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The Trust distributes substantially all net income via dividends quarterly and provides detailed holdings, proxy voting information, and SEC filing references, along with annual meeting and meeting logistics for shareholders.",{"@graph":63,"@context":118},[64,80,101],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":51,"@type":70,"position":76},"https://docshare.wps.com/template/general/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/barings-participation-investors-2025-annual-report/303877/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/barings-participation-investors-2025-annual-report/303877.png","ImageObject",442,249,{"name":88,"@type":89},"Hazel","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-09-21","2026-09-19",true,{"@type":98,"interactionType":99,"userInteractionCount":76},"InteractionCounter",{"@type":100},"ViewAction",{"@type":102,"mainEntity":103},"FAQPage",[104,110,114],{"name":105,"@type":106,"acceptedAnswer":107},"What is the Trust’s investment objective and main strategies?","Question",{"text":108,"@type":109},"The Trust aims to maintain a portfolio designed to provide current yield and, when available, an opportunity for capital gains. It primarily invests in privately placed below-investment grade long-term debt obligations and may include equity features depending on the instrument.","Answer",{"name":111,"@type":106,"acceptedAnswer":112},"How does the Trust distribute income to shareholders?",{"text":113,"@type":109},"The Trust distributes substantially all net income to shareholders each year by paying dividends four times per year. Dividends are paid in cash unless the shareholder elects to participate in the Dividend Reinvestment and Share Purchase Plan.",{"name":115,"@type":106,"acceptedAnswer":116},"Where can shareholders find proxy voting and portfolio holdings information?",{"text":117,"@type":109},"Proxy voting policies and procedures are available without charge on request, on the Trust’s website, and on the SEC website. 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The Trust’s share price can be found in the financial section of newspapers under either the New York Stock Exchange listings or Closed-End Fund Listings.  \nINVESTMENT OBJECTIVE & STRATEGIES  \nThe Trust’s investment objective is to maintain a portfolio of securities providing a current yield and, when available, an opportunity for capital gains. The Trust’s principal investments are privately placed, below-investment grade, long-term debt obligations including bank loans and mezzanine debt instruments. Such private placement securities may, in some cases, be accompanied by equity features such as common stock, preferred stock, warrants, conversion rights, or other equity features. The Trust typically purchases these investments, which are not publicly tradable, directly from their issuers in private placement transactions. These investments are typically made to small or middle market companies. In addition, the Trust may invest, subject to certain limitations, in marketable debt securities (including high yield and/or investment grade securities), marketable common stocks and special situation investments. The Trust's special situations investments generally consist of investments in corporate debt instruments and equity instruments of issuers that are stressed or distressed. Below- investment grade or high yield securities (including securities of stressed or distressed issuers) have predominantly speculative characteristics with respect to the capacity of the issuer to pay interest and repay capital.  \nThe Trust distributes substantially all of its net income to shareholders each year. Accordingly, the Trust pays dividends to shareholders four times per year. The Trust pays dividends to its shareholders in cash, unless the shareholder elects to participate in the Dividend Reinvestment and Share Purchase Plan.  \nIn this report, you will find a complete listing of the Trust’s holdings. We encourage you to read this section carefully for a better understanding of the Trust. We cordially invite all shareholders to attend the Trust’s Annual Meeting of Shareholders, which will be held on May 14, 2026, at 8:00 A. M.(Eastern Time) in Charlotte, North Carolina, and virtually at the following website. [https://www.viewproxy.com/barings/broadridgevsm/](https://www.viewproxy.com/barings/broadridgevsm/)  \nPROXY VOTING POLICIES & PROCEDURES; PROXY VOTING RECORD  \nThe Trustees of the Trust have delegated proxy voting responsibilities relating to the voting of securities held by the Trust to Barings LLC (“Barings”) . A description of Barings’proxy voting policies and procedures is available (1) without charge, upon request, by calling, tollfree 1-866-399-1516; (2) on the Trust’s website at [https://](https://)[ ](https://)[www.barings.com/mpv](www.barings.com/mpv); and (3) on the U.S. Securities and Exchange Commission’s (“SEC”) website at [http://www.sec](http://www.sec). gov. Information regarding how the Trust voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, 2025 , is available (1) on the Trust’s website at [https://www.barings.com/mpv](https://www.barings.com/mpv); and (2) on the SEC’s website at  \n[http://www.sec.gov](http://www.sec.gov).  \nFORM N-PORT  \nThe Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on part F of Form N-PORT. This information is available (i) on the SEC’s website at [http://](http://www.sec.gov)[www.sec.gov](http://www.sec.gov); and (ii) at the SEC’s Public Reference Room in Washington, DC (which information on their operation may be obtained by calling 1-800-SEC-0330) . A complet","cbCaitEXK3ccWy86","https://ap.wps.com/l/cbCaitEXK3ccWy86","pdf",697340,"English","# Investment Objective & Strategies\n# Dividends and Shareholder Information\n# Proxy Voting Policies & Procedures\n# Form N-PORT\n# Legal Matters\n# Contact and Service Providers","[{\"question\":\"What is the Trust’s investment objective and main strategies?\",\"answer\":\"The Trust aims to maintain a portfolio designed to provide current yield and, when available, an opportunity for capital gains. It primarily invests in privately placed below-investment grade long-term debt obligations and may include equity features depending on the instrument.\"},{\"question\":\"How does the Trust distribute income to shareholders?\",\"answer\":\"The Trust distributes substantially all net income to shareholders each year by paying dividends four times per year. Dividends are paid in cash unless the shareholder elects to participate in the Dividend Reinvestment and Share Purchase Plan.\"},{\"question\":\"Where can shareholders find proxy voting and portfolio holdings information?\",\"answer\":\"Proxy voting policies and procedures are available without charge on request, on the Trust’s website, and on the SEC website. Complete schedules of portfolio holdings are filed with the SEC via Form N-PORT for the first and third quarters and are also available on the Trust’s website or by request.\"}]","Barings Participation Investors - 2025 Annual Report | PDF",25]