<SEC-DOCUMENT>0001072613-17-000172.txt : 20170228
<SEC-HEADER>0001072613-17-000172.hdr.sgml : 20170228
<ACCEPTANCE-DATETIME>20170228141554
ACCESSION NUMBER:		0001072613-17-000172
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20161231
FILED AS OF DATE:		20170228
DATE AS OF CHANGE:		20170228
EFFECTIVENESS DATE:		20170228

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:		NSAR-B
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05531
		FILM NUMBER:		17646519

	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>
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<PAGE>      PAGE  1
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080 A000000 Great American Insurance Company
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SIGNATURE   JAMES M. ROY
TITLE       Vice President and  CFO

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77B
<SEQUENCE>2
<FILENAME>exh77-b_18043.htm
<DESCRIPTION>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12.5pt; text-align: right"><b><u>ITEM 77B</u></b>&nbsp;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Report of Independent Registered Public Accounting
Firm</b></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; text-align: justify">&nbsp;To the Shareholders and Board of Trustees
of</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Barings Participation Investors:</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In planning and performing our audit of the
consolidated financial statements of Barings Participation Investors (f/k/a Babson Capital Participation Investors) (the &ldquo;Trust&rdquo;),
as of and for the year ended December 31, 2016, in accordance with the standards of the Public Company Accounting Oversight Board
(United States), we considered the Trust&rsquo;s internal control over financial reporting, including controls over safeguarding
securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements
and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the
Trust&rsquo;s internal control over financial reporting. Accordingly, we express no such opinion.</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The management of the Trust is responsible
for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates
and judgments by management are required to assess the expected benefits and related costs of controls. A company&rsquo;s internal
control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles (GAAP).
A company&rsquo;s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance
of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance
with GAAP, and that receipts and expenditures of the company are being made only in accordance with authorizations of management
and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition,
use, or disposition of the company's assets that could have a material effect on the financial statements.</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Because of its inherent limitations, internal
control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness
to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A deficiency in internal control over financial
reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing
their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination
of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement
of the Trust&rsquo;s annual or interim financial statements will not be prevented or detected on a timely basis.</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our consideration of the Trust&rsquo;s internal
control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose
all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting
Oversight Board (United States). However, we noted no deficiencies in the Trust&rsquo;s internal control over financial reporting
and its operation, including controls over safeguarding securities that we consider to be a material weakness as defined above
as of December 31, 2016.</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This report is intended solely for the information
and use of management and the Board of Trustees of Barings Participation Investors and the Securities and Exchange Commission and
is not intended to be and should not be used by anyone other than these specified parties.</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; text-align: justify">/s/ KPMG LLP</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">Boston, Massachusetts</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">February 24, 2017</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q1
<SEQUENCE>3
<FILENAME>exh77-q1_18043.htm
<DESCRIPTION>WRITTEN CONSENT OF TRUSTEES
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12.5pt; text-align: right"><B><U>ITEM 77Q-1</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12.5pt; text-align: right">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>BABSON CAPITAL PARTICIPATION INVESTORS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Written Consent of Trustees</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Amendment to Declaration of Trust</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">July 20, 2016</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The undersigned, consisting a majority of the
Trustees of Babson Capital Participation Investors (the &ldquo;Trust&rdquo;), a Massachusetts voluntary association established
pursuant to a Declaration of Trust, dated April 7, 1988, as amended from time to time (the &ldquo;Declaration of Trust&rdquo;):</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>Pursuant to Sections 9.2(a) and (b) of the Declaration of Trust, do hereby amend Section 1.1 of the Declaration of Trust, effective
as of the close of business on September 9, 2016, by changing the name of the Trust from &ldquo;Babson Capital Participation Investors&rdquo;
to &ldquo;Barings Participation Investors,&rdquo; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;(b) Do hereby authorize the
filing of the Declaration of Trust as so amended with the Secretary of the Commonwealth of Massachusetts and the Clerk of the City
of Boston, Massachusetts.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%; padding-right: 36.9pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><U>&nbsp;&nbsp;/s/ Michael H. Brown</U></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 36.9pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 49%; padding-right: 36.9pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><U>&nbsp;&nbsp;/s/ Clifford M. Noreen</U></FONT></TD>
    <TD STYLE="width: 3%; padding-right: 36.9pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 36.9pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Michael H. Brown</FONT></TD>
    <TD STYLE="padding-right: 36.9pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 36.9pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Clifford M. Noreen</FONT></TD>
    <TD STYLE="padding-right: 36.9pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 36.9pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 36.9pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 36.9pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 36.9pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 36.9pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 36.9pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 36.9pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 36.9pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 36.9pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 36.9pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 36.9pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 36.9pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 36.9pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><U>&nbsp;&nbsp;/s/ Barbara M. Ginader</U></FONT></TD>
    <TD STYLE="padding-right: 36.9pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 36.9pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><U>&nbsp;&nbsp;/s/ Susan B. Sweeney</U></FONT></TD>
    <TD STYLE="padding-right: 36.9pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 36.9pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Barbara M. Ginader</FONT></TD>
    <TD STYLE="padding-right: 36.9pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 36.9pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Susan B. Sweeney</FONT></TD>
    <TD STYLE="padding-right: 36.9pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt/11pt Times New Roman, Times, Serif; margin: 0 36.9pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/11pt Times New Roman, Times, Serif; margin: 0 36.9pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/11pt Times New Roman, Times, Serif; margin: 0 36.9pt 0 0"></P>

<P STYLE="font: 11pt/11pt Times New Roman, Times, Serif; margin: 0 36.9pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%; padding-right: 36.9pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><U>&nbsp;&nbsp;/s/ Edward P. Grace, III</U></FONT></TD>
    <TD STYLE="width: 3%; padding-right: 36.9pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 48%; padding-right: 36.9pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><U>&nbsp;&nbsp;/s/ Maleyne M. Syracuse</U></FONT></TD>
    <TD STYLE="width: 3%; padding-right: 36.9pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 36.9pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Edward P. Grace, III</FONT></TD>
    <TD STYLE="padding-right: 36.9pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 36.9pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Maleyne M. Syracuse</FONT></TD>
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    <TD STYLE="padding-right: 36.9pt; padding-left: 5.4pt">&nbsp;</TD>
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    <TD STYLE="padding-right: 36.9pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><U>&nbsp;&nbsp;/s/ Robert E. Joyal</U></FONT></TD>
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    <TD STYLE="padding-right: 36.9pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 36.9pt; padding-left: 5.4pt">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 36.9pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Robert E. Joyal</FONT></TD>
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