<SEC-DOCUMENT>0001072613-23-000589.txt : 20250218
<SEC-HEADER>0001072613-23-000589.hdr.sgml : 20250218
<ACCEPTANCE-DATETIME>20231201083919
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001072613-23-000589
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20231201

FILER:

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

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		C/O BARINGS LLC
		STREET 2:		300 SOUTH TRYON STREET, SUITE 2500
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28202
		BUSINESS PHONE:		704-805-7200

	MAIL ADDRESS:	
		STREET 1:		C/O BARINGS LLC
		STREET 2:		300 SOUTH TRYON STREET, SUITE 2500
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28202

	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
</SEC-HEADER>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt">&nbsp;</P>

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                                            &amp; GRAY LLP</FONT></P>

<P STYLE="font: 7pt/11pt Avenir 35 Light; margin: 0; letter-spacing: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Gray; line-height: 12pt">PRUDENTIAL
TOWER</FONT></P>

<P STYLE="font: 7pt/11pt Avenir 35 Light; margin: 0; letter-spacing: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Gray; line-height: 12pt">800
BOYLSTON STREET</FONT></P>

<P STYLE="font: 7pt/11pt Avenir 35 Light; margin: 0; letter-spacing: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Gray; line-height: 12pt">BOSTON,
MA 02199-3600</FONT></P>

<P STYLE="font: 7pt/11pt Avenir 35 Light; margin: 0; letter-spacing: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Gray; line-height: 12pt">WWW.ROPESGRAY.COM</FONT></P></TD>
  <TD STYLE="width: 20pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt">&nbsp;</P>

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<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 33%">December 1, 2023</TD>
  <TD STYLE="width: 34%">&nbsp;</TD>
  <TD STYLE="width: 33%">Yana Dobkin Guss<BR>
T +1 617 951 7109<BR>
yana.guss@ropesgray.com</TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0pt; margin-left: 0pt"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Lauren Hamilton</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Securities and Exchange Commission</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">3 World Financial Center</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">New York, NY 10281</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Re:</TD><TD>Barings Corporate Investors (File No. 811-02183) and Barings Participation Investors (File No. 811-05531) (the &ldquo;Funds&rdquo;)</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Dear Ms. Hamilton:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Below is a summary of the oral comments you provided to me in connection
with the review by the staff of the Securities and Exchange Commission (the &ldquo;Staff&rdquo;) of the annual reports to shareholders
of the Funds for the fiscal year ended December 31, 2022 filed on Form N-CSR (the &ldquo;N-CSR Filings&rdquo;), together with our responses.
I appreciate the time you took to carefully review these documents and have tried to address your comments. Capitalized terms not otherwise
defined herein have the meanings ascribed to them in the applicable N-CSR Filing.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B><U>Comments relating to Barings Participation Investors and Barings
Corporate Investors:</U></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1)</TD><TD><B>Comment:</B> Please supplementally explain why Items 2-12 of each Fund&rsquo;s N-CSR Filing were filed as exhibits, as opposed
to within the body of each filing.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B>Response: </B>The Funds respectfully note that Items 2-12
of each Fund&rsquo;s N-CSR Filing were filed as exhibits, as opposed to within the body of the filing itself, due to printer error. Going
forward, the Funds will file Items 2-12 within the body of the N-CSR filing itself (which is consistent with the Funds&rsquo; past practice,
apart from the N-CSR Filings). The Funds will also correct this when they refile the N-CSR Filing in response to Comment #3 below.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2)</TD><TD><B>Comment:</B> The Staff noted that Form N-CSR was updated in January 2022 to include, among other things, new Items 4(i) and 4(j).
Please address these items in future N-CSR filings, even if the response is N/A.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in"><B>Response: </B>The Funds will address Items 4(i) and 4(j)
in future N-CSR filings. The Funds will also address these items when they refile the N-CSR Filings pursuant to Comment #3 below.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in">&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 33%"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD>
  <TD STYLE="width: 34%">&nbsp;</TD>
  <TD STYLE="width: 33%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: center"><FONT STYLE="color: Gray">- 2-</FONT></TD>
  <TD STYLE="text-align: right"><FONT STYLE="color: Gray">December 1, 2023</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3)</TD><TD><B>Comment: </B>The Staff observed that the N-CSR Filings included the signature pages pertaining to the certifications required by
Items 13(a)(2) and 13(b) of Form N-CSR, but did not contain the certifications themselves. Please refile each N-CSR Filing to include
the full certifications required by Items 13(a)(2) and 13(b).</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in"><B>Response: </B>As requested, each Fund will refile its N-CSR
Filing to include the full certifications required by Items 13(a)(2) and 13(b).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4)</TD><TD><B>Comment: </B>The Staff observed that each Fund&rsquo;s N-CSR Filing, in response to Item 11(b) of Form N-CSR, states: &ldquo;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 Registrant's
<I>second fiscal half year</I> that have materially affected, or are reasonably likely to materially affect, the Registrant's internal
control over financial reporting.&rdquo; (<I>emphasis added</I>) The Staff notes that Item 11(b) requires that the representation concerning
internal control on financial reporting is required to cover the period of the report, not a portion of the report (as the above-referenced
representation addresses only the second fiscal half year). Please supplementally confirm that there were no changes in each Fund&rsquo;s
internal control over financial reporting during the period covered by the reports.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in"><B>Response: </B>Barings, LLC, investment adviser to each
Fund, has instructed me to supplementally confirm that there were no changes in each Fund&rsquo;s internal control over financial reporting
(as defined in Rule 30a-3(d) under the Act) during each Fund&rsquo;s fiscal year ended December 31, 2022 that materially affected, or
were reasonably likely to materially affect, each Fund&rsquo;s internal control over financial reporting. Each Fund will correct this
disclosure in future N-CSR filings to satisfy the requirements of Item 11(b) of Form N-CSR. The Funds will also correct this disclosure
when they refile the N-CSR Filings pursuant to Comment #3 above.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5)</TD><TD><B>Comment: </B>The Staff observed that each Fund&rsquo;s semi-annual report for the period ended June 30, 2023 was filed as an N-CSR,
rather than an N-CSRS, filing. The Staff observed further that each Fund subsequently filed an N-CSRS/A amendment filing. The Staff requests
that, in the future, a note be included as to the reason for an amendment filing. &nbsp;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in"><B>Response: </B>Each Fund notes that the initial filing of
each Fund&rsquo;s semi-annual report for the period ended June 30, 2023 on N-CSR, rather than N-CSRS, was due to printer error. Each Fund
subsequently filed an N-CSRS/A amendment filing to add a cover page to each filing, which had inadvertently been omitted from the original
filing. In the future, each Fund will take care to file semi-annual reports on N-CSRS, not N-CSR, and to include a note regarding the
reason for an amendment filing.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in">&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 33%"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD>
  <TD STYLE="width: 34%">&nbsp;</TD>
  <TD STYLE="width: 33%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: center"><FONT STYLE="color: Gray">- 3 -</FONT></TD>
  <TD STYLE="text-align: right"><FONT STYLE="color: Gray">December 1, 2023</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">6)</TD><TD><B>Comment: </B>Within the statement of cash flows, please explain why paid-in-kind (PIK) interest is not presented as a non-cash
item.&nbsp; Please refer to ASC 2030-10-50 Items 3 and 4 in this regard.&nbsp;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in"><B>Response: </B>In response to the Staff&rsquo;s request,
Barings has reviewed ASC2030-10-50 Items 3 and 4. Each Fund will reflect PIK interest as a non-cash item in future annual and semi-annual
reports.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">7)</TD><TD><B>Comment: </B>The Staff notes that, per AS3101-06, each financial statement audited should be specifically identified in the introductory
paragraph of the auditor&rsquo;s opinion.&nbsp; The Staff observed that the audit opinions for each Fund in the N-CSR Filings use the
term &ldquo;consolidated selected financial highlights&rdquo; in the basis for opinion paragraph, but refer to &ldquo;consolidated financial
highlights&rdquo; in the opinion paragraph itself (omitting the required term &ldquo;selected&rdquo;).&nbsp; Please supplementally confirm
that the auditor has opined on the &ldquo;consolidated selected financial highlights.&rdquo;&nbsp;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in"><B>Response: </B>Barings has conferred with each Fund&rsquo;s
auditor, KPMG LLP, and has confirmed that each opinion covers each Fund&rsquo;s &ldquo;consolidated selected financial highlights.&rdquo;
Each Fund will ensure that future N-CSR filings include an opinion that consistently uses the term &ldquo;consolidated selected financial
highlights.&rdquo;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">8)</TD><TD><B>Comment: </B>The Staff observed that each Fund&rsquo;s Schedule of Investments in the N-CSR Filings included positions that have
no cost associated with them. For example, Command Alcon Limited Liability Company, Unit Class B (for Barings Participation Investors)
and Hop Entertainment LLP (for Barings Corporate Investors) did not have a cost associated with them.&nbsp; Please discuss supplementally
in your response letter and please include explanatory footnotes in future annual and semi-annual reports.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in"><B>Response: </B>In some cases, the Funds&rsquo; equity position
has zero cost because it was received as part of a restructuring in which each Fund took a realized loss on the original position (this
is the case for Hop Entertainment LLP). In other cases, the Funds may receive new shares as part of an amendment or add-on debt investment
(this is the case for Command Alcon Limited Liability Company). Each Fund will provide an explanatory footnote for such positions in future
annual and semi-annual reports.</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-weight: normal">Sincerely,</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">/s/ Yana D. Guss</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Yana D. Guss</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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