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

Corporation Service Company (CSC)

251 Little Falls Drive

Wilmington DE 19808

United States

(Name and Address of Agent for Service)

Date of fiscal year end: June 30

Date of reporting period: December 31, 2020

Item 1. Reports to Stockholders.

(a) The Semi-Annual Report to Shareholders is attached hereto.

BARINGS FUNDS TRUST

Semi-Annual Report

December 31, 2020

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.

ALPS Distributors, Inc. is the distributor for the Barings mutual funds. ALPS and Barings are separate and unaffiliated.

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 U.S. High Yield Fund

Dear Shareholder,

Thank you for your continued trust and partnership in 2020. We hope that you and your families are staying healthy and safe.

2020 was certainly a year unlike anything we’ve seen. Ending one of the longest expansions on record, the global economy suffered the most severe shock in recent history – followed by a synchronized government response that exceeded most expectations. With news of the vaccine and its subsequent rollout, global growth forecasts have risen and the economic trajectory appears to be improving, although we expect that the timing and scope of the recovery will surely be uneven.

Looking ahead to the next several months, we see both tailwinds and headwinds for the global economy and capital markets. On the positive side, financial markets have continued to rebound. From high yield and investment grade credit to emerging markets debt, fixed income asset classes ended 2020 largely in positive territory, a notable milestone given the steep and widespread decline at the onset of the pandemic. Equity markets continue to trade at elevated valuations, even amid the more recent gyrations in stock and options prices. Thanks in large part to substantial central bank support, many companies now appear to have sufficient liquidity to manage near-term challenges – whether coming from further lockdowns, uncertainty around the vaccine or macro/political factors.

From a bottom-up perspective, we believe there is still attractive value to be found across both developed and emerging markets, particularly in today’s low-rate and low-yielding environment. However, selectivity has become increasingly paramount to identifying resilient issuers that can withstand short-term volatility and potentially offer attractive upside as the economy continues to improve. As active managers, we believe we are well-positioned to provide access to the evolving relative value opportunities and capture the upside as the market recovers.

Throughout the ups and downs of economic cycles, and through periods of volatility and risk, we remain focused on delivering you, our shareholders, strong risk-adjusted returns. Our mutual fund platform offers a wide range of institutional-quality investment vehicles across fixed income and equity, and through a focus on rigorous, fundamental analysis, aims to provide innovative solutions for achieving diversification as well as long-term capital growth.

On behalf of the entire Barings team, we thank you for your trust and 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.

Barings Global Floating Rate Fund 2020 Semi-Annual Report

Investment Objective

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

Portfolio Management Commentary

How did the Fund perform?

∎ The Fund reported a net total rate of return for the six-month reporting period from July 1, 2020 through December 31, 2020 of 9.44%, outperforming the Credit Suisse Global Loan Benchmark (the “Benchmark”), which returned 7.71%.^1,6

What factors influenced performance of the Fund?

∎ Trading levels in the global loan market continued to recover from the drawdown in March 2020 as investor sentiment improved. Fund and Benchmark monthly total returns were positive in each month during the period.

∎ Credit selection within industry sectors (based on the Benchmark’s industry sectors) was the primary driver of Fund outperformance during the period. While outperformance by Fund holdings relative to the Benchmark holdings occurred across a range of industry sectors, top performing industry sectors included the financial and healthcare sectors.

∎ Positioning across rating categories also had a positive impact on Fund performance relative to the Benchmark. Lower rated credits across the market outperformed during the period. Therefore, the Fund’s underweight exposure relative to the Benchmark of double-B rated loans and overweight exposure to loans rated single-B and lower provided a positive impact to attribution results.

∎ From a regional perspective, the Fund’s allocations between the North American and European markets did not have a material impact on performance. Fund holdings in both regions outperformed Benchmark holdings in each region.

∎ Given the positive performance across the global loan market, the Fund’s exposure to cash (for which the average weight during the period was approximately 6%) was a detractor from relative results as the Benchmark is not exposed to cash.

Describe recent portfolio activity.

∎ During the period, there were not strategic shifts made to the exposure between the North American and European loan markets. The focus of portfolio management activity was on individual credit decisions.

∎ The Fund’s exposure to double-B rated credits modestly declined during the period and the exposure to credits rated single-B or triple-C modestly increased. This was a function of market value appreciation and individual credit decisions rather than a strategic shift.

∎ There was not a change in the order of the Fund’s top three industry exposures (based on Moody’s industries) during the period, which were the healthcare/education/childcare, diversified/conglomerate service and leisure/amusement/entertainment sectors. The Fund’s exposure to the diversified/conglomerate service sector modestly decreased during the period whereas exposure to the other two sectors modestly increased. Similar to positioning by rating category, this was a function of market value appreciation and individual credit decisions rather than a strategic shift.

^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. Indices are unmanaged. It is not possible to invest directly in an index.

2

Barings Global Floating Rate Fund 2020 Semi-Annual Report

Describe portfolio positioning at period end.

∎ The Fund finished the reporting period with 87.2% allocated to global senior secured loans, 5.3% to global senior secured high yield bonds, and 6.8% to cash.

∎ From an industry perspective (based on Moody’s industries), the Fund remained well diversified across a number of sectors, with concentrations in healthcare/education/childcare (14.8%), diversified/conglomerate services (9.9%), and leisure/amusement/entertainment (8.8%) as of December 31, 2020.

∎ As of December 31, 2020, the Fund had the following credit quality breakdown: 0.8% in triple-B assets, 12.9% in double-B assets, 64.1% in single-B assets, and 12.2% in triple-C and below assets. Approximately 3.3% of the Fund’s assets are non-publicly rated. Cash and accrued income accounted for the remaining 6.8% of the portfolio assets.²

∎ The top five countries in the portfolio at the end of the reporting period were the U.S. (66.6%), Germany (8.1%), the UK (8.0%), Spain (2.6%) and France (2.6%). Overall, the Fund had exposure to 15 different countries and we continue to focus on building a well-diversified portfolio of global floating rate securities.

Describe market and portfolio outlook.

∎ While high yield credit markets have bounced back significantly since the troughs of the pandemic, we believe the market continues to offer upside potential, particularly in today’s low-rate and low-yielding environment. Additionally, as demand has improved for the bank loan asset class recently, we believe this will provide a supportive tailwind for the asset class heading into 2021.

∎ Given the focus of borrowers on maintaining liquidity, we believe defaults may compress as we move throughout 2021 and credit spreads are fairly compensating investors based on the expectations for defaults.

∎ However, there remains an element of uncertainty in the markets as a result of the global pandemic and therefore we believe credit selection will remain critical in high yield credit markets focused on issuers that can withstand short-term volatility and potentially offer upside as the economy continues to recover.

^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 2020 Semi-Annual Report

PORTFOLIO COMPOSITION (% OF ASSETS*)

* As of December 31, 2020.

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, 2020.

4

Barings Global Floating Rate Fund 2020 Semi-Annual Report

% AVERAGE ANNUAL TOTAL RETURNS 5,7,8,9	INCEPTION DATE		ONE YEAR			THREE YEARS			FIVE YEARS			INCEPTION TO DATE
Class A With Load		09/16/2013		0.01	%		2.56	%		4.58	%		3.26	%
Class A No Load		09/16/2013		3.10	%		3.60	%		5.22	%		3.69	%
Class C With Load		09/16/2013		1.34	%		2.84	%		4.44	%		2.93	%
Class C No Load		09/16/2013		2.33	%		2.84	%		4.44	%		2.93	%
Class I With Load		09/16/2013		3.36	%		3.90	%		5.51	%		3.99	%
Class I No Load		09/16/2013		3.36	%		3.90	%		5.51	%		3.99	%
Class Y With Load		09/16/2013		3.36	%		3.87	%		5.49	%		3.96	%
Class Y No Load		09/16/2013		3.36	%		3.87	%		5.49	%		3.96	%

^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. Indices are unmanaged. It is not possible to invest directly in an index.

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

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

^9.  Total return 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.

5

Barings Global Credit Income Opportunities Fund 2020 Semi-Annual Report

Investment Objective

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

Portfolio Management Commentary

How did the Fund perform?

∎ The Fund reported a net total rate of return for the six-month reporting period from July 1, 2020 through December 31, 2020 of 11.00%, outperforming the 3 Month USD LIBOR +500 basis points (bps)¹ benchmark, which returned 2.61%.^2,6

What factors influenced performance of the Fund?

∎ Improvement in investor sentiment throughout the reporting period resulted in material improvement in trading levels across global high yield credit markets and was the primary driver of the Fund’s outperformance relative to the benchmark.

∎ For the core asset classes, the Fund’s high yield bond holdings outperformed its senior secured loan holdings during the period with more outperformance in the latter portion of the period. However, both asset classes provided a positive contribution to the Fund’s total return.

∎ During the period, the Fund’s holdings across regions contributed positively to the Fund’s return.

∎ From a ratings category perspective, as the recovery in trading levels improved across ratings categories it had a positive impact to the Fund’s total return.

∎ For the opportunistic asset classes, the Fund’s collateralized loan obligation (CLO) holdings generated a strong positive return and contributed positively to the Fund’s total return for the period.

Describe recent portfolio activity.

∎ During the reporting period, there were limited strategic shifts made to target allocations across asset classes. In the middle of the period, the Fund modestly shifted exposure from North American loans to North American high yield bonds and late in the quarter the Fund modestly increased its exposure to senior secured loans as demand for that asset class improved as the period progressed. The Fund’s focus during the period was on individual credit relative value decisions within asset classes.

∎ In general, as portfolio exposures build over time, the Fund intends to deploy cash into asset classes which we believe offer the best relative value at that time, and will shift exposure among asset classes as relative value opportunities change.

∎ There were no strategic shifts made to exposure by rating categories during the period. Modest changes in exposure by ratings category were the result of market value appreciation and individual credit decisions.

∎ From an industry sector perspective (based on Moody’s industries), the Fund’s exposure to the telecommunications sector increased, moving it into the top three industry exposures and moving the broadcasting and entertainment sector out of the top three. This was a reflection of individual credit decisions rather than a strategic shift.

^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 (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 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 2020 Semi-Annual Report

Describe portfolio positioning at period end.

∎ The Fund finished the reporting period with an allocation of 43.7%, 36.4% and 8.4% to global high yield bonds, global senior secured loans and CLOs, respectively. The remainder of the portfolio was invested in equities at 1.0%, special situations at 0.6%, and cash/other at 9.9%. A significant portion of the portfolio (approximately 55.5%) was senior secured in nature (including CLOs backed by secured loans), which can potentially mitigate principal loss in default situations.

∎ From an industry perspective, the Fund was well diversified across a number of sectors, with concentrations in healthcare, education and childcare (9.2%), telecommunications (6.3%), and diversified/conglomerate services (5.8%) as of December 31, 2020.

∎ As of December 31, 2020, the Fund had the following credit quality breakdown: 2.7% in triple-B assets, 23.8% in double-B assets, 42.5% in single-B assets and 15.9% in triple-C and below assets. Approximately 5.1% of the Fund’s assets are not publicly rated. Cash and accrued income accounted for the remaining 9.9% of the portfolio assets.³

∎ The top five countries in the portfolio at the end of the reporting period were the U.S. (55.4%), the U.K. (8.7%), Germany (5.5%), France (2.3%) and Denmark (1.8%). The Fund’s U.S. allocation included Cayman Islands exposure related to the Fund’s CLO holdings. Overall, the Fund had exposure to 32 different countries, and we continue to focus on building a well-diversified portfolio of global high yield credit.

Describe market and portfolio outlook.

∎ While high yield credit markets have bounced back significantly since the troughs of the pandemic, we believe the market continues to offer upside potential, particularly in today’s low-rate and low-yielding environment.

∎ Given the focus of borrowers on maintaining liquidity, we believe defaults may compress as we move throughout 2021 and credit spreads are fairly compensating investors based on the expectations for defaults.

∎ However, there remains an element of uncertainty in the markets as a result of the global pandemic and therefore we believe credit selection will remain critical in high yield credit markets focused on issuers that can withstand short-term volatility and potentially offer upside as the economy continues to recover.

^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 2020 Semi-Annual Report

PORTFOLIO COMPOSITION (% OF ASSETS*)

* As of December 31, 2020.

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, 2020.

8

Barings Global Credit Income Opportunities Fund 2020 Semi-Annual Report

% AVERAGE ANNUAL TOTAL RETURNS 5,7,8,9	INCEPTION DATE		ONE YEAR			THREE YEARS			FIVE YEARS			INCEPTION TO DATE
Class A With Load		09/16/2013		(0.98	)%		2.03	%		5.33	%		3.91	%
Class A No Load		09/16/2013		3.14	%		3.43	%		6.19	%		4.46	%
Class C With Load		09/16/2013		1.43	%		2.67	%		5.40	%		3.68	%
Class C No Load		09/16/2013		2.41	%		2.67	%		5.40	%		3.68	%
Class I With Load		09/16/2013		3.44	%		3.70	%		6.46	%		4.72	%
Class I No Load		09/16/2013		3.44	%		3.70	%		6.46	%		4.72	%
Class Y With Load		09/16/2013		3.45	%		3.70	%		6.46	%		4.72	%
Class Y No Load		09/16/2013		3.45	%		3.70	%		6.46	%		4.72	%

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

^4.  Inception date: September 16, 2013.

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

^6.  Benchmark: 3-Month USD LIBOR plus 500 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 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.  Total return 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.

9

Barings Active Short Duration Bond Fund 2020 Semi-Annual Report

Investment Objective

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

Portfolio Management Commentary

How did the Fund perform?

∎ The Fund reported a net total rate of return for the six-month reporting period from July 1, 2020 through December 31, 2020 of 5.05%, outperforming the Bloomberg Barclays U.S. 1-3 Year Government Bond Index (the “Benchmark”), which returned 0.15%.^1,5

What factors influenced performance of the Fund?

∎ A shorter-duration position contributed positively to performance relative to the Benchmark as front-end rates declined over the period. The Fund uses Treasury bonds and futures to help manage duration. The front end of the Treasury yield curve remained flat between three months and three years as of the end of the period. The U.S. Federal Reserve (Fed) continued its accommodative monetary policy with rates held at a target of 0.00% to 0.25%. The Fund ended the period with a 0.45 year duration in accordance with our rules-based duration management process.

∎ As of the end of the period, the Fund continued to favor securitized and structured credit over corporate credit, emphasizing the benefit of security packages over unsecured positions. The Fund’s allocation to consumer asset-backed securities (ABS) was a positive contributor to performance over the period. Auto, aviation, container, franchise receivable, student loan, timeshare and personal consumer loan collateral were among the top contributing sectors within the ABS allocation. The market continues to show modest signs of bifurcation between “COVID sensitive” and more “COVID insulated” collateral segments, despite the tide of positive investor risk sentiment lifting most collateral groups. Dealer inventory levels remained low and continued to tick lower in December, while what limited new issue that continued was met with market demand. Secondary trading volumes remained healthy, maintaining adequate liquidity in the ABS market.

∎ The Fund’s allocation to commercial mortgage-backed securities (CMBS) and residential mortgage-backed securities (RMBS) also contributed to performance over the period. Despite lower than normal issuance over the period, there was still a willingness of issuers to come to market given the strong market demand for yield.

∎ The 33% allocation to investment grade corporate credit contributed positively to performance as a result of spreads continuing to tighten. If all goes to plan with the vaccine, we believe there is a good chance the economy could meaningfully reopen during the second half of 2021, and the fundamental picture for most corporate issuers could improve accordingly. Corporate leverage, while at all-time highs, has remained lower than initially feared—and a significant portion of the debt that companies have raised is sitting as cash on their balance sheets, meaning net leverage, in particular, has risen less substantially.

∎ The Fund’s small position in high-quality collateralized loan obligation (CLO) tranches was also a positive contributor as security spreads continued to tighten. The CLO market proved resilient as it was tested by volatility in the first two quarters of the year, which we believe speaks to the resiliency of the CLO structure itself.

∎ The allocation to BB-rated high yield corporate bonds was a positive contributor to performance, while the Fund’s underweight to Treasuries detracted from relative performance.

^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 2020 Semi-Annual Report

Describe recent portfolio activity.

∎ The Fund ended the period with a duration positioning of 0.45 years, as the front end of the U.S. Treasury curve remained flat.

∎ The Fund reduced its holdings in ABS, RMBS, and developed market investment grade corporates, while increasing allocations to emerging market corporate and CMBS over the period. The Fund’s high quality CLO, BB-rated high yield corporate, and treasury weightings remained unchanged.

∎ The Funds allocations to AAA-rated and single-A rated positions decreased, while its allocations to AA and BBB quality positions increased over the reporting period. The Fund’s cash allocation increased over the period.

Describe portfolio positioning at period end.

∎ The Fund continued to be well diversified across corporate and securitized sectors. The securitized ABS allocation was 27.3% at the end of the period. Automotive loan collateral represented the largest allocation, followed by student loan collateral. Additional commercial and consumer ABS sub-sectors include timeshare, personal consumer loan, aircraft leasing and franchise receivables. The Fund maintained an active position in RMBS and CMBS securities, ending the period at 8.7% and 5.9%, respectively.

∎ At the end of the period, the Fund’s credit allocation was 42.0%. This allocation was comprised of 32.6% developed market investment grade corporates, 4.2% in BB-rated high yield corporates and 5.2% in U.S. dollar-denominated emerging markets debt (EMD). Banking and diversified industrial holdings represented the Fund’s largest corporate sector allocations, followed by consumer holdings.²

∎ High-quality AAA and AA CLO tranches represented a combined 4.8% allocation for the Fund.

Describe market and portfolio outlook.

∎ Despite the historic events that occurred in 2020, investment grade credit sailed through the fourth quarter to finish the year in strong positive territory, benefitting from lower interest rates as well as a flight to quality amid heightened volatility.

∎ Investment grade credit delivered both positive and excess returns across multiple markets as investors — thanks to monetary support and the release of COVID vaccines — largely shrugged off concerns around rising COVID cases and the possibility of additional consumer restrictions entering the New Year.

∎ As we look ahead to the coming months, it is worth reiterating that questions remain around the deployment and acceptance of the vaccines, which we believe will ultimately serve as a catalyst to the momentum and length of this recovery.

∎ Although we believe there is room for optimism, our view is that we are not necessarily out of the woods yet, as there are many unknowns that face markets in 2021. In this environment, we believe fundamental credit-by-credit selection remains critical, to not only capture upside potential and identify issuers that are equipped to weather near-term challenges, but also to avoid those that may face greater challenges down the road.

^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.

11

Barings Active Short Duration Bond Fund 2020 Semi-Annual Report

CREDIT QUALITY BREAKDOWN (% OF ASSETS*)

* As of December 31, 2020.

PORTFOLIO COMPOSITION (% OF ASSETS*)

* As of December 31, 2020.

12

Barings Active Short Duration Bond Fund 2020 Semi-Annual Report

% AVERAGE ANNUAL TOTAL RETURNS 3,4,6,7,8,9	INCEPTION DATE		ONE YEAR			THREE YEARS			FIVE YEARS			INCEPTION TO DATE
Class A With Load		07/08/2015		1.63	%		2.36	%		2.42	%		2.01	%
Class A No Load		07/08/2015		1.63	%		2.36	%		2.42	%		2.01	%
Class C With Load		07/08/2015		0.86	%		2.08	%		2.20	%		1.74	%
Class C No Load		07/08/2015		1.36	%		2.08	%		2.20	%		1.74	%
Class L With Load		05/01/2020		N/A			N/A			N/A			13.10	%
Class L No Load		05/01/2020		N/A			N/A			N/A			13.10	%
Class I With Load		07/08/2015		1.86	%		2.61	%		2.68	%		2.27	%
Class I No Load		07/08/2015		1.86	%		2.61	%		2.68	%		2.27	%
Class Y With Load		07/08/2015		1.86	%		2.61	%		2.67	%		2.26	%
Class Y No Load		07/08/2015		1.86	%		2.61	%		2.67	%		2.26	%

^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.

^8.  Class L share class launched effective 05/01/2020.

^9.  Total return 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.

13

Barings Diversified Income Fund 2020 Semi-Annual Report

Investment Objective

The Barings Diversified Income Fund (“Diversified Income Fund” or 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 total net rate of return for the six-month reporting period from July 1, 2020 through December 31, 2020 of 7.90%, outperforming the 3 Month LIBOR +250 basis points (bps) benchmark, which returned 1.37%.^1,5

What factors influenced performance of the Fund?

∎ High quality collateralized loan obligation (CLO) positioning in AA to BBB-rated tranches contributed positively to performance over the period. The allocation had a high average of AA- quality. The CLO market proved resilient as it was tested by volatility in the first two quarters of the year, which we believe speaks to the resiliency of the CLO structure itself. High quality tranches have seen meaningful spread compression since reaching peak levels in March, and are entering 2021 at tight levels.

∎ The Fund’s allocations to securitized credit and consumer asset-backed securities (ABS) were both positive contributors to performance. Within the ABS sector, aviation, student loan, and personal consumer loan collateral were among the top performers. Securitized risk assets finished the fourth quarter in positive territory given the continuation of positive technicals that allowed spreads to compress tighter. The market’s risk-on tone brought a majority of market segments tighter amid the backdrop of shrinking dealer balance sheets and lower primary market issuance. We believe the market continues to show signs of bifurcation between “COVID sensitive” and more “COVID insulated” collateral segments, despite the tide of positive investor risk sentiment lifting most collateral groups.

∎ The Fund’s allocation to commercial mortgage backed securities (CMBS) and residential mortgage backed securities (RMBS) also contributed positively to performance over the period. Dealer inventory levels remained low and continued to tick lower in December, while what limited new issue that continued was met with market demand. Secondary trading volumes remained healthy, maintaining adequate liquidity in the securitized market.

∎ Investment grade corporate credit across both developed and emerging market geographies contributed positively to performance. Corporate leverage, while at all-time highs, has remained lower than initially feared—and a significant portion of the debt that companies have raised is sitting as cash on their balance sheets, meaning net leverage, in particular, has risen less substantially. Going forward, if companies are prudent, and use the cash on their balance sheets to pay down debt they no longer need, we expect leverage to trend towards more normal levels.

∎ At the end of the period, the Fund continued to hold an allocation to high yield corporate bonds with a weighted average rating of BB. This allocation was a positive contributor to performance over the period.

^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: 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.

14

Barings Diversified Income Fund 2020 Semi-Annual Report

∎ Duration positioning was a positive contributor to performance, as front-end rates declined over the period. The Fund uses Treasury bonds and futures to help manage duration. At the end of the period, the front end of the Treasury yield curve remained flat between three months and three years. The U.S. Federal Reserve (Fed) continued its accommodative monetary policy with rates held at a target of 0.00% to 0.25%. The Fund ended the period with a 0.49 year duration in accordance with our rules-based duration management process.

Describe recent portfolio activity.

∎ The Fund reduced its developed market investment grade corporate, CLO, and CMBS allocations, while increasing allocations to hard currency emerging market corporate, high yield corporate, and ABS over the period.

∎ The Fund’s allocations to AAA and single-A rated positions decreased, while its allocations to AA, BBB, and BB quality positions increased. The Fund’s cash allocation increased 2% over the period.

Describe portfolio positioning at period end.

∎ Emerging markets debt (EMD) hard currency positioning ended the period at 21.8%. The allocation in the Fund remained well diversified across sectors and regions. The allocation remained diversified across 15 markets with average allocations of 1.5%. The allocation had an average rating of BBB, and continued to provide a yield advantage over many similarly rated developed market corporate bonds.

∎ The securitized ABS allocation was the second largest allocation at the end of the period at 20.6%. Student loan and aviation collateral were the highest sector allocations, followed by personal consumer loan and medical collateral. The Fund maintained an active position in CMBS and RMBS securities, ending the period at 3.9% and 3.4%, respectively.

∎ The high quality CLO allocation was 20.5% at the end of the period. The Fund continued to favor the structural subordination of CLOs, and favor AAA through BBB quality tranches.²

∎ Investment grade corporates represented a 20.0% allocation at the end of the period. The Fund has favored BBB-rated positions in less cyclical industries such as banking, diversified industrials and insurance.

∎ The Fund maintained a 4.9% to high yield corporate credit with a high average quality of BB at the end of the period.

Describe market and portfolio outlook.

∎ Despite the historic events that occurred in 2020, investment grade credit sailed through the fourth quarter to finish the year in strong positive territory, benefitting from lower interest rates as well as a flight to quality amid heightened volatility.

∎ Investment grade credit delivered both positive and excess returns across multiple markets as investors—thanks to monetary support and the release of COVID vaccines—largely shrugged off concerns around rising COVID cases and the possibility of additional consumer restrictions entering the New Year.

∎ As we look ahead to the coming months, it is worth reiterating that questions remain around the deployment and acceptance of the vaccines, which we believe will ultimately serve as a catalyst to the momentum and length of this recovery.

∎ Although we believe there is room for optimism, our view is that we are not necessarily out of the woods yet, as there are many unknowns that face markets in 2021. In this environment, we believe fundamental credit-by-credit selection remains critical, to not only capture upside potential and identify issuers that are equipped to weather near-term challenges, but also to avoid those that may face greater challenges down the road.

^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.

15

Barings Diversified Income Fund 2020 Semi-Annual Report

CREDIT QUALITY BREAKDOWN (% OF ASSETS*)

* As of December 31, 2020.

PORTFOLIO COMPOSITION (% OF ASSETS*)

* As of December 31, 2020.

16

Barings Diversified Income Fund 2020 Semi-Annual Report

% AVERAGE ANNUAL TOTAL RETURNS 3,4,6,7,8	INCEPTION DATE		ONE YEAR			THREE YEARS			FIVE YEARS			INCEPTION TO DATE
Class A With Load		07/08/2015		(7.14	)%		(0.99	)%		1.12	%		0.86	%
Class A No Load		07/08/2015		(3.27	)%		0.37	%		1.95	%		1.61	%
Class C With Load		07/08/2015		(4.94	)%		(0.38	)%		1.19	%		0.85	%
Class C No Load		07/08/2015		(4.00	)%		(0.38	)%		1.19	%		0.85	%
Class I With Load		07/08/2015		(3.03	)%		0.62	%		2.20	%		1.86	%
Class I No Load		07/08/2015		(3.03	)%		0.62	%		2.20	%		1.86	%
Class Y With Load		07/08/2015		(3.05	)%		0.61	%		2.20	%		1.86	%
Class Y No Load		07/08/2015		(3.05	)%		0.61	%		2.20	%		1.86	%

^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: 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.

^8.  Total return 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.

17

Barings Emerging Markets Debt Blended Total Return Fund 2020 Semi-Annual Report

Investment Objective

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

Portfolio Management Commentary

How did the Fund perform?

∎ The Fund reported a net total rate of return for the six-month reporting period from July 1, 2020 through December 31, 2020 of 12.46%. 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 9.01%. The Fund is not managed relative to the benchmark; however, the comparison is provided to show how the Fund’s returns compare with those of a broad measure of market performance.^1,4

∎ All three of the Fund’s sub-strategies – emerging market (EM) corporates, EM sovereign and EM local – generated positive performance over the period. This occurred as spreads tightened (123 basis points (bps) for EM Sovereign and 146 bps for EM corporates), local rates rallied and EM currencies appreciated on the back of rising commodity prices.

What factors influenced performance of the Fund?

∎ The Fund’s positioning, and active allocations across countries and credits, were additive to performance. Spreads tightened as markets continued to rebound, lockdowns were lifted, and global stimulus flooded markets following the outbreak of COVID-19. EM currencies rallied, as we saw an increase in commodity prices as demand picked up following the global lockdowns. EM debt flows were strong during the period, with $48 billion of positive flows ($30 billion from hard currency and $18 billion from local currency).

∎ For the 6-month reporting period ending December 31, 2020, the Fund’s positioning in Brazil, Mexico, South Africa, Ukraine and Poland contributed positively to Fund performance. However, the Fund’s positions in Israel, Switzerland, Hungary, Singapore and Morocco detracted from performance.

Describe recent portfolio activity.

∎ The Fund continued to increase its exposure to EM currencies, to capture potential currency appreciation as a result of stronger balance-of-payments outlook and with higher commodity prices. The Fund also increased duration in EM local rates on the expectation that rates will stay low.

∎ The Fund also decreased exposure to EM sovereign hard currency assets, as spreads have tightened considerably, close to their pre-COVID levels.

∎ At the end of the period, positioning in select corporate names remained similar to earlier in 2020, backed by healthy balance sheets and bonds, offering strong yields compared to some sovereign credits.

Describe portfolio positioning at period end.

∎ The Fund finished the reporting period with a 39% exposure to corporate debt, 35% to sovereign hard currencies (inclusive of credit default swaps), 29% to sovereign local currencies, and a 9% cash position.

∎ The top five countries in the portfolio at the end of the reporting period were Mexico (13.3%), Brazil (12.2%), South Africa (7.4%), Ukraine (6.6%) and Indonesia (5.2%). The top five corporate issuers were Petrobras (1.9%), Sovcom Bank (1.9%), PEMEX (1.9%), Tullow Oil (1.8%) and India Infoline Finance (1.3%). Overall, the Fund had exposure to 44 countries, 44 corporates and 23 different 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.

^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.

18

Barings Emerging Markets Debt Blended Total Return Fund 2020 Semi-Annual Report

Describe market and portfolio outlook.

∎ While EM currencies are still lagging overall, we believe a number of tailwinds have emerged that could create a potentially compelling opportunity in the asset class going forward. For one, many emerging markets, because they have faced weaker consumption as well as outflows on the heels of the pandemic, have been running smaller account deficits in aggregate – with some countries now running current account surpluses. In countries like Brazil, Mexico, South Africa and Indonesia, for instance, deficits have either significantly narrowed or turned into surpluses.

∎ Exports from many EM countries have performed much better than expected as demand for commodities proved to be fairly resilient and underwent significant recoveries in the second half of 2020 – helped by sustained demand from China.

∎ We believe EM sovereign debt continues to face challenges, though the effects of the pandemic have varied widely from country to country. Generally speaking, downgrades and defaults have remained below initial expectations – and, in our view, the rollout of the vaccine, coupled with higher commodity prices, should help keep defaults measured in the coming year. There are bright spots across the EM universe, and we expect to continue seeing opportunities as the vaccine is deployed and economies around the globe begin to open back up. Nonetheless, there is no shortage of risks, from political tensions to the longer-term potential for rising rates in developed markets.

19

Barings Emerging Markets Debt Blended Total Return Fund 2020 Semi-Annual Report

PORTFOLIO COMPOSITION (% OF ASSETS*)

* As of December 31, 2020.

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, 2020.

*** CEEMEA: Central Europe, Eastern Europe, Middle East and Africa. LATAM: Latin America (includes countries in Central and South America).

20

Barings Emerging Markets Debt Blended Total Return Fund 2020 Semi-Annual Report

% AVERAGE ANNUAL TOTAL RETURNS 2,3,5,6 ,7	INCEPTION DATE		ONE YEAR			THREE YEARS			FIVE YEARS			INCEPTION TO DATE
Class A With Load		10/21/2015		12.99	%		7.69	%		9.24	%		8.14	%
Class A No Load		10/21/2015		17.70	%		9.17	%		10.13	%		8.99	%
Class C With Load		10/21/2015		15.78	%		8.37	%		9.33	%		8.20	%
Class C No Load		10/21/2015		16.78	%		8.37	%		9.33	%		8.20	%
Class I With Load		10/21/2015		18.02	%		9.44	%		10.41	%		9.27	%
Class I No Load		10/21/2015		18.02	%		9.44	%		10.41	%		9.27	%
Class Y With Load		10/21/2015		17.96	%		9.43	%		10.40	%		9.26	%
Class Y No Load		10/21/2015		17.96	%		9.43	%		10.40	%		9.26	%

^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.

^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.

^7.  Total return 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.

21

Barings Global Emerging Markets Equity Fund 2020 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 six-month reporting period from July 1, 2020, through December 31, 2020 of 29.36%, underperforming the MSCI Emerging Markets Index (the “Benchmark”), which returned 24.07%.^1,4

What factors influenced performance of the Fund?

∎ Contributors to relative Fund performance included the following:

∎ Korean chemicals manufacturer LG Chem was the Fund’s top contributor to relative returns. The company continues to benefit from the increased demand for electric vehicle batteries and slowly improving margins in its petrochemical business.

∎ TSMC was another strong performer, benefitting from improving product demand and news that Intel may potentially outsource to TSMC next year as it struggles with migration to the next technology node.

∎ Leading Chinese social media company Tencent also outperformed, supported by an acceleration in online advertising revenue and a strong gaming release pipeline.

∎ Detractors to relative Fund performance included the following:

∎ China Overseas Land and Investment detracted over the period due to concerns that policy measures introduced to cool the residential market may lead to a decline in new sales.

∎ CNOOC Limited, a Chinese energy company, detracted due to the decline in the oil price over the year. The announcement by the United States Department of Defense that its parent company was added to a list of companies with alleged ties to the Chinese military negatively impacted the share price towards the end of the year.

∎ Not owning Meituan-Dianping detracted after the stock performed well in response to the company’s online shopping platform gaining traction in China. However, we continue to find better opportunities elsewhere in the investment universe.

Describe recent portfolio activity.

∎ Whilst turnover for the year remained low (11.24%), the volatile market backdrop provided a number of opportunities to start building exposure in companies with sustainable business franchises and strong balance sheets at more attractive valuation entry points.

∎ Q3 2020: The Fund sold Russian retailer X5 and used the proceeds to initiate a new holding in its competitor, Magnit. The Fund also sold out of its positions in Lukoil and Banco do Brasil, in favor of opportunities elsewhere. In China, the Fund initiated positions in internet company NetEase, fast food chain Yum China and private education provider New Oriental.

∎ Q4 2020: In China, the Fund took profits in video surveillance company Hikvision after a period of strong performance. The Fund also purchased shares in wind power company Longyuan Power and initiated a position in NARI Technology, a company that produces hardware and software for the power industry. Elsewhere, the Fund initiated a position in Brazilian hypermarket Atacadão, a company we view as having compelling future growth prospects.

^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.

^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.

22

Barings Global Emerging Markets Equity Fund 2020 Semi-Annual Report

Describe 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 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 India 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.

∎ As of the end of the reporting period, the top five country weightings in the Fund, on an absolute basis, were China & Hong Kong (39.2%), Taiwan (14.0%), Korea (13.4%), India (11.2%) and Brazil (4.9%). In line with our investment process, we continue to seek out bottom-up investment opportunities where we believe the future earnings potential is not fully reflected in the current share price.

Describe market and portfolio outlook.

∎ As we enter 2021, we believe markets are likely to remain volatile as investors closely monitor the third wave of infections in Europe and elsewhere. However, the ongoing trend of improving economic and earnings momentum is encouraging, while the rolling out of vaccination programs gives us grounds for optimism.

∎ Accommodative monetary and fiscal policy across emerging markets (“EM”) and elsewhere in the world has already driven an improvement in leading economic indicators everywhere, which we believe should in turn translate into stronger corporate profit performance over the course of this year.

∎ We believe continued weakness in the U.S. dollar would provide an additional boost while, in our view, the relative valuation of EM equities versus developed equities continues to remain very attractive, suggesting investor expectations for the asset class remain overly depressed. We believe this combination of steadily improving earnings, receding risk and attractive valuations should create a positive backdrop for equity markets as we navigate through 2021.

23

Barings Global Emerging Markets Equity Fund 2020 Semi-Annual Report

% AVERAGE ANNUAL TOTAL RETURNS 2,3,5,6,7	INCEPTION DATE		ONE YEAR			INCEPTION TO DATE
Class A With Load		9/17/2018		15.01	%		15.00	%
Class A No Load		9/17/2018		15.01	%		15.00	%
Class C With Load		9/17/2018		14.14	%		14.14	%
Class C No Load		9/17/2018		14.14	%		14.14	%
Class I With Load		9/17/2018		15.30	%		15.29	%
Class I No Load		9/17/2018		15.30	%		15.29	%
Class Y With Load		9/17/2018		15.30	%		15.29	%
Class Y No Load		9/17/2018		15.30	%		15.29	%

^2.  Inception date: September 17, 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 4.00% 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.

^7.  Total return 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.

24

Barings U.S. High Yield Fund 2020 Semi-Annual Report

Investment Objective

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

Portfolio Management Commentary

How did the Fund perform?

∎ The Fund reported a net total rate of return for the six-month reporting period from July 1, 2020 through December 31, 2020 of 12.18%, outperforming the Bloomberg Barclays U.S. Corporate High Yield Index (the “Benchmark”), which returned 11.34%.^1,5

What factors influenced performance of the Fund?

∎ During the six-month period, the U.S. high yield bond market continued its strong recovery following the sell-off in March. For much of the third quarter, the market looked to gain back ground lost during the early days of the Covid-19 pandemic, albeit with bouts of continued volatility. However, going into the fourth quarter, progress on Covid-19 vaccines and further fiscal stimulus measures sent the market into a risk rally, propelling U.S. high yield bonds to generate a strong positive return for the period and for the full calendar year 2020.

∎ The risk-on mentality led triple-Cs to outperform during the period followed by single-Bs and double-Bs. Within the Fund, single-Bs were the largest contributor to outperformance versus the Benchmark during the six-month period as a result of credit selection, followed by triple-Cs due to an overweight allocation, which benefitted relative performance. Double-Bs lagged the Benchmark due to credit selection.

∎ From an industry perspective, sectors most heavily impacted by the Covid-19 pandemic earlier in the year also saw a strong rebound, including names in the aerospace and defense sector and the leisure, amusement and entertainment sector. Fund positioning across many of these names benefitted performance relative to the Benchmark, including hotel, airline, gaming, and travel holdings. The Fund’s credit selection within the telecommunications sector was the largest positive contributor to performance versus the Benchmark. The oil and gas sector continued to rally alongside the price of crude oil, outperforming much of the broader market. As such, a modest underweight allocation to the sector, alongside individual credit underperformance of Fund holdings, led the Fund to lag the Benchmark in the sector.

Describe recent portfolio activity.

∎ The Fund’s allocation to BB and above rated credits decreased during the course of the six-month period, primarily through a shift towards B holdings but also select CCC-rated credits.

∎ Across industries, the oil and gas sector remained the largest sector by market value among the Fund’s holdings followed by the telecommunications sector, with each seeing modest increases during the period. The Fund’s allocation to the broadcasting and entertainment sector was reduced along with holdings in the buildings and real estate sector.

∎ Senior secured high yield bonds represented a larger allocation of Fund holdings at period-end, while the Fund’s holdings of senior unsecured bond were reduced. This was in-part due to the substantial new issuance of senior secured bonds during the period, which tend to carry a lower risk of principal loss than other debt instruments issued by the same corporation given their position at the top of a company’s capital structure, ranking ahead of subordinated debt and equity.

^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 Benchmark. 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 a Benchmark.

25

Barings U.S. High Yield Fund 2020 Semi-Annual Report

Describe portfolio positioning at period end.

∎ On a traded basis, the Fund finished December 31, 2020 with a 73.4% weighting to senior unsecured bonds and a 17.6% weighting to senior secured high yield bonds. The remaining balance of the portfolio was invested in senior secured loans (6.5%), and cash, accrued income and other holdings (2.5%).

∎ From a sector perspective, the Fund remained well-diversified across a number of Moody’s-based industries, with higher concentrations, as mentioned above, in oil and gas (13.8%), telecommunications (12.0%), and finance (7.5%) as of December 31, 2020.

∎ In terms of portfolio credit quality, the Fund had the following weighting breakdown: 3.9% in triple-B, 45.5% in double-B, 31.2% in single-B, 15.7% in triple-C and below, and 2.3% in cash and accrued income. The Fund’s weighting in not-publicly rated holdings finished the period at 1.4%.²

Describe market and portfolio outlook.

∎ While high yield credit markets have bounced back significantly since the troughs of the pandemic, we believe the market continues to offer upside potential, particularly in today’s low-rate and low-yielding environment. Additionally, as demand has improved for the bank loan asset class recently, we believe this will provide a supportive tailwind for the asset class heading into 2021.

∎ Given the focus of borrowers on maintaining liquidity, we believe defaults may compress as we move throughout 2021 and credit spreads are fairly compensating investors based on the expectations for defaults.

∎ However, there remains an element of uncertainty in the markets as a result of the global pandemic and therefore we believe credit selection will remain critical in high yield credit markets focused on issuers that can withstand short-term volatility and potentially offer upside as the economy continues to recover.

^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 U.S. High Yield Fund 2020 Semi-Annual Report

CREDIT QUALITY COMPOSITION (% OF ASSETS*)

* As of December 31, 2020.

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, 2020.

27

Barings U.S. High Yield Fund 2020 Semi-Annual Report

% AVERAGE ANNUAL TOTAL RETURNS 4,6,7,8	INCEPTION DATE		ONE YEAR			THREE YEARS			FIVE YEARS			INCEPTION TO DATE
Class A With Load		10/30/2015		(0.20	)%		3.04	%		6.39	%		5.58	%
Class A No Load		10/30/2015		3.96	%		4.45	%		7.27	%		6.42	%
Class C With Load		10/30/2015		2.25	%		3.67	%		6.47	%		5.63	%
Class C No Load		10/30/2015		3.23	%		3.67	%		6.47	%		5.63	%
Class I With Load		10/30/2015		4.27	%		4.71	%		7.53	%		6.68	%
Class I No Load		10/30/2015		4.27	%		4.71	%		7.53	%		6.68	%
Class Y With Load		10/30/2015		4.27	%		4.71	%		7.53	%		6.68	%
Class Y No Load		10/30/2015		4.27	%		4.71	%		7.53	%		6.68	%

^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 Benchmark. 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 a Benchmark.

^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.

^8.  Total return 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.

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Barings Funds Trust 2020 Semi-Annual Report

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Barings Funds Trust 2020 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 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, 2020 to December 31, 2020.

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	$	1,093.00	$	1,046.50	$	5.28
Hypothetical		1.00	%		1,000.00		1,020.20		1,010.10		5.09
Class C
Actual		1.75	%		1,000.00		1,088.90		1,044.45		9.21
Hypothetical		1.75	%		1,000.00		1,016.40		1,008.20		8.89
Class I
Actual		0.75	%		1,000.00		1,094.40		1,047.20		3.96
Hypothetical		0.75	%		1,000.00		1,021.40		1,010.70		3.82
Class Y
Actual		0.75	%		1,000.00		1,094.40		1,047.20		3.96
Hypothetical		0.75	%		1,000.00		1,021.40		1,010.70		3.82

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

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Barings Funds Trust 2020 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	$	1,108.10	$	1,054.05	$	6.38
Hypothetical		1.20	%		1,000.00		1,019.20		1,009.60		6.11
Class C
Actual		1.95	%		1,000.00		1,104.30		1,052.15		10.34
Hypothetical		1.95	%		1,000.00		1,015.40		1,007.70		9.91
Class I
Actual		0.95	%		1,000.00		1,109.90		1,054.95		5.05
Hypothetical		0.95	%		1,000.00		1,020.40		1,010.20		4.84
Class Y
Actual		0.95	%		1,000.00		1,110.00		1,055.00		5.05
Hypothetical		0.95	%		1,000.00		1,020.40		1,010.20		4.84

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

Barings Active Short Duration Bond Fund

	EXPENSE RATIO			BEGINNING AMOUNT		ENDING VALUE		AVERAGE VALUE		OPERATING EXPENSE INCURRED*
Class A
Actual		0.65	%	$	1,000.00	$	1,049.20	$	1,024.60	$	3.36
Hypothetical		0.65	%		1,000.00		1,021.90		1,010.95		3.31
Class C
Actual		0.90	%		1,000.00		1,047.90		1,023.95		4.65
Hypothetical		0.90	%		1,000.00		1,020.70		1,010.35		4.58
Class I
Actual		0.40	%		1,000.00		1,050.50		1,025.25		2.07
Hypothetical		0.40	%		1,000.00		1,023.20		1,011.60		2.04
Class Y
Actual		0.40	%		1,000.00		1,050.50		1,025.25		2.07
Hypothetical		0.40	%		1,000.00		1,023.20		1,011.60		2.04
Class L
Actual		0.65	%		1,000.00		1,049.20		1,024.60		3.36
Hypothetical		0.65	%		1,000.00		1,021.90		1,010.95		3.31

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

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Barings Funds Trust 2020 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	$	1,077.80	$	1,038.90	$	4.19
Hypothetical		0.80	%		1,000.00		1,021.20		1,010.60		4.08
Class C
Actual		1.55	%		1,000.00		1,073.70		1,036.85		8.10
Hypothetical		1.55	%		1,000.00		1,017.40		1,008.70		7.88
Class I
Actual		0.55	%		1,000.00		1,079.10		1,039.55		2.88
Hypothetical		0.55	%		1,000.00		1,022.40		1,011.20		2.80
Class Y
Actual		0.55	%		1,000.00		1,079.00		1,039.50		2.88
Hypothetical		0.55	%		1,000.00		1,022.40		1,011.20		2.80

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

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	$	1,123.10	$	1,061.55	$	6.42
Hypothetical		1.20	%		1,000.00		1,019.20		1,009.60		6.11
Class C
Actual		1.95	%		1,000.00		1,119.00		1,059.50		10.42
Hypothetical		1.95	%		1,000.00		1,015.40		1,007.70		9.91
Class I
Actual		0.95	%		1,000.00		1,124.50		1,062.25		5.09
Hypothetical		0.95	%		1,000.00		1,020.40		1,010.20		4.84
Class Y
Actual		0.95	%		1,000.00		1,124.60		1,062.30		5.09
Hypothetical		0.95	%		1,000.00		1,020.40		1,010.20		4.84

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

32

Barings Funds Trust 2020 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		1.40	%	$	1,000.00	$	1,291.90	$	1,145.95	$	8.09
Hypothetical		1.40	%		1,000.00		1,018.10		1,009.05		7.12
Class C
Actual		2.15	%		1,000.00		1,287.00		1,143.50		12.39
Hypothetical		2.15	%		1,000.00		1,014.40		1,007.20		10.92
Class I
Actual		1.15	%		1,000.00		1,293.60		1,146.80		6.65
Hypothetical		1.15	%		1,000.00		1,019.40		1,009.70		5.85
Class Y
Actual		1.15	%		1,000.00		1,293.60		1,146.80		6.65
Hypothetical		1.15	%		1,000.00		1,019.40		1,009.70		5.85

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

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

*** As of November 5, 2020, the Adviser agreed to waive and/or reimburse certain fees and/or expenses so that, on an annualized basis, such expenses incurred will not exceed 1.15%, 1.90%, 0.90% and 0.90% as a percentage of average daily net assets for Class A, Class C, Class I and Class Y, respectively. Prior to this date, the Adviser had agreed to waive and/or reimburse certain fees and/or expenses so that, on an annualized basis, such expenses would have not exceeded 1.45%, 2.20%, 1.20% and 1.20% as a percentage of net assets for Class A, Class C, Class I and Class Y, respectively.

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	$	1,120.20	$	1,060.10	$	5.34
Hypothetical		1.00	%		1,000.00		1,020.20		1,010.10		5.09
Class C
Actual		1.75	%		1,000.00		1,116.20		1,058.10		9.33
Hypothetical		1.75	%		1,000.00		1,016.40		1,008.20		8.89
Class I
Actual		0.75	%		1,000.00		1,121.80		1,060.90		4.01
Hypothetical		0.75	%		1,000.00		1,021.40		1,010.70		3.82
Class Y
Actual		0.75	%		1,000.00		1,121.80		1,060.90		4.01
Hypothetical		0.75	%		1,000.00		1,021.40		1,010.70		3.82

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

33

Barings Funds Trust 2020 Semi-Annual Report

BARINGS FUNDS TRUST

FINANCIAL REPORT

Statements of Assets and Liabilities	35
Statements of Operations	39
Statements of Changes in Net Assets	43
Financial Highlights	47
Schedules of Investments	76-153
Notes to Financial Statements	154-191

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Barings Funds Trust 2020 Semi-Annual Report

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2020 (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 $202,978,376, $159,801,908, $856,482,341 and $43,825,895, respectively)	$	198,264,735	$	155,330,661	$	866,998,965	$	44,706,035
Cash		9,306,261		13,267,481		8,006,775		2,200,539
Foreign currency, at value (cost $163,250, $958,933, $0 and $0, respectively)		163,697		973,852		–		–
Receivable for investments sold		8,263,417		2,545,615		–		–
Receivable for Fund shares sold		41,955		19,006		11,488,772		27,073
Interest receivable		1,374,332		1,981,070		4,203,757		289,046
Receivable from adviser (see Note 3)		–		–		–		1,781
Cash collateral held at broker on forward foreign currency exchange contracts		–		420,000		–		–
Cash collateral held at broker on open futures contracts		–		–		–		229,593
Foreign tax reclaims receivable		609		1,778		2,510		–
Unrealized appreciation on forward foreign currency exchange contracts		52,763		50,743		–		2,086
Prepaid expenses		74,147		63,309		144,854		27,453
Total assets		217,541,916		174,653,515		890,845,633		47,483,606
Liabilities
Payable for investments purchased		–		87,692		–		–
Payable for TBA and when-issued securities purchased		4,465,454		1,727,461		–		1,000,000
Payable for Fund shares repurchased		699,279		311,919		5,672,516		6,617
Payable for variation margin on open futures contracts		–		–		114,806		15,867
Investment advisory fee payable (see Note 3)		75,897		82,948		111,299		–
Cash collateral Due to Broker		–		–		1,010,000		–
Distribution fees payable		14,116		8,011		30,464		230
Shareholder service fees payable		21,839		12,547		51,272		1,088
Dividends payable		77,874		205,173		248,606		52,106
Unrealized depreciation on forward foreign currency exchange contracts		482,402		457,436		–		10,431
Unrealized depreciation on unfunded loan commitments		618		317		–		–
Accrued expenses and other liabilities		182,741		166,532		396,488		53,392
Total liabilities		6,020,220		3,060,036		7,635,451		1,139,731
Total net assets	$	211,521,696	$	171,593,479	$	883,210,182	$	46,343,875

See accompanying Notes to the Financial Statements.

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Barings Funds Trust 2020 Semi-Annual Report

STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

December 31, 2020 (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	$	230		$	195		$	897		$	50
Additional paid-in capital		229,871,177			194,838,911			898,596,149			48,355,266
Total distributable earnings (accumulated loss)		(18,349,711	)		(23,245,627	)		(15,386,864	)		(2,011,441	)
Total net assets	$	211,521,696		$	171,593,479		$	883,210,182		$	46,343,875
Class A
Net assets applicable to outstanding shares	$	38,613,688		$	7,701,572		$	39,449,905		$	336,414
Shares of beneficial interest outstanding		4,212,567			876,908			4,004,520			36,172
Net asset value per share outstanding	$	9.17		$	8.78		$	9.85		$	9.30
Maximum offering price per share outstanding (Net asset value plus sales charge of 3.00%, 4.00%, 0.00% and 4.00%, respectively)	$	9.45		$	9.15		$	9.85		$	9.69
Class C
Net assets applicable to outstanding shares	$	6,831,771		$	7,550,142		$	2,358,850		$	186,560
Shares of beneficial interest outstanding		748,098			860,404			239,775			20,061
Net asset value per share outstanding	$	9.13		$	8.78		$	9.84		$	9.30
Class I
Net assets applicable to outstanding shares	$	43,205,714		$	23,557,632		$	97,536		$	11,489,714
Shares of beneficial interest outstanding		4,700,726			2,681,904			9,901			1,235,482
Net asset value per share outstanding	$	9.19		$	8.78		$	9.85		$	9.30
Class Y
Net assets applicable to outstanding shares	$	122,870,523		$	132,784,133		$	745,872,066		$	34,315,241
Shares of beneficial interest outstanding		13,383,050			15,116,437			75,776,872			3,690,166
Net asset value per share outstanding	$	9.18		$	8.78		$	9.84		$	9.30
Class L
Net assets applicable to outstanding shares							$	95,431,825
Shares of beneficial interest outstanding								9,688,833
Net asset value per share outstanding							$	9.85

See accompanying Notes to the Financial Statements.

36

Barings Funds Trust 2020 Semi-Annual Report

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2020 (Unaudited)

	BARINGS EMERGING MARKETS DEBT BLENDED TOTAL RETURN FUND		BARINGS GLOBAL EMERGING MARKETS EQUITY FUND		BARINGS U.S. HIGH YIELD FUND
Assets
Investments, at fair value (cost $66,034,132, $9,598,076 and $48,082,878, respectively)	$	70,605,905	$	12,942,691	$	49,489,251
Cash		6,068,858		289,596		1,677,311
Foreign currency, at value (cost $174, $10,588 and $0, respectively)		174		10,601		–
Receivable for investments sold		2,758,545		52,398		1,095
Receivable for Fund shares sold		443,450		–		5,156
Interest receivable		1,225,801		4,847		791,076
Cash collateral held at broker on open swap contracts		2,559,753		–		–
Receivable from adviser (see Note 3)		–		5,394		–
Cash collateral held at broker on open futures contracts		142,000		–		–
Foreign tax reclaims receivable		10,446		1,365		–
Unrealized appreciation on forward foreign currency exchange contracts		1,497,910		–		–
Prepaid expenses		130,769		49,045		29,365
Total assets		85,443,611		13,355,937		51,993,254
Liabilities
Payable for investments purchased		2,758,545		–		–
Payable for TBA and when-issued securities purchased		–		–		654,969
Payable for Fund shares repurchased		19,429		–		2,719
Swap contracts, at fair value (up-front net premiums received of $222,336, $0, $0, respectively)		976,756		–		–
Payable for variation margin on open swap contracts		37,154		–		–
Payable for variation margin on open futures contracts		9,750		–		–
Investment advisory fee payable (see Note 3)		30,968		–		11,613
Directors’ fees payable		–		3,110		–
Cash collateral Due to Broker		740,000		–		–
Distribution fees payable		2,286		139		419
Dividends payable		116,408		–		100,128
Unrealized depreciation on forward foreign currency exchange contracts		1,524,709		–		–
Accrued expenses and other liabilities		65,939		49,738		37,726
Total liabilities		6,281,944		52,987		807,574
Total net assets	$	79,161,667	$	13,302,950	$	51,185,680

See accompanying Notes to the Financial Statements.

37

Barings Funds Trust 2020 Semi-Annual Report

STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

December 31, 2020 (Unaudited)

	BARINGS EMERGING MARKETS DEBT BLENDED TOTAL RETURN FUND		BARINGS GLOBAL EMERGING MARKETS EQUITY 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	$	71	$	10	$	53
Additional paid-in capital		73,520,641		9,984,604		52,988,162
Total distributable earnings (accumulated loss)		5,640,955		3,318,336		(1,802,535	)
Total net assets	$	79,161,667	$	13,302,950	$	51,185,680
Class A
Net assets applicable to outstanding shares	$	10,493,407	$	132,843	$	1,189,109
Shares of beneficial interest outstanding		940,737		10,000		122,249
Net asset value per share outstanding	$	11.15	$	13.28	$	9.73
Maximum offering price per share outstanding (Net asset value plus sales charge of 4.00%)	$	11.61	$	13.83	$	10.14
Class C
Net assets applicable to outstanding shares	$	258,444	$	132,191	$	97,256
Shares of beneficial interest outstanding		23,174		10,000		10,000
Net asset value per share outstanding	$	11.15	$	13.22	$	9.73
Class I
Net assets applicable to outstanding shares	$	10,443,256	$	6,518,958	$	12,058,898
Shares of beneficial interest outstanding		935,905		490,000		1,240,000
Net asset value per share outstanding	$	11.16	$	13.30	$	9.72
Class Y
Net assets applicable to outstanding shares	$	57,966,560	$	6,518,958	$	37,840,417
Shares of beneficial interest outstanding		5,196,994		490,000		3,891,138
Net asset value per share outstanding	$	11.15	$	13.30	$	9.72

See accompanying Notes to the Financial Statements.

38

Barings Funds Trust 2020 Semi-Annual Report

STATEMENTS OF OPERATIONS

For the Six Months Ended December 31, 2020 (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, $7,198 and $0, respectively)	$	5,578,955		$	5,347,794		$	11,973,900		$	689,544
Dividends		642			123			276,426			–
Other income		151,640			378,595			–			–
Total investment income		5,731,237			5,726,512			12,250,326			689,544
Operating Expenses
Advisory fees		705,632			621,134			1,439,275			87,203
12b-1 distribution and servicing plan
Class A		48,073			39,067			53,519			575
Class C		34,020			37,523			6,254			914
Class L		–			–			125,352			–
Shareholder service fee
Class A		6,311			2,083			23,510			13
Class C		1,801			2,158			747			–
Class Y		44,617			24,003			248,626			7,610
Class L		–			–			747			–
Administrator fees		72,264			62,512			206,893			25,455
Custody fees		66,959			63,581			225,851			14,749
Professional fees		50,195			49,025			47,571			36,298
Transfer agent fees		17,493			14,214			54,308			10,418
Directors’ fees		14,650			12,735			36,046			8,041
Registration fees		40,971			35,643			85,155			27,493
Printing and mailing expenses		8,738			6,635			16,773			1,288
Other operating expenses		37,278			30,297			130,611			5,808
Total operating expenses		1,149,002			1,000,610			2,701,238			225,865
Waiver/Reimbursement of expenses
Class A		(41,675	)		(23,178	)		(56,642	)		(3,537	)
Class C		(10,428	)		(9,362	)		(6,029	)		(2,943	)
Class I		(37,920	)		(15,828	)		(3,646	)		(24,917	)
Class Y		(162,695	)		(88,881	)		(733,963	)		(73,065	)
Class L		–			–			(70,947	)		–
Net operating expenses		896,284			863,361			1,830,011			121,403
Net investment income		4,834,953			4,863,151			10,420,315			568,141

See accompanying Notes to the Financial Statements.

39

Barings Funds Trust 2020 Semi-Annual Report

STATEMENTS OF OPERATIONS (CONTINUED)

For the Six Months Ended December 31, 2020 (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)
Net realized gain (loss) on investments	$	(2,466,799	)	$	(3,090,983	)	$	4,528,598		$	523,142
Net realized gain (loss) on forward foreign currency exchange contracts		(2,979,313	)		(2,629,760	)		–			(33,840	)
Net realized gain on foreign currency and translation		231,912			42,960			–			5,556
Net realized gain (loss) on futures contracts		–			–			13,032			52,374
Net realized gain (loss) on swap contracts		–			–			(340,586	)		(27,294	)
Net realized gain on written options		–			403,346			–			–
Net realized gain (loss) on purchased options		–			(692,562	)		–			–
Net realized gain (loss)		(5,214,200	)		(5,966,999	)		4,201,044			519,938
Net change in unrealized appreciation on investments		20,713,479			19,074,581			24,989,366			2,136,749
Net change in unrealized appreciation (depreciation) on unfunded loan commitments		(618	)		(317	)		–			–
Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts		(989,769	)		(853,832	)		–			(4,172	)
Net change in unrealized appreciation (depreciation) on foreign currency and translation		(9,313	)		29,534			–			(860	)
Net change in unrealized appreciation (depreciation) on futures contracts		–			–			115,105			61,968
Net change in unrealized appreciation (depreciation) on swap contracts		–			–			121,089			–
Net change in unrealized appreciation on written option contracts		–			18,451			–			–
Net change in unrealized appreciation (depreciation) on purchased option contracts		–			(37,712	)		(46,684	)		–
Net change in unrealized appreciation (depreciation)		19,713,779			18,230,705			25,178,876			2,193,685
Net realized and unrealized gains		14,499,579			12,263,706			29,379,920			2,713,623
Net increase in net assets resulting from operations	$	19,334,532		$	17,126,857		$	39,800,235		$	3,281,764

See accompanying Notes to the Financial Statements.

40

Barings Funds Trust 2020 Semi-Annual Report

STATEMENTS OF OPERATIONS

For the Six Months Ended December 31, 2020 (Unaudited)

	BARINGS EMERGING MARKETS DEBT BLENDED TOTAL RETURN FUND			BARINGS GLOBAL EMERGING MARKETS EQUITY FUND			BARINGS U.S. HIGH YIELD FUND
Investment Income
Interest income (net of withholding tax of $3,094, $0 and $0, respectively)	$	2,027,682		$	—		$	1,524,104
Dividend income (net of withholding tax of $0, $14,750, and $0, respectively)		—			118,449			—
Other income		4,250			—			5,250
Total investment income		2,031,932			118,449			1,529,354
Operating Expenses
Advisory fees		233,224			54,308			135,405
12b-1 distribution and servicing plan
Class A		10,598			151			2,488
Class C		1,303			601			470
Shareholder service fee
Class A		1,224			—			559
Class C		24			—			—
Class Y		4,215			—			2,663
Administrator fees		27,882			15,123			26,018
Custody fees		37,409			5,176			16,065
Professional fees		32,947			23,975			24,494
Transfer agent fees		14,661			8,361			5,890
Directors’ fees		9,003			15,198			8,762
Registration fees		30,327			27,968			28,769
Printing and mailing expenses		1,148			3,025			1,382
Other operating expenses		7,966			2,703			7,418
Total operating expenses		411,931			156,589			260,383
Waiver/Reimbursement of expenses
Class A		(16,390	)		(2,902	)		(4,604	)
Class C		(3,976	)		(2,898	)		(1,551	)
Class I		(19,770	)		(41,844	)		(16,497	)
Class Y		(64,476	)		(41,842	)		(50,130	)
Net operating expenses		307,319			67,103			187,601
Net investment income		1,724,613			51,346			1,341,753

See accompanying Notes to the Financial Statements.

41

Barings Funds Trust 2020 Semi-Annual Report

STATEMENTS OF OPERATIONS (CONTINUED)

For the Six Months Ended December 31, 2020 (Unaudited)

	BARINGS EMERGING MARKETS DEBT BLENDED TOTAL RETURN FUND			BARINGS GLOBAL EMERGING MARKETS EQUITY FUND			BARINGS U.S. HIGH YIELD FUND
Realized and Unrealized Gains (Losses)
Net realized gain (loss) on investments	$	1,214,371		$	377,552		$	(815,848	)
Net realized gain on forward foreign currency exchange contracts		1,185,382			—			—
Net realized gain (loss) on foreign currency and translation		(1,538	)		(1,304	)		—
Net realized gain (loss) on futures contracts		33,456			—			—
Net realized gain on swap contracts		2,191,177			—			—
Net realized gain (loss)		4,622,848			376,248			(815,848	)
Net change in unrealized appreciation on investments (1)		5,726,852			2,603,672			5,093,978
Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts		(881,405	)		—			—
Net change in unrealized appreciation on foreign currency and translation		61,035			203			—
Net change in unrealized appreciation (depreciation) on futures contracts		47,219			—			—
Net change in unrealized appreciation (depreciation) on swap contracts		(3,520,542	)		—			—
Net change in unrealized appreciation (depreciation)		1,433,159			2,603,875			5,093,978
Net realized and unrealized gains		6,056,007			2,980,123			4,278,130
Net increase in net assets resulting from operations	$	7,780,620		$	3,031,469		$	5,619,883

(1) Net of change in unrealized appreciation/(depreciation) of foreign capital gains taxes of $(1,486).

See accompanying Notes to the Financial Statements.

42

Barings Funds Trust 2020 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, 2020			FOR THE YEAR ENDED JUNE 30, 2020			FOR THE SIX MONTHS ENDED DECEMBER 31, 2020			FOR THE YEAR ENDED JUNE 30, 2020
Operations
Net investment income		4,834,953			11,934,842			4,863,151			10,927,198
Net realized loss		(5,214,200	)		(8,284,095	)		(5,966,999	)		(9,309,427	)
Net change in unrealized appreciation (depreciation)		19,713,779			(13,188,700	)		18,230,705			(12,349,471	)
Net increase (decrease) in net assets from operations		19,334,532			(9,537,953	)		17,126,857			(10,731,700	)
Dividends and distributions
Class A		(788,813	)		(1,752,333	)		(829,217	)		(2,270,709	)
Class C		(114,021	)		(263,597	)		(174,393	)		(321,702	)
Class I		(906,517	)		(1,584,124	)		(639,563	)		(1,091,239	)
Class Y		(2,833,397	)		(7,063,704	)		(2,958,638	)		(5,901,580	)
Total Dividends and distributions		(4,642,748	)		(10,663,758	)		(4,601,811	)		(9,585,230	)
Class A		—			(360,351	)		—			(356,912	)
Class C		—			(52,291	)		—			(51,371	)
Class I		—			(369,841	)		—			(174,380	)
Class Y		—			(1,382,565	)		—			(870,042	)
Total Return of capital		—			(2,165,048	)		—			(1,452,705	)
Capital Share Transactions
Net proceeds from sale of shares		16,803,479			106,125,221			50,765,498			64,702,295
Net Asset Value of shares issued to shareholders in payment of distributions declared		4,014,725			10,443,892			3,361,201			8,443,894
Cost of shares redeemed		(38,698,298	)		(153,128,901	)		(59,198,058	)		(99,727,481	)
Net decrease in net assets resulting from capital stock transactions		(17,880,094	)		(36,559,788	)		(5,071,359	)		(26,581,292	)
Total increase (decrease) in net assets		(3,188,310	)		(58,926,547	)		7,453,687			(48,350,927	)
Net Assets
Beginning of period		214,710,006			273,636,553			164,139,792			212,490,719
End of period		211,521,696			214,710,006			171,593,479			164,139,792

See accompanying Notes to the Financial Statements.

43

Barings Funds Trust 2020 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, 2020			FOR THE YEAR ENDED JUNE 30, 2020			FOR THE SIX MONTHS ENDED DECEMBER 31, 2020			FOR THE YEAR ENDED JUNE 30, 2020
Operations
Net investment income	$	10,420,315		$	24,970,866		$	568,141		$	1,479,690
Net realized gain (loss)		4,201,044			(24,682,091	)		519,938			(2,679,571	)
Net change in unrealized appreciation (depreciation)		25,178,876			(20,585,735	)		2,193,685			(1,572,448	)
Net increase (decrease) in net assets from operations		39,800,235			(20,296,960	)		3,281,764			(2,772,329	)
Dividends and distributions
Class A		(498,176	)		(4,268,051	)		(5,481	)		(9,395	)
Class C		(25,992	)		(61,754	)		(1,454	)		(4,704	)
Class I		(1,249	)		(6,754	)		(145,806	)		(406,140	)
Class Y		(8,704,283	)		(20,482,090	)		(409,913	)		(1,051,301	)
Class L(1)		(1,170,139	)		(108,096	)		—			—
Total Dividends and distributions		(10,399,839	)		(24,926,745	)		(562,654	)		(1,471,540	)
Capital Share Transactions
Net proceeds from sale of shares		245,184,887			686,580,548			3,812,154			21,879,952
Net Asset Value of shares issued to shareholders in payment of distributions declared		8,754,603			20,314,845			254,761			636,919
Cost of shares redeemed		(203,626,709	)		(573,907,960	)		(1,231,882	)		(19,982,097	)
Net increase in net assets resulting from capital stock transactions		50,312,781			132,987,433			2,835,033			2,534,774
Total increase (decrease) in net assets		79,713,177			87,763,728			5,554,143			(1,709,095	)
Net Assets
Beginning of period		803,497,005			715,733,277			40,789,732			42,498,827
End of period	$	883,210,182		$	803,497,005		$	46,343,875		$	40,789,732

(1) Commenced operations on May 1, 2020.

See accompanying Notes to the Financial Statements.

44

Barings Funds Trust 2020 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, 2020			FOR THE YEAR ENDED JUNE 30, 2020			FOR THE SIX MONTHS ENDED DECEMBER 31, 2020			FOR THE YEAR ENDED JUNE 30, 2020
Operations
Net investment income	$	1,724,613		$	3,720,549		$	51,346		$	179,524
Net realized gain (loss)		4,622,848			(237,910	)		376,248			(343,901	)
Net change in unrealized appreciation (depreciation)		1,433,159			2,688,775			2,603,875			(235,789	)
Net increase (decrease) in net assets from operations		7,780,620			6,171,414			3,031,469			(400,166	)
Dividends and distributions
Class A		(449,567	)		(150,461	)		(933	)		(3,013	)
Class C		(11,888	)		(14,353	)		(547	)		(2,081	)
Class I		(569,490	)		(1,361,075	)		(51,989	)		(163,753	)
Class Y		(2,376,873	)		(2,004,219	)		(51,989	)		(163,753	)
Total Dividends and distributions		(3,407,818	)		(3,530,108	)		(105,458	)		(332,600	)
Return of capital
Class A		—			—			—			(137	)
Class C		—			—			—			(95	)
Class I		—			—			—			(7,453	)
Class Y		—			—			—			(7,453	)
Total Return of capital		—			—			—			(15,138	)
Capital Share Transactions
Net proceeds from sale of shares		31,377,023			28,149,569			—			—
Net Asset Value of shares issued to shareholders in payment of distributions declared		2,076,996			647,379			—			—
Cost of shares redeemed		(13,324,953	)		(27,212,488	)		—			—
Net increase in net assets resulting from capital stock transactions		20,129,066			1,584,460			—			—
Total increase (decrease) in net assets		24,501,868			4,225,766			2,926,011			(747,904	)
Net Assets
Beginning of period		54,659,799			50,434,033			10,376,939			11,124,843
End of period	$	79,161,667		$	54,659,799		$	13,302,950		$	10,376,939

See accompanying Notes to the Financial Statements.

45

Barings Funds Trust 2020 Semi-Annual Report

STATEMENTS OF CHANGES IN NET ASSETS

(Unaudited)

	BARINGS U.S. HIGH YIELD FUND
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2020			FOR THE YEAR ENDED JUNE 30, 2020
Operations
Net investment income	$	1,341,753		$	2,826,976
Net realized loss		(815,848	)		(1,800,225	)
Net change in unrealized appreciation (depreciation)		5,093,978			(3,074,461	)
Net increase (decrease) in net assets from operations		5,619,883			(2,047,710	)
Dividends and distributions
Class A		(51,975	)		(142,062	)
Class C		(2,090	)		(4,612	)
Class I		(317,396	)		(688,893	)
Class Y		(966,995	)		(2,043,599	)
Total Dividends and distributions		(1,338,456	)		(2,879,166	)
Capital Share Transactions
Net proceeds from sale of shares		3,576,531			8,447,531
Net Asset Value of shares issued to shareholders in payment of distributions declared		693,151			1,475,410
Cost of shares redeemed		(3,402,079	)		(9,728,479	)
Net increase in net assets resulting from capital stock transactions		867,603			194,462
Total increase (decrease) in net assets		5,149,030			(4,732,414	)
Net Assets
Beginning of period		46,036,650			50,769,064
End of period	$	51,185,680		$	46,036,650

See accompanying Notes to the Financial Statements.

46

Barings Global Floating Rate Fund 2020 Semi-Annual Report

FINANCIAL HIGHLIGHTS

	CLASS A
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2020(1)			FOR THE YEAR ENDED JUNE 30, 2020			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	$	8.56		$	9.26		$	9.48		$	9.54		$	9.13		$	9.60
Income from investment operations:
Net investment income (2)		0.19			0.41			0.44			0.43			0.43			0.44
Net realized and unrealized gain (loss)		0.60			(0.66	)		(0.18	)		(0.06	)		0.42			(0.45	)
Total increase (decrease) from investment operations		0.79			(0.25	)		0.26			0.37			0.85			(0.01	)
Less dividends and distributions:
From net investment income		(0.18	)		(0.34	)		(0.44	)		(0.38	)		(0.31	)		(0.46	)
From net realized gain		–			(0.03	)		(0.04	)		–			–			–
From return of capital		–			(0.08	)		–			(0.05	)		(0.13	)		–
Total dividends and distributions		(0.18	)		(0.45	)		(0.48	)		(0.43	)		(0.44	)		(0.46	)
Net asset value, at end of period	$	9.17		$	8.56		$	9.26		$	9.48		$	9.54		$	9.13
Total investment return (3)		9.30	%(4)		(2.79	)%		2.77	%		4.00	%		9.47	%		(0.04	)%
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	38,614		$	37,431		$	45,213		$	53,371		$	45,363		$	13,980
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.22	% (5)		1.22	%		1.25	%		1.26	%		1.37	%		1.72	%
Ratio of net expenses to average net assets (6)		1.00	% (5)		1.00	%		1.00	%		0.96	%(7)		0.99	%(8)		1.05	% (9)
Ratio of net investment income to average net assets		4.28	% (5)		4.63	%		4.72	%		4.55	%		4.52	%		4.74	%
Portfolio turnover rate		17.35	% (4)		37.23	%		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.

47

Barings Global Floating Rate Fund 2020 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS C
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2020(1)			FOR THE YEAR ENDED JUNE 30, 2020			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	$	8.53		$	9.22		$	9.45		$	9.51		$	9.10		$	9.57
Income from investment operations:
Net investment income (2)		0.16			0.35			0.37			0.36			0.37			0.37
Net realized and unrealized gain (loss)		0.59			(0.66	)		(0.19	)		(0.06	)		0.41			(0.45	)
Total increase (decrease) from investment operations		0.75			(0.31	)		0.18			0.30			0.78			(0.08	)
Less dividends and distributions:
From net investment income		(0.15	)		(0.29	)		(0.37	)		(0.32	)		(0.26	)		(0.39	)
From net realized gain		–			(0.03	)		(0.04	)		–			–			–
From return of capital		–			(0.06	)		–			(0.04	)		(0.11	)		–
Total dividends and distributions		(0.15	)		(0.38	)		(0.41	)		(0.36	)		(0.37	)		(0.39	)
Net asset value, at end of period	$	9.13		$	8.53		$	9.22		$	9.45		$	9.51		$	9.10
Total investment return (3)		8.89	%(4)		(3.52	)%		2.02	%		3.24	%		8.68	%		(0.81	)%
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	6,832		$	6,494		$	8,005		$	8,311		$	8,018		$	6,803
Ratio of total expenses (before reductions and reimbursements) to average net assets		2.06	% (5)		2.04	%		2.05	%		2.09	%		2.24	%		2.50	%
Ratio of net expenses to average net assets (6)		1.75	% (5)		1.75	%		1.74	%(7)		1.70	% (7)		1.71	% (8)		1.80	% (9)
Ratio of net investment income to average net assets		3.53	% (5)		3.88	%		4.00	%		3.80	%		3.91	%		4.04	%
Portfolio turnover rate		17.35	% (4)		37.23	%		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.

48

Barings Global Floating Rate Fund 2020 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS I
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2020(1)			FOR THE YEAR ENDED JUNE 30, 2020			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	$	8.58		$	9.28		$	9.50		$	9.56		$	9.15		$	9.62
Income from investment operations:
Net investment income (2)		0.20			0.43			0.47			0.46			0.47			0.47
Net realized and unrealized gain (loss)		0.61			(0.66	)		(0.18	)		(0.06	)		0.40			(0.45	)
Total increase (decrease) from investment operations		0.81			(0.23	)		0.29			0.40			0.87			0.02
Less dividends and distributions:
From net investment income		(0.20	)		(0.36	)		(0.47	)		(0.41	)		(0.32	)		(0.49	)
From net realized gain		–			(0.03	)		(0.04	)		–			–			–
From return of capital		–			(0.08	)		–			(0.05	)		(0.14	)		–
Total dividends and distributions		(0.20	)		(0.47	)		(0.51	)		(0.46	)		(0.46	)		(0.49	)
Net asset value, at end of period	$	9.19		$	8.58		$	9.28		$	9.50		$	9.56		$	9.15
Total investment return (3)		9.44	%(4)		(2.47	)%		3.04	%		4.28	%		9.74	%		0.25	%
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	43,206		$	39,483		$	32,531		$	18,370		$	19,733		$	19,903
Ratio of total expenses (before reductions and reimbursements) to average net assets		0.93	% (5)		0.92	%		0.94	%		1.03	%		1.16	%		1.29	%
Ratio of net expenses to average net assets (6)		0.75	% (5)		0.75	%		0.75	%		0.71	% (7)		0.75	%		0.75	%
Ratio of net investment income to average net assets		4.53	% (5)		4.87	%		5.01	%		4.78	%		4.90	%		5.07	%
Portfolio turnover rate		17.35	% (4)		37.23	%		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.

49

Barings Global Floating Rate Fund 2020 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS Y
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2020(1)			FOR THE YEAR ENDED JUNE 30, 2020			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	$	8.58		$	9.27		$	9.50		$	9.56		$	9.15		$	9.62
Income from investment operations:
Net investment income (2)		0.20			0.44			0.47			0.46			0.47			0.47
Net realized and unrealized gain (loss)		0.60			(0.66	)		(0.19	)		(0.06	)		0.40			(0.45	)
Total increase (decrease) from investment operations		0.80			(0.22	)		0.28			0.40			0.87			0.02
Less dividends and distributions:
From net investment income		(0.20)			(0.36	)		(0.47	)		(0.41	)		(0.32	)		(0.49	)
From net realized gain		–			(0.03	)		(0.04	)		–			–			–
From return of capital		–			(0.08	)		–			(0.05	)		(0.14	)		–
Total dividends and distributions		(0.20)			(0.47	)		(0.51	)		(0.46	)		(0.46	)		(0.49	)
Net asset value, at end of period		$9.18		$	8.58		$	9.27		$	9.50		$	9.56		$	9.15
Total investment return (3)		9.44	%(4)		(2.54	)%		3.03	%		4.27	%		9.73	%		0.22	%
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	122,871		$	131,302		$	187,887		$	172,736		$	122,736		$	125,957
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.00	%(5)		0.99	%		0.96	%		1.01	%		1.14	%		1.27	%
Ratio of net expenses to average net assets (6)		0.75	%(5)		0.75	%		0.75	%		0.71	% (7)		0.75	%		0.75	%
Ratio of net investment income to average net assets		4.53	%(5)		4.89	%		4.99	%		4.79	%		4.90	%		5.08	%
Portfolio turnover rate		17.35	%(4)		37.23	%		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.

50

Barings Global Credit Income Opportunities Fund 2020 Semi-Annual Report

FINANCIAL HIGHLIGHTS

	CLASS A
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2020(1)			FOR THE YEAR ENDED JUNE 30, 2020			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	$	8.14		$	8.93		$	9.32		$	9.51		$	8.80		$	9.51
Income from investment operations:
Net investment income (2)		0.25			0.46			0.50			0.49			0.55			0.56
Net realized and unrealized gain (loss)		0.62			(0.79	)		(0.30	)		(0.19	)		0.71			(0.66	)
Total increase (decrease) from investment operations		0.87			(0.33	)		0.20			0.30			1.26			(0.10	)
Less dividends and distributions:
From net investment income		(0.23)			(0.40	)		(0.48	)		(0.47	)		(0.50	)		(0.61	)
From net realized gain		–			–			(0.10	)		–			–			–
From return of capital		–			(0.06	)		(0.01	)		(0.02	)		(0.05	)		–
Total dividends and distributions		(0.23)			(0.46	)		(0.59	)		(0.49	)		(0.55	)		(0.61	)
Net asset value, at end of period		$8.78		$	8.14		$	8.93		$	9.32		$	9.51		$	8.80
Total investment return (3)		10.81	%(4)		(3.69	)%		2.39	%		3.24	%		14.61	%		(0.84	)%
Supplemental Data and Ratios
Net assets, end of period (000’s)		$7,702		$	44,860		$	51,205		$	60,507		$	26,904		$	12,340
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.35	%(5)		1.32	%		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	%		1.20	%
Ratio of net investment income to average net assets		5.86	%(5)		5.35	%		5.46	%		5.17	%		5.83	%		6.28	%
Portfolio turnover rate		28.09	%(4)		64.23	%		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.

51

Barings Global Credit Income Opportunities Fund 2020 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS C
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2020(1)			FOR THE YEAR ENDED JUNE 30, 2020			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	$	8.13		$	8.92		$	9.31		$	9.50		$	8.79		$	9.50
Income from investment operations:
Net investment income (2)		0.21			0.39			0.43			0.42			0.48			0.49
Net realized and unrealized gain (loss)		0.64			(0.78	)		(0.29	)		(0.19	)		0.71			(0.65	)
Total increase (decrease) from investment operations		0.85			(0.39	)		0.14			0.23			1.19			(0.16	)
Less dividends and distributions:
From net investment income		(0.20)			(0.35	)		(0.42	)		(0.40	)		(0.43	)		(0.55	)
From net realized gain		–			–			(0.10	)		–			–			–
From return of capital		–			(0.05	)		(0.01	)		(0.02	)		(0.05	)		–
Total dividends and distributions		(0.20)			(0.40	)		(0.53	)		(0.42	)		(0.48	)		(0.55	)
Net asset value, at end of period		$8.78		$	8.13		$	8.92		$	9.31		$	9.50		$	8.79
Total investment return (3)		10.43	%(4)		(4.41	)%		1.63	%		2.47	%		13.75	%		(1.59	)%
Supplemental Data and Ratios
Net assets, end of period (000’s)		$7,550		$	7,421		$	8,462		$	8,842		$	6,628		$	3,578
Ratio of total expenses (before reductions and reimbursements) to average net assets		2.20	%(5)		2.18	%		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	%		1.95	%
Ratio of net investment income to average net assets		4.96	%(5)		4.60	%		4.73	%		4.44	%		5.12	%		5.50	%
Portfolio turnover rate		28.09	%(4)		64.23	%		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.

52

Barings Global Credit Income Opportunities Fund 2020 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS I
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2020(1)			FOR THE YEAR ENDED JUNE 30, 2020			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	$	8.14		$	8.93		$	9.32		$	9.50		$	8.80		$	9.51
Income from investment operations:
Net investment income (2)		0.25			0.48			0.52			0.51			0.58			0.58
Net realized and unrealized gain (loss)		0.63			(0.79	)		(0.29	)		(0.18	)		0.70			(0.65	)
Total increase (decrease) from investment operations		0.88			(0.31	)		0.23			0.33			1.28			(0.07	)
Less dividends and distributions:
From net investment income		(0.24)			(0.41	)		(0.51	)		(0.49	)		(0.52	)		(0.64	)
From net realized gain		–			–			(0.10	)		–			–			–
From return of capital		–			(0.07	)		(0.01	)		(0.02	)		(0.06	)		–
Total dividends and distributions		(0.24)			(0.48	)		(0.62	)		(0.51	)		(0.58	)		(0.64	)
Net asset value, at end of period		$8.78		$	8.14		$	8.93		$	9.32		$	9.50		$	8.80
Total investment return (3)		10.99	%(4)		(3.45	)%		2.65	%		3.49	%		14.90	%		(0.61	)%
Supplemental Data and Ratios
Net assets, end of period (000’s)		$23,558		$	21,606		$	23,203		$	21,788		$	22,228		$	24,689
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.09	%(5)		1.07	%		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	%		0.95	%
Ratio of net investment income to average net assets		5.96	%(5)		5.60	%		5.69	%		5.45	%		6.22	%		6.54	%
Portfolio turnover rate		28.09	%(4)		64.23	%		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.

53

Barings Global Credit Income Opportunities Fund 2020 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS Y
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2020(1)			FOR THE YEAR ENDED JUNE 30, 2020			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	$	8.14		$	8.93		$	9.31		$	9.50		$	8.80		$	9.51
Income from investment operations:
Net investment income (2)		0.25			0.48			0.52			0.51			0.57			0.59
Net realized and unrealized gain (loss)		0.63			(0.79	)		(0.28	)		(0.19	)		0.71			(0.66	)
Total increase (decrease) from investment operations		0.88			(0.31	)		0.24			0.32			1.28			(0.07	)
Less dividends and distributions:
From net investment income		(0.24)			(0.41	)		(0.51	)		(0.49	)		(0.52	)		(0.64	)
From net realized gain		–			–			(0.10	)		–			–			–
From return of capital		–			(0.07	)		(0.01	)		(0.02	)		(0.06	)		–
Total dividends and distributions		(0.24)			(0.48	)		(0.62	)		(0.51	)		(0.58	)		(0.64	)
Net asset value, at end of period		$8.78		$	8.14		$	8.93		$	9.31		$	9.50		$	8.80
Total investment return (3)		11.00	%(4)		(3.44	)%		2.64	%		3.48	%		14.90	%		(0.61	)%
Supplemental Data and Ratios
Net assets, end of period (000’s)		$132,784		$	90,254		$	129,621		$	140,362		$	96,014		$	58,312
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.12	%(5)		1.10	%		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	%		0.95	%
Ratio of net investment income to average net assets		5.92	%(5)		5.60	%		5.71	%		5.43	%		6.14	%		6.56	%
Portfolio turnover rate		28.09	%(4)		64.23	%		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.

54

Barings Active Short Duration Bond Fund 2020 Semi-Annual Report

FINANCIAL HIGHLIGHTS

	CLASS A
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2020 (1)			FOR THE YEAR ENDED JUNE 30, 2020			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	$	9.50		$	9.94		$	9.88		$	10.01		$	9.98		$	10.00
Income from investment operations:
Net investment income (3)		0.11			0.27			0.27			0.21			0.17			0.15
Net realized and unrealized gain (loss)		0.35			(0.44	)		0.08			(0.10	)		0.03			(0.03	)(4)
Total increase (decrease) from investment operations		0.46			(0.17	)		0.35			0.11			0.20			0.12
Less dividends and distributions:
From net investment income		(0.11	)		(0.27	)		(0.27	)		(0.21	)		(0.17	)		(0.14	)
From net realized gain		–			–			(0.02	)		(0.03	)		(0.00	)(5)		–
Total dividends and distributions		(0.11	)		(0.27	)		(0.29	)		(0.24	)		(0.17	)		(0.14	)
Net asset value, at end of period	$	9.85		$	9.50		$	9.94		$	9.88		$	10.01		$	9.98
Total investment return (6)		4.92	%(7)		(1.68	)%		3.52	%		1.10	%		2.12	%		1.17	%(7)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	39,450		$	43,022		$	135,981		$	177,020		$	119,189		$	39,992
Ratio of total expenses (before reductions and reimbursements) to average net assets		0.91	%(8)		0.85	%		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	%		0.65	%(8)
Ratio of net investment income to average net assets		2.33	%(8)		2.81	%		2.75	%		2.15	%		1.72	%		1.51	%(8)
Portfolio turnover rate		29.88	%(7)		58.11	%		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.

55

Barings Active Short Duration Bond Fund 2020 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS C
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2020 (1)			FOR THE YEAR ENDED JUNE 30, 2020			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	$	9.49		$	9.93		$	9.87		$	10.01		$	9.97		$	10.00
Income from investment operations:
Net investment income (3)		0.10			0.25			0.25			0.19			0.19			0.07
Net realized and unrealized gain (loss)		0.35			(0.44	)		0.08			(0.11	)		0.05			(0.03	)(4)
Total increase (decrease) from investment operations		0.45			(0.19	)		0.33			0.08			0.24			0.04
Less dividends and distributions:
From net investment income		(0.10	)		(0.25	)		(0.25	)		(0.19	)		(0.20	)		(0.07	)
From net realized gain		–			–			(0.02	)		(0.03	)		(0.00	)(5)		–
Total dividends and distributions		(0.10	)		(0.25	)		(0.27	)		(0.22	)		(0.20	)		(0.07	)
Net asset value, at end of period	$	9.84		$	9.49		$	9.93		$	9.87		$	10.01		$	9.97
Total investment return (6)		4.79	%(7)		(1.96	)%		3.23	%		0.84	%		2.41	%		0.39	%(7)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	2,359		$	2,498		$	1,178		$	1,139		$	236		$	257
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.38	%(8)		1.41	%		1.70	%		1.95	%		3.09	%(9)		5.44	%(8)(10)
Ratio of net expenses to average net assets (11)		0.90	%(8)		0.90	%		0.90	%		0.90	%		0.40	%(9)		1.40	%(8)(10)
Ratio of net investment income to average net assets		2.08	%(8)		2.56	%		2.51	%		1.92	%		1.94	%(9)		0.71	%(8)(10)
Portfolio turnover rate		29.88	%(7)		58.11	%		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) Expenses shown reflect a reimbursement to the Fund during the period for an overaccrual of 12b-1 fees made during and prior to the period.

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

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

See accompanying Notes to the Financial Statements.

56

Barings Active Short Duration Bond Fund 2020 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS I
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2020 (1)			FOR THE YEAR ENDED JUNE 30, 2020			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	$	9.50		$	9.94		$	9.88		$	10.01		$	9.97		$	10.00
Income from investment operations:
Net investment income (3)		0.13			0.30			0.30			0.24			0.18			0.16
Net realized and unrealized gain (loss)		0.35			(0.44	)		0.08			(0.10	)		0.06			(0.03	)(4)
Total increase (decrease) from investment operations		0.48			(0.14	)		0.38			0.14			0.24			0.13
Less dividends and distributions:
From net investment income		(0.13	)		(0.30	)		(0.30	)		(0.24	)		(0.20	)		(0.16	)
From net realized gain		–			–			(0.02	)		(0.03	)		(0.00	)(5)		–
Total dividends and distributions		(0.13	)		(0.30	)		(0.32	)		(0.27	)		(0.20	)		(0.16	)
Net asset value, at end of period	$	9.85		$	9.50		$	9.94		$	9.88		$	10.01		$	9.97
Total investment return (6)		5.05	%(7)		(1.45	)%		3.78	%		1.39	%		2.44	%		1.35	%(7)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	98		$	94		$	301		$	300		$	100		$	5,971
Ratio of total expenses (before reductions and reimbursements) to average net assets		7.92	%(8)		3.86	%		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	%		0.40	%		0.44	%(8)
Ratio of net investment income to average net assets		2.59	%(8)		3.03	%		3.01	%		2.39	%		1.84	%		1.67	%(8)
Portfolio turnover rate		29.88	%(7)		58.11	%		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.

57

Barings Active Short Duration Bond Fund 2020 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS Y
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2020 (1)			FOR THE YEAR ENDED JUNE 30, 2020			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	$	9.49		$	9.93		$	9.87		$	10.01		$	9.97		$	10.00
Income from investment operations:
Net investment income (3)		0.13			0.30			0.30			0.24			0.20			0.17	(4)
Net realized and unrealized gain (loss)		0.35			(0.44	)		0.07			(0.11	)		0.04			(0.04	)
Total increase (decrease) from investment operations		0.48			(0.14	)		0.37			0.13			0.24			0.13
Less dividends and distributions:
From net investment income		(0.13	)		(0.30	)		(0.29	)		(0.24	)		(0.20	)		(0.16	)
From net realized gain		–			–			(0.02	)		(0.03	)		(0.00	)(5)		–
Total dividends and distributions		(0.13	)		(0.30	)		(0.31	)		(0.27	)		(0.20	)		(0.16	)
Net asset value, at end of period	$	9.84		$	9.49		$	9.93		$	9.87		$	10.01		$	9.97
Total investment return (6)		5.05	%(7)		(1.45	)%		3.78	%		1.35	%		2.38	%		1.36	%(7)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	745,872		$	656,611		$	578,272		$	252,325		$	204,464		$	109,645
Ratio of total expenses (before reductions and reimbursements) to average net assets		0.62	%(8)		0.63	%		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	%		0.40	%		0.41	%(8)
Ratio of net investment income to average net assets		2.58	%(8)		3.06	%		3.06	%		2.39	%		1.97	%		1.73	%(8)
Portfolio turnover rate		29.88	%(7)		58.11	%		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.

58

Barings Active Short Duration Bond Fund 2020 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS L
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2020 (1)			PERIOD FROM MAY 1, 2020 THROUGH JUNE 30, 2020 (2)
Per Common Share Data
Net asset value, beginning of period	$	9.50		$	9.21
Income from investment operations:
Net investment income (3)		0.11			0.05
Net realized and unrealized gain		0.35			0.28
Total increase from investment operations		0.46			0.33
Less dividends and distributions:
From net investment income		(0.11	)		(0.04	)
Total dividends and distributions		(0.11	)		(0.04	)
Net asset value, at end of period	$	9.85		$	9.50
Total investment return (4)		4.92	%(5)		3.52	%(5)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	95,432		$	101,272
Ratio of total expenses (before reductions and reimbursements) to average net assets		0.79	%(6)		0.92	%(6)
Ratio of net expenses to average net assets (7)		0.65	%(6)		0.65	%(6)
Ratio of net investment income to average net assets		2.34	%(6)		3.17	%(6)
Portfolio turnover rate		29.88	%(5)		58.11	%(5)

(1) Unaudited.

(2) Commenced operations on May 1, 2020.

(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 0.65% as a percentage of average daily net assets.

See accompanying Notes to the Financial Statements.

59

Barings Diversified Income Fund 2020 Semi-Annual Report

FINANCIAL HIGHLIGHTS

	CLASS A
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2020(1)			FOR THE YEAR ENDED JUNE 30, 2020			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	$	8.73		$	9.82		$	9.77		$	10.08		$	10.18		$	10.00
Income from investment operations:
Net investment income (3)		0.11			0.29			0.30			0.27			0.25			0.25
Net realized and unrealized gain (loss)		0.57			(1.07	)		0.06			(0.28	)		(0.09	)		0.20
Total increase (decrease) from investment operations		0.68			(0.78	)		0.36			(0.01	)		0.16			0.45
Less dividends and distributions:
From net investment income		(0.11	)		(0.31	)		(0.31	)		(0.29	)		(0.26	)		(0.25	)
From net realized gain		–			–			–			–			–			(0.02	)
From return of capital		–			–			–			(0.01	)		–			–
Total dividends and distributions		(0.11	)		(0.31	)		(0.31	)		(0.30	)		(0.26	)		(0.27	)
Net asset value, at end of period	$	9.30		$	8.73		$	9.82		$	9.77		$	10.08		$	10.18
Total investment return (4)		7.78	%(5)		(8.11	)%		3.77	%		(0.12	)%		1.65	%		4.63	%(5)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	336		$	592		$	247		$	207		$	218		$	211
Ratio of total expenses (before reductions and reimbursements) to average net assets		2.34	%(6)		3.23	%		3.57	%		3.72	%		3.52	%		5.60	%(6)
Ratio of net expenses to average net assets (7)		0.80	%(6)		0.80	%		0.79	%(8)(9)		0.80	%(8)		0.80	%(8)		0.80	%(6)(8)
Ratio of net investment income to average net assets		2.41	%(6)		3.14	%		3.11	%		2.70	%		2.49	%		2.52	%(6)
Portfolio turnover rate		52.73	%(5)		104.04	%		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.

60

Barings Diversified Income Fund 2020 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS C
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2020(1)			FOR THE YEAR ENDED JUNE 30 2020			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	$	8.73		$	9.82		$	9.77		$	10.08		$	10.18		$	10.00
Income from investment operations:
Net investment income (3)		0.07			0.24			0.24			0.19			0.17			0.17
Net realized and unrealized gain (loss)		0.57			(1.10	)		0.05			(0.27	)		(0.08	)		0.21
Total increase (decrease) from investment operations		0.64			(0.86	)		0.29			(0.08	)		0.09			0.38
Less dividends and distributions:
From net investment income		(0.07	)		(0.23	)		(0.24	)		(0.22	)		(0.19	)		(0.18	)
From net realized gain		–			–			–			–			–			(0.02	)
From return of capital		–			–			–			(0.01	)		–			–
Total dividends and distributions		(0.07	)		(0.23	)		(0.24	)		(0.23	)		(0.19	)		(0.20	)
Net asset value, at end of period	$	9.30		$	8.73		$	9.82		$	9.77		$	10.08		$	10.18
Total investment return (4)		7.37	%(5)		(8.80	)%		2.99	%		(0.87	)%		0.89	%		3.87	%(5)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	187		$	175		$	197		$	196		$	202		$	204
Ratio of total expenses (before reductions and reimbursements) to average net assets		4.77	%(6)		4.97	%		4.75	%		4.60	%		4.41	%(8)		6.38	%(6)
Ratio of net expenses to average net assets (7)		1.55	%(6)		1.55	%		1.54	%(8)(9)		1.55	%(8)		1.55	%(8)		1.55	%(6)(8)
Ratio of net investment income to average net assets		1.62	%(6)		2.50	%		2.45	%		1.95	%		1.74	%		1.77	%(6)
Portfolio turnover rate		52.73	%(5)		104.04	%		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.

61

Barings Diversified Income Fund 2020 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS I
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2020(1)			FOR THE YEAR ENDED JUNE 30, 2020			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	$	8.73		$	9.82		$	9.77		$	10.08		$	10.18		$	10.00
Income from investment operations:
Net investment income (3)		0.12			0.33			0.33			0.29			0.28			0.27
Net realized and unrealized gain (loss)		0.57			(1.09	)		0.05			(0.27	)		(0.09	)		0.20
Total increase (decrease) from investment operations		0.69			(0.76	)		0.38			0.02			0.19			0.47
Less dividends and distributions:
From net investment income		(0.12	)		(0.33	)		(0.33	)		(0.32	)		(0.29	)		(0.27	)
From net realized gain		–			–			–			–			–			(0.02	)
From return of capital		–			–			–			(0.01	)		–			–
Total dividends and distributions		(0.12	)		(0.33	)		(0.33	)		(0.33	)		(0.29	)		(0.29	)
Net asset value, at end of period	$	9.30		$	8.73		$	9.82		$	9.77		$	10.08		$	10.18
Total investment return (4)		7.91	%(5)		(7.88	)%		4.01	%		0.13	%		1.90	%		4.89	%(5)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	11,490		$	10,790		$	12,130		$	12,070		$	12,457		$	12,582
Ratio of total expenses (before reductions and reimbursements) to average net assets		0.99	%(6)		1.19	%		1.29	%		1.30	%		1.36	%		1.37	%(6)
Ratio of net expenses to average net assets (7)		0.55	%(6)		0.55	%		0.55	%(8)(9)		0.55	%(8)		0.55	%(8)		0.55	%(6)(8)
Ratio of net investment income to average net assets		2.62	%(6)		3.51	%		3.44	%		2.94	%		2.74	%		2.77	%(6)
Portfolio turnover rate		52.73	%(5)		104.04	%		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.

62

Barings Diversified Income Fund 2020 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS Y
	FOR THE SIX MONTHS ENDED DECEMBER  31, 2020(1)			FOR THE YEAR ENDED JUNE 30, 2020			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	$	8.73		$	9.82		$	9.77		$	10.08		$	10.18		$	10.00
Income from investment operations:
Net investment income (3)		0.12			0.33			0.33			0.29			0.27			0.27
Net realized and unrealized gain (loss)		0.57			(1.09	)		0.05			(0.27	)		(0.08	)		0.20
Total increase (decrease) from investment operations		0.69			(0.76	)		0.38			0.02			0.19			0.47
Less dividends and distributions:
From net investment income		(0.12	)		(0.33	)		(0.33	)		(0.32	)		(0.29	)		(0.27	)
From net realized gain		–			–			–			–			–			(0.02	)
From return of capital		–			–			–			(0.01	)		–			–
Total dividends and distributions		(0.12	)		(0.33	)		(0.33	)		(0.33	)		(0.29	)		(0.29	)
Net asset value, at end of period	$	9.30		$	8.73		$	9.82		$	9.77		$	10.08		$	10.18
Total investment return (4)		7.90	%(5)		(7.88	)%		4.01	%		0.13	%		1.90	%		4.89	%(5)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	34,315		$	29,233		$	29,925		$	16,414		$	17,478		$	13,011
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.01	%(6)		1.20	%		1.30	%		1.33	%		1.36	%		1.36	%(6)
Ratio of net expenses to average net assets (7)		0.55	%(6)		0.55	%		0.55	%(8)(9)		0.55	%(8)		0.55	%(8)		0.55	%(6)(8)
Ratio of net investment income to average net assets		2.61	%(6)		3.48	%		3.42	%		2.95	%		2.72	%		2.77	%(6)
Portfolio turnover rate		52.73	%(5)		104.04	%		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.

63

Barings Emerging Markets Debt Blended Total Return Fund 2020 Semi-Annual Report

FINANCIAL HIGHLIGHTS

	CLASS A
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2020 (1)			FOR THE YEAR ENDED JUNE 30, 2020			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	$	10.42		$	10.06		$	9.51		$	10.55		$	9.90		$	10.00
Income from investment operations:
Net investment income (3)		0.29			0.60			0.55			0.45			0.42			0.43
Net realized and unrealized gain (loss)		0.96			0.38			0.60			(0.64	)		0.73			(0.19	)
Total increase (decrease) from investment operations		1.25			0.98			1.15			(0.19	)		1.15			0.24
Less dividends and distributions:
From net investment income		(0.32	)		(0.62	)		(0.55	)		(0.55	)		(0.50	)		(0.34	)
From net realized gain		(0.20	)		–			–			(0.30	)		–			(0.00	)(4)
From return of capital		–			–			(0.05	)		–			–			–
Total dividends and distributions		(0.52	)		(0.62	)		(0.60	)		(0.85	)		(0.50	)		(0.34	)
Net asset value, at end of period	$	11.15		$	10.42		$	10.06		$	9.51		$	10.55		$	9.90
Total investment return (5)		12.31	%(6)		10.11	%		12.59	%		(2.21	)%		11.94	%		2.62	%(6)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	10,493		$	6,443		$	405		$	566		$	211		$	198
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.59	%(7)		2.08	%		3.19	%		3.63	%		5.77	%		6.82	%(7)
Ratio of net expenses to average net assets (8)		1.20	%(7)		1.20	%		1.02	%(9)		1.11	%(9)		1.15	%(9)		1.16	%(7)
Ratio of net investment income to average net assets		5.33	%(7)		6.21	%		5.74	%		4.33	%		4.17	%		6.52	%(7)
Portfolio turnover rate		35.57	%(6)		126.54	%		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.

64

Barings Emerging Markets Debt Blended Total Return Fund 2020 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS C
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2020 (1)			FOR THE YEAR ENDED JUNE 30, 2020			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	$	10.42		$	10.06		$	9.51		$	10.55		$	9.90		$	10.00
Income from investment operations:
Net investment income (3)		0.25			0.60			0.49			0.48			0.35			0.38
Net realized and unrealized gain (loss)		0.96			0.31			0.59			(0.74	)		0.73			(0.19	)
Total increase (decrease) from investment operations		1.21			0.91			1.08			(0.26	)		1.08			0.19
Less dividends and distributions:
From net investment income		(0.28	)		(0.55	)		(0.48	)		(0.48	)		(0.43	)		(0.29	)
From net realized gain		(0.20	)		–			–			(0.30	)		–			(0.00	)(4)
From return of capital		–			–			(0.05	)		–			–			–
Total dividends and distributions		(0.48	)		(0.55	)		(0.53	)		(0.78	)		(0.43	)		(0.29	)
Net asset value, at end of period	$	11.15		$	10.42		$	10.06		$	9.51		$	10.55		$	9.90
Total investment return (5)		11.90	%(6)		9.28	%		11.78	%		(2.90	)%		11.11	%		2.10	%(6)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	258		$	225		$	261		$	277		$	222		$	198
Ratio of total expenses (before reductions and reimbursements) to average net assets		5.00	%(7)		5.29	%		5.02	%		5.85	%		6.47	%		7.57	%(7)
Ratio of net expenses to average net assets (8)		1.95	%(7)		1.95	%		1.71	%(9)		1.85	%(9)		1.89	%(9)		1.90	%(7)
Ratio of net investment income to average net assets		4.57	%(7)		6.09	%		5.14	%		4.63	%		3.44	%		5.79	%(7)
Portfolio turnover rate		35.57	%(6)		126.54	%		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.

65

Barings Emerging Markets Debt Blended Total Return Fund 2020 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS I
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2020 (1)			FOR THE YEAR ENDED JUNE 30, 2020			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	$	10.43		$	10.06		$	9.51		$	10.55		$	9.90		$	10.00
Income from investment operations:
Net investment income (3)		0.31			0.69			0.59			0.54			0.45			0.45
Net realized and unrealized gain (loss)		0.95			0.32			0.58			(0.70	)		0.73			(0.19	)
Total increase (decrease) from investment operations		1.26			1.01			1.17			(0.16	)		1.18			0.26
Less dividends and distributions:
From net investment income		(0.33	)		(0.64	)		(0.57	)		(0.58	)		(0.53	)		(0.36	)
From net realized gain		(0.20	)		–			–			(0.30	)		–			(0.00	)(4)
From return of capital		–			–			(0.05	)		–			–			–
Total dividends and distributions		(0.53	)		(0.64	)		(0.62	)		(0.88	)		(0.53	)		(0.36	)
Net asset value, at end of period	$	11.16		$	10.43		$	10.06		$	9.51		$	10.55		$	9.90
Total investment return (5)		12.45	%(6)		10.39	%		12.86	%		(1.94	)%		12.22	%		2.79	%(6)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	10,443		$	14,563		$	23,964		$	22,650		$	5,063		$	4,753
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.29	%(7)		1.40	%		1.44	%		1.94	%		2.76	%		2.58	%(7)
Ratio of net expenses to average net assets (8)		0.95	%(7)		0.95	%		0.73	%(9)		0.80	%(9)		0.90	%(9)		0.92	%(7)
Ratio of net investment income to average net assets		5.66	%(7)		6.99	%		6.18	%		5.31	%		4.42	%		6.77	%(7)
Portfolio turnover rate		35.57	%(6)		126.54	%		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.

66

Barings Emerging Markets Debt Blended Total Return Fund 2020 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS Y
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2020 (1)			FOR THE YEAR ENDED JUNE 30, 2020			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	$	10.42		$	10.06		$	9.51		$	10.55		$	9.90		$	10.00
Income from investment operations:
Net investment income (3)		0.30			0.67			0.59			0.55			0.45			0.45
Net realized and unrealized gain (loss)		0.96			0.33			0.58			(0.71	)		0.73			(0.19	)
Total increase (decrease) from investment operations		1.26			1.00			1.17			(0.16	)		1.18			0.26
Less dividends and distributions:
From net investment income		(0.33	)		(0.64	)		(0.57	)		(0.58	)		(0.53	)		(0.36	)
From net realized gain		(0.20	)		–			–			(0.30	)		–			(0.00	)(4)
From return of capital		–			–			(0.05	)		–			–			–
Total dividends and distributions		(0.53	)		(0.64	)		(0.62	)		(0.88	)		(0.53	)		(0.36	)
Net asset value, at end of period	$	11.15		$	10.42		$	10.06		$	9.51		$	10.55		$	9.90
Total investment return (5)		12.46	%(6)		10.33	%		12.86	%		(1.94	)%		12.22	%		2.79	%(6)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	57,967		$	33,429		$	25,805		$	23,122		$	5,340		$	4,754
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.26	%(7)		1.42	%		1.44	%		1.95	%		2.77	%		2.58	%(7)
Ratio of net expenses to average net assets (8)		0.95	%(7)		0.95	%		0.72	%(9)		0.80	%(9)		0.90	%(9)		0.92	%(7)
Ratio of net investment income to average net assets		5.56	%(7)		6.84	%		6.19	%		5.38	%		4.43	%		6.77	%(7)
Portfolio turnover rate		35.57	%(6)		126.54	%		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.

67

Barings Global Emerging Markets Equity Fund 2020 Semi-Annual Report

FINANCIAL HIGHLIGHTS

	CLASS A
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2020 (1)			FOR THE YEAR ENDED JUNE 30, 2020			PERIOD FROM SEPTEMBER 17, 2018 THROUGH JUNE 30, 2019 (2)
Per Common Share Data
Net asset value, beginning of period	$	10.36		$	11.10		$	10.00
Income from investment operations:
Net investment income (3)		0.04			0.15			0.06
Net realized and unrealized gain (loss)		2.97			(0.57	)		1.04
Total increase (decrease) from investment operations		3.01			(0.42	)		1.10
Less dividends and distributions:
From net investment income		(0.09	)		(0.20	)		–
From net realized gain		–			(0.11	)		–
From return of capital		–			(0.01	)		–
Total dividends and distributions		(0.09	)		(0.32	)		–
Net asset value, at end of period	$	13.28		$	10.36		$	11.10
Total investment return (4)		29.19	%(5)		(4.02	)%		11.04	%(5)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	133		$	104		$	111
Ratio of total expenses (before reductions and reimbursements) to average net assets		6.16	%(6)		9.06	%		7.43	%(6)
Ratio of net expenses to average net assets (7)(8)		1.40	%(6)		1.45	%		1.45	%(6)
Ratio of net investment income to average net assets		0.61	%(6)		1.46	%		0.73	%(6)
Portfolio turnover rate		11.24	%(5)		18.80	%		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) As of November 5, 2020, 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 1.15% as a percentage of average daily net assets. Prior to this date, the Adviser had agreed to waive and/or reimburse certain fees and/or expenses so that, on an annualized basis, such expenses would have not exceeded 1.45% as a percentage of 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.

68

Barings Global Emerging Markets Equity Fund 2020 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS C
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2020 (1)			FOR THE YEAR ENDED JUNE 30, 2020			PERIOD FROM SEPTEMBER 17, 2018 THROUGH JUNE 30, 2019 (2)
Per Common Share Data
Net asset value, beginning of period	$	10.32		$	11.04		$	10.00
Income from investment operations:
Net investment income (3)		(0.01	)		0.07			0.00	(4)
Net realized and unrealized gain (loss)		2.96			(0.57	)		1.04
Total increase (decrease) from investment operations		2.95			(0.50	)		1.04
Less dividends and distributions:
From net investment income		(0.05	)		(0.10	)		–
From net realized gain		–			(0.11	)		–
From return of capital		–			(0.01	)		–
Total dividends and distributions		(0.05	)		(0.22	)		–
Net asset value, at end of period	$	13.22		$	10.32		$	11.04
Total investment return (5)		28.70	%(6)		(4.74	)%		10.39	%(6)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	132		$	103		$	110
Ratio of total expenses (before reductions and reimbursements) to average net assets		6.92	%(7)		9.82	%		8.19	%(7)
Ratio of net expenses to average net assets (8)(9)		2.15	%(7)		2.20	%		2.20	%(7)
Ratio of net investment income (loss) to average net assets		(0.14	)%(7)		0.71	%		(0.03	)%(7)
Portfolio turnover rate		11.24	%(6)		18.80	%		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 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) As of November 5, 2020, 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 1.90% as a percentage of average daily net assets. Prior to this date, the Adviser had agreed to waive and/or reimburse certain fees and/or expenses so that, on an annualized basis, such expenses would have not exceeded 2.20% as a percentage of 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.

69

Barings Global Emerging Markets Equity Fund 2020 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS I
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2020(1)			FOR THE YEAR ENDED JUNE  30, 2020(2)			PERIOD FROM SEPTEMBER 17, 2018 THROUGH JUNE 30, 2019(2)
Per Common Share Data
Net asset value, beginning of period	$	10.38		$	11.13		$	10.00
Income from investment operations:
Net investment income (3)		0.05			0.18			0.08
Net realized and unrealized gain (loss)		2.98			(0.58	)		1.05
Total increase (decrease) from investment operations		3.03			(0.40	)		1.13
Less dividends and distributions:
From net investment income		(0.11	)		(0.22	)		–
From net realized gain		–			(0.11	)		–
From return of capital		–			(0.02	)		–
Total dividends and distributions		(0.11	)		(0.35	)		–
Net asset value, at end of period	$	13.30		$	10.38		$	11.13
Total investment return (4)		29.36	%(5)		(3.78	)%		11.26	%(5)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	6,519		$	5,085		$	5,452
Ratio of total expenses (before reductions and reimbursements) to average net assets		2.51	%(6)		2.96	%		2.94	%(6)
Ratio of net expenses to average net assets (7)(8)		1.15	%(6)		1.20	%		1.20	%(6)
Ratio of net investment income to average net assets		0.86	%(6)		1.71	%		0.98	%(6)
Portfolio turnover rate		11.24	%(5)		18.80	%		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) As of November 5, 2020, 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. Prior to this date, the Adviser had agreed to waive and/or reimburse certain fees and/or expenses so that, on an annualized basis, such expenses would have not exceeded 1.20% as a percentage of 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.

70

Barings Global Emerging Markets Equity Fund 2020 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS Y
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2020 (1)			FOR THE YEAR ENDED JUNE 30, 2020			PERIOD FROM SEPTEMBER 17, 2018 THROUGH JUNE 30, 2019 (2)
Per Common Share Data
Net asset value, beginning of period	$	10.38		$	11.13		$	10.00
Income from investment operations:
Net investment income (3)		0.05			0.18			0.08
Net realized and unrealized gain (loss)		2.98			(0.58	)		1.05
Total increase (decrease) from investment operations		3.03			(0.40	)		1.13
Less dividends and distributions:
From net investment income		(0.11	)		(0.22	)		–
From net realized gain		–			(0.11	)		–
From return of capital		–			(0.02	)		–
Total dividends and distributions		(0.11	)		(0.35	)		–
Net asset value, at end of period	$	13.30		$	10.38		$	11.13
Total investment return (4)		29.36	%(5)		(3.78	)%		11.26	%(5)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	6,519		$	5,085		$	5,452
Ratio of total expenses (before reductions and reimbursements) to average net assets		2.51	%(6)		2.96	%		2.94	%(6)
Ratio of net expenses to average net assets (7)(8)		1.15	%(6)		1.20	%		1.20	%(6)
Ratio of net investment income to average net assets		0.86	%(6)		1.71	%		0.98	%(6)
Portfolio turnover rate		11.24	%(5)		18.80	%		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) Ratio of net expenses to average net assets does not include expenses of the underlying fund in which the Fund invests.

(8) As of November 5, 2020, 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. Prior to this date, the Adviser had agreed to waive and/or reimburse certain fees and/or expenses so that, on an annualized basis, such expenses would have not exceeded 1.20% as a percentage of net assets.

See accompanying Notes to the Financial Statements.

71

Barings U.S. High Yield Fund 2020 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS A
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2020(1)			FOR THE YEAR ENDED JUNE 30, 2020			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	$	8.91		$	9.79		$	9.82		$	10.59		$	10.14		$	10.00
Income from investment operations:
Net investment income (3)		0.27			0.53			0.58			0.61			0.65			0.39
Net realized and unrealized gain (loss)		0.79			(0.88	)		(0.02	)		(0.47	)		0.65			0.13
Total increase (decrease) from investment operations		1.06			(0.35	)		0.56			0.14			1.30			0.52
Less dividends and distributions:
From net investment income		(0.24	)		(0.53	)		(0.59	)		(0.61	)		(0.66	)		(0.38	)
From net realized gain		–			–			–			(0.30	)		(0.19	)		–
Total dividends and distributions		(0.24	)		(0.53	)		(0.59	)		(0.91	)		(0.85	)		(0.38	)
Net asset value, at end of period	$	9.73		$	8.91		$	9.79		$	9.82		$	10.59		$	10.14
Total investment return (4)		12.02	%(5)		(3.67	)%		5.84	%		1.32	%		13.13	%		5.36	%(5)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	1,189		$	1,910		$	3,840		$	2,918		$	2,633		$	206
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.46	%(6)		1.64	%		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	%		1.00	%		0.99	%(6)
Ratio of net investment income to average net assets		5.84	%(6)		5.52	%		5.99	%		5.92	%		6.21	%		5.93	%(6)
Portfolio turnover rate		41.70	%(5)		80.66	%		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 1.00% as a percentage of average daily net assets.

See accompanying Notes to the Financial Statements.

72

Barings U.S. High Yield Fund 2020 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS C
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2020(1)			FOR THE YEAR ENDED JUNE 30, 2020			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	$	8.91		$	9.79		$	9.82		$	10.59		$	10.14		$	10.00
Income from investment operations:
Net investment income (3)		0.24			0.45			0.51			0.53			0.58			0.33
Net realized and unrealized gain (loss)		0.79			(0.87	)		(0.03	)		(0.47	)		0.64			0.14
Total increase (decrease) from investment operations		1.03			(0.42	)		0.48			0.06			1.22			0.47
Less dividends and distributions:
From net investment income		(0.21	)		(0.46	)		(0.51	)		(0.53	)		(0.58	)		(0.33	)
From net realized gain		–			–			–			(0.30	)		(0.19	)		–
Total dividends and distributions		(0.21	)		(0.46	)		(0.51	)		(0.83	)		(0.77	)		(0.33	)
Net asset value, at end of period	$	9.73		$	8.91		$	9.79		$	9.82		$	10.59		$	10.14
Total investment return (4)		11.62	%(5)		(4.39	)%		5.03	%		0.61	%		12.24	%		4.85	%(5)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	97		$	89		$	98		$	98		$	118		$	101
Ratio of total expenses (before reductions and reimbursements) to average net assets		5.05	%(6)		7.31	%		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	%		1.75	%		1.73	%(6)
Ratio of net investment income to average net assets		5.17	%(6)		4.78	%		5.27	%		5.17	%		5.50	%		5.08	%(6)
Portfolio turnover rate		41.70	%(5)		80.66	%		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 1.75% as a percentage of average daily net assets.

See accompanying Notes to the Financial Statements.

73

Barings U.S. High Yield Fund 2020 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS I
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2020(1)			FOR THE YEAR ENDED JUNE 30, 2020			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	$	8.91		$	9.79		$	9.82		$	10.59		$	10.14		$	10.00
Income from investment operations:
Net investment income (3)		0.25			0.55			0.61			0.63			0.68			0.40
Net realized and unrealized gain (loss)		0.82			(0.87	)		(0.03	)		(0.47	)		0.64			0.13
Total increase (decrease) from investment operations		1.07			(0.32	)		0.58			0.16			1.32			0.53
Less dividends and distributions:
From net investment income		(0.26	)		(0.56	)		(0.61	)		(0.63	)		(0.68	)		(0.39	)
From net realized gain		–			–			–			(0.30	)		(0.19	)		–
Total dividends and distributions		(0.26	)		(0.56	)		(0.61	)		(0.93	)		(0.87	)		(0.39	)
Net asset value, at end of period	$	9.72		$	8.91		$	9.79		$	9.82		$	10.59		$	10.14
Total investment return (4)		12.18	%(5)		(3.43	)%		6.07	%		1.61	%		13.36	%		5.53	%(5)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	12,059		$	11,046		$	12,135		$	14,816		$	15,720		$	14,863
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.03	%(6)		1.11	%		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	%		0.75	%		0.74	%(6)
Ratio of net investment income to average net assets		5.43	%(6)		5.78	%		6.28	%		6.16	%		6.50	%		6.11	%(6)
Portfolio turnover rate		41.70	%(5)		80.66	%		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.

74

Barings U.S. High Yield Fund 2020 Semi-Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS Y
	FOR THE SIX MONTHS ENDED DECEMBER 31, 2020(1)			FOR THE YEAR ENDED JUNE 30, 2020			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	$	8.91		$	9.79		$	9.82		$	10.58		$	10.14		$	10.00
Income from investment operations:
Net investment income (3)		0.26			0.54			0.61			0.62			0.68			0.39
Net realized and unrealized gain (loss)		0.81			(0.86	)		(0.03	)		(0.45	)		0.63			0.14
Total increase (decrease) from investment operations		1.07			(0.32	)		0.58			0.17			1.31			0.53
Less dividends and distributions:
From net investment income		(0.26	)		(0.56	)		(0.61	)		(0.63	)		(0.68	)		(0.39	)
From net realized gain		–			–			–			(0.30	)		(0.19	)		–
Total dividends and distributions		(0.26	)		(0.56	)		(0.61	)		(0.93	)		(0.87	)		(0.39	)
Net asset value, at end of period	$	9.72		$	8.91		$	9.79		$	9.82		$	10.58		$	10.14
Total investment return (4)		12.18	%(5)		(3.43	)%		6.09	%		1.61	%		13.35	%		5.52	%(5)
Supplemental Data and Ratios
Net assets, end of period (000’s)	$	37,840		$	32,992		$	34,695		$	39,176		$	14,631		$	12,675
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.03	%(6)		1.10	%		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	%		0.75	%		0.74	%(6)
Ratio of net investment income to average net assets		5.44	%(6)		5.78	%		6.27	%		6.09	%		6.50	%		6.06	%(6)
Portfolio turnover rate		41.70	%(5)		80.66	%		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.

75

Barings Global Floating Rate Fund 2020 Semi-Annual Report

SCHEDULE OF INVESTMENTS

December 31, 2020 (Unaudited)

						SHARES		COST		FAIR VALUE
Equities — 0.7%*:
Common Stocks — 0.7%*:
Beverage, Food and Tobacco — 0.3%*:
CTI Foods Holding Co. LLC(a)							4,657		$495,155		$571,274
Broadcasting and Entertainment — 0.1%*:
Technicolor SA(b)							88,751		34,103		197,221
Finance — 0.0%*:
Travelex Topco Ltd.(a),(b)							880		—		—
Healthcare, Education and Childcare — 0.1%*:
Don Jersey Topco Ltd.(a),(b)							292,469		195,070		309,962
Mining, Steel, Iron and Non-Precious Metals — 0.0%*:
Boomerang Tube LLC(a)							1,769		171,860		—
Oil and Gas — 0.2%*:
Fieldwood Energy LLC							6,469		226,415		—
Fieldwood Energy LLC							26,365		568,599		—
Kelly Topco Ltd.(b)							7,801		327,642		315,941
Sabine Oil & Gas LLC							394		22,597		5,122
Templar Energy LLC(a)							8,763		50,647		—
Templar Energy LLC(a)							7,121		56,021		—
Total Oil and Gas							56,913		1,251,921		321,063
Total Common Stocks							445,439		2,148,109		1,399,520
Warrant — 0.0%*:
Finance — 0.0%*:
Travelex Topco Ltd.(b)							285		—		32,153
Total Equities							445,724		2,148,109		1,431,673
	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Fixed Income — 93.0%*:
Bank Loans — 87.7%*(c):
Aerospace and Defense — 0.9%*:
TransDigm Group, Inc., 1M LIBOR + 2.250%		2.40	%		5/30/2025		490,013		488,451		479,600
TransDigm Group, Inc., 1M LIBOR + 2.250%		2.40			12/9/2025		1,492,462		1,385,680		1,460,598
Total Aerospace and Defense							1,982,475		1,874,131		1,940,198
Automobile — 1.5%*:
BCA Marketplace plc, LIBOR – GBP + 4.750%(b)		4.84			11/13/2026		500,000		622,265		672,516
DexKo Global, Inc., 3M LIBOR + 3.500%		4.50			7/24/2024		301,885		303,282		301,885
Panther BF Aggregator 2 LP, 1M LIBOR + 3.500%		3.65			4/30/2026		1,113,294		1,106,448		1,107,494
US Farathane LLC, 3M LIBOR + 3.500%		4.50			12/23/2021		1,084,111		1,085,738		1,000,093
Total Automobile							2,999,290		3,117,733		3,081,988

See accompanying Notes to the Financial Statements.

76

Barings Global Floating Rate Fund 2020 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Beverage, Food and Tobacco — 2.8%*:
Amphora Finance Ltd., LIBOR – GBP + 4.750%(b)		4.77	%		5/23/2025		500,000		$661,980		$632,469
CTI Foods Holding Co, LLC, 3M LIBOR + 7.000%(a)		8.00			5/3/2024		313,232		309,150		313,232
CTI Foods Holding Co, LLC, 3M LIBOR + 9.000%(a)		10.00			5/3/2024		203,775		203,775		191,548
Deoleo S.A., EURIBOR + 4.000%(b)		5.00			6/24/2025		117,907		132,946		137,740
IRB Holding Corp., 6M LIBOR + 2.750%		3.75			2/5/2025		1,545,879		1,549,487		1,530,946
Sunshine Investments B.V., 3M LIBOR + 3.250%(b)		3.47			3/28/2025		155,877		155,403		154,513
Welbilt, Inc., 1M LIBOR + 2.500%		2.65			10/23/2025		1,000,000		886,169		945,000
Winebow Group, Inc. (The), 1M LIBOR + 3.750%		4.75			7/1/2021		2,272,915		2,241,748		2,078,013
Total Beverage, Food and Tobacco							6,109,585		6,140,658		5,983,461
Broadcasting and Entertainment — 4.7%*:
Altice USA, Inc., 1M LIBOR + 2.250%		2.41			7/17/2025		1,156,481		1,145,511		1,137,479
AVSC Holding Corp., 3M LIBOR + 1.000%		6.50			10/15/2026		509,133		464,749		453,128
Banijay Entertainment S.A.S, 1M LIBOR + 3.750%(b)		3.90			3/1/2025		1,309,028		1,313,015		1,289,393
Clear Channel Worldwide Holdings, Inc., 3M LIBOR + 3.500%		3.71			8/21/2026		1,978,525		1,932,673		1,900,789
Cox Media Group, 1M LIBOR + 4.250%		4.40			12/17/2026		708,692		705,664		708,472
iHeartCommunications, Inc., 1M LIBOR + 3.000%		3.15			5/1/2026		994,975		961,837		977,563
Imagina Media Audiovisual, S.L., EURIBOR + 4.750%(b)		4.75			6/26/2025		500,000		572,924		516,147
Imagina Media Audiovisual, S.L., EURIBOR + 7.500%(b)		7.50			12/26/2024		500,000		553,475		461,173
Learfield Communications, Inc., 1M LIBOR + 3.250%		4.25			12/1/2023		1,979,382		1,852,660		1,780,731
Technicolor SA, EURIBOR + 6.000%(b)		6.00			6/30/2024		401,511		395,147		503,482
Technicolor SA, EURIBOR + 3.000%(b)		3.00			12/31/2024		232,610		222,800		239,886
Total Broadcasting and Entertainment							10,270,337		10,120,455		9,968,243
Buildings and Real Estate — 3.2%*:
Core & Main L.P., 3M LIBOR + 2.750%		3.75			8/1/2024		1,948,639		1,953,186		1,937,278
CP Atlas Buyer, Inc., 3M LIBOR + 4.500%		5.25			11/23/2027		753,814		746,380		754,757
GYP Holdings III Corp., 1M LIBOR + 2.750%		2.90			6/1/2025		1,198,053		1,195,971		1,191,559
Quikrete Holdings, Inc., 1M LIBOR + 2.500%		2.65			2/1/2027		1,488,750		1,489,038		1,482,244
SRS Distribution, Inc., 1M LIBOR + 3.000%		3.15			5/23/2025		1,398,193		1,389,383		1,374,229
Total Buildings and Real Estate							6,787,449		6,773,958		6,740,067
Cargo Transport — 0.9%*:
Kenan Advantage Group, Inc., 1M LIBOR + 3.000%		4.00			7/31/2022		1,899,837		1,901,255		1,878,312
Total Cargo Transport							1,899,837		1,901,255		1,878,312

See accompanying Notes to the Financial Statements.

77

Barings Global Floating Rate Fund 2020 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Chemicals, Plastics and Rubber — 5.3%*:
Allnex (Luxembourg) & Cy S.C.A., 3M LIBOR + 3.250%		4.00	%		9/13/2023		356,033		$355,343		$351,917
Allnex USA, Inc., 3M LIBOR + 3.250%		4.00			9/13/2023		268,231		267,712		265,130
Consolidated Energy Finance S.A., 1M LIBOR + 2.500%		2.65			5/7/2025		1,462,293		1,433,497		1,394,662
Diamond (BC) B.V., EURIBOR + 3.250%		3.25			9/6/2024		972,437		1,137,002		1,171,643
Flint Group GmbH, EURIBOR + 4.250%(b)		2.87			9/21/2023		393,244		465,975		451,184
Flint Group GmbH, EURIBOR + 0.750%(b)		2.88			9/21/2023		677,179		777,337		776,951
Flint Group GmbH, EURIBOR + 0.750%(b)		3.00-5.25			9/21/2023		520,089		506,488		485,415
Flint Group US LLC, 3M LIBOR + 4.250%(b)		3.00-5.25			9/21/2023		3,021,398		2,942,708		2,819,962
Gemini HDPE LLC, 3M LIBOR + 3.000%		3.50			12/31/2027		315,985		312,825		313,615
Graftech International Ltd., 1M LIBOR + 3.500%		4.50			2/12/2025		474,272		466,351		473,286
Novacap S.A., EURIBOR + 3.500%(b)		3.50			6/22/2023		1,000,000		1,138,246		1,201,493
Polar US Borrower, LLC, 1M LIBOR + 4.750%		4.90-5.00			10/15/2025		823,717		823,717		808,272
Solenis Holdings LLC, 3M LIBOR + 4.000%		4.23			6/26/2025		621,579		617,566		620,180
Total Chemicals, Plastics and Rubber							10,906,457		11,244,767		11,133,710
Containers, Packaging and Glass — 4.2%*:
Albea Beauty Holdings S.A., 3M LIBOR + 3.000%(b)		4.00			4/22/2024		201,714		201,576		189,864
Berry Global Group, Inc., 1M LIBOR + 2.000%		2.15			7/1/2026		234,433		234,765		233,057
Flex Acquisition Co., Inc., 1M LIBOR + 3.000%		4.00			12/29/2023		1,344,504		1,351,771		1,335,684
Flex Acquisition Co., Inc., 3M LIBOR + 3.000%		3.23			6/29/2025		851,221		828,921		839,942
Graham Packaging Co. Inc., 1M LIBOR + 3.750%		4.50			8/4/2027		517,821		514,160		519,053
Mauser Packaging Solutions, 3M LIBOR + 3.250%		3.48			4/3/2024		2,915,854		2,906,111		2,810,154
Reynolds Consumer Products LLC, 1M LIBOR + 1.750%		1.90			2/4/2027		259,477		259,193		257,530
Roy Bidco ApS, EURIBOR + 3.500%(b)		3.50			8/23/2024		1,000,000		1,154,999		1,209,434
Trident TPI Holdings, Inc., 3M LIBOR + 3.000%		4.00			10/17/2024		1,484,677		1,468,321		1,462,734
Total Containers, Packaging and Glass							8,809,701		8,919,817		8,857,452
Diversified/Conglomerate Manufacturing — 2.7%*:
Alliance Laundry Systems LLC, 3M LIBOR + 3.500%		4.25			10/8/2027		56,365		55,952		56,295
Alstom Auxiliary Components (Arvos), 3M LIBOR + 4.500%(b)		5.50			8/29/2021		241,586		241,358		195,684
Amer Sports Oyj, EURIBOR + 4.500%(b)		4.50			3/30/2026		500,000		563,981		581,127
Energizer Holdings, Inc., 3M LIBOR + 2.250%		2.75			12/16/2027		138,399		137,707		138,140
Energizer Holdings, Inc., 3M LIBOR + 2.250%		2.75			12/22/2027		117,107		116,522		116,888
LSF10 XL Bidco S.C.A., EURIBOR + 4.000%(b)		4.00			10/12/2026		1,500,000		1,635,559		1,815,012
LTI Holdings, Inc., 1M LIBOR + 3.500%		3.65			9/6/2025		1,098,674		1,085,267		1,064,934
Project Alpha Intermediate Holding, Inc., 3M LIBOR + 3.500%		4.50			4/26/2024		1,351,579		1,352,977		1,337,495

See accompanying Notes to the Financial Statements.

78

Barings Global Floating Rate Fund 2020 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Diversified/Conglomerate Manufacturing (continued):
SGB-SMIT Management GmbH, EURIBOR + 4.500%(b)		4.50	%		7/18/2024		503,117		$511,608		$456,753
Total Diversified/Conglomerate Manufacturing							5,506,827		5,700,931		5,762,328
Diversified/Conglomerate Service — 9.3%*:
Allied Universal Holdco LLC, 1M LIBOR + 4.250%		4.40			7/10/2026		524,128		520,540		521,397
Cornerstone OnDemand, Inc., 1M LIBOR + 4.250%		4.39			4/22/2027		473,867		460,881		475,473
Cvent, Inc., 1M LIBOR + 3.750%		3.90			11/29/2024		1,359,217		1,041,811		1,304,849
EAB Global, Inc., 6M LIBOR + 3.750%		4.75			11/15/2024		736,279		734,237		729,380
Financial & Risk US Holdings, Inc., 1M LIBOR + 3.250%		3.40			10/1/2025		975,050		948,652		973,022
Finastra USA, Inc., 6M LIBOR + 7.250%		8.25			6/13/2025		6,482		6,555		6,485
Finastra USA, Inc., 6M LIBOR + 3.500%		4.50			6/13/2024		3,432,239		3,321,191		3,358,240
Greeneden U.S. Holdings II, LLC, 1M LIBOR + 4.000%		4.75			12/1/2027		1,484,502		1,481,569		1,485,897
I-Logic Technologies Bidco Ltd., 3M LIBOR + 2.750%		3.75			12/21/2024		1,008,009		1,011,418		991,629
Informatica LLC, 1M LIBOR + 3.250%		3.40			2/25/2027		992,500		988,127		983,200
Informatica LLC, 1M LIBOR + 7.125%		7.13			2/25/2025		350,242		348,782		355,758
Internet Brands, Inc, 1M LIBOR + 3.500%		3.65			9/13/2024		2,009,897		2,003,977		1,980,512
Mitchell International, Inc., 1M LIBOR + 3.250%		3.40			11/29/2024		1,487,264		1,451,601		1,458,456
Project Leopard Holdings, Inc., 3M LIBOR + 4.500%		5.50			7/7/2023		1,461,404		1,465,257		1,455,018
Surf Holdings, LLC, 3M LIBOR + 3.500%(b)		3.73			3/5/2027		183,469		183,064		181,635
TMF Group Holding B.V., EURIBOR + 3.250%(b)		3.25			5/5/2025		500,000		584,771		595,939
Ultimate Software Group, Inc. (The), 3M LIBOR + 4.000%		4.75			5/4/2026		997,500		983,796		1,001,919
Verisure Holding AB, EURIBOR + 2.750%(b)		2.75			10/20/2022		1,000,000		1,159,968		1,217,533
Virtusa Corp., EURIBOR + 2.750%		5.00			12/1/2027		229,434		225,992		227,713
Weld North Education, LLC, 3M LIBOR + 4.000%		4.75			12/15/2027		354,160		352,389		352,832
Total Diversified/Conglomerate Service							19,565,643		19,274,578		19,656,887
Electronics — 4.1%*:
Ahead DB Borrower, LLC, 3M LIBOR + 5.000%		6.00			10/13/2027		710,285		682,655		697,187
EXC Holdings III Corp., 3M LIBOR + 3.500%		4.50			12/2/2024		482,255		485,482		477,230
Imprivata,, Inc., 1M LIBOR + 3.750%		4.25			12/1/2027		354,553		351,042		354,553
Ivanti Software, Inc., 1M LIBOR + 4.750%		5.75			12/1/2027		1,000,000		985,141		996,560
Omnitracs, Inc., 1M LIBOR + 2.750%		2.90			3/21/2025		1,465,129		1,463,136		1,431,856

See accompanying Notes to the Financial Statements.

79

Barings Global Floating Rate Fund 2020 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Electronics (Continued)
Renaissance Holding Corp., 1M LIBOR + 3.250%		3.40	%		5/30/2025		730,028		$730,028		$716,223
RP Crown Parent LLC, 1M LIBOR + 3.000%		4.00			2/2/2026		964,489		960,017		962,078
Sophia, LP, 3M LIBOR + 3.750%		4.50			10/7/2027		344,860		342,354		345,105
SS&C Technologies Inc., 1M LIBOR + 1.750%		1.90			4/16/2025		470,086		469,297		464,271
Tibco Software Inc., 1M LIBOR + 7.250%		7.40			3/3/2028		385,440		383,708		388,651
Tibco Software Inc., 1M LIBOR + 3.750%		3.90			6/30/2026		995,000		965,120		974,165
Veritas US Inc., EURIBOR + 5.500%		6.50			9/1/2025		748,125		865,882		914,111
Total Electronics							8,650,250		8,683,862		8,721,990
Finance — 1.0%*:
Deerfield Dakota Holding LLC, 1M LIBOR + 8.000%		9.00			4/7/2028		1,000,000		986,343		1,015,000
Tempo Acquisition LLC, 1M LIBOR + 2.750%		2.90			5/1/2024		1,078,827		1,081,249		1,069,387
Total Finance							2,078,827		2,067,592		2,084,387
Healthcare, Education and Childcare — 14.6%*:
AccentCare, Inc., 3M LIBOR + 5.000%		5.50			6/22/2026		218,085		216,996		218,085
Advanz Pharma Corp., 1M LIBOR + 5.500%(b)		6.50			9/6/2024		2,244,250		2,221,076		2,189,266
Advanz Pharma Corp., EURIBOR + 5.250%(b)		6.25			9/6/2024		477,500		552,885		577,143
Aenova Holding GmbH, EURIBOR + 5.000%(b)		5.00			3/6/2025		500,000		537,201		613,226
Amneal Pharmaceuticals LLC, 1M LIBOR + 3.500%		3.69			5/4/2025		1,477,267		1,394,783		1,436,953
Arbor Pharmaceuticals, Inc., 6M LIBOR + 5.000%		6.00			7/5/2023		1,354,102		1,352,282		1,299,938
Aspen Dental Management, Inc., 1M LIBOR + 4.000%		4.75			12/23/2027		196,609		189,158		196,560
Auris Luxembourg III Sarl, EURIBOR + 4.000%(b)		4.00			2/27/2026		1,000,000		1,103,861		1,185,978
Auris Luxembourg III Sarl, 1M LIBOR + 3.750%(b)		3.90			2/27/2026		982,502		978,856		945,658
Aveanna Healthcare, LLC, 1M LIBOR + 5.500%		6.50			3/18/2024		1,270,680		1,261,334		1,240,501
Change Healthcare Holdings LLC, 3M LIBOR + 2.500%		3.50			3/1/2024		1,252,411		1,249,937		1,245,522
CTC AcquiCo GmbH, 1M LIBOR + 2.750%(b)		2.90			3/7/2025		1,250,000		1,232,468		1,200,312
Endo Luxembourg Finance Co. I S.a r.l., 3M LIBOR + 4.250%		5.00			4/29/2024		2,136,501		2,125,423		2,099,112
Envision Healthcare Corp., 1M LIBOR + 3.750%		3.90			10/10/2025		592,399		347,204		492,360
Fugue Finance B.V., EURIBOR + 3.250%(b)		3.25			9/1/2024		500,000		542,704		601,895
Horizon Therapeutics USA, Inc., 1M LIBOR + 2.000%		2.19			5/22/2026		494,267		495,994		491,429
Indivior Finance Sarl, 3M LIBOR + 4.500%		5.50			12/18/2022		777,472		772,946		758,036
LifePoint Health, 1M LIBOR + 3.750%		3.90			11/16/2025		742,455		746,757		739,582
Lifescan Global Corp., 3M LIBOR + 6.000%		6.23			10/1/2024		351,000		344,396		333,450
Nidda Healthcare Holding AG, LIBOR – GBP + 4.500%(b)		4.55			8/21/2026		500,000		652,756		669,433
Nidda Healthcare Holding AG, EURIBOR + 3.500%(b)		3.50			8/21/2026		1,000,000		1,084,419		1,209,177

See accompanying Notes to the Financial Statements.

80

Barings Global Floating Rate Fund 2020 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Healthcare, Education and Childcare (Continued)
Ortho-Clinical Diagnostics SA, 1M LIBOR + 3.250%		3.40	%		6/30/2025		2,362,374		$2,348,820		$2,325,758
Parexel International Corp., 1M LIBOR + 2.750%		2.90			9/27/2024		1,766,045		1,744,980		1,733,761
Rodenstock GmbH, EURIBOR + 5.250%(b)		5.25			6/15/2026		500,000		557,847		603,190
Surgery Center Holdings, Inc., 1M LIBOR + 3.250%		4.25			9/3/2024		1,484,655		1,485,093		1,457,233
Team Health Holdings, Inc., 1M LIBOR + 2.750%		3.75			2/6/2024		1,937,110		1,908,245		1,720,231
Tunstall Group Holdings Ltd., EURIBOR + 5.000%(b)		5.00			6/30/2025		321,190		377,864		380,610
Unilabs Holding AB, EURIBOR + 3.000%(b)		3.00			4/19/2024		500,000		576,785		603,092
US Radiology Specialists, Inc., 3M LIBOR + 5.500%		6.25			12/10/2027		802,536		786,548		795,762
Verscend Holding Corp., 1M LIBOR + 4.500%		4.65			8/27/2025		1,492,366		1,468,626		1,489,382
Total Healthcare, Education and Childcare							30,483,776		30,658,244		30,852,635
Home and Office Furnishings, Housewares, and Durable Consumer Products — 1.1%*:
Serta Simmons Bedding LLC, 1M LIBOR + 7.500%		8.50			8/10/2023		1,517,617		1,517,617		1,363,138
SIWF Holdings Inc., 1M LIBOR + 4.250%		4.40			6/15/2025		977,443		983,710		968,080
Total Home and Office Furnishings, Housewares, and Durable Consumer Products							2,495,060		2,501,327		2,331,218
Hotels, Motels, Inns and Gaming — 4.3%*:
Caesars Entertainment Corp., 1M LIBOR + 4.500%		4.65			7/21/2025		730,910		710,942		731,137
Caesars Resort Collection LLC, 1M LIBOR + 2.750%		2.90			12/23/2024		1,963,245		1,958,275		1,923,745
Compass IV Ltd., 6M EURIBOR + 4.250%(b)		4.25			4/30/2025		500,000		599,829		592,720
Compass IV Ltd., EURIBOR + 8.000%(b)		9.00			4/30/2026		500,000		591,089		532,181
Golden Nugget, Inc., 2M LIBOR + 2.500%		3.25			10/4/2023		313,093		261,224		301,596
HNVR Holdco Ltd., 6M EURIBOR + 4.250%(b)		4.25			9/12/2023		1,000,000		969,313		1,091,850
Penn National Gaming, Inc., 1M LIBOR + 2.250%		3.00			10/15/2025		1,779,064		1,775,703		1,754,388
Richmond UK Bidco Ltd., LIBOR – GBP + 4.250%(b)		4.34			3/3/2024		482,094		609,540		619,708
Rouge Beachhouse B.V., EURIBOR + 5.000%(b)		5.00			9/4/2025		500,000		586,575		607,392
Station Casinos LLC, 1M LIBOR + 2.250%		2.50			2/8/2027		996,704		968,666		980,129
Total Hotels, Motels, Inns and Gaming							8,765,110		9,031,156		9,134,846

See accompanying Notes to the Financial Statements.

81

Barings Global Floating Rate Fund 2020 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Insurance — 3.9%*:
Acrisure LLC, 1M LIBOR + 3.500%		3.65	%		2/15/2027		1,489,994		$1,465,766		$1,458,644
Alliant Holdings Intermediate LLC, 1M LIBOR + 3.250%		3.40			5/9/2025		2,247,150		2,253,521		2,209,690
AssuredPartners Capital, Inc., 1M LIBOR + 3.500%		3.65			2/12/2027		1,748,272		1,755,909		1,720,404
Confie Seguros Holding II Co., 3M LIBOR + 8.500%		8.73			10/31/2025		1,633,626		1,611,007		1,459,547
Hub International Ltd., 3M LIBOR + 2.750%		2.96			4/25/2025		993,626		976,863		974,687
Ryan Specialty Group, LLC, 1M LIBOR + 3.250%		4.00			9/1/2027		436,266		430,018		434,631
Total Insurance							8,548,934		8,493,084		8,257,603
Leisure, Amusement, Entertainment — 8.4%*:
AMC Entertainment Holdings, Inc., PRIME + 2.000%, 2M LIBOR + 3.000%		5.25			4/22/2026		1,263,022		1,006,474		808,019
Columbus Capital BV, EURIBOR + 3.750%(b)		3.75			3/5/2027		500,000		559,574		530,080
Crown Finance US, Inc., 6M LIBOR + 2.500%		2.77-3.50			2/28/2025		2,070,466		2,053,478		1,397,233
Delta 2 (LUX) Sarl, 1M LIBOR + 2.500%(b)		3.50			2/1/2024		1,394,967		1,397,477		1,378,032
Dorna Sports, S.L., EURIBOR + 3.250%(b)		3.25			5/3/2024		978,282		1,093,909		1,177,765
Golden Entertainment, Inc., 1M LIBOR + 3.000%		3.75			10/21/2024		432,061		395,491		421,328
International Park Holdings B.V., EURIBOR + 3.500%(b)		3.50			6/13/2024		500,000		580,575		570,248
Metro-Goldwyn-Mayer, Inc., 1M LIBOR + 4.500%		5.50			7/3/2026		3,000,000		2,982,040		2,985,000
Motion Finco Sarl, EURIBOR + 3.000%(b)		3.00-			11/12/2026		500,000		528,985		579,166
Parques Reunidos SAU, EURIBOR + 3.750%(b)		3.75			9/16/2026		500,000		546,016		562,417
Playtika Holding Corp., 3M LIBOR + 6.000%		7.00			12/10/2024		554,167		545,428		556,876
PUG LLC, 1M LIBOR + 3.500%		3.65			2/12/2027		971,798		967,541		924,831
SeaWorld Parks & Entertainment, Inc., 1M LIBOR + 3.000%		3.75			3/31/2024		2,507,650		2,502,022		2,432,421
Vacalians Group, EURIBOR + 4.000%(b)		4.00			11/28/2025		500,000		565,244		521,950
Vue International Bidco plc, EURIBOR + 4.750%(b)		4.75			7/3/2026		423,797		474,031		438,591
William Morris Endeavor Entertainment, LLC, 1M LIBOR + 2.750%		2.90			5/18/2025		2,278,816		2,256,635		2,092,705
WMG Acquisition Corp., 1M LIBOR + 2.125%		2.27			11/1/2023		309,206		308,989		308,384
Total Leisure, Amusement, Entertainment							18,684,232		18,763,909		17,685,046
Machinery Non-Agriculture, Non-Construction, Non-Electronic — 1.7%*:
Alison Bidco Sarl, EURIBOR + 4.500%(b)		5.50			8/29/2021		844,343		980,447		823,904
Apex Tool Group, LLC, 1M LIBOR + 5.250%		6.50			8/1/2024		830,039		818,275		818,867
Husky Injection Molding Systems Ltd., 6M LIBOR + 3.000%(b)		3.27			3/28/2025		1,945,872		1,944,514		1,893,470
Total Machinery Non-Agriculture, Non-Construction, Non-Electronic							3,620,254		3,743,236		3,536,241

See accompanying Notes to the Financial Statements.

82

Barings Global Floating Rate Fund 2020 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Mining, Steel, Iron and Non-Precious Metals — 0.3%*:
Boomerang Tube, LLC, 1M LIBOR + 5.000%(a)		5.16	%		6/30/2022		64,262		$64,262		$2,571
US Silica Co., 1M LIBOR + 4.000%		5.00			5/1/2025		860,299		867,049		751,686
Total Mining, Steel, Iron and Non-Precious Metals							924,561		931,311		754,257
Oil and Gas — 0.6%*:
Fieldwood Energy LLC, 1M LIBOR + 7.250%(d)		7.25			4/11/2023		864,968		614,081		199
Gulf Finance LLC, 1M LIBOR + 5.250%		6.25			8/25/2023		1,615,265		1,540,841		1,214,340
Total Oil and Gas							2,480,233		2,154,922		1,214,539
Personal and Non-Durable Consumer Products Mfg. Only — 0.4%*:
Coty Inc., 1M LIBOR + 2.250%		2.40			4/7/2025		921,323		898,761		866,043
Personal Transportation — 1.8%*:
American Airlines, Inc., 1M LIBOR + 2.000%		2.15			4/28/2023		1,969,283		1,961,636		1,769,538
Bahia De Las Isletas, S.L., EURIBOR + 2.500%, EURIBOR + 7.500%(b)		7.50			4/30/2021		44,847		51,175		53,691
Kestrel Bidco, Inc., 6M LIBOR + 3.000%(b)		4.00			12/11/2026		2,106,234		2,109,107		2,015,414
Total Personal Transportation							4,120,364		4,121,918		3,838,643
Printing and Publishing — 1.1%*:
Houghton Mifflin Harcourt Publishing Co., 1M LIBOR + 6.250%		7.25			11/22/2024		288,235		279,203		276,106
Springer Nature Deutschland GmbH, EURIBOR + 3.250%(b)		3.75			8/14/2024		1,658,998		1,851,030		2,024,182
Total Printing and Publishing							1,947,233		2,130,233		2,300,288
Retail Stores — 2.1%*:
Bass Pro Group, LLC, 1M LIBOR + 5.000%		5.75			9/25/2024		1,472,113		1,447,189		1,474,748
Eyemart Express LLC, 1M LIBOR + 3.000%		3.15			8/4/2024		979,798		982,455		972,450
Harbor Freight Tools USA, Inc., 1M LIBOR + 3.250%		4.00			10/19/2027		979,210		968,912		977,575
Kirk Beauty One GmbH, 3M EURIBOR + 3.500%(b)		3.50			8/12/2022		450,000		483,659		488,974
Thom Europe S.A.S, EURIBOR + 4.250%(b)		4.25			8/7/2024		500,000		577,977		587,003
Total Retail Stores							4,381,121		4,460,192		4,500,750
Telecommunications — 6.1%*:
Banff Merger Sub, Inc., 1M LIBOR + 4.250%		4.40			10/2/2025		980,000		973,343		974,816
CCI Buyer, Inc., 3M LIBOR + 4.000%		4.75			12/17/2027		304,519		301,473		304,010
CenturyLink, Inc., 1M LIBOR + 2.250%		2.40			3/15/2027		1,539,359		1,476,298		1,521,657
CommScope, Inc., 1M LIBOR + 3.250%		3.40			4/6/2026		1,982,371		1,977,366		1,965,025
Consolidated Communications, Inc., 1M LIBOR + 4.750%		5.75			10/2/2027		383,821		378,245		385,042

See accompanying Notes to the Financial Statements.

83

Barings Global Floating Rate Fund 2020 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Telecommunications (Continued)
Digicel International Finance Ltd., 6M LIBOR + 3.250%(b)		3.51	%		5/28/2024		151,428		$152,105		$138,114
Eagle Broadband Investments LLC, 3M LIBOR + 3.000%		3.75			11/12/2027		454,538		450,059		453,688
ION Trading Technologies Sarl, 3M EURIBOR + 3.250%		4.25			11/21/2024		1,360,556		1,544,277		1,659,531
Lorca Finco plc, 6M EURIBOR + 4.250%(b)		4.25			9/17/2027		500,000		580,402		611,717
Syniverse Technologies, Inc., 3M LIBOR + 5.000%		6.00			3/9/2023		1,113,039		1,117,685		1,002,815
Syniverse Technologies, Inc., 3M LIBOR + 9.000%		10.00			3/11/2024		2,175,482		1,852,182		1,411,126
Virgin Media SFA Finance Ltd., LIBOR – GBP + 3.250%(b)		3.28			11/15/2027		1,250,000		1,725,845		1,667,171
Zayo Group Holdings, Inc., 1M LIBOR + 3.000%		3.15			3/9/2027		860,786		858,884		854,330
Total Telecommunications							13,055,899		13,388,164		12,949,042
Utilities — 0.7%*:
Astoria Energy LLC, 3M LIBOR + 3.500%		4.50			12/10/2027		715,747		712,168		709,841
Calpine Corp., 1M LIBOR + 2.000%		2.15			8/12/2026		220,066		219,182		216,864
Edgewater Generation, L.L.C., 1M LIBOR + 3.750%		3.90			12/13/2025		608,181		590,955		594,838
Total Utilities							1,543,994		1,522,305		1,521,543
Total Bank Loans							187,538,772		188,618,499		185,551,717
Corporate Bonds — 5.3%*:
Automobile — 0.5%*:
AA Bond Co. Ltd.(b)		5.50			7/31/2022		700,000		913,443		926,982
RAC Bond Co. plc(b)		5.00			11/6/2022		100,000		125,817		136,415
Total Automobile							800,000		1,039,260		1,063,397
Beverage, Food and Tobacco — 0.2%*:
Boparan Finance plc(b)		7.63			11/30/2025		300,000		398,130		414,148
Broadcasting and Entertainment — 0.5%*:
Tele Columbus AG(b)		3.88			5/2/2025		800,000		871,152		979,077
Containers, Packaging and Glass — 0.1%*:
Bormioli Pharma Bidco SpA(b)		3.50			11/15/2024		100,000		104,350		118,867
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu(e)		5.13			7/15/2023		7,000		7,000		7,086
Total Containers, Packaging and Glass							107,000		111,350		125,953

See accompanying Notes to the Financial Statements.

84

Barings Global Floating Rate Fund 2020 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Diversified/Conglomerate Manufacturing — 0.2%*:
Fabric BC SpA, 3M EURIBOR + 4.125%(b)		4.13	(f)%		8/31/2026		100,000		$109,975		$121,554
Galapagos S.A.(a),(b),(d)		4.21			6/15/2021		20,000		27,263		—
Mangrove Luxco III Sarl(b)		7.78			10/9/2025		265,415		252,077		277,553
Total Diversified/Conglomerate Manufacturing							385,415		389,315		399,107
Diversified/Conglomerate Service — 0.6%*:
Algeco Global Finance PLC, 3M EURIBOR + 6.250%(b)		6.25	(f)		2/15/2023		150,000		183,697		182,560
Carlson Travel, Inc., 3M EURIBOR + 4.750%		4.75	(f)		6/15/2025		1,200,000		1,371,335		1,070,166
Total Diversified/Conglomerate Service							1,350,000		1,555,032		1,252,726
Electronics — 0.4%*:
Veritas US, Inc./Veritas Bermuda Ltd.(e)		7.50			2/1/2023		817,000		820,179		818,961
Finance — 0.4%*:
Cabot Financial Luxembourg SA		7.50			10/1/2023		132,313		179,236		183,959
Garfunkelux Holdco 3 SA(b)		6.75			11/1/2025		250,000		296,575		313,048
Travelex Financing plc(a),(b),(d)		8.00			5/15/2022		250,000		274,580		—
Travelex Issuerco Ltd.(b)		12.50			8/5/2025		110,000		119,243		270,765
Total Finance							742,313		869,634		767,772
Healthcare, Education and Childcare — 0.1%*:
Tenet Healthcare Corp.		4.63			7/15/2024		255,000		254,396		261,380
Home and Office Furnishings, Housewares, and Durable Consumer Products — 0.2%*:
LSF9 Balta Issuer Sarl(b)		7.75			9/15/2022		445,500		532,399		514,875
Hotels, Motels, Inns and Gaming — 0.3%*:
TVL Finance plc, 3M GBP LIBOR + 5.375%(b)		5.42	(f)		7/15/2025		600,000		759,436		725,813
Leisure, Amusement, Entertainment — 0.5%*:
CPUK Finance Ltd.(b)		4.88			8/28/2025		600,000		791,049		816,300
CPUK Finance Ltd.(b)		6.50			8/28/2026		100,000		126,076		142,045
Total Leisure, Amusement, Entertainment							700,000		917,125		958,345
Oil and Gas — 0.4%*:
CGG Holding US, Inc.(b),(e)		9.00			5/1/2023		500,000		515,039		507,500
KCA Deutag UK Finance plc(a),(b)		9.88			12/1/2025		390,061		390,061		404,688
Total Oil and Gas							890,061		905,100		912,188
Personal Transportation — 0.1%*:
Naviera Armas S.A., 3M EURIBOR + 6.500%(b)		6.50	(f)		7/31/2023		250,000		290,588		142,111
Naviera Armas SA, 3M EURIBOR + 4.250%(b)		4.25	(f)		11/15/2024		250,000		296,118		136,489
Total Personal Transportation							500,000		586,706		278,600

See accompanying Notes to the Financial Statements.

85

Barings Global Floating Rate Fund 2020 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Retail Stores — 0.6%*:
House of Fraser Funding plc(b),(d)		5.95	%		9/15/2020		300,000		$434,213		$12,307
Takko Luxembourg 2 SCA(b)		5.38			11/15/2023		1,200,000		1,331,899		1,313,284
Total Retail Stores							1,500,000		1,766,112		1,325,591
Utilities — 0.2%*:
Viridian Group Finance Co. PLC/Viridian Power & Energy(b)		4.75			9/15/2024		350,000		436,442		483,412
Total Corporate Bonds							10,542,289		12,211,768		11,281,345
Total Fixed Income							198,081,061		200,830,267		196,833,062
Total Investments							198,526,785		202,978,376		198,264,735
Other assets and liabilities – 6.3%*											13,256,961
Net Assets – 100.0%											$211,521,696

‡‡ 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	71.3%
Germany	8.7%
United Kingdom	8.6%
Spain	2.7%
France	2.7%
Canada	2.0%
Denmark	1.1%
Other (Individually less than 1%)	2.9%
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, 2020. 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) Defaulted security.

(e) 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.

(f) Variable rate security. The interest rate shown is the rate in effect at December 31, 2020.

See accompanying Notes to the Financial Statements.

86

Barings Global Floating Rate Fund 2020 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

A summary of outstanding derivatives at December 31, 2020 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
1/14/21	Canadian Imperial Bank of Commerce		EUR	1,526,759	$	1,865,631	$	1,854,803	$	10,828
1/14/21	Morgan Stanley & Co.		GBP	1,399,328		1,913,762		1,871,827		41,935
Net unrealized appreciation on forward foreign currency exchange contracts to buy									$	52,763

Forward Foreign Currency Exchange Contracts to Sell

EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED DEPRECIATION
1/14/21	Morgan Stanley & Co.		EUR	31,619,266	$	38,637,322	$	38,409,089	$	(228,233	)
1/14/21	Canadian Imperial Bank of Commerce		EUR	469,645		573,885		569,486		(4,399	)
1/14/21	Canadian Imperial Bank of Commerce		GBP	8,358,390		11,431,178		11,181,408		(249,770	)
Net unrealized depreciation on forward foreign currency exchange contracts to sell									$	(482,402	)

Currency Legend

EUR	–	Euro
GBP	–	British Pound Sterling

See accompanying Notes to the Financial Statements.

87

Barings Global Credit Income Opportunities Fund 2020 Semi-Annual Report

SCHEDULE OF INVESTMENTS

December 31, 2020 (Unaudited)

						SHARES		COST		FAIR VALUE
Equities — 1.0%*:
Common Stocks — 0.9%*:
Broadcasting and Entertainment — 0.0%*:
Technicolor SA(a)							14,662		$175		$32,582
Diversified/Conglomerate Service — 0.0%*:
Innovation Group(a),(b)							403,550		—		—
Finance — 0.0%*:
Travelex Topco Ltd.(a),(b)							3,672		—		—
Healthcare, Education and Childcare — 0.1%*:
Don Jersey Topco Ltd.(a),(b)							257,069		171,459		272,445
MModal, Inc., Escrow rights(b)							4,725		10,631		3,213
Total Healthcare, Education and Childcare							261,794		182,090		275,658
Mining, Steel, Iron and Non-Precious Metals — 0.0%*:
Boomerang Tube LLC(b)							1,769		171,860		—
Oil and Gas — 0.4%*:
Fieldwood Energy LLC							3,698		129,430		—
Fieldwood Energy LLC							15,071		325,034		—
Jupiter Resources, Inc.(a),(b)							120,272		581,286		384,870
Kelly Topco Ltd.(a)							6,999		293,958		283,460
Total Oil and Gas							146,040		1,329,708		668,330
Retail Stores — 0.4%*:
Maxeda DIY B.V.(a),(b)							10,446		—		184,147
Maxeda DIY B.V.(a),(b)							18,859,871		373,738		460,803
Total Retail Stores							18,870,317		373,738		644,950
Total Common Stocks							19,701,804		2,057,571		1,621,520
Warrant — 0.1%*:
Finance — 0.1%*:
Travelex Topco Ltd.(a)							837		—		94,429
Total Equities							19,702,641		2,057,571		1,715,949
	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Fixed Income — 89.5%*:
Asset-Backed Securities — 8.4%*:
CDO/CLO — 8.4%*:
Alinea CLO 2018-1 Ltd., 3M USD LIBOR + 6.000%(c)		6.22	(d) %		7/20/2031		1,250,000		1,250,000		1,172,660
Anchorage Capital CLO 9 Ltd., 3M USD LIBOR + 4.000%(c)		4.24	(d)		7/15/2032		1,250,000		1,226,678		1,255,087

See accompanying Notes to the Financial Statements.

88

Barings Global Credit Income Opportunities Fund 2020 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE	DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (Continued)
CDO/CLO (continued)
Anchorage Capital CLO Ltd. 2015-6A ER, 3M USD LIBOR + 6.350%(c)	6.59(d)%		7/15/2030		500,000		$511,737		$477,591
Ares XLVIII CLO, 3M USD LIBOR + 5.200%(c)	5.42(d)		7/20/2030		800,000		800,000		741,570
Blackrock European CLO(a)	5.17		10/15/2031		725,000		804,216		846,670
BlueMountain CLO Ltd. 2014-1A(b),(c)	Zero Coupon		4/30/2026		250,000		244,225		—
Cairn CLO XI DAC, 3M EURIBOR + 4.150%(a),(c)	4.15(d)		7/15/2035		1,000,000		1,107,100		1,226,493
CBAM Ltd. 2017-3A E, 3M USD LIBOR + 6.500%(c)	6.72(d)		10/17/2029		750,000		750,000		715,240
CIFC Funding Ltd. 2017-5A D, 3M USD LIBOR + 6.100%(c)	6.32(d)		11/16/2030		500,000		500,000		486,089
Galaxy XXIV CLO Ltd. 2017-24A E, 3M USD LIBOR + 5.500%(c)	5.74(d)		1/15/2031		700,000		700,000		656,622
Madison Park Funding XIII Ltd. 2014-13A(c)	Zero Coupon		4/19/2030		500,000		432,661		249,108
Madison Park Funding XXVII Ltd., 3M USD LIBOR + 5.000%(c)	5.22(d)		4/20/2030		500,000		500,000		459,529
Madison Park Funding XXVIII Ltd., 3M USD LIBOR + 7.600%(c)	7.84(d)		7/15/2030		500,000		496,022		428,520
Magnetite VII Ltd.(c)	Zero Coupon		1/15/2028		1,898,734		1,494,460		946,042
Oak Hill Credit Partners X Ltd. 2014-10A(c)	Zero Coupon		12/12/2030		1,000,000		767,681		427,439
Steele Creek CLO Ltd. 2018-2A E, 3M USD LIBOR + 6.200%(c)	6.29(d)		8/18/2031		850,000		850,000		723,079
THL Credit Wind River CLO Ltd. 2017-4A E, 3M USD LIBOR + 5.800%(c)	6.02(d)		11/20/2030		500,000		500,000		463,256
THL Credit Wind River CLO Ltd. 2018-2A E, 3M USD LIBOR + 5.750%(c)	5.99(d)		7/15/2030		1,450,000		1,450,000		1,335,611
Wellfleet CLO 2018-1 Ltd., 3M USD LIBOR + 5.500%(c)	5.72(d)		7/17/2031		1,000,000		1,000,000		900,473
Wellfleet CLO Ltd. 2017-3A D, 3M USD LIBOR + 5.550%(c)	5.77(d)		1/17/2031		1,000,000		1,000,000		903,000
Total CDO/CLO					16,923,734		16,384,780		14,414,079
Total Asset-Backed Securities					16,923,734		16,384,780		14,414,079
Bank Loans — 37.2%*(e):
Aerospace and Defense — 0.6%*:
TransDigm Group, Inc., 1M LIBOR + 2.250%	2.40		5/31/2025		980,025		976,902		959,200
Automobile — 1.0%*:
BCA Marketplace plc, LIBOR – GBP + 4.750%(a)	4.84		11/13/2026		500,000		622,265		672,516
Panther BF Aggregator 2 LP, 1M LIBOR + 3.500%	3.65		4/30/2026		1,104,112		1,097,154		1,098,360
Total Automobile					1,604,112		1,719,419		1,770,876

See accompanying Notes to the Financial Statements.

89

Barings Global Credit Income Opportunities Fund 2020 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Beverage, Food and Tobacco — 1.4%*:
Deoleo S.A., EURIBOR + 4.000%(a)		5.00	%		6/24/2025		117,907		$132,946		$137,740
IRB Holding Corp., 6M LIBOR + 2.750%		3.75			2/2/2025		1,196,740		1,199,180		1,185,179
Winebow Group, Inc. (The), 1M LIBOR + 3.750%		4.75			7/1/2021		1,166,646		1,145,873		1,066,606
Total Beverage, Food and Tobacco							2,481,293		2,477,999		2,389,525
Broadcasting and Entertainment — 1.9%*:
Altice USA, Inc., 1M LIBOR + 2.500%		2.66			4/15/2027		994,988		963,524		984,620
Clear Channel Worldwide Holdings, Inc., 3M LIBOR + 3.500%		3.71			8/21/2026		1,546,217		1,464,244		1,485,466
Cox Media Group, 1M LIBOR + 4.250%		4.40			12/17/2026		259,934		258,824		259,853
Technicolor SA, EURIBOR + 6.000%(a)		12.00			6/30/2024		401,512		395,147		503,482
Total Broadcasting and Entertainment							3,202,651		3,081,739		3,233,421
Buildings and Real Estate — 0.2%*:
SRS Distribution, Inc., 1M LIBOR + 3.000%		3.15			5/23/2025		350,840		344,297		344,826
Chemicals, Plastics and Rubber — 1.6%*:
Flint Group GmbH, EURIBOR + 4.250%(a)		5.00			9/21/2023		182,572		216,338		209,472
Flint Group GmbH, EURIBOR + 0.750%(a)		5.75			9/21/2023		1,418,101		1,678,811		1,627,039
Gemini HDPE LLC, 3M LIBOR + 3.000%		3.50			12/28/2027		113,189		112,058		112,341
Novacap S.A., EURIBOR + 3.500%(a)		3.50			6/22/2023		500,000		580,478		600,747
Solenis Holdings LLC, 3M LIBOR + 4.000%		4.23			6/26/2025		240,940		239,385		240,398
Solenis Holdings LLC, 3M LIBOR + 8.500%		8.73			6/26/2026		47,145		46,175		46,830
Total Chemicals, Plastics and Rubber							2,501,947		2,873,245		2,836,827
Containers, Packaging and Glass — 1.8%*:
Albea Beauty Holdings S.A., 3M LIBOR + 3.000%(a)		4.00			4/22/2024		67,078		67,032		63,137
Berry Global Group, Inc., 1M LIBOR + 2.000%		2.15			7/1/2026		586,193		587,021		582,751
CCP Lux Holding S.a. r.l., EURIBOR + 4.250%(a)		4.25			1/10/2025		374,946		395,394		425,417
Graham Packaging Co. Inc., 1M LIBOR + 3.750%		4.50			8/4/2027		182,249		180,961		182,683
Mauser Packaging Solutions, 3M LIBOR + 3.250%		3.48			4/3/2024		1,302,328		1,302,086		1,255,118
Reynolds Consumer Products LLC, 1M LIBOR + 1.750%		1.90			2/4/2027		101,023		100,913		100,266
Trident TPI Holdings, Inc., 3M LIBOR + 3.000%		4.00			10/17/2024		493,639		484,791		486,343
Total Containers, Packaging and Glass							3,107,456		3,118,198		3,095,715
Diversified/Conglomerate Manufacturing — 1.1%*:
Alliance Laundry Systems LLC, 3M LIBOR + 3.500%		4.25			10/8/2027		42,521		42,210		42,468
Alstom Auxiliary Components (Arvos), 3M LIBOR + 4.500%(a)		5.50			8/29/2021		628,740		621,646		509,279
Amer Sports Oyj, EURIBOR + 4.500%(a)		4.50			3/30/2026		600,000		667,823		697,352
LTI Holdings, Inc., 1M LIBOR + 3.500%		3.65			9/6/2025		742,787		732,453		719,976
Total Diversified/Conglomerate Manufacturing							2,014,048		2,064,132		1,969,075

See accompanying Notes to the Financial Statements.

90

Barings Global Credit Income Opportunities Fund 2020 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Diversified/Conglomerate Service — 3.8%*:
Cvent, Inc., 1M LIBOR + 3.750%		3.90	%		11/29/2024		994,879		$869,613		$955,084
EAB Global, Inc., 3M LIBOR + 3.750%, 6M LIBOR + 3.750%		4.75			11/15/2024		106,885		106,589		105,884
Finastra USA, Inc., 6M LIBOR + 3.500%		4.50			6/13/2024		813,142		814,655		795,611
Greeneden U.S. Holdings II, LLC, 1M LIBOR + 4.000%		4.75			12/1/2027		127,952		126,683		128,072
Hyland Software, Inc., 1M LIBOR + 3.500%		4.25			7/1/2024		979,950		972,715		981,038
Informatica LLC, 1M LIBOR + 3.250%		3.40			2/25/2027		368,482		366,858		365,029
Informatica LLC, 1M LIBOR + 7.125%		7.13			2/25/2025		133,523		132,966		135,626
Innovation Group plc (The), EURIBOR + 5.000%(a)		5.07			4/9/2024		58,196		75,910		31,833
Innovation Group plc (The), EURIBOR + 6.000%(a)		6.00			4/10/2024		254,731		286,611		62,238
Innovation Group plc (The), EURIBOR + 8.000%(a)		8.00			4/9/2024		150,773		104,597		206
Internet Brands, Inc, 1M LIBOR + 3.500%		3.65			9/13/2024		980,945		970,428		966,604
Mitchell International, Inc., 1M LIBOR + 3.250%		3.40			11/29/2024		984,810		929,278		965,734
TMF Group Holding B.V., EURIBOR + 6.875%(a)		6.88			5/4/2026		500,000		542,170		588,426
Ultimate Software Group, Inc. (The), 3M LIBOR + 4.000%		4.75			5/4/2026		371,219		366,119		372,863
Total Diversified/Conglomerate Service							6,825,487		6,665,192		6,454,248
Ecological — 0.0%*:
GFL Environmental Inc., 3M LIBOR + 3.000%(a)		3.50			5/31/2025		66,895		66,932		66,923
Electronics — 2.4%*:
Ahead DB Borrower, LLC, 3M LIBOR + 5.000%		6.00			10/13/2027		238,495		228,097		234,097
Ivanti Software, Inc., 1M LIBOR + 4.750%		5.75			12/1/2027		530,916		523,028		529,090
Omnitracs, Inc., 1M LIBOR + 2.750%		2.90			3/21/2025		955,733		957,192		934,028
Renaissance Holding Corp., 1M LIBOR + 3.250%		3.40			5/30/2025		473,766		474,759		464,808
RP Crown Parent LLC, 1M LIBOR + 3.000%		4.00			2/2/2026		712,917		709,611		711,135
Sophia, LP, 3M LIBOR + 3.750%		4.50			10/7/2027		116,192		115,347		116,274
Tibco Software Inc., 1M LIBOR + 3.750%		3.90			6/30/2026		995,000		963,798		974,165
Tibco Software Inc., 1M LIBOR + 7.250%		7.40			3/3/2028		146,643		145,983		147,864
Total Electronics							4,169,662		4,117,815		4,111,461
Finance — 0.5%*:
Deerfield Dakota Holding LLC, 1M LIBOR + 8.000%		9.00			4/7/2028		410,077		404,478		416,229
Tempo Acquisition LLC, 1M LIBOR + 2.750%		2.90			5/1/2024		484,055		485,238		479,819
Total Finance							894,132		889,716		896,048
Healthcare, Education and Childcare — 5.9%*:
Advanz Pharma Corp., 1M LIBOR + 5.500%(a)		6.50			9/6/2024		1,766,750		1,753,018		1,723,465
Aenova Holding GmbH, EURIBOR + 5.000%(a)		5.00			3/6/2025		500,000		537,361		613,225
Auris Luxembourg III Sarl, EURIBOR + 4.000%(a)		4.00			2/27/2026		1,000,000		1,101,892		1,185,978

See accompanying Notes to the Financial Statements.

91

Barings Global Credit Income Opportunities Fund 2020 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Healthcare, Education and Childcare (Continued)
Change Healthcare Holdings LLC, 3M LIBOR + 2.500%		3.50	%		3/1/2024		620,348		$617,833		$616,935
Fugue Finance B.V., EURIBOR + 3.250%(a)		3.25			9/1/2024		750,000		850,489		902,842
LifePoint Health, 1M LIBOR + 3.750%		3.90			11/16/2025		413,275		415,649		411,676
Lifescan Global Corp., 3M LIBOR + 6.000%		6.23			10/1/2024		162,882		159,818		154,738
Ortho-Clinical Diagnostics SA, 1M LIBOR + 3.250%		3.40			6/30/2025		664,472		664,683		654,172
Parexel International Corp., 1M LIBOR + 2.750%		2.90			9/27/2024		827,677		819,777		812,547
Radiology Partners, Inc., 1M LIBOR + 4.250%		4.40-5.29			7/9/2025		1,000,000		925,754		981,880
Rodenstock GmbH, EURIBOR + 5.250%(a)		5.25			6/15/2026		500,000		557,847		603,190
Synlab Bondco plc, EURIBOR + 3.750%(a)		3.75			7/31/2027		500,000		596,593		609,616
Tunstall Group Holdings Ltd., EURIBOR + 5.000%(a)		5.00			6/30/2025		282,314		332,128		334,542
U.S. Anesthesia Partners, Inc., 6M LIBOR + 3.000%		4.00			6/23/2024		491,058		492,022		479,165
Total Healthcare, Education and Childcare							9,478,776		9,824,864		10,083,971
Home and Office Furnishings, Housewares, and Durable Consumer Products — 0.8%*:
Hilding Anders International AB, 6M EURIBOR + 5.000%(a)		5.75			11/30/2024		504,105		460,127		437,634
Serta Simmons Bedding LLC, 1M LIBOR + 7.500%		8.50			8/10/2023		1,071,060		1,071,059		962,037
Total Home and Office Furnishings, Housewares, and Durable Consumer Products							1,575,165		1,531,186		1,399,671
Hotels, Motels, Inns and Gaming — 2.7%*:
Caesars Entertainment Corp., 1M LIBOR + 4.500%		4.65			7/21/2025		250,080		243,248		250,158
Caesars Resort Collection LLC, 1M LIBOR + 2.750%		2.90			12/23/2024		1,469,697		1,461,916		1,440,126
Casper BidCo SAS, 6M EURIBOR + 3.875%(a)		3.88			7/30/2026		500,000		543,083		565,343
Compass IV Ltd., 6M EURIBOR + 4.250%(a)		4.25			4/30/2025		500,000		599,829		592,720
HNVR Holdco Ltd., 6M EURIBOR + 4.250%(a)		4.25			9/12/2023		1,000,000		967,585		1,091,850
Richmond UK Bidco Ltd., LIBOR – GBP + 4.250%(a)		4.34			3/3/2024		550,000		672,175		706,998
Total Hotels, Motels, Inns and Gaming							4,269,777		4,487,836		4,647,195
Insurance — 2.1%*:
Acrisure LLC, 1M LIBOR + 3.500%		3.65			2/15/2027		497,494		475,551		487,027
AssuredPartners Capital, Inc., 1M LIBOR + 3.500%		3.65			2/12/2027		966,247		970,468		950,845
Asurion LLC, 1M LIBOR + 3.000%		3.15			11/3/2023		662,268		640,607		655,367

See accompanying Notes to the Financial Statements.

92

Barings Global Credit Income Opportunities Fund 2020 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Insurance (Continued)
Confie Seguros Holding II Co., 3M LIBOR + 8.500%		8.73	%		10/31/2025		464,527		$457,051		$415,027
Ryan Specialty Group, LLC, 1M LIBOR + 3.250%		4.00			9/1/2027		151,595		149,423		151,026
Sedgwick Claims Management Services, Inc., 1M LIBOR + 3.250%		3.40			12/31/2025		980,000		964,065		963,262
Total Insurance							3,722,131		3,657,165		3,622,554
Leisure, Amusement, Entertainment — 3.2%*:
AMC Entertainment Holdings, Inc., PRIME + 2.000%, 2M LIBOR + 3.000%		3.23			4/22/2026		986,309		789,682		630,991
Crown Finance US, Inc., 6M LIBOR + 2.500%		2.77-3.50			2/28/2025		1,222,837		1,202,989		825,219
Dorna Sports, S.L., 6M LIBOR + 3.500%(a)		3.76			5/3/2024		400,000		400,000		388,000
Golden Entertainment, Inc., 1M LIBOR + 3.000%		3.75			10/20/2024		432,061		395,491		421,328
Metro-Goldwyn-Mayer, Inc., 1M LIBOR + 4.500%		5.50			7/3/2026		893,847		887,652		889,378
Motion Finco Sarl, 1M LIBOR + 3.25%(a)		3.47			11/12/2026		498,749		475,060		480,047
Playtika Holding Corp., 3M LIBOR + 6.000%		7.00			12/10/2024		554,167		545,427		556,877
PUG LLC, 1M LIBOR + 3.500%		3.65			2/12/2027		369,135		367,519		351,295
Vacalians Group, EURIBOR + 4.000%(a)		4.00			12/4/2025		500,000		481,309		521,950
Vue International Bidco plc, EURIBOR + 4.750%(a)		4.75			6/30/2026		423,797		474,020		438,591
Total Leisure, Amusement, Entertainment							6,280,902		6,019,149		5,503,676
Machinery Non-Agriculture, Non-Construction, Non-Electronic — 0.6%*:
Apex Tool Group, LLC, 1M LIBOR + 5.250%		6.50			8/1/2024		62,345		61,461		61,506
Husky Injection Molding Systems Ltd., 6M LIBOR + 3.000%(a)		3.27			3/28/2025		959,457		960,193		933,618
Total Machinery Non-Agriculture, Non-Construction, Non-Electronic							1,021,802		1,021,654		995,124
Mining, Steel, Iron and Non-Precious Metals — 0.0%*:
Boomerang Tube, LLC, 1M LIBOR + 5.000%(b)		5.16			6/30/2022		128,814		128,814		5,153
Oil and Gas — 0.6%*:
Fieldwood Energy LLC, 1M LIBOR + 7.250%(f)		7.25			4/11/2023		885,631		598,211		204
Gulf Finance LLC, 1M LIBOR + 5.250%		6.25			8/25/2023		1,265,326		1,224,935		951,259
Total Oil and Gas							2,150,957		1,823,146		951,463
Personal and Non-Durable Consumer Products Mfg. Only — 0.4%*:
Coty Inc., 1M LIBOR + 2.250%		2.40			4/7/2025		734,578		713,273		690,504
Personal Transportation — 0.0%*:
Bahia De Las Isletas, S.L., EURIBOR + 2.500%, EURIBOR + 7.500%(a)		2.50-7.50			4/30/2021		22,423		25,604		26,846

See accompanying Notes to the Financial Statements.

93

Barings Global Credit Income Opportunities Fund 2020 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Printing and Publishing — 0.1%*:
Houghton Mifflin Harcourt Publishing Co., 1M LIBOR + 6.250%		7.25	%		11/19/2024		106,320		$102,989		$101,846
Retail Stores — 1.0%*:
Bass Pro Group, LLC, 1M LIBOR + 5.000%		5.75			9/25/2024		482,317		480,284		483,181
Harbor Freight Tools USA, Inc., 1M LIBOR + 3.250%		4.00			10/19/2027		767,459		759,606		766,178
Kirk Beauty One GmbH, 3M EURIBOR + 3.500%(a)		3.50			8/12/2022		500,001		546,283		543,304
Total Retail Stores							1,749,777		1,786,173		1,792,663
Telecommunications — 3.5%*:
Banff Merger Sub, Inc., 1M LIBOR + 4.250%		4.40			10/2/2025		1,042,431		1,011,569		1,036,916
CommScope, Inc., 1M LIBOR + 3.250%		3.40			4/6/2026		987,500		987,500		978,859
Eagle Broadband Investments LLC, 3M LIBOR + 3.000%		3.75			11/12/2027		159,556		157,961		159,258
ION Trading Technologies Sarl, 3M EURIBOR + 3.250%		4.25			11/21/2024		1,073,619		1,235,193		1,309,540
ION Trading Technologies Sarl, 3M LIBOR + 4.000%		5.00			11/21/2024		279,142		274,771		278,146
Lorca Finco plc, 6M EURIBOR + 4.250%(a)		4.25			9/17/2027		500,000		580,402		611,717
Syniverse Technologies, Inc., 3M LIBOR + 5.000%		6.00			3/9/2023		194,576		193,723		175,307
Syniverse Technologies, Inc., 3M LIBOR + 9.000%		10.00			3/11/2024		153,729		152,501		99,716
Virgin Media SFA Finance Ltd., 1M GBP LIBOR + 3.250%(a)		3.28			1/15/2027		1,000,000		1,211,938		1,333,601
Total Telecommunications							5,390,553		5,805,558		5,983,060
Total Bank Loans							64,830,523		65,322,997		63,931,871
Corporate Bonds — 43.9%*:
Aerospace and Defense — 1.7%*:
Heathrow Finance plc(a)		4.38			3/1/2027		100,000		117,775		136,490
Heathrow Finance plc(a)		5.25			3/1/2024		100,000		127,946		142,118
Rolls-Royce plc(a)		3.38			6/18/2026		500,000		605,092		680,570
Rolls-Royce plc(a)		4.63			2/16/2026		100,000		117,545		131,938
Triumph Group, Inc.		5.25			6/1/2022		875,000		873,970		833,437
Triumph Group, Inc.(c)		6.25			9/15/2024		308,000		308,000		304,920
Triumph Group, Inc.		7.75			8/15/2025		750,000		784,928		685,313
Total Aerospace and Defense							2,733,000		2,935,256		2,914,786
Automobile — 3.2%*:
AA Bond Co. Ltd.(a)		5.50			7/31/2022		1,300,000		1,655,390		1,721,539
Clarios Global LP/Clarios US Finance Co.(c)		8.50			5/15/2027		1,000,000		1,031,602		1,086,409

See accompanying Notes to the Financial Statements.

94

Barings Global Credit Income Opportunities Fund 2020 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Automobile (Continued)
Ford Motor Co.		7.45	%		7/16/2031		500,000		$584,494		$641,250
Ford Motor Co.		8.50			4/21/2023		569,000		567,496		640,415
Ford Motor Co.		9.63			4/22/2030		127,000		154,887		179,229
Gates Global LLC/Gates Global Co.(c)		6.25			1/15/2026		550,000		528,072		577,500
RAC Bond Co. plc(a)		5.00			11/6/2022		257,000		349,792		350,586
Schaeffler AG(a)		3.38			10/12/2028		200,000		235,690		268,763
Total Automobile							4,503,000		5,107,423		5,465,691
Banking — 1.8%*:
Alpha Bank AE, 5 year EUR Swap + 4.504%(a)		4.25	(d)		2/13/2030		275,000		301,895		314,039
Emirates NBD Bank PJSC, 6 year USD Swap + 5.702%(a)		6.13	(d)		1/9/2169		454,000		454,000		490,320
India Infoline Finance Ltd.(a)		5.88			4/20/2023		805,000		803,778		772,800
Nova Ljubljanska Banka dd, 5 year EUR Swap + 3.833%(a)		3.65	(d)		11/19/2029		700,000		770,700		769,640
Piraeus Bank SA, 5 year EUR Swap + 5.774%(a)		5.50	(d)		2/19/2030		688,000		748,200		621,336
Piraeus Group Finance plc, 5 year EUR Swap + 9.952%(a)		9.75	(d)		6/26/2029		100,000		94,010		107,323
Total Banking							3,022,000		3,172,583		3,075,458
Beverage, Food and Tobacco — 2.2%*:
Boparan Finance plc(a)		7.63			11/30/2025		200,000		265,420		276,098
Eurotorg LLC Via Bonitron DAC(a)		9.00			10/22/2025		482,000		482,000		515,788
Foodco Bondco SA(a)		6.25			5/15/2026		100,000		111,292		108,727
JBS USA Food Co.(c)		5.50			1/15/2030		586,000		585,478		673,173
JBS USA LUX SA/JBS USA Finance, Inc.(c)		5.75			6/15/2025		344,000		348,597		355,180
JBS USA LUX SA/JBS USA Finance, Inc.(c)		6.75			2/15/2028		500,000		500,000		561,750
Sunshine Mid BV(a)		6.50			5/15/2026		600,000		726,330		760,111
Ulker Biskuvi Sanayi AS(a)		6.95			10/30/2025		494,000		494,000		533,876
Total Beverage, Food and Tobacco							3,306,000		3,513,117		3,784,703
Broadcasting and Entertainment — 2.8%*:
Altice USA, Inc.(c)		5.75			1/15/2030		455,000		471,911		498,794
Banijay Group SAS(a)		6.50			3/1/2026		750,000		828,337		918,070
Clear Channel Worldwide Holdings, Inc.		9.25			2/15/2024		192,000		194,125		194,400
Cox Media Group(c)		8.88			12/15/2027		376,000		376,000		414,540
DISH Network Corp.		3.38			8/15/2026		750,000		689,434		714,924
Netflix, Inc.		3.63			6/15/2030		500,000		569,318		693,457
Outfront Media, Inc.(c)		6.25			6/15/2025		298,000		298,000		314,390
Tele Columbus AG(a)		3.88			5/2/2025		900,000		974,846		1,101,462
Total Broadcasting and Entertainment							4,221,000		4,401,971		4,850,037
Buildings and Real Estate — 1.7%*:
China Aoyuan Group Ltd.(a)		5.98			8/18/2025		652,000		651,547		682,219
Kaisa Group Holdings Ltd.(a)		9.95			7/23/2025		1,000,000		1,000,173		977,500

See accompanying Notes to the Financial Statements.

95

Barings Global Credit Income Opportunities Fund 2020 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Buildings and Real Estate (Continued)
Sunac China Holdings Ltd.(a)		6.50	%		1/10/2025		790,000		$790,000		$811,725
Taylor Morrison Communities, Inc.(c)		5.13			8/1/2030		265,000		265,000		296,800
Ukraine Railways Via Shortline plc(a)		9.88			9/15/2021		100,000		101,071		102,250
Total Buildings and Real Estate							2,807,000		2,807,791		2,870,494
Cargo Transport — 0.8%*:
Kenan Advantage Group, Inc. (The)(c)		7.88			7/31/2023		1,367,000		1,367,000		1,367,000
Chemicals, Plastics and Rubber — 0.9%*:
Braskem Idesa SAPI(a)		7.45			11/15/2029		750,000		747,639		703,125
Consolidated Energy Finance SA(c)		6.88			6/15/2025		874,000		890,779		886,017
Total Chemicals, Plastics and Rubber							1,624,000		1,638,418		1,589,142
Containers, Packaging and Glass — 1.1%*:
Plastipak Holdings, Inc.(c)		6.25			10/15/2025		711,000		711,000		732,330
Trident TPI Holdings, Inc.(c)		9.25			8/1/2024		1,125,000		1,144,333		1,198,125
Total Containers, Packaging and Glass							1,836,000		1,855,333		1,930,455
Diversified/Conglomerate Manufacturing — 0.4%*:
Amsted Industries, Inc.(c)		4.63			5/15/2030		422,000		422,000		442,045
Mangrove Luxco III Sarl(a)		7.78			10/9/2025		300,000		315,751		313,720
Total Diversified/Conglomerate Manufacturing							722,000		737,751		755,765
Diversified/Conglomerate Service — 2.1%*:
Centurion Bidco SpA(a)		5.88			9/30/2026		300,000		347,155		377,032
EIG Investors Corp.		10.88			2/1/2024		352,000		362,376		364,144
Iron Mountain, Inc.(c)		5.25			7/15/2030		554,000		552,560		598,320
Summer BC Holdco A Sarl(a)		9.25			10/31/2027		315,368		389,409		406,383
Verisure Midholding AB(a)		5.75			12/1/2023		1,500,000		1,756,823		1,851,716
Total Diversified/Conglomerate Service							3,021,368		3,408,323		3,597,595
Electronics — 1.0%*:
Veritas US, Inc./Veritas Bermuda Ltd.(c)		7.50			9/1/2025		225,000		229,071		230,906
Veritas US, Inc./Veritas Bermuda Ltd.(c)		10.50			2/1/2024		1,419,000		1,433,048		1,440,285
Total Electronics							1,644,000		1,662,119		1,671,191
Farming and Agriculture — 0.3%*:
Kernel Holding SA(a)		6.75			10/27/2027		458,000		458,000		486,625
Finance — 4.3%*:
Alliance Data Systems Corp.(c)		4.75			12/15/2024		1,500,000		1,501,445		1,515,000
Cabot Financial Luxembourg SA		7.50			10/1/2023		286,677		411,388		398,577
Ford Motor Credit Co. LLC		4.13			8/17/2027		247,000		247,000		258,733
Global Aircraft Leasing Co. Ltd.(c)		6.50			9/15/2024		2,072,500		2,072,500		1,849,706

See accompanying Notes to the Financial Statements.

96

Barings Global Credit Income Opportunities Fund 2020 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Finance (Continued)
Icahn Enterprises LP/Icahn Enterprises Finance Corp.		4.75	%		9/15/2024		540,000		$548,603		$560,925
Icahn Enterprises LP/Icahn Enterprises Finance Corp.		6.75			2/1/2024		1,162,000		1,162,000		1,181,731
OneMain Finance Corp.		5.38			11/15/2029		438,000		438,000		492,750
Travelex Financing plc(a),(b),(f)		8.00			5/15/2022		1,050,000		1,178,949		—
Travelex Issuerco Ltd.(a)		12.50			8/5/2025		459,000		504,026		1,129,829
Total Finance							7,755,177		8,063,911		7,387,251
Healthcare, Education and Childcare — 3.2%*:
Advanz Pharma Corp.(a)		8.00			9/6/2024		500,000		480,808		505,000
Bausch Health Cos., Inc.(c)		8.50			1/31/2027		415,000		421,063		461,550
Bausch Health Cos., Inc.(c)		9.00			12/15/2025		165,000		163,392		182,152
Bausch Health Cos., Inc.(c)		5.00			1/30/2028		204,000		204,000		210,230
Bausch Health Cos., Inc.(c)		5.00			2/15/2029		281,000		281,000		288,924
Bausch Health Cos., Inc.(c)		5.25			1/30/2030		200,000		200,000		210,000
Bausch Health Cos., Inc.(c)		5.25			2/15/2031		208,000		208,000		217,302
Centene Corp.		4.25			12/15/2027		285,000		282,880		302,100
Centene Corp.		4.63			12/15/2029		605,000		616,555		671,677
Cream Tech(a)		5.25			12/15/2025		450,000		514,306		559,638
Endo Pharmaceuticals, Inc.(c)		7.50			4/1/2027		708,000		708,000		768,180
Nidda BondCo GmbH(a)		7.25			9/30/2025		500,000		580,935		632,204
Tenet Healthcare Corp.(c)		6.13			10/1/2028		400,000		400,000		416,792
Total Healthcare, Education and Childcare							4,921,000		5,060,939		5,425,749
Home and Office Furnishings, Housewares, and Durable Consumer Products — 0.9%*:
LSF9 Balta Issuer Sarl(a)		7.75			9/15/2022		453,600		525,351		524,237
Resideo Funding, Inc.(c)		6.13			11/1/2026		1,000,000		999,609		1,052,500
Total Home and Office Furnishings, Housewares, and Durable Consumer Products							1,453,600		1,524,960		1,576,737
Hotels, Motels, Inns and Gaming — 1.4%*:
Caesars Resort Collection LLC/CRC Finco, Inc.(c)		5.25			10/15/2025		301,000		272,587		304,188
Caesars Resort Collection LLC/CRC Finco, Inc.(c)		5.75			7/1/2025		214,000		214,000		226,750
Scientific Games International, Inc.(c)		8.63			7/1/2025		400,000		399,356		438,000
TVL Finance plc, 3M GBP LIBOR + 5.375%(a)		5.42	(d)		7/15/2025		500,000		632,787		604,844
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.(c)		5.50			3/1/2025		464,000		442,540		484,300
Wynn Macau Ltd.(a),(c)		5.13			12/15/2029		270,000		270,000		275,737
Total Hotels, Motels, Inns and Gaming							2,149,000		2,231,270		2,333,819

See accompanying Notes to the Financial Statements.

97

Barings Global Credit Income Opportunities Fund 2020 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Leisure, Amusement, Entertainment — 1.1%*:
AMC Entertainment Holdings, Inc.(c)		10.50	%		4/24/2026		142,000		$142,000		$95,850
AMC Entertainment Holdings, Inc.(c)		12.00			6/15/2026		1,229,393		1,620,973		270,466
Caesars Entertainment, Inc.(c)		6.25			7/1/2025		382,000		382,000		406,830
Caesars Entertainment, Inc.(c)		8.13			7/1/2027		279,000		279,000		308,859
Carnival Corp.		7.63			3/1/2026		150,000		177,893		193,858
CPUK Finance Ltd.(a)		4.88			8/28/2025		100,000		119,817		136,050
CPUK Finance Ltd.(a)		6.50			8/28/2026		100,000		129,880		142,045
Live Nation Entertainment, Inc.(c)		6.50			5/15/2027		133,000		133,000		148,763
Merlin Entertainments(a)		7.00			5/15/2025		100,000		125,558		128,579
Total Leisure, Amusement, Entertainment							2,615,393		3,110,121		1,831,300
Machinery Non-Agriculture, Non-Construction, Non-Electronic — 0.6%*:
Apex Tool Group LLC/BC Mountain Finance, Inc.(c)		9.00			2/15/2023		578,000		576,286		566,440
Briggs & Stratton Corp.(f)		6.88			12/15/2020		514,000		510,268		38,550
Diebold Nixdorf Dutch Holding BV		9.00			7/15/2025		350,000		410,411		463,922
Total Machinery Non-Agriculture, Non-Construction, Non-Electronic							1,442,000		1,496,965		1,068,912
Mining, Steel, Iron and Non-Precious Metals — 3.9%*:
CSN Islands XI Corp.(a)		6.75			1/28/2028		800,000		800,000		866,000
First Quantum Minerals Ltd.(a),(c)		6.50			3/1/2024		1,006,000		969,691		1,033,665
First Quantum Minerals Ltd.(a)		6.88			10/15/2027		719,000		719,000		780,115
Freeport-McMoRan, Inc.		4.63			8/1/2030		881,000		881,000		966,897
Metinvest BV(a)		7.65			10/1/2027		286,000		281,631		311,025
Metinvest BV(a)		8.50			4/23/2026		200,000		211,723		223,500
Northwest Acquisitions ULC(a),(c),(f)		7.13			11/1/2022		1,227,000		1,242,919		8,282
SunCoke Energy Partners LP(c)		7.50			6/15/2025		608,000		602,334		603,562
Vedanta Resources Ltd.(a)		6.38			7/30/2022		1,075,000		630,064		951,039
Warrior Met Coal, Inc.(c)		8.00			11/1/2024		840,000		848,920		858,900
Total Mining, Steel, Iron and Non-Precious Metals							7,642,000		7,187,282		6,602,985
Oil and Gas — 3.2%*:
Borets International Ltd.(a)		6.00			9/17/2026		531,000		531,000		554,258
Cenovus Energy, Inc.(a)		6.75			11/15/2039		61,000		60,850		80,648
CVR Energy, Inc.(c)		5.25			2/15/2025		552,000		552,000		532,680
CVR Energy, Inc.(c)		5.75			2/15/2028		573,000		573,000		542,917
EnLink Midstream Partners LP		5.60			4/1/2044		206,000		159,186		165,315
Hilcorp Energy I LP/Hilcorp Finance Co.(c)		6.25			11/1/2028		1,000,000		1,000,000		1,021,250
KCA Deutag UK Finance plc(a),(b)		9.88			12/1/2025		349,975		349,977		363,099
Occidental Petroleum Corp.		5.88			9/1/2025		153,000		153,000		162,945
Occidental Petroleum Corp.		6.13			1/1/2031		221,000		221,000		236,514
Occidental Petroleum Corp.		6.38			9/1/2028		157,000		157,000		165,635
PBF Holding Co. LLC/PBF Finance Corp.		7.25			6/15/2025		778,000		797,953		504,327

See accompanying Notes to the Financial Statements.

98

Barings Global Credit Income Opportunities Fund 2020 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Oil and Gas (Continued)
PBF Holding Co. LLC/PBF Finance Corp.(c)		9.25	%		5/15/2025		161,000		$161,399		$158,730
PT Medco Bell Pte Ltd.(a)		6.38			1/30/2027		435,000		429,632		443,918
Targa Resources Partners LP/Targa Resources Partners Finance Corp.(c)		4.88			2/1/2031		251,000		251,000		273,487
Tullow Oil plc(a)		6.25			4/15/2022		200,000		83,568		159,000
Tullow Oil plc(a)		7.00			3/1/2025		300,000		100,174		199,500
Total Oil and Gas							5,928,975		5,580,739		5,564,223
Personal Transportation — 0.2%*:
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.(c)		6.50			6/20/2027		237,000		234,208		254,775
Naviera Armas S.A., 3M EURIBOR + 6.500%(a)		6.50	(d)		7/31/2023		250,000		288,580		142,111
Total Personal Transportation							487,000		522,788		396,886
Personal, Food and Miscellaneous — 0.3%*:
Walnut Bidco plc(a)		6.75			8/1/2024		397,000		441,643		502,891
Printing and Publishing — 0.2%*:
IPD 3 BV(a)		5.50			12/1/2025		200,000		237,560		251,661
Retail Stores — 1.1%*:
Arabian Centres Sukuk Ltd.(a)		5.38			11/26/2024		500,000		500,000		505,400
Future Retail Ltd.(a)		5.60			1/22/2025		950,000		849,259		804,234
House of Fraser Funding plc(a),(f)		5.95			9/15/2020		150,000		217,107		6,154
Takko Luxembourg 2 SCA, 3M EURIBOR + 5.375%(a)		5.38	(d)		11/15/2023		200,000		247,259		217,415
Takko Luxembourg 2 SCA(a)		5.38			11/15/2023		350,000		381,189		383,041
Total Retail Stores							2,150,000		2,194,814		1,916,244
Telecommunications — 2.8%*:
DKT Finance ApS(a)		7.00			6/17/2023		1,500,000		1,692,243		1,884,455
HTA Group Ltd.(a)		7.00			12/18/2025		623,000		619,791		670,114
IHS Netherlands Holdco BV(a),(c)		8.00			9/18/2027		750,000		739,256		808,125
Sprint Capital Corp.		6.88			11/15/2028		800,000		786,290		1,054,784
ViaSat, Inc.(c)		6.50			7/15/2028		327,000		327,000		353,883
Total Telecommunications							4,000,000		4,164,580		4,771,361
Utilities — 0.7%*:
Techem Verwaltungsgesellschaft 674 mbH(a)		6.00			7/30/2026		1,000,000		1,153,903		1,279,801
Total Corporate Bonds							73,405,513		76,036,560		75,268,762
Total Fixed Income							155,159,770		157,744,337		153,614,712
Total Investments							174,862,411		159,801,908		155,330,661
Other assets and liabilities – 9.5%*											16,262,818
Net Assets – 100.0%											$171,593,479

See accompanying Notes to the Financial Statements.

99

Barings Global Credit Income Opportunities Fund 2020 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (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	61.3%
United Kingdom	9.5%
Germany	6.1%
France	2.5%
Denmark	2.0%
India	1.6%
Spain	1.6%
China	1.6%
Sweden	1.5%
Ireland	1.3%
Netherlands	1.3%
Zambia	1.2%
Other (Individually less than 1%)	8.5%
Total	100.0%

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

(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, 2020.

(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, 2020. 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.

(f) Defaulted security.

See accompanying Notes to the Financial Statements.

100

Barings Global Credit Income Opportunities Fund 2020 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

A summary of outstanding derivatives at December 31, 2020 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
1/14/21	Canadian Imperial Bank of Commerce		EUR	836,965	$	1,022,734	$	1,016,647	$	6,087
1/14/21	Bank of America N.A.		GBP	1,500,000		2,051,444		2,006,789		44,656
Net unrealized appreciation on forward foreign currency exchange contracts to buy									$	50,743

Forward Foreign Currency Exchange Contracts to Sell

EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED DEPRECIATION
1/14/21	Barclays Bank plc		EUR	28,579,393	$	34,922,734	$	34,714,266	$	(208,468	)
1/14/21	Citibank N.A.		EUR	239,375		292,505		290,306		(2,199	)
1/14/21	Canadian Imperial Bank of Commerce		GBP	8,319,202		11,377,583		11,130,814		(246,769	)
Net unrealized depreciation on forward foreign currency exchange contracts to sell									$	(457,436	)

EUR	Euro
GBP	British Pound Sterling

See accompanying Notes to the Financial Statements.

101

Barings Active Short Duration Bond Fund 2020 Semi-Annual Report

SCHEDULE OF INVESTMENTS

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Fixed Income — 88.3%*:
Asset-Backed Securities — 32.4%*:
CDO/CLO — 6.1%*:
Affirm Asset Securitization Trust 2020-A(a)		2.10	%		2/18/2025		5,141,000		$5,140,425		$5,167,834
Affirm Asset Securitization Trust 2020-Z1(a)		3.46			10/15/2024		1,475,481		1,475,354		1,498,719
Bain Capital Credit CLO 2020-2 Ltd., 3M USD LIBOR + 1.850%(a)		2.07	(b)		7/21/2031		2,250,000		2,250,000		2,256,827
Bain Capital Credit CLO Ltd. 2016-2, 3M USD LIBOR + 1.800%(a)		2.04	(b)		1/15/2029		1,500,000		1,500,000		1,500,000
Benefit Street Partners CLO X Ltd., 3M USD LIBOR + 1.750%(a)		1.99	(b)		1/15/2029		2,200,000		2,200,000		2,199,991
BlueMountain CLO 2013-1 Ltd., 3M USD LIBOR + 1.230%(a)		1.45	(b)		1/20/2029		2,446,918		2,446,918		2,446,911
CBAM 2018-6 Ltd., 3M USD LIBOR + 1.270%(a)		1.51	(b)		1/15/2031		2,500,000		2,500,000		2,500,108
Cedar Funding IX CLO Ltd., 3M USD LIBOR + 0.980%(a)		1.20	(b)		4/20/2031		600,000		592,679		597,950
CIFC Funding 2015-IV Ltd., 3M USD3M USD LIBOR + 1.850%(a)		2.07	(b)		10/20/2027		1,900,000		1,898,126		1,900,181
Elmwood CLO II Ltd., 3M USD LIBOR + 1.450%(a)		1.67	(b)		4/20/2031		1,650,000		1,650,000		1,651,452
FCI Funding 2019-1 LLC(a)		3.63			2/18/2031		300,455		300,410		305,119
GoldentTree Loan Management US CLO 1 Ltd., 3M USD LIBOR + 1.450%(a)		1.67	(b)		4/20/2029		1,250,000		1,250,000		1,245,120
HPS Loan Management 15-2019 Ltd., 3M USD LIBOR + 1.320%(a)		1.54	(b)		7/22/2032		1,000,000		996,592		1,000,558
KKR CLO 28, Ltd., 3M USD LIBOR + 1.140%(a)		1.36	(b)		3/15/2031		700,000		692,048		698,217
KREF Ltd. 2018-FL1 AS, 1M USD LIBOR + 1.350%(a)		1.50	(b)		6/15/2036		2,380,000		2,380,000		2,374,152
Lunar AirCraft 2020-1 Ltd.(a)		3.38			2/15/2045		811,725		811,716		766,628
Magnetite XVIII Ltd., 3M USD LIBOR + 1.080%(a)		1.30	(b)		11/15/2028		355,000		354,268		354,505
Milos CLO Ltd., 3M USD LIBOR + 1.070%(a)		1.29	(b)		10/20/2030		2,100,000		2,100,000		2,088,811
Navient Private Education Refi Loan Trust 2020-B(a)		2.77			1/15/2069		4,400,000		4,459,250		4,465,784
Neuberger Berman CLO XX Ltd. 2015-20A BR, 3M USD LIBOR + 1.250%(a)		1.49	(b)		1/15/2028		2,600,000		2,590,485		2,579,400
Neuberger Berman Loan Advisers CLO 24 Ltd., 3M USD LIBOR + 1.500%(a)		1.72	(b)		4/19/2030		500,000		500,000		499,302
OCP CLO 2020-19 Ltd., 3M USD LIBOR + 1.750%(a)		2.07	(b)		7/20/2031		2,250,000		2,250,000		2,257,727
OCP CLO Ltd. 2015-8A A2AR, 3M USD LIBOR + 1.450%(a)		1.67	(b)		4/17/2027		900,000		900,000		899,838
Palmer Square CLO 2015-1 Ltd., 3M USD LIBOR + 1.650%(a)		1.86	(b)		5/21/2029		700,000		700,000		700,027
Recette CLO Ltd., 3M USD LIBOR + 1.700%(a)		1.92	(b)		10/20/2027		1,034,000		1,032,706		1,032,916

See accompanying Notes to the Financial Statements.

102

Barings Active Short Duration Bond Fund 2020 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (Continued)
CDO/CLO (Continued)
Rockford Tower CLO 2017-1 Ltd., 3M USD LIBOR + 1.450%(a)		1.69	(b)%		4/15/2029		850,000		$850,000		$841,888
Rockford Tower CLO 2017-2 Ltd., 3M USD LIBOR + 1.500%(a)		1.74	(b)		10/15/2029		1,250,000		1,250,000		1,247,339
Rockford Tower CLO Ltd. 2017-3, 3M USD LIBOR + 1.190%(a)		1.41	(b)		10/20/2030		1,750,000		1,740,533		1,750,014
RR 3 Ltd. Series 2018-3 A A1R2, 3M USD LIBOR + 1.090%(a)		1.33	(b)		1/15/2030		1,625,000		1,619,844		1,620,598
RR 6 Ltd., 3M USD LIBOR + 1.250%(a)		1.49	(b)		4/15/2030		625,000		622,087		625,011
Salem Fields CLO Ltd. 2016-2, 3M USD LIBOR + 1.150%(a)		1.36	(b)		10/25/2028		2,000,000		1,999,101		2,000,008
TICP CLO XI Ltd.(a)		1.40	(b)		10/20/2031		1,600,000		1,591,243		1,600,005
Treman Park CLO Ltd. 2015-1A ARR, 3M USD LIBOR + 1.070%(a)		1.29	(b)		10/20/2028		1,170,000		1,170,000		1,170,023
Total CDO/CLO							53,814,579		53,813,785		53,842,963
Other Asset-Backed Securities — 26.3%*:
321 Henderson Receivables II LLC 2006-3A A1, 1M USD LIBOR + 0.200%(a)		0.36	(b)		9/15/2041		76,379		74,501		74,220
AASET 2017-1 Trust(a)		3.97			5/16/2042		724,887		725,453		672,263
AASET 2020-1 Trust(a)		4.34			1/16/2040		783,605		783,589		671,943
AASET US Ltd. 2018-2 A(a)		4.45			11/18/2038		864,388		872,474		816,604
Access Group, Inc. 2015-1 B, 1M USD LIBOR + 1.500%(a)		1.65	(b)		7/25/2058		100,000		86,939		91,421
AccessLex Institute 2002-A A2, AUCTION		1.96	(b)		9/25/2037		400,000		392,696		399,053
Adams Outdoor Advertising LP(a)		4.81			11/15/2048		1,110,778		1,124,874		1,171,263
Affirm Asset Securitization Trust 2020-Z2(a)		1.90			1/15/2025		7,418,243		7,417,765		7,413,382
AmeriCredit Automobile Receivables Trust 2020-3		1.49			9/18/2026		339,000		338,885		339,461
Argent Securities, Inc. Asset-Backed Pass-Through Certificates 2004-W10 M1, 1M USD LIBOR + 0.900%		1.05	(b)		10/25/2034		176,438		162,969		169,831
Avis Budget Rental Car Funding AESOP LLC(a)		3.02			8/20/2026		5,598,000		5,595,880		5,452,027
Avis Budget Rental Car Funding AESOP LLC(a)		4.15			9/20/2023		1,200,000		1,221,428		1,197,205
Avis Budget Rental Car Funding AESOP LLC(a)		4.53			3/20/2023		2,607,000		2,656,630		2,650,955
Avis Budget Rental Car Funding AESOP LLC(a)		4.73			9/20/2024		2,080,000		2,163,641		2,145,094
BRE Grand Islander Timeshare Issuer LLC 2017-1A A(a)		2.94			5/25/2029		113,909		113,888		114,387
BRE Grand Islander Timeshare Issuer LLC 2017-1A B(a)		3.24			5/25/2029		93,808		93,798		93,867

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (Continued)
Other Asset-Backed Securities (Continued)
BRE Grand Islander Timeshare Issuer LLC 2019-A(a)		3.78	%		9/26/2033		922,904		$922,874		$933,030
Business Jet Securities 2020-1 LLC(a)		2.98			11/15/2035		1,033,892		1,033,877		1,047,833
Capital Automotive LLC 2017-1A A1(a)		3.87			4/15/2047		285,017		284,940		285,421
Carmax Auto Owner Trust 2019-2		3.41			10/15/2025		615,000		614,971		639,923
Carmax Auto Owner Trust 2019-4		2.80			4/15/2026		5,159,000		5,217,309		5,331,790
CarMax Auto Owner Trust 2020-4		1.75			4/15/2027		1,946,000		1,945,812		1,945,522
CARS-DB4 LP(a)		4.17			2/15/2050		2,189,000		2,188,076		2,279,469
Carvana Auto Receivables Trust 2019-4(a)		3.07			7/15/2025		3,547,000		3,546,960		3,673,122
Castlelake Aircraft Securitization Trust 2018-1(a)		4.13			6/15/2043		1,812,518		1,813,437		1,722,805
Castlelake Aircraft Securitization Trust 2019-1A(a)		3.97			4/15/2039		1,097,818		1,103,109		1,044,018
Castlelake Aircraft Securitization Trust 2019-1A(a)		5.10			4/15/2039		824,562		832,401		677,203
Centex Home Equity Loan Trust 2006-A AV4, 1M USD LIBOR + 0.250%		0.40	(b)		6/25/2036		9,022		8,850		8,964
CF Hippolyta LLC(a)		2.28			7/15/2060		399,885		399,740		406,071
Chase Education Loan Trust, 3M USD LIBOR + 0.220%		0.47	(b)		6/28/2040		574,916		546,207		520,372
CLI Funding VI LLC(a)		3.71			5/18/2044		946,315		946,315		965,009
College Avenue Student Loans LLC, 1M USD LIBOR + 1.650%(a)		1.80	(b)		11/26/2046		764,129		765,001		767,440
College Avenue Student Loans LLC(a)		3.81			12/28/2048		1,351,000		1,350,876		1,388,565
College Avenue Student Loans LLC 2018-A, 1M USD LIBOR + 1.200%(a)		1.35	(b)		12/26/2047		753,026		753,026		756,797
College Loan Corp. Trust I 2005-2 B, 3M USD LIBOR + 0.490%		0.73	(b)		1/15/2037		128,155		115,126		115,476
Commonbond Student Loan Trust 2017-A-GS(a)		3.47			5/25/2041		764,472		754,404		794,766
Commonbond Student Loan Trust 2017-A-GS(a)		5.28			5/25/2041		102,377		102,365		111,779
Commonbond Student Loan Trust 2018-A-GS(a)		3.82			2/25/2044		66,942		66,928		68,296
Commonbond Student Loan Trust 2018-BGS(a)		4.12			9/25/2045		75,437		75,428		76,799
Commonbond Student Loan Trust 2018-C-GS(a)		4.35			2/25/2046		45,801		45,797		46,850
Commonbond Student Loan Trust 2019-A-GS(a)		3.04			1/25/2047		1,514,291		1,513,918		1,533,857
Credit Suisse ABS Repackaging Trust 2013-A B(a)		2.50			1/25/2030		26,606		25,660		26,721
DB Master Finance LLC(a)		3.79			5/20/2049		935,163		935,163		953,400
DB Master Finance LLC(a)		4.02			5/20/2049		1,105,012		1,105,013		1,157,223
DB Master Finance LLC(a)		4.03			11/20/2047		972,500		941,295		1,032,717
Diamond Resorts Owner Trust 2018-1(a)		3.70			1/21/2031		258,610		258,610		270,081

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (Continued)
Other Asset-Backed Securities (Continued)
Domino’s Pizza Master Issuer LLC(a)		4.12	%		7/25/2048		645,150		$645,150		$675,979
DRB Prime Student Loan Trust 2016-R A2(a)		3.07			10/25/2044		364,558		363,935		369,435
Drive Auto Receivables Trust 2019-4		2.70			2/16/2027		1,983,000		1,982,959		2,042,412
Earnest Student Loan Program 2017-A LLC(a)		3.59			1/25/2041		447,336		447,018		453,716
EdLinc Student Loan Funding Trust 2017-A A, PRIME–1.150%(a)		3.60	(b)		12/1/2047		863,941		858,268		854,324
EDvestinU Private Education Loan Issue No 1 LLC(a)		3.58			11/25/2038		1,379,319		1,379,093		1,452,682
Elara HGV Timeshare Issuer 2016-A LLC(a)		3.22			4/25/2028		456,333		452,723		450,360
Elara HGV Timeshare Issuer LLC 2014-A B(a)		3.02	(c)		2/25/2027		6,107		6,074		6,100
Elara HGV Timeshare Issuer LLC 2016-A A(a)		2.73			4/25/2028		661,803		652,167		659,043
Elara HGV Timeshare Issuer LLC 2017-A(a)		2.96			3/25/2030		1,079,786		1,072,665		1,061,815
Elara HGV Timeshare Issuer LLC 2017-A A(a)		2.69			3/25/2030		193,995		193,982		193,383
Elara HGV Timeshare Issuer LLC 2019-A(a)		3.45			1/25/2034		2,153,869		2,153,381		2,115,685
ELFI Graduate Loan Program LLC 2018-A(a)		4.00			8/25/2042		305,730		300,124		317,983
Exeter Automobile Receivables Eart 2019 1A(a)		4.13			12/16/2024		7,435,000		7,679,661		7,750,918
Exeter Automobile Receivables Trust 2019-3(a)		3.11			8/15/2025		1,545,000		1,544,735		1,596,556
Flagship Credit Auto Trust 2017-4(a)		3.58			1/15/2024		3,500,000		3,560,913		3,600,876
Flagship Credit Auto Trust 2019-1(a)		3.60			2/18/2025		2,175,000		2,176,251		2,254,550
Global SC Finance II SRL 2014-1A A1(a),(d)		3.19			7/17/2029		111,083		111,066		110,528
Goal Capital Funding Trust 2010-1 A, 3M USD LIBOR + 0.700%(a)		0.91	(b)		8/25/2048		104,041		100,248		103,293
Goal Structured Solution Trust 2015-1 B, 1M USD LIBOR + 1.500%(a)		1.65	(b)		9/25/2043		100,000		77,907		92,468
Goodgreen 2019-2(a)		2.76			10/15/2054		2,051,941		2,051,941		2,120,866
Goodgreen Trust 2016-1 A(a)		3.23			10/15/2052		633,341		626,088		652,463
Goodgreen Trust 2018-1A A(a)		3.93			10/15/2053		2,803,849		2,834,952		2,988,975
Goodgreen Trust 2019-1(a)		3.86			10/15/2054		2,335,213		2,335,622		2,468,200
HERO Funding Trust 2015-1A A(a)		3.84			9/21/2040		371,175		377,336		392,332
HERO Funding Trust 2016-4A A1(a)		3.57			9/20/2047		173,893		173,828		182,310
HERO Funding Trust 2017-2A A1(a)		3.28			9/20/2048		66,196		66,188		68,402
HERO Funding Trust 2017-2A A2(a)		4.07			9/20/2048		52,011		53,228		54,236
HERO Funding Trust 2017-3A A1(a)		3.19			9/20/2048		437,658		437,519		450,797
HERO Funding Trust 2018-1(a)		4.67			9/20/2048		699,016		712,840		748,401
Hertz Fleet Lease Funding LP(a)		3.44			1/10/2033		2,625,000		2,624,617		2,675,189
Hertz Vehicle Financing II LP(a)		3.29			7/25/2022		1,000,000		993,705		996,671
Hertz Vehicle Financing II LP(a)		3.56			10/25/2021		2,300,000		2,294,377		2,295,558
Hertz Vehicle Financing II LP(a)		3.60			2/25/2024		3,200,000		3,256,968		3,199,874
Hertz Vehicle Financing II LP(a)		4.39			2/25/2024		3,000,000		2,692,446		2,965,020
Hertz Vehicle Financing LLC 2018-3(a)		4.37			7/25/2024		620,000		620,959		622,124
Higher Education Funding I 2004-1 B1, 28 day ARS(a)		3.41	(b)		1/1/2044		950,000		840,824		806,522
Hilton Grand Vacations Trust 2017-AA B(a)		2.96	(c)		12/26/2028		417,241		418,296		420,631
Hilton Grand Vacations Trust 2018-A(a)		3.54			2/25/2032		232,119		232,114		245,837
Hilton Grand Vacations Trust 2019-A(a)		2.84			7/25/2033		1,884,000		1,884,000		1,889,096

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (Continued)
Other Asset-Backed Securities (Continued)
Horizon Aircraft Finance I Ltd. 2018-1 A(a)		4.46	%		12/15/2038		443,817		$443,808		$428,693
Horizon Aircraft Finance III Ltd.(a)		3.43			11/15/2039		965,772		918,886		933,190
KDAC Aviation Finance Ltd.(a)		4.21			12/15/2042		1,005,567		1,002,878		906,981
Kestrel Aircraft Funding Ltd.(a),(d)		4.25			12/15/2038		3,337,308		3,398,573		3,090,879
Laurel Road Prime Student Loan Trust 2017-B CFX(a)		3.61			8/25/2042		235,506		235,473		240,754
Laurel Road Prime Student Loan Trust 2017-C B(a)		2.95			11/25/2042		271,253		271,156		278,412
Laurel Road Prime Student Loan Trust 2019-A(a)		3.00			10/25/2048		687,875		687,817		702,074
Lendmark Funding Trust 2018-1(a)		3.81			12/21/2026		630,000		629,975		637,755
MACH 1 Cayman 2019-1 Ltd.(a)		3.47			10/15/2039		1,370,111		1,370,068		1,323,589
Marlette Funding Trust 2019-2(a)		3.53			7/16/2029		976,000		975,836		997,897
Mosaic Solar Loan Trust 2018-2-GS(a)		4.20			2/22/2044		404,885		404,823		435,975
Mosaic Solar Loans LLC 2017-1A A(a)		4.45			6/20/2042		59,329		59,314		63,804
Navient Private Education Loan Trust 2018-B, 1M USD LIBOR + 0.720%(a)		0.88	(b)		12/15/2059		266,989		266,989		265,985
Navient Student Loan Trust 2015-1 B, 1M USD LIBOR + 1.500%		1.65	(b)		7/25/2052		1,100,000		1,096,007		1,042,033
Navient Student Loan Trust 2018-1A A3, 1M USD LIBOR + 0.720%(a)		0.87	(b)		3/25/2067		1,600,000		1,600,000		1,585,266
Navient Student Loan Trust 2018-2, 1M USD LIBOR + 0.750%(a)		0.90	(b)		3/25/2067		1,360,000		1,360,000		1,361,730
Navistar Financial Dealer Note Master Owner Trust II, 1M USD LIBOR + 0.950%(a)		1.10	(b)		5/25/2024		1,108,000		1,108,000		1,104,547
Navistar Financial Dealer Note Master Owner Trust II, 1M USD LIBOR + 1.450%(a)		1.60	(b)		5/25/2024		1,018,000		1,018,000		1,017,584
Nelnet Private Education Loan Trust 2016-A A1A, 1M USD LIBOR + 1.750%(a)		1.90	(b)		12/26/2040		83,438		83,438		83,863
Nelnet Private Education Loan Trust 2016-A A1B(a)		3.60			12/26/2040		100,139		100,071		102,048
Nelnet Student Loan Trust 2006-2 B, 3M USD LIBOR + 0.200%		0.41	(b)		1/25/2038		950,922		898,399		812,877
Nelnet Student Loan Trust 2006-3, 3M USD LIBOR + 0.250%		0.50	(b)		6/25/2041		1,513,112		1,421,410		1,289,765
Nelnet Student Loan Trust 2007-2, 28 day ARS(a)		2.97	(b)		6/25/2035		2,000,000		1,976,684		1,918,554
Nelnet Student Loan Trust 2012-4, 1M USD LIBOR + 1.000%(a)		1.15	(b)		7/26/2049		900,000		870,468		821,087
New Residential Advance Receivables Trust Advance Receivables Backed 2020-T1(a)		5.47			8/15/2053		1,651,000		1,651,000		1,656,865
NorthStar Student Loan Trust III 2016-1 A, 1M USD LIBOR + 1.250%(a)		1.40	(b)		5/27/2036		77,107		74,323		77,381
NovaStar Mortgage Funding Trust 2004-4 M5, 1M LIBOR + 1.725%		1.87	(b)		3/25/2035		136,134		136,134		135,853

See accompanying Notes to the Financial Statements.

106

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (Continued)
Other Asset-Backed Securities (Continued)
NP SPE II LLC(a)		2.57	%		9/20/2049		667,574		$667,574		$667,749
NP SPE II LLC 2017-1A A1(a)		3.37			10/21/2047		315,354		315,354		326,134
NRZ Advance Receivables Trust 2015-ON1(a)		2.46			10/15/2052		1,688,000		1,688,000		1,688,014
Oak Street Investment Grade Net Lease Fund Series 2020-1(a)		2.26			11/20/2050		1,654,000		1,653,819		1,665,595
OneMain Financial Issuance Trust 2019-2(a)		3.66			10/14/2036		2,400,000		2,399,509		2,477,492
Orange Lake Timeshare Trust 2016-A B(a)		2.91			3/8/2029		237,526		234,863		237,711
Orange Lake Timeshare Trust 2018-A(a)		3.74			11/8/2030		466,881		474,232		469,138
Orange Lake Timeshare Trust 2019-A(a)		4.93			4/9/2038		1,760,657		1,760,312		1,775,969
Oxford Finance Funding 2020-1 LLC(a)		3.10			2/15/2028		1,296,000		1,296,000		1,325,215
Oxford Finance Funding 2020-1 LLC(a)		4.04			2/15/2028		1,750,000		1,783,154		1,789,477
Pennsylvania Higher Education Assistance Agency		1.41			10/25/2042		800,000		789,449		796,008
Pioneer Aircraft Finance Ltd.(a),(d)		3.97			6/15/2044		957,937		957,937		910,014
Planet Fitness Master Issuer LLC(a)		4.26			9/5/2048		2,541,500		2,558,820		2,552,682
Popular ABS Mortgage Pass-Through Trust 2006-B A3, 1M USD LIBOR + 0.560%		0.71	(b)		5/25/2036		1,497		1,448		1,495
RAMP Series 2005-EFC1 Trust, 1M USD LIBOR + 0.975%		1.12	(b)		5/25/2035		2,300,000		2,297,143		2,293,612
Santander Drive Auto Receivables Trust 2020-4		1.48			1/15/2027		401,000		400,925		401,496
Santander Revolving Auto Loan Trust 2019-A(a)		2.80			1/26/2032		687,000		686,719		727,165
Santander Revolving Auto Loan Trust 2019-A(a)		3.00			1/26/2032		439,000		438,867		463,051
Santander Revolving Auto Loan Trust 2019-A(a)		3.45			1/26/2032		867,000		866,960		918,171
SBA Tower Trust(a)		2.84			1/15/2050		5,300,000		5,300,000		5,542,186
SBA Tower Trust(a)		3.87			10/15/2049		1,300,000		1,304,906		1,390,081
Sierra Receivables Funding Co LLC 2017-1A A(a)		2.91			3/20/2034		254,293		254,969		258,049
Sierra Timeshare 2016-2 Receivables Funding LLC(a)		2.78			7/20/2033		161,991		160,703		162,266
Sierra Timeshare 2018-3 Receivables Funding LLC(a)		5.20			9/20/2035		343,358		346,656		343,257
Sierra Timeshare 2019-1 Receivables Funding LLC(a)		3.77			1/20/2036		820,702		824,489		823,807
Sierra Timeshare 2019-1 Receivables Funding LLC(a)		4.75			1/20/2036		1,090,061		1,091,449		1,097,458
Sierra Timeshare 2019-3 Receivables Funding LLC(a)		3.00			8/20/2036		3,148,752		3,148,466		3,180,135
Sierra Timeshare 2019-3 Receivables Funding LLC(a)		4.18			8/20/2036		1,534,873		1,535,053		1,509,524
Sierra Timeshare 2020-2 Receivables Funding LLC(a)		3.51			7/20/2037		440,595		440,541		450,140
Sierra Timeshare Receivables Funding LLC 2019-2(a)		4.54			5/20/2036		1,409,985		1,414,159		1,412,553
SLC Student Loan Trust 2005-1 B, 3M USD LIBOR + 0.200%		0.42	(b)		2/15/2045		555,609		504,254		491,541

See accompanying Notes to the Financial Statements.

107

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (Continued)
Other Asset-Backed Securities (Continued)
SLC Student Loan Trust 2006-1, 3M USD LIBOR + 0.210%		0.43	(b)%		3/15/2055		1,960,224		$1,829,300		$1,739,297
SLC Student Loan Trust 2006-2 B, 3M USD LIBOR + 0.230%		0.45	(b)		12/15/2039		1,463,519		1,368,649		1,307,048
SLM Student Loan Trust 2003-11, 3M USD LIBOR + 0.650%		0.87	(b)		12/15/2038		823,522		785,815		770,384
SLM Student Loan Trust 2003-14 A6, 3M USD LIBOR + 0.300%		0.51	(b)		7/25/2025		21,006		20,566		20,936
SLM Student Loan Trust 2003-4 B, 3M USD LIBOR + 0.650%		0.87	(b)		6/15/2038		318,502		305,747		297,535
SLM Student Loan Trust 2004-1, 3M USD LIBOR + 0.500%		0.71	(b)		7/25/2039		459,368		438,378		424,488
SLM Student Loan Trust 2004-8, 3M USD LIBOR + 0.460%		0.67	(b)		1/25/2040		963,070		915,940		892,773
SLM Student Loan Trust 2005-4 B, 3M USD LIBOR + 0.180%		0.39	(b)		7/25/2055		615,920		551,830		559,081
SLM Student Loan Trust 2005-5, 3M USD LIBOR + 0.250%		0.46	(b)		10/25/2040		617,859		582,017		554,902
SLM Student Loan Trust 2005-6 B, 3M USD LIBOR + 0.290%		0.50	(b)		1/25/2044		1,791,198		1,678,150		1,597,580
SLM Student Loan Trust 2005-9, 3M USD LIBOR + 0.300%		0.51	(b)		1/25/2041		712,518		682,921		650,479
SLM Student Loan Trust 2006-2(e)		Zero Coupon			1/25/2041		3,956		1,621,960		2,175,800
SLM Student Loan Trust 2006-5 B, 3M USD LIBOR + 0.210%		0.42	(b)		10/25/2040		482,228		432,390		431,089
SLM Student Loan Trust 2006-7 B, 3M USD LIBOR + 0.200%		0.41	(b)		1/27/2042		476,861		445,070		429,550
SLM Student Loan Trust 2006-9 A5, 3M USD LIBOR + 0.100%		0.31	(b)		1/26/2026		3,108		3,060		3,107
SMB Private Education Loan Trust 2014-A(a)		4.00			9/15/2042		1,250,000		1,270,829		1,311,390
SMB Private Education Loan Trust 2014-A A2B, 1M USD LIBOR + 1.150%(a)		1.31	(b)		5/15/2026		111,908		112,459		112,101
SMB Private Education Loan Trust 2015-A A2B, 1M USD LIBOR + 1.000%(a)		1.16	(b)		6/15/2027		24,822		24,556		24,859
SMB Private Education Loan Trust 2015-A A3, 1M USD LIBOR + 1.500%(a)		1.66	(b)		2/17/2032		900,000		917,233		907,540
SMB Private Education Loan Trust 2015-C(a)		4.50			9/17/2046		1,710,000		1,753,197		1,868,483
SMB Private Education Loan Trust 2015-C A3, 1M USD LIBOR + 1.950%(a)		2.11	(b)		8/16/2032		700,000		726,329		716,973
SMB Private Education Loan Trust 2016-B A2B, 1M USD LIBOR + 1.450%(a)		1.61	(b)		2/17/2032		63,602		63,602		63,885
SMB Private Education Loan Trust 2016-C A2B, 1M USD LIBOR + 1.100%(a)		1.26	(b)		9/15/2034		152,490		152,490		153,911
SoFi Alternative Trust 2019-C(a),(e)		4.97			1/25/2045		2,666,123		2,754,579		2,875,960

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (Continued)
Other Asset-Backed Securities (Continued)
SoFi Consumer Loan Program 2020-1 Trust(a)		2.94	%		1/25/2029		4,000,000		$3,999,364		$4,004,868
SoFi Consumer Loan Program Trust 2019-3(a)		3.89			5/25/2028		2,766,000		2,767,800		2,866,463
SoFi Professional Loan Program 2017-C LLC(a)		4.21			7/25/2040		2,410,000		2,519,584		2,532,672
SoFi Professional Loan Program 2018-A LLC(a),(e)		Zero Coupon			2/25/2042		1,372,500		1,026,351		507,652
SoFi Professional Loan Program 2018-B Trust(a),(e)		Zero Coupon			8/26/2047		1,265,700		724,417		469,471
SoFi Professional Loan Program 2018-D Trust(a),(e)		Zero Coupon			2/25/2048		1,887,200		706,109		417,260
SoFi Professional Loan Program 2019-A LLC(a),(e)		Zero Coupon			6/15/2048		3,522,900		1,114,845		758,833
SoFi Professional Loan Program 2019-A LLC(a)		4.11			6/15/2048		870,000		876,441		922,705
SoFi Professional Loan Program LLC 2015-C A2(a)		2.51			8/25/2033		11,918		11,869		11,968
SoFi Professional Loan Program LLC 2016-B A1, 1M USD LIBOR + 1.200%(a)		1.35	(b)		6/25/2033		131,048		132,353		131,724
SoFi Professional Loan Program LLC 2016-D A1, 1M USD LIBOR + 0.950%(a)		1.10	(b)		1/25/2039		25,213		25,213		25,233
SoFi Professional Loan Program LLC 2017-D R1(a)		Zero Coupon			9/25/2040		1,233,700		759,656		357,107
SpringCastle America Funding LLC(a)		1.97			9/25/2037		3,435,423		3,435,255		3,456,426
Stack Infrastructure Issuer LLC(a)		1.89			8/25/2045		674,000		674,000		681,111
Store Master Funding I-VII A3(a)		4.40			10/20/2048		1,877,833		1,896,823		1,923,194
TAL Advantage VII LLC(a)		3.82			9/20/2045		2,531,750		2,531,191		2,523,243
Terwin Mortgage Trust 2006-5, 1M USD LIBOR + 0.210%(a)		0.36	(b)		7/25/2037		2,821,353		2,779,125		2,779,836
TLF National Tax Lien Trust 2017-1(a)		3.09			12/15/2029		901,896		897,496		908,000
Trafigura Securitisation Finance plc 2018-1, 1M USD LIBOR + 0.730%(a),(d)		0.89	(b)		3/15/2022		1,820,000		1,817,207		1,820,018
Trafigura Securitisation Finance plc 2018-1(a),(d)		4.29			3/15/2022		1,800,000		1,799,956		1,801,548
Trinity Rail Leasing 2019 LLC(a)		3.82			4/17/2049		2,119,347		2,118,319		2,216,495
TRIP Rail Master Funding LLC 2011-1A A2(a)		6.02			7/15/2041		1,248,118		1,326,740		1,271,099
TRIP Rail Master Funding LLC 2017-1A A1(a)		2.71			8/15/2047		49,985		49,985		50,048
Upstart Securitization Trust 2020-3(a)		1.70			11/20/2030		4,436,068		4,436,068		4,430,774
Vantage Data Centers LLC(a)		1.65			9/15/2045		2,475,000		2,475,000		2,491,962
VSE 2018-A Voi Mortgage LLC(a)		4.02			2/20/2036		225,541		225,515		221,709
Wachovia Student Loan Trust 2005-1 B, 3M USD LIBOR + 0.300%		0.51	(b)		10/25/2040		514,769		476,200		469,858
Welk Resorts LLC 2017-AA B(a)		3.41			6/15/2033		558,702		561,353		557,102
Westgate Resorts LLC 2017-1A A(a)		3.05			12/20/2030		122,138		122,138		123,458

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (Continued)
Other Asset-Backed Securities (Continued)
Westgate Resorts LLC 2018-1(a)		3.38	%		12/20/2031		308,761		$308,306		$313,693
Westlake Automobile Receivables Trust 2019-3(a)		3.59			3/17/2025		2,182,000		2,181,703		2,226,066
Willis Engine Structured Trust IV(a)		4.75			9/15/2043		1,044,505		1,058,574		901,438
Total Other Asset-Backed Securities							236,055,090		232,253,349		231,984,716
Total Asset-Backed Securities							289,869,669		286,067,134		285,827,679
Corporate Bonds — 41.4%*:
Agriculture — 1.2%*:
BAT Capital Corp.(d)		3.22			8/15/2024		3,115,000		3,139,414		3,372,368
Bunge Ltd. Finance Corp.		3.00			9/25/2022		1,840,000		1,828,502		1,910,253
Imperial Brands Finance plc(a),(d)		3.13			7/26/2024		2,677,000		2,747,311		2,866,928
Imperial Brands Finance plc(a),(d)		3.50			2/11/2023		1,347,000		1,350,016		1,410,150
Reynolds American, Inc.		4.45			6/12/2025		775,000		873,664		882,721
Total Agriculture							9,754,000		9,938,907		10,442,420
Airlines — 0.1%*:
Delta Air Lines, Inc. / SkyMiles IP Ltd.(a)		4.50			10/20/2025		755,000		755,000		806,989
Auto Manufacturers — 1.9%*:
Ford Motor Credit Co. LLC, 3M USD LIBOR + 0.810%		1.05	(b)		4/5/2021		1,135,000		1,135,000		1,130,137
Ford Motor Credit Co. LLC, 3M USD LIBOR + 1.235%		1.46	(b)		2/15/2023		985,000		985,000		950,557
Ford Motor Credit Co. LLC		3.09			1/9/2023		1,860,000		1,863,984		1,892,448
Ford Motor Credit Co. LLC		3.35			11/1/2022		2,485,000		2,492,261		2,528,487
Ford Motor Credit Co. LLC		5.09			1/7/2021		350,000		350,004		350,000
General Motors Co.		6.13			10/1/2025		815,000		969,321		988,570
General Motors Financial Co., Inc.		3.25			1/5/2023		3,942,000		3,916,023		4,133,614
Harley-Davidson Financial Services, Inc.(a)		3.35			6/8/2025		886,000		934,735		959,707
Hyundai Capital America(a)		2.38			2/10/2023		1,920,000		1,927,153		1,978,795
Hyundai Capital America(a)		2.85			11/1/2022		1,320,000		1,319,897		1,367,914
Nissan Motor Acceptance Corp.(a),(d)		1.90			9/14/2021		670,000		669,193		674,635
Total Auto Manufacturers							16,368,000		16,562,571		16,954,864
Beverages — 0.9%*:
Bacardi Ltd.(a),(d)		4.45			5/15/2025		3,304,000		3,654,483		3,687,307
Molson Coors Beverage Co.		2.10			7/15/2021		325,000		324,668		327,728
Molson Coors Beverage Co.		3.00			7/15/2026		2,595,000		2,756,047		2,828,996
Molson Coors Beverage Co.		3.50			5/1/2022		1,089,000		1,085,184		1,132,391
Total Beverages							7,313,000		7,820,382		7,976,422
Chemicals — 1.5%*:
Alpek SAB de CV(a),(d)		4.50			11/20/2022		1,679,000		1,745,100		1,773,968

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Chemicals (Continued)
DuPont de Nemours, Inc.		4.49	%		11/15/2025		2,960,000		$3,233,826		$3,455,356
LYB International Finance III LLC		1.25			10/1/2025		750,000		747,731		763,137
Nutrition & Biosciences, Inc.(a)		1.23			10/1/2025		1,495,000		1,495,000		1,510,868
RPM International, Inc.		3.45			11/15/2022		1,155,000		1,158,849		1,199,760
Syngenta Finance NV(a),(d)		3.93			4/23/2021		500,000		500,265		503,356
Syngenta Finance NV(a),(d)		4.44			4/24/2023		3,800,000		3,924,351		3,987,843
Syngenta Finance NV(a),(d)		4.89			4/24/2025		200,000		216,904		214,651
Total Chemicals							12,539,000		13,022,026		13,408,939
Commercial Banks — 9.1%*:
ABN AMRO Bank NV(a),(d)		4.75			7/28/2025		1,840,000		2,018,912		2,117,566
Banco Santander SA(d)		2.75			5/28/2025		1,600,000		1,600,000		1,708,040
Banco Santander SA(d)		3.50			4/11/2022		2,400,000		2,404,316		2,492,289
Bank of America Corp., 3M USD LIBOR + 0.930%		2.82	(b)		7/21/2023		9,545,000		9,593,839		9,911,824
Bank of Nova Scotia (The)(d)		4.50			12/16/2025		3,518,000		3,928,059		4,101,784
Barclays Bank plc, 3M USD LIBOR + 1.380%(d)		1.60	(b)		5/16/2024		1,235,000		1,229,993		1,251,648
Barclays Bank plc(a),(d)		10.18			6/12/2021		3,435,000		3,546,476		3,572,567
BPCE SA(a),(d)		5.70			10/22/2023		3,525,000		3,882,243		3,989,730
Burgan Bank SAK, 5 year CMT + 2.229%(d)		2.75	(b)		12/15/2031		2,000,000		2,000,000		1,986,800
Citigroup, Inc.		4.40			6/10/2025		4,840,000		5,318,732		5,533,602
Credit Suisse AG(a),(d)		6.50			8/8/2023		4,510,000		4,906,925		5,072,776
Danske Bank A/S(a),(d)		5.00			1/12/2022		1,990,000		2,036,155		2,077,477
Deutsche Bank AG, SOFRRATE + 2.159%(d)		2.22	(b)		9/18/2024		2,815,000		2,815,000		2,895,899
Discover Bank		4.20			8/8/2023		2,185,000		2,227,939		2,388,893
Goldman Sachs Group, Inc. (The)		4.25			10/21/2025		9,390,000		10,556,325		10,768,465
HSBC Holdings plc(d)		4.25			3/14/2024		3,615,000		3,784,474		3,988,586
HSBC Holdings plc(d)		4.25			8/18/2025		200,000		221,043		227,235
Mitsubishi UFJ Financial Group, Inc.(d)		2.67			7/25/2022		2,580,000		2,556,345		2,669,302
Morgan Stanley, SOFRRATE + 1.990%		2.19	(b)		4/28/2026		1,795,000		1,795,000		1,895,954
Morgan Stanley		4.10			5/22/2023		1,785,000		1,879,969		1,937,143
Societe Generale SA, 1 year CMT +1.100%(a),(d)		1.49	(b)		12/14/2026		2,211,000		2,211,000		2,230,532
Sumitomo Mitsui Financial Group, Inc.(d)		1.47			7/8/2025		1,440,000		1,440,000		1,474,761
Sumitomo Mitsui Financial Group, Inc.		2.45			9/27/2024		2,025,000		2,025,000		2,156,642
Sumitomo Mitsui Financial Group, Inc.(d)		3.75			7/19/2023		460,000		479,469		497,900
Synchrony Bank		3.00			6/15/2022		1,680,000		1,651,815		1,734,819
UBS Group AG(a),(d)		4.13			9/24/2025		1,500,000		1,632,562		1,717,587
Total Commercial Banks							74,119,000		77,741,591		80,399,821
Commercial Services — 0.7%*:
Adani Ports & Special Economic Zone Ltd.(a),(d)		3.38			7/24/2024		5,878,000		5,986,404		6,114,957

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Diversified Financial Services — 5.0%*:
AerCap Ireland Capital DAC / AerCap Global Aviation Trust(d)		2.88	%		8/14/2024		4,960,000		$4,964,544		$5,158,330
AerCap Ireland Capital DAC / AerCap Global Aviation Trust		4.50			9/15/2023		1,095,000		1,089,074		1,187,224
Africa Finance Corp.(d)		3.13			6/16/2025		3,898,000		4,020,970		4,019,812
Aircastle Ltd.		5.00			4/1/2023		4,871,000		5,024,105		5,192,021
Antares Holdings LP(a)		6.00			8/15/2023		2,160,000		2,209,719		2,202,818
Athene Global Funding(a)		2.75			6/25/2024		2,705,000		2,710,916		2,860,069
Avolon Holdings Funding Ltd.(a),(d)		2.88			2/15/2025		1,470,000		1,468,563		1,498,910
BGC Partners, Inc.		4.38			12/15/2025		1,475,000		1,472,311		1,560,208
Brookfield Finance LLC(d)		4.00			4/1/2024		2,275,000		2,332,652		2,497,238
Genpact Luxembourg Sarl		3.70			4/1/2022		2,175,000		2,181,819		2,217,638
Lazard Group LLC		3.75			2/13/2025		3,430,000		3,631,512		3,809,046
LeasePlan Corp. NV(a),(d)		2.88			10/24/2024		1,502,000		1,511,622		1,587,100
Park Aerospace Holdings Ltd.(a),(d)		5.25			8/15/2022		6,270,000		6,390,866		6,580,427
SPARC EM SPC Panama Metro Line 2 SP(a),(d)		Zero Coupon			12/5/2022		970,553		948,689		945,086
Synchrony Financial		2.85			7/25/2022		2,510,000		2,511,935		2,591,949
Total Diversified Financial Services							41,766,553		42,469,297		43,907,876
Electric — 1.5%*:
Alliant Energy Finance LLC(a)		1.40			3/15/2026		1,085,000		1,083,003		1,089,680
American Electric Power Co., Inc.		1.00			11/1/2025		1,970,000		1,965,554		1,993,446
Enel Finance International NV(a),(d)		2.88			5/25/2022		1,050,000		1,049,073		1,083,360
Entergy Corp.		4.00			7/15/2022		750,000		760,147		786,418
Entergy Texas, Inc.		2.55			6/1/2021		460,000		459,986		463,181
National Central Cooling Co. PJSC(d)		2.50			10/21/2027		2,519,000		2,491,125		2,547,339
Pacific Gas and Electric Co.		1.75			6/16/2022		4,070,000		4,071,098		4,081,486
Puget Energy, Inc.		6.00			9/1/2021		1,275,000		1,298,654		1,319,493
Total Electric							13,179,000		13,178,640		13,364,403
Gas — 0.3%*:
NiSource, Inc.		0.95			8/15/2025		2,790,000		2,783,582		2,806,852
Housewares — 0.4%*:
Newell Brands, Inc.		4.35			4/1/2023		3,749,000		3,816,645		3,932,289
Insurance — 2.3%*:
AmTrust Financial Services, Inc.		6.13			8/15/2023		3,245,000		3,306,492		3,204,539
Athene Global Funding(a)		2.50			1/14/2025		1,610,000		1,612,512		1,686,533
CNO Financial Group, Inc.		5.25			5/30/2025		2,720,000		3,103,599		3,157,313
Enstar Group Ltd.		4.50			3/10/2022		2,750,000		2,769,669		2,854,575
Jackson National Life Global Funding(a)		2.50			6/27/2022		2,475,000		2,469,019		2,553,198
Lincoln National Corp.		4.00			9/1/2023		472,000		477,422		514,846
Trinity Acquisition PLC		3.50			9/15/2021		2,662,000		2,665,075		2,709,690

See accompanying Notes to the Financial Statements.

112

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Insurance (Continued)
Unum Group		3.88	%		11/5/2025		2,625,000		$2,688,883		$2,908,617
Willis Towers Watson PLC		5.75			3/15/2021		370,000		371,743		373,726
Total Insurance							18,929,000		19,464,414		19,963,037
Investment Company Security — 1.6%*:
Ares Capital Corp.		4.20			6/10/2024		5,110,000		5,202,754		5,515,921
BlackRock TCP Capital Corp.		3.90			8/23/2024		3,630,000		3,597,949		3,792,775
BlackRock TCP Capital Corp.		4.13			8/11/2022		1,140,000		1,138,295		1,188,621
Sixth Street Specialty Lending, Inc.		3.88			11/1/2024		3,360,000		3,357,314		3,463,677
Total Investment Company Security							13,240,000		13,296,312		13,960,994
Iron/Steel — 1.7%*:
Reliance Steel & Aluminum Co.		1.30			8/15/2025		1,510,000		1,505,745		1,533,661
Severstal OAO Via Steel Capital SA(a),(d)		3.15			9/16/2024		5,878,000		6,058,816		6,146,184
Steel Dynamics, Inc.		2.40			6/15/2025		710,000		707,587		754,637
Steel Dynamics, Inc.		2.80			12/15/2024		1,070,000		1,069,358		1,150,346
Vale Overseas Ltd.(d)		6.25			8/10/2026		4,199,000		5,040,550		5,204,136
Total Iron/Steel							13,367,000		14,382,056		14,788,964
IT Services — 0.7%*:
Dell International LLC/EMC Corp.(a)		4.00			7/15/2024		2,472,000		2,533,276		2,725,693
Dell International LLC/EMC Corp.(a)		5.85			7/15/2025		1,155,000		1,284,626		1,386,943
Leidos, Inc.(a)		2.95			5/15/2023		1,635,000		1,629,773		1,720,195
Total IT Services							5,262,000		5,447,675		5,832,831
Lodging — 0.6%*:
Las Vegas Sands Corp.		3.20			8/8/2024		4,595,000		4,605,964		4,866,905
Marriott International, Inc.		5.75			5/1/2025		679,000		678,976		794,227
Total Lodging							5,274,000		5,284,940		5,661,132
Machinery-Diversified — 0.3%*:
CNH Industrial Capital LLC		1.95			7/2/2023		515,000		512,279		530,165
CNH Industrial Capital LLC		3.88			10/15/2021		1,110,000		1,113,703		1,136,063
CNH Industrial NV(d)		4.50			8/15/2023		900,000		908,023		981,348
Total Machinery-Diversified							2,525,000		2,534,005		2,647,576
Media — 0.8%*:
Sirius XM Radio, Inc.(a)		3.88			8/1/2022		1,898,000		1,894,613		1,926,470
ViacomCBS, Inc.		4.75			5/15/2025		4,075,000		4,655,381		4,731,005
Total Media							5,973,000		6,549,994		6,657,475
Mining — 0.5%*:
Glencore Finance Canada Ltd.(a),(d)		4.25			10/25/2022		484,000		493,802		515,543
Glencore Funding LLC(a),(d)		3.00			10/27/2022		730,000		729,177		757,257
Glencore Funding LLC(a),(d)		4.13			5/30/2023		1,880,000		1,909,434		2,033,126

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Mining (Continued)
Kinross Gold Corp.		5.13	%		9/1/2021		1,365,000		$1,377,672		$1,389,637
Total Mining							4,459,000		4,510,085		4,695,563
Oil and Gas — 2.0%*:
Cenovus Energy, Inc.(d)		3.00			8/15/2022		2,120,000		2,155,470		2,166,256
Continental Resources, Inc.		5.00			9/15/2022		988,000		991,482		989,482
EQT Corp.		3.00			10/1/2022		3,185,000		3,142,188		3,208,888
EQT Corp.		7.88			2/1/2025		1,660,000		1,694,404		1,890,325
Occidental Petroleum Corp.		5.50			12/1/2025		4,860,000		4,860,000		5,067,085
Ovintiv Exploration, Inc.		5.63			7/1/2024		2,375,000		2,575,899		2,543,944
Petroleos Mexicanos(d)		4.63			9/21/2023		2,045,000		2,048,619		2,120,409
Total Oil and Gas							17,233,000		17,468,062		17,986,389
Pharmaceuticals — 1.4%*:
AbbVie, Inc.		3.80			3/15/2025		1,925,000		2,061,795		2,146,718
Cardinal Health, Inc., 3M USD LIBOR + 0.770%		0.99	(b)		6/15/2022		3,085,000		3,084,783		3,106,935
McKesson Corp.		0.90			12/3/2025		2,925,000		2,923,877		2,939,621
Mylan, Inc.(a)		3.13			1/15/2023		1,920,000		1,891,375		2,015,333
Teva Pharmaceutical Finance Netherlands III B.V.(d)		2.20			7/21/2021		1,008,000		995,073		1,005,480
Viatris, Inc.(a)		1.65			6/22/2025		960,000		958,103		992,921
Total Pharmaceuticals							11,823,000		11,915,006		12,207,008
Pipelines — 1.4%*:
Energy Transfer Partners LP		4.20			9/15/2023		3,765,000		3,826,290		4,058,020
EnLink Midstream Partners LP		4.40			4/1/2024		2,020,000		2,013,884		1,993,275
EQM Midstream Partners LP		4.75			7/15/2023		2,250,000		2,284,873		2,365,830
Plains All American Pipeline LP / PAA Finance Corp.		3.60			11/1/2024		489,000		505,714		521,150
Plains All American Pipeline LP / PAA Finance Corp.		4.65			10/15/2025		3,405,000		3,692,856		3,806,721
Total Pipelines							11,929,000		12,323,617		12,744,996
Real Estate — 0.7%*:
Country Garden Holdings Co. Ltd.(d)		8.00			1/27/2024		5,503,000		5,951,525		5,939,801
Real Estate Investment Trusts — 2.3%*:
CubeSmart LP		4.38			12/15/2023		1,339,000		1,401,947		1,465,395
Essex Portfolio LP		3.50			4/1/2025		515,000		537,389		570,637
Essex Portfolio LP		3.88			5/1/2024		654,000		684,590		719,315
Federal Realty Investment Trust		1.25			2/15/2026		1,430,000		1,420,920		1,456,248
Host Hotels & Resorts LP		3.75			10/15/2023		4,080,000		4,218,036		4,308,038
Service Properties Trust		4.35			10/1/2024		2,175,000		2,245,557		2,147,813
Tanger Properties LP		3.75			12/1/2024		725,000		739,148		760,245
Tanger Properties LP		3.88			12/1/2023		1,890,000		1,917,288		1,963,061
Trust Fibra Uno(a),(d)		5.25			1/30/2026		2,772,000		3,005,000		3,108,971

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Real Estate Investment Trusts (Continued)
VEREIT Operating Partnership LP		4.60	%		2/6/2024		2,140,000		$2,210,797		$2,353,530
VEREIT Operating Partnership LP		4.63			11/1/2025		1,650,000		1,818,297		1,899,162
Total REITS							19,370,000		20,198,969		20,752,415
Retail — 0.9%*:
O’Reilly Automotive, Inc.		3.80			9/1/2022		284,000		284,298		297,273
O’Reilly Automotive, Inc.		3.85			6/15/2023		3,389,000		3,431,207		3,630,707
QVC, Inc.		4.38			3/15/2023		4,060,000		4,059,291		4,257,925
Total Retail							7,733,000		7,774,796		8,185,905
Semiconductors — 0.2%*:
Microchip Technology, Inc.(a)		0.97			2/15/2024		1,485,000		1,485,000		1,488,635
Storage/Warehousing — 0.4%*:
GLP China Holdings Ltd.(d)		4.97			2/26/2024		2,977,000		3,137,750		3,182,599
Telecommunications — 0.8%*:
Juniper Networks, Inc.		1.20			12/10/2025		700,000		699,834		708,329
Qwest Corp.		6.75			12/1/2021		2,480,000		2,559,511		2,594,452
Sprint Communications, Inc.		9.25			4/15/2022		1,005,000		1,072,427		1,098,847
Telefonaktiebolaget LM Ericsson(d)		4.13			5/15/2022		2,650,000		2,656,187		2,756,000
Total Telecommunications							6,835,000		6,987,959		7,157,628
Venture Capital — 0.2%*:
Hercules Capital, Inc.		4.63			10/23/2022		1,625,000		1,621,520		1,651,941
Total Corporate Bonds							343,752,553		354,408,730		365,620,721
Mortgage-Backed Securities — 13.9%*:
Angel Oak Mortgage Trust 2019-3(a)		3.24	(f)		5/25/2059		1,876,853		1,876,830		1,900,465
Angel Oak Mortgage Trust 2019-6(a)		3.39	(f)		11/25/2059		3,250,000		3,250,000		3,304,427
Angel Oak Mortgage Trust LLC 2020-5(a)		1.58	(f)		5/25/2065		1,594,974		1,594,974		1,602,969
Angel Oak Mortgage Trust LLC 2020-5(a)		2.04	(f)		5/25/2065		1,454,497		1,454,472		1,461,690
BAMLL Commercial Mortgage Securities Trust 2018-DSNY, 1M USD LIBOR + 1.350%(a)		1.51	(b)		9/15/2034		270,000		270,000		261,198
BAMLL Commercial Mortgage Securities Trust 2019-BPR(a)		3.89	(f)		11/5/2032		3,420,000		3,440,107		3,138,208
BHMS, 1M USD LIBOR + 1.500%(a)		1.66	(b)		7/15/2035		1,800,000		1,800,000		1,727,806
BHMS 2018-ATLS, 1M USD LIBOR + 1.250%(a)		1.41	(b)		7/15/2035		2,750,000		2,750,000		2,674,164
BX Commercial Mortgage Trust 2018-IND, 1M USD LIBOR + 1.300%(a)		1.46	(b)		11/15/2035		1,050,000		1,042,975		1,047,368
BX Commercial Mortgage Trust 2019-XL, 1M USD LIBOR + 1.800%(a)		1.96	(b)		10/15/2036		1,142,005		1,142,005		1,135,257
BX Commercial Mortgage Trust 2019-XL, 1M USD LIBOR + 2.000%(a)		2.16	(b)		10/15/2036		3,677,580		3,686,309		3,628,282

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Mortgage-Backed Securities (Continued)
BX Commercial Mortgage Trust 2020-BXLP, 1M USD LIBOR + 1.250%(a)		1.41	(b)%		12/15/2036		1,328,784		$1,315,123		$1,313,858
BX Commercial Mortgage Trust 2020-BXLP, 1M USD LIBOR + 1.600%(a)		1.76	(b)		12/15/2036		5,412,047		5,411,483		5,303,512
CAMB Commercial Mortgage Trust 2019-LIFE, 1M USD LIBOR + 2.150%(a)		2.31	(b)		12/15/2037		1,499,283		1,499,283		1,489,620
Citigroup Mortgage Loan Trust 2019-IMC1(a)		3.03	(f)		7/25/2049		1,208,790		1,208,216		1,233,518
Citigroup Mortgage Loan Trust 2019-IMC1(a)		3.17	(f)		7/25/2049		3,101,000		3,100,429		3,198,017
COMM 2015-CCRE22 Mortgage Trust		3.93	(f)		3/10/2048		1,650,000		1,640,561		1,776,954
COMM 2015-DC1 Mortgage Trust		4.04	(f)		2/10/2048		1,087,775		1,110,311		1,141,035
COMM 2020-SBX Mortgage Trust(a)		2.32	(f)		1/10/2038		6,200,000		6,354,511		6,355,510
COMM Mortgage Trust 2014-UBS2 B		4.70	(f)		3/10/2047		600,000		641,313		655,374
Connecticut Avenue Securities Trust 2019-R03, 1M USD LIBOR + 2.150%(a)		2.30	(b)		9/25/2031		1,216,120		1,223,222		1,212,001
Credit Suisse Mortgage Capital Certificates 2019-ICE4, 1M USD LIBOR + 1.600%(a)		1.76	(b)		5/15/2036		960,000		960,000		950,368
Credit Suisse Mortgage Capital Certificates 2019-ICE4, 1M USD LIBOR + 2.150%(a)		2.31	(b)		5/15/2036		4,000,000		3,976,302		3,976,533
Deephave Residential Mortgage Trust 2019-2(a)		3.92	(f)		4/25/2059		672,000		672,000		677,520
Deephaven Residential Mortgage Trust 2018-1(a)		3.03	(f)		12/25/2057		219,877		219,874		221,531
Deephaven Residential Mortgage Trust 2018-2(a)		3.68	(f)		4/25/2058		623,038		623,032		622,528
Deephaven Residential Mortgage Trust 2018-3(a)		3.96	(f)		8/25/2058		521,910		521,244		517,227
Deephaven Residential Mortgage Trust 2018-4(a)		4.29	(f)		10/25/2058		808,451		808,451		800,177
Deephaven Residential Mortgage Trust 2019-4(a)		3.48	(f)		10/25/2059		4,400,000		4,399,950		4,465,943
Federal Home Loan Mortgage Corp., SOFR30A + 0.900%(a)		0.98	(b)		12/25/2050		3,931,000		3,931,000		3,930,989
Federal Home Loan Mortgage Corp., 1M USD LIBOR + 1.500%(a)		1.65	(b)		6/25/2050		763,633		763,633		764,660
Federal Home Loan Mortgage Corp., SOFR30A + 2.800%(a)		2.88	(b)		10/25/2050		2,306,000		2,306,000		2,330,544
Federal Home Loan Mortgage Corp., 1M USD LIBOR + 3.000%(a)		3.15	(b)		6/25/2050		7,200,000		7,200,000		7,239,157
FWD Securitization Trust 2020-INV1(a)		2.85	(f)		1/25/2050		1,804,000		1,803,913		1,765,175
GS Mortgage Securities Trust 2016-GS2		4.71	(f)		5/10/2049		1,000,000		1,049,524		1,070,634
JP Morgan Chase Commercial Mortgage Securities Trust 2013-LC11		3.96	(f)		4/15/2046		1,015,000		1,002,970		900,953
JP Morgan Chase Commercial Mortgage Securities Trust 2018-LAQ, 1M USD LIBOR + 1.000%(a)		1.16	(b)		6/15/2032		4,847,574		4,845,565		4,787,209
JP Morgan Mortgage Trust 2017-6 A5(a)		3.50	(f)		12/25/2048		166,391		168,474		166,878

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Mortgage-Backed Securities (Continued)
JP Morgan Mortgage Trust 2018-1(a)		3.50	(f)%		6/25/2048		134,064		$135,110		$135,304
KNDL 2019-KNSQ Mortgage Trust, 1M USD LIBOR + 1.800%(a)		1.96	(b)		5/15/2036		865,000		865,000		860,759
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7		3.77	(f)		2/15/2046		1,340,000		1,370,632		1,347,542
Morgan Stanley Capital I Trust 2012-STAR(a)		3.93	(f)		8/5/2034		1,300,000		1,300,463		1,276,315
New Residential Mortgage Loan Trust 2019-A1(a)		3.60	(f)		4/25/2049		429,354		429,354		432,215
New Residential Mortgage Loan Trust 2019-A3(a)		3.75	(f)		4/25/2049		1,769,660		1,769,660		1,802,800
New Residential Mortgage Loan Trust 2019-NQM1(a)		3.93	(f)		1/25/2049		1,495,169		1,495,241		1,504,295
New Residential Mortgage Loan Trust 2020-NQM1(a)		3.21	(f)		1/26/2060		2,252,000		2,252,000		2,280,590
OBX 2020-INV1 Trust(a)		3.50	(f)		12/25/2049		2,294,808		2,336,001		2,345,682
One New York Plaza Trust 2020-1NYP, 1M USD LIBOR + 2.200%(a)		2.36	(b)		1/15/2026		2,787,000		2,787,000		2,787,835
One New York Plaza Trust 2020-1NYP, 1M USD LIBOR + 2.750%(a)		2.91	(b)		1/15/2026		1,874,000		1,874,000		1,874,556
PNMAC GMSR Issuer Trust 2018-GT1, 1M USD LIBOR + 2.850%(a)		3.00	(b)		2/25/2023		470,000		470,000		462,054
PSMC Trust(a)		3.50	(f)		2/25/2048		190,693		190,468		191,504
PSMC Trust 2018-2(a)		3.50	(f)		6/25/2048		103,152		101,545		103,167
Sequoia Mortgage Trust 2018-5(a)		3.50	(f)		5/25/2048		92,097		91,129		92,156
Shellpoint Co-Originator Trust 2016-1 2A3(a)		3.00	(f)		10/25/2031		367,808		370,893		374,166
Starwood Mortgage Residential Trust 2019-INV1(a)		2.92	(f)		9/27/2049		2,073,266		2,073,266		2,128,123
Starwood Mortgage Residential Trust 2020-1(a)		2.88	(f)		2/25/2050		4,700,000		4,699,873		4,700,751
Starwood Mortgage Residential Trust 2020-INV(a)		2.50	(f)		11/25/2055		2,500,000		2,499,913		2,505,256
TIAA Bank Mortgage Loan Trust 2018-2(a)		3.50	(f)		7/25/2048		51,173		50,701		51,267
Verus Securitization Trust 2018-INV2(a)		4.71	(f)		10/25/2058		2,501,899		2,546,746		2,553,594
Verus Securitization Trust 2019-4(a)		3.21	(f)		11/25/2059		1,750,000		1,750,000		1,763,573
Verus Securitization Trust 2019-INV2(a)		3.22	(f)		7/25/2059		2,074,692		2,074,667		2,135,268
Verus Securitization Trust 2019-INV3(a)		3.28	(f)		11/25/2059		1,462,000		1,461,966		1,496,473
Verus Securitization Trust 2020-1(a)		3.02	(f)		1/25/2060		4,646,000		4,646,000		4,661,839
Verus Securitization Trust 2020-4(a)		3.29	(f)		5/25/2065		2,348,000		2,337,023		2,407,253
Total Mortgage-Backed Securities							122,700,417		123,042,707		123,023,596
U.S. Treasury & Government Agencies — 0.6%*:
U.S. Treasury Bonds(g)		8.00			11/15/2021		5,000,000		5,264,184		5,339,844
Total Fixed Income							761,322,639		768,782,755		779,811,840

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

COUNTERPARTY		STRIKE PRICE		EXPIRATION DATE		CONTRACTS		NOTIONAL		COST		UNREALIZED VALUE			FAIR VALUE
Purchased Options — 0.1%*:
Call Option Purchased — 0.0%*:
OTC – BCM Swaption	JPMorgan Chase Bank N.A.		$2.44		12/13/2032		1,958,250		1,958,250		$98,255		$97,634			$195,889
Put Options Purchased — 0.1%*:
OTC – BCM Swaption	JPMorgan Chase Bank N.A.		2.94		12/13/2032		22,790,000		22,790,000		1,143,488		(455,171	)		688,317
OTC – BCM Swaption	JPMorgan Chase Bank N.A.		3.11		1/31/2033		7,500,000		7,500,000		358,500		(154,924	)		203,576
Total Put Options							30,290,000		30,290,000		1,501,988		(610,095	)		891,893

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Short-Term Investments — 9.8%*:
Commercial Paper — 9.8%*:
Automobiles — 1.3%*:
American Honda Finance		0.29	%		3/3/2021		5,000,000		$4,997,543		$4,997,543
Vw Credit Inc.(d)		0.25			1/14/2021		7,000,000		6,999,368		6,999,368
Total Automobiles							12,000,000		11,996,911		11,996,911
Chemicals — 0.6%*:
PPG Industries		0.43			8/2/2021		5,000,000		4,987,575		4,987,575
Commercial Banks — 0.6%*:
Standard Chartered Bank(d)		0.26			6/30/2021		5,000,000		4,993,500		4,993,500
Diversified Financial Services — 1.2%*:
Intercontinental Exchange		0.43			6/29/2021		5,000,000		4,989,558		4,989,558
Parker-Hannifin Corp.		0.27			2/4/2021		5,355,000		5,353,635		5,353,635
Total Diversified Financial Services							10,355,000		10,343,193		10,343,193
Electric — 0.7%*:
Entergy Corp.		0.31			3/9/2021		6,000,000		5,996,538		5,996,538
Energy Equipement and services — 0.7%*:
Suncor Energy, Inc.(d)		0.32			3/25/2021		6,000,000		5,995,573		5,995,573
Healthcare-Products — 0.7%*:
Agilent Tech, Inc.		0.26			1/11/2021		6,000,000		5,999,567		5,999,567
IT Services — 0.9%*:
Fidelity Natl Information Services		0.36			1/25/2021		7,800,000		7,798,180		7,798,180
Oil and Gas — 1.2%*:
FMC Tech, Inc.		0.27			2/5/2021		5,000,000		4,998,688		4,998,688
Spire, Inc.		0.27			2/2/2021		6,000,000		5,998,560		5,998,560
Total Oil and Gas							11,000,000		10,997,248		10,997,248

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Commercial Paper (Continued)
Retail — 0.8%*:
Walgreens Boots		0.33	%		1/29/2021		$7,000,000		$6,998,204		$6,998,204
Telecommunications — 1.1%*:
Telus Corp.(d)		0.30			6/16/2021		5,000,000		4,993,083		4,993,083
Vodafone Group Plc(d)		0.33			1/6/2021		5,000,000		4,999,771		4,999,771
Total Telecommunications							10,000,000		9,992,854		9,992,854
Total Commercial Paper							86,155,000		86,099,343		86,099,343
Total Short-Term Investments							86,155,000		86,099,343		86,099,343
Total Investments							879,725,889		856,482,341		866,998,965
Other assets and liabilities – 1.8%*											16,211,217
Net Assets – 100.0%											$883,210,182

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, 2020.

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

(d) 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	80.8%
United Kingdom	3.1%
Ireland	2.4%
Canada	2.3%
Switzerland	1.7%
Germany	1.1%
China	1.1%
Other (Individually less than 1%)	7.5%
Total	100.0%

(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.

(g) All or a portion of this security is held for open swaps collateral.

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

A summary of outstanding derivatives at December 31, 2020 is as follows:

Futures

TYPE	EXPIRATION DATE		CONTRACTS		NOTIONAL AMOUNT			POSITION		FAIR VALUE			UNREALIZED APPRECIATION (DEPRECIATION)
Short Futures
90 Day Euro Futures		03/15/21		5		(1,219,357	)		Short	$	(1,247,875	)	$	(28,518	)
90 Day Euro Futures		09/13/21		9		(2,195,179	)		Short		(2,246,175	)		(50,996	)
90 Day Euro Futures		03/14/22		8		(1,950,670	)		Short		(1,996,400	)		(45,730	)
90 Day Euro Futures		09/19/22		7		(1,706,136	)		Short		(1,746,412	)		(40,276	)
90 Day Euro Futures		03/13/23		6		(1,461,503	)		Short		(1,496,175	)		(34,672	)
90 Day Euro Futures		12/18/23		8		(1,946,870	)		Short		(1,990,300	)		(43,430	)
90 Day Euro Futures		12/16/24		22		(5,347,293	)		Short		(5,458,750	)		(111,457	)
U.S. 10-Year Ultra Bond		03/22/21		81		(12,742,088	)		Short		(12,665,109	)		76,979
U.S. 2-Year Treasury Note		03/31/21		610		(134,646,447	)		Short		(134,795,703	)		(149,256	)
U.S. 5-Year Treasury Note		03/31/21		1,723		(216,897,576	)		Short		(217,380,680	)		(483,104	)
Total Short Futures													$	(910,460	)

See accompanying Notes to the Financial Statements.

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Barings Diversified Income Fund 2020 Semi-Annual Report

SCHEDULE OF INVESTMENTS

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Fixed Income — 96.5%*:
Asset-Backed Securities — 40.9%*:
CDO/CLO — 21.4%*:
Ares LV CLO Ltd. 2020-55A B, 3M USD LIBOR + 2.500%(a)		2.74	(b)%		4/15/2031		750,000		$750,000		$752,588
Avery Point VII CLO Ltd., 3M USD LIBOR + 3.600%(a)		3.84	(b)		1/15/2028		500,000		500,000		497,508
Canyon CLO 2020-2 Ltd., 3M USD LIBOR + 1.450%(a)		1.66	(b)		10/15/2031		1,000,000		1,000,000		1,002,768
CBAM Ltd. 2019-10, 3M USD LIBOR + 2.050%(a)		2.27	(b)		4/20/2032		500,000		500,000		500,636
Crestline Denali CLO XIV Ltd., 3M USD LIBOR + 1.800%(a)		2.01	(b)		10/23/2031		250,000		250,000		246,704
Denali Capital CLO XI Ltd., 3M USD LIBOR + 1.650%(a)		1.87	(b)		10/20/2028		550,000		549,566		544,133
Eaton Vance CLO Ltd. 2013-1, 3M USD LIBOR + 2.800%(a)		3.04	(b)		1/15/2028		500,000		500,000		500,054
Eaton Vance CLO Ltd. 2019-1, 3M USD LIBOR + 1.950%(a)		2.19	(b)		4/15/2031		500,000		500,000		500,700
Elmwood CLO II Ltd., 3M USD LIBOR + 2.900%(a)		3.12	(b)		4/20/2031		750,000		750,000		751,816
Horizon Aircraft Finance II Ltd.(a)		4.70			7/15/2039		286,539		286,529		245,718
KREF 2018-FL1 Ltd., 1M USD LIBOR + 1.100%(a)		1.25	(b)		6/15/2036		400,000		385,743		399,322
KREF Ltd. 2018-FL1, 1M USD LIBOR + 2.550%(a)		2.70	(b)		6/15/2036		420,000		423,251		409,756
Magnetite XXVI Ltd. 2020-26A B, 3M USD LIBOR + 2.400%(a)		2.64	(b)		7/15/2030		750,000		750,000		753,799
OCP CLO 2020-19 Ltd., 3M USD LIBOR + 2.500%(a)		2.82	(b)		7/20/2031		500,000		500,000		502,069
OHA Credit Partners XI Ltd., 1M USD LIBOR + 2.150%(a)		2.37	(b)		1/20/2032		300,000		298,505		298,418
TCI-Flatiron CLO 2016-1 Ltd., 3M USD LIBOR + 2.200%(a)		1.00	(b)		1/17/2032		1,000,000		1,000,000		1,000,000
TICP CLO VI Ltd. 2016-2, 3M USD LIBOR + 3.300%(a)		3.54	(b)		1/15/2029		500,000		500,000		499,754
Verde CLO, 3M USD LIBOR + 1.900%(a)		2.14	(b)		4/15/2032		500,000		500,000		500,172
Total CDO/CLO							9,956,539		9,943,594		9,905,915
Other Asset-Backed Securities — 19.5%*:
AASET 2019-1 Trust(a)		3.84			5/15/2039		285,098		285,098		269,245
AASET 2020-1 Trust(a)		4.34			1/16/2040		489,753		489,743		419,964
Access Group, Inc. 2015-1 B, 1M USD LIBOR + 1.500%(a)		1.65	(b)		7/25/2058		100,000		86,939		91,421
Adams Outdoor Advertising LP(a)		4.81			11/15/2048		191,513		198,572		201,942
CARS-DB4 LP(a)		3.81			2/15/2050		249,896		258,888		255,843
CARS-DB4 LP(a)		4.17			2/15/2050		100,000		99,958		104,133
CLI Funding VI LLC(a)		4.64			5/18/2044		168,386		168,359		170,465

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Fixed Income (Continued)
Other Asset-Backed Securities (Continued)
College Avenue Student Loans LLC, 1M USD LIBOR + 1.650%(a)		1.80	(b)%		11/26/2046		133,723		$128,635		$134,302
College Loan Corp. Trust I 2005-2 B, 3M USD LIBOR + 0.490%		0.73	(b)		1/15/2037		67,281		60,441		60,625
College Loan Corp. Trust I 2017-1 B2, 28 day ARS		1.90	(b)		1/25/2047		45,000		38,967		44,108
Credit Suisse ABS Repackaging Trust 2013-A B(a)		2.50			1/25/2030		23,280		22,383		23,380
EdLinc Student Loan Funding Trust 2017-A A, PRIME—1.150%(a)		3.60	(b)		12/1/2047		44,305		44,014		43,811
EDvestinU Private Education Loan Issue No 1 LLC(a)		4.49			11/25/2043		277,000		276,812		291,815
Goodgreen Trust 2018-1A A(a)		3.93			10/15/2053		242,758		251,031		258,786
Goodgreen Trust 2019-2(a)		3.86			10/15/2054		262,669		262,628		274,153
Horizon Aircraft Finance I Ltd.(a)		5.27			12/15/2038		450,400		459,124		386,370
Kestrel Aircraft Funding Ltd.(a),(c)		4.25			12/15/2038		297,974		303,473		275,971
KeyCorp Student Loan Trust 2005-A, 3M USD LIBOR + 0.730%		0.98	(b)		9/27/2038		502,663		493,436		501,173
Labrador Aviation Finance Ltd. 2016-1A(a)		4.30			1/15/2042		190,725		191,229		180,263
Navient Student Loan Trust 2018-1B, 1M USD LIBOR + 1.200%(a)		1.35	(b)		3/25/2067		100,000		96,032		94,541
Nelnet Private Education Loan Trust 2016-A A1B(a)		3.60			12/26/2040		16,690		16,591		17,008
Nelnet Student Loan Trust 2006-2 B, 3M USD LIBOR + 0.200%		0.41	(b)		1/25/2038		175,268		165,137		149,824
Nelnet Student Loan Trust 2006-3, 3M USD LIBOR + 0.250%		0.50	(b)		6/25/2041		113,483		106,606		96,732
OneMain Financial Issuance Trust 2020-2(a)		2.21			9/14/2035		400,000		399,791		405,480
OneMain Financial Issuance Trust 2020-2(a)		2.76			9/14/2035		400,000		399,834		396,728
Oxford Finance Funding 2020-1 LLC(a)		3.10			2/15/2028		475,000		475,000		485,708
Oxford Finance Funding 2020-1 LLC(a)		4.04			2/15/2028		450,000		450,000		460,151
SLC Student Loan Trust 2005-1 B, 3M USD LIBOR + 0.200%		0.42	(b)		2/15/2045		68,997		60,197		61,041
SLM Student Loan Trust 2003-14, 3M USD LIBOR + 0.550%		0.76	(b)		10/25/2065		159,865		152,153		149,770
SLM Student Loan Trust 2004-1, 3M USD LIBOR + 0.500%		0.71	(b)		7/25/2039		149,720		139,245		138,352
SLM Student Loan Trust 2005-6 B, 3M USD LIBOR + 0.290%		0.50	(b)		1/25/2044		92,818		86,617		82,785
SLM Student Loan Trust 2006-5 B, 3M USD LIBOR + 0.210%		0.42	(b)		10/25/2040		87,360		77,694		78,096
SMB Private Education Loan Trust 2017-A B(a)		3.50			6/17/2041		225,000		233,199		234,386
Sofi Consumer Loan Program 2018-1 Trust(a)		3.97			2/25/2027		550,000		558,574		562,527
SoFi Professional Loan Program LLC 2017-A C(a)		4.43			3/26/2040		100,000		99,523		105,407
South Carolina Student Loan Corp. 2014-1 B, 1M USD LIBOR + 1.500%		1.65	(b)		8/1/2035		100,000		98,868		101,200
Store Master Funding I-VII(a)		3.96			10/20/2048		239,253		250,084		249,942
Store Master Funding I-VII(a)		4.74			10/20/2048		227,317		233,930		239,882
Textainer Marine Containers VII Ltd.(a)		5.28			4/20/2044		173,333		173,265		175,503

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Fixed Income (Continued)
Other Asset-Backed Securities (Continued)
Wachovia Student Loan Trust 2005-1 B, 3M USD LIBOR + 0.300%		0.51	(b)%		10/25/2040		51,477		$47,620		$46,986
Westlake Automobile Receivables Trust 2020-3(a)		1.65			2/17/2026		440,000		439,925		444,864
Willis Engine Structured Trust IV(a)		4.75			9/15/2043		339,676		347,190		293,151
Total Other Asset-Backed Securities							9,257,681		9,226,805		9,057,834
Total Asset-Backed Securities							19,214,220		19,170,399		18,963,749
Corporate Bonds — 47.5%*:
Auto Manufacturers — 1.1%*:
Allison Transmission, Inc.(a)		3.75			1/30/2031		150,000		150,000		153,469
Ford Motor Co.		9.63			4/22/2030		100,000		115,121		141,125
Ford Motor Credit Co. LLC		4.00			11/13/2030		200,000		200,000		210,000
Total Auto Manufacturers							450,000		465,121		504,594
Chemicals — 0.9%*:
Axalta Coating Systems LLC(a)		3.38			2/15/2029		150,000		150,000		150,000
UPL Corp. Ltd.(c)		4.63			6/16/2030		260,000		258,918		280,475
Total Chemicals							410,000		408,918		430,475
Coal — 0.3%*:
SunCoke Energy Partners LP(a)		7.50			6/15/2025		116,000		107,062		115,153
Commercial Banks — 9.6%*:
Arab National Bank, 5 year CMT + 2.974%(c)		3.33	(b)		10/28/2030		500,000		500,000		513,730
Banco de Credito del Peru, 5 year CMT + 3.000%(a),(c)		3.13	(b)		7/1/2030		414,000		411,044		425,385
Bank of America Corp.		4.20			8/26/2024		280,000		300,387		313,455
Barclays plc, 3M USD LIBOR + 2.452%(c)		2.85	(b)		5/7/2026		390,000		390,000		418,837
BPCE SA(a),(c)		5.70			10/22/2023		385,000		424,018		435,758
Burgan Bank SAK, 5 year CMT + 2.229%(c)		2.75	(b)		12/15/2031		500,000		500,000		496,700
Credit Suisse AG(a),(c)		6.50			8/8/2023		310,000		339,936		348,683
HSBC Holdings plc(c)		4.38			11/23/2026		420,000		474,110		484,607
Morgan Stanley		4.10			5/22/2023		105,000		109,981		113,949
Nbk Tier 2 Ltd., 5 year CMT + 2.108%(c)		2.50	(b)		11/24/2030		645,000		645,000		654,675
Shinhan Financial Group Co. Ltd., 5 year CMT + 1.500%(a),(c)		3.34	(b)		2/5/2030		242,000		242,000		257,125
Total Commercial Banks							4,191,000		4,336,476		4,462,904
Distribution/Wholesale — 0.3%*:
H&E Equipment Services, Inc.(a)		3.88			12/15/2028		150,000		150,000		151,605
Diversified Financial Services — 4.1%*:
Lazard Group LLC		3.75			2/13/2025		410,000		434,032		455,309
LeasePlan Corp. NV(a),(c)		2.88			10/24/2024		605,000		611,657		639,278

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Diversified Financial Services (Continued)
Park Aerospace Holdings Ltd.(a),(c)		5.25	%		8/15/2022		650,000		$667,144		$682,181
SPARC EM SPC Panama Metro Line 2 SP(c)		1.85			12/5/2022		126,024		121,617		122,717
Total Diversified Financial Services							1,791,024		1,834,450		1,899,485
Electric — 6.7%*:
Adani Electricity Mumbai Ltd.(a),(c)		3.95			2/12/2030		550,000		526,972		581,969
AES Panama Generation Holdings SRL(a),(c)		4.38			5/31/2030		465,000		465,000		502,055
FEL Energy VI Sarl(a),(c)		5.75			12/1/2040		500,000		500,000		532,150
Fenix Power Peru SA(a),(c)		4.32			9/20/2027		448,529		466,975		468,012
Infraestructura Energetica Nova SAB de CV(a),(c)		3.75			1/14/2028		488,000		497,081		520,330
Saudi Electricity Global Sukuk Co. 5(c)		2.41			9/17/2030		500,000		500,000		510,342
Total Electric							2,951,529		2,956,028		3,114,858
Entertainment — 0.6%*:
WMG Acquisition Corp.(a)		3.00			2/15/2031		150,000		146,302		147,000
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.(a)		5.13			10/1/2029		112,000		107,737		117,320
Total Entertainment							262,000		254,039		264,320
Food — 1.4%*:
Blossom Joy Ltd.(c)		3.10			4/21/2169		250,000		251,850		250,000
JBS USA Food Co.(a)		5.50			1/15/2030		202,000		206,792		232,049
Smithfield Foods, Inc.(a)		3.00			10/15/2030		154,000		154,998		162,944
Total Food							606,000		613,640		644,993
Forestry and Paper Products — 0.8%*:
Suzano Austria GmbH(c)		3.75			1/15/2031		360,000		354,094		381,600
Insurance — 7.3%*:
Athene Global Funding(a)		2.50			1/14/2025		710,000		692,815		743,751
AXIS Specialty Finance LLC		3.90			7/15/2029		233,000		254,247		256,929
Brighthouse Financial, Inc.		3.70			6/22/2027		400,000		417,788		435,009
CNO Financial Group, Inc.		5.25			5/30/2025		150,000		171,154		174,117
Enstar Group Ltd.		4.95			6/1/2029		600,000		643,123		678,700
Hanwha Life Insurance Co. Ltd., 5 year CMT + 2.000%(a),(c)		4.70	(b)		4/23/2048		500,000		501,600		517,188
Prudential Financial, Inc., 3M USD LIBOR + 3.920%		5.63	(b)		6/15/2043		320,000		340,645		343,176
Tongyang Life Insurance Co. Ltd., 5 year CMT + 4.981%(c)		5.25	(b)		12/31/2099		250,000		255,555		254,844
Total Insurance							3,163,000		3,276,927		3,403,714
Investment Company Security — 1.5%*:
Ares Capital Corp.		3.25			7/15/2025		230,000		232,225		243,753
Ares Capital Corp.		3.88			1/15/2026		200,000		202,580		216,717

See accompanying Notes to the Financial Statements.

124

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Investment Company Security (Continued)
BlackRock TCP Capital Corp.		4.13	%		8/11/2022		225,000		$229,590		$234,596
Total Investment Company Security							655,000		664,395		695,066
Iron/Steel — 0.8%*:
Vale Overseas Ltd.(c)		3.75			7/8/2030		314,000		311,516		348,834
IT Services — 1.0%*:
Lenovo Group Ltd.(a),(c)		3.42			11/2/2030		430,000		430,000		453,098
Media — 1.7%*:
DISH Network Corp.		3.38			8/15/2026		140,000		128,034		133,452
Sirius XM Radio, Inc.(a)		5.50			7/1/2029		90,000		93,712		99,028
ViacomCBS, Inc.		4.95			1/15/2031		270,000		323,168		338,885
Virgin Media Secured Finance plc(a),(c)		4.50			8/15/2030		200,000		203,959		209,000
Total Media							700,000		748,873		780,365
Mining — 1.7%*:
AngloGold Ashanti Holdings plc(c)		3.75			10/1/2030		345,000		343,913		369,150
Glencore Funding LLC(a),(c)		4.00			4/16/2025		385,000		405,621		430,807
Total Mining							730,000		749,534		799,957
Oil and Gas — 1.1%*:
Gazprom PJSC via Gaz Finance plc(a),(c)		3.25			2/25/2030		500,000		481,662		517,031
Pharmaceuticals — 0.6%*:
Bausch Health Cos., Inc.(a)		5.00			2/15/2029		125,000		125,000		128,525
Bausch Health Cos., Inc.(a)		5.25			2/15/2031		125,000		125,000		130,590
Total Pharmaceuticals							250,000		250,000		259,115
Pipelines — 0.6%*:
Fermaca Enterprises S de RL de CV(a),(c)		6.38			3/30/2038		254,202		259,192		293,984
Real Estate — 1.2%*:
Country Garden Holdings Co. Ltd.(c)		5.63			1/14/2030		500,000		525,284		551,875
Real Estate Investment Trusts — 3.5%*:
PLA Administradora Industrial S de RL de CV(a),(c)		4.96			7/18/2029		290,000		290,000		327,703
SBA Tower Trust(a)		2.33			7/15/2052		308,000		308,000		313,486
STORE Capital Corp.		4.63			3/15/2029		555,000		513,914		643,840
Tanger Properties LP		3.88			12/1/2023		316,000		321,710		328,215
Total REITS							1,469,000		1,433,624		1,613,244
Telecommunications — 0.5%*:
Sprint Capital Corp.		8.75			3/15/2032		140,000		198,635		221,673

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Transportation — 0.2%*:
XPO Logistics, Inc.(a)		6.25	%		5/1/2025		95,000		$95,000		$102,233
Total Corporate Bonds							20,487,755		20,904,470		22,010,176
Mortgage-Backed Securities — 8.1%*:
BANK 2018-BNK14		4.58	(d)		9/15/2060		400,000		462,333		468,845
BX Commercial Mortgage Trust 2019-XL, 1M USD LIBOR + 2.000%(a)		2.16	(b)		10/15/2036		379,719		357,770		374,629
COMM 2014-LC17 Mortgage Trust		4.55	(d)		10/10/2047		400,000		410,020		415,377
COMM 2014-UBS5 Mortgage Trust		4.61	(d)		9/10/2047		395,000		409,526		392,875
Connecticut Avenue Securities Trust 2019-R03, 1M USD LIBOR + 2.150%(a)		2.30	(b)		9/25/2031		523,688		523,205		521,914
Federal Home Loan Mortgage Corp., 1M USD LIBOR + 3.000%(a)		3.15	(b)		6/25/2050		620,000		615,825		623,372
GS Mortgage Securities Corp. II(a)		3.00	(d)		7/10/2051		500,000		449,843		418,830
GS Mortgage Securities Corp. II		4.16	(d)		7/10/2051		92,252		104,109		108,192
GS Mortgage Securities Trust 2016-GS2		4.71	(d)		5/10/2049		200,000		206,889		214,127
J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-OSB(a)		3.78	(d)		6/5/2039		213,000		211,506		193,949
Total Mortgage-Backed Securities							3,723,659		3,751,026		3,732,110
Total Fixed Income							43,425,634		43,825,895		44,706,035
Total Investments							43,425,634		43,825,895		44,706,035
Other assets and liabilities – 3.5%*											1,637,840
Net Assets – 100.0%											$46,343,875

‡‡ 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, 2020.

(c) Foreign security.

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (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	68.6%
Mexico	3.7%
Kuwait	2.6%
United Kingdom	2.5%
Republic of Korea	2.3%
Saudi Arabia	2.3%
China	2.3%
Ireland	2.1%
Peru	2.0%
India	1.9%
Switzerland	1.7%
Brazil	1.6%
Netherlands	1.4%
Panama	1.4%
Russia	1.2%
France	1.0%
Other (Individually less than 1%)	1.4%
Total	100.0%

(d) 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, 2020 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
1/7/21	Canadian Imperial Bank of Commerce		EUR	415,178	$	507,232	$	505,146	$	2,086
Net unrealized appreciation on forward foreign currency exchange contracts to buy									$	2,086

Forward Foreign Currency Exchange Contracts to Sell

EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED DEPRECIATION
1/7/21	Canadian Imperial Bank of Commerce		EUR	405,870	$	495,859	$	485,540	$	(10,319	)
1/7/21	Barclays Bank plc		EUR	9,308		11,371		11,259		(112	)
Net unrealized depreciation on forward foreign currency exchange contracts to sell									$	(10,431	)

Currency Legend

EUR – Euro

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

Futures

TYPE

EXPIRATION DATE

CONTRACTS

NOTIONAL AMOUNT

POSITION

FAIR VALUE

UNREALIZED APPRECIATION

Long Future

U.S. 2-Year Treasury Note

03/31/21

1

220,745

Long

$

220,977

$

232

TYPE	EXPIRATION DATE		CONTRACTS		NOTIONAL AMOUNT			POSITION		FAIR VALUE			UNREALIZED APPRECIATION (DEPRECIATION)
Short Futures
U.S. 10-Year Ultra Bond		03/22/21		44		(6,920,441	)		Short		$  (6,879,813	)	$	40,628
U.S. 5-Year Treasury Note		03/31/21		128		(16,111,843	)		Short		(16,149,000	)		(37,157	)
U.S. Long Bond		03/22/21		1		(174,029	)		Short		(173,188	)		841
Total Short Futures													$	4,312

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Fixed Income — 89.2%*:
Corporate Bonds — 39.7%*:
Aerospace/Defense — 0.4%*:
Embraer Netherlands Finance BV(a),(b)		6.95	%		1/17/2028		250,000		$249,346		$282,500
Agriculture — 0.9%*:
Kernel Holding SA(a),(b)		6.75			10/27/2027		687,000		687,000		726,503
Chemicals — 1.6%*:
Braskem Idesa SAPI(a),(b)		7.45			11/15/2029		795,000		792,498		745,312
Grupo Idesa SA de CV(a),(b)		10.13			5/22/2026		1,049,926		1,016,658		545,962
Total Chemicals							1,844,926		1,809,156		1,291,274
Commercial Banks — 6.4%*:
Ipoteka-Bank ATIB(b)		5.50			11/19/2025		544,000		544,000		549,440
Kasikornbank PCL, 5 year CMT + 4.940%(b)		5.28	(c),(d)				500,000		500,000		518,750
National Bank of Greece SA, 5 year EUR Swap + 8.464%(b)		8.25	(c)		7/18/2029		750,000		844,200		989,498
Nova Ljubljanska Banka dd, 5 year EUR Swap + 3.833%(b)		3.65	(c)		11/19/2029		400,000		440,400		439,794
Sovcombank Via SovCom Capital DAC, 5 year CMT + 6.380%(a),(b)		7.75	(c),(d)				200,000		200,000		203,500
Sovcombank Via SovCom Capital DAC, 5 year CMT + 6.427%(a),(b)		8.00	(c)		4/7/2030		1,165,000		1,169,166		1,237,696
TBC Bank JSC, 5 year USD ICE Swap + 8.995%(a),(b)		10.78	(c),(d)				645,000		645,000		645,806
TMB Bank PCL, 5 year CMT + 3.256%(b)		4.90	(c),(d)				500,000		475,938		487,188
Total Commercial Banks							4,704,000		4,818,704		5,071,672
Diversified Financial Services — 1.9%*:
Gtlk Europe Capital DAC(b)		4.80			2/26/2028		500,000		492,607		522,500
India Infoline Finance Ltd.(b)		5.88			4/20/2023		1,055,000		998,548		1,012,800
Total Diversified Financial Services							1,555,000		1,491,155		1,535,300
Electric — 1.8%*:
FEL Energy VI Sarl(a),(b)		5.75			12/1/2040		700,000		700,000		745,010
Infraestructura Energetica Nova SAB de CV(a),(b)		4.75			1/15/2051		312,000		303,006		340,470
Infraestructura Energetica Nova SAB de CV(a),(b)		4.88			1/14/2048		328,000		271,960		365,310
Total Electric							1,340,000		1,274,966		1,450,790
Engineering&Construction — 0.8%*:
Rutas 2 and 7 Finance Ltd.(a),(b)		Zero Coupon			9/30/2036		850,000		567,543		633,250

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Food — 1.0%*:
MHP Lux SA(a),(b)		6.25	%		9/19/2029		270,000		$274,403		$275,484
Ulker Biskuvi Sanayi AS(a),(b)		6.95			10/30/2025		494,000		494,000		533,876
Total Food							764,000		768,403		809,360
Forestry and Paper Products — 0.5%*:
Suzano Austria GmbH(b)		3.75			1/15/2031		361,000		355,078		382,660
Household Products — 0.5%*:
Walnut Bidco plc(a),(b)		6.75			8/1/2024		317,000		352,647		401,553
Internet — 1.6%*:
B2W Digital Lux Sarl(a),(b)		4.38			12/20/2030		706,000		705,972		730,710
Meituan(a),(b)		3.05			10/28/2030		529,000		528,286		549,949
Total Internet							1,235,000		1,234,258		1,280,659
Metal Fabricate/Hardware — 0.6%*:
HTA Group Ltd.(a),(b)		7.00			12/18/2025		416,000		413,857		447,460
Mining — 5.6%*:
Bayan Resources Tbk PT(a),(b)		6.13			1/24/2023		900,000		850,521		921,937
CSN Islands XI Corp.(a),(b)		6.75			1/28/2028		721,000		721,000		780,482
First Quantum Minerals Ltd.(a),(b)		6.88			10/15/2027		610,000		610,000		661,850
First Quantum Minerals Ltd.(a),(b)		7.50			4/1/2025		250,000		246,766		260,313
Metinvest BV(a),(b)		5.63			6/17/2025		750,000		816,347		955,178
Vedanta Resources Finance II plc(a),(b)		9.25			4/23/2026		550,000		548,160		407,000
Vedanta Resources Finance II plc(a),(b)		13.88			1/21/2024		400,000		399,834		422,600
Total Mining							4,181,000		4,192,628		4,409,360
Multi-National — 1.1%*:
Asian Development Bank, TBIB6MIR(b),(e)		2.55	(c)		7/14/2021		680,000		228,372		204,538
European Bank for Reconstruction & Development, GGRRC9MX—0.500%(b),(e)		7.62	(c)		10/29/2022		1,200,000		404,027		363,927
International Bank for Reconstruction & Development(b),(e)		7.25			11/22/2021		960,000		325,423		285,925
Total Multi-National							2,840,000		957,822		854,390
Oil and Gas — 6.7%*:
Gazprom PJSC via Gaz Finance plc, 5 year EUR Swap + 4.346%(a),(b)		3.90	(c),(d)				750,000		881,138		948,924
Petrobras Global Finance BV(b)		6.75			6/3/2050		300,000		294,364		371,531
Petrobras Global Finance BV(b)		6.90			3/19/2049		900,000		968,466		1,140,750
Petroleos Mexicanos(b)		5.95			1/28/2031		200,000		172,082		199,500
Petroleos Mexicanos(b)		6.95			1/28/2060		1,304,000		1,203,342		1,226,608
Tullow Oil PLC(a),(b)		6.25			4/15/2022		210,000		87,746		166,950
Tullow Oil plc(a),(b)		7.00			3/1/2025		1,840,000		1,302,314		1,223,600
Total Oil and Gas							5,504,000		4,909,452		5,277,863

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Oil and Gas Services — 0.7%*:
Borets Finance DAC(a),(b)		6.00	%		9/17/2026		531,000		$531,000		$554,258
Real Estate — 1.0%*:
Kaisa Group Holdings Ltd.(b)		11.25			4/9/2022		750,000		758,002		782,770
Retail — 2.7%*:
Arabian Centres Sukuk Ltd.(a),(b)		5.38			11/26/2024		700,000		651,974		707,560
Eurotorg LLC Via Bonitron DAC(a),(b)		9.00			10/22/2025		723,000		723,000		771,802
Future Retail Ltd.(b)		5.60			1/22/2025		794,000		704,023		672,171
Total Retail							2,217,000		2,078,997		2,151,533
Sovereign — 0.6%*:
Ukreximbank Via Biz Finance plc, 5 year USD ICE Swap + 8.178%(b)		9.95	(c)		11/14/2029		500,000		500,000		504,250
Telecommunications — 1.8%*:
IHS Netherlands Holdco BV(a),(b)		8.00			9/18/2027		500,000		492,837		538,750
Network i2i Ltd., 5 year CMT + 4.277%(a),(b)		5.65	(c),(d)				400,000		374,686		426,625
VF Ukraine PAT via VFU Funding plc(a),(b)		6.20			2/11/2025		405,000		405,000		424,111
Total Telecommunications							1,305,000		1,272,523		1,389,486
Transportation — 1.5%*:
ENA Master Trust(a),(b)		4.00			5/19/2048		200,000		200,000		215,500
MV24 Capital BV(a),(b)		6.75			6/1/2034		575,363		575,363		630,747
Prumo Participacoes e Investimentos SA(a),(b)		7.50			12/31/2031		269,479		276,617		301,396
Total Transportation							1,044,842		1,051,980		1,147,643
Total Corporate Bonds							33,196,768		30,274,517		31,384,534
Foreign Government — 49.5%*:
Albania — 1.2%*:
Albania Government International Bond(a),(b)		3.50			6/16/2027		740,000		832,975		965,042
Belarus — 3.5%*:
Republic of Belarus International Bond(a),(b)		7.63			6/29/2027		1,000,000		1,027,516		1,098,750
Republic of Belarus Ministry of Finance(a),(b)		6.38			2/24/2031		1,630,000		1,630,000		1,654,450
Total Belarus							2,630,000		2,657,516		2,753,200
Belize — 0.3%*:
Brazilian Government International Bond(b)		4.75			1/14/2050		200,000		207,981		213,375
Bolivia — 0.4%*:
Bolivian Government International Bond(a),(b)		4.50			3/20/2028		323,000		290,207		303,115
Brazil — 1.7%*:
Brazil Notas do Tesouro Nacional Serie B(b)		6.00			8/15/2050		780,000		659,378		716,815
Brazilian Government International Bond(b)		5.63			2/21/2047		500,000		574,823		596,094
Total Brazil							1,280,000		1,234,201		1,312,909

See accompanying Notes to the Financial Statements.

131

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Foreign Government (Continued)
Colombia — 2.1%*:
Colombian TES(b)		7.00	%		6/30/2032		1,120,400,000		$267,529		$360,821
Colombian TES(b)		7.50			8/26/2026		2,350,000,000		744,548		792,918
Colombian TES(b)		10.00			7/24/2024		1,385,600,000		518,441		492,601
Total Colombia							4,856,000,000		1,530,518		1,646,340
Czech Republic — 1.5%*:
Czech Republic Government Bond(b)		1.50			4/24/2040		27,000,000		1,193,450		1,221,930
Egypt — 0.6%*:
Egypt Government International Bond(a),(b)		6.38			4/11/2031		350,000		392,822		458,978
El Salvador — 2.0%*:
El Salvador Government International Bond(a),(b)		7.65			6/15/2035		700,000		511,116		658,875
El Salvador Government International Bonds(a),(b)		8.25			4/10/2032		230,000		244,630		225,185
El Salvador Government International Bonds(a),(b)		8.63			2/28/2029		670,000		763,111		667,906
Total El Salvador							1,600,000		1,518,857		1,551,966
Hungary — 0.7%*:
Hungary Government International Bond(b)		1.50			11/17/2050		460,000		523,429		568,673
Israel — 2.2%*:
Israel Government Bond(b)		5.50			1/31/2042		3,250,000		1,660,389		1,730,987
Ivory Coast — 1.4%*:
Ivory Coast Government International Bond(a),(b)		5.88			10/17/2031		550,000		599,973		742,248
Ivory Coast Government International Bond(a),(b)		6.63			3/22/2048		300,000		385,208		405,320
Total Ivory Coast							850,000		985,181		1,147,568
Jordan — 1.4%*:
Jordan Government International Bond(a),(b)		5.85			7/7/2030		1,030,000		1,030,000		1,135,575
Kenya — 0.9%*:
Kenya Government International Bond(a),(b)		8.25			2/28/2048		600,000		655,264		689,437
Macedonia — 0.9%*:
North Macedonia Government International Bond(a),(b)		3.68			6/3/2026		550,000		596,991		751,697
Malaysia — 2.1%*:
Malaysia Government Bond(b)		3.96			9/15/2025		3,502,000		869,683		940,795
Malaysia Government Bond(b)		4.94			9/30/2043		2,500,000		719,361		725,412
Total Malaysia							6,002,000		1,589,044		1,666,207

See accompanying Notes to the Financial Statements.

132

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Foreign Government (Continued)
Mexico — 5.2%*:
Mexican Bonos(b)		5.75	%		3/5/2026		14,500,000		$737,789		$760,673
Mexican Bonos(b)		7.75			11/13/2042		23,900,000		1,004,829		1,377,536
Mexican Bonos(b)		8.00			9/5/2024		3,200,000		140,968		179,531
Mexican Bonos(b)		8.00			11/7/2047		30,000,000		1,391,998		1,770,510
Total Mexico							71,600,000		3,275,584		4,088,250
Morocco — 0.8%*:
Morocco Government International Bond(a),(b)		2.00			9/30/2030		530,000		611,832		655,274
Peru — 1.5%*:
Peru Government Bond(b)		6.85			2/12/2042		3,633,000		1,274,400		1,226,080
Romania — 2.4%*:
Romania Government Bond(b)		3.65			9/24/2031		2,500,000		588,707		647,347
Romanian Government International Bond(a),(b)		4.63			4/3/2049		750,000		1,112,314		1,235,821
Total Romania							3,250,000		1,701,021		1,883,168
Serbia — 1.2%*:
Serbia International Bond(a),(b)		3.13			5/15/2027		680,000		725,108		932,486
South Africa — 7.2%*:
Republic of South Africa Government Bond(b)		8.75			1/31/2044		63,000,000		3,498,441		3,507,546
Republic of South Africa Government Bond(b)		10.50			12/21/2026		27,000,000		1,699,500		2,177,841
Total South Africa							90,000,000		5,197,941		5,685,387
Tajikistan — 0.2%*:
Republic of Tajikistan International Bond(a),(b)		7.13			9/14/2027		200,000		158,340		170,687
Thailand — 2.3%*:
Thailand Government Bond(b)		1.60			12/17/2029		28,105,000		918,088		962,711
Thailand Government Bond(b)		2.88			12/17/2028		22,913,000		807,653		870,613
Total Thailand							51,018,000		1,725,741		1,833,324
Tunisia — 0.7%*:
Banque Centrale de Tunisie International Bond(a),(b)		6.38			7/15/2026		510,000		567,970		568,915
Ukraine — 3.3%*:
Ukraine Government International Bonds(a),(b)		4.38			1/27/2030		1,250,000		1,387,457		1,456,913
Ukraine Government International Bonds(a),(b)		9.75			11/1/2028		960,000		933,193		1,180,800
Total Ukraine							2,210,000		2,320,650		2,637,713
Uruguay — 1.5%*:
Uruguay Government International Bond(b)		3.88			7/2/2040		20,894,571		488,055		575,247
Uruguay Government International Bond(b)		4.38			12/15/2028		21,598,058		564,148		584,716
Total Uruguay							42,492,629		1,052,203		1,159,963

See accompanying Notes to the Financial Statements.

133

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Foreign Government (Continued)
Uzbekistan — 0.3%*:
Republic of Uzbekistan Bond(a),(b)		3.70	%		11/25/2030		250,000		$250,000		$263,125
Total Foreign Government							5,169,238,629		35,759,615		39,221,371
Total Fixed Income							5,202,435,397		66,034,132		70,605,905
Total Investments							5,202,435,397		66,034,132		70,605,905
Other assets and liabilities – 10.8%*											8,555,762
Net Assets – 100.0%											$79,161,667

‡‡ 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) 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	11.7%
Brazil	8.4%
South Africa	8.1%
Ukraine	7.2%
Russia	5.5%
Belarus	5.0%
India	4.2%
Thailand	4.0%
Romania	2.7%
Israel	2.5%
Malaysia	2.4%
Colombia	2.3%
El Salvador	2.2%
Ghana	2.0%
China	1.9%
Peru	1.7%
Czech Republic	1.7%
Uruguay	1.6%
Ivory Coast	1.6%
Jordan	1.6%
Greece	1.4%
Albania	1.4%
Serbia	1.3%
Zambia	1.3%
Indonesia	1.3%
Supranational	1.2%
Uzbekistan	1.1%

See accompanying Notes to the Financial Statements.

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Macedonia	1.1%
Saudi Arabia	1.0%
Kenya	1.0%
Other (Individually less than 1%)	9.6%
Total	100.0%

(c) Variable rate security. The interest rate shown is the rate in effect at December 31, 2020.

(d) Security is perpetual in nature and has no stated maturity.

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

A summary of outstanding derivatives at December 31, 2020 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)
1/27/21	Bank of America N.A.		AUD	2,602,246	$	2,006,720	$	1,868,637	$	138,083
2/23/21	Morgan Stanley & Co.		AUD	2,336,846		1,802,417		1,709,282		93,135
2/23/21	Goldman Sachs & Co.		AUD	666,770		514,282		492,000		22,282
1/12/21	JPMorgan Chase Bank N.A.		BRL	235,118		45,273		41,390		3,883
2/9/21	Citibank N.A.		BRL	36,857,998		7,092,422		6,545,238		547,184
1/12/21	Citibank N.A.		COP	4,045,777,459		1,184,534		1,145,788		38,746
2/9/21	Citibank N.A.		COP	990,166,114		289,873		280,175		9,698
2/16/21	Bank of America N.A.		EUR	1,951,611		2,386,537		2,316,963		69,574
2/16/21	Morgan Stanley & Co.		EUR	29,716		36,338		36,000		338
2/23/21	Goldman Sachs & Co.		INR	9,586,764		130,605		129,000		1,605
2/23/21	Citibank N.A.		INR	258,764,005		3,525,268		3,478,153		47,115
1/12/21	Goldman Sachs & Co.		MXN	52,687,690		2,645,403		2,318,901		326,502
2/8/21	JPMorgan Chase Bank N.A.		PKR	53,735,115		334,174		334,590		(416	)
2/18/21	JPMorgan Chase Bank N.A.		PKR	53,735,115		333,427		334,174		(747	)
1/19/21	HSBC Bank USA		PLN	5,936,395		1,589,276		1,551,000		38,276
1/19/21	Bank of America N.A.		PLN	11,922,060		3,191,743		3,131,862		59,881
2/16/21	Bank of America N.A.		PLN	6,792,070		1,818,554		1,798,191		20,363
2/16/21	Goldman Sachs & Co.		PLN	851,478		227,980		230,000		(2,020	)
1/19/21	Morgan Stanley & Co.		RUB	236,204,500		3,191,167		3,110,000		81,167
2/16/21	Bank of America N.A.		RUB	172,783,686		2,325,465		2,334,000		(8,535	)
Net unrealized appreciation on forward foreign currency exchange contracts to buy									$	1,486,114

See accompanying Notes to the Financial Statements.

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Forward Foreign Currency Exchange Contracts to Sell

EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION (DEPRECIATION)
1/19/21	JPMorgan Chase Bank N.A.		CHF	924,393	$	1,044,623	$	1,011,493	$	(33,130	)
2/16/21	Bank of America N.A.		CHF	1,658,636		1,875,909		1,818,706		(57,203	)
1/12/21	Citibank N.A.		COP	4,045,777,459		1,184,534		1,035,825		(148,709	)
2/9/21	Citibank N.A.		COP	6,434,561,800		1,883,731		1,753,000		(130,731	)
2/16/21	Morgan Stanley & Co.		CZK	9,510,010		442,844		424,804		(18,040	)
1/19/21	Goldman Sachs & Co.		ILS	675,478		210,257		200,000		(10,257	)
1/19/21	Bank of America N.A.		ILS	11,737,114		3,653,423		3,568,000		(85,423	)
2/16/21	HSBC Bank USA		ILS	15,810,954		4,923,917		4,691,330		(232,587	)
1/26/21	Bank of America N.A.		JPY	21,784,514		211,033		207,000		(4,033	)
2/24/21	Morgan Stanley & Co.		JPY	318,925,964		3,090,491		3,078,847		(11,644	)
2/24/21	Goldman Sachs & Co.		JPY	18,467,861		178,959		177,000		(1,959	)
1/12/21	Bank of America N.A.		MXN	52,687,690		2,645,403		2,445,930		(199,473	)
1/19/21	Goldman Sachs & Co.		RUB	141,456,996		1,911,110		1,792,603		(118,507	)
1/26/21	JPMorgan Chase Bank N.A.		SGD	571,502		432,440		421,613		(10,827	)
2/23/21	Citibank N.A.		SGD	3,227,631		2,442,313		2,406,875		(35,438	)
1/19/21	Bank of America N.A.		ZAR	51,246,211		3,479,830		3,064,800		(415,030	)
1/19/21	Goldman Sachs & Co.		ZAR	32,776,127		2,225,636		2,225,714		78
Net unrealized depreciation on forward foreign currency exchange contracts to sell									$	(1,512,913	)

Currency Legend

AUD	–	Australian Dollar
BRL	–	Brazilian Real
CHF	–	Swiss Franc
COP	–	Colombian Peso
CZK	–	Czech Koruna
EUR	–	Euro
ILS	–	Israeli Shekel
INR	–	Indian Rupee
JPY	–	Japanes1e Yen
MXN	–	Mexican Peso
PKR	–	Pakistan Rupee
PLN	–	Polish Zloty
RUB	–	Russian Ruble
SGD	–	Singapore Dollar
ZAR	–	South African Rand

See accompanying Notes to the Financial Statements.

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December 31, 2020 (Unaudited)

FUTURES

TYPE	EXPIRATION DATE		CONTRACTS		NOTIONAL AMOUNT			POSITION		FAIR VALUE			UNREALIZED APPRECIATION
Short Future
U.S. Ultra Bond		03/22/21		13		(2,823,532	)		Short	$	(2,776,313	)	$	47,219

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
PLN-LIBOR Rate		Receive		0.19	%		10/30/2022	1Y/6M		25,100,000		LCH		$	1,491
CZK-PRIBOR Rate		Pay		1.94	%		01/24/2025	1Y/6M		117,500,000		CME			298,645
PLN-LIBOR Rate		Pay		0.90	%		10/30/2030	6M/1Y		5,200,000		LCH			(20,533	)
THB-THBFIX Rate		Pay		0.73	%		07/13/2025	6M/6M		27,300,000		LCH			6,235
THB-THBFIX Rate		Pay		0.72	%		07/13/2025	6M/6M		27,300,000		LCH			5,784
THB-THBFIX Rate		Pay		1.50	%		09/08/2030	6M/6M		33,191,000		LCH			(1,765	)
THB-THBFIX Rate		Pay		1.51	%		09/10/2030	6M/6M		49,455,000		LCH			(2,293	)
BRL-CDI Rate		Pay		7.49	%		01/02/2029	At Maturity		9,935,952		CME			182,541
BRL-CDI Rate		Pay		7.48	%		01/02/2029	At Maturity		989,335		CME			17,967
BRL-CDI Rate		Pay		5.00	%		01/02/2023	At Maturity		10,352,374		CME			42,702
BRL-CDI Rate		Pay		5.00	%		01/02/2023	At Maturity		15,843,633		CME			65,353
BRL-CDI Rate		Pay		4.98	%		01/02/2023	At Maturity		7,925,069		CME			32,042
BRL-CDI Rate		Pay		6.38	%		01/02/2023	At Maturity		15,433,848		CME			263,537
Total Centrally Cleared Interest Rate Swaps														$	891,706

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)
303,000 EUR		6.38	%		1Y/6M		07/15/2026	Citibank N.A.		359,358		7.58	%		$	(136	)		$	(16,291	)		$	(16,155	)
250,000 EUR		4.63	%		1Y/6M		04/03/2049	Citibank N.A.		296,250		6.65	%			100				(72,158	)			(72,258	)
207,000 EUR		6.38	%		1Y/6M		07/15/2026	Citibank N.A.		245,088		7.58	%			818				(11,775	)			(12,593	)
500,000 EUR		4.63	%		1Y/6M		04/03/2049	Citibank N.A.		586,750		6.86	%			(675	)			(127,364	)			(126,689	)
750,000 EUR		3.90	%		1Y/6M		01/26/2026	Citibank N.A.		880,875		5.06	%			(713	)			(43,493	)			(42,781	)
362,000 EUR		2.00	%		1Y/6M		09/30/2030	Citibank N.A.		429,332		3.47	%			(109	)			(18,686	)			(18,577	)
168,000 EUR		2.00	%		1Y/6M		09/30/2030	Citibank N.A.		198,408		3.43	%			50				(10,428	)			(10,478	)
740,000 EUR		3.50	%		1Y/6M		06/16/2027	Citibank N.A.		839,530		4.74	%			629				(104,099	)			(104,727	)
550,000 EUR		3.68	%		1Y/6M		06/03/2026	Citibank N.A.		604,450		4.79	%			(467	)			(99,498	)			(99,031	)
680,000 EUR		3.13	%		1Y/6M		05/15/2027	Citibank N.A.		735,081		4.32	%			(339	)			(138,389	)			(138,050	)
350,000 EUR		6.38	%		1Y/6M		04/11/2031	Citibank N.A.		392,700		9.37	%			(122	)			(28,401	)			(28,279	)
1,250,000 EUR		4.38	%		1Y/6M		01/27/2030	Citibank N.A.		1,385,625		6.70	%			(938	)			(147,014	)			(146,076	)
400,000 EUR		3.65	%		1Y/6M		11/19/2029	Citibank N.A.		440,600		6.02	%			200				(36,161	)			(36,360	)
550,000 EUR		5.88	%		1Y/6M		10/17/2031	Citibank N.A.		605,000		8.46	%			(495	)			(68,409	)			(67,914	)
750,000 EUR		5.63	%		1Y/6M		06/17/2025	Citibank N.A.		819,150		8.12	%			(1,088	)			(74,987	)			(73,899	)
317,000 EUR		6.75	%		1Y/6M		08/01/2024	Citibank N.A.		353,011		9.71	%			(365	)			(16,347	)			(15,983	)
750,000 EUR		8.25	%		1Y/6M		07/18/2029	Citibank N.A.		843,675		11.44	%			(525	)			(23,562	)			(23,037	)

See accompanying Notes to the Financial Statements.

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December 31, 2020 (Unaudited)

NOTIONAL AMOUNT	FUND PAYS			PAY/ RECEIVE PAYMENT FREQUENCY		MATURITY DATE		COUNTERPARTY	NOTIONAL AMOUNT		FUND RECEIVES			UPFRONT PREMIUMS PAID/ (RECEIVED)				FAIR VALUE				UNREALIZED APPRECIATION (DEPRECIATION)
460,000 EUR		1.50	%		1Y/6M		11/17/2050	JPMorgan Chase Bank N.A.		542,800		3.18	%		$	(345	)		$	(77,352	)		$	(77,006	)
300,000 EUR		6.63	%		1Y/6M		03/22/2048	JPMorgan Chase Bank N.A.		357,600		9.32	%			(105	)			(61,107	)			(61,001	)
Total OTC Cross Currency Swaps															$	(4,627	)		$	(1,175,521	)		$	(1,170,894	)

OTC — Interest Rate Swaps

COUNTERPARTY	NOTIONAL AMOUNT	FUND RECEIVES/ PAYS FLOATING RATE		FLOATING RATE INDEX		ANNUAL FIXED RATE	FREQUENCY OF FUND RECEIPT/ PAYMENT		MATURITY DATE			UPFRONT PREMIUMS PAID/ (RECEIVED)				VALUE					UNREALIZED APPRECIATION/ (DEPRECIATION)
Bank of America N.A.	CLP 1,079,754,672		Receive		CLP-CLICP	1.36%		6M/6M		09/01/2025			$	—			$	(16,463	)			$	(16,463	)
Bank of America N.A.	CLP 1,079,789,685		Receive		CLP-CLICP	1.36%		6M/6M		09/02/2025				—				(16,783	)				(16,783	)
Bank of America N.A.	CLP 1,079,824,321		Receive		CLP-CLICP	1.37%		6M/6M		09/03/2025				—				(15,945	)				(15,945	)
Bank of America N.A.	BRL 18,084,492		Pay		BRL-CDI	5.88%		6M/6M		01/02/2023				—				243,610					243,610
Total OTC Interest Rate Swaps											$	—			$	194,419				$	194,419

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		12/20/2025	Morgan Stanley & Co.		1,530,000		1,530,000		$	(75,056	)		$	(30,640	)		$	44,416
Brazil Government International Bond		1.00	%		3M		12/20/2025	Morgan Stanley & Co.		1,110,000		1,110,000			(85,059	)			(43,086	)			41,973
Colombia Government International Bond		1.00	%		3M		12/20/2025	Bank of America N.A.		1,530,000		1,530,000			(18,725	)			9,266				27,991
Indonesia Government International Bond		1.00	%		3M		12/20/2025	Morgan Stanley & Co.		3,080,000		3,080,000			(14,529	)			49,251				63,780
Mexico Government International Bond		1.00	%		3M		12/20/2025	Morgan Stanley & Co.		2,045,000		2,045,000			(24,010	)			19,555				43,565
Total OTC Credit Default Swaps														$	(217,379	)			4,346			$	221,725

(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.

See accompanying Notes to the Financial Statements.

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(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.

139

Barings Global Emerging Markets Equity Fund 2020 Semi-Annual Report

SCHEDULE OF INVESTMENTS

December 31, 2020 (Unaudited)

	SHARES		COST		FAIR VALUE
Equities — 95.5%*:
Common Stocks — 95.5%*:
Communication Services — 11.7%*:
Mail.Ru Group Ltd.(a),(b)		5,891		$145,728		$154,933
NetEase, Inc.(b)		1,528		149,644		146,337
PT Telekomunikasi Indonesia Persero Tbk(b)		497,400		135,601		117,181
Tencent Holdings Ltd.(b)		15,600		644,632		1,134,919
Total Communication Services		520,419		1,075,605		1,553,370
Consumer Discretionary — 14.6%*:
Alibaba Group Holding Ltd.(a),(b)		4,353		716,705		1,013,074
New Oriental Education & Technology Group, Inc.(a),(b)		786		120,474		146,046
Prosus NV(b)		1,999		151,130		215,782
Samsonite International SA(a),(b),(c)		96,900		206,895		171,740
Topsports International Holdings Ltd.(b),(c)		189,000		224,491		282,801
Yum China Holdings, Inc.(b)		2,035		118,345		116,178
Total Consumer Discretionary		295,073		1,538,040		1,945,621
Consumer Staples — 3.4%*:
Atacadao SA(b)		36,000		130,639		134,388
CP ALL Public Company Limited(a),(b)		71,600		150,312		139,209
Magnit PJSC(b)		2,328		140,628		178,442
Total Consumer Staples		109,928		421,579		452,039
Energy — 4.1%*:
CNOOC Ltd.(b)		154,000		271,158		142,628
Reliance Industries Ltd.(b),(c)		7,307		241,603		399,693
Total Energy		161,307		512,761		542,321
Financials — 25.7%*:
AIA Group Ltd.(b)		21,000		174,126		257,338
B3 SA – Brasil Bolsa Balcao(b)		21,207		130,128		253,053
China Construction Bank Corp.(b)		454,000		376,153		344,931
China Pacific Insurance Group Co. Ltd.(b)		41,800		146,124		163,642
Grupo Financiero Banorte SAB de CV(a),(b)		41,427		240,863		228,271
Hana Financial Group, Inc.(b)		6,409		218,118		203,545
HDFC Bank Ltd.(a),(b)		8,296		387,809		599,469
Itau Unibanco Holding SA(b)		30,735		193,827		187,176
Mega Financial Holding Co. Ltd.(b)		213,000		182,642		225,902
Ping An Insurance Group Co. of China Ltd.(b)		32,000		304,143		392,134
PT Bank Negara Indonesia Persero Tbk(b)		443,700		218,213		195,007
Sanlam Ltd.(b)		53,876		247,227		215,394
Sberbank of Russia PJSC(b)		10,509		119,730		152,381
Total Financials		1,377,959		2,939,103		3,418,243
Industrials — 1.2%*:
China State Construction International Holdings Ltd.(b)		12,000		11,351		6,842
NARI Technology Co. Ltd.(b)		18,400		67,636		74,756

See accompanying Notes to the Financial Statements.

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December 31, 2020 (Unaudited)

	SHARES		COST		FAIR VALUE
Common Stocks (Continued)
Industrials (Continued)
Rumo SA(a),(b)		22,985		$79,872		$85,139
Total Industrials		53,385		158,859		166,737
Information Technology — 24.6%*:
Chicony Electronics Co. Ltd.(b)		49,000		100,603		150,324
Infosys Ltd.(b)		15,336		135,841		259,945
MediaTek, Inc.(b)		6,000		93,974		159,513
Powertech Technology, Inc.(b)		44,000		139,191		148,609
Samsung Electronics Co. Ltd.(b)		16,780		671,633		1,251,201
Sunny Optical Technology Group Co. Ltd.(b)		5,400		62,423		118,205
Taiwan Semiconductor Manufacturing Co. Ltd.(b)		63,000		524,568		1,188,341
Total Information Technology		199,516		1,728,233		3,276,138
Materials — 5.5%*:
Anglo American plc(b)		8,807		177,392		290,670
China Resources Cement Holdings Ltd.(b)		94,000		114,786		105,004
LG Chem Ltd.(a),(b)		438		138,262		332,240
Total Materials		103,245		430,440		727,914
Real Estate — 2.8%*:
China Overseas Land & Investment Ltd.(b)		74,000		225,256		160,935
China Resources Land Ltd.(b)		50,000		168,686		206,386
Total Real Estate		124,000		393,942		367,321
Utilities — 1.9%*:
China Longyuan Power Group Corp. Ltd.(b)		80,000		69,417		80,181
ENN Energy Holdings Ltd.(b)		12,000		132,494		176,151
Total Utilities		92,000		201,911		256,332
Total Common Stocks		3,036,832		9,400,473		12,706,036
Total Equities		3,036,832		9,400,473		12,706,036
Mutual Fund — 1.8%*:
iShares MSCI India ETF(b)		5,884		197,603		236,655
Total Investments		3,042,716		9,598,076		12,942,691
Other assets and liabilities – 2.7%*						360,259
Net Assets – 100.0%						$13,302,950

* 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.

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Barings Global Emerging Markets Equity Fund 2020 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

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

China	34.4%
Taiwan	14.5%
Republic of Korea	13.8%
India	11.5%
Hong Kong	6.1%
Brazil	5.1%
South Africa	3.9%
Russia	3.7%
Indonesia	2.4%
Mexico	1.8%
Netherlands	1.7%
Thailand	1.1%
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.

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SCHEDULE OF INVESTMENTS

December 31, 2020 (Unaudited)

						SHARES		COST		FAIR VALUE
Equities — 0.2%*:
Common Stocks — 0.2%*:
Oil and Gas — 0.2%*:
Fieldwood Energy LLC							4,100		$88,421		$–
Fieldwood Energy LLC							1,006		35,210		–
Jupiter Resources, Inc.(a),(b)							39,729		192,017		127,133
Total Oil and Gas							44,835		315,648		127,133
Total Common Stocks							44,835		315,648		127,133
Total Equities							44,835		315,648		127,133
	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Fixed Income — 96.5%*:
Bank Loans — 6.5%*(c):
Broadcasting and Entertainment — 0.5%*:
Altice USA, Inc., 1M LIBOR + 2.500%		2.66	%		4/15/2027		44,519		44,519		44,055
Clear Channel Worldwide Holdings, Inc., 3M LIBOR + 3.500%		3.71			8/21/2026		233,409		222,774		224,239
Total Broadcasting and Entertainment							277,928		267,293		268,294
Chemicals, Plastics and Rubber — 0.3%*:
Consolidated Energy Finance S.A., 1M LIBOR + 2.500%		2.65			5/7/2025		156,752		152,184		149,503
Containers, Packaging and Glass — 0.8%*:
Mauser Packaging Solutions, 3M LIBOR + 3.250%		3.48			4/3/2024		437,507		428,692		421,647
Diversified/Conglomerate Service — 2.6%*:
Finastra USA, Inc., 6M LIBOR + 3.500%		4.50			6/13/2024		796,643		777,534		779,468
Finastra USA, Inc., 6M LIBOR + 7.250%		8.25			6/13/2025		500,000		485,572		500,180
SonicWall U.S. Holdings, Inc., 3M LIBOR + 7.500%		7.72			5/18/2026		51,897		51,544		45,780
Total Diversified/Conglomerate Service							1,348,540		1,314,650		1,325,428
Electronics — 0.1%*:
Renaissance Holding Corp., 1M LIBOR + 7.000%		7.15			5/29/2026		68,963		68,028		68,015
Grocery — 0.2%*:
Ozark Holdings LLC, 1M LIBOR + 4.000%		4.75			12/16/2027		85,095		84,671		85,095
Healthcare, Education and Childcare — 0.6%*:
Radiology Partners, Inc., 1M LIBOR + 4.250%		4.81			7/9/2025		234,000		231,169		229,760
US Radiology Specialists, Inc., 3M LIBOR + 5.500%		6.25			12/10/2027		57,226		56,085		56,742
Total Healthcare, Education and Childcare							291,226		287,254		286,502

See accompanying Notes to the Financial Statements.

143

Barings U.S. High Yield Fund 2020 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Leisure, Amusement, Entertainment — 0.3%*:
Delta 2 (LUX) Sarl, 1M LIBOR + 2.500%(a)		3.50	%		2/1/2024		129,011		$126,780		$127,445
Oil and Gas — 0.0%*:
Fieldwood Energy LLC, 1M LIBOR + 7.250%(e)		7.25			4/11/2023		91,996		61,365		21
Personal and Non-Durable Consumer Products Mfg. Only — 0.5%*:
Kronos Acquisition Holdings Inc., 1M LIBOR + 4.500%		5.25			12/17/2026		263,000		260,375		262,671
Telecommunications — 0.6%*:
Banff Merger Sub, Inc., 1M LIBOR + 4.250%		4.40			10/2/2025		286,151		276,750		284,637
CommScope, Inc., 1M LIBOR + 3.250%		3.40			4/6/2026		30,175		29,948		29,911
Total Telecommunications							316,326		306,698		314,548
Total Bank Loans							3,466,344		3,357,990		3,309,169
Convertible Bond — 0.3%*:
Software — 0.3%*:
Avaya Holdings Corp.		2.25			6/15/2023		136,000		135,413		141,666
Corporate Bonds — 89.7%*:
Aerospace and Defense — 2.0%*:
TransDigm, Inc.(d)		8.00			12/15/2025		221,000		221,000		244,272
Triumph Group, Inc.(d)		6.25			9/15/2024		216,000		216,000		213,840
Triumph Group, Inc.		7.75			8/15/2025		595,000		598,090		543,681
Total Aerospace and Defense							1,032,000		1,035,090		1,001,793
Automobile — 3.7%*:
Adient Global Holdings Ltd.(d)		4.88			8/15/2026		67,000		62,947		68,843
Adient US LLC(d)		9.00			4/15/2025		85,000		85,000		94,775
American Axle & Manufacturing, Inc.		6.50			4/1/2027		88,000		86,079		92,620
Clarios Global LP(d)		6.75			5/15/2025		83,000		83,000		89,432
Clarios Global LP/Clarios US Finance Co.(d)		8.50			5/15/2027		142,000		146,410		154,270
Ford Motor Co.		7.45			7/16/2031		190,000		221,527		243,675
Ford Motor Co.		8.50			4/21/2023		257,000		257,000		289,256
Ford Motor Co.		9.63			4/22/2030		235,000		242,850		331,644
Gates Global LLC/Gates Global Co.(d)		6.25			1/15/2026		250,000		250,000		262,500
JB Poindexter & Co., Inc.(d)		7.13			4/15/2026		250,000		263,597		264,375
Total Automobile							1,647,000		1,698,410		1,891,390
Beverage, Food and Tobacco — 3.3%*:
JBS Investments II GmbH(d)		7.00			1/15/2026		200,000		202,165		215,940
JBS USA Food Co.(d)		5.50			1/15/2030		125,000		125,000		143,595
JBS USA LUX SA/JBS USA Finance, Inc.(d)		6.75			2/15/2028		250,000		250,000		280,875
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.(d)		6.50			4/15/2029		500,000		500,000		582,050

See accompanying Notes to the Financial Statements.

144

Barings U.S. High Yield Fund 2020 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Beverage, Food and Tobacco (Continued)
Kraft Heinz Foods Co.(d)		3.75	%		4/1/2030		51,000		$53,281		$54,507
Kraft Heinz Foods Co.(d)		4.25			3/1/2031		100,000		100,000		111,506
Kraft Heinz Foods Co.		5.20			7/15/2045		72,000		77,593		85,612
Kraft Heinz Foods Co.		6.50			2/9/2040		38,000		45,627		51,365
Kraft Heinz Foods Co.		6.88			1/26/2039		84,000		104,543		116,395
Welbilt, Inc.		9.50			2/15/2024		54,000		55,357		55,811
Total Beverage, Food and Tobacco							1,474,000		1,513,566		1,697,656
Broadcasting and Entertainment — 6.3%*:
Altice USA, Inc.(d)		5.75			1/15/2030		147,000		152,464		161,149
Banijay Entertainment Sasu(a),(d)		5.38			3/1/2025		170,000		170,000		176,204
Block Communications, Inc.(d)		4.88			3/1/2028		239,000		239,000		246,170
CCO Holdings LLC/CCO Holdings Capital Corp.(d)		4.75			3/1/2030		280,000		280,000		302,120
Clear Channel Worldwide Holdings, Inc.(d)		5.13			8/15/2027		201,000		201,000		203,010
Clear Channel Worldwide Holdings, Inc.		9.25			2/15/2024		207,000		207,520		209,588
Cox Media Group(d)		8.88			12/15/2027		261,000		261,000		287,752
CSC Holdings LLC(d)		3.38			2/15/2031		250,000		250,000		245,312
DISH DBS Corp.		5.00			3/15/2023		79,000		78,129		81,568
DISH Network Corp.		3.38			8/15/2026		267,000		254,906		254,513
iHeartCommunications, Inc.		8.38			5/1/2027		194,000		192,780		207,087
Netflix, Inc.(d)		5.38			11/15/2029		339,000		340,149		399,596
Nexstar Broadcasting, Inc.(d)		4.75			11/1/2028		50,000		51,664		52,313
Sirius XM Radio, Inc.(d)		5.00			8/1/2027		350,000		350,000		371,878
Townsquare Media, Inc.(d)		6.50			4/1/2023		50,000		46,800		50,880
Total Broadcasting and Entertainment							3,084,000		3,075,412		3,249,140
Buildings and Real Estate — 4.4%*:
Brookfield Residential Properties, Inc./Brookfield Residential US Corp.(a),(d)		4.88			2/15/2030		183,000		183,000		189,176
CP Atlas Buyer, Inc.(d)		7.00			12/1/2028		175,000		175,000		182,000
Empire Communities Corp.(d)		7.00			12/15/2025		115,000		115,000		121,194
James Hardie International Finance DAC(d)		4.75			1/15/2025		244,000		240,475		248,199
Mattamy Group Corp.(a),(d)		4.63			3/1/2030		330,000		329,149		349,800
Mattamy Group Corp.(a),(d)		5.25			12/15/2027		25,000		25,000		26,438
New Enterprise Stone & Lime Co., Inc.(d)		9.75			7/15/2028		250,000		250,000		273,750
Service Properties Trust		3.95			1/15/2028		29,000		25,084		28,021
Service Properties Trust		4.38			2/15/2030		47,000		40,876		45,825
Service Properties Trust		4.95			2/15/2027		23,000		21,236		23,115
Service Properties Trust		5.50			12/15/2027		127,000		127,000		138,857
Service Properties Trust		7.50			9/15/2025		200,000		208,050		230,464
Standard Industries, Inc.(d)		4.75			1/15/2028		52,000		53,517		54,730
STL Holding Co. LLC(d)		7.50			2/15/2026		175,000		175,000		181,562
TRI Pointe Group, Inc.		5.70			6/15/2028		121,000		121,000		136,609
Total Buildings and Real Estate							2,096,000		2,089,387		2,229,740

See accompanying Notes to the Financial Statements.

145

Barings U.S. High Yield Fund 2020 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Cargo Transport — 1.5%*:
Core & Main Holdings LP, 8.625% CASH / 9.375% PIK(d)		8.63	%		9/15/2024		43,000		$42,711		$43,967
Kenan Advantage Group, Inc. (The)(d)		7.88			7/31/2023		700,000		700,000		700,000
Total Cargo Transport							743,000		742,711		743,967
Chemicals, Plastics and Rubber — 2.8%*:
CF Industries, Inc.		4.95			6/1/2043		23,000		23,084		28,233
CF Industries, Inc.		5.38			3/15/2044		48,000		47,183		60,756
Consolidated Energy Finance SA(d)		6.88			6/15/2025		405,000		403,842		410,569
GrafTech Finance, Inc.(d)		4.63			12/15/2028		164,000		164,846		165,845
Ingevity Corp.(d)		3.88			11/1/2028		162,000		162,000		163,215
Kraton Polymers LLC / Kraton Polymers Capital Corp.(d)		4.25			12/15/2025		91,000		91,000		92,829
LBC Tank Terminals Holding Netherlands BV(d)		6.88			5/15/2023		250,000		246,292		250,000
Nouryon Holding BV(a),(d)		8.00			10/1/2026		56,000		54,913		59,500
Univar Solutions USA, Inc.(d)		5.13			12/1/2027		177,000		177,000		186,956
Total Chemicals, Plastics and Rubber							1,376,000		1,370,160		1,417,903
Containers, Packaging and Glass — 1.0%*:
Mauser Packaging Solutions Holding Co.(d)		7.25			4/15/2025		302,000		291,954		305,020
Trident TPI Holdings, Inc.(d)		9.25			8/1/2024		171,000		166,987		182,115
Total Containers, Packaging and Glass							473,000		458,941		487,135
Diversified/Conglomerate Manufacturing — 0.6%*:
Avaya, Inc.(d)		6.13			9/15/2028		62,000		62,000		66,232
Forterra Finance LLC / FRTA Finance Corp.(d)		6.50			7/15/2025		120,000		120,000		129,000
Griffon Corp.		5.75			3/1/2028		127,000		127,000		134,303
Total Diversified/Conglomerate Manufacturing							309,000		309,000		329,535
Diversified/Conglomerate Service — 2.3%*:
Carlson Travel, Inc.(d)		11.50			12/15/2026		352,216		339,158		191,077
Iron Mountain, Inc.(d)		5.25			7/15/2030		235,000		235,000		253,800
KAR Auction Services, Inc.(d)		5.13			6/1/2025		186,000		164,761		191,400
Prime Security Services Borrower LLC/Prime Finance, Inc.(d)		6.25			1/15/2028		339,000		337,399		363,947
Sabre GLBL, Inc.(d)		9.25			4/15/2025		50,000		50,000		59,500
Uber Technologies, Inc.(d)		6.25			1/15/2028		127,000		127,000		138,112
Total Diversified/Conglomerate Service							1,289,216		1,253,318		1,197,836
Electronics — 4.3%*:
Austin BidCo, Inc.(d)		7.13			12/15/2028		75,000		75,000		78,281
BY Crown Parent LLC(d)		7.38			10/15/2024		96,000		96,000		97,680
Dell International LLC/EMC Corp.(d)		7.13			6/15/2024		230,000		235,978		238,539

See accompanying Notes to the Financial Statements.

146

Barings U.S. High Yield Fund 2020 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Electronics (Continued)
Presidio Holdings, Inc.(d)		8.25	%		2/1/2028		66,000		$66,000		$72,765
Solera LLC/Solera Finance, Inc.(d)		10.50			3/1/2024		195,000		197,311		202,069
Veritas US, Inc./Veritas Bermuda Ltd.(d)		7.50			9/1/2025		125,000		127,795		128,281
Veritas US, Inc./Veritas Bermuda Ltd.(d)		10.50			2/1/2024		958,000		898,413		972,370
WESCO Distribution, Inc.(d)		7.13			6/15/2025		191,000		191,000		210,068
WESCO Distribution, Inc.(d)		7.25			6/15/2028		197,000		195,588		224,046
Total Electronics							2,133,000		2,083,085		2,224,099
Finance — 7.6%*:
Alliance Data Systems Corp.(d)		4.75			12/15/2024		300,000		300,000		303,000
Alliance Data Systems Corp.(d)		7.00			1/15/2026		78,000		77,976		82,508
Ford Motor Credit Co. LLC		4.13			8/17/2027		225,000		225,000		235,687
Ford Motor Credit Co. LLC		4.13			8/4/2025		200,000		161,084		209,750
Ford Motor Credit Co. LLC		5.13			6/16/2025		233,000		233,000		253,341
Ford Motor Credit Co. LLC		5.60			1/7/2022		200,000		184,343		206,736
Ford Motor Credit Co. LLC		5.88			8/2/2021		200,000		189,923		204,700
Global Aircraft Leasing Co. Ltd.(d)		6.50			9/15/2024		540,125		534,885		482,062
Icahn Enterprises LP / Icahn Enterprises Finance Corp.		6.25			5/15/2026		500,000		500,000		529,450
Icahn Enterprises LP/Icahn Enterprises Finance Corp.		4.75			9/15/2024		161,000		161,806		167,239
LPL Holdings, Inc.(d)		5.75			9/15/2025		518,000		513,466		535,829
OneMain Finance Corp.		4.00			9/15/2030		160,000		160,000		166,018
OneMain Finance Corp.		5.38			11/15/2029		302,000		303,931		339,750
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer(d)		5.88			10/1/2028		81,000		81,000		86,265
Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc.(d)		4.63			11/1/2026		86,000		86,000		89,440
Total Finance							3,784,125		3,712,414		3,891,775
Healthcare, Education and Childcare — 5.6%*:
Bausch Health Cos., Inc.(d)		8.50			1/31/2027		175,000		179,823		194,630
Bausch Health Cos., Inc.(d)		5.00			1/30/2028		130,000		130,000		133,970
Bausch Health Cos., Inc.(d)		5.00			2/15/2029		253,000		253,000		260,135
Bausch Health Cos., Inc.(d)		5.25			1/30/2030		188,000		188,000		197,400
Bausch Health Cos., Inc.(d)		5.25			2/15/2031		187,000		187,000		195,363
Centene Corp.		4.63			12/15/2029		209,000		209,000		232,034
Centene Corp.(d)		5.38			6/1/2026		19,000		19,800		20,039
CHS/Community Health Systems, Inc.(d)		5.63			3/15/2027		71,000		71,000		76,343
CHS/Community Health Systems, Inc.(d)		6.00			1/15/2029		33,000		33,000		35,648
Endo Dac / Endo Finance LLC / Endo Finco, Inc.(d)		6.00			6/30/2028		57,000		46,942		48,450
Endo Pharmaceuticals, Inc.(d)		7.50			4/1/2027		300,000		300,000		325,500
Molina Healthcare, Inc.(d)		3.88			11/15/2030		133,000		133,000		142,642
Molina Healthcare, Inc.(d)		4.38			6/15/2028		165,000		165,000		173,662

See accompanying Notes to the Financial Statements.

147

Barings U.S. High Yield Fund 2020 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Healthcare, Education and Childcare (Continued)
Radiology Partners, Inc.(d)		9.25	%		2/1/2028		176,000		$176,000		$197,560
RP Escrow Issuer LLC(d)		5.25			12/15/2025		181,000		181,000		189,156
Tenet Healthcare Corp.(d)		4.88			1/1/2026		125,000		125,000		130,764
Tenet Healthcare Corp.(d)		5.13			11/1/2027		125,000		125,000		132,344
Tenet Healthcare Corp.(d)		6.13			10/1/2028		150,000		150,000		156,297
Total Healthcare, Education and Childcare							2,677,000		2,672,565		2,841,937
Home and Office Furnishings, Housewares, and Durable Consumer Products — 0.9%*:
LBM Acquisition LLC(d)		6.25			1/15/2029		133,000		133,000		137,322
Resideo Funding, Inc.(d)		6.13			11/1/2026		192,000		189,119		202,080
Staples, Inc.(d)		7.50			4/15/2026		128,000		132,861		133,667
Total Home and Office Furnishings, Housewares, and Durable Consumer Products							453,000		454,980		473,069
Hotels, Motels, Inns and Gaming — 3.9%*:
Boyne USA, Inc.(d)		7.25			5/1/2025		125,000		125,000		131,094
Caesars Resort Collection LLC/CRC Finco, Inc.(d)		5.25			10/15/2025		104,000		93,858		105,101
Caesars Resort Collection LLC/CRC Finco, Inc.(d)		5.75			7/1/2025		125,000		125,000		132,447
CCM Merger, Inc.(d)		6.38			5/1/2026		159,000		159,000		166,950
ESH Hospitality, Inc.(d)		4.63			10/1/2027		265,000		265,000		271,625
Scientific Games International, Inc.(d)		5.00			10/15/2025		81,000		73,749		83,583
Scientific Games International, Inc.(d)		7.25			11/15/2029		74,000		62,811		81,215
Scientific Games International, Inc.(d)		8.63			7/1/2025		113,000		113,000		123,735
Wyndham Destinations, Inc.(d)		6.63			7/31/2026		170,000		170,000		194,650
Wyndham Hotels & Resorts, Inc.(d)		4.38			8/15/2028		125,000		125,000		129,881
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.(d)		5.25			5/15/2027		98,000		98,000		101,014
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.(d)		5.50			3/1/2025		250,000		247,841		260,938
Wynn Macau Ltd.(a),(d)		5.13			12/15/2029		188,000		188,000		191,995
Total Hotels, Motels, Inns and Gaming							1,877,000		1,846,259		1,974,228
Insurance — 1.6%*:
Acrisure LLC/Acrisure Finance, Inc.(d)		7.00			11/15/2025		275,000		264,390		286,289
Acrisure LLC/Acrisure Finance, Inc.(d)		8.13			2/15/2024		84,000		84,000		88,932
AssuredPartners, Inc.(d)		5.63			1/15/2029		174,000		174,000		181,613
Highlands Holdings Bond Issuer Ltd. / Highlands Holdings Bond Co-Issuer, Inc., 7.625% Cash, 8.375% PIK(a),(d)		7.63			10/15/2025		250,000		250,000		261,877
Total Insurance							783,000		772,390		818,711

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Leisure, Amusement, Entertainment — 2.8%*:
Caesars Entertainment, Inc.(d)		6.25	%		7/1/2025		125,000		$125,000		$133,125
Caesars Entertainment, Inc.(d)		8.13			7/1/2027		300,000		297,985		332,107
Carnival Corp.(d)		7.63			3/1/2026		85,000		85,000		92,606
Cinemark USA, Inc.		5.13			12/15/2022		110,000		98,967		107,800
Live Nation Entertainment, Inc.(d)		4.75			10/15/2027		251,000		250,053		257,255
NCL Corp. Ltd.(d)		5.88			3/15/2026		182,000		182,000		190,645
RHP Hotel Properties LP / RHP Finance Corp.		4.75			10/15/2027		296,000		296,000		306,360
Total Leisure, Amusement, Entertainment							1,349,000		1,335,005		1,419,898
Machinery Non-Agriculture, Non-Construction, Non-Electronic — 1.1%*:
Apex Tool Group LLC/BC Mountain Finance, Inc.(d)		9.00			2/15/2023		278,000		272,768		272,440
Diebold Nixdorf, Inc.(d)		9.38			7/15/2025		276,000		289,917		309,120
Total Machinery Non-Agriculture, Non-Construction, Non-Electronic							554,000		562,685		581,560
Mining, Steel, Iron and Non-Precious Metals — 5.8%*:
Big River Steel LLC / BRS Finance Corp.(d)		6.63			1/31/2029		197,000		197,000		212,760
Cleveland-Cliffs, Inc.(d)		6.75			3/15/2026		72,000		71,502		77,760
Compass Minerals International, Inc.(d)		4.88			7/15/2024		124,000		118,308		128,650
First Quantum Minerals Ltd.(a),(d)		6.88			3/1/2026		229,000		229,000		238,732
First Quantum Minerals Ltd.(a),(d)		6.88			10/15/2027		250,000		250,000		271,250
First Quantum Minerals Ltd.(a),(d)		7.50			4/1/2025		158,000		152,087		164,517
Freeport-McMoRan, Inc.		4.13			3/1/2028		28,000		27,072		29,365
Freeport-McMoRan, Inc.		4.38			8/1/2028		125,000		125,000		132,813
Freeport-McMoRan, Inc.		4.63			8/1/2030		125,000		125,000		137,187
Hecla Mining Co.		7.25			2/15/2028		115,000		124,749		125,638
Hudbay Minerals, Inc.(a),(d)		6.13			4/1/2029		111,000		111,000		119,603
Kinross Gold Corp.		6.88			9/1/2041		99,000		98,542		136,152
Northwest Acquisitions ULC(a),(d),(e)		7.13			11/1/2022		493,000		498,177		3,328
Peabody Energy Corp.(d)		6.00			3/31/2022		511,000		511,491		373,030
SunCoke Energy Partners LP(d)		7.50			6/15/2025		265,000		265,007		263,065
Warrior Met Coal, Inc.(d)		8.00			11/1/2024		540,000		546,431		552,150
Total Mining, Steel, Iron and Non-Precious Metals							3,442,000		3,450,366		2,966,000
Oil and Gas — 13.8%*:
Antero Resources Corp.(d)		8.38			7/15/2026		78,000		78,000		79,614
Apache Corp.		4.75			4/15/2043		26,000		21,054		26,959
Apache Corp.		5.10			9/1/2040		51,000		41,445		54,379
Apache Corp.		5.35			7/1/2049		78,000		62,614		80,030
Blue Racer Midstream LLC / Blue Racer Finance Corp.(d)		7.63			12/15/2025		119,000		119,000		126,735
Buckeye Partners LP		5.85			11/15/2043		26,000		21,816		25,582

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Oil and Gas (Continued)
Cenovus Energy, Inc.(a)		5.40	%		6/15/2047		54,000		$47,673		$63,391
Cenovus Energy, Inc.(a)		6.75			11/15/2039		61,000		57,838		80,648
Cheniere Energy Partners LP		5.63			10/1/2026		250,000		250,000		260,000
Continental Resources, Inc.		3.80			6/1/2024		59,000		52,211		60,924
Continental Resources, Inc.		4.38			1/15/2028		66,000		54,845		67,663
Continental Resources, Inc.(d)		5.75			1/15/2031		143,000		143,000		158,727
CVR Energy, Inc.(d)		5.25			2/15/2025		300,000		300,000		289,500
CVR Energy, Inc.(d)		5.75			2/15/2028		300,000		300,000		284,250
DCP Midstream Operating LP(d)		6.45			11/3/2036		4,000		3,312		4,320
EnLink Midstream Partners LP		4.15			6/1/2025		67,000		63,044		65,325
EnLink Midstream Partners LP		4.85			7/15/2026		23,000		20,081		22,456
EnLink Midstream Partners LP		5.45			6/1/2047		49,000		37,006		39,458
EnLink Midstream Partners LP		5.60			4/1/2044		191,000		129,327		153,278
EQM Midstream Partners LP(d)		6.00			7/1/2025		145,000		145,000		158,775
EQM Midstream Partners LP(d)		6.50			7/1/2027		119,000		119,000		133,998
Genesis Energy LP / Genesis Energy Finance Corp.		5.63			6/15/2024		56,000		52,093		54,600
Genesis Energy LP / Genesis Energy Finance Corp.		8.00			1/15/2027		252,000		252,000		249,530
Genesis Energy LP/Genesis Energy Finance Corp.		6.50			10/1/2025		390,000		372,741		379,275
Harvest Midstream I LP(d)		7.50			9/1/2028		178,000		178,000		189,348
Hilcorp Energy I LP / Hilcorp Finance Co.(d)		5.75			10/1/2025		17,000		10,681		17,191
Hilcorp Energy I LP/Hilcorp Finance Co.(d)		5.00			12/1/2024		32,000		23,570		31,853
Hilcorp Energy I LP/Hilcorp Finance Co.(d)		6.25			11/1/2028		142,000		116,955		145,018
MEG Energy Corp.(a),(d)		7.13			2/1/2027		270,000		270,000		278,775
Nabors Industries Ltd.(d)		7.25			1/15/2026		100,000		100,432		70,117
Nabors Industries Ltd.(d)		7.50			1/15/2028		72,000		72,000		49,298
Neptune Energy Bondco PLC(a),(d)		6.63			5/15/2025		242,000		242,166		239,403
Newfield Exploration Co.		5.38			1/1/2026		45,000		47,216		48,292
Occidental Petroleum Corp.		2.70			2/15/2023		14,000		9,448		13,987
Occidental Petroleum Corp.		2.90			8/15/2024		38,000		23,269		36,575
Occidental Petroleum Corp.		3.50			6/15/2025		75,000		55,591		72,447
Occidental Petroleum Corp.		4.20			3/15/2048		12,000		8,546		9,780
Occidental Petroleum Corp.		4.40			4/15/2046		78,000		55,762		67,974
Occidental Petroleum Corp.		4.40			8/15/2049		31,000		22,222		26,127
Occidental Petroleum Corp.		4.50			7/15/2044		32,000		23,203		27,120
Occidental Petroleum Corp.		5.88			9/1/2025		193,000		193,129		205,545
Occidental Petroleum Corp.		6.13			1/1/2031		199,000		199,000		212,970
Occidental Petroleum Corp.		6.20			3/15/2040		217,000		198,108		214,830
Occidental Petroleum Corp.		6.38			9/1/2028		155,000		154,481		163,525
Occidental Petroleum Corp.		6.45			9/15/2036		86,000		79,110		90,042
Occidental Petroleum Corp.		6.60			3/15/2046		139,000		113,647		141,040
Occidental Petroleum Corp.		6.95			7/1/2024		36,000		22,409		38,880
Ovintiv Exploration, Inc.		5.63			7/1/2024		23,000		22,504		24,636
Ovintiv, Inc.(a)		6.50			8/15/2034		42,000		37,837		48,638
Ovintiv, Inc.(a)		6.50			2/1/2038		19,000		18,248		21,216
Ovintiv, Inc.(a)		6.63			8/15/2037		9,000		7,936		10,042

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Oil and Gas (Continued)
Ovintiv, Inc.(a)		7.20	%		11/1/2031		12,000		$12,441		$14,202
Ovintiv, Inc.(a)		7.38			11/1/2031		37,000		37,583		43,932
Ovintiv, Inc.		8.13			9/15/2030		70,000		82,000		85,480
Parkland Fuel Corp.(a),(d)		5.88			7/15/2027		125,000		125,000		135,154
PBF Holding Co. LLC / PBF Finance Corp.		6.00			2/15/2028		600,000		600,000		342,750
PBF Holding Co. LLC/PBF Finance Corp.		7.25			6/15/2025		350,000		357,684		226,882
Providence Service Corp. (The)(d)		5.88			11/15/2025		142,000		143,304		150,165
Targa Resources Partners LP / Targa Resources Partners Finance Corp.		5.50			3/1/2030		6,000		5,436		6,514
Targa Resources Partners LP / Targa Resources Partners Finance Corp.		6.88			1/15/2029		24,000		23,771		27,030
Targa Resources Partners LP/Targa Resources Partners Finance Corp.		4.25			11/15/2023		53,000		46,720		53,265
Targa Resources Partners LP/Targa Resources Partners Finance Corp.(d)		4.88			2/1/2031		227,000		227,000		247,337
Western Midstream Operating LP		5.05			2/1/2030		56,000		50,026		62,709
Western Midstream Operating LP		5.30			3/1/2048		157,000		121,066		155,581
Western Midstream Operating LP		5.45			4/1/2044		79,000		64,626		79,890
Total Oil and Gas							7,341,000		6,945,227		7,044,977
Personal and Non-Durable Consumer Products Mfg. Only — 0.5%*:
Clearwater Paper Corp.(d)		4.75			8/15/2028		177,000		177,000		183,195
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.(d)		7.00			12/31/2027		91,000		91,000		95,279
Total Personal and Non-Durable Consumer Products Mfg. Only							268,000		268,000		278,474
Personal Transportation — 0.7%*:
American Airlines, Inc.(d)		11.75			7/15/2025		161,000		167,026		185,673
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.(d)		6.50			6/20/2027		150,000		148,233		161,250
Total Personal Transportation							311,000		315,259		346,923
Personal, Food and Miscellaneous — 0.7%*:
Mattel, Inc.(d)		5.88			12/15/2027		159,000		157,874		176,689
Mattel, Inc.(d)		6.75			12/31/2025		132,000		134,270		139,322
Simmons Foods, Inc.(d)		7.75			1/15/2024		64,000		64,000		66,640
Total Personal, Food and Miscellaneous							355,000		356,144		382,651
Printing and Publishing — 0.9%*:
Cimpress plc(d)		7.00			6/15/2026		427,000		446,711		448,884
Retail Stores — 0.5%*:
Penske Automotive Group, Inc.		3.50			9/1/2025		250,000		250,000		254,063

See accompanying Notes to the Financial Statements.

151

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SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Telecommunications — 9.8%*:
Altice Financing SA(a),(d)		5.00	%		1/15/2028		222,000		$222,000		$227,469
Altice Financing SA(a),(d)		7.50			5/15/2026		106,000		101,617		111,862
Banff Merger Sub, Inc.(d)		9.75			9/1/2026		185,000		183,563		199,828
Boxer Parent Co., Inc.(d)		9.13			3/1/2026		158,000		158,000		169,850
CCO Holdings LLC/CCO Holdings Capital Corp.(d)		4.50			5/1/2032		215,000		222,947		229,560
CommScope Technologies Finance LLC(d)		6.00			6/15/2025		34,000		30,579		34,765
CommScope Technologies LLC(d)		5.00			3/15/2027		305,000		294,208		300,425
Consolidated Communications, Inc.(d)		6.50			10/1/2028		250,000		250,000		267,500
Frontier Communications Corp.(d)		5.00			5/1/2028		400,000		400,000		417,000
Frontier Communications Corp.(d)		6.75			5/1/2029		119,000		119,000		127,330
Hughes Satellite Systems Corp.		6.63			8/1/2026		426,000		430,213		482,006
LCPR Senior Secured Financing DAC(a),(d)		6.75			10/15/2027		200,000		200,000		215,250
Midcontinent Communications/Midcontinent Finance Corp.(d)		5.38			8/15/2027		149,000		149,000		155,705
Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc.(d)		10.75			6/1/2028		74,000		82,515		84,360
Sprint Capital Corp.		6.88			11/15/2028		648,000		653,185		854,375
Sprint Capital Corp.		8.75			3/15/2032		52,000		73,049		82,335
Telecom Italia Capital SA(a)		6.00			9/30/2034		62,000		72,052		75,522
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC(d)		7.13			12/15/2024		23,000		22,886		23,230
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC(d)		7.88			2/15/2025		13,000		13,895		13,965
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC		8.25			10/15/2023		85,000		85,484		85,637
ViaSat, Inc.(d)		6.50			7/15/2028		200,000		200,000		216,442
Virgin Media Finance plc(a),(d)		5.00			7/15/2030		117,000		117,000		121,387
Virgin Media Secured Finance plc(a),(d)		4.50			8/15/2030		250,000		254,949		261,250
Windstream Escrow LLC / Windstream Escrow Finance Corp.(d)		7.75			8/15/2028		123,000		123,000		123,861
Ziggo BV(a),(d)		5.50			1/15/2027		140,000		135,109		146,125
Total Telecommunications							4,556,000		4,594,251		5,027,039

See accompanying Notes to the Financial Statements.

152

Barings U.S. High Yield Fund 2020 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Utilities — 1.3%*:
FirstEnergy Corp.		2.25	%		9/1/2030		75,000		$71,836		$72,548
FirstEnergy Corp.		4.85			7/15/2047		175,000		215,550		217,786
FirstEnergy Corp.		7.38			11/15/2031		23,000		31,105		32,797
PG&E Corp.		5.00			7/1/2028		95,000		95,000		101,175
PG&E Corp.		5.25			7/1/2030		82,000		82,000		90,200
Pike Corp.(d)		5.50			9/1/2028		167,000		167,000		176,394
Total Utilities							617,000		662,491		690,900
Total Corporate Bonds							44,700,341		44,273,827		45,911,283
Total Fixed Income							48,302,685		47,767,230		49,362,118
Total Investments							48,347,520		48,082,878		49,489,251
Other assets and liabilities – 3.3%*											1,696,429
Net Assets – 100.0%											$51,185,680

PIK Payment-in-kind

‡‡ 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	91.1%
Canada	3.0%
United Kingdom	1.5%
Zambia	1.4%
Other (Individually less than 1%)	3.0%
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, 2020. 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) Defaulted security.

See accompanying Notes to the Financial Statements.

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Barings Funds Trust 2020 Semi-Annual Report

NOTES TO FINANCIAL STATEMENTS

December 31, 2020 (Unaudited)

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, 2020, the Trust consists of seven 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”) and Barings U.S. High Yield Fund (“U.S. High Yield Fund”). 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. U.S. High Yield Fund commenced operations on October 30, 2015. Global Emerging Markets Equity Fund commenced operations on September 17, 2018.

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

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 and Global Emerging Markets Equity Fund. The Adviser also has entered into a personnel-sharing arrangement with BIIL with respect to the Diversified Income Fund, pursuant to which, certain employees of BIIL may serve as “associated persons” of the Adviser and, in this capacity, subject to the oversight

and supervision of the Adviser may provide research and related services, and discretionary investment management and trading services to the Fund on behalf of the Adviser.

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 U.S. High Yield Fund is to seek to achieve a high level of total return, with an emphasis on current income, by investing primarily in high yield debt and related securities.

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

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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 circumstances, the U.S. High Yield Fund invests at least 80% of its net assets (including the amount of any borrowings for investment purposes) in lower rated fixed income securities (rated below Baa3 by Moody’s or BBB- by either S&P or Fitch (using the lower rating) or, if unrated, determined by the Adviser to be of 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 (except Active Short Duration Bond Fund, which has 5 classes of shares: Class A, C, I, Y and L), each with different expenses and dividends. Class L of Active Short Duration Bond Fund began operations on May 1, 2020. 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

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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, 2020. The assets and liabilities shown in the Statements of Assets and Liabilities related to cash collateral held at broker on open futures contracts, cash collateral held at broker on open forward foreign currency exchange contracts and cash collateral held at broker on open swap contracts are determined using Level 1 inputs as of December 31, 2020.

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

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based on other information available to it that quotations to be obtained by it from the market maker are reasonably likely to be reliable). In any such case, the Adviser will review any market quotations so obtained in light of other information in its possession for their general reliability.

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

Bank loans in which the Funds may invest have similar risks to lower-rated fixed income securities. Changes in the financial condition of the borrower or economic conditions or other circumstances may reduce the capacity of the borrower to make principal and interest payments on such instruments and may lead to defaults. Senior secured bank loans are supported by collateral; however, the value of the collateral may be insufficient to cover the amount owed to the Funds. By relying on a third party to administer a loan, the Funds are subject to the risk that the third party will fail to perform its obligations. The loans in which the Funds will invest are largely floating rate instruments; therefore, the interest rate risk generally is lower than for fixed-rate debt obligations. However, from the perspective of the borrower, an increase in interest rates may adversely affect the borrower’s financial condition. Due to the unique and customized nature of loan agreements evidencing loans and the private syndication thereof, loans are not as easily purchased or sold as publicly traded securities. Although the range of investors in loans has broadened in recent years, there can be no assurance that future levels of supply and demand in loan trading will provide the degree of liquidity which currently exists in the market. In addition, the terms of the loans may restrict their transferability without borrower consent.

These factors may have an adverse effect on the market price and the Funds’ ability to dispose of particular portfolio investments. A less liquid secondary market also may make it more difficult for the Funds to obtain precise valuations of the high yield loans in its portfolio.

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

Fair value is defined as the price that the Funds would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is utilized to maximize the use of observable 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

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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, 2020 in valuing the Funds’ investments:

Global Floating Rate Fund

DESCRIPTION	LEVEL 1		LEVEL 2			LEVEL 3			TOTAL INVESTMENTS
Assets:
Equities:
Common Stocks	$	197,221	$	321,063		$	881,236	***	$	1,399,520
Warrant		–		32,153			–			32,153
Total Equities		197,221		353,216			881,236			1,431,673
Fixed Income:
Bank Loans		–		185,044,366			507,351	***		185,551,717
Corporate Bonds		–		10,876,657			404,688	***		11,281,345
Total Fixed Income		–		195,921,023			912,039			196,833,062
Derivative Securities:
Forward Foreign Currency Exchange Contracts		–		52,763			–			52,763
Total	$	197,221	$	196,327,002		$	1,793,275		$	198,317,498
Liabilities:
Derivative Securities:
Forward Foreign Currency Exchange Contracts		–		(482,402	)		–			(482,402	)
Total Investments	$	197,221	$	195,844,600		$	1,793,275		$	197,835,096

*** None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund Level 3 investments at the end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended December 31, 2020 is not presented.

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The following table is a summary of quantitative information about significant unobservable valuation inputs for Level 3 fair value measurement for investments held as of December 31, 2020:

TYPE OF ASSETS	FAIR VALUE AS OF DECEMBER 31, 2020		VALUATION TECHNIQUE(S)	UNOBSERVABLE INPUT
Equities
CTI Foods Holding Co, LLC	$	571,274	Discounted Cash Flow	Average Enterprise Valuation Multiple: 4 year projection, 7.1x; EBITDA: $53.7 million; 15% discount rate
Don Jersey Topco Ltd.	$	309,962	Broker Quote	0.775 Broker Quote depth of 1
Travelex Topco Ltd.	$	–	Zero Value	Valued at zero
Boomerang Tube LLC	$	–	Discounted Cash Flow	Average Enterprise Valuation Multiple: 5 year projection, 5.0x; EBITDA: $32.2 million; 20% discount rate
Templar Energy LLC	$	–	Broker Quote	Valued at zero until final accrual is received
Templar Energy LLC	$	–	Broker Quote	Valued at zero until final accrual is received
Bank Loans
CTI Foods Holding Co, LLC, 3M LIBOR	$	313,232	Discounted Cash Flow	Average Enterprise Valuation Multiple: 3 year projection, 7.1x; EBITDA: $52.5 million;: 15% discount rate
CTI Foods Holding Co, LLC, 3M LIBOR	$	191,548	Discounted Cash Flow	Average Enterprise Valuation Multiple: 3 year projection, 7.1x; EBITDA: $52.5 million;: 15% discount rate
Boomerang Tube LLC	$	2,571	Discounted Cash Flow	Average Enterprise Valuation Multiple: 5 year projection, 5.0x; EBITDA: $32.2 million; 20% discount rate
Corporate Bonds
Travelex Financing plc	$	–	Zero Value	Valued at zero
KCA Deutag UK Finance plc	$	404,688	Broker Quote	9.875 Broker Quote depth of 3

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	$	32,582	$	283,460	$	1,305,478	***	$	1,621,520
Warrant		–		94,429		–			94,429
Total Equities		32,582		377,889		1,305,478			1,715,949
Fixed Income:
Asset-Backed Securities		–		14,414,079		0	***		14,414,079
Bank Loans		–		63,926,718		5,153	***		63,931,871
Corporate Bonds		–		74,905,663		363,099	***		75,268,762
Total Fixed Income		–		153,246,460		368,252			153,614,712

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DESCRIPTION	LEVEL 1		LEVEL 2			LEVEL 3		TOTAL INVESTMENTS
Derivative Securities:
Forward Foreign Currency Exchange Contracts	$	–	$	50,743		$	–	$	50,743
Total	$	32,582	$	153,675,092		$	1,673,730	$	155,381,404
Liabilities:
Derivative Securities:
Forward Foreign Currency Exchange Contracts		–		(457,436	)		–		(457,436	)
Total Investments	$	32,582	$	153,217,656		$	1,673,730	$	154,923,968

*** None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund Level 3 investments at the end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended December 31, 2020 is not presented.

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, 2020:

TYPE OF ASSETS	FAIR VALUE AS OF DECEMBER 31, 2020		VALUATION TECHNIQUE(S)	UNOBSERVABLE INPUT
Equities
Innovation Group	$	–	Zero Value	Valued at zero
Don Jersey Topco Ltd.	$	272,445	Broker Quote	0.775 Broker Quote depth 1
Travelex Topco Ltd.	$	–	Zero Value	Valued at zero
MModal, Inc.	$	3,213	Analyst Priced	Analyst verified stale price and adjusted for cash receipts
Boomerang Tube LLC	$	–	Discounted Cash Flow	Average Enterprise Valuation Multiple: 5 year projection, 5.0x; EBITDA: $32.2 million; 20% discount rate
Jupiter Resources, Inc.	$	384,870	Model Price	$3.20; price taken by converting to post acquisition value
Maxeda DIY B.V.	$	184,147	Market Comparables	LTM EBITDA €115m; Net leverage €409m; Average Comparable Valuation: 6.0X
Maxeda DIY B.V.	$	460,803	Market Comparables	LTM EBITDA €115m; Net leverage €409m; Average Comparable Valuation: 6.0X
Asset Backed Securities
BlueMountain CLO Ltd.	$	–	Zero Value	Valued at zero
Bank Loans
Boomerang Tube LLC	$	5,153	Discounted Cash Flow	Average Enterprise Valuation Multiple: 5 year projection, 5.0x; EBITDA: $32.2 million; 20% discount rate
Corporate Bonds
Travelex Financing PLC	$	–	Zero Value	Valued at zero
KCA Deutag UK Finance plc	$	363,099	Broker Quote	9.875 Broker Quote depth of 3

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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.

Active Short Duration Bond Fund

DESCRIPTION	LEVEL 1			LEVEL 2		LEVEL 3			TOTAL INVESTMENTS
Assets:
Fixed Income:
Asset-Backed Securities	$	–		$	278,622,703	$	7,204,976	***	$	285,827,679
Corporate Bonds		–			365,620,721		–			365,620,721
Mortgage-Backed Securities		–			123,023,596		–			123,023,596
U.S. Treasury & Government Agencies		–			5,339,844		–			5,339,844
Total Fixed Income		–			772,606,864		7,204,976			779,811,840
Purchased Options:
Call Option Purchased		–			195,889		–			195,889
Put Options Purchased		–			891,893		–			891,893
Total Purchased Options		–			1,087,782		–			1,087,782
Short-Term Investments:
Commercial Paper		–			86,099,343		–			86,099,343
Total Short-Term Investments		–			86,099,343		–			86,099,343
Derivative Securities:
Futures*		76,979			–		–			76,979
Total	$	76,979		$	859,793,989	$	7,204,976		$	867,075,944
Liabilities:
Derivative Securities:
Futures*		(987,439	)		–		–			(987,439	)
Total Investments	$	(910,460	)	$	859,793,989	$	7,204,976		$	866,088,505

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

*** None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund Level 3 investments at the end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended December 31, 2020 is not presented.

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, 2020:

TYPE OF ASSETS	FAIR VALUE AS OF DECEMBER 31, 2020		VALUATION TECHNIQUE(S)	UNOBSERVABLE INPUT
Asset-Backed Securities
SLM Student Loan Trust 2006-2	$	2,175,800	Broker Quote	$550.00: Broker quote depth of 1
SoFi Alternative Trust 2019-C	$	2,875,960	Broker Quote	$108.00: Broker quote depth of 1
SoFi Professional Loan Program 2018-A	$	507,652	Broker Quote	$ 37.00: Broker quote depth of 1

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TYPE OF ASSETS	FAIR VALUE AS OF DECEMBER 31, 2020		VALUATION TECHNIQUE(S)	UNOBSERVABLE INPUT
SoFi Professional Loan Program 2018-B Trust	$	469,471	Broker Quote	$ 37.00 Broker quote depth of 1
SoFi Professional Loan Program 2018-D Trust	$	417,260	Broker Quote	$ 22.00: Broker quote depth of 1
SoFi Professional Loan Program 2019-A LLC	$	758,833	Broker Quote	$ 22.00: 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.

Diversified Income Fund

DESCRIPTION	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL INVESTMENTS
Assets:
Fixed Income:
Asset-Backed Securities	$	–		$	18,963,749		$	–	$	18,963,749
Corporate Bonds		–			22,010,176			–		22,010,176
Mortgage-Backed Securities		–			3,732,110			–		3,732,110
Total Fixed Income		–			44,706,035			–		44,706,035
Derivative Securities:
Forward Foreign Currency Exchange Contracts		–			2,086			–		2,086
Futures*		41,701			–			–		41,701
Total Derivative Securities		41,701			2,086			–		43,787
Total	$	41,701		$	44,708,121		$	–	$	44,749,822
Liabilities:
Derivative Securities:
Forward Foreign Currency Exchange Contracts		–			(10,431	)		–		(10,431	)
Futures*		(37,157	)		–			–		(37,157	)
Total Derivative Securities		(37,157	)		(10,431	)		–		(47,588	)
Total Investments	$	4,544		$	44,697,690		$	–	$	44,702,234

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

Emerging Markets Debt Blended Total Return Fund

DESCRIPTION	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL INVESTMENTS
Assets:
Fixed Income:
Corporate Bonds	$	–	$	30,530,144	$	854,390	$	31,384,534
Foreign Government		–		39,221,371		–		39,221,371
Total Fixed Income		–		69,751,515		854,390		70,605,905

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DESCRIPTION	LEVEL 1		LEVEL 2			LEVEL 3		TOTAL INVESTMENTS
Derivative Securities:
Centrally Cleared Interest Rate Swaps*	$	–	$	916,297		$	–	$	916,297
Forward Foreign Currency Exchange Contracts		–		1,497,910			–		1,497,910
Futures*		47,219		–			–		47,219
OTC–Credit Default Swaps		–		78,072			–		78,072
OTC–Interest Rate Swaps		–		243,610			–		243,610
Total Derivative Securities		47,219		2,735,889			–		2,783,108
Total	$	47,219	$	72,487,404		$	854,390	$	73,389,013
Liabilities:
Derivative Securities:
Centrally Cleared Interest Rate Swaps*		–		(24,591	)		–		(24,591	)
Forward Foreign Currency Exchange Contracts		–		(1,524,709	)		–		(1,524,709	)
OTC — Credit Default Swaps		–		(73,726	)		–		(73,726	)
OTC — Cross Currency Swaps		–		(1,175,521	)		–		(1,175,521	)
OTC — Interest Rate Swaps		–		(49,191	)		–		(49,191	)
Total Derivative Securities		–		(2,847,738	)		–		(2,847,738	)
Total Investments	$	47,219	$	69,639,666		$	854,390	$	70,541,275

* 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, 2020:

TYPE OF ASSETS	FAIR VALUE AS OF DECEMBER 31, 2020		VALUATION TECHNIQUE(S)	UNOBSERVABLE INPUT
Foreign Government
Asian Development Bank 7/14/21	$	204,538	Broker Quote	$30.00: Broker quote depth of 1
European Bank for Reconstruction and Development 10/29/22	$	363,927	Broker Quote	$30.00: Broker quote depth of 1
International Bank for Reconstruction and Development 11/22/21	$	285,925	Broker Quote	$30.00: 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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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, 2020		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, 2020		CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) FROM INVESTMENTS HELD AT DECEMBER 31, 2020
Foreign Government	$	1,016,514	$	(3,075	)	$	(47,938	)	$	–	$	–	$	–	$	(111,111	)	$	854,390	$	(47,938	)
Total	$	1,016,514	$	(3,075	)	$	(47,938	)	$	–	$	–	$	–	$	(111,111	)	$	854,390	$	(47,938	)

Global Emerging Markets Equity Fund

DESCRIPTION	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL INVESTMENTS
Assets:
Equities:
Common Stocks	$	12,706,036	$	–	$	–	$	12,706,036
Total Equities		12,706,036		–		–		12,706,036
Mutual Fund:
Mutual Fund		236,655		–		–		236,655
Total	$	12,942,691	$	–	$	–	$	12,942,691
Total Investments	$	12,942,691	$	–	$	–	$	12,942,691

U.S. High Yield Fund

DESCRIPTION	LEVEL 1		LEVEL 2		LEVEL 3			TOTAL INVESTMENTS
Assets:
Equities:
Common Stocks	$	–	$	0	$	127,133	***	$	127,133
Total Equities		–		0		127,133			127,133
Fixed Income:
Bank Loans		–		3,309,169		–			3,309,169
Convertible Bond		–		141,666		–			141,666
Corporate Bonds		–		45,911,283		–			45,911,283
Total Fixed Income		–		49,362,118		–			49,362,118
Total	$	–	$	49,362,118	$	127,133		$	49,489,251
Total Investments	$	–	$	49,362,118	$	127,133		$	49,489,251

*** None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund Level 3 investments at the end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended December 31, 2020 is not presented.

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The following table is a summary of quantitative information about significant unobservable valuation inputs for Level 3 fair value measurement for investments held as of December 31, 2020:

TYPE OF ASSETS	FAIR VALUE AS OF DECEMBER 31, 2020		VALUATION TECHNIQUE(S)	UNOBSERVABLE INPUT
Equities
Jupiter Resources, Inc.	$	127,133	Model Price	$3.20; price taken by converting to post acquisition 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 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, 2020, 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.

In March 2017, FASB issued Accounting Standards Update No. 2017-08 “Premium Amortization of Purchased Callable Debt Securities”, which amends the amortization period for certain purchased callable debt securities. Under the standards update, the premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest

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call date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management has evaluated the impact of ASU 2017-08 and has adopted the requirements, and the impact, if any, is reflected within the Funds’ financial statements. In October 2020, ASU 2017-08 was amended by Accounting Standards Update 2020-08, Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs (“ASU 2020-08”). ASU 2020-08 requires entities to reevaluate whether callable debt securities fall within the scope of ASU 2017-08 at each reporting period. ASU 2020-08 also amends the relevant guidance to require premiums to be amortized to the “next call date” rather than the “earliest call date,” and further clarifies the definition of “next call date.” ASU 2020-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption of ASU 2020-08 is not permitted. Management is currently evaluating the impact of applying ASU 2020-08.

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, 2020, 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, except Global Emerging Markets Equity Fund, declares a dividend daily based on the Adviser’s projections of the Funds’ estimated net investment income and distributes such dividend monthly. To the extent that these distributions exceed net investment income, they may be classified as return of capital. The Funds also pay a distribution at least annually from their net realized capital gains, if any. Dividends and distributions are recorded on the ex-dividend date. All common shares have equal dividend and other distribution rights. A notice disclosing the source(s) of a distribution will be provided if payment is made from any source other than net investment income. Any such notice would be provided only for informational purposes in order to comply with the requirements of Section 19(a) of the 1940 Act and not for tax reporting purposes. The tax composition of the Funds’ distributions for each calendar year is reported on Internal Revenue Service Form 1099-DIV.

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

I. Bank Loans

The Funds may invest in bank loans, which usually take the form of loan participations and assignments. Loan participations and assignments are agreements to make money available to U.S. or foreign corporations, partnerships or other business entities (the “Borrower”) in a specified amount, at a specified rate and within a specified time. A loan is typically originated, negotiated and structured by a U.S. or foreign bank, insurance company or other financial institution (the “Agent”) for a group of loan investors (“Loan Investors”). The Agent typically administers and enforces the loan on behalf of the other Loan Investors in the syndicate and may hold

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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”). Certain Funds may receive other income from investment in loan assignments and/or unfunded commitments, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Funds.

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, 2020, the following Funds had unfunded loan commitments:

FUND	SECURITY	AMOUNT
Global Floating Rate Fund	Bahia De Las Isletas, S.L., 4/30/21	$	94,422
Global Credit Income Opportunities Fund	Bahia De Las Isletas, S.L., 4/30/21	$	47,211

J. Derivative Instruments

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

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

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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.

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.

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

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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.

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

Any upfront payments made or received upon entering a credit default swap contract would be amortized or accreted over the life of the swap and recorded as realized gains or losses. Collateral, in the form of cash or securities, may be required to be held in segregated accounts with the custodian bank or broker in accordance with the swap agreement. The value and credit rating of each credit default swap where a Fund is the seller of protection, are both measures of the current payment/performance risk of the swap. As the value of the swap changes as a positive or negative percentage of

the total notional amount, the payment/performance risk may decrease or increase, respectively. The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the central clearing party daily.

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

Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to receive or pay interest (e.g., an exchange of fixed rate payments for floating rate payments) with respect to a notional amount of principal. When a Fund enters into an interest rate swap, it typically agrees to make payments to its counterparty based on a specified long- or short-term interest rate, and will receive payments from its counterparty based on another interest rate. Other forms of interest rate swap agreements include interest rate caps, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; interest rate floors, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; and interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum

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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, 2020, 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, 2020:

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	$	52,763
Total		$	52,763

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	$	(482,402	)
Total		$	(482,402	)

Global Credit Income Opportunities Fund

ASSET DERIVATIVES	STATEMENTS OF ASSETS AND LIABILITIES LOCATION	FOREIGN EXCHANGE CONTRACTS RISK
Forward Foreign Currency Exchange Contracts	Unrealized appreciation on forward foreign currency exchange contracts	$	50,743
Total		$	50,743

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	$	(457,436	)
Total		$	(457,436	)

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.	$	76,979
Purchased Options	Investments, at fair value		1,087,782
Total		$	1,164,761

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.	$	(987,439	)
Total		$	(987,439	)

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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	$	2,086	$	–	$	2,086
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.		–		41,701		41,701
Total		$	2,086	$	41,701	$	43,787

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	$	(10,431	)	$	–		$	(10,431	)
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.		–			(37,157	)		(37,157	)
Total		$	(10,431	)	$	(37,157	)	$	(47,588	)

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Emerging Markets Debt Blended Total Return Fund

ASSET DERIVATIVES	STATEMENTS OF ASSETS AND LIABILITIES LOCATION	FOREIGN EXCHANGE CONTRACTS RISK		INTEREST RATE RISK		CREDIT RISK		TOTAL
Forward Foreign Currency Exchange Contracts	Unrealized appreciation on forward foreign currency exchange contracts	$	1,497,910	$	–	$	–	$	1,497,910
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.		–		47,219		–		47,219
OTC – Swaps Contracts	Swap contracts, at fair value		–		243,610		78,072		321,682
Centrally Cleared 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.		–		916,297		–		916,297
Total		$	1,497,910	$	1,207,126	$	78,072	$	2,783,108

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	$	(1,524,709	)	$	–		$	—		$	(1,524,709	)
OTC – Swaps Contracts	Swap contracts, at fair value		(1,175,521	)		(49,191	)		(73,726	)		(1,298,438	)
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.		–			(24,591	)		–			(24,591	)
Total		$	(2,700,230	)	$	(73,782	)	$	(73,726	)	$	(2,847,738	)

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December 31, 2020 (Unaudited)

Amount of Realized Gain/(Loss) on Derivatives:

Global Floating Rate Fund

	FOREIGN EXCHANGE CONTRACTS RISK
Forward Foreign Currency Exchange Contracts	$	(2,979,313	)
Total	$	(2,979,313	)

Global Credit Income Opportunities Fund

	FOREIGN EXCHANGE CONTRACTS RISK			EQUITY RISK			TOTAL
Forward Foreign Currency Exchange Contracts	$	(2,629,760	)	$	–		$	(2,629,760	)
Purchased Options		–			(692,562	)		(692,562	)
Written Options		–			403,346			403,346
Total	$	(2,629,760	)	$	(289,216	)	$	(2,918,976	)

Active Short Duration Bond Fund

	INTEREST RATE RISK		CREDIT RISK			TOTAL
Futures Contracts	$	13,032	$	–		$	13,032
Swaps Contracts		–		(340,586	)		(340,586	)
Total	$	13,032	$	(340,586	)	$	(327,554	)

Diversified Income Fund

	FOREIGN EXCHANGE CONTRACTS RISK			INTEREST RATE RISK		CREDIT RISK			TOTAL
Forward Foreign Currency Exchange Contracts	$	(33,840	)	$	–	$	–		$	(33,840	)
Futures Contracts		–			52,374		–			52,374
Swaps Contracts		–			–		(27,294	)		(27,294	)
Total	$	(33,840	)	$	52,374	$	(27,294	)	$	(8,760	)

Emerging Markets Debt Blended Total Return Fund

	FOREIGN EXCHANGE CONTRACTS RISK			INTEREST RATE RISK		CREDIT RISK		TOTAL
Forward Foreign Currency Exchange Contracts	$	1,185,382		$	–	$	–	$	1,185,382
Futures Contracts		–			33,456		–		33,456
Swaps Contracts		(15,336	)		1,421,518		784,995		2,191,177
Total	$	1,170,046		$	1,454,974	$	784,995	$	3,410,015

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December 31, 2020 (Unaudited)

Change in Unrealized Appreciation/(Depreciation) on Derivatives:

Global Floating Rate Fund

	FOREIGN EXCHANGE CONTRACTS RISK
Forward Foreign Currency Exchange Contracts	$	(989,769	)
Total	$	(989,769	)

Global Credit Income Opportunities Fund

	FOREIGN EXCHANGE CONTRACTS RISK			EQUITY RISK			TOTAL
Forward Foreign Currency Exchange Contracts	$	(853,832	)	$	–		$	(853,832	)
Purchased Options		–			(37,712	)		(37,712	)
Written Options		–			18,451			18,451
Total	$	(853,832	)	$	(19,261	)	$	(873,093	)

Active Short Duration Bond Fund

	INTEREST RATE RISK			CREDIT RISK			TOTAL
Futures Contracts	$	115,105		$	–		$	115,105
Purchased Options		(46,684	)		–			(46,684	)
Swaps Contracts		–			(121,089	)		(121,089	)
Total	$	68,421		$	(121,089	)	$	52,668

Diversified Income Fund

	FOREIGN EXCHANGE CONTRACTS RISK			INTEREST RATE RISK		TOTAL
Forward Foreign Currency Exchange Contracts	$	(4,172	)	$	–	$	(4,172	)
Futures Contracts		–			61,968		61,968
Total	$	(4,172	)	$	61,968	$	57,796

Emerging Markets Debt Blended Total Return Fund

	FOREIGN EXCHANGE CONTRACTS RISK			INTEREST RATE RISK			CREDIT RISK			TOTAL
Forward Foreign Currency Exchange Contracts	$	(881,405	)	$	–		$	–		$	(881,405	)
Futures Contracts		–			47,219			–			47,219
Swaps Contracts		(1,624,803	)		(1,637,471	)		(258,268	)		(3,520,542	)
Total	$	(2,506,208	)	$	(1,590,252	)	$	(258,268	)	$	(4,354,728	)

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December 31, 2020 (Unaudited)

Global Floating Rate Fund

NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OF SHARES/UNITS	FOREIGN EXCHANGE CONTRACTS RISK
Forward Foreign Currency Exchange Contracts(a)	$	50,639,240
(a)   Volume of derivative activity is based on an average of month-end notional amounts outstanding during the period.

Global Credit Income Opportunities Fund

	FOREIGN EXCHANGE CONTRACTS RISK		EQUITY RISK		TOTAL
Forward Foreign Currency Exchange Contracts(a)	$	45,328,847	$	–	$	45,328,847
Purchased Options(a)	$	–	$	5,600	$	5,600
Written Options(a)	$	–	$	5,600	$	5,600

(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)		2,463		–		2,463
Forward Foreign Currency Exchange Contracts(b)	$	–	$	–	$	–
Purchased Options(b)	$	32,248,250	$	–	$	–
Centrally Cleared Swap Contracts(b)	$	–	$	15,725,000	$	15,725,000

(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)		–		160		160
Forward Foreign Currency Exchange Contracts(b)	$	1,340,123	$	–	$	1,340,123

(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, 2020 (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)		–		12		–		12
Forward Foreign Currency Exchange Contracts(b)	$	54,107,738	$	–	$	–	$	54,107,738
OTC – Swaps Contracts(b)	$	9,443,634	$	13,597,101	$	9,468,333	$	32,509,068
Centrally Cleared Swap Contracts(b)	$	–	$	19,384,109	$	–	$	19,384,109

(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.

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 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

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December 31, 2020 (Unaudited)

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	$	52,763	$	–	$	52,763
Total	$	52,763	$	–	$	52,763

			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)
Canadian Imperial Bank of Commerce	$	10,828	$	(10,828	)	$	–	$	–
Morgan Stanley & Co.		41,935		(41,935	)		–		–
Total	$	52,763	$	(52,763	)	$	—	$	—

(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, 2020.

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	$	482,402	$	—	$	482,402
Total	$	482,402	$	—	$	482,402

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December 31, 2020 (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)
Canadian Imperial Bank of Commerce	$	254,169	$	(10,828	)	$	—	$	243,341
Morgan Stanley & Co.		228,233		(41,935	)		—		186,298
Total	$	482,402	$	(52,763	)	$	—	$	429,639

(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, 2020.

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	$	50,743	$	—	$	50,743
Total	$	50,743	$	—	$	50,743

			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.	$	44,656	$	—		$	—	$	44,656
Canadian Imperial Bank of Commerce		6,087		(6,087	)		—		—
Total	$	50,743	$	(6,087	)	$	—	$	44,656

(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, 2020.

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December 31, 2020 (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	$	457,436	$	—	$	457,436
Total	$	457,436	$	—	$	457,436

			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	$	208,468	$	—		$	(208,468	)	$	—
Canadian Imperial Bank of Commerce		246,769		(6,087	)		—			240,682
Citibank N.A.		2,199		—			—			2,199
Total	$	457,436	$	(6,087	)	$	(208,468	)	$	242,881

(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, 2020.

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	$	1,087,782	$	—	$	1,087,782
Total	$	1,087,782	$	—	$	1,087,782

			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.	$	1,087,782	$	—	$	(1,010,000	)	$	77,782
Total	$	1,087,782	$	—	$	(1,010,000	)	$	77,782

(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.

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December 31, 2020 (Unaudited)

(b) Net Amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2020.

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	$	2,086	$	—	$	2,086
Total	$	2,086	$	—	$	2,086

			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)
Canadian Imperial Bank of Commerce	$	2,086	$	(2,086	)	$	—	$	—
Total	$	2,086	$	(2,086	)	$	—	$	—

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

(b) Net Amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2020.

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	$	10,431	$	—	$	10,431
Total	$	10,431	$	—	$	10,431

			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	$	112	$	—		$	(112	)	$	—
Canadian Imperial Bank of Commerce		10,319		(2,086	)		(8,162	)		71
Total	$	10,431	$	(2,086	)	$	(8,274	)	$	71

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December 31, 2020 (Unaudited)

(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, 2020.

Emerging Markets Debt Blended Total Return Fund

DESCRIPTION	GROSS AMOUNTS OF RECOGNIZED ASSETS		GROSS AMOUNTS OFFSET IN THE STATEMENTS OF ASSETS AND LIABILITIES		NET AMOUNTS OF ASSETS PRESENTED IN THE STATEMENTS OF ASSETS AND LIABILITIES
Forward Foreign Currency Exchange Contracts	$	1,497,910	$	—	$	1,497,910
Swap Contracts		321,682		—		321,682
Total	$	1,819,592	$	—	$	1,819,592

			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.	$	540,777	$	(540,777	)	$	—		$	—
Citibank N.A.		642,744		(642,744	)		—			—
Goldman Sachs & Co.		350,468		(132,743	)		(217,725	)		—
HSBC Bank USA		38,276		(38,276	)		—			—
JPMorgan Chase Bank N.A.		3,883		(3,883	)		—			—
Morgan Stanley & Co.		243,444		(103,410	)		(130,000	)		10,034
Total	$	1,819,592	$	(1,461,833	)	$	(347,725	)	$	10,034

(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, 2020.

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	$	1,524,709	$	—	$	1,524,709
Swap Contracts		1,298,438		—		1,298,438
Total	$	2,823,147	$	—	$	2,823,147

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December 31, 2020 (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.	$	818,888	$	(540,777	)	$	(278,111	)	$	—
Citibank N.A.		1,351,940		(642,744	)		(709,196	)		—
Goldman Sachs & Co.		132,743		(132,743	)		—			—
HSBC Bank USA		232,587		(38,276	)		(120,000	)		74,311
JPMorgan Chase Bank N.A.		183,579		(3,883	)		(179,696	)		—
Morgan Stanley & Co.		103,410		(103,410	)		—			—
Total	$	2,823,147	$	(1,461,833	)	$	(1,287,003	)	$	74,311

(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, 2020.

L. Foreign Securities

Investing in securities of foreign companies and foreign governments involves special risks and considerations not typically associated with investing in U.S. companies and the U.S. government. These risks include valuation of currencies and adverse political and economic developments. Moreover, securities of many foreign companies, foreign governments, and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. companies and the U.S. government.

M. Foreign Currency Translation

The books and records of the Funds are maintained in U.S. dollars. Foreign currency transactions are translated into U.S. dollars on the following basis: (i) market value of investment securities, assets and liabilities at the daily rates of exchange, and (ii) purchases and sales of investment securities, dividend and interest income and certain expenses at the rates of exchange prevailing on the respective dates of such transactions. For financial reporting purposes, the Funds do not isolate changes in the exchange rate of investment securities from the fluctuations arising from changes in the market prices of securities. However, for Federal income tax purposes, the Funds do isolate and treat as ordinary income the effect of changes in foreign exchange rates on realized gain or loss from the sale of investment securities and payables and receivables arising from trade-date and settlement-date differences.

N. Counterparty Risk

The Funds seek to manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations. The Adviser monitors the financial stability of the Funds’ counterparties.

3. Advisory Fee

The Funds have entered into an Investment Management Agreement (the “Agreement”) with the Adviser. Pursuant to the Agreement, the Funds have agreed to pay the Adviser a fee payable at the end of each calendar month as set forth below:

Global Floating Rate Fund	0.65% of average daily net assets
Global Credit Income Opportunities Fund	0.75% of average daily net assets
Active Short Duration Bond Fund	0.35% of average daily net assets
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
U.S. High Yield Fund	0.55% of average daily net assets

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

December 31, 2020 (Unaudited)

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 L			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%		0.65	%	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)	1.15%	1.90%	0.90%		—		0.90%
U.S. High Yield Fund	1.00%	1.75%	0.75%		—		0.75%

(1) As of November 5, 2020, the Advisor contractually updated the waiver/reimbursement amounts for the Global Emerging Markets Equity Fund to be as shown in the table above. Prior to November 5, 2020, the waiver/reimbursement amounts for the Global Emerging Markets Equity Fund were as follows: Class A: 1.45%, Class C: 2.20%, Class I: 1.20% and Class Y: 1.20%.

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, 2021 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 and Global Emerging Markets Equity 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	%

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, 2020.

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, Class C shares and Class L shares may compensate certain financial institutions, including the Distributor, for certain distribution and shareholder servicing activities. The Funds’ Class A shares may expend an aggregate amount, on an annual basis, not to exceed 0.25% of the value of the average daily net assets of a Fund attributable to Class A shares. The Funds’ Class C shares may expend an aggregate amount, on an annual basis, not to exceed 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. Active Short Duration Bond Fund’s Class L shares may expend an aggregate amount, on an annual basis, not to exceed 0.25% of the value of the average daily net assets of Active Short Duration Bond Fund attributable to Class L

183

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December 31, 2020 (Unaudited)

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, 2020, 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	$	–	$	10,340
Global Credit Income Opportunities Fund		1,294		10,299
Active Short Duration Bond Fund		–		21,727
Emerging Markets Debt Blended Total Return Fund		1,020		7,435

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, 2020, the aggregate effective fee for the services performed by SSB was at the following annual rate of each Fund’s average daily managed assets:

Aggregate Administrator, Custodian and Fund Accountant Fee to SSB:
Global Floating Rate Fund	0.13	%
Global Credit Income Opportunities Fund	0.15	%
Active Short Duration Bond Fund	0.11	%
Diversified Income Fund	0.18	%
Emerging Markets Debt Blended Total Return Fund	0.21	%
Global Emerging Markets Equity Fund	0.34	%
U.S. High Yield Fund	0.17	%

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, 2020, 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	0.02	%
Global Credit Income Opportunities Fund	0.02	%
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	0.14	%
U.S. High Yield Fund	0.02	%

7. Income Taxes

It is the Funds’ intention to qualify as a RIC under subchapter M of the Internal Revenue Code and distribute all of its taxable income. Accordingly, no provision for Federal income taxes is required in the financial statements.

The tax character of dividends paid to shareholders during the tax year ended June 30, 2020 was as follows:

	ORDINARY INCOME		NET LONG-TERM CAPITAL GAINS			RETURN OF CAPITAL		TOTAL DISTRIBUTIONS PAID
Global Floating Rate Fund	$	10,225,052	$	438,706	$		2,165,048	$	12,828,806
Global Credit Income Opportunities Fund		9,585,231		–			1,452,704		11,037,935
Active Short Duration Bond Fund		24,926,745		–			–		24,926,745
Diversified Income Fund		1,471,540		–			–		1,471,540
Emerging Markets Debt Blended Total Return Fund		3,530,108		–			–		3,530,108
Global Emerging Markets Equity Fund		311,500		21,100			15,138		347,738
U.S. High Yield Fund		2,879,166		–			–		2,879,166

184

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

December 31, 2020 (Unaudited)

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, 2020, 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	$	202,978,376	$	3,714,987	$	(8,428,628	)	$	(4,713,641	)
Global Credit Income Opportunities Fund		159,801,908		7,052,244		(11,523,490	)		(4,471,246	)
Active Short Duration Bond Fund		854,882,098		16,704,631		(5,675,545	)		11,029,086
Diversified Income Fund		43,825,895		1,310,182		(430,041	)		880,141
Emerging Markets Debt Blended Total Return Fund		66,034,132		5,634,231		(1,062,457	)		4,571,774
Global Emerging Markets Equity Fund		9,598,076		3,741,986		(397,371	)		3,344,615
U.S. High Yield Fund		48,082,878		3,044,330		(1,637,957	)		1,406,373

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, 2020 were as follows:

	PURCHASES		SALES		GOVERNMENT PURCHASES		GOVERNMENT SALES
Global Floating Rate Fund	$	35,345,129	$	56,666,100	$	–	$	–
Global Credit Income Opportunities Fund		43,466,368		56,386,628		–		–
Active Short Duration Bond Fund		223,104,801		216,292,295		6,237,000		10,062,799
Diversified Income Fund		22,793,671		21,959,197		924,481		4,949
Emerging Markets Debt Blended Total Return Fund		32,291,506		20,527,471		–		–
Global Emerging Markets Equity Fund		1,300,266		1,489,493		–		–
U.S. High Yield Fund		20,504,378		19,877,940		–		–

9. Common Stock

Transactions in common stock for the six months ended December 31, 2020 were as follows:

Global Floating Rate Fund

	FOR THE SIX MONTHS ENDED DECEMBER 31, 2020						FOR THE YEAR ENDED JUNE 30, 2020
CLASS A	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		126,476		$	1,143,645			937,310		$	8,607,970
Shares sold through reinvestments of distributions		88,455			787,649			235,705			2,102,247
Shares redeemed		(374,441	)		(3,353,402	)		(1,685,551	)		(14,925,227	)
Net decrease		(159,510	)	$	(1,422,108	)		(512,536	)	$	(4,215,010	)

185

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	FOR THE SIX MONTHS ENDED DECEMBER 31, 2020						FOR THE YEAR ENDED JUNE 30, 2020
CLASS C	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		28,881		$	252,883			116,238		$	1,052,227
Shares sold through reinvestments of distributions		12,818			113,695			35,471			315,149
Shares redeemed		(54,944	)		(489,596	)		(258,409	)		(2,260,008	)
Net decrease		(13,245	)	$	(123,018	)		(106,700	)	$	(892,632	)
CLASS I
Shares sold		–		$	–			2,860,215		$	26,600,000
Shares sold through reinvestments of distributions		101,491			906,517			218,857			1,946,913
Shares redeemed		–			–			(1,987,129	)		(18,392,138	)
Net increase		101,491		$	906,517			1,091,943		$	10,154,775
CLASS Y
Shares sold		1,716,634		$	15,406,951			7,795,746		$	69,865,024
Shares sold through reinvestments of distributions		247,411			2,206,864			679,977			6,079,583
Shares redeemed		(3,893,075	)		(34,855,300	)		(13,429,756	)		(117,551,528	)
Net decrease		(1,929,030	)	$	(17,241,485	)		(4,954,033	)	$	(41,606,921	)

Global Credit Income Opportunities Fund

	FOR THE SIX MONTHS ENDED DECEMBER 31, 2020						FOR THE YEAR ENDED JUNE 30, 2020
CLASS A	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		96,184		$	818,972			296,398		$	2,525,056
Shares sold through reinvestments of distributions		94,994			793,709			299,001			2,528,159
Shares redeemed		(4,822,668	)		(40,435,180	)		(821,303	)		(6,756,723	)
Net decrease		(4,631,490	)	$	(38,822,499	)		(225,904	)	$	(1,703,508	)
CLASS C
Shares sold		52,146		$	432,600			124,636		$	1,042,537
Shares sold through reinvestments of distributions		20,368			171,944			43,353			365,771
Shares redeemed		(124,432	)		(1,043,574	)		(204,465	)		(1,662,882	)
Net decrease		(51,918	)	$	(439,030	)		(36,476	)	$	(254,574	)
CLASS I
Shares sold		–		$	–			–		$	–
Shares sold through reinvestments of distributions		28,331			239,465			54,613			461,023
Shares redeemed		–			–			–			–
Net increase		28,331		$	239,465			54,613		$	461,023
CLASS Y
Shares sold		5,888,979		$	49,513,926			7,193,613		$	61,134,702
Shares sold through reinvestments of distributions		254,075			2,156,083			596,969			5,088,941
Shares redeemed		(2,112,381	)		(17,719,304	)		(11,225,790	)		(91,307,876	)
Net increase (decrease)		4,030,673		$	33,950,705			(3,435,208	)	$	(25,084,233	)

186

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

December 31, 2020 (Unaudited)

Active Short Duration Bond Fund

	FOR THE SIX MONTHS ENDED DECEMBER 31, 2020						FOR THE YEAR ENDED JUNE 30, 2020
CLASS A	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		907,391		$	8,849,991			11,719,632		$	115,672,777
Shares sold through reinvestments of distributions		48,079			468,089			420,591			4,092,410
Shares redeemed		(1,479,587	)		(14,433,333	)		(21,296,207	)		(203,582,143	)
Net decrease		(524,117	)	$	(5,115,253	)		(9,155,984	)	$	(83,816,956	)
CLASS C
Shares sold		44,061		$	428,313			259,113		$	2,557,857
Shares sold through reinvestments of distributions		2,670			25,961			6,376			61,661
Shares redeemed		(70,284	)		(684,085	)		(120,852	)		(1,130,979	)
Net increase (decrease)		(23,553	)	$	(229,811	)		144,637		$	1,488,539
CLASS I
Shares sold		–		$	–			–		$	–
Shares sold through reinvestments of distributions		–			–			–			–
Shares redeemed		–			–			(20,418	)		(203,186	)
Net increase (decrease)		–		$	–			(20,418	)	$	(203,186	)
CLASS Y
Shares sold		23,364,116		$	227,615,400			47,841,468		$	466,968,769
Shares sold through reinvestments of distributions		728,858			7,090,406			1,655,334			16,052,682
Shares redeemed		(17,490,106	)		(169,563,434	)		(38,557,362	)		(367,924,280	)
Net increase		6,602,868		$	65,142,372			10,939,440		$	115,097,171
CLASS L(1)
Shares sold		853,766		$	8,291,183			10,764,003		$	101,381,145
Shares sold through reinvestments of distributions		120,242			1,170,147			11,378			108,092
Shares redeemed		(1,947,832	)		(18,945,857	)		(112,724	)		(1,067,372	)
Net increase (decrease)		(973,824	)	$	(9,484,527	)		10,662,657		$	100,421,865

(1) Class commenced operations on May 1, 2020.

Diversified Income Fund

	FOR THE SIX MONTHS ENDED DECEMBER 31, 2020						FOR THE YEAR ENDED JUNE 30, 2020
CLASS A	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		585		$	5,365			43,627		$	365,314
Shares sold through reinvestments of distributions		188			1,705			223			2,062
Shares redeemed		(32,350	)		(292,656	)		(1,218	)		(11,647	)
Net increase (decrease)		(31,577	)	$	(285,586	)		42,632		$	355,729

187

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

December 31, 2020 (Unaudited)

FOR THE SIX MONTHS ENDED DECEMBER 31, 2020

FOR THE YEAR ENDED JUNE 30, 2020

CLASS C

SHARES

AMOUNT

SHARES

AMOUNT

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

419,505

$

3,806,789

2,471,722

$

21,514,638

Shares sold through reinvestments of distributions

27,885

253,056

67,280

634,857

Shares redeemed

(104,467

)

(939,226

)

(2,239,574

)

(19,970,450

)

Net increase

342,923

$

3,120,619

299,428

$

2,179,045

Emerging Markets Debt Blended Total Return Fund

	FOR THE SIX MONTHS ENDED DECEMBER 31, 2020						FOR THE YEAR ENDED JUNE 30, 2020
CLASS A	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		325,997		$	3,538,950			607,596		$	5,629,686
Shares sold through reinvestments of distributions		40,199			438,639			13,820			134,714
Shares redeemed		(43,563	)		(475,850	)		(43,542	)		(434,004	)
Net increase		322,633		$	3,501,739			577,874		$	5,330,396
CLASS C
Shares sold		11,313		$	122,943			14,324		$	146,900
Shares sold through reinvestments of distributions		965			10,499			761			7,490
Shares redeemed		(10,706	)		(115,696	)		(19,419	)		(203,101	)
Net increase (decrease)		1,572		$	17,746			(4,334	)	$	(48,711	)
CLASS I
Shares sold		–		$	–			–		$	–
Shares sold through reinvestments of distributions		–			–			–			–
Shares redeemed		(460,840	)		(5,000,000	)		(984,551	)		(9,800,000	)
Net decrease		(460,840	)	$	(5,000,000	)		(984,551	)	$	(9,800,000	)
CLASS Y
Shares sold		2,553,026		$	27,715,130			2,290,494		$	22,372,983
Shares sold through reinvestments of distributions		148,860			1,627,858			51,572			505,175
Shares redeemed		(712,581	)		(7,733,407	)		(1,698,477	)		(16,775,383	)
Net increase		1,989,305		$	21,609,581			643,589		$	6,102,775

188

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

December 31, 2020 (Unaudited)

Global Emerging Markets Equity Fund

	FOR THE SIX MONTHS ENDED DECEMBER 31, 2020				FOR THE YEAR ENDED JUNE 30, 2020
CLASS A	SHARES		AMOUNT		SHARES		AMOUNT
Shares sold		–	$	–		–	$	–
Shares sold through reinvestments of distributions		–		–		–		–
Shares redeemed		–		–		–		–
Net increase		–	$	–		–	$	–
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 through reinvestments of distributions		–		–		–		–
Shares redeemed		–		–		–		–
Net increase		–	$	–		–	$	–

U.S. High Yield Fund

	FOR THE SIX MONTHS ENDED DECEMBER 31, 2020						FOR THE YEAR ENDED JUNE 30, 2020
CLASS A	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		27,571		$	256,180			161,745		$	1,594,758
Shares sold through reinvestments of distributions		4,817			44,956			13,792			130,405
Shares redeemed		(124,442	)		(1,193,847	)		(353,471	)		(3,416,025	)
Net decrease		(92,054	)	$	(892,711	)		(177,934	)	$	(1,690,862	)
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		–		$	–			–		$	–

189

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

December 31, 2020 (Unaudited)

	FOR THE SIX MONTHS ENDED DECEMBER 31, 2020						FOR THE YEAR ENDED JUNE 30, 2020
CLASS Y	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		353,967		$	3,320,351			714,332		$	6,852,773
Shares sold through reinvestments of distributions		69,304			648,195			143,418			1,345,005
Shares redeemed		(235,771	)		(2,208,232	)		(699,271	)		(6,312,454	)
Net increase		187,500		$	1,760,314			158,479		$	1,885,324

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 $150,000,000 (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.

For the six months ended December 31, 2020, the Funds did not utilize the Facility Amount.

11. Indemnifications

Under the Funds’ organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds have entered into contracts with service providers which may contain indemnification clauses. The Funds maximum exposure under these arrangements is unknown. No claim has been made for indemnification pursuant to any such agreement of the Funds.

12. Risks

Impacts of Covid-19

The pandemic related to the global spread of novel coronavirus disease (Covid-19), which was first detected in December 2019, has resulted in significant disruptions

to global business activity and the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the securities and commodities markets in general. This pandemic, the full effects of which are still unknown, has resulted in substantial market volatility and may continue to adversely impact the prices and liquidity of the fund’s investments and the fund’s performance.

LIBOR

On July 27, 2017, the United Kingdom’s Financial Conduct Authority (“FCA”), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. LIBOR has historically been a common benchmark interest rate index used to make adjustments to variable-rate loans. It is used throughout global banking and financial industries to determine interest rates for a variety of financial instruments and borrowing arrangements. The transition process might lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates. It could also lead to a reduction in the value of some LIBOR-based investments held by a fund and reduce the effectiveness of new hedges placed against existing LIBOR-based investments. While some LIBOR-based instruments contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology, not all have such provisions and there may be significant uncertainty regarding the effectiveness of any such alternative methodologies. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021.

13. Subsequent Events

Management has considered the circumstances under which the Funds should recognize or make disclosures regarding events or transactions occurring subsequent to

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

December 31, 2020 (Unaudited)

December 31, 2020 through the date the financial statements were issued. Adjustments or additional disclosures, if any, have been included in these financial statements.

On November 12, 2020, the President of the United States of America signed an Executive Order prohibiting U.S. persons from purchasing or investing in publicly-traded securities of companies identified by the U.S. government as “Communist Chinese military companies.” Beginning January 11, 2021, the Order prohibits U.S. entities from participating in certain types of transactions involving securities of Chinese companies known to be associated with the Chinese military. The list of such companies can change from time to time, and the Funds intend to comply with the Executive Order to the extent applicable. As a result of forced selling or inability to participate in an investment the Manager otherwise believes is attractive, the Funds may incur losses.

On November 9, 2020, Thomas M. Finke submitted his resignation from the Board of Directors (the “Board”) of Barings Fund Trust (the “Trust”), effective as of the close of business on November 30, 2020. Mr. Finke, former Chief Executive Officer of Barings LLC (“Barings”), the Trust’s external investment adviser, decided to retire from Barings. Mr. Finke’s resignation was not the result of a disagreement with the Trust on any matter relating to its operations, policies or practices. The Board, upon recommendation from its Nominating and Corporate Governance Committee, appointed David Mihalick to fill the vacant seat created by Mr. Finke’s resignation, effective as of the close of business on November 30, 2020, to serve as a Class I member of the Board for the remainder of the full term of such Class I directorship.

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STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM

Barings, the Board appointed administrator of the Funds’ liquidity risk management program (LRMP), presented the first annual report on the program to the Trusts on August 7, 2020. The report covered the structure of the program, including the program documents and related policies and procedures adopted to comply with Rule 22e-4 under the Investment Company Act of 1940, and reviewed the operation of the program from December 2018 through June 30, 2020. The report included a description of the annual liquidity assessment of the funds that Barings performed. The report noted that there were no compliance exceptions identified under Rule 22e-4 during the period. The report included a review of the governance of the program and the methodology for classifying the Funds’ investments. The report also included a discussion of liquidity monitoring during the period, including during the market liquidity challenges caused by the Covid-19 pandemic, and the impact those challenges had on the liquidity of the Funds’ investments. Barings concluded that the program has been operating effectively and adequately to ensure compliance with Rule 22e-4. There can be no assurance that the program will achieve its objectives in the future.

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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 and Barings Global Floating Rate 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 meeting held on August 6, 2020 (the “Meeting”), 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, and Barings U.S. High Yield Fund; and by Barings and BIIL to Barings Global Floating Rate Fund, Barings Global Credit Income Opportunities 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 1^st quintile of its Broadridge performance universe for each of the one-year, three-year and five-year periods ended February 29, 2020 (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 5^th quintile of its Broadridge performance universe for the one-year period, in the 4^th quintile for the three-year period, and in the 1^st quintile for the five-year period ended February 29, 2020; Barings Active Short Duration Bond 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 February 29, 2020; Barings Diversified Income Fund ranked in the 3^rd quintile of its Broadridge performance universe for each of the one-year and three-year periods ended February 29, 2020; Barings U.S. High Yield Fund ranked in the 3^rd quintile of its Broadridge performance universe for each of the one-year and three-year periods ended February 29, 2020; Barings Emerging Markets Debt Blended Total Return Fund ranked in the 1^st quintile of its Broadridge performance universe for each of the one-year and three-year periods ended February 29, 2020; and Barings Global Emerging Markets Equity Fund ranked in the 3^rd quintile of its Broadridge performance universe for the one-year period ended February 29, 2020.

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

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 higher 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 U.S. High Yield 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 Emerging Markets Debt Blended Total Return Fund’s effective advisory fee rate was equal to 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 lower than the Broadridge expense group median and total expense ratio equal to 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 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 2021.

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(b) Not applicable

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 8, 2021

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 8, 2021

By (Signature and Title)	/s/ Carlene Pollock
	Carlene Pollock, Chief Financial Officer (Principal Financial Officer)
Date	March 8, 2021