<p><span style="color: rgb(0,0,0);font-size: 8pt;font-family: Arial;">The Fund seeks to provide high current income generation and, where appropriate, capital appreciation by investing principally in a portfolio of high yield (i.e. sub-investment grade) fixed and floating rate corporate debt instruments, focusing primarily on North American and European high yield instruments which are listed or traded on recognized markets in Europe or North America.</span></p>


Baring International Fund Mgrs (Ireland) Limited

Barings LLC

Global High Yield Bond - GBP Hedged

Morningstar Gbl HY Bd GR Hdg GBP

Fixed Income

ICE BofA NFincl Dv Mkts HY Cstd TR USD

Barings Global High Yield Bond G GBP Dis

Barings Global High Yield Bond A USD Acc

2024

2023

2022

2021

2020

FixedIncome

CashEquivalents

United States

United Kingdom

Ireland

France

Germany

Italy

Canada

Spain

Sweden

Other countries

Bond - Corporate Bond

Mutual Fund - Open End

Bond - Asset Backed

Bond - Gov't Agency Debt

Unclassified

BlackRock ICS USD Liquidity Core Inc

Time Warner Cable Enterprises LLC 0.08375% (2033-07-15 Maturity)

EchoStar Corp. 0.1075% (2029-11-30 Maturity)

Barings USD Liquidity F USD Dis

Regal Rexnord Corporation 0.064% (2033-04-15 Maturity)

Directv Financing LLC/Directv Financing Co-Obligor Inc. 0.05875% (2027-08-15 Maturity)

Alpha Generation LLC 0.0675% (2032-10-15 Maturity)

LifePoint Health, Inc 0.11% (2030-10-15 Maturity)

Radiology Partners Inc. 0.09781% (2030-02-15 Maturity)

Level 3 Financing, Inc. 0.11% (2029-11-15 Maturity)