<SEC-DOCUMENT>0001225208-21-006985.txt : 20210426
<SEC-HEADER>0001225208-21-006985.hdr.sgml : 20210426
<ACCEPTANCE-DATETIME>20210426132439
ACCESSION NUMBER:		0001225208-21-006985
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20210423
FILED AS OF DATE:		20210426
DATE AS OF CHANGE:		20210426

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			JOYAL ROBERT EUGENE
		CENTRAL INDEX KEY:			0001228682

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05531
		FILM NUMBER:		21853100

	MAIL ADDRESS:	
		STREET 1:		352 WARDNER ROAD
		CITY:			WEST WINDSOR
		STATE:			VT
		ZIP:			05089

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BARINGS PARTICIPATION INVESTORS
		CENTRAL INDEX KEY:			0000831655
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		IRS NUMBER:				043025730
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	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>4
<SEQUENCE>1
<FILENAME>doc4.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2021-04-23</periodOfReport>

    <notSubjectToSection16>1</notSubjectToSection16>

    <issuer>
        <issuerCik>0000831655</issuerCik>
        <issuerName>BARINGS PARTICIPATION INVESTORS</issuerName>
        <issuerTradingSymbol>MPV</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001228682</rptOwnerCik>
            <rptOwnerName>JOYAL ROBERT EUGENE</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O BARINGS LLC</rptOwnerStreet1>
            <rptOwnerStreet2>300 SOUTH TRYON STREET, SUITE 2500</rptOwnerStreet2>
            <rptOwnerCity>CHARLOTTE</rptOwnerCity>
            <rptOwnerState>NC</rptOwnerState>
            <rptOwnerZipCode>28202</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isOther>1</isOther>
            <otherText>Trustee</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Shares of Beneficial Interest (&quot;Common Shares&quot;)</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>17744.2530</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Shares of Beneficial Interest (&quot;Common Shares&quot;)</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2519.3550</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Spouse</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">The reporting person retired as Trustee of Barings Participation Investors, Inc. effective April 23, 2021. As a result, the reporting person is no longer subject to Section 16 in connection with his transactions in the securities of Barings Participation Investors, Inc. and therefore will no longer report any such transactions on Form 4 or Form 5.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Latavea Cross as attorney-in-fact</signatureName>
        <signatureDate>2021-04-26</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
