Noreen Clifford (MCI) updates direct shares and notional plan units in Form 4

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

BARINGS CORPORATE INVESTORS director and fund chairman Noreen M. Clifford reported updated holdings in a Form 4. The filing shows continued direct ownership of 20,000 Common Shares, described as Shares of Beneficial Interest. This entry is reported as a holding, not a new market transaction.

The report also lists activity in the Barings Non-Qualified Thrift Plan involving 6,856.0504 notional units tied to the value of the company’s common shares at a reference value of $18.0400. After this plan-related entry, the reporting person has 316,063.9162 such notional units. Footnotes explain this is part of a non-qualified compensation deferral plan and is entirely notional, with no actual ownership of underlying common shares.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider NOREEN CLIFFORD M

Role Chairman of Fund

Type	Security	Shares	Price	Value
Other	Barings Non-Qualified Thrift Plan	6,856.05	$18.04	$124K
holding	Common Shares ("Shares of Beneficial Interest")	--	--	--

Holdings After Transaction: Barings Non-Qualified Thrift Plan — 316,063.916 shares (Direct, null); Common Shares ("Shares of Beneficial Interest") — 20,000 shares (Direct, null)

Footnotes (1)

Exercisable only upon termination, retirement, or other plan permitted event. Plan holdings may be "liquidated" and reallocated into other plan investment options by the plan participant. The derivative has no actual securities underlying the plan agreement, which is entirely notional. Barings LLC (fka Babson Capital Management LLC) and Massachusetts Mutual Life Insurance Company each offer a non-qualified compensation deferral plan where certain officers are permitted to defer a portion of their compensation into the plans. Deferred compensation into a plan is allocated among one or more investment options at the election of the plan participant. Each plan has an investment option that derives its value from the market value of Barings Corporate Investors' common shares (and includes the value of reinvested dividends). However, pursuant to the terms of the plans, neither the plans nor the participants have an actual ownership interest in the common shares. The shares beneficially owned include the number of shares of Barings Corporate Investors represented by the value of the Barings Corporate Investors investment option under the plan held by the plan participant.

Key Figures

Direct common shares held: 20,000 shares Plan transaction units: 6,856.0504 units Plan reference price: $18.0400 per unit +2 more

5 metrics

Direct common shares held 20,000 shares Common Shares (Shares of Beneficial Interest) holding after transaction

Plan transaction units 6,856.0504 units Barings Non-Qualified Thrift Plan J-code derivative entry

Plan reference price $18.0400 per unit Reference price for Barings Non-Qualified Thrift Plan transaction

Total notional units after 316,063.9162 units Barings Non-Qualified Thrift Plan balance after reported transaction

Restructuring shares equivalent 6,856.0504 units Classified as restructuringShares in transaction summary

Key Terms

Barings Non-Qualified Thrift Plan, non-qualified compensation deferral plan, Shares of Beneficial Interest, deferred compensation

4 terms

Barings Non-Qualified Thrift Plan financial

"Barings Non-Qualified Thrift Plan involving 6,856.0504 notional units tied to the value"

non-qualified compensation deferral plan financial

"each offer a non-qualified compensation deferral plan where certain officers are permitted"

Shares of Beneficial Interest financial

"Common Shares ("Shares of Beneficial Interest")"

deferred compensation financial

"Deferred compensation into a plan is allocated among one or more investment options"

Deferred compensation is pay that employees or executives have earned now but will receive at a later date, such as delayed bonuses, retirement benefits, or stock grants. It matters to investors because it creates future obligations and shapes incentives—like a promise to pay later that can affect a company’s reported profits, cash needs and potential stock dilution—so it helps signal how a business manages costs and retains key people.

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Form 4 Insider Transactions: What Each Field Means →

06/02/2026 - 02:03 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

NOREEN CLIFFORD M

(Last)

(First)

(Middle)

C/O BARINGS LLC

300 SOUTH TRYON STREET, SUITE 2500

(Street)

CHARLOTTE

NORTH CAROLINA

28202

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
BARINGS CORPORATE INVESTORS [ MCI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chairman of Fund

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/29/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Shares ("Shares of Beneficial Interest")								20,000	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Barings Non-Qualified Thrift Plan	⁽¹⁾	05/29/2026		J⁽²⁾	V	6,856.0504		⁽¹⁾	⁽¹⁾	Common Shares ("Shares of Beneficial Interest")	6,856.0504	$18.04	316,063.9162	D

Explanation of Responses:

1. Exercisable only upon termination, retirement, or other plan permitted event. Plan holdings may be "liquidated" and reallocated into other plan investment options by the plan participant. The derivative has no actual securities underlying the plan agreement, which is entirely notional.

2. Barings LLC (fka Babson Capital Management LLC) and Massachusetts Mutual Life Insurance Company each offer a non-qualified compensation deferral plan where certain officers are permitted to defer a portion of their compensation into the plans. Deferred compensation into a plan is allocated among one or more investment options at the election of the plan participant. Each plan has an investment option that derives its value from the market value of Barings Corporate Investors' common shares (and includes the value of reinvested dividends). However, pursuant to the terms of the plans, neither the plans nor the participants have an actual ownership interest in the common shares. The shares beneficially owned include the number of shares of Barings Corporate Investors represented by the value of the Barings Corporate Investors investment option under the plan held by the plan participant.

	Stacy Standridge, as Attorney-in-fact	06/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What did Noreen M. Clifford report in the latest MCI Form 4 filing?

Noreen M. Clifford reported updated holdings, not open-market trades. She shows direct ownership of 20,000 Common Shares and notional units in a Barings Non-Qualified Thrift Plan tied to MCI’s share value as part of a compensation deferral arrangement.

Did the MCI Form 4 show Noreen Clifford buying or selling common shares?

The filing does not report any explicit open-market buys or sells. It lists a holding of 20,000 Common Shares and a plan-related J-code derivative entry in a non-qualified thrift plan, characterized as an “other transaction” rather than a purchase or sale.

What is the Barings Non-Qualified Thrift Plan referenced in the MCI Form 4?

The Barings Non-Qualified Thrift Plan is a compensation deferral arrangement. Certain officers defer pay into notional investment options, including one tied to Barings Corporate Investors’ common share value, but they and the plan hold no actual common shares under this structure.

How many notional units linked to MCI did Noreen Clifford report in the plan?

She reported 316,063.9162 notional units after the transaction. The Form 4 shows a J-code entry involving 6,856.0504 units at $18.0400 reference value, with the total representing deferred compensation value linked to Barings Corporate Investors’ shares.

Do participants in the Barings compensation deferral plan own MCI common shares?

According to the disclosure, they do not own actual MCI common shares. The plan’s investment option merely derives value from MCI’s market price and reinvested dividends, and both the plan and participants lack direct ownership in the underlying shares.