intermediary, allowing one hundred percent of the economics to be passed through to the Trust. NAPF has served as the Lead or Co-Lead on over 80% of its originated transactions, which allows it to lead negotiations on terms of the credit agreement. Strong private equity sponsors offer our portfolio companies potential access to additional capital if needed and strategic thinking to complement the company’s management team. With our solid private equity relationships, NAPF receives high quality and timely information about portfolio companies, allowing us to work constructively with sponsors and maximize the long-term health and value of the Trust’s portfolio companies.

With disciplined credit underwriting skills honed over multiple credit cycles, NAPF screens hundreds of potential investment opportunities each quarter. We carefully select what we believe are high-quality companies in defensive sectors, intentionally creating

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(Continued)

a well-diversified portfolio for the Trust with over 207 assets in 24 different industries. Over 70% 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. All assets are carefully monitored by seasoned NAPF investment professionals. Thanks to methodical underwriting and credit monitoring, NAPF has a senior loan loss rate of 0.03% since inception. As of June 30, 2026, the Trust only has four positions on non-accrual status, accounting for approximately 1.6% of the fair value of the Trust’s portfolio.

We believe the Trust’s strong credit quality and diverse portfolio construction positions it to continue to maximize shareholder value.

DIVIDENDS

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. The Trust has consistently generated a stable dividend yield for investors, which to date has been paid exclusively from net investment income and capital gains – with no return of capital.

The Trust’s recently announced dividend of $0.37 per share 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 over the past year given lower interest rates. While recurring investment income remains steady, it may not be sufficient to fully fund the current dividend rate in the future. We believe it is always appropriate to provide views on the Trust’s long-term dividend policy which is to say, ‘we believe that long-term dividends should be a reflection of long-term core earnings power, even when core earnings power is lower as a result of a higher quality asset mix’.

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, 2026, the Trust made 9 new investments totaling $10.6 million and 45 add-on investments in existing portfolio companies totaling $17.2 million. During the three months ended June 30, 2026, the Trust realized 4 private investment loans totaling $8.9 million and realized 1 equity investment that generated realized gains of $0.2 million.

PORTFOLIO LIQUIDITY

The Trust maintained a liquidity position comprised of a combination of its available cash balance of $4.6 million or 1.9% of total assets plus its available credit facility balance of $37.5 million. Liquidity enables us to support our current portfolio companies as well as invest in new portfolio companies, all while maintaining a low leverage profile of 0.18x as of June 30, 2026.

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

Sincerely,

Christina Emery

President

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Barings Participation Investors

Portfolio Composition as of 06/30/26*

 

* 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.

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Barings Participation Investors

 

 

Average Annual Returns June 30, 2026			1 Year			5 Year			10 Year
Barings Participation Investors			-9.12		%	13.10		%	9.46		%
Bloomberg Barclays U.S. Corporate High Yield Index			5.91		%	4.17		%	5.81		%

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.

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CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES Barings Participation Investors

June 30, 2026

(Unaudited)

 

 

Assets:
Investments (See Consolidated Schedule of Investments)
Corporate restricted securities - private placement investments at fair value			$	164,063,712
(Cost - $ 168,618,620)
Corporate restricted securities - rule 144A securities at fair value			29,251,326
(Cost - $ 9,540,956)
Corporate public securities at fair value			7,900,725
(Cost - $ 8,246,410)
Total investments (Cost - $ 186,405,986)			201,215,763
Cash			4,543,881
Foreign currencies (Cost - $ 6,830)			6,087
Dividend and interest receivable			2,488,216
Deferred financing fees			111,147
Receivable for investments sold			703,325
Deferred tax assets			71,098
Other assets			287,086
Total assets			209,426,603
Liabilities:
Note Payable			15,000,000
Loan Payable (net of deferred financing fees of $152,195)			22,347,805
Payable for securities purchased			631,295
Investment advisory fee payable			383,950
Interest payable			163,937
Accrued expenses			255,103
Total liabilities			38,782,090
Commitments and Contingencies (See Note 7)
Total net assets			$	170,644,513
Net Assets:
Common shares, par value $0.01 per share			$	107,923
Additional paid-in capital			146,131,497
Total distributable earnings			24,405,093
Total net assets			$	170,644,513
Common shares issued and outstanding (14,787,750 authorized)			10,792,257
Net asset value per share			$	15.81

 

 

See Notes to Consolidated Financial Statements 5

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CONSOLIDATED STATEMENT OF OPERATIONS Barings Participation Investors

For the six months ended June 30, 2026

(Unaudited)

 

Investment Income:
Interest			$	8,331,682
Dividends			57,143
Other			52,808
Total investment income			8,441,633
Expenses:
Interest and other financing fees			1,234,407
Investment advisory fees			754,664
Professional fees			274,320
Trustees’ fees and expenses			163,200
Reports to shareholders			84,000
Custodian fees			12,000
Other			42,410
Total expenses			2,565,001
Investment income - net			5,876,632
Income tax, including excise tax benefit			200
Net investment income after taxes			5,876,432
Net realized and unrealized gain on investments and foreign currency:
Net realized loss on investments before taxes			(1,307,052)
Income tax expense			(6,279)
Net realized loss on investments after taxes			(1,313,331)
Net increase in unrealized appreciation of investments before taxes			5,540,079
Net decrease in unrealized depreciation of foreign currency translation before taxes			(213)
Deferred income tax benefit (expense)			89,013
Net increase in unrealized appreciation of investments and foreign currency transactions after taxes			5,628,879
Net gain on investments and foreign currency			4,315,548
Net increase in net assets resulting from operations			$	10,191,980

 

 

See Notes to Consolidated Financial Statements 6

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CONSOLIDATED STATEMENT OF CASH FLOWS Barings Participation Investors

For the six months ended June 30, 2026

(Unaudited)

 

Net increase in net assets resulting from operations			$	10,191,980
Adjustments to reconcile net income to net cash used in operating activities:
Purchases of investments			(34,302,170)
Proceeds from sale and maturities of investments			27,648,892
Effect of exchange rate changes on cash			213
Net increase in unrealized appreciation on investments before taxes			(5,540,079)
Net realized loss on investments before taxes			1,307,052
Payment-in-kind interest			(726,364)
Amortization and accretion			(339,955)
Amortization of deferred financing fees			33,798
Changes in operating assets and liabilities:
Decrease in dividend and interest receivable			122,550
Decrease in deferred tax assets			(71,098)
Decrease in other assets			34,271
Increase in investment advisory fee payable			15,359
Decrease in interest payable			(5,019)
Increase in accrued expenses			74,663
Decrease in tax payable			(315,000)
Decrease in deferred tax liability			(17,915)
Net cash used in operating activities			$	(1,888,822)
Cash flows from financing activities
Proceeds from credit facility			$	1,000,000
Repayments under credit facility			(1,000,000)
Cash dividends paid from net investment income			(7,965,755)
Receipts for shares issued on reinvestment of dividends			620,247
Financing fees paid			(2,364)
Net cash used in financing activities			$	(7,347,872)
Net change in cash & foreign currencies			(9,236,694)
Cash & foreign currencies - beginning of year			13,786,875
Effects of foreign currency exchange rate changes on cash			(213)
Cash & foreign currencies - end of year			$	4,549,968
Supplemental disclosure of cash flow information
Income tax paid (including excise tax)			$	250,381
Interest paid			1,239,426

 

 

See Notes to Consolidated Financial Statements 7

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CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS Barings Participation Investors

 

			For the six months ended 06/30/2026 (Unaudited)						For the year ended 12/31/2025
Increase / (decrease) in net assets:
Operations:
Investment income - net			$	5,876,432					$	12,956,470
Net realized gain / (loss) on investments and foreign currency after taxes			(1,313,331)						(722,994)
Net change in unrealized appreciation/(depreciation) of investments and foreign currency after taxes			5,628,879						995,500
Net increase in net assets resulting from operations			10,191,980						13,228,976
Increase from common shares issued on reinvestment of dividends
Common shares issued			620,247						1,349,161
(Number of shares issued: 2026 - 36,425; 2025 - 75,565)
Dividends to shareholders from:
Net investment income			(3,986,097)						(15,881,180)
Total increase / (decrease) in net assets			6,826,130						1,754,711
Net assets, beginning of period/year			163,818,383						165,121,426
(Number of shares outstanding: 12/31/25 - 10,755,832; 12/31/24 - 10,680,267)
Net assets, end of period/year			$	170,644,513					$	163,818,383
(Number of shares outstanding:; 6/30/26 - 10,792,257; 12/31/25 - 10,755,832)

 

 

See Notes to Consolidated Financial Statements 8

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CONSOLIDATED SELECTED FINANCIAL HIGHLIGHTS Barings Participation Investors

Selected data for each share of beneficial interest outstanding:

 

			For the six months ended 06/30/2026 (Unaudited)						For the years ended December 31,
									2025						2024						2023						2022						2021
Net asset value: Beginning of period/year			$	15.23					$	15.46					$	15.41					$	14.99					$	15.19					$	13.60
Net investment income (a)			0.55						1.20						1.55						1.50						0.97						0.86
Net realized and unrealized gain / (loss) on investments			0.40						0.03						0.07						0.21						(0.31)						1.53
Total from investment operations			0.95						1.23						1.62						1.71						0.66						2.39
Dividends from net investment income to common shareholders			(0.37)						(1.48)						(1.57)						(1.29)						(0.83)						(0.80)
Dividends from realized gain on investments to common shareholders			—						—						—						—						(0.03)						—
Increase from dividends reinvested			0.00 (b)						0.02						0.00 (b)						—						—						—
Total dividends			(0.37)						(1.46)						(1.57)						(1.29)						(0.86)						(0.80)
Net asset value: End of period/year			$	15.81					$	15.23					$	15.46					$	15.41					$	14.99					$	15.19
Per share market value: End of period/year			$	16.84					$	15.89					$	17.09					$	15.60					$	12.32					$	14.80
Total investment return
Net asset value (c)			6.22%						8.30%						10.76%						12.46%						4.42%						17.84%
Market value (c)			8.42%						0.65%						20.83%						38.51%						(10.57%)						32.09%
Net assets (in millions): End of period/year			$	170.64					$	163.82					$	165.12					$	163.37					$	158.92					$	161.08
Ratio of total expenses to average net assets (d)			3.09% (e)						2.91%						2.89%						2.66%						2.35%						2.66%
Ratio of operating expenses to average net assets			1.60% (e)						1.55%						1.56%						1.56%						1.46%						1.46%
Ratio of interest expense to average net assets			1.48% (e)						1.08%						0.91%						0.76%						0.63%						0.41%
Ratio of income tax expense to average net assets			0.01% (e)						0.28%						0.42%						0.34%						0.26%						0.79%
Ratio of net investment income to average net assets			7.06% (e)						7.76%						9.86%						9.69%						6.39%						5.99%
Portfolio turnover			14%						31%						32%						12%						12%						43%

(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 06/30/2026 (Unaudited)						For the years ended December 31,
Senior borrowings:									2025						2024						2023						2022						2021
Total principal amount (in millions)			$	37					$	37					$	24					$	22					$	24					$	21
Asset coverage per $1,000 of indebtedness *			$	5,569					$	5,388					$	8,026					$	8,511					$	7,763					$	8,670

 

 * The term "asset coverage" means the ratio that the value of the assets the Trust bears to the aggregate principal amount of the Trust's senior borrowings.

See Notes to Consolidated Financial Statements 9

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Consolidated Schedule of Investments Barings Participation Investors

June 30, 2026

(Unaudited)

Corporate Restricted Securities - 113.29%: (A)			Principal Amount, Shares, Units or Ownership  Percentage						Acquisition Date						Cost						Fair Value
Private Placement Investments - 96.15%: (C)
ABC Legal Services
A leading national provider of Service of Process (“SOP”) solutions, enabling the formal delivery of legal documents required to initiate litigation.
7.91% Term Loan due 08/13/2032 (SOFR + 4.250%) (G)			$	497,613					08/13/25						$	311,590					$	312,406
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.
8.62% Term Loan due 01/02/2031 (SOFR + 5.000%) (G)			$	280,128					01/02/25						201,955						200,628
Accredited Labs
Offers calibration services for manufacturing and other types of equipment, in addition to product sales and rentals, repair services and other services.
8.39% Term Loan due 10/18/2030 (SOFR + 4.750%) (G)			$	706,551					10/20/25						126,353						126,994
Accurus Aerospace
A supplier of highly engineered metallic parts, kits and assemblies, and processing services.
8.57% Term Loan due 04/05/2028 (SOFR + 4.750%) (G)			$	717,212					04/05/22						692,702						694,434
Common Stock (B)			611 shs.						04/05/22						611						531
Limited Liability Company Unit (B)			8,752 uts.						10/14/21						8,752						7,615
															702,065						702,580
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.						10/01/21						24,352						20,938
Limited Liability Company Unit Class A (B) (F)			197 uts.						10/01/21						6,320						5,401
Limited Liability Company Unit Class B (B) (F)			766 uts.						10/01/21						784						—
Limited Liability Company Unit Class B (B) (F)			197 uts.						10/01/21						202						—
															31,658						26,339
American Roller Company
A provider of aftermarket surface treatment services for rollers used in industrial manufacturing processes
8.73% Term Loan due 11/25/2031 (SOFR + 5.000%) (G)			$	954,861					05/01/26						692,960						693,298
8.73% Senior Term Loan due 11/25/2031 (SOFR + 5.000%) (G)			$	754,225					11/25/25						513,903						511,764
Common Stock (B)			15,914 shs.						*						15,914						16,073
*01/25/25 and 05/01/26															1,222,777						1,221,135

See Notes to Consolidated Financial Statements 10

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Consolidated Schedule of Investments     (Continued) Barings Participation Investors

June 30, 2026

(Unaudited)

Corporate Restricted Securities - 113.29%: (A)			Principal Amount, Shares, Units or Ownership  Percentage						Acquisition Date						Cost						Fair Value
Private Placement Investments - 96.15%: (C)
Americo Chemical Products
A provider of customized specialty chemical solutions and services for pretreatment of metal surfaces and related applications.
8.89% Incremental Term Loan due 04/30/2029 (SOFR + 5.250%)			$	602,941					11/17/25						596,756						596,971
8.89% Term Loan due 04/30/2029 (SOFR + 5.250%) (G)			$	495,493					04/28/23						369,621						370,547
8.89% Senior Term Loan due 04/30/2029 (SOFR + 5.250%)			$	251,599					12/10/24						249,165						249,109
Limited Liability Company Unit (B) (F)			22,480 uts.						04/28/23						22,480						26,302
															1,238,022						1,242,929
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/ graudates and middle school students.
8.45% Term Loan due 04/21/2031 (SOFR + 4.750%) (G)			$	1,211,170					04/21/25						$	831,072					$	845,838
14.00% Senior Subordinated Note due 04/11/2030			$	57,092					04/21/25						57,092						57,777
Limited Liability Company Unit Common (B) (F)			163,121 uts.						04/21/25						163,121						208,794
															1,051,285						1,112,409
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.
8.48% Term Loan due 11/29/2030 (SOFR + 4.750%) (G)			$	1,087,087					12/01/22						840,724						842,574
8.47% Incremental Term Loan due 11/29/2030 (SOFR + 4.750%)			$	161,117					03/02/26						159,581						161,117
Limited Liability Company Common Unit (B)			8 uts.						12/01/22						8,000						74,189
															1,008,305						1,077,880
Argus Logistics
An asset-light provider of managed transportation services, acting as a fully outsourced supply chain management provider to mid-sized shippers on a longer-term, contracted basis.
8.43% Term Loan due 12/19/2031 (SOFR + 4.750%) (G)			$	1,185,297					12/01/25						538,808						549,612
ASC Communications, LLC (Becker's Healthcare)
An operator of trade shows and controlled circulation publications targeting the healthcare market.
8.14% Senior Term Loan 07/17/2028 (SOFR + 4.500%)			$	1,267,971					08/29/25						1,261,225						1,261,124
8.14% Term Loan due 07/17/2028 (SOFR + 4.500%) (G)			$	221,147					07/15/22						197,497						197,289
Limited Liability Company Unit (B) (F)			535 uts.						07/15/22						11,221						20,199
															1,469,943						1,478,612
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.						08/17/15						209,390						209,390
Common Stock (B)			210 shs.						08/17/15						210						77,154
															209,600						286,544
Automated Financial Systems
A provider of loan management software for large and mid-sized banks, as well as other financial customers across the United States.
8.73% Term Loan due 10/24/2031 (SOFR + 5.000%) (G)			$	1,370,823					10/24/25						393,519						395,402

See Notes to Consolidated Financial Statements 11

---

Consolidated Schedule of Investments     (Continued) Barings Participation Investors

June 30, 2026

(Unaudited)

Corporate Restricted Securities - 113.29%: (A)			Principal Amount, Shares, Units or Ownership  Percentage						Acquisition Date						Cost						Fair Value
Private Placement Investments - 96.15%: (C)
BBB Industries LLC
A supplier of remanufactured and new parts to the North American automotive aftermarket.
12.76% Second Lien Term Loan due 07/25/2030 (SOFR + 9.000%)			$	454,545					07/25/22						$	445,301					$	415,909
Limited Liability Company Unit (B)			45 uts.						07/25/22						45,000						40,435
															490,301						456,344
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.
8.36% Senior Term Loan due 12/06/2030 (SOFR + 4.750%) (G)			$	997,191					12/06/24						883,085						885,059
8.42% Term Loan due 12/06/2030 (SOFR + 4.750%)			$	157,329					03/20/26						155,850						155,897
															1,038,935						1,040,956
Best Lawyers (Azalea Investment Holdings, LLC)
A global digital media company that provides ranking and marketing services to the legal community.
9.00% Term Loan due 11/30/2027 (SOFR + 5.250%) (G)			$	1,194,668					11/30/21						1,078,458						1,084,091
12.00% HoldCo PIK Note due 05/30/2028			$	498,017					11/30/21						496,321						498,017
Limited Liability Company Unit (B)			44,231 uts.						11/30/21						44,231						78,288
															1,619,010						1,660,396
Bishop Street Underwriters
A Managing General Agent insurance buy and build platform with specialty insurance lines including surety, rep and warranty, tax, professional indemnity, specialty auto, sports, and aviation, among others.
8.64% Term Loan due 07/31/2031 (SOFR + 5.000%) (G)			1,043,392						07/31/25						600,631						600,573
Common Stock (B) (F)			23,961 shs.						07/31/25						36,420						34,503
															637,051						635,076
Bitly
A provider of URL shortening and link management solutions for both enterprise and self-serve customers.
8.18% Senior Term Loan due 11/14/2031 (SOFR + 4.500%) (G)			$	1,720,850					11/14/25						1,640,346						1,642,161
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.
8.14% Term Loan due 08/23/2030 (SOFR + 4.500%) (G)			$	1,312,183					*						747,256						748,874
Common Stock (B)			56,012 shs.						08/23/24						56,012						67,214
* 08/23/2024 and 03/31/2026															803,268						816,088
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)			183 shs.						08/12/22						233,248						212,620

See Notes to Consolidated Financial Statements 12

---

Consolidated Schedule of Investments     (Continued) Barings Participation Investors

June 30, 2026

(Unaudited)

Corporate Restricted Securities - 113.29%: (A)			Principal Amount, Shares, Units or Ownership  Percentage						Acquisition Date						Cost						Fair Value
Private Placement Investments - 96.15%: (C)
BrightSign
A provider of digital signage hardware and software solutions, serving a variety of end markets, including retail, restaurants, government, sports, and entertainment.
8.99% Term Loan due 10/13/2028 (SOFR + 5.250%) (G)			$	1,852,981					*						$	1,710,780					$	1,690,984
Limited Liability Company Unit (B) (F)			111,835 uts.						10/14/21						111,835						149,859
* 10/14/21 and 04/03/25															1,822,615						1,840,843
Brown Machine LLC
A designer and manufacturer of thermoforming equipment used in the production of plastic packaging containers within the food and beverage industry.
10.13% Term Loan due 10/04/2026 (SOFR + 6.250%)			$	750,912					10/04/18						750,806						681,077
Buske Logistics Inc
A provider of value-added warehousing and logistics services specializing in storage, handling, packaging, inspection, kitting, and component sequencing.
8.66% Term Loan due 10/31/2031 (SOFR + 5.000%) (G)			$	491,953					10/31/25						333,129						333,665
Cadence, Inc.
A full-service contract manufacturer (“CMO”) and supplier of advanced products, technologies, and services to medical device, life science, and industrial companies.
8.31% First Lien Term Loan due 05/21/2028 (SOFR + 4.500%)			$	1,357,024					05/21/18						1,354,900						1,357,024
8.91% Incremental Term Loan due 05/21/2028 (SOFR + 5.250%)			$	358,809					09/28/23						356,712						358,809
															1,711,612						1,715,833
CAi Software
A vendor of mission-critical, production-oriented software to niche manufacturing and distribution sectors.
8.40% Term Loan due 08/09/2032 (SOFR + 4.750%) (G)			$	1,000,000					08/07/25						719,859						716,577
Caldwell & Gregory LLC
A commercial laundry leasing company for multi-unit housing and universities.
8.48% Term Loan due 09/30/2030 (SOFR + 4.750%) (G)			$	1,704,106					09/30/24						1,500,571						1,518,669
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.
8.64% Term Loan due 02/26/2030 (SOFR + 5.000%) (G)			$	435,828					02/26/24						311,519						314,911
Common Stock (B)			12 shs.						02/26/24						12,000						13,740
															323,519						328,651
Cascade Services
A residential services platform that provides HVAC repair and replacement work for single-family homes in southern geographies.
9.67% Term Loan due 10/04/2029 (SOFR + 6.000%) (G)			$	1,551,642					*						1,505,308						1,402,592
* 10/04/23 and 07/01/25

See Notes to Consolidated Financial Statements 13

---

Consolidated Schedule of Investments     (Continued) Barings Participation Investors

June 30, 2026

(Unaudited)

Corporate Restricted Securities - 113.29%: (A)			Principal Amount, Shares, Units or Ownership  Percentage						Acquisition Date						Cost						Fair Value
Private Placement Investments - 96.15%: (C)
Cash Flow Management
A software provider that integrates core banking systems with branch technology and creates modern retail banking experiences for financial institutions.
7.91% Term Loan due 12/28/2029 (SOFR + 4.250%) (G)			$	1,270,595					12/28/21						$	1,180,729					$	1,176,741
Limited Liability Company Unit (B) (F)			12,008 uts.						07/22/22						12,665						12,728
															1,193,394						1,189,469
CEC Entertainment Inc
Develops, operates and franchises family dining and entertainment centers.
9.73% Term Loan due 09/26/2030 (SOFR + 6.000%)			$	343,478					09/26/25						339,110						339,116
Cloudbreak
A language translation and interpretation services provider to approximately 970 hospitals and outpatient clinics across the U.S.
8.73% Incremental Term Loan due 03/15/2030 (SOFR + 5.000%)			$	1,202,495					08/19/24						1,193,691						1,123,130
8.73% Term Loan due 03/15/2030 (SOFR + 5.000%) (G)			$	1,171,011					03/15/24						1,001,900						940,946
Limited Liability Company Unit Class A (B) (F)			49 uts.						03/15/24						49,170						50,160
Limited Liability Company Unit Class B (B) (F) (I)			49 uts.						03/15/24						—						21,824
															2,244,761						2,136,060
CloudOne Digital Corp
A scaled multi-cloud platform for web developers, SMBs, and enterprises.
8.41% Term Loan due 08/05/2031 (SOFR + 4.750%) (G)			$	995,902					06/02/25						804,841						806,750
CloudWave
A provider of managed cloud hosting and IT services for hospitals.
8.23% Term Loan due 07/29/2027 (SOFR + 4.500%) (G)			$	1,581,714					01/29/21						1,576,803						1,581,714
Limited Liability Company Unit (B) (F)			55,645 uts.						01/29/21						55,645						168,048
															1,632,448						1,749,762
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 uts.						05/08/24						91,923						110,331
Cogency Global
A provider of statutory representation and compliance services for corporate and professional services clients.
8.18% Term Loan due 02/14/2028 (SOFR + 4.500%) (G)			$	1,074,550					02/14/22						986,415						987,063
8.16% Incremental Term Loan due 02/14/2028 (SOFR + 4.500%)			$	103,205					*						741,124						744,651
8.14% Term Loan due 02/14/2028 (SOFR + 4.500%)			$	24,926					01/02/25						24,817						24,814
Preferred Stock (B)			33 shs.						02/14/22						36,108						82,348
* 12/30/22 and 09/31/23															1,788,464						1,838,876

See Notes to Consolidated Financial Statements 14

---

Consolidated Schedule of Investments     (Continued) Barings Participation Investors

June 30, 2026

(Unaudited)

Corporate Restricted Securities - 113.29%: (A)			Principal Amount, Shares, Units or Ownership  Percentage						Acquisition Date						Cost						Fair Value
Private Placement Investments - 96.15%: (C)
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.
9.93% Term Loan due 05/02/2031 (SOFR + 6.250%) (G)			$	1,595,507					04/01/25						$	1,478,492					$	1,500,986
Common Stock (B)			1,182 uts.						05/02/25						118,200						123,921
															1,596,692						1,624,907
Coherus Biosciences
A commercial-stage biopharmaceutical company focused on the research, development, and commercialization of innovative cancer treatments and its biosimilars.
11.73% Term Loan due 05/08/2029 (SOFR + 8.000%)			$	299,324					05/08/24						294,203						294,205
Coker
A provider of consulting advisory services to healthcare organizations with the goal of enabling client transformation.
8.48% Senior Term Loan due 03/20/2030 (SOFR + 4.750%) (G)			$	1,271,134					3/20/2025						1,095,209						1,096,670
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						—						32,348
Compass Precision
A manufacturer of custom metal precision components.
11.00% (1.00% PIK) Senior Subordinated Note due 04/19/2028			$	1,349,137					04/01/22						1,347,403						1,349,137
Limited Liability Company Unit (B) (F)			158,995 uts.						10/14/21						431,250						1,356,230
															1,778,653						2,705,367
Comply365
A provider of proprietary enterprise SaaS and mobile solutions for content management and document distribution in highly regulated industries, including Aviation and Rail.
9.01% Term Loan due 12/21/2029 (SOFR + 5.250%) (G)			$	672,474					04/19/22						628,777						631,640
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.
9.07% (0.25% PIK) Term Loan due 02/01/2027 (SOFR + 5.250%)			$	571,829					01/31/20						571,824						502,638
9.08% (0.25% PIK) Incremental Term Loan due 02/01/2027 (SOFR + 5.250%)			$	76,041					09/14/23						75,781						66,840
Limited Liability Company Unit (B) (F)			1,680 uts.						*						67,308						—
01/30/20, 03/05/21 and 09/14/23															714,913						569,478

See Notes to Consolidated Financial Statements 15

---

Consolidated Schedule of Investments     (Continued) Barings Participation Investors

June 30, 2026

(Unaudited)

Corporate Restricted Securities - 113.29%: (A)			Principal Amount, Shares, Units or Ownership  Percentage						Acquisition Date						Cost						Fair Value
Private Placement Investments - 96.15%: (C)
CTS Engines
A provider of maintenance, repair and overhaul services within the aerospace & defense market.
8.83% Term Loan due 12/26/2028 (SOFR + 5.000%)			$	1,368,633					12/23/20						$	1,363,684					$	1,356,093
8.83% Incremental Term Loan due 12/26/2028 (SOFR + 5.000%) (G)			$	874,243					03/02/26						645,536						645,431
															2,009,220						2,001,524
Dane Street LLC
A national provider of independent medical examinations and peer review services across workers compensation, disability, auto, and group health for third-party administrators, insurance carriers, employer health plans, and law firms.
8.24% Term Loan due 03/28/2033 (SOFR + 4.500%) (G)			$	691,477					02/02/26						403,993						404,351
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						23,687
* 11/02/22 and 06/10/25
Decks Direct
An eCommerce direct-to-consumer seller of specialty residential decking products in the United States.
Common Stock (B)			2,209 shs.						12/29/21						94,091						—
Preferred Stock (B)			11 shs.						04/29/24						13,511						—
Limited Liability Company Unit Class A (B)			553 uts.						03/18/25						25,563						—
															133,165						—
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.
7.92% Term Loan due 10/01/2029 (SOFR + 4.250%)			$	2,038,519					10/01/21						2,038,519						2,038,519
LP Unit (B) (F)			73,333 uts.						10/01/21						73,404						98,999
															2,111,923						2,137,518
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% (1.50% PIK) Term Loan due 06/27/2029			$	970,132					*						957,633						953,931
11.00% (1.50% PIK) Incremental Term Loan due 06/27/2029			$	78,215					01/01/25						77,189						76,909
Limited Liability Company Unit (B) (F)			2,769 uts.						06/27/24						276,900						550,034
* 06/27/2024 and 12/01/2025															1,311,722						1,580,874
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.
7.98% Term Loan due 03/28/2031 (SOFR + 4.250%) (G)			$	520,210					03/28/25						407,006						409,554
Common Stock (B)			20 shs.						03/28/25						20,320						27,101
															427,326						436,655

See Notes to Consolidated Financial Statements 16

---

Consolidated Schedule of Investments     (Continued) Barings Participation Investors

June 30, 2026

(Unaudited)

Corporate Restricted Securities - 113.29%: (A)			Principal Amount, Shares, Units or Ownership  Percentage						Acquisition Date						Cost						Fair Value
Private Placement Investments - 96.15%: (C)
Dwyer Instruments, Inc.
A designer and manufacturer of precision measurement and control products for use with solids, liquids and gases.
8.48% Term Loan due 07/20/2029 (SOFR + 4.750%)			$	1,657,589					07/01/22						$	1,644,251					$	1,657,589
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.
Limited Liability Company Unit (B)			46 uts.						11/23/21						45,796						83,287
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 05/01/2028			$	1,046,132					03/01/23						1,033,839						1,034,625
Limited Liability Company Unit (B) (F)			205 uts.						03/01/23						288,462						264,475
															1,322,301						1,299,100
EFI Productivity Software
A provider of ERP software solutions purpose-built for the print and packaging industry.
8.72% Incremental Term Loan due 05/23/2030 (SOFR + 5.050%)			$	692,586					05/23/24						684,830						682,197
8.72% Term Loan due 05/23/2030 (SOFR + 5.050%) (G)			$	194,771					12/30/21						122,311						120,902
															807,141						803,099
Electric Equipment and Engineering
Engineers and manufactures alternating current and direct current electrical power distribution products.
10.50% (3.00% PIK) Term Loan due 12/02/2030			$	885,972					12/02/24						873,311						870,822
Common Stock (B)			515,625 shs.						12/02/24						515,625						979,688
															1,388,936						1,850,510
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.						10/14/16						159,722						—
ENTACT Environmental Services, Inc.
A provider of environmental remediation and geotechnical services for blue-chip companies with regulatory-driven liability enforcement needs.
9.23% Term Loan due 01/31/2027 (SOFR + 5.500%)			$	785,742					12/15/20						784,972						785,742
9.23% Incremental Term Loan due 01/31/2027 (SOFR + 5.500%)			$	136,070					09/01/23						135,845						136,070
															920,817						921,812
Ethos Risk Services
A provider of tech-enabled claims investigation and medical management services across a variety of insurance markets for insurance carriers, self-insured employers and third-party administrators.
8.39% Term Loan due 01/30/2031 (SOFR + 4.750%) (G)			$	296,993					01/02/26						238,669						238,922
Common Stock (B)			5,699 shs.						01/02/26						5,699						5,186
															244,368						244,108

See Notes to Consolidated Financial Statements 17

---

Consolidated Schedule of Investments     (Continued) Barings Participation Investors

June 30, 2026

(Unaudited)

Corporate Restricted Securities - 113.29%: (A)			Principal Amount, Shares, Units or Ownership  Percentage						Acquisition Date						Cost						Fair Value
Private Placement Investments - 96.15%: (C)
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.
7.99% Senior Term Loan due 03/04/2032 (SOFR + 4.250%) (G)			$	390,086					03/04/25						$	149,388					$	152,549
Five Star Holding, LLC
A fully integrated platform of specialty packaging brands that manufactures flexible packaging solutions.
10.92% Second Lien Term Loan due 05/05/2030 (SOFR + 7.250%)			$	476,190					04/27/22						471,625						476,190
Limited Liability Company Common Unit (B) (F)			34 uts.						10/14/21						33,631						25,038
															505,256						501,228
Follett School Solutions
A provider of software for K-12 school libraries.
8.14% Term Loan due 08/29/2031 (SOFR + 4.500%) (G)			$	1,897,070					04/21/25						1,868,295						1,868,296
LP Interest (B) (F)			881 uts.						08/30/21						8,805						10,839
LP Units (B) (F)			200 uts.						08/30/21						2,003						2,465
															1,879,103						1,881,600
Forge
A provider of financial services to personal injury law firms and their clients (i.e., the plaintiffs).
8.23% Term Loan due 01/31/2033 (SOFR + 4.500%) (G)			$	931,114					01/30/26						334,284						335,034
FragilePAK
A provider of third-party logistics services focused on the full delivery life-cycle for big and bulky products.
9.63% Term Loan due 05/26/2028 (SOFR + 5.750%)			$	1,024,219					05/28/21						1,018,273						1,024,219
Limited Liability Company Unit (B) (F)			108 uts.						05/28/21						107,813						77,718
															1,126,086						1,101,937
Franklin Energy
An industry-leading provider of demand-side management (“DSM”) services to utilities and municipalities across the United States.
8.91% Senior Term Loan due 08/01/2031 (SOFR + 5.250%) (G)			$	767,557					08/01/25						697,361						677,952
GCDL Holdings LLC
A full service dental lab offering removable, crown and bridge, implants, orthodontics and sleep appliances in-house.
9.73% Term Loan due 08/21/2030 (SOFR + 6.000%) (G)			$	1,242,466					07/01/24						1,043,276						1,055,980
Class A-1 Units (B) (F)			419,595 uts.						08/21/24						419,595						528,689
															1,462,871						1,584,669
GME Supply
A tech-enabled specialty distributor of fall protection, rigging materials, workwear, and industrial gear and tools to technicians and contractors working in the telecom, utility, aerial construction, renewable energy and other industrial markets.
8.98% Term Loan due 09/09/2031 (SOFR + 5.250%) (G)			$	1,343,768					09/09/25						1,145,769						1,148,077

See Notes to Consolidated Financial Statements 18

---

Consolidated Schedule of Investments     (Continued) Barings Participation Investors

June 30, 2026

(Unaudited)

Corporate Restricted Securities - 113.29%: (A)			Principal Amount, Shares, Units or Ownership  Percentage						Acquisition Date						Cost						Fair Value
Private Placement Investments - 96.15%: (C)
Goodyear Chemical
A producer of synthetic rubber primarily for the tire, consumer, packaging, and industrial products industries.
9.41% Term Loan due 10/31/2031 (SOFR + 5.750%)			$	979,663					10/31/25						$	962,242					$	962,225
Guardian Fire Services
A provider of fire safety services including testing & inspection/monitoring, service & repair, replacement & upgrade, and installation of fire protection equipment such as sprinkler systems, alarms, and suppression systems.
7.98% Senior Term Loan due 12/01/2032 (SOFR + 4.250%) (G)			$	743,204					12/01/25						347,578						348,375
Common Stock (B) (F)			48,527 shs.						12/01/25						48,527						60,173
															396,105						408,548
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						85,788
Limited Liability Company Unit Common Class A (B) (I)			3,716 uts.						12/19/14						—						—
* 12/19/14 and 04/29/16.															371,644						85,788
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.
8.42% Term Loan due 01/31/2028 (SOFR + 4.750%) (G)			$	1,011,695					1/31/2025						770,076						770,058
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 12/10/2028			$	2,846,996					11/17/21						2,832,391						2,716,034
Heavy Construction Systems Specialists Inc.
A provider of construction management software focused on the heavy civil contractor market.
8.45% Term Loan due 11/16/2028 (SOFR + 4.750%)			$	507,202					04/08/26						507,202						507,202
HemaSource, Inc.
A technology-enabled distributor of consumable medical products to plasma collection centers.
8.14% Senior Term Loan due 08/31/2029 (SOFR + 4.500%) (G)			$	1,651,181					08/31/23						1,193,747						1,211,756
Limited Liability Company Unit (B)			11,337 uts.						08/31/23						11,337						17,459
															1,205,084						1,229,215
Home Care Assistance, LLC
A provider of private pay non-medical home care assistance services.
8.63% Term Loan due 09/30/2027 (SOFR + 5.000%)			$	844,797					03/30/21						828,313						703,716

See Notes to Consolidated Financial Statements 19

---

Consolidated Schedule of Investments     (Continued) Barings Participation Investors

June 30, 2026

(Unaudited)

Corporate Restricted Securities - 113.29%: (A)			Principal Amount, Shares, Units or Ownership  Percentage						Acquisition Date						Cost						Fair Value
Private Placement Investments - 96.15%: (C)
HTI Technology & Industries Inc.
A designer and manufacturer of powered motion solutions to industrial customers.
12.41% Term Loan due 06/30/2027 (SOFR + 8.500%) (G)			$	848,451					07/27/22						$	704,907					$	696,785
12.43% Incremental Term Loan due 06/30/2027 (SOFR + 8.500%)			$	94,249					02/15/23						94,164						93,306
12.41% Incremental Term Loan due 06/30/2027 (SOFR + 8.500%)			$	62,479					04/01/26						61,941						61,855
															861,012						851,946
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.
9.67% Term Loan due 01/12/2030 (SOFR + 6.000%) (G)			$	1,168,627					02/12/24						977,190						954,760
Limited Liability Company Unit (B) (F)			579 uts.						01/12/24						57,892						38,996
															1,035,082						993,756
Illumifin
A leading provider of third-party administrator (“TPA”) services and software for life and annuity insurance providers.
9.93% Incremental Term Loan due 09/08/2027 (SOFR + 6.000%)			$	418,431					04/05/22						416,622						396,254
IMS Legal Strategies
A leading provider of expert witness and litigation support services to law firms and corporate customers.
8.37% Term Loan due 04/01/2033 (SOFR + 4.750%) (G)			$	1,185,558					04/01/26						830,529						830,107
Common Stock (B)			32 shs.						03/31/26						32,000						32,066
															862,529						862,173
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.
8.48% Term Loan due 06/30/2031 (SOFR + 4.750%) (G)			$	493,104					06/30/25						462,422						463,463
Limited Liability Company Unit (B) (F)			39 uts.						06/30/25						5,309						4,402
															467,731						467,865
Kanawha Scales and Systems
A full-service provider of weighing and automated industrial control solutions, including service & calibration, MRO equipment, integrated engineered solutions, and data collection systems.
7.91% Term Loan due 11/12/2032 (SOFR + 4.250%) (G)			$	997,881					11/12/25						477,618						478,812
LaunchPad Home Group
A provider of lake management services, fish stocking and pond aeration sales and services.
10.14% Term Loan due 09/30/2031 (SOFR + 6.500%) (G)			$	1,583,629					09/02/25						1,016,545						1,020,501
Preferred Stock (B)			137 shs.						09/02/25						136,620						146,744
Common Stock (B)			138,000 shs.						09/02/25						1,380						24,840
															1,154,545						1,192,085

See Notes to Consolidated Financial Statements 20

---

Consolidated Schedule of Investments     (Continued) Barings Participation Investors

June 30, 2026

(Unaudited)

Corporate Restricted Securities - 113.29%: (A)			Principal Amount, Shares, Units or Ownership  Percentage						Acquisition Date						Cost						Fair Value
Private Placement Investments - 96.15%: (C)
LeadsOnline
A nationwide provider of data, technology and intelligence tools used by law enforcement agencies, investigators, and businesses.
8.23% Term Loan due 02/07/2030 (SOFR + 4.500%) (G)			$	1,657,646					02/07/22						$	1,423,377					$	1,425,509
Limited Liability Company Unit (B) (F)			7,050 uts.						02/07/22						7,302						15,299
															1,430,679						1,440,808
Learfield Communications
A leader in the college sports marketing industry connecting brands with sports fans through multimedia rights for numerous universities, conferences, and arena properties.
8.73% Term Loan due 06/24/2033 (SOFR + 5.000%) (G)			$	1,000,000					06/01/26						755,866						755,839
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.
8.73% Term Loan due 09/01/2027 (SOFR + 5.000%) (G)			$	707,020					01/31/24						534,773						536,158
Lynx Franchising
A global franchisor of B2B services including commercial janitorial services, shared office space solutions, and textile and electronics restoration services.
9.63% Term Loan due 12/23/2026 (SOFR + 5.750%)			$	1,630,125					12/23/20						1,627,543						1,617,736
9.63% Incremental Term Loan due 12/23/2026 (SOFR + 5.750%)			$	746,403					09/09/21						745,052						740,730
															2,372,595						2,358,466
Magnolia Wash Holdings (Express Wash Acquisition Company, LLC)
An express car wash consolidator primarily in the Southeastern US.
9.92% Term Loan due 04/10/2031 (SOFR + 6.250%) (G)			$	413,178					04/10/25						386,711						363,554
Main Line Commercial Pools
A provider of pool installations, renovations, and water management services to municipal, university/school, and commercial customers across the northeastern United States.
8.93% Term Loan due 04/06/2033 (SOFR + 5.250%) (G)			$	1,225,810					04/06/26						487,099						486,584
Media Recovery, Inc.
A global manufacturer and developer of shock, temperature, vibration, and other condition indicators and monitors for in-transit and storage applications.
8.23% Senior Term Loan due 09/30/2030 (SOFR + 4.500%) (G)			$	1,226,981					09/30/24						929,875						942,905
Merchant Industry
A merchant acquiror providing payment processing and other value-added services to SMB merchants.
8.48% Term Loan due 09/19/2031 (SOFR + 4.750%) (G)			$	610,294					09/19/25						414,554						415,515
Common Stock (B) (F)			12,783 shs.						09/19/25						12,783						12,199
															427,337						427,714

See Notes to Consolidated Financial Statements 21

---

Consolidated Schedule of Investments     (Continued) Barings Participation Investors

June 30, 2026

(Unaudited)

Corporate Restricted Securities - 113.29%: (A)			Principal Amount, Shares, Units or Ownership  Percentage						Acquisition Date						Cost						Fair Value
Private Placement Investments - 96.15%: (C)
Metallizing Service Company
A provider of customized protective coatings for high-speed, rotational engine equipment primarily within commercial and military aerospace applications.
8.45% Term Loan due 04/09/2032 (SOFR + 4.750%) (G)			$	1,351,279					04/10/26						$	767,309					$	766,803
Common Stock (B)			20,836 shs.						04/10/26						20,836						20,836
															788,145						787,639
Midwest Products and Engineering, LLC
An outsourced designer, developer, and manufacturer of complex electromechanical medical systems (“EMS”), serving blue-chip andemerging OEMs.
8.48% Term Loan due 04/08/2032 (SOFR + 4.750%) (G)			$	287,737					04/01/26						196,495						196,376
Milestone Chassis Company
A full-service transportation equipment leasing and management company, specializing in domestic and marine chassis.
9.14% Second Lien Term Loan due 01/14/2033 (SOFR + 5.500%)			$	865,801					01/14/26						849,623						849,784
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.
8.98% Senior Term Loan due 03/01/2030 (SOFR + 5.250%) (G)			$	700,260					03/01/24						614,412						622,966
Limited Liability Company Unit (B)			307 uts.						03/01/24						30,700						30,172
															645,112						653,138
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			$	608,463					06/24/22						606,947						608,463
Common Stock (B) (F)			4,118 shs.						06/24/22						411,765						721,701
															1,018,712						1,330,164
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).
9.23% Term Loan due 03/28/2029 (SOFR + 5.500%) (G)			$	648,070					*						589,532						589,037
* 03/28/25 and 10/14/25
MSI Express
A contract manufacturer and packager of shelf-stable food and beverages for major consumer packaged goods.
8.73% Term Loan due 03/24/2031 (SOFR + 5.000%) (G)			$	713,647					03/24/25						528,416						510,604
Music Reports, Inc.
An administrator of comprehensive offering of rights and royalties solutions for music and cue sheet copyrights to music and entertainment customers.
9.82% Incremental Term Loan due 08/25/2026 (SOFR + 6.000%)			$	783,584					11/05/21						783,094						771,047
9.82% Term Loan due 08/25/2026 (SOFR + 6.000%)			$	548,682					08/25/20						548,338						539,903
															1,331,432						1,310,950

See Notes to Consolidated Financial Statements 22

---

Consolidated Schedule of Investments     (Continued) Barings Participation Investors

June 30, 2026

(Unaudited)

Corporate Restricted Securities - 113.29%: (A)			Principal Amount, Shares, Units or Ownership  Percentage						Acquisition Date						Cost						Fair Value
Private Placement Investments - 96.15%: (C)
Nationwide Legal
A provider of end-to-end services that streamline litigation workflows.
8.14% Term Loan due 04/30/2033 (SOFR + 4.500%) (G)			$	1,000,000					04/01/26						$	524,505					$	524,351
Navia Benefit Solutions, Inc.
A third-party administrator of employee-directed healthcare benefits.
8.23% Term Loan due 12/31/2032 (SOFR + 4.500%) (G)			$	1,700,476					12/31/25						1,407,457						1,409,137
Net at Work
An SMB-focused IT service provider specializing in software sales, implementation, managed services and hosting services.
8.41% Term Loan due 09/13/2029 (SOFR + 4.750%) (G)			$	1,669,215					09/13/23						1,290,347						1,309,763
Limited Liability Company Unit (B) (F)			32,603 uts.						09/13/23						32,603						45,970
															1,322,950						1,355,733
Netrix
US-based managed services provider focused on capabilities across security, cloud, and digital workplace.
9.14% Term Loan due 10/31/2031 (SOFR + 5.500%) (G)			$	1,717,644					10/31/25						1,441,034						1,354,012
Newforma
A leader in Project Information Management software for the construction industry.
10.23% Term Loan due 04/02/2029 (SOFR + 6.500%) (G)			$	730,815					03/31/23						697,566						649,877
Limited Liability Company Unit (B)			81,722 uts.						08/15/23						84,194						14,710
															781,760						664,587
Northstar Recycling
A managed service provider for waste and recycling services, primarily targeting food and beverage end markets.
8.13% Senior Term Loan due 12/23/2030 (SOFR + 4.400%) (G)			$	1,572,872					*						1,350,239						1,364,607
* 12/23/24 and 09/02/25
Omega Holdings
A distributor of aftermarket automotive air conditioning products.
8.81% Senior Term Loan due 03/30/2029 (SOFR + 5.000%) (G)			$	599,999					03/31/22						519,823						524,171
Onsite Dealer Solutions
A regional provider of automotive reconditioning services including detailing, refinishing, paintless dent repair, and other “make-ready” services.
8.16% Term Loan due 11/04/2031 (SOFR + 4.500%) (G)			$	1,622,767					11/04/25						663,941						666,110
Common Stock (B)			25 shs.						11/04/25						24,509						25,968
															688,450						692,078
ORS Nasco
A leading industrial maintenance, repair, and operations (“MRO”) product wholesale distributor.
8.48% Term Loan due 08/07/2031 (SOFR + 4.750%) (G)			$	652,184					08/07/24						577,332						578,951

See Notes to Consolidated Financial Statements 23

---

Consolidated Schedule of Investments     (Continued) Barings Participation Investors

June 30, 2026

(Unaudited)

Corporate Restricted Securities - 113.29%: (A)			Principal Amount, Shares, Units or Ownership  Percentage						Acquisition Date						Cost						Fair Value
Private Placement Investments - 96.15%: (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					$	353,907
* 01/29/16 and 02/17/17.
Parkview Dental Partners
A dental service organization focused in the southwest Florida market.
11.78% Term Loan due 10/20/2029 (SOFR + 8.300%)			$	611,833					10/02/23						605,109						610,610
Limited Liability Company Unit (B) (F)			30,371 uts.						10/02/23						304,840						239,151
															909,949						849,761
Pearl Holding Group
A managing general agent that originates, underwrites, and administers non-standard auto insurance policies for carriers in Florida.
9.94% (4.00% PIK) First Lien Term Loan due 06/22/2028 (SOFR + 6.000%)			$	2,001,759					12/22/21						1,981,668						1,801,583
Common Stock (B) (I)			9 shs.						12/22/21						—						—
															1,981,668						1,801,583
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.
9.64% Term Loan due 11/17/2026 (SOFR + 6.000%)			$	1,390,769					11/17/17						1,389,301						1,372,688
9.64% Term Loan due 11/17/2026 (SOFR + 6.000%)			$	281,063					10/01/20						280,523						277,409
															1,669,824						1,650,097
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.
8.38% Term Loan due 12/03/2027 (SOFR + 4.500%) (G)			$	887,197					12/03/21						631,733						636,047
Limited Liability Company Unit (B) (F)			1,471 uts.						12/03/21						147,110						384,810
															778,843						1,020,857
Polytex Holdings LLC
A manufacturer of water based inks and related products serving primarily the wall covering market.
2.50% (2.50% PIK) Senior Subordinated Note due 12/31/2027 (D)			$	2,436,434					07/31/14						1,064,183						774,786
Limited Liability Company Unit (B)			148,096 uts.						07/31/14						148,096						—
Limited Liability Company Unit Class F (B)			36,976 uts.						*						24,802						—
* 09/28/17 and 02/15/18.															1,212,279						774,786

See Notes to Consolidated Financial Statements 24

---

Consolidated Schedule of Investments     (Continued) Barings Participation Investors

June 30, 2026

(Unaudited)

Corporate Restricted Securities - 113.29%: (A)			Principal Amount, Shares, Units or Ownership  Percentage						Acquisition Date						Cost						Fair Value
Private Placement Investments - 96.15%: (C)
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.
7.89% Term Loan due 09/23/2030 (SOFR + 4.250%) (G)			$	901,039.00					09/02/24						$	718,893					$	724,618
Limited Liability Company Unit (B)			218 uts.						09/30/24						21,824						30,563
															740,717						755,181
Proceed (fka Counsel Press)
A national provider of tech-enabled litigation support services.
8.23% Term Loan due 03/31/2032 (SOFR + 4.500%) (G)			$	1,494,573					03/11/26						1,044,485						1,046,808
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.
9.92% (4.600% PIK) Term Loan due 07/18/2029 (SOFR + 6.250%) (G)			$	759,377					07/18/23						692,401						582,745
Limited Liability Company Unit (B)			32 uts.						07/18/23						32,000						—
Common Stock (B)			3 shs.						05/28/26						1,928						1,928
															726,329						584,673
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.
9.24% Term Loan due 03/06/2028 (SOFR + 5.250%)			$	666,434					03/06/19						665,068						666,434
ProfitOptics
A software development and consulting company that delivers solutions via its proprietary software development platform, Catalyst.
8.75% Incremental Term Loan due 03/15/2028 (SOFR + 5.000%)			$	638,823					09/02/25						635,006						635,182
8.74% Term Loan due 03/15/2028 (SOFR + 5.000%) (G)			$	927,145					03/01/22						629,275						629,070
8.00% Senior Subordinated Note due 03/15/2029			$	32,258					03/01/22						32,258						31,226
Limited Liability Company Unit (B)			96,774 uts.						03/01/22						64,516						179,032
															1,361,055						1,474,510
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.
8.65% Senior Term Loan due 02/06/2032 (SOFR + 5.000%) (G)			$	997,485					02/06/25						781,207						784,501

See Notes to Consolidated Financial Statements 25

---

Consolidated Schedule of Investments     (Continued) Barings Participation Investors

June 30, 2026

(Unaudited)

Corporate Restricted Securities - 113.29%: (A)			Principal Amount, Shares, Units or Ownership  Percentage						Acquisition Date						Cost						Fair Value
Private Placement Investments - 96.15%: (C)
Randy's Worldwide
A designer and distributor of automotive aftermarket parts serving the repair/replacement, off-road and racing/performance segments.
8.64% First Lien Term Loan due 11/01/2029 (SOFR + 5.000%) (G)			$	189,902					11/01/22						$	170,638					$	171,795
8.64% Term Loan due 11/01/2029 (SOFR + 5.000%) (G)			$	446,192					12/18/25						85,213						85,401
Limited Liability Company Unit Class A (B)			54 uts.						11/01/22						5,400						6,626
															261,251						263,822
RapidAir
An asset‐light manufacturer of branded compressed air products, including fittings, accessories, aluminum piping, filtration, and other adjacent products/services.
8.44% Senior Term Loan due 10/15/2030 (SOFR + 4.750%) (G)			$	544,687					10/15/24						292,872						295,172
Common Stock (B)			30 shs.						10/15/24						30,000						29,834
															322,872						325,006
Real Chemistry
A leading pure-play, tech-enabled analytical marketing agency in the U.S primarily serving the pharmaceutical and healthcare industry.
8.23% Term Loan due 04/12/2032 (SOFR + 4.500%) (G)			$	500,000					04/11/25						376,583						373,379
Recovery Point Systems, Inc.
A provider of IT infrastructure, colocation and cloud based resiliency services.
9.58% Term Loan due 02/14/2028 (SOFR + 5.750%)			$	1,278,514					08/12/20						1,275,456						1,278,515
Limited Liability Company Unit (B) (F)			21,532 uts.						03/05/21						21,532						12,919
															1,296,988						1,291,434
Renovation Brands (Renovation Parent Holdings, LLC)
A portfolio of seven proprietary brands that sell various home improvement products primarily through the e-Commerce channel.
8.76% Term Loan due 11/15/2027 (SOFR + 5.000%)			$	929,612					11/15/21						924,293						929,612
Limited Liability Company Unit (B)			40,479 uts.						09/29/17						40,479						45,741
															964,772						975,353
Rightsline Software
Provides rights & royalties management software for rights acquirers and distributors across the media & entertainment (58% of revenue), consumer (15%), publishing (14%), and five other end markets (12%).
9.14% Term Loan due 06/10/2032 (SOFR + 5.500%) (G)			$	2,250,000					06/10/26						1,295,674						1,295,404
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.
8.89% Term Loan due 05/19/2031 (SOFR + 5.250%) (G)			$	1,714,460					05/19/25						1,379,483						1,382,924
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.
10.41% Term Loan due 12/29/2028 (SOFR + 6.750%) (G)			$	646,396					12/30/22						626,464						602,460

See Notes to Consolidated Financial Statements 26

---

Consolidated Schedule of Investments     (Continued) Barings Participation Investors

June 30, 2026

(Unaudited)

Corporate Restricted Securities - 113.29%: (A)			Principal Amount, Shares, Units or Ownership  Percentage						Acquisition Date						Cost						Fair Value
Private Placement Investments - 96.15%: (C)
Rock Labor
A provider of live entertainment event labor in the United States.
9.16% Term Loan due 09/14/2029 (SOFR + 5.500%) (G)			$	395,523					09/14/23						$	331,321					$	337,656
Limited Liability Company Unit (B) (F)			12,266 uts.						09/14/23						65,676						55,442
															396,997						393,098
ROI Solutions
Call center outsourcing and end user engagement services provider.
8.98% Term Loan due 10/03/2029 (SOFR + 5.250%) (G)			$	1,412,603					10/03/24						1,014,255						913,086
RPX Corp
A provider of subscription services that help member companies mitigate the risk of patent disputes and reduce the cost of patent litigation.
9.14% Term Loan due 08/02/2030 (SOFR + 5.500%) (G)			$	2,466,281					08/02/24						2,189,044						2,189,577
SafeEdge Solutions
Designs, installs, services, and monitors security and fire & life safety systems including access controls, fire alarms/doors, and video surveillance for commercial and institutional customers.
8.36% Term Loan due 05/07/2032 (SOFR + 4.750%) (G)			$	1,259,423					05/08/26						905,074						904,763
Safety Products Holdings, Inc.
A manufacturer of highly engineered safety cutting tools.
8.17% Term Loan due 12/16/2028 (SOFR + 4.500%)			$	2,203,505					*						2,197,315						2,203,505
Common Stock (B)			30 shs.						12/16/20						29,900						47,353
* 12/15/20 and 07/24/24															2,227,215						2,250,858
Sandvine Corporation
A provider of active network intelligence solutions.
Class A Units (B) (I)			688 shs.						06/28/24						—						—
Class B Units (B) (I)			31,364 shs.						06/28/24						—						—
															—						—
Sara Lee Frozen Foods
A provider of frozen bakery products, desserts and sweet baked goods.
8.81% First Lien Term Loan due 07/30/2027 (SOFR + 5.000%)			$	1,422,125					05/29/26						1,390,631						1,375,195
SBP Holdings
A specialty product distribution platform which provides mission-critical products, services, and technical expertise across industrial rubber and fluid power segments.
8.64% Term Loan due 03/27/2028 (SOFR + 5.000%) (G)			$	1,954,078					03/27/23						1,179,864						1,193,682
Scaled Agile, Inc.
A provider of training and certifications for IT professionals focused on software development.
9.28% (3.75% PIK) Term Loan due 12/15/2028 (SOFR + 5.500%) (D)			$	1,507,153					12/16/21						1,496,898						654,105

See Notes to Consolidated Financial Statements 27

---

Consolidated Schedule of Investments     (Continued) Barings Participation Investors

June 30, 2026

(Unaudited)

Corporate Restricted Securities - 113.29%: (A)			Principal Amount, Shares, Units or Ownership  Percentage						Acquisition Date						Cost						Fair Value
Private Placement Investments - 96.15%: (C)
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.
8.67% First Lien Term Loan due 04/25/2030 (SOFR + 5.000%) (G)			$	493,950					04/25/25						$	433,948					$	433,928
12.17% Second Lien Term Loan due 04/25/2030 (SOFR + 8.500%)			$	442,742					04/25/25						429,230						429,194
															863,178						863,122
SEKO Worldwide, LLC
A third-party logistics provider of ground, ocean, air and home delivery forwarding services.
13.67% PIK Term Loan due 05/27/2030 (SOFR + 10.000%)			$	599,743					11/27/24						598,037						432,056
14.17% (9.50% PIK) Term Loan due 11/27/2029 (SOFR + 10.500%) (G)			$	57,591					11/10/25						53,136						53,136
Common Stock (B)			184 shs.						11/27/24						808,118						—
															1,459,291						485,192
Smartling, Inc.
A provider in SaaS-based translation management systems and related translation services.
8.14% Term Loan due 10/22/2032 (SOFR + 4.500%) (G)			$	1,722,210					10/24/25						1,146,887						1,149,603
smartShift Technologies
A provider of technology-enabled services for the SAP ERP ecosystem.
8.69% Term Loan due 09/01/2029 (SOFR + 5.000%) (G)			$	1,468,369					09/01/23						1,280,975						1,300,356
Common Stock (B)			29 shs.						09/01/23						29,000						59,309
															1,309,975						1,359,665
Sonicwall
A provider of network security (i.e. firewall products) primarily focused on the SMB market.
9.23% Incremental Term Loan due 04/26/2030 (SOFR + 5.500%)			$	957,453					06/26/26						945,113						367,021
9.23% Term Loan due 04/26/2030 (SOFR + 5.500%)			$	173,954					07/23/26						164,988						172,214
															1,110,101						539,235
SPATCO Energy Solutions, LLC
A provider of mission-critical services to maintain, test, inspect, certify, and install fueling station infrastructure.
8.67% Term Loan due 07/23/2030 (SOFR + 5.000%) (G)			$	1,665,262					07/23/24						1,351,491						1,325,729
Limited Liability Company Unit (B) (F)			49,308 uts.						*						49,444						42,898
* 07/23/24, 06/30/25 and 02/13/26															1,400,935						1,368,627
SRS Acquiom
A leading tech-enabled platform providing end-to-end transaction services to clients engaged in the M&A and private credit markets.
8.38% Term Loan due 01/14/2032 (SOFR + 4.750%) (G)			$	686,656					01/14/26						556,866						557,370

See Notes to Consolidated Financial Statements 28

---

Consolidated Schedule of Investments     (Continued) Barings Participation Investors

June 30, 2026

(Unaudited)

Corporate Restricted Securities - 113.29%: (A)			Principal Amount, Shares, Units or Ownership  Percentage						Acquisition Date						Cost						Fair Value
Private Placement Investments - 96.15%: (C)
Stackline
An e-commerce data company that tracks products sold through online retailers.
11.38% Senior PIK Note due 07/30/2028 (SOFR + 7.750%)			$	2,816,407					07/01/21						$	2,806,411					$	2,816,407
Common Stock (B)			1,340 shs.						07/30/21						42,078						65,794
															2,848,489						2,882,201
Standard Elevator Systems
A scaled manufacturer of elevator components combining four elevator companies, Standard Elevator Systems, EMI Porta, Texacone, and ZZIPCO.
9.14% Term Loan due 12/02/2029 (SOFR + 5.500%) (G)			$	639,091					04/04/24						555,636						555,635
Common Stock (B) (F)			718,135 shs.						05/12/26						358,517						351,886
Preferred Stock (B) (F)			277,200 shs.						05/12/26						277,200						282,744
															1,191,353						1,190,265
Stratus Unlimited
A nationwide provider of brand implementation services, including exterior and interior signage, refresh and remodel, and facility maintenance and repair.
9.26% Term Loan due 06/30/2027 (SOFR + 5.500%)			$	905,654					06/30/21						902,456						847,692
9.01% Incremental Term Loan due 06/30/2027 (SOFR + 5.250%)			$	411,409					06/10/24						409,732						383,433
Limited Liability Company Unit (B)			75 uts.						06/30/21						74,666						43,458
															1,386,854						1,274,583
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.).
Limited Liability Company Unit (B) (F)			311,881 uts.						05/22/23						311,881						533,317
Swoop
Swoop is a provider of marketing data and engagement technology to the biopharma industry.
8.23% Term Loan due 04/12/2032 (SOFR + 4.500%) (G)			$	500,000					04/11/25						377,350						378,788
Tank Holding
A manufacturer of proprietary rotational molded polyethylene and steel storage tanks and containers.
9.49% Term Loan due 03/31/2028 (SOFR + 5.750%) (G)			$	944,200					03/31/22						884,420						871,107
9.74% Incremental Term Loan due 03/31/2028 (SOFR + 6.000%)			$	220,833					05/22/23						218,446						209,129
															1,102,866						1,080,236
TAPCO Buyer LLC
A leading manufacturer, distributor, service provider and software provider of intelligent transportations safety systems in North America.
8.73% Term Loan due 11/15/2030 (SOFR + 5.000%) (G)			$	2,213,078					11/15/24						1,511,423						1,512,860
Common Stock (B) (F)			23 shs.						*						24,529						29,554
* 11/15/24 and 08/20/25															1,535,952						1,535,952

See Notes to Consolidated Financial Statements 29

---

Consolidated Schedule of Investments     (Continued) Barings Participation Investors

June 30, 2026

(Unaudited)

Corporate Restricted Securities - 113.29%: (A)			Principal Amount, Shares, Units or Ownership  Percentage						Acquisition Date						Cost						Fair Value
Private Placement Investments - 96.15%: (C)
Team Air (Swifty Holdings LLC)
A leading HVAC wholesale distributor headquartered in Nashville, Tennessee.
14.00% Senior Subordinated Note due 05/25/2028 (D)			$	1,117,916					05/01/23						$	1,110,059					$	1,013,949
14.00% Senior Subordinated Note due 05/25/2028 (D)			$	217,372					08/01/24						215,326						197,157
14.00% Senior Subordinated Note due 05/25/2028 (D)			$	66,247					12/02/24						65,568						60,086
Common Stock (B)			253,586 shs.						05/01/23						236,878						83,544
Limited Liability Company Unit (B) (F)			891,204 uts.						05/01/23						901,631						—
															2,529,462						1,354,736
Tencarva Machinery Company
A distributor of mission critical, engineered equipment, replacement parts and services in the industrial and municipal end-markets.
8.63% Senior Term Loan due 12/20/2027 (SOFR + 4.750%) (G)			$	1,926,713					12/20/21						1,596,947						1,590,827
8.63% Term Loan due 12/20/2027 (SOFR + 4.750%) (G)			$	540,232					01/02/25						329,350						329,316
															1,926,297						1,920,143
Terrybear
A designer and wholesaler of cremation urns and memorial products for people and pets.
10.00% (4.00% PIK) Term Loan due 04/29/2028 (D)			$	1,034,086					04/01/22						1,025,506						573,918
Limited Liability Company Unit (B) (F)			84,038 uts.						10/14/21						823,577						—
															1,849,083						573,918
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.
8.14% Senior Term Loan due 12/22/2028 (SOFR + 4.500%) (G)			$	1,213,751					05/21/25						723,546						724,287
8.14% Term Loan due 12/22/2028 (SOFR + 4.500%) (G)			$	527,974					12/22/21						331,772						331,498
															1,055,318						1,055,785
The Hilb Group, LLC
An insurance brokerage platform that offers insurance and benefits programs to middle-market companies throughout the Eastern seaboard.
8.39% Term Loan due 10/31/2031 (SOFR + 4.750%) (G)			$	775,994					10/31/24						673,906						676,326
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.						04/01/22						25,641						60,513
Thibaut
A leading designer and supplier of premium branded wallpaper, fabrics, rugs and other design items targeted towards luxury interior designers focused on residential homes.
8.64% Term Loan due 05/12/2033 (SOFR + 5.000%) (G)			$	1,000,000					05/12/26						808,481						808,286

See Notes to Consolidated Financial Statements 30

---

Consolidated Schedule of Investments     (Continued) Barings Participation Investors

June 30, 2026

(Unaudited)

Corporate Restricted Securities - 113.29%: (A)			Principal Amount, Shares, Units or Ownership  Percentage						Acquisition Date						Cost						Fair Value
Private Placement Investments - 96.15%: (C)
Tipco Technologies
A fluid solution supplier for industrial, hydraulic and high-purity applications.
8.98% Term Loan due 12/03/2029 (SOFR + 5.250%) (G)			$	576,294					09/03/24						$	539,939					$	540,270
8.98% Incremental Term Loan due 12/03/2029 (SOFR + 5.250%) (G)			$	111,108					09/02/25						54,413						54,456
															594,352						594,726
Trident Technologies
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.
9.33% (2.00% PIK) Term Loan due 02/26/2027 (SOFR + 5.500%)			$	1,735,074					02/26/21						1,694,079						1,492,164
Turnberry Solutions, Inc.
A provider of technology consulting services.
9.81% Term Loan due 03/02/2028 (SOFR + 6.000%)			$	1,551,604					07/30/21						1,546,971						1,525,227
UHY LLP
A top 30 US CPA firm providing tax, audit and consulting advisory services primarily to middle market customers.
8.42% Term Loan due 11/21/2031 (SOFR + 4.750%) (G)			$	1,953,643					11/22/24						1,466,478						1,481,527
Unosquare
A provider of outsourced digital engineering and software development services for the banking, financial services, insurance, life sciences, and high-tech industries.
8.39% Term Loan due 06/02/2031 (SOFR + 4.750%) (G)			$	602,953					06/02/25						351,473						328,140
Limited Liability Company Unit (B) (F)			15,278 uts.						06/02/25						15,278						8,403
															366,751						336,543
U.S. Legal Support, Inc.
A provider of court reporting, record retrieval and other legal supplemental services.
9.06% Term Loan due 06/01/2027 (SOFR + 5.250%)			$	2,455,306					*						2,451,193						2,441,557
* 11/30/18 and 10/10/24
VB Spine
A top-5 producer of spinal implants and devices used in fusion and non-fusion spinal surgeries.
8.73% Term Loan due 04/01/2030 (SOFR + 5.000%)			$	1,614,477					04/01/25						1,568,145						1,566,043
Common Stock (B) (I)			26,485 shs.						03/31/25						—						—
															1,568,145						1,566,043
Vesta Foodservice
A specialty foodservice distributor on the West Coast with a focus on fresh produce, dairy, grocery/other and value-added produce.
8.19%Term Loan due 04/01/2033 (SOFR + 4.500%) (G)			$	1,535,243					04/01/26						1,070,622						1,071,304

See Notes to Consolidated Financial Statements 31

---

Consolidated Schedule of Investments     (Continued) Barings Participation Investors

June 30, 2026

(Unaudited)

Corporate Restricted Securities - 113.29%: (A)			Principal Amount, Shares, Units or Ownership  Percentage						Acquisition Date						Cost						Fair Value
Private Placement Investments - 96.15%: (C)
VitalSource
A provider of digital fulfillment software for the higher education sector.
8.16% Term Loan due 06/03/2030 (SOFR + 4.500%) (G)			$	1,569,882					06/01/21						$	1,524,845					$	1,529,222
8.16% Incremental Term Loan due 06/03/2030 (SOFR + 4.500%)			$	74,413					04/21/25						73,843						73,974
Limited Liability Company Unit (B)			1,891 uts.						06/01/21						18,909						68,280
															1,617,597						1,671,476
Warner Pacific Insurance Services
A wholesale insurance broker focused on employee benefits.
8.76% Term Loan due 12/27/2027 (SOFR + 5.000%) (G)			$	1,340,139					08/01/23						910,003						918,397
8.83% Senior Term Loan due 12/27/2027 (SOFR + 5.000%)			$	160,419					12/27/21						159,416						160,419
															1,069,419						1,078,816
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.						08/03/15						370,241						—
Whitcraft Holdings, Inc.
A leading supplier of highly engineered components for commercial and military aircraft engines.
8.73% Term Loan due 09/30/2031 (SOFR + 5.000%) (G)			$	1,347,260					02/15/23						1,169,263						1,184,288
8.73% Incremental Term Loan due 09/30/2031 (SOFR + 5.000%) (G)			$	372,220					09/30/25						113,186						114,954
Limited Liability Company Unit (B)			4,206 uts.						02/15/23						42,058						101,780
															1,324,507						1,401,022
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).
8.43% Term Loan due 04/19/2032 (SOFR + 4.750%) (G)			$	609,980					04/17/25						479,545						423,028
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.
9.06% Term Loan due 12/29/2028 (SOFR + 5.250%) (G)			$	1,370,699					12/01/21						1,256,832						1,254,920
9.06% Senior Term Loan due 12/29/2028 (SOFR + 5.250%)			$	240,845					03/05/25						238,547						238,990
9.06% Incremental Term Loan due 12/29/2028 (SOFR + 5.250%)			$	89,761					04/09/24						88,902						89,070
Limited Liability Company Unit (B) (F)			146 uts.						09/29/17						145,803						172,000
Preferred Stock (B) (F)			32 shs.						04/05/24						50,142						58,259
Common Stock (B) (F)			10 shs.						03/05/25						17,166						17,152
															1,797,392						1,830,391
World 50, Inc.
A provider of exclusive peer-to-peer networks for C-suite executives at leading corporations.
8.17% Term Loan due 03/22/2030 (SOFR + 4.500%) (G)			$	1,682,222					03/22/24						1,577,403						1,598,275

See Notes to Consolidated Financial Statements 32

---

Consolidated Schedule of Investments     (Continued) Barings Participation Investors

June 30, 2026

(Unaudited)

Corporate Restricted Securities - 113.29%: (A)			Principal Amount, Shares, Units or Ownership  Percentage						Acquisition Date						Cost						Fair Value
Private Placement Investments - 96.15%: (C)
Worldwide Electric Corporation
Develops, produces, and distributes electric motors, gear reducers, motor controls, generators, and frequency converters.
8.98% Term Loan due 10/03/2028 (SOFR + 5.250%) (G)			$	969,099					10/03/22						$	835,765					$	840,999
Ziyad
An end-to-end importer, brand manager, value-added processor, and distributor of Middle Eastern and Mediterranean foods.
8.18% First Term Loan due 12/20/2032 (SOFR + 4.500%) (G)			$	831,478					12/19/25						560,127						560,992
Common Stock (B)			34 shs.						12/19/25						34,000						27,872
															594,127						588,864
Total Private Placement Investments (E)															$	168,618,620					$	164,063,712

See Notes to Consolidated Financial Statements 33

---

Consolidated Schedule of Investments     (Continued) Barings Participation Investors

June 30, 2026

(Unaudited)

Corporate Restricted Securities - 111.56%: (A)			Interest Rate						Maturity Date						Principal Amount						Cost						Market Value
Rule 144A Securities - 17.15%: (H)
Corporate Bonds - 3.58%
Bausch Health Companies Inc.			10.000						04/15/2032						$	500,000					$	514,209					$	506,418
Cable & Wireless Comm Limited			9.000						01/15/2033						500,000						517,669						504,978
Citrix			6.625						08/15/2033						2,000,000						1,982,713						1,733,984
CSC Holdings LLC			5.000						11/15/2031						625,000						556,027						145,313
Digicel			8.625						08/01/2032						322,000						332,044						331,861
LBM			9.500						06/15/2031						226,000						224,968						200,396
Liberty Cablevision of Puerto Rico (J)			6.750						10/15/2027						447,000						430,956						254,735
Novolex Holdings, Inc			8.750						04/15/2030						500,000						495,916						493,204
Staples			10.750						09/01/2029						750,000						734,801						715,461
Terrier Media Buyer, Inc.			8.875						12/15/2027						428,000						422,625						313,258
Wilsonart			11.000						08/15/2032						750,000						741,402						607,604
Zayo Group			9.250						03/09/2030						295,075						289,052						294,706
Total Bonds																					7,242,382						6,101,918
Common Stock - 13.57%
Madison Air Solutions Corporation (B) (K)															698,323 shs						2,298,574						23,149,408
TherOX, Inc. (B)															2 shs						—						—
Touchstone Health Partnership (B)															292 shs						—						—
Total Common Stock																					2,298,574						23,149,408
Total Rule 144A Securities																					$	9,540,956					$	29,251,326
Total Corporate Restricted Securities																					$	178,159,576					$	193,315,038

 

See Notes to Consolidated Financial Statements 34

---

Consolidated Schedule of Investments     (Continued) Barings Participation Investors

June 30, 2026

(Unaudited)

Corporate Public Securities - 4.63%: (A)			LIBOR Spread						Interest Rate						Maturity Date						Principal Amount						Cost						Market Value
Bank Loans - 3.61%
AL GCX Fund VII			2.250						5.863						12/17/32						$	615,741					$	614,310					$	615,519
Bausch Health Companies Inc.			6.250						9.894						10/08/30						1,561,955						1,533,214						1,512,894
BMC Software			5.750						9.413						07/30/32						1,000,000						990,417						853,330
Cornerstone OnDemand			3.750						7.508						10/16/28						925,148						808,979						585,156
Fidelis (C)			4.750						8.425						08/21/31						985,000						981,284						981,257
Imperial Dade			3.500						7.144						12/29/32						536,084						530,164						528,938
OneSky Flight, LLC			2.750						6.387						02/17/33						576,923						574,181						578,187
Prince			5.500						9.149						04/30/30						—						(51,935)						—
Versant Media Group			3.500						7.232						01/30/31						500,000						500,000						500,895
Total Bank Loans																											6,480,614						6,156,176
Corporate Bonds - 1.02%
Norwegian Cruise Line Holdings			—						6.250						09/15/33						500,000						496,462						485,584
OneMain Finance Corp			—						6.750						09/15/33						301,000						301,000						297,971
Perrigo			—						6.125						09/30/32						504,000						490,705						481,374
Sabre Global			—						11.125						07/15/30						500,000						477,629						479,620
Total Bonds																											1,765,796						1,744,549
Total Corporate Public Securities																											$	8,246,410					$	7,900,725
Total Investments									117.92		%																$	186,405,986					$	201,215,763
Other Assets									4.81																								8,210,840
Liabilities									(22.73)																								(38,782,090)
Total Net Assets									100.00		%																						$	170,644,513

(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, 2026, the value of these securities amounted to $164,063,712 or 96.15% of net assets.

(F)    Held in PI Subsidiary Trust.

(G)    A portion of these securities contain unfunded commitments. As of June 30, 2026, total unfunded commitments amounted to $26,719,479 and had unrealized depreciation of $(26,205) or (0.02)% 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.

(J) Foreign security.

(K) On April 15, 2026, Madison Air Solutions Corporation completed an initial public offering and began trading on the NYSE (ticker MAIR). In connection with the initial public offering, the Trust exchanged its units of Madison IAQ Holdings II LLC for unregistered common shares of Madison Air Solutions Corporation. The shares are subject to a six-month lock-up period through October 15, 2026.

PIK - Payment-in-kind

SOFR - Secured Overnight Financing Rate

See Notes to Consolidated Financial Statements 35

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Consolidated Schedule of Investments     (Continued) Barings Participation Investors

June 30, 2026

(Unaudited)

Distributions of investments by country of risk. Percentage of assets are expressed by market value excluding cash and foreign currency as of June 30, 2026.

United States of America			99.4		%
Individually less than 1%			0.6		%
			100.0		%

See Notes to Consolidated Financial Statements 36

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Consolidated Schedule of Investments     (Continued) Barings Participation Investors

June 30, 2026

(Unaudited)

Industry Classification:			Fair Value/ Market Value
AEROSPACE & DEFENSE - 6.00%
Accurus Aerospace			$	702,580
Applied Aerospace Structures Corp.			1,077,880
Bridger Aerospace			212,620
Compass Precision			2,705,367
CTS Engines			2,001,524
Mission Microwave			653,138
Trident Technologies			1,492,164
Whitcraft Holdings, Inc.			1,401,022
			10,246,295
AIRLINES - 0.39%
Echo Logistics			83,287
OneSky Flight, LLC			578,187
			661,474
AUTOMOTIVE - 3.18%
Aurora Parts & Accessories LLC (d.b.a Hoosier)			286,544
BBB Industries LLC			456,344
EFC International			1,299,100
Omega Holdings			524,171
Onsite Dealer Solutions			692,078
Randy's Worldwide			263,822
SPATCO Energy Solutions, LLC			1,368,627
SVI International, Inc.			533,317
			5,424,003
BROKERAGE, ASSET MANAGERS & EXCHANGES - 1.02%
The Caprock Group (aka TA/TCG Holdings, LLC)			1,055,785
The Hilb Group, LLC			676,326
			1,732,111
BUILDING MATERIALS - 0.79%
LBM			200,396
Lockmasters Incorporated			536,158
Wilsonart			607,604
			1,344,158
CABLE & SATELLITE - 0.53%
CSC Holdings LLC			145,313
Liberty Cablevision of Puerto Rico			254,735
Versant Media Group			500,895
			900,943
CAPITAL GOODS - 1.13%
GME Supply			1,148,077
Metallizing Service Company			787,639
			1,935,716

Industry Classification:			Fair Value/ Market Value
CHEMICALS - 1.75%
Americo Chemical Products			$	1,242,929
Goodyear Chemical			962,225
Polytex Holdings LLC			774,786
			2,979,940
COMMUNICATIONS - 0.44%
Learfield Communications			755,839
CONSUMER CYCLICAL SERVICES - 5.81%
CEC Entertainment Inc			339,116
Expert Institute Group			152,549
LYNX Franchising			2,358,466
Magnolia Wash Holdings (Express Wash Acquisition Company, LLC)			363,554
Main Line Commercial Pools			486,584
Mobile Pro Systems			1,330,164
ROI Solutions			913,086
Staples			715,461
Swoop			378,788
Team Air (Swifty Holdings LLC)			1,354,736
Turnberry Solutions, Inc.			1,525,227
			9,917,731
CONSUMER INDUSTRIAL - 0.90%
TAPCO Buyer LLC			1,542,414
CONSUMER NON-CYCLICAL - 0.59%
Midwest Products and Engineering, LLC			196,376
Thibaut			808,286
			1,004,662
CONSUMER PRODUCTS - 1.82%
Handi Quilter Holding Company (Premier Needle Arts)			85,788
Ice House America			993,756
Perrigo			481,374
Renovation Brands (Renovation Parent Holdings, LLC)			975,353
Terrybear			573,918
			3,110,189
CORPORATE INDUSTRIAL - 0.28%
Sabre Global			479,620

See Notes to Consolidated Financial Statements 37

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Consolidated Schedule of Investments     (Continued) Barings Participation Investors

June 30, 2026

(Unaudited)

Industry Classification:			Fair Value/ Market Value
DIVERSIFIED MANUFACTURING - 4.10%
Accelevation			$	200,628
HTI Technology & Industries Inc.			851,946
Process Insights Acquisition, Inc.			584,673
Safety Products Holdings, Inc.			2,250,858
Standard Elevator Systems			1,190,265
Tank Holding			1,080,236
Worldwide Electric Corporation			840,999
			6,999,605
ELECTRIC - 3.16%
Cascade Services			1,402,592
Dwyer Instruments, Inc.			1,657,589
Franklin Energy			677,952
Pro Vision			755,181
SafeEdge Solutions			904,763
			5,398,077
ENVIRONMENTAL - 1.34%
ENTACT Environmental Services, Inc.			921,812
Northstar Recycling			1,364,607
			2,286,419
FINANCE COMPANIES - 0.37%
Forge			335,034
OneMain Finance Corp			297,971
			633,005
FINANCIAL OTHER - 3.68%
Bishop Street Underwriters			635,076
Coduet Royalty Holdings, LLC			110,331
Cogency Global			1,838,876
Ethos Risk Services			244,108
Fidelis			981,257
Merchant Industry			427,714
SRS Acquiom			557,370
UHY LLP			1,481,527
			6,276,259
FOOD & BEVERAGE - 3.25%
California Custom Fruits & Flavors			328,651
PANOS Brands LLC			353,907
Sara Lee Frozen Foods			1,375,195
Vesta Foodservice			1,071,304
Woodland Foods, Inc.			1,830,391
Ziyad			588,864
			5,548,312

Industry Classification:			Fair Value/ Market Value
HEALTHCARE - 8.20%
Cadence, Inc.			$	1,715,833
Cloudbreak			2,136,060
Dane Street LLC			404,351
GCDL Holdings LLC			1,584,669
Heartland Veterinary Partners			2,716,034
HemaSource, Inc.			1,229,215
Home Care Assistance, LLC			703,716
Illumifin			396,254
Innovia Medical			467,865
Navia Benefit Solutions, Inc.			1,409,137
Parkview Dental Partners			849,761
Real Chemistry			373,379
			13,986,274
HEALTH INSURANCE - 0.63%
Warner Pacific Insurance Services			1,078,816
INDUSTRIAL ENERGY MIDSTREAM - 0.36%
AL GCX Fund VII			615,519
INDUSTRIAL OTHER - 29.15%
Accredited Labs			126,994
American Roller Company			1,221,135
Application Bootcamp LLC			1,112,409
BKF Engineers			816,088
Caldwell & Gregory LLC			1,518,669
Coker			1,096,670
Concept Machine Tool Sales, LLC			569,478
Door & Window Guard Systems			436,655
Electric Equipment and Engineering			1,850,510
Guardian Fire Services			408,548
Imperial Dade			528,938
IMS Legal Strategies			830,107
Kanawha Scales and Systems			478,812
LaunchPad Home Group			1,192,085
Madison Air Solutions Corporation			23,149,408
Media Recovery, Inc.			942,905
Momentum Group			589,037
MSI Express			510,604
Nationwide Legal			524,351
ORS Nasco			578,951
Polara (VSC Polara LLC)			1,020,857
Proceed (fka Counsel Press)			1,078,874
ProcessBarron (Process Equipment, Inc. / PB Holdings, LLC)			666,434
RapidAir			325,006

See Notes to Consolidated Financial Statements 38

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Consolidated Schedule of Investments     (Continued) Barings Participation Investors

June 30, 2026

(Unaudited)

Industry Classification:			Fair Value/ Market Value
SBP Holdings			$	1,193,682
Stratus Unlimited			1,274,583
Tencarva Machinery Company			1,920,143
Tipco Technologies			594,726
VB Spine			1,566,043
World 50, Inc.			1,598,275
			49,720,977
LEISURE- 0.28%
Norwegian Cruise Line Holdings			485,169
LOCAL AUTHORITY - 0.84%
LeadsOnline			1,440,808
MEDIA & ENTERTAINMENT - 6.00%
Advantage Software			26,339
ASC Communications, LLC (Becker's Healthcare)			1,478,612
BrightSign			1,840,843
DistroKid (IVP XII DKCo-Invest,LP)			2,137,518
Music Reports, Inc.			1,310,950
RKD Group			1,382,924
Rock Labor			393,098
Screenvision Media			863,122
Terrier Media Buyer, Inc.			313,258
The Octave Music Group, Inc. (fka TouchTunes)			60,513
Wilson Language Training			423,028
			10,230,205
PACKAGING - 2.10%
Brown Machine LLC			681,077
Buske Logistics Inc			333,665
Diversified Packaging			1,580,874
Five Star Holding, LLC			501,228
Novolex Holdings, Inc			493,204
			3,590,048
PHARMACEUTICALS - 1.18%
Bausch Health Companies Inc.			2,019,312
PROPERTY & CASUALTY - 1.06%
Pearl Holding Group			1,801,583

Industry Classification:			Fair Value/ Market Value
TECHNOLOGY - 23.86%
ABC Legal Services			$	312,406
Automated Financial Systems			395,402
Becklar			1,040,956
Best Lawyers (Azalea Investment Holdings, LLC)			1,660,396
Bitly			1,642,161
BMC Software			853,330
CAi Software			716,577
Cash Flow Management			1,189,469
Citrix			1,733,984
CloudOne Digital Corp			806,750
CloudWave			1,749,762
Cognito Forms			1,624,907
Coherus Biosciences			294,205
Command Alkon			32,348
Comply365			631,640
Cornerstone OnDemand			585,156
DataServ			23,687
EFI Productivity Software			803,099
Follett School Solutions			1,881,600
HaystackID			770,058
Heavy Construction Systems Specialists Inc.			507,202
Net at Work			1,355,733
Netrix			1,354,012
Newforma			664,587
ProfitOptics			1,474,510
Project Halo			784,501
Recovery Point Systems, Inc.			1,291,434
Rightsline Software			1,295,404
RPX Corp			2,189,577
Scaled Agile, Inc.			654,105
Smartling, Inc.			1,149,603
smartShift Technologies			1,359,665
Sonicwall			539,235
Stackline			2,882,201
Unosquare			336,543
U.S. Legal Support, Inc.			2,441,557
VitalSource			1,671,476
			40,699,238

See Notes to Consolidated Financial Statements 39

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Consolidated Schedule of Investments     (Continued) Barings Participation Investors

June 30, 2026

(Unaudited)

Industry Classification:			Fair Value/ Market Value
TELECOM - WIRELINE INTEGRATED & SERVICES - 0.30%
Cable & Wireless Comm Limited			504,978
TRANSPORTATION SERVICES - 3.07%
Argus Logistics			$	549,612
FragilePAK			1,101,937
Milestone Chassis Company			849,784
Pegasus Transtech Corporation			1,650,097
RoadOne IntermodaLogistics			602,460
SEKO Worldwide, LLC			485,192
			5,239,082
WIRELESS - 0.19%
Digicel			331,861
WIRELINES - 0.17%
Zayo Group			294,706
			294,706
Total Investments - 117.92%
(Cost - $186,405,986)			$	201,215,763

See Notes to Consolidated Financial Statements 40

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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 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 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) 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.

In 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. The effects of all internal transactions between the Trust and its wholly-owned subsidiary are eliminated in consolidation.

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 $164,063,712 (96.15% of net assets) and corporate public securities valued at $981,257 (0.58% of net assets) as of June 30, 2026, 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

41

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Barings Participation Investors

(Unaudited)

discount rates in the discounted cash flow analysis. A range of value will be provided by the valuation provider and the Adviser will 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, 2026, 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 (“adjusted EBITDA”) or the company's trailing twelve month revenue is multiplied by a valuation multiple.

42

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Barings Participation Investors

(Unaudited)

The Adjusted EBITDA or revenue valuation multiple is the primary significant unobservable input. Increases/ (decreases) to the company’s EBITDA or revenue 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 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 Trust’s consolidated financial statements. See “Segments” below for disclosure.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires the annual financial statements to include income taxes paid disaggregated by jurisdiction. The effective date for the amendments in ASU 2023-09 are for fiscal years beginning after December 15, 2025. Adoption is either with a prospective method or a fully retrospective method of transition. Early adoption is permitted. The Trust adopted the aforementioned guidance and it did not have a material impact on the Trust’s consolidated financial statements.

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, 2026.

43

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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, 2026 are as follows:

 

Assets:			Total			Level 1			Level 2			Level 3
Corporate Restricted Securities
Private Placement Investments
Corporate Bonds			774,786			—			—			774,786
Bank Loans			152,699,141			—			—			152,699,141
Common Stock			3,996,495			—			—			3,996,495
Preferred Stock			950,999			—			—			950,999
Partnerships and LLCs			5,642,291						—			5,642,291
Rule 144A Securities
Corporate Bonds			6,101,918			—			6,101,918			—
Common Stock			23,149,408			—			23,149,408			—
Corporate Public Securities
Bank Loans			6,156,176			—			5,174,919			981,257
Corporate Bonds			1,744,549			—			1,744,549			—
Common Stock
Total			$	201,215,763		$	—		$	36,170,794		$	165,044,969

See information disaggregated by issuer, security type, and industry classification in the Consolidated Schedule of Investments.

44

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Barings Participation Investors

(Unaudited)

Quantitative Information about Level 3 Fair Value Measurements

The following table represents quantitative information about Level 3 fair value measurements as of June 30, 2026:

Fair Value

Valuation Model

Level 3 Inputs

Range of Inputs

Weighted Average*

Impact to Valuation from an Increase in Input

Corporate Restricted Securities

Private Placement Investments

Corporate Bonds

$

774,786

Market Approach

Revenue Multiple

0.2x

0.2x

Increase

Bank Loans

131,260,172

Yield Analysis

Market Yield

8.4% - 21.1%

10.9%

Decrease

4,774,148

Market Approach

Adjusted EBITDA Multiple

7.1x - 11.2x

8.3x

Increase

2,816,407

Market Approach

Revenue Multiple

6.5x

6.5x

Increase

13,848,414

Recent Transaction

Transaction Price

38.3% - 99.0%

97.2

Increase

Common Stock

110,331

Yield Analysis

Market Yield

27.0%

27.0%

Decrease

3,714,062

Market Approach

Adjusted EBITDA Multiple

6.0x - 16.8x

9.9x

Increase

65,794

Market Approach

Revenue Multiple

6.5x

6.5x

Increase

106,308

Recent Transaction

Transaction Price

$1.00 - $587.00

$11.63

Increase

Preferred Stock

212,620

Yield Analysis

Market Yield

12.2%

12.2%

Decrease

738,379

Market Approach

Adjusted EBITDA Multiple

8.3x - 12.5x

9.9x

Increase

Partnerships and LLCs

5,642,291

Market Approach

Adjusted EBITDA Multiple

0.3x - 21.0x

9.6x

Increase

—

Market Approach

Revenue Multiple

0.2x

0.2x

Increase

Corporate Public Securities

Bank Loans

981,257

Yield Analysis

Market Yield

10.0%

10.0%

Decrease

* The weighted averages disclosed in the table above were weighted by relative fair value.

45

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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 12/31/2025			Included in earnings			Purchases			Sales			Prepayments			Transfers into Level 3*			Transfers out of Level 3*			Ending balance at 06/30/2026
Corporate Restricted Securities
Private Placement Investments
Corporate Bonds			$	750,873		$	23,913		$	—		$	—		$	—		$	—		$	—		$	774,786
Bank Loans			141,884,124			(2,506,914)			25,197,767			(1,647,922)			(10,227,914)			—			—			152,699,141
Common Stock			3,741,678			122,220			298,144			(165,547)			—			—			—			3,996,495
Preferred Stock			819,328			342,000			—			(210,329)			—			—			—			950,999
Partnerships and LLCs			21,229,869			(26,759)			926			(516,047)			—						(15,045,698)			5,642,291
Corporate Public Securities
Bank Loans			1,725,831			316			—			—			(744,890)			—						981,257
			$	170,151,703		$	(2,045,224)		$	25,496,837		$	(2,539,845)		$	(10,972,804)		$	—		$	(15,045,698)		$	165,044,969

* For the six months ended June 30, 2026, transfers into and out of Level 3 were the result of changes in the observability of significant inputs for certain portfolio companies.

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 Operations						Change in Unrealized Appreciation / (Depreciation) in Net Assets from assets still held
OID Amortization			$	233,476					$—
Net realized loss on investments before taxes			248,554						-
Net change in unrealized appreciation (depreciation) of investments before taxes			(2,527,254)						(2,760,241)

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, 2026, the fair value of the Trust’s non-accrual assets was $3,274,001, or 1.6% of the total fair value of the Trust’s portfolio, and the cost of the Trust’s non-accrual assets was $4,977,542, or 2.7% 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

46

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Barings Participation Investors

(Unaudited)

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 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, 2026, the Trust held no PIK non-accrual assets.

Fee and Other Income

Origination, facility, commitment, consent and other advance fees received in connection with loan agreements (“Loan Origination Fees”) are recorded as deferred income and recognized as investment income over the term of the loan. Upon prepayment of a loan, any unamortized Loan Origination Fees are recorded as investment income. In the general course of its business, the Trust receives certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees and covenant waiver fees and amendment fees, and are recorded as investment income when earned. Other income includes royalty income received in connection with revenue participation rights which is recorded on an accrual basis in accordance with revenue participation right agreements and recognized as investment income over the term of the rights.

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, 2026, the PI Subsidiary Trust has incurred income tax expense of $6,279.

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, 2026, the PI Subsidiary Trust has a deferred tax asset of $71,098.

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.

47

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Barings Participation Investors

(Unaudited)

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 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

The Trust had the following borrowings outstanding as of June 30, 2026:

Borrowings			Issuance Date			Maturity Date			Interest rate as of June 30, 2026			December 31, 2025
Senior Fixed Rate Convertible Note			December 13, 2023			December 13, 2033			5.890		%	$	15,000,000
Floating Rate Loan			November 25, 2025			November 25, 2030			5.636		%	22,500,000
Credit Facility			December 13, 2023			December 13, 2028			—		%	$	—
												$	37,500,000

Senior Secured Indebtedness

MassMutual holds the Trust’s $15,000,000 Senior Fixed 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, 2026 the Trust incurred total interest expense on the Note of $442,125.

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%.

Floating Rate Loan

On November 25, 2025 (the "Effective Date"), MassMutual provided to the Trust, a five-year $22,500,000 floating rate loan (The "Loan"). The Loan is due on November 25, 2030 and bears interest at the rate of SOFR plus 2.00%. Deferred financing fees in the amount of $152,195 have been netted against the loan balance as presented on the Consolidated Statement of Assets & Liabilities at carrying value.

The average principal balance and interest rate for the period during which the Loan was utilized for the six months ended June 30, 2026, were approximately $22,500,000 and 5.70%, respectively. For six months ended June 30, 2026, the Trust incurred total interest expense on the Loan of $644,515.

48

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Barings Participation Investors

(Unaudited)

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 $111,147 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, 2026, was approximately $464,088 and 5.88%, respectively. For the six months ended June 30, 2026, the Trust incurred total interest expense on the Credit Facility of $13,716.

The aggregate average principal balance and interest rate of the Trust's borrowings (inclusive of the Note, Loan and credit facility)

three months ended June 30, 2026, was approximately $37,964,088 and 5.76%, respectively. As of June 30, 2026, the aggregate

principal balance of the Trust's borrowings was $37,500,000 at an average interest rate of 5.74%. For the six months ended June 30, 2026, the Trust incurred total interest expense of $1,100,357.

5. Purchases and Sales of Investments

			For the six months ended 06/30/2026
			Cost of Investments Acquired						Proceeds from Sales or Maturities
Corporate restricted securities			$	29,111,984					$	22,413,851
Corporate public securities			3,660,267						5,644,117

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 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.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Barings Participation Investors

(Unaudited)

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 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.

50

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Barings Participation Investors

(Unaudited)

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.

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Barings Participation Investors

(Unaudited)

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.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Barings Participation Investors

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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.

At June 30, 2026, the Trust had the following unfunded commitments:

Delayed Draw Term Loans			Unfunded Amount						Unfunded Value
ABC Legal Services Inc			$	95,023					$	95,179
Accelevation			22,222						22,117
Accredited Labs			574,116						574,637
American Roller Company LLC			249,628						249,628
Argus Logistics			567,655						572,829
Automated Financial Systems			782,386						783,461
Bishop Street Underwriter			433,533						433,737
BKF Engineers			239,533						239,601
BUSKE LOGISTICS INC			93,370						93,472
Caldwell & Gregory LLC			12,938						13,075
California Custom			63,907						64,405
Cash Flow Management / Kinective			5,776						5,763
Coker			102,340						102,457
CTS Engines LLC			220,768						220,742
Dane Street LLC			183,262						183,357
Ethos risk services			31,241						31,267
Expert Institute			154,480						155,732
GME Supply			73,422						73,548
Guardian Fire Services			256,439						256,714
HaystackID			152,277						152,275
HemaSource, Inc.			252,229						254,300
HTI Technology & Industries Inc.			102,273						101,275
Ice House America			163,225						160,116
IMS Legal Strategies			231,088						231,006
Kanawha Scales & Systems			376,949						377,400
LaunchPad Home Group			332,373						333,204
Learfield Communications, Inc.			85,093						85,091
Lockmasters Incorporated			118,575						118,931
Main Line Commercial Pools			579,123						578,879
Merchant Industry			126,881						127,081
Metallizing Service Company			380,642						380,500
Midwest Products and Engineering, Inc			51,195						51,174
MSI Express			135,409						131,771
Nationwide Legal			363,868						363,807
Navia Benefit Solutions Inc			111,628						111,738
Net at Work			225,933						228,559
New CAi			98,881						98,557
Onsite Dealer Solutions			806,552						807,630
Proceed			388,765						389,347
Project Halo			122,967						123,373

53

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Barings Participation Investors

(Unaudited)

Delayed Draw Term Loans			Unfunded Amount						Unfunded Value
Randy's Worldwide			$	357,132					$	357,283
Rapidair Compressed Air Products			163,983						164,676
Real Chemistry			42,762						42,423
Rightsline Software			661,765						661,685
RKD GROUP			189,174						189,554
ROI Solutions			201,719						187,275
SafeEdge Solutions			233,226						233,169
SBP Holdings			533,505						535,902
SEKO Worldwide, LLC			4,455						4,455
Smartling, Inc.			343,374						343,916
SPATCO Energy Solutions, LLC			137,500						135,373
Swoop			60,606						60,731
TAPCO Buyer LLC			506,691						506,875
Tencarva Machinery Company			206,865						206,852
The Caprock Group			481,817						482,111
The Forge Companies			490,060						490,455
The Hilb Group, LLC			32,854						32,956
Thibaut, Inc.			96,269						96,250
Tipco Technologies			64,783						64,810
UHY LLP			290,925						293,166
Unosquare			164,365						158,005
Vesta Foodservice			271,357						271,478
VitalSource			31,398						31,453
Warner Pacific Insurance Services			421,741						424,506
Whitcraft LLC			255,777						256,992
Wilson Language Training			34,224						31,053
Ziyad			157,345						157,509
			$	15,803,637					$	15,798,648

 

Revolvers			Unfunded Amount						Unfunded Value
ABC Legal Services Inc			$	86,650					$	86,754
Accelevation			35,197						35,615
Accurus Aerospace International UK Buyer			53,359						53,413
American Roller Company LLC			90,440						90,496
Americo Chemical Products			120,041						120,138
Applied Aerospace & Defense			65,919						65,959
Argus Logistics			68,030						68,407
ASC Communications, LLC			22,664						22,642
Automated Financial Systems			179,738						179,898
Becklar			103,058						103,233
Best Lawyers			110,577						111,190
Bitly Inc			65,094						65,138
BKF Engineers			308,687						309,041
BrightSign			33,551						33,637
BUSKE LOGISTICS INC			59,110						59,152
Caldwell & Gregory LLC			172,500						173,146

54

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Barings Participation Investors

(Unaudited)

Revolvers			Unfunded Amount						Unfunded Value
California Custom			$	55,093					$	55,473
Cascade Services			26,471						24,977
Cash Flow Management			75,372						75,381
Cloudbreak			152,778						147,857
CloudOne			180,488						180,729
Cogency Global			82,652						82,754
Cognito Forms			94,521						95,260
Coker			59,413						59,110
Comply365			38,682						38,872
Dane Street LLC			97,572						97,572
Door and Window Guard Systems			109,095						109,566
EFI Productivity Software			70,948						71,139
Ethos risk services			22,999						22,987
Expert Institute			83,058						83,760
Franklin Energy			60,437						57,798
Global Point Technology Group			40,909						40,217
GME Supply			110,041						110,166
Golden Ceramic Dental Lab			186,486						186,997
Guardian Fire Services			147,412						147,505
HaystackID			83,998						83,999
HemaSource, Inc.			194,784						197,555
Ice House America			14,414						13,991
Innovia Medical			36,193						36,248
Kanawha Scales & Systems			134,237						134,338
LaunchPad Home Group			207,000						207,337
LeadsOnline			224,512						224,692
Lockmasters Incorporated			50,872						50,799
Magnolia Wash Holdings			23,180						22,030
Media Recovery, Inc.			284,076						287,269
Merchant Industry			56,000						56,061
Mission Microwave			99,734						98,542
Momentum Group			54,042						53,986
MSI Express			42,145						42,111
Navia Benefit Solutions Inc			165,597						165,670
Net at Work			130,682						132,063
Netrix			253,703						251,663
New Cai			172,542						172,209
Newforma			39,776						36,753
Northstar Recycling			208,264						210,282
Omega Holdings			60,662						61,066
Onsite Dealer Solutions			134,202						134,316
ORS NASCO			67,428						67,428
Proceed			47,043						47,043
ProfitOptics			292,790						290,091
Project Halo			83,333						83,562
Pro-Vision			192,019						193,784
Randy's Worldwide			17,716						17,827

55

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Barings Participation Investors

(Unaudited)

Revolvers			Unfunded Amount						Unfunded Value
Rapidair Compressed Air Products			$	81,992					$	82,348
Real Chemistry			78,859						78,930
RKD GROUP			130,533						130,736
RoadOne IntermodaLogistics			10,970						10,808
Rock Labor			57,867						58,866
ROI Solutions			180,553						179,334
RPX Corp			252,041						252,479
SBP Holdings			162,503						163,169
Screenvision			52,464						52,462
Smartling, Inc.			212,528						212,745
smartShift Technologies			168,014						170,405
SPATCO Energy Solutions, LLC			204,986						206,126
SRS Acquiom			106,990						106,953
Standard Elevator Systems			99,407						74,810
SVI International, Inc.			111,386						112,842
Swoop			60,606						60,867
Synapse ITS			210,338						211,616
Tank Holding Corp			21,818						20,018
TAPCO Buyer LLC			201,121						201,193
Tencarva Machinery Company			321,435						320,305
The Caprock Group			193,150						193,044
The Forge Companies			98,012						97,989
The Hilb Group, LLC			63,323						63,492
Tipco Technologies			20,155						20,098
Top Tier Admissions			367,021						370,112
UHY LLP			112,287						113,192
Unosquare			79,696						77,618
Whitcraft LLC			205,028						206,453
Wilson Language Training			89,899						84,397
World 50, Inc.			83,947						85,058
Worldwide Electric Corporation			124,224						124,713
Ziyad			112,701						112,757
			$	10,915,838					$	10,894,629
Total Unfunded Commitments			$	26,719,479					$	26,693,274

As of June 30, 2026, unfunded commitments had unrealized depreciation of $(26,205) or (0.02)% of net assets.

8. Subsequent Events

The Trust has evaluated the possibility of subsequent events after the balance sheet date of June 30, 2026, 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.

56

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Barings Participation Investors

(Unaudited)

9. Quarterly Results of Investment Operations (unaudited)

			March 31, 2026
			Amount						Per Share
Investment income			$	4,181,047
Net investment income (net of taxes)			2,912,137						$	0.27
Net realized and unrealized loss on investments (net of taxes)			(2,282,716)						(0.21)
			June 30, 2026
			Amount						Per Share
Investment income			$	4,260,586
Net investment income (net of taxes)			2,964,295						$	0.28
Net realized and unrealized gain on investments (net of taxes)			6,598,264						0.61

10.    Results of Shareholder Meeting

The Annual Meeting of Shareholders was held on Thursday, May 14, 2026. The shareholders were asked to vote to re-elect Michael H. Brown, Barbara M. Ginader, and Maleyne M. Syracuse as Trustees for a three-year term. The shareholders approved the proposal. The Trust’s other Trustees, Clifford M. Noreen, Susan B. Sweeney, David M. Mihalick and Edward P. Grace continued to serve their respective terms following the May 14, 2026 Annual Shareholder Meeting. The results of the voting are set forth below.

			Shares for						Withheld
Michael H. Brown			7,784,826						169,043
Barbara M. Ginader			7,823,861						165,000
Maleyne M. Syracuse			7,846,530						155,191

57

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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 Chief 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

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(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(a) 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.

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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 07/01/26-07/31/26			0			0			0			0
Month #2 08/01/26-08/31/26			0			0			0			0
Month #3 09/01/26-09/30/26			0			0			0			0
Month #4 10/01/26-10/31/26			0			0			0			0
Month #5 11/01/26-11/30/26			0			0			0			0
Month #6 12/01/26-12/31/26			0			0			0			0
Total			0			0			0			0

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) None.

(b) None.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

(a) Not applicable.

(b) Not applicable.

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.

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(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

Signatures

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 4, 2026

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 4, 2026

By:			/s/ Christopher Hanscom
			Christopher Hanscom, Chief Financial Officer
Date:			September 4, 2026

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ATTACHMENTS / EXHIBITS

EX-99.31.1

EX-99.31.2

EX-99.32