<SEC-DOCUMENT>0001144204-18-015812.txt : 20180523
<SEC-HEADER>0001144204-18-015812.hdr.sgml : 20180523
<ACCEPTANCE-DATETIME>20180320140443
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-18-015812
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20180320

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BARINGS CORPORATE INVESTORS
		CENTRAL INDEX KEY:			0000275694
		IRS NUMBER:				042483041
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1500 MAIN STREET
		STREET 2:		SUITE 600
		CITY:			SPRINGFIELD
		STATE:			MA
		ZIP:			01115
		BUSINESS PHONE:		4132261000

	MAIL ADDRESS:	
		STREET 1:		1500 MAIN STREET
		STREET 2:		SUITE 600
		CITY:			SPRINGFIELD
		STATE:			MA
		ZIP:			01115

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BABSON CAPITAL CORPORATE INVESTORS
		DATE OF NAME CHANGE:	20111230

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MASSMUTUAL CORPORATE INVESTORS
		DATE OF NAME CHANGE:	19920717

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BARINGS PARTICIPATION INVESTORS
		CENTRAL INDEX KEY:			0000831655
		IRS NUMBER:				043025730
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1500 MAIN STREET
		STREET 2:		SUITE 600
		CITY:			SPRINGFIELD
		STATE:			MA
		ZIP:			01115
		BUSINESS PHONE:		4132261000

	MAIL ADDRESS:	
		STREET 1:		1500 MAIN STREET
		STREET 2:		SUITE 600
		CITY:			SPRINGFIELD
		STATE:			MA
		ZIP:			01115

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BABSON CAPITAL PARTICIPATION INVESTORS
		DATE OF NAME CHANGE:	20111230

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MASSMUTUAL PARTICIPATION INVESTORS
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MASSMUTUAL CORPORATE INVESTORS II
		DATE OF NAME CHANGE:	19880417
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0"></P>

<P STYLE="margin: 0pt 0"><IMG SRC="image_001.jpg" ALT="Logo" STYLE="width: 62px; height: 79px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0">March 20, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TR>
    <TD STYLE="width: 85%">&nbsp;</TD>
    <TD STYLE="width: 15%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Yana D. Guss</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">T +1 617 951 7109</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Yana.Guss@ropesgray.com</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Investment Management</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, DC 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attn: Valerie Lithotomos</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Re:</TD><TD>Comments on Schedule 14A (File No. 811-02183), filed with the Securities and Exchange Commission (the &#8220;Commission&#8221;)
on March 7, 2018 (the &#8220;Proxy Statement&#8221;), of Barings Corporate Investors (&#8220;MCI&#8221;) and Barings Participation
Investors (&#8220;MPV,&#8221; and together with MCI, the &quot;Trusts&quot;)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Ms. Lithotomos:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This letter responds to the comments that
you provided telephonically to Yana Guss of Ropes &amp; Gray LLP on behalf of the staff of the Commission (the &#8220;Commission
Staff&#8221;) on March 13, 2018 regarding the Proxy Statement. For convenience of reference, I have summarized each comment before
the Fund&#8217;s response.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">1.</TD><TD STYLE="text-align: justify"><U>Comment</U>: The Proxy Statement must be finalized
with all brackets removed and all material information provided.</TD>
</TR></TABLE>

<P STYLE="margin-left: 40px; text-indent: -20px; margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>Response</U>: The Proxy Statement has been finalized
with all brackets removed and all material information provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD><U>Comment</U>: The Commission Staff notes that Proposals 2 and 3 involve proposed changes to MPV&#8217;s fundamental investment
restrictions. Please state the language of each fundamental investment restriction in full and provide a side-by-side comparison
regarding the anticipated change in language.&nbsp;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>Response</U>: The Proxy Statement discloses the
text of the relevant fundamental investment restriction in full in each of Proposals 2 and 3. MPV respectfully declines to provide
a side-by-side comparison regarding the anticipated change in each fundamental investment restriction because the Proxy Statement
clearly discloses that in each case the proposal involves the <I>elimination</I> of the fundamental investment restriction. MPV
does not believe that providing a chart in which the right-hand column is blank, indicating the proposed elimination of the fundamental investment
restriction, would enhance a shareholder&#8217;s understanding of the proposals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">U.S. Securities and Exchange Commission</TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right">March 20, 2018</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD><U>Comment</U>: In Proposal 2, please define Non-Investment Grade Securities as &#8220;junk bonds&#8221; in the first use of
the term.&nbsp; In addition, please make clear that elimination of the fundamental investment restriction could lead to the Fund
being 100% invested in junk bonds. Please also state that junk bonds are speculative.&nbsp;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>Response</U>: MPV notes that in the Q&amp;A,
in response to the question &#8220;What is the purpose of these proposed changes?&#8221;, the first place in which the term
Non-Investment Grade Securities is used, non-investment grade securities are referred to as &#8220;junk bonds&#8221; in the
first use of this term. As requested, MPV has also added the reference to &#8220;junk bonds&#8221; at the beginning of
Proposal 2. In addition, in response to the Commission Staff&#8217;s comments, MPV has added the following disclosure to
Proposal 2:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#8220;Assuming shareholder approval,
the elimination of the Non-Investment Grade Securities Restriction would permit up to 100% of the Trust's total assets to be invested
in Non-Investment Grade Securities. The Trust will increase its exposure to Non-Investment Grade Securities only when Barings believes
that doing so will benefit the Trust, taking into account such considerations as general market conditions, the financial condition
of the issuer and the spread between the rates of return of investment grade securities and Non-Investment Grade Securities.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD><U>Comment</U>: In Proposals 2 and 3, please enhance the risk disclosure to clarify, among other things, that non-investment
grade investments are primarily speculative, involve greater volatility, etc.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>Response</U>: The requested changes have been made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD><U>Comment</U>: The Proxy Statement discloses that Barings expects &#8220;administrative and other efficiencies to result from
the alignment of MCI&#8217;s and MPV&#8217;s investment strategies.&#8221; Please explain supplementally what administrative and
other efficiencies Barings expects to achieve.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>Response</U>: The Trusts have substantially similar
investment objectives and strategies. However, as disclosed in the Proxy Statement, MPV has historically been subject to the Non-Investment
Grade Securities Restriction and the Below B Securities Restriction, while MCI has not been subject to comparable investment restrictions.
Barings expects certain administrative and other efficiencies to result from the alignment of MCI&#8217;s and MPV&#8217;s investment
strategies and restrictions, permitting Barings to further align the Trusts&#8217; investment portfolios, as well as the underlying
processes for managing the Trusts. For example, Barings expects that compliance monitoring and performance attribution for the
Trusts will be simplified as their investment portfolios become more closely aligned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>


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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">U.S. Securities and Exchange Commission</TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right">March 20, 2018</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">6.</TD><TD><U>Comment</U>: In the adjournment discussion on page 22, the Proxy Statement states: &#8220;If sufficient votes in favor of
any of the proposals set forth in the Notice&#8230; are not received by the time scheduled for the Meetings or if the quorum required
for a proposal has not been met, the persons named as proxies may propose adjournments of the Meetings with respect to such proposal(s)
for periods of not more than 120 days to permit further solicitation of proxies.&#8221; Please be advised of the Commission Staff&#8217;s
view that, pursuant to Rule 14a-4, proxy proposals must be unbundled. &nbsp;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>Response</U>: The Trusts have reviewed Rule 14a-4
and respectfully submit that, in the event the Trusts were to propose adjourning the Annual Meetings or Special Meeting, such adjournment
would be on a proposal-by-proposal basis. We note that the Proxy Statement disclosure highlights that &#8220;[i]f sufficient votes
in favor of <I>any </I>of the proposals &#8230; are not received by the time scheduled for the Meetings&#8230; the persons named
as proxies may propose adjournments of the Meetings with respect to such <I>proposal(s)</I>...&#8221; (<I>emphasis added</I>).
As a result, the Trusts do not believe that the adjournment language results in the bundling of the proposals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">* * * * *</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Please do not hesitate to call Yana Guss at 617-951-7109 if
you have any questions or require additional information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Kind regards,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Yana D. Guss</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Yana D. Guss, Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">cc:</TD><TD>Brian D. McCabe, Esq.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-indent: 0in">Janice Bishop, Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.4in"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
