Barings Corporate Investors : MCI MPV Joint Proxy Statement for 2021 Shareholder Meeting

BARINGS CORPORATE INVESTORS

BARINGS PARTICIPATION INVESTORS

Notice of Virtual Joint Annual Meeting of

Shareholders and Proxy Statement

TIME

Friday, April 23, 2021

At 1:00 p.m.

Due to ongoing concerns regarding the coronavirus (COVID-19) pandemic, the Meeting will be held in a virtual capacity only.

Please date, fill in, and sign the enclosed proxy card(s) and mail in the enclosed return envelope which requires no postage if mailed in the United States or vote on the internet by following the instructions in the notice and proxy card(s).

BARINGS CORPORATE INVESTORS

BARINGS PARTICIPATION INVESTORS

300 South Tryon Street

Suite 2500

Charlotte, North Carolina, 28202

Dear Shareholder:

The 2021 Joint Annual Meeting of Shareholders (the ''Meeting'') of Barings Corporate Investors (''MCI'') and Barings Participation Investors (''MPV'' and, together with MCI, each is referred to separately as the ''Trust'' and collectively as the ''Trusts'') will be held by remote electronic means at 1:00 p.m., Eastern Time, on Friday, April 23, 2021. A Notice and a Proxy Statement regarding the Meeting, proxy card(s) for your vote at the Meeting, and a postage prepaid envelope in which to return your proxy card(s) are enclosed.

By promptly returning the enclosed proxy card(s) or by voting on the internet you can help the Trusts avoid the expense of sending follow-up letters to obtain the attendance of a majority of the outstanding shares. You are earnestly requested to vote your proxy in order that the necessary quorum may be represented at the Meeting. If you later find that you can be present in person, you may, if you wish, revoke your proxy then and vote your shares in person.

At the Meeting, shareholders will be asked to elect three Trustees. The Board of Trustees of each Trust recommends that shareholders elect the nominated Trustees.

I look forward to your attendance at this Meeting because it will provide us with an opportunity to inform you about the progress of the Trusts.

Sincerely,

Clifford M. Noreen

Chairman

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BARINGS CORPORATE INVESTORS

BARINGS PARTICIPATION INVESTORS

300 South Tryon Street

Suite 2500

Charlotte, North Carolina, 28202

Notice of Virtual Joint Annual Meeting of Shareholders

To the Shareholders of Barings Corporate Investors and Barings Participation Investors:

The Annual Meeting of Shareholders of Barings Corporate Investors (''MCI'') and Barings Participation Investors (''MPV'' and, together with MCI, each is referred to separately as the ''Trust'' and collectively as the ''Trusts'') will be held by remote electronic means on Friday, April 23, 2021, at 1:00 p.m., Eastern Time (the ''Meeting''), for the following purposes:

1. to elect as Trustees Edward P. Grace, III, Clifford M. Noreen and Eric J. Lloyd to the Board of Trustees of each Trust (to be voted upon by the shareholders of each Trust, voting separately by Trust); and
2. to transact such other business as may properly come before the Meeting or any adjournment thereof (to be voted upon by the shareholders of each Trust, voting separately by Trust, as necessary).

Although the Trusts' annual meetings are held together for convenience in order to hear common presentations, each Trust's shareholders take action independently of the other. Holders of record of the shares of beneficial interest of each Trust at the close of business on February 22, 2021 are entitled to vote at the Meeting or any adjournment thereof.

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We encourage you to carefully review the enclosed materials, which explain this proposal in more detail. As a shareholder, your vote is important, and we hope that you will respond today to ensure that your share will be represented at the Meeting. You may vote in any of the following ways:

1. Internet: Have your proxy card(s) available. Vote on the internet by accessing the website address on your proxy card(s). Enter your control number from your proxy card(s). Follow the instructions found on the website; or
2. Mail: Vote, sign and return your proxy card(s) in the enclosed postage-paid envelope.

To participate in the Meeting, please register at https://viewproxy.com/barings/broadridgevsm/. Shareholders must also enter the control number found on the shareholder's proxy card, voting instruction form or notice previously received. Shareholders may vote during the Meeting by following the instructions available on the Meeting website during the Meeting. If you have any technical difficulties, you may call 866-612-8937.

By order of the

Boards of Trustees,

Ashlee Steinnerd

Secretary

Charlotte, North Carolina

March 4, 2021

Please either vote your proxy on the internet or complete, date, and sign the proxy card(s) for the shares held by you and return the proxy card(s) in the envelope provided so that your vote can be recorded. It is important that you vote your proxy promptly, regardless of the size of your holdings, so that a quorum may be assured.

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