Last updated: April 2023

Global Proxy Voting Policy
Key Points•••

Barings has established a Proxy Voting Policy to establish the manner in which Barings fulfills its proxyvoting responsibilities and complies with applicable regulations.
Any proxies received by Barings should be forwarded as soon as possible to the Proxy Voting Team fortimely processing and voting.
Barings has a responsibility to oversee any service providers it may engage to facilitate proxy voting on
behalf of its clients.

Introduction/ Policy Statement

As an investment adviser or manager, Barings has a fiduciary duty to vote proxies on behalf of its clients(“Clients”). Regulations that apply to Barings, including Rule 206(4)-6 of the Investment Advisers Act of 1940
applicable to US regulated investment advisers, requires that Barings adopt and implement written policies andprocedures that are reasonably designed to ensure that proxies are voted in the best interest of its Clients. The
policies and procedures must:•••

Describe how Barings addresses material conflicts that may arise between Barings' interests and thoseof its Clients;
Disclose to Clients how they may obtain information regarding how Barings voted with respect to theirsecurities; andDescribe to Clients Barings' proxy voting policies and procedures and, upon request, furnish a copy ofthe policies and procedures.

The purpose of this Global Proxy Voting Policy (“Policy”) is to establish the manner in which Barings will fulfill its
proxy voting responsibilities and comply with applicable regulatory requirements. Barings understands thatvoting proxies is part of its investment advisory and management responsibilities and believes that as a generalprinciple, proxies should be acted upon (voted or abstained) solely in the best interests of its Clients (i.e., in amanner that is most likely to enhance the economic value of the underlying securities held in Client accounts).
No Barings associate (“Associate”), officer, board of managers/directors of Barings or its affiliates (other thanthose assigned such responsibilities under the Policy) can influence how Barings votes proxies, unless such
person has been requested to provide assistance from an authorized investment person or designee (“Proxy
Analyst”) or from a member of the Governance and Conflicts Committee (“GCC”) and has disclosed any known
Material Conflict, as discussed in the Procedures section below.
It should be noted that exercising rights related to preferred and private equity, equity related to distressedissuers or where Barings is involved in restructuring or refinancing efforts with an issuer are not covered by thisPolicy. Exercising rights for these types of securities and in these situations is handled by the relevant
investment team, as it is Barings belief that they are in the best position to exercise these rights given theiraccess to confidential or material non-public information. Such rights may also be subject to certain contractualor legal obligations that apply to Barings and its Clients.

Requirements

Standard Proxy Procedures

Barings engages a proxy voting service provider (“Service Provider”) responsible for processing and maintaining
records of proxy votes. In addition, the Service Provider, a recognized authority on proxy voting and corporate
governance, provides research and recommendations (including environmental, social and governance topics)
on proxies to Barings as its research provider (“Research Provider”). Barings' policy is to generally vote all Client
proxies for which it has proxy voting discretion in accordance with the recommendations of the Research
Provider or with the Research Provider’s proxy voting guidelines (“Guidelines”), in absence of arecommendation. In circumstances where the Research Provider has not provided a recommendation, theproxy will be analyzed on a case-by-case basis.
Global Proxy Voting Policy-1External recipients should note that, given the proprietary nature of this document, Barings asks that it is not distributed to any other parties without our prior written consent andpresume said document was provided for the external recipient’s internal review and consideration only. These policies and procedures may be subject to change and/or
modified in whole or in part without prior notice. Policies and procedures are presumed to be general operating documents and as such, exceptions may be granted by therelevant Barings Chief Compliance Officer or designee.

Barings recognizes that there may be times when it is in the best interests of Clients to vote proxies: (i) against
the Research Provider’s recommendations; or (ii) in instances where the Research Provider has not provided a
recommendation, against the Guidelines. Barings can vote, in whole or part, against the Research Provider’srecommendations or Guidelines as it deems appropriate. Procedures are designed to ensure that votes against
the Research Provider’s recommendations or Guidelines are made in the best interests of Clients and are not
the result of any material conflict of interest (“Material Conflict”). For purposes of this Policy, a Material Conflictis defined as any position, relationship or interest, financial or otherwise, of Barings or Associate that could
reasonably be expected to affect the independence or judgment concerning proxy voting.

Review of Service Provider/Research Provider

In determining whether to retain, or continue the retention of, the Service Provider and/or Research Provider
Barings should consider, among other things:(i)
if the Service Provider and/or Research Provider have the capacity and competency toadequately analyze the matters for which Barings is responsible for voting by, for example,
reviewing the adequacy and quality of the Service Provider’s and/or Research Provider’s staffing,personnel, and/or technology;(ii)
if the Research Provider has an effective process for seeking timely input from issuers andResearch Provider clients with respect to such matters as its proxy voting policies,
methodologies, and if applicable, its peer group constructions. If peer group comparisons are acomponent of the Research Provider’s substantive evaluation, Barings should consider how the
Research Provider incorporates appropriate input in formulating its methodologies andconstruction of issuer peer groups, and how, in constructing peer groups, the Research Provider
takes into account the unique characteristics regarding the issuer, to the extent available, such as
the issuer’s size; its governance structure; its industry and any particular practices unique to thatindustry; and its history;(iii)
whether the Research Provider has adequately disclosed to Barings its methodologies informulating voting recommendations, such that Barings can understand the factors underlying the
Research Provider’s voting recommendations. In addition, Barings should consider the nature of
any third-party information sources that the Research Provider uses as a basis for its voting
recommendations;(iv)
whether the Research Provider has adequate policies and procedures to identify, disclose, andaddress actual and potential conflicts of interest, including (1) conflicts relating to the provision ofproxy voting recommendations and proxy voting services generally, (2) conflicts relating toactivities other than providing proxy voting recommendations and proxy voting services, and (3)conflicts presented by certain affiliations;(v)
the effectiveness of the Research Provider’s firm’s policies and procedures for obtaining current
and accurate information relevant to matters included in its research and on which it makes voting
recommendations. In assessing such matters, Barings should consider: the Research Provider’sengagement with issuers, including the firm’s process for ensuring that it has complete andaccurate information about the issuer and each particular matter, and the firm’s process, if any,
for investment advisers to access the issuer’s views about the firm’s voting recommendations in atimely and efficient manner; and(vi)
Barings should consider requiring the Research Provider to update Barings regarding businesschanges Barings considers relevant (i.e., with respect to the Research Provider’s capacity andcompetency to provide independent proxy voting advice or carry out voting instructions), andshould consider whether the Research Provider appropriately updates its methodologies,
guidelines, and voting recommendations on an ongoing basis, including in response to feedback
from issuers and their shareholders.

Other Considerations
There could be circumstances where Barings is unable or determines not to vote a proxy on behalf of its Clients.
The following is a non-inclusive list of examples whereby Barings may decide not to vote proxies on behalf of its
Clients:•

The cost of voting a proxy for a foreign security outweighs the expected benefit to the Client, so long as
refraining from voting does not materially harm the Client;

Global Proxy Voting Policy-2External recipients should note that, given the proprietary nature of this document, Barings asks that it is not distributed to any other parties without our prior written consent andpresume said document was provided for the external recipient’s internal review and consideration only. These policies and procedures may be subject to change and/or
modified in whole or in part without prior notice. Policies and procedures are presumed to be general operating documents and as such, exceptions may be granted by therelevant Barings Chief Compliance Officer or designee.

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Barings is not given enough time to process the vote (i.e. receives a meeting notice and proxy from theissuer too late to permit voting);
Barings may hold shares on a company's record date, but sells them prior to the company's meeting
date;
Barings has outstanding sell orders on a particular security and the decision to refrain from voting may
be made in order to facilitate such sale;
The underlying securities have been lent out pursuant to a security lending program; or
The company has participated in share blocking, which would prohibit Barings ability to trade or loan
shares for a period of time.

Administration of Proxy Voting
Barings has designated the Proxy Voting Team to ensure the responsibilities set forth in this Policy are satisfied.

Handling of Proxies
Proxy statements and ballots are typically routed directly to Barings' proxy voting Service Provider. In the eventthat an Associate receives a proxy statement or ballot, the Associate should immediately forward the statement
or ballot to the Proxy Voting Team who will record receipt of the proxy, route the materials for review, maintaina record of all action taken and process votes.

Voting of Proxies
Typically, Barings will vote all Client proxies for which it has proxy voting discretion, where no Material Conflictexists, in accordance with the Research Provider’s recommendation or Guidelines, unless: (i) Barings is unable
or determines not to vote a proxy in accordance with the Policy; or (ii) a Proxy Analyst determines that it is in the
Clients’ best interests to vote against the Research Provider’s recommendation or Guidelines. In the event a
Proxy Analyst believes a proxy should be voted against the Research Provider's recommendations or
Guidelines, the Proxy Voting Team will vote the proxy in accordance with the Proxy Analyst's recommendation
so long as (i) no other Proxy Analyst disagrees with such recommendation; and (ii) no known Material Conflict is
identified by the Proxy Analyst(s) or the Proxy Voting Team. If a Material Conflict is identified by a Proxy Analyst
or the Proxy Voting Team, the proxy will be submitted to the GCC to determine how the proxy is to be voted inorder to achieve the Clients' best interests.
Pre-vote communications with proxy-solicitors are prohibited. In the event that a pre-vote communication
occurs, it should be reported to the GCC, the relevant Head of Compliance and/or General Counsel prior tovoting. Any questions or concerns regarding proxy-solicitor arrangements should be addressed to the relevant
Head of Compliance and/or General Counsel, or the respective designees.

Oversight
Compliance will review the Policy at least annually and recommend any necessary changes to Barings' GCC.
Compliance or the GCC will be responsible for (ii) approving proxy voting forms as needed; and (iii) reviewing
and approving any proposed changes to disclosures. In addition to the above, the Proxy Voting Team will
provide materials to the relevant Barings’ governance committees or Compliance on the following matters:(i) The extent to which potential credible factual errors, potential incompleteness, or potential methodologicalweaknesses in the Service Provider and or Research Provider (that Barings becomes aware of anddeems relevant) are materially affecting the research or recommendations that Barings used or is using
in voting;(ii) Confirm to Compliance that it believes that Barings is casting votes on behalf of its clients consistently
with the Policy. This confirmation will be based on the Proxy Voting Team, at least annually, sampling
the proxy votes cast on behalf of its clients. The review will consist of sampling of proxy votes that relate
to proposals that may require more issuer-specific analysis (e.g., mergers and acquisition transactions,dissolutions, conversions, or consolidations ) and providing the results of this testing to Compliance. Any
identified issues will be escalated as necessary to the relevant governance committee;(iii) Periodically reviewing the Service Provider’s guidelines used in the voting of proxies and notify the
GCC of any material changes;(iv) Confirm that Barings is casting votes when a conflict of interest exists in compliance with the Policy;
Global Proxy Voting Policy-3External recipients should note that, given the proprietary nature of this document, Barings asks that it is not distributed to any other parties without our prior written consent andpresume said document was provided for the external recipient’s internal review and consideration only. These policies and procedures may be subject to change and/or
modified in whole or in part without prior notice. Policies and procedures are presumed to be general operating documents and as such, exceptions may be granted by therelevant Barings Chief Compliance Officer or designee.

(v) Escalating any issues relating to proxy voting identified during internal or external audits orassessments or reviews to Compliance and or the relevant governance committee; and(vi) In circumstances where either the Proxy Voting Team has not provided a recommendation or has notcontemplated an issue within its Guidelines and the proxy is analyzed on a case-by-case basis, or thematter subject to the proxy was contested or highly controversial, considering whether a higher degreeof analysis was necessary to assess whether any votes cast on behalf of Barings’ clients were cast in
the clients’ best interest will be presented to the GCC.

New Account Procedures
Investment management agreements generally delegate the authority to Barings to vote proxies in accordancewith its Policy. In the event that an investment management agreement is silent on proxy voting, Barings should
obtain written instructions from the Client as to their voting preference. However, when the Client does notprovide written instructions as to their voting preference, Barings will assume proxy voting responsibilities. In theevent that a Client makes a written request regarding proxy voting, Barings will vote as instructed.

Required Disclosures and Client Request for Information
Barings will include a summary of this Policy in the Form ADV Part 2A for its US registered investment advisers,
as well provide instructions as to how a Client may request a copy of this Policy and/or a record of how Barings
voted the Client’s proxies. Requests will be directed to the Proxy Voting Team, who will provide the information
to the appropriate client service representative in order to respond to the Client in a timely manner.

Conflict Resolution and Escalation Process

Associates should immediately report any issues they believe are a potential or actual breach of this Policy totheir relevant business unit management and to the relevant Chief Compliance Officer (or relevant designee).
The relevant Chief Compliance Officer (or relevant designee) will review the matter and determine whether theissue is an actual breach and whether to grant an exception, and/or the appropriate course of action. Whenmaking such determination, the relevant Chief Compliance Officer (or relevant designee) may, as part of his/her
review, discuss the matter with relevant business unit management, members of the Senior Leadership Team,governance committees or other parties (i.e. legal counsel, auditor, etc.).
The relevant Compliance Department can grant exceptions to any provision of this Policy so long as suchexceptions are consistent with the purpose of the Policy and applicable law, are documented and such
documentation is retained for the required retention period. Any questions regarding the applicability of thisPolicy should be directed to the appropriate Compliance Department or the relevant Chief Compliance Officer(or relevant designee).

Global Proxy Voting Policy-4External recipients should note that, given the proprietary nature of this document, Barings asks that it is not distributed to any other parties without our prior written consent andpresume said document was provided for the external recipient’s internal review and consideration only. These policies and procedures may be subject to change and/or
modified in whole or in part without prior notice. Policies and procedures are presumed to be general operating documents and as such, exceptions may be granted by therelevant Barings Chief Compliance Officer or designee.