Consolidated Schedule of Investments Barings Participation Investors
September 30, 2022
(Unaudited)

Corporate Restricted Securities - 108.36%: (A)Principal Amount,
Shares, Units or
Ownership Percentage		Acquisition
Date		CostFair Value
Private Placement Investments - 103.63%: (C)
1WorldSync, Inc.
A product information sharing platform that connects manufacturers/suppliers and key retailers via the Global Data Synchronization Network.
8.81% Term Loan due 06/24/2025 (LIBOR + 5.750%)$2,415,430 *$2,391,020 $2,415,431 
* 07/01/19 and 12/09/20.
Accelerate Learning
A provider of standards-based, digital science education content of K-12 schools.
7.81% Term Loan due 12/31/2024 (LIBOR + 5.000%)$974,753 12/19/18967,541 961,739 
7.81% Term Loan due 12/20/2024 (LIBOR + 5.000%)$744,620 09/30/21734,350 734,678 
1,701,891 1,696,417 
Accurus Aerospace
A supplier of highly engineered metallic parts, kits and assemblies, and processing services.
7.72% First Term Loan due 03/31/2028 (LIBOR + 5.750%) (G)$492,424 04/05/22424,661 425,253 
Limited Liability Company Unit (B) 8,752 uts. 10/14/218,752 8,796 
433,413 434,049 
Advanced Manufacturing Enterprises LLC
A designer and manufacturer of large, custom gearing products for a number of critical customer applications.
Limited Liability Company Unit (B) 1,945 uts. *207,911 — 
* 12/07/12, 07/11/13 and 06/30/15.
Advantage Software
A provider of enterprise resource planning (ERP) software built for advertising and marketing agencies.
Limited Liability Company Unit Class A (B) (F) 766 uts. 10/01/2124,353 69,515 
Limited Liability Company Unit Class A (B) (F) 197 uts. 10/01/216,320 17,929 
Limited Liability Company Unit Class B (B) (F) 766 uts. 10/01/21784 — 
Limited Liability Company Unit Class B (B) (F) 197 uts. 10/01/21202 — 
31,659 87,444 
AIT Worldwide Logistics, Inc.
A provider of domestic and international third-party logistics services.
11.17% Second Lien Term Loan due 03/31/2029 (LIBOR + 7.500%)$1,669,355 04/06/211,638,774 1,640,941 
Limited Liability Company Unit (B) 56 uts. 04/06/2155,645 125,649 
1,694,419 1,766,590 
AMS Holding LLC
A leading multi-channel direct marketer of high-value collectible coins and proprietary-branded jewelry and watches.
Limited Liability Company Unit Class A
Preferred (B) (F)		114 uts.10/04/12113,636 239,996 
See Notes to Consolidated Financial Statements 1
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
September 30, 2022
(Unaudited)
Corporate Restricted Securities - 108.36%: (A)Principal Amount,
Shares, Units or
Ownership Percentage		Acquisition
Date		CostFair Value
Amtech Software
A provider of enterprise resource planning software and technology solutions for packaging manufacturers.
8.06% First Lien Term Loan due 11/02/2027 (LIBOR + 5.500%) (G)$995,909 11/02/21$542,655 $545,677 
ASC Communications, LLC (Becker's Healthcare)
An operator of trade shows and controlled circulation publications targeting the healthcare market.
8.05% Term Loan due 07/15/2027 (LIBOR + 5.000%)$476,524 07/15/22446,516 446,188 
Limited Liability Company Unit (B) (F) 535 uts. 07/15/2211,221 11,220 
457,737 457,408 
ASC Holdings, Inc.
A manufacturer of capital equipment used by corrugated box manufacturers.
13.00% (1% PIK) Senior Subordinated Note due 12/31/2024$867,446 11/19/15867,411 769,424 
Limited Liability Company Unit (B) 111,100 uts. 11/18/15111,100 9,999 
978,511 779,423 
ASPEQ Holdings
A manufacturer of highly-engineered electric heating parts and equipment for a range of industrial, commercial, transportation and marine applications.
8.37% Term Loan due 10/31/2025
(LIBOR + 5.250%)		$1,121,968 11/08/191,113,262 1,121,376 
Audio Precision
A provider of high-end audio test and measurement sensing instrumentation software and accessories.
9.67% Term Loan due 10/31/2024 (LIBOR + 6.000%)$1,732,500 10/30/181,720,471 1,713,892 
Aurora Parts & Accessories LLC
A distributor of aftermarket over-the-road semi-trailer parts and accessories sold to customers across North America.
Preferred Stock (B) 210 shs. 08/17/15209,390 209,390 
Common Stock (B) 210 shs. 08/17/15210 272,728 
209,600 482,118 
BBB Industries LLC - DBA (GC EOS Buyer Inc.)
A supplier of remanufactured and new parts to the North American automotive aftermarket.
12.16% Second Lien Term Loan due 07/25/2030 (LIBOR + 9.000%)$454,545 07/25/22436,769 436,364 
Limited Liability Company Unit (B)45 uts.07/25/2245,000 40,500 
481,769 476,864 
Best Lawyers (Azalea Investment Holdings, LLC)
A global digital media company that provides ranking and marketing services to the legal community.
8.92% First Lien Term Loan due 11/19/2027 (LIBOR + 5.250%) (G)$1,383,113 11/30/211,027,590 1,029,252 
12.00% HoldCo PIK Note due 05/19/2028$310,249 11/30/21305,203 305,767 
Limited Liability Company Unit (B) 44,231 uts. 11/30/2144,231 32,952 
1,377,024 1,367,971 
See Notes to Consolidated Financial Statements 2
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
September 30, 2022
(Unaudited)
Corporate Restricted Securities - 108.36%: (A)Principal Amount,
Shares, Units or
Ownership Percentage		Acquisition
Date		CostFair Value
Blue Wave Products, Inc.
A distributor of pool supplies.
Common Stock (B) 51,064 shs. 10/12/12$51,064 $99,319 
Warrant, exercisable until 2022, to purchase common stock at $.01 per share (B) 20,216 shs. 10/12/1220,216 39,118 
71,280 138,437 
Bridger Aerospace
A provider of comprehensive solutions to combat wildfires in the United States including fire suppression, air attack and unmanned aircraft systems.
Series C Convertible Preferred Equity (7.0% PIK) 183 shs. 08/12/22174,481 174,481 
BrightSign
A provider of digital signage hardware and software solutions, serving a variety of end markets, including retail, restaurants, government, sports, and entertainment.
9.13% Term Loan due 10/14/2027 (LIBOR + 5.500%) (G)$1,418,174 10/14/211,272,041 1,274,334 
Limited Liability Company Unit (B) (F) 111,835 uts. 10/14/21111,835 125,815 
1,383,876 1,400,149 
Brown Machine LLC
A designer and manufacturer of thermoforming equipment used in the production of plastic packaging containers within the food and beverage industry.
8.92% Term Loan due 10/04/2024 (LIBOR + 5.250%)$808,993 10/03/18805,122 808,993 
Cadence, Inc.
A full-service contract manufacturer (“CMO”) and supplier of advanced products, technologies, and services to medical device, life science, and industrial companies.
8.12% First Lien Term Loan due 04/30/2025 (LIBOR + 5.000%)$872,613 05/14/18866,015 828,110 
Cadent, LLC
A provider of advertising solutions driven by data and technology.
10.17% Term Loan due 09/07/2023 (LIBOR + 6.500%)$869,533 09/04/18865,865 843,447 
8.98% Term Loan due 09/11/2023 (LIBOR + 6.500%)$380,467 07/13/22369,834 369,053 
1,235,699 1,212,500 
CAi Software
A vendor of mission-critical, production-oriented software to niche manufacturing and distribution sectors.
9.92% Term Loan due 12/10/2028 (LIBOR + 6.250%) (G)$2,488,679 12/13/212,208,849 2,203,159 
Cash Flow Management
A software provider that integrates core banking systems with branch technology and creates modern retail banking experiences for financial institutions.
8.92% Term Loan due 12/27/2027 (LIBOR + 5.250%) (G)$980,124 12/28/21888,374 890,832 
Limited Liability Company Unit (B) (F) 24,016 uts. 25,331 26,778 
913,705 917,610 
See Notes to Consolidated Financial Statements 3
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
September 30, 2022
(Unaudited)
Corporate Restricted Securities - 108.36%: (A)Principal Amount,
Shares, Units or
Ownership Percentage		Acquisition
Date		CostFair Value
Cleaver-Brooks, Inc.
A manufacturer of full suite boiler room solutions.
8.77% Term Loan due 07/14/2028 (LIBOR + 5.750%) (G)$631,423 07/18/22$563,870 $563,437 
11.00% HoldCo PIK Note due 07/14/2029121,186 uts.07/18/22118,596 118,459 
682,466 681,896 
CloudWave
A provider of managed cloud hosting and IT services for hospitals.
8.52% Term Loan due 01/04/2027 (LIBOR + 6.000%)$1,648,488 01/29/211,621,843 1,600,682 
Limited Liability Company Unit (B) (F) 55,645 uts. 01/29/2155,645 35,056 
1,677,488 1,635,738 
Cogency Global
A provider of statutory representation and compliance services for corporate and professional services clients.
7.79% Term Loan due 12/28/2027 (LIBOR + 4.500%) (G)$970,225 02/14/22870,242 872,229 
Preferred Stock (B) 28 shs. 02/14/2227,551 47,761 
897,793 919,990 
Command Alkon
A vertical-market software and technology provider to the heavy building materials industry delivering purpose-built, mission critical products that serve as the core operating & production systems for ready-mix concrete producers, asphalt producers, and aggregate suppliers.
8.75% Term Loan due 04/17/2027 (SOFR + 7.750%, 10.00% Cash)$2,043,105 *2,002,554 1,998,494 
Limited Liability Company Unit Class B (B) 6,629 uts. 04/23/20— 39,904 
* 04/23/20, 10/30/20 and 11/18/20.    2,002,554 2,038,398 
Compass Precision
A manufacturer of custom metal precision components.
11.00% (1.00% PIK) Senior Subordinated Note due 10/16/2025$1,299,542 04/15/221,277,013 1,277,426 
Limited Liability Company Unit (B) (F) 158,995 uts. 10/14/21431,250 445,982 
1,708,263 1,723,408 
Comply365
A provider of proprietary enterprise SaaS and mobile solutions for content management and document distribution in highly regulated industries, including Aviation and Rail.
8.41% Term Loan due 04/19/2028 (SOFR + 5.650%) (G)$708,805 04/15/22642,947 644,046 
Concept Machine Tool Sales, LLC
A full-service distributor of high-end machine tools and metrology equipment, exclusively representing a variety of global manufacturers in the Upper Midwest.
6.83% Term Loan due 01/31/2025 (LIBOR + 5.000%)$582,607 01/30/20577,167 559,303 
Limited Liability Company Unit (B) (F) 1,237 shs. *49,559 22,346 
* 01/30/20 and 03/05/21626,726 581,649 
CTS Engines
A provider of maintenance, repair and overhaul services within the aerospace & defense market.
8.92% Term Loan due 12/22/2026 (LIBOR + 5.250%)$1,381,200 12/22/201,361,737 1,267,251 
See Notes to Consolidated Financial Statements 4
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
September 30, 2022
(Unaudited)
Corporate Restricted Securities - 108.36%: (A)Principal Amount,
Shares, Units or
Ownership Percentage		Acquisition
Date		CostFair Value
Decks Direct
An eCommerce direct-to-consumer seller of specialty residential decking products in the United States.
9.12% Term Loan due 12/28/2026 (LIBOR + 6.000%) (G)$1,583,864 12/29/21$1,180,613 $1,183,801 
Limited Liability Company Unit (B) 2,209 uts. 12/29/2194,091 88,707 
1,274,704 1,272,508 
Del Real LLC
A manufacturer and distributor of fully-prepared fresh refrigerated Hispanic entrees as well as side dishes that are typically sold on a heat-and-serve basis at retail grocers.
11% Senior Subordinated Note due 04/06/2023 (D)$1,420,588 10/07/161,358,636 1,318,306 
Limited Liability Company Unit (B) (F) 368,799 uts. *368,928 92,200 
* 10/07/16, 07/25/18, 03/13/19 and 06/17/19.1,727,564 1,410,506 
DistroKid (IVP XII DKCo-Invest,LP)
A subscription-based music distribution platform that allows artists to easily distribute, promote, and monetize their music across digital service providers, such as Spotify and Apple Music.
8.63% Term Loan due 09/30/2027 (LIBOR + 5.750%)$1,635,080 10/01/211,607,828 1,613,248 
Limited Liability Company Unit (B) (F) 73,333 uts. 10/01/2173,404 68,933 
1,681,232 1,682,181 
Dwyer Instruments, Inc.
A designer and manufacturer of precision measurement and control products for use with solids, liquids and gases.
7.78% Term Loan due 07/01/2027 (LIBOR + 5.500%) (G)$1,722,829 07/20/211,547,314 1,542,617 
Echo Logistics
A provider of tech-enabled freight brokerage across various modes including Truckload, Less-than-Truckload, Parcel, and Intermodal, as well as managed (contracted) transportation services.
9.81% Second Lien Term Loan due 11/05/2029 (LIBOR + 7.000%)$1,679,204 11/22/211,652,984 1,610,356 
Limited Liability Company Unit (B) 46 uts. 11/22/2145,796 65,559 
1,698,780 1,675,915 
EFI Productivity Software
A provider of ERP software solutions purpose-built for the print and packaging industry.
9.42% Term Loan due 12/30/2027 (LIBOR + 5.750%) (G)$993,048 12/30/21902,668 905,140 
Electric Power Systems International, Inc.
A provider of electrical testing services for apparatus equipment and protection & controls infrastructure.
9.42% Term Loan due 04/19/2028 (LIBOR + 5.750%) (G)$1,241,419 04/19/211,171,612 1,178,443 
Elite Sportswear Holding, LLC
A designer and manufacturer of gymnastics, competitive cheerleading and swimwear apparel in the U.S. and internationally.
Limited Liability Company Unit (B) (F) 1,218,266 uts. 10/14/16159,722 — 
See Notes to Consolidated Financial Statements 5
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
September 30, 2022
(Unaudited)
Corporate Restricted Securities - 108.36%: (A)Principal Amount,
Shares, Units or
Ownership Percentage		Acquisition
Date		CostFair Value
Ellkay
A provider of data interoperability solutions for labs, hospitals and healthcare providers.
9.52% Term Loan due 09/14/2027 (LIBOR + 6.250%)$700,362 09/14/21$688,750 $691,232 
English Color & Supply LLC
A distributor of aftermarket automotive paint and related products to collision repair shops, auto dealerships and fleet customers through a network of stores in the Southern U.S.
11.5% (0.50% PIK) Senior Subordinated Note due 12/31/2023$1,362,586 06/30/171,356,922 1,362,586 
Limited Liability Company Unit (B) (F) 397,695 uts. 06/30/17397,695 918,675 
1,754,617 2,281,261 
ENTACT Environmental Services, Inc.
A provider of environmental remediation and geotechnical services for blue-chip companies with regulatory-driven liability enforcement needs.
9.42% Term Loan due 12/15/2025 (LIBOR + 6.750%)$993,493 02/09/21986,920 972,629 
eShipping
An asset-life third party logistics Company that serves a broad variety of end markets and offers service across all major transportation modes.
8.12% Term Loan due 11/05/2027 (LIBOR + 5.000%) (G)$1,617,864 11/05/211,126,408 1,150,656 
E.S.P. Associates, P.A.
A professional services firm providing engineering, surveying and planning services to infrastructure projects.
Limited Liability Company Unit (B) 273 uts. *295,518 225,217 
* 06/29/18 and 12/29/20.
F G I Equity LLC
A manufacturer of a broad range of filters and related products that are used in commercial, light industrial, healthcare, gas turbine, nuclear, laboratory, clean room, hotel, educational system, and food processing settings.
Limited Liability Company Unit Class B-1 (B) 49,342 uts. 12/15/1042,343 696,212 
Five Star Holding, LLC
A fully integrated platform of specialty packaging brands that manufactures flexible packaging solutions.
10.38% Second Lien Term Loan due 04/27/2030 (SOFR + 7.350%)$476,190 05/04/22467,154 462,857 
Limited Liability Company Unit Common (B) (F)34 uts.10/14/2133,631 33,630 
500,785 496,487 
Follett School Solutions
A provider of software for K-12 school libraries.
8.87% First Lien Term Loan due 07/09/2028 (LIBOR + 5.750%) $1,697,051 08/31/211,668,366 1,675,366 
LP Units (B) (F) 881 uts. 08/30/218,805 9,844 
LP Interest (B) (F) 200 shs. 08/30/212,003 2,239 
1,679,174 1,687,449 
See Notes to Consolidated Financial Statements 6
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
September 30, 2022
(Unaudited)
Corporate Restricted Securities - 108.36%: (A)Principal Amount,
Shares, Units or
Ownership Percentage		Acquisition
Date		CostFair Value
FragilePAK
A provider of third-party logistics services focused on the full delivery life-cycle for big and bulky products.
8.87% Term Loan due 05/24/2027 (LIBOR + 5.750%) (G)$1,603,711 05/21/21$1,030,448 $1,061,441 
Limited Liability Company Unit (B) (F) 108 shs. 05/21/21107,813 121,673 
1,138,261 1,183,114 
GD Dental Services LLC
A provider of convenient "onestop" general, specialty, and cosmetic dental services with 21 offices located throughout South and Central Florida.
Limited Liability Company Unit Preferred (B) 76 uts. 10/05/1275,920 108,821 
Limited Liability Company Unit Common (B) 767 uts. 10/05/12767 — 
76,687 108,821 
gloProfessional Holdings, Inc.
A marketer and distributor of premium mineral-based cosmetics, cosmeceuticals and professional hair care products to the professional spa and physician's office channels.
Preferred Stock (B) 650 shs. 03/29/19649,606 838,583 
Common Stock (B) 1,181 shs. 03/27/13118,110 18,077 
767,716 856,660 
GraphPad Software, Inc.
A provider of data analysis, statistics and graphing software solution for scientific research applications, with a focus on the life sciences and academic end-markets.
7.00% Term Loan due 4/27/2027 (LIBOR + 6.000%)$2,372,138 *2,362,485 2,346,045 
8.31% Term Loan due 04/27/2027 (LIBOR + 5.500%)$83,468 04/27/2182,197 82,866 
Preferred Stock (B) (F) 3,737 shs. 04/27/21103,147 124,262 
* 12/19/17 and 04/16/19.2,547,829 2,553,173 
Handi Quilter Holding Company (Premier Needle Arts)
A designer and manufacturer of long-arm quilting machines and related components for the consumer quilting market.
Limited Liability Company Unit Preferred (B) 372 uts. *371,644 155,028 
Limited Liability Company Unit Common Class A (B) 3,594 uts. 12/19/14— — 
*12/19/14 and 04/29/16.371,644 155,028 
Heartland Veterinary Partners
A veterinary support organization that provides a comprehensive set of general veterinary services as well as ancillary services such as boarding and grooming.
11.00% Opco PIK Note due 11/09/2028 (G)$1,877,531 11/17/211,794,077 1,798,197 
HHI Group, LLC
A developer, marketer, and distributor of hobby-grade radio control products.
Limited Liability Company Unit (B) (F) 102 uts. 01/17/14101,563 369,469 
Home Care Assistance, LLC
A provider of private pay non-medical home care assistance services.
8.12% Term Loan due 03/30/2027 (LIBOR + 5.000%)$846,592 03/26/21833,910 832,137 
See Notes to Consolidated Financial Statements 7
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
September 30, 2022
(Unaudited)
Corporate Restricted Securities - 108.36%: (A)Principal Amount,
Shares, Units or
Ownership Percentage		Acquisition
Date		CostFair Value
HOP Entertainment LLC
A provider of post production equipment and services to producers of television shows and motion pictures.
Limited Liability Company Unit Class F (B) (F) 47 uts. 10/14/11$— $— 
Limited Liability Company Unit Class G (B) (F) 114 uts. 10/14/11— — 
Limited Liability Company Unit Class H (B) (F) 47 uts. 10/14/11— — 
Limited Liability Company Unit Class I (B) (F) 47 uts. 10/14/11— — 
— — 
HTI Technology & Industries Inc.
A designer and manufacturer of powered motion solutions to industrial customers.
11.66% Term Loan due 07/07/2025 (SOFR + 8.750%) (G)$750,000 07/27/22568,986 568,295 
Illumifin
A leading provider of third-party administrator (“TPA”) services and software for life and annuity insurance providers.
8.82% Term Loan due 02/04/2028 (LIBOR + 6.000%)$386,366 04/05/22379,287 379,890 
IM Analytics Holdings, LLC
A provider of test and measurement equipment used for vibration, noise, and shock testing.
8.67% Term Loan due 11/22/2023 (LIBOR + 7.000%)$439,854 11/21/19438,589 383,993 
Warrant, exercisable until 2026, to purchase common stock at $.01 per share (B) 8,885 shs. 11/25/19— — 
438,589 383,993 
Industrial Service Solutions
A provider of maintenance, repair and overhaul services for process equipment within the industrial, energy and power end-markets.
9.20% Term Loan due 01/31/2026 (LIBOR + 5.500%)$1,049,395 02/05/201,036,368 1,024,209 
JF Petroleum Group
A provider of repair, maintenance, instalation and projection management servicese to the US fueling infrastructure industry.
9.12% Term Loan due 04/20/2026 (LIBOR + 6.000%)$678,004 05/04/21663,400 633,934 
Jones Fish
A provider of lake management services, fish stocking and pond aeration sales and services.
9.28% First Lien Term Loan due 12/20/2027 (LIBOR + 5.750%) (G)$1,261,603 02/28/221,074,372 1,076,721 
Common Stock (B) (F) 384 shs. 02/28/2238,397 38,397 
1,112,769 1,115,118 
Kano Laboratories LLC
A producer of industrial strength penetrating oils and lubricants.
7.01% Term Loan due 09/30/2026 (LIBOR + 5.000%) (G)$1,238,669 11/18/20826,634 826,144 
7.01% Term Loan due 10/31/2027 (LIBOR + 5.000%) (G)$445,016 11/08/21262,985 264,306 
Limited Liability Company Unit Class (B) 20 uts. 11/19/2019,757 18,653 
1,109,376 1,109,103 
See Notes to Consolidated Financial Statements 8
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
September 30, 2022
(Unaudited)
Corporate Restricted Securities - 108.36%: (A)Principal Amount,
Shares, Units or
Ownership Percentage		Acquisition
Date		CostFair Value
Kings III
A provider of emergency phones and monitoring services.
8.90% First Lien Term Loan due 07/07/2028 (SOFR + 6.000%) (G)$500,000 08/31/22$371,857 $371,712 
LeadsOnline
A nationwide provider of data, technology and intelligence tools used by law enforcement agencies, investigators, and businesses.
8.67% Term Loan due 12/23/2027 (LIBOR + 5.000%) (G)$1,713,774 02/07/221,462,562 1,465,742 
Limited Liability Company Unit (F) 4,528 uts. 02/07/224,528 4,958 
1,467,090 1,470,700 
LYNX Franchising
A global franchisor of B2B services including commercial janitorial services, shared office space solutions, and textile and electronics restoration services.
9.92% Term Loan due 12/18/2026 (LIBOR + 6.250%)$2,470,601 *2,434,331 2,434,229 
* 12/22/20 and 09/09/21
Magnolia Wash Holdings (Express Wash Acquisition Company, LLC)
An express car wash consolidator primarily in the Southeastern US.
9.13% Term Loan due 07/08/2028 (LIBOR + 6.500%) (G)$600,983 07/14/22542,379 541,945 
Manhattan Beachwear Holding Company
A designer and distributor of women’s swimwear.
12.50% Senior Subordinated Note due 12/31/2022 (D)$419,971 01/15/10404,121 — 
15.00% (2.50% PIK) Senior Subordinated Note due 12/31/2022 (D)$115,253 10/05/10114,604 — 
Common Stock (B) 35 shs. 10/05/1035,400 — 
Common Stock Class B (B) 118 shs. 01/15/10117,647 — 
Warrant, exercisable until 2023, to purchase common stock at $.01 per share (B) 104 shs. 10/05/1094,579 — 
766,351 — 
Marshall Excelsior Co.
A designer, manufacturer and supplier of mission critical, highly engineered flow control products used in the transportation, storage and consumption of liquified petroleum gas, liquified anhydrous ammonia, refined industrial and cryogenic gasses.
9.20% Term Loan due 02/18/2028 (SOFR + 5.500%) (G)$605,124 02/24/22575,778 576,075 
Master Cutlery LLC
A designer and marketer of a wide assortment of knives and swords.
13.00% Senior Subordinated Note due 07/20/2022 (D)$868,102 04/17/15867,529 1,302 
Limited Liability Company Unit (B) 5 uts. 04/17/15678,329 — 
1,545,858 1,302 
See Notes to Consolidated Financial Statements 9
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
September 30, 2022
(Unaudited)
Corporate Restricted Securities - 108.36%: (A)Principal Amount,
Shares, Units or
Ownership Percentage		Acquisition
Date		CostFair Value
Media Recovery, Inc.
A global manufacturer and developer of shock, temperature, vibration, and other condition indicators and monitors for in-transit and storage applications.
9.30% First Out Term Loan due 11/22/2025 (SOFR + 5.500%)$484,874 11/25/19$479,697 $484,874 
MES Partners, Inc.
An industrial service business offering an array of cleaning and environmental services to the Gulf Coast region of the U.S.
Preferred Stock Series A (B) 30,926 shs. 07/25/1912,412 — 
Preferred Stock Series C (B) 1,275 shs. 09/22/20457,365 — 
Common Stock Class B (B) 259,252 shs. *244,163 — 
Warrant, exercisable until 2030, to purchase common stock at $.01 per share (B)351,890 shs.09/22/20— — 
* 09/30/14 and 02/28/18.713,940 — 
MeTEOR Education LLC
A leading provider of classroom and common area design services, furnishings, equipment and instructional support to K-12 schools.
12.00% Senior Subordinated Note due 03/20/2024$915,819 03/09/18913,628 900,555 
12.00% Senior Subordinated Debt due 03/31/2025$351,088 03/31/22345,245 345,236 
Limited Liability Company Unit (B) (F) 190 uts. 03/09/18200,718 521,131 
1,459,591 1,766,922 
MNS Engineers, Inc.
A consulting firm that provides civil engineering, construction management and land surveying services.
8.62% Term Loan due 07/30/2027 (LIBOR + 5.500%)$1,188,000 08/09/211,168,758 1,168,992 
Limited Liability Company Unit (B) 100,000 uts. 08/09/21100,000 91,000 
1,268,758 1,259,992 
Mobile Pro Systems
A manufacturer of creative mobile surveillance systems for real-time monitoring in nearly any environment.
10.00% Second Lien Term Loan due 06/23/2027$588,235 06/27/22577,090 577,484 
Common Stock (B) (F)4,118 shs.02/28/22411,765 411,765 
988,855 989,249 
Music Reports, Inc.
An administrator of comprehensive offering of rights and royalties solutions for music and cue sheet copyrights to music and entertainment customers.
8.68% Incremental Term Loan due 08/21/2026 (LIBOR + 6.000%)$814,353 11/05/21801,137 800,121 
8.68% Term Loan due 08/21/2026 (LIBOR + 6.000%)$548,682 08/25/20539,763 539,093 
1,340,900 1,339,214 
See Notes to Consolidated Financial Statements 10
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
September 30, 2022
(Unaudited)
Corporate Restricted Securities - 108.36%: (A)Principal Amount,
Shares, Units or
Ownership Percentage		Acquisition
Date		CostFair Value
Narda-MITEQ (JFL-Narda Partners, LLC)
A manufacturer of radio frequency and microwave components and assemblies.
8.92% First Lien Term Loan due 11/30/2027 (LIBOR + 5.250%) (G)$762,047 12/06/21$553,226 $506,071 
8.92% Incremental Term Loan due 12/06/2027 (LIBOR + 5.250%)$871,553 12/28/21858,249 804,444 
Limited Liability Company Unit Class A Preferred (B) 790 uts. 12/06/2179,043 63,641 
Limited Liability Company Unit Class B Common (B) 88 uts. 12/06/218,783 — 
1,499,301 1,374,156 
National Auto Care
A provider of professional finance and insurance products and consulting services to auto, RV, and powersports dealerships.
8.23% First Lien Term Loan due 09/28/2024 (SOFR + 5.250%) (G)$994,204 12/20/21887,234 881,252 
Navia Benefit Solutions, Inc.
A third-party administrator of employee-directed healthcare benefits.
8.24% Term Loan due 02/01/2026 (LIBOR + 5.250%) (G)$1,164,657 02/10/211,149,829 1,155,392 
Northstar Recycling
A managed service provider for waste and recycling services, primarily targeting food and beverage end markets.
8.42% Term Loan due 09/30/2027 (LIBOR + 4.750%)$743,693 10/01/21731,297 730,857 
Office Ally (OA TOPCO, LP)
A provider of medical claims clearinghouse software to office-based physician providers and healthcare insurance payers.
9.12% Term Loan due 12/10/2028 (LIBOR + 6.000%) (G)$978,925 12/20/21828,209 828,960 
9.12% Term Loan due 12/20/2028 (LIBOR + 6.000%)$113,370 04/29/22111,242 111,420 
Limited Liability Company Unit (B) 21,092 uts. 12/20/2121,092 21,092 
960,543 961,472 
Omega Holdings
A distributor of aftermarket automotive air conditioning products.
7.98% Term Loan due 03/31/2029 (SOFR + 5.000%) (G)$645,704 03/31/22530,131 531,311 
Omni Logistics, LLC
A specialty freight forwarding business specifically targeting the semiconductor, media, technology and healthcare end markets.
8.64% Term Loan due 12/30/2026 (SOFR + 5.000%)$1,728,191 12/30/201,691,489 1,696,699 
Options Technology Ltd
A provider of vertically focused financial technology managed services and IT infrastructure products for the financial services industry.
6.20% Term Loan due 12/18/2025 (LIBOR + 4.750%)$1,574,903 12/23/191,557,911 1,553,059 
See Notes to Consolidated Financial Statements 11
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
September 30, 2022
(Unaudited)
Corporate Restricted Securities - 108.36%: (A)Principal Amount,
Shares, Units or
Ownership Percentage		Acquisition
Date		CostFair Value
PANOS Brands LLC
A marketer and distributor of branded consumer foods in the specialty, natural, better-for-you,“free from” healthy and gluten-free categories.
12.00% (1.00% PIK) Senior Subordinated Note due 12/29/2023 (D)$1,775,705 02/17/17$1,775,610 $1,747,294 
Common Stock Class A (B) 380,545 shs. *380,545 215,008 
* 01/29/16 and 02/17/17.2,156,155 1,962,302 
PB Holdings LLC
A designer, manufacturer and installer of maintenance and repair parts and equipment for industrial customers.
9.27% Term Loan due 02/28/2024 (LIBOR + 6.000%)$763,469 03/06/19757,290 698,574 
Pearl Holding Group
A managing general agent that originates, underwrites, and administers non-standard auto insurance policies for carries in Florida.
8.78% First Lien Term Loan due 12/16/2026 (LIBOR + 6.000%)$1,774,267 12/20/211,730,794 1,721,039 
Warrant-Class A, to purchase common stock at $.01 per share (B) 924 uts. 12/22/21— — 
Warrant-Class B, to purchase common stock at $.01 per share (B) 312 uts. 12/22/21— — 
Warrant-Class CC, to purchase common stock at $.01 per share (B) 32 uts. 12/22/21— — 
Warrant-Class D, to purchase common stock at $.01 per share (B) 82 uts. 12/22/21— — 
1,730,794 1,721,039 
Pegasus Transtech Corporation
A provider of end-to-end document, driver and logistics management solutions, which enable its customers (carriers, brokers, and drivers) to operate more efficiently, reduce manual overhead, enhance compliance, and shorten cash conversion cycles.
9.62% Term Loan due 11/17/2024 (LIBOR + 6.500%)$1,887,855 11/14/171,873,482 1,850,185 
9.62% Term Loan due 08/31/2026 (LIBOR + 6.500%)$379,889 09/29/20371,087 372,309 
2,244,569 2,222,494 
Petroplex Inv Holdings LLC
A leading provider of acidizing services to E&P customers in the Permian Basin.
Limited Liability Company Unit (B) 0.40% int. *156,250 — 
* 11/29/12 and 12/20/16.
Polara (VSC Polara LLC)
A manufacturer of pedestrian traffic management and safety systems, including accessible pedestrian signals, “push to walk” buttons, and related “traffic” control units.
7.30% First Lien Term Loan due 12/03/2027 (LIBOR + 4.850%) (G)$944,394 12/03/21819,844 819,112 
Limited Liability Company Unit (B) (F) 1,471 uts. 12/03/21147,110 147,110 
966,954 966,222 
See Notes to Consolidated Financial Statements 12
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
September 30, 2022
(Unaudited)
Corporate Restricted Securities - 108.36%: (A)Principal Amount,
Shares, Units or
Ownership Percentage		Acquisition
Date		CostFair Value
Polytex Holdings LLC
A manufacturer of water based inks and related products serving primarily the wall covering market.
13.90% (7.90% PIK) Senior Subordinated Note due 12/31/2024 (D)$1,069,985 07/31/14$1,064,183 $700,840 
Limited Liability Company Unit (B) 148,096 uts. 07/31/14148,096 — 
Limited Liability Company Unit Class F (B) 36,976 uts. *24,802 — 
* 09/28/17 and 02/15/18.1,237,081 700,840 
Portfolio Group
A provider of professional finance and insurance products to automobile dealerships, delivering a suite of offerings that supplement earnings derived from vehicle transactions.
10.21% First Lien Term Loan due 12/02/2025 (LIBOR + 6.000%) (G)$1,459,678.00 11/15/211,191,710 1,173,857 
PPC Event Services
A special event equipment rental business.
Preferred Stock Series P-1 (B) 71 shs. 07/21/20— 90,551 
Common Stock (B) 170,927 shs. 07/21/20— 111,957 
Limited Liability Company Unit (B) 3,450 uts. 11/20/14172,500 2,260 
Limited Liability Company Unit Series A-1 (B) 339 uts. 03/16/1642,419 222 
214,919 204,990 
ProfitOptics
A software development and consulting company that delivers solutions via its proprietary software development platform, Catalyst.
9.59% Term Loan due 02/15/2028 (LIBOR + 5.750%) (G)$901,452 03/15/22691,524 686,269 
8.00% Subordinated Note due 02/15/2029$32,258 03/15/2232,258 31,581 
Limited Liability Company Unit (B) 96,774 uts. 03/15/2264,516 65,323 
788,298 783,173 
Recovery Point Systems, Inc.
A provider of IT infrastructure, colocation and cloud based resiliency services.
9.41% Term Loan due 07/31/2026 (LIBOR + 6.500%)$1,332,775 08/12/201,315,609 1,330,109 
Limited Liability Company Unit (B) (F) 21,532 uts. 03/05/2121,532 14,319 
1,337,141 1,344,428 
RedSail Technologies
A provider of pharmacy management software solutions for independent pharmacies and long-term care facilities.
8.39% Term Loan due 10/27/2026 (LIBOR + 4.750%)$1,618,231 12/09/201,588,210  1,588,968
ReelCraft Industries, Inc.
A designer and manufacturer of heavy-duty reels for diversified industrial, mobile equipment OEM, auto aftermarket, government/military and other end markets.
Limited Liability Company Unit Class B (B) 293,617 uts. 11/13/17184,689 797,170 
See Notes to Consolidated Financial Statements 13
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
September 30, 2022
(Unaudited)
Corporate Restricted Securities - 108.36%: (A)Principal Amount,
Shares, Units or
Ownership Percentage		Acquisition
Date		CostFair Value
Renovation Brands (Renovation Parent Holdings, LLC)
A portfolio of seven proprietary brands that sell various home improvement products primarily through the e-Commerce channel.
7.46% Term Loan due 08/16/2027 (LIBOR + 5.500%)$966,019 11/15/21$945,549 $948,913 
Limited Liability Company Unit (B) 39,474 uts. 09/29/1739,474 39,474 
985,023 988,387 
Resonetics, LLC
A provider of laser micro-machining manufacturing services for medical device and diagnostic companies.
10.16% Second Lien Term Loan due 04/28/2029 (LIBOR + 7.000%)$1,725,000 04/28/211,696,651 1,700,562 
10.16% Second Lien Term Loan due 04/28/2029 (LIBOR + 7.000%)$552,000 11/15/21542,258 544,180 
2,238,909 2,244,742 
REVSpring, Inc.
A provider of accounts receivable management and revenue cycle management services to customers in the healthcare, financial and utility industries.
10.50% Second Lien Term Loan due 10/11/2026 (LIBOR + 8.250%) $1,725,000 10/11/181,698,948 1,725,000 
Rock-it Cargo
A provider of specialized international logistics solutions to the music touring, performing arts, live events, fine art and specialty industries.
6.83% Term Loan due 06/22/2024 (LIBOR + 5.000%) (G)$2,455,258 *2,437,054 2,317,763 
* 07/30/18 and 09/30/20.
ROI Solutions
Call center outsourcing and end user engagement services provider.
8.67% Term Loan due 07/31/2024 (LIBOR + 5.000%)$1,055,088 07/31/181,048,638 1,055,088 
RPX Corp
A provider of subscription services that help member companies mitigate the risk of patent disputes and reduce the cost of patent litigation.
7.00% Term Loan due 10/23/2025 (LIBOR + 6.000%)$2,415,753 *2,379,753 2,379,617 
* 10/22/20 and 09/28/21.
Ruffalo Noel Levitz
A provider of enrollment management, student retention and career services, and fundraising management for colleges and universities.
8.25% Term Loan due 05/29/2024 (LIBOR + 6.000%)$1,216,573 01/08/191,210,954 1,216,573 
Safety Products Holdings, Inc.
A manufacturer of highly engineered safety cutting tools.
9.12% Term Loan due 12/15/2026 (LIBOR + 6.000%) (H)$1,670,079 12/15/201,643,724 1,644,993 
Common Stock (B) 29 shs. 12/16/2029,262 39,888 
1,672,986 1,684,881 
See Notes to Consolidated Financial Statements 14
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
September 30, 2022
(Unaudited)
Corporate Restricted Securities - 108.36%: (A)Principal Amount,
Shares, Units or
Ownership Percentage		Acquisition
Date		CostFair Value
Sandvine Corporation
A provider of active network intelligence solutions.
11.12% Second Lien Term Loan due 11/02/2026
(LIBOR + 8.000%)		$1,725,000 11/01/18$1,702,965 $1,719,825 
Sara Lee Frozen Foods
A provider of frozen bakery products, desserts and sweet baked goods.
7.62% First Lien Term Loan due 07/30/2025
(LIBOR + 4.500%)		$1,475,790 07/27/181,462,375 1,359,202 
Scaled Agile, Inc.
A provider of training and certifications for IT professionals focused on software development.
9.15% Term Loan due 12/15/2027 (LIBOR + 5.500%) (G)$1,718,969 12/16/211,169,678 1,200,083 
SEKO Worldwide, LLC
A third-party logistics provider of ground, ocean, air and home delivery forwarding services.
8.07% Term Loan due 12/30/2026 (LIBOR + 5.000%) (G)$1,702,662 12/30/201,511,584 1,518,978 
Smart Bear
A provider of web-based tools for software development, testing and monitoring.
10.57% Second Lien Term Loan due 11/10/2028 (LIBOR + 7.500%)$1,725,000 03/02/211,686,549 1,701,681 
Smartling, Inc.
A provider in SaaS-based translation management systems and related translation services.
9.39% Term Loan due 10/26/2027 (LIBOR + 5.750%) (G)$1,714,346.00 11/03/211,380,795 1,380,790 
Specified Air Solutions (dba Madison Indoor Air Solutions)
A manufacturer and distributor of heating, dehumidification and other air quality solutions.
Limited Liability Company Unit (B) 726,845 uts. 02/20/192,298,574 10,103,149 
Springbrook Software
A provider of vertical-market enterprise resource planning software and payments platforms focused on the local government end-market.
8.60% Term Loan due 12/20/2026 (LIBOR + 5.750%)$1,318,605 12/23/191,304,671 1,300,572 
Stackline
An e-commerce data company that tracks products sold through online retailers.
4.38% Term Loan due 07/30/2028 (LIBOR + 7.750%)$1,835,111 07/29/211,807,087 1,812,682 
Common Stock (B) 1,340 shs. 07/30/2142,078 70,390 
1,849,165 1,883,072 
See Notes to Consolidated Financial Statements 15
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
September 30, 2022
(Unaudited)
Corporate Restricted Securities - 108.36%: (A)Principal Amount,
Shares, Units or
Ownership Percentage		Acquisition
Date		CostFair Value
Standard Elevator Systems
A scaled manufacturer of elevator components combining four elevator companies, Standard Elevator Systems, EMI Porta, Texacone, and ZZIPCO.
9.49% First Lien Term Loan due 12/02/2027 (LIBOR + 5.750%) (G)$1,717,04712/02/21$1,097,447 $1,082,396 
Strahman Holdings Inc.
A manufacturer of industrial valves and wash down equipment for a variety of industries, including chemical, petrochemical, polymer, pharmaceutical, food processing, beverage and mining.
Preferred Stock Series A (B) 158,967 shs. 12/13/13158,967 236,861 
Preferred Stock Series A-2 (B) 26,543 shs. 09/10/1529,994 39,549 
188,961 276,410 
Stratus Unlimited
A nationwide provide of brand implementation services, including exterior and interior signage, refresh and remodel, and facility maintenance and repair.
8.38% Term Loan due 06/08/2027 (LIBOR + 5.500%) (G)$942,811 07/02/21754,828 759,046 
Limited Liability Company Unit (B) 75 uts. 06/30/2174,666 74,655 
829,494 833,701 
Sunvair Aerospace Group Inc.
An aerospace maintenance, repair, and overhaul provider servicing landing gears on narrow body aircraft.
12.00% (1.00% PIK) Senior Subordinated Note due 08/01/2024$2,023,687 *2,008,329 2,002,262 
Preferred Stock Series A (B) 28 shs. 12/21/2071,176 81,472 
Common Stock (B) 68 shs. **104,986 247,083 
* 07/31/15 and 12/21/20.2,184,491 2,330,817 
** 07/31/15 and 11/08/17.
Syntax Systems Ltd.
A cloud management service provider.
8.62% Term Loan due 10/14/2028 (LIBOR + 5.500%) (G)$992,944 10/28/21757,366 738,128 
Tank Holding
A manufacturer of proprietary rotational molded polyethylene and steel storage tanks and containers.
8.78% Term Loan due 03/31/2028 (SOFR + 5.750%) (G)$500,000 03/31/22467,876 468,807 
Tencarva Machinery Company
A distributor of mission critical, engineered equipment, replacement parts and services in the industrial and municipal end-markets.
8.92% Term Loan due 12/20/2027 (LIBOR + 5.250%) (G)$1,966,414 12/20/211,638,944 1,643,389 
See Notes to Consolidated Financial Statements 16
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
September 30, 2022
(Unaudited)
Corporate Restricted Securities - 108.36%: (A)Principal Amount,
Shares, Units or
Ownership Percentage		Acquisition
Date		CostFair Value
Terrybear
A designer and wholesaler of cremation urns and memorial products for people and pets.
10.00% (4.00% PIK) Term Loan due 04/27/2028$899,814 04/29/22$883,374 $884,334 
Limited Liability Company Unit (B) (F) 84,038 uts. 10/14/21823,577 825,678 
1,706,951 1,710,012 
The Caprock Group (aka TA/TCG Holdings, LLC)
A wealth manager focused on ultra-high-net-worth individuals, who have $25-30 million of investable assets on average.
9.58% HoldCo PIK Note due 10/21/2028 (LIBOR + 7.750%)$1,162,538 10/28/211,142,579 1,146,435 
7.90% Term Loan due 12/15/2027 (LIBOR + 4.250%) (G)$574,457 12/21/2198,518 100,010 
1,241,097 1,246,445 
The Hilb Group, LLC
An insurance brokerage platform that offers insurance and benefits programs to middle-market companies throughout the Eastern seaboard.
8.87% Term Loan due 09/30/2026 (LIBOR + 5.750%)$1,692,575 *1,666,836 1,661,622 
* 12/02/19 and 12/15/20.
The Octave Music Group, Inc. (fka TouchTunes)
A global provider of digital music and media and introduced the play-for-play digital jukebox in 1998.
9.58% Second Lien Term Loan due 03/31/2030 (SOFR + 7.500%)$474,359 04/01/22465,466 466,444 
Limited Liability Company Unit (B) 25,641 uts. 04/01/2225,641 36,795 
491,107 503,239 
Therma-Stor Holdings LLC
A designer and manufacturer of dehumidifiers and water damage restoration equipment for residential and commercial applications.
Limited Liability Company Unit (B) 19,696 uts. 11/30/17— 12,330 
Transit Technologies LLC
A software platform for the transportation market that offers end-to-end software solutions focused on operations, fleet management and telematics services.
7.92% Term Loan due 02/10/2025 (LIBOR + 5.000%)$780,310 02/13/20773,849 749,878 
Trident Maritime Systems
A leading provider of turnkey marine vessel systems and solutions for government and commercial new ship construction as well as repair, refurbishment, and retrofit markets worldwide.
8.67% Term Loan due 02/19/2026 (LIBOR + 5.000%)$1,702,674 02/25/211,680,792 1,677,071 
Tristar Global Energy Solutions, Inc.
A hydrocarbon and decontamination services provider serving refineries worldwide.
12.50% (1.50% PIK) Senior Subordinated Note due 06/30/2024 (D)$1,204,904 01/23/151,162,522 1,204,904 
See Notes to Consolidated Financial Statements 17
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
September 30, 2022
(Unaudited)
Corporate Restricted Securities - 108.36%: (A)Principal Amount,
Shares, Units or
Ownership Percentage		Acquisition
Date		CostFair Value
Truck-Lite
A leading provider of harsh environment LED safety lighting, electronics, filtration systems, and telematics for a wide range of commercial vehicles, specialty vehicles, final mile delivery vehicles, off-road/off-highway, marine, and other adjacent harsh environment markets.
9.89% Term Loan due 12/02/2026 (LIBOR + 6.250%)$1,679,221 12/13/19$1,659,068 $1,648,435 
9.89% First Lien Term Loan due 04/28/2029 (LIBOR + 6.250%)$799,167 11/15/21785,789 784,516 
2,444,857 2,432,951 
Trystar, Inc.
A niche manufacturer of temporary power distribution products for the power rental, industrial, commercial utility and back-up emergency markets.
7.81% Term Loan due 10/01/2023 (LIBOR + 5.500%)$2,258,218 09/28/182,249,281 2,226,603 
8.42% Third Amendment Term Loan due 09/28/2023 (LIBOR + 5.500%)$213,781 10/27/21211,804 210,788 
Limited Liability Company Unit (B) (F) 56 uts. 09/28/1860,413 52,098 
2,521,498 2,489,489 
Turnberry Solutions, Inc.
A provider of technology consulting services.
9.19% Term Loan due 07/30/2026 (SOFR + 6.000%)$1,616,763 07/29/211,592,007 1,590,655 
U.S. Legal Support, Inc.
A provider of court reporting, record retrieval and other legal supplemental services.
8.30% Term Loan due 11/12/2024
(SOFR + 5.750%)		$2,073,262 *2,058,274 2,039,206 
* 11/29/18 and 03/25/19.
UroGPO, LLC
A group purchasing organization that connects pharmaceutical companies with urology practices to facilitate the purchase of pharmaceutical drugs for discounted prices.
8.76% Term Loan due 12/15/2026 (LIBOR + 5.750%) (B)$2,283,333 12/14/202,251,318 2,283,333 
VitalSource
A provider of digital fulfillment software for the higher education sector.
8.58% Term Loan due 06/01/2028 (LIBOR + 5.500%)$1,677,083 06/01/211,649,930 1,677,083 
Limited Liability Company Unit (B) (F) 1,891 uts. 06/01/2118,909 37,856 
1,668,839 1,714,939 
VP Holding Company
A provider of school transportation services for special-needs and homeless children in Massachusetts and Connecticut.
8.62% Term Loan due 05/22/2024 (LIBOR + 5.500%)$2,368,931 05/17/182,355,990 2,321,552 
Westminster Acquisition LLC
A manufacturer of premium, all-natural oyster cracker products sold under the Westminster and Olde Cape Cod brands.
Limited Liability Company Unit (B) (F) 370,241 uts. 08/03/15370,241 57,387 
See Notes to Consolidated Financial Statements 18
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
September 30, 2022
(Unaudited)
Corporate Restricted Securities - 108.36%: (A)Principal Amount,
Shares, Units or
Ownership Percentage		Acquisition
Date		CostFair Value
Wolf-Gordon, Inc.
A designer and specialty distributor of wallcoverings and related building products, including textiles, paint, and writeable surfaces.
Common Stock (B) 157 shs. 01/22/16$62,177 $243,354 
Woodland Foods, Inc.
A provider of specialty dry ingredients such as herbs & spices, rice & grains, mushrooms & truffles, chilies, and other ingredients to customers within the industrial, foodservice, and retail end-markets.
8.58% Term Loan due 11/30/2027 (LIBOR + 5.500%) (G)$1,200,638 12/01/211,110,543 1,086,799 
Limited Liability Company Unit (B) (F) 146 uts. 09/29/17145,803 127,035 
1,256,346 1,213,834 
World 50, Inc.
A provider of exclusive peer-to-peer networks for C-suite executives at leading corporations.
7.87% Term Loan due 12/31/2025 (LIBOR + 4.750%)$1,197,149 01/09/201,180,793 1,182,162 
8.37% Term Loan due 01/10/2026 (LIBOR + 5.250%)$284,577 09/21/20279,298 280,024 
1,460,091 1,462,186 
Ziyad
An end-to-end importer, brand manager, value-added processor, and distributor of Middle Eastern and Mediterranean foods.
8.42% First Lien Term Loan due 02/09/2028 (LIBOR + 4.750%) (G)$1,002,056 02/09/22534,337 536,484 
Limited Liability Company Unit (B) (F) 31 uts. 02/09/2231,256 36,701 
565,593 573,185 
Total Private Placement Investments (E)$160,943,317 $166,325,157 


See Notes to Consolidated Financial Statements 19
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
September 30, 2022
(Unaudited)
Corporate Restricted Securities - 108.36%: (A)Interest
Rate		Maturity
Date		Principal
Amount		CostMarket
Value
Rule 144A Securities - 4.73%: (H)
Bonds - 4.73%
American Airlines Inc.11.750 07/15/2025$500,000 $496,925 $522,170 
AOC, LLC6.625 10/15/202970,000 61,318 52,500 
Carriage Purchaser Inc.7.875 10/15/2029500,000 380,221 372,410 
Cogent Communications7.000 06/15/2027750,000 727,655 705,342 
Coronado Finance Pty Ltd.10.750 05/15/2026247,000 243,407 256,878 
County of Gallatin MT11.500 09/1/2027340,000 340,000 353,691 
CSC Holdings LLC5.000 11/15/2031625,000 521,757 412,838 
CVR Energy Inc.5.750 02/15/2028500,000 463,849 427,095 
First Quantum Minerals Ltd.7.500 04/1/2025500,000 475,096 481,250 
Frontier Communications8.750 05/15/2030194,000 194,000 194,124 
Neptune Energy Bondco PLC6.630 05/15/2025500,000 495,938 464,183 
New Enterprise Stone & Lime Co Inc.9.750 07/15/2028505,000 484,423 425,975 
Prime Security Services, LLC6.250 01/15/2028885,000 797,812 755,234 
Scientific Games Holdings LP6.630 03/1/2030480,000 480,000 384,768 
Terrier Media Buyer, Inc.8.875 12/15/2027530,000 512,530 404,901 
The Manitowoc Company, Inc.9.000 04/1/2026500,000 491,447 454,765 
Trident TPI Holdings Inc.9.250 08/1/2024500,000 493,280 458,827 
Verscend Holding Corp9.750 08/15/2026482,000 502,678 465,130 
Total Bonds8,162,336 7,592,081 
Common Stock - 0.00%
TherOX, Inc. (B)2 shs— — 
Touchstone Health Partnership (B)292 shs— — 
Total Common Stock— — 
Total Rule 144A Securities$8,162,336 $7,592,081 
Total Corporate Restricted Securities$169,105,653 $173,917,238 
 
See Notes to Consolidated Financial Statements 20
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
September 30, 2022
(Unaudited)
Corporate Public Securities - 2.59%: (A)LIBOR
Spread		Interest
Rate		Maturity
Date		Principal
Amount		CostMarket
Value
Bank Loans - 1.85%
Almonde, Inc.7.250 8.489 06/13/2025$500,000 $505,000 $403,440 
Alpine US Bidco LLC9.000 11.685 04/28/2029628,215 612,623 577,957 
Edelman Financial Services6.750 9.865 06/8/2026128,178 127,872 112,797 
Front Line Power Construction LLC12.500 15.450 11/1/2028249,375 235,701 238,403 
Kenan Advantage Group Inc.7.250 10.365 08/17/2027564,317 550,935 519,172 
Magenta Buyer LLC8.250 11.370 05/3/2029503,333 498,688 460,968 
STS Operating, Inc.8.000 11.115 04/25/2026500,000 505,000 481,250 
Syncsort Incorporated7.250 10.033 04/23/2029222,222 220,806 184,029 
Total Bank Loans3,256,625 2,978,016 
Bonds - 0.72%
Genesis Energy LP6.500 10/01/25337,000 326,115 304,681 
Hecla Mining Company7.250 02/15/28500,000 477,669 463,850 
Triumph Group, Inc.7.750 08/15/25500,000 501,995 382,104 
Total Bonds1,305,779 1,150,635 
Common Stock - 0.02%
Front Line Power Construction LLC12,001 shs13,694 5,700 
Tourmaline Oil Corp42,397 shs— 30,856 
Total Common Stock13,694 36,556 
Total Corporate Public Securities$4,576,098 $4,165,207 
Total Investments110.95 %$173,681,751 $178,082,445 
Other Assets3.89 6,238,479 
Liabilities(14.84)(23,820,383)
Total Net Assets100.00 %$160,500,541 
(A)    In each of the convertible note, warrant, convertible preferred and common stock investments, the issuer has agreed to provide certain registration rights.
(B)    Non-income producing security.
(C)    Security valued at fair value using methods determined in good faith by or under the direction of the Board of Trustees.
(D)    Defaulted security; interest not accrued.
(E)    Illiquid securities. As of September 30, 2022, the value of these securities amounted to $166,325,157 or 103.63% of net assets.
(F)    Held in PI Subsidiary Trust.
(G)    A portion of these securities contain unfunded commitments. As of September 30, 2022, total unfunded commitments amounted to $8,854,947 and had unrealized appreciation of $2,494 or 0.00% of net assets. See Note 7.
(H)    Security exempt from registration under Rule 144a of the Securities Act of 1933. These securities may only be resold in transactions exempt from registration, normally to qualified institutional buyers.
PIK    - Payment-in-kind
 
See Notes to Consolidated Financial Statements 21
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
September 30, 2022
(Unaudited)
Industry Classification:Fair Value/
Market Value
AEROSPACE & DEFENSE - 6.34%
Accurus Aerospace$434,049 
Bridger Aerospace528,172 
Compass Precision1,723,408 
CTS Engines1,267,251 
Narda-MITEQ (JFL-Narda Partners, LLC)1,374,156 
Sunvair Aerospace Group Inc.2,330,817 
Trident Maritime Systems1,677,071 
Trident TPI Holdings Inc.458,827 
Triumph Group, Inc.382,104 
10,175,855 
AIRLINES - 1.37%
American Airlines Inc.522,170 
Echo Logistics1,675,915 
2,198,085 
AUTOMOTIVE - 4.26%
Aurora Parts & Accessories LLC482,118 
BBB Industries LLC - DBA (GC EOS Buyer Inc.)476,864 
English Color & Supply LLC2,281,261 
JF Petroleum Group633,934 
Omega Holdings531,311 
Truck-Lite2,432,951 
6,838,439 
BROKERAGE, ASSET MANAGERS & EXCHANGES - 1.81%
The Caprock Group (aka TA/TCG Holdings, LLC)1,246,445 
The Hilb Group, LLC1,661,622 
2,908,067 
BUILDING MATERIALS - 1.21%
Decks Direct1,272,508 
New Enterprise Stone & Lime Co Inc.425,975 
Wolf-Gordon, Inc.243,354 
1,941,837 
CABLE & SATELLITE - 0.26%
CSC Holdings LLC412,838 
CHEMICALS - 1.13%
Kano Laboratories LLC1,109,103 
Polytex Holdings LLC700,840 
1,809,943 
CONSUMER CYCLICAL SERVICES - 6.54%
Accelerate Learning1,696,417 
LYNX Franchising2,434,229 
Industry Classification:Fair Value/
Market Value
MeTEOR Education LLC$1,766,922 
Mobile Pro Systems989,249 
PPC Event Services204,990 
Prime Security Services, LLC755,233 
ROI Solutions1,055,088 
Turnberry Solutions, Inc.1,590,655 
10,492,783 
CONSUMER PRODUCTS - 3.81%
AMS Holding LLC239,996 
Blue Wave Products, Inc.138,437 
gloProfessional Holdings, Inc.856,660 
Handi Quilter Holding Company155,028 
HHI Group, LLC369,469 
Jones Fish1,115,118 
Magnolia Wash Holdings (Express Wash Acquisition Company, LLC)541,945 
Master Cutlery LLC1,302 
Renovation Brands (Renovation Parent Holdings, LLC)988,387 
Terrybear1,710,012 
6,116,354 
DIVERSIFIED MANUFACTURING - 7.53%
AOC, LLC52,500 
F G I Equity LLC696,212 
HTI Technology & Industries Inc (Trident Motion Technologies)568,295 
MNS Engineers, Inc.1,259,992 
Reelcraft Industries, Inc.797,170 
Resonetics, LLC2,244,742 
Safety Products Holdings, Inc.1,684,881 
Standard Elevator Systems1,082,396 
Strahman Holdings Inc.276,410 
Tank Holding468,807 
The Manitowoc Company, Inc.454,765 
Therma-Stor Holdings LLC12,330 
Trystar, Inc.2,489,489 
12,087,989 
ELECTRIC - 1.69%
Dwyer Instruments, Inc.1,542,617 
Electric Power Systems International, Inc.1,178,443 
2,721,060 
See Notes to Consolidated Financial Statements 22
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
September 30, 2022
(Unaudited)
Industry Classification:Fair Value/
Market Value
ENVIRONMENTAL - 1.42%
ENTACT Environmental Services, Inc.$972,629 
Marshall Excelsior Co.576,075 
Northstar Recycling730,857 
2,279,561 
FINANCE COMPANIES - 0.73%
Portfolio Group1,173,857 
FINANCIAL OTHER - 1.19%
Cogency Global919,990 
Edelman Financial Services112,797 
National Auto Care881,252 
1,914,039 
FOOD & BEVERAGE - 4.46%
Alpine US Bidco LLC577,957 
Del Real LLC1,410,506 
PANOS Brands LLC1,962,302 
Sara Lee Frozen Foods1,359,202 
Westminster Acquisition LLC57,387 
Woodland Foods, Inc.1,213,834 
Ziyad573,185 
7,154,373 
GAMING - 0.24%
Scientific Games Holdings LP384,768 
HEALTHCARE - 6.91%
Cadence, Inc.828,110 
Ellkay691,232 
GD Dental Services LLC108,821 
Heartland Veterinary Partners1,798,197 
Home Care Assistance, LLC832,137 
Illumifin379,890 
Navia Benefit Solutions, Inc.1,155,392 
Office Ally (OA TOPCO, LP)961,472 
RedSail Technologies1,588,968 
TherOX, Inc.— 
UroGPO, LLC2,283,333 
Verscend Holding Corp465,130 
11,092,682 
INDUSTRIAL OTHER - 13.27%
ASPEQ Holdings1,121,376 
Cleaver-Brooks, Inc.681,896 
Concept Machine Tool Sales, LLC581,649 
E.S.P. Associates, P.A.225,217 
Front Line Power Construction LLC244,103 
IM Analytics Holdings, LLC383,993 
Industry Classification:Fair Value/
Market Value
Industrial Service Solutions$1,024,209 
Kings III371,712 
Media Recovery, Inc.484,874 
PB Holdings LLC698,574 
Specified Air Solutions10,103,149 
Polara (VSC Polara LLC)966,222 
Stratus Unlimited833,701 
STS Operating, Inc.481,250 
Tencarva Machinery Company1,643,389 
World 50, Inc.1,462,186 
21,307,500 
LOCAL AUTHORITY - 0.92%
LeadsOnline1,470,700 
MEDIA & ENTERTAINMENT - 4.41%
Advantage Software87,444 
ASC Communications, LLC (Becker's Healthcare)457,408 
BrightSign1,400,149 
Cadent, LLC1,212,500 
DistroKid (IVP XII DK Co-Invest, LP)1,682,181 
Music Reports, Inc.1,339,214 
The Octave Music Group, Inc. (fka TouchTunes)503,239 
Terrier Media Buyer, Inc.404,901 
7,087,036 
METALS & MINING - 0.75%
Coronado Finance Pty Ltd.256,878 
First Quantum Minerals Ltd.481,250 
Hecla Mining Company463,850 
1,201,978 
MIDSTREAM - 0.19%
Genesis Energy LP304,681 
OIL FIELD SERVICES - 0.31%
Neptune Energy Bondco PLC464,183 
Petroplex Inv Holdings LLC— 
Tourmaline Oil Corp30,856 
495,039 
PACKAGING - 1.30%
ASC Holdings, Inc.779,423 
Five Star Holding, LLC496,487 
Brown Machine LLC808,993 
2,084,903 
See Notes to Consolidated Financial Statements 23
Consolidated Schedule of Investments     (Continued) Barings Participation Investors
September 30, 2022
(Unaudited)
Industry Classification:Fair Value/
Market Value
PROPERTY & CASUALTY - 1.07%
Pearl Holding Group$1,721,039 
REFINING - 1.02%
CVR Energy Inc.427,096 
MES Partners, Inc.— 
Tristar Global Energy Solutions, Inc.1,204,904 
1,632,000 
TECHNOLOGY - 26.86%
1WorldSync, Inc.2,415,431 
Almonde, Inc.403,440 
Amtech Software545,677 
Audio Precision1,713,892 
Best Lawyers (Azalea Investment Holdings, LLC)1,367,971 
CAi Software2,203,159 
Cash Flow Management917,610 
CloudWave1,635,738 
Command Alkon2,038,398 
Comply365644,046 
EFI Productivity Software905,140 
Follett School Solutions1,687,449 
GraphPad Software, Inc.2,553,173 
Magenta Buyer LLC460,968 
Options Technology Ltd1,553,059 
ProfitOptics783,173 
Recovery Point Systems, Inc.1,344,428 
REVSpring, Inc.1,725,000 
RPX Corp2,379,617 
Ruffalo Noel Levitz1,216,573 
Sandvine Corporation1,719,825 
Scaled Agile, Inc.1,200,083 
Smart Bear1,701,681 
Smartling, Inc.1,380,790 
Springbrook Software1,300,572 
Stackline1,883,072 
Syncsort Incorporated184,029 
Syntax Systems Ltd.738,128 
Transit Technologies LLC749,878 
U.S. Legal Support, Inc.2,039,206 
VitalSource1,714,939 
43,106,145 
TELECOM - WIRELINE INTEGRATED & SERVICES - 0.12%
Industry Classification:Fair Value/
Market Value
Frontier Communications194,124 
TRANSPORTATION SERVICES - 9.39%
AIT Worldwide Logistics, Inc.$1,766,590 
Carriage Purchaser Inc.372,410 
eShipping1,150,656 
FragilePAK1,183,114 
Kenan Advantage Group Inc.519,172 
Omni Logistics, LLC1,696,699 
Pegasus Transtech Corporation2,222,494 
Rock-it Cargo2,317,763 
SEKO Worldwide, LLC 1,518,978 
VP Holding Company2,321,552 
15,069,428 
WIRELESS - 0.44%
Cogent Communications705,342 
Total Investments - 110.95%
(Cost - $173,681,751)$178,082,445 



























2. Significant Accounting Policies
See Notes to Consolidated Financial Statements 24
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Barings Participation Investors
(Unaudited)
The following is a summary of significant accounting policies followed consistently by the Trust in the preparation of its consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
The Trustees have determined that the Trust is an investment company in accordance with Accounting Standards Codification (“ASC”) 946, Financial Services – Investment Companies, for the purpose of financial reporting.
A. Fair Value Measurements:
Under U.S. GAAP, fair value represents the price that should be received to sell an asset (exit price) in an orderly transaction between willing market participants at the measurement date.
Determination of Fair Value
The determination of the fair value of the Trust’s investments is the responsibility of the Trust’s Board of Trustees (the “Trustees”). The Trustees have designated Barings as valuation designee to determine the fair value of the investments held by the Trust for which market quotations are not readily available. Barings has established a Pricing Committee which is responsible for setting the guidelines used in determining such fair values and ensuring that those guidelines are being followed. Barings considers all relevant factors that are reasonably available, through either public information or information directly available to Barings, when determining the fair value of a security. The consolidated financial statements include private placement restricted securities valued at $166,325,157 (103.63% of net assets) as of September 30, 2022, the values of which have been estimated by Barings based on the process described above in the absence of readily ascertainable market values. Due to the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the securities existed, and the differences could be material.
Independent Valuation Process
Bank loans and equity investments that are unsyndicated or for which market quotations are not readily available, including middle-market bank loans, will generally be submitted to an independent provider to perform an independent valuation on those bank loans and equity investments as of the end of each quarter. Such bank loans and equity investments will be held at cost until such time as they are sent to the valuation provider for an initial valuation subject to override by the Adviser should it determine that there have been material changes in interest rates and/or the credit quality of the issuer. The independent valuation provider applies various methods (synthetic rating analysis, discounting cash flows, and re-underwriting analysis) to establish the rate of return a market participant would require (the “discount rate”) as of the valuation date, given market conditions, prevailing lending standards and the perceived credit quality of the issuer. Future expected cash flows for each investment are discounted back to present value using these discount rates in the discounted cash flow analysis. A range of value will be provided by the valuation provider and the Adviser will determine the point within that range that it will use If the Advisers’ Pricing Committee disagrees with the price range provided, it may make a fair value recommendation to the Adviser that is outside of the range provided by the independent valuation provider and the reasons therefore. In certain instances, the Trust may determine that it is not cost-effective, and as a result is not in the shareholders’ best interests, to request the independent valuation firm to perform the Procedures on certain investments. Such instances include, but are not limited to, situations where the fair value of the investment in the portfolio company is determined to be insignificant relative to the total investment portfolio. Pursuant to these procedures, the Adviser determines in good faith that the Trust’s investments were valued at fair value in accordance with the Trust’s valuation policies and procedures and the 1940 Act.
Following is a description of valuation methodologies used for assets recorded at fair value:
Corporate Public Securities at Fair Value – Bank Loans, Corporate Bonds, Preferred Stocks and Common Stocks
The Trust uses external independent third-party pricing services to determine the fair values of its Corporate Public Securities. At September 30, 2022, 100% of the carrying value of these investments was from external pricing services. In the event that the primary pricing service does not provide a price, the Trust utilizes the pricing provided by a secondary pricing service.
Public debt securities generally trade in the over-the-counter market rather than on a securities exchange. The Trust’s pricing services use multiple valuation techniques to determine fair value. In instances where significant market activity exists, the pricing services may utilize a market based approach through which quotes from market makers are used to determine fair value. In instances where significant market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics such as benchmark yield curves, option adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal underlying prepayments, collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value.
25
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Barings Participation Investors
(Unaudited)
The Trust’s investments in bank loans are normally valued at the bid quotation obtained from dealers in loans by an independent pricing service in accordance with the Trust’s valuation policies and procedures approved by the Trustees.
Public equity securities listed on an exchange or on the NASDAQ National Market System are valued at the last quoted sales price of that day.
At least annually, Barings conducts reviews of the primary pricing vendors to validate that the inputs used in that vendors’ pricing process are deemed to be market observable as defined in the standard. While Barings is not provided access to proprietary models of the vendors, the reviews have included on-site walk-throughs of the pricing process, methodologies and control procedures for each asset class and level for which prices are provided. The reviews also include an examination of the underlying inputs and assumptions for a sample of individual securities across asset classes, credit rating levels and various durations. In addition, the pricing vendors have an established challenge process in place for all security valuations, which facilitates identification and resolution of prices that fall outside expected ranges. Barings believes that the prices received from the pricing vendors are representative of prices that would be received to sell the assets at the measurement date (exit prices) and are classified appropriately in the hierarchy.
Corporate Restricted Securities at Fair Value – Bank Loans, Corporate Bonds
The fair value of certain notes is determined using an internal model that discounts the anticipated cash flows of those notes using a specific discount rate. Changes to that discount rate are driven by changes in general interest rates, probabilities of default and credit adjustments. The discount rate used within the models to discount the future anticipated cash flows is considered a significant unobservable input. Increases/(decreases) in the discount rate would result in a (decrease)/increase to the notes’ fair value.
The fair value of certain distressed notes is based on an enterprise waterfall methodology which is discussed in the equity security valuation section below.
Corporate Restricted Securities at Fair Value – Common Stock, Preferred Stock and Partnerships & LLC’s
The fair value of equity securities is determined using an enterprise waterfall methodology. Under this methodology, the enterprise value of the company is first estimated and that value is then allocated to the company’s outstanding debt and equity securities based on the documented priority of each class of securities in the capital structure. Generally, the waterfall proceeds from senior debt, to senior and junior subordinated debt, to preferred stock, then finally common stock.
To estimate a company’s enterprise value, the company’s trailing twelve months earnings before interest, taxes, depreciation and amortization (“EBITDA”) is multiplied by a valuation multiple.
Both the company’s EBITDA and valuation multiple are considered significant unobservable inputs. Increases/ (decreases) to the company’s EBITDA and/or valuation multiple would result in increases/ (decreases) to the equity value.
 Short-Term Securities
Short-term securities with more than sixty days to maturity are valued at fair value, using external independent third-party services. Short-term securities, of sufficient credit quality, having a maturity of sixty days or less are valued at amortized cost, which approximates fair value.
New Accounting Pronouncement
In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update 2020-04 (“ASU 2020-04”) “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. ASU 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022. The Trust expects that the adoption of this guidance will not have a material impact on the Trust’s financial position, result of operations or cash flows.
Fair Value Hierarchy
The Trust categorizes its investments measured at fair value in three levels, based on the inputs and assumptions used to determine fair value. These levels are as follows:
Level 1 – quoted prices in active markets for identical securities
26
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Barings Participation Investors
(Unaudited)
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Trust’s own assumptions in determining the fair value of investments)
The following table summarizes the levels in the fair value hierarchy into which the Trust’s financial instruments are categorized as of September 30, 2022.
The fair values of the Trust’s investments disaggregated into the three levels of the fair value hierarchy based upon the lowest level of significant input used in the valuation as of September 30, 2022 are as follows:
 
Assets:TotalLevel 1Level 2Level 3
Restricted Securities
Corporate Bonds$17,599,553 $— $7,592,081 $10,007,472 
Bank Loans135,309,007 — — 135,309,007 
Common Stock - U.S.1,807,085 — — 1,807,085 
Preferred Stock1,718,648 — — 1,718,648 
Partnerships and LLCs17,482,945 — — 17,482,945 
Public Securities
Bank Loans2,978,016 — 1,529,687 1,448,329 
Corporate Bonds1,150,635 — 1,150,635 — 
Common Stock36,556 5,700 — 30,856 
Total$178,082,445 $5,700 $10,272,403 $167,804,342 
See information disaggregated by security type and industry classification in the Unaudited Consolidated Schedule of Investments.

27
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Barings Participation Investors
(Unaudited)
Quantitative Information about Level 3 Fair Value Measurements
The following table represents quantitative information about Level 3 fair value measurements as of September 30, 2022:
Fair ValueValuation
Technique		Unobservable
Inputs		RangeWeighted*
Bank Loans$122,638,248Income ApproachImplied Spread8.7% - 26.6%11.0%
$1,701,681Market ApproachRevenue Multiple14.8x14.8x
Corporate Bonds$10,006,170Income ApproachImplied Spread0.2% - 39.0%18.3%
$1,302Market ApproachRevenue Multiple0.2x0.2x
Equity Securities**$20,028,786Enterprise Value Waterfall ApproachValuation Multiple3.7x - 52.5x12.4x
$49,893Market ApproachRevenue Multiple0.2x - 16.5x9.2x
Certain of the Trust’s Level 3 equity securities investments may be valued using unadjusted inputs that have not been internally developed by the Trust, including recently purchased securities held at cost. As a result, fair value of assets of $13,378,262 have been excluded from the preceding table.
* The weighted averages disclosed in the table above were weighted by relative fair value
** Including partnerships and LLC’s
Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
Assets:
Beginning balance at
12/31/2021
Included in
earnings		PurchasesSalesPrepaymentsTransfers
into
Level 3		Transfers
out of
Level 3
Ending
balance at
09/30/2022
Restricted Securities
Corporate Bonds
$9,549,244 $411,957 $135,671 $(89,400)$— $— $— $10,007,472 
Bank Loans
130,187,625 (952,745)19,865,145 (553,486)(13,237,532)— — 135,309,007 
Common Stock - U.S.
1,257,986 401,319 450,161 (302,381)— — — 1,807,085 
Preferred Stock
1,608,973 (3,705)202,032 (88,652)— — — 1,718,648 
Partnerships and LLCs
17,285,572 (1,347,072)1,593,507 (49,062)— — — 17,482,945 
Public Securities
Bank Loans
1,127,428 (79,848)284,692 — (625)116,682 — 1,448,329 
Common Stock - U.S.
33,565 (2,709)— — — — — 30,856 
$161,050,393 $(1,572,803)$22,531,208 $(1,082,981)$(13,238,157)$116,682 $— $167,804,342 
* For the nine months ended September 30, 2022, transfers into and out of Level 3 were the result of changes in the observability of significant inputs for certain portfolio companies.








28
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Barings Participation Investors
(Unaudited)
Income, Gains and Losses on Level 3 assets included in Net Increase in Net Assets resulting from Operations for the period are presented in the following accounts on the Statement of Operations:
Net Increase / (Decrease) in Net Assets Resulting from OperationsChange in Unrealized (Depreciation) in Net Assets from assets still held
Interest Income (OID Amortization)$384,450 $— 
Net realized gain on investments before taxes(829,834)— 
Net change in unrealized (depreciation) of investments before taxes(1,127,419)(3,385,364.00)
B. Accounting for Investments:
Investment Income
Investment transactions are accounted for on the trade date. Interest income, including the amortization of premiums and accretion of discounts on bonds held using the yield-to-maturity method, is recorded on the accrual basis to the extent that such amounts are expected to be collected. Generally, when interest and/or principal payments on a loan become past due, or if the Trust otherwise does not expect the borrower to be able to service its debt and other obligations, the Trust will place the investment on non-accrual status and will cease recognizing interest income on that investment for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The Trust writes off any previously accrued and uncollected interest when it is determined that interest is no longer considered collectible. As of September 30, 2022, the fair value of the Trust’s non-accrual assets was $4,972,645, or 2.9% of the total fair value of the Trust’s portfolio, and the cost of the Trust’s non-accrual assets was $6,747,205, or 3.9% of the total cost of the Trust’s portfolio.
Payment-in-Kind Interest
The Trust currently holds, and expects to hold in the future, some investments in its portfolio that contain Payment-in-Kind (“PIK”) interest provisions. The PIK interest, computed at the contractual rate specified in each loan agreement, is added to the principal balance of the investment, rather than being paid to the Trust in cash, and is recorded as interest income. Thus, the actual collection of PIK interest may be deferred until the time of debt principal repayment. PIK interest, which is a non-cash source of income at the time of recognition, is included in the Trust’s taxable income and therefore affects the amount the Trust is required to distribute to its stockholders to maintain its qualification as a “regulated investment company” for federal income tax purposes, even though the Trust has not yet collected the cash.
Generally, when current cash interest and/or principal payments on an investment become past due, or if the Trust otherwise does not expect the borrower to be able to service its debt and other obligations, the Trust will place the investment on PIK non-accrual status and will cease recognizing PIK interest income on that investment for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The Trust writes off any accrued and uncollected PIK interest when it is determined that the PIK interest is no longer collectible. As of September 30, 2022, the Trust held no PIK non-accrual assets.
Realized Gain or Loss and Unrealized Appreciation or Depreciation of Portfolio Investments
Realized gains and losses on investment transactions and unrealized appreciation and depreciation of investments are reported for financial statement and Federal income tax purposes on the identified cost method.
C. Use of Estimates:
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.
D. Federal Income Taxes:
The Trust has elected to be taxed as a “regulated investment company” under the Internal Revenue Code, and intends to maintain this qualification and to distribute substantially all of its net taxable income to its shareholders. In any year when net long-term capital gains are realized by the Trust, management, after evaluating the prevailing economic conditions, will recommend that the Trustees either designate the net realized long-term gains as undistributed and pay the Federal capital gains taxes thereon or distribute all or a portion of such net gains.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Barings Participation Investors
(Unaudited)
The Trust is taxed as a regulated investment company and is therefore limited as to the amount of non-qualified income that it may receive as the result of operating a trade or business, e.g. the Trust’s pro rata share of income allocable to the Trust by a partnership operating company. The Trust’s violation of this limitation could result in the loss of its status as a regulated investment company, thereby subjecting all of its net income and capital gains to corporate taxes prior to distribution to its shareholders. The Trust, from time-to-time, identifies investment opportunities in the securities of entities that could cause such trade or business income to be allocable to the Trust. The PI Subsidiary Trust (described in Footnote 1 above) was formed in order to allow investment in such securities without adversely affecting the Trust’s status as a regulated investment company.
The PI Subsidiary Trust is not taxed as a regulated investment company. Accordingly, prior to the Trust receiving any distributions from the PI Subsidiary Trust, all of the PI Subsidiary Trust’s taxable income and realized gains, including non-qualified income and realized gains, is subject to taxation at prevailing corporate tax rates. As of September 30, 2022, the PI Subsidiary Trust has incurred income tax expense of $41,855.
Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of the existing assets and liabilities and their respective tax basis. As of September 30, 2022, the PI Subsidiary Trust has a deferred tax liability of $404,420.
E. Distributions to Shareholders:
The Trust records distributions to shareholders from net investment income and net realized gains, if any, on the ex-dividend date. The Trust’s net investment income dividend is declared four times per year. The Trust’s net realized capital gain distribution, if any, is declared in December.
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