ThZeal - The Zeal

Adviser

Barings LLC

300 S Tryon St., Suite 2500

Charlotte, NC 28202

Independent Registered Public Accounting Firm

KPMG LLP

Boston, Massachusetts 02110

Counsel to the Trust

Ropes & Gray LLP

Boston, Massachusetts 02111

Custodian

State Street Bank and Trust Company

Boston, Massachusetts 02110

Transfer Agent & Registrar

DST Systems, Inc.

P.O. Box 219086

Kansas City, Missouri 64121-9086

1-800-647-7374

Internet Website

www.barings.com/mci

Barings Corporate Investors

c/o Barings LLC

300 S Tryon St., Suite 2500

Charlotte, NC 28202

(413) 226-1516

Investment Objective and Policy

Barings Corporate Investors (the "Trust") is a closed-end management investment company, first offered to the public in 1971, whose shares are traded on the New York Stock Exchange under the trading symbol "MCI". The Trust's share price can be found in the financial section of most newspapers under either the New York Stock Exchange listings or Closed-End Fund Listings.

The Trust's investment objective is to maintain a portfolio of securities providing a current yield and, when available, an opportunity for capital gains. The Trust's principal investments are privately placed, below-investment grade, long-term debt obligations including bank loans and mezzanine debt instruments. Such direct placement securities may, in some cases, be accompanied by equity features such as common stock, preferred stock, warrants, conversion rights, or other equity features. The Trust typically purchases these investments, which are not publicly tradable, directly from their issuers in private placement transactions. These investments are typically made to small or middle market companies. In addition, the Trust may invest, subject to certain limitations, in marketable debt securities (including high yield and/or investment grade securities) and marketable common stocks. Below-investment grade or high yield securities have predominantly speculative characteristics with respect to the capacity of the issuer to pay interest and repay principal.

The Trust distributes substantially all of its net income to shareholders each year. Accordingly, the Trust pays dividends to shareholders in January, May, August, and November. The Trust pays dividends to its shareholders in cash, unless the shareholder elects to participate in the Dividend Reinvestment and Share Purchase Plan.

Form N-PORT

The Trust files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year on part F of Form N-PORT. This information is available (i) on the SEC's website at http://www.sec.gov; and (ii) at the SEC's Public Reference Room in Washington, DC (which information on their operation may be obtained by calling 1-800-SEC-0330).

A complete schedule of portfolio holdings as of each quarter-end is available upon request by calling, toll-free, 866-399-1516.

Proxy Voting Policies & Procedures; Proxy Voting Record

The Trustees of the Trust have delegated proxy voting responsibilities relating to the voting of securities held by the Trust to Barings LLC ("Barings"). A description of Barings' proxy voting policies and procedures is available (1) without charge, upon request, by calling, toll-free 866-399-1516; (2) on the Trust's website at www.barings.com/mci; and (3) on the SEC's website at http://www.sec.gov. Information regarding how the Trust voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (1) on the Trust's website at www.barings.com/mci; and (2) on the SEC's website at http://www.sec.gov.

Legal Matters

The Trust has entered into contractual arrangements with an investment adviser, transfer agent and custodian (collectively "service providers") who each provide services to the Trust. Shareholders are not parties to, or intended beneficiaries of, these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the Trust.

Under the Trust's Bylaws, any claims asserted against or on behalf of the Trust, including claims against Trustees and officers must be brought in courts located within the Commonwealth of Massachusetts.

The Trust's registration statement and this shareholder report are not contracts between the Trust and its shareholders and do not give rise to any contractual rights or obligations or any shareholder rights other than any rights conferred explicitly by federal or state securities laws that may not be waived.

Barings Corporate Investors

TO OUR SHAREHOLDERS

July 31, 2019

We are pleased to present the June 30, 2019 Quarterly Report of Barings Corporate Investors (the "Trust").

The Board of Trustees declared a quarterly dividend of $0.30 per share, payable on August 16, 2019 to shareholders of record on August 5, 2019. The Trust paid a $0.30 per share dividend for the preceding quarter. The Trust earned $0.29 per share of net investment income for the second quarter of 2019, compared to $0.31 per share in the previous quarter.

During the second quarter, the net assets of the Trust increased to $308,265,619 or $15.29 per share compared to $301,722,472 or $15.00 per share on March 31, 2019. This translates to a 4.0% total return for the quarter, based on the change in the Trust's net assets assuming the reinvestment of all dividends. Longer term, the Trust returned 9.9%, 10.3%, 9.4%, 12.6%, and 13.0% for the 1, 3, 5, 10, and 25-year periods, respectively, based on the change in the Trust's net assets assuming the reinvestment of all dividends.

The Trust's share price increased during the quarter, from $15.46 per share as of March 31, 2019 to $15.65 per share as of June 30, 2019, which resulted in a total return for the quarter of 3.2%. The Trust's market price of $15.65 per share equates to a 2.4% premium over the June 30, 2019 net asset value per share of $15.29. The Trust's average quarter-end premium for the 3, 5 and 10-year periods was 3.0%, 6.9% and 11.9%, respectively. U.S. equity markets, as approximated by the Russell 2000 Index, increased 2.1% for the quarter. U.S. fixed income markets, as approximated by the Bloomberg Barclays U.S. Corporate High Yield Index and the Credit Suisse Leverage Loan Index, increased 2.5% and 1.6% for the quarter, respectively.

The Trust closed three new private placement investments and five add-on investments to existing portfolio companies during the second quarter. The total amount invested by the Trust in these transactions was $6,769,495. Of note, all of the new platform investments were floating rate senior secured term loans. Over the past couple of years, the Trust has increasingly invested in term loans with floating interest rates. As interest rates fluctuate, we expect interest income to fluctuate due to the base interest rates on the floating rate loans resetting quarterly. Please note that the Trust's own senior term loan is fixed rate and therefore, fluctuations in base interest rates will not impact the Trust's cost of borrowing.

Middle market merger and acquisition activity continues to remain below 2018 levels. The lower M&A activity coupled with continued hyper-competitive market conditions led to aggressive credit terms including increased leverage and lower pricing. As a result of these factors, the Trust's new investment activity was lower than recent quarters. It continues to be difficult to source traditional higher yielding junior debt opportunities as the all-senior structures continue to be more prevalent in the middle market. As always, we continue to be selective in our investment choices and maintain underwriting discipline.

The Trust's current portfolio continues to exhibit sound credit quality. Realization activity continued through the second quarter with five private investment exits during the quarter, all of which resulted in favorable results. In addition, two companies fully prepaid their debt held by the Trust. The Trust was also the beneficiary of one of its equity investments paying a dividend during the quarter. We remain cautiously optimistic about realization activity over the next few quarters as there are several companies in which the Trust has outstanding investments that are in the process of being sold.

The Trust was able to maintain its $0.30 per share quarterly dividend in the second quarter. While the Trust's expansion of its target investment criteria in 2017 has allowed for increased private debt investment opportunities, and as a result, more stable recurring investment income, recurring investment income fell slightly short of fully funding this quarter's dividend. As has occurred from time to time in the past, the slight shortfall was covered with earnings carry forwards and other non-recurring income. Due to the continued market decline in higher yielding junior debt investment opportunities, over time it may become difficult to maintain the dividend at $0.30 per share. We and the Board of Trustees will continue to evaluate the current and future earnings capacity of the Trust and formulate a dividend strategy that is consistent with the Trust's recurring earnings.

Thank you for your continued interest in and support of Barings Corporate Investors.

(Continued)

Sincerely,

Robert M. Shettle

President

Portfolio Composition as of 6/30/19*

* Based on market value of total investments

Cautionary Notice: Certain statements contained in this report may be "forward looking" statements. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made and which reflect management's current estimates, projections, expectations or beliefs, and which are subject to risks and uncertainties that may cause actual results to differ materially. These statements are subject to change at any time based upon economic, market or other conditions and may not be relied upon as investment advice or an indication of the Trust's trading intent. References to specific securities are not recommendations of such securities, and may not be representative of the Trust's current or future investments. We undertake no obligation to publicly update forward looking statements, whether as a result of new information, future events, or otherwise.

Barings Corporate Investors

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

June 30, 2019

(Unaudited)

Assets:

Investments (See Consolidated Schedule of Investments)
Corporate restricted securities at fair value (Cost - $269,568,318)	$	266,975,645
Corporate restricted securities at market value (Cost - $15,393,830)		13,438,787
Corporate public securities at market value (Cost - $13,721,616)		13,196,798
Short-term securities at amortized cost		16,472,858

Total investments (Cost - $315,156,622)		310,084,088

Cash		26,187,870
Interest receivable		2,358,664
Receivable for investments sold		874,807
Other assets		14,716

Total assets		339,520,145


Liabilities:
Note payable		30,000,000
Investment advisory fee payable		963,330
Interest payable		135,317
Accrued expenses		155,879

Total liabilities		31,254,526

Commitments and Contingencies (See Note 8)

Total net assets	$	308,265,619


Net Assets:
Common shares, par value $1.00 per share	$	20,156,813
Additional paid-in capital		271,759,331
Total distributable earnings		16,349,475

Total net assets	$	308,265,619

Common shares issued and outstanding (28,054,782 authorized)		20,156,813

Net asset value per share	$	15.29

See Notes to Consolidated Financial Statements

CONSOLIDATED STATEMENT OF OPERATIONS

For the six months ended June 30, 2019

(Unaudited)

Investment Income:
Interest	$	14,642,372
Dividends		267,924
Other		135,695

Total investment income		15,045,991


Expenses:
Investment advisory fees		1,906,213
Interest		529,500
Trustees' fees and expenses		180,000
Professional fees		150,103
Reports to shareholders		60,000
Custodian fees		16,800
Other		44,946

Total expenses		2,887,562

Investment income - net		12,158,429

Net realized and unrealized gain on investments:
Net realized gain on investments before taxes		4,013,689
Income tax expense		(171,430	)

Net realized gain on investments after taxes		3,842,259

Net increase (decrease) in unrealized appreciation (depreciation) of investments before taxes		5,957,403

Net increase (decrease) in unrealized appreciation (depreciation) of investments after taxes		5,957,403

Net gain on investments		9,799,662

Net increase in net assets resulting from operations	$	21,958,091

See Notes to Consolidated Financial Statements

Barings Corporate Investors

CONSOLIDATED STATEMENT OF CASH FLOWS

For the six months ended June 30, 2019

(Unaudited)

Net increase in cash:
Cash flows from operating activities:
Purchases/Proceeds/Maturities from short-term portfolio securities, net	$	(16,440,207	)
Purchases of portfolio securities		(17,690,586	)
Proceeds from disposition of portfolio securities		36,283,199
Interest, dividends and other income received		12,666,025
Interest expense paid		(529,500	)
Operating expenses paid		(2,257,186	)
Income taxes paid		(2,032,803	)
Net cash provided by operating activities		9,998,942

Cash flows from financing activities:
Cash dividends paid from net investment income		(12,060,953	)
Receipts for shares issued on reinvestment of dividends		1,106,175
Net cash used for financing activities		(10,954,778	)
Net decrease in cash		(955,836	)
Cash - beginning of period		27,143,706
Cash - end of period	$	26,187,870


Reconciliation of net increase in net assets to net cash provided by operating activities:

Net increase in net assets resulting from operations	$	21,958,091
Increase in investments		(9,388,442	)
Decrease in interest receivable		76,746
Increase in receivable for investments sold		(874,807	)
Increase in other assets		(12,149	)
Decrease in tax payable		(1,861,373	)
Increase in investment advisory fee payable		53,213
Increase in accrued expenses		47,663
Total adjustments to net assets from operations		(11,959,149	)
Net cash provided by operating activities	$	9,998,942

See Notes to Consolidated Financial Statements

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

	For the six months ended 6/30/2019 (Unaudited)			For the year ended 12/31/2018
Increase / (decrease) in net assets:
Operations:
Investment income - net	$	12,158,429		$	24,211,952
Net realized gain on investments after taxes		3,842,259			5,375,296
Net change in unrealized appreciation / (depreciation) of investments after taxes		5,957,403			(20,000,777	)
Net increase in net assets resulting from operations		21,958,091			9,586,471

Increase from common shares issued on reinvestment of dividends
Common shares issued (2019 -73,944; 2018 -143,005)		1,106,175			2,158,620

Dividends to shareholders from:
Distributable earnings to Common Stock Shareholders (2019 - $0.30 per share; 2018 - $1.20 per share)		(6,036,092	)		(24,034,954	)
Total increase / (decrease) in net assets		17,028,174			(12,289,863	)

Net assets, beginning of period/year		291,237,445			303,527,308


Net assets, end of period/year	$	308,265,619		$	291,237,445

See Notes to Consolidated Financial Statements

Barings Corporate Investors

CONSOLIDATED SELECTED FINANCIAL HIGHLIGHTS

Selected data for each share of beneficial interest outstanding:

	For the six months ended 6/30/2019 (Unaudited)		For the years ended December 31,
	For the six months ended 6/30/2019 (Unaudited)		2018		2017		2016		2015		2014
Net asset value:
Beginning of period / year	$	14.50	$	15.22	$	14.23	$	14.03	$	14.34	$	13.85

Net investment income (a)		0.60		1.21		1.27		1.12		1.04		1.23
Net realized and unrealized gain (loss) on investments		0.49		(0.73)		0.92		0.26		(0.16)		0.45

Total from investment operations		1.09		0.48		2.19		1.38		0.88		1.68

Dividends from net investment income to common shareholders		(0.30)		(1.20)		(1.20)		(1.20)		(1.20)		(1.20)
(Decrease)/Increase from dividends reinvested		0.00		0.00		0.00		0.02		0.01		0.01

Total dividends		(0.30)		(1.20)		(1.20)		(1.18)		(1.19)		(1.19)

Net asset value: End of period / year	$	15.29	$	14.50	$	15.22	$	14.23	$	14.03	$	14.34

Per share market value:
End of period / year	$	15.65	$	14.70	$	15.26	$	15.48	$	17.25	$	15.89

Total investment return
Net asset value (b)		7.57%		3.17%		15.72%		10.13%		6.20%		13.78%
Market value (b)		8.54%		4.54%		6.86%		(3.49%)		17.01%		16.53%

Net assets (in millions):
End of period / year	$	308.27	$	291.24	$	303.53	$	281.57	$	275.92	$	280.13
Ratio of total expenses to average net assets (c)		2.04% (d)		2.87%		3.63%		2.92%		2.56%		3.66%
Ratio of operating expenses to average net assets		1.58% (d)		1.71%		1.59%		1.56%		1.67%		1.65%
Ratio of interest expense to average net assets		0.35% (d)		0.35%		0.51%		0.56%		0.55%		0.57%
Ratio of income tax expense to average net assets		0.11% (d)		0.81%		1.53%		0.80%		0.34%		1.44%
Ratio of net investment income to average net assets		8.14% (d)		8.00%		8.49%		7.80%		7.12%		8.57%
Portfolio turnover		6%		48%		25%		29%		29%		38%

(a)	Calculated using average shares.

(b)

Net asset value return represents portfolio returns based on change in the Trust's net asset value assuming the reinvestment of all dividends and distributions which differs from the total investment return based on the Trust's market value due to the difference distributions which differs from the total investment return based on the Trust's market value due to the difference between the Trust's net asset value and the market value of its shares outstanding; past performance is no guarantee of future results.

(c)	Total expenses include income tax expense.

(d)	Annualized.

Senior borrowings:
Total principal amount (in millions)	$	30	$	30	$	30	$	30	$	30	$	30

Asset coverage per $1,000 of indebtedness	$	11,276	$	10,708	$	11,118	$	10,386	$	10,197	$	10,338

See Notes to Consolidated Financial Statements

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2019

(Unaudited)

Corporate Restricted Securities - 90.97%: (A)	Principal Amount, Shares, Units or Ownership Percentage		Acquisition Date		Cost		Fair Value

Private Placement Investments - 86.61%: (C)

1A Smart Start, Inc.
A designer, distributor and lessor of ignition interlock devices ("IIDs"). IIDs are sophisticated breathalyzers wired to a vehicle's ignition system.
10.65% Second Lien Term Loan due 12/22/2022 (LIBOR +8.250%)	$	3,500,000	12/21/17		$	3,452,853	$	3,426,254

ABC Industries, Inc.
A manufacturer of mine and tunneling ventilation products in the U.S.
13% Senior Subordinated Note due 07/31/2019	$	262,403	08/01/12			261,898		262,403
Preferred Stock Series A (B)	300,000 shs.		08/01/12			300,000		690,115
Warrant, exercisable until 2022, to purchase common stock at $.02 per share (B)	53,794 shs.		08/01/12			101,870		116,879
						663,768		1,069,397

Accelerate Learning
A provider of standards-based, digital science education content of K-12 schools.
6.83% Term Loan due 12/31/2024 (LIBOR + 4.500%)	$	2,254,831	12/19/18			2,213,685		2,203,874

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)	4,669 uts.			*		498,983		75,569
* 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	$	3,155,132		*		3,132,642		3,155,132
Preferred Stock (B)	2,382 shs.			**		238,212		307,969
Common Stock (B)	736 shs.			**		736		—
* 03/27/15 and 11/16/18.						3,371,590		3,463,101
** 03/27/15 and 11/15/18.

Aftermath, Inc.
A provider of crime scene cleanup and biohazard remediation services.
8.33% Term Loan due 04/10/2025 (LIBOR + 5.750%)	$	2,620,579	04/09/19			2,563,822		2,568,100

Barings Corporate Investors

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2019

(Unaudited)

Corporate Restricted Securities: (A) (Continued)	Principal Amount, Shares, Units or Ownership Percentage		Acquisition Date		Cost		Fair Value

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	$	3,181,818		10/31/16	$	3,150,254	$	3,229,545
11.5% (1.25% PIK) Senior Subordinated Note due 04/30/2023	$	418,049		10/06/17		411,753		426,410
Common Stock (B)	318,182 shs.			10/31/16		318,182		466,547
						3,880,189		4,122,502

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)	273 uts.			10/04/12		272,727		387,793

ASC Holdings, Inc.
A manufacturer of capital equipment used by corrugated box manufacturers.
13% (1% PIK) Senior Subordinated Note due 05/18/2021	$	1,557,619		11/19/15		1,544,828		1,246,095
Limited Liability Company Unit (B)	225,300 uts.			11/18/15		225,300		—
						1,770,128		1,246,095

Audio Precision
A provider of high-end audio test and measurement sensing instrumentation software and accessories.
7.83% Term Loan due 07/27/2024 (LIBOR + 5.500%)	$	3,790,500		10/30/18		3,723,478		3,633,761

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	$	23,584		08/30/18		23,584		23,762
11% Senior Subordinated Note due 02/17/2022	$	3,074,700		08/17/15		3,044,345		3,074,700
Preferred Stock (B)	425 shs.			08/17/15		424,875		385,360
Common Stock (B)	425 shs.			08/17/15		425		—
						3,493,229		3,483,822

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)	$	13,750		07/31/14		13,493		—
Limited Liability Company Unit (B) (F)	92,327 uts.			*		—		—
Limited Liability Company Unit Class C Preferred (B) (F)	158,988 uts.			09/29/17		983,202		—
* 07/31/14 and 10/14/15.						996,695		—

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2019

(Unaudited)

Corporate Restricted Securities: (A) (Continued)	Principal Amount, Shares, Units or Ownership Percentage		Acquisition Date		Cost		Fair Value

BBB Industries LLC
A supplier of re-manufactured parts to the North American automotive aftermarket.
10.83% Second Lien Term Loan due 06/26/2026 (LIBOR +8.500%)	$	3,500,000	08/02/18		$	3,406,926	$	3,377,674

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	$	3,876,854		*		3,816,709		3,899,054
Preferred Stock Series A (B)	55 shs.			*		552,214		552,200
Common Stock Class A (B)	1,590 shs.			*		1,748		604,600
* 10/11/17 and 01/28/19.						4,370,671		5,055,854

BDP International, Inc.
A provider of transportation and related services to the chemical and life sciences industries.
7.58% Term Loan due 12/14/2024 (LIBOR + 5.250%)	$	4,987,500	12/18/18			4,896,598		4,874,758

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	$	3,004,470	04/28/17			2,958,906		2,960,750
Limited Liability Company Unit (B)	5,869 uts.			*		586,923		496,349
* 04/28/17 and 02/07/19.						3,545,829		3,457,099

Blue Wave Products, Inc.
A distributor of pool supplies.
13% (1% PIK) Senior Subordinated Note due 09/30/2019	$	380,121	10/12/12			378,629		379,910
Common Stock (B)	114,894 shs.		10/12/12			114,894		102,679
Warrant, exercisable until 2022, to purchase common stock at $.01 per share (B)	45,486 shs.		10/12/12			45,486		40,650
						539,009		523,239

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)	6,000 shs.		06/30/15			1,902,077		—

Barings Corporate Investors

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2019

(Unaudited)

Corporate Restricted Securities: (A) (Continued)	Principal Amount, Shares, Units or Ownership Percentage		Acquisition Date		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.
7.83% Term Loan due 10/04/2024 (LIBOR + 5.250%)	$	1,488,737	10/03/18		$	1,472,420	$	1,461,906

Cadence, Inc.
A full-service contract manufacturer ("CMO") and supplier of advanced products, technologies, and services to medical device, life science, and industrial companies.
6.9% Lien Term Loan due 04/30/2025 (LIBOR + 4.500%)	$	2,269,246		*		2,230,919		2,224,147
* 05/14/18 and 05/31/19.

Cadent, LLC
A provider of advertising solutions driven by data and technology.
7.63% Term Loan due 09/07/2023 (LIBOR + 5.250%)	$	2,124,249	09/04/18			2,106,364		2,113,628

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	$	2,430,007	01/19/11			2,422,351		2,430,007
14% (2% PIK) Senior Subordinated Note due 06/19/2020	$	646,874	08/03/12			645,039		643,708
Common Stock (B)	1,125 shs.		01/19/11			112,500		86,665
Warrant, exercisable until 2021, to purchase common stock at $.01 per share (B)	884 shs.		01/19/11			87,750		68,124
						3,267,640		3,228,504

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)	3,759 uts.		07/18/16			384,020		666,217

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.
8.33% Term Loan due 12/31/2023 (LIBOR + 6.000%)	$	3,406,024	12/20/18			3,329,827		3,397,676

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2019

(Unaudited)

Corporate Restricted Securities: (A) (Continued)	Principal Amount, Shares, Units or Ownership Percentage		Acquisition Date		Cost		Fair Value

Clubessential LLC
A leading SaaS platform for private clubs and resorts.
12.09% Senior Subordinated Note due 01/12/2024 (LIBOR + 9.500%)	$	3,626,416	01/16/18		$	3,568,452	$	3,543,223

CORA Health Services, Inc.
A provider of outpatient rehabilitation therapy services.
11% (1% PIK) Term Loan due 05/05/2025	$	3,408,449		*		2,396,602		2,396,602
Preferred Stock Series A (B)	1,538 shs.		06/30/16			5,371		202,899
Common Stock Class A (B)	7,692 shs.		06/30/16			7,692		253,392
* 05/01/2018 and 06/28/19.						2,409,665		2,852,893

Dart Buyer, Inc.
A manufacturer of helicopter aftermarket equipment and OEM Replacement parts for rotorcraft operators, providers and OEMs.
7.84% Term Loan due 04/01/2025 (LIBOR + 5.250%)	$	3,500,000	04/01/19			1,681,453		1,688,814

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	$	2,882,353	10/07/16			2,843,991		2,609,609
Limited Liability Company Unit (B) (F)	748,287 uts.			*		748,548		399,535
* 10/07/16, 07/25/18, 03/13/19 and 06/17/19.						3,592,539		3,009,144

Discovery Education, Inc.
A provider of standards-based, digital education content for K-12 schools.
6.65% Term Loan due 04/30/2024 (LIBOR + 4.750%)	$	4,822,290	04/20/18			4,744,632		4,807,565

Dohmen Life Science Services
A provider of drug commercialization services for pharmaceutical and biotech companies, beginning in the late clinical trial phases.
10.58% Second Lien Term Loan due 03/12/2026 (LIBOR + 8.250%)	$	2,774,545	03/09/18			2,720,552		2,654,190

DPL Holding Corporation
A distributor and manufacturer of aftermarket undercarriage parts for medium and heavy duty trucks and trailers.
Preferred Stock (B)	61 shs.		05/04/12			605,841		676,401
Common Stock (B)	61 shs.		05/04/12			67,316		—
						673,157		676,401

Barings Corporate Investors

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2019

(Unaudited)

Corporate Restricted Securities: (A) (Continued)	Principal Amount, Shares, Units or Ownership Percentage		Acquisition Date		Cost		Fair Value

DuBois Chemicals, Inc.
A provider of consumable, value-added specialty cleaning chemical solutions to the industrial, transportation paper and water markets.
10.4% Second Lien Term Loan due 08/31/2025 (LIBOR + 8.000%)	$	3,500,000		09/19/18	$	3,469,001	$	3,403,750

Dunn Paper
A provider of specialty paper for niche product applications.
11.15% Second Lien Term Loan due 08/26/2023 (LIBOR + 8.750%)	$	3,500,000		09/28/16		3,457,643		3,460,625

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	$	1,160,516		06/20/18		1,139,738		1,183,727
11.5% (0.5% PIK) Senior Subordinated Note due 06/20/2025	$	2,705,793		11/21/14		2,679,416		2,705,793
Limited Liability Company Unit (F)	467 uts.			11/19/14		73,447		355,202
						3,892,601		4,244,722

Electronic Power Systems
A provider of electrical testing services for apparatus equipment and protection & controls infrastructure.
7.33% Term Loan due 12/21/2024 (LIBOR + 5.000%)	$	3,665,308		12/21/18		3,614,984		3,599,986
Common Stock (B)	109 shs.			12/28/18		108,565		116,392
						3,723,549		3,716,378

Elite Sportswear 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 09/20/2022 (D)	$	3,223,328		10/14/16		3,182,857		3,062,161
Limited Liability Company Unit (B) (F)	204 uts.			10/14/16		324,074		47,029
						3,506,931		3,109,190

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	$	2,720,133		06/30/17		2,678,876		2,720,133
Limited Liability Company Unit (B) (F)	806,916 uts.			06/30/17		806,916		923,339
						3,485,792		3,643,472

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2019

(Unaudited)

Corporate Restricted Securities: (A) (Continued)	Principal Amount, Shares, Units or Ownership Percentage		Acquisition Date		Cost		Fair Value

E.S.P. Associates, P.A.
A professional services firm providing engineering, surveying and planning services to infrastructure projects.
Limited Liability Company Unit (B)	574 uts.		06/29/18		$	574,468	$	823,756

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)	394,737 uts.		12/15/10			338,744		3,756,359
Limited Liability Company Unit Class B-2 (B)	49,488 uts.		12/15/10			42,469		470,933
Limited Liability Company Unit Class B-3 (B)	39,130 uts.		08/30/12			83,062		382,543
Limited Liability Company Unit Class C (B)	9,449 uts.		12/20/10			52,992		524,957
						517,267		5,134,792

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)	182 uts.		10/05/12			182,209		81,670
Limited Liability Company Unit Common (B)	1,840 uts.		10/05/12			1,840		—
						184,049		81,670

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)	$	3,214,909	03/27/13			2,277,397		3,054,163
Preferred Stock (B)	709 shs.		03/29/19			708,661		708,661
Common Stock (B)	2,835 shs.		03/27/13			283,465		42,759
						3,269,523		3,805,583

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.
8.33% Term Loan due 12/21/2022 (LIBOR + 6.000%)	$	4,987,500		*		4,913,207		4,913,335
* 12/19/17 and 04/16/19

GTI Holding Company
A designer, developer, and marketer of precision specialty hand tools and handheld test instruments.
Common Stock (B)	2,093 shs.			*		209,271		269,735
Warrant, exercisable until 2027, to purchase common stock at $.01 per share (B)	795 shs.		02/05/14			73,633		102,456
* 02/05/14 and 11/22/17.						282,904		372,191

Barings Corporate Investors

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2019

(Unaudited)

Corporate Restricted Securities: (A) (Continued)	Principal Amount, Shares, Units or Ownership Percentage		Acquisition Date		Cost		Fair Value

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)	754 uts.			*	$	754,061	$	1,008,418
Limited Liability Company Unit Common Class A (B)	7,292 uts.		12/19/14			—		—
* 12/19/14 and 04/29/16.						754,061		1,008,418

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	$	2,031,763	07/01/16			2,008,095		2,052,081
Common Stock (B)	303 shs.		07/01/16			303,333		391,402
						2,311,428		2,443,483

Hartland Controls Holding Corporation
A manufacturer and distributor of electronic and electromechanical components.
14% (2% PIK) Senior Subordinated Note due 08/14/2020	$	2,359,628	02/14/14			2,350,317		2,359,628
12% Senior Subordinated Note due 08/14/2020	$	875,000	06/22/15			872,859		875,000
Common Stock (B)	1,666 shs.		02/14/14			1,667		589,175
						3,224,843		3,823,803

Healthline Media, Inc.
A consumer health platform that offers a variety of health-based articles and information for consumers.
7.13% Term Loan due 11/20/2023 (LIBOR + 4.750%)	$	3,424,153	11/20/18			3,362,637		3,408,957

HHI Group, LLC
A developer, marketer, and distributor of hobby-grade radio control products.
14% (2% PIK) Senior Subordinated Note due 11/26/2020	$	3,402,080	01/17/14			3,387,236		3,402,080
Limited Liability Company Unit (B) (F)	203 uts.		01/17/14			203,125		225,012
						3,590,361		3,627,092

Hollandia Produce LLC
A hydroponic greenhouse producer of branded root vegetables.
11% (3.25% PIK) Senior Subordinated Note due 03/31/2021	$	2,982,663		*		2,962,655		2,982,663
10.44% Term Loan due 12/12/2020 (LIBOR + 8.000%)	$	223,018	04/06/18			223,018		222,625
10.44% Term Loan due 12/11/2020 (LIBOR + 8.000%)	$	297,815	04/06/18			297,815		297,291
* 12/30/15 and 12/23/16						3,483,488		3,502,579

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2019

(Unaudited)

Corporate Restricted Securities: (A) (Continued)	Principal Amount, Shares, Units or Ownership Percentage		Acquisition Date		Cost		Fair Value

Holley Performance Products
A provider of automotive aftermarket performance products.
7.58% Term Loan due 10/17/2024 (LIBOR + 5.000%)	$	4,975,000		10/24/18	$	4,907,327	$	4,825,750

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)	89 uts.			10/14/11		—		—
Limited Liability Company Unit Class G (B) (F)	215 uts.			10/14/11		—		—
Limited Liability Company Unit Class H (B) (F)	89 uts.			10/14/11		—		—
Limited Liability Company Unit Class I (B) (F)	89 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)	$	2,216,037		11/10/14		2,200,208		—
Common Stock (B)	4,667 shs.			11/10/14		466,667		—
						2,666,875		—

JMH Investors LLC
A developer and manufacturer of custom formulations for a wide variety of foods.
Limited Liability Company Unit (B) (F)	2,493,253 uts.			12/05/12		557,301		—
Limited Liability Company Unit Class A-1 (B) (F)	381,717 uts.			10/31/16		381,717		1,023,689
Limited Liability Company Unit Class A-2 (B) (F)	2,478,261 uts.			10/31/16		—		807,789
						939,018		1,831,478

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)	75 uts.			06/30/15		—		177,903
Common Stock (B)	667 shs.			07/15/08		539,502		112,093
						539,502		289,996

LAC Acquisition LLC
A provider of center-based applied behavior analysis treatment centers for children diagnosed with autism spectrum disorder.
8.08% Term Loan due 10/01/2024 (LIBOR + 5.750%)	$	3,743,703		10/01/18		2,337,048		2,312,166
Limited Liability Company Unit Class A (F)	46,914 uts.			10/01/18		46,914		39,410
						2,383,962		2,351,576

Barings Corporate Investors

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2019

(Unaudited)

Corporate Restricted Securities: (A) (Continued)	Principal Amount, Shares, Units or Ownership Percentage		Acquisition Date		Cost		Fair Value

Manhattan Beachwear Holding Company
A designer and distributor of women's swimwear.
12.5% Senior Subordinated Note due 05/30/2022 (D)	$	1,259,914	01/15/10		$	1,212,363	$	1,196,918
15% (2.5% PIK) Senior Subordinated Note due 05/30/2022 (D)	$	345,759	10/05/10			343,820		328,471
Common Stock (B)	106 shs.		10/05/10			106,200		47,176
Common Stock Class B (B)	353 shs.		01/15/10			352,941		156,784
Warrant, exercisable until 2023, to purchase common stock at $.01 per share (B)	312 shs.		10/05/10			283,738		138,753
						2,299,062		1,868,102

Master Cutlery LLC
A designer and marketer of a wide assortment of knives and swords.
13% Senior Subordinated Note due 04/17/2020	$	1,792,632	04/17/15			1,789,153		53,779
Limited Liability Company Unit	9 uts.		04/17/15			1,356,658		—
						3,145,811		53,779

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)	$	1,362,886	09/22/11			1,347,188		1,294,742
15% PIK Senior Subordinated Note due 04/30/2022 (D)	$	71,517	08/18/15			71,517		60,789
14% PIK Senior Subordinated Note due 03/03/2022	$	228,564		*		228,564		228,313
15% PIK Senior Subordinated Note due 03/03/2022	$	123,920	01/03/19			123,920		123,920
Common Stock Class A (B)	249,235 shs.			**		512,114		626,172
* 10/21/16, 01/27/17 and 10/13/17.						2,283,303		2,333,936
** 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	$	2,302,119	09/30/14			2,283,784		2,302,119
12% (1% PIK) Senior Subordinated Note due 09/30/2021	$	618,459	02/28/18			610,216		621,236
Common Stock Class B (B)	526,019 shs.			*		495,405		25,283
* 09/30/14 and 02/28/18.						3,389,405		2,948,638

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2019

(Unaudited)

Corporate Restricted Securities: (A) (Continued)	Principal Amount, Shares, Units or Ownership Percentage		Acquisition Date		Cost		Fair Value

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	$	2,297,872	03/09/18		$	2,261,347	$	2,279,668
Limited Liability Company Unit (B) (F)	456 uts.		03/09/18			459,574		247,323
						2,720,921		2,526,991

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	$	3,234,622	12/02/16			3,193,126		3,266,968
Preferred Stock (B)	3,472 shs.		12/02/16			347,191		432,436
Common Stock (B)	491 shs.		12/02/16			491		57,416
						3,540,808		3,756,820

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	$	875,435	11/30/10			873,161		875,435
Limited Liability Company Unit Class B-1 (B) (F)	225,000 uts.		11/30/10			—		179,476
Limited Liability Company Unit Class B-2 (B) (F)	20,403 uts.		11/30/10			—		16,275
						873,161		1,071,186

New Mountain Learning, LLC
A leading provider of blended learning solutions to the K-12 and post-secondary school market.
8.33% Term Loan due 03/16/2024 (LIBOR + 6.000%)	$	4,249,548	03/15/18			4,179,841		3,803,417

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	$	3,974,913		*		3,917,105		3,974,913
Common Stock (B)	420 shs.		05/17/16			420,000		733,314
* 06/30/16 and 03/11/19.						4,337,105		4,708,227

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	$	3,602,879	02/17/17			3,562,814		3,620,893
Common Stock Class B (B)	772,121 shs.			*		772,121		936,191
* 01/29/16 and 02/17/17.						4,334,935		4,557,084

Barings Corporate Investors

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2019

(Unaudited)

Corporate Restricted Securities: (A) (Continued)	Principal Amount, Shares, Units or Ownership Percentage		Acquisition Date		Cost		Fair Value

PB Holdings LLC
A designer, manufacturer and installer of maintenance and repair parts and equipment for industrial customers.
7.33% Term Loan due 02/28/2024 (LIBOR + 5.000%)	$	1,970,749	03/06/19		$	1,663,555	$	1,676,392

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	$	349,722	11/14/17			343,634		339,178
8.65% Term Loan due 11/17/2024 (LIBOR + 6.250%)	$	3,950,137	11/14/17			3,874,199		3,850,736
						4,217,833		4,189,914

Petroplex Inv Holdings LLC
A leading provider of acidizing services to E&P customers in the Permian Basin.
Limited Liability Company Unit	0.90% int.			*		420,814		46,660
* 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	$	2,170,983	07/31/14			2,159,212		1,085,492
Limited Liability Company Unit	300,485 uts.		07/31/14			300,485		—
Limited Liability Company Unit Class F	75,022 uts.			*		50,322		—
* 09/28/17 and 02/15/18.						2,510,019		1,085,492

PPC Event Services
A special event equipment rental business.
14% (2% PIK) Senior Subordinated Note due 05/28/2023	$	2,488,688	11/20/14			2,476,314		2,488,688
Limited Liability Company Unit (B)	7,000 uts.		11/20/14			350,000		842,425
Limited Liability Company Unit Series A-1 (B)	689 uts.		03/16/16			86,067		73,847
						2,912,381		3,404,960

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	$	2,928,338	11/13/17			2,928,338		2,986,904
Limited Liability Company Unit Class B	595,745 uts.		11/13/17			374,731		843,328
						3,303,069		3,830,232

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2019

(Unaudited)

Corporate Restricted Securities: (A) (Continued)	Principal Amount, Shares, Units or Ownership Percentage		Acquisition Date		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.
10.58% Second Lien Term Loan due 10/11/2026 (LIBOR + 8.250%)	$	3,500,000		10/11/18	$	3,404,451	$	3,377,209

Rock-it Cargo
A provider of specialized international logistics solutions to the music touring, performing arts, live events, fine art and specialty industries.
6.7% Term Loan due 06/22/2024 (LIBOR + 4.500%)	$	4,962,500		07/30/18		4,857,398		4,910,170

ROI Solutions
Call center outsourcing and end user engagement services provider.
7.59% Term Loan due 07/31/2024 (LIBOR + 5.000%)	$	3,788,265		07/31/18		1,481,940		1,456,795

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%)	$	2,623,191		01/08/19		2,589,378		2,598,972

Sandvine Corporation
A provider of active network intelligence solutions.
10.4% Second Lien Term Loan due 11/02/2026 (LIBOR + 8.000%)	$	3,500,000		11/01/18		3,419,717		3,396,334

Sara Lee Frozen Foods
A provider of frozen bakery products, desserts and sweet baked goods.
6.9% Lien Term Loan due 07/31/2024 (LIBOR + 4.500%)	$	3,827,922		07/27/18		3,754,990		3,718,582

Scaled Agile, Inc.
A provider of training and certifications for IT professionals focused on software development.
7.65% Term Loan due 06/28/2025 (LIBOR + 5.250%)	$	1,568,883		06/27/19		1,553,216		1,553,194

Barings Corporate Investors

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2019

(Unaudited)

Corporate Restricted Securities: (A) (Continued)	Principal Amount, Shares, Units or Ownership Percentage		Acquisition Date		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.
11.5% (2% PIK) Senior Subordinated Note due 10/30/2020 (D)	$	1,477,388	10/18/13		$	1,452,295	$	—
Common Stock (B)	1,681 shs.		10/18/13			168,100		—
						1,620,395		—

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	$	2,491,584	12/19/18			2,468,243		2,541,416
Limited Liability Company Unit	1,687,922 uts.		02/20/19			1,089,146		1,851,665
						3,557,389		4,393,081

SR Smith LLC
A manufacturer of mine and tunneling ventilation products in the United States.
11% Senior Subordinated Note due 03/27/2022	$	2,200,568		*		2,187,022		2,200,568
Limited Liability Company Unit Class A	2,174 uts.			*		2,152,688		3,420,903
* 03/27/17 and 08/07/18.						4,339,710		5,621,471

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)	317,935 shs.		12/13/13			317,935		609,355
Preferred Stock Series A-2 (B)	53,086 shs.		09/10/15			59,987		101,745
						377,922		711,100

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)	$	5,436,327		*		4,075,756		4,077,245
Common Stock (B)	115 shs.		12/14/10			114,504		—
Warrant, exercisable until 2020, to purchase common stock at $.01 per share (B)	112 shs.		12/14/10			111,747		—
* 12/14/10, 08/17/12 and 03/31/16.						4,302,007		4,077,245

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)	$	2,858,706	07/31/15			2,809,377		2,715,771
Common Stock (B)	139 shs.			*		213,007		87,160
* 07/31/15 and 11/08/17.						3,022,384		2,802,931

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2019

(Unaudited)

Corporate Restricted Securities: (A) (Continued)	Principal Amount, Shares, Units or Ownership Percentage		Acquisition Date		Cost		Fair Value

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	194,400 uts.		10/15/15		$	136,334	$	717,530

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	$	2,793,112	11/30/17			2,793,112		2,834,540
Limited Liability Company Unit (B)	39,963 uts.		11/30/17			6,435		14,514
						2,799,547		2,849,054

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	$	94,356	12/05/13			191,559		94,356
Warrant, exercisable until 2023, to purchase common stock at $.01 per share (B)	54,374 shs.			*		—		50,719
* 12/05/13 and 04/11/19.						191,559		145,075

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.
7.83% Unitranche Term Loan due 04/30/2024 (LIBOR + 5.500%)	$	4,758,333	05/14/18			4,670,728		4,635,927

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	$	2,408,403	01/23/15			2,396,279		2,321,204

Trystar, Inc.
A niche manufacturer of temporary power distribution products for the power rental, industrial, commercial utility and back-up emergency markets.
6.95% Term Loan due 10/01/2023 (LIBOR + 5.000%)	$	4,481,584	09/28/18			4,414,991		4,470,427
Limited Liability Company Unit (B) (F)	97 uts.		09/28/18			96,883		121,672
						4,511,874		4,592,099

Barings Corporate Investors

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2019

(Unaudited)

Corporate Restricted Securities: (A) (Continued)	Principal Amount, Shares, Units or Ownership Percentage		Acquisition Date		Cost		Fair Value

U.S. Legal Support, Inc.
A provider of court reporting, record retrieval and other legal supplemental services.
8.08% Term Loan due 11/12/2024 (LIBOR + 5.750%)	$	4,457,771		*	$	3,844,505	$	3,815,906
* 11/29/18 and 03/25/19.

U.S. Oral Surgery Management
An operator of oral surgery practices providing medically necessary treatments.
7.4% Term Loan due 12/31/2023 (LIBOR + 5.000%)	$	4,994,531	01/04/19			2,086,339		2,110,678

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.
11.08% Second Lien Term Loan due 02/14/2023 (LIBOR + 8.750%)	$	3,500,000	03/05/18			3,206,416		3,181,680

UBEO, LLC
A dealer and servicer of printers and copiers to medium sized businesses.
11% Term Loan due 10/03/2024	$	3,500,000	11/05/18			2,720,183		2,698,710

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.
8.33% Lien Term Loan due 12/07/2023 (LIBOR + 6.000%)	$	4,137,000	12/07/17			4,106,356		4,091,041

VP Holding Company
A provider of school transportation services for special-needs and homeless children in Massachusetts and Connecticut.
7.83% Lien Term Loan due 05/22/2024 (LIBOR + 5.500%)	$	4,965,853	05/17/18			3,472,489		3,281,285

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 08/03/2021	$	781,116	08/03/15			775,983		680,915
Limited Liability Company Unit (B) (F)	751,212 uts.		08/03/15			751,212		—
						1,527,195		680,915

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2019

(Unaudited)

Corporate Restricted Securities: (A) (Continued)	Principal Amount, Shares, Units or Ownership Percentage		Acquisition Date		Cost		Fair Value

Whitebridge Pet Brands Holdings, LLC
A portfolio of natural treats and foods for dogs and cats.
11.5% (0.5% PIK) Senior Subordinated Note due 08/18/2021	$	3,038,542		04/18/17	$	3,013,616	$	3,044,240
Limited Liability Company Unit Class A (B) (F)	250 uts.			04/18/17		300,485		304,819
Limited Liability Company Unit Class B (B) (F)	250 uts.			04/18/17		—		29,209
						3,314,101		3,378,268

Wolf-Gordon, Inc.
A designer and specialty distributor of wallcoverings and related building products, including textiles, paint, and writeable surfaces.
Common Stock (B)	318 shs.			01/22/16		126,157		287,672

Worldwide Express Operations, LLC
A third party logistics company providing parcel, less than truck load and truck load services focused on the small and medium business market through both company owned and franchise locations.
10.52% Second Lien Term Loan due 02/03/2025 (LIBOR + 8.000%)	$	4,375,000		02/13/17		4,322,398		4,267,825

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	$	3,086,475		11/03/11		3,086,235		3,065,021
Common Stock (B)	4,500 shs.			11/03/11		450,000		313,105
						3,536,235		3,378,126

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)	5,957 shs.			02/05/19		595,752		595,700
Common Stock (B)	4,151 shs.			*		406,617		352,240
* 03/04/15 and 02/07/18.						1,002,369		947,940


Total Private Placement Investments (E)					$	269,568,318	$	266,975,645

Barings Corporate Investors

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2019

(Unaudited)

Corporate Restricted Securities: (A) (Continued)	Interest Rate		Maturity Date	Principal Amount		Cost		Market Value

Rule 144A Securities - 4.36%:

Bonds - 4.34%
Acrisure LLC / Acrisure Finance Inc.	7.000	%	11/15/25	$	653,000	$	612,987	$	589,332
Apex Tool Group LLC / BC Mountain Finance Inc.	9.000		02/15/23		778,000		778,000		694,364
Carlson Travel, Inc.	9.500		12/15/24		779,000		719,881		777,053
CITGO Holding, Inc.	10.750		02/15/20		581,000		583,270		601,335
Enterprise Merger Sub Inc.	8.750		10/15/26		1,193,000		1,131,800		832,118
EnVen Energy Ventures, LLC	11.000		02/15/23		1,000,000		1,000,000		1,095,000
First Quantum Minerals Ltd.	7.500		04/01/25		889,000		857,350		846,772
KCA Deutag UK Finance PLC	9.625		04/01/23		414,000		414,000		301,185
KeHE Distributors, LLC	7.625		08/15/21		653,000		667,772		648,103
LBC Tank Terminals Holding Netherlands B.V.	6.875		05/15/23		859,000		869,429		850,410
New Gold Inc.	6.250		11/15/22		889,000		891,789		828,993
New Gold Inc.	6.375		05/15/25		231,000		231,000		191,153
Onex Corporation	8.500		10/01/22		290,000		277,671		238,525
OPE KAG Finance Sub	7.875		07/31/23		1,016,000		1,038,919		914,400
Ortho-Clinical Diagnostics, Inc.	6.625		05/15/22		121,000		119,809		115,555
Pinnacle Operating Corporation	9.000		05/15/23		756,588		881,076		249,674
Suncoke Energy	7.500		06/15/25		581,000		573,801		567,200
Topaz Marine S.A.	9.125		07/26/22		1,000,000		1,000,000		1,002,772
USIS Merger Sub Inc.	6.875		05/01/25		653,000		653,000		646,470
Veritas US Inc. / Veritas Bermuda Ltd.	10.500		02/01/24		889,000		924,722		762,318
Vine Oil & Gas LP	8.750		04/15/23		581,000		576,700		377,650
Warrior Met Coal, Inc.	8.000		11/01/24		251,000		251,000		261,668

Total Bonds							15,053,976		13,392,050

Preferred Stock - 0.02%
Pinnacle Operating Corporation (B)					519,298		339,854		46,737

Total Preferred Stock							339,854		46,737

Common Stock - 0.00%
TherOX, Inc. (B)					6		—		—
Touchstone Health Partnership (B)					1,168		—		—

Total Common Stock							—		—

Total Rule 144A Securities							15,393,830		13,438,787

Total Corporate Restricted Securities						$	284,962,148	$	280,414,432

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2019

(Unaudited)

Corporate Public Securities - 4.28%: (A)	LIBOR Spread		Interest Rate		Maturity Date	Principal Amount		Cost		Market Value

Bank Loans - 3.38%
Almonde, Inc.	7.250	%	9.652	%	06/13/25	$	940,734	$	954,810	$	931,524
BMC Software Finance, Inc.	4.250		6.580		10/02/25		995,000		986,098		940,583
Confie Seguros Holding II Co	8.500		11.020		11/02/25		922,394		905,641		884,115
Edelman Financial Services	6.750		9.144		07/20/26		258,914		257,770		259,561
Fieldwood Energy LLC	5.250		7.652		04/11/22		344,430		316,338		318,274
Fieldwood Energy LLC	7.250		9.652		04/11/23		1,455,992		882,367		1,208,473
ION Trading Technologies S.a.r.l	4.000		6.333		11/21/24		560,264		548,093		541,955
Kronos Incorporated	8.250		10.829		11/01/24		409,457		406,705		422,511
PowerSchool	6.750		9.315		08/01/26		1,000,000		991,128		986,250
PS Logistics LLC	4.750		7.152		03/01/25		992,500		1,000,695		980,719
Schenectady International Group Inc.	4.750		7.080		10/15/25		633,595		610,720		624,883
Serta Simmons Bedding, LLC	8.000		10.394		11/08/24		1,000,000		975,575		438,000
STS Operating, Inc.	8.000		10.402		04/25/26		1,000,000		1,010,000		936,670
Wastequip, LLC	7.750		10.152		03/20/26		1,000,000		983,156		940,000

Total Bank Loans									10,829,096		10,413,518


Bonds - 0.29%
Anchorage Capital Group, LLC	7.250		9.850		01/15/29		700,000		724,063		699,951
Sonic Automotive, Inc.			6.125		03/15/27		204,000		204,000		200,430

Total Bonds									928,063		900,381


Common Stock - 0.28%
Chase Packaging Corporation (B)							9,541		—		859
Fieldwood Energy LLC							19,599		474,575		587,970
Jupiter Resources Inc.							101,360		489,882		266,070

Total Common Stock									964,457		854,899


Preferred Stock - 0.33%
B. Riley Financial, Inc.							40,000		1,000,000		1,028,000

Total Preferred Stock									1,000,000		1,028,000


Total Corporate Public Securities								$	13,721,616	$	13,196,798

Barings Corporate Investors

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2019

(Unaudited)

Short-Term Securities:	Interest Rate/Yield^		Maturity Date	Principal Amount		Cost		Market Value

Commercial Paper - 5.34%
Ameren Corporation	2.620	%	07/08/19	$	3,300,000	$	3,298,319	$	3,298,319
Keurig Dr. Pepper	2.660		07/29/19		3,300,000		3,293,173		3,293,173
The Interpublic Group of Companies	2.630		07/01/19		3,300,000		3,300,000		3,300,000
TransCanada PipeLines Ltd.	2.720		09/05/19		3,300,000		3,283,544		3,283,544
Walgreens Boots Alliance	2.640		07/10/19		3,300,000		3,297,822		3,297,822

Total Short-Term Securities						$	16,472,858	$	16,472,858


Total Investments	100.59	%				$	315,156,622	$	310,084,088

Other Assets	9.55								29,436,057
Liabilities	(10.14	)							(31,254,526	)

Total Net Assets	100.00	%						$	308,265,619

(A)	In each of the convertible note, warrant, convertible preferred 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 securities. As of June 30, 2019, the value of these securities amounted to $266,975,645 or 86.61% of net assets.

(F)	Held in CI Subsidiary Trust.

PIK - Payment-in-kind

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2019

(Unaudited)

Industry Classification:	Fair Value/ Market Value

AEROSPACE & DEFENSE - 4.84%
BEI Precision Systems & Space Company, Inc.	$	3,457,099
Dart Buyer, Inc.		1,688,814
Merex Holding Corporation		2,333,936
Sunvair Aerospace Group Inc.		2,802,931
Trident Maritime Systems		4,635,927
		14,918,707

AUTOMOTIVE - 5.19%
Aurora Parts & Accessories LLC		3,483,822
BBB Industries LLC		3,377,674
DPL Holding Corporation		676,401
English Color & Supply LLC		3,643,472
Holley Performance Products		4,825,750
		16,007,119

BUILDING MATERIALS - 3.78%
Happy Floors Acquisition, Inc.		2,443,483
NSi Industries Holdings, Inc.		4,708,227
Sunrise Windows Holding Company		4,077,245
Torrent Group Holdings, Inc.		145,075
Wolf-Gordon, Inc.		287,672
		11,661,702

CHEMICALS - 2.03%
DuBois Chemicals, Inc.		3,403,750
LBC Tank Terminals Holding Netherlands B.V.		850,410
Pinnacle Operating Corporation		296,411
Polytex Holdings LLC		1,085,492
Schenectady International Group Inc.		624,883
		6,260,946

CONSUMER CYCLICAL SERVICES - 4.73%
Accelerate Learning		2,203,874
Carlson Travel, Inc.		777,053
CHG Alternative Education Holding Company		3,228,504
MeTEOR Education LLC		2,526,991
PPC Event Services		3,404,960
PS Logistics LLC		980,719
ROI Solutions		1,456,795
		14,578,896

	Fair Value/ Market Value
CONSUMER PRODUCTS - 7.80%
AMS Holding LLC	$	387,793
Apex Tool Group LLC / BC Mountain Finance Inc.		694,364
Blue Wave Products, Inc.		523,239
Elite Sportswear Holding, LLC		3,109,190
gloProfessional Holdings, Inc.		3,805,583
GTI Holding Company		372,191
Handi Quilter Holding Company		1,008,418
HHI Group, LLC		3,627,092
Manhattan Beachwear Holding Company		1,868,102
Master Cutlery LLC		53,779
New Mountain Learning, LLC		3,803,417
Serta Simmons Bedding, LLC		438,000
Whitebridge Pet Brands Holdings, LLC		3,378,268
York Wall Holding Company		947,940
		24,017,376

DIVERSIFIED MANUFACTURING - 8.19%
ABC Industries, Inc.		1,069,397
Advanced Manufacturing Enterprises LLC		75,569
F G I Equity LLC		5,134,792
K P I Holdings, Inc.		289,996
Motion Controls Holdings		1,071,186
Reelcraft Industries, Inc.		3,830,232
SR Smith LLC		5,621,471
Strahman Holdings Inc.		711,100
Therma-Stor Holdings LLC		2,849,054
Trystar, Inc.		4,592,099
		25,244,896

ELECTRIC - 3.61%
AM Conservation Holding Corp.		4,122,502
Ameren Corporation		3,298,319
Electronic Power Systems		3,716,378
		11,137,199

FINANCIAL OTHER - 2.44%
Acrisure LLC / Acrisure Finance Inc.		589,332
Anchorage Capital Group, LLC		699,951
B. Riley Financial, Inc.		1,028,000
Confie Seguros Holding II Co		884,115
Edelman Financial Services		259,561
Onex Corporation		238,525

See Notes to Consolidated Financial Statements

Barings Corporate Investors

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2019

(Unaudited)

Industry Classification: (Continued)	Fair Value/ Market Value

USIS Merger Sub Inc.	$	646,470
U.S. Retirement and Benefit Partners, Inc.		3,181,680
		7,527,634

FOOD & BEVERAGE - 7.99%
Del Real LLC		3,009,144
Hollandia Produce LLC		3,502,579
Impact Confections		—
JMH Investors LLC		1,831,478
KeHE Distributors, LLC		648,103
Keurig Dr. Pepper		3,293,173
PANOS Brands LLC		4,557,084
Sara Lee Frozen Foods		3,718,582
Westminster Acquisition LLC		680,915
WP Supply Holding Corporation		3,378,126
		24,619,184

HEALTHCARE - 6.77%
Cadence, Inc.		2,224,147
CORA Health Services, Inc.		2,852,893
Dohmen Life Science Services		2,654,190
ECG Consulting Group		4,244,722
Enterprise Merger Sub Inc.		832,118
GD Dental Services LLC		81,670
Healthline Media, Inc.		3,408,957
LAC Acquisition LLC		2,351,576
Ortho-Clinical Diagnostics, Inc.		115,555
TherOX, Inc.		—
Touchstone Health Partnership		—
U.S. Oral Surgery Management		2,110,678
		20,876,506

INDEPENDENT - 0.90%
Fieldwood Energy LLC		2,114,717
Jupiter Resources Inc.		266,070
Vine Oil & Gas LP		377,650
		2,758,437

INDUSTRIAL OTHER - 8.14%
AFC - Dell Holding Corporation		3,463,101
Aftermath, Inc.		2,568,100
E.S.P. Associates, P.A.		823,756
Hartland Controls Holding Corporation		3,823,803
Midwest Industrial Rubber, Inc.		3,756,820

	Fair Value/ Market Value
PB Holdings LLC	$	1,676,392
SMB Machinery Holdings, Inc.		—
Specified Air Solutions		4,393,081
STS Operating, Inc.		936,670
UBEO, LLC		2,698,710
Wastequip, LLC		940,000
		25,080,433

MEDIA & ENTERTAINMENT - 3.32%
BlueSpire Holding, Inc.		—
Cadent, LLC		2,113,628
Discovery Education, Inc.		4,807,565
HOP Entertainment LLC		—
The Interpublic Group of Companies		3,300,000
		10,221,193

METALS & MINING - 0.87%
First Quantum Minerals Ltd.		846,772
New Gold Inc.		1,020,146
Suncoke Energy		567,200
Warrior Met Coal, Inc.		261,668
		2,695,786

MIDSTREAM - 0.00%
TransCanada PipeLines Ltd.		3,283,544

OIL FIELD SERVICES - 0.79%
Avantech Testing Services LLC		—
EnVen Energy Ventures, LLC		1,095,000
KCA Deutag UK Finance PLC		301,185
Petroplex Inv Holdings LLC		46,660
Topaz Marine S.A.		1,002,772
		2,445,617

PACKAGING - 0.88%
ASC Holdings, Inc.		1,246,095
Brown Machine LLC		1,461,906
Chase Packaging Corporation		859
		2,708,860

PAPER - 1.12%
Dunn Paper		3,460,625

PHARMACEUTICALS - 0.22%
Clarion Brands Holding Corp.		666,217

See Notes to Consolidated Financial Statements

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2019

(Unaudited)

Industry Classification: (Continued)	Fair Value/ Market Value

REFINING - 1.90%
CITGO Holding, Inc.	$	601,335
MES Partners, Inc.		2,948,638
Tristar Global Energy Solutions, Inc.		2,321,204
		5,871,177

RETAILERS - 1.13%
Sonic Automotive, Inc.		200,430
Walgreens Boots Alliance		3,297,822
		3,498,252

TECHNOLOGY - 15.37%
1A Smart Start, Inc.		3,426,254
Almonde, Inc.		931,524
Audio Precision		3,633,761
BCC Software, Inc.		5,055,854
BMC Software Finance, Inc.		940,583
Claritas Holdings, Inc.		3,397,676
Clubessential LLC		3,543,223
GraphPad Software, Inc.		4,913,335
ION Trading Technologies S.a.r.l		541,955
Kronos Incorporated		422,511
Powerschool		986,250
REVSpring, Inc.		3,377,209
Ruffalo Noel Levitz		2,598,972
Sandvine Corporation		3,396,334
Scaled Agile, Inc.		1,553,194
U.S. Legal Support, Inc.		3,815,906
Velocity Technology Solutions, Inc.		4,091,041
Veritas US Inc. / Veritas Bermuda Ltd.		762,318
		47,387,900

TRANSPORTATION SERVICES - 7.51%
BDP International, Inc.		4,874,758
OPE KAG Finance Sub		914,400
Pegasus Transtech Corporation		4,189,914
Rock-it Cargo		4,910,170
Team Drive-Away Holdings LLC		717,530
VP Holding Company		3,281,285
Worldwide Express Operations, LLC		4,267,825
		23,155,882

Total Investments - 100.59%
(Cost - $315,156,622)	$	310,084,088

See Notes to Consolidated Financial Statements

Barings Corporate Investors

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

History

Barings Corporate Investors (the "Trust") commenced operations in 1971 as a Delaware corporation. Pursuant to an Agreement and Plan of Reorganization dated November 14, 1985, approved by shareholders, the Trust was reorganized as a Massachusetts business trust under the laws of the Commonwealth of Massachusetts, effective November 28, 1985.

The Trust is a diversified closed-end management investment company. Barings LLC ("Barings"), a wholly-owned indirect subsidiary of Massachusetts Mutual Life Insurance Company ("MassMutual"), acts as its investment adviser. The Trust's investment objective is to maintain a portfolio of securities providing a current yield and, when available, an opportunity for capital gains. The Trust's principal investments are privately placed, below-investment grade, long-term debt obligations including bank loans and mezzanine debt instruments. Such direct placement securities may, in some cases, be accompanied by equity features such as common stock, preferred stock, warrants, conversion rights, or other equity features. The Trust typically purchases these investments, which are not publicly tradable, directly from their issuers in private placement transactions. These investments are typically made to small or middle market companies. In addition, the Trust may invest, subject to certain limitations, in marketable debt securities (including high yield and/or investment grade securities) and marketable common stocks. Below-investment grade or high yield securities have predominantly speculative characteristics with respect to the capacity of the issuer to pay interest and repay capital.

On January 27, 1998, the Board of Trustees authorized the formation of a wholly-owned subsidiary of the Trust ("CI Subsidiary Trust") for the purpose of holding certain investments. The results of CI Subsidiary Trust are consolidated in the accompanying financial statements. Footnote 2.D below discusses the Federal tax consequences of the CI Subsidiary Trust.

2.	Significant Accounting Policies

The following is a summary of significant accounting policies followed consistently by the Trust in the preparation of its consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").

The Trustees have determined that the Trust is an investment company in accordance with Accounting Standards Codification ("ASC") 946, Financial Services – Investment Companies, for the purpose of financial reporting.

A. Fair Value Measurements:

Under U.S. GAAP, fair value represents the price that should be received to sell an asset (exit price) in an orderly transaction between willing market participants at the measurement date.

Determination of Fair Value

The determination of the fair value of the Trust's investments is the responsibility of the Trust's Board of Trustees (the "Trustees"). The Trustees have adopted procedures for the valuation of the Trust's securities and have delegated responsibility for applying those procedures to Barings. Barings has established a Pricing Committee which is responsible for setting the guidelines used in following the procedures adopted by the Trustees and ensuring that those guidelines are being followed. Barings considers all relevant factors that are reasonably available, through either public information or information directly available to Barings, when determining the fair value of a security. The Trustees meet at least once each quarter to approve the value of the Trust's portfolio securities as of the close of business on the last business day of the preceding quarter. This valuation requires the approval of a majority of the Trustees of the Trust, including a majority of the Trustees who are not interested persons of the Trust or of Barings. In approving valuations, the Trustees will consider reports by Barings analyzing each portfolio security in accordance with the procedures and guidelines referred to above, which include the relevant factors referred to below. Barings has agreed to provide such reports to the Trust at least quarterly. The consolidated financial statements include private placement restricted securities valued at $266,975,645 (86.61% of net assets) as of June 30, 2019 the values of which have been estimated by the Trustees based on the process described above in the absence of readily ascertainable market values. Due to the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the securities existed, and the differences could be material.

Following is a description of valuation methodologies used for assets recorded at fair value:

Corporate Public Securities at Market Value – Bank Loans, Corporate Bonds, Preferred Stocks and Common Stocks

The Trust uses external independent third-party pricing services to determine the fair values of its Corporate Public Securities. At June 30, 2019, 100% of the carrying value of these investments was from external pricing services. In the event that the primary pricing service does not provide a price, the Trust utilizes the pricing provided by a secondary pricing service.

Public debt securities generally trade in the over-the-counter market rather than on a securities exchange. The Trust's pricing services use multiple valuation techniques to determine fair value. In instances where significant market activity exists, the pricing services may utilize a market based approach through which quotes from market makers are used to determine fair value. In instances where significant market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics such as benchmark yield curves, option adjusted spreads, credit spreads, estimated default

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

rates, coupon rates, anticipated timing of principal underlying prepayments, collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value.

The Trust's investments in bank loans are normally valued at the bid quotation obtained from dealers in loans by an independent pricing service in accordance with the Trust's valuation policies and procedures approved by the Trustees.

Public equity securities listed on an exchange or on the NASDAQ National Market System are valued at the last quoted sales price of that day.

At least annually, Barings conducts reviews of the primary pricing vendors to validate that the inputs used in that vendors' pricing process are deemed to be market observable as defined in the standard. While Barings is not provided access to proprietary models of the vendors, the reviews have included on-site walk-throughs of the pricing process, methodologies and control procedures for each asset class and level for which prices are provided. The reviews also include an examination of the underlying inputs and assumptions for a sample of individual securities across asset classes, credit rating levels and various durations. In addition, the pricing vendors have an established challenge process in place for all security valuations, which facilitates identification and resolution of prices that fall outside expected ranges. Barings believes that the prices received from the pricing vendors are representative of prices that would be received to sell the assets at the measurement date (exit prices) and are classified appropriately in the hierarchy.

Corporate Restricted Securities at Fair Value – Bank Loans, Corporate Bonds

The fair value of certain notes is determined using an internal model that discounts the anticipated cash flows of those notes using a specific discount rate. Changes to that discount rate are driven by changes in general interest rates, probabilities of default and credit adjustments. The discount rate used within the models to discount the future anticipated cash flows is considered a significant unobservable input. Increases/(decreases) in the discount rate would result in a (decrease)/increase to the notes' fair value.

The fair value of certain distressed notes is based on an enterprise waterfall methodology which is discussed in the equity security valuation section below.

Corporate Restricted Securities at Fair Value – Common Stock, Preferred Stock and Partnerships & LLC's

The fair value of equity securities is determined using an enterprise waterfall methodology. Under this methodology, the enterprise value of the company is first estimated and that value is then allocated to the company's outstanding debt and equity securities based on the documented priority of each class of securities in the capital structure. Generally, the waterfall proceeds from senior debt, to senior and junior subordinated debt, to preferred stock, then finally common stock.

To estimate a company's enterprise value, the company's trailing twelve months earnings before interest, taxes, depreciation and amortization ("EBITDA") is multiplied by a valuation multiple.

Both the company's EBITDA and valuation multiple are considered significant unobservable inputs. Increases/ (decreases) to the company's EBITDA and/or valuation multiple would result in increases/ (decreases) to the equity value.

Short-Term Securities

Short-term securities with more than sixty days to maturity are valued at fair value, using external independent third-party services. Short-term securities, of sufficient credit quality, having a maturity of sixty days or less are valued at amortized cost, which approximates fair value.

New Accounting Pronouncement

In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update No. 2018-13, Fair Value Measurement (Topic 820) – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement ("ASU 2018-13"), which simplifies the disclosure requirements on fair value measurement. ASU 2018-13 is effective for annual periods beginning after December 15, 2019, and early adoption is permitted. The Trust early adopted, and applied, ASU 2018-13 for the year ended December 31, 2018. The adoption of this accounting guidance did not have a material impact on the Trust's financial statements.

Barings Corporate Investors

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

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 June 30, 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 June 30, 2019 are as follows:

Assets:	Total		Level 1		Level 2		Level 3
Restricted Securities
Corporate Bonds	$	116,038,311	$	—	$	13,392,050	$	102,646,261
Bank Loans		130,520,071		—		4,956,944		125,563,127
Common Stock - U.S.		7,175,535		—		—		7,175,535
Preferred Stock		6,495,898		—		—		6,495,898
Partnerships and LLCs		20,184,617		—		—		20,184,617
Public Securities
Bank Loans		10,413,518		—		8,848,635		1,564,883
Corporate Bonds		900,381		—		900,381		—
Common Stock - U.S.		854,899		859		854,040		—
Preferred Stock		1,028,000		1,028,000		—		—
Short-term Securities		16,472,858		16,472,858		—		—
Total	$	310,084,088	$	17,501,717	$	28,952,050	$	263,630,321
See information disaggregated by security type and industry classification in the Consolidated Schedule of Investments.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Quantitative Information about Level 3 Fair Value Measurements

The following table represents quantitative information about Level 3 fair value measurements as of June 30, 2019.

	Fair Value	Valuation Technique	Unobservable Inputs	Range	Weighted**
Bank Loans	$11,964,886	Broker Quote	Single Broker	94.0% to 99.5%	97.8%

	$115,163,124	Discounted Cash Flows	Discount Rate	4.9% to 12.5%	7.1%

Corporate Bonds	$84,346,715	Discounted Cash Flows	Discount Rate	7.8% to 19.6%	11.9%

	$18,299,546	Market Approach	Valuation Multiple	5.0x to 9.8x	7.4x

			EBITDA	$0.4 million to $111.9 million	$16.3 million

Equity Securities*	$33,809,313	Market Approach	Valuation Multiple	4.5x to 16.0x	10.1x

			EBITDA	$0.4 million to $278.1 million	$56.0 million

	$46,737	Broker Quote	Single Broker	$0.09	$0.09

*	Including partnerships and LLC's

**	The weighted averages disclosed in the table above were weighted by relative fair value

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

Assets:	Beginning balance at 12/31/2018		Included in earnings		Purchases		Sales			Prepayments			Transfers into Level 3		Transfers out of Level 3			Ending balance at 6/30/2019
Restricted Securities
Corporate Bonds	$	106,334,395	$	2,319,020	$	2,806,196	$	(6,788,638	)	$	(2,024,712	)	$	—	$	—		$	102,646,261
Bank Loans		124,994,521		1,077,051		12,001,222		(819,254	)		(8,295,413	)		—		(3,395,000	)		125,563,127
Common Stock - U.S.		8,952,301		1,611,608		256		(3,388,630	)		—			—		—			7,175,535
Preferred Stock		4,722,044		652,718		1,385,146		(264,010	)		—			—		—			6,495,898
Partnerships and LLCs		18,256,414		4,427,932		485,316		(2,985,045	)		—			—		—			20,184,617
Public Securities
Bank Loans		5,233,937		15,390		—		—			(4,883	)		—		(3,679,561	)		1,564,883
Common Stock		1,050,188		—		—		—			—			—		(1,050,188	)		—
Total	$	269,543,800	$	10,103,719	$	16,678,136	$	(14,245,577	)	$	(10,325,008	)	$	—	$	(8,124,749	)	$	263,630,321

Barings Corporate Investors

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

Income, Gains and Losses on Level 3 assets included in Net Increase in Net Assets resulting from Operations for the period are presented in the following accounts on the Statement of Operations:

	Net Increase in Net Assets Resulting from Operations		Change in Unrealized Gains & (Losses) in Net Assets from assets still held
Interest (Amortization)	$	343,848	$	—
Net realized gain on investments before taxes		4,429,474		—
Net change in unrealized depreciation of investments before taxes		5,330,397		8,735,849

B. Accounting for Investments:

Investment transactions are accounted for on the trade date. Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis, including the amortization of premiums and accretion of discounts on bonds held using the yield-to-maturity method. The Trust does not accrue income when payment is delinquent and when management believes payment is questionable.

Realized gains and losses on investment transactions and unrealized appreciation and depreciation of investments are reported for financial statement and Federal income tax purposes on the identified cost method.

C. Use of Estimates:

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

D. Federal Income Taxes:

The Trust has elected to be taxed as a "regulated investment company" under the Internal Revenue Code, and intends to maintain this qualification and to distribute substantially all of its net taxable income to its shareholders. In any year when net long-term capital gains are realized by the Trust, management, after evaluating the prevailing economic conditions, will recommend that the Trustees either designate the net realized long-term gains as undistributed and pay the Federal capital gains taxes thereon or distribute all or a portion of such net gains.

The Trust is taxed as a regulated investment company and is therefore limited as to the amount of non-qualified income

that it may receive as the result of operating a trade or business, e.g. the Trust's pro rata share of income allocable to the Trust by a partnership operating company. The Trust's violation of this limitation could result in the loss of its status as a regulated investment company, thereby subjecting all of its net income and capital gains to corporate taxes prior to distribution to its shareholders. The Trust, from time-to-time, identifies investment opportunities in the securities of entities that could cause such trade or business income to be allocable to the Trust. The CI Subsidiary Trust (described in Footnote 1 above) was formed in order to allow investment in such securities without adversely affecting the Trust's status as a regulated investment company.

The CI Subsidiary Trust is not taxed as a regulated investment company. Accordingly, prior to the Trust receiving any distributions from the CI Subsidiary Trust, all of the CI Subsidiary Trust's taxable income and realized gains, including non-qualified income and realized gains, is subject to taxation at prevailing corporate tax rates. As of June 30, 2019, the CI Subsidiary Trust has incurred income tax expense of $171,430.

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of the existing assets and liabilities and their respective tax basis. As of June 30, 2019, the CI Subsidiary Trust has no deferred tax liability.

E. Distributions to Shareholders:

The Trust records distributions to shareholders from net investment income and net realized gains, if any, on the ex-dividend date. The Trust's net investment income dividend is declared four times per year, in April, July, October, and December. The Trust's net realized capital gain distribution, if any, is declared in December.

3.	Investment Services Contract

A. Services:

Under an Investment Services Contract (the "Contract") with the Trust, Barings agrees to use its best efforts to present to the Trust a continuing and suitable investment program consistent with the investment objectives and policies of the Trust. Barings represents the Trust in any negotiations with issuers, investment banking firms, securities brokers or dealers and other institutions or investors relating to the Trust's investments. Under the Contract, Barings also provides administration of the day-to-day operations of the Trust and provides the Trust with office space and office equipment, accounting and bookkeeping services, and necessary executive, clerical and secretarial personnel for the performance of the foregoing services.

B. Fee:

For its services under the Contract, Barings is paid a quarterly investment advisory fee of 0.3125% of the net asset value of the Trust as of the last business day of each fiscal quarter, which is approximately equal to 1.25% annually. A majority of

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

the Trustees, including a majority of the Trustees who are not interested persons of the Trust or of Barings, approve the valuation of the Trust's net assets as of such day.

C. Basis for Board Renewal of Contract

At a meeting of the Trustees held on April 24, 2019, the Trustees (including a majority of the Trustees who are not "interested persons" of the Trust or Barings) unanimously approved a one year continuance of the Contract.

Prior to the meeting, the Trustees requested and received from Ropes & Gray LLP, counsel to the Trust, a memorandum describing the Trustees' legal responsibilities in connection with their review and re-approval of the Contract. The Trustees also requested and received from Barings extensive written and oral information regarding, among other matters: the principal terms of the Contract; the reasons why Barings was proposing the continuance of the Contract; Barings and its personnel; the Trust's investment performance, including comparative performance information; the nature and quality of the services provided by Barings to the Trust; financial results and condition of of Barings; the fee arrangements between Barings and the Trust; fee and expense information, including comparative fee and expense information; profitability of the advisory arrangement to Barings; and "fallout" benefits to Barings resulting from the Contract.

In connection with their deliberations regarding the continuation of the Contract, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The Trustees' conclusion as to the continuance of the Contract was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements between Barings and the Trust are the result of years of review and discussion between the independent Trustees and Barings, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees' conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

Nature, Extent and Quality of Services to be Provided by Barings to the Trust

In evaluating the scope and quality of the services provided by Barings to the Trust, the Trustees considered, among other factors: (i) the scope of services required to be provided by Barings under the Contract; (ii) Barings' ability to find and negotiate private placement securities having equity features that are consistent with the stated investment objectives of the Trust; (iii) the experience and quality of

Barings' staff; (iv) the strength of Barings' financial condition; (v) the nature of the private placement market compared to public markets (including the fact that finding, analyzing, negotiating and servicing private placement securities is more labor-intensive than buying and selling public securities and the administration of private placement securities is more extensive, expensive, and requires greater time and expertise than a portfolio of only public securities); (vi) the potential advantages afforded to the Trust by its ability to co-invest in negotiated private placements with MassMutual and its affiliates; and (vii) the expansion of the scope of services provided by Barings as a result of recent regulatory and legislative initiatives that have required increased legal, compliance and business attention and diligence. Based on such considerations, the Trustees concluded that, overall, they are satisfied with the nature, extent and quality of services provided by Barings, and expected to be provided in the future, under the Contract.

Investment Performance

The Trustees also examined the Trust's short-term, intermediate-term, and long-term performance as compared against various benchmark indices presented at the meeting, which showed that the Trust had outperformed such indices for the 1-, 3-, 5- and 10-year periods. In addition, the Trustees considered comparisons of the Trust's performance with the performance of (i) selected closed-end investment companies and funds that may invest in private placement securities and/or bank loans; (ii) selected business development companies with comparable types of investments; and (iii) investment companies included in the Broadridge closed-end bond universe. The Trustees considered that, while such comparisons are helpful in judging performance, they are not directly comparable in terms of types of investments, and because business development companies often report returns based on market value, which is affected by factors other than the performance of the underlying portfolio investments. Based on these considerations and the detailed performance information provided to the Trustees at the regular Board meetings each quarter, the Trustees concluded that the Trust's absolute and relative performance over time have been sufficient to warrant renewal of the Contract.

Advisory Fee/Costs of Services Provided and Profitability/Manager's "Fallout" Benefits

In connection with the Trustees' consideration of the advisory fee paid by the Trust to Barings under the Contract, Barings noted that it was unaware of any registered closed-end investment companies that are directly comparable to the Trust in terms of the types of investments and percentages invested in private placement securities (which require more extensive advisory and administrative services than a portfolio of publicly traded securities, as previously discussed) other than Barings Participation Investors, which is also advised by Barings. Under the terms of its Investment Advisory and Administrative Services Contract, Barings Participation Investors is charged a quarterly investment

Barings Corporate Investors

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

advisory fee of 0.225% of net asset value as of the end of each quarter, which is approximately equal to 0.90% annually. In considering the fee rate provided in the Contract, the Trustees noted the advisory fee charged by Barings to Tower Square Capital Partners, L.P., and Tower Square Capital Partners II, III and IV, L.P., each a private mezzanine fund also managed by Barings, and that the fee Barings Participation Investors charged compares favorably to the Trust's advisory fee.

At the request of the Trustees, Barings provided information concerning the profitability of Barings' advisory relationship with the Trust. The Trustees also considered the non-economic benefits Barings and its affiliates derived from its relationship with the Trust, including the reputational benefits derived from having the Trust listed on the New York Stock Exchange, and the de minimis amount of commissions resulting from the Trust's portfolio transactions used by Barings for third-party soft dollar arrangements. The Trustees recognized that Barings should be entitled to earn a reasonable level of profit for services provided to the Trust and, based on their review, concluded that they were satisfied that Barings' historical level of profitability from its relationship with the Trust was not excessive and that the advisory fee under the Contract is reasonable.

Economies of Scale

The Trustees considered the concept of economies of scale and possible advisory fee reductions if the Trust were to grow in assets. Given that the Trust is not continuously offering shares, such growth comes principally from retained net realized gain on investments and dividend reinvestment. The Trustees concluded that the absence of breakpoints in the fee schedule under the Contract was currently acceptable given the Trust's current size and closed-end fund structure.

4.	Senior Secured Indebtedness

MassMutual holds the Trust's $30,000,000 Senior Fixed Rate Convertible Note (the "Note") issued by the Trust on November 15, 2017. The Note is due November 15, 2027 and accrues interest at 3.53% per annum. MassMutual, at its option, can convert the principal amount of the Note into common shares. The dollar amount of principal would be converted into an equivalent dollar amount of common shares based upon the average price of the common shares for ten business days prior to the notice of conversion. For the six months ended June 30, 2019, the Trust incurred total interest expense on the Note of $529,500.

The Trust may redeem the Note, in whole or in part, at the principal amount proposed to be redeemed together with the accrued and unpaid interest thereon through the redemption date plus a Make Whole Premium. The Make Whole Premium equals the excess of (i) the present value of the scheduled payments of principal and interest which the Trust would have paid but for the proposed redemption, discounted at the rate of interest of U.S. Treasury obligations whose maturity approximates that of the Note plus 0.50% over (ii) the principal of the Note proposed to be redeemed.

5.	Purchases and Sales of Investments

	For the six months ended 6/30/19
	Cost of Investments Acquired		Proceeds from Sales or Maturities
Corporate restricted securities	$	17,690,586	$	30,662,108
Corporate public securities		—		5,621,091

The aggregate cost of investments is substantially the same for financial reporting and Federal income tax purposes as of June 30, 2019. The net unrealized depreciation of investments for financial reporting and Federal tax purposes as of June 30, 2019 is $(5,072,534) and consists of $17,923,705 appreciation and $22,996,239 depreciation.

Net unrealized depreciation of investments on the Statement of Assets and Liabilities reflects the balance net of a deferred tax accrual of $nil on net unrealized losses on the CI Subsidiary Trust.

6.	Quarterly Results of Investment Operations

	March 31, 2019
	Amount		Per Share
Investment income	$	7,739,844
Net investment income		6,291,649	$	0.31
Net realized and unrealized gain on investments (net of taxes)		3,648,673		0.18

	June 30, 2019
	Amount		Per Share
Investment income	$	7,306,147
Net investment income		5,866,780	$	0.29
Net realized and unrealized loss on investments (net of taxes)		6,150,989		0.31

7.	Investment Risks

In the normal course of its business, the Trust trades various financial instruments and enters into certain investment activities with investment risks. These risks include: (i) market risk, (ii) volatility risk and (iii) credit, counterparty and liquidity risk. It is the Trust's policy to identify, measure and monitor risk through various mechanisms including risk management strategies and credit policies. These include monitoring risk guidelines and diversifying exposures across a variety of instruments, markets and counterparties. There can be no assurance that the Trust will be able to implement its credit guidelines or that its risk monitoring strategies will be successful.

8.	Commitments and Contingencies

During the normal course of business, the Trust may enter into contracts and agreements that contain a variety of representations and warranties. The exposure, if any, to the Trust under these arrangements is unknown as this would involve future claims that may or may not be made against the Trust and which have not yet occurred. The Trust has no

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(Unaudited)

history of prior claims related to such contracts and agreements. At June 30, 2019, the Trust had the following unfunded commitments:

Investment	Unfunded Amount
US Oral Surgery Management	$	2,812,500
ROI Solutions LLC		2,235,294
Dart Aerospace		1,750,000
VP Holding Company		1,405,882
Lighthouse Autism Center		1,327,654
Cora Health Services, Inc.		1,011,847
UBEO, LLC		715,909
Specified Air Solutions (Roberts Gordon)		609,049
US Legal Support, Inc.		531,190
ProcessBarron		269,966
U.S. Retirement & Benefit Partners		238,000
Polytex Holdings LLC		28,962

9.	Results of Shareholder Meeting

The Annual Meeting of Shareholders was held on Wednesday, April 24, 2019. The shareholders were asked to vote to re-elect as Trustees Robert E. Joyal and Susan B. Sweeney for a two-year and three-year term, respectively. The shareholders approved the proposal. The Trust's other Trustees, Michael H. Brown, Barbara M. Ginader, Edward P. Grace, III, Clifford M. Noreen and Maleyne M. Syracuse continued to serve their respective terms following the April 24, 2019 Annual Shareholder Meeting. The results of the voting are set forth below.

Shares for	Withheld	Total	% of Shares Voted for
Robert E. Joyal 15,377,995	727,215	16,105,210	95.46%

Susan B. Sweeney 15,729,322	375,888	16,105,210	97.74%

Barings Corporate Investors

THIS PRIVACY NOTICE IS BEING PROVIDED ON BEHALF OF BARINGS LLC AND ITS AFFILIATES: BARINGS SECURITIES LLC; BARINGS AUSTRALIA PTY LTD; BARINGS JAPAN LIMITED; BARINGS INVESTMENT ADVISERS (HONG KONG) LIMITED; BARINGS FUNDS TRUST; BARINGS GLOBAL SHORT DURATION HIGH YIELD FUND; BARINGS BDC, INC.; BARINGS CORPORATE INVESTORS AND BARINGS PARTICIPATION INVESTORS (TOGETHER, FOR PURPOSES OF THIS PRIVACY NOTICE, "BARINGS").

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We may collect non-public personal information about you from:

•

Applications or other forms, interviews, or by other means;

•

Consumer or other reporting agencies, government agencies, employers or others;

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Your transactions with us, our affiliates, or others; and

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Our Internet website.

We may share the financial information we collect with our financial service affiliates, such as insurance companies, investment companies and securities broker-dealers. Additionally, so that we may continue to offer you products and services that best meet your investment needs and to effect transactions that you request or authorize, we may disclose the information we collect, as described above, to companies that perform administrative or marketing services on our behalf, such as transfer agents, custodian banks, service providers or printers and mailers that assist us in the distribution of investor materials or that provide operational support to Barings. These companies are required to protect this information and will use this information only for the services for which we hire them, and are not permitted to use or share this information for any other purpose. Some of these companies may perform such services in jurisdictions other than the United States. We may share some or all of the information we collect with other financial institutions with whom we jointly market products. This may be done only if it is permitted by the state in which you live. Some disclosures may be limited to your name, contact and transaction information with us or our affiliates.

Any disclosures will be only to the extent permitted by federal and state law. Certain disclosures may require us to get an "opt-in" or "opt-out" from you. If this is required, we will do so before information is shared. Otherwise, we do not share any personal information about our customers or former customers unless authorized by the customer or as permitted by law.

We restrict access to personal information about you to those employees who need to know that information to provide products and services to you. We maintain physical, electronic and procedural safeguards that comply with legal standards to guard your personal information. As an added measure, we do not include personal or account information in non-secure e-mails that we send you via the Internet without your prior consent. We advise you not to send such information to us in non-secure e-mails.

This joint notice describes the privacy policies of Barings, the Funds and Barings Securities LLC. It applies to all Barings and the Funds accounts you presently have, or may open in the future, using your social security number or federal taxpayer identification number - whether or not you remain a shareholder of our Funds or as an advisory client of Barings. As mandated by rules issued by the Securities and Exchange Commission, we will be sending you this notice annually, as long as you own shares in the Funds or have an account with Barings.

Barings Securities LLC is a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). Investors may obtain information about SIPC including the SIPC brochure by contacting SIPC online at www.sipc.org or calling (202)-371-8300. Investors may obtain information about FINRA including the FINRA Investor Brochure by contacting FINRA online at www.finra.org or by calling (800) 289-9999.

April 2019

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Barings Corporate Investors

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Members of the Board of
Trustees

Clifford M. Noreen

Chairman

Michael H. Brown*

Barbara M. Ginader*

Edward P. Grace III*

Robert E. Joyal

Susan B. Sweeney*

Maleyne M. Syracuse*

*Member of the Audit Committee

Officers

Robert M. Shettle

President

James M. Roy

Vice President & Chief Financial
Officer

Janice M. Bishop

Vice President, Secretary & Chief
Legal Officer

Sean Feeley

Vice President

Christopher D. Hanscom

Treasurer

Melissa M. LaGrant

Chief Compliance Officer

Jill Dinerman

Assistant Secretary

DIVIDEND REINVESTMENT AND SHARE PURCHASE PLAN

Barings Corporate Investors (the "Trust") offers a Dividend Reinvestment and Share Purchase Plan (the "Plan"). The Plan provides a simple way for shareholders to add to their holdings in the Trust through the receipt of dividend shares issued by the Trust or through the investment of cash dividends in Trust shares purchased in the open market. A shareholder may join the Plan by filling out and mailing an authorization card to DST Systems, Inc., the Transfer Agent.

Participating shareholders will continue to participate until they notify the Transfer Agent, in writing, of their desire to terminate participation. Unless a shareholder elects to participate in the Plan, he or she will, in effect, have elected to receive dividends and distributions in cash. Participating shareholders may also make additional contributions to the Plan from their own funds. Such contributions may be made by personal check or other means in an amount not less than $10 nor more than $5,000 per quarter. Cash contributions must be received by the Transfer Agent at least five days (but no more then 30 days) before the payment date of a dividend or distribution.

Whenever the Trust declares a dividend payable in cash or shares, the Transfer Agent, acting on behalf of each participating shareholder, will take the dividend in shares only if the net asset value is lower than the market price plus an estimated brokerage commission as of the close of business on the valuation day. The valuation day is the last day preceding the day of dividend payment.

When the dividend is to be taken in shares, the number of shares to be received is determined by dividing the cash dividend by the net asset value as of the close of business on the valuation date or, if greater than net asset value, 95% of the closing share price. If the net asset value of the shares is higher than the market value plus an estimated commission, the Transfer Agent, consistent with obtaining the best price and execution, will buy shares on the open market at current prices promptly after the dividend payment date.

The reinvestment of dividends does not, in any way, relieve participating shareholders of any federal, state or local tax. For federal income tax purposes, the amount reportable in respect of a dividend received in newly-issued shares of the Trust will be the fair market value of the shares received, which will be reportable as ordinary income and/or capital gains.

As compensation for its services, the Transfer Agent receives a fee of 5% of any dividend and cash contribution (in no event in excess of $2.50 per distribution per shareholder.)

Any questions regarding the Plan should be addressed to DST Systems, Inc., Transfer Agent for Barings Corporate Investors' Dividend Reinvestment and Share Purchase Plan, P.O. Box 219086, Kansas City, MO 64121-9086.

Barings

Corporate Investors

CI6216

ITEM 2. CODE OF ETHICS.

Not applicable for this filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable for this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable for this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable for this filing.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a)	A schedule of investments for the Registrant is included as part of this report to shareholders under Item 1 of this Form N-CSR.

(b)	Not applicable for this filing.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable for this filing.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable for this filing.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable for this filing.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Not applicable for this filing.

ITEM 11. 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-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b)

There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the Registrant's second fiscal half year that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

ITEM 12. SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

(a)	Not applicable.

(b)	Not applicable.

ITEM 13. EXHIBITS.

(a)(1)

ANY CODE OF ETHICS, OR AMENDMENTS THERETO, THAT IS THE SUBJECT OF DISCLOSURE REQUIRED BY ITEM 2, TO THE EXTENT THAT THE REGISTRANT INTENDS TO SATISFY THE ITEM 2 REQUIREMENTS THROUGH THE FILING OF AN EXHIBIT.

Not applicable for this filing.

(a)(2)

A SEPARATE CERTIFICATION FOR EACH PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER OF THE REGISTRANT AS REQUIRED BY RULE 30a-2 UNDER THE ACT.

Attached hereto as EX-99.31.1

Attached hereto as EX-99.31.2

(a)(3)

ANY WRITTEN SOLICITATION TO PURCHASE SECURITIES UNDER RULE 23c-1 UNDER THE ACT (17 CFR 270.23c-1) SENT OR GIVEN DURING THE PERIOD COVERED BY THE REPORT BY OR ON BEHALF OF THE REGISTRANT TO 10 OR MORE PERSONS.

Not applicable for this filing.

(b) CERTIFICATIONS PURSUANT TO RULE 30a-2(b) UNDER THE ACT.

Attached hereto as EX-99.32

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 Corporate Investors


By:	/s/ Robert M. Shettle
	Robert M. Shettle, President

Date:	September 6, 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:	/s/ Robert M. Shettle
	Robert M. Shettle, President

Date:	September 6, 2019


By:	/s/ James M. Roy
	James M. Roy, Vice President and Chief Financial Officer

Date:	September 6, 2019

	Barings Corporate Investors
	(Exact name of registrant as specified in charter)


	300 South Tryon Street, Suite 2500, Charlotte, NC 28202
	(Address of principal executive offices) (Zip code)


	Janice M. Bishop, Vice President, Secretary and Chief Legal Officer Independence Wharf, 470 Atlantic Ave., Boston, MA 02210
	(Name and address of agent for service)