Barings Participation Investors (the Trust)

Barings Participation Investors is a closed-end fixed income mutual fund launched and managed by Barings LLC. It invests in U.S. fixed income markets, primarily in below-investment-grade, long-term corporate debt obligations purchased directly from issuers. The fund may also invest in warrants, conversion rights, or other equity-related instruments. It benchmarks its portfolio against the Standard and Poor's Industrials Composite, the Russell 2000 Index, the Lehman Brothers U.S. High Yield Index, and the Lehman Brothers Intermediate U.S. Credit Index. The fund was formerly known as Babson Capital Participation Investors, was formed on April 7, 1988, and is domiciled in the United States.