<SEC-DOCUMENT>0001752724-23-058139.txt : 20230316
<SEC-HEADER>0001752724-23-058139.hdr.sgml : 20230316
<ACCEPTANCE-DATETIME>20230316100146
ACCESSION NUMBER:		0001752724-23-058139
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20221231
FILED AS OF DATE:		20230316
DATE AS OF CHANGE:		20230316
EFFECTIVENESS DATE:		20230316

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:		23737471

	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>
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          <principalTransaction>
            <principalName>Seaport Global Securities LLC</principalName>
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          <principalTransaction>
            <principalName>Goldman Sachs &amp; Co. LLC</principalName>
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            <principalName>Credit Suisse Securities (USA) LLC</principalName>
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          <principalTransaction>
            <principalName>Barclays Capital Inc.</principalName>
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          <principalTransaction>
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          <principalTransaction>
            <principalName>Wells Fargo Securities, LLC</principalName>
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          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>54016912.30000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>160915130.07000000</mnthlyAvgNetAssets>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <closedEndManagementInvestment>
      <securityRelatedItems>
        <securityRelatedItem>
          <description>Common stock</description>
          <securityClassTitle>Barings Participation Investors</securityClassTitle>
          <commonStocks>
            <commonStock commonStockExchange="XNYS" commonStockTickerSymbol="MPV"/>
          </commonStocks>
        </securityRelatedItem>
      </securityRelatedItems>
      <isRightsOffering>N</isRightsOffering>
      <isSecondaryOffering>N</isSecondaryOffering>
      <isRepurchaseSecurity>N</isRepurchaseSecurity>
      <isDefaultLongTermDebt>N</isDefaultLongTermDebt>
      <isDividendsInArrears>N</isDividendsInArrears>
      <isSecuritiesModified>N</isSecuritiesModified>
      <managementFee>0.89000000</managementFee>
      <netOperatingExpenses>1.46000000</netOperatingExpenses>
      <marketPricePerShare>12.32000000</marketPricePerShare>
      <netAssetValuePerShare>14.99000000</netAssetValuePerShare>
    </closedEndManagementInvestment>
    <attachmentsTab>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
    </attachmentsTab>
    <signature registrantSignedName="BARINGS PARTICIPATION INVESTORS" signedDate="2023-03-15" signature="Christopher Hanscom" title="Chief Financial Officer of the Trusts"/>
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<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>2
<FILENAME>NCEN_811-05531_37919118_1222.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>baringspincenletter.htm - Generated by SEC Publisher for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">
<a name="page_1"></a><a name="_bclPageBorder1"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:20.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Report of Independent Registered Public Accounting
Firm</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">To the Shareholders and Board of
Trustees of Barings Participation Investors:</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">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&nbsp;31,&nbsp;2022, in accordance with the standards of the Public
Company Accounting Oversight Board (United States), we considered the Trust'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's internal control over financial reporting.
Accordingly, we express no such opinion.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">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 trust are being made only in accordance with authorizations of management
and directors 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-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">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-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">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-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Our consideration of the Trust'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'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&nbsp;31,&nbsp;2022.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">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-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:12.0pt;">/s/ KPMG LLP</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">New York, New York<br>
March&nbsp;1,&nbsp;2023</font></p>




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