BARINGS CORPORATE INVESTORS

This Proxy Statement is furnished in connection with the solicitation of proxies by the Board of Trustees of Barings Corporate Investors (“MCI”) and of Barings Participation Investors (“MPV” and, together with MCI, each is referred to separately as the “Trust” and collectively as the “Trusts”) for use at the Annual Meeting of Shareholders of each Trust (the “Annual Meeting” or “Meeting”), to be held virtually on Thursday, May 14, 2026, at 8:00 a.m., Eastern Time at the following website: https://www.viewproxy.com/barings/broadridgevsm/. Unless otherwise indicated, all information in this Proxy Statement and Proposal 1 (the “Proposal”) apply separately to each Trust.

We encourage you to access the Annual Meeting prior to the start time. The live webcast will begin promptly at 8:00 a.m. Eastern time on May 14, 2026. There will be technicians ready to assist you with any technical difficulties you have accessing the live webcast. Technical support will be available on the Meeting website starting at approximately 7:45 a.m. Eastern Time and will remain available until the Annual Meeting has finished. The virtual platform is fully supported across browsers and devices running the most updated version of applicable software and plugins. Participants should also give themselves plenty of time to log in and ensure that they can hear audio prior to the start of the Annual Meeting.

This Proxy Statement and the accompanying letter to shareholders from the Chairman of the Board of Trustees, Notice of Annual Meeting of Shareholders, and proxy card(s) are being mailed on or about March 25, 2026, to shareholders of record on March 16, 2026 (the “Record Date”). Each Trust’s principal business office is c/o Barings LLC (“Barings”), 300 South Tryon Street, Suite 2500, Charlotte, North Carolina 28202.

We encourage you to vote your shares, either by voting electronically via the live webcast of the Annual Meeting or by granting a proxy (i.e., authorizing someone to vote your shares). If you properly sign, date and mail the accompanying proxy card(s) or authorize your proxy by telephone or through the Internet, and it is receive in time for voting at the Annual meeting, the persons named as proxies will vote your shares in the manner that you specify.

If you give no instructions on the proxy card(s) you execute, the shares covered by the proxy card(s) will be vote “FOR” the election of the nominees as Trustees as listed in this Proxy Statement. If any other business is brought before the Annual Meeting, your vote will be cast at the discretion of the proxy holders, subject to applicable Securities and Exchange Commission (“SEC”) rules.

Holders of the shares of beneficial interest of each Trust (“shares”) of record at the close of business on March 16, 2026 will be entitled to one vote per share on all business of the Meeting and any adjournments thereof. There were 20,555,752 shares of MCI outstanding and 10,773,235 shares of MPV outstanding on the record date. The Trusts, to the best of their knowledge, are not aware of any beneficial owner of more than 5% of the outstanding shares of each Trust. However, Massachusetts Mutual Life Insurance Company (“MassMutual”), the ultimate parent company of Barings, may be deemed a beneficial owner of more than 5% of the outstanding shares of MCI by reason of it owning a $30,000,000 Senior Fixed Rate Convertible Note due November 15, 2027 (the “MCI Note”) issued by MCI. Similarly, MassMutual may be deemed a beneficial owner of more than 5% of the outstanding shares of MPV by reason of it owning a $15,000,000 Senior Floating Rate Convertible Note due December 13, 2033 issued by MPV (the “MPV Note and, together with “MCI Note,” each a “Note” and collectively the “Notes”). MassMutual, at its option, can convert the principal amount of each Note into shares. The dollar amount of principal would be converted into an equivalent dollar amount of shares based upon the average price of the shares for ten business days prior to the notice of conversion.

If you want to submit a question during the Annual Meeting, login to the live webcast at https://www.viewproxy.com/barings/broadridgevsm/, type your question into the “Ask a Question” field, and click “Submit.” Only questions submitted via the live webcast that are pertinent to Annual Meeting matters will be answered during the Meeting, subject to time constraints. Questions or comments that are not related to the proposal(s) under discussion, are about personal concerns not shared by shareholders generally, or use blatantly offensive language may be ruled out of order.

The Trusts have engaged Broadridge Financial Solutions, Inc. (“Broadridge”) to provide shareholder meeting services, including tabulation and tracking. Should you have any questions about this Proxy Statement, please contact the Trusts by calling (toll-free) 1-866-399-1516.

Important Notice regarding the availability of Proxy Materials for the Annual Meeting to be held on Thursday, May 14, 2026. The Proxy Statement is available on https://www.proxyvote.com or on each Trust’s website under Documents at https://mci.barings.com/ and https://mpv.barings.com/.