The Board of Trustees of Barings Corporate Investors (the "Trust")
met on January 20, 2017. The Trust’s Trustees determined that
the Trust’s December 31, 2016 net asset value ("NAV") is
$281,570,891 or $14.23 per share based on 19,790,407 shares
outstanding. The Trust's December 31, 2015 NAV was
$275,915,289 or $14.03 per share based on 19,664,704 shares
outstanding. The Trust reported a NAV of $291,471,802 or
$14.76 per share as of September 30, 2016, based on 19,751,055
shares outstanding. Unlike the NAV reported for quarters ended
March 31, June 30, and September 30, the NAV for the quarter ended
December 31 reflects the declaration of the quarterly dividend of
$0.30 per share which was paid on January 13, 2017. All figures for
2016 are unaudited.
Net investment income for the year ended
December 31, 2016, was $21,956,520 or $1.11 per share. This
represents an increase from the year ended December 31, 2015, when
net investment income was $20,771,820 or $1.06 per share. For
the quarter ended December 31, 2016, net investment income was
$6,645,974 or $0.34 per share, of which approximately $909,252 or
$0.05 per share represented income due to nonrecurring items.
For the quarter ended December 31, 2015, net investment income was
$5,483,225 or $0.28 per share, of which approximately $293,507 or
$0.01 per share represented income due to nonrecurring items. The
Trust earned net investment income of $5,196,651 or $0.26 per share
during the quarter ended September 30, 2016.
The Trust realized net capital gains of
$3,514,203 or $0.18 per share during the quarter ended December 31,
2016, which resulted in realized net capital gains for the year
ended December 31, 2016 of 5,989,120 or $0.30 per share. By
comparison, for the year ended December 31, 2015, the Trust
realized net capital gains of $2,863,085 or $0.15 per share.
During the quarter ended September 30, 2016, the Trust realized net
capital gains of $3,281,311 or $0.17 per share.
Estimated taxable income of the Trust exceeded
net investment income reported in accordance with generally
accepted accounting principles (“GAAP”) by approximately $2,000,000
or $0.10 per share, for the year ended December 31, 2016. For the
year ended December 31, 2016, the Trust’s estimated taxable capital
gain was $2,218,911 or $0.11 per share, as compared to GAAP
realized capital gains of $5,989,120 or $0.30 per share. Tax
versus GAAP net investment income and capital gains figures,
respectively, differ from each other due to income and capital
gains realized by CI Subsidiary Trust (which the Trust received in
the form of a dividend), a capital loss carryforward from 2015 and,
in part, due to GAAP and tax timing differences in the recognition
of various income and expense items. This dividend of $2,000,000,
from the CI Subsidiary Trust, was treated as ordinary income for
tax purposes for the Trust.
The market price of the Trust as of December 30,
2016 was $15.48, which equates to a 8.78% premium over the December
31, 2016 NAV per share. The Trust’s average quarter-end
premium for the 3, 5 and 10-year periods was 11.12%, 14.78% and
13.03%, respectively.
The Board of Trustees of the Trust announced
that the annual shareholders' meeting will be held on Friday, April
21, 2017 at 1:00 PM at Massachusetts Mutual Life Insurance Company,
1295 State Street, Springfield, MA. Shareholders of record at
the close of business on February 24, 2017 will be entitled to vote
at the meeting.
In addition to reviewing the Trust’s performance
during the past year, the shareholders will be asked to vote on the
following matter at the April shareholder meeting:
--
Election of three members of the Trust's Board of Trustees— Michael
H. Brown, Barbara M. Ginader and Maleyne M. Syracuse
Barings Corporate Investors is a closed-end
management investment company advised by Barings LLC. Its
shares are traded on the New York Stock Exchange under the trading
symbol ("MCI").
Per share amounts are rounded to the nearest
cent.
Cautionary Notice: Certain statements contained
in this press release 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
fund's trading intent. References to specific securities are
not recommendations of such securities, and may not be
representative of the fund'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.
About Barings LLC
Barings is a $284 billion* global asset
management firm dedicated to meeting the evolving investment and
capital needs of our clients. We build lasting partnerships that
leverage our distinctive expertise across traditional and
alternative asset classes to deliver innovative solutions and
exceptional service. A member of the MassMutual Financial Group,
Barings maintains a strong global presence with over 1,700
employees and 600 investment professionals across 41 offices in 17
countries. Learn more at www.barings.com.
*As of September 30, 2016
17/26
Brian Whelan, Head of Corporate Communications, 980.417.7700, brian.whelan@barings.com
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