<SEC-DOCUMENT>0001752724-20-159731.txt : 20200819
<SEC-HEADER>0001752724-20-159731.hdr.sgml : 20200819
<ACCEPTANCE-DATETIME>20200819093633
ACCESSION NUMBER:		0001752724-20-159731
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20200630
FILED AS OF DATE:		20200819
PERIOD START:           	20201231

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:		NPORT-P
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05531
		FILM NUMBER:		201115513

	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 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>NPORT-P
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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      <invstOrSec>
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      <invstOrSec>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>C&amp;H ACQUISITIONS HLDGS INC. 14% 11/30/2021</name>
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        <name>PROJECT POTTER PARENT  L.P. PARTNERSHIP EQUITY</name>
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        <name>MES PARTNERS  INC.</name>
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      <invstOrSec>
        <name>GD Dental Services LLC</name>
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        <name>Hop Entertainment LLC</name>
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        <name>Cablecraft Equity LLC</name>
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        <name>Avantor Inc</name>
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        <name>MAUSER PACKAGING SOLUT</name>
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        <name>TRIDENT TPI HOLDINGS INC UNITRANCHE TERM LOAN</name>
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      <invstOrSec>
        <name>Manhattan Beachwear Holding Co</name>
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      <invstOrSec>
        <name>CommScope Inc</name>
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        <name>Sunrise Windows Holding Co.</name>
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      <invstOrSec>
        <name>Grange LLC</name>
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      <invstOrSec>
        <name>HUGHES SATELLITE SYSTEMS</name>
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      <invstOrSec>
        <name>FIRST QUANTUM MINERALS L</name>
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      <invstOrSec>
        <name>Triumph Group Inc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GATES GLOBAL/GATES CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>YORK WALL HOLDING CLASS A PREFERRED STOCK</name>
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        <name>TherOx Inc.</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Bausch Health Cos Inc</name>
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        <name>Hoosiers Holdings</name>
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        <name>DPL Holding Corp</name>
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        <name>Whitebridge Pet Brands Holdings LLC</name>
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        <name>CADENCE AEROSPACE  LLC 2018 1ST LIEN TERM LOAN</name>
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        <name>PRIME SECSRVC BRW/FINANC</name>
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        <name>Pharma Investment Holdings LLC</name>
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        <name>FILTRATION GROUP EQUITY LLC UNIT CLASS B-1</name>
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        <name>DISH DBS Corp</name>
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        <name>REFINITIV US HOLDINGS</name>
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        <name>MILLER ENVIRONMENTAL SERVICES LLC 12% 9/30/2021</name>
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        <name>CLEAR CHANNEL WORLDWIDE</name>
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        <name>AFC-DELL HOLDING CORP 12.5% 9/27/2020</name>
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        <name>Hop Entertainment LLC</name>
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        <name>Transit Technologies LLC-DDTL-B</name>
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        <name>York Wall Holding Company</name>
        <lei>N/A</lei>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PB HOLDINGS  LLC TERM LOAN A</name>
        <lei>N/A</lei>
        <title>PB HOLDINGS  LLC TERM LOAN A</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="742683ZZ1"/>
        </identifiers>
        <balance>801651.01000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>742555.13000000</valUSD>
        <pctVal>0.538912139327</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2025-03-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.32200000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CLEVELAND-CLIFFS INC</name>
        <lei>549300TM2WLI2BJMDD86</lei>
        <title>Cleveland-Cliffs Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="US185899AG62"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>482500.00000000</valUSD>
        <pctVal>0.350176164327</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHG ALT ED HOLDING CO. COMMON STOCK</name>
        <lei>N/A</lei>
        <title>CHG ALT ED HOLDING CO. COMMON STOCK</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="12541ZPP2"/>
        </identifiers>
        <balance>375.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21635.46000000</valUSD>
        <pctVal>0.015702015329</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GD Dental Services LLC</name>
        <lei>N/A</lei>
        <title>GD DENTAL SERVICES LLC UNIT COMMON</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="BA1865GE4"/>
        </identifiers>
        <balance>766.87000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BCC GROUP HOLDINGS  INC. COMMON STOCK CLASS A</name>
        <lei>N/A</lei>
        <title>BCC GROUP HOLDINGS  INC. COMMON STOCK CLASS A</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="05534YXX2"/>
        </identifiers>
        <balance>783.41000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>629198.43000000</valUSD>
        <pctVal>0.456643093924</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNIVISION COMMUNICATIONS</name>
        <lei>549300YQDE2JSGTL8V47</lei>
        <title>Univision Communications Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="US914906AU68"/>
        </identifiers>
        <balance>253000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>241615.00000000</valUSD>
        <pctVal>0.175352982267</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.63000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-07-21</ncom:dateSigned>
      <ncom:nameOfApplicant>BARINGS PARTICIPATION INVESTORS</ncom:nameOfApplicant>
      <ncom:signature>Elizabeth Murray</ncom:signature>
      <ncom:signerName>Elizabeth Murray</ncom:signerName>
      <ncom:title>Principal Accounting Officer for the Trusts</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
