Fund Description: Barings Participation Investors, formerly Babson Capital Participation Investors, formerly the MassMutual Participation Investors, is an exchange-traded closed-end fund or a closed-end ETF which is officially described as a diversified, closed-end management investment company. <p> INVESTMENT OBJECTIVE: The Barings Participation Investors seeks to maximize total return by providing a high level of current income, the potential for growth of income, and capital appreciation. <p> TRUST STRATEGY: The Trust's principal investments are privately placed, below-investment grade, long-term corporate debt obligations purchased directly from their issuers, which tend to be smaller companies. Half of these investments include equity features, such as warrants, conversion rights, or other equity features, which provide the Trust with the opportunity to realize capital gains. The Trust will also invest in publicly traded debt securities and in convertible preferred stocks. In addition, the Trust may temporarily invest in marketable securities. <p> TRUST MANAGEMENT: Babson Capital Management LLC manages the Trust on a total return basis.