<SEC-DOCUMENT>0001752724-22-061840.txt : 20220315
<SEC-HEADER>0001752724-22-061840.hdr.sgml : 20220315
<ACCEPTANCE-DATETIME>20220315103057
ACCESSION NUMBER:		0001752724-22-061840
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20211231
FILED AS OF DATE:		20220315
DATE AS OF CHANGE:		20220315
EFFECTIVENESS DATE:		20220315

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:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05531
		FILM NUMBER:		22739524

	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>
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<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>2
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<a name="page_1"></a><a name="_bclPageBorder1"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">KPMG
LLP</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">345 Park Avenue</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">New York, NY 10154-0102</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Report of Independent Registered Public Accounting
Firm</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">To the Shareholders and Board
of Trustees of Barings Participation Investors: </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">In planning and performing our
audit of the financial statements of Barings Participation Investors and
subsidiary (collectively, the &#8220;Trust&#8221;) as of and for the year ended December
31, 2021, in accordance with the standards of the Public Company Accounting
Oversight Board (United States), we considered the Trust&#8217;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-CEN, but not for the purpose of expressing an opinion on the effectiveness of
the Trust&#8217;s internal control over financial reporting. Accordingly, we express
no such opinion.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">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 trust&#8217;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. A trust&#8217;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 trust; (2) provide reasonable assurance that transactions are recorded
as necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that receipts and expenditures of
the company are being made only in accordance with authorizations of management
and trustees of the trust; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition
of the trust&#8217;s assets that could have a material effect on the financial
statements.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">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.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">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&#8217;s annual or
interim financial statements will not be prevented or detected on a timely
basis.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Our consideration of the
Trust&#8217;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 the following matter involving internal control over
financial reporting and its operation that we consider to be a material
weakness as defined above. This condition was considered in determining the
nature, timing, and extent of the procedures to be performed in our audit of
the financial statements of the Trust for the year ended December 31, 2021, and
this report does not affect our report thereon dated March 1, 2022.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=windowtext face=Arial,sans-serif lang=EN-US style="font-size:6.0pt;">KPMG LLP 345 Park Avenue New York, NY 10154-0102 KPMG
LLP, a Delaware limited liability partnership and a member firm of the KPMG
global organization of independent member firms affiliated with KPMG International
Limited, a private English company limited by guarantee.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_2"></a><a name="_bclPageBorder2"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<font color=windowtext lang=EN-US style="font-size:10.0pt;">The Trust&#8217;s controls in place were
not designed with sufficient precision to identify the misapplication of
specific inputs used in the fair valuation determination of certain investments
as of December 31, 2021, resulting in an incorrect valuation of an investment,
and the misstatement of the Trust&#8217;s Net Asset Value.

</font><p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">This report is
intended solely for the information and use of the management and the Board of
Trustees of the Trust and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these specified
parties.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">\s\ KPMG LLP</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:107%;">New York, New York March 1, 2022</font></p>

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<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:107%;">&nbsp;</font></p>

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FROM REGISTRANT: Registrant is developing a remediation plan.</font></p>




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