N-CSR

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: June 30, 2021

Item 1. Reports to Stockholders.

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

BARINGS FUNDS TRUST

Annual Report

June 30, 2021

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 Emerging Markets Debt Blended Total Return Fund

Barings Global Emerging Markets Equity Fund

Barings U.S. High Yield Fund

Dear Shareholder,

In the first half of the year, global markets continued to experience positive momentum as vaccinations became more prevalent and businesses re-opened. While the U.S. Federal Reserve’s hawkish turn in June has kept inflation and rates at the forefront, economic growth remains strong and inflation still looks transitory, in our view.

From a bottom-up research perspective, our investment teams continue to find a generally supportive environment. While many asset classes have experienced impressive performance since the depths of the pandemic, we believe value can still be found in both developing and emerging markets. That said, there are a number of lingering uncertainties as we look toward the second half of the year. For one, although developed markets may be through the worst of the pandemic – and further extensive lockdowns seem unlikely – there are questions as to whether new strains of the virus could slow the economic recovery. There are also a number of macro and geopolitical risks on the horizon, from the ongoing U.S.-China and U.S.-Russia tensions, to conflicts in the Middle East.

Against this backdrop, we believe selectivity is as critical as ever. Whereas market beta has been a significant driver of returns over the last several months, corporate and country fundamentals have come decidedly back to the forefront. This means that simply owning the index – whether in high yield, investment grade credit or emerging markets debt – may lead to disappointing outcomes.

As active managers, and with some of the industry’s largest fixed income research teams, we believe we are well-positioned to provide access to relative value opportunities as they arise across geographies and asset classes.

You have previously received a proxy statement/prospectus with respect to the proposed reorganization of the Barings funds. The proposed reorganizations will be voted on at a virtual joint special meeting of shareholders scheduled to be held on September 29, 2021. In this unprecedented time, we appreciate your continued trust and partnership, and we 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 2021 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 annual reporting period from July 1, 2020 through June 30, 2021 of +14.19%, outperforming the Credit Suisse Global Loan Benchmark (the “Benchmark”), which returned +11.42%.^{1, 6}

What factors influenced performance of the Fund?

∎ Trading levels across the broadly syndicated loan market continued to recover throughout the period from the drawdown that occurred in March 2020. The initial recovery at the start of the period was in higher rated loans (double-B rated), although there was a more material recovery in the lower rating categories (single-B and lower rated loans) through the rest of the period. As the Fund had a higher exposure to loans rated single-B and lower, this positively contributed to outperformance during the period.

∎ Broadly speaking, outperformance by Fund holdings within industry sectors (based on the Benchmark’s industry sectors) was the main driver of outperformance for the period, with the top performing sectors including the wireless communications, financial and healthcare sectors. Additionally, an overweight position to the gaming/leisure sector and credit selection within that sector was a positive contributor to relative results.

∎ From a regional perspective, the Fund’s allocations between the North American and European markets did not have a material impact on performance. The Fund’s holdings in both regions (North America and Europe) outperformed the Benchmark and outperformance was fairly balanced between the two regions.

∎ Due to the elevated returns across the market, the Fund’s modest allocation to cash (for which the average weight was approximately 6%) was a modest detractor from attribution results.

Describe recent portfolio activity.

∎ During the reporting period, the Fund did not make material shifts between geographic regions as relative value was viewed as comparable between the two regions and therefore the focus was on individual credit decisions.

∎ From an asset class perspective, the Fund’s strategy remained focused primarily on first lien senior secured loans in which the exposure increased by approximately 3% with modest decreases in exposure to senior secured bonds and second lien senior secured loans.

∎ Over the reporting period, the Fund’s top two industry exposures, healthcare/education/childcare and diversified/conglomerate service (based on Moody’s industries) remained the same. During the period, the leisure/amusement/entertainment sector decreased from third largest to the fourth largest position. This change was not a reflection of relative value positioning, rather was due to the Fund reducing exposure to positions in that sector that had provided meaningful value during the market’s recovery.

^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..

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Barings Global Floating Rate Fund 2021 Annual Report

∎ The Fund’s exposure to triple-C rated loans modestly decreased as a result of positive catalysts for individual credits that has provided opportunities to exit those positions at what we believe were viewed as attractive levels. Recent purchases were primarily in the single-B rated loans and as a result exposure to that rating category modestly increased.

Describe portfolio positioning at period end.

∎ The Fund finished the twelve-month reporting period, ending June 30, 2021, with 89.4% allocated to global senior secured loans, 4.0% to global senior secured high yield bonds, and 6.0% 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 (13.8%), diversified/conglomerate services (13.6%), and telecommunications (8.0%) as of June 30, 2021.

∎ As of June 30, 2021, the Fund had the following credit quality breakdown: 1.0% in triple-B assets, 13.0% in double-B assets, 68.9% in single-B assets, and 9.0% in triple-C and below assets. Approximately 2.1% of the Fund’s assets are non-publicly rated. Cash and accrued income accounted for the remaining 6.0% of the portfolio assets.²

∎ The top five countries in the portfolio at the end of the reporting period were the U.S. (66.4%), the U.K. (8.4%), Germany (5.2%), France (2.8%) and the Netherlands (2.6%). Overall, the Fund had exposure to 16 different countries, and we continue to focus on building a well-diversified portfolio of global floating rate securities.

Describe market and portfolio outlook.

∎ From a fundamental standpoint, we believe high yield appears to be on solid footing with upgrades outnumbering downgrades and default rates back below longer-term averages. At the same time, we expect company earnings, revenues and cash flows to remain well-supported by the resurgence in consumer demand this year and into 2022.

∎ While the economy appears to be on a positive trajectory, and companies remain well-supported by ample liquidity, there are plenty of uncertainties on the horizon. Therefore we continue to believe that an actively managed strategy focused on prudent asset selection is crucial in this environment.

∎ With expectations for continued economic growth coming out of the pandemic, we believe it is reasonable to expect the Federal Reserve will at some point move toward tapering and rates will eventually rise. Against this backdrop, in our view, there are benefits to considering variable or floating rate assets such as loans.

^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.

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Barings Global Floating Rate Fund 2021 Annual Report

PORTFOLIO COMPOSITION (% OF ASSETS*)

* As of June 30, 2021.

COUNTRY COMPOSITION (% OF ASSETS**)

** Percentage of assets are expressed by market value excluding cash and accrued income, and may vary over time. As of June 30, 2021.

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Barings Global Floating Rate Fund 2021 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		10.48	%		3.35	%		4.67	%		3.59	%
Class A No Load		09/16/2013		13.90	%		4.40	%		5.31	%		4.00	%
Class C With Load		09/16/2013		12.08	%		3.63	%		4.54	%		3.24	%
Class C No Load		09/16/2013		13.08	%		3.63	%		4.54	%		3.24	%
Class I With Load		09/16/2013		14.19	%		4.69	%		5.60	%		4.30	%
Class I No Load		09/16/2013		14.19	%		4.69	%		5.60	%		4.30	%
Class Y With Load		09/16/2013		14.19	%		4.66	%		5.58	%		4.28	%
Class Y No Load		09/16/2013		14.19	%		4.66	%		5.58	%		4.28	%

^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.

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Barings Global Credit Income Opportunities Fund 2021 Annual Report

Investment Objective

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

Portfolio Management Commentary

How did the Fund perform?

∎ The Fund reported a net total rate of return for the annual reporting period from July 1, 2020 through June 30, 2021 of +17.52%, and outperformed the 3 Month USD LIBOR +500 basis points (bps)¹ benchmark, which returned +5.22%.^{2, 6}

What factors influenced performance of the Fund?

∎ The material recovery in trading levels across high yield credit markets during the reporting period, following the drawdown in March 2020, was the primary driver for the Fund’s outperformance relative to the benchmark. We note that a large portion of the benchmark is static and therefore is not generally impacted by mark-to-market changes.

∎ For the core asset classes, high yield bonds outperformed senior secured loans over the full period and were the top contributor to the Fund’s total return. Furthermore, the Fund’s holdings within each of these asset classes outperformed their respective markets.

∎ By region, the Fund’s North American high yield bond holdings modestly outperformed the Fund’s European high yield bond holdings and for senior secured loans, the Fund’s European holdings modestly outperformed the Fund’s North American holdings. As a result, performance was fairly balanced between the two regions.

∎ From a ratings category perspective, the Fund’s lower rated credits in the high yield bond and senior secured loan markets outperformed higher rated credits during the reporting period, particularly in the second half of the period.

∎ For the opportunistic asset classes, the total return for the Fund’s collateralized loan obligation (CLOs) holdings outperformed the core asset classes and therefore was a positive contributor to the Fund’s overall total return.

Describe recent portfolio activity.

∎ During the first half of the reporting period, there were minimal shifts between regions for core asset classes or between asset classes as the focus was on individual credit relative value decisions. In the second half of the period, the Fund modestly increased exposure in floating rate senior secured loans, reducing exposure to fixed rate high yield bonds. Within high yield bonds, the Fund modestly added exposure to emerging markets corporate debt.

∎ In general, as these portfolios 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 between asset classes as relative value opportunities change.

∎ In regards to the opportunistic asset classes, the Fund’s exposure to CLOs modestly decreased over the period.

∎ Within rating categories, the Fund’s exposure to single-B and triple-C rated credits increased and exposure to double-B rated credits decreased over the period.

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

^2.  Total return describes the return to an investor of Class Y shares and includes the reinvestment of dividends and capital gains. Past performance is no guarantee of future results and investment returns and the net asset value (NAV) of shares of the Fund will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than performance quoted. Call 1.855.439.5459 or visit barings.com for current month end performance. All returns 1-year or less are cumulative.

^6.  Benchmark: 3-Month USD LIBOR plus 500 bps. The 3-Month USD LIBOR (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.

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Barings Global Credit Income Opportunities Fund 2021 Annual Report

∎ Over the reporting period, the Fund’s top two industry exposures, healthcare/education/childcare and diversified/conglomerate service (based on Moody’s industries) remained the same. During the period, the Fund’s exposure to the oil and gas sector increased to the third largest sector exposure. This was primarily due to purchases in higher quality high yield bonds in that sector, including some fallen angels early in the period.

Describe portfolio positioning at period end.

∎ The Fund finished the annual reporting period, ended June 30, 2021, with an allocation of 40.6%, 42.1% and 8.8% to global high yield bonds, global senior secured loans and CLOs, respectively. The remainder of the portfolio was invested in equities at 0.9%, special situations at 0.6%, and cash/other at 7.0%. A significant portion of the portfolio (approximately 63.9%) was senior secured in nature (including CLOs backed by secured loans), which we believe 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 (9.1%), diversified/conglomerate services (6.8%), and the oil and gas sector (6.1%) as of June 30, 2021.

∎ As of June 30, 2021, the Fund had the following credit quality breakdown: 1.7% in triple-B assets, 20.8% in double-B assets, 49.2% in single-B assets, and 16.2% 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 7.0% of the portfolio assets.³

∎ The top five countries in the portfolio at the end of the reporting period were the U.S. (55.7%), the U.K. (8.6%), Germany (4.5%), France (3.3%) and India (2.2%). The Cayman Islands exposure related to the Fund’s CLO holdings was included in the U.S. Overall, the Fund had exposure to 32 different countries, and we continue to focus on building a well-diversified portfolio of global high yield securities.

Describe market and portfolio outlook.

∎ From a fundamental standpoint, we believe high yield appears to be on solid footing, with upgrades outnumbering downgrades and default rates back below longer-term averages. At the same time, we expect company earnings, revenues and cash flows to remain well-supported by the resurgence in consumer demand this year and into 2022.

∎ While the economy appears to be on a positive trajectory, and companies remain well-supported by ample liquidity, there are plenty of uncertainties on the horizon. Therefore we continue to believe that an actively managed strategy focused on prudent asset selection is crucial in this environment. Furthermore, while there is potential for shorter-term bouts of volatility, we see particular benefits to a multi-credit strategy that has the ability to invest across asset classes and regions based on relative value.

∎ With expectations for continued economic growth coming out of the pandemic, it is reasonable to expect the Federal Reserve will at some point move toward tapering and rates will eventually rise. Against this backdrop, we believe there are benefits to considering variable or floating rate assets such as loans and CLOs. However, in our view, high yield bonds still look relatively well-positioned in a reflationary environment given their shorter duration relative to other longer duration fixed income asset classes and investors focused on yield in an overall low rate environment.

^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.

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Barings Global Credit Income Opportunities Fund 2021 Annual Report

PORTFOLIO COMPOSITION (% OF ASSETS*)

* As of June 30, 2021.

COUNTRY COMPOSITION (% OF ASSETS**)

** Percentage of assets are expressed by market value excluding cash and accrued income, and may vary over time. As of June 30, 2021.

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Barings Global Credit Income Opportunities Fund 2021 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		12.50	%		3.52	%		5.59	%		4.40	%
Class A No Load		09/16/2013		17.18	%		4.94	%		6.46	%		4.92	%
Class C With Load		09/16/2013		15.42	%		4.19	%		5.68	%		4.14	%
Class C No Load		09/16/2013		16.42	%		4.19	%		5.68	%		4.14	%
Class I With Load		09/16/2013		17.51	%		5.21	%		6.73	%		5.18	%
Class I No Load		09/16/2013		17.51	%		5.21	%		6.73	%		5.18	%
Class Y With Load		09/16/2013		17.52	%		5.21	%		6.73	%		5.18	%
Class Y No Load		09/16/2013		17.52	%		5.21	%		6.73	%		5.18	%

^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.

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Barings Active Short Duration Bond Fund 2021 Annual Report

Investment Objective

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

Portfolio Management Commentary

How did the Fund perform?

∎ The Fund reported a net total rate of return for the period from July 1, 2020 through June 30, 2021 of 7.00%, outperforming the Bloomberg Barclays U.S. 1-3 Year Government Bond Index (the “Benchmark”), which returned 0.06%.^1,5

What factors influenced performance of the Fund?

∎ A shorter-duration position contributed positively to performance relative to the Benchmark as rates rose over the period. The Fund used Treasury bonds and futures to help manage duration. 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%. If the market sees a sustainable inflationary environment, we will likely see technical pressure to bring rates higher; a return to the trend seen in the first quarter of 2021. The Fund ended the period with a 0.52 year duration in accordance with our rules-based duration management process.

∎ We continued to favor securitized credit over corporate credit, emphasizing structure over unsecured positions. The Fund’s allocation to consumer asset-backed securities (ABS) was a positive contributor to performance. Auto, Student loans, Aviation, and Consumer Loan collateral were among the top contributors within the ABS sector. The market’s risk-on tone brought a majority of market segments tighter amid the backdrop of shrinking dealer balance sheets. Demand remained robust despite high levels of new issue ABS supply. The allocation took advantage of tightening by selling into strength in areas where pricing has gotten ahead of fundamentals.

∎ The Fund’s allocation to commercial mortgage-backed securities (CMBS) and residential mortgage-backed securities (RMBS) also contributed positively to performance over the period. Non-Agency CMBS continued to show resiliency given recent periods of rate volatility in prior months despite limited dealer risk taking given tight absolute spread levels.

∎ The 35% allocation to investment grade corporate credit contributed positively to performance. Corporate index spreads finished the period at 80 basis points. Index spread remains 40bps inside of 2-year average levels – the last time the index was at this level was March 2005. As corporate spreads continued to ratchet closer to historical tights, the fundamental picture remained robust, and improving, as issuers gained steadier footing amidst the market recovery.

∎ The Fund’s small position in high-quality collateralized loan obligation (CLO) tranches was also a positive contributor. CLOs remained an attractive subordinated investment given attractive yields, however with high quality spreads trading at tight historical levels, return from the top of the capital stack was expected to come primarily from carry.

∎ The allocation to BB-rated high yield corporate bonds contributed positively to performance, while the fund’s underweight to U.S. Treasuries detracted.

Describe recent portfolio activity.

∎ The Fund ended the period with a duration positioning of 0.52 years, as the front end of the U.S. Treasury curve remained flat.

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

^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.

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Barings Active Short Duration Bond Fund 2021 Annual Report

∎ The Fund increased its allocation to hard currency EMD by 10% over the period as relative value was identified. CMBS positioning was increased by 2%. ABS, Cash, and RMBS positioning was reduced. The Fund’s developed market corporate and high quality CLO weight remained unchanged.

∎ The Funds allocation to AAA-rated and BB-rated positions decreased, while BB, Single-A, and AA quality increased over the reporting period.

Describe portfolio positioning at period end.

∎ The Fund continued to be well diversified across corporate and securitized sectors. The securitized ABS allocation was 23.3% at the end of the period. Automotive loan collateral represented the largest allocation, followed by Student Loan collateral. Further commercial ABS sub-sectors include Timeshare, Personal Consumer Loan, Aircraft Leasing and Franchise Receivables deals. The Fund maintained an active position in RMBS and CMBS securities, ending the period at 8.8% and 6.8%, respectively.

∎ At the end of the period, the Fund’s credit allocation was 51.0%. This allocation was comprised of 35.3% in investment grade corporates, 5.7% in BB-rated high yield corporates, and 10.0% in U.S. dollar-denominated emerging markets debt (EMD). Banks/Brokers and Independent Finance represent the Fund’s largest corporate sector allocations, followed by various Financial and Insurance industries.²

∎ High-quality AAA and AA CLO tranches represented a combined 5.6% allocation for the Fund.

Describe market and portfolio outlook.

∎ All eyes continue to be on the U.S. Fed as investors look for hints of guidance on the future of monetary action amidst the economic recovery. The Fed’s most recent meeting minutes included hints from the FOMC that officials may consider paring down bond-buying efforts “at some point in upcoming meetings” if the economy continues to strengthen on its current trajectory. The ensuing weeks since brought a surprisingly weak jobs report and a stronger-than-expected consumer inflation report, which now has the market waiting for the next meeting for an indication of the Fed’s path forward.

∎ As we move into the summer months, in our view, the Fed’s monthly purchases of $80 billion of Treasuries and $40 billion of MBS may be the first change in policy. Some Economists are predicting the US Fed could reduce its MBS purchases by a relatively larger proportion than its purchases of Treasuries. This discussion coincides with a growing debate about the need for buying housing-backed assets given the strength of the US housing market. The market is now predicting the US Fed could announce some initial indication of a slowing of MBS purchases as early as August 2021. We continue to anticipate more guidance leading up to the Jackson Hole meeting later this summer.

∎ 1Q2021 investment grade credit fundamentals were released last month that showed modest continuation of positive trends as the economies emerge from the COVID19 pandemic. High grade issuer revenue declined 3.6% year over year (YoY) but it was up by 1.7% from the previous quarter. With the surge in Energy prices in 2Q these figures are expected to improve in the coming quarters. EBITDA was up 3.6% quarter over quarter (QoQ) and down just 1.1% YOY. Excluding commodities, EBITDA growth came in at positive 5.3%. As revenue from 2Q2020 rolls off the trailing yearly statistics, the market is expecting to see stronger YOY numbers in the coming quarters.

∎ Debt levels are reported to be up only 2% YOY, after companies refinanced, reissued, and issued new debt to insulate balance sheets during the pandemic volatility. If positive fundamental trends continue, we expect that the need for additional cash may be somewhat muted in the coming periods. We believe that the outlook for ABS remains bright given the economic recovery on track and labor market improving.

∎ ABS delinquencies are at current cycle lows, and relative value opportunities across collateral sectors remain robust while also offering diversification to multi-sector credit portfolios.

^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 2021 Annual Report

CREDIT QUALITY BREAKDOWN (% OF ASSETS*)

* As of June 30, 2021.

PORTFOLIO COMPOSITION (% OF ASSETS*)

* As of June 30, 2021.

12

Barings Active Short Duration Bond Fund 2021 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		6.75	%		2.81	%		2.33	%		2.14	%
Class A No Load		07/08/2015		6.75	%		2.81	%		2.33	%		2.14	%
Class C With Load		07/08/2015		6.04	%		2.54	%		2.17	%		1.88	%
Class C No Load		07/08/2015		6.54	%		2.54	%		2.17	%		1.88	%
Class L With Load		05/01/2020		4.62	%		n/a			n/a			7.08	%
Class L No Load		05/01/2020		6.75	%		n/a			n/a			8.95	%
Class Y With Load		07/08/2015		7.00	%		3.06	%		2.58	%		2.38	%
Class Y No Load		07/08/2015		7.00	%		3.06	%		2.58	%		2.38	%

^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 Emerging Markets Debt Blended Total Return Fund 2021 Annual Report

Investment Objective

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

Portfolio Management Commentary

How did the Fund perform?

∎ The Fund reported a net total rate of return for the period from July 1, 2020 through June 30, 2021 of 13.61%. 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 7.43%. 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 economies around the world re-opened after months long shutdowns as a result of the Covid-19 pandemic. Strong growth numbers reported by many EM countries along with loose monetary conditions have been a supportive market for EM returns. U.S Treasury rates have been a headwind as 10-year rates have risen 82 basis points (bps) over the past 12 months. Local rates in EM countries fell, while EM currencies appreciated over the period.

What factors influenced performance of the Fund?

∎ The Fund’s positioning, and active allocations across countries and credits, were additive to performance. EM local rallied, as we saw monetary stimulus and rate cuts across EM countries in reaction to COVID-19’s economic toll. EM debt flows were strong to end 2020, with $50.6 billion of positive flows, which was followed by six months accounting for $44.6 billion in net inflows for the first half of 2021.

∎ For the 12-month reporting period ending June 30, 2021, the Fund’s positioning in Brazil, Mexico, South Africa, India and Ukraine contributed positively to Fund performance. However, the Fund’s positions in Israel, Hungary, Colombia, Singapore and Czech Republic detracted from performance.

Describe recent portfolio activity.

∎ The fund decreased its exposure to Sovereign hard currency bonds mainly as a result of a decrease to short CDS exposure within the portfolio. Alternatively, the Fund allocated more to EM Corporates, while our positioning remained similar to 2020, backed by healthy balance sheets and bonds offering strong yields compared to some sovereign credits. The Fund recently decreased some FX exposure following an increase in the first quarter of 2021, back to the same exposure seen twelve months ago. The Fund maintained most positions, as we believe fiscal stimuli will allow for moderate growth, low inflation and lower rates in select EM local markets.

Describe portfolio positioning at period end.

∎ The Fund finished the reporting period, ending June 30, 2021, with a 26% exposure to sovereign hard currency bonds (inclusive of credit default swaps), 42% to corporate debt, 29% to sovereign local currencies, and an 8% settled cash position.

∎ The top five countries in the portfolio at the end of the reporting period were Brazil (11.4%), Mexico (11.0%), South Africa (7.9%), Colombia (6.5%) and Ukraine (5.8%). The top five corporate issuers were Piraeus Bank (2.3%), Vedanta Resources (2.3%), Tullow Oil (1.8%), PEMEX (1.7%), and Kaisa Group Holdings (1.4%). Overall, the Fund had exposure to 40 countries, 66 corporates and 19 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.

14

Barings Emerging Markets Debt Blended Total Return Fund 2021 Annual Report

Describe market and portfolio outlook.

∎ The Fed may have taken some wind out of emerging markets’ sails, but we believe that not all asset classes and issuers will be impacted to the same extent. In our view, while a rising rate environment likely won’t derail the positive growth story or materially hurt performance across sovereign and corporate credit markets, there may be greater challenges in store for local rates and currencies. In this environment, and as we move to the second half of the year, we believe a strict focus on bottom-up analysis – including the impact of ESG factors on companies and countries – will be a crucial differentiator in performance. Ultimately, we can’t predict exactly when rates are going to move, or how tensions between the U.S. and China or the U.S. and Russia will play out. We do have the ability, based on bottom-up analysis, to choose countries and companies that are well-positioned to withstand a changing environment.

15

Barings Emerging Markets Debt Blended Total Return Fund 2021 Annual Report

PORTFOLIO COMPOSITION (% OF ASSETS*)

* As of June 30, 2021.

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 June 30, 2021.

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

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

16

Barings Emerging Markets Debt Blended Total Return Fund 2021 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		8.79	%		10.48	%		8.10	%		7.57	%
Class A No Load		10/21/2015		13.32	%		12.00	%		8.99	%		8.34	%
Class C With Load		10/21/2015		11.51	%		11.18	%		8.20	%		7.56	%
Class C No Load		10/21/2015		12.51	%		11.18	%		8.20	%		7.56	%
Class I With Load		10/21/2015		13.70	%		12.31	%		9.28	%		8.63	%
Class I No Load		10/21/2015		13.70	%		12.31	%		9.28	%		8.63	%
Class Y With Load		10/21/2015		13.61	%		12.26	%		9.26	%		8.61	%
Class Y No Load		10/21/2015		13.61	%		12.26	%		9.26	%		8.61	%

^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.

17

Barings Global Emerging Markets Equity Fund 2021 Annual Report

Investment Objective

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

Portfolio Management Commentary

How did the Fund perform?

∎ The Fund reported a net rate of return for the period from July 1, 2020, through June 30, 2021 of 32.74%, underperforming the MSCI Emerging Markets Index (the Benchmark), which returned 40.90%.^1,4

What factors influenced performance of the Fund?

∎ A strong style shift over the period saw value outperform quality and growth, which had a negative impact on relative performance.

∎ Contributors to relative Fund performance included the following:

∎ Taiwan Semiconductor Manufacturing Co was a significant contributor to relative returns, helped by strong quarterly earnings, better than expected orders, and encouraging guidance regarding future growth opportunities.

∎ LG Chem outperformed, as the company continues to benefit from the increased demand for electric vehicle batteries and slowly improving margins in their petrochemical business.

∎ Infosys Limited outperformed, helped by robust earnings growth, driven in part by increased demand from clients migrating services to the cloud and expanding their consumer facing digital capabilities.

∎ Detractors from relative Fund performance included the following:

∎ China Overseas Land & Investment Limited detracted due to concerns that policy measures introduced to cool the residential market may lead to a decline in new sales.We have since sold out of the holding.

∎ China Construction Bank also underperformed particularly over the first half of the reporting period on concerns that asset quality would deteriorate. This underperformance has begun to reverse in recent months as these concerns have eased due to the rebound in the domestic economy.

∎ Tencent Holdings detracted, following broader weakness across some technology stocks, stemming from heightened regulatory risk.

Describe recent portfolio activity.

∎ We continuously review all holdings in the portfolio and compare against other potential investment opportunities in our universe. As part of this process, we exited a number of positions over the period and replaced them with more attractive alternatives, as identified through our internal investment research:

∎ Q3/Q4 2020: New purchases included Brazilian hypermarket Atacadão, a company we believe has compelling future growth prospects and which we purchased at an attractive valuation. Elsewhere, we sold out of video surveillance company Hikvision after a period of strong performance and exited positions in Lukoil and Banco do Brasil, in favor of opportunities elsewhere.

∎ Q1/Q2 2021: New purchases included Chinese e-commerce company JD.com, Taiwanese electronics company Hon Hai Precision and Indian private sector bank Axis. These were funded through the sale of positions such as South African insurance group Sanlam, Brazilian bank Itau and Taiwanese electronics company Chicony.

∎ As medium- to long-term investors, we would expect the average annual turnover rate of the strategy to be 20-40%. The turnover for the Fund for the period from July 1, 2020, through June 30, 2021 was 35.4%.

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

18

Barings Global Emerging Markets Equity Fund 2021 Annual Report

Describe portfolio positioning at period end.

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

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

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

∎ As of the end of the reporting period, the top five country weightings in the Fund, on an absolute basis, were China & Hong Kong (41.4%), Korea (14.5%), Taiwan (13.6%), India (10.2%) and Brazil (4.6%).

∎ Consistent 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.

∎ In the short term, we believe markets are likely to remain volatile as investors closely monitor progress on containing COVID-19 outbreaks across many EM countries. However, in our view, the ongoing trend of improving economic and earnings momentum is encouraging, while the rolling out of vaccination programs gives grounds for optimism.

∎ Supply-side bottlenecks could lead to higher near-term inflationary pressure, however we expect this to begin easing in the second half of the year.

∎ A weaker USD would provide an additional welcome boost while the relative valuation of EM equities versus developed equities continues to remain very attractive, suggesting investor expectations for the asset class may remain overly depressed.

∎ In our opinion, the combination of steadily improving earnings, receding COVID-19 risk and attractive valuations should create a positive backdrop for equity markets as we navigate through 2021 and beyond.

∎ We will continue our process of building new or adding to existing positions in companies with strong and sustainable business franchises where our proprietary bottom-up research has identified undervaluation relative to their future growth potential.

19

Barings Global Emerging Markets Equity Fund 2021 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		32.40	%		13.17	%
Class A No Load		9/17/2018		32.40	%		13.17	%
Class C With Load		9/17/2018		31.41	%		12.32	%
Class C No Load		9/17/2018		31.41	%		12.32	%
Class I With Load		9/17/2018		32.74	%		13.45	%
Class I No Load		9/17/2018		32.74	%		13.45	%
Class Y With Load		9/17/2018		32.74	%		13.45	%
Class Y No Load		9/17/2018		32.74	%		13.45	%

^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.

20

Barings U.S. High Yield Fund 2021 Annual Report

Investment Objective

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

Portfolio Management Commentary

How did the Fund perform?

∎ The Fund reported a net total rate of return for the reporting period from July 1, 2020 through June 30, 2021 of 17.65%, outperforming the Bloomberg Barclays U.S. Corporate High Yield Index (the “Benchmark”), which returned 15.37%.^1,4

What factors influenced performance of the Fund?

∎ For the one-year period, the U.S. high yield bond market saw strong positive returns, driven by the COVID-19 recovery and the reopening of the economy in addition to sizeable fiscal and monetary policy support. These measures helped support businesses as well as consumer spending and hence provided a positive macroeconomic backdrop for credit markets over the past year.

∎ Across the market, lower rated credits (triple-C rated bonds) notably outperformed the higher end of the ratings spectrum during the one-year period. As a result, the Fund’s overweight allocation to triple-C rated holdings and underweight allocation to the higher rating categories relative to the Benchmark were drivers of relative performance drivers.

∎ Within rating categories, security selection across single-B rated credits was a positive contributor to Fund performance versus the Benchmark. The return for the Fund’s triple-C rated credits was below the return for the Benchmark in that category and detracted from relative performance, although this detraction was offset by the higher allocation to the category.

∎ From an industry perspective (based on Barclays industry categories), the communications and capital goods sectors were the largest contributors to relative performance vs the Benchmark during the period, due to credit selection.

Describe recent portfolio activity.

∎ The Fund’s allocation to single-Bs increased during the course of the one-year period, primarily through a shift from double-B rated holdings. The Fund selectively invested in new issue deals, as the U.S. high yield bond market saw strong new issuance activity. The Fund’s triple-C allocation also increased modestly during the period.

∎ Across industries, the Fund’s top three sectors remained largely unchanged, led by oil & gas, telecommunications, and Healthcare, Education & Childcare. The Fund’s position in the Broadcasting and Entertainment was reduced, while the Energy sector increased during the year.

Describe portfolio positioning at period end.

∎ On a traded basis, the Fund finished June 30, 2021 with a 66.5% weighting to senior unsecured bonds and a 17.9% weighting to senior secured high yield bonds. The remaining balance of the portfolio was invested in senior secured loans (10.8%), and cash, accrued and other holdings (4.8%).

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

21

Barings U.S. High Yield Fund 2021 Annual Report

∎ From a sector perspective (based on Moody’s industries), the Fund remained well-diversified across a number of Moody’s-based industries, with higher concentrations, as mentioned above, in oil & gas (17.6%), telecommunications (10.1%), and healthcare, education & childcare (7.9%) as of June 30, 2021.

∎ In terms of portfolio credit quality, the Fund had the following weighting breakdown: 4.1% in BBB, 40.8% in BB, 31.6% in single-B, 18.7% in CCC and below, and 4.1% in cash and accrued income. The Fund’s weighting in not-publicly rated holdings finished the period at 0.7%.²

Describe market and portfolio outlook.

∎ From a fundamental standpoint, in our view, high yield appears to be on solid footing with upgrades outnumbering downgrades and default rates back below longer-term averages. At the same time, we expect company earnings, revenues and cash flows to remain well-supported by the resurgence in consumer demand this year and into 2022.

∎ With expectations for continued economic growth coming out of the pandemic, we believe it is reasonable to expect the Fed will at some point move toward tapering and rates will eventually rise. That said, in our view, high yield bonds still look relatively well-positioned in a reflationary environment given their shorter duration relative to other fixed income asset classes and will benefit greatly from a stronger economy.

∎ The strong economic backdrop, coupled with improving default expectations, have caused spreads to tighten. However, while high yield spreads are currently hovering near post-financial crisis tights, they remain wider than all-time tights and look favorable relative to higher-rated corporates.

∎ As we look ahead to the coming months, and with many investors still facing challenges when it comes to meeting their yield targets, we expect to see continued demand for higher-yielding bonds and favorable conditions for the high yield credit markets.

^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.

22

Barings U.S. High Yield Fund 2021 Annual Report

CREDIT QUALITY COMPOSITION (% OF ASSETS*)

* As of June 30, 2021.

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 June 30, 2021.

23

Barings U.S. High Yield Fund 2021 Annual Report

% AVERAGE ANNUAL TOTAL RETURNS 3,5,6,7	INCEPTION DATE		ONE YEAR			THREE YEARS			FIVE YEARS			INCEPTION TO DATE
Class C With Load		10/30/2015		15.49	%		5.37	%		5.72	%		5.91	%
Class C No Load		10/30/2015		16.49	%		5.37	%		5.72	%		5.91	%
Class I With Load		10/30/2015		17.66	%		6.42	%		6.78	%		6.97	%
Class I No Load		10/30/2015		17.66	%		6.42	%		6.78	%		6.97	%
Class Y With Load		10/30/2015		17.65	%		6.42	%		6.78	%		6.97	%
Class Y No Load		10/30/2015		17.65	%		6.42	%		6.78	%		6.97	%

^3.  Inception date: October 30, 2015.

^4.  Benchmark: Bloomberg Barclays U.S. Corporate High Yield Index. The benchmark covers the universe of fixed-rate, non-investment grade debt focusing on corporate USD denominated and non-convertible debt. It is not possible to invest directly in an index.

^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.

24

Barings Funds Trust 2021 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 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 January 1, 2021 to June 30, 2021.

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	$	1,042.10	$	1,021.05	$	5.06
Hypothetical		1.00	%		1,000.00		1,019.80		1,009.90		5.01
Class C
Actual		1.75	%		1,000.00		1,038.50		1,019.25		8.85
Hypothetical		1.75	%		1,000.00		1,016.10		1,008.05		8.75
Class I
Actual		0.75	%		1,000.00		1,043.40		1,021.70		3.80
Hypothetical		0.75	%		1,000.00		1,021.10		1,010.55		3.76
Class Y
Actual		0.75	%		1,000.00		1,043.40		1,021.70		3.80
Hypothetical		0.75	%		1,000.00		1,021.10		1,010.55		3.76

* 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 181/365.

25

Barings Funds Trust 2021 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	$	1,057.50	$	1,028.75	$	6.12
Hypothetical		1.20	%		1,000.00		1,018.80		1,009.40		6.01
Class C
Actual		1.95	%		1,000.00		1,054.20		1,027.10		9.93
Hypothetical		1.95	%		1,000.00		1,015.10		1,007.55		9.74
Class I
Actual		0.95	%		1,000.00		1,058.80		1,029.40		4.85
Hypothetical		0.95	%		1,000.00		1,020.10		1,010.05		4.76
Class Y
Actual		0.95	%		1,000.00		1,058.80		1,029.40		4.85
Hypothetical		0.95	%		1,000.00		1,020.10		1,010.05		4.76

* 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 181/365.

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	$	1,017.50	$	1,008.75	$	3.25
Hypothetical		0.65	%		1,000.00		1,021.60		1,010.80		3.26
Class C
Actual		0.90	%		1,000.00		1,016.70		1,008.35		4.50
Hypothetical		0.90	%		1,000.00		1,020.30		1,010.15		4.51
Class Y
Actual		0.40	%		1,000.00		1,018.60		1,009.30		2.00
Hypothetical		0.40	%		1,000.00		1,022.80		1,011.40		2.01
Class L
Actual		0.65	%		1,000.00		1,017.50		1,008.75		3.25
Hypothetical		0.65	%		1,000.00		1,021.60		1,010.80		3.26

* 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 181/365.

26

Barings Funds Trust 2021 Annual Report

SHAREHOLDER EXPENSES (UNAUDITED) (CONTINUED)

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	$	1,009.00	$	1,004.50	$	5.98
Hypothetical		1.20	%		1,000.00		1,018.80		1,009.40		6.01
Class C
Actual		1.95	%		1,000.00		1,005.50		1,002.75		9.70
Hypothetical		1.95	%		1,000.00		1,015.10		1,007.55		9.74
Class I
Actual		0.95	%		1,000.00		1,011.10		1,005.55		4.74
Hypothetical		0.95	%		1,000.00		1,020.10		1,010.05		4.76
Class Y
Actual		0.95	%		1,000.00		1,010.20		1,005.10		4.73
Hypothetical		0.95	%		1,000.00		1,020.10		1,010.05		4.76

* 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 181/365.

Barings Global Emerging Markets Equity Fund

	EXPENSE RATIO			BEGINNING AMOUNT		ENDING VALUE		AVERAGE VALUE		OPERATING EXPENSE INCURRED*
Class A
Actual		1.15	%	$	1,000.00	$	1,024.90	$	1,012.45	$	5.77
Hypothetical		1.15	%		1,000.00		1,019.10		1,009.55		5.76
Class C
Actual		1.90	%		1,000.00		1,021.10		1,010.55		9.52
Hypothetical		1.90	%		1,000.00		1,015.40		1,007.70		9.49
Class I
Actual		0.90	%		1,000.00		1,026.10		1,013.05		4.52
Hypothetical		0.90	%		1,000.00		1,020.30		1,010.15		4.51
Class Y
Actual		0.90	%		1,000.00		1,026.10		1,013.05		4.52
Hypothetical		0.90	%		1,000.00		1,020.30		1,010.15		4.51

* 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 181/365.

27

Barings Funds Trust 2021 Annual Report

SHAREHOLDER EXPENSES (UNAUDITED) (CONTINUED)

Barings U.S. High Yield Fund

	EXPENSE RATIO			BEGINNING AMOUNT		ENDING VALUE		AVERAGE VALUE		OPERATING EXPENSE INCURRED*
Class C
Actual		1.75	%	$	1,000.00	$	1,043.60	$	1,021.80	$	8.87
Hypothetical		1.75	%		1,000.00		1,016.10		1,008.05		8.75
Class I
Actual		0.75	%		1,000.00		1,048.80		1,024.40		3.81
Hypothetical		0.75	%		1,000.00		1,021.10		1,010.55		3.76
Class Y
Actual		0.75	%		1,000.00		1,048.80		1,024.40		3.81
Hypothetical		0.75	%		1,000.00		1,021.10		1,010.55		3.76

* 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 181/365.

28

Barings Funds Trust 2021 Annual Report

FINANCIAL REPORT

Statements of Assets and Liabilities	30
Statements of Operations	34
Statements of Changes in Net Assets	38
Financial Highlights	41
Schedules of Investments	64-140
Notes to the Financial Statements	141-173
Report of Independent Registered Public Accounting Firm	174
Federal Tax Information	176
Interested Trustee	178
Independent Trustees	179-180
Officers of the Trust	181-182
Global Privacy Notice	183-189

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Barings Funds Trust 2021 Annual Report

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2021

	BARINGS GLOBAL FLOATING RATE FUND			BARINGS GLOBAL CREDIT INCOME OPPORTUNITIES FUND			BARINGS ACTIVE SHORT DURATION BOND FUND
Assets
Investments, at fair value (cost $347,281,275, $194,594,991 and $1,088,896,158, respectively)	$	347,284,309		$	195,702,948		$	1,099,825,841
Cash		57,486,535			21,317,683			20,465,623
Foreign currency, at value (cost $703,938, $825,639 and $0, respectively)		703,724			823,837			–
Receivable for investments sold		3,830,189			3,841,376			–
Receivable for Fund shares sold		811,106			56,798			6,010,272
Interest receivable		1,724,368			2,282,306			5,624,053
Foreign tax reclaims receivable		–			–			686
Unrealized appreciation on forward foreign currency exchange contracts		2,141,767			1,472,124			–
Unrealized appreciation on unfunded loan commitments		465			1,058			–
Prepaid expenses		55,299			38,626			137,988
Total assets		414,037,762			225,536,756			1,132,064,463
Liabilities
Payable for investments purchased		38,336,845			13,205,394			61,824,925
Payable for Fund shares repurchased		213,292			270,897			1,021,750
Payable for variation margin on open futures contracts		–			–			233,989
Investment advisory fee payable (see Note 3)		105,133			90,670			60,358
Cash collateral Due to Broker		1,670,000			1,250,000			1,560,000
Distribution fees payable		14,180			6,910			28,159
Shareholder service fees payable		19,095			16,175			132,103
Dividends payable		134,816			282,448			136,924
Accrued expenses and other liabilities		211,195			168,517			406,789
Total liabilities		40,704,556			15,291,011			65,404,997
Total net assets	$	373,333,206		$	210,245,745		$	1,066,659,466
Composition of net assets
Shares of beneficial interest outstanding (par value $0.00001 per share), unlimited number of shares authorized	$	397		$	232		$	1,075
Additional paid-in capital		385,291,272			227,470,027			1,073,281,090
Total distributable earnings (accumulated loss)		(11,958,463	)		(17,224,514	)		(6,622,699	)
Total net assets	$	373,333,206		$	210,245,745		$	1,066,659,466
Class A
Net assets applicable to outstanding shares	$	45,630,081		$	9,794,901		$	49,255,785
Shares of beneficial interest outstanding		4,854,099			1,078,888			4,959,415
Net asset value per share outstanding	$	9.40		$	9.08		$	9.93
Maximum offering price per share outstanding (Net asset value plus sales charge of 3.00%, 4.00% and 0.00%, respectively)	$	9.69		$	9.46		$	9.93

See accompanying Notes to the Financial Statements.

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Barings Funds Trust 2021 Annual Report

STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

June 30, 2021

	BARINGS GLOBAL FLOATING RATE FUND		BARINGS GLOBAL CREDIT INCOME OPPORTUNITIES FUND		BARINGS ACTIVE SHORT DURATION BOND FUND
Class C
Net assets applicable to outstanding shares	$	6,714,068	$	5,845,924	$	1,411,221
Shares of beneficial interest outstanding		716,716		644,073		142,217
Net asset value per share outstanding	$	9.37	$	9.08	$	9.92
Class I
Net assets applicable to outstanding shares	$	64,969,123	$	21,492,272	$	–
Shares of beneficial interest outstanding		6,892,005		2,367,105		–
Net asset value per share outstanding	$	9.43	$	9.08	$	–
Class Y
Net assets applicable to outstanding shares	$	256,019,934	$	173,112,648	$	929,669,877
Shares of beneficial interest outstanding		27,189,442		19,066,127		93,694,149
Net asset value per share outstanding	$	9.42	$	9.08	$	9.92
Class L
Net assets applicable to outstanding shares					$	86,322,583
Shares of beneficial interest outstanding						8,692,930
Net asset value per share outstanding					$	9.93

See accompanying Notes to the Financial Statements.

31

Barings Funds Trust 2021 Annual Report

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2021

	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 $113,164,773, $10,064,573 and $48,990,313, respectively)	$	114,345,328	$	13,369,142	$	51,616,160
Cash		11,292,931		342,952		1,981,932
Foreign currency, at value (cost $161, $19,641 and $1,030, respectively)		159		19,653		1,030
Receivable for investments sold		6,411,391		69,062		807,768
Receivable for Fund shares sold		158,472		–		8,687
Interest receivable		1,965,212		80,525		862,607
Receivable from adviser (see Note 3)		29,190		18,183		5,632
Cash collateral due from broker		2,252,000		–		–
Foreign tax reclaims receivable		25,027		509		–
Swap contracts, at fair value (up-front net premiums paid of $16,402, $0, $0, respectively)		255,845		–		–
Unrealized appreciation on forward foreign currency exchange contracts		2,611,998		–		–
Prepaid expenses		39,041		–		29,093
Total assets		139,386,594		13,900,026		55,312,909
Liabilities
Payable for investments purchased		6,662,295		70,954		1,405,656
Payable for Fund shares repurchased		135,544		–		1,149
Swap contracts, at fair value (up-front net premiums received of $175,988, $0, $0, respectively)		557,899		–		–
Payable for variation margin on open swap contracts		118,463		–		–
Payable for variation margin on open futures contracts		30,802		–		–
Cash collateral Due to Broker		1,750,000		–		–
Distribution fees payable		3,877		140		102
Shareholder service fees payable		13,379		–		1,244
Dividends payable		35,968		–		105,841
Written options, at fair value (premiums of $617,147, $0 and $0, respectively)		57,131		–		–
Unrealized depreciation on forward foreign currency exchange contracts		711,769		–		–
Accrued expenses and other liabilities		133,625		103,242		79,387
Total liabilities		10,210,752		174,336		1,593,379
Total net assets	$	129,175,842	$	13,725,690	$	53,719,530
Composition of net assets
Shares of beneficial interest outstanding (par value $0.00001 per share), unlimited number of shares authorized	$	118	$	10	$	54
Additional paid-in capital		124,682,856		10,059,104		54,371,031
Total distributable earnings (accumulated loss)		4,492,868		3,666,576		(651,555	)
Total net assets	$	129,175,842	$	13,725,690	$	53,719,530

See accompanying Notes to the Financial Statements.

32

Barings Funds Trust 2021 Annual Report

STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

June 30, 2021

	BARINGS EMERGING MARKETS DEBT BLENDED TOTAL RETURN FUND		BARINGS GLOBAL EMERGING MARKETS EQUITY FUND		BARINGS U.S. HIGH YIELD FUND
Class A
Net assets applicable to outstanding shares	$	17,490,928	$	136,148	$	–
Shares of beneficial interest outstanding		1,591,351		10,000		–
Net asset value per share outstanding	$	10.99	$	13.61	$	–
Maximum offering price per share outstanding (Net asset value plus sales charge of 4.00%)	$	11.45	$	14.18	$	–
Class C
Net assets applicable to outstanding shares	$	463,099	$	134,976	$	99,396
Shares of beneficial interest outstanding		42,131		10,000		10,000
Net asset value per share outstanding	$	10.99	$	13.50	$	9.94
Class I
Net assets applicable to outstanding shares	$	1,012	$	6,689,424	$	12,324,198
Shares of beneficial interest outstanding		92		490,000		1,240,000
Net asset value per share outstanding	$	11.00	$	13.65	$	9.94
Class Y
Net assets applicable to outstanding shares	$	111,220,803	$	6,765,142	$	41,295,936
Shares of beneficial interest outstanding		10,120,011		495,547		4,155,112
Net asset value per share outstanding	$	10.99	$	13.65	$	9.94

See accompanying Notes to the Financial Statements.

33

Barings Funds Trust 2021 Annual Report

STATEMENTS OF OPERATIONS

For the Year Ended June 30, 2021

	BARINGS GLOBAL FLOATING RATE FUND			BARINGS GLOBAL CREDIT INCOME OPPORTUNITIES FUND			BARINGS ACTIVE SHORT DURATION BOND FUND
Investment Income
Interest income (net of withholding tax of $0, $0 and $9,021, respectively)	$	12,266,468		$	10,931,028		$	23,553,837
Dividends (net of withholding tax of $0, $1,108 and $0, respectively)		642			6,404			625,827
Net bank loan fee income		148,811			46,433			–
Other income		45,751			239,107			–
Total investment income		12,461,672			11,222,972			24,179,664
Operating Expenses
Advisory fees		1,666,618			1,316,998			3,114,500
12b-1 distribution and servicing plan
Class A		98,756			50,210			106,694
Class C		67,434			72,792			10,668
Class L		–			–			237,801
Shareholder service fee
Class A		31,713			9,012			35,855
Class C		3,639			4,259			1,181
Class Y		64,821			64,993			552,214
Class L		–			–			86,171
Administrator fees		63,258			47,903			183,102
Custody fees		114,960			90,130			433,683
Professional fees		155,994			149,713			263,197
Transfer agent fees		38,731			33,403			139,493
Directors’ fees		91,142			75,087			225,469
Registration fees		91,428			70,544			190,105
Printing and mailing expenses		52,756			40,237			174,300
Other operating expenses		80,113			60,238			274,208
Total operating expenses		2,621,363			2,085,519			6,028,641
Waiver/Reimbursement of expenses
Class A		(99,623	)		(37,944	)		(107,751	)
Class C		(20,012	)		(17,806	)		(9,830	)
Class I (1)		(77,391	)		(29,146	)		(5,525	)
Class Y		(335,126	)		(209,424	)		(1,761,331	)
Class L		–			–			(229,612	)
Net operating expenses		2,089,211			1,791,199			3,914,592
Net investment income		10,372,461			9,431,773			20,265,072

See accompanying Notes to the Financial Statements.

34

Barings Funds Trust 2021 Annual Report

STATEMENTS OF OPERATIONS (CONTINUED)

For the Year Ended June 30, 2021

	BARINGS GLOBAL FLOATING RATE FUND			BARINGS GLOBAL CREDIT INCOME OPPORTUNITIES FUND			BARINGS ACTIVE SHORT DURATION BOND FUND
Realized and Unrealized Gains (Losses)
Net realized gain (loss) on investments	$	(3,119,797	)	$	(3,997,231	)	$	7,226,653
Net realized gain (loss) on forward foreign currency exchange contracts		(3,866,893	)		(3,416,982	)		–
Net realized gain on foreign currency and translation		347,689			225,403			–
Net realized gain (loss) on futures contracts		–			–			2,767,984
Net realized gain (loss) on swap contracts		–			–			(340,586	)
Net realized gain on written options		–			403,346			–
Net realized gain (loss) on purchased options		–			(692,562	)		–
Net realized gain (loss)		(6,639,001	)		(7,478,026	)		9,654,051
Net change in unrealized appreciation on investments		25,430,154			24,653,784			25,190,050
Net change in unrealized appreciation on unfunded loan commitments		465			1,058			–
Net change in unrealized appreciation on forward foreign currency exchange contracts		1,581,637			1,024,985			–
Net change in unrealized appreciation on foreign currency and translation		10,491			20,125			–
Net change in unrealized appreciation (depreciation) on futures contracts		–			–			1,889,061
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	)		165,691
Net change in unrealized appreciation (depreciation)		27,022,747			25,680,691			27,365,891
Net realized and unrealized gains		20,383,746			18,202,665			37,019,942
Net increase in net assets resulting from operations	$	30,756,207		$	27,634,438		$	57,285,014

(1) Class I for Active Short Duration Bond Fund was liquidated on June 8, 2021.

See accompanying Notes to the Financial Statements.

35

Barings Funds Trust 2021 Annual Report

STATEMENTS OF OPERATIONS

For the Year Ended June 30, 2021

	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 $18,965, $0 and $0, respectively)	$	4,998,930		$	–		$	3,113,808
Dividends (net of withholding tax of $0, $35,428 and $366, respectively)		–			307,433			2,075
Net bank loan fee income		–			–			2,927
Other income		6,450			–			–
Total investment income		5,005,380			307,433			3,118,810
Operating Expenses
Advisory fees		636,946			115,960			280,188
12b-1 distribution and servicing plan
Class A (2)		27,754			321			3,668
Class C		3,372			1,279			956
Shareholder service fee
Class A (2)		17,492			5			2,809
Class C		80			–			–
Class Y		38,663			–			5,922
Administrator fees		45,777			15,748			42,140
Custody fees		87,408			17,292			25,958
Professional fees		108,250			103,005			83,244
Transfer agent fees		39,272			15,067			22,279
Directors’ fees		55,789			34,757			49,025
Registration fees		72,382			103,912			59,028
Printing and mailing expenses		21,100			2,685			11,622
Other operating expenses		31,278			7,303			24,313
Total operating expenses		1,185,563			417,334			611,152
Waiver/Reimbursement of expenses
Class A (2)		(59,207	)		(6,386	)		(12,476	)
Class C		(8,273	)		(6,779	)		(5,681	)
Class I		(28,684	)		(137,060	)		(50,455	)
Class Y		(251,474	)		(137,505	)		(155,842	)
Net operating expenses		837,925			129,604			386,698
Net investment income		4,167,455			177,829			2,732,112

See accompanying Notes to the Financial Statements.

36

Barings Funds Trust 2021 Annual Report

STATEMENTS OF OPERATIONS (CONTINUED)

For the Year Ended June 30, 2021

	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	$	1,715,946	(3)	$	641,489		$	(893,344	)
Net realized gain on forward foreign currency exchange contracts		931,956			–			–
Net realized gain (loss) on foreign currency and translation		97,240			(3,350	)		(2,081	)
Net realized gain (loss) on futures contracts		374,429			–			–
Net realized gain on swap contracts		2,399,797			–			–
Net realized gain (loss)		5,519,368			638,139			(895,425	)
Net change in unrealized appreciation on investments		2,339,476	(4)		2,563,627			6,313,453
Net change in unrealized appreciation on forward foreign currency exchange contracts		1,045,623			–			–
Net change in unrealized appreciation on foreign currency and translation		27,976			114			6
Net change in unrealized appreciation (depreciation) on futures contracts		(137,074	)		–			–
Net change in unrealized appreciation (depreciation) on swap contracts		(4,228,925	)		–			–
Net change in unrealized appreciation on written option contracts		560,016			–			–
Net change in unrealized appreciation (depreciation) on purchased option contracts		429			–			–
Net change in unrealized appreciation (depreciation)		(392,479	)		2,563,741			6,313,459
Net realized and unrealized gains		5,126,889			3,201,880			5,418,034
Net increase in net assets resulting from operations	$	9,294,344		$	3,379,709		$	8,150,146

(2) Class A for U.S. High Yield Fund was liquidated on June 8, 2021.

(3) Includes realized foreign capital gains taxes of $2,457.

(4) Net of change in unrealized appreciation/(depreciation) of foreign capital gains taxes of $4,271.

See accompanying Notes to the Financial Statements.

37

Barings Funds Trust 2021 Annual Report

STATEMENTS OF CHANGES IN NET ASSETS

	BARINGS GLOBAL FLOATING RATE FUND						BARINGS GLOBAL CREDIT INCOME OPPORTUNITIES FUND
	FOR THE YEAR ENDED JUNE 30, 2021			FOR THE YEAR ENDED JUNE 30, 2020			FOR THE YEAR ENDED JUNE 30, 2021			FOR THE YEAR ENDED JUNE 30, 2020
Operations
Net investment income	$	10,372,461		$	11,934,842		$	9,431,773		$	10,927,198
Net realized loss		(6,639,001	)		(8,284,095	)		(7,478,026	)		(9,309,427	)
Net change in unrealized appreciation (depreciation)		27,022,747			(13,188,700	)		25,680,691			(12,349,471	)
Net increase (decrease) in net assets from operations		30,756,207			(9,537,953	)		27,634,438			(10,731,700	)
Dividends and distributions
Class A		(1,442,871	)		(1,752,333	)		(1,036,691	)		(2,270,709	)
Class C		(196,711	)		(263,597	)		(312,103	)		(321,702	)
Class I		(1,790,541	)		(1,584,124	)		(1,177,641	)		(1,091,239	)
Class Y		(6,243,052	)		(7,063,704	)		(6,573,572	)		(5,901,580	)
Total dividends and distributions		(9,673,175	)		(10,663,758	)		(9,100,007	)		(9,585,230	)
Return of Capital
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		200,034,796			106,125,221			102,024,351			64,702,295
Net Asset Value of shares issued to shareholders in payment of distributions declared		8,405,707			10,443,892			6,482,307			8,443,894
Cost of shares redeemed		(70,900,335	)		(153,128,901	)		(80,935,136	)		(99,727,481	)
Net increase (decrease) in net assets resulting from capital stock transactions		137,540,168			(36,559,788	)		27,571,522			(26,581,292	)
Total increase (decrease) in net assets		158,623,200			(58,926,547	)		46,105,953			(48,350,927	)
Net Assets
Beginning of year		214,710,006			273,636,553			164,139,792			212,490,719
End of year	$	373,333,206		$	214,710,006		$	210,245,745		$	164,139,792

See accompanying Notes to the Financial Statements.

38

Barings Funds Trust 2021 Annual Report

STATEMENTS OF CHANGES IN NET ASSETS

	BARINGS ACTIVE SHORT DURATION BOND FUND						BARINGS EMERGING MARKETS DEBT BLENDED TOTAL RETURN FUND
	FOR THE YEAR ENDED JUNE 30, 2021			FOR THE YEAR ENDED JUNE 30, 2020			FOR THE YEAR ENDED JUNE 30, 2021			FOR THE YEAR ENDED JUNE 30, 2020
Operations
Net investment income	$	20,265,072		$	24,970,866		$	4,167,455		$	3,720,549
Net realized gain (loss)		9,654,051			(24,682,091	)		5,519,368			(237,910	)
Net change in unrealized appreciation (depreciation)		27,365,891			(20,585,735	)		(392,479	)		2,688,775
Net increase (decrease) in net assets from operations		57,285,014			(20,296,960	)		9,294,344			6,171,414
Dividends and distributions
Class A		(844,633	)		(4,268,051	)		(780,889	)		(150,461	)
Class C		(38,716	)		(61,754	)		(20,356	)		(14,353	)
Class I (1)		(2,054	)		(6,754	)		(697,507	)		(1,361,075	)
Class Y		(16,325,650	)		(20,482,090	)		(4,615,618	)		(2,004,219	)
Class L (2)		(1,909,400	)		(108,096	)		–			–
Total dividends and distributions		(19,120,453	)		(24,926,745	)		(6,114,370	)		(3,530,108	)
Return of capital
Class A		(45,129	)		–			–			–
Class C		(1,658	)		–			–			–
Class I (1)		(105	)		–			–			–
Class Y		(992,762	)		–			–			–
Class L (2)		(96,295	)		–			–			–
Total return of capital		(1,135,949	)		–			–			–
Capital Share Transactions
Net proceeds from sale of shares		675,216,622			686,580,548			114,778,090			28,149,569
Net Asset Value of shares issued to shareholders in payment of distributions declared		17,417,274			20,314,845			4,382,808			647,379
Cost of shares redeemed		(466,500,047	)		(573,907,960	)		(47,824,829	)		(27,212,488	)
Net increase in net assets resulting from capital stock transactions		226,133,849			132,987,433			71,336,069			1,584,460
Total increase in net assets		263,162,461			87,763,728			74,516,043			4,225,766
Net Assets
Beginning of year		803,497,005			715,733,277			54,659,799			50,434,033
End of year	$	1,066,659,466		$	803,497,005		$	129,175,842		$	54,659,799

(1) Class I for Active Short Duration Bond Fund was liquidated on June 8, 2021.

(2) Class L for Active Short Duration Bond Fund commenced operations on May 1, 2020.

See accompanying Notes to the Financial Statements.

39

Barings Funds Trust 2021 Annual Report

STATEMENTS OF CHANGES IN NET ASSETS

	BARINGS GLOBAL EMERGING MARKETS EQUITY FUND						BARINGS U.S. HIGH YIELD FUND
	FOR THE YEAR ENDED JUNE 30, 2021			FOR THE YEAR ENDED JUNE 30, 2020			FOR THE YEAR ENDED JUNE 30, 2021			FOR THE YEAR ENDED JUNE 30, 2020
Operations
Net investment income	$	177,829		$	179,524		$	2,732,112		$	2,826,976
Net realized gain (loss)		638,139			(343,901	)		(895,425	)		(1,800,225	)
Net change in unrealized appreciation (depreciation)		2,563,741			(235,789	)		6,313,459			(3,074,461	)
Net increase (decrease) in net assets from operations		3,379,709			(400,166	)		8,150,146			(2,047,710	)
Dividends and distributions
Class A (3)		(933	)		(3,013	)		(75,531	)		(142,062	)
Class C		(547	)		(2,081	)		(4,154	)		(4,612	)
Class I		(51,989	)		(163,753	)		(633,583	)		(688,893	)
Class Y		(51,989	)		(163,753	)		(2,004,471	)		(2,043,599	)
Total dividends and distributions		(105,458	)		(332,600	)		(2,717,739	)		(2,879,166	)
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		74,500			–			7,356,276			8,447,531
Net Asset Value of shares issued to shareholders in payment of distributions declared		–			–			1,429,347			1,475,410
Cost of shares redeemed		–			–			(6,535,150	)		(9,728,479	)
Net increase in net assets resulting from capital stock transactions		74,500			–			2,250,473			194,462
Total increase (decrease) in net assets		3,348,751			(747,904	)		7,682,880			(4,732,414	)
Net Assets
Beginning of year		10,376,939			11,124,843			46,036,650			50,769,064
End of year	$	13,725,690		$	10,376,939		$	53,719,530		$	46,036,650

(3) Class A for U.S. High Yield Fund was liquidated on June 8, 2021.

See accompanying Notes to the Financial Statements.

40

Barings Global Floating Rate Fund 2021 Annual Report

FINANCIAL HIGHLIGHTS

	CLASS A
	FOR THE YEAR ENDED JUNE 30, 2021			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
Per Common Share Data
Net asset value, beginning of year	$	8.56		$	9.26		$	9.48		$	9.54		$	9.13
Income from investment operations:
Net investment income (1)		0.36			0.41			0.44			0.43			0.43
Net realized and unrealized gain (loss)		0.81			(0.66	)		(0.18	)		(0.06	)		0.42
Total increase (decrease) from investment operations		1.17			(0.25	)		0.26			0.37			0.85
Less dividends and distributions:
From net investment income		(0.33	)		(0.34	)		(0.44	)		(0.38	)		(0.31	)
From net realized gain		–			(0.03	)		(0.04	)		–			–
From return of capital		–			(0.08	)		–			(0.05	)		(0.13	)
Total dividends and distributions		(0.33	)		(0.45	)		(0.48	)		(0.43	)		(0.44	)
Net asset value, at end of year	$	9.40		$	8.56		$	9.26		$	9.48		$	9.54
Total investment return (2)		13.90	%		(2.79	)%		2.77	%		4.00	%		9.47	%
Supplemental Data and Ratios
Net assets, end of year (000’s)	$	45,630		$	37,431		$	45,213		$	53,371		$	45,363
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.25	%		1.22	%		1.25	%		1.26	%		1.37	%
Ratio of net expenses to average net assets (3)		1.00	%		1.00	%		1.00	%		0.96	%(4)		0.99	%(5)
Ratio of net investment income to average net assets		3.93	%		4.63	%		4.72	%		4.55	%		4.52	%
Portfolio turnover rate		42.78	%		37.23	%		46.51	%		57.74	%		47.06	%

(1) Calculated using average shares outstanding.

(2) 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.

(3) 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.

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

(5) 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.

See accompanying Notes to the Financial Statements.

41

Barings Global Floating Rate Fund 2021 Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS C
	FOR THE YEAR ENDED JUNE 30, 2021			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
Per Common Share Data
Net asset value, beginning of year	$	8.53		$	9.22		$	9.45		$	9.51		$	9.10
Income from investment operations:
Net investment income (1)		0.29			0.35			0.37			0.36			0.37
Net realized and unrealized gain (loss)		0.81			(0.66	)		(0.19	)		(0.06	)		0.41
Total increase (decrease) from investment operations		1.10			(0.31	)		0.18			0.30			0.78
Less dividends and distributions:
From net investment income		(0.26	)		(0.29	)		(0.37	)		(0.32	)		(0.26	)
From net realized gain		–			(0.03	)		(0.04	)		–			–
From return of capital		–			(0.06	)		–			(0.04	)		(0.11	)
Total dividends and distributions		(0.26	)		(0.38	)		(0.41	)		(0.36	)		(0.37	)
Net asset value, at end of year	$	9.37		$	8.53		$	9.22		$	9.45		$	9.51
Total investment return (2)		13.08	%		(3.52	)%		2.02	%		3.24	%		8.68	%
Supplemental Data and Ratios
Net assets, end of year (000’s)	$	6,714		$	6,494		$	8,005		$	8,311		$	8,018
Ratio of total expenses (before reductions and reimbursements) to average net assets		2.05	%		2.04	%		2.05	%		2.09	%		2.24	%
Ratio of net expenses to average net assets (3)		1.75	%		1.75	%		1.74	%(4)		1.70	%(4)		1.71	%(5)
Ratio of net investment income to average net assets		3.20	%		3.88	%		4.00	%		3.80	%		3.91	%
Portfolio turnover rate		42.78	%		37.23	%		46.51	%		57.74	%		47.06	%

(1) Calculated using average shares outstanding.

(2) 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.

(3) 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.

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

(5) 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.

See accompanying Notes to the Financial Statements.

42

Barings Global Floating Rate Fund 2021 Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS I
	FOR THE YEAR ENDED JUNE 30, 2021			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
Per Common Share Data
Net asset value, beginning of year	$	8.58		$	9.28		$	9.50		$	9.56		$	9.15
Income from investment operations:
Net investment income (1)		0.38			0.43			0.47			0.46			0.47
Net realized and unrealized gain (loss)		0.83			(0.66	)		(0.18	)		(0.06	)		0.40
Total increase (decrease) from investment operations		1.21			(0.23	)		0.29			0.40			0.87
Less dividends and distributions:
From net investment income		(0.36	)		(0.36	)		(0.47	)		(0.41	)		(0.32	)
From net realized gain		–			(0.03	)		(0.04	)		–			–
From return of capital		–			(0.08	)		–			(0.05	)		(0.14	)
Total dividends and distributions		(0.36	)		(0.47	)		(0.51	)		(0.46	)		(0.46	)
Net asset value, at end of year	$	9.43		$	8.58		$	9.28		$	9.50		$	9.56
Total investment return (2)		14.19	%		(2.47	)%		3.04	%		4.28	%		9.74	%
Supplemental Data and Ratios
Net assets, end of year (000’s)	$	64,969		$	39,483		$	32,531		$	18,370		$	19,733
Ratio of total expenses (before reductions and reimbursements) to average net assets		0.92	%		0.92	%		0.94	%		1.03	%		1.16	%
Ratio of net expenses to average net assets (3)		0.75	%		0.75	%		0.75	%		0.71	%(4)		0.75	%
Ratio of net investment income to average net assets		4.15	%		4.87	%		5.01	%		4.78	%		4.90	%
Portfolio turnover rate		42.78	%		37.23	%		46.51	%		57.74	%		47.06	%

(1) Calculated using average shares outstanding.

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

(3) 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.

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

See accompanying Notes to the Financial Statements.

43

Barings Global Floating Rate Fund 2021 Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS Y
	FOR THE YEAR ENDED JUNE 30, 2021			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
Per Common Share Data
Net asset value, beginning of year	$	8.58		$	9.27		$	9.50		$	9.56		$	9.15
Income from investment operations:
Net investment income (1)		0.37			0.44			0.47			0.46			0.47
Net realized and unrealized gain (loss)		0.83			(0.66	)		(0.19	)		(0.06	)		0.40
Total increase (decrease) from investment operations		1.20			(0.22	)		0.28			0.40			0.87
Less dividends and distributions:
From net investment income		(0.36	)		(0.36	)		(0.47	)		(0.41	)		(0.32	)
From net realized gain		–			(0.03	)		(0.04	)		–			–
From return of capital		–			(0.08	)		–			(0.05	)		(0.14	)
Total dividends and distributions		(0.36	)		(0.47	)		(0.51	)		(0.46	)		(0.46	)
Net asset value, at end of year	$	9.42		$	8.58		$	9.27		$	9.50		$	9.56
Total investment return (2)		14.19	%		(2.54	)%		3.03	%		4.27	%		9.73	%
Supplemental Data and Ratios
Net assets, end of year (000’s)	$	256,020		$	131,302		$	187,887		$	172,736		$	122,736
Ratio of total expenses (before reductions and reimbursements) to average net assets		0.95	%		0.99	%		0.96	%		1.01	%		1.14	%
Ratio of net expenses to average net assets (3)		0.75	%		0.75	%		0.75	%		0.71	%(4)		0.75	%
Ratio of net investment income to average net assets		4.08	%		4.89	%		4.99	%		4.79	%		4.90	%
Portfolio turnover rate		42.78	%		37.23	%		46.51	%		57.74	%		47.06	%

(1) Calculated using average shares outstanding.

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

(3) 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.

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

See accompanying Notes to the Financial Statements.

44

Barings Global Credit Income Opportunities Fund 2021 Annual Report

FINANCIAL HIGHLIGHTS

	CLASS A
	FOR THE YEAR ENDED JUNE 30, 2021			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
Per Common Share Data
Net asset value, beginning of year	$	8.14		$	8.93		$	9.32		$	9.51		$	8.80
Income from investment operations:
Net investment income (1)		0.48			0.46			0.50			0.49			0.55
Net realized and unrealized gain (loss)		0.90			(0.79	)		(0.30	)		(0.19	)		0.71
Total increase (decrease) from investment operations		1.38			(0.33	)		0.20			0.30			1.26
Less dividends and distributions:
From net investment income		(0.44	)		(0.40	)		(0.48	)		(0.47	)		(0.50	)
From net realized gain		–			–			(0.10	)		–			–
From return of capital		–			(0.06	)		(0.01	)		(0.02	)		(0.05	)
Total dividends and distributions		(0.44	)		(0.46	)		(0.59	)		(0.49	)		(0.55	)
Net asset value, at end of year	$	9.08		$	8.14		$	8.93		$	9.32		$	9.51
Total investment return (2)		17.18	%		(3.69	)%		2.39	%		3.24	%		14.61	%
Supplemental Data and Ratios
Net assets, end of year (000’s)	$	9,795		$	44,860		$	51,205		$	60,507		$	26,904
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.39	%		1.32	%		1.36	%		1.38	%		1.56	%
Ratio of net expenses to average net assets (3)		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
Ratio of net investment income to average net assets		5.65	%		5.35	%		5.46	%		5.17	%		5.83	%
Portfolio turnover rate		71.11	%		64.23	%		58.78	%		52.29	%		48.69	%

(1) Calculated using average shares outstanding.

(2) 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.

(3) 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.

45

Barings Global Credit Income Opportunities Fund 2021 Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS C
	FOR THE YEAR ENDED JUNE 30, 2021			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
Per Common Share Data
Net asset value, beginning of year	$	8.13		$	8.92		$	9.31		$	9.50		$	8.79
Income from investment operations:
Net investment income (1)		0.39			0.39			0.43			0.42			0.48
Net realized and unrealized gain (loss)		0.93			(0.78	)		(0.29	)		(0.19	)		0.71
Total increase (decrease) from investment operations		1.32			(0.39	)		0.14			0.23			1.19
Less dividends and distributions:
From net investment income		(0.37	)		(0.35	)		(0.42	)		(0.40	)		(0.43	)
From net realized gain		–			–			(0.10	)		–			–
From return of capital		–			(0.05	)		(0.01	)		(0.02	)		(0.05	)
Total dividends and distributions		(0.37	)		(0.40	)		(0.53	)		(0.42	)		(0.48	)
Net asset value, at end of year	$	9.08		$	8.13		$	8.92		$	9.31		$	9.50
Total investment return (2)		16.42	%		(4.41	)%		1.63	%		2.47	%		13.75	%
Supplemental Data and Ratios
Net assets, end of year (000’s)	$	5,846		$	7,421		$	8,462		$	8,842		$	6,628
Ratio of total expenses (before reductions and reimbursements) to average net assets		2.19	%		2.18	%		2.21	%		2.21	%		2.39	%
Ratio of net expenses to average net assets (3)		1.95	%		1.95	%		1.95	%		1.95	%		1.95	%
Ratio of net investment income to average net assets		4.49	%		4.60	%		4.73	%		4.44	%		5.12	%
Portfolio turnover rate		71.11	%		64.23	%		58.78	%		52.29	%		48.69	%

(1) Calculated using average shares outstanding.

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

(3) 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.

46

Barings Global Credit Income Opportunities Fund 2021 Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS I
	FOR THE YEAR ENDED JUNE 30, 2021			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
Per Common Share Data
Net asset value, beginning of year	$	8.14		$	8.93		$	9.32		$	9.50		$	8.80
Income from investment operations:
Net investment income (1)		0.48			0.48			0.52			0.51			0.58
Net realized and unrealized gain (loss)		0.92			(0.79	)		(0.29	)		(0.18	)		0.70
Total increase (decrease) from investment operations		1.40			(0.31	)		0.23			0.33			1.28
Less dividends and distributions:
From net investment income		(0.46	)		(0.41	)		(0.51	)		(0.49	)		(0.52	)
From net realized gain		–			–			(0.10	)		–			–
From return of capital		–			(0.07	)		(0.01	)		(0.02	)		(0.06	)
Total dividends and distributions		(0.46	)		(0.48	)		(0.62	)		(0.51	)		(0.58	)
Net asset value, at end of year	$	9.08		$	8.14		$	8.93		$	9.32		$	9.50
Total investment return (2)		17.51	%		(3.45	)%		2.65	%		3.49	%		14.90	%
Supplemental Data and Ratios
Net assets, end of year (000’s)	$	21,492		$	21,606		$	23,203		$	21,788		$	22,228
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.08	%		1.07	%		1.09	%		1.13	%		1.27	%
Ratio of net expenses to average net assets (3)		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Ratio of net investment income to average net assets		5.50	%		5.60	%		5.69	%		5.45	%		6.22	%
Portfolio turnover rate		71.11	%		64.23	%		58.78	%		52.29	%		48.69	%

(1) Calculated using average shares outstanding.

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

(3) 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.

47

Barings Global Credit Income Opportunities Fund 2021 Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS Y
	FOR THE YEAR ENDED JUNE 30, 2021			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
Per Common Share Data
Net asset value, beginning of year	$	8.14		$	8.93		$	9.31		$	9.50		$	8.80
Income from investment operations:
Net investment income (1)		0.47			0.48			0.52			0.51			0.57
Net realized and unrealized gain (loss)		0.93			(0.79	)		(0.28	)		(0.19	)		0.71
Total increase (decrease) from investment operations		1.40			(0.31	)		0.24			0.32			1.28
Less dividends and distributions:
From net investment income		(0.46	)		(0.41	)		(0.51	)		(0.49	)		(0.52	)
From net realized gain		–			–			(0.10	)		–			–
From return of capital		–			(0.07	)		(0.01	)		(0.02	)		(0.06	)
Total dividends and distributions		(0.46	)		(0.48	)		(0.62	)		(0.51	)		(0.58	)
Net asset value, at end of year	$	9.08		$	8.14		$	8.93		$	9.31		$	9.50
Total investment return (2)		17.52	%		(3.44	)%		2.64	%		3.48	%		14.90	%
Supplemental Data and Ratios
Net assets, end of year (000’s)	$	173,113		$	90,254		$	129,621		$	140,362		$	96,014
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.12	%		1.10	%		1.12	%		1.14	%		1.28	%
Ratio of net expenses to average net assets (3)		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Ratio of net investment income to average net assets		5.35	%		5.60	%		5.71	%		5.43	%		6.14	%
Portfolio turnover rate		71.11	%		64.23	%		58.78	%		52.29	%		48.69	%

(1) Calculated using average shares outstanding.

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

(3) 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.

48

Barings Active Short Duration Bond Fund 2021 Annual Report

FINANCIAL HIGHLIGHTS

	CLASS A
	FOR THE YEAR ENDED JUNE 30, 2021			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
Per Common Share Data
Net asset value, beginning of year	$	9.50		$	9.94		$	9.88		$	10.01		$	9.98
Income from investment operations:
Net investment income (1)		0.20			0.27			0.27			0.21			0.17
Net realized and unrealized gain (loss)		0.43			(0.44	)		0.08			(0.10	)		0.03
Total increase (decrease) from investment operations		0.63			(0.17	)		0.35			0.11			0.20
Less dividends and distributions:
From net investment income		(0.19	)		(0.27	)		(0.27	)		(0.21	)		(0.17	)
From net realized gain		–			–			(0.02	)		(0.03	)		(0.00	)(2)
From return of capital		(0.01	)		–			–			–			–
Total dividends and distributions		(0.20	)		(0.27	)		(0.29	)		(0.24	)		(0.17	)
Net asset value, at end of year	$	9.93		$	9.50		$	9.94		$	9.88		$	10.01
Total investment return (3)		6.75	%		(1.68	)%		3.52	%		1.10	%		2.12	%
Supplemental Data and Ratios
Net assets, end of year (000’s)	$	49,256		$	43,022		$	135,981		$	177,020		$	119,189
Ratio of total expenses (before reductions and reimbursements) to average net assets		0.90	%		0.85	%		0.90	%		0.94	%		1.06	%
Ratio of net expenses to average net assets (4)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Ratio of net investment income to average net assets		2.09	%		2.81	%		2.75	%		2.15	%		1.72	%
Portfolio turnover rate		63.82	%		58.11	%		43.15	%		53.33	%		88.52	%

(1) Calculated using average shares outstanding.

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

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

(4) 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.

49

Barings Active Short Duration Bond Fund 2021 Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS C
	FOR THE YEAR ENDED JUNE 30, 2021			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
Per Common Share Data
Net asset value, beginning of year	$	9.49		$	9.93		$	9.87		$	10.01		$	9.97
Income from investment operations:
Net investment income (1)		0.19			0.25			0.25			0.19			0.19
Net realized and unrealized gain (loss)		0.42			(0.44	)		0.08			(0.11	)		0.05
Total increase (decrease) from investment operations		0.61			(0.19	)		0.33			0.08			0.24
Less dividends and distributions:
From net investment income		(0.17	)		(0.25	)		(0.25	)		(0.19	)		(0.20	)
From net realized gain		–			–			(0.02	)		(0.03	)		(0.00	)(2)
From return of capital		(0.01	)		–			–			–			–
Total dividends and distributions		(0.18	)		(0.25	)		(0.27	)		(0.22	)		(0.20	)
Net asset value, at end of year	$	9.92		$	9.49		$	9.93		$	9.87		$	10.01
Total investment return (3)		6.54	%		(1.96	)%		3.23	%		0.84	%		2.41	%
Supplemental Data and Ratios
Net assets, end of year (000’s)	$	1,411		$	2,498		$	1,178		$	1,139		$	236
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.36	%		1.41	%		1.70	%		1.95	%		3.09	%(4)
Ratio of net expenses to average net assets (5)		0.90	%		0.90	%		0.90	%		0.90	%		0.40	%(4)
Ratio of net investment income to average net assets		1.90	%		2.56	%		2.51	%		1.92	%		1.94	%(4)
Portfolio turnover rate		63.82	%		58.11	%		43.15	%		53.33	%		88.52	%

(1) Calculated using average shares outstanding.

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

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

(4) 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.

(5) 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.

50

Barings Active Short Duration Bond Fund 2021 Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS Y
	FOR THE YEAR ENDED JUNE 30, 2021			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
Per Common Share Data
Net asset value, beginning of year	$	9.49		$	9.93		$	9.87		$	10.01		$	9.97
Income from investment operations:
Net investment income (1)		0.23			0.30			0.30			0.24			0.20
Net realized and unrealized gain (loss)		0.43			(0.44	)		0.07			(0.11	)		0.04
Total increase (decrease) from investment operations		0.66			(0.14	)		0.37			0.13			0.24
Less dividends and distributions:
From net investment income		(0.22	)		(0.30	)		(0.29	)		(0.24	)		(0.20	)
From net realized gain		–			–			(0.02	)		(0.03	)		(0.00	)(2)
From return of capital		(0.01	)		–			–			–			–
Total dividends and distributions		(0.23	)		(0.30	)		(0.31	)		(0.27	)		(0.20	)
Net asset value, at end of year	$	9.92		$	9.49		$	9.93		$	9.87		$	10.01
Total investment return (3)		7.00	%		(1.45	)%		3.78	%		1.35	%		2.38	%
Supplemental Data and Ratios
Net assets, end of year (000’s)	$	929,670		$	656,611		$	578,272		$	252,325		$	204,464
Ratio of total expenses (before reductions and reimbursements) to average net assets		0.63	%		0.63	%		0.61	%		0.70	%		0.82	%
Ratio of net expenses to average net assets (4)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Ratio of net investment income to average net assets		2.31	%		3.06	%		3.06	%		2.39	%		1.97	%
Portfolio turnover rate		63.82	%		58.11	%		43.15	%		53.33	%		88.52	%

(1) Calculated using average shares outstanding.

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

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

(4) 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.

51

Barings Active Short Duration Bond Fund 2021 Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS L
	FOR THE YEAR ENDED JUNE 30, 2021			PERIOD FROM MAY 1, 2020 THROUGH JUNE 30, 2020 (1)
Per Common Share Data
Net asset value, beginning of year	$	9.50		$	9.21
Income from investment operations:
Net investment income (2)		0.21			0.05
Net realized and unrealized gain		0.42			0.28
Total increase from investment operations		0.63			0.33
Less dividends and distributions:
From net investment income		(0.19	)		(0.04	)
From return of capital		(0.01	)		–
Total dividends and distributions		(0.20	)		(0.04	)
Net asset value, at end of year	$	9.93		$	9.50
Total investment return (3)		6.75	%		3.52	%(4)
Supplemental Data and Ratios
Net assets, end of year (000’s)	$	86,323		$	101,272
Ratio of total expenses (before reductions and reimbursements) to average net assets		0.89	%		0.92	%(5)
Ratio of net expenses to average net assets (6)		0.65	%		0.65	%(5)
Ratio of net investment income to average net assets		2.11	%		3.17	%(5)
Portfolio turnover rate		63.82	%		58.11	%(4)

(1) Commenced operations on May 1, 2020.

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

See accompanying Notes to the Financial Statements.

52

Barings Emerging Markets Debt Blended Total Return Fund 2021 Annual Report

FINANCIAL HIGHLIGHTS

	CLASS A
	FOR THE YEAR ENDED JUNE 30, 2021			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
Per Common Share Data
Net asset value, beginning of year	$	10.42		$	10.06		$	9.51		$	10.55		$	9.90
Income from investment operations:
Net investment income (1)		0.51			0.60			0.55			0.45			0.42
Net realized and unrealized gain (loss)		0.84			0.38			0.60			(0.64	)		0.73
Total increase (decrease) from investment operations		1.35			0.98			1.15			(0.19	)		1.15
Less dividends and distributions:
From net investment income		(0.58	)		(0.62	)		(0.55	)		(0.55	)		(0.50	)
From net realized gain		(0.20	)		–			–			(0.30	)		–
From return of capital		–			–			(0.05	)		–			–
Total dividends and distributions		(0.78	)		(0.62	)		(0.60	)		(0.85	)		(0.50	)
Net asset value, at end of year	$	10.99		$	10.42		$	10.06		$	9.51		$	10.55
Total investment return (2)		13.32	%		10.11	%		12.59	%		(2.21	)%		11.94	%
Supplemental Data and Ratios
Net assets, end of year (000’s)	$	17,491		$	6,443		$	405		$	566		$	211
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.73	%		2.08	%		3.19	%		3.63	%		5.77	%
Ratio of net expenses to average net assets (3)		1.20	%		1.20	%		1.02	%(4)		1.11	%(4)		1.15	%(4)
Ratio of net investment income to average net assets		4.71	%		6.21	%		5.74	%		4.33	%		4.17	%
Portfolio turnover rate		51.81	%		126.54	%		89.98	%		51.95	%		55.66	%

(1) Calculated using average shares outstanding.

(2) 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.

(3) 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.

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

See accompanying Notes to the Financial Statements.

53

Barings Emerging Markets Debt Blended Total Return Fund 2021 Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS C
	FOR THE YEAR ENDED JUNE 30, 2021			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
Per Common Share Data
Net asset value, beginning of year	$	10.42		$	10.06		$	9.51		$	10.55		$	9.90
Income from investment operations:
Net investment income (1)		0.43			0.60			0.49			0.48			0.35
Net realized and unrealized gain (loss)		0.83			0.31			0.59			(0.74	)		0.73
Total increase (decrease) from investment operations		1.26			0.91			1.08			(0.26	)		1.08
Less dividends and distributions:
From net investment income		(0.49	)		(0.55	)		(0.48	)		(0.48	)		(0.43	)
From net realized gain		(0.20	)		–			–			(0.30	)		–
From return of capital		–			–			(0.05	)		–			–
Total dividends and distributions		(0.69	)		(0.55	)		(0.53	)		(0.78	)		(0.43	)
Net asset value, at end of year	$	10.99		$	10.42		$	10.06		$	9.51		$	10.55
Total investment return (2)		12.51	%		9.28	%		11.78	%		(2.90	)%		11.11	%
Supplemental Data and Ratios
Net assets, end of year (000’s)	$	463		$	225		$	261		$	277		$	222
Ratio of total expenses (before reductions and reimbursements) to average net assets		4.40	%		5.29	%		5.02	%		5.85	%		6.47	%
Ratio of net expenses to average net assets (3)		1.95	%		1.95	%		1.71	%(4)		1.85	%(4)		1.89	%(4)
Ratio of net investment income to average net assets		3.98	%		6.09	%		5.14	%		4.63	%		3.44	%
Portfolio turnover rate		51.81	%		126.54	%		89.98	%		51.95	%		55.66	%

(1) Calculated using average shares outstanding.

(2) 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.

(3) 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.

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

See accompanying Notes to the Financial Statements.

54

Barings Emerging Markets Debt Blended Total Return Fund 2021 Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS I
	FOR THE YEAR ENDED JUNE 30, 2021			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
Per Common Share Data
Net asset value, beginning of year	$	10.43		$	10.06		$	9.51		$	10.55		$	9.90
Income from investment operations:
Net investment income (1)		0.57			0.69			0.59			0.54			0.45
Net realized and unrealized gain (loss)		0.80			0.32			0.58			(0.70	)		0.73
Total increase (decrease) from investment operations		1.37			1.01			1.17			(0.16	)		1.18
Less dividends and distributions:
From net investment income		(0.60	)		(0.64	)		(0.57	)		(0.58	)		(0.53	)
From net realized gain		(0.20	)		–			–			(0.30	)		–
From return of capital		–			–			(0.05	)		–			–
Total dividends and distributions		(0.80	)		(0.64	)		(0.62	)		(0.88	)		(0.53	)
Net asset value, at end of year	$	11.00		$	10.43		$	10.06		$	9.51		$	10.55
Total investment return (2)		13.70	%		10.39	%		12.86	%		(1.94	)%		12.22	%
Supplemental Data and Ratios
Net assets, end of year (000’s)	$	1		$	14,563		$	23,964		$	22,650		$	5,063
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.29	%		1.40	%		1.44	%		1.94	%		2.76	%
Ratio of net expenses to average net assets (3)		0.95	%		0.95	%		0.73	%(4)		0.80	%(4)		0.90	%(4)
Ratio of net investment income to average net assets		5.26	%		6.99	%		6.18	%		5.31	%		4.42	%
Portfolio turnover rate		51.81	%		126.54	%		89.98	%		51.95	%		55.66	%

(1) Calculated using average shares outstanding.

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

(3) 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.

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

See accompanying Notes to the Financial Statements.

55

Barings Emerging Markets Debt Blended Total Return Fund 2021 Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS Y
	FOR THE YEAR ENDED JUNE 30, 2021			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
Per Common Share Data
Net asset value, beginning of year	$	10.42		$	10.06		$	9.51		$	10.55		$	9.90
Income from investment operations:
Net investment income (1)		0.53			0.67			0.59			0.55			0.45
Net realized and unrealized gain (loss)		0.84			0.33			0.58			(0.71	)		0.73
Total increase (decrease) from investment operations		1.37			1.00			1.17			(0.16	)		1.18
Less dividends and distributions:
From net investment income		(0.60	)		(0.64	)		(0.57	)		(0.58	)		(0.53	)
From net realized gain		(0.20	)		–			–			(0.30	)		–
From return of capital		–			–			(0.05	)		–			–
Total dividends and distributions		(0.80	)		(0.64	)		(0.62	)		(0.88	)		(0.53	)
Net asset value, at end of year	$	10.99		$	10.42		$	10.06		$	9.51		$	10.55
Total investment return (2)		13.61	%		10.33	%		12.86	%		(1.94	)%		12.22	%
Supplemental Data and Ratios
Net assets, end of year (000’s)	$	111,221		$	33,429		$	25,805		$	23,122		$	5,340
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.34	%		1.42	%		1.44	%		1.95	%		2.77	%
Ratio of net expenses to average net assets (3)		0.95	%		0.95	%		0.72	%(4)		0.80	%(4)		0.90	%(4)
Ratio of net investment income to average net assets		4.90	%		6.84	%		6.19	%		5.38	%		4.43	%
Portfolio turnover rate		51.81	%		126.54	%		89.98	%		51.95	%		55.66	%

(1) Calculated using average shares outstanding.

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

(3) 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.

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

See accompanying Notes to the Financial Statements.

56

Barings Global Emerging Markets Equity Fund 2021 Annual Report

FINANCIAL HIGHLIGHTS

	CLASS A
	FOR THE YEAR ENDED JUNE 30, 2021			FOR THE YEAR ENDED JUNE 30, 2020			PERIOD FROM SEPTEMBER 17, 2018 THROUGH JUNE 30, 2019 (1)
Per Common Share Data
Net asset value, beginning of year	$	10.36		$	11.10		$	10.00
Income from investment operations:
Net investment income (2)		0.15			0.15			0.06
Net realized and unrealized gain (loss)		3.19			(0.57	)		1.04
Total increase (decrease) from investment operations		3.34			(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 year	$	13.61		$	10.36		$	11.10
Total investment return (3)		32.40	%		(4.02	)%		11.04	%(4)
Supplemental Data and Ratios
Net assets, end of year (000’s)	$	136		$	104		$	111
Ratio of total expenses (before reductions and reimbursements) to average net assets		6.21	%		9.06	%		7.43	%(5)
Ratio of net expenses to average net assets (6)		1.24	%		1.45	%(7)		1.45	%(5)(7)
Ratio of net investment income to average net assets		1.14	%		1.46	%		0.73	%(5)
Portfolio turnover rate		37.43	%		18.80	%		7.48	%(4)

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

(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) 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.

(7) 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.

57

Barings Global Emerging Markets Equity Fund 2021 Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS C
	FOR THE YEAR ENDED JUNE 30, 2021			FOR THE YEAR ENDED JUNE 30, 2020			PERIOD FROM SEPTEMBER 17, 2018 THROUGH JUNE 30, 2019 (1)
Per Common Share Data
Net asset value, beginning of year	$	10.32		$	11.04		$	10.00
Income from investment operations:
Net investment income (2)		0.05			0.07			0.00	(3)
Net realized and unrealized gain (loss)		3.18			(0.57	)		1.04
Total increase (decrease) from investment operations		3.23			(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 year	$	13.50		$	10.32		$	11.04
Total investment return (4)		31.41	%		(4.74	)%		10.39	%(5)
Supplemental Data and Ratios
Net assets, end of year (000’s)	$	135		$	103		$	110
Ratio of total expenses (before reductions and reimbursements) to average net assets		7.30	%		9.82	%		8.19	%(6)
Ratio of net expenses to average net assets (7)		1.99	%		2.20	%(8)		2.20	%(6)(8)
Ratio of net investment income (loss) to average net assets		0.39	%		0.71	%		(0.03	)%(6)
Portfolio turnover rate		37.43	%		18.80	%		7.48	%(5)

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

(2) Calculated using average shares outstanding.

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

(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 1.90% 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.

(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.

58

Barings Global Emerging Markets Equity Fund 2021 Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS I
	FOR THE YEAR ENDED JUNE 30, 2021			FOR THE YEAR ENDED JUNE 30, 2020			PERIOD FROM SEPTEMBER 17, 2018 THROUGH JUNE 30, 2019 (1)
Per Common Share Data
Net asset value, beginning of year	$	10.38		$	11.13		$	10.00
Income from investment operations:
Net investment income (2)		0.18			0.18			0.08
Net realized and unrealized gain (loss)		3.20			(0.58	)		1.05
Total increase (decrease) from investment operations		3.38			(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 year	$	13.65		$	10.38		$	11.13
Total investment return (3)		32.74	%		(3.78	)%		11.26	%(4)
Supplemental Data and Ratios
Net assets, end of year (000’s)	$	6,689		$	5,085		$	5,452
Ratio of total expenses (before reductions and reimbursements) to average net assets		3.17	%		2.96	%		2.94	%(5)
Ratio of net expenses to average net assets (6)		0.99	%		1.20	%(7)		1.20	%(5)(7)
Ratio of net investment income to average net assets		1.39	%		1.71	%		0.98	%(5)
Portfolio turnover rate		37.43	%		18.80	%		7.48	%(4)

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

(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) 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.

(7) 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.

59

Barings Global Emerging Markets Equity Fund 2021 Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS Y
	FOR THE YEAR ENDED JUNE 30, 2021			FOR THE YEAR ENDED JUNE 30, 2020			PERIOD FROM SEPTEMBER 17, 2018 THROUGH JUNE 30, 2019 (1)
Per Common Share Data
Net asset value, beginning of year	$	10.38		$	11.13		$	10.00
Income from investment operations:
Net investment income (2)		0.18			0.18			0.08
Net realized and unrealized gain (loss)		3.20			(0.58	)		1.05
Total increase (decrease) from investment operations		3.38			(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 year	$	13.65		$	10.38		$	11.13
Total investment return (3)		32.74	%		(3.78	)%		11.26	%(4)
Supplemental Data and Ratios
Net assets, end of year (000’s)	$	6,765		$	5,085		$	5,452
Ratio of total expenses (before reductions and reimbursements) to average net assets		3.17	%		2.96	%		2.94	%(5)
Ratio of net expenses to average net assets (6)		0.99	%		1.20	%(7)		1.20	%(5)(7)
Ratio of net investment income to average net assets		1.40	%		1.71	%		0.98	%(5)
Portfolio turnover rate		37.43	%		18.80	%		7.48	%(4)

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

(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) 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.

(7) 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.

60

Barings U.S. High Yield Fund 2021 Annual Report

FINANCIAL HIGHLIGHTS

	CLASS C
	FOR THE YEAR ENDED JUNE 30, 2021			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
Per Common Share Data
Net asset value, beginning of year	$	8.91		$	9.79		$	9.82		$	10.59		$	10.14
Income from investment operations:
Net investment income (1)		0.42			0.45			0.51			0.53			0.58
Net realized and unrealized gain (loss)		1.03			(0.87	)		(0.03	)		(0.47	)		0.64
Total increase (decrease) from investment operations		1.45			(0.42	)		0.48			0.06			1.22
Less dividends and distributions:
From net investment income		(0.42	)		(0.46	)		(0.51	)		(0.53	)		(0.58	)
From net realized gain		–			–			–			(0.30	)		(0.19	)
Total dividends and distributions		(0.42	)		(0.46	)		(0.51	)		(0.83	)		(0.77	)
Net asset value, at end of year	$	9.94		$	8.91		$	9.79		$	9.82		$	10.59
Total investment return (2)		16.49	%		(4.39	)%		5.03	%		0.61	%		12.24	%
Supplemental Data and Ratios
Net assets, end of year (000’s)	$	99		$	89		$	98		$	98		$	118
Ratio of total expenses (before reductions and reimbursements) to average net assets		7.69	%		7.31	%		7.14	%		6.43	%		6.18	%
Ratio of net expenses to average net assets (3)		1.75	%		1.75	%		1.75	%		1.75	%		1.75	%
Ratio of net investment income to average net assets		4.37	%		4.78	%		5.27	%		5.17	%		5.50	%
Portfolio turnover rate		74.68	%		80.66	%		55.98	%		43.75	%		71.57	%

(1) Calculated using average shares outstanding.

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

(3) 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.

61

Barings U.S. High Yield Fund 2021 Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS I
	FOR THE YEAR ENDED JUNE 30, 2021			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
Per Common Share Data
Net asset value, beginning of year	$	8.91		$	9.79		$	9.82		$	10.59		$	10.14
Income from investment operations:
Net investment income (1)		0.51			0.55			0.61			0.63			0.68
Net realized and unrealized gain (loss)		1.03			(0.87	)		(0.03	)		(0.47	)		0.64
Total increase (decrease) from investment operations		1.54			(0.32	)		0.58			0.16			1.32
Less dividends and distributions:
From net investment income		(0.51	)		(0.56	)		(0.61	)		(0.63	)		(0.68	)
From net realized gain		–			–			–			(0.30	)		(0.19	)
Total dividends and distributions		(0.51	)		(0.56	)		(0.61	)		(0.93	)		(0.87	)
Net asset value, at end of year	$	9.94		$	8.91		$	9.79		$	9.82		$	10.59
Total investment return (2)		17.66	%		(3.43	)%		6.07	%		1.61	%		13.36	%
Supplemental Data and Ratios
Net assets, end of year (000’s)	$	12,324		$	11,046		$	12,135		$	14,816		$	15,720
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.18	%		1.11	%		1.11	%		1.28	%		1.36	%
Ratio of net expenses to average net assets (3)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Ratio of net investment income to average net assets		5.37	%		5.78	%		6.28	%		6.16	%		6.50	%
Portfolio turnover rate		74.68	%		80.66	%		55.98	%		43.75	%		71.57	%

(1) Calculated using average shares outstanding.

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

(3) 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.

62

Barings U.S. High Yield Fund 2021 Annual Report

FINANCIAL HIGHLIGHTS (CONTINUED)

	CLASS Y
	FOR THE YEAR ENDED JUNE 30, 2021			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
Per Common Share Data
Net asset value, beginning of year	$	8.91		$	9.79		$	9.82		$	10.58		$	10.14
Income from investment operations:
Net investment income (1)		0.51			0.54			0.61			0.62			0.68
Net realized and unrealized gain (loss)		1.03			(0.86	)		(0.03	)		(0.45	)		0.63
Total increase (decrease) from investment operations		1.54			(0.32	)		0.58			0.17			1.31
Less dividends and distributions:
From net investment income		(0.51	)		(0.56	)		(0.61	)		(0.63	)		(0.68	)
From net realized gain		–			–			–			(0.30	)		(0.19	)
Total dividends and distributions		(0.51	)		(0.56	)		(0.61	)		(0.93	)		(0.87	)
Net asset value, at end of year	$	9.94		$	8.91		$	9.79		$	9.82		$	10.58
Total investment return (2)		17.65	%		(3.43	)%		6.09	%		1.61	%		13.35	%
Supplemental Data and Ratios
Net assets, end of year (000’s)	$	41,296		$	32,992		$	34,695		$	39,176		$	14,631
Ratio of total expenses (before reductions and reimbursements) to average net assets		1.17	%		1.10	%		1.09	%		1.25	%		1.36	%
Ratio of net expenses to average net assets (3)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Ratio of net investment income to average net assets		5.37	%		5.78	%		6.27	%		6.09	%		6.50	%
Portfolio turnover rate		74.68	%		80.66	%		55.98	%		43.75	%		71.57	%

(1) Calculated using average shares outstanding.

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

(3) 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.

63

Barings Global Floating Rate Fund 2021 Annual Report

SCHEDULE OF INVESTMENTS

June 30, 2021

						SHARES		COST		FAIR VALUE
Equities — 0.5%*:
Common Stocks — 0.5%*:
Beverage, Food and Tobacco — 0.1%*:
CTI Foods Holding Co. LLC(a)							4,657		$495,155		$594,652
Broadcasting and Entertainment — 0.1%*:
Technicolor SA(b)							88,751		34,103		344,123
Finance — 0.0%*:
Travelex Topco Ltd.(a),(b)							1,622		–		–
Healthcare, Education and Childcare — 0.1%*:
Don Jersey Topco Ltd.(a),(b)							292,469		195,070		313,544
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(a)							602		33,429		33,429
Fieldwood Energy LLC							6,469		226,415		7
Fieldwood Energy LLC							26,365		568,599		26
Kelly Topco Ltd.(b)							7,801		327,642		643,583
Sabine Oil & Gas LLC(a)							394		22,597		5,122
Total Oil and Gas							41,631		1,178,682		682,167
Total Common Stocks							430,899		2,074,870		1,934,486
Warrant — 0.0%*:
Finance — 0.0%*:
Travelex Topco Ltd.(b)							285		–		30,061
Total Equities							431,184		2,074,870		1,964,547
	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Fixed Income — 92.5%*:
Bank Loans — 88.5%*(c):
Aerospace and Defense — 1.3%*:
AAdvantage Loyalty IP Ltd., 3M LIBOR + 4.750%		5.50	%		4/20/2028		1,013,024		1,002,894		1,055,318
Peraton Corp., 1M LIBOR + 3.750%		4.50			2/1/2028		680,732		677,422		682,148
TransDigm, Inc., 3M LIBOR + 2.250%		2.35			12/9/2025		1,484,925		1,389,348		1,461,849
TransDigm, Inc., 1M LIBOR + 2.250%		2.35			5/30/2025		487,538		486,159		480,313
United Airlines, Inc., 3M LIBOR + 3.750%		4.50			4/21/2028		1,196,059		1,199,380		1,210,675
Total Aerospace and Defense							4,862,278		4,755,203		4,890,303
Automobile — 1.2%*:
BCA Marketplace plc, LIBOR – GBP + 4.750%(b)		4.81			11/13/2026		500,000		622,511		687,943
BCA Marketplace plc, EURIBOR + 3.250%(b)		3.25			11/13/2026		1,000,000		1,203,850		1,174,426
Clarios Global LP, 1M LIBOR + 3.250%		3.35			4/30/2026		1,043,270		1,042,781		1,032,837

See accompanying Notes to the Financial Statements.

64

Barings Global Floating Rate Fund 2021 Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Automobile (Continued)
Clarios Global LP, EURIBOR + 3.250%		3.25	%		4/30/2026		1,000,000	$	1,189,886	$	1,176,264
DexKo Global, Inc., 3M LIBOR + 3.500%		4.50			7/24/2024		300,333		301,529		300,333
Total Automobile							3,843,603		4,360,557		4,371,803
Beverage, Food and Tobacco — 2.2%*:
1011778 B.C. Unlimited Liability Co., 1M LIBOR + 1.750%(b)		1.85			11/19/2026		497,475		490,363		490,246
Amphora Finance Ltd., LIBOR – GBP + 4.750%(b)		4.81			5/23/2025		500,000		662,231		657,642
CTI Foods Holding Co, LLC, 3M LIBOR + 4.000%(a)		5.00			5/3/2024		316,422		312,965		316,422
CTI Foods Holding Co, LLC, 3M LIBOR + 3.000%(a)		4.00			5/3/2024		208,982		208,982		196,443
Deoleo S.A., EURIBOR + 4.000%(b)		5.00			6/24/2025		116,529		131,393		136,562
Froneri International Ltd., EURIBOR + 2.375%(b)		2.38			1/29/2027		1,000,000		1,206,921		1,160,553
IRB Holding Corp., 3M LIBOR + 2.750%		3.75			2/5/2025		2,036,642		2,038,775		2,031,754
Skopima Merger Sub Inc., 1M LIBOR + 4.000%		4.50			4/30/2028		962,567		953,108		960,767
Sunshine Investments B.V., 3M LIBOR + 3.000%(b)		3.16			3/28/2025		154,302		153,888		153,273
Welbilt, Inc., 3M LIBOR + 2.500%		2.60			10/23/2025		2,000,000		1,865,476		1,982,500
Total Beverage, Food and Tobacco							7,792,919		8,024,102		8,086,162
Broadcasting and Entertainment — 5.6%*:
Altice Financing SA, 3M LIBOR + 2.750%(b)		2.75			1/31/2026		994,845		1,194,577		1,156,045
Altice USA, Inc., 1M LIBOR + 2.250%		2.32			7/17/2025		1,649,190		1,636,004		1,624,452
AVSC Holding Corp., EURIBOR + 3.250%, PIK		0.25-4.25			3/3/2025		1,958,733		1,735,698		1,792,692
AVSC Holding Corp., EURIBOR + 4.500%, PIK		1.00-5.50			10/15/2026		509,157		468,779		480,064
Banijay Entertainment S.A.S, 1M LIBOR + 3.750%(b)		3.85			3/1/2025		1,302,467		1,305,992		1,297,035
Clear Channel Outdoor Holdings, Inc., 3M LIBOR + 3.500%		3.69			8/21/2026		2,963,444		2,901,895		2,890,603
Cumulus Media New Holdings Inc., 3M LIBOR + 3.750%		4.75			3/31/2026		1,138,361		1,130,077		1,139,500
iHeartCommunications, Inc., 3M LIBOR + 3.000%		3.10			5/1/2026		3,482,361		3,421,582		3,449,731
Learfield Communications, Inc., 1M LIBOR + 3.250%		4.25			12/1/2023		1,969,072		1,864,455		1,900,155
RCN Cable, 1M LIBOR + 3.500%		4.25			9/25/2026		995,000		997,423		995,368
Technicolor SA, 6M LIBOR + 6.000%, PIK(b)		6.00			6/30/2024		405,159		405,213		506,196
Technicolor SA, EURIBOR + 3.000%(b)		3.00			12/31/2024		832,610		935,468		955,675
Terrier Media Buyer, Inc., 1M LIBOR + 3.500%		3.60			12/17/2026		1,469,585		1,468,076		1,461,414
Univision Communication, Inc., 3M LIBOR + 3.250%		4.00			5/5/2028		1,187,802		1,179,423		1,182,361
Total Broadcasting and Entertainment							20,857,786		20,644,662		20,831,291

See accompanying Notes to the Financial Statements.

65

Barings Global Floating Rate Fund 2021 Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Buildings and Real Estate — 3.2%*:
Artera Services, LLC, 3M LIBOR+ 3.500%		4.25	%		3/6/2025		1,325,444	$	1,315,503	$	1,318,817
Core & Main L.P., 1M LIBOR + 2.750%		3.75			8/1/2024		1,938,594		1,942,478		1,935,570
CP Atlas Buyer, Inc., 3M LIBOR + 3.750%		4.25			11/23/2027		751,930		752,814		749,501
CPC Acquisition Corp., 3M LIBOR + 3.750%		4.50			12/29/2027		997,988		999,235		995,183
Foundation Building Materials Holding Co. LLC, 3M LIBOR + 3.250%		3.75			2/3/2028		1,055,064		1,049,713		1,047,594
Groupe Solmax Inc., 3M LIBOR + 4.750%		5.50			6/28/2028		867,768		859,091		863,430
Park River Holdings, Inc., 3M LIBOR + 3.250%		4.00			12/28/2027		790,641		788,568		785,826
Polaris Newco LLC, 6M LIBOR + 4.000%		4.50			6/2/2028		892,503		888,067		894,627
Quikrete Holdings, Inc., 3M LIBOR + 3.000%		3.13			5/12/2028		759,494		753,798		753,084
Quikrete Holdings, Inc., 1M LIBOR + 2.500%		2.60			2/1/2027		1,477,500		1,477,782		1,463,183
SRS Distribution, Inc., 1M LIBOR + 3.750%		4.25			6/2/2028		1,345,827		1,335,733		1,344,333
Total Buildings and Real Estate							12,202,753		12,162,782		12,151,148
Cargo Transport — 0.5%*:
Kenan Advantage Group, Inc., 3M LIBOR + 3.750%		4.50			3/24/2026		1,788,978		1,780,460		1,789,533
Chemicals, Plastics and Rubber — 4.3%*:
Allnex (Luxembourg) & Cy S.C.A., 3M LIBOR + 3.250%		4.00			9/13/2023		354,148		353,588		353,263
Allnex USA, Inc., 3M LIBOR + 3.250%		4.00			9/13/2023		266,812		266,390		266,144
Colouroz Investment 1 GmbH, EURIBOR + 4.250%(b)		5.00			9/21/2023		299,794		355,622		353,039
Colouroz Investment 1 GmbH, EURIBOR + 4.250%, PIK(b)		0.75-5.00			9/21/2023		21,798		25,857		25,669
Consolidated Energy Finance SA, 3M LIBOR + 2.500%		2.60			5/7/2025		1,454,794		1,429,444		1,410,539
Diamond (BC) B.V., EURIBOR + 3.250%		3.25			9/6/2024		470,742		545,533		555,916
Flint Group GmbH, 3M LIBOR + 4.250%(b)		5.25			9/21/2023		660,915		647,131		657,201
Flint Group GmbH, EURIBOR + 4.250%(b)		5.00			9/21/2023		741,888		856,461		873,650
Flint Group GmbH, EURIBOR + 4.250%, PIK(b)		0.75-5.00			9/21/2023		5,380		6,384		6,336
Flint Group US LLC, EURIBOR + 4.250%, PIK(b)		0.75-5.25			9/21/2023		3,873,472		3,793,022		3,851,703
Gemini HDPE LLC, 3M LIBOR + 3.000%		3.50			12/31/2027		811,868		808,338		810,180
Graftech International Ltd., 3M LIBOR + 3.000%		3.50			2/12/2025		373,760		368,304		373,573
Ineos Quattro, EURIBOR + 2.750%(b)		2.75			1/29/2026		1,000,000		1,202,137		1,175,375
Nobian Finance BV, EURIBOR + 3.750%(b)		3.75			6/24/2026		500,000		593,692		588,553
Novacap S.A., EURIBOR + 3.500%(b)		3.50			6/22/2023		1,000,000		1,139,392		1,177,497
Polar US Borrower, LLC, 1M LIBOR + 4.750%		4.90			10/15/2025		1,226,572		1,227,810		1,229,639
PQ Performance Chemicals, 3M LIBOR + 3.500%		4.25			5/4/2028		216,802		215,718		216,869
Solenis Holdings LLC, 3M LIBOR + 4.000%		4.09			6/26/2025		618,372		614,822		617,710

See accompanying Notes to the Financial Statements.

66

Barings Global Floating Rate Fund 2021 Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Chemicals, Plastics and Rubber (Continued)
Trinseo Materials Operating S.C.A., 3M LIBOR + 2.500%		2.60	%		5/3/2028		1,500,000	$	1,492,667	$	1,487,820
Total Chemicals, Plastics and Rubber							15,397,117		15,942,312		16,030,676
Containers, Packaging and Glass — 2.1%*:
Albea Beauty Holdings S.A., 3M LIBOR + 3.000%(b)		4.00			4/22/2024		200,677		200,560		193,653
BWAY Holding Co., 1M LIBOR + 3.250%		3.35			4/3/2024		1,905,927		1,899,640		1,858,584
Flex Acquisition Company, Inc., 3M LIBOR + 3.250%		3.39			6/29/2025		842,165		822,537		833,457
Flex Acquisition Company, Inc., 3M LIBOR + 3.500%		4.00			2/23/2028		1,344,504		1,343,441		1,338,064
Graham Packaging Co. Inc., 1M LIBOR + 3.000%		3.75			8/4/2027		516,526		517,053		515,762
Hoffmaster Group, Inc., 3M LIBOR + 4.000%		5.00			11/21/2023		1,138,521		1,065,611		1,094,973
Reynolds Consumer Products LLC, 1M LIBOR + 1.750%		1.85			2/4/2027		246,554		246,307		244,458
TricorBraun Holdings, Inc., 3M LIBOR + 3.250%		3.75			3/3/2028		320,959		319,426		318,433
TricorBraun Holdings, Inc., 3M LIBOR + 3.250%		3.25-3.75			3/3/2028		2,407		2,395		2,388
Trident TPI Holdings, Inc., 3M LIBOR + 3.000%		4.00			10/17/2024		1,477,025		1,462,886		1,469,639
Total Containers, Packaging and Glass							7,995,265		7,879,856		7,869,411
Diversified/Conglomerate Manufacturing — 2.2%*:
Alison Bidco S.a.r.l., EURIBOR + 5.500%, PIK(b)		2.50			8/29/2023		241,490		240,913		199,732
Amer Sports Oyj, 3M LIBOR + 4.500%(b)		4.50			3/30/2026		500,000		564,411		592,430
DG Investment Intermediate Holdings 2, Inc., 3M LIBOR + 3.750%		4.50			3/31/2028		1,045,573		1,040,515		1,048,626
Fluid-Flow Products, Inc., 3M LIBOR + 3.750%		4.25			3/31/2028		616,514		615,024		616,514
Illuminate Merger Corp., 3M LIBOR + 3.500%		4.00			6/30/2028		540,983		538,279		540,983
LTI Holdings, Inc., 1M LIBOR + 3.500%		3.60			9/6/2025		595,612		582,156		587,012
Project Alpha Intermediate Holding, Inc., 3M LIBOR + 4.000%		4.11			4/26/2024		1,344,821		1,346,891		1,345,776
SGB-SMIT Management GmbH, EURIBOR + 4.500%(b)		4.50			7/18/2024		504,927		521,658		540,438
Wilsonart LLC, EURIBOR + 3.500%		4.50			12/19/2026		994,896		990,107		994,358
Winterfell Financing Sarl, EURIBOR + 3.500%(b)		3.50			5/4/2028		500,000		603,378		589,573
Xella, 3M EURIBOR + 4.250%(b)		4.25			4/12/2028		1,000,000		1,183,993		1,180,070
Total Diversified/Conglomerate Manufacturing							7,884,816		8,227,325		8,235,512

See accompanying Notes to the Financial Statements.

67

Barings Global Floating Rate Fund 2021 Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Diversified/Conglomerate Service — 11.7%*:
Applied Systems, Inc., 3M LIBOR + 3.250%		3.75	%		9/19/2024		1,000,000	$	997,500	$	997,380
CCRR Parent,, Inc., 3M LIBOR + 4.250%		5.00			3/6/2028		191,520		190,603		192,478
CoreLogic, Inc., 3M LIBOR + 3.500%		4.00			6/2/2028		1,330,450		1,325,697		1,325,793
CoreLogic, Inc., 3M LIBOR + 6.500%		7.00			4/13/2029		532,670		527,470		535,334
Cornerstone OnDemand, Inc., 3M LIBOR + 3.250%		3.34			4/22/2027		421,794		421,210		421,397
Cvent, Inc., 1M LIBOR + 3.750%		3.85			11/29/2024		2,347,088		2,044,769		2,313,055
Delta TopCo, Inc., 3M LIBOR + 3.750%		4.50			12/1/2027		1,000,000		1,001,202		1,001,880
EAB Global , Inc., 3M LIBOR + 3.500%		4.00			6/28/2028		500,000		497,500		498,750
EAB Global, Inc., EURIBOR + 3.750%		4.75			11/15/2024		732,493		730,722		731,424
Element Materials Technology Group US Holdings Inc., EURIBOR + 3.250%		3.25			6/28/2024		1,000,000		1,194,547		1,163,517
Element Materials Technology Group US Holdings Inc., 3M LIBOR + 4.250%		4.34			6/28/2024		500,000		679,965		674,359
Endure Digital Inc., 3M LIBOR + 3.500%		4.25			2/10/2028		1,968,806		1,959,123		1,958,135
Epicor Software Corp., 1M LIBOR + 3.250%		4.00			7/30/2027		305,686		305,487		305,216
Finastra USA, Inc., 3M LIBOR + 7.250%		8.25			6/13/2025		6,482		6,547		6,545
Finastra USA, Inc., 6M LIBOR + 3.500%		4.50			6/13/2024		3,413,556		3,318,512		3,357,744
Greeneden U.S. Holdings II LLC, 1M LIBOR + 4.000%		4.75			12/1/2027		2,977,041		2,978,581		2,982,370
Hyland Software, Inc., 1M LIBOR + 3.500%		4.25			7/1/2024		1,493,603		1,496,015		1,494,842
Hyland Software, Inc., 1M LIBOR + 6.250%		7.00			7/7/2025		501,818		501,818		503,489
I-Logic Technologies Bidco Ltd., 3M LIBOR + 4.000%		4.50			2/16/2028		1,296,450		1,296,953		1,299,691
IGT Holding IV AB, EURIBOR + 3.750%(b)		4.25			3/31/2028		687,931		686,211		689,651
Informatica LLC, 1M LIBOR + 3.250%		3.35			2/25/2027		987,500		983,500		980,657
Informatica LLC, 3M LIBOR + 7.125%		7.13			2/25/2025		349,253		347,971		356,238
MH Sub I LLC, 1M LIBOR + 3.500%		3.60			9/13/2024		1,999,510		1,994,376		1,988,952
Mitchell International, Inc., 1M LIBOR + 3.250%		3.35			11/29/2024		1,977,047		1,942,981		1,956,782
Panther Commercial Holdings L.P, 3M LIBOR + 4.500%		5.00			1/7/2028		1,500,000		1,505,340		1,500,315
Project Leopard Holdings, Inc., 3M LIBOR + 4.750%		5.75			7/5/2024		1,454,097		1,457,952		1,457,005
Project Ruby Ultimate Parent Corp., 3M LIBOR + 3.250%		4.00			3/3/2028		1,325,323		1,320,062		1,320,764
Proofpoint, Inc., 3M LIBOR + 3.250%		3.75			6/9/2028		697,674		694,186		693,405
RSA Security, 3M LIBOR + 4.750%		5.50			4/27/2028		98,452		97,956		98,124
Spin Holdco, Inc., 3M LIBOR + 4.000%		4.75			3/1/2028		695,283		690,296		695,374
Summer (BC) Holdco B S.a r.l, 3M LIBOR + 4.750%(b)		4.88			12/4/2026		1,493,684		1,493,434		1,478,747
Surf Holdings, LLC, 3M LIBOR + 3.500%(b)		3.63			3/5/2027		494,698		492,843		491,175
Team.Blue Finco SARL, 3M LIBOR + 3.750%(b)		3.75			3/27/2028		1,250,000		1,485,464		1,476,630
TMF Group Holding B.V., EURIBOR + 3.250%(b)		3.25			5/5/2025		1,500,000		1,787,263		1,757,033
Ultimate Software Group Inc(The), 3M LIBOR + 3.250%		4.00			5/4/2026		992,512		998,547		993,088

See accompanying Notes to the Financial Statements.

68

Barings Global Floating Rate Fund 2021 Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Diversified/Conglomerate Service (Continued)
Verisure Holding AB, EURIBOR + 3.500%(b)		3.50	%		3/27/2028		1,875,000	$	2,256,597	$	2,215,589
Vision Solutions, Inc., 3M LIBOR + 4.250%		5.00			4/24/2028		904,110		899,688		902,301
Weld North Education, LLC, 3M LIBOR + 4.000%		4.75			12/21/2027		851,136		850,738		851,561
Total Diversified/Conglomerate Service							42,652,667		43,459,626		43,666,790
Electronics — 4.8%*:
Ahead Data Blue LLC, 2M LIBOR + 3.750%		4.50			10/18/2027		1,710,285		1,716,561		1,712,149
BY Crown Parent LLC, 1M LIBOR + 3.000%		4.00			2/2/2026		959,642		955,626		958,443
Ensono, LP, 1M LIBOR + 4.000%		4.75			5/19/2028		903,955		895,018		904,705
EXC Holdings III Corp., 3M LIBOR + 3.500%		4.50			12/2/2024		479,769		482,573		478,570
Ingram Micro, Inc., 3M LIBOR + 3.500%		4.00			3/31/2028		1,979,706		1,974,909		1,982,181
ION Trading Finance Ltd., 3M LIBOR + 4.750%		4.92			4/1/2028		1,350,567		1,347,191		1,354,673
Ivanti Software, Inc., 3M LIBOR + 4.750%		5.75			12/1/2027		1,995,000		1,988,534		1,995,279
McAfee Enterprise, 3M LIBOR + 5.000%		5.75			5/3/2028		1,146,634		1,135,168		1,145,488
Renaissance Holding Corp., 1M LIBOR + 3.250%		3.34			5/30/2025		1,222,830		1,213,852		1,209,073
Sophia, LP, 3M LIBOR + 3.750%		4.50			10/7/2027		840,636		839,537		840,812
SS&C Technologies Inc., 1M LIBOR + 1.750%		1.85			4/16/2025		467,563		466,868		461,938
Tibco Software Inc., 1M LIBOR + 7.250%		7.36			3/3/2028		385,441		383,828		390,740
Tibco Software Inc., 1M LIBOR + 3.750%		3.86			6/30/2026		1,984,975		1,958,065		1,978,027
Veritas US Inc., 3M LIBOR + 5.000%		6.00			9/1/2025		1,492,500		1,503,256		1,500,336
Veritas US Inc., EURIBOR + 4.750%		4.21			9/1/2025		744,384		881,429		889,389
Total Electronics							17,663,887		17,742,415		17,801,803
Energy Equipment and Services — 0.1%*:
DT Midstream, Inc., 3M LIBOR + 2.000%		2.50			6/12/2028		520,833		518,229		521,297
Finance — 2.4%*:
Aqgen Ascensus, Inc., 3M LIBOR + 6.500%		7.00			5/4/2029		250,358		247,854		247,854
Aqgen Island Holdings, Inc., 3M LIBOR + 3.500%		4.00			5/20/2028		1,158,599		1,152,806		1,154,984
Belron Finance US LLC, 3M LIBOR + 2.750%		3.25			4/13/2028		791,667		783,971		790,020
Deerfield Dakota Holding LLC, 1M LIBOR + 6.750%		7.50			4/7/2028		1,000,000		1,004,862		1,022,500
Deerfield Dakota Holding LLC, 1M LIBOR + 3.750%		4.75			4/9/2027		498,740		500,569		500,611
Edelman Financial Center, LLC, 3M LIBOR + 6.750%		6.85			7/20/2026		1,000,000		1,010,000		1,002,920
Edelman Financial Center, LLC, 3M LIBOR + 3.750%		4.50			4/7/2028		1,000,000		998,750		1,000,690
IRIS Bidco Ltd., LIBOR – GBP + 4.250%(b)		4.30			9/6/2025		1,000,000		1,383,158		1,379,095
Tempo Acquisition LLC, PRIME + 1.750%		5.00			5/1/2024		869,632		871,426		868,006
Zera uyer LLC, 3M LIBOR + 3.250%		3.75			4/21/2028		913,242		908,676		915,361
Total Finance							8,482,238		8,862,072		8,882,041

See accompanying Notes to the Financial Statements.

69

Barings Global Floating Rate Fund 2021 Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Healthcare, Education and Childcare — 13.4%*:
ADMI Corp., 3M LIBOR + 3.375%		3.88	%		12/23/2027		64,243	$	64,520	$	63,481
Advanz Pharma Corp., EURIBOR + 5.000%(b)		5.00			6/1/2028		1,000,000		1,204,955		1,187,481
Aenova Holding GmbH, EURIBOR + 5.000%(b)		5.00			3/6/2025		500,000		537,822		594,108
Amneal Pharmaceuticals LLC, 1M LIBOR + 3.500%		3.63			5/4/2025		1,461,832		1,389,465		1,432,595
Arbor Pharmaceuticals, Inc., 3M LIBOR + 5.000%		6.00			7/5/2023		1,152,484		1,153,437		1,143,633
Auris Luxembourg III S.a.r.l., EURIBOR + 4.000%(b)		4.00			2/27/2026		2,000,000		2,317,855		2,352,576
Auris Luxembourg III Sarl, 1M LIBOR + 3.750%(b)		3.85			2/27/2026		2,493,623		2,475,290		2,464,573
Aveanna Healthcare, LLC, 1M LIBOR + 5.500%		6.50			3/18/2024		1,264,213		1,256,500		1,262,633
CeramTec AcquiCo GmbH, 3M LIBOR + 2.750%(b)		2.89			3/7/2025		1,250,000		1,234,547		1,219,537
Change Healthcare Holdings LLC, 1M LIBOR + 2.500%		3.50			3/1/2024		1,234,737		1,232,690		1,233,132
Eagle Bidco Ltd., LIBOR – GBP + 4.750%(b)		4.81			3/10/2028		500,000		693,142		691,076
Elysium Healthcare Holdings 3 Ltd., LIBOR – GBP + 5.250%(b)		5.33			4/11/2025		1,000,000		1,394,461		1,361,112
Endo Luxembourg Finance Co. I S.a r.l., 3M LIBOR + 5.000%		5.75			3/27/2028		1,293,385		1,291,196		1,246,099
Envision Healthcare Corp., 1M LIBOR + 3.750%		3.85			10/10/2025		1,585,547		1,231,337		1,353,502
Fugue Finance B.V., EURIBOR + 3.250%(b)		3.25			9/1/2024		500,000		545,942		587,527
Gainwell Acquisition Corp., 3M LIBOR + 4.000%		4.75			10/1/2027		606,196		597,752		607,560
GHX Ultimate Parent Corp., 3M LIBOR + 3.000%		4.00			6/28/2024		460,339		457,072		459,479
Grifols Worldwide Operations USA, Inc., 3M LIBOR + 2.000%		2.09			11/15/2027		997,468		987,595		987,244
Horizon Therapeutics USA Inc., 3M LIBOR + 2.000%		2.50			3/15/2028		893,284		891,139		886,861
Horizon Therapeutics USA, Inc., 1M LIBOR + 2.250%		2.38			5/22/2026		494,267		495,835		491,331
Icon Luxemourg Sarl, 3M LIBOR + 2.500%(b)		3.00			6/16/2028		1,097,561		1,092,074		1,099,109
Iris idco GmBH, EURIBOR + 5.000%(b)		4.46			5/31/2028		650,000		772,016		754,036
Jazz Financing Lux S.a.r.l., 1M LIBOR + 3.500%		4.00			4/21/2028		1,103,448		1,098,038		1,106,549
Lernen Bidco Ltd., EURIBOR + 4.250%(b)		4.25			10/25/2025		2,000,000		2,352,745		2,344,228
Lifescan Global Corp., 3M LIBOR + 6.000%		6.15			10/1/2024		1,201,859		1,169,715		1,189,840
Netsmart Technologies, Inc., EURIBOR + 4.000%		4.75			10/1/2027		997,500		998,781		999,814
Nidda Healthcare Holding AG, LIBOR – GBP + 4.500%(b)		4.58			8/21/2026		500,000		652,723		689,672
Nidda Healthcare Holding AG, EURIBOR + 3.500%(b)		3.50			8/21/2026		1,000,000		1,084,393		1,174,735

See accompanying Notes to the Financial Statements.

70

Barings Global Floating Rate Fund 2021 Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Healthcare, Education and Childcare (Continued)
Organon & Co., 3M LIBOR + 3.000%		3.50	%		6/2/2028		673,077	$	669,734	$	673,501
Ortho-Clinical Diagnostics SA, 1M LIBOR + 3.000%		3.10			6/30/2025		1,897,451		1,885,072		1,895,421
Padagis LLC, 3M LIBOR + 4.750%		5.25			6/30/2028		645,161		638,710		641,129
Parexel International Corp., 1M LIBOR + 2.750%		2.85			9/27/2024		1,717,488		1,700,486		1,707,028
Prometric Holdings, Inc., 1M LIBOR + 3.000%		4.00			1/29/2025		994,911		985,416		980,485
Radiology Partners, Inc., 1M LIBOR + 4.250%		4.35			7/9/2025		1,500,000		1,492,417		1,498,755
RegionalCare Hospital Partners Holdings, Inc., 1M LIBOR + 3.750%		3.85			11/16/2025		742,456		746,320		740,317
Select Medical Corp., 3M LIBOR + 2.250%		2.36			3/6/2025		1,000,000		992,851		989,380
Surgery Center Holdings, Inc., 3M LIBOR + 3.750%		4.50			8/31/2026		1,974,578		1,968,221		1,981,666
Team Health Holdings, Inc., 1M LIBOR + 2.750%		3.75			2/6/2024		2,751,565		2,680,359		2,665,579
Tunstall Group Holdings Ltd., EURIBOR + 5.000%(b)		5.00			6/30/2025		321,190		377,864		373,870
U.S. Anesthesia Partners, Inc., 6M LIBOR + 3.000%		4.00			6/23/2024		1,992,221		1,975,707		1,977,897
Unilabs Holding AB, EURIBOR + 2.750%(b)		2.75			4/19/2024		500,000		578,261		585,185
US Radiology Specialists, Inc., 3M LIBOR + 5.500%		6.25			12/10/2027		798,523		783,751		802,683
Verscend Holding Corp., 3M LIBOR + 4.000%		4.10			8/27/2025		1,488,550		1,486,963		1,490,946
Total Healthcare, Education and Childcare							48,299,157		49,635,169		49,987,365
Home and Office Furnishings, Housewares, and Durable Consumer Products — 2.0%*:
ACProducts, Inc., 6M LIBOR + 4.250%		4.75			5/5/2028		1,490,741		1,481,569		1,482,229
Clay Holdco B.V, EURIBOR + 4.000%(b)		4.00			10/30/2026		600,000		715,620		710,674
LBM Acquisition LLC, 3M LIBOR + 3.750%		4.50			12/17/2027		1,426,526		1,423,599		1,415,081
Serta Simmons Bedding LLC, 1M LIBOR + 7.500%		8.50			8/10/2023		1,506,206		1,506,206		1,435,505
SIWF Holdings Inc., 3M LIBOR + 4.250%		4.35			6/15/2025		972,431		977,972		972,431
Staples, Inc., 3M LIBOR + 5.000%		5.18			4/16/2026		1,496,183		1,468,680		1,455,981
Total Home and Office Furnishings, Housewares, and Durable Consumer Products							7,492,087		7,573,646		7,471,901
Hotels and Restaurants — 0.1%*:
City Brewing Company, LLC, 3M LIBOR + 3.500%		4.25			4/5/2028		437,190		435,070		438,830
Hotels, Motels, Inns and Gaming — 3.7%*:
Caesars Resort Collection LLC, 1M LIBOR + 4.500%		4.60			7/21/2025		727,247		709,542		729,065

See accompanying Notes to the Financial Statements.

71

Barings Global Floating Rate Fund 2021 Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Hotels, Motels, Inns and Gaming (Continued)
Caesars Resort Collection LLC, 1M LIBOR + 2.750%		2.85	%		12/23/2024		1,953,125	$	1,948,761	$	1,935,332
Casper BidCo SAS, EURIBOR + 3.875%(b)		3.88			7/31/2026		1,500,000		1,703,235		1,713,545
Compass IV Ltd., EURIBOR + 4.250%(b)		4.25			4/30/2025		500,000		600,268		591,393
Compass IV Ltd., EURIBOR + 8.000%(b)		9.00			4/30/2026		500,000		592,237		591,885
Golden Nugget, Inc., 2M LIBOR + 2.500%		3.25			10/4/2023		1,802,862		1,750,493		1,788,295
Hilton Grand Vacations LLC, 3M LIBOR + 3.000%		3.50			5/19/2028		538,116		535,426		538,283
HNVR Holdco Ltd., EURIBOR + 4.250%(b)		4.25			9/12/2025		2,000,000		2,026,299		2,163,994
Penn National Gaming, Inc., 1M LIBOR + 2.250%		2.35			10/15/2025		1,768,344		1,765,348		1,761,943
Richmond UK Bidco Ltd., LIBOR – GBP + 4.250%(b)		4.36			3/3/2024		482,094		610,114		655,210
Rouge Beachhouse B.V., EURIBOR + 4.750%(b)		4.75			9/4/2025		500,000		586,575		591,144
Station Casinos LLC, 3M LIBOR + 2.250%		2.50			2/8/2027		993,938		968,250		981,722
Total Hotels, Motels, Inns and Gaming							13,265,726		13,796,548		14,041,811
Insurance — 2.9%*:
Acrisure LLC, 3M LIBOR + 3.500%		3.60			2/15/2027		1,979,969		1,956,548		1,956,862
Alliant Holdings Intermediate LLC, 3M LIBOR + 3.250%		3.35			5/9/2025		2,235,626		2,241,240		2,210,229
AmWINS Group, Inc., 3M LIBOR + 2.250%		3.00			2/19/2028		450,899		449,825		447,892
AssuredPartners, Inc., 1M LIBOR + 3.500%		3.60			2/12/2027		1,739,442		1,746,424		1,729,545
Asurion LLC, 3M LIBOR + 3.250%		3.35			12/23/2026		2,985,000		2,977,758		2,949,568
Hub International Ltd., 3M LIBOR + 2.750%		2.93			4/25/2025		988,530		973,770		977,053
Ryan Specialty Group LLC, 1M LIBOR + 3.000%		3.75			9/1/2027		434,080		428,325		433,672
Total Insurance							10,813,546		10,773,890		10,704,821
Leisure, Amusement, Entertainment — 6.6%*:
AMC Entertainment Holdings, Inc., 1M LIBOR + 3.000%		3.10			4/22/2026		1,705,447		1,443,858		1,598,498
Crown Finance US, Inc., 6M LIBOR + 2.500%		3.50			2/28/2025		2,057,671		2,042,752		1,809,043
Delta 2 (LUX) Sarl, 3M LIBOR + 2.500%(b)		3.50			2/1/2024		1,394,967		1,397,074		1,386,472
Dorna Sports, S.L., EURIBOR + 3.250%(b)		3.75			5/3/2024		2,478,282		2,909,615		2,910,030
Golden Entertainment, Inc., 1M LIBOR + 3.000%		3.75			10/21/2024		875,316		844,223		868,751
International Park Holdings B.V., 6M LIBOR + 3.500%(b)		3.50			6/13/2024		500,000		580,575		570,423
Metro-Goldwyn-Mayer, Inc., 1M LIBOR + 4.500%		5.50			7/3/2026		3,000,000		2,983,658		2,997,510
Motion Finco Sarl, EURIBOR + 3.000%(b)		3.00			11/12/2026		1,000,000		1,110,520		1,136,518
Odeon Cinemas Group Ltd., EURIBOR, PIK(b)		10.75			8/19/2023		279,711		344,256		356,393

See accompanying Notes to the Financial Statements.

72

Barings Global Floating Rate Fund 2021 Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Leisure, Amusement, Entertainment (Continued)
Parques Reunidos SAU, EURIBOR + 3.750%(b)		3.75	%		9/16/2026		500,000	$	546,125	$	567,245
Piolin Bidco SAU, EURIBOR + 7.500%(b)		7.50			9/16/2026		500,000		599,714		593,865
Playtika Holding Corp., 3M LIBOR + 2.750%		2.85			3/13/2028		490,473		488,105		487,967
PUG LLC, 1M LIBOR + 3.500%		3.60			2/12/2027		1,464,364		1,447,698		1,428,678
SeaWorld Parks & Entertainment, Inc., 3M LIBOR + 3.000%		3.75			3/31/2024		2,494,623		2,489,898		2,475,914
Silk Bidco AS, EURIBOR + 4.000%(b)		4.00			2/24/2025		500,000		549,920		551,226
Tackle SARL, EURIBOR + 4.000%(b)		4.00			5/22/2028		550,000		666,167		651,347
Vacalians Group, EURIBOR + 4.000%(b)		4.00			11/28/2025		330,783		374,069		365,425
Vue International Bidco plc, EURIBOR + 4.750%(b)		4.75			7/3/2026		923,797		1,027,273		1,041,039
William Morris Endeavor Entertainment, LLC, 1M LIBOR + 2.750%		2.86			5/18/2025		2,266,625		2,246,965		2,221,292
WMG Acquisition Corp., 3M LIBOR + 2.125%		2.23			1/20/2028		518,991		519,469		514,544
Total Leisure, Amusement, Entertainment							23,831,050		24,611,934		24,532,180
Machinery Non-Agriculture, Non-Construction, Non-Electronic — 1.9%*:
Alison Bidco Sarl, EURIBOR + 5.500%(b)		4.96-6.50			8/29/2023		845,646		981,244		851,062
Ammeraal Beltech Holding B.V., EURIBOR + 3.750%(b)		3.75			7/30/2025		1,000,000		1,206,119		1,177,189
Diebold,, Inc., EURIBOR + 3.000%		3.00			11/6/2023		1,495,408		1,724,605		1,753,605
Gates Global LLC, 3M LIBOR + 2.750%		3.50			3/31/2027		997,494		995,010		994,900
Madison IAQ LLC, 3M LIBOR + 3.250%		3.75			6/16/2028		576,923		574,041		576,923
Titan Acquisition Ltd., 3M LIBOR + 3.000%(b)		3.17			3/28/2025		1,935,868		1,934,682		1,900,616
Total Machinery Non-Agriculture, Non-Construction, Non-Electronic							6,851,339		7,415,701		7,254,295
Media — 0.3%*:
MH Sub I, LLC, 3M LIBOR + 6.250%		6.35			2/12/2029		500,000		505,595		507,190
Redstone Buyer LLC, 3M LIBOR + 4.750%		5.50			4/27/2028		650,536		647,263		648,370
Total Media							1,150,536		1,152,858		1,155,560
Mining, Steel, Iron and Non-Precious Metals — 0.5%*:
Boomerang Tube LLC, 3M LIBOR + 5.000%(a),(d)		Zero Coupon			6/30/2022		64,538		64,538		–
US Silica Co., 1M LIBOR + 4.000%		5.00			5/1/2025		1,853,242		1,818,045		1,768,697
Total Mining, Steel, Iron and Non-Precious Metals							1,917,780		1,882,583		1,768,697
Oil and Gas — 0.5%*:
Buckeye Partners, L.P., 3M LIBOR + 2.250%		2.35			11/1/2026		392,767		284,251		389,821
Gulf Finance LLC, 1M LIBOR + 5.250%		6.25			8/25/2023		1,607,042		1,546,638		1,360,827
Total Oil and Gas							1,999,809		1,830,889		1,750,648

See accompanying Notes to the Financial Statements.

73

Barings Global Floating Rate Fund 2021 Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Personal and Non-Durable Consumer Products Mfg. Only — 1.0%*:
Breitling Financing Sarl, EURIBOR + 3.500%(b)		3.50	%		7/11/2024		1,000,000	$	1,183,506	$	1,175,007
Coty Inc., 1M LIBOR + 2.250%		2.35			4/7/2025		913,788		894,021		878,452
Journey Personal Care Corp., 3M LIBOR + 4.250%		5.00			3/1/2028		326,423		324,867		327,036
Triton Water Holdings, Inc., 3M LIBOR + 3.500%		4.00			3/31/2028		1,390,462		1,385,869		1,388,530
Total Personal and Non-Durable Consumer Products Mfg. Only							3,630,673		3,788,263		3,769,025
Personal Transportation — 1.2%*:
American Airlines, Inc., 1M LIBOR + 2.000%		2.10			4/28/2023		1,948,769		1,942,935		1,899,563
American Airlines, Inc., 1M LIBOR + 1.750%		1.85			6/27/2025		494,898		443,259		474,053
Kestrel Bidco, Inc., 1M LIBOR + 3.000%(b)		4.00			12/11/2026		2,095,597		2,098,272		2,053,685
Naviera Armas SA, EURIBOR + 2.500%(a),(b)		2.50			7/31/2021		106,892		125,878		126,746
Naviera Armas SA, EURIBOR + 2.500%, PIK(a),(b)		7.50			7/31/2021		46,602		56,593		55,258
Total Personal Transportation							4,692,758		4,666,937		4,609,305
Printing and Publishing — 1.3%*:
Ascend Learning LLC, 3M LIBOR + 3.000%		4.00			7/12/2024		994,832		993,658		993,797
Cimpress Public Ltd. Co., 1M LIBOR + 3.500%		4.00			5/17/2028		522,876		517,719		520,695
Houghton Mifflin Harcourt Publishing Co., 1M LIBOR + 6.250%		7.25			11/22/2024		92,912		90,372		92,929
McGraw-Hill Global Education Holdings LLC, 1M LIBOR + 4.750%		5.75			11/1/2024		1,299,773		1,284,705		1,300,787
Springer Nature Deutschland GmbH, EURIBOR + 2.750%(b)		3.25			8/14/2026		1,573,104		1,904,418		1,858,500
Total Printing and Publishing							4,483,497		4,790,872		4,766,708
Retail Stores — 3.4%*:
AT Home Group, Inc., 3M LIBOR + 4.250%		4.75			7/30/2028		458,716		455,275		458,716
Casino Guichard-Perrachon SA, EURIBOR + 4.000%(b)		4.00			8/31/2025		850,000		993,710		1,010,750
CBI Buyer, Inc., 3M LIBOR + 3.250%		3.75			1/6/2028		1,477,425		1,482,960		1,469,417
EG Group Ltd., EURIBOR + 4.250%(b)		4.75			3/31/2026		655,630		649,225		655,630
Eyemart Express LLC, 3M LIBOR + 3.000%		4.00			8/4/2024		972,222		974,495		969,792
Great Outdoors Group LLC, 6M LIBOR + 4.250%		5.00			3/6/2028		1,990,000		1,987,668		1,994,975
Harbor Freight Tools USA, Inc., 1M LIBOR + 3.000%		3.75			10/19/2027		974,314		964,815		973,661
Jo Ann Stores, Inc., 3M LIBOR + 4.750%		5.50			6/30/2028		352,941		351,177		352,059
Michaels Cos., Inc., 3M LIBOR + 4.250%		5.00			4/15/2028		1,226,184		1,217,255		1,230,648
Peer Holding III B.V., 3M LIBOR + 3.500%(b)		3.50			1/16/2027		1,000,000		1,190,550		1,182,572

See accompanying Notes to the Financial Statements.

74

Barings Global Floating Rate Fund 2021 Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Retail Stores (Continued)
Petco Health and Wellness Company, Inc., 3M LIBOR + 3.250%		4.00	%		3/3/2028		2,226,128	$	2,221,403	$	2,220,963
PetSmart, Inc., 3M LIBOR + 3.750%		4.50			2/12/2028		192,328		190,503		192,376
Total Retail Stores							12,375,888		12,679,036		12,711,559
Telecommunications — 7.1%*:
Banff Merger Sub, Inc., 1M LIBOR + 3.750%		3.85			10/2/2025		1,863,218		1,860,943		1,851,573
CCI Buyer, Inc., 3M LIBOR + 4.000%		4.75			12/17/2027		2,298,757		2,317,408		2,301,217
CenturyLink, Inc., 1M LIBOR + 2.250%		2.35			3/15/2027		1,531,585		1,473,573		1,509,760
CommScope, Inc., 1M LIBOR + 3.250%		3.35			4/6/2026		1,972,334		1,967,869		1,961,071
Consolidated Communications, Inc., 3M LIBOR + 3.500%		4.25			10/2/2027		775,793		776,620		776,763
Digicel International Finance Ltd., 3M LIBOR + 3.250%(b)		3.43			5/28/2024		150,645		151,221		144,338
Eagle Broadband Investments LLC, 3M LIBOR + 3.000%		3.75			11/12/2027		452,266		448,130		451,840
ION Trading Technologies S.a.r.l., EURIBOR + 4.250%		4.25			3/26/2028		900,000		1,061,954		1,069,395
Level 3 Financing Inc., 1M LIBOR + 1.750%		1.85			3/1/2027		1,000,000		998,823		984,060
Lorca Finco plc, EURIBOR + 4.250%(b)		4.25			9/17/2027		500,000		581,265		593,023
Matterhorn Telecom SA, EURIBOR + 2.625%(b)		2.63			9/15/2026		1,000,000		1,207,827		1,170,252
Rackspace Technology Global, Inc., 3M LIBOR + 2.750%		3.50			2/15/2028		1,593,189		1,588,362		1,583,694
Syniverse Holdings, Inc., 3M LIBOR + 5.000%		6.00			3/9/2023		1,107,316		1,110,927		1,095,280
Syniverse Technologies, Inc., 3M LIBOR + 9.000%		10.00			3/11/2024		2,175,482		1,902,411		2,122,900
TDC A/S, EURIBOR + 3.000%(b)		3.00			6/4/2025		1,000,000		1,209,968		1,177,628
Tiger Acquisition LLC, 3M LIBOR + 3.250%		3.75			6/1/2028		468,750		464,557		467,433
Virgin Media SFA Finance Ltd., LIBOR – GBP + 3.250%(b)		3.31			11/15/2027		2,250,000		3,098,977		3,066,050
Voyage Australia Pty Ltd., 3M LIBOR + 3.500%(b)		4.00			6/16/2028		969,697		960,000		969,697
Zayo Group Holdings, Inc., 1M LIBOR + 3.000%		3.10			3/9/2027		860,786		859,037		851,171
Ziggo B.V., EURIBOR + 3.000%(b)		3.00			1/31/2029		2,000,000		2,394,958		2,350,963
Total Telecommunications							24,869,818		26,434,830		26,498,108
Utilities — 1.0%*:
Astoria Energy LLC, 3M LIBOR + 3.500%		4.50			12/10/2027		709,173		705,856		707,698
Edgewater Generation, L.L.C., 3M LIBOR + 3.750%		3.85			12/13/2025		1,577,357		1,561,282		1,501,944
Techem Verwaltungsgesellschaft 675 mbH, EURIBOR + 2.625%(b)		1.83			7/15/2025		1,000,000		1,215,728		1,172,908

See accompanying Notes to the Financial Statements.

75

Barings Global Floating Rate Fund 2021 Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Utilities (Continued)
USIC Holdings, Inc., 3M LIBOR + 3.500%		4.25	%		5/12/2028		449,089	$	446,851	$	447,966
Total Utilities							3,735,619		3,929,717		3,830,516
Total Bank Loans							321,791,613		329,757,544		330,419,099
Corporate Bonds — 4.0%*:
Automobile — 0.2%*:
Aston Martin Capital Holdings Ltd.(b),(e)		10.50			11/30/2025		500,000		543,245		557,500
RAC Bond Co. plc(b)		5.00			11/6/2022		100,000		126,748		138,269
Total Automobile							600,000		669,993		695,769
Beverage, Food and Tobacco — 0.6%*:
Boparan Finance plc(b)		7.63			11/30/2025		500,000		674,711		629,401
Picard Groupe SAS, EURIBOR + 3.000%(b)		3.00	(f)		11/30/2023		1,000,000		1,196,470		1,184,664
Picard Groupe SAS(b)		3.46			7/1/2026		250,000		296,438		296,438
Total Beverage, Food and Tobacco							1,750,000		2,167,619		2,110,503
Broadcasting and Entertainment — 0.4%*:
Banijay Entertainment SASU(b)		3.50			3/1/2025		500,000		608,175		598,804
Tele Columbus AG(b)		3.88			5/2/2025		800,000		876,887		959,452
Total Broadcasting and Entertainment							1,300,000		1,485,062		1,558,256
Diversified/Conglomerate Manufacturing — 0.3%*:
Fabric BC SpA, EURIBOR + 4.125%(b)		4.13	(f)		8/31/2026		100,000		109,975		118,768
Galapagos S.A.(a),(b),(d)		4.21			6/15/2021		20,000		27,263		–
International Design Group SpA, EURIBOR + 4.250%(b)		4.25	(f)		5/15/2026		100,000		120,765		119,583
Mangrove Luxco III Sarl(b)		7.78			10/9/2025		265,415		254,198		286,549
Trivium Packaging Finance BV, EURIBOR + 3.750%(b)		3.75	(f)		8/15/2026		400,000		482,340		473,663
Total Diversified/Conglomerate Manufacturing							885,415		994,541		998,563
Diversified/Conglomerate Service — 0.6%*:
Algeco Global Finance PLC, EURIBOR + 6.250%(b)		6.25	(f)		2/15/2023		150,000		184,070		178,974
Brunello Bidco SpA, EURIBOR + 3.750%(b)		3.75	(f)		2/15/2028		200,000		242,130		237,038
Carlson Travel, Inc., EURIBOR + 4.750%		4.75	(f)		6/15/2025		1,200,000		1,371,810		1,252,152
Verisure Holding AB(b)		3.25			2/15/2027		450,000		543,533		533,684
Total Diversified/Conglomerate Service							2,000,000		2,341,543		2,201,848
Finance — 0.1%*:
Travelex Financing plc(a),(b),(d)		8.00			5/15/2022		250,000		274,580		–
Travelex Issuerco Ltd.(b)		12.50			8/5/2025		219,871		264,226		509,447
Total Finance							469,871		538,806		509,447

See accompanying Notes to the Financial Statements.

76

Barings Global Floating Rate Fund 2021 Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Healthcare, Education and Childcare — 0.1%*:
Tenet Healthcare Corp.		4.63	%		7/15/2024		255,000	$	254,475	$	258,748
Home and Office Furnishings, Housewares, and Durable Consumer Products — 0.1%*:
Staples, Inc.(e)		7.50			4/15/2026		300,000		311,530		311,250
Hotels, Motels, Inns and Gaming — 0.2%*:
TVL Finance plc, 3M GBP LIBOR + 5.375%(b)		5.40	(f)		7/15/2025		600,000		759,944		790,556
Leisure, Amusement, Entertainment — 0.3%*:
CPUK Finance Ltd.(b)		4.88			8/28/2025		600,000		790,585		839,840
CPUK Finance Ltd.(b)		6.50			8/28/2026		100,000		126,397		146,457
Total Leisure, Amusement, Entertainment							700,000		916,982		986,297
Machinery Non-Agriculture, Non-Construction, Non-Electronic — 0.1%*:
Sofima Holding SpA, EURIBOR + 4.000%(b)		4.00	(f)		1/15/2028		275,000		333,870		327,288
Oil and Gas — 0.1%*:
KCA Deutag UK Finance plc(b)		9.88			12/1/2025		390,061		390,061		430,432
Personal Transportation — 0.1%*:
Naviera Armas S.A., EURIBOR + 6.500%(b)		6.50	(f)		7/31/2023		250,000		290,587		204,542
Naviera Armas SA, EURIBOR + 4.250%(b)		4.25	(f)		11/15/2024		250,000		296,118		204,542
Total Personal Transportation							500,000		586,705		409,084
Retail Stores — 0.4%*:
Afflelou SAS(b)		4.25			5/19/2026		100,000		121,495		120,934
Bellis Acquisition Co. plc(b)		3.25			2/16/2026		300,000		414,990		415,509
EG Global Finance plc(b)		6.25			3/30/2026		580,000		808,056		804,320
House of Fraser Funding plc(b),(d)		5.95			9/15/2020		300,000		434,213		6,225
NMG Holding Co., Inc. / Neiman Marcus Group LLC(e)		7.13			4/1/2026		282,000		282,000		300,330
Total Retail Stores							1,562,000		2,060,754		1,647,318
Telecommunications — 0.3%*:
Altice France SA(b)		4.00			7/15/2029		500,000		597,725		588,853
United Group BV(b)		4.00			11/15/2027		500,000		603,617		588,666
Total Telecommunications							1,000,000		1,201,342		1,177,519

See accompanying Notes to the Financial Statements.

77

Barings Global Floating Rate Fund 2021 Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Utilities — 0.1%*:
Viridian Group Finance Co. PLC/Viridian Power & Energy(b)		4.75	%		9/15/2024		350,000	$	435,634	$	487,785
Total Corporate Bonds							12,937,347		15,448,861		14,900,663
Total Fixed Income							334,728,960		345,206,405		345,319,762
Total Investments							335,160,144		347,281,275		347,284,309
Other assets and liabilities – 7.0%*											26,048,897
Net Assets – 100.0%*											$373,333,206

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) 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	70.0%
United Kingdom	9.0%
Germany	5.5%
France	3.0%
Netherlands	2.8%
Spain	2.4%
Denmark	1.7%
Canada	1.3%
Sweden	1.0%
Other (Individually less than 1%)	3.3%
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 June 30, 2021. 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 June 30, 2021.

See accompanying Notes to the Financial Statements.

78

Barings Global Floating Rate Fund 2021 Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

A summary of outstanding derivatives at June 30, 2021 is as follows:

Forward Foreign Currency Exchange Contracts to Sell

EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION
7/14/21	Morgan Stanley & Co.		EUR	951,651	$	1,128,707	$	1,160,108	$	31,401
7/14/21	Canadian Imperial Bank of Commerce		EUR	55,249,782		65,529,054		67,292,763		1,763,709
7/14/21	Canadian Imperial Bank of Commerce		GBP	10,573,506		14,626,868		14,973,525		346,657
Net unrealized appreciation on forward foreign currency exchange contracts to sell									$	2,141,767

Currency Legend

EUR	–	Euro
GBP	–	British Pound Sterling

See accompanying Notes to the Financial Statements.

79

Barings Global Credit Income Opportunities Fund 2021 Annual Report

SCHEDULE OF INVESTMENTS

June 30, 2021

						SHARES		COST		FAIR VALUE
Equities — 0.9%*:
Common Stocks — 0.9%*:
Broadcasting and Entertainment — 0.0%*:
Technicolor SA(a)							14,662		$175		$56,850
Diversified/Conglomerate Service — 0.0%*:
Innovation International Holding Ltd.(a),(b)							142,479		–		–
Finance — 0.0%*:
Travelex Topco Ltd.(a),(b)							5,546		–		–
Healthcare, Education and Childcare — 0.2%*:
Don Jersey Topco Ltd.(a),(b)							257,069		171,459		275,593
MModal, Inc., Escrow rights(b)							4,725		10,631		3,213
Total Healthcare, Education and Childcare							261,794		182,090		278,806
Mining, Steel, Iron and Non-Precious Metals — 0.0%*:
Boomerang Tube LLC(b)							1,769		171,860		–
Oil and Gas — 0.7%*:
Fieldwood Energy LLC(b)							615		34,151		34,151
Fieldwood Energy LLC							3,698		129,430		4
Fieldwood Energy LLC							15,071		325,033		15
Kelly Topco Ltd.(a)							6,999		293,958		577,417
Tourmaline Oil Corp.(a)							28,412		398,991		812,066
Tourmaline Oil Corp.(a),(b)							122,953		–		99,188
Total Oil and Gas							177,748		1,181,563		1,522,841
Total Common Stocks							603,998		1,535,688		1,858,497
Warrant — 0.0%*:
Finance — 0.0%*:
Travelex Topco Ltd.(a)							837		–		88,284
Total Equities							604,835		1,535,688		1,946,781
	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Fixed Income — 92.2%*:
Asset-Backed Securities — 8.8%*:
CDO/CLO — 8.8%*:
Alinea CLO 2018-1 Ltd., 3M USD LIBOR + 6.000%(c)		6.19	%(d)		7/20/2031		1,250,000		1,250,000		1,229,232
Anchorage Capital CLO Ltd. 2015-6A ER, 3M USD LIBOR + 6.350%(c)		6.53	(d)		7/15/2030		500,000		511,302		493,079
Ares XLVIII CLO, 3M USD LIBOR + 5.200%(c)		5.39	(d)		7/20/2030		800,000		800,000		763,412
Blackrock European CLO, EURIBOR + 5.170%(a)		5.17	(d)		10/15/2031		725,000		805,013		829,514
Cairn CLO XI DAC, EURIBOR + 4.150%(a),(c)		4.15	(d)		7/15/2035		1,000,000		1,107,100		1,195,254

See accompanying Notes to the Financial Statements.

80

Barings Global Credit Income Opportunities Fund 2021 Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (Continued)
CDO/CLO (Continued)
Canyon Capital CLO 2021-2 Ltd., 3M USD LIBOR + 6.700%(c)		6.86	% (d)		4/15/2034		1,500,000	$	1,470,038	$	1,487,994
CBAM Ltd. 2017-3A E, 3M USD LIBOR + 6.500%(c)		6.69	(d)		10/17/2029		750,000		750,000		745,189
Cedar Funding IV CLO Ltd., 3M USD LIBOR + 6.610%(c)		6.76	(d)		7/23/2034		1,000,000		990,154		989,900
CIFC Funding Ltd. 2017-5A D, 3M USD LIBOR + 6.100%(c)		6.29	(d)		11/16/2030		500,000		500,000		496,431
Galaxy XXIV CLO Ltd. 2017-24A E, 3M USD LIBOR + 5.500%(c)		5.68	(d)		1/15/2031		700,000		700,000		665,424
Madison Park Funding XIII Ltd. 2014-13A(c)		Zero Coupon			4/19/2030		500,000		436,027		239,676
Madison Park Funding XXVII Ltd., 3M USD LIBOR + 5.000%(c)		5.19	(d)		4/20/2030		500,000		500,000		475,892
Madison Park Funding XXVIII Ltd., 3M USD LIBOR + 7.600%(c)		7.78	(d)		7/15/2030		500,000		496,163		468,956
Magnetite VII Ltd.(c)		Zero Coupon			1/15/2028		2,000,000		1,601,077		980,142
Neuberger Berman Loan Advisers CLO 24 Ltd., 3M USD LIBOR + 6.020%(c)		6.21	(d)		4/19/2030		1,500,000		1,497,034		1,485,820
Oak Hill Credit Partners X Ltd. 2014-10A(c)		Zero Coupon			12/12/2030		1,400,000		969,752		706,370
OHA Credit Funding 9 Ltd., 3M USD LIBOR + 6.250%(c)		6.38	(d)		7/19/2035		625,000		625,000		624,914
Steele Creek CLO Ltd. 2018-2A E, 3M USD LIBOR + 6.200%(c)		6.36	(d)		8/18/2031		850,000		850,000		775,225
THL Credit Wind River CLO Ltd. 2017-4A E, 3M USD LIBOR + 5.800%(c)		5.96	(d)		11/20/2030		500,000		500,000		475,787
THL Credit Wind River CLO Ltd. 2018-2A E, 3M USD LIBOR + 5.750%(c)		5.93	(d)		7/15/2030		1,450,000		1,450,000		1,403,291
Wellfleet CLO Ltd. 2017-3A D, 3M USD LIBOR + 5.550%(c)		5.74	(d)		1/17/2031		1,000,000		1,000,000		935,412
Wellfleet CLO Ltd. 2018-1, 3M USD LIBOR + 5.500%(c)		5.69	(d)		7/17/2031		1,000,000		1,000,000		925,807
Total CDO/CLO							20,550,000		19,808,660		18,392,721
Total Asset-Backed Securities							20,550,000		19,808,660		18,392,721
Bank Loans — 42.5%*(e):
Aerospace and Defense — 1.0%*:
AAdvantage Loyalty IP Ltd., 3M LIBOR + 4.750%		5.50			4/20/2028		506,512		501,447		527,659
Peraton Corp., 1M LIBOR + 3.750%		4.50			2/1/2028		680,733		677,422		682,149
TransDigm, Inc., 1M LIBOR + 2.250%		2.35			5/30/2025		476,341		474,994		469,282
United Airlines, Inc., 3M LIBOR + 3.750%		4.50			4/21/2028		348,654		346,958		352,915
Total Aerospace and Defense							2,012,240		2,000,821		2,032,005

See accompanying Notes to the Financial Statements.

81

Barings Global Credit Income Opportunities Fund 2021 Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Automobile — 1.1%*:
BCA Marketplace plc, LIBOR – GBP + 4.750%(a)		4.81	%		11/13/2026		500,000	$	622,511	$	687,943
Clarios Global LP, EURIBOR + 3.250%		3.25			4/30/2026		500,000		594,943		588,132
Clarios Global LP, 1M LIBOR + 3.250%		3.35			4/30/2026		1,034,666		1,034,148		1,024,319
Total Automobile							2,034,666		2,251,602		2,300,394
Beverage, Food and Tobacco — 0.9%*:
Deoleo S.A., EURIBOR + 4.000%(a)		5.00			6/24/2025		116,529		131,393		136,562
IRB Holding Corp., 3M LIBOR + 2.750%		3.75			2/5/2025		1,190,587		1,192,721		1,187,730
Skopima Merger Sub Inc., 1M LIBOR + 4.000%		4.50			4/30/2028		641,711		635,405		640,511
Total Beverage, Food and Tobacco							1,948,827		1,959,519		1,964,803
Broadcasting and Entertainment — 3.2%*:
AVSC Holding Corp., EURIBOR + 3.250%, PIK		4.25			3/3/2025		1,469,050		1,301,774		1,344,519
Clear Channel Outdoor Holdings, Inc., 3M LIBOR + 3.500%		3.69			8/21/2026		1,538,388		1,463,654		1,500,575
CSC Holdings LLC, 1M LIBOR + 2.500%		2.57			4/15/2027		989,975		961,145		979,541
Cumulus Media New Holdings Inc., 3M LIBOR + 3.750%		4.75			3/31/2026		761,036		754,281		761,796
Technicolor SA, EURIBOR + 3.000%(a)		3.00			12/31/2024		600,000		706,329		688,684
Technicolor SA, 6M LIBOR + 6.000%, PIK(a)		6.00			6/30/2024		405,159		405,213		506,196
Terrier Media Buyer, Inc., 1M LIBOR + 3.500%		3.60			12/17/2026		258,634		258,083		257,196
Univision Communication, Inc., 3M LIBOR + 3.250%		4.00			5/5/2028		670,241		663,539		667,172
Total Broadcasting and Entertainment							6,692,483		6,514,018		6,705,679
Buildings and Real Estate — 0.4%*:
Polaris Newco LLC, 6M LIBOR + 4.000%		4.50			6/2/2028		595,002		592,045		596,418
SRS Distribution, Inc., 1M LIBOR + 3.750%		4.25			6/2/2028		248,747		246,881		248,471
Total Buildings and Real Estate							843,749		838,926		844,889
Chemicals, Plastics and Rubber — 1.4%*:
Colouroz Investment 1 GmbH, EURIBOR + 4.250%, PIK(a)		0.75			9/21/2023		23,614		28,012		27,808
Colouroz Investment 1 GmbH, EURIBOR + 4.250%(a)		5.00			9/21/2023		1,295,232		1,536,792		1,525,270
Flint Group GmbH, EURIBOR + 4.250%, PIK(a)		0.75			9/21/2023		5,828		6,945		6,864
Flint Group GmbH, EURIBOR + 4.250%(a)		5.00			9/21/2023		273,549		324,991		322,133
Gemini HDPE LLC, 3M LIBOR + 3.000%		3.50			12/31/2027		111,715		110,674		111,482
Novacap S.A., EURIBOR + 3.500%(a)		3.50			6/22/2023		500,000		581,652		588,749
PQ Performance Chemicals, 3M LIBOR + 3.500%		4.25			5/4/2028		162,602		161,789		162,652
Solenis Holdings LLC, 3M LIBOR + 4.000%		4.14			6/26/2025		239,697		238,321		239,441
Solenis Holdings LLC, 3M LIBOR + 8.500%		8.64			6/26/2026		47,145		46,262		46,991
Total Chemicals, Plastics and Rubber							2,659,382		3,035,438		3,031,390

See accompanying Notes to the Financial Statements.

82

Barings Global Credit Income Opportunities Fund 2021 Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Containers, Packaging and Glass — 1.5%*:
Albea Beauty Holdings S.A., 3M LIBOR + 3.000%(a)		4.00	%		4/22/2024		66,733	$	66,694	$	64,397
BWAY Holding Co., 1M LIBOR + 3.250%		3.35			4/3/2024		1,295,580		1,295,389		1,263,398
CCP Lux Holding S.a. r.l., EURIBOR + 4.250%(a)		4.25			1/10/2025		874,946		986,262		1,033,058
Graham Packaging Co. Inc., 1M LIBOR + 3.000%		3.75			8/4/2027		181,794		181,969		181,525
Reynolds Consumer Products LLC, 1M LIBOR + 1.750%		1.85			2/4/2027		95,992		95,896		95,176
TricorBraun Holdings, Inc., 3M LIBOR + 3.250%		3.25			3/3/2028		821		818		815
TricorBraun Holdings, Inc., 3M LIBOR + 3.250%		3.75			3/3/2028		109,562		109,038		108,699
Trident TPI Holdings, Inc., 3M LIBOR + 3.000%		4.00			10/17/2024		491,094		483,442		488,639
Total Containers, Packaging and Glass							3,116,522		3,219,508		3,235,707
Diversified/Conglomerate Manufacturing — 2.0%*:
Alison Bidco S.a.r.l., EURIBOR + 5.500%, PIK(a)		2.50			8/29/2023		314,245		307,449		259,906
Alison Bidco S.a.r.l., EURIBOR + 5.500%, PIK(a)		6.50			8/29/2023		314,246		307,449		259,906
Amer Sports Oyj, 3M LIBOR + 4.500%(a)		4.50			3/30/2026		600,000		667,987		710,916
Averys, EURIBOR + 3.750%(a)		3.75			9/29/2025		500,000		581,442		585,097
DG Investment Intermediate Holdings 2, Inc., 3M LIBOR + 3.750%		4.50			3/31/2028		697,048		693,676		699,084
Illuminate Merger Corp., 3M LIBOR + 3.500%		4.00			6/30/2028		360,656		358,852		360,656
LTI Holdings, Inc., 1M LIBOR + 3.500%		3.60			9/6/2025		738,988		729,760		728,317
Winterfell Financing Sarl, EURIBOR + 3.500%(a)		3.50			5/4/2028		500,000		603,378		589,573
Total Diversified/Conglomerate Manufacturing							4,025,183		4,249,993		4,193,455
Diversified/Conglomerate Service — 4.7%*:
CoreLogic, Inc., 3M LIBOR + 6.500%		6.65			4/13/2029		355,114		351,647		356,889
Cvent, Inc., 1M LIBOR + 3.750%		3.85			11/29/2024		989,764		880,937		975,413
Endure Digital Inc., 3M LIBOR + 3.500%		4.25			2/10/2028		161,607		160,817		160,731
Finastra USA, Inc., 6M LIBOR + 3.500%		4.50			6/13/2024		808,716		810,005		795,493
Greeneden U.S. Holdings II LLC, 1M LIBOR + 4.000%		4.75			12/1/2027		127,632		126,457		127,860
Hyland Software, Inc., 1M LIBOR + 3.500%		4.25			7/1/2024		974,937		968,760		975,746
Hyland Software, Inc., 1M LIBOR + 6.250%		7.00			7/7/2025		250,909		250,909		251,745
IGT Holding IV AB, EURIBOR + 3.750%(a)		4.25			3/31/2028		458,621		457,474		459,767
Informatica LLC, 1M LIBOR + 3.250%		3.35			2/25/2027		366,625		365,140		364,085
Informatica LLC, 3M LIBOR + 7.125%		7.13			2/25/2025		133,146		132,657		135,809
Innovation Group plc (The), 3M LIBOR + 6.000%(a),(b)		6.00			9/30/2025		173,626		71,981		93,056
Innovation Group plc (The), 3M LIBOR + 6.000%(a),(b)		6.10			9/30/2025		64,931		38,810		40,598
Innovation Group plc (The), 3M LIBOR + 10.000%(a),(b)		10.08			9/30/2025		28,429		38,913		39,327
Innovation Group plc (The), 3M LIBOR + 10.000%(a),(b)		10.10			9/30/2025		28,429		38,913		39,327

See accompanying Notes to the Financial Statements.

83

Barings Global Credit Income Opportunities Fund 2021 Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Diversified/Conglomerate Service (Continued)
MH Sub I LLC, 1M LIBOR + 3.500%		3.60	%		9/13/2024		975,876	$	966,814	$	970,723
Mitchell International, Inc., 1M LIBOR + 3.250%		3.35			11/29/2024		979,747		931,453		969,704
Proofpoint, Inc., 3M LIBOR + 3.250%		3.75			6/9/2028		465,116		462,791		462,270
Spin Holdco, Inc., 3M LIBOR + 4.000%		4.75			3/1/2028		695,283		690,296		695,374
TMF Group Holding B.V., EURIBOR + 6.875%(a)		6.88			5/4/2026		500,000		544,591		589,911
Ultimate Software Group Inc(The), 3M LIBOR + 3.250%		4.00			5/4/2026		369,363		371,609		369,577
Vision Solutions, Inc., 3M LIBOR + 4.250%		5.00			4/24/2028		904,110		899,688		902,301
Total Diversified/Conglomerate Service							9,811,981		9,560,662		9,775,706
Ecological — 0.0%*:
GFL Environmental Inc., 3M LIBOR + 3.000%		3.50			5/30/2025		66,560		66,593		66,570
Electronics — 2.6%*:
Ahead Data Blue LLC, 2M LIBOR + 3.750%		4.50			10/18/2027		238,495		239,366		238,755
BY Crown Parent LLC, 1M LIBOR + 3.000%		4.00			2/2/2026		709,335		706,366		708,448
Ensono, LP, 1M LIBOR + 4.000%		4.75			5/19/2028		564,972		559,387		565,441
ION Trading Finance Ltd., 3M LIBOR + 4.750%		4.92			4/1/2028		999,445		996,946		1,002,483
Ivanti Software, Inc., 3M LIBOR + 4.750%		5.75			12/1/2027		529,589		522,284		529,663
McAfee Enterprise, 3M LIBOR + 5.000%		5.75			5/3/2028		764,423		756,779		763,659
Renaissance Holding Corp., 1M LIBOR + 3.250%		3.34			5/30/2025		470,994		471,870		465,695
Sophia, LP, 3M LIBOR + 3.750%		4.50			10/7/2027		115,611		114,832		115,635
Tibco Software Inc., 1M LIBOR + 3.750%		3.86			6/30/2026		990,000		961,756		986,535
Tibco Software Inc., 1M LIBOR + 7.250%		7.36			3/3/2028		146,642		146,029		148,659
Total Electronics							5,529,506		5,475,615		5,524,973
Energy Equipment and Services — 0.2%*:
DT Midstream, Inc., 3M LIBOR + 2.000%		2.50			6/12/2028		347,222		345,486		347,531
Finance — 1.0%*:
Aqgen Ascensus, Inc., 3M LIBOR + 6.500%		7.00			5/4/2029		250,358		247,854		247,854
Aqgen Island Holdings, Inc., 3M LIBOR + 3.500%		4.00			5/20/2028		926,880		922,245		923,988
Deerfield Dakota Holding LLC, 1M LIBOR + 6.750%		7.50			4/7/2028		410,077		412,072		419,304
Zera uyer LLC, 3M LIBOR + 3.250%		3.75			4/21/2028		456,621		454,338		457,680
Total Finance							2,043,936		2,036,509		2,048,826
Healthcare, Education and Childcare — 6.1%*:
Advanz Pharma Corp., EURIBOR + 5.000%(a)		5.00			6/1/2028		1,000,000		1,200,448		1,187,481
Aenova Holding GmbH, EURIBOR + 5.000%(a)		5.00			3/6/2025		500,000		537,960		594,108
Auris Luxembourg III S.a.r.l., EURIBOR + 4.000%(a)		4.00			2/27/2026		1,000,000		1,108,484		1,176,288
Change Healthcare Holdings LLC, 1M LIBOR + 2.500%		3.50			3/1/2024		611,594		609,499		610,798
Eagle Bidco Ltd., LIBOR – GBP + 4.750%(a)		4.81			3/10/2028		500,000		693,142		691,076

See accompanying Notes to the Financial Statements.

84

Barings Global Credit Income Opportunities Fund 2021 Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Healthcare, Education and Childcare (Continued)
Endo Luxembourg Finance Co. I S.a r.l., 3M LIBOR + 5.000%		5.75	%		3/27/2028		605,376	$	604,351	$	583,243
Fugue Finance B.V., EURIBOR + 3.250%(a)		3.25			9/1/2024		750,000		856,072		881,291
Gainwell Acquisition Corp., 3M LIBOR + 4.000%		4.75			10/1/2027		190,271		187,620		190,699
Icon Luxemourg Sarl, 3M LIBOR + 2.500%(a)		3.00			6/16/2028		731,707		728,049		732,739
Iris idco GmBH, EURIBOR + 5.000%(a)		4.46			5/31/2028		500,000		593,858		580,027
Jazz Financing Lux S.a.r.l., 1M LIBOR + 3.500%		4.00			4/21/2028		827,586		823,528		829,912
Lernen Bidco Ltd., EURIBOR + 4.250%(a)		4.25			10/25/2025		1,000,000		1,185,757		1,172,114
Lifescan Global Corp., 3M LIBOR + 6.000%		6.20			10/1/2024		156,253		153,702		154,691
Organon & Co., 3M LIBOR + 3.000%		3.50			6/2/2028		448,718		446,489		449,001
Padagis LLC, 3M LIBOR + 4.750%		5.25			6/30/2028		645,161		638,710		641,129
Radiology Partners, Inc., 1M LIBOR + 4.250%		4.32			7/9/2025		1,000,000		933,899		999,170
RegionalCare Hospital Partners Holdings, Inc., 1M LIBOR + 3.750%		3.85			11/16/2025		413,275		415,408		412,085
Sunshine Luxembourg VII SARL, 3M LIBOR + 3.750%(a)		4.50			10/1/2026		150,566		150,207		151,027
Tunstall Group Holdings Ltd., EURIBOR + 5.000%(a)		5.00			6/30/2025		282,314		332,128		328,618
U.S. Anesthesia Partners, Inc., 6M LIBOR + 3.000%		4.00			6/23/2024		487,252		488,071		483,748
Total Healthcare, Education and Childcare							11,800,073		12,687,382		12,849,245
Home and Office Furnishings, Housewares, and Durable Consumer Products — 1.3%*:
ACProducts, Inc., 6M LIBOR + 4.250%		4.75			5/5/2028		740,741		733,444		736,511
Clay Holdco B.V, EURIBOR + 4.000%(a)		4.00			10/30/2026		400,000		477,080		473,783
Hilding Anders International AB, 3M LIBOR + 5.000%(a)		5.75			11/30/2024		506,333		476,161		483,057
Serta Simmons Bedding LLC, 1M LIBOR + 7.500%		8.50			8/10/2023		1,063,006		1,063,006		1,013,109
Total Home and Office Furnishings, Housewares, and Durable Consumer Products							2,710,080		2,749,691		2,706,460
Hotels, Motels, Inns and Gaming — 2.1%*:
Caesars Resort Collection LLC, 1M LIBOR + 2.750%		2.85			12/23/2024		1,462,121		1,455,345		1,448,801
Caesars Resort Collection LLC, 1M LIBOR + 4.500%		4.60			7/21/2025		248,827		242,769		249,449
Casper BidCo SAS, EURIBOR + 3.875%(a)		3.88			7/31/2026		500,000		542,822		571,182
Hilton Grand Vacations LLC, 3M LIBOR + 3.000%		3.50			5/19/2028		358,744		356,951		358,855
HNVR Holdco Ltd., EURIBOR + 4.250%(a)		4.25			9/12/2025		1,000,000		971,214		1,081,997

See accompanying Notes to the Financial Statements.

85

Barings Global Credit Income Opportunities Fund 2021 Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Hotels, Motels, Inns and Gaming (Continued)
Richmond UK Bidco Ltd., LIBOR – GBP + 4.250%(a)		4.36	%		3/3/2024		550,000	$	674,668	$	747,501
Total Hotels, Motels, Inns and Gaming							4,119,692		4,243,769		4,457,785
Insurance — 1.3%*:
Acrisure LLC, 3M LIBOR + 3.500%		3.60			2/15/2027		494,987		474,922		489,211
AssuredPartners, Inc., 1M LIBOR + 3.500%		3.60			2/12/2027		462,633		464,819		460,001
Asurion LLC, 1M LIBOR + 3.000%		3.10			11/3/2023		662,268		644,392		658,546
Ryan Specialty Group LLC, 1M LIBOR + 3.000%		3.75			9/1/2027		150,835		148,835		150,693
Sedgwick Claims Management Services, Inc., 1M LIBOR + 3.250%		3.35			12/31/2025		975,000		960,719		964,031
Total Insurance							2,745,723		2,693,687		2,722,482
Leisure, Amusement, Entertainment — 4.0%*:
AMC Entertainment Holdings, Inc., 1M LIBOR + 3.000%		3.09			4/22/2026		2,327,649		1,893,054		2,181,682
Crown Finance US, Inc., 6M LIBOR + 2.500%		3.50			2/28/2025		1,219,058		1,201,627		1,071,759
Dorna Sports, S.L., 3M LIBOR + 3.500%(a)		3.76			5/3/2024		400,000		400,000		393,752
Golden Entertainment, Inc., 1M LIBOR + 3.000%		3.75			10/21/2024		405,757		375,888		402,713
Metro-Goldwyn-Mayer, Inc., 1M LIBOR + 4.500%		5.50			7/3/2026		893,847		888,211		893,105
Motion Finco Sarl, EURIBOR + 3.000%(a)		3.00			11/12/2026		750,000		866,708		852,388
Odeon Cinemas Group Ltd., EURIBOR, PIK(a)		10.75			8/19/2023		167,826		206,554		213,836
Parques Reunidos SAU, EURIBOR + 3.750%(a)		3.75			9/16/2026		500,000		571,078		567,245
PUG LLC, 1M LIBOR + 3.500%		3.60			2/12/2027		367,271		365,793		358,321
Tackle SARL, EURIBOR + 4.000%(a)		4.00			5/22/2028		500,000		605,606		592,134
Vacalians Group, EURIBOR + 4.000%(a)		4.00			11/28/2025		330,783		325,761		365,426
Vue International Bidco plc, EURIBOR + 4.750%(a)		4.75			7/3/2026		423,797		474,202		477,582
Total Leisure, Amusement, Entertainment							8,285,988		8,174,482		8,369,943
Machinery Non-Agriculture, Non-Construction, Non-Electronic — 0.6%*:
Madison IAQ LLC, 3M LIBOR + 3.250%		3.75			6/16/2028		384,615		382,694		384,615
Titan Acquisition Ltd., 3M LIBOR + 3.000%(a)		3.17			3/28/2025		954,524		955,170		937,142
Total Machinery Non-Agriculture, Non-Construction, Non-Electronic							1,339,139		1,337,864		1,321,757
Media — 0.2%*:
Redstone Buyer LLC, 3M LIBOR + 4.750%		5.50			4/27/2028		398,988		395,085		397,659
Mining, Steel, Iron and Non-Precious Metals — 0.0%*:
Boomerang Tube LLC, 3M LIBOR + 5.000%(b),(f)		Zero Coupon			6/30/2022		129,368		129,368		–
Oil and Gas — 0.5%*:
Gulf Finance LLC, 1M LIBOR + 5.250%		6.25			8/25/2023		1,258,885		1,226,121		1,066,011

See accompanying Notes to the Financial Statements.

86

Barings Global Credit Income Opportunities Fund 2021 Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Personal and Non-Durable Consumer Products Mfg. Only — 0.7%*:
Coty Inc., EURIBOR + 1.750%		1.75	%		4/5/2023		43,224	$	50,762	$	50,805
Coty Inc., 1M LIBOR + 2.250%		2.33			4/7/2025		728,571		709,879		700,397
Triton Water Holdings, Inc., 3M LIBOR + 3.500%		4.00			3/31/2028		693,642		690,287		692,677
Total Personal and Non-Durable Consumer Products Mfg. Only							1,465,437		1,450,928		1,443,879
Personal Transportation — 0.0%*:
Naviera Armas SA, EURIBOR + 2.500%(a),(b)		2.50			7/31/2021		76,747		91,260		91,002
Total Personal Transportation							76,747		91,260		91,002
Printing and Publishing — 0.7%*:
Cimpress Public Ltd. Co., 1M LIBOR + 3.500%		4.00			5/17/2028		392,157		388,289		390,522
Houghton Mifflin Harcourt Publishing Co., 1M LIBOR + 6.250%		7.25			11/22/2024		34,272		33,335		34,278
McGraw-Hill Global Education Holdings LLC, 1M LIBOR + 4.750%		5.75			11/1/2024		997,500		984,423		998,278
Total Printing and Publishing							1,423,929		1,406,047		1,423,078
Retail Stores — 1.7%*:
Casino Guichard-Perrachon SA, EURIBOR + 4.000%(a)		4.00			8/31/2025		500,000		584,535		594,559
Great Outdoors Group LLC, 6M LIBOR + 4.250%		5.00			3/6/2028		614,444		611,506		615,980
Harbor Freight Tools USA, Inc., 1M LIBOR + 3.000%		3.75			10/19/2027		763,622		756,376		763,111
Jo Ann Stores, Inc., 3M LIBOR + 4.750%		5.50			6/30/2028		352,941		351,176		352,059
Michaels Cos., Inc., 3M LIBOR + 4.250%		5.00			4/15/2028		605,154		599,275		607,356
Petco Health and Wellness Company, Inc., 3M LIBOR + 3.250%		4.00			3/3/2028		729,878		728,134		728,185
Total Retail Stores							3,566,039		3,631,002		3,661,250
Telecommunications — 3.1%*:
Banff Merger Sub, Inc., 1M LIBOR + 3.750%		3.85			10/2/2025		924,295		924,406		918,518
CommScope, Inc., 1M LIBOR + 3.250%		3.35			4/6/2026		982,500		982,500		976,890
ION Trading Technologies S.a.r.l., EURIBOR + 4.250%		4.25			3/26/2028		500,000		589,975		594,108
Lorca Finco plc, EURIBOR + 4.250%(a)		4.25			9/17/2027		500,000		581,265		593,023
Rackspace Technology Global, Inc., 3M LIBOR + 2.750%		3.50			2/15/2028		244,979		243,820		243,519
Syniverse Holdings, Inc., 3M LIBOR + 5.000%		6.00			3/9/2023		193,576		192,920		191,471
Syniverse Technologies, Inc., 3M LIBOR + 9.000%		10.00			3/11/2024		153,729		152,691		150,014
TDC A/S, EURIBOR + 3.000%(a)		3.00			6/4/2025		500,000		602,050		588,814
Tiger Acquisition LLC, 3M LIBOR + 3.250%		3.75			6/1/2028		312,500		309,403		311,622

See accompanying Notes to the Financial Statements.

87

Barings Global Credit Income Opportunities Fund 2021 Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Telecommunications (Continued)
Virgin Media SFA Finance Ltd., LIBOR – GBP + 3.250%(a)		3.31	%		1/15/2027		1,000,000	$	1,216,303	$	1,362,703
Voyage Australia Pty Ltd., 3M LIBOR + 3.500%(a)		4.00			6/16/2028		484,848		480,000		484,848
Total Telecommunications							5,796,427		6,275,333		6,415,530
Utilities — 0.2%*:
USIC Holdings, Inc., 3M LIBOR + 3.500%		4.25			5/12/2028		261,968		260,662		261,313
USIC Holdings, Inc., 3M LIBOR + 6.500%		7.25			5/7/2029		147,059		145,592		149,265
Total Utilities							409,027		406,254		410,578
Total Bank Loans							86,657,799		88,452,963		89,408,587
Corporate Bonds — 40.9%*:
Aerospace and Defense — 2.3%*:
American Airlines Inc/AAdvantage Loyalty IP Ltd.(c)		5.50			4/20/2026		595,000		595,000		629,956
American Airlines Inc/AAdvantage Loyalty IP Ltd.(c)		5.75			4/20/2029		114,000		114,000		123,073
Gatwick Airport Finance(a)		4.38			4/7/2026		350,000		482,510		489,481
Global Infrastructure Solutions, Inc.(c)		5.63			6/1/2029		218,000		218,000		226,240
Heathrow Finance plc(a)		4.38			3/1/2027		100,000		127,874		142,065
Heathrow Finance plc(a)		5.25			3/1/2024		100,000		128,324		145,482
Rolls-Royce plc(a)		3.38			6/18/2026		500,000		607,343		689,921
Rolls-Royce plc(a)		4.63			2/16/2026		100,000		117,545		129,306
State Agency of Roads of Ukraine(a)		6.25			6/24/2028		1,146,000		1,146,000		1,143,135
Triumph Group, Inc.(c)		6.25			9/15/2024		308,000		308,000		312,620
Triumph Group, Inc.		7.75			8/15/2025		750,000		780,241		771,533
Total Aerospace and Defense							4,281,000		4,624,837		4,802,812
Automobile — 1.4%*:
Aston Martin Capital Holdings Ltd.(a),(c)		10.50			11/30/2025		400,000		434,211		446,000
Clarios Global LP/Clarios US Finance Co.(c)		8.50			5/15/2027		162,000		169,901		176,612
Ford Motor Co.		7.45			7/16/2031		500,000		581,458		657,500
Ford Motor Co.		8.50			4/21/2023		569,000		567,796		634,976
Ford Motor Co.		9.63			4/22/2030		127,000		153,728		182,245
Gates Global LLC / Gates Global Co.(c)		6.25			1/15/2026		550,000		529,913		576,133
RAC Bond Co. plc(a)		5.00			11/6/2022		257,000		350,013		355,350
Total Automobile							2,565,000		2,787,020		3,028,816
Banking — 2.5%*:
Absa Group Ltd., 5 year CMT + 5.411%(a)		6.38	(d)(g)		–		992,000		992,000		1,014,010
Alpha Bank AE, 5 year EUR Swap + 4.504%(a)		4.25	(d)		2/13/2030		275,000		301,895		318,744
Ecobank Transnational, Inc., 5 year CMT + 8.211%(a)		8.75	(d)		6/17/2031		797,000		790,703		809,951

See accompanying Notes to the Financial Statements.

88

Barings Global Credit Income Opportunities Fund 2021 Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Banking (Continued)
Nova Ljubljanska Banka dd, 5 year EUR Swap + 3.833%(a)		3.65	%(d)		11/19/2029		700,000	$	770,700	$	800,974
Piraeus Financial Holdings SA, 5 year EUR Swap + 5.774%(a)		5.50	(d)		2/19/2030		688,000		748,200		784,184
Piraeus Financial Holdings SA, 5 year EUR Swap + 9.195%(a)		8.75	(d),(g)		–		750,000		913,276		873,750
Piraeus Financial Holdings SA, 5 year EUR Swap + 9.952%(a)		9.75	(d)		6/26/2029		100,000		94,678		128,137
Sovcombank Via SovCom Capital DAC, 5 year CMT + 6.380%(a)		7.75	(d),(g)		–		500,000		513,343		516,250
Total Banking							4,802,000		5,124,795		5,246,000
Beverage, Food and Tobacco — 2.6%*:
Aragvi Finance International DAC(a)		8.45			4/29/2026		514,000		522,539		534,399
Boparan Finance plc(a)		7.63			11/30/2025		650,000		895,287		818,222
Eurotorg LLC Via Bonitron DAC(a)		9.00			10/22/2025		482,000		482,000		497,906
Foodco Bondco SA(a)		6.25			5/15/2026		350,000		395,313		389,074
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc.(c)		3.75			12/1/2031		150,000		150,000		153,488
JBS USA LUX SA/JBS USA Finance, Inc.(c)		6.75			2/15/2028		500,000		500,000		549,375
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.(c)		5.50			1/15/2030		586,000		585,501		655,371
Picard Groupe SAS(a)		1.00			7/1/2026		150,000		177,863		177,863
Sunshine Mid BV(a)		6.50			5/15/2026		950,000		1,156,188		1,164,762
Ulker Biskuvi Sanayi AS(a)		6.95			10/30/2025		494,000		494,000		535,812
Total Beverage, Food and Tobacco							4,826,000		5,358,691		5,476,272
Broadcasting and Entertainment — 1.2%*:
Banijay Group SAS(a)		6.50			3/1/2026		750,000		828,337		917,991
Clear Channel Outdoor Holdings, Inc.(c)		7.50			6/1/2029		55,000		55,205		56,944
DISH Network Corp.		3.38			8/15/2026		750,000		694,142		765,375
Outfront Media, Inc.(c)		6.25			6/15/2025		298,000		298,000		314,998
Terrier Media Buyer, Inc.(c)		8.88			12/15/2027		376,000		376,000		406,685
Total Broadcasting and Entertainment							2,229,000		2,251,684		2,461,993
Buildings and Real Estate — 2.8%*:
Aedas Homes Opco SLU(a)		4.00			8/15/2026		100,000		120,765		121,243
Cemex SAB de CV, 5 year CMT + 4.534%(a)		5.13	(d),(g)				1,190,000		1,190,000		1,228,318
China Aoyuan Group Ltd.(a)		5.98			8/18/2025		1,152,000		1,123,364		1,026,929
Kaisa Group Holdings Ltd.(a)		9.95			7/23/2025		1,000,000		1,000,157		899,250
Service Properties Trust		4.75			10/1/2026		500,000		492,130		493,125
Taylor Morrison Communities, Inc.(c)		5.13			8/1/2030		265,000		265,000		286,531
Times China Holdings Ltd.(a)		5.55			6/4/2024		357,000		357,000		357,921
Ukraine Railways Via Shortline plc(a)		9.88			9/15/2021		50,000		50,159		50,109
Wanda Properties Overseas Ltd.(a)		7.25			4/28/2022		500,000		500,000		501,719

See accompanying Notes to the Financial Statements.

89

Barings Global Credit Income Opportunities Fund 2021 Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Buildings and Real Estate (Continued)
Yuzhou Group Holdings Co. Ltd.(a)		8.50	%		2/4/2023		1,000,000	$	975,317	$	943,250
Total Buildings and Real Estate							6,114,000		6,073,892		5,908,395
Cargo Transport — 0.6%*:
Kenan Advantage Group, Inc. (The)(c)		7.88			7/31/2023		1,367,000		1,367,000		1,364,949
Chemicals, Plastics and Rubber — 0.8%*:
Braskem Idesa SAPI(a)		7.45			11/15/2029		300,000		299,094		318,619
Consolidated Energy Finance SA(c)		6.88			6/15/2025		778,000		794,038		792,525
Nobian Finance BV(a)		3.63			7/15/2026		500,000		596,675		590,859
Total Chemicals, Plastics and Rubber							1,578,000		1,689,807		1,702,003
Commercial Services — 0.6%*:
Elastic NV(a)		4.13			7/15/2029		462,000		462,000		462,000
Getty Images, Inc.(c)		9.75			3/1/2027		650,000		695,411		697,125
Total Commercial Services							1,112,000		1,157,411		1,159,125
Containers, Packaging and Glass — 0.6%*:
Mauser Packaging Solutions Holding Co.(c)		7.25			4/15/2025		182,000		177,199		178,360
Trident TPI Holdings, Inc.(c)		9.25			8/1/2024		1,125,000		1,140,917		1,175,625
Total Containers, Packaging and Glass							1,307,000		1,318,116		1,353,985
Diversified/Conglomerate Manufacturing — 0.2%*:
International Design Group SpA, EURIBOR + 4.250%(a)		4.25	(d)		5/15/2026		100,000		120,765		119,583
Mangrove Luxco III Sarl(a)		7.78			10/9/2025		300,000		317,194		323,888
Total Diversified/Conglomerate Manufacturing							400,000		437,959		443,471
Diversified/Conglomerate Service — 1.4%*:
Atento Luxco 1 SA(a)		8.00			2/10/2026		316,000		316,000		344,005
Brunello Bidco SpA(a)		3.50			2/15/2028		150,000		181,597		177,848
Iron Mountain, Inc.(c)		5.25			7/15/2030		554,000		552,619		586,453
Summer BC Holdco A Sarl(a)		9.25			10/31/2027		630,737		796,517		810,533
Verisure Midholding AB(a)		5.25			2/15/2029		800,000		975,283		974,687
Total Diversified/Conglomerate Service							2,450,737		2,822,016		2,893,526
Electronics — 0.8%*:
Veritas US, Inc. / Veritas Bermuda Ltd.(c)		7.50			9/1/2025		225,000		228,365		234,281
Veritas US, Inc. / Veritas Bermuda Ltd.(c)		10.50			2/1/2024		1,419,000		1,422,895		1,456,561
Total Electronics							1,644,000		1,651,260		1,690,842
Energy Equipment and Services — 0.3%*:
Investment Energy Resources Ltd.(a)		6.25			4/26/2029		492,000		492,000		531,975

See accompanying Notes to the Financial Statements.

90

Barings Global Credit Income Opportunities Fund 2021 Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Farming and Agriculture — 0.3%*:
PT Japfa Comfeed Indonesia Tbk(a)		5.38	%		3/23/2026		500,000	$	497,429	$	527,125
Finance — 3.4%*:
Credito Real SAB DE CV(a)		8.00			1/21/2028		500,000		500,000		426,306
Ford Motor Credit Co. LLC		4.13			8/17/2027		247,000		247,000		262,012
Global Aircraft Leasing Co. Ltd.(c)		6.50			9/15/2024		2,147,628		2,147,628		2,159,193
IIFL Finance Ltd.(a)		5.88			4/20/2023		1,555,000		1,533,594		1,519,202
OneMain Finance Corp.		5.38			11/15/2029		438,000		438,000		476,430
Oriflame Investment Holding plc(a)		5.13			5/4/2026		521,000		521,000		534,181
Travelex Financing plc(a),(b),(f)		8.00			5/15/2022		1,050,000		1,178,948		–
Travelex Issuerco Ltd.(a)		12.50			8/5/2025		748,221		883,610		1,733,649
Total Finance							7,206,849		7,449,780		7,110,973
Healthcare, Education and Childcare — 2.9%*:
Bausch Health Cos., Inc.(c)		8.50			1/31/2027		415,000		420,816		451,063
Bausch Health Cos., Inc.(c)		9.00			12/15/2025		165,000		163,523		176,930
Bausch Health Cos., Inc.(c)		4.88			6/1/2028		238,000		239,440		243,058
Bausch Health Cos., Inc.(c)		5.00			1/30/2028		204,000		204,000		193,512
Bausch Health Cos., Inc.(c)		5.00			2/15/2029		281,000		281,000		262,032
Bausch Health Cos., Inc.(c)		5.25			1/30/2030		200,000		200,000		186,000
Bausch Health Cos., Inc.(c)		5.25			2/15/2031		208,000		208,000		194,158
Cream Tech(a)		5.25			12/15/2025		700,000		819,532		840,566
Emergent BioSolutions, Inc.(c)		3.88			8/15/2028		1,087,000		1,029,369		1,064,738
Nidda BondCo GmbH(a)		7.25			9/30/2025		500,000		575,518		608,557
Nidda Healthcare Holding GmbH(a)		3.50			9/30/2024		1,000,000		1,211,065		1,182,499
Par Pharmaceutical, Inc.(c)		7.50			4/1/2027		708,000		708,000		723,930
Total Healthcare, Education and Childcare							5,706,000		6,060,263		6,127,043
Home and Office Furnishings, Housewares, and Durable Consumer Products — 1.0%*:
Nobel Bidco BV(a)		3.13			6/15/2028		350,000		423,815		415,013
Resideo Funding, Inc.(c)		6.13			11/1/2026		650,000		650,000		682,500
Staples, Inc.(c)		10.75			4/15/2027		1,000,000		1,029,717		1,016,650
Total Home and Office Furnishings, Housewares, and Durable Consumer Products							2,000,000		2,103,532		2,114,163
Hotels, Motels, Inns and Gaming — 0.9%*:
Caesars Entertainment, Inc.(c)		6.25			7/1/2025		382,000		382,000		405,096
Caesars Entertainment, Inc.(c)		8.13			7/1/2027		279,000		279,000		310,304
Scientific Games International, Inc.(c)		8.63			7/1/2025		229,000		228,529		250,755
TVL Finance plc, 3M GBP LIBOR + 5.375%(a)		5.46	(d)		7/15/2025		500,000		633,179		658,796
Wynn Macau Ltd.(a),(c)		5.13			12/15/2029		270,000		270,000		278,100
Total Hotels, Motels, Inns and Gaming							1,660,000		1,792,708		1,903,051

See accompanying Notes to the Financial Statements.

91

Barings Global Credit Income Opportunities Fund 2021 Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Insurance — 0.5%*:
Acrisure LLC / Acrisure Finance, Inc.(c)		4.25	%		2/15/2029		1,000,000	$	1,000,000	$	987,500
Leisure, Amusement, Entertainment — 1.0%*:
AMC Entertainment Holdings, Inc.(c)		10.50			4/24/2026		142,000		142,000		154,070
Carnival Corp.(c)		5.75			3/1/2027		410,000		410,000		429,475
Carnival Corp.		7.63			3/1/2026		150,000		177,893		196,907
CPUK Finance Ltd.(a)		4.88			8/28/2025		100,000		119,914		139,974
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp.(c)		4.88			5/1/2029		748,000		751,632		748,935
Motion Finco Sarl(a)		7.00			5/15/2025		200,000		252,776		250,426
NH Hotel Group SA		4.00			7/2/2026		150,000		177,867		177,694
Total Leisure, Amusement, Entertainment							1,900,000		2,032,082		2,097,481
Machinery Non-Agriculture, Non-Construction, Non-Electronic — 0.2%*:
Diebold Nixdorf Dutch Holding BV		9.00			7/15/2025		350,000		410,010		455,717
Esc Gcb Briggs		6.88			12/15/2049		514,000		503,979		43,690
Total Machinery Non-Agriculture, Non-Construction, Non-Electronic							864,000		913,989		499,407
Mining, Steel, Iron and Non-Precious Metals — 2.8%*:
First Quantum Minerals Ltd.(a),(c)		6.50			3/1/2024		1,006,000		974,747		1,026,120
First Quantum Minerals Ltd.(a)		6.88			10/15/2027		719,000		719,000		783,494
Hudbay Minerals, Inc.(c)		4.50			4/1/2026		200,000		201,438		200,750
Metinvest BV(a)		7.65			10/1/2027		286,000		281,880		316,745
Metinvest BV(a)		8.50			4/23/2026		200,000		210,742		227,612
Vedanta Resources Finance II plc(a)		8.00			4/23/2023		750,000		703,858		708,422
Vedanta Resources Finance II plc(a)		8.95			3/11/2025		685,000		685,000		671,643
Vedanta Resources Ltd.(a)		6.38			7/30/2022		1,075,000		741,183		1,061,764
Warrior Met Coal, Inc.(c)		8.00			11/1/2024		840,000		848,299		852,600
Total Mining, Steel, Iron and Non-Precious Metals							5,761,000		5,366,147		5,849,150
Oil and Gas — 4.8%*:
Borets International Ltd.(a)		6.00			9/17/2026		531,000		531,000		557,219
CVR Energy, Inc.(c)		5.25			2/15/2025		552,000		552,000		552,282
CVR Energy, Inc.(c)		5.75			2/15/2028		401,000		401,000		404,088
EnLink Midstream Partners LP		5.60			4/1/2044		206,000		159,561		186,430
EQM Midstream Partners LP(c)		4.50			1/15/2029		170,000		170,000		172,954
EQM Midstream Partners LP(c)		4.75			1/15/2031		154,000		154,000		158,688
Genesis Energy LP / Genesis Energy Finance Corp.		8.00			1/15/2027		1,000,000		1,036,695		1,050,625
Harvest Midstream I LP(c)		7.50			9/1/2028		500,000		536,028		543,000
Hilcorp Energy I LP / Hilcorp Finance Co.(c)		6.25			11/1/2028		1,000,000		1,000,000		1,062,500
KCA Deutag UK Finance plc(a)		9.88			12/1/2025		349,977		349,977		386,200

See accompanying Notes to the Financial Statements.

92

Barings Global Credit Income Opportunities Fund 2021 Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Oil and Gas (Continued)
NGL Energy Operating LLC / NGL Energy Finance Corp.(c)		7.50	%		2/1/2026		750,000	$	786,662	$	787,500
Occidental Petroleum Corp.		5.88			9/1/2025		153,000		153,000		170,212
Occidental Petroleum Corp.		6.13			1/1/2031		452,000		475,197		530,535
Occidental Petroleum Corp.		6.38			9/1/2028		157,000		157,000		183,297
PBF Holding Co. LLC / PBF Finance Corp.		7.25			6/15/2025		655,000		670,315		501,075
PBF Holding Co. LLC/PBF Finance Corp.(c)		9.25			5/15/2025		38,000		38,082		38,281
PT Medco Bell Pte Ltd.(a)		6.38			1/30/2027		435,000		429,997		447,724
Targa Resources Partners LP / Targa Resources Partners Finance Corp.(c)		4.88			2/1/2031		251,000		251,000		271,707
Transocean Guardian Ltd.(c)		5.88			1/15/2024		362,500		345,199		352,531
Transocean, Inc.(c)		7.25			11/1/2025		600,000		461,147		522,000
Tullow Oil plc(a)		7.00			3/1/2025		300,000		110,801		265,950
Tullow Oil plc(a)		10.25			5/15/2026		1,000,000		1,000,000		1,048,050
Total Oil and Gas							10,017,477		9,768,661		10,192,848
Personal Transportation — 0.2%*:
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.(c)		6.50			6/20/2027		237,000		234,383		260,937
Naviera Armas S.A., EURIBOR + 6.500%(a)		6.50	(d)		7/31/2023		250,000		288,580		204,542
Total Personal Transportation							487,000		522,963		465,479
Printing and Publishing — 0.5%*:
McGraw Hill LLC / McGraw-Hill Global Education Finance, Inc.(c)		8.00			11/30/2024		941,000		954,595		962,172
Retail Stores — 2.1%*:
Afflelou SAS(a)		4.25			5/19/2026		350,000		425,233		423,271
Bellis Acquisition Co. plc(a)		3.25			2/16/2026		100,000		138,330		138,503
Bellis Finco plc(a)		4.00			2/16/2027		100,000		138,330		138,330
EG Global Finance plc(a)		6.25			3/30/2026		604,000		841,019		837,602
Future Retail Ltd.(a)		5.60			1/22/2025		950,000		859,839		714,875
House of Fraser Funding plc(a),(f)		5.95			9/15/2020		150,000		217,107		3,113
L Brands, Inc.		6.88			11/1/2035		200,000		243,198		253,500
Marcolin SpA(a)		6.13			11/15/2026		400,000		486,940		482,600
NMG Holding Co., Inc. / Neiman Marcus Group LLC(c)		7.13			4/1/2026		263,000		266,827		280,095
Nordstrom, Inc.		5.00			1/15/2044		1,202,000		1,169,401		1,203,026
Total Retail Stores							4,319,000		4,786,224		4,474,915
Telecommunications — 1.4%*:
Banff Merger Sub, Inc.(c)		9.75			9/1/2026		1,000,000		1,053,564		1,052,500
DKT Finance ApS(a)		7.00			6/17/2023		1,500,000		1,692,795		1,809,218
Total Telecommunications							2,500,000		2,746,359		2,861,718

See accompanying Notes to the Financial Statements.

93

Barings Global Credit Income Opportunities Fund 2021 Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Utilities — 0.8%*:
Electricite de France SA, 5 year EUR Swap + 3.995%(a)		3.38	%(d),(g)		–		400,000	$	501,064	$	495,050
Techem Verwaltungsgesellschaft 674 mbH(a)		6.00			7/30/2026		1,000,000		1,145,396		1,222,620
Total Utilities							1,400,000		1,646,460		1,717,670
Total Corporate Bonds							81,430,063		84,797,680		85,954,859
Total Fixed Income							188,637,862		193,059,303		193,756,167
Total Investments							189,242,697		194,594,991		195,702,948
Other assets and liabilities – 6.9%*											14,542,797
Net Assets – 100.0%*											$210,245,745

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	59.6%
United Kingdom	9.2%
Germany	4.8%
France	3.6%
India	2.4%
China	1.9%
Spain	1.8%
Denmark	1.8%
Netherlands	1.7%
Greece	1.1%
Ireland	1.1%
Mexico	1.0%
Sweden	1.0%
Other (Individually less than 1%)	9.0%
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 June 30, 2021.

(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

See accompanying Notes to the Financial Statements.

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June 30, 2021

shown for bank loans are the current interest rates at June 30, 2021. 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.

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

A summary of outstanding derivatives at June 30, 2021 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
7/14/21	Morgan Stanley & Co.		CAD	45,424	$	36,644	$	36,609	$	35
Net unrealized appreciation on forward foreign currency exchange contracts to buy									$	35

Forward Foreign Currency Exchange Contracts to Sell

EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION
7/14/21	Bank of America N.A.		CAD	1,073,973	$	866,378	$	889,747	$	23,369
7/14/21	Morgan Stanley & Co.		CAD	33,694		27,181		27,243		62
7/14/21	Goldman Sachs & Co.		CAD	25,127		20,270		20,374		104
7/14/21	Canadian Imperial Bank of Commerce		CAD	29,982		24,187		24,200		13
7/14/21	JPMorgan Chase Bank N.A.		EUR	32,919,511		39,044,216		40,182,711		1,138,495
7/14/21	Barclays Bank plc		EUR	1,103,150		1,308,392		1,335,561		27,169
7/14/21	Canadian Imperial Bank of Commerce		EUR	100,000		118,605		121,275		2,670
7/14/21	Bank of America N.A.		EUR	912,332		1,082,072		1,099,244		17,172
7/14/21	Canadian Imperial Bank of Commerce		GBP	7,627,219		10,551,120		10,814,155		263,035
Net unrealized appreciation on forward foreign currency exchange contracts to sell									$	1,472,089

Currency Legend

CAD	–	Canadian Dollar
EUR	–	Euro
GBP	–	British Pound Sterling

See accompanying Notes to the Financial Statements.

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	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Fixed Income — 93.8%*:
Asset-Backed Securities — 28.4%*:
CDO/CLO — 4.8%*:
Assurant CLO Ltd., 3M USD LIBOR + 1.550%(a)		1.65	%(b)		10/20/2031		2,352,000		$2,352,000		$2,352,000
Bain Capital Credit Clo 2016-2 Ltd., 3M USD LIBOR + 1.550%(a)		1.73	(b)		1/15/2029		2,900,000		2,900,000		2,899,991
Bain Capital Credit CLO 2020-2 Ltd., 3M USD LIBOR + 1.850%(a)		2.04	(b)		7/21/2031		2,250,000		2,250,000		2,250,000
BlueMountain CLO 2013-1 Ltd., 3M USD LIBOR + 1.230%(a)		1.42	(b)		1/20/2029		1,744,737		1,744,737		1,744,859
BlueMountain Fuji US Clo I Ltd., 3M USD LIBOR + 0.980%(a)		1.17	(b)		7/20/2029		2,600,000		2,600,000		2,596,602
CBAM 2018-6 Ltd., 3M USD LIBOR + 1.270%(a)		1.45	(b)		1/15/2031		2,500,000		2,500,000		2,500,172
Cedar Funding IX CLO Ltd., 3M USD LIBOR + 0.980%(a)		1.17	(b)		4/20/2031		600,000		593,025		599,255
CIFC Funding 2017-II Ltd., 3M USD LIBOR + 1.500%(a)		1.63	(b)		4/20/2030		1,250,000		1,250,000		1,250,032
CIFC Funding 2017-IV Ltd., 3M USD LIBOR + 1.550%(a)		1.64	(b)		10/24/2030		1,600,000		1,600,000		1,600,405
Flatiron Clo 17 Ltd., 3M USD LIBOR + 0.980%(a)		1.14	(b)		5/15/2030		4,500,000		4,500,000		4,502,443
Goldentree Loan Management US Clo 4 Ltd., 3M USD LIBOR + 1.110%(a)		1.25	(b)		4/24/2031		2,600,000		2,600,000		2,600,065
HPS Loan Management 15-2019 Ltd., 3M USD LIBOR + 1.320%(a)		1.50	(b)		7/22/2032		1,000,000		996,753		1,000,613
KAYNE CLO I Ltd., 3M USD LIBOR + 1.400%(a)		1.58	(b)		7/15/2031		1,850,000		1,850,000		1,849,029
KKR CLO 28, Ltd., 3M USD LIBOR + 1.140%(a)		1.26	(b)		3/15/2031		700,000		692,457		700,021
KREF Ltd. 2018-FL1 AS, 1M USD LIBOR + 1.350%(a)		1.43	(b)		6/15/2036		2,380,000		2,380,000		2,380,750
Magnetite XVIII Ltd., 3M USD LIBOR + 1.080%(a)		1.24	(b)		11/15/2028		355,000		354,323		355,004
Milos CLO Ltd., 3M USD LIBOR + 1.070%(a)		1.26	(b)		10/20/2030		2,100,000		2,100,000		2,095,122
Neuberger Berman Loan Advisers CLO 24 Ltd., 3M USD LIBOR + 1.500%(a)		1.69	(b)		4/19/2030		500,000		500,000		500,036
Neuberger Berman Loan Advisers CLO 25 Ltd., 3M USD LIBOR + 1.350%(a)		1.54	(b)		10/18/2029		4,800,000		4,800,000		4,788,797
Newark BSL CLO 2 Ltd., 3M USD LIBOR + 1.400%(a)		1.58	(b)		7/25/2030		1,000,000		1,000,000		997,281
OCP CLO 2020-19 Ltd., 3M USD LIBOR + 1.750%(a)		1.94	(b)		7/20/2031		2,250,000		2,250,000		2,250,817
Rockford Tower CLO 2017-2 Ltd., 3M USD LIBOR + 1.500%(a)		1.68	(b)		10/15/2029		1,250,000		1,250,000		1,250,033

See accompanying Notes to the Financial Statements.

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June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (Continued)
CDO/CLO (Continued)
Rockford Tower CLO Ltd. 2017-3, 3M USD LIBOR + 1.190%(a)		1.38	%(b)		10/20/2030		1,750,000	$	1,740,979	$	1,750,395
RR 3 Ltd. Series 2018-3 A A1R2, 3M USD LIBOR + 1.090%(a)		1.27	(b)		1/15/2030		1,625,000		1,620,110		1,625,010
TICP CLO XI Ltd., 3M USD LIBOR + 1.180%(a)		1.37	(b)		10/20/2031		1,600,000		1,591,658		1,600,032
Treman Park CLO Ltd. 2015-1A ARR, 3M USD LIBOR + 1.070%(a)		1.26	(b)		10/20/2028		874,951		874,951		875,276
VERDE CLO Ltd., 3M USD LIBOR + 1.100%(a)		1.28	(b)		4/15/2032		2,500,000		2,500,000		2,500,992
Total CDO/CLO							51,431,688		51,390,993		51,415,032
Other Asset-Backed Securities — 23.6%*:
321 Henderson Receivables II LLC 2006-3A A1, 1M USD LIBOR + 0.200%(a)		0.27	(b)		9/15/2041		65,403		63,833		63,942
AASET 2020-1 Trust(a)		4.34			1/16/2040		783,605		783,589		549,877
Access Group, Inc. 2015-1 B, 1M USD LIBOR + 1.500%(a)		1.59	(b)		7/25/2058		100,000		87,053		92,955
AccessLex Institute 2002-A A2		1.96			9/25/2037		350,000		343,768		349,441
Adams Outdoor Advertising LP(a)		4.81			11/15/2048		1,089,196		1,102,895		1,167,603
Affirm Asset Securitization Trust 2021-A(a)		1.66			8/15/2025		1,200,000		1,199,824		1,205,717
Affirm Asset Securitization Trust 2021-Z1(a)		1.07			8/15/2025		8,549,863		8,549,577		8,546,998
AmeriCredit Automobile Receivables Trust 2020-3		1.49			9/18/2026		339,000		338,895		341,792
Argent Securities, Inc. Asset-Backed Pass-Through Certificates 2004-W10 M1, 1M USD LIBOR + 0.900%		0.99	(b)		10/25/2034		155,687		144,150		152,976
Avis Budget Rental Car Funding AESOP LLC(a)		3.02			8/20/2026		5,598,000		5,596,054		5,813,170
Avis Budget Rental Car Funding AESOP LLC(a)		4.15			9/20/2023		1,200,000		1,217,648		1,233,344
Avis Budget Rental Car Funding AESOP LLC(a)		4.53			3/20/2023		2,607,000		2,645,793		2,648,378
Avis Budget Rental Car Funding AESOP LLC(a)		4.73			9/20/2024		2,080,000		2,153,063		2,209,017
BRE Grand Islander Timeshare Issuer LLC 2017-1A A(a)		2.94			5/25/2029		97,502		97,485		97,755
BRE Grand Islander Timeshare Issuer LLC 2017-1A B(a)		3.24			5/25/2029		80,295		80,288		80,244
BRE Grand Islander Timeshare Issuer LLC 2019-A(a)		3.78			9/26/2033		801,905		801,880		806,438
Business Jet Securities 2020-1 LLC(a)		2.98			11/15/2035		852,465		852,453		868,059
Business Jet Securities 2021-1 LLC(a)		2.16			4/15/2036		4,558,465		4,558,465		4,595,261
Capital Automotive LLC 2017-1A A1(a)		3.87			4/15/2047		283,537		283,461		284,151
Carmax Auto Owner Trust 2019-2		3.41			10/15/2025		615,000		614,974		641,404
Carmax Auto Owner Trust 2019-4		2.80			4/15/2026		5,159,000		5,212,120		5,313,338
CarMax Auto Owner Trust 2020-4		1.75			4/15/2027		1,946,000		1,945,826		1,960,641

See accompanying Notes to the Financial Statements.

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June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (Continued)
Other Asset-Backed Securities (Continued)
Carmax Auto Owner Trust 2021-1		1.28	%		7/15/2027		3,850,000	$	3,848,645	$	3,827,443
CarMax Auto Owner Trust 2021-2		1.55			10/15/2027		3,025,000		3,023,898		3,045,269
CARS-DB4 LP(a)		4.17			2/15/2050		2,189,000		2,188,085		2,260,198
Carvana Auto Receivables Trust(a)		1.88			5/10/2028		3,562,000		3,561,838		3,562,909
Carvana Auto Receivables Trust 2021-N1		1.50			1/10/2028		6,441,000		6,440,030		6,436,845
Castlelake Aircraft Securitization Trust 2018-1(a)		4.13			6/15/2043		1,701,821		1,702,672		1,695,718
Castlelake Aircraft Securitization Trust 2019-1A(a)		5.10			4/15/2039		824,562		832,269		789,303
CF Hippolyta LLC(a)		2.28			7/15/2060		399,885		399,741		406,611
Chase Education Loan Trust, 3M USD LIBOR + 0.220%		0.37	(b)		3/28/2068		537,009		510,587		488,689
College Ave Student Loans 2021-A LLC(a)		2.32			7/25/2051		5,705,000		5,702,559		5,688,568
College Avenue Student Loans LLC, 1M USD LIBOR + 1.650%(a)		1.74	(b)		11/26/2046		639,358		640,083		649,623
College Avenue Student Loans LLC(a)		3.81			12/28/2048		1,351,000		1,350,878		1,390,309
College Avenue Student Loans LLC 2018-A, 1M USD LIBOR + 1.200%(a)		1.29	(b)		12/26/2047		678,889		678,889		683,302
College Loan Corp. Trust I 2005-2 B, 3M USD LIBOR + 0.490%		0.67	(b)		1/15/2037		119,780		107,946		110,365
Commonbond Student Loan Trust 2017-A-GS(a)		3.47			5/25/2041		591,320		583,662		591,560
Commonbond Student Loan Trust 2017-A-GS(a)		5.28			5/25/2041		79,344		79,335		82,428
Commonbond Student Loan Trust 2018-A-GS(a)		3.82			2/25/2044		52,579		52,568		53,189
Commonbond Student Loan Trust 2018-BGS(a)		4.12			9/25/2045		60,227		60,219		61,298
Commonbond Student Loan Trust 2018-C-GS(a)		4.35			2/25/2046		33,663		33,660		34,547
Credit Suisse ABS Repackaging Trust 2013-A B(a)		2.50			1/25/2030		24,607		23,775		24,674
DataBank Issuer(a)		2.06			2/27/2051		4,905,000		4,904,061		4,968,748
DB Master Finance LLC(a)		4.03			11/20/2047		967,500		936,768		1,030,465
Diamond Resorts Owner Trust 2018-1(a)		3.70			1/21/2031		213,180		213,180		222,067
Diamond Resorts Owner Trust 2021-1(a)		2.05			11/21/2033		4,118,017		4,117,116		4,112,955
Drive Auto Receivables Trust 2021-1		1.45			1/16/2029		6,692,000		6,690,165		6,731,459
Earnest Student Loan Program 2017-A LLC(a)		3.59			1/25/2041		276,420		276,228		277,309
EdLinc Student Loan Funding Trust 2017-A A, PRIME- 1.150%(a)		2.10	(b)		12/1/2047		702,904		699,218		711,477
EDvestinU Private Education Loan Issue No 1 LLC(a)		3.58			11/25/2038		1,171,678		1,171,490		1,222,252
Elara HGV Timeshare Issuer 2016-A LLC(a)		3.22			4/25/2028		375,877		373,083		373,926
Elara HGV Timeshare Issuer LLC 2014-A B(a)		3.02	(c)		2/25/2027		3,659		3,640		3,659

See accompanying Notes to the Financial Statements.

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June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (Continued)
Other Asset-Backed Securities (Continued)
Elara HGV Timeshare Issuer LLC 2016-A A(a)		2.73	%		4/25/2028		545,119	$	537,670	$	555,428
Elara HGV Timeshare Issuer LLC 2017-A(a)		2.96			3/25/2030		924,762		918,950		916,178
Elara HGV Timeshare Issuer LLC 2017-A A(a)		2.69			3/25/2030		166,144		166,133		170,909
Elara HGV Timeshare Issuer LLC 2019-A(a)		3.45			1/25/2034		1,817,180		1,816,781		1,776,009
ELFI Graduate Loan Program LLC 2018-A(a)		4.00			8/25/2042		228,449		224,321		233,285
FCI Funding 2019-1 LLC(a)		3.63			2/18/2031		177,655		177,630		179,838
First Investors Auto Owner Trust 2021-1(a)		1.17			3/15/2027		1,500,000		1,499,594		1,499,716
Firstkey Homes Trust(a)		2.49			8/17/2028		4,000,000		3,999,915		3,999,844
Flagship Credit Auto Trust 2019-1(a)		3.60			2/18/2025		2,175,000		2,176,109		2,248,176
FNA VI LLC(a)		1.35			1/10/2032		10,143,533		10,141,979		10,132,649
GCI Funding I LLC(a),(d)		2.38			6/18/2046		1,294,000		1,293,667		1,293,667
Goal Capital Funding Trust 2010-1 A, 3M USD LIBOR + 0.700%(a)		0.85	(b)		8/25/2048		94,188		90,813		94,431
Goal Structured Solution Trust 2015-1 B, 1M USD LIBOR + 1.500%(a)		1.59	(b)		9/25/2043		100,000		78,253		98,330
Goodgreen 2019-2(a)		2.76			4/15/2055		1,862,815		1,862,815		1,909,194
Goodgreen Trust 2016-1 A(a)		3.23			10/15/2052		557,283		550,516		583,059
Goodgreen Trust 2018-1A A(a)		3.93			10/15/2053		2,526,837		2,555,353		2,682,175
Goodgreen Trust 2019-1(a)		3.86			10/15/2054		2,111,832		2,112,199		2,240,836
Grace Point International Funding, 1M USD LIBOR + 1.400%(a)		1.51	(b)		11/1/2023		1,750,000		1,750,000		1,750,000
HERO Funding Trust 2015-1A A(a)		3.84			9/21/2040		322,489		327,749		339,004
HERO Funding Trust 2016-4A A1(a)		3.57			9/20/2047		151,572		151,516		156,434
HERO Funding Trust 2017-2A A1(a)		3.28			9/20/2048		58,298		58,291		60,708
HERO Funding Trust 2017-2A A2(a)		4.07			9/20/2048		45,806		46,866		47,568
HERO Funding Trust 2017-3A A1(a)		3.19			9/20/2048		385,350		385,229		395,158
HERO Funding Trust 2018-1(a)		4.67			9/20/2048		605,411		617,204		655,529
Higher Education Funding I 2004-1 B1, 28 day ARS(a)		3.24	(b)		1/1/2044		950,000		843,048		860,353
Hilton Grand Vacations Trust 2017-AA B(a)		2.96	(c)		12/26/2028		341,291		342,106		348,720
Hilton Grand Vacations Trust 2018-A(a)		3.54			2/25/2032		196,080		196,076		206,184
Hilton Grand Vacations Trust 2019-A(a)		2.84			7/25/2033		1,604,563		1,604,563		1,641,207
Horizon Aircraft Finance I Ltd. 2018-1 A(a)		4.46			12/15/2038		430,766		430,758		437,074
Horizon Aircraft Finance III Ltd.(a)		3.43			11/15/2039		1,866,357		1,807,885		1,834,659
Kestrel Aircraft Funding Ltd.(a),(e)		4.25			12/15/2038		3,296,535		3,355,902		3,280,631
Laurel Road Prime Student Loan Trust 2017-B CFX(a)		3.61			8/25/2042		235,506		235,474		239,789
Laurel Road Prime Student Loan Trust 2017-C B(a)		2.95			11/25/2042		271,253		271,157		277,751
Laurel Road Prime Student Loan Trust 2019-A(a)		3.00			10/25/2048		687,875		687,818		704,724
MACH 1 Cayman 2019-1 Ltd.(a)		3.47			10/15/2039		1,249,525		1,249,487		1,249,426
Marlette Funding Trust 2019-2(a)		3.53			7/16/2029		976,000		975,844		989,752
Mosaic Solar Loan Trust 2018-2-GS(a)		4.20			2/22/2044		359,592		359,538		391,131
Mosaic Solar Loans LLC 2017-1A A(a)		4.45			6/20/2042		51,318		51,305		55,959

See accompanying Notes to the Financial Statements.

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June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (Continued)
Other Asset-Backed Securities (Continued)
Navient Private Education Refi Loan Trust 2020-B(a)		2.77	%		1/15/2069		4,400,000	$	4,458,950	$	4,534,831
Navient Student Loan Trust 2015-1 B, 1M USD LIBOR + 1.500%		1.59	(b)		7/25/2052		1,100,000		1,096,105		1,095,626
Nelnet Private Education Loan Trust 2016-A A1A, 1M USD LIBOR + 1.750%(a)		1.84	(b)		12/26/2040		58,771		58,771		59,047
Nelnet Student Loan Trust 2006-2 B, 3M USD LIBOR + 0.200%		0.38	(b)		1/25/2038		895,419		847,314		782,149
Nelnet Student Loan Trust 2006-3, 3M USD LIBOR + 0.250%		0.40	(b)		6/25/2041		1,467,463		1,380,595		1,310,034
Nelnet Student Loan Trust 2007-2(a)		1.19			6/25/2035		2,000,000		1,980,294		1,981,123
Nelnet Student Loan Trust 2012-4, 1M USD LIBOR + 1.000%(a)		1.09	(b)		7/26/2049		900,000		870,946		859,052
New Residential Advance Receivables Trust Advance Receivables Backed 2020-T1(a)		5.47			8/15/2053		1,651,000		1,651,000		1,655,354
NovaStar Mortgage Funding Trust 2004-4 M5, 1M USD LIBOR + 1.725%		1.82	(b)		3/25/2035		57,436		57,436		57,439
NP SPE II LLC 2017-1A A1(a)		3.37			10/21/2047		288,163		288,163		295,780
NRZ Advance Receivables Trust 2015-ON1(a)		2.46			10/15/2052		1,688,000		1,688,000		1,690,567
Oak Street Investment Grade Net Lease Fund Series 2020-1(a)		2.26			11/20/2050		1,654,000		1,653,821		1,655,800
Oak Street Investment Grade Net Lease Fund Series 2021-1(a)		2.80			1/20/2051		6,000,000		5,998,473		6,113,488
Orange Lake Timeshare Trust 2016-A B(a)		2.91			3/8/2029		190,499		188,479		192,463
Orange Lake Timeshare Trust 2018-A(a)		3.74			11/8/2030		377,906		383,601		384,912
Oxford Finance Funding 2020-1 LLC(a)		3.10			2/15/2028		1,296,000		1,296,000		1,322,375
Oxford Finance Funding 2020-1 LLC(a)		4.04			2/15/2028		1,750,000		1,781,108		1,801,511
Pennsylvania Higher Education Assistance Agency		1.43			10/25/2042		650,000		641,564		646,832
Pioneer Aircraft Finance Ltd.(a),(e)		3.97			6/15/2044		926,786		926,786		924,410
Planet Fitness Master Issuer LLC(a)		4.26			9/5/2048		2,528,500		2,545,565		2,536,864
PNMAC GMSR Issuer Trust 2018-GT1, 1M USD LIBOR + 2.850%(a)		2.94	(b)		2/25/2023		470,000		470,000		470,874
RAMP Series 2005-EFC1 Trust, 1M USD LIBOR + 0.650%		1.07	(b)		5/25/2035		2,300,000		2,297,298		2,304,351
Santander Consumer Auto Receivables Trust 2021-A(a)		1.57			1/15/2027		1,500,000		1,499,491		1,484,981
Santander Drive Auto Receivables Trust 2020-4		1.48			1/15/2027		401,000		400,931		405,821
Santander Revolving Auto Loan Trust 2019-A(a)		3.00			1/26/2032		439,000		438,872		462,223
Santander Revolving Auto Loan Trust 2019-A(a)		3.45			1/26/2032		1,277,000		1,296,530		1,339,452
SBA Tower Trust(a)		2.84			1/15/2025		5,300,000		5,300,000		5,525,085
SBA Tower Trust(a)		3.87			10/15/2049		1,300,000		1,304,859		1,366,020

See accompanying Notes to the Financial Statements.

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June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (Continued)
Other Asset-Backed Securities (Continued)
Sierra Receivables Funding Co LLC 2017-1A A(a)		2.91	%		3/20/2034		205,947	$	206,478	$	208,287
Sierra Timeshare 2019-1 Receivables Funding LLC(a)		3.77			1/20/2036		657,170		660,127		673,420
Sierra Timeshare 2019-3 Receivables Funding LLC(a)		3.00			8/20/2036		2,485,923		2,485,702		2,539,603
Sierra Timeshare 2020-2 Receivables Funding LLC(a)		3.51			7/20/2037		342,597		342,556		352,307
Sierra Timeshare 2021-1 Receivables Funding LLC(a)		1.79			11/20/2037		1,575,225		1,575,019		1,560,936
SLC Student Loan Trust 2005-1 B, 3M USD LIBOR + 0.200%		0.36	(b)		2/15/2045		521,277		474,023		490,457
SLC Student Loan Trust 2006-1, 3M USD LIBOR + 0.210%		0.33	(b)		3/15/2055		1,844,600		1,723,137		1,673,801
SLC Student Loan Trust 2006-2 B, 3M USD LIBOR + 0.230%		0.35	(b)		12/15/2039		1,378,239		1,291,172		1,238,621
SLM Student Loan Trust 2003-11, 3M USD LIBOR + 0.650%		0.77	(b)		12/15/2038		773,197		738,736		734,636
SLM Student Loan Trust 2003-14 A6, 3M USD LIBOR + 0.300%		0.48	(b)		7/25/2025		16,836		16,521		16,829
SLM Student Loan Trust 2003-4 B, 3M USD LIBOR + 0.650%		0.77	(b)		6/15/2038		298,514		286,880		283,171
SLM Student Loan Trust 2004-1, 3M USD LIBOR + 0.500%		0.68	(b)		7/25/2039		434,024		414,676		410,499
SLM Student Loan Trust 2004-8, 3M USD LIBOR + 0.460%		0.64	(b)		1/25/2040		904,637		861,422		853,754
SLM Student Loan Trust 2005-4 B, 3M USD LIBOR + 0.180%		0.36	(b)		7/25/2055		582,995		523,092		537,348
SLM Student Loan Trust 2005-5, 3M USD LIBOR + 0.250%		0.43	(b)		10/25/2040		583,644		550,574		540,594
SLM Student Loan Trust 2005-6 B, 3M USD LIBOR + 0.290%		0.47	(b)		1/25/2044		1,687,614		1,583,195		1,577,472
SLM Student Loan Trust 2005-9, 3M USD LIBOR + 0.300%		0.48	(b)		1/25/2041		675,837		648,410		627,667
SLM Student Loan Trust 2006-2(d)		Zero Coupon			1/25/2041		3,956		1,621,960		2,096,680
SLM Student Loan Trust 2006-5 B, 3M USD LIBOR + 0.210%		0.39	(b)		10/25/2040		458,226		411,943		424,869
SLM Student Loan Trust 2006-7 B, 3M USD LIBOR + 0.200%		0.38	(b)		1/27/2042		434,793		406,439		403,367
SMB Private Education Loan Trust 2014-A(a)		4.00			9/15/2042		1,250,000		1,270,521		1,293,630
SMB Private Education Loan Trust 2014-A A2B, 1M USD LIBOR + 1.150%(a)		1.22	(b)		5/15/2026		26,108		26,226		26,118
SMB Private Education Loan Trust 2015-A A2B, 1M USD LIBOR + 1.000%(a)		1.07	(b)		6/15/2027		13,561		13,427		13,572

See accompanying Notes to the Financial Statements.

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June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (Continued)
Other Asset-Backed Securities (Continued)
SMB Private Education Loan Trust 2015-A A3, 1M USD LIBOR + 1.500%(a)		1.57	%(b)		2/17/2032		900,000	$	916,560	$	909,112
SMB Private Education Loan Trust 2015-C(a)		4.50			9/17/2046		1,710,000		1,752,735		1,836,698
SMB Private Education Loan Trust 2016-C A2B, 1M USD LIBOR + 1.100%(a)		1.20	(b)		9/15/2034		131,805		131,805		132,619
SoFi Alternative Trust 2019-C(a),(d)		4.56			1/25/2045		1,960,995		2,024,717		2,089,291
SoFi Consumer Loan Program 2020-1 Trust(a)		2.94			1/25/2029		4,000,000		3,999,399		4,049,433
SoFi Consumer Loan Program Trust 2019-3(a)		3.89			5/25/2028		2,766,000		2,767,693		2,857,940
SoFi Professional Loan Program 2017-C LLC(a)		4.21			7/25/2040		2,410,000		2,517,701		2,495,634
SoFi Professional Loan Program 2019-A LLC(a)		4.11			6/15/2048		870,000		876,377		912,720
SoFi Professional Loan Program LLC 2016-B A1, 1M USD LIBOR + 1.200%(a)		1.29	(b)		6/25/2033		104,893		105,901		105,542
SoFi Professional Loan Program LLC 2016-D A1, 1M USD LIBOR + 0.950%(a)		1.04	(b)		1/25/2039		20,216		20,216		20,266
Store Master Funding I-VII A3(a)		4.40			10/20/2048		1,868,333		1,887,049		1,979,754
Structured Asset Investment Loan Trust 2004-11, 1M USD LIBOR + 0.930%		1.02	(b)		1/25/2035		5,111,174		5,113,793		5,013,876
TAL Advantage VII LLC(a)		3.29			9/20/2045		2,395,250		2,394,728		2,440,736
Terwin Mortgage Trust 2006-5, 1M USD LIBOR + 0.420%(a)		0.51	(b)		7/25/2037		2,306,056		2,272,414		2,286,041
Thrust Engine Leasing(a),(d)		4.16			7/15/2040		3,100,000		3,099,882		3,099,882
Trafigura Securitisation Finance plc 2018-1(a),(e)		4.29			3/15/2022		1,800,000		1,799,973		1,800,988
Trinity Rail Leasing 2019 LLC(a)		3.82			4/17/2049		2,071,674		2,070,679		2,157,018
Vantage Data Centers LLC(a)		1.65			9/15/2045		2,475,000		2,475,000		2,482,597
Wachovia Student Loan Trust 2005-1 B, 3M USD LIBOR + 0.300%		0.48	(b)		10/25/2040		481,138		445,915		447,914
Welk Resorts LLC 2017-AA B(a)		3.41			6/15/2033		445,634		447,679		447,427
Westgate Resorts LLC 2017-1A A(a)		3.05			12/20/2030		78,326		78,326		79,054
Westgate Resorts LLC 2018-1(a)		3.38			12/20/2031		236,470		236,135		240,545
Westlake Automobile Receivables Trust 2019-3(a)		3.59			3/17/2025		2,182,000		2,181,735		2,248,383
Westlake Automobile Receivables Trust 2021-1(a)		1.23			4/15/2026		6,000,000		5,998,787		6,006,435
Westlake Automobile Receivables Trust 2021-1(a)		2.33			8/17/2026		5,269,000		5,268,022		5,258,447
Willis Engine Structured Trust IV(a)		4.75			9/15/2043		1,016,231		1,027,637		1,009,415
Total Other Asset-Backed Securities							247,596,644		248,673,942		251,339,020
Total Asset-Backed Securities							299,028,332		300,064,935		302,754,052

See accompanying Notes to the Financial Statements.

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June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds — 50.3%*:
Agriculture — 1.6%*:
BAT Capital Corp.(e)		4.70	%		4/2/2027		4,250,000	$	4,827,032	$	4,804,804
Bunge Ltd. Finance Corp.		3.00			9/25/2022		1,840,000		1,831,725		1,889,759
Imperial Brands Finance plc(a),(e)		3.13			7/26/2024		2,677,000		2,737,483		2,818,105
Imperial Brands Finance plc(a),(e)		3.50			2/11/2023		1,347,000		1,349,227		1,392,673
Wens Foodstuffs Group Co. Ltd.(e)		2.35			10/29/2025		6,475,000		6,234,509		5,960,238
Total Agriculture							16,589,000		16,979,976		16,865,579
Airlines — 0.1%*:
Delta Air Lines, Inc. / SkyMiles IP Ltd.(a)		4.50			10/20/2025		755,000		755,000		811,589
Auto Manufacturers — 2.5%*:
Ford Motor Credit Co. LLC, 3M USD LIBOR + 1.235%		1.39	(b)		2/15/2023		985,000		985,000		981,306
Ford Motor Credit Co. LLC		3.09			1/9/2023		2,785,000		2,808,355		2,840,700
Ford Motor Credit Co. LLC		3.35			11/1/2022		6,605,000		6,695,420		6,769,464
General Motors Co.		6.13			10/1/2025		815,000		953,559		965,147
General Motors Financial Co., Inc.		3.25			1/5/2023		3,942,000		3,922,166		4,090,359
Harley-Davidson Financial Services, Inc.(a)		3.35			6/8/2025		2,181,000		2,295,879		2,332,113
Hyundai Capital America(a)		1.50			6/15/2026		5,355,000		5,341,714		5,316,213
Kia Corp.(a),(e)		1.00			4/16/2024		2,425,000		2,418,018		2,437,581
Nissan Motor Acceptance Corp.(a),(e)		1.90			9/14/2021		670,000		669,764		671,839
Total Auto Manufacturers							25,763,000		26,089,875		26,404,722
Auto Parts&Equipment — 0.2%*:
Metalsa SA de CV(a),(e)		4.90			4/24/2023		2,300,000		2,392,846		2,411,838
Beverages — 0.4%*:
Bacardi Ltd.(a),(e)		4.45			5/15/2025		3,304,000		3,614,494		3,668,101
Molson Coors Beverage Co.		2.10			7/15/2021		325,000		324,976		325,218
Total Beverages							3,629,000		3,939,470		3,993,319
Building Materials — 0.3%*:
Martin Marietta Materials, Inc.		0.65			7/15/2023		2,810,000		2,809,663		2,816,182
Chemicals — 1.3%*:
DuPont de Nemours, Inc.		4.49			11/15/2025		2,130,000		2,377,008		2,423,044
MEGlobal Canada ULC(a),(e)		5.00			5/18/2025		5,450,000		6,040,795		6,110,812
RPM International, Inc.		3.45			11/15/2022		1,155,000		1,157,624		1,191,053
Syngenta Finance NV(a),(e)		4.44			4/24/2023		3,800,000		3,897,324		4,011,237
Syngenta Finance NV(a),(e)		4.89			4/24/2025		200,000		214,974		221,687
Total Chemicals							12,735,000		13,687,725		13,957,833
Commercial Banks — 12.8%*:
ABN AMRO Bank NV(a),(e)		4.75			7/28/2025		6,010,000		6,705,787		6,736,825
Arab National Bank, 5 year CMT + 2.974%(e)		3.33	(b)		10/28/2030		3,150,000		3,271,492		3,250,013
Banco Santander SA(e)		1.85			3/25/2026		4,200,000		4,212,530		4,248,805

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Commercial Banks (Continued)
Bank of America Corp., 3M USD LIBOR + 0.930%		2.82	% (b)		7/21/2023		2,809,000	$	2,875,690	$	2,878,691
Bank of America Corp.		4.00			1/22/2025		3,341,000		3,642,937		3,667,425
Bank of America Corp.		4.25			10/22/2026		2,510,000		2,844,713		2,835,456
Bank of America Corp. MTN		3.95			4/21/2025		905,000		989,518		993,452
Bank of Nova Scotia (The)(e)		4.50			12/16/2025		5,538,000		6,194,355		6,275,510
Barclays Bank plc, 3M USD LIBOR + 1.380%(e)		1.54	(b)		5/16/2024		1,235,000		1,230,685		1,257,467
Barclays plc(e)		5.20			5/12/2026		3,205,000		3,667,916		3,660,559
BPCE SA(a),(e)		4.63			7/11/2024		850,000		935,730		934,495
BPCE SA(a),(e)		5.70			10/22/2023		5,620,000		6,144,861		6,220,907
Burgan Bank SAK, 5 year CMT + 2.229%(e)		2.75	(b)		12/15/2031		2,000,000		2,000,000		1,897,000
Citigroup, Inc.		4.40			6/10/2025		7,985,000		8,782,574		8,921,551
Credit Suisse AG(a),(e)		6.50			8/8/2023		4,510,000		4,833,120		4,981,926
Danske Bank A/S(a),(e)		5.00			1/12/2022		1,990,000		2,013,924		2,036,134
Deutsche Bank AG, SOFR + 2.159%(e)		2.22	(b)		9/18/2024		2,415,000		2,415,000		2,479,939
Discover Bank		4.20			8/8/2023		2,185,000		2,219,982		2,352,776
Goldman Sachs Group, Inc. (The)		4.25			10/21/2025		13,955,000		15,548,975		15,612,295
HSBC Holdings plc(e)		4.25			3/14/2024		2,288,000		2,452,283		2,478,330
HSBC Holdings plc(e)		4.25			8/18/2025		2,617,000		2,906,737		2,901,122
HSBC Holdings plc(e)		4.38			11/23/2026		360,000		406,046		406,511
ING Groep NV, SOFR + 1.005%		1.73	(b)		4/1/2027		3,113,000		3,123,413		3,140,952
JPMorgan Chase & Co., SOFR + 0.540%		0.82	(b)		6/1/2025		4,895,000		4,895,000		4,885,993
Lloyds Banking Group plc(e)		4.05			8/16/2023		4,480,000		4,807,568		4,803,490
Macquarie Group Ltd., SOFR + 1.069%(a),(e)		1.34	(b)		1/12/2027		2,430,000		2,430,000		2,410,608
Mitsubishi UFJ Financial Group, Inc.(e)		2.67			7/25/2022		2,580,000		2,563,756		2,644,055
Morgan Stanley		3.70			10/23/2024		4,410,000		4,819,381		4,811,712
Morgan Stanley		4.10			5/22/2023		1,785,000		1,860,502		1,900,654
Morgan Stanley		4.35			9/8/2026		2,550,000		2,878,771		2,888,834
Natwest Group plc, 1 year CMT + 0.900%(e)		1.64	(b)		6/14/2027		1,840,000		1,840,000		1,840,983
Sberbank of Russia Via SB Capital SA(a),(e)		5.25			5/23/2023		3,150,000		3,335,412		3,328,762
Societe Generale SA, 1 year CMT + 1.100%(a),(e)		1.49	(b)		12/14/2026		4,041,000		4,039,231		4,004,404
Societe Generale SA, 1 year CMT + 1.000%(a),(e)		1.79	(b)		6/9/2027		245,000		245,000		244,515
Sumitomo Mitsui Financial Group, Inc.		2.45			9/27/2024		4,040,000		4,246,603		4,238,522
Synchrony Bank		3.00			6/15/2022		1,680,000		1,661,250		1,717,821
UBS Group AG(a),(e)		4.13			9/24/2025		4,300,000		4,751,380		4,790,200
Wells Fargo & Co., SOFR + 0.510%		0.81	(b)		5/19/2025		992,000		992,000		990,348
Wells Fargo & Co.		4.10			6/3/2026		502,000		563,453		564,026
Total Commercial Banks							126,711,000		135,347,575		136,233,068

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Commercial Services — 1.1%*:
Adani Ports & Special Economic Zone Ltd.(a),(e)		3.38	%		7/24/2024		5,878,000	$	5,971,854	$	6,108,711
Element Fleet Management Corp.(a)		1.60			4/6/2024		1,225,000		1,223,677		1,245,017
Triton Container International Ltd.(a)		2.05			4/15/2026		4,885,000		4,880,124		4,902,625
Total Commercial Services							11,988,000		12,075,655		12,256,353
Computers — 0.7%*:
Dell International LLC / EMC Corp.		4.00			7/15/2024		2,472,000		2,524,861		2,688,205
Dell International LLC / EMC Corp.		5.85			7/15/2025		1,855,000		2,080,213		2,177,547
Genpact Luxembourg Sarl		3.70			4/1/2022		2,175,000		2,178,944		2,216,514
Total Computers							6,502,000		6,784,018		7,082,266
Distribution/Wholesale — 0.7%*:
Li & Fung Ltd.(e)		4.50			8/18/2025		6,900,000		7,117,110		7,121,231
Diversified Financial Services — 4.0%*:
AerCap Ireland Capital DAC / AerCap Global Aviation Trust(e)		2.88			8/14/2024		4,960,000		4,963,876		5,188,426
AerCap Ireland Capital DAC / AerCap Global Aviation Trust		4.50			9/15/2023		1,095,000		1,090,106		1,174,001
Aircastle Ltd.		5.00			4/1/2023		4,871,000		4,991,214		5,210,110
Antares Holdings LP(a)		3.95			7/15/2026		3,550,000		3,543,294		3,695,804
Antares Holdings LP(a)		6.00			8/15/2023		2,160,000		2,200,295		2,339,356
Aviation Capital Group LLC(a)		1.95			1/30/2026		2,425,000		2,403,836		2,426,657
Avolon Holdings Funding Ltd.(a),(e)		2.88			2/15/2025		5,265,000		5,377,123		5,422,600
BGC Partners, Inc.		4.38			12/15/2025		2,615,000		2,683,454		2,830,681
Brookfield Finance Inc.(e)		4.00			4/1/2024		2,275,000		2,323,691		2,458,544
Lazard Group LLC		3.75			2/13/2025		3,430,000		3,608,104		3,742,817
LeasePlan Corp. NV(a),(e)		2.88			10/24/2024		1,502,000		1,510,407		1,577,559
Park Aerospace Holdings Ltd.(a),(e)		5.25			8/15/2022		2,465,000		2,520,112		2,579,252
SPARC EM SPC Panama Metro Line 2 SP(a),(e)		Zero Coupon			12/5/2022		970,553		954,282		948,658
Synchrony Financial		2.85			7/25/2022		2,510,000		2,511,280		2,569,166
Synchrony Financial		3.70			8/4/2026		900,000		985,077		981,655
Total Diversified Financial Services							40,993,553		41,666,151		43,145,286
Electric — 1.1%*:
Alliant Energy Finance LLC(a)		1.40			3/15/2026		1,085,000		1,083,187		1,069,236
CenterPoint Energy, Inc.		1.45			6/1/2026		1,325,000		1,321,992		1,326,535
National Central Cooling Co. PJSC(e)		2.50			10/21/2027		2,519,000		2,492,992		2,500,107
OGE Energy Corp.		0.70			5/26/2023		1,190,000		1,190,000		1,188,949
Pacific Gas and Electric Co.		1.75			6/16/2022		4,070,000		4,069,921		4,067,631
Puget Energy, Inc.		6.00			9/1/2021		1,275,000		1,281,033		1,287,150
Total Electric							11,464,000		11,439,125		11,439,608

See accompanying Notes to the Financial Statements.

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June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Gas — 0.6%*:
Atmos Energy Corp.		0.63	%		3/9/2023		1,840,000	$	1,839,938	$	1,840,546
ONE Gas, Inc.		1.10			3/11/2024		4,910,000		4,904,918		4,913,413
Total Gas							6,750,000		6,744,856		6,753,959
Housewares — 0.4%*:
Newell Brands, Inc.		4.35			4/1/2023		3,749,000		3,800,856		3,927,077
Insurance — 2.9%*:
AmTrust Financial Services, Inc.		6.13			8/15/2023		3,245,000		3,295,415		3,274,912
Athene Global Funding(a)		2.50			1/14/2025		1,610,000		1,612,213		1,678,494
Athene Global Funding(a)		2.75			6/25/2024		3,445,000		3,487,412		3,611,290
Brighthouse Financial Global Funding(a)		0.60			6/28/2023		4,000,000		3,999,363		3,998,361
Brighthouse Financial Global Funding(a)		1.00			4/12/2024		1,460,000		1,457,764		1,462,920
Brighthouse Financial Global Funding(a)		1.55			5/24/2026		2,578,000		2,572,315		2,601,524
CNO Financial Group, Inc.		5.25			5/30/2025		4,225,000		4,760,452		4,792,873
Enstar Group Ltd.		4.50			3/10/2022		2,750,000		2,760,914		2,806,163
GA Global Funding Trust(a)		1.63			1/15/2026		1,560,000		1,562,257		1,579,899
Trinity Acquisition PLC		3.50			9/15/2021		2,662,000		2,662,446		2,672,052
Unum Group		3.88			11/5/2025		2,625,000		2,682,780		2,874,105
Total Insurance							30,160,000		30,853,331		31,352,593
Internet — 0.2%*:
Weibo Corp.(e)		3.50			7/5/2024		2,300,000		2,390,892		2,424,522
Investment Company Security — 2.2%*:
Ares Capital Corp.		3.88			1/15/2026		3,765,000		4,027,734		4,034,813
Ares Capital Corp.		4.20			6/10/2024		2,610,000		2,662,208		2,804,227
BlackRock TCP Capital Corp.		3.90			8/23/2024		3,630,000		3,602,049		3,860,441
BlackRock TCP Capital Corp.		4.13			8/11/2022		1,140,000		1,138,810		1,177,857
Golub Capital BDC, Inc.		2.50			8/24/2026		1,365,000		1,361,137		1,375,221
Golub Capital BDC, Inc.		3.38			4/15/2024		1,423,000		1,485,081		1,484,729
Icahn Enterprises LP/Icahn Enterprises Finance Corp.		4.75			9/15/2024		2,350,000		2,450,078		2,455,750
Sixth Street Specialty Lending, Inc.		2.50			8/1/2026		2,325,000		2,303,525		2,357,632
Sixth Street Specialty Lending, Inc.		3.88			11/1/2024		3,360,000		3,357,555		3,566,714
Total Investment Company Security							21,968,000		22,388,177		23,117,384
Iron/Steel — 1.2%*:
Severstal OAO Via Steel Capital SA(a),(e)		3.15			9/16/2024		5,878,000		6,035,496		6,117,896
Steel Dynamics, Inc.		2.40			6/15/2025		710,000		707,844		742,710
Vale Overseas Ltd.(e)		6.25			8/10/2026		5,314,000		6,288,961		6,380,785
Total Iron/Steel							11,902,000		13,032,301		13,241,391
Leisure Time — 0.1%*:
Harley-Davidson, Inc.		3.50			7/28/2025		1,425,000		1,526,652		1,536,343

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Lodging — 0.5%*:
Las Vegas Sands Corp.		3.20	%		8/8/2024		4,595,000	$	4,604,461	$	4,822,961
Marriott International, Inc.		5.75			5/1/2025		679,000		678,979		784,027
Total Lodging							5,274,000		5,283,440		5,606,988
Machinery-Constr&Mining — 0.2%*:
Weir Group plc (The)(a),(e)		2.20			5/13/2026		2,565,000		2,559,350		2,576,598
Machinery-Diversified — 0.2%*:
CNH Industrial Capital LLC		3.88			10/15/2021		1,110,000		1,111,372		1,120,373
CNH Industrial NV(e)		4.50			8/15/2023		900,000		906,564		970,161
Total Machinery-Diversified							2,010,000		2,017,936		2,090,534
Media — 0.7%*:
Cable Onda SA(a),(e)		4.50			1/30/2030		3,220,000		3,473,932		3,386,635
Sirius XM Radio, Inc.(a)		3.88			8/1/2022		1,898,000		1,892,361		1,901,417
ViacomCBS, Inc.		4.75			5/15/2025		2,045,000		2,310,640		2,314,995
Total Media							7,163,000		7,676,933		7,603,047
Mining — 0.5%*:
Glencore Finance Canada Ltd.(a),(e)		4.25			10/25/2022		484,000		491,171		506,249
Glencore Funding LLC(a)		1.63			4/27/2026		2,450,000		2,447,516		2,459,396
Glencore Funding LLC(a),(e)		3.00			10/27/2022		730,000		729,397		750,535
Glencore Funding LLC(a),(e)		4.13			5/30/2023		1,880,000		1,903,489		1,999,637
Total Mining							5,544,000		5,571,573		5,715,817
Multi-National — 0.7%*:
Africa Finance Corp.(e)		3.13			6/16/2025		3,898,000		4,007,885		4,045,656
Eastern & Southern African Trade & Development Bank(e)		4.88			5/23/2024		3,000,000		3,167,544		3,146,400
Total Multi-National							6,898,000		7,175,429		7,192,056
Oil and Gas — 3.1%*:
Cenovus Energy, Inc.(e)		3.00			8/15/2022		2,120,000		2,142,668		2,163,019
Delek & Avner Tamar Bond Ltd.(a),(e)		5.41			12/30/2025		3,000,000		3,050,916		3,014,063
Diamondback Energy, Inc.		0.90			3/24/2023		3,195,000		3,194,723		3,196,086
EQT Corp.		3.00			10/1/2022		3,185,000		3,154,030		3,252,681
EQT Corp.		7.63			2/1/2025		2,650,000		2,833,180		3,091,199
Occidental Petroleum Corp.		5.50			12/1/2025		6,645,000		6,764,111		7,337,309
Ovintiv Exploration, Inc.		5.63			7/1/2024		3,125,000		3,363,368		3,479,691
Petroleos Mexicanos(e)		4.63			9/21/2023		7,725,000		7,939,404		8,045,105
Total Oil and Gas							31,645,000		32,442,400		33,579,153
Packaging and Containers — 0.4%*:
Berry Global, Inc.(a)		1.65			1/15/2027		3,595,000		3,591,577		3,563,868
Sealed Air Corp.(a)		5.50			9/15/2025		679,000		745,207		756,236
Total Packaging and Containers							4,274,000		4,336,784		4,320,104

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Pharmaceuticals — 0.9%*:
AbbVie, Inc.		3.80	%		3/15/2025		1,925,000	$	2,045,161	$	2,106,314
Cardinal Health, Inc., 3M USD LIBOR + 0.770%		0.89	(b)		6/15/2022		3,085,000		3,084,851		3,104,096
Mylan, Inc.(a)		3.13			1/15/2023		1,920,000		1,898,181		1,989,024
Teva Pharmaceutical Finance Netherlands III B.V.(e)		2.20			7/21/2021		1,008,000		1,006,709		1,004,311
Viatris, Inc.(a)		1.65			6/22/2025		960,000		958,306		972,539
Total Pharmaceuticals							8,898,000		8,993,208		9,176,284
Pipelines — 1.6%*:
Energy Transfer Partners LP		4.20			9/15/2023		4,315,000		4,402,144		4,614,776
EnLink Midstream Partners LP		4.40			4/1/2024		4,675,000		4,732,195		4,908,750
EQM Midstream Partners LP		4.75			7/15/2023		2,250,000		2,278,011		2,348,437
Plains All American Pipeline LP / PAA Finance Corp.		4.65			10/15/2025		4,115,000		4,451,019		4,604,514
Plains All American Pipeline LP/PAA Finance Corp.		4.50			12/15/2026		725,000		793,729		814,191
Total Pipelines							16,080,000		16,657,098		17,290,668
Private Equity — 0.2%*:
Hercules Capital, Inc.		4.63			10/23/2022		1,625,000		1,622,447		1,650,986
Real Estate — 1.2%*:
Country Garden Holdings Co. Ltd.(e)		8.00			1/27/2024		5,503,000		5,797,684		5,786,061
MAF Sukuk Ltd.(e)		4.50			11/3/2025		3,150,000		3,460,864		3,475,434
Shimao Property Holdings Ltd.(e)		6.13			2/21/2024		3,100,000		3,243,789		3,195,519
Total Real Estate							11,753,000		12,502,337		12,457,014
Real Estate Investment Trusts — 1.6%*:
Host Hotels & Resorts LP		3.75			10/15/2023		5,310,000		5,481,035		5,597,555
Service Properties Trust		4.35			10/1/2024		4,885,000		4,917,020		4,919,195
Tanger Properties LP		3.75			12/1/2024		725,000		737,332		772,762
Tanger Properties LP		3.88			12/1/2023		756,000		764,959		799,240
Trust Fibra Uno(a),(e)		5.25			1/30/2026		2,772,000		2,982,724		3,104,640
Vornado Realty LP		2.15			6/1/2026		1,685,000		1,682,737		1,708,385
Total REITS							16,133,000		16,565,807		16,901,777
Retail — 0.5%*:
Nordstrom, Inc.(a)		2.30			4/8/2024		1,160,000		1,160,000		1,163,660
QVC, Inc.		4.38			3/15/2023		4,060,000		4,059,260		4,281,229
Total Retail							5,220,000		5,219,260		5,444,889
Semiconductors — 0.4%*:
Marvell Technology, Inc.(a)		1.65			4/15/2026		2,150,000		2,145,963		2,149,706
Skyworks Solutions, Inc.		0.90			6/1/2023		1,640,000		1,639,532		1,644,789
Total Semiconductors							3,790,000		3,785,495		3,794,495

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Storage/Warehousing — 0.3%*:
GLP China Holdings Ltd.(e)		4.97	%		2/26/2024		2,977,000	$	3,113,391	$	3,194,321
Telecommunications — 2.0%*:
AT&T, Inc.		1.70			3/25/2026		2,375,000		2,371,241		2,400,489
NBN Co. Ltd.(a),(e)		1.45			5/5/2026		2,745,000		2,739,115		2,752,388
PT Tower Bersama Infrastructure Tbk(e)		4.25			1/21/2025		7,355,000		7,726,371		7,759,525
Qwest Corp.		6.75			12/1/2021		2,480,000		2,516,589		2,538,900
Sprint Communications, Inc.		9.25			4/15/2022		1,005,000		1,046,776		1,067,813
Telecom Italia SpA(a),(e)		5.30			5/30/2024		2,190,000		2,386,742		2,397,393
Telefonaktiebolaget LM Ericsson(e)		4.13			5/15/2022		2,650,000		2,653,947		2,722,875
Total Telecommunications							20,800,000		21,440,781		21,639,383
Toys/Games/Hobbies — 0.6%*:
Mattel, Inc.(a)		3.38			4/1/2026		6,280,000		6,503,072		6,515,500
Trucking and Leasing — 0.3%*:
PT Penske Truck Leasing Co. LP / L Finance Corp.(a)		1.70			6/15/2026		2,985,000		2,984,397		3,002,157
Total Corporate Bonds							509,307,553		528,272,392		536,643,914
Mortgage-Backed Securities — 14.6%*:
Angel Oak Mortgage Trust 2019-3(a)		3.24	(f)		5/25/2059		1,204,978		1,204,965		1,204,110
Angel Oak Mortgage Trust 2021-1(a)		2.22	(f)		1/25/2066		1,620,000		1,620,000		1,629,940
Angel Oak Mortgage Trust LLC 2020-5(a)		1.58	(f)		5/25/2065		1,153,270		1,153,270		1,157,277
Angel Oak Mortgage Trust LLC 2020-5(a)		2.04	(f)		5/25/2065		1,051,696		1,051,678		1,056,633
BAMLL Commercial Mortgage Securities Trust 2018-DSNY, 1M USD LIBOR + 1.350%(a)		1.42	(b)		9/15/2034		270,000		270,000		269,676
BAMLL Commercial Mortgage Securities Trust 2019-BPR(a)		4.02	(f)		11/5/2032		3,420,000		3,439,280		3,169,408
BHMS 2018-ATLS, 1M USD LIBOR + 1.500%(a)		1.57	(b)		7/15/2035		1,800,000		1,800,000		1,799,968
BX Commercial Mortgage Trust 2019-XL, 1M USD LIBOR + 1.800%(a)		1.87	(b)		10/15/2036		1,089,035		1,089,034		1,090,054
BX Commercial Mortgage Trust 2019-XL, 1M USD LIBOR + 2.000%(a)		2.07	(b)		10/15/2036		3,506,999		3,515,187		3,509,190
BX Commercial Mortgage Trust 2020-BXLP, 1M USD LIBOR + 1.250%(a)		1.32	(b)		12/15/2036		1,290,749		1,277,919		1,290,749
BX Commercial Mortgage Trust 2020-BXLP, 1M USD LIBOR + 1.600%(a)		1.67	(b)		12/15/2036		5,257,135		5,256,730		5,257,133
BX Trust, 1M USD LIBOR + 1.800%(a)		1.90	(b)		6/15/2038		1,976,000		1,976,000		1,978,373
CAMB Commercial Mortgage Trust 2019-LIFE, 1M USD LIBOR + 2.150%(a)		2.22	(b)		12/15/2037		1,499,283		1,499,283		1,502,097
Citigroup Mortgage Loan Trust 2019-IMC1(a)		3.03	(f)		7/25/2049		857,438		857,035		866,497

See accompanying Notes to the Financial Statements.

109

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SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Mortgage-Backed Securities (Continued)
Citigroup Mortgage Loan Trust 2019-IMC1(a)		3.17	% (f)		7/25/2049		3,101,000	$	3,100,435	$	3,147,250
COMM 2020-SBX Mortgage Trust(a)		2.40	(f)		1/10/2038		6,200,000		6,350,330		6,210,347
Credit Suisse Mortgage Capital Certificates 2019-ICE4, 1M USD LIBOR + 1.600%(a)		1.67	(b)		5/15/2036		960,000		960,000		961,505
Credit Suisse Mortgage Capital Certificates 2019-ICE4, 1M USD LIBOR + 2.150%(a)		2.22	(b)		5/15/2036		4,000,000		3,977,185		4,007,532
Credit Suisse Mortgage Capital Certificates 2021-NQM4-M1(a)		1.00	(f)		5/25/2066		6,023,350		6,023,319		6,023,319
CSMC 2021-NQM2(a)		1.54	(f)		2/25/2066		5,492,453		5,492,378		5,517,168
Deephaven Residential Mortgage Trust 2021-1(a)		1.13	(f)		5/25/2065		2,222,641		2,222,603		2,221,223
Extended Stay America Trust, 1M USD LIBOR + 1.380%(a)		1.46	(b)		7/15/2038		7,200,000		7,200,000		7,224,738
Extended Stay America Trust, 1M USD LIBOR + 1.700%(a)		1.78	(b)		7/15/2038		6,500,000		6,500,000		6,526,393
Extended Stay America Trust, 1M USD LIBOR + 2.250%(a)		2.33	(b)		7/15/2038		5,000,000		5,000,000		5,035,923
Federal Home Loan Mortgage Corp., SOFR + 0.900%(a)		0.92	(b)		12/25/2050		2,422,971		2,422,971		2,424,236
Federal Home Loan Mortgage Corp. STACR REMIC Trust 2021-DNA1, SOFR + 1.800%(a)		1.82	(b)		1/25/2051		2,566,000		2,566,000		2,574,342
Freddie Mac STACR Trust 2018-DNA2, 1M USD LIBOR + 0.950%(a)		1.04	(b)		12/25/2030		4,605,000		4,605,000		4,597,332
FWD Securitization Trust 2020-INV1(a)		2.85	(f)		1/25/2050		1,804,000		1,803,914		1,820,305
JP Morgan Chase Commercial Mortgage Securities Trust 2013-LC11		3.96	(f)		4/15/2046		1,015,000		1,003,108		966,754
KKR Industrial Portfolio Trust 2021-KDIP, 1M USD LIBOR + 1.550%(a)		1.62	(b)		12/15/2037		6,917,000		6,917,000		6,906,339
KNDL 2019-KNSQ Mortgage Trust, 1M USD LIBOR + 1.800%(a)		1.87	(b)		5/15/2036		865,000		865,000		865,272
Life 2021-BMR Mortgage Trust, 1M USD LIBOR + 1.750%(a)		1.82	(b)		3/15/2038		1,918,000		1,918,000		1,923,967
MHC Commercial Mortgage Trust 2021-MHC, 1M USD LIBOR + 2.101%(a)		2.17	(b)		4/15/2038		4,200,000		4,190,390		4,205,255
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7		3.77	(f)		2/15/2046		1,340,000		1,370,256		1,358,061
Morgan Stanley Capital I Trust 2012-STAR(a)		4.06	(f)		8/5/2034		1,300,000		1,300,169		1,288,369
New Residential Mortgage Loan Trust 2020-NQM1(a)		3.21	(f)		1/26/2060		2,252,000		2,252,000		2,315,730
NewRez Warehouse Securitization Trust 2021-1, 1M USD LIBOR + 1.050%(a)		1.14	(b)		5/25/2055		4,782,000		4,782,000		4,781,999
OBX 2020-INV1 Trust(a)		3.50	(f)		12/25/2049		1,404,389		1,429,341		1,432,342
OBX 2021-NQM1 Trust(a)		2.22	(f)		2/25/2066		1,798,000		1,797,951		1,805,517
One New York Plaza Trust 2020-1NYP, 1M USD LIBOR + 2.200%(a)		2.27	(b)		1/15/2026		2,787,000		2,787,000		2,814,860

See accompanying Notes to the Financial Statements.

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June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Mortgage-Backed Securities (Continued)
One New York Plaza Trust 2020-1NYP, 1M USD LIBOR + 2.750%(a)		2.82	% (b)		1/15/2026		1,874,000	$	1,874,000	$	1,895,074
Shellpoint Co-Originator Trust 2016-1 2A3(a)		3.00	(f)		10/25/2031		314,160		316,691		318,648
STACR Trust 2018-DNA3, 1M USD LIBOR + 2.100%(a)		2.19	(b)		9/25/2048		3,100,000		3,124,993		3,119,820
STAR 2021-1 Trust(a)		1.53	(f)		5/25/2065		7,456,453		7,456,453		7,448,486
Starvest Emerging Markets CBO I(a)		1.52	(f)		6/25/2056		5,298,000		5,298,000		5,297,972
Starvest Emerging Markets CBO I(a)		2.49	(f)		6/25/2056		5,582,000		5,581,913		5,581,913
Starwood Mortgage Residential Trust 2019-INV1(a)		2.92	(f)		9/27/2049		2,073,266		2,073,266		2,099,087
Starwood Mortgage Residential Trust 2020-1(a)		2.88	(f)		2/25/2050		4,700,000		4,699,874		4,771,164
Starwood Mortgage Residential Trust 2020-INV(a)		2.50	(f)		11/25/2055		2,500,000		2,499,914		2,506,127
Verus Securitization Trust 2019-INV2(a)		3.22	(f)		7/25/2059		2,074,692		2,074,667		2,103,140
Verus Securitization Trust 2019-INV3(a)		3.28	(f)		11/25/2059		1,462,000		1,461,966		1,500,545
Verus Securitization Trust 2020-4(a)		3.29	(f)		5/25/2065		2,348,000		2,347,925		2,412,271
Verus Securitization Trust 2021-1(a)		1.97	(f)		1/25/2066		2,247,000		2,246,915		2,246,819
Total Mortgage-Backed Securities							155,701,958		155,903,308		156,038,249
U.S. Treasury & Government Agencies — 0.5%*:
U.S. Treasury Bonds(g)		8.00			11/15/2021		5,000,000		5,113,467		5,147,656
Total Fixed Income							969,037,843		989,354,102		1,000,583,871

	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		65,527			163,782
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		(268,488	)		875,000
OTC – BCM Swaption	JPMorgan Chase Bank N.A.		3.11		1/31/2033		7,500,000		7,500,000		358,500		(97,125	)		261,375
Total Put Options							30,290,000		30,290,000		1,501,988		(365,613	)		1,136,375

See accompanying Notes to the Financial Statements.

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June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Short-Term Investments — 9.2%*:
Commercial Paper — 9.2%*:
Automobiles — 0.9%*:
VW Credit Inc.(e)		0.14	%		7/26/2021		$7,000,000		$6,999,319		$6,999,319
VW Credit Inc.(e)		0.36			2/11/2022		3,000,000		2,993,438		2,993,438
Total Automobiles							10,000,000		9,992,757		9,992,757
Chemicals — 0.3%*:
PPG Industries		0.22			9/24/2021		3,000,000		2,998,442		2,998,442
Commercial Services — 0.6%*:
Waste Management, Inc.		0.36			4/5/2022		3,000,000		2,991,892		2,991,892
Waste Management, Inc.		0.36			4/21/2022		3,000,000		2,991,425		2,991,425
Total Commercial Services							6,000,000		5,983,317		5,983,317
Electric — 2.9%*:
American Electric Power Co., Inc.		0.20			8/9/2021		6,000,000		5,998,700		5,998,700
Commonwealth Edison Co.		0.10			7/2/2021		5,000,000		4,999,986		4,999,986
Eaton Capital Unlimited Co.		0.19			7/8/2021		3,000,000		2,999,889		2,999,889
Evergy Kansas		0.10			7/1/2021		5,500,000		5,500,000		5,500,000
Evergy Kansas		0.13			7/1/2021		3,000,000		3,000,000		3,000,000
Public Service Enterprise Group, Inc.		0.20			8/20/2021		9,000,000		8,997,500		8,997,500
Total Electric							31,500,000		31,496,075		31,496,075
IT Services — 1.4%*:
AT&T, Inc.		0.41			12/15/2021		9,000,000		8,983,300		8,983,300
Fidelity National Information Services		0.24			7/29/2021		6,000,000		5,998,880		5,998,880
Total IT Services							15,000,000		14,982,180		14,982,180
Oil and Gas — 0.7%*:
Suncor Energy, Inc.(e)		0.23			9/9/2021		7,000,000		6,996,869		6,996,869
Pharmaceuticals — 0.9%*:
Dentsply Sirona.,Inc.		0.25			9/30/2021		10,000,000		9,993,750		9,993,750
Pipelines — 1.5%*:
Enbridge, Inc.		0.22			7/19/2021		7,000,000		6,999,230		6,999,230
Enbridge, Inc.		0.22			7/20/2021		3,000,000		2,999,652		2,999,652
TransCanada PipeLines Ltd.(e)		0.20			7/16/2021		5,500,000		5,499,541		5,499,541
Total Pipelines							15,500,000		15,498,423		15,498,423
Total Commercial Paper							98,000,000		97,941,813		97,941,813
Total Short-Term Investments							98,000,000		97,941,813		97,941,813
Total Investments							1,099,286,093		1,088,896,158		1,099,825,841
Other assets and liabilities – (3.1%)*											(33,166,375	)
Net Assets – 100.0%*											$1,066,659,466

See accompanying Notes to the Financial Statements.

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June 30, 2021

BCM Bloomberg proprietary Credit Model

MTN Medium Term Note

OTC Over the Counter

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

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

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

(b) Variable rate security. The interest rate shown is the rate in effect at June 30, 2021.

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

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

(e) Foreign security.

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

United States	77.1%
United Kingdom	2.6%
Canada	2.1%
China	1.9%
Ireland	1.8%
Switzerland	1.6%
Mexico	1.2%
Germany	1.1%
France	1.0%
Other (Individually less than 1%)	9.6%
Total	100.0%

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

(g) Security has been fully or partially segregated to cover margin requirements for open futures contracts as of June 30, 2021.

A summary of outstanding derivatives at June 30, 2021 is as follows:

Futures

TYPE	EXPIRATION DATE	CONTRACTS		NOTIONAL AMOUNT			POSITION		FAIR VALUE			UNREALIZED APPRECIATION (DEPRECIATION)
Short Futures
90 Day Euro Futures	09/13/21		9		(2,195,179	)		Short		$    (2,246,850)		$	(51,671	)
90 Day Euro Futures	03/14/22		8		(1,950,670	)		Short		(1,996,000	)		(45,330	)
90 Day Euro Futures	09/19/22		7		(1,706,137	)		Short		(1,743,613	)		(37,476	)
90 Day Euro Futures	03/13/23		6		(1,461,503	)		Short		(1,490,475	)		(28,972	)
90 Day Euro Futures	12/18/23		8		(1,946,870	)		Short		(1,977,500	)		(30,630	)
90 Day Euro Futures	12/16/24		22		(5,347,294	)		Short		(5,415,025	)		(67,731	)
U.S. 2-Year Treasury Note	09/30/21		790		(174,362,069	)		Short		(174,053,046	)		309,023
U.S. 5-Year Treasury Note	09/30/21		2,606		(322,695,495	)		Short		(321,657,767	)		1,037,728
U.S.10-Year Ultra Bond	09/21/21		111		(16,118,102	)		Short		(16,339,547	)		(221,445	)
Total Short Futures												$	863,496

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS

June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Fixed Income — 88.5%*:
Corporate Bonds — 42.4%*:
Agriculture — 2.4%*:
Amaggi Luxembourg International Sarl(a),(b)		5.25	%		1/28/2028		1,500,000		$1,500,000		$1,572,000
Kernel Holding SA(a),(b)		6.75			10/27/2027		687,000		687,000		744,021
MHP Lux SA(a),(b)		6.25			9/19/2029		270,000		274,208		268,785
PT Japfa Comfeed Indonesia Tbk(a)		5.38			3/23/2026		500,000		497,430		527,125
Total Agriculture							2,957,000		2,958,638		3,111,931
Auto Manufacturers — 0.8%*:
Uzauto Motors AJ(a),(b)		4.85			5/4/2026		991,000		991,000		996,005
Auto Parts&Equipment — 0.9%*:
Iochpe-Maxion Austria GmbH / Maxion Wheels de Mexico S de RL de CV(a),(b)		5.00			5/7/2028		494,000		486,970		499,607
Tupy Overseas SA(a),(b)		4.50			2/16/2031		643,000		643,000		638,901
Total Auto Parts&Equipment							1,137,000		1,129,970		1,138,508
Building Materials — 0.7%*:
Cemex SAB de CV, 5 year CMT + 4.534%(a),(b)		5.13	(c),(d)		–		830,000		830,000		855,149
Chemicals — 0.7%*:
Braskem Idesa SAPI(a),(b)		7.45			11/15/2029		300,000		299,094		318,003
Grupo Idesa SA de CV, PIK(a),(b)		10.13			5/22/2026		1,078,470		1,047,385		618,772
Total Chemicals							1,378,470		1,346,479		936,775
Commercial Banks — 7.8%*:
Absa Group Ltd., 5 year CMT + 5.411%(a)		6.38	(c),(d)		–		925,000		925,000		945,523
Ipoteka-Bank ATIB(a)		5.50			11/19/2025		544,000		544,000		571,132
Itau Unibanco Holding SA, 5 year CMT + 3.222%(a),(b)		4.63	(c),(d)		–		500,000		478,760		480,094
Kasikornbank PCL, 5 year CMT + 4.940%(a)		5.28	(c),(d)		–		500,000		500,000		531,031
National Bank of Greece SA, 5 year EUR Swap + 8.464%(a)		8.25	(c)		7/18/2029		750,000		844,200		997,809
Nova Ljubljanska Banka dd, 5 year EUR Swap + 3.833%(a)		3.65	(c)		11/19/2029		400,000		440,400		457,700
Oman Arab Bank SAOG, 5 year CMT + 6.807%(a)		7.63	(c),(d)		–		443,000		443,000		454,429
Piraeus Financial Holdings SA, 5 year EUR Swap + 5.774%(a)		5.50	(c)		2/19/2030		1,000,000		1,105,999		1,139,802
Piraeus Financial Holdings SA, 5 year EUR Swap + 9.195%(a)		8.75	(c),(d)		–		1,000,000		1,217,701		1,164,999
Piraeus Financial Holdings SA, 5 year EUR Swap + 9.952%(a)		9.75	(c)		6/26/2029		500,000		615,719		640,685
Sovcombank Via SovCom Capital DAC, 5 year CMT + 6.380%(a),(b)		7.75	(c),(d)		–		200,000		200,000		206,788

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Commercial Banks (Continued)
Sovcombank Via SovCom Capital DAC, 5 year CMT + 6.427%(a),(b)		8.00	% (c)		4/7/2030		1,165,000	$	1,168,747	$	1,261,112
TBC Bank JSC, 5 year USD ICE Swap + 8.995%(a),(b)		10.78	(c),(d)		–		645,000		645,000		705,187
TMB Bank PCL, 5 year CMT + 3.256%(a)		4.90	(c),(d)		–		500,000		475,949		507,281
Total Commercial Banks							9,072,000		9,604,475		10,063,572
Commercial Services — 1.3%*:
Atento Luxco 1 SA(a),(b)		8.00			2/10/2026		633,000		633,000		689,100
India Toll Roads(a),(b)		5.50			8/19/2024		999,000		999,000		971,527
Total Commercial Services							1,632,000		1,632,000		1,660,627
Cosmetics/Personal Care — 0.9%*:
Natura Cosmeticos SA(a),(b)		4.13			5/3/2028		652,000		652,000		668,300
Oriflame Investment Holding plc(a),(b)		5.13			5/4/2026		521,000		521,000		534,181
Total Cosmetics/Personal Care							1,173,000		1,173,000		1,202,481
Diversified Financial Services — 1.6%*:
Credito Real SAB de CV SOFOM ER(a),(b)		9.50			2/7/2026		500,000		484,874		466,969
Gtlk Europe Capital DAC(a)		4.80			2/26/2028		500,000		493,042		523,390
IIFL Finance Ltd.(a)		5.88			4/20/2023		1,055,000		1,008,959		1,030,712
Total Diversified Financial Services							2,055,000		1,986,875		2,021,071
Electric — 1.1%*:
FEL Energy VI Sarl(a),(b)		5.75			12/1/2040		696,232		696,232		738,006
Infraestructura Energetica Nova SAB de CV(a),(b)		4.75			1/15/2051		312,000		303,073		316,290
Infraestructura Energetica Nova SAB de CV(a),(b)		4.88			1/14/2048		328,000		272,373		335,790
Total Electric							1,336,232		1,271,678		1,390,086
Energy-Alternate Sources — 0.4%*:
Investment Energy Resources Ltd.(a),(b)		6.25			4/26/2029		492,000		492,000		531,975
Engineering&Construction — 1.9%*:
IHS Netherlands Holdco BV(a),(b)		8.00			9/18/2027		250,000		246,622		271,484
Rutas 2 and 7 Finance Ltd.(a),(b)		Zero Coupon			9/30/2036		850,000		574,750		612,000
State Agency of Roads of Ukraine(a),(b)		6.25			6/24/2028		1,528,000		1,528,000		1,524,180
Total Engineering&Construction							2,628,000		2,349,372		2,407,664
Food — 1.7%*:
Aragvi Finance International DAC(a),(b)		8.45			4/29/2026		214,000		214,000		222,493
JBS Finance Luxembourg Sarl(b)		3.63			1/15/2032		969,000		958,503		968,700
MARB BondCo plc(a),(b)		3.95			1/29/2031		500,000		485,386		480,225

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Food (Continued)
Ulker Biskuvi Sanayi AS(a),(b)		6.95	%		10/30/2025		494,000	$	494,000	$	535,812
Total Food							2,177,000		2,151,889		2,207,230
Forestry and Paper Products — 0.3%*:
Suzano Austria GmbH(a)		3.75			1/15/2031		361,000		355,321		377,245
Housewares — 0.9%*:
Turkiye Sise ve Cam Fabrikalari AS(a),(b)		6.95			3/14/2026		1,000,000		1,053,781		1,112,688
Insurance — 0.7%*:
Sagicor Financial Co. Ltd.(a),(b)		5.30			5/13/2028		884,000		884,000		913,048
Internet — 0.9%*:
B2W Digital Lux Sarl(a),(b)		4.38			12/20/2030		706,000		705,972		704,323
Meituan(a),(b)		3.05			10/28/2030		529,000		528,318		522,000
Total Internet							1,235,000		1,234,290		1,226,323
Iron/Steel — 0.7%*:
Metinvest BV(a),(b)		5.63			6/17/2025		750,000		816,777		940,103
Media — 0.8%*:
LCPR Senior Secured Financing DAC(b)		5.13			7/15/2029		978,000		978,000		1,008,983
Metal Fabricate/Hardware — 0.3%*:
HTA Group Ltd.(a),(b)		7.00			12/18/2025		416,000		414,040		442,078
Mining — 2.9%*:
First Quantum Minerals Ltd.(a),(b)		6.88			10/15/2027		610,000		610,000		664,717
First Quantum Minerals Ltd.(a),(b)		7.50			4/1/2025		250,000		247,092		259,375
Vedanta Resources Finance II plc(a),(b)		8.95			3/11/2025		1,370,000		1,370,000		1,343,285
Vedanta Resources Finance II plc(a),(b)		9.25			4/23/2026		550,000		548,297		481,353
Vedanta Resources Finance II plc(a),(b)		13.88			1/21/2024		900,000		937,285		985,050
Total Mining							3,680,000		3,712,674		3,733,780
Multi-National — 0.6%*:
Asian Development Bank, TBIB6MIR(a),(e)		3.30	(c)		7/14/2021		340,000		114,186		107,014
European Bank for Reconstruction & Development, GGRRC9MX—0.500%(a),(e)		8.00	(c)		10/29/2022		1,200,000		404,027		375,642
International Bank for Reconstruction & Development(a),(e)		7.25			11/22/2021		960,000		325,423		299,967
Total Multi-National							2,500,000		843,636		782,623
Oil and Gas — 4.5%*:
Petrobras Global Finance BV(a)		6.75			6/3/2050		300,000		294,395		348,937
Petrobras Global Finance BV(a)		6.90			3/19/2049		900,000		967,586		1,073,025
Petroleos Mexicanos(a)		5.95			1/28/2031		950,000		898,301		922,925
Petroleos Mexicanos(a)		6.95			1/28/2060		1,304,000		1,203,439		1,153,910

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Oil and Gas (Continued)
Tullow Oil plc(a),(b)		7.00	%		3/1/2025		1,840,000	$	1,331,635	$	1,631,160
Tullow Oil plc(a),(b)		10.25			5/15/2026		655,000		655,000		686,473
Total Oil and Gas							5,949,000		5,350,356		5,816,430
Oil and Gas Services — 1.5%*:
Borets Finance DAC(a),(b)		6.00			9/17/2026		531,000		531,000		557,218
Guara Norte Sarl(a),(b)		5.20			6/15/2034		1,280,906		1,280,843		1,335,345
Total Oil and Gas Services							1,811,906		1,811,843		1,892,563
Real Estate — 2.0%*:
Kaisa Group Holdings Ltd., 3 year CMT + 15.718%(a)		10.88	(c),(d)		–		1,000,000		983,750		957,375
Kaisa Group Holdings Ltd.(a)		11.25			4/9/2022		750,000		754,988		766,125
Yuzhou Group Holdings Co. Ltd.(a)		6.35			1/13/2027		802,000		802,000		618,693
Yuzhou Group Holdings Co. Ltd.(a)		8.50			2/4/2023		300,000		289,792		282,975
Total Real Estate							2,852,000		2,830,530		2,625,168
Retail — 1.7%*:
Eurotorg LLC Via Bonitron DAC(a),(b)		9.00			10/22/2025		723,000		723,000		751,486
Future Retail Ltd.(a)		5.60			1/22/2025		794,000		713,423		597,485
InRetail Consumer(a),(b)		3.25			3/22/2028		937,000		937,000		921,727
Total Retail							2,454,000		2,373,423		2,270,698
Sovereign — 0.4%*:
Ukreximbank Via Biz Finance plc, 5 year USD ICE Swap + 8.178%(a)		9.95	(c)		11/14/2029		500,000		500,000		505,100
Telecommunications — 1.0%*:
Network i2i Ltd., 5 year CMT + 4.277%(a),(b)		5.65	(c),(d)		–		400,000		374,693		427,000
Sixsigma Networks Mexico SA de CV(a),(b)		7.50			5/2/2025		500,000		460,879		442,750
VF Ukraine PAT via VFU Funding plc(a),(b)		6.20			2/11/2025		405,000		405,000		423,099
Total Telecommunications							1,305,000		1,240,572		1,292,849
Transportation — 1.0%*:
ENA Master Trust(a),(b)		4.00			5/19/2048		200,000		200,000		201,222
Georgian Railway JSC(a),(b)		4.00			6/17/2028		200,000		200,000		201,750
MV24 Capital BV(a),(b)		6.75			6/1/2034		567,732		567,732		628,763
Prumo Participacoes e Investimentos SA(a),(b)		7.50			12/31/2031		267,388		274,253		297,686
Total Transportation							1,235,120		1,241,985		1,329,421
Total Corporate Bonds							55,769,728		53,558,604		54,792,174

See accompanying Notes to the Financial Statements.

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	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Foreign Government — 46.1%*:
Albania — 0.7%*:
Albania Government International Bond(a),(b)		3.50	%		6/16/2027		740,000	$	833,411	$	940,796
Armenia — 0.5%*:
Republic of Armenia International Bond(a),(b)		3.60			2/2/2031		740,000		723,832		697,820
Belarus — 2.1%*:
Republic of Belarus International Bond(a),(b)		7.63			6/29/2027		1,000,000		1,025,817		969,563
Republic of Belarus Ministry of Finance(a),(b)		6.38			2/24/2031		2,030,000		2,039,197		1,752,905
Total Belarus							3,030,000		3,065,014		2,722,468
Brazil — 0.7%*:
Brazilian Government International Bond(a)		4.75			1/14/2050		200,000		207,911		193,912
Brazilian Government International Bond(a)		5.63			2/21/2047		700,000		797,079		764,444
Total Brazil							900,000		1,004,990		958,356
Colombia — 4.2%*:
Colombian TES(a)		7.25			10/26/2050		12,000,000,000		3,399,058		2,922,710
Colombian TES(a)		7.50			8/26/2026		8,728,000,000		2,813,257		2,456,491
Total Colombia							20,728,000,000		6,212,315		5,379,201
Costa Rica — 0.4%*:
Costa Rica Government International Bond(a),(b)		6.13			2/19/2031		500,000		510,745		529,469
Czech Republic — 0.9%*:
Czech Republic Government Bond(a)		1.50			4/24/2040		27,310,000		1,191,956		1,150,602
Egypt — 1.3%*:
Egypt Government International Bond(a),(b)		5.88			2/16/2031		1,345,000		1,324,991		1,300,867
Egypt Government International Bond(a),(b)		6.38			4/11/2031		350,000		392,822		432,210
Total Egypt							1,695,000		1,717,813		1,733,077
Georgia — 0.4%*:
Georgia Government International Bond(a),(b)		2.75			4/22/2026		540,000		536,991		547,931
Honduras — 0.7%*:
Honduras Government International Bond(a),(b)		5.63			6/24/2030		800,000		844,860		836,400
Israel — 2.6%*:
Israel Government Bond(a)		3.75			3/31/2047		1,970,000		818,503		773,218
Israel Government Bond(a)		5.50			1/31/2042		5,400,000		2,728,226		2,617,549
Total Israel							7,370,000		3,546,729		3,390,767
Ivory Coast — 1.6%*:
Ivory Coast Government International Bond(a),(b)		5.75			12/31/2032		1,016,098		1,040,390		1,015,971

See accompanying Notes to the Financial Statements.

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	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Foreign Government (Continued)
Ivory Coast (Continued)
Ivory Coast Government International Bond(a),(b)		5.88	%		10/17/2031		550,000	$	600,175	$	701,401
Ivory Coast Government International Bond(a),(b)		6.63			3/22/2048		300,000		385,002		373,578
Total Ivory Coast							1,866,098		2,025,567		2,090,950
Jordan — 1.0%*:
Jordan Government International Bond(a),(b)		5.85			7/7/2030		1,230,000		1,235,859		1,280,353
Kenya — 1.0%*:
Kenya Government International Bond(a),(b)		8.00			5/22/2032		500,000		571,816		561,500
Kenya Government International Bond(a),(b)		8.25			2/28/2048		600,000		654,936		660,675
Total Kenya							1,100,000		1,226,752		1,222,175
Macedonia — 0.6%*:
North Macedonia Government International Bond(a),(b)		3.68			6/3/2026		550,000		597,717		717,990
Malaysia — 3.8%*:
Malaysia Government Bond(a)		3.96			9/15/2025		6,002,000		1,526,284		1,525,429
Malaysia Government Bond(a)		4.07			6/15/2050		7,600,000		1,776,237		1,759,268
Malaysia Government Bond(a)		4.94			9/30/2043		6,200,000		1,766,199		1,615,058
Total Malaysia							19,802,000		5,068,720		4,899,755
Mexico — 3.8%*:
Mexican Bonos(a)		5.75			3/5/2026		48,500,000		2,538,177		2,369,162
Mexican Bonos(a)		7.75			11/13/2042		19,200,000		875,652		987,258
Mexican Bonos(a)		8.00			11/7/2047		22,000,000		1,044,408		1,159,514
Mexican Bonos(a)		8.50			5/31/2029		6,500,000		360,160		358,785
Total Mexico							96,200,000		4,818,397		4,874,719
Morocco — 0.7%*:
Morocco Government International Bond(a),(b)		2.00			9/30/2030		530,000		612,575		621,799
Morocco Government International Bond(a),(b)		5.50			12/11/2042		200,000		228,462		226,975
Total Morocco							730,000		841,037		848,774
Oman — 1.1%*:
Oman Government International Bond(a),(b)		6.25			1/25/2031		550,000		550,000		588,328
Oman Government International Bond(a),(b)		7.38			10/28/2032		730,000		815,942		831,972
Total Oman							1,280,000		1,365,942		1,420,300
Romania — 1.7%*:
Romania Government Bond(a)		3.65			9/24/2031		4,350,000		1,054,476		1,057,312
Romanian Government International Bond(a),(b)		4.63			4/3/2049		750,000		1,109,758		1,125,478
Total Romania							5,100,000		2,164,234		2,182,790

See accompanying Notes to the Financial Statements.

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	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Foreign Government (Continued)
Serbia — 0.7%*:
Serbia International Bond(a),(b)		3.13	%		5/15/2027		680,000	$	725,927	$	896,012
South Africa — 6.6%*:
Republic of South Africa Government Bond(a)		8.75			1/31/2044		61,800,000		3,439,316		3,662,920
Republic of South Africa Government Bond(a)		10.50			12/21/2026		60,700,000		4,250,210		4,828,797
Total South Africa							122,500,000		7,689,526		8,491,717
Tajikistan — 0.4%*:
Republic of Tajikistan International Bond(a),(b)		7.13			9/14/2027		615,000		515,913		562,072
Thailand — 3.2%*:
Thailand Government Bond(a)		1.60			12/17/2029		36,905,000		1,211,693		1,147,514
Thailand Government Bond(a)		2.88			12/17/2028		22,913,000		801,598		786,830
Thailand Government Bond(a)		3.30			6/17/2038		63,500,000		2,350,009		2,221,482
Total Thailand							123,318,000		4,363,300		4,155,826
Tunisia — 0.4%*:
Banque Centrale de Tunisie International Bond(a),(b)		6.38			7/15/2026		510,000		570,670		557,790
Turkey — 0.9%*:
Turkey Government Bond(a)		11.70			11/13/2030		13,817,000		1,216,142		1,216,144
Ukraine — 2.5%*:
Ukraine Government International Bond(a),(b)		7.38			9/25/2032		1,375,000		1,435,008		1,444,008
Ukraine Government International Bonds(a),(b)		9.75			11/1/2028		1,460,000		1,538,667		1,737,217
Total Ukraine							2,835,000		2,973,675		3,181,225
Uruguay — 1.4%*:
Uruguay Government International Bond(a)		3.88			7/2/2040		49,519,155		1,256,157		1,315,233
Uruguay Government International Bond(a)		4.38			12/15/2028		18,263,180		506,383		497,371
Total Uruguay							67,782,335		1,762,540		1,812,604
Uzbekistan — 0.2%*:
Republic of Uzbekistan Bond(a),(b)		3.70			11/25/2030		250,000		250,000		249,047
Total Foreign Government							21,231,790,433		59,600,574		59,547,130
Total Fixed Income							21,287,560,161		113,159,178		114,339,304

See accompanying Notes to the Financial Statements.

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June 30, 2021

	COUNTERPARTY	STRIKE PRICE		EXPIRATION DATE		CONTRACTS		NOTIONAL		COST		UNREALIZED VALUE			FAIR VALUE
Purchased Options — 0.0%*:
Call Options Purchased — 0.0%*:
USD Call, BRL Put N.A.	Bank of America		$6.32		10/1/2021		2,783,641		2,783,641		$3,062		$462			$3,524
USD Call, BRL Put	Barclays Bank plc		6.45		9/29/2021		2,783,641		2,783,641		2,533		(33	)		2,500
Total Call Options Purchased							5,567,282		5,567,282		5,595		429			6,024
Total Investments									21,293,127,443		113,164,773					114,345,328
Written Options – 0.0%*																(57,131	)
Other assets and liabilities – 11.5%*																14,887,645
Net Assets – 100.0%*																$129,175,842

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:

Mexico	9.7%
Brazil	9.4%
South Africa	8.3%
Ukraine	6.3%
Colombia	4.7%
Thailand	4.5%
Malaysia	4.3%
India	4.3%
Greece	3.4%
Belarus	3.0%
Israel	3.0%
China	2.8%
Russia	2.6%
Turkey	2.5%
Ghana	2.0%
Romania	1.9%
Ivory Coast	1.8%
United States	1.7%
Oman	1.6%
Uzbekistan	1.6%
Uruguay	1.6%
Egypt	1.5%
Georgia	1.3%
Jordan	1.1%
Kenya	1.1%
Czech Republic	1.0%
Other (Individually less than 1%)	13.0%
Total	100.0%

(b) 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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(c) Variable rate security. The interest rate shown is the rate in effect at June 30, 2021.

(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 June 30, 2021 is as follows:

	COUNTERPARTY	STRIKE PRICE		EXPIRATION DATE		CONTRACTS			NOTIONAL			COST			UNREALIZED VALUE		FAIR VALUE
Written Options — 0.0%*:
Call Options Written — 0.0%*:
OTC – BCM Swaption	Barclays Bank plc		$23.09		9/28/2021		(2,783,641	)		(2,783,641	)		$(48,240	)		$43,820		$(4,420	)
OTC – BCM Swaption	HSBC Bank USA		85.55		9/28/2021		(2,783,641	)		(2,783,641	)		(49,688	)		44,135		(5,553	)
OTC – BCM Swaption	JPMorgan Chase Bank N.A.		22.80		10/4/2021		(2,783,641	)		(2,783,641	)		(40,919	)		34,500		(6,419	)
OTC – BCM Swaption	JPMorgan Chase Bank N.A.		85.96		10/1/2021		(2,783,641	)		(2,783,641	)		(47,879	)		42,175		(5,704	)
OTC – BCM Swaption	JPMorgan Chase Bank N.A.		6.36		10/4/2021		(2,783,641	)		(2,783,641	)		(60,683	)		57,112		(3,571	)
OTC – BCM Swaption	HSBC Bank USA		6.38		9/28/2021		(2,783,641	)		(2,783,641	)		(64,093	)		61,307		(2,786	)
OTC – BCM Swaption	Barclays Bank plc		23.14		10/1/2021		(2,783,641	)		(2,783,641	)		(47,378	)		42,720		(4,657	)
OTC – BCM Swaption	Barclays Bank plc		85.58		9/29/2021		(2,783,641	)		(2,783,641	)		(47,294	)		41,576		(5,718	)
OTC – BCM Swaption	Barclays Bank plc		6.45		9/29/2021		(2,783,641	)		(2,783,641	)		(61,825	)		59,325		(2,500	)
OTC – BCM Swaption	Bank of America N.A.		6.32		10/1/2021		(2,783,641	)		(2,783,641	)		(60,127	)		56,603		(3,524	)
OTC – BCM Swaption	Bank of America N.A.		22.96		10/4/2021		(2,783,641	)		(2,783,641	)		(42,103	)		36,352		(5,751	)
OTC – BCM Swaption	Citibank N.A.		85.05		9/30/2021		(2,783,641	)		(2,783,641	)		(46,918	)		40,391		(6,528	)
Total Call Options Written													(617,147	)		560,016		(57,131	)
Total Written Options													(617,147	)		560,016		(57,131	)

Forward Foreign Currency Exchange Contracts to Buy

EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION (DEPRECIATION)
7/27/21	Morgan Stanley & Co.		AUD	2,944,404	$	2,208,435	$	2,291,120	$	(82,685	)
7/13/21	JPMorgan Chase Bank N.A.		BRL	28,936,180		5,810,565		5,137,816		672,749
8/10/21	JPMorgan Chase Bank N.A.		BRL	46,138,315		9,236,056		8,387,107		848,949
7/13/21	Citibank N.A.		CLP	1,589,883,260		2,164,252		2,243,000		(78,748	)
7/20/21	Bank of America N.A.		EUR	1,844,204		2,187,587		2,204,003		(16,416	)
8/17/21	Citibank N.A.		EUR	2,689,689		3,192,280		3,216,546		(24,266	)
7/27/21	JPMorgan Chase Bank N.A.		INR	133,400,300		1,788,894		1,746,763		42,131
7/27/21	Citibank N.A.		INR	16,866,000		226,173		225,000		1,173
8/24/21	Citibank N.A.		INR	688,824,832		9,205,758		9,281,852		(76,094	)
8/10/21	Goldman Sachs & Co.		MXN	19,672,224		982,164		961,355		20,809
7/20/21	Bank of America N.A.		PLN	28,393,349		7,447,178		7,454,847		(7,669	)
8/17/21	Bank of America N.A.		PLN	14,376,725		3,771,119		3,834,305		(63,186	)
7/20/21	Citibank N.A.		RUB	229,719,754		3,131,768		3,000,186		131,582
8/17/21	Citibank N.A.		RUB	193,640,905		2,628,916		2,572,258		56,658
8/17/21	JPMorgan Chase Bank N.A.		RUB	437,276,931		5,936,578		6,027,000		(90,422	)

See accompanying Notes to the Financial Statements.

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EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION (DEPRECIATION)
8/17/21	JPMorgan Chase Bank N.A.		UAH	28,864,264	$	1,043,502	$	1,021,925	$	21,577
Net unrealized appreciation on forward foreign currency exchange contracts to buy									$	1,356,142

Forward Foreign Currency Exchange Contracts to Sell

EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION (DEPRECIATION)
7/20/21	Morgan Stanley & Co.		CHF	5,027,004	$	5,435,750	$	5,464,686	$	28,936
8/17/21	Bank of America N.A.		CHF	2,638,984		2,855,620		2,913,318		57,698
7/27/21	JPMorgan Chase Bank N.A.		CNH	36,842,769		5,687,448		5,593,000		(94,448	)
8/10/21	BNP Paribas S.A.		COP	575,412,600		153,039		152,548		(491	)
8/10/21	Citibank N.A.		COP	18,596,100,497		4,945,877		4,899,196		(46,681	)
7/20/21	Citibank N.A.		EUR	1,844,204		2,187,587		2,212,454		24,867
8/17/21	Goldman Sachs & Co.		EUR	2,560,112		3,038,490		3,099,573		61,083
8/17/21	JPMorgan Chase Bank N.A.		EUR	1,634,401		1,939,802		2,000,000		60,198
7/20/21	HSBC Bank USA		ILS	6,968,183		2,137,678		2,126,066		(11,612	)
7/27/21	Citibank N.A.		INR	150,266,300		2,015,067		2,011,597		(3,470	)
8/24/21	Goldman Sachs & Co.		INR	688,824,832		9,205,758		9,219,982		14,224
7/27/21	Goldman Sachs & Co.		JPY	344,004,067		3,097,118		3,174,421		77,303
8/24/21	Goldman Sachs & Co.		JPY	387,114,655		3,486,049		3,557,585		71,536
7/27/21	Goldman Sachs & Co.		SGD	976,906		726,486		734,853		8,367
8/24/21	Citibank N.A.		SGD	2,045,342		1,521,032		1,537,689		16,657
7/27/21	Citibank N.A.		THB	475,668,312		14,840,442		15,202,000		361,558
7/20/21	JPMorgan Chase Bank N.A.		ZAR	86,332,236		6,032,193		5,916,611		(115,582	)
8/17/21	Bank of America N.A.		ZAR	38,207,444		2,660,325		2,694,269		33,944
Net unrealized appreciation on forward foreign currency exchange contracts to sell									$	544,087

Currency Legend

AUD	–	Australian Dollar
BRL	–	Brazilian Real
CHF	–	Swiss Franc
CLP	–	Chilean Peso
CNH	–	Chinese Yuan Renminbi
COP	–	Colombian Peso
EUR	–	Euro
HUF	–	Hungarian Forint
ILS	–	Israeli Shekel
INR	–	Indian Rupee
JPY	–	Japanese Yen
KRW	–	South Korean Won
MXN	–	Mexican Peso
PLN	–	Polish Zloty

See accompanying Notes to the Financial Statements.

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RUB	–	Russian Ruble
SGD	–	Singapore Dollar
THB	–	Thai Baht
UAH	–	Ukrainian Hryvnia
ZAR	–	South African Rand

Futures

TYPE	EXPIRATION DATE	CONTRACTS		NOTIONAL AMOUNT			POSITION		FAIR VALUE					UNREALIZED DEPRECIATION
Short Futures
U.S. 10-Year Treasury Note	09/21/21		69		(9,113,626	)		Short		$	(9,142,500	)			$	(28,874	)
U.S. Ultra Bond	09/21/21		13		(2,396,738	)		Short			(2,504,938	)				(108,200	)
Total Short Futures													$	(137,074	)

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)
BRL-CDI Rate		Pay		6.38	%		1/02/23		At Maturity		15,433,848		CME	$	158,476
ILS-TELBOR03 Rate		Receive		0.48	%		2/19/26		1Y/3M		7,300,000		LCH		2,637
BRL-CDI Rate		Pay		7.40	%		1/02/29		At Maturity		5,424,561		CME		(74,970	)
BRL-CDI Rate		Pay		5.28	%		1/02/23		At Maturity		28,007,008		CME		(97,688	)
BRL-CDI Rate		Pay		5.76	%		1/02/23		At Maturity		22,869,409		CME		(43,664	)
BRL-CDI Rate		Pay		5.86	%		1/02/23		At Maturity		11,441,936		CME		(17,828	)
KRW-KSDA Rate		Pay		1.48	%		6/24/23		3M/3M		13,571,000,000		LCH		(12,966	)
BRL-CDI Rate		Pay		6.74	%		1/02/23		At Maturity		13,050,205		CME		(2,436	)
HUF-BUBOR rate		Receive		2.67	%		5/24/25		1Y/6M		2,048,600,000		LCH		4,761
PLN-WIBOR Rate		Receive		2.24	%		5/24/26		1Y/6M		27,500,000		LCH		(42,863	)
PLN-WIBOR Rate		Receive		2.19	%		5/21/26		1Y/6M		30,900,000		LCH		(40,588	)
BRL-CDI Rate		Pay		8.71	%		1/02/29		At Maturity		11,158,731		CME		27,440
ILS-TELBOR03 Rate		Receive		1.44	%		5/19/31		1Y/3M		7,100,000		LCH		(50,954	)
HUF-BUBOR rate		Receive		2.60	%		5/22/25		1Y/6M		2,302,600,000		LCH		14,646
ILS-TELBOR03 Rate		Receive		1.42	%		5/12/31		1Y/3M		6,600,000		LCH		(45,237	)
BRL-CDI Rate		Pay		5.86	%		1/02/23		At Maturity		11,440,946		CME		(17,626	)
BRL-CDI Rate		Pay		7.49	%		1/02/29		At Maturity		9,935,952		CME		(40,253	)
BRL-CDI Rate		Pay		7.48	%		1/02/29		At Maturity		989,335		CME		(4,207	)
THB-THBFIX Rate		Pay		0.73	%		7/13/25		6M/6M		27,300,000		LCH		(2,273	)
THB-THBFIX Rate		Pay		0.72	%		7/13/25		6M/6M		27,300,000		LCH		(2,651	)
BRL-CDI Rate		Pay		5.00	%		1/02/23		At Maturity		10,352,374		CME		(27,259	)
BRL-CDI Rate		Pay		5.00	%		1/02/23		At Maturity		15,843,633		CME		(41,718	)
BRL-CDI Rate		Pay		4.98	%		1/02/23		At Maturity		7,925,069		CME		(21,528	)
THB-THBFIX Rate		Pay		1.50	%		9/08/30		6M/6M		33,191,000		LCH		(20,299	)
THB-THBFIX Rate		Pay		1.51	%		9/10/30		6M/6M		49,455,000		LCH		(29,911	)
Total Centrally Cleared Interest Rate Swaps														$	(428,959	)

See accompanying Notes to the Financial Statements.

124

Barings Emerging Markets Debt Blended Total Return Fund 2021 Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

OTC Cross Currency Swaps

NOTIONAL AMOUNT	FUND PAYS	PAY/ RECEIVE PAYMENT FREQUENCY		MATURITY DATE		COUNTERPARTY	NOTIONAL AMOUNT (USD)		FUND RECEIVES			UPFRONT PREMIUMS PAID/ (RECEIVED)			FAIR VALUE			UNREALIZED APPRECIATION (DEPRECIATION)
750,000 EUR	8.25%		1Y/6M		07/18/2029	Citibank N.A.		843,675		11.44	%	$	(525	)	$	(24,242	)	$	(23,717	)
750,000 EUR	5.63%		1Y/6M		06/17/2025	Citibank N.A.		819,150		8.12	%		(1,088	)		(49,931	)		(48,843	)
550,000 EUR	5.88%		1Y/6M		10/17/2031	Citibank N.A.	$	605,000		8.46	%		(495	)		(56,016	)		(55,521	)
400,000 EUR	3.65%		1Y/6M		11/19/2029	Citibank N.A.		440,600		6.02	%		200			(29,350	)		(29,550	)
350,000 EUR	6.38%		1Y/6M		04/11/2031	Citibank N.A.		392,700		9.37	%		(122	)		3,134			3,256
680,000 EUR	3.13%		1Y/6M		05/15/2027	Citibank N.A.		735,080		4.32	%		(339	)		(99,989	)		(99,650	)
550,000 EUR	3.68%		1Y/6M		06/03/2026	Citibank N.A.		604,450		4.79	%		(467	)		(67,227	)		(66,759	)
740,000 EUR	3.50%		1Y/6M		06/16/2027	Citibank N.A.		839,530		4.74	%		629			(61,961	)		(62,590	)
303,000 EUR	6.38%		1Y/6M		07/15/2026	Citibank N.A.		359,358		7.58	%		(136	)		(11,595	)		(11,459	)
207,000 EUR	6.38%		1Y/6M		07/15/2026	JP Morgan Chase Bank N.A.		245,088		7.58	%		818			(8,444	)		(9,262	)
362,000 EUR	2.00%		1Y/6M		09/30/2030	Citibank N.A.		429,332		3.47	%		(109	)		(8,213	)		(8,104	)
168,000 EUR	2.00%		1Y/6M		09/30/2030	Citibank N.A.		198,408		3.43	%		50			(5,478	)		(5,529	)
500,000 EUR	9.75%		1Y/6M		06/26/2024	Citibank N.A.		602,000		10.88	%		(100	)		9,514			9,614
1,000,000 EUR	5.50%		1Y/6M		02/19/2025	Citibank N.A.		1,214,500		6.71	%		(700	)		36,029			36,729
1,000,000 EUR	8.75%		6M/6M		06/16/2026	JP Morgan Chase Bank N.A.		1,218,000		10.22	%		300			39,719			39,419
Total OTC Cross Currency Swaps												$	(2,084	)	$	(334,050	)		(331,966	)

OTC – Interest Rate Swap

COUNTER- PARTY

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.

BRL 18,084,492

Pay

BRL-CDI

5.88%

At Maturity

01/02/2023

$

—

$

120,175

$

120,175

OTC Credit Default Swaps – Sell Protection⁽¹⁾

REFERENCE OBLIGATION	FIXED-DEAL RECEIVED RATE	PAYMENT FREQUENCY		MATURITY DATE		COUNTERPARTY		ORIGINAL NOTIONAL AMOUNT		CURRENT NOTIONAL AMOUNT(2)		UPFRONT PREMIUMS PAID/ (RECEIVED)			FAIR VALUE(3)			UNREALIZED APPRECIATION (DEPRECIATION)
Brazil Government International Bond	1.00%		3M		6/20/2026		Morgan Stanley & Co.		1,110,000		1,110,000	$	(72,328	)	$	(50,874	)	$	21,454
Brazil Government International Bond	1.00%		3M		6/20/2026		Morgan Stanley & Co.		1,530,000		1,530,000		(77,521	)		(46,736	)		30,785
Colombia Government International Bond	1.00%		3M		6/20/2026		Morgan Stanley & Co.		1,530,000		1,530,000		(16,347	)		(25,964	)		(9,617	)
Colombia Government International Bond	1.00%		3M		6/20/2026		Morgan Stanley & Co.		700,000		700,000		(8,330	)		(11,879	)		(3,549	)
Indonesia Government International Bond	1.00%		3M		6/20/2026		Citibank N.A.		3,080,000		3,080,000		26,744			39,020			12,276
Mexico Government International Bond	1.00%		3M		6/20/2026		Morgan Stanley & Co.		400,000		400,000		(777	)		1,350			2,127
Mexico Government International Bond	1.00%		3M		6/20/2026		Morgan Stanley & Co.		2,045,000		2,045,000		(8,943	)		6,904			15,847
Total OTC Credit Default Swaps												$	(157,502	)	$	(88,179	)	$	69,323

See accompanying Notes to the Financial Statements.

125

Barings Emerging Markets Debt Blended Total Return Fund 2021 Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

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

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

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

Abbreviation Legend

OTC	Over the Counter
BCM	Bloomberg proprietary Credit Model

See accompanying Notes to the Financial Statements.

126

Barings Global Emerging Markets Equity Fund 2021 Annual Report

SCHEDULE OF INVESTMENTS

June 30, 2021

	SHARES		COST		FAIR VALUE
Equities — 97.4%*:
Common Stocks — 97.4%*:
Communication Services — 12.3%*:
Kuaishou Technology(a),(b)		5,500		$145,941		$137,991
Mail.Ru Group Ltd.(a),(b)		5,891		145,727		133,490
NetEase, Inc.(b)		1,528		149,644		176,102
PT Telekomunikasi Indonesia Persero Tbk(b)		634,000		169,625		137,731
Tencent Holdings Ltd.(b)		14,600		604,419		1,098,154
Total Communication Services		661,519		1,215,356		1,683,468
Consumer Discretionary — 18.6%*:
Alibaba Group Holding Ltd.(a),(b)		2,798		472,522		634,530
Fix Price Group Ltd.(a),(b),(c)		4,738		46,196		41,457
Hyundai Motor Co.(b)		1,060		230,603		225,432
JD.com, Inc.(a),(b)		3,262		296,173		260,340
Li Auto, Inc.(a),(b)		4,297		143,519		150,137
Meituan(a),(b)		3,400		144,836		140,304
New Oriental Education & Technology Group, Inc.(a),(b)		4,831		74,047		39,566
Prosus NV(b)		1,999		151,129		195,480
Samsonite International SA(a),(b)		96,900		206,895		198,186
Topsports International Holdings Ltd.(b)		189,000		224,491		309,633
Via Varejo S/A(a),(b)		47,800		144,839		151,748
Yum China Holdings, Inc.(b)		3,206		186,220		212,397
Total Consumer Discretionary		363,291		2,321,470		2,559,210
Consumer Staples — 3.2%*:
Atacadao SA(b)		36,000		130,639		151,997
CP ALL Public Company Limited(b)		89,200		185,279		166,989
X5 Retail Group NV(b)		3,532		134,034		123,832
Total Consumer Staples		128,732		449,952		442,818
Energy — 3.0%*:
Reliance Industries Ltd.(b),(c)		7,307		241,603		413,576
Financials — 20.5%*:
AIA Group Ltd.(b)		21,000		174,125		261,002
Axis Bank Ltd.(a),(b)		4,245		212,873		213,523
B3 SA—Brasil Bolsa Balcao(b)		57,321		135,087		193,844
BB Seguridade Participacoes SA(b)		29,900		132,109		138,866
China Construction Bank Corp.(b)		358,000		296,614		281,723
China Pacific Insurance Group Co. Ltd.(b)		46,800		166,032		147,375
Grupo Financiero Banorte SAB de CV(b)		33,227		182,431		213,957
Hana Financial Group, Inc.(b)		7,417		253,208		303,292
HDFC Bank Ltd.(a),(b)		6,237		290,658		456,049
Ping An Insurance Group Co. of China Ltd.(b)		27,500		261,373		269,358
PT Bank Negara Indonesia Persero Tbk(b)		443,700		218,213		141,678

See accompanying Notes to the Financial Statements.

127

Barings Global Emerging Markets Equity Fund 2021 Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

	SHARES		COST		FAIR VALUE
Common Stocks (Continued)
Financials (Continued)
Sberbank of Russia PJSC(b)		11,527	$	149,452	$	192,386
Total Financials		1,046,874		2,472,175		2,813,053
Industrials — 1.1%*:
NARI Technology Co. Ltd.(b)		40,800		139,939		146,746
Information Technology — 27.7%*:
GDS Holdings Ltd.(a),(b)		1,695		176,509		133,041
Hon Hai Precision Industry Co. Ltd.(b)		52,000		201,444		209,027
Infosys Ltd.(b)		15,336		135,841		324,970
Luxshare Precision Industry Co. Ltd.(b)		21,900		178,302		155,909
MediaTek, Inc.(b)		6,000		93,974		207,160
Powertech Technology, Inc.(b)		44,000		139,191		169,762
Samsung Electronics Co. Ltd.(b)		15,943		638,132		1,142,477
Sunny Optical Technology Group Co. Ltd.(b)		5,400		62,423		170,673
Taiwan Semiconductor Manufacturing Co. Ltd.(b)		52,000		432,977		1,110,453
United Microelectronics Corp.(b)		93,000		180,841		177,238
Total Information Technology		307,274		2,239,634		3,800,710
Materials — 5.8%*:
Anglo American plc(b)		8,807		176,668		351,182
China Resources Cement Holdings Ltd.(b)		124,000		150,327		117,863
LG Chem Ltd.(b)		438		138,261		330,595
Total Materials		133,245		465,256		799,640
Real Estate — 1.3%*:
China Resources Land Ltd.(b)		36,000		121,454		145,821
Emaar Properties PJSC(b)		30,828		34,632		34,914
Total Real Estate		66,828		156,086		180,735
Utilities — 3.9%*:
China Longyuan Power Group Corp. Ltd.(b)		112,000		106,517		193,006
ENN Energy Holdings Ltd.(b)		10,200		115,237		194,166
Kunlun Energy Co. Ltd.(b)		154,000		141,348		142,014
Total Utilities		276,200		363,102		529,186
Total Common Stocks		3,032,070		10,064,573		13,369,142
Total Equities		3,032,070		10,064,573		13,369,142
Total Investments		3,032,070		10,064,573		13,369,142
Other assets and liabilities — 2.6%*						356,548
Net Assets — 100.0%*						$13,725,690

* 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.

128

Barings Global Emerging Markets Equity Fund 2021 Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

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

China	35.6%
Republic of Korea	15.0%
Taiwan	14.0%
India	10.5%
Hong Kong	7.2%
Brazil	4.7%
Russia	3.7%
South Africa	2.6%
Indonesia	2.1%
Mexico	1.6%
Netherlands	1.5%
Thailand	1.2%
Other (Individually less than 1%)	0.3%
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.

129

Barings U.S. High Yield Fund 2021 Annual Report

SCHEDULE OF INVESTMENTS

June 30, 2021

						SHARES		COST		FAIR VALUE
Equities — 0.6%*:
Common Stocks — 0.6%*:
Oil and Gas — 0.6%*:
Fieldwood Energy LLC							1,006		$35,210		$1
Fieldwood Energy LLC							4,100		88,421		4
Fieldwood Energy LLC(a)							64		3,554		3,554
Tourmaline Oil Corp.(b)							9,384		131,780		268,212
Tourmaline Oil Corp.(a),(b)							40,609		–		32,760
Total Oil and Gas							55,163		258,965		304,531
Total Common Stocks							55,163		258,965		304,531
Total Equities							55,163		258,965		304,531
	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Fixed Income — 95.5%*:
Bank Loans — 10.9%*(c):
Aerospace and Defense — 0.9%*:
AAdvantage Loyalty IP Ltd., 3M LIBOR + 4.750%		5.50	%		4/20/2028		278,582		275,878		290,213
United Airlines, Inc., 3M LIBOR + 3.750%		4.50			4/21/2028		174,327		173,476		176,457
Total Aerospace and Defense							452,909		449,354		466,670
Broadcasting and Entertainment — 0.4%*:
Clear Channel Outdoor Holdings, Inc., 3M LIBOR + 3.500%		3.69			8/21/2026		232,227		222,556		226,519
Chemicals, Plastics and Rubber — 0.2%*:
Consolidated Energy Finance SA, 3M LIBOR + 2.500%		2.60			5/7/2025		123,067		119,961		119,323
Containers, Packaging and Glass — 0.1%*:
Hoffmaster Group, Inc., 3M LIBOR + 4.000%		5.00			11/21/2023		67,823		63,680		65,228
Diversified/Conglomerate Service — 5.1%*:
CoreLogic, Inc., 3M LIBOR + 6.500%		7.00			4/13/2029		195,313		193,373		196,289
Cvent, Inc., 1M LIBOR + 3.750%		3.85			11/29/2024		409,611		398,354		403,672
Finastra USA, Inc., 6M LIBOR + 3.500%		4.50			6/13/2024		1,197,770		1,162,079		1,178,186
Finastra USA, Inc., 3M LIBOR + 7.250%		8.25			6/13/2025		525,000		512,469		530,056
Rent-A-Center, Inc., 3M LIBOR + 4.000%		4.75			2/17/2028		39,846		39,657		39,846
SonicWall U.S. Holdings, Inc., 3M LIBOR + 7.500%		7.65			5/18/2026		51,897		51,577		51,378
Spin Holdco, Inc., 3M LIBOR + 4.000%		4.75			3/1/2028		347,642		345,148		347,687
Total Diversified/Conglomerate Service							2,767,079		2,702,657		2,747,114
Electronics — 1.7%*:
Ivanti Software, Inc., 3M LIBOR + 4.750%		5.75			12/1/2027		26,671		26,412		26,675

See accompanying Notes to the Financial Statements.

130

Barings U.S. High Yield Fund 2021 Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Bank Loans (Continued)
Electronics (Continued)
Magenta Buyer LLC, 3M LIBOR + 8.250%		9.00	%		5/3/2029		107,000	$	106,732	$	105,662
McAfee Enterprise, 3M LIBOR + 5.000%		5.75			5/3/2028		401,322		397,309		400,921
Renaissance Holding Corp., 3M LIBOR + 7.000%		7.10			5/29/2026		368,428		365,458		368,060
Total Electronics							903,421		895,911		901,318
Healthcare, Education and Childcare — 0.5%*:
Radiology Partners, Inc., 1M LIBOR + 4.250%		4.32			7/9/2025		234,000		231,456		233,806
Leisure, Amusement, Entertainment — 0.6%*:
Delta 2 (LUX) Sarl, 3M LIBOR + 2.500%(b)		3.50			2/1/2024		129,011		127,138		128,225
MSG National Properties LLC, 3M LIBOR + 6.250%		7.00			11/12/2025		200,519		208,039		206,535
Total Leisure, Amusement, Entertainment							329,530		335,177		334,760
Retail Stores — 0.5%*:
Great Outdoors Group LLC, 6M LIBOR + 4.250%		5.00			3/6/2028		259,885		258,642		260,535
Telecommunications — 0.9%*:
Syniverse Holdings, Inc., 3M LIBOR + 5.000%		6.00			3/9/2023		489,705		455,198		484,382
Total Bank Loans							5,859,646		5,734,592		5,839,655
Corporate Bonds — 84.6%*:
Aerospace and Defense — 3.6%*:
American Airlines Inc/AAdvantage Loyalty IP Ltd.(d)		5.50			4/20/2026		357,000		357,000		377,974
American Airlines Inc/AAdvantage Loyalty IP Ltd.(d)		5.75			4/20/2029		114,000		114,000		123,073
American Airlines, Inc.(d)		11.75			7/15/2025		161,000		166,452		202,055
TransDigm, Inc.(d)		8.00			12/15/2025		221,000		221,000		238,791
Triumph Group, Inc.(d)		6.25			9/15/2024		216,000		216,000		219,240
Triumph Group, Inc.		7.75			8/15/2025		595,000		597,441		612,082
United Airlines, Inc.(d)		4.38			4/15/2026		66,000		66,000		68,310
United Airlines, Inc.(d)		4.63			4/15/2029		70,000		70,000		72,450
Total Aerospace and Defense							1,800,000		1,807,893		1,913,975
Automobile — 3.1%*:
Adient Global Holdings Ltd.(d)		4.88			8/15/2026		67,000		63,253		68,958
Clarios Global LP(d)		6.75			5/15/2025		75,000		75,000		79,874
Clarios Global LP/Clarios US Finance Co.(d)		8.50			5/15/2027		236,000		245,922		257,287
Ford Motor Co.		7.45			7/16/2031		190,000		220,396		249,850
Ford Motor Co.		8.50			4/21/2023		257,000		257,000		286,799
Ford Motor Co.		9.63			4/22/2030		235,000		242,520		337,225
Gates Global LLC / Gates Global Co.(d)		6.25			1/15/2026		106,000		106,000		111,037
JB Poindexter & Co., Inc.(d)		7.13			4/15/2026		250,000		262,435		264,375
Total Automobile							1,416,000		1,472,526		1,655,405

See accompanying Notes to the Financial Statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Beverage, Food and Tobacco — 2.7%*:
JBS Finance Luxembourg Sarl(d)		3.63	%		1/15/2032		233,000	$	230,476	$	232,928
JBS USA Food Co(d)		7.00			1/15/2026		200,000		201,838		212,000
JBS USA LUX SA/JBS USA Finance, Inc.(d)		6.75			2/15/2028		250,000		250,000		274,687
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.(d)		5.50			1/15/2030		125,000		125,000		139,798
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.(d)		6.50			4/15/2029		500,000		500,000		561,880
Welbilt, Inc.		9.50			2/15/2024		54,000		54,809		56,549
Total Beverage, Food and Tobacco							1,362,000		1,362,123		1,477,842
Broadcasting and Entertainment — 3.8%*:
Altice USA, Inc.(d)		5.75			1/15/2030		147,000		152,324		152,696
Banijay Entertainment SASU(b),(d)		5.38			3/1/2025		170,000		170,000		175,525
Clear Channel Outdoor Holdings, Inc.(d)		7.50			6/1/2029		138,000		138,052		142,876
Clear Channel Outdoor Holdings, Inc.(d)		7.75			4/15/2028		192,000		192,908		201,124
Clear Channel Worldwide Holdings, Inc.(d)		5.13			8/15/2027		201,000		201,000		204,994
DISH DBS Corp.		5.00			3/15/2023		79,000		78,316		82,684
DISH Network Corp.		3.38			8/15/2026		267,000		255,859		272,474
iHeartCommunications, Inc.		8.38			5/1/2027		194,000		192,855		207,823
Nexstar Broadcasting, Inc.(d)		4.75			11/1/2028		50,000		51,584		51,375
Outfront Media Capital LLC / Outfront Media Capital Corp.(d)		4.25			1/15/2029		133,000		133,000		133,831
Radiate Holdco LLC / Radiate Finance, Inc.(d)		6.50			9/15/2028		138,000		141,516		144,962
Terrier Media Buyer, Inc.(d)		8.88			12/15/2027		261,000		261,000		282,300
Total Broadcasting and Entertainment							1,970,000		1,968,414		2,052,664
Buildings and Real Estate — 4.0%*:
Arcosa, Inc.(d)		4.38			4/15/2029		60,000		60,000		61,050
Brookfield Residential Properties, Inc./Brookfield Residential US Corp.(b),(d)		4.88			2/15/2030		183,000		183,000		181,225
CP Atlas Buyer, Inc.(d)		7.00			12/1/2028		32,000		32,000		33,160
Empire Communities Corp.(d)		7.00			12/15/2025		115,000		115,000		120,750
Mattamy Group Corp.(b),(d)		4.63			3/1/2030		330,000		329,186		337,095
Mattamy Group Corp.(b),(d)		5.25			12/15/2027		25,000		25,000		26,125
New Enterprise Stone & Lime Co., Inc.(d)		9.75			7/15/2028		250,000		250,000		280,000
Park River Holdings, Inc.(d)		5.63			2/1/2029		96,000		96,000		93,348
Realogy Group LLC / Realogy Co-Issuer Corp.(d)		5.75			1/15/2029		195,000		195,000		203,851
RLJ Lodging Trust LP(d)		3.75			7/1/2026		60,000		60,000		60,600
Service Properties Trust		3.95			1/15/2028		29,000		25,308		27,333
Service Properties Trust		4.38			2/15/2030		47,000		41,129		44,768
Service Properties Trust		4.95			2/15/2027		23,000		21,356		22,885
Service Properties Trust		5.50			12/15/2027		127,000		127,000		135,607
Service Properties Trust		7.50			9/15/2025		200,000		207,245		226,515
STL Holding Co. LLC(d)		7.50			2/15/2026		175,000		175,000		184,187
Tri Pointe Homes Inc		5.70			6/15/2028		121,000		121,000		133,402
Total Buildings and Real Estate							2,068,000		2,063,224		2,171,901

See accompanying Notes to the Financial Statements.

132

Barings U.S. High Yield Fund 2021 Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Cargo Transport — 1.3%*:
Kenan Advantage Group, Inc. (The)(d)		7.88	%		7/31/2023		700,000	$	700,000	$	698,950
Chemicals, Plastics and Rubber — 1.9%*:
CF Industries, Inc.		4.95			6/1/2043		23,000		23,083		27,188
CF Industries, Inc.		5.38			3/15/2044		48,000		47,192		59,482
Consolidated Energy Finance SA(d)		6.88			6/15/2025		361,000		360,078		367,740
Kraton Polymers LLC / Kraton Polymers Capital Corp.(d)		4.25			12/15/2025		91,000		91,000		92,820
LBC Tank Terminals Holding Netherlands BV(d)		6.88			5/15/2023		250,000		247,018		249,375
Nouryon Holding BV(b),(d)		8.00			10/1/2026		56,000		54,988		59,360
Univar Solutions USA, Inc.(d)		5.13			12/1/2027		177,000		177,000		186,071
Total Chemicals, Plastics and Rubber							1,006,000		1,000,359		1,042,036
Containers, Packaging and Glass — 0.9%*:
Mauser Packaging Solutions Holding Co.(d)		7.25			4/15/2025		302,000		292,949		295,960
Trident TPI Holdings, Inc.(d)		9.25			8/1/2024		171,000		167,452		178,695
Total Containers, Packaging and Glass							473,000		460,401		474,655
Diversified/Conglomerate Manufacturing — 0.6%*:
Alta Equipment Group, Inc.(d)		5.63			4/15/2026		33,000		33,000		33,864
Avaya Holdings Corp.		2.25			6/15/2023		136,000		135,529		158,780
Avaya, Inc.(d)		6.13			9/15/2028		62,000		62,000		66,358
Core & Main Holdings LP, 8.625% CASH / 9.375% PIK(d)		8.63			9/15/2024		43,000		42,744		43,860
Total Diversified/Conglomerate Manufacturing							274,000		273,273		302,862
Diversified/Conglomerate Service — 2.2%*:
Atlantica Sustainable Infrastructure plc(b),(d)		4.13			6/15/2028		53,000		53,000		53,996
Austin BidCo, Inc.(d)		7.13			12/15/2028		75,000		75,000		76,852
Endure Digital, Inc.(d)		6.00			2/15/2029		200,000		200,000		198,000
Everi Holdings, Inc.		5.00			7/15/2029		31,000		31,000		31,000
Iron Mountain, Inc.(d)		5.25			7/15/2030		235,000		235,000		248,766
Prime Security Services Borrower LLC / Prime Finance, Inc.(d)		6.25			1/15/2028		206,000		204,490		219,132
Rent-A-Center, Inc.(d)		6.38			2/15/2029		63,000		63,000		67,646
Sabre GLBL, Inc.(d)		9.25			4/15/2025		50,000		50,000		59,442
Uber Technologies, Inc.(d)		6.25			1/15/2028		127,000		127,000		136,679
WASH Multifamily Acquisition, Inc.(d)		5.75			4/15/2026		68,000		68,000		70,999
Total Diversified/Conglomerate Service							1,108,000		1,106,490		1,162,512
Electronics — 2.5%*:
BY Crown Parent LLC(d)		7.38			10/15/2024		96,000		96,000		97,728
Imola Merger Corp.(d)		4.75			5/15/2029		44,000		44,000		45,265
Veritas US, Inc. / Veritas Bermuda Ltd.(d)		7.50			9/1/2025		125,000		127,665		130,156

See accompanying Notes to the Financial Statements.

133

Barings U.S. High Yield Fund 2021 Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Electronics (Continued)
Veritas US, Inc. / Veritas Bermuda Ltd.(d)		10.50	%		2/1/2024		1,057,000	$	1,005,711	$	1,084,979
Total Electronics							1,322,000		1,273,376		1,358,128
Finance — 5.7%*:
Alliance Data Systems Corp.(d)		7.00			1/15/2026		78,000		77,979		83,558
Aretec Escrow Issuer, Inc.(d)		7.50			4/1/2029		110,000		110,000		113,025
Ford Motor Credit Co. LLC		4.13			8/17/2027		225,000		225,000		238,675
Ford Motor Credit Co. LLC		4.13			8/4/2025		200,000		164,555		213,748
Ford Motor Credit Co. LLC		5.13			6/16/2025		233,000		233,000		256,591
Global Aircraft Leasing Co. Ltd.(d)		6.50			9/15/2024		714,105		699,653		717,950
Icahn Enterprises LP / Icahn Enterprises Finance Corp.		6.25			5/15/2026		500,000		500,000		530,500
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.(d)		4.75			6/15/2029		239,000		239,000		239,299
Midcap Financial Issuer Trust(d)		6.50			5/1/2028		80,000		80,000		83,723
OneMain Finance Corp.		4.00			9/15/2030		160,000		160,000		158,349
OneMain Finance Corp.		5.38			11/15/2029		302,000		303,836		328,498
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer(d)		5.88			10/1/2028		81,000		81,000		86,255
Total Finance							2,922,105		2,874,023		3,050,171
Healthcare, Education and Childcare — 7.3%*:
AdaptHealth LLC(d)		4.63			8/1/2029		94,000		92,720		95,175
AHP Health Partners, Inc.(d)		5.75			7/15/2029		112,000		112,000		113,540
Bausch Health Cos., Inc.(d)		8.50			1/31/2027		175,000		179,627		190,207
Bausch Health Cos., Inc.(d)		4.88			6/1/2028		163,000		163,369		166,464
Bausch Health Cos., Inc.(d)		5.00			1/30/2028		130,000		130,000		123,317
Bausch Health Cos., Inc.(d)		5.00			2/15/2029		253,000		253,000		235,922
Bausch Health Cos., Inc.(d)		5.25			1/30/2030		188,000		188,000		174,840
Bausch Health Cos., Inc.(d)		5.25			2/15/2031		405,000		394,888		378,047
Bausch Health Cos., Inc.(d)		6.25			2/15/2029		134,000		131,176		132,533
Centene Corp.		4.63			12/15/2029		209,000		209,000		229,852
CHS/Community Health Systems, Inc.(d)		4.75			2/15/2031		99,000		99,000		99,124
CHS/Community Health Systems, Inc.(d)		5.63			3/15/2027		71,000		71,000		75,615
CHS/Community Health Systems, Inc.(d)		6.00			1/15/2029		33,000		33,000		35,310
CHS/Community Health Systems, Inc.(d)		6.13			4/1/2030		128,000		128,000		129,920
Emergent BioSolutions, Inc.(d)		3.88			8/15/2028		425,000		411,343		416,296
ModivCare, Inc.(d)		5.88			11/15/2025		142,000		143,211		151,943
Molina Healthcare, Inc.(d)		4.38			6/15/2028		165,000		165,000		172,012
Par Pharmaceutical, Inc.(d)		7.50			4/1/2027		300,000		300,000		306,750
Radiology Partners, Inc.(d)		9.25			2/1/2028		176,000		176,000		194,480
RP Escrow Issuer LLC(d)		5.25			12/15/2025		181,000		181,000		188,919
Tenet Healthcare Corp.(d)		4.88			1/1/2026		125,000		125,000		129,650
Tenet Healthcare Corp.(d)		6.13			10/1/2028		150,000		150,000		160,020
Total Healthcare, Education and Childcare							3,858,000		3,836,334		3,899,936

See accompanying Notes to the Financial Statements.

134

Barings U.S. High Yield Fund 2021 Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Home and Office Furnishings, Housewares, and Durable Consumer Products — 1.6%*:
BCPE Ulysses Intermediate, Inc., 7.750% CASH / 8.500% PIK(d)		7.75	%		4/1/2027		257,000	$	258,931	$	263,425
Resideo Funding, Inc.(d)		6.13			11/1/2026		125,000		123,259		131,250
Staples, Inc.(d)		7.50			4/15/2026		253,000		259,855		262,487
Staples, Inc.(d)		10.75			4/15/2027		190,000		195,569		193,164
Total Home and Office Furnishings, Housewares, and Durable Consumer Products							825,000		837,614		850,326
Hotels, Motels, Inns and Gaming — 3.3%*:
Caesars Entertainment, Inc.(d)		6.25			7/1/2025		125,000		125,000		132,557
Caesars Entertainment, Inc.(d)		8.13			7/1/2027		300,000		298,102		333,660
Caesars Resort Collection LLC/CRC Finco, Inc.(d)		5.75			7/1/2025		125,000		125,000		131,719
CCM Merger, Inc.(d)		6.38			5/1/2026		159,000		159,000		166,950
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower ESC(d)		4.88			7/1/2031		110,000		110,000		109,863
Scientific Games International, Inc.(d)		7.25			11/15/2029		60,000		51,259		67,680
Scientific Games International, Inc.(d)		8.63			7/1/2025		65,000		65,000		71,175
Travel & Leisure Co.(d)		6.63			7/31/2026		170,000		170,000		192,610
Wyndham Hotels & Resorts, Inc.(d)		4.38			8/15/2028		125,000		125,000		129,575
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.(d)		5.50			3/1/2025		250,000		248,071		269,215
Wynn Macau Ltd.(b),(d)		5.13			12/15/2029		188,000		188,000		193,640
Total Hotels, Motels, Inns and Gaming							1,677,000		1,664,432		1,798,644
Insurance — 0.5%*:
Highlands Holdings Bond Issuer Ltd. / Highlands Holdings Bond Co-Issuer, Inc., 7.625% CASH 8.375% PIK(d)		7.63			10/15/2025		250,000		250,000		264,460
Leisure, Amusement, Entertainment — 2.0%*:
Carnival Corp.(d)		5.75			3/1/2027		275,000		275,000		288,062
Carnival Corp.(d)		7.63			3/1/2026		85,000		85,000		92,331
Live Nation Entertainment, Inc.(d)		4.75			10/15/2027		50,000		49,147		51,875
NCL Corp. Ltd.(d)		5.88			3/15/2026		267,000		267,000		279,683
NCL Finance Ltd.(d)		6.13			3/15/2028		56,000		56,000		58,685
RHP Hotel Properties LP / RHP Finance Corp.		4.75			10/15/2027		296,000		296,000		304,007
Total Leisure, Amusement, Entertainment							1,029,000		1,028,147		1,074,643
Machinery Non-Agriculture, Non-Construction, Non-Electronic — 0.6%*:
Diebold Nixdorf, Inc.(d)		9.38			7/15/2025		276,000		288,629		306,015
Mining, Steel, Iron and Non-Precious Metals — 5.5%*:
Atkore, Inc.(d)		4.25			6/1/2031		191,000		191,000		193,445
Compass Minerals International, Inc.(d)		4.88			7/15/2024		124,000		119,037		128,030

See accompanying Notes to the Financial Statements.

135

Barings U.S. High Yield Fund 2021 Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Mining, Steel, Iron and Non-Precious Metals (Continued)
Coronado Finance Pty Ltd.(b),(d)		10.75	%		5/15/2026		150,000	$	147,242	$	159,750
First Quantum Minerals Ltd.(b),(d)		6.88			3/1/2026		229,000		229,000		239,877
First Quantum Minerals Ltd.(b),(d)		6.88			10/15/2027		250,000		250,000		272,425
First Quantum Minerals Ltd.(b),(d)		7.50			4/1/2025		158,000		152,674		163,925
Freeport-McMoRan, Inc.		4.13			3/1/2028		28,000		27,127		29,225
Freeport-McMoRan, Inc.		4.38			8/1/2028		125,000		125,000		132,031
Freeport-McMoRan, Inc.		4.63			8/1/2030		82,000		82,000		89,790
Hecla Mining Co.		7.25			2/15/2028		228,000		246,019		249,090
Hudbay Minerals, Inc.(b),(d)		6.13			4/1/2029		111,000		111,000		118,215
Kinross Gold Corp.		6.88			9/1/2041		99,000		98,547		138,428
Peabody Energy Corp.(d)		8.50			12/31/2024		113,000		72,560		84,750
PIC AU Holdings LLC / PIC AU Holdings Corp.(b),(d)		10.00			12/31/2024		248,000		232,152		246,450
SunCoke Energy Partners LP(d)		7.50			6/15/2025		171,000		168,813		177,592
Warrior Met Coal, Inc.(d)		8.00			11/1/2024		540,000		546,176		548,100
Total Mining, Steel, Iron and Non-Precious Metals							2,847,000		2,798,347		2,971,123
Oil and Gas — 16.6%*:
Antero Midstream Partners LP / Antero Midstream Finance Corp.(d)		5.38			6/15/2029		469,000		469,000		488,932
Antero Resources Corp.(d)		5.38			3/1/2030		58,000		58,000		59,197
Antero Resources Corp.(d)		7.63			2/1/2029		71,000		71,000		78,810
Antero Resources Corp.(d)		8.38			7/15/2026		78,000		78,000		88,725
Apache Corp.		4.75			4/15/2043		67,000		61,902		68,422
Apache Corp.		5.10			9/1/2040		51,000		41,562		53,423
Apache Corp.		5.35			7/1/2049		78,000		62,703		82,095
Buckeye Partners LP		5.85			11/15/2043		26,000		21,853		25,805
Cheniere Energy Partners LP		5.63			10/1/2026		250,000		250,000		259,375
Chesapeake Energy Corp.(d)		5.50			2/1/2026		85,000		85,000		89,675
Chesapeake Energy Corp.(d)		5.88			2/1/2029		43,000		43,000		46,546
Comstock Resources, Inc.(d)		5.88			1/15/2030		63,000		63,060		64,260
Comstock Resources, Inc.(d)		6.75			3/1/2029		69,000		71,033		73,501
CVR Energy, Inc.(d)		5.25			2/15/2025		245,000		245,000		245,125
CVR Energy, Inc.(d)		5.75			2/15/2028		188,000		188,000		189,448
DCP Midstream Operating LP(d)		6.45			11/3/2036		4,000		3,323		4,680
EnLink Midstream Partners LP		4.15			6/1/2025		67,000		63,442		70,172
EnLink Midstream Partners LP		4.85			7/15/2026		23,000		20,297		23,805
EnLink Midstream Partners LP		5.45			6/1/2047		102,000		82,501		90,525
EnLink Midstream Partners LP		5.60			4/1/2044		191,000		129,729		172,855
EQM Midstream Partners LP(d)		4.50			1/15/2029		149,000		149,000		151,589
EQM Midstream Partners LP(d)		4.75			1/15/2031		134,000		134,000		138,079
EQM Midstream Partners LP(d)		6.00			7/1/2025		145,000		145,000		157,687
EQM Midstream Partners LP(d)		6.50			7/1/2027		119,000		119,000		132,685
EQT Corp.		8.50			2/1/2030		29,000		35,530		37,784

See accompanying Notes to the Financial Statements.

136

Barings U.S. High Yield Fund 2021 Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Oil and Gas (Continued)
Genesis Energy LP / Genesis Energy Finance Corp.		5.63	%		6/15/2024		56,000	$	52,592	$	56,140
Genesis Energy LP / Genesis Energy Finance Corp.		6.50			10/1/2025		390,000		374,269		393,412
Genesis Energy LP / Genesis Energy Finance Corp.		8.00			1/15/2027		252,000		252,000		264,757
Harvest Midstream I LP(d)		7.50			9/1/2028		262,000		266,218		284,532
Hilcorp Energy I LP / Hilcorp Finance Co.(d)		5.75			10/1/2025		17,000		11,131		17,255
Hilcorp Energy I LP / Hilcorp Finance Co.(d)		5.75			2/1/2029		65,000		65,000		67,742
Hilcorp Energy I LP / Hilcorp Finance Co.(d)		6.00			2/1/2031		50,000		50,000		52,955
Hilcorp Energy I LP / Hilcorp Finance Co.(d)		6.25			11/1/2028		142,000		124,639		150,875
ITT Holdings LLC(d)		6.50			8/1/2029		244,000		244,000		249,273
MEG Energy Corp.(b),(d)		7.13			2/1/2027		270,000		270,000		287,638
Murphy Oil Corp.		6.38			7/15/2028		100,000		100,000		105,435
Nabors Industries Ltd.(d)		7.25			1/15/2026		150,000		144,349		147,000
Nabors Industries Ltd.(d)		7.50			1/15/2028		72,000		72,000		69,120
Neptune Energy Bondco PLC(b),(d)		6.63			5/15/2025		242,000		242,118		248,461
NGL Energy Operating LLC / NGL Energy Finance Corp.(d)		7.50			2/1/2026		305,000		316,166		320,250
Occidental Petroleum Corp.		2.70			2/15/2023		14,000		10,339		14,311
Occidental Petroleum Corp.		2.90			8/15/2024		38,000		24,796		38,855
Occidental Petroleum Corp.		3.50			6/15/2025		75,000		57,327		76,688
Occidental Petroleum Corp.		4.20			3/15/2048		12,000		8,570		11,220
Occidental Petroleum Corp.		4.40			4/15/2046		78,000		55,932		74,919
Occidental Petroleum Corp.		4.40			8/15/2049		31,000		22,275		29,760
Occidental Petroleum Corp.		4.50			7/15/2044		32,000		23,280		30,800
Occidental Petroleum Corp.		5.88			9/1/2025		193,000		193,113		214,712
Occidental Petroleum Corp.		6.13			1/1/2031		299,000		309,127		350,951
Occidental Petroleum Corp.		6.20			3/15/2040		217,000		198,344		245,366
Occidental Petroleum Corp.		6.38			9/1/2028		155,000		154,507		180,962
Occidental Petroleum Corp.		6.45			9/15/2036		86,000		79,222		102,822
Occidental Petroleum Corp.		6.60			3/15/2046		139,000		113,792		165,229
Occidental Petroleum Corp.		6.95			7/1/2024		36,000		23,771		40,553
Parkland Fuel Corp.(b),(d)		5.88			7/15/2027		125,000		125,000		133,234
PBF Holding Co. LLC / PBF Finance Corp.		6.00			2/15/2028		463,000		463,000		317,155
PBF Holding Co. LLC / PBF Finance Corp.		7.25			6/15/2025		215,000		220,223		164,475
Range Resources Corp.(d)		8.25			1/15/2029		87,000		87,761		98,093
Superior Plus LP / Superior General Partner, Inc.(d)		4.50			3/15/2029		87,000		87,000		89,612
Targa Resources Partners LP / Targa Resources Partners Finance Corp.(d)		4.88			2/1/2031		227,000		227,000		245,727
Targa Resources Partners LP / Targa Resources Partners Finance Corp.		5.50			3/1/2030		6,000		5,459		6,598
Targa Resources Partners LP / Targa Resources Partners Finance Corp.		6.88			1/15/2029		24,000		23,782		27,039
Transocean Guardian Ltd.(d)		5.88			1/15/2024		19,575		18,288		19,037
Transocean Poseidon Ltd.(d)		6.88			2/1/2027		17,000		16,088		17,000
Transocean, Inc.(d)		7.25			11/1/2025		163,000		122,098		141,810
Transocean, Inc.(d)		7.50			1/15/2026		87,000		62,427		74,820

See accompanying Notes to the Financial Statements.

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June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Oil and Gas (Continued)
Transocean, Inc.(d)		8.00	%		2/1/2027		124,000	$	103,850	$	104,160
Western Midstream Operating LP		5.30			2/1/2030		56,000		50,263		62,720
Western Midstream Operating LP		5.30			3/1/2048		157,000		121,284		167,205
Western Midstream Operating LP		5.45			4/1/2044		79,000		64,752		85,123
Total Oil and Gas							8,762,575		8,348,087		8,939,001
Personal and Non-Durable Consumer Products Mfg. Only — 0.3%*:
Clearwater Paper Corp.(d)		4.75			8/15/2028		177,000		177,000		176,336
Personal Transportation — 0.3%*:
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.(d)		6.50			6/20/2027		150,000		148,344		165,150
Personal, Food and Miscellaneous — 0.3%*:
Simmons Foods Inc / Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed(d)		4.63			3/1/2029		153,000		153,000		154,330
Printing and Publishing — 1.5%*:
Cimpress plc(d)		7.00			6/15/2026		427,000		445,127		450,131
McGraw Hill LLC / McGraw-Hill Global Education Finance, Inc.(d)		8.00			11/30/2024		263,000		266,024		268,917
Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc.(d)		10.75			6/1/2028		74,000		81,643		83,250
Total Printing and Publishing							764,000		792,794		802,298
Retail Stores — 2.5%*:
Ambience Merger Sub, Inc.(d)		7.13			7/15/2029		162,000		162,000		163,417
L Brands, Inc.		6.75			7/1/2036		52,000		62,860		65,130
L Brands, Inc.		6.88			11/1/2035		160,000		193,331		202,800
Macy’s Retail Holdings LLC(d)		5.88			4/1/2029		24,000		24,000		25,810
Magic Mergeco, Inc.(d)		5.25			5/1/2028		91,000		91,000		93,360
Magic Mergeco, Inc.(d)		7.88			5/1/2029		223,000		223,000		229,969
NMG Holding Co., Inc. / Neiman Marcus Group LLC(d)		7.13			4/1/2026		263,000		266,077		280,095
Nordstrom, Inc.		4.00			3/15/2027		35,000		35,164		36,334
Nordstrom, Inc.		4.38			4/1/2030		35,000		35,042		36,505
Nordstrom, Inc.		5.00			1/15/2044		186,000		179,291		186,159
Total Retail Stores							1,231,000		1,271,765		1,319,579
Telecommunications — 9.0%*:
Altice Financing SA(b),(d)		5.00			1/15/2028		107,000		107,000		104,878
Altice France SA(b),(d)		5.13			7/15/2029		221,000		221,000		222,083
Banff Merger Sub, Inc.(d)		9.75			9/1/2026		185,000		183,655		194,712
Boxer Parent Co., Inc.(d)		9.13			3/1/2026		158,000		158,000		166,772
CCO Holdings LLC / CCO Holdings Capital Corp.		4.50			5/1/2032		215,000		222,685		222,794

See accompanying Notes to the Financial Statements.

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June 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Corporate Bonds (Continued)
Telecommunications (Continued)
CommScope Technologies LLC(d)		5.00	%		3/15/2027		305,000	$	294,939	$	312,244
CommScope Technologies LLC(d)		6.00			6/15/2025		34,000		30,899		34,723
Consolidated Communications, Inc.(d)		6.50			10/1/2028		250,000		250,000		268,937
Frontier Communications Holdings LLC(d)		5.00			5/1/2028		200,000		200,000		206,766
Frontier Communications Holdings LLC(d)		6.75			5/1/2029		119,000		119,000		126,529
Hughes Satellite Systems Corp.		6.63			8/1/2026		426,000		429,877		477,652
LCPR Senior Secured Financing DAC(d)		5.13			7/15/2029		245,000		245,000		252,762
LCPR Senior Secured Financing DAC(b),(d)		6.75			10/15/2027		200,000		200,000		215,497
Midcontinent Communications / Midcontinent Finance Corp.(d)		5.38			8/15/2027		149,000		149,000		156,453
Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc.(d)		6.00			2/15/2028		162,000		162,000		162,355
Sprint Capital Corp.		6.88			11/15/2028		648,000		652,930		831,060
Sprint Capital Corp.		8.75			3/15/2032		52,000		72,310		79,040
Telecom Italia Capital SA(b)		6.00			9/30/2034		62,000		71,785		71,533
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC(d)		7.13			12/15/2024		23,000		22,899		23,776
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC(d)		7.88			2/15/2025		13,000		13,727		13,894
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC(d)		4.75			4/15/2028		99,000		99,000		98,752
Virgin Media Finance plc(b),(d)		5.00			7/15/2030		117,000		117,000		117,585
Virgin Media Secured Finance plc(b),(d)		4.50			8/15/2030		250,000		254,779		251,875
Windstream Escrow LLC / Windstream Escrow Finance Corp.(d)		7.75			8/15/2028		163,000		164,610		167,890
Ziggo BV(b),(d)		5.50			1/15/2027		51,000		49,342		52,976
Total Telecommunications							4,454,000		4,491,437		4,833,538
Utilities — 1.0%*:
FirstEnergy Corp.		2.25			9/1/2030		75,000		71,979		72,000
FirstEnergy Corp.		5.35			7/15/2047		83,000		101,949		99,517
FirstEnergy Corp.		7.38			11/15/2031		23,000		30,796		31,462
PG&E Corp.		5.00			7/1/2028		95,000		95,000		96,056
PG&E Corp.		5.25			7/1/2030		82,000		82,000		82,779
Pike Corp.(d)		5.50			9/1/2028		167,000		167,000		173,680
Total Utilities							525,000		548,724		555,494
Total Corporate Bonds							43,399,680		42,996,756		45,471,974
Total Fixed Income							49,259,326		48,731,348		51,311,629
Total Investments							49,314,489		48,990,313		51,616,160
Other assets and liabilities — 3.9%*											2,103,370
Net Assets — 100.0%*											$53,719,530

See accompanying Notes to the Financial Statements.

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June 30, 2021

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) 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	91.6%
Canada	2.7%
United Kingdom	1.4%
Zambia	1.3%
Other (Individually less than 1%)	3.0%
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 June 30, 2021. 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.

See accompanying Notes to the Financial Statements.

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June 30, 2021

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 June 30, 2021, the Trust consists of six 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 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 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.

The Trust’s Board of Trustees has approved the reorganization of each Fund into certain series MassMutual Funds that are advised by an affiliate of Barings LLC (the “Adviser”) and are sub-advised by the Adviser. Each proposed reorganization is subject to approval by the shareholders of each Fund at a shareholders’ meeting expected to be held in September, 2021. No assurance can be given that the reorganizations will occur. None of the proposed reorganizations is contingent upon any other proposed reorganization.

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 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 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, 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.

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June 30, 2021

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 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 the following 4 classes of shares: Class A, C, Y and L and U.S. High Yield Fund which has 3 classes of shares: Class C, I and Y), each with different expenses and dividends. Class L of Active Short Duration Bond Fund began operations on May 1, 2020. Class I of Active Short Duration Bond Fund ceased operations on June 8, 2021. Class A of U.S. High Yield Fund ceased operations on June 8, 2021. With the exception of Active Short Duration Bond Fund, which has no sales charge on any class, a front-end sales charge is normally added to the net asset value (“NAV”) for Class A shares. There is no front-end sales charge in the case of Class C, I, and Y shares. There may be a contingent deferred sales charge (“CDSC”) in certain cases as follows: 1) Effective January 15, 2018, Class A Shares purchased without an initial sales charge in accounts aggregating $500,000 or more are subject to a 1.00% contingent deferred sales charge (CDSC) if the shares are tendered and accepted for repurchase within 18 months of purchase (or within 12 months for shares purchased prior to January 15, 2018). The 18-month period (or 12-month period for shares purchased prior to January 15, 2018) begins on the day on which the purchase was made; and 2) Class C shares redeemed

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June 30, 2021

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 June 30, 2021. 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 June 30, 2021.

A Valuation Committee, made up of officers of the Trust and employees of the Adviser, is responsible for determining, in accordance with the Funds’ valuation policies and procedures approved by the Board; (1) whether market quotations are readily available for investments held by the Fund; and (2) the fair value of investments held by the Fund for which market quotations are not readily available or are deemed not reliable by the Adviser. In certain cases, authorized pricing service vendors may not provide prices for a security held by the Funds, or the price provided by such pricing service vendor is deemed unreliable by the Adviser. In such cases, the Funds may use market maker quotations provided by an established market maker for that security (i.e., broker quotes) to value the security if the Adviser has experience obtaining quotations from the market maker and the Adviser determines that quotations obtained from the market maker in the past have generally been reliable (or, if the Adviser has no such experience with respect to a market maker, it determines based on other information available to it that quotations to be obtained by it from the market maker are reasonably likely to be reliable). In any such case, the Adviser will review any market quotations so obtained in light of other information in its possession for their general reliability.

Bond investments are valued on the basis of last available bid prices or current market quotations provided by dealers or pricing services. Bank loan positions are valued at the bid price from one or more brokers or dealers as obtained from a pricing service. In determining the value

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June 30, 2021

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 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.)

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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 June 30, 2021 in valuing the Funds’ investments:

Global Floating Rate Fund

DESCRIPTION	LEVEL 1		LEVEL 2		LEVEL 3***		TOTAL INVESTMENTS
Assets:
Equities:
Common Stocks	$	344,123	$	643,616	$	946,747	$	1,934,486
Warrant		–		30,061		–		30,061
Total Equities		344,123		673,677		946,747		1,964,547
Fixed Income:
Bank Loans		–		329,724,230		694,869		330,419,099
Corporate Bonds		–		14,900,663		0		14,900,663
Total Fixed Income		–		344,624,893		694,869		345,319,762
Derivative Securities:
Forward Foreign Currency Exchange Contracts		–		2,141,767		–		2,141,767
Total Assets	$	344,123	$	347,440,337	$	1,641,616	$	349,426,076
Total Investments (including Derivative Securities)	$	344,123	$	347,440,337	$	1,641,616	$	349,426,076

*** None of the 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 period ended June 30, 2021 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 June 30, 2021:

TYPE OF ASSETS	FAIR VALUE AS OF JUNE 30, 2021		VALUATION TECHNIQUE(S)	UNOBSERVABLE INPUT
Equities
CTI Foods Holding Co, LLC	$	594,652	Discounted Cash Flow	Average Enterprise Valuation Multiple: 3 year projection, 7.1x; EBITDA: $52.5 million; 15% discount rate
Travelex Topco Ltd.	$	—	Zero Value	Valued at zero
Don Jersey Topco Ltd.	$	313,544	Priced at Cost	$1.07; Trade Price
Boomerang Tube LLC	$	—	Zero Value	Valued at zero
Fieldwood Energy LLC	$	33,429	Priced at Cost	$55.53; Trade Price
Sabine Oil & Gas LLC	$	5,122	Withholding Tax Reclaim	Residual Cash
Bank Loans
CTI Foods Holding Co, LLC, 3M LIBOR + 4.000%	$	316,422	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 + 3.000%	$	196,443	Discounted Cash Flow	Average Enterprise Valuation Multiple: 3 year projection, 7.1x; EBITDA: $52.5 million;: 15% discount rate
Boomerang Tube LLC	$	—	Zero Value	Valued at zero
Naviera Armas SA, Term Loan B	$	126,746	Priced at Cost	Cost less OID
Naviera Armas SA, Term Loan A	$	55,258	Priced at Cost	Cost less OID
Corporate Bonds
Galapagos S.A	$	—	Zero Value	Valued at zero
Travelex Financing plc	$	—	Zero Value	Valued at zero

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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Global Credit Income Opportunities Fund

DESCRIPTION	LEVEL 1		LEVEL 2		LEVEL 3***		TOTAL INVESTMENTS
Assets:
Equities:
Common Stocks	$	868,916	$	577,436	$	412,145	$	1,858,497
Warrant		–		88,284		–		88,284
Total Equities		868,916		665,720		412,145		1,946,781
Fixed Income:
Asset-Backed Securities		–		18,392,721		–		18,392,721
Bank Loans		–		89,105,277		303,310		89,408,587
Corporate Bonds		–		85,954,859		0		85,954,859
Total Fixed Income		–		193,452,857		303,310		193,756,167
Derivative Securities:
Forward Foreign Currency Exchange Contracts		–		1,472,124		–		1,472,124
Total Assets	$	868,916	$	195,590,701	$	715,455	$	197,175,072
Total Investments (including Derivative Securities)	$	868,916	$	195,590,701	$	715,455	$	197,175,072

*** None of the 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 period ended June 30, 2021 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 June 30, 2021:

TYPE OF ASSETS	FAIR VALUE AS OF JUNE 30, 2021		VALUATION TECHNIQUE(S)	UNOBSERVABLE INPUT
Equities
Innovation Group	$	–	Zero Value	Valued at zero
Travelex Topco Ltd.	$	–	Zero Value	Valued at zero
Don Jersey Topco Ltd.	$	275,593	Priced at Cost	$1.07; Trade Price
MModal, Inc.	$	3,213	Analyst Priced	Analyst verified stale price and adjusted for cash receipts
Boomerang Tube LLC	$	–	Zero Value	Valued at zero
Fieldwood Energy LLC	$	34,151	Priced at Cost	$55.53; Trade Price
Tourmaline Oil Corp.	$	99,188	Withholding Tax Reclaim	Residual cash
Bank Loans
Innovation Group plc (The)	$	93,056	Priced at Cost	Priced at restructure cost
Innovation Group plc (The)	$	40,598	Priced at Cost	Priced at restructure cost
Innovation Group plc (The)	$	39,327	Priced at Cost	Priced at restructure cost
Innovation Group plc (The)	$	39,327	Priced at Cost	Priced at restructure cost

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TYPE OF ASSETS	FAIR VALUE AS OF JUNE 30, 2021		VALUATION TECHNIQUE(S)	UNOBSERVABLE INPUT
Boomerang Tube LLC	$	–	Zero Value	Valued at zero
Naviera Armas Term Loan B	$	63,373	Priced at Cost	Cost less OID
Naviera Armas Term Loan A	$	27,629	Priced at Cost	Cost less OID
Corporate Bonds
Travelex Financing PLC	$	–	Zero Value	Valued at zero

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	$	–		$	294,174,532	$	8,579,520	$	302,754,052
Corporate Bonds		–			536,643,914		–		536,643,914
Mortgage-Backed Securities		–			156,038,249		–		156,038,249
U.S. Treasury & Government Agencies		–			5,147,656		–		5,147,656
Total Fixed Income		–			992,004,351		8,579,520		1,000,583,871
Purchased Options:
Call Option Purchased		–			163,782		–		163,782
Put Options Purchased		–			1,136,375		–		1,136,375
Total Purchased Options		–			1,300,157		–		1,300,157
Short-Term Investments:
Commercial Paper		–			97,941,813		–		97,941,813
Total Short-Term Investments		–			97,941,813		–		97,941,813
Derivative Securities:
Futures*		1,346,751			–		–		1,346,751
Total Assets	$	1,346,751		$	1,091,246,321	$	8,579,520	$	1,101,172,592
Liabilities:
Derivative Securities:
Futures*		(483,255	)		–		–		(483,255	)
Total Investments (including Derivative Securities)	$	863,496		$	1,091,246,321	$	8,579,520	$	1,100,689,337

* 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 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 period ended June 30, 2021 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 June 30, 2021:

TYPE OF ASSETS	FAIR VALUE AS OF JUNE 30, 2021		VALUATION TECHNIQUE(S)	UNOBSERVABLE INPUT
Asset-Backed Securities
GCI Funding LLC	$	1,293,667	Priced at Cost	$99.97; Trade Price
SLM Student Loan Trust 2006-2	$	2,096,680	Broker Quote	$530: Broker quote depth of 1
SoFi Alternative Trust 2019-C	$	2,089,291	Broker Quote	$106.54: Broker quote depth of 1
Thrust Engine Leasing	$	3,099,882	Priced at Cost	$99.99; Trade Price

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.

Emerging Markets Debt Blended Total Return Fund

DESCRIPTION	LEVEL 1			LEVEL 2			LEVEL 3***		TOTAL INVESTMENTS
Assets:
Fixed Income:
Corporate Bonds	$	–		$	54,009,551		$	782,623	$	54,792,174
Foreign Government		–			59,547,130			–		59,547,130
Total Fixed Income		–			113,556,681			782,623		114,339,304
Purchased Options:
Call Options Purchased		–			6,024			–		6,024
Total Purchased Options		–			6,024			–		6,024
Derivative Securities:
Centrally Cleared Interest Rate Swaps*		–			207,960			–		207,960
Forward Foreign Currency Exchange Contracts		–			2,611,998			–		2,611,998
OTC – Credit Default Swaps		–			47,274			–		47,274
OTC – Cross Currency Swaps		–			88,396			–		88,396
OTC – Interest Rate Swaps		–			120,175			–		120,175
Total Derivative Securities		–			3,075,803			–		3,075,803
Total Assets	$	–		$	116,638,508		$	782,623	$	117,421,131
Liabilities:
Derivative Securities:
Call Options Written		–			(57,131	)		–		(57,131	)
Centrally Cleared Interest Rate Swaps*		–			(636,919	)		–		(636,919	)
Forward Foreign Currency Exchange Contracts		–			(711,769	)		–		(711,769	)
Futures*		(137,074	)		–			–		(137,074	)
OTC – Credit Default Swaps		–			(135,453	)		–		(135,453	)
OTC – Cross Currency Swaps		–			(422,446	)		–		(422,446	)
Total Derivative Securities		(137,074	)		(1,963,718	)		–		(2,100,792	)
Total Investments (including Derivative Securities)	$	(137,074	)	$	114,674,790		$	782,623	$	115,320,339

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

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*** None of the 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 year ended June 30, 2021 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 June 30, 2021:

TYPE OF ASSETS	FAIR VALUE AS OF JUNE 30, 2021		VALUATION TECHNIQUE(S)	UNOBSERVABLE INPUT
Foreign Government
Asian Development Bank 7/14/21	$	107,014	Broker Quote	$31.47: Broker quote depth of 1
European Bank for Reconstruction and Development 10/29/22	$	375,642	Broker Quote	$31.30: Broker quote depth of 1
International Bank for Reconstruction and Development 11/22/21	$	299,967	Broker Quote	$31.25: 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.

Global Emerging Markets Equity Fund

DESCRIPTION	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL INVESTMENTS
Assets:
Equities:
Common Stocks	$	13,369,142	$	–	$	–	$	13,369,142
Total Equities		13,369,142		–		–		13,369,142
Total Assets	$	13,369,142	$	–	$	–	$	13,369,142
Total Investments	$	13,369,142	$	–	$	–	$	13,369,142

U.S. High Yield Fund

DESCRIPTION	LEVEL 1		LEVEL 2		LEVEL 3***		TOTAL INVESTMENTS
Assets:
Equities:
Common Stocks	$	268,212	$	5	$	36,314	$	304,531
Total Equities		268,212		5		36,314		304,531
Fixed Income:
Bank Loans		–		5,839,655		–		5,839,655
Corporate Bonds		–		45,471,974		–		45,471,974
Total Fixed Income		–		51,311,629		–		51,311,629
Total Assets	$	268,212	$	51,311,634	$	36,314	$	51,616,160
Total Investments	$	268,212	$	51,311,634	$	36,314	$	51,616,160

*** None of the 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 year ended June 30, 2021 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 June 30, 2021:

TYPE OF ASSETS	FAIR VALUE AS OF JUNE 30, 2021		VALUATION TECHNIQUE(S)	UNOBSERVABLE INPUT
Equities
Fieldwood Energy LLC	$	3,554	Priced at Cost	$55.53; Trade Price
Tourmaline Oil Corp.	$	32,760	Withholding Tax Reclaim	Residual cash

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 June 30, 2021, 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

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have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest 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 June 30, 2021, 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

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the other Loan Investors in the syndicate and may hold any collateral on behalf of the Loan Investors. Such loan participations and assignments are typically senior, secured and collateralized in nature. The Funds record an investment when the Borrower withdraws money and records interest as earned. These loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. These base lending rates are generally the prime rate offered by a designated U.S. bank or London InterBank Offered Rate (“LIBOR”).

Certain Funds may receive or pay fees associated with investment in bank loans. These fees are recorded as income when received by the Funds and are shown as Net bank loan fee income on the Statements of Operations. These fees include all associated income and expenses, including but not limited to consent fee income, amendment fees, associated closing fees and

other fees associated with the processing and maintenance of these types of loans.

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 June 30, 2021, the following Funds had unfunded loan commitments:

FUND	SECURITY	PAR AMOUNT
Global Floating Rate Fund	TricorBraun Holdings, Inc., 3/3/28	$	69,787
Global Floating Rate Fund	DG Investment Intermediate Holdings 2, Inc., 3/31/28	$	45,336
Global Floating Rate Fund	Fluid-Flow Products, Inc., 3/31/28	$	117,431
Global Floating Rate Fund	Redstone Buyer LLC, 4/27/28	$	156,157
Global Floating Rate Fund	Naviera Armas SA, 7/31/21	$	9,136
Global Credit Income Opportunities Fund	TricorBraun Holdings, Inc., 3/3/28	$	23,822
Global Credit Income Opportunities Fund	DG Investment Intermediate Holdings 2, Inc., 3/31/28	$	30,224
Global Credit Income Opportunities Fund	Redstone Buyer LLC, 4/27/28	$	156,157
Global Credit Income Opportunities Fund	Naviera Armas SA, 7/31/21	$	4,568

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

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bankruptcy or other reorganization proceeding. The Funds may obtain only a limited recovery or may obtain no recovery in such circumstances. The counterparty risk for cleared derivatives is generally lower than for uncleared over-the-counter derivative transactions since generally a clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the parties’ performance under the contract as each party to a trade looks only to the clearing house for performance of financial obligations. However, there can be no assurance that the clearing house, or its members, will satisfy its obligations to the Funds. In addition, in the event of a bankruptcy of a clearing house, the Funds could experience a loss of the funds deposited with such clearing house as margin and of any profits on its open positions. The counterparty risk to the Funds is limited to the net unrealized gain, if any, on the contract.

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

The Funds may purchase and sell futures contracts to enhance returns, to attempt to hedge some of its investment risk, or as a substitute position in lieu of holding the underlying asset on which the instrument is based. At the time of entering into a futures transaction, an investor is required to deposit and maintain a specified amount of cash or eligible securities called “initial margin.” Subsequent payments made or received by a Fund called “variation margin” are made on a daily basis as the market price of the futures contract fluctuates. Each Fund will record an unrealized gain (loss) based on the amount of variation margin. When a contract is closed, a realized gain (loss) is recorded equal to the difference between the opening and closing value of the contract.

The Funds may purchase call or put options. When a Fund purchases an option, the premium paid by the Fund is recorded as an asset and is subsequently adjusted to the current fair value of the option purchased. Purchasing

call options tends to increase the Fund’s exposure to the underlying instrument. Purchasing put options tends to decrease the Fund’s exposure to the underlying instrument. Premiums paid for purchasing options that expire are treated as realized losses. Premiums paid for purchasing options that are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying security to determine the realized gain or loss. The risks associated with purchasing put and call options are potential loss of the premium paid and, in the instances of over-the-counter derivatives, the failure of the counterparty to honor its obligation under the contract.

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

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

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

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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 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

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counterparty based on a specified long- or short-term interest rate, and will receive payments from its counterparty based on another interest rate. Other forms of interest rate swap agreements include interest rate caps, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; interest rate floors, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; and interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest

rate movements exceeding given minimum or maximum levels. A Fund may enter into an interest rate swap in order, for example, to hedge against the effect of interest rate changes on the value of specific securities in its portfolio, or to adjust the interest rate sensitivity (duration) or the credit exposure of its portfolio overall, or otherwise as a substitute for a direct investment in debt securities.

During the period ended June 30, 2021, the Funds’ direct investment in derivatives consisted of forward foreign currency exchange contracts, futures contracts, cross currency swaps, credit default swaps, interest rate swaps, purchased options and written options.

The following is a summary of the fair value of derivative instruments held directly by the Funds as of June 30, 2021:

Global Floating Rate Fund

ASSET DERIVATIVES	FOREIGN EXCHANGE CONTRACTS RISK			INTEREST RATE RISK		CREDIT RISK		EQUITY RISK		TOTAL
Forward Foreign Currency Exchange Contracts(a)	$	2,141,767		$	–	$	–	$	–	$	2,141,767
REALIZED GAIN (LOSS)
Forward Foreign Currency Exchange Contracts(h)	$	(3,866,893	)	$	–	$	–	$	–	$	(3,866,893	)
CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION)
Forward Foreign Currency Exchange Contracts(m)	$	1,581,637		$	–	$	–	$	–	$	1,581,637

Global Credit Income Opportunities Fund

ASSET DERIVATIVES	FOREIGN EXCHANGE CONTRACTS RISK			INTEREST RATE RISK		CREDIT RISK		EQUITY RISK			TOTAL
Forward Foreign Currency Exchange Contracts(a)	$	1,472,124		$	–	$	–	$	–		$	1,472,124
REALIZED GAIN (LOSS)
Forward Foreign Currency Exchange Contracts(h)	$	(3,416,982	)	$	–	$	–	$	–		$	(3,416,982	)
Purchased Options(k)		–			–		–		(692,562	)		(692,562	)
Written Options(l)		–			–		–		403,346			403,346
Total	$	(3,416,982	)	$	–	$	–	$	(289,216	)	$	(3,706,198	)
CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION)
Forward Foreign Currency Exchange Contracts(m)	$	1,024,985		$	–	$	–	$	–		$	1,024,985
Purchased Options(p)		–			–		–		(37,712	)		(37,712	)
Written Options(q)		–			–		–		18,451			18,451
Total	$	1,024,985		$	–	$	–	$	(19,261	)	$	1,005,724

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Active Short Duration Bond Fund

ASSET DERIVATIVES	FOREIGN EXCHANGE CONTRACTS RISK		INTEREST RATE RISK			CREDIT RISK			EQUITY RISK		TOTAL
Futures Contracts(c)	$	–	$	1,346,751		$	–		$	–	$	1,346,751
Purchased Options(f)		–		1,300,157			–			–		1,300,157
Total	$	–	$	2,646,908		$	–		$	–	$	2,646,908
LIABILITY DERIVATIVES
Futures Contracts(c)	$	–	$	(483,255	)	$	–		$	–	$	(483,255	)
REALIZED GAIN (LOSS)
Futures Contracts(i)	$	–	$	2,767,984		$	–		$	–	$	2,767,984
Swap Contracts(j)		–		–			(340,586	)		–		(340,586	)
Total	$	–	$	2,767,984		$	(340,586	)	$	–	$	2,427,398
CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION)
Futures Contracts(n)	$	–	$	1,889,061		$	–		$	–	$	1,889,061
Swap Contracts(o)		–		–			121,089			–		121,089
Purchased Options(p)		–		165,691			–			–		165,691
Total	$	–	$	2,054,752		$	121,089		$	–	$	2,175,841

Emerging Markets Debt Blended Total Return Fund

ASSET DERIVATIVES	FOREIGN EXCHANGE CONTRACTS RISK			INTEREST RATE RISK			CREDIT RISK			EQUITY RISK		TOTAL
Forward Foreign Currency Exchange Contracts(a)	$	2,611,998		$	–		$	–		$	–	$	2,611,998
Purchased Options(f)		6,024			–			–			–		6,024
OTC Swap Contracts(d)		88,396			120,175			47,274			–		255,845
Centrally Cleared Swap Contracts(e)		–			207,960			–			–		207,960
Total	$	2,706,418		$	328,135		$	47,274		$	–	$	3,081,827
LIABILITY DERIVATIVES
Forward Foreign Currency Exchange Contracts(b)	$	(711,769	)	$	–		$	–		$	–	$	(711,769	)
Futures Contracts(c)		–			(137,074	)		–			–		(137,074	)
Written Options(g)		–			(57,131	)		–			–		(57,131	)
OTC Swap Contracts(d)		(422,446	)		–			(135,453	)		–		(557,899	)
Centrally Cleared Swap Contracts(e)		–			(636,919	)		–			–		(636,919	)
Total	$	(1,134,215	)	$	(831,124	)	$	(135,453	)	$	–	$	(2,100,792	)

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REALIZED GAIN (LOSS)	FOREIGN EXCHANGE CONTRACTS RISK			INTEREST RATE RISK			CREDIT RISK			EQUITY RISK		TOTAL
Forward Foreign Currency Exchange Contracts(h)	$	931,956		$	–		$	–		$	–	$	931,956
Futures Contracts(i)		–			374,429			–			–		374,429
Swap Contracts(j)		(358,096	)		1,798,057			959,836			–		2,399,797
Total	$	573,860		$	2,172,486		$	959,836		$	–	$	3,706,182
CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION)
Forward Foreign Currency Exchange Contracts(m)	$	1,045,623		$	–		$	–		$	–	$	1,045,623
Futures Contracts(n)		–			(137,074	)		–			–		(137,074	)
Swap Contracts(o)		(785,875	)		(3,032,380	)		(410,670	)		–		(4,228,925	)
Purchased Options(p)		429			–			–			–		429
Written Options(q)		–			560,016			–			–		560,016
Total	$	260,177		$	(2,609,438	)	$	(410,670	)	$	–	$	(2,759,931	)

(a) Statements of Assets and Liabilities location: Unrealized appreciation on forward foreign currency exchange contracts.

(b) Statements of Assets and Liabilities location: Unrealized depreciation on forward foreign currency exchange contracts.

(c) Statements of Assets and Liabilities location: 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.

(d) Statements of Assets and Liabilities location: Swap contracts, at fair value.

(e) Statements of Assets and Liabilities location: Includes cumulative unrealized appreciation/ depreciation of swap contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

(f) Statements of Assets and Liabilities location: Investments, at fair value.

(g) Statements of Assets and Liabilities location: Written options, at fair value.

(h) Statements of Operations location: Net realized gain (loss) on forward foreign currency exchange contracts.

(i) Statements of Operations location: Net realized gain (loss) on futures contracts.

(j) Statements of Operations location: Net realized gain on swap contracts.

(k) Statements of Operations location: Net realized gain (loss) on purchased options.

(l) Statements of Operations location: Net realized gain (loss) on written options.

(m) Statements of Operations location: Net change in unrealized appreciation on forward foreign currency exchange contracts.

(n) Statements of Operations location: Net change in unrealized appreciation (depreciation) on futures contracts.

(o) Statements of Operations location: Net change in unrealized appreciation (depreciation) on swap contracts.

(p) Statements of Operations location: Net change in unrealized appreciation (depreciation) on purchased option contracts.

(q) Statements of Operations location: Net change in unrealized appreciation (depreciation) on written options.

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NUMBER OF CONTRACTS, NOTIONAL AMOUNTS, OR SHARES/UNITS*
FUND NAME	FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS		FUTURES CONTRACTS		OTC SWAP CONTRACTS		CENTRALLY CLEARED SWAP CONTRACTS		PURCHASED OPTIONS		WRITTEN OPTIONS
GLOBAL FLOATING RATE FUND	$	56,227,227		–	$	–	$	–	$	–	$	–
GLOBAL CREDIT INCOME OPPORTUNITIES FUND		48,262,830		–		–		–		5,600		5,600
ACTIVE SHORT DURATION BOND FUND		–		2,851		–		15,725,000		32,248,250		–
EMERGING MARKETS DEBT BLENDED TOTAL RETURN FUND		80,015,456		34		30,349,505		34,372,884		5,567,281		31,315,956

* Amount(s) disclosed represent average number of contracts for futures contracts and notional amounts for forward contracts, swap contracts and purchased/written options, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the period ended June 30, 2021.

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

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use the collateral they receive. To the extent amounts due to the Funds from their counterparties are not fully collateralized, contractually or otherwise, the Funds bear the risk of loss from counterparty non-performance. The Funds attempt to mitigate counterparty risk by entering

into agreements only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

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

Global Floating Rate Fund

DESCRIPTION	GROSS AMOUNTS OF RECOGNIZED ASSETS		GROSS AMOUNTS OFFSET IN THE STATEMENTS OF ASSETS AND  LIABILITIES		NET AMOUNTS OF ASSETS PRESENTED IN THE STATEMENTS OF ASSETS AND  LIABILITIES
Forward Foreign Currency Exchange Contracts	$	2,141,767	$	–	$	2,141,767
Total	$	2,141,767	$	–	$	2,141,767

			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	$	2,110,366	$	–	$	(1,670,000	)	$	440,366
Morgan Stanley & Co.		31,401		–		–			31,401
Total	$	2,141,767	$	–	$	(1,670,000	)	$	471,767

(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 June 30, 2021.

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	$	1,472,124	$	–	$	1,472,124
Total	$	1,472,124	$	–	$	1,472,124

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			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.	$	40,541	$	–	$	–		$	40,541
Barclays Bank plc		27,169		–		–			27,169
Canadian Imperial Bank of Commerce		265,718		–		(265,718	)		–
Goldman Sachs & Co.		104		–		–			104
JPMorgan Chase Bank N.A.		1,138,495		–		(960,000	)		178,495
Morgan Stanley & Co.		97		–		–			97
Total	$	1,472,124	$	–	$	(1,225,718	)	$	246,406

(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 June 30, 2021.

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	$	1,300,157	$	–	$	1,300,157
Total	$	1,300,157	$	–	$	1,300,157

			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.	$	1,300,157	$	–	$	(1,300,157	)	$	–
Total	$	1,300,157	$	–	$	(1,300,157	)	$	–

(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 June 30, 2021.

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Emerging Markets Debt Blended Total Return Fund

DESCRIPTION	GROSS AMOUNTS OF RECOGNIZED ASSETS		GROSS AMOUNTS OFFSET IN THE STATEMENTS OF ASSETS AND  LIABILITIES		NET AMOUNTS OF ASSETS PRESENTED IN THE STATEMENTS OF ASSETS AND  LIABILITIES
Forward Foreign Currency Exchange Contracts	$	2,611,998	$	—	$	2,611,998
Purchased Options		6,024		—		6,024
Swap Contracts		255,845		—		255,845
Total	$	2,873,867	$	—	$	2,873,867

			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.	$	215,341	$	(96,545	)	$	(50,000	)	$	68,796
Barclays Bank plc		2,500		(2,500	)		—			—
Citibank N.A.		680,192		(658,233	)		—			21,959
Goldman Sachs & Co.		253,321		—			(140,000	)		113,321
JPMorgan Chase Bank N.A.		1,685,323		(316,146	)		(1,369,177	)		—
Morgan Stanley & Co.		37,190		(37,190	)		—			—
Total	$	2,873,867	$	(1,110,614	)	$	(1,559,177	)	$	204,076

(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 June 30, 2021.

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	$	711,769	$	—	$	711,769
Swap Contracts		557,899		—		557,899
Written Options		57,131		—		57,131
Total	$	1,326,799	$	—	$	1,326,799

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			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.	$	96,545	$	(96,545	)	$	—		$	—
Barclays Bank plc		17,295		(2,500	)		(14,795	)		—
BNP Paribas S.A.		491		—			—			491
Citibank N.A.		649,790		(649,790	)		—			—
HSBC Bank USA		19,951		—			(19,951	)		—
JPMorgan Chase Bank N.A.		324,589		(324,589	)		—			—
Morgan Stanley & Co.		218,138		(37,190	)		(180,948	)		—
Total	$	1,326,799	$	(1,110,614	)	$	(215,694	)	$	491

(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 June 30, 2021.

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
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

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

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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	%
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 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 June 30, 2021.

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 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

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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 year ended June 30, 2021, 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	$	3,325	$	53,789
Global Credit Income Opportunities Fund		3,639		27,432
Active Short Duration Bond Fund		395		24,243
Emerging Markets Debt Blended Total Return Fund		1,921		15,737

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 year ended June 30, 2021, 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	0.07	%
Global Credit Income Opportunities Fund	0.08	%
Active Short Duration Bond Fund	0.07	%
Emerging Markets Debt Blended Total Return Fund	0.16	%
Global Emerging Markets Equity Fund	0.26	%
U.S. High Yield Fund	0.13	%

The Funds have engaged ALPS Fund Services, Inc. (“ALPS”) to serve as the Funds’ transfer agent. For these services, the Funds have agreed to pay ALPS fees payable at the end of each calendar month pursuant to an agreement between ALPS and the Funds. For the year ended June 30, 2021, 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	0.02	%
Emerging Markets Debt Blended Total Return Fund	0.05	%
Global Emerging Markets Equity Fund	0.12	%
U.S. High Yield Fund	0.04	%

7. Income Taxes

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

The tax character of dividends paid to shareholders during the tax year ended June 30, 2021 was as follows:

	ORDINARY INCOME		NET LONG-TERM CAPITAL GAINS		RETURN OF CAPITAL		TOTAL DISTRIBUTIONS PAID
Global Floating Rate Fund	$	9,673,175	$	–	$	–	$	9,673,175
Global Credit Income Opportunities Fund		9,100,007		–		–		9,100,007
Active Short Duration Bond Fund		19,120,453		–		1,135,949		20,256,402
Emerging Markets Debt Blended Total Return Fund		6,114,370		–		–		6,114,370
Global Emerging Markets Equity Fund		105,458		–		–		105,458
U.S. High Yield Fund		2,717,739		–		–		2,717,739

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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
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

As of June 30, 2021, the components of distributable earnings on a tax-basis were as follows:

	UNDISTRIBUTED ORDINARY INCOME		UNDISTRIBUTED LONG-TERM CAPITAL GAINS		LATE YEAR ORDINARY AND POST OCTOBER CAPITAL LOSS DEFERRALS			CAPITAL LOSS CARRYFORWARDS			UNREALIZED APPRECIATION (DEPRECIATION)			TOTAL DISTRIBUTABLE EARNINGS
Global Floating Rate Fund	$	705,446	$	–	$	(2,854,109	)	$	(9,631,756	)	$	(43,228	)	$	(11,823,647	)
Global Credit Income Opportunities Fund		337,575		–		(3,293,054	)		(14,970,959	)		984,370			(16,942,068	)
Active Short Duration Bond Fund		–		–		(76,929	)		(17,325,195	)		10,916,349			(6,485,775	)
Emerging Markets Debt Blended Total Return Fund		1,483,232		1,232,813		–			–			1,812,790			4,528,835
Global Emerging Markets Equity Fund		105,545		256,441		–			–			3,304,590			3,666,576
U.S. High Yield Fund		104,769		–		(102,050	)		(3,174,918	)		2,626,478			(545,721	)

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.

On June 30, 2021, the following funds had capital loss carryforwards available to be offset against future net capital gains as follows:

	UNLIMITED - SHORT TERM		UNLIMITED - LONG TERM
Global Floating Rate Fund	$	1,832,063	$	7,799,693
Global Credit Income Opportunities Fund		6,174,349		8,796,610
Active Short Duration Bond Fund		9,252,878		8,072,317
U.S. High Yield Fund		922,199		2,252,719

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Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. As of June 30, 2021, Active Short Duration Bond Fund incurred late-year ordinary losses of $76,929. As of June 30, 2021, Global Floating Rate Fund,

Global Credit Income Opportunities Fund and U.S. High Yield Fund have elected to defer current year post-October losses of $2,854,109, $3,293,054 and $102,050 respectively.

Emerging Markets Debt Blended Total Return Fund utilized $145,037 of capital loss carryforwards during the year ended June 30, 2021.

As of June 30, 2021, 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	$	347,332,305	$	4,482,783	$	(4,530,779	)	$	(47,996	)
Global Credit Income Opportunities Fund		194,741,204		6,910,780		(5,949,036	)		961,744
Active Short Duration Bond Fund		1,088,909,494		13,663,581		(2,747,234	)		10,916,347
Emerging Markets Debt Blended Total Return Fund		113,208,077		4,373,219		(3,235,968	)		1,137,251
Global Emerging Markets Equity Fund		10,064,573		3,690,620		(386,051	)		3,304,569
U.S. High Yield Fund		48,989,682		3,032,252		(405,774	)		2,626,478

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

Permanent items identified during the year ended June 30, 2021 have been reclassified among the components of net assets based on their tax basis treatment as follows:

	TOTAL DITRIBUTABLE EARNINGS/ ACCUMULATED LOSS		PAID-IN CAPITAL
Global Credit Income Opportunities Fund		11,729		(11,729	)
Emerging Markets Debt Blended Total Return Fund		44,741		(44,741	)

The permanent differences are primarily attributable to perpetual bond interest adjustments.

8. Investment Transactions

Purchases and sales of securities (excluding short-term debt securities) for the year ended June 30, 2021 were as follows:

	PURCHASES		SALES		GOVERNMENT PURCHASES		GOVERNMENT SALES
Global Floating Rate Fund	$	228,199,637	$	104,893,217	$	–	$	–
Global Credit Income Opportunities Fund		140,226,970		118,077,104		–		–
Active Short Duration Bond Fund		740,562,713		510,591,985		16,533,188		23,145,872
Emerging Markets Debt Blended Total Return Fund		98,653,273		40,262,826		–		–
Global Emerging Markets Equity Fund		4,640,578		4,627,245		–		–
U.S. High Yield Fund		38,460,993		36,901,672		–		–

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9. Common Stock

Transactions in common stock for the year ended June 30, 2021 were as follows:

Global Floating Rate Fund

	FOR THE YEAR ENDED JUNE 30, 2021						FOR THE YEAR ENDED JUNE 30, 2020
CLASS A	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		880,372		$	8,206,644			937,310		$	8,607,970
Shares sold through reinvestments of distributions		158,053			1,438,141			235,705			2,102,247
Shares redeemed		(556,403	)		(5,053,635	)		(1,685,551	)		(14,925,227	)
Net increase (decrease)		482,022		$	4,591,150			(512,536	)	$	(4,215,010	)
CLASS C
Shares sold		525,854		$	4,906,921			116,238		$	1,052,227
Shares sold through reinvestments of distributions		21,445			194,007			35,471			315,149
Shares redeemed		(591,926	)		(5,513,007	)		(258,409	)		(2,260,008	)
Net decrease		(44,627	)	$	(412,079	)		(106,700	)	$	(892,632	)
CLASS I
Shares sold		2,097,015		$	19,670,000			2,860,215		$	26,600,000
Shares sold through reinvestments of distributions		195,755			1,790,541			218,857			1,946,913
Shares redeemed		–			–			(1,987,129	)		(18,392,138	)
Net increase		2,292,770		$	21,460,541			1,091,943		$	10,154,775
CLASS Y
Shares sold		17,946,963		$	167,251,231			7,795,746		$	69,865,024
Shares sold through reinvestments of distributions		543,740			4,983,018			679,977			6,079,583
Shares redeemed		(6,613,341	)		(60,333,693	)		(13,429,756	)		(117,551,528	)
Net increase (decrease)		11,877,362		$	111,900,556			(4,954,033	)	$	(41,606,921	)

Global Credit Income Opportunities Fund

	FOR THE YEAR ENDED JUNE 30, 2021						FOR THE YEAR ENDED JUNE 30, 2020
CLASS A	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		553,579		$	4,930,649			296,398		$	2,525,056
Shares sold through reinvestments of distributions		114,633			970,410			299,001			2,528,159
Shares redeemed		(5,097,722	)		(42,911,224	)		(821,303	)		(6,756,723	)
Net decrease		(4,429,510	)	$	(37,010,165	)		(225,904	)	$	(1,703,508	)
CLASS C
Shares sold		390,924		$	3,504,684			124,636		$	1,042,537
Shares sold through reinvestments of distributions		34,971			303,090			43,353			365,771
Shares redeemed		(694,144	)		(6,191,121	)		(204,465	)		(1,662,882	)
Net decrease		(268,249	)	$	(2,383,347	)		(36,476	)	$	(254,574	)

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	FOR THE YEAR ENDED JUNE 30, 2021						FOR THE YEAR ENDED JUNE 30, 2020
CLASS I	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		–		$	–			–		$	–
Shares sold through reinvestments of distributions		47,607			412,669			54,613			461,023
Shares redeemed		(334,075	)		(3,000,000	)		–			–
Net increase (decrease)		(286,468	)	$	(2,587,331	)		54,613		$	461,023
CLASS Y
Shares sold		10,783,817		$	93,589,018			7,193,613		$	61,134,702
Shares sold through reinvestments of distributions		547,556			4,796,138			596,969			5,088,941
Shares redeemed		(3,351,010	)		(28,832,791	)		(11,225,790	)		(91,307,876	)
Net increase (decrease)		7,980,363		$	69,552,365			(3,435,208	)	$	(25,084,233	)

Active Short Duration Bond Fund

	FOR THE YEAR ENDED JUNE 30, 2021						FOR THE YEAR ENDED JUNE 30, 2020
CLASS A	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		2,664,965		$	26,277,656			11,719,632		$	115,672,777
Shares sold through reinvestments of distributions		85,566			839,764			420,591			4,092,410
Shares redeemed		(2,319,753	)		(22,759,780	)		(21,296,207	)		(203,582,143	)
Net increase (decrease)		430,778		$	4,357,640			(9,155,984	)	$	(83,816,956	)
CLASS C
Shares sold		137,022		$	1,350,064			259,113		$	2,557,857
Shares sold through reinvestments of distributions		4,106			40,174			6,376			61,661
Shares redeemed		(262,239	)		(2,584,661	)		(120,852	)		(1,130,979	)
Net increase (decrease)		(121,111	)	$	(1,194,423	)		144,637		$	1,488,539
Shares sold		–		$	–			–		$	–
Shares sold through reinvestments of distributions		–			–			–			–
Shares redeemed		(9,901	)		(98,316	)		(20,418	)		(203,186	)
Net decrease		(9,901	)	$	(98,316	)		(20,418	)	$	(203,186	)
CLASS Y
Shares sold		64,706,054		$	636,925,965			47,841,468		$	466,968,769
Shares sold through reinvestments of distributions		1,479,863			14,531,642			1,655,334			16,052,682
Shares redeemed		(41,665,772	)		(409,034,923	)		(38,557,362	)		(367,924,280	)
Net increase		24,520,145		$	242,422,684			10,939,440		$	115,097,171
CLASS L(2)
Shares sold		1,093,451		$	10,662,937			10,764,003		$	101,381,145
Shares sold through reinvestments of distributions		204,523			2,005,694			11,378			108,092
Shares redeemed		(3,267,701	)		(32,022,367	)		(112,724	)		(1,067,372	)
Net increase (decrease)		(1,969,727	)	$	(19,353,736	)		10,662,657		$	100,421,865

(1) Class I was liquidated on June 8, 2021.

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

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

June 30, 2021

Emerging Markets Debt Blended Total Return Fund

	FOR THE YEAR ENDED JUNE 30, 2021						FOR THE YEAR ENDED JUNE 30, 2020
CLASS A	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		1,118,711		$	12,167,538			607,596		$	5,629,686
Shares sold through reinvestments of distributions		68,937			750,144			13,820			134,714
Shares redeemed		(214,401	)		(2,335,100	)		(43,542	)		(434,004	)
Net increase		973,247		$	10,582,582			577,874		$	5,330,396
CLASS C
Shares sold		30,987		$	341,675			14,324		$	146,900
Shares sold through reinvestments of distributions		1,686			18,303			761			7,490
Shares redeemed		(12,144	)		(131,411	)		(19,419	)		(203,101	)
Net increase (decrease)		20,529		$	228,567			(4,334	)	$	(48,711	)
CLASS I
Shares sold		–		$	–			–		$	–
Shares sold through reinvestments of distributions		–			–			–			–
Shares redeemed		(1,396,653	)		(15,202,990	)		(984,551	)		(9,800,000	)
Net decrease		(1,396,653	)	$	(15,202,990	)		(984,551	)	$	(9,800,000	)
CLASS Y
Shares sold		9,356,613		$	102,268,877			2,290,494		$	22,372,983
Shares sold through reinvestments of distributions		332,267			3,614,361			51,572			505,175
Shares redeemed		(2,776,558	)		(30,155,328	)		(1,698,477	)		(16,775,383	)
Net increase		6,912,322		$	75,727,910			643,589		$	6,102,775

Global Emerging Markets Equity Fund

	FOR THE YEAR ENDED JUNE 30, 2021				PERIOD FROM SEPTEMBER 17, 2018 THROUGH 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		–	$	–		–	$	–

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

June 30, 2021

	FOR THE YEAR ENDED JUNE 30, 2021				PERIOD FROM SEPTEMBER 17, 2018 THROUGH JUNE 30, 2020
CLASS I	SHARES		AMOUNT		SHARES		AMOUNT
Shares sold		–	$	–		–	$	–
Shares sold through reinvestments of distributions		–		–		–		–
Shares redeemed		–		–		–		–
Net increase		–	$	–		–	$	–
CLASS Y
Shares sold		5,547	$	74,500		–	$	–
Shares sold through reinvestments of distributions		–		–		–		–
Shares redeemed		–		–		–		–
Net increase		5,547	$	74,500		–	$	–

U.S. High Yield Fund

	FOR THE YEAR ENDED JUNE 30, 2021						FOR THE YEAR ENDED JUNE 30, 2020
CLASS A(3)	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		67,108		$	644,371			161,745		$	1,594,758
Shares sold through reinvestments of distributions		6,432			60,743			13,792			130,405
Shares redeemed		(287,843	)		(2,803,288	)		(353,471	)		(3,416,025	)
Net decrease		(214,303	)	$	(2,098,174	)		(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		–		$	–			–		$	–
CLASS Y
Shares sold		699,880		$	6,711,905			714,332		$	6,852,773
Shares sold through reinvestments of distributions		142,722			1,368,604			143,418			1,345,005
Shares redeemed		(391,128	)		(3,731,862	)		(699,271	)		(6,312,454	)
Net increase		451,474		$	4,348,647			158,479		$	1,885,324

(3) Class A was liquidated on June 8, 2021.

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

June 30, 2021

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. Effective July 14, 2021, the Credit Agreement was renewed with the only change being that the outstanding principal on the loan shall now 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 Overnight Bank Funding Rate as in effect on the day of the borrowing plus 1.25%.

For the year ended June 30, 2021, 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. Aggregate Remuneration Paid to Officers, Trustees and Their Affiliated Persons

For the fiscal year ended June 30, 2021, the Funds paid their Trustees’ aggregate remuneration of $587,000. During the year, the Funds did not pay any compensation to any of their Trustees who are “interested persons” (as defined by the 1940 Act) of the Funds. All of the Funds’ officers are employees of the Adviser. Pursuant to the Agreement, the Funds do not compensate their officers

who are employees of the Adviser (except for the Chief Compliance Officer of the Funds unless assumed by the Adviser). For the year ended June 30, 2021, the Adviser paid the compensation of the Chief Compliance Officer of the Funds. The Funds did not make any payments to the Adviser for the year ended June 30, 2021, other than the amounts payable to the Adviser pursuant to the Agreement.

13. 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.

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

June 30, 2021

14. Subsequent Events

Management has considered the circumstances under which the Funds should recognize or make disclosures regarding events or transactions occurring subsequent to June 30, 2021 through August 26, 2021, the date the financial statements were issued. Adjustments or additional disclosures, if any, have been included in these financial statements.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Barings Funds Trust and Shareholders of Barings Global Floating Rate Fund, Barings Global Credit Income Opportunities Fund, Barings Active Short Duration Bond Fund, Barings Emerging Markets Debt Blended Total Return Fund, Barings Global Emerging Markets Equity Fund and Barings U.S. High Yield Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of Barings Funds Trust comprising the Barings Global Floating Rate Fund, Barings Global Credit Income Opportunities Fund, Barings Active Short Duration Bond Fund, Barings Emerging Markets Debt Blended Total Return Fund, Barings Global Emerging Markets Equity Fund, and Barings U.S. High Yield Fund (collectively, the “Funds”), including the schedules of investments, as of June 30, 2021; the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended for Barings Global Floating Rate Fund, Barings Global Credit Income Opportunities Fund, Barings Active Short Duration Bond Fund, Barings Emerging Markets Debt Blended Total Return Fund, and Barings U.S. High Yield Fund 2021; the related statements of operations, changes in net assets, and the financial highlights for the periods indicated in the table below for Barings Global Emerging Markets Equity Fund ; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the funds listed above constituting Barings Funds Trust as of June 30, 2021, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended (or for the periods listed in the table below), and the financial highlights for each of the five years in the period then ended (or for the periods listed in the table below), in conformity with accounting principles generally accepted in the United States of America.

INDIVIDUAL FUND COMPRISING THE BARINGS FUNDS TRUST	STATEMENT OF OPERATIONS	STATEMENTS OF CHANGES IN NET ASSETS	FINANCIAL HIGHLIGHTS
Barings Global Emerging Markets Equity Fund	For the year ended June 30, 2021	For the year ended June 30, 2021 and 2020	For the year ended June 30, 2021, 2020, and period from September 17, 2018 (commencement of operations) through June 30, 2019

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (continued)

highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of June 30, 2021, by correspondence with the custodian, brokers and selling or agent banks; when replies were not received from brokers and selling or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Deloitte & Touche LLP

New York, New York

August 26, 2021

We have served as the auditor of one or more Barings LLC investment companies since 2013.

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FEDERAL TAX INFORMATION (UNAUDITED)

Of the ordinary distributions made during the fiscal year ended June 30, 2021, the following percentages qualify for the dividends received deduction (DRD) available to corporate shareholders:

FUND	DRD%
Barings Global Floating Rate Fund		0.01	%
Barings Global Emerging Markets Equity Fund		0.47	%

The following Funds had qualified dividend income (“QDI”) received through June 30, 2021, as follows:

FUND	QDI
Barings Global Floating Rate Fund	$	642
Barings Global Credit Income Opportunities Fund	$	3,746
Barings Global Emerging Markets Equity Fund	$	178,483
Barings U.S. High Yield Fund	$	2,441

The following Funds paid foreign taxes during the year ended June 30, 2021 that are available as income tax credits:

FUND	FOREIGN TAX CREDIT
Barings Emerging Markets Debt Blended Total Return Fund	$	21,394
Barings Global Emerging Markets Equity Fund	$	34,141

The following Funds generated net foreign source income during the year ended June 30, 2021 as listed below:

FUND	FOREIGN SOURCE INCOME
Barings Emerging Markets Debt Blended Total Return Fund	$	5,016,690
Barings Global Emerging Markets Equity Fund	$	341,662

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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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INTERESTED TRUSTEE

Information about Trustees and Officers

Information pertaining to the Trustees and officers of the Trust is set forth below.

The Statement of Additional Information includes additional information about Trustees and is available, without charge, upon request by calling the Funds at 1-855-439-5459 or on the Funds’ website at http://www.barings.com/funds/mutual-funds.

NAME (AGE), ADDRESS	POSITION(S) WITH THE TRUST	OFFICE TERM AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATIONS DURING PAST 5 YEARS	PORTFOLIOS OVERSEEN IN FUND COMPLEX	OTHER DIRECTORSHIPS HELD BY DIRECTOR
David M. Mihalick (48) 300 South Tryon Street Suite 2500 Charlotte, NC 28202	Trustee	Trustee since 2020	Head of U.S. Public Fixed Income (since 2019), Head of U.S. High Yield (since 2017), Member of Global High Yield Allocation Committee (since 2017), Barings LLC.	9	Trustee (since 2020), Barings Global Short Duration High Yield Fund (closed-end investment company advised by Barings); Director (since 2020), Barings BDC, Inc. (business development company advised by Barings); Director (since March 2021), Barings Capital Investment Corporation (business development company advised by Barings).

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INDEPENDENT TRUSTEES

NAME (AGE), ADDRESS	POSITION(S) WITH THE TRUST	OFFICE TERM AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATIONS DURING PAST 5 YEARS	PORTFOLIOS OVERSEEN IN FUND COMPLEX	OTHER DIRECTORSHIPS HELD BY DIRECTOR
Rodney J. Dillman (68) 300 South Tryon Street Suite 2500 Charlotte, NC 28202	Trustee, Chairman	Trustee since 2013	Retired (since 2012); Deputy General Counsel (2011-2012), Senior Vice President (2008-2012), Vice President (2000-2008), Massachusetts Mutual Life Insurance Company; Member of the Board of Directors and President (2008-2011), MassMutual International LLC; and General Counsel (2006-2008), Babson Capital Management LLC (currently known as Barings).	7	Trustee (since 2012), Barings Global Short Duration High Yield Fund (closed-end investment company advised by Barings); and Director (2016-2017), Social Reality, Inc. (digital platform technology and management software company for internet advertising).
Bernard A. Harris, Jr. (65) 300 South Tryon Street Suite 2500 Charlotte, NC 28202	Trustee	Trustee since 2013	Chief Executive Officer (since 2018), National Math and Science Initiative; Chief Executive Officer and Managing Partner (since 2002), Vesalius Ventures, Inc.; Director and President (since 1998), The Space Agency; President (since 1999), The Harris Foundation; and Clinical Scientist, Flight Surgeon and Astronaut (1986-1996), NASA.	10	Trustee (since 2012), Barings Global Short Duration High Yield Fund (closed-end investment company advised by Barings); Director (since August 2021), Barings BDC, Inc. (business development company advised by Barings); Director (since August 2021), Barings Capital Investment Corporation (business development company advised by Barings); Director (since May 2021), Barings Private Credit Corporation (business development company advised by Barings); Director (since 2016), Salient MLP & Energy Infrastructure Fund (mutual fund); Director (since 2009), Monebo Technologies Inc. (medical technology design company); Director (since 2009), The Endowment Fund; Director (since 2008), U.S. Physical Therapy, Inc. (NYSE: USPH); Trustee (2015-2017) Forward Funds (open-end investment company); and Trustee (since 2011), Salient Midstream & MLP Fund (closed-end investment company).

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INDEPENDENT TRUSTEES (CONTINUED)

NAME (AGE), ADDRESS	POSITION(S) WITH THE TRUST	OFFICE TERM AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATIONS DURING PAST 5 YEARS	PORTFOLIOS OVERSEEN IN FUND COMPLEX	OTHER DIRECTORSHIPS HELD BY DIRECTOR
Thomas W. Okel (58) 300 South Tryon Street Suite 2500 Charlotte, NC 28202	Trustee	Trustee since 2013	Executive Director (2011-2019), Catawba Lands Conservancy; and Global Head of Syndicated Capital Markets (1989-2010), Bank of America Merrill Lynch.	10	Trustee (since 2012), Barings Global Short Duration High Yield Fund (closed-end investment company advised by Barings); Director (since 2018), Barings BDC, Inc. (business development company advised by Barings); Director (since 2020), Barings Capital Investment Corporation (business development company advised by Barings); Director (since May 2021), Barings Private Credit Corporation (business development company advised by Barings); and Trustee (since 2015), Horizon Funds (mutual fund complex).
Cynthia R. Plouché (64) 300 South Tryon Street Suite 2500 Charlotte, NC 28202	Trustee	Trustee since 2017	Assessor (2014-2018), Moraine Township (property assessment); and Senior Portfolio Manager (2006-2012), Williams Capital Management, LLC (asset management).	7	Trustee (since 2017), Barings Global Short Duration High Yield Fund (closed-end investment company advised by Barings); Trustee (since 2014), Northern Trust Funds (mutual fund complex); and Trustee (2001-2017), AXA VIP Trust (mutual fund complex).
Martin A. Sumichrast (54) 300 South Tryon Street Suite 2500 Charlotte, NC 28202	Trustee	Trustee since 2013	Chairman and Co-Chief Executive Officer (since 2016), Director (since 2015), cbdMD, Inc. (NYSE: YCBD; a consumer staples company specializing in CBD); Founder, Chief Executive Officer and Board Member (since 2020), Adara Acquisition Corporation (NYSE: ADRA); and Managing Director (since 2017), Sumichrast 2017 Family Trust (family office).	7	Trustee (since 2012), Barings Global Short Duration High Yield Fund (closed-end investment company advised by Barings); and Chairman and Director (2014-2017), Kure Corp. (retail).

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OFFICERS OF THE TRUST

NAME (AGE), ADDRESS	POSITION(S) WITH THE TRUST	OFFICE TERM* AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS
Dan McGee (51) 300 South Tryon Street Suite 2500 Charlotte, NC 28202	President	Since 2018	Managing Director (since 2013), Barings; and Managing Director (1992-2013), Principal Financial Group.
Carlene Pollock (54) 300 South Tryon Street Suite 2500 Charlotte, NC 28202	Chief Financial Officer	Since 2016	Director (since 2015), Barings; Assistant Treasurer (2015-2016), Barings Funds Trust; Chief Financial Officer (since 2016), Assistant Treasurer (2015-2016), Barings Global Short Duration High Yield Fund (closed-end investment company advised by Barings); Director (2013-2015), Corrum Capital Management (investment adviser); and Vice President (2008-2013), Bank of New York Mellon (third party administrator).
Elizabeth Murray (44) 300 South Tryon Street Suite 2500 Charlotte, NC 28202	Treasurer	Since 2020	Managing Director (since 2020), Director (2018-2020), Barings; Treasurer (since 2020), Barings Global Short Duration High Yield Fund (closed-end investment company advised by Barings); Principal Accounting Officer (since 2020), Director of External Reporting (2018-2020), Barings BDC, Inc. (business development company advised by Barings); Principal Accounting Officer (since 2020), Barings Capital Investment Corporation (business development company advised by Barings); Principal Accounting Officer (since May 2021), Barings Private Credit Corporation (business development company advised by Barings); Principal Accounting Officer (since 2020), Barings Corporate Investors and Barings Participation Investors (closed-end investment companies advised by Barings); and Vice President of Financial Reporting (2012-2018), Triangle Capital Corporation.
Michael Cowart (38) 300 South Tryon Street Suite 2500 Charlotte, NC 28202	Chief Compliance Officer	Since 2020	Managing Director (since April 2021), Director (2018-2021), Barings; Chief Compliance Officer (since 2020), Barings Global Short Duration High Yield Fund (closed-end investment company advised by Barings); Chief Compliance Officer (since 2020), Barings Corporate Investors and Barings Participation Investors (closed-end investment companies advised by Barings); Chief Compliance Officer (since 2020), Barings BDC, Inc. (business development company advised by Barings); Chief Compliance Officer (since 2020), Barings Capital Investment Corporation (business development company advised by Barings); Chief Compliance Officer (since May 2021), Barings Private Credit Corporation (business development company advised by Barings); Chief Compliance Officer (since 2019), Barings Securities LLC; and Assistant General Counsel (2016-2018), LPL Financial (independent broker-dealer).

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OFFICERS OF THE TRUST (CONTINUED)

NAME (AGE), ADDRESS	POSITION(S) WITH THE TRUST	OFFICE TERM* AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS
Jill Dinerman (44) 300 South Tryon Street Suite 2500 Charlotte, NC 28202	Vice President, Secretary and Chief Legal Officer	Since 2019	Global Head of Legal and General Counsel (since 2020), Managing Director (since 2016), Associate General Counsel and Corporate Secretary (2018-2020), Senior Counsel (2016-2018), Counsel and Director (2011-2016), Barings; Assistant Secretary (2019-2020), Barings Funds Trust; Vice President, Secretary and Chief Legal Officer (since 2020), Assistant Secretary (2019-2020), Barings Global Short Duration High Yield Fund (closed-end investment company advised by Barings); Chief Legal Officer (since 2020), Secretary (July 2020-October 2020), Assistant Secretary (2019-2020), Barings Corporate Investors and Barings Participation Investors (closed-end investment companies advised by Barings); Chief Legal Officer (since 2020), Assistant Secretary (2019-2020), Barings BDC, Inc. (business development company advised by Barings); Chief Legal Officer (since 2020), Barings Capital Investment Corporation (business development company advised by Barings); Chief Legal Officer (since May 2021), Barings Private Credit Corporation (business development company advised by Barings); Secretary (since 2018), Barings Securities LLC; Chief Legal Officer (since 2020), Barings BDC Finance I LLC; Chief Legal Officer (since 2020), Barings BDC Senior Funding I LLC; Non-Executive Director (since 2018), Baring International Investment Limited; Non-Executive Director (since May 2021), Baring Asset Management Limited; Non-Executive Director (since May 2021), Baring Investment Services Limited; Non-Executive Director (since May 2021), Barings (U.K.) Limited; Non-Executive Director (since May 2021), Barings Europe Limited.
Alexandra Pacini (28) 300 South Tryon Street Suite 2500 Charlotte, NC 28202	Assistant Secretary	Since 2020	Associate Director (since April 2021), Analyst (2017-2021), Barings; Assistant Secretary (since 2020), Global Short Duration High Yield Fund (closed-end investment company advised by Barings); Assistant Secretary (since 2020), Barings Corporate Investors and Barings Participation Investors (closed-end investment companies advised by Barings); Assistant Secretary (since 2020), Barings BDC, Inc. (business development company advised by Barings); Assistant Secretary (since May 2021), Barings Private Credit Corporation (business development company advised by Barings); Assistant Secretary (since August 2021), Barings Capital Investment Corporation (business development company advised by Barings); and Legal Clerk (2015-2017), Bryan Cave LLP (law firm).

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GLOBAL PRIVACY NOTICE

This global privacy notice (“Privacy Notice”) applies to

∎ Barings LLC;

∎ Barings LLC’s affiliates, subsidiaries, and investment fund management entities (each management entity a “Manager”), which may respectively be based in the United States of America (the “USA”), United Kingdom (the “UK”), Switzerland, the European Union (the “EU”), Hong Kong S.A.R., the People’s Republic of China, Australia, South Korea, Taiwan, Japan and the Cayman Islands; and

∎ the respective investment funds and collective investment vehicles within the Barings family of funds (which may include funds that do not feature the Barings trade name) (each a “Fund”).

Collectively, these entities are “Barings” (“we”, “us”, “our”).

About this Privacy Notice

This Privacy Notice, which includes our Cookies Policy (to the extent applicable, a copy of which can be found at barings.com), is designed to help you understand our information collection practices depending on your relationship with us.

This Privacy Notice should be read in conjunction with any other applicable policies, terms and conditions in place between you and Barings.

Any term or provision contained in this Privacy Notice shall not apply to the extent it is incompatible with relevant applicable laws or regulations in the country or jurisdiction that applies to your Personal Data. The local addendum attached to this Privacy Notice sets out additional or different obligations and rights in a given country, state, or jurisdiction beyond the terms of this Privacy Notice. Where there is any inconsistency between the local addendum and the main body of this Privacy Notice, the relevant local addendum shall prevail.

The Barings entity that was originally responsible for collecting your Personal Data in a given country or jurisdiction will be your primary data controller. The relevant data controller(s) in a particular country or jurisdiction are set out in the relevant local addendum below. If your country or jurisdiction is not listed, your data controller will be Barings LLC.

Application of this Privacy Notice

Clients: If you interact with Barings as a private client or otherwise in your individual capacity, or in the capacity of an officer, employee, director and/or principal of one of our corporate or institutional clients (including prospective clients) (“Client”), this Privacy Notice sets out how Barings will collect and process Personal Data in connection with the services it provides you including its investment fund management services. Personal Data that we collect and process may include that of any Client including but not limited to registered shareholders or unitholders, applicants for shares or units, beneficial owners of registered shareholders or unitholders and applicants for shares or units, personal representatives, directors, officers, employees, agents, trustees and/or authorized signatories of registered shareholders or unitholders and applicants for shares or units (being natural persons) (“Corporate Individuals”) and other information relating to the dealings of Corporate Individuals with Manager or the Fund and/or their service providers.

Website Users: As regards any website or applications owned or operated by, or on behalf of, Barings, including (but not limited to) barings.com and any local variations that may be created from time to time (“Website”), if you are a user or visitor of a Website (“Website User”), this Privacy Notice also sets out how Barings collects and processes Personal Data in connection with those Websites.

Job Applicants: If you apply for a job with, or are later employed or otherwise appointed by, Barings, when applicable, we will provide you with a separate privacy notice about how we collect and process your Personal Data in connection with such appointment at that time.

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1. Definitions

We collect and process Personal Data in accordance with the requirements of the data protection laws (“Relevant Data Protection Laws”) applicable to the particular Personal Data at issue. The Relevant Data Protection Laws include the data protection or privacy laws of any country or jurisdiction applicable to the processing of Personal Data covered by this Privacy Notice.

“Personal Data” (or the equivalent term such as “personal information” under Relevant Data Protection Laws)means (to the extent applicable) any information: (i) held by Barings; (ii) held or obtained by the Manager or the Fund; or (iii) an individual provides to the Manager, the Fund or the Fund’s service provider, that can, in each case, identify an individual, such as name, address, email address, date of birth etc., from which that individual can be directly or indirectly personally identified, and includes information such as identification and account numbers and online identifiers, or otherwise has the meaning as set out in Relevant Data Protection Laws applicable to you.

Some of this Personal Data may include, where applicable, information classified in some jurisdictions as “Special Categories of Personal Data” (or equivalent terms such as “Sensitive Personal Data”, “sensitive information” or “sensitive personal information” under Relevant Data Protection Laws), relating to anindividual’s race, ethnicity, health, political opinions, trade union membership, as well as Personal Data related to criminal matters.

“processing” means any operation or set of operations which is performed on Personal Data or on sets of Personal Data, whether or not by automated means, such as collection, recording, organization, structuring, storage, adaptation or alteration, retrieval, consultation, use, disclosure by transmission, dissemination or otherwise making available, alignment or combination, restriction, erasure or destruction, or otherwise has the meaning as set out in the applicable Relevant Data Protection Laws.

2. Personal Data collected and how we collect it

Barings will collect the following types of Personal Data, depending on your relationship with us:

∎ Identity information such as name, address, personal contact details (including email address and telephone numbers), date of birth, financial information, passport number, nationality, job title, driver’s license or identity card information; and

∎ Technical and usage information such as IP address, cookies, browser type and version, time zone settings, browser plugin types, operating systems and platform, device information (including, for mobile devices, the IMEI number, wireless networks and general network information).

Barings obtains your Personal Data from the following sources:

∎ Directly from you when you provide such information to us, for example, through your use of our Websites or other forms to receive our services (including our investment services), when you correspond with us or submit a complaint, or transact with us or our affiliates;

∎ From personnel of Clients, from non-affiliated sources (such as consumer or reporting agencies, government agencies, or other non-affiliated parties), or automatically through your use of our Websites; and

∎ Through Corporate Individuals, e.g. if you have engaged an advisor on your behalf.

If you are dealing with Barings as a Client, where the Manager or the Fund needs to process Personal Data: (i) in connection with a registered shareholder’s or unitholder’s contract with the Fund or Manager in respect of a Fund, (ii) in anticipation of an applicant for shares or units becoming a registered shareholder or unitholder, or (iii) where the Manager or the Fund has a legal obligation to collect certain Personal Data relating to a Corporate Individual (for example, in order to comply with anti-money laundering and anti-terrorist financing (collectively “AML”) obligations), the Manager or the Fund will not be able to deal with Client if such individual does not provide the necessary Personal Data and other information required by the Manager or the Fund.

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3. Purposes

If you are dealing with Barings as a Client, Barings will use the Personal Data of Corporate Individuals for the following purposes:

∎ For the purposes of performing the contract with a Client including registered shareholder or unitholder, or in anticipation of an applicant for shares or units becoming a registered shareholder or unitholder, namely:

∎ for the purposes of providing services to the Client including registered shareholder or unitholder, and setting up and administering the Client’s or applicant’s or registered shareholder’s or unitholder’s account(s), as the case may be;

∎ for the collection of subscriptions and payment of redemptions, distributions and dividends;

∎ in the event of a merger or proposed merger of the Fund or any sub-fund of the Fund, or for any other restructurings; or

∎ to deal with queries or complaints from Clients including registered shareholders or unitholders;

∎ For compliance with Barings’ legal obligations including:

∎ AML and fraud prevention purposes, including OFAC and PEP screening for these purposes and to comply with UN, EU and other applicable sanctions regimes;

∎ compliance with applicable tax and regulatory reporting obligations;

∎ where Barings is ordered to disclose information by a court with appropriate jurisdiction; or

∎ recording of telephone calls and electronic communications in order to comply with applicable laws and regulatory obligations, where applicable;

∎ Where use is for a legitimate purpose of Barings including:

∎ for day to day operational and business purposes;

∎ to take advice from the Manager’s and the Fund’s external legal and other advisors;

∎ board reporting and management purposes, including where required, for quality assurance;

∎ investigation of complaints or reports, including via ethics or whistleblowing systems or reporting hotlines, relating to conduct which is contrary to Barings’ values or which may be in breach of applicable laws and regulations; or

∎ administering surveys and questionnaires, such as for research and client satisfaction purposes;

∎ Where a Corporate Individual has consented to use for a particular purpose. If a Corporate Individual gives consent for Barings to use their Personal Data for a particular purpose and where permitted under Relevant Data Protection Laws, that Corporate Individual has the right at any time to withdraw consent to the future use of his/her Personal Data for those purposes by writing to the address specified below.

If you are dealing with Barings as a Website User, Barings will use the Personal Data collected for the following purposes:

∎ For our internal business administration and record keeping purposes;

∎ To provide you with information about our investment products and related services, facilitate your online purchases, tailor or customize your user experience, and for all other administration as may be necessary in relation to the supply of our investment products and related services and the conduct of our investment management business;

∎ To respond to your complaints, inquiries or comments submitted through our Website;

∎ Where necessary, as part of any restructuring relating to Barings, its business or assets, or as part of a merger or sale of Barings or any of Barings’s subsidiaries;

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∎ For legal and regulatory compliance purposes, including as necessary to respond to governmental, regulatory or law enforcement agency requests in any jurisdiction; to ensure the continuing security and integrity of our systems, business dealings, reputation or the security and reputation of Barings and its staff; to identify misuse of Barings’s systems and any fraud or other illegal or unlawful activity or any other activity which is or may be contrary to our legal and regulatory compliance obligations;

∎ As may otherwise be necessary for responsible corporate governance or as otherwise required or permitted by applicable laws and/or regulations;

∎ To otherwise protect the rights and property of Barings and the rights, property, and health of other persons, which may include disclosing information about you to authorities when we deem it appropriate to do so; and

∎ To the extent applicable, for any other purpose for which we have obtained your consent from time to time as permitted and in accordance with Relevant Data Protection Laws.

Do-Not-Track: Please note that our Website does not recognize web browser “do-not-track” signals. Formore information about our use of cookies and other online data collection mechanisms, please see our Cookies Policy located on barings.com.

To the extent required by Relevant Data Protection Laws, we will obtain your consent for any new or additional purposes for which Baring processes Personal Data.

Barings may also use your Personal Data to send you information about promotions and offers. However, we will not do so without your consent where required by Relevant Data Protection Laws. If you do not want to receive such information you can unsubscribe at any time by clicking the link at the bottom of any promotional message we send, or by contacting us using the contact details set out in this Privacy Notice.

4. International transfers

Personal Data may be transferred to a jurisdiction outside the country or jurisdiction in which you are resident or located and, if so, this will be done using a legitimate transfer mechanism as required under Relevant Data Protection Laws.

Subject to Relevant Data Protection Laws, transfers to other countries or jurisdictions may be permitted if the country or jurisdiction in question has in place data protection laws which are substantially similar to, or serve the same purposes as, those in the country or jurisdiction where you are resident or located, or otherwise deemed by the relevant authorities as providing ‘adequate protection’. However, some transfers may be to countries or jurisdictions that do not have equivalent protections and, in that case, Barings, the Manager and the Fund (as applicable) shall use reasonable efforts to implement contractual protections for the Personal Data, as required based on the legitimate transfer mechanism used.

5. Special Categories of Personal Data

Barings may, in limited circumstances and as permitted by Relevant Data Protection Laws, collect and process Special Categories of Personal Data, as well as Personal Data related to criminal matters, in connection with its obligations under applicable AML laws, which will only be used and disclosed, as necessary, for such purpose.

6. Personal Data received from other sources

Where Barings is provided with Personal Data relating to an individual by someone other than that individual (such as a beneficial owner, partners, directors, officers, employers, employees, advisors, consumer or other reporting agencies, governmental agencies or other related persons), the person providing the Personal Data: will be asked to warrant that it will only do so in accordance with Relevant Data Protection Laws; and must ensure that, before doing so, the individuals in question are made aware of the fact that Barings will hold information relating to them and may use it for any of the purposes set out in this Privacy Notice; and, where necessary, must have obtained the individuals’ consent to Barings’ use of the Personal Data. Barings may, where required under applicable laws, notify individuals whose Personal Data was received indirectly from a third party, and confirm that Barings holds their Personal Data and provide a copy of this Privacy Notice to them.

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7. Disclosures of Personal Data

In addition to the disclosures discussed in this Privacy Notice, Barings may also need to disclose your Personal Data:

∎ To group companies or related body corporates of Barings (see barings.com for more information), to enable those entities to provide services to us and/or as part of shared systems which are in place;

∎ To organisations who provide services and support to us, including hosting, data processing, website development services, IT support and maintenance providers, call center and hotline providers and other outsourced services; and

∎ To enable us to comply with applicable laws and regulatory obligations and respond to requests from governmental and other regulatory authorities in any jurisdiction.

Additionally, if you are dealing with Barings as a Client, Barings may disclose any Personal Data to other entities, except as outlined above or under section 3 of this Privacy Notice or as follows, and in each case to the extent permitted by Relevant Data Protection Laws:

∎ To enable Barings to carry out the obligations under the contract with a Client including registered shareholder or in anticipation of an applicant for shares or units becoming a registered shareholder or unitholder;

∎ To anyone providing a service to Barings or a Barings agent (which may include the Manager and companies within its group of companies, the administrator and its or their sub-contractors), as data processors, for the purposes of providing services to the Manager or the Fund and on the understanding that they will keep the Personal Data confidential as required by Relevant Data Protection Laws;

∎ Where Personal Data needs to be shared with the depositary appointed to the Fund, in order to enable it to discharge its legal and regulatory obligations;

∎ Where the administrator to the Fund is subject to a separate legal obligation requiring it to act as controller of the Personal Data, including where it is required to use the Personal Data for the discharge of its own AML obligations including AML ID verification or reporting suspicious activity, or where an individual has otherwise consented to the Personal Data being shared with the administrator for specific purposes;

∎ Where the Client including a registered shareholder or unitholder or applicant for shares or units is a client of the Manager or a company within its group of companies, with such company for any other purposes agreed with an individual;

∎ Where the Manager or the Fund needs to share Personal Data with its and the Fund’s auditors, and legal and other advisors;

∎ In the event of a merger or proposed merger, any (or any proposed) transferee of, or successor in title to, the whole or any part of the Fund’s business, and their respective officers, employees, agents and advisers, to the extent necessary to give effect to such merger; or

∎ The disclosure is required by law or regulation, or court or administrative order having force of law, or is required to be made to any of the Manager’s or the Fund’s regulators, in each case in any jurisdiction.

In any case, where Barings shares Personal Data with a non-affiliated data controller (including, as appropriate, the Fund’s service providers), the use by that non-affiliated party of the Personal Data will be subject to the non-affiliated party’s own privacy policies.

8. Security of Personal Data

Barings will maintain appropriate physical, technical and procedural safeguards designed to protect any Personal Data that you provide to us from accidental or unauthorized loss, misuse, damage, modification, access or disclosure in accordance with Relevant Data Protection Laws. Barings also restricts access to Personal Data about you to those employees who need

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to know that information to provide products and services to you. As an added measure, Barings does not include Personal Data or account information in non-secure e-mails that we send you via the Internet without your prior consent. We advise you not to send such information to us in non-secure e-mails.

Service providers who process your Personal Data on behalf of Barings are also required to adhere to appropriate security standards designed to protect such information against unauthorized access, destruction or loss.

9. Updates to Personal Data

Barings will use reasonable efforts to keep Personal Data up to date. However, Barings must be notified, without delay, of any change in an individual’s personal circumstances by the individual or the person that provides such information on behalf of the individual.

10. Retention of Personal Data

Barings is obliged to retain certain information to ensure accuracy, help maintain quality of service and for legal, regulatory, fraud prevention and legitimate business purposes.

Barings is obliged by law to retain AML-related identification and transaction records for a number of years depending on the relevant rule or regulation under applicable laws from the end of the relevant investor relationship or the date of the transaction.

Other information will be retained for no longer than is necessary for the purpose for which it was obtained by Barings or as required or permitted for legal, regulatory, fraud prevention and legitimate business purposes. In general, Barings (or its service providers on its behalf) (as applicable) will hold this information for a period of seven (7) years, unless it is obliged to hold it for a different period under law or applicable regulations.

Barings may also retain records of telephone calls and any electronic communications for any length of time as required or permitted by any relevant regulatory entity or as required by relevant local laws including those relating to data privacy and security.

11. Individual’s Rights in relation to Personal Data

You may have the following rights under Relevant Data Protection Laws:

∎ An individual may have the right to request access to, correct any inaccuracies in, and in certain circumstances, request erasure, or object to or restrict the use, of their Personal Data, and object to certain uses or other processing of their Personal Data (including automated processing), in each case subject to the conditions and/or restrictions set out in Relevant Data Protection Laws.

∎ In limited circumstances, an individual may also have the right to data portability in respect of certain of their Personal Data, which means they can request that Barings provide a copy of their disclosable Personal Data to them or their third party nominee.

∎ An individual may also have the right to lodge a complaint with the relevant Barings entity that is the data controller and/or with a relevant supervisory authority about the processing of the individual’s Personal Data by the relevant Barings entity, the Manager and/or the Fund.

∎ An individual may also have the right to withdraw consent in specific circumstances, such as for direct marketing, or where we have otherwise relied on the individual’s consent to process their Personal Data.

To exercise any of these rights, please send confirmation of your request, by e-mail or post, to the address below, specifying which Barings products or funds your request relates to and providing any other relevant identifying information:

Barings Data Privacy Manager

20 Old Bailey

London, UK

DPM@Barings.com

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Please see the relevant local addendum attached to this Privacy Notice for contact details in your country or jurisdiction.

12. Complaints

If you would like to contact us in relation to how your Personal Data is handled, please contact Barings’ Data Privacy Manager at DPM@Barings.com and your complaint will be handled in accordance with our handling procedures. You may also have the right to make a complaint with the relevant local supervisory authority; however, we would request in the first instance you contact us.

Please see the relevant local addendum attached to this Privacy Notice for contact details in your country or jurisdiction.

13. Local Country, State or Specific Jurisdictional Addenda

i. Australia

ii. California

iii. European Economic Area and UK

iv. Hong Kong S.A.R.

v. Japan

vi. People’s Republic of China

vii. South Korea

viii. Switzerland

ix. Taiwan

x. USA

14. Document Management

This document is reviewed at least once annually, and updated as required. Where required by Relevant Data Protection Laws we will notify you in the event of material changes to this Privacy Notice and, where required, seek your consent to those changes.

This document was last updated June 4, 2020.

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GLOBAL PRIVACY NOTICE: ADDENDUM FOR AUSTRALIA

This addendum sets out additional obligations and rights of Barings Australia Pty Ltd, including any associated Managers and Funds, beyond the terms of the Privacy Notice.

COLLECTION OF PERSONAL DATA

In some circumstances, we may need to collect additional Personal Data from you, or collect Personal Data from you in a way which is not described in the Privacy Notice. Where this is the case, we will provide you with additional information which details the Personal Data we will collect from you and how we will use, hold and disclose that Personal Data.

DIRECT MARKETING

Your Personal Data may also be used to enable us to market services and products that we, our group companies or related body corporates or our partners offer and which we consider may be of interest to you. If you do not want us to contact you about these products and services, please contact us using the details set out below. You will also be given an opportunity to unsubscribe from any marketing communications which we send to you electronically (such as via e-mail).

HOW DO I ACCESS MY PERSONAL INFORMATION?

You may contact us using the details below if you wish to find out about the Personal Data we hold about you. We may need to verify your identity before giving you access and, depending on the complexity of your request, we may charge a reasonable fee for processing the request.

In certain circumstances, we may not be able to tell you what Personal Data is held about you. In these circumstances, we will notify you to explain why we cannot provide the information and attempt to find alternative means to enable you to access your information.

HOW DO I REQUEST CORRECTION OF MY INFORMATION?

If you believe that the Personal Data we hold about you is inaccurate, incomplete or out of date, you should contact us using the details below. We will promptly update any Personal Data that we consider is inaccurate, incomplete or out of date. If we do not agree that your information is inaccurate, incomplete or out of date, we will notify you and provide you with the reasons.

COMPLAINTS

If you believe that your privacy has been breached, please contact us using the details below and provide details of the incident so that we can investigate and respond to you about your concerns.

We will review all communications and complaints submitted to us in this manner and will aim to respond to you in writing within a reasonable time. If your complaint is not satisfactorily resolved, you may access an external dispute resolution service or apply to the Office of the Australian Information Commissioner (“OAIC”) to have the complaint heard and determined. When we notify you about our decision, we will explain how you may access an external dispute resolution scheme or make a complaint to the OAIC.

CONTACT US

To contact us in relation to the Privacy Notice, please use the following methods:

E-mail: DPM@Barings.com

Barings Data Privacy Manager

Barings Australia Pty Ltd,

Suite 4501, Level 45,

Australia Square,

264 George Street,

Sydney, NSW 2000, Australia

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Under the California Consumer Privacy Act (“CCPA”), we are required to provide California residents with specific information about our personal information practices. The CCPA defines the term “personal information” broadly, and includes any information that identifies, relates to, describes, is reasonably capable of being associated with, or could reasonably be linked, directly or indirectly, with a particular California resident or household. Please note that the CCPA does not apply to certain types of information, and your data may be covered by additional privacy notices based on your relationship with us.

Categories of Personal Information that We Collect, Disclose, and Sell

We do not sell any of your personal information for monetary compensation.

We currently do not share your information with non-affiliated third parties for their own marketing purpose. We collect and disclose certain personal information in the course of our business as described in the Privacy Notice, including to process your transactions, for customer service purposes, for marketing, for general administration (e.g., managing inventory) evaluating use of our services, research and development, and for legal compliance.

Please refer to section 3 of the Privacy Notice for a description of how we collect and disclose personal information and the personal information that we collect.

In addition to collecting business related information (including information such as names, business contact information and for investors, employees and certain business contacts, dates of birth, government identifiers and/or financial information) we also collect the following:

∎ Usage Data: As described above, we collect certain technical information about a user’s use of our Websites, which may include: IP address, cookies, browser type and version, time zone settings, browser plugin types, operating systems and platform, device information (including, for mobile devices, the IMEI number, wireless networks and general network information). We do not typically associate this information with a particular user’s account and we do not seek to reidentify the user through this information.

∎ Audio & Video Information: If you call us, we may record your conversation for quality assurance, training, legal compliance, and customer service purposes. Certain of our premises are monitored by closed circuit television. Absent an incident, we do not usually obtain a copy of such footage, but, rather, it would be the property of the building manager.

We disclose each of the above categories of information, for a business purpose as defined by the CCPA. For example, we may share your contact information with entities that assist us in account management, background check organizations, and, where permitted by law, with entities to assist us in marketing. We also share your information with entities that assist us in providing support and services, such as hosting our websites, applications, and other online services, to respond to inquiries and for trouble-shooting. We also share your information to assist us in analyzing and improving our services and operations; for fraud prevention; personalizing content and experiences; securing and protecting our business; defending our legal rights and the rights of others; auditing, reporting, corporate governance, and internal operations; and complying with legal obligations.

California Resident Rights

California law grants California residents certain rights and imposes restrictions on particular business practices. We are required to provide you with a notice about our information collection practices at or before the point of collection; to this end, there may be circumstances in which we provide an additional notice to you. California residents have the right to opt-out of our sale of their personal information. Subject to certain exceptions, California residents have the right to (at no charge) request that we (1) delete the personal information that we hold about them, subject to certain exceptions and (2) send a copy of the specific pieces of personal information that we have collected about them in the prior 12 months and to have this delivered, free of charge, either (a) by mail or (b) electronically in a portable and, to the extent technically

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feasible, readily useable and transferrable format. California residents also have the right to request that we provide them certain information about how we have handled their personal information in the prior 12 months, including the:

∎ categories of personal information collected;

∎ categories of sources of personal information;

∎ business and/or commercial purposes for collecting and selling their personal information;

∎ categories of third parties/with whom we have disclosed or shared their personal information;

∎ categories of personal information that we have disclosed or shared with a third party for a business purpose; and

∎ categories of third parties to whom the residents’ personal information has been sold and the specific categories of personal information sold to each category of third party.

California residents may make Requests to Know up to twice every 12 months. The CCPA prohibits discrimination against California residents for exercising their rights under the CCPA. Discrimination may exist where a business denies or provides a different level or quality of goods or services, or charges (or suggests that it will charge) different prices, rates, or penalties on residents who exercise their CCPA rights, unless doing so is reasonably related to the value provided to the business by the residents’ data.

California residents have the right to be notified of any financial incentive offers and their material terms, the right to opt-out of such incentives at any time, and may not be included in such incentives without their prior informed opt-in consent. We currently do not offer any incentives.

CONTACT US

To contact us in relation to the Privacy Notice, including Requests to Opt-Out of Sale of Personal Information (if applicable), Requests to Know, and Requests to Delete, please use the following methods:

Electronically: Submitting a CCPA Webform found at barings.com

By Phone: 1-877-766-0014 (toll free),

E-mail: DPM@Barings.com

Barings Data Privacy Manager

20 Old Bailey

London, UK

We will respond to verifiable requests received from California consumers as required by law.

To opt-out of sharing with targeted advertisers, please visit optout.aboutads.info and optout.networkadvertising.org.

California Shine the Light

We currently do not share your information with non-affiliated third parties for their own marketing purpose.

For more information about our privacy practices, you may contact us at dpm@barings.com.

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GLOBAL PRIVACY NOTICE: ADDENDUM FOR EUROPEAN ECONOMIC AREA (EEA) AND UNITED KINGDOM

This addendum sets out additional obligations and rights of Baring Asset Management Limited (“BAML”), including any associated Managers and Funds, beyond the terms of the Privacy Notice.

RELEVANT DATA PROTECTION LAWS

To avoid doubt, “Relevant Data Protection Laws” shall mean any applicable data protection laws relating to the protection of individuals with regards to the processing of personal data including the General Data Protection Regulation (EU) 2016/679 (“GDPR”) (together with any laws implemented by EU member states (including any replacement legislation applicable in the United Kingdom, whether or not as a result of any full or partial departure of the United Kingdom from the European Union), which contain derogations from, or exemptions or authorisations for the purposes of, the GDPR, or which are otherwise intended to supplement the GDPR); the UK Data Protection Act 2018; the ePrivacy Directive 2002/58/EC as implemented by EU member states; any corresponding or equivalent national laws or regulations relating to the collection, use, disclosure and processing of personal data including any amendment, update, modification to or reenactment of such laws and guides and codes of practice issued from time to time by any supervisory authorities, in each case as amended, updated or replaced from time to time.

LAWFUL BASIS FOR PROCESSING

Under Relevant Data Protection Laws we must have a lawful basis for processing your Personal Data. When we do so, we rely on one of the following:

- To perform a contract we have with you;

- To comply with a legal obligation;

- Where we have a legitimate interest as a business; or

- If you have given us your consent.

We have set out the lawful bases we rely on at section 3 of the Privacy Notice. Unless otherwise set out in section 3, the processing of your Personal Data will be in furtherance of BAML’s legitimate interests to provide and improve our services to you, in order to preserve our business operations, and ensuring that you are provided with information which is relevant to you.

PROVIDING YOUR INFORMATION TO US

If you do not provide us with certain information (for example, if you do not provide us with information that is indicated as mandatory), BAML may not be able to manage or administer our client relationship with you and provide you with products and services. If you are a Website User, and if you block or refuse to accept cookies, or delete cookies after visiting our Website, you may not be able to access or use some of the functionalities of our Website.

INTERNATIONAL TRANSFERS

Subject to Relevant Data Protection Laws, transfers to other countries or jurisdictions outside of the UK or

EEA may be permitted where such transfer is made to jurisdictions or countries providing “adequate protection” for Personal Data (which may include US companies that have voluntarily signed up to the EU-U.S. or Swiss-U.S. Privacy Shield).

However, some transfers may be to countries or jurisdictions that do not have adequate protection and, in that case, BAML, the Manager and the Fund (as applicable) shall use reasonable efforts to implement contractual safeguards for the cross-border transfer of Personal Data, as required based on the legitimate transfer mechanism used (such as putting in place European Commission-approved “Standard Contractual Clauses”).

Where you are in the UK or the EEA, further information in relation to specific international transfers can be obtained by contacting BAML’s Data Privacy Manager at DPM@Barings.com.

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COMPLAINTS

If you believe that your privacy has been breached, please contact us using the details below and provide details of the incident so that we can investigate and respond to you about your concerns.

We will review all communications and complaints submitted to us in this manner and will aim to respond to you in writing within a reasonable time. Notwithstanding the above, you have the right to make a complaint at any time to the Information Commissioner’s Office (ICO), the UK supervisory authority, or to any other supervisory authority applicable to you.

CONTACT US

To contact us in relation to the Privacy Notice, please use the following methods:

E-mail: DPM@Barings.com

Barings Data Privacy Manager

Baring Asset Management Limited

20 Old Bailey

London, UK

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GLOBAL PRIVACY NOTICE: ADDENDUM FOR HONG KONG S.A.R.

This addendum sets out additional obligations and rights of Baring Asset Management (Asia) Limited including any associated Managers and Funds (“we”, “Barings Hong Kong”), beyond the terms of the Privacy Notice.

PROVIDING YOUR INFORMATION TO US

If you do not provide us with certain information (for example, if you do not provide us with information that is indicated as mandatory), Barings Hong Kong may not be able to manage or administer our client relationship with you and provide you with products and services. If you are a Website User, and if you block or refuse to accept cookies, or delete cookies after visiting our Website, you may not be able to access or use some of the functionalities of our Website.

CONTACT DETAILS

To contact us in relation to the Privacy Notice, please use the following methods:

E-mail: DPM@Barings.com

Barings Data Privacy Manager

Baring Asset Management (Asia) Limited 35/F Gloucester Tower

15 Queens Road

Central, Hong Kong

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This addendum sets out additional obligations and rights of Barings Japan Ltd. including any associated Managers and Funds (“we”, “Barings Japan”), beyond the terms of the Privacy Notice.

TRANSFERS

Your primary data controller Barings Japan will jointly use your Personal Data specified in the Privacy Notice for the purposes specified therein with other group companies of Barings. Barings Japan will be responsible for the management of your Personal Data jointly used by other group companies of Barings.

CONTACT DETAILS

To contact us in relation to the Privacy Notice, please use the following methods:

E-mail: DPM@Barings.com

Barings Data Privacy Manager

Baring Japan Ltd.

7F Kyobashi Edogrand

2-2-1 Kyobashi

Chuo-ku

Tokyo 104-0031, Japan

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GLOBAL PRIVACY NOTICE: ADDENDUM FOR THE PEOPLE’S REPUBLIC OF CHINA (“PRC”) (EXCLUDING FOR THE PURPOSES OF THE PRIVACY NOTICE HONG KONG S.A.R., MACAU S.A.R. AND TAIWAN)

This addendum sets out additional obligations and rights of Barings Investment Management (Shanghai) Limited and Barings Overseas Investment Fund Management (Shanghai) Limited, including any associated Managers and Funds (“we”, “Barings PRC”), beyond the terms of the Privacy Notice.

PROVIDING YOUR INFORMATION TO US

If you do not provide Barings PRC with certain Personal Data (for example, if you do not provide us with information that is indicated as mandatory); or give us your (express or deemed) consent to the collection, use and/or disclosure of your Personal Data; or if you subsequently withdraw your consent, Barings PRC may not be able to manage or administer our client relationship with you; provide certain products and services to you; or if you are a Website User, you may not be able to access or use some of the functionalities of our Website.

SENSITIVE PERSONAL DATA

Certain types of Personal Data are considered “sensitive” and, depending on your country of work or residence and applicable laws, additional rules will apply in respect of this Personal Data. “SensitivePersonal Data” as defined under PRC laws and regulations may include (but without limitation) informationrelating to:

∎ mobile phone number;

∎ genetic or biometric information;

∎ financial information;

∎ tax identification number;

∎ national identity card number;

∎ health records;

∎ sexual orientation; and

∎ racial or ethnic origin.

References to “Special Categories of Personal Data” in the Privacy Notice shall for the purpose of this addendum be deemed to be references to Sensitive Personal Data.

RETENTION OF PERSONAL DATA

Your Personal Data will be kept confidential and will be retained for the retention periods set out in our Record Keeping Policy.

CONTACT DETAILS

To contact us in relation to the Privacy Notice, please use the following methods:

E-mail: DPM@Barings.com

Barings Data Privacy Manager

Barings Investment Management (Shanghai) Limited & Barings Overseas Investment Fund Management (Shanghai) Limited

Unit 4501-04 , Level 45

International Finance Center Tower 2

8 Century Avenue

Pudong District

Shanghai, China

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GLOBAL PRIVACY NOTICE: ADDENDUM FOR SOUTH KOREA

This addendum sets out additional obligations and rights of Baring Asset Management (Korea) Limited, including any associated Managers and Funds (“we”, “Barings Korea”), beyond the terms of the Privacy Notice.

COLLECTION OF PERSONAL DATA

We obtain your consent when collecting and using your Personal Data unless such collection and usage is based on Personal Information Protection Act (“PIPA”), the Act on Promotion of Information Communication Network Usage and Information Protection (“Network Act”), Protection of Credit Information Act (“Credit Information Act”), or other laws or regulations of Korea.

SENSITIVE PERSONAL DATA

Under the PIPA, information on the ideology, creed, membership of a labor union or political party, political views, health, sexual preferences, bio-data, and criminal records as defined under the Act on the Lapse of Criminal Sentences is considered “Sensitive Personal Data”.

When collecting Sensitive Personal Data from you, we comply with all the procedures and methods stipulated by the PIPA, including obtaining your separate consent for the processing of Sensitive Personal Data.

OUTSOURCING OF THE PROCESSING OF PERSONAL DATA

Please see below the list of third-party processors (“Processors”) together with the specific processing tasks to be outsourced. The Personal Data transferred to the Processors will be retained only to the extent necessary for the purposes of the services provided and to meet any regulatory requirements in accordance with any applicable laws.

We comply with all the relevant laws and regulations when outsourcing the processing of Personal Data. For example, we do not outsource the processing of Particular Identification Data as defined under the PIPA (i.e., resident registration numbers (“RRNs”), driver’s license numbers, passport numbers, and alien registration numbers) to Processors located outside of Korea.

NAME OF THE THIRD-PARTY PROCESSOR	OUTSOURCED TASK/SERVICE
NAVEX Global, Inc.	Operation of Barings’ ethics and whistleblower hotline

PROVISION OF PERSONAL DATA TO THIRD PARTIES

Subject to your separate consent, the following Personal Data may also be disclosed to third parties, i.e., independent data controllers as set out below.

We comply with all the relevant laws and regulations when providing Personal Data to a third party. For example, we do not provide Particular Identification Data as defined under the PIPA to recipients located outside of Korea.

RECIPIENT	RECIPIENT’S PURPOSE OF USE	TRANSFERRED ITEMS	RECIPIENT’S PERIOD OF RETENTION AND USE
Barings LLC	Regulatory, risk and compliance oversight	Anonymized data to perform regulatory, risk and compliance oversight	7 years from the date of collection
Baring Asset Management Limited	Regulatory, risk and compliance oversight	Anonymized data to perform regulatory, risk and compliance oversight	7 years from the date of collection

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GLOBAL PRIVACY NOTICE: ADDENDUM FOR SOUTH KOREA (CONTINUED)

DATA PROTECTION OFFICER

The data protection officer is Ho Chul Jung ( ) and is available at +82 2 3788 0529 or via e-mail at Hochul.jung@barings.com.

DESTRUCTION OF PERSONAL DATA

Your Personal Data will be processed and stored for as long as required for the purposes for which they were collected, and in accordance with the storage periods provided for by the applicable laws. After such period, your Personal Data will be automatically and permanently erased or made anonymous.

MEASURES TO ENSURE SECURITY OF PERSONAL DATA

We take the following technical, managerial and physical measures necessary to ensure the security of your Personal Data.

Managerial measures: Designation of a data protection officer, establishment and implementation of an internal management plan, regular training of employees on personal data protection, etc.

Technical measures: Management of the right to access the Personal Data Processing system, installation of an access control system, encryption of Particular Identification Data(as defined under the PIPA), installation of security programs, etc.

Physical measures: Restriction on access to Personal Data storage mediums such as the computer room and data storage room, etc.

INSTALLATION, OPERATION, AND DENIAL OF A DEVICE THAT AUTOMATICALLY COLLECTS PERSONAL INFORMATION

We use cookies which constantly save and retrieve information of our Website Users. A cookie is a small text file of information about the basic setting of a website, sent by the website’s web server to the web browser of a user, and is stored in the hard disk of the user’s computer.

We use cookies for the following purposes: to engage in target marketing and provide customized services by analyzing the frequency and times of visits of members and non-members, identifying their preferences and interests and tracking the number of visits made.

You have the right to choose whether or not to install cookies. Therefore, you may adjust the options of your web browser to accept or refuse all cookies, or to receive notice each time cookies are installed.

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GLOBAL PRIVACY NOTICE: ADDENDUM FOR SWITZERLAND

This addendum sets out additional obligations and rights of Baring Asset Management Switzerland Sàrl, including any associated Managers and Funds (“we”, “Barings Switzerland”), beyond the terms of the Privacy Notice.

DEFINITION OF PERSONAL DATA

The definition of “Personal Data” also includes all information relating to an identified or identifiable legal entity pursuant to Article 3 (a) of the Swiss Federal Act on Data Protection (“FADP”).

INTERNATIONAL TRANSFERS

Subject to Relevant Data Protection Laws, transfers to other countries or jurisdictions may be permitted if the country or jurisdiction in question is in the European Economic Area (EEA), or on the Federal Data Protection and Information Commissioner’s (“FDPIC”) list of countries providing ‘adequate protection’ for Personal Data (which may include US companies that have voluntarily signed up to the Swiss-U.S. Privacy Shield).

However, some transfers may be to countries or jurisdictions that do not have adequate protection and, in that case, Barings Switzerland, Barings, the Manager and the Fund (as applicable) shall use reasonable efforts to implement contractual safeguards for the cross-border transfer of Personal Data, as required based on the legitimate transfer mechanism used.

When you are in Switzerland, further information in relation to specific international transfers can be obtained by contacting Barings’ Data Privacy Manager at DPM@Barings.com.

INDIVIDUAL’S RIGHTS IN RELATION TO PERSONAL DATA

Under the FADP, an individual is not granted the right to data portability in respect of his or her Personal Data.

COMPLAINTS

If you believe that your privacy has been breached, please contact us using the details below and provide details of the incident so that we can investigate and respond to you about your concerns.

We will review all communications and complaints submitted to us in this manner and will aim to respond to you in writing within a reasonable time. If your complaint is not satisfactorily resolved, you may submit a complaint to the FDPIC.

CONTACT US

To contact us in relation to the Privacy Notice, please use the following methods:

E-mail: DPM@Barings.com

Barings Data Privacy Manager

20 Old Bailey

London, UK

Phone - +442077628961

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GLOBAL PRIVACY NOTICE: ADDENDUM FOR TAIWAN

This addendum sets out additional obligations and rights of Barings SICE (Taiwan) Limited, including any associated Managers and Funds (“We”, “Barings Taiwan”), beyond the terms of the Privacy Notice. The term “process” or “processing” as used in the Privacy Notice should be taken to mean “collect”, “use” and “process” as defined in the Taiwan Personal Information Protection Law.

PROVIDING YOUR INFORMATION TO US

If you choose not to provide us with certain of your Personal Data (for example, if you do not provide us with information that is indicated as mandatory), we may not be able to manager or administer our client relationship with you; provide you with products and services; or, if you are a Website User, you may not be able to access or use some of the functionalities of our Website.

SENSITIVE PERSONAL DATA

Sensitive Personal Data and Special Categories of Personal Data shall, for purposes of Barings Taiwan’s obligation to you, include medical records, medical treatment, genetic information, sexual life (including sexual orientation) and health examination and criminal records.

YOUR RIGHTS TO YOUR PERSONAL DATA

You have rights, using the contact details below:

∎ to make inquiries or request to review your Personal Data;

∎ to make copies of your Personal Data;

∎ to supplement or correct your Personal Data;

∎ to discontinue collection, processing or use of Personal Data;

∎ to delete your Personal Data; or

∎ to communicate to us your objection to the use of your Personal Data for marketing purposes.

CONTACT DETAILS

To contact us in relation to the Privacy Notice, please use the following methods:

E-mail: DPM@Barings.com

Barings Data Privacy Manager

Baring SICE (Taiwan) Limited

21F 333 Keelung Rd.

Sec.1 Taipei 11012

Taiwan

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GLOBAL PRIVACY NOTICE: ADDENDUM FOR THE UNITED STATES OF AMERICA (THE “USA”)

This addendum sets out additional obligations and rights of Barings LLC and Barings Securities LLC including any associated Managers and Funds (“We/Barings US”) beyond the terms of the Privacy Notice.

PROVISION OF PERSONAL DATA TO OTHER ENTITIES

If you are dealing with Barings US as a Client, we may share the financial information we collect from you with our financial services affiliates, such as insurance companies, investment companies and securities broker-dealers. Additionally, so that we may continue to offer you products and services that best meet your investment needs, we may disclose Personal Data we collect, as described above, to companies that perform administrative or marketing services on our behalf, such as transfer agents, custodian banks, service providers or printers and mailers that assist us in the distribution of investor materials or that provide operational support to Barings US. These companies are required to protect this information and will use this information only for the services for which we hire them, and are not permitted to use or share this information for any other purpose. Some of these companies may perform such services in jurisdictions other than the United States. We also disclose your financial information for our everyday business purposes, such as to process and effect transactions that you request or authorize and to maintain your account(s) and as otherwise permitted by applicable law. We may share some or all of the information we collect with other financial institutions with whom we jointly market products. This may be done only if it is permitted by the state in which you live. Some disclosures may be limited to your name, contact and transaction information with us or our affiliates.

Any disclosures will be only to the extent permitted by federal and state law. Certain disclosures may require us to get an “opt-in” or “opt-out” from you. If this is required, we will do so before information is shared. Otherwise, we do not share any personal information about our customers or former customers unless authorized by the customer or as permitted by law. When you are no longer our customer, we will continue to share your information as described in this notice.

REGULATORY

The Privacy Notice describes the privacy policies of Barings. It applies to all Barings and the Funds accounts you presently have, or may open in the future, using your social security number or federal taxpayer identification number - whether or not you remain a shareholder of our Funds or as an advisory client of Barings. As mandated by rules issued by the Securities and Exchange Commission, we will be sending you this notice annually, as long as you own shares in the Funds or have an account with Barings.

Barings Securities LLC is a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). Investors may obtain information about SIPC including the SIPC brochure by contacting SIPC online at www.sipc.org or calling (202)-371-8300. Investors may obtain information about FINRA including the FINRA Investor Brochure by contacting FINRA online at www.finra.org or by calling (800)-289-9999.

CONTACT US

To contact us in relation to the Privacy Notice, please use the following methods:

E-mail: DPM@barings.com

Barings Data Privacy Manager

20 Old Bailey

London, UK

202

BARINGS FUNDS TRUST

ANNUAL REPORT

June 30, 2021

(b) Not applicable

Item 2. Code of Ethics.

The Registrant adopted a Code of Ethics for Principal Executive and Senior Financial Officers (the “Code”) on July 29, 2013, which is available on the Registrant’s website at www.barings.com/us/guest/funds/barings-mutual-fund-documents and click Fund Code of Ethics. During the period covered by this Form N-CSR, there were no amendments to, or waivers from, the Code.

Item 3. Audit Committee Financial Expert.

The Registrant’s Board of Trustees has determined that Dr. Bernard A. Harris, Jr., Mr. Thomas W. Okel, and Mr. Martin A. Sumichrast, constituting all the members of the Registrant’s Audit Committee, are audit committee financial experts. Dr. Harris, Mr. Okel and Mr. Sumichrast are “independent” for purposes of this Item 3 as required by applicable regulation.

Item 4. Principal Accountant Fees and Services.

The Registrant has engaged its principal accountant, Deloitte & Touche LLP (“Deloitte”), to perform audit services, audit-related services, tax services and other services. The following tables detail the aggregate fees billed or expected to be billed for each of the last two fiscal years by Deloitte.

Fees Billed to the Registrant:

	Year Ended June 30, 2021		Year Ended June 30, 2020
Audit Fees	$	293,500	$	322,100
Audit-Related Fees	$	0	$	30,000
Tax Fees	$	88,650	$	98,393
All Other Fees	$	0	$	0
Total Fees	$	382,150	$	450,493

Non-Audit Fees Billed to Barings and MassMutual:

	Year Ended June 30, 2021		Year Ended June 30, 2020
Audit Fees	$	3,647,481	$	3,563,922
Audit-Related Fees	$	1,794,671	$	2,236,858
Tax Fees	$	2,836,667	$	4,357,763
All Other Fees	$	2,831,672	$	5,271,600
Total Fees	$	11,110,491	$	15,430,143

The category “Audit Fees” refers to performing an audit of the Registrant’s, Barings LLC’s (“Barings”) or Massachusetts Mutual Life Insurance Company’s (“MassMutual”) annual financial statements or services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements. The category “Audit-Related Fees” reflects fees billed by Deloitte for various non-audit and non-tax services rendered to the Registrant, Barings, and MassMutual. Preparation of Federal, state and local income tax and tax compliance work are representative of the fees reported in the “Tax Fees” category. The category “All Other Fees” represents fees billed by Deloitte for consulting rendered to the Registrant, Barings, and MassMutual.

The Sarbanes-Oxley Act of 2002 and its implementing regulations allow the Registrant’s Audit Committee to establish a pre-approval policy for certain services rendered by the Registrant’s principal accountant, Deloitte. During the fiscal year ended June 30, 2021, the Registrant’s Audit Committee approved all of the services rendered to the Registrant by Deloitte and did not rely on such a pre-approval policy for any such services.

The Audit Committee has also reviewed the aggregate fees billed for professional services rendered by Deloitte for the years ended June 30, 2021 and June 30, 2020 for the Registrant and for the non-audit services provided to Barings, and Barings’ parent, MassMutual. As part of this review, the Audit Committee considered whether the provision of such non-audit services was compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

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) The Registrant has posted its Code of Ethics on its website at www.barings.com/us/guest/funds/barings-mutual-fund-documents and click Fund Code of Ethics.

(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 September 3, 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 September 3, 2021

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

Date September 3, 2021

EX-99.1CERT

Exhibit 99.1 Cert

CERTIFICATIONS

I, Daniel McGee, certify that:

1. I have reviewed this report on Form N-CSR of Barings Funds Trust (the “registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets and cash flows of the registrant as of, and for, the period presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

September 3, 2021	/s/ Daniel McGee
Date	Daniel McGee, President (Principal Executive Officer)

EX-99.2CERT

Exhibit 99.2 Cert

CERTIFICATIONS

I, Carlene Pollock, certify that:

1. I have reviewed this report on Form N-CSR of Barings Funds Trust (the “registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets and cash flows of the registrant as of, and for, the period presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

September 3, 2021	/s/ Carlene Pollock
Date	Carlene Pollock, Chief Financial Officer (Principal Financial Officer)

EX-99.906 CERT

Exhibit 99.906 Cert

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of Barings Funds Trust, does hereby certify, to such officer’s knowledge, that the report on Form N-CSR of Barings Funds Trust for the period ended December 31, 2020, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of Barings Funds Trust for the stated period.

/s/ Daniel McGee	/s/ Carlene Pollock
Daniel McGee President	Carlene Pollock Chief Financial Officer

Dated: September 3, 2021

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Barings Funds Trust for purposes of Section 18 of the Securities Exchange Act of 1934.