Barings Participation Investors (the Trust), formerly Babson Capital Participation Investors, is a closed-end management investment company. The Trust's investment objective is to maximize total return by providing a high level of current income, the potential for growth of income, and capital appreciation. The Trust's principal investments are privately placed, below-investment grade, long-term debt obligations purchased directly from their issuers. The Trust will also invest in publicly traded debt securities (including high yield securities) with an emphasis on those with equity features and in convertible preferred stocks. In addition, the Trust may invest in high quality, readily marketable securities. Barings LLC acts as its investment advisor for the Trust.