Babson Capital Funds Trust

N-Q 1 d922181dnq.htm BABSON CAPITAL FUNDS TRUST Babson Capital Funds Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

811-22845

Investment Company Act File Number

Babson Capital Funds Trust

(Exact Name of Registrant as Specified in Charter)

550 South Tryon Street, Suite 3300, Charlotte, NC 28202

(Address of Principal Executive Offices)

Janice M. Bishop

Vice President, Secretary and Chief Legal Officer

c/o Babson Capital Management LLC

Independence Wharf

470 Atlantic Avenue, Boston MA 02210

(Name and Address of Agent for Services)

(704) 805-7200

(Registrant’s Telephone Number, Including Area Code)

June 30

Date of Fiscal Year End

March 31

Date of Reporting Period

Item 1. Schedule of Investments

Babson Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2015


	EFFECTIVE INTEREST RATE ‡			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
*Fixed Income — 89.2%:**

*Bank Loans — 76.1%§:**

*Aerospace and Defense — 0.9%:**
TransDigm Group, Inc.		3.75	%		2/28/2020		492,443	$	490,539	$	491,276
TransDigm Group, Inc.		3.75			6/4/2021		655,628		650,369		653,694

Total Aerospace and Defense							1,148,071		1,140,908		1,144,970

*Automobile — 2.5%:**
Gates Global, Inc.		4.25			7/5/2021		997,494		992,506		993,135
RAC Finance (Holdings) Ltd.+		4.75			12/17/2021		997,500		1,490,850		1,484,323
RAC Finance (Holdings) Ltd.+		8.25			12/17/2022		500,000		791,075		741,700

Total Automobile							2,494,994		3,274,431		3,219,158

*Beverage, Food and Tobacco — 1.2%:**
Del Monte Foods, Inc.		4.25			2/18/2021		247,500		246,457		235,202
Deoleo S.A.+		4.50			5/12/2021		500,000		676,861		511,921
JBS USA Holdings, Inc.		3.75			9/18/2020		492,500		493,488		492,195
Telepizza SA+		7.00			10/20/2020		250,000		315,119		267,065

Total Beverage, Food and Tobacco							1,490,000		1,731,925		1,506,383

*Broadcasting and Entertainment — 4.4%:**
All3Media International+		5.25			6/30/2021		1,500,000		2,300,794		2,207,166
All3Media International+		8.25			6/30/2022		500,000		671,133		532,652
Charter Communications Operating LLC		3.00			1/3/2021		493,719		492,687		491,788
Cumulus Media Holdings, Inc.		4.25			12/23/2020		1,352,647		1,337,362		1,326,609
Learfield Communications, Inc.		4.50			10/9/2020		414,369		413,929		415,579
Telecommunications Management LLC		4.75			4/30/2020		20,761		20,761		20,605
Univision Communications, Inc.		4.00			3/1/2020		736,649		735,639		734,808

Total Broadcasting and Entertainment							5,018,145		5,972,305		5,729,207

*Buildings and Real Estate — 0.9%:**
Alison Bidco Sarl+		5.50			8/29/2021		295,772		293,048		289,363
DTZ US Borrower LLC		5.50			11/4/2021		316,123		311,517		317,704
Jeld-Wen, Inc.		5.25			10/15/2021		508,757		503,988		510,869

Total Buildings and Real Estate							1,120,652		1,108,553		1,117,936

*Cargo Transport — 0.7%:**
Direct ChassisLink, Inc.¤		8.25			11/12/2019		494,048		488,282		477,991
Direct ChassisLink, Inc. (Add-On Facility)¤		8.25			11/12/2019		504,445		504,443		488,051

Total Cargo Transport							998,493		992,725		966,042

*Chemicals, Plastics and Rubber — 3.0%:**
Chromaflo Technologies Corp.		4.50			12/2/2019		618,576		619,457		612,390
Colouroz Investment 1 GmbH+		4.75			9/7/2021		643,260		637,268		640,578
Ineos US Finance LLC		4.25			3/31/2022		500,000		544,215		536,770
Styrolution Group GmbH+		6.50			11/7/2019		598,500		735,869		646,131
Univar, Inc.		5.00			6/30/2017		987,136		985,814		984,807
Vantage Specialty Chemicals, Inc.		5.00			2/10/2019		492,413		491,492		491,182

Total Chemicals, Plastics and Rubber							3,839,885		4,014,115		3,911,858

*Containers, Packaging and Glass — 3.9%:**
BWAY Holding Co., Inc.		5.50			8/14/2020		232,824		230,729		234,861
CD&R Millennium Holdco 6 Sarl+		4.50			7/31/2021		376,270		375,322		372,428
Chesapeake Corp.		4.25			9/30/2020		1,141,113		1,140,718		1,133,981
Consolidated Container Co. LLC		7.75			1/3/2020		188,280		185,029		174,159
Coveris		5.25			5/8/2019		383,787		382,337		385,388
Coveris		5.75			5/8/2019		493,750		678,757		533,119
Hilex Poly Co. LLC		6.00			12/5/2021		405,858		401,931		408,901
Libbey Glass, Inc.		3.75			4/9/2021		870,884		868,965		865,441

See accompanying Notes to Schedule of Investments.

Babson Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2015


	EFFECTIVE INTEREST RATE ‡			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):

Containers, Packaging and Glass (continued):
Onex Wizard Acquisition Co. I Sarl+		5.25	%		3/13/2022		500,000	$	566,742	$	542,534
Onex Wizard US Acquisition, Inc.+		5.25			3/13/2022		446,184		443,965		449,807

Total Containers, Packaging and Glass							5,038,950		5,274,495		5,100,619

*Diversified/Conglomerate Manufacturing — 2.9%:**
Capital Safety North America Holdings, Inc.		3.75			3/29/2021		345,211		344,835		339,170
Capital Safety North America Holdings, Inc.		6.50			3/28/2022		251,661		251,383		246,207
Information Resources, Inc.		4.75			9/30/2020		157,046		156,423		158,093
Pelican Products, Inc.		5.25			4/10/2020		997,481		995,023		993,122
Quality Home Brands Holdings LLC		7.75			5/25/2018		260,377		258,496		259,075
Rexnord LLC		4.00			8/21/2020		997,469		997,468		996,770
STS Operating, Inc.		4.75			2/12/2021		313,723		314,026		309,802
West Corp.		2.25			7/1/2019		511,258		494,309		499,755

Total Diversified/Conglomerate Manufacturing							3,834,226		3,811,963		3,801,994

*Diversified/Conglomerate Service — 7.6%:**
Aquilex Holdings LLC		5.00			12/31/2020		197,640		197,231		195,170
Atrium Innovations, Inc.+		4.25			2/13/2021		829,833		828,481		812,199
EIG Investors Corp.		5.00			11/9/2019		593,994		596,057		595,853
Garda World Security Corp.+		4.00			11/6/2020		1,172,182		1,164,687		1,165,348
Go Daddy Operating Company LLC		4.75			5/13/2021		864,604		861,133		867,570
Internet Brands, Inc.		8.50			7/8/2022		400,000		396,353		390,000
MPH Acquisition Holdings LLC		3.75			3/31/2021		783,730		782,018		780,791
Northgate Information Solutions Ltd.+		4.00			3/18/2018		505,082		676,714		526,797
Northgate Information Solutions Ltd.+		4.50			3/18/2018		502,538		673,366		524,143
Power Team Services LLC		8.25			11/6/2020		500,000		495,952		486,250
RP Crown Parent LLC		6.00			12/21/2018		549,594		551,381		540,778
RP Crown Parent LLC		11.25			12/20/2019		678,571		691,023		612,838
Sabre, Inc.		4.50			2/19/2019		740,608		736,015		740,423
SkillSoft Corp.		5.75			4/28/2021		947,464		941,768		935,621
Triple Point Technology, Inc.		5.25			7/10/2020		346,778		319,940		312,967
Triple Point Technology, Inc.††		9.25			7/10/2021		145,676		135,756		124,553
Vogue International, Inc.		5.75			2/14/2020		144,020		142,837		144,920

Total Diversified/Conglomerate Service							9,902,314		10,190,712		9,756,221

*Ecological — 1.4%:**
Biffa Waste Services Ltd.+		5.00			1/30/2018		1,000,000		1,653,098		1,432,416
Emerald 3 Ltd.+		8.00			5/31/2022		390,426		386,876		374,809

Total Ecological							1,390,426		2,039,974		1,807,225

*Electronics — 1.6%:**
Freescale Semiconductor, Inc.		4.25			2/28/2020		738,131		738,131		739,253
Kronos, Inc.		4.50			10/30/2019		196,597		195,461		196,808
Magic Newco LLC+		5.00			12/12/2018		95,377		95,377		95,444
Renaissance Learning, Inc.		4.50			4/9/2021		997,481		981,272		975,866

Total Electronics							2,027,586		2,010,241		2,007,371

*Finance — 7.4%:**
AssuredPartners Capital, Inc.		5.00			3/31/2021		306,306		304,984		305,350
AssuredPartners Capital, Inc.		7.75			4/2/2022		136,522		135,320		131,061
Confie Seguros Holdings II Co.		5.75			11/9/2018		535,462		533,500		533,791
Cunningham Lindsey US, Inc.		9.25			6/10/2020		748,546		750,150		724,219
Evertec Group LLC		3.50			4/17/2020		669,717		659,525		657,582
Eze Castle Software, Inc.		4.00			4/6/2020		1,000,000		994,374		994,170
Intertrust Group Holding B.V.+		8.00			4/16/2022		692,451		871,756		727,178

See accompanying Notes to Schedule of Investments.

Babson Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2015


	EFFECTIVE INTEREST RATE ‡			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):

Finance (continued):
Moneygram International, Inc.		4.25	%		3/27/2020		1,086,530	$	1,009,521	$	1,024,391
National Financial Partners Corp.		4.50			7/1/2020		132,197		132,197		131,729
P2 Newco Acquisition, Inc.		5.50			10/22/2020		406,699		403,453		405,682
P2 Newco Acquisition, Inc.		9.50			10/22/2021		500,000		495,882		488,750
SAM Finance Lux Sarl+		5.00			12/17/2020		343,568		554,654		510,128
Sedgwick, Inc.		3.75			3/1/2021		495,000		493,952		488,689
Sedgwick, Inc.		6.75			2/28/2022		561,418		560,791		545,979
TransUnion LLC		4.00			4/9/2021		992,487		987,880		991,872
VFH Parent LLC		5.75			11/6/2019		648,799		644,644		650,421
Wall Street Systems Delaware, Inc.		4.50			4/30/2021		254,851		253,741		253,419

Total Finance							9,510,553		9,786,324		9,564,411

*Healthcare, Education and Childcare — 7.8%:**
Accellent, Inc.		4.50			3/12/2021		941,470		939,242		934,409
Britax US Holdings, Inc.		4.50			10/15/2020		434,127		432,398		338,619
CareCore National LLC		5.50			3/5/2021		681,340		680,894		684,746
Drumm Investors LLC		6.75			5/4/2018		871,760		865,201		879,937
Heartland Dental LLC		5.50			12/21/2018		387,095		385,660		385,643
Kindred Healthcare, Inc.		4.25			4/9/2021		702,557		697,289		705,409
Ortho-Clinical Diagnostics, Inc.		4.75			6/30/2021		1,048,985		1,039,710		1,038,002
PharMedium Healthcare Corp.		4.25			1/28/2021		595,776		592,877		589,819
Phibro Animal Health Corp.		4.00			4/16/2021		177,268		176,884		175,864
PRA Holdings, Inc.		4.50			9/23/2020		694,902		689,438		696,424
Rodenstock GmbH+		4.50			5/31/2019		500,000		667,051		534,152
Synarc-Biocore Holdings LLC		5.50			3/10/2021		495,000		490,776		480,150
Synarc-Biocore Holdings LLC		9.25			3/10/2022		500,000		495,641		455,000
Tecomet, Inc.		5.75			12/5/2021		978,233		947,033		953,777
Tunstall Group Holdings Ltd.+		5.00			10/16/2020		500,000		793,089		632,299
Valeant Pharmaceuticals International		4.00			3/10/2022		258,145		256,855		259,230
Valeant Pharmaceuticals International		4.00			3/13/2022		337,023		335,338		338,439

Total Healthcare, Education and Childcare							10,103,681		10,485,376		10,081,919

*Home and Office Furnishings, Housewares, and Durable Consumer Products — 0.4%:**
Leslie’s Poolmart, Inc.		4.25			10/16/2019		541,330		541,330		537,719

*Hotels, Motels, Inns and Gaming — 0.6%:**
Cyan Blue Holdco 3 Ltd.+		6.50			1/28/2022		500,000		730,487		738,919

*Insurance — 2.1%:**
AmWINS Group LLC		5.50			9/6/2019		151,758		151,468		152,897
Asurion LLC		5.00			5/24/2019		970,524		969,794		972,678
Hub International Ltd.		4.00			10/2/2020		1,234,420		1,228,070		1,223,397
USI, Inc.		4.25			12/27/2019		237,749		235,742		237,849
York Risk Services Holding Corp.		4.75			10/1/2021		193,164		191,802		192,358

Total Insurance							2,787,615		2,776,876		2,779,179

*Leisure, Amusement, Entertainment — 2.2%:**
AP NMT Acquisition B.V.+		7.00			8/13/2021		497,500		605,210		532,530
Delta 2 (Lux) Sarl+		4.75			7/30/2021		987,247		983,769		980,662
SeaWorld Parks & Entertainment, Inc.		3.00			5/14/2020		399,123		381,233		388,730
WMG Acquisition Corp.		3.75			7/1/2020		997,468		980,013		973,070

Total Leisure, Amusement, Entertainment							2,881,338		2,950,225		2,874,992

*Machinery Non-Agriculture, Non-Construction, Non-Electronic — 5.6%:**
Doncasters Finance US LLC		4.50			4/9/2020		964,578		962,535		965,378
Gardner Denver, Inc.		4.25			7/30/2020		795,960		781,976		754,092
Husky Injection Molding Systems Ltd.+		4.25			6/30/2021		943,171		942,303		939,785
Husky Injection Molding Systems Ltd.+		7.25			6/30/2022		565,453		543,936		552,730
Intelligrated, Inc.		4.75			7/30/2018		1,112,788		1,102,452		1,100,737

See accompanying Notes to Schedule of Investments.

Babson Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2015


	EFFECTIVE INTEREST RATE ‡			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):

Machinery Non-Agriculture, Non-Construction, Non-Electronic (continued):
Schenck Measuring and Process Technologies+		3.75	%		4/28/2017		2,000,000	$	1,920,000	$	1,880,000
Silver II US Holdings LLC		4.00			12/13/2019		945,480		940,274		895,058
TCH-2 Holding LLC		5.50			5/6/2021		108,438		107,488		108,167

Total Machinery Non-Agriculture, Non-Construction, Non-Electronic							7,435,868		7,300,964		7,195,947

*Mining, Steel, Iron and Non-Precious Metals — 2.2%:**
Arch Coal, Inc.		6.25			5/16/2018		992,364		979,517		764,617
Boomerang Tube LLC¤††		Zero Coupon			10/11/2017		245,614		241,719		135,088
H.C. Starck GmbH+		2.75			5/30/2016		1,000,000		1,171,750		1,023,650
Metal Services LLC		6.00			6/30/2017		105,551		105,551		105,067
Murray Energy Corp.		5.25			12/5/2019		393,724		392,184		385,971
Peabody Energy Corp.		4.25			9/24/2020		443,319		399,541		396,930

Total Mining, Steel, Iron and Non-Precious Metals							3,180,572		3,290,262		2,811,323

*Oil and Gas — 4.6%:**
Caelus Energy Alaska O3 LLC		8.75			4/15/2020		1,192,308		1,090,966		943,914
CITGO Holding, Inc.		9.50			5/12/2018		1,075,827		1,055,953		1,069,555
Drillships Ocean Ventures, Inc.		5.50			7/25/2021		253,964		251,660		211,186
Fieldwood Energy LLC		8.38			9/30/2020		1,725,000		1,375,451		1,258,025
Floatel International Ltd.		6.00			6/27/2020		407,497		403,888		296,964
Paragon Offshore Finance Co.+		3.75			7/18/2021		550,009		438,634		376,756
Sabine Oil & Gas LLC		8.75			12/31/2018		700,000		709,444		342,342
Seadrill Partners Finco LLC		4.00			2/21/2021		935,003		928,345		740,158
Southcross Holdings Borrower LP		6.00			8/4/2021		146,328		145,660		138,280
TPF II Power, LLC		5.50			10/2/2021		522,376		518,717		528,253

Total Oil and Gas							7,508,312		6,918,718		5,905,433

*Personal and Non-Durable Consumer Products Mfg. Only — 0.3%:**
Berlin Packaging LLC		4.50			10/1/2021		337,786		336,213		338,137
Party City Holdings, Inc.		4.00			7/27/2019		99,102		98,845		98,937

Total Personal and Non-Durable Consumer Products Mfg. Only							436,888		435,058		437,074

*Personal Transportation — 0.2%:**
Travelport Finance (Luxembourg) Sarl		5.75			9/2/2021		320,048		316,364		322,675

*Personal, Food and Miscellaneous — 0.1%:**
Redtop Acquisitions Ltd.+		8.25			6/3/2021		157,174		155,552		157,567

*Printing and Publishing — 2.5%:**
Cengage Learning Acquisitions, Inc.		7.00			3/31/2020		1,097,730		1,092,210		1,100,870
Emap B2B+		4.90			9/20/2017		221,928		346,935		326,738
Emap B2B+		4.90			10/31/2017		334,745		456,809		360,611
EMI Music Publishing Ltd.		3.75			6/29/2018		242,664		242,664		242,225
R.H. Donnelley, Inc.		9.75			12/31/2016		104,966		79,754		72,426
Springer Science+Business Media Deutschland GmbH+		4.75			8/14/2020		911,551		910,290		912,282
SuperMedia, Inc.		11.60			12/30/2016		271,042		229,913		219,544

Total Printing and Publishing							3,184,626		3,358,575		3,234,696

*Retail Stores — 4.5%:**
Abercrombie & Fitch Management Co.		4.75			8/7/2021		736,137		729,421		720,185
Advantage Sales & Marketing, Inc.		4.25			7/23/2021		996,487		993,096		995,102
BJ’s Wholesale Club, Inc.		4.50			9/26/2019		134,639		134,122		134,578
Burlington Coat Factory Warehouse Corp.		4.25			8/13/2021		448,981		446,933		451,414
Dollar Tree, Inc.		4.25			3/9/2022		458,235		455,964		462,881

See accompanying Notes to Schedule of Investments.

Babson Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2015


	EFFECTIVE INTEREST RATE ‡			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):

Retail Stores (continued):
FleetPride Corp.		5.25	%		11/19/2019		985,508	$	972,180	$	976,885
J Crew Group, Inc.		4.00			3/5/2021		1,230,992		1,164,042		1,139,628
Smart and Final Stores LLC		4.75			11/15/2019		232,483		232,023		233,211
Talbots, Inc. (The)		4.75			3/19/2020		743,117		731,494		726,397

Total Retail Stores							5,966,579		5,859,275		5,840,281

*Telecommunications — 3.5%:**
Altice Financing SA+		5.50			7/2/2019		262,305		264,473		265,911
Carros Finance Luxembourg Sarl		4.50			9/30/2021		292,252		291,568		291,887
Eircom Finco Sarl+		4.50			9/30/2019		2,000,000		2,671,908		2,116,093
ION Trading Technologies Sarl+		7.25			6/10/2022		842,143		836,311		825,999
Numericable US LLC+		4.50			5/21/2020		667,525		661,789		668,806
Sungard Availability Services Capital, Inc.		6.00			3/31/2019		234,745		233,801		205,402
Websense, Inc.		4.50			6/25/2020		92,504		92,308		92,042

Total Telecommunications							4,391,474		5,052,158		4,466,140

*Textiles and Leather — 0.6%:**
Fullbeauty Brands, Inc.		4.75			3/18/2021		743,380		739,663		741,522

*Utilities — 0.5%:**
Bayonne Energy Center LLC		5.00			8/19/2021		99,774		99,318		99,566
Calpine Construction Finance Co. LP		3.00			5/3/2020		493,719		492,685		487,083

Total Utilities							593,493		592,003		586,649

Total Bank Loans							98,546,673		102,851,557		98,345,430

*Corporate Bonds — 13.1%:**
*Banking — 0.1%:**
Lock AS+		7.00			8/15/2021		100,000		134,225		115,849

*Beverage, Food and Tobacco — 1.1%:**
EWOS Holding AS+		6.32	#		11/1/2020		1,000,000		166,715		114,826
Findus Bondco SA+		9.13			7/1/2018		100,000		139,773		113,842
Iglo Foods Bondco PLC+		4.53	#		6/15/2020		1,000,000		1,115,551		1,069,874
Twinkle Pizza PLC+		6.63			8/1/2021		100,000		169,730		156,109

Total Beverage, Food and Tobacco							2,200,000		1,591,769		1,454,651

*Buildings and Real Estate — 0.2%:**
Forestar USA Real Estate Group, Inc.^		8.50			6/1/2022		110,000		110,000		106,150
Paroc Group Oy+		5.30	#		5/15/2020		100,000		137,565		102,009
Paroc Group Oy+		6.25			5/15/2020		100,000		137,565		102,149

Total Buildings and Real Estate							310,000		385,130		310,308

*Cargo Transport — 0.4%:**
Florida East Coast Holdings Corp.^		6.75			5/1/2019		550,000		541,998		554,125

*Chemicals, Plastics and Rubber — 0.4%:**
Pinnacle Operating Corp.^		9.00			11/15/2020		500,000		535,022		505,000

*Containers, Packaging and Glass — 0.4%:**
Innovia Group Finance PLC+		5.03	#		3/31/2020		500,000		685,032		530,905

*Diversified/Conglomerate Manufacturing — 0.4%:**
Appvion, Inc.^		9.00			6/1/2020		460,000		468,090		302,450
Galapagos SA+		4.78	#		6/15/2021		200,000		272,630		212,063

Total Diversified/Conglomerate Manufacturing							660,000		740,720		514,513

*Diversified/Conglomerate Service — 0.5%:**
Carlson Travel Holdings, Inc. PIK^		7.50			8/15/2019		470,000		475,469		475,875
United Rentals North America, Inc.		4.63			7/15/2023		176,000		176,000		177,980

Total Diversified/Conglomerate Service							646,000		651,469		653,855

See accompanying Notes to Schedule of Investments.

Babson Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2015


	EFFECTIVE INTEREST RATE ‡			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):

*Finance — 2.8%:**
AA Bond Co. Ltd.+†		5.50	%		7/31/2043		150,000	$	223,140	$	224,735
Equiniti Newco 2 PLC+		6.31	#		12/15/2018		750,000		1,212,493		1,034,672
Galaxy Bidco Ltd.+		5.56	#		11/15/2019		100,000		161,022		146,857
Lowell Group Financing PLC+		5.88			4/1/2019		100,000		166,730		140,923
Marlin Intermediate Holdings PLC+		10.50			8/1/2020		500,000		841,886		817,724
Travelex Financing PLC+		6.56	#		8/1/2018		700,000		1,121,042		1,038,380
Travelex Financing PLC+		8.00			8/1/2018		100,000		158,493		155,386

Total Finance							2,400,000		3,884,806		3,558,677

*Grocery — 0.1%:**
Premier Foods Finance PLC+		5.56	#		3/16/2020		100,000		167,370		132,023

*Healthcare, Education and Childcare — 0.9%:**
Care UK Health & Social Care PLC+		5.56	#		7/15/2019		500,000		702,306		700,907
Unilabs Subholding AB+		7.32	#		7/15/2018		400,000		550,622		431,175

Total Healthcare, Education and Childcare							900,000		1,252,928		1,132,082

*Hotels, Motels, Inns and Gaming — 0.5%:**
Gala Group Finance PLC+		8.88			9/1/2018		450,000		714,097		700,059

*Insurance — 0.6%:**
Hastings Insurance Group Finance PLC+		6.56	#		10/21/2019		150,000		237,974		222,844
TIG Finco PLC+		Zero Coupon			3/2/2020		36,609		52,524		52,134
Towergate Finance PLC+		6.06	#		2/15/2018		349,000		556,657		502,175

Total Insurance							535,609		847,155		777,153

*Leisure, Amusement, Entertainment — 0.4%:**
Vougeot Bidco PLC+		5.32	#		7/15/2020		100,000		135,224		107,794
WMG Acquisition Corp.		6.25			1/15/2021		387,000		468,536		424,444

Total Leisure, Amusement, Entertainment							487,000		603,760		532,238

*Oil and Gas — 0.7%:**
Sabine Pass Liquefaction LLC^		5.63			3/1/2025		495,000		495,000		489,431
Shelf Drilling Holdings Ltd.+^		8.63			11/1/2018		438,000		356,697		358,065

Total Oil and Gas							933,000		851,697		847,496

*Personal, Food and Miscellaneous — 0.7%:**
Brakes Capital+		5.03	#		12/15/2018		100,000		136,645		108,192
Brakes Capital+		7.13			12/15/2018		300,000		515,226		451,731
Financiere Quick SAS+		4.82	#		4/15/2019		200,000		275,603		196,878
TeamSystem Holding SpA+		7.38			5/15/2020		100,000		132,559		113,632

Total Personal, Food and Miscellaneous							700,000		1,060,033		870,433

*Retail Stores — 2.0%:**
Boing Group Financing PLC+		6.63			7/15/2019		350,000		395,913		363,196
Brighthouse Group PLC+		7.88			5/15/2018		150,000		243,753		202,484
HD Supply, Inc.^		5.25			12/15/2021		1,000,000		1,026,762		1,030,000
House of Fraser Funding PLC+		8.88			8/15/2018		500,000		801,755		785,875
HSS Financing PLC+		6.75			8/1/2019		65,774		108,872		102,204
Takko Luxembourg 2 S.C.A.+		9.88			4/15/2019		100,000		132,286		45,698

Total Retail Stores							2,165,774		2,709,341		2,529,457

*Telecommunications — 0.9%:**
Numericable-SFR+		5.38			5/15/2022		100,000		138,295		112,374
Numericable-SFR+		5.63			5/15/2024		100,000		138,165		113,450
Numericable-SFR+^		6.00			5/15/2022		646,000		645,211		654,075

See accompanying Notes to Schedule of Investments.

Babson Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2015


	EFFECTIVE INTEREST RATE ‡			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):

Telecommunications (continued):
Wind Acquisition Finance SA+		4.00	%		7/15/2020		150,000	$	161,282	$	162,526
Wind Acquisition Finance SA+		4.16	#		7/15/2020		150,000		159,293		161,691

Total Telecommunications							1,146,000		1,242,246		1,204,116

Total Corporate Bonds							15,283,383		18,598,798		16,922,940

Total Fixed Income							113,830,056		121,450,355		115,268,370

*Short-Term Investment — 18.1%:**
*Bank Deposit — 18.1%:**
State Street Bank & Trust Co. Euro Time Deposit		0.01			4/1/2015		23,346,989		23,346,989		23,346,989

Total Investments							137,177,045		144,797,344		138,615,359

Other assets and liabilities – (7.3%)*											(9,476,471	)

Net Assets – 100.0%										$	129,138,888

PIK – Payment-in-kind

‡	The effective interest rates are based on settled commitment amount.

‡‡	Unless otherwise indicated, all principal amounts are denominated in United States Dollars.

*	Calculated as a percentage of net assets applicable to common shareholders.

+	Foreign security.

Distributions of investments by country of risk (excluding temporary cash investments) as a percentage of total investments in securities, is as follows:


United States	64.0	%
United Kingdom	19.2	%
Germany	5.7	%
Canada	3.0	%
Ireland	1.8	%
France	1.5	%
Netherlands	1.1	%
Spain	1.1	%
Other (Individually less than 1%)	2.6	%

Total	100.0	%

^	Security acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold in transactions exempt from registration, normally to qualified institutional buyers.

Bank loans are exempt from registration under the Securities Act of 1933, as amended, but contain certain restrictions on resale and cannot be sold publicly. These loans pay interest at rates which adjust periodically. The interest rates shown for bank loans are the current interest rates at March 31, 2015. Bank loans are also subject to mandatory and/or optional prepayment which cannot be predicted. As a result, the remaining maturity may be substantially less than the stated maturity shown.

¤	For fair value measurement disclosure purposes, security is categorized as Level 3.

††	Illiquid security.

#	Variable rate security. The interest rate shown is the rate in effect at March 31, 2015.

†	When-issued security.

See accompanying Notes to Schedule of Investments.

Babson Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2015

A summary of outstanding financial instruments at March 31, 2015 is as follows:

Forward Foreign Currency Exchange Contracts to Buy


EXPIRATION DATE	COUNTERPARTY		LOCAL CURRENCY		VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION (DEPRECIATION)
04/16/15		State Street Bank & Trust Co.	EUR	90,000		96,790		97,570	$	(780	)
04/16/15		State Street Bank & Trust Co.	GBP	180,000		266,987		269,322		(2,335	)
04/16/15		State Street Bank & Trust Co.	NOK	30,000		3,723		3,670		53

Net unrealized depreciation on forward foreign exchange contracts to buy									$	(3,062	)

Forward Foreign Currency Exchange Contracts to Sell


EXPIRATION DATE	COUNTERPARTY		LOCAL CURRENCY		VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION (DEPRECIATION)
04/16/15		State Street Bank & Trust Co.	EUR	14,030,904		15,089,511		15,237,207	$	147,696
04/16/15		State Street Bank & Trust Co.	EUR	497,500		535,035		526,253		(8,782	)
04/16/15		State Street Bank & Trust Co.	GBP	9,557,067		14,175,641		14,366,743		191,102
04/16/15		State Street Bank & Trust Co.	NOK	35,105		4,357		4,326		(31	)
04/16/15		State Street Bank & Trust Co.	NOK	926,607		114,993		117,407		2,414

Net unrealized appreciation on forward foreign exchange contracts to sell									$	332,399

Currency Legend


EUR	–	Euro
GBP	–	British Pound Sterling
NOK	–	Norwegian Krona

See accompanying Notes to Schedule of Investments.

Babson Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2015


	EFFECTIVE INTEREST RATE ‡			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
*Fixed Income — 92.4%:**

*Asset-Backed Securities — 16.3%:**

*CDO/CLO — 16.3%:**
Apidos CLO XII^		5.15	#%		4/15/2025		500,000	$	447,230	$	418,050
Apidos CLO XV^		5.76	#		10/20/2025		500,000		461,952		422,674
Atlas Senior Loan Fund Ltd.^		5.46	#		10/15/2026		800,000		730,231		725,458
Avery Point CLO Ltd. 2014-1 AE^		4.86	#		4/25/2026		500,000		460,580		435,046
BlueMountain CLO Ltd.^¤		Zero Coupon			4/30/2026		250,000		238,492		208,769
Carlyle Global Market Strategies CLO 2013-3 Ltd.^		4.85	#		7/15/2025		500,000		456,960		454,584
Carlyle Global Market Strategies CLO 2013-4 Ltd.^		4.75	#		10/15/2025		500,000		462,334		447,427
Carlyle Global Market Strategies CLO 2013-4 Ltd.^		5.45	#		10/15/2025		500,000		454,519		420,828
Dryden Senior Loan Fund^		5.61	#		4/18/2026		500,000		460,704		413,416
Dryden XXXI Senior Loan Fund^		4.51	#		4/18/2026		1,000,000		889,529		866,096
Eaton Vance CLO 2013-1 Ltd.^		5.26	#		11/13/2024		500,000		464,570		455,991
Flatiron CLO 2013-1 Ltd.^		5.61	#		1/17/2026		500,000		460,422		409,525
GoldenTree Loan Opportunities V Ltd.		Zero Coupon			10/18/2021		250,000		132,747		141,924
GoldenTree Loan Opportunities VII Ltd.^		5.51	#		4/25/2025		500,000		466,279		428,377
ING IM CLO 2013-2 Ltd.^		5.76	#		4/25/2025		500,000		465,864		430,183
ING IM CLO 2013-3 Ltd.^		4.76	#		1/18/2026		750,000		674,475		668,470
LCM XIII LP^		5.11	#		1/19/2023		750,000		701,681		688,523
LCM XV LP^		4.71	#		8/25/2024		500,000		466,543		437,984
LCM XVII LP^		4.98	#		10/15/2026		500,000		450,199		449,820
Newhaven CLO Ltd.+^		5.40	#		11/15/2028		500,000		619,102		522,807
Oak Hill Credit Partners X Ltd.^		Zero Coupon			7/20/2026		500,000		448,053		406,001
OHA Credit Partners IX Ltd.^		5.26	#		10/20/2025		500,000		467,717		456,166
Pinnacle Park CLO Ltd.^		5.20	#		4/15/2026		500,000		469,302		448,960
Silver Spring CLO Ltd.^		5.16	#		10/15/2026		1,000,000		903,445		858,070
Tyron Park CLO Ltd.^		4.65	#		7/15/2025		500,000		463,071		444,330
Voya CLO 2014-3 Ltd.^		5.26	#		7/25/2026		500,000		456,533		457,459

Total CDO/CLO							14,300,000		13,172,534		12,516,938

Total Asset-Backed Securities							14,300,000		13,172,534		12,516,938

*Bank Loans — 30.5%§:**

*Automobile — 1.3%:**
Gates Global, Inc.		4.25			7/5/2021		248,750		246,520		247,663
RAC Finance (Holdings) Ltd.+		8.25			12/17/2022		500,000		791,075		741,700

Total Automobile							748,750		1,037,595		989,363

*Beverage, Food and Tobacco — 0.4%:**
Telepizza SA+		7.00			10/20/2020		250,000		315,119		267,065

*Broadcasting and Entertainment — 1.0%:**
All3Media International+		5.25			6/30/2021		500,000		835,221		735,722

*Buildings and Real Estate — 0.5%:**
Alison Bidco Sarl+		5.50			8/29/2021		147,886		146,524		144,682
Jeld-Wen, Inc.		5.25			10/15/2021		218,967		216,914		219,875

Total Buildings and Real Estate							366,853		363,438		364,557

*Cargo Transport — 0.9%:**
Direct ChassisLink, Inc.¤		8.25			11/12/2019		494,047		488,282		477,991
Direct ChassisLink, Inc. (Add-On Facility)¤		8.25			11/12/2019		252,223		252,222		244,025

Total Cargo Transport							746,270		740,504		722,016

See accompanying Notes to Schedule of Investments.

Babson Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2015


	EFFECTIVE INTEREST RATE ‡			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):

*Chemicals, Plastics and Rubber — 0.7%:**
Styrolution Group GmbH+		6.50	%		11/7/2019		498,750	$	613,224	$	538,442

*Containers, Packaging and Glass — 1.3%:**
Consolidated Container Co. LLC		7.75			1/3/2020		94,140		91,497		87,079
Coveris		5.75			5/8/2019		493,750		678,757		533,119
Hilex Poly Co. LLC		6.00			12/5/2021		192,439		190,591		193,883
Onex Wizard US Acquisition, Inc.+		5.25			3/13/2022		210,923		209,873		212,635

Total Containers, Packaging and Glass							991,252		1,170,718		1,026,716

*Diversified/Conglomerate Manufacturing — 1.4%:**
Capital Safety North America Holdings, Inc.		3.75			3/29/2021		487,097		485,376		478,573
Capital Safety North America Holdings, Inc.		6.50			3/28/2022		125,831		125,691		123,104
Quality Home Brands Holdings LLC		7.75			5/25/2018		130,188		129,248		129,537
West Corp.		2.25			7/1/2019		377,886		365,359		369,384

Total Diversified/Conglomerate Manufacturing							1,121,002		1,105,674		1,100,598

*Diversified/Conglomerate Service — 2.7%:**
Aquilex Holdings LLC		5.00			12/31/2020		98,820		98,615		97,585
Atrium Innovations, Inc.+		4.25			2/13/2021		465,226		463,758		455,340
Internet Brands, Inc.		8.50			7/8/2022		150,000		148,632		146,250
Power Team Services LLC		8.25			11/6/2020		300,000		298,760		291,750
RP Crown Parent LLC		6.00			12/21/2018		549,594		551,382		540,778
RP Crown Parent LLC		11.25			12/20/2019		178,571		183,252		161,273
Triple Point Technology, Inc.		5.25			7/10/2020		346,778		319,940		312,967
Triple Point Technology, Inc.††		9.25			7/10/2021		50,845		47,052		43,473

Total Diversified/Conglomerate Service							2,139,834		2,111,391		2,049,416

*Ecological — 0.2%:**
Emerald 3 Ltd.+		8.00			5/31/2022		196,488		194,688		188,629

*Finance — 3.0%:**
AssuredPartners Capital, Inc.		7.75			4/2/2022		68,261		67,660		65,530
Confie Seguros Holdings II Co.		5.75			11/9/2018		225,528		224,728		224,825
First Data Corp.		3.50			3/24/2018		625,000		609,650		624,375
Intertrust Group Holding B.V.+		8.00			4/16/2022		96,225		95,584		95,785
Moneygram International, Inc.		4.25			3/27/2020		640,802		602,545		604,155
National Financial Partners Corp.		4.50			7/1/2020		66,099		66,099		65,865
P2 Newco Acquisition, Inc.		9.50			10/22/2021		103,373		102,521		101,047
Sedgwick, Inc.		3.75			3/1/2021		295,665		295,039		291,895
VFH Parent LLC		5.75			11/6/2019		213,589		212,650		214,122

Total Finance							2,334,542		2,276,476		2,287,599

*Healthcare, Education and Childcare — 2.4%:**
CareCore National LLC		5.50			3/5/2021		134,169		133,212		134,840
PRA Holdings, Inc.		4.50			9/23/2020		430,263		429,539		431,205
Synarc-Biocore Holdings LLC		5.50			3/10/2021		396,872		393,485		384,966
Synarc-Biocore Holdings LLC		9.25			3/10/2022		500,000		495,641		455,000
Tecomet, Inc.		5.75			12/5/2021		209,332		203,266		204,098
Valeant Pharmaceuticals International		4.00			3/10/2022		111,526		110,968		111,995
Valeant Pharmaceuticals International		4.00			3/13/2022		145,603		144,876		146,215

Total Healthcare, Education and Childcare							1,927,765		1,910,987		1,868,319

*Leisure, Amusement, Entertainment — 1.2%:**
AP NMT Acquisition B.V.+		7.00			8/13/2021		398,000		484,139		426,024
AP NMT Acquisition B.V.+		10.00			8/13/2022		300,000		277,737		287,064

See accompanying Notes to Schedule of Investments.

Babson Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2015


	EFFECTIVE INTEREST RATE ‡			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):

Leisure, Amusement, Entertainment (continued):
Delta 2 (Lux) Sarl+		4.75	%		7/30/2021		243,624	$	242,505	$	241,998

Total Leisure, Amusement, Entertainment							941,624		1,004,381		955,086

*Machinery Non-Agriculture, Non-Construction, Non-Electronic — 1.0%:**
Doncasters Finance US LLC		4.50			4/9/2020		241,144		240,634		241,345
Gardner Denver, Inc.		4.25			7/30/2020		497,475		488,735		471,307
TCH-2 Holding LLC		5.50			5/6/2021		54,219		53,744		54,084

Total Machinery Non-Agriculture, Non-Construction, Non-Electronic							792,838		783,113		766,736

*Mining, Steel, Iron and Non-Precious Metals — 0.9%:**
Arch Coal, Inc.		6.25			5/16/2018		744,273		734,638		573,462
Boomerang Tube LLC¤††		Zero Coupon			10/11/2017		245,614		241,717		135,088

Total Mining, Steel, Iron and Non-Precious Metals							989,887		976,355		708,550

*Oil and Gas — 3.4%:**
American Energy - Marcellus LLC		8.50			8/4/2021		60,369		59,546		44,321
Caelus Energy Alaska O3 LLC		8.75			4/15/2020		846,154		750,640		669,874
CITGO Holding, Inc.		9.50			5/12/2018		138,914		130,869		138,104
Drillships Ocean Ventures, Inc.		5.50			7/25/2021		126,982		125,830		105,593
Fieldwood Energy LLC		8.38			9/30/2020		1,124,231		811,074		819,890
Floatel International Ltd.		6.00			6/27/2020		203,748		201,944		148,482
Jonah Energy LLC		7.50			5/12/2021		173,566		171,286		153,896
Paragon Offshore Finance Co.+		3.75			7/18/2021		483,518		372,443		331,210
Seadrill Partners Finco LLC		4.00			2/21/2021		129,345		101,464		102,391
Southcross Holdings Borrower LP		6.00			8/4/2021		73,164		72,830		69,140

Total Oil and Gas							3,359,991		2,797,926		2,582,901

*Printing and Publishing — 2.2%:**
Cengage Learning Acquisitions, Inc.		7.00			3/31/2020		548,865		546,106		550,435
Emap B2B+		4.90			9/20/2017		221,927		346,935		326,738
Emap B2B+		4.90			10/31/2017		334,745		456,809		360,611
R.H. Donnelley, Inc.		9.75			12/31/2016		104,966		79,754		72,427
Springer Science+Business Media Deutschland GmbH+		4.75			8/14/2020		181,030		181,030		181,256
SuperMedia, Inc.		11.60			12/30/2016		232,720		197,657		188,503

Total Printing and Publishing							1,624,253		1,808,291		1,679,970

*Retail Stores — 1.3%:**
Maxeda DIY B.V.+		8.50			6/30/2018		551,988		664,048		534,173
Talbots, Inc. (The)		4.75			3/19/2020		497,488		486,939		486,294

Total Retail Stores							1,049,476		1,150,987		1,020,467

*Telecommunications — 3.8%:**
Altice Financing SA+		5.50			7/2/2019		761,042		762,000		771,507
Eircom Finco Sarl+		4.50			9/30/2019		1,000,000		1,329,038		1,058,046
ION Trading Technologies Sarl+		7.25			6/10/2022		894,762		888,565		877,609
IPC Corp.		5.50			8/6/2021		126,517		122,770		127,150
Sungard Availability Services Capital, Inc.		6.00			3/31/2019		117,373		116,901		102,701

Total Telecommunications							2,899,694		3,219,274		2,937,013

*Textiles and Leather — 0.4%:**
Fullbeauty Brands, Inc.		4.75			3/18/2021		321,161		318,662		320,358

*Utilities — 0.5%:**
Texas Competitive Electric Holdings Co. LLC		4.50			10/10/2017		650,000		521,147		389,838

Total Bank Loans							24,450,430		25,255,171		23,499,361

See accompanying Notes to Schedule of Investments.

Babson Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2015


	EFFECTIVE INTEREST RATE ‡			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
*Corporate Bonds — 45.6%:**

*Aerospace and Defense — 0.4%:**
CPI International, Inc.		8.75	%		2/15/2018		30,000	$	30,672	$	30,713
TransDigm, Inc.		6.50			7/15/2024		315,000		315,000		316,575

Total Aerospace and Defense							345,000		345,672		347,288

*Automobile — 3.6%:**
Allied Specialty Vehicles, Inc.^		8.50			11/1/2019		1,000,000		1,029,396		1,052,500
Dana Holding Corp.		5.50			12/15/2024		251,000		251,000		258,530
International Automotive Components Group SA^		9.13			6/1/2018		940,000		965,634		955,275
JB Poindexter & Co., Inc.^		9.00			4/1/2022		500,000		524,928		542,500

Total Automobile							2,691,000		2,770,958		2,808,805

*Banking — 0.4%:**
Lock AS+		7.00			8/15/2021		250,000		335,562		289,621

*Beverage, Food and Tobacco — 1.3%:**
Dean Foods Co.^		6.50			3/15/2023		291,000		291,000		292,455
EWOS Holding AS+		6.75			11/1/2020		200,000		273,918		213,459
Findus Bondco SA+		9.13			7/1/2018		200,000		292,353		227,684
Twinkle Pizza PLC+		6.63			8/1/2021		150,000		254,595		234,164

Total Beverage, Food and Tobacco							841,000		1,111,866		967,762

*Broadcasting and Entertainment — 4.9%:**
Harron Communications LP/Harron Finance Corp.^		9.13			4/1/2020		500,000		542,915		547,500
Nexstar Broadcasting, Inc.^		6.13			2/15/2022		350,000		350,000		358,750
RCN Telecom Services LLC/RCN Capital Corp.^		8.50			8/15/2020		775,000		778,037		821,500
Sirius XM Radio, Inc.^		5.38			4/15/2025		959,000		959,000		963,795
Townsquare Radio LLC/Townsquare Radio, Inc.^		9.00			4/1/2019		600,000		641,868		639,516
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH+		6.25			1/15/2029		100,000		133,825		121,105
Unitymedia KabelBW GmbH+		3.75			1/15/2027		300,000		335,460		316,608

Total Broadcasting and Entertainment							3,584,000		3,741,105		3,768,774

*Buildings and Real Estate — 1.5%:**
Deutsche Raststaetten Gruppe IV GmbH+		6.75			12/30/2020		100,000		135,605		116,127
Keystone Financing PLC+		9.50			10/15/2019		350,000		563,386		549,692
Paroc Group Oy+		5.30	#		5/15/2020		100,000		137,565		102,009
Paroc Group Oy+		6.25			5/15/2020		100,000		137,565		102,149
Roofing Supply Group LLC/Roofing Supply Finance, Inc.^		10.00			6/1/2020		271,000		291,425		264,903

Total Buildings and Real Estate							921,000		1,265,546		1,134,880

*Cargo Transport — 2.3%:**
Kenan Advantage Group, Inc. (The)^		8.38			12/15/2018		1,000,000		1,040,144		1,040,000
Moto Finance PLC+		6.38			9/1/2020		200,000		301,156		299,647
Moto Finance PLC+		10.25			3/15/2017		300,000		511,800		467,271

Total Cargo Transport							1,500,000		1,853,100		1,806,918

*Chemicals, Plastics and Rubber — 1.8%:**
Monitchem HoldCo 2 SA+		6.88			6/15/2022		100,000		136,455		100,536
Monitchem HoldCo 3 SA+		5.25			6/15/2021		150,000		183,877		162,094
OMNOVA Solutions, Inc.		7.88			11/1/2018		500,000		514,776		507,500
Pinnacle Operating Corp.^		9.00			11/15/2020		600,000		616,256		606,000

Total Chemicals, Plastics and Rubber							1,350,000		1,451,364		1,376,130

See accompanying Notes to Schedule of Investments.

Babson Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2015


	EFFECTIVE INTEREST RATE ‡			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):

*Containers, Packaging and Glass — 2.7%:**
Ardagh Finance Holdings SA PIK^		8.63	%		6/15/2019		344,468	$	341,607	$	358,894
Coveris Holdings SA^		7.88			11/1/2019		400,000		403,914		409,000
Innovia Group Finance PLC+		5.03	#		3/31/2020		100,000		136,078		106,181
Mustang Merger Corp.^		8.50			8/15/2021		750,000		745,995		759,375
SIG Combibloc Holdings SCA+		7.75			2/15/2023		400,000		459,340		454,659

Total Containers, Packaging and Glass							1,994,468		2,086,934		2,088,109

*Diversified Natural Resources, Precious Metals and Minerals — 0.1%:**
Cemex SAB de CV+		4.38			3/5/2023		100,000		111,980		107,659

*Diversified/Conglomerate Manufacturing — 1.6%:**
Appvion, Inc.^		9.00			6/1/2020		500,000		513,471		328,750
CTP Transportation Products LLC/CTP Finance, Inc.^		8.25			12/15/2019		448,000		458,965		461,440
Galapagos SA+		5.38			6/15/2021		175,000		219,177		193,381
West Corp.^		5.38			7/15/2022		250,000		237,885		244,375

Total Diversified/Conglomerate Manufacturing							1,373,000		1,429,498		1,227,946

*Diversified/Conglomerate Service — 1.4%:**
ADT Corp. (The)		5.25			3/15/2020		363,000		363,000		375,705
Carlson Travel Holdings, Inc. PIK^		7.50			8/15/2019		665,000		674,734		673,312

Total Diversified/Conglomerate Service							1,028,000		1,037,734		1,049,017

*Electronics — 0.6%:**
Micron Technology, Inc.^		5.25			8/1/2023		461,000		461,000		469,068

*Finance — 2.4%:**
AA Bond Co. Ltd.+†		5.50			7/31/2043		150,000		223,140		224,735
Arrow Global Finance PLC+		5.29	#		11/1/2021		100,000		123,035		108,331
Cabot Financial Luxembourg SA+		10.38			10/1/2019		100,000		174,541		163,026
E*TRADE Financial Corp.		4.63			9/15/2023		300,000		300,000		305,250
Galaxy Bidco Ltd.+		6.38			11/15/2020		100,000		161,665		149,094
Galaxy Finco Ltd.+		7.88			11/15/2021		100,000		165,436		145,676
Lowell Group Financing PLC+		5.88			4/1/2019		100,000		166,730		140,923
TMF Group Holding BV+		9.88			12/1/2019		500,000		718,885		575,366

Total Finance							1,450,000		2,033,432		1,812,401

*Grocery — 0.4%:**
Premier Foods PLC+		6.50			3/15/2021		200,000		339,546		272,575

*Healthcare, Education and Childcare — 4.1%:**
BioScrip, Inc.^		8.88			2/15/2021		500,000		517,396		449,375
Cerberus Nightingale 1 Sarl+		8.25			2/1/2020		300,000		342,738		335,075
HCA, Inc.		5.38			2/1/2025		287,000		287,000		300,991
HomeVi SAS+		6.88			8/15/2021		250,000		334,500		286,286
Priory Group No. 3 PLC+		8.88			2/15/2019		500,000		807,024		771,694
Surgical Care Affiliates, Inc.^		6.00			4/1/2023		406,000		406,000		409,045
Unilabs Subholding AB+		8.50			7/15/2018		200,000		285,490		224,190
VRX Escrow Corp.^		6.13			4/15/2025		339,000		339,000		350,865

Total Healthcare, Education and Childcare							2,782,000		3,319,148		3,127,521

*Hotels, Motels, Inns and Gaming — 0.2%:**
Gala Electric Casinos PLC+		11.50			6/1/2019		100,000		177,356		155,763

*Insurance — 0.5%:**
Hastings Insurance Group Finance PLC+		8.00			10/21/2020		100,000		159,915		156,768

See accompanying Notes to Schedule of Investments.

Babson Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2015


	EFFECTIVE INTEREST RATE ‡			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):

Insurance (continued):
TIG Finco PLC+		Zero Coupon	%		3/2/2020		15,734	$	22,574	$	22,406
Towergate Finance PLC+		8.50			2/15/2018		150,000		249,349		216,947

Total Insurance							265,734		431,838		396,121

*Leisure, Amusement, Entertainment — 2.2%:**
Allegiant Travel Co.		5.50			7/15/2019		700,000		719,359		717,500
Dometic Group AB PIK+		9.50			6/26/2019		500,000		679,458		545,690
Vougeot Bidco PLC+		7.88			7/15/2020		300,000		511,569		467,271

Total Leisure, Amusement, Entertainment							1,500,000		1,910,386		1,730,461

*Machinery Non-Agriculture, Non-Construction, Non-Electronic — 1.1%:**
KraussMaffei Group GmbH+		8.75			12/15/2020		90,000		129,932		106,159
Xerium Technologies, Inc.		8.88			6/15/2018		720,000		738,494		743,400

Total Machinery Non-Agriculture, Non-Construction, Non-Electronic							810,000		868,426		849,559

*Mining, Steel, Iron and Non-Precious Metals — 0.7%:**
Constellium NV+		7.00			1/15/2023		250,000		307,212		272,780
Murray Energy Corp.^		9.50			12/5/2020		150,000		163,857		168,000
Paprec Holding+		5.25			4/1/2022		100,000		108,105		110,213

Total Mining, Steel, Iron and Non-Precious Metals							500,000		579,174		550,993

*Oil and Gas — 4.7%:**
Baytex Energy Corp.+^		5.63			6/1/2024		350,000		285,825		320,250
California Resources Corp.^		6.00			11/15/2024		400,000		400,000		351,000
Calumet Specialty Products Partners LP/Calumet Finance Corp.^		6.50			4/15/2021		500,000		500,000		485,000
Citgo Holding, Inc.^		10.75			2/15/2020		350,000		337,968		360,500
Global Partners LP/GLP Finance Corp.^		6.25			7/15/2022		317,000		316,261		312,245
Millennium Offshore Services Superholdings LLC+^		9.50			2/15/2018		500,000		518,310		449,207
Seventy Seven Energy, Inc.		6.50			7/15/2022		440,000		440,000		200,200
Shelf Drilling Holdings Ltd.+^		8.63			11/1/2018		439,000		357,511		358,883
Sunoco LP/Sunoco Finance Corp.^		6.38			4/1/2023		579,000		579,000		596,370
Welltec A/S+^		8.00			2/1/2019		174,000		143,880		163,560

Total Oil and Gas							4,049,000		3,878,755		3,597,215

*Personal, Food and Miscellaneous — 1.5%:**
Brakes Capital+		7.13			12/15/2018		500,000		842,837		752,885
TeamSystem Holding SpA+		7.38			5/15/2020		350,000		476,462		397,713

Total Personal, Food and Miscellaneous							850,000		1,319,299		1,150,598

*Retail Stores — 3.3%:**
Boing Group Financing PLC+		6.63			7/15/2019		200,000		272,200		207,541
Brighthouse Group PLC+		7.88			5/15/2018		150,000		243,752		202,484
Family Tree Escrow LLC^		5.25			3/1/2020		50,000		51,473		52,375
Family Tree Escrow LLC^		5.75			3/1/2023		700,000		723,342		736,750
HSS Financing PLC+		6.75			8/1/2019		65,774		108,872		102,204
New Look Bondco I PLC+		8.75			5/14/2018		450,000		728,970		697,569
Pendragon PLC+		6.88			5/1/2020		100,000		171,311		155,015
Rite Aid Corp.^†		6.13			4/1/2023		323,000		323,000		331,075
Takko Luxembourg 2 S.C.A.+		9.88			4/15/2019		200,000		258,263		91,396

Total Retail Stores							2,238,774		2,881,183		2,576,409

*Telecommunications — 1.9%:**
eircom Finance Ltd.+		9.25			5/15/2020		100,000		147,913		116,933
Norcell Sweden Holding 3 AB+		5.25			11/4/2019		3,000,000		401,344		363,150
Numericable-SFR+		5.63			5/15/2024		100,000		138,165		113,450

See accompanying Notes to Schedule of Investments.

Babson Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2015


	EFFECTIVE INTEREST RATE ‡			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):

Telecommunications (continued):
Numericable-SFR+^		6.00	%		5/15/2022		315,000	$	315,000	$	318,937
UPC Holding BV+		6.75			3/15/2023		200,000		213,303		225,869
Wind Acquisition Finance SA+		4.00			7/15/2020		200,000		243,486		216,702
Wind Acquisition Finance SA+		4.07	#		7/15/2020		100,000		135,965		107,504

Total Telecommunications							4,015,000		1,595,176		1,462,545

Total Corporate Bonds							35,198,976		37,336,038		35,124,138

Total Fixed Income							73,949,406		75,763,743		71,140,437

*Short-Term Investment — 3.3%:**
*Bank Deposit — 3.3%:**
State Street Bank & Trust Co. Euro Time Deposit		0.01			4/1/2015		2,580,487		2,580,487		2,580,487

Total Investments							76,529,893		78,344,230		73,720,924

Other assets and liabilities – 4.3%*											3,292,719

Net Assets – 100.0%										$	77,013,643

PIK	Payment-in-kind

‡	The effective interest rates are based on settled commitment amount.

‡‡	Unless otherwise indicated, all principal amounts are denominated in United States Dollars.

*	Calculated as a percentage of net assets applicable to common shareholders.

+	Foreign security.

Distributions of investments by country of risk (excluding temporary cash investments) as a percentage of total investments in securities, is as follows:


United States	49.0	%
Cayman Islands	16.9	%
United Kingdom	15.2	%
Netherlands	3.1	%
Germany	2.9	%
Ireland	2.4	%
France	1.6	%
Sweden	1.6	%
Switzerland	1.3	%
United Arab Emirates	1.1	%
Canada	1.1	%
Portugal	1.1	%
Italy	1.0	%
Other (Individually less than 1%)	1.7	%

Total	100.0	%

^	Security acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold in transactions exempt from registration, normally to qualified institutional buyers.

¤	For fair value measurement disclosure purposes, security is categorized as Level 3.

††	Illiquid security.

#	Variable rate security. The interest rate shown is the rate in effect at March 31, 2015.

†	When-issued security.

See accompanying Notes to Schedule of Investments.

Babson Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2015

A summary of outstanding financial instruments at March 31, 2015 is as follows:

Forward Foreign Currency Exchange Contracts to Buy


EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY		VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION
04/16/15	State Street Bank & Trust Co.	EUR	860,000		924,886		911,217	$	13,669
04/16/15	State Street Bank & Trust Co.	GBP	120,000		177,991		176,893		1,098

Net unrealized appreciation on forward foreign exchange contracts to buy								$	14,767

Forward Foreign Currency Exchange Contracts to Sell


EXPIRATION DATE	COUNTERPARTY		LOCAL CURRENCY		VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION (DEPRECIATION)
04/16/15		State Street Bank & Trust Co.	CHF	229,686		236,477		233,184	$	(3,293	)
04/16/15		State Street Bank & Trust Co.	EUR	10,572,735		11,370,430		11,479,622		109,192
04/16/15		State Street Bank & Trust Co.	EUR	997,784		1,073,064		1,049,806		(23,258	)
04/16/15		State Street Bank & Trust Co.	GBP	5,964,022		8,846,212		8,971,173		124,961
04/16/15		State Street Bank & Trust Co.	SEK	3,144,405		365,183		371,828		6,645

Net unrealized appreciation on forward foreign exchange contracts to sell									$	214,247

Currency Legend


CHF	–	Swiss Franc
EUR	–	Euro
GBP	–	British Pound Sterling
SEK	–	Swedish Krona

See accompanying Notes to Schedule of Investments.

Tax Basis

The cost basis of investments for federal income tax purposes at March 31, 2015 for Babson Global Floating Rate Fund (“Global Floating Rate Fund”) and Babson Global Credit Income Opportunities Fund (“Global Credit Income Opportunities Fund”) (each a “Fund” and collectively the “Funds”) was as follows:


	COST OF INVESTMENTS		GROSS UNREALIZED APPRECIATION		GROSS UNREALIZED DEPRECIATION			NET UNREALIZED DEPRECIATION
Global Floating Rate Fund	$	144,818,267	$	283,575	$	(6,486,483	)	$	(6,202,908	)
Global Credit Income Opportunities Fund		78,362,230		457,027		(5,098,333	)		(4,641,306	)

Fair Value

Fair value is defined as the price that the Funds would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is utilized to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. For example, market participants would consider the risk inherent in a particular valuation technique used to measure fair value, such as a pricing model, and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following is a summary of the inputs used as of March 31, 2015 in valuing the Funds’ investments:

Global Floating Rate Fund


DESCRIPTION	LEVEL 1		LEVEL 2			LEVEL 3		TOTAL INVESTMENTS
Assets:
Fixed Income:
Bank Loans	$	—	$	97,244,300		$	1,101,130	$	98,345,430
Corporate Bonds		—		16,922,940			—		16,922,940

Total Fixed Income		—		114,167,240			1,101,130		115,268,370

Short-Term Investment:
Bank Deposit		—		23,346,989			—		23,346,989
Derivative Securities:
Forward Foreign Currency Exchange Contracts		—		341,265			—		341,265

Total Investments	$	—	$	137,855,494		$	1,101,130	$	138,956,624

Liabilities:
Derivative Securities:
Forward Foreign Currency Exchange Contracts		—		(11,928	)		—		(11,928	)

Total Investments	$	—	$	137,843,566		$	1,101,130	$	138,944,696

The following is a reconciliation of investments with unobservable inputs (Level 3) that were used in determining fair value:


INVESTMENTS IN SECURITIES	BALANCE AS OF JULY 1, 2014		REALIZED GAIN (LOSS)		CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)			NET TRANSFERS IN (OUT) OF LEVEL 3		ACCRUED PREMIUMS/ DISCOUNTS		PURCHASES		SALES			BALANCE AS OF MARCH 31, 2015		CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) FROM INVESTMENTS HELD AT MARCH 31, 2015
Fixed Income
Bank Loans	$	497,619	$	227	$	(119,713	)	$	230,526	$	2,123	$	508,257	$	(17,909	)	$	1,101,130	$	(119,713	)

Total	$	497,619	$	227	$	(119,713	)	$	230,526	$	2,123	$	508,257	$	(17,909	)	$	1,101,130	$	(119,713	)

Global Credit Income Opportunities Fund


DESCRIPTION	LEVEL 1		LEVEL 2			LEVEL 3		TOTAL INVESTMENTS
Assets:
Fixed Income:
Asset-Backed Securities	$	—	$	12,308,169		$	208,769	$	12,516,938
Bank Loans		—		22,642,257			857,104		23,499,361
Corporate Bonds		—		35,124,138			—		35,124,138

Total Fixed Income		—		70,074,564			1,065,873		71,140,437

Short-Term Investment:
Bank Deposit		—		2,580,487			—		2,580,487
Derivative Securities:
Forward Foreign Currency Exchange Contracts		—		255,565			—		255,565

Total Investments	$	—	$	72,910,616		$	1,065,873	$	73,976,489

Liabilities:
Derivative Securities:
Forward Foreign Currency Exchange Contracts		—		(26,551	)		—		(26,551	)

Total Investments	$	—	$	72,884,065		$	1,065,873	$	73,949,938

The following is a reconciliation of investments with unobservable inputs (Level 3) that were used in determining fair value:


INVESTMENTS IN SECURITIES	BALANCE AS OF JULY 1, 2014		REALIZED GAIN (LOSS)		CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)			NET TRANSFERS IN (OUT) OF LEVEL 3		ACCRUED PREMIUMS/ DISCOUNTS		PURCHASES		SALES			BALANCE AS OF MARCH 31, 2015		CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) FROM INVESTMENTS HELD AT MARCH 31, 2015
Fixed Income
Asset-Backed Securities	$	—	$	—	$	(35,920	)	$	243,875	$	814	$	—	$	—		$	208,769	$	(35,920	)

Bank Loans	$	497,619	$	227	$	(111,516	)	$	230,526	$	2,123	$	254,129	$	(16,004	)	$	857,104	$	(111,516	)

Total	$	497,619	$	227	$	(147,436	)	$	474,401	$	2,937	$	254,129	$	(16,004	)	$	1,065,873	$	(147,436	)

Derivative Instruments

The following is a description of the derivative instruments that the Funds utilize as part of their investment strategy, including the primary underlying risk exposures related to the instrument.

Forward Foreign Currency Exchange Contracts – The Funds are subject to foreign currency exchange rate risk in the normal course of pursuing their investment objectives. The Funds may use forward foreign currency exchange contracts to hedge against changes in the value of foreign currencies. The Funds may enter into forward foreign currency exchange contracts obligating the Funds to deliver or receive a currency at a specified future date. Forward contracts are valued daily and unrealized appreciation or depreciation is recorded daily as the difference between the contract exchange rate and the closing forward rate applied to the face amount of the contract. A realized gain or loss is recorded at the time the forward contract expires. Credit risk may arise as a result of the failure of the counterparty to comply with the terms of the contract. The Funds consider the creditworthiness of each counterparty to a contract in evaluating potential credit risk quarterly. The Funds are also subject to credit risk with respect to the counterparties to derivative contracts that are not cleared through a central counterparty but instead are traded over-the-counter between two counterparties. If a counterparty to an over-the-counter derivative becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Funds may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding. The Funds may obtain only a limited recovery or may obtain no recovery in such circumstances. The counterparty risk for cleared derivatives is generally lower than for uncleared over-the-counter derivative transactions since generally a clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the parties’ performance under the contract as each party to a trade looks only to the clearing house for performance of financial obligations. However, there can be no assurance that the clearing house, or its members, will satisfy its obligations to the Funds. In addition, in the event of a bankruptcy of a clearing house, the Funds could experience a loss of the funds deposited with such clearing house as margin and of any profits on its open positions. The counterparty risk to the Funds is limited to the net unrealized gain, in any, on the contract.

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the Funds’ investment securities; however, it does establish a rate of exchange that can be achieved in the future. The use of forward foreign currency exchange contracts involves the risk that anticipated currency movements will not be accurately predicted. A forward foreign currency exchange contract would limit the risk of loss due to a decline in the value of a particular currency; however, it would also limit any potential gain that might result should the value of the currency increase instead of decrease. These contracts may involve market risk in excess of the amount of receivable or payable reflected on the Statement of Assets and Liabilities.

The Funds may purchase call or put options. When a Fund purchases an option, the premium paid by the Fund is recorded as an asset and is subsequently adjusted to the current fair value of the option purchased. Purchasing call options tends to increase the Fund’s exposure to the underlying instrument. Purchasing put options tends to decrease the Fund’s exposure to the underlying instrument. Premiums paid for purchasing options that expire are treated as realized losses. Premiums paid for purchasing options that are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying security to determine the realized gain or loss. The risks associated with purchasing put and call options are potential loss of the premium paid and, in the instances of over-the-counter derivatives, the failure of the counterparty to honor its obligation under the contract.

The Funds may enter into swap options (“swaptions”). A swaption is an option to enter into a pre-defined swap agreement by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed rate buyer. Depending on the terms of the particular option agreement, a Fund generally will incur a greater degree of risk when the Fund writes a swaption than the Fund will incur when it purchases a swaption. When a Fund purchases a swaption, the Fund’s risk of loss is limited to the amount of the premium it has paid should it decide to let the swaption expire unexercised.

During the period ended March 31, 2015, the Funds’ direct investment in derivatives consisted of forward foreign currency exchange contracts and purchased options.

The following is a summary of the fair value of derivative instruments held directly by the Funds as of March 31, 2015. These derivatives are presented in the Funds’ Schedule of Investments.

Global Floating Rate Fund


ASSET DERIVATIVES	STATEMENTS OF ASSETS AND LIABILITIES LOCATION	FOREIGN EXCHANGE CONTRACTS RISK
Forward Foreign Currency Exchange Contracts	Unrealized appreciation on forward foreign currency exchange contracts	$	341,265

Total		$	341,265


LIABILITY DERIVATIVES	STATEMENTS OF ASSETS AND LIABILITIES LOCATION	FOREIGN EXCHANGE CONTRACTS RISK
Forward Foreign Currency Exchange Contracts	Unrealized depreciation on forward foreign currency exchange contracts	$	11,928

Total		$	11,928


NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OF SHARES/UNITS	FOREIGN EXCHANGE CONTRACTS RISK
Forward Foreign Currency Exchange Contracts⁽¹⁾		37,505,741

Total		37,505,741

(1)	Volume of derivative activity is based on an average of month-end notional amounts outstanding during the period.

Global Credit Income Opportunities Fund


ASSET DERIVATIVES	STATEMENTS OF ASSETS AND LIABILITIES LOCATION	FOREIGN EXCHANGE CONTRACTS RISK
Forward Foreign Currency Exchange Contracts	Unrealized appreciation on forward foreign currency exchange contracts	$	255,565

Total		$	255,565


LIABILITY DERIVATIVES	STATEMENTS OF ASSETS AND LIABILITIES LOCATION	FOREIGN EXCHANGE CONTRACTS RISK
Forward Foreign Currency Exchange Contracts	Unrealized depreciation on forward foreign currency exchange contracts	$	26,551

Total		$	26,551


NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OF SHARES/UNITS	FOREIGN EXCHANGE CONTRACTS RISK		INTEREST RATE RISK		TOTAL
Forward Foreign Currency Exchange Contracts⁽¹⁾		25,913,487		—		25,913,487
Purchased Options⁽¹⁾		—		11,100,000		11,100,000

Total		25,913,487		11,100,000		37,013,487

(1)	Volume of derivative activity is based on an average of month-end notional amounts outstanding during the period.

Item 2. Controls and Procedures

(a) The Registrant’s Principal Executive and Principal Financial Officers have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) (17CFR 270.30a-3(c)), are effective as of a date within 90 days of the filing date of the report, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d15(d)).

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) (17 CFR 270.30a-3(d)) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits

(a) Separate certifications for the Registrant’s Principal Executive Officer and Principal Financial Officer, as required by
Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), are attached hereto as Exhibit 99.CERT.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Babson Capital Funds Trust



By:		/s/ Anthony J. Sciacca

		President (Principal Executive Officer)

Date:		5/28/2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


By:		/s/ Anthony J. Sciacca

		President (Principal Executive Officer)

Date:		5/28/2015

By:		/s/ Patrick Hoefling

		Chief Financial Officer (Principal Financial Officer)

Date:		5/29/2015