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, 2019

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, 2019

BFT Service Providers

ADVISER

Barings LLC

300 South Tryon Street

Suite 2500

Charlotte, NC 28202

SUB-ADVISER

Barings 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.

QUARTERLY PORTFOLIO HOLDINGS

The funds in the Trust file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an attachment to Form N-PORT. The funds’ Form N-PORT are available on the SEC’s website at http://www.sec.gov. 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 Diversified Income 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, as always, for your continued trust and partnership. 2019 was a strong year for fixed income across the board, with high yield, emerging markets debt and investment grade credit markets all delivering decidedly positive returns. While volatility has returned in recent weeks amid concerns over the spreading coronavirus – a good reminder that global markets are vulnerable to unforeseen shocks – fundamentals across the fixed income markets appear stable and defaults, overall, remain below long-term averages.

As we look out over the next several months, we see both tailwinds and headwinds for the global economy and capital markets. On the positive front, tensions around trade and Brexit appear to be fading. In the U.S., the economic picture looks relatively stable – labor market, sentiment and housing data are generally positive, and both wage pressure and inflation remain in reasonable territory. From a bottom-up, fundamental perspective, our investment teams believe there are still attractive opportunities to be found across developed and emerging markets – including in less trafficked markets such as CLOs and asset-backed securities.

All of that said, there are a number of potential volatility triggers on the horizon. While the coronavirus was the main contributor to the most recent bout of volatility, it joins a number of other lingering risks – from regional political tensions to commodity prices and global growth. The U.S. also faces what is sure to be a politically charged year in the run-up to November’s presidential election.

As active managers, we look for opportunity in markets during periods of volatility and change. With some of the industry’s largest research teams covering asset classes from high yield bonds and investment grade credit to emerging markets debt, we believe we are well-positioned to provide access to opportunities as they arise across the global fixed income spectrum. Above all, and throughout the ups and downs of market cycles, we continue to focus on delivering our shareholders strong risk-adjusted returns.

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 2019 Semi-Annual Report

Investment Objective

Barings Global Floating Rate Fund (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 six-month reporting period from July 1, 2019 through December 31, 2019 of 3.19%, outperforming the Credit Suisse Global Loan Benchmark (the “Benchmark”), which returned 2.76%.^1,6

What factors influenced performance of the Fund?

∎ Credit selection overall, and in the single-B rating category in particular, was the driver of outperformance during the reporting period.

∎ Investor sentiment toward various macroeconomic and geopolitical themes improved heading into the final months of the calendar year. As a result, trading levels for loans rated single-B and below improved noticeably in the last two months. Given the Fund is overweight the single-B rating category relative to the Benchmark, both this positioning and credit selection within the rating category were beneficial to performance for the period.

∎ From a regional perspective, the Fund’s allocation between the North American and European markets did not have a material impact on relative performance against the Benchmark.

∎ Outperformance by the Fund’s holdings relative to the Benchmark in the metals/minerals and information technology sectors (based on the Benchmark’s Credit Suisse industry sectors), among others, offset underperformance by the Fund’s holdings in the energy and health care sectors.

∎ With a healthy return for the market during the reporting period, even the Fund’s modest allocation to cash was a detractor for performance comparisons.

∎ The high yield bond market outperformed the loan market during the reporting period, and therefore the Fund’s exposure to senior secured bonds provided a positive impact to relative results.

Describe any recent portfolio activity.

∎ Late in the reporting period, the Fund shifted exposure from the European market to the North American market. As a result of some technical factors, we believed that relative value trading levels were more attractive in the North American market than the European market at that time.

∎ During the reporting period, the chemicals, plastics and rubber sector (based on Moody’s industries) fell out of the largest three sectors, and was replaced by the leisure, amusement and entertainment sectors. There were no changes in the Fund’s top two sector exposures – which are the health care, education and child care, and diversified/conglomerate services sectors.

∎ Over the reporting period, the Fund modestly decreased its exposure to senior secured bonds following the strong outperformance in the high yield bond market during the calendar year.

^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 1-year or less are cumulative.

^6.  Benchmark A: 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 2019 Semi-Annual Report

Describe the portfolio positioning at period end.

∎ The Fund finished the reporting period ended December 31, 2019 with 83.2% allocated to global senior secured loans, 4.6% to global senior secured high yield bonds and 8.6% to cash. The higher cash balance was the result of flow activity near the reporting date, as opposed to a portfolio positioning decision.

∎ From an industry perspective (based on Moody’s industries), the Fund remains well diversified across a number of sectors, with concentrations in health care, education and child care (12.1%), diversified/conglomerate services (11.1%) and leisure, amusement and entertainment (7.0%).

∎ As of year-end, the Fund had the following credit quality breakdown: 2.3% in Baa assets, 26.0% in Ba assets, 53.3% in single-B assets, and 7.2% in Caa and below assets. Approximately 2.7% of the Fund’s assets are not publicly rated. Cash and accrued income accounted for the remaining 8.6% of the portfolio assets.²

∎ The top five countries in the portfolio at the end of the reporting period were the United States (60.3%), the United Kingdom (10.1%), Germany (8.0%), France (2.8%) and the Netherlands (2.5%). Overall, the Fund has exposure to 16 different countries, and we continue to focus on building a well-diversified portfolio of global floating rate securities.

Describe the market and portfolio outlook.

∎ Investor sentiment improved toward the end of 2019, and that, along with the continued search for yield, was supportive for below investment grade credit at the end of the reporting period. We will continue to monitor developments including global trade, geopolitics and the U.S. election season, which may create bouts of volatility. Overall, however, we are optimistic that the long-term trends are favorable and below investment grade credit investors are being adequately compensated for the given risks.

∎ From a fundamental perspective, we believe corporate earnings and balance sheets look relatively healthy. In our view, defaults remain low by historical standards, and while we might see an uptick in more challenged sectors, we do not expect to see a widespread material increase and would expect defaults overall to be manageable.

∎ In our view, in the context of a relatively healthy fundamental backdrop, the continued search for yield and low default outlook, below investment grade corporate credit looks to be on solid footing overall. As we believe there is always the potential for either macroeconomic or geopolitical concerns to bubble up again, we believe that actively managed portfolios, global diversification and prudent asset selection are critical in this market.

^2.  Ratings shown are the highest rating 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, single-A and BBB are investment grade ratings categories used by S&P and Fitch; BB, single-B, CCC/CC/C and single-D are below investment grade ratings categories used by S&P and Fitch. Aaa, Aa, single-A and Baa are investment grade ratings categories used by Moody’s; Ba, B, Caa/Ca and single-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 2019 Semi-Annual Report

PORTFOLIO COMPOSITION (% OF ASSETS*)

* As of December 31, 2019.

COUNTRY COMPOSITION (% OF ASSETS**)

** Percentage of assets are expressed by market value excluding cash and accrued income, and may vary over time. As of December 31, 2019.

4

Barings Global Floating Rate Fund 2019 Semi-Annual Report

% AVERAGE ANNUAL TOTAL RETURNS 5,7,8	INCEPTION DATE		ONE YEAR			THREE YEARS			INCEPTION TO DATE
Class A With Load		09/16/2013		4.74	%		2.92	%		3.28	%
Class A No Load		09/16/2013		7.98	%		3.97	%		3.78	%
Class C With Load		09/16/2013		6.18	%		3.20	%		3.02	%
Class C No Load		09/16/2013		7.18	%		3.20	%		3.02	%
Class I With Load		09/16/2013		8.33	%		4.26	%		4.09	%
Class I No Load		09/16/2013		8.33	%		4.26	%		4.09	%
Class Y With Load		09/16/2013		8.25	%		4.23	%		4.06	%
Class Y No Load		09/16/2013		8.25	%		4.23	%		4.06	%

^3.  Duration is a measure of the sensitivity of the price—the value of principal—of a fixed-income investment to a change in interest rates. Duration is expressed as a number of years. Bond prices are said to have an inverse relationship with interest rates. Therefore, rising interest rates indicate bond prices are likely to fall, while declining interest rates indicate bond prices are likely to rise.

^4.  Inception date: September 16, 2013.

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

^6.  Benchmark A: 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.

^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.

5

Barings Global Credit Income Opportunities Fund 2019 Semi-Annual Report

Investment Objective

Barings Global Credit Income Opportunities Fund (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 annual reporting period from July 1, 2019 through December 31, 2019 of 3.60%, in-line with the 3-Month USD London Inter-Bank Offered Rate (LIBOR) plus 500 basis points (bps) — the benchmark – which returned 3.60%.^1,2,6

What factors influenced performance of the Fund?

∎ Investor sentiment toward various macroeconomic and geopolitical themes improved heading into the final months of the calendar year. This was beneficial to the performance of the portfolio, and in particular to the trading levels of Fund holdings rated single-B and below and collateralized loan obligations (CLOs).

∎ For the reporting period, high yield bonds in both developed and emerging markets was the top performing asset class for the Fund on both a total return and contribution to total return perspective. They were followed by performance of the Fund’s senior secured loans and CLO holdings. Special situation and restructured equity holdings underperformed during the period.

∎ From a regional perspective, the Fund’s North American holdings modestly outperformed the European holdings, although both performed well during the reporting period.

Describe any recent portfolio activity.

∎ In general, the Fund continues to shift exposure to be in a position to deploy cash into asset classes which we believe offer the best relative value at that time, and based on our assessment of the trading opportunities available in each market.

∎ In regard to the Fund’s core asset classes, early in the period the Fund shifted exposure from European high yield bonds to U.S. high yield bonds. Later in the period, the Fund shifted exposure out of European loans and European high yield bonds in favor of U.S. senior secured loans and U.S. high yield bonds. For various technical factors during the period, we had a modest bias towards the relative value opportunities in the North American market.

∎ In regard to opportunistic asset classes, the Fund gradually added exposure to emerging markets corporate debt to provide diversification to the portfolio, as well as to potentially provide some opportunities to invest in companies where we believe the public ratings and therefore the stated coupons are more conservative than the corporate fundamentals for the company suggest.

∎ From an industry sector perspective, the most notable change during the reporting period was a further reduction in the Fund’s exposure to the oil and gas sector.

Describe the portfolio positioning at period end.

∎ The Fund finished the reporting period ended December 31, 2019 with an allocation of 41.7%, 39.2% and 8.8% to global high yield bonds, global senior secured loans and CLOs, respectively. The remainder of the portfolio was held

^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 1-year or less are cumulative.

^6.  Benchmark: 3-Month USD LIBOR plus 500 bps. 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 Euro dollar market. The return shown includes 3-Month USD LIBOR plus 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 2019 Semi-Annual Report

in cash and accrued income at 9.0%, 0.4% in equity and 0.9% in special situation investments. A significant portion of the portfolio (approximately 61.2%) was 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 was diversified across a number of sectors, with concentrations in health care, education and childcare (9.3%), diversified/conglomerate services (7.0%) and telecommunications (6.7%).

∎ As of year-end, the Fund had the following credit quality breakdown: 3.4% in Baa assets, 31.6% in Ba assets, 42.2% in single-B assets, and 10.6% in CCC and below assets. Approximately 3.2% of the Fund’s assets are not publicly rated. Cash and accrued income accounted for the remaining 9.0% of portfolio assets.³

∎ The top five countries in the portfolio at the end of the reporting period were the United States (57.2%), the United Kingdom (8.0%), Germany (5.1%), the Netherlands (3.1%) and China (1.8%). Overall, the Fund had exposure to 31 different countries, and we continue to focus on building a well-diversified portfolio of global high yield securities.

Describe the market and portfolio outlook.

∎ Investor sentiment improved toward the end of 2019, and that, along with the continued search for yield, was supportive for below investment grade credit at the end of the reporting period. We continue to monitor developments – including global trade, geopolitics and the U.S. election season – which may create bouts of volatility. Overall, however, we are optimistic that the long-term trends are favorable, and below investment grade credit investors are being adequately compensated for the given risks.

∎ From a fundamental perspective, we believe corporate earnings and balance sheets look relatively healthy. In our view, defaults remain low by historical standards, and while we might see an uptick in more challenged sectors, we do not expect to see a widespread material increase and would expect defaults overall to be manageable.

∎ In our view, in the context of a relatively healthy fundamental backdrop, the continued search for yield and low default outlook, below investment grade corporate credit looks to be on solid footing overall. As we believe there is always the potential for either macroeconomic or geopolitical concerns to bubble up again, we believe that actively managed portfolios, global diversification and prudent asset selection are critical in this market.

^3.  Ratings shown are the highest rating 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, single-A and BBB are investment grade ratings categories used by S&P and Fitch; BB, single-B, CCC/CC/C and single-D are below investment grade ratings categories used by S&P and Fitch. Aaa, Aa, single-A and Baa are investment grade ratings categories used by Moody’s; Ba, single-B, Caa/Ca and single-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 2019 Semi-Annual Report

PORTFOLIO COMPOSITION (% OF ASSETS*)

* As of December 31, 2019.

COUNTRY COMPOSITION (% OF ASSETS**)

** Percentage of assets are expressed by market value excluding cash and accrued income, and may vary over time. As of December 31, 2019.

8

Barings Global Credit Income Opportunities Fund 2019 Semi-Annual Report

% AVERAGE ANNUAL TOTAL RETURNS 5,7,8	INCEPTION DATE		ONE YEAR			THREE YEARS			INCEPTION TO DATE
Class A With Load		09/16/2013		5.06	%		3.12	%		4.03	%
Class A No Load		09/16/2013		9.44	%		4.54	%		4.67	%
Class C With Load		09/16/2013		7.63	%		3.76	%		3.88	%
Class C No Load		09/16/2013		8.63	%		3.76	%		3.88	%
Class I With Load		09/16/2013		9.71	%		4.80	%		4.92	%
Class I No Load		09/16/2013		9.71	%		4.80	%		4.92	%
Class Y With Load		09/16/2013		9.71	%		4.79	%		4.92	%
Class Y No Load		09/16/2013		9.71	%		4.79	%		4.92	%

^4.  Inception date: September 16, 2013.

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

^6.  Benchmark: 3-Month USD LIBOR plus 500 bps. 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 Euro dollar market. The return shown includes 3-Month USD LIBOR plus 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.

^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 2019 Semi-Annual Report

Investment Objective

The Barings Active Short Duration Bond Fund (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, 2019 through December 31, 2019 of 1.64%, outperforming the Bloomberg Barclays U.S. 1-3 Year Government Bond Index (the “Benchmark”), which returned 1.10%.^1,5

What factors influenced performance of the Fund?

∎ A shorter duration position contributed negatively to performance relative to the Benchmark as rates declined. The Fund uses Treasury bonds and futures to help manage duration. The front end of the Treasury yield curve remains flat between three months and three years. The Fund ended the period with a 0.37 year duration in accordance with our rules-based duration management process. We believe that the U.S. Federal Reserve (Fed) is likely on hold for the foreseeable future after three rate cuts in 2019.

∎ We continued to favor securitized credit over corporate credit. Attractive spreads and positively trending underlying fundamentals drove this decision. The Fund’s allocation to asset-backed securities (ABS) was a positive contributor to performance. Both consumer and commercial collateral contributed positively over the period. Student loans were a positive contributor, despite spreads widening leading up to year-end.

∎ The Fund’s allocation to investment grade credit contributed positively to performance. Corporate spreads tightened over the recent six-month period across sectors. Allocations to the banking, leasing, and chemical industries contributed positively, while secondary oil and gas was the top detracting industry position. The BBB/BB cross-over rated high yield positions also contributed positively to performance.

∎ An underweight to agency debt and the small positioning in mortgage-backed securities (MBS) detracted slightly from performance.

∎ Commercial mortgage-backed securities (CMBS) and residential mortgage-backed securities (RMBS) positioning both contributed positively to performance.

∎ The Fund’s small position in high quality collateralized loan obligation (CLO) tranches was also a positive contributor. The Fund is invested in AAA-rated and AA-rated tranches. We continue to like the structural subordination offered by CLOs, and favor high quality managers.

Describe any recent portfolio activity.

∎ The Fund ended the period with a duration position of 0.37 years, as the basis between three-month and one-year remains flat.

∎ The Fund marginally added BBB-rated corporate bond exposure. Banking and financial industry positions were increased, while diversified industrial and technology/media/telecom industry positions were reduced.

^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.

^5.  Benchmark: 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.

10

Barings Active Short Duration Bond Fund 2019 Semi-Annual Report

∎ Within ABS, the Fund reduced its exposure to student loans and personal consumer loan collateral, while modestly increasing its exposure to automotive loan and timeshare collateral. The Fund reduced its allocation to Treasury allocation, but increased its allocation to CMBS and RMBS. The Fund increased its exposure to High quality AAA/AA-rated CLOs slightly over the period.

Describe the portfolio positioning at period end.

∎ Portfolio duration remains near the minimum levels, and is unlikely to move higher in the near-term, as short maturity yield curves remain flat, well below target levels needed to move duration longer.

∎ The Fund continues to be well diversified across corporate, securitized and government sectors. The securitized ABS allocation was 37.7% at the end of the period. Student loans represented the largest allocation, followed by automotive loan collateral. Further commercial ABS sub-sectors include timeshare, consumer loan, aircraft leasing and shipping container collateral. We continue to favor securitized assets as an effective way to diversify corporate risk by gaining direct exposure to the consumer. The Fund has maintained an active position in CMBS, given attractive spread and still-supportive fundamentals.

∎ At the end of the period, the corporate allocation was at approximately 35.9%, with 33.5% in investment grade corporates, 1.6% in BB-rated and crossover high yield, and 0.7% in U.S. dollar-denominated emerging markets. Banks/brokers and food/beverage/tobacco represent the Fund’s largest corporate sector allocations, followed by independent finance and retail/restaurants/supermarkets.

∎ AAA-rated and AA rated CLO tranches represented a combined 5.2% allocation for the Fund.

Describe the market and portfolio outlook.

∎ Short Treasury yields continued to move lower during the period, with short rates (1-2 years) falling 6-17 basis points (bps), an outcome primarily driven by the Fed cutting rates in the second half of the year. Barring unexpected additional growth weakness, we feel that U.S. government yields will likely be range-bound in 2020.

∎ It appears that the global growth outlook, though far from robust, is stabilizing after prompt policy support by global central banks – especially the Fed – helped alleviate recession fears. After three rate cuts in 2019, the Fed appears to be on hold for the foreseeable future as it monitors growth trends.

∎ Corporate spreads made strong strides to tighten over the period, now trading at about 21 bps below 2-year average spread levels. With that said, we would be surprised if spreads moved significantly tighter, and are hard pressed to identify any catalysts to move tighter from current levels. FX hedging costs remain attractive for foreign investors to come to the U.S. market. We believe this technical will persist into the first quarter of 2020.

∎ ABS spreads were 8 bps wider over the quarter. An upward market technical was introduced on index spreads as a result of another record year of issuance – $337 billion in 2019 versus $298 billion in 2018. The discontinuation of the LIBOR reference rate for many of these securities, and concern over a lack of fallback language in contracts, pushed spreads of various consumer sectors wider, FFELP student loans in particular.

∎ Despite modest weakness in 2019, we believe securitized sectors still represent good value, as we believe that the U.S. consumer fundamentals remain positive given strong employment and rising wages. We remain comfortably overweight this space as we head further into the new year, and believe current spread levels present attractive entry points for new allocations.

11

Barings Active Short Duration Bond Fund 2019 Semi-Annual Report

CREDIT QUALITY BREAKDOWN (% OF ASSETS*)

* As of December 31, 2019.

PORTFOLIO COMPOSITION (% OF ASSETS*)

* As of December 31, 2019.

12

Barings Active Short Duration Bond Fund 2019 Semi-Annual Report

% AVERAGE ANNUAL TOTAL RETURNS 3,4,6,7	INCEPTION DATE		ONE YEAR			THREE YEARS			INCEPTION TO DATE
Class A With Load		07/08/2015		4.15	%		2.61	%		2.10	%
Class A No Load		07/08/2015		4.15	%		2.61	%		2.10	%
Class C With Load		07/08/2015		3.34	%		2.33	%		1.83	%
Class C No Load		07/08/2015		3.84	%		2.33	%		1.83	%
Class I With Load		07/08/2015		4.42	%		2.88	%		2.36	%
Class I No Load		07/08/2015		4.42	%		2.88	%		2.36	%
Class Y With Load		07/08/2015		4.42	%		2.86	%		2.34	%
Class Y No Load		07/08/2015		4.42	%		2.86	%		2.34	%

^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, single-A and BBB are investment grade ratings categories used by S&P and Fitch. BB, single-B, CCC/CC/C and single-D are below investment grade ratings categories used by S&P and Fitch. Aaa, Aa, single-A and Baa are investment grade ratings categories used by Moody’s. Ba, single-B, Caa/Ca and single-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.  Inception date: July 8, 2015.

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

^5.  Benchmark: 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.

^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.

13

Barings Diversified Income Fund 2019 Semi-Annual Report

Investment Objective

The Barings Diversified Income Fund (the “Fund”) seeks to provide a total return comprised of current income and capital appreciation by investing primarily in an actively managed diversified portfolio of global investment grade rated fixed and floating rate instruments.

Portfolio Management Commentary

How did the Fund perform?

∎ The Fund reported a net total rate of return for the reporting period from July 1, 2019 through December 31, 2019 of 2.52%, outperforming 3-Month USD London Interbank Offered Rate (LIBOR) plus 250 basis points (bps) – the benchmark –  which returned 2.34%.

What factors influenced performance of the Fund?

∎ The Fund’s duration positioning contributed positively to performance, on an absolute basis, as rates fell over the period. The Fund uses Treasury futures to help manage duration. The front end of the Treasury yield curve remained flat between three months and three years during the period. The Fund ended the period with a 0.50 year duration in accordance with our rules-based duration management process. We believe that the U.S. Federal Reserve (Fed) is likely on hold for the foreseeable future after three rate cuts in 2019.

∎ High quality collateralized loan obligation (CLO) positioning in AA-BBB rated tranches contributed positively to performance. Despite spreads moving relatively wider over the six-month period, the position contributed positively due to carry associated with these assets. A tactical trade to increase the BBB quality CLO allocation, while spreads for the quality were above 410 bps, proved successful – contributing positively to performance, particularly in the second half of the period.

∎ We continued to favor securitized credit over corporate credit. Attractive spread and positively trending underlying fundamentals drove this decision. The Fund’s allocation to consumer asset-backed-securities (ABS) was a positive contributor to performance. In aggregate, both consumer and commercial collateral contributed positively over the period. Student loans were the primary detractor to ABS performance, with spreads widening over the period as a result of market concern over the discontinuation of the LIBOR reference rate associated with many of these securities.

∎ Investment grade corporate credit across both developed market (DM) and emerging market (EM) geographies was a positive contributor to performance. EMs were the top contributor, as spreads continued to compress over the period as the year’s global macro uncertainties started to ease. DM corporate spreads tightened over the six-month period, and ended the period below two-year average levels. Finance, retail and banking were the strongest performing industries over the period, while secondary oil and gas, independent finance and gas pipelines were the worst performing industries.

Describe any recent portfolio activity.

∎ ABS positioning was increased modestly over the period, as a result of attractive spread differentials to similarly rated investment grade corporate opportunities. Student loan positioning was reduced. The discontinuation of the LIBOR reference rate, and concern over a lack of fallback language in contracts, continue to push spreads wider – leading the Fund to increase allocations to franchise receivable, automobile and aviation collateral.

∎ DM investment grade corporate positioning was reduced slightly over the period, as spreads continued to tighten. As a result, the Fund began redeploying capital into EM hard currency corporates as a way to capture marginally higher yields at similar investment grade ratings.

∎ CLO positioning remained consistent over the period. The Fund continues to favor the allocation due to attractive spread and subordinated protection offered by investment grade quality tranches in the CLO structure.

∎ The Fund ended the period with a duration position of 0.50 years, as the basis between three-month and one-year did not meet the 20 bps threshold to direct the Fund to increase duration.

14

Barings Diversified Income Fund 2019 Semi-Annual Report

Describe the portfolio positioning at period end.

∎ High quality CLO tranches are the Fund’s largest allocation, at 36.3%. We continue to favor the total return potential and structural subordination offered by AA through BBB quality tranches.

∎ The securitized ABS allocation was 21.4% at the end of the period. Student loans (both FFELP and private) represent the largest allocation, followed by aircraft lease collateral. Aviation remains our highest conviction idea in the ABS space, and currently represents over 6% of the Fund. Further commercial ABS sub-sectors include shipping container, franchise receivables and equipment leasing deals. The Fund maintains a small 4.8% position in commercial mortgage-backed-securities (CMBS), given strong technicals and still-supportive fundamentals. CMBS spreads continue to trade at attractive levels compared to similarly rated corporate bonds.

∎ EM hard currency positioning was 18.4% at the end of the period. The Fund continues to favor BBB quality positioning in this area given the spread differential between EM and DM issues, allowing for an attractive yield pickup. The EM allocation is broadly diversified across 16 countries, with a 1.2% average position size as a way to naturally hedge against idiosyncratic risk.

∎ Investment grade corporates represent a 15.1% allocation. The Fund is favoring BBB rated positions in less cyclical industries. Finance, banks/brokers and independent finance are among the top corporate sector holdings of the Fund. The Fund is maintaining a lower spread duration, and favoring short dated bonds within the DM corporate allocation.

Describe the market and portfolio outlook.

∎ Short Treasury yields continued to move lower during the period, with short rates (1-2 years) falling 6-17 bps, an outcome primarily driven by the Fed cutting rates in the second half of the year. Barring unexpected additional growth weakness, we feel that U.S. government yields will likely be range-bound in 2020.

∎ It appears that the global growth outlook, though far from robust, is stabilizing after prompt policy support by global central banks – especially the Fed – helped alleviate recession fears. After three rate cuts in 2019, the Fed appears to be on hold for the foreseeable future as they monitor growth trends.

∎ Corporate spreads made strong strides to tighten over the period, now trading at approximately 21 bps below 2-year average spread levels. With that said, we would be surprised if spreads moved significantly tighter, and are hard pressed to identify any catalysts to move tighter from current levels. In our view, FX hedging costs remain attractive for foreign investors to come to the U.S. market. We believe this technical will persist into the first quarter of 2020.

∎ Given tight DM corporate spreads, the Fund can be expected to favor EM hard currency debt as a way to capture a higher spread, as attractive yield differentials between the two markets persist.

∎ We believe CLO spreads continue to offer attractive yields and strong protection given the subordinated structure of the CLO vehicle. New issue continues to be well received by the market as the 2020 primary market pipeline begins to form. We believe that spreads have the ability to compress as we head further into the new year.

∎ ABS spreads were 8 bps wider over the quarter. An upward technical was put on index spreads as a result of another record year of issuance – $337 billion in 2019 versus $298 billion in 2018. The discontinuation of the LIBOR reference rate for many of these securities, and concern over a lack of fallback language in contracts, pushed spreads of various consumer sectors wider, in particular for FFELP student loans.

∎ Despite modest weakness in 2019, securitized sectors still represent good value, in our view – as we believe that the U.S. consumer fundamentals remain positive, given strong employment and rising wages. We remain comfortably overweight this space going into the new year, and believe current spread levels present attractive entry points for new allocations.

15

Barings Diversified Income Fund 2019 Semi-Annual Report

CREDIT QUALITY BREAKDOWN (% OF ASSETS*)

* As of December 31, 2019.

PORTFOLIO COMPOSITION (% OF ASSETS*)

* As of December 31, 2019.

16

Barings Diversified Income Fund 2019 Semi-Annual Report

% AVERAGE ANNUAL TOTAL RETURNS 3,4,6,7	INCEPTION DATE		ONE YEAR			THREE YEARS			INCEPTION TO DATE
Class A With Load		07/08/2015		1.69	%		1.64	%		1.80	%
Class A No Load		07/08/2015		5.93	%		3.03	%		2.73	%
Class C With Load		07/08/2015		4.15	%		2.26	%		1.97	%
Class C No Load		07/08/2015		5.15	%		2.26	%		1.97	%
Class I With Load		07/08/2015		6.19	%		3.28	%		2.99	%
Class I No Load		07/08/2015		6.19	%		3.28	%		2.99	%
Class Y With Load		07/08/2015		6.19	%		3.28	%		2.99	%
Class Y No Load		07/08/2015		6.19	%		3.28	%		2.99	%

^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.

^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, single-A and BBB are investment grade ratings categories used by S&P and Fitch. BB, single-B, CCC/CC/C and single-D are below investment grade ratings categories used by S&P and Fitch. Aaa, Aa, single-A and Baa are investment grade ratings categories used by Moody’s. Ba, single-B, Caa/Ca and single-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.  Inception date: July 8, 2015. Diversified Income strategy change effective March 1, 2019.

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

^5.  Benchmark Prior to Strategy Change Effective March 1, 2019: 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. New Benchmark: 3-Month USD LIBOR plus 250 bps. The 3-Month USD LIBOR (London Interbank Offered Rate) 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 Euro dollar market. The return shown includes 3-Month USD LIBOR plus 250 bps, or 2.5% 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.  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.

17

Barings Emerging Markets Debt Blended Total Return Fund 2019 Semi-Annual Report

Investment Objective

Barings Emerging Markets Debt Blended Total Return Fund (the “Fund”) seeks to achieve a 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 July 1, 2019 through December 31, 2019 of 5.19%.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 4.01%. The Fund is not managed relative to the benchmark, however; the comparison is provided to show how the Fund’s returns stack up to those of a broad measure of market performance.

∎ Each of the Fund’s three sub-strategies – emerging market (EM) corporate, EM sovereign and EM local – generated positive performance over the period. This occurred as U.S. Treasury rates rallied slightly over the past six months, alongside a dovish U.S. Federal Reserve (Fed) and European Central Bank (ECB). EMs also had strong performance toward the end of the year as news spread of a pending trade agreement between the U.S. and China.

What factors influenced performance of the Fund?

∎ Emerging markets debt (EMD) turned in strong performance across asset classes during the period ending December 31, 2019, fueled somewhat by a dovish Fed – which cut rates three times to 1.75% – low global inflation, slowing trade and accommodative central bank policies. The markets digested idiosyncratic shocks in Latin America and elsewhere, and rode the tit-for-tat tariff war between the U.S. and China through to the end of the year’s announcement of a pending resolution between the two superpowers. EMD flows were strong in the second half of 2019, with $30.4 billion total, mostly from hard currency.

∎ For the six-month reporting period ending December 31, 2019, the Fund’s positioning in Mexico, Russia and Ukraine contributed positively to Fund performance. However, the Fund’s positions in Argentina, Hungary and South Africa detracted from performance.

Describe any recent portfolio activity.

∎ Over the last six months, the Fund increased its exposure to EM sovereign hard currency assets. The Fund also slightly increased its exposure to EM corporates to capture the higher yields on companies we believe to have strong potential. The Fund also slightly decreased exposure to EM sovereign local currency assets.

Describe the portfolio’s positioning at period end.

∎ The Fund finished the reporting period ended December 31, 2019 with a 41% exposure to EM corporate bonds, 30% to local debt and currencies, 35% to sovereign hard currency (inclusive of Credit Default Swaps), and a 2.5% cash position.

∎ The top five countries in the portfolio at the end of the reporting period were Mexico (17.7%), Brazil (11.5%), Indonesia (7.5%), Ukraine (7.2%) and Ghana (6.1%). The top five corporate issuers were Muthoot Finance (2.0%), National Bank of Greece (1.6%), Tullow Oil (1.5%), Metinvest (1.5%) and Braskem Idesa (1.5%). Overall, the Fund had exposure to 38 countries, 41 corporates and 27 currencies.

^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 2019 Semi-Annual Report

Describe the market and portfolio outlook.

∎ We believe EMD valuations remain relatively attractive on a fundamental basis, even as yields have fallen below 5%, down from close to 7% at the beginning of 2019 for EM dollar-denominated sovereign bonds. With accommodative central banks, a pending trade war agreement between the U.S. and China, and an upcoming U.S. presidential election, we expect rates to remain around current levels in 2020. In our view, stable U.S. Treasury rates, along with moderate U.S. growth, the continuation of the ECB’s asset purchase program, and a negative rate environment in core Europe provide support for EMs.

∎ We continue to take a constructive view on local debt as a whole, and expect most countries to strengthen from here due to slower growth, contained inflationary pressures and continued fiscal/external adjustments across many countries. On a geographic basis, we continue to invest in countries that we believe exhibit solid fundamentals, and have the fortitude and framework to adjust policy when necessary – in which we expect some cuts or curve flattening, as well as some currency appreciation.

19

Barings Emerging Markets Debt Blended Total Return Fund 2019 Semi-Annual Report

PORTFOLIO COMPOSITION (% OF ASSETS*)

* As of December 31, 2019.

REGIONAL COMPOSITION (% OF ASSETS**)

** The percentages shown above are expressed by market value, excluding cash and accrued income, and may vary over time. As of December 31, 2019.

*** CEEMEA represents Central Europe, Eastern Europe, the Middle East and Africa. LATAM represents Latin America (including countries in both Central and South America).

20

Barings Emerging Markets Debt Blended Total Return Fund 2019 Semi-Annual Report

% AVERAGE ANNUAL TOTAL RETURNS 2,3,5,6	INCEPTION DATE		ONE YEAR			THREE YEARS			INCEPTION TO DATE
Class A With Load		10/21/2015		11.89	%		7.25	%		5.98	%
Class A No Load		10/21/2015		16.55	%		8.72	%		7.01	%
Class C With Load		10/21/2015		14.74	%		7.95	%		6.25	%
Class C No Load		10/21/2015		15.74	%		7.95	%		6.25	%
Class I With Load		10/21/2015		16.82	%		8.99	%		7.28	%
Class I No Load		10/21/2015		16.82	%		8.99	%		7.28	%
Class Y With Load		10/21/2015		16.82	%		8.99	%		7.28	%
Class Y No Load		10/21/2015		16.82	%		8.99	%		7.28	%

^2.  Inception date: October 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. JPMorgan GBIEM Global Diversified – Comprehensive index consisting of local EM sovereign bonds. JPMorgan EMBI Global Diversified – Comprehensive index consisting of USD-denominated EM sovereign bonds. JPMorgan CEMBI Broad Diversified – Comprehensive index consisting of USD-denominated EM corporate bonds.

^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 2019 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 July 1, 2019 through December 31, 2019 of 7.95%, outperforming the MSCI Emerging Markets Index (the benchmark), which returned 7.09%.

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 the following:

∎ Taiwan Semiconductor Manufacturingwas the Fund’s top contributor to relative returns, after the stock benefitted from better-than-expected earnings and increased optimism regarding 5G demand.

∎ Wind farm operator Huaneng Renewables was another notable contributor after the share price appreciated significantly following news that the controlling shareholder would make a cash offer for the company’s outstanding shares at a premium to market value.

∎ Sunny Optical Technologyalso performed strongly, helped by earnings that beat consensus expectations.

∎ Detractors to relative Fund performance included the following:

∎ In India, HDFC Bank underperformed as the stock was impacted by local market weakness over the short term, stemming from weaker economic growth numbers.

∎ Indonesian banking group BNI underperformed after reporting slightly weaker-than-expected earnings due to the need set aside provisions related to a specific problem loan.

∎ Convenience store operator CP All detracted from relative returns as the stock was weak in response to short-term macro concerns.

Describe any recent portfolio activity.

∎ During the third quarter, the Fund initiated a position in Brazilian utilities company, Light. Elsewhere, we sold out of cement manufacturer Cemex, in favor of better opportunities elsewhere.

∎ During the fourth quarter, the Fund initiated a position in Chinese sportswear retailer Topsports, as we believe the company is well-positioned to capitalize on the structural growth of the sportswear market in China. Elsewhere, we adjusted exposure to the Russian energy sector, selling out of Novatek and initiating a position in Gazprom, following its commitment to improve capital allocation.

∎ As medium- to long-term investors, we would expect the average annual turnover rate of the strategy to be 20-40%. The Fund turnover for the period from July 1, 2019 through December 31, 2019 was 8.35%, reflecting the attractiveness of the existing holdings relative to the overall emerging market (EM) opportunity set. Given the strong outperformance of the Fund’s holdings year-to-date, we believe it is reasonable to assume that turnover will trend upward over the next 12 months.

Describe the portfolio positioning at period end.

∎ The Fund’s positioning at the end of the period reflected 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 was not driven by a deliberate top-down strategy, but was a by-product of our bottom-up stock selection process.

∎ Relative to the benchmark, the largest active country position was in China, and the largest active sector exposure was 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, neither is highlighted as a material risk by our portfolio construction tools. This suggests that the performance of these companies is more likely to be influenced by company-specific

22

Barings Global Emerging Markets Equity Fund 2019 Semi-Annual Report

factors (i.e. that they will be largely in control of their own destiny), rather than by correlation to their respective country or sector. As bottom-up investors this is always our primary objective.

∎ As of the end of the reporting period, the top five country weightings in the Fund, on an absolute basis, were China & Hong Kong (41.4%), Korea (11.2%), India (11.2%), Taiwan (10.1%) and Brazil (6.9%).

Describe the market and portfolio outlook.

As we enter 2020, we note that many of the headwinds experienced throughout the year have begun to wane, and have shown signs of becoming potential tailwinds for the asset class. The recent conclusion of the first phase of a potentially larger trade deal between the U.S. and China is a welcome development which should provide a boost to economic activity and corporate earnings. In addition, accommodative monetary and fiscal policy across EMs and elsewhere in the world is already driving an improvement in leading economic indicators everywhere, which in turn should translate into stronger corporate profit performance over the course of this year. Meanwhile, the U.S. dollar appears to be moving into a wide sideways-trading range, which is providing a welcome relief to EM currencies. Finally, we believe the relative valuation of EM equities versus developed market equities appears very attractive, suggesting that investor expectations for the asset class remain overly depressed.

23

Barings Global Emerging Markets Equity Fund 2019 Semi-Annual Report

% AVERAGE ANNUAL TOTAL RETURNS 2,3,4,6	INCEPTION DATE		ONE YEAR			INCEPTION TO DATE
Class A With Load		9/17/2018		24.25	%		15.00	%
Class A No Load		9/17/2018		24.25	%		15.00	%
Class C With Load		9/17/2018		23.32	%		14.14	%
Class C No Load		9/17/2018		23.32	%		14.14	%
Class I With Load		9/17/2018		24.56	%		15.29	%
Class I No Load		9/17/2018		24.56	%		15.29	%
Class Y With Load		9/17/2018		24.56	%		15.29	%
Class Y No Load		9/17/2018		24.56	%		15.29	%

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 performance comparator is MSCI Emerging Markets Total Return Index with net dividends.

². Inception date: September 18, 2018. A fund’s performance for very short time periods may not be indicative of future performance

³. Class A performance with the sales charges includes the maximum 3.00% sales charge.

⁴. Benchmark: MSCI Emerging Markets Total Return Index with net dividends designed to measure the equity market performance of the emerging markets. Indices are unmanaged. It is not possible to invest directly in an index.

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.

24

Barings Global High Yield Fund 2019 Semi-Annual Report

Investment Objective

Barings Global High Yield Fund (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 July 1, 2019 through December 31, 2019 of 5.04%, and outperformed the Bank of America Merrill Lynch Non-Financial Developed Markets High Yield Constrained Index (the “Benchmark”), which returned 3.78%.^1,5

What factors influenced performance of the Fund?

∎ During the six-month period, the global high yield bond market saw strong performance driven by a stable economic outlook, accommodative central bank policies and a strong technical backdrop as investors searched for yield.

∎ In the U.S., higher rated credits notably outperformed the lower-end of the ratings spectrum while in Europe the contrary was true and CCCs led the broader market. Through much of the period, the Fund maintained an overweight allocation to the lower-end of the ratings spectrum and underweight position in BBs, which detracted from relative performance. However, the Fund’s positioning in specific credits during the period was the notable driver of outperformance.

∎ The Fund also benefitted from the outperformance of holdings in the Oil and Gas sector versus the Benchmark, while Fund holdings in the Telecommunications sector underperformed.

∎ Total return performance was positive across the U.S. and Europe during the six-month period. U.S. high yield bonds outperformed European bonds and, as a result, an overweight allocation to Europe modestly diminished the Fund’s relative performance. However, strong credit selection across U.S. issuers ultimately drove the Fund to outperform.

Describe portfolio activity within the period.

∎ The Fund’s positioning in the BB rated portion of the market increased during the period while single-Bs, CCCs and below rated holdings were reduced.

∎ Across industries, the Fund’s allocation to the oil and gas industry was notably reduced during the period, as the industry still continues to display higher volatility in tandem with crude oil prices. The broadcasting and entertainment sector, and the aerospace and defense sector saw the largest increases during the period.

∎ The high yield market rally in the U.S. outperformed the European market through the second half of 2019. The Fund increased its weighting to U.S. issuers during the period, while reducing European exposure.

Describe the portfolio positioning at period end.

∎ The Fund finished the six-month period with a 26.1% weighting to senior secured high yield bonds, and a 62.0% weighting to senior unsecured high yield bonds. The balance of the portfolio was invested in senior secured loans

^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.

^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 (10 most widely traded currencies), 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.

25

Barings Global High Yield Fund 2019 Semi-Annual Report

(8.4%), and cash and accrued income (3.4%). A minor position in equity holdings acquired through bond restructurings accounted for 0.1% of Fund holdings by market value.

∎ From an industry perspective, the Fund remains diversified across a number of Moody’s-based industries, with higher concentrations in broadcasting and entertainment (10.8%), telecommunications (10.1%), and health care, education and child care (10.0%) as of year-end.

∎ In terms of portfolio credit quality, the Fund had the following weighting breakdown: 5.2% in BBB, 40.1% in BB, 37.1% in single-B, 13.5% in CCC and below, and 3.4% in cash and accrued income. A small portion of the portfolio (0.7%) is designated as non-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, 2019 were the United States (68.2%), the United Kingdom (12.2%), Germany (3.8%), Switzerland (1.8%) and Canada (1.8%). Overall, the Fund has exposure to 17 countries, and supports our focus on building a well-diversified portfolio of global high yield bonds.

NOTE: On February 14, 2020, the Board of Trustees elected to liquidate the Barings Global High Yield Fund, effective March 19, 2020.

^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, single-A and BBB are investment grade ratings categories used by S&P and Fitch. BB, single-B, CCC/CC/C and single-D are below investment grade ratings categories used by S&P and Fitch. Aaa, Aa, single-A and Baa are investment grade ratings categories used by Moody’s. Ba, single-B, Caa/Ca and single-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.

26

Barings Global High Yield Fund 2019 Semi-Annual Report

CREDIT QUALITY COMPOSITION (% OF ASSETS*)

* As of December 31, 2019.

COUNTRY COMPOSITION (% OF ASSETS**)

** The percentages shown above are expressed by market value excluding cash and accrued income, may vary over time. As of December 31, 2019.

27

Barings Global High Yield Fund 2019 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		9.62	%		4.51	%		6.46	%
Class A No Load		10/30/2015		14.19	%		5.95	%		7.51	%
Class C With Load		10/30/2015		12.41	%		5.20	%		6.74	%
Class C No Load		10/30/2015		13.41	%		5.20	%		6.74	%
Class I With Load		10/30/2015		14.51	%		6.23	%		7.79	%
Class I No Load		10/30/2015		14.51	%		6.23	%		7.79	%
Class Y With Load		10/30/2015		14.51	%		6.23	%		7.79	%
Class Y No Load		10/30/2015		14.51	%		6.23	%		7.79	%

^3.  Inception date: October 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 (10 most widely traded currencies), 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.

28

Barings U.S. High Yield Fund 2019 Semi-Annual Report

Investment Objective

Barings U.S. High Yield Fund (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 July 1, 2019 through December 31, 2019 of 3.90%, underperforming the Bloomberg Barclays U.S. Corporate High Yield Index (the “Benchmark”), which returned 3.98%.^1,5

What factors influenced performance of the Fund?

∎ During the six-month period, the global high yield bond market saw strong performance driven by a stable economic outlook, accommodative central bank policies, and a strong technical backdrop as investors searched for yield.

∎ Performance was highly bifurcated across quality tiers, with BBs significantly outperforming CCC rated holdings, while single-Bs were more modestly lagging. As a result, the Fund’s overweight position in CCCs and overweight allocation to BBs, on average, was a detractor to performance versus the Benchmark. However, credit selection across ratings categories was a strong positive contributor to performance relative to the Benchmark.

∎ The Fund benefitted from strong performance of issuers in the Telecommunications sector during the period, while positioning within the health care, education, and child care sectors lagged due to issuers in the pharmaceutical sub-sector.

Describe any recent portfolio activity.

∎ The Fund reduced its overweight allocation to CCC rated holdings over the course of the six-month period, through both selective sales and attrition of holdings that had been called or matured while also modestly reducing single-B holdings. The Fund increased its weighting in BB holdings, which outperformed for much of 2019, given the strong risk-averse sentiment of high yield investors and attractive relative value characteristics.

∎ The Fund’s allocation to the oil and gas industry was reduced during the period, as the industry still continues to display higher volatility in tandem with crude oil prices. The Fund’s exposure to the broadcasting and entertainment sector was the most substantial increase in exposure.

Describe the portfolio positioning at period end.

∎ On a traded basis, the Fund finished December 31, 2019 with a 12.5% weighting to senior secured high yield bonds, and a 76.6% weighting to senior unsecured bonds. The remaining balance of the portfolio was invested in senior secured loans (8.6%), and cash and accrued income (2.3%).

∎ From a sector perspective, the Fund remains diversified across a number of Moody’s-based industries, with higher concentrations in broadcasting and entertainment (13.5%), telecommunications (11.8%), and oil and gas (8.4%) as of year-end.

^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.

^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.

29

Barings U.S. High Yield Fund 2019 Semi-Annual Report

∎ In terms of portfolio credit quality, the Fund had the following weighting breakdown: 6.1% in BBB, 47.8% in BB, 31.7% in single-B, 11.5% in CCC and below, and 2.0% in cash and accrued income. The Fund’s weighting in non-publicly rated holdings finished the period at 0.8%.²

Describe the market and portfolio outlook.

∎ Investor sentiment improved toward the end of 2019, and that, along with the continued search for yield, was supportive for below investment grade credit at the end of the reporting period. We continue to monitor developments including global trade, geopolitics and the U.S. election season, which may create bouts of volatility. Overall, however, we are optimistic that the long-term trends are favorable and below investment grade credit investors are being adequately compensated for the given risks.

∎ From a fundamental perspective, we believe corporate earnings and balance sheets look relatively healthy. In our view, defaults remain low by historical standards and while we might see an uptick in more challenged sectors, we do not expect to see a widespread material increase and would expect defaults overall to be manageable.

∎ In our view, in the context of a relatively healthy fundamental backdrop, the continued search for yield and low default outlook, below investment grade corporate credit looks to be on solid footing overall. As we believe there is always the potential for either macroeconomic or geopolitical concerns to bubble up again, we believe that actively managed portfolios, diversification and prudent asset selection are critical in this market.

^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, single-A and BBB are investment grade ratings categories used by S&P and Fitch. BB, single-B, CCC/CC/C and single-D are below investment grade ratings categories used by S&P and Fitch. Aaa, Aa, single-A and Baa are investment grade ratings categories used by Moody’s. Ba, single-B, Caa/Ca and single-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.

30

Barings U.S. High Yield Fund 2019 Semi-Annual Report

CREDIT QUALITY COMPOSITION (% OF ASSETS*)

* As of December 31, 2019.

COUNTRY COMPOSITION (% OF ASSETS**)

** The percentages of assets are expressed by market value excluding cash and accrued income, and may vary over time. As of December 31, 2019.

31

Barings U.S. High Yield Fund 2019 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		8.18	%		3.91	%		5.97	%
Class A No Load		10/30/2015		12.68	%		5.33	%		7.01	%
Class C With Load		10/30/2015		10.83	%		4.53	%		6.21	%
Class C No Load		10/30/2015		11.83	%		4.53	%		6.21	%
Class I With Load		10/30/2015		12.94	%		5.57	%		7.26	%
Class I No Load		10/30/2015		12.94	%		5.57	%		7.26	%
Class Y With Load		10/30/2015		12.95	%		5.58	%		7.26	%
Class Y No Load		10/30/2015		12.95	%		5.58	%		7.26	%

^3.  Inception date: October 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 2019 Semi-Annual Report

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Barings Funds Trust 2019 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 Diversified Income 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, 2019 to December 31, 2019.

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	$	1,030.50	$	1,015.25	$	5.10
Hypothetical		1.00	%		1,000.00		1,020.10		1,010.05		5.08
Class C
Actual		1.75	%		1,000.00		1,026.70		1,013.35		8.92
Hypothetical		1.75	%		1,000.00		1,016.30		1,008.15		8.87
Class I
Actual		0.75	%		1,000.00		1,032.70		1,016.35		3.83
Hypothetical		0.75	%		1,000.00		1,021.40		1,010.70		3.81
Class Y
Actual		0.75	%		1,000.00		1,031.90		1,015.95		3.83
Hypothetical		0.75	%		1,000.00		1,021.40		1,010.70		3.81

* 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 184/366.

34

Barings Funds Trust 2019 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	$	1,034.70	$	1,017.35	$	6.14
Hypothetical		1.20	%		1,000.00		1,019.10		1,009.55		6.09
Class C
Actual		1.95	%		1,000.00		1,030.80		1,015.40		9.95
Hypothetical		1.95	%		1,000.00		1,015.30		1,007.65		9.88
Class I
Actual		0.95	%		1,000.00		1,035.90		1,017.95		4.86
Hypothetical		0.95	%		1,000.00		1,020.40		1,010.20		4.82
Class Y
Actual		0.95	%		1,000.00		1,036.00		1,018.00		4.86
Hypothetical		0.95	%		1,000.00		1,020.40		1,010.20		4.82

* 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 184/366.

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	$	1,015.00	$	1,007.50	$	3.29
Hypothetical		0.65	%		1,000.00		1,021.90		1,010.95		3.30
Class C
Actual		0.90	%		1,000.00		1,013.60		1,006.80		4.56
Hypothetical		0.90	%		1,000.00		1,020.60		1,010.30		4.57
Class I
Actual		0.40	%		1,000.00		1,016.40		1,008.20		2.03
Hypothetical		0.40	%		1,000.00		1,023.10		1,011.55		2.03
Class Y
Actual		0.40	%		1,000.00		1,016.40		1,008.20		2.03
Hypothetical		0.40	%		1,000.00		1,023.10		1,011.55		2.03

* 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 184/366.

35

Barings Funds Trust 2019 Semi-Annual Report

SHAREHOLDER EXPENSES (UNAUDITED) (CONTINUED)

Barings Diversified Income Fund

	EXPENSE RATIO			BEGINNING AMOUNT		ENDING VALUE		AVERAGE VALUE		OPERATING EXPENSE INCURRED*
Class A
Actual		0.80	%	$	1,000.00	$	1,023.80	$	1,011.90	$	4.07
Hypothetical		0.80	%		1,000.00		1,021.10		1,010.55		4.06
Class C
Actual		1.55	%		1,000.00		1,020.10		1,010.05		7.87
Hypothetical		1.55	%		1,000.00		1,017.30		1,008.65		7.86
Class I
Actual		0.55	%		1,000.00		1,025.20		1,012.60		2.80
Hypothetical		0.55	%		1,000.00		1,022.40		1,011.20		2.80
Class Y
Actual		0.55	%		1,000.00		1,025.20		1,012.60		2.80
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 184/366.

Barings Emerging Markets Debt Blended Total Return Fund

	EXPENSE RATIO			BEGINNING AMOUNT		ENDING VALUE		AVERAGE VALUE		OPERATING EXPENSE INCURRED*
Class A
Actual		1.20	%	$	1,000.00	$	1,050.70	$	1,025.35	$	6.19
Hypothetical		1.20	%		1,000.00		1,019.10		1,009.55		6.09
Class C
Actual		1.95	%		1,000.00		1,047.20		1,023.60		10.03
Hypothetical		1.95	%		1,000.00		1,015.30		1,007.65		9.88
Class I
Actual		0.95	%		1,000.00		1,051.90		1,025.95		4.90
Hypothetical		0.95	%		1,000.00		1,020.40		1,010.20		4.82
Class Y
Actual		0.95	%		1,000.00		1,051.90		1,025.95		4.90
Hypothetical		0.95	%		1,000.00		1,020.40		1,010.20		4.82

* 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 184/366.

36

Barings Funds Trust 2019 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	$	1,078.20	$	1,039.10	$	7.57
Hypothetical		1.45	%		1,000.00		1,017.80		1,008.90		7.35
Class C
Actual		2.20	%		1,000.00		1,074.10		1,037.05		11.47
Hypothetical		2.20	%		1,000.00		1,014.10		1,007.05		11.14
Class I
Actual		1.20	%		1,000.00		1,079.50		1,039.75		6.27
Hypothetical		1.20	%		1,000.00		1,019.10		1,009.55		6.09
Class Y
Actual		1.20	%		1,000.00		1,079.50		1,039.75		6.27
Hypothetical		1.20	%		1,000.00		1,019.10		1,009.55		6.09

* 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 184/366.

** 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 Global High Yield Fund

	EXPENSE RATIO			BEGINNING AMOUNT		ENDING VALUE		AVERAGE VALUE		OPERATING EXPENSE INCURRED*
Class A
Actual		1.05	%	$	1,000.00	$	1,049.10	$	1,024.55	$	5.41
Hypothetical		1.05	%		1,000.00		1,019.90		1,009.95		5.33
Class C
Actual		1.80	%		1,000.00		1,045.10		1,022.55		9.25
Hypothetical		1.80	%		1,000.00		1,016.10		1,008.05		9.12
Class I
Actual		0.80	%		1,000.00		1,050.40		1,025.20		4.12
Hypothetical		0.80	%		1,000.00		1,021.10		1,010.55		4.06
Class Y
Actual		0.80	%		1,000.00		1,050.40		1,025.20		4.12
Hypothetical		0.80	%		1,000.00		1,021.10		1,010.55		4.06

* 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 184/366.

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Barings Funds Trust 2019 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	$	1,038.00	$	1,019.00	$	5.12
Hypothetical		1.00	%		1,000.00		1,020.10		1,010.05		5.08
Class C
Actual		1.75	%		1,000.00		1,033.80		1,016.90		8.95
Hypothetical		1.75	%		1,000.00		1,016.30		1,008.15		8.87
Class I
Actual		0.75	%		1,000.00		1,039.00		1,019.50		3.84
Hypothetical		0.75	%		1,000.00		1,021.40		1,010.70		3.81
Class Y
Actual		0.75	%		1,000.00		1,039.00		1,019.50		3.84
Hypothetical		0.75	%		1,000.00		1,021.40		1,010.70		3.81

* 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 184/366.

38

Barings Funds Trust 2019 Semi-Annual Report

BARINGS FUNDS TRUST

FINANCIAL REPORT

Statements of Assets and Liabilities	40
Statements of Operations	44
Statements of Changes in Net Assets	48
Financial Highlights	52
Schedules of Investments	84-172
Notes to Financial Statements	173-213

39

Barings Funds Trust 2019 Semi-Annual Report

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2019 (Unaudited)

	BARINGS GLOBAL FLOATING RATE FUND		BARINGS GLOBAL CREDIT INCOME OPPORTUNITIES FUND		BARINGS ACTIVE SHORT DURATION BOND FUND		BARINGS DIVERSIFIED INCOME FUND
Assets
Investments, at fair value (cost $256,639,026, $211,664,826, $883,303,473 and $44,684,331, respectively)	$	247,790,777	$	204,054,550	$	890,638,337	$	45,152,019
Cash		19,606,505		17,447,937		6,194,974		855,825
Foreign currency, at value (cost $1,505,854, $98,488, $0 and $10,137, respectively)		1,518,444		99,044		–		10,240
Receivable for investments sold		4,114,851		5,081,229		–		–
Receivable for Fund shares sold		2,185,668		177,281		2,060,238		14,471
Interest receivable		1,567,154		2,382,421		4,783,374		356,583
Cash collateral held at broker on open options contracts		–		96,921		–		–
Receivable from adviser (see Note 3)		–		–		–		2,946
Cash collateral held at broker on open swap contracts		–		470,000		–		–
Cash collateral held at broker on open future contracts		–		–		–		135,571
Receivable for variation margin on open futures contracts		–		–		–		92,597
Foreign tax reclaims receivable		803		–		6,883		–
Unrealized appreciation on forward foreign currency exchange contracts		20,291		76,520		–		8,953
Prepaid expenses		65,421		55,099		89,700		13,811
Total assets		276,869,914		229,941,002		903,773,506		46,643,016
Liabilities
Payable for investments purchased		704,674		–		–		–
Payable for TBA and when-issued securities purchased		4,552,854		5,140,810		–		–
Payable for Fund shares repurchased		1,043,739		207,952		1,457,624		1,864
Payable for variation margin on open futures contracts		–		–		90,551		–
Investment advisory fee payable (see Note 3)		96,984		122,916		174,515		–
Cash collateral Due to Broker		50,000		280,000		2,850,000		–
Distribution fees payable		15,780		18,065		38,073		222
Shareholder service fees payable		–		1,200		–		–
Dividends payable		196,257		192,656		383,453		73,572
Unrealized depreciation on forward foreign currency exchange contracts		825,488		678,948		–		40,361
Accrued expenses and other liabilities		365,096		273,505		343,383		83,371
Total liabilities		7,850,872		6,916,052		5,337,599		199,390
Total net assets	$	269,019,042	$	223,024,950	$	898,435,907	$	46,443,626

See accompanying Notes to the Financial Statements.

40

Barings Funds Trust 2019 Semi-Annual Report

STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

December 31, 2019 (Unaudited)

	BARINGS GLOBAL FLOATING RATE FUND			BARINGS GLOBAL CREDIT INCOME OPPORTUNITIES FUND			BARINGS ACTIVE SHORT DURATION BOND FUND		BARINGS DIVERSIFIED INCOME FUND
Composition of net assets
Shares of beneficial interest outstanding (par value $0.00001 per share), unlimited number of shares authorized	$	289		$	248		$	904	$	47
Additional paid-in capital		281,203,109			236,822,222			897,072,142		46,618,974
Total distributable earnings		(12,184,356	)		(13,797,520	)		1,362,861		(175,395	)
Total net assets	$	269,019,042		$	223,024,950		$	898,435,907	$	46,443,626
Class A
Net assets applicable to outstanding shares	$	46,707,425		$	51,511,694		$	174,816,158	$	257,832
Shares of beneficial interest outstanding		5,030,640			5,723,781			17,572,647		26,082
Net asset value per share outstanding	$	9.28		$	9.00		$	9.95	$	9.89
Maximum offering price per share outstanding (Net asset value plus sales charge of 3.00%, 4.00%, 0.00% and 4.00%, respectively)	$	9.57		$	9.38		$	9.95	$	10.30
Class C
Net assets applicable to outstanding shares	$	7,672,734		$	8,693,391		$	2,854,465	$	198,299
Shares of beneficial interest outstanding		829,482			967,141			287,273		20,061
Net asset value per share outstanding	$	9.25		$	8.99		$	9.94	$	9.88
Class I
Net assets applicable to outstanding shares	$	41,965,562		$	23,617,886		$	301,675	$	12,212,666
Shares of beneficial interest outstanding		4,507,701			2,624,886			30,319		1,235,482
Net asset value per share outstanding	$	9.31		$	9.00		$	9.95	$	9.88
Class Y
Net assets applicable to outstanding shares	$	172,673,321		$	139,201,979		$	720,463,609	$	33,774,829
Shares of beneficial interest outstanding		18,568,609			15,472,791			72,465,170		3,416,623
Net asset value per share outstanding	$	9.30		$	9.00		$	9.94	$	9.89

See accompanying Notes to the Financial Statements.

41

Barings Funds Trust 2019 Semi-Annual Report

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2019 (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 $50,322,192, $9,769,005, $24,704,137 and $49,880,058, respectively)	$	52,307,797	$	11,539,711	$	24,396,594	$	50,164,254
Cash		4,379,067		142,618		317,829		367,464
Foreign currency, at value (cost $101,934, $348, $202,718 and $0, respectively)		104,530		349		205,118		–
Receivable for investments sold		–		–		60		106,840
Receivable for Fund shares sold		12		–		5		91,543
Interest receivable		922,539		6,272		351,210		761,693
Receivable from adviser (see Note 3)		48,044		1,491		3,034		–
Cash collateral held at broker on open future contracts		37,840		–		–		–
Receivable for variation margin on open futures contracts		13,648		–		–		–
Swap contracts, at fair value		1,555,268		–		–		–
Foreign tax reclaims receivable		–		856		642		297
Unrealized appreciation on forward foreign currency exchange contracts		772,895		–		6,709		–
Prepaid expenses		12,608		48,666		11,901		13,005
Total assets		60,154,248		11,739,963		25,293,102		51,505,096
Liabilities
Payable for TBA and when-issued securities purchased		–		–		16,788		89,311
Payable for Fund shares repurchased		75		–		1,116		1,906
Payable for variation margin on open swap contracts		1,034		–		–		–
Investment advisory fee payable (see Note 3)		–		–		–		9,531
Directors’ fees payable		–		4,866		–		–
Cash collateral Due to Broker		126,626		–		–		–
Distribution fees payable		462		120		299		634
Shareholder service fees payable		–		–		402		–
Dividends payable		287,306		–		110,763		114,515
Unrealized depreciation on forward foreign currency exchange contracts		1,161,185		–		116,958		–
Accrued expenses and other liabilities		127,437		91,848		88,920		104,024
Total liabilities		1,704,125		96,834		335,246		319,921
Total net assets	$	58,450,123	$	11,643,129	$	24,957,856	$	51,185,175

See accompanying Notes to the Financial Statements.

42

Barings Funds Trust 2019 Semi-Annual Report

STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

December 31, 2019 (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	$	57		$	10	$	26		$	52
Additional paid-in capital		58,783,855			9,999,990		25,667,976			51,882,607
Total distributable earnings		(333,789	)		1,643,129		(710,146	)		(697,484	)
Total net assets	$	58,450,123		$	11,643,129	$	24,957,856		$	51,185,175
Class A
Net assets applicable to outstanding shares	$	1,118,626		$	116,418	$	347,264		$	2,648,049
Shares of beneficial interest outstanding		109,130			10,000		35,739			267,923
Net asset value per share outstanding	$	10.25		$	11.64	$	9.72		$	9.88
Maximum offering price per share outstanding (Net asset value plus sales charge of 4.00%)	$	10.68		$	12.13	$	10.13		$	10.29
Class C
Net assets applicable to outstanding shares	$	288,420		$	116,316	$	271,832		$	98,779
Shares of beneficial interest outstanding		28,133			10,000		27,945			10,000
Net asset value per share outstanding	$	10.25		$	11.63	$	9.73		$	9.88
Class I
Net assets applicable to outstanding shares	$	24,411,380		$	5,705,198	$	12,055,673		$	12,247,701
Shares of beneficial interest outstanding		2,381,296			490,000		1,240,000			1,240,000
Net asset value per share outstanding	$	10.25		$	11.64	$	9.72		$	9.88
Class Y
Net assets applicable to outstanding shares	$	32,631,697		$	5,705,197	$	12,283,087		$	36,190,646
Shares of beneficial interest outstanding		3,182,967			490,000		1,263,419			3,664,082
Net asset value per share outstanding	$	10.25		$	11.64	$	9.72		$	9.88

See accompanying Notes to the Financial Statements.

43

Barings Funds Trust 2019 Semi-Annual Report

STATEMENTS OF OPERATIONS

For the Six Months Ended December 31, 2019 (Unaudited)

	BARINGS GLOBAL FLOATING RATE FUND			BARINGS GLOBAL CREDIT INCOME OPPORTUNITIES FUND			BARINGS ACTIVE SHORT DURATION BOND FUND			BARINGS DIVERSIFIED INCOME FUND
Investment Income
Interest income (net of withholding tax of $0, $0, $1,038 and $99, respectively)	$	7,595,615		$	7,039,202		$	13,777,971		$	932,428
Dividends		21			–			121,970			1,600
Other income		57,995			7,506			569			–
Total investment income		7,653,631			7,046,708			13,900,510			934,028
Operating Expenses
Advisory fees		860,594			809,685			1,425,865			89,129
12b-1 distribution and servicing plan
Class A		56,134			64,183			195,256			315
Class C		39,689			42,013			5,250			991
Shareholder service fee
Class A		8,998			2,234			22,869			18
Class C		2,315			2,499			399			–
Class Y		40,940			25,977			114,386			4,608
Administrator fees		108,080			76,776			178,795			24,647
Custody fees		98,376			71,234			177,600			22,505
Professional fees		60,214			55,436			56,795			32,305
Transfer agent fees		18,969			14,104			35,562			10,276
Directors’ fees		31,366			25,815			55,332			15,025
Registration fees		17,581			13,303			56,636			30,982
Printing and mailing expenses		5,873			4,653			11,476			835
Other operating expenses		22,836			15,928			41,843			4,261
Total operating expenses		1,371,965			1,223,840			2,378,064			235,897
Waiver/Reimbursement of expenses
Class A		(47,969	)		(16,638	)		(99,021	)		(3,132	)
Class C		(11,546	)		(7,274	)		(4,856	)		(2,970	)
Class I		(31,113	)		(7,931	)		(3,665	)		(29,185	)
Class Y		(192,520	)		(60,200	)		(440,455	)		(76,753	)
Net operating expenses		1,088,817			1,131,797			1,830,067			123,857
Net investment income		6,564,814			5,914,911			12,070,443			810,171

See accompanying Notes to the Financial Statements.

44

Barings Funds Trust 2019 Semi-Annual Report

STATEMENTS OF OPERATIONS (CONTINUED)

For the Six Months Ended December 31, 2019 (Unaudited)

	BARINGS GLOBAL FLOATING RATE FUND			BARINGS GLOBAL CREDIT INCOME OPPORTUNITIES FUND			BARINGS ACTIVE SHORT DURATION BOND FUND			BARINGS DIVERSIFIED INCOME FUND
Realized and Unrealized Gains (Losses) on Investments
Net realized gain (loss) on investments	$	(2,519,207	)	$	(1,976,393	)	$	875,169		$	238,149
Net realized gain on forward foreign currency exchange contracts		1,039,701			493,746			–			20,446
Net realized gain on foreign currency and translation		916,932			888,269			–			9,659
Net realized gain (loss) on futures contracts		–			–			(3,807,453	)		(252,336	)
Net realized gain (loss) on swap contracts		–			–			(105,515	)		(7,026	)
Net realized gain (loss) on purchased options		–			(386,428	)		500,181			–
Net realized gain (loss)		(562,574	)		(980,806	)		(2,537,618	)		8,892
Net change in unrealized appreciation (depreciation) on investments		2,798,939			3,052,055			(754,918	)		1,538
Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts		(783,914	)		(644,075	)		–			(11,489	)
Net change in unrealized appreciation on foreign currency and translation		13,156			14,078			–			108
Net change in unrealized appreciation (depreciation) on futures contracts		–			–			4,607,226			296,772
Net change in unrealized appreciation (depreciation) on swap contracts		–			–			45,057			8,097
Net change in unrealized appreciation (depreciation) on purchased option contracts		–			107,638			(438,019	)		–
Net change in unrealized appreciation (depreciation)		2,028,181			2,529,696			3,459,346			295,026
Net realized and unrealized gains on investments		1,465,607			1,548,890			921,728			303,918
Net increase in net assets resulting from operations	$	8,030,421		$	7,463,801		$	12,992,171		$	1,114,089

See accompanying Notes to the Financial Statements.

45

Barings Funds Trust 2019 Semi-Annual Report

STATEMENTS OF OPERATIONS

For the Six Months Ended December 31, 2019 (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 $34,152, $0, $0 and $0, respectively)	$	1,707,051		$	950		$	810,325		$	1,644,170
Dividends (net of withholding tax of $0, $11,714, $0 and $0, respectively)		–			188,453			–			–
Other income		530,314			–			–			1,688
Total investment income		2,237,365			189,403			810,325			1,645,858
Operating Expenses
Advisory fees		200,728			49,425			75,827			137,756
12b-1 distribution and servicing plan
Class A		1,083			137			1,078			3,513
Class C		1,390			548			1,249			492
Shareholder service fee
Class A		39			–			50			370
Class C		50			–			75			–
Class Y		384			–			418			1,562
Administrator fees		30,783			15,082			23,339			32,494
Custody fees		31,630			5,123			11,585			18,665
Professional fees		30,034			29,984			24,321			23,328
Transfer agent fees		14,266			7,036			11,344			10,232
Directors’ fees		15,585			11,312			14,129			15,719
Registration fees		27,968			3,414			27,953			27,957
Printing and mailing expenses		611			4,663			727			1,082
Other operating expenses		5,489			3,428			3,778			5,688
Total operating expenses		360,040			130,152			195,873			278,858
Waiver/Reimbursement of expenses
Class A		(5,024	)		(2,322	)		(5,519	)		(7,131	)
Class C		(4,055	)		(2,321	)		(3,699	)		(2,686	)
Class I		(43,150	)		(29,462	)		(40,905	)		(20,753	)
Class Y		(51,083	)		(29,462	)		(42,321	)		(56,433	)
Net operating expenses		256,728			66,585			103,429			191,855
Net investment income		1,980,637			122,818			706,896			1,454,003

See accompanying Notes to the Financial Statements.

46

Barings Funds Trust 2019 Semi-Annual Report

STATEMENTS OF OPERATIONS (CONTINUED)

For the Six Months Ended December 31, 2019 (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 gain (loss) on investments	$	40,873	(1)	$	(51,551	)	$	(362,129	)	$	(441,613	)
Net realized gain (loss) on forward foreign currency exchange contracts		(368,419	)		40			101,954			–
Net realized gain (loss) on foreign currency and translation		(9,927	)		588			18,851			–
Net realized gain (loss) on futures contracts		(138,133	)		–			–			–
Net realized gain (loss) on swap contracts		(606,738	)		–			–			–
Net realized gain (loss) on purchased options		(17,579	)		–			–			–
Net realized gain (loss)		(1,099,923	)		(50,923	)		(241,324	)		(441,613	)
Net change in unrealized appreciation on investments		764,594	(2)		794,181			784,313			897,340
Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts		(470,647	)		–			(34,116	)		–
Net change in unrealized appreciation (depreciation) on foreign currency and translation		10,484			(52	)		4,574			–
Net change in unrealized appreciation (depreciation) on futures contracts		107,084			–			–			–
Net change in unrealized appreciation (depreciation) on swap contracts		1,459,537			–			–			–
Net change in unrealized appreciation (depreciation) on purchased option contracts		37,731			–			–			–
Net change in unrealized appreciation (depreciation)		1,908,783			794,129			754,771			897,340
Net realized and unrealized gains on investments		808,860			743,206			513,447			455,727
Net increase in net assets resulting from operations	$	2,789,497		$	866,024		$	1,220,343		$	1,909,730

(1) Includes realized foreign capital gains taxes of $1,552.

(2) Net of change in unrealized appreciation/(depreciation) of foreign capital gains taxes of $1,976.

See accompanying Notes to the Financial Statements.

47

Barings Funds Trust 2019 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, 2019			FOR THE YEAR ENDED JUNE 30, 2019			FOR THE SIX MONTHS ENDED DECEMBER 31, 2019			FOR THE YEAR ENDED JUNE 30, 2019
Operations
Net investment income	$	6,564,814		$	14,299,471		$	5,914,911		$	12,185,927
Net realized gain (loss) on investments		(562,574	)		2,745,235			(980,806	)		(1,381,993	)
Net change in unrealized appreciation (depreciation) on investments		2,028,181			(9,427,826	)		2,529,696			(6,630,323	)
Net increase in net assets resulting from operations		8,030,421			7,616,880			7,463,801			4,173,611
Dividends and distributions
Class A		(1,204,952	)		(2,631,234	)		(1,342,599	)		(3,633,155	)
Class C		(184,164	)		(385,566	)		(188,113	)		(505,418	)
Class I		(1,022,326	)		(1,747,985	)		(637,781	)		(1,282,074	)
Class Y		(4,963,551	)		(10,875,941	)		(3,639,129	)		(8,847,995	)
Total Dividends and distributions		(7,374,993	)		(15,640,726	)		(5,807,622	)		(14,268,642	)
Return of capital
Class A		–			–			–			(63,546	)
Class C		–			–			–			(9,510	)
Class I		–			–			–			(25,629	)
Class Y		–			–			–			(165,268	)
Total Return of capital		–			–			–			(263,953	)
Capital Share Transactions
Net proceeds from sale of shares		62,581,666			181,096,638			35,588,389			92,707,830
Net Asset Value of shares issued to shareholders in payment of distributions declared		5,892,596			12,277,586			4,506,755			10,875,940
Cost of shares redeemed		(73,747,201	)		(164,501,029	)		(31,217,092	)		(112,233,144	)
Net increase (decrease) in net assets resulting from capital stock transactions		(5,272,939	)		28,873,195			8,878,052			(8,649,374	)
Total increase (decrease) in net assets		(4,617,511	)		20,849,349			10,534,231			(19,008,358	)
Net Assets
Beginning of period		273,636,553			252,787,204			212,490,719			231,499,077
End of period	$	269,019,042		$	273,636,553		$	223,024,950		$	212,490,719

See accompanying Notes to the Financial Statements.

48

Barings Funds Trust 2019 Semi-Annual Report

STATEMENTS OF CHANGES IN NET ASSETS

(Unaudited)

	BARINGS ACTIVE SHORT DURATION BOND FUND						BARINGS DIVERSIFIED INCOME FUND
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2019			FOR THE YEAR ENDED JUNE 30, 2019			FOR THE SIX MONTHS ENDED DECEMBER 31, 2019			FOR THE YEAR ENDED JUNE 30, 2019
Operations
Net investment income	$	12,070,443		$	15,718,078		$	810,171		$	1,104,761
Net realized gain (loss) on investments		(2,537,618	)		(5,023,199	)		8,892			(340,692	)
Net change in unrealized appreciation on investments		3,459,346			9,888,356			295,026			552,217
Net increase in net assets resulting from operations		12,992,171			20,583,235			1,114,089			1,316,286
Dividends and distributions
Class A		(2,153,520	)		(4,327,284	)		(4,227	)		(7,516	)
Class C		(26,094	)		(31,974	)		(2,589	)		(4,785	)
Class I		(4,568	)		(9,407	)		(220,466	)		(413,758	)
Class Y		(9,881,573	)		(11,907,536	)		(575,520	)		(678,343	)
Total Dividends and distributions		(12,065,755	)		(16,276,201	)		(802,802	)		(1,104,402	)
Capital Share Transactions
Net proceeds from sale of shares		304,825,370			531,527,546			4,911,843			16,053,424
Net Asset Value of shares issued to shareholders in payment of distributions declared		9,802,447			13,533,610			350,316			262,817
Cost of shares redeemed		(132,851,603	)		(264,419,113	)		(1,628,647	)		(2,915,535	)
Net increase in net assets resulting from capital stock transactions		181,776,214			280,642,043			3,633,512			13,400,706
Total increase in net assets		182,702,630			284,949,077			3,944,799			13,612,590
Net Assets
Beginning of period		715,733,277			430,784,200			42,498,827			28,886,237
End of period	$	898,435,907		$	715,733,277		$	46,443,626		$	42,498,827

See accompanying Notes to the Financial Statements.

49

Barings Funds Trust 2019 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, 2019			FOR THE YEAR ENDED JUNE 30, 2019			FOR THE SIX MONTHS ENDED DECEMBER 31, 2019			PERIOD FROM SEPTEMBER 17, 2018 THROUGH JUNE 30, 2019 (1)
Operations
Net investment income	$	1,980,637		$	2,933,988		$	122,818		$	78,236
Net realized gain (loss) on investments		(1,099,923	)		(2,216,261	)		(50,923	)		69,969
Net change in unrealized appreciation on investments		1,908,783			5,107,421			794,129			976,638
Net increase in net assets resulting from operations		2,789,497			5,825,148			866,024			1,124,843
Dividends and distributions
Class A		(28,225	)		(27,569	)		(3,150	)		–
Class C		(7,751	)		(13,395	)		(2,176	)		–
Class I		(769,929	)		(1,355,443	)		(171,206	)		–
Class Y		(926,203	)		(1,420,530	)		(171,206	)		–
Total Dividends and distributions		(1,732,108	)		(2,816,937	)		(347,738	)		–
Class A		–			(2,043	)		–			–
Class C		–			(1,174	)		–			–
Class I		–			(126,191	)		–			–
Class Y		–			(133,784	)		–			–
Total Return of capital		–			(263,192	)		–			–
Capital Share Transactions
Net proceeds from sale of shares		7,561,626			1,762,308			–			10,000,000
Net Asset Value of shares issued to shareholders in payment of distributions declared		125,655			64,652			–			–
Cost of shares redeemed		(728,580	)		(752,758	)		–			–
Net increase in net assets resulting from capital stock transactions		6,958,701			1,074,202			–			10,000,000
Total increase in net assets		8,016,090			3,819,221			518,286			11,124,843
Net Assets
Beginning of period		50,434,033			46,614,812			11,124,843			–
End of period	$	58,450,123		$	50,434,033		$	11,643,129		$	11,124,843

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

See accompanying Notes to the Financial Statements.

50

Barings Funds Trust 2019 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, 2019			FOR THE YEAR ENDED JUNE 30, 2019			FOR THE SIX MONTHS ENDED DECEMBER 31, 2019			FOR THE YEAR ENDED JUNE 30, 2019
Operations
Net investment income	$	706,896		$	1,583,300		$	1,454,003		$	3,323,214
Net realized gain (loss) on investments		(241,324	)		287,305			(441,613	)		(467,591	)
Net change in unrealized appreciation (depreciation) on investments		754,771			(376,525	)		897,340			140,723
Net increase in net assets resulting from operations		1,220,343			1,494,080			1,909,730			2,996,346
Dividends and distributions
Class A		(23,640	)		(17,780	)		(78,412	)		(123,204	)
Class C		(5,738	)		(15,389	)		(2,363	)		(5,130	)
Class I		(334,018	)		(1,021,950	)		(353,888	)		(869,451	)
Class Y		(342,782	)		(1,064,337	)		(1,015,465	)		(2,324,075	)
Total Dividends and distributions		(706,178	)		(2,119,456	)		(1,450,128	)		(3,321,860	)
Capital Share Transactions
Net proceeds from sale of shares		86,372			6,816,400			2,514,724			8,045,852
Net Asset Value of shares issued to shareholders in payment of distributions declared		27,287			47,989			734,668			1,787,969
Cost of shares redeemed		(2,983,623	)		(3,751,131	)		(3,292,883	)		(15,746,520	)
Net increase (decrease) in net assets resulting from capital stock transactions		(2,869,964	)		3,113,258			(43,491	)		(5,912,699	)
Total increase (decrease) in net assets		(2,355,799	)		2,487,882			416,111			(6,238,213	)
Net Assets
Beginning of period		27,313,655			24,825,773			50,769,064			57,007,277
End of period	$	24,957,856		$	27,313,655		$	51,185,175		$	50,769,064

See accompanying Notes to the Financial Statements.

51

Barings Global Floating Rate Fund 2019 Semi-Annual Report

FINANCIAL HIGHLIGHTS

	CLASS A
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2019 (1)			FOR THE YEAR ENDED JUNE 30, 2019			FOR THE YEAR ENDED JUNE 30, 2018			FOR THE YEAR ENDED JUNE 30, 2017			FOR THE YEAR ENDED JUNE 30, 2016
Per Common Share Data
Net asset value, beginning of period	$	9.26		$	9.48		$	9.54		$	9.13		$	9.60
Income from investment operations:
Net investment income (2)		0.22			0.44			0.43			0.43			0.44
Net realized and unrealized gain (loss) on investments		0.05			(0.18	)		(0.06	)		0.42			(0.45	)
Total increase (decrease) from investment operations		0.27			0.26			0.37			0.85			(0.01	)
Less dividends and distributions:
From net investment income		(0.22	)		(0.44	)		(0.38	)		(0.31	)		(0.46	)
From net realized gain		(0.03	)		(0.04	)		–			–			–
From return of capital		–			–			(0.05	)		(0.13	)		–
Total dividends and distributions		(0.25	)		(0.48	)		(0.43	)		(0.44	)		(0.46	)
Net asset value, at end of period	$	9.28		$	9.26		$	9.48		$	9.54		$	9.13
Total investment return (3)		3.05	%(4)		2.77	%		4.00	%		9.47	%		(0.04	)%
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	46,707		$	45,213		$	53,371		$	45,363		$	13,980
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.21	%(5)		1.25	%		1.26	%		1.37	%		1.72	%
Ratio of net expenses to average net assets (6)		1.00	%(5)		1.00	%		0.96	%(7)		0.99	%(8)		1.05	%(9)
Ratio of net investment income to average net assets		4.77	%(5)		4.72	%		4.55	%		4.52	%		4.74	%
Portfolio turnover rate		21.16	%(4)		46.51	%		57.74	%		47.06	%		62.99	%

(1) Unaudited.

(2) Calculated using average shares outstanding.

(3) 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.

(4) Not annualized.

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

(6) 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.

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

(8) 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.

(9) 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 2019 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS C
	FOR THE SIX MONTHS ENDED DECEMBER  31, 2019 (1)			FOR THE YEAR ENDED JUNE 30, 2019			FOR THE YEAR ENDED JUNE 30, 2018			FOR THE YEAR ENDED JUNE 30, 2017			FOR THE YEAR ENDED JUNE 30, 2016
Per Common Share Data
Net asset value, beginning of period	$	9.22		$	9.45		$	9.51		$	9.10		$	9.57
Income from investment operations:
Net investment income (2)		0.19			0.37			0.36			0.37			0.37
Net realized and unrealized gain (loss) on investments		0.06			(0.19	)		(0.06	)		0.41			(0.45	)
Total increase (decrease) from investment operations		0.25			0.18			0.30			0.78			(0.08	)
Less dividends and distributions:
From net investment income		(0.19	)		(0.37	)		(0.32	)		(0.26	)		(0.39	)
From net realized gain		(0.03	)		(0.04	)		–			–			–
From return of capital		–			–			(0.04	)		(0.11	)		–
Total dividends and distributions		(0.22	)		(0.41	)		(0.36	)		(0.37	)		(0.39	)
Net asset value, at end of period	$	9.25		$	9.22		$	9.45		$	9.51		$	9.10
Total investment return (3)		2.67	%(4)		2.02	%		3.24	%		8.68	%		(0.81	)%
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	7,673		$	8,005		$	8,311		$	8,018		$	6,803
Ratio of total expenses (before reductions and reimbursements) to average net assets		2.04	%(5)		2.05	%		2.09	%		2.24	%		2.50	%
Ratio of net expenses to average net assets (6)		1.75	%(5)		1.74	%(7)		1.70	%(7)		1.71	%(8)		1.80	%(9)
Ratio of net investment income to average net assets		4.03	%(5)		4.00	%		3.80	%		3.91	%		4.04	%
Portfolio turnover rate		21.16	%(4)		46.51	%		57.74	%		47.06	%		62.99	%

(1) Unaudited.

(2) Calculated using average shares outstanding.

(3) 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.

(4) Not annualized.

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

(6) 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.

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

(8) 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.

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

See accompanying Notes to the Financial Statements.

53

Barings Global Floating Rate Fund 2019 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS I
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2019 (1)			FOR THE YEAR ENDED JUNE 30, 2019			FOR THE YEAR ENDED JUNE 30, 2018			FOR THE YEAR ENDED JUNE 30, 2017			FOR THE YEAR ENDED JUNE 30, 2016
Per Common Share Data
Net asset value, beginning of period	$	9.28		$	9.50		$	9.56		$	9.15		$	9.62
Income from investment operations:
Net investment income (2)		0.23			0.47			0.46			0.47			0.47
Net realized and unrealized gain (loss) on investments		0.07			(0.18	)		(0.06	)		0.40			(0.45	)
Total increase from investment operations		0.30			0.29			0.40			0.87			0.02
Less dividends and distributions:
From net investment income		(0.24	)		(0.47	)		(0.41	)		(0.32	)		(0.49	)
From net realized gain		(0.03	)		(0.04	)		–			–			–
From return of capital		–			–			(0.05	)		(0.14	)		–
Total dividends and distributions		(0.27	)		(0.51	)		(0.46	)		(0.46	)		(0.49	)
Net asset value, at end of period	$	9.31		$	9.28		$	9.50		$	9.56		$	9.15
Total investment return (3)		3.27	%(4)		3.04	%		4.28	%		9.74	%		0.25	%
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	41,966		$	32,531		$	18,370		$	19,733		$	19,903
Ratio of total expenses (before reductions and reimbursements) to average net assets		0.93	%(5)		0.94	%		1.03	%		1.16	%		1.29	%
Ratio of net expenses to average net assets (6)		0.75	%(5)		0.75	%		0.71	%(7)		0.75	%		0.75	%
Ratio of net investment income to average net assets		5.04	%(5)		5.01	%		4.78	%		4.90	%		5.07	%
Portfolio turnover rate		21.16	%(4)		46.51	%		57.74	%		47.06	%		62.99	%

(1) Unaudited.

(2) Calculated using average shares outstanding.

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

(4) Not annualized.

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

(6) 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 0.75% as a percentage of average daily net assets.

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

See accompanying Notes to the Financial Statements.

54

Barings Global Floating Rate Fund 2019 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS Y
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2019 (1)			FOR THE YEAR ENDED JUNE 30, 2019			FOR THE YEAR ENDED JUNE 30, 2018			FOR THE YEAR ENDED JUNE 30, 2017			FOR THE YEAR ENDED JUNE 30, 2016
Per Common Share Data
Net asset value, beginning of period	$	9.27		$	9.50		$	9.56		$	9.15		$	9.62
Income from investment operations:
Net investment income (2)		0.23			0.47			0.46			0.47			0.47
Net realized and unrealized gain (loss) on investments		0.06			(0.19	)		(0.06	)		0.40			(0.45	)
Total increase from investment operations		0.29			0.28			0.40			0.87			0.02
Less dividends and distributions:
From net investment income		(0.23	)		(0.47	)		(0.41	)		(0.32	)		(0.49	)
From net realized gain		(0.03	)		(0.04	)		–			–			–
From return of capital		–			–			(0.05	)		(0.14	)		–
Total dividends and distributions		(0.26	)		(0.51	)		(0.46	)		(0.46	)		(0.49	)
Net asset value, at end of period	$	9.30		$	9.27		$	9.50		$	9.56		$	9.15
Total investment return (3)		3.19	%(4)		3.03	%		4.27	%		9.73	%		0.22	%
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	172,673		$	187,887		$	172,736		$	122,736		$	125,957
Ratio of total expenses (before reductions and reimbursements) to average net assets		0.97	%(5)		0.96	%		1.01	%		1.14	%		1.27	%
Ratio of net expenses to average net assets (6)		0.75	%(5)		0.75	%		0.71	%(7)		0.75	%		0.75	%
Ratio of net investment income to average net assets		5.03	%(5)		4.99	%		4.79	%		4.90	%		5.08	%
Portfolio turnover rate		21.16	%(4)		46.51	%		57.74	%		47.06	%		62.99	%

(1) Unaudited.

(2) Calculated using average shares outstanding.

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

(4) Not annualized.

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

(6) 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 0.75% as a percentage of average daily net assets.

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

See accompanying Notes to the Financial Statements.

55

Barings Global Credit Income Opportunities Fund 2019 Semi-Annual Report

FINANCIAL HIGHLIGHTS

	CLASS A
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2019 (1)			FOR THE YEAR ENDED JUNE 30, 2019			FOR THE YEAR ENDED JUNE 30, 2018			FOR THE YEAR ENDED JUNE 30, 2017			FOR THE YEAR ENDED JUNE 30, 2016
Per Common Share Data
Net asset value, beginning of period	$	8.93		$	9.32		$	9.51		$	8.80		$	9.51
Income from investment operations:
Net investment income (2)		0.24			0.50			0.49			0.55			0.56
Net realized and unrealized gain (loss) on investments		0.06			(0.30	)		(0.19	)		0.71			(0.66	)
Total increase (decrease) from investment operations		0.30			0.20			0.30			1.26			(0.10	)
Less dividends and distributions:
From net investment income		(0.23	)		(0.48	)		(0.47	)		(0.50	)		(0.61	)
From net realized gain		–			(0.10	)		–			–			–
From return of capital		–			(0.01	)		(0.02	)		(0.05	)		–
Total dividends and distributions		(0.23	)		(0.59	)		(0.49	)		(0.55	)		(0.61	)
Net asset value, at end of period	$	9.00		$	8.93		$	9.32		$	9.51		$	8.80
Total investment return (3)		3.47	%(4)		2.39	%		3.24	%		14.61	%		(0.84	)%
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	51,512		$	51,205		$	60,507		$	26,904		$	12,340
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.26	%(5)		1.36	%		1.38	%		1.56	%		1.90	%
Ratio of net expenses to average net assets (6)		1.20	%(5)		1.20	%		1.20	%		1.20	%		1.20	%
Ratio of net investment income to average net assets		5.33	%(5)		5.46	%		5.17	%		5.83	%		6.28	%
Portfolio turnover rate		34.40	%(4)		58.78	%		52.29	%		48.69	%		58.08	%

(1) Unaudited.

(2) Calculated using average shares outstanding.

(3) 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.

(4) Not annualized.

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

(6) 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.

56

Barings Global Credit Income Opportunities Fund 2019 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS C
	FOR THE SIX MONTHS ENDED DECEMBER  31, 2019 (1)			FOR THE YEAR ENDED JUNE 30, 2019			FOR THE YEAR ENDED JUNE 30, 2018			FOR THE YEAR ENDED JUNE 30, 2017			FOR THE YEAR ENDED JUNE 30, 2016
Per Common Share Data
Net asset value, beginning of period	$	8.92		$	9.31		$	9.50		$	8.79		$	9.50
Income from investment operations:
Net investment income (2)		0.20			0.43			0.42			0.48			0.49
Net realized and unrealized gain (loss) on investments		0.07			(0.29	)		(0.19	)		0.71			(0.65	)
Total increase (decrease) from investment operations		0.27			0.14			0.23			1.19			(0.16	)
Less dividends and distributions:
From net investment income		(0.20	)		(0.42	)		(0.40	)		(0.43	)		(0.55	)
From net realized gain		–			(0.10	)		–			–			–
From return of capital		–			(0.01	)		(0.02	)		(0.05	)		–
Total dividends and distributions		(0.20	)		(0.53	)		(0.42	)		(0.48	)		(0.55	)
Net asset value, at end of period	$	8.99		$	8.92		$	9.31		$	9.50		$	8.79
Total investment return (3)		3.08	%(4)		1.63	%		2.47	%		13.75	%		(1.59	)%
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	8,693		$	8,462		$	8,842		$	6,628		$	3,578
Ratio of total expenses (before reductions and reimbursements) to average net assets		2.12	%(5)		2.21	%		2.21	%		2.39	%		2.91	%
Ratio of net expenses to average net assets (6)		1.95	%(5)		1.95	%		1.95	%		1.95	%		1.95	%
Ratio of net investment income to average net assets		4.58	%(5)		4.73	%		4.44	%		5.12	%		5.50	%
Portfolio turnover rate		34.40	%(4)		58.78	%		52.29	%		48.69	%		58.08	%

(1) Unaudited.

(2) Calculated using average shares outstanding.

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

(4) Not annualized.

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

(6) 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.

57

Barings Global Credit Income Opportunities Fund 2019 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS I
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2019 (1)			FOR THE YEAR ENDED JUNE 30, 2019			FOR THE YEAR ENDED JUNE 30, 2018			FOR THE YEAR ENDED JUNE 30, 2017			FOR THE YEAR ENDED JUNE 30, 2016
Per Common Share Data
Net asset value, beginning of period	$	8.93		$	9.32		$	9.50		$	8.80		$	9.51
Income from investment operations:
Net investment income (2)		0.25			0.52			0.51			0.58			0.58
Net realized and unrealized gain (loss) on investments		0.06			(0.29	)		(0.18	)		0.70			(0.65	)
Total increase (decrease) from investment operations		0.31			0.23			0.33			1.28			(0.07	)
Less dividends and distributions:
From net investment income		(0.24	)		(0.51	)		(0.49	)		(0.52	)		(0.64	)
From net realized gain		–			(0.10	)		–			–			–
From return of capital		–			(0.01	)		(0.02	)		(0.06	)		–
Total dividends and distributions		(0.24	)		(0.62	)		(0.51	)		(0.58	)		(0.64	)
Net asset value, at end of period	$	9.00		$	8.93		$	9.32		$	9.50		$	8.80
Total investment return (3)		3.59	%(4)		2.65	%		3.49	%		14.90	%		(0.61	)%
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	23,618		$	23,203		$	21,788		$	22,228		$	24,689
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.02	%(5)		1.09	%		1.13	%		1.27	%		1.54	%
Ratio of net expenses to average net assets (6)		0.95	%(5)		0.95	%		0.95	%		0.95	%		0.95	%
Ratio of net investment income to average net assets		5.58	%(5)		5.69	%		5.45	%		6.22	%		6.54	%
Portfolio turnover rate		34.40	%(4)		58.78	%		52.29	%		48.69	%		58.08	%

(1) Unaudited.

(2) Calculated using average shares outstanding.

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

(4) Not annualized.

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

(6) 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 0.95% as a percentage of average daily net assets.

See accompanying Notes to the Financial Statements.

58

Barings Global Credit Income Opportunities Fund 2019 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS Y
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2019 (1)			FOR THE YEAR ENDED JUNE 30, 2019			FOR THE YEAR ENDED JUNE 30, 2018			FOR THE YEAR ENDED JUNE 30, 2017			FOR THE YEAR ENDED JUNE 30, 2016
Per Common Share Data
Net asset value, beginning of period	$	8.93		$	9.31		$	9.50		$	8.80		$	9.51
Income from investment operations:
Net investment income (2)		0.25			0.52			0.51			0.57			0.59
Net realized and unrealized gain (loss) on investments		0.06			(0.28	)		(0.19	)		0.71			(0.66	)
Total increase (decrease) from investment operations		0.31			0.24			0.32			1.28			(0.07	)
Less dividends and distributions:
From net investment income		(0.24	)		(0.51	)		(0.49	)		(0.52	)		(0.64	)
From net realized gain		–			(0.10	)		–			–			–
From return of capital		–			(0.01	)		(0.02	)		(0.06	)		–
Total dividends and distributions		(0.24	)		(0.62	)		(0.51	)		(0.58	)		(0.64	)
Net asset value, at end of period	$	9.00		$	8.93		$	9.31		$	9.50		$	8.80
Total investment return (3)		3.60	%(4)		2.64	%		3.48	%		14.90	%		(0.61	)%
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	139,202		$	129,621		$	140,362		$	96,014		$	58,312
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.04	%(5)		1.12	%		1.14	%		1.28	%		1.55	%
Ratio of net expenses to average net assets (6)		0.95	%(5)		0.95	%		0.95	%		0.95	%		0.95	%
Ratio of net investment income to average net assets		5.58	%(5)		5.71	%		5.43	%		6.14	%		6.56	%
Portfolio turnover rate		34.40	%(4)		58.78	%		52.29	%		48.69	%		58.08	%

(1) Unaudited.

(2) Calculated using average shares outstanding.

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

(4) Not annualized.

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

(6) 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 0.95% as a percentage of average daily net assets.

See accompanying Notes to the Financial Statements.

59

Barings Active Short Duration Bond Fund 2019 Semi-Annual Report

FINANCIAL HIGHLIGHTS

	CLASS A
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2019 (1)			FOR THE YEAR ENDED JUNE 30, 2019			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	$	9.94		$	9.88		$	10.01		$	9.98		$	10.00
Income from investment operations:
Net investment income (3)		0.14			0.27			0.21			0.17			0.15
Net realized and unrealized gain (loss) on investments		0.01			0.08			(0.10	)		0.03			(0.03	)(4)
Total increase from investment operations		0.15			0.35			0.11			0.20			0.12
Less dividends and distributions:
From net investment income		(0.14	)		(0.27	)		(0.21	)		(0.17	)		(0.14	)
From net realized gain		–			(0.02	)		(0.03	)		(0.00	)(5)		–
Total dividends and distributions		(0.14	)		(0.29	)		(0.24	)		(0.17	)		(0.14	)
Net asset value, at end of period	$	9.95		$	9.94		$	9.88		$	10.01		$	9.98
Total investment return (6)		1.50	%(7)		3.52	%		1.10	%		2.12	%		1.17	%(7)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	174,816		$	135,981		$	177,020		$	119,189		$	39,992
Ratio of total expenses (before reductions and reimbursements) to average net assets		0.78	%(8)		0.90	%		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	%		0.65	%(8)
Ratio of net investment income to average net assets		2.76	%(8)		2.75	%		2.15	%		1.72	%		1.51	%(8)
Portfolio turnover rate		21.83	%(7)		43.15	%		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 0.65% as a percentage of average daily net assets.

See accompanying Notes to the Financial Statements.

60

Barings Active Short Duration Bond Fund 2019 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS C
	FOR THE SIX MONTHS ENDED DECEMBER  31, 2019 (1)			FOR THE YEAR ENDED JUNE 30, 2019			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	$	9.93		$	9.87		$	10.01		$	9.97		$	10.00
Income from investment operations:
Net investment income (3)		0.12			0.25			0.19			0.19			0.07
Net realized and unrealized gain (loss) on investments		0.01			0.08			(0.11	)		0.05			(0.03	)(4)
Total increase from investment operations		0.13			0.33			0.08			0.24			0.04
Less dividends and distributions:
From net investment income		(0.12	)		(0.25	)		(0.19	)		(0.20	)		(0.07	)
From net realized gain		–			(0.02	)		(0.03	)		(0.00	)(5)		–
Total dividends and distributions		(0.12	)		(0.27	)		(0.22	)		(0.20	)		(0.07	)
Net asset value, at end of period	$	9.94		$	9.93		$	9.87		$	10.01		$	9.97
Total investment return (6)		1.36	%(7)		3.23	%		0.84	%		2.41	%		0.39	%(7)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	2,854		$	1,178		$	1,139		$	236		$	257
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.36	%(9)		1.70	%		1.95	%		3.09	%(8)		5.44	%(9)(10)
Ratio of net expenses to average net assets (11)		0.90	%(9)		0.90	%		0.90	%		0.40	%(8)		1.40	%(9)(10)
Ratio of net investment income to average net assets		2.49	%(9)		2.51	%		1.92	%		1.94	%(8)		0.71	%(9)(10)
Portfolio turnover rate		21.83	%(7)		43.15	%		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) 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.

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

(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.

61

Barings Active Short Duration Bond Fund 2019 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS I
	FOR THE SIX MONTHS ENDED DECEMBER  31, 2019 (1)			FOR THE YEAR ENDED JUNE 30, 2019			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	$	9.94		$	9.88		$	10.01		$	9.97		$	10.00
Income from investment operations:
Net investment income (3)		0.15			0.30			0.24			0.18			0.16
Net realized and unrealized gain (loss) on investments		0.01			0.08			(0.10	)		0.06			(0.03	)(4)
Total increase from investment operations		0.16			0.38			0.14			0.24			0.13
Less dividends and distributions:
From net investment income		(0.15	)		(0.30	)		(0.24	)		(0.20	)		(0.16	)
From net realized gain		–			(0.02	)		(0.03	)		(0.00	)(5)		–
Total dividends and distributions		(0.15	)		(0.32	)		(0.27	)		(0.20	)		(0.16	)
Net asset value, at end of period	$	9.95		$	9.94		$	9.88		$	10.01		$	9.97
Total investment return (6)		1.64	%(7)		3.78	%		1.39	%		2.44	%		1.35	%(7)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	302		$	301		$	300		$	100		$	5,971
Ratio of total expenses (before reductions and reimbursements) to average net assets		2.82	%(8)		2.84	%		3.07	%		1.67	%		0.96	%(8)
Ratio of net expenses to average net assets (9)		0.40	%(8)		0.40	%		0.40	%		0.40	%		0.44	%(8)
Ratio of net investment income to average net assets		3.01	%(8)		3.01	%		2.39	%		1.84	%		1.67	%(8)
Portfolio turnover rate		21.83	%(7)		43.15	%		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 0.40% as a percentage of average daily net assets.

See accompanying Notes to the Financial Statements.

62

Barings Active Short Duration Bond Fund 2019 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS Y
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2019 (1)			FOR THE YEAR ENDED JUNE 30, 2019			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	$	9.93		$	9.87		$	10.01		$	9.97		$	10.00
Income from investment operations:
Net investment income (3)		0.15			0.30			0.24			0.20			0.17
Net realized and unrealized gain (loss) on investments		0.01			0.07			(0.11	)		0.04			(0.04	)(4)
Total increase from investment operations		0.16			0.37			0.13			0.24			0.13
Less dividends and distributions:
From net investment income		(0.15	)		(0.29	)		(0.24	)		(0.20	)		(0.16	)
From net realized gain		–			(0.02	)		(0.03	)		(0.00	)(5)		–
Total dividends and distributions		(0.15	)		(0.31	)		(0.27	)		(0.20	)		(0.16	)
Net asset value, at end of period	$	9.94		$	9.93		$	9.87		$	10.01		$	9.97
Total investment return (6)		1.64	%(7)		3.78	%		1.35	%		2.38	%		1.36	%(7)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	720,464		$	578,272		$	252,325		$	204,464		$	109,645
Ratio of total expenses (before reductions and reimbursements) to average net assets		0.53	%(8)		0.61	%		0.70	%		0.82	%		0.87	%(8)
Ratio of net expenses to average net assets (9)		0.40	%(8)		0.40	%		0.40	%		0.40	%		0.41	%(8)
Ratio of net investment income to average net assets		3.01	%(8)		3.06	%		2.39	%		1.97	%		1.73	%(8)
Portfolio turnover rate		21.83	%(7)		43.15	%		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 0.40% as a percentage of average daily net assets.

See accompanying Notes to the Financial Statements.

63

Barings Diversified Income Fund 2019 Semi-Annual Report

FINANCIAL HIGHLIGHTS

	CLASS A
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2019 (1)			FOR THE YEAR ENDED JUNE 30, 2019			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	$	9.82		$	9.77		$	10.08		$	10.18		$	10.00
Income from investment operations:
Net investment income (3)		0.17			0.30			0.27			0.25			0.25
Net realized and unrealized gain (loss) on investments		0.07			0.06			(0.28	)		(0.09	)		0.20
Total increase (decrease) from investment operations		0.24			0.36			(0.01	)		0.16			0.45
Less dividends and distributions:
From net investment income		(0.17	)		(0.31	)		(0.29	)		(0.26	)		(0.25	)
From net realized gain		–			–			–			–			(0.02	)
From return of capital		–			–			(0.01	)		–			–
Total dividends and distributions		(0.17	)		(0.31	)		(0.30	)		(0.26	)		(0.27	)
Net asset value, at end of period	$	9.89		$	9.82		$	9.77		$	10.08		$	10.18
Total investment return (4)		2.38	%(5)		3.77	%		(0.12	)%		1.65	%		4.63	%(5)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	258		$	247		$	207		$	218		$	211
Ratio of total expenses (before reductions and reimbursements) to average net assets		3.29	%(6)		3.57	%		3.72	%		3.52	%		5.60	%(6)
Ratio of net expenses to average net assets (7)		0.80	%(6)		0.79	%(8)(9)		0.80	%(8)		0.80	%(8)		0.80	%(6)(8)
Ratio of net investment income to average net assets		3.39	%(6)		3.11	%		2.70	%		2.49	%		2.52	%(6)
Portfolio turnover rate		31.32	%(5)		192.64	%		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 0.80% 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.

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

See accompanying Notes to the Financial Statements.

64

Barings Diversified Income Fund 2019 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS C
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2019 (1)			FOR THE YEAR ENDED JUNE 30, 2019			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	$	9.82		$	9.77		$	10.08		$	10.18		$	10.00
Income from investment operations:
Net investment income (3)		0.13			0.24			0.19			0.17			0.17
Net realized and unrealized gain (loss) on investments		0.06			0.05			(0.27	)		(0.08	)		0.21
Total increase (decrease) from investment operations		0.19			0.29			(0.08	)		0.09			0.38
Less dividends and distributions:
From net investment income		(0.13	)		(0.24	)		(0.22	)		(0.19	)		(0.18	)
From net realized gain		–			–			–			–			(0.02	)
From return of capital		–			–			(0.01	)		–			–
Total dividends and distributions		(0.13	)		(0.24	)		(0.23	)		(0.19	)		(0.20	)
Net asset value, at end of period	$	9.88		$	9.82		$	9.77		$	10.08		$	10.18
Total investment return (4)		2.01	%(5)		2.99	%		(0.87	)%		0.89	%		3.87	%(5)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	198		$	197		$	196		$	202		$	204
Ratio of total expenses (before reductions and reimbursements) to average net assets		4.55	%(6)		4.75	%		4.60	%		4.41	%		6.38	%(6)
Ratio of net expenses to average net assets (7)		1.55	%(6)		1.54	%(8)(9)		1.55	%(8)		1.55	%(8)		1.55	%(6)(8)
Ratio of net investment income to average net assets		2.65	%(6)		2.45	%		1.95	%		1.74	%		1.77	%(6)
Portfolio turnover rate		31.32	%(5)		192.64	%		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.

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

See accompanying Notes to the Financial Statements.

65

Barings Diversified Income Fund 2019 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS I
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2019 (1)			FOR THE YEAR ENDED JUNE 30, 2019			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	$	9.82		$	9.77		$	10.08		$	10.18		$	10.00
Income from investment operations:
Net investment income (3)		0.18			0.33			0.29			0.28			0.27
Net realized and unrealized gain (loss) on investments		0.06			0.05			(0.27	)		(0.09	)		0.20
Total increase from investment operations		0.24			0.38			0.02			0.19			0.47
Less dividends and distributions:
From net investment income		(0.18	)		(0.33	)		(0.32	)		(0.29	)		(0.27	)
From net realized gain		–			–			–			–			(0.02	)
From return of capital		–			–			(0.01	)		–			–
Total dividends and distributions		(0.18	)		(0.33	)		(0.33	)		(0.29	)		(0.29	)
Net asset value, at end of period	$	9.88		$	9.82		$	9.77		$	10.08		$	10.18
Total investment return (4)		2.52	%(5)		4.01	%		0.13	%		1.90	%		4.89	%(5)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	12,213		$	12,130		$	12,070		$	12,457		$	12,582
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.03	%(6)		1.29	%		1.30	%		1.36	%		1.37	%(6)
Ratio of net expenses to average net assets (7)		0.55	%(6)		0.55	%(8)(9)		0.55	%(8)		0.55	%(8)		0.55	%(6)(8)
Ratio of net investment income to average net assets		3.65	%(6)		3.44	%		2.94	%		2.74	%		2.77	%(6)
Portfolio turnover rate		31.32	%(5)		192.64	%		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 0.55% 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.

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

See accompanying Notes to the Financial Statements.

66

Barings Diversified Income Fund 2019 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS Y
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2019 (1)			FOR THE YEAR ENDED JUNE 30, 2019			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	$	9.82		$	9.77		$	10.08		$	10.18		$	10.00
Income from investment operations:
Net investment income (3)		0.18			0.33			0.29			0.27			0.27
Net realized and unrealized gain (loss) on investments		0.07			0.05			(0.27	)		(0.08	)		0.20
Total increase from investment operations		0.25			0.38			0.02			0.19			0.47
Less dividends and distributions:
From net investment income		(0.18	)		(0.33	)		(0.32	)		(0.29	)		(0.27	)
From net realized gain		–			–			–			–			(0.02	)
From return of capital		–			–			(0.01	)		–			–
Total dividends and distributions		(0.18	)		(0.33	)		(0.33	)		(0.29	)		(0.29	)
Net asset value, at end of period	$	9.89		$	9.82		$	9.77		$	10.08		$	10.18
Total investment return (4)		2.52	%(5)		4.01	%		0.13	%		1.90	%		4.89	%(5)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	33,775		$	29,925		$	16,414		$	17,478		$	13,011
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.03	%(6)		1.30	%		1.33	%		1.36	%		1.36	%(6)
Ratio of net expenses to average net assets (7)		0.55	%(6)		0.55	%(8)(9)		0.55	%(8)		0.55	%(8)		0.55	%(6)(8)
Ratio of net investment income to average net assets		3.64	%(6)		3.42	%		2.95	%		2.72	%		2.77	%(6)
Portfolio turnover rate		31.32	%(5)		192.64	%		172.39	%		242.55	%		434.37	%(6)

(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 0.55% 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.

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

See accompanying Notes to the Financial Statements.

67

Barings Emerging Markets Debt Blended Total Return Fund 2019 Semi-Annual Report

FINANCIAL HIGHLIGHTS

	CLASS A
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2019 (1)			FOR THE YEAR ENDED JUNE 30, 2019			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	$	10.06		$	9.51		$	10.55		$	9.90		$	10.00
Income from investment operations:
Net investment income (3)		0.36			0.55			0.45			0.42			0.43
Net realized and unrealized gain (loss) on investments		0.14			0.60			(0.64	)		0.73			(0.19	)
Total increase (decrease) from investment operations		0.50			1.15			(0.19	)		1.15			0.24
Less dividends and distributions:
From net investment income		(0.31	)		(0.55	)		(0.55	)		(0.50	)		(0.34	)
From net realized gain		–			–			(0.30	)		–			(0.00	)(4)
From return of capital		–			(0.05	)		–			–			–
Total dividends and distributions		(0.31	)		(0.60	)		(0.85	)		(0.50	)		(0.34	)
Net asset value, at end of period	$	10.25		$	10.06		$	9.51		$	10.55		$	9.90
Total investment return (5)		5.07	%(6)		12.59	%		(2.21	)%		11.94	%		2.62	%(6)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	1,119		$	405		$	566		$	211		$	198
Ratio of total expenses (before reductions and reimbursements) to average net assets		2.37	%(7)		3.19	%		3.63	%		5.77	%		6.82	%(7)
Ratio of net expenses to average net assets (8)		1.20	%(7)		1.02	%(9)		1.11	%(9)		1.15	%(9)		1.16	%(7)
Ratio of net investment income to average net assets		7.28	%(7)		5.74	%		4.33	%		4.17	%		6.52	%(7)
Portfolio turnover rate		49.53	%(6)		89.98	%		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) 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.

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

See accompanying Notes to the Financial Statements.

68

Barings Emerging Markets Debt Blended Total Return Fund 2019 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS C
	FOR THE SIX MONTHS ENDED DECEMBER  31, 2019 (1)			FOR THE YEAR ENDED JUNE 30, 2019			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	$	10.06		$	9.51		$	10.55		$	9.90		$	10.00
Income from investment operations:
Net investment income (3)		0.33			0.49			0.48			0.35			0.38
Net realized and unrealized gain (loss) on investments		0.14			0.59			(0.74	)		0.73			(0.19	)
Total increase (decrease) from investment operations		0.47			1.08			(0.26	)		1.08			0.19
Less dividends and distributions:
From net investment income		(0.28	)		(0.48	)		(0.48	)		(0.43	)		(0.29	)
From net realized gain		–			–			(0.30	)		–			(0.00	)(4)
From return of capital		–			(0.05	)		–			–			–
Total dividends and distributions		(0.28	)		(0.53	)		(0.78	)		(0.43	)		(0.29	)
Net asset value, at end of period	$	10.25		$	10.06		$	9.51		$	10.55		$	9.90
Total investment return (5)		4.72	%(6)		11.78	%		(2.90	)%		11.11	%		2.10	%(6)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	288		$	261		$	277		$	222		$	198
Ratio of total expenses (before reductions and reimbursements) to average net assets		4.86	%(7)		5.02	%		5.85	%		6.47	%		7.57	%(7)
Ratio of net expenses to average net assets (8)		1.95	%(7)		1.71	%(9)		1.85	%(9)		1.89	%(9)		1.90	%(7)
Ratio of net investment income to average net assets		6.50	%(7)		5.14	%		4.63	%		3.44	%		5.79	%(7)
Portfolio turnover rate		49.53	%(6)		89.98	%		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) 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.

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

See accompanying Notes to the Financial Statements.

69

Barings Emerging Markets Debt Blended Total Return Fund 2019 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS I
	FOR THE SIX MONTHS ENDED DECEMBER  31, 2019 (1)			FOR THE YEAR ENDED JUNE 30, 2019			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	$	10.06		$	9.51		$	10.55		$	9.90		$	10.00
Income from investment operations:
Net investment income (3)		0.37			0.59			0.54			0.45			0.45
Net realized and unrealized gain (loss) on investments		0.14			0.58			(0.70	)		0.73			(0.19	)
Total increase (decrease) from investment operations		0.51			1.17			(0.16	)		1.18			0.26
Less dividends and distributions:
From net investment income		(0.32	)		(0.57	)		(0.58	)		(0.53	)		(0.36	)
From net realized gain		–			–			(0.30	)		–			(0.00	)(4)
From return of capital		–			(0.05	)		–			–			–
Total dividends and distributions		(0.32	)		(0.62	)		(0.88	)		(0.53	)		(0.36	)
Net asset value, at end of period	$	10.25		$	10.06		$	9.51		$	10.55		$	9.90
Total investment return (5)		5.19	%(6)		12.86	%		(1.94	)%		12.22	%		2.79	%(6)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	24,411		$	23,964		$	22,650		$	5,063		$	4,753
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.31	%(7)		1.44	%		1.94	%		2.76	%		2.58	%(7)
Ratio of net expenses to average net assets (8)		0.95	%(7)		0.73	%(9)		0.80	%(9)		0.90	%(9)		0.92	%(7)
Ratio of net investment income to average net assets		7.40	%(7)		6.18	%		5.31	%		4.42	%		6.77	%(7)
Portfolio turnover rate		49.53	%(6)		89.98	%		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) 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 0.95% 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.

70

Barings Emerging Markets Debt Blended Total Return Fund 2019 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS Y
	FOR THE SIX MONTHS ENDED DECEMBER  31, 2019 (1)			FOR THE YEAR ENDED JUNE 30, 2019			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	$	10.06		$	9.51		$	10.55		$	9.90		$	10.00
Income from investment operations:
Net investment income (3)		0.37			0.59			0.55			0.45			0.45
Net realized and unrealized gain (loss) on investments		0.14			0.58			(0.71	)		0.73			(0.19	)
Total increase (decrease) from investment operations		0.51			1.17			(0.16	)		1.18			0.26
Less dividends and distributions:
From net investment income		(0.32	)		(0.57	)		(0.58	)		(0.53	)		(0.36	)
From net realized gain		–			–			(0.30	)		–			(0.00	)(4)
From return of capital		–			(0.05	)		–			–			–
Total dividends and distributions		(0.32	)		(0.62	)		(0.88	)		(0.53	)		(0.36	)
Net asset value, at end of period	$	10.25		$	10.06		$	9.51		$	10.55		$	9.90
Total investment return (5)		5.19	%(6)		12.86	%		(1.94	)%		12.22	%		2.79	%(6)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	32,632		$	25,805		$	23,122		$	5,340		$	4,754
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.31	%(7)		1.44	%		1.95	%		2.77	%		2.58	%(7)
Ratio of net expenses to average net assets (8)		0.95	%(7)		0.72	%(9)		0.80	%(9)		0.90	%(9)		0.92	%(7)
Ratio of net investment income to average net assets		7.41	%(7)		6.19	%		5.38	%		4.43	%		6.77	%(7)
Portfolio turnover rate		49.53	%(6)		89.98	%		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) 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 0.95% 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.

71

Barings Global Emerging Markets Equity Fund 2019 Semi-Annual Report

FINANCIAL HIGHLIGHTS

	CLASS A
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2019 (1)			PERIOD FROM SEPTEMBER 17, 2018 THROUGH JUNE 30, 2019 (2)
Per Common Share Data
Net asset value, beginning of period	$	11.10		$	10.00
Income from investment operations:
Net investment income (3)		0.11			0.06
Net realized and unrealized gain on investments		0.75			1.04
Total increase from investment operations		0.86			1.10
Less dividends and distributions:
From net investment income		(0.21	)		–
From net realized gain		(0.11	)		–
Total dividends and distributions		(0.32	)		–
Net asset value, at end of period	$	11.64		$	11.10
Total investment return (4)		7.82	%(5)		11.04	%(5)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	116		$	111
Ratio of total expenses (before reductions and reimbursements) to average net assets		5.68	%(6)		7.43	%(6)
Ratio of net expenses to average net assets (7)(8)		1.45	%(6)		1.45	%(6)
Ratio of net investment income to average net assets		2.00	%(6)		0.73	%(6)
Portfolio turnover rate		8.86	%(5)		7.48	%(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.

(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.

72

Barings Global Emerging Markets Equity Fund 2019 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS C
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2019 (1)			PERIOD FROM SEPTEMBER 17, 2018 THROUGH JUNE 30, 2019 (2)
Per Common Share Data
Net asset value, beginning of period	$	11.04		$	10.00
Income from investment operations:
Net investment income (3)		0.07			0.00	(4)
Net realized and unrealized gain on investments		0.74			1.04
Total increase from investment operations		0.81			1.04
Less dividends and distributions:
From net investment income		(0.11	)		–
From net realized gain		(0.11	)		–
Total dividends and distributions		(0.22	)		–
Net asset value, at end of period	$	11.63		$	11.04
Total investment return (5)		7.41	%(6)		10.39	%(6)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	116		$	110
Ratio of total expenses (before reductions and reimbursements) to average net assets		6.44	%(7)		8.19	%(7)
Ratio of net expenses to average net assets (8)(9)		2.20	%(7)		2.20	%(7)
Ratio of net investment income (loss) to average net assets		1.25	%(7)		(0.03	)%(7)
Portfolio turnover rate		8.86	%(6)		7.48	%(6)

(1) Unaudited.

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

(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 2.20% as a percentage of average daily net assets.

(9) 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.

73

Barings Global Emerging Markets Equity Fund 2019 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS I
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2019 (1)			PERIOD FROM SEPTEMBER 17, 2018 THROUGH JUNE 30, 2019 (2)
Per Common Share Data
Net asset value, beginning of period	$	11.13		$	10.00
Income from investment operations:
Net investment income (3)		0.12			0.08
Net realized and unrealized gain on investments		0.74			1.05
Total increase from investment operations		0.86			1.13
Less dividends and distributions:
From net investment income		(0.24	)		–
From net realized gain		(0.11	)		–
Total dividends and distributions		(0.35	)		–
Net asset value, at end of period	$	11.64		$	11.13
Total investment return (4)		7.95	%(5)		11.26	%(5)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	5,705		$	5,452
Ratio of total expenses (before reductions and reimbursements) to average net assets		2.29	%(6)		2.94	%(6)
Ratio of net expenses to average net assets (7)(8)		1.20	%(6)		1.20	%(6)
Ratio of net investment income to average net assets		2.25	%(6)		0.98	%(6)
Portfolio turnover rate		8.86	%(5)		7.48	%(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.

(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.

74

Barings Global Emerging Markets Equity Fund 2019 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS Y
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2019 (1)			PERIOD FROM SEPTEMBER 17, 2018 THROUGH JUNE 30, 2019 (2)
Per Common Share Data
Net asset value, beginning of period	$	11.13		$	10.00
Income from investment operations:
Net investment income (3)		0.12			0.08
Net realized and unrealized gain on investments		0.74			1.05
Total increase from investment operations		0.86			1.13
Less dividends and distributions:
From net investment income		(0.24	)		–
From net realized gain		(0.11	)		–
Total dividends and distributions		(0.35	)		–
Net asset value, at end of period	$	11.64		$	11.13
Total investment return (4)		7.95	%(5)		11.26	%(5)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	5,705		$	5,452
Ratio of total expenses (before reductions and reimbursements) to average net assets		2.29	%(6)		2.94	%(6)
Ratio of net expenses to average net assets (7)(8)		1.20	%(6)		1.20	%(6)
Ratio of net investment income to average net assets		2.25	%(6)		0.98	%(6)
Portfolio turnover rate		8.86	%(5)		7.48	%(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.

(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.

75

Barings Global High Yield Fund 2019 Semi-Annual Report

FINANCIAL HIGHLIGHTS

	CLASS A
	FOR THE SIX MONTHS ENDED DECEMBER  31, 2019 (1)			FOR THE YEAR ENDED JUNE 30, 2019			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	$	9.51		$	9.78		$	10.44		$	10.05		$	10.00
Income from investment operations:
Net investment income (3)		0.26			0.58			0.60			0.64			0.38
Net realized and unrealized gain (loss) on investments		0.21			(0.05	)		(0.41	)		0.77			0.05
Total increase from investment operations		0.47			0.53			0.19			1.41			0.43
Less dividends and distributions:
From net investment income		(0.26	)		(0.59	)		(0.60	)		(0.64	)		(0.38	)
From net realized gain		–			(0.21	)		(0.25	)		(0.38	)		–
Total dividends and distributions		(0.26	)		(0.80	)		(0.85	)		(1.02	)		(0.38	)
Net asset value, at end of period	$	9.72		$	9.51		$	9.78		$	10.44		$	10.05
Total investment return (4)		4.91	%(5)		5.79	%		1.79	%		14.61	%		4.45	%(5)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	347		$	2,302		$	106		$	111		$	101
Ratio of total expenses (before reductions and reimbursements) to average net assets		2.33	%(6)		4.15	%		6.55	%		6.27	%		7.14	%(6)
Ratio of net expenses to average net assets (7)		1.05	%(6)		1.05	%		1.05	%		1.05	%		1.04	%(6)
Ratio of net investment income to average net assets		5.48	%(6)		6.08	%		5.89	%		6.20	%		5.83	%(6)
Portfolio turnover rate		43.19	%(5)		67.53	%		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.

76

Barings Global High Yield Fund 2019 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS C
	FOR THE SIX MONTHS ENDED DECEMBER  31, 2019 (1)			FOR THE YEAR ENDED JUNE 30, 2019			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	$	9.52		$	9.78		$	10.44		$	10.05		$	10.00
Income from investment operations:
Net investment income (3)		0.22			0.52			0.52			0.56			0.33
Net realized and unrealized gain (loss) on investments		0.21			(0.05	)		(0.41	)		0.77			0.05
Total increase from investment operations		0.43			0.47			0.11			1.33			0.38
Less dividends and distributions:
From net investment income		(0.22	)		(0.52	)		(0.52	)		(0.56	)		(0.33	)
From net realized gain		–			(0.21	)		(0.25	)		(0.38	)		–
Total dividends and distributions		(0.22	)		(0.73	)		(0.77	)		(0.94	)		(0.33	)
Net asset value, at end of period	$	9.73		$	9.52		$	9.78		$	10.44		$	10.05
Total investment return (4)		4.51	%(5)		5.13	%		1.04	%		13.75	%		3.94	%(5)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	272		$	242		$	197		$	247		$	101
Ratio of total expenses (before reductions and reimbursements) to average net assets		4.76	%(6)		5.32	%		4.80	%		4.94	%		7.89	%(6)
Ratio of net expenses to average net assets (7)		1.80	%(6)		1.80	%		1.80	%		1.80	%		1.78	%(6)
Ratio of net investment income to average net assets		4.60	%(6)		5.40	%		5.14	%		5.40	%		5.09	%(6)
Portfolio turnover rate		43.19	%(5)		67.53	%		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.

77

Barings Global High Yield Fund 2019 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS I
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2019 (1)			FOR THE YEAR ENDED JUNE 30, 2019			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	$	9.52		$	9.78		$	10.44		$	10.05		$	10.00
Income from investment operations:
Net investment income (3)		0.27			0.61			0.63			0.67			0.39
Net realized and unrealized gain (loss) on investments		0.20			(0.05	)		(0.41	)		0.77			0.05
Total increase from investment operations		0.47			0.56			0.22			1.44			0.44
Less dividends and distributions:
From net investment income		(0.27	)		(0.61	)		(0.63	)		(0.67	)		(0.39	)
From net realized gain		–			(0.21	)		(0.25	)		(0.38	)		–
Total dividends and distributions		(0.27	)		(0.82	)		(0.88	)		(1.05	)		(0.39	)
Net asset value, at end of period	$	9.72		$	9.52		$	9.78		$	10.44		$	10.05
Total investment return (4)		5.04	%(5)		6.13	%		2.05	%		14.90	%		4.62	%(5)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	12,056		$	11,803		$	12,130		$	12,947		$	12,466
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.49	%(6)		1.58	%		1.53	%		1.53	%		1.51	%(6)
Ratio of net expenses to average net assets (7)		0.80	%(6)		0.80	%		0.80	%		0.80	%		0.79	%(6)
Ratio of net investment income to average net assets		5.61	%(6)		6.41	%		6.14	%		6.46	%		6.08	%(6)
Portfolio turnover rate		43.19	%(5)		67.53	%		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 0.80% as a percentage of average daily net assets.

See accompanying Notes to the Financial Statements.

78

Barings Global High Yield Fund 2019 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS Y
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2019 (1)			FOR THE YEAR ENDED JUNE 30, 2019			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	$	9.52		$	9.78		$	10.44		$	10.05		$	10.00
Income from investment operations:
Net investment income (3)		0.27			0.61			0.63			0.67			0.39
Net realized and unrealized gain (loss) on investments		0.20			(0.05	)		(0.41	)		0.77			0.05
Total increase from investment operations		0.47			0.56			0.22			1.44			0.44
Less dividends and distributions:
From net investment income		(0.27	)		(0.61	)		(0.63	)		(0.67	)		(0.39	)
From net realized gain		–			(0.21	)		(0.25	)		(0.38	)		–
Total dividends and distributions		(0.27	)		(0.82	)		(0.88	)		(1.05	)		(0.39	)
Net asset value, at end of period	$	9.72		$	9.52		$	9.78		$	10.44		$	10.05
Total investment return (4)		5.04	%(5)		6.12	%		2.05	%		14.90	%		4.62	%(5)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	12,283		$	12,966		$	12,393		$	14,535		$	12,604
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.49	%(6)		1.58	%		1.53	%		1.53	%		1.51	%(6)
Ratio of net expenses to average net assets (7)		0.80	%(6)		0.80	%		0.80	%		0.80	%		0.79	%(6)
Ratio of net investment income to average net assets		5.61	%(6)		6.41	%		6.14	%		6.45	%		6.08	%(6)
Portfolio turnover rate		43.19	%(5)		67.53	%		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 0.80% as a percentage of average daily net assets.

See accompanying Notes to the Financial Statements.

79

Barings U.S. High Yield Fund 2019 Semi-Annual Report

FINANCIAL HIGHLIGHTS

	CLASS A
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2019 (1)			FOR THE YEAR ENDED JUNE 30, 2019			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	$	9.79		$	9.82		$	10.59		$	10.14		$	10.00
Income from investment operations:
Net investment income (3)		0.28			0.58			0.61			0.65			0.39
Net realized and unrealized gain (loss) on investments		0.08			(0.02	)		(0.47	)		0.65			0.13
Total increase from investment operations		0.36			0.56			0.14			1.30			0.52
Less dividends and distributions:
From net investment income		(0.27	)		(0.59	)		(0.61	)		(0.66	)		(0.38	)
From net realized gain		–			–			(0.30	)		(0.19	)		–
Total dividends and distributions		(0.27	)		(0.59	)		(0.91	)		(0.85	)		(0.38	)
Net asset value, at end of period	$	9.88		$	9.79		$	9.82		$	10.59		$	10.14
Total investment return (4)		3.80	%(5)		5.84	%		1.32	%		13.13	%		5.36	%(5)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	2,648		$	3,840		$	2,918		$	2,633		$	206
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.51	%(6)		1.64	%		1.71	%		1.82	%		5.47	%(6)
Ratio of net expenses to average net assets (7)		1.00	%(6)		1.00	%		1.00	%		1.00	%		0.99	%(6)
Ratio of net investment income to average net assets		5.59	%(6)		5.99	%		5.92	%		6.21	%		5.93	%(6)
Portfolio turnover rate		28.88	%(5)		55.98	%		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.

80

Barings U.S. High Yield Fund 2019 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS C
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2019 (1)			FOR THE YEAR ENDED JUNE 30, 2019			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	$	9.79		$	9.82		$	10.59		$	10.14		$	10.00
Income from investment operations:
Net investment income (3)		0.24			0.51			0.53			0.58			0.33
Net realized and unrealized gain (loss) on investments		0.09			(0.03	)		(0.47	)		0.64			0.14
Total increase from investment operations		0.33			0.48			0.06			1.22			0.47
Less dividends and distributions:
From net investment income		(0.24	)		(0.51	)		(0.53	)		(0.58	)		(0.33	)
From net realized gain		–			–			(0.30	)		(0.19	)		–
Total dividends and distributions		(0.24	)		(0.51	)		(0.83	)		(0.77	)		(0.33	)
Net asset value, at end of period	$	9.88		$	9.79		$	9.82		$	10.59		$	10.14
Total investment return (4)		3.38	%(5)		5.03	%		0.61	%		12.24	%		4.85	%(5)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	99		$	98		$	98		$	118		$	101
Ratio of total expenses (before reductions and reimbursements) to average net assets		7.22	%(6)		7.14	%		6.43	%		6.18	%		7.30	%(6)
Ratio of net expenses to average net assets (7)		1.75	%(6)		1.75	%		1.75	%		1.75	%		1.73	%(6)
Ratio of net investment income to average net assets		4.82	%(6)		5.27	%		5.17	%		5.50	%		5.08	%(6)
Portfolio turnover rate		28.88	%(5)		55.98	%		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.

81

Barings U.S. High Yield Fund 2019 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS I
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2019 (1)			FOR THE YEAR ENDED JUNE 30, 2019			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	$	9.79		$	9.82		$	10.59		$	10.14		$	10.00
Income from investment operations:
Net investment income (3)		0.29			0.61			0.63			0.68			0.40
Net realized and unrealized gain (loss) on investments		0.09			(0.03	)		(0.47	)		0.64			0.13
Total increase from investment operations		0.38			0.58			0.16			1.32			0.53
Less dividends and distributions:
From net investment income		(0.29	)		(0.61	)		(0.63	)		(0.68	)		(0.39	)
From net realized gain		–			–			(0.30	)		(0.19	)		–
Total dividends and distributions		(0.29	)		(0.61	)		(0.93	)		(0.87	)		(0.39	)
Net asset value, at end of period	$	9.88		$	9.79		$	9.82		$	10.59		$	10.14
Total investment return (4)		3.90	%(5)		6.07	%		1.61	%		13.36	%		5.53	%(5)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	12,248		$	12,135		$	14,816		$	15,720		$	14,863
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.09	%(6)		1.11	%		1.28	%		1.36	%		1.38	%(6)
Ratio of net expenses to average net assets (7)		0.75	%(6)		0.75	%		0.75	%		0.75	%		0.74	%(6)
Ratio of net investment income to average net assets		5.82	%(6)		6.28	%		6.16	%		6.50	%		6.11	%(6)
Portfolio turnover rate		28.88	%(5)		55.98	%		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 0.75% as a percentage of average daily net assets.

See accompanying Notes to the Financial Statements.

82

Barings U.S. High Yield Fund 2019 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS Y
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2019 (1)			FOR THE YEAR ENDED JUNE 30, 2019			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	$	9.79		$	9.82		$	10.58		$	10.14		$	10.00
Income from investment operations:
Net investment income (3)		0.29			0.61			0.62			0.68			0.39
Net realized and unrealized gain (loss) on investments		0.09			(0.03	)		(0.45	)		0.63			0.14
Total increase from investment operations		0.38			0.58			0.17			1.31			0.53
Less dividends and distributions:
From net investment income		(0.29	)		(0.61	)		(0.63	)		(0.68	)		(0.39	)
From net realized gain		–			–			(0.30	)		(0.19	)		–
Total dividends and distributions		(0.29	)		(0.61	)		(0.93	)		(0.87	)		(0.39	)
Net asset value, at end of period	$	9.88		$	9.79		$	9.82		$	10.58		$	10.14
Total investment return (4)		3.90	%(5)		6.09	%		1.61	%		13.35	%		5.52	%(5)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	36,191		$	34,695		$	39,176		$	14,631		$	12,675
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.07	%(6)		1.09	%		1.25	%		1.36	%		1.42	%(6)
Ratio of net expenses to average net assets (7)		0.75	%(6)		0.75	%		0.75	%		0.75	%		0.74	%(6)
Ratio of net investment income to average net assets		5.82	%(6)		6.27	%		6.09	%		6.50	%		6.06	%(6)
Portfolio turnover rate		28.88	%(5)		55.98	%		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 0.75% as a percentage of average daily net assets.

See accompanying Notes to the Financial Statements.

83

Barings Global Floating Rate Fund 2019 Semi-Annual Report

SCHEDULE OF INVESTMENTS

December 31, 2019 (Unaudited)

				SHARES		COST		FAIR VALUE
Equities — 0.5%*:
Common Stocks — 0.5%*:
Beverage, Food and Tobacco — 0.2%*:
CTI Foods Holding Co. LLC(a)					4,657		$495,155		$553,764
Healthcare, Education and Childcare — 0.0%*:
Tunstall Group Holdings Ltd.(a),(b)					310		–		–
Tunstall Group Holdings Ltd.(a),(b)					469		–		–
Total Healthcare, Education and Childcare					779		–		–
Mining, Steel, Iron and Non-Precious Metals — 0.1%*:
Boomerang Tube LLC(a)					1,769		171,860		119,478
Oil and Gas — 0.2%*:
Fieldwood Energy LLC					26,365		568,599		478,973
Fieldwood Energy LLC					6,469		226,415		117,523
Sabine Oil & Gas LLC					394		22,597		22,458
Southcross Energy Holdings LP					22		–		–
Southcross Energy Partners LP(a)					22		5,500		8,184
Templar Energy LLC(a)					6,069		60,686		–
Templar Energy LLC(a)					8,762		50,647		–
Total Oil and Gas					48,103		934,444		627,138
Total Common Stocks					55,308		1,601,459		1,300,380
	EFFECTIVE INTEREST RATE			SHARES		COST		FAIR VALUE
Preferred Stock — 0.0%*:
Farming and Agriculture — 0.0%*:
Pinnacle Agriculture Holdings A 2(a)		1.91	%		259,648		173,408		–
				SHARES		COST		FAIR VALUE
Warrants — 0.0%*:
Diversified/Conglomerate Manufacturing — 0.0%*:
Appvion Holdings Corp. (exp. June 13, 2023)(a)					449		–		56
Appvion Holdings Corp. (exp. June 13, 2023)(a)					449		–		112
Total Diversified/Conglomerate Manufacturing					898		–		168
Oil and Gas — 0.0%*:
Sabine Oil & Gas LLC Warrants					258		595		2,612
Sabine Oil & Gas LLC Warrants					1,320		5,523		17,266
Total Oil and Gas					1,578		6,118		19,878
Total Warrants					2,476		6,118		20,046
Total Equities					317,432		1,780,985		1,320,426

See accompanying Notes to the Financial Statements.

84

Barings Global Floating Rate Fund 2019 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Fixed Income — 91.6%*:
Bank Loans — 83.9%*(c):
Aerospace and Defense — 0.2%*:
TransDigm, Inc., 1M LIBOR + 2.500%		4.30	%		5/30/2025		494,962		$483,970		$496,031
Automobile — 2.2%*:
BCA Marketplace plc, 3M GBP LIBOR + 4.750%(b)		5.54			11/13/2026		500,000		621,806		664,373
Belron Finance US LLC, 3M LIBOR + 2.500%(b)		4.44			11/7/2026		196,998		196,516		197,615
Belron Finance US LLC, 3M LIBOR + 2.500%(b)		4.15			11/13/2025		288,153		287,545		289,234
DexKo Global, Inc., 2M LIBOR + 3.500%		5.30			7/24/2024		304,989		306,797		304,607
Garrett LX III S.a r.l., 3M EURIBOR + 2.750%(b)		2.75			9/27/2025		818,667		892,306		919,446
NN, Inc., 1M LIBOR + 3.750%		7.05			10/19/2022		1,322,162		1,324,350		1,284,705
Panther BF Aggregator 2 LP, 1M LIBOR + 3.500%		5.30			4/30/2026		1,145,278		1,136,854		1,147,431
US Farathane LLC, 3M LIBOR + 3.500%		5.30			12/23/2021		1,148,834		1,152,331		1,033,951
Total Automobile							5,725,081		5,918,505		5,841,362
Beverage, Food and Tobacco — 1.5%*:
Amphora Finance Ltd., 3M LIBOR + 4.750%(b)		5.45			5/29/2025		500,000		661,509		654,849
CTI Foods Holding Co, LLC, 3M LIBOR + 9.000%		10.91			5/3/2024		196,664		196,664		184,864
CTI Foods Holding Co, LLC, 3M LIBOR + 7.000%(a)		8.91			5/3/2024		309,250		303,887		309,250
Deoleo, S.A., EURIBOR + 3.500%(b)		4.50			6/11/2021		500,000		598,197		266,404
IRB Holding Corp., 1M LIBOR + 3.250%		5.22			2/5/2025		2,569,467		2,573,156		2,583,033
Sunshine Investments B.V., 3M LIBOR + 3.250%(b)		5.16			3/28/2025		157,451		156,860		157,551
Total Beverage, Food and Tobacco							4,232,832		4,490,273		4,155,951
Broadcasting and Entertainment — 6.2%*:
AP NMT Acquisition B.V., 3M LIBOR + 9.000%(b)		11.09			8/13/2022		2,182,721		2,171,920		2,192,717
AP NMT Acquisition B.V., 3M LIBOR + 5.750%(b)		7.84			8/13/2021		2,051,364		2,029,529		2,055,344
AP NMT Acquisition B.V., EURIBOR + 6.000%(b)		7.00			8/13/2021		515,898		632,066		578,324
AVSC Holding Corp., 3M LIBOR + 4.500%		6.49			9/27/2026		514,266		504,212		512,980
Charter Communications Operating LLC, 1M LIBOR + 1.750%		3.55			2/1/2027		1,979,886		1,982,027		1,991,033
Clear Channel Outdoor Holdings, Inc., 1M LIBOR + 3.500%		5.30			8/21/2026		1,496,250		1,489,136		1,503,193
CSC Holdings, LLC, 3M LIBOR + 2.500%		4.24			4/15/2027		1,229,240		1,229,239		1,233,333
CSC Holdings, LLC, 1M LIBOR + 2.250%		3.99			7/17/2025		1,168,465		1,154,842		1,169,119
iHeartCommunications, Inc., LIBOR + 4.000%		5.69			5/1/2026		2,208,946		2,220,420		2,224,585
Imagina Media Audiovisual, S.L., EURIBOR + 4.500%(b)		4.50			5/30/2025		500,000		570,433		555,006
Imagina Media Audiovisual, S.L., EURIBOR + 7.500%(b)		7.50			6/26/2025		500,000		544,994		551,035
Intelsat Jackson Holdings S.A., 1M LIBOR + 3.750%		5.68			11/27/2023		1,000,000		994,126		1,000,890

See accompanying Notes to the Financial Statements.

85

Barings Global Floating Rate Fund 2019 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Broadcasting and Entertainment (Continued)
Technicolor S.A., EURIBOR + 3.000%(b)		3.00	%		12/6/2023		500,000		$538,898		$483,498
Terrier Media Buyer, Inc., 3M LIBOR + 4.250%		6.15			12/17/2026		715,850		712,278		722,565
Total Broadcasting and Entertainment							16,562,886		16,774,120		16,773,622
Buildings and Real Estate — 2.9%*:
Core & Main L.P., 6M LIBOR + 3.000%		4.53			8/1/2024		1,968,728		1,974,649		1,967,901
GYP Holdings III Corp., 1M LIBOR + 2.750%		4.55			6/1/2025		2,347,706		2,342,198		2,349,913
Quikrete Holdings, Inc., 1M LIBOR + 2.750%		4.55			11/15/2023		1,000,000		1,000,802		1,003,390
SRS Distribution, Inc., 3M LIBOR + 3.250%		5.05			5/23/2025		2,422,728		2,409,916		2,400,923
Total Buildings and Real Estate							7,739,162		7,727,565		7,722,127
Cargo Transport — 1.7%*:
American Airlines, Inc., 1M LIBOR + 2.000%		3.80			4/28/2023		1,989,796		1,978,504		1,993,636
Genesee & Wyoming, Inc., 1M LIBOR + 2.000%		3.91			10/31/2026		543,593		540,876		548,252
Kenan Advantage Group, Inc., 1M LIBOR + 3.000%		4.80			7/31/2022		1,919,872		1,922,242		1,901,883
Total Cargo Transport							4,453,261		4,441,622		4,443,771
Chemicals, Plastics and Rubber — 6.7%*:
Allnex (Luxembourg) & Cy S.C.A., 3M LIBOR + 3.250%		5.16			9/13/2023		359,768		358,812		355,498
Allnex (Luxembourg) & Cy S.C.A., EURIBOR + 3.250%(b)		3.25			9/13/2023		677,215		767,444		748,997
Allnex USA, Inc., 3M LIBOR + 3.250%		5.16			9/13/2023		271,045		270,325		267,828
Archroma Finance Sarl, EURIBOR + 3.750%(b)		3.75			8/11/2024		1,000,000		1,153,604		1,110,483
Associated Asphalt Partners LLC, 1M LIBOR + 5.250%		7.05			4/5/2024		288,115		287,236		254,501
Colouroz Investment 1 GmbH, EURIBOR + 3.000%(b)		3.75			9/7/2021		324,534		384,671		322,817
Consolidated Energy Finance, S.A., 1M LIBOR + 2.500%		4.55			5/7/2025		2,482,393		2,415,667		2,432,745
Diamond (BC) B.V., EURIBOR + 3.2500%		3.25			9/6/2024		982,462		1,147,408		1,076,251
Flint Group GmbH, 3M LIBOR + 3.000%(b)		4.94			9/7/2021		524,036		509,340		451,887
Flint Group GmbH, EURIBOR + 3.000%(b)		3.75			9/7/2021		753,824		867,518		749,838
Flint Group US LLC, 3M LIBOR + 3.000%(b)		4.94			9/7/2021		3,044,326		2,959,472		2,625,183
GrafTech Finance, Inc., 1M LIBOR + 3.500%		5.30			2/12/2025		2,473,885		2,453,549		2,464,608
INEOS Enterprises Holdings US Finco LLC, 3M LIBOR + 4.000%		5.91			7/31/2026		498,750		493,986		499,787
Ineos Finance PLC, EURIBOR + 2.000%(b)		2.50			3/31/2024		1,477,393		1,704,698		1,655,618
Novacap S.A., EURIBOR + 3.500%(b)		3.50			6/22/2023		1,000,000		1,136,053		1,066,546
Polar US Borrower, LLC, 3M LIBOR + 4.750%		6.79			10/15/2025		832,123		832,122		825,881
Solenis Holdings LLC, 3M LIBOR + 4.000%		5.91			6/26/2025		631,733		626,744		623,837
Starfruit Finco B.V, EURIBOR + 3.750%(b)		3.75			10/1/2025		500,000		588,925		564,120
Total Chemicals, Plastics and Rubber							18,121,602		18,957,574		18,096,425

See accompanying Notes to the Financial Statements.

86

Barings Global Floating Rate Fund 2019 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Containers, Packaging and Glass — 4.2%*:
Albea Beauty Holdings S.A., 1M LIBOR + 3.000%(b)		4.91	%		4/22/2024		611,401		$610,853		$592,105
Berry Global, Inc., LIBOR + 2.500%		4.22			7/1/2026		1,492,500		1,489,016		1,494,992
BWAY Holding Co., 1M LIBOR + 3.250%		5.23			4/3/2024		2,946,070		2,933,232		2,933,196
Flex Acquisition Co., Inc., 3M LIBOR + 3.000%		5.09			12/29/2023		1,412,099		1,422,288		1,398,571
ProAmpac PG Borrower LLC, 3M LIBOR + 8.500%		10.40			11/18/2024		750,000		743,124		718,125
ProAmpac PG Borrower LLC, 1M LIBOR + 3.500%		5.38			11/20/2023		727,500		729,544		715,227
Reynolds Group Holdings, Inc., 1M LIBOR + 2.750%		4.55			2/5/2023		1,969,543		1,976,500		1,974,172
Roy Bidco ApS, EURIBOR + 3.250%(b)		3.50			8/23/2024		1,000,000		1,154,249		1,102,070
Sabert Corp., 3M LIBOR + 4.500%		6.25			12/10/2026		317,208		314,051		319,721
Total Containers, Packaging and Glass							11,226,321		11,372,857		11,248,179
Diversified/Conglomerate Manufacturing — 3.0%*:
Advanced Drainage Systems, Inc., 3M LIBOR + 2.250%		4.06			9/18/2026		185,138		184,691		186,373
Amer Sports Oyj, EURIBOR + 4.500%(b)		4.50			3/30/2026		500,000		563,158		558,904
LSF10 XL Bidco S.C.A., EURIBOR + 4.000%(b)		4.00			10/12/2026		1,500,000		1,631,886		1,657,009
LTI Holdings, Inc., 1M LIBOR + 3.500%		5.30			9/6/2025		877,266		880,438		785,469
PCF GmbH, EURIBOR + 5.000%(b)		5.00			8/1/2024		500,000		526,413		551,736
Project Alpha Intermediate Holding, Inc., 3M LIBOR + 3.500%		5.49			4/26/2024		1,365,585		1,367,363		1,366,445
SGB-SMIT Management GmbH, 1M LIBOR + 5.000%(b)		2.50			7/18/2024		500,569		493,651		323,058
Wilsonart LLC, 3M LIBOR + 3.250%		5.20			12/19/2023		597,212		597,612		598,209
Winebow Group, Inc. (The), 1M LIBOR + 3.750%		5.55			7/1/2021		2,325,593		2,229,627		2,087,220
Total Diversified/Conglomerate Manufacturing							8,351,363		8,474,839		8,114,423
Diversified/Conglomerate Service — 10.3%*:
Allied Universal Holdco LLC, 1M LIBOR + 4.250%		6.05			7/10/2026		47,696		47,249		47,934
Allied Universal Holdco LLC, 3M LIBOR + 4.250%		6.05			7/10/2026		481,726		477,216		484,135
Almonde, Inc., 3M LIBOR + 7.250%(b)		9.45			6/13/2025		752,587		762,895		734,043
Almonde, Inc., 3M LIBOR + 3.500%(b)		5.70			6/13/2024		2,714,891		2,673,718		2,692,276
Canyon Valor Cos., Inc., 3M LIBOR + 2.750%		4.55			6/16/2023		439,972		439,318		440,522
Capri Finance LLC, 3M LIBOR + 3.250%(b)		4.93			11/1/2024		1,140,834		1,132,575		1,127,144
EAB Global, Inc., LIBOR + 3.750%		5.74			11/15/2024		743,850		741,254		744,780
Financial & Risk US Holdings, Inc., 1M LIBOR + 3.750%		5.05			10/1/2025		1,485,000		1,436,982		1,497,622
Hyland Software, Inc., 1M LIBOR + 3.250%		5.30			7/1/2024		975,125		978,833		979,396

See accompanying Notes to the Financial Statements.

87

Barings Global Floating Rate Fund 2019 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (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%(b)		4.55	%		12/21/2024		1,008,009		$1,012,278		$987,849
Infor (US), Inc., 3M LIBOR + 2.750%		4.69			2/1/2022		1,457,006		1,457,514		1,462,732
Infor (US), Inc., EURIBOR + 2.250%		3.25			2/1/2022		486,877		576,614		547,496
Informatica LLC, 1M LIBOR + 3.250%		5.05			8/5/2022		1,374,497		1,376,622		1,379,157
Kronos, Inc., 3M LIBOR + 3.000%		4.91			11/1/2023		2,816,721		2,822,243		2,829,227
LegalZoom.com, Inc., 1M LIBOR + 4.500%		6.30			11/21/2024		579,653		574,889		581,102
Men’s Wearhouse, Inc. (The), 1M LIBOR + 3.250%		5.03			4/9/2025		821,892		723,759		654,777
MH Sub I LLC, 3M LIBOR + 3.750%		5.55			9/13/2024		2,030,671		2,023,167		2,032,925
Project Leopard Holdings, Inc., 1M LIBOR + 4.500%		6.30			7/7/2023		1,476,470		1,481,894		1,484,783
TMF Group Holding B.V., EURIBOR + 3.250%(b)		3.25			5/5/2025		500,000		584,665		477,423
Verisure Holding AB, EURIBOR + 3.500%(b)		3.50			10/21/2022		500,000		566,875		563,200
Verisure Holding AB, EURIBOR + 3.000%(b)		3.00			10/20/2022		2,700,000		3,097,181		3,031,164
Vertafore, Inc., 1M LIBOR + 7.250%		9.05			7/2/2026		1,000,000		991,828		986,670
Vertafore, Inc., 1M LIBOR + 3.250%		5.05			7/2/2025		1,980,000		1,979,228		1,954,794
Total Diversified/Conglomerate Service							27,513,477		27,958,797		27,721,151
Ecological — 0.4%*:
PHS Group Ltd., 1M LIBOR + 5.250%(b)		6.25			12/20/2021		714,228		915,778		949,217
Electronics — 3.1%*:
EXC Holdings III Corp., 3M LIBOR + 3.500%		5.44			12/2/2024		487,227		491,322		485,707
Iridium Satellite LLC, 1M LIBOR + 3.750%		5.55			11/4/2026		595,348		592,436		602,421
Omnitracs, Inc., 3M LIBOR + 2.750%		4.68			3/21/2025		1,490,971		1,488,451		1,484,917
Renaissance Holding Corp., 1M LIBOR + 3.250%		5.05			5/30/2025		737,516		737,516		732,508
RP Crown Parent LLC, 1M LIBOR + 2.750%		4.55			10/12/2023		1,724,671		1,722,042		1,734,381
Sophia LP, LIBOR + 3.250%		5.19			9/30/2022		704,351		706,875		705,612
SS&C Technologies Holdings Europe S.A.R.L., 1M LIBOR + 2.500%		4.05			4/16/2025		17,532		17,192		17,644
SS&C Technologies Inc., 1M LIBOR + 2.250%		4.05			4/16/2025		500,292		498,812		503,377
Veritas Bermuda Ltd., EURIBOR + 4.500%		5.50			1/27/2023		778,000		867,393		853,484
Veritas Bermuda Ltd., 3M LIBOR + 4.500%		6.32			1/27/2023		1,264,250		1,261,623		1,214,691
Total Electronics							8,300,158		8,383,662		8,334,742
Finance — 1.3%*:
NAB Holdings LLC, 3M LIBOR + 3.000%		4.94			7/1/2024		980,038		981,314		980,038
NFP Corp., 1M LIBOR + 3.000%		4.80			1/8/2024		1,495,072		1,500,513		1,487,597
Tempo Acquisition LLC, 1M LIBOR + 3.000%		4.55			5/1/2024		1,090,006		1,093,192		1,095,684
Total Finance							3,565,116		3,575,019		3,563,319

See accompanying Notes to the Financial Statements.

88

Barings Global Floating Rate Fund 2019 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Healthcare, Education and Childcare — 11.9%*:
Advanz Pharma Corp., EURIBOR + 5.250%(b)		6.25	%		9/6/2024		487,500		$564,712		$538,626
Advanz Pharma Corp., LIBOR + 5.500%(b)		7.45			9/6/2024		2,291,250		2,261,182		2,136,591
Aenova Holding GmbH, EURIBOR + 4.000%(b)		5.00			9/29/2020		2,000,000		2,321,010		2,129,368
Amneal Pharmaceuticals LLC, 3M LIBOR + 3.500%		5.31			5/4/2025		1,492,422		1,389,934		1,336,464
Arbor Pharmaceuticals, Inc., 3M LIBOR + 5.000%		6.94			7/5/2023		1,434,944		1,429,949		1,254,141
Auris Luxembourg III Sarl, LIBOR + 3.750%		5.55			2/27/2026		992,501		988,102		996,640
Aveanna Healthcare, LLC, 1M LIBOR + 5.500%		7.30			3/18/2024		1,283,613		1,270,762		1,236,684
Bausch Health Companies Inc., 1M LIBOR + 3.000%		4.74			6/2/2025		843,201		847,589		847,417
Catalent Pharma Solutions Inc., 1M LIBOR + 2.250%		4.05			5/18/2026		353,893		353,083		354,888
Cerba Healthcare S.A.S., EURIBOR + 3.000%(b)		3.00			4/20/2024		1,000,000		1,172,934		1,121,005
Change Healthcare Holdings LLC, 1M LIBOR + 2.500%		4.30			3/1/2024		2,367,640		2,360,601		2,373,938
CTC AcquiCo GmbH, 3M LIBOR + 2.7500%(b)		4.66			3/7/2025		1,250,000		1,228,263		1,225,625
Endo Luxembourg Finance Co. I S.a r.l., 1M LIBOR + 4.250%		6.06			4/29/2024		1,658,641		1,664,157		1,584,002
Ethypharm S.A., EURIBOR + 4.75%(b)		5.53			7/21/2023		500,000		618,803		652,365
Grifols, S.A., 1M LIBOR + 2.25%(b)		2.25			11/30/2027		500,000		556,705		565,337
Horizon Therapeutics USA, Inc., 3M LIBOR + 3.937%		4.00			5/22/2026		494,267		496,315		495,710
Indivior Finance Sarl, 3M LIBOR + 4.500%		6.43			12/18/2022		791,202		784,321		726,584
Lifescan Global Corp., 3M LIBOR + 6.000%		8.06			10/1/2024		372,000		363,130		353,244
Mallinckrodt International Finance S.A., 3M LIBOR + 2.750%		4.85			9/24/2024		359,061		357,268		292,236
Navicure, Inc., 1M LIBOR + 4.000%		5.80			10/22/2026		257,071		255,815		258,035
Nidda Healthcare Holding AG, EURIBOR + 3.500%(b)		3.50			8/21/2024		1,000,000		1,153,426		1,122,081
Nidda Healthcare Holding AG, GBP + 4.500%(b)		5.30			8/21/2024		500,000		678,300		663,128
Ortho-Clinical Diagnostics SA, 3M LIBOR + 3.250%		5.31			6/30/2025		1,925,203		1,912,522		1,900,734
Parexel International Corp., 1M LIBOR + 2.7500%		4.55			9/27/2024		766,045		736,754		750,448
Radiology Partners Holdings, LLC, LIBOR + 4.750%		6.66			7/9/2025		313,632		312,185		314,156
Riemser Pharma GmbH, EURIBOR + 5.500%(b)		5.25			6/29/2023		442,831		486,850		499,520
Rodenstock GmbH, LIBOR + 5.250%(b)		5.25			6/5/2026		500,000		556,214		522,409
Sunshine Luxembourg VII S.a.r.l., 3M LIBOR + 4.250%(b)		6.19			7/31/2026		2,376,094		2,390,635		2,396,030
Team Health Holdings, Inc., 1M LIBOR + 2.750%		4.55			2/6/2024		1,957,236		1,918,690		1,578,628
Tunstall Group Holdings Ltd., 3M LIBOR + 5.000%(b)		4.35			10/16/2020		516,790		812,880		683,685

See accompanying Notes to the Financial Statements.

89

Barings Global Floating Rate Fund 2019 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Healthcare, Education and Childcare (Continued)
Unilabs Holding AB, EURIBOR + 3.000%(b)		3.00	%		4/19/2024		500,000		$573,959		$559,711
Verscend Holding Corp., 1M LIBOR + 4.500%		6.30			8/27/2025		627,102		623,288		630,758
Total Healthcare, Education and Childcare							32,154,139		33,440,338		32,100,188
Home and Office Furnishings, Housewares, and Durable Consumer Products — 1.1%*:
APi Group DE, Inc., 1M LIBOR + 2.500%		4.30			10/1/2026		662,050		658,830		666,738
Serta Simmons Bedding LLC, 3M LIBOR + 3.500%		5.25			11/8/2023		1,682,706		1,678,011		1,080,095
Serta Simmons Bedding LLC, 1M LIBOR + 8.000%		9.79			11/8/2024		724,667		675,108		213,175
SIWF Holdings Inc., 1M LIBOR + 4.250%		6.05			6/15/2025		987,468		995,225		982,531
Total Home and Office Furnishings, Housewares, and Durable Consumer Products							4,056,891		4,007,174		2,942,539
Hotels, Motels, Inns and Gaming — 2.8%*:
Caesars Resort Collection LLC, 1M LIBOR + 2.750%		4.55			12/23/2024		1,983,484		1,977,301		1,985,547
Compass IV Ltd., EURIBOR + 8.000%(b)		9.00			4/30/2026		500,000		588,890		552,903
Compass IV Ltd., EURIBOR + 4.500%(b)		4.50			4/30/2025		500,000		598,989		560,155
Penn National Gaming, Inc., 1M LIBOR + 2.250%		4.05			10/15/2025		2,005,738		2,001,204		2,011,996
Richmond UK Bidco Ltd., GBP LIBOR + 4.250%(b)		4.95			3/3/2024		482,094		608,467		629,003
Rouge Beachhouse B.V., EURIBOR + 4.250%(b)		3.75			9/4/2025		500,000		586,575		563,654
Tackle Sarl, EURIBOR +3.500%(b)		3.75			8/8/2022		1,000,000		1,117,854		1,123,573
Total Hotels, Motels, Inns and Gaming							6,971,316		7,479,280		7,426,831
Insurance — 2.6%*:
Alliant Holdings Intermediate LLC, 1M LIBOR + 3.000%		4.80			5/9/2025		2,270,198		2,278,124		2,268,926
AssuredPartners, Inc., 1M LIBOR + 3.500%		5.30			10/22/2024		1,765,931		1,774,851		1,769,904
Asurion LLC, 1M LIBOR + 3.000%		4.80			11/3/2023		1,531,924		1,537,102		1,539,859
Confie Seguros Holding II Co., 3M LIBOR + 8.500%		10.41			10/31/2025		1,633,626		1,606,314		1,511,105
Total Insurance							7,201,679		7,196,391		7,089,794
Leisure, Amusement, Entertainment — 6.7%*:
Columbus Capital B.V., EURIBOR + 4.25%(b)		3.93			6/30/2024		500,000		570,989		561,551
Crown Finance US, Inc., 1M LIBOR + 2.500%		4.05			2/28/2025		1,490,877		1,483,612		1,488,834
Delta 2 (LUX) Sarl, 1M LIBOR + 2.500%(b)		4.30			2/1/2024		1,394,967		1,398,293		1,399,766
Dorna Sports, S.L., EURIBOR +2.750%(b)		2.75			5/3/2024		978,282		1,093,385		1,094,705
Eldorado Resorts LLC, LIBOR + 2.250%		4.05			4/17/2024		897,120		897,120		896,276
International Park Holdings B.V., EURIBOR + 3.500%(b)		3.25			6/13/2024		500,000		580,575		559,868

See accompanying Notes to the Financial Statements.

90

Barings Global Floating Rate Fund 2019 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Leisure, Amusement, Entertainment (Continued)
Metro-Goldwyn-Mayer, Inc., 1M LIBOR + 4.500%		6.30	%		7/3/2026		3,000,000		$2,978,768		$2,981,250
Parques Reunidos SAU, 3M EURIBOR + 3.750%(b)		3.75			9/30/2026		500,000		545,807		563,307
Playtika Holding Corp., 1M LIBOR + 6.000%		7.80			12/10/2024		1,000,000		980,219		1,009,500
SeaWorld Parks & Entertainment, Inc., 3M LIBOR + 3.000%		4.80			3/31/2024		2,533,704		2,526,205		2,544,270
Vacalians Group, EURIBOR + 4.000%(b)		4.00			11/28/2025		500,000		564,832		545,427
Vue International Bidco PLC, LIBOR + 4.750%(b)		4.75			7/3/2026		500,000		558,829		564,529
William Morris Endeavor Entertainment, LLC, 2M LIBOR + 2.750%		4.61			5/18/2025		2,303,198		2,275,913		2,289,287
WMG Acquisition Corp., LIBOR + 2.125%		3.92			11/1/2023		1,500,000		1,498,574		1,506,900
Total Leisure, Amusement, Entertainment							17,598,148		17,953,121		18,005,470
Machinery Non-Agriculture, Non-Construction, Non-Electronic — 1.7%*:
Alison Bidco S.a.r.l., 3M LIBOR + 4.500%(b)		6.43			8/29/2021		122,279		121,988		114,942
Alison Bidco Sarl, EURIBOR + 4.500%(b)		5.50			8/29/2021		854,747		990,763		925,213
Alison Bidco Sarl, 1M LIBOR + 4.500%(b)		6.43			8/29/2021		122,279		121,988		114,942
Apex Tool Group, LLC, 1M LIBOR + 5.500%		7.30			8/1/2024		1,361,276		1,336,546		1,339,796
Titan Acquisition Ltd., 1M LIBOR + 3.000%(b)		4.80			3/28/2025		1,965,887		1,964,169		1,930,776
Total Machinery Non-Agriculture, Non-Construction, Non-Electronic							4,426,468		4,535,454		4,425,669
Mining, Steel, Iron and Non-Precious Metals — 0.3%*:
Boomerang Tube, LLC, 3M LIBOR + 5.000%(a)		6.80			10/31/2021		62,044		62,044		62,044
US Silica Co., 1M LIBOR + 4.000%		5.81			5/1/2025		869,217		877,615		765,841
Total Mining, Steel, Iron and Non-Precious Metals							931,261		939,659		827,885
Oil and Gas — 1.3%*:
Buckeye Partners L.P., 1M LIBOR + 2.750%		4.53			11/1/2026		532,100		529,498		536,314
Fieldwood Energy LLC, 1M LIBOR + 7.250%		9.18			4/11/2023		864,968		503,449		480,057
Gulf Finance LLC, 3M LIBOR + 5.250%		7.04			8/25/2023		1,631,711		1,528,830		1,272,734
KCA Deutag Alpha Ltd., 3M LIBOR + 6.750%(b)		8.55			2/28/2023		492,500		490,837		331,428
Seadrill Partners Finco LLC, 3M LIBOR + 6.000%		7.94			2/21/2021		1,803,954		1,567,137		898,027
Total Oil and Gas							5,325,233		4,619,751		3,518,560
Personal and Non-Durable Consumer Products Mfg. Only — 0.5%*:
Coty Inc., 1M LIBOR + 2.250%		3.96			4/7/2025		1,486,203		1,440,316		1,453,997

See accompanying Notes to the Financial Statements.

91

Barings Global Floating Rate Fund 2019 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Personal Transportation — 1.9%*:
Hertz Corp., (The), 3M LIBOR + 2.7500%		4.55	%		6/30/2023		2,947,943		$2,922,564		$2,963,302
Kestrel Bidco, Inc., 1M LIBOR + 3.000%(b)		4.72			8/7/2026		2,127,510		2,130,664		2,144,615
Total Personal Transportation							5,075,453		5,053,228		5,107,917
Printing and Publishing — 0.8%*:
Houghton Mifflin Harcourt Publishing Co., 1M LIBOR + 6.250%		8.04			11/22/2024		303,406		291,450		301,382
Springer Nature Deutschland GmbH, EURIBOR + 3.250%(b)		3.75			8/14/2024		1,706,498		1,904,249		1,920,400
Total Printing and Publishing							2,009,904		2,195,699		2,221,782
Retail Stores — 3.1%*:
Bass Pro Group, LLC, 1M LIBOR + 5.000%		6.80			9/25/2024		1,487,329		1,456,316		1,481,751
EG America LLC, 3M LIBOR + 4.000%(b)		5.96			2/7/2025		1,086,289		1,082,203		1,080,184
EG Group Ltd., 3M LIBOR + 4.000%(b)		5.96			2/7/2025		221,118		220,709		219,876
Eyemart Express LLC, 1M LIBOR + 3.000%		4.80			8/4/2024		989,899		993,332		991,117
Harbor Freight Tools USA, Inc., 1M LIBOR + 2.500%		4.30			8/18/2023		1,994,486		1,947,490		1,985,212
Kirk Beauty One GmbH, EURIBOR + 3.500%(b)		3.50			8/12/2022		2,250,000		2,580,655		2,112,138
Thom Europe S.A.S, EURIBOR + 4.250%(b)		4.25			8/7/2024		500,000		577,023		561,691
Total Retail Stores							8,529,121		8,857,728		8,431,969
Telecommunications — 5.3%*:
Banff Merger Sub, Inc., 3M LIBOR + 4.250%		6.05			10/2/2025		990,000		981,225		977,783
CommScope, Inc., 1M LIBOR + 3.250%		5.05			4/6/2026		2,002,445		1,996,307		2,013,078
Digicel International Finance Ltd., 3M LIBOR + 3.250%(b)		5.34			5/28/2024		152,992		153,878		136,087
ION Trading Technologies Sarl, 3M LIBOR + 4.000%		6.06			11/21/2024		1,507,222		1,495,106		1,443,165
ION Trading Technologies Sarl, EURIBOR + 3.250%		4.25			11/21/2024		1,376,432		1,559,831		1,475,439
Sprint Communications, Inc., 1M LIBOR + 2.500%		4.31			2/2/2024		2,939,621		2,947,037		2,910,960
Syniverse Holdings, Inc., 1M LIBOR + 9.000%		10.85			3/11/2024		2,175,482		1,750,613		1,609,857
Syniverse Holdings, Inc., 1M LIBOR + 5.000%		6.85			3/9/2023		1,553,527		1,557,490		1,443,941
Virgin Media Bristol LLC, 1M LIBOR + 2.500%		4.24			1/31/2028		623,355		621,830		626,864
Virgin Media SFA Finance Ltd., LIBOR — GBP + 3.250%(b)		3.96			11/15/2027		1,250,000		1,725,739		1,656,578
Total Telecommunications							14,571,076		14,789,056		14,293,752

See accompanying Notes to the Financial Statements.

92

Barings Global Floating Rate Fund 2019 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Utilities — 0.2%*:
Calpine Corp., 1M LIBOR + 2.500%		4.30	%		8/12/2026		222,295		$221,242		$223,510
ExGen Renewables IV, LLC, 3M LIBOR + 3.000%		4.91			11/28/2024		222,222		215,396		218,889
Total Utilities							444,517		436,638		442,399
Total Bank Loans							227,781,858		232,418,414		225,749,072
Corporate Bonds — 7.7%*:
Automobile — 0.4%*:
AA Bond Co. Ltd.(b)		5.50			7/31/2022		700,000		937,394		790,455
RAC Bond Co. PLC(b)		5.00			11/6/2022		200,000		253,046		235,771
Total Automobile							900,000		1,190,440		1,026,226
Broadcasting and Entertainment — 0.6%*:
Pinewood Finance Co. Ltd.(b)		3.25			9/30/2025		350,000		437,513		475,200
Tele Columbus AG(b)		3.88			5/2/2025		800,000		860,656		875,106
VTR Finance BV(b),(d)		6.88			1/15/2024		200,000		202,026		204,500
Total Broadcasting and Entertainment							1,350,000		1,500,195		1,554,806
Chemicals, Plastics and Rubber — 0.1%*:
Pinnacle Operating Corp.(d)		9.00			5/15/2023		378,294		436,409		139,969
Containers, Packaging and Glass — 0.1%*:
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu(d)		5.13			7/15/2023		178,000		178,000		182,228
Diversified/Conglomerate Manufacturing — 0.1%*:
Appvion ESC, 3M EURIBOR + 4.125%(a),(d)		9.00	(e)		6/1/2020		460,000		460,783		–
Galapagos S.A., 3 mo. EURIBOR + 4.750%(a),(b)		4.37	(e)		6/15/2021		20,000		27,263		–
Mangrove Luxco III Sarl(b)		7.78			10/9/2025		265,415		248,304		279,853
Total Diversified/Conglomerate Manufacturing							745,415		736,350		279,853
Diversified/Conglomerate Service — 0.9%*:
Algeco Global Finance PLC, 3M EURIBOR + 6.250%(b)		6.25	(e)		2/15/2023		150,000		183,019		164,718
Algeco Global Finance PLC(b)		6.50			2/15/2023		650,000		714,245		727,282
Carlson Travel, Inc., 3M EURIBOR + 4.750%		4.75	(e)		6/15/2023		1,200,000		1,370,706		1,349,069
Prime Security Services Borrower LLC/Prime Finance, Inc.(d)		9.25			5/15/2023		78,000		78,000		81,803
Total Diversified/Conglomerate Service							2,078,000		2,345,970		2,322,872
Electronics — 0.3%*:
Veritas US, Inc./Veritas Bermuda Ltd.(d)		7.50			2/1/2023		817,000		850,924		814,957

See accompanying Notes to the Financial Statements.

93

Barings Global Floating Rate Fund 2019 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Finance — 2.0%*:
Arrow Global Finance PLC(b)		5.13	%		9/15/2024		1,000,000		$1,240,892		$1,347,118
Cabot Financial Luxembourg SA(b)		7.50			10/1/2023		300,000		422,659		412,330
Garfunkelux Holdco 3 S.A., 3M EURIBOR + 4.500%(b)		4.50	(e)		9/1/2023		1,100,000		1,329,673		1,116,652
Garfunkelux Holdco 3 S.A.(b)		8.50			11/1/2022		1,050,000		1,401,493		1,370,315
Jerrold Finco PLC(b)		6.13			1/15/2024		100,000		124,555		136,864
Jerrold Finco PLC(b)		6.25			9/15/2021		750,000		1,001,422		1,015,842
Total Finance							4,300,000		5,520,694		5,399,121
Healthcare, Education and Childcare — 0.2%*:
Rossini Sarl, 3M EURIBOR + 3.875%(b)		3.88	(e)		10/30/2025		200,000		222,510		227,851
Tenet Healthcare Corp.		4.63			7/15/2024		255,000		254,243		261,056
Total Healthcare, Education and Childcare							455,000		476,753		488,907
Home and Office Furnishings, Housewares, and Durable Consumer Products — 0.2%*:
LSF9 Balta Issuer Sarl(b)		7.75			9/15/2022		445,500		547,606		474,232
Hotels, Motels, Inns and Gaming — 0.3%*:
TVL Finance PLC, 3M GBP LIBOR + 5.375%(b)		6.16	(e)		7/15/2025		600,000		758,538		797,740
Leisure, Amusement, Entertainment — 0.3%*:
CPUK Finance Ltd.(b)		4.88			8/28/2025		600,000		791,696		819,008
WMG Acquisition Corp.(d)		5.00			8/1/2023		63,000		63,000		64,417
Total Leisure, Amusement, Entertainment							663,000		854,696		883,425
Machinery Non-Agriculture, Non-Construction, Non-Electronic — 0.4%*:
Novafives SAS(b)		5.00			6/15/2025		1,000,000		1,096,503		1,001,117
Mining, Steel, Iron and Non-Precious Metals — 0.5%*:
Northwest Acquisitions ULC/Dominion Finco, Inc.(b),(d)		7.13			11/1/2022		2,000,000		1,212,197		1,500,000
Oil and Gas — 0.4%*:
CGG Holding US, Inc.(b),(d)		9.00			5/1/2023		500,000		531,632		530,625
KCA Deutag UK Finance PLC(b),(d)		9.88			4/1/2022		1,000,000		1,012,299		680,000
Total Oil and Gas							1,500,000		1,543,931		1,210,625
Personal Transportation — 0.1%*:
Naviera Armas S.A., 3M EURIBOR + 6.500%(b)		6.50	(e)		7/31/2023		250,000		295,906		215,932
Naviera Armas SA, 3M EURIBOR + 4.250%(b)		4.25	(e)		11/15/2024		250,000		296,656		196,297
Total Personal Transportation							500,000		592,562		412,229
Retail Stores — 0.6%*:
House of Fraser Funding PLC, 3M GBP LIBOR + 5.750%(b)		6.54	(e)		9/15/2020		300,000		434,213		9,934
Maxeda DIY Holding B.V.(b)		6.13			7/15/2022		100,000		114,070		108,796

See accompanying Notes to the Financial Statements.

94

Barings Global Floating Rate Fund 2019 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Retail Stores (Continued)
Takko Luxembourg 2 SCA(b)		5.38	%		11/15/2023		1,200,000		$1,315,077		$1,327,532
Travelex Financing PLC(b)		8.00			5/15/2022		100,000		108,750		114,694
Total Retail Stores							1,700,000		1,972,110		1,560,956
Utilities — 0.2%*:
Viridian Group Finance Co. PLC/Viridian Power & Energy(b)		4.75			9/15/2024		500,000		625,749		672,016
Total Corporate Bonds							20,110,209		22,439,627		20,721,279
Total Fixed Income							247,892,067		254,858,041		246,470,351
Total Investments							248,209,499		256,639,026		247,790,777
Other assets and liabilities — 7.9%*											21,228,265
Net Assets — 100.0%											$269,019,042

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

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

(a) For fair value measurement disclosure purposes, security is categorized as Level 3 (See Note 2).

(b) 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	65.8%
United Kingdom	11.0%
Germany	8.7%
France	3.0%
Netherlands	2.7%
Canada	2.3%
Switzerland	2.2%
Spain	1.6%
Sweden	1.5%
Other (Individually less than 1%)	1.2%
Total	100.0%

(c) 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, 2019. 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.

(d) 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.

(e) Variable rate security. The interest rate shown is the rate in effect at December 31, 2019.

See accompanying Notes to the Financial Statements.

95

Barings Global Floating Rate Fund 2019 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

A summary of outstanding derivatives at December 31, 2019 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
1/14/20	Credit Suisse International		EUR	1,355,903	$	1,521,958	$	1,501,948	$	20,010
1/14/20	Credit Suisse International		GBP	24,562		32,545		32,264		281
Net unrealized appreciation on forward foreign currency exchange contracts to buy									$	20,291

Forward Foreign Currency Exchange Contracts to Sell

EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED DEPRECIATION
1/14/20	Morgan Stanley & Co.		EUR	47,131,909	$	52,904,057	$	52,207,426	$	(696,631	)
1/14/20	Credit Suisse International		GBP	11,158,063		14,784,672		14,655,815		(128,857	)
Net unrealized depreciation on forward foreign currency exchange contracts to sell									$	(825,488	)

Currency Legend

EUR	–	Euro
GBP	–	British Pound Sterling

See accompanying Notes to the Financial Statements.

96

Barings Global Credit Income Opportunities Fund 2019 Semi-Annual Report

SCHEDULE OF INVESTMENTS

December 31, 2019 (Unaudited)

				SHARES		COST		FAIR VALUE
Equities — 0.5%*:
Common Stocks — 0.5%*:
Diversified/Conglomerate Service — 0.0%*:
Innovation Group(a),(b)					403,550		$ –		$1
Healthcare, Education and Childcare — 0.0%*:
MModal, Inc.(a)					4,725		10,631		6,492
Tunstall Group Holdings Ltd.(a)					261		–		–
Tunstall Group Holdings Ltd.(a)					396		–		–
Total Healthcare, Education and Childcare					5,382		10,631		6,492
Mining, Steel, Iron and Non-Precious Metals — 0.1%*:
Boomerang Tube LLC(a)					1,769		171,860		119,478
Oil and Gas — 0.2%*:
Fieldwood Energy LLC					15,071		325,034		273,795
Fieldwood Energy LLC					3,698		129,430		67,181
Jupiter Resources, Inc.(b)					120,272		581,286		120,272
Southcross Energy Holdings LP					11		–		–
Southcross Energy Partners LP(a)					11		2,750		4,092
Total Oil and Gas					139,063		1,038,500		465,340
Retail Stores — 0.2%*:
Maxeda DIY B.V.(a),(b)					18,859,871		373,737		423,102
Maxeda DIY B.V.(a),(b)					10,446		—		105,784
Total Retail Stores					18,870,317		373,737		528,886
Total Common Stocks					19,420,081		1,594,728		1,120,197
	EFFECTIVE INTEREST RATE			SHARES		COST		FAIR VALUE
Preferred Stock — 0.0%*:
Farming and Agriculture — 0.0%*:
Pinnacle Agriculture Holdings A 2(a)		1.91	%		311,577		202,152		–
				SHARES		COST		FAIR VALUE
Warrants — 0.0%*:
Diversified/Conglomerate Manufacturing — 0.0%*:
Appvion Holdings Corp. (exp. June 13, 2023)(a)					488		—		122
Appvion Holdings Corp. (exp. June 13, 2023)(a)					488		—		61
Total Diversified/Conglomerate Manufacturing					976		—		183
Total Warrants					976		—		183
Total Equities					19,732,634		1,796,880		1,120,380

See accompanying Notes to the Financial Statements.

97

Barings Global Credit Income Opportunities Fund 2019 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Fixed Income — 91.0%*:
Asset-Backed Securities — 8.9%*:
CDO/CLO — 8.9%*:
Alinea CLO 2018-1 Ltd., 3M LIBOR + 6.000%(c)		7.95	(d)%		7/20/2031		1,250,000		$1,250,000		$1,196,647
Anchorage Capital CLO 9 Ltd., 3M USD LIBOR + 4.000%(c)		6.00	(d)		7/15/2032		1,250,000		1,223,361		1,254,607
Anchorage Capital CLO Ltd. 2015-6A ER, 3M USD LIBOR + 6.350%(c)		8.35	(d)		7/15/2030		500,000		512,482		492,846
Apidos CLO XXIV, 3M USD LIBOR + 5.800%(c)		7.77	(d)		10/20/2030		1,000,000		1,000,000		949,455
Ares XLVIII CLO, 3M LIBOR + 5.200%(c)		7.17	(d)		7/20/2030		800,000		800,000		741,531
Atlas Senior Loan Fund XI Ltd., 3M LIBOR + 5.7500%(c)		7.69	(d)		7/26/2031		1,900,000		1,900,000		1,744,616
Ballyrock CLO 2019-2 Ltd., 3M USD LIBOR + 4.100%(c)		6.01	(d)		11/20/2030		1,000,000		1,000,000		1,006,707
Blackrock European CLO, 3M USD LIBOR + 5.170%(b)		5.17	(d)		10/15/2031		725,000		802,765		764,769
BlueMountain CLO Ltd. 2014-1A(a),(c)		Zero Coupon			4/30/2026		250,000		243,345		—
Cairn CLO XI DAC, 3M Euribor + 4.150%(b),(c)		4.15	(d)		7/15/2035		1,000,000		1,107,100		1,120,163
CBAM Ltd. 2017-3A E, 3M USD LIBOR + 6.500%(c)		8.50	(d)		10/17/2029		750,000		750,000		749,953
CIFC Funding 2019-III Ltd., 3M LIBOR + 6.800%(c)		8.80	(d)		7/16/2032		750,000		728,020		749,945
CIFC Funding Ltd. 2017-5A D, 3M USD LIBOR + 6.100%(c)		8.10	(d)		11/16/2030		500,000		500,000		489,219
Elmwood CLO III Ltd., 3M USD LIBOR + 3.850%(c)		5.75	(d)		10/15/2032		500,000		500,000		501,667
Galaxy XXIV CLO Ltd. 2017-24A E, 3M USD LIBOR + 5.500%(c)		7.50	(d)		1/15/2031		700,000		700,000		650,917
Madison Park Funding XIII Ltd. 2014-13A(c)		Zero Coupon			4/19/2030		500,000		425,987		298,487
Madison Park Funding XXVII Ltd., 3M USD LIBOR + 5.000%(c)		6.97	(d)		4/20/2030		500,000		500,000		463,814
Madison Park Funding XXVIII Ltd., 3M LIBOR + 7.600%(c)		9.60	(d)		7/15/2030		500,000		495,767		460,410
Magnetite VII Ltd.(c)		Zero Coupon			1/15/2028		2,000,000		1,521,556		1,183,076
Oak Hill Credit Partners X Ltd. 2014-10A(c)		Zero Coupon			12/12/2030		1,000,000		736,443		438,314
Steele Creek CLO Ltd. 2018-2A E, 3M USD LIBOR + 6.200%(c)		8.10	(d)		8/18/2031		850,000		850,000		738,746
THL Credit Wind River CLO Ltd. 2017-4A E, 3M USD LIBOR + 5.800%(c)		7.70	(d)		11/20/2030		500,000		500,000		481,563
THL Credit Wind River CLO Ltd. 2018-2A E, 3M USD LIBOR + 5.750%(c)		7.75	(d)		7/15/2030		1,450,000		1,450,000		1,348,629
Wellfleet CLO 2018-1 Ltd., 3M USD LIBOR + 5.500%(c)		7.50	(d)		7/17/2031		1,150,000		1,150,000		1,039,286
Wellfleet CLO Ltd. 2017-3A D, 3M USD LIBOR + 5.550%(c)		7.55	(d)		1/17/2031		1,000,000		1,000,000		897,251
Total CDO/CLO							22,325,000		21,646,826		19,762,618
Total Asset-Backed Securities							22,325,000		21,646,826		19,762,618

See accompanying Notes to the Financial Statements.

98

Barings Global Credit Income Opportunities Fund 2019 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans — 40.2%*(e):
Aerospace and Defense — 0.4%*:
TransDigm, Inc., 1M LIBOR + 2.500%		4.30	%		5/30/2025		989,924		$967,940		$992,063
Automobile — 1.0%*:
BCA Marketplace plc, 3M GBP LIBOR + 4.750%(b)		5.54			11/13/2026		500,000		621,806		664,373
IAA, Inc., 1M LIBOR + 2.250%		4.06			6/28/2026		438,690		437,660		441,980
Panther BF Aggregator 2 LP, 1M LIBOR + 3.500%		5.30			4/30/2026		1,135,832		1,127,277		1,137,968
Total Automobile							2,074,522		2,186,743		2,244,321
Beverage, Food and Tobacco — 0.9%*:
Deoleo S.A., EURIBOR + 3.500%(b)		4.50			6/11/2021		500,000		563,095		266,404
IRB Holding Corp., 1M LIBOR + 3.250%		5.22			2/5/2025		1,810,576		1,825,144		1,820,136
Total Beverage, Food and Tobacco							2,310,576		2,388,239		2,086,540
Broadcasting and Entertainment — 3.5%*:
AP NMT Acquisition B.V., EURIBOR + 6.000%(b)		7.00			8/13/2021		385,000		476,537		431,587
AP NMT Acquisition B.V., 3M LIBOR + 5.750%(b)		7.84			8/13/2021		2,162,903		2,139,518		2,167,099
AP NMT Acquisition B.V., 3M LIBOR + 9.000%(b)		11.09			8/13/2022		739,566		730,764		742,953
Clear Channel Outdoor Holdings, Inc., 1M LIBOR + 3.500%		5.30			8/21/2026		557,253		553,855		559,839
CSC Holdings, LLC, 1M LIBOR + 2.250%		3.99			7/17/2025		498,721		497,546		499,001
CSC Holdings, LLC, 3M LIBOR + 2.500%		4.24			4/15/2027		1,276,859		1,276,859		1,281,111
iHeartCommunications, Inc., LIBOR + 4.000%		5.69			5/1/2026		1,290,958		1,293,965		1,300,097
Intelsat Jackson Holdings S.A., 1M LIBOR + 3.750%		5.68			11/27/2023		500,000		494,439		500,445
Terrier Media Buyer, Inc., 3M LIBOR + 4.250%		6.15			12/17/2026		262,560		261,252		265,022
Total Broadcasting and Entertainment							7,673,820		7,724,735		7,747,154
Buildings and Real Estate — 0.4%*:
SRS Distribution, Inc., 3M LIBOR + 3.250%		5.05			5/23/2025		856,973		844,830		849,260
Cargo Transport — 0.2%*:
Boluda Corporacion Maritima S.L., 3M EURIBOR + 3.500%(b)		3.50			7/30/2026		500,000		544,659		564,181
Chemicals, Plastics and Rubber — 1.8%*:
Colouroz Investment 1 GmbH, EURIBOR + 3.000%(b)		3.75			9/7/2021		1,330,912		1,574,894		1,323,874
Flint Group GmbH, EURIBOR + 3.000%(b)		3.75			9/7/2021		281,851		334,620		280,360
Novacap S.A., EURIBOR + 3.500%(b)		3.50			6/22/2023		500,000		578,232		533,273
Solenis Holdings LLC, 3M LIBOR + 4.000%		5.91			6/26/2025		244,876		242,942		241,815
Solenis Holdings LLC, 3M LIBOR + 8.500%		10.41			6/26/2024		47,145		45,997		42,352
Starfruit Finco B.V, 1M LIBOR + 3.250%(b)		4.96			10/1/2025		1,495,246		1,495,683		1,494,005
Total Chemicals, Plastics and Rubber							3,900,030		4,272,368		3,915,679

See accompanying Notes to the Financial Statements.

99

Barings Global Credit Income Opportunities Fund 2019 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Containers, Packaging and Glass — 1.9%*:
Albea Beauty Holdings S.A., 1M LIBOR + 3.000%(b)		4.91	%		4/22/2024		203,315		$203,133		$196,899
Berry Global, Inc., LIBOR + 2.500%		4.22			7/1/2026		1,592,773		1,590,218		1,595,433
BWAY Holding Co., 1M LIBOR + 3.250%		5.23			4/3/2024		1,315,823		1,315,466		1,310,073
ProAmpac PG Borrower LLC, 3M LIBOR + 8.500%		10.40			11/18/2024		500,000		495,416		478,750
Sabert Corp., 3M LIBOR + 4.500%		6.25			12/10/2026		120,196		118,999		121,148
Trident TPI Holdings, Inc., 3M Libor + 3.00%		4.80			10/17/2024		498,728		487,506		483,586
Total Containers, Packaging and Glass							4,230,835		4,210,738		4,185,889
Diversified/Conglomerate Manufacturing — 1.3%*:
Amer Sports Oyj, EURIBOR + 4.500%(b)		4.50			3/30/2026		600,000		667,510		670,685
LSF10 XL Bidco S.C.A., EURIBOR + 4.000%(b)		4.00			10/12/2026		500,000		543,962		552,336
LTI Holdings, Inc., 1M LIBOR + 3.500%		5.30			9/6/2025		750,386		737,808		671,866
Winebow Group, Inc. (The), 1M LIBOR + 3.750%		5.55			7/1/2021		1,193,684		1,129,450		1,071,331
Total Diversified/Conglomerate Manufacturing							3,044,070		3,078,730		2,966,218
Diversified/Conglomerate Service — 4.7%*:
Almonde, Inc., 3M LIBOR + 3.500%(b)		5.70			6/13/2024		1,324,702		1,327,467		1,313,667
EAB (Avatar Purchaser), 1M LIBOR + 3.750%		5.74			11/15/2024		241,461		240,618		241,762
Hyland Software, Inc., 1M LIBOR + 3.250%		5.30			7/1/2024		989,975		980,572		994,311
Innovation Group plc (The), LIBOR + 6.000%(a),(b)		Zero Coupon			4/10/2024		80,595		90,620		90,404
Innovation Group plc (The), LIBOR + 8.000%(a),(b)		Zero Coupon			4/9/2024		192,269		131,865		108,347
Innovation Group plc (The), LIBOR + 6.000%(a),(b)		Zero Coupon			4/10/2024		159,125		178,917		178,490
Kronos, Inc., 3M LIBOR + 3.000%		4.91			11/1/2023		1,999,365		1,982,945		2,008,242
MH Sub I LLC, 3M LIBOR + 3.750%		5.55			9/13/2024		1,492,366		1,472,030		1,494,023
Mitchell International, Inc., 1M LIBOR + 3.250%		5.05			11/29/2024		994,937		938,541		985,147
TMF Group Holding B.V., LIBOR + 6.875%(b)		6.88			5/4/2026		500,000		537,535		391,193
Ultimate Software Group Inc(The), 1M LIBOR + 3.750%		5.55			5/4/2026		246,383		245,824		247,807
Vertafore, Inc., 1M LIBOR + 3.250%		5.05			7/2/2025		1,484,268		1,468,402		1,465,373
Vertafore, Inc., 1M LIBOR + 7.250%		9.05			7/2/2026		879,452		872,265		867,729
Total Diversified/Conglomerate Service							10,584,898		10,467,601		10,386,495
Ecological — 0.3%*:
GFL Environmental Inc., 1M LIBOR + 3.000%(b)		4.80			5/30/2025		131,464		131,237		131,558
PHS Group Ltd., 1M LIBOR + 5.250%(b)		6.25			12/20/2021		467,152		608,139		620,850
Total Ecological							598,616		739,376		752,408

See accompanying Notes to the Financial Statements.

100

Barings Global Credit Income Opportunities Fund 2019 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Electronics — 2.1%*:
Iridium Satellite LLC, 1M LIBOR + 3.750%		5.55	%		11/4/2026		213,892		$212,845		$216,433
Omnitracs, Inc., 3M LIBOR + 2.750%		4.68			3/21/2025		1,477,500		1,480,292		1,471,501
Renaissance Holding Corp., 1M LIBOR + 3.250%		5.05			5/30/2025		1,483,734		1,484,981		1,473,660
RP Crown Parent LLC, 1M LIBOR + 2.750%		4.55			10/12/2023		720,999		719,048		725,058
Veritas Bermuda Ltd., 3M LIBOR + 4.500%		6.32			1/27/2023		823,858		807,735		791,563
Total Electronics							4,719,983		4,704,901		4,678,215
Finance — 0.7%*:
Tempo Acquisition LLC, 1M LIBOR + 3.000%		4.55			5/1/2024		1,491,641		1,494,865		1,499,413
Healthcare, Education and Childcare — 4.9%*:
Advanz Pharma Corp., LIBOR + 5.500%(b)		7.45			9/6/2024		1,803,750		1,785,982		1,681,997
Aenova Holding GmbH, EURIBOR + 4.000%(b)		5.00			9/29/2020		1,000,000		1,173,077		1,064,684
Bausch Health Companies Inc., 1M LIBOR + 3.000%		4.74			6/2/2025		423,809		422,166		425,928
Catalent Pharma Solutions Inc., 1M LIBOR + 2.250%		4.05			5/18/2026		118,927		118,654		119,261
Change Healthcare Holdings LLC, 1M LIBOR + 2.500%		4.30			3/1/2024		1,177,466		1,171,609		1,180,598
Endo Luxembourg Finance Co. I S.a r.l., 1M LIBOR + 4.250%		6.06			4/29/2024		659,606		661,849		629,924
Financiere Mendel SAS, EURIBOR + 4.750%(b)		4.75			4/13/2026		500,000		553,244		564,636
Grifols, S.A., 1M LIBOR + 2.25%		2.25			11/15/2027		500,000		549,697		565,337
Lifescan Global Corp., 3M LIBOR + 6.000%		8.06			10/1/2024		176,140		171,940		167,259
Ortho-Clinical Diagnostics SA, 3M LIBOR + 3.250%		5.31			6/30/2025		1,188,705		1,189,168		1,173,597
Parexel International Corp., 1M LIBOR + 2.7500%		4.55			9/27/2024		1,327,677		1,319,811		1,300,645
Radiology Partners Holdings, LLC, LIBOR + 4.750%		6.66			7/9/2025		100,103		99,641		100,271
Rodenstock GmbH, LIBOR + 5.250%(b)		5.25			6/5/2026		500,000		556,214		522,409
Tunstall Group Holdings Ltd., 1M LIBOR + 4.500%(b)		7.50			10/16/2020		501,275		588,609		561,931
U.S. Anesthesia Partners, Inc., 3M Libor + 3.00%		4.80			6/23/2024		997,443		999,936		993,702
Total Healthcare, Education and Childcare							10,974,901		11,361,597		11,052,179
Home and Office Furnishings, Housewares, and Durable Consumer Products — 0.7%*:
APi Group DE, Inc., 1M LIBOR + 2.500%		4.30			10/1/2026		232,188		231,059		233,832
Hilding Anders International AB, 3M EURIBOR + 5.000%(b)		5.75			11/30/2024		501,230		431,145		466,650
Serta Simmons Bedding LLC, 3M LIBOR + 3.500%		5.25			11/8/2023		1,207,049		1,206,473		774,781

See accompanying Notes to the Financial Statements.

101

Barings Global Credit Income Opportunities Fund 2019 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Home and Office Furnishings, Housewares, and Durable Consumer Products (Continued)
Serta Simmons Bedding LLC, 1M LIBOR + 8.000%		9.79	%		11/8/2024		474,666		$470,316		$139,633
Total Home and Office Furnishings, Housewares, and Durable Consumer Products							2,415,133		2,338,993		1,614,896
Hotels, Motels, Inns and Gaming — 1.8%*:
Caesars Resort Collection LLC, 1M LIBOR + 2.750%		4.55			12/23/2024		1,484,849		1,475,005		1,486,393
Casper BidCo SAS, EURIBOR + 4.750%(b)		4.75			7/31/2026		500,000		561,435		566,548
Compass IV Ltd., EURIBOR + 4.500%(b)		4.50			4/30/2025		500,000		598,989		560,154
Richmond UK Bidco Ltd., GBP LIBOR + 4.250%(b)		4.95			3/3/2024		550,000		667,515		717,602
Tackle sarl, EURIBOR + 4.000%(b)		4.00			8/14/2024		600,000		665,008		676,136
Total Hotels, Motels, Inns and Gaming							3,634,849		3,967,952		4,006,833
Insurance — 3.3%*:
Alliant Holdings Intermediate LLC, 1M LIBOR + 3.000%		4.80			5/9/2025		1,492,424		1,464,327		1,491,588
AssuredPartners, Inc., 1M LIBOR + 3.500%		5.30			10/22/2024		976,008		979,281		978,204
Asurion LLC, 1M LIBOR + 3.000%		4.80			11/3/2023		1,492,154		1,493,531		1,499,884
Confie Seguros Holding II Co., 3M LIBOR + 8.500%		10.41			10/31/2025		464,527		455,500		429,688
Hub International Ltd., 3M LIBOR + 2.75%		2.00			4/25/2025		1,988,469		1,975,333		1,985,844
Sedgwick Claims Management Services, Inc., 1M LIBOR + 3.250%		5.05			12/31/2025		990,000		970,674		989,693
Total Insurance							7,403,582		7,338,646		7,374,901
Leisure, Amusement, Entertainment — 2.0%*:
Crown Finance US, Inc., 1M LIBOR + 2.500%		4.05			2/28/2025		1,234,891		1,209,972		1,233,200
Dorna Sports, S.L., 1M LIBOR + 3.000%(b)		4.92			5/3/2024		400,000		400,000		393,500
Eldorado Resorts LLC, LIBOR + 2.250%		4.05			4/17/2024		446,230		443,264		445,811
Metro-Goldwyn-Mayer, Inc., 1M LIBOR + 4.500%		6.30			7/3/2026		893,847		886,524		888,260
Playtika Holding Corp., 1M LIBOR + 6.000%		7.80			12/10/2024		1,000,000		980,219		1,009,500
Vue International Bidco PLC, LIBOR + 4.750%(b)		4.75			7/3/2026		500,000		558,817		564,529
Total Leisure, Amusement, Entertainment							4,474,968		4,478,796		4,534,800
Machinery Non-Agriculture, Non-Construction, Non-Electronic — 1.0%*:
Alison Bidco S.a.r.l., 3M LIBOR + 4.500%		6.43			8/29/2021		318,238		309,274		299,144
Alison Bidco Sarl, 1M LIBOR + 4.500%(b)		6.43			8/29/2021		318,237		309,274		299,143
Apex Tool Group, LLC, 1M LIBOR + 5.500%		7.30			8/1/2024		178,844		175,600		176,022
Titan Acquisition Ltd., 1M LIBOR + 3.000%(b)		4.80			3/28/2025		1,473,750		1,475,148		1,447,429
Total Machinery Non-Agriculture, Non-Construction, Non-Electronic							2,289,069		2,269,296		2,221,738

See accompanying Notes to the Financial Statements.

102

Barings Global Credit Income Opportunities Fund 2019 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Mining, Steel, Iron and Non-Precious Metals — 0.1%*:
Boomerang Tube, LLC, 3M LIBOR + 5.000%(a)		6.80	%		10/31/2021		124,368		$124,368		$124,368
Oil and Gas — 1.1%*:
Fieldwood Energy LLC, 1M LIBOR + 5.250%		7.18			4/11/2022		649,368		606,006		540,417
Fieldwood Energy LLC, 1M LIBOR + 7.250%		9.18			4/11/2023		885,631		471,470		491,525
Gulf Finance LLC, 3M LIBOR + 5.250%		7.04			8/25/2023		1,278,210		1,222,312		997,003
KCA Deutag Alpha Ltd., 3M LIBOR + 6.750%(b)		8.55			2/28/2023		492,500		490,848		331,428
Seadrill Partners Finco LLC, 3M LIBOR + 6.000%		7.94			2/21/2021		233,819		211,633		116,398
Total Oil and Gas							3,539,528		3,002,269		2,476,771
Personal and Non-Durable Consumer Products Mfg. Only — 0.5%*:
Coty Inc., 1M LIBOR + 2.250%		3.96			4/7/2025		1,184,963		1,144,279		1,159,284
Personal Transportation — 0.2%*:
Kestrel Bidco, Inc., 1M LIBOR + 3.000%		4.72			12/11/2026		408,263		406,237		411,545
Printing and Publishing — 0.0%*:
Houghton Mifflin Harcourt Publishing Co., 1M LIBOR + 6.250%		8.04			11/22/2024		111,916		107,506		111,169
Retail Stores — 2.0%*:
Bass Pro Group, LLC, 1M LIBOR + 5.000%		6.80			9/25/2024		989,873		984,581		986,161
EG America LLC, 3M LIBOR + 4.000%(b)		5.96			2/7/2025		361,234		359,876		359,204
EG Group Ltd., EURIBOR + 4.000%(b)		4.00			2/6/2025		492,094		588,829		546,694
Harbor Freight Tools USA, Inc., 1M LIBOR + 2.500%		4.30			8/18/2023		1,000,000		1,000,000		995,350
Kirk Beauty One GmbH, EURIBOR + 3.500%(b)		3.25			8/12/2022		500,000		527,002		459,897
Kirk Beauty One GmbH, EURIBOR + 3.500%(b)		3.50			8/12/2022		500,001		524,020		469,365
Thom Europe S.A.S, EURIBOR + 4.250%(b)		4.25			8/7/2024		500,000		577,023		561,691
Total Retail Stores							4,343,202		4,561,331		4,378,362
Telecommunications — 2.5%*:
Banff Merger Sub, Inc., 3M LIBOR + 4.250%		6.05			10/2/2025		992,481		964,722		980,234
CommScope, Inc., 1M LIBOR + 3.250%		5.05			4/6/2026		997,500		997,500		1,002,797
ION Trading Technologies Sarl, EURIBOR + 3.250%		4.25			11/21/2024		1,086,146		1,248,558		1,164,273
ION Trading Technologies Sarl, 3M LIBOR + 4.000%		6.06			11/21/2024		282,073		276,517		270,084
Masmovil Holdphone SA, LIBOR + 3.250%(b)		2.63			5/7/2026		499,999		557,810		560,676
Syniverse Holdings, Inc., 1M LIBOR + 5.000%		6.85			3/9/2023		196,577		195,320		182,710
Syniverse Holdings, Inc., 1M LIBOR + 9.000%		10.85			3/11/2024		153,729		152,115		113,760
Virgin Media Bristol LLC, 1M LIBOR + 2.500%(b)		4.24			1/31/2028		217,394		216,862		218,617
Virgin Media SFA Finance Ltd., LIBOR — GBP + 3.250%(b)		3.96			11/15/2027		750,000		1,062,563		993,947
Total Telecommunications							5,175,899		5,671,967		5,487,098

See accompanying Notes to the Financial Statements.

103

Barings Global Credit Income Opportunities Fund 2019 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Utilities — 0.9%*:
Calpine Corp., LIBOR + 2.500%		4.20	%		1/15/2024		1,471,801		$1,468,153		$1,478,468
EFS Cogen Holdings I LLC, 3M LIBOR + 3.250%		5.16			6/28/2023		433,452		433,321		434,536
Total Utilities							1,905,253		1,901,474		1,913,004
Total Bank Loans							90,961,782		92,300,436		89,734,784
Corporate Bonds — 41.9%**:
Aerospace and Defense — 2.8%*:
Global Aircraft Leasing Co. Ltd.(c)		6.50			9/15/2024		2,000,000		2,000,000		2,086,900
TransDigm, Inc.(c)		5.50			11/15/2027		1,228,000		1,228,000		1,241,790
TransDigm, Inc.(c)		6.25			3/15/2026		954,000		954,000		1,032,810
Triumph Group, Inc.		5.25			6/1/2022		875,000		873,286		870,625
Triumph Group, Inc.(c)		6.25			9/15/2024		308,000		308,000		323,785
Triumph Group, Inc.		7.75			8/15/2025		750,000		793,367		782,025
Total Aerospace and Defense							6,115,000		6,156,653		6,337,935
Automobile — 1.7%*:
AA Bond Co. Ltd.(b)		5.50			7/31/2022		1,300,000		1,654,221		1,467,988
Garrett LX I Sarl/Garrett Borrowing LLC(b)		5.13			10/15/2026		500,000		521,147		566,481
Panther BF Aggregator 2 LP/Panther Finance Co., Inc.(c)		8.50			5/15/2027		1,000,000		1,035,769		1,062,500
RAC Bond Co. PLC(b)		5.00			11/6/2022		600,000		796,747		707,314
Total Automobile							3,400,000		4,007,884		3,804,283
Banking — 1.1%*:
Banco Daycoval SA(b)		4.25			12/13/2024		497,000		494,263		505,698
Nova Ljubljanska Banka dd(b)		3.65			11/19/2029		700,000		770,700		796,088
Sovcombank PJSC(b)		8.00			4/7/2030		1,070,000		1,070,000		1,106,797
Total Banking							2,267,000		2,334,963		2,408,583
Beverage, Food and Tobacco — 2.5%*:
Boparan Finance PLC(b)		4.38			7/15/2021		250,000		233,968		203,847
Boparan Finance PLC(b)		5.50			7/15/2021		1,300,000		1,733,309		1,253,395
JBS USA LUX SA/JBS USA Finance, Inc.(c)		5.75			6/15/2025		344,000		349,450		356,040
JBS USA LUX SA/JBS USA Finance, Inc.(c)		5.88			7/15/2024		651,000		662,131		669,879
JBS USA LUX SA/JBS USA Finance, Inc.(c)		6.75			2/15/2028		500,000		500,000		552,505
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.(c)		5.50			1/15/2030		586,000		585,435		629,423
NBM US Holdings, Inc.(b)		7.00			5/14/2026		750,000		783,172		812,257
Sunshine Mid BV(b)		6.50			5/15/2026		850,000		1,013,317		1,019,629
Total Beverage, Food and Tobacco							5,231,000		5,860,782		5,496,975

See accompanying Notes to the Financial Statements.

104

Barings Global Credit Income Opportunities Fund 2019 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Broadcasting and Entertainment — 1.7%*:
CSC Holdings LLC(c)		5.75	%		1/15/2030		455,000		$472,882		$485,713
CSC Holdings LLC(c)		7.50			4/1/2028		386,000		386,000		436,180
Netflix, Inc.		3.63			6/15/2030		500,000		556,600		576,273
Netflix, Inc.(c)		4.88			6/15/2030		319,000		319,000		323,984
Tele Columbus AG(b)		3.88			5/2/2025		900,000		962,487		984,494
Telecom Argentina SA(b)		8.00			7/18/2026		305,000		301,201		292,803
Terrier Media Buyer, Inc.(c)		8.88			12/15/2027		376,000		376,000		397,620
VTR Finance BV(b),(c)		6.88			1/15/2024		224,000		220,440		229,040
Total Broadcasting and Entertainment							3,465,000		3,594,610		3,726,107
Buildings and Real Estate — 1.9%*:
Kaisa Group Holdings Ltd.(b)		10.88			7/23/2023		1,000,000		996,399		1,004,884
Mattamy Group Corp.(b),(c)		6.50			10/1/2025		521,000		547,623		556,168
Powerlong Real Estate Holdings Ltd.(b)		6.95			7/23/2023		1,445,000		1,431,610		1,441,884
Ukraine Railways Via Shortline PLC(b)		9.88			9/15/2021		200,000		205,008		207,500
Yuzhou Properties Co. Ltd.(b)		8.50			2/26/2024		1,000,000		1,024,043		1,039,375
Total Buildings and Real Estate							4,166,000		4,204,683		4,249,811
Cargo Transport — 1.0%*:
Kenan Advantage Group, Inc.(c)		7.88			7/31/2023		1,367,000		1,367,000		1,336,817
Mersin Uluslararasi Liman Isletmeciligi AS(b)		5.38			11/15/2024		445,000		443,591		457,410
XPO Logistics, Inc.(c)		6.13			9/1/2023		520,000		515,347		536,796
Total Cargo Transport							2,332,000		2,325,938		2,331,023
Chemicals, Plastics and Rubber — 0.9%*:
Braskem Idesa SAPI(b)		7.45			11/15/2029		1,000,000		996,610		1,062,500
Consolidated Energy Finance SA(c)		6.88			6/15/2025		874,000		892,550		834,670
Pinnacle Operating Corp.(c)		9.00			5/15/2023		453,953		517,459		167,963
Total Chemicals, Plastics and Rubber							2,327,953		2,406,619		2,065,133
Containers, Packaging and Glass — 0.5%*:
Mauser Packaging Solutions Holding Co.		4.75			4/15/2024		950,000		1,094,825		1,102,698
Diversified/Conglomerate Manufacturing — 0.5%*:
Amsted Industries, Inc.(c)		4.63			5/15/2030		422,000		422,000		425,051
Appvion ESC, 3M EURIBOR + 4.125%(a)		9.00	(d)		6/1/2020		500,000		501,298		–
Fabric BC SpA, 3M EURIBOR + 4.125%(b)		4.13	(d)		11/30/2024		150,000		170,844		168,390
Mangrove Luxco III Sarl(b)		7.78			10/9/2025		300,000		313,157		316,319
Trivium Packaging Finance BV(b),(c)		8.50			8/15/2027		200,000		200,000		222,500
Total Diversified/Conglomerate Manufacturing							1,572,000		1,607,299		1,132,260

See accompanying Notes to the Financial Statements.

105

Barings Global Credit Income Opportunities Fund 2019 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Diversified/Conglomerate Service — 2.3%*:
Algeco Global Finance PLC(b)		6.50	%		2/15/2023		950,000		$1,119,950		$1,062,951
Carlson Travel, Inc.(c)		6.75			12/15/2023		1,337,000		1,352,488		1,363,740
EIG Investors Corp.		10.88			2/1/2024		396,000		416,717		395,010
Verisure Midholding AB(b)		5.75			12/1/2023		2,050,000		2,400,521		2,365,595
Total Diversified/Conglomerate Service							4,733,000		5,289,676		5,187,296
Electronics — 1.7%*:
TIBCO Software, Inc.(c)		11.38			12/1/2021		1,881,000		1,976,707		1,949,280
Veritas US, Inc./Veritas Bermuda Ltd.(c)		7.50			2/1/2023		544,000		566,588		542,640
Veritas US, Inc./Veritas Bermuda Ltd.(c)		10.50			2/1/2024		1,419,000		1,452,192		1,312,575
Total Electronics							3,844,000		3,995,487		3,804,495
Finance — 3.9%*:
Alliance Data Systems Corp.(c)		4.75			12/15/2024		1,500,000		1,501,868		1,496,250
Cabot Financial Luxembourg SA(b)		7.50			10/1/2023		650,000		896,957		893,380
Garfunkelux Holdco 3 S.A., 3M EURIBOR + 4.500%(b)		4.50	(d)		9/1/2023		200,000		214,689		203,028
Garfunkelux Holdco 3 S.A.(b)		8.50			11/1/2022		1,100,000		1,360,494		1,435,568
Icahn Enterprises LP/Icahn Enterprises Finance Corp.(c)		4.75			9/15/2024		500,000		500,000		513,750
Icahn Enterprises LP/Icahn Enterprises Finance Corp.		6.75			2/1/2024		1,162,000		1,162,000		1,205,575
Jerrold Finco PLC(b)		6.13			1/15/2024		650,000		822,788		889,618
Muthoot Finance Ltd.(b)		6.13			10/31/2022		685,000		685,000		711,829
Petra Diamonds US Treasury PLC(b)		7.25			5/1/2022		500,000		492,572		315,625
Springleaf Finance Corp.		5.38			11/15/2029		438,000		438,000		457,184
Wanda Properties Overseas Ltd.(b)		6.95			12/5/2022		595,000		588,456		592,754
Total Finance							7,980,000		8,662,824		8,714,561
Healthcare, Education and Childcare — 4.3%*:
Advanz Pharma Corp.(b)		8.00			9/6/2024		500,000		476,591		472,500
Bausch Health Americas., Inc.(c)		8.50			1/31/2027		415,000		421,594		472,602
Bausch Health Cos., Inc.(c)		6.13			4/15/2025		1,232,000		1,080,480		1,272,939
Bausch Health Cos., Inc.(c)		9.00			12/15/2025		165,000		163,146		187,638
Bausch Health Cos., Inc.(c)		5.00			1/30/2028		204,000		204,000		209,384
Bausch Health Cos., Inc.(c)		5.25			1/30/2030		200,000		200,000		207,400
Centene Corp.(c)		4.25			12/15/2027		285,000		282,624		293,194
Centene Corp.(c)		4.63			12/15/2029		605,000		617,587		636,067
Cream Tech(b)		5.25			12/15/2025		650,000		760,785		761,218
Envision Healthcare Corp.(c)		8.75			10/15/2026		1,492,000		1,433,586		925,040
Nidda BondCo GmbH(b)		7.25			9/30/2025		500,000		589,424		601,231
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA(c)		6.63			5/15/2022		1,185,000		1,141,631		1,177,594
Par Pharmaceutical, Inc.(c)		7.50			4/1/2027		708,000		708,000		704,460
Rossini Sarl(b)		6.75			10/30/2025		300,000		349,421		374,367

See accompanying Notes to the Financial Statements.

106

Barings Global Credit Income Opportunities Fund 2019 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Healthcare, Education and Childcare (Continued)
Synlab Unsecured Bondco PLC(b)		8.25	%		7/1/2023		750,000		$923,399		$881,235
Unilabs Subholding AB(b)		5.75			5/15/2025		400,000		478,959		464,186
Total Healthcare, Education and Childcare							9,591,000		9,831,227		9,641,055
Home and Office Furnishings, Housewares, and Durable Consumer Products — 0.4%*:
LSF9 Balta Issuer Sarl(b)		7.75			9/15/2022		769,500		927,337		819,128
Hotels, Motels, Inns and Gaming — 0.6%*:
ESH Hospitality, Inc.(c)		4.63			10/1/2027		396,000		396,000		400,950
TVL Finance PLC, 3M GBP LIBOR + 5.375%(b)		6.16	(d)		7/15/2025		500,000		632,095		664,783
Wynn Macau Ltd.(b),(c)		5.13			12/15/2029		270,000		270,000		275,538
Total Hotels, Motels, Inns and Gaming							1,166,000		1,298,095		1,341,271
Insurance — 0.3%*:
Acrisure LLC/Acrisure Finance, Inc.(c)		7.00			11/15/2025		500,000		481,471		482,500
Acrisure LLC/Acrisure Finance, Inc.(c)		8.13			2/15/2024		105,000		105,000		114,188
Total Insurance							605,000		586,471		596,688
Leisure, Amusement, Entertainment — 0.8%*:
AMC Entertainment Holdings, Inc.		6.38			11/15/2024		1,300,000		1,683,966		1,690,295
Motion Bondco DAC(b)		4.50			11/15/2027		100,000		110,755		117,723
Total Leisure, Amusement, Entertainment							1,400,000		1,794,721		1,808,018
Machinery Non-Agriculture, Non-Construction, Non-Electronic — 0.7%*:
Apex Tool Group LLC/BC Mountain Finance, Inc.(c)		9.00			2/15/2023		578,000		575,593		518,755
Briggs & Stratton Corp.		6.88			12/15/2020		514,000		505,199		508,860
Novafives SAS(b)		5.00			6/15/2025		550,000		592,393		550,614
Total Machinery Non-Agriculture, Non-Construction, Non-Electronic							1,642,000		1,673,185		1,578,229
Mining, Steel, Iron and Non-Precious Metals — 2.5%*:
First Quantum Minerals Ltd.(b),(c)		6.50			3/1/2024		1,606,000		1,560,079		1,610,015
First Quantum Minerals Ltd.(b),(c)		7.00			2/15/2021		268,000		268,976		268,670
First Quantum Minerals Ltd.(b),(c)		7.50			4/1/2025		859,000		828,917		878,327
Metinvest BV(b)		8.50			4/23/2026		200,000		213,569		215,248
Northwest Acquisitions ULC/Dominion Finco, Inc.(b),(c)		7.13			11/1/2022		1,500,000		1,524,733		1,125,000
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp.(c)		7.50			6/15/2025		608,000		601,304		584,695
Warrior Met Coal, Inc.(c)		8.00			11/1/2024		840,000		850,264		852,600
Total Mining, Steel, Iron and Non-Precious Metals							5,881,000		5,847,842		5,534,555

See accompanying Notes to the Financial Statements.

107

Barings Global Credit Income Opportunities Fund 2019 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Oil and Gas — 2.7%*:
Calumet Specialty Products Partners LP/Calumet Finance Corp.		7.63	%		1/15/2022		683,000		$662,600		$683,000
Calumet Specialty Products Partners LP/Calumet Finance Corp.(c)		11.00			4/15/2025		500,000		500,000		543,750
Hilcorp Energy I LP/Hilcorp Finance Co.(c)		6.25			11/1/2028		1,000,000		1,000,000		950,000
Jonah Energy LLC/Jonah Energy Finance Corp.(c)		7.25			10/15/2025		891,000		875,875		262,845
KCA Deutag UK Finance PLC(b),(c)		9.63			4/1/2023		250,000		250,000		170,000
KCA Deutag UK Finance PLC(b),(c)		9.88			4/1/2022		600,000		614,597		408,000
MV24 Capital BV(b)		6.75			6/1/2034		899,287		899,287		949,916
PBF Holding Co. LLC/PBF Finance Corp.		7.25			6/15/2025		1,022,000		1,052,439		1,090,985
YPF Energia Electrica SA(b)		10.00			7/25/2026		1,075,000		1,062,380		920,469
Total Oil and Gas							6,920,287		6,917,178		5,978,965
Personal Transportation — 0.1%*:
Naviera Armas S.A., 3M EURIBOR + 6.500%(b)		6.50	(d)		7/31/2023		250,000		290,454		215,932
Personal, Food and Miscellaneous — 0.2%*:
Walnut Bidco PLC(b)		6.75			8/1/2024		397,000		441,643		475,240
Retail Stores — 1.0%*:
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(c)		5.88			2/15/2028		259,000		259,000		275,187
Arabian Centres Sukuk Ltd.(b)		5.38			11/26/2024		500,000		500,000		511,250
House of Fraser Funding PLC, 3M GBP LIBOR + 5.750%(b)		6.53	(d)		9/15/2020		150,000		217,106		4,967
Takko Luxembourg 2 SCA(b)		5.38			11/15/2023		550,000		619,916		605,312
Travelex Financing PLC(b)		8.00			5/15/2022		750,000		846,637		860,204
Total Retail Stores							2,209,000		2,442,659		2,256,920
Telecommunications — 4.3%*:
Altice Finco S.A.(b)		9.00			6/15/2023		500,000		591,340		581,102
C&W Senior Financing DAC(b)		6.88			9/15/2027		750,000		776,037		801,998
CenturyLink, Inc.(c)		5.13			12/15/2026		540,000		540,000		549,520
CommScope Finance LLC(c)		8.25			3/1/2027		500,000		476,686		526,250
CommScope, Inc.(c)		5.50			3/1/2024		290,000		290,000		302,325
DKT Finance ApS(b)		7.00			6/17/2023		1,025,000		1,206,321		1,216,874
Hughes Satellite Systems Corp.		5.25			8/1/2026		1,000,000		1,054,309		1,097,500
IHS Netherlands Holdco BV(b)		8.00			9/18/2027		750,000		750,000		793,125
Sprint Capital Corp.		6.88			11/15/2028		800,000		785,030		862,000
Sprint Capital Corp.		8.75			3/15/2032		500,000		612,361		606,875
Sprint Corp.		7.63			3/1/2026		1,250,000		1,287,900		1,378,500
Telecom Italia SpA/Milano(b)		3.63			5/25/2026		650,000		742,058		805,582
Total Telecommunications							8,555,000		9,112,042		9,521,651

See accompanying Notes to the Financial Statements.

108

Barings Global Credit Income Opportunities Fund 2019 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Utilities — 1.5%*:
Calpine Corp.(c)		4.50	%		2/15/2028		636,000		$636,000		$641,641
Mong Duong Finance Holdings BV(b)		5.13			5/7/2029		635,000		635,000		649,861
Techem Verwaltungsgesellschaft 674 mbH(b)		6.00			7/30/2026		1,000,000		1,142,604		1,210,034
Viridian Group Finance Co. PLC/Viridian Power & Energy(b)		4.75			9/15/2024		600,000		801,983		806,419
Total Utilities							2,871,000		3,215,587		3,307,955
Total Corporate Bonds							90,639,740		95,920,684		93,436,767
Total Fixed Income							203,926,522		209,867,946		202,934,169
Total Investments							223,659,156		211,664,826		204,054,549
Other assets and liabilities — 8.5%*											18,970,401
Net Assets — 100.0%											$223,024,950

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

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

(a) For fair value measurement disclosure purposes, security is categorized as Level 3 (See Note 2).

(b) 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	62.7%
United Kingdom	8.8%
Germany	5.5%
Netherlands	3.4%
China	2.0%
France	2.0%
Canada	1.9%
Ireland	1.7%
Sweden	1.4%
Zambia	1.3%
Brazil	1.1%
Spain	1.0%
Other (Individually less than 1%)	7.2%
Total	100.0%

(c) 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.

(d) Variable rate security. The interest rate shown is the rate in effect at December 31, 2019.

See accompanying Notes to the Financial Statements.

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December 31, 2019 (Unaudited)

(e) 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, 2019. 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.

Forward Foreign Currency Exchange Contracts to Buy

EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION
1/14/20	Bank of America N.A.		EUR	3,130,026	$	3,513,355	$	3,469,630	$	43,725
1/14/20	Bank of America N.A.		GBP	1,752,108		2,321,581		2,288,786		32,795
Net unrealized appreciation on forward foreign currency exchange contracts to buy									$	76,520

Forward Foreign Currency Exchange Contracts to Sell

EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED DEPRECIATION
1/14/20	JPMorgan Chase Bank N.A.		EUR	36,240,481	$	40,678,778	$	40,149,582	$	(529,196	)
1/14/20	Bank of America N.A.		EUR	641,870		720,479		713,694		(6,785	)
1/14/20	Credit Suisse International		EUR	200,762		225,349		223,544		(1,805	)
1/14/20	Barclays Bank plc		GBP	11,511,396		15,252,846		15,118,216		(134,630	)
1/14/20	Bank of America N.A.		GBP	202,260		267,999		261,467		(6,532	)
Net unrealized depreciation on forward foreign currency exchange contracts to sell									$	(678,948	)

See accompanying Notes to the Financial Statements.

110

Barings Active Short Duration Bond Fund 2019 Semi-Annual Report

SCHEDULE OF INVESTMENTS

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Fixed Income — 95.8%*:
Asset-Backed Securities — 43.2%*:
CDO/CLO — 6.2%*:
Ares XXXIV CLO Ltd., 3M USD LIBOR + 1.500%(a)		3.43	(b)%		7/29/2026		1,500,000		$1,498,632		$1,495,101
Avant Loans Funding Trust 2019-A(a)		3.48			7/15/2022		1,094,178		1,094,124		1,098,598
Bain Capital Credit CLO Ltd. 2016-2, 3M USD LIBOR + 1.800%(a)		3.80	(b)		1/15/2029		1,500,000		1,500,000		1,501,412
Benefit Street Partners CLO X Ltd., 3M USD LIBOR + 1.750%(a)		3.75	(b)		1/15/2029		2,200,000		2,200,000		2,196,058
BlueMountain CLO 2013-1 Ltd., 3M USD LIBOR + 1.230%(a)		3.20	(b)		1/20/2029		2,500,000		2,500,000		2,500,122
Castlelake Aircraft Securitization Trust 2018-1(a)		4.13			6/15/2043		2,089,094		2,090,181		2,123,629
CBAM 2017-3 Ltd.(a)		3.70			10/17/2029		1,500,000		1,494,390		1,493,927
CBAM 2018-6 Ltd., 3M USD LIBOR + 1.270%(a)		3.16	(b)		1/15/2031		2,500,000		2,500,000		2,499,837
CIFC Funding 2015-IV Ltd.(a)		3.82			10/20/2027		1,900,000		1,897,550		1,902,500
CIFC Funding 2017-III Ltd., 3M USD LIBOR + 1.220%(a)		3.19	(b)		7/20/2030		1,500,000		1,499,263		1,497,026
Denali Capital CLO Ltd. 2013 1A A1LR, 3M USD LIBOR + 1.050%(a)		2.99	(b)		10/26/2027		2,420,000		2,420,000		2,420,024
Elmwood CLO II Ltd., 3M USD LIBOR + 1.450%(a)		3.42	(b)		4/20/2031		1,650,000		1,650,000		1,655,310
FCI Funding 2019-1 LLC(a)		3.63			2/18/2031		536,051		535,964		538,323
Galaxy XX CLO Ltd., 3M USD LIBOR + 1.000%(a)		2.97	(b)		4/20/2031		1,200,000		1,200,000		1,188,206
Hertz Vehicle Financing LLC 2018-3(a)		4.37			7/25/2024		620,000		621,202		646,296
Kestrel Aircraft Funding Ltd.(a),(c)		4.25			12/15/2038		3,615,067		3,683,883		3,674,038
KREF Ltd. 2018-FL1 AS, 1M USD LIBOR + 1.350%(a)		3.09	(b)		6/15/2036		2,380,000		2,380,000		2,379,993
LCM Ltd. Partnership 07/27, 3M USD LIBOR + 1.750%(a)		3.75	(b)		7/15/2027		2,000,000		2,000,000		2,000,150
Madison Park Funding Ltd., 3M USD LIBOR + 1.750%(a)		3.70	(b)		1/22/2028		1,500,000		1,500,000		1,495,251
Madison Park Funding XXIII Ltd., 3M USD LIBOR + 1.700%(a)		3.64	(b)		7/27/2030		1,825,000		1,823,696		1,825,091
Madison Park Funding XXVI Ltd., 3M USD LIBOR + 1.200% (a)		3.13	(b)		7/29/2030		2,000,000		1,997,175		2,000,084
Magnetite XVIII Ltd., 3M USD LIBOR + 1.080%(a)		2.99	(b)		11/15/2028		355,000		353,781		354,657
Neuberger Berman CLO XX Ltd. 2015-20A BR, 3M USD LIBOR + 1.250%(a)		3.25	(b)		1/15/2028		2,600,000		2,589,264		2,575,212
OCP CLO Ltd. 2015-8A A2AR, 3M USD LIBOR + 1.450%(a)		3.45	(b)		4/17/2027		900,000		900,000		900,284

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (Continued)
CDO/CLO (Continued)
Palmer Square CLO 2015-1 Ltd., 3M USD LIBOR + 1.650%(a)		3.54	(b)%		5/21/2029		700,000		$700,000		$700,369
Recette Clo Ltd., 3M USD LIBOR + 1.700%(a)		3.67	(b)		10/20/2027		1,034,000		1,030,939		1,034,026
Riserva Clo Ltd., 3M USD LIBOR + 1.700%(a)		3.70	(b)		10/18/2028		2,750,000		2,750,000		2,748,702
Rockford Tower CLO Ltd. 2017-3, 3M USD LIBOR + 1.190%(a)		3.16	(b)		10/20/2030		1,250,000		1,250,000		1,247,851
RR 3 Ltd. Series 2018-3 A A1R2, 3M USD LIBOR + 1.090%(a)		3.09	(b)		1/15/2030		1,625,000		1,619,335		1,611,202
RR 6 Ltd.(a)		3.92			4/15/2030		1,750,000		1,750,520		1,750,691
Salem Fields CLO Ltd. 2016-2, 3M USD LIBOR + 1.150%(a)		3.09	(b)		10/25/2028		2,000,000		1,997,592		1,988,876
Securitized Equipment Receivables		3.76			10/11/2024		550,000		549,990		550,556
Securitized Equipment Receivables		4.20			10/11/2024		610,000		609,969		611,841
Treman Park CLO Ltd. 2015-1A ARR, 3M USD LIBOR + 1.070%(a)		3.04	(b)		10/20/2028		1,170,000		1,170,000		1,170,167
Total CDO/CLO							55,323,390		55,357,450		55,375,410
Other Asset-Backed Securities — 37.0%*:
321 Henderson Receivables II LLC 2006-3A A1, 1M USD LIBOR + 0.200%(a)		1.94	(b)		9/15/2041		105,280		102,517		102,456
AASET 2017-1 Trust(a)		3.97			5/16/2042		788,613		789,246		795,074
AASET US Ltd. 2018-2 A(a)		4.45			11/18/2038		1,740,698		1,751,695		1,774,098
Access Group, Inc. 2015-1 B, 1M USD LIBOR + 1.500%(a)		3.29	(b)		7/25/2058		100,000		86,743		94,297
AccessLex Institute 2002-A A2, 28 Day ARS		3.06	(b)		9/25/2037		500,000		487,818		489,496
AccessLex Institute 2004-A A3		3.27			7/1/2039		650,000		638,589		640,106
Adams Outdoor Advertising LP(a)		4.81			11/15/2048		1,140,975		1,155,705		1,183,919
American Credit Acceptance Receivables Trust 2017-4 C(a)		2.94			1/10/2024		828,743		828,723		829,802
American Credit Acceptance Receivables Trust 2019-1(a)		3.50			4/14/2025		2,650,000		2,649,571		2,686,304
AmeriCredit Automobile Receivables Trust 2019-3		2.58			9/18/2025		2,120,000		2,119,614		2,113,197
Arbys Funding LLC 2015-1A A2(a)		4.97			10/30/2045		76,800		76,800		78,754
Argent Securities, Inc. Asset-Backed Pass-Through Certificates 2004-W10 M1, 1M USD LIBOR + 0.900%		2.69	(b)		10/25/2034		211,627		194,260		210,610
ARI Fleet Lease Trust 2016-A A3(a)		2.11			7/15/2024		51,955		51,949		51,994
Ascentium Equipment Receivables 2019-2(a)		3.78			5/10/2027		2,647,000		2,646,200		2,628,525
Ascentium Equipment Receivables Trust 2018-2 B(a)		3.76			5/10/2024		1,418,000		1,417,979		1,461,302
Ascentium Equipment Receivables Trust 2018-2 B(a)		5.18			7/10/2026		2,723,000		2,732,436		2,813,642
Ascentium Equipment Receivables Trust 2019-1(a)		3.47			5/12/2025		683,000		682,797		693,747

See accompanying Notes to the Financial Statements.

112

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (Continued)
Other Asset-Backed Securities (Continued)
Ascentium Equipment Receivables Trust 2019-1(a)		4.31	%		4/12/2027		430,000		$438,319		$440,176
Avis Budget Rental Car Funding AESOP LLC(a)		3.55			9/22/2025		3,234,000		3,233,368		3,332,672
Avis Budget Rental Car Funding AESOP LLC(a)		3.70			3/20/2023		344,000		343,990		351,004
Avis Budget Rental Car Funding AESOP LLC(a)		4.15			9/20/2023		1,200,000		1,228,820		1,225,931
Avis Budget Rental Car Funding AESOP LLC(a)		4.53			3/20/2023		738,000		739,022		755,415
Avis Budget Rental Car Funding AESOP LLC(a)		4.73			9/20/2024		2,080,000		2,184,309		2,174,992
Bank of The West Auto Trust 2019-1(a)		2.90			4/15/2025		1,062,000		1,061,709		1,070,495
BRE Grand Islander Timeshare Issuer LLC 2017-1A A(a)		2.94			5/25/2029		152,915		152,884		153,017
BRE Grand Islander Timeshare Issuer LLC 2017-1A B(a)		3.24			5/25/2029		125,930		125,915		126,153
BRE Grand Islander Timeshare Issuer LLC 2019-A(a)		3.78			9/26/2033		1,186,209		1,186,168		1,210,661
CAL Funding III Ltd.(a)		4.34			9/25/2043		507,500		507,445		515,629
Canadian Pacer Auto Receivables Trust 2018-2(a),(c)		3.63			1/19/2024		470,000		469,982		480,322
Capital Automotive LLC 2017-1A A1(a)		3.87			4/15/2047		293,228		293,147		294,667
Carmax Auto Owner Trust 2019-2		3.41			10/15/2025		615,000		614,966		625,095
Carmax Auto Owner Trust 2019-4		2.80			4/15/2026		2,159,000		2,158,713		2,144,988
Carvana Auto Receivables Trust 2019-4(a)		3.07			7/15/2025		3,547,000		3,546,952		3,539,805
Castlelake Aircraft Securitization Trust 2019-1A(a)		3.97			4/15/2039		882,955		882,955		891,343
Castlelake Aircraft Securitization Trust 2019-1A(a)		5.10			4/15/2039		893,299		902,069		900,474
Cazenovia Creek Funding I LLC 2015-1A A(a)		2.00			12/10/2023		254		252		253
Centex Home Equity Loan Trust 2006-A AV4, 1M USD LIBOR + 0.250%		2.04	(b)		6/25/2036		51,931		50,853		51,702
Chase Education Loan Trust, 3M USD LIBOR + 0.220%		2.18	(b)		6/28/2040		648,935		614,475		582,567
CLI Funding V LLC(a)		3.38			10/18/2029		1,922,429		1,916,592		1,919,813
CLI Funding V LLC 2013-1A(a)		2.83			3/18/2028		1,621,800		1,594,265		1,612,626
CLI Funding V LLC 2013-2A(a)		3.22			6/18/2028		691,925		685,549		691,214
CLI Funding V LLC 2014-1A A(a)		3.29			6/18/2029		4,355,266		4,356,677		4,361,508
CLI Funding VI LLC(a)		3.71			5/18/2044		1,057,879		1,057,879		1,060,465
CLI Funding VI LLC 2017-1A A(a)		3.62			5/18/2042		1,447,066		1,449,910		1,438,306
College Avenue Student Loans LLC, 1M USD LIBOR + 1.650%(a)		3.44	(b)		11/26/2046		999,306		1,000,540		1,003,651
College Avenue Student Loans LLC(a)		3.81			12/28/2048		1,351,000		1,350,874		1,352,080
College Avenue Student Loans LLC 2018-A, 1M USD LIBOR + 1.200%(a)		2.99	(b)		12/26/2047		945,476		945,476		939,996
College Loan Corp. Trust I 2005-2 B, 3M USD LIBOR + 0.490%		2.48	(b)		1/15/2037		145,823		130,027		133,444
Commonbond Student Loan Trust 2016-B A1(a)		2.73			10/25/2040		905,185		908,637		911,811

See accompanying Notes to the Financial Statements.

113

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (Continued)
Other Asset-Backed Securities (Continued)
Commonbond Student Loan Trust 2017-A-GS(a)		3.47	%		5/25/2041		1,213,010		$1,196,511		$1,226,113
Commonbond Student Loan Trust 2017-A-GS(a)		5.28			5/25/2041		162,010		161,991		168,735
Commonbond Student Loan Trust 2018-A-GS(a)		3.82			2/25/2044		198,402		198,359		202,562
Commonbond Student Loan Trust 2018-BGS(a)		4.12			9/25/2045		195,406		195,381		200,503
Commonbond Student Loan Trust 2018-C-GS(a)		4.35			2/25/2046		222,272		222,251		224,176
Commonbond Student Loan Trust 2019-A-GS(a)		3.04			1/25/2047		2,489,000		2,488,372		2,472,341
Credit Suisse ABS Repackaging Trust 2013-A B(a)		2.50			1/25/2030		32,783		31,507		31,758
DB Master Finance LLC(a)		3.79			5/20/2049		942,265		942,265		953,338
DB Master Finance LLC(a)		4.02			5/20/2049		1,113,405		1,113,405		1,135,363
DB Master Finance LLC(a)		4.03			11/20/2047		980,000		947,939		1,004,088
Diamond Resorts Owner Trust 2016-1 A(a)		3.08			11/20/2028		257,955		257,955		258,925
Diamond Resorts Owner Trust 2018-1(a)		3.70			1/21/2031		362,163		362,163		370,531
Diamond Resorts Owner Trust 2019-1(a)		2.89			2/20/2032		1,882,904		1,882,659		1,880,873
Domino’s Pizza Master Issuer LLC(a)		4.12			7/25/2048		651,750		651,750		666,466
Domino’s Pizza Master Issuer LLC 2017-1 A(a)		3.08			7/25/2047		3,630,900		3,565,503		3,633,047
DRB Prime Student Loan Trust 2016-R A2(a)		3.07			10/25/2044		1,249,259		1,247,064		1,243,731
Drive Auto Receivables Trust		3.66			11/15/2024		450,000		449,936		454,229
Drive Auto Receivables Trust 2019-1		3.78			4/15/2025		2,625,000		2,624,833		2,668,189
Drive Auto Receivables Trust 2019-4		2.70			2/16/2027		1,983,000		1,982,953		1,977,839
DT Auto Owner Trust 2019-1(a)		3.61			11/15/2024		1,460,000		1,459,869		1,484,608
Earnest Student Loan Program 2017-A LLC(a)		3.59			1/25/2041		861,269		860,639		870,333
Earnest Student Loan Program LLC 2016-C A2(a)		2.68			7/25/2035		148,804		148,049		149,064
Earnest Student Loan Program LLC 2016-D A2(a)		2.72			1/25/2041		162,517		162,471		162,344
ECMC Group Student Loan Trust 2016-1A A, 1M USD LIBOR + 1.350%(a)		3.14	(b)		7/26/2066		375,376		375,376		377,277
ECMC Group Student Loan Trust 2017-1A A, 1M USD LIBOR + 1.200%(a)		2.99	(b)		12/27/2066		2,457,485		2,459,644		2,457,482
ECMC Group Student Loan Trust 2018-1, 1M USD LIBOR + 0.750%(a)		2.54	(b)		2/27/2068		1,224,061		1,224,061		1,201,131
ECMC Group Student Loan Trust 2018-2, 1M USD LIBOR + 0.800%(a)		2.59	(b)		9/25/2068		866,408		865,849		851,333
EdLinc Student Loan Funding Trust 2017-A A, Prime — 1.150%(a)		4.35	(b)		12/1/2047		1,223,524		1,215,322		1,206,400

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (Continued)
Other Asset-Backed Securities (Continued)
Educational Funding of the South, Inc., 3M USD LIBOR + 0.650%		2.59	(b)%		4/25/2035		1,162,033		$1,156,206		$1,150,744
EDvestinU Private Education Loan Issue No 1 LLC(a)		3.58			11/25/2038		1,778,832		1,778,529		1,840,955
Elara HGV Timeshare Issuer 2016-A LLC(a)		3.22			4/25/2028		632,109		626,515		630,380
Elara HGV Timeshare Issuer LLC 2014-A B(a)		3.02	(d)		2/25/2027		11,708		11,636		11,712
Elara HGV Timeshare Issuer LLC 2016-A A(a)		2.73			4/25/2028		916,724		901,767		916,713
Elara HGV Timeshare Issuer LLC 2017-A(a)		2.96			3/25/2030		1,473,191		1,462,578		1,466,295
Elara HGV Timeshare Issuer LLC 2017-A A(a)		2.69			3/25/2030		264,675		264,655		265,298
Elara HGV Timeshare Issuer LLC 2019-A(a)		3.45			1/25/2034		2,924,924		2,924,222		2,911,443
ELFI Graduate Loan Program LLC 2018-A, 1M USD LIBOR + 0.750%(a)		2.54	(b)		8/25/2042		1,331,494		1,331,005		1,327,159
ELFI Graduate Loan Program LLC 2018-A(a)		4.00			8/25/2042		460,000		451,329		472,826
Exeter Automobile Receivables Eart 2019 1A(a)		4.13			12/16/2024		7,435,000		7,736,729		7,678,106
Exeter Automobile Receivables Trust 2019-1A B(a)		3.45			2/15/2023		935,000		934,974		942,305
Exeter Automobile Receivables Trust 2019-3(a)		3.11			8/15/2025		1,545,000		1,544,683		1,555,382
First Franklin Mortgage Loan Trust 2004-FFH4 M5, 1M USD LIBOR + 1.575%		3.37	(b)		1/25/2035		128,064		128,575		128,393
First Investors Auto Owner Trust 2017-3A B(a)		2.72			4/17/2023		560,000		559,974		562,745
Flagship Credit Auto Trust 2017-4(a)		3.58			1/15/2024		3,500,000		3,579,791		3,567,394
Flagship Credit Auto Trust 2017-4 C(a)		2.92			11/15/2023		1,140,000		1,139,298		1,149,388
Flagship Credit Auto Trust 2019-1(a)		3.60			2/18/2025		2,175,000		2,176,528		2,224,172
Global SC Finance II SRL 2014-1A A1(a),(c)		3.19			7/17/2029		142,083		142,059		141,928
GLS Auto Receivables Trust 2018-3 A(a)		3.35			8/15/2022		215,866		215,862		216,728
Goal Capital Funding Trust 2010-1 A, 3M USD LIBOR + 0.700%(a)		2.61	(b)		8/25/2048		126,372		121,544		126,776
Goal Structured Solution Trust 2015-1 B, 1M USD LIBOR + 1.500%(a)		3.29	(b)		9/25/2043		100,000		77,214		98,548
Goodgreen 2019-2(a),(e)		2.76			10/15/2054		2,335,914		2,335,914		2,336,290
Goodgreen Trust 2016-1 A(a)		3.23			10/15/2052		776,969		767,917		790,395
Goodgreen Trust 2018-1(a)		3.93			10/15/2053		3,396,330		3,434,572		3,543,423
Goodgreen Trust 2019-1(a)		3.86			10/15/2054		2,784,165		2,784,660		2,902,496
HERO Funding Trust 2015-1A A(a)		3.84			9/21/2040		510,616		519,377		524,642
HERO Funding Trust 2016-4A A1(a)		3.57			9/20/2047		228,074		227,988		233,594
HERO Funding Trust 2017-2A A1(a)		3.28			9/20/2048		86,324		86,313		87,294
HERO Funding Trust 2017-2A A2(a)		4.07			9/20/2048		67,826		69,443		69,541
HERO Funding Trust 2017-3A A1(a)		3.19			9/20/2048		577,845		577,657		576,211
HERO Funding Trust 2018-1(a)		4.67			9/20/2048		911,961		930,316		948,780
Hertz Fleet Lease Funding LP(a)		3.44			1/10/2033		2,625,000		2,624,592		2,642,755
Hertz Vehicle Financing II LP(a)		3.29			7/25/2022		1,000,000		989,868		1,004,960
Hertz Vehicle Financing II LP(a)		3.52			3/25/2021		900,000		897,753		901,947

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (Continued)
Other Asset-Backed Securities (Continued)
Hertz Vehicle Financing II LP(a)		3.56	%		10/25/2021		2,300,000		$2,287,711		$2,313,509
Hertz Vehicle Financing II LP(a)		3.60			2/25/2024		5,820,000		5,923,680		5,927,316
Hertz Vehicle Financing II LP(a)		4.20			10/25/2023		7,250,000		7,573,336		7,501,639
Hertz Vehicle Financing II LP(a)		5.97			3/25/2022		3,478,000		3,569,743		3,555,812
Higher Education Funding I 2004-1 B1, 28 Day ARS(a)		3.29	(b)		1/1/2044		950,000		836,385		829,459
Hilton Grand Vacations Trust 2017-AA B(a)		2.96	(d)		12/26/2028		586,370		588,015		588,864
Hilton Grand Vacations Trust 2018-A(a)		3.54			2/25/2032		314,921		314,914		324,025
Hilton Grand Vacations Trust 2019-A(a)		2.84			7/25/2033		2,490,686		2,490,686		2,480,960
Horizon Aircraft Finance I Ltd. 2018-1 A(a)		4.46			12/15/2038		455,053		455,044		467,163
KDAC Aviation Finance Ltd.(a)		4.21			12/15/2042		1,046,586		1,043,711		1,057,906
Laurel Road Prime Student Loan Trust 2017-B CFX(a)		3.61			8/25/2042		292,489		292,447		292,970
Laurel Road Prime Student Loan Trust 2017-C B(a)		2.95			11/25/2042		343,374		343,247		345,098
Laurel Road Prime Student Loan Trust 2019-A(a)		3.00			10/25/2048		855,000		854,929		850,650
Lendmark Funding Trust 2018-1(a)		3.81			12/21/2026		630,000		629,971		638,521
MACH 1 Cayman 2019-1 Ltd.(a)		3.47			10/15/2039		1,537,714		1,537,664		1,527,146
Mariner Finance Issuance Trust 2018-A(a)		4.20			11/20/2030		1,848,000		1,847,875		1,883,439
Marlette Funding Trust 2019-1(a)		3.44			4/16/2029		620,775		620,762		625,185
Marlette Funding Trust 2019-2(a)		3.13			7/16/2029		890,015		889,932		895,694
Marlette Funding Trust 2019-2(a)		3.53			7/16/2029		976,000		975,819		989,656
Mosaic Solar Loan Trust 2018-2-GS(a)		4.20			2/22/2044		491,404		491,327		508,949
Mosaic Solar Loans LLC 2017-1A A(a)		4.45			6/20/2042		74,239		74,219		77,130
MVW Owner Trust 2013-1A A(a)		2.15			4/22/2030		141,454		140,552		141,417
MVW Owner Trust 2015-1A A(a)		2.52			12/20/2032		19,175		19,174		19,167
Navient Private Education Loan Trust 2018-B, 1M USD LIBOR + 0.720%(a)		2.46	(b)		12/15/2059		320,000		320,000		319,003
Navient Private Education Refi Loan Trust 2019-A(a)		3.42			1/15/2043		4,995,000		5,089,499		5,105,562
Navient Student Loan Trust 2015-1 B, 1M USD LIBOR + 1.500%		3.29	(b)		7/25/2052		1,100,000		1,095,250		1,113,854
Navient Student Loan Trust 2016-5A A, 1M USD LIBOR + 1.250%(a)		2.96	(b)		6/25/2065		834,814		838,313		844,629
Navient Student Loan Trust 2016-6 A3, 1M USD LIBOR + 1.300%(a)		3.01	(b)		3/25/2066		550,000		550,000		557,335
Navient Student Loan Trust 2017-1A A3, 1M USD LIBOR + 1.150%(a)		2.94	(b)		7/26/2066		1,000,000		1,000,000		1,006,443
Navient Student Loan Trust 2018-1A A3, 1M USD LIBOR + 0.720%(a)		2.51	(b)		3/25/2067		1,600,000		1,600,000		1,574,995
Navient Student Loan Trust 2018-2, 1M USD LIBOR + 0.750%(a)		2.54	(b)		3/25/2067		1,360,000		1,360,000		1,338,914
Navient Student Loan Trust 2018-3, 1M USD LIBOR + 0.800%(a)		2.59	(b)		3/25/2067		1,600,000		1,600,000		1,565,085

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (Continued)
Other Asset-Backed Securities (Continued)
Navient Student Loan Trust 2019-2, 1M USD LIBOR + 1.000%(a)		2.79	(b)%		2/27/2068		2,516,000		$2,516,000		$2,537,055
Navient Student Loan Trust 2019-B, 1M USD LIBOR—0.980% (a)		2.72	(b)		12/15/2059		3,000,000		3,000,000		2,979,750
Navistar Financial Dealer Note Master Owner Trust II, 1M USD LIBOR + 0.950%(a)		2.74	(b)		5/25/2024		1,108,000		1,108,000		1,108,765
Navistar Financial Dealer Note Master Owner Trust II, 1M USD LIBOR + 1.050%(a)		2.84	(b)		9/25/2023		300,000		300,000		300,412
Navistar Financial Dealer Note Master Owner Trust II, 1M USD LIBOR + 1.450%(a)		3.24	(b)		5/25/2024		1,018,000		1,018,000		1,017,998
Navistar Financial Dealer Note Master Owner Trust II, 1M USD LIBOR + 1.550%(a)		3.34	(b)		9/25/2023		520,000		520,000		520,763
Nelnet Private Education Loan Trust 2016-A A1A, 1M USD LIBOR + 1.750%(a)		3.54	(b)		12/26/2040		149,725		149,725		150,841
Nelnet Private Education Loan Trust 2016-A A1B(a)		3.60			12/26/2040		179,694		179,568		181,357
Nelnet Student Loan Trust 2006-2 B, 3M USD LIBOR + 0.200%		2.14	(b)		1/25/2038		1,100,767		1,036,899		1,009,301
Nelnet Student Loan Trust 2006-3, 3M USD LIBOR + 0.250%		2.20	(b)		6/25/2041		1,673,834		1,565,805		1,540,634
Nelnet Student Loan Trust 2007-2, 28 Day ARS(a)		2.97	(b)		6/25/2035		2,000,000		1,975,424		1,994,184
Nelnet Student Loan Trust 2012-4, 1M USD LIBOR + 1.000%(a)		2.79	(b)		7/26/2049		900,000		868,949		861,649
Nelnet Student Loan Trust 2014-6A A, 1M USD LIBOR + 0.650%(a)		2.44	(b)		11/25/2052		2,249,627		2,225,157		2,217,819
Nelnet Student Loan Trust 2018-1A, 1M USD LIBOR + 0.760%(a)		2.55	(b)		5/25/2066		3,174,875		3,159,948		3,114,402
Nelnet Student Loan Trust 2018-3, 1M USD LIBOR + 0.750%(a)		3.24	(b)		9/27/2066		1,300,000		1,300,000		1,271,765
Nelnet Student Loan Trust 2019-2, 1M USD LIBOR + 0.900%(a)		2.69	(b)		6/27/2067		1,122,145		1,122,145		1,119,466
New Residential Advance Receivables Trust Advance Receivables Backed 2019-T2(a)		3.06			8/15/2053		785,000		784,727		778,942
New Residential Advance Receivables Trust Advance Receivables Backed 2019-T3(a)		2.71			9/15/2052		1,370,000		1,370,000		1,369,205
New Residential Advance Receivables Trust Advance Receivables Backed 2019-T3(a)		3.06			9/15/2052		2,300,000		2,300,000		2,298,642
New Residential Advance Receivables Trust Advance Receivables Backed 2019-T4(a)		2.80			10/15/2051		2,956,000		2,956,000		2,948,547
NorthStar Student Loan Trust III 2016-1 A, 1M USD LIBOR + 1.250%(a)		3.04	(b)		5/27/2036		119,352		114,659		120,204
NovaStar Mortgage Funding Trust 2004-4 M5, 1M USD LIBOR + 1.725%		3.52	(b)		3/25/2035		279,240		279,240		279,326
NP SPE II LLC(a)		2.57			9/20/2049		800,479		800,479		799,117

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (Continued)
Other Asset-Backed Securities (Continued)
NP SPE II LLC 2017-1A A1(a)		3.37	%		10/21/2047		358,120		$358,120		$361,617
OneMain Direct Auto Receivables Trust 2017-2A A(a)		2.31			12/14/2021		65,582		65,579		65,576
OneMain Financial Issuance Trust 2019-2(a)		3.14			10/14/2036		5,800,000		5,797,528		5,724,975
OneMain Financial Issuance Trust 2019-2(a)		3.66			10/14/2036		2,400,000		2,399,487		2,364,224
Orange Lake Timeshare Trust 2016-A A(a)		2.61			3/8/2029		888,104		872,011		889,189
Orange Lake Timeshare Trust 2016-A B(a)		2.91			3/8/2029		359,950		355,488		356,880
Orange Lake Timeshare Trust 2018-A(a)		3.74			11/8/2030		696,906		708,793		703,718
Orange Lake Timeshare Trust 2019-A(a)		4.93			4/9/2038		2,378,949		2,378,466		2,419,931
Oscar US Funding X LLC(a),(c)		3.27			5/11/2026		2,240,000		2,239,657		2,305,958
Oxford Finance Funding LLC 2016-1A A(a)		3.97			6/17/2024		55,632		55,632		55,888
Pennsylvania Higher Education Assistance Agency, 28 day ARS		2.52	(b)		10/25/2042		1,050,000		1,035,717		1,036,896
Pioneer Aircraft Finance Ltd.(a),(c)		3.97			6/15/2044		999,000		999,000		1,006,703
Popular ABS Mortgage Pass-Through Trust 2006-B A3, 1M USD LIBOR + 0.280%		2.07	(b)		5/25/2036		27,636		26,667		27,503
Santander Revolving Auto Loan Trust 2019-A(a)		2.80			1/26/2032		687,000		686,698		683,501
Santander Revolving Auto Loan Trust 2019-A(a)		3.00			1/26/2032		439,000		438,857		435,505
Santander Revolving Auto Loan Trust 2019-A(a)		3.45			1/26/2032		867,000		866,957		860,371
SBA Tower Trust(a)		2.84			1/15/2025		5,300,000		5,300,000		5,320,877
SBA Tower Trust(a)		2.88			7/15/2046		880,000		875,799		882,934
SBA Tower Trust(a)		3.17			4/9/2047		630,000		630,825		641,841
SBA Tower Trust(a)		3.87			10/15/2049		1,300,000		1,304,997		1,353,401
Sierra Receivables Funding Co LLC 2017-1A A(a)		2.91			3/20/2034		380,099		381,174		383,661
Sierra Receivables Funding Co LLC 2018-1AB		4.24			4/20/2035		1,781,221		1,801,568		1,818,314
Sierra Timeshare 2015-2 Receivables Funding LLC(a)		2.43			6/20/2032		308,598		306,188		308,473
Sierra Timeshare 2016-2 Receivables Funding LLC(a)		2.78			7/20/2033		247,633		245,534		247,359
Sierra Timeshare 2018-2 Receivables Funding LLC(a)		3.94			6/20/2035		306,896		306,816		311,379
Sierra Timeshare 2018-3 Receivables Funding LLC(a)		5.20			9/20/2035		522,029		527,266		532,491
Sierra Timeshare 2019-1 Receivables Funding LLC(a)		3.77			1/20/2036		1,275,430		1,281,602		1,303,836
Sierra Timeshare 2019-1 Receivables Funding LLC(a)		4.75			1/20/2036		1,694,033		1,696,286		1,723,925
Sierra Timeshare 2019-3 Receivables Funding LLC(a)		3.00			8/20/2036		5,122,961		5,122,477		5,104,131
Sierra Timeshare 2019-3 Receivables Funding LLC(a)		4.18			8/20/2036		2,497,211		2,497,519		2,488,171
Sierra Timeshare Receivables Funding LLC 2015 3A B(a)		3.08			9/20/2032		36,022		35,808		36,161

See accompanying Notes to the Financial Statements.

118

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (Continued)
Other Asset-Backed Securities (Continued)
Sierra Timeshare Receivables Funding LLC 2015-2A B(a)		3.02	%		6/20/2032		595,153		$592,697		$595,370
Sierra Timeshare Receivables Funding LLC 2015-3A A(a)		2.58			9/20/2032		13,342		13,339		13,341
Sierra Timeshare Receivables Funding LLC 2019-2(a)		3.12			5/20/2036		303,484		303,461		305,277
Sierra Timeshare Receivables Funding LLC 2019-2(a)		4.54			5/20/2036		2,270,541		2,277,561		2,283,008
SLC Student Loan Trust 2005-1 B, 3M USD LIBOR + 0.200%		2.11	(b)		2/15/2045		621,462		561,425		574,406
SLC Student Loan Trust 2006-1, 3M USD LIBOR + 0.210%		2.10	(b)		3/15/2055		2,182,223		2,032,166		1,992,305
SLC Student Loan Trust 2006-2 B, 3M USD LIBOR + 0.230%		2.12	(b)		12/15/2039		1,635,931		1,524,360		1,527,885
SLC Student Loan Trust 2006-2 B, 3M USD LIBOR + 0.230%		2.17	(b)		1/25/2041		717,464		676,231		662,624
SLM Student Loan Trust 2003-11, 3M USD LIBOR + 0.650%		2.54	(b)		12/15/2038		921,003		876,460		862,380
SLM Student Loan Trust 2003-14, 3M USD LIBOR + 0.600%(a)		2.54	(b)		10/25/2065		2,700,000		2,693,334		2,638,925
SLM Student Loan Trust 2003-14 A6, 3M USD LIBOR + 0.300%		2.24	(b)		7/25/2025		29,379		28,635		29,247
SLM Student Loan Trust 2003-4 B, 3M USD LIBOR + 0.650%		2.54	(b)		6/15/2038		354,865		339,649		333,863
SLM Student Loan Trust 2004-1, 3M USD LIBOR + 0.500%		2.44	(b)		7/25/2039		512,448		487,984		485,203
SLM Student Loan Trust 2004-8, 3M USD LIBOR + 0.460%		2.40	(b)		1/25/2040		1,071,617		1,016,892		995,861
SLM Student Loan Trust 2005-4 B, 3M USD LIBOR + 0.180%		2.12	(b)		7/25/2055		682,786		610,044		635,035
SLM Student Loan Trust 2005-5, 3M USD LIBOR + 0.250%		2.19	(b)		10/25/2040		1,374,285		1,291,185		1,274,634
SLM Student Loan Trust 2005-6 B, 3M USD LIBOR + 0.290%		2.23	(b)		1/25/2044		2,010,864		1,879,483		1,879,372
SLM Student Loan Trust 2005-9, 3M USD LIBOR + 0.300%		2.24	(b)		1/25/2041		792,886		758,568		742,317
SLM Student Loan Trust 2006-10 A6, 3M USD LIBOR + 0.150%		2.09	(b)		3/25/2044		2,800,000		2,703,510		2,631,827
SLM Student Loan Trust 2006-10 B, 3M USD LIBOR + 0.220%		2.16	(b)		3/25/2044		1,175,436		1,112,204		1,060,580
SLM Student Loan Trust 2006-2(e)		Zero Coupon			1/25/2041		3,956		1,621,960		1,958,220
SLM Student Loan Trust 2006-5 B, 3M USD LIBOR + 0.210%		2.15	(b)		10/25/2040		539,747		481,675		503,208
SLM Student Loan Trust 2006-7 B, 3M USD LIBOR + 0.200%		2.14	(b)		1/27/2042		519,857		483,861		478,278

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (Continued)
Other Asset-Backed Securities (Continued)
SLM Student Loan Trust 2006-8, 3M USD LIBOR + 0.230%		2.17	(b)%		1/25/2041		880,437		$822,241		$802,296
SLM Student Loan Trust 2006-9 A5, 3M USD LIBOR + 0.100%		2.04	(b)		1/26/2026		31,710		31,129		31,691
SMB Private Education Loan Trust 2014-A(a)		4.00			9/15/2042		1,250,000		1,271,429		1,281,665
SMB Private Education Loan Trust 2014-A A2B, 1M USD LIBOR + 1.150%(a)		2.89	(b)		5/15/2026		263,088		264,569		264,336
SMB Private Education Loan Trust 2015-A A2B, 1M USD LIBOR + 1.000%(a)		2.74	(b)		6/15/2027		45,453		44,870		45,520
SMB Private Education Loan Trust 2015-A A3, 1M USD LIBOR + 1.500%(a)		3.24	(b)		2/17/2032		900,000		918,415		907,930
SMB Private Education Loan Trust 2015-C(a)		4.50			9/17/2046		1,710,000		1,754,093		1,780,665
SMB Private Education Loan Trust 2015-C A3, 1M USD LIBOR + 1.950%(a)		3.69	(b)		8/16/2032		700,000		728,141		715,414
SMB Private Education Loan Trust 2016-B A2B, 1M USD LIBOR + 1.450%(a)		3.19	(b)		2/17/2032		82,100		82,100		83,187
SMB Private Education Loan Trust 2016-C A2B, 1M USD LIBOR + 1.100%(a)		2.84	(b)		9/15/2034		197,105		197,105		198,702
SMB Private Education Loan Trust 2017-B A2B, 1M USD LIBOR + 0.750%(a)		2.49	(b)		10/15/2035		594,657		594,657		595,305
SMB Private Education Loan Trust 2018-B, 1M USD LIBOR + 0.720%(a)		2.46	(b)		1/15/2037		2,800,000		2,784,454		2,785,875
SMB Private Education Loan Trust 2018-C, 1M USD LIBOR + 0.75% (a)		2.49	(b)		11/15/2035		1,800,000		1,792,283		1,795,283
SMB Private Education Loan Trust 2019-A, 1M USD LIBOR + 0.75%(a)		2.61	(b)		7/15/2036		1,715,000		1,715,000		1,695,297
SMB Private Education Loan Trust 2019-B, 1M USD LIBOR + 1.000%(a)		2.74	(b)		6/15/2037		1,800,000		1,800,000		1,803,001
SoFi Alternative Trust 2019-C(a),(e)		4.01			1/25/2045		4,022,243		4,161,249		4,111,324
SoFi Consumer Loan Program 2018-3 Trust(a)		3.20			8/25/2027		86,739		86,739		86,883
SoFi Consumer Loan Program LLC 2016-1A A(a)		3.26			8/25/2025		247,149		247,810		248,880
SoFi Consumer Loan Program LLC 2016-2A A(a)		3.09			10/27/2025		45,923		45,918		46,020
SoFi Consumer Loan Program LLC 2017-2 A(a)		3.28			2/25/2026		154,720		154,536		155,324
SoFi Consumer Loan Program LLC 2017-3 A(a)		2.77			5/25/2026		271,090		271,090		271,792
SoFi Consumer Loan Program Trust 2019-3(a)		3.89			5/25/2028		2,766,000		2,768,009		2,815,481
Sofi Professional Loan Program 2017-C LLC(a)		4.21			7/25/2040		2,410,000		2,523,257		2,524,007
SoFi Professional Loan Program 2018-A LLC(a),(e)		Zero Coupon			2/25/2042		1,372,500		1,012,341		1,060,942
SoFi Professional Loan Program 2018-B Trust(a),(e)		Zero Coupon			8/26/2047		1,265,700		709,438		754,458
SoFi Professional Loan Program 2018-D Trust(a),(e)		Zero Coupon			2/25/2048		1,887,200		680,987		651,084
SoFi Professional Loan Program 2019-A LLC(a),(e)		Zero Coupon			6/15/2048		3,522,900		1,069,155		1,093,953

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (Continued)
Other Asset-Backed Securities (Continued)
SoFi Professional Loan Program 2019-A LLC(a)		4.11	%		6/15/2048		870,000		$876,567		$899,499
SoFi Professional Loan Program LLC 2015-A RC(a),(e)		Zero Coupon			3/25/2033		300		844,125		247,500
SoFi Professional Loan Program LLC 2015-C A2(a)		2.51			8/25/2033		19,853		19,766		19,879
SoFi Professional Loan Program LLC 2016-B A1, 1M USD LIBOR + 1.200%(a)		2.99	(b)		6/25/2033		198,553		200,653		199,762
SoFi Professional Loan Program LLC 2016-D A1, 1M USD LIBOR + 0.950%(a)		2.74	(b)		1/25/2039		41,674		41,674		41,859
SoFi Professional Loan Program LLC 2017-D R1(a)		Zero Coupon			9/25/2040		1,233,700		741,214		615,777
Store Master Funding I-VII A3(a)		4.40			10/20/2048		1,888,917		1,908,367		1,985,554
Taco Bell Funding LLC 2016-1A A23(a)		4.97			5/25/2046		1,194,375		1,233,755		1,257,582
Taco Bell Funding LLC 2018-1A A2I(a)		4.32			11/25/2048		4,682,700		4,740,670		4,791,245
TAL Advantage LLC 2017-1A A(a)		4.50			4/20/2042		524,457		530,417		538,095
TAL Advantage V LLC(a)		3.33			5/20/2039		1,014,391		1,008,019		1,013,411
Textainer Marine Containers VII Ltd.(a)		4.11			7/20/2043		673,500		665,799		677,361
TLF National Tax Lien Trust 2017-1(a)		3.09			12/15/2029		1,598,694		1,590,153		1,602,424
Trafigura Securitisation Finance PLC 2017-1, 1M USD LIBOR + 1.700%(a),(c)		3.44	(b)		12/15/2020		900,000		901,182		902,719
Trafigura Securitisation Finance plc 2018-1, 1M USD LIBOR + 0.730%(a),(c)		2.47	(b)		3/15/2022		1,820,000		1,815,071		1,816,646
Trafigura Securitisation Finance plc 2018-1(a),(c)		4.29			3/15/2022		1,800,000		1,799,922		1,838,641
Trinity Rail Leasing 2019 LLC(a)		3.82			4/17/2049		2,227,762		2,226,661		2,283,944
Trinity Rail Leasing LP(a)		3.82			6/17/2048		849,217		848,913		856,438
TRIP Rail Master Funding LLC 2011-1A A2(a)		6.02			7/15/2041		1,248,118		1,328,750		1,299,837
TRIP Rail Master Funding LLC 2017-1A A1(a)		2.71			8/15/2047		129,899		129,897		129,919
Triton Container Finance V LLC(a)		3.95			3/20/2043		288,750		288,562		290,070
VMC Finance 2018-FL1 LLC, 1M USD LIBOR + 0.820%(a)		2.56	(b)		3/15/2035		19,380		19,380		19,331
VSE 2018-A Voi Mortgage LLC(a)		4.02			2/20/2036		312,392		312,354		321,248
VSE VOI Mortgage LLC 2016-A A(a)		2.54			7/20/2033		268,909		268,886		267,801
Wachovia Student Loan Trust 2005-1 B, 3M USD LIBOR + 0.300%		2.24	(b)		10/25/2040		586,506		540,731		542,271
Welk Resorts LLC 2017-AA B(a)		3.41			6/15/2033		806,630		810,701		810,366
Westgate Resorts LLC 2017-1A A(a)		3.05			12/20/2030		219,001		219,001		219,779
Westgate Resorts LLC 2018-1(a)		3.38			12/20/2031		472,633		471,885		477,908
Westlake Automobile Receivables Trust 2019-3(a)		3.59			3/17/2025		2,182,000		2,181,639		2,186,902

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (Continued)
Other Asset-Backed Securities (Continued)
Willis Engine Structured Trust IV(a)		4.75	%		9/15/2043		1,155,674		$1,171,622		$1,206,966
Total Other Asset-Backed Securities							334,248,276		331,488,982		332,393,338
Total Asset-Backed Securities							389,571,666		386,846,432		387,768,748
Corporate Bonds — 35.5%*:
Advertising — 0.1%*:
Interpublic Group of Cos., Inc. (The)		3.75			10/1/2021		820,000		822,102		842,838
Agriculture — 1.3%*:
BAT Capital Corp.(c)		3.22			8/15/2024		2,515,000		2,524,053		2,572,538
Bunge Ltd. Finance Corp.		3.00			9/25/2022		1,840,000		1,822,159		1,866,350
Bunge Ltd. Finance Corp.		3.50			11/24/2020		1,520,000		1,527,883		1,538,961
Imperial Brands Finance plc(a),(c)		3.13			7/26/2024		2,267,000		2,264,311		2,289,681
Imperial Brands Finance plc(a),(c)		3.50			2/11/2023		1,347,000		1,351,530		1,378,767
Reynolds American, Inc.		4.00			6/12/2022		2,170,000		2,180,311		2,258,819
Total Agriculture							11,659,000		11,670,247		11,905,116
Auto Manufacturers — 1.3%*:
Ford Motor Credit Co. LLC, 3M USD LIBOR + 0.810%		2.85	(b)		4/5/2021		1,135,000		1,135,000		1,129,708
Ford Motor Credit Co. LLC, 3M USD LIBOR + 1.235%		3.14	(b)		2/15/2023		985,000		985,000		968,523
Ford Motor Credit Co. LLC		3.35			11/1/2022		2,075,000		2,076,134		2,096,112
Ford Motor Credit Co. LLC		5.09			1/7/2021		350,000		350,263		358,371
General Motors Financial Co., Inc.		3.25			1/5/2023		4,615,000		4,568,783		4,717,022
Hyundai Capital America(a)		2.85			11/1/2022		1,320,000		1,319,861		1,334,711
Nissan Motor Acceptance Corp.(a),(c)		1.90			9/14/2021		670,000		668,059		664,972
Total Auto Manufacturers							11,150,000		11,103,100		11,269,419
Beverages — 1.0%*:
Anheuser-Busch InBev Worldwide, Inc.(c)		3.50			1/12/2024		4,110,000		4,087,077		4,331,317
Bacardi Ltd.(a),(c)		4.45			5/15/2025		319,000		338,709		344,090
Keurig Dr Pepper, Inc.		4.06			5/25/2023		3,025,000		3,068,512		3,190,472
Molson Coors Brewing Co.		2.10			7/15/2021		325,000		324,063		325,285
Molson Coors Brewing Co.		3.50			5/1/2022		1,089,000		1,082,435		1,119,592
Total Beverages							8,868,000		8,900,796		9,310,756
Chemicals — 1.5%*:
DowDuPont, Inc.		4.21			11/15/2023		2,085,000		2,160,618		2,230,842
Huntsman International LLC		5.13			11/15/2022		3,780,000		3,854,377		4,037,658
RPM International, Inc.		3.45			11/15/2022		1,155,000		1,161,194		1,184,247
Sherwin-Williams Co. (The)		2.75			6/1/2022		831,000		823,998		845,546
Syngenta Finance NV(a),(c)		3.70			4/24/2020		1,390,000		1,389,139		1,394,374
Syngenta Finance NV(a),(c)		3.93			4/23/2021		500,000		501,108		508,525

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Chemicals (Continued)
Syngenta Finance NV(a),(c)		4.44	%		4/24/2023		3,170,000		$3,303,078		$3,310,636
Total Chemicals							12,911,000		13,193,512		13,511,828
Commercial Banks — 7.4%*:
Banco Santander SA(c)		3.50			4/11/2022		2,400,000		2,407,600		2,465,586
Bank of America Corp.		2.82	(b),(d)		7/21/2023		10,835,000		10,770,332		11,008,302
Barclays Bank plc, 3M USD LIBOR + 1.380%(c)		3.28	(b)		5/16/2024		1,235,000		1,228,646		1,249,106
Barclays Bank plc(a),(c)		10.18			6/12/2021		2,785,000		3,069,281		3,095,872
Citigroup, Inc.		3.14	(b),(d)		1/24/2023		5,905,000		5,917,824		6,020,704
Credit Suisse AG(a),(c)		6.50			8/8/2023		4,570,000		5,037,455		5,089,837
Discover Bank		3.35			2/6/2023		1,917,000		1,912,155		1,977,040
Discover Bank		4.20			8/8/2023		2,185,000		2,243,546		2,322,905
First Horizon National Corp.		3.50			12/15/2020		2,170,000		2,174,846		2,193,859
Goldman Sachs Group, Inc. (The)		3.20			2/23/2023		10,875,000		10,846,372		11,180,759
HSBC Holdings plc(c)		4.25			3/14/2024		1,970,000		2,072,365		2,090,461
JPMorgan Chase & Co.		4.50			1/24/2022		4,945,000		5,113,457		5,192,363
Mitsubishi UFJ Financial Group, Inc.(c)		2.67			7/25/2022		3,295,000		3,246,025		3,343,819
Morgan Stanley MTN		3.75			2/25/2023		5,550,000		5,664,684		5,812,018
Sumitomo Mitsui Financial Group, Inc.		2.45			9/27/2024		2,025,000		2,025,000		2,030,174
Synchrony Bank		3.00			6/15/2022		1,680,000		1,633,451		1,712,955
Total Commercial Banks							64,342,000		65,363,039		66,785,760
Commercial Services — 0.2%*:
ADT Security Corp. (The)		6.25			10/15/2021		2,080,000		2,196,203		2,194,400
Construction Materials — 0.4%*:
Martin Marietta Materials, Inc., 3M USD LIBOR + 0.650%		2.55	(b)		5/22/2020		530,000		530,000		530,613
Masco Corp.		3.50			4/1/2021		590,000		592,264		598,789
Standard Industries, Inc.(a)		5.50			2/15/2023		2,060,000		2,092,697		2,093,475
Total Construction Materials							3,180,000		3,214,961		3,222,877
Diversified Financial Services — 2.7%*:
AerCap Ireland Capital DAC / AerCap Global Aviation Trust(c)		2.88			8/14/2024		4,040,000		4,027,316		4,076,354
Aircastle Ltd.		5.00			4/1/2023		4,431,000		4,609,083		4,739,314
Ameriprise Financial, Inc.		3.00			3/22/2022		495,000		494,010		506,347
Ameriprise Financial, Inc.		3.70			10/15/2024		450,000		455,213		480,722
Ameriprise Financial, Inc.		4.00			10/15/2023		294,000		301,949		315,138
Antares Holdings LP(a)		6.00			8/15/2023		1,260,000		1,259,950		1,325,684
Athene Global Funding(a)		2.75			6/25/2024		4,355,000		4,361,660		4,399,317
Brookfield Finance LLC(c)		4.00			4/1/2024		2,275,000		2,350,034		2,440,112
Genpact Luxembourg Sarl		3.70			4/1/2022		2,175,000		2,187,456		2,206,656
LeasePlan Corp. NV(a),(c)		2.88			10/24/2024		1,125,000		1,122,547		1,124,618

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Diversified Financial Services (Continued)
Synchrony Financial		2.85	%		7/25/2022		2,510,000		$2,513,220		$2,541,017
Total Diversified Financial Services							23,410,000		23,682,438		24,155,279
Electric — 0.8%*:
Ameren Corp.		2.50			9/15/2024		1,320,000		1,319,589		1,325,888
Ameren Corp.		2.70			11/15/2020		760,000		762,429		764,070
EDP Finance BV(a),(c)		4.13			1/15/2020		981,000		981,548		979,936
Enel Finance International NV(a),(c)		2.88			5/25/2022		1,050,000		1,048,432		1,063,564
Entergy Corp.		4.00			7/15/2022		750,000		767,184		782,937
Entergy Texas, Inc.		2.55			6/1/2021		460,000		459,962		460,292
Puget Energy, Inc.		6.00			9/1/2021		1,275,000		1,333,546		1,354,081
Puget Energy, Inc.		6.50			12/15/2020		321,000		332,611		333,871
Total Electric							6,917,000		7,005,301		7,064,639
Electronics — 0.1%*:
FLIR Systems, Inc.		3.13			6/15/2021		855,000		862,966		861,946
Food — 0.3%*:
McCormick & Co., Inc.		2.70			8/15/2022		2,580,000		2,545,419		2,621,063
Healthcare-Products — 0.5%*:
Becton Dickinson and Co., 3M USD LIBOR + 0.875%		2.84	(b)		12/29/2020		1,826,000		1,825,425		1,826,897
CVS Health Corp.		2.63			8/15/2024		1,330,000		1,331,131		1,341,345
CVS Health Corp.		3.70			3/9/2023		1,170,000		1,165,227		1,219,533
Total Healthcare-Products							4,326,000		4,321,783		4,387,775
Home Builders — 0.3%*:
Lennar Corp.		4.75			4/1/2021		2,650,000		2,691,418		2,709,625
Household Products/Wares — 0.4%*:
Church & Dwight Co., Inc.		2.88			10/1/2022		3,210,000		3,179,757		3,270,329
Housewares — 0.3%*:
Newell Brands, Inc.		3.85			4/1/2023		2,999,000		3,037,795		3,116,593
Insurance — 1.8%*:
American International Group, Inc.		3.75			7/10/2025		2,430,000		2,576,838		2,600,942
AmTrust Financial Services, Inc.		6.13			8/15/2023		780,000		776,863		799,500
CNA Financial Corp.		5.75			8/15/2021		1,191,000		1,239,010		1,258,970
Enstar Group Ltd.(c)		4.50			3/10/2022		2,550,000		2,582,673		2,644,092
Jackson National Life Global Funding(a)		2.50			6/27/2022		2,475,000		2,465,138		2,509,902
Lincoln National Corp.		4.00			9/1/2023		472,000		479,339		502,589
Lincoln National Corp.		4.20			3/15/2022		725,000		749,067		756,306
Lincoln National Corp.		6.25			2/15/2020		400,000		401,597		401,846
Reinsurance Group of America, Inc.		5.00			6/1/2021		1,429,000		1,470,711		1,484,302

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Insurance (Continued)
Trinity Acquisition PLC		3.50	%		9/15/2021		2,662,000		$2,670,154		$2,713,186
Willis Towers Watson PLC		5.75			3/15/2021		370,000		380,271		385,662
Total Insurance							15,484,000		15,791,661		16,057,297
Investment Company Security — 1.4%*:
Ares Capital Corp.		4.20			6/10/2024		4,940,000		5,042,390		5,173,148
BlackRock TCP Capital Corp.		3.90			8/23/2024		3,630,000		3,589,958		3,709,086
TCP Capital Corp.		4.13			8/11/2022		1,140,000		1,137,292		1,180,556
TPG Specialty Lending, Inc.		3.88			11/1/2024		2,660,000		2,635,038		2,679,592
Total Investment Company Security							12,370,000		12,404,678		12,742,382
Iron/Steel — 0.1%*:
Steel Dynamics, Inc.		2.80			12/15/2024		1,070,000		1,069,206		1,076,861
IT Services — 0.7%*:
Dell International LLC/EMC Corp.(a)		4.00			7/15/2024		2,472,000		2,549,786		2,589,974
Genpact Luxembourg Sarl		3.38			12/1/2024		1,800,000		1,799,577		1,808,348
Leidos Holdings, Inc.		4.45			12/1/2020		2,275,000		2,294,185		2,304,439
Total IT Services							6,547,000		6,643,548		6,702,761
Lodging — 0.5%*:
Las Vegas Sands Corp.		3.20			8/8/2024		4,595,000		4,608,894		4,731,037
Machinery-Diversified — 0.2%*:
CNH Industrial Capital LLC		3.88			10/15/2021		1,110,000		1,118,308		1,139,016
CNH Industrial NV(c)		4.50			8/15/2023		900,000		910,867		963,702
Total Machinery-Diversified							2,010,000		2,029,175		2,102,718
Media — 0.7%*:
Discovery Communications LLC		2.95			3/20/2023		1,445,000		1,420,112		1,472,747
Sirius XM Radio, Inc.(a)		3.88			8/1/2022		4,398,000		4,409,394		4,491,458
Total Media							5,843,000		5,829,506		5,964,205
Mining — 1.0%*:
Glencore Finance Canada Ltd.(a),(c)		4.25			10/25/2022		484,000		498,990		506,761
Glencore Funding LLC(a),(c)		3.00			10/27/2022		730,000		728,743		732,092
Glencore Funding LLC(a),(c)		4.13			5/30/2023		1,280,000		1,288,861		1,333,893
Kinross Gold Corp.		5.13			9/1/2021		1,365,000		1,406,377		1,419,600
Kinross Gold Corp.(c)		5.95			3/15/2024		2,785,000		2,912,904		3,091,350
Newcrest Finance Pty Ltd.(a),(c)		4.20			10/1/2022		1,645,000		1,683,005		1,715,091
Total Mining							8,289,000		8,518,880		8,798,787
Office/Business Equip — 0.2%*:
Pitney Bowes, Inc.		4.13			10/1/2021		1,365,000		1,352,665		1,383,769

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Oil and Gas — 0.9%*:
Antero Resources Corp.		5.38	%		11/1/2021		1,735,000		$1,724,547		$1,652,045
Continental Resources, Inc.		5.00			9/15/2022		988,000		993,418		995,087
Diamondback Energy, Inc.		2.88			12/1/2024		2,330,000		2,329,058		2,357,209
EQT Corp.		3.00			10/1/2022		3,185,000		3,118,999		3,130,245
Total Oil and Gas							8,238,000		8,166,022		8,134,586
Packaging and Containers — 0.3%*:
Graphic Packaging International, Inc.		4.75			4/15/2021		2,696,000		2,738,683		2,760,030
Pharmaceuticals — 1.9%*:
AbbVie, Inc.(a)		2.30			11/21/2022		2,405,000		2,402,729		2,417,156
Allergan Funding SCS		3.80			3/15/2025		1,925,000		2,018,995		2,022,997
Bristol-Myers Squibb Co.(a)		4.00			8/15/2023		569,000		602,140		606,312
Cardinal Health, Inc., 3M USD LIBOR + 0.770%		2.66	(b)		6/15/2022		3,085,000		3,084,672		3,098,354
Cigna Corp.(a)		3.30			2/25/2021		1,590,000		1,607,213		1,610,330
Cigna Corp.(a)		4.00			2/15/2022		1,392,000		1,434,570		1,437,270
Cigna Corp.(a)		4.75			11/15/2021		1,290,000		1,347,891		1,352,407
Mylan, Inc.(a)		3.13			1/15/2023		1,920,000		1,878,138		1,948,351
Shire Acquisitions Investments Ireland DAC		2.40			9/23/2021		630,000		627,559		633,583
Shire Acquisitions Investments Ireland DAC		2.88			9/23/2023		1,070,000		1,030,061		1,090,348
Teva Pharmaceutical Finance Netherlands III B.V.(c)		2.20			7/21/2021		1,008,000		972,540		976,198
Total Pharmaceuticals							16,884,000		17,006,508		17,193,306
Pipelines — 1.6%*:
Energy Transfer Partners LP		4.20			9/15/2023		4,215,000		4,262,703		4,426,174
EnLink Midstream Partners LP		4.40			4/1/2024		2,020,000		2,012,182		1,959,602
EQM Midstream Partners LP		4.75			7/15/2023		2,250,000		2,298,284		2,257,181
MPLX LP, 3M USD LIBOR + 1.100%		2.99	(b)		9/9/2022		3,955,000		3,955,000		3,970,803
Plains All American Pipeline LP / PAA Finance Corp.		3.85			10/15/2023		1,644,000		1,699,148		1,702,601
Total Pipelines							14,084,000		14,227,317		14,316,361
Real Estate Investment Trusts — 0.9%*:
CubeSmart LP		4.38			12/15/2023		1,339,000		1,423,830		1,425,826
Essex Portfolio LP		3.50			4/1/2025		515,000		542,590		540,719
Essex Portfolio LP		3.88			5/1/2024		654,000		693,920		691,442
Service Properties Trust		4.35			10/1/2024		311,000		318,072		319,610
Tanger Properties LP		3.75			12/1/2024		725,000		742,697		743,106
Tanger Properties LP		3.88			12/1/2023		1,890,000		1,926,797		1,945,954
VEREIT Operating Partnership LP		4.60			2/6/2024		2,140,000		2,233,801		2,312,245
Total REITS							7,574,000		7,881,707		7,978,902

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Retail — 1.6%*:
Advance Auto Parts, Inc.		4.50	%		12/1/2023		1,987,000		$2,067,758		$2,129,860
Dollar Tree, Inc.		3.70			5/15/2023		4,620,000		4,614,849		4,814,264
O’Reilly Automotive, Inc.		3.80			9/1/2022		284,000		284,494		295,464
O’Reilly Automotive, Inc.		3.85			6/15/2023		3,389,000		3,449,368		3,546,082
QVC, Inc.		4.38			3/15/2023		3,660,000		3,627,856		3,778,036
Total Retail							13,940,000		14,044,325		14,563,706
Semiconductors — 0.6%*:
Broadcom Corp./Broadcom Cayman Finance Ltd.		3.00			1/15/2022		1,785,000		1,782,540		1,811,408
Microchip Technology, Inc.		3.92			6/1/2021		1,435,000		1,435,728		1,467,547
NXP BV/NXP Funding LLC(a)		4.13			6/1/2021		1,670,000		1,682,084		1,712,230
Total Semiconductors							4,890,000		4,900,352		4,991,185
Telecommunications — 0.8%*:
Qwest Corp.		6.75			12/1/2021		2,480,000		2,643,965		2,670,241
Sprint Communications, Inc.		9.25			4/15/2022		1,005,000		1,122,742		1,148,213
Telefonaktiebolaget LM Ericsson(c)		4.13			5/15/2022		2,940,000		2,944,943		3,055,777
Total Telecommunications							6,425,000		6,711,650		6,874,231
Transportation — 0.8%*:
Penske Truck Leasing Co. LP/PTL Finance Corp.(a)		2.70			3/14/2023		410,000		404,784		414,402
Penske Truck Leasing Co. LP/PTL Finance Corp.(a)		3.30			4/1/2021		240,000		242,131		243,609
Penske Truck Leasing Co. LP/PTL Finance Corp.(a)		3.38			2/1/2022		830,000		833,165		847,668
Penske Truck Leasing Co. LP/PTL Finance Corp.(a)		4.88			7/11/2022		2,040,000		2,098,486		2,169,927
Ryder System, Inc.		2.50			9/1/2022		26,000		25,269		26,133
Ryder System, Inc.		3.40			3/1/2023		330,000		327,086		340,361
Ryder System, Inc.		3.75			6/9/2023		1,935,000		1,962,894		2,021,885
Ryder System, Inc.		3.88			12/1/2023		392,000		401,277		413,809
Ryder System, Inc. MTN		2.25			9/1/2021		635,000		633,180		636,510
Total Transportation							6,838,000		6,928,272		7,114,304
Trucking and Leasing — 0.7%*:
DAE Funding LLC(a),(c)		4.00			8/1/2020		726,000		729,134		730,538
Park Aerospace Holdings Ltd.(a),(c)		5.25			8/15/2022		5,585,000		5,738,396		5,950,259
Total Trucking and Leasing							6,311,000		6,467,530		6,680,797
Venture Capital — 0.2%*:
Hercules Capital, Inc.		4.63			10/23/2022		1,625,000		1,619,716		1,638,222
Total Corporate Bonds							309,035,000		312,731,132		319,035,690

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Mortgage-Backed Securities — 12.5%*:
Angel Oak Mortgage Trust 2019-3(a)		3.24	(f)%		5/25/2059		3,263,811		$3,263,773		$3,278,456
Angel Oak Mortgage Trust 2019-6(a)		3.39	(f)		11/25/2059		3,250,000		3,250,000		3,263,254
Angel Oak Mortgage Trust LLC(a)		3.90	(f)		11/25/2047		2,250,000		2,250,000		2,273,380
BAMLL Commercial Mortgage Securities Trust 2018-DSNY, 1M USD LIBOR + 1.350%(a)		3.09	(b)		9/15/2034		270,000		270,000		269,283
BAMLL Commercial Mortgage Securities Trust 2019-BPR(a)		4.02	(f)		11/5/2032		3,420,000		3,440,555		3,423,253
BHMS, 1M USD LIBOR + 1.500%(a)		3.24	(b)		7/15/2035		1,800,000		1,800,000		1,797,786
BHMS 2018-ATLS, 1M USD LIBOR + 1.250%(a)		2.99	(b)		7/15/2035		2,750,000		2,748,204		2,747,574
BX Commercial Mortgage Trust 2018-IND, 1M USD LIBOR + 1.700%(a)		3.44	(b)		11/15/2035		4,109,000		4,120,126		4,117,993
BX Commercial Mortgage Trust 2019-XL, 1M USD LIBOR + 1.800%(a)		3.54	(b)		10/15/2036		1,203,000		1,203,000		1,204,128
BX Commercial Mortgage Trust 2019-XL, 1M USD LIBOR + 2.000%(a)		3.74	(b)		10/15/2036		1,474,000		1,474,000		1,474,922
CAMB Commercial Mortgage Trust 2019-LIFE, 1M USD LIBOR + 2.150%(a)		3.89	(b)		12/15/2037		1,499,283		1,499,283		1,504,452
CIM Trust 2019-INV3, 1M USD LIBOR + 1.000%(a)		2.79	(b)		8/25/2049		7,483,120		7,468,952		7,467,259
Citigroup Mortgage Loan Trust 2019-IMC1(a)		3.03	(f)		7/25/2049		1,896,256		1,895,335		1,890,047
Citigroup Mortgage Loan Trust 2019-IMC1(a)		3.17	(f)		7/25/2049		3,101,000		3,100,417		3,083,770
COMM 2015-CCRE22 Mortgage Trust		3.93	(f)		3/10/2048		1,650,000		1,640,372		1,721,720
COMM 2015-DC1 Mortgage Trust		3.72	(f)		2/10/2048		3,100,000		3,159,502		3,222,803
COMM 2015-DC1 Mortgage Trust		4.04	(f)		2/10/2048		1,087,775		1,110,768		1,121,558
COMM Mortgage Trust 2014-UBS2 B		4.70	(f)		3/10/2047		600,000		642,155		636,439
Connecticut Avenue Securities Trust 2019-R01, 1M USD LIBOR + 2.450%(a)		4.24	(b)		7/25/2031		1,180,000		1,189,926		1,192,647
Connecticut Avenue Securities Trust 2019-R02, 1M USD LIBOR + 2.300%(a)		4.09	(b)		8/25/2031		3,768,427		3,791,166		3,794,218
Connecticut Avenue Securities Trust 2019-R03, 1M USD LIBOR + 2.150%(a)		3.94	(b)		9/25/2031		4,890,000		4,919,713		4,915,793
Credit Suisse Mortgage Capital Certificates 2019-ICE4, 1M USD LIBOR + 1.600%(a)		3.34	(b)		5/15/2036		960,000		960,000		960,861
Deephave Residential Mortgage Trust 2019-2(a)		3.92	(f)		4/25/2059		672,000		672,000		681,718
Deephaven Residential Mortgage Trust 2018-1(a)		2.98	(f)		12/25/2057		501,492		495,620		501,173
Deephaven Residential Mortgage Trust 2018-1(a)		3.03	(f)		12/25/2057		428,908		428,901		427,345
Deephaven Residential Mortgage Trust 2018-2(a)		3.68	(f)		4/25/2058		822,242		822,234		822,162
Deephaven Residential Mortgage Trust 2018-3(a)		3.96	(f)		8/25/2058		861,546		860,435		866,472

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Mortgage-Backed Securities (Continued)
Deephaven Residential Mortgage Trust 2018-4(a)		4.29	(f)%		10/25/2058		1,201,315		$1,201,315		$1,214,768
Deephaven Residential Mortgage Trust 2019-4(a)		3.48	(f)		10/25/2059		4,400,000		4,399,950		4,389,429
GS Mortgage Securities Trust 2016-GS2		4.53	(f)		5/10/2049		1,000,000		1,050,516		1,076,256
GS Mortgage Securities Trust 2016-GS3		3.14	(f)		10/10/2049		1,000,000		949,520		1,012,273
JP Morgan Chase Commercial Mortgage Securities Trust 2013-LC11		3.96	(f)		4/15/2046		1,015,000		1,002,702		1,031,001
JP Morgan Chase Commercial Mortgage Securities Trust 2018-LAQ, 1M USD LIBOR + 1.000%(a)		2.74	(b)		6/15/2032		7,143,637		7,137,622		7,139,149
JP Morgan Mortgage Trust 2017-6 A5(a)		3.50	(f)		12/25/2048		758,554		768,250		769,755
JP Morgan Mortgage Trust 2018-1(a)		3.50	(f)		6/25/2048		570,483		575,033		579,263
JP Morgan Mortgage Trust 2018-3(a)		3.50	(f)		9/25/2048		903,042		900,314		916,376
JP Morgan Mortgage Trust 2018-4(a)		3.50	(f)		10/25/2048		1,788,050		1,775,111		1,804,427
KNDL 2019-KNSQ Mortgage Trust, 1M USD LIBOR + 1.800%(a)		3.54	(b)		5/15/2036		865,000		865,000		864,482
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7		3.77	(f)		2/15/2046		1,340,000		1,371,364		1,376,260
Morgan Stanley Capital I Trust 2012-STAR(a)		4.06	(f)		8/5/2034		1,300,000		1,300,486		1,330,576
MSCG Trust 2018-SELF, 1M USD LIBOR + 1.180%(a)		2.92	(b)		10/15/2037		165,000		165,000		165,103
New Residential Mortgage Loan Trust 2016-4A A1(a)		3.75	(f)		11/25/2056		319,463		328,779		329,308
New Residential Mortgage Loan Trust 2019-A1(a)		3.60	(f)		4/25/2049		655,358		655,358		664,357
New Residential Mortgage Loan Trust 2019-A3(a)		3.75	(f)		4/25/2049		2,239,760		2,239,760		2,270,390
New Residential Mortgage Loan Trust 2019-NQM1(a)		3.93	(f)		1/25/2049		2,245,923		2,246,033		2,259,497
PNMAC GMSR Issuer Trust 2018-GT1, 1M USD LIBOR + 2.850%(a)		5.34	(b)		2/25/2023		470,000		470,000		472,773
PSMC Trust(a)		3.50	(f)		2/25/2048		947,893		946,750		962,186
PSMC Trust 2018-2(a)		3.50	(f)		6/25/2048		794,126		781,496		802,129
Sequoia Mortgage Trust 2015-1(a)		2.50	(f)		1/25/2045		530,245		522,330		529,809
Sequoia Mortgage Trust 2018-3(a)		3.50	(f)		3/25/2048		984,457		982,974		996,532
Sequoia Mortgage Trust 2018-5(a)		3.50	(f)		5/25/2048		681,547		674,229		689,694
Sequoia Mortgage Trust 2018-6(a)		4.00	(f)		7/25/2048		1,475,057		1,492,279		1,483,375
Sequoia Mortgage Trust 2018-7(a)		4.00	(f)		9/25/2048		335,471		337,108		337,418
Sequoia Mortgage Trust 2018-CH1(a)		4.00	(f)		2/25/2048		541,403		550,635		545,946
Sequoia Mortgage Trust 2018-CH2(a)		4.00	(f)		6/25/2048		977,439		987,253		984,061
Sequoia Mortgage Trust 2018-CH3(a)		4.00	(f)		8/25/2048		549,273		553,897		551,679
Sequoia Mortgage Trust 2019-1(a)		4.00	(f)		2/25/2049		398,572		402,246		402,714
Shellpoint Co-Originator Trust 2016-1 2A3(a)		3.00	(f)		10/25/2031		578,498		583,725		585,525
Starwood Mortgage Residential Trust 2019-INV1(a)		2.92	(f)		9/27/2049		2,413,534		2,413,534		2,397,412

See accompanying Notes to the Financial Statements.

129

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Mortgage-Backed Securities (Continued)
Structured Asset Securities Corp. Mortgage Loan Trust 2006-GEL1, 1M USD LIBOR + 0.800%(a)		2.59	(b)%		11/25/2035		2,974,619		$2,984,424		$2,920,291
TIAA Bank Mortgage Loan Trust 2018-2(a)		3.50	(f)		7/25/2048		378,120		374,563		383,025
Velocity Commercial Capital Loan Trust 2016-2 AFX		3.00	(f)		10/25/2046		42,870		42,869		42,986
Verus Securitization Trust 2018-INV2(a)		4.71	(f)		10/25/2058		2,851,482		2,903,084		2,908,579
Verus Securitization Trust 2019-4(a)		3.21	(f)		11/25/2059		1,750,000		1,750,000		1,734,167
Verus Securitization Trust 2019-INV2(a)		3.22	(f)		7/25/2059		2,329,299		2,329,270		2,336,351
Verus Securitization Trust 2019-INV3(a)		3.28	(f)		11/25/2059		1,462,000		1,461,966		1,462,152
Wells Fargo Mortgage Backed Securities 2019-1 Trust(a)		4.00	(f)		11/25/2048		892,914		899,382		891,740
Total Mortgage-Backed Securities							111,561,264		111,852,564		112,273,680
U.S. Treasury & Government Agencies — 4.6%*:
Federal Home Loan Mortgage Corp., 1M USD LIBOR + 0.480%		2.22	(b)		10/15/2040		292,989		292,872		293,230
Federal Home Loan Mortgage Corp.		3.00			5/15/2039		360,330		363,334		362,149
Federal Home Loan Mortgage Corp.		3.00			8/15/2040		607,523		616,041		616,780
Federal Home Loan Mortgage Corp.		3.00			3/15/2041		514,566		521,119		523,300
Federal National Mortgage Association, 1M USD LIBOR + 0.680%		2.47	(b)		10/25/2030		359,228		359,297		359,323
Federal National Mortgage Association		3.00			4/25/2040		857,482		866,869		866,286
Federal National Mortgage Association		3.00			1/25/2041		390,473		395,184		393,069
Federal National Mortgage Association STACR Trust, 1M USD LIBOR + 2.050%(a)		3.84	(b)		7/25/2049		1,337,000		1,337,875		1,342,761
Navient Student Loan Trust 2016-7, 1M USD LIBOR + 1.150%(a)		2.95	(b)		3/25/2066		4,806,984		4,811,412		4,811,496
U.S. Treasury Bonds		8.00			11/15/2021		5,000,000		5,562,973		5,583,594
U.S. Treasury Bonds		8.75			5/15/2020		26,000,000		26,608,947		26,663,203
Total U.S. Treasury & Government Agencies							40,526,575		41,735,923		41,815,191
Total Fixed Income							850,694,505		853,166,051		860,893,309

COUNTERPARTY		STRIKE PRICE		EXPIRATION DATE		CONTRACTS		NOTIONAL		COST		UNREALIZED VALUE		FAIR VALUE
Purchased Options — 0.3%*:
Call Options Purchased — 0.1%*:
OTC – BCM Swaption	JPMorgan Chase Bank N.A.		$2.44		12/13/2032		5,595,000		5,595,000		$280,729		$87,393		$368,122
OTC – BCM Swaption	JPMorgan Chase Bank N.A.		2.61		1/31/2033		7,295,000		7,295,000		349,431		184,302		533,732
Total Call Options Purchased							12,890,000		12,890,000		630,160		271,695		901,854

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

COUNTERPARTY		STRIKE PRICE		EXPIRATION DATE		CONTRACTS		NOTIONAL		COST		UNREALIZED VALUE			FAIR VALUE
Purchased Options (Continued)
Put Options Purchased — 0.2%*:
OTC – BCM Swaption	JPMorgan Chase Bank N.A.		$2.94		12/13/2032		22,790,000		22,790,000		$1,143,488		$(271,206	)		$872,282
OTC – BCM Swaption	JPMorgan Chase Bank N.A.		3.11		1/31/2033		29,090,000		29,090,000		1,390,502		(392,882	)		997,620
Total Put Options							51,880,000		51,880,000		2,533,990		(664,088	)		1,869,902

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Short-Term Investments — 3.0%*:
Commercial Paper — 3.0%*:
Electric — 1.7%*:
Duke Energy Corp.		1.73	%		1/2/2020		5,000,000		$4,999,763		$4,999,763
Public Service Enterprise Group, Inc.		2.19			1/22/2020		4,000,000		3,994,983		3,994,983
Southern Co. Gas Capital		2.08			1/22/2020		6,000,000		5,992,825		5,992,825
Total Electric							15,000,000		14,987,571		14,987,571
Food — 0.7%*:
Tyson Foods, Inc.		2.03			1/31/2020		6,000,000		5,990,000		5,990,000
Oil and Gas — 0.1%*:
FMC Technology, Inc.		2.16			1/29/2020		1,000,000		998,351		998,351
Retail — 0.5%*:
Walgreens Boots Alliance, Inc.		2.16			1/10/2020		5,000,000		4,997,350		4,997,350
Total Commercial Paper							27,000,000		26,973,272		26,973,272
Total Short-Term Investments							27,000,000		26,973,272		26,973,272
Total Investments							942,464,505		883,303,473		890,638,337
Other assets and liabilities – 0.9%*											7,797,570
Net Assets – 100.0%											$898,435,907

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.

(a) 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.

(b) Variable rate security. The interest rate shown is the rate in effect at December 31, 2019.

(c) Foreign security.

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (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	91.2%
Ireland	2.2%
United Kingdom	1.4%
Other (Individually less than 1%)	5.2%
Total	100.0%

(d) Variable Rate is Fixed to Float: Rate remains fixed until designated future date.

(e) For fair value measurement disclosure purposes, security is categorized as Level 3 (See Note 2).

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

A summary of outstanding derivatives at December 31, 2019 is as follows:

Futures

TYPE	EXPIRATION DATE		CONTRACTS		NOTIONAL AMOUNT			POSITION		FAIR VALUE			UNREALIZED APPRECIATION (DEPRECIATION)
Short Futures
90 Day Euro Futures		03/16/20		6		(1,461,278	)		Short		$  (1,473,975	)	$	(12,697	)
90 Day Euro Futures		06/15/20		6		(1,462,140	)		Short		(1,474,650	)		(12,510	)
90 Day Euro Futures		09/14/20		6		(1,462,778	)		Short		(1,475,475	)		(12,697	)
90 Day Euro Futures		12/14/20		5		(1,218,919	)		Short		(1,229,750	)		(10,831	)
90 Day Euro Futures		03/15/21		5		(1,219,356	)		Short		(1,230,500	)		(11,144	)
90 Day Euro Futures		09/13/21		9		(2,195,179	)		Short		(2,214,787	)		(19,608	)
90 Day Euro Futures		03/14/22		8		(1,950,670	)		Short		(1,967,700	)		(17,030	)
90 Day Euro Futures		09/19/22		7		(1,706,137	)		Short		(1,720,775	)		(14,638	)
90 Day Euro Futures		03/13/23		6		(1,461,503	)		Short		(1,473,975	)		(12,472	)
90 Day Euro Futures		12/18/23		8		(1,946,870	)		Short		(1,963,500	)		(16,630	)
90 Day Euro Futures		12/16/24		22		(5,347,293	)		Short		(5,392,475	)		(45,182	)
U.S. 10-Year Ultra Bond		03/20/20		85		(12,102,311	)		Short		(11,959,766	)		142,545
U.S. 2-Year Treasury Note		03/31/20		1,006		(216,954,207	)		Short		(216,793,000	)		161,207
U.S. 5-Year Treasury Note		03/31/20		1,897		(226,021,176	)		Short		(225,001,984	)		1,019,192
Total Short Futures													$	1,137,505

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Fixed Income — 97.2%*:
Asset-Backed Securities — 57.4%*:
CDO/CLO — 36.7%*:
AIMCO CLO 10 Ltd., 3M USD LIBOR + 3.550%(a)		5.50	(b)%		7/22/2032		500,000		$500,000		$499,949
Allegro CLO X Ltd., 3M USD LIBOR + 2.750%(a)		4.72	(b)		4/20/2032		500,000		500,000		500,819
Allegro CLO X Ltd., 3M USD LIBOR + 3.800%(a)		5.77	(b)		4/20/2032		500,000		500,000		501,313
Anchorage Capital CLO Ltd., 3M USD LIBOR + 2.850%(a)		4.85	(b)		7/15/2032		500,000		500,000		501,491
Ares CLO Ltd. 2019-53A C, 3M USD LIBOR + 2.650%(a)		5.19	(b)		4/24/2031		500,000		500,000		500,634
Avery Point VII CLO Ltd., 3M USD LIBOR + 3.600%(a)		5.60	(b)		1/15/2028		500,000		500,000		500,053
Bain Capital Credit Clo 2019-4 Ltd., 3M USD LIBOR + 4.250%(a),(c)		6.14	(b)		1/23/2033		250,000		250,000		253,610
Bain Capital Credit CLO Ltd. 2017-2, 3M USD LIBOR + 2.500%(a)		4.44	(b)		7/25/2030		750,000		750,000		733,759
Ballyrock CLO 2016-1 Ltd., 3M USD LIBOR + 3.500%(a)		5.50	(b)		10/15/2028		500,000		500,000		500,613
Ballyrock CLO 2019-2 Ltd., 3M USD LIBOR + 4.100%(a),(c)		6.00	(b)		11/20/2030		500,000		500,000		503,353
Ballyrock CLO Ltd. 2019-1, 3M USD LIBOR + 3.700%(a)		5.70	(b)		7/15/2032		500,000		500,000		500,338
Carlyle US Clo 2017-2 Ltd., 3M USD LIBOR + 2.400%(a)		4.37	(b)		7/20/2031		500,000		497,054		490,828
CBAM Ltd. 2019-10, 3M USD LIBOR + 2.050%(a)		4.02	(b)		4/20/2032		500,000		500,000		501,534
CBAM Ltd. 2019-10, 3M USD LIBOR + 2.750%(a)		4.72	(b)		4/20/2032		500,000		500,000		502,550
Crestline Denali CLO XIV Ltd., 3M USD LIBOR + 1.800%(a)		3.73	(b)		10/23/2031		250,000		250,000		249,199
Dryden 50 Senior Loan Fund, 3M USD LIBOR + 2.250%(a)		4.25	(b)		7/15/2030		500,000		495,596		490,977
Eaton Vance CLO Ltd. 2013-1, 3M USD LIBOR + 2.800%(a)		4.80	(b)		1/15/2028		500,000		500,000		500,032
Eaton Vance CLO Ltd. 2019-1, 3M USD LIBOR + 1.950%(a)		3.95	(b)		4/15/2031		500,000		500,000		501,348
Eaton Vance CLO Ltd. 2019-1, 3M USD LIBOR + 3.750%(a)		5.75	(b)		4/15/2031		300,000		300,000		301,513
Elmwood CLO II Ltd., 3M USD LIBOR + 2.900%(a)		4.87	(b)		4/20/2031		750,000		750,000		754,783
Elmwood CLO II Ltd., 3M USD LIBOR + 3.950%(a),(c)		5.92	(b)		4/20/2031		500,000		500,000		502,010
Highbridge Loan Management Ltd. 12-2018, 3M USD LIBOR + 1.850%(a)		3.85	(b)		7/18/2031		500,000		480,027		486,428
Kayne CLO 4 Ltd., 3M USD LIBOR + 2.100%(a)		4.04	(b)		4/25/2032		500,000		500,000		501,654
Kestrel Aircraft Funding Ltd.(a),(c)		4.25			12/15/2038		322,774		328,951		328,039
KKR Financial CLO Ltd. 25 B1, 3M USD LIBOR + 2.000%(a)		4.00	(b)		4/15/2032		500,000		500,000		500,375

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (Continued)
CDO/CLO (Continued)
KKR Financial CLO Ltd. 25 C, 3M USD LIBOR + 2.750%(a)		4.75	(b)%		4/15/2032		500,000		$500,000		$501,890
KREF Ltd. 2018-FL1, 1M USD LIBOR + 2.550%(a)		4.29	(b)		6/15/2036		420,000		423,345		421,574
Madison Park Funding Ltd. 2019 34A D, 3M USD LIBOR + 3.700%(a)		5.64	(b)		4/25/2031		500,000		500,000		500,620
Neuberger Berman Loan Advisers CLO 34 Ltd., 3M USD LIBOR + 4.200%(a),(c)		6.09	(b)		1/20/2033		500,000		500,000		504,860
Octagon Investment Partners 42 Ltd., 3M USD LIBOR + 1.950%(a)		3.95	(b)		4/15/2031		500,000		500,000		500,502
OHA Credit Funding 2 Ltd., 3M USD LIBOR + 4.000%(a)		5.97	(b)		4/21/2031		500,000		500,145		503,162
Riserva CLO Ltd., 3M USD LIBOR + 3.450%(a)		5.45	(b)		10/18/2028		500,000		500,000		499,454
TICP CLO VI Ltd. 2016-2, 3M USD LIBOR + 3.300%(a)		5.30	(b)		1/15/2029		500,000		500,000		500,133
Verde CLO, 3M USD LIBOR + 1.900%(a)		3.90	(b)		4/15/2032		500,000		500,000		501,007
Voya CLO 2019-4 Ltd., 3M USD LIBOR + 3.830%(a),(c)		5.72	(b)		1/15/2033		500,000		490,118		499,211
Total CDO/CLO							17,042,774		17,015,236		17,039,615
Other Asset-Backed Securities — 20.7%*:
Aaset 2019-1 Trust(a)		3.84			5/15/2039		307,775		307,775		309,853
Access Group, Inc. 2015-1 B, 1M USD LIBOR + 1.500%(a)		3.29	(b)		7/25/2058		100,000		86,743		94,297
AccessLex Institute 2004-1 B, 3M USD LIBOR + 0.570%		2.50	(b)		9/22/2037		49,211		47,378		46,047
AccessLex Institute 2004-A A3		3.27	(b)		7/1/2039		300,000		296,376		295,434
AccessLex Institute 2006-1 B, 3M USD LIBOR + 0.450%		2.36	(b)		8/25/2037		70,320		62,302		66,727
Adams Outdoor Advertising LP(a)		4.81			11/15/2048		196,720		204,096		204,124
Arbys Funding LLC 2015-1A A2(a)		4.97			10/30/2045		38,400		38,400		39,377
Ascentium Equipment Receivables Trust 2018-2 B(a)		5.18			7/10/2026		81,000		80,974		83,696
Ascentium Equipment Receivables Trust 2019-1(a)		4.31			4/12/2027		220,000		219,961		225,207
Avis Budget Rental Car Funding AESOP LLC(a)		3.15			3/20/2026		431,000		430,975		426,139
Blackbird Capital Aircraft Lease Securitization Ltd. 2016-1(a)		5.68			12/16/2041		204,427		211,898		212,190
Castlelake Aircraft Securitization Trust 2019-1A(a)		5.10			4/15/2039		282,094		284,864		284,360
CLI Funding VI LLC(a)		4.64			5/18/2044		188,237		188,207		189,755
College Avenue Student Loans LLC, 1M USD LIBOR + 1.650%(a)		3.44	(b)		11/26/2046		72,807		73,917		73,123

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (Continued)
Other Asset-Backed Securities (Continued)
College Loan Corp. Trust I 2005-2 B, 3M USD LIBOR + 0.490%		2.48	(b)%		1/15/2037		76,557		$68,264		$70,058
College Loan Corp. Trust I 2017-1 B2, 28 day ARS		3.18	(b)		1/25/2047		45,000		38,808		43,708
Credit Suisse ABS Repackaging Trust 2013-A B(a)		2.50			1/25/2030		28,685		27,475		27,788
EdLinc Student Loan Funding Trust 2017-A A, Prime — 1.150%(a)		4.35	(b)		12/1/2047		62,745		62,324		61,867
EDvestinU Private Education Loan Issue No 1 LLC(a)		4.49			11/25/2043		277,000		276,808		287,300
Goodgreen 2019-2(a),(c),(d)		3.86			10/15/2054		299,021		298,973		299,036
Hertz Vehicle Financing II LP(a)		5.31			10/25/2023		310,000		318,703		324,728
Horizon Aircraft Finance I Ltd.(a)		5.27			12/15/2038		458,214		467,384		469,234
Horizon Aircraft Finance II Ltd.(a)		4.70			7/15/2039		292,308		292,298		291,132
Labrador Aviation Finance Ltd. 2016-1A(a)		4.30			1/15/2042		204,427		204,982		208,134
Navient Student Loan Trust 2015-2, 1M USD LIBOR + 1.500%		3.29	(b)		8/25/2050		200,000		198,639		199,220
Navient Student Loan Trust 2018-1B, 1M USD LIBOR + 1.200%(a)		2.99	(b)		3/25/2067		100,000		95,875		98,935
Nelnet Private Education Loan Trust 2016-A A1B(a)		3.60			12/26/2040		29,949		29,766		30,226
Nelnet Student Loan Trust, 1M USD LIBOR + 1.550%(a)		3.34	(b)		8/25/2067		450,000		450,000		449,999
Nelnet Student Loan Trust 2006-2 B, 3M USD LIBOR + 0.200%		2.14	(b)		1/25/2038		202,886		190,568		186,028
Nelnet Student Loan Trust 2006-3, 3M USD LIBOR + 0.250%		2.20	(b)		6/25/2041		125,537		117,435		115,548
Nelnet Student Loan Trust 2015-3, 1M USD LIBOR + 1.500%(a)		3.29	(b)		6/25/2054		375,000		371,957		368,351
Pioneer Aircraft Finance Ltd.(a),(c)		4.95			6/15/2044		320,179		320,168		321,531
Primose Funding LLC(a)		4.48			7/30/2049		600,000		600,000		607,314
SLC Student Loan Trust 2005-1 B, 3M USD LIBOR + 0.200%		2.11	(b)		2/15/2045		77,175		66,918		71,332
SLM Student Loan Trust 2002-7 B, 28 day ARS		5.27	(b)		12/15/2039		80,000		80,057		79,973
SLM Student Loan Trust 2003-14, 3M USD LIBOR + 0.550%		2.49	(b)		10/25/2065		178,087		169,370		168,558
SLM Student Loan Trust 2003-4 B, 3M USD LIBOR + 0.650%		2.54	(b)		6/15/2038		53,863		49,756		50,676
SLM Student Loan Trust 2004-1, 3M USD LIBOR + 0.500%		2.44	(b)		7/25/2039		167,020		154,820		158,140
SLM Student Loan Trust 2005-6 B, 3M USD LIBOR + 0.290%		2.23	(b)		1/25/2044		104,201		96,994		97,388
SLM Student Loan Trust 2006-5 B, 3M USD LIBOR + 0.210%		2.15	(b)		10/25/2040		97,780		86,517		91,161
SLM Student Loan Trust 2013-6, 1M USD LIBOR + 1.500%		3.29	(b)		7/26/2083		100,000		100,000		91,940
SoFi Professional Loan Program LLC 2017-A C(a)		4.43			3/26/2040		100,000		99,508		105,611

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (Continued)
Other Asset-Backed Securities (Continued)
South Carolina Student Loan Corp. 2014-1 B, 1M USD LIBOR + 1.500%		3.21	(b)%		8/1/2035		100,000		$98,673		$97,377
Store Master Funding I-VII(a)		4.32			10/20/2046		356,786		378,594		374,133
Store Master Funding I-VII(a)		4.74			10/20/2048		228,658		235,427		244,295
Taco Bell Funding LLC 2016-1A A23(a)		4.97			5/25/2046		68,250		68,839		71,862
Textainer Marine Containers VII Ltd.(a)		5.28			4/20/2044		189,333		189,259		190,047
Wachovia Student Loan Trust 2005-1 B, 3M USD LIBOR + 0.300%		2.24	(b)		10/25/2040		58,651		54,073		54,227
Wave USA 2019-1 B(a)		4.58			9/15/2044		245,525		245,525		244,326
Willis Engine Structured Trust IV(a)		4.75			9/15/2043		375,829		384,346		392,509
Total Other Asset-Backed Securities							9,580,657		9,522,969		9,594,021
Total Asset-Backed Securities							26,623,431		26,538,205		26,633,636
Corporate Bonds — 33.2%*:
Auto Manufacturers — 1.8%*:
Ford Motor Credit Co. LLC		3.35			11/1/2022		430,000		429,804		434,375
Geely Automobile Holdings Ltd., 5 year CMT + 5.449%(c)		4.00			12/9/2024		400,000		398,564		397,600
Total Auto Manufacturers							830,000		828,368		831,975
Chemicals — 0.6%*:
OCP SA(a),(c)		4.50			10/22/2025		250,000		247,754		267,356
Commercial Banks — 3.4%*:
Bank of America Corp.		4.20			8/26/2024		400,000		429,600		429,526
Goldman Sachs Group, Inc. (The)		5.75			1/24/2022		205,000		215,514		220,070
Morgan Stanley		4.10			5/22/2023		865,000		879,363		913,405
Total Commercial Banks							1,470,000		1,524,477		1,563,001
Commercial Services — 0.7%*:
DP World Crescent Ltd.(c)		3.88			7/18/2029		300,000		297,259		307,478
Diversified Financial Services — 4.1%*:
AerCap Ireland Capital DAC / AerCap Global Aviation Trust(c)		4.88			1/16/2024		580,000		602,634		628,791
Athene Global Funding(a)		2.75			6/25/2024		225,000		227,276		227,290
LeasePlan Corp. NV(a),(c)		2.88			10/24/2024		350,000		350,968		349,881
Shinhan Financial Group Co. Ltd.(a),(c)		3.34			2/5/2030		242,000		242,000		245,681
Shinhan Financial Group Co. Ltd.(c)		5.88			7/23/2022		200,000		203,678		214,937
SPARC EM SPC Panama Metro Line 2 SP(c)		Zero Coupon			12/5/2022		237,796		225,275		228,286
Total Diversified Financial Services							1,834,796		1,851,831		1,894,866
Electric — 3.4%*:
CEZ AS(c)		0.88			12/2/2026		585,000		641,246		652,736

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Electric (Continued)
PT Perusahaan Listrik Negara(a),(c)		1.88	%		11/5/2031		588,000		$649,585		$654,613
Tabreed Sukuk Spc Ltd.(c)		5.50			10/31/2025		250,000		268,162		279,922
Total Electric							1,423,000		1,558,993		1,587,271
Energy-Alternate Sources — 0.6%*:
Empresa Electrica Cochrane SpA(a),(c)		5.50			5/14/2027		288,000		287,994		300,240
Engineering & Construction — 0.6%*:
Dianjian International Finance Ltd.(c)		4.60	(e)		12/31/2099		250,000		246,253		257,864
Gas — 0.4%*:
Promigas SA ESP / Gases del Pacifico SAC(a)		3.75			10/16/2029		200,000		198,495		201,752
Insurance — 0.7%*:
Hanwha Life Insurance Co. Ltd.(c)		4.70			4/23/2048		300,000		296,878		305,885
Investment Company Security — 0.5%*:
TCP Capital Corp.		4.13			8/11/2022		225,000		232,340		233,005
Media — 1.0%*:
Cable Onda SA(a),(c)		4.50			1/30/2030		450,000		445,535		473,850
Mining — 1.8%*:
Gold Fields Orogen Holdings BVI Ltd.(a)		6.13			5/15/2029		400,000		454,068		444,000
Industrias Penoles SAB de CV(a),(c)		4.15			9/12/2029		200,000		197,314		207,063
MMC Norilsk Nickel OJSC Via MMC Finance DAC(a),(c)		4.10			4/11/2023		200,000		196,703		207,562
Total Mining							800,000		848,085		858,625
Miscellaneous Manufacturing — 1.6%*:
General Electric Co.		5.30			2/11/2021		730,000		743,301		753,162
Multi-National — 1.0%*:
Africa Finance Corp.(a),(c)		4.38			4/17/2026		260,000		258,238		275,535
Eastern & Southern African Trade & Development Bank(c)		4.88			5/23/2024		200,000		199,025		208,208
Total Multi-National							460,000		457,263		483,743
Oil and Gas — 2.9%*:
EQT Corp.		3.00			10/1/2022		640,000		637,376		628,997
Raizen Fuels Finance SA(a)		5.30			1/20/2027		350,000		382,215		380,953
Sibur Securities DAC(a),(c)		3.45			9/23/2024		325,000		325,000		331,042
Total Oil and Gas							1,315,000		1,344,591		1,340,992
Pharmaceuticals — 1.0%*:
CVS Health Corp.		3.35			3/9/2021		481,000		482,018		488,997

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Pipelines — 1.0%*:
Energy Transfer Operating LP		7.50	%		10/15/2020		37,000		$38,162		$38,452
KazTransGas JSC(a),(c)		4.38			9/26/2027		400,000		405,632		419,625
Total Pipelines							437,000		443,794		458,077
Real Estate — 1.6%*:
NE Property BV(c)		1.88			10/9/2026		415,000		450,172		464,005
Shimao Property Holdings Ltd.(c)		6.38			10/15/2021		250,000		257,828		261,250
Total Real Estate							665,000		708,000		725,255
Real Estate Investment Trusts — 2.1%*:
PLA Administradora Industrial S de RL de CV(a),(c)		4.96			7/18/2029		290,000		290,000		299,791
Service Properties Trust		4.50			6/15/2023		335,000		346,056		348,278
Tanger Properties LP		3.88			12/1/2023		316,000		323,705		325,355
Total REITS							941,000		959,761		973,424
Retail — 0.4%*:
El Puerto de Liverpool SAB de CV(a),(c)		3.95			10/2/2024		200,000		199,439		205,752
Telecommunications — 0.5%*:
AT&T, Inc.		3.00			6/30/2022		230,000		228,781		234,956
Trucking and Leasing — 1.5%*:
Park Aerospace Holdings Ltd.(a),(c)		5.25			8/15/2022		650,000		677,722		692,510
Total Corporate Bonds							14,729,796		15,108,932		15,440,036
Mortgage-Backed Securities — 6.2%*:
BBCMS 2018-CHRS Mortgage Trust(a)		4.27	(f)		8/5/2038		100,000		97,804		105,743
BX Commercial Mortgage Trust 2018-IND, 1M USD LIBOR + 1.700%(a)		3.44	(b)		11/15/2035		420,000		420,705		420,919
COMM 2014-LC17 Mortgage Trust		4.57	(f)		10/10/2047		400,000		410,284		419,504
COMM 2014-UBS5 Mortgage Trust		4.61	(f)		9/10/2047		395,000		409,843		408,142
Connecticut Avenue Securities Trust 2019-R02, 1M USD LIBOR + 2.300%(a)		4.09	(b)		8/25/2031		430,000		431,187		432,943
Connecticut Avenue Securities Trust 2019-R03, 1M USD LIBOR + 2.150%(a)		3.94	(b)		9/25/2031		200,000		200,000		201,055
GS Mortgage Securities Corp. II(a)		3.00	(f)		7/10/2051		500,000		448,964		459,849
GS Mortgage Securities Trust 2016-GS2		4.53	(f)		5/10/2049		200,000		207,050		215,251
J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-OSB(a)		3.78	(f)		6/5/2039		213,000		211,357		214,079
Total Mortgage-Backed Securities							2,858,000		2,837,194		2,877,485

See accompanying Notes to the Financial Statements.

138

Barings Diversified Income Fund 2019 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
U.S. Treasury & Government Agencies — 0.4%*:
Federal National Mortgage Association STACR Trust, 1M USD LIBOR + 2.050%(a)		3.84	%		7/25/2049		200,000		$200,000		$200,862
Total Fixed Income							44,411,227		44,684,331		45,152,019
Total Investments							44,411,227		44,684,331		45,152,019
Other assets and liabilities — 2.8%*											1,291,607
Net Assets — 100.0%											$46,443,626

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

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

(a) 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.

(b) Variable rate security. The interest rate shown is the rate in effect at December 31, 2019.

(c) 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	77.1%
Ireland	4.4%
Slovakia	1.7%
Mexico	1.6%
Panama	1.6%
China	1.5%
Indonesia	1.4%
Czech Republic	1.4%
United Arab Emirates	1.3%
Russia	1.2%
Romania	1.0%
South Africa	1.0%
Other (Individually less than 1%)	4.8%
Total	100.0%

(d) For fair value measurement disclosure purposes, security is categorized as Level 3 (See Note 2).

(e) Variable Rate is Fixed to Float: Rate remains fixed until designated future date.

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

See accompanying Notes to the Financial Statements.

139

Barings Diversified Income Fund 2019 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

A summary of outstanding derivatives at December 31, 2019 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)
1/7/20	Citibank N.A.		EUR	1,586,048	$	1,779,515	$	1,779,879	$	(364	)
1/7/20	Barclays Bank plc		GBP	295,944		392,053		383,442		8,611
Net unrealized appreciation on forward foreign currency exchange contracts to buy									$	8,247

Forward Foreign Currency Exchange Contracts to Sell

EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION (DEPRECIATION)
1/7/20	HSBC Bank USA		EUR	1,580,348	$	1,773,119	$	1,743,601	$	(29,517	)
1/7/20	Barclays Bank plc		EUR	5,700		6,395		6,289		(106	)
2/6/20	Citibank N.A.		EUR	1,586,328		1,783,145		1,783,487		342
1/7/20	Barclays Bank plc		GBP	294,531		390,181		379,852		(10,329	)
1/7/20	HSBC Bank USA		GBP	1,413		1,871		1,826		(45	)
Net unrealized depreciation on forward foreign currency exchange contracts to sell									$	(39,655	)

Currency Legend

CRC	–	Costa Rican Colon
EUR	–	Euro
GBP	–	British Pound Sterling
KES	–	Kenyan Shilling

Futures

TYPE	EXPIRATION DATE		CONTRACTS		NOTIONAL AMOUNT			POSITION		FAIR VALUE			UNREALIZED APPRECIATION
Short Futures
Euro Bund		03/06/20		7		(1,333,572	)		Short	$	(1,338,670	)	$	19,851
Euro-BOBL Future		03/06/20		3		(443,759	)		Short		(449,678	)		2,383
Euro-SCHATZ Future		03/06/20		3		(369,930	)		Short		(376,572	)		280
U.S. 10-Year Ultra Bond		03/20/20		22		(3,132,363	)		Short		(3,095,469	)		36,894
U.S. 5-Year Treasury Note		03/31/20		93		(11,083,867	)		Short		(11,030,672	)		53,195
Total Short Futures													$	112,603

See accompanying Notes to the Financial Statements.

140

Barings Emerging Markets Debt Blended Total Return Fund 2019 Semi-Annual Report

SCHEDULE OF INVESTMENTS

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Fixed Income — 89.5%*:
Corporate Bonds — 42.2%*:
Auto Manufacturers — 0.9%*:
Geely Automobile Holdings Ltd., 5 year CMT + 5.449%(a)		4.00	(b)%		12/9/2024		500,000		$498,205		$497,000
Chemicals — 3.1%*:
Braskem Idesa SAPI(a),(c)		7.45			11/15/2029		795,000		792,305		847,081
Consolidated Energy Finance SA(c)		6.88			6/15/2025		170,000		175,042		162,350
Grupo Idesa SA de CV(a),(c)		7.88			12/18/2020		1,000,000		958,191		831,260
Total Chemicals							1,965,000		1,925,538		1,840,691
Commercial Banks — 9.3%*:
Banco Daycoval SA(a)		4.25			12/13/2024		497,000		494,263		505,697
Banco Mercantil del Norte SA, 10 year CMT + 5.353%(a),(c)		7.63	(b)		1/10/2028		500,000		546,026		535,312
Burgan Bank SAK, 5 year USD Swap + 4.007%(a)		5.75	(b)		7/9/2024		500,000		499,250		508,930
National Bank of Greece SA, 5 year EUR Swap + 8.464%(a)		8.25	(b)		7/18/2029		750,000		844,200		927,506
Nova Ljubljanska Banka dd(a)		3.65			11/19/2029		400,000		440,400		454,908
Sovcombank Via SovCom Capital DAC, 5 year CMT + 6.427%(a),(c)		8.00	(b)		4/7/2030		715,000		715,000		739,589
TBC Bank JSC, 5 year USD Swap + 8.995%(a),(c)		10.78	(b)		10/3/2024		645,000		645,000		651,450
Turkiye Halk Bankasi AS(a),(c)		4.75			2/11/2021		600,000		571,244		579,750
Vietnam Prosperity JSC Bank(a)		6.25			7/17/2022		500,000		497,111		505,241
Total Commercial Banks							5,107,000		5,252,494		5,408,383
Diversified Financial Services — 2.0%*:
Muthoot Finance Ltd.(a),(c)		6.13			10/31/2022		1,140,000		1,140,000		1,184,650
Energy-Alternate Sources — 0.6%*:
Mong Duong Finance Holdings BV(a),(c)		5.13			5/7/2029		340,000		340,000		347,957
Food — 1.8%*:
Minerva Luxembourg SA(a),(c)		5.88			1/19/2028		500,000		467,284		524,375
NBM US Holdings, Inc.(a),(c)		6.63			8/6/2029		500,000		526,094		542,656
Total Food							1,000,000		993,378		1,067,031
Household Products — 0.6%*:
Walnut Bidco plc(a),(c)		6.75			8/1/2024		317,000		352,647		379,474
Media — 0.8%*:
Cable Onda SA(a),(c)		4.50			1/30/2030		450,000		445,535		473,850
Mining — 2.6%*:
Metinvest BV(a),(c)		5.63			6/17/2025		750,000		815,561		857,436
Petra Diamonds US Treasury plc(a),(c)		7.25			5/1/2022		1,050,000		1,048,360		662,812
Total Mining							1,800,000		1,863,921		1,520,248

See accompanying Notes to the Financial Statements.

141

Barings Emerging Markets Debt Blended Total Return Fund 2019 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Multi-National — 2.1%*:
Asian Development Bank, TBIB6MIR(a),(d)		8.46	(b)%		7/14/2021		1,360,000		$456,743		$469,580
European Bank for Reconstruction & Development, GGRRC9MX — 0.500%(a),(d)		7.10	(b)		10/29/2022		1,200,000		404,027		417,483
International Bank for Reconstruction & Development(a),(d)		7.25			11/22/2021		960,000		325,424		333,986
Total Multi-National							3,520,000		1,186,194		1,221,049
Oil and Gas — 4.5%*:
C&W Senior Financing DAC(a),(c)		6.88			9/15/2027		450,000		465,623		481,199
Kosmos Energy Ltd.(a),(c)		7.13			4/4/2026		555,000		555,000		567,487
Petroleos Mexicanos(a)		6.75			9/21/2047		750,000		704,941		751,410
Tullow Oil plc(a),(c)		7.00			3/1/2025		1,000,000		1,001,956		841,820
Total Oil and Gas							2,755,000		2,727,520		2,641,916
Real Estate — 4.3%*:
Kaisa Group Holdings Ltd.(a)		11.25			4/9/2022		750,000		763,653		780,920
New Metro Global Ltd.(a)		6.50			4/23/2021		500,000		493,744		496,381
Powerlong Real Estate Holdings Ltd.(a)		7.13			11/8/2022		305,000		303,649		308,615
Sunac China Holdings Ltd.(a)		7.95			10/11/2023		630,000		625,913		662,965
Yuzhou Properties Co. Ltd.(a)		6.38			3/6/2021		250,000		249,895		252,500
Total Real Estate							2,435,000		2,436,854		2,501,381
Retail — 1.6%*:
Arabian Centres Sukuk Ltd.(a),(c)		5.38			11/26/2024		500,000		500,000		511,250
Eurotorg LLC Via Bonitron DAC(a),(c)		8.75			10/30/2022		400,000		404,141		426,000
Total Retail							900,000		904,141		937,250
Sovereign — 0.9%*:
Ukreximbank Via Biz Finance plc, 5 year USD ICE Swap + 8.178%(a)		9.95	(b)		11/14/2029		500,000		500,000		505,625
Telecommunications — 3.8%*:
IHS Netherlands Holdco BV(a),(c)		8.00			9/18/2027		655,000		655,000		692,663
Kenbourne Invest SA(a),(c)		6.88			11/26/2024		550,000		550,000		573,375
LCPR Senior Secured Financing DAC(a),(c)		6.75			10/15/2027		200,000		200,000		212,000
Network i2i Ltd., 5 year CMT + 4.277%(a),(c)		5.65	(b)		1/15/2025		500,000		470,878		495,000
Turk Telekomunikasyon AS(a),(c)		6.88			2/28/2025		250,000		248,666		266,875
Total Telecommunications							2,155,000		2,124,544		2,239,913
Transportation — 3.3%*:
International Airport Finance SA(a),(c)		12.00			3/15/2033		500,000		553,970		548,750
MV24 Capital BV(a),(c)		6.75			6/1/2034		599,524		599,524		633,278
Prumo Participacoes e Investimentos SA(a),(c)		7.50			12/31/2031		301,166		309,608		312,986

See accompanying Notes to the Financial Statements.

142

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Transportation (Continued)
Ukraine Railways Via Rail Capital Markets plc(a)		8.25	%		7/9/2024		400,000		$400,000		$426,600
Total Transportation							1,800,690		1,863,102		1,921,614
Total Corporate Bonds							26,684,690		24,554,073		24,688,032
Foreign Government — 47.3%*:
Angola — 1.0%*:
Angolan Government International Bond(a),(c)		8.00			11/26/2029		250,000		250,000		266,250
Angolan Government International Bond(a),(c)		8.25			5/9/2028		280,000		289,187		301,875
Total Angola							530,000		539,187		568,125
Brazil — 2.7%*:
Brazil Notas do Tesouro Nacional Serie B(a)		6.00			8/15/2050		1,320,000		1,234,466		1,567,611
Colombia — 2.4%*:
Colombian TES(a)		7.50			8/26/2026		1,350,000,000		447,459		447,395
Colombian TES(a)		10.00			7/24/2024		2,688,600,000		1,026,507		967,616
Total Colombia							4,038,600,000		1,473,966		1,415,011
Costa Rica — 1.4%*:
Costa Rica Government International Bond(a),(c)		6.13			2/19/2031		770,000		762,945		817,884
Dominican Republic — 1.2%*:
Dominican Republic International Bond(a),(c)		8.63			4/20/2027		570,000		661,151		691,838
Egypt — 1.4%*:
Egypt Government International Bond(a),(c)		6.38			4/11/2031		670,000		751,974		803,207
El Salvador — 4.2%*:
El Salvador Government International Bond(a),(c)		7.12			1/20/2050		860,000		860,000		915,367
El Salvador Government International Bond(a),(c)		8.25			4/10/2032		600,000		641,923		714,563
El Salvador Government International Bond(a),(c)		8.63			2/28/2029		670,000		771,567		804,837
Total El Salvador							2,130,000		2,273,490		2,434,767

See accompanying Notes to the Financial Statements.

143

Barings Emerging Markets Debt Blended Total Return Fund 2019 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Foreign Government (Continued)
Ghana — 3.5%*:
Ghana Government Bond(a)		16.50	%		3/22/2021		420,000		$75,818		$70,141
Ghana Government Bond(a)		16.50			2/6/2023		4,059,000		902,158		631,878
Ghana Government Bond(a)		17.60			11/28/2022		561,000		98,035		90,184
Ghana Government Bond(a)		18.25			7/25/2022		1,639,000		309,888		269,707
Ghana Government Bond(a)		19.50			10/18/2021		115,000		21,446		19,617
Ghana Government Bond(a)		20.00			1/3/2022		196,000		36,129		33,630
Ghana Government Bond(a)		21.50			3/9/2020		480,000		110,028		84,470
Ghana Government Bond(a)		24.50			6/21/2021		235,000		45,711		42,962
Ghana Government Bond(a)		24.75			3/1/2021		155,000		29,700		28,175
Ghana Government Bond(a)		24.75			7/19/2021		653,000		130,024		120,200
Republic of Ghana Government Bond(a),(c)		10.75			10/14/2030		500,000		647,833		640,000
Total Ghana							9,013,000		2,406,770		2,030,964
Greece — 0.9%*:
Hellenic Republic Government Bond(a),(c)		3.88			3/12/2029		375,000		427,171		508,292
Honduras — 0.7%*:
Honduras Government International Bond(a),(c)		6.25			1/19/2027		370,000		402,640		403,763
Indonesia — 2.2%*:
Indonesia Treasury Bond(a)		8.25			5/15/2036		3,300,000,000		240,365		251,496
Indonesia Treasury Bond(a)		8.38			3/15/2034		13,640,000,000		1,038,569		1,058,187
Total Indonesia							16,940,000,000		1,278,934		1,309,683
Ivory Coast — 1.6%*:
Ivory Coast Government International Bond(a),(c)		5.25			3/22/2030		270,000		292,216		308,298
Ivory Coast Government International Bond(a),(c)		5.88			10/17/2031		550,000		599,603		640,070
Total Ivory Coast							820,000		891,819		948,368
Malaysia — 2.3%*:
Malaysia Government Bond(a)		3.96			9/15/2025		502,000		120,934		126,957
Malaysia Government Bond(a)		4.92			7/6/2048		4,368,000		1,159,649		1,208,644
Total Malaysia							4,870,000		1,280,583		1,335,601
Mexico — 9.1%*:
Mexican Bonos(a)		7.75			11/13/2042		53,550,000		2,552,381		2,989,619
Mexican Bonos(a)		8.00			11/7/2047		41,000,000		1,873,302		2,365,447
Total Mexico							94,550,000		4,425,683		5,355,066
Oman — 1.0%*:
Oman Government International Bond(a),(c)		6.00			8/1/2029		550,000		550,000		574,406

See accompanying Notes to the Financial Statements.

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December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Foreign Government (Continued)
Peru — 1.7%*:
Peru Government Bond(a)		6.85	%		2/12/2042		2,809,000		$980,920		$1,014,935
South Africa — 4.5%*:
Republic of South Africa Government Bond(a)		10.50			12/21/2026		32,950,000		2,511,670		2,627,925
Tunisia — 1.4%*:
Banque Centrale de Tunisie International Bond(a),(c)		6.38			7/15/2026		380,000		424,872		422,492
Banque Centrale de Tunisie International Bond(a),(c)		6.75			10/31/2023		350,000		386,703		405,722
Total Tunisia							730,000		811,575		828,214
Ukraine — 4.1%*:
Ukraine Government International Bond(a),(c)		6.75			6/20/2026		895,000		1,020,917		1,126,805
Ukraine Government International Bond(a),(c)		8.99			2/1/2024		600,000		597,939		673,500
Ukraine Government International Bond(a),(c)		9.75			11/1/2028		480,000		484,319		583,800
Total Ukraine							1,975,000		2,103,175		2,384,105
Total Foreign Government							21,133,602,000		25,768,119		27,619,765
Total Fixed Income							21,160,286,690		50,322,192		52,307,797
Total Investments							21,160,286,690		50,322,192		52,307,797
Other assets and liabilities — 10.5%*											6,142,326
Net Assets — 100.0%											$58,450,123

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

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

(a) Foreign security.

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

Mexico	15.9%
Ukraine	8.0%
Brazil	7.8%
Ghana	6.6%
South Africa	6.3%
China	5.7%
El Salvador	4.7%
India	3.2%
Greece	2.7%
Colombia	2.7%

See accompanying Notes to the Financial Statements.

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Malaysia	2.6%
Indonesia	2.5%
Supranational	2.3%
Peru	1.9%
Ivory Coast	1.8%
Vietnam	1.6%
Turkey	1.6%
Tunisia	1.6%
Costa Rica	1.6%
Egypt	1.5%
Russia	1.4%
Niger	1.3%
Dominican Republic	1.3%
Georgia	1.3%
Oman	1.1%
Chile	1.1%
Angola	1.1%
Spain	1.1%
Saudi Arabia	1.0%
Kuwait	1.0%
Other (Individually less than 1%)	5.7%
Total	100.0%

(b) Variable rate security. The interest rate shown is the rate in effect at December 31, 2019.

(c) 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.

(d) For fair value measurement disclosure purposes, security is categorized as Level 3 (See Note 2).

A summary of outstanding derivatives at December 31, 2019 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)
1/21/20	EUR/PLN	Citibank N.A.		15,643,391		3,596,504	$	84,795
2/11/20	EUR/PLN	Citibank N.A.		461,189		107,425		784
1/21/20	HUF/EUR	Bank of America N.A.		266,843		89,254,226		(3,111	)
Net unrealized appreciation on cross currency forward foreign currency  exchange contracts							$	82,468

See accompanying Notes to the Financial Statements.

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Forward Foreign Currency Exchange Contracts to Buy

EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION (DEPRECIATION)
1/28/20	Citibank N.A.		AUD	2,993,448	$	2,101,984	$	2,020,144	$	81,840
1/28/20	Bank of America N.A.		AUD	1,073,992		754,152		735,000		19,152
2/18/20	Morgan Stanley & Co.		AUD	2,231,436		1,567,703		1,530,000		37,703
1/14/20	Citibank N.A.		BRL	7,065,096		1,755,616		1,723,000		32,616
1/14/20	JPMorgan Chase Bank N.A.		BRL	4,446,415		1,104,896		1,059,618		45,278
1/14/20	JPMorgan Chase Bank N.A.		CLP	984,972,865		1,310,132		1,266,921		43,211
1/14/20	Goldman Sachs & Co.		CLP	793,326,635		1,055,220		1,095,074		(39,854	)
1/14/20	Citibank N.A.		COP	3,807,952,500		1,157,881		1,111,000		46,881
1/21/20	Barclays Bank plc		EUR	3,796,505		4,263,303		4,199,575		63,728
1/21/20	Bank of America N.A.		EUR	3,267,483		3,669,236		3,654,000		15,236
2/11/20	Bank of America N.A.		EUR	440,086		494,843		490,878		3,965
4/15/20	Citibank N.A.		GTQ	2,507,533		324,605		322,997		1,608
4/29/20	Citibank N.A.		GTQ	1,220,104		157,874		158,219		(345	)
1/21/20	Goldman Sachs & Co.		HUF	327,467,010		1,110,817		1,086,000		24,817
1/28/20	JPMorgan Chase Bank N.A.		IDR	20,750,583,000		1,497,125		1,461,000		36,125
1/28/20	Barclays Bank plc		INR	80,026,264		1,121,091		1,122,971		(1,880	)
1/28/20	Citibank N.A.		KRW	1,299,455,500		1,125,094		1,117,907		7,187
1/27/20	JPMorgan Chase Bank N.A.		LKR	55,082,789		303,023		302,072		951
2/10/20	JPMorgan Chase Bank N.A.		LKR	27,556,498		151,402		151,036		366
1/14/20	Goldman Sachs & Co.		MXN	58,618,162		3,095,468		3,090,000		5,468
1/14/20	Bank of America N.A.		MXN	1,725,396		91,114		89,000		2,114
1/14/20	Morgan Stanley & Co.		MXN	2,211,101		116,762		114,000		2,762
1/28/20	Barclays Bank plc		MYR	7,720,358		1,891,022		1,841,918		49,104
1/14/20	Citibank N.A.		PEN	34,256		10,336		10,083		253
1/28/20	JPMorgan Chase Bank N.A.		PHP	142,493,746		2,809,135		2,798,000		11,135
1/28/20	Citibank N.A.		PKR	12,828,704		82,252		80,532		1,720
1/28/20	JPMorgan Chase Bank N.A.		PKR	23,696,968		151,935		150,409		1,526
3/18/20	Standard Chartered Bank		PKR	33,236,458		210,891		209,460		1,431
3/18/20	Citibank N.A.		PKR	37,918,090		240,596		237,004		3,592
11/16/20	JPMorgan Chase Bank N.A.		PKR	21,183,808		128,477		129,927		(1,450	)
11/16/20	Citibank N.A.		PKR	49,760,750		301,792		305,000		(3,208	)
1/21/20	BNP Paribas S.A.		PLN	4,290,493		1,130,949		1,110,000		20,949
1/21/20	Citibank N.A.		PLN	135,553		35,731		35,000		731
1/21/20	Bank of America N.A.		PLN	301,794		79,551		79,000		551
2/11/20	Barclays Bank plc		RON	4,931,891		1,153,548		1,149,000		4,548
1/21/20	Goldman Sachs & Co.		RUB	35,902,677		577,624		545,662		31,962
Net unrealized appreciation on forward foreign currency exchange contracts to buy									$	551,773

See accompanying Notes to the Financial Statements.

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December 31, 2019 (Unaudited)

Forward Foreign Currency Exchange Contracts to Sell

EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION (DEPRECIATION)
1/14/20	Morgan Stanley & Co.		BRL	10,845,886	$	2,695,110	$	2,603,304	$	(91,806	)
1/14/20	Citibank N.A.		BRL	1,295,299		321,871		321,000		(871	)
1/21/20	Bank of America N.A.		CHF	1,104,972		1,142,957		1,121,465		(21,492	)
1/14/20	JPMorgan Chase Bank N.A.		CLP	1,778,299,500		2,365,352		2,442,719		77,367
1/14/20	Morgan Stanley & Co.		COP	3,777,574,000		1,148,643		1,114,000		(34,643	)
1/14/20	Citibank N.A.		COP	3,599,154,000		1,094,391		1,053,000		(41,391	)
1/14/20	Goldman Sachs & Co.		COP	1,217,612,959		370,238		346,267		(23,971	)
1/21/20	Bank of America N.A.		EUR	775,657		871,027		860,000		(11,027	)
1/21/20	Bank of America N.A.		HUF	642,006,443		2,177,782		2,149,000		(28,782	)
1/21/20	Citibank N.A.		HUF	19,690,107		66,792		67,000		208
1/28/20	JPMorgan Chase Bank N.A.		IDR	4,915,276,000		354,630		346,000		(8,630	)
1/28/20	Barclays Bank plc		IDR	31,485,936,572		2,271,665		2,190,800		(80,865	)
2/18/20	JPMorgan Chase Bank N.A.		IDR	45,137,098,100		3,251,131		3,158,649		(92,482	)
2/18/20	Citibank N.A.		IDR	668,199,000		48,129		47,000		(1,129	)
1/21/20	Citibank N.A.		ILS	865,441		250,828		246,000		(4,828	)
1/21/20	Bank of America N.A.		ILS	3,405,140		986,903		975,490		(11,413	)
2/11/20	Bank of America N.A.		ILS	4,731,912		1,372,957		1,368,000		(4,957	)
2/11/20	Goldman Sachs & Co.		ILS	5,576,054		1,617,884		1,606,515		(11,369	)
1/28/20	Standard Chartered Bank		INR	4,159,180		58,266		58,000		(266	)
1/28/20	Barclays Bank plc		INR	75,867,084		1,062,825		1,052,000		(10,825	)
1/28/20	Bank of America N.A.		JPY	302,989,794		2,791,792		2,803,023		11,231
1/28/20	Citibank N.A.		KRW	57,148,700		49,480		49,000		(480	)
1/28/20	JPMorgan Chase Bank N.A.		KRW	1,242,306,800		1,075,614		1,052,000		(23,614	)
1/21/20	JPMorgan Chase Bank N.A.		KZT	664,200,234		1,730,905		1,661,878		(69,027	)
1/14/20	Bank of America N.A.		MXN	57,707,974		3,047,404		2,982,000		(65,404	)
1/28/20	Barclays Bank plc		MYR	2,426,274		594,291		576,641		(17,650	)
1/14/20	Morgan Stanley & Co.		PEN	3,590,873		1,083,465		1,075,144		(8,321	)
1/21/20	JPMorgan Chase Bank N.A.		PLN	5,183,097		1,366,234		1,347,000		(19,234	)
1/28/20	Barclays Bank plc		SGD	2,269,226		1,687,530		1,668,000		(19,530	)
1/28/20	Bank of America N.A.		SGD	1,351,210		1,004,840		985,343		(19,497	)
2/18/20	Bank of America N.A.		SGD	3,999,582		2,974,897		2,937,580		(37,317	)
1/28/20	Standard Chartered Bank		THB	5,306,048		177,249		176,000		(1,249	)
1/28/20	Citibank N.A.		THB	79,118,324		2,642,960		2,601,712		(41,248	)
1/21/20	Bank of America N.A.		ZAR	47,364,328		3,373,722		3,174,468		(199,254	)
1/21/20	Goldman Sachs & Co.		ZAR	949,079		67,602		64,000		(3,602	)
1/21/20	Barclays Bank plc		ZAR	16,011,813		1,140,508		1,069,000		(71,508	)
2/11/20	HSBC Bank USA		ZAR	7,764,758		551,536		540,658		(10,878	)
2/11/20	Barclays Bank plc		ZAR	8,240,566		585,331		562,554		(22,777	)
Net unrealized depreciation on forward foreign currency exchange contracts to sell									$	(1,022,531	)

See accompanying Notes to the Financial Statements.

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Currency Legend

AUD	–	Australian Dollar
BRL	–	Brazilian Real
CHF	–	Swiss Franc
CLP	–	Chilean Peso
COP	–	Colombian Peso
CZK	–	Czech Koruna
EUR	–	Euro
HUF	–	Hungarian Forint
IDR	–	Indonesian Rupiah
ILS	–	Israeli Shekel
INR	–	Indian Rupee
JPY	–	Japanese Yen
KRW	–	South Korean Won
KZT	–	Kazakhstani Tenge
LKR	–	Sri Lankan Rupee
MXN	–	Mexican Peso
MYR	–	Malaysian Ringgit
PEN	–	Peruvian Nuevo Sol
PHP	–	Philippines Peso
PKR	–	Pakistan Rupee
PLN	–	Polish Zloty
RON	–	Romanian New Leu
RUB	–	Russian Ruble
SGD	–	Singapore Dollar
THB	–	Thai Baht
ZAR	–	South African Rand

Futures

TYPE	EXPIRATION DATE		CONTRACTS		NOTIONAL AMOUNT			POSITION		FAIR VALUE				UNREALIZED APPRECIATION
Short Future
U.S. Ultra Bond		03/20/20		8		(1,488,540	)		Short		$	(1,453,250	)		$	35,290

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
CZK-PRIBOR Rate		Receive		0.85	%		8/23/29	1Y/6M		60,924,370		LCH		$	68,143
HUF-BUBOR Rate		Receive		1.41	%		11/11/29	1Y/6M		769,100,000		LCH			27,641
HUF-BUBOR Rate		Receive		1.08	%		2/06/22	1Y/6M		1,590,000,000		LCH			(111,935	)
HUF-BUBOR Rate		Receive		1.32	%		12/17/21	1Y/6M		2,241,000,000		LCH			(129,606	)
HUF-BUBOR Rate		Receive		0.97	%		3/26/22	1Y/6M		1,500,000,000		LCH			(85,047	)
PLN-WIBOR Rate		Receive		2.01	%		3/22/24	1Y/6M		19,000,000		LCH			(101,591	)
HUF-BUBOR Rate		Receive		2.27	%		5/27/29	1Y/6M		142,000,000		LCH			(40,607	)
HUF-BUBOR Rate		Receive		1.85	%		6/25/29	1Y/6M		1,335,000,000		LCH			(191,577	)
PLN-WIBOR Rate		Receive		1.87	%		6/25/24	1Y/6M		12,500,000		LCH			(44,356	)
CZK-PRIBOR Rate		Pay		2.0	%		9/27/21	1Y/6M		309,000,000		LCH			(70,478	)
Total Centrally Cleared Interest Rate Swaps														$	(679,413	)

See accompanying Notes to the Financial Statements.

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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)
375,000 EUR		3.88	%		1Y/6M		03/12/2029	Citibank N.A.		424,875 USD		6.64	%		$	(112	)		$	24,221			$	24,333
270,000 EUR		3.88	%		1Y/6M		03/22/2030	Citibank N.A.		305,910 USD		8.19	%			(81	)			19,462				19,543
400,000 EUR		3.65	%		1Y/6M		11/19/2029	Citibank N.A.		440,600 USD		6.02	%			200				(8,256	)			(8,456	)
317,000 EUR		6.75	%		1Y/6M		08/01/2024	Citibank N.A.		353,011 USD		9.71	%			(365	)			8,459				8,824
550,000 EUR		5.88	%		1Y/6M		10/17/2031	Citibank N.A.		605,000 USD		8.46	%			—				(18,127	)			(18,127	)
350,000 EUR		6.75	%		1Y/6M		10/31/2023	Citibank N.A.		385,875 USD		9.27	%			(368	)			(5,742	)			(5,374	)
750,000 EUR		8.25	%		1Y/6M		07/18/2029	Citibank N.A.		843,675 USD		11.44	%			(525	)			43,560				44,085
380,000 EUR		6.38	%		1Y/6M		07/15/2026	Citibank N.A.		427,538 USD		9.25	%			(114	)			16,739				16,853
750,000 EUR		5.63	%		1Y/6M		06/17/2025	Citibank N.A.		819,150 USD		8.12	%			(1,088	)			(26,318	)			(25,230	)
300,000 EUR		6.75	%		1Y/6M		06/20/2026	Citibank N.A.		336,030 USD		9.73	%			(165	)			8,401				8,566
595,000 EUR		6.75	%		1Y/6M		06/20/2026	Citibank N.A.		671,160 USD		9.58	%			327				17,485				17,158
670,000 EUR		6.88	%		1Y/6M		04/11/2031	Citibank N.A.		751,740 USD		9.95	%			(234	)			30,665				30,899
Total OTC Cross Currency Swaps															$	(2,525	)		$	110,549			$	113,074

OTC — Interest Rate Swaps

DESCRIPTION	NOTIONAL AMOUNT			UNREALIZED APPRECIATION (DEPRECIATION)		VALUE
Agreement with Bank of America N.A. dated 10/7/2019 receiving a fixed rate of 7.05% paying/ the notional amount multiplied by the 3 Month MOSPRIME rate. Expiring 10/8/2024.		RUB	146,600,000	$	44,646	$	44,646
Agreement with Bank of America N.A. dated 10/4/2019 receiving a fixed rate of 5.88% paying the notional amount multiplied by the BRL-CDI rate. Expiring 2/1/2023.		BRL	18,084,492		29,633		29,633
Agreement with Bank of America N.A. dated 3/21/2019 receiving a fixed rate of 8.21% paying the notional amount multiplied by the 3 Month MOSPRIME rate. Expiring 3/21/2024.		RUB	110,000,000		220,933		220,933
Agreement with Bank of America N.A. dated 3/20/2019 receiving a fixed rate of 8.27% paying the notional amount multiplied by the 3 Month MOSPRIME rate. Expiring 3/21/2024.		RUB	94,000,000		192,854		192,854
Agreement with Bank of America N.A. dated 4/9/2019 receiving a fixed rate of 8.31% paying the notional amount multiplied by the 3 Month MOSPRIME rate. Expiring 4/10/2024.		RUB	124,000,000		220,239		220,239
Agreement with Bank of America N.A. dated 4/8/2019 receiving a fixed rate of 8.35% paying the notional amount multiplied by the 3 Month MOSPRIME rate. Expiring 4/9/2024.		RUB	124,000,000		223,839		223,839
Agreement with Bank of America N.A. dated 4/4/2019 receiving a fixed rate of 8.35% paying the notional amount multiplied by the 3 Month MOSPRIME rate. Expiring 4/4/2024.		RUB	73,000,000		131,822		131,822
Agreement with Bank of America N.A. dated 4/2/2019 receiving a fixed rate of 8.40% paying/ the notional amount multiplied by the 3 Month MOSPRIME rate. Expiring 4/3/2024.		RUB	73,000,000		134,441		134,441
Agreement with Citibank N.A. dated 3/20/2019 receiving a fixed rate of 8.28% paying the notional amount multiplied by the 3 Month MOSPRIME rate. Expiring 3/21/2024.		RUB	62,000,000		127,648		127,648

See accompanying Notes to the Financial Statements.

150

Barings Emerging Markets Debt Blended Total Return Fund 2019 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

DESCRIPTION	NOTIONAL AMOUNT			UNREALIZED APPRECIATION (DEPRECIATION)			VALUE
Agreement with Citibank N.A. dated 8/21/2019 paying a fixed rate of 0.48% receiving the notional amount multiplied by the 6 Month CLICP rate. Expiring 8/21/2024.		CLP	1,602,971,451	$	(26,733	)	$	(26,733	)
Agreement with Citibank N.A. dated 8/22/2019 paying a fixed rate of 0.46% receiving the notional amount multiplied by the 6 Month CLICP rate. Expiring 8/26/2024.		CLP	1,602,661,558		(24,723	)		(24,723	)
Agreement with Credit Suisse First Boston dated 8/20/2019 receiving a fixed rate of 6.38% paying the notional amount multiplied by the BRL-CDI rate. Expiring 1/3/2023.		BRL	15,433,848		90,542			90,542
Total OTC Interest Rate Swaps				$	1,365,141		$	1,365,141

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
Brazil Government International Bond		1.00	%		3M		12/20/2024	JPMorgan Chase Bank N.A.		$	1,000,000		$	1,000,000		$	(39,971	)		$	(16,506	)		$	23,465
Brazil Government International Bond		1.00	%		3M		12/20/2024	BNP Paribas S.A.			1,500,000			1,500,000			(19,867	)			1,131				20,998
Colombia Government International Bond		1.00	%		3M		12/20/2024	BNP Paribas S.A.			1,500,000			1,500,000			9,982				19,967				9,985
Indonesia Government International Bond		1.00	%		3M		12/20/2024	BNP Paribas S.A.			3,000,000			3,000,000			28,734				53,859				25,125
Mexico Government International Bond		1.00	%		3M		12/20/2024	Bank of America N.A.			2,000,000			2,000,000			(6,396	)			21,127				27,523
Total OTC Credit Default Swaps																$	(27,518	)		$	79,578			$	107,096

(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.

151

Barings Global Emerging Markets Equity Fund 2019 Semi-Annual Report

SCHEDULE OF INVESTMENTS

December 31, 2019 (Unaudited)

	SHARES		COST		FAIR VALUE
Equities — 95.8%*:
Common Stocks — 95.8%*:
Communication Services — 8.7%*:
Mail.Ru Group Ltd.(a),(b)		5,891		$145,728		$131,369
Tencent Holdings Ltd.(b)		18,200		749,188		877,266
Total Communication Services		24,091		894,916		1,008,635
Consumer Discretionary — 11.3%*:
Alibaba Group Holding Ltd.(a),(b)		4,029		632,446		854,551
Prosus NV(a),(b)		2,331		179,030		173,955
Samsonite International SA(c)		55,500		164,954		133,189
Topsports International Holdings Ltd.(b),(c)		124,000		141,558		149,902
Total Consumer Discretionary		185,860		1,117,988		1,311,597
Consumer Staples — 2.7%*:
CP ALL Public Company Limited(b)		71,600		150,311		172,703
X5 Retail Group NV(b)		4,259		103,537		146,935
Total Consumer Staples		75,859		253,848		319,638
Energy — 6.5%*:
CNOOC Ltd.(b)		154,000		271,157		256,130
Gazprom PJSC(b)		16,594		131,623		136,403
Reliance Industries Ltd.(b),(c)		8,504		288,054		361,845
Total Energy		179,098		690,834		754,378
Financials — 32.1%*:
AIA Group Ltd.(b)		21,000		174,125		220,448
B3 SA — Brasil Bolsa Balcao(b)		18,007		97,381		192,349
Banco do Brasil SA(b)		8,300		56,922		108,983
Bancolombia SA(b)		3,723		152,248		203,983
China Construction Bank Corp.(b)		496,000		410,951		428,382
China Pacific Insurance Group Co. Ltd.(b)		49,400		172,692		194,625
Grupo Financiero Banorte SAB de CV(b)		38,152		260,213		213,001
Hana Financial Group, Inc.(b)		8,040		293,968		256,540
HDFC Bank Ltd.(b)		7,600		358,595		481,612
Itau Unibanco Holding SA(b)		21,781		152,280		199,296
Mega Financial Holding Co. Ltd.(b)		213,000		182,642		217,427
Ping An Insurance Group Co. of China Ltd.(b)		35,000		332,657		413,678
PT Bank Negara Indonesia Persero Tbk(b)		443,700		218,213		250,895
Sanlam Ltd.(b)		32,257		164,909		182,174
Sberbank of Russia PJSC(b)		10,509		119,730		172,348
Total Financials		1,406,469		3,147,526		3,735,741
Industrials — 3.4%*:
China State Construction International Holdings Ltd.(b)		210,000		198,648		190,804
Rumo SA(a),(b)		31,435		109,236		203,956
Total Industrials		241,435		307,884		394,760

See accompanying Notes to the Financial Statements.

152

Barings Global Emerging Markets Equity Fund 2019 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	SHARES		COST		FAIR VALUE
Common Stocks (Continued)
Information Technology — 18.2%*:
Chicony Electronics Co. Ltd.(b)		49,000		$100,603		$145,478
Hangzhou Hikvision Digital Technology Co. Ltd.(b)		33,300		135,628		156,516
Infosys Ltd.(b)		7,249		81,144		74,810
Samsung Electronics Co. Ltd.(b)		17,290		692,046		834,262
Sunny Optical Technology Group Co. Ltd.(b)		5,400		62,423		93,484
Taiwan Semiconductor Manufacturing Co. Ltd.(b)		74,000		616,159		817,093
Total Information Technology		186,239		1,688,003		2,121,643
Materials — 5.4%*:
Alrosa PJSC(a),(b)		70,000		84,295		95,098
Angang Steel Co. Ltd.(b)		234,000		156,043		97,296
Anglo American plc(b)		7,459		153,049		212,405
LG Chem Ltd.(b)		793		250,323		217,716
Total Materials		312,252		643,710		622,515
Real Estate — 5.3%*:
China Overseas Land & Investment Ltd.(b)		88,000		266,867		342,749
China Resources Land Ltd.(b)		56,000		188,928		278,839
Total Real Estate		144,000		455,795		621,588
Utilities — 2.2%*:
Huaneng Renewables Corp. Ltd.(b)		392,000		114,310		152,428
Light SA(b)		18,165		82,058		107,291
Total Utilities		410,165		196,368		259,719
Total Common Stocks		3,165,468		9,396,872		11,150,214
Total Equities		3,165,468		9,396,872		11,150,214
Mutual Fund — 3.3%*:
iShares MSCI India ETF		11,081		372,133		389,497
Total Investments		3,176,549		9,769,005		11,539,711
Other assets and liabilities — 0.9%*						103,418
Net Assets — 100.0%						$11,643,129

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

(a) Non-income producing security.

(b) Foreign security.

See accompanying Notes to the Financial Statements.

153

Barings Global Emerging Markets Equity Fund 2019 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

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

China	37.6%
Republic of Korea	11.3%
India	11.3%
Taiwan	10.2%
Brazil	7.0%
Russia	5.9%
Hong Kong	4.4%
South Africa	3.4%
Indonesia	2.2%
Mexico	1.9%
Colombia	1.8%
Netherlands	1.5%
Thailand	1.5%
Total	100.0%

(c) 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.

See accompanying Notes to the Financial Statements.

154

Barings Global High Yield Fund 2019 Semi-Annual Report

SCHEDULE OF INVESTMENTS

December 31, 2019 (Unaudited)

						SHARES		COST		FAIR VALUE
Equities — 0.2%*:
Common Stock — 0.2%*:
Oil and Gas — 0.2%*:
Jupiter Resources, Inc.(a)							33,592		$162,354		$33,592
Warrants — 0.0%*:
Diversified/Conglomerate Manufacturing — 0.0%*:
Appvion Holdings Corp. (exp. June 13, 2023)(b)							319		—		80
Appvion Holdings Corp. (exp. June 13, 2023)(b)							319		—		40
Total Diversified/Conglomerate Manufacturing							638		—		120
Total Warrants							638		—		120
Total Equities							34,230		162,354		33,712
	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Fixed Income — 97.6%*:
Bank Loans — 8.5%*(c):
Aerospace and Defense — 1.1%*:
Ducommun Corp., 1M LIBOR + 4.000%		5.94	%		11/21/2025		24,399		24,291		24,399
TransDigm, Inc., 1M LIBOR + 2.500%		4.30			6/9/2023		241,541		238,327		242,196
Total Aerospace and Defense							265,940		262,618		266,595
Broadcasting and Entertainment — 0.1%*:
CSC Holdings, LLC, 3M LIBOR + 2.500%		4.24			4/15/2027		40,101		40,095		40,235
Chemicals, Plastics and Rubber — 0.4%*:
Consolidated Energy Finance, S.A., 1M LIBOR + 2.500%		4.55			5/7/2025		107,842		104,120		105,686
Containers, Packaging and Glass — 1.1%*:
BWAY Holding Co., 1M LIBOR + 3.250%		5.23			4/3/2024		148,855		147,014		148,204
Flex Acquisition Co., Inc., 3M LIBOR + 3.000%		5.09			12/29/2023		122,595		116,597		121,421
Total Containers, Packaging and Glass							271,450		263,611		269,625
Diversified/Conglomerate Manufacturing — 0.2%*:
Tank Holding Corp., 1M LIBOR + 4.000%		6.41			3/26/2026		61,542		61,264		61,726
Diversified/Conglomerate Service — 1.4%*:
Almonde, Inc., 3M LIBOR + 3.500%(a)		5.70			6/13/2024		124,665		119,947		123,626
Evertec Group, LLC, 1M LIBOR + 3.500%		5.30			11/27/2024		42,878		42,701		43,200
Vertafore, Inc., 1M LIBOR + 3.250%		5.05			7/2/2025		178,200		174,568		175,931
Total Diversified/Conglomerate Service							345,743		337,216		342,757
Electronics — 0.5%*:
Veritas Bermuda Ltd., 3M LIBOR + 4.500%		6.32			1/27/2023		123,728		116,510		118,877

See accompanying Notes to the Financial Statements.

155

Barings Global High Yield Fund 2019 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Leisure, Amusement, Entertainment — 0.3%*:
SeaWorld Parks & Entertainment, Inc., 3M LIBOR + 3.000%		4.80	%		3/31/2024		77,777		$77,701		$78,102
Oil and Gas — 1.0%*:
Fieldwood Energy LLC, 1M LIBOR + 5.250%		7.18			4/11/2022		300,000		302,764		249,666
Telecommunications — 2.4%*:
Banff Merger Sub, Inc., 3M LIBOR + 4.250%		6.05			10/2/2025		112,711		111,749		111,320
CenturyLink, Inc., 3M LIBOR + 2.750%		4.55			1/31/2025		246,231		244,806		247,093
CommScope, Inc., 1M LIBOR + 3.250%		5.05			4/6/2026		29,663		29,397		29,820
Sabre Industries, Inc., 1M LIBOR + 4.250%		6.04			4/15/2026		36,042		35,717		36,245
Sprint Communications, Inc., 1M LIBOR + 2.500%		4.31			2/2/2024		172,010		166,580		170,333
Total Telecommunications							596,657		588,249		594,811
Total Bank Loans							2,190,780		2,154,148		2,128,080
Corporate Bonds — 89.1%*:
Aerospace and Defense — 5.5%*:
Global Aircraft Leasing Co. Ltd.(d)		6.50			9/15/2024		437,000		437,000		455,988
Heathrow Finance plc(a)		3.88			3/1/2027		100,000		127,407		133,950
Moog, Inc.(d)		4.25			12/15/2027		66,000		66,000		67,162
TransDigm, Inc.(d)		5.50			11/15/2027		250,000		250,000		252,807
Triumph Group, Inc.(d)		6.25			9/15/2024		216,000		216,000		227,070
Triumph Group, Inc.		7.75			8/15/2025		218,000		218,000		227,309
Total Aerospace and Defense							1,287,000		1,314,407		1,364,286
Automobile — 3.9%*:
AA Bond Co. Ltd.(a)		4.88			7/31/2043		100,000		124,745		134,915
AA Bond Co. Ltd.(a)		5.50			7/31/2043		200,000		277,015		225,844
Allison Transmission, Inc.(d)		5.88			6/1/2029		105,000		105,000		114,975
Garrett LX I Sarl/Garrett Borrowing LLC(a)		5.13			10/15/2026		200,000		227,526		226,592
Gates Global LLC / Gates Global Co.(d)		6.25			1/15/2026		150,000		150,000		152,582
RAC Bond Co. PLC(a)		5.00			11/6/2022		100,000		116,806		117,886
Total Automobile							855,000		1,001,092		972,794
Beverage, Food and Tobacco — 6.0%*:
Boparan Finance PLC(a)		5.50			7/15/2021		150,000		193,557		144,622
JBS Investments II GmbH(d)		5.75			1/15/2028		175,000		175,000		184,538
JBS Investments II GmbH(d)		7.00			1/15/2026		175,000		177,391		190,370
JBS USA LUX SA/JBS USA Finance, Inc.(d)		6.75			2/15/2028		218,000		218,000		240,892
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.(d)		5.50			1/15/2030		109,000		109,000		117,077
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.(d)		6.50			4/15/2029		175,000		175,000		194,474
Pilgrim’s Pride Corp.(d)		5.75			3/15/2025		175,000		178,031		180,885

See accompanying Notes to the Financial Statements.

156

Barings Global High Yield Fund 2019 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Beverage, Food and Tobacco (Continued)
Premier Foods Finance plc, 3M GBP LIBOR + 5.000%(a)		5.79	(e)%		7/15/2022		100,000		$126,870		$132,626
Sunshine Mid BV(a)		6.50			5/15/2026		100,000		121,055		119,956
Total Beverage, Food and Tobacco							1,377,000		1,473,904		1,505,440
Broadcasting and Entertainment — 10.5%*:
CCO Holdings LLC/CCO Holdings Capital Corp.(d)		4.75			3/1/2030		300,000		300,000		305,409
Clear Channel Worldwide Holdings, Inc.(d)		5.13			8/15/2027		218,000		218,000		227,003
Clear Channel Worldwide Holdings, Inc.(d)		9.25			2/15/2024		162,000		162,000		179,415
CSC Holdings LLC(d)		5.75			1/15/2030		175,000		175,000		186,813
Diamond Sports Group LLC/Diamond Sports Finance Co.(d)		5.38			8/15/2026		218,000		218,000		220,518
DISH DBS Corp.		7.75			7/1/2026		109,000		109,000		115,474
DISH Network Corp.		3.38			8/15/2026		40,000		38,804		38,476
Intelsat Jackson Holdings SA(d)		8.50			10/15/2024		109,000		109,000		99,281
Intelsat Jackson Holdings SA(d)		9.75			7/15/2025		22,000		23,039		20,350
Netflix, Inc.		3.88			11/15/2029		100,000		111,565		118,620
Netflix, Inc.(d)		4.88			6/15/2030		50,000		50,000		50,781
Netflix, Inc.(d)		5.38			11/15/2029		87,000		87,000		92,653
Nexstar Broadcasting, Inc.(d)		5.63			7/15/2027		218,000		224,021		229,728
Sirius XM Radio, Inc.(d)		4.63			7/15/2024		218,000		218,000		228,900
Sirius XM Radio, Inc.(d)		5.50			7/1/2029		175,000		175,000		189,217
Tele Columbus AG(a)		3.88			5/2/2025		150,000		159,058		164,082
Terrier Media Buyer, Inc.(d)		8.88			12/15/2027		150,000		150,000		158,625
Total Broadcasting and Entertainment							2,501,000		2,527,487		2,625,345
Buildings and Real Estate — 1.4%*:
Mattamy Group Corp.(a),(d)		6.50			10/1/2025		39,000		38,209		41,633
MPT Operating Partnership LP / MPT Finance Corp.		3.69			6/5/2028		150,000		193,586		203,791
Standard Industries, Inc.		2.25			11/21/2026		100,000		110,205		115,476
Total Buildings and Real Estate							289,000		342,000		360,900
Cargo Transport — 2.3%*:
American Airlines Group, Inc.(d)		5.00			6/1/2022		218,000		218,000		228,083
Kenan Advantage Group, Inc.(d)		7.88			7/31/2023		350,000		356,332		342,272
Total Cargo Transport							568,000		574,332		570,355
Chemicals, Plastics and Rubber — 2.6%*:
CF Industries, Inc.		4.95			6/1/2043		12,000		12,045		12,510
Consolidated Energy Finance SA(d)		6.88			6/15/2025		87,000		86,679		83,085
CVR Partners LP/CVR Nitrogen Finance Corp.(d)		9.25			6/15/2023		125,000		130,826		130,573
Diamond BC BV		5.63			8/15/2025		100,000		107,702		110,151

See accompanying Notes to the Financial Statements.

157

Barings Global High Yield Fund 2019 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Chemicals, Plastics and Rubber (Continued)
INEOS Group Holdings SA(a)		5.38	%		8/1/2024		100,000		$109,243		$116,376
LBC Tank Terminals Holding Netherlands BV(d)		6.88			5/15/2023		188,000		184,173		190,115
Total Chemicals, Plastics and Rubber							612,000		630,668		642,810
Containers, Packaging and Glass — 0.6%*:
Mauser Packaging Solutions Holding Co.(d)		7.25			4/15/2025		161,000		154,637		158,988
Diversified/Conglomerate Manufacturing — 1.5%*:
Amsted Industries, Inc.(d)		4.63			5/15/2030		250,000		250,000		251,807
Appvion ESC, 3M EURIBOR + 4.125%(b),(d)		9.00	(e)		6/1/2020		327,000		302,114		—
Energizer Gamma Acquisition BV		4.63			7/15/2026		100,000		116,130		118,620
Total Diversified/Conglomerate Manufacturing							677,000		668,244		370,427
Diversified/Conglomerate Service — 4.1%*:
Algeco Global Finance PLC(a)		6.50			2/15/2023		100,000		121,938		111,890
Carlson Travel, Inc.(d)		9.50			12/15/2024		245,000		245,000		243,775
Genesys Telecommunications Laboratories Inc/Greeneden Lux 3 Sarl/Greeneden US Ho(d)		10.00			11/30/2024		134,000		144,512		144,887
Iron Mountain UK PLC		3.88			11/15/2025		100,000		132,815		135,275
Korn Ferry(d)		4.63			12/15/2027		110,000		110,000		110,550
Prime Security Services Borrower LLC/Prime Finance, Inc.(d)		9.25			5/15/2023		91,000		95,835		95,436
Verisure Midholding AB(a)		5.75			12/1/2023		150,000		176,872		173,092
Total Diversified/Conglomerate Service							930,000		1,026,972		1,014,905
Ecological — 0.6%*:
GFL Environmental, Inc.(a),(d)		5.13			12/15/2026		65,000		65,000		68,340
GFL Environmental, Inc.(a),(d)		7.00			6/1/2026		87,000		87,989		91,907
Total Ecological							152,000		152,989		160,247
Electronics — 3.3%*:
Dell International LLC/EMC Corp.(d)		7.13			6/15/2024		91,000		95,873		96,005
TIBCO Software, Inc.(d)		11.38			12/1/2021		500,000		518,102		518,150
Veritas US, Inc./Veritas Bermuda Ltd.(d)		10.50			2/1/2024		231,000		234,421		213,675
Total Electronics							822,000		848,396		827,830
Finance — 3.3%*:
Alliance Data Systems Corp.(d)		4.75			12/15/2024		150,000		150,000		149,625
Arrow Global Finance PLC(a)		5.13			9/15/2024		150,000		193,631		202,068
Cabot Financial Luxembourg SA(a)		7.50			10/1/2023		100,000		133,133		137,443
Garfunkelux Holdco 3 S.A.(a)		8.50			11/1/2022		150,000		186,575		195,759
Jerrold Finco PLC(a)		6.13			1/15/2024		100,000		124,555		136,864
Total Finance							650,000		787,894		821,759

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Healthcare, Education and Childcare — 9.9%*:
Advanz Pharma Corp.(a)		8.00	%		9/6/2024		150,000		$144,769		$141,750
Bausch Health Americas., Inc.(d)		8.50			1/31/2027		149,000		153,466		169,681
Bausch Health Cos., Inc.(d)		5.88			5/15/2023		15,000		13,316		15,131
Bausch Health Cos., Inc.(a),(d)		5.00			1/30/2028		129,000		129,000		132,405
Bausch Health Cos., Inc.(a),(d)		5.25			1/30/2030		136,000		136,000		141,032
Centene Corp.(d)		4.25			12/15/2027		175,000		173,541		180,031
Centene Corp.(d)		4.63			12/15/2029		200,000		200,000		210,270
Centene Corp.(d)		5.38			6/1/2026		9,000		9,423		9,551
Cerba(a)		5.38			4/15/2025		100,000		108,963		113,011
Cream Tech(a)		5.25			12/15/2025		200,000		233,661		234,221
Envision Healthcare Corp.(d)		8.75			10/15/2026		153,000		153,000		94,860
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA(d)		6.63			5/15/2022		267,000		259,506		265,331
Par Pharmaceutical, Inc.(d)		7.50			4/1/2027		131,000		131,000		130,345
Rossini Sarl(a)		6.75			10/30/2025		100,000		118,884		124,789
Service Corp. International/US		5.13			6/1/2029		218,000		218,000		231,625
Synlab Unsecured Bondco PLC(a)		8.25			7/1/2023		100,000		129,524		117,498
Unilabs Subholding AB(a)		5.75			5/15/2025		100,000		112,275		116,047
WellCare Health Plans, Inc.		5.25			4/1/2025		43,000		44,297		44,720
Total Healthcare, Education and Childcare							2,375,000		2,468,625		2,472,298
Home and Office Furnishings, Housewares, and Durable Consumer Products — 1.5%*:
LSF9 Balta Issuer Sarl(a)		7.75			9/15/2022		202,500		237,819		215,560
Resideo Funding, Inc.(d)		6.13			11/1/2026		150,000		149,635		151,125
Total Home and Office Furnishings, Housewares, and Durable Consumer Products							352,500		387,454		366,685
Hotels, Motels, Inns and Gaming — 1.3%*:
ESH Hospitality, Inc.(d)		4.63			10/1/2027		163,000		163,000		165,037
Wynn Macau Ltd.(a),(d)		5.13			12/15/2029		150,000		150,000		153,077
Total Hotels, Motels, Inns and Gaming							313,000		313,000		318,114
Insurance — 0.6%*:
Acrisure LLC/Acrisure Finance, Inc.(d)		7.00			11/15/2025		143,000		143,000		137,995
Leisure, Amusement, Entertainment — 3.3%*:
AMC Entertainment Holdings, Inc.		6.38			11/15/2024		100,000		128,112		130,022
CPUK Finance Ltd.(a)		4.88			8/28/2025		100,000		121,041		136,501
LCPR Senior Secured Financing DAC(a),(d)		6.75			10/15/2027		100,000		100,000		106,000
Live Nation Entertainment, Inc.(d)		4.75			10/15/2027		199,000		199,000		205,965
Playtech plc(a)		4.25			3/7/2026		100,000		116,396		119,062
Warner Music Group		3.63			10/15/2026		100,000		116,211		118,620
Total Leisure, Amusement, Entertainment							699,000		780,760		816,170

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Machinery Non-Agriculture, Non-Construction, Non-Electronic — 1.4%*:
Apex Tool Group LLC/BC Mountain Finance, Inc.(d)		9.00	%		2/15/2023		218,000		$218,000		$195,655
EnerSys(d)		4.38			12/15/2027		153,000		153,000		151,103
Total Machinery Non-Agriculture, Non-Construction, Non-Electronic							371,000		371,000		346,758
Mining, Steel, Iron and Non-Precious Metals — 6.3%*:
Constellium SE		4.25			2/15/2026		200,000		231,270		233,314
First Quantum Minerals Ltd.(a),(d)		6.88			3/1/2026		200,000		200,000		202,500
First Quantum Minerals Ltd.(a),(d)		7.50			4/1/2025		42,000		39,306		42,945
Hecla Mining Co.		6.88			5/1/2021		218,000		208,141		217,291
Kinross Gold Corp.(a)		5.95			3/15/2024		111,000		113,974		123,210
Kinross Gold Corp.		6.88			9/1/2041		72,000		71,660		83,610
New Gold, Inc.(d)		6.25			11/15/2022		86,000		77,777		85,597
Northwest Acquisitions ULC/Dominion Finco, Inc.(a),(d)		7.13			11/1/2022		107,000		104,299		80,250
Peabody Energy Corp.(d)		6.00			3/31/2022		199,000		199,309		194,025
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp.(d)		7.50			6/15/2025		218,000		215,599		209,644
Warrior Met Coal, Inc.(d)		8.00			11/1/2024		86,000		86,000		87,290
Total Mining, Steel, Iron and Non-Precious Metals							1,539,000		1,547,335		1,559,676
Oil and Gas — 5.0%*:
Calumet Specialty Products Partners LP/Calumet Finance Corp.(d)		11.00			4/15/2025		41,000		44,166		44,587
CGG Holding US, Inc.(a),(d)		9.00			5/1/2023		175,000		185,024		185,719
Cheniere Energy Partners LP(d)		4.50			10/1/2029		130,000		130,000		133,588
Hilcorp Energy I LP/Hilcorp Finance Co.(d)		6.25			11/1/2028		30,000		27,746		28,500
Jonah Energy LLC/Jonah Energy Finance Corp.(d)		7.25			10/15/2025		164,000		164,000		48,380
KCA Deutag UK Finance PLC(a),(d)		9.63			4/1/2023		175,000		178,983		119,000
Laredo Petroleum, Inc.		5.63			1/15/2022		109,000		103,584		105,730
Neptune Energy Bondco PLC(d)		6.63			5/15/2025		150,000		152,363		149,907
Oasis Petroleum, Inc.		2.63			9/15/2023		18,000		13,324		13,973
Oasis Petroleum, Inc.		6.88			1/15/2023		57,000		56,345		55,717
Parkland Fuel Corp.(a),(d)		5.88			7/15/2027		159,000		159,000		170,982
SM Energy Co.		6.63			1/15/2027		104,000		104,000		102,217
Welltec A/S(a),(d)		9.50			12/1/2022		100,000		99,378		99,000
Total Oil and Gas							1,412,000		1,417,913		1,257,300
Personal and Non-Durable Consumer Products Mfg. Only — 0.5%*:
WEPA Hygieneprodukte GmbH(a)		2.88			12/15/2027		100,000		110,085		115,978
Personal Transportation — 0.5%*:
Hertz Corp. (The)(d)		6.00			1/15/2028		128,000		127,821		128,000

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Personal, Food and Miscellaneous — 1.0%*:
Mattel, Inc.(d)		5.88	%		12/15/2027		150,000		$148,818		$158,062
Simmons Foods, Inc.(d)		7.75			1/15/2024		91,000		91,681		98,053
Total Personal, Food and Miscellaneous							241,000		240,499		256,115
Printing and Publishing — 0.5%*:
Xerox Corp.		4.13			3/15/2023		132,000		134,298		136,785
Retail Stores — 2.7%*:
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(d)		5.88			2/15/2028		107,000		107,000		113,688
Maxeda DIY Holding B.V.(a)		6.13			7/15/2022		100,000		114,070		108,796
Takko Luxembourg 2 SCA(a)		5.38			11/15/2023		100,000		101,623		110,628
Travelex Financing PLC(a)		8.00			5/15/2022		300,000		337,287		344,081
Total Retail Stores							607,000		659,980		677,193
Telecommunications — 7.2%*:
Altice Finco S.A.(a)		9.00			6/15/2023		100,000		116,586		116,220
CenturyLink, Inc.(d)		5.13			12/15/2026		150,000		150,000		152,644
CommScope Technologies Finance LLC(d)		6.00			6/15/2025		89,000		83,084		89,101
Intelsat Connect Finance SA(d)		9.50			2/15/2023		—		1		—
Midcontinent Communications/Midcontinent Finance Corp.(d)		5.38			8/15/2027		109,000		109,000		115,268
Sprint Capital Corp.		8.75			3/15/2032		88,000		108,917		106,810
Sprint Corp.		7.63			3/1/2026		199,000		209,056		219,457
Sprint Corp.		7.88			9/15/2023		46,000		48,499		50,753
Telecom Italia SpA/Milano(a)		4.00			4/11/2024		100,000		113,872		124,088
United Group BV(a)		4.88			7/1/2024		100,000		117,709		116,937
UPC Broadband(a)		3.63			6/15/2029		100,000		114,396		119,024
ViaSat, Inc.(d)		5.63			4/15/2027		130,000		130,000		139,100
Virgin Media Receivables Financing Notes I DAC(a)		5.50			9/15/2024		100,000		134,752		136,103
Virgin Media Secured Finance PLC(a),(d)		5.50			5/15/2029		218,000		221,667		230,807
Ziggo BV(a),(d)		4.88			1/15/2030		89,000		89,000		91,876
Total Telecommunications							1,618,000		1,746,539		1,808,188
Utilities — 1.8%*:
Energia Group Power & Energy(a)		4.00			9/15/2025		100,000		119,387		115,802
Techem Verwaltungsgesellschaft 674 mbH(a)		6.00			7/30/2026		175,000		207,917		211,756
Vistra Operations Co. LLC(d)		5.00			7/31/2027		109,000		109,000		113,903
Total Utilities							384,000		436,304		441,461
Total Corporate Bonds							21,295,500		22,387,635		22,234,802
Total Fixed Income							23,486,280		24,541,783		24,362,882
Total Investments							23,520,510		24,704,137		24,396,594
Other assets and liabilities — 2.2%*											561,262
Net Assets — 100.0%											$24,957,856

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

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

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

(a) 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	70.3%
United Kingdom	12.5%
Germany	3.9%
Switzerland	1.9%
Canada	1.9%
France	1.7%
Netherlands	1.3%
Italy	1.0%
Zambia	1.0%
Other (Individually less than 1%)	4.5%
Total	100.0%

(b) For fair value measurement disclosure purposes, security is categorized as Level 3 (See Note 2).

(c) 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, 2019. 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.

(d) 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.

(e) Variable rate security. The interest rate shown is the rate in effect at December 31, 2019.

A summary of outstanding derivatives at December 31, 2019 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)
1/8/20	Barclays Bank plc		EUR	1,346	$	1,510	$	1,502	$	8
1/8/20	Bank of America N.A.		EUR	217,058		243,550		241,273		2,277
1/8/20	Citibank N.A.		GBP	108,225		143,376		144,271		(895	)
1/8/20	Bank of America N.A.		GBP	442,933		586,794		582,370		4,424
Net unrealized appreciation on forward foreign currency exchange contracts to buy									$	5,814

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

Forward Foreign Currency Exchange Contracts to Sell

EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED DEPRECIATION
1/8/20	JPMorgan Chase Bank N.A.		EUR	4,051,085	$	4,545,520	$	4,497,896	$	(47,624	)
1/8/20	Citibank N.A.		GBP	2,288,529		3,031,826		2,964,493		(67,333	)
1/8/20	Bank of America N.A.		GBP	38,912		51,550		50,444		(1,106	)
Net unrealized depreciation on forward foreign currency exchange contracts to sell									$	(116,063	)

Currency Legend

EUR	–	Euro
GBP	–	British Pound Sterling

See accompanying Notes to the Financial Statements.

163

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SCHEDULE OF INVESTMENTS

December 31, 2019 (Unaudited)

						SHARES		COST		FAIR VALUE
Equities — 0.3%*:
Common Stocks — 0.3%*:
Oil and Gas — 0.3%*:
Jupiter Resources, Inc.(a)							39,729		$192,017		$39,729
Fieldwood Energy LLC							4,100		88,421		74,484
Fieldwood Energy LLC							1,006		35,210		18,276
Total Oil and Gas							44,835		315,648		132,489
Total Common Stocks							44,835		315,648		132,489
Warrants — 0.0%*:
Diversified/Conglomerate Manufacturing — 0.0%*:
Appvion Holdings Corp. (exp. June 13, 2023)(b)							357		—		89
Appvion Holdings Corp. (exp. June 13, 2023)(b)							357		—		45
Total Diversified/Conglomerate Manufacturing							714		—		134
Total Warrants							714		—		134
Total Equities							45,549		315,648		132,623
	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Fixed Income — 97.7%*:
Bank Loans — 8.6%*(c):
Aerospace and Defense — 0.5%*:
Ducommun Corp., 1M LIBOR + 4.000%		5.94	%		11/21/2025		25,334		25,222		25,334
TransDigm, Inc., 1M LIBOR + 2.500%		4.30			6/9/2023		241,542		238,324		242,196
Total Aerospace and Defense							266,876		263,546		267,530
Broadcasting and Entertainment — 0.6%*:
AP NMT Acquisition B.V., 3M LIBOR + 5.750%(a)		7.84			8/13/2021		294,559		294,565		295,131
CSC Holdings, LLC, 3M LIBOR + 2.500%		4.24			4/15/2027		44,856		44,855		45,005
Total Broadcasting and Entertainment							339,415		339,420		340,136
Buildings and Real Estate — 0.1%*:
GYP Holdings III Corp., 1M LIBOR + 2.750%		4.55			6/1/2025		28,636		28,636		28,663
Chemicals, Plastics and Rubber — 0.3%*:
Consolidated Energy Finance, S.A., 1M LIBOR + 2.500%		4.55			5/7/2025		158,360		152,676		155,193
Containers, Packaging and Glass — 1.9%*:
BWAY Holding Co., 1M LIBOR + 3.250%		5.23			4/3/2024		495,554		481,398		493,388
Flex Acquisition Co., Inc., 3M LIBOR + 3.000%		5.09			12/29/2023		245,190		233,110		242,841
Reynolds Group Holdings, Inc., 1M LIBOR + 2.750%		4.55			2/5/2023		220,624		213,490		221,143
Total Containers, Packaging and Glass							961,368		927,998		957,372

See accompanying Notes to the Financial Statements.

164

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Diversified/Conglomerate Manufacturing — 0.2%*:
Tank Holding Corp., 1M LIBOR + 4.000%		6.41	%		3/26/2026		91,715		$91,301		$91,990
Diversified/Conglomerate Service — 1.4%*:
Almonde, Inc., 3M LIBOR + 3.500%(a)		5.70			6/13/2024		249,329		239,893		247,252
Evertec Group, LLC, 1M LIBOR + 3.500%		5.30			11/27/2024		45,688		45,500		46,031
SonicWall U.S. Holdings, Inc., 3M LIBOR + 7.500%		9.40			5/18/2026		51,897		51,479		45,064
Vertafore, Inc., 1M LIBOR + 3.250%		5.05			7/2/2025		396,000		387,929		390,959
Total Diversified/Conglomerate Service							742,914		724,801		729,306
Electronics — 0.6%*:
Renaissance Holding Corp., 1M LIBOR + 7.000%		8.80			5/29/2026		68,963		67,855		64,365
Veritas Bermuda Ltd., 3M LIBOR + 4.500%		6.32			1/27/2023		247,455		233,019		237,755
Total Electronics							316,418		300,874		302,120
Leisure, Amusement, Entertainment — 0.2%*:
SeaWorld Parks & Entertainment, Inc., 3M LIBOR + 3.000%		4.80			3/31/2024		90,232		90,143		90,608
Oil and Gas — 0.8%*:
Fieldwood Energy LLC, 1M LIBOR + 5.250%		7.18			4/11/2022		447,215		391,041		372,181
Fieldwood Energy LLC, 1M LIBOR + 7.250%		9.18			4/11/2023		91,996		47,859		51,058
Total Oil and Gas							539,211		438,900		423,239
Telecommunications — 2.0%*:
Banff Merger Sub, Inc., 3M LIBOR + 4.250%		6.05			10/2/2025		225,421		223,498		222,640
CenturyLink, Inc., 3M LIBOR + 2.750%		4.55			1/31/2025		492,462		489,610		494,186
CommScope, Inc., 1M LIBOR + 3.250%		5.05			4/6/2026		30,480		30,207		30,642
Sabre Industries, Inc., 1M LIBOR + 4.250%		6.04			4/15/2026		45,473		45,062		45,728
Sprint Communications, Inc., 1M LIBOR + 2.500%		4.31			2/2/2024		247,142		239,340		244,732
Total Telecommunications							1,040,978		1,027,717		1,037,928
Total Bank Loans							4,576,123		4,386,012		4,424,085
Corporate Bonds — 89.1%*:
Aerospace and Defense — 4.3%*:
Global Aircraft Leasing Co. Ltd.(d)		6.50			9/15/2024		500,000		500,000		521,725
Moog, Inc.(d)		4.25			12/15/2027		66,000		66,000		67,162
Signature Aviation US Holdings, Inc.(d)		4.00			3/1/2028		266,000		266,000		262,356
TransDigm, Inc.(d)		5.50			11/15/2027		500,000		500,000		505,615
Triumph Group, Inc.(d)		6.25			9/15/2024		216,000		216,000		227,070
Triumph Group, Inc.		7.75			8/15/2025		595,000		599,186		620,406
Total Aerospace and Defense							2,143,000		2,147,186		2,204,334

See accompanying Notes to the Financial Statements.

165

Barings U.S. High Yield Fund 2019 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Automobile — 1.2%*:
Allison Transmission, Inc.(d)		4.75	%		10/1/2027		157,000		$149,721		$162,888
Allison Transmission, Inc.(d)		5.88			6/1/2029		156,000		158,628		170,820
Gates Global LLC / Gates Global Co.(d)		6.25			1/15/2026		250,000		250,000		254,302
Goodyear Tire & Rubber Co. (The)		4.88			3/15/2027		16,000		16,137		16,560
Total Automobile							579,000		574,486		604,570
Beverage, Food and Tobacco — 3.2%*:
JBS Investments II GmbH(d)		7.00			1/15/2026		200,000		202,732		217,566
JBS USA LUX SA/JBS USA Finance, Inc.(d)		6.75			2/15/2028		250,000		250,000		276,252
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.(d)		5.50			1/15/2030		125,000		125,000		134,263
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.(d)		6.50			4/15/2029		500,000		500,000		555,640
Pilgrim’s Pride Corp.(d)		5.75			3/15/2025		250,000		254,330		258,408
Smithfield Foods, Inc.(d)		5.20			4/1/2029		199,000		198,048		220,713
Total Beverage, Food and Tobacco							1,524,000		1,530,110		1,662,842
Broadcasting and Entertainment — 12.7%*:
Block Communications, Inc.(d)		6.88			2/15/2025		434,000		434,000		450,275
CCO Holdings LLC/CCO Holdings Capital Corp.(d)		4.75			3/1/2030		482,000		482,000		490,690
CCO Holdings LLC/CCO Holdings Capital Corp.(d)		5.75			2/15/2026		700,000		697,714		738,514
Clear Channel Worldwide Holdings, Inc.(d)		5.13			8/15/2027		250,000		250,000		260,325
Clear Channel Worldwide Holdings, Inc.(d)		9.25			2/15/2024		162,000		162,000		179,415
CSC Holdings LLC(d)		5.75			1/15/2030		547,000		559,419		583,923
CSC Holdings LLC(d)		6.63			10/15/2025		16,000		16,775		17,020
CSC Holdings LLC(d)		7.50			4/1/2028		250,000		250,000		282,500
Diamond Sports Group LLC/Diamond Sports Finance Co.(d)		5.38			8/15/2026		250,000		250,000		252,888
DISH DBS Corp.		5.00			3/15/2023		79,000		77,766		81,042
DISH DBS Corp.		7.75			7/1/2026		280,000		263,334		296,629
DISH Network Corp.		3.38			8/15/2026		82,000		79,548		78,876
Intelsat Jackson Holdings SA(d)		8.50			10/15/2024		211,000		211,714		192,185
Intelsat Jackson Holdings SA(d)		9.75			7/15/2025		56,000		58,648		51,800
Netflix, Inc.(d)		4.88			6/15/2030		75,000		75,000		76,172
Netflix, Inc.(d)		5.38			11/15/2029		339,000		340,249		361,028
Netflix, Inc.		5.88			11/15/2028		250,000		248,636		277,140
Nexstar Broadcasting, Inc.(d)		5.63			7/15/2027		521,000		533,042		549,030
Scripps Escrow, Inc.(d)		5.88			7/15/2027		112,000		112,000		117,320
Sirius XM Radio, Inc.(d)		4.63			7/15/2024		250,000		250,000		262,500
Sirius XM Radio, Inc.(d)		5.00			8/1/2027		350,000		350,000		369,250
Sirius XM Radio, Inc.(d)		5.50			7/1/2029		250,000		250,000		270,310
Terrier Media Buyer, Inc.(d)		8.88			12/15/2027		261,000		261,000		276,008
Total Broadcasting and Entertainment							6,207,000		6,212,845		6,514,840

See accompanying Notes to the Financial Statements.

166

Barings U.S. High Yield Fund 2019 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Buildings and Real Estate — 3.1%*:
Brookfield Residential Properties, Inc./Brookfield Residential US Corp.(d)		6.13	%		7/1/2022		225,000		$219,946		$228,375
James Hardie International Finance DAC(d)		4.75			1/15/2025		244,000		239,708		253,150
M/I Homes, Inc.		5.63			8/1/2025		550,000		534,399		576,125
M/I Homes, Inc.		6.75			1/15/2021		250,000		250,000		250,312
Mattamy Group Corp.(a),(d)		5.25			12/15/2027		25,000		25,000		26,000
MPT Operating Partnership LP/MPT Finance Corp.		5.00			10/15/2027		250,000		250,000		265,000
Total Buildings and Real Estate							1,544,000		1,519,053		1,598,962
Cargo Transport — 3.7%*:
American Airlines Group, Inc.(d)		4.63			3/1/2020		250,000		249,948		250,392
American Airlines Group, Inc.(d)		5.00			6/1/2022		412,000		412,000		431,055
Kenan Advantage Group, Inc.(d)		7.88			7/31/2023		700,000		713,061		684,544
XPO Logistics, Inc.(d)		6.13			9/1/2023		500,000		495,847		516,150
Total Cargo Transport							1,862,000		1,870,856		1,882,141
Chemicals, Plastics and Rubber — 2.1%*:
CF Industries, Inc.		4.95			6/1/2043		23,000		23,086		23,978
CF Industries, Inc.		5.38			3/15/2044		48,000		47,166		52,320
Consolidated Energy Finance SA(d)		6.88			6/15/2025		300,000		298,893		286,500
CVR Partners LP/CVR Nitrogen Finance Corp.(d)		9.25			6/15/2023		250,000		261,652		261,145
LBC Tank Terminals Holding Netherlands BV(d)		6.88			5/15/2023		250,000		244,911		252,812
Univar Solutions USA, Inc.(d)		5.13			12/1/2027		177,000		177,000		184,749
Total Chemicals, Plastics and Rubber							1,048,000		1,052,708		1,061,504
Containers, Packaging and Glass — 0.9%*:
Mauser Packaging Solutions Holding Co.(d)		7.25			4/15/2025		302,000		290,063		298,225
Trident TPI Holdings, Inc.(d)		9.25			8/1/2024		148,000		146,106		149,480
Total Containers, Packaging and Glass							450,000		436,169		447,705
Diversified/Conglomerate Manufacturing — 1.5%*:
Amsted Industries, Inc.(d)		4.63			5/15/2030		295,000		295,000		297,133
Appvion ESC, 3M EURIBOR + 4.125%(b)		9.00	(e)		6/1/2020		366,000		338,160		—
Colfax Corp.(d)		6.00			2/15/2024		122,000		122,000		129,625
Colfax Corp.(d)		6.38			2/15/2026		135,000		135,000		147,150
Energizer Holdings, Inc.(d)		7.75			1/15/2027		153,000		160,333		170,985
MTS Systems Corp.(d)		5.75			8/15/2027		33,000		33,000		34,485
Total Diversified/Conglomerate Manufacturing							1,104,000		1,083,493		779,378
Diversified/Conglomerate Service — 1.4%*:
Carlson Travel, Inc.(d)		9.50			12/15/2024		350,000		334,904		348,250
Go Daddy Operating Co. LLC/GD Finance Co., Inc.(d)		5.25			12/1/2027		47,000		47,000		49,468

See accompanying Notes to the Financial Statements.

167

Barings U.S. High Yield Fund 2019 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Diversified/Conglomerate Service (Continued)
Prime Security Services Borrower LLC/Prime Finance, Inc.(d)		9.25	%		5/15/2023		310,000		$325,405		$325,112
Total Diversified/Conglomerate Service							707,000		707,309		722,830
Ecological — 0.2%*:
Clean Harbors, Inc.(d)		4.88			7/15/2027		91,000		91,000		95,778
Electronics — 6.1%*:
Banff Merger Sub, Inc.(d)		9.75			9/1/2026		185,000		183,387		187,313
Dell International LLC/EMC Corp.(d)		7.13			6/15/2024		230,000		242,480		242,650
RP Crown Parent LLC(d)		7.38			10/15/2024		96,000		96,000		99,720
SS&C Technologies, Inc.(d)		5.50			9/30/2027		375,000		375,000		400,312
TIBCO Software, Inc.(d)		11.38			12/1/2021		1,383,000		1,451,308		1,433,203
Veritas US, Inc./Veritas Bermuda Ltd.(d)		10.50			2/1/2024		831,000		776,585		768,675
Total Electronics							3,100,000		3,124,760		3,131,873
Finance — 3.7%*:
Alliance Data Systems Corp.(d)		4.75			12/15/2024		300,000		300,000		299,250
Ally Financial, Inc.		3.88			5/21/2024		250,000		247,762		261,875
Icahn Enterprises LP / Icahn Enterprises Finance Corp.		6.25			5/15/2026		500,000		500,000		532,500
LPL Holdings, Inc.(d)		5.75			9/15/2025		518,000		512,662		541,957
Springleaf Finance Corp.		5.38			11/15/2029		250,000		250,000		260,950
Total Finance							1,818,000		1,810,424		1,896,532
Grocery — 0.9%*:
Post Holdings, Inc.(d)		5.50			3/1/2025		300,000		294,316		314,250
Post Holdings, Inc.(d)		5.50			12/15/2029		125,000		125,000		133,288
Total Grocery							425,000		419,316		447,538
Healthcare, Education and Childcare — 7.6%*:
Avantor, Inc.(d)		6.00			10/1/2024		25,000		25,964		26,656
Bausch Health Americas., Inc.(d)		8.50			1/31/2027		175,000		180,246		199,290
Bausch Health Cos., Inc.(d)		5.88			5/15/2023		20,000		17,755		20,175
Bausch Health Cos., Inc.(a),(d)		5.00			1/30/2028		130,000		130,000		133,431
Bausch Health Cos., Inc.(a),(d)		5.25			1/30/2030		136,000		136,000		141,032
Bausch Health Cos., Inc.(d)		5.50			3/1/2023		49,000		40,975		49,245
Bausch Health Cos., Inc.(a),(d)		7.00			1/15/2028		250,000		264,059		275,950
Catalent Pharma Solutions, Inc.(d)		5.00			7/15/2027		98,000		98,000		102,655
Centene Corp.(d)		4.25			12/15/2027		180,000		178,499		185,175
Centene Corp.(d)		4.63			12/15/2029		209,000		209,000		219,732
Centene Corp.(d)		5.38			6/1/2026		19,000		19,891		20,164
Envision Healthcare Corp.(d)		8.75			10/15/2026		472,000		463,478		292,640
HCA, Inc.		5.38			2/1/2025		375,000		378,992		414,686

See accompanying Notes to the Financial Statements.

168

Barings U.S. High Yield Fund 2019 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Healthcare, Education and Childcare (Continued)
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA(d)		6.63	%		5/15/2022		860,000		$853,532		$854,625
Par Pharmaceutical, Inc.(d)		7.50			4/1/2027		300,000		300,000		298,500
Service Corp. International/US		5.13			6/1/2029		271,000		271,000		287,937
Tenet Healthcare Corp.(d)		4.88			1/1/2026		125,000		125,000		130,925
Tenet Healthcare Corp.(d)		5.13			11/1/2027		125,000		125,000		132,031
WellCare Health Plans, Inc.		5.25			4/1/2025		92,000		94,775		95,680
Total Healthcare, Education and Childcare							3,911,000		3,912,166		3,880,529
Home and Office Furnishings, Housewares, and Durable Consumer Products — 0.3%*:
Newell Brands, Inc.		4.20			4/1/2026		142,000		134,585		148,071
Hotels, Motels, Inns and Gaming — 2.2%*:
Boyne USA, Inc.(d)		7.25			5/1/2025		125,000		125,000		135,938
ESH Hospitality, Inc.(d)		4.63			10/1/2027		265,000		265,000		268,312
Golden Nugget, Inc.(d)		8.75			10/1/2025		126,000		128,381		134,741
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.(d)		5.25			5/15/2027		98,000		98,000		104,125
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.(d)		5.50			3/1/2025		250,000		247,392		267,500
Wynn Macau Ltd.(a),(d)		5.13			12/15/2029		188,000		188,000		191,856
Total Hotels, Motels, Inns and Gaming							1,052,000		1,051,773		1,102,472
Insurance — 1.2%*:
Acrisure LLC/Acrisure Finance, Inc.(d)		7.00			11/15/2025		275,000		262,671		265,375
Acrisure LLC/Acrisure Finance, Inc.(d)		8.13			2/15/2024		84,000		84,000		91,350
CNO Financial Group, Inc.		5.25			5/30/2029		250,000		263,283		279,063
Total Insurance							609,000		609,954		635,788
Leisure, Amusement, Entertainment — 1.4%*:
LCPR Senior Secured Financing DAC(a),(d)		6.75			10/15/2027		200,000		200,000		212,000
Live Nation Entertainment, Inc.(d)		4.75			10/15/2027		199,000		199,000		205,965
Ryman Hospitality Properties, Inc.(d)		4.75			10/15/2027		296,000		296,000		305,620
Total Leisure, Amusement, Entertainment							695,000		695,000		723,585
Machinery Non-Agriculture, Non-Construction, Non-Electronic — 0.8%*:
Apex Tool Group LLC/BC Mountain Finance, Inc.(d)		9.00			2/15/2023		430,000		422,671		385,925
Mining, Steel, Iron and Non-Precious Metals — 8.2%*:
Compass Minerals International, Inc.(d)		4.88			7/15/2024		124,000		116,913		123,535
First Quantum Minerals Ltd.(a),(d)		6.88			3/1/2026		229,000		229,000		231,863
First Quantum Minerals Ltd.(a),(d)		7.00			2/15/2021		161,000		161,672		161,403
First Quantum Minerals Ltd.(a),(d)		7.50			4/1/2025		158,000		150,974		161,555
Hecla Mining Co.		6.88			5/1/2021		287,000		275,310		286,067
Kinross Gold Corp.(a)		5.95			3/15/2024		152,000		156,167		168,720

See accompanying Notes to the Financial Statements.

169

Barings U.S. High Yield Fund 2019 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Mining, Steel, Iron and Non-Precious Metals (Continued)
Kinross Gold Corp.		6.88	%		9/1/2041		99,000		$98,532		$114,964
Kissner Holdings LP/Kissner Milling Co. Ltd./BSC Holding, Inc./Kissner USA(a),(d)		8.38			12/1/2022		400,000		407,198		418,500
New Gold, Inc.(d)		6.25			11/15/2022		263,000		266,962		261,767
Northwest Acquisitions ULC/Dominion Finco, Inc.(a),(d)		7.13			11/1/2022		893,000		902,745		669,750
Peabody Energy Corp.(d)		6.00			3/31/2022		524,000		526,290		510,900
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp.(d)		7.50			6/15/2025		550,000		556,339		528,918
Warrior Met Coal, Inc.(d)		8.00			11/1/2024		540,000		547,109		548,100
Total Mining, Steel, Iron and Non-Precious Metals							4,380,000		4,395,211		4,186,042
Oil and Gas — 7.3%*:
Calumet Specialty Products Partners LP/Calumet Finance Corp.		7.63			1/15/2022		238,000		234,593		238,000
Calumet Specialty Products Partners LP/Calumet Finance Corp.		7.75			4/15/2023		84,000		83,846		83,790
Calumet Specialty Products Partners LP/Calumet Finance Corp.(d)		11.00			4/15/2025		86,000		92,640		93,525
Cheniere Energy Partners LP(d)		4.50			10/1/2029		184,000		184,000		189,078
Cheniere Energy Partners LP		5.63			10/1/2026		250,000		250,000		264,375
Genesis Energy LP/Genesis Energy Finance Corp.		6.00			5/15/2023		18,000		17,806		17,820
Genesis Energy LP/Genesis Energy Finance Corp.		6.50			10/1/2025		276,000		263,681		267,030
Hilcorp Energy I LP/Hilcorp Finance Co.(d)		6.25			11/1/2028		62,000		57,309		58,900
Jonah Energy LLC/Jonah Energy Finance Corp.(d)		7.25			10/15/2025		351,000		326,915		103,545
Laredo Petroleum, Inc.		5.63			1/15/2022		264,000		249,570		256,080
Neptune Energy Bondco PLC(d)		6.63			5/15/2025		242,000		242,245		241,850
Oasis Petroleum, Inc.		2.63			9/15/2023		36,000		26,648		27,945
Oasis Petroleum, Inc.		6.88			1/15/2023		133,000		131,471		130,008
Parkland Fuel Corp.(a),(d)		5.88			7/15/2027		125,000		125,000		134,420
PBF Holding Co. LLC/PBF Finance Corp.		7.25			6/15/2025		350,000		359,311		373,625
SM Energy Co.		6.63			1/15/2027		26,000		26,000		25,554
SM Energy Co.		6.75			9/15/2026		268,000		259,164		262,640
Tullow Oil PLC(a),(d)		6.25			4/15/2022		695,000		690,786		627,238
Vine Oil & Gas LP / Vine Oil & Gas Finance Corp.(d)		8.75			4/15/2023		48,000		18,698		23,520
Welltec A/S(a),(d)		9.50			12/1/2022		228,000		231,514		225,720
Whiting Petroleum Corp.		6.63			1/15/2026		113,000		113,135		77,007
Total Oil and Gas							4,077,000		3,984,332		3,721,670

See accompanying Notes to the Financial Statements.

170

Barings U.S. High Yield Fund 2019 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Personal and Non-Durable Consumer Products Mfg. Only — 0.1%*:
Spectrum Brands, Inc.(d)		5.00	%		10/1/2029		48,000		$48,000		$49,560
Personal Transportation — 0.5%*:
Hertz Corp. (The)(d)		6.00			1/15/2028		261,000		260,287		261,000
Personal, Food and Miscellaneous — 1.0%*:
Mattel, Inc.(d)		5.88			12/15/2027		159,000		157,747		167,546
Mattel, Inc.(d)		6.75			12/31/2025		215,000		217,456		231,082
Simmons Foods, Inc.(d)		7.75			1/15/2024		122,000		122,000		131,455
Total Personal, Food and Miscellaneous							496,000		497,203		530,083
Printing and Publishing — 0.5%*:
Xerox Corp.		4.13			3/15/2023		246,000		250,281		254,918
Retail Stores — 2.0%*:
Albertsons Cos. LLC/Safeway, Inc./New Albertsons LP/Albertson’s LLC(d)		7.50			3/15/2026		257,000		257,000		288,482
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(d)		5.88			2/15/2028		180,000		180,000		191,250
KGA Escrow LLC(d)		7.50			8/15/2023		282,000		282,000		298,215
Penske Automotive Group, Inc.		5.50			5/15/2026		250,000		250,000		261,875
Total Retail Stores							969,000		969,000		1,039,822
Telecommunications — 8.9%*:
Altice Financing SA(a),(d)		6.63			2/15/2023		250,000		250,850		254,375
Altice Financing SA(a),(d)		7.50			5/15/2026		106,000		100,994		113,950
Altice Finco SA(a),(d)		8.13			1/15/2024		157,000		158,348		161,864
CenturyLink, Inc.(d)		5.13			12/15/2026		300,000		300,000		305,289
CenturyLink, Inc.		6.75			12/1/2023		280,000		280,520		312,550
CommScope Technologies LLC(d)		5.00			3/15/2027		600,000		575,981		564,000
Hughes Satellite Systems Corp.		6.63			8/1/2026		374,000		373,269		415,140
Midcontinent Communications/Midcontinent Finance Corp.(d)		5.38			8/15/2027		149,000		149,000		157,568
Sprint Capital Corp.		6.88			11/15/2028		648,000		653,671		698,220
Sprint Corp.		7.63			3/1/2026		114,000		114,000		125,719
T-Mobile USA, Inc.		4.50			2/1/2026		96,000		96,000		98,400
T-Mobile USA, Inc.		4.75			2/1/2028		210,000		208,783		220,040
T-Mobile USA, Inc.		5.38			4/15/2027		200,000		200,000		213,000
Telecom Italia SpA(a),(d)		5.30			5/30/2024		250,000		259,089		268,750
ViaSat, Inc.(d)		5.63			4/15/2027		149,000		149,000		159,430
Virgin Media Secured Finance PLC(a),(d)		5.50			5/15/2029		250,000		254,206		264,687
Ziggo BV(a),(d)		4.88			1/15/2030		89,000		89,000		91,876
Ziggo BV(a),(d)		5.50			1/15/2027		140,000		134,459		148,750
Total Telecommunications							4,362,000		4,347,170		4,573,608

See accompanying Notes to the Financial Statements.

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	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Utilities — 2.1%*:
NRG Energy, Inc.(d)		5.25	%		6/15/2029		272,000		$272,000		$294,100
Vistra Operations Co. LLC(d)		3.55			7/15/2024		250,000		249,566		253,254
Vistra Operations Co. LLC(d)		4.30			7/15/2029		250,000		249,484		255,047
Vistra Operations Co. LLC(d)		5.00			7/31/2027		250,000		250,000		261,245
Total Utilities							1,022,000		1,021,050		1,063,646
Total Corporate Bonds							45,302,000		45,178,398		45,607,546
Total Fixed Income							49,878,123		49,564,410		50,031,631
Total Investments							49,923,672		49,880,058		50,164,254
Other assets and liabilities — 2.0%*											1,020,921
Net Assets — 100.0%											$51,185,175

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

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

(a) 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	89.3%
Canada	3.4%
Ghana	1.2%
Zambia	1.1%
Netherlands	1.1%
Portugal	1.1%
United Kingdom	1.0%
Other (Individually less than 1%)	1.8%
Total	100.0%

(b) For fair value measurement disclosure purposes, security is categorized as Level 3 (See Note 2).

(c) 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, 2019. 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.

(d) 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.

(e) Variable rate security. The interest rate shown is the rate in effect at December 31, 2019.

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, 2019, 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 Diversified Income Fund (“Diversified Income 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 Diversified Income 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. On March 1, 2019, Barings Total Return Bond Fund changed its name to Barings Diversified Income Fund.

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.

Barings 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 Diversified Income Fund seeks an absolute return, primarily through current income and capital appreciation. 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

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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 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 Diversified Income 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 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. 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. 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

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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 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, 2019. The assets and liabilities shown in the Statements of Assets and Liabilities related

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to cash collateral held at broker for futures contracts are determined using Level 1 inputs as of December 31, 2019.

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 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

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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 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, 2019 in valuing the Funds’ investments:

Global Floating Rate Fund

DESCRIPTION	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL INVESTMENTS
Assets:
Equities:
Common Stocks	$	–	$	618,954	$	681,426	$	1,300,380
Preferred Stock		–		–		0		–
Warrants		–		19,878		168		20,046
Total Equities		–		638,832		681,594		1,320,426
Fixed Income:
Bank Loans		–		225,377,778		371,294		225,749,072
Corporate Bonds		–		20,721,279		0		20,721,279
Total Fixed Income		–		246,099,057		371,294		246,470,351
Derivative Securities:
Forward Foreign Currency Exchange Contracts		–		20,291		–		20,291
Total	$	–	$	246,758,180	$	1,052,888	$	247,811,068

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DESCRIPTION	LEVEL 1		LEVEL 2			LEVEL 3		TOTAL INVESTMENTS
Liabilities:
Derivative Securities:
Forward Foreign Currency Exchange Contracts	$	–	$	(825,488	)	$	–	$	(825,488	)
Total Investments	$	–	$	245,932,692		$	1,052,888	$	246,985,580

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, 2019:

TYPE OF ASSETS	FAIR VALUE AS OF DECEMBER 31, 2019		VALUATION TECHNIQUE(S)	UNOBSERVABLE INPUT
Equities
CTI Foods Holding Co, LLC	$	553,764	Discounted Cash Flow	Average Enterprise Valuation Multiple: 4 year projection, 7.1x; EBITDA: 15% discount rate
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	$	119,478	Discounted Cash Flow	Average Enterprise Valuation Multiple: 5 year projection, 5.5x; EBITDA: $42.5 million; 15% discount rate
Southcross Energy Partners LP	$	8,184	Barings Supplied	Price taken from Barings sourced via LoanX
Templar Energy LLC	$	–	Zero Value	Broker Quote
Templar Energy LLC	$	–	Zero Value	Broker Quote
Pinnacle Agriculture Holdings A 2	$	–	Zero Value	Valued at zero without primary asset attached
Appvion Holdings Corp	$	56	Broker Quote	$0.125: Broker Quote depth of 1
Appvion Holdings Corp	$	112	Broker Quote	$0.25: Broker Quote 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
CTI Foods Holding Co, LLC, 3M LIBOR	$	309,250	Discounted Cash Flow	Average Enterprise Valuation Multiple: 4 year projection, 7.1x; EBITDA: 15% discount rate
Corporate Bonds
Appvion ESC	$	–	Zero Value	Valued at zero without primary asset attached
Galapagos S.A.	$	–	Zero Value	Valued at zero without primary asset attached

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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.

Global Credit Income Opportunities Fund

DESCRIPTION	LEVEL 1		LEVEL 2			LEVEL 3		TOTAL INVESTMENTS
Assets:
Equities:
Common Stocks	$	–	$	461,248		$	658,949	$	1,120,197
Preferred Stock		–		–			0		–
Warrants		–		–			183		183
Total Equities		–		461,248			659,132		1,120,380
Fixed Income:
Asset-Backed Securities		–		19,762,618			0		19,762,618
Bank Loans		–		89,233,175			501,609		89,734,784
Corporate Bonds		–		93,436,767			0		93,436,767
Total Fixed Income		–		202,432,560			501,609		202,934,169
Derivative Securities:
Forward Foreign Currency Exchange Contracts		–		76,520			–		76,520
Total	$	–	$	202,970,328		$	1,160,741	$	204,131,069
Liabilities:
Derivative Securities:
Forward Foreign Currency Exchange Contracts		–		(678,948	)		–		(678,948	)
Total Investments	$	–	$	202,291,380		$	1,160,741	$	203,452,121

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, 2019:

TYPE OF ASSETS	FAIR VALUE AS OF DECEMBER 31, 2019		VALUATION TECHNIQUE(S)	UNOBSERVABLE INPUT
Equities
Innovation Group	$	1	Priced at cost	Priced at cost
MModal, Inc.	$	6,492	Analyst Priced	Analyst verified stale price
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	$	119,478	Discounted Cash Flow	Average Enterprise Valuation Multiple: 5 year projection, 5.5x; EBITDA: $42.5 million; 15% discount rate
Southcross Energy Partners LP	$	4,092	Barings Supplied	Price taken from Barings sourced via LoanX
Maxeda DIY B.V.	$	423,102	Market Comparables	LTM EBITDA €93m; Net leverage €453m; Average Comparable Valuation: 7.35X

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TYPE OF ASSETS	FAIR VALUE AS OF DECEMBER 31, 2019		VALUATION TECHNIQUE(S)	UNOBSERVABLE INPUT
Maxeda DIY B.V.	$	105,784	Market Comparables	LTM EBITDA €93m; Net leverage €453m; Average Comparable Valuation: 7.35X
Pinnacle Agriculture Holdings A 2	$	–	Zero Value	Valued at zero without primary asset attached
Appvion Holdings Corp	$	122	Broker Quote	$0.25: Broker Quote depth of 1
Appvion Holdings Corp	$	61	Broker Quote	$0.125: Broker Quote depth of 1
Bank Loans
Innovation Group PLC	$	108,347	Broker Quote	$132.459: Broker Quote depth of 1
Innovation Group PLC	$	178,490	Broker Quote	$112.169: Broker Quote depth of 1
Innovation Group PLC	$	90,404	Broker Quote	$112.169: Broker Quote 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	Priced at zero value

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.

Active Short Duration Bond Fund

DESCRIPTION	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL INVESTMENTS
Assets:
Fixed Income:
Asset-Backed Securities	$	–	$	375,554,977	$	12,213,771	$	387,768,748
Corporate Bonds		–		319,035,690		–		319,035,690
Mortgage-Backed Securities		–		112,273,680		–		112,273,680
U.S. Treasury & Government Agencies		–		41,815,191		–		41,815,191
Total Fixed Income		–		848,679,538		12,213,771		860,893,309
Purchased Options:
Call Options Purchased		–		901,854		–		901,854
Put Options Purchased		–		1,869,902		–		1,869,902
Total Purchased Options		–		2,771,756		–		2,771,756
Short-Term Investments:
Commercial Paper		–		26,973,272		–		26,973,272
Total Short-Term Investments		–		26,973,272		–		26,973,272
Derivative Securities:
Futures*		1,322,944		–		–		1,322,944
Total	$	1,322,944	$	878,424,566	$	12,213,771	$	891,961,281

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DESCRIPTION	LEVEL 1		LEVEL 2			LEVEL 3		TOTAL INVESTMENTS
Liabilities:
Derivative Securities:
Futures*	$	–	$	(185,439	)	$	–	$	(185,439	)
Total Investments	$	1,322,944	$	878,239,127		$	12,213,771	$	891,775,842

* 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, 2019:

TYPE OF ASSETS	FAIR VALUE AS OF DECEMBER 31, 2019		VALUATION TECHNIQUE(S)	UNOBSERVABLE INPUT
Asset-Backed Securities
Goodgreen 2019-2	$	2,336,290	Broker Quote	$100.02: Broker quote depth of 1
SLM Student Loan Trust 2006-2	$	1,958,220	Broker Quote	$49,500: Broker quote depth of 1
SoFi Alternative Trust 2019-C	$	4,111,324	Broker Quote	$102.21: Broker quote depth of 1
SoFi Professional Loan Program 2018-A	$	1,060,942	Broker Quote	$ 77.30: Broker quote depth of 1
SoFi Professional Loan Program 2018-B Trust	$	754,458	Broker Quote	$ 59.61: Broker quote depth of 1
SoFi Professional Loan Program 2018-D Trust	$	651,084	Broker Quote	$ 34.50: Broker quote depth of 1
SoFi Professional Loan Program 2019-A LLC	$	1,093,953	Broker Quote	$ 31.05: Broker quote depth of 1
SoFi Consumer Loan Program LLC 2015-A RC	$	247,500	Broker Quote	$ 82,500: Broker quote 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, 2019		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, 2019		CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) FROM INVESTMENTS HELD AT DECEMBER 31, 2019
Asset-Backed Securities	$	12,047,135	$	(15,251	)	$	(7,763	)	$	(1,754,321	)	$	46,244	$	2,366,570	$	(468,843	)	$	12,213,771	$	(7,763	)
Total	$	12,047,135	$	(15,251	)	$	(7,763	)	$	(1,754,321	)	$	46,244	$	2,366,570	$	(468,843	)	$	12,213,771	$	(7,763	)

** Transfers out of Level 3 into Level 2 occurred because observable inputs were now available.

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Diversified Income Fund

DESCRIPTION	LEVEL 1		LEVEL 2			LEVEL 3		TOTAL INVESTMENTS
Assets:
Fixed Income:
Asset-Backed Securities	$	–	$	26,334,600		$	299,036	$	26,633,636
Corporate Bonds		–		15,440,036			–		15,440,036
Mortgage-Backed Securities		–		2,877,485			–		2,877,485
U.S. Treasury & Government Agencies		–		200,862			–		200,862
Total Fixed Income		–		44,852,983			299,036		45,152,019
Derivative Securities:
Forward Foreign Currency Exchange Contracts		–		8,953			–		8,953
Futures*		112,603		–			–		112,603
Total Derivative Securities		112,603		8,953			–		121,556
Total	$	112,603	$	44,861,936		$	299,036	$	45,273,575
Liabilities:
Derivative Securities:
Forward Foreign Currency Exchange Contracts		–		(40,361	)		–		(40,361	)
Total Investments	$	112,603	$	44,821,575		$	299,036	$	45,233,214

* 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, 2019:

TYPE OF ASSETS	FAIR VALUE AS OF DECEMBER 31, 2019		VALUATION TECHNIQUE(S)	UNOBSERVABLE INPUT
Asset-Backed Securities
Goodgreen 2019-2	$	299,036	Broker Quote	$100.01: Broker quote 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.

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Emerging Markets Debt Blended Total Return Fund

DESCRIPTION	LEVEL 1		LEVEL 2			LEVEL 3		TOTAL INVESTMENTS
Assets:
Fixed Income:
Corporate Bonds	$	–	$	23,466,983		$	1,221,049	$	24,688,032
Foreign Government		–		27,619,765			–		27,619,765
Total Fixed Income		–		51,086,748			1,221,049		52,307,797
Derivative Securities:
Centrally Cleared Interest Rate Swaps		–		95,784			–		95,784
Forward Foreign Currency Exchange Contracts		–		772,895			–		772,895
Futures*		35,290		–			–		35,290
OTC — Credit Default Swaps		–		96,084			–		96,084
OTC — Cross Currency Swaps		–		168,992			–		168,992
OTC — Interest Rate Swaps		–		1,416,597			–		1,416,597
Total Derivative Securities		35,290		2,550,352			–		2,585,642
Total	$	35,290	$	53,637,100		$	1,221,049	$	54,893,439
Liabilities:
Derivative Securities:
Centrally Cleared Interest Rate Swaps		–		(775,197	)		–		(775,197	)
Forward Foreign Currency Exchange Contracts		–		(1,161,185	)		–		(1,161,185	)
OTC — Credit Default Swaps		–		(16,506	)		–		(16,506	)
OTC — Cross Currency Swaps		–		(58,443	)		–		(58,443	)
OTC — Interest Rate Swaps		–		(51,456	)		–		(51,456	)
Total Derivative Securities		–		(2,062,787	)		–		(2,062,787	)
Total Investments	$	35,290	$	51,574,313		$	1,221,049	$	52,830,652

* 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, 2019:

TYPE OF ASSETS	FAIR VALUE AS OF DECEMBER 31, 2019		VALUATION TECHNIQUE(S)	UNOBSERVABLE INPUT
Corporate Bonds
Asian Development Bank 7/14/21	$	469,580	Broker Quote	$34.53: Broker quote depth of 1
European Bank for Reconstruction and Development 10/29/22	$	417,483	Broker Quote	$34.79: Broker quote depth of 1
International Bank for Reconstruction and Development 11/22/21	$	333,986	Broker Quote	$34.79: Broker quote 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.

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December 31, 2019 (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, 2019		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, 2019		CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) FROM INVESTMENTS HELD AT DECEMBER 31, 2019
Corporate Bonds	$	–	$	–	$	34,855	$	–	$	–	$	1,186,194	$	–	$	1,221,049	$	34,855
Total	$	–	$	–	$	34,855	$	–	$	–	$	1,186,194	$	–	$	1,221,049	$	34,855

Global Emerging Markets Equity Fund

DESCRIPTION	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL INVESTMENTS
Assets:
Equities:
Common Stocks	$	11,150,214	$	–	$	–	$	11,150,214
Total Equities		11,150,214		–		–		11,150,214
Mutual Fund:
Mutual Fund		389,497		–		–		389,497
Total	$	11,539,711	$	–	$	–	$	11,539,711
Total Investments	$	11,539,711	$	–	$	–	$	11,539,711

Global High Yield Fund

DESCRIPTION	LEVEL 1		LEVEL 2			LEVEL 3		TOTAL INVESTMENTS
Assets:
Equities:
Common Stock	$	–	$	33,592		$	–	$	33,592
Warrants		–		–			120		120
Total Equities		–		33,592			120		33,712
Fixed Income:
Bank Loans		–		2,128,080			–		2,128,080
Corporate Bonds		–		22,234,802			0		22,234,802
Total Fixed Income		–		24,362,882			0		24,362,882
Derivative Securities:
Forward Foreign Currency Exchange Contracts		–		6,709			–		6,709
Total	$	–	$	24,403,183		$	120	$	24,403,303
Liabilities:
Derivative Securities:
Forward Foreign Currency Exchange Contracts		–		(116,958	)		–		(116,958	)
Total Investments	$	–	$	24,286,225		$	120	$	24,286,345

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December 31, 2019 (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, 2019:

TYPE OF ASSETS	FAIR VALUE AS OF DECEMBER 31, 2019		VALUATION TECHNIQUE(S)	UNOBSERVABLE INPUT
Equities
Appvion Holdings Corp.	$	80	Broker Quote	$0.25: Broker quote depth of 1
Appvion Holdings Corp.	$	40	Broker Quote	$0.125: Broker quote depth of 1
Corporate Bonds
Appvion ESC	$	–	Zero Value	Priced at zero value

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.

U.S. High Yield Fund

DESCRIPTION	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL INVESTMENTS
Assets:
Equities:
Common Stocks	$	–	$	132,489	$	–	$	132,489
Warrants		–		–		134		134
Total Equities		–		132,489		134		132,623
Fixed Income:
Bank Loans		–		4,424,085		–		4,424,085
Corporate Bonds		–		45,607,546		0		45,607,546
Total Fixed Income		–		50,031,631		0		50,031,631
Total	$	–	$	50,164,120	$	134	$	50,164,254
Total Investments	$	–	$	50,164,120	$	134	$	50,164,254

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, 2019:

TYPE OF ASSETS	FAIR VALUE AS OF DECEMBER 31, 2019		VALUATION TECHNIQUE(S)	UNOBSERVABLE INPUT
Equities
Appvion Holdings Corp.	$	89	Broker Quote	$0.25: Price source depth of 1
Appvion Holdings Corp.	$	45	Broker Quote	$0.125: Price source depth of 1
Corporate Bonds
Appvion ESC	$	–	Zero Value	Priced at zero value

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.

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

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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, 2019, 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 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, 2019, 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

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December 31, 2019 (Unaudited)

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 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, 2019, the Funds had no unfunded loan commitments:

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

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December 31, 2019 (Unaudited)

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 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.

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December 31, 2019 (Unaudited)

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.

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 Diversified Income 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

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December 31, 2019 (Unaudited)

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, 2019, the Funds’ direct investment in derivatives consisted of forward foreign currency exchange contracts, futures contracts, credit default swaps, interest rate swaps and purchased options.

The following is a summary of the fair value of derivative instruments held directly by the Funds as of December 31, 2019:

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	$	20,291
Total		$	20,291

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	$	(825,488	)
Total		$	(825,488	)

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	$	76,520	$	–	$	76,520
Total		$	76,520	$	–	$	76,520

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December 31, 2019 (Unaudited)

LIABILITY DERIVATIVES	STATEMENTS OF ASSETS AND LIABILITIES LOCATION	FOREIGN EXCHANGE CONTRACTS RISK			EQUITY		TOTAL
Forward Foreign Currency Exchange Contracts	Unrealized depreciation on forward foreign currency exchange contracts	$	(678,948	)	$	–	$	(678,948	)
Total		$	(678,948	)	$	–	$	(678,948	)

Active Short Duration Bond Fund

ASSET DERIVATIVES	STATEMENTS OF ASSETS AND LIABILITIES LOCATION	INTEREST RATE RISK
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.	$	1,322,944
Purchased Options	Investments, at fair value		2,771,756
Total		$	4,094,700

LIABILITY DERIVATIVES	STATEMENTS OF ASSETS AND LIABILITIES LOCATION	INTEREST RATE RISK
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.	$	(185,439	)
Total		$	(185,439	)

Diversified Income Fund

ASSET DERIVATIVES	STATEMENTS OF ASSETS AND LIABILITIES LOCATION	FOREIGN EXCHANGE CONTRACTS RISK		INTEREST RATE RISK		TOTAL
Forward Foreign Currency Exchange Contracts	Unrealized appreciation on forward foreign currency exchange contracts	$	8,953	$	–	$	8,953
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.		–		90,089		90,089
Total		$	8,953	$	90,089	$	99,042

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December 31, 2019 (Unaudited)

LIABILITY DERIVATIVES	STATEMENTS OF ASSETS AND LIABILITIES LOCATION	FOREIGN EXCHANGE CONTRACTS RISK			INTEREST RATE RISK			TOTAL
Forward Foreign Currency Exchange Contracts	Unrealized depreciation on forward foreign currency exchange contracts	$	(40,361	)	$	–		$	(40,361	)
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.		–			(17,659	)		(17,659	)
Total		$	(40,361	)	$	(17,659	)	$	(58,020	)

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	$	772,895	$	–	$	–	$	772,895
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.		–		35,290		–		35,290
OTC – Swaps Contracts	Swap contracts, at fair value		168,992		1,416,597		96,084		1,681,673
Centrally Cleared Credit Default Swaps Contracts	Includes cumulative unrealized appreciation/ depreciation of swaps contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.		–		95,784		–		95,784
Total		$	941,887	$	1,451,887	$	96,084	$	2,489,858

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December 31, 2019 (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	$	(1,161,185	)	$	–		$	–		$	(1,161,185	)
OTC – Swaps Contracts	Swap contracts, at fair value		(58,443	)		(51,456	)		(16,505	)		(126,404	)
Centrally Cleared Interest Rate Swaps	Includes cumulative unrealized appreciation/ depreciation of swaps contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.		–			(775,197	)		–			(775,197	)
Total		$	(1,219,628	)	$	(826,653	)	$	(16,505	)	$	(2,062,786	)

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	$	6,709
Total			$	6,709

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	$	(116,958	)
Total			$	(116,958	)

Amount of Realized Gain/(Loss) on Derivatives:

Global Floating Rate Fund

	FOREIGN EXCHANGE CONTRACTS RISK
Forward Foreign Currency Exchange Contracts	$	1,039,701
Total	$	1,039,701

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Global Credit Income Opportunities Fund

	FOREIGN EXCHANGE CONTRACTS RISK		EQUITY RISK			TOTAL
Forward Foreign Currency Exchange Contracts	$	493,746	$	–		$	493,746
Purchased Options		–		(386,428	)		(386,428	)
Total	$	493,746	$	(386,428	)	$	107,318

Active Short Duration Bond Fund

	INTEREST RATE RISK			CREDIT RISK			TOTAL
Futures Contracts	$	(3,807,453	)	$	–		$	(3,807,453	)
Purchased Options		500,181			–			500,181
Swaps Contracts		(78,140	)		(27,375	)		(105,515	)
Total	$	(3,385,412	)	$	(27,375	)	$	(3,412,787	)

Diversified Income Fund

	FOREIGN EXCHANGE CONTRACTS RISK		INTEREST RATE RISK			CREDIT RISK			TOTAL
Forward Foreign Currency Exchange Contracts	$	20,446	$	–		$	–		$	20,446
Futures Contracts		–		(252,336	)		–			(252,336	)
Swaps Contracts		–		–			(7,026	)		(7,026	)
Total	$	20,446	$	(252,336	)	$	(7,026	)	$	(238,916	)

Emerging Markets Debt Blended Total Return Fund

	FOREIGN EXCHANGE CONTRACTS RISK			INTEREST RATE RISK			CREDIT RISK		TOTAL
Forward Foreign Currency Exchange Contracts	$	(368,419	)	$	–		$	–	$	(368,419	)
Futures Contracts		–			(138,133	)		–		(138,133	)
Purchased Options		(17,579	)		–			–		(17,579	)
Swaps Contracts		260,139			(1,048,341	)		181,464		(606,738	)
Total	$	(125,859	)	$	(1,186,474	)	$	181,464	$	(1,130,869	)

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December 31, 2019 (Unaudited)

Global High Yield Fund

	FOREIGN EXCHANGE CONTRACTS RISK
Forward Foreign Currency Exchange Contracts	$	101,954
Total	$	101,954

Change in Unrealized Appreciation/(Depreciation) on Derivatives:

Global Floating Rate Fund

	FOREIGN EXCHANGE CONTRACTS RISK
Forward Foreign Currency Exchange Contracts	$	(783,914	)
Total	$	(783,914	)

Global Credit Income Opportunities Fund

	FOREIGN EXCHANGE CONTRACTS RISK			EQUITY RISK		TOTAL
Forward Foreign Currency Exchange Contracts	$	(644,075	)	$	–	$	(644,075	)
Purchased Options		–			107,638		107,638
Total	$	(644,075	)	$	107,638	$	(536,437	)

Active Short Duration Bond Fund

	INTEREST RATE RISK			CREDIT RISK		TOTAL
Futures Contracts	$	4,607,226		$	–	$	4,607,226
Purchased Options		(438,019	)		–		(438,019	)
Swaps Contracts		13,411			31,646		45,057
Total	$	4,182,618		$	31,646	$	4,214,264

Diversified Income Fund

	FOREIGN EXCHANGE CONTRACTS RISK			INTEREST RATE RISK		CREDIT RISK		TOTAL
Forward Foreign Currency Exchange Contracts	$	(11,489	)	$	–	$	–	$	(11,489	)
Futures Contracts		–			296,772		–		296,772
Swaps Contracts		–			–		8,097		8,097
Total	$	(11,489	)	$	296,772	$	8,097	$	293,380

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December 31, 2019 (Unaudited)

Emerging Markets Debt Blended Total Return Fund

	FOREIGN EXCHANGE CONTRACTS RISK			INTEREST RATE RISK		CREDIT RISK		TOTAL
Forward Foreign Currency Exchange Contracts	$	(470,647	)	$	–	$	–	$	(470,647	)
Futures Contracts		–			107,084		–		107,084
Purchased Options		37,731			–		–		37,731
Swaps Contracts		30,816			1,377,333		51,388		1,459,537
Total	$	(402,100	)	$	1,484,417	$	51,388	$	1,133,705

Global High Yield Fund

	FOREIGN EXCHANGE CONTRACTS RISK
Forward Foreign Currency Exchange Contracts	$	(34,116	)
Total	$	(34,116	)

Global Floating Rate Fund

NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OF SHARES/UNITS	FOREIGN EXCHANGE CONTRACTS RISK
Forward Foreign Currency Exchange Contracts(a)	$	71,097,827

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

Global Credit Income Opportunities Fund

NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OF SHARES/UNITS	FOREIGN EXCHANGE CONTRACTS RISK		EQUITY RISK		TOTAL
Forward Foreign Currency Exchange Contracts(a)		59,771,160		–		59,771,160
Purchased Options(a)		–		5,160		5,160

(a) 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(a)		2,637		–		2,637
Purchased Options(b)	$	51,880,000		–		51,880,000
Centrally Cleared Swap Contracts(b)		–		2,300,000		2,300,000

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

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

Diversified Income Fund

NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OF SHARES/UNITS	FOREIGN EXCHANGE CONTRACTS RISK		INTEREST RATE RISK		TOTAL
Futures Contracts(a)	$	–		123		123
Forward Foreign Currency Exchange Contracts(b)	$	5,063,567		–		5,063,567

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

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

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December 31, 2019 (Unaudited)

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
Futures Contracts(a)	$	–		8		–		8
Forward Foreign Currency Exchange Contracts(b)	$	9,284,666,255		–		–		9,284,666,255
Purchased Options(b)	$	4,000,000		–		–		4,000,000
OTC – Swaps Contracts	$	6,443,172		3,437,295,632		8,666,667		3,452,405,471
Centrally Cleared Swap Contracts(b)	$	–		43,978,452		–		43,978,452

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

(b) Volume of derivative activity is based on an average of month-end notional amounts 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(a)	$	8,583,815

(a) 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.

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

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December 31, 2019 (Unaudited)

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	$	20,291	$	–	$	20,291
Total	$	20,291	$	–	$	20,291

			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)
Credit Suisse International	$	20,291	$	(20,291	)	$	–	$	–
Total	$	20,291	$	(20,291	)	$	–	$	–

(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, 2019.

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	$	825,488	$	–	$	825,488
Total	$	825,488	$	–	$	825,488

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December 31, 2019 (Unaudited)

			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)
Credit Suisse International	$	128,857	$	(20,291	)	$	–	$	108,566
Morgan Stanley & Co.		696,631		–			–		696,631
Total	$	825,488	$	(20,291	)	$	–	$	805,197

(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, 2019.

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	$	76,520	$	–	$	76,520
Total	$	76,520	$	–	$	76,520

			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.	$	76,520	$	(13,317	)	$	–	$	63,203
Total	$	76,520	$	(13,317	)	$	–	$	63,203

(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, 2019.

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	$	678,948	$	–	$	678,948
Total	$	678,948	$	–	$	678,948

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December 31, 2019 (Unaudited)

			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.	$	13,317	$	(13,317	)	$	–		$	–
Barclays Bank plc		134,630		–			–			134,630
Credit Suisse International		1,805		–			–			1,805
JPMorgan Chase Bank N.A.		529,196		–			(320,000	)		209,196
Total	$	678,948	$	(13,317	)	$	(320,000	)	$	345,631

(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, 2019.

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	$	2,771,756	$	–	$	2,771,756
Total	$	2,771,756	$	–	$	2,771,756

			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.	$	2,771,756	$	–	$	(2,771,756	)	$	–
Total	$	2,771,756	$	–	$	(2,771,756	)	$	–

(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, 2019.

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Diversified Income 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	$	8,953	$	–	$	8,953
Total	$	8,953	$	–	$	8,953

			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)
Barclays Bank plc	$	8,611	$	(8,611	)	$	–	$	–
Citibank N.A.		342		(342	)		–		–
Total	$	8,953	$	(8,953	)	$	–	$	–

(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, 2019.

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	$	40,361	$	–	$	40,361
Total	$	40,361	$	–	$	40,361

			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)
Barclays Bank plc	$	10,435	$	(8,611	)	$	–	$	1,824
Citibank N.A.		364		(342	)		–		22
HSBC Bank USA		29,562		–			–		29,562
Total	$	40,361	$	(8,953	)	$	–	$	31,408

(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, 2019.

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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	$	772,895	$	–	$	772,895
Swap Contracts		1,681,673		–		1,681,673
Total	$	2,454,568	$	–	$	2,454,568

			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.	$	1,271,783	$	(402,254	)	$	(869,529	)	$	–
Barclays Bank plc		117,380		(117,380	)		–			–
BNP Paribas S.A.		95,906		–			–			95,906
Citibank N.A.		558,855		(203,399	)		(290,936	)		64,520
Credit Suisse		90,542		–			–			90,542
Goldman Sachs & Co.		62,247		(62,247	)		–			–
JPMorgan Chase Bank N.A.		215,959		(215,959	)		–			–
Morgan Stanley & Co.		40,465		(40,465	)		–			–
Standard Chartered Bank		1,431		(1,431	)		–			–
Total	$	2,454,568	$	(1,043,135	)	$	(1,160,465	)	$	250,968

(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, 2019.

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	$	1,161,185	$	–	$	1,161,185
Swap Contracts		126,405		–		126,405
Total	$	1,287,590	$	–	$	1,287,590

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December 31, 2019 (Unaudited)

			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.	$	402,254	$	(402,254	)	$	–		$	–
Barclays Bank plc		225,035		(117,380	)		(60,000	)		47,655
Citibank N.A.		203,399		(203,399	)		–			–
Goldman Sachs & Co.		78,796		(62,247	)		(16,549	)		–
HSBC Bank USA		10,878		–			–			10,878
JPMorgan Chase Bank N.A.		230,943		(215,959	)		–			14,984
Morgan Stanley & Co.		134,770		(40,465	)		–			94,305
Standard Chartered Bank		1,515		(1,431	)		–			84
Total	$	1,287,590	$	(1,043,135	)	$	(76,549	)	$	167,906

(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, 2019.

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	$	6,709	$	–	$	6,709
Total	$	6,709	$	–	$	6,709

			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.	$	6,701	$	(1,106	)	$	–	$	5,595
Barclays Bank plc		8		–			–		8
Total	$	6,709	$	(1,106	)	$	–	$	5,603

(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, 2019.

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December 31, 2019 (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	$	116,958	$	–	$	116,958
Total	$	116,958	$	–	$	116,958

			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.	$	1,106	$	(1,106	)	$	–	$	–
Citibank N.A.		68,228		–			–		68,228
JPMorgan Chase Bank N.A.		47,624		–			–		47,624
Total	$	116,958	$	(1,106	)	$	–	$	115,852

(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, 2019.

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

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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
Diversified Income 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	%
Diversified Income 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 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, 2020 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, the Diversified Income Fund and the Emerging Markets Debt Blended Total Return Fund. Such arrangements may be discontinued by the Adviser at any time.

4. 12b-1 Distribution and Service Plan

ALPS Distributors, Inc. (the “Distributor”) is the Distributor of the Funds’ shares as of December 31, 2019.

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

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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.

5. Sales Charges and Commissions

For the six months ended December 31, 2019, no sales charges were retained by the Distributor on sales of Class A and Class C shares of the Funds.

For the six months ended December 31, 2019, 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	$	1,157	$	42,897
Global Credit Income Opportunities Fund		342		3,513
Active Short Duration Bond Fund		–		8,727
Emerging Markets Debt Blended Total Return Fund		556		3,458
Global High Yield Fund		51		368

6. Administrator, Custody, and Transfer Agent Fees

The Funds have engaged State Street Bank and Trust (“SSB”) to serve as the Funds’ administrator, custodian,

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 six months ended December 31, 2019, 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	0.16	%
Global Credit Income Opportunities Fund	0.14	%
Active Short Duration Bond Fund	0.09	%
Diversified Income Fund	0.21	%
Emerging Markets Debt Blended Total Return Fund	0.23	%
Global Emerging Markets Equity Fund	0.37	%
Global High Yield Fund	0.28	%
U.S. High Yield Fund	0.20	%

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 six months ended December 31, 2019, 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	0.01	%
Active Short Duration Bond Fund	0.01	%
Diversified Income Fund	0.05	%
Emerging Markets Debt Blended Total Return Fund	0.05	%
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.

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The tax character of dividends paid to shareholders during the tax year ended June 30, 2019 was as follows:

	ORDINARY INCOME		NET LONG-TERM CAPITAL GAINS			RETURN OF CAPITAL		TOTAL DISTRIBUTIONS PAID
Global Floating Rate Fund	$	15,249,263	$	391,463	$		–	$	15,640,726
Global Credit Income Opportunities Fund		12,750,860		1,517,782			263,953		14,532,595
Active Short Duration Bond Fund		15,755,535		520,666			–		16,276,201
Diversified Income Fund		1,104,402		–			–		1,104,402
Emerging Markets Debt Blended Total Return Fund		2,816,937		–			263,192		3,080,129
Global High Yield Fund		1,689,662		429,794			–		2,119,456
U.S. High Yield Fund		3,321,860		–			–		3,321,860

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.

As of December 31, 2019, 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 APPRECIATION (DEPRECIATION)
Global Floating Rate Fund	$	256,713,132	$	1,766,421	$	(10,688,776	)	$	(8,922,355	)
Global Credit Income Opportunities Fund		211,698,584		3,321,335		(10,965,369	)		(7,644,034	)
Active Short Duration Bond Fund		883,185,187		10,604,584		(3,151,434	)		7,453,150
Diversified Income Fund		44,691,395		551,303		(90,679	)		460,624
Emerging Markets Debt Blended Total Return Fund		50,322,192		3,125,192		(1,139,587	)		1,985,605
Global Emerging Markets Equity Fund		9,769,005		2,027,103		(256,397	)		1,770,706
Global High Yield Fund		24,857,433		706,509		(1,167,348	)		(460,839	)
U.S. High Yield Fund		49,880,058		1,767,841		(1,483,644	)		284,197

The difference between book-basis and tax-basis unrealized gains (losses) is attributable to wash sales and partnership book-tax differences.

8. Investment Transactions

Purchases and sales of securities (excluding short-term debt securities) for the six months ended December 31, 2019 were as follows:

	PURCHASES		SALES		GOVERNMENT PURCHASES		GOVERNMENT SALES
Global Floating Rate Fund	$	53,157,906	$	65,330,831	$	–	$	–
Global Credit Income Opportunities Fund		73,799,483		69,494,850		–		–
Active Short Duration Bond Fund		319,459,330		149,406,388		15,561,500		21,972,030
Diversified Income Fund		16,518,413		13,242,752		401,250		304,008
Emerging Markets Debt Blended Total Return Fund		28,299,308		24,712,757		–		–
Global Emerging Markets Equity Fund		1,354,859		918,494		–		–
Global High Yield Fund		10,653,337		13,414,365		–		–
U.S. High Yield Fund		14,220,762		14,097,069		–		–

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9. Common Stock

Transactions in common stock for the six months ended December 31, 2019 were as follows:

Global Floating Rate Fund

	FOR THE SIX MONTHS ENDED DECEMBER 31, 2019						FOR THE YEAR ENDED JUNE 30, 2019
CLASS A	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		743,106		$	6,884,623			618,513		$	5,784,016
Shares sold through reinvestments of distributions		129,444			1,195,871			279,598			2,606,921
Shares redeemed		(726,523	)		(6,698,071	)		(1,640,608	)		(15,271,436	)
Net increase (decrease)		146,027		$	1,382,423			(742,497	)	$	(6,880,499	)
CLASS C
Shares sold		60,621		$	556,482			208,023		$	1,965,179
Shares sold through reinvestments of distributions		19,958			183,713			41,472			384,747
Shares redeemed		(119,140	)		(1,096,191	)		(260,855	)		(2,432,322	)
Net decrease		(38,561	)	$	(355,996	)		(11,360	)	$	(82,396	)
CLASS I
Shares sold		2,860,215		$	26,600,000			3,057,892		$	29,141,715
Shares sold through reinvestments of distributions		109,687			1,015,350			183,732			1,713,816
Shares redeemed		(1,969,493	)		(18,230,940	)		(1,667,311	)		(15,786,911	)
Net increase		1,000,409		$	9,384,410			1,574,313		$	15,068,620
CLASS Y
Shares sold		3,085,906		$	28,540,561			15,302,189		$	144,205,728
Shares sold through reinvestments of distributions		377,876			3,497,662			811,024			7,572,102
Shares redeemed		(5,161,286	)		(47,721,999	)		(14,030,191	)		(131,010,360	)
Net increase (decrease)		(1,697,504	)	$	(15,683,776	)		2,083,022		$	20,767,470

Global Credit Income Opportunities Fund

	FOR THE SIX MONTHS ENDED DECEMBER 31, 2019						FOR THE YEAR ENDED JUNE 30, 2019
CLASS A	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		142,236		$	1,261,418			1,398,672		$	12,824,235
Shares sold through reinvestments of distributions		145,486			1,292,149			397,695			3,583,380
Shares redeemed		(298,243	)		(2,651,597	)		(2,555,445	)		(22,815,351	)
Net decrease		(10,521	)	$	(98,030	)		(759,078	)	$	(6,407,736	)
CLASS C
Shares sold		56,180		$	499,648			221,588		$	2,019,448
Shares sold through reinvestments of distributions		20,657			183,255			52,350			470,536
Shares redeemed		(58,494	)		(517,955	)		(275,165	)		(2,472,862	)
Net increase (decrease)		18,343		$	164,948			(1,227	)	$	17,122

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	FOR THE SIX MONTHS ENDED DECEMBER 31, 2019						FOR THE YEAR ENDED JUNE 30, 2019
CLASS I	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		–		$	–			916,202		$	8,199,999
Shares sold through reinvestments of distributions		25,926			230,273			13,545			121,519
Shares redeemed		–			–			(669,643	)		(6,000,000	)
Net increase		25,926		$	230,273			260,104		$	2,321,518
CLASS Y
Shares sold		3,795,374		$	33,827,323			7,687,011		$	69,664,148
Shares sold through reinvestments of distributions		315,445			2,801,078			743,115			6,700,505
Shares redeemed		(3,159,000	)		(28,047,540	)		(8,977,793	)		(80,944,931	)
Net increase (decrease)		951,819		$	8,580,861			(547,667	)	$	(4,580,278	)

Active Short Duration Bond Fund

	FOR THE SIX MONTHS ENDED DECEMBER 31, 2019						FOR THE YEAR ENDED JUNE 30, 2019
CLASS A	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		7,597,911		$	75,562,555			7,101,405		$	70,189,358
Shares sold through reinvestments of distributions		213,111			2,119,793			431,679			4,265,785
Shares redeemed		(3,922,996	)		(39,011,079	)		(11,765,228	)		(116,239,590	)
Net increase (decrease)		3,888,026		$	38,671,269			(4,232,144	)	$	(41,784,447	)
CLASS C
Shares sold		190,503		$	1,892,069			112,192		$	1,106,449
Shares sold through reinvestments of distributions		2,627			26,097			3,241			32,008
Shares redeemed		(24,548	)		(243,767	)		(112,125	)		(1,107,862	)
Net increase		168,582		$	1,674,399			3,308		$	30,595
CLASS I
Shares sold		–		$	–			–		$	–
Shares sold through reinvestments of distributions		–			–			–			–
Shares redeemed		–			–			–			–
Net increase		–		$	–			–		$	–
CLASS Y
Shares sold		22,877,949		$	227,370,746			46,643,848		$	460,231,739
Shares sold through reinvestments of distributions		770,402			7,656,557			934,483			9,235,817
Shares redeemed		(9,417,745	)		(93,596,757	)		(14,901,345	)		(147,071,661	)
Net increase		14,230,606		$	141,430,546			32,676,986		$	322,395,895

209

Barings Funds Trust 2019 Semi-Annual Report

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

December 31, 2019 (Unaudited)

Diversified Income Fund

	FOR THE SIX MONTHS ENDED DECEMBER 31, 2019						FOR THE YEAR ENDED JUNE 30, 2019
CLASS A	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		1,018		$	10,001			54,483		$	525,242
Shares sold through reinvestments of distributions		90			889			130			1,265
Shares redeemed		(143	)		(1,411	)		(50,659	)		(490,472	)
Net increase		965		$	9,479			3,954		$	36,035
CLASS C
Shares sold		–		$	–			–		$	–
Shares sold through reinvestments of distributions		–			–			–			–
Shares redeemed		–			–			–			–
Net increase		–		$	–			–		$	–
CLASS I
Shares sold		–		$	–			–		$	–
Shares sold through reinvestments of distributions		–			–			–			–
Shares redeemed		–			–			–			–
Net increase		–		$	–			–		$	–
CLASS Y
Shares sold		498,845		$	4,901,842			1,590,156		$	15,528,182
Shares sold through reinvestments of distributions		35,543			349,427			26,772			261,552
Shares redeemed		(165,580	)		(1,627,236	)		(249,234	)		(2,425,063	)
Net increase		368,808		$	3,624,033			1,367,694		$	13,364,671

Emerging Markets Debt Blended Total Return Fund

	FOR THE SIX MONTHS ENDED DECEMBER 31, 2019						FOR THE YEAR ENDED JUNE 30, 2019
CLASS A	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		72,214		$	722,770			3,593		$	33,551
Shares sold through reinvestments of distributions		1,770			17,680			1,080			10,259
Shares redeemed		(5,084	)		(48,785	)		(23,984	)		(224,063	)
Net increase (decrease)		68,900		$	691,665			(19,311	)	$	(180,253	)
CLASS C
Shares sold		1,978		$	20,000			4,308		$	41,000
Shares sold through reinvestments of distributions		219			2,183			417			3,993
Shares redeemed		–			–			(7,937	)		(74,070	)
Net increase (decrease)		2,197		$	22,183			(3,212	)	$	(29,077	)

210

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	FOR THE SIX MONTHS ENDED DECEMBER 31, 2019						FOR THE YEAR ENDED JUNE 30, 2019
CLASS I	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		–		$	–			–		$	–
Shares sold through reinvestments of distributions		–			–			–			–
Shares redeemed		–			–			–			–
Net increase		–		$	–			–		$	–
CLASS Y
Shares sold		678,524		$	6,818,856			175,657		$	1,687,757
Shares sold through reinvestments of distributions		10,544			105,792			5,220			50,400
Shares redeemed		(70,201	)		(679,795	)		(47,558	)		(454,625	)
Net increase		618,867		$	6,244,853			133,319		$	1,283,532

Global Emerging Markets Equity Fund

	FOR THE SIX MONTHS ENDED DECEMBER 31, 2019				FOR THE PERIOD ENDED JUNE 30, 2019(1)
CLASS A	SHARES		AMOUNT		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 operation on September 17, 2018.

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

December 31, 2019 (Unaudited)

Global High Yield Fund

	FOR THE SIX MONTHS ENDED DECEMBER 31, 2019						FOR THE YEAR ENDED JUNE 30, 2019
CLASS A	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		4,057		$	38,991			230,593		$	2,192,423
Shares sold through reinvestments of distributions		1,600			15,291			1,038			9,771
Shares redeemed		(211,946	)		(2,009,307	)		(439	)		(4,142	)
Net increase (decrease)		(206,289	)	$	(1,955,025	)		231,192		$	2,198,052
CLASS C
Shares sold		4,812		$	45,957			11,068		$	102,520
Shares sold through reinvestments of distributions		360			3,454			859			8,104
Shares redeemed		(2,636	)		(25,160	)		(6,704	)		(60,654	)
Net increase		2,536		$	24,251			5,223		$	49,970
CLASS I
Shares sold		–		$	–			–		$	–
Shares sold through reinvestments of distributions		–			–			–			–
Shares redeemed		–			–			–			–
Net increase		–		$	–			–		$	–
CLASS Y
Shares sold		147		$	1,424			478,228		$	4,521,457
Shares sold through reinvestments of distributions		892			8,542			3,172			30,114
Shares redeemed		(99,843	)		(949,156	)		(386,084	)		(3,686,335	)
Net increase (decrease)		(98,804	)	$	(939,190	)		95,316		$	865,236

U.S. High Yield Fund

	FOR THE SIX MONTHS ENDED DECEMBER 31, 2019						FOR THE YEAR ENDED JUNE 30, 2019
CLASS A	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		14,531		$	142,284			299,631		$	2,936,402
Shares sold through reinvestments of distributions		7,459			73,120			11,491			112,082
Shares redeemed		(146,304	)		(1,421,780	)		(215,869	)		(2,116,695	)
Net increase (decrease)		(124,314	)	$	(1,206,376	)		95,253		$	931,789
CLASS C
Shares sold		–		$	–			–		$	–
Shares sold through reinvestments of distributions		–			–			–			–
Shares redeemed		–			–			–			–
Net increase		–		$	–			–		$	–

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

December 31, 2019 (Unaudited)

	FOR THE SIX MONTHS ENDED DECEMBER 31, 2019						FOR THE YEAR ENDED JUNE 30, 2019
CLASS I	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		–		$	–			–		$	–
Shares sold through reinvestments of distributions		–			–			11,431			110,810
Shares redeemed		–			–			(279,772	)		(2,719,379	)
Net increase (decrease)		–		$	–			(268,341	)	$	(2,608,569	)
CLASS Y
Shares sold		242,558		$	2,372,440			526,284		$	5,109,450
Shares sold through reinvestments of distributions		67,550			661,548			161,061			1,565,077
Shares redeemed		(191,185	)		(1,871,103	)		(1,130,987	)		(10,910,446	)
Net increase (decrease)		118,923		$	1,162,885			(443,642	)	$	(4,235,919	)

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 $61,000,000 (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.

11. Subsequent Events

On February 14, 2020, the Board of Trustees elected to liquidate the Barings Global High Yield Fund, effective March 19, 2020.

Also, at the February 14^th meeting, the Board of Trustees elected Michael Cowart to serve as Chief Compliance Officer of the Barings Funds Trust.

Management has considered the circumstances under which the Funds should recognize or make disclosures regarding events or transactions occurring subsequent to December 31, 2019 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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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 (the “BIIL Sub-Advisory Agreement” and, together with the Management Agreement, the “Agreements”) between Barings and Baring International Investment Limited (“BIIL”) on behalf of Barings Emerging Markets Debt Blended Total Return Fund, Barings Global Credit Income Opportunities Fund, Barings Global Emerging Markets Equity Fund, Barings Global Floating Rate Fund and Barings Global High Yield Fund. 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 3, 2019 and August 8, 2019 (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, but not limited to: 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 Global Floating Rate Fund, Barings Global Credit Income Opportunities Fund, Barings Active Short Duration Bond Fund, Barings Diversified Income Fund, formerly known as Barings Total Return Bond Fund, Barings Emerging Markets Debt Blended Total Return Fund, Barings Global Emerging Markets Equity Funds, Barings Global High Yield Fund and Barings U.S. High Yield Fund; and by Barings and BIIL to Barings Global Floating Rate Fund, Barings Global Credit Income Opportunities Fund, Barings Global High Yield Fund and Barings Global Emerging Markets Equity Funds, the Trustees considered the specific responsibilities of each of Barings and BIIL in the day-to-day management of the Funds, the qualifications, experience and responsibilities of the portfolio managers and other key personnel who are involved in the day-to-day management of the Funds, the ability of each of Barings and BIIL to attract and retain high-quality personnel, and the organizational depth and stability of each of Barings and BIIL. The Trustees also considered the trading capabilities of each of Barings and BIIL.

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 in the 1^st quintile for each of the three-year and five-year periods ended March 31, 2019 (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 three-year and five-year

214

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APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT AND SUB-ADVISORY AGREEMENT (CONTINUED)

periods ended March 31, 2019; Barings Active Short Duration Bond 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 three-year period ended March 31, 2019; Barings Diversified Income Fund ranked in the 5^th quintile of its Broadridge performance universe for the one-year period and in the 2^nd quintile for the three-year period, ended March 31, 2019; Barings Global High Yield Fund ranked in the 3^rd quintile of its Broadridge performance universe for the one-year period and the 1^st quintile for the three-year period, ended March 31, 2018; Barings U.S. 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 three-year period, ended March 31, 2018; and Barings Emerging Markets Debt Blended Total Return Fund ranked in the 5^th quintile of its Broadridge performance universe for the one-year period and the 1^st quintile for the three-year period ended March 31, 2018. Because Barings Global Emerging Markets Equity Fund had less than one year of performance as of March 31, 2019, performance universe information was not presented. 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 BIIL.

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 BIIL its sub-advisory fee under the BIIL Sub-Advisory Agreement for the applicable Funds. 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 higher than the Broadridge expense group median and total expense ratio was higher 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 Diversified Income 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 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; 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; Barings Emerging Markets Debt Blended Total Return 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 Global Emerging Markets Equity Fund’s effective advisory fee rate was higher than the Broadridge expense group median and total expense ratio lower than the Broadridge expense group average.

The Trustees also considered the advisory fees charged by Barings to institutional separate accounts advised by Barings (“separate accounts”) and unaffiliated investment companies for which Barings serves as subadviser (“subadvised funds”), if any, that have comparable investment strategies to the Funds. In comparing these fees, the Trustees considered information provided by Barings as to the generally broader scope of services provided by Barings to the Funds, as well as the more extensive regulatory burdens imposed on Barings in managing the Funds, in comparison to separate accounts and subadvised funds. The Trustees also considered the higher demands placed on Barings’ investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Funds in comparison to separate accounts.

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.

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APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT AND SUB-ADVISORY AGREEMENT (CONTINUED)

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 BIIL is an affiliate of Barings and is paid by Barings, and, therefore, did not consider 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 BIIL Sub-Advisory Agreement for the applicable Funds.

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 BIIL Sub-Advisory Agreement should be continued for an additional one-year period through August 2020.

216

    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 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 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/ Daniel McGee
	Daniel McGee, President (Principal Executive Officer)

Date March 6, 2020

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/ Daniel McGee
	Daniel McGee, President (Principal Executive Officer)

Date March 6, 2020

By (Signature and Title)	/s/ Carlene Pollock
	Carlene Pollock, Chief Financial Officer (Principal Financial Officer)

Date March 6, 2020