N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number(s) 811-22845    

Barings Funds Trust

(Exact Name of Registrant as Specified in Charter)

300 South Tryon Street

Suite 2500

Charlotte, NC 28202

(Address of Principal Executive Offices)

Registrant’s telephone number, including area code: (704) 805-7200

Janice M. Bishop

Secretary and Chief Legal Officer

c/o Barings LLC

Independence Wharf

470 Atlantic Avenue

Boston MA 02210

(Name and Address of Agent for Service)

Date of fiscal year end: June 30

Date of reporting period: December 31, 2018

Item 1. Reports to Stockholders.

The Semi-Annual Report to Shareholders is attached hereto.

BARINGS FUNDS TRUST

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website http://www.barings.com/, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-877-766-0014.

Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-877-766-0014 to inform the Fund that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

Semi-Annual Report

December 31, 2018

BFT Service Providers

ADVISER

Barings LLC

300 South Tryon Street

Suite 2500

Charlotte, NC 28202

SUB-ADVISER

Baring International Investments Limited

20 Old Bailey

London, UK

EC4M 7BF

COUNSEL TO THE TRUST

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02110

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Deloitte & Touche LLP

30 Rockefeller Plaza

New York, NY

10112-0015

CUSTODIAN

State Street Bank & Trust Company

One Lincoln Street

Boston, MA 02111

TRANSFER AGENT AND REGISTRAR

ALPS Fund Services, Inc.

1290 Broadway

Suite 1100

Denver, CO 80203

FUND ADMINISTRATION / ACCOUNTING

State Street Bank & Trust Company

One Lincoln Street

Boston, MA 02111

FUND DISTRIBUTOR

ALPS Distributors, Inc.

1290 Broadway

Suite 1100

Denver, CO 80203

BLUE SKY ADMINISTRATION

DST Asset Manager Solutions, Inc.

2000 Crown Colony Drive

Quincy, MA 02169

PROXY VOTING POLICIES & PROCEDURES

The Trustees of Barings Funds Trust (the “Trust”) have delegated proxy voting responsibilities relating to the voting of securities held by the Trust to Barings LLC (“Barings”). A description of Barings’ proxy voting policies and procedures is available (1) without charge, upon request, by calling, toll-free 1-877-766-0014; (2) on the Trust’s website at http://www.Barings.com; and (3) on the U.S. Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

FORM N-Q

The Trust will file its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. This information is available (i) on the SEC’s website at http://www.sec.gov; and (ii) at the SEC’s Public Reference Room in Washington, DC (which information on their operation may be obtained by calling 1-800-SEC-0330). A complete schedule of portfolio holdings as of each quarter-end is available on the Trust’s website at http://www.Barings.com or upon request by calling, toll-free, 1-877-766-0014.

Daniel McGee

President,

Barings Funds Trust

Barings Funds Trust

Barings Global Floating Rate Fund

Barings Global Credit Income Opportunities Fund

Barings Active Short Duration Bond Fund

Barings Total Return Bond Fund

Barings Emerging Markets Debt Blended Total Return Fund

Barings Global Emerging Markets Equity Fund

Barings Global High Yield Fund

Barings U.S. High Yield Fund

Dear Shareholder,

Thank you for your continued trust and partnership in 2018. The past year was characterized by continued political tensions and uncertainty, contributing to an uptick in market volatility late in the fourth quarter as equities experienced a near bear-market drop. Global growth was mixed – the U.S. accelerated following large tax cuts and loosening government regulation, while Europe faltered under political turmoil and Brexit negotiations.

As we consider what lies ahead in 2019 and beyond, we see a number of potential headwinds on the horizon. While the global economy may not be headed toward a recession this year, there is certainly concern around the International Monetary Fund’s lower global growth projections. Political risk will likely remain very topical in the year ahead, particularly as uncertainty around U.S.-China trade talks continues to escalate and the path to resolving the border and immigration conflict remains murky. In Europe, Brexit negotiations are still front and center, and some investors are questioning the potential ramifications of a U.K. exit on the broader Eurozone economy.

On the positive side, despite the late-year market swings and abundance of headline events, the global economy and capital markets are holding up fairly well. In the U.S., labor markets remain strong. While European growth is expected to slow, the deceleration is unlikely to be dramatic – at the same time, unemployment in the region continues to fall. In China, although growth is slowing, the government appears to be managing the economy well.

At Barings, we look for opportunities in markets during periods of volatility and change. Throughout the ups and downs of economic and market cycles, we remain focused on delivering you, our shareholders, with strong, risk-adjusted returns.

Our mutual fund platform offers a diverse selection of institutional-quality investment vehicles that aim to meet investors’ evolving needs by providing a wide range of solutions across fixed income and equity. This was the main driver behind our decision, in 2018, to launch the Barings Global Emerging Markets Equity Fund. While our investment process remains focused on rigorous, bottom-up analysis across all asset classes, we believe this update to our platform will give investors a solution for achieving diversification as well as long-term capital growth.

On behalf of the entire Barings team, we thank you for your partnership and look forward to helping you achieve your investment objectives.

Sincerely,

Daniel McGee

President

The statements and opinions expressed are those of the author as of the date of this report. All information is historical and not indicative of future results and subject to change. This information is not a recommendation to buy or sell any security.

Cautionary Notice: Certain statements contained in this report may be “forward looking” statements. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date in which they are made and 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 Trust’s trading intent. References to specific securities are not recommendations of such securities, and may not be representative of the Trusts’ current or future investments. We undertake no obligation to publicly update these forward looking statements, whether as a result of new information, future events, or otherwise.

ALPS Distributors, Inc. is the distributor for the Barings mutual funds. ALPS and Barings are separate and unaffiliated. A prospectus can be obtained by calling 1.855.439.5459. Read the prospectus carefully before investing. Investors should carefully consider the investment objective, risks, charges and expenses of any mutual fund before investing. This and other important information is contained in the prospectus.

Barings Global Floating Rate Fund 2018 Semi-Annual Report

Investment Objective

Barings Global Floating Rate Fund (“Global Floating Rate Fund” or the “Fund”) seeks a high level of current income. Preservation of capital is a secondary goal.

Portfolio Management Commentary

How did the Fund perform?

∎ The Fund reported a net total rate of return for the reporting period from June 30, 2018 through December 31, 2018 of -1.79%, and underperformed the Credit Suisse Global Loan Benchmark, which returned -0.72%.¹

What factors influenced performance of the Fund?

∎ Over the past six months, the global loan markets had positive returns for the first four months, before turning negative in November and December.

∎ Defaults remain low, and we believe most of the decline in the last two months of the year was due to technical factors and not based on fundamentals.

∎ From a geographic perspective, the Fund’s slight overweight to European loans helped performance because the European loans in the Fund outperformed the U.S. loans.

∎ From a ratings category perspective, the Fund’s overweight to single B’s and underweight to double B’s helped performance from an allocation perspective, but credit selection within single B’s detracted from performance.

∎ Across industries, credit selection was the primary detractor to performance relative to the benchmark, particularly within the energy and retail sectors.

Describe recent portfolio activity.

∎ During the period, the Fund increased its exposure to European loans and reduced exposure to U.S. loans. For most of the period, we found more attractive opportunities in Europe than the U.S.

∎ Over the past six months, the Fund’s top three industry exposures have not changed. The Fund’s three largest sectors were health care, education and child care, diversified/conglomerate services, and chemicals, plastics and rubber. The two sectors that decreased the most during the period were mining, steel and iron and oil and gas. The two sectors that increased the most were electronics and chemicals, plastics and rubber.

∎ By ratings category, the Fund increased exposure to the B category and reduced exposure to the BB category.

Describe portfolio positioning at period end.

∎ The Fund finished the six-month reporting period, ending December 31, 2018, with 82.7% weighted to global senior secured loans, 11.6% to global senior secured high yield bonds and 5.2% to cash.

∎ From an industry perspective, the Fund remains well-diversified across a number of sectors based on Moody’s Industry Classification, with higher concentrations in health care, education and child care (12.1%), diversified/conglomerate services (9.7%), and chemicals, plastics and rubber (7.3%), as of December 31, 2018.

^1.  Total return describes the return to an investor of Class Y shares and includes the reinvestment of dividends and capital gains. Past performance is no guarantee of future results, and investment returns and the net asset value (NAV) of shares of the Fund will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than performance quoted. Call 1.855.439.5459 or visit barings.com for current month-end performance. All returns one-year or less are cumulative. The Credit Suisse Global Loan Benchmark is a market capitalization weighted average of the Credit Suisse Leveraged Loan Index and the Credit Suisse Western European Leveraged Loan Index. The Credit Suisse Leveraged Loan Index is designed to mirror the investable universe of the U.S. dollar-denominated leveraged loan market. The Credit Suisse Western European Leveraged Loan Index is designed to mirror the investable universe of the Western European leveraged loan market, with loans denominated in U.S. and Western European currencies. Indexes are unmanaged. It is not possible to invest directly in an index.

2

Barings Global Floating Rate Fund 2018 Semi-Annual Report

∎ As of December 31, 2018, the Fund had the following credit quality breakdown: 0.9% in BBB assets, 21.8% in BB assets, 62.8% in single-B credits and 5.3% to CCC and below assets. Approximately 4.0% of the Fund’s assets are not publicly rated. Cash and accrued assets accounted for the remaining 5.2% of the portfolio assets.²

∎ The top five countries in the portfolio at the end of the annual reporting period are the United States (57.5%), the United Kingdom (11.7%), Germany (9.2%), France (3.9%) and the Netherlands (3.8%). Overall, the Fund has exposure to 18 different countries, and we continue to focus on building a well-diversified portfolio of global floating rate securities.

Describe market and portfolio outlook.

∎ We believe that the volatility and sentiment in the global loan markets was driven by several factors including trade wars, Brexit and monetary policy. However, on a fundamental basis, we believe issuers continue to generate modest top and bottom-line growth with leverage remaining at healthy and sustainable levels. Default rates are below historical averages and we expect this to continue into 2019. While crude oil prices and geopolitical events may continue to cause further market price volatility, we believe this represents an opportunity for investors in global loans.

^2.  Ratings shown are the highest ratings given by one of the following national rating agencies: S&P, Moody’s or Fitch. Additional information about ratings can be found, respectively, at www.standardandpoors.com, www.moodys.com and www.fitchratings.com. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings categories used by S&P and Fitch. BB, B, CCC/CC/C and D are below investment grade ratings categories used by S&P and Fitch. Aaa, Aa, A and Baa are investment grade ratings categories used by Moody’s. Ba, B, Caa/Ca and C are below investment grade ratings categories used by Moody’s. Ratings categories may include gradations within each category. Bonds backed by U.S. government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated Not Publicly Rated are not rated by these national rating agencies.

3

Barings Global Floating Rate Fund 2018 Semi-Annual Report

PORTFOLIO COMPOSITION (% OF ASSETS*)

* The percentages shown above represent a percentage of the assets as of December 31, 2018.

COUNTRY COMPOSITION (% OF ASSETS**)

** The percentages shown above are expressed by market value excluding cash and accrued income, may vary over time and represent a percentage of the assets as of December 31, 2018.

4

Barings Global Floating Rate Fund 2018 Semi-Annual Report

% AVERAGE ANNUAL TOTAL RETURNS 4,6,7	INCEPTION DATE		ONE YEAR			THREE YEARS			INCEPTION TO DATE
Class A With Load		09/16/2013		-3.10	%		3.96	%		2.42	%
Class A No Load		09/16/2013		-0.11	%		5.03	%		3.01	%
Class C With Load		09/16/2013		-1.79	%		4.26	%		2.26	%
Class C No Load		09/16/2013		-0.84	%		4.26	%		2.26	%
Class I With Load		09/16/2013		0.16	%		5.30	%		3.31	%
Class I No Load		09/16/2013		0.16	%		5.30	%		3.31	%
Class Y With Load		09/16/2013		0.14	%		5.29	%		3.29	%
Class Y No Load		09/16/2013		0.14	%		5.29	%		3.29	%

Performance shown is historical and does not guarantee future results. Current performance may be lower or higher. Because share price, principal value and return will vary, you may have a gain or loss when you sell Fund shares. For current month-end performance information, call 1.855.439.5459. Performance includes the reinvestment of dividends and capital gains. Performance less than one year is cumulative; all other performance is annualized.

^3.  Inception date: 9/16/2013

^4.  Class A performance with the sales charges includes the maximum 3.00% sales charge.

^5.  Benchmark A: Credit Suisse Global Loan. The benchmark is a market capitalization weighted average of the Credit Suisse Leveraged Loan Index and the Credit Suisse Western European Leveraged Loan Index. Indexes are unmanaged. It is not possible to invest directly in an index.

^6.  Line graph and table do not reflect the deduction of taxes that a shareholder would pay.

^7.  Class C performance with the sales charges includes the 1.00% contingent deferred sales charge (CDSC) for returns of one year or less.

5

Barings Global Credit Income Opportunities Fund 2018 Semi-Annual Report

Investment Objective

Barings Global Credit Income Opportunities Fund (“Global Credit Income Opportunities Fund” or the “Fund”) seeks an absolute return, primarily through current income and secondarily through capital appreciation.

Portfolio Management Commentary

How did the Fund perform?

∎ The Fund reported a net total rate of return for the reporting period from June 30, 2018 through December 31, 2018 of -3.08%, and underperformed the 3-Month USD LIBOR (London Interbank Offered Rate) + 500 basis points (bps)¹ benchmark (the “Benchmark”), which returned +3.80%.²

What factors influenced performance of the Fund?

∎ Over the last six months, the global high yield bond and loan markets both had negative returns, underperforming the Benchmark.

∎ Although all of the asset classes had negative returns, loans had the best returns, followed by high yield bonds and collateralized loan obligations (“CLOs”). Bonds had the largest allocation and were the largest detractor from performance.

∎ From a geographic perspective, the Fund’s European assets outperformed the North American assets. The North American assets were the largest detractor from performance.

∎ From a ratings category perspective, the Fund’s B-rated assets were the largest detractor from performance, followed by BB-rated and CCC-rated assets.

∎ Energy and retail were the two largest sector detractors from performance. Telecommunications and housing were the only positive contributing sectors.

Describe recent portfolio activity.

∎ During the period, the Fund increased its exposure to Europe and reduced exposure to North America. For most of the period, we found more attractive opportunities in Europe than North America.

∎ The Fund’s loan and senior secured bond exposure increased, while the Fund’s unsecured bond exposure decreased.

∎ By ratings category, the Fund increased exposure to the B-rated and CCC-rated categories, and reduced exposure to the BB-rated and not publically rated categories.

∎ Over the past six months, the Fund’s top three industry exposures did not change. The Fund’s three largest sectors were health care, education and child care, oil and gas, and diversified/conglomerate services. The two sectors that decreased the most during the period were diversified/conglomerate services and diversified/conglomerate manufacturing. The two sectors that increased the most were health care, education and child care, and chemicals, plastics and rubber.

^1.  A unit that is equal to 1/100th of 1% or 0.01%.

^2.  Total return describes the return to an investor of Class Y shares and includes the reinvestment of dividends and capital gains. Past performance is no guarantee of future results, and investment returns and the net asset value (NAV) of shares of the Fund will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than performance quoted. Call 1.855.439.5459 or visit barings.com for current month-end performance. All returns one-year or less are cumulative. The 3-Month USD LIBOR is an average interest rate, determined by the Intercontinental Exchange, that banks charge one another for the use of short-term money (three months) in England’s Eurodollar market. The return shown includes 3-Month USD LIBOR + 500 bps, or 5% per annum. LIBOR is unmanaged. It is not possible to invest directly in LIBOR. No assurance can be given that the Fund’s performance will exceed that of LIBOR by any given increment, or at all.

6

Barings Global Credit Income Opportunities Fund 2018 Semi-Annual Report

Describe portfolio positioning at period end.

∎ The Fund finished the semi-annual reporting period, ended December 31, 2018, with an allocation of 44.0%, 33.6%, and 14.1% to global high yield bonds, global senior secured loans and CLOs, respectively. The remainder of the portfolio was invested in a few opportunistic special situation credits (0.5%), equity (0.8%) and cash (6.5%). A significant portion of the portfolio (over 65%) is senior secured in nature (including CLOs backed by secured loans), which can potentially mitigate principal loss in the event that default rates increase.

∎ From an industry perspective, the Fund remains well diversified across a number of sectors based on Moody’s Industry Classification, with higher concentrations in health care, education and child care (10.6%), oil and gas (7.5%), and diversified/conglomerate services (6.0%) as of December 31, 2018.

∎ As of December 31, 2018, the Fund had the following credit quality breakdown: 1.6% in BBB-rated assets, 29.1% in BB-rated assets, 47.0% in B-rated credits, and 11.2% in CCC and below. Approximately 4.7% of the Fund’s assets are not publicly rated.³

∎ The top five countries in the portfolio at the end of the annual reporting period are the United States (50.2%), the United Kingdom (13.9%), Germany (7.2%), the Netherlands (5.1%) and France (3.0%). The Cayman Islands exposure related to the Fund’s CLO holdings is included in the United States. Overall, the Fund has exposure to 18 different countries, and we continue to focus on building a well-diversified portfolio of global high yield securities.

Describe market and portfolio outlook.

∎ We believe that the volatility and sentiment in the global high yield bond and loan markets was driven by several factors, including trade wars, Brexit and monetary policy. However, on a fundamental basis, we believe issuers continue to generate modest top and bottom-line growth, with leverage remaining at healthy and sustainable levels. Default rates are below historical averages, and we expect this to continue into 2019. While crude oil prices and geopolitical events may continue to cause further market price volatility, we believe this represents an opportunity for investors in high yield bonds and loans.

^3.  Ratings shown are the highest ratings given by one of the following national rating agencies: S&P, Moody’s or Fitch. Additional information about ratings can be found, respectively, at www.standardandpoors.com, www.moodys.com and www.fitchratings.com. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings categories used by S&P and Fitch. BB, B, CCC/CC/C and D are below investment grade ratings categories used by S&P and Fitch. Aaa, Aa, A and Baa are investment grade ratings categories used by Moody’s. Ba, B, Caa/Ca and C are below investment grade ratings categories used by Moody’s. Ratings categories may include gradations within each category. Bonds backed by U.S. government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated Not Publicly Rated are not rated by these national rating agencies.

7

Barings Global Credit Income Opportunities Fund 2018 Semi-Annual Report

PORTFOLIO COMPOSITION (% OF ASSETS*)

* The percentages shown above represent a percentage of the assets as of December 31, 2018.

COUNTRY COMPOSITION (% OF ASSETS**)

** The percentages shown above are expressed by market value excluding cash and accrued income, may vary over time and represent a percentage of the assets as of December 31, 2018.

8

Barings Global Credit Income Opportunities Fund 2018 Semi-Annual Report

% AVERAGE ANNUAL TOTAL RETURNS 4,5,8	INCEPTION DATE		ONE YEAR			THREE YEARS			INCEPTION TO DATE
Class A With Load		09/16/2013		-5.90	%		4.72	%		3.04	%
Class A No Load		09/16/2013		-1.98	%		6.15	%		3.79	%
Class C With Load		09/16/2013		-3.64	%		5.36	%		3.01	%
Class C No Load		09/16/2013		-2.72	%		5.36	%		3.01	%
Class I With Load		09/16/2013		-1.73	%		6.42	%		4.04	%
Class I No Load		09/16/2013		-1.73	%		6.42	%		4.04	%
Class Y With Load		09/16/2013		-1.75	%		6.41	%		4.04	%
Class Y No Load		09/16/2013		-1.75	%		6.41	%		4.04	%

Performance shown is historical and does not guarantee future results. Current performance may be lower or higher. Because share price, principal value and return will vary, you may have a gain or loss when you sell Fund shares. For current month-end performance information, call 1.855.439.5459. Performance includes the reinvestment of dividends and capital gains. Performance less than one year is cumulative; all other performance is annualized

^4.  Inception date: 9/16/2013

^5.  Class A performance with the sales charges includes the maximum 3.00% sales charge.

^6.  Benchmark A: Credit Suisse Global Loan. The benchmark is a market capitalization weighted average of the Credit Suisse Leveraged Loan Index and the Credit Suisse Western European Leveraged Loan Index. Indexes are unmanaged. It is not possible to invest directly in an index.

^7.  Line graph and table do not reflect the deduction of taxes that a shareholder would pay.

^8.  Class C performance with the sales charges includes the 1.00% contingent deferred sales charge (CDSC) for returns of one year or less.

9

Barings Active Short Duration Bond Fund 2018 Semi-Annual Report

Investment Objective

Barings Active Short Duration Bond Fund (“Active Short Duration Bond Fund” or the “Fund”) seeks to achieve a high total rate of return, primarily from current income while minimizing fluctuations in capital values by investing primarily in a diversified portfolio of short-term investment grade fixed income securities.

Portfolio Management Commentary

How did the Fund perform?

∎ The Fund reported a net total rate of return for the period from July 1, 2018 through December 31, 2018 of 1.02%, underperforming the Bloomberg Barclays U.S. 1-3 Year Government Bond Index (the “Benchmark”), which returned 1.51%.¹

What factors influenced performance of the Fund?

∎ Duration positioning negatively contributed to performance relative to the index. The Fund uses Treasury bonds and futures to help manage duration. During the period, the slope that points along the curve we monitor modestly flattened. In accordance with our duration management process, the Fund shortened duration from 1.83 to 0.79 years to end the fiscal year.

∎ The Fund’s allocation to corporate credit detracted from performance. Corporate spreads widened over the quarter across sectors, and experienced a volatile fourth quarter leading up to the end of the year. Allocations to telecommunications and insurance contributed the most over the period, with automotive manufacturers and chemicals detracting the most.

∎ Automotive receivables were the primary contributor within the securitized sector. Allocations to government-guaranteed Federal Family Education Loan Program (FFELP) student loans, container and clean energy ABS collateral were the largest contributing subsectors.

∎ Downside derivative mitigation, such as using a payer/receiver swaption pair to hedge against possible rising volatility, added to Fund performance during the period, while positions in CMBX³ to gain exposure to the commercial mortgage backed securities (CMBS) sector detracted during the period.

Describe recent portfolio activity.

∎ The Fund ended the period with a duration position of 0.79 years, as the basis between three-month and one-year remains flat.

^1.  Total return describes the return to an investor of Class Y shares and includes the reinvestment of dividends and capital gains. Past performance is no guarantee of future results, and investment returns and the net asset value (NAV) of shares of the Fund will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than performance quoted. Call 1.855.439.5459 or visit barings.com for current month-end performance. All returns one-year or less are cumulative. The Bloomberg Barclays U.S. 1-3 Year Government Bond Index is comprised of the U.S. Treasury Index and U.S. Agency Index. The U.S. Government Index includes Treasuries (public obligations of the U.S. Treasury) and U.S. agency debentures (publicly issued debt of U.S. government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. government) that have remaining maturities of more than one year, and up to but not including three years. Indexes are unmanaged. It is not possible to invest directly in an index.

^2.  Ratings shown are the highest ratings given by one of the following national rating agencies: S&P, Moody’s or Fitch. Additional information about ratings can be found, respectively, at www.standardandpoors.com, www.moodys.com and www.fitchratings.com. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings categories used by S&P and Fitch. BB, B, CCC/CC/C and D are below investment grade ratings categories used by S&P and Fitch. Aaa, Aa, A and Baa are investment grade ratings categories used by Moody’s. Ba, B, Caa/Ca and C are below investment grade ratings categories used by Moody’s. Ratings categories may include gradations within each category. Bonds backed by U.S. government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated Not Publicly Rated are not rated by these national rating agencies.

^3.  Barings Active Short Duration Bond Fund currently holds long investment grade CDX index credit default swap (CMBX) positions, which cover approximately 30 companies within each position.

10

Barings Active Short Duration Bond Fund 2018 Semi-Annual Report

∎ The Fund marginally reduced lower quality corporate bond exposure and added to several consumer asset backed securities (ABS) sectors given the low duration profile, higher yield and higher quality characteristics of the sector.

Describe portfolio positioning at period end.

∎ The Fund continues to be well diversified across corporates, securitized and governments. The corporate allocation is at approximately 41.1%, with 37.7% in investment grade corporates, 2.4% in BB-rated and crossover high yield, and 1.0% in U.S. dollar-denominated emerging markets. U.S. money centers and regional banks represent the Fund’s largest corporate allocation, followed by food/beverage/tobacco and chemicals.

∎ The securitized ABS allocation was 34.8% at the end of the period. Student loans represent the largest allocation, followed by automotive loan collateral. Further ABS sub-sectors include consumer loans, timeshares and railroad. The Fund maintains an active position in CMBS given strong technicals and still-supportive fundamentals. Allocations are in shorter maturity deals with a bias toward new issues, as well as secondary issues that meet our selection criteria.

Describe market and portfolio outlook.

∎ We believe that the U.S. economy, fueled by tax cuts and stimulus spending, is a key factor in leading investors to look beyond negative contributing factors – like the trade sparing amongst the U.S., China and other nations, which could be a hindrance to global growth if escalated. For context, economic output is growing at its fastest rate since 2014; the unemployment rate is at its lowest level in almost two decades; and initial jobs claims have fallen to the lowest level since 1969.

∎ In our view, corporate fundamentals continue to modestly improve from stretched levels, as both revenue and EBITDA growth are continuing to outpace debt growth, per third quarter data. This is positive for both securitized credit sectors, such as ABS and corporate bonds.

∎ The Fund remains overweight sectors such as corporates and securitized, relative to liquid products such as governments and agencies, and will continue to focus on bottom-up security selection.

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Barings Active Short Duration Bond Fund 2018 Semi-Annual Report

CREDIT QUALITY BREAKDOWN (% OF ASSETS*)

* The percentages shown above represent a percentage of the assets as of December 31, 2018.

PORTFOLIO COMPOSITION (% OF ASSETS*)

* The percentages shown above represent a percentage of the assets as of December 31, 2018.

12

Barings Active Short Duration Bond Fund 2018 Semi-Annual Report

% AVERAGE ANNUAL TOTAL RETURNS 4,5,7,8	INCEPTION DATE		ONE YEAR			THREE YEARS			INCEPTION TO DATE
Class A With Load		07/08/2015		1.33	%		2.11	%		1.52	%
Class A No Load		07/08/2015		1.33	%		2.11	%		1.52	%
Class C With Load		07/08/2015		0.56	%		1.94	%		1.26	%
Class C No Load		07/08/2015		1.06	%		1.94	%		1.26	%
Class I With Load		07/08/2015		1.58	%		2.38	%		1.78	%
Class I No Load		07/08/2015		1.58	%		2.38	%		1.78	%
Class Y With Load		07/08/2015		1.58	%		2.36	%		1.76	%
Class Y No Load		07/08/2015		1.58	%		2.36	%		1.76	%

Performance shown is historical and does not guarantee future results. Current performance may be lower or higher. Because share price, principal value and return will vary, you may have a gain or loss when you sell Fund shares. For current month-end performance information, call 1.855.439.5459. Performance includes the reinvestment of dividends and capital gains. Performance less than one year is cumulative; all other performance is annualized.

^4.  Inception date: 7/8/2015

^5.  Class A performance with the sales charges includes the maximum 3.00% sales charge.

^6.  Benchmark: The Bloomberg Barclays U.S. 1-3 Year Government Bond Index includes securities in the U.S. Government Bond Index that have between one and three years until maturity. Indices are unmanaged. It is not possible to invest directly in an index.

^7.  Line graph and table do not reflect the deduction of taxes that a shareholder would pay.

^8.  Class C performance with the sales charges includes the 1.00% contingent deferred sales charge (CDSC) for returns of one year or less.

13

Barings Total Return Bond Fund 2018 Semi-Annual Report

Investment Objective

Barings Total Return Bond Fund (“Total Return Bond Fund” or the “Fund”) seeks a superior total rate of return by investing in fixed income instruments.

Portfolio Management Commentary

How did the Fund perform?

∎ The Fund reported a net total rate of return for the reporting period from June 30, 2018 through December 31, 2018 of 0.42%, underperforming the Bloomberg Barclays U.S. Aggregate Index (the “Benchmark”), which returned 1.66%.¹

What factors influenced performance of the Fund?

∎ Investment grade corporate credit was a negative contributor to performance. Corporate spreads widened over the quarter across sectors, and experienced a volatile fourth quarter leading up to year end. Allocations to electronics and machinery contributed the most over the period, with automotive finance and banking detracting the most.

∎ Security selection in high yield credit, an out-of-index allocation, detracted from Fund performance over the period.

∎ An underweight to U.S. Treasuries relative to the Benchmark detracted from Fund performance.

∎ The Fund has a 4.5% allocation to short weighted average life, collateralized loan obligation (CLO) structured product.¹ This out-of-index allocation detracted relative to the Benchmark.

∎ Asset backed securities (ABS) contributed to Fund performance, largely due to holdings in private and government-guaranteed Federal Family Education Loan Program (FFELP) student loans, as this sector performed well for the reporting period. Selective positioning to commercial ABS sectors also contributed positively to performance.

∎ Downside derivative mitigation, such as using a payer/receiver swaption pair to hedge against possible rising volatility, added to Fund performance during the period, while positions in CMBX to gain exposure to the commercial mortgage backed securities (CMBS) sector detracted during the period. ³

Describe recent portfolio activity.

∎ The Fund maintained an active allocation to ABS, with recent purchases in both student loans and financial deals in the primary market.

∎ The Fund marginally increased its exposure to higher coupon 30-year collateral Federal National Mortgage Association (FNMA) agency mortgage-backed securities (MBS) due to attractive carry profile and relative value versus discount coupons. The Fund remains underweight to agency MBS relative to the Benchmark.

^1.  Total return describes the return to an investor of Class Y shares and includes the reinvestment of dividends and capital gains. Past performance is no guarantee of future results, and investment returns and the net asset value (NAV) of shares of the Fund will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than performance quoted. Call 1.855.439.5459 or visit barings.com for current month-end performance. All returns one-year or less are cumulative. The Bloomberg Barclays U.S. Aggregate Index represents securities that are SEC-registered, taxable and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities and asset-backed securities. These major sectors are subdivided into more specific indexes that are calculated and reported on a regular basis. Indexes are unmanaged. It is not possible to invest directly in an index.

^2.  Ratings shown are the highest ratings given by one of the following national rating agencies: S&P, Moody’s or Fitch. Additional information about ratings can be found, respectively, at www.standardandpoors.com, www.moodys.com and www.fitchratings.com. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings categories used by S&P and Fitch. BB, B, CCC/CC/C and D are below investment grade ratings categories used by S&P and Fitch. Aaa, Aa, A and Baa are investment grade ratings categories used by Moody’s. Ba, B, Caa/Ca and C are below investment grade ratings categories used by Moody’s. Ratings categories may include gradations within each category. Bonds backed by U.S. government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated Not Publicly Rated are not rated by these national rating agencies.

^3.  Barings Total Return Bond Fund currently holds long investment grade CDX index credit default swap (CMBX) positions, which cover approximately 30 companies within each position.

14

Barings Total Return Bond Fund 2018 Semi-Annual Report

Describe portfolio positioning at period end.

∎ As of December 31, 2018, the Fund was duration neutral relative to the Benchmark.

∎ The Fund’s largest overweight relative to the Benchmark is the ABS allocation, which represents 19.1% of the Fund. The allocation to ABS comprises FFELP student loans, private student loans, a modest allocation to traditional automotive loan collateral, and commercial collateral such as whole business franchise receivables, shipping containers and loan servicers, in addition to other sub-sectors.

∎ As of December 31, 2018, corporate credit represented approximately 42.4% of the Fund (versus 29.2% for the Benchmark). Of that amount, investment grade corporates made up approximately 28.2%, high yield corporates made up 10.9% and U.S. dollar-denominated emerging markets made up almost 3.3%. The insurance sector is the Fund’s largest overweight position by 2.3%, as we believe yields are attractive. The technology sector represents the Fund’s largest underweight position by 1.60%.

∎ The Fund’s allocation to agency MBS is underweight by 5.6% relative to the Benchmark.

∎ The Fund maintains a 4.5% allocation to structured credit, represented by short weighted average life, AAA-rated collateralized loan obligations.

∎ The fund is maintaining a neutral position to CMBS.

Describe market and portfolio outlook.

∎ The Bloomberg Barclays U.S. Aggregate Index was positive for the month of December, with a total return of 1.84%. U.S. Treasury constituents provided the highest return for the period as rates rallied. Corporates were positive, with utilities being the highest performing sector. CMBS was positive, with non-agency outperforming agency deals. Within ABS, credit card and automotive sub-sectors were positive contributors. Agency MBS was also positive.

∎ December economic data continued to indicate that the U.S. economy is growing at an above-trend pace, but volatility was back with a vengeance. Factors weighing on market sentiment included a possible global growth slowdown, a trade war with China, an uncertain Fed and idiosyncratic credit risk. Despite the volatility, the Fed raised its target rate by 25 basis points (bps) as anticipated, with the upper bound at 2.50%.

∎ Although December returns were positive for many investment grade sectors, due to rallying Treasury prices, excess returns to equivalent Treasuries were mostly negative. Corporates were 16 bps wider for the month, with spreads ending at 153 bps according to Bloomberg Barclays. The last time spreads were this wide was during the commodity sell-off in early 2016.

∎ We believe that the market may have been pricing in some of 2019’s uncertainties during the recent quarter. The Fed is now off of “autopilot”, so to speak, giving investors one additional variable to navigate in 2019. Looking forward, we expect potential market turbulence as investors seek to interpret Fed policy, brace for potential Treasury yield curve inversion, consider a growing BBB market and evaluate slowing foreign demand.

∎ We believe the market may see a slowdown in corporate M&A activity due to the rising cost of funding; however, we do not anticipate a large-scale compression in corporate profit margins. Looking ahead to the new year, we will be closely watching the volume of primary market issuance, as we believe the level at which new deals come to market – along with price and how those deals are received by the market – should be strong indications of 2019 sentiment.

15

Barings Total Return Bond Fund 2018 Semi-Annual Report

CREDIT QUALITY BREAKDOWN (% OF ASSETS*)

* The percentages shown above represent a percentage of the assets as of December 31, 2018.

PORTFOLIO COMPOSITION (% OF ASSETS*)

* The percentages shown above represent a percentage of the assets as of December 31, 2018.

16

Barings Total Return Bond Fund 2018 Semi-Annual Report

% AVERAGE ANNUAL TOTAL RETURNS 5,7,8	INCEPTION DATE		ONE YEAR			THREE YEARS			INCEPTION TO DATE
Class A With Load		07/08/2015		-5.27	%		1.05	%		0.65	%
Class A No Load		07/08/2015		-1.32	%		2.44	%		1.83	%
Class C With Load		07/08/2015		-3.01	%		1.67	%		1.07	%
Class C No Load		07/08/2015		-2.06	%		1.67	%		1.07	%
Class I With Load		07/08/2015		-1.08	%		2.69	%		2.09	%
Class I No Load		07/08/2015		-1.08	%		2.69	%		2.09	%
Class Y With Load		07/08/2015		-1.08	%		2.69	%		2.09	%
Class Y No Load		07/08/2015		-1.08	%		2.69	%		2.09	%

Performance shown is historical and does not guarantee future results. Current performance may be lower or higher. Because share price, principal value and return will vary, you may have a gain or loss when you sell Fund shares. For current month-end performance information, call 1.855.439.5459. Performance includes the reinvestment of dividends and capital gains. Performance less than one year is cumulative; all other performance is annualized.

^4.  Inception date: 7/8/2015

^5.  Class A performance with the sales charges includes the maximum 4.00% sales charge.

^6.  Benchmark: Bloomberg Barclays U.S. Aggregate. The benchmark includes domestic, taxable, dollar-denominated securities. The index covers U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities and asset-backed securities. It is not possible to invest directly in an index.

^7.  Line graph and table do not reflect the deduction of taxes that a shareholder would pay.

^8.  Class C performance with the sales charges includes the 1.00% contingent deferred sales charge (CDSC) for returns of one year or less.

17

Barings Emerging Markets Debt Blended Total Return Fund 2018 Semi-Annual Report

Investment Objective

Barings Emerging Markets Debt Blended Total Return Fund (“EMD Blended Total Return Fund” or the “Fund”) seeks to achieve maximum total return, consistent with preservation of capital and prudent investment management, through high current income generation and, where appropriate, capital appreciation.

Portfolio Management Commentary

How did the Fund perform?

∎ The Fund reported a net total rate of return for the period from June 30, 2018 through December 31, 2018 of 1.62%.¹ The net total rate of return for the Fund’s performance benchmark (a blend of 50% JPMorgan Government Bond Index – Emerging Markets Global Diversified (GBI-EMGD), 30% JPMorgan EMBI Global Diversified and 20% JPMorgan CEMBI Broad Diversified) was 1.09%. The Fund is not managed relative to the benchmark, however, the comparison is provided to show how the Fund’s returns compare with those of a broad measure of market performance.

∎ Each of the Fund’s three sub-strategies – emerging markets (EM) corporates, EM sovereign and EM local – turned in positive performance over the period despite a litany of headwinds, including higher U.S. Treasury rates, ongoing trade war between the U.S. and China, geopolitical stress points, local elections and the end of quantitative easing (QE) by the European Central Bank (ECB).

What factors influenced performance of the Fund?

∎ The Fund’s positioning and active allocations across countries and credits were additive to performance. Presidential elections in Mexico and Brazil provided for market volatility and opportunity. The Fund was able to capture strong performance from Brazil, following the election of Jair Bolsonaro, the country’s first far-right President in more than 17 years. The Mexican election, which resulted in the win by left-wing Andrés Manuel López Obrador, initially benefited the Fund as Mexican assets allied, then detracted from performance following a referendum that resulted in the cancellation of a $13.0 billion airport which was one-third complete. In general, the Fund had to meander through a number of headwinds, including a more assertive U.S. Federal Reserve, an ongoing trade war between the U.S. and China, management of financial crises in Turkey and Argentina, and rapid decline in Brent crude prices (-32%) and the CRB Commodity Index (-15%) over the reporting period. EM debt flows remained supportive through 2018, with $19.3 of positive flows during the year, almost equally split between local and hard currency.

∎ For the six-month reporting period ending December 31, 2018, the Fund’s positioning in Brazil, Poland, Turkey, China and Argentina contributed to Fund performance. However, the Fund’s positions in Russia, Mexico, Colombia, South Africa and Ukraine detracted from performance.

Describe recent portfolio activity.

∎ As a result of spread widening during the second quarter of 2018, the Fund increased its exposure to short duration EM corporates to capture the higher yields on companies we believe to have strong potential. The Fund decreased its exposure to local rates, but maintained positioning on overall moderate growth, low inflation and high rates in select EM local markets, with our expectation that local rates will fall over the next 12 months in countries that are well managed and have falling inflation.

Describe portfolio positioning at period end.

∎ The Fund finished the reporting period, ended December 31, 2018, with a 44% exposure to emerging markets corporate bonds, 36% to local debt and currencies, 36% to sovereign hard currency (inclusive of Credit Default Swaps), and a 3.2% cash position.

^1.  Total return describes the return to an investor of Class Y shares and includes the reinvestment of dividends and capital gains. Past performance is no guarantee of future results, and investment returns and the net asset value (NAV) of shares of the Fund will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than performance quoted. Call 1.855.439.5459 or visit barings.com for current month-end performance. All returns one-year or less are cumulative.

18

Barings Emerging Markets Debt Blended Total Return Fund 2018 Semi-Annual Report

∎ The top five countries in the portfolio at the end of the reporting period were Brazil (18.1%), Mexico (12.2%), Russia (8.2%), Turkey (6.0%) and Ukraine (5.9%). The top five corporate issuers were Panama Metro (2.6%), MHP (2.5%), Petra Diamonds (2.1%), VTR Finance (2.0%) and ALTICE (1.7%). Overall, the Fund had exposure to 29 countries, 34 corporates and 25 different currencies.

Describe market and portfolio outlook.

∎ Overall, we find EM debt valuations to be relatively attractive on a fundamental basis, as yields are approaching 7% for EM dollar denominated sovereign bonds; however, without a strong catalyst, the potential trigger for a broad-based EM market rally remains unclear. We expect the Fed to continue hiking rates, albeit gradually as U.S. growth continues to outpace many other developed economies. The ECB has ended its asset purchasing programme (APP); however, it will continue its reinvestment operations into 2019. The U.S. trade protectionist policies continue to target China and other countries with large trade surpluses, which are dampening global trade.

∎ EM corporate earnings continue to be largely positive, while sovereign and corporate default rates remain below historical averages. Corporate leverage is expected to decline for a third consecutive year. Balance of payments and current accounts across EM countries are generally sound, with many economies having seen substantial adjustments to their external accounts given weaker currencies in 2018.

∎ While higher U.S. rates may prove challenging for some EM sovereigns and corporates, in our view, stronger developed market growth overall should benefit the asset class as a whole going forward.

∎ We continue to take a constructive view of EM debt as a whole, and expect EM local debt to strengthen from here due to slower growth, contained inflationary pressures and continued fiscal/external adjustments across many countries. With sovereign hard currency spreads having widened materially this year, we see select opportunities where we believe spreads continue to overcompensate for defaults, mostly in investment grade countries and select issuers within vulnerable countries.

19

Barings Emerging Markets Debt Blended Total Return Fund 2018 Semi-Annual Report

PORTFOLIO COMPOSITION (% OF ASSETS*)

* The percentages shown above represent a percentage of the assets as of December 31, 2018.

REGIONAL COMPOSITION (% OF ASSETS**)

** The percentages shown above are expressed by market value, excluding cash and accrued income, may vary over time and, represent a percentage of the assets as of December 31, 2018.

*** CEEMEA: Central Europe, Eastern Europe, Middle East and Africa.

LATAM: Latin America (includes countries in Central and South America).

20

Barings Emerging Markets Debt Blended Total Return Fund 2018 Semi-Annual Report

% AVERAGE ANNUAL TOTAL RETURNS 3,5,6	INCEPTION DATE		ONE YEAR			THREE YEARS			INCEPTION TO DATE
Class A With Load		10/21/2015		-8.96	%		4.27	%		2.87	%
Class A No Load		10/21/2015		-5.16	%		5.70	%		4.19	%
Class C With Load		10/21/2015		-6.74	%		4.94	%		3.44	%
Class C No Load		10/21/2015		-5.84	%		4.94	%		3.44	%
Class I With Load		10/21/2015		-4.93	%		5.97	%		4.45	%
Class I No Load		10/21/2015		-4.93	%		5.97	%		4.45	%
Class Y With Load		10/21/2015		-4.92	%		5.98	%		4.46	%
Class Y No Load		10/21/2015		-4.92	%		5.98	%		4.46	%

Performance shown is historical and does not guarantee future results. Current performance may be lower or higher. Because share price, principal value and return will vary, you may have a gain or loss when you sell Fund shares. For current month-end performance information, call 1.855.439.5459. Performance includes the reinvestment of dividends and capital gains. Performance less than one year is cumulative; all other performance is annualized.

^2.  Inception date: 10/21/2015

^3.  Class A performance with the sales charges includes the maximum 4.00% sales charge.

^4.  Benchmark is a blend of 50% JPMorgan Government Bond Index – Emerging Markets Global Diversified (GBI-EMGD), 30% JPMorgan EMBI Global Diversified and 20% JPMorgan CEMBI Broad Diversified.

^5.  Line graph and table do not reflect the deduction of taxes that a shareholder would pay.

^6.  Class C performance with the sales charges includes the 1.00% contingent deferred sales charge (CDSC) for returns of one year or less.

21

Barings Global Emerging Markets Equity Fund 2018 Semi-Annual Report

Investment Objective

Barings Global Emerging Markets Equity Fund (the “Fund”) seeks to achieve long-term capital growth.

Portfolio Management Commentary

How did the Fund perform?

∎ The Fund reported a net rate of return for the period from its inception, September 18, 2018, through December 31, 2018 of -3.58%, outperforming the MSCI Emerging Markets Benchmark (the “Benchmark”), which returned -4.49%.¹

What factors influenced performance of the Fund?

∎ During the period, the Fund outperformed its Benchmark, primarily due to stock selection.

∎ Contributors to relative Fund performance included:

∎ Natura Cosmeticos, a Brazilian cosmetics company, benefited from margin recovery within its international operations and rising sales productivity in Brazil.

∎ HDFC Bank, an Indian bank, outperformed on the back of earnings that demonstrated improving margins and strong growth momentum.

∎ Bank Negara Indonesia was one of the top performers, as investors continued to take note of the company’s loan growth and improving credit quality.

∎ Detractors to relative Fund performance included:

∎ Grupo Financiero Banorte, a Mexican commercial bank, detracted following the incoming government’s announcement of changes to banking legislation that could potentially reduce fee income.

∎ Brilliance China Automotive, a Chinese automobile manufacturer that operates a joint venture with BMW, was negatively impacted by the announcement that BMW will increase its stake in the joint venture to 75%, leading to concern among investors that minority interests will be negatively impacted.

∎ China State Construction, a Chinese engineering and construction company, detracted on local market weakness and broader macroeconomic concerns, as investors remained cautious of the slowing domestic economy and U.S./China trade dispute.

Describe recent portfolio activity.

∎ During the period, the Fund initiated a position in Chinese luggage manufacturer Samsonite, and exited its positon in Chinese automobile manufacturer Brilliance China Automotive (please see above).

Describe portfolio positioning at period end.

∎ Our current Fund positioning reflects our bottom-up investment process – where we aim to identify companies with sustainable business franchises, and with future growth potential that is not fully reflected in the current share price. As a result, our active country and sector positioning relative to the Benchmark is not driven by a deliberate top-down strategy, but is a by-product of our bottom-up stock selection process.

∎ Relative to the Benchmark, the largest active country position is in China and the largest active sector exposure is to financials, where in each case we continue to identify many companies that we believe have strong medium-term growth prospects and are attractively valued.

∎ Despite the large active position in both cases, we believe that the performance of these companies will be influenced by company specific factors (i.e. that these companies will be in control of their own destiny), rather than by correlations to their respective country or sector. As bottom-up investors, we always seek these types of companies.

¹  Source: Barings, Morningstar. As of December 31, 2018. In US$. Fund performance is based on I class unit return, Net of Fees. The performance comparator is MSCI Emerging Markets Total Return Index with net dividends. © 2019 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

22

Barings Global Emerging Markets Equity Fund 2018 Semi-Annual Report

∎ As of the end of the reporting period, the top five county weightings in the Fund, on an absolute basis, were China (37.3%), India (11.4%), Korea (10.8%), Taiwan (9.4%) and Brazil (7.9%). The Fund has exposure to 11 different countries, and in line with our investment process, we continue to seek out bottom-up investment opportunities where we believe the future earnings potential is not fully reflected in the current share price.

Describe market and portfolio outlook.

∎ Despite the volatility of 2018, driven by several short-term headwinds, we believe that emerging markets are better positioned looking towards 2019. Emerging market equities are forecast for an acceleration in corporate earnings growth over the course of 2019 and into 2020. The flattening US yield curve and the more recent dovish comments from the Federal Reserve suggest interest rate expectations have peaked which could signal we are at or close to a turning point for the USD. We note the progress on trade talks between the U.S. and China at the G20 meeting and the ongoing subsequent talks, raising expectations for a future resolution. We believe this communication could lay the foundation for further progress to find a satisfactory solution for both sides in 2019. The current account deficits of Argentina and Turkey are quickly rebalancing following significant monetary tightening. Here the currencies of both countries are starting to appreciate in recognition that the risk of contagion across the broader EM equity asset class has fallen sharply. The relative valuation of EM equities versus developed equities appears very attractive which suggests investor expectations for EM equities remains overly depressed while in the case of developed equities remain somewhat higher.

23

Barings Global High Yield Fund 2018 Semi-Annual Report

Investment Objective

Barings Global High Yield Fund (“Global High Yield Fund” or the “Fund”) seeks to provide high current income generation and, where appropriate, capital appreciation.

Portfolio Management Commentary

How did the Fund perform?

∎ The Fund reported a net total rate of return for the reporting period from June 30, 2018 through December 31, 2018 of -2.65%, and underperformed the Bank of America Merrill Lynch Non-Financial Developed Markets High Yield Constrained Index (the “Benchmark”), which returned -2.07%. In addition, the Fund returned -2.67% on a net basis for the full year of 2018, and underperformed the Benchmark, which returned -1.98%.¹

What factors influenced performance of the Fund?

∎ For much of the year, the global high yield bond market generated a positive return on the back of stable economic growth, low inflation and solid corporate fundamentals. During the fourth quarter, however, a bout of volatility across asset classes drove markets lower, with the global high yield market ending the six-month period negative.

∎ In general, the demand for lower quality paper was muted, which led the CCC-rated portion of the market to underperform relative to B-rated and BB-rated holdings. As a result, the Fund’s underweight allocation to BB-rated holdings and overweight allocation to the lower rated categories relative to the Benchmark were performance detractors. Security selection within the B-rated and CCC-rated categories did contribute to performance positively versus the Benchmark.

∎ From an industry perspective, the Fund had an overweight exposure to the oil and gas sector relative to the Benchmark, which outperformed during the first half of the period, until volatility increased in this segment of the market during the fourth quarter. Security selection, coupled with the overweight position within the sector relative to the Benchmark, was a drag on the Fund’s performance during the period.

∎ The Fund’s credit selection in Europe was the largest contributor to performance relative to the Benchmark during the period, while credit selection within the U.S. was a notable detractor. Allocation across geographies was not a significant factor in relative performance.

Describe recent portfolio activity.

∎ The Fund continues to favor the B-rated and CCC-rated subsets of the global high yield bond market given the shorter duration and favorable yield dynamics. With default expectations remaining low and corporate fundamentals generally healthy, we have found better relative value opportunities in B-rated and CCC-rated assets. There was a modest increase in BB-rated holdings alongside a slight increase in CCC-rated holdings; however, no significant shifts took place during the period.

∎ Across industries, the Fund’s allocation to the oil and gas industry was modestly reduced as certain relative value opportunities played out. Additionally, credits within the sector tend to be shorter in duration. The Fund saw positions mature or called during the six-month period; however, the Fund may seek to increase its positions as crude oil prices recover from recent lows. The Fund increased its exposure to certain names in the telecommunications sector, which displayed strong relative value within the space. The Fund’s allocations to the health care, education, and child care, and the mining, steel, iron and non-precious metals sectors were also increased.

^1.  Total return describes the return to an investor of Class Y shares and includes the reinvestment of dividends and capital gains. Past performance is no guarantee of future results, and investment returns and the net asset value (NAV) of shares of the Fund will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than performance quoted. Call 1.855.439.5459 or visit barings.com for current month-end performance. All returns one-year or less are cumulative. The Bank of America Merrill Lynch Non-Financial Developed Markets High Yield Constrained Index contains all securities in the Bank of America Merrill Lynch Global High Yield Index that are non-financials and from developed markets countries, but caps issuer exposure at 2%. A developed market is defined as an FX-G10 member, a Western European nation, or a territory of the U.S. or a Western European nation. Indexes are unmanaged. It is not possible to invest directly in an index.

24

Barings Global High Yield Fund 2018 Semi-Annual Report

∎ Going into the second half of 2018, the European high yield market began to see modest spread widening, driven by political uncertainty in Italy, as well as changes to European Central Bank monetary policy. As such, the Fund sought to capitalize on what we believe to be an oversold market, and increased the weighting to the region while it reduced its U.S. exposure. The Fund remained overweight to the European market and underweight to the U.S. market, relative to the Benchmark at period end.

Describe portfolio positioning at period end.

∎ On a traded basis, the Fund finished 2018 with a 30.2% weighting to senior secured high yield bonds, and a 61.9% weighting to senior unsecured high yield bonds. The balance of the portfolio was invested in senior secured loans (5.5%), and cash and accrued income (2.4%).

∎ From an industry perspective, the Fund remains diversified across a number of Moody’s-based industries, with higher concentrations in oil and gas (15.6%), health care, education and child care (8.3%), and telecommunications (8.1%) as of December 31, 2018.

∎ In terms of portfolio credit quality at the end of 2018, the Fund had the following weighting breakdown: 5.8% in BBB, 27.3% in BB, 46.8% in B, 17.7% in CCC and below, and 2.4% in cash and accrued income. A small portion of the portfolio (less than 0.1%) is designated as not publicly rated, and is not rated by S&P, Moody’s or Fitch.²

∎ The top five countries in the portfolio as of December 31, 2018 are currently represented by the U.S. (65.0%), the U.K. (12.0%), Germany (4.5%), Ghana (3.0%) and the Netherlands (1.9%). Overall, the Fund has exposure to 15 countries, and supports our focus on building a well-diversified portfolio of global high yield bonds.

Describe market and portfolio outlook.

∎ We believe that the volatility and sentiment in the global high yield market was driven by several factors, including trade wars, Brexit and monetary policy. However, on a fundamental basis, we believe issuers continue to generate modest top and bottom-line growth, with leverage remaining at healthy and sustainable levels.

∎ Default rates are below historical averages, and we expect this to continue into 2019.

∎ While crude oil prices and geopolitical events may continue to cause further market price volatility, we believe this represents an attractive opportunity for investors in high yield.

^2.  Ratings shown are the highest ratings given by one of the following national rating agencies: S&P, Moody’s or Fitch. Additional information about ratings can be found, respectively, at www.standardandpoors.com, www.moodys.com and www.fitchratings.com. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings categories used by S&P and Fitch. BB, B, CCC/CC/C and D are below investment grade ratings categories used by S&P and Fitch. Aaa, Aa, A and Baa are investment grade ratings categories used by Moody’s. Ba, B, Caa/Ca and C are below investment grade ratings categories used by Moody’s. Ratings categories may include gradations within each category. Bonds backed by U.S. government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated Not Publicly Rated are not rated by these national rating agencies.

25

Barings Global High Yield Fund 2018 Semi-Annual Report

CREDIT QUALITY COMPOSITION (% OF ASSETS*)

* The percentages shown above represent a percentage of the assets as of December 31, 2018.

COUNTRY COMPOSITION (% OF ASSETS**)

** The percentages shown above are expressed by market value excluding cash and accrued income, may vary over time and represent a percentage of the assets as of December 31, 2018.

26

Barings Global High Yield Fund 2018 Semi-Annual Report

% AVERAGE ANNUAL TOTAL RETURNS 4,6,7	INCEPTION DATE		ONE YEAR			THREE YEARS			INCEPTION TO DATE
Class A With Load		10/30/2015		-6.82	%		5.24	%		4.13	%
Class A No Load		10/30/2015		-2.94	%		6.68	%		5.48	%
Class C With Load		10/30/2015		-4.51	%		5.90	%		4.72	%
Class C No Load		10/30/2015		-3.62	%		5.90	%		4.72	%
Class I With Load		10/30/2015		-2.67	%		6.95	%		5.76	%
Class I No Load		10/30/2015		-2.67	%		6.95	%		5.76	%
Class Y With Load		10/30/2015		-2.67	%		6.95	%		5.75	%
Class Y No Load		10/30/2015		-2.67	%		6.95	%		5.75	%

Performance shown is historical and does not guarantee future results. Current performance may be lower or higher. Because share price, principal value and return will vary, you may have a gain or loss when you sell Fund shares. For current month-end performance information, call 1.855.439.5459. Performance includes the reinvestment of dividends and capital gains. Performance less than one year is cumulative; all other performance is annualized.

^3.  Inception date: 10/30/2015

^4.  Class A performance with the sales charges includes the maximum 4.00% sales charge.

^5.  Benchmark: BofA Merrill Lynch Non-Fin. Developed Markets High Yield Constrained Index. The benchmark contains all securities in The BofA Merrill Lynch Global High Yield Index that are non-financials and from developed markets countries, but caps issuer exposure at 2%. Developed markets is defined as an FX-G10 member, a Western European nation, or a territory of the U.S. or a Western European nation. Indexes are unmanaged. It is not possible to invest directly in an index.

^6.  Line graph and table do not reflect the deduction of taxes that a shareholder would pay.

^7.  Class C performance with the sales charges includes the 1.00% contingent deferred sales charge (CDSC) for returns of one year or less.

27

Barings U.S. High Yield Fund 2018 Semi-Annual Report

Investment Objective

Barings U.S. High Yield Fund (“U.S. High Yield Fund” or the “Fund”) seeks to achieve a high level of total return, with an emphasis on current income, by investing primarily in high yield debt and related securities.

Portfolio Management Commentary

How did the Fund perform?

∎ The Fund reported a net total rate of return for the reporting period from June 30, 2018 through December 31, 2018 of -2.41%, and slightly underperformed the Bloomberg Barclays U.S. Corporate High Yield Index (the “Benchmark”), which returned -2.24%. In addition, the Fund returned -2.51% on a net basis for the full year of 2018, and slightly underperformed the Benchmark, which returned -2.08%.¹

What factors influenced performance of the Fund?

∎ For much of the year, the U.S. high yield market generated a positive return on the back of stable economic growth, low inflation and solid corporate fundamentals. During the fourth quarter, however, a bout of volatility across asset classes drove markets lower with the U.S. high yield market, ending the six-month period negative.

∎ In general, the demand for lower quality paper was muted, which led the CCC-rated portion of the market to underperform relative to B-rated and BB-rated assets. As a result, the Fund’s underweight allocation to BB-rated assets, and overweight allocation to the lower rated categories relative to the Benchmark, were performance detractors. Security selection within the B-rated and CCC-rated categories did contribute to performance positively versus the Benchmark.

∎ From an industry category perspective, the Fund’s holdings within the communications and consumer cyclical sectors outperformed relative to the Benchmark. Credit selection in the capital goods and technology sectors were a drag on the Fund’s performance during the period.

Describe recent portfolio activity.

∎ The Fund continues to favor the B-rated and CCC-rated subsets of the U.S. high yield bond market given the shorter duration profile and favorable yield dynamics. Therefore, the Fund continued to be underweight in BB-rated holdings. With default expectations remaining low and corporate fundamentals generally healthy, we have found better relative value opportunities in B-rated and CCC-rated credits. As such, there was a slight increase in CCC-rated holdings, and a more substantial increase to B-rated assets.

∎ Across industries, the Fund’s allocation to the oil and gas industry was modestly reduced, as certain relative value opportunities played out. Additionally, credits within the sector tend to be shorter in duration, and therefore the Fund saw positions mature or called during the six-month period. The Fund may seek to increase its position in this market segment as crude oil prices recover from recent lows. The Fund increased its exposure to certain names in the telecommunications sector, which displayed strong relative value within the space. The Fund’s allocations to the health care, education and child care, and mining, steel, iron and non-precious metals sectors were also increased.

Describe portfolio positioning at period end.

∎ On a traded basis, the Fund finished December 31, 2018 with a 19.6% weighting to senior secured high yield bonds, and a 72.9% weighting in senior unsecured bonds. The remaining balance of the portfolio was invested in senior secured loans (5.1%) and cash, accrued and other holdings (2.4%).

^1.  Total return describes the return to an investor of Class Y shares and includes the reinvestment of dividends and capital gains. Past performance is no guarantee of future results, and investment returns and the net asset value (NAV) of shares of the Fund will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than performance quoted. Call 1.855.439.5459 or visit barings.com for current month-end performance. All returns one-year or less are cumulative. The Bloomberg Barclays U.S. Corporate High Yield Index covers the universe of fixed-rate, non-investment grade debt focusing on corporate USD denominated and non-convertible debt. Indexes are unmanaged. It is not possible to invest directly in an index.

28

Barings U.S. High Yield Fund 2018 Semi-Annual Report

∎ From a sector perspective, the Fund remains well diversified across a number of Moody’s-based industries, with higher concentrations in oil and gas (14.2%), telecommunications (11.0%), and mining, steel, iron and non-precious metals (10.1%) as of December 31, 2018.

∎ In terms of portfolio credit quality as of December 31, 2018, the Fund had the following weighting breakdown: 6.3% in BBB, 34.0% in BB, 40.0% in B, 16.3% in CCC and below, and cash and accrued income at 2.0%. The Fund’s weighting in Not Publicly Rated holdings finished the period at 1.4%.²

Describe market and portfolio outlook.

∎ We believe that the volatility and sentiment in the high yield market was driven by several factors, including trade wars, Brexit and monetary policy. However, on a fundamental basis, we believe issuers continue to generate modest top and bottom-line growth, with leverage remaining at healthy and sustainable levels.

∎ Default rates are below historical averages, and we expect this to continue into 2019.

∎ While crude oil prices and geopolitical events may continue to cause further market price volatility, we believe this represents an attractive opportunity for investors in high yield.

^2.  Ratings shown are the highest ratings given by one of the following national rating agencies: S&P, Moody’s or Fitch. Additional information about ratings can be found, respectively, at www.standardandpoors.com, www.moodys.com and www.fitchratings.com. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings categories used by S&P and Fitch. BB, B, CCC/CC/C and D are below investment grade ratings categories used by S&P and Fitch. Aaa, Aa, A and Baa are investment grade ratings categories used by Moody’s. Ba, B, Caa/Ca and C are below investment grade ratings categories used by Moody’s. Ratings categories may include gradations within each category. Bonds backed by U.S. government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated Not Publicly Rated are not rated by these national rating agencies.

29

Barings U.S. High Yield Fund 2018 Semi-Annual Report

CREDIT QUALITY COMPOSITION (% OF ASSETS*)

* The percentages shown above represent a percentage of the assets as of December 31, 2018.

COUNTRY COMPOSITION (% OF ASSETS**)

** The percentages of assets are expressed by market value excluding cash and accrued income, and may vary over time. The percentages shown above represent a percentage of the assets as of December 31, 2018.

30

Barings U.S. High Yield Fund 2018 Semi-Annual Report

% AVERAGE ANNUAL TOTAL RETURNS 4,6,7	INCEPTION DATE		ONE YEAR			THREE YEARS			INCEPTION TO DATE
Class A With Load		10/30/2015		-6.61	%		5.18	%		3.94	%
Class A No Load		10/30/2015		-2.72	%		6.63	%		5.29	%
Class C With Load		10/30/2015		-4.39	%		5.82	%		4.49	%
Class C No Load		10/30/2015		-3.47	%		5.82	%		4.49	%
Class I With Load		10/30/2015		-2.51	%		6.88	%		5.53	%
Class I No Load		10/30/2015		-2.51	%		6.88	%		5.53	%
Class Y With Load		10/30/2015		-2.51	%		6.87	%		5.53	%
Class Y No Load		10/30/2015		-2.51	%		6.87	%		5.53	%

Performance shown is historical and does not guarantee future results. Current performance may be lower or higher. Because share price, principal value and return will vary, you may have a gain or loss when you sell Fund shares. For current month-end performance information, call 1.855.439.5459. Performance includes the reinvestment of dividends and capital gains. Performance less than one year is cumulative; all other performance is annualized.

^3.  Inception date: 10/30/2015

^4.  Class A performance with the sales charges includes the maximum 4.00% sales charge.

^5.  Benchmark: Bloomberg Barclays U.S. Corporate High Yield Index. The benchmark covers the universe of fixed-rate, non-investment grade debt focusing on corporate USD denominated and non-convertible debt. It is not possible to invest directly in an index.

^6.  Line graph and table do not reflect the deduction of taxes that a shareholder would pay.

^7.  Class C performance with the sales charges includes the 1.00% contingent deferred sales charge (CDSC) for returns of one year or less.

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Barings Funds Trust 2018 Semi-Annual Report

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Barings Funds Trust 2018 Semi-Annual Report

SHAREHOLDER EXPENSES (UNAUDITED)

As a shareholder of Barings Global Floating Rate Fund, Barings Global Credit Income Opportunities Fund, Barings Active Short Duration Bond Fund, Barings Total Return Bond Fund, Barings Emerging Markets Debt Blended Total Return Fund, Barings Global Emerging Markets Equity Fund, Barings Global High Yield Fund or Barings U.S. High Yield Fund you incur ongoing expenses, such as management fees, shareholder service fees, distribution fees and other fund expenses. The following table is intended to help you understand your ongoing expenses (in dollars and cents) of investing in the Funds and to compare these expenses with the ongoing expenses of investing in other funds.

The table is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2018 to December 31, 2018.

Actual Expenses

The first line in the table below provides information about the actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for the Fund under the heading entitled “Operating Expense Incurred” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the table below provides information about the hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account value and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Barings Global Floating Rate Fund

	EXPENSE RATIO			BEGINNING AMOUNT			ENDING VALUE			AVERAGE VALUE			OPERATING EXPENSE INCURRED*
Class A
Actual		1.00	%		$	1,000.00		$	980.90		$	990.45		$	4.99
Hypothetical		1.00	%			1,000.00			1,020.20			1,010.10			5.09
Class C
Actual		1.73	%			1,000.00			977.20			988.60			8.62
Hypothetical		1.73	%			1,000.00			1,016.50			1,008.25			8.79
Class I
Actual		0.75	%			1,000.00			982.20			991.10			3.75
Hypothetical		0.75	%			1,000.00			1,021.40			1,010.70			3.82
Class Y
Actual		0.75	%			1,000.00			982.10			991.05			3.75
Hypothetical		0.75	%			1,000.00			1,021.40			1,010.70			3.82

* For each Class of the Fund, net expenses are equal to the annualized expense ratio net of any expenses waived or reimbursed by the adviser for such class multiplied by the average account value over the period, multiplied by 184/365.

33

Barings Funds Trust 2018 Semi-Annual Report

SHAREHOLDER EXPENSES (UNAUDITED) (CONTINUED)

Barings Global Credit Income Opportunities Fund

	EXPENSE RATIO			BEGINNING AMOUNT			ENDING VALUE			AVERAGE VALUE			OPERATING EXPENSE INCURRED*
Class A
Actual		1.20	%		$	1,000.00		$	968.00		$	984.00		$	5.95
Hypothetical		1.20	%			1,000.00			1,019.20			1,009.60			6.11
Class C
Actual		1.95	%			1,000.00			964.30			982.15			9.65
Hypothetical		1.95	%			1,000.00			1,015.40			1,007.70			9.91
Class I
Actual		0.95	%			1,000.00			969.30			984.65			4.72
Hypothetical		0.95	%			1,000.00			1,020.40			1,010.20			4.84
Class Y
Actual		0.95	%			1,000.00			969.20			984.60			4.72
Hypothetical		0.95	%			1,000.00			1,020.40			1,010.20			4.84

* For each Class of the Fund, net expenses are equal to the annualized expense ratio net of any expenses waived or reimbursed by the adviser for such class multiplied by the average account value over the period, multiplied by 184/365.

Barings Active Short Duration Bond Fund

	EXPENSE RATIO			BEGINNING AMOUNT			ENDING VALUE			AVERAGE VALUE			OPERATING EXPENSE INCURRED*
Class A
Actual		0.65	%		$	1,000.00		$	1,008.90		$	1,004.45		$	3.29
Hypothetical		0.65	%			1,000.00			1,021.90			1,010.95			3.31
Class C
Actual		0.90	%			1,000.00			1,007.60			1,003.80			4.55
Hypothetical		0.90	%			1,000.00			1,020.70			1,010.35			4.58
Class I
Actual		0.40	%			1,000.00			1,010.20			1,005.10			2.03
Hypothetical		0.40	%			1,000.00			1,023.20			1,011.60			2.04
Class Y
Actual		0.40	%			1,000.00			1,010.20			1,005.10			2.03
Hypothetical		0.40	%			1,000.00			1,023.20			1,011.60			2.04

* For each Class of the Fund, net expenses are equal to the annualized expense ratio net of any expenses waived or reimbursed by the adviser for such class multiplied by the average account value over the period, multiplied by 184/365.

34

Barings Funds Trust 2018 Semi-Annual Report

SHAREHOLDER EXPENSES (UNAUDITED) (CONTINUED)

Barings Total Return Bond Fund

	EXPENSE RATIO**			BEGINNING AMOUNT			ENDING VALUE			AVERAGE VALUE			OPERATING EXPENSE INCURRED*
Class A
Actual		0.80	%		$	1,000.00		$	1,002.90		$	1,001.45		$	4.04
Hypothetical		0.80	%			1,000.00			1,021.20			1,010.60			4.08
Class C
Actual		1.55	%			1,000.00			999.10			999.55			7.81
Hypothetical		1.55	%			1,000.00			1,017.40			1,008.70			7.88
Class I
Actual		0.55	%			1,000.00			1,004.20			1,002.10			2.78
Hypothetical		0.55	%			1,000.00			1,022.40			1,011.20			2.80
Class Y
Actual		0.55	%			1,000.00			1,004.20			1,002.10			2.78
Hypothetical		0.55	%			1,000.00			1,022.40			1,011.20			2.80

* For each Class of the Fund, net expenses are equal to the annualized expense ratio net of any expenses waived or reimbursed by the adviser for such class multiplied by the average account value over the period, multiplied by 184/365.

** Expense ratios (as disclosed in the table) do not include the expenses of any underlying funds in which the Fund invests. The annualized expense ratios, as stated in the fee table of the Prospectus, may differ from the expense ratios disclosed in this report.

Barings Emerging Markets Debt Blended Total Return Fund

	EXPENSE RATIO			BEGINNING AMOUNT			ENDING VALUE			AVERAGE VALUE			OPERATING EXPENSE INCURRED*
Class A
Actual		1.14	%		$	1,000.00		$	1,014.90		$	1,007.45		$	5.79
Hypothetical		1.14	%			1,000.00			1,019.50			1,009.75			5.80
Class C
Actual		1.82	%			1,000.00			1,011.30			1,005.65			9.23
Hypothetical		1.82	%			1,000.00			1,016.00			1,008.00			9.25
Class I
Actual		0.85	%			1,000.00			1,016.20			1,008.10			4.32
Hypothetical		0.85	%			1,000.00			1,020.90			1,010.45			4.33
Class Y
Actual		0.85	%			1,000.00			1,016.20			1,008.10			4.32
Hypothetical		0.85	%			1,000.00			1,020.90			1,010.45			4.33

* For each Class of the Fund, net expenses are equal to the annualized expense ratio net of any expenses waived or reimbursed by the adviser for such class multiplied by the average account value over the period, multiplied by 184/365.

35

Barings Funds Trust 2018 Semi-Annual Report

SHAREHOLDER EXPENSES (UNAUDITED) (CONTINUED)

Barings Global Emerging Markets Equity Fund

	EXPENSE RATIO			BEGINNING AMOUNT			ENDING VALUE			AVERAGE VALUE			OPERATING EXPENSE INCURRED*
Class A
Actual		1.45	%		$	1,000.00		$	963.50		$	981.75		$	4.10
Hypothetical		1.45	%			1,000.00			1,010.20			1,005.10			4.19
Class C
Actual		2.20	%			1,000.00			961.50			980.75			6.21
Hypothetical		2.20	%			1,000.00			1,008.10			1,004.05			6.35
Class I
Actual		1.20	%			1,000.00			964.20			982.10			3.39
Hypothetical		1.20	%			1,000.00			1,010.90			1,005.45			3.47
Class Y
Actual		1.20	%			1,000.00			964.20			982.10			3.39
Hypothetical		1.20	%			1,000.00			1,010.90			1,005.45			3.47

* For each Class of the Fund, net expenses are equal to the annualized expense ratio net of any expenses waived or reimbursed by the adviser for such class multiplied by the average account value over the period, multiplied by 105/365.

Barings Global High Yield Fund

	EXPENSE RATIO			BEGINNING AMOUNT			ENDING VALUE			AVERAGE VALUE			OPERATING EXPENSE INCURRED*
Class A
Actual		1.05	%		$	1,000.00		$	972.00		$	986.00		$	5.22
Hypothetical		1.05	%			1,000.00			1,019.90			1,009.95			5.35
Class C
Actual		1.80	%			1,000.00			968.70			984.35			8.93
Hypothetical		1.80	%			1,000.00			1,016.10			1,008.05			9.15
Class I
Actual		0.80	%			1,000.00			973.50			986.75			3.98
Hypothetical		0.80	%			1,000.00			1,021.20			1,010.60			4.08
Class Y
Actual		0.80	%			1,000.00			973.50			986.75			3.98
Hypothetical		0.80	%			1,000.00			1,021.20			1,010.60			4.08

* For each Class of the Fund, net expenses are equal to the annualized expense ratio net of any expenses waived or reimbursed by the adviser for such class multiplied by the average account value over the period, multiplied by 184/365.

36

Barings Funds Trust 2018 Semi-Annual Report

SHAREHOLDER EXPENSES (UNAUDITED) (CONTINUED)

Barings U.S. High Yield Fund

	EXPENSE RATIO			BEGINNING AMOUNT			ENDING VALUE			AVERAGE VALUE			OPERATING EXPENSE INCURRED*
Class A
Actual		1.00	%		$	1,000.00		$	975.00		$	987.50		$	4.98
Hypothetical		1.00	%			1,000.00			1,020.20			1,010.10			5.09
Class C
Actual		1.75	%			1,000.00			971.00			985.50			8.69
Hypothetical		1.75	%			1,000.00			1,016.40			1,008.20			8.89
Class I
Actual		0.75	%			1,000.00			975.90			987.95			3.74
Hypothetical		0.75	%			1,000.00			1,021.40			1,010.70			3.82
Class Y
Actual		0.75	%			1,000.00			975.90			987.95			3.74
Hypothetical		0.75	%			1,000.00			1,021.40			1,010.70			3.82

* For each Class of the Fund, net expenses are equal to the annualized expense ratio net of any expenses waived or reimbursed by the adviser for such class multiplied by the average account value over the period, multiplied by 184/365.

37

Barings Funds Trust 2018 Semi-Annual Report

BARINGS FUNDS TRUST

FINANCIAL REPORT

Statements of Assets and Liabilities	39
Statements of Operations	43
Statements of Changes in Net Assets	47
Financial Highlights	51
Schedules of Investments	83-175
Notes to Financial Statements	176-220

38

Barings Funds Trust 2018 Semi-Annual Report

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2018 (Unaudited)

	BARINGS GLOBAL FLOATING RATE FUND		BARINGS GLOBAL CREDIT INCOME OPPORTUNITIES FUND		BARINGS ACTIVE SHORT DURATION BOND FUND		BARINGS TOTAL RETURN BOND FUND
Assets
Investments, at fair value (cost $291,533,544, $185,578,108, $481,539,156 and $28,647,467, respectively)	$	273,291,956	$	169,404,914	$	476,949,479	$	28,161,779
Investments in affiliates, at fair value (cost $2,681,797)		–		–		–		2,557,954
Cash		13,573,347		4,566,154		660,021		311,662
Foreign currency, at value (cost $2,101,812, $61,734, $0 and $2, respectively)		2,121,622		62,060		–		2
Receivable for investments sold		16,812,778		11,042,814		–		1,762,791
Receivable for Fund shares sold		540,187		1,703,617		8,945,823		538,189
Interest receivable		1,718,879		2,575,245		2,816,542		193,346
Receivable from adviser (see Note 3)		–		–		–		9,429
Cash collateral held at broker on open swap contracts		–		290,000		–		7
Receivable for variation margin on open futures contracts		–		–		–		10,783
Foreign tax reclaims receivable		–		903		3,398		–
Unrealized appreciation on forward foreign currency exchange contracts		28,173		51,721		–		18,077
Unrealized appreciation on unfunded loan commitments		–		534		–		–
Prepaid expenses		38,398		54,086		–		11,833
Total assets		308,125,340		189,752,048		489,375,263		33,575,852
Liabilities
Payable for investments purchased		18,589,820		8,473,471		–		4,753,286
Payable for Fund shares repurchased		1,965,458		2,009,001		2,628,791		19,015
Swap contracts, at fair value (up-front net premiums received of $0, $0, $20,656 and $4,976, respectively)		–		–		83,855		20,964
Payable for variation margin on open futures contracts		–		–		135,184		–
Investment advisory fee payable (see Note 3)		122,865		88,549		51,665		–
Directors’ fees payable		–		–		4,278		191
Cash collateral Due to Broker		–		150,000		3,980,000		380,000
Distribution fees payable		18,157		19,043		31,613		211
Shareholder service fees payable		19,460		23,712		36,651		1,771
Dividends payable		287,121		255,823		187,029		82,815
Unrealized depreciation on forward foreign currency exchange contracts		271,019		187,612		–		27,210
Unrealized depreciation on unfunded loan commitments		6,896		–		–		–
Accrued expenses and other liabilities		176,323		165,526		334,014		53,231
Total liabilities		21,457,119		11,372,737		7,473,080		5,338,694
Total net assets	$	286,668,221	$	178,379,311	$	481,902,183	$	28,237,158

See accompanying Notes to the Financial Statements.

39

Barings Funds Trust 2018 Semi-Annual Report

STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

December 31, 2018 (Unaudited)

	BARINGS GLOBAL FLOATING RATE FUND			BARINGS GLOBAL CREDIT INCOME OPPORTUNITIES FUND			BARINGS ACTIVE SHORT DURATION BOND FUND			BARINGS TOTAL RETURN BOND FUND
Composition of net assets
Shares of beneficial interest outstanding (par value $0.00001 per share), unlimited number of shares authorized	$	316		$	206		$	491		$	29
Additional paid-in capital		305,936,312			199,366,312			488,411,013			29,320,587
Total distributable earnings		(19,268,407	)		(20,987,207	)		(6,509,321	)		(1,083,458	)
Total net assets (1)	$	286,668,221		$	178,379,311		$	481,902,183		$	28,237,158
Class A
Net assets applicable to outstanding shares	$	49,248,389		$	46,395,611		$	147,828,676		$	702,672
Shares of beneficial interest outstanding		5,437,395			5,348,749			15,050,848			72,897
Net asset value per share outstanding	$	9.06		$	8.67		$	9.82		$	9.64
Maximum offering price per share outstanding (Net asset value plus sales charge of 3.00%, 4.00%, 0.00% and 4.00%, respectively)	$	9.34		$	9.03		$	9.82		$	10.04
Class C
Net assets applicable to outstanding shares	$	8,616,673		$	8,174,581		$	1,287,209		$	193,328
Shares of beneficial interest outstanding		954,854			943,569			131,157			20,061
Net asset value per share outstanding	$	9.02		$	8.66		$	9.81		$	9.64
Class I
Net assets applicable to outstanding shares	$	33,938,741		$	14,476,740		$	297,825		$	11,906,545
Shares of beneficial interest outstanding		3,739,270			1,669,284			30,319			1,235,482
Net asset value per share outstanding	$	9.08		$	8.67		$	9.82		$	9.64
Class Y
Net assets applicable to outstanding shares	$	194,864,418		$	109,332,379		$	332,488,473		$	15,434,613
Shares of beneficial interest outstanding		21,480,483			12,608,762			33,874,699			1,601,522
Net asset value per share outstanding	$	9.07		$	8.67		$	9.82		$	9.64

(1) The SEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions.

See accompanying Notes to the Financial Statements.

40

Barings Funds Trust 2018 Semi-Annual Report

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2018 (Unaudited)

	BARINGS EMERGING MARKETS DEBT BLENDED TOTAL RETURN FUND		BARINGS GLOBAL EMERGING MARKETS EQUITY FUND		BARINGS GLOBAL HIGH YIELD FUND		BARINGS U.S. HIGH YIELD FUND
Assets
Investments, at fair value (cost $47,846,878, $9,499,900, $24,803,674 and $53,017,778, respectively)	$	44,469,027	$	9,226,371	$	22,493,758	$	49,548,895
Cash		818,550		437,612		280,188		687,652
Foreign currency, at value (cost $161,413, $0, $5,782 and $0, respectively)		162,486		–		5,847		–
Receivable for investments sold		230,957		–		240,935		71,233
Receivable for Fund shares sold		21,083		–		35,239		218,494
Interest receivable		788,203		2,909		426,525		875,349
Interest receivable on swap contracts		10,996		–		–		–
Receivable from adviser (see Note 3)		–		9,471		5,465		–
Cash collateral held at broker on open swap contracts		1,660,000		–		–		–
Cash collateral held at broker on open future contracts		32,120		–		–		–
Swap contracts, at fair value		186,619		–		–		–
Foreign tax reclaims receivable		–		–		1,966		297
Unrealized appreciation on forward foreign currency exchange contracts		1,123,271		–		5,014		–
Prepaid expenses		12,168		–		11,567		12,598
Total assets		49,515,480		9,676,363		23,506,504		51,414,518
Liabilities
Payable for investments purchased		228,822		–		409,644		636,221
Payable for Fund shares repurchased		97,707		–		544		6,224
Payable for variation margin on open swap contracts		289,765		–		–		–
Payable for variation margin on open futures contracts		4,751		–		–		–
Investment advisory fee payable (see Note 3)		2,485		–		–		7,639
Directors’ fees payable		649		8,196		–		–
Cash collateral Due to Broker		880,000		–		–		–
Distribution fees payable		318		103		191		389
Shareholder service fees payable		2,427		–		2,585		5,446
Dividends payable		242,891		–		128,369		126,084
Unrealized depreciation on forward foreign currency exchange contracts		1,469,838		–		22,602		–
Accrued expenses and other liabilities		66,640		25,836		48,032		45,633
Total liabilities		3,286,293		34,135		611,967		827,636
Total net assets	$	46,229,187	$	9,642,228	$	22,894,537	$	50,586,882

See accompanying Notes to the Financial Statements.

41

Barings Funds Trust 2018 Semi-Annual Report

STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

December 31, 2018 (Unaudited)

	BARINGS EMERGING MARKETS DEBT BLENDED TOTAL RETURN FUND			BARINGS GLOBAL EMERGING MARKETS EQUITY FUND			BARINGS GLOBAL HIGH YIELD FUND			BARINGS U.S. HIGH YIELD FUND
Composition of net assets
Shares of beneficial interest outstanding (par value $0.00001 per share), unlimited number of shares authorized	$	49		$	10		$	25		$	54
Additional paid-in capital		51,307,695			9,999,990			25,493,523			54,439,768
Total distributable earnings		(5,078,557	)		(357,772	)		(2,599,011	)		(3,852,940	)
Total net assets (1)	$	46,229,187		$	9,642,228		$	22,894,537		$	50,586,882
Class A
Net assets applicable to outstanding shares	$	373,591		$	96,356		$	169,068		$	1,334,013
Shares of beneficial interest outstanding		39,854			10,000			18,798			143,632
Net asset value per share outstanding	$	9.37		$	9.64		$	8.99		$	9.29
Maximum offering price per share outstanding (Net asset value plus sales charge of 4.00%)	$	9.76		$	10.04		$	9.36		$	9.68
Class C
Net assets applicable to outstanding shares	$	241,574		$	96,149		$	176,766		$	92,836
Shares of beneficial interest outstanding		25,767			10,000			19,640			10,000
Net asset value per share outstanding	$	9.38		$	9.61		$	9.00		$	9.28
Class I
Net assets applicable to outstanding shares	$	22,324,600		$	4,724,861		$	11,154,702		$	14,081,904
Shares of beneficial interest outstanding		2,381,296			490,000			1,240,000			1,516,834
Net asset value per share outstanding	$	9.37		$	9.64		$	9.00		$	9.28
Class Y
Net assets applicable to outstanding shares	$	23,289,422		$	4,724,862		$	11,394,001		$	35,078,129
Shares of beneficial interest outstanding		2,484,058			490,000			1,266,607			3,778,921
Net asset value per share outstanding	$	9.38		$	9.64		$	9.00		$	9.28

(1) The SEC eliminated the requirement to disclose total distributable earnings by each of its components as previously disclosed as the previous presentation did not provide insight into the tax implications of distributions.

See accompanying Notes to the Financial Statements.

42

Barings Funds Trust 2018 Semi-Annual Report

STATEMENTS OF OPERATIONS

For the Six Months Ended December 31, 2018 (Unaudited)

	BARINGS GLOBAL FLOATING RATE FUND			BARINGS GLOBAL CREDIT INCOME OPPORTUNITIES FUND			BARINGS ACTIVE SHORT DURATION BOND FUND			BARINGS TOTAL RETURN BOND FUND
Investment Income
Interest income (net of withholding tax of $0, $2,640, $102 and $0, respectively)	$	8,112,536		$	7,680,374		$	7,225,352		$	482,398
Dividends		–			–			–			69,936
Dividends from affiliated securities		–			–			–			25,591
Other income		31,259			1,058			176			–
Total investment income		8,143,795			7,681,432			7,225,528			577,925
Operating Expenses
Advisory fees		977,882			886,216			766,880			56,915
12b-1 distribution and servicing plan
Class A		67,024			76,479			203,332			263
Class C		44,044			45,630			2,865			981
Shareholder service fee
Class A		15,789			11,971			36,462			5
Class C		2,313			2,379			1,370			–
Class Y		28,653			31,289			72,450			1,845
Administrator fees		115,956			109,843			218,062			24,666
Custody fees		82,599			81,923			162,920			23,478
Professional fees		51,294			49,460			47,360			21,910
Transfer agent fees		13,859			19,374			25,500			11,077
Directors’ fees		35,463			32,555			60,453			16,170
Registration fees		40,999			56,636			41,532			23,787
Printing and mailing expenses		14,875			10,867			19,901			2,134
Other operating expenses		15,138			14,143			27,659			3,920
Total operating expenses		1,505,888			1,428,765			1,686,746			187,151
Reimbursement of expenses
Class A		(56,000	)		(46,832	)		(219,022	)		(3,235	)
Class C		(12,105	)		(10,309	)		(6,160	)		(3,170	)
Class I		(23,358	)		(13,214	)		(3,823	)		(42,759	)
Class Y		(175,700	)		(113,760	)		(376,286	)		(58,485	)
Net operating expenses		1,238,725			1,244,650			1,081,455			79,502
Net investment income		6,905,070			6,436,782			6,144,073			498,423

See accompanying Notes to the Financial Statements.

43

Barings Funds Trust 2018 Semi-Annual Report

STATEMENTS OF OPERATIONS (CONTINUED)

For the Six Months Ended December 31, 2018 (Unaudited)

	BARINGS GLOBAL FLOATING RATE FUND			BARINGS GLOBAL CREDIT INCOME OPPORTUNITIES FUND			BARINGS ACTIVE SHORT DURATION BOND FUND			BARINGS TOTAL RETURN BOND FUND
Realized and Unrealized Gains (Losses) on Investments
Net realized loss on investments	$	(792,687	)	$	(4,361,537	)	$	(450,284	)	$	(146,297	)
Net realized gain (loss) on forward foreign currency exchange contracts		2,571,993			2,595,266			–			(7,627	)
Net realized gain (loss) on foreign currency and translation		1,240,723			849,698			–			(1,076	)
Net realized gain (loss) on futures contracts		–			–			(389,877	)		(11,676	)
Net realized gain on swap contracts		–			–			103,535			11,632
Net realized gain (loss) on purchased options		–			(174,390	)		–			–
Net realized gain (loss)		3,020,029			(1,090,963	)		(736,626	)		(155,044	)
Net change in unrealized depreciation on investments		(15,339,017	)		(11,796,696	)		(265,254	)		(135,316	)
Net change in unrealized appreciation on unfunded loan commitments		3,094			15,316			–			–
Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts		(872,221	)		(951,649	)		–			13,843
Net change in unrealized appreciation on foreign currency and translation		87,983			35,604			–			–
Change in net unrealized appreciation (depreciation) on affiliates		–			–			–			(145,750	)
Net change in unrealized appreciation (depreciation) on futures contracts		–			–			(1,081,998	)		33,450
Net change in unrealized appreciation (depreciation) on swap contracts		–			–			(30,142	)		(7,533	)
Net change in unrealized appreciation (depreciation) on purchased option contracts		–			521,733			129,773			13,314
Net change in unrealized appreciation (depreciation)		(16,120,161	)		(12,175,692	)		(1,247,621	)		(227,992	)
Net realized and unrealized losses on investments		(13,100,132	)		(13,266,655	)		(1,984,247	)		(383,036	)
Net increase (decrease) in net assets resulting from operations	$	(6,195,062	)	$	(6,829,873	)	$	4,159,826		$	115,387

See accompanying Notes to the Financial Statements.

44

Barings Funds Trust 2018 Semi-Annual Report

STATEMENTS OF OPERATIONS

For the Six Months Ended December 31, 2018 (Unaudited)

	BARINGS EMERGING MARKETS DEBT BLENDED TOTAL RETURN FUND			BARINGS GLOBAL EMERGING MARKETS EQUITY FUND			BARINGS GLOBAL HIGH YIELD FUND			BARINGS U.S. HIGH YIELD FUND
Investment Income
Interest income (net of withholding tax of $7,856, $0, $3,547 and $0, respectively)	$	1,536,398		$	829		$	902,576		$	1,954,743
Dividends (net of withholding tax of $0, $1,829, $0 and $0, respectively)		–			16,894			–			–
Total investment income		1,536,398			17,723			902,576			1,954,743
Operating Expenses
Advisory fees		176,679			25,324			74,574			155,429
12b-1 distribution and servicing plan
Class A		723			70			149			2,779
Class C		1,418			281			988			492
Shareholder service fee
Class A		1,330			–			1,207			6,049
Class C		21			–			62			3
Class Y		1,290			–			1,381			264
Administrator fees		32,381			10,738			23,003			32,314
Custody fees		38,243			12,850			16,049			22,653
Professional fees		26,719			20,560			23,180			20,459
Transfer agent fees		14,151			6,608			11,262			10,157
Directors’ fees		18,295			8,196			15,543			16,284
Registration fees		26,195			2,019			23,641			25,316
Printing and mailing expenses		1,153			2,203			2,102			2,444
Other operating expenses		4,617			2,388			3,685			4,739
Total operating expenses		343,215			91,237			196,826			299,382
Reimbursement of expenses
Class A		(6,303	)		(2,156	)		(4,423	)		(11,052	)
Class C		(4,326	)		(2,156	)		(3,532	)		(2,647	)
Class I		(63,733	)		(26,221	)		(43,000	)		(20,436	)
Class Y		(67,260	)		(26,587	)		(45,302	)		(50,028	)
Net operating expenses		201,593			34,117			100,569			215,219
Net investment income (loss)		1,334,805			(16,394	)		802,007			1,739,524

See accompanying Notes to the Financial Statements.

45

Barings Funds Trust 2018 Semi-Annual Report

STATEMENTS OF OPERATIONS (CONTINUED)

For the Six Months Ended December 31, 2018 (Unaudited)

	BARINGS EMERGING MARKETS DEBT BLENDED TOTAL RETURN FUND			BARINGS GLOBAL EMERGING MARKETS EQUITY FUND			BARINGS GLOBAL HIGH YIELD FUND			BARINGS U.S. HIGH YIELD FUND
Realized and Unrealized Gains (Losses) on Investments
Net realized loss on investments	$	(2,020,372	)	$	(62,047	)	$	(257,441	)	$	(307,321	)
Net realized gain on forward foreign currency exchange contracts		313,999			–			341,079			–
Net realized gain (loss) on foreign currency and translation		(102,312	)		(5,815	)		(12,052	)		–
Net realized gain (loss) on futures contracts		22,470			–			–			–
Net realized gain on swap contracts		302,874			–			–			–
Net realized gain (loss)		(1,483,341	)		(67,862	)		71,586			(307,321	)
Net change in unrealized appreciation (depreciation) on investments		540,564			(273,529	)		(1,474,158	)		(2,715,016	)
Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts		210,822			–			(63,486	)		–
Net change in unrealized appreciation on foreign currency and translation		16,898			13			2,924			–
Net change in unrealized appreciation (depreciation) on futures contracts		(22,445	)		–			–			–
Net change in unrealized appreciation (depreciation) on swap contracts		158,739			–			–			–
Net change in unrealized appreciation (depreciation)		904,578			(273,516	)		(1,534,720	)		(2,715,016	)
Net realized and unrealized losses on investments		(578,763	)		(341,378	)		(1,463,134	)		(3,022,337	)
Net increase (decrease) in net assets resulting from operations	$	756,042		$	(357,772	)	$	(661,127	)	$	(1,282,813	)

See accompanying Notes to the Financial Statements.

46

Barings Funds Trust 2018 Semi-Annual Report

STATEMENTS OF CHANGES IN NET ASSETS

(Unaudited)

	BARINGS GLOBAL FLOATING RATE FUND						BARINGS GLOBAL CREDIT INCOME OPPORTUNITIES FUND
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2018			FOR THE YEAR ENDED JUNE 30, 2018			FOR THE SIX MONTHS ENDED DECEMBER 31, 2018			FOR THE YEAR ENDED JUNE 30, 2018
Operations
Net investment income	$	6,905,070		$	9,760,403		$	6,436,782		$	9,588,045
Net realized gain (loss) on investments		3,020,029			(1,856,944	)		(1,090,963	)		677,960
Net change in unrealized appreciation (depreciation) on investments		(16,120,161	)		362,889			(12,175,692	)		(4,509,081	)
Net increase (decrease) in net assets from operations		(6,195,062	)		8,266,348			(6,829,873	)		5,756,924
Distributable earnings
Class A		(1,402,401	)		(2,063,485	)		(2,316,261	)		(1,756,888	)
Class C		(201,374	)		(270,057	)		(308,336	)		(327,000	)
Class I		(875,713	)		(854,559	)		(750,944	)		(1,145,985	)
Class Y		(5,777,919	)		(5,403,280	)		(5,423,124	)		(5,859,509	)
Total Distributable Earnings (1)(2)		(8,257,407	)		(8,591,381	)		(8,798,665	)		(9,089,382	)
Return of capital
Class A		–			(279,765	)		–			(100,036	)
Class C		–			(35,709	)		–			(17,976	)
Class I		–			(107,589	)		–			(57,195	)
Class Y		–			(748,240	)		–			(321,100	)
Total Return of capital		–			(1,171,303	)		–			(496,307	)
Capital Share Transactions
Net proceeds from sale of shares		130,972,765			112,207,247			45,792,609			121,425,079
Net Asset Value of shares issued to shareholders in payment of distributions declared		6,529,769			8,983,366			6,526,862			6,045,876
Cost of shares redeemed		(89,169,048	)		(62,757,889	)		(89,810,699	)		(43,918,289	)
Net increase (decrease) in net assets resulting from capital stock transactions		48,333,486			58,432,724			(37,491,228	)		83,552,666
Total increase (decrease) in net assets		33,881,017			56,936,388			(53,119,766	)		79,723,901
Net Assets
Beginning of period		252,787,204			195,850,816			231,499,077			151,775,176
End of period	$	286,668,221		$	252,787,204		$	178,379,311		$	231,499,077

(1) The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in November 2018. Included in Barings Global Floating Rate Fund’s total distributions for net investment income and net realized gains, respectively, as of the year ended June 30, 2018 was $(2,063,485) and $0 for Class A, $(270,057) and $0 for Class C, $(854,559) and $0 for Class I and $(5,403,280) and $0 for Class Y. The undistributed net investment income (loss) was $(113,373) as of the year ended June 30, 2018.

(2) The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in November 2018. Included in Barings Global Credit Income Opportunities Fund’s total distributions for net investment income and net realized gains, respectively, as of the year ended June 30, 2018 was $(1,756,888) and $0 for Class A, $(327,000) and $0 for Class C, $(1,145,985) and $0 for Class I and $(5,859,509) and $0 for Class Y. The undistributed net investment income (loss) was $(305,680) as of the year ended June 30, 2018.

See accompanying Notes to the Financial Statements.

47

Barings Funds Trust 2018 Semi-Annual Report

STATEMENTS OF CHANGES IN NET ASSETS

(Unaudited)

	BARINGS ACTIVE SHORT DURATION BOND FUND						BARINGS TOTAL RETURN BOND FUND
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2018			FOR THE YEAR ENDED JUNE 30, 2018			FOR THE SIX MONTHS ENDED DECEMBER 31, 2018			FOR THE YEAR ENDED JUNE 30, 2018
Operations
Net investment income	$	6,144,073		$	9,285,132		$	498,423		$	903,641
Net realized gain (loss) on investments		(736,626	)		1,300,980			(155,044	)		(118,675	)
Net change in unrealized depreciation on investments		(1,247,621	)		(5,924,031	)		(227,992	)		(750,496	)
Net increase in net assets resulting from operations		4,159,826			4,662,081			115,387			34,470
Distributable earnings
Class A		(2,359,407	)		(3,875,523	)		(3,465	)		(6,279	)
Class C		(15,322	)		(19,495	)		(2,479	)		(4,440	)
Class I		(4,790	)		(7,420	)		(213,043	)		(392,338	)
Class Y		(4,419,039	)		(6,664,499	)		(281,292	)		(573,463	)
Total Distributable Earnings (1)(2)		(6,798,558	)		(10,566,937	)		(500,279	)		(976,520	)
Return of capital
Class A		–			–			–			(217	)
Class C		–			–			–			(153	)
Class I		–			–			–			(13,609	)
Class Y		–			–			–			(19,524	)
Total Return of capital		–			–			–			(33,503	)
Capital Share Transactions
Net proceeds from sale of shares		174,542,588			354,038,993			929,531			2,983,984
Net Asset Value of shares issued to shareholders in payment of distributions declared		5,887,143			9,474,859			68,265			183,911
Cost of shares redeemed		(126,673,016	)		(250,813,003	)		(1,261,983	)		(3,661,938	)
Net increase (decrease) in net assets resulting from capital stock transactions		53,756,715			112,700,849			(264,187	)		(494,043	)
Total increase (decrease) in net assets		51,117,983			106,795,993			(649,079	)		(1,469,596	)
Net Assets
Beginning of period		430,784,200			323,988,207			28,886,237			30,355,833
End of period	$	481,902,183		$	430,784,200		$	28,237,158		$	28,886,237

(1) The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in November 2018. Included in Barings Active Short Duration Fund’s total distributions for net investment income and net realized gains, respectively, as of the year ended June 30, 2018 was $(3,385,234) and $(490,289) for Class A, $(17,041) and $(2,454) for Class C, $(6,510) and $(910) for Class I and $(5,887,689) and $(776,810) for Class Y. The undistributed net investment income (loss) was $(10,364) as of the year ended June 30, 2018.

(2) The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in November 2018. Included in Barings Total Return Fund’s total distributions for net investment income and net realized gains, respectively, as of the year ended June 30, 2018 was $(6,279) and $0 for Class A, $(4,440) and $0 for Class C, $(392,338) and $0 for Class I and $(573,463) and $0 for Class Y. The undistributed net investment income (loss) was $(60,031) as of the year ended June 30, 2018.

See accompanying Notes to the Financial Statements.

48

Barings Funds Trust 2018 Semi-Annual Report

STATEMENTS OF CHANGES IN NET ASSETS

(Unaudited)

	BARINGS EMERGING MARKETS DEBT BLENDED TOTAL RETURN FUND						BARINGS GLOBAL EMERGING MARKETS EQUITY FUND
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2018			FOR THE YEAR ENDED JUNE 30, 2018			PERIOD FROM SEPTEMBER 17, 2018 TO DECEMBER 31, 2018 (1)
Operations
Net investment income	$	1,334,805		$	1,225,718		$	(16,394	)
Net realized gain (loss) on investments		(1,483,341	)		232,231			(67,862	)
Net change in unrealized appreciation (depreciation) on investments		904,578			(4,915,528	)		(273,516	)
Net increase (decrease) in net assets from operations		756,042			(3,457,579	)		(357,772	)
Distributable earnings
Class A		(16,850	)		(46,971	)		–
Class C		(7,230	)		(17,558	)		–
Class I		(692,956	)		(700,991	)		–
Class Y		(718,174	)		(722,445	)		–
Total Distributable Earnings (2)		(1,435,210	)		(1,487,965	)		–
Capital Share Transactions
Net proceeds from sale of shares		797,457			41,179,347			10,000,000
Net Asset Value of shares issued to shareholders in payment of distributions declared		27,521			43,749			–
Cost of shares redeemed		(531,435	)		(498,234	)		–
Net increase in net assets resulting from capital stock transactions		293,543			40,724,862			10,000,000
Total increase (decrease) in net assets		(385,625	)		35,779,318			9,642,228
Net Assets
Beginning of period		46,614,812			10,835,494			–
End of period	$	46,229,187		$	46,614,812		$	9,642,228

(1) Fund commenced operations on September 17, 2018.

(2) The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in November 2018. Included in Barings Emerging Markets Debt Blended Total Return Fund’s total distributions for net investment income and net realized gains, respectively, as of the year ended June 30, 2018 was $(29,114) and $(17,857) for Class A, $(10,947) and $(6,611) for Class C, $(556,464) and $(144,527) for Class I and $(570,211) and $(152,234) for Class Y. The undistributed net investment income was $123,614 as of the year ended June 30, 2018.

See accompanying Notes to the Financial Statements.

49

Barings Funds Trust 2018 Semi-Annual Report

STATEMENTS OF CHANGES IN NET ASSETS

(Unaudited)

	BARINGS GLOBAL HIGH YIELD FUND						BARINGS U.S. HIGH YIELD FUND
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2018			FOR THE YEAR ENDED JUNE 30, 2018			FOR THE SIX MONTHS ENDED DECEMBER 31, 2018			FOR THE YEAR ENDED JUNE 30, 2018
Operations
Net investment income	$	802,007		$	1,649,437		$	1,739,524		$	2,245,957
Net realized gain (loss) on investments		71,586			402,802			(307,321	)		150,989
Net change in unrealized depreciation on investments		(1,534,720	)		(1,472,755	)		(2,715,016	)		(1,765,072	)
Net increase (decrease) in net assets from operations		(661,127	)		579,484			(1,282,813	)		631,874
Distributable earnings
Class A		(7,632	)		(9,066	)		(65,512	)		(210,019	)
Class C		(9,989	)		(17,640	)		(2,541	)		(9,206	)
Class I		(653,597	)		(1,081,306	)		(458,588	)		(1,394,522	)
Class Y		(667,731	)		(1,191,673	)		(1,211,914	)		(1,602,934	)
Total Distributable Earnings (1)(2)		(1,338,949	)		(2,299,685	)		(1,738,555	)		(3,216,681	)
Capital Share Transactions
Net proceeds from sale of shares		272,479			3,560,120			4,004,337			29,139,508
Net Asset Value of shares issued to shareholders in payment of distributions declared		16,018			116,325			976,943			882,238
Cost of shares redeemed		(219,657	)		(4,970,047	)		(8,380,307	)		(3,532,281	)
Net increase (decrease) in net assets resulting from capital stock transactions		68,840			(1,293,602	)		(3,399,027	)		26,489,465
Total increase (decrease) in net assets		(1,931,236	)		(3,013,803	)		(6,420,395	)		23,904,658
Net Assets
Beginning of period		24,825,773			27,839,576			57,007,277			33,102,619
End of period	$	22,894,537		$	24,825,773		$	50,586,882		$	57,007,277

(1) The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in November 2018. Included in Barings Global High Yield Fund’s total distributions for net investment income and net realized gains, respectively, as of the year ended June 30, 2018 was $(6,439) and $(2,627) for Class A, $(11,793) and $(5,847) for Class C, $(775,770) and $(305,536) for Class I and $(855,423) and $(336,250) for Class Y. The undistributed net investment income (loss) was $440 as of the year ended June 30, 2018.

(2) The SEC eliminated the requirement to disclose distributions to shareholders from net investment income and from net realized gains in November 2018. Included in Barings U.S. High Yield Fund’s total distributions for net investment income and net realized gains, respectively, as of the year ended June 30, 2018 was $(139,147) and $(70,872) for Class A, $(5,823) and $(3,383) for Class C, $(944,699) and $(449,823) for Class I and $(1,156,409) and $(446,525) for Class Y. The undistributed net investment income (loss) was $(536) as of the year ended June 30, 2018.

See accompanying Notes to the Financial Statements.

50

Barings Global Floating Rate Fund 2018 Semi-Annual Report

FINANCIAL HIGHLIGHTS

	CLASS A
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2018 (1)			FOR THE YEAR ENDED JUNE 30, 2018			FOR THE YEAR ENDED JUNE 30, 2017			FOR THE YEAR ENDED JUNE 30, 2016			FOR THE YEAR ENDED JUNE 30, 2015			PERIOD FROM SEPTEMBER 16, 2013 THROUGH JUNE 30, 2014 (2)
Per Common Share Data
Net asset value, beginning of period	$	9.48		$	9.54		$	9.13		$	9.60		$	10.20		$	10.00
Income from investment operations:
Net investment income (3)		0.21			0.43			0.43			0.44			0.44			0.30
Net realized and unrealized gain (loss) on investments		(0.38	)		(0.06	)		0.42			(0.45	)		(0.35	)		0.08
Total increase (decrease) from investment operations		(0.17	)		0.37			0.85			(0.01	)		0.09			0.38
Less dividends and distributions:
From net investment income		(0.21	)		(0.38	)		(0.31	)		(0.46	)		(0.68	)		(0.18	)
From net realized gain		(0.04	)		–			–			–			(0.01	)		–
From return of capital		–			(0.05	)		(0.13	)		–			–			–
Total dividends and distributions		(0.25	)		(0.43	)		(0.44	)		(0.46	)		(0.69	)		(0.18	)
Redemption fees		–			–			–			–			0.00	(4)		–
Net asset value, at end of period	$	9.06		$	9.48		$	9.54		$	9.13		$	9.60		$	10.20
Total investment return (5)		(1.91	)%(6)		4.00	%		9.47	%		(0.04	)%		0.95	%		3.81	%(6)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	49,248		$	53,371		$	45,363		$	13,980		$	5,153		$	12,464
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.21	%(7)		1.26	%		1.37	%		1.72	%		1.74	%		2.27	%(7)
Ratio of net expenses to average net assets (8)		1.00	%(7)		0.96	%(9)		0.99	%(10)		1.05	%(11)		1.05	%(11)		1.05	%(7)
Ratio of net investment income to average net assets		4.40	%(7)		4.55	%		4.52	%		4.74	%		4.44	%		3.76	%(7)(11)
Portfolio turnover rate		25.13	%(6)		57.74	%		47.06	%		62.99	%		63.17	%		49.51	%(6)

(1) Unaudited.

(2) Fund commenced operations on September 16, 2013.

(3) Calculated using average shares outstanding.

(4) Amount rounds to less than $.01 per share.

(5) Total investment return calculation does not consider the effects of sales loads and assumes the reinvestment of dividends at actual prices pursuant to the Fund’s dividend reinvestment plan.

(6) Not annualized.

(7) Annualized for periods less than one full year.

(8) The Adviser has agreed to waive and/or reimburse certain fees and/or expense so that, on an annualized basis, such expenses incurred will not exceed 1.00% as a percentage of average daily net assets.

(9) Net expenses reflect a voluntary expense reimbursement to prevent a negative yield.

(10) Net expenses reflect a one-time voluntary reimbursement to the Fund during the period in connection with a change to the fee waiver and/or expense reimbursement agreement.

(11) Net expenses reflect a previous fee waiver and/or expense reimbursement agreement.

See accompanying Notes to the Financial Statements.

51

Barings Global Floating Rate Fund 2018 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS C
	FOR THE SIX MONTHS ENDED DECEMBER  31, 2018 (1)			FOR THE YEAR ENDED JUNE 30, 2018			FOR THE YEAR ENDED JUNE 30, 2017			FOR THE YEAR ENDED JUNE 30, 2016			FOR THE YEAR ENDED JUNE 30, 2015			PERIOD FROM SEPTEMBER 16, 2013 THROUGH JUNE 30, 2014 (2)
Per Common Share Data
Net asset value, beginning of period	$	9.45		$	9.51		$	9.10		$	9.57		$	10.16		$	10.00
Income from investment operations:
Net investment income (3)		0.18			0.36			0.37			0.37			0.35			0.24
Net realized and unrealized gain (loss) on investments		(0.40	)		(0.06	)		0.41			(0.45	)		(0.33	)		0.07
Total increase (decrease) from investment operations		(0.22	)		0.30			0.78			(0.08	)		0.02			0.31
Less dividends and distributions:
From net investment income		(0.17	)		(0.32	)		(0.26	)		(0.39	)		(0.60	)		(0.15	)
From net realized gain		(0.04	)		–			–			–			(0.01	)		–
From return of capital		–			(0.04	)		(0.11	)		–			–			–
Total dividends and distributions		(0.21	)		(0.36	)		(0.37	)		(0.39	)		(0.61	)		(0.15	)
Redemption fees		–			–			–			–			0.00	(4)		–
Net asset value, at end of period	$	9.02		$	9.45		$	9.51		$	9.10		$	9.57		$	10.16
Total investment return (5)		(2.28	)%(6)		3.24	%		8.68	%		(0.81	)%		0.30	%		3.15	%(6)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	8,617		$	8,311		$	8,018		$	6,803		$	5,461		$	2,396
Ratio of total expenses (before reductions and reimbursements) to average net assets		2.01	%(7)		2.09	%		2.24	%		2.50	%		3.12	%		4.97	%(7)
Ratio of net expenses to average net assets (8)		1.73	%(7)(9)		1.70	%(9)		1.71	%(10)		1.80	%(11)		1.80	%(11)		1.80	%(7)(11)
Ratio of net investment income to average net assets		3.68	%(7)		3.80	%		3.91	%		4.04	%		3.60	%		3.07	%(7)
Portfolio turnover rate		25.13	%(6)		57.74	%		47.06	%		62.99	%		63.17	%		49.51	%(6)

(1) Unaudited.

(2) Fund commenced operations on September 16, 2013.

(3) Calculated using average shares outstanding.

(4) Amount rounds to less than $.01 per share.

(5) Total investment return calculation assumes the reinvestment of dividends at actual prices pursuant to the Fund’s dividend reinvestment plan.

(6) Not annualized.

(7) Annualized for periods less than one full year.

(8) The Adviser has agreed to waive and/or reimburse certain fees and/or expense so that, on an annualized basis, such expenses incurred will not exceed 1.75% as a percentage of average daily net assets.

(9) Net expenses reflect a voluntary expense reimbursement to prevent a negative yield.

(10) Net expenses reflect a one-time voluntary reimbursement to the Fund during the period in connection with a change to the fee waiver and/or expense reimbursement agreement.

(11) Net expenses reflect a previous fee waiver and/or expense reimbursement agreement.

See accompanying Notes to the Financial Statements.

52

Barings Global Floating Rate Fund 2018 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS I
	FOR THE SIX MONTHS ENDED DECEMBER  31, 2018 (1)			FOR THE YEAR ENDED JUNE 30, 2018			FOR THE YEAR ENDED JUNE 30, 2017			FOR THE YEAR ENDED JUNE 30, 2016			FOR THE YEAR ENDED JUNE 30, 2015			PERIOD FROM SEPTEMBER 16, 2013 THROUGH JUNE 30, 2014 (2)
Per Common Share Data
Net asset value, beginning of period	$	9.50		$	9.56		$	9.15		$	9.62		$	10.21		$	10.00
Income from investment operations:
Net investment income (3)		0.17			0.46			0.47			0.47			0.46			0.30
Net realized and unrealized gain (loss) on investments		(0.33	)		(0.06	)		0.40			(0.45	)		(0.34	)		0.10
Total increase (decrease) from investment operations		(0.16	)		0.40			0.87			0.02			0.12			0.40
Less dividends and distributions:
From net investment income		(0.22	)		(0.41	)		(0.32	)		(0.49	)		(0.70	)		(0.19	)
From net realized gain		(0.04	)		–			–			–			(0.01	)		–
From return of capital		–			(0.05	)		(0.14	)		–			–			–
Total dividends and distributions		(0.26	)		(0.46	)		(0.46	)		(0.49	)		(0.71	)		(0.19	)
Redemption fees		–			–			–			–			0.00	(4)		–
Net asset value, at end of period	$	9.08		$	9.50		$	9.56		$	9.15		$	9.62		$	10.21
Total investment return (5)		(1.78	)%(6)		4.28	%		9.74	%		0.25	%		1.34	%		4.04	%(6)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	33,939		$	18,370		$	19,733		$	19,903		$	25,885		$	32,772
Ratio of total expenses (before reductions and reimbursements) to average net assets		0.90	%(7)		1.03	%		1.16	%		1.29	%		1.31	%		1.52	%(7)
Ratio of net expenses to average net assets (8)		0.75	%(7)		0.71	%(9)		0.75	%		0.75	%		0.75	%		0.75	%(7)
Ratio of net investment income to average net assets		4.67	%(7)		4.78	%		4.90	%		5.07	%		4.69	%		3.72	%(7)
Portfolio turnover rate		25.13	%(6)		57.74	%		47.06	%		62.99	%		63.17	%		49.51	%(6)

(1) Unaudited.

(2) Fund commenced operations on September 16, 2013.

(3) Calculated using average shares outstanding.

(4) Amount rounds to less than $.01 per share.

(5) Total investment return calculation assumes the reinvestment of dividends at actual prices pursuant to the Fund’s dividend reinvestment plan.

(6) Not annualized.

(7) Annualized for periods less than one full year.

(8) The Adviser has agreed to waive and/or reimburse certain fees and/or expense so that, on an annualized basis, such expenses incurred will not exceed .75% as a percentage of average daily net assets.

(9) Net expenses reflect a voluntary expense reimbursement to prevent a negative yield.

See accompanying Notes to the Financial Statements.

53

Barings Global Floating Rate Fund 2018 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS Y
	FOR THE SIX MONTHS ENDED DECEMBER  31, 2018 (1)			FOR THE YEAR ENDED JUNE 30, 2018			FOR THE YEAR ENDED JUNE 30, 2017			FOR THE YEAR ENDED JUNE 30, 2016			FOR THE YEAR ENDED JUNE 30, 2015			PERIOD FROM SEPTEMBER 16, 2013 THROUGH JUNE 30, 2014 (2)
Per Common Share Data
Net asset value, beginning of period	$	9.50		$	9.56		$	9.15		$	9.62		$	10.21		$	10.00
Income from investment operations:
Net investment income (3)		0.24			0.46			0.47			0.47			0.45			0.30
Net realized and unrealized gain (loss) on investments		(0.41	)		(0.06	)		0.40			(0.45	)		(0.33	)		0.10
Total increase (decrease) from investment operations		(0.17	)		0.40			0.87			0.02			0.12			0.40
Less dividends and distributions:
From net investment income		(0.22	)		(0.41	)		(0.32	)		(0.49	)		(0.70	)		(0.19	)
From net realized gain		(0.04	)		–			–			–			(0.01	)		–
From return of capital		–			(0.05	)		(0.14	)		–			–			–
Total dividends and distributions		(0.26	)		(0.46	)		(0.46	)		(0.49	)		(0.71	)		(0.19	)
Redemption fees		–			–			–			–			0.00	(4)		–
Net asset value, at end of period	$	9.07		$	9.50		$	9.56		$	9.15		$	9.62		$	10.21
Total investment return (5)		(1.79	)%(6)		4.27	%		9.73	%		0.22	%		1.28	%		4.04	%(6)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	194,864		$	172,736		$	122,736		$	125,957		$	129,659		$	66,999
Ratio of total expenses (before reductions and reimbursements) to average net assets		0.92	%(7)		1.01	%		1.14	%		1.27	%		1.25	%		1.53	%(7)
Ratio of net expenses to average net assets (8)		0.75	%(7)		0.71	%(9)		0.75	%		0.75	%		0.75	%		0.75	%(7)
Ratio of net investment income to average net assets		4.67	%(7)		4.79	%		4.90	%		5.08	%		4.58	%		3.80	%(7)
Portfolio turnover rate		25.13	%(6)		57.74	%		47.06	%		62.99	%		63.17	%		49.51	%(6)

(1) Unaudited.

(2) Fund commenced operations on September 16, 2013.

(3) Calculated using average shares outstanding.

(4) Amount rounds to less than $.01 per share.

(5) Total investment return calculation assumes the reinvestment of dividends at actual prices pursuant to the Fund’s dividend reinvestment plan.

(6) Not annualized.

(7) Annualized for periods less than one full year.

(8) The Adviser has agreed to waive and/or reimburse certain fees and/or expense so that, on an annualized basis, such expenses incurred will not exceed .75% as a percentage of average daily net assets.

(9) Net expenses reflect a voluntary expense reimbursement to prevent a negative yield.

See accompanying Notes to the Financial Statements.

54

Barings Global Credit Income Opportunities Fund 2018 Semi-Annual Report

FINANCIAL HIGHLIGHTS

	CLASS A
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2018 (1)			FOR THE YEAR ENDED JUNE 30, 2018			FOR THE YEAR ENDED JUNE 30, 2017			FOR THE YEAR ENDED JUNE 30, 2016			FOR THE YEAR ENDED JUNE 30, 2015			PERIOD FROM SEPTEMBER 16, 2013 THROUGH JUNE 30, 2014 (2)
Per Common Share Data
Net asset value, beginning of period	$	9.32		$	9.51		$	8.80		$	9.51		$	10.45		$	10.00
Income from investment operations:
Net investment income (3)		0.24			0.49			0.55			0.56			0.54			0.40
Net realized and unrealized gain (loss) on investments		(0.55	)		(0.19	)		0.71			(0.66	)		(0.57	)		0.33
Total increase (decrease) from investment operations		(0.31	)		0.30			1.26			(0.10	)		(0.03	)		0.73
Less dividends and distributions:
From net investment income		(0.24	)		(0.47	)		(0.50	)		(0.61	)		(0.78	)		(0.28	)
From net realized gain		(0.10	)		–			–			–			(0.13	)		–
From return of capital		–			(0.02	)		(0.05	)		–			–			–
Total dividends and distributions		(0.34	)		(0.49	)		(0.55	)		(0.61	)		(0.91	)		(0.28	)
Redemption fees		–			–			–			–			0.00	(4)		–
Net asset value, at end of period	$	8.67		$	9.32		$	9.51		$	8.80		$	9.51		$	10.45
Total investment return (5)		(3.20	)%(6)		3.24	%		14.61	%		(0.84	)%		(0.11	)%		7.30	%(6)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	46,396		$	60,507		$	26,904		$	12,340		$	12,718		$	2,591
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.35	%(7)		1.38	%		1.56	%		1.90	%		1.98	%		3.95	%(7)
Ratio of net expenses to average net assets (8)		1.20	%(7)		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%(7)
Ratio of net investment income to average net assets		5.31	%(7)		5.17	%		5.83	%		6.28	%		5.46	%		4.88	%(7)
Portfolio turnover rate		26.75	%(6)		52.29	%		48.69	%		58.08	%		84.65	%		99.72	%(6)

(1) Unaudited.

(2) Fund commenced operations on September 16, 2013.

(3) Calculated using average shares outstanding.

(4) Amount rounds to less than $.01 per share.

(5) Total investment return calculation does not consider the effects of sales loads and assumes the reinvestment of dividends at actual prices pursuant to the Fund’s dividend reinvestment plan.

(6) Not annualized.

(7) Annualized for periods less than one full year.

(8) The Adviser has agreed to waive and/or reimburse certain fees and/or expense so that, on an annualized basis, such expenses incurred will not exceed 1.20% as a percentage of average daily net assets.

See accompanying Notes to the Financial Statements.

55

Barings Global Credit Income Opportunities Fund 2018 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS C
	FOR THE SIX MONTHS ENDED DECEMBER  31, 2018 (1)			FOR THE YEAR ENDED JUNE 30, 2018			FOR THE YEAR ENDED JUNE 30, 2017			FOR THE YEAR ENDED JUNE 30, 2016			FOR THE YEAR ENDED JUNE 30, 2015			PERIOD FROM SEPTEMBER 16, 2013 THROUGH JUNE 30, 2014 (2)
Per Common Share Data
Net asset value, beginning of period	$	9.31		$	9.50		$	8.79		$	9.50		$	10.45		$	10.00
Income from investment operations:
Net investment income (3)		0.21			0.42			0.48			0.49			0.47			0.35
Net realized and unrealized gain (loss) on investments		(0.55	)		(0.19	)		0.71			(0.65	)		(0.58	)		0.32
Total increase (decrease) from investment operations		(0.34	)		0.23			1.19			(0.16	)		(0.11	)		0.67
Less dividends and distributions:
From net investment income		(0.21	)		(0.40	)		(0.43	)		(0.55	)		(0.71	)		(0.22	)
From net realized gain		(0.10	)		–			–			–			(0.13	)		–
From return of capital		–			(0.02	)		(0.05	)		–			–			–
Total dividends and distributions		(0.31	)		(0.42	)		(0.48	)		(0.55	)		(0.84	)		(0.22	)
Redemption fees		–			–			–			–			0.00	(4)		–
Net asset value, at end of period	$	8.66		$	9.31		$	9.50		$	8.79		$	9.50		$	10.45
Total investment return (5)		(3.57	)%(6)		2.47	%		13.75	%		(1.59	)%		(0.93	)%		6.75	%(6)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	8,175		$	8,842		$	6,628		$	3,578		$	3,579		$	944
Ratio of total expenses (before reductions and reimbursements) to average net assets		2.18	%(7)		2.21	%		2.39	%		2.91	%		4.09	%		10.50	%(7)
Ratio of net expenses to average net assets (8)		1.95	%(7)		1.95	%		1.95	%		1.95	%		1.95	%		1.95	%(7)
Ratio of net investment income to average net assets		4.56	%(7)		4.44	%		5.12	%		5.50	%		4.79	%		4.39	%(7)
Portfolio turnover rate		26.75	%(6)		52.29	%		48.69	%		58.08	%		84.65	%		99.72	%(6)

(1) Unaudited.

(2) Fund commenced operations on September 16, 2013.

(3) Calculated using average shares outstanding.

(4) Amount rounds to less than $.01 per share.

(5) Total investment return calculation does not consider the effects of sales loads and assumes the reinvestment of dividends at actual prices pursuant to the Fund’s dividend reinvestment plan.

(6) Not annualized.

(7) Annualized for periods less than one full year.

(8) The Adviser has agreed to waive and/or reimburse certain fees and/or expense so that, on an annualized basis, such expenses incurred will not exceed 1.95% as a percentage of average daily net assets.

See accompanying Notes to the Financial Statements.

56

Barings Global Credit Income Opportunities Fund 2018 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS I
	FOR THE SIX MONTHS ENDED DECEMBER  31, 2018 (1)			FOR THE YEAR ENDED JUNE 30, 2018			FOR THE YEAR ENDED JUNE 30, 2017			FOR THE YEAR ENDED JUNE 30, 2016			FOR THE YEAR ENDED JUNE 30, 2015			PERIOD FROM SEPTEMBER 16, 2013 THROUGH JUNE 30, 2014 (2)
Per Common Share Data
Net asset value, beginning of period	$	9.32		$	9.50		$	8.80		$	9.51		$	10.46		$	10.00
Income from investment operations:
Net investment income (3)		0.23			0.51			0.58			0.58			0.56			0.41
Net realized and unrealized gain (loss) on investments		(0.52	)		(0.18	)		0.70			(0.65	)		(0.58	)		0.35
Total increase (decrease) from investment operations		(0.29	)		0.33			1.28			(0.07	)		(0.02	)		0.76
Less dividends and distributions:
From net investment income		(0.26	)		(0.49	)		(0.52	)		(0.64	)		(0.80	)		(0.30	)
From net realized gain		(0.10	)		–			–			–			(0.13	)		–
From return of capital		–			(0.02	)		(0.06	)		–			–			–
Total dividends and distributions		(0.36	)		(0.51	)		(0.58	)		(0.64	)		(0.93	)		(0.30	)
Redemption fees		–			–			–			–			0.00	(4)		–
Net asset value, at end of period	$	8.67		$	9.32		$	9.50		$	8.80		$	9.51		$	10.46
Total investment return (5)		(3.07	)%(6)		3.49	%		14.90	%		(0.61	)%		0.05	%		7.59	%(6)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	14,477		$	21,788		$	22,228		$	24,689		$	26,428		$	26,406
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.08	%(7)		1.13	%		1.27	%		1.54	%		1.58	%		1.83	%(7)
Ratio of net expenses to average net assets (8)		0.95	%(7)		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%(7)
Ratio of net investment income to average net assets		5.54	%(7)		5.45	%		6.22	%		6.54	%		5.69	%		5.02	%(7)
Portfolio turnover rate		26.75	%(6)		52.29	%		48.69	%		58.08	%		84.65	%		99.72	%(6)

(1) Unaudited.

(2) Fund commenced operations on September 16, 2013.

(3) Calculated using average shares outstanding.

(4) Amount rounds to less than $.01 per share.

(5) Total investment return calculation assumes the reinvestment of dividends at actual prices pursuant to the Fund’s dividend reinvestment plan.

(6) Not annualized.

(7) Annualized for periods less than one full year.

(8) The Adviser has agreed to waive and/or reimburse certain fees and/or expense so that, on an annualized basis, such expenses incurred will not exceed .95% as a percentage of average daily net assets.

See accompanying Notes to the Financial Statements.

57

Barings Global Credit Income Opportunities Fund 2018 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS Y
	FOR THE SIX MONTHS ENDED DECEMBER  31, 2018 (1)			FOR THE YEAR ENDED JUNE 30, 2018			FOR THE YEAR ENDED JUNE 30, 2017			FOR THE YEAR ENDED JUNE 30, 2016			FOR THE YEAR ENDED JUNE 30, 2015			PERIOD FROM SEPTEMBER 16, 2013 THROUGH JUNE 30, 2014 (2)
Per Common Share Data
Net asset value, beginning of period	$	9.31		$	9.50		$	8.80		$	9.51		$	10.46		$	10.00
Income from investment operations:
Net investment income (3)		0.26			0.51			0.57			0.59			0.56			0.41
Net realized and unrealized gain (loss) on investments		(0.54	)		(0.19	)		0.71			(0.66	)		(0.58	)		0.35
Total increase (decrease) from investment operations		(0.28	)		0.32			1.28			(0.07	)		(0.02	)		0.76
Less dividends and distributions:
From net investment income		(0.26	)		(0.49	)		(0.52	)		(0.64	)		(0.80	)		(0.30	)
From net realized gain		(0.10	)		–			–			–			(0.13	)		–
From return of capital		–			(0.02	)		(0.06	)		–			–			–
Total dividends and distributions		(0.36	)		(0.51	)		(0.58	)		(0.64	)		(0.93	)		(0.30	)
Redemption fees		–			–			–			–			0.00	(4)		–
Net asset value, at end of period	$	8.67		$	9.31		$	9.50		$	8.80		$	9.51		$	10.46
Total investment return (5)		(3.08	)%(6)		3.48	%		14.90	%		(0.61	)%		0.05	%		7.59	%(6)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	109,332		$	140,362		$	96,014		$	58,312		$	39,006		$	33,885
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.11	%(7)		1.14	%		1.28	%		1.55	%		1.58	%		1.84	%(7)
Ratio of net expenses to average net assets (8)		0.95	%(7)		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%(7)
Ratio of net investment income to average net assets		5.55	%(7)		5.43	%		6.14	%		6.56	%		5.67	%		5.04	%(7)
Portfolio turnover rate		26.75	%(6)		52.29	%		48.69	%		58.08	%		84.65	%		99.72	%(6)

(1) Unaudited.

(2) Fund commenced operations on September 16, 2013.

(3) Calculated using average shares outstanding.

(4) Amount rounds to less than $.01 per share.

(5) Total investment return calculation assumes the reinvestment of dividends at actual prices pursuant to the Fund’s dividend reinvestment plan.

(6) Not annualized.

(7) Annualized for periods less than one full year.

(8) The Adviser has agreed to waive and/or reimburse certain fees and/or expense so that, on an annualized basis, such expenses incurred will not exceed .95% as a percentage of average daily net assets.

See accompanying Notes to the Financial Statements.

58

Barings Active Short Duration Bond Fund 2018 Semi-Annual Report

FINANCIAL HIGHLIGHTS

	CLASS A
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2018 (1)			FOR THE YEAR ENDED JUNE 30, 2018			FOR THE YEAR ENDED JUNE 30, 2017			PERIOD FROM JULY 8, 2015 THROUGH JUNE 30, 2016 (2)
Per Common Share Data
Net asset value, beginning of period	$	9.88		$	10.01		$	9.98		$	10.00
Income from investment operations:
Net investment income (3)		0.13			0.21			0.17			0.15
Net realized and unrealized gain (loss) on investments		(0.04	)		(0.10	)		0.03			(0.03	)(4)
Total increase from investment operations		0.09			0.11			0.20			0.12
Less dividends and distributions:
From net investment income		(0.13	)		(0.21	)		(0.17	)		(0.14	)
From net realized gain		(0.02	)		(0.03	)		(0.00	)(5)		–
Total dividends and distributions		(0.15	)		(0.24	)		(0.17	)		(0.14	)
Net asset value, at end of period	$	9.82		$	9.88		$	10.01		$	9.98
Total investment return (6)		0.89	%(7)		1.10	%		2.12	%		1.17	%(7)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	147,829		$	177,020		$	119,189		$	39,992
Ratio of total expenses (before reductions and reimbursements) to average net assets		0.92	%(8)		0.94	%		1.06	%		1.18	%(8)
Ratio of net expenses to average net assets (9)		0.65	%(8)		0.65	%		0.65	%		0.65	%(8)
Ratio of net investment income to average net assets		2.65	%(8)		2.15	%		1.72	%		1.51	%(8)
Portfolio turnover rate		18.42	%(7)		53.33	%		88.52	%		218.67	%(7)

(1) Unaudited.

(2) Fund commenced operations on July 8, 2015.

(3) Calculated using average shares outstanding.

(4) The per share amount varies from the net realized and unrealized gain/loss for the period because of the timing of sales of fund shares and the per share amount of realized and unrealized gains and losses at such time.

(5) Amount rounds to less than $.01 per share.

(6) Total investment return calculation assumes the reinvestment of dividends at actual prices pursuant to the Fund’s dividend reinvestment plan.

(7) Not annualized.

(8) Annualized for periods less than one full year.

(9) The Adviser has agreed to waive and/or reimburse certain fees and/or expense so that, on an annualized basis, such expenses incurred will not exceed .65% as a percentage of average daily net assets.

See accompanying Notes to the Financial Statements.

59

Barings Active Short Duration Bond Fund 2018 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS C
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2018 (1)			FOR THE YEAR ENDED JUNE 30, 2018			FOR THE YEAR ENDED JUNE 30, 2017			PERIOD FROM JULY 8, 2015 THROUGH JUNE 30, 2016 (2)
Per Common Share Data
Net asset value, beginning of period	$	9.87		$	10.01		$	9.97		$	10.00
Income from investment operations:
Net investment income (3)		0.12			0.19			0.19			0.07
Net realized and unrealized gain (loss) on investments		(0.04	)		(0.11	)		0.05			(0.03	)(4)
Total increase from investment operations		0.08			0.08			0.24			0.04
Less dividends and distributions:
From net investment income		(0.12	)		(0.19	)		(0.20	)		(0.07	)
From net realized gain		(0.02	)		(0.03	)		(0.00	)(5)		–
Total dividends and distributions		(0.14	)		(0.22	)		(0.20	)		(0.07	)
Net asset value, at end of period	$	9.81		$	9.87		$	10.01		$	9.97
Total investment return (6)		0.76	%(7)		0.84	%		2.41	%		0.39	%(7)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	1,287		$	1,139		$	236		$	257
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.97	%(8)		1.95	%		3.09	%(9)		5.44	%(8)(10)
Ratio of net expenses to average net assets (11)		0.90	%(8)		0.90	%		0.40	%(9)		1.40	%(8)(10)
Ratio of net investment income to average net assets		2.40	%(8)		1.92	%		1.94	%(9)		0.71	%(8)(10)
Portfolio turnover rate		18.42	%(7)		53.33	%		88.52	%		218.67	%(7)

(1) Unaudited.

(2) Fund commenced operations on July 8, 2015.

(3) Calculated using average shares outstanding.

(4) The per share amount varies from the net realized and unrealized gain/loss for the period because of the timing of sales of fund shares and the per share amount of realized and unrealized gains and losses at such time.

(5) Amount rounds to less than $.01 per share.

(6) Total investment return calculation assumes the reinvestment of dividends at actual prices pursuant to the Fund’s dividend reinvestment plan.

(7) Not annualized.

(8) Annualized for periods less than one full year.

(9) Expenses shown reflect a reimbursement to the Fund during the period for an overaccrual of 12b-1 fees made during and prior to the period.

(10) Expenses shown reflect an overaccrual of 12b-1 fees for the period of $1,478 or 0.50% of average net assets over the period. Subsequent to the period, the Fund was reimbursed for the overaccrued amount.

(11) The Adviser has agreed to waive and/or reimburse certain fees and/or expense so that, on an annualized basis, such expenses incurred will not exceed 0.90% as a percentage of average daily net assets.

See accompanying Notes to the Financial Statements.

60

Barings Active Short Duration Bond Fund 2018 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS I
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2018 (1)			FOR THE YEAR ENDED JUNE 30, 2018			FOR THE YEAR ENDED JUNE 30, 2017			PERIOD FROM JULY 8, 2015 THROUGH JUNE 30, 2016 (2)
Per Common Share Data
Net asset value, beginning of period	$	9.88		$	10.01		$	9.97		$	10.00
Income from investment operations:
Net investment income (3)		0.14			0.24			0.18			0.16
Net realized and unrealized gain (loss) on investments		(0.04	)		(0.10	)		0.06			(0.03	)(4)
Total increase from investment operations		0.10			0.14			0.24			0.13
Less dividends and distributions:
From net investment income		(0.14	)		(0.24	)		(0.20	)		(0.16	)
From net realized gain		(0.02	)		(0.03	)		(0.00	)(5)		–
Total dividends and distributions		(0.16	)		(0.27	)		(0.20	)		(0.16	)
Net asset value, at end of period	$	9.82		$	9.88		$	10.01		$	9.97
Total investment return (6)		1.02	%(7)		1.39	%		2.44	%		1.35	%(7)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	298		$	300		$	100		$	5,971
Ratio of total expenses (before reductions and reimbursements) to average net assets		2.93	%(8)		3.07	%		1.67	%		0.96	%(8)
Ratio of net expenses to average net assets (9)		0.40	%(8)		0.40	%		0.40	%		0.44	%(8)
Ratio of net investment income to average net assets		2.89	%(8)		2.39	%		1.84	%		1.67	%(8)
Portfolio turnover rate		18.42	%(7)		53.33	%		88.52	%		218.67	%(7)

(1) Unaudited.

(2) Fund commenced operations on July 8, 2015.

(3) Calculated using average shares outstanding.

(4) The per share amount varies from the net realized and unrealized gain/loss for the period because of the timing of sales of fund shares and the per share amount of realized and unrealized gains and losses at such time.

(5) Amount rounds to less than $.01 per share.

(6) Total investment return calculation assumes the reinvestment of dividends at actual prices pursuant to the Fund’s dividend reinvestment plan.

(7) Not annualized.

(8) Annualized for periods less than one full year.

(9) The Adviser has agreed to waive and/or reimburse certain fees and/or expense so that, on an annualized basis, such expenses incurred will not exceed .40% as a percentage of average daily net assets.

See accompanying Notes to the Financial Statements.

61

Barings Active Short Duration Bond Fund 2018 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS Y
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2018 (1)			FOR THE YEAR ENDED JUNE 30, 2018			FOR THE YEAR ENDED JUNE 30, 2017			PERIOD FROM JULY 8, 2015 THROUGH JUNE 30, 2016 (2)
Per Common Share Data
Net asset value, beginning of period	$	9.87		$	10.01		$	9.97		$	10.00
Income from investment operations:
Net investment income (3)		0.14			0.24			0.20			0.17
Net realized and unrealized gain (loss) on investments		(0.03	)		(0.11	)		0.04			(0.04	)(4)
Total increase from investment operations		0.11			0.13			0.24			0.13
Less dividends and distributions:
From net investment income		(0.14	)		(0.24	)		(0.20	)		(0.16	)
From net realized gain		(0.02	)		(0.03	)		(0.00	)(5)		–
Total dividends and distributions		(0.16	)		(0.27	)		(0.20	)		(0.16	)
Net asset value, at end of period	$	9.82		$	9.87		$	10.01		$	9.97
Total investment return (6)		1.02	%(7)		1.35	%		2.38	%		1.36	%(7)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	332,488		$	252,325		$	204,464		$	109,645
Ratio of total expenses (before reductions and reimbursements) to average net assets		0.67	%(8)		0.70	%		0.82	%		0.87	%(8)
Ratio of net expenses to average net assets (9)		0.40	%(8)		0.40	%		0.40	%		0.41	%(8)
Ratio of net investment income to average net assets		2.90	%(8)		2.39	%		1.97	%		1.73	%(8)
Portfolio turnover rate		18.42	%(7)		53.33	%		88.52	%		218.67	%(7)

(1) Unaudited.

(2) Fund commenced operations on July 8, 2015.

(3) Calculated using average shares outstanding.

(4) The per share amount varies from the net realized and unrealized gain/loss for the period because of the timing of sales of fund shares and the per share amount of realized and unrealized gains and losses at such time.

(5) Amount rounds to less than $.01 per share.

(6) Total investment return calculation assumes the reinvestment of dividends at actual prices pursuant to the Fund’s dividend reinvestment plan.

(7) Not annualized.

(8) Annualized for periods less than one full year.

(9) The Adviser has agreed to waive and/or reimburse certain fees and/or expense so that, on an annualized basis, such expenses incurred will not exceed .40% as a percentage of average daily net assets.

See accompanying Notes to the Financial Statements.

62

Barings Total Return Bond Fund 2018 Semi-Annual Report

FINANCIAL HIGHLIGHTS

	CLASS A
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2018 (1)			FOR THE YEAR ENDED JUNE 30, 2018			FOR THE YEAR ENDED JUNE 30, 2017			PERIOD FROM JULY 8, 2015 THROUGH JUNE 30, 2016 (2)
Per Common Share Data
Net asset value, beginning of period	$	9.77		$	10.08		$	10.18		$	10.00
Income from investment operations:
Net investment income (3)		0.17			0.27			0.25			0.25
Net realized and unrealized gain (loss) on investments		(0.14	)		(0.28	)		(0.09	)		0.20
Total increase (decrease) from investment operations		0.03			(0.01	)		0.16			0.45
Less dividends and distributions:
From net investment income		(0.16	)		(0.29	)		(0.26	)		(0.25	)
From net realized gain		–			–			–			(0.02	)
From return of capital		–			(0.01	)		–			–
Total dividends and distributions		(0.16	)		(0.30	)		(0.26	)		(0.27	)
Net asset value, at end of period	$	9.64		$	9.77		$	10.08		$	10.18
Total investment return (4)		0.29	%(5)		(0.12	)%		1.65	%		4.63	%(5)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	703		$	207		$	218		$	211
Ratio of total expenses (before reductions and reimbursements) to average net assets		3.87	%(6)		3.72	%		3.52	%		5.60	%(6)
Ratio of net expenses to average net assets (7)(8)		0.80	%(6)		0.80	%		0.80	%		0.80	%(6)
Ratio of net investment income to average net assets		3.27	%(6)		2.70	%		2.49	%		2.52	%(6)
Portfolio turnover rate		21.85	%(5)		172.39	%		242.55	%		434.37	%(5)

(1) Unaudited.

(2) Fund commenced operations on July 8, 2015.

(3) Calculated using average shares outstanding.

(4) Total investment return calculation does not consider the effects of sales loads and assumes the reinvestment of dividends at actual prices pursuant to the Fund’s dividend reinvestment plan.

(5) Not annualized.

(6) Annualized for periods less than one full year.

(7) The Adviser has agreed to waive and/or reimburse certain fees and/or expense so that, on an annualized basis, such expenses incurred will not exceed .80% as a percentage of average daily net assets.

(8) Ratio of net expenses to average net assets does not include expenses of the underlying fund in which the Fund invests.

See accompanying Notes to the Financial Statements.

63

Barings Total Return Bond Fund 2018 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS C
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2018 (1)			FOR THE YEAR ENDED JUNE 30, 2018			FOR THE YEAR ENDED JUNE 30, 2017			PERIOD FROM JULY 8, 2015 THROUGH JUNE 30, 2016 (2)
Per Common Share Data
Net asset value, beginning of period	$	9.77		$	10.08		$	10.18		$	10.00
Income from investment operations:
Net investment income (3)		0.12			0.19			0.17			0.17
Net realized and unrealized gain (loss) on investments		(0.13	)		(0.27	)		(0.08	)		0.21
Total increase (decrease) from investment operations		(0.01	)		(0.08	)		0.09			0.38
Less dividends and distributions:
From net investment income		(0.12	)		(0.22	)		(0.19	)		(0.18	)
From net realized gain		–			–			–			(0.02	)
From return of capital		–			(0.01	)		–			–
Total dividends and distributions		(0.12	)		(0.23	)		(0.19	)		(0.20	)
Net asset value, at end of period	$	9.64		$	9.77		$	10.08		$	10.18
Total investment return (4)		(0.09	)%(5)		(0.87	)%		0.89	%		3.87	%(5)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	193		$	196		$	202		$	204
Ratio of total expenses (before reductions and reimbursements) to average net assets		4.78	%(6)		4.60	%		4.41	%		6.38	%(6)
Ratio of net expenses to average net assets (7)(8)		1.55	%(6)		1.55	%		1.55	%		1.55	%(6)
Ratio of net investment income to average net assets		2.51	%(6)		1.95	%		1.74	%		1.77	%(6)
Portfolio turnover rate		21.85	%(5)		172.39	%		242.55	%		434.37	%(5)

(1) Unaudited.

(2) Fund commenced operations on July 8, 2015.

(3) Calculated using average shares outstanding.

(4) Total investment return calculation does not consider the effects of sales loads and assumes the reinvestment of dividends at actual prices pursuant to the Fund’s dividend reinvestment plan.

(5) Not annualized.

(6) Annualized for periods less than one full year.

(7) The Adviser has agreed to waive and/or reimburse certain fees and/or expense so that, on an annualized basis, such expenses incurred will not exceed 1.55% as a percentage of average daily net assets.

(8) Ratio of net expenses to average net assets does not include expenses of the underlying fund in which the Fund invests.

See accompanying Notes to the Financial Statements.

64

Barings Total Return Bond Fund 2018 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS I
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2018 (1)			FOR THE YEAR ENDED JUNE 30, 2018			FOR THE YEAR ENDED JUNE 30, 2017			PERIOD FROM JULY 8, 2015 THROUGH JUNE 30, 2016 (2)
Per Common Share Data
Net asset value, beginning of period	$	9.77		$	10.08		$	10.18		$	10.00
Income from investment operations:
Net investment income (3)		0.17			0.29			0.28			0.27
Net realized and unrealized gain (loss) on investments		(0.13	)		(0.27	)		(0.09	)		0.20
Total increase from investment operations		0.04			0.02			0.19			0.47
Less dividends and distributions:
From net investment income		(0.17	)		(0.32	)		(0.29	)		(0.27	)
From net realized gain		–			–			–			(0.02	)
From return of capital		–			(0.01	)		–			–
Total dividends and distributions		(0.17	)		(0.33	)		(0.29	)		(0.29	)
Net asset value, at end of period	$	9.64		$	9.77		$	10.08		$	10.18
Total investment return (4)		0.42	%(5)		0.13	%		1.90	%		4.89	%(5)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	11,907		$	12,070		$	12,457		$	12,582
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.26	%(6)		1.30	%		1.36	%		1.37	%(6)
Ratio of net expenses to average net assets (7)(8)		0.55	%(6)		0.55	%		0.55	%		0.55	%(6)
Ratio of net investment income to average net assets		3.51	%(6)		2.94	%		2.74	%		2.77	%(6)
Portfolio turnover rate		21.85	%(5)		172.39	%		242.55	%		434.37	%(5)

(1) Unaudited.

(2) Fund commenced operations on July 8, 2015.

(3) Calculated using average shares outstanding.

(4) Total investment return calculation assumes the reinvestment of dividends at actual prices pursuant to the Fund’s dividend reinvestment plan.

(5) Not annualized.

(6) Annualized for periods less than one full year.

(7) The Adviser has agreed to waive and/or reimburse certain fees and/or expense so that, on an annualized basis, such expenses incurred will not exceed .55% as a percentage of average daily net assets.

(8) Ratio of net expenses to average net assets does not include expenses of the underlying fund in which the Fund invests.

See accompanying Notes to the Financial Statements.

65

Barings Total Return Bond Fund 2018 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS Y
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2018 (1)			FOR THE YEAR ENDED JUNE 30, 2018			FOR THE YEAR ENDED JUNE 30, 2017			PERIOD FROM JULY 8, 2015 THROUGH JUNE 30, 2016 (2)
Per Common Share Data
Net asset value, beginning of period	$	9.77		$	10.08		$	10.18		$	10.00
Income from investment operations:
Net investment income (3)		0.16			0.29			0.27			0.27
Net realized and unrealized gain (loss) on investments		(0.12	)		(0.27	)		(0.08	)		0.20
Total increase from investment operations		0.04			0.02			0.19			0.47
Less dividends and distributions:
From net investment income		(0.17	)		(0.32	)		(0.29	)		(0.27	)
From net realized gain		–			–			–			(0.02	)
From return of capital		–			(0.01	)		–			–
Total dividends and distributions		(0.17	)		(0.33	)		(0.29	)		(0.29	)
Net asset value, at end of period	$	9.64		$	9.77		$	10.08		$	10.18
Total investment return (4)		0.42	%(5)		0.13	%		1.90	%		4.89	%(5)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	15,435		$	16,414		$	17,478		$	13,011
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.28	%(6)		1.33	%		1.36	%		1.36	%(6)
Ratio of net expenses to average net assets (7)(8)		0.55	%(6)		0.55	%		0.55	%		0.55	%(6)
Ratio of net investment income to average net assets		3.51	%(6)		2.95	%		2.72	%		2.77	%(6)
Portfolio turnover rate		21.85	%(5)		172.39	%		242.55	%		434.37	%(5)

(1) Unaudited.

(2) Fund commenced operations on July 8, 2015.

(3) Calculated using average shares outstanding.

(4) Total investment return calculation assumes the reinvestment of dividends at actual prices pursuant to the Fund’s dividend reinvestment plan.

(5) Not annualized.

(6) Annualized for periods less than one full year.

(7) The Adviser has agreed to waive and/or reimburse certain fees and/or expense so that, on an annualized basis, such expenses incurred will not exceed .55% as a percentage of average daily net assets.

(8) Ratio of net expenses to average net assets does not include expenses of the underlying fund in which the Fund invests.

See accompanying Notes to the Financial Statements.

66

Barings Emerging Markets Debt Blended Total Return Fund 2018 Semi-Annual Report

FINANCIAL HIGHLIGHTS

	CLASS A
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2018 (1)			FOR THE YEAR ENDED JUNE 30, 2018			FOR THE YEAR ENDED JUNE 30, 2017			PERIOD FROM OCTOBER 21, 2015 THROUGH JUNE 30, 2016 (2)
Per Common Share Data
Net asset value, beginning of period	$	9.51		$	10.55		$	9.90		$	10.00
Income from investment operations:
Net investment income (3)		0.20			0.45			0.42			0.43
Net realized and unrealized gain (loss) on investments		(0.06	)		(0.64	)		0.73			(0.19	)
Total increase (decrease) from investment operations		0.14			(0.19	)		1.15			0.24
Less dividends and distributions:
From net investment income		(0.28	)		(0.55	)		(0.50	)		(0.34	)
From net realized gain		–			(0.30	)		–			(0.00	)(4)
Total dividends and distributions		(0.28	)		(0.85	)		(0.50	)		(0.34	)
Net asset value, at end of period	$	9.37		$	9.51		$	10.55		$	9.90
Total investment return (5)		1.49	%(6)		(2.21	)%		11.94	%		2.62	%(6)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	374		$	566		$	211		$	198
Ratio of total expenses (before reductions and reimbursements) to average net assets		3.32	%(7)		3.63	%		5.77	%		6.82	%(7)
Ratio of net expenses to average net assets (9)		1.14	%(7)(8)		1.11	%(8)		1.15	%(8)		1.16	%(7)
Ratio of net investment income to average net assets		5.38	%(7)		4.33	%		4.17	%		6.52	%(7)
Portfolio turnover rate		42.39	%(6)		51.95	%		55.66	%		83.26	%(6)

(1) Unaudited.

(2) Fund commenced operations on October 21, 2015.

(3) Calculated using average shares outstanding.

(4) Amount rounds to less than $.01 per share.

(5) Total investment return calculation does not consider the effects of sales loads and assumes the reinvestment of dividends at actual prices pursuant to the Fund’s dividend reinvestment plan.

(6) Not annualized.

(7) Annualized for periods less than one full year.

(8) Net expenses reflect a voluntary expense reimbursement to prevent a negative yield.

(9) The Adviser has agreed to waive and/or reimburse certain fees and/or expense so that, on an annualized basis, such expenses incurred will not exceed 1.20% as a percentage of average daily net assets.

See accompanying Notes to the Financial Statements.

67

Barings Emerging Markets Debt Blended Total Return Fund 2018 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS C
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2018 (1)			FOR THE YEAR ENDED JUNE 30, 2018			FOR THE YEAR ENDED JUNE 30, 2017			PERIOD FROM OCTOBER 21, 2015 THROUGH JUNE 30, 2016 (2)
Per Common Share Data
Net asset value, beginning of period	$	9.51		$	10.55		$	9.90		$	10.00
Income from investment operations:
Net investment income (3)		0.22			0.48			0.35			0.38
Net realized and unrealized gain (loss) on investments		(0.10	)		(0.74	)		0.73			(0.19	)
Total increase (decrease) from investment operations		0.12			(0.26	)		1.08			0.19
Less dividends and distributions:
From net investment income		(0.25	)		(0.48	)		(0.43	)		(0.29	)
From net realized gain		–			(0.30	)		–			(0.00	)(4)
Total dividends and distributions		(0.25	)		(0.78	)		(0.43	)		(0.29	)
Net asset value, at end of period	$	9.38		$	9.51		$	10.55		$	9.90
Total investment return (5)		1.13	%(6)		(2.90	)%		11.11	%		2.10	%(6)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	242		$	277		$	222		$	198
Ratio of total expenses (before reductions and reimbursements) to average net assets		4.87	%(7)		5.85	%		6.47	%		7.57	%(7)
Ratio of net expenses to average net assets (9)		1.82	%(7)(8)		1.85	%(8)		1.89	%(8)		1.90	%(7)
Ratio of net investment income to average net assets		4.68	%(7)		4.63	%		3.44	%		5.79	%(7)
Portfolio turnover rate		42.39	%(6)		51.95	%		55.66	%		83.26	%(6)

(1) Unaudited.

(2) Fund commenced operations on October 21, 2015.

(3) Calculated using average shares outstanding.

(4) Amount rounds to less than $.01 per share.

(5) Total investment return calculation does not consider the effects of sales loads and assumes the reinvestment of dividends at actual prices pursuant to the Fund’s dividend reinvestment plan.

(6) Not annualized.

(7) Annualized for periods less than one full year.

(8) Net expenses reflect a voluntary expense reimbursement to prevent a negative yield.

(9) The Adviser has agreed to waive and/or reimburse certain fees and/or expense so that, on an annualized basis, such expenses incurred will not exceed 1.95% as a percentage of average daily net assets.

See accompanying Notes to the Financial Statements.

68

Barings Emerging Markets Debt Blended Total Return Fund 2018 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS I
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2018 (1)			FOR THE YEAR ENDED JUNE 30, 2018			FOR THE YEAR ENDED JUNE 30, 2017			PERIOD FROM OCTOBER 21, 2015 THROUGH JUNE 30, 2016 (2)
Per Common Share Data
Net asset value, beginning of period	$	9.51		$	10.55		$	9.90		$	10.00
Income from investment operations:
Net investment income (3)		0.27			0.54			0.45			0.45
Net realized and unrealized gain (loss) on investments		(0.12	)		(0.70	)		0.73			(0.19	)
Total increase (decrease) from investment operations		0.15			(0.16	)		1.18			0.26
Less dividends and distributions:
From net investment income		(0.29	)		(0.58	)		(0.53	)		(0.36	)
From net realized gain		–			(0.30	)		–			(0.00	)(4)
Total dividends and distributions		(0.29	)		(0.88	)		(0.53	)		(0.36	)
Net asset value, at end of period	$	9.37		$	9.51		$	10.55		$	9.90
Total investment return (5)		1.62	%(6)		(1.94	)%		12.22	%		2.79	%(6)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	22,325		$	22,650		$	5,063		$	4,753
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.41	%(7)		1.94	%		2.76	%		2.58	%(7)
Ratio of net expenses to average net assets (9)		0.85	%(7)(8)		0.80	%(8)		0.90	%(8)		0.92	%(7)
Ratio of net investment income to average net assets		5.67	%(7)		5.31	%		4.42	%		6.77	%(7)
Portfolio turnover rate		42.39	%(6)		51.95	%		55.66	%		83.26	%(6)

(1) Unaudited.

(2) Fund commenced operations on October 21, 2015.

(3) Calculated using average shares outstanding.

(4) Amount rounds to less than $.01 per share.

(5) Total investment return calculation assumes the reinvestment of dividends at actual prices pursuant to the Fund’s dividend reinvestment plan.

(6) Not annualized.

(7) Annualized for periods less than one full year.

(8) Net expenses reflect a voluntary expense reimbursement to prevent a negative yield.

(9) The Adviser has agreed to waive and/or reimburse certain fees and/or expense so that, on an annualized basis, such expenses incurred will not exceed .95% as a percentage of average daily net assets.

See accompanying Notes to the Financial Statements.

69

Barings Emerging Markets Debt Blended Total Return Fund 2018 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS Y
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2018 (1)			FOR THE YEAR ENDED JUNE 30, 2018			FOR THE YEAR ENDED JUNE 30, 2017			PERIOD FROM OCTOBER 21, 2015 THROUGH JUNE 30, 2016 (2)
Per Common Share Data
Net asset value, beginning of period	$	9.51		$	10.55		$	9.90		$	10.00
Income from investment operations:
Net investment income (3)		0.26			0.55			0.45			0.45
Net realized and unrealized gain (loss) on investments		(0.10	)		(0.71	)		0.73			(0.19	)
Total increase (decrease) from investment operations		0.16			(0.16	)		1.18			0.26
Less dividends and distributions:
From net investment income		(0.29	)		(0.58	)		(0.53	)		(0.36	)
From net realized gain		–			(0.30	)		–			(0.00	)(4)
Total dividends and distributions		(0.29	)		(0.88	)		(0.53	)		(0.36	)
Net asset value, at end of period	$	9.38		$	9.51		$	10.55		$	9.90
Total investment return (5)		1.62	%(6)		(1.94	)%		12.22	%		2.79	%(6)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	23,289		$	23,122		$	5,340		$	4,754
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.42	%(7)		1.95	%		2.77	%		2.58	%(7)
Ratio of net expenses to average net assets (9)		0.85	%(7)(8)		0.80	%(8)		0.90	%(8)		0.92	%(7)
Ratio of net investment income to average net assets		5.68	%(7)		5.38	%		4.43	%		6.77	%(7)
Portfolio turnover rate		42.39	%(6)		51.95	%		55.66	%		83.26	%(6)

(1) Unaudited.

(2) Fund commenced operations on October 21, 2015.

(3) Calculated using average shares outstanding.

(4) Amount rounds to less than $.01 per share.

(5) Total investment return calculation assumes the reinvestment of dividends at actual prices pursuant to the Fund’s dividend reinvestment plan.

(6) Not annualized.

(7) Annualized for periods less than one full year.

(8) Net expenses reflect a voluntary expense reimbursement to prevent a negative yield.

(9) The Adviser has agreed to waive and/or reimburse certain fees and/or expense so that, on an annualized basis, such expenses incurred will not exceed .95% as a percentage of average daily net assets.

See accompanying Notes to the Financial Statements.

70

Barings Global Emerging Markets Equity Fund 2018 Semi-Annual Report

FINANCIAL HIGHLIGHTS

	CLASS A
	PERIOD FROM SEPTEMBER 17, 2018 THROUGH DECEMBER 31, 2018 (1)(2)
Per Common Share Data
Net asset value, beginning of period	$	10.00
Income from investment operations:
Net investment income (3)		(0.02	)
Net realized and unrealized loss on investments		(0.34	)
Total decrease from investment operations		(0.36	)
Net asset value, at end of period	$	9.64
Total investment return (4)		(3.65	)%(5)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	96
Ratio of total expenses (before reductions and reimbursements) to average net assets		9.11	%(6)
Ratio of net expenses to average net assets (7)		1.45	%(6)
Ratio of net investment loss to average net assets		(0.82	)%(6)
Portfolio turnover rate		1.25	%(5)

(1) Unaudited.

(2) Fund commenced operations on September 17, 2018.

(3) Calculated using average shares outstanding.

(4) Total investment return calculation does not consider the effects of sales loads and assumes the reinvestment of dividends at actual prices pursuant to the Fund’s dividend reinvestment plan.

(5) Not annualized.

(6) Annualized for periods less than one full year.

(7) The Adviser has agreed to waive and/or reimburse certain fees and/or expense so that, on an annualized basis, such expenses incurred will not exceed 1.45% as a percentage of average daily net assets.

See accompanying Notes to the Financial Statements.

71

Barings Global Emerging Markets Equity Fund 2018 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS C
	PERIOD FROM SEPTEMBER 17, 2018 THROUGH DECEMBER 31, 2018 (1)(2)
Per Common Share Data
Net asset value, beginning of period	$	10.00
Income from investment operations:
Net investment income (3)		(0.04	)
Net realized and unrealized loss on investments		(0.35	)
Total decrease from investment operations		(0.39	)
Net asset value, at end of period	$	9.61
Total investment return (4)		(3.85	)%(5)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	96
Ratio of total expenses (before reductions and reimbursements) to average net assets		9.87	%(6)
Ratio of net expenses to average net assets (7)		2.20	%(6)
Ratio of net investment loss to average net assets		(1.56	)%(6)
Portfolio turnover rate		1.25	%(5)

(1) Unaudited.

(2) Fund commenced operations on September 17, 2018.

(3) Calculated using average shares outstanding.

(4) Total investment return calculation does not consider the effects of sales loads and assumes the reinvestment of dividends at actual prices pursuant to the Fund’s dividend reinvestment plan.

(5) Not annualized.

(6) Annualized for periods less than one full year.

(7) The Adviser has agreed to waive and/or reimburse certain fees and/or expense so that, on an annualized basis, such expenses incurred will not exceed 2.20% as a percentage of average daily net assets.

See accompanying Notes to the Financial Statements.

72

Barings Global Emerging Markets Equity Fund 2018 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS I
	PERIOD FROM SEPTEMBER 17, 2018 THROUGH DECEMBER 31, 2018 (1)(2)
Per Common Share Data
Net asset value, beginning of period (2)	$	10.00
Income from investment operations:
Net investment income (3)		(0.02	)
Net realized and unrealized loss on investments		(0.34	)
Total decrease from investment operations		(0.36	)
Net asset value, at end of period	$	9.64
Total investment return (4)		(3.58	)%(5)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	4,725
Ratio of total expenses (before reductions and reimbursements) to average net assets		3.10	%(6)
Ratio of net expenses to average net assets (7)		1.20	%(6)
Ratio of net investment loss to average net assets		(0.57	)%(6)
Portfolio turnover rate		1.25	%(5)

(1) Unaudited.

(2) Fund commenced operations on September 17, 2018.

(3) Calculated using average shares outstanding.

(4) Total investment return calculation assumes the reinvestment of dividends at actual prices pursuant to the Fund’s dividend reinvestment plan.

(5) Not annualized.

(6) Annualized for periods less than one full year.

(7) The Adviser has agreed to waive and/or reimburse certain fees and/or expense so that, on an annualized basis, such expenses incurred will not exceed 1.20% as a percentage of average daily net assets.

See accompanying Notes to the Financial Statements.

73

Barings Global Emerging Markets Equity Fund 2018 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS Y
	PERIOD FROM SEPTEMBER 17, 2018 THROUGH DECEMBER 31, 2018 (1)(2)
Per Common Share Data
Net asset value, beginning of period	$	10.00
Income from investment operations:
Net investment income (3)		(0.02	)
Net realized and unrealized loss on investments		(0.34	)
Total decrease from investment operations		(0.36	)
Net asset value, at end of period	$	9.64
Total investment return (4)		(3.58	)%(5)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	4,725
Ratio of total expenses (before reductions and reimbursements) to average net assets		3.13	%(6)
Ratio of net expenses to average net assets (7)		1.20	%(6)
Ratio of net investment loss to average net assets		(0.57	)%(6)
Portfolio turnover rate		1.25	%(5)

(1) Unaudited.

(2) Fund commenced operations on September 17, 2018.

(3) Calculated using average shares outstanding.

(4) Total investment return calculation assumes the reinvestment of dividends at actual prices pursuant to the Fund’s dividend reinvestment plan.

(5) Not annualized.

(6) Annualized for periods less than one full year.

(7) The Adviser has agreed to waive and/or reimburse certain fees and/or expense so that, on an annualized basis, such expenses incurred will not exceed 1.20% as a percentage of average daily net assets.

See accompanying Notes to the Financial Statements.

74

Barings Global High Yield Fund 2018 Semi-Annual Report

FINANCIAL HIGHLIGHTS

	CLASS A
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2018 (1)			FOR THE YEAR ENDED JUNE 30, 2018			FOR THE YEAR ENDED JUNE 30, 2017			PERIOD FROM OCTOBER 30, 2015 THROUGH JUNE 30, 2016 (2)
Per Common Share Data
Net asset value, beginning of period	$	9.78		$	10.44		$	10.05		$	10.00
Income from investment operations:
Net investment income (3)		0.30			0.60			0.64			0.38
Net realized and unrealized gain (loss) on investments		(0.58	)		(0.41	)		0.77			0.05
Total increase (decrease) from investment operations		(0.28	)		0.19			1.41			0.43
Less dividends and distributions:
From net investment income		(0.30	)		(0.60	)		(0.64	)		(0.38	)
From net realized gain		(0.21	)		(0.25	)		(0.38	)		–
Total dividends and distributions		(0.51	)		(0.85	)		(1.02	)		(0.38	)
Net asset value, at end of period	$	8.99		$	9.78		$	10.44		$	10.05
Total investment return (4)		(2.80	)%(5)		1.79	%		14.61	%		4.45	%(5)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	169		$	106		$	111		$	101
Ratio of total expenses (before reductions and reimbursements) to average net assets		8.47	%(6)		6.55	%		6.27	%		7.14	%(6)
Ratio of net expenses to average net assets (7)		1.05	%(6)		1.05	%		1.05	%		1.04	%(6)
Ratio of net investment income to average net assets		6.20	%(6)		5.89	%		6.20	%		5.83	%(6)
Portfolio turnover rate		24.01	%(5)		65.26	%		87.34	%		83.24	%(5)

(1) Unaudited.

(2) Fund commenced operations on October 30, 2015.

(3) Calculated using average shares outstanding.

(4) Total investment return calculation does not consider the effects of sales loads and assumes the reinvestment of dividends at actual prices pursuant to the Fund’s dividend reinvestment plan.

(5) Not annualized.

(6) Annualized for periods less than one full year.

(7) The Adviser has agreed to waive and/or reimburse certain fees and/or expense so that, on an annualized basis, such expenses incurred will not exceed 1.05% as a percentage of average daily net assets.

See accompanying Notes to the Financial Statements.

75

Barings Global High Yield Fund 2018 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS C
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2018 (1)			FOR THE YEAR ENDED JUNE 30, 2018			FOR THE YEAR ENDED JUNE 30, 2017			PERIOD FROM OCTOBER 30, 2015 THROUGH JUNE 30, 2016 (2)
Per Common Share Data
Net asset value, beginning of period	$	9.78		$	10.44		$	10.05		$	10.00
Income from investment operations:
Net investment income (3)		0.27			0.52			0.56			0.33
Net realized and unrealized gain (loss) on investments		(0.57	)		(0.41	)		0.77			0.05
Total increase (decrease) from investment operations		(0.30	)		0.11			1.33			0.38
Less dividends and distributions:
From net investment income		(0.27	)		(0.52	)		(0.56	)		(0.33	)
From net realized gain		(0.21	)		(0.25	)		(0.38	)		–
Total dividends and distributions		(0.48	)		(0.77	)		(0.94	)		(0.33	)
Net asset value, at end of period	$	9.00		$	9.78		$	10.44		$	10.05
Total investment return (4)		(3.13	)%(5)		1.04	%		13.75	%		3.94	%(5)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	177		$	197		$	247		$	101
Ratio of total expenses (before reductions and reimbursements) to average net assets		5.37	%(6)		4.80	%		4.94	%		7.89	%(6)
Ratio of net expenses to average net assets (7)		1.80	%(6)		1.80	%		1.80	%		1.78	%(6)
Ratio of net investment income to average net assets		5.45	%(6)		5.14	%		5.40	%		5.09	%(6)
Portfolio turnover rate		24.01	%(5)		65.26	%		87.34	%		83.24	%(5)

(1) Unaudited.

(2) Fund commenced operations on October 30, 2015.

(3) Calculated using average shares outstanding.

(4) Total investment return calculation does not consider the effects of sales loads and assumes the reinvestment of dividends at actual prices pursuant to the Fund’s dividend reinvestment plan.

(5) Not annualized.

(6) Annualized for periods less than one full year.

(7) The Adviser has agreed to waive and/or reimburse certain fees and/or expense so that, on an annualized basis, such expenses incurred will not exceed 1.80% as a percentage of average daily net assets.

See accompanying Notes to the Financial Statements.

76

Barings Global High Yield Fund 2018 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS I
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2018 (1)			FOR THE YEAR ENDED JUNE 30, 2018			FOR THE YEAR ENDED JUNE 30, 2017			PERIOD FROM OCTOBER 30, 2015 THROUGH JUNE 30, 2016 (2)
Per Common Share Data
Net asset value, beginning of period	$	9.78		$	10.44		$	10.05		$	10.00
Income from investment operations:
Net investment income (3)		0.32			0.63			0.67			0.39
Net realized and unrealized gain (loss) on investments		(0.57	)		(0.41	)		0.77			0.05
Total increase (decrease) from investment operations		(0.25	)		0.22			1.44			0.44
Less dividends and distributions:
From net investment income		(0.32	)		(0.63	)		(0.67	)		(0.39	)
From net realized gain		(0.21	)		(0.25	)		(0.38	)		–
Total dividends and distributions		(0.53	)		(0.88	)		(1.05	)		(0.39	)
Net asset value, at end of period	$	9.00		$	9.78		$	10.44		$	10.05
Total investment return (4)		(2.65	)%(5)		2.05	%		14.90	%		4.62	%(5)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	11,155		$	12,130		$	12,947		$	12,466
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.51	%(6)		1.53	%		1.53	%		1.51	%(6)
Ratio of net expenses to average net assets (7)		0.80	%(6)		0.80	%		0.80	%		0.79	%(6)
Ratio of net investment income to average net assets		6.46	%(6)		6.14	%		6.46	%		6.08	%(6)
Portfolio turnover rate		24.01	%(5)		65.26	%		87.34	%		83.24	%(5)

(1) Unaudited.

(2) Fund commenced operations on October 30, 2015.

(3) Calculated using average shares outstanding.

(4) Total investment return calculation assumes the reinvestment of dividends at actual prices pursuant to the Fund’s dividend reinvestment plan.

(5) Not annualized.

(6) Annualized for periods less than one full year.

(7) The Adviser has agreed to waive and/or reimburse certain fees and/or expense so that, on an annualized basis, such expenses incurred will not exceed .80% as a percentage of average daily net assets.

See accompanying Notes to the Financial Statements.

77

Barings Global High Yield Fund 2018 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS Y
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2018 (1)			FOR THE YEAR ENDED JUNE 30, 2018			FOR THE YEAR ENDED JUNE 30, 2017			PERIOD FROM OCTOBER 30, 2015 THROUGH JUNE 30, 2016 (2)
Per Common Share Data
Net asset value, beginning of period	$	9.78		$	10.44		$	10.05		$	10.00
Income from investment operations:
Net investment income (3)		0.32			0.63			0.67			0.39
Net realized and unrealized gain (loss) on investments		(0.57	)		(0.41	)		0.77			0.05
Total increase (decrease) from investment operations		(0.25	)		0.22			1.44			0.44
Less dividends and distributions:
From net investment income		(0.32	)		(0.63	)		(0.67	)		(0.39	)
From net realized gain		(0.21	)		(0.25	)		(0.38	)		–
Total dividends and distributions		(0.53	)		(0.88	)		(1.05	)		(0.39	)
Net asset value, at end of period	$	9.00		$	9.78		$	10.44		$	10.05
Total investment return (4)		(2.65	)%(5)		2.05	%		14.90	%		4.62	%(5)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	11,394		$	12,393		$	14,535		$	12,604
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.53	%(6)		1.53	%		1.53	%		1.51	%(6)
Ratio of net expenses to average net assets (7)		0.80	%(6)		0.80	%		0.80	%		0.79	%(6)
Ratio of net investment income to average net assets		6.46	%(6)		6.14	%		6.45	%		6.08	%(6)
Portfolio turnover rate		24.01	%(5)		65.26	%		87.34	%		83.24	%(5)

(1) Unaudited.

(2) Fund commenced operations on October 30, 2015.

(3) Calculated using average shares outstanding.

(4) Total investment return calculation assumes the reinvestment of dividends at actual prices pursuant to the Fund’s dividend reinvestment plan.

(5) Not annualized.

(6) Annualized for periods less than one full year.

(7) The Adviser has agreed to waive and/or reimburse certain fees and/or expense so that, on an annualized basis, such expenses incurred will not exceed .80% as a percentage of average daily net assets.

See accompanying Notes to the Financial Statements.

78

Barings U.S. High Yield Fund 2018 Semi-Annual Report

FINANCIAL HIGHLIGHTS

	CLASS A
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2018 (1)			FOR THE YEAR ENDED JUNE 30, 2018			FOR THE YEAR ENDED JUNE 30, 2017			PERIOD FROM OCTOBER 30, 2015 THROUGH JUNE 30, 2016 (2)
Per Common Share Data
Net asset value, beginning of period	$	9.82		$	10.59		$	10.14		$	10.00
Income from investment operations:
Net investment income (3)		0.29			0.61			0.65			0.39
Net realized and unrealized gain (loss) on investments		(0.53	)		(0.47	)		0.65			0.13
Total increase (decrease) from investment operations		(0.24	)		0.14			1.30			0.52
Less dividends and distributions:
From net investment income		(0.29	)		(0.61	)		(0.66	)		(0.38	)
From net realized gain		–			(0.30	)		(0.19	)		–
Total dividends and distributions		(0.29	)		(0.91	)		(0.85	)		(0.38	)
Net asset value, at end of period	$	9.29		$	9.82		$	10.59		$	10.14
Total investment return (4)		(2.50	)%(5)		1.32	%		13.13	%		5.36	%(5)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	1,334		$	2,918		$	2,633		$	206
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.99	%(6)		1.71	%		1.82	%		5.47	%(6)
Ratio of net expenses to average net assets (7)		1.00	%(6)		1.00	%		1.00	%		0.99	%(6)
Ratio of net investment income to average net assets		5.90	%(6)		5.92	%		6.21	%		5.93	%(6)
Portfolio turnover rate		20.38	%(5)		43.75	%		71.57	%		77.52	%(5)

(1) Unaudited.

(2) Fund commenced operations on October 30, 2015.

(3) Calculated using average shares outstanding.

(4) Total investment return calculation does not consider the effects of sales loads and assumes the reinvestment of dividends at actual prices pursuant to the Fund’s dividend reinvestment plan.

(5) Not annualized.

(6) Annualized for periods less than one full year.

(7) The Adviser has agreed to waive and/or reimburse certain fees and/or expense so that, on an annualized basis, such expenses incurred will not exceed 1.00% as a percentage of average daily net assets.

See accompanying Notes to the Financial Statements.

79

Barings U.S. High Yield Fund 2018 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS C
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2018 (1)			FOR THE YEAR ENDED JUNE 30, 2018			FOR THE YEAR ENDED JUNE 30, 2017			PERIOD FROM OCTOBER 30, 2015 THROUGH JUNE 30, 2016 (2)
Per Common Share Data
Net asset value, beginning of period	$	9.82		$	10.59		$	10.14		$	10.00
Income from investment operations:
Net investment income (3)		0.25			0.53			0.58			0.33
Net realized and unrealized gain (loss) on investments		(0.54	)		(0.47	)		0.64			0.14
Total increase (decrease) from investment operations		(0.29	)		0.06			1.22			0.47
Less dividends and distributions:
From net investment income		(0.25	)		(0.53	)		(0.58	)		(0.33	)
From net realized gain		–			(0.30	)		(0.19	)		–
Total dividends and distributions		(0.25	)		(0.83	)		(0.77	)		(0.33	)
Net asset value, at end of period	$	9.28		$	9.82		$	10.59		$	10.14
Total investment return (4)		(2.90	)%(5)		0.61	%		12.24	%		4.85	%(5)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	93		$	98		$	118		$	101
Ratio of total expenses (before reductions and reimbursements) to average net assets		7.13	%(6)		6.43	%		6.18	%		7.30	%(6)
Ratio of net expenses to average net assets (7)		1.75	%(6)		1.75	%		1.75	%		1.73	%(6)
Ratio of net investment income to average net assets		5.17	%(6)		5.17	%		5.50	%		5.08	%(6)
Portfolio turnover rate		20.38	%(5)		43.75	%		71.57	%		77.52	%(5)

(1) Unaudited.

(2) Fund commenced operations on October 30, 2015.

(3) Calculated using average shares outstanding.

(4) Total investment return calculation does not consider the effects of sales loads and assumes the reinvestment of dividends at actual prices pursuant to the Fund’s dividend reinvestment plan.

(5) Not annualized.

(6) Annualized for periods less than one full year.

(7) The Adviser has agreed to waive and/or reimburse certain fees and/or expense so that, on an annualized basis, such expenses incurred will not exceed 1.75% as a percentage of average daily net assets.

See accompanying Notes to the Financial Statements.

80

Barings U.S. High Yield Fund 2018 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS I
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2018 (1)			FOR THE YEAR ENDED JUNE 30, 2018			FOR THE YEAR ENDED JUNE 30, 2017			PERIOD FROM OCTOBER 30, 2015 THROUGH JUNE 30, 2016 (2)
Per Common Share Data
Net asset value, beginning of period	$	9.82		$	10.59		$	10.14		$	10.00
Income from investment operations:
Net investment income (3)		0.30			0.63			0.68			0.40
Net realized and unrealized gain (loss) on investments		(0.54	)		(0.47	)		0.64			0.13
Total increase (decrease) from investment operations		(0.24	)		0.16			1.32			0.53
Less dividends and distributions:
From net investment income		(0.30	)		(0.63	)		(0.68	)		(0.39	)
From net realized gain		–			(0.30	)		(0.19	)		–
Total dividends and distributions		(0.30	)		(0.93	)		(0.87	)		(0.39	)
Net asset value, at end of period	$	9.28		$	9.82		$	10.59		$	10.14
Total investment return (4)		(2.41	)%(5)		1.61	%		13.36	%		5.53	%(5)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	14,082		$	14,816		$	15,720		$	14,863
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.02	%(6)		1.28	%		1.36	%		1.38	%(6)
Ratio of net expenses to average net assets (7)		0.75	%(6)		0.75	%		0.75	%		0.74	%(6)
Ratio of net investment income to average net assets		6.17	%(6)		6.16	%		6.50	%		6.11	%(6)
Portfolio turnover rate		20.38	%(5)		43.75	%		71.57	%		77.52	%(5)

(1) Unaudited.

(2) Fund commenced operations on October 30, 2015.

(3) Calculated using average shares outstanding.

(4) Total investment return calculation assumes the reinvestment of dividends at actual prices pursuant to the Fund’s dividend reinvestment plan.

(5) Not annualized.

(6) Annualized for periods less than one full year.

(7) The Adviser has agreed to waive and/or reimburse certain fees and/or expense so that, on an annualized basis, such expenses incurred will not exceed .75% as a percentage of average daily net assets.

See accompanying Notes to the Financial Statements.

81

Barings U.S. High Yield Fund 2018 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS Y
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2018 (1)			FOR THE YEAR ENDED JUNE 30, 2018			FOR THE YEAR ENDED JUNE 30, 2017			PERIOD FROM OCTOBER 30, 2015 THROUGH JUNE 30, 2016 (2)
Per Common Share Data
Net asset value, beginning of period	$	9.82		$	10.58		$	10.14		$	10.00
Income from investment operations:
Net investment income (3)		0.30			0.62			0.68			0.39
Net realized and unrealized gain (loss) on investments		(0.54	)		(0.45	)		0.63			0.14
Total increase (decrease) from investment operations		(0.24	)		0.17			1.31			0.53
Less dividends and distributions:
From net investment income		(0.30	)		(0.63	)		(0.68	)		(0.39	)
From net realized gain		–			(0.30	)		(0.19	)		–
Total dividends and distributions		(0.30	)		(0.93	)		(0.87	)		(0.39	)
Net asset value, at end of period	$	9.28		$	9.82		$	10.58		$	10.14
Total investment return (4)		(2.41	)%(5)		1.61	%		13.35	%		5.52	%(5)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	35,078		$	39,176		$	14,631		$	12,675
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.00	%(6)		1.25	%		1.36	%		1.42	%(6)
Ratio of net expenses to average net assets (7)		0.75	%(6)		0.75	%		0.75	%		0.74	%(6)
Ratio of net investment income to average net assets		6.17	%(6)		6.09	%		6.50	%		6.06	%(6)
Portfolio turnover rate		20.38	%(5)		43.75	%		71.57	%		77.52	%(5)

(1) Unaudited.

(2) Fund commenced operations on October 30, 2015.

(3) Calculated using average shares outstanding.

(4) Total investment return calculation assumes the reinvestment of dividends at actual prices pursuant to the Fund’s dividend reinvestment plan.

(5) Not annualized.

(6) Annualized for periods less than one full year.

(7) The Adviser has agreed to waive and/or reimburse certain fees and/or expense so that, on an annualized basis, such expenses incurred will not exceed .75% as a percentage of average daily net assets.

See accompanying Notes to the Financial Statements.

82

Barings Global Floating Rate Fund 2018 Semi-Annual Report

SCHEDULE OF INVESTMENTS

December 31, 2018 (Unaudited)

						SHARES		COST		FAIR VALUE
Equities — 0.5%*:
Common Stocks — 0.5%*:
Healthcare, Education and Childcare — 0.0%*:
Tunstall Group Holdings Ltd.+¤							469		$–		$–
Tunstall Group Holdings Ltd.+¤							310		–		–
Total Healthcare, Education and Childcare							779		–		–
Mining, Steel, Iron and Non-Precious Metals — 0.1%*:
Boomerang Tube LLC¤							1,769,565		171,860		172,055
Oil and Gas — 0.4%*:
Fieldwood Energy LLC							6,469		226,415		232,884
Fieldwood Energy LLC							26,365		568,599		949,140
Sabine Oil & Gas LLC¤							387		22,597		17,028
Southcross Energy Holdings LP							22		–		–
Southcross Energy Partners LP							22		5,500		10,450
Templar Energy LLC¤							8,762		50,647		5,257
Templar Energy LLC¤††							6,069		60,686		15,172
Total Oil and Gas							48,096		934,444		1,229,931
Total Common Stocks							1,818,440		1,106,304		1,401,986
Preferred Stock — 0.0%*:
Farming and Agriculture — 0.0%*:
Pinnacle Agriculture Holdings A 2¤††							259,648		173,408		25,965
Warrants — 0.0%*:
Diversified/Conglomerate Manufacturing — 0.0%*:
Appvion Holdings Corp. (exp. June 13, 2023)¤††							449		–		4,781
Appvion Holdings Corp. (exp. June 13, 2023)¤							449		–		–
Total Diversified/Conglomerate Manufacturing							898		–		4,781
Oil and Gas — 0.0%*:
Sabine Oil & Gas LLC Warrants¤††							1,230		5,523		1,845
Sabine Oil & Gas LLC Warrants¤††							219		595		1,150
Total Oil and Gas							1,449		6,118		2,995
Total Warrants							2,347		6,118		7,776
Total Equities							2,080,435		1,285,830		1,435,727
	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Fixed Income — 94.8%*:
Bank Loans — 83.4%*§:
Aerospace and Defense — 0.1%*:
Doncasters Finance US LLC, 3M LIBOR + 3.500%		6.30	%		4/9/2020		443,239		434,715		389,164

See accompanying Notes to the Financial Statements.

83

Barings Global Floating Rate Fund 2018 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Automobile — 1.7%*:
Belron Finance US LLC, 3M LIBOR + 2.500%		5.11	%		11/13/2025		291,064		$290,345		$280,149
DexKo Global, Inc., 2M LIBOR + 3.500%		6.02			7/24/2024		307,524		309,747		296,505
NN, Inc., 1M LIBOR + 3.750%		6.27			10/19/2022		1,336,607		1,339,600		1,296,509
Roy Bidco ApS, EURIBOR + 3.250%+		3.25			8/23/2024		1,000,000		1,153,515		1,125,940
US Farathane LLC, 3M LIBOR + 3.500%		6.30			12/23/2021		1,898,197		1,906,896		1,812,778
Total Automobile							4,833,392		5,000,103		4,811,881
Beverage, Food and Tobacco — 3.2%*:
Amphora Finance Ltd., 3M LIBOR + 4.750%+		5.48			5/29/2025		500,000		661,044		631,723
CTI Foods Holding Co. LLC, 1M LIBOR + 3.500%††		6.10			6/29/2020		1,371,857		1,368,084		1,019,742
Deoleo, S.A., EURIBOR + 3.500%+††		4.50			6/11/2021		500,000		597,299		265,814
IRB Holding Corp., 1M LIBOR + 3.250%		5.68			2/5/2025		2,595,619		2,607,290		2,469,732
JBS USA LLC, 3M LIBOR + 2.500%		5.26			10/30/2022		1,923,773		1,919,272		1,846,822
Labeyrie Fine Foods SAS, EURIBOR + 4.250%+		4.25			5/23/2023		500,000		553,759		569,581
Refresco Group B.V., EURIBOR + 3.250%+		5.87			3/28/2025		159,042		158,330		151,885
Refresco Group B.V., EURIBOR + 3.250%+		3.25			3/28/2025		500,000		580,940		559,361
Sigma Bidco B.V., EURIBOR + 3.500%+		3.50			7/2/2025		1,000,000		1,147,299		1,110,667
Sigma Bidco B.V., LIBOR + 4.000%+		4.90			3/31/2025		500,000		644,497		616,588
Total Beverage, Food and Tobacco							9,550,291		10,237,814		9,241,915
Broadcasting and Entertainment — 3.9%*:
All3Media International, 6M LIBOR + 4.250%+		5.25			6/30/2021		1,500,000		2,305,647		1,907,120
AP NMT Acquisition B.V., 3M LIBOR + 5.750%+		8.55			8/13/2021		2,073,015		2,037,577		1,982,838
AP NMT Acquisition B.V., 3M LIBOR + 9.000%+		11.40			8/13/2022		2,182,720		2,167,629		2,016,681
AP NMT Acquisition B.V., EURIBOR + 6.000%+		7.00			8/13/2021		521,343		636,373		589,008
DLG Acquisitions Ltd., EURIBOR + 7.250%+		8.25			6/30/2022		500,000		673,790		572,995
Imagina Media Audiovisual, S.L., EURIBOR + 4.500%+		4.50			6/26/2025		312,606		355,118		358,394
Imagina Media Audiovisual, S.L., EURIBOR + 7.500%+		7.50			12/28/2025		500,000		539,301		567,146
Imagina Media Audiovisual, S.L., EURIBOR + 4.500%+		4.50			6/20/2025		187,394		212,879		214,842
Intelsat Jackson Holdings S.A., 3M LIBOR + 3.750%		6.26			11/27/2023		750,000		747,989		724,552
Technicolor S.A., EURIBOR + 3.000%+		3.00			12/6/2023		500,000		538,684		532,774
Univision Communications, Inc., 1M LIBOR + 2.750%		5.27			3/15/2024		1,981,009		1,963,877		1,788,693
Total Broadcasting and Entertainment							11,008,087		12,178,864		11,255,043

See accompanying Notes to the Financial Statements.

84

Barings Global Floating Rate Fund 2018 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Buildings and Real Estate — 2.5%*:
Core & Main L.P., 6M LIBOR + 3.000%		5.72	%		8/1/2024		1,485,000		$1,495,209		$1,431,793
GYP Holdings III Corp., 1M LIBOR + 2.750%		5.27			6/1/2025		1,994,988		1,990,171		1,875,288
LSF10 Impala Investments S.a r.l., EURIBOR + 4.750%+		4.75			7/31/2025		500,000		573,833		571,981
Quikrete Holdings, Inc., 1M LIBOR + 2.750%		5.27			11/15/2023		1,000,000		1,001,009		950,630
SRS Distribution, Inc., 3M LIBOR + 3.250%		5.77			5/23/2025		2,447,261		2,432,019		2,277,495
Total Buildings and Real Estate							7,427,249		7,492,241		7,107,187
Cargo Transport — 0.8%*:
CEVA Group plc, 3M LIBOR + 3.750%+		6.55			7/24/2025		389,109		387,270		376,140
Kenan Advantage Group, Inc., 1M LIBOR + 3.000%		5.52			7/31/2022		1,939,906		1,943,268		1,868,381
Total Cargo Transport							2,329,015		2,330,538		2,244,521
Chemicals, Plastics and Rubber — 6.9%*:
Albaugh LLC, 1M LIBOR + 3.500%		6.02			12/23/2024		694,714		698,693		681,688
Allnex (Luxembourg) & Cy S.C.A., EURIBOR + 3.250%+		3.25			9/13/2023		684,235		774,849		769,631
Allnex (Luxembourg) & Cy S.C.A., 3M LIBOR + 3.250%+		5.96			9/13/2023		363,503		362,276		355,325
Allnex USA, Inc., 3M LIBOR + 3.250%+		5.96			9/13/2023		273,859		272,935		267,698
Archroma Finance Sarl, EURIBOR + 3.750%+		3.75			8/11/2024		1,000,000		1,152,670		1,131,428
Associated Asphalt Partners LLC, 1M LIBOR + 5.250%		7.77			4/5/2024		290,649		289,555		279,991
Azelis Finance S.A., EURIBOR + 4.000%+		4.00			7/31/2025		500,000		611,679		567,862
Colouroz Investment 1 GmbH, EURIBOR + 3.0000%+		3.75			9/7/2021		327,956		387,493		356,029
Diamond B.V., EURIBOR + 3.2500%		3.25			9/6/2024		992,487		1,157,845		1,092,725
Flint Group GmbH, LIBOR + 3.000%+		3.75			9/7/2021		761,596		868,811		826,786
Flint Group GmbH, 3M LIBOR + 3.000%+		5.49			9/7/2021		529,567		506,253		471,314
Flint Group US LLC, 3M LIBOR + 3.000%+		5.49			9/7/2021		3,076,456		2,941,652		2,738,046
GrafTech Finance, Inc., 1M LIBOR + 3.500%		6.02			2/12/2025		1,883,081		1,879,515		1,779,512
Ineos US Finance LLC, EURIBOR + 2.000%+		2.50			3/31/2024		1,492,469		1,722,309		1,665,638
MacDermid, Inc., EURIBOR + 2.500%		3.25			6/7/2020		412,929		485,411		471,339
Novacap S.A., EURIBOR + 3.500%+		3.50			6/22/2023		1,000,000		1,133,908		1,109,945
Pinnacle Operating Corp., 1M LIBOR + 7.250%		9.77			11/15/2021		722,449		688,812		581,571
Platform Specialty Products Corp., 1M LIBOR + 2.250%		5.05			11/15/2025		666,392		665,559		645,568
Schenectady International Group, Inc., LIBOR + 4.750%		7.19			10/15/2025		840,528		840,528		806,906
Solenis International LP, 3M LIBOR + 4.000%		6.71			12/26/2023		638,147		632,305		615,812
Solenis International LP, 3M LIBOR + 8.500%		11.21			6/26/2024		376,263		365,934		353,687
Starfruit Finco B.V, EURIBOR + 3.750%+		3.75			9/20/2025		500,000		588,925		562,993

See accompanying Notes to the Financial Statements.

85

Barings Global Floating Rate Fund 2018 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Chemicals, Plastics and Rubber (Continued)
Tronox Blocked Borrower LLC, 3M LIBOR + 3.000%		5.52	%		9/22/2024		478,009		$476,039		$462,985
Tronox Finance LLC, 3M LIBOR + 3.000%		5.52			9/22/2024		1,103,098		1,098,552		1,068,428
Total Chemicals, Plastics and Rubber							19,608,387		20,602,508		19,662,907
Containers, Packaging and Glass — 3.2%*:
Albea Beauty Holdings S.A., EURIBOR + 3.000%+		5.89			4/22/2024		617,624		616,942		579,794
BWAY Holding Co., 1M LIBOR + 3.250%		5.66			4/3/2024		2,472,450		2,466,829		2,319,974
Flex Acquisition Co., Inc., 3M LIBOR + 3.000%		5.52			12/29/2023		1,575,940		1,590,154		1,482,692
Horizon Holdings III S.A.S., EURIBOR + 2.750%+		2.75			10/29/2022		1,390,909		1,661,490		1,550,207
ProAmpac PG Borrower LLC, 1M LIBOR + 3.500%		6.05			11/18/2023		735,000		737,596		700,088
ProAmpac PG Borrower LLC, 3M LIBOR + 8.500%		11.14			11/18/2024		750,000		741,716		748,125
Reynolds Group Holdings, Inc., LIBOR + 2.750%		5.27			2/5/2023		1,989,848		1,999,144		1,890,355
Total Containers, Packaging and Glass							9,531,771		9,813,871		9,271,235
Diversified/Conglomerate Manufacturing — 3.5%*:
Brookfield WEC Holdings, Inc., 1M LIBOR + 3.750%		6.27			8/1/2025		2,075,309		2,088,952		2,006,014
LTI Holdings, Inc., 1M LIBOR + 3.500%		6.02			9/6/2025		1,440,316		1,442,464		1,352,702
PCF GmbH, EURIBOR + 5.000%+††		5.00			8/1/2024		500,000		525,613		564,998
Project Alpha Intermediate Holding, Inc., 3M LIBOR + 3.500%		5.94			4/26/2024		1,581,125		1,582,492		1,517,880
Triple Point Technology, Inc., 3M LIBOR + 4.250%		6.77			7/10/2020		935,607		915,543		767,198
Wilsonart LLC, 3M LIBOR + 3.250%		6.06			12/19/2023		603,337		603,843		575,813
Winebow Group, Inc. (The), 1M LIBOR + 3.750%		6.27			7/1/2021		1,747,045		1,642,504		1,503,908
Xella International GmbH, EURIBOR + 4.000%+		4.00			4/11/2024		1,500,000		1,830,365		1,680,385
Total Diversified/Conglomerate Manufacturing							10,382,739		10,631,776		9,968,898
Diversified/Conglomerate Service — 8.7%*:
Almonde, Inc., 3M LIBOR + 7.250%+		10.05			6/13/2025		752,587		764,786		690,770
Almonde, Inc., 3M LIBOR + 3.500%+		6.30			6/13/2024		1,992,126		1,966,345		1,851,263
EAB Global, Inc., LIBOR + 3.750%		6.41			11/15/2024		751,421		748,260		711,971
GTCR Valor Cos., Inc., 3M LIBOR + 2.750%		5.55			6/16/2023		444,707		443,855		426,474
Hyland Software, Inc., 1M LIBOR + 3.500%		6.02			7/1/2022		985,000		989,577		952,495

See accompanying Notes to the Financial Statements.

86

Barings Global Floating Rate Fund 2018 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Diversified/Conglomerate Service (Continued)
I-Logic Technologies Bidco Ltd., 1M LIBOR + 3.250%+		5.86	%		12/21/2024		1,036,809		$1,041,350		$1,010,889
Infor (US), Inc., EURIBOR + 2.250%		3.25			2/1/2022		489,842		580,616		551,718
Infor (US), Inc., 3M LIBOR + 2.750%		5.27			2/1/2022		1,465,780		1,466,537		1,402,341
Informatica LLC, 1M LIBOR + 3.250%		5.77			8/5/2022		1,388,855		1,391,830		1,345,453
Kronos, Inc., 3M LIBOR + 3.500%		5.54			11/1/2023		1,583,068		1,586,314		1,501,270
LegalZoom.com, Inc., 1M LIBOR + 4.500%		7.00			11/20/2024		585,508		579,712		573,798
MH Sub I LLC, 3M LIBOR + 3.750%		6.25			9/13/2024		3,051,432		3,059,037		2,887,417
Project Leopard Holdings, Inc., 1M LIBOR + 4.000%		6.52			7/7/2023		1,491,536		1,498,547		1,452,384
Red Ventures, LLC, 1M LIBOR + 3.000%		5.52			11/8/2024		2,652,524		2,670,814		2,519,898
TierPoint LLC, 1M LIBOR + 3.750%		6.27			5/6/2024		36,752		36,611		34,235
TMF Group Holding B.V., EURIBOR + 3.250%+		3.25			5/5/2025		500,000		584,559		554,256
Verisure Holding AB, EURIBOR + 3.500%+		3.50			10/21/2022		500,000		566,875		565,267
Verisure Holding AB, EURIBOR + 3.000%+		3.00			10/20/2022		2,700,000		3,093,060		3,009,504
Vertafore, Inc., 1M LIBOR + 3.250%		6.05			7/2/2025		2,000,000		1,998,994		1,895,620
Vertafore, Inc., 1M LIBOR + 7.250%		10.05			7/2/2026		1,000,000		990,571		953,750
Total Diversified/Conglomerate Service							25,407,947		26,058,250		24,890,773
Ecological — 0.6%*:
Emerald 3 Ltd., 3M LIBOR + 7.000%		9.80			5/31/2022		390,426		388,736		379,365
Emerald US, Inc., 3M LIBOR + 4.000%		6.80			5/9/2021		529,428		506,572		519,279
PHS Group Ltd., 1M LIBOR + 5.250%+		7.77			12/20/2021		764,450		977,886		973,881
Total Ecological							1,684,304		1,873,194		1,872,525
Electronics — 5.4%*:
EXC Holdings III Corp., 3M LIBOR + 3.500%		6.30			12/2/2024		492,198		497,177		473,741
First Data Corp., 1M LIBOR + 2.000%		4.50			4/26/2024		1,500,000		1,500,000		1,429,500
ION Trading Technologies Sarl, 3M LIBOR + 4.000%		6.52			11/21/2024		1,705,205		1,685,994		1,607,156
ION Trading Technologies Sarl, EURIBOR + 3.250%		4.25			11/21/2024		1,381,750		1,563,240		1,524,563
Omnitracs, Inc., 3M LIBOR + 2.750%		5.57			3/21/2025		3,013,683		3,004,872		2,834,369
Renaissance Holding Corp., 1M LIBOR + 3.250%		5.77			5/30/2025		745,003		745,003		689,597
RP Crown Parent LLC, 1M LIBOR + 2.750%		5.27			10/12/2023		1,742,451		1,739,065		1,675,018
Sophia LP, LIBOR + 3.250%		6.05			9/30/2022		1,491,001		1,498,288		1,432,956
SS&C Technologies Inc., 1M LIBOR + 2.250%		4.77			4/16/2025		479,877		478,695		451,986
Veritas Bermuda Ltd., 3M LIBOR + 4.500%		7.09			1/27/2023		1,277,250		1,273,733		1,084,756
Veritas Bermuda Ltd., EURIBOR + 4.500%		5.50			1/27/2023		786,000		876,312		789,493
Wall Street Systems Delaware, Inc., 1M LIBOR + 3.000%		5.52			11/21/2024		1,138,983		1,138,983		1,057,352
Wall Street Systems Delaware, Inc., EURIBOR + 3.000%		4.00			11/21/2024		492,053		578,308		550,381
Total Electronics							16,245,454		16,579,670		15,600,868

See accompanying Notes to the Financial Statements.

87

Barings Global Floating Rate Fund 2018 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Farming and Agriculture — 0.8%*:
Dole Food Co. Inc., 1M LIBOR + 2.750%		5.25	%		4/6/2024		2,417,537		$2,426,508		$2,341,989
Finance — 2.3%*:
Edelman Financial Center LLC, 3M LIBOR + 6.750%		9.19			7/20/2026		337,346		335,751		320,478
Evergood 4 ApS, EURIBOR + 3.750%+		3.75			2/6/2025		500,000		579,476		566,550
NAB Holdings LLC, 3M LIBOR + 3.000%		5.80			7/1/2024		990,013		991,589		939,275
Nets Holding A/S, EURIBOR + 3.000%+		3.00			2/6/2025		440,972		522,706		497,903
NFP Corp., 1M LIBOR + 3.000%		5.52			1/8/2024		2,515,613		2,532,773		2,374,110
Tempo Acquisition LLC, 1M LIBOR + 3.000%		5.52			5/1/2024		2,108,858		2,113,988		2,013,959
Total Finance							6,892,802		7,076,283		6,712,275
Healthcare, Education and Childcare — 11.5%*:
Aenova Holding GmbH, EURIBOR + 4.000%+		5.00			9/29/2020		2,000,000		2,286,597		2,242,393
Amedes Holding AG, EURIBOR + 4.750%+		4.75			8/19/2022		498,777		576,322		567,548
Arbor Pharmaceuticals, Inc., 3M LIBOR + 5.000%		7.80			7/5/2023		1,515,786		1,506,225		1,349,049
Auris Luxembourg III Sarl, LIBOR + 3.750%		6.55			7/20/2025		1,000,000		995,299		970,630
Avantor, Inc., 1M LIBOR + 4.000%		6.57			11/21/2024		1,892,467		1,917,234		1,829,391
Aveanna Healthcare, LLC, 1M LIBOR + 5.500%		8.02			3/18/2024		1,000,708		984,264		960,680
Bausch Health Companies, 1M LIBOR + 3.000%		5.38			6/1/2025		957,485		963,386		912,541
Cerba Healthcare S.A.S., EURIBOR + 3.000%+		3.00			4/20/2024		1,000,000		1,172,711		1,113,016
CEVA Sante Animale, EURIBOR + 3.000%+		3.00			6/30/2021		1,500,000		1,738,577		1,692,845
Concordia International Corp., LIBOR + 5.500%+		7.89			9/6/2024		2,338,250		2,301,231		2,224,588
Concordia International Corp., EURIBOR + 5.250%+		6.25			9/8/2024		497,500		576,523		562,600
Domus Vi SA, EURIBOR + 3.250%+		3.25			10/31/2024		500,000		592,175		567,026
Endo Luxembourg Finance Co. I S.a r.l., 1M LIBOR + 4.250%		6.81			4/29/2024		2,530,889		2,534,881		2,391,690
GHD GesundHeits GmbH Deutschland, EURIBOR + 3.000%+		4.00			8/28/2021		750,000		866,831		846,852
Horizon Pharma, Inc., 1M LIBOR + 3.000%		5.56			3/29/2024		964,707		966,644		918,083
Indivior Finance Sarl, 3M LIBOR + 4.500%		7.03			12/18/2022		304,931		303,521		296,798
Lifescan Global Corp., 3M LIBOR + 6.000%		8.80			9/27/2024		400,000		388,456		377,000
Mallinckrodt International Finance S.A., 3M LIBOR + 2.750%		5.55			9/24/2024		2,046,909		2,040,875		1,872,922
Nidda Healthcare Holding AG, EURIBOR + 3.500%+		3.50			8/21/2024		1,000,000		1,152,460		1,111,377
Nidda Healthcare Holding AG, GBP + 4.500%+		5.37			8/21/2024		500,000		678,300		620,972
Ortho-Clinical Diagnostics SA, 3M LIBOR + 3.250%		5.76			6/30/2025		1,457,372		1,458,042		1,348,521

See accompanying Notes to the Financial Statements.

88

Barings Global Floating Rate Fund 2018 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Healthcare, Education and Childcare (Continued)
Press Ganey Holdings, Inc., 1M LIBOR + 2.750%		5.27	%		10/23/2023		1,225,000		$1,230,892		$1,174,469
Press Ganey Holdings, Inc., 1M LIBOR + 6.500%		9.02			10/21/2024		369,105		372,821		365,414
Riemser Pharma GmbH, EURIBOR + 5.500%+		5.25			6/29/2023		500,000		545,577		570,371
Rodenstock GmbH, EURIBOR + 5.250%+		5.25			6/30/2021		1,500,000		1,747,046		1,667,066
Rossini Sarl, EURIBOR + 6.25%+		6.25			10/30/2025		750,000		875,574		859,312
Team Health Holdings, Inc., 1M LIBOR + 2.750%		5.27			2/6/2024		1,977,362		1,928,994		1,762,323
Tunstall Group Holdings Ltd., 3M LIBOR + 5.000%+		4.40			10/16/2020		523,577		828,526		655,673
Unilabs Holding AB, EURIBOR + 2.750%+		2.75			4/19/2024		500,000		571,194		554,566
Verscend Holding Corp., 1M LIBOR + 4.500%		7.02			8/27/2025		633,453		628,918		611,282
Total Healthcare, Education and Childcare							32,634,278		34,730,096		32,996,998
Home and Office Furnishings, Housewares, and Durable Consumer Products — 1.4%*:
Keter Group B.V., EURIBOR + 4.250%+		5.25			10/31/2023		500,000		547,872		454,003
Serta Simmons Bedding LLC, 3M LIBOR + 3.500%		5.89			11/8/2023		1,700,009		1,694,035		1,416,668
Serta Simmons Bedding LLC, 1M LIBOR + 8.000%		10.43			11/8/2024		724,666		664,905		512,100
SIWF Holdings Inc., 1M LIBOR + 4.250%		6.72			6/15/2025		997,494		1,006,765		966,951
Visual Comfort Generation Brands Holdings, Inc., 1M LIBOR + 8.000%		10.52			2/28/2025		646,667		644,037		627,267
Total Home and Office Furnishings, Housewares, and Durable Consumer Products							4,568,836		4,557,614		3,976,989
Hotels, Motels, Inns and Gaming — 3.1%*:
Caesars Resort Collection LLC, 1M LIBOR + 2.750%		5.27			12/22/2024		1,982,481		1,982,691		1,900,347
Compass IV Ltd., 3M LIBOR + 4.500%+		4.50			4/30/2025		500,000		598,167		567,324
Compass IV Ltd., EURIBOR + 8.000%+		9.00			4/30/2026		500,000		586,740		558,553
Financiere Sun S.A.S., EURIBOR + 3.000%+		3.00			3/14/2023		338,983		404,495		380,381
HNVR Holdco Ltd., EURIBOR + 3.250%+		3.25			9/12/2023		992,449		1,125,926		1,119,564
Penn National Gaming, Inc., 1M LIBOR + 2.250%		4.71			10/15/2025		622,489		620,976		599,537
Richmond UK Bidco Ltd., LIBOR + 4.250%+		4.98			3/3/2024		500,000		632,374		578,350
Rouge Beachhouse B.V., EURIBOR + 4.250%+		4.25			7/25/2025		500,000		586,575		573,591
Stars Group Holdings B.V. (The), 3M LIBOR + 3.500%+		6.30			7/10/2025		1,492,500		1,485,524		1,439,024
Tackle Sarl, EURIBOR + 5.000%+		3.50			8/8/2022		1,000,000		1,117,193		1,135,014
Total Hotels, Motels, Inns and Gaming							8,428,902		9,140,661		8,851,685

See accompanying Notes to the Financial Statements.

89

Barings Global Floating Rate Fund 2018 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Insurance — 3.8%*:
Alliant Holdings I, Inc., 1M LIBOR + 3.000%		5.21	%		5/9/2025		2,797,043		$2,808,841		$2,637,779
AssuredPartners, Inc., 1M LIBOR + 3.250%		5.77			10/22/2024		1,786,169		1,797,028		1,682,357
Asurion LLC, 1M LIBOR + 2.750%		5.52			11/3/2023		1,548,034		1,554,628		1,480,307
Confie Seguros Holding II Co., 3M LIBOR + 8.500%		11.24			10/31/2025		1,633,626		1,601,633		1,581,890
Hub International Ltd., 2M LIBOR + 3.000%		5.24			4/25/2025		1,990,000		1,985,498		1,874,958
York Risk Services Holding Corp., 1M LIBOR + 3.750%		6.27			10/1/2021		1,641,645		1,621,754		1,528,486
Total Insurance							11,396,517		11,369,382		10,785,777
Leisure, Amusement, Entertainment — 4.8%*:
Columbus Capital B.V., EURIBOR + 4.750%+		4.75			6/30/2024		500,000		569,560		571,087
Crown Finance US, Inc., 1M LIBOR + 2.500%		5.02			2/28/2025		992,500		993,619		936,255
Delta 2 (LUX) Sarl, 1M LIBOR + 2.500%+		5.02			2/1/2024		1,394,967		1,399,107		1,315,914
Dorna Sports, S.L., EURIBOR + 3.000%+		2.75			4/12/2024		978,282		1,092,872		1,103,358
International Park Holdings B.V., EURIBOR + 3.500%+		3.50			6/13/2024		500,000		580,575		563,027
Metro-Goldwyn-Mayer, Inc., 1M LIBOR + 4.500%		7.03			7/3/2026		2,000,000		1,981,097		1,860,000
SeaWorld Parks & Entertainment, Inc., 3M LIBOR + 3.000%		5.52			3/31/2024		2,559,758		2,550,330		2,438,170
Vacalians Group, EURIBOR + 4.000%+		4.00			10/26/2025		500,000		564,429		572,159
Vougeot Bidco PLC, EURIBOR + 5.500%+		5.50			7/18/2023		1,000,000		1,164,245		1,144,317
William Morris Endeavor Entertainment, LLC, 2M LIBOR + 2.750%		5.28			5/18/2025		1,837,047		1,832,290		1,683,195
WMG Acquisition Corp., LIBOR + 2.250%		4.65			11/1/2023		1,500,000		1,498,202		1,441,125
Total Leisure, Amusement, Entertainment							13,762,554		14,226,326		13,628,607
Machinery Non-Agriculture, Non-Construction, Non-Electronic — 1.7%*:
Alison Bidco Sarl, 1M LIBOR + 4.500%+		7.03			8/29/2021		284,624		283,538		270,392
Alison Bidco Sarl, EURIBOR + 4.500%+		5.50			8/29/2021		994,798		1,151,088		1,122,214
Apex Tool Group LLC, 1M LIBOR + 3.750%		6.27			2/1/2022		1,690,251		1,687,694		1,626,021
Titan Acquisition Ltd., 1M LIBOR + 3.000%+		5.52			3/28/2025		1,985,895		1,983,806		1,811,296
Total Machinery Non-Agriculture, Non-Construction, Non-Electronic							4,955,568		5,106,126		4,829,923
Mining, Steel, Iron and Non-Precious Metals — 0.7%*:
Big River Steel LLC, 3M LIBOR + 5.000%		7.80			8/23/2023		622,394		630,166		614,614
Boomerang Tube, LLC, 3M LIBOR + 3.000%¤††		7.52			10/31/2021		62,044		62,044		62,044
Covia Holdings Corp., 3M LIBOR + 3.750%		6.55			6/1/2025		598,805		598,806		431,140
US Silica Co., 1M LIBOR + 4.000%		6.56			5/1/2025		878,100		888,174		765,044
Total Mining, Steel, Iron and Non-Precious Metals							2,161,343		2,179,190		1,872,842

See accompanying Notes to the Financial Statements.

90

Barings Global Floating Rate Fund 2018 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Oil and Gas — 2.1%*:
Caelus Energy Alaska O3 LLC, 3M LIBOR + 7.500%		10.30	%		4/15/2020		1,399,200		$1,353,750		$1,240,628
Fieldwood Energy LLC, 1M LIBOR + 7.250%		9.77			4/11/2023		864,968		393,120		751,657
Gulf Finance LLC, 3M LIBOR + 5.250%		7.89			8/25/2023		1,648,157		1,516,756		1,250,539
KCA Deutag Alpha Ltd., 3M LIBOR + 6.750%+		9.55			2/28/2023		497,500		495,289		398,995
Seadrill Partners Finco LLC, 3M LIBOR + 6.000%		8.82			2/21/2021		2,074,034		1,618,401		1,619,054
UTEX Industries, Inc., 1M LIBOR + 7.250%		9.77			5/22/2022		1,000,000		714,113		855,000
Total Oil and Gas							7,483,859		6,091,429		6,115,873
Personal and Non-Durable Consumer Products Mfg. Only — 0.3%*:
Coty Inc., 1M LIBOR + 2.250%		4.63			4/7/2025		997,494		957,357		918,941
Personal, Food and Miscellaneous — 0.2%*:
Capri Finance LLC, 3M LIBOR + 3.250%+		5.78			11/1/2024		497,495		496,341		470,132
Printing and Publishing — 1.6%*:
Getty Images, Inc., 3M LIBOR + 3.500%		6.02			10/18/2019		1,592,086		1,559,889		1,544,323
Springer Nature Deutschland GmbH, EURIBOR + 3.250%+††		3.75			8/24/2022		1,739,274		1,980,946		1,965,373
Springer Science+Business Media Deutschland GmbH, 2M LIBOR + 3.500%+††		6.02			8/15/2022		1,251,741		1,254,754		1,222,012
Total Printing and Publishing							4,583,101		4,795,589		4,731,708
Retail Stores — 4.2%*:
24 Hour Fitness Worldwide, Inc., 1M LIBOR + 3.500%		6.02			5/24/2025		2,513,228		2,524,353		2,452,483
Ascena Retail Group, Inc., 1M LIBOR + 4.500%		7.06			8/21/2022		613,388		541,002		568,918
EG Finco Ltd., 3M LIBOR + 4.000%+		6.81			2/7/2025		1,097,339		1,092,403		1,054,817
EG Group Ltd., EURIBOR + 4.000%+		4.00			2/6/2025		1,492,929		1,750,900		1,659,207
EG Group Ltd., 3M LIBOR + 4.000%+		6.81			2/7/2025		223,369		222,874		214,713
Eyemart Express LLC, 1M LIBOR + 3.000%		5.46			8/4/2024		997,475		1,001,686		965,057
Harbor Freight Tools USA, Inc., 1M LIBOR + 2.500%		5.02			8/18/2023		499,578		493,650		470,073
Kirk Beauty One GmbH, EURIBOR + 3.500%+		3.50			8/12/2022		2,250,000		2,530,944		1,903,368
Staples, Inc., 3M LIBOR + 4.000%		6.54			9/12/2024		2,229,987		2,215,252		2,133,362
Thom Europe S.A.S, EURIBOR + 4.500%+		4.50			8/7/2024		500,000		576,090		547,382
Total Retail Stores							12,417,293		12,949,154		11,969,380
Telecommunications — 4.0%*:
BMC Software Finance, Inc., LIBOR + 4.250%		7.05			10/2/2025		1,000,000		990,344		962,190
CDS Holdco III B.V., EURIBOR + 2.750%+		3.75			12/31/2024		500,000		577,168		569,581
Digicel International Finance Ltd., 3M LIBOR + 3.250%+		5.96			5/28/2024		422,740		425,793		382,580

See accompanying Notes to the Financial Statements.

91

Barings Global Floating Rate Fund 2018 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Telecommunications (Continued)
Eircom Finco Sarl, EURIBOR + 3.250%+		3.25	%		4/19/2024		1,000,000		$1,155,416		$1,130,889
GTT Communications, Inc., 1M LIBOR + 2.750%		5.27			5/31/2025		2,000,854		1,991,632		1,879,143
Sprint Communications, Inc., 1M LIBOR + 2.500%		5.06			2/2/2024		2,969,849		2,979,196		2,818,891
Syniverse Holdings, Inc., 1M LIBOR + 5.000%		7.46			3/9/2023		1,569,339		1,574,413		1,399,332
Syniverse Holdings, Inc., 1M LIBOR + 9.000%		11.46			3/11/2024		425,482		419,949		355,277
Virgin Media Investment Holdings Ltd., LIBOR — GBP + 3.250%+		3.98			11/15/2027		1,250,000		1,725,633		1,541,469
Ziggo Secured Finance Partnership, 1M LIBOR + 2.500%+		4.96			4/15/2025		500,000		501,050		470,000
Total Telecommunications							11,638,264		12,340,594		11,509,352
Utilities — 0.4%*:
Helix Gen Funding LLC, 3M LIBOR + 3.750%		6.27			6/2/2024		172,292		172,806		160,824
Vistra Operations Co. LLC, 1M LIBOR + 2.250%		4.77			12/14/2023		1,067,902		1,075,748		1,024,300
Total Utilities							1,240,194		1,248,554		1,185,124
Total Bank Loans							244,527,912		252,924,748		239,214,512
Corporate Bonds — 11.4%*:
Automobile — 0.3%*:
AA Bond Co. Ltd.+		5.50			7/31/2022		700,000		937,908		712,695
RAC Bond Co. PLC+		5.00			11/6/2022		200,000		251,509		227,558
Total Automobile							900,000		1,189,417		940,253
Beverage, Food and Tobacco — 0.1%*:
Burger King, Inc.^+		5.00			10/15/2025		327,000		327,000		300,840
Broadcasting and Entertainment — 0.3%*:
Entertainment One Ltd.+		6.88			12/15/2022		100,000		150,190		131,092
Tele Columbus AG+		3.88			5/2/2025		600,000		634,815		621,111
VTR Finance BV^+		6.88			1/15/2024		200,000		202,451		200,000
Total Broadcasting and Entertainment							900,000		987,456		952,203
Chemicals, Plastics and Rubber — 0.5%*:
Kronos International, Inc.		3.75			9/15/2025		750,000		847,554		769,085
Monitchem HoldCo 3 SA, 3 mo. EURIBOR + 4.750%+		4.44	#		6/15/2021		250,000		288,695		276,842
Monitchem HoldCo 3 SA+		5.25			6/15/2021		200,000		228,466		222,848
Pinnacle Operating Corp.^		9.00			5/15/2023		378,294		452,982		245,891
Total Chemicals, Plastics and Rubber							1,578,294		1,817,697		1,514,666

See accompanying Notes to the Financial Statements.

92

Barings Global Floating Rate Fund 2018 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Containers, Packaging and Glass — 0.8%*:
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.^+		4.63	%		5/15/2023		1,500,000		$1,487,014		$1,432,500
BWAY Holding Co.		4.75			4/15/2024		350,000		404,810		392,563
BWAY Holding Co.^		5.50			4/15/2024		300,000		300,000		282,000
Guala Closures SpA+		3.50			4/15/2024		100,000		117,465		113,147
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu^		5.13			7/15/2023		178,000		178,000		169,545
Total Containers, Packaging and Glass							2,428,000		2,487,289		2,389,755
Diversified/Conglomerate Manufacturing — 0.1%*:
Appvion ESC^¤		9.00			6/1/2020		460,000		462,565		–
Fabric BC SpA, 3M EURIBOR + 4.125%+		4.13	#		11/30/2024		250,000		284,131		279,277
Galapagos S.A., 3 mo. EURIBOR + 4.750%+		4.44	#		6/15/2021		200,000		272,630		157,169
Total Diversified/Conglomerate Manufacturing							910,000		1,019,326		436,446
Diversified/Conglomerate Service — 0.9%*:
Algeco Global Finance PLC, 3 mo. EURIBOR + 6.250%+		6.25	#		2/15/2023		150,000		182,396		169,130
Algeco Global Finance PLC+		6.50			2/15/2023		450,000		549,354		503,497
Carlson Travel, Inc., 3 mo. EURIBOR + 4.750%		4.75	#		6/15/2023		1,200,000		1,369,434		1,361,151
Prime Security Services Borrower LLC/Prime Finance, Inc.^		9.25			5/15/2023		220,000		220,000		226,875
TeamSystem SpA, 3 mo. EURIBOR + 4.000%+		4.00	#		4/15/2023		400,000		492,740		454,381
Total Diversified/Conglomerate Service							2,420,000		2,813,924		2,715,034
Electronics — 0.3%*:
First Data Corp.^		5.00			1/15/2024		179,000		178,225		172,288
Veritas US, Inc./Veritas Bermuda Ltd.^		7.50			2/1/2023		817,000		860,663		665,855
Total Electronics							996,000		1,038,888		838,143
Finance — 2.7%*:
Arrow Global Finance PLC, 3 mo. EURIBOR + 3.750%+		3.75	#		3/1/2026		400,000		496,520		430,674
Arrow Global Finance PLC+		5.13			9/15/2024		1,000,000		1,227,925		1,134,904
Cabot Financial Luxembourg SA+		7.50			10/1/2023		300,000		426,974		347,430
Galaxy Bidco Ltd., 3M GBP LIBOR + 4.500%+		5.39	#		11/15/2020		300,000		398,619		378,556
Galaxy Bidco Ltd.+		6.38			11/15/2020		500,000		638,363		626,211
Garfunkelux Holdco 3 S.A., 3 mo. EURIBOR + 4.500%+		4.50	#		9/1/2023		1,100,000		1,325,396		1,039,818
Garfunkelux Holdco 3 S.A.+		8.50			11/1/2022		1,050,000		1,394,778		1,123,314
Jerrold Finco PLC+		6.13			1/15/2024		100,000		124,555		122,370
Jerrold Finco PLC+		6.25			9/15/2021		500,000		693,867		625,765
Nexi Capital SpA, 3 mo. EURIBOR + 3.625%+		3.63	#		5/1/2023		1,600,000		1,883,291		1,810,284
Total Finance							6,850,000		8,610,288		7,639,326

See accompanying Notes to the Financial Statements.

93

Barings Global Floating Rate Fund 2018 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Healthcare, Education and Childcare — 0.6%*:
Bausch Health Companies, Inc.^		5.50	%		11/1/2025		165,000		$165,000		$153,863
IDH Finance PLC+		6.25			8/15/2022		100,000		131,025		104,581
Synlab Bondco PLC+		6.25			7/1/2022		1,000,000		1,238,355		1,162,695
Tenet Healthcare Corp.		4.63			7/15/2024		255,000		254,097		237,150
Total Healthcare, Education and Childcare							1,520,000		1,788,477		1,658,289
Home and Office Furnishings, Housewares, and Durable Consumer Products — 0.2%*:
LSF9 Balta Issuer Sarl+		7.75			9/15/2022		445,500		552,558		471,794
Hotels, Motels, Inns and Gaming — 0.2%*:
TVL Finance PLC, 3M GBP LIBOR + 4.875%+		5.76	#		5/15/2023		100,000		130,998		125,599
TVL Finance PLC+		8.50			5/15/2023		280,000		388,865		365,689
Total Hotels, Motels, Inns and Gaming							380,000		519,863		491,288
Leisure, Amusement, Entertainment — 0.4%*:
CPUK Finance Ltd.+		4.88			8/28/2025		600,000		791,746		714,842
Perform Group Financing PLC+		8.50			11/15/2020		250,000		347,826		318,777
Vue International Bidco PLC, 3 mo. EURIBOR + 5.250%+		4.93	#		7/15/2020		100,000		134,292		113,057
WMG Acquisition Corp.^		5.00			8/1/2023		63,000		63,000		61,268
Total Leisure, Amusement, Entertainment							1,013,000		1,336,864		1,207,944
Machinery Non-Agriculture, Non-Construction, Non-Electronic — 0.3%*:
Novafives SAS+		5.00			6/15/2025		1,000,000		1,087,022		917,745
Oil and Gas — 1.0%*:
Citgo Holding, Inc.^		10.75			2/15/2020		1,500,000		1,493,208		1,530,000
EP Energy LLC/Everest Acquisition Finance, Inc.^		8.00			2/15/2025		713,000		625,572		294,112
KCA Deutag UK Finance PLC^+		9.88			4/1/2022		1,000,000		1,017,094		820,000
Kosmos Energy Ltd.^+		7.88			8/1/2021		150,000		146,751		149,250
Total Oil and Gas							3,363,000		3,282,625		2,793,362
Personal and Non-Durable Consumer Products Mfg. Only — 0.2%*:
WEPA Hygieneprodukte GmbH+		3.75			5/15/2024		500,000		574,424		542,662
Personal Transportation — 0.9%*:
Hertz Corp. (The)^		7.63			6/1/2022		2,051,000		2,033,821		1,933,067
Naviera Armas S.A., 3M EURIBOR + 6.500%+		6.50	#		7/31/2023		250,000		297,216		277,171
Naviera Armas SA, 3 mo. EURIBOR + 4.250%+		4.25	#		11/15/2024		250,000		296,754		267,533
Total Personal Transportation							2,551,000		2,627,791		2,477,771
Retail Stores — 0.6%*:
CBR Fashion Finance BV+		5.13			10/1/2022		100,000		94,459		93,595
House of Fraser Funding PLC, 3M GBP LIBOR + 5.750%+††		6.55	#		9/15/2020		300,000		438,054		21,987

See accompanying Notes to the Financial Statements.

94

Barings Global Floating Rate Fund 2018 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Retail Stores (Continued)
Jewel UK Bondco PLC+		8.50	%		4/15/2023		100,000		$142,450		$118,091
Marcolin SpA, 3 mo. EURIBOR + 4.125%+		4.13	#		2/15/2023		300,000		338,882		340,604
Maxeda DIY Holding B.V.+		6.13			7/15/2022		100,000		114,070		105,139
Takko Luxembourg 2 SCA, 3M USD LIBOR + 5.375%+		5.38			11/15/2023		1,200,000		1,298,245		976,124
Travelex Financing PLC+		8.00			5/15/2022		100,000		108,750		97,384
Total Retail Stores							2,200,000		2,534,910		1,752,924
Telecommunications — 0.6%*:
Altice Financing SA^+		6.63			2/15/2023		500,000		498,802		480,000
Wind Tre SpA, 3M EURIBOR + 2.750%+		2.75	#		1/20/2024		700,000		764,344		715,807
Ziggo B.V.+		4.25			1/15/2027		350,000		390,408		393,895
Total Telecommunications							1,550,000		1,653,554		1,589,702
Utilities — 0.4%*:
Viridian Group Finance Co. PLC+		4.75			9/15/2024		865,000		1,073,593		1,011,570
Total Corporate Bonds							32,696,794		37,322,966		32,641,717
Total Fixed Income							277,224,706		290,247,714		271,856,229
Total Investments							279,305,141		291,533,544		273,291,956
Other assets and liabilities — 4.7%*											13,376,265
Net Assets — 100.0%											$286,668,221

‡‡ 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	60.3%
United Kingdom	12.2%
Germany	9.7%
France	4.2%
Netherlands	4.1%
Spain	1.7%
Italy	1.7%
Ireland	1.3%
Sweden	1.3%
Other (Individually less than 1%)	3.5%
Total	100.0%

See accompanying Notes to the Financial Statements.

95

Barings Global Floating Rate Fund 2018 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

^ 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 December 31, 2018. 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 (See Note 2).

†† Illiquid security.

# Variable rate security. The interest rate shown is the rate in effect at December 31, 2018.

A summary of outstanding derivatives at December 31, 2018 is as follows:

Forward Foreign Currency Exchange Contracts to Sell

EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION (DEPRECIATION)
1/14/19	Morgan Stanley & Co.		EUR	65,681,553	$	75,323,145	$	75,052,126	$	(271,019	)
1/14/19	Morgan Stanley & Co.		GBP	13,499,750		17,216,127		17,244,300		28,173
Net unrealized depreciation on forward foreign currency exchange contracts to sell									$	(242,846	)

Currency Legend

EUR	–	Euro
GBP	–	British Pound Sterling

See accompanying Notes to the Financial Statements.

96

Barings Global Credit Income Opportunities Fund 2018 Semi-Annual Report

SCHEDULE OF INVESTMENTS

December 31, 2018 (Unaudited)

						SHARES		COST		FAIR VALUE
Equities — 1.2%*:
Common Stocks — 1.2%*:
Healthcare, Education and Childcare — 0.2%*:
MModal, Inc.							4,725		$131,922		$363,825
Tunstall Group Holdings Ltd.+¤							396		–		–
Tunstall Group Holdings Ltd.+¤							261		–		–
Total Healthcare, Education and Childcare							5,382		131,922		363,825
Mining, Steel, Iron and Non-Precious Metals — 0.1%*:
Boomerang Tube LLC¤							1,769,566		171,860		172,055
Oil and Gas — 0.6%*:
Fieldwood Energy LLC							3,698		129,430		133,128
Fieldwood Energy LLC							15,071		325,034		542,556
Jupiter Resources, Inc.+							120,272		581,286		408,925
Southcross Energy Holdings LP							11		–		–
Southcross Energy Partners LP							11		2,750		5,225
Total Oil and Gas							139,063		1,038,500		1,089,834
Retail Stores — 0.3%*:
Maxeda DIY B.V.+¤							18,859,871		373,737		432,174
Maxeda DIY B.V.+¤							10,446		–		108,051
Total Retail Stores							18,870,317		373,737		540,225
Total Common Stocks							20,784,328		1,716,019		2,165,939
Preferred Stock — 0.0%*:
Farming and Agriculture — 0.0%*:
Pinnacle Agriculture Holdings A 2¤††							311,577		202,152		31,158
Warrants — 0.0%*:
Diversified/Conglomerate Manufacturing — 0.0%*:
Appvion Holdings Corp. (exp. June 13, 2023)¤††							488		–		5,196
Appvion Holdings Corp. (exp. June 13, 2023)¤							488		–		–
Total Diversified/Conglomerate Manufacturing							976		–		5,196
Total Warrants							976		–		5,196
Total Equities							21,096,881		1,918,171		2,202,293
	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Fixed Income — 93.3%*:
Asset-Backed Securities — 14.3%*:
CDO/CLO — 14.3%*:
AIMCO CLO Series 2015-AA ER, 3M USD LIBOR + 5.200%^		7.64	#%		1/15/2028		500,000		500,000		455,615
Alinea CLO 2018-1 Ltd., 3M LIBOR + 6.000%^		8.46	#		7/20/2031		1,250,000		1,250,000		1,128,951

See accompanying Notes to the Financial Statements.

97

Barings Global Credit Income Opportunities Fund 2018 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (Continued)
CDO/CLO (Continued)
ALME Loan Funding III Designated Activity Co. 3A ERV, 3M EURIBOR + 5.400%+^		5.40	#%		4/15/2030		500,000		$522,804		$547,427
ALME Loan Funding IV BV 4A ER, 3M EURIBOR + 4.670%+^		4.67	#		1/15/2032		1,000,000		1,143,606		1,045,326
Anchorage Capital CLO Ltd. 2015-6A ER, 3M USD LIBOR + 6.350%^		8.79	#		7/15/2030		500,000		513,214		466,400
Apidos CLO XXIV, 3M USD LIBOR + 5.800%^¤		8.27	#		10/20/2030		1,000,000		1,000,000		906,090
Ares XLVIII CLO, 3M LIBOR + 5.200%^		7.54	#		7/20/2030		800,000		800,000		696,133
Atlas Senior Loan Fund X Ltd., 3M USD LIBOR + 5.700%^		8.14	#		1/15/2031		500,000		500,000		432,856
Atlas Senior Loan Fund XI Ltd., 3M LIBOR + 5.7500%^		8.09	#		7/26/2031		1,900,000		1,900,000		1,697,025
Avoca CLO XIV Designated Activity Co. 14X FR, 3M EURIBOR + 6.350%+		6.35	#		1/12/2031		500,000		559,570		510,680
Blackrock European CLO VII DAC 7X E, 3M USD LIBOR + 5.170%+		5.17	#		10/15/2031		725,000		801,418		740,730
BlueMountain CLO Ltd. 2014-1A^¤		Zero Coupon			4/30/2026		250,000		242,311		–
Cairn CLO B.V. 2013-3A E, 6M EURIBOR + 4.900%+^		4.90	#		10/20/2028		1,000,000		1,039,739		1,077,562
Carbone CLO Ltd. 2017-1A D, 3M USD LIBOR + 5.900%^		8.37	#		1/20/2031		500,000		500,000		452,725
CBAM Ltd. 2017-3A E, 3M USD LIBOR + 6.500%^		8.95	#		10/17/2029		750,000		750,000		704,088
CIFC Funding 2018-III Ltd., 3M LIBOR + 5.500%^		7.95	#		7/18/2031		1,500,000		1,500,000		1,316,176
CIFC Funding Ltd. 2017-1A E, 3M USD LIBOR + 6.350%^		8.82	#		4/23/2029		750,000		746,890		711,855
CIFC Funding Ltd. 2017-5A D, 3M USD LIBOR + 6.100%^		8.55	#		11/16/2030		500,000		500,000		457,892
Cordatus 3X CLO plc+		4.86			8/15/2032		1,000,000		1,156,684		1,044,677
Galaxy XXIV CLO Ltd. 2017-24A E, 3M USD LIBOR + 5.500%^		7.94	#		1/15/2031		700,000		700,000		616,684
KKR Financial CLO Ltd. 2018 E, 3M USD LIBOR + 6.450%^		8.89	#		7/18/2030		800,000		784,846		728,726
LCM XV LP 2015-A ER, 3M USD LIBOR + 6.500%^		8.97	#		7/20/2030		500,000		500,000		477,705
Madison Park Funding XIII Ltd. 2014-13A^		Zero Coupon			4/19/2030		500,000		419,415		350,216
Madison Park Funding XXVII Ltd., 3M USD LIBOR + 5.200%”^		7.47	#		4/20/2030		500,000		500,000		429,884
Madison Park Funding XXVIII Ltd., 3M LIBOR + 7.600%^		10.22	#		7/15/2030		500,000		495,491		441,767
Magnetite VII Ltd.^		Zero Coupon			1/15/2028		2,000,000		1,470,712		1,325,766
Neuberger Berman Loan Advisers CLO 28 Ltd., 3M USD LIBOR + 5.600%^		8.07	#		4/20/2030		500,000		500,000		442,494
Oak Hill Credit Partners X Ltd. 2014-10A^		Zero Coupon			7/20/2026		1,000,000		707,674		448,566

See accompanying Notes to the Financial Statements.

98

Barings Global Credit Income Opportunities Fund 2018 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (Continued)
CDO/CLO (Continued)
Steele Creek CLO Ltd. 2017-1A E, 3M USD LIBOR + 6.200%^		8.64	#%		1/15/2031		500,000		$500,000		$446,900
Steele Creek CLO Ltd. 2018-2A E, 3M USD LIBOR + 2.600%^		8.84	#		8/18/2031		850,000		850,000		750,828
TCI-Symphony CLO Ltd. 2017-1A E, 3M USD LIBOR + 6.450%^		8.89	#		7/15/2030		1,000,000		990,600		938,473
THL Credit Wind River CLO Ltd. 2017-4A E, 3M USD LIBOR + 5.800%^		8.44	#		11/20/2030		500,000		500,000		450,356
THL Credit Wind River CLO Ltd. 2018-2A E, 3M USD LIBOR + 5.750%^		8.19	#		7/15/2030		1,450,000		1,450,000		1,293,151
Wellfleet CLO 2018-1 Ltd., 3M USD LIBOR + 5.600%^		8.06	#		7/17/2031		1,150,000		1,150,000		996,980
Wellfleet CLO Ltd. 2017-3A D, 3M USD LIBOR + 5.550%^		8.00	#		1/17/2031		1,000,000		1,000,000		873,381
Total CDO/CLO							28,875,000		28,444,974		25,404,085
Total Asset-Backed Securities							28,875,000		28,444,974		25,404,085
Bank Loans — 35.1%*§:
Beverage, Food and Tobacco — 1.6%*:
Deoleo S.A., EURIBOR + 3.500%+††		4.50			6/11/2021		500,000		559,439		238,459
IRB Holding Corp., 1M LIBOR + 3.250%		5.68			2/5/2025		1,829,005		1,846,388		1,740,297
JBS USA LLC, 3M LIBOR + 2.500%		5.26			10/30/2022		402,787		401,563		386,676
Refresco Group B.V., EURIBOR + 3.250%+		3.25			3/28/2025		500,000		585,095		559,361
Total Beverage, Food and Tobacco							3,231,792		3,392,485		2,924,793
Broadcasting and Entertainment — 2.4%*:
All3Media International, 6M LIBOR + 4.250%+		5.25			6/30/2021		500,000		835,749		635,707
AP NMT Acquisition B.V., EURIBOR + 6.000%+		7.00			8/13/2021		389,064		479,641		439,560
AP NMT Acquisition B.V., 3M LIBOR + 9.000%+		11.40			8/13/2022		300,000		289,080		277,179
AP NMT Acquisition B.V., 3M LIBOR + 5.750%+		8.15			8/13/2021		1,181,285		1,157,803		1,129,899
Univision Communications, Inc., 1M LIBOR + 2.750%		5.27			3/15/2024		1,983,691		1,963,652		1,791,114
Total Broadcasting and Entertainment							4,354,040		4,725,925		4,273,459
Buildings and Real Estate — 0.5%*:
LSF10 Impala Investments S.a r.l., EURIBOR + 4.750%+		4.75			8/2/2025		500,000		573,833		571,981
SRS Distribution, Inc., 3M LIBOR + 3.250%		5.77			5/23/2025		364,395		363,559		339,117
Total Buildings and Real Estate							864,395		937,392		911,098
Cargo Transport — 0.1%*:
CEVA Group plc, 3M LIBOR + 3.750%+		6.55			7/24/2025		150,945		150,231		145,914

See accompanying Notes to the Financial Statements.

99

Barings Global Credit Income Opportunities Fund 2018 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Chemicals, Plastics and Rubber — 2.2%*:
Colouroz Investment 1 GmbH, EURIBOR + 3.0000%+		3.75	%		9/7/2021		1,344,957		$1,578,552		$1,460,083
Diamond B.V., EURIBOR + 3.2500%		3.25			9/6/2024		495,000		584,966		544,993
Flint Group GmbH, LIBOR + 3.000%+		3.75			9/7/2021		284,770		337,012		309,145
Novacap S.A., EURIBOR + 3.500%+		3.50			6/22/2023		500,000		576,034		554,973
Platform Specialty Products Corp., 1M LIBOR + 2.250%		5.05			11/15/2025		201,168		200,916		194,882
Solenis International LP, 3M LIBOR + 4.000%		6.71			12/26/2023		247,362		245,098		238,705
Solenis International LP, 3M LIBOR + 8.500%		11.21			6/26/2024		158,282		153,937		148,785
Starfruit Finco B.V, 1M LIBOR + 3.250%+		5.60			10/1/2025		514,731		512,235		491,568
Total Chemicals, Plastics and Rubber							3,746,270		4,188,750		3,943,134
Containers, Packaging and Glass — 1.1%*:
Albea Beauty Holdings S.A., EURIBOR + 3.000%+		5.89			4/22/2024		205,385		205,158		192,805
BWAY Holding Co., 1M LIBOR + 3.250%		5.66			4/3/2024		1,329,319		1,328,826		1,247,340
ProAmpac PG Borrower LLC, 3M LIBOR + 8.500%		11.14			11/18/2024		500,000		494,477		498,750
Total Containers, Packaging and Glass							2,034,704		2,028,461		1,938,895
Diversified/Conglomerate Manufacturing — 0.8%*:
LTI Holdings, Inc., 1M LIBOR + 3.500%		6.02			9/6/2025		409,879		407,920		384,946
Triple Point Technology, Inc., 3M LIBOR + 4.250%		6.77			7/10/2020		571,728		558,852		468,817
Xella International GmbH, EURIBOR + 4.000%+		4.00			4/11/2024		500,000		588,325		560,129
Total Diversified/Conglomerate Manufacturing							1,481,607		1,555,097		1,413,892
Diversified/Conglomerate Service — 2.8%*:
Almonde, Inc., 3M LIBOR + 3.500%+		6.30			6/13/2024		1,338,968		1,342,298		1,244,290
EAB (Avatar Purchaser), 1M LIBOR + 3.750%		6.41			11/15/2024		243,918		242,892		231,113
MH Sub I LLC, 3M LIBOR + 3.750%		6.25			9/13/2024		694,724		696,273		657,382
Verisure Holding AB, EURIBOR + 3.000%+		3.00			10/20/2022		1,000,000		1,164,583		1,114,631
Vertafore, Inc., 1M LIBOR + 3.250%		6.05			7/2/2025		1,000,000		995,327		947,810
Vertafore, Inc., 1M LIBOR + 7.250%		10.05			7/2/2026		879,452		871,160		838,777
Total Diversified/Conglomerate Service							5,157,062		5,312,533		5,034,003
Ecological — 0.5%*:
Emerald 3 Ltd., 3M LIBOR + 7.000%		9.80			5/31/2022		196,488		195,631		190,922
GFL Environmental Inc., 1M LIBOR + 3.000%+		5.22			5/31/2025		132,799		132,527		123,570
PHS Group Ltd., 1M LIBOR + 5.250%+		7.77			12/20/2021		500,000		650,900		636,981
Total Ecological							829,287		979,058		951,473

See accompanying Notes to the Financial Statements.

100

Barings Global Credit Income Opportunities Fund 2018 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Electronics — 2.9%*:
ION Trading Technologies Sarl, 3M LIBOR + 4.000%		6.52	%		11/21/2024		282,941		$276,229		$266,672
ION Trading Technologies Sarl, EURIBOR + 3.250%		4.25			11/21/2024		1,090,342		1,252,535		1,203,036
Omnitracs, Inc., 3M LIBOR + 2.750%		5.57			3/21/2025		1,492,500		1,495,860		1,403,696
Renaissance Holding Corp., 1M LIBOR + 3.250%		5.77			5/30/2025		995,000		995,000		921,002
RP Crown Parent LLC, 1M LIBOR + 2.750%		5.27			10/12/2023		728,432		725,940		700,242
SS&C Technologies Inc., 1M LIBOR + 2.250%		4.77			4/16/2025		146,067		145,707		137,578
Veritas Bermuda Ltd., 3M LIBOR + 4.500%		7.09			1/27/2023		557,230		555,695		473,249
Total Electronics							5,292,512		5,446,966		5,105,475
Finance — 0.8%*:
Tempo Acquisition LLC, 1M LIBOR + 3.000%		5.52			5/1/2024		1,506,940		1,510,849		1,439,128
Healthcare, Education and Childcare — 6.3%*:
Aenova Holding GmbH, EURIBOR + 4.000%+		5.00			9/29/2020		999,999		1,151,295		1,121,196
Auris Luxembourg III Sarl, LIBOR + 3.750%		6.55			7/20/2025		392,021		390,178		380,507
Aveanna Healthcare, LLC, 1M LIBOR + 5.500%		8.02			3/18/2024		113,307		106,946		108,774
Bausch Health Companies, 1M LIBOR + 3.000%		5.38			6/1/2025		481,250		479,041		458,660
Cerba Healthcare S.A.S., EURIBOR + 3.000%+		3.00			4/20/2024		1,000,000		1,177,255		1,113,016
Concordia International Corp., LIBOR + 5.500%+		7.89			9/6/2024		1,840,750		1,818,830		1,751,271
Endo Luxembourg Finance Co. I S.a r.l., 1M LIBOR + 4.250%		6.81			4/29/2024		666,371		669,341		629,721
GHD GesundHeits GmbH Deutschland, EURIBOR + 3.000%+		4.00			8/28/2021		500,000		577,887		564,568
Horizon Pharma, Inc., 1M LIBOR + 3.000%		5.56			3/29/2024		967,220		969,161		920,474
Lifescan Global Corp., 3M LIBOR + 6.000%		8.40			9/27/2024		189,398		183,932		178,508
MModal, Inc., 1M LIBOR + 4.750%		7.53			1/31/2020		556,739		550,419		554,306
Ortho-Clinical Diagnostics SA, 3M LIBOR + 3.250%		5.76			6/30/2025		1,213,342		1,213,900		1,122,717
Parexel International Corp., 1M LIBOR + 2.7500%		5.27			9/27/2024		987,500		992,868		889,984
Rodenstock GmbH, EURIBOR + 5.250%+		5.25			6/30/2021		500,000		582,349		555,689
Rossini Sarl, EURIBOR + 6.25%+		6.25			10/30/2025		250,000		291,859		286,437
Tunstall Group Holdings Ltd., 1M LIBOR + 4.500%+		7.50			10/16/2020		507,612		595,974		546,701
Total Healthcare, Education and Childcare							11,165,509		11,751,235		11,182,529

See accompanying Notes to the Financial Statements.

101

Barings Global Credit Income Opportunities Fund 2018 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Home and Office Furnishings, Housewares, and Durable Consumer Products — 1.0%*:
Keter Group B.V., EURIBOR + 4.250%+		5.25	%		10/31/2023		500,000		$547,872		$454,003
Serta Simmons Bedding LLC, 1M LIBOR + 8.000%		10.43			11/8/2024		474,666		469,421		335,433
Serta Simmons Bedding LLC, 3M LIBOR + 3.500%		5.89			11/8/2023		1,219,461		1,218,692		1,016,213
Total Home and Office Furnishings, Housewares, and Durable Consumer Products							2,194,127		2,235,985		1,805,649
Hotels, Motels, Inns and Gaming — 0.8%*:
Compass IV Ltd., 3M LIBOR + 4.500%+		4.50			4/30/2025		500,000		598,167		567,324
Penn National Gaming, Inc., 1M LIBOR + 2.250%		4.71			8/14/2025		213,185		212,667		205,325
Stars Group Holdings B.V. (The), 3M LIBOR + 3.500%+		6.30			7/10/2025		705,217		701,921		679,949
Total Hotels, Motels, Inns and Gaming							1,418,402		1,512,755		1,452,598
Insurance — 1.8%*:
AssuredPartners, Inc., 1M LIBOR + 3.250%		5.77			10/22/2024		987,193		991,194		929,818
Confie Seguros Holding II Co., 3M LIBOR + 8.500%		11.24			10/31/2025		464,528		455,237		449,816
Hub International Ltd., 2M LIBOR + 3.000%		5.24			4/25/2025		1,305,121		1,302,168		1,229,672
Innovation Group plc (The), EURIBOR + 4.750%+		5.25			3/31/2019		519,388		460,579		238,035
Innovation Group plc (The), LIBOR + 8.000%+¤††		8.80			12/2/2022		33,211		41,993		41,484
York Risk Services Holding Corp., 1M LIBOR + 3.750%		6.27			10/1/2021		435,860		429,619		405,816
Total Insurance							3,745,301		3,680,790		3,294,641
Leisure, Amusement, Entertainment — 1.0%*:
Delta 2 (LUX) Sarl, 1M LIBOR + 2.500%+		5.02			2/1/2024		509,619		511,131		480,739
Dorna Sports, S.L., 1M LIBOR + 3.250%+		5.88			4/12/2024		400,000		400,000		390,500
Metro-Goldwyn-Mayer, Inc., 1M LIBOR + 4.500%		7.03			7/3/2026		893,847		885,399		831,277
Total Leisure, Amusement, Entertainment							1,803,466		1,796,530		1,702,516
Machinery Non-Agriculture, Non-Construction, Non-Electronic — 1.3%*:
Alison Bidco Sarl, 1M LIBOR + 4.500%+		7.03			8/29/2021		740,749		711,626		703,712
Apex Tool Group LLC, 1M LIBOR + 3.750%		6.27			2/1/2022		183,460		182,738		176,488
Titan Acquisition Ltd., 1M LIBOR + 3.000%+		5.52			3/28/2025		1,488,750		1,490,432		1,357,859
Total Machinery Non-Agriculture, Non-Construction, Non-Electronic							2,412,959		2,384,796		2,238,059

See accompanying Notes to the Financial Statements.

102

Barings Global Credit Income Opportunities Fund 2018 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Mining, Steel, Iron and Non-Precious Metals — 0.3%*:
Boomerang Tube, LLC, 3M LIBOR + 3.000%¤††		7.52	%		10/31/2021		124,368		$124,368		$124,368
Covia Holdings Corp., 3M LIBOR + 3.750%		6.55			6/1/2025		567,617		567,617		408,684
Total Mining, Steel, Iron and Non-Precious Metals							691,985		691,985		533,052
Oil and Gas — 2.1%*:
Caelus Energy Alaska O3 LLC, 3M LIBOR + 7.500%		10.30			4/15/2020		637,193		613,711		564,980
Fieldwood Energy LLC, 1M LIBOR + 7.250%		7.77			4/11/2023		885,631		345,074		769,613
Fieldwood Energy LLC, 1M LIBOR + 5.250%		9.77			4/11/2022		649,368		586,813		605,133
Gulf Finance LLC, 3M LIBOR + 5.250%		7.89			8/25/2023		1,291,092		1,219,620		979,617
KCA Deutag Alpha Ltd., 3M LIBOR + 6.750%+		9.55			2/28/2023		497,500		495,303		398,995
Seadrill Partners Finco LLC, 3M LIBOR + 6.000%		8.80			2/21/2021		236,422		194,613		184,558
UTEX Industries, Inc., 1M LIBOR + 7.250%		9.77			5/22/2022		355,556		330,988		304,000
Total Oil and Gas							4,552,762		3,786,122		3,806,896
Personal and Non-Durable Consumer Products Mfg. Only — 0.6%*:
Coty Inc., 1M LIBOR + 2.250%		4.63			4/7/2025		1,196,993		1,149,327		1,102,729
Printing and Publishing — 0.2%*:
Springer Science+Business Media Deutschland GmbH, 2M LIBOR + 3.500%+††		6.02			8/15/2022		298,376		299,095		291,290
Retail Stores — 1.4%*:
EG Finco Ltd., 3M LIBOR + 4.000%+		6.81			2/7/2025		364,909		363,268		350,769
EG Group Ltd., EURIBOR + 4.000%+		4.00			2/6/2025		664,866		801,940		738,558
Kirk Beauty One GmbH, EURIBOR + 3.500%+		3.50			8/12/2022		1,000,000		1,007,681		841,885
Thom Europe S.A.S, EURIBOR + 4.500%+		4.50			8/7/2024		500,000		576,090		547,382
Total Retail Stores							2,529,775		2,748,979		2,478,594
Telecommunications — 1.0%*:
BMC Software Finance, Inc., LIBOR + 4.250%		7.05			10/2/2025		664,412		657,996		646,805
Syniverse Holdings, Inc., 1M LIBOR + 5.000%		7.46			3/9/2023		198,577		196,909		177,065
Syniverse Holdings, Inc., 1M LIBOR + 9.000%		11.46			3/11/2024		153,729		151,730		128,364
Virgin Media Investment Holdings Ltd., LIBOR — GBP + 3.250%+		3.98			11/15/2027		750,000		1,062,500		924,881
Total Telecommunications							1,766,718		2,069,135		1,877,115
Utilities — 1.6%*:
Calpine Corp., LIBOR + 2.500%		5.31			1/15/2024		987,212		987,212		936,154
EFS Cogen Holdings I LLC, 3M LIBOR + 3.250%		5.99			6/28/2023		1,065,153		1,060,918		1,039,855
Vistra Energy Corp., 1M LIBOR + 2.000%		4.47			12/31/2025		873,059		869,731		838,259
Total Utilities							2,925,424		2,917,861		2,814,268
Total Bank Loans							65,351,351		67,252,342		62,661,200

See accompanying Notes to the Financial Statements.

103

Barings Global Credit Income Opportunities Fund 2018 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds — 43.9%**:
Aerospace and Defense — 1.0%*:
Swissport Financing Sarl+		9.75	%		12/15/2022		300,000		$387,184		$360,049
Triumph Group, Inc.		5.25			6/1/2022		875,000		872,637		761,250
Triumph Group, Inc.		7.75			8/15/2025		750,000		799,577		661,875
Total Aerospace and Defense							1,925,000		2,059,398		1,783,174
Automobile — 1.9%*:
AA Bond Co. Ltd.+		5.50			7/31/2022		1,300,000		1,652,789		1,323,577
Garrett LX I Sarl/Garrett Borrowing LLC+		5.13			10/15/2026		900,000		1,000,213		909,805
Gates Global LLC/Gates Global Co.^		6.00			7/15/2022		477,000		405,931		467,460
RAC Bond Co. PLC+		5.00			11/6/2022		600,000		796,400		682,673
Total Automobile							3,277,000		3,855,333		3,383,515
Beverage, Food and Tobacco — 1.9%*:
Boparan Finance PLC+		4.38			7/15/2021		150,000		124,614		123,466
Boparan Finance PLC+		5.50			7/15/2021		1,300,000		1,709,184		1,189,712
JBS USA LUX SA/JBS USA Finance, Inc.^		5.88			7/15/2024		651,000		664,241		641,235
JBS USA LUX SA/JBS USA Finance, Inc.^		6.75			2/15/2028		500,000		500,000		487,500
Sunshine Mid BV+		6.50			5/15/2026		850,000		1,012,593		895,976
Total Beverage, Food and Tobacco							3,451,000		4,010,632		3,337,889
Broadcasting and Entertainment — 1.4%*:
Clear Channel Worldwide Holdings, Inc.		7.63			3/15/2020		996,000		997,953		971,100
Intelsat Jackson Holdings SA^		8.50			10/15/2024		500,000		500,000		485,000
Intelsat Jackson Holdings SA^		9.75			7/15/2025		436,000		459,412		437,221
Tele Columbus AG+		3.88			5/2/2025		450,000		497,535		465,833
VTR Finance BV+^		6.88			1/15/2024		224,000		219,708		224,000
Total Broadcasting and Entertainment							2,606,000		2,674,608		2,583,154
Cargo Transport — 1.5%*:
CMA CGM SA+		7.75			1/15/2021		225,000		272,714		253,831
Deck Chassis Acquisition, Inc.^		10.00			6/15/2023		1,080,000		1,112,629		1,036,800
Kenan Advantage Group, Inc.^		7.88			7/31/2023		1,367,000		1,367,000		1,308,903
Total Cargo Transport							2,672,000		2,752,343		2,599,534
Chemicals, Plastics and Rubber — 1.9%*:
Consolidated Energy Finance SA^		6.88			6/15/2025		874,000		895,354		832,485
Diamond		5.63			8/15/2025		200,000		213,952		194,777
Monitchem HoldCo 2 SA+		6.88			6/15/2022		650,000		724,208		595,388
Monitchem HoldCo 3 SA+		5.25			6/15/2021		500,000		557,058		557,121
Pinnacle Operating Corp.^		9.00			5/15/2023		453,953		535,346		295,070
Platform Specialty Products Corp.^		5.88			12/1/2025		180,000		180,000		168,300
Starfruit Finco BV/Starfruit US Holdco LLC+		6.50			10/1/2026		625,000		719,142		660,775
Total Chemicals, Plastics and Rubber							3,482,953		3,825,060		3,303,916

See accompanying Notes to the Financial Statements.

104

Barings Global Credit Income Opportunities Fund 2018 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Containers, Packaging and Glass — 1.0%*:
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.+^		4.63	%		5/15/2023		803,000		$791,988		$766,865
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.^+		7.25			5/15/2024		300,000		309,447		299,250
BWAY Holding Co.		4.75			4/15/2024		700,000		809,620		785,126
Total Containers, Packaging and Glass							1,803,000		1,911,055		1,851,241
Diversified/Conglomerate Manufacturing — 0.3%*:
Appvion ESC¤		9.00			6/1/2020		500,000		504,256		—
Fabric BC SpA, 3M EURIBOR + 4.125%+		4.13	#		11/30/2024		150,000		170,132		167,566
StoneMor Partners LP/Cornerstone Family Services of West Virginia Subsidiary		7.88			6/1/2021		459,000		466,562		418,837
Total Diversified/Conglomerate Manufacturing							1,109,000		1,140,950		586,403
Diversified/Conglomerate Service — 3.2%*:
Algeco Global Finance PLC+		6.50			2/15/2023		950,000		1,146,761		1,062,938
Carlson Travel, Inc.^		6.75			12/15/2023		1,337,000		1,355,881		1,288,534
Iron Mountain UK PLC		3.88			11/15/2025		450,000		597,668		504,719
La Financiere Atalian SASU+		6.63			5/15/2025		600,000		835,110		626,446
Verisure Midholding AB+		5.75			12/1/2023		2,050,000		2,399,144		2,260,237
Total Diversified/Conglomerate Service							5,387,000		6,334,564		5,742,874
Electronics — 2.0%*:
TIBCO Software, Inc.^		11.38			12/1/2021		1,881,000		2,020,987		1,970,347
Veritas US, Inc./Veritas Bermuda Ltd.^		7.50			2/1/2023		817,000		860,663		665,855
Veritas US, Inc./Veritas Bermuda Ltd.^		10.50			2/1/2024		1,419,000		1,458,954		929,445
Total Electronics							4,117,000		4,340,604		3,565,647
Finance — 4.8%*:
Arrow Global Finance PLC+		5.13			9/15/2024		300,000		408,671		340,471
Cabot Financial Luxembourg SA+		7.50			10/1/2023		650,000		903,927		752,766
Galaxy Bidco Ltd., 3M GBP LIBOR + 4.500%+		5.39	#		11/15/2020		250,000		327,044		315,464
Galaxy Bidco Ltd.+		6.38			11/15/2020		650,000		887,364		814,074
Galaxy Finco Ltd.+		7.88			11/15/2021		1,000,000		1,393,758		1,244,522
Garfunkelux Holdco 2 SA+		11.00			11/1/2023		800,000		1,125,270		764,597
Garfunkelux Holdco 3 S.A., 3 mo. EURIBOR + 4.500%+		4.50	#		9/1/2023		200,000		211,579		189,058
Garfunkelux Holdco 3 S.A.+		8.50			11/1/2022		850,000		1,163,663		909,349
Icahn Enterprises LP/Icahn Enterprises Finance Corp.		6.75			2/1/2024		1,162,000		1,162,000		1,150,380
Jerrold Finco PLC+		6.13			1/15/2024		650,000		822,390		795,408
Nexi Capital SpA+		4.13			11/1/2023		425,000		483,676		480,886
VFH Parent LLC/Orchestra Co-Issuer, Inc.^		6.75			6/15/2022		921,000		958,959		895,184
Total Finance							7,858,000		9,848,301		8,652,159

See accompanying Notes to the Financial Statements.

105

Barings Global Credit Income Opportunities Fund 2018 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Healthcare, Education and Childcare — 4.1%*:
Avantor, Inc.^		9.00	%		10/1/2025		929,000		$948,596		$929,000
Bausch Health Companies, Inc.^		5.50			11/1/2025		184,000		184,000		171,580
Bausch Health Cos., Inc.		4.50			5/15/2023		100,000		95,099		108,058
Bausch Health Cos., Inc.^		6.13			4/15/2025		1,232,000		1,059,238		1,074,920
Bausch Health Cos., Inc.^		9.00			12/15/2025		165,000		162,921		164,175
CTC BondCo GmbH+		5.25			12/15/2025		400,000		480,918		436,274
Endo Dac/Endo Finance LLC/Endo Finco, Inc.^		6.00			7/15/2023		220,000		190,451		167,750
Endo Finance LLC/Endo Finco, Inc.^		7.25			1/15/2022		550,000		526,889		475,750
Envision Healthcare Corp.^		8.75			10/15/2026		742,000		742,000		641,830
IDH Finance PLC+		6.25			8/15/2022		400,000		504,630		418,323
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA^		6.63			5/15/2022		735,000		701,586		661,500
Synlab Unsecured Bondco PLC+		8.25			7/1/2023		750,000		933,402		881,912
Teva Pharmaceutical Finance Netherlands III BV+		6.00			4/15/2024		678,000		673,422		653,059
Unilabs Subholding AB+		5.75			5/15/2025		400,000		479,196		412,725
Valeant Pharmaceuticals International^		8.50			1/31/2027		195,000		195,000		189,150
Total Healthcare, Education and Childcare							7,680,000		7,877,348		7,386,006
Home and Office Furnishings, Housewares, and Durable Consumer Products — 0.5%*:
LSF9 Balta Issuer Sarl+		7.75			9/15/2022		769,500		934,725		814,917
Hotels, Motels, Inns and Gaming — 1.0%*:
Marriott Ownership Resorts, Inc.^		5.63			4/15/2023		459,000		464,378		455,842
Thomas Cook Group PLC+		6.25			6/15/2022		800,000		940,403		701,199
TVL Finance PLC+		8.50			5/15/2023		480,000		674,693		626,895
Total Hotels, Motels, Inns and Gaming							1,739,000		2,079,474		1,783,936
Insurance — 0.3%*:
Acrisure LLC/Acrisure Finance, Inc.^		7.00			11/15/2025		500,000		479,065		426,250
USIS Merger Sub, Inc.^		6.88			5/1/2025		146,000		146,000		134,043
Total Insurance							646,000		625,065		560,293
Leisure, Amusement, Entertainment — 2.4%*:
Allegiant Travel Co.††		5.50			7/15/2019		800,000		806,080		800,000
AMC Entertainment Holdings, Inc.		6.38			11/15/2024		1,300,000		1,690,325		1,536,352
CPUK Finance Ltd.+		4.88			2/28/2025		500,000		651,336		595,702
Perform Group Financing PLC+		8.50			11/15/2020		850,000		1,166,783		1,083,843
Vue International Bidco PLC+		7.88			7/15/2020		200,000		249,043		250,777
Total Leisure, Amusement, Entertainment							3,650,000		4,563,567		4,266,674
Machinery Non-Agriculture, Non-Construction, Non-Electronic — 0.6%*:
Apex Tool Group LLC/BC Mountain Finance, Inc.^		9.00			2/15/2023		578,000		574,966		488,410
Novafives SAS+		5.00			6/15/2025		550,000		586,408		504,760
Total Machinery Non-Agriculture, Non-Construction, Non-Electronic							1,128,000		1,161,374		993,170

See accompanying Notes to the Financial Statements.

106

Barings Global Credit Income Opportunities Fund 2018 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Mining, Steel, Iron and Non-Precious Metals — 2.6%*:
First Quantum Minerals Ltd.+^		6.50	%		3/1/2024		1,000,000		$1,000,000		$830,000
First Quantum Minerals Ltd.+^		7.00			2/15/2021		1,000,000		1,006,676		960,000
First Quantum Minerals Ltd.+^		7.50			4/1/2025		465,000		458,526		383,625
Northwest Acquisitions ULC/Dominion Finco, Inc.+^		7.13			11/1/2022		1,500,000		1,532,450		1,481,700
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp.^		7.50			6/15/2025		608,000		600,350		576,080
Warrior Met Coal, Inc.^		8.00			11/1/2024		340,000		348,793		337,450
Total Mining, Steel, Iron and Non-Precious Metals							4,913,000		4,946,795		4,568,855
Oil and Gas — 4.7%*:
Calumet Specialty Products Partners LP/Calumet Finance Corp.		6.50			4/15/2021		500,000		477,370		417,500
Citgo Holding, Inc.^		10.75			2/15/2020		2,363,000		2,443,794		2,410,260
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp.		8.63			6/15/2020		264,000		259,035		188,760
Hilcorp Energy I LP/Hilcorp Finance Co.^		6.25			11/1/2028		1,000,000		1,000,000		880,000
Jonah Energy LLC/Jonah Energy Finance Corp.^		7.25			10/15/2025		1,121,000		1,105,923		717,440
KCA Deutag UK Finance PLC+^		9.63			4/1/2023		250,000		250,000		201,250
KCA Deutag UK Finance PLC+^		9.88			4/1/2022		600,000		620,247		492,000
Kosmos Energy Ltd.		7.88			8/1/2021		2,177,000		2,170,821		2,173,970
PBF Holding Co. LLC/PBF Finance Corp.		7.25			6/15/2025		1,022,000		1,056,944		960,680
Total Oil and Gas							9,297,000		9,384,134		8,441,860
Personal and Non-Durable Consumer Products Mfg. Only — 0.3%*:
WEPA Hygieneprodukte GmbH+		3.75			5/15/2024		500,000		561,491		542,662
Personal Transportation — 0.2%*:
Naviera Armas S.A., 3M EURIBOR + 6.500%+		6.50	#		7/31/2023		250,000		290,912		277,171
Personal, Food and Miscellaneous — 0.4%*:
Ocado Group PLC+		4.00			6/15/2024		600,000		773,240		738,406
Retail Stores — 1.3%*:
CBR Fashion Finance BV+		5.13			10/1/2022		650,000		707,804		608,367
House of Fraser Funding PLC, 3M GBP LIBOR + 5.750%+††		6.55	#		9/15/2020		150,000		219,027		10,993
Jewel UK Bondco PLC+		8.50			4/15/2023		300,000		427,350		354,275
Maxeda DIY Holding B.V.+		6.13			7/15/2022		400,000		474,665		420,555
Takko Luxembourg 2 SCA, 3M USD LIBOR + 5.375%+		5.38	#		11/15/2023		550,000		612,211		445,495
Travelex Financing PLC+		8.00			5/15/2022		500,000		568,526		486,921
Total Retail Stores							2,550,000		3,009,583		2,326,606

See accompanying Notes to the Financial Statements.

107

Barings Global Credit Income Opportunities Fund 2018 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Telecommunications — 2.9%*:
Altice Finco S.A.+		9.00	%		6/15/2023		500,000		$596,292		$590,096
CSC Holdings LLC^		7.50			4/1/2028		386,000		386,000		385,035
TDC A/S+		5.63			2/23/2023		1,000,000		1,423,841		1,402,213
Telecom Italia SpA/Milano+		3.63			5/25/2026		1,700,000		2,052,230		1,942,901
Virgin Media Receivables Financing Notes II DAC+		5.75			4/15/2023		250,000		343,710		315,702
Wind Tre SpA, 3M EURIBOR + 2.750%+		2.75	#		1/20/2024		100,000		110,036		102,258
Wind Tre SpA+		3.13			1/20/2025		400,000		446,632		407,503
Total Telecommunications							4,336,000		5,358,741		5,145,708
Textiles and Leather — 0.2%*:
Eagle Intermediate Global Holding BV/Ruyi US Finance LLC+		5.38			5/1/2023		350,000		410,662		367,849
Utilities — 1.5%*:
Blitz F18-674 GmbH+		6.00			7/30/2026		1,200,000		1,386,661		1,295,807
Nordex SE+		6.50			2/1/2023		650,000		747,680		672,051
Viridian Group Finance Co. PLC+		4.75			9/15/2024		600,000		798,947		701,667
Total Utilities							2,450,000		2,933,288		2,669,525
Total Corporate Bonds							78,546,453		87,663,247		78,273,144
Total Fixed Income							172,772,804		183,360,563		166,338,429

COUNTERPARTY		STRIKE PRICE		EXPIRATION DATE		CONTRACTS		NOTIONAL		COST		UNREALIZED VALUE		FAIR VALUE
Purchased Option — 0.5%*:
Put Option Purchased — 0.5%*:
Euro Stoxx 50 Index+	Morgan Stanley & Co		$3,000.00		6/21/2019		359		10,721,643		299,374		564,818		864,192
Total Investments									204,591,328		185,578,108				169,404,914
Other assets and liabilities — 5.0%*															8,974,397
Net Assets — 100.0%															$178,379,311

‡‡ 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.

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

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

United States	54.5%
United Kingdom	14.8%
Germany	7.4%
Netherlands	5.6%
France	3.2%
Ireland	2.4%
Italy	2.0%
Sweden	2.0%
Canada	2.0%
Ghana	1.3%
Switzerland	1.0%
Other (Individually less than 1%)	3.8%
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 December 31, 2018. 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 (See Note 2).

†† Illiquid security.

# Variable rate security. The interest rate shown is the rate in effect at December 31, 2018.

A summary of outstanding derivatives at December 31, 2018 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)
1/14/19	Bank of America N.A.		EUR	1,034,245	$	1,186,064	$	1,187,531	$	(1,467	)
1/14/19	Barclays Bank plc		EUR	2,327,223		2,668,843		2,655,415		13,428
1/14/19	Barclays Bank plc		GBP	428,323		546,237		543,606		2,631
Net unrealized appreciation on forward foreign currency exchange contracts to buy									$	14,592

Forward Foreign Currency Exchange Contracts to Sell

EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION (DEPRECIATION)
1/14/19	Barclays Bank plc		EUR	43,413,750	$	49,786,584	$	49,600,439	$	(186,145	)
1/14/19	Bank of America N.A.		GBP	16,951,091		21,617,596		21,653,258		35,662
Net unrealized depreciation on forward foreign currency exchange contracts to sell									$	(150,483	)

Currency Legend

EUR	–	Euro
GBP	–	British Pound Sterling

See accompanying Notes to the Financial Statements.

109

Barings Active Short Duration Bond Fund 2018 Semi-Annual Report

SCHEDULE OF INVESTMENTS

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Fixed Income — 92.1%*:
Asset-Backed Securities — 39.7%*:
CDO/CLO — 3.7%*:
AIMCO CLO 2014-AA AR, 3M USD LIBOR + 1.100%^		3.57	#%		7/20/2026		1,106,615		$1,106,616		$1,101,963
ALM VII Ltd. 2012-7A A1R, 3M USD LIBOR + 1.480%^		3.92	#		10/15/2028		390,000		390,000		390,195
Avery Point III CLO Ltd. 2013-3A AR, 3M USD LIBOR + 1.120%^		3.56	#		1/18/2025		347,395		347,395		346,567
Bain Capital Credit CLO 2017-1, 3M USD LIBOR + 1.250%^		3.72	#		7/20/2030		900,000		896,638		893,889
Denali Capital CLO Ltd. 2013 1A A1LR, 3M USD LIBOR + 1.050%^		3.56	#		10/26/2027		2,420,000		2,420,000		2,406,736
Galaxy XX CLO Ltd., 3M USD LIBOR + 1.000%^		3.47	#		4/20/2031		1,200,000		1,200,000		1,184,917
Hertz Vehicle Financing LLC 2018-3^		4.37			7/25/2024		620,000		621,434		628,408
LCM XXIII Ltd. 23A A1, 3M USD LIBOR + 1.400%^		3.87	#		10/20/2029		610,000		610,000		608,725
Madison Park Funding XXII Ltd. 2016-22A A, 3M USD LIBOR + 1.480%^		3.97	#		10/25/2029		350,000		350,000		350,178
Magnetite XI Ltd. 2014-11A A1R, 3M USD LIBOR + 1.120%^		3.56	#		1/18/2027		890,000		890,000		886,396
Neuberger Berman CLO XX Ltd. 2015-20A BR, 3M USD LIBOR + 1.250%^		3.69	#		1/15/2028		2,000,000		2,000,000		1,936,810
OCP CLO Ltd. 2015-8A A2AR, 3M USD LIBOR + 1.450%^		3.90	#		4/17/2027		900,000		900,000		881,227
OHA Loan Funding Ltd. 2015-1A AR, 3M USD LIBOR + 1.410%^		4.03	#		8/15/2029		840,000		840,000		839,977
Race Point VIII CLO Ltd. 2013-8A AR, 3M USD LIBOR + 1.340%^		3.98	#		2/20/2030		1,320,000		1,320,000		1,313,830
ROHA Loan Funding Ltd. 2012-1 B, 3M USD LIBOR + 1.850%^		4.33	#		1/23/2027		1,000,000		1,000,000		998,060
RR 3 Ltd. Series 2018-3 A A1R2, 3M USD LIBOR + 1.090%^		3.53	#		1/15/2030		570,000		570,000		559,831
Seneca Park CLO Ltd. 2014-1A AR, 3M USD LIBOR + 1.120%^		3.57	#		7/17/2026		316,366		316,366		315,416
TCI-Symphony CLO Ltd. 2016-1A A, 3M USD LIBOR + 1.480%^		3.92	#		10/13/2029		320,000		320,000		319,996
Treman Park CLO Ltd. 2015-1A ARR, 3M USD LIBOR + 1.070%^		3.53	#		10/20/2028		1,170,000		1,170,000		1,157,893
VMC Finance 2018-FL1 LLC, 1M USD LIBOR + 0.820%^		3.28	#		3/15/2035		854,332		854,332		847,088
Total CDO/CLO							18,124,708		18,122,781		17,968,102

See accompanying Notes to the Financial Statements.

110

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (Continued)
Other Asset-Backed Securities — 36.0%*:
321 Henderson Receivables II LLC 2006-3A A1, 1M USD LIBOR + 0.200%^		2.66	#%		9/15/2041		124,512		$121,020		$119,001
AASET US Ltd. 2018-2 A^		4.45			11/16/2038		665,377		665,356		672,144
Access Group, Inc. 2015-1 A, 1M USD LIBOR + 0.700%^		3.21	#		7/25/2056		114,142		111,690		114,108
Access Group, Inc. 2015-1 B, 1M USD LIBOR + 1.500%^		4.01	#		7/25/2058		100,000		86,620		93,862
AccessLex Institute 2002-A A2, 28 Day ARS		1.96	#		9/25/2037		450,000		416,535		446,151
AccessLex Institute 2004-A A3, 28 day ARS		1.70	#		7/1/2039		1,400,000		1,375,052		1,379,524
AccessLex Institute 2005-1 A3, 3M USD LIBOR + 0.150%		2.97	#		6/22/2022		1,212		1,201		1,212
Accredited Mortgage Loan Trust 2004-04 A2D, 1M USD LIBOR + 0.700%		3.21	#		1/25/2035		487,329		478,220		483,450
Adams Outdoor Advertising LP^		4.81			11/15/2048		759,093		759,071		780,704
American Credit Acceptance Receivables Trust 2017-4 C^		2.94			1/10/2024		1,790,000		1,789,946		1,781,911
Arbys Funding LLC 2015-1A A2^		4.97			10/30/2045		77,600		77,600		80,326
Argent Securities, Inc. Asset-Backed Pass-Through Certificates 2004-W10 M1, 1M USD LIBOR + 0.900%		3.22	#		10/25/2034		246,348		225,068		238,872
ARI Fleet Lease Trust 2016-A A3^		2.11			7/15/2024		186,980		186,955		186,306
Ascentium Equipment Receivables Trust 2018-2 B^		3.76			5/10/2024		1,418,000		1,417,975		1,443,939
Ascentium Equipment Receivables Trust 2018-2 B^		5.18			7/10/2026		1,273,000		1,272,548		1,297,997
Asset Backed Securities Corp. Home Equity Loan Trust 2005-HE1 M1, 1M USD LIBOR + 0.750%		3.26	#		3/25/2035		243,992		242,615		240,037
Avant Loans Funding Trust 2018-A^		3.09			6/15/2021		357,264		357,257		356,688
BlueVirgo Trust 2015-1A^		3.00			12/15/2022		51,983		51,846		51,983
BRE Grand Islander Timeshare Issuer LLC 2017-1A A^		2.94			5/25/2029		211,699		211,652		208,963
BRE Grand Islander Timeshare Issuer LLC 2017-1A B^		3.24			5/25/2029		174,341		174,319		170,365
CAL Funding III Ltd.^		4.34			9/25/2043		565,500		565,437		579,170
Canadian Pacer Auto Receivables Trust 2018-2^+		3.63			1/19/2024		470,000		469,978		476,763
Capital Automotive LLC 2017-1A A1^		3.87			4/15/2047		304,833		304,748		306,166
Castlelake Aircraft Securitization Trust 2018-1^		4.13			6/15/2043		578,580		578,149		587,703
Cazenovia Creek Funding I LLC 2015-1A A^		2.00			12/10/2023		15,833		15,719		15,744
Centex Home Equity Loan Trust 2006-A AV4, 1M USD LIBOR + 0.250%		2.76	#		6/25/2036		100,390		98,154		99,618
Chase Education Loan Trust, 3M USD LIBOR + 0.220%		3.03	#		6/28/2040		745,264		704,284		705,740
CLI Funding V LLC 2013-1A^		2.83			3/18/2028		38,733		38,576		38,073

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (Continued)
Other Asset-Backed Securities (Continued)
CLI Funding V LLC 2013-2A^		3.22	%		6/18/2028		896,034		$886,947		$887,685
CLI Funding V LLC 2014-1A A^		3.29			6/18/2029		710,157		706,786		699,370
CLI Funding VI LLC 2017-1A A^		3.62			5/18/2042		1,656,136		1,659,484		1,649,981
College Ave Student Loans LLC 2018-A, 1M USD LIBOR + 1.200%^		3.71	#		12/26/2047		1,070,370		1,070,370		1,061,943
College Loan Corp. Trust I 2005-2 B, 3M USD LIBOR + 0.490%		2.93	#		1/15/2037		167,226		148,306		157,638
Commonbond Student Loan Trust 2016-B A1^		2.73			10/25/2040		1,316,578		1,321,776		1,297,341
Commonbond Student Loan Trust 2017-A-GS^		5.28			5/25/2041		229,684		229,656		236,455
Commonbond Student Loan Trust 2018-A-GS^		3.82			2/25/2044		440,000		439,902		438,756
Commonbond Student Loan Trust 2018-BGS^		4.12			9/25/2045		430,000		429,943		431,243
Commonbond Student Loan Trust 2018-C-GS^		4.35			2/25/2046		439,000		438,958		438,958
CPS Auto Receivables Trust 2016-C B^		2.48			9/15/2020		70,925		70,922		70,864
CPS Auto Receivables Trust 2018-A^		2.16			5/17/2021		171,933		171,931		171,408
CPS Auto Trust^		3.43			7/15/2022		440,000		439,957		440,080
CPS Auto Trust 2017-A B^		2.68			5/17/2021		1,200,000		1,200,000		1,196,116
Credit Suisse ABS Repackaging Trust 2013-A B^		2.50			1/25/2030		41,205		39,467		38,580
DB Master Finance LLC 2015-1A A2II^		3.98			2/20/2045		1,155,000		1,163,306		1,176,172
Diamond Resorts Owner Trust 2015-2 A^		2.99			5/22/2028		398,891		392,313		397,611
Diamond Resorts Owner Trust 2015-2 B^		3.54			5/22/2028		19,911		19,911		19,837
Diamond Resorts Owner Trust 2016-1 A^		3.08			11/20/2028		381,901		381,901		377,150
Diamond Resorts Owner Trust 2018-1^		3.70			1/21/2031		608,426		608,419		613,401
Domino’s Pizza Master Issuer LLC^		4.12			7/25/2048		656,700		656,700		648,525
DRB Prime Student Loan Trust 2015-A A2^		3.06			7/25/2031		45,830		45,315		45,672
DRB Prime Student Loan Trust 2015-B A3^		2.54			4/27/2026		11,465		11,464		11,335
DRB Prime Student Loan Trust 2015-D A1, 1M USD LIBOR + 1.700%^		4.21	#		1/25/2040		116,999		115,539		118,590
DRB Prime Student Loan Trust 2015-D A2^		3.20			1/25/2040		562,092		561,535		566,214
DRB Prime Student Loan Trust 2016-A A1, 1M USD LIBOR + 2.000%^		4.51	#		4/25/2040		509,544		521,187		520,329
DRB Prime Student Loan Trust 2016-R A1, 1M USD LIBOR + 1.900%^¤		4.41	#		10/25/2044		691,958		691,958		696,801
Drive Auto Receivables Trust		3.66			11/15/2024		450,000		449,924		451,962
Drive Auto Receivables Trust 2015-AA C^		3.06			5/17/2021		9,057		9,115		9,056
Drive Auto Receivables Trust 2017-1 C		2.84			4/15/2022		350,000		349,965		349,554
Drive Auto Receivables Trust 2017-2 C		2.75			9/15/2023		200,000		199,993		199,658
Drive Auto Receivables Trust 2018-2		3.22			4/15/2022		380,000		379,957		379,608
Drive Auto Receivables Trust 2018-5 A2B, 1M USD LIBOR + 0.320%		2.78	#		7/15/2021		1,100,000		1,098,941		1,098,406
Drug Royalty 2012-1 A1, 3M USD LIBOR + 5.250%^		7.32	#		7/15/2024		10,718		10,906		10,742
DT Auto Owner Trust 2018-1^		2.59			5/17/2021		829,616		829,605		828,097
DT Auto Owner Trust 2018-1^		3.04			1/18/2022		570,000		569,961		568,559
Earnest Student Loan Program LLC 2016-C A2^		2.68			7/25/2035		249,088		247,759		246,542

See accompanying Notes to the Financial Statements.

112

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (Continued)
Other Asset-Backed Securities (Continued)
Earnest Student Loan Program LLC 2016-D A2^		2.72	%		1/25/2041		270,148		$270,069		$267,157
ECMC Group Student Loan Trust 2016-1A A, 1M USD LIBOR + 1.350%^		3.86	#		7/26/2066		421,027		421,027		429,015
ECMC Group Student Loan Trust 2017-1A A, 1M USD LIBOR + 1.200%^		3.71	#		12/27/2066		1,209,559		1,209,559		1,223,272
ECMC Group Student Loan Trust 2018-1, 1M USD LIBOR + 0.750%^		3.26	#		2/27/2068		1,520,654		1,520,654		1,518,583
ECMC Group Student Loan Trust 2018-2, 1M USD LIBOR + 0.800%^		3.31	#		9/25/2068		1,062,686		1,061,323		1,061,790
EdLinc Student Loan Funding Trust 2017-A A, Prime – 1.150%^		3.35	#		12/1/2047		1,595,124		1,584,250		1,613,725
Education Loan Asset-Backed Trust I 2013-1 A1, 1M USD LIBOR + 0.800%^		3.31	#		6/25/2026		307,352		304,193		307,456
Elara HGV Timeshare Issuer LLC 2014-A B^		3.02	#**		2/25/2027		18,802		18,671		18,588
Elara HGV Timeshare Issuer LLC 2016-A A^		2.73			4/25/2028		1,271,063		1,248,159		1,258,376
Elara HGV Timeshare Issuer LLC 2017-A A^		2.69			3/25/2030		377,026		376,995		372,709
ELFI Graduate Loan Program LLC 2018-A, 1M USD LIBOR + 0.750%^		3.26	#		8/25/2042		937,365		937,365		931,462
ELFI Graduate Loan Program LLC 2018-A^		4.00			8/25/2042		460,000		451,102		452,134
Entergy New Orleans Storm Recovery Funding I LLC 2015-1 A		2.67			6/1/2027		119,719		119,697		117,791
Enterprise Fleet Financing LLC 2016-1 A2^		1.83			9/20/2021		6,196		6,196		6,195
Enterprise Fleet Financing LLC 2017-1 A3^		2.60			7/20/2022		240,000		239,960		238,431
Exeter Automobile Receivables Trust 2015-2A C^		3.90			3/15/2021		658,963		664,135		660,477
Exeter Automobile Receivables Trust 2016-3A B^		2.84			8/16/2021		237,457		237,433		237,145
Exeter Automobile Receivables Trust 2017-1A B^		3.00			12/15/2021		430,000		429,940		429,297
Exeter Automobile Receivables Trust 2018-1^		2.75			4/15/2022		480,000		480,000		477,644
Exeter Automobile Receivables Trust 2018-3^		2.90			1/18/2022		929,784		929,731		928,582
First Franklin Mortgage Loan Trust 2004-FFH4 M5, 1M USD LIBOR + 1.575%		4.08	#		1/25/2035		207,374		208,220		207,548
First Investors Auto Owner Trust 2016-2A B^		2.21			7/15/2022		520,000		519,982		514,195
First Investors Auto Owner Trust 2017-3A B^		2.72			4/17/2023		560,000		559,967		554,998
First Investors Auto Owner Trust 2018-1^		3.22			1/17/2023		540,000		539,957		541,428
Flagship Credit Auto Trust 2015-3 A^		2.38			10/15/2020		24,256		24,300		24,237
Flagship Credit Auto Trust 2016-1 A^		2.77			12/15/2020		34,101		34,066		34,080
Flagship Credit Auto Trust 2016-3 B^		2.43			6/15/2021		310,000		309,985		308,821
Flagship Credit Auto Trust 2016-4 B^		2.41			10/15/2021		1,940,000		1,940,919		1,927,940
Flagship Credit Auto Trust 2016-4 C^		2.71			11/15/2022		410,000		409,985		407,019
Flagship Credit Auto Trust 2017-1 B^		2.83			3/15/2023		895,000		894,980		892,385
Flagship Credit Auto Trust 2017-4 C^		2.92			11/15/2023		1,140,000		1,139,130		1,123,932
Flagship Credit Auto Trust 2018-1^		3.13			1/17/2023		2,250,000		2,249,600		2,242,532

See accompanying Notes to the Financial Statements.

113

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (Continued)
Other Asset-Backed Securities (Continued)
Flagship Credit Auto Trust 2018-2^		2.97	%		10/17/2022		694,762		$694,762		$693,432
FRS I LLC 2013-1A A1^		1.80			4/15/2043		5,591		5,537		5,573
Global SC Finance II SRL 2014-1A A1+^		3.19			7/17/2029		173,083		173,051		170,982
GLS Auto Receivables Trust 2018-3 A^		3.35			8/15/2022		598,818		598,805		598,943
Goal Capital Funding Trust 2010-1 A, 3M USD LIBOR + 0.700%^		3.39	#		8/25/2048		157,734		151,565		157,790
Goal Structured Solution Trust 2015-1 B, 1M USD LIBOR + 1.500%^		4.01	#		9/25/2043		100,000		76,715		98,703
Goodgreen 2018-1^		3.93	#		10/15/2053		1,021,994		1,021,889		1,039,714
Goodgreen Trust 2016-1 A^		3.23			10/15/2052		459,053		458,832		451,618
Hero Funding 2017-3A A1^		3.19			9/20/2048		730,254		730,012		722,619
HERO FUNDING 2018-1^		4.67			9/20/2048		1,158,336		1,182,037		1,205,931
HERO Funding Trust 2015-1A A^		3.84			9/21/2040		670,831		682,703		680,804
HERO Funding Trust 2016-4A A1^		3.57			9/20/2047		292,660		292,547		296,092
HERO Funding Trust 2017-2A A1^		3.28			9/20/2048		109,741		109,727		109,787
HERO Funding Trust 2017-2A A2^		4.07			9/20/2048		86,225		88,319		88,521
Hertz Vehicle Financing II LP^		3.29			2/25/2024		2,830,000		2,771,950		2,783,502
Hertz Vehicle Financing II LP^		3.56			10/25/2021		2,300,000		2,281,297		2,293,845
Hertz Vehicle Financing II LP^		3.60			2/25/2024		1,320,000		1,319,590		1,302,627
Higher Education Funding I 2004-1 B1, 28 day ARS^		3.51	#		1/1/2044		950,000		831,970		901,595
Hilton Grand Vacations Trust 2013-A A^		2.28			1/25/2026		31,367		30,999		31,226
Hilton Grand Vacations Trust 2017-AA B^		2.96	#**		12/26/2028		247,198		247,188		241,698
Hilton Grand Vacations Trust 2018-A^		3.54			2/25/2032		381,078		381,069		382,204
Horizon Aircraft Finance I Ltd. 2018-1 A^		4.46			12/15/2038		500,000		499,989		509,663
KREF Ltd. 2018-FL1 AS, 1M USD LIBOR + 1.350%^		3.65	#		6/15/2036		2,380,000		2,380,000		2,343,278
Laurel Road Prime Student Loan Trust 2017-B CFX^		3.61			8/25/2042		411,775		411,714		401,709
Laurel Road Prime Student Loan Trust 2017-C B^		2.95			11/25/2042		478,643		478,462		462,473
Lendmark Funding Trust 2017-1A^		2.83			12/22/2025		570,000		569,072		562,589
Lendmark Funding Trust 2017-2A A^		2.80			5/20/2026		679,964		679,940		668,269
Lendmark Funding Trust 2018-1^		3.81			12/21/2026		630,000		629,968		628,937
Mariner Finance Issuance Trust 2017-AA A^		3.62			2/20/2029		480,000		479,917		480,001
Mariner Finance Issuance Trust 2017-BA B^		2.92			12/20/2029		2,100,000		2,099,802		2,078,010
Mariner Finance Issuance Trust 2018-A^		4.20			11/20/2030		1,848,000		1,847,866		1,868,584
Marlette Funding Trust 2017-1A A^		2.83			3/15/2024		203,789		204,227		203,707
Marlette Funding Trust 2017-2A A^		2.39			7/15/2024		69,475		69,475		69,381
Marlette Funding Trust 2017-3A A^		2.36			12/15/2024		155,875		155,868		155,408
Marlette Funding Trust 2018-1^		2.61			3/15/2028		1,102,378		1,102,329		1,099,509
Marlette Funding Trust 2018-2^		3.06			7/17/2028		358,806		358,806		358,534
Marlette Funding Trust 2018-3^		3.20			9/15/2028		930,939		930,864		929,628
Mosaic Solar Loan Trust 2018-2-GS^††		4.20			2/22/2044		614,235		614,137		613,375
Mosaic Solar Loans LLC 2017-1A A^††		4.45			6/20/2042		91,404		91,379		92,082
Mosaic Solar Loans LLC 2017-2A D^††		Zero Coupon			6/22/2043		624,252		559,552		583,146

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (Continued)
Other Asset-Backed Securities (Continued)
MVW Owner Trust 2013-1A A^		2.15	%		4/22/2030		224,591		$223,038		$221,871
MVW Owner Trust 2015-1A A^		2.52			12/20/2032		28,165		28,163		27,749
MVW Owner Trust 2016-1A A^		2.25			12/20/2033		1,273,311		1,262,957		1,245,316
MVW Owner Trust 2017-1A A^		2.42			12/20/2034		85,625		85,613		84,000
Navient Private Education Loan Trust 2018-B, 1M USD LIBOR + 0.720%^		3.18	#		12/15/2059		320,000		320,000		320,895
Navient Student Loan Trust 2015-1 B, 1M USD LIBOR + 1.500%		4.01	#		7/25/2052		1,100,000		1,094,593		1,124,373
Navient Student Loan Trust 2015-2 A3, 1M USD LIBOR + 0.570%		3.08	#		11/26/2040		500,000		492,857		497,229
Navient Student Loan Trust 2016-5A A, 1M USD LIBOR + 1.250%^		3.76	#		6/25/2065		927,396		931,297		934,339
Navient Student Loan Trust 2016-6 A3, 1M USD LIBOR + 1.300%^		3.81	#		3/25/2066		550,000		550,000		561,854
Navient Student Loan Trust 2017-1A A3, 1M USD LIBOR + 1.150%^		3.66	#		7/26/2066		1,000,000		1,000,000		1,011,125
Navient Student Loan Trust 2017-5A A, 1M USD LIBOR + 0.800%^		3.31	#		7/26/2066		532,425		531,830		533,302
Navient Student Loan Trust 2018-1A A3, 1M USD LIBOR + 0.720%^		3.23	#		3/25/2067		1,600,000		1,600,000		1,591,036
Navient Student Loan Trust 2018-2, 1M USD LIBOR + 0.750%^		3.26	#		3/25/2067		1,360,000		1,360,000		1,360,962
Navient Student Loan Trust 2018-3, 1M USD LIBOR + 0.800%^		3.31	#		3/25/2067		1,600,000		1,600,000		1,580,203
Navistar Financial Dealer Note Master Owner Trust II, 1M USD LIBOR + 1.050%^		3.56	#		9/25/2023		300,000		300,000		300,486
Navistar Financial Dealer Note Master Owner Trust II, 1M USD LIBOR + 1.550%^		4.06	#		9/25/2023		520,000		520,000		520,343
Nelnet Private Education Loan Trust 2016-A A1A, 1M USD LIBOR + 1.750%^		4.26	#		12/26/2040		225,257		225,257		225,257
Nelnet Private Education Loan Trust 2016-A A1B^		3.60			12/26/2040		162,201		161,179		157,947
Nelnet Student Loan Trust 2005-1, 3M USD LIBOR + 0.110%		2.60	#		10/25/2033		398,537		396,167		393,142
Nelnet Student Loan Trust 2005-2, 3M USD LIBOR + 0.100%		2.92	#		3/23/2037		415,687		412,873		411,751
Nelnet Student Loan Trust 2006-2 B, 3M USD LIBOR + 0.200%		2.69	#		1/25/2038		1,036,615		975,032		968,206
Nelnet Student Loan Trust 2007-2, 28 day ARS^		2.46	#		6/25/2035		2,000,000		1,972,980		1,987,029
Nelnet Student Loan Trust 2018-1A, 1M USD LIBOR + 0.760%^		3.27	#		5/25/2066		1,390,000		1,390,000		1,376,107
Nelnet Student Loan Trust 2018-3, 1M USD LIBOR + 0.750%^		3.26	#		9/27/2066		1,300,000		1,300,000		1,301,643
New Residential Advance Receivables Trust Advance Receivables Backed Notes 2016-T2 AT2^		2.58			10/15/2049		975,000		975,000		968,919

See accompanying Notes to the Financial Statements.

115

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (Continued)
Other Asset-Backed Securities (Continued)
New Residential Advance Receivables Trust Advance Receivables Backed Notes 2017-T1 AT1^		3.21	%		2/15/2051		1,080,000		$1,067,717		$1,077,811
NextGear Floorplan Master Owner Trust 2016-1A A1, 1M USD LIBOR + 1.700%^		4.16	#		4/15/2021		490,000		490,000		491,790
NextGear Floorplan Master Owner Trust 2016-2A A2^		2.19			9/15/2021		762,000		760,423		756,532
Northstar Education Finance, Inc. 2005-1 A5, 3M USD LIBOR + 0.750%		3.26	#		10/30/2045		188,658		180,904		187,243
NorthStar Student Loan Trust III 2016-1 A, 1M USD LIBOR + 1.250%^		3.76	#		5/27/2036		175,064		167,790		174,927
NovaStar Mortgage Funding Trust 2004-4 M5, 1M USD LIBOR + 1.725%		4.23	#		3/25/2035		387,993		387,898		387,445
NP Ferrum LLC 2015 1A A1		2.71			2/19/2045		294,222		291,736		290,112
NP Ferrum LLC 2015 1A A1		3.97			3/19/2046		106,165		106,165		106,165
NP Ferrum LLC 2015 1A A1		5.05			3/19/2046		800,000		812,968		806,488
NP SPE II LLC 2017-1A A1^		3.37			10/21/2047		404,377		404,377		399,385
NRZ Advance Receivables Trust 2016-T4 AT4^		3.11			12/15/2050		900,000		900,000		898,478
OneMain Direct Auto Receivables Trust 2017-2A A^		2.31			12/14/2021		1,130,000		1,129,900		1,123,178
Orange Lake Timeshare Trust 2016-A A^		2.61			3/8/2029		1,271,177		1,245,982		1,254,179
Orange Lake Timeshare Trust 2016-A B^		2.91			3/8/2029		515,210		508,232		511,685
Oscar US Funding Trust II 2015 1A A4^		2.44			6/15/2022		191,579		188,215		191,003
OSCAR US Funding Trust IX LLC^+		3.63			9/10/2025		480,000		479,896		484,822
Oscar US Funding Trust VI LLC 2017-1A A3+^		2.82			6/10/2021		370,000		369,960		368,797
Oscar US Funding Trust VI LLC 2017-1A A4+^		3.30			5/10/2024		500,000		501,646		500,333
OSCAR US Funding Trust VIII LLC+^		2.91			4/12/2021		483,067		483,031		482,356
Oxford Finance Funding LLC 2016-1A A^		3.97			6/17/2024		128,916		128,916		129,316
PHEAA Student Loan Trust 2016-2A A, 1M USD LIBOR + 0.950%^		3.46	#		11/25/2065		556,460		556,460		559,234
Popular ABS Mortgage Pass-Through Trust 2006-B A3, 1M USD LIBOR + 0.280%		2.79	#		5/25/2036		49,784		47,931		49,348
Prestige Auto Receivables Trust 2018-1^		2.53			10/15/2019		208,498		208,498		208,411
Santander Drive Auto Receivables Trust 2014-4 D		3.10			11/16/2020		354,707		356,621		354,596
Santander Drive Auto Receivables Trust 2016-1 D		4.02			4/15/2022		430,000		436,427		433,949
SBA Tower Trust^		2.88			7/15/2046		880,000		875,695		863,860
SBA Tower Trust^		3.17			4/9/2047		630,000		630,844		622,566
SBA Tower Trust 2014-1A C^		2.90			10/15/2044		590,000		591,484		586,522
Securitized Equipment Receivables		3.76			10/11/2024		550,000		549,989		551,839
Securitized Equipment Receivables		4.20			10/11/2024		610,000		609,963		612,213

See accompanying Notes to the Financial Statements.

116

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (Continued)
Other Asset-Backed Securities (Continued)
Sierra Receivables Funding Co LLC 2017-1A A^		2.91	%		3/20/2034		545,345		$547,274		$540,222
Sierra Timeshare 2014-3 Receivables Funding LLC^		2.80			10/20/2031		510,685		508,559		508,749
Sierra Timeshare 2015-1 Receivables Funding LLC^		3.05			3/22/2032		569,008		566,973		566,895
Sierra Timeshare 2015-2 Receivables Funding LLC^		2.43			6/20/2032		458,560		454,736		452,850
Sierra Timeshare 2016-2 Receivables Funding LLC^		2.78			7/20/2033		383,494		380,051		374,064
Sierra Timeshare 2018-2 Receivables Funding LLC^		3.94			6/20/2035		500,871		500,734		504,820
Sierra Timeshare Receivables Funding LLC 2014-2A A^		2.05	#		6/20/2031		34,791		34,448		34,749
Sierra Timeshare Receivables Funding LLC 2014-3A A^		2.30			10/20/2031		140,438		139,687		139,617
Sierra Timeshare Receivables Funding LLC 2015 3A B^		3.08			9/20/2032		19,675		19,674		19,573
Sierra Timeshare Receivables Funding LLC 2015-1A A^		2.40			3/22/2032		103,844		102,701		102,567
Sierra Timeshare Receivables Funding LLC 2015-2A B^		3.02			6/20/2032		884,365		880,478		870,613
Sierra Timeshare Receivables Funding LLC 2015-3A A^		2.58			9/20/2032		19,675		19,671		19,477
SLC Student Loan Trust 2005-1 B, 3M USD LIBOR + 0.200%		2.82	#		2/15/2045		411,110		360,515		381,455
SLC Student Loan Trust 2006-2 B, 3M USD LIBOR + 0.230%		2.72	#		1/25/2041		775,896		729,396		739,839
SLC Student Loan Trust 2006-2 B, 3M USD LIBOR + 0.230%		3.02	#		12/15/2039		1,832,415		1,702,755		1,726,438
SLM Student Loan Trust 2003-14, 3M USD LIBOR + 0.600%^		3.09	#		10/25/2065		4,450,000		4,434,891		4,437,619
SLM Student Loan Trust 2003-14 A6, 3M USD LIBOR + 0.300%		2.79	#		7/25/2025		39,180		38,007		39,085
SLM Student Loan Trust 2003-4 B, 3M USD LIBOR + 0.650%		3.44	#		6/15/2038		401,214		383,237		388,962
SLM Student Loan Trust 2004-3A A6A, 3M USD LIBOR + 0.550%^		3.04	#		10/25/2064		1,550,000		1,522,430		1,528,657
SLM Student Loan Trust 2005-4 B, 3M USD LIBOR + 0.180%		2.67	#		7/25/2055		360,769		302,112		339,091
SLM Student Loan Trust 2005-6 B, 3M USD LIBOR + 0.290%		2.78	#		1/25/2044		1,530,888		1,424,849		1,420,546
SLM Student Loan Trust 2005-7, 3M USD LIBOR + 0.750%		3.24	#		1/25/2040		1,400,000		1,395,329		1,388,844
SLM Student Loan Trust 2005-9, 3M USD LIBOR + 0.300%		2.79	#		1/25/2041		881,092		841,167		843,490

See accompanying Notes to the Financial Statements.

117

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (Continued)
Other Asset-Backed Securities (Continued)
SLM Student Loan Trust 2005-9, 3M EURIBOR + 0.600%		3.09	#%		1/25/2041		1,280,000		$1,264,411		$1,269,251
SLM Student Loan Trust 2006-10 A6, 3M USD LIBOR + 0.150%		2.64	#		3/25/2044		2,800,000		2,699,009		2,722,944
SLM Student Loan Trust 2006-10 B, 3M USD LIBOR + 0.220%		2.71	#		3/25/2044		1,310,098		1,236,903		1,228,020
SLM Student Loan Trust 2006-2, 3M USD LIBOR + 0.170%		2.66	#		1/25/2041		1,213,581		1,183,424		1,174,367
SLM Student Loan Trust 2006-5 B, 3M USD LIBOR + 0.210%		2.70	#		10/25/2040		603,634		536,298		573,026
SLM Student Loan Trust 2006-7 B, 3M USD LIBOR + 0.200%		2.69	#		1/27/2042		614,319		570,132		585,431
SLM Student Loan Trust 2006-9 A5, 3M USD LIBOR + 0.100%		2.59	#		1/26/2026		64,675		63,280		64,597
SLM Student Loan Trust 2007-1 A6, 3M USD LIBOR + 0.140%		2.63	#		1/27/2042		200,000		192,199		192,458
SMB Private Education Loan Trust 2014-A A2B, 1M USD LIBOR + 1.150%^		3.61	#		5/15/2026		474,366		477,340		477,135
SMB Private Education Loan Trust 2015-A A2B, 1M USD LIBOR + 1.000%^		3.46	#		6/15/2027		71,085		69,997		71,363
SMB Private Education Loan Trust 2015-A A3, 1M USD LIBOR + 1.500%^		3.96	#		2/17/2032		900,000		919,302		918,277
SMB Private Education Loan Trust 2015-C A3, 1M USD LIBOR + 1.950%^		4.41	#		8/16/2032		700,000		729,276		720,811
SMB Private Education Loan Trust 2016-B A2B, 1M USD LIBOR + 1.450%^		3.91	#		2/17/2032		104,714		104,714		106,284
SMB Private Education Loan Trust 2016-C A2B, 1M USD LIBOR + 1.100%^		3.56	#		9/15/2034		269,642		269,642		271,592
SMB Private Education Loan Trust 2017-B A2B, 1M USD LIBOR + 0.750%^		3.21	#		10/15/2035		670,000		670,000		665,609
SMB Private Education Loan Trust 2018-B, 1M USD LIBOR + 0.720%^		3.18	#		1/15/2037		1,050,000		1,050,000		1,042,840
Sofi Consumer Loan Program 2018-3 Trust^		3.20			8/25/2027		458,464		458,464		457,574
SoFi Consumer Loan Program LLC 2016-1A A^		3.26			8/25/2025		427,117		428,443		427,127
SoFi Consumer Loan Program LLC 2016-2A A^		3.09			10/27/2025		138,847		138,830		138,651
SoFi Consumer Loan Program LLC 2016-3 A^		3.05			12/26/2025		132,233		132,231		132,149
SoFi Consumer Loan Program LLC 2016-5 A^		3.06			9/25/2028		780,798		778,548		776,687
SoFi Consumer Loan Program LLC 2017-2 A^		3.28			2/25/2026		349,279		348,803		348,385
SoFi Consumer Loan Program LLC 2017-3 A^		2.77			5/25/2026		546,392		546,392		541,913

See accompanying Notes to the Financial Statements.

118

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (Continued)
Other Asset-Backed Securities (Continued)
SoFi Consumer Loan Program Trust 2015-1 A^		3.28	%		9/15/2023		174,793		$174,867		$174,799
Sofi Professional Loan Program 2018-A LLC^¤		Zero Coupon			2/25/2042		1,372,500		998,522		985,729
Sofi Professional Loan Program 2018-B Trust^¤		Zero Coupon			8/26/2047		1,265,700		694,769		694,371
Sofi Professional Loan Program 2018-D Trust^¤		Zero Coupon			2/25/2048		1,887,200		656,759		650,140
SoFi Professional Loan Program LLC 2015-A RC^¤		7.63			3/25/2033		300		844,125		311,250
SoFi Professional Loan Program LLC 2015-C A2^		2.51			8/25/2033		30,243		30,103		29,809
SoFi Professional Loan Program LLC 2016 A A1, 1M USD LIBOR + 1.750%^		4.26	#		8/25/2036		103,892		103,020		105,195
SoFi Professional Loan Program LLC 2016-B A1, 1M USD LIBOR + 1.200%^		3.71	#		6/25/2033		363,575		367,552		368,150
SoFi Professional Loan Program LLC 2016-D A1, 1M USD LIBOR + 0.950%^		3.46	#		1/25/2039		73,814		73,814		73,874
SoFi Professional Loan Program LLC 2017-D R1^		Zero Coupon			9/25/2040		1,233,700		723,220		796,045
SpringCastle America Funding LLC 2016-AA A^		3.05			4/25/2029		346,159		346,148		342,811
Springleaf Funding Trust 2016-AA A^		2.90			11/15/2029		1,523,688		1,523,484		1,514,831
Store Master Funding I-VII A3^		4.40			10/20/2048		649,458		649,181		662,650
Taco Bell Funding LLC 2018-1A A2I^		4.32			11/25/2048		2,130,000		2,130,000		2,151,058
TAL Advantage LLC 2017-1A A^		4.50			4/20/2042		600,700		607,701		612,694
TAL Advantage V LLC^		3.33			5/20/2039		1,434,139		1,424,807		1,422,777
Tesla Auto Lease Trust 2018-A^		2.32			12/20/2019		272,276		272,273		271,182
Tesla Auto Lease Trust 2018-A^		2.75			2/20/2020		275,000		274,987		274,131
Tesla Auto Lease Trust 2018-B A^		3.71			8/20/2021		513,000		512,963		514,790
Textainer Marine Containers VII Ltd.+^		4.11			7/20/2043		727,500		718,980		731,649
TLF National Tax Lien Trust 2017-1^		3.09			12/15/2029		779,603		779,578		777,511
TPG Real Estate Finance 2018-FL-1 Issuer Ltd., 1M USD LIBOR + 0.750%^		3.21	#		2/15/2035		1,224,646		1,222,709		1,208,653
Trafigura Securitisation Finance PLC 2017-1, 1M USD LIBOR + 1.700%+^		4.16	#		12/15/2020		900,000		902,075		899,293
Trafigura Securitisation Finance plc 2018-1, 1M USD LIBOR + 0.730%^+		3.19	#		3/15/2022		1,170,000		1,170,000		1,170,304
Trafigura Securitisation Finance plc 2018-1^+		4.29			3/15/2022		1,800,000		1,799,889		1,816,349
Trinity Rail Leasing LP^		3.82			6/17/2048		949,809		949,462		964,646
TRIP Rail Master Funding LLC 2011-1A A2^		6.02			7/15/2041		1,248,118		1,330,654		1,316,051
TRIP Rail Master Funding LLC 2017-1A A1^		2.71			8/15/2047		187,705		187,703		186,132
VSE 2018-A Voi Mortgage LLC^		4.02			2/20/2036		445,945		445,887		449,336
VSE VOI Mortgage LLC 2016-A A^		2.54			7/20/2033		392,394		392,358		385,975
Wachovia Student Loan Trust 2005-1 B, 3M USD LIBOR + 0.300%		2.79	#		10/25/2040		673,061		618,468		622,849
Welk Resorts LLC 2017-AA B^		3.41			6/15/2033		296,912		296,866		292,016
Westgate Resorts LLC 2015-2A A^		3.20			7/20/2028		101,221		101,114		101,018
Westgate Resorts LLC 2017-1A A^		3.05			12/20/2030		331,206		331,206		328,736
Westgate Resorts LLC 2018-1^		3.38			12/20/2031		667,814		666,687		666,630

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (Continued)
Other Asset-Backed Securities (Continued)
Willis Engine Structured Trust IV^		4.75	%		9/15/2043		474,588		$474,564		$486,915
Wingstop Funding 2018-1 LLC^		4.97			12/5/2048		250,000		250,000		252,440
Total Other Asset-Backed Securities							176,646,270		173,385,462		173,258,361
Total Asset-Backed Securities							194,770,978		191,508,243		191,226,463
Corporate Bonds — 40.2%*:
Advertising — 0.2%*:
Interpublic Group of Cos., Inc. (The)		3.75			10/1/2021		400,000		399,749		402,495
S&P Global, Inc.		3.30			8/14/2020		700,000		712,648		701,379
Total Advertising							1,100,000		1,112,397		1,103,874
Aerospace/Defense — 0.4%*:
Harris Corp.		2.70			4/27/2020		2,140,000		2,136,680		2,121,775
Agriculture — 1.3%*:
Bunge Ltd. Finance Corp.		3.00			9/25/2022		1,040,000		1,035,650		993,972
Bunge Ltd. Finance Corp.		3.50			11/24/2020		1,520,000		1,536,476		1,516,324
Imperial Brands Finance PLC+^		2.95			7/21/2020		2,247,000		2,255,294		2,213,441
Reynolds American, Inc.		4.00			6/12/2022		1,370,000		1,373,038		1,355,233
Total Agriculture							6,177,000		6,200,458		6,078,970
Airlines — 0.3%*:
Delta Air Lines, Inc.		3.63			3/15/2022		1,700,000		1,708,726		1,663,603
Auto Manufacturers — 1.4%*:
Ford Motor Credit Co. LLC, 3M USD LIBOR + 0.810%		3.22	#		4/5/2021		1,135,000		1,135,000		1,105,886
Ford Motor Credit Co. LLC, 3M USD LIBOR + 1.235%		3.85	#		2/15/2023		985,000		985,000		911,263
General Motors Financial Co., Inc.		3.25			1/5/2023		2,590,000		2,548,799		2,439,060
Hyundai Capital America^		2.00			7/1/2019		70,000		69,992		69,550
Hyundai Capital America^		2.55			2/6/2019		1,138,000		1,138,407		1,137,344
Hyundai Capital America^		3.00			10/30/2020		480,000		483,369		473,681
Nissan Motor Acceptance Corp.^		1.90			9/14/2021		670,000		666,957		638,044
Total Auto Manufacturers							7,068,000		7,027,524		6,774,828
Auto Parts&Equipment — 0.4%*:
Lear Corp.		5.25			1/15/2025		300,000		319,552		308,175
Lear Corp.		5.38			3/15/2024		1,660,000		1,753,983		1,707,621
Total Auto Parts&Equipment							1,960,000		2,073,535		2,015,796
Beverages — 1.1%*:
Anheuser-Busch InBev Worldwide, Inc.		3.50			1/12/2024		2,360,000		2,311,598		2,308,423
Maple Escrow Subsidiary, Inc.^		4.06			5/25/2023		1,505,000		1,504,024		1,499,790
Molson Coors Brewing Co.		2.10			7/15/2021		325,000		323,473		313,350
Molson Coors Brewing Co.		3.50			5/1/2022		1,089,000		1,079,791		1,082,482
Total Beverages							5,279,000		5,218,886		5,204,045

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Biotechnology — 0.4%*:
Celgene Corp.		3.25	%		2/20/2023		804,000		$786,345		$785,068
Celgene Corp.		3.55			8/15/2022		475,000		485,638		469,783
Celgene Corp.		4.00			8/15/2023		619,000		631,324		621,817
Total Biotechnology							1,898,000		1,903,307		1,876,668
Chemicals — 2.1%*:
CF Industries, Inc.		7.13			5/1/2020		151,000		159,285		155,530
Huntsman International LLC		5.13			11/15/2022		2,930,000		3,000,713		2,951,975
Incitec Pivot Finance LLC^		6.00			12/10/2019		1,443,000		1,485,748		1,474,863
LyondellBasell Industries NV+		5.00			4/15/2019		945,000		951,728		946,028
LyondellBasell Industries NV+		6.00			11/15/2021		985,000		1,073,466		1,041,163
RPM International, Inc.		3.45			11/15/2022		380,000		390,022		376,409
RPM International, Inc.		6.13			10/15/2019		1,205,000		1,238,360		1,226,938
Sherwin-Williams Co. (The)		2.75			6/1/2022		1,245,000		1,245,719		1,205,172
Syngenta Finance NV+^		3.70			4/24/2020		790,000		790,000		784,276
Total Chemicals							10,074,000		10,335,041		10,162,354
Commercial Banks — 7.2%*:
Banco Santander SA+		3.50			4/11/2022		2,400,000		2,410,785		2,355,217
Bancolombia SA+		5.95			6/3/2021		315,000		331,835		326,813
Bank of America Corp.		2.82	#**		7/21/2023		5,220,000		5,161,532		5,049,161
Barclays PLC, 3M USD LIBOR + 1.380%+		4.01	#		5/16/2024		885,000		885,000		842,714
Citigroup, Inc.		3.14	#**		1/24/2023		2,640,000		2,617,831		2,593,142
Compass Bank		5.50			4/1/2020		2,403,000		2,464,218		2,456,443
Discover Bank		3.35			2/6/2023		1,667,000		1,667,122		1,622,590
Discover Bank		4.20			8/8/2023		635,000		651,616		635,146
First Horizon National Corp.		3.50			12/15/2020		2,170,000		2,179,796		2,169,868
Goldman Sachs Group, Inc. (The)		3.20			2/23/2023		4,965,000		4,891,054		4,815,872
JPMorgan Chase & Co.		4.50			1/24/2022		2,245,000		2,350,354		2,313,216
Macquarie Bank Ltd.+^		2.85			1/15/2021		130,000		132,048		128,566
Mitsubishi UFJ Financial Group, Inc.+		2.67			7/25/2022		2,345,000		2,296,430		2,278,948
Morgan Stanley MTN		3.75			2/25/2023		2,765,000		2,825,812		2,760,126
Sumitomo Mitsui Financial Group, Inc.+		2.06			7/14/2021		682,000		678,224		660,491
Sumitomo Mitsui Financial Group, Inc.+		2.85			1/11/2022		580,000		583,513		569,342
Sumitomo Mitsui Financial Group, Inc.+		3.75			7/19/2023		300,000		299,878		301,923
SVB Financial Group		5.38			9/15/2020		200,000		208,462		206,308
Synchrony Bank		3.00			6/15/2022		2,280,000		2,208,732		2,130,497
Turkiye Garanti Bankasi AS+^		4.75			10/17/2019		325,000		327,895		320,580
Total Commercial Banks							35,152,000		35,172,137		34,536,963
Construction Materials — 1.1%*:
Holcim US Finance Sarl & Cie SCS+^		6.00			12/30/2019		1,990,000		2,057,058		2,038,017
Martin Marietta Materials, Inc., 3M USD LIBOR + 0.500%		3.29	#		12/20/2019		445,000		445,000		443,722

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Construction Materials (Continued)
Martin Marietta Materials, Inc., 3M USD LIBOR + 0.650%		3.33	#%		5/22/2020		530,000		$530,000		$527,141
Masco Corp.		3.50			4/1/2021		590,000		594,014		587,246
Masco Corp.		7.13			3/15/2020		124,000		130,816		129,533
Standard Industries, Inc.^		5.50			2/15/2023		1,385,000		1,419,301		1,357,300
Total Construction Materials							5,064,000		5,176,189		5,082,959
Diversified Financial Services — 2.4%*:
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust+		3.95			2/1/2022		2,030,000		2,053,466		1,994,347
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust+		4.50			5/15/2021		300,000		311,564		300,866
Aircastle Ltd.		5.00			4/1/2023		2,721,000		2,868,338		2,731,692
Antares Holdings LP^		6.00			8/15/2023		1,260,000		1,259,941		1,245,565
Athene Global Funding^		4.00			1/25/2022		2,551,000		2,582,621		2,577,121
Genpact Luxembourg Sarl+		3.70			4/1/2022		1,575,000		1,577,887		1,563,023
Lazard Group LLC		4.25			11/14/2020		1,134,000		1,158,715		1,149,086
Total Diversified Financial Services							11,571,000		11,812,532		11,561,700
Electric — 1.4%*:
Ameren Corp.		2.70			11/15/2020		760,000		765,164		749,840
EDP Finance BV+^		4.13			1/15/2020		981,000		995,844		982,020
Enel Finance International NV+^		2.88			5/25/2022		1,050,000		1,047,810		989,317
Entergy Corp.		4.00			7/15/2022		750,000		773,601		756,585
Entergy Texas, Inc.		2.55			6/1/2021		460,000		459,936		452,585
Entergy Texas, Inc.		7.13			2/1/2019		934,000		937,891		936,580
Israel Electric Corp. Ltd.+^		7.25			1/15/2019		607,000		608,002		607,255
Puget Energy, Inc.		6.00			9/1/2021		675,000		731,407		714,035
Puget Energy, Inc.		6.50			12/15/2020		321,000		344,481		339,125
Total Electric							6,538,000		6,664,136		6,527,342
Electronics — 0.2%*:
FLIR Systems, Inc.		3.13			6/15/2021		480,000		485,748		473,246
Tech Data Corp.		3.70			2/15/2022		260,000		259,747		255,090
Total Electronics							740,000		745,495		728,336
Food — 0.3%*:
McCormick & Co., Inc.		2.70			8/15/2022		1,430,000		1,386,692		1,386,612
Healthcare-Products — 0.9%*:
Becton Dickinson and Co., 3M USD LIBOR + 0.875%		3.68	#		12/29/2020		2,135,000		2,136,292		2,113,542
CVS Health Corp.		2.13			6/1/2021		1,815,000		1,803,435		1,751,229
CVS Health Corp.		3.70			3/9/2023		620,000		615,280		613,363
Total Healthcare-Products							4,570,000		4,555,007		4,478,134

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Healthcare-Services — 0.4%*:
Cigna Corp.		4.00	%		2/15/2022		942,000		$978,571		$951,642
Cigna Corp.		4.50			3/15/2021		1,170,000		1,217,497		1,195,487
Total Healthcare-Services							2,112,000		2,196,068		2,147,129
Home Builders — 0.4%*:
Lennar Corp.		4.50			6/15/2019		150,000		150,553		149,625
Lennar Corp.		4.50			11/15/2019		1,090,000		1,101,711		1,081,825
Lennar Corp.		4.75			4/1/2021		900,000		925,013		892,125
Total Home Builders							2,140,000		2,177,277		2,123,575
Household Products/Wares — 0.2%*:
Church & Dwight Co., Inc.		2.88			10/1/2022		1,120,000		1,093,378		1,101,498
Insurance — 2.3%*:
American International Group, Inc.		3.30			3/1/2021		1,125,000		1,131,469		1,121,185
AmTrust Financial Services, Inc.		6.13			8/15/2023		780,000		776,113		692,702
CNA Financial Corp.		5.75			8/15/2021		941,000		1,000,042		993,076
Enstar Group Ltd.+		4.50			3/10/2022		1,350,000		1,359,658		1,359,014
Jackson National Life Global Funding^		2.50			6/27/2022		1,925,000		1,921,700		1,861,079
Lincoln National Corp.		4.00			9/1/2023		472,000		481,185		481,168
Lincoln National Corp.		4.20			3/15/2022		725,000		759,527		737,057
Lincoln National Corp.		6.25			2/15/2020		400,000		414,518		412,860
Reinsurance Group of America, Inc.		5.00			6/1/2021		1,429,000		1,499,191		1,483,609
Trinity Acquisition PLC+		3.50			9/15/2021		1,516,000		1,524,508		1,501,270
Willis Towers Watson PLC+		5.75			3/15/2021		370,000		388,493		386,948
Total Insurance							11,033,000		11,256,404		11,029,968
Investment Company Security — 0.6%*:
Ares Capital Corp.		3.63			1/19/2022		420,000		422,782		407,751
Ares Capital Corp.		3.88			1/15/2020		607,000		612,801		608,274
FS KKR Capital Corp.		4.00			7/15/2019		853,000		854,814		852,035
TCP Capital Corp.		4.13			8/11/2022		1,140,000		1,136,330		1,098,516
Total Investment Company Security							3,020,000		3,026,727		2,966,576
IT Services — 0.8%*:
Dell International LLC/EMC Corp.^		4.42			6/15/2021		1,470,000		1,502,542		1,467,575
DXC Technology Co.		2.88			3/27/2020		270,000		269,646		267,667
Leidos Holdings, Inc.		4.45			12/1/2020		1,975,000		2,010,296		1,960,187
Total IT Services							3,715,000		3,782,484		3,695,429
Leisure Time — 0.3%*:
Brunswick Corp.^		4.63			5/15/2021		1,476,000		1,494,328		1,449,559
Lodging — 0.3%*:
Marriott International, Inc.		2.30			1/15/2022		300,000		299,307		288,418
Marriott International, Inc.		2.88			3/1/2021		1,345,000		1,357,367		1,326,333
Total Lodging							1,645,000		1,656,674		1,614,751

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Machinery-Diversified — 0.9%*:
CNH Industrial Capital LLC		3.38	%		7/15/2019		945,000		$947,780		$937,912
CNH Industrial Capital LLC		3.88			10/15/2021		1,110,000		1,122,776		1,102,563
CNH Industrial NV+		4.50			8/15/2023		450,000		459,344		452,205
Wabtec Corp.		4.15			3/15/2024		1,725,000		1,721,802		1,666,948
Total Machinery-Diversified							4,230,000		4,251,702		4,159,628
Media — 0.9%*:
Charter Communications Operating LLC/Charter Communications Operating Capital		3.58			7/23/2020		1,130,000		1,140,438		1,128,782
Discovery Communications LLC		2.95			3/20/2023		1,195,000		1,164,684		1,143,306
Sirius XM Radio, Inc.^		3.88			8/1/2022		2,388,000		2,406,701		2,268,600
Total Media							4,713,000		4,711,823		4,540,688
Mining — 1.2%*:
Glencore Finance Canada Ltd.+^		4.25			10/25/2022		484,000		504,012		482,468
Glencore Funding LLC^		3.00			10/27/2022		730,000		728,323		693,062
Glencore Funding LLC^		4.13			5/30/2023		980,000		975,918		962,348
Kinross Gold Corp.		5.13			9/1/2021		990,000		1,034,723		987,525
Kinross Gold Corp.+		5.95			3/15/2024		1,270,000		1,307,191		1,263,650
Newcrest Finance Pty Ltd.+^		4.20			10/1/2022		1,145,000		1,194,453		1,151,109
Total Mining							5,599,000		5,744,620		5,540,162
Office/Business Equip — 0.5%*:
Pitney Bowes, Inc.		3.88			10/1/2021		2,765,000		2,747,333		2,588,731
Oil and Gas — 0.5%*:
Antero Resources Corp.		5.38			11/1/2021		480,000		488,474		463,200
Continental Resources, Inc.		5.00			9/15/2022		1,008,000		1,022,584		1,000,848
EQT Corp.		3.00			10/1/2022		1,045,000		1,042,392		990,897
Total Oil and Gas							2,533,000		2,553,450		2,454,945
Packaging and Containers — 0.4%*:
Graphic Packaging International, Inc.		4.75			4/15/2021		2,096,000		2,164,520		2,090,760
Pharmaceuticals — 2.1%*:
AbbVie, Inc.		2.30			5/14/2021		150,000		149,287		146,486
Bayer US Finance II LLC, 3M USD LIBOR + 1.010%^		3.80	#		12/15/2023		2,135,000		2,125,706		2,043,549
Cardinal Health, Inc., 3M USD LIBOR + 0.770%		3.56	#		6/15/2022		2,145,000		2,154,145		2,121,488
Express Scripts Holding Co.		3.30			2/25/2021		1,590,000		1,606,161		1,584,163
Express Scripts Holding Co.		4.75			11/15/2021		950,000		1,001,759		977,196
Shire Acquisitions Investments Ireland DAC+		2.40			9/23/2021		630,000		626,200		609,200
Shire Acquisitions Investments Ireland DAC+		2.88			9/23/2023		470,000		450,396		444,299
Teva Pharmaceutical Finance Netherlands III B.V.+		2.20			7/21/2021		2,390,000		2,345,697		2,196,917
Total Pharmaceuticals							10,460,000		10,459,351		10,123,298

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Pipelines — 0.5%*:
Energy Transfer Partners LP		4.20	%		9/15/2023		2,325,000		$2,322,241		$2,291,381
Real Estate Investment Trusts — 1.1%*:
American Tower Corp.		2.25			1/15/2022		330,000		329,724		315,813
American Tower Corp.		3.00			6/15/2023		1,400,000		1,396,413		1,346,973
American Tower Corp.		3.30			2/15/2021		530,000		534,317		526,960
Crown Castle International Corp.		3.40			2/15/2021		1,272,000		1,289,448		1,271,556
Digital Realty Trust LP		3.40			10/1/2020		385,000		386,857		383,771
Healthcare Trust of America Holdings LP		2.95			7/1/2022		370,000		369,838		359,630
Simon Property Group LP		2.35			1/30/2022		955,000		951,377		927,474
Weyerhaeuser Co.		7.38			10/1/2019		315,000		325,049		323,671
Total REITS							5,557,000		5,583,023		5,455,848
Retail — 1.4%*:
Advance Auto Parts, Inc.		4.50			12/1/2023		617,000		628,359		631,504
Dollar Tree, Inc.		3.70			5/15/2023		2,570,000		2,522,080		2,527,170
O’Reilly Automotive, Inc.		3.80			9/1/2022		284,000		284,667		287,057
O’Reilly Automotive, Inc.		3.85			6/15/2023		1,139,000		1,140,322		1,144,610
QVC, Inc.		4.38			3/15/2023		2,410,000		2,364,257		2,312,475
Total Retail							7,020,000		6,939,685		6,902,816
Semiconductors — 0.8%*:
Broadcom Corp./Broadcom Cayman Finance Ltd.		3.00			1/15/2022		1,785,000		1,781,400		1,716,640
Microchip Technology, Inc.^		3.92			6/1/2021		835,000		835,000		828,310
NXP BV/NXP Funding LLC^		4.13			6/1/2021		1,270,000		1,291,510		1,254,125
Total Semiconductors							3,890,000		3,907,910		3,799,075
Telecommunications — 1.5%*:
Hughes Satellite Systems Corp.		6.50			6/15/2019		1,932,000		1,965,118		1,948,905
Sprint Communications, Inc.		9.25			4/15/2022		1,005,000		1,171,065		1,148,212
Telefonaktiebolaget LM Ericsson+		4.13			5/15/2022		3,320,000		3,338,304		3,265,602
Verizon Communications, Inc.		2.95			3/15/2022		760,000		768,715		751,993
Total Telecommunications							7,017,000		7,243,202		7,114,712
Transportation — 0.9%*:
Penske Truck Leasing Co. LP/PTL Finance Corp.^		2.70			3/14/2023		410,000		403,260		391,168
Penske Truck Leasing Co. LP/PTL Finance Corp.^		3.30			4/1/2021		240,000		243,794		238,371
Penske Truck Leasing Co. LP/PTL Finance Corp.^		3.38			2/1/2022		80,000		80,913		79,107
Penske Truck Leasing Co. LP/PTL Finance Corp.^		4.88			7/11/2022		1,590,000		1,654,737		1,646,217
Ryder System, Inc.		2.50			9/1/2022		26,000		25,012		24,980

See accompanying Notes to the Financial Statements.

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December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Transportation (Continued)
Ryder System, Inc.		3.40	%		3/1/2023		330,000		$326,234		$325,655
Ryder System, Inc.		3.75			6/9/2023		885,000		885,872		879,561
Ryder System, Inc. MTN		2.25			9/1/2021		635,000		632,127		614,312
Total Transportation							4,196,000		4,251,949		4,199,371
Trucking and Leasing — 0.7%*:
DAE Funding LLC+^		4.00			8/1/2020		276,000		276,000		269,100
GATX Corp.		2.50			7/30/2019		250,000		250,614		248,468
GATX Corp.		2.60			3/30/2020		685,000		682,315		678,342
Park Aerospace Holdings Ltd.+^		5.25			8/15/2022		2,230,000		2,286,968		2,157,525
Total Trucking and Leasing							3,441,000		3,495,897		3,353,435
Venture Capital — 0.4%*:
Hercules Capital, Inc.		4.63			10/23/2022		1,725,000		1,717,566		1,683,341
Total Corporate Bonds							196,289,000		198,006,354		193,730,635
Mortgage-Backed Securities — 6.2%*:
BAMLL Commercial Mortgage Securities Trust 2018-DSNY, 1M USD LIBOR + 1.350%^		3.81	#		9/15/2034		270,000		270,000		268,743
BHMS, 1M USD LIBOR + 1.500%^		3.96	#		7/15/2035		1,800,000		1,800,000		1,780,206
BX Commercial Mortgage Trust 2018-IND, 1M USD LIBOR + 1.700%^		4.16	#		11/15/2035		828,763		828,763		819,442
COMM Mortgage Trust 2014-UBS2 B		4.70			3/10/2047		600,000		642,961		615,696
Deephaven Residential Mortgage Trust 2018-1^		2.98	#@		12/25/2057		933,883		922,798		924,943
Deephaven Residential Mortgage Trust 2018-1^		3.03	#@		12/25/2057		798,716		798,704		787,858
Deephaven Residential Mortgage Trust 2018-2^		3.68	#@		4/25/2058		1,413,590		1,413,575		1,416,921
Deephaven Residential Mortgage Trust 2018-3^		3.96	#@		8/25/2058		1,480,009		1,478,365		1,482,095
Deephaven Residential Mortgage Trust 2018-4^		4.29	#@		10/25/2058		2,007,273		2,007,273		2,021,162
JP Morgan Chase Commercial Mortgage Securities Corp., 1M USD LIBOR + 1.000%^		3.46	#		6/15/2032		1,550,000		1,550,000		1,544,117
JP Morgan Mortgage Trust 2017-6 A5^		3.50	#@		12/25/2048		997,330		1,010,330		984,750
JP Morgan Mortgage Trust 2018-1^		3.50	#@		6/25/2048		733,575		739,544		723,864
JP Morgan Mortgage Trust 2018-3^		3.50	#@		9/25/2048		1,136,028		1,132,528		1,117,493
JP Morgan Mortgage Trust 2018-4^		3.50	#@		10/25/2048		2,512,108		2,493,573		2,477,176
JPMorgan Chase Commercial Mortgage Securities Trust 2007-CIBC18 AM		5.47	#@		6/12/2047		2,645		2,707		2,644
MSCG Trust 2018-SELF, 1M USD LIBOR + 1.180%^		3.64	#		10/15/2037		165,000		165,000		162,059

See accompanying Notes to the Financial Statements.

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December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Mortgage-Backed Securities (Continued)
New Residential Mortgage Loan Trust 2016-4A A1^		3.75	#@%		11/25/2056		387,054		$398,485		$388,263
PNMAC GMSR Issuer Trust 2018-GT1, 1M USD LIBOR + 2.850%^		5.36	#		2/25/2023		470,000		470,000		471,010
PSMC Trust^		3.50	#@		2/25/2048		1,171,024		1,169,583		1,156,067
PSMC Trust 2018-2^		3.50	#@		6/25/2048		1,051,840		1,034,780		1,038,612
RETL 2018-RVP, 1M USD LIBOR + 1.100%^		3.56	#		3/15/2033		915,729		915,729		913,884
Sequoia Mortgage Trust 2015-1^		2.50	#@		1/25/2045		787,118		775,041		760,159
Sequoia Mortgage Trust 2018-3^		3.50	#@		3/25/2048		1,337,892		1,335,835		1,320,171
Sequoia Mortgage Trust 2018-5^		3.50	#@		5/25/2048		990,290		979,444		981,998
Sequoia Mortgage Trust 2018-7^		4.00	#@		9/25/2048		730,833		734,464		735,091
Sequoia Mortgage Trust 2018-CH1^		4.00	#@		2/25/2048		882,449		897,784		887,023
Sequoia Mortgage Trust 2018-CH2^		4.00	#@		6/25/2048		1,555,512		1,571,420		1,567,215
Sequoia Mortgage Trust 2018-CH3^		4.00	#@		8/25/2048		1,153,317		1,163,206		1,166,587
Shellpoint Co-Originator Trust 2016-1 2A3^		3.00	#@		10/25/2031		767,792		775,214		754,746
TIAA Bank Mortgage Loan Trust 2018-2^		3.50	#@		7/25/2048		545,458		540,225		538,026
Velocity Commercial Capital Loan Trust 2016-2 AFX		3.00	#@		10/25/2046		239,257		239,257		237,840
Total Mortgage-Backed Securities							30,214,485		30,256,588		30,045,861
U.S. Treasury & Government Agencies — 6.0%*:
Federal Home Loan Mortgage Corp., 1M USD LIBOR + 0.480%		2.94	#		10/15/2040		337,903		337,595		339,337
Federal Home Loan Mortgage Corp.		3.00			5/15/2039		503,234		507,586		499,728
Federal Home Loan Mortgage Corp.		3.00			8/15/2040		762,278		773,338		760,020
Federal Home Loan Mortgage Corp.		3.00			3/15/2041		657,783		666,439		655,573
Federal National Mortgage Association		3.00			4/25/2040		1,030,281		1,041,960		1,024,017
Federal National Mortgage Association		3.00			1/25/2041		517,292		523,745		516,843
U.S. Treasury Bonds		8.00			11/15/2021		3,880,000		4,433,667		4,466,699
U.S. Treasury Bonds		8.75			5/15/2020		19,000,000		20,536,810		20,568,242
Total U.S. Treasury & Government Agencies							26,688,771		28,821,140		28,830,459
Total Fixed Income							447,963,234		448,592,325		443,833,418

COUNTERPARTY		STRIKE PRICE		EXPIRATION DATE		CONTRACTS		NOTIONAL		COST		UNREALIZED VALUE			FAIR VALUE
Purchased Options — 0.8%*:
Call Options Purchased — 0.2%*:
OTC — BCM Swaption	JPMorgan Chase Bank N.A.		$2.44		12/13/2032		11,190,000		11,190,000		$561,458		$(83,021	)		$478,437
OTC — BCM Swaption	JPMorgan Chase Bank N.A.		2.61		1/31/2033		14,590,000		14,590,000		698,861		(5,479	)		693,382
Total Call Options Purchased							25,780,000		25,780,000		1,260,319		(88,500	)		1,171,819

See accompanying Notes to the Financial Statements.

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December 31, 2018 (Unaudited)

COUNTERPARTY		STRIKE PRICE		EXPIRATION DATE		CONTRACTS		NOTIONAL		COST		UNREALIZED VALUE		FAIR VALUE
Purchased Options (Continued)
Put Options Purchased — 0.6%*:
OTC — BCM Swaption	JPMorgan Chase Bank N.A.		$2.94		12/13/2032		22,790,000		22,790,000		$1,143,488		$147,780		$1,291,268
OTC — BCM Swaption	JPMorgan Chase Bank N.A.		3.11		1/31/2033		29,090,000		29,090,000		1,390,502		109,950		1,500,452
Total Put Options Purchased							51,880,000		51,880,000		2,533,990		257,730		2,791,720

	EFFECTIVE INTEREST RATE		DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Short-Term Investments — 6.1%*:
Commercial Paper — 6.1%*:
Auto Manufacturers — 1.4%*:
Hyundai Capital America		2.85		2/14/2019		4,000,000		3,986,311		3,986,311
VW Credit Inc.		3.10		2/12/2019		2,900,000		2,889,715		2,889,715
Total Auto Manufacturers						6,900,000		6,876,026		6,876,026
Chemicals — 0.9%*:
Albemarle Corp.		2.54		1/8/2019		4,000,000		3,998,056		3,998,056
Entertainment — 0.8%*:
CBS Corp.		2.95		1/29/2019		4,000,000		3,990,978		3,990,978
Food — 0.6%*:
Mondelez International, Inc.		2.85		2/19/2019		2,850,000		2,839,138		2,839,138
Hotel & Restaurant — 0.2%*:
McDonald’s Corp.		2.84		1/8/2019		1,045,000		1,044,431		1,044,431
Machinery-Constr&Mining — 0.5%*:
Caterpiler fFnance Service Co.		2.48		1/2/2019		2,100,000		2,099,857		2,099,857
Oil and Gas Services — 0.4%*:
Schlumberger Holdings Corp.		2.91		1/8/2019		2,000,000		1,998,888		1,998,888
Utilities — 1.3%*:
DTE Capital Corp.		2.86		1/9/2019		3,000,000		2,998,093		2,998,093
Nextera Energy Capital Holdings, Inc.		3.06		2/25/2019		1,768,000		1,759,897		1,759,897
Public Service Enterprise Group, Inc.		3.05		1/23/2019		1,550,000		1,547,158		1,547,158
Total Utilities						6,318,000		6,305,148		6,305,148
Total Commercial Paper						29,213,000		29,152,522		29,152,522
Total Short-Term Investments						29,213,000		29,152,522		29,152,522
Total Investments						554,836,234		481,539,156		476,949,479
Other assets and liabilities — 1.0%*										4,952,704
Net Assets — 100.0%										$481,902,183

See accompanying Notes to the Financial Statements.

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December 31, 2018 (Unaudited)

MTN Medium Term Note

OTC Over the Counter

‡‡ 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	90.3%
Ireland	2.0%
Netherlands	1.5%
United Kingdom	1.2%
Japan	1.2%
Other (Individually less than 1%)	3.8%
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 (See Note 2).

†† Illiquid security.

# Variable rate security. The interest rate shown is the rate in effect at December 31, 2018.

@ Effective interest rate for this security is the coupon rate at issue based on the underlying loans.

** Variable Rate is Fixed to Float: Rate remains fixed until designated future date.

A summary of outstanding derivatives at December 31, 2018 is as follows:

Futures

TYPE	EXPIRATION DATE		CONTRACTS		NOTIONAL AMOUNT			POSITION		FAIR VALUE			UNREALIZED APPRECIATION
Long Future
U.S. 10-Year Treasury Note		03/20/19		201		23,919,477			Long		$24,525,141				$605,664
TYPE	EXPIRATION DATE		CONTRACTS		NOTIONAL AMOUNT			POSITION		FAIR VALUE			UNREALIZED DEPRECIATION
Short Futures
U.S. 10-Year Ultra Bond		03/20/19		99		(12,461,331	)		Short		$  (12,877,734	)		$	(416,403	)
U.S. 2-Year Treasury Note		03/29/19		26		(5,484,853	)		Short		(5,520,125	)			(35,272	)
U.S. 5-Year Treasury Note		03/29/19		887		(100,103,749	)		Short		(101,727,813	)			(1,624,064	)
Total Short Futures														$	(2,075,739	)

See accompanying Notes to the Financial Statements.

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December 31, 2018 (Unaudited)

OTC Credit Default Swaps – Sell Protection^{(1) (2)}

REFERENCE OBLIGATION	FIXED-DEAL RECEIVED RATE			PAYMENT FREQUENCY		MATURITY DATE		COUNTERPARTY	ORIGINAL NOTIONAL AMOUNT		CURRENT NOTIONAL AMOUNT (3)		UPFRONT PREMIUMS PAID/ (RECEIVED)				FAIR VALUE (4)				UNREALIZED DEPRECIATION
CMBX.NA.BBB-.6†		3.00	%		1M		11/17/2045	JPMorgan Chase Bank N.A.		230,000		230,000		$	505			$	(37,090	)		$	(37,595	)
CMBX.NA.BBB-.6†+		3.00	%		1M		5/11/2063	Goldman Sachs & Co.		290,000		290,000			(21,161	)			(46,766	)			(25,605	)
Total OTC Credit Default Swaps														$	(20,656	)		$	(83,856	)		$	(63,200	)

(1) If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) Represents an investment grade index of single name credit default swaps (CDS). All of the companies underlying the single name CDS within the index are rated investment grade or higher. Rating represents a weighted average of the credit ratings of all the companies underlying the single name CDS within the index.

(3) The maximum potential amount the Portfolio could be required to make as a seller of credit protection or receive as a buyer of credit event as defined under the terms of that particular swap agreement.

(4) The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the expected amount paid or received for the credit derivative if the amount of the swap agreement was closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreements.

† Payment is based on a percentage of the index. Reference entities are a number of individual issuers comprising the index.

Abbreviation Legend

OTC – Over the Counter

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Fixed Income — 84.1%*:
Asset-Backed Securities — 26.1%*:
CDO/CLO — 4.4%*:
ALM VII Ltd. 2012-7A A1R, 3M USD LIBOR + 1.480%^		3.92	#%		10/15/2028		250,000		$250,000		$250,125
Crestline Denali CLO XIV Ltd.^		4.44	#		10/23/2031		250,000		250,000		243,183
LCM XXIII Ltd. 23A A1, 3M USD LIBOR + 1.400%^		3.87	#		10/20/2029		250,000		250,000		249,477
Marble Point CLO XI Ltd. 2017-2A A, 3M USD LIBOR + 1.180%^		3.62	#		12/18/2030		250,000		250,000		246,877
RR 3 Ltd. Series 2018-3 A A1R2, 3M USD LIBOR + 1.090%^		3.53	#		1/15/2030		250,000		250,000		245,540
Total CDO/CLO							1,250,000		1,250,000		1,235,202
Other Asset-Backed Securities — 21.7%*:
Access Group, Inc. 2015-1 A, 1M USD LIBOR + 0.700%^		3.21	#		7/25/2056		49,627		48,561		49,612
Access Group, Inc. 2015-1 B, 1M USD LIBOR + 1.500%^		4.01	#		7/25/2058		100,000		86,620		93,862
AccessLex Institute 2004-1 B, 3M USD LIBOR + 0.570%		3.39	#		9/22/2037		55,509		53,347		53,394
AccessLex Institute 2004-A A3, 28 day ARS		1.70	#		7/1/2039		150,000		147,285		147,806
AccessLex Institute 2006-1 B, 3M USD LIBOR + 0.450%		3.14	#		8/25/2037		79,402		69,978		76,165
Arbys Funding LLC 2015-1A A2^		4.97			10/30/2045		38,800		38,800		40,163
Argent Securities, Inc. Asset-Backed Pass-Through Certificates 2004-W10 M1, 1M USD LIBOR + 0.900%		3.22	#		10/25/2034		44,343		40,512		42,997
Ascentium Equipment Receivables Trust 2018-2 B^		5.18			7/10/2026		81,000		80,971		82,591
Asset Backed Securities Corp. Home Equity Loan Trust 2005-HE1 M1, 1M USD LIBOR + 0.750%		3.26	#		3/25/2035		42,433		42,194		41,746
CLI Funding V LLC 2013-2A^		3.22			6/18/2028		44,690		44,237		44,274
CLI Funding VI LLC 2016-1A A^		4.21			2/18/2041		56,405		56,400		55,362
College Avenue Student Loans LLC 2017, 1M USD LIBOR + 1.650%^		4.16	#		11/26/2046		88,129		89,488		89,281
College Loan Corp. Trust I 2005-2 B, 3M USD LIBOR + 0.490%		2.93	#		1/15/2037		87,793		77,861		82,760
College Loan Corp. Trust I 2017-1 B2, 28 day ARS		1.84	#		1/25/2047		45,000		38,612		39,803
Credit Suisse ABS Repackaging Trust 2013-A B^		2.50			1/25/2030		36,054		34,406		33,758
CWABS Asset-Backed Certificates Trust 2005-4 MV5, 1M USD LIBOR + 0.670%		3.51	#		10/25/2035		60,000		54,257		59,454
DB Master Finance LLC 2015-1A A2II^		3.98			2/20/2045		48,125		49,080		49,007
Diamond Resorts Owner Trust 2016-1 B^		3.37			11/20/2028		39,507		39,501		38,673

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST			FAIR VALUE
Asset-Backed Securities (Continued)
Other Asset-Backed Securities (Continued)
Domino’s Pizza Master Issuer LLC 2015-1A A2II^		4.47	%		10/25/2045		58,500		$	58,500		$	59,080
DRB Prime Student Loan Trust 2016-R A1, 1M USD LIBOR + 1.900%^¤		4.41	#		10/25/2044		47,721			47,721			48,055
DRB Prime Student Loan Trust 2016-R A2^¤		3.07			10/25/2044		47,721			47,712			46,939
Drug Royalty 2012-1 A1, 3M USD LIBOR + 5.250%^		7.32	#		7/15/2024		4,872			4,973			4,883
Earnest Student Loan Program LLC 2016-C A1, 1M USD LIBOR + 1.850%^		4.36	#		10/27/2036		25,345			25,345			25,549
ECMC Group Student Loan Trust 2016-1A A, 1M USD LIBOR + 1.350%^		3.86	#		7/26/2066		65,786			65,785			67,034
EdLinc Student Loan Funding Trust 2017-A A, Prime — 1.150%^		3.35	#		12/1/2047		81,801			81,244			82,755
Entergy New Orleans Storm Recovery Funding I LLC 2015-1 A		2.67			6/1/2027		66,510			66,498			65,440
First Franklin Mortgage Loan Trust 2004-FFH4 M6, 1M USD LIBOR + 1.725%		4.23	#		1/25/2035		50,000			49,823			50,941
Flagship Credit Auto Trust 2017-4 C^		2.92			11/15/2023		100,000			99,844			98,591
Goodgreen Trust 2017-1A A^		3.74			10/15/2052		78,467			78,431			79,292
Helios Issuer LLC 2017-1A A^		4.94			9/20/2049		92,745			92,702			94,456
HERO Funding Trust 2015-1A A^		3.84			9/21/2040		75,468			76,804			76,590
Hertz Vehicle Financing II LP^		3.60			2/25/2024		150,000			145,956			148,026
Hilton Grand Vacations Trust 2013-A A^		2.28			1/25/2026		46,717			46,628			46,506
J.G. Wentworth XXXV LLC 2015-2A A^		3.87			3/15/2058		44,537			44,504			45,780
Mariner Finance Issuance Trust 2017-AA A^		3.62			2/20/2029		100,000			99,983			100,000
Marlette Funding Trust 2017-2A B^		3.19			7/15/2024		100,000			99,993			99,845
Montana Higher Education Student Assistance Corp. 2012-1 A3, 1M USD LIBOR + 1.050%		3.52	#		7/20/2043		150,000			145,283			152,765
Navient Student Loan Trust 2017-1A A3, 1M USD LIBOR + 1.150%^		3.66	#		7/26/2066		120,000			120,000			121,335
Navient Student Loan Trust 2018-1A A3, 1M USD LIBOR + 0.720%^		3.23	#		3/25/2067		100,000			100,000			99,440
Navient Student Loan Trust 2018-1B, 1M USD LIBOR + 1.200%^		3.71	#		3/25/2067		100,000			100,620			100,000
Nelnet Private Education Loan Trust 2016-A A1B^		3.60			12/26/2040		45,056			44,772			43,874
Nelnet Student Loan Trust 2006-2 B, 3M USD LIBOR + 0.200%		2.69	#		1/25/2038		75,850			71,344			70,844
New Residential Advance Receivables Trust Advance Receivables Backed Notes 2016-T2 AT2^		2.58			10/15/2049		125,000			125,000			124,220
Northstar Education Finance, Inc. 2005-1 A5, 3M USD LIBOR + 0.750%		3.26	#		10/30/2045		23,830			22,851			23,652
NovaStar Mortgage Funding Trust 2004-4 M5, 1M USD LIBOR + 1.725%		4.23	#		3/25/2035		64,666			64,650			64,574
NP Ferrum LLC 2015 1A A1		2.71			2/19/2045		45,265			43,798			44,633
NRZ Advance Receivables Trust 2016-T4 AT4^		3.11			12/15/2050		100,000			100,000			99,831
NRZ Advance Receivables Trust Advance Receivables Backed 2016-T3 AT3^		2.83			10/16/2051		230,000			230,000			226,896

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST			FAIR VALUE
Asset-Backed Securities (Continued)
Other Asset-Backed Securities (Continued)
OSCAR US Funding Trust V 2016-2A A4^		2.99	%		12/15/2023		130,000		$	129,331		$	129,403
Oscar US Funding Trust VI LLC 2017-1A A4+^		3.30			5/10/2024		30,000			29,995			30,020
Planet Fitness Master Issuer LLC^		4.67			9/5/2048		99,750			99,750			101,352
Popular ABS Mortgage Pass-Through Trust 2006-B A3, 1M USD LIBOR + 0.280%		2.79	#		5/25/2036		24,181			23,281			23,969
Sierra Timeshare Receivables Funding LLC 2015-2A B^		3.02			6/20/2032		16,377			16,374			16,122
SLC Student Loan Trust 2005-1 B, 3M USD LIBOR + 0.200%		2.82	#		2/15/2045		86,790			74,919			80,529
SLM Student Loan Trust 2002-7 A11, 28 day ARS		3.03	#		3/15/2028		50,000			49,494			49,968
SLM Student Loan Trust 2002-7 B, 28 day ARS		3.28	#		12/15/2039		80,000			80,059			80,289
SLM Student Loan Trust 2003-2 A9, 28 day ARS		4.27	#		9/15/2028		100,000			99,787			102,830
SLM Student Loan Trust 2003-4 B, 3M USD LIBOR + 0.650%		3.44	#		6/15/2038		60,899			56,073			59,039
SLM Student Loan Trust 2005-4 B, 3M USD LIBOR + 0.180%		2.67	#		7/25/2055		102,261			88,028			96,116
SLM Student Loan Trust 2005-6 B, 3M USD LIBOR + 0.290%		2.78	#		1/25/2044		116,616			108,265			108,210
SLM Student Loan Trust 2006-10 A6, 3M USD LIBOR + 0.150%		2.64	#		3/25/2044		200,000			192,645			194,496
SLM Student Loan Trust 2006-10 B, 3M USD LIBOR + 0.220%		2.71	#		3/25/2044		56,961			53,834			53,392
SLM Student Loan Trust 2006-4 B, 3M USD LIBOR + 0.200%		2.69	#		1/25/2070		55,410			51,906			52,674
SLM Student Loan Trust 2006-5 B, 3M USD LIBOR + 0.210%		2.70	#		10/25/2040		109,354			96,300			103,809
SLM Student Loan Trust 2006-7 B, 3M USD LIBOR + 0.200%		2.69	#		1/27/2042		55,847			52,701			53,221
SLM Student Loan Trust 2007-1 A6, 3M USD LIBOR + 0.140%		2.63	#		1/27/2042		100,000			96,100			96,229
SMB Private Education Loan Trust 2017-A B^		3.50			6/17/2041		130,000			126,153			126,074
SoFi Professional Loan Program LLC 2017-A C^		4.43			3/26/2040		100,000			99,493			98,753
SoFi Professional Loan Program LLC 2017-D BFX^		3.61			9/25/2040		100,000			99,950			97,179
South Carolina Student Loan Corp. 2014-1 B, 1M USD LIBOR + 1.500%		3.85	#		8/1/2035		100,000			98,560			101,402
SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes 2016-T2 AT2^		2.75			11/15/2049		100,000			99,986			99,814
Taco Bell Funding LLC^		4.94			11/25/2048		40,000			40,000			40,352
Taco Bell Funding LLC 2016-1A A23^		4.97			5/25/2046		68,950			69,555			70,305
Textainer Marine Containers V Ltd. 2017-1A A^		3.72			5/20/2042		85,050			85,046			84,920
TRIP Rail Master Funding LLC 2011-1A A2^		6.02			7/15/2041		99,849			107,660			105,284
Triton Container Finance IV LLC 2017-2A A^		3.62			8/20/2042		123,050			123,036			122,632
Triton Container Finance VI LLC 2017-1A A^		3.52			6/20/2042		85,291			85,276			84,036

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST			FAIR VALUE
Asset-Backed Securities (Continued)
Other Asset-Backed Securities (Continued)
Wachovia Student Loan Trust 2005-1 B, 3M USD LIBOR + 0.300%		2.79	# %		10/25/2040		67,306		$	61,847		$	62,285
Welk Resorts LLC 2017-AA B^		3.41			6/15/2033		79,659			79,695			78,346
Total Other Asset-Backed Securities							6,216,275			6,067,973			6,135,584
Total Asset-Backed Securities							7,466,275			7,317,973			7,370,786
Corporate Bonds — 31.4%*:
Advertising — 0.0%*:
WPP Finance 2010+		5.63			11/15/2043		3,000			3,263			2,941
Aerospace/Defense — 0.1%*:
United Technologies Corp.		5.70			4/15/2040		25,000			31,109			27,433
Agriculture — 0.5%*:
Bunge Ltd. Finance Corp.		3.25			8/15/2026		45,000			43,471			39,427
Bunge Ltd. Finance Corp.		4.35			3/15/2024		50,000			49,942			49,056
Reynolds American, Inc.		4.45			6/12/2025		30,000			30,469			28,927
Reynolds American, Inc.		5.85			8/15/2045		25,000			30,202			23,226
Total Agriculture							150,000			154,084			140,636
Airlines — 0.1%*:
United Airlines 2018-1 Class B Pass Through Trust		4.60			3/1/2026		15,000			15,000			14,828
WestJet Airlines Ltd.+^		3.50			6/16/2021		14,000			13,990			13,878
Total Airlines							29,000			28,990			28,706
Auto Manufacturers — 1.6%*:
Ford Motor Co.		7.45			7/16/2031		40,000			46,619			41,241
Ford Motor Credit Co. LLC		4.38			8/6/2023		200,000			194,512			189,448
General Motors Co.		4.20			10/1/2027		30,000			29,961			27,040
General Motors Co.		5.15			4/1/2038		20,000			19,988			17,087
General Motors Co.		5.20			4/1/2045		35,000			34,597			29,007
General Motors Financial Co., Inc.		3.50			11/7/2024		50,000			49,937			45,718
General Motors Financial Co., Inc.		3.55			4/9/2021		30,000			29,546			29,587
General Motors Financial Co., Inc.		4.15			6/19/2023		35,000			34,953			34,102
General Motors Financial Co., Inc.		4.30			7/13/2025		50,000			49,747			47,381
Total Auto Manufacturers							490,000			489,860			460,611
Beverages — 0.4%*:
Anheuser-Busch InBev Worldwide, Inc.		4.60			4/15/2048		45,000			44,748			40,332
Anheuser-Busch InBev Worldwide, Inc.		8.20			1/15/2039		35,000			51,213			45,002
Molson Coors Brewing Co.		4.20			7/15/2046		36,000			33,107			29,909
Molson Coors Brewing Co.		5.00			5/1/2042		5,000			5,031			4,706
Total Beverages							121,000			134,099			119,949

See accompanying Notes to the Financial Statements.

134

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Biotechnology — 0.3%*:
Amgen, Inc.		5.15	%		11/15/2041		10,000		$10,400		$10,301
Celgene Corp.		3.45			11/15/2027		65,000		63,745		59,150
Celgene Corp.		4.63			5/15/2044		25,000		26,839		21,961
Total Biotechnology							100,000		100,984		91,412
Chemicals — 0.7%*:
DowDuPont, Inc.		5.32			11/15/2038		45,000		45,000		46,336
Incitec Pivot Finance LLC^		6.00			12/10/2019		30,000		30,964		30,662
LYB International Finance B.V.+		5.25			7/15/2043		35,000		35,958		33,367
Mosaic Co. (The)		4.05			11/15/2027		25,000		24,240		23,711
RPM International, Inc.		3.75			3/15/2027		8,000		7,991		7,596
Sherwin-Williams Co. (The)		4.50			6/1/2047		15,000		14,900		13,526
Yara International ASA+^		4.75			6/1/2028		50,000		49,880		49,836
Total Chemicals							208,000		208,933		205,034
Commercial Banks — 4.5%*:
Associated Banc-Corp		4.25			1/15/2025		70,000		70,015		70,387
Bank of America Corp.		4.18			11/25/2027		65,000		65,000		62,476
Bank of America Corp.		4.20			8/26/2024		30,000		29,898		29,754
Bank of America Corp., 3M USD LIBOR + 1.814%		4.24	#		4/24/2038		30,000		30,000		28,539
Bank of America Corp.		4.75			4/21/2045		45,000		46,723		44,387
Bank of Montreal+		3.80			12/15/2032		40,000		40,000		37,040
Bank of Nova Scotia (The)+		4.50			12/16/2025		30,000		30,307		29,872
Bank of Nova Scotia (The)+		4.65			12/31/2099		80,000		80,300		69,350
Barclays Bank plc+^		10.18			6/12/2021		80,000		90,361		89,932
Citigroup, Inc.		3.88			3/26/2025		60,000		58,820		58,031
Citigroup, Inc.		4.60			3/9/2026		45,000		44,932		44,412
Fulton Financial Corp.		3.60			3/16/2022		35,000		34,911		34,764
Goldman Sachs Group, Inc. (The)		3.81			4/23/2029		40,000		40,000		37,345
Goldman Sachs Group, Inc. (The)		5.15			5/22/2045		70,000		67,842		65,460
Goldman Sachs Group, Inc. (The)		5.95			1/15/2027		32,000		35,142		33,696
HSBC Holdings plc+		4.25			3/14/2024		200,000		201,639		198,482
Huntington Bancshares, Inc.		5.70			12/31/2099		80,000		80,000		71,000
JPMorgan Chase & Co.		4.95			6/1/2045		40,000		39,332		40,565
Morgan Stanley		4.35			9/8/2026		85,000		84,677		82,603
Morgan Stanley		5.00			11/24/2025		25,000		25,639		25,492
Valley National Bancorp		5.13			9/27/2023		75,000		79,169		77,938
Wells Fargo & Co.		5.38			11/2/2043		29,000		34,211		30,264
Wells Fargo & Co.		5.61			1/15/2044		15,000		18,242		16,268
Total Commercial Banks							1,301,000		1,327,160		1,278,057
Construction Materials — 0.2%*:
Standard Industries, Inc.^		5.00			2/15/2027		70,000		70,000		61,250

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Distribution/Wholesale — 0.2%*:
Ingram Micro, Inc.		5.45	%		12/15/2024		45,000		$45,937		$43,767
Diversified Financial Services — 3.8%*:
AerCap Ireland Capital DAC/AerCap Global Aviation Trust+		3.50			1/15/2025		160,000		159,229		145,980
Aircastle Ltd.		4.13			5/1/2024		30,000		28,960		28,309
Aircastle Ltd.		4.40			9/25/2023		25,000		24,960		24,588
Aircastle Ltd.		5.00			4/1/2023		50,000		50,414		50,196
Antares Holdings LP^		6.00			8/15/2023		250,000		251,767		247,136
Brookfield Finance, Inc.+		4.25			6/2/2026		60,000		59,548		58,779
Discover Financial Services, Inc.		4.10			2/9/2027		65,000		65,394		60,682
Discover Financial Services, Inc.		5.50			12/31/2099		160,000		160,000		132,933
Genpact Luxembourg Sarl+		3.70			4/1/2022		65,000		65,104		64,506
High Street Funding Trust I^		4.11			2/15/2028		150,000		150,000		147,306
Lazard Group LLC		3.63			3/1/2027		30,000		29,894		28,214
Lazard Group LLC		4.50			9/19/2028		20,000		19,820		20,004
Legg Mason, Inc.		5.63			1/15/2044		35,000		36,267		34,540
Neuberger Berman Group LLC/Neuberger Berman Finance Corp.^		4.50			3/15/2027		25,000		24,831		24,978
Total Diversified Financial Services							1,125,000		1,126,188		1,068,151
Electric — 1.1%*:
Appalachian Power Co.		6.70			8/15/2037		30,000		37,052		36,673
Cleveland Electric Illuminating Co. (The)^		3.50			4/1/2028		25,000		24,933		23,816
CMS Energy Corp.		4.88			3/1/2044		5,000		5,136		5,219
Duke Energy Corp.		3.75			9/1/2046		40,000		39,526		34,582
Indianapolis Power & Light Co.^		4.05			5/1/2046		45,000		44,714		41,100
IPALCO Enterprises, Inc.		3.45			7/15/2020		50,000		50,130		49,936
IPALCO Enterprises, Inc.		3.70			9/1/2024		25,000		24,979		24,338
Oncor Electric Delivery Co. LLC		5.25			9/30/2040		40,000		48,490		45,654
Southwestern Public Service Co.		6.00			10/1/2036		30,000		35,227		35,430
Total Electric							290,000		310,187		296,748
Electronics — 0.1%*:
Arrow Electronics, Inc.		3.88			1/12/2028		25,000		24,907		22,773
Forestry and Paper Products — 0.1%*:
Fibria Overseas Finance Ltd.+		4.00			1/14/2025		30,000		27,765		28,299
Gas — 0.2%*:
NiSource Finance Corp.		4.80			2/15/2044		60,000		65,563		58,090
Healthcare-Products — 0.1%*:
Becton Dickinson and Co.		4.69			12/15/2044		25,000		25,920		23,399

See accompanying Notes to the Financial Statements.

136

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Healthcare-Services — 0.5%*:
Humana, Inc.		3.95	%		3/15/2027		13,000		$12,986		$12,701
Humana, Inc.		4.80			3/15/2047		20,000		19,982		20,016
IHC Health Services, Inc.		4.13			5/15/2048		100,000		100,661		98,815
Total Healthcare-Services							133,000		133,629		131,532
Housewares — 0.1%*:
Toro Co. (The)		7.80			6/15/2027		25,000		30,724		29,886
Insurance — 3.1%*:
Allstate Corp. (The), 3M USD LIBOR + 2.938%		5.75	#		8/15/2053		110,000		116,396		107,250
American International Group, Inc.		3.90			4/1/2026		20,000		19,992		19,241
American International Group, Inc.		4.20			4/1/2028		30,000		29,895		28,901
American International Group, Inc.		4.50			7/16/2044		25,000		25,658		22,311
American International Group, Inc.		4.75			4/1/2048		15,000		14,913		13,727
American International Group, Inc.		5.75			4/1/2048		70,000		69,378		60,900
AmTrust Financial Services, Inc.		6.13			8/15/2023		75,000		74,626		66,606
Arch Capital Group US, Inc.		5.14			11/1/2043		25,000		25,297		26,185
Athene Holding Ltd.+		4.13			1/12/2028		125,000		121,704		113,545
AXIS Specialty Finance PLC+		4.00			12/6/2027		60,000		59,061		57,420
CNA Financial Corp.		3.45			8/15/2027		25,000		24,950		23,260
Enstar Group Ltd.+		4.50			3/10/2022		20,000		20,000		20,134
Progressive Corp. (The)		5.38	**		12/31/2099		75,000		75,000		70,279
Prudential Financial, Inc.		5.70	**		9/15/2048		85,000		83,963		79,050
Trinity Acquisition PLC+		4.40			3/15/2026		55,000		56,344		54,654
XLIT Ltd.		4.45			3/31/2025		85,000		87,631		84,471
XLIT Ltd.		5.50			3/31/2045		30,000		28,811		31,021
Total Insurance							930,000		933,619		878,955
Internet — 0.3%*:
Amazon.com, Inc.		4.05			8/22/2047		45,000		44,675		43,969
Expedia, Inc.		5.00			2/15/2026		40,000		39,861		40,406
Total Internet							85,000		84,536		84,375
Investment Company Security — 0.8%*:
Ares Capital Corp.		3.50			2/10/2023		75,000		74,955		71,286
FS KKR Capital Corp.		4.00			7/15/2019		75,000		75,228		74,915
TCP Capital Corp.		4.13			8/11/2022		75,000		74,782		72,271
Total Investment Company Security							225,000		224,965		218,472
Iron/Steel — 0.5%*:
Vale Overseas Ltd.+		5.88			6/10/2021		125,000		132,932		131,094
Vale Overseas Ltd.+		6.88			11/21/2036		15,000		14,988		17,152
Total Iron/Steel							140,000		147,920		148,246

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
IT Services — 0.4%*:
Dell International LLC/EMC Corp.^		8.35	%		7/15/2046		45,000		$57,684		$48,726
Leidos Holdings, Inc.		4.45			12/1/2020		75,000		75,855		74,437
Total IT Services							120,000		133,539		123,163
Media — 0.4%*:
Comcast Corp.		3.40			7/15/2046		20,000		19,834		16,572
Discovery Communications LLC		4.88			4/1/2043		25,000		22,851		22,120
Discovery Communications LLC		5.00			9/20/2037		25,000		24,976		23,189
Time Warner Cable LLC		4.50			9/15/2042		60,000		49,714		48,234
Total Media							130,000		117,375		110,115
Mining — 0.9%*:
Glencore Finance Canada Ltd.+^		5.55			10/25/2042		22,000		22,080		19,803
Glencore Funding LLC^		3.88			10/27/2027		25,000		24,808		22,350
Glencore Funding LLC^		4.00			4/16/2025		50,000		49,946		47,071
Glencore Funding LLC^		4.63			4/29/2024		25,000		25,892		24,781
Kinross Gold Corp.+		4.50			7/15/2027		30,000		27,727		25,912
Kinross Gold Corp.+		5.13			9/1/2021		85,000		87,647		84,787
Kinross Gold Corp.+		5.95			3/15/2024		25,000		25,662		24,875
Total Mining							262,000		263,762		249,579
Miscellaneous Manufacturing — 0.3%*:
General Electric Co.		2.70			10/9/2022		30,000		26,636		27,838
General Electric Co.		4.13			10/9/2042		25,000		22,861		19,533
General Electric Co. MTN		6.88			1/10/2039		35,000		46,094		36,593
Total Miscellaneous Manufacturing							90,000		95,591		83,964
Office/Business Equip — 0.4%*:
Pitney Bowes, Inc.		3.88			9/15/2020		20,000		19,972		19,550
Pitney Bowes, Inc.		3.88			10/1/2021		115,000		114,819		107,669
Total Office/Business Equip							135,000		134,791		127,219
Oil and Gas — 2.4%*:
Anadarko Petroleum Corp.		5.55			3/15/2026		20,000		19,952		20,947
Anadarko Petroleum Corp.		6.60			3/15/2046		24,000		29,370		26,500
Cenovus Energy, Inc.+		3.00			8/15/2022		60,000		58,108		56,959
Cenovus Energy, Inc.+		4.25			4/15/2027		75,000		73,521		68,312
Cenovus Energy, Inc.+		6.75			11/15/2039		25,000		28,611		24,398
Continental Resources, Inc.		5.00			9/15/2022		30,000		30,111		29,787
Encana Corp.+		6.50			2/1/2038		40,000		46,221		43,368
EQT Corp.		3.90			10/1/2027		105,000		104,622		90,518
Helmerich & Payne, Inc.^		4.65			3/15/2025		25,000		25,388		25,491
Marathon Petroleum Corp.^		4.50			4/1/2048		15,000		14,790		12,591
Marathon Petroleum Corp.		6.50			3/1/2041		30,000		33,175		32,362
Nabors Industries, Inc.		5.50			1/15/2023		35,000		35,772		27,780

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST			FAIR VALUE
Corporate Bonds (Continued)
Oil and Gas (Continued)
Patterson-UTI Energy, Inc.		3.95	%		2/1/2028		22,000		$	21,249		$	20,174
PBF Holding Co. LLC/PBF Finance Corp.		7.00			11/15/2023		25,000			25,454			23,875
Petroleos Mexicanos+		3.50			1/30/2023		50,000			48,191			45,250
Petroleos Mexicanos+		4.63			9/21/2023		10,000			10,206			9,385
Petroleos Mexicanos+		5.35			2/12/2028		30,000			30,000			26,175
Petroleos Mexicanos+		5.50			1/21/2021		85,000			87,052			84,657
Petroleos Mexicanos+		6.50			3/13/2027		15,000			14,885			14,100
Rowan Cos., Inc.		4.88			6/1/2022		8,000			7,991			6,600
Total Oil and Gas							729,000			744,669			689,229
Oil and Gas Services — 0.3%*:
Baker Hughes a GE Co. LLC / Baker Hughes Co-Obligor, Inc.		3.34			12/15/2027		8,000			7,318			7,361
National Oilwell Varco, Inc.		3.95			12/1/2042		37,000			30,643			29,529
SESI LLC		7.13			12/15/2021		32,000			32,974			27,200
Weatherford International Ltd.		5.95			4/15/2042		30,000			25,297			15,262
Total Oil and Gas Services							107,000			96,232			79,352
Pharmaceuticals — 1.5%*:
AbbVie, Inc.		4.70			5/14/2045		30,000			29,346			27,282
Bayer US Finance II LLC^		4.40			7/15/2044		45,000			40,994			38,515
CVS Health Corp.		4.30			3/25/2028		27,000			26,645			26,396
CVS Health Corp.		5.05			3/25/2048		40,000			39,775			38,904
CVS Pass-Through Trust^		5.93			1/10/2034		28,376			32,103			30,561
Express Scripts Holding Co.		4.50			2/25/2026		21,000			21,550			21,284
Express Scripts Holding Co.		4.80			7/15/2046		30,000			30,182			28,760
McKesson Corp.		6.00			3/1/2041		50,000			55,584			55,359
Mylan NV		5.25			6/15/2046		40,000			39,994			33,706
Teva Pharmaceutical Finance Netherlands III B.V.+		1.70			7/19/2019		13,000			12,909			12,768
Teva Pharmaceutical Finance Netherlands III B.V.+		2.20			7/21/2021		99,000			94,947			91,002
Teva Pharmaceutical Finance Netherlands III B.V.+		4.10			10/1/2046		10,000			9,920			6,610
Total Pharmaceuticals							433,376			433,949			411,147
Pipelines — 2.6%*:
Andeavor Logistics LP		6.88	#**		12/31/2099		115,000			113,968			102,350
Energy Transfer Operating LP		4.20			4/15/2027		25,000			24,955			23,298
Energy Transfer Operating LP		4.75			1/15/2026		30,000			29,860			29,150
Energy Transfer Operating LP		6.13			12/15/2045		25,000			27,394			24,450
Energy Transfer Operating LP		6.25			12/31/2099		60,000			60,000			50,213
Energy Transfer Operating LP		7.50			10/15/2020		37,000			39,009			38,480
EnLink Midstream Partners LP		2.70			4/1/2019		30,000			30,005			29,813
EnLink Midstream Partners LP		4.15			6/1/2025		25,000			25,088			22,538
EnLink Midstream Partners LP		4.85			7/15/2026		19,000			19,363			17,134
EnLink Midstream Partners LP		6.00			12/31/2099		50,000			42,936			36,345
Enterprise Products Operating LLC		5.38			2/15/2078		30,000			30,000			24,805

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST			FAIR VALUE
Corporate Bonds (Continued)
Pipelines (Continued)
Kinder Morgan Energy Partners LP MTN		6.95	%		1/15/2038		30,000		$	31,917		$	33,460
MPLX LP		4.50			4/15/2038		30,000			29,653			26,200
MPLX LP		4.80			2/15/2029		15,000			14,916			14,963
MPLX LP		5.20			3/1/2047		5,000			4,966			4,602
Phillips 66 Partners LP		4.68			2/15/2045		2,000			2,001			1,801
Phillips 66 Partners LP		4.90			10/1/2046		15,000			14,899			13,751
Plains All American Pipeline LP/PAA Finance Corp.		4.50			12/15/2026		80,000			80,013			77,056
Plains All American Pipeline LP/PAA Finance Corp.		4.70			6/15/2044		40,000			36,255			34,323
Sabine Pass Liquefaction LLC		4.20			3/15/2028		75,000			74,937			71,739
Sunoco Logistics Partners Operations LP		4.00			10/1/2027		20,000			19,860			18,319
Sunoco Logistics Partners Operations LP		5.30			4/1/2044		25,000			24,673			22,075
Western Gas Partners LP		4.50			3/1/2028		15,000			14,921			14,021
Total Pipelines							798,000			791,589			730,886
Real Estate Investment Trusts — 0.6%*:
Crown Castle International Corp.		4.75			5/15/2047		10,000			9,923			9,270
CubeSmart LP		3.13			9/1/2026		45,000			44,823			41,267
Healthcare Trust of America Holdings LP		3.75			7/1/2027		35,000			34,846			33,325
Kimco Realty Corp.		3.30			2/1/2025		25,000			24,967			23,828
National Retail Properties, Inc.		4.30			10/15/2028		20,000			19,861			20,099
VEREIT Operating Partnership LP		4.63			11/1/2025		35,000			34,771			35,065
Weingarten Realty Investors		3.25			8/15/2026		10,000			9,933			9,255
Total REITS							180,000			179,124			172,109
Retail — 0.9%*:
Dollar Tree, Inc.		4.20			5/15/2028		45,000			44,888			42,624
El Puerto de Liverpool SAB de CV+^		3.95			10/2/2024		200,000			199,334			187,502
QVC, Inc.		4.38			3/15/2023		30,000			29,549			28,786
Total Retail							275,000			273,771			258,912
Semiconductors — 0.2%*:
Microchip Technology, Inc.^		3.92			6/1/2021		70,000			69,786			69,439
Telecommunications — 0.6%*:
AT&T, Inc.		3.40			5/15/2025		25,000			23,838			23,541
AT&T, Inc.		4.75			5/15/2046		60,000			55,489			53,274
AT&T, Inc.		5.25			3/1/2037		15,000			14,933			14,734
Verizon Communications, Inc.		6.55			9/15/2043		56,000			69,437			66,056
Total Telecommunications							156,000			163,697			157,605
Transportation — 0.1%*:
CSX Corp.		4.75			11/15/2048		20,000			19,814			20,217

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Venture Capital — 0.5%*:
Hercules Capital, Inc.		4.63	%		10/23/2022		150,000		$149,354		$146,377
Total Corporate Bonds							9,290,376		9,397,385		8,878,035
Foreign Government — 0.8%*:
Colombia — 0.4%*:
Colombia Government International Bond+		6.13			1/18/2041		100,000		115,106		108,125
Mexico — 0.4%*:
Mexico Government International Bond+		4.75			3/8/2044		68,000		69,446		61,710
Mexico Government International Bond+		5.55			1/21/2045		60,000		64,502		60,825
Total Mexico							128,000		133,948		122,535
Total Foreign Government							228,000		249,054		230,660
Mortgage-Backed Securities — 2.6%*:
Aventura Mall Trust^		4.11	#@		7/5/2040		70,000		68,645		67,404
BANK 2018-BNK14		4.60	#@		9/15/2060		30,000		30,310		29,453
BBCMS 2018-CHRS Mortgage Trust^		4.27			8/5/2038		100,000		97,701		97,012
BBCMS Mortgage Trust^		4.27	#@		8/5/2038		100,000		100,459		99,271
BHMS, 1M USD LIBOR + 1.500%^		3.96	#		7/15/2035		100,000		100,000		98,900
BX Commercial Mortgage Trust 2018-IND, 1M USD LIBOR + 1.700%^		4.16	#		11/15/2035		119,821		119,821		118,474
GS Mortgage Securities Corp. II^		3.00			7/10/2051		15,000		12,364		11,898
GS Mortgage Securities Trust		4.40	#@		7/10/2048		100,000		102,735		100,930
JPMorgan Mortgage Trust^		3.50	#@		1/25/2047		85,714		85,326		83,689
MSCG Trust 2018-SELF, 1M USD LIBOR + 1.180%^		3.64	#		10/15/2037		20,000		20,000		19,644
Total Mortgage-Backed Securities							740,535		737,361		726,675
U.S. Treasury & Government Agencies — 23.2%*:
Federal Home Loan Mortgage Corp.		3.50			7/1/2046		43,004		45,392		43,169
Federal Home Loan Mortgage Corp.		3.50			11/1/2046		62,326		65,727		62,471
Federal Home Loan Mortgage Corp.		4.00			12/1/2047		789,173		828,683		804,875
Federal Home Loan Mortgage Corp.		4.00			2/1/2048		47,497		48,341		48,439
Federal Home Loan Mortgage Corp.		4.00			7/1/2048		49,431		50,427		50,405
Federal National Mortgage Association		3.00			11/1/2046		430,236		413,909		419,602
Federal National Mortgage Association		3.00			7/1/2047		93,408		89,345		91,071
Federal National Mortgage Association		3.50			12/1/2028		38,448		40,527		39,052
Federal National Mortgage Association		3.50			2/1/2041		43,487		43,937		44,017
Federal National Mortgage Association		3.50			2/1/2043		174,341		174,019		175,373
Federal National Mortgage Association		3.50			1/1/2044		45,457		45,506		45,727
Federal National Mortgage Association		3.50			1/1/2048		447,329		459,671		447,363
Federal National Mortgage Association		4.00			4/1/2048		96,588		99,106		98,481
Federal National Mortgage Association		4.00			7/1/2048		146,531		149,357		149,401
Federal National Mortgage Association		4.50			6/1/2048		350,490		361,086		363,167

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST			FAIR VALUE
U.S. Treasury & Government Agencies (Continued)
Federal National Mortgage Association		4.50	%		7/1/2048		24,132		$	25,174		$	24,999
Federal National Mortgage Association		4.50			1/1/2049		695,000			717,298			719,664
Federal National Mortgage Association		5.00			6/1/2040		9,134			10,115			9,715
Federal National Mortgage Association		5.00			7/1/2040		68,104			75,112			72,293
Federal National Mortgage Association		5.00			2/1/2044		26,424			29,244			28,051
Federal National Mortgage Association TBA		4.00			1/1/2049		1,115,000			1,129,918			1,136,603
Government National Mortgage Association TBA		3.00			1/1/2049		1,075,000			1,045,438			1,058,602
Government National Mortgage Association TBA		3.50			1/1/2049		200,000			199,602			201,234
Government National Mortgage Association TBA		4.00			1/1/2049		135,000			137,489			138,227
U.S. Treasury Bond		2.50			5/15/2046		235,000			207,140			211,931
U.S. Treasury Bond		3.50			2/15/2039		65,000			70,648			71,096
Total U.S. Treasury & Government Agencies							6,505,540			6,562,211			6,555,028
Total Fixed Income							24,230,726			24,263,984			23,761,184
						SHARES		COST			FAIR VALUE
Mutual Fund — 9.1%*:
Barings U.S. High Yield Fund							275,345			2,681,797			2,557,954

	COUNTERPARTY	STRIKE PRICE		EXPIRATION DATE		CONTRACTS		NOTIONAL		COST		UNREALIZED VALUE			FAIR VALUE
Purchased Options — 1.4%*:
Call Options Purchased — 0.4%*:
OTC — BCM Swaption	JPMorgan Chase Bank N.A.		$2.44		12/13/2032		1,270,000		1,270,000		$63,722		$(9,422)			54,300
OTC — BCM Swaption	JPMorgan Chase Bank N.A.		2.61		1/31/2033		1,370,000		1,370,000		65,623		(515	)		65,108
Total Call Options Purchased							2,640,000		2,640,000		129,345		(9,937	)		119,408
Put Options Purchased — 1.0%*:
OTC — BCM Swaption	JPMorgan Chase Bank N.A.		2.94		12/13/2032		2,580,000		2,580,000		129,451		16,730			146,181
OTC — BCM Swaption	JPMorgan Chase Bank N.A.		3.11		1/31/2033		2,730,000		2,730,000		130,495		10,318			140,813
Total Put Options Purchased							5,310,000		5,310,000		259,946		27,048			286,994

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Short-Term Investments — 14.2%*:
Commercial Paper — 14.2%*:
Auto Manufacturers — 1.8%*:
Hyundai Capital America		2.85	%		1/3/2019		250,000		$249,961		$249,961
VW CR, Inc.		2.91			2/22/2019		250,000		248,971		248,971
Total Auto Manufacturers							500,000		498,932		498,932
Chemicals — 0.9%*:
Albemarle Corp.		2.54			1/8/2019		250,000		249,879		249,879
Diversified Financial Services — 1.8%*:
First Abu Dhabi Bank PJSC+		2.44			1/4/2019		250,000		249,950		249,950
National Rural Utilities Cooperative Finance Corp.		2.55			1/14/2019		250,000		249,773		249,773
Total Diversified Financial Services							500,000		499,723		499,723
Electric — 0.9%*:
Fortive Corp.		2.87			1/15/2019		250,000		249,726		249,726
Entertainment — 0.9%*:
CBS Corp.		2.95			1/29/2019		250,000		249,436		249,436
Food — 1.7%*:
Keurig Dr. Pepper		2.92			1/14/2019		250,000		249,741		249,741
Mondelez International, Inc.		2.85			2/19/2019		250,000		249,047		249,047
Total Food							500,000		498,788		498,788
Hotel & Restaurant — 0.9%*:
McDonald’s Corp.		2.84			1/8/2019		250,000		249,864		249,864
Oil and Gas Services — 0.9%*:
Schlumberger Holdings Corp.		2.91			1/8/2019		250,000		249,861		249,861
Pipelines — 0.9%*:
Spectra Energy Partners LP		2.90			1/2/2019		250,000		249,980		249,980
Utilities — 3.5%*:
DTE Capital Corp.		2.86			1/9/2019		250,000		249,841		249,841
Nextera Energy Capital Holdings, Inc.		3.06			2/26/2019		250,000		248,833		248,833
Public Service Enterprise Group, Inc.		3.05			1/23/2019		250,000		249,542		249,542
Public Service Enterprise Group, Inc.		3.10			1/11/2019		250,000		249,788		249,788
Total Utilities							1,000,000		998,004		998,004
Total Commercial Paper							4,000,000		3,994,193		3,994,193
Total Short-Term Investments							4,000,000		3,994,193		3,994,193
Total Investments							36,456,071		31,329,265		30,719,733
Other assets and liabilities — (8.8%)*											(2,482,575	)
Net Assets — 100.0%											$28,237,158

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

MTN Medium Term Note

OTC Over the Counter

TBA To Be Announced: Securities purchased on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount and maturity date will be determined upon settlement.

@ Effective interest rate for this security is the coupon rate at issue based on the underlying loans.

‡‡ 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	91.5%
Canada	1.8%
Mexico	1.6%
United Kingdom	1.3%
Other (Individually less than 1%)	3.8%
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 (See Note 2).

# Variable rate security. The interest rate shown is the rate in effect at December 31, 2018.

** Variable Rate is Fixed to Float: Rate remains fixed until designated future date.

Affiliate Table

NUMBER OF SHARES HELD AT 6/30/18

VALUE AT 6/30/18

COST OF PURCHASES

PROCEEDS FROM SHARES SOLD

REALIZED GAIN (LOSS)

CHANGE IN UNREALIZED APPRECIATION/ DEPRECIATION

NUMBER OF SHARES HELD AT 12/31/18

VALUE AT 12/31/18

DIVIDEND INCOME

CAPITAL GAIN DISTRIBUTIONS

Barings U.S. High Yield Fund

268,341

2,635,105

68,559

–

–

(145,750)

275,345

2,557,954

95,512

–

A summary of outstanding derivatives at December 31, 2018 is as follows:

Cross Currency Forward Foreign Currency Exchange Contracts

EXPIRATION DATE	DELIVER/RECEIVE	COUNTERPARTY	CONTRACT AMOUNT PURCHASED		CONTRACT AMOUNT SOLD		NET UNREALIZED APPRECIATION (DEPRECIATION)
1/15/19	CZK/EUR	Bank of America N.A.		31,274		808,158	$	(125	)
1/15/19	EUR/CZK	Bank of America N.A.		413,664		16,000		73
1/15/19	EUR/CZK	Citibank N.A.		394,493		15,235		97
1/15/19	EUR/HUF	Barclays Bank plc		6,188,382		19,051		253
1/15/19	EUR/PLN	Barclays Bank plc		194,942		44,944		553
1/15/19	EUR/PLN	Citibank N.A.		13,079		3,000		55
1/15/19	HUF/EUR	BNP Paribas S.A.		19,019		6,188,382		(291	)
Net unrealized appreciation on cross currency forward foreign currency exchange contracts							$	615

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

Forward Foreign Currency Exchange Contracts to Buy

EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION (DEPRECIATION)
2/12/19	Bank of America N.A.		ARS	433,440	$	10,903	$	18,000		$(7,097)
2/12/19	JPMorgan Chase Bank N.A.		ARS	445,360		11,203		19,000		(7,797	)
10/29/19	JPMorgan Chase Bank N.A.		ARS	285,907		5,619		5,425		194
10/29/19	BNP Paribas S.A.		ARS	1,275,516		25,067		24,000		1,067
10/29/19	Bank of America N.A.		ARS	285,907		5,619		5,557		62
1/22/19	JPMorgan Chase Bank N.A.		AUD	32,232		22,712		23,000		(288	)
1/22/19	Barclays Bank plc		AUD	19,389		13,662		13,834		(172	)
1/8/19	JPMorgan Chase Bank N.A.		BRL	300,856		77,589		77,680		(92	)
1/8/19	BNP Paribas S.A.		BRL	77,220		19,914		20,000		(85	)
1/8/19	BNP Paribas S.A.		COP	58,075,740		17,878		18,000		(122	)
1/8/19	Citibank N.A.		CRC	10,513,050		17,340		17,563		(223	)
1/15/19	Citibank N.A.		EUR	13,855		15,891		15,798		92
1/15/19	Bank of America N.A.		EUR	48,359		55,463		55,000		463
1/15/19	JPMorgan Chase Bank N.A.		GHS	66,600		13,526		13,241		285
1/22/19	Bank of America N.A.		INR	1,047,130		15,035		14,000		1,035
1/22/19	Goldman Sachs & Co.		INR	70,115		1,007		1,000		7
1/8/19	Barclays Bank plc		MXN	1,365,199		69,427		71,862		(2,435	)
1/8/19	Citibank N.A.		MXN	38,041		1,935		2,000		(65	)
1/8/19	BNP Paribas S.A.		MXN	306,896		15,607		15,000		607
1/22/19	Barclays Bank plc		MYR	150,516		36,440		36,000		440
1/8/19	JPMorgan Chase Bank N.A.		PEN	46,214		13,717		13,655		62
2/1/19	Bank of America N.A.		PEN	93,380		27,692		28,695		(1,004	)
1/15/19	JPMorgan Chase Bank N.A.		RUB	1,199,329		17,199		17,943		(744	)
1/15/19	Bank of America N.A.		SEK	125,260		14,147		14,034		114
1/22/19	BNP Paribas S.A.		THB	2,352,960		72,279		71,604		675
Net unrealized depreciation on forward foreign currency exchange contracts to buy									$	(15,021	)

Forward Foreign Currency Exchange Contracts to Sell

EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION (DEPRECIATION)
2/12/19	JPMorgan Chase Bank N.A.		ARS	439,400	$	11,053	$	17,654	$	6,601
2/12/19	Bank of America N.A.		ARS	439,400		11,053		12,816		1,763
1/8/19	JPMorgan Chase Bank N.A.		BRL	97,396		25,118		26,000		882
1/8/19	BNP Paribas S.A.		CLP	9,491,286		13,676		14,425		749
1/22/19	Bank of America N.A.		CNH	256,863		37,397		37,000		(397	)
1/8/19	Goldman Sachs & Co.		COP	58,075,740		17,878		17,909		30
1/8/19	Citibank N.A.		CRC	10,513,050		17,340		17,442		102
2/21/19	Citibank N.A.		CRC	7,999,336		13,215		13,171		(44	)
3/14/19	Citibank N.A.		CRC	10,513,050		17,348		17,383		35
1/15/19	Goldman Sachs & Co.		EUR	11,727		13,449		13,677		227

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION (DEPRECIATION)
1/15/19	Bank of America N.A.		EUR	2,128	$	2,441	$	2,475	$	34
1/15/19	Bank of America N.A.		GBP	11,735		14,966		15,000		34
1/22/19	JPMorgan Chase Bank N.A.		IDR	213,585,000		14,793		13,833		(959	)
1/22/19	Citibank N.A.		INR	2,675,900		38,423		35,954		(2,468	)
1/15/19	JPMorgan Chase Bank N.A.		KES	1,565,398		15,337		15,000		(337	)
1/22/19	JPMorgan Chase Bank N.A.		KRW	16,795,500		15,089		15,000		(89	)
1/8/19	JPMorgan Chase Bank N.A.		MXN	1,403,240		71,362		69,371		(1,991	)
1/8/19	Bank of America N.A.		MXN	19,874		1,011		1,000		(11	)
1/8/19	JPMorgan Chase Bank N.A.		PEN	46,214		13,716		13,909		193
2/1/19	Barclays Bank plc		PEN	93,380		27,692		28,587		896
1/22/19	BNP Paribas S.A.		PHP	788,850		15,018		15,000		(18	)
1/15/19	JPMorgan Chase Bank N.A.		RUB	201,585		2,891		3,000		109
1/22/19	Bank of America N.A.		SGD	20,768		15,244		15,000		(244	)
1/22/19	Barclays Bank plc		THB	2,352,960		72,279		72,566		288
1/15/19	Bank of America N.A.		ZAR	260,949		18,112		18,000		(112	)
Net unrealized appreciation on forward foreign currency exchange contracts to sell									$	5,273

Currency Legend

ARS	–	Argentine Peso
AUD	–	Australian Dollar
BRL	–	Brazilian Real
CLP	–	Chilean Peso
CNH	–	Chinese Yuan Renminbi
COP	–	Colombian Peso
CRC	–	Costa Rican Colon
CZK	–	Czech Koruna
EUR	–	Euro
GBP	–	British Pound Sterling
GHS	–	Ghana Cedi
HUF	–	Hungarian Forint
IDR	–	Indonesian Rupiah
INR	–	Indian Rupee
KES	–	Kenyan Shilling
KRW	–	South Korean Won
MXN	–	Mexican Peso
MYR	–	Malaysian Ringgit
PEN	–	Peruvian Nuevo Sol
PHP	–	Philippines Peso
PLN	–	Polish Zloty
RUB	–	Russian Ruble
SEK	–	Swedish Krona
SGD	–	Singapore Dollar
THB	–	Thai Baht
ZAR	–	South African Rand

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

Futures

TYPE	EXPIRATION DATE	CONTRACTS		NOTIONAL AMOUNT			POSITION		FAIR VALUE			UNREALIZED APPRECIATION
Long Futures
U.S. 10-Year Treasury Note	03/20/19		8		958,570			Long	$	976,125		$	17,555
U.S. 2-Year Treasury Note	03/29/19		19		4,008,834			Long		4,033,937			25,103
U.S. 5-Year Treasury Note	03/29/19		2		225,787			Long		229,375			3,588
U.S. Ultra Bond	03/20/19		10		1,524,487			Long		1,606,563			82,076
Total Long Futures												$	128,322
TYPE	EXPIRATION DATE	CONTRACTS		NOTIONAL AMOUNT			POSITION		FAIR VALUE			UNREALIZED DEPRECIATION
Short Future
U.S. Long Bond	03/20/19		3		(418,138	)		Short	$	(438,000	)	$	(19,862	)

OTC Credit Default Swaps – Sell Protection ⁽¹⁾⁽²⁾

REFERENCE OBLIGATION	FIXED-DEAL RECEIVED RATE			PAYMENT FREQUENCY	MATURITY DATE		COUNTERPARTY	ORIGINAL NOTIONAL AMOUNT		CURRENT NOTIONAL AMOUNT(3)		UPFRONT PREMIUMS PAID/ (RECEIVED)			FAIR VALUE(4)			UNREALIZED DEPRECIATION
CMBX.NA.BBB-.6†		3.00	%	1M		11/17/2045	JPMorgan Chase Bank N.A.		60,000		60,000	$	132		$	(9,676	)	$	(9,808	)
CMBX.NA.BBB-.6†		3.00	%	1M		5/11/2063	Goldman Sachs & Co.		70,000		70,000		(5,108	)		(11,288	)		(6,180	)
Total OTC Credit Default Swaps												$	(4,976	)	$	(20,964	)	$	(15,988	)

(1) If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) Represents an investment grade index of single name credit default swaps (CDS). All of the companies underlying the single name CDS within the index are rated investment grade or higher. Rating represents a weighted average of the credit ratings of all the companies underlying the single name CDS within the index.

(3) The maximum potential amount the Portfolio could be required to make as a seller of credit protection or receive as a buyer of credit event as defined under the terms of that particular swap agreement.

(4) The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the expected amount paid or received for the credit derivative if the amount of the swap agreement was closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreements.

† Payment is based on a percentage of the index. Reference entities are a number of individual issuers comprising the index.

Abbreviation Legend

OTC Over the Counter

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Fixed Income — 96.2%*:
Corporate Bonds — 43.7%*:
Agriculture — 3.6%*:
JBS Investments II GmbH^		7.00	%		1/15/2026		500,000		$496,662		$490,000
MHP SE^+		7.75			5/10/2024		1,250,000		1,248,111		1,159,375
Total Agriculture							1,750,000		1,744,773		1,649,375
Chemicals — 3.9%*:
Consolidated Energy Finance SA+^		6.88			6/15/2025		170,000		175,797		161,925
Grupo Idesa SA de CV+^		7.88			12/18/2020		1,000,000		920,241		698,750
Petkim Petrokimya Holding AS+^		5.88			1/26/2023		500,000		466,344		453,750
SASOL Financing USA LLC+		5.88			3/27/2024		465,000		464,340		461,512
Total Chemicals							2,135,000		2,026,722		1,775,937
Commercial Banks — 6.2%*:
Alfa Bank AO Via Alfa Bond Issuance plc, 5 year USD Swap + 6.660%+		8.00	#		12/29/2066		400,000		415,303		359,000
Banco Mercantil del Norte SA, 10 year CMT + 5.353%+		7.63	#		12/31/2065		500,000		546,039		481,875
Itau Unibanco Holding SA+		6.13			12/31/2065		500,000		501,499		468,000
Turkiye Garanti Bankasi AS^+		4.75			10/17/2019		500,000		488,095		493,200
Turkiye Is Bankasi AS+^		5.00			4/30/2020		600,000		585,324		582,000
Turkiye Sinai Kalkinma Bankasi AS+		5.38			10/30/2019		500,000		486,774		490,625
Total Commercial Banks							3,000,000		3,023,034		2,874,700
Diversified Financial Services — 1.9%*:
Power Finance Corp. Ltd.^+		6.15			12/6/2028		450,000		449,405		439,153
REC Ltd.+		3.88			7/7/2027		500,000		458,329		455,625
Total Diversified Financial Services							950,000		907,734		894,778
Food — 2.2%*:
JBS Investments GmbH+^		7.25			4/3/2024		500,000		497,658		504,005
Marfrig Holdings Europe BV+^		8.00			6/8/2023		500,000		509,997		500,000
Total Food							1,000,000		1,007,655		1,004,005
Holding Companies-Diversified — 1.6%*:
KOC Holding AS+^		3.50			4/24/2020		750,000		727,818		724,687
Iron/Steel — 2.9%*:
CSN Resources SA+^		6.50			7/21/2020		750,000		724,169		723,375
Metinvest BV+^		7.75			4/23/2023		700,000		668,547		632,625
Total Iron/Steel							1,450,000		1,392,716		1,356,000
Media — 3.6%*:
Altice Financing SA+^		6.63			2/15/2023		800,000		794,305		768,000
VTR Finance BV+^		6.88			1/15/2024		899,000		935,042		899,000
Total Media							1,699,000		1,729,347		1,667,000

See accompanying Notes to the Financial Statements.

148

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Mining — 2.1%*:
Petra Diamonds US Treasury plc+^		7.25	%		5/1/2022		1,050,000		$1,047,774		$971,250
Oil and Gas — 1.4%*:
Petroleos Mexicanos+		6.75			9/21/2047		750,000		704,442		620,168
Real Estate — 5.1%*:
CIFI Holdings Group Co. Ltd.+		6.88			4/23/2021		630,000		630,000		615,885
New Metro Global Ltd.+		6.50			4/23/2021		1,250,000		1,232,511		1,209,126
Powerlong Real Estate Holdings Ltd.+		5.95			7/19/2020		300,000		297,320		287,250
Yuzhou Properties Co. Ltd.+		6.38			3/6/2021		250,000		249,812		242,500
Total Real Estate							2,430,000		2,409,643		2,354,761
Retail — 1.6%*:
Eurotorg LLC Via Bonitron DAC+^		8.75			10/30/2022		750,000		758,646		750,660
Telecommunications — 5.1%*:
GTH Finance BV^+		7.25			4/26/2023		500,000		513,290		511,875
HTA Group Ltd.+^		9.13			3/8/2022		525,000		534,196		532,875
IHS Netherlands Holdco BV^+		9.50			10/27/2021		550,000		557,920		553,060
Millicom International Cellular SA^+		6.63			10/15/2026		750,000		756,504		763,125
Total Telecommunications							2,325,000		2,361,910		2,360,935
Transportation — 1.0%*:
Rumo Luxembourg Sarl+^		5.88			1/18/2025		500,000		463,140		478,750
Water — 1.5%*:
Aegea Finance Sarl+^		5.75			10/10/2024		750,000		712,916		711,563
Total Corporate Bonds							21,289,000		21,018,270		20,194,569
Foreign Government — 52.5%*:
Albania — 1.0%*:
Albania Government International Bond^+		3.50			10/9/2025		400,000		460,692		455,113
Argentina — 2.0%*:
Provincia de Buenos Aires+		4.00			5/1/2020		349,999		386,200		388,981
Provincia de Cordoba+^		7.13			6/10/2021		580,000		593,843		514,750
Total Argentina							929,999		980,043		903,731
Armenia — 2.1%*:
Republic of Armenia International Bond+^		7.15			3/26/2025		920,000		995,509		963,700
Brazil — 10.2%*:
Brazil Notas do Tesouro Nacional Serie B+		6.00			8/15/2050		4,980,000		5,025,614		4,695,560
Colombia — 3.6%*:
Colombian TES+		7.50			8/26/2026		750,000,000		243,137		243,087
Colombian TES+		7.75			9/18/2030		1,344,000,000		494,279		438,430
Colombian TES+		10.00			7/24/2024		2,688,600,000		1,048,196		973,664
Total Colombia							4,782,600,000		1,785,612		1,655,181

See accompanying Notes to the Financial Statements.

149

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Foreign Government (Continued)
Dominican Republic — 1.4%*:
Dominican Republic International Bond+^		8.63	%		4/20/2027		570,000		$670,881		$651,938
Egypt — 1.7%*:
Egypt Treasury Bills+		Zero Coupon			7/2/2019		10,550,000		538,736		536,513
Egypt Treasury Bills+		Zero Coupon			7/16/2019		5,275,000		266,983		266,398
Total Egypt							15,825,000		805,719		802,911
El Salvador — 3.6%*:
El Salvador Government International Bond+^		7.38			12/1/2019		200,000		201,721		200,311
El Salvador Government International Bond+^		8.25			4/10/2032		600,000		643,966		603,000
El Salvador Government International Bond+^		8.63			2/28/2029		850,000		988,926		884,000
Total El Salvador							1,650,000		1,834,613		1,687,311
Ghana — 3.5%*:
Ghana Government Bond+^		10.75			10/14/2030		700,000		869,295		791,000
Ghana Government Bond+		16.50			2/6/2023		3,500,000		809,438		637,054
Ghana Government Bond+		18.25			7/25/2022		408,000		92,756		79,414
Ghana Government Bond+		21.50			3/9/2020		480,000		112,289		99,402
Total Ghana							5,088,000		1,883,778		1,606,870
Indonesia — 2.5%*:
Indonesia Treasury Bond+		7.00			5/15/2027		3,578,000,000		238,711		231,401
Indonesia Treasury Bond+		8.38			3/15/2034		13,640,000,000		1,040,402		949,725
Total Indonesia							17,218,000,000		1,279,113		1,181,126
Macedonia — 1.2%*:
Macedonia Government International Bond+^		2.75			1/18/2025		510,000		586,011		569,140
Malaysia — 1.0%*:
Malaysia Government Bond+		3.96			9/15/2025		1,978,000		476,547		476,371
Mexico — 8.4%*:
Mexican Bonos+		7.75			11/13/2042		60,400,000		2,914,045		2,709,273
Mexican Bonos+		8.00			11/7/2047		15,000,000		657,401		690,778
Mexico Government International Bond+		5.75			10/12/2110		500,000		504,498		469,375
Total Mexico							75,900,000		4,075,944		3,869,426
Peru — 1.4%*:
Peru Government Bond+		6.85			2/12/2042		1,173,000		400,113		369,684
Peru Government Bond+		8.20			8/12/2026		800,000		285,331		278,585
Total Peru							1,973,000		685,444		648,269

See accompanying Notes to the Financial Statements.

150

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Foreign Government (Continued)
Russia — 6.2%*:
Russian Federal Bond — OFZ+		7.70	%		3/23/2033		12,440,000		$226,263		$166,042
Russian Federal Bond — OFZ+		8.50			9/17/2031		190,560,000		3,705,507		2,717,425
Total Russia							203,000,000		3,931,770		2,883,467
Senegal — 0.7%*:
Senegal Government International Bond+^		4.75			3/13/2028		300,000		372,120		314,938
Ukraine — 2.0%*:
Ukraine Government International Bond+^		7.75			9/1/2020		625,000		639,854		603,906
Ukraine Government International Bond+^		7.75			9/1/2021		325,000		339,344		305,500
Total Ukraine							950,000		979,198		909,406
Total Foreign Government							22,315,573,999		26,828,608		24,274,458
Total Fixed Income							22,336,862,999		47,846,878		44,469,027
Total Investments							22,336,862,999		47,846,878		44,469,027
Other assets and liabilities — 3.8%*											1,760,160
Net Assets — 100.0%											$46,229,187

‡‡ 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:

Brazil	17.0%
Mexico	12.7%
Russia	6.5%
Turkey	6.2%
Colombia	5.4%
China	5.3%
El Salvador	3.8%
Ghana	3.6%
Ukraine	3.5%
United Kingdom	3.4%
Indonesia	2.7%
Cocos (Keeling) Islands	2.6%
Ireland	2.5%
Niger	2.4%
Armenia	2.2%
Argentina	2.0%
Chile	2.0%
India	2.0%
Egypt	1.8%
Portugal	1.7%

See accompanying Notes to the Financial Statements.

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Dominican Republic	1.5%
Peru	1.5%
United States	1.4%
Macedonia	1.3%
Netherlands	1.1%
American Samoa	1.1%
Malaysia	1.1%
Albania	1.0%
Other (Individually less than 1%)	0.7%
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.

# Variable rate security. The interest rate shown is the rate in effect at December 31, 2018.

** Variable Rate is Fixed to Float: Rate remains fixed until designated future date.

A summary of outstanding derivatives at December 31, 2018 is as follows:

Cross Currency Forward Foreign Currency Exchange Contracts

EXPIRATION DATE	DELIVER/RECEIVE	COUNTERPARTY	CONTRACT AMOUNT PURCHASED		CONTRACT AMOUNT SOLD		NET UNREALIZED APPRECIATION (DEPRECIATION)
1/15/19	CZK/EUR	Bank of America N.A.		2,007,565		51,878,504	$	(8,049	)
1/15/19	EUR/CZK	Bank of America N.A.		25,931,572		1,003,000		4,580
1/15/19	EUR/CZK	Citibank N.A.		25,946,932		1,002,023		6,385
1/15/19	EUR/HUF	Barclays Bank plc		390,193,751		1,201,244		15,958
1/15/19	EUR/PLN	Citibank N.A.		684,444		157,000		2,861
1/15/19	EUR/PLN	Barclays Bank plc		12,767,043		2,943,478		36,245
1/15/19	HUF/EUR	BNP Paribas S.A.		1,199,177		390,193,751		(18,329	)
1/15/19	PLN/EUR	Barclays Bank plc		101,000		434,721		(347	)
Net unrealized appreciation on cross currency forward foreign currency exchange contracts							$	39,304

Forward Foreign Currency Exchange Contracts to Buy

EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION (DEPRECIATION)
2/12/19	State Street Bank & Trust Co.		ARS	48,501,050	$	1,220,021	$	2,015,000	$	(794,979	)
2/12/19	Bank of America N.A.		ARS	6,742,400		169,602		280,000		(110,398	)
10/29/19	Bank of America N.A.		ARS	18,656,207		366,641		362,609		4,032
10/29/19	JPMorgan Chase Bank N.A.		ARS	18,656,207		366,641		354,008		12,633
10/29/19	BNP Paribas S.A.		ARS	82,111,364		1,613,692		1,545,000		68,692
1/22/19	JPMorgan Chase Bank N.A.		AUD	2,645,835		1,864,329		1,888,000		(23,671	)
1/8/19	JPMorgan Chase Bank N.A.		BRL	3,591,056		926,110		927,203		(1,093	)
1/22/19	Citibank N.A.		CNY	354,832		51,688		51,000		688
1/8/19	Barclays Bank plc		COP	501,167,000		154,282		165,608		(11,326	)

See accompanying Notes to the Financial Statements.

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December 31, 2018 (Unaudited)

EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION (DEPRECIATION)
1/8/19	Citibank N.A.		CRC	678,383,707	$	1,118,937	$	1,133,303	$	(14,366	)
1/15/19	Bank of America N.A.		EUR	3,864,353		4,431,984		4,394,991		36,993
1/15/19	JPMorgan Chase Bank N.A.		EUR	564,565		647,493		646,834		659
1/15/19	Citibank N.A.		EUR	503,550		577,516		573,619		3,897
1/22/19	Bank of America N.A.		INR	63,351,365		909,648		847,000		62,648
1/22/19	Goldman Sachs & Co.		INR	6,240,235		89,602		89,000		602
1/8/19	Barclays Bank plc		MXN	1,488,272		75,686		78,340		(2,654	)
1/8/19	BNP Paribas S.A.		MXN	4,317,009		219,542		211,000		8,542
1/8/19	Citibank N.A.		MXN	2,073,256		105,435		109,000		(3,565	)
1/22/19	Barclays Bank plc		MYR	12,299,186		2,977,648		2,950,820		26,828
1/22/19	Goldman Sachs & Co.		MYR	10,099		2,445		2,430		15
1/8/19	JPMorgan Chase Bank N.A.		PEN	3,066,357		910,110		906,000		4,110
2/1/19	Bank of America N.A.		PEN	888,720		263,548		273,099		(9,551	)
2/1/19	State Street Bank & Trust Co.		PEN	3,222,868		955,734		979,000		(23,266	)
1/15/19	Bank of America N.A.		SEK	8,864,950		1,001,239		993,184		8,055
1/22/19	BNP Paribas S.A.		THB	152,223,440		4,676,023		4,632,386		43,637
Net unrealized depreciation on forward foreign currency exchange contracts to buy									$	(712,838	)

Forward Foreign Currency Exchange Contracts to Sell

EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION (DEPRECIATION)
2/12/19	Bank of America N.A.		ARS	27,621,725	$	694,811	$	805,650	$	110,839
2/12/19	JPMorgan Chase Bank N.A.		ARS	27,621,725		694,811		1,109,752		414,941
1/8/19	JPMorgan Chase Bank N.A.		BRL	1,861,080		479,960		495,000		15,040
1/8/19	BNP Paribas S.A.		CLP	596,358,886		859,325		906,362		47,037
1/22/19	Bank of America N.A.		CNH	16,383,710		2,385,339		2,360,000		(25,339	)
1/8/19	Barclays Bank plc		COP	785,862,000		241,925		243,000		1,075
1/8/19	Citibank N.A.		CRC	678,383,707		1,118,937		1,125,525		6,588
2/21/19	Citibank N.A.		CRC	514,483,437		849,929		847,128		(2,801	)
3/14/19	Citibank N.A.		CRC	678,383,707		1,119,445		1,121,703		2,258
1/15/19	Goldman Sachs & Co.		EUR	576,194		660,830		672,000		11,170
1/15/19	Bank of America N.A.		EUR	347,189		398,188		403,710		5,522
1/22/19	JPMorgan Chase Bank N.A.		IDR	31,824,743,572		2,204,143		2,061,188		(142,955	)
1/2/19	Bank of America N.A.		ILS	5,509		1,473		1,464		(9	)
1/22/19	Citibank N.A.		INR	168,015,660		2,412,500		2,257,516		(154,984	)
1/15/19	JPMorgan Chase Bank N.A.		KES	98,620,053		966,218		945,000		(21,218	)
1/22/19	JPMorgan Chase Bank N.A.		KRW	1,026,764,900		922,415		917,000		(5,415	)
1/8/19	Citibank N.A.		MXN	16,003,485		813,859		780,159		(33,700	)
1/8/19	Bank of America N.A.		MXN	21,994,914		1,118,553		1,098,069		(20,484	)
1/22/19	Goldman Sachs & Co.		MYR	4,637,685		1,122,789		1,105,000		(17,789	)
1/8/19	JPMorgan Chase Bank N.A.		PEN	5,304,772		1,574,483		1,596,620		22,137
2/1/19	Barclays Bank plc		PEN	4,111,588		1,219,282		1,258,714		39,432

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION (DEPRECIATION)
1/22/19	BNP Paribas S.A.		PHP	48,225,030	$	918,089	$	917,000	$	(1,089	)
1/15/19	JPMorgan Chase Bank N.A.		RUB	140,119,891		2,009,398		2,089,961		80,563
1/15/19	Citibank N.A.		SEK	570,890		64,478		63,000		(1,478	)
1/22/19	Bank of America N.A.		SGD	1,308,376		960,351		945,000		(15,351	)
1/22/19	Barclays Bank plc		THB	152,223,440		4,676,023		4,694,632		18,609
1/15/19	Bank of America N.A.		ZAR	13,090,950		908,632		903,000		(5,632	)
Net unrealized appreciation on forward foreign currency exchange contracts to sell									$	326,967

Currency Legend

ARS	–	Argentine Peso
AUD	–	Australian Dollar
BRL	–	Brazilian Real
CLP	–	Chilean Peso
CNH	–	Chinese Yuan Renminbi
CNY	–	Chinese Yuan
COP	–	Colombian Peso
CRC	–	Costa Rican Colon
CZK	–	Czech Koruna
EUR	–	Euro
HUF	–	Hungarian Forint
IDR	–	Indonesian Rupiah
ILS	–	Israeli Shekel
INR	–	Indian Rupee
KES	–	Kenyan Shilling
KRW	–	South Korean Won
MXN	–	Mexican Peso
MYR	–	Malaysian Ringgit
PEN	–	Peruvian Nuevo Sol
PHP	–	Philippines Peso
PLN	–	Polish Zloty
RUB	–	Russian Ruble
SEK	–	Swedish Krona
SGD	–	Singapore Dollar
THB	–	Thai Baht
ZAR	–	South African Rand

Futures

TYPE	EXPIRATION DATE		CONTRACTS		NOTIONAL AMOUNT			POSITION	FAIR VALUE			UNREALIZED DEPRECIATION
Short Future
U.S. Ultra Bond		03/20/19		8		(1,220,231	)	Short	$	(1,285,250	)	$	(65,019	)

See accompanying Notes to the Financial Statements.

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December 31, 2018 (Unaudited)

Centrally Cleared Interest Rate Swaps

FLOATING RATE REFERENCE	PAY/RECEIVE FLOATING RATE	FIXED RATE			MATURITY DATE		PAY/RECEIVE PAYMENT FREQUENCY	NOTIONAL AMOUNT		CLEARED EXCHANGE		UNREALIZED APPRECIATION DEPRECIATION
KRW-KSDA Rate	Receive		1.86	%		12/14/23	3M/3M		5,600,000,000		CME	$	(19,799	)
HUF-BUBOR Rate	Receive		1.32	%		12/17/21	6M/6M		2,241,000,000		CME		(35,342	)
Total Centrally Cleared Interest Rate Swaps												$	(55,141	)

OTC Cross Currency Swaps

NOTIONAL AMOUNT	FUND PAYS			PAY/ RECEIVE PAYMENT FREQUENCY	MATURITY DATE		COUNTERPARTY		NOTIONAL AMOUNT		FUND RECEIVES			UPFRONT PREMIUMS PAID/ (RECEIVED)			FAIR VALUE			UNREALIZED APPRECIATION (DEPRECIATION)
300,000 EUR		4.75	%	1Y/6M		03/13/2028		Bank of America N.A.		372,150 USD		7.43	%	$	30		$	35,283		$	35,253
113,000 EUR		4.00	%	1Y/6M		05/01/2020		Citibank N.A.		128,402 USD		7.30	%		(6	)		(922	)		(917	)
400,000 EUR		3.50	%	1Y/6M		10/09/2025		Citibank N.A.		462,000 USD		6.56	%		(60	)		18,360			18,420
510,000 EUR		2.75	%	1Y/6M		01/18/2025		Citibank N.A.		591,600 USD		5.75	%		2,065			24,696			22,631
237,000 EUR		4.00	%	1Y/6M		05/01/2020		Citibank N.A.		270,654 USD		7.33	%		1,126			(416	)		(1,542	)
350,000 EUR		2.70	%	1Y/6M		06/15/2028		Citibank N.A.		411,740 USD		5.34	%		(245	)		14,663			14,909
Total OTC Cross Currency Swaps														$	2,910		$	91,664		$	88,754

OTC – Interest Rate Swaps

DESCRIPTION	NOTIONAL AMOUNT			UNREALIZED APPRECIATION		VALUE
Agreement with Bank of America N.A. dated 7/12/2018 paying a fixed rate of 9.18% receiving the notional amount multiplied by the BRL-CDI rate of Expiring 1/4/2021		BRL	12,640,167	$	162,274	$	162,274
Agreement with Bank of America N.A. dated 06/27/18 receiving a fixed rate of 9.35% paying the notional amount multiplied by the BRL-CDI rate. Expiring 1/4/21		BRL	3,994,027		57,304		57,304
Total OTC Interest Rate Swaps				$	219,578	$	219,578

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

OTC Credit Default Swaps – Sell Protection ⁽¹⁾

REFERENCE OBLIGATION	FIXED- DEAL RECEIVED RATE	PAYMENT FREQUENCY		MATURITY DATE		COUNTERPARTY	ORIGINAL NOTIONAL AMOUNT		CURRENT NOTIONAL AMOUNT (2)		UPFRONT PREMIUMS PAID/ (RECEIVED)			FAIR VALUE (3)			UNREALIZED APPRECIATION (DEPRECIATION)
Brazil Government International Bond	1.00%		3M		12/20/2023	BNP Paribas S.A.	$	500,000	$	500,000	$	(41,120	)	$	(23,521	)	$	17,599
Colombia Government International Bond	1.00%		3M		12/20/2023	BNP Paribas S.A.		500,000		500,000		(11,847	)		(12,918	)		(1,071	)
Colombia Government International Bond	1.00%		3M		12/20/2023	BNP Paribas S.A.		500,000		500,000		(2,407	)		(12,918	)		(10,511	)
Indonesia Government International Bond	1.00%		3M		12/20/2023	BNP Paribas S.A.		1,000,000		1,000,000		(18,230	)		(16,739	)		1,491
Indonesia Government International Bond	1.00%		3M		12/20/2023	BNP Paribas S.A.		2,000,000		2,000,000		(42,604	)		(33,479	)		9,125
Malaysia Government International Bond	1.00%		3M		12/20/2023	BNP Paribas S.A.		1,500,000		1,500,000		(4,826	)		(6,397	)		(1,571	)
Mexico Government International Bond	1.00%		3M		12/20/2023	Goldman Sachs & Co.		1,000,000		1,000,000		(5,726	)		(24,515	)		(18,789	)
Panama Government International Bond	1.00%		3M		12/20/2023	JPMorgan Chase Bank N.A.		1,000,000		1,000,000		14,049			6,362			(7,687	)
Peruvian Government International Bond	1.00%		3M		12/20/2023	Bank of America N.A.		1,000,000		1,000,000		6,184			2,430			(3,754	)
Turkey Government International Bond	1.00%		3M		6/20/2019	JPMorgan Chase Bank N.A.		500,000		500,000		(9,042	)		(2,928	)		6,114
Total OTC Credit Default Swaps											$	(115,569	)	$	(124,623	)	$	(9,054	)

(1) If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) The maximum potential amount the Portfolio could be required to make as a seller of credit protection or receive as a buyer of credit event as defined under the terms of that particular swap agreement.

(3) The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the expected amount paid or received for the credit derivative if the amount of the swap agreement was closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreements.

Abbreviation Legend

OTC Over the Counter

See accompanying Notes to the Financial Statements.

156

Barings Global Emerging Markets Equity Fund 2018 Semi-Annual Report

SCHEDULE OF INVESTMENTS

December 31, 2018 (Unaudited)

	SHARES		COST		FAIR VALUE
Equities — 91.1%*:
Common Stocks — 91.1%*:
Communication Services — 8.0%*:
Mail.Ru Group Ltd.+(a)		4,180		$110,980		$98,063
Naspers Ltd.+		934		202,883		187,759
Tencent Holdings Ltd.+		12,100		486,586		485,205
Total Communication Services		17,214		800,449		771,027
Consumer Discretionary — 7.1%*:
Alibaba Group Holding Ltd.+(a)		4,266		669,663		584,741
Samsonite International SA^		33,600		97,499		95,473
Total Consumer Discretionary		37,866		767,162		680,214
Consumer Staples — 3.9%*:
CP ALL Public Company Limited+		71,600		150,311		151,182
Natura Cosmeticos SA+		10,400		70,742		120,751
X5 Retail Group NV+		4,259		103,537		105,538
Total Consumer Staples		86,259		324,590		377,471
Energy — 4.2%*:
CNOOC Ltd.+		86,000		159,195		132,891
Reliance Industries Ltd.+^		8,504		288,054		270,852
Total Energy		94,504		447,249		403,743
Financials — 34.5%*:
AIA Group Ltd.+		24,200		200,659		200,881
B3 SA — Brasil Bolsa Balcao+		23,123		124,844		159,950
Banco do Brasil SA+		9,800		67,209		117,552
Bancolombia SA+		4,723		192,923		179,946
China Construction Bank Corp.+		534,000		442,435		440,539
China Pacific Insurance Group Co. Ltd.+		49,400		172,692		159,925
Grupo Financiero Banorte SAB de CV+		30,302		215,928		147,919
Hana Financial Group, Inc.+		6,217		237,492		201,977
HDFC Bank Ltd.+		3,800		358,595		393,642
Itau Unibanco Holding SA+		23,715		165,801		216,755
Mega Financial Holding Co. Ltd.+		213,000		182,642		179,827
Ping An Insurance Group Co. of China Ltd.+		42,000		399,188		370,896
PT Bank Negara Indonesia Persero Tbk+		354,100		174,120		216,696
Sanlam Ltd.+		32,257		164,909		178,913
Sberbank of Russia PJSC+††		14,847		169,153		162,723
Total Financials		1,365,484		3,268,590		3,328,141
Industrials — 3.4%*:
China State Construction International Holdings Ltd.+		210,000		198,648		166,810
Rumo SA+(a)		36,200		125,794		158,782
Total Industrials		246,200		324,442		325,592

See accompanying Notes to the Financial Statements.

157

Barings Global Emerging Markets Equity Fund 2018 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	SHARES		COST		FAIR VALUE
Common Stocks (Continued)
Information Technology — 16.0%*:
Chicony Electronics Co. Ltd.+		49,000		$100,603		$99,795
Hangzhou Hikvision Digital Technology Co. Ltd.+		33,300		135,627		124,941
Samsung Electronics Co. Ltd.+		17,290		692,046		599,680
Sunny Optical Technology Group Co. Ltd.+		9,400		108,663		83,550
Taiwan Semiconductor Manufacturing Co. Ltd.+		86,000		716,077		630,934
Total Information Technology		194,990		1,753,016		1,538,900
Materials — 7.3%*:
Angang Steel Co. Ltd.+		180,000		156,043		124,130
Anglo American plc+		11,462		235,186		256,741
Cemex SAB de CV+(a)		16,900		120,690		81,458
LG Chem Ltd.+(a)		793		250,323		246,613
Total Materials		209,155		762,242		708,942
Real Estate — 4.8%*:
China Overseas Land & Investment Ltd.+		72,000		214,001		247,340
China Resources Land Ltd.+		56,000		188,928		215,261
Total Real Estate		128,000		402,929		462,601
Utilities — 1.9%*:
Huaneng Renewables Corp. Ltd.*+		694,000		202,375		186,118
Total Common Stocks		3,073,672		9,053,044		8,782,749
Total Equities		3,073,672		9,053,044		8,782,749
Mutual Fund — 4.6%*:
iShares MSCI India ETF		13,306		446,856		443,622
Total Investments		3,086,978		9,499,900		9,226,371
Other assets and liabilities — 4.3%*						415,857
Net Assets — 100.0%						$9,642,228

* 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:

China	36.0%
Republic of Korea	11.4%
Taiwan	9.9%
Brazil	8.4%
India	7.2%
South Africa	6.8%
United States	4.8%
Russia	4.0%

See accompanying Notes to the Financial Statements.

158

Barings Global Emerging Markets Equity Fund 2018 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

Hong Kong	3.2%
Mexico	2.5%
Indonesia	2.3%
Colombia	1.9%
Thailand	1.6%
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.

†† Illiquid security.

(a) Non-income producing security.

See accompanying Notes to the Financial Statements.

159

Barings Global High Yield Fund 2018 Semi-Annual Report

SCHEDULE OF INVESTMENTS

December 31, 2018 (Unaudited)

						SHARES		COST		FAIR VALUE
Equities — 0.5%*:
Common Stock — 0.5%*:
Oil and Gas — 0.5%*:
Jupiter Resources, Inc.+							33,592		$162,354		$114,213
Warrants — 0.0%*:
Diversified/Conglomerate Manufacturing — 0.0%*:
Appvion Holdings Corp. (exp. June 13, 2023)¤††							319		–		3,397
Appvion Holdings Corp. (exp. June 13, 2023)¤							319		–		–
Total Diversified/Conglomerate Manufacturing							638		–		3,397
Total Warrants							638		–		3,397
Total Equities							34,230		162,354		117,610
	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Fixed Income — 97.7%*:
Bank Loans — 5.6%*§:
Aerospace and Defense — 0.2%*:
Ducommun, Inc., 1M LIBOR + 4.000%		6.80	%		11/16/2025		33,440		33,273		32,604
Diversified/Conglomerate Service — 0.9%*:
Vertafore, Inc., 1M LIBOR + 3.250%		6.05			7/2/2025		180,000		175,708		170,606
Evertec Group, LLC, 1M LIBOR + 3.500%		6.02			11/27/2024		43,312		43,096		42,409
Total Diversified/Conglomerate Service							223,312		218,804		213,015
Leisure, Amusement, Entertainment — 0.3%*:
SeaWorld Parks & Entertainment, Inc., 3M LIBOR + 3.000%		5.52			3/31/2024		78,577		78,482		74,845
Oil and Gas — 1.2%*:
Fieldwood Energy LLC, 1M LIBOR + 5.250%		7.77			4/11/2022		300,000		303,979		279,564
Printing and Publishing — 0.8%*:
Getty Images, Inc., 3M LIBOR + 3.500%		6.02			10/18/2019		198,402		194,459		192,450
Retail Stores — 0.8%*:
Michaels Stores, Inc., 1M LIBOR + 2.500%		5.01			1/30/2023		180,000		174,636		171,675
Telecommunications — 1.4%*:
CenturyLink, Inc., 3M LIBOR + 2.750%		5.27			1/31/2025		248,744		247,020		231,581
Sprint Communications, Inc., 1M LIBOR + 2.500%		5.06			2/2/2024		86,779		83,952		82,368
Total Telecommunications							335,523		330,972		313,949
Total Bank Loans							1,349,254		1,334,605		1,278,102

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds — 92.1%*:
Aerospace and Defense — 2.5%*:
Swissport Financing Sarl+		9.75	%		12/15/2022		100,000		$129,901		$120,016
Triumph Group, Inc.		4.88			4/1/2021		38,000		37,117		34,105
Triumph Group, Inc.		7.75			8/15/2025		250,000		250,000		220,625
VistaJet Malta Finance PLC/VistaJet Co. Finance LLC^		7.75			6/1/2020		200,000		199,817		191,500
Total Aerospace and Defense							588,000		616,835		566,246
Automobile — 1.8%*:
AA Bond Co. Ltd.+		5.50			7/31/2022		200,000		276,874		203,627
Garrett LX I Sarl/Garrett Borrowing LLC+		5.13			10/15/2026		100,000		117,490		101,089
RAC Bond Co. PLC+		5.00			11/6/2022		100,000		128,880		113,779
Total Automobile							400,000		523,244		418,495
Beverage, Food and Tobacco — 3.3%*:
Boparan Finance PLC+		5.50			7/15/2021		150,000		190,983		137,274
JBS USA LUX SA/JBS USA Finance, Inc.^		5.88			7/15/2024		137,000		140,136		134,945
JBS USA LUX SA/JBS USA Finance, Inc.^		6.75			2/15/2028		250,000		250,000		243,750
KeHE Distributors LLC/KeHE Finance Corp.^		7.63			8/15/2021		150,000		150,952		142,500
Sunshine Mid BV+		6.50			5/15/2026		100,000		121,055		105,409
Total Beverage, Food and Tobacco							787,000		853,126		763,878
Broadcasting and Entertainment — 6.7%*:
Arqiva Broadcast Finance PLC+		6.75			9/30/2023		100,000		130,610		127,460
CCO Holdings LLC/CCO Holdings Capital Corp.^		5.00			2/1/2028		275,000		275,090		253,000
CCO Holdings LLC/CCO Holdings Capital Corp.^		5.75			2/15/2026		275,000		274,356		269,500
Clear Channel Worldwide Holdings, Inc.		7.63			3/15/2020		241,000		240,452		235,475
DISH DBS Corp.		7.75			7/1/2026		125,000		125,000		103,437
Intelsat Jackson Holdings SA^		8.50			10/15/2024		250,000		250,000		242,500
Intelsat Jackson Holdings SA^		9.75			7/15/2025		25,000		26,343		25,070
Tele Columbus AG+		3.88			5/2/2025		150,000		156,780		155,278
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH+		6.25			1/15/2029		90,000		104,944		112,761
Total Broadcasting and Entertainment							1,531,000		1,583,575		1,524,481
Buildings and Real Estate — 2.1%*:
Residomo SRO+		3.38			10/15/2024		150,000		176,117		166,782
Standard Industries, Inc.^		4.75			1/15/2028		250,000		250,000		210,000
William Lyon Homes, Inc.		6.00			9/1/2023		123,000		123,000		110,700
Total Buildings and Real Estate							523,000		549,117		487,482
Cargo Transport — 4.4%*:
American Airlines Group, Inc.^		5.50			10/1/2019		265,000		266,395		265,662
Deck Chassis Acquisition, Inc.^		10.00			6/15/2023		381,000		386,737		365,760
Kenan Advantage Group, Inc.^		7.88			7/31/2023		400,000		409,469		383,000
Total Cargo Transport							1,046,000		1,062,601		1,014,422

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Chemicals, Plastics and Rubber — 4.0%*:
Consolidated Energy Finance SA^		6.88	%		6/15/2025		300,000		$298,731		$285,750
Huntsman International LLC		4.25			4/1/2025		100,000		128,478		124,073
INEOS Group Holdings SA+		5.38			8/1/2024		100,000		109,981		111,997
LBC Tank Terminals Holding Netherlands BV^		6.88			5/15/2023		215,000		209,523		191,350
Monitchem HoldCo 2 SA+		6.88			6/15/2022		100,000		99,895		91,598
Starfruit Finco BV/Starfruit US Holdco LLC+		6.50			10/1/2026		100,000		117,785		105,724
Total Chemicals, Plastics and Rubber							915,000		964,393		910,492
Containers, Packaging and Glass — 1.4%*:
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.^+		7.25			5/15/2024		200,000		206,298		199,500
BWAY Holding Co.		4.75			4/15/2024		100,000		115,660		112,161
Total Containers, Packaging and Glass							300,000		321,958		311,661
Diversified/Conglomerate Manufacturing — 0.5%*:
Appvion ESC¤^		9.00			6/1/2020		327,000		252,212		—
Energizer Gamma Acquisition BV		4.63			7/15/2026		100,000		116,130		107,128
Total Diversified/Conglomerate Manufacturing							427,000		368,342		107,128
Diversified/Conglomerate Service — 6.4%*:
Algeco Global Finance PLC+		6.50			2/15/2023		100,000		121,509		111,888
Carlson Travel, Inc.^		9.50			12/15/2024		280,000		280,000		254,100
Genesys Telecommunications Laboratories Inc/Greeneden Lux 3 Sarl/Greeneden US Ho^		10.00			11/30/2024		200,000		218,204		209,500
Iron Mountain UK PLC		3.88			11/15/2025		100,000		132,815		112,160
Prime Security Services Borrower LLC/Prime Finance, Inc.^		9.25			5/15/2023		353,000		362,980		364,031
Verisure Midholding AB+		5.75			12/1/2023		150,000		176,872		165,383
Zachry Holdings, Inc.^		7.50			2/1/2020		250,000		250,889		245,000
Total Diversified/Conglomerate Service							1,433,000		1,543,269		1,462,062
Electronics — 2.7%*:
TIBCO Software, Inc.^		11.38			12/1/2021		439,000		468,296		459,852
Veritas US, Inc./Veritas Bermuda Ltd.^		10.50			2/1/2024		250,000		257,322		163,750
Total Electronics							689,000		725,618		623,602
Finance — 6.6%*:
Cabot Financial Luxembourg SA+		7.50			10/1/2023		100,000		134,287		115,810
Galaxy Finco Ltd.+		7.88			11/15/2021		250,000		380,743		311,130
Garfunkelux Holdco 3 S.A.+		8.50			11/1/2022		300,000		446,289		320,947
Jerrold Finco PLC+		6.13			1/15/2024		100,000		124,555		122,370
LPL Holdings, Inc.^		5.75			9/15/2025		250,000		250,000		234,375
Nexi Capital SpA+		4.13			11/1/2023		100,000		119,575		113,150

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Finance (Continued)
Park Aerospace Holdings Ltd.+^		5.25	%		8/15/2022		47,000		$46,928		$45,473
VFH Parent LLC/Orchestra Co-Issuer, Inc.^		6.75			6/15/2022		244,000		249,666		237,161
Total Finance							1,391,000		1,752,043		1,500,416
Healthcare, Education and Childcare — 8.3%*:
Auris Luxembourg II SA		8.00			1/15/2023		100,000		116,395		116,649
Avantor, Inc.^		9.00			10/1/2025		220,000		220,000		220,000
Bausch Health Cos., Inc.^		5.88			5/15/2023		42,000		36,156		38,850
Bausch Health Cos., Inc.^		6.13			4/15/2025		224,000		199,647		195,440
Bausch Health Cos., Inc.^		7.00			3/15/2024		125,000		125,000		126,250
Bausch Health Cos., Inc.^		5.50			3/1/2023		101,000		80,370		92,415
CTC BondCo GmbH+		5.25			12/15/2025		100,000		117,464		109,069
Endo Dac/Endo Finance LLC/Endo Finco Inc^		6.00			2/1/2025		240,000		194,504		172,200
Endo Finance LLC/Endo Finco, Inc.^		7.25			1/15/2022		39,000		37,516		33,735
Envision Healthcare Corp.^		8.75			10/15/2026		250,000		250,000		216,250
IDH Finance PLC+		6.25			8/15/2022		100,000		131,025		104,581
Mallinckrodt International Finance SA/Mallinckrodt CB LLC^		5.63			10/15/2023		38,000		33,734		28,880
Mallinckrodt International Finance SA/Mallinckrodt CB LLC^		5.75			8/1/2022		34,000		31,477		29,240
Nidda Healthcare Holding GmbH+		3.50			9/30/2024		100,000		111,846		107,517
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA^		6.63			5/15/2022		220,000		211,459		198,000
Synlab Unsecured Bondco PLC+		8.25			7/1/2023		100,000		130,957		117,588
Total Healthcare, Education and Childcare							2,033,000		2,027,550		1,906,664
Home and Office Furnishings, Housewares, and Durable Consumer Products — 0.9%*:
LSF9 Balta Issuer Sarl+		7.75			9/15/2022		202,500		238,062		214,452
Hotels, Motels, Inns and Gaming — 1.4%*:
TVL Finance PLC+		8.50			5/15/2023		160,000		224,427		208,965
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.^		5.25			5/15/2027		125,000		125,000		110,000
Total Hotels, Motels, Inns and Gaming							285,000		349,427		318,965
Insurance — 0.9%*:
Acrisure LLC/Acrisure Finance, Inc.^		7.00			11/15/2025		250,000		250,000		213,125
Leisure, Amusement, Entertainment — 4.6%*:
Allegiant Travel Co.††		5.50			7/15/2019		200,000		201,520		200,000
AMC Entertainment Holdings, Inc.		6.38			11/15/2024		100,000		132,394		118,181
Brunswick Corp.		7.13			8/1/2027		317,000		333,063		350,233
CPUK Finance Ltd.+		4.88			8/28/2025		100,000		120,937		119,140
Perform Group Financing PLC+		8.50			11/15/2020		100,000		150,651		127,511
Vue International Bidco PLC+		7.88			7/15/2020		100,000		130,705		125,389
Total Leisure, Amusement, Entertainment							917,000		1,069,270		1,040,454

See accompanying Notes to the Financial Statements.

163

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST			FAIR VALUE
Corporate Bonds (Continued)
Machinery Non-Agriculture, Non-Construction, Non-Electronic — 0.9%*:
Apex Tool Group LLC/BC Mountain Finance, Inc.^		9.00	%		2/15/2023		250,000		$250,000			$211,250
Mining, Steel, Iron and Non-Precious Metals — 7.1%*:
Alliance Resource Operating Partners LP/Alliance Resource Finance Corp.^		7.50			5/1/2025		215,000		215,000			215,537
Constellium NV		4.25			2/15/2026		100,000		117,449			103,175
First Quantum Minerals Ltd.+^		6.88			3/1/2026		229,000		229,000			183,772
Hecla Mining Co.		6.88			5/1/2021		250,000		231,164			245,000
Kinross Gold Corp.+		5.95			3/15/2024		127,000		131,185			126,365
Kinross Gold Corp.		6.88			9/1/2041		82,000		81,605			78,310
Northwest Acquisitions ULC/Dominion Finco, Inc.+^		7.13			11/1/2022		107,000		106,674			105,695
Peabody Energy Corp.^		6.00			3/31/2022		145,000		145,695			140,650
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp.^		7.50			6/15/2025		250,000		246,854			236,875
Warrior Met Coal, Inc.^		8.00			11/1/2024		198,000		198,000			196,515
Total Mining, Steel, Iron and Non-Precious Metals							1,703,000		1,702,626			1,631,894
Oil and Gas — 13.8%*:
Calumet Specialty Products Partners LP/Calumet Finance Corp.		7.63			1/15/2022		125,000		124,719			100,937
CGG Holding US, Inc.+		7.88			5/1/2023		150,000		184,679			172,722
Chesapeake Energy Corp.		8.00			1/15/2025		177,000		174,893			156,202
Chesapeake Energy Corp.		8.00			6/15/2027		17,000		17,000			14,280
Citgo Holding, Inc.^		10.75			2/15/2020		341,000		342,572			347,820
EP Energy LLC/Everest Acquisition Finance, Inc.^		8.00			2/15/2025		229,000		229,000			94,463
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp.		8.63			6/15/2020		500,000		495,952			357,500
Genesis Energy LP/Genesis Energy Finance Corp.		6.50			10/1/2025		300,000		300,000			264,000
Jonah Energy LLC/Jonah Energy Finance Corp.^		7.25			10/15/2025		250,000		250,000			160,000
Jupiter Resource, Inc.+		8.50			10/1/2022		–		(26	)		–
KCA Deutag UK Finance PLC+^		9.63			4/1/2023		200,000		205,715			161,000
Kosmos Energy Ltd.+^		7.88			8/1/2021		450,000		436,647			450,000
Neptune Energy Bondco PLC^		6.63			5/15/2025		200,000		200,232			185,500
QEP Resources, Inc.		5.63			3/1/2026		125,000		120,338			103,750
SM Energy Co.		6.63			1/15/2027		119,000		119,000			105,315
Transocean Pontus Ltd.^		6.13			8/1/2025		–		–			–
Transocean, Inc.		6.80			3/15/2038		42,000		33,799			27,930
Transocean, Inc.		9.35			12/15/2041		32,000		29,798			26,640
Tullow Oil PLC+^		6.25			4/15/2022		250,000		215,567			240,625
Welltec A/S+^		9.50			12/1/2022		200,000		198,402			197,500
Total Oil and Gas							3,707,000		3,678,287			3,166,184

See accompanying Notes to the Financial Statements.

164

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Personal and Non-Durable Consumer Products Mfg. Only — 0.5%*:
Samsonite Finco Sarl		3.50	%		5/15/2026		100,000		$109,538		$103,347
Personal Transportation — 0.5%*:
Getlink SE+		3.63			10/1/2023		100,000		117,465		111,694
Personal, Food and Miscellaneous — 1.0%*:
Ocado Group PLC+		4.00			6/15/2024		100,000		128,084		123,068
Simmons Foods, Inc.^		7.75			1/15/2024		104,000		104,947		104,520
Total Personal, Food and Miscellaneous							204,000		233,031		227,588
Printing and Publishing — 0.3%*:
Nielsen Finance LLC/Nielsen Finance Co.^		5.00			4/15/2022		73,000		71,589		69,715
Retail Stores — 1.2%*:
Maxeda DIY Holding B.V.+		6.13			7/15/2022		100,000		114,070		105,139
Takko Luxembourg 2 SCA, 3M USD LIBOR + 5.375%+		5.38			11/15/2023		100,000		98,568		81,344
Travelex Financing PLC+		8.00			5/15/2022		100,000		108,750		97,384
Total Retail Stores							300,000		321,388		283,867
Telecommunications — 6.7%*:
CSC Holdings LLC^		7.50			4/1/2028		250,000		250,000		249,375
Frontier Communications Corp.		7.13			3/15/2019		250,000		250,860		243,125
Intelsat Connect Finance SA^		9.50			2/15/2023		92,000		90,500		79,120
Sprint Corp.		7.63			3/1/2026		325,000		336,395		320,938
Sprint Corp.		7.88			9/15/2023		165,000		167,556		169,331
Telecom Italia SpA/Milano+		5.88			5/19/2023		100,000		147,583		132,661
UPCB Finance VII Ltd.+		3.63			6/15/2029		100,000		114,320		108,703
Virgin Media Receivables Financing Notes I DAC+		5.50			9/15/2024		100,000		134,730		122,151
Ziggo B.V.+		4.25			1/15/2027		100,000		115,035		112,541
Total Telecommunications							1,482,000		1,606,979		1,537,945
Utilities — 1.6%*:
Blitz F18-674 GmbH+		6.00			7/30/2026		150,000		174,548		161,976
Nordex SE+		6.50			2/1/2023		100,000		124,195		103,393
Viridian Group Finance Co PLC+		4.00			9/15/2025		100,000		118,639		105,168
Total Utilities							350,000		417,382		370,537
Total Corporate Bonds							21,986,500		23,306,715		21,098,046
Total Fixed Income							23,335,754		24,641,320		22,376,148
Total Investments							23,369,984		24,803,674		22,493,758
Other assets and liabilities — 1.8%*											400,779
Net Assets — 100.0%											$22,894,537

See accompanying Notes to the Financial Statements.

165

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

‡‡ 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	66.6%
United Kingdom	12.2%
Germany	4.6%
Ghana	3.1%
Netherlands	1.9%
France	1.8%
Ireland	1.6%
Canada	1.5%
Switzerland	1.5%
Italy	1.1%
Belgium	0.9%
Other (Individually less than 1%)	3.2%
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 December 31, 2018. 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 (See Note 2).

†† Illiquid security.

A summary of outstanding derivatives at December 31, 2018 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)
1/8/19	Bank of America N.A.		EUR	8,312	$	9,527	$	9,466	$	61
1/8/19	BNP Paribas S.A.		GBP	41,269		52,615		52,701		(86	)
1/8/19	Goldman Sachs & Co.		GBP	2,000		2,550		2,532		18
Net unrealized depreciation on forward foreign currency exchange contracts to buy									$	(7	)

See accompanying Notes to the Financial Statements.

166

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

Forward Foreign Currency Exchange Contracts to Sell

EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION (DEPRECIATION)
1/8/19	Barclays Bank plc		EUR	3,379,699	$	3,873,882	$	3,852,020	$	(21,862	)
1/8/19	Bank of America N.A.		EUR	78,658		90,160		89,506		(654	)
1/8/19	Bank of America N.A.		GBP	2,180,322		2,779,723		2,784,206		4,483
1/8/19	JPMorgan Chase Bank N.A.		GBP	96,338		122,823		123,275		452
Net unrealized depreciation on forward foreign currency exchange contracts to sell									$	(17,581	)

Currency Legend

EUR	–	Euro
GBP	–	British Pound Sterling

See accompanying Notes to the Financial Statements.

167

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SCHEDULE OF INVESTMENTS

December 31, 2018 (Unaudited)

						SHARES		COST		FAIR VALUE
Equities — 0.6%*:
Common Stocks — 0.6%*:
Oil and Gas — 0.6%*:
Jupiter Resources, Inc.+							39,729		$192,017		$135,079
Fieldwood Energy LLC							1,006		35,210		36,216
Fieldwood Energy LLC							4,100		88,421		147,600
Total Oil and Gas							44,835		315,648		318,895
Total Common Stocks							44,835		315,648		318,895
Warrants — 0.0%*:
Diversified/Conglomerate Manufacturing — 0.0%*:
Appvion Holdings Corp. (exp. June 13, 2023)¤††							357		—		3,802
Appvion Holdings Corp. (exp. June 13, 2023)¤							357		—		—
Total Diversified/Conglomerate Manufacturing							714		—		3,802
Total Warrants							714		—		3,802
Total Equities							45,549		315,648		322,697
	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Fixed Income — 97.3%*:
Bank Loans — 5.1%*§:
Aerospace and Defense — 0.1%*:
Ducommun, Inc., 1M LIBOR + 4.000%		6.80	%		11/16/2025		34,722		34,549		33,854
Broadcasting and Entertainment — 0.6%*:
AP NMT Acquisition B.V., 3M LIBOR + 5.750%+		8.55			8/13/2021		297,668		297,689		284,720
Buildings and Real Estate — 0.1%*:
GYP Holdings III Corp., 1M LIBOR + 2.750%		5.27			6/1/2025		30,479		30,479		28,650
Diversified/Conglomerate Service — 0.9%*:
Evertec Group, LLC, 1M LIBOR + 3.500%		6.02			11/27/2024		46,150		45,921		45,188
SonicWALL, Inc., 3M LIBOR + 7.500%		10.14			5/18/2026		51,897		51,413		50,859
Vertafore, Inc., 1M LIBOR + 3.250%		6.05			7/2/2025		400,000		390,473		379,124
Total Diversified/Conglomerate Service							498,047		487,807		475,171
Electronics — 0.1%*:
Renaissance Holding Corp., 1M LIBOR + 7.000%		9.52			5/29/2026		68,963		67,681		63,216
Leisure, Amusement, Entertainment — 0.2%*:
SeaWorld Parks & Entertainment, Inc., 3M LIBOR + 3.000%		5.52			3/31/2024		91,160		91,049		86,830

See accompanying Notes to the Financial Statements.

168

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Oil and Gas — 0.5%*:
Fieldwood Energy LLC, 1M LIBOR + 5.250%		7.77	%		4/11/2022		172,215		$155,664		$160,484
Fieldwood Energy LLC, 1M LIBOR + 7.250%		9.77			4/11/2023		91,996		34,389		79,944
Total Oil and Gas							264,211		190,053		240,428
Printing and Publishing — 0.8%*:
Getty Images, Inc., 3M LIBOR + 3.500%		6.02			10/18/2019		397,344		389,677		385,424
Retail Stores — 0.7%*:
Michaels Stores, Inc., 1M LIBOR + 2.500%		5.01			1/30/2023		400,000		388,079		381,500
Telecommunications — 1.1%*:
CenturyLink, Inc., 3M LIBOR + 2.750%		5.27			1/31/2025		497,487		494,038		463,161
Sprint Communications, Inc., 1M LIBOR + 2.500%		5.06			2/2/2024		124,683		120,620		118,345
Total Telecommunications							622,170		614,658		581,506
Total Bank Loans							2,704,764		2,591,721		2,561,299
Corporate Bonds — 92.2%*:
Aerospace and Defense — 4.1%*:
General Electric Co.		4.65			10/17/2021		244,000		240,158		244,732
TransDigm UK Holdings PLC^		6.88			5/15/2026		500,000		496,405		476,250
TransDigm, Inc.		6.38			6/15/2026		307,000		304,706		285,510
Triumph Group, Inc.		4.88			4/1/2021		43,000		42,001		38,593
Triumph Group, Inc.		7.75			8/15/2025		595,000		599,776		525,087
VistaJet Malta Finance PLC/VistaJet Co. Finance LLC^		7.75			6/1/2020		550,000		544,163		526,625
Total Aerospace and Defense							2,239,000		2,227,209		2,096,797
Beverage, Food and Tobacco — 1.7%*:
Carrols Restaurant Group, Inc.		8.00			5/1/2022		260,000		269,019		260,650
JBS USA LUX SA/JBS USA Finance, Inc.^		5.88			7/15/2024		165,000		168,780		162,525
JBS USA LUX SA/JBS USA Finance, Inc.^		6.75			2/15/2028		250,000		250,000		243,750
KeHE Distributors LLC/KeHE Finance Corp.^		7.63			8/15/2021		203,000		201,380		192,850
Total Beverage, Food and Tobacco							878,000		889,179		859,775
Broadcasting and Entertainment — 6.5%*:
Block Communications, Inc.^		6.88			2/15/2025		434,000		434,000		435,085
CCO Holdings LLC/CCO Holdings Capital Corp.^		5.75			2/15/2026		1,200,000		1,197,415		1,176,000
Clear Channel Worldwide Holdings, Inc.		7.63			3/15/2020		271,000		269,493		264,788
DISH DBS Corp.		7.75			7/1/2026		280,000		261,550		231,700
Intelsat Jackson Holdings SA^		8.50			10/15/2024		603,000		603,831		584,910
Intelsat Jackson Holdings SA^		9.75			7/15/2025		56,000		59,007		56,157
Netflix, Inc.^		5.88			11/15/2028		250,000		248,522		242,925
Sirius XM Radio, Inc.^		5.00			8/1/2027		350,000		350,000		319,812
Total Broadcasting and Entertainment							3,444,000		3,423,818		3,311,377

See accompanying Notes to the Financial Statements.

169

Barings U.S. High Yield Fund 2018 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Buildings and Real Estate — 4.0%*:
Brookfield Residential Properties, Inc.^		6.50	%		12/15/2020		250,000		$249,736		$249,687
Brookfield Residential Properties, Inc./Brookfield Residential US Corp.^		6.13			7/1/2022		225,000		218,160		212,625
Century Communities, Inc.		5.88			7/15/2025		250,000		249,736		220,000
M/I Homes, Inc.		5.63			8/1/2025		550,000		532,126		503,250
M/I Homes, Inc.		6.75			1/15/2021		250,000		250,000		248,750
MPT Operating Partnership LP/MPT Finance Corp.		5.00			10/15/2027		250,000		250,000		228,594
Standard Industries, Inc.^		4.75			1/15/2028		300,000		300,000		252,000
William Lyon Homes, Inc.		6.00			9/1/2023		123,000		123,000		110,700
Total Buildings and Real Estate							2,198,000		2,172,758		2,025,606
Cargo Transport — 3.9%*:
American Airlines Group, Inc.^		4.63			3/1/2020		250,000		249,638		248,750
American Airlines Group, Inc.^		5.50			10/1/2019		532,000		537,058		533,330
Deck Chassis Acquisition, Inc.^		10.00			6/15/2023		520,000		531,114		499,200
Kenan Advantage Group, Inc.^		7.88			7/31/2023		700,000		716,154		670,250
Total Cargo Transport							2,002,000		2,033,964		1,951,530
Chemicals, Plastics and Rubber — 2.9%*:
Chemours Co. (The)		7.00			5/15/2025		254,000		257,209		255,905
Consolidated Energy Finance SA^		6.88			6/15/2025		300,000		298,731		285,750
LBC Tank Terminals Holding Netherlands BV^		6.88			5/15/2023		250,000		243,631		222,500
Platform Specialty Products Corp.^		5.88			12/1/2025		250,000		248,250		233,750
Starfruit Finco BV/Starfruit US Holdco LLC+^		8.00			10/1/2026		490,000		490,000		453,250
Total Chemicals, Plastics and Rubber							1,544,000		1,537,821		1,451,155
Containers, Packaging and Glass — 0.2%*:
Crown Americas LLC/Crown Americas Capital Corp.^		4.75			2/1/2026		135,000		135,000		127,237
Diversified/Conglomerate Manufacturing — 0.8%*:
Appvion ESC¤		9.00			6/1/2020		366,000		282,333		–
Griffon Corp.		5.25			3/1/2022		303,000		302,183		274,215
StoneMor Partners LP/Cornerstone Family Services of West Virginia Subsidiary		7.88			6/1/2021		124,000		126,271		113,150
Total Diversified/Conglomerate Manufacturing							793,000		710,787		387,365
Diversified/Conglomerate Service — 4.5%*:
Carlson Travel, Inc.^		6.75			12/15/2023		250,000		254,506		240,937
Carlson Travel, Inc.^		9.50			12/15/2024		350,000		332,749		317,625
Prime Security Services Borrower LLC/Prime Finance, Inc.^		9.25			5/15/2023		1,237,000		1,301,748		1,275,656
Refinitiv US Holdings, Inc.^		8.25			11/15/2026		218,000		218,000		199,197
United Rentals North America, Inc.		4.63			10/15/2025		125,000		125,000		111,563

See accompanying Notes to the Financial Statements.

170

Barings U.S. High Yield Fund 2018 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Diversified/Conglomerate Service (Continued)
United Rentals North America, Inc.		4.88	%		1/15/2028		125,000		$125,281		$109,688
Waste Pro USA, Inc.^		5.50			2/15/2026		17,000		17,000		15,640
Total Diversified/Conglomerate Service							2,322,000		2,374,284		2,270,306
Electronics — 5.0%*:
Dell, Inc.		6.50			4/15/2038		126,000		129,058		112,140
RP Crown Parent LLC^		7.38			10/15/2024		96,000		96,000		96,720
Symantec Corp.		4.20			9/15/2020		551,000		550,488		544,899
TIBCO Software, Inc.^		11.38			12/1/2021		1,383,000		1,482,880		1,448,692
Veritas US, Inc./Veritas Bermuda Ltd.^		10.50			2/1/2024		524,000		484,633		343,220
Total Electronics							2,680,000		2,743,059		2,545,671
Finance — 5.0%*:
Alliance Data Systems Corp.^		5.88			11/1/2021		550,000		559,712		549,230
Icahn Enterprises LP/Icahn Enterprises Finance Corp.		6.25			2/1/2022		135,000		138,089		133,313
Icahn Enterprises LP/Icahn Enterprises Finance Corp.		6.38			12/15/2025		415,000		416,395		399,437
LPL Holdings, Inc.^		5.75			9/15/2025		575,000		568,909		539,062
Park Aerospace Holdings Ltd.+^		5.25			8/15/2022		59,000		58,905		57,083
Tempo Acquisition LLC/Tempo Acquisition Finance Corp.^		6.75			6/1/2025		210,000		210,000		194,250
VFH Parent LLC/Orchestra Co-Issuer, Inc.^		6.75			6/15/2022		671,000		684,521		652,192
Total Finance							2,615,000		2,636,531		2,524,567
Grocery — 0.9%*:
C&S Group Enterprises LLC^		5.38			7/15/2022		174,000		172,355		166,605
Post Holdings, Inc.^		5.50			3/1/2025		300,000		293,401		287,943
Total Grocery							474,000		465,756		454,548
Healthcare, Education and Childcare — 10.0%*:
Avantor, Inc.^		9.00			10/1/2025		600,000		602,718		600,000
Bausch Health Cos., Inc.^		5.88			5/15/2023		50,000		43,043		46,250
Bausch Health Cos., Inc.^		6.13			4/15/2025		391,000		349,050		341,147
Bausch Health Cos., Inc.^		6.50			3/15/2022		118,000		118,000		118,590
Bausch Health Cos., Inc.^		7.00			3/15/2024		125,000		125,000		126,250
Bausch Health Cos., Inc.^		5.50			3/1/2023		118,000		93,897		107,970
Bausch Health Cos.,Inc.^		9.25			4/1/2026		525,000		533,380		525,000
Catalent Pharma Solutions, Inc.^		4.88			1/15/2026		227,000		227,000		215,083
Endo Dac/Endo Finance LLC/Endo Finco Inc^		6.00			2/1/2025		400,000		344,721		287,000
Endo Finance LLC/Endo Finco, Inc.^		5.38			1/15/2023		60,000		51,689		45,600
Envision Healthcare Corp.^		8.75			10/15/2026		450,000		450,000		389,250
HCA, Inc.		5.38			2/1/2025		375,000		379,664		365,625
Mallinckrodt International Finance SA/Mallinckrodt CB LLC^		5.50			4/15/2025		170,000		146,398		117,300

See accompanying Notes to the Financial Statements.

171

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Healthcare, Education and Childcare (Continued)
Mallinckrodt International Finance SA/Mallinckrodt CB LLC^		5.63	%		10/15/2023		87,000		$77,260		$66,120
Mallinckrodt International Finance SA/Mallinckrodt CB LLC^		5.75			8/1/2022		152,000		139,745		130,720
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA^		6.63			5/15/2022		1,144,000		1,124,958		1,029,600
RegionalCare Hospital Partners Holdings, Inc.^		8.25			5/1/2023		232,000		244,570		234,320
Teva Pharmaceutical Finance Netherlands III BV+		6.00			4/15/2024		300,000		296,597		288,964
Total Healthcare, Education and Childcare							5,524,000		5,347,690		5,034,789
Home and Office Furnishings, Housewares, and Durable Consumer Products — 0.1%*:
Mattel, Inc.^		6.75			12/31/2025		78,000		78,000		69,591
Hotels, Motels, Inns and Gaming — 0.9%*:
Boyne USA, Inc.^		7.25			5/1/2025		125,000		125,000		129,062
Eldorado Resorts, Inc.^		6.00			9/15/2026		225,000		225,000		212,625
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.^		5.25			5/15/2027		125,000		125,000		110,000
Total Hotels, Motels, Inns and Gaming							475,000		475,000		451,687
Insurance — 2.3%*:
Acrisure LLC/Acrisure Finance, Inc.^		7.00			11/15/2025		500,000		486,085		426,250
AssuredPartners, Inc.^		7.00			8/15/2025		339,000		336,101		305,846
USIS Merger Sub, Inc.^		6.88			5/1/2025		318,000		314,307		291,956
York Risk Services Holding Corp.^		8.50			10/1/2022		220,000		205,178		152,900
Total Insurance							1,377,000		1,341,671		1,176,952
Leisure, Amusement, Entertainment — 3.2%*:
Allegiant Travel Co.††		5.50			7/15/2019		1,000,000		1,008,034		1,000,000
Brunswick Corp.		7.13			8/1/2027		567,000		598,209		626,442
Total Leisure, Amusement, Entertainment							1,567,000		1,606,243		1,626,442
Machinery Non-Agriculture, Non-Construction, Non-Electronic — 0.7%*:
Apex Tool Group LLC/BC Mountain Finance, Inc.^		9.00			2/15/2023		430,000		420,779		363,350
Mining, Steel, Iron and Non-Precious Metals — 10.1%*:
Allegheny Technologies, Inc.		5.95			1/15/2021		234,000		234,535		229,320
Alliance Resource Operating Partners LP/Alliance Resource Finance Corp.^		7.50			5/1/2025		328,000		332,158		328,820
Compass Minerals International, Inc.^		4.88			7/15/2024		124,000		115,604		112,220
First Quantum Minerals Ltd.+^		6.88			3/1/2026		229,000		229,000		183,773
First Quantum Minerals Ltd.+^		7.00			2/15/2021		600,000		604,826		576,000
Hecla Mining Co.		6.88			5/1/2021		250,000		231,164		245,000

See accompanying Notes to the Financial Statements.

172

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Mining, Steel, Iron and Non-Precious Metals (Continued)
Kinross Gold Corp.+		5.95	%		3/15/2024		152,000		$157,032		$151,240
Kinross Gold Corp.		6.88			9/1/2041		99,000		98,523		94,545
Kissner Holdings LP/Kissner Milling Co. Ltd./BSC Holding, Inc./Kissner USA^		8.38			12/1/2022		400,000		409,325		398,000
New Gold, Inc.^		6.25			11/15/2022		400,000		407,907		336,000
Northwest Acquisitions ULC/Dominion Finco, Inc.+^		7.13			11/1/2022		893,000		905,780		882,105
Peabody Energy Corp.^		6.00			3/31/2022		524,000		527,220		508,280
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp.^		7.50			6/15/2025		550,000		557,282		521,125
Warrior Met Coal, Inc.^		8.00			11/1/2024		540,000		548,293		535,950
Total Mining, Steel, Iron and Non-Precious Metals							5,323,000		5,358,649		5,102,378
Oil and Gas — 13.0%*:
Calumet Specialty Products Partners LP/Calumet Finance Corp.		7.63			1/15/2022		155,000		155,043		125,163
Calumet Specialty Products Partners LP/Calumet Finance Corp.		7.75			4/15/2023		84,000		83,806		63,840
Cheniere Energy Partners LP^		5.63			10/1/2026		250,000		250,000		233,750
Chesapeake Energy Corp.		8.00			1/15/2025		247,000		244,995		217,977
Citgo Holding, Inc.^		10.75			2/15/2020		762,000		782,905		777,240
CVR Refining LLC/Coffeyville Finance, Inc.		6.50			11/1/2022		331,000		339,634		326,035
Energy Transfer LP		4.25			3/15/2023		250,000		250,000		240,625
EP Energy LLC/Everest Acquisition Finance, Inc.^		8.00			2/15/2025		248,000		248,000		102,300
Ferrellgas LP/Ferrellgas Finance Corp.		6.75			1/15/2022		100,000		100,724		81,500
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp.		8.63			6/15/2020		600,000		596,644		429,000
Genesis Energy LP/Genesis Energy Finance Corp.		6.00			5/15/2023		18,000		17,755		16,650
Jonah Energy LLC/Jonah Energy Finance Corp.^		7.25			10/15/2025		540,000		513,005		345,600
KCA Deutag UK Finance PLC+^		9.63			4/1/2023		270,000		277,557		217,350
Kosmos Energy Ltd.		7.88			8/1/2021		1,027,000		1,023,838		1,023,115
PBF Holding Co. LLC/PBF Finance Corp.		7.25			6/15/2025		350,000		360,695		329,000
QEP Resources, Inc.		5.63			3/1/2026		550,000		529,487		456,500
SM Energy Co.		6.63			1/15/2027		118,000		118,000		104,430
Transocean Guardian Ltd.^		5.88			1/15/2024		171,000		169,414		163,733
Transocean, Inc.		6.80			3/15/2038		120,000		100,592		79,800
Transocean, Inc.		9.35			12/15/2041		38,000		35,385		31,635
Tullow Oil PLC+^		6.25			4/15/2022		695,000		689,130		668,937
Welltec A/S+^		9.50			12/1/2022		550,000		553,961		543,125
Total Oil and Gas							7,474,000		7,440,570		6,577,305

See accompanying Notes to the Financial Statements.

173

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Personal, Food and Miscellaneous — 0.5%*:
Simmons Foods, Inc.^		5.75	%		11/1/2024		193,000		$165,651		$137,030
Simmons Foods, Inc.^		7.75			1/15/2024		122,000		122,000		122,610
Total Personal, Food and Miscellaneous							315,000		287,651		259,640
Printing and Publishing — 0.5%*:
Nielsen Finance LLC/Nielsen Finance Co.^		5.00			4/15/2022		274,000		269,020		261,670
Retail Stores — 1.5%*:
Golden Nugget, Inc.^		8.75			10/1/2025		200,000		204,273		192,000
KGA Escrow LLC^		7.50			8/15/2023		298,000		298,000		293,530
Penske Automotive Group, Inc.		5.50			5/15/2026		250,000		250,000		232,500
Sonic Automotive, Inc.		5.00			5/15/2023		32,000		29,401		29,040
Total Retail Stores							780,000		781,674		747,070
Telecommunications — 9.9%*:
Altice Financing SA+^		6.63			2/15/2023		250,000		251,088		240,000
Altice Luxembourg SA+^		7.63			2/15/2025		225,000		237,665		168,187
Cablevision Systems Corp.		5.88			9/15/2022		400,000		395,231		393,000
CCO Holdings LLC/CCO Holdings Capital Corp.^		5.88			5/1/2027		250,000		247,570		242,500
CenturyLink, Inc.		6.75			12/1/2023		280,000		280,633		269,850
CommScope Technologies LLC^		5.00			3/15/2027		600,000		573,352		486,000
CSC Holdings LLC^		7.50			4/1/2028		250,000		250,000		249,375
Frontier Communications Corp.		7.13			3/15/2019		550,000		551,892		534,875
Hughes Satellite Systems Corp.		6.63			8/1/2026		550,000		549,183		503,937
Intelsat Connect Finance SA^		9.50			2/15/2023		100,000		98,369		86,000
Sprint Capital Corp.		6.88			11/15/2028		700,000		706,747		661,500
Sprint Corp.		7.63			3/1/2026		125,000		125,000		123,438
Sprint Corp.		7.88			9/15/2023		239,000		240,801		245,274
T-Mobile USA, Inc.		4.50			2/1/2026		96,000		96,000		88,080
T-Mobile USA, Inc.		4.75			2/1/2028		155,000		155,000		140,275
T-Mobile USA, Inc.		5.38			4/15/2027		200,000		200,000		193,000
Telecom Italia SpA+^		5.30			5/30/2024		250,000		260,917		237,500
Ziggo BV+^		5.50			1/15/2027		140,000		133,848		125,300
Total Telecommunications							5,360,000		5,353,296		4,988,091
Total Corporate Bonds							50,301,000		50,110,409		46,664,899
Total Fixed Income							53,005,764		52,702,130		49,226,198
Total Investments							53,051,313		53,017,778		49,548,895
Other assets and liabilities — 2.1%*											1,037,987
Net Assets — 100.0%											$50,586,882

See accompanying Notes to the Financial Statements.

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‡‡ 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	87.4%
Ghana	3.4%
Canada	2.4%
Netherlands	2.3%
Zambia	1.5%
Denmark	1.1%
Other (Individually less than 1%)	1.9%
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 December 31, 2018. 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 (See Note 2).

†† Illiquid security.

See accompanying Notes to the Financial Statements.

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1. Organization

Barings Funds Trust (the “Trust”) was organized as a business trust under the laws of the Commonwealth of Massachusetts on May 3, 2013 and commenced operations on September 16, 2013. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. As of December 31, 2018, the Trust consists of eight funds (separately, a “Fund” and collectively, the “Funds”): Barings Global Floating Rate Fund (“Global Floating Rate Fund”), Barings Global Credit Income Opportunities Fund (“Global Credit Income Opportunities Fund”), Barings Active Short Duration Bond Fund (“Active Short Duration Bond Fund”), Barings Total Return Bond Fund (“Total Return Bond Fund”), Barings Emerging Markets Debt Blended Total Return Fund (“Emerging Markets Debt Blended Total Return Fund”), Barings Global Emerging Markets Equity Fund (“Global Emerging Markets Equity Fund”), Barings Global High Yield Fund (“Global High Yield Fund”) and Barings U.S. High Yield Fund (“U.S. High Yield Fund”). On November 30, 2018 the Emerging Markets Local Currency Debt Fund was liquidated. Each Fund, other than Emerging Markets Debt Blended Total Return Fund and Global Emerging Markets Equity Fund, is a “diversified” investment company. Global Credit Income Opportunities Fund and Global Floating Rate Fund commenced operations on September 16, 2013. Active Short Duration Bond Fund and Total Return Bond Fund commenced operations on July 8, 2015. Emerging Markets Debt Blended Total Return Fund commenced operations on October 21, 2015. Global High Yield Fund and U.S. High Yield Fund commenced operations on October 30, 2015. Global Emerging Markets Equity Fund commenced operations on September 17, 2018.

Barings LLC (the “Adviser”), a wholly-owned indirect subsidiary of Massachusetts Mutual Life Insurance Company, is a registered investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), and serves as investment adviser to the Funds.

Baring International Investment Limited (“BIIL”), a private limited company incorporated under the laws of England, serves as a sub-adviser with respect to European investments for the Global Floating Rate Fund, Global Credit Income Opportunities Fund, Emerging Markets Debt Blended Total Return Fund, Global Emerging Markets Equity Fund, and Global High Yield Fund.

The primary investment objective of the Global Floating Rate Fund is to seek a high level of current income. The Global Floating Rate Fund seeks preservation of capital as a secondary investment objective. The investment objective of the Global Credit Income Opportunities Fund is to seek an absolute return, primarily through current income and secondarily through capital appreciation. The investment objective of the Active Short Duration Bond Fund is to seek to achieve a high total rate of return primarily from current income while minimizing fluctuations in capital values by investing primarily in a diversified portfolio of short-term investment grade fixed income securities. The investment objective of the Total Return Bond Fund is to seek a superior total rate of return by investing in fixed income instruments. The investment objective of the Emerging Markets Debt Blended Total Return Fund is to seek to achieve maximum total return, consistent with preservation of capital and prudent investment management, through high current income generation and, where appropriate, capital appreciation. The investment objective of the Global Emerging Markets Equity Fund is to seek to achieve long-term capital growth.The investment objective of the Global High Yield Fund is to seek to provide high current income generation and, where appropriate, capital appreciation. The investment objective of the U.S. High Yield Fund is to seek to achieve a high level of total return, with an emphasis on current income, by investing primarily in high yield debt and related securities.

There can be no assurance that the Funds will achieve their investment objectives. Under normal market conditions, the Global Floating Rate Fund invests at least 80% of its net assets (including the amount of any borrowings for investment purposes) in income producing floating rate debt securities, consisting of floating rate loans, bonds and notes, issued primarily by North American and Western European companies that are primarily, at the time of purchase, rated below-investment grade (below Baa3 by Moody’s Investors Service, Inc. (“Moody’s”) or below BBB- by either Standard & Poor’s Rating Services, a division of the McGraw-Hill Company, Inc. (“S&P”) or Fitch, Inc. (“Fitch”)) or, if unrated, determined by the Adviser or BIIL to be of comparable quality. Under normal market conditions, the Global Credit Income Opportunities Fund invests at least 80% of its net assets (including the amount of any borrowings for investment purposes) in debt instruments, consisting of loans, bonds and notes. Investments may be based in U.S. and non-U.S. markets, as well as over-the-counter and

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exchange traded derivatives. Investments may be issued or guaranteed by governments and their agencies, corporations, financial institutions and supranational organizations that the Adviser believes have the potential to provide a high total return over time. A significant portion of the Global Floating Rate Fund and Global Credit Income Opportunities Fund’s investments in debt instruments will be denominated in a currency other than the U.S. dollar. Although the investments in non-U.S. dollar denominated assets may be on a currency hedged or unhedged basis, the Global Floating Rate Fund and Global Credit Income Opportunities Fund expect that, under current market conditions, they will seek to hedge substantially all of their exposure to foreign currencies. Under normal market conditions, the Active Short Duration Bond Fund invests at least 80% of its net assets (including the amount of any borrowings for investment purposes) in investment grade fixed income securities (rated Baa3 or higher by Moody’s or BBB- or higher by S&P or Fitch or if unrated, determined to be of comparable quality by the Adviser). These typically include U.S. dollar-denominated corporate obligations, securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, U.S. and foreign issuer dollar-denominated bonds including, but not limited to, corporate obligations, government and agency issues, private placement bonds, securities subject to resale pursuant to Rule 144A, mortgage-backed, and other asset-backed securities. Under normal market conditions, the Total Return Bond Fund invests at least 80% of its net assets (including the amount of any borrowings for investment purposes) in fixed income securities. These typically include: U.S. dollar denominated corporate obligations and bank loans, securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, U.S. and foreign issuer dollar denominated bonds including, but not limited to, corporate obligations, government and agency issues, private placement bonds, securities subject to resale pursuant to Rule 144A, convertible bonds, mortgage-backed, and other asset-backed securities. Under normal market conditions, the Emerging Markets Debt Blended Total Return Fund will invest at least 80% of its net assets (including the amount of any borrowings for investment purposes) in (i) securities denominated in currencies of the emerging market countries, (ii) fixed income securities or debt instruments issued by emerging market entities or sovereign nations, and/or (iii) debt instruments denominated in or based on the currencies, interest rates, or issues of emerging market countries. Emerging market

countries are defined to include any country that did not become a member of the Organization for Economic Cooperation and Development (O.E.C.D.) prior to 1975 and Turkey. Certain emerging market countries are referred to as “frontier” market countries. The Emerging Markets Debt Blended Total Return Fund will likely focus its investments in Asia, Africa, the Middle East, Latin America and the developing countries of Europe. Under normal conditions, the Global High Yield Fund will invest at least 80% of its net assets (including the amount of any borrowing for investment purposes) in below investment grade (“high yield”) fixed and floating rate corporate debt securities including bonds, notes and other fixed and floating rate income securities issued primarily by North American and Western European companies. For this purpose, debt instruments issued by issuers based in the Channel Islands, Cayman Islands and Bermuda will be considered North American and Western European companies. Such debt securities may be secured or unsecured, and, either senior or subordinated. Secured debt means that collateral has been pledged as security against default, while investors in senior debt instruments are legally entitled to be repaid ahead of investors in subordinated (i.e. non-senior) instruments issued by the same corporation. Derivative instruments that provide exposure to such high yield debt securities or have similar economic characteristics may be used to satisfy the Fund’s 80% policy. The Adviser expects that such instruments will primarily, at the time of purchase, be rated below investment grade (commonly referred to as “junk bonds”) by at least one credit rating agency (below Baa3 by Moody’s or below BBB- by either S&P or Fitch) or, if unrated, determined by the Adviser or BIIL, to be of comparable quality. Under normal market conditions, the Global Emerging Markets Equity Fund will invest at least 80% of its net assets (including the amount of any borrowings for investment purposes) in equity and equity-related securities of issues that are economically tied to one or more emerging market countries. In general, countries may be considered emerging markets if they are included in any one of the Morgan Stanley Capital Index (“MSCI”) emerging markets indices. The Global High Yield Fund may invest in high yield securities of any rating, including securities that are in default at the time of purchase. Under normal circumstances, the U.S. High Yield Fund invests at least 80% of its net assets (including the amount of any borrowings for investment purposes) in lower rated fixed income securities (rated below Baa3 by Moody’s or BBB- by either S&P or Fitch (using the lower rating) or, if unrated, determined by the Adviser to be of

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comparable quality), and at least 80% of its net assets (including the amount of any borrowings for investment purposes) in securities of U.S. issuers. The U.S. High Yield Fund may also invest in convertible securities, preferred stocks, warrants, bank loans, and other fixed income securities, including Rule 144A securities, of both U.S. and foreign issuers. Currently, the Adviser does not expect that the U.S. High Yield Fund will invest more than 20% of its total assets in bank loans. The U.S. High Yield Fund may invest up to 15% of its total assets in securities that are not denominated in U.S. dollars including, but not limited to, corporate bonds, government and agency issues, Rule 144A securities, convertible securities, bank loans, mortgage-backed, and asset-backed securities.

Each Fund has four classes of shares: Class A, C, I, and Y, each with different expenses and dividends. With the exception of Active Short Duration Bond Fund, which has no sales charge on any class, a front-end sales charge is normally added to the net asset value (“NAV”) for Class A shares. There is no front-end sales charge in the case of Class C, I, and Y shares. There may be a contingent deferred sales charge (“CDSC”) in certain cases as follows: 1) Effective January 15, 2018, Class A Shares purchased without an initial sales charge in accounts aggregating $500,000 or more are subject to a 1.00% contingent deferred sales charge (CDSC) if the shares are tendered and accepted for repurchase within 18 months of purchase (or within 12 months for shares purchased prior to January 15, 2018). The 18-month period (or 12-month period for shares purchased prior to January 15, 2018) begins on the day on which the purchase was made; and 2) Class C shares redeemed within the first year of purchase. All classes of shares have equal voting rights, with the exception of matters that relate solely to one class.

2. Significant Accounting Policies

The Trust is an investment company and follows accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 (“ASC 946”).

The following is a summary of significant accounting policies followed consistently by the Funds in the preparation of their financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

A. Valuation of Investments

The Funds’ investments in fixed income securities are generally valued using the prices provided directly by independent third party services or provided directly from

one or more broker dealers or market makers, each in accordance with the valuation policies and procedures approved by the Funds’ Board of Trustees (the “Board”).

The pricing services may use valuation models or matrix pricing, which consider yield or prices with respect to comparable bond quotations from bond dealers or by reference to other securities that are considered comparable in such characteristics as credit rating, interest rates and maturity date to determine the current value. The Funds’ investments in bank loans are normally valued at the bid quotation obtained from dealers in loans by an independent pricing service in accordance with the Funds’ valuation policies and procedures approved by the Board. Short-term securities with remaining maturities of 60 days or less may be valued at amortized cost, which approximates fair value. Derivative financial instruments, such as futures contracts or options contracts that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Futures traded on inactive markets are valued using broker quotations. OTC derivative financial instruments, such as foreign currency contracts, options contracts, or swaps agreements, derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of an independent pricing service providers or broker dealer quotations. Depending on the derivative type and the terms of the derivative, the value of the derivative financial instruments is assigned by independent pricing service providers using a series of techniques, which may include pricing models. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, curves, volatilities, dividends and exchange rates.

The assets and liabilities shown in the Statements of Assets and Liabilities related to investments purchased for “to-be-announced” (“TBA”) or when-issued securities approximate fair value and are determined using Level 2 inputs, as of December 31, 2018. The assets and liabilities shown in the Statements of Assets and Liabilities related to cash collateral held at broker for futures contracts are determined using Level 1 inputs as of December 31, 2018.

A Valuation Committee, made up of officers of the Trust and employees of the Adviser, is responsible for determining, in accordance with the Funds’ valuation policies and procedures approved by the Board; (1) whether market quotations are readily available for

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investments held by the Fund; and (2) the fair value of investments held by the Fund for which market quotations are not readily available or are deemed not reliable by the Adviser. In certain cases, authorized pricing service vendors may not provide prices for a security held by the Funds, or the price provided by such pricing service vendor is deemed unreliable by the Adviser. In such cases, the Funds may use market maker quotations provided by an established market maker for that security (i.e., broker quotes) to value the security if the Adviser has experience obtaining quotations from the market maker and the Adviser determines that quotations obtained from the market maker in the past have generally been reliable (or, if the Adviser has no such experience with respect to a market maker, it determines based on other information available to it that quotations to be obtained by it from the market maker are reasonably likely to be reliable). In any such case, the Adviser will review any market quotations so obtained in light of other information in its possession for their general reliability.

Bond investments are valued on the basis of last available bid prices or current market quotations provided by dealers or pricing services. Bank loan positions are valued at the bid price from one or more brokers or dealers as obtained from a pricing service. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments, various relationships observed in the market between investments and calculated yield measures. Asset-backed and mortgage-backed securities are valued by independent pricing services using models that consider estimated cash flows of each tranche of the security, establish a benchmark yield and develop an estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche.

Bank loans in which the Funds may invest have similar risks to lower-rated fixed income securities. Changes in the financial condition of the borrower or economic conditions or other circumstances may reduce the capacity of the borrower to make principal and interest payments on such instruments and may lead to defaults. Senior secured bank loans are supported by collateral; however, the value of the collateral may be insufficient to cover the amount owed to the Funds. By relying on a third party to administer a loan, the Funds are subject to the risk that the third party will fail to perform its

obligations. The loans in which the Funds will invest are largely floating rate instruments; therefore, the interest rate risk generally is lower than for fixed-rate debt obligations. However, from the perspective of the borrower, an increase in interest rates may adversely affect the borrower’s financial condition. Due to the unique and customized nature of loan agreements evidencing loans and the private syndication thereof, loans are not as easily purchased or sold as publicly traded securities. Although the range of investors in loans has broadened in recent years, there can be no assurance that future levels of supply and demand in loan trading will provide the degree of liquidity which currently exists in the market. In addition, the terms of the loans may restrict their transferability without borrower consent. These factors may have an adverse effect on the market price and the Funds’ ability to dispose of particular portfolio investments. A less liquid secondary market also may make it more difficult for the Funds to obtain precise valuations of the high yield loans in its portfolio.

The Funds may invest in collateralized debt obligations (“CDOs”), which include collateralized bond obligations (“CBOs”) and collateralized loan obligations (“CLOs”). CBOs and CLOs are types of asset-backed securities. A CDO is an entity that is backed by a diversified pool of debt securities (CBOs) or syndicated bank loans (CLOs). The cash flows of the CDO can be split into multiple segments, called “tranches,” which will vary in risk profile and yield. The riskiest segment is the subordinated or “equity” tranche. This tranche bears the greatest risk of defaults from the underlying assets in the CDO and serves to protect the other, more senior, tranches from default in all but the most severe circumstances. Since it is shielded from defaults by the more junior tranches, a “senior” tranche will typically have higher credit ratings and lower yields than their underlying securities, and often receive investment grade ratings from one or more of the nationally recognized rating agencies. Despite the protection from the more junior tranches, senior tranches can experience substantial losses due to actual defaults, increased sensitivity to future defaults and the disappearance of one or more protecting tranches as a result of changes in the credit profile of the underlying pool of assets.

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

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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 December 31, 2018 in valuing the Funds’ investments:

Global Floating Rate Fund

DESCRIPTION	LEVEL 1		LEVEL 2			LEVEL 3		TOTAL INVESTMENTS
Assets:*
Equities:
Common Stocks	$	–	$	1,192,474		$	209,512	$	1,401,986
Preferred Stock		–		–			25,965		25,965
Warrants		–		–			7,776		7,776
Total Equities		–		1,192,474			243,253		1,435,727
Fixed Income:
Bank Loans		–		239,152,468			62,044		239,214,512
Corporate Bonds		–		32,641,717			0		32,641,717
Total Fixed Income		–		271,794,185			62,044		271,856,229
Derivative Securities:
Forward Foreign Currency Exchange Contracts		–		28,173			–		28,173
Total	$	–	$	273,014,832		$	305,297	$	273,320,129
Liabilities:*
Derivative Securities:
Forward Foreign Currency Exchange Contracts		–		(271,019	)		–		(271,019	)
Total Investments	$	–	$	272,743,813		$	305,297	$	273,049,110

* There were no transfers between levels during the period ended December 31, 2018.

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The following table is a summary of quantitative information about significant unobservable valuation inputs for Level 3 fair value measurement for investments held as of December 31, 2018:

TYPE OF ASSETS	FAIR VALUE AS OF DECEMBER 31, 2018		VALUATION TECHNIQUE(S)	UNOBSERVABLE INPUT
Equities
Tunstall Group Holdings Ltd	$	–	Zero Value	Valued at zero without primary asset attached
Tunstall Group Holdings Ltd	$	–	Zero Value	Valued at zero without primary asset attached
Boomerang Tube LLC	$	172,055	Discounted Cash Flow	Average Enterprise Valuation Multiple: 5 year projection, 5.5x; EBITDA: $42.5 million; 15% discount rate
Sabine Oil & Gas LLC	$	17,028	Broker Quote	$44.00: Price source depth of 1
Sabine Oil & Gas LLC Warrants	$	1,845	Broker Quote	$1.50: Price source depth of 1
Sabine Oil & Gas LLC Warrants	$	1,150	Broker Quote	$5.25: Price source depth of 1
Templar Energy LLC	$	5,257	Broker Quote	$0.60: Price source depth of 1
Templar Energy LLC	$	15,172	Broker Quote	$2.50 Price source depth of 1
Appvion Holdings Corp Warrants	$	4,781	Restructure	Priced at corporate action restructure price
Appvion Holdings Corp Warrants	$	–	Zero Value	Valued at zero without primary asset attached
Pinnacle Agriculture Holdings A 2	$	25,965	Broker Quote	$10.00: Price source depth of 1
Bank Loans
Boomerang Tube LLC	$	62,044	Discounted Cash Flow	Average Enterprise Valuation Multiple: 5 year projection, 5.5x; EBITDA: $42.5 million; 15% discount rate
Corporate Bonds
Appvion ESC	$	–	Zero Value	Valued at zero without primary asset attached

Although the Fund believes the valuation methods described above are appropriate, the use of different methodologies or assumptions to determine fair value could result in different estimates of fair value at the reporting date.

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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, 2018		REALIZED GAIN (LOSS)			CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)			NET TRANSFERS IN (OUT) OF LEVEL 3		ACCRUED PREMIUMS/ DISCOUNTS		PURCHASES		SALES			BALANCE AS OF DECEMBER 31, 2018		CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) FROM INVESTMENTS HELD AT DECEMBER 31, 2018
Equities
Common Stock	$	65,806	$	–		$	(28,154	)	$	–	$	–	$	171,860	$	–		$	209,512	$	(28,154	)
Preferred Stock	$	238,876	$	–		$	(212,911	)	$	–	$	–	$	–	$	–		$	25,965	$	(212,911	)
Warrants	$	8,475	$	–		$	(699	)	$	–	$	–	$	–	$	–		$	7,776	$	(699	)
Fixed Income
Bank Loans	$	206,150	$	(118,431	)	$	98,862		$	–	$	233	$	86,480	$	(211,250	)	$	62,044	$	98,862
Corporate Bonds	$	–	$	–		$	–		$	–	$	–	$	–	$	–		$	–	$	–
Total	$	519,307	$	(118,431	)	$	(142,902	)	$	–	$	233	$	258,340	$	(211,250	)	$	305,297	$	(142,902	)

Global Credit Income Opportunities Fund

DESCRIPTION	LEVEL 1		LEVEL 2			LEVEL 3		TOTAL INVESTMENTS
Assets:*
Equities:
Common Stocks	$	–	$	1,453,659		$	712,280	$	2,165,939
Preferred Stock		–		–			31,158		31,158
Warrants		–		–			5,196		5,196
Total Equities		–		1,453,659			748,634		2,202,293
Fixed Income:
Asset-Backed Securities		–		25,404,085			0		25,404,085
Bank Loans		–		62,495,348			165,852		62,661,200
Corporate Bonds		–		78,273,144			0		78,273,144
Total Fixed Income		–		166,172,577			165,852		166,338,429
Purchased Option:
Put Option Purchased		–		864,192			–		864,192
Derivative Securities:
Forward Foreign Currency Exchange Contracts		–		51,721			–		51,721
Total	$	–	$	168,542,149		$	914,486	$	169,456,635
Liabilities:*
Derivative Securities:
Forward Foreign Currency Exchange Contracts		–		(187,612	)		–		(187,612	)
Total Investments	$	–	$	168,354,537		$	914,486	$	169,269,023

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

December 31, 2018 (Unaudited)

The following table is a summary of quantitative information about significant unobservable valuation inputs for Level 3 fair value measurement for investments held as of December 31, 2018:

TYPE OF ASSETS	FAIR VALUE AS OF DECEMBER 31, 2018		VALUATION TECHNIQUE(S)	UNOBSERVABLE INPUT
Equities
Tunstall Group Holdings LTD	$	–	Zero Value	Valued at zero without primary asset attached
Tunstall Group Holdings LTD	$	–	Zero Value	Valued at zero without primary asset attached
Boomerang Tube LLC	$	172,055	Discounted Cash Flow	Average Enterprise Valuation Multiple: 5 year projection, 5.5x; EBITDA: $42.5 million; 15% discount rate
Maxeda DIY B.V.	$	432,174	Market Comparables	LTM EBITDA €93m; Net leverage €453m; Average Comparable Valuation: 7.35X
Maxeda DIY B.V.	$	108,051	Market Comparables	LTM EBITDA €93m; Net leverage €453m; Average Comparable Valuation: 7.35X
Pinnacle Agriculture Holdings A 2	$	31,158	Broker Quote	$10.00: Price source depth of 1
Appvion Holdings Corp Warrants	$	5,196	Restructure	Priced at corporate action restructure price
Appvion Holdings Corp Warrants	$	–	Zero Value	Valued at zero without primary asset attached
Asset-Backed Securities
Blue Mountain CLO LTD	$	–	Zero Value	Valued at zero pending final coupon
Bank Loans
Innvation Grpup PLC	$	41,484	Broker Quote	$124.91: Price source depth of 1
Boomerang Tube LLC	$	124,368	Discounted Cash Flow	Average Enterprise Valuation Multiple: 5 year projection, 5.5x; EBITDA: $42.5 million; 15% discount rate
Corporate Bonds
Appvion ESC	$	–	Zero Value	Valued at zero without primary asset attached

Although the Fund believes the valuation methods described above are appropriate, the use of different methodologies or assumptions to determine fair value could result in different estimates of fair value at the reporting date.

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

December 31, 2018 (Unaudited)

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, 2018		REALIZED GAIN (LOSS)			CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)			NET TRANSFERS IN (OUT) OF LEVEL 3			ACCRUED PREMIUMS/ DISCOUNTS			PURCHASES		SALES			BALANCE AS OF DECEMBER 31, 2018		CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) FROM INVESTMENTS HELD AT DECEMBER 31, 2018
Equities
Common Stock	$	550,622	$	–		$	(10,202	)	$	–		$	–		$	171,860	$	–		$	712,280	$	(10,202	)
Preferred Stock	$	286,651	$	–		$	(255,493	)	$	–		$	–		$	–	$	–		$	31,158	$	(255,493	)
Warrants	$	–	$	–		$	5,196		$	–		$	–		$	–	$	–		$	5,196	$	5,196
Fixed Income
Asset-Backed Securities	$	10,228,154	$	(258,232	)	$	(119,363	)	$	(6,978,771	)	$	1,273		$	–	$	(2,873,061	)	$	–	$	(119,363	)
Bank Loans	$	277,089	$	(118,458	)	$	98,387		$	–		$	528		$	199,109	$	(290,803	)	$	165,852	$	98,387
Corporate Bonds	$	–	$	–		$	(504,257	)	$	–		$	(1,014	)	$	505,271	$	–		$	–	$	(504,257	)
Total	$	11,342,516	$	(376,690	)	$	(785,732	)	$	(6,978,771	)	$	787		$	876,240	$	(3,163,864	)	$	914,486	$	(785,732	)

Active Short Duration Bond Fund

DESCRIPTION	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL INVESTMENTS
Assets:*
Fixed Income:
Asset-Backed Securities	$	–	$	187,888,172	$	3,338,291	$	191,226,463
Corporate Bonds		–		193,730,635		–		193,730,635
Mortgage-Backed Securities		–		30,045,861		–		30,045,861
U.S. Treasury & Government Agencies		–		28,830,459		–		28,830,459
Total Fixed Income		–		440,495,127		3,338,291		443,833,418
Purchased Options:
Call Options Purchased		–		1,171,819		–		1,171,819
Put Options Purchased		–		2,791,720		–		2,791,720
Total Purchased Options		–		3,963,539		–		3,963,539
Short-Term Investments:
Commercial Paper		–		29,152,522		–		29,152,522
Total Short-Term Investments		–		29,152,522		–		29,152,522
Derivative Securities:
Futures**		–		605,664		–		605,664
Total	$	–	$	474,216,852	$	3,338,291	$	477,555,143

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December 31, 2018 (Unaudited)

DESCRIPTION	LEVEL 1		LEVEL 2			LEVEL 3		TOTAL INVESTMENTS
Liabilities:*
Derivative Securities:
Futures**	$	–	$	(2,075,739	)	$	–	$	(2,075,739	)
OTC — Credit Default Swaps		–		(83,856	)		–		(83,856	)
Total Derivative Securities		–		(2,159,595	)		–		(2,159,595	)
Total Investments	$	–	$	472,057,257		$	3,338,291	$	475,395,548

* There were no transfers between levels 1 and 2 during the period ended December 31, 2018.

** Centrally Cleared Swaps and Futures are valued at unrealized appreciation/depreciation. Only current day’s variation margin, if any, is reported on the Statement of Assets and Liabilities.

The following table is a summary of quantitative information about significant unobservable valuation inputs for Level 3 fair value measurement for investments held as of December 31, 2018:

TYPE OF ASSETS	FAIR VALUE AS OF DECEMBER 31, 2018		VALUATION TECHNIQUE(S)	UNOBSERVABLE INPUT
Asset-Backed Securities
DRB Prime Student Loan Trust 2016-R A1	$	696,801	Broker Quote	$100.70: Price source depth of 1
SoFi Professional Loan Program 2018-A	$	985,729	Broker Quote	$71.82: Price source depth of 1
SoFi Professional Loan Program 2018-B Trust	$	694,371	Discounted Cash Flow	Prepay CPR 15%; Default CDR 0.3 ramp 24 0.5; Severity 80%; 6-month recovery lag
SoFi Professional Loan Program 2018-D Trust	$	650,140	Broker Quote	$34.45: Price source depth of 11
SoFi Consumer Loan Program LLC 2015-A RC	$	311,250	Broker Quote	$103,750: Price source depth of 1

Although the Fund believes the valuation methods described above are appropriate, the use of different methodologies or assumptions to determine fair value could result in different estimates of fair value at the reporting date.

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, 2018		REALIZED GAIN (LOSS)		CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)			NET TRANSFERS IN (OUT) OF LEVEL 3			ACCRUED PREMIUMS/ DISCOUNTS		PURCHASES		SALES			BALANCE AS OF DECEMBER 31, 2018		CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) FROM INVESTMENTS HELD AT DECEMBER 31, 2018
Asset — Backed Securities	$	4,347,527	$	–	$	(187,422	)	$	(1,286,920	)	$	20,724	$	650,140	$	(205,758	)	$	3,338,291	$	(187,422	)
Mortgage — Backed Securities	$	564,478	$	–	$	–		$	(564,478	)	$	–	$	–	$	–		$	–	$	–
Total	$	4,912,005	$	–	$	(187,422	)	$	(1,851,398	)	$	20,724	$	650,140	$	(205,758	)	$	3,338,291	$	(187,422	)

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

December 31, 2018 (Unaudited)

Total Return Bond Fund

DESCRIPTION	LEVEL 1		LEVEL 2			LEVEL 3		TOTAL INVESTMENTS
Assets:*
Fixed Income:
Asset-Backed Securities	$	–	$	7,275,792		$	94,994	$	7,370,786
Corporate Bonds		–		8,878,035			–		8,878,035
Foreign Government		–		230,660			–		230,660
Mortgage-Backed Securities		–		726,675			–		726,675
U.S. Treasury & Government Agencies		–		6,555,028			–		6,555,028
Total Fixed Income		–		23,666,190			94,994		23,761,184
Mutual Fund:
Mutual Fund		2,557,954		–			–		2,557,954
Purchased Options:
Call Options Purchased		–		119,408			–		119,408
Put Options Purchased		–		286,994			–		286,994
Total Purchased Options		–		406,402			–		406,402
Short-Term Investments:
Commercial Paper		–		3,994,193			–		3,994,193
Total Short-Term Investments		–		3,994,193			–		3,994,193
Derivative Securities:
Forward Foreign Currency Exchange Contracts		–		18,077			–		18,077
Futures**		–		128,322			–		128,322
Total Derivative Securities		–		146,399			–		146,399
Total	$	2,557,954	$	28,213,184		$	94,994	$	30,866,132
Liabilities:*
Derivative Securities:
Forward Foreign Currency Exchange Contracts		–		(27,210	)		–		(27,210	)
Futures**		–		(19,862	)		–		(19,862	)
OTC — Credit Default Swaps		–		(20,964	)		–		(20,964	)
Total Derivative Securities		–		(68,036	)		–		(68,036	)
Total Investments	$	2,557,954	$	28,145,148		$	94,994	$	30,798,096

* There were no transfers between levels 1 and 2 during the period ended December 31, 2018.

** Centrally Cleared Swaps and Futures are valued at unrealized appreciation/depreciation. Only current day’s variation margin, if any, is reported on the Statement of Assets and Liabilities.

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

December 31, 2018 (Unaudited)

The following table is a summary of quantitative information about significant unobservable valuation inputs for Level 3 fair value measurement for investments held as of December 31, 2018:

TYPE OF ASSETS	FAIR VALUE AS OF DECEMBER 31, 2018		VALUATION TECHNIQUE(S)	UNOBSERVABLE INPUT
Asset-Backed Securities
DRB Prime Student Loan Trust 2016-R A1	$	48,055	Broker Quote	$100.70: Price source depth of 1
DRB Prime Student Loan Trust 2016-R A2	$	46,939	Broker Quote	$98.36: Price source depth of 1

Although the Fund believes the valuation methods described above are appropriate, the use of different methodologies or assumptions to determine fair value could result in different estimates of fair value at the reporting date.

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, 2018		REALIZED GAIN (LOSS)		CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)			NET TRANSFERS IN (OUT) OF LEVEL 3			ACCRUED PREMIUMS/ DISCOUNTS		PURCHASES		SALES			BALANCE AS OF DECEMBER 31, 2018		CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) FROM INVESTMENTS HELD AT DECEMBER 31, 2018
Asset Backed Securities	$	163,761	$	2	$	(1,689	)	$	(38,700	)	$	–	$	–	$	(28,380	)	$	94,994	$	(1,689	)
Total	$	163,761	$	2	$	(1,689	)	$	(38,700	)	$	–	$	–	$	(28,380	)	$	94,994	$	(1,689	)

Emerging Markets Debt Blended Total Return Fund

DESCRIPTION	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL INVESTMENTS
Assets:*
Fixed Income:
Corporate Bonds	$	–	$	20,194,569	$	–	$	20,194,569
Foreign Government		–		24,274,458		–		24,274,458
Total Fixed Income		–		44,469,027		–		44,469,027
Derivative Securities:
Forward Foreign Currency Exchange Contracts		–		1,123,271		–		1,123,271
OTC — Credit Default Swaps		–		8,792		–		8,792
OTC — Cross Currency Swaps		–		93,002		–		93,002
OTC — Interest Rate Swaps		–		219,578		–		219,578
Total Derivative Securities		–		1,444,643		–		1,444,643
Total	$	–	$	45,913,670	$	–	$	45,913,670

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

December 31, 2018 (Unaudited)

DESCRIPTION	LEVEL 1		LEVEL 2			LEVEL 3		TOTAL INVESTMENTS
Liabilities:*
Derivative Securities:
Centrally Cleared Interest Rate Swaps	$	–	$	(55,141	)	$	–	$	(55,141	)
Forward Foreign Currency Exchange Contracts		–		(1,469,838	)		–		(1,469,838	)
Futures**		–		(65,019	)		–		(65,019	)
OTC — Credit Default Swaps		–		(133,415	)		–		(133,415	)
OTC — Cross Currency Swaps		–		(1,338	)		–		(1,338	)
Total Derivative Securities		–		(1,724,751	)		–		(1,724,751	)
Total Investments	$	–	$	44,188,919		$	–	$	44,188,919

* There were no transfers between levels during the period ended December 31, 2018.

** Centrally Cleared Swaps and Futures are valued at unrealized appreciation/depreciation. Only current day’s variation margin, if any, is reported on the Statement of Assets and Liabilities.

Global Emerging Markets Equity Fund

DESCRIPTION	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL INVESTMENTS
Assets:*
Equities:
Common Stocks	$	6,537,849	$	2,244,900	$	–	$	8,782,749
Total Equities		6,537,849		2,244,900		–		8,782,749
Mutual Fund:
Mutual Fund		–		443,622		–		443,622
Total	$	6,537,849	$	2,688,522	$	–	$	9,226,371
Total Investments	$	6,537,849	$	2,688,522	$	–	$	9,226,371

* There were no transfers between levels during the period ended December 31, 2018.

Global High Yield Fund

DESCRIPTION	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL INVESTMENTS
Assets:*
Equities:
Common Stock	$	–	$	114,213	$	–	$	114,213
Warrants		–		–		3,397		3,397
Total Equities		–		114,213		3,397		117,610
Fixed Income:
Bank Loans		–		1,278,102		–		1,278,102
Corporate Bonds		–		21,098,046		0		21,098,046
Total Fixed Income		–		22,376,148		0		22,376,148
Derivative Securities:
Forward Foreign Currency Exchange Contracts		–		5,014		–		5,014
Total	$	–	$	22,495,375	$	3,397	$	22,498,772

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

December 31, 2018 (Unaudited)

DESCRIPTION	LEVEL 1		LEVEL 2			LEVEL 3		TOTAL INVESTMENTS
Liabilities:*
Derivative Securities:
Forward Foreign Currency Exchange Contracts	$	–	$	(22,602	)	$	–	$	(22,602	)
Total Investments	$	–	$	22,472,773		$	3,397	$	22,476,170

* There were no transfers between levels during the period ended December 31, 2018.

The following table is a summary of quantitative information about significant unobservable valuation inputs for Level 3 fair value measurement for investments held as of December 31, 2018:

TYPE OF ASSETS	FAIR VALUE AS OF DECEMBER 31, 2018		VALUATION TECHNIQUE(S)	UNOBSERVABLE INPUT
Equities
Appvion Holdings Corp Warrants	$	3,397	Restructure	Priced at corporate action restructure price
Appvion Holdings Corp Warrants	$	–	Zero Value	Valued at zero without primary asset attached
Corporate Bonds
Appvion ESC	$	–	Zero Value	Valued at zero without primary asset attached

Although the Fund believes the valuation methods described above are appropriate, the use of different methodologies or assumptions to determine fair value could result in different estimates of fair value at the reporting date.

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, 2018		REALIZED GAIN (LOSS)		CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)			NET TRANSFERS IN (OUT) OF LEVEL 3		ACCRUED PREMIUMS/ DISCOUNTS		PURCHASES		SALES		BALANCE AS OF DECEMBER 31, 2018		CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) FROM INVESTMENTS HELD AT DECEMBER 31, 2018
Equities
Appvion Holdings Corp Warrants	$	–	$	–	$	3,397		$	–	$	–	$	–	$	–	$	3,397	$	3,397
Appvion Holdings Corp Warrants	$	–	$	–	$	–		$	–	$	–	$	–	$	–	$	–	$	–
Fixed Income
Corporate Bonds	$	–	$	–	$	(252,212	)	$	–	$	15,287	$	236,925	$	–	$	–	$	(252,212	)
Total	$	–	$	–	$	(248,815	)	$	–	$	15,287	$	236,925	$	–	$	3,397	$	(248,815	)

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December 31, 2018 (Unaudited)

U.S. High Yield Fund

DESCRIPTION	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL INVESTMENTS
Assets:*
Equities:
Common Stocks	$	–	$	318,895	$	–	$	318,895
Warrants		–		–		3,802		3,802
Total Equities		–		318,895		3,802		322,697
Fixed Income:
Bank Loans		–		2,561,299		–		2,561,299
Corporate Bonds		–		46,664,899		0		46,664,899
Total Fixed Income		–		49,226,198		0		49,226,198
Total	$	–	$	49,545,093	$	3,802	$	49,548,895
Total Investments	$	–	$	49,545,093	$	3,802	$	49,548,895

* There were no transfers between levels during the period ended December 31, 2018.

The following table is a summary of quantitative information about significant unobservable valuation inputs for Level 3 fair value measurement for investments held as of December 31, 2018:

TYPE OF ASSETS	FAIR VALUE AS OF DECEMBER 31, 2018		VALUATION TECHNIQUE(S)	UNOBSERVABLE INPUT
Equities
Appvion Holdings Corp Warrants	$	–	Zero Value	Valued at zero without primary asset attached
Appvion Holdings Corp Warrants	$	3,802	Restructure	Priced at corporate action restructure price
Corporate Bonds
Appvion ESC	$	–	Zero Value	Valued at zero without primary asset attached

Although the Fund believes the valuation methods described above are appropriate, the use of different methodologies or assumptions to determine fair value could result in different estimates of fair value at the reporting date.

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

December 31, 2018 (Unaudited)

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, 2018		REALIZED GAIN (LOSS)		CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)			NET TRANSFERS IN (OUT) OF LEVEL 3		ACCRUED PREMIUMS/ DISCOUNTS		PURCHASES		SALES		BALANCE AS OF DECEMBER 31, 2018		CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) FROM INVESTMENTS HELD AT DECEMBER 31, 2018
Equities
Appvion Holdings Corp Warrants	$	–	$	–	$	3,802		$	–	$	–	$	–	$	–	$	3,802	$	3,802
Appvion Holdings Corp Warrants	$	–	$	–	$	–		$	–	$	–	$	–	$	–	$	–	$	–
Fixed Income
Corporate Bonds	$	–	$	–	$	(282,332	)	$	–	$	17,103	$	265,229	$	–	$	–	$	(282,332	)
Total	$	–	$	–	$	(278,530	)	$	–	$	17,103	$	265,229	$	–	$	3,802	$	(278,530	)

B. When-Issued, Delayed-Delivery, Forward Commitment, and To-Be-Announced Transactions

The Funds may enter into when-issued, delayed-delivery, forward commitment, or TBA transactions (collectively, the “Forward Transactions”) in order to lock in the purchase price of the underlying security, or in order to adjust the interest rate exposure of the Fund’s existing portfolio. In Forward Transactions, a Fund commits to purchase or sell particular securities, with payment and delivery to take place at a future date. In the case of TBA purchase commitments, the unit price and the estimated principal amount are established when the Fund enters into a commitment, with the actual principal amount being within a specified range of the estimate. Although a Fund does not typically pay for the securities in these types of transactions until they are delivered, it immediately assumes the risks of ownership, including the risk of price fluctuation. As a result, each of these types of transactions may create investment leverage in a Fund’s portfolio and increase the volatility of the Fund. If a Fund’s counterparty fails to deliver a security purchased in a Forward Transaction, there may be a loss, and the Fund may have missed an opportunity to make an alternative investment.

These securities are valued on the basis of valuations furnished by a pricing service, selected pursuant to procedures approved by the Trustees, which determines valuations taking into account appropriate factors such as institutional-size trading in similar groups of securities,

yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Securities for which no market quotation is available are valued at fair value in accordance with procedures approved by the Trustees. The Funds record on a daily basis the unrealized appreciation (depreciation) based upon changes in the values of these securities. When a Forward Transaction is closed, the Funds record a realized gain or loss equal to the difference between the value of the transaction at the time it was opened and the value of the transaction at the time it was closed.

C. Cash and Short-Term Investments

Cash and cash equivalents consist principally of short-term investments that are readily convertible into cash and have original maturities of three months or less. At December 31, 2018, all cash and cash equivalents are held by the custodian.

D. Investment Transactions, Related Investment Income and Expenses

Investment transactions are accounted for on a trade date basis. Interest income is recorded on the accrual basis, including the amortization of premiums and accretion of discounts on bonds held using the yield-to-maturity method. Interest income from securitized investments in which the Fund(s) has/have a beneficial interest, such as the “equity” security class of a CLO vehicle (typically in the form of income or subordinated notes), are recorded upon receipt. The

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December 31, 2018 (Unaudited)

accrual of interest income related to these types of securities is periodically reviewed and adjustments are made as necessary. These cash inflows are regularly reviewed to ensure these payments are not materially different from what would be required by GAAP reporting. Adjustments would be made if needed to address any changes.

Realized gains and losses on investment transactions and unrealized appreciation and depreciation of investments are reported for financial statement and Federal income tax purposes on the identified cost method.

Expenses are recorded on the accrual basis as incurred.

E. Redemption Fees

The Funds do not have redemption fees.

F. Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

G. Federal Income Taxation

The Funds have elected to be taxed as a Regulated Investment Company (“RIC”) under sub-chapter M of the U.S. Internal Revenue Code of 1986, as amended, and intend to maintain this qualification and to distribute substantially all of their net taxable income to their shareholders. As of December 31, 2018, the Funds had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Funds file a U.S. federal income tax return annually after their fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of the filings.

H. Dividends and Distributions

Each Fund declares a dividend daily based on the Adviser’s projections of the Funds’ estimated net investment income and distributes such dividend monthly. To the extent that these distributions exceed net investment income, they may be classified as return of capital. The Funds also pay a distribution at least annually from their net realized capital gains, if any. Dividends and distributions are recorded on the ex-dividend date. All common shares have equal dividend and other distribution rights. A notice disclosing

the source(s) of a distribution will be provided if payment is made from any source other than net investment income. Any such notice would be provided only for informational purposes in order to comply with the requirements of Section 19(a) of the 1940 Act and not for tax reporting purposes. The tax composition of the Funds’ distributions for each calendar year is reported on Internal Revenue Service Form 1099-DIV.

Dividends from net investment income and distributions from realized gains from investment transactions have been determined in accordance with Federal income tax regulations and may differ from net investment income and realized gains recorded by the Funds for financial reporting purposes. These differences, which could be temporary or permanent in nature may result in reclassification of distributions; however, net investment income, net realized gains and losses, and net assets are not affected.

I. Bank Loans

The Funds may invest in bank loans, which usually take the form of loan participations and assignments. Loan participations and assignments are agreements to make money available to U.S. or foreign corporations, partnerships or other business entities (the “Borrower”) in a specified amount, at a specified rate and within a specified time. A loan is typically originated, negotiated and structured by a U.S. or foreign bank, insurance company or other financial institution (the “Agent”) for a group of loan investors (“Loan Investors”). The Agent typically administers and enforces the loan on behalf of the other Loan Investors in the syndicate and may hold any collateral on behalf of the Loan Investors. Such loan participations and assignments are typically senior, secured and collateralized in nature. The Funds record an investment when the Borrower withdraws money and records interest as earned. These loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. These base lending rates are generally the prime rate offered by a designated U.S. bank or London InterBank Offered Rate (“LIBOR”).

The loans in which the Funds invest may be subject to some restrictions on resale. For example, the Funds may be contractually obligated to receive approval from the Agent and/or Borrower prior to the sale of these investments. The Funds generally have no right to enforce compliance with the terms of the loan agreement with the Borrower. As a result, the Funds assume the credit risk of the Borrower, the selling

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December 31, 2018 (Unaudited)

participant and any other persons interpositioned between the Funds and the Borrower (“Intermediate Participants”). In the event that the Borrower, selling participant or Intermediate Participants become insolvent or enter into bankruptcy, the Funds may incur certain costs and delays in realizing payment or may suffer a loss of principal and/or interest.

Unfunded commitments represent the remaining obligation of the Funds to the Borrower. At any point in time, up to the maturity date of the issue, the Borrower may demand the unfunded portion. Until demanded by the Borrower, unfunded commitments are not recognized as an asset on the Statements of Assets and Liabilities. Unrealized appreciation/depreciation on unfunded commitments presented on the Statements of Assets and Liabilities represents mark to market of the unfunded portion of the Funds’ bank loans. As of December 31, 2018, the following Funds had unfunded loan commitments:

FUND	SECURITY	PAR AMOUNT
Global Floating Rate Fund	Aveanna Healthcare, 3/18/2024	$	292,605
Global Credit Income Opportunities Fund	Aveanna Healthcare, 3/18/2024	$	33,130

J. 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.

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, if 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 and sell futures contracts to enhance returns, to attempt to hedge some of its investment risk, or as a substitute position in lieu of holding the underlying asset on which the instrument is based. At the time of entering into a futures transaction, an investor is required to deposit and maintain a specified

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December 31, 2018 (Unaudited)

amount of cash or eligible securities called “initial margin.” Subsequent payments made or received by a Fund called “variation margin” are made on a daily basis as the market price of the futures contract fluctuates. Each Fund will record an unrealized gain (loss) based on the amount of variation margin. When a contract is closed, a realized gain (loss) is recorded equal to the difference between the opening and closing value of the contract.

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.

When a Fund writes a covered call or a put option, an amount equal to the premium received by the Fund is included in the Fund’s Statement of Assets and Liabilities as an asset and as an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written. The Fund receives a premium on the sale of a call option but gives up the opportunity to profit from any increase in stock value above the exercise price of the option, and when a Fund writes a put option, it is exposed to a decline in the price of the underlying security.

Whether an option which a Fund has written expires on its stipulated expiration date or a Fund enters into a closing purchase transaction, the Fund realizes a gain (or loss, if the cost of a closing purchase transaction exceeds the premium received when the option was sold) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a call option which a Fund has written is exercised, the Fund realizes a capital gain or loss from the sale of the underlying security, and the cost basis of the lots sold are decreased by the premium originally received. When a put option which a Fund has written is exercised, the amount of the premium originally received will reduce the cost of the security which the Fund purchases upon exercise of the option. Realized gains (losses) on purchased options are included in net realized gain (loss) from investments.

The Funds’ use of written options involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statements of Assets and Liabilities. The face or contract amounts of these instruments reflect the extent of the Funds’ exposure to market risk. The risks may be caused by an imperfect correlation between movements in the price of the instrument and the price of the underlying securities, currencies and interest rates.

The Funds may enter into credit default swap contracts. As a seller of a credit default swap contract (“seller of protection”), a Fund is required to pay the notional amount or other agreed-upon value of a referenced debt obligation to the counterparty (or central clearing party in the case of centrally cleared swaps) in the event of a default by or other credit event involving the referenced issuer, obligation or index. In return, a Fund receives from the counterparty (or central clearing party in the case of centrally cleared swaps) a periodic stream of payments over the term of the contract.

As a purchaser of a credit default swap contract (“buyer of protection”), a Fund would receive the notional amount or other agreed upon value of a referenced debt obligation from the counterparty (or central clearing party in the case of centrally cleared swaps) in the event of default by or other credit event involving the referenced issuer, obligation or index. In return, a Fund would make periodic payments to the counterparty (or central clearing party in the case of centrally cleared swaps) over the term of the contracts, provided no event of default has occurred.

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December 31, 2018 (Unaudited)

These credit default swaps may have as a reference obligation corporate or sovereign issuers or credit indices. These credit indices are comprised of a basket of securities representing a particular sector of the market. During the period, Active Short Duration Bond Fund and Total Return Bond Fund entered into credit default swaps based on a CMBX index, which is comprised of commercial mortgage-backed securities and a CDX index, which is comprised of North American and Emerging Market companies.

Credit default swaps are fair valued based upon quotations from counterparties, brokers or market-makers and the change in value, if any, is recorded as an unrealized appreciation or depreciation. For a credit default swap sold by a Fund, payment of the agreed-upon amount made by a Fund in the event of default of the referenced debt obligation is recorded as the cost of the referenced debt obligation purchased/received. For a credit default swap purchased by a Fund, the agreed-upon amount received by a Fund in the event of default of the referenced debt obligation is recorded as proceeds from sale/delivery of the referenced debt obligation and the resulting gain or loss realized on the referenced debt obligation is recorded as such by a Fund.

Any upfront payments made or received upon entering a credit default swap contract would be amortized or accreted over the life of the swap and recorded as realized gains or losses. Collateral, in the form of cash or securities, may be required to be held in segregated accounts with the custodian bank or broker in accordance with the swap agreement. The value and credit rating of each credit default swap where a Fund is the seller of protection, are both measures of the current payment/performance risk of the swap. As the value of the swap changes as a positive or negative percentage of the total notional amount, the payment/performance risk may decrease or increase, respectively. The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the central clearing party daily.

Entering into swap agreements involves counterparty and market risk. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, that there may be unfavorable changes in interest rates, and, in the case of credit default swaps, that the Adviser does not correctly predict the creditworthiness of the issuers of the reference obligation on which the credit default swap is based. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the central clearing party.

Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to receive or pay interest (e.g., an exchange of fixed rate payments for floating rate payments) with respect to a notional amount of principal. When a Fund enters into an interest rate swap, it typically agrees to make payments to its counterparty based on a specified long- or short-term interest rate, and will receive payments from its counterparty based on another interest rate. Other forms of interest rate swap agreements include interest rate caps, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; interest rate floors, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; and interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. A Fund may enter into an interest rate swap in order, for example, to hedge against the effect of interest rate changes on the value of specific securities in its portfolio, or to adjust the interest rate sensitivity (duration) or the credit exposure of its portfolio overall, or otherwise as a substitute for a direct investment in debt securities.

During the period ended December 31, 2018, the Funds’ direct investment in derivatives consisted of forward foreign currency exchange contracts, futures contracts, credit default swaps, interest rate swaps and purchased options.

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December 31, 2018 (Unaudited)

The following is a summary of the fair value of derivative instruments held directly by the Funds as of December 31, 2018:

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	$	28,173
Total			$	28,173

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	$	(271,019	)
Total			$	(271,019	)

Global Credit Income Opportunities Fund

ASSET DERIVATIVES	STATEMENTS OF ASSETS AND LIABILITIES LOCATION		FOREIGN EXCHANGE CONTRACTS RISK		EQUITY RISK		TOTAL
Forward Foreign Currency Exchange Contracts		Unrealized appreciation on forward foreign currency exchange contracts	$	51,721	$	–	$	51,721
Purchased Options		Investments, at fair value		–		864,192		864,192
Total			$	51,721	$	864,192	$	915,913

ASSET DERIVATIVES	STATEMENTS OF ASSETS AND LIABILITIES LOCATION		FOREIGN EXCHANGE CONTRACTS RISK			EQUITY RISK		TOTAL
Forward Foreign Currency Exchange Contracts		Unrealized depreciation on forward foreign currency exchange contracts	$	(187,612	)	$	–	$	(187,612	)
Total			$	(187,612	)	$	–	$	(187,612	)

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December 31, 2018 (Unaudited)

Active Short Duration Bond Fund

ASSET DERIVATIVES	STATEMENTS OF ASSETS AND LIABILITIES LOCATION	INTEREST RATE RISK		CREDIT RISK		TOTAL
Futures Contracts	Includes cumulative unrealized appreciation/ depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.	$	605,664	$	–	$	605,664
Purchased Options	Investments, at fair value		3,963,539		–		3,963,539
Total		$	4,569,203	$	–	$	4,569,203

LIABILITY DERIVATIVES	STATEMENTS OF ASSETS AND LIABILITIES LOCATION	INTEREST RATE RISK			CREDIT RISK			TOTAL
Futures Contracts	Includes cumulative unrealized appreciation/ depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.	$	(2,075,739	)	$	–		$	(2,075,739	)
OTC – Swaps Contracts	Swap contracts, at fair value		–			(83,856	)		(83,856	)
Total		$	(2,075,739	)	$	(83,856	)	$	(2,159,595	)

Total Return Bond Fund

ASSET DERIVATIVES	STATEMENTS OF ASSETS AND LIABILITIES LOCATION	FOREIGN EXCHANGE CONTRACTS RISK		INTEREST RATE RISK		CREDIT RISK		TOTAL
Forward Foreign Currency Exchange Contracts	Unrealized appreciation on forward foreign currency exchange contracts	$	18,077	$	–	$	–	$	18,077
Futures Contracts	Includes cumulative unrealized appreciation/ depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.		–		128,322		–		128,322
Purchased Options	Investments, at fair value		–		406,402		–		406,402
Total		$	18,077	$	534,724	$	–	$	552,801

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December 31, 2018 (Unaudited)

LIABILITY DERIVATIVES	STATEMENTS OF ASSETS AND LIABILITIES LOCATION		FOREIGN EXCHANGE CONTRACTS RISK			INTEREST RATE RISK			CREDIT RISK			TOTAL
Forward Foreign Currency Exchange Contracts		Unrealized depreciation on forward foreign currency exchange contracts	$	(27,210	)	$	–		$	–		$	(27,210	)
Futures Contracts		Includes cumulative unrealized appreciation/ depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.		–			(19,862	)		–			(19,862	)
OTC – Swaps Contracts		Swap contracts, at fair value		–			–			(20,964	)		(20,964	)
Total			$	(27,210	)	$	(19,862	)	$	(20,964	)	$	(68,036	)

Emerging Markets Debt Blended Total Return Fund

ASSET DERIVATIVES	STATEMENTS OF ASSETS AND LIABILITIES LOCATION		FOREIGN EXCHANGE CONTRACTS RISK		INTEREST RATE RISK		CREDIT RISK		TOTAL
Forward Foreign Currency Exchange Contracts		Unrealized appreciation on forward foreign currency exchange contracts	$	1,123,271	$	–	$	–	$	1,123,271
OTC – Swaps Contracts		Swap contracts, at fair value		93,002		219,579		8,792		321,373
Total			$	1,216,273	$	219,579	$	8,792	$	1,444,644

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December 31, 2018 (Unaudited)

LIABILITY DERIVATIVES	STATEMENTS OF ASSETS AND LIABILITIES LOCATION	FOREIGN EXCHANGE CONTRACTS RISK			INTEREST RATE RISK			CREDIT RISK			TOTAL
Forward Foreign Currency Exchange Contracts	Unrealized depreciation on forward foreign currency exchange contracts	$	(1,469,838	)	$	–		$	–		$	(1,469,838	)
Futures Contracts	Includes cumulative unrealized appreciation/ depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.		–			(65,019	)		–			(65,019	)
OTC – Swaps Contracts	Swap contracts, at fair value		(1,338	)		–			(133,415	)		(134,753	)
Centrally Cleared Interest Rate Swaps	Unrealized depreciation on forward foreign currency exchange contracts		–			(55,142	)		–			(55,142	)
Total		$	(1,471,176	)	$	(120,161	)	$	(133,415	)	$	(1,724,752	)

Global High Yield 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	$	5,014
Total			$	5,014

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	$	(22,602	)
Total			$	(22,602	)

Amount of Realized Gain/(Loss) on Derivatives:

Global Floating Rate Fund

	FOREIGN EXCHANGE CONTRACTS RISK
Forward Foreign Currency Exchange Contracts	$	2,571,993
Total	$	2,571,993

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December 31, 2018 (Unaudited)

Global Credit Income Opportunities Fund

	FOREIGN EXCHANGE CONTRACTS RISK		EQUITY RISK			TOTAL
Forward Foreign Currency Exchange Contracts	$	2,595,266	$	–		$	2,595,266
Purchased Options		–		(174,390	)		(174,390	)
Total	$	2,595,266	$	(174,390	)	$	2,420,876

Active Short Duration Bond Fund

*COLUMN HEADERS*	INTEREST RATE RISK			CREDIT RISK		TOTAL
Futures Contracts	$	(389,877	)	$	–	$	(389,877	)
Swaps Contracts		–			8,161		8,161
Total	$	(389,877	)	$	8,161	$	(381,716	)

Total Return Bond Fund

*COLUMN HEADERS*	FOREIGN EXCHANGE CONTRACTS RISK			INTEREST RATE RISK			CREDIT RISK		TOTAL
Forward Foreign Currency Exchange Contracts	$	(7,627	)	$	–		$	–	$	(7,627	)
Futures Contracts		–			(11,676	)		–		(11,676	)
Swaps Contracts		–			–			2,038		2,038
Total	$	(7,627	)	$	(11,676	)	$	2,038	$	(17,265	)

Emerging Markets Debt Blended Total Return Fund

*COLUMN HEADERS*	FOREIGN EXCHANGE CONTRACTS RISK		INTEREST RATE RISK		CREDIT RISK		TOTAL
Forward Foreign Currency Exchange Contracts	$	313,999	$	–	$	–	$	313,999
Futures Contracts		–		22,470		–		22,470
Swaps Contracts		52,970		217,132		32,772		302,874
Total	$	366,969	$	239,602	$	32,772	$	639,343

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December 31, 2018 (Unaudited)

Global High Yield Fund

	FOREIGN EXCHANGE CONTRACTS RISK
Forward Foreign Currency Exchange Contracts	$	341,079
Total	$	341,079

Change in Unrealized Appreciation/(Depreciation) on Derivatives:

Global Floating Rate Fund

	FOREIGN EXCHANGE CONTRACTS RISK
Forward Foreign Currency Exchange Contracts	$	(872,221	)
Total	$	(872,221	)

Global Credit Income Opportunities Fund

	FOREIGN EXCHANGE CONTRACTS RISK			EQUITY RISK		TOTAL
Forward Foreign Currency Exchange Contracts	$	(951,649	)	$	–	$	(951,649	)
Purchased Options		–			521,733		521,733
Total	$	(951,649	)	$	521,733	$	(429,916	)

Active Short Duration Bond Fund

*COLUMN HEADERS*	INTEREST RATE RISK			CREDIT RISK			TOTAL
Futures Contracts	$	(1,081,998	)	$	–		$	(1,081,998	)
Purchased Options	$	129,773		$	–		$	129,773
Swaps Contracts		–			(30,142	)		(30,142	)
Total	$	(952,225	)	$	(30,142	)	$	(982,367	)

Total Return Bond Fund

*COLUMN HEADERS*	FOREIGN EXCHANGE CONTRACTS RISK			INTEREST RATE RISK		CREDIT RISK			TOTAL
Forward Foreign Currency Exchange Contracts	$	(13,843	)	$	–	$	–		$	(13,843	)
Futures Contracts	$	–		$	33,450	$	–		$	33,450
Purchased Options		–			13,314		–			13,314
Swaps Contracts	$	–		$	–	$	(7,533	)	$	(7,533	)
Total	$	(13,843	)	$	46,764	$	(7,533	)	$	25,388

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December 31, 2018 (Unaudited)

Emerging Markets Debt Blended Total Return Fund

*COLUMN HEADERS*	FOREIGN EXCHANGE CONTRACTS RISK		INTEREST RATE RISK			CREDIT RISK		TOTAL
Forward Foreign Currency Exchange Contracts	$	210,822	$	–		$	–	$	210,822
Futures Contracts		–		(22,445	)		–		(22,445	)
Swaps Contracts		71,027		38,272			49,440		158,739
Total	$	281,849	$	15,827		$	49,440	$	347,116

Global High Yield Fund

	FOREIGN EXCHANGE CONTRACTS RISK
Forward Foreign Currency Exchange Contracts	$	(63,486	)
Total	$	(63,486	)

Global Floating Rate Fund

NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OF SHARES/UNITS	FOREIGN EXCHANGE CONTRACTS RISK
Forward Foreign Currency Exchange Contracts(1)	$	77,332,210

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

Global Credit Income Opportunities Fund

	FOREIGN EXCHANGE CONTRACTS RISK		EQUITY RISK		TOTAL
Forward Foreign Currency Exchange Contracts(1)		67,006,850		–		67,006,850
Purchased Options(1)		–		5,643		5,643

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

Active Short Duration Bond Fund

NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OF SHARES/UNITS	INTEREST RATE RISK		CREDIT RISK		TOTAL
Futures Contracts(1)		1,638		–		1,638
Purchased Options(2)		77,660,000		–		77,660,000
OTC - Swaps Contracts		–		520,000		520,000

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

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

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December 31, 2018 (Unaudited)

Total Return Bond Fund

NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OF SHARES/UNITS	FOREIGN EXCHANGE CONTRACTS RISK		INTEREST RATE RISK		CREDIT RISK		TOTAL
Forward Foreign Currency Exchange Contracts(1)	$	1,140,054		–		–		1,140,054
Futures Contracts(2)	$	–		45		–		45
Purchased Options(1)		–		7,950,000		–		7,950,000
OTC - Swaps Contracts	$	–		–		130,000		130,000

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

(2) Volume of derivative activity is based on an average of month-end contracts outstanding during the period.

Emerging Markets Debt Blended Total Return Fund

NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OF SHARES/UNITS	FOREIGN EXCHANGE CONTRACTS RISK		INTEREST RATE RISK		CREDIT RISK		TOTAL
Forward Foreign Currency Exchange Contracts(1)	$	67,252,272		–		–		67,252,272
Futures Contracts(2)	$	–		8		–		8
OTC - Swaps Contracts	$	1,925,551		12,687,606		8,666,667		23,279,824

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

(2) Volume of derivative activity is based on an average of month-end contracts outstanding during the period.

Global High Yield Fund

NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OF SHARES/UNITS	FOREIGN EXCHANGE CONTRACTS RISK
Forward Foreign Currency Exchange Contracts(1)	$	7,712,694

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

K. Disclosures about Offsetting Assets and Liabilities

The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2011-11 “Disclosures about Offsetting Assets and Liabilities” (“ASU 2011-11”). These disclosure requirements are intended to help better assess the effect or potential effect of offsetting arrangements on a Fund’s financial position. In addition, FASB issued Accounting Standards Update No. 2013-01 “Clarifying the Scope of Offsetting Assets and Liabilities” (“ASU 2013-01”), specifying which transactions are subject to disclosures about offsetting. In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. Bankruptcy or insolvency laws of a particular jurisdiction may restrict or prohibit the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to terminate derivative contracts prior to maturity in the event the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements. The result would cause the Fund to accelerate payment of any net liability owed to the counterparty.

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December 31, 2018 (Unaudited)

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately on the Statement of Assets and Liabilities as cash collateral held at broker or cash collateral due to broker, respectively. Non-cash collateral pledged by or received by the Funds, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold before a transfer is required, which is determined each day at the close of business of the Funds, typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement and any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the Funds and counterparties are not permitted to sell, re-pledge or use the collateral they receive. To the extent amounts due to the Funds from their counterparties are not fully collateralized, contractually or otherwise, the Funds bear the risk of loss from counterparty non-performance. The Funds attempt to mitigate counterparty risk by entering into agreements only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

The following tables illustrate gross and net information about recognized assets eligible for offset in the Statement of Assets and Liabilities, and disclose such amounts subject to an enforceable master netting agreement or similar agreement, by counterparty. A master netting agreement is an agreement between two counterparties who have multiple contracts with each other that provides for the net settlement of all contracts, as well as cash collateral, through a single payment in the event of default on or termination of any one contract:

Global Floating Rate Fund

DESCRIPTION	GROSS AMOUNTS OF RECOGNIZED ASSETS		GROSS AMOUNTS OFFSET IN THE STATEMENTS OF ASSETS AND LIABILITIES		NET AMOUNTS OF ASSETS PRESENTED IN THE STATEMENTS OF ASSETS AND LIABILITIES
Forward Foreign Currency Exchange Contracts	$	28,173	$	–	$	28,173
Total	$	28,173	$	–	$	28,173

			GROSS AMOUNTS NOT OFFSET IN THE STATEMENTS OF ASSETS AND  LIABILITIES
COUNTERPARTY	NET AMOUNTS OF ASSETS PRESENTED IN THE STATEMENTS OF ASSETS AND  LIABILITIES		FINANCIAL INSTRUMENT			CASH COLLATERAL RECEIVED (a)		NET AMOUNT (b)
Morgan Stanley & Co.	$	28,173	$	(28,173	)	$	–	$	–
Total	$	28,173	$	(28,173	)	$	–	$	–

(a) Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets presented in the Statements of Assets and Liabilities, for each respective counterparty.

(b) Net Amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2018.

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December 31, 2018 (Unaudited)

DESCRIPTION	GROSS AMOUNTS OF RECOGNIZED LIABILITIES		GROSS AMOUNTS OFFSET IN THE STATEMENTS OF ASSETS AND LIABILITIES		NET AMOUNTS OF LIABILITIES PRESENTED IN THE STATEMENTS OF ASSETS AND LIABILITIES
Forward Foreign Currency Exchange Contracts	$	271,019	$	–	$	271,019
Total	$	271,019	$	–	$	271,019

			GROSS AMOUNTS NOT OFFSET IN THE STATEMENTS OF ASSETS AND  LIABILITIES
COUNTERPARTY	NET AMOUNTS OF LIABILITIES PRESENTED IN THE STATEMENTS OF ASSETS AND LIABILITIES		FINANCIAL INSTRUMENT			CASH COLLATERAL PLEDGED (a)		NET AMOUNT (b)
Morgan Stanley & Co.	$	271,019	$	(28,173	)	$	–	$	242,846
Total	$	271,019	$	(28,173	)	$	–	$	242,846

(a) Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets presented in the Statements of Assets and Liabilities, for each respective counterparty.

(b) Net Amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2018.

Global Credit Income Opportunities Fund

DESCRIPTION	GROSS AMOUNTS OF RECOGNIZED ASSETS		GROSS AMOUNTS OFFSET IN THE STATEMENTS OF ASSETS AND LIABILITIES		NET AMOUNTS OF ASSETS PRESENTED IN THE STATEMENTS OF ASSETS AND LIABILITIES
Forward Foreign Currency Exchange Contracts	$	51,721	$	–	$	51,721
Purchased Options		864,192		–		864,192
Total	$	915,913	$	–	$	915,913

			GROSS AMOUNTS NOT OFFSET IN THE STATEMENTS OF ASSETS AND  LIABILITIES
COUNTERPARTY	NET AMOUNTS OF ASSETS PRESENTED IN THE STATEMENTS OF ASSETS AND  LIABILITIES		FINANCIAL INSTRUMENT			CASH COLLATERAL RECEIVED (a)		NET AMOUNT (b)
Bank of America N.A.	$	35,662	$	(1,467	)	$	–	$	34,195
Barclays Bank plc		16,059		(16,059	)		–		–
Morgan Stanley & Co		864,192		–			–		864,192
Total	$	915,913	$	(17,526	)	$	–	$	898,387

(a) Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets presented in the Statements of Assets and Liabilities, for each respective counterparty.

(b) Net Amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2018.

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December 31, 2018 (Unaudited)

DESCRIPTION	GROSS AMOUNTS OF RECOGNIZED LIABILITIES		GROSS AMOUNTS OFFSET IN THE STATEMENTS OF ASSETS AND LIABILITIES		NET AMOUNTS OF LIABILITIES PRESENTED IN THE STATEMENTS OF ASSETS AND LIABILITIES
Forward Foreign Currency Exchange Contracts	$	187,612	$	–	$	187,612
Total	$	187,612	$	–	$	187,612

			GROSS AMOUNTS NOT OFFSET IN THE STATEMENTS OF ASSETS AND  LIABILITIES
COUNTERPARTY	NET AMOUNTS OF LIABILITIES PRESENTED IN THE STATEMENTS OF ASSETS AND LIABILITIES		FINANCIAL INSTRUMENT			CASH COLLATERAL PLEDGED (a)			NET AMOUNT (b)
Bank of America N.A.	$	1,467	$	(1,467	)	$	–		$	–
Barclays Bank plc		186,145		(16,059	)		(140,000	)		30,086
Total	$	187,612	$	(17,526	)	$	(140,000	)	$	30,086

(a) Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets presented in the Statements of Assets and Liabilities, for each respective counterparty.

(b) Net Amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2018.

Active Short Duration Bond Fund

DESCRIPTION	GROSS AMOUNTS OF RECOGNIZED ASSETS		GROSS AMOUNTS OFFSET IN THE STATEMENTS OF ASSETS AND LIABILITIES		NET AMOUNTS OF ASSETS PRESENTED IN THE STATEMENTS OF ASSETS AND LIABILITIES
Purchased Options	$	3,963,539	$	–	$	3,963,539
Total	$	3,963,539	$	–	$	3,963,539

			GROSS AMOUNTS NOT OFFSET IN THE STATEMENTS OF ASSETS AND  LIABILITIES
COUNTERPARTY	NET AMOUNTS OF ASSETS PRESENTED IN THE STATEMENTS OF ASSETS AND  LIABILITIES		FINANCIAL INSTRUMENT			CASH COLLATERAL RECEIVED (a)			NET AMOUNT (b)
JPMorgan Chase Bank N.A.	$	3,963,539	$	(37,595	)	$	(3,925,944	)	$	–
Total	$	3,963,539	$	(37,595	)	$	(3,925,944	)	$	–

(a) Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets presented in the Statements of Assets and Liabilities, for each respective counterparty.

(b) Net Amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2018.

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December 31, 2018 (Unaudited)

DESCRIPTION	GROSS AMOUNTS OF RECOGNIZED LIABILITIES		GROSS AMOUNTS OFFSET IN THE STATEMENTS OF ASSETS AND LIABILITIES		NET AMOUNTS OF LIABILITIES PRESENTED IN THE STATEMENTS OF ASSETS AND  LIABILITIES
Swap Contracts	$	63,200	$	–	$	63,200
Total	$	63,200	$	–	$	63,200

			GROSS AMOUNTS NOT OFFSET IN THE STATEMENTS OF ASSETS AND  LIABILITIES
COUNTERPARTY	NET AMOUNTS OF LIABILITIES PRESENTED IN THE STATEMENTS OF ASSETS  AND LIABILITIES		FINANCIAL INSTRUMENT			CASH COLLATERAL PLEDGED (a)		NET AMOUNT (b)
Goldman Sachs & Co.	$	25,605	$	–		$	–	$	25,605
JPMorgan Chase Bank N.A.		37,595		(37,595	)		–		–
Total	$	63,200	$	(37,595	)	$	–	$	25,605

(a) Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets presented in the Statements of Assets and Liabilities, for each respective counterparty.

(b) Net Amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2018.

Total Return Bond Fund

DESCRIPTION	GROSS AMOUNTS OF RECOGNIZED ASSETS		GROSS AMOUNTS OFFSET IN THE STATEMENTS OF ASSETS AND LIABILITIES		NET AMOUNTS OF ASSETS PRESENTED IN THE STATEMENTS OF ASSETS AND LIABILITIES
Forward Foreign Currency Exchange Contracts	$	18,077	$	–	$	18,077
Purchased Options		406,402		–		406,402
Total	$	424,479	$	–	$	424,479

			GROSS AMOUNTS NOT OFFSET IN THE STATEMENTS OF ASSETS AND  LIABILITIES
COUNTERPARTY	NET AMOUNTS OF ASSETS PRESENTED IN THE STATEMENTS OF ASSETS AND  LIABILITIES		FINANCIAL INSTRUMENT			CASH COLLATERAL RECEIVED (a)			NET AMOUNT (b)
Bank of America N.A.	$	3,578	$	(3,578	)	$	–		$	–
Barclays Bank plc		2,430		(2,430	)		–			–
BNP Paribas S.A.		3,098		(516	)		–			2,582
Citibank N.A.		381		(381	)		–			–
Goldman Sachs & Co.		264		(264	)		–			–
JPMorgan Chase Bank N.A.		414,728		(22,105	)		(380,000	)		12,623
Total	$	424,479	$	(29,274	)	$	(380,000	)	$	15,205

(a) Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets presented in the Statements of Assets and Liabilities, for each respective counterparty.

(b) Net Amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2018.

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December 31, 2018 (Unaudited)

DESCRIPTION	GROSS AMOUNTS OF RECOGNIZED LIABILITIES		GROSS AMOUNTS OFFSET IN THE STATEMENTS OF ASSETS AND LIABILITIES		NET AMOUNTS OF LIABILITIES PRESENTED IN THE STATEMENTS OF ASSETS AND LIABILITIES
Forward Foreign Currency Exchange Contracts	$	27,210	$	–	$	27,210
Swap Contracts		15,988		–		15,988
Total	$	43,198	$	–	$	43,198

			GROSS AMOUNTS NOT OFFSET IN THE STATEMENTS OF ASSETS AND  LIABILITIES
COUNTERPARTY	NET AMOUNTS OF LIABILITIES PRESENTED IN THE STATEMENTS OF ASSETS AND LIABILITIES		FINANCIAL INSTRUMENT			CASH COLLATERAL PLEDGED (a)		NET AMOUNT (b)
Bank of America N.A.	$	8,990	$	(3,578	)	$	–	$	5,412
Barclays Bank plc		2,607		(2,430	)		–		177
BNP Paribas S.A.		516		(516	)		–		–
Citibank N.A.		2,800		(381	)		–		2,419
Goldman Sachs & Co.		6,180		(264	)		–		5,916
JPMorgan Chase Bank N.A.		22,105		(22,105	)		–		–
Total	$	43,198	$	(29,274	)	$	–	$	13,924

(a) Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets presented in the Statements of Assets and Liabilities, for each respective counterparty.

(b) Net Amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2018.

Emerging Markets Debt Blended Total Return Fund

DESCRIPTION	GROSS AMOUNTS OF RECOGNIZED ASSETS		GROSS AMOUNTS OFFSET IN THE STATEMENTS OF ASSETS AND LIABILITIES		NET AMOUNTS OF ASSETS PRESENTED IN THE STATEMENTS OF ASSETS AND LIABILITIES
Forward Foreign Currency Exchange Contracts	$	1,123,271	$	–	$	1,123,271
Swap Contracts		345,120		–		345,120
Total	$	1,468,391	$	–	$	1,468,391

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December 31, 2018 (Unaudited)

			GROSS AMOUNTS NOT OFFSET IN THE STATEMENTS OF ASSETS AND  LIABILITIES
COUNTERPARTY	NET AMOUNTS OF ASSETS PRESENTED IN THE STATEMENTS OF ASSETS AND  LIABILITIES		FINANCIAL INSTRUMENT			CASH COLLATERAL RECEIVED (a)			NET AMOUNT (b)
Bank of America N.A.	$	487,500	$	(198,567	)	$	(260,000	)	$	28,933
Barclays Bank plc		138,147		(14,327	)		(100,000	)		23,820
BNP Paribas S.A.		196,123		(32,571	)		–			163,552
Citibank N.A.		78,637		(78,637	)		–			–
Goldman Sachs & Co.		11,787		(11,787	)		–			–
JPMorgan Chase Bank N.A.		556,197		(202,039	)		(354,158	)		–
Total	$	1,468,391	$	(537,928	)	$	(714,158	)	$	216,305

(a) Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets presented in the Statements of Assets and Liabilities, for each respective counterparty.

(b) Net Amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2018.

DESCRIPTION	GROSS AMOUNTS OF RECOGNIZED LIABILITIES		GROSS AMOUNTS OFFSET IN THE STATEMENTS OF ASSETS AND LIABILITIES		NET AMOUNTS OF LIABILITIES PRESENTED IN THE STATEMENTS OF ASSETS AND LIABILITIES
Forward Foreign Currency Exchange Contracts	$	1,469,838	$	–	$	1,469,838
Swap Contracts		45,842		–		45,842
Total	$	1,515,680	$	–	$	1,515,680

			GROSS AMOUNTS NOT OFFSET IN THE STATEMENTS OF ASSETS AND  LIABILITIES
COUNTERPARTY	NET AMOUNTS OF LIABILITIES PRESENTED IN THE STATEMENTS OF ASSETS  AND LIABILITIES		FINANCIAL INSTRUMENT			CASH COLLATERAL PLEDGED (a)			NET AMOUNT (b)
Bank of America N.A.	$	198,567	$	(198,567	)	$	–		$	–
Barclays Bank plc		14,327		(14,327	)		–			–
BNP Paribas S.A.		32,571		(32,571	)		–			–
Citibank N.A.		213,353		(78,637	)		–			134,716
Goldman Sachs & Co.		36,578		(11,787	)		–			24,791
JPMorgan Chase Bank N.A.		202,039		(202,039	)		–			–
State Street Bank & Trust Co.		818,245		–			(818,245	)		–
Total	$	1,515,680	$	(537,928	)	$	(818,245	)	$	159,507

(a) Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets presented in the Statements of Assets and Liabilities, for each respective counterparty.

(b) Net Amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2018.

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December 31, 2018 (Unaudited)

Global High Yield Fund

DESCRIPTION	GROSS AMOUNTS OF RECOGNIZED ASSETS		GROSS AMOUNTS OFFSET IN THE STATEMENTS OF ASSETS AND LIABILITIES		NET AMOUNTS OF ASSETS PRESENTED IN THE STATEMENTS OF ASSETS AND LIABILITIES
Forward Foreign Currency Exchange Contracts	$	5,014	$	–	$	5,014
Total	$	5,014	$	–	$	5,014

			GROSS AMOUNTS NOT OFFSET IN THE STATEMENTS OF ASSETS AND  LIABILITIES
COUNTERPARTY	NET AMOUNTS OF ASSETS PRESENTED IN THE STATEMENTS OF ASSETS AND  LIABILITIES		FINANCIAL INSTRUMENT			CASH COLLATERAL RECEIVED (a)		NET AMOUNT (b)
Bank of America N.A.	$	4,544	$	(654	)	$	–	$	3,890
Goldman Sachs & Co.		18		–			–		18
JPMorgan Chase Bank N.A.		452		–			–		452
Total	$	5,014	$	(654	)	$	–	$	4,360

(a) Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets presented in the Statements of Assets and Liabilities, for each respective counterparty.

(b) Net Amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2018.

DESCRIPTION	GROSS AMOUNTS OF RECOGNIZED LIABILITIES		GROSS AMOUNTS OFFSET IN THE STATEMENTS OF ASSETS AND LIABILITIES		NET AMOUNTS OF LIABILITIES PRESENTED IN THE STATEMENTS OF ASSETS AND LIABILITIES
Forward Foreign Currency Exchange Contracts	$	22,602	$	–	$	22,602
Total	$	22,602	$	–	$	22,602

			GROSS AMOUNTS NOT OFFSET IN THE STATEMENTS OF ASSETS AND  LIABILITIES
COUNTERPARTY	NET AMOUNTS OF LIABILITIES PRESENTED IN THE STATEMENTS OF ASSETS AND LIABILITIES		FINANCIAL INSTRUMENT			CASH COLLATERAL PLEDGED (a)		NET AMOUNT (b)
Bank of America N.A.	$	654	$	(654	)	$	–	$	–
Barclays Bank plc		21,862		–			–		21,862
BNP Paribas S.A.		86		–			–		86
Total	$	22,602	$	(654	)	$	–	$	21,948

(a) Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets presented in the Statements of Assets and Liabilities, for each respective counterparty.

(b) Net Amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2018.

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L. Foreign Securities

Investing in securities of foreign companies and foreign governments involves special risks and considerations not typically associated with investing in U.S. companies and the U.S. government. These risks include valuation of currencies and adverse political and economic developments. Moreover, securities of many foreign companies, foreign governments, and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. companies and the U.S. government.

M. Foreign Currency Translation

The books and records of the Funds are maintained in U.S. dollars. Foreign currency transactions are translated into U.S. dollars on the following basis: (i) market value of investment securities, assets and liabilities at the daily rates of exchange, and (ii) purchases and sales of investment securities, dividend and interest income and certain expenses at the rates of exchange prevailing on the respective dates of such transactions. For financial reporting purposes, the Funds do not isolate changes in the exchange rate of investment securities from the fluctuations arising from changes in the market prices of securities. However, for Federal income tax purposes, the Funds do isolate and treat as ordinary income the effect of changes in foreign exchange rates on realized gain or loss from the sale of investment securities and payables and receivables arising from trade-date and settlement-date differences.

N. Counterparty Risk

The Funds seek to manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations. The Adviser monitors the financial stability of the Funds’ counterparties.

3. Advisory Fee

The Funds have entered into an Investment Management Agreement (the “Agreement”) with the Adviser. Pursuant to the Agreement, the Funds have agreed to pay the Adviser a fee payable at the end of each calendar month as set forth below:

Global Floating Rate Fund	0.65% of average daily net assets
Global Credit Income Opportunities Fund	0.75% of average daily net assets

Active Short Duration Bond Fund	0.35% of average daily net assets
Total Return Bond Fund	0.40% of average daily net assets
Emerging Markets Debt Blended Total Return Fund	0.75% of average daily net assets
Global Emerging Markets Equity Fund	0.90% of average daily net assets
Global High Yield Fund	0.60% of average daily net assets
U.S. High Yield Fund	0.55% of average daily net assets

The Adviser has contractually agreed to waive and/or reimburse a portion of its fees and/or reimburse expenses (excluding distribution and service (12b-1) fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of securities and extraordinary expenses) such that total net annual operating expenses (including 12b-1 fees) for each class do not exceed the following rates (as a percentage of average daily net assets allocated to each such class):

	CLASS A			CLASS C			CLASS I			CLASS Y
Global Floating Rate Fund		1.00	%		1.75	%		0.75	%		0.75	%
Global Credit Income Opportunities Fund		1.20	%		1.95	%		0.95	%		0.95	%
Active Short Duration Bond Fund		0.65	%		0.90	%		0.40	%		0.40	%
Total Return Bond Fund		0.80	%		1.55	%		0.55	%		0.55	%
Emerging Markets Debt Blended Total Return Fund		1.20	%		1.95	%		0.95	%		0.95	%
Global Emerging Markets Equity Fund		1.45	%		2.20	%		1.20	%		1.20	%
Global High Yield Fund		1.05	%		1.80	%		0.80	%		0.80	%
U.S. High Yield Fund		1.00	%		1.75	%		0.75	%		0.75	%

Pursuant to the expense waiver/reimbursement agreement, the Adviser is entitled to be reimbursed for any fees the Adviser waives and Fund expenses that the Adviser reimburses for a period of three years following such fee

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December 31, 2018 (Unaudited)

waivers and expense reimbursements, to the extent that such reimbursement of the Adviser by a Fund will not cause the Fund to exceed any applicable expense limitation that is in place for the Fund.

The contractual management fee waiver and expense reimbursement agreements between the Funds and the Adviser will remain in effect until November 1, 2019 and may be terminated only upon the approval of the Funds’ Board of Trustees.

Subject to the supervision of the Adviser and the Board, BIIL manages the investment and reinvestment of a portion of the assets of the Global Floating Rate Fund, Global Credit Income Opportunities Fund, Emerging Markets Debt Blended Total Return Fund, Global Emerging Markets Equity Fund and Global High Yield Fund, as allocated from time to time to BIIL. As compensation for its services, the Adviser (not the Funds) pays to BIIL sub-advisory fees equal to the below percentages of the advisory fee paid to the Adviser by the applicable Fund, net of any fee waivers and/or expense reimbursements:

Global Floating Rate Fund	0.35	%
Global Credit Income Opportunities Fund	0.35	%
Emerging Markets Debt Blended Total Return Fund	0.50	%
Global Emerging Markets Equity Fund	0.70	%
Global High Yield Fund	0.35	%

The Adviser or its affiliates voluntarily agreed to waive certain fees for the Global Floating Rate Fund, the Active Short Duration Bond Fund and the Emerging Markets Debt Blended Total Return Fund. Such arrangements may be discontinued by the Adviser at any time. For the year ended December 31, 2018, the amount of the waivers were $669, $1,176 and $24,340, respectively.

4. 12b-1 Distribution and Service Plan and other Shareholder Servicing Payments

ALPS Distributors, Inc. (the “Distributor”) is the Distributor of the Funds’ shares as of December 31, 2018.

The Funds have adopted a Distribution and Shareholder Services Plan (the “Plan”), pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, each Fund’s Class A and Class C shares may compensate certain financial institutions, including the Distributor, for certain distribution and shareholder servicing activities. The Funds’ Class A shares may expend an aggregate amount, on an annual basis, not to exceed 0.25% of the value of the average daily net assets of a Fund attributable to Class A shares and 1.00% (0.50% for Active Short Duration

Bond Fund) of the value of the average daily net assets of a Fund attributable to Class C shares. The Plan provides that the distribution and service fees are payable to the Distributor regardless of the amounts actually expended by the Distributor for distribution of the Funds’ shares and service activities.                

Under its terms, the Funds’ Plan shall remain in effect from year to year, provided such continuance is approved annually by a vote of a majority of the Board’s members and a majority of the Board’s members who are not “interested persons” of the Funds and who have no direct or indirect financial interest in the operation of the Plan or in any agreement related to the Plan.

Effective July 1, 2018, the Board approved the payment by each Fund of investor services (“sub-TA”) payments with respect to shares of such Fund held in omnibus accounts by financial intermediaries.

5. Sales Charges and Commissions

For the year ended December 31, 2018, the amount of sales charges retained by the Distributor on sales of Class A and Class C shares of the Funds were as follows:

	CLASS C
Global Floating Rate Fund	$	401
Global Credit Income Opportunities Fund		25

For the year ended December 31, 2018, the Distributor received the following commissions on sales of shares of the Funds, after concessions were paid to authorized dealers:

	DISTRIBUTOR COMMISSIONS		DEALERS’ CONCESSIONS
Global Floating Rate Fund	$	1,119	$	38,666
Global Credit Income Opportunities Fund		680		106,139
Active Short Duration Bond Fund		–		338
Total Return Bond Fund		116		805
Emerging Markets Debt Blended Total Return Fund		–		260
Global High Yield Fund		–		150

6. Administrator, Custody, and Transfer Agent Fees

The Funds have engaged State Street Bank and Trust (“SSB”) to serve as the Funds’ administrator, custodian,

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December 31, 2018 (Unaudited)

and fund accountant. For these services, the Funds have agreed to pay SSB fees payable at the end of each calendar month pursuant to an agreement between SSB and the Funds. For the year ended December 31, 2018, the aggregate effective fee for the services performed by SSB was at the following annual rate of each Fund’s average daily managed assets:

Aggregate Administrator, Custodian and Fund Accountant Fee to SSB:
Global Floating Rate Fund	0.13	%
Global Credit Income Opportunities Fund	0.16	%
Active Short Duration Bond Fund	0.17	%
Total Return Bond Fund	0.34	%
Emerging Markets Debt Blended Total Return Fund	0.30	%
Global Emerging Markets Equity Fund	0.48	%
Global High Yield Fund	0.31	%
U.S. High Yield Fund	0.19	%

The Funds have engaged ALPS Fund Services, Inc. (“ALPS”) to serve as the Funds’ transfer agent. For these services, the Funds have agreed to pay ALPS fees payable at the end of each calendar month pursuant to an

agreement between ALPS and the Funds. For the year ended December 31, 2018, the effective fee for the services performed by ALPS was at the following annual rate of each Fund’s average daily managed assets:

Transfer Agency Fee to ALPS:
Global Floating Rate Fund	0.01	%
Global Credit Income Opportunities Fund	0.02	%
Active Short Duration Bond Fund	0.01	%
Total Return Bond Fund	0.08	%
Emerging Markets Debt Blended Total Return Fund	0.06	%
Global Emerging Markets Equity Fund	0.13	%
Global High Yield Fund	0.09	%
U.S. High Yield Fund	0.04	%

7. Income Taxes

It is the Funds’ intention to qualify as a RIC under subchapter M of the Internal Revenue Code and distribute all of its taxable income. Accordingly, no provision for Federal income taxes is required in the financial statements.

The tax character of dividends paid to shareholders during the tax year ended June 30, 2018 was as follows:

	ORDINARY INCOME		NET LONG-TERM CAPITAL GAINS		RETURN OF CAPITAL		TOTAL DISTRIBUTIONS PAID
Global Floating Rate Fund	$	8,591,381	$	–	$	1,171,303	$	9,762,684
Global Credit Income Opportunities Fund		9,089,382		–		496,307		9,585,689
Active Short Duration Bond Fund		9,664,909		902,028		–		10,566,937
Total Return Bond Fund		976,520		–		33,503		1,010,023
Emerging Markets Debt Blended Total Return Fund		1,342,816		145,149		–		1,487,965
Global High Yield Fund		2,242,682		57,003		–		2,299,685
U.S. High Yield Fund		2,968,418		248,263		–		3,216,681

In accordance with the Regulated Investment Company Modernization Act of 2010, the Funds will carryforward capital losses incurred in taxable years beginning after December 22, 2010 (“post-enactment losses”) indefinitely. Post-enactment losses will also retain their character as either short-term or long-term and be utilized before any pre-enactment losses.

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December 31, 2018 (Unaudited)

As of December 31, 2018, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

	COST OF INVESTMENTS		GROSS UNREALIZED APPRECIATION		GROSS UNREALIZED DEPRECIATION			NET UNREALIZED DEPRECIATION
Global Floating Rate Fund	$	291,554,310	$	1,146,624	$	(19,408,978	)	$	(18,262,354	)
Global Credit Income Opportunities Fund		185,304,153		1,245,760		(18,009,191	)		(16,763,431	)
Active Short Duration Bond Fund		477,766,961		1,185,975		(5,966,997	)		(4,781,022	)
Total Return Bond Fund		30,951,329		147,978		(785,976	)		(637,998	)
Emerging Markets Debt Blended Total Return Fund		47,849,079		73,693		(3,453,745	)		(3,380,052	)
Global Emerging Markets Equity Fund		9,499,900		395,348		(668,877	)		(273,529	)
Global High Yield Fund		24,803,674		107,528		(2,417,444	)		(2,309,916	)
U.S. High Yield Fund		53,017,778		205,338		(3,674,221	)		(3,468,883	)

The difference between book-basis and tax-basis unrealized gains (losses) is attributable to wash sales.

8. Investment Transactions

Purchases and sales of securities (excluding short-term debt securities) for the year ended December 31, 2018 were as follows:

	PURCHASES		SALES		GOVERNMENT PURCHASES		GOVERNMENT SALES
Global Floating Rate Fund	$	116,910,270	$	69,903,973	$	–	$	–
Global Credit Income Opportunities Fund		57,396,659		87,639,314		–		–
Active Short Duration Bond Fund		92,785,462		73,288,843		22,986,680		4,808,563
Total Return Bond Fund		5,633,043		8,651,332		–		–
Emerging Markets Debt Blended Total Return Fund		20,462,622		18,232,716		–		–
Global Emerging Markets Equity Fund		9,678,783		117,232		–		–
Global High Yield Fund		3,119,953		3,091,967		2,464,028		5,558,790
U.S. High Yield Fund		10,787,242		12,012,330		–		–

9. Common Stock

Transactions in common stock for the six months ended December 31, 2018 were as follows:

Global Floating Rate Fund

	FOR THE SIX MONTHS ENDED DECEMBER 31, 2018						FOR THE YEAR ENDED JUNE 30, 2018
CLASS A	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		380,062		$	3,580,331			1,667,532		$	15,918,813
Shares sold through reinvestments of distributions		148,487			1,389,754			243,001			2,317,457
Shares redeemed		(718,264	)		(6,712,248	)		(1,036,759	)		(9,887,519	)
Net increase (decrease)		(189,715	)	$	(1,742,163	)		873,774		$	8,348,751
CLASS C
Shares sold		193,947		$	1,834,992			185,281		$	1,760,750
Shares sold through reinvestments of distributions		21,595			200,958			29,111			276,669
Shares redeemed		(140,091	)		(1,312,266	)		(178,196	)		(1,693,674	)
Net increase		75,451		$	723,684			36,196		$	343,745

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December 31, 2018 (Unaudited)

	FOR THE SIX MONTHS ENDED DECEMBER 31, 2018						FOR THE YEAR ENDED JUNE 30, 2018
CLASS I	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		3,057,892		$	29,141,715			575,961		$	5,511,861
Shares sold through reinvestments of distributions		89,985			841,860			100,453			960,046
Shares redeemed		(1,341,586	)		(12,751,297	)		(807,441	)		(7,709,995	)
Net increase (decrease)		1,806,291		$	17,232,278			(131,027	)	$	(1,238,088	)
CLASS Y
Shares sold		10,154,323		$	96,415,727			9,320,803		$	89,015,823
Shares sold through reinvestments of distributions		437,232			4,097,197			568,316			5,429,194
Shares redeemed		(7,294,163	)		(68,393,237	)		(4,547,811	)		(43,466,701	)
Net increase		3,297,392		$	32,119,687			5,341,308		$	50,978,316

Global Credit Income Opportunities Fund

	FOR THE SIX MONTHS ENDED DECEMBER 31, 2018						FOR THE YEAR ENDED JUNE 30, 2018
CLASS A	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		1,014,462		$	9,385,123			4,878,668		$	45,886,717
Shares sold through reinvestments of distributions		248,888			2,251,726			185,198			1,746,315
Shares redeemed		(2,407,981	)		(21,497,858	)		(1,400,679	)		(13,240,661	)
Net increase (decrease)		(1,144,631	)	$	(9,861,009	)		3,663,187		$	34,392,371
CLASS C
Shares sold		139,608		$	1,288,060			371,526		$	3,505,551
Shares sold through reinvestments of distributions		30,435			274,643			30,456			286,954
Shares redeemed		(176,499	)		(1,590,498	)		(150,027	)		(1,414,034	)
Net increase (decrease)		(6,456	)	$	(27,795	)		251,955		$	2,378,471
CLASS I
Shares sold		–		$	–			–		$	–
Shares sold through reinvestments of distributions		71			641			93			876
Shares redeemed		(669,643	)		(6,000,000	)		–			–
Net increase (decrease)		(669,572	)	$	(5,999,359	)		93		$	876
CLASS Y
Shares sold		3,808,931		$	35,119,426			7,646,098		$	72,032,811
Shares sold through reinvestments of distributions		441,236			3,999,852			425,660			4,011,731
Shares redeemed		(6,710,044	)		(60,722,343	)		(3,105,523	)		(29,263,594	)
Net increase (decrease)		(2,459,877	)	$	(21,603,065	)		4,966,235		$	46,780,948

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December 31, 2018 (Unaudited)

Active Short Duration Bond Fund

	FOR THE SIX MONTHS ENDED DECEMBER 31, 2018						FOR THE YEAR ENDED JUNE 30, 2018
CLASS A	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		3,405,963		$	33,607,315			14,618,622		$	145,642,052
Shares sold through reinvestments of distributions		236,586			2,333,461			386,954			3,845,964
Shares redeemed		(6,508,466	)		(64,234,467	)		(8,990,871	)		(89,385,833	)
Net increase (decrease)		(2,865,917	)	$	(28,293,691	)		6,014,705		$	60,102,183
CLASS C
Shares sold		38,540		$	378,443			103,284		$	1,031,298
Shares sold through reinvestments of distributions		1,555			15,330			1,963			19,485
Shares redeemed		(24,321	)		(239,189	)		(13,404	)		(133,445	)
Net increase		15,774		$	154,584			91,843		$	917,338
CLASS I
Shares sold		–		$	–			20,309		$	203,500
Shares sold through reinvestments of distributions		–			–			–			–
Shares redeemed		–			–			–			–
Net increase		–		$	–			20,309		$	203,500

CLASS Y
Shares sold	14,268,282		$	140,556,830		20,820,040		$	207,162,143
Shares sold through reinvestments of distributions	359,093			3,538,352		564,556			5,609,410
Shares redeemed	(6,310,254	)		(62,199,360	)	(16,257,695	)		(161,293,725	)
Net increase	8,317,121		$	81,895,822		5,126,901		$	51,477,828

Total Return Bond Fund

	FOR THE SIX MONTHS ENDED DECEMBER 31, 2018						FOR THE YEAR ENDED JUNE 30, 2018
CLASS A	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		52,006		$	501,227			–		$	–
Shares sold through reinvestments of distributions		25			243			40			398
Shares redeemed		(297	)		(2,902	)		(495	)		(4,965	)
Net increase (decrease)		51,734		$	498,568			(455	)	$	(4,567	)
CLASS C
Shares sold		–		$	–			–		$	–
Shares sold through reinvestments of distributions		–			–			–			–
Shares redeemed		–			–			–			–
Net increase		–		$	–			–		$	–

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

December 31, 2018 (Unaudited)

	FOR THE SIX MONTHS ENDED DECEMBER 31, 2018						FOR THE YEAR ENDED JUNE 30, 2018
CLASS I	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		–		$	–			–		$	–
Shares sold through reinvestments of distributions		–			–			–			–
Shares redeemed		–			–			–			–
Net increase		–		$	–			–		$	–
CLASS Y
Shares sold		44,212		$	428,304			297,499		$	2,983,984
Shares sold through reinvestments of distributions		7,019			68,022			18,366			183,513
Shares redeemed		(129,830	)		(1,259,081	)		(369,123	)		(3,656,973	)
Net decrease		(78,599	)	$	(762,755	)		(53,258	)	$	(489,476	)

Emerging Markets Debt Blended Total Return Fund

	FOR THE SIX MONTHS ENDED DECEMBER 31, 2018						FOR THE YEAR ENDED JUNE 30, 2018
CLASS A	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		3,463		$	32,250			41,516		$	444,647
Shares sold through reinvestments of distributions		834			7,856			2,054			21,425
Shares redeemed		(23,984	)		(224,063	)		(4,035	)		(40,621	)
Net increase (decrease)		(19,687	)	$	(183,957	)		39,535		$	425,451
CLASS C
Shares sold		4,308		$	41,000			10,058		$	105,120
Shares sold through reinvestments of distributions		248			2,337			193			1,964
Shares redeemed		(7,937	)		(74,070	)		(2,108	)		(20,978	)
Net increase (decrease)		(3,381	)	$	(30,733	)		8,143		$	86,106
CLASS I
Shares sold		–		$	–			1,901,140		$	20,000,000
Shares sold through reinvestments of distributions		–			–			–			–
Shares redeemed		–			–			–			–
Net increase		–		$	–			1,901,140		$	20,000,000
CLASS Y
Shares sold		76,276		$	724,207			1,964,043		$	20,629,580
Shares sold through reinvestments of distributions		1,840			17,328			1,949			20,360
Shares redeemed		(24,839	)		(233,302	)		(41,536	)		(436,635	)
Net increase		53,277		$	508,233			1,924,456		$	20,213,305

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

December 31, 2018 (Unaudited)

Global Emerging Markets Equity Fund

	FOR THE PERIOD ENDED DECEMBER 31, 2018(1)
CLASS A	SHARES		AMOUNT
Shares sold		10,000	$	100,000
Shares sold through reinvestments of distributions		–		–
Shares redeemed		–		–
Net increase		10,000	$	100,000
CLASS C
Shares sold		10,000	$	100,000
Shares sold through reinvestments of distributions		–		–
Shares redeemed		–		–
Net increase		10,000	$	100,000
CLASS I
Shares sold		490,000	$	4,900,000
Shares sold through reinvestments of distributions		–		–
Shares redeemed		–		–
Net increase		490,000	$	4,900,000
CLASS Y
Shares sold		490,000	$	4,900,000
Shares sold through reinvestments of distributions		–		–
Shares redeemed		–		–
Net increase		490,000	$	4,900,000

(1) Fund commenced operations on September 17, 2018.

Global High Yield Fund

	FOR THE SIX MONTHS ENDED DECEMBER 31, 2018						FOR THE YEAR ENDED JUNE 30, 2018
CLASS A	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		7,899		$	75,082			127		$	1,278
Shares sold through reinvestments of distributions		271			2,498			59			602
Shares redeemed		(208	)		(1,960	)		–			–
Net increase		7,962		$	75,620			186		$	1,880
CLASS C
Shares sold		5,503		$	50,233			–		$	–
Shares sold through reinvestments of distributions		553			5,208			976			9,925
Shares redeemed		(6,602	)		(59,687	)		(4,423	)		(44,337	)
Net decrease		(546	)	$	(4,246	)		(3,447	)	$	(34,412	)

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December 31, 2018 (Unaudited)

	FOR THE SIX MONTHS ENDED DECEMBER 31, 2018						FOR THE YEAR ENDED JUNE 30, 2018
CLASS I	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		–		$	–			–		$	–
Shares sold through reinvestments of distributions		–			–			–			–
Shares redeemed		–			–			–			–
Net increase		–		$	–			–		$	–
CLASS Y
Shares sold		14,901		$	147,164			350,327		$	3,558,842
Shares sold through reinvestments of distributions		878			8,312			10,313			105,798
Shares redeemed		(16,079	)		(158,010	)		(485,834	)		(4,925,710	)
Net decrease		(300	)	$	(2,534	)		(125,194	)	$	(1,261,070	)

U.S. High Yield Fund

	FOR THE SIX MONTHS ENDED DECEMBER 31, 2018						FOR THE YEAR ENDED JUNE 30, 2018
CLASS A	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		25,411		$	250,300			311,531		$	3,152,721
Shares sold through reinvestments of distributions		6,032			58,930			19,367			197,966
Shares redeemed		(184,795	)		(1,813,787	)		(282,527	)		(2,883,028	)
Net increase (decrease)		(153,352	)	$	(1,504,557	)		48,371		$	467,659
CLASS C
Shares sold		–		$	–			–		$	–
Shares sold through reinvestments of distributions		–			–			88			900
Shares redeemed		–			–			(1,277	)		(12,651	)
Net increase (decrease)		–		$	–			(1,189	)	$	(11,751	)
CLASS I
Shares sold		–		$	–			–		$	–
Shares sold through reinvestments of distributions		8,493			82,437			23,290			237,490
Shares redeemed		–			–			–			–
Net increase		8,493		$	82,437			23,290		$	237,490
CLASS Y
Shares sold		385,559		$	3,754,037			2,624,846		$	25,986,787
Shares sold through reinvestments of distributions		86,050			835,576			44,607			445,882
Shares redeemed		(681,489	)		(6,566,520	)		(62,945	)		(636,602	)
Net increase (decrease)		(209,880	)	$	(1,976,907	)		2,606,508		$	25,796,067

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December 31, 2018 (Unaudited)

10. Line of Credit

The Trust (the “Borrower”) has entered into a Credit Agreement (the “Credit Agreement”) with State Street Bank and Trust Company (the “Bank”). The Credit Agreement provides for a revolving credit facility of $40,000,000 (the “Facility Amount”) to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. Per the Credit Agreement, outstanding principal on the loan shall bear interest at a variable rate per annum equal to the higher of (a) the Federal Funds Rate as in effect on the day of the borrowing plus 1.25% and (b) the one month LIBOR rate as in effect on the day of the borrowing plus 1.25%. In addition, the Borrower shall pay to the Bank a commitment fee at the rate of 0.25% per

annum on the daily unused portion of the Facility Amount. As of June 30, 2018, there were no loans outstanding pursuant to the Credit Agreement. Effective July 18, 2018, the Facility Amount increased from $40,000,000 to $61,000,000.

11. Subsequent Events

Management has considered the circumstances under which the Funds should recognize or make disclosures regarding events or transactions occurring subsequent to December 31, 2018 through the date the financial statements were issued. Adjustments or additional disclosures, if any, have been included in these financial statements.

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Barings Funds Trust 2018 Semi-Annual Report

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT AND SUB-ADVISORY AGREEMENT

The Investment Company Act of 1940 (the “1940 Act”) requires that a majority of both the full Board of Trustees and the Trustees who are not interested persons of the Trust, as defined under the 1940 Act (“Independent Trustees”), voting separately, annually approve the continuation of the Investment Management Agreement between Barings Funds Trust (the “Trust”), on behalf of each of its eight series funds (the “Funds”), and Barings LLC (“Barings”) (the “Management Agreement”) and the Sub-Advisory Agreement between Barings and Barings Global Advisers Limited (“BGA”) (the “BGA Sub-Advisory Agreement”). Similarly, the 1940 Act requires that a majority of both the full Board of Trustees and the Independent Trustees approve initially, on behalf of Barings Global Emerging Markets Equity Fund, the Management Agreement and the Sub-Advisory Agreement (the “BIIL Sub-Advisory Agreement” and, together with the Management Agreement and the BGA Sub-Advisory Agreement, the “Agreements”) between Barings and Barings International Investments Limited (“BIIL”). In addition, in connection with Barings’ consolidation of certain of its wholly-owned corporate entities, including the effective consolidation of BGA into BIIL, immediately after which the same personnel would be providing the same services to the Funds, Barings proposed that the Board of Trustees and the Independent Trustees approve the BIIL Sub-Advisory Agreement on behalf of the other Funds, as is also required by the 1940 Act. With respect to the BIIL Sub-Advisory Agreement, the Trustees also considered Barings’ representation that the same people will continue to perform the same services they currently perform for the Funds, through BIIL, rather than BGA, and that the BIIL Sub-Advisory Agreement will not result in any change to the management of the Funds or the scope or quality of services provided to the Funds. The Trustees considered matters bearing on the Funds and the Agreements at their meetings throughout the year, including a review of the Funds’ performance at each regular meeting. At in-person meetings held on May 9, 2018 and August 2, 2018 (the “Meetings”), the Trustees met for the purpose of considering whether to approve the Agreements for the Funds. The Trustees’ review process and considerations in approving the Agreements are summarized below.

Prior to the Meetings, the Trustees requested and received from Morgan, Lewis & Bockius LLP, independent legal counsel to the Independent Trustees, a memorandum describing the Trustees’ legal responsibilities in connection with their review and approval of the Agreements. The Independent Trustees met prior to the August Board meeting with independent legal counsel to discuss their duties, the memorandum and the Agreements. The Trustees also requested and received from Barings extensive written and oral information regarding various matters including: the principal terms of the Agreements; Barings and its personnel; the Funds’ investment performance, including comparative performance information; the nature and quality of the services provided by Barings to the Funds; the financial strength of Barings; the fee arrangements between Barings and each Fund and each Fund’s fee and expense information, including comparative fee and expense information; the profitability of the Agreements to Barings; and the potential “fallout” benefits to Barings resulting from the Agreements.

The Trustees’ conclusion as to the continuation of the Agreements was based on a comprehensive consideration of all information provided to the Board and not the result of any single issue. Some of the more significant factors that influenced the Trustees’ deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to different factors. It is also important to recognize that the Board’s review of the Agreements is the result of ongoing review and discussion, rather than a single discussion. The Trustees’ conclusions may be based, in part, on their consideration of these arrangements throughout the year and in prior years.

The Trustees considered the terms of the Agreements, including the scope of the advisory and non-advisory services provided under the Agreements or otherwise. In evaluating the nature, scope and quality of the services provided by Barings to Barings Active Short Duration Bond Fund, Barings Total Return Bond Fund and Barings U.S. High Yield Fund; by Barings and BGA to Barings Emerging Markets Debt Blended Total Return Fund, Barings Global Credit Income Opportunities Fund, Barings Global Floating Rate Fund and Barings Global High Yield Fund; and by Barings and BIIL to Barings Global Emerging Markets Equity Fund, the Trustees considered the specific responsibilities of each of Barings, BGA and BIIL in the day-to-day management of the Fund, the qualifications, experience and responsibilities of the portfolio managers and other key personnel who are involved in the day-to-day management of the Fund, the ability of each of Barings, BGA and BIIL to attract and retain high-quality personnel, and the organizational depth and stability of each of Barings, BGA and BIIL. The Trustees also considered the trading capabilities of each of Barings, BGA and BIIL.

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Barings Funds Trust 2018 Semi-Annual Report

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT AND SUB-ADVISORY AGREEMENT (CONTINUED)

The Trustees reviewed the Funds’ investment performance, as well as the performance of peer groups of funds, over various time periods, using information provided by Broadridge Financial Solutions, Inc. (“Broadridge”) and Barings. The Trustees noted that the net total return performance of Class I shares of each of the Funds was as follows: Barings Global Floating Rate Fund ranked in the 2^nd quintile of its Broadridge performance universe for the one-year period, and the 1^st quintile for each of the two-year, three-year and four-year periods, ended March 31, 2018 (the 1^st quintile being the best performers and the 5^th quintile being the worst performers); Barings Global Credit Income Opportunities Fund ranked in the 2^nd quintile of its Broadridge performance universe for the one-year period, and in the 1^st quintile for each of the two-year, three-year and four-year periods ended March 31, 2018; Barings Active Short Duration Bond Fund ranked in the 1^st quintile of its Broadridge performance universe for each of the one-year and two-year periods ended March 31, 2018; Barings Total Return Bond Fund ranked in the 1^st quintile of its Broadridge performance universe for each of the one-year and two-year periods ended March 31, 2018; Barings Emerging Markets Debt Blended Total Return Fund ranked in the 1^st quintile of its Broadridge performance universe for each of the one-year and two-year periods ended March 31, 2018; Barings Global High Yield Fund ranked in the 2^nd quintile of its Broadridge performance universe for the one-year period, and in the 1^st quintile for the two-year period, ended March 31, 2018; and Barings U.S. High Yield Fund ranked in the 4^th quintile of its Broadridge performance universe for the one-year period, and in the 2^nd quintile for the two-year period, ended March 31, 2018. Because Barings Global Emerging Markets Equity Fund was newly organized and had not yet commenced investment operations at the time of the Meetings, the Fund had no investment performance for the Trustees to review. In the course of their deliberations, the Trustees also took into account information provided by Barings during investment review meetings conducted with portfolio management personnel during the course of the year. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the Agreements, that they were satisfied with the performance achieved by Barings and BGA.

The Trustees considered the investment management fee paid by each Fund to Barings pursuant to the Management Agreement. The Trustees noted that Barings (and not the Funds) pays BGA or BIIL its sub-advisory fee under the applicable sub-advisory agreement. In assessing the reasonableness of the fee paid by the Funds under the Management Agreement, the Trustees considered, among other information, each Fund’s advisory fee and the total expense ratio for the Fund’s shares as a percentage of net asset value and the advisory fee and total expense ratios of peer groups of funds based on information provided by Broadridge. The Trustees considered that, according to the Broadridge data (which takes into account any fee reductions or expense limitations that were in effect during the last fiscal year), the effective advisory fee rate and total expense ratio for each Fund’s Class I shares were as follows: Barings Global Floating Rate Fund’s effective advisory fee rate was lower than the Broadridge expense group median and total expense ratio was higher than the Broadridge expense group average; Barings Global Credit Income Opportunities Fund’s effective advisory fee rate was lower than the Broadridge expense group median and total expense ratio was lower than the Broadridge expense group average; Barings Active Short Duration Bond Fund’s effective advisory fee rate was lower than the Broadridge expense group median and total expense ratio was lower than the Broadridge expense group average; Barings Total Return Bond Fund’s effective advisory fee rate was lower than the Broadridge expense group median and total expense ratio was lower than the Broadridge expense group average; Barings Emerging Markets Debt Blended Total Return Fund’s effective advisory fee rate was higher than the Broadridge expense group median and total expense ratio was lower than the Broadridge expense group average; Barings Global High Yield Fund’s effective advisory fee rate was lower than the Broadridge expense group median and total expense ratio was lower than the Broadridge expense group average; and Barings U.S. High Yield Fund’s effective advisory fee rate was lower than the Broadridge expense group median and total expense ratio was lower than the Broadridge expense group average. In assessing the reasonableness of Barings Global Emerging Markets Equity Fund’s advisory fee, the Trustees considered, among other information, the Fund’s proposed advisory fee and the estimated total expense ratio of the Fund’s Class I shares as a percentage of average daily net assets and the advisory fee and total expense ratios of peer groups of funds based on information provided by Broadridge. The Trustees also considered that Barings will observe an expense limitation for the Fund, which may not be changed without the Trustees’ approval. The Trustees considered that, according to the data provided by Broadridge (which takes into account any proposed fee reductions or expense limitations for the Fund), Barings Global Emerging Markets Equity Fund’s effective advisory fee rate would be lower than the Broadridge expense group median and total expense ratio would be higher than the Broadridge expense group average.

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Barings Funds Trust 2018 Semi-Annual Report

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT AND SUB-ADVISORY AGREEMENT (CONTINUED)

The Trustees then considered that, as each Fund’s assets increase, each Fund and its shareholders would be expected to realize economies of scale as certain expenses, such as fixed operating costs, become a smaller percentage of overall assets. They considered the extent to which any such savings would benefit shareholders and Barings’ statement that it would consider proposing breakpoints in the management fee payable by a Fund once a Fund approached the break-even point. The Trustees noted that Barings has instituted caps on expenses that insulate shareholders from the effects on expenses of the Funds’ relatively small size.

The Trustees reviewed information prepared by Barings regarding Barings’ costs of managing the Funds, and the profitability of the Management Agreement to Barings. In considering the profitability of Barings, the Board noted that each of BGA and BIIL is an affiliate of Barings and is paid by Barings, and, therefore, did not consider BGA’s or BIIL’s profitability separately. The Trustees then considered potential “fall-out” benefits to Barings and its affiliates as a result of Barings’ relationship with the Trust. The Board concluded that, in light of the expected costs of providing investment management and other services to the Trust and Barings’ commitment to cap the expenses of each Fund, the other ancillary benefits that Barings and its affiliates expect to receive supported the approval of the Agreements. The Trustees concluded that, at this time, and in light of the nature, extent and quality of the respective services provided by Barings, the fee rates and expenses of each Fund supported the approval of the Management Agreement and the applicable sub-advisory agreement.

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the Independent Trustees, concluded that the Management Agreement and the Sub-Advisory Agreement with BGA should be continued for an additional one-year period through August 2019 and that the Sub-Advisory Agreement with BIIL should be approved for a one-year period through August 2019.

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    Barings Funds Trust

Item 2. Code of Ethics.

Not applicable to this semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable to this semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable to this semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this semi-annual report.

Item 6. Investments.

(a) The Registrant’s Consolidated Schedule of Investments as of the close of the reporting period is included in the Semi-Annual Report to Shareholders filed under Item 1 of this form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Investment Management Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to procedures by which the shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) The Registrant’s principal executive officer and principal financial officer, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”), are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(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) that occurred during the second fiscal quarter of the period covered by this report that have materially affected or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(a) Not applicable.

(b) Not applicable.

Item 13. Exhibits.

(a)(1)	Not applicable.
(a)(2)	Certifications pursuant to Rule 30a-2(a) under the 1940 Act are attached hereto.
	Exhibit 99.1 Cert
	Exhibit 99.2 Cert
(a)(3)	Not applicable.
(a)(4)	Not applicable.
(b)	Certification pursuant to Rule 30a-2(b) under the 1940 Act is attached hereto.
	Exhibit 99.906 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.

(Registrant)     Barings Funds Trust                                                                                                                                   

By (Signature and Title)     /s/ Dan McGee                                                                                                                       

                                                 Dan McGee, President (Principal Executive Officer)

Date   March 8, 2019

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 (Signature and Title)     /s/ Dan McGee                                                                                                                          

                                                 Dan McGee, President (Principal Executive Officer)

Date  March 8, 2019

By (Signature and Title)     /s/ Carlene Pollock                                                                                                                    

                                                 Carlene Pollock, Chief Financial Officer (Principal Financial Officer)

Date  March 8, 2019

EX-99.CERT

Exhibit 99.1 Cert

CERTIFICATIONS

I, Dan McGee, certify that:

1. I have reviewed this report on Form N-CSR of Barings Funds Trust (the “registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets and cash flows of the registrant as of, and for, the period presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

March 8, 2019	/s/ Dan McGee
Date	Dan McGee, President (Principal Executive Officer)

Exhibit 99.2 Cert

CERTIFICATIONS

I, Carlene Pollock, certify that:

1. I have reviewed this report on Form N-CSR of Barings Funds Trust (the “registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets and cash flows of the registrant as of, and for, the period presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

March 8, 2019	/s/ Carlene Pollock
Date	Carlene Pollock, Chief Financial Officer (Principal Financial Officer)

EX-99.906CT

Exhibit 99.906 Cert

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of Barings Funds Trust, does hereby certify, to such officer’s knowledge, that the report on Form N-CSR of Barings Funds Trust for the period ended December 31, 2018, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of Barings Funds Trust for the stated period.

/s/ Dan McGee	/s/ Carlene Pollock
Dan McGee President	Carlene Pollock Chief Financial Officer
Dated:March 8, 2019

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Barings Funds Trust for purposes of Section 18 of the Securities Exchange Act of 1934.