Barings Participation Investors

PAST PERFORMANCE IS NOT NECESSARILY INDICIATIVE OF FUTURE RESULTS. Current performance may be lower or higher than the performance data quoted. The share value and net asset value (NAV) will fluctuate with market conditions. Shares of closed-end investment companies frequently trade at a discount from their net asset value. All returns 1-year or less are cumulative.

Investment return, price, yields and NAV will fluctuate with changes in market conditions. At the time of sale, your shares may have a share price that is above or below net asset value, and may be worth more or less than your original investment. There is no assurance that a fund will meet its investment objective. The Fund is actively managed and its composition will vary. Fund details, holdings and characteristics are as of the date noted and subject to change.

Definitions: Net Asset Value (NAV) is total assets less total liabilities, divided by the number of shares outstanding. Share Price is the closing price of a closed-end fund on the New York Stock Exchange (NYSE), as of the trading day noted. Premium/Discount is the percent difference between the Share Price and the NAV. There is no guarantee that you will receive the stated Premium/Discount and additional fees may result from individual broker fees and transactions costs in the secondary market. An investment in the Fund is not appropriate for all investors and is not intended to be a complete investment program. The Fund is designed as a long-term investment and not as a trading vehicle.

Investing in the Fund involves risks, including the risk that you may receive little or no return on your investment or that you may lose part or even all of your investment. The Fund invests in privately-placed below-investment grade, long-term corporate debt obligations, which are subject to credit risk (the risk that an issuer won’t make timely payments of principal and interest) and liquidity risk (the risk that the Fund’s investments may be difficult to sell at an advantageous time or price); high yield debt obligations, commonly referred to as below-investment grade obligations or “junk bonds,” which are subject to credit risk and market risk (the risk that the value of the Fund’s investments may fall, sometimes rapidly or unpredictably, as a result of increasing interest rates or otherwise); and equity securities, including preferred stocks, warrants and rights, and limited partnership interests, which may have exposure to higher levels of volatility and market and issuer-specific risk. The Fund may trade at a discount to its net asset value and is subject to anti-takeover provisions that may delay, defer or prevent a transaction or a change in control that might otherwise be in the best interests of Fund shareholders. Before investing you should consider carefully the Fund’s investment objectives, risks, charges and expenses.