UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-Q

Quarterly Schedule of Portfolio Holdings of

Registered Management Investment Company

Investment Company Act file number 811-05531

Barings Participation Investors

(Exact name of registrant as specified in charter)

1500 Main Street, Springfield, MA 01115

(Address of principal executive offices) (Zip code)

Janice M. Bishop, Vice President, Secretary and Chief Legal Officer

Independence Wharf, 470 Atlantic Avenue, Boston, MA  02210

(Name and address of agent for service)

Registrant's telephone number, including area code: 413-226-1000

___________________

Date of fiscal year end: 12/31

___________________

Date of reporting period: 03/31/19

___________________

ITEM 1. SCHEDULE OF INVESTMENTS

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2019

(Unaudited)

Corporate Restricted Securities - 89.31%: (A)	Principal Amount,Shares, Units orOwnership Percentage		AcquisitionDate		Cost		Fair Value
Private Placement Investments - 83.74%: (C)
1A Smart Start, Inc.
A designer, distributor and lessor of ignition interlock devices ("IIDs"). IIDs are sophisticated breathalyzers wired to a vehicles ignition system.
10.75% Second Lien Term Loan due 12/22/2022 (LIBOR + 8.250%)	$	1,725,000	12/21/17		$	1,699,920	$	1,665,790
ABC Industries, Inc.
A manufacturer of mine and tunneling ventilation products in the U.S.
13% Senior Subordinated Note due 07/31/2019	$	109,335	08/01/12			108,484		109,317
Preferred Stock Series A (B)	125,000 shs.		08/01/12			125,000		264,022
Warrant, exercisable until 2022, to purchase common stock at $.02 per share (B)	22,414 shs.		08/01/12			42,446		44,543
						275,930		417,882
Accelerate Learning
A provider of standards-based, digital science education content of K-12 schools.
7.1% Term Loan due 12/31/2024 (LIBOR + 4.500%)	$	1,086,387	12/19/18			1,065,666		1,054,183
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.
AFC - Dell Holding Corporation
A distributor and provider of inventory management services for "C-Parts" used by OEMs in their manufacturing and production facilities.
13% (1% PIK) Senior Subordinated Note due 02/28/2022	$	1,551,152		*		1,537,657		1,545,171
Preferred Stock (B)	1,174 shs.			**		117,405		112,250
Common Stock (B)	363 shs.			**		363		—
* 03/27/15 and 11/16/18.						1,655,425		1,657,421
** 03/27/15 and 11/15/18.
AM Conservation Holding Corp.
A supplier of energy efficiency ("EE") products, including lighting, shower heads and aerators, and weatherization products such as door seals and weather stripping.
11.5% (1.5% PIK) Senior Subordinated Note due 04/30/2023	$	1,568,182	10/31/16			1,550,505		1,589,568
11.5% (1.25% PIK) Senior Subordinated Note due 04/30/2023	$	206,039	10/06/17			202,776		208,444
Common Stock (B)	156,818 shs.		10/31/16			156,818		199,395
						1,910,099		1,997,407

Barings Participation Investors

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

March 31, 2019

(Unaudited)

Corporate Restricted Securities: (A) (Continued)		Principal Amount,Shares, Units orOwnership Percentage		AcquisitionDate	Cost		Fair Value
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.			10/04/12	$	113,636	$	175,955
API Technologies Corp.
A designer, developer and manufacturer of electronic systems, subsystems, modules and secure communications for technically demanding defense, aerospace and commercial applications in the U.S. and internationally.
Limited Liability Company Unit	0.40% int.			04/20/16		240,741		486,450
ASC Holdings, Inc.
A manufacturer of capital equipment used by corrugated box manufacturers.
13% (1% PIK) Senior Subordinated Note due 05/18/2021		$	765,698	11/19/15		758,662		612,559
Limited Liability Company Unit (B)	111,100 uts.			11/18/15		111,100		—
						869,762		612,559
Audio Precision
A provider of high-end audio test and measurement sensing instrumentation software and accessories.
8.1% Term Loan due 07/27/2024 (LIBOR + 5.500%)		$	1,795,500	10/30/18		1,762,194		1,702,379
Aurora Parts & Accessories LLC
A distributor of aftermarket over-the-road semi-trailer parts and accessories sold to customers across North America.
14% Junior Subordinated Note due 08/17/2022		$	11,231	08/30/18		11,231		11,195
11% Senior Subordinated Note due 02/17/2022		$	1,515,400	08/17/15		1,499,647		1,478,849
Preferred Stock (B)	210 shs.			08/17/15		209,390		133,507
Common Stock (B)	210 shs.			08/17/15		210		—
						1,720,478		1,623,551
Avantech Testing Services LLC
A manufacturer of custom Non-Destructive Testing ("NDT") systems and provider of NDT and inspections services primarily to the oil country tubular goods market.
15% (3.75% PIK) Senior Subordinated Note due 03/31/2021 (D)		$	6,777	07/31/14		6,650		—
Limited Liability Company Unit (B)(F)	45,504 uts.			*		—		—
Limited Liability Company Unit Class C Preferred (B)(F)	78,358 uts.			09/29/17		484,578		—
* 07/31/14 and 10/14/15.						491,228		—

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

March 31, 2019

(Unaudited)

Corporate Restricted Securities: (A) (Continued)	Principal Amount,Shares, Units orOwnership Percentage		AcquisitionDate		Cost		Fair Value
BBB Industries LLC
A supplier of re-manufactured parts to the North American automotive aftermarket.
10.98% Second Lien Term Loan due 06/26/2026 (LIBOR + 8.500%)	$	1,725,000	08/02/18		$	1,677,492	$	1,647,449
BCC Software, Inc.
A provider of software and data solutions which enhance mail processing to help direct mail marketers realize discounts from the U.S. Postal Service, avoid penalties associated with mailing errors, and improve the accuracy and efficiency of marketing campaigns.
12% (1% PIK) Senior Subordinated Note due 04/11/2023	$	1,905,970		*		1,874,777		1,892,185
Preferred Stock Series A (B)	27 shs.			*		272,163		272,200
Common Stock Class A (B)	783 shs.			*		861		209,053
* 10/11/17 and 01/28/19.						2,147,801		2,373,438
BDP International, Inc.
A provider of transportation and related services to the chemical and life sciences industries.
7.85% Term Loan due 12/14/2024 (LIBOR + 5.250%)	$	2,458,838	12/18/18			2,411,977		2,386,139
BEI Precision Systems & Space Company, Inc.
A provider of advanced design, manufacturing, and testing for custom optical encoder-based positioning systems, precision accelerometers, and micro scanners.
12% (1% PIK) Senior Subordinated Note due 04/28/2024	$	1,477,082	04/28/17			1,453,782		1,432,102
Limited Liability Company Unit (B)(F)	2,893 uts.			*		289,269		195,364
* 04/28/17 and 02/07/19.						1,743,051		1,627,466
Blue Wave Products, Inc.
A distributor of pool supplies.
13% (1% PIK) Senior Subordinated Note due 09/30/2019	$	210,968	10/12/12			209,304		210,316
Common Stock (B)	51,064 shs.		10/12/12			51,064		103,085
Warrant, exercisable until 2022, to purchase common stock at $.01 per share (B)	20,216 shs.		10/12/12			20,216		40,811
						280,584		354,212
BlueSpire Holding, Inc.
A marketing services firm that integrates strategy, technology, and content to deliver customized marketing solutions for clients in the senior living, financial services and healthcare end markets.
Common Stock (B)	2,956 shs.		06/30/15			937,438		—

Barings Participation Investors

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

March 31, 2019

(Unaudited)

Corporate Restricted Securities: (A) (Continued)		Principal Amount,Shares, Units orOwnership Percentage		AcquisitionDate	Cost		Fair Value
Brown Machine LLC
A designer and manufacturer of thermoforming equipment used in the production of plastic packaging containers within the food and beverage industry.
7.75% Term Loan due 10/04/2024 (LIBOR + 5.250%)		$	715,482	10/03/18	$	707,269	$	695,283
Cadence, Inc.
A full-service contract manufacturer ("CMO") and supplier of advanced products, technologies, and services to medical device, life science, and industrial companies.
7% Lien Term Loan due 04/30/2025 (LIBOR + 4.500%)		$	807,764	05/14/18		793,599		776,231
Cadent, LLC
A provider of advertising solutions driven by data and technology.
7.73% Term Loan due 09/07/2023 (LIBOR + 5.250%)		$	1,023,473	09/04/18		1,014,343		1,018,356
CHG Alternative Education Holding Company
A leading provider of publicly-funded, for profit pre-K-12 education services targeting special needs children at therapeutic day schools and "at risk" youth through alternative education programs.
13.5% (1.5% PIK) Senior Subordinated Note due 06/19/2020		$	806,943	01/19/11		803,556		803,822
14% (2% PIK) Senior Subordinated Note due 06/19/2020		$	214,540	08/03/12		213,794		212,258
Common Stock (B)	375 shs.			01/19/11		37,500		28,614
Warrant, exercisable until 2021, to purchase common stock at $.01 per share (B)	295 shs.			01/19/11		29,250		22,492
						1,084,100		1,067,186
Clarion Brands Holding Corp.
A portfolio of six over-the-counter (OTC) pharmaceutical brands whose products are used to treat tinnitus or ringing of the ear, excessive sweating, urinary tract infections, muscle pain, and skin conditions.
Limited Liability Company Unit (B)	1,853 uts.			07/18/16		189,267		243,063
Claritas Holdings, Inc.
A market research company that provides market segmentation insights to customers engaged in direct-to-consumer and business-to-business marketing activities.
8.6% Term Loan due 12/31/2023 (LIBOR +6.000%)		$	1,647,285	12/20/18		1,608,380		1,640,115
Clubessential LLC
A leading SaaS platform for private clubs and resorts.
12.3% Senior Subordinated Note due 01/12/2024 (LIBOR +9.500%)		$	1,787,305	01/16/18		1,757,606		1,775,345

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

March 31, 2019

(Unaudited)

Corporate Restricted Securities: (A) (Continued)	Principal Amount,Shares, Units orOwnership Percentage		AcquisitionDate		Cost		Fair Value
CORA Health Services, Inc.
A provider of outpatient rehabilitation therapy services.
11% (1% PIK) Term Loan due 05/05/2025	$	1,676,933	05/01/18		$	1,178,237	$	1,172,511
Preferred Stock Series A (B)	758 shs.		06/30/16			38,258		96,970
Common Stock Class A (B)	3,791 shs.		06/30/16			3,791		79,417
						1,220,286		1,348,898
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	$	1,420,588	10/07/16			1,400,685		1,345,040
Limited Liability Company Unit (B)(F)	349,848 uts.			*		357,017		141,934
* 10/07/16, 07/25/18 and 03/13/19.						1,757,702		1,486,974
Discovery Education, Inc.
A provider of standards-based, digital education content for K-12 schools.
7.35% Term Loan due 04/30/2024 (LIBOR + 4.750%)	$	1,921,590	04/20/18			1,889,049		1,846,358
DPL Holding Corporation
A distributor and manufacturer of aftermarket undercarriage parts for medium and heavy duty trucks and trailers.
Preferred Stock (B)	25 shs.		05/04/12			252,434		270,378
Common Stock (B)	25 shs.		05/04/12			28,048		—
						280,482		270,378
DuBois Chemicals, Inc.
A provider of consumable, value-added specialty cleaning chemical solutions to the industrial, transportation paper and water markets.
10.5% Second Lien Term Loan due 08/31/2025 (LIBOR + 8.000%)	$	1,725,000	09/19/18			1,709,055		1,673,250
Dunn Paper
A provider of specialty paper for niche product applications.
11.25% Second Lien Term Loan due 08/26/2023 (LIBOR + 8.750%)	$	1,725,000	09/28/16			1,702,872		1,716,375
ECG Consulting Group
A healthcare management consulting company who provides strategic, financial, operational, and technology related consulting services to healthcare providers.
11.5% (0.5% PIK) Senior Subordinated Note due 06/20/2025	$	571,255	06/20/18			560,593		575,803
11.5% (0.5% PIK) Senior Subordinated Note due 06/20/2025	$	1,331,904	11/21/14			1,318,536		1,331,904
Limited Liability Company Unit (F)	230 uts.		11/19/14			36,199		112,648
						1,915,328		2,020,355

Barings Participation Investors

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

March 31, 2019

(Unaudited)

Corporate Restricted Securities: (A) (Continued)	Principal Amount,Shares, Units orOwnership Percentage		AcquisitionDate	Cost		Fair Value
Electronic Power Systems
A provider of electrical testing services for apparatus equipment and protection & controls infrastructure.
7.6% Term Loan due 12/21/2024 (LIBOR + 5.000%)	$	1,765,951	12/21/18	$	1,740,601	$	1,727,307
Common Stock (B)	52 shs.		12/28/18		52,176		52,180
					1,792,777		1,779,487
Elite Sportwear Holding, LLC
A designer and manufacturer of gymnastics, competitive cheerleading and swimwear apparel in the U.S. and internationally.
11.5% (1% PIK) Senior Subordinated Note due 01/14/2022 (D)	$	1,588,640	10/14/16		1,568,694		1,429,776
Limited Liability Company Unit (B)(F)	101 uts.		10/14/16		159,722		—
					1,728,416		1,429,776
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% (0.5% PIK) Senior Subordinated Note due 12/31/2023	$	1,338,963	06/30/17		1,317,878		1,319,265
Limited Liability Company Unit (B)(F)	397,695 uts.		06/30/17		397,695		286,249
					1,715,573		1,605,514
E.S.P. Associates, P.A.
A professional services firm providing engineering, surveying and planning services to infrastructure projects.
12% (1% PIK) Senior Subordinated Note due 10/04/2023	$	693,682	04/04/18		681,790		707,555
Limited Liability Company Unit (B)	229 uts.		04/04/18		228,955		198,110
					910,745		905,665
F F C Holding Corporation
A leading U.S. manufacturer of private label frozen novelty and ice cream products.
Limited Liability Company Unit Series A Preferred (B)	171 uts.		09/27/10		58,345		96,543
Limited Liability Company Unit Series B Preferred (B)	34 uts.		12/27/18		34,050		119,175
Limited Liability Company Unit Common (B)	171 uts.		09/27/10		17,073		78,047
					109,468		293,765
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)	65,789 uts.		12/15/10		56,457		536,884
Limited Liability Company Unit Class B-2 (B)	8,248 uts.		12/15/10		7,078		67,309
Limited Liability Company Unit Class B-3 (B)	6,522 uts.		08/30/12		13,844		54,918
Limited Liability Company Unit Class C (B)	1,575 uts.		12/20/10		8,832		75,028
					86,211		734,139

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

March 31, 2019

(Unaudited)

Corporate Restricted Securities: (A) (Continued)		Principal Amount,Shares, Units orOwnership Percentage		AcquisitionDate		Cost		Fair Value
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.			10/05/12		$	75,920	$	—
Limited Liability Company Unit Common (B)	767 uts.			10/05/12			767		—
							76,687		—
GlobalTranz
A provider of freight brokerage, utilizing a proprietary technology platform that provides multimodal transportation and logistics solutions by connecting shippers with carriers.
10.5% Second Lien Term Loan due 10/16/2026 (LIBOR + 8.000%)		$	1,725,000	10/15/18			1,700,528		1,673,027
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.
14% (2% PIK) Senior Subordinated Note due 11/30/2021 (D)		$	1,326,283	03/27/13			935,653		1,259,969
Preferred Stock (B)	295 shs.			03/29/19			295,276		295,276
Common Stock (B)	1,181 shs.			03/27/13			118,110		9,539
							1,349,039		1,564,784
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.
8.6% Term Loan due 12/21/2022 (LIBOR + 6.000%)		$	2,434,188	12/19/17			2,395,887		2,349,619
GTI Holding Company
A designer, developer, and marketer of precision specialty hand tools and handheld test instruments.
12% Senior Subordinated Note due 05/22/2023		$	727,865	02/05/14			708,453		727,865
Common Stock (B)	1,046 shs.				*		104,636		116,102
Warrant, exercisable until 2027, to purchase common stock at $.01 per share (B)	397 shs.			02/05/14			36,816		44,066
* 02/05/14 and 11/22/17.							849,905		888,033
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		490,860
Limited Liability Company Unit Common Class A (B)	3,594 uts.			12/19/14			—		14,964
*12/19/14 and 04/29/16.							371,644		505,824

Barings Participation Investors

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

March 31, 2019

(Unaudited)

Corporate Restricted Securities: (A) (Continued)	Principal Amount,Shares, Units orOwnership Percentage		AcquisitionDate		Cost		Fair Value
Happy Floors Acquisition, Inc.
A wholesale importer and value-added distributor of premium European flooring tile to residential and commercial end markets.
11.5% (1% PIK) Senior Subordinated Note due 01/01/2023	$	998,872	07/01/16		$	986,496	$	1,008,860
Common Stock (B)	150 shs.		07/01/16			149,500		154,950
						1,135,996		1,163,810
Hartland Controls Holding Corporation
A manufacturer and distributor of electronic and electromechanical components.
14% (2% PIK) Senior Subordinated Note due 08/14/2020	$	1,157,173	02/14/14			1,151,677		1,157,173
12% Senior Subordinated Note due 08/14/2020	$	431,250	06/22/15			429,984		431,250
Common Stock (B)	821 shs.		02/14/14			822		350,753
						1,582,483		1,939,176
Healthline Media, Inc.
A consumer health platform that offers a variety of health-based articles and information for consumers.
7.61% Term Loan due 11/20/2023 (LIBOR + 4.750%)	$	1,649,772	11/20/18			1,618,764		1,591,775
HHI Group, LLC
A developer, marketer, and distributor of hobby-grade radio control products.
14% (2% PIK) Senior Subordinated Note due 11/26/2020	$	1,692,576	01/17/14			1,684,548		1,692,576
Limited Liability Company Unit (B)(F)	102 uts.		01/17/14			101,563		63,815
						1,786,111		1,756,391
Hollandia Produce LLC
A hydroponic greenhouse producer of branded root vegetables.
11% (3.25% PIK) Senior Subordinated Note due 03/31/2021	$	1,458,180		*		1,446,858		1,449,216
10.49% Term Loan due 12/12/2020 (LIBOR + 8.000%)	$	109,916	04/06/18			109,916		108,712
10.49% Term Loan due 12/11/2020 (LIBOR + 8.000%)	$	146,780	04/06/18			146,780		145,173
* 12/30/15 and 12/23/16.						1,703,554		1,703,101
Holley Performance Products
A provider of automotive aftermarket performance products.
7.74% Term Loan due 10/17/2024 (LIBOR + 5.000%)	$	2,458,838	10/24/18			2,424,072		2,409,661

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

March 31, 2019

(Unaudited)

Corporate Restricted Securities: (A) (Continued)	Principal Amount,Shares, Units orOwnership Percentage		AcquisitionDate	Cost		Fair 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		—		—
					—		—
Impact Confections
An independent manufacturer and marketer of confectionery products including Warheads® brand sour candies, Melster® brand classic candies, and co-manufactured/private label classic candies.
15%(15% PIK) Senior Subordinated Note due 11/10/2020 (D)	$	1,092,190	11/10/14		1,084,388		—
Common Stock (B)	2,300 shs.		11/10/14		230,000		—
					1,314,388		—
JMH Investors LLC
A developer and manufacturer of custom formulations for a wide variety of foods.
Limited Liability Company Unit (B)(F)	1,038,805 uts.		12/05/12		232,207		—
Limited Liability Company Unit Class A-1 (B)(F)	159,048 uts.		10/31/16		159,048		381,954
Limited Liability Company Unit Class A-2 (B)(F)	1,032,609 uts.		10/31/16		—		280,333
					391,255		662,287
K P I Holdings, Inc.
The largest player in the U.S. non-automotive, non-ferrous die casting segment.
Limited Liability Company Unit Class C Preferred (B)	40 uts.		06/30/15		—		93,021
Common Stock (B)	353 shs.		07/15/08		285,619		246,535
					285,619		339,556
LAC Acquisition LLC
A provider of center-based applied behavior analysis treatment centers for children diagnosed with autism spectrum disorder.
8.55% Term Loan due 10/01/2024 (LIBOR + 5.750%)	$	1,773,334	10/01/18		846,197		817,478
Limited Liability Company Unit Class A (F)	22,222 uts.		10/01/18		22,222		18,667
					868,419		836,145
Manhattan Beachwear Holding Company
A designer and distributor of women's swimwear.
12.5% Senior Subordinated Note due 05/30/2022 (D)	$	419,971	01/15/10		404,121		398,972
15% (2.5% PIK) Senior Subordinated Note due 05/30/2022 (D)	$	115,253	10/05/10		114,604		109,490
Common Stock (B)	35 shs.		10/05/10		35,400		17,017
Common Stock Class B (B)	118 shs.		01/15/10		117,647		56,554
Warrant, exercisable until 2023, to purchase common stock at $.01 per share (B)	104 shs.		10/05/10		94,579		50,050
					766,351		632,083

Barings Participation Investors

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

March 31, 2019

(Unaudited)

Corporate Restricted Securities: (A) (Continued)	Principal Amount,Shares, Units orOwnership Percentage		AcquisitionDate		Cost		Fair Value
Master Cutlery LLC
A designer and marketer of a wide assortment of knives and swords.
13% Senior Subordinated Note due 04/17/2020	$	896,315	04/17/15		$	894,034	$	62,742
Limited Liability Company Unit	5 uts.		04/17/15			678,329		—
						1,572,363		62,742
Merex Holding Corporation
A provider of after-market spare parts and components, as well as maintenance, repair and overhaul services for "out of production" or "legacy" aerospace and defense systems that are no longer effectively supported by the original equipment manufacturers.
16% Senior Subordinated Note due 03/03/2022 (D)	$	454,295	09/22/11			449,013		408,866
15% PIK Senior Subordinated Note due 04/30/2022 (D)	$	23,839	08/18/15			23,839		19,071
15% PIK Senior Subordinated Note due 03/03/2022 (D)	$	39,795	01/03/19			39,795		39,795
14% PIK Senior Subordinated Note due 03/03/2022	$	73,612		*		73,612		72,800
Common Stock Class A (B)	83,080 shs.			**		170,705		—
* 10/21/16, 01/27/17 and 10/13/17.						756,964		540,532
** 08/18/15, 10/20/16 and 01/27/17.
MES Partners, Inc.
An industrial service business offering an array of cleaning and environmental services to the Gulf Coast region of the U.S.
12% (1% PIK) Senior Subordinated Note due 09/30/2021	$	1,131,786	09/30/14			1,121,888		1,127,211
12% Senior Subordinated Note due 09/30/2021	$	304,052	02/28/18			299,599		302,823
Common Stock Class B (B)	259,252 shs.			*		244,163		40,043
* 09/30/14 and 02/28/18.						1,665,650		1,470,077
MeTEOR Education LLC
A leading provider of classroom and common area design services, furnishings, equipment and instructional support to K-12 schools.
12% Senior Subordinated Note due 06/20/2023	$	915,819	03/09/18			900,325		895,853
Limited Liability Company Unit (B)(F)	182 uts.		03/09/18			183,164		105,508
						1,083,489		1,001,361

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

March 31, 2019

(Unaudited)

Corporate Restricted Securities: (A) (Continued)	Principal Amount,Shares, Units orOwnership Percentage		AcquisitionDate		Cost		Fair Value
Midwest Industrial Rubber, Inc.
A supplier of industrial maintenance, repair, and operations ("MRO") products, specializing in the fabrication and distribution of lightweight conveyor belting and related conveyor components and accessories.
12% (1% PIK) Senior Subordinated Note due 12/02/2022	$	1,590,231	12/02/16		$	1,568,594	$	1,590,697
Preferred Stock (B)	1,711 shs.		12/02/16			171,116		181,562
Common Stock (B)	242 shs.		12/02/16			242		—
						1,739,952		1,772,259
Motion Controls Holdings
A manufacturer of high performance mechanical motion control and linkage products.
14.25% (1.75% PIK) Senior Subordinated Note due 08/15/2020	$	290,527	11/30/10			289,598		290,527
Limited Liability Company Unit Class B-1 (B)(F)	75,000 uts.		11/30/10			—		49,252
Limited Liability Company Unit Class B-2 (B)(F)	6,801 uts.		11/30/10			—		4,466
						289,598		344,245
New Mountain Learning, LLC
A leading provider of blended learning solutions to the K-12 and post-secondary school market.
8.1% Term Loan due 03/16/2024 (LIBOR + 5.500%)	$	1,693,422	03/15/18			1,664,469		1,574,623
NSi Industries Holdings, Inc.
A manufacturer and distributer of electrical components and accessories to small to mid-sized electrical wholesalers.
12.75% (1.75% PIK) Senior Subordinated Note due 05/17/2023	$	1,959,064		*		1,929,785		1,936,233
Common Stock (B)	207 shs.		05/17/16			207,000		316,938
* 06/30/16 and 03/11/19.						2,136,785		2,253,171
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% (1% PIK) Senior Subordinated Note due 08/17/2022	$	1,775,705	02/17/17			1,754,694		1,769,381
Common Stock Class B (B)	380,545 shs.			*		380,545		517,837
* 01/29/16 and 02/17/17.						2,135,239		2,287,218
PB Holdings LLC
A designer, manufacturer and installer of maintenance and repair parts and equipment for industrial customers.
7.48% Term Loan due 02/28/2024 (LIBOR + 5.000%)	$	947,136	03/06/19			798,682		804,893

Barings Participation Investors

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

March 31, 2019

(Unaudited)

Corporate Restricted Securities: (A) (Continued)	Principal Amount,Shares, Units orOwnership Percentage		AcquisitionDate		Cost		Fair Value
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.
11.25% Term Loan due 11/16/2022	$	190,568	11/14/17		$	186,410	$	182,529
8.75% Term Loan due 11/17/2024 (LIBOR + 6.250%)	$	2,084,362	11/14/17			1,904,825		1,867,684
						2,091,235		2,050,213
Petroplex Inv Holdings LLC
A leading provider of acidizing services to E&P customers in the Permian Basin.
Limited Liability Company Unit	0.40% int.			*		175,339		19,358
* 11/29/12 and 12/20/16.
Polytex Holdings LLC
A manufacturer of water based inks and related products serving primarily the wall covering market.
13.9% (1% PIK) Senior Subordinated Note due 12/31/2020	$	1,069,985	07/31/14			1,064,183		534,992
Limited Liability Company Unit	148,096 uts.		07/31/14			148,096		—
Limited Liability Company Unit Class F	36,976 uts.			*		24,802		—
* 09/28/17 and 02/15/18.						1,237,081		534,992
PPC Event Services
A special event equipment rental business.
14% (2% PIK) Senior Subordinated Note due 05/28/2023	$	1,220,465	11/20/14			1,214,080		1,220,466
Limited Liability Company Unit (B)	3,450 uts.		11/20/14			172,500		327,636
Limited Liability Company Unit Series A-1 (B)	339 uts.		03/16/16			42,419		33,907
						1,428,999		1,582,009
Randy's Worldwide Automotive
A designer and distributor of automotive aftermarket parts.
Common Stock (B)	118 shs.		05/12/15			118,476		323,632
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.
10.5% (0.5% PIK) Senior Subordinated Note due 02/28/2023	$	1,441,431	11/13/17			1,441,431		1,457,580
Limited Liability Company Unit Class B	293,617 uts.		11/13/17			184,688		326,416
						1,626,119		1,783,996

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

March 31, 2019

(Unaudited)

Corporate Restricted Securities: (A) (Continued)	Principal Amount,Shares, Units orOwnership Percentage		AcquisitionDate	Cost		Fair Value
REVSpring, Inc.
A provider of accounts receivable management and revenue cycle management services to customers in the healthcare, financial and utility industries.
10.75% Second Lien Term Loan due 10/11/2026 (LIBOR + 8.250%)	$	1,725,000	10/11/18	$	1,676,296	$	1,647,586
Rock-it Cargo
A provider of specialized international logistics solutions to the music touring, performing arts, live events, fine art and specialty industries.
7.1% Term Loan due 06/22/2024 (LIBOR + 4.500%)	$	2,452,675	07/30/18		2,398,184		2,400,124
ROI Solutions
Call center outsourcing and end user engagement services provider.
7.8% Term Loan due 07/31/2024 (LIBOR + 5.000%)	$	1,631,288	07/31/18		638,586		610,000
Ruffalo Noel Levitz
A provider of enrollment management, student retention and career services, and fundraising management for colleges and universities.
8.69% Term Loan due 05/29/2022 (LIBOR + 6.000%)	$	1,260,698	01/08/19		1,243,056		1,241,275
Sandvine Corporation
A provider of active network intelligence solutions.
10.5% Second Lien Term Loan due 11/02/2026 (LIBOR + 8.000%)	$	1,725,000	11/01/18		1,684,089		1,656,399
Sara Lee Frozen Foods
A provider of frozen bakery products, desserts and sweet baked goods.
7% Lien Term Loan due 07/31/2024 (LIBOR + 4.500%)	$	1,529,455	07/27/18		1,498,887		1,469,341
Signature Systems Holding Company
A seller and installer of a variety of modular surfaces, industrial matting and related products used for ground protection.
Common Stock (B)	76 shs.		03/15/13		75,509		383,142
Warrant, exercisable until 2023, to purchase common stock A at $.01 per share (B)	31 shs.		03/15/13		28,316		156,534
					103,825		539,676

Barings Participation Investors

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

March 31, 2019

(Unaudited)

Corporate Restricted Securities: (A) (Continued)	Principal Amount,Shares, Units orOwnership Percentage		AcquisitionDate		Cost		Fair Value
SMB Machinery Holdings, Inc.
A reseller of used, rebuilt and refurbished packaging and processing equipment, primarily serving the bottling and food manufacturing industries.
14% (2% PIK) Senior Subordinated Note due 10/18/2019 (D)	$	738,694	10/18/13		$	726,147	$	—
Common Stock (B)	841 shs.		10/18/13			84,100		—
						810,247		—
Specified Air Solutions
A manufacturer and distributor of heating, dehumidification and other air quality solutions.
10.5% (0.5% PIK) Senior Subordinated Note due 06/19/2024	$	1,226,445	12/19/18			1,212,820		1,234,285
Limited Liability Company Unit	831,904 uts.		02/20/19			536,793		667,368
						1,749,613		1,901,653
SR Smith LLC
A manufacturer of mine and tunneling ventilation products in the United States.
11% Senior Subordinated Note due 03/27/2022	$	1,084,565		*		1,077,381		1,079,933
Limited Liability Company Unit Series A	1,072 uts.			*		1,060,968		1,375,462
* 03/27/17 and 08/07/18.						2,138,349		2,455,395
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.		12/13/13			158,967		340,335
Preferred Stock Series A-2 (B)	26,543 shs.		09/10/15			29,994		56,826
						188,961		397,161
Sunrise Windows Holding Company
A manufacturer and marketer of premium vinyl windows exclusively selling to the residential remodeling and replacement market.
16% Senior Subordinated Note due 05/28/2020 (D)	$	1,812,109		*		1,358,229		1,359,082
Common Stock (B)	38 shs.		12/14/10			38,168		—
Warrant, exercisable until 2020, to purchase common stock at $.01 per share (B)	37 shs.		12/14/10			37,249		—
* 12/14/10, 08/17/12 and 03/31/16.						1,433,646		1,359,082

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

March 31, 2019

(Unaudited)

Corporate Restricted Securities: (A) (Continued)	Principal Amount,Shares, Units orOwnership Percentage		AcquisitionDate		Cost		Fair Value
Sunvair Aerospace Group Inc.
An aerospace maintenance, repair, and overhaul provider servicing landing gears on narrow body aircraft.
12% (1% PIK) Senior Subordinated Note due 07/31/2021 (D)	$	1,405,417	07/31/15		$	1,394,480	$	1,264,876
Common Stock (B)	68 shs.			*		104,986		9,799
* 07/31/15 and 11/08/17.						1,499,466		1,274,675
Team Drive-Away Holdings LLC
An asset-light provider of over the road driveaway services for class 8 trucks and specialized equipment.
Limited Liability Company Unit	95,800 uts.		10/15/15			67,186		187,289
Therma-Stor Holdings LLC
A designer and manufacturer of dehumidifiers and water damage restoration equipment for residential and commercial applications.
10.5% (0.5% PIK) Senior Subordinated Note due 11/30/2023	$	1,374,868	11/30/17			1,374,868		1,355,936
Limited Liability Company Unit (B)	19,696 uts.		11/30/17			3,172		19,696
						1,378,040		1,375,632
Torrent Group Holdings, Inc.
A contractor specializing in the sales and installation of engineered drywells for the retention and filtration of stormwater and nuisance water flow.
15% (7.5% PIK) Senior Subordinated Note due 12/05/2020	$	49,056	12/05/13			98,825		49,056
Warrant, exercisable until 2023, to purchase common stock at $.01 per share (B)	28,079 shs.		12/05/13			—		22,240
						98,825		71,296
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.
8.1% Term Loan due 04/30/2024 (LIBOR + 5.500%)	$	2,446,513	05/14/18			2,399,147		2,345,418
Tristar Global Energy Solutions, Inc.
A hydrocarbon and decontamination services provider serving refineries worldwide.
12.5% (1.5% PIK) Senior Subordinated Note due 07/31/2020	$	1,182,564	01/23/15			1,175,480		1,138,857

Barings Participation Investors

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

March 31, 2019

(Unaudited)

Corporate Restricted Securities: (A) (Continued)	Principal Amount,Shares, Units orOwnership Percentage		AcquisitionDate		Cost		Fair Value
Trystar, Inc.
A niche manufacturer of temporary power distribution products for the power rental, industrial, commercial utility and back-up emergency markets.
7.6% Term Loan due 10/01/2023 (LIBOR + 5.000%)	$	2,293,522	09/28/18		$	2,257,445	$	2,217,482
Limited Liability Company Unit (B)(F)	47 uts.		09/28/18			46,562		48,096
						2,304,007		2,265,578
U.S. Legal Support, Inc.
A provider of court reporting, record retrieval and other legal supplemental services.
8.38% Term Loan due 11/12/2024 (LIBOR + 5.750%)	$	2,142,391		*		1,790,505		1,757,811
* 11/29/18 and 03/25/19.
U.S. Oral Surgery Management
An operator of oral surgery practices providing medically necessary treatments.
7.5% Term Loan due 12/31/2023 (LIBOR + 5.000%)	$	2,462,305	01/04/19			1,027,489		1,025,854
U.S. Retirement and Benefit Partners, Inc.
A leading independent provider of outsourced benefit design and administration and retirement services, primarily to K-12 school districts, employee unions, and governmental agencies.
11.35% Second Lien Term Loan due 02/14/2023 (LIBOR + 8.750%)	$	1,725,000	03/05/18			1,578,896		1,544,375
UBEO, LLC
A dealer and servicer of printers and copiers to medium sized businesses.
11% Term Loan due 10/03/2024	$	1,725,000	11/05/18			1,339,504		1,313,255
Velocity Technology Solutions, Inc.
A provider of outsourced hosting services for enterprise resource planning software applications and information technology infrastructure to mid and large-sized enterprises.
8.6% Lien Term Loan due 12/07/2023(LIBOR + 6.000%)	$	2,073,750	12/07/17			2,057,526		2,023,013
VP Holding Company
A provider of school transportation services for special-needs and homeless children in Massachusetts and Connecticut.
8.1% Lien Term Loan due 05/22/2024(LIBOR + 5.500%)	$	2,452,153	05/17/18			1,714,545		1,623,015

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

March 31, 2019

(Unaudited)

Corporate Restricted Securities: (A) (Continued)	Principal Amount,Shares, Units orOwnership Percentage		AcquisitionDate	Cost		Fair Value
Westminster Acquisition LLC
A manufacturer of premium, all-natural oyster cracker products sold under the Westminster and Olde Cape Cod brands.
12% (1% PIK) Senior Subordinated Note due 02/03/2021	$	384,019	08/03/15	$	381,183	$	337,199
Limited Liability Company Unit (B)(F)	370,241 uts.		08/03/15		370,241		192,275
					751,424		529,474
Whitebridge Pet Brands Holdings, LLC
A manufacturer and marketer of branded, all-natural treats and foods for dogs and cats.
11.5% (0.5% PIK) Senior Subordinated Note due 08/18/2021	$	1,495,677	04/18/17		1,481,990		1,485,872
Limited Liability Company Unit Class A (B)(F)	123 uts.		04/18/17		148,096		147,042
Limited Liability Company Unit Class B (B)(F)	123 uts.		04/18/17		—		—
					1,630,086		1,632,914
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		62,178		228,573
WP Supply Holding Corporation
A distributor of fresh fruits and vegetables to grocery wholesalers and foodservice distributors in the upper Midwest.
14.5% (2.5% PIK) Senior Subordinated Note due 06/12/2020	$	1,022,435	11/03/11		1,022,376		1,009,031
Common Stock (B)	1,500 shs.		11/03/11		150,000		79,343
					1,172,376		1,088,374
York Wall Holding Company
A designer, manufacturer and marketer of wall covering products for both residential and commercial wall coverings.
Preferred Stock Series A (B)	2,936 shs.		02/05/19		293,616		293,626
Common Stock (B)	2,046 shs.		*		200,418		155,958
* 03/04/15 and 02/07/18					494,034		449,584
Total Private Placement Investments (E)				$	124,429,456	$	120,082,066

Barings Participation Investors

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

March 31, 2019

(Unaudited)

Corporate Restricted Securities: (A) (Continued)	InterestRate		MaturityDate	PrincipalAmount		Cost		MarketValue
Rule 144A Securities - 5.57%:
Bonds - 5.57%
Acrisure, LLC	7.000	%	11/15/25	$	385,000	$	352,833	$	346,500
Alliance Residential Company	7.500		05/01/25		357,000		369,708		371,726
Altice Financing S.A.	7.500		05/15/26		308,000		308,000		303,996
Amsted Industries	5.375		09/15/24		185,000		185,000		182,225
Avantor Inc.	6.000		10/01/24		313,000		313,000		324,738
Boyne USA, Inc.	7.250		05/01/25		129,000		129,000		138,030
CVR Partners, L.P.	9.250		06/15/23		385,000		378,489		403,288
Enterprise Merger Sub Inc.	8.750		10/15/26		773,000		734,200		688,936
Financial & Risk US Holdings, Inc.	6.250		05/15/26		116,000		116,000		117,595
First Quantum Minerals Ltd.	7.500		04/01/25		500,000		482,681		478,750
First Quantum Minerals Ltd.	7.250		04/01/23		385,000		381,085		376,338
Intelsat Connect Finance	9.500		02/15/23		385,000		376,981		340,841
Jonah Energy LLC	7.250		10/15/25		385,000		332,041		204,050
LBC Tank Terminals Holding Netherlands B.V.	6.875		05/15/23		511,000		518,379		482,895
Mattamy Group Corp.	6.500		10/01/25		385,000		377,827		377,897
New Gold Inc.	6.250		11/15/22		500,000		501,677		440,000
OPE KAG Finance Sub	7.875		07/31/23		385,000		396,392		372,488
Sinclair Broadcast Group, Inc.	5.875		03/15/26		157,000		157,000		158,177
Sinclair Television Group, Inc.	5.125		02/15/27		385,000		385,000		368,637
Suncoke Energy	7.500		06/15/25		385,000		380,079		389,812
Topaz Marine S.A.	9.125		07/26/22		500,000		500,000		506,421
Vine Oil & Gas, LP	8.750		04/15/23		385,000		359,448		306,075
VRX Escrow Corp.	6.125		04/15/25		140,000		140,000		138,600
Warrior Met Coal, Inc.	8.000		11/01/24		161,000		161,000		168,144
Total Bonds							8,335,820		7,986,159
Common Stock - 0.00%
TherOX, Inc. (B)					2		—		—
Touchstone Health Partnership (B)					292		—		—
Total Common Stock							—		—
Total Rule 144A Securities							8,335,820		7,986,159

Corporate Public Securities - 6.37%: (A)	LIBORSpread		InterestRate		MaturityDate	PrincipalAmount		Cost		MarketValue
Bank Loans - 3.20%
Argon Medical Devices, Inc.	8.000	%	10.499	%	01/23/26	$	500,000	$	503,750	$	492,500
BMC Software Finance, Inc.	4.250		6.851		10/02/25		498,750		494,110		487,862
Confie Seguros Holding II Co.	8.500		11.126		11/02/25		446,131		437,709		437,766
Edelman Financial Services	6.750		9.537		07/20/26		128,178		127,592		128,498
Fieldwood Energy LLC	7.250		9.749		04/11/23		977,612		940,680		824,860

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

March 31, 2019

(Unaudited)

Corporate Public Securities: (A) (Continued)	LIBORSpread		InterestRate		MaturityDate	PrincipalAmount		Cost		MarketValue
Gulf Finance, LLC	5.250	%	7.859	%	08/25/23	$	250,258	$	248,705	$	198,642
ION Trading Technologies Sarl	4.000		6.651		11/21/24		273,603		267,385		264,955
PowerSchool	6.750		9.488		08/01/26		500,000		495,408		488,750
PS Logistics LLC	4.750		7.249		03/01/25		497,500		501,967		494,391
Schenectady International Group Inc.	4.750		7.351		10/15/25		306,554		295,048		305,788
STS Operating, Inc.	8.000		10.499		04/25/26		500,000		505,000		468,750
Total Bank Loans									4,817,354		4,592,762
Bonds - 2.73%
AMC Entertainment Holdings Inc.			6.125		05/15/27		385,000		375,227		347,944
Anchorage Capital Group, L.L.C.	7.250		10.037		01/15/29		500,000		517,187		499,185
Brunswick Corporation			7.125		08/01/27		500,000		503,365		554,824
Dish DBS Corporation			7.750		07/01/26		385,000		413,653		334,950
Laredo Petroleum, Inc.			5.625		01/15/22		385,000		372,797		351,794
Laredo Petroleum, Inc.			6.250		03/15/23		385,000		385,821		343,613
M/I Homes, Inc.			5.625		08/01/25		385,000		367,598		368,638
Oasis Petroleum Inc.			6.875		03/15/22		424,000		409,786		428,240
PBF Holding Company LLC			7.250		06/15/25		385,000		397,080		395,202
William Lyon Homes			7.000		08/15/22		284,000		284,000		284,710
Total Bonds									4,026,514		3,909,100
Common Stock - 0.09%
Jupiter Resources Inc.							41,472		200,439		129,600
Total Common Stock									200,439		129,600
Preferred Stock - 0.35%
B. Riley Financial Inc.							20,000		500,000		506,600
Total Preferred Stock									500,000		506,600
Total Corporate Public Securities								$	9,544,307	$	9,138,062
Total Investments			95.68	%				$	142,309,583	$	137,206,287
Other Assets			15.45								22,156,091
Liabilities			(11.13	)							(15,965,915	)
Total Net Assets			100.00	%						$	143,396,463

(A) In each of the convertible note, warrant, 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 security. As of March 31, 2019 the values of these securities amounted to $120,082,066 or 83.74% of net assets.

(F) Held in PI Subsidiary Trust

PIK - Payment-in-kind

Barings Participation Investors

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

March 31, 2019

(Unaudited)

Industry Classification:	Fair Value/Market Value
AEROSPACE & DEFENSE - 4.37%
API Technologies Corp.	$	486,450
BEI Precision Systems & Space Company, Inc.		1,627,466
Merex Holding Corporation		540,532
Sunvair Aerospace Group Inc.		1,274,675
Trident Maritime Systems		2,345,418
		6,274,541
AUTOMOTIVE - 5.49%
Aurora Parts & Accessories LLC		1,623,551
BBB Industries LLC		1,647,449
DPL Holding Corporation		270,378
English Color & Supply LLC		1,605,514
Holley Performance Products		2,409,661
Randy's Worldwide Automotive		323,632
		7,880,185
BUILDING MATERIALS - 3.92%
Happy Floors Acquisition, Inc.		1,163,810
NSi Industries Holdings, Inc.		2,253,171
Signature Systems Holding Company		539,676
Sunrise Windows Holding Company		1,359,082
Torrent Group Holdings, Inc.		71,296
Wolf-Gordon, Inc.		228,573
		5,615,608
CABLE & SATELLITE - 0.24%
Intelsat Connect Finance		340,841
CHEMICALS - 2.37%
CVR Partners, L.P.		403,288
DuBois Chemicals, Inc.		1,673,250
LBC Tank Terminals Holding Netherlands B.V.		482,895
Polytex Holdings LLC		534,992
Schenectady International Group Inc.		305,788
		3,400,213
CONSUMER CYCLICAL SERVICES - 4.05%
Accelerate Learning		1,054,183
CHG Alternative Education Holding Company		1,067,186
MeTEOR Education LLC		1,001,361
PPC Event Services		1,582,009

	Fair Value/Market Value
PS Logistics LLC	$	494,391
ROI Solutions		610,000
		5,809,130
CONSUMER PRODUCTS - 7.69%
AMS Holding LLC		175,955
Blue Wave Products, Inc.		354,212
Elite Sportwear Holding, LLC		1,429,776
gloProfessional Holdings, Inc.		1,564,784
GTI Holding Company		888,033
Handi Quilter Holding Company		505,824
HHI Group, LLC		1,756,391
Manhattan Beachwear Holding Company		632,083
Master Cutlery LLC		62,742
New Mountain Learning, LLC		1,574,623
Whitebridge Pet Brands Holdings, LLC		1,632,914
York Wall Holding Company		449,584
		11,026,921
DIVERSIFIED MANUFACTURING - 7.18%
ABC Industries, Inc.		417,882
Advanced Manufacturing Enterprises LLC		—
Amsted Industries		182,225
F G I Equity LLC		734,139
K P I Holdings, Inc.		339,556
Motion Controls Holdings		344,245
Reelcraft Industries, Inc.		1,783,996
SR Smith LLC		2,455,395
Strahman Holdings Inc.		397,161
Therma-Stor Holdings LLC		1,375,632
Trystar, Inc.		2,265,578
		10,295,809
ELECTRIC - 2.63%
AM Conservation Holding Corp.		1,997,407
Electronic Power Systems		1,779,487
		3,776,894
FINANCIAL OTHER - 2.50%
Acrisure, LLC		346,500
Anchorage Capital Group, L.L.C.		499,185
B. Riley Financial Inc.		506,600
Confie Seguros Holding II Co.		437,766
Edelman Financial Services		128,498

See Notes to Consolidated Financial Statements

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

March 31, 2019

(Unaudited)

Industry Classification: (Continued)	Fair Value/Market Value
Financial & Risk US Holdings, Inc.	$	117,595
U.S. Retirement and Benefit Partners, Inc.		1,544,375
		3,580,519
FOOD & BEVERAGE - 6.64%
Del Real LLC		1,486,974
F F C Holding Corporation		293,765
Hollandia Produce LLC		1,703,101
Impact Confections		—
JMH Investors LLC		662,287
PANOS Brands LLC		2,287,218
Sara Lee Frozen Foods		1,469,341
Westminster Acquisition LLC		529,474
WP Supply Holding Corporation		1,088,374
		9,520,534
HEALTHCARE - 6.45%
Argon Medical Devices, Inc.		492,500
Avantor Inc.		324,738
Cadence, Inc.		776,231
CORA Health Services, Inc.		1,348,898
ECG Consulting Group		2,020,355
Enterprise Merger Sub Inc.		688,936
GD Dental Services LLC		—
Healthline Media, Inc.		1,591,775
LAC Acquisition LLC		836,145
TherOX, Inc.		—
Touchstone Health Partnership		—
U.S. Oral Surgery Management		1,025,854
VRX Escrow Corp.		138,600
		9,244,032
HOME CONSTRUCTION - 0.72%
Mattamy Group Corp.		377,897
M/I Homes, Inc.		368,638
William Lyon Homes		284,710
		1,031,245
INDEPENDENT - 1.59%
Fieldwood Energy LLC		824,860
Jonah Energy LLC		204,050
Jupiter Resources Inc.		129,600
Laredo Petroleum, Inc.		695,407
Oasis Petroleum Inc.		428,240
		2,282,157

	Fair Value/Market Value
INDUSTRIAL OTHER - 7.89%
AFC - Dell Holding Corporation	$	1,657,421
Brunswick Corporation		554,824
E.S.P. Associates, P.A.		905,665
Hartland Controls Holding Corporation		1,939,176
Midwest Industrial Rubber, Inc.		1,772,259
PB Holdings LLC		804,893
SMB Machinery Holdings, Inc.		—
Specified Air Solutions		1,901,653
STS Operating, Inc.		468,750
UBEO, LLC		1,313,255
		11,317,896
MEDIA & ENTERTAINMENT - 2.94%
AMC Entertainment Holdings Inc.		347,944
BlueSpire Holding, Inc.		—
Boyne USA, Inc.		138,030
Cadent, LLC		1,018,356
Discovery Education, Inc.		1,846,358
Dish DBS Corporation		334,950
HOP Entertainment LLC		—
Sinclair Broadcast Group, Inc.		158,177
Sinclair Television Group, Inc.		368,637
		4,212,452
METALS & MINING - 1.55%
Alliance Residential Company		371,726
First Quantum Minerals Ltd.		855,088
New Gold Inc.		440,000
Suncoke Energy		389,812
Warrior Met Coal, Inc.		168,144
		2,224,770
MIDSTREAM - 0.14%
Gulf Finance, LLC		198,642
OIL FIELD SERVICES - 0.58%
Avantech Testing Services LLC		—
Petroplex Inv Holdings LLC		19,358
Topaz Marine S.A.		506,421
Vine Oil & Gas, LP		306,075
		831,854

See Notes to Consolidated Financial Statements

Barings Participation Investors

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

March 31, 2019

(Unaudited)

Industry Classification: (Continued)	Fair Value/Market Value
PACKAGING - 0.91%
ASC Holdings, Inc.	$	612,559
Brown Machine LLC		695,283
		1,307,842
PAPER - 1.20%
Dunn Paper		1,716,375
PHARMACEUTICALS - 0.17%
Clarion Brands Holding Corp.		243,063
REFINING - 2.09%
MES Partners, Inc.		1,470,077
PBF Holding Company LLC		395,202
Tristar Global Energy Solutions, Inc.		1,138,857
		3,004,136
TECHNOLOGY - 14.70%
1A Smart Start, Inc.		1,665,790
Audio Precision		1,702,379
BCC Software, Inc.		2,373,438
BMC Software Finance, Inc.		487,862
Claritas Holdings, Inc.		1,640,115
Clubessential LLC		1,775,345
GraphPad Software, Inc.		2,349,619

	Fair Value/Market Value
ION Trading Technologies Sarl	$	264,955
PowerSchool		488,750
REVSpring, Inc.		1,647,586
Ruffalo Noel Levitz		1,241,275
U.S. Legal Support, Inc.		1,757,811
Sandvine Corporation		1,656,399
Velocity Technology Solutions, Inc.		2,023,013
		21,074,337
TELECOMMUNICATIONS - 0.21%
Altice Financing S.A.		303,996
TRANSPORTATION SERVICES - 7.46%
BDP International, Inc.		2,386,139
GlobalTranz		1,673,027
OPE KAG Finance Sub		372,488
Pegasus Transtech Corporation		2,050,213
Rock-it Cargo		2,400,124
Team Drive-Away Holdings LLC		187,289
VP Holding Company		1,623,015
		10,692,295
Total Investments - 95.68%(Cost - $142,309,583)	$	137,206,287

See Notes to Consolidated Financial Statements

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

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 March 31, 2019.

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 March 31, 2019 are as follows:

Assets:	Total		Level 1		Level 2		Level 3
Restricted Securities
Corporate Bonds	$	56,855,165	$	—	$	7,986,159	$	48,869,006
Bank Loans		57,124,245		—		—		57,124,245
Common Stock - U.S.		4,059,196		—		—		4,059,196
Preferred Stock		2,997,378		—		—		2,997,378
Partnerships and LLCs		7,032,241		—		—		7,032,241
Public Securities
Bank Loans		4,592,762		—		3,300,084		1,292,678
Corporate Bonds		3,909,100		—		3,909,100		—
Common Stock - U.S.		129,600		—		129,600		—
Preferred Stock		506,600		506,600		—		—
Total	$	137,206,287	$	506,600	$	15,324,943	$	121,374,744
See information disaggregated by security type and industry classification in the Consolidated Schedule of Investments.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

Assets:	Beginningbalance at12/31/2018		Included inearnings			Purchases		Sales			Prepayments			TransfersintoLevel 3		Transfersout ofLevel 3			Endingbalance at3/31/2019
Restricted Securities
Corporate Bonds	$	49,613,537	$	647,142		$	1,238,451	$	(2,401,521	)	$	(228,603	)	$	—	$	—		$	48,869,006
Bank Loans		56,358,155		(83,791	)		3,175,660		(286,154	)		(2,039,625	)		—		—			57,124,245
Common Stock - U.S.		4,250,108		315,372			126		(506,410	)		—			—		—			4,059,196
Preferred Stock		2,197,761		170,936			628,681		—			—			—		—			2,997,378
Partnerships and LLCs		7,372,814		(230,380	)		227,281		(337,474	)		—			—		—			7,032,241
Public Securities
Bank Loans		1,648,460		22,129			—		—			(2,021	)		493,750		(869,640	)		1,292,678
Common Stock - U.S.		141,005		—			—		—			—			—		(141,005	)		—
	$	121,581,840	$	841,408		$	5,270,199	$	(3,531,559	)	$	(2,270,249	)	$	493,750	$	(1,010,645	)	$	121,374,744

ITEM 2. CONTROLS AND PROCEDURES.

(a) The principal executive officer and principal financial officer of the Registrant evaluated the effectiveness of the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act") as of a date within 90 days of the filing date of this report and based on that evaluation have concluded that such disclosure controls and procedures are effective to provide reasonable assurance that material information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There have been changes in the Registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act)("internal controls") that occurred during the Registrant's last fiscal quarter.  The Registrant's investment adviser, Barings LLC, who maintains the Registrant's internal controls, revised its internal controls to oversee State Street Bank & Trust who now provides certain administrative and accounting services to the Registrant.

ITEM 3. EXHIBITS.

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) are attached hereto as an exhibit.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)  Barings Participation Investors

By (Signature and Title)* /s/ Robert M. Shettle                                                     Robert M. Shettle, President

Date       May 30, 2019                                  

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By (Signature and Title)* /s/ Robert M. Shettle                                                      Robert M. Shettle, President

Date       May 30, 2019                                  

By (Signature and Title)* /s/ James M. Roy                                                            James M. Roy, Vice President and Chief Financial Officer

Date       May 30, 2019                                  

* PRINT THE NAME AND TITLE OF EACH SIGNING OFFICER UNDER HIS OR HER SIGNATURE.