Barings Global Advisers Limited

Item 5 – Fees and Compensation

 Advisory Fees:

       I. Institutional Separate Accounts

       BGA does not offer investment advice to institutional separate accounts in a standardized format. Instead,
       it offers investment advice to institutional clients in customized mandates, as described above. Fees for
       these accounts are negotiated on a case-by-case basis, but generally are based on the assets being
       managed by BGA, payable on a quarterly basis in arrears. Fees for these accounts are billed by invoice by
       BGA directly to the vehicle set up for the mandate (or, if none, to the client). Where a third party
       administrator has been appointed in relation to an account, such administrator calculates and deducts fees
       in accordance with the investment advisory agreement. Like fees, other terms of the investment advisory
       agreement, such as termination and notice requirements, are negotiated on a case-by-case basis.

       BGA also expects to offer investment advice to private investment fund clients. These services will be
       provided pursuant to written investment advisory agreements between BGA and the client. Fees for these

Form ADV Part 2A – Firm Brochure
Applicant: Barings Global Advisers Limited
SEC File Number: 801-73074
Date: March 29, 2019

       accounts will be calculated and deducted from such client’s assets by the third party administrator in
       accordance with the investment advisory agreement and will generally be payable in arrears. Fees will
       typically be calculated monthly or quarterly pursuant to the investment advisory agreement.

       It is anticipated that clients of BGA may enter into agreements with other service providers such as
       custodians or administrators, and such service providers may charge the clients additional fees. It is
       expected that investors in private investment funds or registered investment companies managed or sub-
       advised by BGA will pay additional fund related fees. Clients may also pay certain brokerage and
       transaction fees in connection with investment activity in their portfolios. For a discussion of these
       brokerage and transaction fees, please refer to Item 12 – Brokerage Practices.

       BGA does not have any arrangements whereby it or its supervised persons are paid for the sale of
       securities or other products.

       II. Affiliate Accounts

       BGA manages certain investment portfolios of its ultimate parent company, MassMutual (and certain of
       its affiliated companies), on a sub-advisory and investment management basis. BGA charges asset based
       fees in relation to those accounts.

       III. Registered Investment Companies

       BGA acts as a sub-adviser and/or investment manager to certain open-end and closed-end investment
       companies, which are registered with the SEC under the 1940 Act. Complete information concerning each
       SEC-registered investment company, including advisory and sub-advisory fees, minimum account
       requirements (if any) and termination provisions, will be disclosed in the prospectus and/or statement of
       additional information of such SEC-registered investment company.

       IV. Private Investment Funds

       BGA provides investment advisory and management services to private investment funds or other
       investment or finance entities. Management services for these accounts may include BGA serving as
       adviser, sub-adviser, collateral manager, portfolio manager or co-manager. Fees and other terms are
       negotiated on a fund-by-fund basis. Fees for each private investment fund managed by BGA will be
       disclosed in the offering materials for such private investment fund. Additional information pertaining to
       any private funds managed will also be filed on Part 1 of Form ADV.

Item 7 – Types of Clients

       BGA provides a broad range of investment advisory and management services to sophisticated investors
       including investment companies registered with the SEC pursuant to the 1940 Act, private investment
       funds, insurance companies, and foundations. It is anticipated that, in due course, they will also include,
       among others, pension plans, family offices, endowments, government entities and agencies, and banks.

       BGA’s institutional investment strategies have minimum investment requirements. In general, for
       separate or individually-managed institutional accounts, the minimum investment required is
       approximately $125 million. BGA may also decide to offer commingled investment vehicles for some of
       its strategies; the minimum investment requirement for these vehicles will be determined on a case-by-
       case basis. BGA retains the ability to waive the minimum investment requirement in its sole discretion.

 Customer Identification Program Notice:

       To help fight the funding of terrorism and money laundering activities, the laws of the United Kingdom,
       European Union and U.S. federal law require financial institutions, including BGA, to obtain, verify and
       record information that identifies each investor and person who opens an account on behalf of an investor.
       This means that BGA may request from such person his or her name, address, date of birth, social
       security or other government issued identification number and any other such information as determined
       necessary to allow BGA to identify him or her. BGA may also ask for identifying documents so that it
       can verify his or her or an institution’s identity and may also verify the identity through non-documentary
       means, such as through the comparison of the information provided by such person with information
       provided by public databases or other sources. If a person refuses or is unable to provide the information
       requested, BGA in its discretion may refuse to open an account for the investor. In some instances BGA
       appoints third party custodians and administrators to undertake these functions on BGA’s behalf.