Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2020

	SHARES		COST		FAIR VALUE
Equities — 0.3%*:
Common Stocks — 0.3%*:
Beverage, Food and Tobacco — 0.3%*:
CTI Foods Holding Co. LLC(a)		4,657	$	495,155	$	511,106
Healthcare, Education and Childcare — 0.0%*:
Tunstall Group Holdings Ltd.(a),(b)		310		—		—
Tunstall Group Holdings Ltd.(a),(b)		469		—		—
Total Healthcare, Education and Childcare		779		—		—
Mining, Steel, Iron and Non-Precious Metals — 0.0%*:
Boomerang Tube LLC(a)		1,769		171,860		—
Oil and Gas — 0.0%*:
Fieldwood Energy LLC		6,469		226,415		6,469
Fieldwood Energy LLC		26,365		568,599		26,365
Sabine Oil & Gas LLC		394		22,597		5,122
Southcross Energy Holdings LP		22		—		—
Southcross Energy Partners LP		22		5,500		1,210
Templar Energy LLC(a)		8,762		50,647		—
Templar Energy LLC(a)		6,069		56,021		—
Total Oil and Gas		48,103		929,779		39,166
Total Common Stocks		55,308		1,596,794		550,272
Limited Partnerships — 0.0%*:
Chemicals, Plastics and Rubber — 0.0%*:
Pinnacle Operating Corp., earnout shares(a)		40,420		—		—
Pinnacle Operating Corp., escrow shares(a)		85,894		77,305		77,305
Total Chemicals, Plastics and Rubber		126,314		77,305		77,305
Total Limited Partnerships		126,314		77,305		77,305
Warrants — 0.0%*:
Diversified/Conglomerate Manufacturing — 0.0%*:
Appvion Holdings Corp. (exp. June 13, 2023)(a)		449		—		56
Appvion Holdings Corp. (exp. June 13, 2023)(a)		449		—		—
Total Diversified/Conglomerate Manufacturing		898		—		56
Total Warrants		898		—		56
Total Equities		182,520		1,674,099		627,633

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Fixed Income — 92.3%*:
Bank Loans — 86.5%*(c):
Aerospace and Defense — 0.2%*:
TransDigm, Inc., 1M LIBOR + 2.250%		3.24	%		5/31/2025		493,725		491,582		448,055
Automobile — 2.0%*:
BCA Marketplace plc, 3M GBP LIBOR + 4.750%(b)		5.45			11/13/2026		500,000		621,919		524,787

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Bank Loans (continued):
Automobile (continued):
DexKo Global, Inc., 2M LIBOR + 3.500%		5.10	%		7/24/2024		304,213	$	305,918	$	256,552
Garrett LX III S.a r.l., 3M EURIBOR + 2.750%(b)		2.75			9/30/2025		818,667		892,306		713,297
NN, Inc., 1M LIBOR + 3.750%		6.74			10/19/2022		1,318,551		1,320,540		942,764
Panther BF Aggregator 2 LP, 1M LIBOR + 3.500%		4.44			4/30/2026		1,142,407		1,134,340		1,039,591
US Farathane LLC, 3M LIBOR + 3.500%		4.95			12/23/2021		1,132,654		1,135,667		702,245
Total Automobile							5,216,492		5,410,690		4,179,236
Beverage, Food and Tobacco — 1.6%*:
Amphora Finance Ltd., 3M LIBOR + 4.750%(b)		4.99			5/31/2025		500,000		661,625		518,577
CTI Foods Holding Co, LLC, 3M LIBOR + 7.000%(a)		8.77			5/3/2024		308,473		303,431		308,473
CTI Foods Holding Co, LLC, 3M LIBOR + 9.000%		10.77			5/3/2024		196,170		196,170		184,400
Deoleo, S.A., EURIBOR + 3.500%(b)		4.50			6/11/2021		500,000		598,418		205,415
IRB Holding Corp., 1M LIBOR + 2.750%		3.75			2/5/2025		2,562,928		2,569,116		1,968,662
Sunshine Investments B.V., 3M LIBOR + 3.250%(b)		4.95			3/28/2025		155,877		155,319		142,238
Total Beverage, Food and Tobacco							4,223,448		4,484,079		3,327,765
Broadcasting and Entertainment — 6.1%*:
A-L Parent LLC, 3M LIBOR + 3.250%		4.86			12/1/2023		1,994,845		1,835,258		1,303,292
AP NMT Acquisition B.V., EURIBOR + 6.000%(b)		7.00			8/13/2021		514,537		630,971		550,458
AP NMT Acquisition B.V., 3M LIBOR + 5.750%(b)		7.66			8/13/2021		2,045,952		2,027,496		1,970,518
AP NMT Acquisition B.V., 3M LIBOR + 9.000%(b)		10.91			8/13/2022		2,182,721		2,172,949		2,066,316
AVSC Holding Corp., 3M LIBOR + 4.500%		6.20			9/27/2026		512,980		503,320		307,788
Banijay Entertainment S.A.S, 1M LIBOR + 3.750%(b)		5.18			3/1/2025		1,312,309		1,316,458		1,154,832
Clear Channel Outdoor Holdings, Inc., 1M LIBOR + 3.500%		4.49			8/9/2026		1,492,500		1,485,670		1,253,700
CSC Holdings, LLC, 1M LIBOR + 2.250%		2.86			7/15/2025		1,165,469		1,152,513		1,109,142
CSC Holdings, LLC, 3M LIBOR + 2.500%		3.11			4/27/2027		565,568		565,568		539,173
Imagina Media Audiovisual, S.L., EURIBOR + 4.500%(b)		4.50			5/30/2025		500,000		571,032		330,870
Imagina Media Audiovisual, S.L., EURIBOR + 7.500%(b)		7.50			12/26/2024		500,000		548,035		358,442
Radiate Holdco, LLC, 1M LIBOR + 3.000%		3.99			2/1/2024		548,139		542,922		502,463
Technicolor S.A., EURIBOR + 3.000%(b)		3.00			12/6/2023		500,000		538,951		369,471
Terrier Media Buyer, Inc., 3M LIBOR + 4.250%		5.70			12/17/2026		714,061		710,625		630,159
Total Broadcasting and Entertainment							14,549,081		14,601,768		12,446,624
Buildings and Real Estate — 3.5%*:
Core & Main L.P., 6M LIBOR + 3.000%		4.33			8/1/2024		1,963,705		1,969,281		1,723,152

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Bank Loans (continued):
Buildings and Real Estate (continued):
GYP Holdings III Corp., 1M LIBOR + 2.750%		3.74	%		6/1/2025		2,215,463	$	2,210,594	$	1,993,917
Quikrete Holdings, Inc., 1M LIBOR + 2.750%		3.49			1/31/2027		1,496,250		1,496,561		1,376,550
SRS Distribution, Inc., 3M LIBOR + 3.000%		4.07			5/23/2025		2,416,594		2,404,386		2,035,980
Total Buildings and Real Estate							8,092,012		8,080,822		7,129,599
Cargo Transport — 0.8%*:
Kenan Advantage Group, Inc., 1M LIBOR + 3.000%		4.00			7/31/2022		1,914,863		1,916,993		1,546,845
Chemicals, Plastics and Rubber — 5.8%*:
Allnex (Luxembourg) & Cy S.C.A., EURIBOR + 3.250%(b)		3.25			9/13/2023		675,460		765,588		523,956
Allnex (Luxembourg) & Cy S.C.A., 3M LIBOR + 3.250%		4.86			9/13/2023		358,834		357,945		276,302
Allnex USA, Inc., 3M LIBOR + 3.250%		4.86			9/13/2023		270,342		269,672		208,163
Archroma Finance Sarl, EURIBOR + 3.750%(b)		4.00			8/11/2024		1,000,000		1,153,834		828,553
Associated Asphalt Partners LLC, 1M LIBOR + 5.250%		6.25			4/5/2024		287,270		286,446		201,089
Colouroz Investment 1 GmbH, EURIBOR + 3.000%(b)		3.75			9/7/2021		323,677		383,956		251,898
Consolidated Energy Finance, S.A., 1M LIBOR + 2.500%		3.20			5/7/2025		2,476,093		2,412,662		1,733,265
Diamond (BC) B.V., EURIBOR + 3.2500%		3.25			9/6/2024		979,956		1,144,793		821,403
Flint Group GmbH, 3M LIBOR + 3.000%(b)		4.80			9/7/2021		522,653		510,135		354,286
Flint Group GmbH, EURIBOR + 3.000%(b)		3.75			9/7/2021		751,882		867,151		585,144
Flint Group US LLC, 3M LIBOR + 3.000%(b)		4.80			9/7/2021		3,036,294		2,964,012		2,058,182
GrafTech Finance, Inc., 1M LIBOR + 3.500%		4.50			2/12/2025		2,473,885		2,454,539		2,127,541
Novacap S.A., EURIBOR + 3.500%(b)		3.50			6/22/2023		1,000,000		1,136,580		791,882
Polar US Borrower, LLC, 3M LIBOR + 4.750%		6.61			10/15/2025		830,021		830,021		717,968
Solenis Holdings LLC, 3M LIBOR + 4.000%		5.61			6/26/2025		630,130		625,379		495,704
Total Chemicals, Plastics and Rubber							15,616,497		16,162,713		11,975,336
Containers, Packaging and Glass — 5.9%*:
Albea Beauty Holdings S.A., 1M LIBOR + 3.000%(b)		4.91			4/22/2024		609,845		609,331		484,827
Berry Global, Inc., 1M LIBOR + 2.000%		2.86			7/31/2026		1,488,750		1,491,142		1,406,869
BWAY Holding Co., 1M LIBOR + 3.250%		5.08			4/3/2024		2,938,516		2,926,452		2,382,049
Flex Acquisition Co., Inc., 3M LIBOR + 3.000%		4.43			12/29/2023		1,412,099		1,421,652		1,277,950
Flex Acquisition Company, Inc., 3M LIBOR + 3.250%		5.16			6/29/2025		852,140		826,576		771,187
ProAmpac PG Borrower LLC, 1M LIBOR + 3.500%		4.97			11/18/2023		1,224,336		1,224,458		1,014,668

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Bank Loans (continued):
Containers, Packaging and Glass (continued):
ProAmpac PG Borrower LLC, 3M LIBOR + 8.500%		10.19	%		11/18/2024		750,000	$	743,474	$	555,000
Reynolds Consumer Products LLC, 3M LIBOR + 1.750%		3.50			1/30/2027		284,610		284,261		266,679
Reynolds Group Holdings, Inc., 1M LIBOR + 2.750%		3.74			2/5/2023		1,964,448		1,970,828		1,851,492
Roy Bidco ApS, EURIBOR + 3.250%(b)		3.50			8/23/2024		1,000,000		1,154,429		860,261
Trident TPI Holdings, Inc., 3M LIBOR + 3.00%		4.32			10/17/2024		1,496,157		1,476,389		1,226,849
Total Containers, Packaging and Glass							14,020,901		14,128,992		12,097,831
Diversified/Conglomerate Manufacturing — 3.1%*:
Amer Sports Oyj, EURIBOR + 4.500%(b)		4.50			3/1/2026		500,000		563,356		380,500
LSF10 XL Bidco S.C.A., EURIBOR + 4.000%(b)		4.00			10/12/2026		1,500,000		1,632,769		1,224,219
LTI Holdings, Inc., 1M LIBOR + 3.500%		4.49			9/6/2025		875,045		878,071		640,970
PCF GmbH, EURIBOR + 5.000%(b)		5.00			8/1/2024		500,000		526,610		413,587
Project Alpha Intermediate Holding, Inc., 3M LIBOR + 3.500%		5.38			4/26/2024		1,362,083		1,363,769		1,225,875
SGB-SMIT Management GmbH, 1M LIBOR + 5.000%(b)		2.50			7/18/2024		501,848		498,683		276,744
Wilsonart LLC, 3M LIBOR + 3.250%		4.71			12/19/2023		595,681		596,054		476,545
Winebow Group, Inc. (The), 1M LIBOR + 3.750%		4.75			7/1/2021		2,319,441		2,239,612		1,749,531
Total Diversified/Conglomerate Manufacturing							8,154,098		8,298,924		6,387,971
Diversified/Conglomerate Service — 10.6%*:
Allied Universal Holdco LLC, 3M LIBOR + 4.250%		5.24			6/27/2026		528,098		523,985		485,851
Almonde, Inc., 3M LIBOR + 3.500%		5.28			6/13/2024		2,707,581		2,668,736		2,301,444
Almonde, Inc., 3M LIBOR + 7.250%		9.03			6/13/2025		752,587		762,424		558,420
Capri Finance LLC, 3M LIBOR + 3.250%(b)		4.78			11/1/2024		1,137,931		1,129,934		975,776
Cvent, Inc., 3M LIBOR + 3.750%		4.74			11/29/2024		1,369,700		991,077		967,926
EAB Global, Inc., LIBOR + 3.750%		5.74			11/15/2024		741,957		739,500		602,840
Financial & Risk US Holdings, Inc., 1M LIBOR + 3.750%		4.24			10/1/2025		982,513		951,652		939,115
I-Logic Technologies Bidco Ltd., 1M LIBOR + 3.250%		3.82			12/21/2024		1,008,009		1,012,064		836,647
Infor (US), Inc., EURIBOR + 2.250%		3.25			2/1/2022		485,635		575,024		503,471
Informatica LLC, 1M LIBOR + 3.500%		4.24			2/25/2027		1,000,000		995,055		861,670
Informatica LLC, 1M LIBOR + 7.125%		7.13			2/25/2025		350,242		348,518		308,213
Kronos, Inc., 3M LIBOR + 3.000%		4.76			11/1/2023		2,061,462		2,065,543		1,871,209
Men’s Wearhouse, Inc. (The), 1M LIBOR + 3.250%		4.83			4/9/2025		819,794		726,532		278,730
MH Sub I LLC, 3M LIBOR + 3.750%		4.82			9/13/2024		2,025,477		2,018,366		1,703,426
Mitchell International, Inc., 1M LIBOR + 3.250%		4.24			11/29/2024		997,456		995,040		824,567
Project Leopard Holdings, Inc., 1M LIBOR + 4.500%		5.95			7/7/2023		1,472,704		1,477,735		1,266,525
Surf Holdings, LLC, 3M LIBOR + 3.500%(b)		4.81			1/16/2027		184,391		183,934		163,186

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Bank Loans (continued):
Diversified/Conglomerate Service (continued):
TMF Group Holding B.V., EURIBOR + 3.250%(b)		3.25	%		5/5/2025		500,000	$	584,690	$	394,678
Verisure Holding AB, EURIBOR + 3.500%(b)		3.50			10/22/2022		500,000		566,875		519,741
Verisure Holding AB, EURIBOR + 3.000%(b)		3.00			10/21/2022		2,700,000		3,033,628		2,806,603
Vertafore, Inc., 1M LIBOR + 3.250%		4.24			7/2/2025		1,975,000		1,974,281		1,729,922
Vertafore, Inc., 1M LIBOR + 7.250%		8.24			7/2/2026		1,000,000		992,141		852,000
Total Diversified/Conglomerate Service							25,300,537		25,316,734		21,751,960
Ecological — 0.4%*:
PHS Group Ltd., 1M LIBOR + 5.250%(b)		6.25			12/20/2021		714,228		915,775		798,429
Electronics — 3.5%*:
EXC Holdings III Corp., 3M LIBOR + 3.500%		4.95			11/30/2024		485,984		489,861		415,516
Greeneden U.S. Holdings II LLC, 3M LIBOR + 3.250%		4.24			12/1/2023		1,496,173		1,503,654		1,391,441
Omnitracs, Inc., 3M LIBOR + 2.750%		3.97			3/21/2025		1,476,470		1,474,100		1,277,147
Renaissance Holding Corp., 1M LIBOR + 3.250%		4.85			5/31/2025		735,644		735,644		607,517
RP Crown Parent LLC, 1M LIBOR + 2.750%		3.75			10/12/2023		972,159		971,595		923,551
SS&C Technologies Inc., 1M LIBOR + 2.250%		2.74			4/16/2025		473,795		472,859		442,112
Tibco Software Inc., 1M LIBOR + 7.250%		8.24			2/18/2028		385,441		383,527		358,460
Veritas Bermuda Ltd., EURIBOR + 4.500%		5.50			1/27/2023		776,000		865,163		748,869
Veritas Bermuda Ltd., 3M LIBOR + 4.500%		5.95			1/27/2023		1,261,000		1,258,592		1,071,850
Total Electronics							8,062,666		8,154,995		7,236,463
Finance — 1.9%*:
Duff & Phelps Corp., 1M LIBOR + 8.000%		9.43			3/6/2027		1,000,000		985,077		840,000
NAB Holdings LLC, 3M LIBOR + 3.000%		4.45			6/28/2024		977,544		978,747		762,484
NFP Corp., 1M LIBOR + 3.250%		4.24			2/14/2027		1,495,072		1,487,737		1,275,790
Tempo Acquisition LLC, 1M LIBOR + 3.000%		3.74			5/1/2024		1,087,211		1,090,205		967,618
Total Finance							4,559,827		4,541,766		3,845,892
Healthcare, Education and Childcare — 12.5%*:
Advanz Pharma Corp., LIBOR + 5.500%(b)		6.57			9/6/2024		2,279,500		2,251,170		1,943,274
Advanz Pharma Corp., EURIBOR + 5.250%(b)		6.25			9/6/2024		485,000		561,757		454,670
Aenova Holding GmbH, EURIBOR + 5.000%(b)		5.00			2/14/2025		500,000		536,431		465,975
Amneal Pharmaceuticals LLC, 3M LIBOR + 3.500%		4.50			5/4/2025		1,488,634		1,391,153		1,265,339
Arbor Pharmaceuticals, Inc., 3M LIBOR + 5.000%		6.00			7/5/2023		1,414,733		1,410,662		1,009,766
Auris Luxembourg III Sarl, LIBOR + 3.750%		4.74			2/27/2026		990,001		985,791		735,076

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Bank Loans (continued):
Healthcare, Education and Childcare (continued):
Aveanna Healthcare, LLC, 1M LIBOR + 5.500%		6.50	%		3/18/2024		1,280,379	$	1,268,427	$	1,030,705
Change Healthcare Holdings LLC, 1M LIBOR + 2.500%		3.50			3/1/2024		1,846,078		1,841,115		1,735,314
CTC AcquiCo GmbH, 3M LIBOR + 2.7500%(b)		4.36			3/8/2025		1,250,000		1,229,308		983,337
Endo Luxembourg Finance Co. I S.a r.l., 1M LIBOR + 4.250%		5.25			4/27/2024		2,153,106		2,139,489		1,921,647
Ethypharm S.A., EURIBOR + 4.75%(b)		5.23			7/21/2023		500,000		618,909		544,971
Horizon Therapeutics USA, Inc., 3M LIBOR + 3.937%		3.31			5/22/2026		494,267		496,236		460,904
Indivior Finance Sarl, 3M LIBOR + 4.500%		6.28			12/31/2022		787,769		781,476		639,078
Lifescan Global Corp., 3M LIBOR + 6.000%		8.06			9/28/2024		365,000		356,754		285,612
Mallinckrodt International Finance S.A., 3M LIBOR + 2.750%		4.20			9/24/2024		358,138		356,444		239,773
Nidda Healthcare Holding AG, EURIBOR + 3.500%(b)		3.50			8/21/2026		1,000,000		1,084,458		974,687
Nidda Healthcare Holding AG, LIBOR—GBP + 4.500%(b)		5.26			8/21/2026		500,000		652,803		541,351
Ortho-Clinical Diagnostics SA, 3M LIBOR + 3.250%		4.77			6/30/2025		2,409,496		2,393,688		2,039,036
Parexel International Corp., 1M LIBOR + 2.7500%		3.74			9/29/2024		2,266,045		2,222,623		1,923,305
RegionalCare Hospital Partners Holdings, Inc., 1M LIBOR + 3.750%		4.74			11/16/2025		1,357,941		1,364,458		1,253,556
Rodenstock GmbH, LIBOR + 5.250%(b)		5.25			6/30/2026		500,000		556,609		427,374
Sunshine Luxembourg VII S.a.r.l., 3M LIBOR + 4.250%(b)		5.32			10/1/2026		1,479,297		1,488,015		1,322,492
Surgery Center Holdings, Inc., 1M LIBOR + 3.250%		4.25			9/2/2024		1,496,164		1,496,764		1,140,077
Team Health Holdings, Inc., 1M LIBOR + 2.750%		3.75			2/6/2024		1,952,204		1,916,081		1,220,128
Tunstall Group Holdings Ltd., 3M LIBOR + 5.000%(b)		4.38			10/16/2020		519,470		816,613		644,427
Unilabs Holding AB, EURIBOR + 3.000%(b)		3.00			4/19/2024		500,000		574,638		494,650
Total Healthcare, Education and Childcare							30,173,222		30,791,872		25,696,524
Home and Office Furnishings, Housewares, and Durable Consumer Products — 0.8%*:
Serta Simmons Bedding LLC, 3M LIBOR + 3.500%		4.50			11/8/2023		1,678,380		1,674,000		658,764
Serta Simmons Bedding LLC, 1M LIBOR + 8.000%		9.00			11/8/2024		724,667		677,651		159,427
SIWF Holdings Inc., 6M LIBOR + 4.250%		5.32			6/15/2025		984,962		992,346		856,917
Total Home and Office Furnishings, Housewares, and Durable Consumer Products							3,388,009		3,343,997		1,675,108

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Bank Loans (continued):
Hotels, Motels, Inns and Gaming — 2.7%*:
Caesars Resort Collection LLC, 1M LIBOR + 2.750%		3.74	%		12/23/2024		1,978,425	$	1,972,542	$	1,590,653
Compass IV Ltd., EURIBOR + 4.500%(b)		4.50			4/30/2025		500,000		599,191		371,308
Compass IV Ltd., EURIBOR + 8.000%(b)		9.00			4/30/2026		500,000		589,419		275,725
Penn National Gaming, Inc., 1M LIBOR + 2.250%		3.24			10/15/2025		2,000,672		1,996,344		1,496,923
Richmond UK Bidco Ltd., GBP LIBOR + 4.250%(b)		4.98			3/3/2024		482,094		608,733		482,041
Rouge Beachhouse B.V., EURIBOR + 4.250%(b)		3.75			9/4/2025		500,000		586,575		452,189
Tackle Sarl, EURIBOR +3.500%(b)		3.75			8/8/2022		1,000,000		1,118,016		878,382
Total Hotels, Motels, Inns and Gaming							6,961,191		7,470,820		5,547,221
Insurance — 2.7%*:
Acrisure LLC, 3M LIBOR + 3.500%		5.21			2/15/2027		1,000,000		997,534		880,000
Alliant Holdings Intermediate LLC, 1M LIBOR + 3.000%		3.99			5/9/2025		2,264,436		2,271,973		2,051,579
AssuredPartners, Inc., 1M LIBOR + 3.500%		4.49			2/12/2027		1,761,516		1,770,158		1,528,115
Confie Seguros Holding II Co., 3M LIBOR + 8.500%		10.08			11/2/2025		1,633,626		1,607,481		1,124,474
Total Insurance							6,659,578		6,647,146		5,584,168
Leisure, Amusement, Entertainment — 6.6%*:
Columbus Capital BV, EURIBOR + 3.750%(b)		3.75			2/20/2027		500,000		559,342		336,384
Crown Finance US, Inc., 1M LIBOR + 2.500%		3.32			2/28/2025		2,084,479		2,064,664		1,407,024
Delta 2 (LUX) Sarl, 1M LIBOR + 2.500%(b)		3.50			2/1/2024		1,394,967		1,398,090		1,238,535
Dorna Sports, S.L., EURIBOR +2.750%(b)		2.75			4/12/2024		978,282		1,093,511		947,228
International Park Holdings B.V., EURIBOR + 3.500%(b)		3.25			6/13/2024		500,000		580,575		376,822
Metro-Goldwyn-Mayer, Inc., 1M LIBOR + 4.500%		5.50			7/3/2026		3,000,000		2,979,582		2,550,000
Parques Reunidos SAU, 3M EURIBOR + 3.750%(b)		3.75			9/27/2026		500,000		545,857		382,866
Playtika Holding Corp., 1M LIBOR + 6.000%		7.07			12/10/2024		576,042		565,222		534,757
PUG LLC, 1M LIBOR + 3.500%		4.49			1/31/2027		979,160		974,343		832,286
SeaWorld Parks & Entertainment, Inc., 3M LIBOR + 3.000%		3.99			3/31/2024		2,527,191		2,520,162		2,058,094
Vacalians Group, EURIBOR + 4.000%(b)		4.00			12/4/2025		500,000		564,931		322,598
Vue International Bidco PLC, LIBOR + 4.750%(b)		4.75			6/30/2026		423,797		473,767		330,923
William Morris Endeavor Entertainment, LLC, 2M LIBOR + 2.750%		4.04			5/18/2025		2,297,102		2,271,088		1,800,354
WMG Acquisition Corp., LIBOR + 2.125%		3.11			11/1/2023		500,000		499,551		485,000
Total Leisure, Amusement, Entertainment							16,761,020		17,090,685		13,602,871
Machinery Non-Agriculture, Non-Construction, Non-Electronic — 1.7%*:
Alison Bidco S.a.r.l., 3M LIBOR + 4.500%(b)		6.28			8/29/2021		121,907		121,661		85,945

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Bank Loans (continued):
Machinery Non-Agriculture, Non-Construction, Non-Electronic (continued):
Alison Bidco Sarl, EURIBOR + 4.500%(b)		5.50	%		8/30/2021		852,146	$	988,171	$	639,085
Alison Bidco Sarl, 1M LIBOR + 4.500%(b)		6.28			8/29/2021		121,908		121,661		85,945
Apex Tool Group, LLC, 1M LIBOR + 5.500%		6.75			8/1/2024		1,352,661		1,329,459		1,034,217
Titan Acquisition Ltd., 1M LIBOR + 3.000%(b)		4.45			3/28/2025		1,960,884		1,959,257		1,598,121
Total Machinery Non-Agriculture, Non-Construction, Non-Electronic							4,409,506		4,520,209		3,443,313
Mining, Steel, Iron and Non-Precious Metals — 0.4%*:
Arconic Rolled Products Corp., 3 M LIBOR + 2.75%		4.18			2/4/2027		306,092		304,590		275,483
Boomerang Tube, LLC, 3M LIBOR + 5.000%(a)		5.99			6/30/2022		62,044		62,044		53,357
US Silica Co., 1M LIBOR + 4.000%		5.00			5/1/2025		866,987		874,973		429,159
Total Mining, Steel, Iron and Non-Precious Metals							1,235,123		1,241,607		757,999
Oil and Gas — 0.6%*:
Fieldwood Energy LLC, 1M LIBOR + 7.250%		9.03			4/11/2023		864,968		530,956		55,358
Gulf Finance LLC, 3M LIBOR + 5.250%		6.79			8/25/2023		1,627,599		1,531,808		812,172
KCA Deutag Alpha Ltd., 3M LIBOR + 6.750%(b)		8.20			2/28/2023		491,250		489,722		172,144
Seadrill Partners Finco LLC, 3M LIBOR + 6.000%		7.45			2/21/2021		1,798,935		1,614,346		300,278
Total Oil and Gas							4,782,752		4,166,832		1,339,952
Personal and Non-Durable Consumer Products Mfg. Only — 0.6%*:
Coty Inc., 1M LIBOR + 2.250%		3.26			4/7/2025		1,482,431		1,438,830		1,172,232
Personal Transportation — 2.6%*:
American Airlines, Inc., 1M LIBOR + 2.000%		2.94			4/28/2023		1,989,796		1,979,365		1,606,760
Hertz Corp., (The), 3M LIBOR + 2.7500%		3.74			6/30/2023		2,932,304		2,908,950		2,059,944
Kestrel Bidco, Inc., 1M LIBOR + 3.000%(b)		4.00			12/11/2026		2,122,191		2,125,352		1,612,865
Total Personal Transportation							7,044,291		7,013,667		5,279,569
Printing and Publishing — 0.9%*:
Houghton Mifflin Harcourt Publishing Co., 1M LIBOR + 6.250%		7.24			11/19/2024		299,613		288,408		264,160
Springer Nature Deutschland GmbH, EURIBOR + 3.250%(b)		3.75			8/14/2024		1,671,397		1,865,028		1,653,515
Total Printing and Publishing							1,971,010		2,153,436		1,917,675
Retail Stores — 3.3%*:
Bass Pro Group, LLC, 1M LIBOR + 5.000%		5.99			9/25/2024		1,483,525		1,453,419		1,238,743
EG America LLC, 3M LIBOR + 4.000%(b)		5.07			2/6/2025		1,083,526		1,079,650		785,557
EG Group Ltd., 3M LIBOR + 4.000%(b)		5.96			2/7/2025		220,556		220,167		159,903

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Bank Loans (continued):
Retail Stores (continued):
Eyemart Express LLC, 1M LIBOR + 3.000%		4.00	%		8/2/2024		984,848	$	988,079	$	906,061
Harbor Freight Tools USA, Inc., 1M LIBOR + 2.500%		3.49			8/18/2023		1,989,394		1,945,670		1,798,412
Kirk Beauty One GmbH, EURIBOR + 3.500%(b)		3.50			8/13/2022		2,250,001		2,592,867		1,476,506
Thom Europe S.A.S, EURIBOR + 4.250%(b)		4.00			8/7/2024		500,000		577,252		419,102
Total Retail Stores							8,511,850		8,857,104		6,784,284
Telecommunications — 5.1%*:
Banff Merger Sub, Inc., 3M LIBOR + 4.250%		5.24			10/2/2025		987,500		979,728		814,934
CenturyLink, Inc., 1M LIBOR + 2.250%		3.24			3/15/2027		548,508		547,836		509,087
CommScope, Inc., 1M LIBOR + 3.250%		4.24			4/6/2026		1,997,427		1,991,576		1,877,581
Digicel International Finance Ltd., 3M LIBOR + 3.250%(b)		4.87			5/25/2024		152,601		153,435		118,075
ION Trading Technologies Sarl, 3M LIBOR + 4.000%		5.07			11/21/2024		1,403,573		1,394,073		1,146,256
ION Trading Technologies Sarl, EURIBOR + 3.250%		4.25			11/21/2024		1,372,921		1,556,453		1,218,926
Sprint Communications, Inc., 1M LIBOR + 2.500%		3.50			2/2/2024		937,206		938,879		930,177
Syniverse Holdings, Inc., 1M LIBOR + 5.000%		6.87			3/9/2023		1,121,623		1,127,821		717,839
Syniverse Holdings, Inc., 1M LIBOR + 9.000%		10.87			3/11/2024		2,175,482		1,775,866		799,490
Virgin Media SFA Finance Ltd., LIBOR—GBP + 3.250%(b)		3.50			11/15/2027		1,250,000		1,725,766		1,419,550
Zayo Group Holdings, Inc., 1M LIBOR + 3.000%		4.01			2/20/2027		966,318		963,924		908,339
Total Telecommunications							12,913,159		13,155,357		10,460,254
Utilities — 0.6%*:
Calpine Corp., 1M LIBOR + 2.500%		2.99			8/12/2026		221,738		220,727		208,433
ExGen Renewables IV, LLC, 3M LIBOR + 3.000%		4.62			11/28/2024		1,222,222		1,210,937		1,093,889
Total Utilities							1,443,960		1,431,664		1,302,322
Total Bank Loans							218,655,477		221,829,059		177,735,498
Corporate Bonds — 5.8%*:
Automobile — 0.4%*:
AA Bond Co. Ltd.(b)		5.50			7/31/2022		700,000		937,261		557,643
RAC Bond Co. PLC(b)		5.00			11/6/2022		200,000		253,447		198,307
Total Automobile							900,000		1,190,708		755,950
Broadcasting and Entertainment — 0.4%*:
Tele Columbus AG(b)		3.88			5/2/2025		800,000		863,131		730,120
VTR Finance BV(b),(d)		6.88			1/15/2024		200,000		201,915		181,498
Total Broadcasting and Entertainment							1,000,000		1,065,046		911,618
Containers, Packaging and Glass — 0.1%*:
Bormioli Pharma Bidco SpA, 1M LIBOR + 3.500%(b)		3.50	(e)		11/15/2024		100,000		103,279		89,886

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Containers, Packaging and Glass (continued):
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu(d)		5.13	%		7/15/2023		178,000	$	178,000	$	176,220
Total Containers, Packaging and Glass							278,000		281,279		266,106
Diversified/Conglomerate Manufacturing — 0.2%*:
Appvion ESC, 3M EURIBOR + 4.125%(a),(d)		9.00			6/1/2020		460,000		460,314		—
Fabric BC SpA, 3M EURIBOR + 4.125%(b)		3.70	(e)		7/31/2026		100,000		109,975		89,445
Galapagos S.A., 3 mo. EURIBOR + 4.750%(a),(b)		4.39	(e)		6/15/2021		20,000		27,263		—
Mangrove Luxco III Sarl(b)		7.78			10/9/2025		265,415		249,167		272,253
Total Diversified/Conglomerate Manufacturing							845,415		846,719		361,698
Diversified/Conglomerate Service — 0.7%*:
Algeco Global Finance PLC, 3M EURIBOR + 6.250%(b)		6.25	(e)		2/15/2023		150,000		183,178		123,981
Algeco Global Finance PLC(b)		6.50			2/15/2023		650,000		713,817		530,466
Carlson Travel, Inc., 3M EURIBOR + 4.750%		4.75	(e)		6/15/2023		1,200,000		1,371,029		846,762
Total Diversified/Conglomerate Service							2,000,000		2,268,024		1,501,209
Electronics — 0.4%*:
Veritas US, Inc./Veritas Bermuda Ltd.(d)		7.50			2/1/2023		817,000		848,401		718,960
Finance — 1.2%*:
Arrow Global Finance PLC(b)		5.13			9/15/2024		1,000,000		1,244,257		1,068,206
Cabot Financial Luxembourg SA(b)		7.50			10/1/2023		300,000		421,548		346,859
Garfunkelux Holdco 3 S.A., 3M EURIBOR + 4.500%(b)		4.50	(e)		9/1/2023		150,000		179,817		114,481
Garfunkelux Holdco 3 S.A.(b)		8.50			11/1/2022		1,050,000		1,403,273		899,902
Jerrold Finco PLC(b)		6.13			1/15/2024		100,000		124,555		105,578
Total Finance							2,600,000		3,373,450		2,535,026
Healthcare, Education and Childcare — 0.2%*:
Rossini Sarl, 3M EURIBOR + 3.875%(b)		3.88	(e)		10/30/2025		200,000		222,510		192,067
Tenet Healthcare Corp.		4.63			7/15/2024		255,000		254,280		243,525
Total Healthcare, Education and Childcare							455,000		476,790		435,592
Home and Office Furnishings, Housewares, and Durable Consumer Products — 0.1%*:
LSF9 Balta Issuer Sarl(b)		7.75			9/15/2022		445,500		546,344		288,323
Hotels, Motels, Inns and Gaming — 0.3%*:
TVL Finance PLC, 3M GBP LIBOR + 5.375%(b)		6.10	(e)		7/15/2025		600,000		758,758		551,493
Leisure, Amusement, Entertainment — 0.3%*:
CPUK Finance Ltd.(b)		4.88			8/28/2025		600,000		791,684		590,205
WMG Acquisition Corp.(d)		5.00			8/1/2023		63,000		63,000		62,528
Total Leisure, Amusement, Entertainment							663,000		854,684		652,733

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Machinery Non-Agriculture, Non-Construction, Non-Electronic — 0.3%*:
Novafives SAS(b)		5.00	%		6/15/2025		1,000,000	$	1,098,929	$	601,144
Oil and Gas — 0.4%*:
CGG Holding US, Inc.(b),(d)		9.00			5/1/2023		500,000		529,502		420,000
KCA Deutag UK Finance PLC(b),(d)		9.88			4/1/2022		1,000,000		1,011,056		362,500
Total Oil and Gas							1,500,000		1,540,558		782,500
Personal Transportation — 0.1%*:
Naviera Armas S.A., 3M EURIBOR + 6.500%(b)		6.50	(e)		7/31/2023		250,000		295,572		99,261
Naviera Armas SA, 3M EURIBOR + 4.250%(b)		4.25	(e)		11/15/2024		250,000		296,631		100,088
Total Personal Transportation							500,000		592,203		199,349
Retail Stores — 0.4%*:
House of Fraser Funding PLC, 3M GBP LIBOR + 5.750%(b)		6.35	(e)		9/15/2020		300,000		434,213		9,316
Maxeda DIY Holding B.V.(b)		6.13			7/15/2022		100,000		114,070		54,962
Takko Luxembourg 2 SCA(b)		5.38			11/15/2023		1,200,000		1,319,413		727,913
Travelex Financing PLC(b)		8.00			5/15/2022		250,000		274,472		57,810
Total Retail Stores							1,850,000		2,142,168		850,001
Utilities — 0.3%*:
Viridian Group Finance Co. PLC/Viridian Power & Energy(b)		4.75			9/15/2024		500,000		625,198		569,503
Total Corporate Bonds							15,953,915		18,509,259		11,981,205
Total Fixed Income							234,609,392		240,338,318		189,716,703
Total Investments							234,791,912		242,012,417		190,344,336
Other assets and liabilities – 7.4%*											15,194,590
Net Assets – 100.0%										$	205,538,926

‡‡ 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.

(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	69.0	%
United Kingdom	8.9	%
Germany	7.9	%
France	3.0	%
Netherlands	3.0	%
Switzerland	1.9	%
Sweden	1.8	%
Canada	1.7	%
Spain	1.5	%
Other (Individually less than 1%)	1.3	%
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 March 31, 2020. Bank loans are also subject to mandatory and/or optional prepayment which cannot be predicted. As a result, the remaining maturity may be substantially less than the stated maturity shown.

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

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

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

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

Forward Foreign Currency Exchange Contracts to Buy

EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION (DEPRECIATION)
4/14/20	Morgan Stanley & Co.		EUR	6,889,242	$	7,601,226	$	7,567,197	$	34,029
4/14/20	Credit Suisse International		EUR	5,771,824		6,368,326		6,400,506		(32,180	)
4/14/20	Credit Suisse International		GBP	634,006		787,665		823,462		(35,797	)
4/14/20	Morgan Stanley & Co.		GBP	1,702,194		2,114,741		2,020,491		94,250
Net unrealized appreciation on forward foreign currency exchange contracts to buy									$	60,302

Forward Foreign Currency Exchange Contracts to Sell

EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION (DEPRECIATION)
4/14/20	Credit Suisse International		EUR	44,170,252	$	48,735,125	$	50,085,179	$	1,350,054
4/14/20	Morgan Stanley & Co.		EUR	982,331		1,083,852		1,083,078		(774	)
4/14/20	Credit Suisse International		GBP	10,703,167		13,297,210		13,961,061		663,851
Net unrealized appreciation on forward foreign currency exchange contracts to sell									$	2,013,131

Currency Legend

EUR – Euro

GBP – British Pound Sterling

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2020

	SHARES		COST		FAIR VALUE
Equities — 0.5%*:
Common Stocks — 0.4%*:
Diversified/Conglomerate Service — 0.0%*:
Innovation Group(a),(b)		403,550	$	—	$	1
Healthcare, Education and Childcare — 0.0%*:
MModal, Inc.(a)		4,725		10,628		6,492
Tunstall Group Holdings Ltd.(a),(b)		396		—		—
Tunstall Group Holdings Ltd.(a),(b)		261		—		—
Total Healthcare, Education and Childcare		5,382		10,628		6,492
Mining, Steel, Iron and Non-Precious Metals — 0.0%*:
Boomerang Tube LLC(a)		1,769		171,860		—
Oil and Gas — 0.1%*:
Fieldwood Energy LLC		3,698		129,430		3,698
Fieldwood Energy LLC		15,071		325,034		15,071
Jupiter Resources, Inc.(b)		120,272		581,286		120,272
Southcross Energy Holdings LP		11		—		—
Southcross Energy Partners LP		11		2,750		605
Total Oil and Gas		139,063		1,038,500		139,646
Retail Stores — 0.3%*:
Maxeda DIY B.V.(a),(b)		18,859,871		373,737		416,011
Maxeda DIY B.V.(a),(b)		10,446		—		104,010
Total Retail Stores		18,870,317		373,737		520,021
Total Common Stocks		19,420,081		1,594,725		666,160
Limited Partnerships — 0.1%*:
Chemicals, Plastics and Rubber — 0.1%*:
Pinnacle Operating Corp., earnout shares(a)		48,505		—		—
Pinnacle Operating Corp., escrow shares(a)		103,072		92,765		92,765
Total Chemicals, Plastics and Rubber		151,577		92,765		92,765
Total Limited Partnerships		151,577		92,765		92,765
Warrants — 0.0%*:
Diversified/Conglomerate Manufacturing — 0.0%*:
Appvion Holdings Corp. (exp. June 13, 2023)(a)		488		—		61
Appvion Holdings Corp. (exp. June 13, 2023)(a)		488		—		—
Total Diversified/Conglomerate Manufacturing		976		—		61
Total Warrants		976		—		61
Total Equities		19,572,634		1,687,490		758,986

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Fixed Income — 93.5%*:
Asset-Backed Securities — 8.2%*:
CDO/CLO — 8.2%*:
Alinea CLO 2018-1 Ltd., 3M LIBOR + 6.000%(c)		7.80	(d) %		7/20/2031		1,250,000		1,250,000		698,024

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Asset-Backed Securities (continued):
CDO/CLO (continued):
Anchorage Capital CLO 9 Ltd., 3M USD LIBOR + 4.000%(c)		5.83(d)	%		7/15/2032		1,250,000	$	1,223,892	$	932,737
Anchorage Capital CLO Ltd. 2015-6A ER, 3M USD LIBOR + 6.350%(c)		8.18(d)			7/15/2030		500,000		512,290		305,142
Apidos CLO XXIV, 3M USD LIBOR + 5.800%(c)		7.62(d)			10/20/2030		1,000,000		1,000,000		597,421
Ares XLVIII CLO, 3M LIBOR + 5.200%(c)		7.02(d)			7/20/2030		800,000		800,000		463,518
Atlas Senior Loan Fund XI Ltd., 3M LIBOR + 5.7500%(c)		7.54(d)			7/26/2031		1,900,000		1,900,000		1,020,146
Ballyrock CLO 2019-2 Ltd., 3M USD LIBOR + 4.100%(c)		5.79(d)			11/20/2030		1,000,000		1,000,000		810,797
Blackrock European CLO, 3M USD LIBOR + 5.170%(b)		5.17(d)			10/15/2031		725,000		803,108		483,604
BlueMountain CLO Ltd. 2014-1A(a),(c)		Zero Coupon			4/30/2026		250,000		243,605		—
Cairn CLO XI DAC, 3M Euribor + 4.150%(b),(c)		4.15(d)			7/15/2035		1,000,000		1,107,100		797,759
CBAM Ltd. 2017-3A E, 3M USD LIBOR + 6.500%(c)		8.34(d)			10/17/2029		750,000		750,000		511,289
CIFC Funding 2019-III Ltd., 3M LIBOR + 6.800%(c)		8.64(d)			7/16/2032		750,000		728,258		443,149
CIFC Funding Ltd. 2017-5A D, 3M USD LIBOR + 6.100%(c)		7.94(d)			11/16/2030		500,000		500,000		295,923
Elmwood CLO III Ltd., 3M USD LIBOR + 3.850%(c)		5.68(d)			10/15/2032		500,000		500,000		357,194
Galaxy XXIV CLO Ltd. 2017-24A E, 3M USD LIBOR + 5.500%(c)		7.33(d)			1/15/2031		700,000		700,000		384,651
Madison Park Funding XIII Ltd. 2014-13A(c)		Zero Coupon			4/19/2030		500,000		427,645		203,086
Madison Park Funding XXVII Ltd., 3M USD LIBOR + 5.000%(c)		6.82(d)			4/20/2030		500,000		500,000		285,791
Madison Park Funding XXVIII Ltd., 3M LIBOR + 7.600%(c)		9.43(d)			7/15/2030		500,000		495,825		261,707
Magnetite VII Ltd.(c)		Zero Coupon			1/15/2028		2,000,000		1,534,540		657,402
Oak Hill Credit Partners X Ltd. 2014-10A(c)		Zero Coupon			12/12/2030		1,000,000		744,015		304,597
Steele Creek CLO Ltd. 2018-2A E, 3M USD LIBOR + 6.200%(c)		7.89(d)			8/18/2031		850,000		850,000		465,069
THL Credit Wind River CLO Ltd. 2017-4A E, 3M USD LIBOR + 5.800%(c)		7.49(d)			11/20/2030		500,000		500,000		288,285
THL Credit Wind River CLO Ltd. 2018-2A E, 3M USD LIBOR + 5.750%(c)		7.58(d)			7/15/2030		1,450,000		1,450,000		767,892
Wellfleet CLO 2018-1 Ltd., 3M USD LIBOR + 5.500%(c)		7.34(d)			7/17/2031		1,150,000		1,150,000		618,875
Wellfleet CLO Ltd. 2017-3A D, 3M USD LIBOR + 5.550%(c)		7.39(d)			1/17/2031		1,000,000		1,000,000		560,150
Total CDO/CLO							22,325,000		21,670,278		12,514,208
Total Asset-Backed Securities							22,325,000		21,670,278		12,514,208
Bank Loans — 41.8%*(e):
Aerospace and Defense — 0.6%*:
TransDigm, Inc., 1M LIBOR + 2.250%		3.24			5/30/2025		987,450		983,765		896,110

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Bank Loans (continued):
Automobile — 1.3%*:
BCA Marketplace plc, 3M GBP LIBOR + 4.750%(b)		5.45	%		11/13/2026		500,000	$	621,919	$	524,788
IAA, Inc., 1M LIBOR + 2.250%		3.25			5/22/2026		437,559		436,504		415,681
Panther BF Aggregator 2 LP, 1M LIBOR + 3.500%		4.44			4/30/2026		1,132,986		1,124,792		1,031,017
Total Automobile							2,070,545		2,183,215		1,971,486
Beverage, Food and Tobacco — 1.0%*:
Deoleo S.A., EURIBOR + 3.500%(b)		4.50			6/11/2021		500,000		563,712		205,415
IRB Holding Corp., 1M LIBOR + 2.750%		3.75			2/5/2025		1,805,969		1,810,329		1,387,219
Total Beverage, Food and Tobacco							2,305,969		2,374,041		1,592,634
Broadcasting and Entertainment — 2.6%*:
AP NMT Acquisition B.V., EURIBOR + 6.000%(b)		7.00			8/13/2021		383,984		475,747		410,791
AP NMT Acquisition B.V., 3M LIBOR + 5.750%(b)		7.66			8/13/2021		2,157,196		2,137,567		2,077,660
AP NMT Acquisition B.V., 3M LIBOR + 9.000%(b)		10.91			8/13/2022		739,566		731,603		700,125
Banijay Entertainment S.A.S, 1M LIBOR + 3.750%(b)		5.18			3/4/2025		119,610		119,318		105,257
Clear Channel Outdoor Holdings, Inc., 1M LIBOR + 3.500%		4.49			8/21/2026		555,856		553,313		466,919
Terrier Media Buyer, Inc., 3M LIBOR + 4.250%		5.70			12/17/2026		261,903		260,643		231,130
Total Broadcasting and Entertainment							4,218,115		4,278,191		3,991,882
Buildings and Real Estate — 0.5%*:
SRS Distribution, Inc., 3M LIBOR + 3.000%		4.07			5/23/2025		854,804		843,225		720,172
Cargo Transport — 0.3%*:
Boluda Corporacion Maritima S.L., 3M EURIBOR + 3.500%(b)		3.50			7/30/2026		500,000		544,711		468,732
Chemicals, Plastics and Rubber — 2.1%*:
Colouroz Investment 1 GmbH, EURIBOR + 3.000%(b)		3.75			9/7/2021		1,327,401		1,573,906		1,033,034
Flint Group GmbH, EURIBOR + 3.000%(b)		3.75			9/7/2021		281,120		334,014		218,780
Novacap S.A., EURIBOR + 3.500%(b)		3.50			6/22/2023		500,000		578,772		395,941
Solenis Holdings LLC, 3M LIBOR + 4.000%		5.61			6/26/2025		244,255		242,413		192,148
Solenis Holdings LLC, 3M LIBOR + 8.500%		10.11			6/26/2024		47,145		46,041		31,430
Starfruit Finco B.V, 1M LIBOR + 3.000%(b)		3.86			10/1/2025		1,491,381		1,491,829		1,327,329
Total Chemicals, Plastics and Rubber							3,891,302		4,266,975		3,198,662
Containers, Packaging and Glass — 1.9%*:
Albea Beauty Holdings S.A., 1M LIBOR + 3.000%(b)		4.91			4/22/2024		202,798		202,627		161,224
Berry Global, Inc., 1M LIBOR + 2.000%		2.86			7/1/2026		840,656		842,009		794,420
BWAY Holding Co., 1M LIBOR + 3.250%		5.08			4/3/2024		1,312,449		1,312,123		1,063,911
ProAmpac PG Borrower LLC, 3M LIBOR + 8.500%		10.19			11/18/2024		500,000		495,650		370,000

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Bank Loans (continued):
Containers, Packaging and Glass (continued):
Reynolds Consumer Products LLC, 3M LIBOR + 1.750%		3.50	%		2/4/2027		110,809	$	110,673	$	103,828
Trident TPI Holdings, Inc., 3M LIBOR + 3.00%		4.32			10/17/2024		497,455		486,768		407,913
Total Containers, Packaging and Glass							3,464,167		3,449,850		2,901,296
Diversified/Conglomerate Manufacturing — 1.5%*:
Amer Sports Oyj, EURIBOR + 4.500%(b)		4.50			3/30/2026		600,000		667,585		456,601
LSF10 XL Bidco S.C.A., EURIBOR + 4.000%(b)		4.00			10/12/2026		500,000		544,256		408,073
LTI Holdings, Inc., 1M LIBOR + 3.500%		4.49			9/6/2025		748,487		736,467		548,266
Winebow Group, Inc. (The), 1M LIBOR + 3.750%		4.75			7/1/2021		1,190,526		1,137,121		898,002
Total Diversified/Conglomerate Manufacturing							3,039,013		3,085,429		2,310,942
Diversified/Conglomerate Service — 5.4%*:
Almonde, Inc., 3M LIBOR + 3.500%		5.28			6/13/2024		1,321,135		1,323,756		1,122,965
EAB (Avatar Purchaser), 1M LIBOR + 3.750%		5.74			11/15/2024		107,710		107,351		87,514
Hyland Software, Inc., 1M LIBOR + 3.250%		4.49			7/1/2024		987,469		978,609		913,408
Informatica LLC, 1M LIBOR + 3.500%		4.24			2/25/2027		371,266		369,430		319,909
Informatica LLC, 1M LIBOR + 7.125%		7.13			2/25/2025		133,523		132,865		117,500
Innovation Group plc (The), LIBOR + 6.000%(a),(b)		6.00			4/10/2024		80,595		90,620		88,889
Innovation Group plc (The), LIBOR + 5.000%(a),(b)		5.85			4/9/2023		54,994		71,799		68,308
Innovation Group plc (The), LIBOR + 6.000%(a),(b)		6.00			4/10/2024		159,125		178,918		175,499
Innovation Group plc (The), LIBOR + 8.000%(a),(b)		8.00			4/9/2023		139,310		69,375		35,819
Kronos, Inc., 3M LIBOR + 3.000%		4.76			11/1/2023		996,822		994,179		904,826
MH Sub I LLC, 3M LIBOR + 3.750%		4.82			9/13/2024		1,488,549		1,469,340		1,251,870
Mitchell International, Inc., 1M LIBOR + 3.250%		4.24			11/29/2024		992,405		939,007		820,391
TMF Group Holding B.V., LIBOR + 6.875%(b)		6.88			5/4/2026		500,000		538,649		326,458
Vertafore, Inc., 1M LIBOR + 3.250%		4.24			7/2/2025		1,480,520		1,465,387		1,296,802
Vertafore, Inc., 1M LIBOR + 7.250%		8.24			7/2/2026		879,452		872,540		749,293
Total Diversified/Conglomerate Service							9,692,875		9,601,825		8,279,451
Ecological — 0.4%*:
GFL Environmental Inc., 1M LIBOR + 3.000%(b)		3.99			5/30/2025		104,817		104,650		101,149
PHS Group Ltd., 1M LIBOR + 5.250%(b)		6.25			12/20/2021		467,152		608,139		522,224
Total Ecological							571,969		712,789		623,373
Electronics — 2.6%*:
Omnitracs, Inc., 3M LIBOR + 2.750%		3.97			3/21/2025		1,459,394		1,462,020		1,262,376
Renaissance Holding Corp., 1M LIBOR + 3.250%		4.85			5/30/2025		1,479,968		1,481,192		1,222,202
RP Crown Parent LLC, 1M LIBOR + 2.750%		3.75			10/12/2023		719,141		717,323		683,184

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Bank Loans (continued):
Electronics (continued):
Tibco Software Inc., 1M LIBOR + 7.250%		8.24	%		3/3/2028		146,643	$	145,914	$	136,377
Veritas Bermuda Ltd., 3M LIBOR + 4.500%		5.95			1/27/2023		821,740		806,643		698,479
Total Electronics							4,626,886		4,613,092		4,002,618
Finance — 1.1%*:
Duff & Phelps Corp., 1M LIBOR + 8.000%		9.43			3/6/2027		410,077		403,958		344,465
Tempo Acquisition LLC, 1M LIBOR + 3.000%		3.74			5/1/2024		1,487,817		1,490,866		1,324,157
Total Finance							1,897,894		1,894,824		1,668,622
Healthcare, Education and Childcare — 5.5%*:
Advanz Pharma Corp., LIBOR + 5.500%(b)		6.57			9/6/2024		1,794,500		1,777,748		1,529,811
Aenova Holding GmbH, EURIBOR + 5.000%(b)		5.00			2/14/2025		500,000		536,489		465,975
Change Healthcare Holdings LLC, 1M LIBOR + 2.500%		3.50			3/1/2024		1,166,743		1,161,282		1,096,739
Financiere Mendel SAS, EURIBOR + 4.750%(b)		4.75			4/13/2026		500,000		553,541		482,243
Lifescan Global Corp., 3M LIBOR + 6.000%		8.06			10/1/2024		176,140		172,161		137,830
Ortho-Clinical Diagnostics SA, 3M LIBOR + 3.250%		4.77			6/30/2025		1,181,006		1,181,445		999,427
Parexel International Corp., 1M LIBOR + 2.7500%		3.74			9/27/2024		1,327,677		1,320,224		1,126,866
RegionalCare Hospital Partners Holdings, Inc., 1M LIBOR + 3.750%		4.74			11/17/2025		977,558		983,137		902,413
Rodenstock GmbH, LIBOR + 5.250%(b)		5.25			6/5/2026		500,000		556,609		427,373
Tunstall Group Holdings Ltd., 1M LIBOR + 4.500%(b)		7.50			10/16/2020		503,910		591,808		477,955
U.S. Anesthesia Partners, Inc., 3M Libor + 3.00%		4.00			6/23/2024		994,885		997,260		737,876
Total Healthcare, Education and Childcare							9,622,419		9,831,704		8,384,508
Home and Office Furnishings, Housewares, and Durable Consumer Products — 0.6%*:
Hilding Anders International AB, 3M EURIBOR + 5.000%(b)		5.75			11/30/2024		502,190		438,375		290,779
Serta Simmons Bedding LLC, 3M LIBOR + 3.500%		4.50			11/8/2023		1,203,946		1,203,415		472,549
Serta Simmons Bedding LLC, 1M LIBOR + 8.000%		9.00			11/8/2024		474,667		470,540		104,427
Total Home and Office Furnishings, Housewares, and Durable Consumer Products							2,180,803		2,112,330		867,755
Hotels, Motels, Inns and Gaming — 2.0%*:
Caesars Resort Collection LLC, 1M LIBOR + 2.750%		3.74			12/23/2024		1,481,061		1,426,901		1,190,773
Casper BidCo SAS, EURIBOR + 3.875%(b)		3.88			7/31/2026		500,000		543,462		343,277
Compass IV Ltd., EURIBOR + 4.500%(b)		4.50			4/30/2025		500,000		599,191		371,308
Richmond UK Bidco Ltd., GBP LIBOR + 4.250%(b)		4.98			3/3/2024		550,000		668,671		549,940

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Bank Loans (continued):
Hotels, Motels, Inns and Gaming (continued):
Tackle sarl, EURIBOR + 4.000%(b)		4.00	%		8/14/2024		600,000	$	665,092	$	527,327
Total Hotels, Motels, Inns and Gaming							3,631,061		3,903,317		2,982,625
Insurance — 2.1%*:
Alliant Holdings Intermediate LLC, 1M LIBOR + 3.000%		3.99			5/9/2025		193,317		189,784		175,145
AssuredPartners, Inc., 1M LIBOR + 3.500%		4.49			2/12/2027		973,567		978,344		844,569
Asurion LLC, 1M LIBOR + 3.000%		3.99			11/3/2023		989,546		990,402		940,069
Confie Seguros Holding II Co., 3M LIBOR + 8.500%		10.08			10/31/2025		464,527		455,885		319,748
Sedgwick Claims Management Services, Inc., 1M LIBOR + 3.250%		4.24			12/31/2025		987,500		969,023		868,180
Total Insurance							3,608,457		3,583,438		3,147,711
Leisure, Amusement, Entertainment — 2.3%*:
Crown Finance US, Inc., 1M LIBOR + 2.500%		3.32			2/28/2025		1,231,113		1,207,466		831,001
Dorna Sports, S.L., 1M LIBOR + 3.000%(b)		4.92			5/3/2024		400,000		400,000		344,000
Eldorado Resorts LLC, LIBOR + 2.250%		3.25			4/17/2024		437,283		434,545		382,623
Metro-Goldwyn-Mayer, Inc., 1M LIBOR + 4.500%		5.50			7/3/2026		893,847		886,805		759,770
Playtika Holding Corp., 1M LIBOR + 6.000%		7.07			12/10/2024		576,041		565,194		534,757
PUG LLC, 1M LIBOR + 3.500%		4.49			1/29/2027		371,932		370,105		316,142
Vue International Bidco PLC, LIBOR + 4.750%(b)		4.75			7/3/2026		423,797		473,755		330,923
Total Leisure, Amusement, Entertainment							4,334,013		4,337,870		3,499,216
Machinery Non-Agriculture, Non-Construction, Non-Electronic — 1.2%*:
Alison Bidco S.a.r.l., 3M LIBOR + 4.500%(b)		6.28			8/29/2021		317,271		309,655		223,676
Alison Bidco Sarl, 1M LIBOR + 4.500%(b)		6.28			8/29/2021		317,270		309,655		223,676
Apex Tool Group, LLC, 1M LIBOR + 5.500%		6.75			8/1/2024		177,712		174,664		135,875
Titan Acquisition Ltd., 1M LIBOR + 3.000%(b)		4.45			3/28/2025		1,470,000		1,471,328		1,198,050
Total Machinery Non-Agriculture, Non-Construction, Non-Electronic							2,282,253		2,265,302		1,781,277
Mining, Steel, Iron and Non-Precious Metals — 0.1%*:
Boomerang Tube, LLC, 3M LIBOR + 5.000%(a)		5.99			6/30/2022		124,368		124,368		106,956
Oil and Gas — 0.7%*:
Fieldwood Energy LLC, 1M LIBOR + 5.250%		7.03			4/11/2022		649,368		610,755		202,928
Fieldwood Energy LLC, 1M LIBOR + 7.250%		9.03			4/11/2023		885,631		502,982		56,680
Gulf Finance LLC, 3M LIBOR + 5.250%		6.79			8/25/2023		1,274,988		1,222,957		636,219
KCA Deutag Alpha Ltd., 3M LIBOR + 6.750%(b)		8.20			2/28/2023		491,250		489,732		172,144

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Bank Loans (continued):
Oil and Gas (continued):
Seadrill Partners Finco LLC, 3M LIBOR + 6.000%		7.45	%		2/21/2021		233,169	$	215,845	$	38,921
Total Oil and Gas							3,534,406		3,042,271		1,106,892
Personal and Non-Durable Consumer Products Mfg. Only — 0.6%*:
Coty Inc., 1M LIBOR + 2.250%		3.26			4/7/2025		1,181,955		1,143,288		934,631
Printing and Publishing — 0.1%*:
Houghton Mifflin Harcourt Publishing Co., 1M LIBOR + 6.250%		7.24			11/22/2024		110,517		106,384		97,439
Retail Stores — 2.0%*:
Bass Pro Group, LLC, 1M LIBOR + 5.000%		5.99			9/25/2024		987,342		982,340		824,430
EG America LLC, 3M LIBOR + 4.000%(b)		5.07			2/7/2025		360,316		359,027		261,229
EG Group Ltd., EURIBOR + 4.000%(b)		4.00			2/6/2025		490,845		587,575		421,172
Harbor Freight Tools USA, Inc., 1M LIBOR + 2.500%		3.49			8/18/2023		997,447		997,447		901,692
Kirk Beauty One GmbH, EURIBOR + 3.500%(b)		3.25			8/12/2022		500,000		532,298		329,293
Kirk Beauty One GmbH, EURIBOR + 3.500%(b)		3.50			8/12/2022		499,999		529,371		328,113
Total Retail Stores							3,835,949		3,988,058		3,065,929
Telecommunications — 3.1%*:
Banff Merger Sub, Inc., 3M LIBOR + 4.250%		5.24			10/2/2025		989,975		963,490		816,977
CommScope, Inc., 1M LIBOR + 3.250%		4.24			4/6/2026		995,000		995,000		935,300
ION Trading Technologies Sarl, EURIBOR + 3.250%		4.25			11/21/2024		1,083,375		1,245,625		961,857
ION Trading Technologies Sarl, 3M LIBOR + 4.000%		5.07			11/21/2024		281,341		276,082		229,763
Masmovil Holdphone SA, Euribor + 2.625%(b)		2.63			5/7/2026		500,000		560,683		510,549
Syniverse Holdings, Inc., 1M LIBOR + 5.000%		6.87			3/9/2023		196,077		194,921		125,489
Syniverse Holdings, Inc., 1M LIBOR + 9.000%		10.87			3/11/2024		153,729		152,211		56,495
Virgin Media Bristol LLC, 1M LIBOR + 2.500%(b)		3.20			1/31/2028		217,394		216,878		200,002
Virgin Media SFA Finance Ltd., LIBOR—GBP + 3.250%(b)		3.50			11/15/2027		750,000		1,062,579		851,730
Total Telecommunications							5,166,891		5,667,469		4,688,162
Utilities — 0.2%*:
EFS Cogen Holdings I LLC, 3M LIBOR + 3.250%		4.58			6/28/2023		431,330		431,218		368,787
Total Bank Loans							78,165,411		79,368,949		63,657,868
Corporate Bonds — 43.5%*:
Aerospace and Defense — 2.1%*:
Global Aircraft Leasing Co. Ltd.(c)		6.50			9/15/2024		2,000,000		2,000,000		1,288,000
TransDigm, Inc.(c)		5.50			11/15/2027		357,000		357,000		320,408
Triumph Group, Inc.		5.25			6/1/2022		875,000		873,453		721,875
Triumph Group, Inc.(c)		6.25			9/15/2024		308,000		308,000		274,523

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Aerospace and Defense (continued):
Triumph Group, Inc.		7.75	%		8/15/2025		750,000	$	791,760	$	543,750
Total Aerospace and Defense							4,290,000		4,330,213		3,148,556
Automobile — 1.9%*:
AA Bond Co. Ltd.(b)		5.50			7/31/2022		1,300,000		1,654,593		1,035,623
Garrett LX I Sarl/Garrett Borrowing LLC(b)		5.13			10/15/2026		500,000		522,464		345,649
Panther BF Aggregator 2 LP/Panther Finance Co., Inc.(c)		8.50			5/15/2027		1,000,000		1,034,847		872,400
RAC Bond Co. PLC(b)		5.00			11/6/2022		600,000		796,837		594,919
Total Automobile							3,400,000		4,008,741		2,848,591
Banking — 2.0%*:
Alpha Bank AE(b)		4.25			2/13/2030		375,000		411,675		266,764
India Infoline Finance Ltd.(b)		5.88			4/20/2023		805,000		803,411		419,015
Nova Ljubljanska Banka dd(b)		3.65			11/19/2029		700,000		770,700		760,449
Piraeus Bank SA(b)		5.50			2/19/2030		688,000		748,200		435,506
Sovcombank Via SovCom Capital DAC(b)		8.00			4/7/2030		1,070,000		1,070,000		866,229
Turkiye Sinai Kalkinma Bankasi AS(b)		6.00			1/23/2025		270,000		268,614		232,133
Total Banking							3,908,000		4,072,600		2,980,096
Beverage, Food and Tobacco — 2.5%*:
Boparan Finance PLC(b)		4.38			7/15/2021		250,000		241,055		184,736
Boparan Finance PLC(b)		5.50			7/15/2021		1,300,000		1,739,673		1,114,164
JBS USA LUX SA/JBS USA Finance, Inc.(c)		5.75			6/15/2025		344,000		349,233		347,440
JBS USA LUX SA/JBS USA Finance, Inc.(c)		6.75			2/15/2028		500,000		500,000		533,750
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.(c)		5.50			1/15/2030		586,000		585,445		605,045
MHP Lux SA(b)		6.25			9/19/2029		200,000		192,107		164,000
Sunshine Mid BV(b)		6.50			5/15/2026		850,000		1,013,503		876,529
Total Beverage, Food and Tobacco							4,030,000		4,621,016		3,825,664
Broadcasting and Entertainment — 2.3%*:
Banijay Group SAS(b)		6.50			3/1/2026		750,000		828,337		646,272
CSC Holdings LLC(c)		5.75			1/15/2030		455,000		472,539		458,849
Netflix, Inc.		3.63			6/15/2030		819,000		925,379		880,693
Tele Columbus AG(b)		3.88			5/2/2025		900,000		965,398		821,384
Telecom Argentina SA(b)		8.00			7/18/2026		305,000		301,313		229,058
Terrier Media Buyer, Inc.(c)		8.88			12/15/2027		376,000		376,000		317,720
VTR Finance BV(b),(c)		6.88			1/15/2024		224,000		220,633		203,278
Total Broadcasting and Entertainment							3,829,000		4,089,599		3,557,254
Buildings and Real Estate — 3.0%*:
Kaisa Group Holdings Ltd.(b)		6.75			2/18/2021		455,000		455,000		423,156
Kaisa Group Holdings Ltd.(b)		9.95			7/23/2025		1,000,000		1,000,195		771,250
Kaisa Group Holdings Ltd.(b)		10.88			7/23/2023		1,000,000		996,610		802,500
Logan Property Holdings Co. Ltd.(b)		5.75			1/14/2025		750,000		750,000		656,250
Powerlong Real Estate Holdings Ltd.(b)		6.95			7/23/2023		300,000		297,394		260,985
Sunac China Holdings Ltd.(b)		6.50			1/10/2025		790,000		790,000		687,300
Ukraine Railways Via Shortline PLC(b)		9.88			9/15/2021		150,000		153,240		138,000

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Buildings and Real Estate (continued):
Yuzhou Properties Co. Ltd.(b)		8.50	%		2/26/2024		1,000,000	$	1,022,812	$	888,125
Total Buildings and Real Estate							5,445,000		5,465,251		4,627,566
Cargo Transport — 0.8%*:
Kenan Advantage Group, Inc.(c)		7.88			7/31/2023		1,367,000		1,367,000		1,147,426
Chemicals, Plastics and Rubber — 0.8%*:
Braskem Idesa SAPI(b)		7.45			11/15/2029		750,000		747,502		510,000
Consolidated Energy Finance SA(c)		6.88			6/15/2025		874,000		891,823		756,010
Total Chemicals, Plastics and Rubber							1,624,000		1,639,325		1,266,010
Containers, Packaging and Glass — 1.2%*:
Mauser Packaging Solutions Holding Co.		4.75			4/15/2024		950,000		1,094,831		891,429
Trident TPI Holdings, Inc.(c)		9.25			8/1/2024		1,125,000		1,149,241		933,750
Total Containers, Packaging and Glass							2,075,000		2,244,072		1,825,179
Diversified/Conglomerate Manufacturing — 0.7%*:
Amsted Industries, Inc.(c)		4.63			5/15/2030		422,000		422,000		376,635
Appvion ESC, 3M EURIBOR + 4.125%(a)		9.00	(d)		6/1/2020		500,000		500,521		—
Fabric BC SpA, 3M EURIBOR + 4.125%(b)		4.13	(d)		11/30/2024		150,000		171,024		144,342
Mangrove Luxco III Sarl(b)		7.78			10/9/2025		300,000		313,758		307,729
Trivium Packaging Finance BV(b),(c)		8.50			8/15/2027		200,000		200,000		201,000
Total Diversified/Conglomerate Manufacturing							1,572,000		1,607,303		1,029,706
Diversified/Conglomerate Service — 2.6%*:
Algeco Global Finance PLC(b)		6.50			2/15/2023		950,000		1,119,540		775,296
Carlson Travel, Inc.(c)		6.75			12/15/2023		1,337,000		1,351,610		909,160
EIG Investors Corp.		10.88			2/1/2024		396,000		415,657		336,600
Verisure Midholding AB(b)		5.75			12/1/2023		2,050,000		2,400,873		1,973,180
Total Diversified/Conglomerate Service							4,733,000		5,287,680		3,994,236
Electronics — 1.1%*:
Veritas US, Inc./Veritas Bermuda Ltd.(c)		7.50			2/1/2023		544,000		564,908		478,720
Veritas US, Inc./Veritas Bermuda Ltd.(c)		10.50			2/1/2024		1,419,000		1,450,425		1,195,507
Total Electronics							1,963,000		2,015,333		1,674,227
Finance — 4.6%*:
Alliance Data Systems Corp.(c)		4.75			12/15/2024		1,500,000		1,501,783		1,140,000
Cabot Financial Luxembourg SA(b)		7.50			10/1/2023		650,000		895,161		751,528
Garfunkelux Holdco 3 S.A., 3M EURIBOR + 4.500%(b)		4.50	(d)		9/1/2023		200,000		215,481		152,641
Garfunkelux Holdco 3 S.A.(b)		8.50			11/1/2022		1,100,000		1,364,266		942,754
Icahn Enterprises LP / Icahn Enterprises Finance Corp.		4.75			9/15/2024		1,040,000		1,050,320		956,499
Icahn Enterprises LP/Icahn Enterprises Finance Corp.		6.75			2/1/2024		1,162,000		1,162,000		1,121,330
Jerrold Finco PLC(b)		4.88			1/15/2026		300,000		392,775		321,207
Jerrold Finco PLC(b)		6.13			1/15/2024		650,000		822,892		686,260
Muthoot Finance Ltd.(b)		6.13			10/31/2022		685,000		685,000		583,534
Springleaf Finance Corp.		5.38			11/15/2029		438,000		438,000		400,770
Total Finance							7,725,000		8,527,678		7,056,523
Healthcare, Education and Childcare — 3.9%*:
Advanz Pharma Corp.(b)		8.00			9/6/2024		500,000		477,600		440,000
Bausch Health Americas., Inc.(c)		8.50			1/31/2027		415,000		421,418		433,675

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Healthcare, Education and Childcare (continued):
Bausch Health Cos., Inc.(c)		9.00	%		12/15/2025		165,000	$	163,206	$	173,943
Bausch Health Cos., Inc.(c)		5.00			1/30/2028		204,000		204,000		193,127
Bausch Health Cos., Inc.(c)		5.25			1/30/2030		200,000		200,000		189,112
Centene Corp.(c)		4.25			12/15/2027		285,000		282,687		279,300
Centene Corp.(c)		4.63			12/15/2029		605,000		617,329		608,025
Cream Tech(b)		5.25			12/15/2025		650,000		760,860		625,066
Envision Healthcare Corp.(c)		8.75			10/15/2026		1,492,000		1,435,081		365,540
Nidda BondCo GmbH(b)		7.25			9/30/2025		500,000		588,500		485,934
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA(c)		6.63			5/15/2022		274,000		265,014		258,930
Par Pharmaceutical, Inc.(c)		7.50			4/1/2027		708,000		708,000		704,460
Synlab Unsecured Bondco PLC(b)		8.25			7/1/2023		750,000		920,810		769,272
Unilabs Subholding AB(b)		5.75			5/15/2025		400,000		478,899		403,321
Total Healthcare, Education and Childcare							7,148,000		7,523,404		5,929,705
Home and Office Furnishings, Housewares, and Durable Consumer Products — 0.9%*:
LSF9 Balta Issuer Sarl(b)		7.75			9/15/2022		769,500		925,452		498,013
Resideo Funding, Inc.(c)		6.13			11/1/2026		1,000,000		999,568		872,500
Total Home and Office Furnishings, Housewares, and Durable Consumer Products							1,769,500		1,925,020		1,370,513
Hotels, Motels, Inns and Gaming — 0.7%*:
ESH Hospitality, Inc.(c)		4.63			10/1/2027		396,000		396,000		308,880
TVL Finance PLC, 3M GBP LIBOR + 5.375%(b)		6.10	(d)		7/15/2025		500,000		632,264		459,577
Wynn Macau Ltd.(b),(c)		5.13			12/15/2029		270,000		270,000		226,800
Total Hotels, Motels, Inns and Gaming							1,166,000		1,298,264		995,257
Insurance — 0.4%*:
Acrisure LLC/Acrisure Finance, Inc.(c)		7.00			11/15/2025		500,000		482,102		430,000
Acrisure LLC/Acrisure Finance, Inc.(c)		8.13			2/15/2024		105,000		105,000		102,275
Total Insurance							605,000		587,102		532,275
Leisure, Amusement, Entertainment — 0.4%*:
AMC Entertainment Holdings, Inc.		6.38			11/15/2024		1,300,000		1,682,315		516,714
Motion Bondco DAC(b)		4.50			11/15/2027		100,000		110,755		80,125
Total Leisure, Amusement, Entertainment							1,400,000		1,793,070		596,839
Machinery Non-Agriculture, Non-Construction, Non-Electronic — 0.7%*:
Apex Tool Group LLC/BC Mountain Finance, Inc.(c)		9.00			2/15/2023		578,000		575,759		375,700
Briggs & Stratton Corp.		6.88			12/15/2020		514,000		507,442		384,267
Novafives SAS(b)		5.00			6/15/2025		550,000		593,926		330,629
Total Machinery Non-Agriculture, Non-Construction, Non-Electronic							1,642,000		1,677,127		1,090,596
Mining, Steel, Iron and Non-Precious Metals — 3.1%*:
CSN Islands XI Corp.(b)		6.75			1/28/2028		1,081,000		1,081,000		692,370
First Quantum Minerals Ltd.(b),(c)		6.50			3/1/2024		1,606,000		1,562,385		1,332,980
Metinvest BV(b)		8.50			4/23/2026		200,000		213,142		140,540
Northwest Acquisitions ULC/Dominion Finco, Inc.(b),(c)		7.13			11/1/2022		1,500,000		1,522,730		735,000

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Mining, Steel, Iron and Non-Precious Metals (continued):
PT Bayan Resources Tbk(b)		6.13	%		1/24/2023		905,000	$	905,000	$	663,479
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp.(c)		7.50			6/15/2025		608,000		601,554		437,760
Warrior Met Coal, Inc.(c)		8.00			11/1/2024		840,000		849,819		697,200
Total Mining, Steel, Iron and Non-Precious Metals							6,740,000		6,735,630		4,699,329
Oil and Gas — 2.4%*:
Calumet Specialty Products Partners LP/Calumet Finance Corp.(c)		11.00			4/15/2025		123,000		123,000		88,603
CVR Energy, Inc.(c)		5.25			2/15/2025		552,000		552,000		429,180
CVR Energy, Inc.(c)		5.75			2/15/2028		573,000		573,000		428,318
Hilcorp Energy I LP/Hilcorp Finance Co.(c)		6.25			11/1/2028		1,000,000		1,000,000		440,000
Jonah Energy LLC/Jonah Energy Finance Corp.(c)		7.25			10/15/2025		891,000		876,376		40,095
Jupiter Resources, Inc.(a),(b)		10.00			1/31/2024		100,396		100,396		100,396
KCA Deutag UK Finance PLC(b),(c)		9.63			4/1/2023		250,000		250,000		88,750
KCA Deutag UK Finance PLC(b),(c)		9.88			4/1/2022		600,000		613,130		217,500
Laredo Petroleum, Inc.		9.50			1/15/2025		282,000		282,000		112,800
Laredo Petroleum, Inc.		10.13			1/15/2028		347,000		347,000		131,860
MV24 Capital BV(b)		6.75			6/1/2034		899,287		899,287		708,098
PBF Holding Co. LLC/PBF Finance Corp.		7.25			6/15/2025		778,000		800,780		521,494
PT Medco Bell Pte Ltd.(b)		6.38			1/30/2027		435,000		429,106		252,297
Tullow Oil PLC(b)		6.25			4/15/2022		200,000		51,585		49,500
Tullow Oil PLC(b)		7.00			3/1/2025		300,000		87,216		75,000
Total Oil and Gas							7,330,683		6,984,876		3,683,891
Personal Transportation — 0.9%*:
Hertz Corp. (The)(c)		6.00			1/15/2028		2,500,000		2,503,593		1,312,500
Naviera Armas S.A., 3M EURIBOR + 6.500%(b)		6.50	(d)		7/31/2023		250,000		290,337		99,261
Total Personal Transportation							2,750,000		2,793,930		1,411,761
Personal, Food and Miscellaneous — 0.2%*:
Walnut Bidco PLC(b)		6.75			8/1/2024		397,000		441,643		321,281
Retail Stores — 0.8%*:
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(c)		5.88			2/15/2028		259,000		259,000		263,610
Arabian Centres Sukuk Ltd.(b)		5.38			11/26/2024		500,000		500,000		445,000
House of Fraser Funding PLC, 3M GBP LIBOR + 5.750%(b)		6.21			9/15/2020		150,000		217,107		4,658
Takko Luxembourg 2 SCA(b)		5.38	(d)		11/15/2023		550,000		621,911		334,068
Travelex Financing PLC(b)		8.00			5/15/2022		1,050,000		1,179,244		242,803
Total Retail Stores							2,509,000		2,777,262		1,290,139
Telecommunications — 2.4%*:
C&W Senior Financing DAC(b)		6.88			9/15/2027		750,000		775,376		646,875
CenturyLink, Inc.(c)		5.13			12/15/2026		540,000		540,000		540,000
CommScope, Inc.(c)		8.25			3/1/2027		500,000		477,274		481,950
Sprint Capital Corp.		6.88			11/15/2028		800,000		785,336		913,760
Sprint Capital Corp.		8.75			3/15/2032		500,000		610,780		661,250
VF Ukraine PAT via VFU Funding PLC(b)		6.20			2/11/2025		405,000		405,000		340,200
Total Telecommunications							3,495,000		3,593,766		3,584,035

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Utilities — 1.1%*:
Techem Verwaltungsgesellschaft 674 mbH(b)		6.00	%		7/30/2026		1,000,000	$	1,143,027	$	1,014,667
YPF Energia Electrica SA(b)		10.00			7/25/2026		1,075,000		1,062,725		646,680
Total Utilities							2,075,000		2,205,752		1,661,347
Total Corporate Bonds							84,988,183		89,612,657		66,148,002
Total Fixed Income							185,478,594		190,651,884		142,320,078
Total Investments							205,051,228		192,339,374		143,079,064
Other assets and liabilities – 6.0%*											9,157,483
Net Assets – 100.0%										$	152,236,547

‡‡ 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.

(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	60.0	%
United Kingdom	9.7	%
Germany	6.0	%
Netherlands	4.5	%
China	3.1	%
France	2.3	%
Sweden	1.6	%
Canada	1.6	%
Ireland	1.3	%
Spain	1.1	%
Brazil	1.0	%
Other (Individually less than 1%)	7.8	%
Total	100.0%

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

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

(e) Bank loans are exempt from registration under the Securities Act of 1933, as amended, but contain certain restrictions on resale and cannot be sold publicly. These loans pay interest at rates which adjust periodically. The interest rates shown for bank loans are the current interest rates at March 31, 2020. Bank loans are also subject to mandatory and/or optional prepayment which cannot be predicted. As a result, the remaining maturity may be substantially less than the stated maturity shown.

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

Forward Foreign Currency Exchange Contracts to Buy

EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION (DEPRECIATION)
4/14/20	Citibank N.A.		EUR	1,437,647	$	1,586,224	$	1,634,518	$	(48,294	)
4/14/20	Bank of America N.A.		EUR	3,982,196		4,393,745		4,350,578		43,167
4/14/20	JPMorgan Chase Bank N.A.		EUR	1,325,933		1,462,964		1,458,350		4,614
4/14/20	Morgan Stanley & Co.		EUR	869,764		959,652		944,416		15,236
4/14/20	Credit Suisse International		EUR	1,885,928		2,080,833		2,028,974		51,859
4/14/20	Citibank N.A.		GBP	920,999		1,144,215		1,185,476		(41,261	)
4/14/20	Bank of America N.A.		GBP	1,452,779		1,804,878		1,794,028		10,850
4/14/20	JPMorgan Chase Bank N.A.		GBP	257,835		320,324		301,162		19,162
4/14/20	Barclays Bank plc		GBP	10,878		13,514		12,510		1,004
Net unrealized appreciation on forward foreign currency exchange contracts to buy									$	56,337

Forward Foreign Currency Exchange Contracts to Sell

EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION (DEPRECIATION)
4/14/20	Goldman Sachs & Co.		EUR	33,553,453	$	37,021,109	$	38,025,222	$	1,004,113
4/14/20	Bank of America N.A.		EUR	650,765		718,020		716,399		(1,621	)
4/14/20	Barclays Bank plc		GBP	10,083,048		12,526,798		13,158,092		631,294
Net unrealized appreciation on forward foreign currency exchange contracts to sell									$	1,633,786

Currency Legend

EUR – Euro

GBP – British Pound Sterling

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Fixed Income — 97.6%*:
Asset-Backed Securities — 43.9%*:
CDO/CLO — 6.0%*:
Avant Loans Funding Trust 2019-A(a)		3.48	%		7/15/2022		712,677	$	712,645	$	700,996
Bain Capital Credit CLO Ltd. 2016-2, 3M USD LIBOR + 1.800%(a)		3.63	(b)		1/15/2029		1,500,000		1,500,000		1,399,668
Benefit Street Partners CLO X Ltd., 3M USD LIBOR + 1.750%(a)		3.58	(b)		1/15/2029		2,200,000		2,200,000		2,016,414
BlueMountain CLO 2013-1 Ltd., 3M USD LIBOR + 1.230%(a)		3.05	(b)		1/20/2029		2,500,000		2,500,000		2,422,350
Castlelake Aircraft Securitization Trust 2018-1(a)		4.13			6/15/2043		2,047,124		2,048,182		1,487,683
CBAM 2018-6 Ltd., 3M USD LIBOR + 1.270%(a)		3.10	(b)		1/15/2031		2,500,000		2,500,000		2,365,815
CIFC Funding 2015-IV Ltd.(a)		3.67			10/20/2027		1,900,000		1,897,847		1,794,362
CIFC Funding 2017-III Ltd., 3M USD LIBOR + 1.220%(a)		3.04	(b)		7/20/2030		1,500,000		1,499,460		1,424,510
Denali Capital CLO Ltd. 2013 1A A1LR, 3M USD LIBOR + 1.050%(a)		2.84	(b)		10/26/2027		2,420,000		2,420,000		2,350,592
Elmwood CLO II Ltd., 3M USD LIBOR + 1.450%(a)		3.27	(b)		4/20/2031		1,650,000		1,650,000		1,541,971
FCI Funding 2019-1 LLC(a)		3.63			2/18/2031		481,143		481,067		480,337
Galaxy XX CLO Ltd., 3M USD LIBOR + 1.000%(a)		2.82	(b)		4/20/2031		1,200,000		1,200,000		1,127,168
GoldentTree Loan Management US CLO 1 Ltd., 3M USD LIBOR + 1.450%(a)		3.10	(b)		4/20/2029		1,250,000		1,250,000		1,180,555
Hertz Vehicle Financing LLC 2018-3(a)		4.37			7/25/2024		620,000		621,142		559,012
KREF Ltd. 2018-FL1 AS, 1M USD LIBOR + 1.350%(a)		2.15	(b)		6/15/2036		2,380,000		2,380,000		2,066,812
LCM Ltd. Partnership 07/27, 3M USD LIBOR + 1.750%(a)		3.58	(b)		7/15/2027		2,000,000		2,000,000		1,898,332
Lunar AirCraft 2020-1 Ltd.(a)		3.38			2/15/2045		1,583,000		1,582,983		1,106,755
Madison Park Funding XXIII Ltd., 3M USD LIBOR + 1.700%(a)		3.49	(b)		7/27/2030		1,825,000		1,824,360		1,678,171
Madison Park Funding XXVI Ltd., 3M USD LIBOR + 1.200% (a)		2.97	(b)		7/29/2030		2,000,000		1,997,232		1,910,626
Magnetite XVIII Ltd., 3M USD LIBOR + 1.080%(a)		2.77	(b)		11/15/2028		355,000		353,811		341,770
Milos CLO Ltd., 3M USD LIBOR + 1.070%(a)		2.76	(b)		10/20/2030		2,100,000		2,100,000		1,977,933
Neuberger Berman CLO XX Ltd. 2015-20A BR, 3M USD LIBOR + 1.250%(a)		3.08	(b)		1/15/2028		2,600,000		2,589,556		2,475,840
Neuberger Berman Loan Advisers CLO 24 Ltd., 3M USD LIBOR + 1.500%(a)		2.28	(b)		4/19/2030		500,000		500,000		462,163
OCP CLO Ltd. 2015-8A A2AR, 3M USD LIBOR + 1.450%(a)		3.29	(b)		4/17/2027		900,000		900,000		869,314
Palmer Square CLO 2015-1 Ltd., 3M USD LIBOR + 1.650%(a)		3.35	(b)		5/21/2029		700,000		700,000		658,787
Recette Clo Ltd., 3M USD LIBOR + 1.700%(a)		3.52	(b)		10/20/2027		1,034,000		1,031,149		958,502
Rockford Tower CLO 2017-1 Ltd., 3M USD LIBOR + 1.450%(a)		3.14	(b)		4/15/2029		850,000		850,000		781,266
Rockford Tower CLO 2017-2 Ltd., 3M USD LIBOR + 1.500%(a)		2.75	(b)		10/15/2029		1,250,000		1,250,000		1,139,064
Rockford Tower CLO Ltd. 2017-3, 3M USD LIBOR + 1.190%(a)		3.01	(b)		10/20/2030		1,250,000		1,250,000		1,176,776
RR 3 Ltd. Series 2018-3 A A1R2, 3M USD LIBOR + 1.090%(a)		2.92	(b)		1/15/2030		1,625,000		1,619,455		1,537,864

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Asset-Backed Securities (continued):
CDO/CLO (continued):
RR 6 Ltd.(a)		3.75	%		4/15/2030		1,750,000	$	1,750,514	$	1,632,027
Salem Fields CLO Ltd. 2016-2, 3M USD LIBOR + 1.150%(a)		2.94	(b)		10/25/2028		2,000,000		1,997,651		1,935,392
Treman Park CLO Ltd. 2015-1A ARR, 3M USD LIBOR + 1.070%(a)		2.89	(b)		10/20/2028		1,170,000		1,170,000		1,132,243
Total CDO/CLO							50,352,944		50,327,054		46,591,070
Other Asset-Backed Securities — 37.9%*:
321 Henderson Receivables II LLC 2006-3A A1, 1M USD LIBOR + 0.200%(a)		0.90	(b)		9/15/2041		100,892		98,273		93,675
AASET 2017-1 Trust(a)		3.97			5/16/2042		728,108		728,688		572,064
AASET 2020-1 Trust(a)		4.34			1/16/2040		783,605		783,589		518,540
AASET US Ltd. 2018-2 A(a)		4.45			11/18/2038		1,692,412		1,703,012		1,343,827
Access Group, Inc. 2015-1 B, 1M USD LIBOR + 1.500%(a)		2.45	(b)		7/25/2058		100,000		86,781		87,132
AccessLex Institute 2002-A A2, 28 Day ARS		1.96	(b)		9/25/2037		400,000		392,423		391,949
AccessLex Institute 2004-A A3		1.70			7/1/2039		450,000		442,070		442,816
Adams Outdoor Advertising LP(a)		4.81			11/15/2048		1,133,720		1,148,296		1,130,547
American Credit Acceptance Receivables Trust 2017-4 C(a)		2.94			1/10/2024		397,359		397,350		397,355
American Credit Acceptance Receivables Trust 2019-1(a)		3.50			4/14/2025		2,650,000		2,649,589		2,614,186
AmeriCredit Automobile Receivables Trust 2019-3		2.58			9/18/2025		2,120,000		2,119,630		1,972,608
AmeriCredit Automobile Receivables Trust 2020-1		1.80			12/18/2025		4,547,000		4,545,986		4,504,229
Arbys Funding LLC 2015-1A A2(a)		4.97			10/30/2045		76,600		76,600		74,039
Argent Securities, Inc. Asset-Backed Pass-Through Certificates 2004-W10 M1, 1M USD LIBOR + 0.900%		1.85	(b)		10/25/2034		208,061		191,247		187,375
ARI Fleet Lease Trust 2016-A A3(a)		2.11			7/15/2024		31,732		31,728		31,691
Ascentium Equipment Receivables 2019-2(a)		3.78			5/10/2027		2,647,000		2,646,223		2,626,073
Ascentium Equipment Receivables Trust 2018-2 B(a)		3.76			5/10/2024		1,418,000		1,417,980		1,438,711
Ascentium Equipment Receivables Trust 2018-2 B(a)		5.18			7/10/2026		2,723,000		2,732,128		2,773,111
Ascentium Equipment Receivables Trust 2019-1(a)		3.47			5/12/2025		683,000		682,806		675,134
Ascentium Equipment Receivables Trust 2019-1(a)		4.31			4/12/2027		430,000		438,073		433,567
Avis Budget Rental Car Funding AESOP LLC(a)		3.02			8/20/2026		5,598,000		5,552,761		5,284,552
Avis Budget Rental Car Funding AESOP LLC(a)		4.15			9/20/2023		1,200,000		1,226,996		1,196,247
Avis Budget Rental Car Funding AESOP LLC(a)		4.53			3/20/2023		2,607,000		2,672,607		2,569,691
Avis Budget Rental Car Funding AESOP LLC(a)		4.73			9/20/2024		2,080,000		2,179,210		1,992,394
Bank of The West Auto Trust 2019-1(a)		2.90			4/15/2025		1,062,000		1,061,722		1,087,144
BRE Grand Islander Timeshare Issuer LLC 2017-1A A(a)		2.94			5/25/2029		142,695		142,667		142,970

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Asset-Backed Securities (continued):
Other Asset-Backed Securities (continued):
BRE Grand Islander Timeshare Issuer LLC 2017-1A B(a)		3.24	%		5/25/2029		117,514	$	117,501	$	117,856
BRE Grand Islander Timeshare Issuer LLC 2019-A(a)		3.78			9/26/2033		1,139,397		1,139,358		1,171,902
CAL Funding III Ltd.(a)		4.34			9/25/2043		493,000		492,947		488,410
Canadian Pacer Auto Receivables Trust 2018-2(a),(c)		3.63			1/19/2024		470,000		469,983		477,062
Capital Automotive LLC 2017-1A A1(a)		3.87			4/15/2047		292,475		292,395		290,327
Carmax Auto Owner Trust 2019-2		3.41			10/15/2025		615,000		614,967		616,146
Carmax Auto Owner Trust 2019-4		2.80			4/15/2026		5,159,000		5,224,996		5,056,869
CARS-DB4 LP(a)		4.17			2/15/2050		2,189,000		2,188,064		1,991,990
Carvana Auto Receivables Trust 2019-4(a)		3.07			7/15/2025		3,547,000		3,546,954		3,464,908
Castlelake Aircraft Securitization Trust 2019-1A(a)		3.97			4/15/2039		1,162,198		1,167,956		813,110
Castlelake Aircraft Securitization Trust 2019-1A(a)		5.10			4/15/2039		824,562		832,594		539,690
Centex Home Equity Loan Trust 2006-A AV4, 1M USD LIBOR + 0.250%		1.20	(b)		6/25/2036		41,748		40,899		35,621
Chase Education Loan Trust, 3M USD LIBOR + 0.220%		2.18	(b)		6/28/2040		627,920		594,958		513,924
CLI Funding V LLC(a)		3.38			10/18/2029		1,886,723		1,881,118		1,721,231
CLI Funding V LLC 2013-1A(a)		2.83			3/18/2028		1,514,020		1,489,006		1,468,697
CLI Funding V LLC 2013-2A(a)		3.22			6/18/2028		631,776		626,103		610,992
CLI Funding V LLC 2014-1A A(a)		3.29			6/18/2029		4,146,350		4,147,662		3,991,380
CLI Funding VI LLC(a)		3.71			5/18/2044		1,032,701		1,032,701		1,014,662
CLI Funding VI LLC 2017-1A A(a)		3.62			5/18/2042		1,398,074		1,400,802		1,149,635
College Avenue Student Loans LLC, 1M USD LIBOR + 1.650%(a)		2.60	(b)		11/26/2046		931,874		932,968		874,953
College Avenue Student Loans LLC(a)		3.81			12/28/2048		1,351,000		1,350,875		1,289,411
College Avenue Student Loans LLC 2018-A, 1M USD LIBOR + 1.200%(a)		2.15	(b)		12/26/2047		898,798		898,798		835,247
College Loan Corp. Trust I 2005-2 B, 3M USD LIBOR + 0.490%		2.32	(b)		1/15/2037		141,281		126,165		115,859
Commonbond Student Loan Trust 2016-B A1(a)		2.73			10/25/2040		810,562		813,626		804,135
Commonbond Student Loan Trust 2017-A-GS(a)		3.47			5/25/2041		1,102,451		1,087,573		1,130,637
Commonbond Student Loan Trust 2017-A-GS(a)		5.28			5/25/2041		147,335		147,318		155,865
Commonbond Student Loan Trust 2018-A-GS(a)		3.82			2/25/2044		105,755		105,732		101,875
Commonbond Student Loan Trust 2018-BGS(a)		4.12			9/25/2045		111,263		111,249		108,040
Commonbond Student Loan Trust 2018-C-GS(a)		4.35			2/25/2046		158,780		158,765		151,788
Commonbond Student Loan Trust 2019-A-GS(a)		3.04			1/25/2047		2,489,000		2,488,375		2,384,219
Credit Suisse ABS Repackaging Trust 2013-A B(a)		2.50			1/25/2030		30,845		29,671		30,198
DB Master Finance LLC(a)		3.79			5/20/2049		939,897		939,897		889,073
DB Master Finance LLC(a)		4.02			5/20/2049		1,110,607		1,110,607		1,028,754
DB Master Finance LLC(a)		4.03			11/20/2047		977,500		945,672		851,672
Diamond Resorts Owner Trust 2016-1 A(a)		3.08			11/20/2028		232,105		232,105		228,891

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Asset-Backed Securities (continued):
Other Asset-Backed Securities (continued):
Diamond Resorts Owner Trust 2018-1(a)		3.70	%		1/21/2031		320,843	$	320,843	$	326,202
Diamond Resorts Owner Trust 2019-1(a)		2.89			2/20/2032		1,664,357		1,664,144		1,669,649
Domino’s Pizza Master Issuer LLC(a)		4.12			7/25/2048		650,100		650,100		624,327
Domino’s Pizza Master Issuer LLC 2017-1 A(a)		3.08			7/25/2047		3,621,637		3,556,778		3,561,821
DRB Prime Student Loan Trust 2016-R A2(a)		3.07			10/25/2044		1,038,657		1,036,844		1,048,059
Drive Auto Receivables Trust		3.66			11/15/2024		450,000		449,939		449,549
Drive Auto Receivables Trust 2019-1		3.78			4/15/2025		2,625,000		2,624,841		2,582,332
Drive Auto Receivables Trust 2019-4		2.70			2/16/2027		1,983,000		1,982,954		1,858,348
DT Auto Owner Trust 2019-1(a)		3.61			11/15/2024		1,460,000		1,459,875		1,469,691
Earnest Student Loan Program 2017-A LLC(a)		3.59			1/25/2041		734,907		734,373		737,996
ECMC Group Student Loan Trust 2018-2, 1M USD LIBOR + 0.800%(a)		1.75	(b)		9/25/2068		845,079		844,651		788,288
EdLinc Student Loan Funding Trust 2017-A A, Prime—1.150%(a)		3.60	(b)		12/1/2047		1,130,672		1,123,127		1,118,663
Educational Funding of the South, Inc., 3M USD LIBOR + 0.650%		2.44	(b)		4/25/2035		1,095,507		1,090,088		1,029,778
EDvestinU Private Education Loan Issue No 1 LLC(a)		3.58			11/25/2038		1,676,170		1,675,887		1,644,486
Elara HGV Timeshare Issuer 2016-A LLC(a)		3.22			4/25/2028		579,439		574,444		581,015
Elara HGV Timeshare Issuer LLC 2014-A B(a)		3.02	(d)		2/25/2027		10,150		10,089		10,053
Elara HGV Timeshare Issuer LLC 2016-A A(a)		2.73			4/25/2028		840,338		826,992		841,315
Elara HGV Timeshare Issuer LLC 2017-A(a)		2.96			3/25/2030		1,343,435		1,333,959		1,334,832
Elara HGV Timeshare Issuer LLC 2017-A A(a)		2.69			3/25/2030		241,363		241,345		242,914
Elara HGV Timeshare Issuer LLC 2019-A(a)		3.45			1/25/2034		2,726,568		2,725,922		2,739,756
ELFI Graduate Loan Program LLC 2018-A(a)		4.00			8/25/2042		460,000		451,388		453,117
Exeter Automobile Receivables Eart 2019 1A(a)		4.13			12/16/2024		7,435,000		7,722,635		6,658,981
Exeter Automobile Receivables Trust 2019-1A B(a)		3.45			2/15/2023		935,000		934,976		917,926
Exeter Automobile Receivables Trust 2019-3(a)		3.11			8/15/2025		1,545,000		1,544,696		1,519,166
First Franklin Mortgage Loan Trust 2004-FFH4 M5, 1M USD LIBOR + 1.575%		2.52	(b)		1/25/2035		104,195		104,608		102,804
First Investors Auto Owner Trust 2017-3A B(a)		2.72			4/17/2023		560,000		559,976		556,430
Flagship Credit Auto Trust 2017-4(a)		3.58			1/15/2024		3,500,000		3,575,124		3,555,242
Flagship Credit Auto Trust 2019-1(a)		3.60			2/18/2025		2,175,000		2,176,459		2,205,865
Ford Credit Auto Owner Trust 2020-REV1(a)		2.54			8/15/2031		5,053,000		5,052,408		5,073,440
Global SC Finance II SRL 2014-1A A1(a),(c)		3.19			7/17/2029		134,333		134,311		126,201
Goal Capital Funding Trust 2010-1 A, 3M USD LIBOR + 0.700%(a)		2.38	(b)		8/25/2048		119,635		115,102		115,709

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Asset-Backed Securities (continued):
Other Asset-Backed Securities (continued):
Goal Structured Solution Trust 2015-1 B, 1M USD LIBOR + 1.500%(a)		2.45	(b)%		9/25/2043		100,000	$	77,350	$	92,000
Goodgreen 2019-2(a)		2.76			10/15/2054		2,286,552		2,286,552		2,166,564
Goodgreen Trust 2016-1 A(a)		3.23			10/15/2052		754,422		745,670		734,106
Goodgreen Trust 2018-1(a)		3.93			10/15/2053		3,263,291		3,299,900		3,320,653
Goodgreen Trust 2019-1(a)		3.86			10/15/2054		2,716,854		2,717,335		2,739,609
HERO Funding Trust 2015-1A A(a)		3.84			9/21/2040		488,345		496,656		504,010
HERO Funding Trust 2016-4A A1(a)		3.57			9/20/2047		218,287		218,205		225,832
HERO Funding Trust 2017-2A A1(a)		3.28			9/20/2048		82,356		82,346		84,812
HERO Funding Trust 2017-2A A2(a)		4.07			9/20/2048		64,708		66,244		67,566
HERO Funding Trust 2017-3A A1(a)		3.19			9/20/2048		548,939		548,762		539,143
HERO Funding Trust 2018-1(a)		4.67			9/20/2048		867,275		884,656		900,960
Hertz Fleet Lease Funding LP(a)		3.44			1/10/2033		2,625,000		2,624,598		2,614,261
Hertz Vehicle Financing II LP(a)		3.29			7/25/2022		1,000,000		990,814		994,868
Hertz Vehicle Financing II LP(a)		3.56			10/25/2021		2,300,000		2,289,353		2,229,868
Hertz Vehicle Financing II LP(a)		3.60			2/25/2024		3,200,000		3,269,765		3,251,573
Hertz Vehicle Financing II LP(a)		5.97			3/25/2022		3,478,000		3,559,936		3,503,461
Higher Education Funding I 2004-1 B1, 28 Day ARS(a)		3.29	(b)		1/1/2044		950,000		837,492		746,342
Hilton Grand Vacations Trust 2017-AA B(a)		2.96	(d)		12/26/2028		537,571		539,042		539,372
Hilton Grand Vacations Trust 2018-A(a)		3.54			2/25/2032		286,269		286,263		296,148
Hilton Grand Vacations Trust 2019-A(a)		2.84			7/25/2033		2,365,946		2,365,946		2,374,999
Horizon Aircraft Finance I Ltd. 2018-1 A(a)		4.46			12/15/2038		444,519		444,510		325,433
KDAC Aviation Finance Ltd.(a)		4.21			12/15/2042		1,021,458		1,018,670		782,469
Kestrel Aircraft Funding Ltd.(a),(c)		4.25			12/15/2038		3,538,693		3,605,463		2,585,567
Laurel Road Prime Student Loan Trust 2017-B CFX(a)		3.61			8/25/2042		262,535		262,497		251,503
Laurel Road Prime Student Loan Trust 2017-C B(a)		2.95			11/25/2042		305,870		305,758		293,295
Laurel Road Prime Student Loan Trust 2019-A(a)		3.00			10/25/2048		855,000		854,929		854,963
Lendmark Funding Trust 2018-1(a)		3.81			12/21/2026		630,000		629,972		617,588
MACH 1 Cayman 2019-1 Ltd.(a)		3.47			10/15/2039		1,507,284		1,507,235		1,053,726
Mariner Finance Issuance Trust 2018-A(a)		4.20			11/20/2030		1,848,000		1,847,877		1,810,234
Marlette Funding Trust 2019-1(a)		3.44			4/16/2029		497,574		497,563		490,532
Marlette Funding Trust 2019-2(a)		3.13			7/16/2029		730,497		730,431		701,263
Marlette Funding Trust 2019-2(a)		3.53			7/16/2029		976,000		975,823		790,835
Mosaic Solar Loan Trust 2018-2-GS(a)		4.20			2/22/2044		469,462		469,389		473,263
Mosaic Solar Loans LLC 2017-1A A(a)		4.45			6/20/2042		70,849		70,830		69,257
Navient Private Education Loan Trust 2018-B, 1M USD LIBOR + 0.720%(a)		1.42	(b)		12/15/2059		320,000		320,000		304,067
Navient Student Loan Trust 2015-1 B, 1M USD LIBOR + 1.500%		2.45	(b)		7/25/2052		1,100,000		1,094,899		1,042,444
Navient Student Loan Trust 2016-5A A, 1M USD LIBOR + 1.250%(a)		2.20	(b)		6/25/2065		816,714		820,131		746,958
Navient Student Loan Trust 2016-6 A3, 1M USD LIBOR + 1.300%(a)		2.25	(b)		3/25/2066		550,000		550,000		510,306
Navient Student Loan Trust 2018-1A A3, 1M USD LIBOR + 0.720%(a)		1.67	(b)		3/25/2067		1,600,000		1,600,000		1,496,195
Navient Student Loan Trust 2018-2, 1M USD LIBOR + 0.750%(a)		1.70	(b)		3/25/2067		1,360,000		1,360,000		1,293,559

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Asset-Backed Securities (continued):
Other Asset-Backed Securities (continued):
Navient Student Loan Trust 2018-3, 1M USD LIBOR + 0.800%(a)		1.75	(b) %		3/25/2067		1,600,000	$	1,600,000	$	1,567,923
Navient Student Loan Trust 2019-2, 1M USD LIBOR + 1.000%(a)		1.95	(b)		2/27/2068		2,516,000		2,516,000		2,368,028
Navient Student Loan Trust 2019-B, 1M USD LIBOR—0.980% (a)		1.68	(b)		12/15/2059		3,000,000		3,000,000		2,887,423
Navistar Financial Dealer Note Master Owner Trust II, 1M USD LIBOR + 0.950%(a)		1.90	(b)		5/25/2024		1,108,000		1,108,000		1,087,016
Navistar Financial Dealer Note Master Owner Trust II, 1M USD LIBOR + 1.050%(a)		2.00	(b)		9/25/2023		300,000		300,000		290,308
Navistar Financial Dealer Note Master Owner Trust II, 1M USD LIBOR + 1.450%(a)		2.40	(b)		5/25/2024		1,018,000		1,018,000		998,133
Navistar Financial Dealer Note Master Owner Trust II, 1M USD LIBOR + 1.550%(a)		2.50	(b)		9/25/2023		520,000		520,000		503,227
Nelnet Private Education Loan Trust 2016-A A1A, 1M USD LIBOR + 1.750%(a)		2.70	(b)		12/26/2040		131,551		131,551		131,342
Nelnet Private Education Loan Trust 2016-A A1B(a)		3.60			12/26/2040		157,880		157,771		159,882
Nelnet Student Loan Trust 2006-2 B, 3M USD LIBOR + 0.200%		1.99	(b)		1/25/2038		1,041,528		981,762		899,644
Nelnet Student Loan Trust 2006-3, 3M USD LIBOR + 0.250%		1.47	(b)		6/25/2041		1,610,451		1,507,638		1,300,928
Nelnet Student Loan Trust 2007-2, 28 Day ARS(a)		2.97	(b)		6/25/2035		2,000,000		1,975,736		1,736,995
Nelnet Student Loan Trust 2012-4, 1M USD LIBOR + 1.000%(a)		1.95	(b)		7/26/2049		900,000		869,196		818,722
Nelnet Student Loan Trust 2018-3, 1M USD LIBOR + 0.750%(a)		1.70	(b)		9/27/2066		1,300,000		1,300,000		1,213,531
Nelnet Student Loan Trust 2019-2, 1M USD LIBOR + 0.900%(a)		1.85	(b)		6/27/2067		1,082,918		1,082,918		1,028,402
New Residential Advance Receivables Trust Advance Receivables Backed 2019-T2(a)		3.06			8/15/2053		785,000		784,728		735,077
New Residential Advance Receivables Trust Advance Receivables Backed 2019-T3(a)		2.71			9/15/2052		1,370,000		1,370,000		1,307,423
New Residential Advance Receivables Trust Advance Receivables Backed 2019-T3(a)		3.06			9/15/2052		2,300,000		2,300,000		2,192,992
New Residential Advance Receivables Trust Advance Receivables Backed 2019-T4(a)		2.80			10/15/2051		2,956,000		2,956,000		2,955,954
NorthStar Student Loan Trust III 2016-1 A, 1M USD LIBOR + 1.250%(a)		2.20	(b)		5/27/2036		106,514		102,391		101,831
NovaStar Mortgage Funding Trust 2004-4 M5, 1M USD LIBOR + 1.725%		2.67	(b)		3/25/2035		242,403		242,403		237,051
NP SPE II LLC(a)		2.57			9/20/2049		767,297		767,297		732,172
NP SPE II LLC 2017-1A A1(a)		3.37			10/21/2047		347,935		347,935		338,748

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Asset-Backed Securities (continued):
Other Asset-Backed Securities (continued):
OneMain Financial Issuance Trust 2019-2(a)		3.14	%		10/14/2036		5,800,000	$	5,797,528	$	5,712,502
OneMain Financial Issuance Trust 2019-2(a)		3.66			10/14/2036		2,400,000		2,399,492		2,346,784
Orange Lake Timeshare Trust 2016-A A(a)		2.61			3/8/2029		803,361		789,152		773,110
Orange Lake Timeshare Trust 2016-A B(a)		2.91			3/8/2029		325,603		321,663		319,800
Orange Lake Timeshare Trust 2018-A(a)		3.74			11/8/2030		629,028		639,553		621,007
Orange Lake Timeshare Trust 2019-A(a)		4.93			4/9/2038		2,110,407		2,109,983		1,372,013
Oscar US Funding X LLC(a),(c)		3.27			5/11/2026		2,240,000		2,239,669		2,355,687
Oxford Finance Funding 2020-1 LLC(a)		3.10			2/15/2028		1,296,000		1,296,000		1,289,713
Oxford Finance Funding LLC 2016-1A A(a)		3.97			6/17/2024		34,976		34,976		34,890
Pennsylvania Higher Education Assistance Agency, 28 day ARS		2.27	(b)		10/25/2042		1,000,000		986,499		987,650
Pioneer Aircraft Finance Ltd.(a),(c)		3.97			6/15/2044		980,500		980,500		685,457
Popular ABS Mortgage Pass-Through Trust 2006-B A3, 1M USD LIBOR + 0.280%		1.23	(b)		5/25/2036		18,829		18,181		17,716
Santander Revolving Auto Loan Trust 2019-A(a)		2.80			1/26/2032		687,000		686,703		675,040
Santander Revolving Auto Loan Trust 2019-A(a)		3.00			1/26/2032		439,000		438,859		431,329
Santander Revolving Auto Loan Trust 2019-A(a)		3.45			1/26/2032		867,000		866,958		851,754
SBA Tower Trust(a)		2.84			1/15/2025		5,300,000		5,300,000		5,229,510
SBA Tower Trust(a)		2.88			7/15/2046		880,000		875,825		876,983
SBA Tower Trust(a)		3.17			4/9/2047		630,000		630,820		652,149
SBA Tower Trust(a)		3.87			10/15/2049		1,300,000		1,304,975		1,315,648
Sierra Receivables Funding Co LLC 2017-1A A(a)		2.91			3/20/2034		342,772		343,727		339,098
Sierra Receivables Funding Co LLC 2018-1AB		4.24			4/20/2035		1,603,873		1,621,978		1,586,315
Sierra Timeshare 2016-2 Receivables Funding LLC(a)		2.78			7/20/2033		219,574		217,741		216,617
Sierra Timeshare 2018-2 Receivables Funding LLC(a)		3.94			6/20/2035		274,186		274,116		272,658
Sierra Timeshare 2018-3 Receivables Funding LLC(a)		5.20			9/20/2035		461,789		466,374		456,029
Sierra Timeshare 2019-1 Receivables Funding LLC(a)		3.77			1/20/2036		1,120,792		1,126,154		1,108,528
Sierra Timeshare 2019-1 Receivables Funding LLC(a)		4.75			1/20/2036		1,488,642		1,490,602		1,479,482
Sierra Timeshare 2019-3 Receivables Funding LLC(a)		3.00			8/20/2036		4,386,959		4,386,548		4,290,232
Sierra Timeshare 2019-3 Receivables Funding LLC(a)		4.18			8/20/2036		2,138,443		2,138,704		2,100,427
Sierra Timeshare Receivables Funding LLC 2015 3A B(a)		3.08			9/20/2032		32,563		32,372		32,190
Sierra Timeshare Receivables Funding LLC 2019-2(a)		3.12			5/20/2036		263,726		263,706		255,726
Sierra Timeshare Receivables Funding LLC 2019-2(a)		4.54			5/20/2036		1,973,088		1,979,125		1,916,111

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Asset-Backed Securities (continued):
Other Asset-Backed Securities (continued):
SLC Student Loan Trust 2005-1 B, 3M USD LIBOR + 0.200%		1.89	(b) %		2/15/2045		604,158	$	546,198	$	528,059
SLC Student Loan Trust 2006-1, 3M USD LIBOR + 0.210%		0.95	(b)		3/15/2055		2,122,823		1,977,509		1,857,081
SLC Student Loan Trust 2006-2 B, 3M USD LIBOR + 0.230%		0.97	(b)		12/15/2039		1,587,021		1,479,825		1,402,648
SLM Student Loan Trust 2003-11, 3M USD LIBOR + 0.650%		1.39	(b)		12/15/2038		893,882		851,080		792,889
SLM Student Loan Trust 2003-14, 3M USD LIBOR + 0.600%(a)		2.39	(b)		10/25/2065		1,600,000		1,595,817		1,420,001
SLM Student Loan Trust 2003-14 A6, 3M USD LIBOR + 0.300%		2.09	(b)		7/25/2025		27,195		26,535		26,287
SLM Student Loan Trust 2003-4 B, 3M USD LIBOR + 0.650%		1.39	(b)		6/15/2038		344,767		330,278		307,564
SLM Student Loan Trust 2004-1, 3M USD LIBOR + 0.500%		2.29	(b)		7/25/2039		498,584		475,013		447,504
SLM Student Loan Trust 2004-8, 3M USD LIBOR + 0.460%		2.25	(b)		1/25/2040		1,041,877		989,174		944,893
SLM Student Loan Trust 2005-4 B, 3M USD LIBOR + 0.180%		1.97	(b)		7/25/2055		666,057		595,416		587,687
SLM Student Loan Trust 2005-5, 3M USD LIBOR + 0.250%		2.04	(b)		10/25/2040		669,135		629,046		581,164
SLM Student Loan Trust 2005-6 B, 3M USD LIBOR + 0.290%		2.08	(b)		1/25/2044		1,953,995		1,827,294		1,729,984
SLM Student Loan Trust 2005-9, 3M USD LIBOR + 0.300%		2.09	(b)		1/25/2041		770,988		737,922		677,617
SLM Student Loan Trust 2006-2(e)		Zero Coupon			1/25/2041		3,956		1,621,960		1,978,000
SLM Student Loan Trust 2006-5 B, 3M USD LIBOR + 0.210%		2.00	(b)		10/25/2040		524,358		468,441		471,031
SLM Student Loan Trust 2006-7 B, 3M USD LIBOR + 0.200%		1.99	(b)		1/27/2042		503,891		469,299		432,944
SLM Student Loan Trust 2006-9 A5, 3M USD LIBOR + 0.100%		1.89	(b)		1/26/2026		23,478		23,065		22,650
SMB Private Education Loan Trust 2014-A(a)		4.00			9/15/2042		1,250,000		1,271,281		1,239,390
SMB Private Education Loan Trust 2014-A A2B, 1M USD LIBOR + 1.150%(a)		1.85	(b)		5/15/2026		220,004		221,211		198,240
SMB Private Education Loan Trust 2015-A A2B, 1M USD LIBOR + 1.000%(a)		1.70	(b)		6/15/2027		39,289		38,803		37,696
SMB Private Education Loan Trust 2015-A A3, 1M USD LIBOR + 1.500%(a)		2.20	(b)		2/17/2032		900,000		918,153		875,381
SMB Private Education Loan Trust 2015-C(a)		4.50			9/17/2046		1,710,000		1,753,872		1,632,148
SMB Private Education Loan Trust 2015-C A3, 1M USD LIBOR + 1.950%(a)		2.65	(b)		8/16/2032		700,000		727,725		694,150
SMB Private Education Loan Trust 2016-B A2B, 1M USD LIBOR + 1.450%(a)		2.15	(b)		2/17/2032		76,327		76,327		68,728
SMB Private Education Loan Trust 2016-C A2B, 1M USD LIBOR + 1.100%(a)		1.80	(b)		9/15/2034		182,702		182,702		164,514
SMB Private Education Loan Trust 2017-B A2B, 1M USD LIBOR + 0.750%(a)		1.45	(b)		10/15/2035		535,673		535,673		482,328
SMB Private Education Loan Trust 2018-C, 1M USD LIBOR + 0.75%(a)		1.45	(b)		11/15/2035		1,800,000		1,792,477		1,584,789

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Asset-Backed Securities (continued):
Other Asset-Backed Securities (continued):
SMB Private Education Loan Trust 2019-A, 1M USD LIBOR + 0.75%(a)		1.57	(b) %		7/15/2036		1,715,000	$	1,715,000	$	1,546,001
SMB Private Education Loan Trust 2019-B, 1M USD LIBOR + 1.000%(a)		1.70	(b)		6/15/2037		2,250,000		2,250,560		1,957,641
SoFi Alternative Trust 2019-C(a),(e)		6.16			1/25/2045		3,722,013		3,849,365		3,923,769
SoFi Consumer Loan Program 2020-1 Trust(a)		2.94			1/25/2029		4,000,000		3,999,312		4,002,696
SoFi Consumer Loan Program LLC 2016-1A A(a)		3.26			8/25/2025		209,392		209,930		208,284
SoFi Consumer Loan Program LLC 2016-2A A(a)		3.09			10/27/2025		26,773		26,770		26,863
SoFi Consumer Loan Program LLC 2017-2 A(a)		3.28			2/25/2026		107,981		107,857		107,523
SoFi Consumer Loan Program LLC 2017-3 A(a)		2.77			5/25/2026		212,833		212,833		209,466
SoFi Consumer Loan Program Trust 2019-3(a)		3.89			5/25/2028		2,766,000		2,767,957		2,284,615
Sofi Professional Loan Program 2017-C LLC(a)		4.21			7/25/2040		2,410,000		2,522,352		2,242,811
SoFi Professional Loan Program 2018-A LLC(a),(e)		Zero Coupon			2/25/2042		1,372,500		1,015,825		964,181
SoFi Professional Loan Program 2018-B Trust(a),(e)		Zero Coupon			8/26/2047		1,265,700		713,153		660,271
SoFi Professional Loan Program 2018-D Trust(a),(e)		Zero Coupon			2/25/2048		1,887,200		687,183		651,084
SoFi Professional Loan Program 2019-A LLC(a),(e)		Zero Coupon			6/15/2048		3,522,900		1,080,399		1,075,412
SoFi Professional Loan Program 2019-A LLC(a)		4.11			6/15/2048		870,000		876,536		831,453
SoFi Professional Loan Program LLC 2015-A RC(a),(e)		7.63			3/25/2033		300		844,125		247,500
SoFi Professional Loan Program LLC 2015-C A2(a)		2.51			8/25/2033		17,422		17,347		16,938
SoFi Professional Loan Program LLC 2016-B A1, 1M USD LIBOR + 1.200%(a)		2.15	(b)		6/25/2033		172,684		174,488		165,241
SoFi Professional Loan Program LLC 2016-D A1, 1M USD LIBOR + 0.950%(a)		1.90	(b)		1/25/2039		36,704		36,704		35,547
SoFi Professional Loan Program LLC 2017-D R1(a)		Zero Coupon			9/25/2040		1,233,700		745,782		576,594
Store Master Funding I-VII A3(a)		4.40			10/20/2048		1,886,542		1,905,882		1,811,509
Taco Bell Funding LLC 2016-1A A23(a)		4.97			5/25/2046		1,191,312		1,230,404		1,074,958
Taco Bell Funding LLC 2018-1A A2I(a)		4.32			11/25/2048		4,670,875		4,728,440		4,554,150
TAL Advantage LLC 2017-1A A(a)		4.50			4/20/2042		506,526		512,244		512,020
TAL Advantage V LLC(a)		3.33			5/20/2039		909,454		903,794		894,831
Textainer Marine Containers VII Ltd.(a)		4.11			7/20/2043		660,000		652,500		670,257
TLF National Tax Lien Trust 2017-1(a)		3.09			12/15/2029		1,371,451		1,364,281		1,366,844
Trafigura Securitisation Finance PLC 2017-1, 1M USD LIBOR + 1.700%(a),(c)		2.40	(b)		12/15/2020		900,000		900,887		895,842
Trafigura Securitisation Finance plc 2018-1, 1M USD LIBOR + 0.730%(a),(c)		1.43	(b)		3/15/2022		1,820,000		1,815,608		1,813,941
Trafigura Securitisation Finance plc 2018-1(a),(c)		4.29			3/15/2022		1,800,000		1,799,930		1,790,881

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Asset-Backed Securities (continued):
Other Asset-Backed Securities (continued):
Trinity Rail Leasing 2019 LLC(a)		3.82	%		4/17/2049		2,205,490	$	2,204,405	$	2,052,432
Trinity Rail Leasing LP(a)		3.82			6/17/2048		824,240		823,947		826,330
TRIP Rail Master Funding LLC 2011-1A A2(a)		6.02			7/15/2041		1,248,118		1,328,258		1,282,178
TRIP Rail Master Funding LLC 2017-1A A1(a)		2.71			8/15/2047		110,593		110,591		109,375
Triton Container Finance V LLC(a)		3.95			3/20/2043		280,000		279,819		277,133
VSE 2018-A Voi Mortgage LLC(a)		4.02			2/20/2036		291,097		291,062		301,399
Wachovia Student Loan Trust 2005-1 B, 3M USD LIBOR + 0.300%		2.09	(b)		10/25/2040		566,642		522,816		505,429
Welk Resorts LLC 2017-AA B(a)		3.41			6/15/2033		730,111		733,741		714,263
Westgate Resorts LLC 2017-1A A(a)		3.05			12/20/2030		189,947		189,947		184,470
Westgate Resorts LLC 2018-1(a)		3.38			12/20/2031		424,966		424,305		415,508
Westlake Automobile Receivables Trust 2019-3(a)		3.59			3/17/2025		2,182,000		2,181,654		1,749,576
Willis Engine Structured Trust IV(a)		4.75			9/15/2043		1,110,474		1,125,562		775,691
Total Other Asset-Backed Securities							313,073,038		310,423,995		295,153,396
Total Asset-Backed Securities							363,425,982		360,751,049		341,744,466
Corporate Bonds — 37.1%*:
Advertising — 0.1%*:
Interpublic Group of Cos., Inc. (The)		3.75			10/1/2021		820,000		821,812		827,908
Agriculture — 1.5%*:
BAT Capital Corp.(c)		3.22			8/15/2024		3,115,000		3,144,639		2,997,547
Bunge Ltd. Finance Corp.		3.00			9/25/2022		1,840,000		1,823,714		1,811,414
Bunge Ltd. Finance Corp.		3.50			11/24/2020		1,520,000		1,525,698		1,532,586
Imperial Brands Finance plc(a),(c)		3.13			7/26/2024		1,917,000		1,936,681		1,806,351
Imperial Brands Finance plc(a),(c)		3.50			2/11/2023		1,347,000		1,351,185		1,351,507
Reynolds American, Inc.		4.00			6/12/2022		2,170,000		2,179,294		2,200,584
Total Agriculture							11,909,000		11,961,211		11,699,989
Auto Manufacturers — 1.8%*:
Ford Motor Credit Co. LLC, 3M USD LIBOR + 0.810%		2.71	(b)		4/5/2021		1,135,000		1,135,000		1,049,875
Ford Motor Credit Co. LLC, 3M USD LIBOR + 1.235%		2.93	(b)		2/15/2023		985,000		985,000		738,337
Ford Motor Credit Co. LLC		3.09			1/9/2023		1,860,000		1,865,406		1,711,200
Ford Motor Credit Co. LLC		3.35			11/1/2022		2,075,000		2,076,038		1,934,938
Ford Motor Credit Co. LLC		5.09			1/7/2021		350,000		350,199		341,145
General Motors Financial Co., Inc.		3.25			1/5/2023		4,615,000		4,572,405		4,186,891
Hyundai Capital America(a)		2.38			2/10/2023		1,920,000		1,929,640		1,810,159
Hyundai Capital America(a),(c)		2.85			11/1/2022		1,320,000		1,319,870		1,289,015
Nissan Motor Acceptance Corp.(a),(c)		1.90			9/14/2021		670,000		668,338		633,094
Total Auto Manufacturers							14,930,000		14,901,896		13,694,654
Beverages — 0.9%*:
Anheuser-Busch InBev Worldwide, Inc.(c)		3.50			1/12/2024		2,510,000		2,505,963		2,623,407
Bacardi Ltd.(a),(c)		4.45			5/15/2025		319,000		337,864		334,551
Keurig Dr Pepper, Inc.		4.06			5/25/2023		2,225,000		2,265,441		2,314,506
Molson Coors Beverage Co.		2.10			7/15/2021		325,000		324,213		318,340

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Beverages (continued):
Molson Coors Beverage Co.		3.50	%		5/1/2022		1,089,000	$	1,083,110	$	1,088,652
Total Beverages							6,468,000		6,516,591		6,679,456
Chemicals — 1.7%*:
DowDuPont, Inc.		4.21			11/15/2023		2,085,000		2,155,997		2,195,422
Huntsman International LLC		5.13			11/15/2022		4,730,000		4,861,445		4,848,250
RPM International, Inc.		3.45			11/15/2022		1,155,000		1,160,672		1,161,705
Sherwin-Williams Co. (The)		2.75			6/1/2022		90,000		89,254		89,808
Syngenta Finance NV(a),(c)		3.70			4/24/2020		1,390,000		1,389,826		1,387,327
Syngenta Finance NV(a),(c)		3.93			4/23/2021		500,000		500,902		471,163
Syngenta Finance NV(a),(c)		4.44			4/24/2023		3,170,000		3,293,563		2,986,262
Total Chemicals							13,120,000		13,451,659		13,139,937
Commercial Banks — 7.0%*:
Banco Santander SA(c)		3.50			4/11/2022		2,400,000		2,406,796		2,374,441
Bank of America Corp.		2.82	(d)		7/21/2023		7,545,000		7,520,172		7,576,016
Barclays Bank plc, 3M USD LIBOR + 1.380%(c)		3.07			5/16/2024		1,235,000		1,228,977		1,087,548
Barclays Bank plc(a),(c)		10.18			6/12/2021		3,435,000		3,731,729		3,669,628
Citigroup, Inc.		3.14	(d)		1/24/2023		3,375,000		3,400,788		3,414,761
Credit Suisse AG(a),(c)		6.50			8/8/2023		3,720,000		4,095,673		3,774,238
Discover Bank		4.20			8/8/2023		2,185,000		2,239,704		2,300,474
First Horizon National Corp.		3.50			12/15/2020		2,170,000		2,173,591		2,148,301
Goldman Sachs Group, Inc. (The)		3.20			2/23/2023		7,625,000		7,652,307		7,766,954
HSBC Holdings plc(c)		4.25			3/14/2024		1,970,000		2,066,633		2,021,536
JPMorgan Chase & Co.		4.50			1/24/2022		3,195,000		3,289,532		3,337,242
Mitsubishi UFJ Financial Group, Inc.(c)		2.67			7/25/2022		2,580,000		2,545,428		2,571,373
Morgan Stanley MTN		3.75			2/25/2023		3,400,000		3,461,190		3,524,757
Sumitomo Mitsui Financial Group, Inc.		2.45			9/27/2024		2,025,000		2,025,000		2,008,263
Sumitomo Mitsui Financial Group, Inc.(c)		3.75			7/19/2023		1,110,000		1,169,939		1,155,670
Synchrony Bank		3.00			6/15/2022		1,680,000		1,637,955		1,668,398
Truist Bank		1.50			3/10/2025		3,995,000		3,986,869		3,859,036
Total Commercial Banks							53,645,000		54,632,283		54,258,636
Commercial Services — 0.3%*:
ADT Security Corp. (The)		6.25			10/15/2021		2,080,000		2,180,425		2,033,200
Construction Materials — 0.3%*:
Martin Marietta Materials, Inc., 3M USD LIBOR + 0.650%		2.33	(b)		5/22/2020		530,000		530,000		526,208
Masco Corp.		3.50			4/1/2021		590,000		591,821		584,556
Standard Industries, Inc.(a)		5.50			2/15/2023		906,000		917,334		874,290
Total Construction Materials							2,026,000		2,039,155		1,985,054
Diversified Financial Services — 3.2%*:
AerCap Ireland Capital DAC / AerCap Global Aviation Trust(c)		2.88			8/14/2024		4,960,000		4,965,535		3,949,136
Aircastle Ltd.		5.00			4/1/2023		4,431,000		4,596,180		4,325,996
Ameriprise Financial, Inc.		3.00			3/22/2022		495,000		494,117		501,194
Ameriprise Financial, Inc.		3.70			10/15/2024		450,000		454,963		466,921
Ameriprise Financial, Inc.		4.00			10/15/2023		294,000		301,457		311,126
Antares Holdings LP(a)		6.00			8/15/2023		2,160,000		2,223,587		2,224,805
Athene Global Funding(a)		2.75			6/25/2024		4,355,000		4,361,308		4,358,628
Avolon Holdings Funding Ltd.(a),(c)		2.88			2/15/2025		1,470,000		1,468,319		1,139,359
Brookfield Finance LLC(c)		4.00			4/1/2024		2,275,000		2,345,921		2,264,187
Genpact Luxembourg Sarl		3.70			4/1/2022		2,175,000		2,186,124		2,214,092
LeasePlan Corp. NV(a),(c)		2.88			10/24/2024		1,125,000		1,122,666		1,102,024

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Diversified Financial Services (continued):
Synchrony Financial		2.85	%		7/25/2022		2,510,000	$	2,512,915	$	2,383,152
Total Diversified Financial Services							26,700,000		27,033,092		25,240,620
Electric — 0.8%*:
Ameren Corp.		2.50			9/15/2024		1,320,000		1,319,609		1,283,251
Ameren Corp.		2.70			11/15/2020		760,000		761,736		757,730
Enel Finance International NV(a),(c)		2.88			5/25/2022		1,050,000		1,048,591		1,015,852
Entergy Corp.		4.00			7/15/2022		750,000		765,548		769,710
Entergy Texas, Inc.		2.55			6/1/2021		460,000		459,968		461,333
Puget Energy, Inc.		6.00			9/1/2021		1,275,000		1,324,981		1,307,675
Puget Energy, Inc.		6.50			12/15/2020		321,000		329,604		327,760
Total Electric							5,936,000		6,010,037		5,923,311
Electronics — 0.1%*:
FLIR Systems, Inc.		3.13			6/15/2021		855,000		861,620		855,992
Food — 0.2%*:
McCormick & Co., Inc.		2.70			8/15/2022		1,580,000		1,567,851		1,584,498
Healthcare-Products — 0.7%*:
Becton Dickinson and Co., 3M USD LIBOR + 0.875%		2.25	(b)		12/29/2020		1,826,000		1,825,567		1,764,372
CVS Health Corp.		3.70			3/9/2023		3,250,000		3,350,545		3,375,671
Total Healthcare-Products							5,076,000		5,176,112		5,140,043
Home Builders — 0.3%*:
Lennar Corp.		4.75			4/1/2021		2,650,000		2,683,321		2,623,500
Household Products/Wares — 0.3%*:
Church & Dwight Co., Inc.		2.88			10/1/2022		2,360,000		2,346,140		2,322,776
Housewares — 0.6%*:
Newell Brands, Inc.		3.85			4/1/2023		4,379,000		4,470,448		4,444,461
Insurance — 2.5%*:
American International Group, Inc.		3.75			7/10/2025		2,600,000		2,756,042		2,602,426
AmTrust Financial Services, Inc.		6.13			8/15/2023		3,245,000		3,322,700		3,205,061
Athene Global Funding(a)		2.50			1/14/2025		1,610,000		1,612,956		1,516,551
CNA Financial Corp.		5.75			8/15/2021		1,191,000		1,231,806		1,220,578
Enstar Group Ltd.(c)		4.50			3/10/2022		2,550,000		2,579,078		2,543,440
Jackson National Life Global Funding(a)		2.50			6/27/2022		2,475,000		2,466,096		2,430,103
Lincoln National Corp.		4.00			9/1/2023		472,000		478,869		472,123
Lincoln National Corp.		4.20			3/15/2022		725,000		746,416		736,259
Reinsurance Group of America, Inc.		5.00			6/1/2021		1,429,000		1,463,493		1,482,164
Trinity Acquisition PLC		3.50			9/15/2021		2,662,000		2,668,980		2,566,015
Willis Towers Watson PLC		5.75			3/15/2021		370,000		378,179		379,132
Total Insurance							19,329,000		19,704,615		19,153,852
Investment Company Security — 1.4%*:
Ares Capital Corp.		4.20			6/10/2024		4,940,000		5,037,065		4,379,075
BlackRock TCP Capital Corp.		3.90			8/23/2024		3,630,000		3,591,913		3,340,752
TCP Capital Corp.		4.13			8/11/2022		1,140,000		1,137,538		1,169,457
TPG Specialty Lending, Inc.		3.88			11/1/2024		2,660,000		2,636,211		2,346,508
Total Investment Company Security							12,370,000		12,402,727		11,235,792
Iron/Steel — 0.1%*:
Steel Dynamics, Inc.		2.80			12/15/2024		1,070,000		1,069,243		996,304

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST			FAIR VALUE
Corporate Bonds (continued):
IT Services — 0.9%*:
Dell International LLC/EMC Corp.(a)		4.00	%		7/15/2024		2,472,000	$	2,545,777		$	2,493,580
Genpact Luxembourg Sarl		3.38			12/1/2024		2,080,000		2,086,887			2,088,542
Leidos Holdings, Inc.		4.45			12/1/2020		2,275,000		2,289,016			2,263,625
Total IT Services							6,827,000		6,921,680			6,845,747
Lodging — 0.5%*:
Las Vegas Sands Corp.		3.20			8/8/2024		4,595,000		4,608,184			4,147,339
Machinery-Diversified — 0.3%*:
CNH Industrial Capital LLC		3.88			10/15/2021		1,110,000		1,117,180			1,104,202
CNH Industrial NV(c)		4.50			8/15/2023		900,000		910,170			941,510
Total Machinery-Diversified							2,010,000		2,027,350			2,045,712
Media — 0.8%*:
Discovery Communications LLC		2.95			3/20/2023		2,245,000		2,241,587			2,258,017
Sirius XM Radio, Inc.(a)		3.88			8/1/2022		4,398,000		4,408,301			4,381,507
Total Media							6,643,000		6,649,888			6,639,524
Mining — 1.1%*:
Glencore Finance Canada Ltd.(a),(c)		4.25			10/25/2022		484,000		497,718			463,924
Glencore Funding LLC(a),(c)		3.00			10/27/2022		730,000		728,849			667,403
Glencore Funding LLC(a),(c)		4.13			5/30/2023		1,880,000		1,918,252			1,732,156
Kinross Gold Corp.		5.13			9/1/2021		1,365,000		1,400,330			1,368,412
Kinross Gold Corp.(c)		5.95			3/15/2024		2,785,000		2,905,895			2,812,850
Newcrest Finance Pty Ltd.(a),(c)		4.20			10/1/2022		1,645,000		1,679,705			1,727,201
Total Mining							8,889,000		9,130,749			8,771,946
Oil and Gas — 0.7%*:
Continental Resources, Inc.		5.00			9/15/2022		988,000		992,946			630,285
EQT Corp.		3.00			10/1/2022		3,185,000		3,124,648			2,659,475
EQT Corp.		6.13			2/1/2025		1,420,000		1,420,000			1,093,542
Newfield Exploration Co.		5.63			7/1/2024		2,205,000		2,432,745			1,183,296
Total Oil and Gas							7,798,000		7,970,339			5,566,598
Packaging and Containers — 0.3%*:
Graphic Packaging International, Inc.		4.75			4/15/2021		2,696,000		2,730,592			2,663,109
Pharmaceuticals — 1.3%*:
AbbVie, Inc.(a)		2.30			11/21/2022		2,405,000		2,402,920			2,406,884
Allergan Funding SCS		3.80			3/15/2025		1,925,000		2,014,791			1,970,900
Cardinal Health, Inc., 3M USD LIBOR + 0.770%		1.51	(b)		6/15/2022		3,085,000		3,084,697			2,850,322
Cigna Corp.(a)		4.75			11/15/2021		—		(83	)		—
Mylan, Inc.(a)		3.13			1/15/2023		1,920,000		1,881,404			1,862,071
Teva Pharmaceutical Finance Netherlands III B.V.(c)		2.20			7/21/2021		1,008,000		978,082			962,821
Total Pharmaceuticals							10,343,000		10,361,811			10,052,998
Pipelines — 1.5%*:
Energy Transfer Partners LP		4.20			9/15/2023		4,765,000		4,842,779			4,162,346
EnLink Midstream Partners LP		4.40			4/1/2024		2,020,000		2,012,595			1,019,494
EQM Midstream Partners LP		4.75			7/15/2023		2,250,000		2,295,062			1,628,325
MPLX LP, 3M USD LIBOR + 1.100%		2.10	(b)		9/9/2022		3,955,000		3,955,000			3,679,646
Plains All American Pipeline LP / PAA Finance Corp.		3.85			10/15/2023		1,644,000		1,695,703			1,424,370
Total Pipelines							14,634,000		14,801,139			11,914,181
Real Estate Investment Trusts — 1.2%*:
CubeSmart LP		4.38			12/15/2023		1,339,000		1,418,743			1,429,162

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Real Estate Investment Trusts (continued):
Essex Portfolio LP		3.50	%		4/1/2025		515,000	$	541,362	$	516,761
Essex Portfolio LP		3.88			5/1/2024		654,000		691,728		655,540
Service Properties Trust		4.35			10/1/2024		2,175,000		2,259,053		1,596,551
Tanger Properties LP		3.75			12/1/2024		725,000		741,865		751,616
Tanger Properties LP		3.88			12/1/2023		1,890,000		1,924,596		1,969,199
VEREIT Operating Partnership LP		4.60			2/6/2024		2,140,000		2,228,454		2,111,919
Total REITS							9,438,000		9,805,801		9,030,748
Retail — 1.6%*:
Advance Auto Parts, Inc.		4.50			12/1/2023		2,157,000		2,249,241		2,216,418
Dollar Tree, Inc.		3.70			5/15/2023		3,170,000		3,177,977		3,220,706
O’Reilly Automotive, Inc.		3.80			9/1/2022		284,000		284,450		285,697
O’Reilly Automotive, Inc.		3.85			6/15/2023		3,389,000		3,445,180		3,377,838
QVC, Inc.		4.38			3/15/2023		3,660,000		3,630,130		3,461,319
Total Retail							12,660,000		12,786,978		12,561,978
Semiconductors — 0.6%*:
Broadcom Corp./Broadcom Cayman Finance Ltd.		3.00			1/15/2022		1,785,000		1,782,833		1,765,133
Microchip Technology, Inc.		3.92			6/1/2021		1,435,000		1,435,602		1,398,243
NXP BV/NXP Funding LLC(a)		4.13			6/1/2021		1,670,000		1,679,992		1,685,009
Total Semiconductors							4,890,000		4,898,427		4,848,385
Telecommunications — 0.9%*:
Qwest Corp.		6.75			12/1/2021		2,480,000		2,623,192		2,570,024
Sprint Communications, Inc.		9.25			4/15/2022		1,005,000		1,110,466		1,075,350
Telefonaktiebolaget LM Ericsson(c)		4.13			5/15/2022		3,450,000		3,468,085		3,415,635
Total Telecommunications							6,935,000		7,201,743		7,061,009
Transportation — 0.6%*:
Penske Truck Leasing Co. LP/PTL Finance Corp.(a)		2.70			3/14/2023		410,000		405,172		405,041
Penske Truck Leasing Co. LP/PTL Finance Corp.(a)		3.30			4/1/2021		240,000		241,712		241,071
Penske Truck Leasing Co. LP/PTL Finance Corp.(a)		3.38			2/1/2022		830,000		832,797		839,111
Penske Truck Leasing Co. LP/PTL Finance Corp.(a)		4.88			7/11/2022		1,040,000		1,061,407		1,081,553
Ryder System, Inc.		2.50			9/1/2022		26,000		25,334		24,478
Ryder System, Inc.		3.40			3/1/2023		330,000		327,303		332,986
Ryder System, Inc.		3.75			6/9/2023		1,085,000		1,110,311		1,089,101
Ryder System, Inc.		3.88			12/1/2023		392,000		400,721		399,766
Ryder System, Inc. MTN		2.25			9/1/2021		635,000		633,447		631,423
Total Transportation							4,988,000		5,038,204		5,044,530
Trucking and Leasing — 0.8%*:
DAE Funding LLC(a),(c)		4.00			8/1/2020		726,000		727,801		711,480
Park Aerospace Holdings Ltd.(a),(c)		5.25			8/15/2022		6,270,000		6,447,736		5,665,673
Total Trucking and Leasing							6,996,000		7,175,537		6,377,153
Venture Capital — 0.2%*:
Hercules Capital, Inc.		4.63			10/23/2022		1,625,000		1,620,155		1,547,933
Total Corporate Bonds							299,270,000		303,558,815		288,958,873

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Mortgage-Backed Securities — 15.2%*:
Angel Oak Mortgage Trust 2019-3(a)		3.24	(f)%		5/25/2059		2,803,566	$	2,803,534	$	2,718,465
Angel Oak Mortgage Trust 2019-6(a)		3.39	(f)		11/25/2059		3,250,000		3,250,000		2,697,953
Angel Oak Mortgage Trust LLC(a)		3.90	(f)		11/25/2047		2,250,000		2,250,000		2,052,274
BAMLL Commercial Mortgage Securities Trust 2018-DSNY, 1M USD LIBOR + 1.350%(a)		2.05	(b)		9/15/2034		270,000		270,000		228,318
BAMLL Commercial Mortgage Securities Trust 2019-BPR(a)		4.02	(f)		11/5/2032		3,420,000		3,440,236		3,001,948
BHMS, 1M USD LIBOR + 1.500%(a)		2.20	(b)		7/15/2035		1,800,000		1,800,000		1,323,483
BHMS 2018-ATLS, 1M USD LIBOR + 1.250%(a)		1.95	(b)		7/15/2035		2,750,000		2,749,227		2,300,609
BX Commercial Mortgage Trust 2019-XL, 1M USD LIBOR + 1.800%(a)		2.50	(b)		10/15/2036		1,149,347		1,149,347		1,005,651
BX Commercial Mortgage Trust 2019-XL, 1M USD LIBOR + 2.000%(a)		2.70	(b)		10/15/2036		3,701,222		3,710,483		3,182,943
BX Commercial Mortgage Trust 2020-BXLP, 1M USD LIBOR + 1.600%(a)		2.30	(b)		12/15/2036		5,417,000		5,416,377		4,766,160
CAMB Commercial Mortgage Trust 2019-LIFE, 1M USD LIBOR + 2.150%(a)		2.85	(b)		12/15/2037		1,499,283		1,499,283		1,236,909
CIM Trust 2019-INV3, 1M USD LIBOR + 1.000%(a)		2.58	(b)		8/25/2049		6,771,386		6,759,895		6,212,783
Citigroup Mortgage Loan Trust 2019-IMC1(a)		3.03	(f)		7/25/2049		1,648,678		1,647,882		1,615,507
Citigroup Mortgage Loan Trust 2019-IMC1(a)		3.17	(f)		7/25/2049		3,101,000		3,100,420		2,498,301
COMM 2015-CCRE22 Mortgage Trust		3.93	(f)		3/10/2048		1,650,000		1,640,418		1,596,524
COMM 2015-DC1 Mortgage Trust		3.72	(f)		2/10/2048		3,100,000		3,159,180		3,122,041
COMM 2015-DC1 Mortgage Trust		4.04	(f)		2/10/2048		1,087,775		1,110,655		1,044,136
COMM Mortgage Trust 2014-UBS2 B		4.70	(f)		3/10/2047		600,000		641,947		600,567
Connecticut Avenue Securities Trust 2019-R01, 1M USD LIBOR + 2.450%(a)		3.40	(b)		7/25/2031		1,159,176		1,168,823		956,815
Connecticut Avenue Securities Trust 2019-R02, 1M USD LIBOR + 2.300%(a)		3.25	(b)		8/25/2031		15,814,665		15,829,904		13,560,205
Connecticut Avenue Securities Trust 2019-R03, 1M USD LIBOR + 2.150%(a)		3.10	(b)		9/25/2031		1,940,919		1,952,873		1,655,450
Credit Suisse Mortgage Capital Certificates 2019-ICE4, 1M USD LIBOR + 1.600%(a)		2.30	(b)		5/15/2036		960,000		960,000		854,243
Deephave Residential Mortgage Trust 2019-2(a)		3.92	(f)		4/25/2059		672,000		672,000		632,851
Deephaven Residential Mortgage Trust 2018-1(a)		2.98	(f)		12/25/2057		411,578		406,776		406,778
Deephaven Residential Mortgage Trust 2018-1(a)		3.03	(f)		12/25/2057		352,007		352,002		337,382
Deephaven Residential Mortgage Trust 2018-2(a)		3.68	(f)		4/25/2058		772,084		772,075		732,938
Deephaven Residential Mortgage Trust 2018-3(a)		3.96	(f)		8/25/2058		740,279		739,327		725,305
Deephaven Residential Mortgage Trust 2018-4(a)		4.29	(f)		10/25/2058		1,030,112		1,030,112		1,044,513
Deephaven Residential Mortgage Trust 2019-4(a)		3.48	(f)		10/25/2059		4,400,000		4,399,950		3,685,998

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Mortgage-Backed Securities (continued):
FWD Securitization Trust 2020-INV1(a)		2.85	(f)%		1/25/2050		1,804,000	$	1,803,911	$	1,436,598
GS Mortgage Securities Trust 2016-GS2		4.53	(f)		5/10/2049		1,000,000		1,050,245		845,495
GS Mortgage Securities Trust 2016-GS3		3.14	(f)		10/10/2049		1,000,000		949,764		972,303
JP Morgan Chase Commercial Mortgage Securities Trust 2013-LC11		3.96	(f)		4/15/2046		1,015,000		1,002,768		906,182
JP Morgan Chase Commercial Mortgage Securities Trust 2018-LAQ, 1M USD LIBOR + 1.000%(a)		1.70	(b)		6/15/2032		6,765,026		6,760,513		6,096,517
JP Morgan Mortgage Trust 2017-6 A5(a)		3.50	(f)		12/25/2048		659,123		667,505		667,198
JP Morgan Mortgage Trust 2018-1(a)		3.50	(f)		6/25/2048		511,220		515,277		517,254
JP Morgan Mortgage Trust 2018-3(a)		3.50	(f)		9/25/2048		827,714		825,226		837,578
KNDL 2019-KNSQ Mortgage Trust, 1M USD LIBOR + 1.800%(a)		2.50	(b)		5/15/2036		865,000		865,000		675,120
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7		3.77	(f)		2/15/2046		1,340,000		1,371,183		1,315,526
Morgan Stanley Capital I Trust 2012-STAR(a)		4.06	(f)		8/5/2034		1,300,000		1,300,480		1,244,858
MSCG Trust 2018-SELF, 1M USD LIBOR + 1.180%(a)		1.88	(b)		10/15/2037		165,000		165,000		143,477
New Residential Mortgage Loan Trust 2016-4A A1(a)		3.75	(f)		11/25/2056		306,247		315,148		313,922
New Residential Mortgage Loan Trust 2019-A1(a)		3.60	(f)		4/25/2049		579,880		579,880		572,128
New Residential Mortgage Loan Trust 2019-A3(a)		3.75	(f)		4/25/2049		1,981,833		1,981,833		1,866,613
New Residential Mortgage Loan Trust 2019-NQM1(a)		3.93	(f)		1/25/2049		1,847,204		1,847,294		1,828,076
New Residential Mortgage Loan Trust 2020-NQM1(a)		3.21	(f)		1/26/2060		2,252,000		2,252,000		1,742,746
OBX 2020-INV1 Trust(a)		3.50	(f)		12/25/2049		3,318,758		3,379,224		3,446,841
PNMAC GMSR Issuer Trust 2018-GT1, 1M USD LIBOR + 2.850%(a)		3.80	(b)		2/25/2023		470,000		470,000		431,070
PSMC Trust(a)		3.50	(f)		2/25/2048		858,464		857,434		856,572
PSMC Trust 2018-2(a)		3.50	(f)		6/25/2048		705,247		694,087		694,138
Sequoia Mortgage Trust 2015-1(a)		2.50	(f)		1/25/2045		443,293		436,724		430,990
Sequoia Mortgage Trust 2018-3(a)		3.50	(f)		3/25/2048		894,612		893,271		885,705
Sequoia Mortgage Trust 2018-5(a)		3.50	(e)		5/25/2048		577,610		571,440		574,222
Sequoia Mortgage Trust 2018-7(a)		4.00	(f)		9/25/2048		234,000		235,136		233,206
Sequoia Mortgage Trust 2018-CH1(a)		4.00	(f)		2/25/2048		464,969		472,859		462,111
Sequoia Mortgage Trust 2018-CH2(a)		4.00	(f)		6/25/2048		825,211		833,457		825,959
Sequoia Mortgage Trust 2018-CH3(a)		4.00	(f)		8/25/2048		435,093		438,738		431,086
Sequoia Mortgage Trust 2019-1(a)		4.00	(f)		2/25/2049		302,310		305,083		296,961
Shellpoint Co-Originator Trust 2016-1 2A3(a)		3.00	(f)		10/25/2031		527,407		532,088		529,627
Starwood Mortgage Residential Trust 2019-INV1(a)		2.92	(f)		9/27/2049		2,140,353		2,140,353		2,029,567
Starwood Mortgage Residential Trust 2020-1(a)		2.88	(f)		2/25/2050		4,700,000		4,699,871		4,012,149
Structured Asset Securities Corp. Mortgage Loan Trust 2006-GEL1, 1M USD LIBOR + 0.800%(a)		1.75	(b)		11/25/2035		2,891,045		2,900,505		2,709,692
TIAA Bank Mortgage Loan Trust 2018-2(a)		3.50	(f)		7/25/2048		330,754		327,659		322,586

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Mortgage-Backed Securities (continued):
Velocity Commercial Capital Loan Trust 2016-2 AFX		3.00	(f)%		10/25/2046		8,167	$	8,167	$	8,156
Verus Securitization Trust 2018-INV2(a)		4.71	(f)		10/25/2058		2,544,306		2,590,242		2,469,153
Verus Securitization Trust 2019-4(a)		3.21	(f)		11/25/2059		1,750,000		1,750,000		1,413,360
Verus Securitization Trust 2019-INV2(a)		3.22	(f)		7/25/2059		2,225,267		2,225,240		2,166,421
Verus Securitization Trust 2019-INV3(a)		3.28	(f)		11/25/2059		1,462,000		1,461,966		1,159,432
Verus Securitization Trust 2020-1(a)		3.02	(f)		1/25/2060		4,646,000		4,646,000		3,699,097
Wells Fargo Mortgage Backed Securities 2019-1 Trust(a)		4.00	(f)		11/25/2048		605,001		609,363		600,015
Total Mortgage-Backed Securities							132,101,191		132,414,660		118,466,757
U.S. Treasury & Government Agencies — 1.4%*:
U.S. Treasury Bonds		8.00			11/15/2021		5,000,000		5,488,850		5,632,422
U.S. Treasury Bonds		8.75			5/15/2020		5,500,000		5,542,215		5,557,548
Total U.S. Treasury & Government Agencies							10,500,000		11,031,065		11,189,970
Total Fixed Income							805,297,173		807,755,589		760,360,066

	COUNTERPARTY	STRIKE PRICE		EXPIRATION DATE		CONTRACTS		NOTIONAL		COST		UNREALIZED VALUE			FAIR VALUE
Purchased Options — 0.2%*:
Call Option Purchased — 0.1%*:
OTC – BCM Swaption	JPMorgan Chase Bank N.A.	$	2.44		12/13/2032		1,958,250		1,958,250		98,255		211,873			310,128
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		(641,202	)		502,286
OTC – BCM Swaption	JPMorgan Chase Bank N.A.		3.11		1/31/2033		7,500,000		7,500,000		358,500		(208,729	)		149,771
Total Put Options							30,290,000		30,290,000		1,501,988		(849,931	)		652,057
Total Investments									837,545,423		809,355,832					761,322,251
Other assets and liabilities – 2.2%*																17,157,628
Net Assets – 100.0%															$	778,479,879

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 March 31, 2020.

(c) Foreign security.

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

United States	90.4	%
Ireland	2.3	%
United Kingdom	1.7	%
Switzerland	1.5	%
Other (Individually less than 1%)	4.1	%
Total	100.0	%

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

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

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

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

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

Futures

TYPE				EXPIRATION DATE		CONTRACTS		NOTIONAL AMOUNT			POSITION		FAIR VALUE			UNREALIZED DEPRECIATION
Short Futures
90 Day Euro Futures					06/15/20		6		(1,462,140	)		Short	$	(1,492,125	)	$	(29,985	)
90 Day Euro Futures					09/14/20		6		(1,462,778	)		Short		(1,494,675	)		(31,897	)
90 Day Euro Futures					12/14/20		5		(1,218,919	)		Short		(1,245,750	)		(26,831	)
90 Day Euro Futures					03/15/21		5		(1,219,357	)		Short		(1,246,437	)		(27,080	)
90 Day Euro Futures					09/13/21		9		(2,195,179	)		Short		(2,243,138	)		(47,959	)
90 Day Euro Futures					03/14/22		8		(1,950,670	)		Short		(1,993,100	)		(42,430	)
90 Day Euro Futures					09/19/22		7		(1,706,137	)		Short		(1,742,650	)		(36,513	)
90 Day Euro Futures					03/13/23		6		(1,461,503	)		Short		(1,492,500	)		(30,997	)
90 Day Euro Futures					12/18/23		8		(1,946,870	)		Short		(1,987,900	)		(41,030	)
90 Day Euro Futures					12/16/24		22		(5,347,293	)		Short		(5,458,200	)		(110,907	)
U.S. 10-Year Ultra Bond					06/19/20		85		(12,407,784	)		Short		(13,262,656	)		(854,872	)
U.S. 2-Year Treasury Note					06/30/20		962		(208,318,315	)		Short		(212,008,265	)		(3,689,950	)
U.S. 5-Year Treasury Note					06/30/20		1,551		(187,091,568	)		Short		(194,432,391	)		(7,340,823	)
Total Short Futures																$	(12,311,274	)
Centrally Cleared Credit Default Swaps—Buy Protection
REFERENCE OBLIGATION	FIXED- DEAL RECEIVED RATE			MATURITY DATE		ORIGINAL NOTIONAL AMOUNT		CURRENT NOTIONAL AMOUNT(1)			UPFRONT PREMIUMS PAID/ (RECEIVED)		FAIR VALUE(2)			UNREALIZED APPRECIATION
CDX.NA.IG.34		1.00	%		6/20/2025		4,400,000		4,400,000			18,455		28,422			9,967
CDX.NA.IG.34		1.00	%		6/20/2025		3,300,000		3,300,000			11,220		21,317			10,096
Total Centrally Cleared Credit Default Swaps – Buy Protection												29,675		49,739			20,064

⁽¹⁾  The maximum potential amount the Fund 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.

⁽²⁾  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.

See accompanying Notes to the Schedule of Investments.

Barings Diversified Income Fund

SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Fixed Income — 96.7%*:
Asset-Backed Securities — 62.6%*:
CDO/CLO — 37.2%*:
Allegro CLO X Ltd., 3M USD LIBOR + 2.750%(a)		4.57	(b)%		4/20/2032		500,000	$	500,000	$	414,886
Anchorage Capital CLO Ltd., 3M USD LIBOR + 2.850%(a)		4.68	(b)		7/15/2032		500,000		500,000		414,095
Ares CLO Ltd. 2019-53A C, 3M USD LIBOR + 2.650%(a)		4.45	(b)		4/24/2031		500,000		500,000		421,393
Avery Point VII CLO Ltd., 3M USD LIBOR + 3.600%(a)		5.43	(b)		1/15/2028		500,000		500,000		414,163
Bain Capital Credit Clo 2019-4 Ltd., 3M USD LIBOR + 4.250%(a)		6.14	(b)		1/23/2033		250,000		250,000		187,789
Ballyrock CLO 2016-1 Ltd., 3M USD LIBOR + 3.500%(a)		5.33	(b)		10/15/2028		500,000		500,000		378,685
Ballyrock CLO 2019-2 Ltd., 3M USD LIBOR + 4.100%(a)		6.00	(b)		11/20/2030		500,000		500,000		405,399
Carlyle US Clo 2017-2 Ltd., 3M USD LIBOR + 2.400%(a)		4.22	(b)		7/20/2031		500,000		497,164		422,969
CBAM Ltd. 2019-10, 3M USD LIBOR + 2.050%(a)		3.87	(b)		4/20/2032		500,000		500,000		447,174
CBAM Ltd. 2019-10, 3M USD LIBOR + 2.750%(a)		4.57	(b)		4/20/2032		500,000		500,000		426,085
Crestline Denali CLO XIV Ltd., 3M USD LIBOR + 1.800%(a)		3.61	(b)		10/23/2031		250,000		250,000		210,355
Denali Capital CLO XI Ltd., 3M USD LIBOR + 1.650%(a)		3.47	(b)		10/20/2028		550,000		549,185		495,812
Dryden 50 Senior Loan Fund, 3M USD LIBOR + 2.250%(a)		4.08	(b)		7/15/2030		500,000		495,749		434,161
Eaton Vance CLO Ltd. 2013-1, 3M USD LIBOR + 2.800%(a)		4.63	(b)		1/15/2028		500,000		500,000		442,730
Eaton Vance CLO Ltd. 2019-1, 3M USD LIBOR + 1.950%(a)		3.78	(b)		4/15/2031		500,000		500,000		441,840
Eaton Vance CLO Ltd. 2019-1, 3M USD LIBOR + 3.750%(a)		5.58	(b)		4/15/2031		300,000		300,000		225,623
Elmwood CLO II Ltd., 3M USD LIBOR + 2.900%(a)		4.72	(b)		4/20/2031		750,000		750,000		636,169
Elmwood CLO II Ltd., 3M USD LIBOR + 3.950%(a)		5.77	(b)		4/20/2031		500,000		500,000		384,193
KKR Financial CLO Ltd. 25 C, 3M USD LIBOR + 2.750%(a)		4.58	(b)		4/15/2032		500,000		500,000		420,353
KREF Ltd. 2018-FL1, 1M USD LIBOR + 2.550%(a)		3.35	(b)		6/15/2036		420,000		423,332		273,009
Madison Park Funding Ltd. 2019 34A D, 3M USD LIBOR + 3.700%(a)		5.49	(b)		4/25/2031		500,000		500,000		371,091
OHA Credit Funding 2 Ltd., 3M USD LIBOR + 4.000%(a)		5.82	(b)		4/21/2031		500,000		500,142		382,311
TICP CLO VI Ltd. 2016-2, 3M USD LIBOR + 3.300%(a)		5.13	(b)		1/15/2029		500,000		500,000		407,169
Verde CLO, 3M USD LIBOR + 1.900%(a)		3.73	(b)		4/15/2032		500,000		500,000		433,701
Voya CLO 2019-4 Ltd., 3M USD LIBOR + 3.830%(a)		5.57	(b)		1/15/2033		500,000		490,241		364,000
Total CDO/CLO							12,020,000		12,005,813		9,855,155
Other Asset-Backed Securities — 25.4%*:
Aaset 2019-1 Trust(a)		3.84			5/15/2039		290,757		290,757		219,058
AASET 2020-1 Trust(a)		4.34			1/16/2040		489,753		489,743		324,088

See accompanying Notes to the Schedule of Investments.

Barings Diversified Income Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Asset-Backed Securities (continued):
Other Asset-Backed Securities (continued):
Access Group, Inc. 2015-1 B, 1M USD LIBOR + 1.500%(a)		2.45	(b)%		7/25/2058		100,000	$	86,781	$	87,132
AccessLex Institute 2004-1 B, 3M USD LIBOR + 0.570%		1.77	(b)		9/22/2037		47,632		45,877		42,127
AccessLex Institute 2004-A A3		1.70			7/1/2039		200,000		197,610		196,807
Adams Outdoor Advertising LP(a)		4.81			11/15/2048		195,469		202,768		194,922
Arbys Funding LLC 2015-1A A2(a)		4.97			10/30/2045		38,300		38,300		37,020
Ascentium Equipment Receivables Trust 2018-2 B(a)		5.18			7/10/2026		81,000		80,975		82,491
Ascentium Equipment Receivables Trust 2019-1(a)		4.31			4/12/2027		220,000		219,962		221,825
CARS-DB4 LP(a)		4.17			2/15/2050		100,000		99,957		91,000
CLI Funding VI LLC(a)		4.64			5/18/2044		183,757		183,727		174,116
College Avenue Student Loans LLC, 1M USD LIBOR + 1.650%(a)		2.60	(b)		11/26/2046		67,894		68,926		63,746
College Loan Corp. Trust I 2005-2 B, 3M USD LIBOR + 0.490%		2.32	(b)		1/15/2037		74,173		66,237		60,826
College Loan Corp. Trust I 2017-1 B2, 28 day ARS		1.90	(b)		1/25/2047		45,000		38,847		44,143
Credit Suisse ABS Repackaging Trust 2013-A B(a)		2.50			1/25/2030		26,990		25,876		26,424
EdLinc Student Loan Funding Trust 2017-A A, Prime—1.150%(a)		3.60	(b)		12/1/2047		57,983		57,596		57,367
EDvestinU Private Education Loan Issue No 1 LLC(a)		4.49			11/25/2043		277,000		276,809		295,782
Goodgreen 2019-2(a)		3.86			10/15/2054		292,702		292,656		285,851
Horizon Aircraft Finance I Ltd.(a)		5.27			12/15/2038		450,400		459,343		300,042
Horizon Aircraft Finance II Ltd.(a)		4.70			7/15/2039		286,539		286,529		180,912
Kestrel Aircraft Funding Ltd.(a),(c)		4.25			12/15/2038		315,955		321,948		230,854
Labrador Aviation Finance Ltd. 2016-1A(a)		4.30			1/15/2042		200,521		201,061		153,507
Navient Student Loan Trust 2018-1B, 1M USD LIBOR + 1.200%(a)		2.15	(b)		3/25/2067		100,000		95,902		93,951
Nelnet Private Education Loan Trust 2016-A A1B(a)		3.60			12/26/2040		26,313		26,154		26,647
Nelnet Student Loan Trust 2006-2 B, 3M USD LIBOR + 0.200%		1.99	(b)		1/25/2038		191,968		180,441		165,817
Nelnet Student Loan Trust 2006-3, 3M USD LIBOR + 0.250%		1.47	(b)		6/25/2041		120,784		113,073		97,570
Oxford Finance Funding 2020-1 LLC(a)		3.10			2/15/2028		475,000		475,000		472,696
Oxford Finance Funding 2020-1 LLC(a)		4.04			2/15/2028		450,000		450,000		461,671
Primose Funding LLC(a)		4.48			7/30/2049		598,500		598,500		543,683
SLC Student Loan Trust 2005-1 B, 3M USD LIBOR + 0.200%		1.89	(b)		2/15/2045		75,026		65,123		65,576
SLM Student Loan Trust 2002-7 B, 28 day ARS		5.55	(b)		12/15/2039		80,000		80,057		74,438
SLM Student Loan Trust 2003-14, 3M USD LIBOR + 0.550%		2.34	(b)		10/25/2065		173,332		164,872		152,301
SLM Student Loan Trust 2004-1, 3M USD LIBOR + 0.500%		2.29	(b)		7/25/2039		162,501		150,800		145,853
SLM Student Loan Trust 2005-6 B, 3M USD LIBOR + 0.290%		2.08	(b)		1/25/2044		101,254		94,304		89,646

See accompanying Notes to the Schedule of Investments.

Barings Diversified Income Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Asset-Backed Securities (continued):
Other Asset-Backed Securities (continued):
SLM Student Loan Trust 2006-5 B, 3M USD LIBOR + 0.210%		2.00	(b)%		10/25/2040		94,992	$	84,147	$	85,332
SoFi Professional Loan Program LLC 2017-A C(a)		4.43			3/26/2040		100,000		99,511		105,462
South Carolina Student Loan Corp. 2014-1 B, 1M USD LIBOR + 1.500%		3.08	(b)		8/1/2035		100,000		98,700		92,571
Store Master Funding I-VII(a)		4.74			10/20/2048		228,371		235,102		159,739
Taco Bell Funding LLC 2016-1A A23(a)		4.97			5/25/2046		68,075		68,659		61,426
Textainer Marine Containers VII Ltd.(a)		5.28			4/20/2044		185,333		185,261		174,443
Wachovia Student Loan Trust 2005-1 B, 3M USD LIBOR + 0.300%		2.09	(b)		10/25/2040		56,664		52,282		50,543
Willis Engine Structured Trust IV(a)		4.75			9/15/2043		361,130		369,266		252,257
Total Other Asset-Backed Securities							7,791,068		7,719,439		6,741,662
Total Asset-Backed Securities							19,811,068		19,725,252		16,596,817
Corporate Bonds — 28.9%*:
Commercial Banks — 2.9%*:
Bank Leumi Le-Israel BM, 5 year CMT + 1.631%(a),(c)		3.28			1/29/2031		500,000		500,000		458,750
Credit Suisse AG(a),(c)		6.50			8/8/2023		310,000		348,202		314,520
Total Commercial Banks							810,000		848,202		773,270
Diversified Financial Services — 3.1%*:
LeasePlan Corp. NV(a),(c)		2.88			10/24/2024		350,000		350,921		342,852
Shinhan Financial Group Co. Ltd.(a),(c)		3.34			2/5/2030		242,000		242,000		247,293
SPARC EM SPC Panama Metro Line 2 SP(c)		Zero Coupon			12/5/2022		237,795		226,314		218,772
Total Diversified Financial Services							829,795		819,235		808,917
Electric — 3.8%*:
Adani Electricity Mumbai Ltd.(a),(c)		3.95			2/12/2030		350,000		350,000		287,875
Colbun SA(a),(c)		3.15			3/6/2030		230,000		226,429		213,900
Infraestructura Energetica Nova SAB de CV(a),(c)		3.75			1/14/2028		288,000		296,374		250,560
Tabreed Sukuk Spc Ltd.(c)		5.50			10/31/2025		250,000		267,469		262,500
Total Electric							1,118,000		1,140,272		1,014,835
Engineering&Construction — 0.9%*:
Dianjian International Finance Ltd.(c)		4.60	(d)		7/19/2167		250,000		246,255		240,009
Gas — 0.6%*:
Promigas SA ESP / Gases del Pacifico SAC(a),(c)		3.75			10/16/2029		200,000		198,526		162,352
Insurance — 3.5%*:
Hanwha Life Insurance Co. Ltd.(c)		4.70			4/23/2048		300,000		296,891		299,046
Prudential Financial, Inc.		5.63			6/15/2043		320,000		346,695		300,704
Qatar Reinsurance Co. Ltd., 5 year USD Swap + 2.786% (c)		4.95	(b)		12/29/2048		350,000		361,811		338,078
Total Insurance							970,000		1,005,397		937,828
Internet — 1.0%*:
Prosus NV(a),(c)		3.68			1/21/2030		300,000		300,000		271,211
Investment Company Security — 1.6%*:
Ares Capital Corp.		3.25			7/15/2025		230,000		232,573		182,541

See accompanying Notes to the Schedule of Investments.

Barings Diversified Income Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Investment Company Security (continued):
TCP Capital Corp.		4.13	%		8/11/2022		225,000	$	231,661	$	230,814
Total Investment Company Security							455,000		464,234		413,355
Mining — 0.7%*:
Industrias Penoles SAB de CV(a),(c)		4.15			9/12/2029		200,000		197,370		175,781
Oil and Gas — 2.0%*:
EQT Corp.		3.00			10/1/2022		640,000		637,603		534,400
Pipelines — 1.4%*:
KazTransGas JSC(a),(c)		4.38			9/26/2027		400,000		405,477		367,400
Real Estate — 1.4%*:
NE Property BV(c)		1.88			10/9/2026		415,000		450,335		380,320
Real Estate Investment Trusts — 3.8%*:
PLA Administradora Industrial S de RL de CV(a),(c)		4.96			7/18/2029		290,000		290,000		255,203
Service Properties Trust		4.35			10/1/2024		220,000		231,107		161,490
Service Properties Trust		4.50			6/15/2023		335,000		345,301		251,646
Tanger Properties LP		3.88			12/1/2023		316,000		323,243		329,242
Total REITS							1,161,000		1,189,651		997,581
Trucking and Leasing — 2.2%*:
Park Aerospace Holdings Ltd.(a),(c)		5.25			8/15/2022		650,000		672,918		587,351
Total Corporate Bonds							8,398,795		8,575,475		7,664,610
Mortgage-Backed Securities — 5.2%*:
COMM 2014-LC17 Mortgage Trust		4.57	(e)		10/10/2047		400,000		410,201		351,189
COMM 2014-UBS5 Mortgage Trust		4.61	(e)		9/10/2047		395,000		409,458		347,451
GS Mortgage Securities Corp. II(a)		3.00	(e)		7/10/2051		500,000		449,181		337,189
GS Mortgage Securities Trust 2016-GS2		4.53	(e)		5/10/2049		200,000		207,005		169,099
J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-OSB(a)		3.78	(e)		6/5/2039		213,000		211,389		171,991
Total Mortgage-Backed Securities							1,708,000		1,687,234		1,376,919
Total Fixed Income							29,917,863		29,987,961		25,638,346
Total Investments							29,917,863		29,987,961		25,638,346
Other assets and liabilities – 3.3%*											871,857
Net Assets – 100.0%										$	26,510,203

‡‡ 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 March 31, 2020.

(c) Foreign security.

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

United States	87.4%
Ireland	3.2%
Mexico	1.7%
Kazakhstan	1.4%
Netherlands	1.3%
Switzerland	1.3%

See accompanying Notes to the Schedule of Investments.

Barings Diversified Income Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

India	1.1	%
China	1.1	%
Other (Individually less than 1%)	1.5	%
Total	100.0	%

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

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

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

Forward Foreign Currency Exchange Contracts to Buy

EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION (DEPRECIATION)
4/6/20	HSBC Bank USA		EUR	900,065	$	992,795	$	978,877	$	13,918
4/6/20	Barclays Bank plc		EUR	68,238		75,268		75,879		(611	)
4/6/20	Standard Chartered Bank		EUR	40,729		44,925		43,843		1,082
4/6/20	Citibank N.A.		EUR	29,984		33,073		32,519		554
Net unrealized appreciation on forward foreign currency exchange contracts to buy									$	14,943

Forward Foreign Currency Exchange Contracts to Sell

EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED DEPRECIATION
4/6/20	HSBC Bank USA		EUR	1,039,016	$	1,146,061	$	1,145,443	$	(618	)
5/6/20	HSBC Bank USA		EUR	351,693		388,390		387,604		(786	)
Net unrealized depreciation on forward foreign currency exchange contracts to sell									$	(1,404	)

Currency Legend

EUR – Euro

Futures

TYPE	EXPIRATION DATE	CONTRACTS	NOTIONAL AMOUNT			POSITION		FAIR VALUE			UNREALIZED APPRECIATION (DEPRECIATION)
Short Futures
Euro-BOBL Future	06/08/20	1		(147,310	)		Short	$	(149,123	)	$	163
Euro-Bund Future	06/08/20	1		(188,350	)		Short		(190,261	)		616
Euro-SCHATZ Future	06/08/20	3		(366,153	)		Short		(371,203	)		(138	)
U.S. 10-Year Ultra Bond	06/19/20	14		(2,043,635	)		Short		(2,184,437	)		(140,803	)
U.S. 2-Year Treasury Note	06/30/20	1		(217,201	)		Short		(220,383	)		(3,182	)
U.S. 5-Year Treasury Note	06/30/20	45		(5,436,659	)		Short		(5,641,172	)		(204,513	)
Total Short Futures											$	(347,857	)

See accompanying Notes to the Schedule of Investments.

Barings Emerging Markets Debt Blended Total Return Fund

SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Fixed Income — 78.2%*:
Corporate Bonds — 35.1%*:
Chemicals — 1.9%*:
Braskem Idesa SAPI(a),(b)		7.45	%		11/15/2029		795,000	$	792,352	$	559,672
Grupo Idesa SA de CV(a),(b)		7.88			12/18/2020		1,000,000		968,607		453,250
Total Chemicals							1,795,000		1,760,959		1,012,922
Commercial Banks — 5.8%*:
Burgan Bank SAK, 5 year USD Swap + 4.007%(a)		5.75	(c),(d)				500,000		499,251		420,100
National Bank of Greece SA, 5 year EUR Swap + 8.464%(a)		8.25	(c)		7/18/2029		750,000		844,200		656,735
Nova Ljubljanska Banka dd(a)		3.83			11/19/2029		400,000		440,400		434,542
Sovcombank Via SovCom Capital DAC, 5 year CMT + 6.380%(a),(b)		7.75	(c),(d)				200,000		200,000		149,813
Sovcombank Via SovCom Capital DAC, 5 year CMT + 6.427%(a),(b)		8.00	(c)		4/7/2030		715,000		715,000		578,835
TBC Bank JSC, 5 year USD Swap + 8.995%(a),(b)		10.78	(c),(d)				645,000		645,000		536,156
Turkiye Sinai Kalkinma Bankasi AS(a),(b)		6.00			1/23/2025		350,000		357,284		298,813
Total Commercial Banks							3,560,000		3,701,135		3,074,994
Commercial Services — 0.3%*:
Gems Menasa Cayman Ltd.(a),(b)		7.13			7/31/2026		200,000		208,577		166,500
Diversified Financial Services — 3.3%*:
Gtlk Europe Capital DAC		4.65			3/10/2027		450,000		382,644		391,500
India Infoline Finance Ltd.		5.88			4/20/2023		805,000		803,411		419,015
Muthoot Finance Ltd.(a),(b)		6.13			10/31/2022		1,140,000		1,140,000		971,138
Total Diversified Financial Services							2,395,000		2,326,055		1,781,653
Energy-Alternate Sources — 0.5%*:
Mong Duong Finance Holdings BV(a),(b)		5.13			5/7/2029		340,000		340,000		286,427
Engineering&Construction — 0.9%*:
Rutas 2 and 7 Finance Ltd.(a),(b)		Zero Coupon			9/30/2036		850,000		556,770		493,000
Food — 2.3%*:
Camposol SA(a),(b)		6.00			2/3/2027		380,000		375,815		301,150
MHP Lux SA(a),(b)		6.25			9/19/2029		270,000		274,687		221,400
Minerva Luxembourg SA(a),(b)		5.88			1/19/2028		300,000		312,357		264,375
NBM US Holdings, Inc.(a),(b)		6.63			8/6/2029		500,000		525,581		441,669
Total Food							1,450,000		1,488,440		1,228,594
Household Products — 0.5%*:
Walnut Bidco plc(a),(b)		6.75			8/1/2024		317,000		352,647		256,539
Mining — 3.7%*:
Bayan Resources Tbk PT(a),(b)		6.13			1/24/2023		600,000		600,000		439,876
CSN Islands XI Corp.(a),(b)		6.75			1/28/2028		721,000		721,000		461,793
First Quantum Minerals Ltd.(a),(b)		7.50			4/1/2025		250,000		246,294		208,048
Metinvest BV(a),(b)		5.63			6/17/2025		750,000		815,747		562,164
Vedanta Resources Finance II plc(a),(b)		9.25			4/23/2026		550,000		547,963		221,925
Vedanta Resources Ltd.(a),(b)		8.25			6/7/2021		200,000		74,271		91,250
Total Mining							3,071,000		3,005,275		1,985,056
Oil and Gas — 5.5%*:
C&W Senior Financing DAC(a),(b)		6.88			9/15/2027		450,000		465,227		388,125
Kosmos Energy Ltd.(a),(b)		7.13			4/4/2026		555,000		555,000		299,700
Petrobras Global Finance BV		6.90			3/19/2049		900,000		969,774		874,125
Petroleos Mexicanos(a),(b)		6.95			1/28/2060		1,304,000		1,203,203		873,680

See accompanying Notes to the Schedule of Investments.

Barings Emerging Markets Debt Blended Total Return Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Oil and Gas (continued):
Tullow Oil PLC(a),(b)		6.25	%		4/15/2022		210,000	$	54,165	$	51,975
Tullow Oil plc(a),(b)		7.00			3/1/2025		1,840,000		1,266,292		460,000
Total Oil and Gas							5,259,000		4,513,661		2,947,605
Real Estate — 3.0%*:
Kaisa Group Holdings Ltd.(a)		11.25			4/9/2022		750,000		762,318		659,978
Logan Property Holdings Co. Ltd.		5.75			1/14/2025		500,000		500,000		437,500
Powerlong Real Estate Holdings Ltd.(a)		7.13			11/8/2022		305,000		303,756		273,972
Yuzhou Properties Co. Ltd.(a)		6.38			3/6/2021		250,000		249,916		238,754
Total Real Estate							1,805,000		1,815,990		1,610,204
Retail — 1.2%*:
Arabian Centres Sukuk Ltd.(a),(b)		5.38			11/26/2024		700,000		645,170		623,000
Sovereign — 0.8%*:
Ukreximbank Via Biz Finance plc, 5 year USD ICE Swap + 8.178%(a)		9.95	(c)		11/14/2029		500,000		500,000		435,100
Telecommunications — 4.0%*:
IHS Netherlands Holdco BV(a),(b)		8.00			9/18/2027		655,000		655,000		550,331
Kenbourne Invest SA(a),(b)		6.88			11/26/2024		550,000		550,000		416,110
LCPR Senior Secured Financing DAC(a),(b)		6.75			10/15/2027		200,000		200,000		197,000
Network i2i Ltd., 5 year CMT + 4.277%(a),(b)		5.65	(c),(d)				500,000		470,881		396,875
Oztel Holdings SPC Ltd.(a),(b)		6.63			4/24/2028		300,000		323,086		204,375
VF Ukraine PAT via VFU Funding plc(a),(b)		6.20			2/11/2025		405,000		405,000		340,200
Total Telecommunications							2,610,000		2,603,967		2,104,891
Transportation — 1.4%*:
MV24 Capital BV(a),(b)		6.75			6/1/2034		599,524		599,525		472,065
Prumo Participacoes e Investimentos SA(a),(b)		7.50			12/31/2031		301,166		309,493		254,862
Total Transportation							900,690		909,018		726,927
Total Corporate Bonds							25,752,690		24,727,664		18,733,412
Foreign Government — 43.1%*:
Angola — 0.4%*:
Angolan Government International Bonds(a),(b)		8.00			11/26/2029		250,000		250,000		95,000
Angolan Government International Bonds(a),(b)		8.25			5/9/2028		280,000		288,988		106,400
Total Angola							530,000		538,988		201,400
Belarus — 1.9%*:
Republic of Belarus International Bond(a),(b)		7.63			6/29/2027		1,000,000		1,029,982		991,562
Brazil — 1.3%*:
Brazil Notas do Tesouro Nacional Serie B(a)		6.00			8/15/2050		920,000		814,753		705,223
Colombia — 1.7%*:
Colombian TES		7.00			6/30/2032		720,400,000		154,269		173,135
Colombian TES(a)		7.50			8/26/2026		1,350,000,000		446,911		340,325

See accompanying Notes to the Schedule of Investments.

Barings Emerging Markets Debt Blended Total Return Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Foreign Government (continued):
Colombia (continued):
Colombian TES(a)		10.00	%		7/24/2024		1,385,600,000	$	526,313	$	391,052
Total Colombia							3,456,000,000		1,127,493		904,512
Costa Rica — 0.9%*:
Costa Rica Government International Bond(a),(b)		6.13			2/19/2031		570,000		564,860		477,375
Egypt — 0.6%*:
Egypt Government International Bond(a),(b)		6.38			4/11/2031		350,000		392,822		305,072
El Salvador — 2.8%*:
El Salvador Government International Bonds(a),(b)		7.12			1/20/2050		400,000		400,000		308,000
El Salvador Government International Bonds(a),(b)		8.25			4/10/2032		600,000		641,394		541,125
El Salvador Government International Bonds(a),(b)		8.63			2/28/2029		670,000		769,513		633,987
Total El Salvador							1,670,000		1,810,907		1,483,112
Ghana — 3.4%*:
Ghana Government Bonds(a)		16.50			3/22/2021		215,000		38,965		35,997
Ghana Government Bonds(a)		16.50			2/6/2023		3,083,000		677,140		480,290
Ghana Government Bonds(a)		17.60			11/28/2022		561,000		98,309		89,609
Ghana Government Bonds(a)		18.25			7/25/2022		1,111,000		196,365		180,504
Ghana Government Bonds(a)		19.50			10/18/2021		115,000		21,408		19,583
Ghana Government Bonds(a)		20.00			1/3/2022		146,000		26,878		24,945
Ghana Government Bonds(a)		24.50			6/21/2021		235,000		45,266		42,178
Ghana Government Bonds(a)		24.75			3/1/2021		155,000		29,401		27,717
Ghana Government Bonds(a)		24.75			7/19/2021		653,000		128,616		117,693
Republic of Ghana Government Bond(a),(b)		10.75			10/14/2030		750,000		907,377		780,000
Total Ghana							7,024,000		2,169,725		1,798,516
Honduras — 0.7%*:
Honduras Government International Bond(a),(b)		6.25			1/19/2027		370,000		401,655		390,350
Indonesia — 1.6%*:
Indonesia Treasury Bonds(a)		8.25			5/15/2036		3,300,000,000		240,310		198,182
Indonesia Treasury Bonds(a)		8.38			3/15/2034		10,940,000,000		852,177		670,419
Total Indonesia							14,240,000,000		1,092,487		868,601
Ivory Coast — 1.0%*:
Ivory Coast Government International Bond(a),(b)		5.88			10/17/2031		550,000		599,690		518,449
Malaysia — 0.2%*:
Malaysia Government Bond(a)		3.96			9/15/2025		502,000		120,947		121,009
Mexico — 7.3%*:
Mexican Bonos(a)		5.75			3/5/2026		14,500,000		735,462		581,818
Mexican Bonos(a)		7.75			11/13/2042		38,450,000		1,749,673		1,588,914
Mexican Bonos(a)		8.00			11/7/2047		41,000,000		1,873,776		1,736,959
Total Mexico							93,950,000		4,358,911		3,907,691
Oman — 0.7%*:
Oman Government International Bond(a),(b)		6.00			8/1/2029		550,000		550,000		392,906

See accompanying Notes to the Schedule of Investments.

Barings Emerging Markets Debt Blended Total Return Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL‡‡		COST		FAIR VALUE
Foreign Government (continued):
Paraguay — 0.5%*:
Paraguay Government International Bond(a),(b)		6.10	%		8/11/2044		250,000	$	269,998	$	255,391
Peru — 1.8%*:
Peru Government Bond(a)		6.85			2/12/2042		3,009,000		1,066,732		984,335
Romania — 0.5%*:
Romanian Government International Bond(a),(b)		6.13			1/22/2044		250,000		295,619		287,813
Senegal — 0.9%*:
Senegal Government International Bond(a),(b)		8.75			5/13/2021		500,000		498,134		491,406
South Africa — 4.8%*:
Republic of South Africa Government Bond(a)		10.50			12/21/2026		44,250,000		3,087,250		2,544,925
Supranational — 1.8%*:
Asian Development Bank, TBIB6MIR(a),(e)		8.90	(c)		7/14/2021		1,020,000		342,558		305,363
European Bank for Reconstruction & Development, GGRRC9MX—0.500%(a),(e)		8.50	(c)		10/29/2022		1,200,000		404,027		362,016
International Bank for Reconstruction & Development(a),(e)		7.25			11/22/2021		960,000		325,423		288,157
Total Supranational							3,180,000		1,072,008		955,536
Tunisia — 1.3%*:
Banque Centrale de Tunisie International Bonds(a),(b)		6.38			7/15/2026		380,000		424,957		339,472
Banque Centrale de Tunisie International Bonds(a),(b)		6.75			10/31/2023		350,000		386,676		348,620
Total Tunisia							730,000		811,633		688,092
Ukraine — 5.2%*:
Ukraine Government International Bonds(a),(b)		4.38			1/27/2030		1,250,000		1,386,563		1,089,113
Ukraine Government International Bonds(a),(b)		6.75			6/20/2026		795,000		907,734		775,317
Ukraine Government International Bonds(a),(b)		9.75			11/1/2028		960,000		931,578		935,100
Total Ukraine							3,005,000		3,225,875		2,799,530
Uruguay — 1.8%*:
Uruguay Government International Bond(a)		4.38			12/15/2028		41,281,705		1,140,430		954,226
Total Foreign Government							17,900,441,705		27,040,899		23,027,032
Total Fixed Income							17,926,194,395		51,768,563		41,760,444
Total Investments							17,926,194,395		51,768,563		41,760,444
Other assets and liabilities – 21.8%*											11,657,996
Net Assets – 100.0%										$	53,418,440

‡‡ 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.

See accompanying Notes to the Schedule of Investments.

Barings Emerging Markets Debt Blended Total Return Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

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

Mexico	13.9	%
Ukraine	9.6	%
Brazil	7.3	%
Ghana	6.2	%
South Africa	6.1	%
India	5.0	%
China	3.9	%
El Salvador	3.6	%
Russia	3.5	%
Indonesia	3.1	%
Peru	3.1	%
Belarus	2.4	%
Supranational	2.3	%
Uruguay	2.3	%
Colombia	2.2	%
Paraguay	1.8	%
Tunisia	1.6	%
Greece	1.6	%
Saudi Arabia	1.5	%
Oman	1.4	%
Niger	1.3	%
Georgia	1.3	%
Ivory Coast	1.2	%
Senegal	1.2	%
Costa Rica	1.1	%
Cayman Islands	1.1	%
Slovenia	1.0	%
Kuwait	1.0	%
Chile	1.0	%
Other (Individually less than 1%)	7.4	%
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.

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

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

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

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

Cross Currency Forward Foreign Currency Exchange Contracts

EXPIRATION DATE	DELIVER/RECEIVE	COUNTERPARTY	CONTRACT AMOUNT PURCHASED		CONTRACT AMOUNT SOLD		NET UNREALIZED APPRECIATION (DEPRECIATION)
4/14/20	EUR/HUF	Barclays Bank plc		89,254,226		251,697	$	(4,758	)
4/14/20	EUR/PLN	Bank of America N.A.		15,643,391		3,684,613		(284,123	)
5/12/20	EUR/PLN	HSBC Bank USA		461,189		108,015		(7,856	)
4/14/20	HUF/EUR	Bank of America N.A.		267,714		89,254,226		22,430
4/14/20	PLN/EUR	Citibank N.A.		3,409,520		15,643,391		(19,399	)
5/12/20	PLN/EUR	Citibank N.A.		100,372		461,189		(587	)
Net unrealized depreciation on cross currency forward foreign currency exchange contracts							$	(294,293	)

See accompanying Notes to the Schedule of Investments.

Barings Emerging Markets Debt Blended Total Return Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

Forward Foreign Currency Exchange Contracts to Buy

EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY		VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION (DEPRECIATION)
4/21/20	JPMorgan Chase Bank N.A.	AUD	4,067,441	$	2,502,140	$	2,788,860	$	(286,720	)
4/21/20	Bank of America N.A.	AUD	459,353		282,577		308,000		(25,423	)
5/19/20	Bank of America N.A.	AUD	2,248,628		1,383,390		1,503,234		(119,844	)
4/7/20	Citibank N.A.	BRL	864,793		166,374		205,000		(38,626	)
5/5/20	Citibank N.A.	BRL	771,524		148,164		148,000		164
4/14/20	Bank of America N.A.	CHF	180,579		187,720		186,000		1,720
4/7/20	Citibank N.A.	CLP	308,294,000		360,239		361,000		(761	)
4/7/20	JPMorgan Chase Bank N.A.	COP	900,240,000		221,572		264,000		(42,428	)
5/12/20	Morgan Stanley & Co.	CZK	2,867,095		115,390		115,000		390
4/14/20	Citibank N.A.	EUR	6,288,331		6,938,213		7,055,847		(117,634	)
5/12/20	Morgan Stanley & Co.	EUR	672,684		743,048		731,000		12,048
5/12/20	Bank of America N.A.	EUR	926,584		1,023,505		1,052,736		(29,231	)
4/15/20	Citibank N.A.	GTQ	2,507,533		326,275		322,997		3,278
4/29/20	Citibank N.A.	GTQ	1,220,104		158,742		158,219		523
4/14/20	Citibank N.A.	HUF	86,617,018		264,886		283,000		(18,114	)
4/21/20	Citibank N.A.	IDR	3,513,184,793		215,504		218,142		(2,638	)
4/21/20	JPMorgan Chase Bank N.A.	IDR	3,513,184,793		215,504		216,596		(1,092	)
4/21/20	HSBC Bank USA	IDR	1,533,290,000		94,054		106,000		(11,946	)
4/21/20	Morgan Stanley & Co.	IDR	2,969,909,400		182,178		211,000		(28,822	)
5/19/20	Citibank N.A.	IDR	8,971,762,025		546,601		555,699		(9,098	)
5/19/20	JPMorgan Chase Bank N.A.	IDR	8,971,762,025		546,601		548,732		(2,131	)
4/14/20	Citibank N.A.	ILS	5,409,082		1,527,822		1,502,166		25,656
5/12/20	Citibank N.A.	ILS	8,936,818		2,527,302		2,496,039		31,263
4/21/20	JPMorgan Chase Bank N.A.	JPY	49,444,090		460,211		455,000		5,211
4/21/20	Goldman Sachs & Co.	JPY	47,658,331		443,590		442,000		1,590
4/14/20	JPMorgan Chase Bank N.A.	KZT	107,777,550		239,099		281,000		(41,901	)
5/12/20	JPMorgan Chase Bank N.A.	KZT	176,635,191		385,479		387,188		(1,709	)
4/7/20	Barclays Bank plc	MXN	15,469,484		651,636		701,351		(49,715	)
4/7/20	Morgan Stanley & Co.	MXN	36,088,532		1,520,192		1,431,000		89,192
4/7/20	Bank of America N.A.	MXN	5,529,641		232,930		262,000		(29,070	)
4/21/20	Barclays Bank plc	MYR	5,294,084		1,229,438		1,299,321		(69,883	)
5/19/20	Barclays Bank plc	MYR	4,946,711		1,146,381		1,201,231		(54,850	)
5/19/20	Goldman Sachs & Co.	MYR	374,262		86,734		90,150		(3,416	)
4/7/20	Barclays Bank plc	PEN	556,598		162,142		166,000		(3,858	)
4/21/20	JPMorgan Chase Bank N.A.	PHP	166,409,344		3,260,429		3,252,693		7,736
9/18/20	Citibank N.A.	PKR	71,154,548		419,052		429,937		(10,885	)
11/16/20	JPMorgan Chase Bank N.A.	PKR	57,709,480		336,761		356,723		(19,962	)
11/16/20	Citibank N.A.	PKR	49,760,750		290,376		305,000		(14,624	)
4/14/20	Citibank N.A.	PLN	5,736,203		1,386,542		1,413,000		(26,458	)
4/14/20	Bank of America N.A.	PLN	1,018,394		246,164		262,000		(15,836	)
5/12/20	Morgan Stanley & Co.	PLN	1,160,641		280,497		280,000		497
7/14/20	Citibank N.A.	PLN	16,134,553		3,899,336		3,806,105		93,231
5/12/20	Citibank N.A.	RON	4,970,419		1,130,475		1,140,817		(10,342	)
4/14/20	Citibank N.A.	RUB	35,902,677		457,469		576,931		(119,462	)
4/14/20	Goldman Sachs & Co.	RUB	29,113,076		370,957		371,000		(43	)
4/14/20	Bank of America N.A.	RUB	39,059,846		497,698		560,000		(62,302	)
4/21/20	Morgan Stanley & Co.	SGD	245,001		172,424		172,000		424
4/21/20	Barclays Bank plc	SGD	3,104,687		2,184,980		2,221,000		(36,020	)
4/21/20	HSBC Bank USA	THB	9,991,612		304,468		308,000		(3,532	)

See accompanying Notes to the Schedule of Investments.

Barings Emerging Markets Debt Blended Total Return Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

Forward Foreign Currency Exchange Contracts to Buy

EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY		VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION (DEPRECIATION)
4/21/20	Goldman Sachs & Co.	THB	13,850,976	$	422,071	$	446,000	$	(23,929	)
4/14/20	Morgan Stanley & Co.	ZAR	1,034,352		57,726		58,000		(274	)
4/14/20	JPMorgan Chase Bank N.A.	ZAR	41,181,063		2,298,283		2,359,000		(60,717	)
4/14/20	Citibank N.A.	ZAR	4,622,480		257,977		270,000		(12,023	)
Net unrealized depreciation on forward foreign currency exchange contracts to buy								$	(1,132,396	)

Forward Foreign Currency Exchange Contracts to Sell

EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY		VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION (DEPRECIATION)
4/7/20	Citibank N.A.	BRL	629,675	$	121,141	$	154,170	$	33,029
4/14/20	JPMorgan Chase Bank N.A.	CHF	1,104,972		1,148,665		1,152,142		3,477
5/12/20	JPMorgan Chase Bank N.A.	CHF	211,567		220,252		219,000		(1,252	)
5/12/20	Bank of America N.A.	CHF	251,941		262,283		259,000		(3,283	)
5/12/20	Morgan Stanley & Co.	CHF	1,550,087		1,613,718		1,618,000		4,282
4/7/20	Citibank N.A.	CLP	1,377,408,000		1,609,491		1,688,000		78,509
4/7/20	Citibank N.A.	COP	101,325,000		24,939		25,000		61
4/7/20	HSBC Bank USA	COP	178,600,000		43,958		47,000		3,042
4/7/20	Morgan Stanley & Co.	COP	4,954,776,000		1,219,496		1,437,000		217,504
4/7/20	Barclays Bank plc	COP	4,786,388,459		1,178,052		1,466,557		288,505
5/12/20	JPMorgan Chase Bank N.A.	CZK	12,377,105		498,131		487,000		(11,131	)
4/14/20	JPMorgan Chase Bank N.A.	EUR	3,248,592		3,584,325		3,511,468		(72,857	)
5/12/20	HSBC Bank USA	EUR	156,143		172,476		172,000		(476	)
4/14/20	Barclays Bank plc	HUF	437,573,447		1,338,157		1,371,000		32,843
4/14/20	Citibank N.A.	HUF	163,626,674		500,392		538,000		37,608
4/14/20	HSBC Bank USA	HUF	334,229,540		1,022,118		1,124,182		102,064
7/14/20	Citibank N.A.	HUF	65,274,448		200,001		199,000		(1,001	)
7/14/20	Barclays Bank plc	HUF	89,269,187		273,522		272,021		(1,501	)
4/21/20	HSBC Bank USA	IDR	2,905,309,000		178,216		209,000		30,784
4/21/20	Barclays Bank plc	IDR	15,650,629,572		960,032		1,139,147		179,115
5/19/20	JPMorgan Chase Bank N.A.	IDR	35,887,048,100		2,186,405		2,602,585		416,180
4/14/20	Bank of America N.A.	ILS	1,138,502		321,576		331,000		9,424
4/14/20	Goldman Sachs & Co.	ILS	4,270,580		1,206,247		1,240,433		34,186
5/12/20	Morgan Stanley & Co.	ILS	1,010,532		285,775		296,000		10,225
5/12/20	Citibank N.A.	ILS	7,926,285		2,241,527		2,313,400		71,873
4/21/20	Bank of America N.A.	JPY	15,980,758		148,744		148,000		(744	)
4/21/20	JPMorgan Chase Bank N.A.	JPY	55,380,844		515,469		507,000		(8,469	)
4/21/20	Citibank N.A.	JPY	302,989,794		2,820,142		2,771,345		(48,797	)
4/14/20	JPMorgan Chase Bank N.A.	KZT	667,826,977		1,481,538		1,735,257		253,719
5/12/20	JPMorgan Chase Bank N.A.	KZT	507,824,026		1,108,248		1,310,000		201,752
4/7/20	Goldman Sachs & Co.	MXN	3,907,059		164,581		165,000		419
4/21/20	Barclays Bank plc	MYR	3,933,945		913,575		956,234		42,659
4/21/20	Morgan Stanley & Co.	MYR	1,360,139		315,863		333,000		17,137
5/19/20	Barclays Bank plc	MYR	5,748,867		1,332,277		1,394,679		62,402
4/7/20	Barclays Bank plc	PEN	504,284		146,903		146,000		(903	)
4/7/20	Citibank N.A.	PEN	3,556,616		1,036,075		1,068,438		32,363
4/21/20	JPMorgan Chase Bank N.A.	PHP	11,515,500		225,621		225,000		(621	)
4/21/20	Citibank N.A.	PHP	23,251,440		455,561		456,000		439
4/14/20	Morgan Stanley & Co.	PLN	2,559,456		618,666		657,000		38,334
4/14/20	Bank of America N.A.	PLN	455,257		110,044		120,194		10,150

See accompanying Notes to the Schedule of Investments.

Barings Emerging Markets Debt Blended Total Return Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

Forward Foreign Currency Exchange Contracts to Sell

EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY		VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION (DEPRECIATION)
5/12/20	JPMorgan Chase Bank N.A.	RON	4,970,419	$	1,130,475	$	1,107,614	$	(22,861	)
4/14/20	Goldman Sachs & Co.	RUB	22,077,633		281,312		349,000		67,688
4/21/20	Bank of America N.A.	SGD	4,269,074		3,004,439		3,160,553		156,114
5/19/20	Barclays Bank plc	SGD	2,754,294		1,939,234		1,988,588		49,354
4/21/20	Citibank N.A.	THB	5,240,480		159,690		160,000		310
4/21/20	Morgan Stanley & Co.	THB	18,133,695		552,576		570,000		17,424
4/21/20	BNP Paribas S.A.	THB	84,424,372		2,572,607		2,778,306		205,699
4/14/20	Goldman Sachs & Co.	ZAR	2,541,369		141,832		168,000		26,168
4/14/20	Bank of America N.A.	ZAR	64,325,221		3,589,941		4,424,627		834,686
5/12/20	Morgan Stanley & Co.	ZAR	15,453,753		859,040		879,123		20,083
5/12/20	Citibank N.A.	ZAR	4,989,899		277,377		325,000		47,623
5/12/20	Barclays Bank plc	ZAR	1,733,098		96,339		113,395		17,056
5/12/20	Bank of America N.A.	ZAR	3,179,192		176,724		212,232		35,508
Net unrealized appreciation on forward foreign currency exchange contracts to sell								$	3,515,902

Currency Legend

AUD – Australian Dollar

BRL – Brazilian Real

CHF – Swiss Franc

CLP – Chilean Peso

COP – Colombian Peso

CZK – Czech Koruna

EUR – Euro

GTQ – Guatemalan Quetzal

HUF – Hungarian Forint

IDR – Indonesian Rupiah

ILS – Israeli Shekel

JPY – Japanese Yen

KZT – Kazakhstani Tenge

MXN – Mexican Peso

MYR – Malaysian Ringgit

PEN – Peruvian Nuevo Sol

PHP – Philippines Peso

PKR – Pakistan Rupee

PLN – Polish Zloty

RON – Romanian New Leu

RUB – Russian Ruble

SGD – Singapore Dollar

THB – Thai Baht

ZAR – South African Rand

See accompanying Notes to the Schedule of Investments.

Barings Emerging Markets Debt Blended Total Return Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

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		1Y/6M		15,433,847		LCH	$	125,422
CZK-PRIBOR Rate		Receive		0.85	%		8/23/29		1Y/6M		60,924,370		LCH		(13,499	)
HUF-BUBOR Rate		Receive		0.97	%		3/26/22		1Y/6M		1,500,000,000		LCH		(33,729	)
HUF-BUBOR Rate		Receive		1.08	%		2/06/22		1Y/6M		1,590,000,000		LCH		(55,120	)
HUF-BUBOR Rate		Receive		1.32	%		12/17/21		1Y/6M		2,241,000,000		LCH		(115,605	)
HUF-BUBOR Rate		Receive		1.85	%		6/25/29		1Y/6M		1,123,100,000		LCH		(160,252	)
CZK-PRIBOR Rate		Receive		1.94	%		1/24/25		1Y/6M		117,500,000		LCH		261,475
MXN-TIIE Rate		Receive		7.59	%		3/05/30		1Y/6M		59,800,000		LCH		110,343
CZK-PRIBOR Rate		Receive		1.95	%		1/24/25		1Y/6M		61,000,000		LCH		136,957
Total Centrally Cleared Interest Rate Swaps														$	255,992

OTC Cross Currency Swaps

NOTIONAL AMOUNT	FUND PAYS			PAY/ RECEIVE PAYMENT FREQUENCY		MATURITY DATE		COUNTERPARTY		NOTIONAL AMOUNT		FUND RECEIVES			UPFRONT PREMIUMS PAID/ (RECEIVED)			FAIR VALUE		UNREALIZED APPRECIATION (DEPRECIATION)
400,000 EUR		3.65	%		1Y/6M		11/19/2029		Citibank N.A.		440,600 USD		6.02	%	$	200		$	51,118	$	50,918
350,000 EUR		6.75	%		1Y/6M		10/31/2023		Citibank N.A.		385,875 USD		9.27	%		(368	)		22,365		22,733
550,000 EUR		5.88	%		1Y/6M		10/17/2031		Citibank N.A.		605,000 USD		8.46	%		—			89,135		89,135
750,000 EUR		5.63	%		1Y/6M		06/17/2025		Citibank N.A.		819,150 USD		8.12	%		(1,088	)		49,111		50,199
1,250,000 EUR		4.38	%		1Y/6M		01/27/2030		Citibank N.A.		1,385,625 USD		6.70	%		(938	)		159,110		160,048
317,000 EUR		6.75	%		1Y/6M		08/01/2024		Citibank N.A.		353,011 USD		9.71	%		(365	)		32,922		33,287
750,000 EUR		8.25	%		1Y/6M		07/18/2029		Citibank N.A.		843,675 USD		11.44	%		(525	)		168,168		168,693
380,000 EUR		6.38	%		1Y/6M		07/15/2026		Citibank N.A.		427,538 USD		9.25	%		(114	)		57,213		57,327
300,000 EUR		6.75	%		1Y/6M		06/20/2026		Citibank N.A.		336,030 USD		9.73	%		(165	)		45,281		45,446
495,000 EUR		6.75	%		1Y/6M		06/20/2026		Citibank N.A.		558,360 USD		9.58	%		272			75,563		75,291
350,000 EUR		6.88	%		1Y/6M		04/11/2031		Citibank N.A.		392,700 USD		9.95	%		(122	)		85,617		85,739
Total OTC Cross Currency Swaps															$	(3,213	)	$	835,603	$	838,816

OTC—Interest Rate Swaps

DESCRIPTION	NOTIONAL AMOUNT			UNREALIZED APPRECIATION		VALUE
Agreement with Bank of America N.A. dated 10/7/2019 receiving a fixed rate of 7.05% paying/ the notional amount multiplied by the 3 Month MOSPRIME rate. Expiring 10/8/2024.		RUB	146,600,000	$	30,599	$	30,599
Agreement with Bank of America N.A. dated 3/21/2019 receiving a fixed rate of 8.21% paying the notional amount multiplied by the 3 Month MOSPRIME rate. Expiring 3/21/2024.		RUB	110,000,000		56,492		56,492
Agreement with Bank of America N.A. dated 3/20/2019 receiving a fixed rate of 8.27% paying the notional amount multiplied by the 3 Month MOSPRIME rate. Expiring 3/21/2024.		RUB	94,000,000		50,781		50,781
Agreement with Bank of America N.A. dated 10/4/2019 receiving a fixed rate of 5.88% paying the notional amount multiplied by the BRL-CDI rate. Expiring 2/1/2023.		BRL	18,084,492		85,806		85,806
Agreement with Bank of America N.A. dated 4/9/2019 receiving a fixed rate of 8.31% paying the notional amount multiplied by the 3 Month MOSPRIME rate. Expiring 4/10/2024.		RUB	124,000,000		174,753		174,753

See accompanying Notes to the Schedule of Investments.

Barings Emerging Markets Debt Blended Total Return Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

OTC—Interest Rate Swaps (continued):

DESCRIPTION	NOTIONAL AMOUNT			UNREALIZED APPRECIATION		VALUE
Agreement with Bank of America N.A. dated 4/8/2019 receiving a fixed rate of 8.35% paying the notional amount multiplied by the 3 Month MOSPRIME rate. Expiring 4/9/2024.		RUB	124,000,000	$	177,510	$	177,510
Agreement with Bank of America N.A. dated 3/20/2020 receiving a fixed rate of 6.68% paying/ the notional amount multiplied by the BRL- CDI rate. Expiring 1/2/2023.		BRL	37,448,771		291,006		291,006
Agreement with Bank of America N.A. dated 3/13/2020 receiving a fixed rate of 7.55% paying/ the notional amount multiplied by the 3 Month MOSPRIME rate. Expiring 3/17/2025.		RUB	163,800,000		36,647		36,647
Agreement with Bank of America N.A. dated 3/20/2019 receiving a fixed rate of 8.28% paying the notional amount multiplied by the 3 Month MOSPRIME rate. Expiring 3/21/2024.		RUB	62,000,000		33,769		33,769
Total OTC Interest Rate Swaps				$	937,363	$	937,363

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	6/20/2025	Morgan Stanley Capital Services, Inc.		380,000		380,000	$	(30,676	)	$	(31,180	)	$	(504	)
Brazil Government International Bond		1.00	%		3M	6/20/2025	JPMorgan Chase Bank N.A		1,150,000		1,150,000		(132,944	)		(94,360	)		38,584
Colombia Government International Bond		1.00	%		3M	6/20/2025	BNP Paribas S.A.		1,150,000		1,150,000		(128,054	)		(70,805	)		57,249
Colombia Government International Bond		1.00	%		3M	6/20/2025	BNP Paribas S.A.		380,000		380,000		(24,637	)		(23,397	)		1,240
Indonesia Government International Bond		1.00	%		3M	6/20/2025	BNP Paribas S.A.		380,000		380,000		(19,004	)		(19,911	)		(907	)
Indonesia Government International Bond		1.00	%		3M	6/20/2025	BNP Paribas S.A.		2,700,000		2,700,000		(189,555	)		(141,469	)		48,086
Malaysia Sovereign Sukuk Berhad—3.043% Senior Unsecured Note due Apr 2025		1.00	%		3M	6/20/2025	Bank of America N.A.		520,000		520,000		(2,734	)		(2,734	)		—

See accompanying Notes to the Schedule of Investments.

Barings Emerging Markets Debt Blended Total Return Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

OTC Credit Default Swaps—Sell Protection⁽¹⁾ (continued):

Sell Protection (continued):
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)
Mexico Government International Bond		1.00	%		3M	6/20/2025	JPMorgan Chase Bank N.A.	$	1,535,000	$	1,535,000	$	(123,940	)	$	(102,341	)	$	21,599
Mexico Government International Bond		1.00	%		3M	6/20/2025	Morgan Stanley Capital Services, Inc.		510,000		510,000		(30,713	)		(34,003	)		(3,290	)
Petroleo Brasileiro International Bond		1.00	%		3M	6/20/2025	BNP Paribas S.A.		280,000		280,000		(46,603	)		(46,392	)		211
Petroleo Brasileiro International Bond		1.00	%		3M	6/20/2025	Morgan Stanley Capital Services, Inc.		830,000		830,000		(161,737	)		(137,520	)		24,217
Total OTC Credit Default Swaps												$	(890,597	)	$	(704,112	)	$	186,485

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

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

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

Abbreviation Legend

OTC Over the Counter

See accompanying Notes to the Schedule of Investments.

Barings Global Emerging Markets Equity Fund

SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2020

	SHARES		COST		FAIR VALUE
Equities — 93.4%*:
Common Stocks — 93.4%*:
Communication Services — 12.0%*:
Mail.Ru Group Ltd.(a),(b)		5,891	$	145,728	$	95,670
PT Telekomunikasi Indonesia Persero Tbk(b)		406,200		114,954		78,700
Tencent Holdings Ltd.(b)		18,200		749,188		892,540
Total Communication Services		430,291		1,009,870		1,066,910
Consumer Discretionary — 12.9%*:
Alibaba Group Holding Ltd.(a),(b)		4,029		632,446		783,560
Prosus NV(a),(b)		2,331		179,030		162,350
Samsonite International SA(b),(c)		55,500		164,954		52,832
Topsports International Holdings Ltd.(b),(c)		142,000		162,911		148,726
Total Consumer Discretionary		203,860		1,139,341		1,147,468
Consumer Staples — 2.5%*:
CP ALL Public Company Limited(b)		71,600		150,311		133,088
X5 Retail Group NV(b)		3,356		81,585		90,612
Total Consumer Staples		74,956		231,896		223,700
Energy — 6.0%*:
CNOOC Ltd.(b)		154,000		271,158		161,494
Gazprom PJSC(b)		7,599		60,288		34,651
LUKOIL PJSC(b)		710		42,113		42,003
Reliance Industries Ltd.(b),(c)		9,341		311,773		287,703
Total Energy		171,650		685,332		525,851
Financials — 26.4%*:
AIA Group Ltd.(b)		21,000		174,125		190,016
B3 SA—Brasil Bolsa Balcao(b)		18,007		97,381		124,411
Banco do Brasil SA(b)		8,300		56,922		44,550
China Construction Bank Corp.(b)		496,000		410,951		405,616
China Pacific Insurance Group Co. Ltd.(b)		41,800		146,124		126,434
Grupo Financiero Banorte SAB de CV(b)		38,152		260,213		104,537
Hana Financial Group, Inc.(b)		5,449		194,991		103,398
HDFC Bank Ltd.(b)		7,600		358,595		292,296
Itau Unibanco Holding SA(b)		21,781		152,280		97,797
Mega Financial Holding Co. Ltd.(b)		213,000		182,642		200,382
Ping An Insurance Group Co. of China Ltd.(b)		35,000		332,657		343,781
PT Bank Negara Indonesia Persero Tbk(b)		443,700		218,213		103,920
Sanlam Ltd.(b)		38,831		193,298		110,921
Sberbank of Russia PJSC(b)		10,509		119,730		98,785
Total Financials		1,399,129		2,898,122		2,346,844
Industrials — 3.1%*:
China State Construction International Holdings Ltd.(b)		210,000		198,648		155,480
Rumo SA(a),(b)		31,435		109,236		118,877
Total Industrials		241,435		307,884		274,357
Information Technology — 20.9%*:
Chicony Electronics Co. Ltd.(b)		49,000		100,603		122,818
Hangzhou Hikvision Digital Technology Co. Ltd.(b)		38,700		163,249		152,223
Infosys Ltd.(b)		13,750		131,314		112,888
MediaTek, Inc.(b)		2,000		21,890		21,659
Powertech Technology, Inc.(b)		8,000		21,939		22,724
Samsung Electronics Co. Ltd.(b)		17,290		692,046		678,192

See accompanying Notes to the Schedule of Investments.

Barings Global Emerging Markets Equity Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	SHARES		COST		FAIR VALUE
Common Stocks (continued):
Information Technology (continued):
Sunny Optical Technology Group Co. Ltd.(b)		5,400	$	62,423	$	72,717
Taiwan Semiconductor Manufacturing Co. Ltd.(b)		74,000		616,159		670,469
Total Information Technology		208,140		1,809,623		1,853,690
Materials — 4.2%*:
Angang Steel Co. Ltd.(b)		276,000		151,276		72,625
Anglo American plc(b)		7,459		153,049		126,893
China Resources Cement Holdings Ltd.(b)		20,000		23,104		23,862
LG Chem Ltd.(b)		601		189,715		150,577
Total Materials		304,060		517,144		373,957
Real Estate — 5.2%*:
China Overseas Land & Investment Ltd.(b)		74,000		225,256		229,557
China Resources Land Ltd.(b)		56,000		188,928		231,144
Total Real Estate		130,000		414,184		460,701
Utilities — 0.2%*:
ENN Energy Holdings Ltd.(b)		2,000		19,174		19,361
Total Common Stocks		3,165,521		9,032,570		8,292,839
Total Equities		3,165,521		9,032,570		8,292,839
Mutual Fund — 2.0%*:
iShares MSCI India ETF		7,438		249,790		179,330
Total Investments		3,172,959		9,282,360		8,472,169
Other assets and liabilities – 4.6%*						411,061
Net Assets – 100.0%					$	8,883,230

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

(a) Non-income producing security.

(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:

China	43.3	%
Taiwan	12.3	%
Republic of Korea	11.0	%
India	10.3	%
Hong Kong	4.6	%
Brazil	4.5	%
Russia	4.3	%
South Africa	2.8	%
Indonesia	2.2	%
Netherlands	1.9	%
Thailand	1.6	%
Mexico	1.2	%
Total	100.0	%

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

See accompanying Notes to the Schedule of Investments.

Barings U.S. High Yield Fund

SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2020

	SHARES		COST		FAIR VALUE
Equities — 0.1%*:
Common Stocks — 0.1%*:
Oil and Gas — 0.1%*:
Jupiter Resources, Inc.(a)		39,729	$	192,017	$	39,729
Fieldwood Energy LLC		4,100		88,421		4,100
Fieldwood Energy LLC		1,006		35,210		1,006
Total Oil and Gas		44,835		315,648		44,835
Total Common Stocks		44,835		315,648		44,835
Warrants — 0.0%*:
Diversified/Conglomerate Manufacturing — 0.0%*:
Appvion Holdings Corp. (exp. June 13, 2023)(b)		357		—		—
Appvion Holdings Corp. (exp. June 13, 2023)(b)		357		—		45
Total Diversified/Conglomerate Manufacturing		714		—		45
Total Warrants		714		—		45
Total Equities		45,549		315,648		44,880

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Fixed Income — 101.2%*:
Bank Loans — 5.6%*(c):
Broadcasting and Entertainment — 0.7%*:
AP NMT Acquisition B.V., 3M LIBOR + 5.750%(a)		7.66	%		8/13/2021		293,782		293,793		282,951
CSC Holdings, LLC, 3M LIBOR + 2.500%		3.11			4/15/2027		44,856		44,856		42,762
Total Broadcasting and Entertainment							338,638		338,649		325,713
Buildings and Real Estate — 0.1%*:
GYP Holdings III Corp., 1M LIBOR + 2.750%		3.74			6/1/2025		27,023		27,023		24,321
Chemicals, Plastics and Rubber — 0.2%*:
Consolidated Energy Finance, S.A., 1M LIBOR + 2.500%		3.20			5/7/2025		157,958		152,554		110,571
Containers, Packaging and Glass — 1.2%*:
BWAY Holding Co., 1M LIBOR + 3.250%		5.08			4/3/2024		440,907		429,907		357,412
Flex Acquisition Co., Inc., 3M LIBOR + 3.000%		4.43			12/29/2023		183,462		175,118		166,033
Total Containers, Packaging and Glass							624,369		605,025		523,445
Diversified/Conglomerate Service — 1.8%*:
Almonde, Inc., 3M LIBOR + 3.500%		5.28			6/13/2024		248,657		239,774		211,359
Almonde, Inc., 3M LIBOR + 7.250%		9.03			6/13/2025		250,000		247,560		185,500
SonicWall U.S. Holdings, Inc., 3M LIBOR + 7.500%		9.19			5/18/2026		51,897		51,495		41,518
Vertafore, Inc., 1M LIBOR + 3.250%		4.24			7/2/2025		395,000		387,311		345,984
Total Diversified/Conglomerate Service							945,554		926,140		784,361
Electronics — 0.6%*:
Renaissance Holding Corp., 1M LIBOR + 7.000%		7.99			5/29/2026		68,963		67,897		53,101

See accompanying Notes to the Schedule of Investments.

Barings U.S. High Yield Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):
Electronics (continued):
Veritas Bermuda Ltd., 3M LIBOR + 4.500%		5.95	%		1/27/2023		246,819	$	233,586	$	209,797
Total Electronics							315,782		301,483		262,898
Leisure, Amusement, Entertainment — 0.2%*:
SeaWorld Parks & Entertainment, Inc., 3M LIBOR + 3.000%		3.99			3/31/2024		90,000		89,917		73,294
Oil and Gas — 0.3%*:
Fieldwood Energy LLC, 1M LIBOR + 5.250%		7.03			4/11/2022		447,215		396,714		139,754
Fieldwood Energy LLC, 1M LIBOR + 7.250%		9.03			4/11/2023		91,996		51,217		5,888
Total Oil and Gas							539,211		447,931		145,642
Telecommunications — 0.5%*:
Banff Merger Sub, Inc., 3M LIBOR + 4.250%		5.24			10/2/2025		224,852		223,018		185,559
CommScope, Inc., 1M LIBOR + 3.250%		4.24			4/6/2026		30,404		30,143		28,580
Total Telecommunications							255,256		253,161		214,139
Total Bank Loans							3,293,791		3,141,883		2,464,384
Corporate Bonds — 95.6%*:
Aerospace and Defense — 3.8%*:
Global Aircraft Leasing Co. Ltd.(d)		6.50			9/15/2024		500,000		500,000		322,000
Science Applications International Corp.(d)		4.88			4/1/2028		117,000		117,192		112,320
Signature Aviation US Holdings, Inc.(d)		4.00			3/1/2028		266,000		266,000		240,145
TransDigm, Inc.(d)		5.50			11/15/2027		397,000		397,000		356,307
Triumph Group, Inc.(d)		6.25			9/15/2024		216,000		216,000		192,523
Triumph Group, Inc.		7.75			8/15/2025		595,000		599,032		431,375
Total Aerospace and Defense							2,091,000		2,095,224		1,654,670
Automobile — 1.0%*:
Allison Transmission, Inc.(d)		4.75			10/1/2027		157,000		149,909		144,440
Asbury Automotive Group, Inc.(d)		4.50			3/1/2028		39,000		39,000		33,150
Asbury Automotive Group, Inc.(d)		4.75			3/1/2030		40,000		40,000		34,000
Gates Global LLC / Gates Global Co.(d)		6.25			1/15/2026		250,000		250,000		221,250
Total Automobile							486,000		478,909		432,840
Beverage, Food and Tobacco — 4.5%*:
JBS Investments II GmbH(d)		7.00			1/15/2026		200,000		202,639		199,316
JBS USA LUX SA/JBS USA Finance, Inc.(d)		6.75			2/15/2028		250,000		250,000		266,875
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.(d)		5.50			1/15/2030		125,000		125,000		129,063
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.(d)		6.50			4/15/2029		500,000		500,000		536,350
Kraft Heinz Foods Co.(d)		3.75			4/1/2030		51,000		53,439		48,475
Kraft Heinz Foods Co.		3.95			7/15/2025		124,000		130,365		123,403
Kraft Heinz Foods Co.		5.20			7/15/2045		72,000		77,687		69,220
Kraft Heinz Foods Co.		6.50			2/9/2040		38,000		45,807		41,465
Kraft Heinz Foods Co.		6.88			1/26/2039		84,000		105,072		96,081
Pilgrim’s Pride Corp.(d)		5.75			3/15/2025		250,000		254,149		251,875

See accompanying Notes to the Schedule of Investments.

Barings U.S. High Yield Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Beverage, Food and Tobacco (continued):
Smithfield Foods, Inc.(d)		5.20	%		4/1/2029		199,000	$	198,068	$	200,135
Total Beverage, Food and Tobacco							1,893,000		1,942,226		1,962,258
Broadcasting and Entertainment — 12.8%*:
Banijay Entertainment Sasu(a),(d)		5.38			1/28/2025		170,000		170,000		155,550
Block Communications, Inc.(d)		4.88			3/1/2028		239,000		239,000		222,270
CCO Holdings LLC/CCO Holdings Capital Corp.(d)		4.50			8/15/2030		467,000		468,775		457,660
CCO Holdings LLC/CCO Holdings Capital Corp.(d)		4.50			5/1/2032		234,000		235,496		228,197
CCO Holdings LLC/CCO Holdings Capital Corp.(d)		4.75			3/1/2030		280,000		280,000		278,600
CCO Holdings LLC/CCO Holdings Capital Corp.(d)		5.75			2/15/2026		700,000		697,791		708,855
Clear Channel Worldwide Holdings, Inc.(d)		5.13			8/15/2027		250,000		250,000		236,562
Clear Channel Worldwide Holdings, Inc.(d)		9.25			2/15/2024		162,000		162,000		138,915
CSC Holdings LLC(d)		5.75			1/15/2030		547,000		559,181		551,628
CSC Holdings LLC(d)		6.63			10/15/2025		16,000		16,747		16,821
CSC Holdings LLC(d)		7.50			4/1/2028		250,000		250,000		266,355
Diamond Sports Group LLC/Diamond Sports Finance Co.(d)		5.38			8/15/2026		83,000		83,000		67,439
DISH DBS Corp.		5.00			3/15/2023		79,000		77,854		75,587
DISH Network Corp.		3.38			8/15/2026		143,000		139,004		116,095
Intelsat Jackson Holdings SA(d)		8.50			10/15/2024		211,000		211,684		132,867
Intelsat Jackson Holdings SA(d)		9.75			7/15/2025		56,000		58,552		36,960
Netflix, Inc.(d)		4.88			6/15/2030		75,000		75,000		76,136
Netflix, Inc.(d)		5.38			11/15/2029		339,000		340,224		351,763
Netflix, Inc.		5.88			11/15/2028		250,000		248,665		267,125
Sirius XM Radio, Inc.(d)		4.63			7/15/2024		250,000		250,000		253,732
Sirius XM Radio, Inc.(d)		5.00			8/1/2027		350,000		350,000		355,215
Sirius XM Radio, Inc.(d)		5.50			7/1/2029		160,000		160,000		163,200
Tegna, Inc.(d)		4.63			3/15/2028		250,000		250,000		219,688
Terrier Media Buyer, Inc.(d)		8.88			12/15/2027		261,000		261,000		220,545
Total Broadcasting and Entertainment							5,822,000		5,833,973		5,597,765
Buildings and Real Estate — 3.3%*:
Brookfield Residential Properties, Inc./Brookfield Residential US Corp.(a),(d)		4.88			2/15/2030		183,000		183,000		139,025
James Hardie International Finance DAC(d)		4.75			1/15/2025		244,000		239,897		229,973
M/I Homes, Inc.		5.63			8/1/2025		550,000		534,988		492,250
Mattamy Group Corp.(a),(d)		4.63			3/1/2030		330,000		329,094		283,800
Mattamy Group Corp.(a),(d)		5.25			12/15/2027		25,000		25,000		23,250
MPT Operating Partnership LP/MPT Finance Corp.		5.00			10/15/2027		250,000		250,000		242,500
Standard Industries, Inc.(d)		4.75			1/15/2028		52,000		53,615		47,889
Total Buildings and Real Estate							1,634,000		1,615,594		1,458,687
Cargo Transport — 2.5%*:
Kenan Advantage Group, Inc.(d)		7.88			7/31/2023		700,000		712,253		587,562
XPO Logistics, Inc.(d)		6.13			9/1/2023		500,000		496,099		489,375
Total Cargo Transport							1,200,000		1,208,352		1,076,937

See accompanying Notes to the Schedule of Investments.

Barings U.S. High Yield Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Chemicals, Plastics and Rubber — 2.7%*:
CF Industries, Inc.		4.95	%		6/1/2043		23,000	$	23,085	$	21,843
CF Industries, Inc.		5.38			3/15/2044		48,000		47,170		45,722
Consolidated Energy Finance SA(d)		6.88			6/15/2025		405,000		403,679		350,325
CVR Partners LP/CVR Nitrogen Finance Corp.(d)		9.25			6/15/2023		250,000		260,906		200,425
LBC Tank Terminals Holding Netherlands BV(d)		6.88			5/15/2023		250,000		245,247		234,375
Univar Solutions USA, Inc.(d)		5.13			12/1/2027		177,000		177,000		161,070
Valvoline, Inc.(d)		4.25			2/15/2030		176,000		176,388		164,982
Total Chemicals, Plastics and Rubber							1,329,000		1,333,475		1,178,742
Containers, Packaging and Glass — 1.1%*:
Graphic Packaging International LLC(d)		3.50			3/15/2028		125,000		125,000		112,462
Mauser Packaging Solutions Holding Co.(d)		7.25			4/15/2025		302,000		290,515		240,090
Trident TPI Holdings, Inc.(d)		9.25			8/1/2024		148,000		146,190		122,840
Total Containers, Packaging and Glass							575,000		561,705		475,392
Diversified/Conglomerate Manufacturing — 1.6%*:
Amsted Industries, Inc.(d)		4.63			5/15/2030		295,000		295,000		263,287
Appvion ESC, 3M EURIBOR + 4.125%(b)		9.00	(e)		6/1/2020		366,000		354,827		—
Colfax Corp.(d)		6.00			2/15/2024		122,000		122,000		117,730
Colfax Corp.(d)		6.38			2/15/2026		135,000		135,000		132,975
Energizer Holdings, Inc.(d)		7.75			1/15/2027		153,000		160,127		158,156
MTS Systems Corp.(d)		5.75			8/15/2027		33,000		33,000		30,608
Total Diversified/Conglomerate Manufacturing							1,104,000		1,099,954		702,756
Diversified/Conglomerate Service — 3.1%*:
Allied Universal Holdco LLC/Allied Universal Finance Corp.(d)		6.63			7/15/2026		173,000		182,740		169,973
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.(d)		5.75			7/15/2027		52,000		49,352		41,345
Carlson Travel, Inc.(d)		9.50			12/15/2024		350,000		335,484		231,000
Griffon Corp.(d)		5.75			3/1/2028		250,000		250,000		235,000
Open Text Corp.(d)		3.88			2/15/2028		173,000		172,742		162,620
Open Text Holdings, Inc.(d)		4.13			2/15/2030		180,000		179,741		169,245
Prime Security Services Borrower LLC/Prime Finance, Inc.(d)		6.25			1/15/2028		339,000		337,267		292,387
United Rentals North America, Inc.		4.00			7/15/2030		52,000		51,741		46,540
Total Diversified/Conglomerate Service							1,569,000		1,559,067		1,348,110
Ecological — 0.2%*:
Clean Harbors, Inc.(d)		4.88			7/15/2027		91,000		91,000		89,080
Electronics — 3.3%*:
Dell International LLC/EMC Corp.(d)		7.13			6/15/2024		230,000		241,859		237,475
Dell, Inc.		6.50			4/15/2038		106,000		113,350		101,760
Presidio Holdings, Inc.(d)		8.25			2/1/2028		66,000		66,000		58,163
RP Crown Parent LLC(d)		7.38			10/15/2024		96,000		96,000		91,469
Solera LLC/Solera Finance, Inc.(d)		10.50			3/1/2024		47,000		49,769		46,060
SS&C Technologies, Inc.(d)		5.50			9/30/2027		375,000		375,000		390,829

See accompanying Notes to the Schedule of Investments.

Barings U.S. High Yield Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	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		631,000	$	577,417	$	531,617
Total Electronics							1,551,000		1,519,395		1,457,373
Finance — 5.7%*:
Alliance Data Systems Corp.(d)		4.75			12/15/2024		300,000		300,000		228,000
Ford Motor Credit Co. LLC		3.66			9/8/2024		200,000		158,542		180,000
Ford Motor Credit Co. LLC		4.13			8/4/2025		200,000		156,123		177,400
Ford Motor Credit Co. LLC		4.39			1/8/2026		200,000		163,014		175,000
Ford Motor Credit Co. LLC		5.60			1/7/2022		200,000		174,037		193,500
Ford Motor Credit Co. LLC		5.88			8/2/2021		200,000		178,084		196,000
Icahn Enterprises LP / Icahn Enterprises Finance Corp.		4.75			9/15/2024		105,000		107,027		96,570
Icahn Enterprises LP / Icahn Enterprises Finance Corp.		6.25			5/15/2026		500,000		500,000		472,500
LPL Holdings, Inc.(d)		5.75			9/15/2025		518,000		512,856		497,280
Springleaf Finance Corp.		5.38			11/15/2029		302,000		304,070		276,330
Total Finance							2,725,000		2,553,753		2,492,580
Grocery — 0.9%*:
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(d)		4.88			2/15/2030		115,000		115,000		114,712
Post Holdings, Inc.(d)		4.63			4/15/2030		268,000		268,000		256,610
Total Grocery							383,000		383,000		371,322
Healthcare, Education and Childcare — 8.8%*:
Avantor, Inc.(d)		6.00			10/1/2024		20,000		20,734		20,954
Bausch Health Americas., Inc.(d)		8.50			1/31/2027		175,000		180,105		182,875
Bausch Health Cos., Inc.(d)		5.88			5/15/2023		3,000		2,685		2,985
Bausch Health Cos., Inc.(d)		5.00			1/30/2028		130,000		130,000		123,071
Bausch Health Cos., Inc.(d)		5.25			1/30/2030		188,000		188,000		177,765
Bausch Health Cos., Inc.(d)		5.50			3/1/2023		37,000		31,340		36,260
Bausch Health Cos., Inc.(d)		7.00			1/15/2028		250,000		263,715		256,600
Catalent Pharma Solutions, Inc.(d)		5.00			7/15/2027		98,000		98,000		95,060
Centene Corp.(d)		4.25			12/15/2027		180,000		178,539		176,400
Centene Corp.(d)		4.63			12/15/2029		209,000		209,000		210,045
Centene Corp.(d)		5.25			4/1/2025		32,000		32,924		32,160
Centene Corp.(d)		5.38			6/1/2026		19,000		19,861		19,572
Envision Healthcare Corp.(d)		8.75			10/15/2026		472,000		463,696		115,640
HCA, Inc.		3.50			9/1/2030		431,000		428,509		391,008
HCA, Inc.		5.38			2/1/2025		375,000		378,819		383,437
LifePoint Health, Inc.(d)		4.38			2/15/2027		157,000		157,000		147,894
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA(d)		6.63			5/15/2022		198,000		195,500		187,110
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA(d)		7.25			2/1/2028		400,000		400,000		343,960
Par Pharmaceutical, Inc.(d)		7.50			4/1/2027		300,000		300,000		298,500
Radiology Partners, Inc.(d)		9.25			2/1/2028		176,000		176,000		152,372
Service Corp. International/US		5.13			6/1/2029		271,000		271,000		276,420
Tenet Healthcare Corp.(d)		4.88			1/1/2026		125,000		125,000		119,063
Tenet Healthcare Corp.(d)		5.13			11/1/2027		125,000		125,000		119,063
Total Healthcare, Education and Childcare							4,371,000		4,375,427		3,868,214
Home and Office Furnishings, Housewares, and Durable Consumer Products — 0.8%*:
Newell Brands, Inc.		4.45			4/1/2026		142,000		134,836		139,415
Newell Brands, Inc.		5.63			4/1/2036		52,000		58,742		51,550

See accompanying Notes to the Schedule of Investments.

Barings U.S. High Yield Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Home and Office Furnishings, Housewares, and Durable Consumer Products (continued):
Resideo Funding, Inc.(d)		6.13	%		11/1/2026		192,000	$	188,819	$	167,520
Total Home and Office Furnishings, Housewares, and Durable Consumer Products							386,000		382,397		358,485
Hotels, Motels, Inns and Gaming — 2.0%*:
Boyne USA, Inc.(d)		7.25			5/1/2025		125,000		125,000		119,375
ESH Hospitality, Inc.(d)		4.63			10/1/2027		265,000		265,000		206,700
Golden Nugget, Inc.(d)		8.75			10/1/2025		126,000		128,300		64,260
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.(d)		5.25			5/15/2027		98,000		98,000		88,690
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.(d)		5.50			3/1/2025		250,000		247,501		232,500
Wynn Macau Ltd.(a),(d)		5.13			12/15/2029		188,000		188,000		157,920
Total Hotels, Motels, Inns and Gaming							1,052,000		1,051,801		869,445
Insurance — 0.7%*:
Acrisure LLC/Acrisure Finance, Inc.(d)		7.00			11/15/2025		275,000		263,088		236,500
Acrisure LLC/Acrisure Finance, Inc.(d)		8.13			2/15/2024		84,000		84,000		81,820
Total Insurance							359,000		347,088		318,320
Leisure, Amusement, Entertainment — 1.0%*:
Live Nation Entertainment, Inc.(d)		4.75			10/15/2027		251,000		249,967		223,390
Ryman Hospitality Properties, Inc.(d)		4.75			10/15/2027		296,000		296,000		222,000
Total Leisure, Amusement, Entertainment							547,000		545,967		445,390
Machinery Non-Agriculture, Non-Construction, Non-Electronic — 0.6%*:
Apex Tool Group LLC/BC Mountain Finance, Inc.(d)		9.00			2/15/2023		430,000		423,173		279,500
Mining, Steel, Iron and Non-Precious Metals — 6.1%*:
Compass Minerals International, Inc.(d)		4.88			7/15/2024		124,000		117,255		116,560
First Quantum Minerals Ltd.(a),(d)		6.88			3/1/2026		229,000		229,000		183,772
First Quantum Minerals Ltd.(a),(d)		7.50			4/1/2025		158,000		151,239		131,486
Freeport-McMoRan, Inc.		4.13			3/1/2028		62,000		59,767		54,095
Kinross Gold Corp.(a)		5.95			3/15/2024		152,000		155,944		153,520
Kinross Gold Corp.		6.88			9/1/2041		99,000		98,534		99,000
New Gold, Inc.(d)		6.25			11/15/2022		263,000		266,642		255,439
Northwest Acquisitions ULC/Dominion Finco, Inc.(a),(d)		7.13			11/1/2022		493,000		499,045		241,570
Novelis Corp.(d)		4.75			1/30/2030		254,000		253,059		226,060
Peabody Energy Corp.(d)		6.00			3/31/2022		524,000		526,052		356,320
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp.(d)		7.50			6/15/2025		550,000		556,094		396,000
Warrior Met Coal, Inc.(d)		8.00			11/1/2024		540,000		546,801		448,200
Total Mining, Steel, Iron and Non-Precious Metals							3,448,000		3,459,432		2,662,022
Oil and Gas — 7.5%*:
Antero Resources Corp.		5.38			11/1/2021		160,000		155,163		116,400
Calumet Specialty Products Partners LP/Calumet Finance Corp.		7.63			1/15/2022		222,000		218,967		172,050
Cheniere Energy Partners LP(d)		4.50			10/1/2029		184,000		184,000		160,080
Cheniere Energy Partners LP		5.63			10/1/2026		250,000		250,000		230,000

See accompanying Notes to the Schedule of Investments.

Barings U.S. High Yield Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Oil and Gas (continued):
CVR Energy, Inc.(d)		5.25	%		2/15/2025		300,000	$	300,000	$	233,250
CVR Energy, Inc.(d)		5.75			2/15/2028		300,000		300,000		224,250
Genesis Energy LP/Genesis Energy Finance Corp.		6.00			5/15/2023		18,000		17,819		13,056
Genesis Energy LP/Genesis Energy Finance Corp.		6.50			10/1/2025		276,000		264,109		199,493
Hilcorp Energy I LP/Hilcorp Finance Co.(d)		5.00			12/1/2024		16,000		13,308		7,360
Hilcorp Energy I LP/Hilcorp Finance Co.(d)		6.25			11/1/2028		62,000		57,405		27,280
Jonah Energy LLC/Jonah Energy Finance Corp.(d)		7.25			10/15/2025		351,000		327,679		15,795
Jupiter Resources, Inc.(a),(b)		10.00			1/31/2024		48,085		48,085		48,085
Laredo Petroleum, Inc.		9.50			1/15/2025		150,000		150,000		60,000
Laredo Petroleum, Inc.		10.13			1/15/2028		150,000		150,000		57,000
MEG Energy Corp.(a),(d)		7.13			2/1/2027		270,000		270,000		133,412
Nabors Industries Ltd.(d)		7.25			1/15/2026		100,000		100,492		34,000
Nabors Industries Ltd.(d)		7.50			1/15/2028		72,000		72,000		23,040
Neptune Energy Bondco PLC(a),(d)		6.63			5/15/2025		242,000		242,235		135,520
Occidental Petroleum Corp.		2.60			4/15/2022		31,000		22,708		22,317
Occidental Petroleum Corp.		2.70			8/15/2022		73,000		52,378		52,052
Occidental Petroleum Corp.		2.70			2/15/2023		29,000		17,110		17,174
Occidental Petroleum Corp.		2.90			8/15/2024		38,000		21,185		20,798
Occidental Petroleum Corp., 3M USD LIBOR + 1.450%		3.14	(e)		8/15/2022		38,000		26,030		25,466
Occidental Petroleum Corp.		4.10			2/1/2021		163,000		140,995		138,548
Occidental Petroleum Corp.		6.95			7/1/2024		36,000		20,620		20,242
Parkland Fuel Corp.(a),(d)		5.88			7/15/2027		125,000		125,000		117,175
PBF Holding Co. LLC/PBF Finance Corp.(d)		6.00			2/15/2028		600,000		600,000		396,000
PBF Holding Co. LLC/PBF Finance Corp.		7.25			6/15/2025		350,000		358,951		234,605
Targa Resources Partners LP/Targa Resources Partners Finance Corp.		4.25			11/15/2023		53,000		45,315		45,617
Tullow Oil PLC(a),(d)		6.25			4/15/2022		395,000		392,764		97,763
Welltec A/S(a),(d)		9.50			12/1/2022		228,000		231,246		214,320
Total Oil and Gas							5,330,085		5,175,564		3,292,148
Personal and Non-Durable Consumer Products Mfg. Only — 0.1%*:
Spectrum Brands, Inc.(d)		5.00			10/1/2029		48,000		48,000		40,800
Personal Transportation — 2.5%*:
American Airlines Group, Inc.(d)		3.75			3/1/2025		900,000		900,000		630,000
American Airlines Group, Inc.(d)		5.00			6/1/2022		412,000		412,000		330,630
Hertz Corp. (The)(d)		6.00			1/15/2028		265,000		264,476		139,125
Total Personal Transportation							1,577,000		1,576,476		1,099,755
Personal, Food and Miscellaneous — 1.2%*:
Mattel, Inc.(d)		5.88			12/15/2027		159,000		157,778		163,420
Mattel, Inc.(d)		6.75			12/31/2025		215,000		217,370		218,634
Simmons Foods, Inc.(d)		7.75			1/15/2024		122,000		122,000		122,000
Total Personal, Food and Miscellaneous							496,000		497,148		504,054
Printing and Publishing — 1.4%*:
Cimpress plc(d)		7.00			6/15/2026		427,000		449,030		375,760
Xerox Corp.		4.13			3/15/2023		246,000		249,965		244,524
Total Printing and Publishing							673,000		698,995		620,284

See accompanying Notes to the Schedule of Investments.

Barings U.S. High Yield Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Retail Stores — 2.2%*:
Albertsons Cos. LLC/Safeway, Inc./New Albertsons LP/Albertson’s LLC(d)		7.50	%		3/15/2026		257,000	$	257,000	$	276,995
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(d)		5.88			2/15/2028		180,000		180,000		183,204
KGA Escrow LLC(d)		7.50			8/15/2023		282,000		282,000		256,620
Penske Automotive Group, Inc.		5.50			5/15/2026		250,000		250,000		228,050
Total Retail Stores							969,000		969,000		944,869
Telecommunications — 11.9%*:
Altice Financing SA(a),(d)		5.00			1/15/2028		222,000		222,000		196,470
Altice Financing SA(a),(d)		7.50			5/15/2026		106,000		101,145		102,703
Banff Merger Sub, Inc.(d)		9.75			9/1/2026		185,000		183,431		162,800
CenturyLink, Inc.(d)		5.13			12/15/2026		300,000		300,000		300,000
CenturyLink, Inc.		6.75			12/1/2023		280,000		280,491		297,584
CommScope Technologies LLC(d)		5.00			3/15/2027		600,000		576,658		520,500
Front Range BidCo, Inc.(d)		6.13			3/1/2028		500,000		500,000		475,000
Hughes Satellite Systems Corp.		6.63			8/1/2026		426,000		430,706		431,502
LCPR Senior Secured Financing DAC(a),(d)		6.75			10/15/2027		200,000		200,000		197,000
Midcontinent Communications/Midcontinent Finance Corp.(d)		5.38			8/15/2027		149,000		149,000		144,264
Sprint Capital Corp.		6.88			11/15/2028		648,000		653,553		740,146
Sprint Capital Corp.		8.75			3/15/2032		52,000		74,143		68,770
Sprint Corp.		7.63			3/1/2026		114,000		114,000		129,025
T-Mobile USA, Inc.		4.50			2/1/2026		96,000		96,000		98,160
T-Mobile USA, Inc.		4.75			2/1/2028		210,000		208,814		218,778
T-Mobile USA, Inc.		5.38			4/15/2027		200,000		200,000		206,000
Telecom Italia Capital SA(a)		6.00			9/30/2034		62,000		72,448		61,380
Telecom Italia SpA(a),(d)		5.30			5/30/2024		250,000		258,618		251,265
ViaSat, Inc.(d)		5.63			4/15/2027		149,000		149,000		147,138
Virgin Media Secured Finance PLC(a),(d)		5.50			5/15/2029		250,000		239,139		249,100
Ziggo BV(a),(d)		4.88			1/15/2030		89,000		89,000		86,680
Ziggo BV(a),(d)		5.50			1/15/2027		140,000		134,619		140,000
Total Telecommunications							5,228,000		5,232,765		5,224,265
Textiles and Leather — 0.1%*:
Hanesbrands, Inc.(d)		4.88			5/15/2026		52,000		54,577		50,966
Utilities — 2.2%*:
NRG Energy, Inc.(d)		5.25			6/15/2029		272,000		272,000		280,160
Vistra Operations Co. LLC(d)		3.55			7/15/2024		250,000		249,588		234,959
Vistra Operations Co. LLC(d)		4.30			7/15/2029		250,000		249,495		221,653
Vistra Operations Co. LLC(d)		5.00			7/31/2027		235,000		235,000		238,525
Total Utilities							1,007,000		1,006,083		975,297
Total Corporate Bonds							48,426,085		48,119,520		41,852,326
Total Fixed Income							51,719,876		51,261,403		44,316,710
Total Investments							51,765,425		51,577,051		44,361,590
Other assets and liabilities – (1.3%)*											(552,229	)
Net Assets – 100.0%										$	43,809,361

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

See accompanying Notes to the Schedule of Investments.

Barings U.S. High Yield Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2020

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

(a) Foreign security.

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

United States	91.4	%
Canada	2.7	%
Netherlands	1.1	%
Other (Individually less than 1%)	4.8	%
Total	100.0	%

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

(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 March 31, 2020. Bank loans are also subject to mandatory and/or optional prepayment which cannot be predicted. As a result, the remaining maturity may be substantially less than the stated maturity shown.

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

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

See accompanying Notes to the Schedule of Investments.

Fair Value

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

Level 1 – quoted prices in active markets for identical securities

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

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

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

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

The following is a summary of the inputs used as of March 31, 2020 in valuing the Funds’ investments:

Global Floating Rate Fund

DESCRIPTION	LEVEL 1		LEVEL 2			LEVEL 3		TOTAL INVESTMENTS
Assets:
Equities:
Common Stocks	$	—	$	39,166		$	511,106	$	550,272
Limited Partnerships		—		—			77,305		77,305
Warrants		—		—			56		56
Total Equities		—		39,166			588,467		627,633
Fixed Income:
Bank Loans		—		177,373,668			361,830		177,735,498
Corporate Bonds		—		11,981,205			0		11,981,205
Total Fixed Income		—		189,354,873			361,830		189,716,703
Derivative Securities:
Forward Foreign Currency Exchange Contracts		—		2,142,184			—		2,142,184
Total	$	—	$	191,536,223		$	950,297	$	192,486,520
Liabilities:
Derivative Securities:
Forward Foreign Currency Exchange Contracts		—		(68,751	)		—		(68,751	)
Total Investments	$	—	$	191,467,472		$	950,297	$	192,417,769

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 March 31, 2020:

TYPE OF ASSETS	FAIR VALUE AS OF March 31, 2020		VALUATION TECHNIQUE(S)	UNOBSERVABLE INPUT
Equities
CTI Foods Holding Co, LLC	$	511,106	Discounted Cash Flow	Average Enterprise Valuation Multiple: 4 year projection, 7.1x; EBITDA: 15% discount rate
Tunstall Group Holdings Ltd	$	—	Zero Value	Valued at zero
Tunstall Group Holdings Ltd	$	—	Zero Value	Valued at zero
Boomerang Tube LLC	$	—	Zero Value	Valued at zero
Templar Energy LLC	$	—	Zero Value	Valued at zero until final accrual is received
Templar Energy LLC	$	—	Zero Value	Valued at zero until final accrual is received
Pinnacle Operating Corp, escrow shares	$	77,305	Priced at cost	Priced at cost
Pinnacle Operating Corp, earnout shares	$	—	Zero Value	Valued at zero
Appvion Holdings Corp	$	56	Broker Quote	$0.12: Price source depth of 1
Appvion Holdings Corp	$	—	Zero Value	Valued at zero
Bank Loans
Boomerang Tube LLC	$	53,357	Discounted Cash Flow	Average Enterprise Valuation Multiple: 5 year projection, 5.5x; EBITDA: $42.5 million; 15% discount rate
CTI Foods Holding Co, LLC, 3M LIBOR	$	308,473	Discounted Cash Flow	Average Enterprise Valuation Multiple: 4 year projection, 7.1x; EBITDA: 15% discount rate
Corporate Bonds
Appvion ESC	$	—	Zero Value	Valued at zero without primary asset attached
Galapagos S.A.	$	—	Zero Value	Valued at zero without primary asset attached

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

Global Credit Income Opportunities Fund

DESCRIPTION	LEVEL 1		LEVEL 2			LEVEL 3		TOTAL INVESTMENTS
Assets:
Equities:
Common Stocks	$	—	$	139,646		$	526,514	$	666,160
Limited Partnerships		—		—			92,765		92,765
Warrants		—		—			61		61
Total Equities		—		139,646			619,340		758,986
Fixed Income:
Asset-Backed Securities		—		12,514,208			0		12,514,208
Bank Loans		—		63,182,397			475,471		63,657,868
Corporate Bonds		—		66,047,606			100,396		66,148,002
Total Fixed Income		—		141,744,211			575,867		142,320,078
Derivative Securities:
Forward Foreign Currency Exchange Contracts		—		1,781,299			—		1,781,299
Total	$	—	$	143,665,156		$	1,195,207	$	144,860,363
Liabilities:
Derivative Securities:
Forward Foreign Currency Exchange Contracts		—		(91,176	)		—		(91,176	)
Total Investments	$	—	$	143,573,980		$	1,195,207	$	144,769,187

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 March 31, 2020:

TYPE OF ASSETS	FAIR VALUE AS OF MARCH 31, 2020		VALUATION TECHNIQUE(S)	UNOBSERVABLE INPUT
Equities
Innovation Group	$	1	Priced at cost	Priced at cost
MModal, Inc.	$	6,492	Analyst Priced	Analyst verified stale price
Tunstall Group Holdings LTD	$	—	Zero Value	Valued at zero without primary asset attached
Tunstall Group Holdings LTD	$	—	Zero Value	Valued at zero without primary asset attached
Boomerang Tube LLC	$	—	Zero Value	Valued at zero
Maxeda DIY B.V.	$	416,011	Market Comparables	LTM EBITDA €93m; Net leverage €453m; Average Comparable Valuation: 7.35X
Maxeda DIY B.V.	$	104,010	Market Comparables	LTM EBITDA €93m; Net leverage €453m; Average Comparable Valuation: 7.35X
Pinnacle Operating Corp, earnout shares	$	—	Zero Value	Valued at zero
Pinnacle Operating Corp, escrow shares	$	92,765	Priced at Cost	Priced at cost
Appvion Holdings Corp	$	61	Broker Quote	$0.13: Price source depth of 1
Appvion Holdings Corp	$	—	Zero Value	Valued at zero
Asset Backed Securities
BlueMountain CLO Ltd.	$	—	Zero Value	Valued at zero
Bank Loans
Innovation Group PLC	$	88,889	Broker Quote	$110.29: Price source depth of 1
Innovation Group PLC	$	68,308	Broker Quote	$124.21: Price source depth of 1
Innovation Group PLC	$	175,499	Broker Quote	$110.29: Price source depth of 1
Innovation Group PLC	$	35,819	Broker Quote	$25.71: Price source depth of 1
Boomerang Tube LLC	$	106,956	Discounted Cash Flow	Average Enterprise Valuation Multiple: 5 year projection, 5.5x; EBITDA: $42.5 million; 15% discount rate
Corporate Bonds
Jupiter Resources, Inc.	$	100,396	Priced at Cost	Priced at cost
Appvion ESC	$	—	Zero Value	Priced at zero value

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

Active Short Duration Bond Fund

DESCRIPTION	LEVEL 1			LEVEL 2		LEVEL 3		TOTAL INVESTMENTS
Assets:
Fixed Income:
Asset-Backed Securities	$	—		$	332,244,249	$	9,500,217	$	341,744,466
Corporate Bonds		—			288,958,873		—		288,958,873
Mortgage-Backed Securities		—			118,466,757		—		118,466,757
U.S. Treasury & Government Agencies		—			11,189,970		—		11,189,970
Total Fixed Income		—			750,859,849		9,500,217		760,360,066
Purchased Options:
Call Option Purchased		—			310,128		—		310,128
Put Options Purchased		—			652,057		—		652,057
Total Purchased Options		—			962,185		—		962,185
Derivative Securities:
Centrally Cleared Credit Default Swaps*		—			20,064		—		20,064
Total	$	—		$	751,842,098	$	9,500,217	$	761,342,315
Liabilities:
Derivative Securities:
Futures*		(12,311,274	)		—		—		(12,311,274	)
Total Investments	$	(12,311,274	)	$	751,842,098	$	9,500,217	$	749,031,041

* Centrally Cleared Swaps and Futures are valued at unrealized appreciation/depreciation

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 March 31, 2020:

TYPE OF ASSETS	FAIR VALUE AS OF MARCH 31, 2020		VALUATION TECHNIQUE(S)		UNOBSERVABLE INPUT
Asset-Backed Securities
SLM Student Loan Trust 2006-2	$	1,978,000		Broker Quote	$	50,000: Broker quote depth of 1
SoFi Alternative Trust 2019-C	$	3,923,769		Broker Quote	$	105.42: Broker quote depth of 1
SoFi Professional Loan Program 2018-A	$	964,181		Broker Quote	$	70.25: Broker quote depth of 1
SoFi Professional Loan Program 2018-B Trust	$	660,271		Broker Quote	$	52.17: Broker quote depth of 1
SoFi Professional Loan Program 2018-D Trust	$	651,084		Broker Quote	$	34.50: Broker quote depth of 1
SoFi Professional Loan Program 2019-A LLC	$	1,075,412		Broker Quote	$	30.53: Broker quote depth of 1
SoFi Consumer Loan Program LLC 2015-A RC	$	247,500		Broker Quote	$	82,500: Broker quote depth of 1

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

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

INVESTMENTS IN SECURITIES	BALANCE AS OF JULY 1, 2019		REALIZED GAIN (LOSS)			CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)			NET TRANSFERS IN (OUT) OF LEVEL 3**			ACCRUED PREMIUMS/ DISCOUNTS		PURCHASES		SALES			BALANCE AS OF MARCH 31, 2020		CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) FROM INVESTMENTS HELD AT MARCH 31, 2020
Asset—Backed Securities	$	12,047,135	$	(25,574	)	$	(98,160	)	$	(1,754,321	)	$	69,124	$	—	$	(737,987	)	$	9,500,217	$	(25,574	)
Total	$	12,047,135	$	(25,574	)	$	(98,160	)	$	(1,754,321	)	$	69,124	$	—	$	(737,987	)	$	9,500,217	$	(25,574	)

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

Diversified Income Fund

DESCRIPTION	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL INVESTMENTS
Assets:
Fixed Income:
Asset-Backed Securities	$	—		$	16,596,817		$	—	$	16,596,817
Corporate Bonds		—			7,664,610			—		7,664,610
Mortgage-Backed Securities		—			1,376,919			—		1,376,919
Total Fixed Income		—			25,638,346			—		25,638,346
Derivative Securities:
Forward Foreign Currency Exchange Contracts		—			15,554			—		15,554
Futures*		779			—			—		779
Total Derivative Securities		779			15,554			—		16,333
Total	$	779		$	25,653,900		$	—	$	25,654,679
Liabilities:
Derivative Securities:
Forward Foreign Currency Exchange Contracts		—			(2,015	)		—		(2,015	)
Futures*		(348,636	)		—			—		(348,636	)
Total Derivative Securities		(348,636	)		(2,015	)		—		(350,651	)
Total Investments	$	(347,857	)	$	25,651,885		$	—	$	25,304,028

* Centrally Cleared Swaps and Futures are valued at unrealized appreciation/depreciation.

Emerging Markets Debt Blended Total Return Fund

DESCRIPTION	LEVEL 1		LEVEL 2			LEVEL 3		TOTAL INVESTMENTS
Assets:
Fixed Income:
Corporate Bonds	$	—	$	18,733,412		$	—	$	18,733,412
Foreign Government		—		22,071,496			955,536		23,027,032
Total Fixed Income		—		40,804,908			955,536		41,760,444
Derivative Securities:
Centrally Cleared Interest Rate Swaps*		—		634,197			—		634,197
Forward Foreign Currency Exchange Contracts		—		3,985,151			—		3,985,151
OTC—Cross Currency Swaps		—		835,603			—		835,603
OTC—Interest Rate Swaps		—		937,363			—		937,363
Total Derivative Securities		—		6,392,314			—		6,392,314
Total	$	—	$	47,197,222		$	955,536	$	48,152,758
Liabilities:
Derivative Securities:
Centrally Cleared Interest Rate Swaps*		—		(378,205	)		—		(378,205	)
Forward Foreign Currency Exchange Contracts		—		(1,895,938	)		—		(1,895,938	)
OTC—Credit Default Swaps		—		(704,112	)		—		(704,112	)
Total Derivative Securities		—		(2,978,255	)		—		(2,978,255	)
Total Investments	$	—	$	44,218,967		$	955,536	$	45,174,503

* Centrally Cleared Swaps and Futures are valued at unrealized appreciation/depreciation.

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 March 31, 2020:

TYPE OF ASSETS	FAIR VALUE AS OF MARCH 31, 2020		VALUATION TECHNIQUE (S)		UNOBSERVABLE INPUT
Corporate Bonds
Asian Development Bank 7/14/21	$	305,363		Broker Quote	$	29.94: Broker quote depth of 1
European Bank for Reconstruction and Development 10/29/22	$	362,016		Broker Quote	$	30.17: Broker quote depth of 1
International Bank for Reconstruction and Development 11/22/21	$	288,157		Broker Quote	$	30.02: Broker quote depth of 1

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

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

INVESTMENTS IN SECURITIES	BALANCE AS OF JULY 1, 2019		REALIZED GAIN (LOSS)		CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)			NET TRANSFERS IN (OUT) OF LEVEL 3		ACCRUED PREMIUMS/ DISCOUNTS		PURCHASES		SALES			BALANCE AS OF MARCH 31, 2020		CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) FROM INVESTMENTS HELD AT MARCH 31, 2020
Corporate Bonds	$	—	$	4,075	$	(116,473	)	$	—	$	—	$	1,186,195	$	(118,261	)	$	955,536	$	(116,473	)
Total	$	—	$	4,075	$	(116,473	)	$	—	$	—	$	1,186,195	$	(118,261	)	$	955,536	$	(116,473	)

Global Emerging Markets Equity Fund

DESCRIPTION	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL INVESTMENTS
Assets:
Equities:
Common Stocks	$	8,292,839	$	—	$	—	$	8,292,839
Total Equities		8,292,839		—		—		8,292,839
Mutual Fund:
Mutual Fund		179,330		—		—		179,330
Total	$	8,472,169	$	—	$	—	$	8,472,169
Total Investments	$	8,472,169	$	—	$	—	$	8,472,169

U.S. High Yield Fund

DESCRIPTION	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL INVESTMENTS
Assets:
Equities:
Common Stocks	$	—	$	44,835	$	—	$	44,835
Warrants		—		—		45		45
Total Equities		—		44,835		45		44,880
Fixed Income:
Bank Loans		—		2,464,384		—		2,464,384
Corporate Bonds		—		41,804,241		48,085		41,852,326
Total Fixed Income		—		44,268,625		48,085		44,316,710
Total	$	—	$	44,313,460	$	48,130	$	44,361,590
Total Investments	$	—	$	44,313,460	$	48,130	$	44,361,590

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 March 31, 2020:

TYPE OF ASSETS	FAIR VALUE AS OF MARCH 31, 2020		VALUATION TECHNIQUE(S)		UNOBSERVABLE INPUT
Equities
Appvion Holdings Corp.	$	—		Zero Value		Valued at zero
Appvion Holdings Corp.	$	45		Broker Quote		$0.13: Price source depth of 1
Corporate Bonds
Jupiter Resources	$	48,085		Priced at Cost		Priced at cost
Appvion ESC	$	—		Zero Value		Priced at zero value

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