Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2021

	SHARES		COST		FAIR VALUE
Equities — 0.6%*:
Common Stocks — 0.6%*:
Beverage, Food and Tobacco — 0.2%*:
CTI Foods Holding Co. LLC(a)		4,657	$	495,155	$	561,122
Broadcasting and Entertainment — 0.1%*:
Technicolor SA(b)		88,751		34,103		292,512
Finance — 0.0%*:
Travelex Topco Ltd.(a),(b)		880		—		—
Healthcare, Education and Childcare — 0.1%*:
Don Jersey Topco Ltd.(a),(b)		292,469		195,070		312,478
Mining, Steel, Iron and Non-Precious Metals — 0.0%*:
Boomerang Tube LLC(a)		1,769		171,860		—
Oil and Gas — 0.2%*:
Fieldwood Energy LLC		6,469		226,415		—
Fieldwood Energy LLC		26,365		568,599		—
Kelly Topco Ltd.(b)		7,801		327,642		538,269
Sabine Oil & Gas LLC(a)		394		22,597		5,122
Total Oil and Gas		41,029		1,145,253		543,391
Total Common Stocks		429,555		2,041,441		1,709,503
Warrant — 0.0%*:
Finance — 0.0%*:
Travelex Topco Ltd.(b)		285		—		28,485
Total Equities		429,840		2,041,441		1,737,988

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Fixed Income — 94.4%*:
Bank Loans — 89.9%*(c):
Aerospace and Defense — 0.9%*:
Peraton Holding Corp., 3M LIBOR + 3.750%		4.50	%		2/23/2028		435,170		432,994		434,809
Peraton Holding Corp., 3M LIBOR + 3.750%		4.50			2/1/2028		247,269		246,043		247,063
TransDigm Group, Inc., 1M LIBOR + 2.250%		2.36			12/9/2025		1,488,693		1,387,498		1,456,433
TransDigm Group, Inc., 1M LIBOR + 2.250%		2.36			5/30/2025		488,775		487,305		478,340
Total Aerospace and Defense							2,659,907		2,553,840		2,616,645
Automobile — 1.4%*:
BCA Marketplace plc, EURIBOR + 3.250%(b)		3.25			11/13/2026		1,000,000		1,203,426		1,159,871
BCA Marketplace plc, LIBOR - GBP + 4.750%(b)		4.80			11/13/2026		500,000		622,387		685,364
Clarios Global LP, 1M LIBOR + 3.250%		3.36			4/30/2026		1,110,511		1,109,963		1,098,017
Clarios Global LP, EURIBOR + 3.250%		3.25			4/30/2026		1,000,000		1,189,788		1,163,482
DexKo Global, Inc., 3M LIBOR + 3.500%		4.50			7/24/2024		301,109		302,406		300,281
Total Automobile							3,911,620		4,427,970		4,407,015
Beverage, Food and Tobacco — 2.8%*:
1011778 B.C. Unlimited Liability Co., 1M LIBOR + 1.750%(b)		1.86			11/19/2026		498,737		491,277		489,231

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):
Beverage, Food and Tobacco (continued):
Amphora Finance Ltd., LIBOR - GBP + 4.750%(b)		4.80	%		5/23/2025		500,000	$	662,104	$	651,561
CTI Foods Holding Co, LLC, 3M LIBOR + 7.000%(a)		8.00			5/3/2024		314,860		311,090		314,860
CTI Foods Holding Co, LLC, 3M LIBOR + 9.000%(a)		10.00			5/3/2024		206,410		206,410		194,025
Deoleo S.A., EURIBOR + 4.000%(b)		5.00			6/24/2025		116,529		131,392		133,807
Froneri International Ltd., EURIBOR + 2.625%(b)		2.63			1/31/2027		1,000,000		1,206,670		1,158,335
IRB Holding Corp., 3M LIBOR + 2.750%		3.75			2/5/2025		1,541,905		1,544,860		1,528,058
Sunshine Investments B.V., 3M LIBOR + 3.250%(b)		3.45			3/28/2025		154,302		153,861		153,273
Welbilt, Inc., 1M LIBOR + 2.500%		2.61			10/23/2025		2,000,000		1,857,703		1,910,000
Winebow Group, Inc. (The), 1M LIBOR + 3.750%		4.75			7/1/2021		2,272,916		2,257,245		2,245,641
Total Beverage, Food and Tobacco							8,605,659		8,822,612		8,778,791
Broadcasting and Entertainment — 5.1%*:
Altice USA, Inc., 1M LIBOR + 2.250%		2.36			7/17/2025		1,653,485		1,639,422		1,629,029
AVSC Holding Corp., 3M LIBOR + 5.500%		3.75			10/15/2026		509,131		466,744		460,448
Banijay Entertainment S.A.S, 1M LIBOR + 3.750%(b)		3.85			3/1/2025		1,305,747		1,309,506		1,290,509
Clear Channel Worldwide Holdings, Inc., 3M LIBOR + 3.500%		3.71			8/21/2026		2,970,985		2,906,422		2,849,680
Cumulus Media New Holdings Inc., 1M LIBOR + 3.750%		4.75			3/31/2026		1,495,806		1,484,587		1,474,610
iHeartCommunications, Inc., 1M LIBOR + 4.000%		4.75			5/1/2026		498,744		501,237		498,898
iHeartCommunications, Inc., 1M LIBOR + 3.000%		3.11			5/1/2026		1,491,200		1,455,306		1,471,859
Imagina Media Audiovisual, S.L., EURIBOR + 4.750%(b)		4.75			6/28/2025		312,606		358,604		325,718
Imagina Media Audiovisual, S.L., EURIBOR + 7.500%(b)		7.50			12/28/2025		500,000		552,641		420,220
Imagina Media Audiovisual, S.L., EURIBOR + 4.750%(b)		4.75			6/22/2025		187,394		214,968		195,254
Learfield Communications, Inc., 1M LIBOR + 3.250%		4.25			12/1/2023		1,974,227		1,858,526		1,813,169
RCN Cable, 1M LIBOR + 3.500%		4.25			9/25/2026		997,500		999,994		996,483
Technicolor SA, EURIBOR + 6.000%(b)		6.00			6/30/2024		405,158		401,966		496,291
Technicolor SA, EURIBOR + 3.000%(b)		3.00			12/31/2024		236,070		230,083		259,020
Terrier Media Buyer, Inc., 1M LIBOR + 3.500%		3.61			12/17/2026		1,473,277		1,471,699		1,458,751
Total Broadcasting and Entertainment							16,011,330		15,851,705		15,639,939
Buildings and Real Estate — 2.2%*:
Core & Main L.P., 3M LIBOR + 2.750%		3.75			8/1/2024		1,943,616		1,947,832		1,934,287
CP Atlas Buyer, Inc., 3M LIBOR + 3.750%		4.25			11/23/2027		753,815		754,736		748,282
Foundation Building Materials Holding Co. LLC, 1M LIBOR + 3.250%		3.75			1/29/2028		555,064		553,697		549,375

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):
Buildings and Real Estate (continued):
Park River Holdings, Inc., 3M LIBOR + 3.250%		4.00	%		12/28/2027		290,641	$	289,224	$	288,644
Quikrete Holdings, Inc., 1M LIBOR + 2.500%		2.61			1/31/2027		1,481,250		1,481,539		1,469,607
SRS Distribution, Inc., 1M LIBOR + 3.000%		3.11			5/23/2025		1,893,339		1,884,425		1,866,283
Total Buildings and Real Estate							6,917,725		6,911,453		6,856,478
Cargo Transport — 0.6%*:
Kenan Advantage Group, Inc., 1M LIBOR + 3.750%		4.50			3/18/2026		1,793,473		1,784,498		1,780,578
Chemicals, Plastics and Rubber — 4.3%*:
Allnex (Luxembourg) & Cy S.C.A., 1M LIBOR + 3.250%		4.00			9/13/2023		355,099		354,474		353,618
Allnex USA, Inc., 1M LIBOR + 3.250%		4.00			9/13/2023		267,527		267,057		266,412
Consolidated Energy Finance S.A., 1M LIBOR + 2.500%		2.61			5/7/2025		1,458,543		1,431,467		1,422,080
Diamond (BC) B.V., EURIBOR + 3.250%		3.25			9/6/2024		532,753		617,780		623,591
Flint Group GmbH, 3M LIBOR + 4.25% / 0.75% PIK(b)		5.00			9/21/2023		519,682		507,317		506,690
Flint Group GmbH, EURIBOR + 4.25% / 0.75% PIK(b)		5.00			9/21/2023		1,069,631		1,243,767		1,222,132
Flint Group US LLC, 3M LIBOR + 4.25% / 0.75% PIK(b)		5.00			9/21/2023		3,013,366		2,941,830		2,938,031
Gemini HDPE LLC, 3M LIBOR + 3.000%		3.50			12/31/2027		315,985		312,928		314,209
Graftech International Ltd., 1M LIBOR + 3.000%		3.50			2/12/2025		398,888		392,632		398,389
Ineos Quattro, EURiBOR + 2.750%(b)		2.75			1/21/2026		1,000,000		1,202,137		1,162,931
Novacap S.A., EURIBOR + 3.500%(b)		3.50			6/22/2023		1,000,000		1,138,816		1,164,878
Polar US Borrower, LLC, 3M LIBOR + 4.750%		4.86			10/16/2025		821,616		821,616		815,454
Solenis Holdings LLC, 3M LIBOR + 4.000%		4.19			6/26/2025		619,975		616,193		617,427
Trinseo Materials Operating S.C.A., 3M LIBOR + 2.500%(b)		2.69			3/18/2028		1,500,000		1,492,509		1,483,125
Total Chemicals, Plastics and Rubber							12,873,065		13,340,523		13,288,967
Containers, Packaging and Glass — 2.6%*:
Albea Beauty Holdings S.A., 3M LIBOR + 3.000%(b)		4.00			4/22/2024		201,196		201,068		193,148
Altium Packaging LLC, 3M LIBOR + 2.750%		3.25			2/3/2028		137,999		137,300		136,378
Berry Global, Inc., 1M LIBOR + 1.750%		1.90			7/1/2026		233,847		233,128		231,764
BWAY Holding Co., 3M LIBOR + 3.250%		3.44			4/3/2024		1,910,890		1,904,003		1,867,895
Flex Acquisition Company, Inc., 3M LIBOR + 3.250%		3.21			6/29/2025		842,165		821,312		827,427
Flex Acquisition Company, Inc., 1M LIBOR + 3.500%		4.00			2/23/2028		1,344,504		1,343,401		1,326,232
Graham Packaging Co. Inc., 1M LIBOR + 3.000%		3.75			8/4/2027		517,821		518,349		514,232
Hoffmaster Group, Inc., 1M LIBOR + 4.000%		5.00			11/21/2023		1,000,000		927,725		922,750

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):
Containers, Packaging and Glass (continued):
Reynolds Consumer Products LLC, 1M LIBOR + 1.750%		1.86	%		2/4/2027		247,266	$	247,007	$	245,906
TricorBraun Holdings, Inc., 3M LIBOR + 3.250%		3.75			3/3/2028		320,959		319,368		317,615
TricorBraun Holdings, Inc., 3M LIBOR + 3.250%		0.61			3/3/2028		2,406		2,394		2,381
Trident TPI Holdings, Inc., 3M LIBOR + 3.000%		4.00			10/5/2024		1,480,851		1,465,601		1,464,428
Total Containers, Packaging and Glass							8,239,904		8,120,656		8,050,156
Diversified/Conglomerate Manufacturing — 2.4%*:
Alliance Laundry Systems LLC, 3M LIBOR + 3.500%		4.25			10/8/2027		56,225		55,830		56,090
Alstom Auxiliary Components (Arvos), 3M LIBOR + 7.000%(b)		8.00			8/29/2023		120,421		120,350		97,692
Alstom Auxiliary Components (Arvos), 3M LIBOR + 5.500%(b)		6.50			8/29/2023		120,421		120,350		97,692
Amer Sports Oyj, EURIBOR + 4.500%(b)		4.50			3/30/2026		500,000		564,195		579,021
Boyd Corp., 1M LIBOR + 3.500%		3.61			9/6/2025		597,143		582,891		587,314
Energizer Holdings, Inc., 1M LIBOR + 2.250%		2.75			12/22/2027		639		633		638
Fluid-Flow Products, Inc., 1M LIBOR + 3.750%		3.94			3/16/2028		733,945		732,111		729,358
LSF10 XL Bidco S.C.A., EURIBOR + 4.000%(b)		4.00			10/12/2026		1,500,000		1,636,514		1,754,846
Project Alpha Intermediate Holding, Inc., 1M LIBOR + 4.000%		4.11			4/26/2024		1,348,200		1,350,458		1,343,144
SGB-SMIT Management GmbH, EURIBOR + 4.500%(b)		2.75			7/18/2024		504,927		517,712		529,954
Wilsonart LLC, 1M LIBOR + 3.500%		4.50			12/19/2026		1,000,000		995,005		996,900
Winterfell Financing Sarl, 1M LIBOR + 3.500%(b)		3.50			2/29/2028		500,000		603,318		581,659
Total Diversified/Conglomerate Manufacturing							6,981,921		7,279,367		7,354,308
Diversified/Conglomerate Service — 11.5%*:
Allied Universal Holdco LLC, 1M LIBOR + 4.250%		4.36			7/10/2026		522,804		519,386		520,974
CCRR Parent,, Inc., 3M LIBOR + 4.250%		5.00			3/5/2028		192,000		191,046		192,240
Cornerstone OnDemand, Inc., 1M LIBOR + 4.250%		4.36			4/22/2027		422,851		411,716		422,919
CRH plc, EURIBOR + 4.000%(b)		4.00			10/31/2026		600,000		714,330		701,566
Cvent, Inc., 2M LIBOR + 3.750%		3.90			11/29/2024		2,353,153		2,027,328		2,286,158
Delta TopCo, Inc., 3M LIBOR + 3.750%		4.50			12/1/2027		1,000,000		1,001,250		997,860
EAB Global, Inc., 6M LIBOR + 3.750%		4.75			11/15/2024		734,386		732,480		729,796
Element Materials Technology Group US Holdings Inc., 3M LIBOR + 4.250%		4.34			6/28/2024		500,000		679,965		675,514
Endure Digital Inc., 3M LIBOR + 3.500%		4.25			2/10/2028		1,468,806		1,460,219		1,451,547
Epicor Software Corp., 3M LIBOR + 3.250%		4.00			7/30/2027		306,456		306,251		305,335
Finastra USA, Inc., 6M LIBOR + 7.250%		8.25			6/13/2025		6,482		6,551		6,507
Finastra USA, Inc., 3M LIBOR + 3.500%		4.50			6/13/2024		3,422,897		3,319,809		3,351,153

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):
Diversified/Conglomerate Service (continued):
Greeneden U.S. Holdings II, LLC, 1M LIBOR + 4.000%		4.75	%		12/1/2027		2,484,502	$	2,484,173	$	2,482,639
Hyland Software, Inc., 1M LIBOR + 6.250%		7.00			7/26/2025		501,818		501,818		501,818
Hyland Software, Inc., 1M LIBOR + 3.500%		4.00			7/1/2024		1,000,000		1,001,250		998,440
I-Logic Technologies Bidco Ltd., 3M LIBOR + 4.000%		4.50			2/16/2028		1,914,757		1,913,752		1,898,003
IGT Holding IV AB, 1M LIBOR + 3.750%(b)		4.25			3/23/2028		689,655		687,931		687,069
Informatica LLC, 1M LIBOR + 3.250%		3.36			2/25/2027		990,000		985,813		981,585
Informatica LLC, 1M LIBOR + 7.130%		7.13			2/25/2025		350,242		348,869		357,467
Internet Brands, Inc, 1M LIBOR + 3.500%		3.61			9/13/2024		2,004,703		1,999,174		1,980,647
Mitchell International, Inc., 1M LIBOR + 3.250%		3.36			11/29/2024		1,982,156		1,945,723		1,948,578
Panther Commercial Holdings L.P, 3M LIBOR + 4.500%		4.71			1/7/2028		1,500,000		1,505,544		1,495,320
Project Leopard Holdings, Inc., 3M LIBOR + 4.750%		5.75			7/7/2023		1,457,751		1,461,220		1,451,920
Project Ruby Ultimate Parent Corp., 3M LIBOR + 3.250%		4.00			3/10/2028		328,645		327,007		327,140
Spin Holdco, Inc., 3M LIBOR + 4.000%		4.75			3/1/2028		697,026		691,839		690,551
Summer (BC) Holdco B S.a r.l, 3M LIBOR + 4.750%(b)		4.93			12/4/2026		997,475		997,475		992,906
Surf Holdings, LLC, 3M LIBOR + 3.500%(b)		3.68			3/5/2027		495,946		494,007		490,704
Syncsort, Inc. (Precisely), 3M LIBOR + 4.250%		5.00			3/19/2028		904,110		899,593		896,578
Team.Blue Finco SARL, EURIBOR + 3.750%(b)		3.75			3/31/2028		1,250,000		1,485,464		1,459,645
TMF Group Holding B.V., EURIBOR + 3.250%(b)		3.25			5/5/2025		1,500,000		1,787,235		1,737,730
Ultimate Software Group Inc(The), 3M LIBOR + 3.250%		4.00			5/4/2026		995,006		1,001,367		995,006
Verisure Holding AB, EURIBOR + 3.500%(b)		3.50			1/15/2028		875,000		1,055,527		1,021,351
Virtusa Corp., 1M LIBOR + 4.250%		5.00			2/11/2028		229,434		226,025		229,578
Weld North Education, LLC, 1M LIBOR + 4.000%		4.75			12/21/2027		353,274		351,568		352,366
Total Diversified/Conglomerate Service							35,031,335		35,522,705		35,618,610
Electronics — 4.8%*:
Ahead Data Blue, LLC, 3M LIBOR + 5.000%		6.00			10/13/2027		1,710,285		1,687,409		1,712,423
BY Crown Parent LLC, 1M LIBOR + 3.000%		4.00			1/30/2026		962,066		957,821		961,161
EXC Holdings III Corp., 3M LIBOR + 3.500%		4.50			12/1/2024		481,012		484,028		479,781
Imprivata,, Inc., 1M LIBOR + 3.750%		4.25			12/1/2027		47,326		46,758		47,186
ION Trading Finance Ltd., 3M LIBOR + 4.750%		4.94			3/26/2028		1,350,568		1,347,191		1,348,879
Ivanti Software, Inc., 3M LIBOR + 4.750%		5.75			12/1/2027		1,000,000		985,671		1,002,920
Omnitracs, Inc., 1M LIBOR + 2.750%		2.86			3/21/2025		1,960,058		1,953,237		1,906,157

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):
Electronics (continued):
Renaissance Holding Corp., 1M LIBOR + 3.250%		3.36	%		5/30/2025		1,226,874	$	1,217,417	$	1,195,184
Sophia, LP, 3M LIBOR + 3.750%		4.50			10/7/2027		842,748		841,587		841,694
SS&C Technologies Inc., 1M LIBOR + 1.750%		1.86			4/16/2025		468,818		468,076		463,544
Tibco Software Inc., 1M LIBOR + 3.750%		3.86			6/30/2026		1,989,987		1,961,592		1,962,008
Tibco Software Inc., 1M LIBOR + 7.250%		7.36			3/3/2028		385,441		383,768		389,153
Veritas US Inc., EURIBOR + 5.000%		6.00			9/1/2025		1,496,247		1,507,469		1,497,489
Veritas US Inc., EURIBOR + 4.750%		5.75			9/1/2025		746,255		883,833		877,977
Total Electronics							14,667,685		14,725,857		14,685,556
Finance — 0.7%*:
Deerfield Dakota Holding LLC, 1M LIBOR + 8.000%		9.00			4/7/2028		1,000,000		986,807		1,015,000
Tempo Acquisition LLC, 1M LIBOR + 2.750%		2.86			5/1/2024		1,076,033		1,078,269		1,073,483
Total Finance							2,076,033		2,065,076		2,088,483
Healthcare, Education and Childcare — 13.6%*:
AccentCare, Inc., 1M LIBOR + 5.000%		5.50			6/22/2026		217,540		216,503		217,540
ADMI Corp., 1M LIBOR + 3.250%		3.75			12/23/2027		196,609		197,488		194,698
Advanz Pharma Corp., 1M LIBOR + 5.500%(b)		6.50			9/6/2024		2,232,500		2,210,984		2,228,772
Advanz Pharma Corp., EURIBOR + 5.250%(b)		6.25			9/6/2024		475,000		549,927		552,632
Aenova Holding GmbH, EURIBOR + 5.000%(b)		5.00			3/6/2025		500,000		537,510		588,027
Amneal Pharmaceuticals LLC, 1M LIBOR + 3.500%		3.63			5/4/2025		1,465,621		1,388,379		1,437,099
Arbor Pharmaceuticals, Inc., 3M LIBOR + 5.000%		6.00			7/5/2023		1,229,092		1,229,887		1,186,688
Auris Luxembourg III S.a.r.l., EURIBOR + 4.000%(b)		4.00			2/27/2026		2,000,000		2,314,040		2,317,255
Auris Luxembourg III Sarl, 1M LIBOR + 3.750%(b)		3.86			2/27/2026		980,003		976,540		949,378
Aveanna Healthcare, LLC, 3M LIBOR + 5.500%		6.50			3/18/2024		1,267,446		1,258,921		1,264,278
Change Healthcare Holdings LLC, 3M LIBOR + 2.500%		3.50			3/1/2024		1,234,737		1,232,498		1,232,774
CTC AcquiCo GmbH, 3M LIBOR + 2.750%(b)		2.94			3/8/2025		1,250,000		1,233,502		1,215,937
Eagle Bidco Ltd., EURIBOR + 4.750%(b)		4.84			3/10/2028		500,000		693,142		687,576
Endo Luxembourg Finance Co. I S.a r.l., 3M LIBOR + 5.000%		5.75			3/10/2028		1,296,627		1,294,351		1,282,040
Envision Healthcare Corp., 1M LIBOR + 3.750%		3.86			10/10/2025		1,089,612		792,876		937,524
Fugue Finance B.V., EURIBOR + 3.250%(b)		3.25			9/1/2024		500,000		544,315		581,055
Gainwell Acquisition Corp., 3M LIBOR + 4.000%		4.75			10/1/2027		606,200		597,471		603,169

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):
Healthcare, Education and Childcare (continued):
Horizon Therapeutics USA Inc., 3M LIBOR + 2.000%		2.50	%		2/26/2028		895,522	$	893,292	$	892,388
Horizon Therapeutics USA, Inc., 1M LIBOR + 2.000%		2.13			5/22/2026		494,267		495,915		492,260
Indivior Finance Sarl, 3M LIBOR + 4.500%		5.50			12/18/2022		774,040		770,089		769,528
Lernen Bidco Ltd., EURIBOR + 4.250%(b)		4.25			10/25/2025		2,000,000		2,352,888		2,287,140
Lifescan Global Corp., 3M LIBOR + 6.000%		6.20			10/1/2024		1,227,353		1,193,671		1,189,047
Netsmart Technologies, Inc., 1M USD LIBOR + 4.000%		4.75			10/1/2027		1,000,000		1,001,266		998,750
Nidda Healthcare Holding AG, LIBOR - GBP + 4.500%(b)		4.56			8/21/2026		500,000		652,740		686,239
Nidda Healthcare Holding AG, EURIBOR + 3.500%(b)		3.50			8/21/2026		1,000,000		1,084,406		1,163,072
Ortho-Clinical Diagnostics SA, 1M LIBOR + 3.250%		3.36			6/30/2025		1,897,451		1,884,301		1,893,182
Parexel International Corp., 1M LIBOR + 2.750%		2.86			9/27/2024		1,717,488		1,699,180		1,696,294
Prometric Holdings, Inc., 3M LIBOR + 3.000%		4.00			1/29/2025		997,454		987,501		978,473
Radiology Partners, Inc., 3M LIBOR + 4.250%		4.79			7/9/2025		1,500,000		1,492,215		1,486,875
RegionalCare Hospital Partners Holdings, Inc., 1M LIBOR + 3.750%		3.86			11/16/2025		742,456		746,540		740,332
Rodenstock GmbH, EURIBOR + 5.250%(b)		5.25			6/15/2026		500,000		558,273		587,376
Surgery Center Holdings, Inc., 1M LIBOR + 3.250%		4.25			9/3/2024		1,979,526		1,978,721		1,958,187
Team Health Holdings, Inc., 1M LIBOR + 2.750%		3.75			2/6/2024		2,758,749		2,681,105		2,558,905
Tunstall Group Holdings Ltd., EURIBOR + 5.000%(b)		5.00			6/30/2025		321,190		377,864		370,381
U.S. Anesthesia Partners, Inc., 6M LIBOR + 3.000%		4.00			6/23/2024		997,409		989,629		983,695
Unilabs Holding AB, EURIBOR + 3.000%(b)		3.00			4/19/2024		500,000		577,519		581,331
US Radiology Specialists, Inc., 3M LIBOR + 5.500%		6.25			12/10/2027		800,529		785,148		801,282
Verscend Holding Corp., 1M LIBOR + 4.500%		4.61			8/27/2025		1,488,550		1,466,124		1,486,868
Total Healthcare, Education and Childcare							41,132,971		41,936,721		42,078,047
Home and Office Furnishings, Housewares, and Durable Consumer Products — 1.1%*:
Serta Simmons Bedding LLC, 1M LIBOR + 7.500%		8.50			8/10/2023		1,513,813		1,513,813		1,442,376
SIWF Holdings Inc., 1M LIBOR + 4.250%		4.36			6/15/2025		974,937		980,842		969,653
Staples, Inc., 3M LIBOR + 5.000%		5.19			4/16/2026		1,000,000		981,175		974,170
Total Home and Office Furnishings, Housewares, and Durable Consumer Products							3,488,750		3,475,830		3,386,199

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):
Hotels and Restaurants — 0.1%*:
City Brewing Company, LLC, 3M LIBOR + 3.500%		4.25	%		3/31/2028		437,190	$	435,004	$	436,097
Hotels, Motels, Inns and Gaming — 3.8%*:
Caesars Entertainment Corp., 1M LIBOR + 4.500%		4.61			7/21/2025		729,079		710,239		729,990
Caesars Resort Collection LLC, 1M LIBOR + 2.750%		2.86			12/23/2024		1,958,185		1,953,516		1,927,990
Casper BidCo SAS, EURIBOR + 3.875%(b)		3.88			7/31/2026		1,000,000		1,130,427		1,094,821
Compass IV Ltd., EURIBOR + 4.250%(b)		4.25			4/30/2025		500,000		600,047		580,856
Compass IV Ltd., EURIBOR + 8.000%(b)		9.00			4/30/2026		500,000		591,660		575,602
Golden Nugget, Inc., 2M LIBOR + 2.500%		3.25			10/4/2023		1,807,977		1,749,061		1,777,694
HNVR Holdco Ltd., EURIBOR + 4.250%(b)		4.25			9/12/2025		1,000,000		967,469		1,017,810
Penn National Gaming, Inc., 1M LIBOR + 2.250%		3.00			10/15/2025		1,773,999		1,770,820		1,764,295
Richmond UK Bidco Ltd., LIBOR - GBP + 4.250%(b)		4.36			3/3/2024		482,094		609,823		646,889
Rouge Beachhouse B.V., EURIBOR + 5.000%(b)		5.00			9/4/2025		500,000		586,575		584,333
Station Casinos LLC, 1M LIBOR + 2.250%		2.50			2/8/2027		996,484		969,584		979,494
Total Hotels, Motels, Inns and Gaming							11,247,818		11,639,221		11,679,774
Insurance — 4.0%*:
Acrisure LLC, 3M LIBOR + 3.500%		3.70			2/15/2027		1,984,981		1,960,516		1,958,521
Alliant Holdings Intermediate LLC, 1M LIBOR + 3.250%		3.36			5/9/2025		2,241,388		2,247,382		2,212,048
AmWINS Group, Inc., 1M LIBOR + 2.250%		3.00			2/19/2028		452,032		450,915		448,362
AssuredPartners Capital, Inc., 1M LIBOR + 3.500%		3.61			2/12/2027		1,743,857		1,751,167		1,722,791
Asurion LLC, 3M LIBOR + 3.250%		3.36			12/23/2026		2,992,500		2,985,019		2,971,672
Confie Seguros Holding II Co., 1M LIBOR + 8.500%		8.62			10/31/2025		1,633,627		1,612,161		1,592,786
Hub International Ltd., 3M LIBOR + 2.750%		3.22			4/25/2025		991,078		975,314		976,440
Ryan Specialty Group, LLC, 1M LIBOR + 3.000%		4.00			9/1/2027		435,173		429,170		434,446
Total Insurance							12,474,636		12,411,644		12,317,066
Leisure, Amusement, Entertainment — 7.3%*:
AMC Entertainment Holdings, Inc., 3M LIBOR + 3.000%		3.20			4/22/2026		1,259,809		1,015,856		1,085,401
Crown Finance US, Inc., 6M LIBOR + 2.500%		3.50			2/28/2025		2,064,084		2,048,127		1,759,673
Delta 2 (LUX) Sarl, 1M LIBOR + 2.500%(b)		3.50			2/1/2024		1,394,967		1,397,277		1,379,706
Dorna Sports, S.L., EURIBOR + 3.250%(b)		3.25			5/3/2024		2,478,282		2,909,297		2,878,788
Golden Entertainment, Inc., 1M LIBOR + 3.000%		3.75			10/21/2024		932,061		894,133		918,080

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):
Leisure, Amusement, Entertainment (continued):
International Park Holdings B.V., EURIBOR + 3.500%(b)		3.50	%		6/13/2024		500,000	$	580,575	$	558,094
Metro-Goldwyn-Mayer, Inc., 1M LIBOR + 4.500%		5.50			7/3/2026		3,000,000		2,982,845		2,984,070
Motion Finco Sarl, EURIBOR + 3.000%(b)		3.00			11/12/2026		1,000,000		1,106,510		1,119,342
Odeon Cinemas Group Ltd., EURIBOR + 10.750%(b)		10.75			8/19/2023		272,500		333,799		340,953
Parques Reunidos SAU, EURIBOR + 3.750%(b)		3.75			9/16/2026		500,000		546,070		550,225
Playtika Holding Corp., 1M LIBOR + 2.750%		2.94			3/13/2028		491,703		489,259		488,630
PUG LLC, 1M LIBOR + 3.500%		3.61			2/12/2027		1,468,081		1,450,660		1,414,863
SeaWorld Parks & Entertainment, Inc., 1M LIBOR + 3.000%		3.75			3/31/2024		2,501,137		2,495,959		2,456,192
Silk Bidco AS, EURIBOR + 4.000%(b)		4.00			2/24/2025		500,000		546,750		529,550
Vacalians Group, EURIBOR + 4.000%(b)		4.00			11/28/2025		500,000		565,350		528,266
Vue International Bidco plc, EURIBOR + 4.750%(b)		4.75			7/3/2026		923,797		1,025,479		959,955
William Morris Endeavor Entertainment, LLC, 1M LIBOR + 2.750%		2.86			5/18/2025		2,272,720		2,251,793		2,139,834
WMG Acquisition Corp., 1M LIBOR + 2.125%		2.23			1/20/2028		518,991		519,488		516,557
Total Leisure, Amusement, Entertainment							22,578,132		23,159,227		22,608,179
Machinery Non-Agriculture, Non-Construction, Non-Electronic — 1.8%*:
Alison Bidco Sarl, EURIBOR + 5.500%(b)		4.50			8/29/2023		842,914		979,292		842,377
Ammeraal Beltech Holding B.V., EURIBOR + 3.750%(b)		3.75			7/30/2025		1,000,000		1,205,699		1,161,946
Diebold,, Inc., EURIBOR + 3.000%		3.00			11/6/2023		1,500,000		1,730,996		1,722,990
Titan Acquisition Ltd., 6M LIBOR + 3.000%(b)		3.27			3/28/2025		1,940,870		1,939,598		1,898,812
Total Machinery Non-Agriculture, Non-Construction, Non-Electronic							5,283,784		5,855,585		5,626,125
Mining, Steel, Iron and Non-Precious Metals — 0.3%*:
Boomerang Tube, LLC, 3M LIBOR + 5.000%(a)		5.19			6/30/2022		64,538		64,538		—
US Silica Co., 1M LIBOR + 4.000%		5.00			5/1/2025		858,070		864,419		826,965
Total Mining, Steel, Iron and Non-Precious Metals							922,608		928,957		826,965
Oil and Gas — 0.6%*:
Buckeye Partners, L.P., 3M LIBOR + 2.250%		2.36			11/1/2026		393,754		393,754		391,702
Fieldwood Energy LLC, 1M LIBOR + 7.250%		Zero Coupon			4/11/2023		864,968		641,286		40,005
Gulf Finance LLC, 3M LIBOR + 5.250%		7.51			8/25/2023		1,611,153		1,543,705		1,330,345
Total Oil and Gas							2,869,875		2,578,745		1,762,052
Personal and Non-Durable Consumer Products Mfg. Only — 1.1%*:
Breitling Financing Sarl, EURIBOR + 3.500%(b)		3.50			7/11/2024		1,000,000		1,183,506		1,158,534
Coty Inc., 3M LIBOR + 2.250%		2.35			4/7/2025		917,555		896,389		880,431

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):
Personal and Non-Durable Consumer Products Mfg. Only (continued):
Journey Personal Care Corp., 3M LIBOR + 4.250%		5.00	%		3/1/2028		326,423	$	324,809	$	326,559
Triton Water Holdings, Inc., 3M LIBOR + 3.500%(b)		4.00			3/31/2028		1,040,462		1,035,273		1,035,583
Total Personal and Non-Durable Consumer Products Mfg. Only							3,284,440		3,439,977		3,401,107
Personal Transportation — 1.8%*:
American Airlines Group, Inc., 3M LIBOR + 4.750%		5.50			3/10/2028		1,013,024		987,031		1,036,770
American Airlines, Inc., 3M LIBOR + 1.750%		1.86			6/27/2025		500,000		445,000		440,940
American Airlines, Inc., 1M LIBOR + 2.000%		2.11			4/28/2023		1,969,282		1,962,448		1,873,891
Kestrel Bidco, Inc., 6M LIBOR + 3.000%(b)		4.00			12/11/2026		2,100,916		2,103,691		2,035,913
Naviera Armas SA, EURIBOR + 2.500%(a),(b)		5.00			7/31/2021		83,509		95,137		95,972
Naviera Armas SA, EURIBOR + 2.500%(a),(b)		2.37			4/30/2021		9,835		12,020		11,302
Naviera Armas SA, EURIBOR + 2.500%(a),(b)		5.00			4/30/2021		45,693		55,007		52,512
Total Personal Transportation							5,722,259		5,660,334		5,547,300
Printing and Publishing — 1.4%*:
Ascend Learning LLC, 1M LIBOR + 3.000%		4.00			7/12/2024		997,416		996,169		992,179
Houghton Mifflin Harcourt Publishing Co., 1M LIBOR + 6.250%		7.25			11/22/2024		284,443		276,095		283,200
McGraw-Hill Global Education Holdings, LLC, 3M LIBOR + 4.750%		5.75			11/1/2024		1,303,030		1,286,791		1,300,320
Springer Nature Deutschland GmbH, EURIBOR + 3.000%(b)		3.50			8/14/2026		1,592,363		1,927,842		1,860,361
Total Printing and Publishing							4,177,252		4,486,897		4,436,060
Retail Stores — 3.6%*:
Casino Guichard-Perrachon SA, EURIBOR + 5.500%(b)		5.50			1/31/2024		500,000		605,617		586,719
Casino Guichard-Perrachon SA, EURIBOR + 4.000%(b)		4.00			8/31/2025		850,000		993,710		998,221
CBI Buyer, Inc., 1M LIBOR + 3.250%		3.75			1/6/2028		1,477,425		1,483,172		1,468,191
EG Group Ltd., 1M LIBOR + 3.250%		4.75			3/10/2026		656,716		650,149		649,328
Eyemart Express LLC, 1M LIBOR + 3.000%		4.00			8/4/2024		974,748		977,209		968,275
Great Outdoors Group, LLC, 6M LIBOR + 4.250%		5.00			3/6/2028		1,995,000		1,992,552		1,995,998
Harbor Freight Tools USA, Inc., 1M LIBOR + 3.000%		3.75			10/19/2027		976,762		966,862		974,984
Peer Holding III B.V., EURIBOR + 3.500%(b)		3.50			1/16/2027		1,000,000		1,190,550		1,169,979
Petco Animal Supplies, Inc., 3M LIBOR + 3.250%		4.00			3/3/2028		2,231,707		2,221,820		2,221,598

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):
Retail Stores (continued):
PetSmart, Inc., 3M LIBOR + 3.750%		4.50	%		2/12/2028		192,328	$	190,434	$	191,886
Total Retail Stores							10,854,686		11,272,075		11,225,179
Telecommunications — 8.9%*:
Altice Financing SA, EURIBOR + 2.750%(b)		2.75			1/31/2026		997,423		1,196,836		1,148,846
Banff Merger Sub, Inc., 1M LIBOR + 3.750%		3.86			10/2/2025		1,868,579		1,866,197		1,859,236
CCI Buyer, Inc., 3M LIBOR + 4.000%		4.75			12/17/2027		2,304,519		2,323,833		2,306,685
CenturyLink, Inc., 1M LIBOR + 2.250%		2.36			3/15/2027		1,535,472		1,474,922		1,517,522
CommScope, Inc., 1M LIBOR + 3.250%		3.36			4/6/2026		1,977,352		1,972,618		1,962,621
Consolidated Communications, Inc., 1M LIBOR + 4.750%		5.75			10/2/2027		974,737		971,730		974,230
DG Investment Intermediate Holdings 2, Inc., 1M LIBOR + 3.750%		4.50			3/17/2028		1,090,909		1,085,461		1,084,778
Digicel International Finance Ltd., 6M LIBOR + 3.250%(b)		3.51			5/28/2024		151,036		151,663		143,233
Eagle Broadband Investments LLC, 3M LIBOR + 3.000%		3.75			11/12/2027		453,402		449,094		451,892
ION Trading Technologies S.a.r.l., EURIBOR + 4.250%		4.25			3/26/2028		900,000		1,061,954		1,053,319
ION Trading Technologies S.a.r.l., EURIBOR + 3.250%		4.25			11/21/2024		1,356,438		1,540,226		1,589,247
Level 3 Financing Inc., 1M LIBOR + 1.750%		1.86			3/1/2027		1,000,000		998,772		986,250
Lorca Finco plc, EURIBOR + 4.250%(b)		4.25			9/17/2027		500,000		580,831		586,590
Rackspace Hosting, Inc., 3M LIBOR + 2.750%		3.50			2/15/2028		1,247,182		1,243,516		1,235,097
Syniverse Technologies, Inc., 3M LIBOR + 5.000%		6.00			3/9/2023		1,110,177		1,114,310		1,093,647
Syniverse Technologies, Inc., 3M LIBOR + 9.000%		10.00			3/11/2024		2,175,482		1,877,158		2,118,376
TDC A/S, EURIBOR + 3.000%(b)		3.00			6/4/2025		1,000,000		1,209,968		1,168,385
Virgin Media SFA Finance Ltd., LIBOR - GBP + 3.250%(b)		3.30			11/15/2027		2,250,000		3,098,497		3,058,608
Zayo Group Holdings, Inc., 1M LIBOR + 3.000%		3.11			3/9/2027		860,786		858,960		853,237
Ziggo B.V., EURIBOR + 3.000%(b)		3.00			1/31/2029		2,000,000		2,394,958		2,329,287
Total Telecommunications							25,753,494		27,471,504		27,521,086
Utilities — 1.2%*:
Astoria Energy LLC, 3M LIBOR + 3.500%		4.50			12/10/2027		711,858		708,399		711,602
Calpine Corp., 1M LIBOR + 2.000%		2.11			8/12/2026		219,509		218,666		216,921
Edgewater Generation, L.L.C., 1M LIBOR + 3.750%		3.86			12/13/2025		1,597,171		1,579,666		1,575,785
Techem Verwaltungsgesellschaft 675 mbH, EURIBOR + 2.630%(b)		2.63			7/15/2025		1,000,000		1,215,728		1,166,520
Total Utilities							3,528,538		3,722,459		3,670,828
Total Bank Loans							273,526,090		279,880,442		277,687,590
Corporate Bonds — 4.5%*:
Automobile — 0.0%*:
RAC Bond Co. plc(b)		5.00			11/6/2022		100,000		126,275		137,900

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Beverage, Food and Tobacco — 0.6%*:
Boparan Finance plc(b)		7.63	%		11/30/2025		500,000	$	674,680	$	678,615
Picard Groupe SAS, EURIBOR + 3.000%(b)		3.00	(d)		11/30/2023		1,000,000		1,196,502		1,171,047
Total Beverage, Food and Tobacco							1,500,000		1,871,182		1,849,662
Broadcasting and Entertainment — 0.5%*:
Banijay Entertainment SASU(b)		3.50			3/1/2025		500,000		608,175		589,575
Tele Columbus AG(b)		3.88			5/2/2025		800,000		873,995		952,232
Total Broadcasting and Entertainment							1,300,000		1,482,170		1,541,807
Diversified/Conglomerate Manufacturing — 0.3%*:
Fabric BC SpA, EURIBOR + 4.125%(b)		4.13	(d)		8/31/2026		100,000		109,975		117,427
Galapagos S.A.(a),(b),(e)		4.21			6/15/2021		20,000		27,263		—
Mangrove Luxco III Sarl(b)		7.78			10/9/2025		265,415		253,111		265,731
Trivium Packaging Finance BV, EURIBOR + 3.750%(b)		3.75	(d)		8/15/2026		400,000		482,340		469,250
Total Diversified/Conglomerate Manufacturing							785,415		872,689		852,408
Diversified/Conglomerate Service — 0.7%*:
Algeco Global Finance PLC, EURIBOR + 6.250%(b)		6.25	(d)		2/15/2023		150,000		183,880		175,923
Brunello Bidco SpA, EURIBOR + 3.750%(b)		3.75	(d)		2/15/2028		200,000		242,130		234,423
Carlson Travel, Inc., EURIBOR + 4.750%		4.75	(d)		6/15/2025		1,200,000		1,371,575		1,210,226
Verisure Holding AB(b)		3.25			2/15/2027		450,000		543,533		531,673
Total Diversified/Conglomerate Service							2,000,000		2,341,118		2,152,245
Finance — 0.2%*:
Cabot Financial Luxembourg SA		7.50			10/1/2023		132,312		178,401		186,101
Travelex Financing plc(a),(b),(e)		8.00			5/15/2022		250,000		274,580		—
Travelex Issuerco Ltd.(b)		12.50			8/5/2025		116,600		129,242		281,303
Total Finance							498,912		582,223		467,404
Healthcare, Education and Childcare — 0.1%*:
Tenet Healthcare Corp.		4.63			7/15/2024		255,000		254,435		259,271
US Acute Care Solutions LLC(f)		6.38			3/1/2026		34,000		34,000		35,275
Total Healthcare, Education and Childcare							289,000		288,435		294,546
Home and Office Furnishings, Housewares, and Durable Consumer Products — 0.2%*:
LSF9 Balta Issuer SARL(b)		8.75			12/31/2024		355,500		423,735		415,332
Staples, Inc.(f)		7.50			4/15/2026		300,000		311,616		316,500
Total Home and Office Furnishings, Housewares, and Durable Consumer Products							655,500		735,351		731,832
Hotels, Motels, Inns and Gaming — 0.2%*:
TVL Finance plc, 3M GBP LIBOR + 5.375%(b)		5.40	(d)		7/15/2025		600,000		759,686		761,400
Leisure, Amusement, Entertainment — 0.3%*:
CPUK Finance Ltd.(b)		4.88			8/28/2025		600,000		790,823		833,363

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Leisure, Amusement, Entertainment (continued):
CPUK Finance Ltd.(b)		6.50	%		8/28/2026		100,000	$	126,233	$	145,453
Total Leisure, Amusement, Entertainment							700,000		917,056		978,816
Oil and Gas — 0.3%*:
CGG Holding US, Inc.(b),(f)		9.00			5/1/2023		500,000		512,197		513,500
KCA Deutag UK Finance plc(b)		9.88			12/1/2025		390,061		390,061		426,630
Total Oil and Gas							890,061		902,258		940,130
Personal Transportation — 0.1%*:
Naviera Armas S.A., EURIBOR + 6.500%(b)		6.50	(d)		7/31/2023		250,000		290,587		175,501
Naviera Armas SA, EURIBOR + 4.250%(b)		4.25	(d)		11/15/2024		250,000		296,118		178,432
Total Personal Transportation							500,000		586,705		353,933
Retail Stores — 0.6%*:
Bellis Acquisition Co. plc(b)		3.25			2/16/2026		300,000		414,990		415,151
EG Global Finance plc(b)		6.25			3/30/2026		580,000		808,056		795,590
House of Fraser Funding plc(b),(e)		1.00			9/15/2020		300,000		434,213		12,408
NMG Holding Co., Inc. / Neiman Marcus Group LLC(f)		7.13			4/1/2026		282,000		282,000		287,640
Takko Luxembourg 2 SCA(b)		5.38			11/15/2023		350,000		387,511		362,201
Total Retail Stores							1,812,000		2,326,770		1,872,990
Telecommunications — 0.2%*:
United Group BV(b)		4.00			11/15/2027		500,000		603,503		579,087
Utilities — 0.2%*:
Viridian Group Finance Co. PLC/Viridian Power & Energy(b)		4.75			9/15/2024		350,000		436,149		487,335
Total Corporate Bonds							12,480,888		14,831,570		14,001,495
Total Fixed Income							286,006,978		294,712,012		291,689,085
Total Investments							286,436,818		296,753,453		293,427,073
Other assets and liabilities – 5.0%*											15,370,717
Net Assets – 100.0%										$	308,797,790

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

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

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

(b) Foreign security.

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

United States	69.7	%
United Kingdom	9.5	%
Germany	6.2	%
France	3.2	%
Netherlands	3.1	%
Spain	2.5	%
Denmark	1.5	%
Canada	1.5	%
Other (Individually less than 1%)	2.8	%
Total	100.0	%

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

(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, 2021. Bank loans are also subject to mandatory and/or optional prepayment which cannot be predicted. As a result, the remaining maturity may be substantially less than the stated maturity shown.

(d) Variable rate security. The interest rate shown is the rate in effect at March 31, 2021.

(e) Defaulted security.

(f) 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.

A summary of outstanding derivatives at March 31, 2021 is as follows:

Forward Foreign Currency Exchange Contracts to Sell

EXPIRATION DATE		COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION
	4/15/21	Canadian Impeial Bank of Commece		EUR	36,629,822	$	42,963,803	$	43,679,103	$	715,300
	4/15/21	Morgan Stanley & Co.		EUR	458,750		538,077		540,397		2,320
	4/15/21	Canadian Impeial Bank of Commece		GBP	7,591,847		10,466,414		10,498,181		31,767
	Net unrealized appreciation on forward foreign currency exchange contracts to sell									$	749,387

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, 2021

	SHARES		COST		FAIR VALUE
Equities — 1.2%*:
Common Stocks — 1.2%*:
Broadcasting and Entertainment — 0.0%*:
Technicolor SA(a)		14,662	$	175	$	48,324
Diversified/Conglomerate Service — 0.0%*:
Innovation International Holding Ltd.(a),(b)		142,479		—		—
Finance — 0.0%*:
Travelex Topco Ltd.(a),(b)		4,560		—		—
Healthcare, Education and Childcare — 0.2%*:
Don Jersey Topco Ltd.(a),(b)		257,069		171,459		274,656
MModal, Inc., Escrow rights(b)		4,725		10,631		3,213
Total Healthcare, Education and Childcare		261,794		182,090		277,869
Mining, Steel, Iron and Non-Precious Metals — 0.0%*:
Boomerang Tube LLC(b)		1,769		171,860		—
Oil and Gas — 0.6%*:
Fieldwood Energy LLC		15,071		325,033		—
Fieldwood Energy LLC		3,698		129,430		—
Kelly Topco Ltd.(a)		6,999		293,958		482,931
Tourmaline Oil Corp.(a)		28,412		398,991		540,794
Tourmaline Oil Corp.(a),(b)		122,953		—		97,838
Total Oil and Gas		177,133		1,147,412		1,121,563
Retail Stores — 0.4%*:
Maxeda DIY B.V.(a),(b)		10,446		—		176,768
Maxeda DIY B.V.(a),(b)		18,859,871		373,738		442,339
Total Retail Stores		18,870,317		373,738		619,107
Total Common Stocks		19,472,714		1,875,275		2,066,863
Warrant — 0.0%*:
Finance — 0.0%*:
Travelex Topco Ltd.(a)		837		—		83,657
Total Equities		19,473,551		1,875,275		2,150,520

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Fixed Income — 92.7%*:
Asset-Backed Securities — 7.7%*:
CDO/CLO — 7.7%*:
Alinea CLO 2018-1 Ltd., 3M USD LIBOR + 6.000%(c)		6.22	(d)%		7/20/2031		1,250,000		1,250,000		1,207,915
Anchorage Capital CLO Ltd. 2015-6A ER, 3M USD LIBOR + 6.350%(c)		6.59	(d)		7/15/2030		500,000		511,508		481,732
Ares XLVIII CLO, 3M USD LIBOR + 5.200%(c)		5.42	(d)		7/20/2030		800,000		800,000		748,438
Blackrock European CLO, EURIBOR + 5.170%(a)		5.17	(d)		10/15/2031		725,000		804,613		822,576
Cairn CLO XI DAC, EURIBOR + 4.150%(a),(c)		4.15	(d)		7/15/2035		1,000,000		1,107,100		1,178,576
CBAM Ltd. 2017-3A E, 3M USD LIBOR + 6.500%(c)		6.72	(d)		10/17/2029		750,000		750,000		728,672

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (continued):
CDO/CLO (continued):
CIFC Funding Ltd. 2017-5A D, 3M USD LIBOR + 6.100%(c)		6.32	(d) %		11/16/2030		500,000	$	500,000	$	487,709
Galaxy XXIV CLO Ltd. 2017-24A E, 3M USD LIBOR + 5.500%(c)		5.74	(d)		1/15/2031		700,000		700,000		651,664
Madison Park Funding XIII Ltd. 2014-13A(c)		Zero Coupon			4/19/2030		500,000		434,347		215,969
Madison Park Funding XXVII Ltd., 3M USD LIBOR + 5.000%(c)		5.22	(d)		4/20/2030		500,000		500,000		457,009
Madison Park Funding XXVIII Ltd., 3M USD LIBOR + 7.600%(c)		7.84	(d)		7/15/2030		500,000		496,092		461,517
Magnetite VII Ltd.(c)		Zero Coupon			1/15/2028		2,000,000		1,587,600		1,009,520
Oak Hill Credit Partners X Ltd. 2014-10A(c)		Zero Coupon			12/12/2030		1,400,000		955,907		609,896
Steele Creek CLO Ltd. 2018-2A E, 3M USD LIBOR + 6.200%(c)		6.39	(d)		8/18/2031		850,000		850,000		736,964
THL Credit Wind River CLO Ltd. 2017-4A E, 3M USD LIBOR + 5.800%(c)		5.98	(d)		11/20/2030		500,000		500,000		466,323
THL Credit Wind River CLO Ltd. 2018-2A E, 3M USD LIBOR + 5.750%(c)		5.99	(d)		7/15/2030		1,450,000		1,450,000		1,342,626
Wellfleet CLO Ltd. 2017-3A D, 3M USD LIBOR + 5.550%(c)		5.77	(d)		1/17/2031		1,000,000		1,000,000		909,511
Wellfleet CLO Ltd. 2018-1, 3M USD LIBOR + 5.500%(c)		5.72	(d)		7/17/2031		1,000,000		1,000,000		905,336
Total CDO/CLO							15,925,000		15,197,167		13,421,953
Total Asset-Backed Securities							15,925,000		15,197,167		13,421,953
Bank Loans — 47.3%*(e):
Aerospace and Defense — 0.9%*:
Peraton Holding Corp., 3M LIBOR + 3.750%		4.50			2/1/2028		247,269		245,528		247,063
Peraton Holding Corp., 3M LIBOR + 3.750%		4.50			2/23/2028		435,170		432,994		434,809
TransDigm Group, Inc., 1M LIBOR + 2.250%		2.36			5/31/2025		977,550		974,609		956,680
Total Aerospace and Defense							1,659,989		1,653,131		1,638,552
Automobile — 1.4%*:
BCA Marketplace plc, LIBOR - GBP + 4.750%(a)		4.80			11/13/2026		500,000		622,387		685,364
Clarios Global LP, EURIBOR + 3.250%		3.25			4/30/2026		500,000		594,894		581,741
Clarios Global LP, 1M LIBOR + 3.250%		3.36			4/30/2026		1,101,352		1,100,801		1,088,962
Total Automobile							2,101,352		2,318,082		2,356,067
Beverage, Food and Tobacco — 1.4%*:
Deoleo S.A., EURIBOR + 4.000%(a)		5.00			6/24/2025		116,529		131,392		133,807
IRB Holding Corp., 3M LIBOR + 2.750%		2.95			2/2/2025		1,193,663		1,195,951		1,182,944
Winebow Group, Inc. (The), 1M LIBOR + 3.750%		4.75			7/1/2021		1,166,646		1,156,202		1,152,646
Total Beverage, Food and Tobacco							2,476,838		2,483,545		2,469,397
Broadcasting and Entertainment — 1.8%*:
Altice USA, Inc., 1M LIBOR + 2.500%		2.61			4/15/2027		992,481		962,331		979,370

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):
Broadcasting and Entertainment (continued):
Clear Channel Worldwide Holdings, Inc., 3M LIBOR + 3.500%		3.71	%		8/21/2026		1,542,303	$	1,463,930	$	1,479,331
Technicolor SA, EURIBOR + 6.000%(a)		6.00			6/30/2024		153,212		165,892		195,393
Technicolor SA, EURIBOR + 6.000%(a)		12.00			6/30/2024		130,661		125,495		168,166
Technicolor SA, 6M LIBOR + 6.000%, PIK(a)		12.23			6/30/2024		121,286		110,578		132,733
Terrier Media Buyer, Inc., 1M LIBOR + 3.500%		3.61			12/17/2026		259,284		258,707		256,728
Total Broadcasting and Entertainment							3,199,227		3,086,933		3,211,721
Buildings and Real Estate — 0.3%*:
Foundation Building Materials Holding Co. LLC, 1M LIBOR + 3.250%		3.75			1/29/2028		186,434		185,974		184,522
SRS Distribution, Inc., 1M LIBOR + 3.000%		3.11			5/23/2025		349,942		343,783		344,942
Total Buildings and Real Estate							536,376		529,757		529,464
Chemicals, Plastics and Rubber — 2.2%*:
Flint Group GmbH, EURIBOR + 4.25% / 0.75% PIK(a)		5.00			9/21/2023		1,599,433		1,895,899		1,827,470
Gemini HDPE LLC, 3M LIBOR + 3.000%		3.50			12/28/2027		113,189		112,094		112,553
Novacap S.A., EURIBOR + 3.500%(a)		3.50			6/22/2023		500,000		581,062		582,439
Solenis Holdings LLC, 3M LIBOR + 4.000%		4.19			6/26/2025		240,319		238,853		239,331
Solenis Holdings LLC, 3M LIBOR + 8.500%		8.69			6/26/2026		47,145		46,218		47,101
Trinseo Materials Operating S.C.A., 3M LIBOR + 2.500%		2.69			3/18/2028		1,000,000		995,006		988,750
Total Chemicals, Plastics and Rubber							3,500,086		3,869,132		3,797,644
Containers, Packaging and Glass — 2.2%*:
Albea Beauty Holdings S.A., 3M LIBOR + 3.000%(a)		4.00			4/22/2024		66,906		66,863		64,229
Altium Packaging LLC, 3M LIBOR + 2.750%		3.25			2/3/2028		47,385		47,144		46,828
Berry Global, Inc., 1M LIBOR + 1.750%		1.90			7/1/2026		584,727		582,929		579,517
BWAY Holding Co., 3M LIBOR + 3.250%		3.44			4/3/2024		1,298,954		1,298,738		1,269,728
CCP Lux Holding S.a. r.l., EURIBOR + 4.250%(a)		4.25			1/10/2025		874,946		984,087		1,012,454
Graham Packaging Co. Inc., 1M LIBOR + 3.000%		3.75			8/4/2027		182,249		182,433		180,986
Reynolds Consumer Products LLC, 1M LIBOR + 1.750%		1.86			2/4/2027		96,269		96,169		95,740
TricorBraun Holdings, Inc., 3M LIBOR + 3.250%		0.50			3/3/2028		821		817		813
TricorBraun Holdings, Inc., 3M LIBOR + 3.250%		3.75			3/3/2028		109,561		109,018		108,420
Trident TPI Holdings, Inc., 3M LIBOR + 3.000%		4.00			10/17/2024		492,366		484,115		486,906
Total Containers, Packaging and Glass							3,754,184		3,852,313		3,845,621
Diversified/Conglomerate Manufacturing — 1.8%*:
Alliance Laundry Systems LLC, 3M LIBOR + 3.500%		4.25			10/8/2027		42,415		42,117		42,313

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):
Diversified/Conglomerate Manufacturing (continued):
Alstom Auxiliary Components (Arvos), 3M LIBOR + 5.500%(a)		6.50	%		8/29/2021		313,403	$	311,187	$	254,248
Alstom Auxiliary Components (Arvos), 3M LIBOR + 7.000%(a)		6.50			8/29/2023		313,402		311,187		254,248
Amer Sports Oyj, EURIBOR + 4.500%(a)		4.50			3/30/2026		600,000		667,905		694,825
Averys, EURIBOR + 3.750%(a)		3.75			9/29/2025		500,000		581,442		569,809
Boyd Corp., 1M LIBOR + 3.500%		3.61			9/6/2025		740,888		731,103		728,693
Winterfell Financing Sarl, 1M LIBOR + 3.500%(a)		3.50			2/29/2028		500,000		603,318		581,659
Total Diversified/Conglomerate Manufacturing							3,010,108		3,248,259		3,125,795
Diversified/Conglomerate Service — 5.4%*:
CRH plc, EURIBOR + 4.000%(a)		4.00			10/31/2026		400,000		476,220		467,710
Cvent, Inc., 2M LIBOR + 3.750%		3.90			11/29/2024		992,322		875,252		964,071
EAB Global, Inc., 6M LIBOR + 3.750%		4.75			9/29/2024		106,610		106,334		105,944
Endure Digital Inc., 3M LIBOR + 3.500%		4.25			2/10/2028		161,607		160,799		159,708
Finastra USA, Inc., 3M LIBOR + 3.500%		4.50			6/13/2024		810,929		812,330		793,932
Greeneden U.S. Holdings II, LLC, 1M LIBOR + 4.000%		4.75			12/1/2027		127,951		126,728		127,856
Hyland Software, Inc., 1M LIBOR + 3.500%		4.25			7/1/2024		977,444		970,736		975,919
Hyland Software, Inc., 1M LIBOR + 6.250%		7.00			7/26/2025		250,909		250,909		250,909
IGT Holding IV AB, 1M LIBOR + 3.750%		4.25			3/23/2028		459,770		458,621		458,046
Informatica LLC, 1M LIBOR + 3.250%		3.36			2/25/2027		367,553		365,999		364,429
Informatica LLC, 1M LIBOR + 7.130%		7.13			2/25/2025		133,523		132,999		136,277
Innovation Group plc (The), EURIBOR + 6.000%(a),(b)		6.00			9/30/2025		173,626		64,014		92,032
Innovation Group plc (The), EURIBOR + 6.000%(a),(b)		6.10			9/30/2025		64,931		35,810		40,460
Innovation Group plc (The), EURIBOR + 10.000%(a),(b)		10.10			9/30/2025		28,430		38,913		39,193
Internet Brands, Inc, 1M LIBOR + 3.500%		3.61			9/13/2024		978,411		968,619		966,670
Mitchell International, Inc., 1M LIBOR + 3.250%		3.36			11/29/2024		982,278		930,354		965,639
Spin Holdco, Inc., 3M LIBOR + 4.000%		4.75			3/1/2028		697,026		691,839		690,551
Syncsort, Inc. (Precisely), 3M LIBOR + 4.250%		5.00			3/19/2028		904,110		899,593		896,578
TMF Group Holding B.V., EURIBOR + 6.875%(a)		6.88			5/4/2026		500,000		543,374		578,657
Ultimate Software Group Inc(The), 3M LIBOR + 3.250%		4.00			5/4/2026		370,291		372,658		370,291
Total Diversified/Conglomerate Service							9,487,721		9,282,101		9,444,872
Ecological — 0.0%*:
GFL Environmental Inc., 3M LIBOR + 3.000%		3.50			5/30/2025		66,728		66,763		66,728
Electronics — 2.6%*:
Ahead Data Blue, LLC, 3M LIBOR + 5.000%		6.00			10/13/2027		238,495		229,555		238,793

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):
Electronics (continued):
BY Crown Parent LLC, 1M LIBOR + 3.000%		4.00	%		1/30/2026		711,126	$	707,988	$	710,457
ION Trading Finance Ltd., 3M LIBOR + 4.750%		4.94			3/26/2028		999,445		996,946		998,196
Ivanti Software, Inc., 3M LIBOR + 4.750%		5.75			12/1/2027		530,916		523,309		532,466
Omnitracs, Inc., 1M LIBOR + 2.750%		2.86			3/21/2025		355,822		356,334		346,037
Renaissance Holding Corp., 1M LIBOR + 3.250%		3.36			5/31/2025		472,552		473,486		460,346
Sophia, LP, 3M LIBOR + 3.750%		4.50			10/6/2027		115,901		115,090		115,757
Tibco Software Inc., 1M LIBOR + 3.750%		3.86			6/30/2026		992,500		962,773		978,545
Tibco Software Inc., 1M LIBOR + 7.250%		7.36			3/3/2028		146,643		146,006		148,055
Total Electronics							4,563,400		4,511,487		4,528,652
Finance — 0.5%*:
Deerfield Dakota Holding LLC, 1M LIBOR + 8.000%		9.00			4/7/2028		410,077		404,667		416,228
Tempo Acquisition LLC, 1M LIBOR + 2.750%		2.86			5/1/2024		482,801		483,894		481,657
Total Finance							892,878		888,561		897,885
Healthcare, Education and Childcare — 7.5%*:
Advanz Pharma Corp., 1M LIBOR + 5.500%(a)		6.50			9/6/2024		1,757,500		1,744,741		1,754,565
Aenova Holding GmbH, EURIBOR + 5.000%(a)		5.00			3/6/2025		500,000		537,659		588,027
Auris Luxembourg III S.a.r.l., EURIBOR + 4.000%(a)		4.00			2/27/2026		1,000,000		1,105,172		1,158,628
CeramTec AcquiCo GmbH, EURIBOR + 2.500%(a)		2.50			3/8/2025		500,000		595,202		573,210
Change Healthcare Holdings LLC, 3M LIBOR + 2.500%		3.50			3/1/2024		611,593		609,304		610,621
Eagle Bidco Ltd., EURIBOR + 4.750%(a)		4.84			3/10/2028		500,000		693,142		687,576
Endo Luxembourg Finance Co. I S.a r.l., 3M LIBOR + 5.000%		5.75			3/11/2028		606,893		605,828		600,065
Fugue Finance B.V., EURIBOR + 3.250%(a)		3.25			8/31/2024		750,000		853,267		871,583
Gainwell Acquisition Corp., 3M LIBOR + 4.000%		4.75			10/12/2027		190,272		187,532		189,321
Lernen Bidco Ltd., EURIBOR + 4.250%(a)		4.25			10/25/2025		1,000,000		1,185,757		1,143,570
Lifescan Global Corp., 3M LIBOR + 6.000%		6.24			9/28/2024		159,568		156,763		154,588
Orphea Ltd., 3M GBP LIBOR + 4.500%(a)		4.59			7/21/2023		500,000		698,520		687,218
Ortho-Clinical Diagnostics SA, 1M LIBOR + 3.250%		3.36			6/30/2025		393,065		393,183		392,180
Parexel International Corp., 1M LIBOR + 2.750%		2.86			9/29/2024		804,920		797,469		794,988
Radiology Partners, Inc., 3M LIBOR + 4.250%		4.79			7/9/2025		1,000,000		929,804		991,250
RegionalCare Hospital Partners Holdings, Inc., 1M LIBOR + 3.750%		3.86			11/16/2025		413,275		415,529		412,093

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):
Healthcare, Education and Childcare (continued):
Rodenstock GmbH, EURIBOR + 5.250%(a)		5.25	%		6/15/2026		500,000	$	558,273	$	587,376
Sunshine Luxembourg VII SARL, 3M LIBOR + 3.750%(a)		4.50			10/1/2026		150,943		150,566		150,641
Tunstall Group Holdings Ltd., EURIBOR + 5.000%(a)		5.00			6/30/2025		282,314		332,128		325,551
U.S. Anesthesia Partners, Inc., 6M LIBOR + 3.000%		4.00			6/23/2024		488,521		489,411		481,803
Total Healthcare, Education and Childcare							12,108,864		13,039,250		13,154,854
Home and Office Furnishings, Housewares, and Durable Consumer Products — 0.8%*:
Hilding Anders International AB, EURIBOR + 5.000%(a)		5.75			11/30/2024		506,016		469,042		451,635
Serta Simmons Bedding LLC, 1M LIBOR + 7.500%		8.50			8/10/2023		1,068,375		1,068,375		1,017,958
Total Home and Office Furnishings, Housewares, and Durable Consumer Products							1,574,391		1,537,417		1,469,593
Hotels and Restaurants — 0.2%*:
City Brewing Company, LLC, 3M LIBOR + 3.500%		4.25			3/31/2028		291,460		290,003		290,731
Hotels, Motels, Inns and Gaming — 2.6%*:
Caesars Entertainment Corp., 1M LIBOR + 4.500%		4.61			7/21/2025		249,454		243,007		249,765
Caesars Resort Collection LLC, 1M LIBOR + 2.750%		2.86			12/23/2024		1,465,909		1,458,629		1,443,305
Casper BidCo SAS, EURIBOR + 3.875%(a)		3.88			7/30/2026		500,000		542,953		547,410
Compass IV Ltd., EURIBOR + 4.250%(a)		4.25			4/30/2025		500,000		600,047		580,856
HNVR Holdco Ltd., EURIBOR + 4.250%(a)		4.25			9/12/2025		1,000,000		963,948		1,017,810
Richmond UK Bidco Ltd., LIBOR - GBP + 4.250%(a)		4.36			3/3/2024		550,000		673,407		738,008
Total Hotels, Motels, Inns and Gaming							4,265,363		4,481,991		4,577,154
Insurance — 2.1%*:
Acrisure LLC, 3M LIBOR + 3.500%		3.70			2/15/2027		496,241		475,236		489,626
AssuredPartners Capital, Inc., 1M LIBOR + 3.500%		3.62			2/13/2027		963,807		967,847		952,164
Asurion LLC, 1M LIBOR + 3.000%		3.11			11/3/2023		662,268		642,489		660,063
Confie Seguros Holding II Co., 1M LIBOR + 8.500%		8.62			11/2/2025		464,527		457,432		452,914
Ryan Specialty Group, LLC, 1M LIBOR + 3.000%		4.00			9/1/2027		151,215		149,129		150,962
Sedgwick Claims Management Services, Inc., 1M LIBOR + 3.250%		3.36			12/31/2025		977,500		962,390		963,512
Total Insurance							3,715,558		3,654,523		3,669,241
Leisure, Amusement, Entertainment — 4.2%*:
AMC Entertainment Holdings, Inc., 3M LIBOR + 3.000%		3.20			4/22/2026		1,831,636		1,547,472		1,578,064

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):
Leisure, Amusement, Entertainment (continued):
Crown Finance US, Inc., 6M LIBOR + 2.500%		3.50	%		2/28/2025		1,219,067	$	1,200,451	$	1,039,280
Dorna Sports, S.L., 6M LIBOR + 3.500%(a)		3.76			5/3/2024		400,000		400,000		392,500
Golden Entertainment, Inc., 1M LIBOR + 3.000%		3.75			10/20/2024		432,061		397,860		425,580
Metro-Goldwyn-Mayer, Inc., 1M LIBOR + 4.500%		5.50			7/3/2026		893,847		887,930		889,100
Motion Finco Sarl, EURIBOR + 3.000%(a)		3.00			11/12/2026		750,000		866,708		839,507
Odeon Cinemas Group Ltd., EURIBOR + 10.750%(a)		10.75			8/11/2023		163,500		200,279		204,571
Parques Reunidos SAU, EURIBOR + 3.750%(a)		3.75			9/16/2026		500,000		569,187		550,225
PUG LLC, 1M LIBOR + 3.500%		3.61			2/12/2027		368,203		366,656		354,856
Vacalians Group, EURIBOR + 4.000%(a)		4.00			12/4/2025		500,000		486,867		528,266
Vue International Bidco plc, EURIBOR + 4.750%(a)		4.75			6/30/2026		423,797		474,111		440,385
Total Leisure, Amusement, Entertainment							7,482,111		7,397,521		7,242,334
Machinery Non-Agriculture, Non-Construction, Non-Electronic — 0.5%*:
Titan Acquisition Ltd., 6M LIBOR + 3.000%(a)		3.27			3/28/2025		956,990		957,682		936,252
Mining, Steel, Iron and Non-Precious Metals — 0.0%*:
Boomerang Tube, LLC, 3M LIBOR + 5.000%(b)		5.19			6/30/2022		129,368		129,368		—
Oil and Gas — 0.6%*:
Fieldwood Energy LLC, 1M LIBOR + 7.250%		Zero Coupon			4/11/2023		885,631		629,377		40,961
Gulf Finance LLC, 3M LIBOR + 5.250%		7.51			8/25/2023		1,262,105		1,225,510		1,042,133
Total Oil and Gas							2,147,736		1,854,887		1,083,094
Personal and Non-Durable Consumer Products Mfg. Only — 1.1%*:
Coty Inc., EURIBOR + 1.500%		1.50			4/5/2023		488,514		571,366		554,262
Coty Inc., 3M LIBOR + 2.250%		2.35			4/7/2025		731,575		711,573		701,975
Triton Water Holdings, Inc., 3M LIBOR + 3.500%		4.00			3/31/2028		693,642		690,182		690,389
Total Personal and Non-Durable Consumer Products Mfg. Only							1,913,731		1,973,121		1,946,626
Personal Transportation — 0.4%*:
American Airlines Group, Inc., 3M LIBOR + 4.750%		5.50			3/10/2028		506,512		501,447		518,385
Naviera Armas SA, EURIBOR + 2.500%(a),(b)		9.23			4/30/2021		4,917		3,014		5,651
Naviera Armas SA, EURIBOR + 2.500%(a),(b)		10.00			4/30/2021		22,847		27,564		26,256
Naviera Armas SA, EURIBOR + 2.500%(a),(b)		10.00			7/31/2021		41,754		47,569		47,986
Total Personal Transportation							576,030		579,594		598,278
Printing and Publishing — 0.6%*:
Houghton Mifflin Harcourt Publishing Co., 1M LIBOR + 6.250%		7.25			11/19/2024		104,921		101,841		104,462

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):
Printing and Publishing (continued):
McGraw-Hill Global Education Holdings, LLC, 3M LIBOR + 4.750%		5.75	%		11/1/2024		1,000,000	$	985,911	$	997,920
Total Printing and Publishing							1,104,921		1,087,752		1,102,382
Retail Stores — 1.6%*:
Casino Guichard-Perrachon SA, EURIBOR + 4.000%(a)		4.00			8/31/2025		500,000		584,536		587,188
Great Outdoors Group, LLC, 6M LIBOR + 4.250%		5.00			3/6/2028		615,988		612,932		616,296
Harbor Freight Tools USA, Inc., 1M LIBOR + 3.000%		3.75			10/19/2027		765,541		757,990		764,147
Petco Animal Supplies, Inc., 3M LIBOR + 3.250%		4.00			2/25/2028		731,707		729,893		728,393
Total Retail Stores							2,613,236		2,685,351		2,696,024
Telecommunications — 4.6%*:
Banff Merger Sub, Inc., 1M LIBOR + 3.750%		3.86			10/2/2025		926,954		927,072		922,320
CommScope, Inc., 1M LIBOR + 3.250%		3.36			4/6/2026		985,000		985,000		977,662
DG Investment Intermediate Holdings 2, Inc., 1M LIBOR + 3.750%		4.50			3/18/2028		727,273		723,636		723,185
Eagle Broadband Investments LLC, 3M LIBOR + 3.000%		3.75			11/12/2027		159,157		157,566		158,627
ION Trading Technologies S.a.r.l., EURIBOR + 3.250%		4.25			11/21/2024		1,070,368		1,231,722		1,254,079
ION Trading Technologies S.a.r.l., EURIBOR + 4.250%		4.25			3/26/2028		500,000		589,975		585,177
ION Trading Technologies S.a.r.l., 1M LIBOR + 4.000%		5.00			11/21/2024		278,409		274,325		278,214
Lorca Finco plc, EURIBOR + 4.250%(a)		4.25			9/17/2027		500,000		580,831		586,590
Rackspace Hosting, Inc., 3M LIBOR + 2.750%		3.50			2/15/2028		245,593		244,388		243,213
Syniverse Technologies, Inc., 3M LIBOR + 5.000%		6.00			3/9/2023		194,076		193,321		191,186
Syniverse Technologies, Inc., 3M LIBOR + 9.000%		10.00			3/11/2024		153,729		152,596		149,694
TDC A/S, EURIBOR + 3.000%(a)		3.00			6/4/2025		500,000		602,050		584,192
Virgin Media SFA Finance Ltd., LIBOR - GBP + 3.250%(a)		3.30			1/15/2027		1,000,000		1,214,094		1,359,175
Total Telecommunications							7,240,559		7,876,576		8,013,314
Total Bank Loans							81,369,205		83,335,100		82,692,275
Corporate Bonds — 37.7%*:
Aerospace and Defense — 1.6%*:
Gatwick Airport Finance(a)		4.38			4/7/2026		350,000		482,460		482,510
Heathrow Finance plc(a)		4.38			3/1/2027		100,000		118,189		139,979
Heathrow Finance plc(a)		5.25			3/1/2024		100,000		128,132		144,270
Rolls-Royce plc(a)		3.38			6/18/2026		500,000		606,203		684,157
Rolls-Royce plc(a)		4.63			2/16/2026		100,000		117,545		126,358
TransDigm, Inc.(c)		4.63			1/15/2029		175,000		175,000		172,338
Triumph Group, Inc.(c)		6.25			9/15/2024		308,000		308,000		312,528

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	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	$	782,625	$	753,750
Total Aerospace and Defense							2,383,000		2,718,154		2,815,890
Automobile — 1.5%*:
Clarios Global LP/Clarios US Finance Co.(c)		8.50			5/15/2027		162,000		170,181		174,435
Ford Motor Co.		7.45			7/16/2031		500,000		582,988		630,415
Ford Motor Co.		8.50			4/21/2023		569,000		567,643		634,435
Ford Motor Co.		9.63			4/22/2030		127,000		154,314		177,234
Gates Global LLC/Gates Global Co.(c)		6.25			1/15/2026		550,000		528,983		576,125
RAC Bond Co. plc(a)		5.00			11/6/2022		257,000		349,901		354,402
Real Hero Merger Sub 2, Inc.(c)		6.25			2/1/2029		152,000		152,000		156,940
Total Automobile							2,317,000		2,506,010		2,703,986
Banking — 1.1%*:
Alpha Bank AE, 5 year EUR Swap + 4.504%(a)		4.25	(d)		2/13/2030		275,000		301,895		304,401
Nova Ljubljanska Banka dd, 5 year EUR Swap + 3.833%(a)		3.65	(d)		11/19/2029		700,000		770,700		804,472
Piraeus Financial Holdings SA, 5 year EUR Swap + 5.774%(a)		5.50	(d)		2/19/2030		688,000		748,200		752,357
Piraeus Financial Holdings SA, 5 year EUR Swap + 9.952%(a)		9.75	(d)		6/26/2029		100,000		94,342		125,200
Total Banking							1,763,000		1,915,137		1,986,430
Beverage, Food and Tobacco — 2.6%*:
Boparan Finance plc(a)		7.63			11/30/2025		650,000		895,577		882,200
Eurotorg LLC Via Bonitron DAC(a)		9.00			10/22/2025		482,000		482,000		516,952
Foodco Bondco SA(a)		6.25			5/15/2026		350,000		394,004		374,125
JBS USA LUX SA/JBS USA Finance, Inc.(c)		6.75			2/15/2028		500,000		500,000		549,525
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.(c)		5.50			1/15/2030		586,000		585,489		648,552
Sunshine Mid BV(a)		6.50			5/15/2026		950,000		1,159,612		1,153,058
Ulker Biskuvi Sanayi AS(a)		6.95			10/30/2025		494,000		494,000		517,751
Total Beverage, Food and Tobacco							4,012,000		4,510,682		4,642,163
Broadcasting and Entertainment — 1.4%*:
Banijay Group SAS(a)		6.50			3/1/2026		750,000		828,338		895,302
Clear Channel Worldwide Holdings, Inc.		9.25			2/15/2024		109,000		110,082		113,392
DISH Network Corp.		3.38			8/15/2026		750,000		691,751		720,975
Outfront Media, Inc.(c)		6.25			6/15/2025		298,000		298,000		315,135
Terrier Media Buyer, Inc.(c)		8.88			12/15/2027		376,000		376,000		404,595
Total Broadcasting and Entertainment							2,283,000		2,304,171		2,449,399
Buildings and Real Estate — 1.5%*:
China Aoyuan Group Ltd.(a)		5.98			8/18/2025		652,000		651,569		637,447
Kaisa Group Holdings Ltd.(a)		9.95			7/23/2025		1,000,000		1,000,165		937,812
Sunac China Holdings Ltd.(a)		6.50			1/10/2025		790,000		790,000		800,616
Taylor Morrison Communities, Inc.(c)		5.13			8/1/2030		265,000		265,000		281,563
Ukraine Railways Via Shortline plc(a)		9.88			9/15/2021		50,000		50,350		50,609
Total Buildings and Real Estate							2,757,000		2,757,084		2,708,047
Cargo Transport — 0.8%*:
Kenan Advantage Group, Inc. (The)(c)		7.88			7/31/2023		1,367,000		1,367,000		1,363,583
Chemicals, Plastics and Rubber — 0.6%*:
Braskem Idesa SAPI(a)		7.45			11/15/2029		300,000		299,075		297,938

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Chemicals, Plastics and Rubber (continued):
Consolidated Energy Finance SA(c)		6.88	%		6/15/2025		778,000	$	794,708	$	792,587
Total Chemicals, Plastics and Rubber							1,078,000		1,093,783		1,090,525
Containers, Packaging and Glass — 0.7%*:
Trident TPI Holdings, Inc.(c)		9.25			8/1/2024		1,125,000		1,142,651		1,192,500
Diversified/Conglomerate Manufacturing — 0.2%*:
Mangrove Luxco III Sarl(a)		7.78			10/9/2025		300,000		316,456		300,358
Diversified/Conglomerate Service — 1.5%*:
Atento Luxco 1 SA(a)		8.00			2/10/2026		316,000		316,000		331,306
Brunello Bidco SpA(a)		3.50			2/15/2028		150,000		181,597		175,061
Iron Mountain, Inc.(c)		5.25			7/15/2030		554,000		552,589		571,617
Summer BC Holdco A Sarl(a)		9.25			10/31/2027		630,737		797,928		795,140
Verisure Midholding AB(a)		5.25			2/15/2029		600,000		726,123		726,840
Total Diversified/Conglomerate Service							2,250,737		2,574,237		2,599,964
Electronics — 1.0%*:
Veritas US, Inc./Veritas Bermuda Ltd.(c)		7.50			9/1/2025		225,000		228,720		234,000
Veritas US, Inc./Veritas Bermuda Ltd.(c)		10.50			2/1/2024		1,419,000		1,427,862		1,452,701
Total Electronics							1,644,000		1,656,582		1,686,701
Farming and Agriculture — 0.6%*:
Kernel Holding SA(a)		6.75			10/27/2027		458,000		458,000		488,228
PT Japfa Comfeed Indonesia Tbk(a)		5.38			3/23/2026		500,000		497,312		509,543
Total Farming and Agriculture							958,000		955,312		997,771
Finance — 3.8%*:
Credito Real SAB DE CV(a)		8.00			1/21/2028		500,000		500,000		502,400
Ford Motor Credit Co. LLC		4.13			8/17/2027		247,000		247,000		255,028
Global Aircraft Leasing Co. Ltd.(c)		6.50			9/15/2024		2,147,628		2,147,628		2,059,575
Icahn Enterprises LP/Icahn Enterprises Finance Corp.		6.75			2/1/2024		1,162,000		1,162,000		1,185,240
IIFL Finance Ltd.(a)		5.88			4/20/2023		805,000		803,901		796,920
OneMain Finance Corp.		5.38			11/15/2029		438,000		438,000		465,922
Travelex Financing plc(a),(b),(f)		8.00			5/15/2022		1,050,000		1,178,949		—
Travelex Issuerco Ltd.(a)		12.50			8/5/2025		598,361		683,234		1,443,575
Total Finance							6,947,989		7,160,712		6,708,660
Healthcare, Education and Childcare — 2.3%*:
Advanz Pharma Corp.(a)		8.00			9/6/2024		500,000		481,905		512,450
Bausch Health Cos., Inc.(c)		8.50			1/31/2027		415,000		420,941		460,391
Bausch Health Cos., Inc.(c)		9.00			12/15/2025		165,000		163,457		179,231
Bausch Health Cos., Inc.(c)		5.00			1/30/2028		204,000		204,000		207,917
Bausch Health Cos., Inc.(c)		5.00			2/15/2029		281,000		281,000		277,487
Bausch Health Cos., Inc.(c)		5.25			1/30/2030		200,000		200,000		200,802
Bausch Health Cos., Inc.(c)		5.25			2/15/2031		208,000		208,000		207,006
Centene Corp.		4.25			12/15/2027		45,000		44,676		47,315
Cream Tech(a)		5.25			12/15/2025		450,000		514,374		534,311
Nidda BondCo GmbH(a)		7.25			9/30/2025		500,000		578,267		606,843
Par Pharmaceutical, Inc.(c)		7.50			4/1/2027		708,000		708,000		752,746
Total Healthcare, Education and Childcare							3,676,000		3,804,620		3,986,499
Home and Office Furnishings, Housewares, and Durable Consumer Products — 0.6%*:
LSF9 Balta Issuer SARL(a)		8.75			12/31/2024		356,600		425,033		416,617

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	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.(c)		6.13	%		11/1/2026		650,000	$	650,000	$	684,716
Total Home and Office Furnishings, Housewares, and Durable Consumer Products							1,006,600		1,075,033		1,101,333
Hotels, Motels, Inns and Gaming — 1.1%*:
Caesars Resort Collection LLC/CRC Finco, Inc.(c)		5.25			10/15/2025		301,000		273,812		303,608
Caesars Resort Collection LLC/CRC Finco, Inc.(c)		5.75			7/1/2025		214,000		214,000		225,834
Scientific Games International, Inc.(c)		8.63			7/1/2025		400,000		399,385		434,880
TVL Finance plc, 3M GBP LIBOR + 5.375%(a)		5.40	(d)		7/15/2025		500,000		632,980		634,501
Wynn Macau Ltd.(a),(c)		5.13			12/15/2029		270,000		270,000		276,750
Total Hotels, Motels, Inns and Gaming							1,685,000		1,790,177		1,875,573
Insurance — 0.6%*:
Acrisure LLC / Acrisure Finance, Inc.(c)		4.25			2/15/2029		1,000,000		1,000,000		983,450
Leisure, Amusement, Entertainment — 1.2%*:
AMC Entertainment Holdings, Inc.(c)		10.50			4/24/2026		142,000		142,000		150,165
AMC Entertainment Holdings, Inc.(c)		12.00			6/15/2026		486,115		555,286		395,211
Caesars Entertainment, Inc.(c)		6.25			7/1/2025		382,000		382,000		406,372
Caesars Entertainment, Inc.(c)		8.13			7/1/2027		279,000		279,000		307,793
Carnival Corp.(c)		5.75			3/1/2027		410,000		410,000		421,464
Carnival Corp.		7.63			3/1/2026		150,000		177,893		190,161
CPUK Finance Ltd.(a)		4.88			8/28/2025		100,000		119,865		138,894
Motion Finco Sarl(a)		7.00			5/15/2025		100,000		125,011		123,573
Total Leisure, Amusement, Entertainment							2,049,115		2,191,055		2,133,633
Machinery Non-Agriculture, Non-Construction, Non-Electronic — 0.3%*:
Diebold Nixdorf Dutch Holding BV		9.00			7/15/2025		350,000		410,212		452,743
Esc Gcb Briggs		6.88			12/15/2049		514,000		503,951		44,158
Total Machinery Non-Agriculture, Non-Construction, Non-Electronic							864,000		914,163		496,901
Mining, Steel, Iron and Non-Precious Metals — 3.1%*:
First Quantum Minerals Ltd.(a),(c)		6.50			3/1/2024		1,006,000		972,183		1,021,090
First Quantum Minerals Ltd.(a)		6.88			10/15/2027		719,000		719,000		771,127
Metinvest BV(a)		7.65			10/1/2027		286,000		281,753		307,379
Metinvest BV(a)		8.50			4/23/2026		200,000		211,238		222,904
Northwest Acquisitions ULC(a),(c),(f)		7.13			11/1/2022		1,227,000		1,242,919		123
SunCoke Energy Partners LP(c)		7.50			6/15/2025		608,000		602,602		631,560
Vedanta Resources Finance II plc(a)		8.95			3/11/2025		685,000		685,000		654,518
Vedanta Resources Ltd.(a)		6.38			7/30/2022		1,075,000		683,457		1,021,250
Warrior Met Coal, Inc.(c)		8.00			11/1/2024		840,000		848,614		861,000
Total Mining, Steel, Iron and Non-Precious Metals							6,646,000		6,246,766		5,490,951
Oil and Gas — 3.5%*:
Borets International Ltd.(a)		6.00			9/17/2026		531,000		531,000		551,576
CVR Energy, Inc.(c)		5.25			2/15/2025		552,000		552,000		540,518
CVR Energy, Inc.(c)		5.75			2/15/2028		573,000		573,000		557,243
EnLink Midstream Partners LP		5.60			4/1/2044		206,000		159,371		170,980
EQM Midstream Partners LP(c)		4.50			1/15/2029		170,000		170,000		165,658
EQM Midstream Partners LP(c)		4.75			1/15/2031		154,000		154,000		149,380

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Oil and Gas (continued):
Hilcorp Energy I LP/Hilcorp Finance Co.(c)		6.25	%		11/1/2028		1,000,000	$	1,000,000	$	1,030,000
KCA Deutag UK Finance plc(a)		9.88			12/1/2025		349,977		349,977		382,788
Occidental Petroleum Corp.		5.88			9/1/2025		153,000		153,000		163,136
Occidental Petroleum Corp.		6.13			1/1/2031		221,000		221,000		244,028
Occidental Petroleum Corp.		6.38			9/1/2028		157,000		157,000		172,324
PBF Holding Co. LLC/PBF Finance Corp.		7.25			6/15/2025		778,000		796,991		633,759
PBF Holding Co. LLC/PBF Finance Corp.(c)		9.25			5/15/2025		161,000		161,374		164,168
PT Medco Bell Pte Ltd.(a)		6.38			1/30/2027		435,000		429,812		436,305
Targa Resources Partners LP/Targa Resources Partners Finance Corp.(c)		4.88			2/1/2031		251,000		251,000		254,326
Tullow Oil plc(a)		6.25			4/15/2022		200,000		97,236		188,100
Tullow Oil plc(a)		7.00			3/1/2025		300,000		105,161		253,500
Total Oil and Gas							6,191,977		5,861,922		6,057,789
Personal Transportation — 0.7%*:
American Airlines Inc/AAdvantage Loyalty IP Ltd.(c)		5.50			4/20/2026		595,000		595,000		620,288
American Airlines Inc/AAdvantage Loyalty IP Ltd.(c)		5.75			4/20/2029		114,000		114,000		121,501
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.(c)		6.50			6/20/2027		237,000		234,295		259,515
Naviera Armas S.A., EURIBOR + 6.500%(a)		6.50	(d)		7/31/2023		250,000		288,579		175,500
Total Personal Transportation							1,196,000		1,231,874		1,176,804
Printing and Publishing — 0.4%*:
McGraw Hill LLC / McGraw-Hill Global Education Finance, Inc.(c)		8.00			11/30/2024		641,000		650,967		646,641
Retail Stores — 1.5%*:
Bellis Acquisition Co. plc(a)		3.25			2/16/2026		100,000		138,330		138,384
Bellis Finco plc(a)		4.00			2/16/2027		100,000		138,330		138,205
EG Global Finance plc(a)		6.25			3/30/2026		204,000		284,213		279,828
Future Retail Ltd.(a)		5.60			1/22/2025		950,000		854,492		775,437
House of Fraser Funding plc(a),(f)		5.95			9/15/2020		150,000		217,107		6,204
L Brands, Inc.		6.88			11/1/2035		200,000		243,722		238,358
NMG Holding Co., Inc. / Neiman Marcus Group LLC(c)		7.13			4/1/2026		104,000		104,000		106,080
Nordstrom, Inc.		5.00			1/15/2044		851,000		822,797		837,017
Takko Luxembourg 2 SCA, EURIBOR + 5.375%(a)		5.38	(d)		11/15/2023		200,000		247,402		207,239
Total Retail Stores							2,859,000		3,050,393		2,726,752
Telecommunications — 2.5%*:
Banff Merger Sub, Inc.(c)		9.75			9/1/2026		1,000,000		1,060,629		1,065,578
DKT Finance ApS(a)		7.00			6/17/2023		1,500,000		1,692,517		1,798,629
HTA Group Ltd.(a)		7.00			12/18/2025		623,000		619,927		660,769
IHS Netherlands Holdco BV(a),(c)		8.00			9/18/2027		750,000		739,556		806,953
Total Telecommunications							3,873,000		4,112,629		4,331,929
Utilities — 1.0%*:
Electricite de France SA, 5 year EUR Swap + 3.995%(a)		3.38	(d)		9/15/2169		400,000		501,721		499,570

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Utilities (continued):
Techem Verwaltungsgesellschaft 674 mbH(a)		6.00	%		7/30/2026		1,000,000	$	1,140,338	$	1,216,676
Total Utilities							1,400,000		1,642,059		1,716,246
Total Corporate Bonds							64,273,418		66,549,629		65,970,478
Total Fixed Income							161,567,623		165,081,896		162,084,706
Total Investments							181,041,174		166,957,171		164,235,226
Other assets and liabilities – 6.1%*											10,684,930
Net Assets – 100.0%										$	174,920,156

PIK Payment-in-kind

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

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

(a) Foreign security.

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

United States	59.6	%
United Kingdom	11.0	%
Germany	4.9	%
France	4.0	%
Spain	2.4	%
Denmark	2.1	%
India	2.0	%
China	1.4	%
Netherlands	1.4	%
Ireland	1.2	%
Zambia	1.1	%
Canada	1.0	%
Other (Individually less than 1%)	7.9	%
Total	100.0	%

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

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

(d) Variable rate security. The interest rate shown is the rate in effect at March 31, 2021.

(e) Bank loans are exempt from registration under the Securities Act of 1933, as amended, but contain certain restrictions on resale and cannot be sold publicly. These loans pay interest at rates which adjust periodically. The interest rates shown for bank loans are the current interest rates at March 31, 2021. Bank loans are also subject to mandatory and/or optional prepayment which cannot be predicted. As a result, the remaining maturity may be substantially less than the stated maturity shown.

(f) Defaulted security.

Forward Foreign Currency Exchange Contracts to Buy

EXPIRATION DATE		COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED DEPRECIATION
	4/15/21	Morgan Stanley & Co.		CAD	95,942	$	76,347	$	76,700	$	(353	)

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

Forward Foreign Currency Exchange Contracts to Buy

EXPIRATION DATE		COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED DEPRECIATION
	4/15/21	Citibank N.A.		CAD	19,988	$	15,906	$	16,014	$	(108	)
	Net unrealized depreciation on forward foreign currency exchange contracts to buy									$	(461	)

Forward Foreign Currency Exchange Contracts to Sell

EXPIRATION DATE		COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION (DEPRECIATION)
	4/15/21	Citibank N.A.		CAD	873,809	$	695,349	$	691,043	$	(4,306	)
	4/15/21	JPMorgan Chase Bank N.A.		CAD	23,129		18,405		18,471		66
	4/15/21	Morgan Stanley & Co.		CAD	25,984		20,677		20,637		(40	)
	4/15/21	Citibank N.A.		EUR	29,827,982		34,985,798		35,567,196		581,398
	4/15/21	Citibank N.A.		GBP	7,447,081		10,266,835		10,292,779		25,944
	Net unrealized appreciation on forward foreign currency exchange contracts to sell									$	603,062

Currency Legend

CAD – Canadian Dollar

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, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Fixed Income — 95.8%*:
Asset-Backed Securities — 33.7%*:
CDO/CLO — 6.3%*:
Affirm Asset Securitization Trust 2021-A(a)		1.66	%		8/15/2025		1,200,000	$	1,199,816	$	1,205,070
Bain Capital Credit Clo 2016-2 Ltd., 3M USD LIBOR + 1.550%(a)		1.74	(b)		1/15/2029		2,900,000		2,900,000		2,896,535
Bain Capital Credit CLO 2020-2 Ltd., 3M USD LIBOR + 1.850%(a)		2.07	(b)		7/21/2031		2,250,000		2,250,000		2,255,819
BlueMountain CLO 2013-1 Ltd., 3M USD LIBOR + 1.230%(a)		1.45	(b)		1/20/2029		2,266,753		2,266,753		2,267,011
BlueMountain Fuji US Clo I Ltd., 3M USD LIBOR + 0.980%(a)		1.17	(b)		7/20/2029		2,600,000		2,600,000		2,600,003
CBAM 2018-6 Ltd., 3M USD LIBOR + 1.270%(a)		1.51	(b)		1/15/2031		2,500,000		2,500,000		2,500,140
Cedar Funding IX CLO Ltd., 3M USD LIBOR + 0.980%(a)		1.20	(b)		4/20/2031		600,000		592,842		600,002
DataBank Issuer(a)		2.06			2/27/2051		4,905,000		4,904,056		4,895,190
Elmwood CLO II Ltd., 3M USD LIBOR + 1.450%(a)		1.67	(b)		4/20/2031		1,650,000		1,650,000		1,650,315
FCI Funding 2019-1 LLC(a)		3.63			2/18/2031		227,454		227,421		230,812
First Investors Auto Owner Trust 2021-1(a)		1.17			3/15/2027		1,500,000		1,499,576		1,485,791
Flatiron Clo 17 Ltd., 3M USD LIBOR + 0.980%(a)		1.18	(b)		5/15/2030		4,500,000		4,500,000		4,497,610
GoldentTree Loan Management US CLO 1 Ltd., 3M USD LIBOR + 1.450%(a)		1.67	(b)		4/20/2029		1,250,000		1,250,000		1,246,836
HPS Loan Management 15-2019 Ltd., 3M USD LIBOR + 1.320%(a)		1.54	(b)		7/22/2032		1,000,000		996,654		1,002,034
KAYNE CLO I Ltd., 3M USD LIBOR + 1.400%(a)		1.57	(b)		7/15/2031		1,850,000		1,850,000		1,850,006
KKR CLO 28, Ltd., 3M USD LIBOR + 1.140%(a)		1.32	(b)		3/15/2031		700,000		692,248		700,028
KREF Ltd. 2018-FL1 AS, 1M USD LIBOR + 1.350%(a)		1.46	(b)		6/15/2036		2,380,000		2,380,000		2,378,504
Lunar AirCraft 2020-1 Ltd.(a)		3.38			2/15/2045		489,398		489,393		479,588
Magnetite XVIII Ltd., 3M USD LIBOR + 1.080%(a)		1.27	(b)		11/15/2028		355,000		354,290		355,101
Milos CLO Ltd., 3M USD LIBOR + 1.070%(a)		1.29	(b)		10/20/2030		2,100,000		2,100,000		2,094,752
Navient Private Education Refi Loan Trust 2020-B(a)		2.77			1/15/2069		4,400,000		4,459,100		4,510,585
Neuberger Berman CLO XX Ltd. 2015-20A BR, 3M USD LIBOR + 1.250%(a)		1.49	(b)		1/15/2028		2,600,000		2,590,803		2,595,910
Neuberger Berman Loan Advisers CLO 24 Ltd., 3M USD LIBOR + 1.500%(a)		1.72	(b)		4/19/2030		500,000		500,000		500,051
Neuberger Berman Loan Advisers CLO 25 Ltd., 3M USD LIBOR + 1.350%(a)		1.54	(b)		10/18/2029		4,800,000		4,800,000		4,800,019
Newark BSL CLO 2 Ltd., 3M USD LIBOR + 1.400%(a)		1.58	(b)		7/25/2030		1,000,000		1,000,000		999,998
OCP CLO 2020-19 Ltd., 3M USD LIBOR + 1.750%(a)		1.97	(b)		7/20/2031		2,250,000		2,250,000		2,254,903
Rockford Tower CLO 2017-1 Ltd., 3M USD LIBOR + 1.450%(a)		1.69	(b)		4/15/2029		850,000		850,000		848,365
Rockford Tower CLO 2017-2 Ltd., 3M USD LIBOR + 1.500%(a)		1.74	(b)		10/15/2029		1,250,000		1,250,000		1,250,085
Rockford Tower CLO Ltd. 2017-3, 3M USD LIBOR + 1.190%(a)		1.41	(b)		10/20/2030		1,750,000		1,740,756		1,750,443

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (continued):
CDO/CLO (continued):
RR 3 Ltd. Series 2018-3 A A1R2, 3M USD LIBOR + 1.090%(a)		1.33	(b)%		1/15/2030		1,625,000	$	1,619,977	$	1,623,443
TICP CLO XI Ltd., 3M USD LIBOR + 1.180%(a)		1.40	(b)		10/20/2031		1,600,000		1,591,423		1,600,067
Treman Park CLO Ltd. 2015-1A ARR, 3M USD LIBOR + 1.070%(a)		1.29	(b)		10/20/2028		1,071,303		1,071,303		1,071,861
Total CDO/CLO							60,919,908		60,926,411		60,996,877
Other Asset-Backed Securities — 27.4%*:
321 Henderson Receivables II LLC 2006-3A A1, 1M USD LIBOR + 0.200%(a)		0.31	(b)		9/15/2041		72,164		70,411		70,373
AASET 2020-1 Trust(a)		4.34			1/16/2040		783,605		783,589		737,275
Access Group, Inc. 2015-1 B, 1M USD LIBOR + 1.500%(a)		1.61	(b)		7/25/2058		100,000		86,996		91,450
AccessLex Institute 2002-A A2		3.02			9/25/2037		400,000		392,786		398,867
Adams Outdoor Advertising LP(a)		4.81			11/15/2048		1,099,987		1,113,884		1,178,264
AmeriCredit Automobile Receivables Trust 2020-3		1.49			9/18/2026		339,000		338,890		340,498
Argent Securities, Inc. Asset-Backed Pass-Through Certificates 2004-W10 M1, 1M USD LIBOR + 0.900%		1.01	(b)		10/25/2034		164,500		152,146		161,535
Avis Budget Rental Car Funding AESOP LLC(a)		3.02			8/20/2026		5,598,000		5,595,967		5,734,208
Avis Budget Rental Car Funding AESOP LLC(a)		4.15			9/20/2023		1,200,000		1,219,540		1,239,759
Avis Budget Rental Car Funding AESOP LLC(a)		4.53			3/20/2023		2,607,000		2,651,215		2,665,705
Avis Budget Rental Car Funding AESOP LLC(a)		4.73			9/20/2024		2,080,000		2,158,357		2,212,226
BRE Grand Islander Timeshare Issuer LLC 2017-1A A(a)		2.94			5/25/2029		106,174		106,155		106,457
BRE Grand Islander Timeshare Issuer LLC 2017-1A B(a)		3.24			5/25/2029		87,438		87,429		87,371
BRE Grand Islander Timeshare Issuer LLC 2019-A(a)		3.78			9/26/2033		859,982		859,955		865,282
Business Jet Securities 2020-1 LLC(a)		2.98			11/15/2035		937,841		937,828		949,208
Business Jet Securities 2021-1 LLC(a)		2.16			4/15/2036		4,770,000		4,770,000		4,755,478
Capital Automotive LLC 2017-1A A1(a)		3.87			4/15/2047		284,277		284,200		284,748
Carmax Auto Owner Trust 2019-2		3.41			10/15/2025		615,000		614,973		643,849
Carmax Auto Owner Trust 2019-4		2.80			4/15/2026		5,159,000		5,214,716		5,312,313
CarMax Auto Owner Trust 2020-4		1.75			4/15/2027		1,946,000		1,945,819		1,958,600
Carmax Auto Owner Trust 2021-1		1.28			7/15/2027		3,850,000		3,848,592		3,815,764
CARS-DB4 LP(a)		4.17			2/15/2050		2,189,000		2,188,081		2,249,536
Carvana Auto Receivables Trust 2019-4(a)		3.07			7/15/2025		3,547,000		3,546,962		3,688,121
Carvana Auto Receivables Trust 2021-N1		1.50			1/10/2028		6,441,000		6,439,995		6,435,570
Castlelake Aircraft Securitization Trust 2018-1(a)		4.13			6/15/2043		1,774,588		1,775,482		1,778,159
Castlelake Aircraft Securitization Trust 2019-1A(a)		3.97			4/15/2039		1,061,587		1,066,655		1,059,330
Castlelake Aircraft Securitization Trust 2019-1A(a)		5.10			4/15/2039		824,562		832,335		794,276
CF Hippolyta LLC(a)		2.28			7/15/2060		399,885		399,741		406,469

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (continued):
Other Asset-Backed Securities (continued):
Chase Education Loan Trust, 3M USD LIBOR + 0.220%		0.41	(b)%		3/28/2068		558,409	$	530,778	$	507,966
CLI Funding VI LLC(a)		3.71			5/18/2044		917,958		917,958		920,877
College Ave Student Loans 2021-A LLC(a)		2.32			7/25/2051		5,705,000		5,702,545		5,642,912
College Avenue Student Loans LLC, 1M USD LIBOR + 1.650%(a)		1.76	(b)		11/26/2046		701,153		701,951		712,228
College Avenue Student Loans LLC(a)		3.81			12/28/2048		1,351,000		1,350,877		1,387,750
College Avenue Student Loans LLC 2018-A, 1M USD LIBOR + 1.200%(a)		1.31	(b)		12/26/2047		715,525		715,525		719,802
College Loan Corp. Trust I 2005-2 B, 3M USD LIBOR + 0.490%		0.73	(b)		1/15/2037		124,285		111,824		114,207
Commonbond Student Loan Trust 2017-A-GS(a)		3.47			5/25/2041		663,201		654,540		685,556
Commonbond Student Loan Trust 2017-A-GS(a)		5.28			5/25/2041		88,905		88,895		96,434
Commonbond Student Loan Trust 2018-A-GS(a)		3.82			2/25/2044		59,408		59,396		60,217
Commonbond Student Loan Trust 2018-BGS(a)		4.12			9/25/2045		66,306		66,298		67,516
Commonbond Student Loan Trust 2018-C-GS(a)		4.35			2/25/2046		39,537		39,533		40,456
Credit Suisse ABS Repackaging Trust 2013-A B(a)		2.50			1/25/2030		25,831		24,935		25,904
DB Master Finance LLC(a)		3.79			5/20/2049		932,795		932,795		949,068
DB Master Finance LLC(a)		4.02			5/20/2049		1,102,215		1,102,215		1,150,550
DB Master Finance LLC(a)		4.03			11/20/2047		970,000		939,032		1,029,568
Diamond Resorts Owner Trust 2018-1(a)		3.70			1/21/2031		238,704		238,703		249,223
Domino’s Pizza Master Issuer LLC(a)		4.12			7/25/2048		645,150		645,150		674,943
Drive Auto Receivables Trust 2019-4		2.70			2/16/2027		1,983,000		1,982,960		2,044,774
Earnest Student Loan Program 2017-A LLC(a)		3.59			1/25/2041		369,001		368,742		371,677
EdLinc Student Loan Funding Trust 2017-A A, PRIME - 1.150%(a)		2.10	(b)		12/1/2047		786,447		782,294		776,622
EDvestinU Private Education Loan Issue No 1 LLC(a)		3.58			11/25/2038		1,277,309		1,277,102		1,324,232
Elara HGV Timeshare Issuer 2016-A LLC(a)		3.22			4/25/2028		416,439		413,244		413,827
Elara HGV Timeshare Issuer LLC 2014-A B(a)		3.02	(c)		2/25/2027		4,918		4,892		4,917
Elara HGV Timeshare Issuer LLC 2016-A A(a)		2.73			4/25/2028		603,946		595,423		600,670
Elara HGV Timeshare Issuer LLC 2017-A(a)		2.96			3/25/2030		1,005,355		998,881		988,150
Elara HGV Timeshare Issuer LLC 2017-A A(a)		2.69			3/25/2030		180,623		180,611		186,041
Elara HGV Timeshare Issuer LLC 2019-A(a)		3.45			1/25/2034		2,001,957		2,001,510		1,955,981
ELFI Graduate Loan Program LLC 2018-A(a)		4.00			8/25/2042		267,920		263,043		277,860
Exeter Automobile Receivables Eart 2019 1A(a)		4.13			12/16/2024		7,435,000		7,665,103		7,743,574
Exeter Automobile Receivables Trust 2019-3(a)		3.11			8/15/2025		1,545,000		1,544,749		1,600,537
Flagship Credit Auto Trust 2017-4(a)		3.63			1/15/2024		3,500,000		3,556,105		3,620,482

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (continued):
Other Asset-Backed Securities (continued):
Flagship Credit Auto Trust 2019-1(a)		3.60	%		2/18/2025		2,175,000	$	2,176,180	$	2,259,628
FNA VI LLC(a)		1.35			1/10/2032		10,187,716		10,186,121		10,170,990
Goal Capital Funding Trust 2010-1 A, 3M USD LIBOR + 0.700%(a)		0.89	(b)		8/25/2048		98,823		95,250		99,102
Goal Structured Solution Trust 2015-1 B, 1M USD LIBOR + 1.500%(a)		1.61	(b)		9/25/2043		100,000		78,080		100,000
Goodgreen 2019-2(a)		2.76			10/15/2054		1,971,147		1,971,147		1,999,158
Goodgreen Trust 2016-1 A(a)		3.23			10/15/2052		607,719		600,511		618,724
Goodgreen Trust 2018-1A A(a)		3.93			10/15/2053		2,701,375		2,731,225		2,903,371
Goodgreen Trust 2019-1(a)		3.86			10/15/2054		2,232,809		2,233,198		2,342,609
HERO Funding Trust 2015-1A A(a)		3.84			9/21/2040		347,533		353,251		364,449
HERO Funding Trust 2016-4A A1(a)		3.57			9/20/2047		162,278		162,218		168,970
HERO Funding Trust 2017-2A A1(a)		3.28			9/20/2048		62,235		62,228		64,037
HERO Funding Trust 2017-2A A2(a)		4.07			9/20/2048		48,922		50,060		50,452
HERO Funding Trust 2017-3A A1(a)		3.19			9/20/2048		412,652		412,521		431,229
HERO Funding Trust 2018-1(a)		4.67			9/20/2048		657,030		669,965		720,559
Hertz Fleet Lease Funding LP(a)		3.44			1/10/2033		2,625,000		2,624,623		2,680,383
Hertz Vehicle Financing II LP(a)		3.29			7/25/2022		1,000,000		994,686		1,002,876
Hertz Vehicle Financing II LP(a)		3.56			10/25/2021		2,300,000		2,296,084		2,290,533
Hertz Vehicle Financing II LP(a)		3.60			2/25/2024		3,200,000		3,252,638		3,193,253
Hertz Vehicle Financing II LP(a)		4.39			2/25/2024		3,000,000		2,714,122		2,982,412
Hertz Vehicle Financing LLC 2018-3(a)		4.37			7/25/2024		620,000		620,896		620,948
Higher Education Funding I 2004-1 B1, 28 day ARS(a)		3.41	(b)		1/1/2044		950,000		841,937		817,522
Hilton Grand Vacations Trust 2017-AA B(a)		2.96	(c)		12/26/2028		378,310		379,240		382,215
Hilton Grand Vacations Trust 2018-A(a)		3.54			2/25/2032		213,362		213,357		224,823
Hilton Grand Vacations Trust 2019-A(a)		2.84			7/25/2033		1,712,720		1,712,720		1,730,456
Horizon Aircraft Finance I Ltd. 2018-1 A(a)		4.46			12/15/2038		436,656		436,648		441,811
Horizon Aircraft Finance III Ltd.(a)		3.43			11/15/2039		953,481		907,615		941,179
ITE Rail Fund Levered LP(a)		2.25			2/28/2051		3,523,723		3,523,640		3,510,186
KDAC Aviation Finance Ltd.(a)		4.21			12/15/2042		994,965		992,322		962,746
Kestrel Aircraft Funding Ltd.(a),(d)		4.25			12/15/2038		3,296,535		3,356,478		3,301,401
Laurel Road Prime Student Loan Trust 2017-B CFX(a)		3.61			8/25/2042		235,506		235,473		240,249
Laurel Road Prime Student Loan Trust 2017-C B(a)		2.95			11/25/2042		271,253		271,157		277,978
Laurel Road Prime Student Loan Trust 2019-A(a)		3.00			10/25/2048		687,875		687,817		696,781
Lendmark Funding Trust 2018-1(a)		3.81			12/21/2026		630,000		629,976		632,648
MACH 1 Cayman 2019-1 Ltd.(a)		3.47			10/15/2039		1,303,728		1,303,687		1,311,478
Marlette Funding Trust 2019-2(a)		3.53			7/16/2029		976,000		975,840		996,071
Mosaic Solar Loan Trust 2018-2-GS(a)		4.20			2/22/2044		382,939		382,881		416,243
Mosaic Solar Loans LLC 2017-1A A(a)		4.45			6/20/2042		55,368		55,354		60,343
Navient Student Loan Trust 2015-1 B, 1M USD LIBOR + 1.500%		1.61	(b)		7/25/2052		1,100,000		1,096,061		1,059,254
Navistar Financial Dealer Note Master Owner Trust II, 1M USD LIBOR + 0.950%(a)		1.06	(b)		5/25/2024		1,108,000		1,108,000		1,107,918
Navistar Financial Dealer Note Master Owner Trust II, 1M USD LIBOR + 1.450%(a)		1.56	(b)		5/25/2024		1,018,000		1,018,000		1,018,000

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (continued):
Other Asset-Backed Securities (continued):
Nelnet Private Education Loan Trust 2016-A A1A, 1M USD LIBOR + 1.750%(a)		1.86	(b)%		12/26/2040		72,194	$	72,194	$	72,585
Nelnet Private Education Loan Trust 2016-A A1B(a)		3.60			12/26/2040		86,643		86,585		88,202
Nelnet Student Loan Trust 2006-2 B, 3M USD LIBOR + 0.200%		0.42	(b)		1/25/2038		924,451		874,088		804,869
Nelnet Student Loan Trust 2006-3, 3M USD LIBOR + 0.250%		0.45	(b)		6/25/2041		1,467,463		1,379,526		1,314,785
Nelnet Student Loan Trust 2007-2(a)		1.37			6/25/2035		2,000,000		1,977,005		1,979,564
Nelnet Student Loan Trust 2012-4, 1M USD LIBOR + 1.000%(a)		1.11	(b)		7/26/2049		900,000		870,705		861,622
New Residential Advance Receivables Trust Advance Receivables Backed 2020-T1(a)		5.47			8/15/2053		1,651,000		1,651,000		1,654,819
NovaStar Mortgage Funding Trust 2004-4 M5, 1M USD LIBOR + 1.725%		1.83	(b)		3/25/2035		105,955		105,955		105,963
NP SPE II LLC(a)		2.57			9/20/2049		635,094		635,094		651,879
NP SPE II LLC 2017-1A A1(a)		3.37			10/21/2047		300,836		300,836		309,150
NRZ Advance Receivables Trust 2015-ON1(a)		2.46			10/15/2052		1,688,000		1,688,000		1,688,039
Oak Street Investment Grade Net Lease Fund Series 2020-1(a)		2.26			11/20/2050		1,654,000		1,653,820		1,626,293
Oak Street Investment Grade Net Lease Fund Series 2021-1(a)		2.80			1/20/2051		6,000,000		5,998,465		6,075,722
OneMain Financial Issuance Trust 2019-2(a)		3.66			10/14/2036		2,400,000		2,399,515		2,505,051
Orange Lake Timeshare Trust 2016-A B(a)		2.91			3/8/2029		213,387		211,060		214,283
Orange Lake Timeshare Trust 2018-A(a)		3.74			11/8/2030		422,952		429,470		431,259
Orange Lake Timeshare Trust 2019-A(a)		4.93			4/9/2038		1,648,589		1,648,270		1,665,778
Oxford Finance Funding 2020-1 LLC(a)		3.10			2/15/2028		1,296,000		1,296,000		1,324,891
Oxford Finance Funding 2020-1 LLC(a)		4.04			2/15/2028		1,750,000		1,782,133		1,807,520
Pennsylvania Higher Education Assistance Agency		1.30	(b)		10/25/2042		750,000		740,186		746,301
Pioneer Aircraft Finance Ltd.(a),(d)		3.97			6/15/2044		936,401		936,401		929,537
Planet Fitness Master Issuer LLC(a)		4.26			9/5/2048		2,535,000		2,552,193		2,576,724
RAMP Series 2005-EFC1 Trust, 1M USD LIBOR + 0.650%		1.09	(b)		5/25/2035		2,300,000		2,297,247		2,302,726
Santander Consumer Auto Receivables Trust 2021-A(a)		1.57			1/15/2027		1,500,000		1,499,470		1,480,160
Santander Drive Auto Receivables Trust 2020-4		1.48			1/15/2027		401,000		400,928		402,985
Santander Revolving Auto Loan Trust 2019-A(a)		3.00			1/26/2032		439,000		438,869		462,517
Santander Revolving Auto Loan Trust 2019-A(a)		3.45			1/26/2032		1,277,000		1,296,919		1,341,765
SBA Tower Trust(a)		2.84			1/15/2050		5,300,000		5,300,000		5,533,157
SBA Tower Trust(a)		3.87			10/15/2049		1,300,000		1,304,883		1,377,186
Sierra Receivables Funding Co LLC 2017-1A A(a)		2.91			3/20/2034		229,218		229,818		232,704
Sierra Timeshare 2018-3 Receivables Funding LLC(a)		5.20			9/20/2035		308,104		311,030		315,972
Sierra Timeshare 2019-1 Receivables Funding LLC(a)		3.77			1/20/2036		738,862		742,230		758,031

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (continued):
Other Asset-Backed Securities (continued):
Sierra Timeshare 2019-1 Receivables Funding LLC(a)		4.75	%		1/20/2036		981,361	$	982,596	$	1,011,761
Sierra Timeshare 2019-3 Receivables Funding LLC(a)		3.00			8/20/2036		2,815,193		2,814,941		2,855,877
Sierra Timeshare 2019-3 Receivables Funding LLC(a)		4.18			8/20/2036		1,372,279		1,372,438		1,391,446
Sierra Timeshare 2020-2 Receivables Funding LLC(a)		3.51			7/20/2037		391,622		391,575		403,270
Sierra Timeshare 2021-1 Receivables Funding LLC(a)		1.79			11/20/2037		1,830,000		1,829,758		1,814,642
Sierra Timeshare Receivables Funding LLC 2019-2(a)		4.54			5/20/2036		1,256,906		1,260,585		1,291,245
SLC Student Loan Trust 2005-1 B, 3M USD LIBOR + 0.200%		0.40	(b)		2/15/2045		539,776		490,347		503,125
SLC Student Loan Trust 2006-1, 3M USD LIBOR + 0.210%		0.39	(b)		3/15/2055		1,906,710		1,780,246		1,726,665
SLC Student Loan Trust 2006-2 B, 3M USD LIBOR + 0.230%		0.41	(b)		12/15/2039		1,424,083		1,332,935		1,270,108
SLM Student Loan Trust 2003-11, 3M USD LIBOR + 0.650%		0.83	(b)		12/15/2038		799,986		763,838		759,973
SLM Student Loan Trust 2003-14 A6, 3M USD LIBOR + 0.300%		0.52	(b)		7/25/2025		18,999		18,622		18,990
SLM Student Loan Trust 2003-4 B, 3M USD LIBOR + 0.650%		0.83	(b)		6/15/2038		309,227		297,009		290,909
SLM Student Loan Trust 2004-1, 3M USD LIBOR + 0.500%		0.72	(b)		7/25/2039		447,085		426,905		418,054
SLM Student Loan Trust 2004-8, 3M USD LIBOR + 0.460%		0.68	(b)		1/25/2040		937,483		892,152		884,438
SLM Student Loan Trust 2005-4 B, 3M USD LIBOR + 0.180%		0.40	(b)		7/25/2055		600,114		538,058		558,670
SLM Student Loan Trust 2005-5, 3M USD LIBOR + 0.250%		0.47	(b)		10/25/2040		602,106		567,585		559,065
SLM Student Loan Trust 2005-6 B, 3M USD LIBOR + 0.290%		0.51	(b)		1/25/2044		1,741,787		1,632,937		1,615,182
SLM Student Loan Trust 2005-9, 3M USD LIBOR + 0.300%		0.52	(b)		1/25/2041		694,363		665,853		648,761
SLM Student Loan Trust 2006-2(e)		Zero Coupon			1/25/2041		3,956		1,621,960		2,441,160
SLM Student Loan Trust 2006-5 B, 3M USD LIBOR + 0.210%		0.43	(b)		10/25/2040		469,596		421,614		433,433
SLM Student Loan Trust 2006-7 B, 3M USD LIBOR + 0.200%		0.42	(b)		1/27/2042		448,630		419,047		415,975
SMB Private Education Loan Trust 2014-A(a)		4.00			9/15/2042		1,250,000		1,270,676		1,292,731
SMB Private Education Loan Trust 2014-A A2B, 1M USD LIBOR + 1.150%(a)		1.26	(b)		5/15/2026		76,159		76,520		76,243
SMB Private Education Loan Trust 2015-A A2B, 1M USD LIBOR + 1.000%(a)		1.11	(b)		6/15/2027		20,067		19,860		20,089
SMB Private Education Loan Trust 2015-A A3, 1M USD LIBOR + 1.500%(a)		1.61	(b)		2/17/2032		900,000		916,914		910,371
SMB Private Education Loan Trust 2015-C(a)		4.50			9/17/2046		1,710,000		1,752,967		1,827,594
SMB Private Education Loan Trust 2016-C A2B, 1M USD LIBOR + 1.100%(a)		1.21	(b)		9/15/2034		142,208		142,208		143,475

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (continued):
Other Asset-Backed Securities (continued):
SoFi Alternative Trust 2019-C(a),(e)		2.32	%		1/25/2045		2,294,982	$	2,370,345	$	2,440,874
SoFi Consumer Loan Program 2020-1 Trust(a)		2.94			1/25/2029		4,000,000		3,999,382		4,027,908
SoFi Consumer Loan Program Trust 2019-3(a)		3.89			5/25/2028		2,766,000		2,767,747		2,866,133
SoFi Professional Loan Program 2017-C LLC(a)		4.21			7/25/2040		2,410,000		2,518,643		2,475,271
SoFi Professional Loan Program 2019-A LLC(a)		4.11			6/15/2048		870,000		876,409		913,770
SoFi Professional Loan Program LLC 2015-C A2(a)		2.51			8/25/2033		10,679		10,636		10,827
SoFi Professional Loan Program LLC 2016-B A1, 1M USD LIBOR + 1.200%(a)		1.31	(b)		6/25/2033		119,158		120,324		119,882
SoFi Professional Loan Program LLC 2016-D A1, 1M USD LIBOR + 0.950%(a)		1.06	(b)		1/25/2039		22,881		22,881		22,972
Stack Infrastructure Issuer LLC(a)		1.89			8/25/2045		674,000		674,000		675,469
Store Master Funding I-VII A3(a)		4.40			10/20/2048		1,873,083		1,891,936		1,980,189
TAL Advantage VII LLC(a)		3.82			9/20/2045		2,463,500		2,462,959		2,505,488
Terwin Mortgage Trust 2006-5, 1M USD LIBOR + 0.210%(a)		0.32	(b)		7/25/2037		2,573,285		2,535,357		2,538,953
TLF National Tax Lien Trust 2017-1(a)		3.09			12/15/2029		90,858		90,426		91,434
Trafigura Securitisation Finance plc 2018-1, 1M USD LIBOR + 0.730%(a),(d)		0.84	(b)		3/15/2022		1,820,000		1,817,769		1,820,426
Trafigura Securitisation Finance plc 2018-1(a),(d)		4.29			3/15/2022		1,800,000		1,799,965		1,802,295
Trinity Rail Leasing 2019 LLC(a)		3.82			4/17/2049		2,095,952		2,094,940		2,142,247
TRIP Rail Master Funding LLC 2011-1A A2(a)		6.02			7/15/2041		1,248,118		1,326,219		1,260,816
TRIP Rail Master Funding LLC 2017-1A A1(a)		2.71			8/15/2047		29,594		29,594		29,614
Vantage Data Centers LLC(a)		1.65			9/15/2045		2,475,000		2,475,000		2,475,846
VSE 2018-A Voi Mortgage LLC(a)		4.02			2/20/2036		205,695		205,671		210,418
Wachovia Student Loan Trust 2005-1 B, 3M USD LIBOR + 0.300%		0.52	(b)		10/25/2040		498,766		461,823		467,072
Welk Resorts LLC 2017-AA B(a)		3.41			6/15/2033		502,376		504,721		502,941
Westgate Resorts LLC 2017-1A A(a)		3.05			12/20/2030		100,847		100,847		101,790
Westgate Resorts LLC 2018-1(a)		3.38			12/20/2031		272,905		272,511		276,769
Westlake Automobile Receivables Trust 2019-3(a)		3.59			3/17/2025		2,182,000		2,181,719		2,256,183
Westlake Automobile Receivables Trust 2021-1(a)		1.23			4/15/2026		12,036,000		12,033,444		12,025,252
Westlake Automobile Receivables Trust 2021-1(a)		2.33			8/17/2026		5,269,000		5,267,977		5,253,634
Willis Engine Structured Trust IV(a)		4.75			9/15/2043		1,035,324		1,049,183		1,029,506
Total Other Asset-Backed Securities							258,979,395		260,125,984		263,707,467
Total Asset-Backed Securities							319,899,303		321,052,395		324,704,344
Corporate Bonds — 46.5%*:
Aerospace/Defense — 0.3%*:
Boeing Co. (The)		1.17			2/4/2023		2,815,000		2,815,000		2,829,265
Agriculture — 1.5%*:
BAT Capital Corp.(d)		3.22			8/15/2024		3,115,000		3,137,674		3,315,798

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Agriculture (continued):
BAT Capital Corp.(d)		4.70	%		4/2/2027		1,790,000	$	2,066,352	$	2,013,905
Bunge Ltd. Finance Corp.		3.00			9/25/2022		1,840,000		1,830,103		1,896,833
Imperial Brands Finance plc(a),(d)		3.13			7/26/2024		2,677,000		2,742,424		2,828,819
Imperial Brands Finance plc(a),(d)		3.50			2/11/2023		1,347,000		1,349,624		1,401,191
Wens Foodstuffs Group Co. Ltd.(d)		2.35			10/29/2025		3,350,000		3,319,348		3,214,241
Total Agriculture							14,119,000		14,445,525		14,670,787
Airlines — 0.1%*:
Delta Air Lines, Inc. / SkyMiles IP Ltd.(a)		4.50			10/20/2025		755,000		755,000		803,967
Auto Manufacturers — 2.0%*:
Ford Motor Credit Co. LLC, 3M USD LIBOR + 0.810%		1.05	(b)		4/5/2021		1,135,000		1,135,000		1,135,000
Ford Motor Credit Co. LLC, 3M USD LIBOR + 1.235%		1.43	(b)		2/15/2023		985,000		985,000		975,206
Ford Motor Credit Co. LLC		3.09			1/9/2023		1,860,000		1,863,505		1,890,188
Ford Motor Credit Co. LLC		3.35			11/1/2022		3,435,000		3,456,939		3,504,387
General Motors Co.		6.13			10/1/2025		815,000		961,454		958,001
General Motors Financial Co., Inc.		3.25			1/5/2023		3,942,000		3,919,076		4,106,211
Harley-Davidson Financial Services, Inc.(a)		3.35			6/8/2025		886,000		932,064		928,153
Harley-Davidson, Inc.		3.50			7/28/2025		1,425,000		1,533,077		1,515,701
Hyundai Capital America(a)		2.38			2/10/2023		1,920,000		1,926,329		1,970,809
Hyundai Capital America(a)		2.85			11/1/2022		1,320,000		1,319,906		1,361,259
Nissan Motor Acceptance Corp.(a),(d)		1.90			9/14/2021		670,000		669,477		672,994
Total Auto Manufacturers							18,393,000		18,701,827		19,017,909
Auto Parts&Equipment — 0.3%*:
Metalsa SA de CV(a),(d)		4.90			4/24/2023		2,300,000		2,405,295		2,406,662
Beverages — 0.4%*:
Bacardi Ltd.(a),(d)		4.45			5/15/2025		3,304,000		3,634,536		3,667,407
Molson Coors Beverage Co.		2.10			7/15/2021		325,000		324,821		326,018
Total Beverages							3,629,000		3,959,357		3,993,425
Chemicals — 1.5%*:
DuPont de Nemours, Inc.		4.49			11/15/2025		2,960,000		3,220,169		3,343,936
MEGlobal Canada ULC(a),(d)		5.00			5/18/2025		5,450,000		6,077,248		6,047,797
RPM International, Inc.		3.45			11/15/2022		1,155,000		1,158,245		1,195,552
Syngenta Finance NV(a),(d)		4.44			4/24/2023		3,800,000		3,910,890		3,980,895
Syngenta Finance NV(a),(d)		4.89			4/24/2025		200,000		215,953		214,025
Total Chemicals							13,565,000		14,582,505		14,782,205
Commercial Banks — 10.2%*:
ABN AMRO Bank NV(a),(d)		4.75			7/28/2025		3,240,000		3,613,746		3,625,080
Arab National Bank, 5 year CMT + 2.974%(d)		3.33			10/28/2030		3,150,000		3,278,138		3,227,188
Banco de Credito del Peru, 5 year CMT + 3.000%(a),(d)		3.13			7/1/2030		3,150,000		3,256,486		3,150,000
Banco Santander SA(d)		1.85			3/25/2026		3,200,000		3,200,000		3,192,409
Bank of America Corp., 3M USD LIBOR + 0.930%		2.82	(b)		7/21/2023		4,734,000		4,854,858		4,873,287
Bank of America Corp.		4.00			1/22/2025		3,341,000		3,663,744		3,650,278
Bank of America Corp. MTN		3.95			4/21/2025		905,000		994,901		991,679
Bank of Nova Scotia (The)(d)		4.50			12/16/2025		5,538,000		6,229,776		6,257,096

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE		DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Commercial Banks (continued):
Barclays Bank plc, 3M USD LIBOR + 1.380%(d)		1.57(b)%		5/16/2024		1,235,000	$	1,230,336	$	1,252,644
Barclays Bank plc(a),(d)		10.18		6/12/2021		3,435,000		3,484,545		3,493,983
BPCE SA(a),(d)		5.70		10/22/2023		3,525,000		3,851,570		3,938,456
Burgan Bank SAK, 5 year CMT + 2.229%(d)		2.75(b)		12/15/2031		2,000,000		2,000,000		1,855,000
Citigroup, Inc.		4.40		6/10/2025		5,340,000		5,858,558		5,933,080
Credit Suisse AG(a),(d)		6.50		8/8/2023		4,510,000		4,870,450		4,959,873
Danske Bank A/S(a),(d)		5.00		1/12/2022		1,990,000		2,025,121		2,055,504
Deutsche Bank AG, SOFR + 2.159%(d)		2.22(b)		9/18/2024		2,815,000		2,815,000		2,889,371
Discover Bank		4.20		8/8/2023		2,185,000		2,224,009		2,357,423
Goldman Sachs Group, Inc. (The)		4.25		10/21/2025		10,840,000		12,130,073		12,100,185
HSBC Holdings plc(d)		4.25		3/14/2024		5,115,000		5,410,828		5,560,189
HSBC Holdings plc(d)		4.25		8/18/2025		200,000		219,966		219,806
ING Groep NV, SOFR + 0.920%		1.73(b)		4/1/2027		2,103,000		2,103,000		2,099,985
Macquarie Group Ltd., SOFR + 1.069%(a),(d)		1.34(b)		1/12/2027		2,430,000		2,430,000		2,383,303
Mitsubishi UFJ Financial Group, Inc.(d)		2.67		7/25/2022		2,580,000		2,560,014		2,653,355
Morgan Stanley		4.10		5/22/2023		1,785,000		1,870,273		1,908,645
Morgan Stanley		4.35		9/8/2026		2,550,000		2,893,747		2,882,457
Sberbank of Russia Via SB Capital SA(a),(d)		5.25		5/23/2023		3,150,000		3,359,367		3,335,063
Societe Generale SA, 1 year CMT + 1.100%(a),(d)		1.49(b)		12/14/2026		3,281,000		3,284,687		3,223,055
Synchrony Bank		3.00		6/15/2022		1,680,000		1,656,499		1,725,810
UBS Group AG(a),(d)		4.13		9/24/2025		2,450,000		2,702,816		2,718,305
Total Commercial Banks						92,457,000		98,072,508		98,512,509
Commercial Services — 0.7%*:
Adani Ports & Special Economic Zone Ltd.(a),(d)		3.38		7/24/2024		5,878,000		5,979,192		6,168,226
Distribution/Wholesale — 0.7%*:
Li & Fung Ltd.(d)		4.50		8/18/2025		6,900,000		7,129,544		7,038,000
Diversified Financial Services — 5.4%*:
AerCap Ireland Capital DAC / AerCap Global Aviation Trust(d)		2.88		8/14/2024		4,960,000		4,964,209		5,114,300
AerCap Ireland Capital DAC / AerCap Global Aviation Trust		4.50		9/15/2023		1,095,000		1,089,586		1,177,741
Africa Finance Corp.(d)		3.13		6/16/2025		3,898,000		4,014,467		4,005,663
Aircastle Ltd.		5.00		4/1/2023		4,871,000		5,007,827		5,191,586
Antares Holdings LP(a)		3.95		7/15/2026		3,550,000		3,543,021		3,578,521
Antares Holdings LP(a)		6.00		8/15/2023		2,160,000		2,205,045		2,265,252
Athene Global Funding(a)		2.75		6/25/2024		2,705,000		2,710,511		2,849,323
Aviation Capital Group LLC(a)		1.95		1/30/2026		2,425,000		2,402,734		2,361,642
Avolon Holdings Funding Ltd.(a),(d)		2.88		2/15/2025		1,470,000		1,468,645		1,464,066
BGC Partners, Inc.		4.38		12/15/2025		2,615,000		2,687,256		2,783,165
Brookfield Finance LLC(d)		4.00		4/1/2024		2,275,000		2,328,220		2,470,162
Element Fleet Management Corp.		1.60		4/6/2024		1,225,000		1,223,567		1,223,567
Genpact Luxembourg Sarl		3.70		4/1/2022		2,175,000		2,180,388		2,229,231
Lazard Group LLC		3.75		2/13/2025		3,430,000		3,619,949		3,725,287
LeasePlan Corp. NV(a),(d)		2.88		10/24/2024		1,502,000		1,511,019		1,579,031
Park Aerospace Holdings Ltd.(a),(d)		5.25		8/15/2022		6,270,000		6,371,725		6,582,203
SPARC EM SPC Panama Metro Line 2 SP(a),(d)		Zero Coupon		12/5/2022		970,553		951,470		946,299

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	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	$	2,511,609	$	2,577,462
Total Diversified Financial Services						50,106,553		50,791,248		52,124,501
Electric — 0.9%*:
Alliant Energy Finance LLC(a)		1.40		3/15/2026		1,085,000		1,083,095		1,063,851
National Central Cooling Co. PJSC(d)		2.50		10/21/2027		2,519,000		2,492,050		2,452,876
Pacific Gas and Electric Co.		1.75		6/16/2022		4,070,000		4,070,458		4,076,162
Puget Energy, Inc.		6.00		9/1/2021		1,275,000		1,289,889		1,303,099
Total Electric						8,949,000		8,935,492		8,895,988
Energy-Alternate Sources — 0.2%*:
SK Battery America, Inc.(d)		1.63		1/26/2024		1,350,000		1,346,708		1,338,661
Gas — 0.7%*:
Atmos Energy Corp.		0.63		3/9/2023		1,840,000		1,839,929		1,840,718
ONE Gas, Inc.		1.10		3/11/2024		4,910,000		4,904,459		4,908,224
Total Gas						6,750,000		6,744,388		6,748,942
Housewares — 0.4%*:
Newell Brands, Inc.		4.35		4/1/2023		3,749,000		3,808,837		3,959,806
Insurance — 2.0%*:
AmTrust Financial Services, Inc.		6.13		8/15/2023		3,245,000		3,301,041		3,246,758
Athene Global Funding(a)		2.50		1/14/2025		1,610,000		1,612,363		1,667,186
CNO Financial Group, Inc.		5.25		5/30/2025		4,225,000		4,795,450		4,782,523
Enstar Group Ltd.		4.50		3/10/2022		2,750,000		2,765,348		2,832,986
GA Global Funding Trust(a)		1.63		1/15/2026		1,300,000		1,298,565		1,297,758
Trinity Acquisition PLC		3.50		9/15/2021		2,662,000		2,663,782		2,690,365
Unum Group		3.88		11/5/2025		2,625,000		2,685,848		2,839,932
Total Insurance						18,417,000		19,122,397		19,357,508
Internet — 0.3%*:
Weibo Corp.(d)		3.50		7/5/2024		2,300,000		2,398,390		2,423,230
Investment Company Security — 1.9%*:
Ares Capital Corp.		3.88		1/15/2026		3,315,000		3,556,943		3,492,200
Ares Capital Corp.		4.20		6/10/2024		2,610,000		2,666,539		2,813,943
BlackRock TCP Capital Corp.		3.90		8/23/2024		3,630,000		3,599,965		3,848,838
BlackRock TCP Capital Corp.		4.13		8/11/2022		1,140,000		1,138,549		1,178,952
Golub Capital BDC, Inc.		2.50		8/24/2026		1,365,000		1,360,961		1,334,735
Sixth Street Specialty Lending, Inc.		2.50		8/1/2026		2,325,000		2,302,536		2,304,641
Sixth Street Specialty Lending, Inc.		3.88		11/1/2024		3,360,000		3,357,436		3,525,247
Total Investment Company Security						17,745,000		17,982,929		18,498,556
Iron/Steel — 1.6%*:
Reliance Steel & Aluminum Co.		1.30		8/15/2025		1,510,000		1,505,965		1,490,616
Severstal OAO Via Steel Capital SA(a),(d)		3.15		9/16/2024		5,878,000		6,047,188		6,041,482
Steel Dynamics, Inc.		2.40		6/15/2025		710,000		707,715		739,717
Steel Dynamics, Inc.		2.80		12/15/2024		1,070,000		1,069,396		1,131,412
Vale Overseas Ltd.(d)		6.25		8/10/2026		5,314,000		6,333,914		6,301,075
Total Iron/Steel						14,482,000		15,664,178		15,704,302
IT Services — 0.5%*:
Dell International LLC/EMC Corp.(a)		4.00		7/15/2024		2,472,000		2,529,096		2,682,440

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE		DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
IT Services (continued):
Dell International LLC/EMC Corp.(a)		5.85%		7/15/2025		1,855,000	$	2,093,712	$	2,161,755
Total IT Services						4,327,000		4,622,808		4,844,195
Lodging — 0.6%*:
Las Vegas Sands Corp.		3.20		8/8/2024		4,595,000		4,605,217		4,790,463
Marriott International, Inc.		5.75		5/1/2025		679,000		678,977		778,875
Total Lodging						5,274,000		5,284,194		5,569,338
Machinery-Diversified — 0.3%*:
CNH Industrial Capital LLC		1.95		7/2/2023		515,000		512,544		528,818
CNH Industrial Capital LLC		3.88		10/15/2021		1,110,000		1,112,548		1,128,787
CNH Industrial NV(d)		4.50		8/15/2023		900,000		907,304		975,254
Total Machinery-Diversified						2,525,000		2,532,396		2,632,859
Media — 1.0%*:
Cable Onda SA(a),(d)		4.50		1/30/2030		3,220,000		3,486,005		3,404,144
Sirius XM Radio, Inc.(a)		3.88		8/1/2022		1,898,000		1,893,496		1,905,117
ViacomCBS, Inc.		4.75		5/15/2025		4,075,000		4,622,802		4,606,961
Total Media						9,193,000		10,002,303		9,916,222
Mining — 0.5%*:
Glencore Finance Canada Ltd.(a),(d)		4.25		10/25/2022		484,000		492,499		509,780
Glencore Funding LLC(a),(d)		3.00		10/27/2022		730,000		729,286		753,303
Glencore Funding LLC(a),(d)		4.13		5/30/2023		1,880,000		1,906,476		2,010,416
Kinross Gold Corp.		5.13		9/1/2021		1,365,000		1,370,119		1,374,844
Total Mining						4,459,000		4,498,380		4,648,343
Oil and Gas — 2.7%*:
Cenovus Energy, Inc.(d)		3.00		8/15/2022		2,120,000		2,149,090		2,168,850
Continental Resources, Inc.		5.00		9/15/2022		361,000		360,712		361,289
Diamondback Energy, Inc.		0.90		3/24/2023		3,195,000		3,194,684		3,194,530
EQT Corp.		3.00		10/1/2022		3,185,000		3,148,031		3,232,775
EQT Corp.		7.63		2/1/2025		1,660,000		1,692,400		1,910,469
Occidental Petroleum Corp.		5.50		12/1/2025		5,410,000		5,437,526		5,710,201
Ovintiv Exploration, Inc.		5.63		7/1/2024		3,125,000		3,382,371		3,435,119
Petroleos Mexicanos(d)		4.63		9/21/2023		5,725,000		5,860,915		5,882,151
Total Oil and Gas						24,781,000		25,225,729		25,895,384
Packaging and Containers — 0.2%*:
Graphic Packaging International LLC(a)		1.51		4/15/2026		1,975,000		1,975,000		1,960,380
Pharmaceuticals — 1.2%*:
AbbVie, Inc.		3.80		3/15/2025		1,925,000		2,053,527		2,105,206
Cardinal Health, Inc., 3M USD LIBOR + 0.770%		0.95(b)		6/15/2022		3,085,000		3,084,817		3,107,261
McKesson Corp.		0.90		12/3/2025		2,480,000		2,479,361		2,427,770
Mylan, Inc.(a)		3.13		1/15/2023		1,920,000		1,894,749		2,000,436
Teva Pharmaceutical Finance Netherlands III B.V.(d)		2.20		7/21/2021		1,008,000		1,000,834		1,006,740
Viatris, Inc.(a)		1.65		6/22/2025		960,000		958,204		963,183
Total Pharmaceuticals						11,378,000		11,471,492		11,610,596
Pipelines — 1.6%*:
Energy Transfer Partners LP		4.20		9/15/2023		4,315,000		4,412,248		4,620,631
EnLink Midstream Partners LP		4.40		4/1/2024		2,870,000		2,867,651		2,892,960
EQM Midstream Partners LP		4.75		7/15/2023		2,250,000		2,281,463		2,334,375
Plains All American Pipeline LP / PAA Finance Corp.		4.65		10/15/2025		4,115,000		4,470,831		4,507,181

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE		DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Pipelines (continued):
Plains All American Pipeline LP/PAA Finance Corp.		4.50%		12/15/2026		725,000	$	796,781	$	795,345
Total Pipelines						14,275,000		14,828,974		15,150,492
Real Estate — 1.3%*:
Country Garden Holdings Co. Ltd.(d)		8.00		1/27/2024		5,503,000		5,874,790		5,853,816
MAF Sukuk Ltd.(d)		4.50		11/3/2025		3,150,000		3,477,885		3,449,250
Shimao Property Holdings Ltd.(d)		6.13		2/21/2024		3,100,000		3,275,632		3,259,844
Total Real Estate						11,753,000		12,628,307		12,562,910
Real Estate Investment Trusts — 1.9%*:
Host Hotels & Resorts LP		3.75		10/15/2023		5,310,000		5,501,615		5,619,114
Service Properties Trust		4.35		10/1/2024		2,175,000		2,241,065		2,162,248
Tanger Properties LP		3.75		12/1/2024		725,000		738,245		772,907
Tanger Properties LP		3.88		12/1/2023		1,890,000		1,914,856		1,981,458
Trust Fibra Uno(a),(d)		5.25		1/30/2026		2,772,000		2,993,965		3,052,665
VEREIT Operating Partnership LP		4.60		2/6/2024		2,940,000		3,079,655		3,216,337
VEREIT Operating Partnership LP		4.63		11/1/2025		1,650,000		1,809,807		1,861,867
Total REITS						17,462,000		18,279,208		18,666,596
Retail — 0.9%*:
Nordstrom, Inc.(a)		2.30		4/8/2024		1,160,000		1,160,000		1,161,843
O’Reilly Automotive, Inc.		3.85		6/15/2023		3,389,000		3,426,564		3,600,770
QVC, Inc.		4.38		3/15/2023		4,060,000		4,059,250		4,252,850
Total Retail						8,609,000		8,645,814		9,015,463
Storage/Warehousing — 0.3%*:
GLP China Holdings Ltd.(d)		4.97		2/26/2024		2,977,000		3,125,743		3,203,066
Telecommunications — 2.2%*:
AT&T, Inc.		1.70		3/25/2026		4,785,000		4,777,047		4,783,677
PT Tower Bersama Infrastructure Tbk(d)		4.25		1/21/2025		7,355,000		7,760,404		7,690,572
Qwest Corp.		6.75		12/1/2021		2,480,000		2,538,205		2,563,700
Sprint Communications, Inc.		9.25		4/15/2022		1,005,000		1,059,746		1,080,375
Telefonaktiebolaget LM Ericsson(d)		4.13		5/15/2022		2,650,000		2,655,069		2,743,651
Verizon Communications, Inc.		1.45		3/20/2026		2,475,000		2,470,150		2,475,479
Total Telecommunications						20,750,000		21,260,621		21,337,454
Venture Capital — 0.2%*:
Hercules Capital, Inc.		4.63		10/23/2022		1,625,000		1,621,978		1,654,280
Total Corporate Bonds						426,022,553		441,643,267		447,942,027
Mortgage-Backed Securities — 15.1%*:
Angel Oak Mortgage Trust 2019-3(a)		3.24(f)		5/25/2059		1,557,314		1,557,309		1,572,808
Angel Oak Mortgage Trust 2019-6(a)		3.39(f)		11/25/2059		3,250,000		3,250,000		3,281,362
Angel Oak Mortgage Trust 2021-1(a)		2.22(f)		1/25/2066		1,620,000		1,620,000		1,631,573
Angel Oak Mortgage Trust LLC 2020-5(a)		1.58(f)		5/25/2065		1,400,023		1,400,023		1,402,776
Angel Oak Mortgage Trust LLC 2020-5(a)		2.04(f)		5/25/2065		1,276,717		1,276,695		1,288,411
BAMLL Commercial Mortgage Securities Trust 2018-DSNY, 1M USD LIBOR + 1.350%(a)		1.46(b)		9/15/2034		270,000		270,000		267,991
BAMLL Commercial Mortgage Securities Trust 2019-BPR(a)		3.89(f)		11/5/2032		3,420,000		3,439,760		3,125,703

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Mortgage-Backed Securities (continued):
BHMS 2018-ATLS, 1M USD LIBOR + 1.500%(a)		1.61	(b)%		7/15/2035		1,800,000	$	1,800,000	$	1,795,483
BX Commercial Mortgage Trust 2019-XL, 1M USD LIBOR + 1.800%(a)		1.91	(b)		10/15/2036		1,131,435		1,131,435		1,130,727
BX Commercial Mortgage Trust 2019-XL, 1M USD LIBOR + 2.000%(a)		2.11	(b)		10/15/2036		3,643,540		3,652,129		3,640,130
BX Commercial Mortgage Trust 2020-BXLP, 1M USD LIBOR + 1.250%(a)		1.36	(b)		12/15/2036		1,327,310		1,313,901		1,326,111
BX Commercial Mortgage Trust 2020-BXLP, 1M USD LIBOR + 1.600%(a)		1.71	(b)		12/15/2036		5,406,042		5,405,569		5,399,551
CAMB Commercial Mortgage Trust 2019-LIFE, 1M USD LIBOR + 2.150%(a)		2.26	(b)		12/15/2037		1,499,283		1,499,283		1,499,281
Citigroup Mortgage Loan Trust 2019-IMC1(a)		3.03	(f)		7/25/2049		1,063,149		1,062,646		1,080,165
Citigroup Mortgage Loan Trust 2019-IMC1(a)		3.17	(f)		7/25/2049		3,101,000		3,100,432		3,157,018
COMM 2020-SBX Mortgage Trust(a)		2.32	(f)		1/10/2038		6,200,000		6,352,622		6,139,859
Connecticut Avenue Securities Trust 2019-R03, 1M USD LIBOR + 2.150%(a)		2.26	(b)		9/25/2031		927,063		932,388		929,136
Credit Suisse Mortgage Capital Certificates 2019-ICE4, 1M USD LIBOR + 1.600%(a)		1.71	(b)		5/15/2036		960,000		960,000		960,604
Credit Suisse Mortgage Capital Certificates 2019-ICE4, 1M USD LIBOR + 2.150%(a)		2.26	(b)		5/15/2036		4,000,000		3,976,790		4,006,084
CSMC 2021-NQM2(a),(e)		1.33	(f)		2/25/2066		6,200,000		6,199,915		6,199,915
Deephaven Residential Mortgage Trust 2019-2(a)		3.92	(f)		4/25/2059		672,000		672,000		679,471
Deephaven Residential Mortgage Trust 2019-4(a)		3.48	(f)		10/25/2059		4,400,000		4,399,951		4,439,207
Deephaven Residential Mortgage Trust 2021-1(a)		1.13	(f)		5/25/2065		2,426,538		2,426,496		2,423,391
Federal Home Loan Mortgage Corp., SOFR + 0.900%(a)		0.92	(b)		12/25/2050		3,445,329		3,445,329		3,447,704
Federal Home Loan Mortgage Corp., SOFR + 2.800%(a)		2.82	(b)		10/25/2050		2,306,000		2,306,000		2,320,801
Federal Home Loan Mortgage Corp., 1M USD LIBOR + 3.000%(a)		3.11	(b)		6/25/2050		5,931,580		5,931,580		5,951,513
Federal Home Loan Mortgage Corp. STACR REMIC Trust 2021-DNA1, SOFR + 1.800%(a)		1.82	(b)		1/25/2051		2,566,000		2,566,000		2,544,337
Freddie Mac STACR Trust 2018-DNA2, 1M USD LIBOR + 0.950%(a)		1.06	(b)		12/25/2030		4,605,000		4,605,000		4,601,151
FWD Securitization Trust 2020-INV1(a)		2.85	(f)		1/25/2050		1,804,000		1,803,913		1,824,672
GS Mortgage Securities Trust 2016-GS2		4.71	(f)		5/10/2049		1,000,000		1,049,304		1,094,497
JP Morgan Chase Commercial Mortgage Securities Trust 2013-LC11		3.96	(f)		4/15/2046		1,015,000		1,003,038		955,674
JP Morgan Mortgage Trust 2017-6 A5(a)		3.50	(f)		12/25/2048		48,252		48,853		48,284
JP Morgan Mortgage Trust 2018-1(a)		3.50	(f)		6/25/2048		29,494		29,723		29,502
KKR Industrial Portfolio Trust 2021-KDIP, 1M USD LIBOR + 1.550%(a)		1.66	(b)		12/15/2037		6,917,000		6,917,000		6,899,741
KNDL 2019-KNSQ Mortgage Trust, 1M USD LIBOR + 1.800%(a)		1.91	(b)		5/15/2036		865,000		865,000		864,730

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Mortgage-Backed Securities (continued):
Life 2021-BMR Mortgage Trust, 1M USD LIBOR + 1.750%(a)		1.86	(b)%		3/15/2038		1,918,000	$	1,918,000	$	1,921,069
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7		3.77	(f)		2/15/2046		1,340,000		1,370,445		1,354,852
Morgan Stanley Capital I Trust 2012-STAR(a)		4.06	(f)		8/5/2034		1,300,000		1,300,455		1,282,613
New Residential Mortgage Loan Trust 2020-NQM1(a)		3.21	(f)		1/26/2060		2,252,000		2,252,000		2,329,247
OBX 2020-INV1 Trust(a)		3.50	(f)		12/25/2049		1,874,978		1,908,464		1,875,626
OBX 2021-NQM1 Trust(a)		2.22	(f)		2/25/2066		1,798,000		1,797,951		1,798,000
One New York Plaza Trust 2020-1NYP, 1M USD LIBOR + 2.200%(a)		2.31	(b)		1/15/2026		2,787,000		2,787,000		2,814,813
One New York Plaza Trust 2020-1NYP, 1M USD LIBOR + 2.750%(a)		2.86	(b)		1/15/2026		1,874,000		1,874,000		1,892,701
PNMAC GMSR Issuer Trust 2018-GT1, 1M USD LIBOR + 2.850%(a)		2.96	(b)		2/25/2023		470,000		470,000		469,438
Shellpoint Co-Originator Trust 2016-1 2A3(a)		3.00	(f)		10/25/2031		358,746		361,695		363,677
STACR Trust 2018-DNA3, 1M USD LIBOR + 2.100%(a)		2.21	(b)		9/25/2048		3,100,000		3,125,098		3,111,019
STAR 2021-1 Trust(a)		1.53	(f)		5/25/2065		9,087,000		9,087,000		9,090,018
Starwood Mortgage Residential Trust 2019-INV1(a)		2.92	(f)		9/27/2049		2,073,266		2,073,266		2,110,729
Starwood Mortgage Residential Trust 2020-1(a)		2.88	(f)		2/25/2050		4,700,000		4,699,874		4,678,983
Starwood Mortgage Residential Trust 2020-INV(a)		2.50	(f)		11/25/2055		2,500,000		2,499,913		2,499,251
Structured Asset Investment Loan Trust 2004-11, 1M USD LIBOR + 0.930%		1.04	(b)		1/25/2035		5,452,322		5,455,132		5,343,288
Verus Securitization Trust 2019-4(a)		3.21	(f)		11/25/2059		1,750,000		1,750,000		1,770,920
Verus Securitization Trust 2019-INV2(a)		3.22	(f)		7/25/2059		2,074,692		2,074,667		2,116,653
Verus Securitization Trust 2019-INV3(a)		3.28	(f)		11/25/2059		1,462,000		1,461,966		1,503,332
Verus Securitization Trust 2020-1(a)		3.02	(f)		1/25/2060		4,646,000		4,646,000		4,775,183
Verus Securitization Trust 2020-4(a)		3.29	(f)		5/25/2065		2,348,000		2,347,925		2,434,861
Verus Securitization Trust 2021-1(a)		1.97	(f)		1/25/2066		2,247,000		2,246,915		2,241,973
Total Mortgage-Backed Securities							145,497,073		145,777,850		145,737,609
U.S. Treasury & Government Agencies — 0.5%*:
U.S. Treasury Bonds(g)		8.00			11/15/2021		5,000,000		5,184,553		5,246,484
Total Fixed Income							896,418,929		913,658,065		923,630,464

	COUNTERPARTY	STRIKE PRICE		EXPIRATION DATE		CONTRACTS		NOTIONAL		COST		UNREALIZED VALUE			FAIR VALUE
Purchased Options — 0.2%*:
Call Option Purchased — 0.0%*:
OTC – BCM Swaption	JPMorgan Chase Bank N.A.	$	2.44		12/13/2032		1,958,250		1,958,250		98,255		13,782			112,037
Put Options Purchased — 0.2%*:
OTC – BCM Swaption	JPMorgan Chase Bank N.A.		2.94		12/13/2032		22,790,000		22,790,000		1,143,488		(16,120	)		1,127,368

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	COUNTERPARTY	STRIKE PRICE		EXPIRATION DATE		CONTRACTS		NOTIONAL		COST		UNREALIZED VALUE			FAIR VALUE
Put Options Purchased (continued):
OTC – BCM Swaption	JPMorgan Chase Bank N.A.		3.11		1/31/2033		7,500,000		7,500,000	$	358,500	$	(25,171	)	$	333,329
Total Put Options							30,290,000		30,290,000		1,501,988		(41,291	)		1,460,697

	EFFECTIVE INTEREST RATE		DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Short-Term Investments — 2.8%*:
Commercial Paper — 2.8%*:
Automobile — 0.3%*:
VW Credit Inc.(d)		0.36		2/11/2022		3,000,000		2,990,783		2,990,783
Chemicals — 1.1%*:
EI Dupont		0.33		12/8/2021		10,000,000		9,977,689		9,977,689
IT Services — 0.9%*:
AT&T, Inc.		0.41		12/15/2021		9,000,000		8,974,200		8,974,200
Media — 0.5%*:
Walt Disney Co.		0.30		9/24/2021		5,000,000		4,992,667		4,992,667
Total Commercial Paper						27,000,000		26,935,339		26,935,339
Total Short-Term Investments						27,000,000		26,935,339		26,935,339
Total Investments						955,667,179		942,193,647		952,138,537
Other assets and liabilities – 1.2%*										11,669,552
Net Assets – 100.0%									$	963,808,089

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, 2021.

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

(d) Foreign security.

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

United States	76.8	%
Ireland	2.2	%
United Kingdom	2.1	%
China	1.9	%
Cayman Islands	1.9	%
Switzerland	1.6	%
Mexico	1.2	%
Canada	1.1	%
Russia	1.0	%
Other (Individually less than 1%)	10.2	%
Total	100.0	%

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

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

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

A summary of outstanding derivatives at March 31, 2021 is as follows:

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

Futures

TYPE	EXPIRATION DATE		CONTRACTS		NOTIONAL AMOUNT			POSITION	FAIR VALUE			UNREALIZED APPRECIATION (DEPRECIATION)
Short Futures
90 Day Euro Futures		09/13/21		9		(2,195,179	)	Short	$	(2,245,725	)	$	(50,546	)
90 Day Euro Futures		03/14/22		8		(1,950,670	)	Short		(1,995,300	)		(44,630	)
90 Day Euro Futures		09/19/22		7		(1,706,137	)	Short		(1,743,525	)		(37,388	)
90 Day Euro Futures		03/13/23		6		(1,461,503	)	Short		(1,490,924	)		(29,421	)
90 Day Euro Futures		12/18/23		8		(1,946,870	)	Short		(1,975,900	)		(29,030	)
90 Day Euro Futures		12/16/24		22		(5,347,293	)	Short		(5,397,150	)		(49,857	)
U.S. 10-Year Ultra Bond		06/21/21		111		(16,416,958	)	Short		(15,949,313	)		467,645
U.S. 2-Year Treasury Note		06/30/21		790		(174,490,003	)	Short		(174,373,984	)		116,019
U.S. 5-Year Treasury Note		06/30/21		2,383		(297,514,215	)	Short		(294,058,478	)		3,455,737
Total Short Futures												$	3,798,529

See accompanying Notes to the Schedule of Investments.

Barings Diversified Income Fund

SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Fixed Income — 95.9%*:
Asset-Backed Securities — 39.6%*:
CDO/CLO — 20.9%*:
Ares LV CLO Ltd. 2020-55A B, 3M USD LIBOR + 2.500%(a)		2.74	(b) %		4/15/2031		750,000	$	750,000	$	751,975
Avery Point VII CLO Ltd., 3M USD LIBOR + 3.600%(a)		3.84	(b)		1/15/2028		500,000		500,000		500,102
Business Jet Securities 2021-1 LLC(a)		2.92			4/15/2036		477,000		477,000		476,030
CBAM Ltd. 2019-10, 3M USD LIBOR + 2.050%(a)		2.27	(b)		4/20/2032		500,000		500,000		500,158
Crestline Denali CLO XIV Ltd., 3M USD LIBOR + 1.800%(a)		2.02	(b)		10/23/2031		250,000		250,000		250,002
Denali Capital CLO XI Ltd., 3M USD LIBOR + 1.650%(a)		1.87	(b)		10/20/2028		550,000		549,577		549,998
Eaton Vance CLO Ltd. 2019-1, 3M USD LIBOR + 1.950%(a)		2.19	(b)		4/15/2031		500,000		500,000		500,746
Elmwood CLO II Ltd., 3M USD LIBOR + 2.000%(a)		1.00			4/20/2034		700,000		700,000		700,000
Flatiron Clo 17 Ltd., 3M USD LIBOR + 1.900%(a)		2.10			5/15/2030		600,000		600,000		599,413
Horizon Aircraft Finance II Ltd.(a)		4.70			7/15/2039		286,537		286,529		276,691
KREF Ltd. 2018-FL1, 1M USD LIBOR + 2.550%(a)		2.66	(b)		6/15/2036		420,000		423,215		416,852
Magnetite XXVI Ltd. 2020-26A B, 3M USD LIBOR + 2.400%(a)		2.64	(b)		7/15/2030		750,000		750,000		751,777
Neuberger Berman Loan Advisers CLO 31 Ltd., 3M USD LIBOR + 3.250%(a)		3.44			4/20/2031		300,000		300,000		300,000
OCP CLO 2020-19 Ltd., 3M USD LIBOR + 2.500%(a)		2.72	(b)		7/20/2031		500,000		500,000		501,763
OHA Credit Partners XI Ltd., 3M USD LIBOR + 2.150%(a)		2.37	(b)		1/20/2032		300,000		298,533		300,000
RR15 Ltd., 3M USD LIBOR + 1.450%(a)		1.65			4/15/2036		500,000		500,000		500,049
TCI-Flatiron CLO 2016-1 Ltd., 3M USD LIBOR + 2.200%(a)		2.44	(b)		1/17/2032		1,000,000		1,000,000		998,330
Verde CLO, 3M USD LIBOR + 1.900%(a)		2.14	(b)		4/15/2032		500,000		500,000		500,069
Voya CLO 2018-4 Ltd., 3M USD LIBOR + 1.650%(a)		1.83			1/15/2032		500,000		500,000		499,999
Total CDO/CLO							9,883,537		9,884,854		9,873,954
Other Asset-Backed Securities — 18.7%*:
AASET 2020-1 Trust(a)		4.34			1/16/2040		489,753		489,743		460,797
Access Group, Inc. 2015-1 B, 1M USD LIBOR + 1.500%(a)		1.61	(b)		7/25/2058		100,000		86,996		91,450
Adams Outdoor Advertising LP(a)		4.81			11/15/2048		189,653		196,612		203,149
CARS-DB4 LP(a)		3.81			2/15/2050		249,740		258,682		255,388
CARS-DB4 LP(a)		4.17			2/15/2050		100,000		99,958		102,765
CLI Funding VI LLC(a)		4.64			5/18/2044		163,340		163,314		162,632
College Avenue Student Loans LLC, 1M USD LIBOR + 1.650%(a)		1.76	(b)		11/26/2046		122,702		118,070		124,640
College Loan Corp. Trust I 2005-2 B, 3M USD LIBOR + 0.490%		0.73	(b)		1/15/2037		65,249		58,708		59,959
College Loan Corp. Trust I 2017-1 B2		1.59			1/25/2047		45,000		39,008		41,185
Credit Suisse ABS Repackaging Trust 2013-A B(a)		2.50			1/25/2030		22,602		21,752		22,666
DataBank Issuer(a)		2.65			2/27/2051		636,000		635,758		640,388
EdLinc Student Loan Funding Trust 2017-A A, PRIME - 1.150%(a)		2.10	(b)		12/1/2047		40,331		40,118		39,827

See accompanying Notes to the Schedule of Investments.

Barings Diversified Income Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (continued):
Other Asset-Backed Securities (continued):
EDvestinU Private Education Loan Issue No 1 LLC(a)		4.49	%		11/25/2043		277,000	$	276,813	$	278,751
Goodgreen Trust 2018-1A A(a)		3.93			10/15/2053		233,885		241,826		251,374
Goodgreen Trust 2019-2(a)		3.86			10/15/2054		252,327		252,287		258,306
Horizon Aircraft Finance I Ltd.(a)		5.27			12/15/2038		450,400		459,049		436,218
ITE Rail Fund Levered LP(a),(c)		2.98			2/28/2051		480,000		479,957		480,000
Kestrel Aircraft Funding Ltd.(a),(d)		4.25			12/15/2038		294,333		299,714		294,768
Labrador Aviation Finance Ltd. 2016-1A(a)		4.30			1/15/2042		188,753		189,248		184,836
Navient Student Loan Trust 2018-1B, 1M USD LIBOR + 1.200%(a)		1.31	(b)		3/25/2067		100,000		96,048		95,629
Nelnet Private Education Loan Trust 2016-A A1B(a)		3.60			12/26/2040		14,441		14,356		14,700
Nelnet Student Loan Trust 2006-2 B, 3M USD LIBOR + 0.200%		0.42	(b)		1/25/2038		170,389		160,675		148,348
Nelnet Student Loan Trust 2006-3, 3M USD LIBOR + 0.250%		0.45	(b)		6/25/2041		110,060		103,464		98,609
OneMain Financial Issuance Trust 2020-2(a)		2.21			9/14/2035		400,000		399,794		402,147
OneMain Financial Issuance Trust 2020-2(a)		2.76			9/14/2035		400,000		399,836		410,436
Oxford Finance Funding 2020-1 LLC(a)		3.10			2/15/2028		475,000		475,000		485,589
Oxford Finance Funding 2020-1 LLC(a)		4.04			2/15/2028		450,000		450,000		464,791
SLC Student Loan Trust 2005-1 B, 3M USD LIBOR + 0.200%		0.40	(b)		2/15/2045		67,031		58,560		62,480
SLM Student Loan Trust 2003-14, 3M USD LIBOR + 0.550%		0.77	(b)		10/25/2065		155,495		148,028		148,695
SLM Student Loan Trust 2004-1, 3M USD LIBOR + 0.500%		0.72	(b)		7/25/2039		145,716		135,645		136,255
SLM Student Loan Trust 2005-6 B, 3M USD LIBOR + 0.290%		0.51	(b)		1/25/2044		90,258		84,287		83,697
SLM Student Loan Trust 2006-5 B, 3M USD LIBOR + 0.210%		0.43	(b)		10/25/2040		85,072		75,765		78,520
SMB Private Education Loan Trust 2017-A B(a)		3.50			6/17/2041		225,000		233,129		229,406
Sofi Consumer Loan Program 2018-1 Trust(a)		3.97			2/25/2027		550,000		558,262		567,659
SoFi Professional Loan Program LLC 2017-A C(a)		4.43			3/26/2040		100,000		99,527		104,993
South Carolina Student Loan Corp. 2014-1 B, 1M USD LIBOR + 1.500%		1.62	(b)		8/1/2035		100,000		98,888		102,013
Store Master Funding I-VII(a)		4.74			10/20/2048		226,742		233,308		241,419
Textainer Marine Containers VII Ltd.(a)		5.28			4/20/2044		169,333		169,267		168,526
Wachovia Student Loan Trust 2005-1 B, 3M USD LIBOR + 0.300%		0.52	(b)		10/25/2040		49,876		46,182		46,707
Willis Engine Structured Trust IV(a)		4.75			9/15/2043		336,691		344,092		334,799
Total Other Asset-Backed Securities							8,822,172		8,791,726		8,814,517
Total Asset-Backed Securities							18,705,709		18,676,580		18,688,471
Corporate Bonds — 49.8%*:
Agriculture — 1.0%*:
Wens Foodstuffs Group Co. Ltd.(d)		2.35			10/29/2025		500,000		492,969		479,737

See accompanying Notes to the Schedule of Investments.

Barings Diversified Income Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Auto Manufacturers — 2.1%*:
Allison Transmission, Inc.(a)		3.75	%		1/30/2031		150,000	$	150,000	$	145,313
Baic Finance Investment Co. Ltd.(d)		2.00			3/16/2024		500,000		498,487		502,807
Ford Motor Co.		9.63			4/22/2030		100,000		114,823		139,554
Ford Motor Credit Co. LLC		4.00			11/13/2030		200,000		200,000		198,398
Total Auto Manufacturers							950,000		963,310		986,072
Chemicals — 2.0%*:
Alpek SAB de CV(a),(d)		3.25			2/25/2031		537,000		533,556		529,079
Axalta Coating Systems LLC(a)		3.38			2/15/2029		150,000		150,000		146,280
UPL Corp. Ltd.(d)		4.63			6/16/2030		260,000		258,941		269,019
Total Chemicals							947,000		942,497		944,378
Coal — 0.3%*:
SunCoke Energy Partners LP(a)		7.50			6/15/2025		116,000		107,470		120,495
Commercial Banks — 7.7%*:
Arab National Bank, 5 year CMT + 2.974%(d)		3.33	(b)		10/28/2030		500,000		500,000		512,252
Banco Santander SA(d)		1.85			3/25/2026		600,000		600,000		598,577
BPCE SA(a),(d)		5.70			10/22/2023		385,000		420,668		430,158
Burgan Bank SAK, 5 year CMT + 2.229%(d)		2.75	(b)		12/15/2031		500,000		500,000		463,750
Credit Suisse AG(a),(d)		6.50			8/8/2023		310,000		337,182		340,922
HSBC Holdings plc(d)		4.38			11/23/2026		420,000		471,954		467,424
Mizrahi Tefahot Bank Ltd., 5 year CMT + 2.250%(a),(d)		3.08			4/7/2031		550,000		550,000		549,312
Shinhan Financial Group Co. Ltd., 5 year CMT + 1.500%(a),(d)		3.34	(b)		2/5/2030		242,000		242,000		252,512
Total Commercial Banks							3,507,000		3,621,804		3,614,907
Distribution/Wholesale — 0.3%*:
H&E Equipment Services, Inc.(a)		3.88			12/15/2028		150,000		150,000		145,875
Diversified Financial Services — 3.1%*:
Antares Holdings LP(a)		3.95			7/15/2026		335,000		331,085		337,691
Aviation Capital Group LLC(a)		1.95			1/30/2026		225,000		222,934		219,121
Element Fleet Management Corp.		1.60			4/6/2024		120,000		119,860		119,860
Park Aerospace Holdings Ltd.(a),(d)		5.25			8/15/2022		650,000		664,432		682,366
SPARC EM SPC Panama Metro Line 2 SP(d)		Zero Coupon			12/5/2022		126,024		122,175		122,875
Total Diversified Financial Services							1,456,024		1,460,486		1,481,913
Electric — 4.3%*:
Adani Electricity Mumbai Ltd.(a),(d)		3.95			2/12/2030		550,000		527,455		553,438
FEL Energy VI Sarl(a),(d)		5.75			12/1/2040		500,000		500,000		512,500
Fenix Power Peru SA(a),(d)		4.32			9/20/2027		430,882		448,019		449,733
Infraestructura Energetica Nova SAB de CV(a),(d)		3.75			1/14/2028		488,000		496,795		517,890
Total Electric							1,968,882		1,972,269		2,033,561
Entertainment — 0.6%*:
WMG Acquisition Corp.(a)		3.00			2/15/2031		150,000		146,379		142,545
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.(a)		5.13			10/1/2029		112,000		107,830		114,632
Total Entertainment							262,000		254,209		257,177
Food — 1.3%*:
Blossom Joy Ltd., 5 year CMT + 5.799%(d)		3.10			12/31/2099		250,000		251,756		252,748

See accompanying Notes to the Schedule of Investments.

Barings Diversified Income Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Food (continued):
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.(a)		5.50	%		1/15/2030		202,000	$	206,779	$	223,563
Smithfield Foods, Inc.(a)		3.00			10/15/2030		154,000		154,975		153,151
Total Food							606,000		613,510		629,462
Forestry and Paper Products — 0.8%*:
Suzano Austria GmbH(d)		3.75			1/15/2031		360,000		354,214		370,800
Insurance — 6.4%*:
Athene Holding Ltd.		6.15			4/3/2030		385,000		475,787		469,029
AXIS Specialty Finance LLC		3.90			7/15/2029		233,000		253,679		250,229
Brighthouse Financial, Inc.		3.70			6/22/2027		450,000		471,979		475,824
Enstar Group Ltd.		4.95			6/1/2029		630,000		676,763		703,742
Hanwha Life Insurance Co. Ltd., 5 year CMT + 2.000%(a),(d)		4.70	(b)		4/23/2048		500,000		501,132		520,469
Prudential Financial, Inc., 3M USD LIBOR + 3.920%		5.63	(b)		6/15/2043		320,000		338,625		342,857
Tongyang Life Insurance Co. Ltd., 5 year CMT + 4.981%(d)		5.25	(b)		3/22/2169		250,000		255,291		258,437
Total Insurance							2,768,000		2,973,256		3,020,587
Investment Company Security — 2.9%*:
Ares Capital Corp.		3.25			7/15/2025		230,000		232,109		237,119
Ares Capital Corp.		3.88			1/15/2026		250,000		256,225		263,363
BlackRock TCP Capital Corp.		4.13			8/11/2022		225,000		228,900		232,688
Golub Capital BDC, Inc.		2.50			8/24/2026		195,000		194,423		190,676
Sixth Street Specialty Lending, Inc.		2.50			8/1/2026		470,000		467,589		465,885
Total Investment Company Security							1,370,000		1,379,246		1,389,731
Iron/Steel — 1.4%*:
Vale Overseas Ltd.(d)		3.75			7/8/2030		614,000		622,345		638,805
IT Services — 0.9%*:
Lenovo Group Ltd.(a),(d)		3.42			11/2/2030		430,000		430,000		431,344
Media — 1.6%*:
DISH Network Corp.		3.38			8/15/2026		140,000		128,490		134,582
Sirius XM Radio, Inc.(a)		5.50			7/1/2029		90,000		93,631		97,313
ViacomCBS, Inc.		4.95			1/15/2031		290,000		346,814		342,795
Virgin Media Secured Finance plc(a),(d)		4.50			8/15/2030		200,000		203,892		201,750
Total Media							720,000		772,827		776,440
Mining — 0.7%*:
AngloGold Ashanti Holdings plc(d)		3.75			10/1/2030		345,000		343,935		345,431
Oil and Gas — 1.3%*:
Gazprom PJSC via Gaz Finance plc(a),(d)		3.25			2/25/2030		500,000		482,078		478,000
Occidental Petroleum Corp.		6.13			1/1/2031		109,000		117,162		120,358
Total Oil and Gas							609,000		599,240		598,358
Pharmaceuticals — 0.5%*:
Bausch Health Cos., Inc.(a)		5.00			2/15/2029		125,000		125,000		123,438
Bausch Health Cos., Inc.(a)		5.25			2/15/2031		125,000		125,000		124,402
Total Pharmaceuticals							250,000		250,000		247,840
Pipelines — 1.6%*:
Fermaca Enterprises S de RL de CV(a),(d)		6.38			3/30/2038		250,073		254,942		280,082

See accompanying Notes to the Schedule of Investments.

Barings Diversified Income Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Pipelines (continued):
Galaxy Pipeline Assets Bidco Ltd.(a),(d)		2.16	%		3/31/2034		500,000	$	500,000	$	485,025
Total Pipelines							750,073		754,942		765,107
Real Estate — 1.2%*:
Country Garden Holdings Co. Ltd.(d)		5.63			1/14/2030		500,000		524,652		541,875
Real Estate Investment Trusts — 4.9%*:
PLA Administradora Industrial S de RL de CV(a),(d)		4.96			7/18/2029		290,000		290,000		319,003
Spirit Realty LP		2.10			3/15/2028		570,000		566,413		553,770
STORE Capital Corp.		4.63			3/15/2029		555,000		514,891		617,254
Tanger Properties LP		3.88			12/1/2023		346,000		352,648		362,743
WEA Finance LLC(a),(d)		2.88			1/15/2027		475,000		473,328		471,911
Total REITS							2,236,000		2,197,280		2,324,681
Retail — 1.4%*:
InRetail Consumer(a),(d)		3.25			3/22/2028		468,000		468,000		467,123
Nordstrom, Inc.(a)		2.30			4/8/2024		169,000		169,000		169,268
Total Retail							637,000		637,000		636,391
Storage/Warehousing — 0.9%*:
GLP China Holdings Ltd.(d)		2.95			3/29/2026		436,000		431,564		434,252
Telecommunications — 0.4%*:
Sprint Capital Corp.		8.75			3/15/2032		140,000		197,605		207,025
Transportation — 0.2%*:
XPO Logistics, Inc.(a)		6.25			5/1/2025		95,000		95,000		101,773
Total Corporate Bonds							22,722,979		23,141,630		23,524,017
Mortgage-Backed Securities — 6.5%*:
BX Commercial Mortgage Trust 2019-XL, 1M USD LIBOR + 2.000%(a)		2.11	(b)		10/15/2036		376,206		355,356		375,852
COMM 2014-LC17 Mortgage Trust		4.55	(e)		10/10/2047		400,000		409,970		414,391
COMM 2015-LC19 Mortgage Trust(a),(e)		2.87			2/10/2048		400,000		386,658		385,219
Federal Home Loan Mortgage Corp., 1M USD LIBOR + 3.000%(a)		3.11	(b)		6/25/2050		510,775		508,339		512,492
Federal Home Loan Mortgage Corp. STACR REMIC Trust 2021-DNA1, SOFR + 1.800%(a),(b)		1.82			1/25/2051		467,000		467,000		463,058
GS Mortgage Securities Corp. II(a)		3.00	(e)		7/10/2051		500,000		450,067		462,183
GS Mortgage Securities Trust 2016-GS2		4.71	(e)		5/10/2049		200,000		206,859		218,899
J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-OSB(a)		3.78	(e)		6/5/2039		213,000		210,359		208,114
Total Mortgage-Backed Securities							3,066,981		2,994,608		3,040,208
Total Fixed Income							44,495,669		44,812,818		45,252,696
Total Investments							44,495,669		44,812,818		45,252,696
Other assets and liabilities – 4.1%*											1,959,000
Net Assets – 100.0%										$	47,211,696

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

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

See accompanying Notes to the Schedule of Investments.

Barings Diversified Income Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

(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, 2021.

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

(d) Foreign security.

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

United States	65.4	%
Mexico	4.8	%
China	4.3	%
Cayman Islands	2.4	%
Republic of Korea	2.3	%
Brazil	2.2	%
Ireland	2.2	%
Peru	2.0	%
India	1.8	%
Hong Kong	1.5	%
Spain	1.3	%
Israel	1.2	%
Saudi Arabia	1.1	%
Argentina	1.1	%
Russia	1.1	%
Isle of Man	1.0	%
Kuwait	1.0	%
France	1.0	%
Other (Individually less than 1%)	2.3	%
Total	100.0	%

(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, 2021 is as follows:

Futures

TYPE	EXPIRATION DATE		CONTRACTS		NOTIONAL AMOUNT			POSITION		FAIR VALUE			UNREALIZED DEPRECIATION
Long Future
U.S. 2-Year Treasury Note		06/30/21		6		1,324,968			Long	$	1,324,359		$	(609	)
TYPE	EXPIRATION DATE		CONTRACTS		NOTIONAL AMOUNT			POSITION		FAIR VALUE			UNREALIZED APPRECIATION
Short Futures
U.S. 10-Year Ultra Bond		06/21/21		51		(7,560,780	)		Short	$	(7,328,063	)	$	232,717
U.S. 5-Year Treasury Note		06/30/21		154		(19,220,782	)		Short		(19,003,359	)		217,423
U.S. Long Bond		06/21/21		1		(160,615	)		Short		(154,594	)		6,021
Total Short Futures													$	456,161

See accompanying Notes to the Schedule of Investments.

Barings Emerging Markets Debt Blended Total Return Fund

SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Fixed Income — 87.1%*:
Corporate Bonds — 38.7%*:
Aerospace/Defense — 0.2%*:
Embraer Netherlands Finance BV(a),(b)		6.95	%		1/17/2028		250,000	$	249,364	$	274,870
Agriculture — 2.4%*:
Amaggi Luxembourg International Sarl(a),(b)		5.25			1/28/2028		1,500,000		1,500,000		1,532,437
Kernel Holding SA(a),(b)		6.75			10/27/2027		687,000		687,000		732,728
PT Japfa Comfeed Indonesia Tbk(a)		5.38			3/23/2026		500,000		497,312		509,543
Total Agriculture							2,687,000		2,684,312		2,774,708
Auto Parts&Equipment — 1.0%*:
Tupy Overseas SA(a),(b)		4.50			2/16/2031		1,143,000		1,143,000		1,108,710
Chemicals — 0.8%*:
Braskem Idesa SAPI(a),(b)		7.45			11/15/2029		300,000		299,074		297,938
Grupo Idesa SA de CV(a),(b)		4.44			5/22/2026		1,049,926		1,017,732		619,456
Total Chemicals							1,349,926		1,316,806		917,394
Commercial Banks — 6.4%*:
Ipoteka-Bank ATIB(a)		5.50			11/19/2025		544,000		544,000		555,900
Itau Unibanco Holding SA, 5 year CMT + 3.222%(a),(b)		4.63	(c),(d)				500,000		478,754		465,000
Kasikornbank PCL, 5 year CMT + 4.940%(a)		5.28	(c),(d)				500,000		500,000		524,531
National Bank of Greece SA, 5 year EUR Swap + 8.464%(a)		8.25	(c)		7/18/2029		750,000		844,200		981,075
Nova Ljubljanska Banka dd, 5 year EUR Swap + 3.833%(a)		3.65	(c)		11/19/2029		400,000		440,400		459,698
Piraeus Financial Holdings SA, 5 year EUR Swap + 5.774%(a)		5.50	(c)		2/19/2030		1,000,000		1,103,697		1,093,543
Piraeus Financial Holdings SA, 5 year EUR Swap + 9.952%(a)		9.75	(c)		6/26/2029		500,000		616,710		625,999
Sovcombank Via SovCom Capital DAC, 5 year CMT + 6.380%(a),(b)		7.75	(c),(d)				200,000		200,000		202,250
Sovcombank Via SovCom Capital DAC, 5 year CMT + 6.427%(a),(b)		8.00	(c)		4/7/2030		1,165,000		1,168,961		1,221,917
TBC Bank JSC, 5 year USD ICE Swap + 8.995%(a),(b)		10.78	(c),(d)				645,000		645,000		687,530
TMB Bank PCL, 5 year CMT + 3.256%(a)		4.90	(c),(d)				500,000		475,943		500,469
Total Commercial Banks							6,704,000		7,017,665		7,317,912
Commercial Services — 1.5%*:
Atento Luxco 1 SA(a),(b)		8.00			2/10/2026		633,000		633,000		663,661
India Toll Roads(a),(b)		5.50			8/19/2024		999,000		999,000		983,016
Total Commercial Services							1,632,000		1,632,000		1,646,677
Diversified Financial Services — 1.4%*:
Gtlk Europe Capital DAC(a)		4.80			2/26/2028		500,000		492,821		507,500
IIFL Finance Ltd.(a)		5.88			4/20/2023		1,055,000		1,003,559		1,044,411
Total Diversified Financial Services							1,555,000		1,496,380		1,551,911
Electric — 1.2%*:
FEL Energy VI Sarl(a),(b)		5.75			12/1/2040		700,000		700,000		717,500
Infraestructura Energetica Nova SAB de CV(a),(b)		4.75			1/15/2051		312,000		303,040		307,320

See accompanying Notes to the Schedule of Investments.

Barings Emerging Markets Debt Blended Total Return Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Electric (continued):
Infraestructura Energetica Nova SAB de CV(a),(b)		4.88	%		1/14/2048		328,000	$	272,164	$	326,360
Total Electric							1,340,000		1,275,204		1,351,180
Engineering&Construction — 0.5%*:
Rutas 2 and 7 Finance Ltd.(a),(b)		Zero Coupon			9/30/2036		850,000		571,113		599,250
Food — 1.1%*:
MARB BondCo plc(a),(b)		3.95			1/29/2031		500,000		485,077		474,525
MHP Lux SA(a),(b)		6.25			9/19/2029		270,000		274,306		265,612
Ulker Biskuvi Sanayi AS(a),(b)		6.95			10/30/2025		494,000		494,000		517,752
Total Food							1,264,000		1,253,383		1,257,889
Forestry and Paper Products — 0.3%*:
Suzano Austria GmbH(a)		3.75			1/15/2031		361,000		355,198		371,830
Household Products — 0.3%*:
Walnut Bidco plc(a),(b)		6.75			8/1/2024		317,000		352,647		385,686
Housewares — 0.9%*:
Turkiye Sise ve Cam Fabrikalari AS(a),(b)		6.95			3/14/2026		1,000,000		1,056,446		1,064,375
Internet — 1.1%*:
B2W Digital Lux Sarl(a),(b)		4.38			12/20/2030		706,000		705,972		688,350
Meituan(a),(b)		3.05			10/28/2030		529,000		528,302		514,417
Total Internet							1,235,000		1,234,274		1,202,767
Media — 0.9%*:
LCPR Senior Secured Financing DAC(b)		5.13			7/15/2029		978,000		978,000		995,232
Metal Fabricate/Hardware — 0.4%*:
HTA Group Ltd.(a),(b)		7.00			12/18/2025		416,000		413,948		441,220
Mining — 4.0%*:
First Quantum Minerals Ltd.(a),(b)		6.88			10/15/2027		610,000		610,000		654,225
First Quantum Minerals Ltd.(a),(b)		7.50			4/1/2025		250,000		246,925		258,125
Metinvest BV(a),(b)		5.63			6/17/2025		750,000		816,561		928,004
Vedanta Resources Finance II plc(a),(b)		8.95			3/11/2025		1,370,000		1,370,000		1,309,035
Vedanta Resources Finance II plc(a),(b)		9.25			4/23/2026		550,000		548,227		462,671
Vedanta Resources Finance II plc(a),(b)		13.88			1/21/2024		900,000		938,411		969,750
Total Mining							4,430,000		4,530,124		4,581,810
Multi-National — 0.6%*:
Asian Development Bank, TBIB6MIR(a),(e)		3.30	(c)		7/14/2021		340,000		114,186		94,158
European Bank for Reconstruction & Development, GGRRC9MX - 0.500%(a),(e)		7.53	(c)		10/29/2022		1,200,000		404,027		345,880
International Bank for Reconstruction & Development(a),(e)		7.25			11/22/2021		960,000		325,423		276,172
Total Multi-National							2,500,000		843,636		716,210
Oil and Gas — 4.5%*:
Petrobras Global Finance BV(a)		6.75			6/3/2050		300,000		294,379		318,750
Petrobras Global Finance BV(a)		6.90			3/19/2049		900,000		968,028		985,500
Petroleos Mexicanos(a)		5.95			1/28/2031		950,000		897,365		912,000
Petroleos Mexicanos(a)		6.95			1/28/2060		1,304,000		1,203,390		1,124,700

See accompanying Notes to the Schedule of Investments.

Barings Emerging Markets Debt Blended Total Return Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	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	$	102,098	$	197,505
Tullow Oil plc(a),(b)		7.00			3/1/2025		1,840,000		1,316,106		1,554,800
Total Oil and Gas							5,504,000		4,781,366		5,093,255
Oil and Gas Services — 1.6%*:
Borets Finance DAC(a),(b)		6.00			9/17/2026		531,000		531,000		551,577
Guara Norte Sarl(a),(b)		5.20			6/15/2034		1,304,000		1,303,935		1,278,963
Total Oil and Gas Services							1,835,000		1,834,935		1,830,540
Real Estate — 2.1%*:
Kaisa Group Holdings Ltd., 5 year H15T3Y + 15.718%(a)		10.88	(c),(d)				1,000,000		983,750		962,813
Kaisa Group Holdings Ltd.(a)		11.25			4/9/2022		750,000		756,535		774,749
Yuzhou Group Holdings Co. Ltd.(a)		6.35			1/13/2027		802,000		802,000		667,264
Total Real Estate							2,552,000		2,542,285		2,404,826
Retail — 2.1%*:
Eurotorg LLC Via Bonitron DAC(a),(b)		9.00			10/22/2025		723,000		723,000		778,064
Future Retail Ltd.(a)		5.60			1/22/2025		794,000		708,673		648,102
InRetail Consumer(a),(b)		3.25			3/22/2028		937,000		937,000		935,243
Total Retail							2,454,000		2,368,673		2,361,409
Sovereign — 0.5%*:
Ukreximbank Via Biz Finance plc, 5 year USD ICE Swap + 8.178%(a)		9.95	(c)		11/14/2029		500,000		500,000		505,100
Telecommunications — 1.9%*:
IHS Netherlands Holdco BV(a),(b)		8.00			9/18/2027		500,000		493,038		537,969
Liquid Telecommunications Financing plc(a),(b)		5.50			9/4/2026		350,000		350,000		366,625
Network i2i Ltd., 5 year CMT + 4.277%(a),(b)		5.65	(c),(d)				400,000		374,689		422,125
Sixsigma Networks Mexico SA de CV(a),(b)		7.50			5/2/2025		500,000		458,789		435,156
VF Ukraine PAT via VFU Funding plc(a),(b)		6.20			2/11/2025		405,000		405,000		418,163
Total Telecommunications							2,155,000		2,081,516		2,180,038
Transportation — 1.0%*:
ENA Master Trust(a),(b)		4.00			5/19/2048		200,000		200,000		203,200
MV24 Capital BV(a),(b)		6.75			6/1/2034		575,363		575,363		597,152
Prumo Participacoes e Investimentos SA(a),(b)		7.50			12/31/2031		269,479		276,508		299,459
Total Transportation							1,044,842		1,051,871		1,099,811
Total Corporate Bonds							46,056,768		43,564,146		44,034,610
Foreign Government — 48.4%*:
Albania — 0.8%*:
Albania Government International Bond(a),(b)		3.50			6/16/2027		740,000		833,191		924,205
Armenia — 0.6%*:
Republic of Armenia International Bond(a),(b)		3.60			2/2/2031		740,000		723,483		675,944
Belarus — 2.6%*:
Republic of Belarus International Bond(a),(b)		7.63			6/29/2027		1,000,000		1,026,671		1,022,500

See accompanying Notes to the Schedule of Investments.

Barings Emerging Markets Debt Blended Total Return Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Foreign Government (continued):
Belarus (continued):
Republic of Belarus Ministry of Finance(a),(b)		6.38	%		2/24/2031		2,030,000	$	2,039,374	$	1,877,750
Total Belarus							3,030,000		3,066,045		2,900,250
Bolivia — 0.2%*:
Bolivian Government International Bond(a),(b)		4.50			3/20/2028		323,000		291,104		281,414
Brazil — 0.8%*:
Brazilian Government International Bond(a)		4.75			1/14/2050		200,000		207,946		181,188
Brazilian Government International Bond(a)		5.63			2/21/2047		700,000		797,573		710,500
Total Brazil							900,000		1,005,519		891,688
Colombia — 4.0%*:
Colombian TES(a)		7.25			10/26/2050		8,650,000,000		2,542,536		2,119,961
Colombian TES(a)		7.50			8/26/2026		8,170,000,000		2,656,104		2,410,771
Total Colombia							16,820,000,000		5,198,640		4,530,732
Costa Rica — 0.4%*:
Costa Rica Government International Bond(a),(b)		6.13			2/19/2031		500,000		510,954		502,969
Czech Republic — 2.5%*:
Czech Republic Government Bond(a)		1.50			4/24/2040		73,800,000		3,301,499		2,874,892
Egypt — 1.3%*:
Egypt Government International Bond(a),(b)		5.88			2/16/2031		1,145,000		1,129,159		1,070,575
Egypt Government International Bond(a),(b)		6.38			4/11/2031		350,000		392,822		421,219
Total Egypt							1,495,000		1,521,981		1,491,794
El Salvador — 0.6%*:
El Salvador Government International Bond(a),(b)		7.65			6/15/2035		700,000		512,438		684,250
Hungary — 0.5%*:
Hungary Government International Bond(a)		1.50			11/17/2050		460,000		523,559		510,616
Israel — 3.0%*:
Israel Government Bond(a)		5.50			1/31/2042		5,400,000		2,762,972		2,608,348
Israel Government Bond - Fixed(a)		3.75			3/31/2047		1,970,000		820,149		770,622
Total Israel							7,370,000		3,583,121		3,378,970
Ivory Coast — 1.7%*:
Ivory Coast Government International Bond(a),(b)		5.75			12/31/2032		933,167		957,606		930,543
Ivory Coast Government International Bond(a),(b)		5.88			10/17/2031		550,000		600,073		680,862
Ivory Coast Government International Bond(a),(b)		6.63			3/22/2048		300,000		385,106		355,108
Total Ivory Coast							1,783,167		1,942,785		1,966,513

See accompanying Notes to the Schedule of Investments.

Barings Emerging Markets Debt Blended Total Return Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Foreign Government (continued):
Jordan — 1.1%*:
Jordan Government International Bond(a),(b)		5.85	%		7/7/2030		1,230,000	$	1,235,986	$	1,249,987
Kenya — 0.8%*:
Kenya Government International Bond(a),(b)		8.00			5/22/2032		300,000		345,580		318,750
Kenya Government International Bond(a),(b)		8.25			2/28/2048		600,000		655,103		617,063
Total Kenya							900,000		1,000,683		935,813
Macedonia — 0.6%*:
North Macedonia Government International Bond(a),(b)		3.68			6/3/2026		550,000		597,352		705,452
Malaysia — 3.0%*:
Malaysia Government Bond(a)		3.96			9/15/2025		6,002,000		1,530,987		1,525,043
Malaysia Government Bond(a)		4.07			6/15/2050		1,900,000		432,009		432,558
Malaysia Government Bond(a)		4.94			9/30/2043		5,600,000		1,609,207		1,444,652
Total Malaysia							13,502,000		3,572,203		3,402,253
Mexico — 4.1%*:
Mexican Bonos(a)		5.75			3/5/2026		48,500,000		2,541,023		2,355,060
Mexican Bonos(a)		7.75			11/13/2042		19,200,000		875,412		948,164
Mexican Bonos(a)		8.00			11/7/2047		19,700,000		925,770		987,916
Mexican Bonos(a)		8.50			5/31/2029		6,500,000		361,427		357,067
Total Mexico							93,900,000		4,703,632		4,648,207
Morocco — 0.5%*:
Morocco Government International Bond(a),(b)		2.00			9/30/2030		530,000		612,200		616,870
Oman — 1.2%*:
Oman Government International Bond(a),(b)		6.25			1/25/2031		550,000		550,000		574,750
Oman Government International Bond(a),(b)		7.38			10/28/2032		730,000		817,275		809,387
Total Oman							1,280,000		1,367,275		1,384,137
Peru — 0.7%*:
Peru Government Bond(a)		6.85			2/12/2042		2,621,000		866,123		751,728
Romania — 1.6%*:
Romania Government Bond(a)		3.65			9/24/2031		3,150,000		754,643		769,348
Romanian Government International Bond(a),(b)		4.63			4/3/2049		750,000		1,111,049		1,081,257
Total Romania							3,900,000		1,865,692		1,850,605
Serbia — 0.8%*:
Serbia International Bond(a),(b)		3.13			5/15/2027		680,000		725,516		880,170
South Africa — 7.0%*:
Republic of South Africa Government Bond(a)		8.75			1/31/2044		61,800,000		3,437,276		3,280,428
Republic of South Africa Government Bond(a)		10.50			12/21/2026		60,700,000		4,268,302		4,679,404
Total South Africa							122,500,000		7,705,578		7,959,832
Tajikistan — 0.5%*:
Republic of Tajikistan International Bond(a),(b)		7.13			9/14/2027		615,000		513,130		514,294

See accompanying Notes to the Schedule of Investments.

Barings Emerging Markets Debt Blended Total Return Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Foreign Government (continued):
Thailand — 2.8%*:
Thailand Government Bond(a)		1.60	%		12/17/2029		36,905,000	$	1,212,499	$	1,160,534
Thailand Government Bond(a)		2.88			12/17/2028		22,913,000		804,588		795,782
Thailand Government Bond(a)		3.30			6/17/2038		36,000,000		1,360,266		1,264,795
Total Thailand							95,818,000		3,377,353		3,221,111
Tunisia — 0.5%*:
Banque Centrale de Tunisie International Bond(a),(b)		6.38			7/15/2026		510,000		569,310		524,813
Ukraine — 2.5%*:
Ukraine Government International Bonds(a),(b)		4.38			1/27/2030		1,250,000		1,386,562		1,341,733
Ukraine Government International Bonds(a),(b)		9.75			11/1/2028		1,260,000		1,302,042		1,466,719
Total Ukraine							2,510,000		2,688,604		2,808,452
Uruguay — 1.5%*:
Uruguay Government International Bond(a)		3.88			7/2/2040		46,621,038		1,175,759		1,220,267
Uruguay Government International Bond(a)		4.38			12/15/2028		19,948,678		557,207		539,153
Total Uruguay							66,569,716		1,732,966		1,759,420
Uzbekistan — 0.2%*:
Republic of Uzbekistan Bond(a),(b)		3.70			11/25/2030		250,000		250,000		243,125
Total Foreign Government							17,319,706,883		56,397,922		55,070,506
Total Fixed Income							17,365,763,651		99,962,068		99,105,116
Total Investments							17,365,763,651		99,962,068		99,105,116
Written Options* – (0.4%)											(467,666	)
Other assets and liabilities – 13.3%*											15,108,196
Net Assets – 100.0%										$	113,745,646

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

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

(a) Foreign security.

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

Brazil	9.6	%
Mexico	9.5	%
South Africa	8.0	%
Ukraine	5.3	%
Colombia	4.6	%
Thailand	4.3	%
Belarus	3.7	%
India	3.6	%
Malaysia	3.4	%
Israel	3.4	%
China	2.9	%
Russia	2.9	%
Czech Republic	2.9	%
Greece	2.7	%
United States	2.3	%

See accompanying Notes to the Schedule of Investments.

Barings Emerging Markets Debt Blended Total Return Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

Ivory Coast	2.0	%
Romania	1.9	%
Uruguay	1.8	%
Ghana	1.8	%
Peru	1.7	%
Turkey	1.6	%
Egypt	1.5	%
Oman	1.4	%
Jordan	1.2	%
Mauritius	1.0	%
Other (Individually less than 1%)	15.0	%
Total	100.0	%

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

(c) Variable rate security. The interest rate shown is the rate in effect at March 31, 2021.

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

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

A summary of outstanding derivatives at March 31, 2021 is as follows:

Written Options — (0.4)%*:

	COUNTERPARTY	STRIKE PRICE		EXPIRATION DATE		CONTRACTS			NOTIONAL			COST			UNREALIZED VALUE		FAIR VALUE
Call Options Written — (0.4)%*:
OTC – BCM Swaption	HSBC Bank USA	$	6.38		9/28/2021		(2,783,640	)		(2,783,640	)	$	(64,093	)	$	—	$	(64,093	)
OTC – BCM Swaption	Barclays Bank plc		23.14		10/1/2021		(2,783,640	)		(2,783,640	)		(47,378	)		—		(47,378	)
OTC – BCM Swaption	Bank of America N.A.		6.32		10/1/2021		(2,783,640	)		(2,783,640	)		(60,127	)		—		(60,127	)
OTC – BCM Swaption	Citibank N.A.		85.05		9/30/2021		(2,783,640	)		(2,783,640	)		(46,918	)		—		(46,918	)
OTC – BCM Swaption	Barclays Bank plc		85.58		9/29/2021		(2,783,641	)		(2,783,641	)		(47,294	)		—		(47,294	)
OTC – BCM Swaption	Bank of America N.A.		22.96		10/4/2021		(2,783,641	)		(2,783,641	)		(42,103	)		—		(42,103	)
OTC – BCM Swaption	Barclays Bank plc		6.45		9/29/2021		(2,783,641	)		(2,783,641	)		(61,825	)		—		(61,825	)
OTC – BCM Swaption	HSBC Bank USA		85.55		9/28/2021		(2,783,641	)		(2,783,641	)		(49,688	)		—		(49,688	)
OTC – BCM Swaption	Barclays Bank plc		23.09		9/28/2021		(2,783,641	)		(2,783,641	)		(48,240	)		—		(48,240	)
	Total Call Options Written											$	(467,666	)	$	—	$	(467,666	)
	Total Written Options											$	(467,666	)	$	—	$	(467,666	)

Forward Foreign Currency Exchange Contracts to Buy

EXPIRATION DATE		COUNTERPARTY	LOCAL CURRENCY		VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION (DEPRECIATION)
	4/27/21	Morgan Stanley & Co.	AUD	2,602,246	$	1,976,783	$	2,012,691	$	(35,908	)
	4/27/21	Bank of America N.A.	AUD	418,650		318,025		319,000		(975	)

See accompanying Notes to the Schedule of Investments.

Barings Emerging Markets Debt Blended Total Return Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

Forward Foreign Currency Exchange Contracts to Buy

EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION (DEPRECIATION)
4/13/21	Citibank N.A.		BRL	16,642,776	$	2,955,312	$	3,043,000	$	(87,688	)
4/13/21	JPMorgan Chase Bank N.A.		BRL	12,293,404		2,182,980		2,189,227		(6,247	)
5/11/21	Citibank N.A.		BRL	40,232,061		7,131,999		7,522,261		(390,262	)
5/11/21	Goldman Sachs & Co.		BRL	2,888,092		511,977		538,000		(26,023	)
5/11/21	JPMorgan Chase Bank N.A.		BRL	3,018,163		535,034		550,911		(15,877	)
4/20/21	Goldman Sachs & Co.		EUR	2,034,327		2,386,348		2,453,000		(66,652	)
4/20/21	JPMorgan Chase Bank N.A.		EUR	91,747		107,623		108,014		(391	)
5/18/21	Bank of America N.A.		EUR	997,434		1,170,715		1,212,629		(41,914	)
4/20/21	HSBC Bank USA		ILS	5,444,410		1,628,752		1,665,670		(36,918	)
4/27/21	HSBC Bank USA		INR	133,400,300		1,815,856		1,813,000		2,856
5/25/21	Citibank N.A.		INR	688,824,832		9,337,367		9,333,839		3,528
5/11/21	Goldman Sachs & Co.		MXN	19,672,224		958,807		965,135		(6,328	)
4/20/21	Bank of America N.A.		PLN	26,287,024		6,652,258		7,065,565		(413,307	)
4/20/21	Citibank N.A.		PLN	2,106,326		533,032		565,000		(31,968	)
5/18/21	Bank of America N.A.		PLN	15,642,259		3,958,954		4,175,718		(216,764	)
4/20/21	BNP Paribas S.A.		RUB	94,747,504		1,250,828		1,271,713		(20,885	)
4/20/21	Goldman Sachs & Co.		RUB	18,048,214		238,267		240,000		(1,733	)
4/20/21	Citibank N.A.		RUB	116,924,036		1,543,596		1,536,000		7,596
5/18/21	Citibank N.A.		RUB	201,239,357		2,648,397		2,694,887		(46,490	)
5/18/21	JPMorgan Chase Bank N.A.		UAH	28,864,264		1,026,527		1,009,240		17,287
Net unrealized depreciation on forward foreign currency exchange contracts to buy									$	(1,415,063	)

Forward Foreign Currency Exchange Contracts to Sell

EXPIRATION DATE		COUNTERPARTY	LOCAL CURRENCY		VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION (DEPRECIATION)
	4/27/21	Goldman Sachs & Co.	AUD	76,492	$	58,107	$	58,718	$	611
	4/20/21	Citibank N.A.	CHF	79,192		83,819		89,508		5,689
	4/20/21	Morgan Stanley & Co.	CHF	4,947,813		5,236,942		5,575,000		338,058
	5/18/21	Citibank N.A.	CHF	1,658,636		1,756,888		1,867,638		110,750
	5/18/21	Morgan Stanley & Co.	CHF	1,173,824		1,243,357		1,257,000		13,643
	4/13/21	Citibank N.A.	CLP	1,620,505,500		2,249,543		2,209,000		(40,543	)
	7/27/21	JPMorgan Chase Bank N.A.	CNH	36,842,769		5,565,144		5,593,000		27,856
	5/11/21	Citibank N.A.	COP	5,444,395,686		1,485,998		1,543,109		57,111
	5/18/21	Citibank N.A.	CZK	9,510,010		427,321		446,853		19,532
	4/20/21	JPMorgan Chase Bank N.A.	EUR	3,970,278		4,657,296		4,824,000		166,704
	5/18/21	Canadian Imperial Bank of Commerce	EUR	3,741,255		4,391,209		4,430,000		38,791
	4/20/21	HSBC Bank USA	ILS	12,412,593		3,713,358		3,964,418		251,060
	4/27/21	JPMorgan Chase Bank N.A.	JPY	206,307,016		1,863,690		1,907,000		43,310
	4/27/21	BNP Paribas S.A.	JPY	21,784,514		196,792		210,239		13,447
	4/27/21	Canadian Imperial Bank of Commerce	JPY	115,912,537		1,047,104		1,109,000		61,896
	5/25/21	Morgan Stanley & Co.	JPY	387,114,655		3,497,896		3,660,747		162,851
	4/27/21	Standard Chartered Bank	SGD	571,502		424,796		430,867		6,071
	4/27/21	Canadian Imperial Bank of Commerce	SGD	62,358		46,351		47,000		649

See accompanying Notes to the Schedule of Investments.

Barings Emerging Markets Debt Blended Total Return Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

Forward Foreign Currency Exchange Contracts to Sell

EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION (DEPRECIATION)
4/27/21	Goldman Sachs & Co.		SGD	343,047	$	254,986	$	255,000	$	14
5/25/21	Citibank N.A.		SGD	2,045,342		1,520,093		1,537,239		17,146
7/27/21	Citibank N.A.		THB	446,529,705		14,282,800		14,270,000		(12,800	)
4/20/21	JPMorgan Chase Bank N.A.		ZAR	84,022,338		5,681,282		5,432,186		(249,096	)
4/20/21	HSBC Bank USA		ZAR	2,309,898		156,187		153,000		(3,187	)
5/18/21	Bank of America N.A.		ZAR	8,415,451		566,933		558,539		(8,394	)
5/18/21	Citibank N.A.		ZAR	16,836,346		1,134,232		1,122,086		(12,146	)
5/18/21	HSBC Bank USA		ZAR	7,457,269		502,382		493,513		(8,869	)
Net unrealized appreciation on forward foreign currency exchange contracts to sell									$	1,000,154

Currency Legend

AUD – Australian Dollar

BRL – Brazilian Real

CHF – Swiss Franc

CLP – Chilean Peso

CNH – Chinese Yuan Renminbi

COP – Colombian Peso

CZK – Czech Koruna

EUR – Euro

ILS – Israeli Shekel

INR – Indian Rupee

JPY – Japanese Yen

MXN – Mexican Peso

PLN – Polish Zloty

RUB – Russian Ruble

SGD – Singapore Dollar

THB – Thai Baht

UAH – Ukrainian Hryvnia

ZAR – South African Rand

Futures

TYPE	EXPIRATION DATE		CONTRACTS		NOTIONAL AMOUNT			POSITION	FAIR VALUE			UNREALIZED APPRECIATION (DEPRECIATION)
Short Futures
Euro-Bund		06/08/21		26		(5,215,731	)	Short	$	(5,222,361	)	$	(6,631	)
U.S. Ultra Bond		06/21/21		13		(2,474,714	)	Short		(2,355,844	)		118,871
Total Short Futures												$	112,240

See accompanying Notes to the Schedule of Investments.

Barings Emerging Markets Debt Blended Total Return Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

Centrally Cleared Interest Rate Swaps

FLOATING RATE REFERENCE	PAY/ RECEIVE FLOATING RATE	FIXED RATE			MATURITY DATE		PAY/ RECEIVE PAYMENT FREQUENCY	NOTIONAL AMOUNT		CLEARED EXCHANGE		UNREALIZED APPRECIATION (DEPRECIATION)
PLN-LIBOR Rate	Receive		0.19	%		10/30/22	1Y/6M		25,100,000		LCH	$	23,839
ILS-TELBOR03 Rate	Receive		0.22	%		2/19/24	3M/3M		18,100,000		LCH		19,628
ILS-TELBOR03 Rate	Receive		0.48	%		2/19/26	3M/3M		7,300,000		LCH		18,888
BRL-CDI Rate	Pay		6.38	%		1/02/23	At Maturity		15,433,848		CME		143,980
BRL-CDI Rate	Pay		7.49	%		1/02/29	At Maturity		9,935,952		CME		(86,641	)
BRL-CDI Rate	Pay		7.48	%		1/02/29	At Maturity		989,335		CME		(8,791	)
THB-THBFIX Rate	Pay		0.73	%		7/13/25	6M/6M		27,300,000		LCH		(9,199	)
THB-THBFIX Rate	Pay		0.72	%		7/13/25	6M/6M		27,300,000		LCH		(9,587	)
BRL-CDI Rate	Pay		5.00	%		1/02/23	At Maturity		10,352,374		CME		(21,455	)
BRL-CDI Rate	Pay		5.00	%		1/02/23	At Maturity		15,843,633		CME		(32,835	)
BRL-CDI Rate	Pay		4.98	%		1/02/23	At Maturity		7,925,069		CME		(17,007	)
THB-THBFIX Rate	Pay		1.50	%		9/08/30	6M/6M		33,191,000		LCH		(38,889	)
THB-THBFIX Rate	Pay		1.51	%		9/10/30	6M/6M		49,455,000		LCH		(57,576	)
PLN-LIBOR Rate	Pay		0.90	%		10/30/30	6M/1Y		5,200,000		LCH		(105,529	)
Total Centrally Cleared Interest Rate Swaps												$	(181,174	)

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)
1,000,000 EUR		5.50	%	1Y/6M		02/19/2025	Citibank N.A.		1,214,500		6.71	%	$	(700	)	$	41,760		$	42,460
500,000 EUR		9.75	%	1Y/6M		06/26/2024	Citibank N.A.		602,000		10.88	%		(100	)		17,303			17,403
303,000 EUR		6.38	%	1Y/6M		07/15/2026	Citibank N.A.		359,358		7.58	%		(136	)		(12,441	)		(12,305	)
250,000 EUR		4.63	%	1Y/6M		04/03/2049	Citibank N.A.		296,250		6.65	%		100			(61,066	)		(61,166	)
207,000 EUR		6.38	%	1Y/6M		07/15/2026	Citibank N.A.		245,088		7.58	%		818			(9,019	)		(9,837	)
750,000 EUR		8.25	%	1Y/6M		07/18/2029	Citibank N.A.		843,675		11.44	%		(525	)		(43,858	)		(43,333	)
317,000 EUR		6.75	%	1Y/6M		08/01/2024	Citibank N.A.		353,011		9.71	%		(365	)		(2,863	)		(2,499	)
750,000 EUR		5.63	%	1Y/6M		06/17/2025	Citibank N.A.		819,150		8.12	%		(1,088	)		(38,135	)		(37,047	)
550,000 EUR		5.88	%	1Y/6M		10/17/2031	Citibank N.A.		605,000		8.46	%		(495	)		(53,964	)		(53,470	)
400,000 EUR		3.65	%	1Y/6M		11/19/2029	Citibank N.A.		440,600		6.02	%		200			(26,853	)		(27,053	)
1,250,000 EUR		4.38	%	1Y/6M		01/27/2030	Citibank N.A.		1,385,625		6.71	%		(938	)		(96,265	)		(95,327	)
350,000 EUR		6.38	%	1Y/6M		04/11/2031	Citibank N.A.		392,700		9.37	%		(122	)		(19,069	)		(18,947	)
680,000 EUR		3.13	%	1Y/6M		05/15/2027	Citibank N.A.		735,080		4.32	%		(339	)		(115,431	)		(115,091	)
550,000 EUR		3.68	%	1Y/6M		06/03/2026	Citibank N.A.		604,450		4.79	%		(467	)		(77,772	)		(77,304	)
740,000 EUR		3.50	%	1Y/6M		06/16/2027	Citibank N.A.		839,530		4.74	%		629			(80,394	)		(81,023	)
500,000 EUR		4.63	%	1Y/6M		04/03/2049	Citibank N.A.		586,750		6.86	%		(675	)		(106,362	)		(105,686	)
362,000 EUR		2.00	%	1Y/6M		09/30/2030	Citibank N.A.		429,332		3.47	%		(109	)		(20,787	)		(20,678	)
168,000 EUR		2.00	%	1Y/6M		09/30/2030	Citibank N.A.		198,408		3.43	%		50			(11,276	)		(11,327	)
460,000 EUR		1.50	%	1Y/6M		11/17/2050	JPMorgan Chase Bank N.A.		542,800		3.18	%		(345	)		(61,149	)		(60,804	)
Total OTC Cross Currency Swaps													$	(4,607	)	$	(777,641	)	$	(773,034	)

See accompanying Notes to the Schedule of Investments.

Barings Emerging Markets Debt Blended Total Return Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

OTC – Interest Rate Swaps

COUNTER- PARTY	NOTIONAL AMOUNT		FUND RECEIVES/ PAYS FLOATING RATE		FLOATING RATE INDEX		ANNUAL FIXED RATE			FREQUENCY OF FUND RECEIPT/ PAYMENT		MATURITY DATE		UPFRONT PREMIUMS PAID/ (RECEIVED)		VALUE			UNREALIZED APPRECIATION/ (DEPRECIATION)
Bank of America N.A.		CLP 1,079,789,685		Receive		CLP-CLICP		1.36	%		6M/6M		09/02/2025	$	—	$	13,274		$	13,274
Bank of America N.A.		CLP 1,079,824,321		Receive		CLP-CLICP		1.37	%		6M/6M		09/03/2025		—		14,077			14,077
Bank of America N.A.		BRL      18,084,492		Pay		BRL-CDI		5.88	%		6M/6M		01/02/2023		—		110,828			110,828
Bank of America N.A.		CLP 1,079,754,672		Receive		CLP-CLICP		1.36	%		6M/6M		09/01/2025		—		13,508			13,508
Goldman Sachs & Co.		BRL      11,441,936		Pay		BRL-CDI		5.86	%		6M/6M		01/02/2023		—		(12,871	)		(12,871	)
Goldman Sachs & Co.		BRL      11,440,946		Pay		BRL-CDI		5.86	%		6M/6M		01/02/2023		—		(12,693	)		(12,693	)
Goldman Sachs & Co.		BRL      22,869,409		Pay		BRL-CDI		5.76	%		6M/6M		01/02/2023		—		(32,816	)		(32,816	)
Goldman Sachs & Co.		BRL      28,007,009		Pay		BRL-CDI		5.28	%		6M/6M		01/02/2023		—		(79,222	)		(79,222	)
Goldman Sachs & Co.		BRL        5,424,561		Pay		BRL-CDI		7.40	%		6M/6M		01/02/2029		—		(90,639	)		(90,639	)
Total OTC Interest Rate Swaps														$	—	$	76,554		$	(76,554	)

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 DEPRECIATION
Brazil Government International Bond		1.00	%		3M		6/20/2026	Morgan Stanley & Co.		1,110,000		1,110,000	$	(75,954	)	$	(84,576	)	$	(8,622	)
Brazil Government International Bond		1.00	%		3M		6/20/2026	Morgan Stanley & Co.		1,530,000		1,530,000		(81,408	)		(91,225	)		(9,817	)
Colombia Government International Bond		1.00	%		3M		6/20/2026	Morgan Stanley & Co.		1,530,000		1,530,000		(17,167	)		(25,944	)		(8,777	)
Indonesia Government International Bond		1.00	%		3M		6/20/2026	Citibank N.A.		3,080,000		3,080,000		28,085			17,921			(10,164	)
Mexico Government International Bond		1.00	%		3M		6/20/2026	Morgan Stanley & Co.		2,045,000		2,045,000		(9,392	)		(13,799	)		(4,407	)
Total OTC Credit Default Swaps													$	(155,836	)	$	(197,623	)	$	(41,787	)

⁽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.

See accompanying Notes to the Schedule of Investments.

Barings Emerging Markets Debt Blended Total Return Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

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, 2021

	SHARES		COST		FAIR VALUE
Equities — 98.6%*:
Common Stocks — 98.6%*:
Communication Services — 12.9%*:
Kuaishou Technology(a),(b),(c)		4,200	$	111,838	$	145,869
Mail.Ru Group Ltd.(a),(c)		5,891		145,728		134,904
NetEase, Inc.(c)		1,528		149,644		157,781
PT Telekomunikasi Indonesia Persero Tbk(c)		634,000		169,625		149,279
Tencent Holdings Ltd.(c)		14,600		604,419		1,145,599
Total Communication Services		660,219		1,181,254		1,733,432
Consumer Discretionary — 18.9%*:
Alibaba Group Holding Ltd.(a),(c)		3,937		651,380		892,636
Fix Price Group Ltd.(a),(b),(c)		4,738		46,196		46,243
Hyundai Motor Co.(c)		670		146,768		129,057
JD.com, Inc.(a),(c)		3,004		286,788		253,327
Li Auto, Inc.(a),(c)		4,297		143,518		107,425
New Oriental Education & Technology Group, Inc.(a),(c)		7,860		120,474		110,040
Prosus NV(c)		1,999		151,129		222,233
Samsonite International SA(a),(b),(c)		96,900		206,895		186,967
Topsports International Holdings Ltd.(b),(c)		189,000		224,491		281,527
Via Varejo S/A(a),(c)		58,700		179,028		125,876
Yum China Holdings, Inc.(c)		3,206		186,220		189,827
Total Consumer Discretionary		374,311		2,342,887		2,545,158
Consumer Staples — 3.4%*:
Atacadao SA(c)		36,000		130,639		148,511
CP ALL Public Company Limited(a),(c)		89,200		185,279		197,667
X5 Retail Group NV(c)		3,532		134,034		113,872
Total Consumer Staples		128,732		449,952		460,050
Energy — 3.0%*:
Reliance Industries Ltd.(b),(c)		7,307		241,603		404,077
Financials — 20.0%*:
AIA Group Ltd.(c)		21,000		174,125		254,730
Axis Bank Ltd.(a),(c)		3,562		178,646		170,264
B3 SA - Brasil Bolsa Balcao(c)		15,807		101,140		153,390
China Construction Bank Corp.(c)		407,000		337,212		342,391
China Pacific Insurance Group Co. Ltd.(c)		35,600		124,450		140,356
Grupo Financiero Banorte SAB de CV(a),(c)		33,227		182,431		187,353
Hana Financial Group, Inc.(c)		7,417		253,207		280,493
HDFC Bank Ltd.(a),(c)		6,237		290,658		484,553
Ping An Insurance Group Co. of China Ltd.(c)		27,500		261,373		327,385
PT Bank Negara Indonesia Persero Tbk(a),(c)		443,700		218,213		174,883
Sberbank of Russia PJSC(c)		11,527		149,452		177,631
Total Financials		1,012,577		2,270,907		2,693,429
Industrials — 1.2%*:
NARI Technology Co. Ltd.(c)		34,800		136,891		165,320
Information Technology — 27.7%*:
GDS Holdings Ltd.(a),(c)		1,695		176,509		137,448
Hon Hai Precision Industry Co. Ltd.(c)		52,000		201,444		225,984
Infosys Ltd.(c)		15,336		135,841		287,090
Luxshare Precision Industry Co. Ltd.(c)		15,000		138,792		77,414

See accompanying Notes to the Schedule of Investments.

Barings Global Emerging Markets Equity Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	SHARES		COST		FAIR VALUE
Common Stocks (continued):
Information Technology (continued):
MediaTek, Inc.(c)		6,000	$	93,974	$	203,764
Powertech Technology, Inc.(c)		44,000		139,191		162,689
Samsung Electronics Co. Ltd.(c)		15,943		638,132		1,146,684
Sunny Optical Technology Group Co. Ltd.(c)		5,400		62,423		123,086
Taiwan Semiconductor Manufacturing Co. Ltd.(c)		60,000		499,589		1,234,360
United Microelectronics Corp.(c)		76,000		143,691		133,712
Total Information Technology		291,374		2,229,586		3,732,231
Materials — 5.9%*:
Anglo American plc(c)		8,807		177,392		346,522
China Resources Cement Holdings Ltd.(c)		124,000		150,327		139,247
LG Chem Ltd.(c)		438		138,262		311,544
Total Materials		133,245		465,981		797,313
Real Estate — 1.8%*:
China Resources Land Ltd.(c)		50,000		168,686		242,150
Utilities — 3.8%*:
China Longyuan Power Group Corp. Ltd.(c)		112,000		106,517		152,136
ENN Energy Holdings Ltd.(c)		12,000		132,494		192,485
Kunlun Energy Co. Ltd.(c)		154,000		141,348		161,843
Total Utilities		278,000		380,359		506,464
Total Common Stocks		2,970,565		9,868,106		13,279,624
Total Equities		2,970,565		9,868,106		13,279,624
Total Investments		2,970,565		9,868,106		13,279,624
Other assets and liabilities – 1.4%*						187,965
Net Assets – 100.0%					$	13,467,589

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

(a) Non-income producing security.

(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) 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	38.0	%
Taiwan	14.8	%
Republic of Korea	14.1	%
India	10.1	%
Hong Kong	6.6	%
Russia	3.6	%
Brazil	3.2	%
South Africa	2.6	%
Indonesia	2.4	%
Netherlands	1.7	%
Thailand	1.5	%
Mexico	1.4	%
Total	100.0	%

See accompanying Notes to the Schedule of Investments.

Barings U.S. High Yield Fund

SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2021

	SHARES		COST		FAIR VALUE
Equities — 0.4%*:
Common Stocks — 0.4%*:
Oil and Gas — 0.4%*:
Fieldwood Energy LLC		4,100	$	88,421	$	—
Fieldwood Energy LLC		1,006		35,210		—
Tourmaline Oil Corp.(a)		9,384		131,780		178,615
Tourmaline Oil Corp.(a),(b)		40,609		—		32,314
Total Oil and Gas		55,099		255,411		210,929
Total Common Stocks		55,099		255,411		210,929
Total Equities		55,099		255,411		210,929

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Fixed Income — 97.8%*:
Bank Loans — 12.2%*(c):
Broadcasting and Entertainment — 0.4%*:
Clear Channel Worldwide Holdings, Inc., 3M LIBOR + 3.500%		3.71	%		8/21/2026		232,818		222,650		223,312
Chemicals, Plastics and Rubber — 0.2%*:
Consolidated Energy Finance S.A., 1M LIBOR + 2.500%		2.61			5/7/2025		123,384		120,068		120,299
Containers, Packaging and Glass — 2.4%*:
BWAY Holding Co., 3M LIBOR + 3.250%		3.44			4/3/2024		436,373		428,263		426,555
Flex Acquisition Company, Inc., 1M LIBOR + 3.500%		4.00			2/23/2028		344,061		342,359		339,385
Proampac PG Borrower LLC, 1M LIBOR + 4.000%		5.00			10/30/2025		515,000		515,000		514,274
Total Containers, Packaging and Glass							1,295,434		1,285,622		1,280,214
Diversified/Conglomerate Service — 5.0%*:
Cvent, Inc., 2M LIBOR + 3.750%		3.90			11/29/2024		410,670		398,565		398,978
Finastra USA, Inc., 3M LIBOR + 3.500%		4.50			6/13/2024		1,201,048		1,176,355		1,175,874
Finastra USA, Inc., 6M LIBOR + 7.250%		8.25			6/13/2025		525,000		511,678		526,969
Rent-A-Center, Inc., 1M LIBOR + 4.000%		4.75			2/17/2028		39,946		39,749		40,112
SonicWall U.S. Holdings, Inc., 3M LIBOR + 7.500%		7.68			5/18/2026		51,897		51,560		48,870
Spin Holdco, Inc., 3M LIBOR + 4.000%		4.75			3/1/2028		348,513		345,920		345,275
Storable,, Inc., 3M LIBOR + 3.250%		3.75			2/26/2028		106,060		105,795		105,000
Total Diversified/Conglomerate Service							2,683,134		2,629,622		2,641,078
Electronics — 0.7%*:
Renaissance Holding Corp., 1M LIBOR + 7.000%		7.20			5/31/2026		368,428		365,307		366,954
Healthcare, Education and Childcare — 0.6%*:
Radiology Partners, Inc., 3M LIBOR + 4.250%		4.79			7/9/2025		234,000		231,298		231,953
US Radiology Specialists, Inc., 3M LIBOR + 5.500%		6.25			12/15/2027		57,083		55,986		57,136
Total Healthcare, Education and Childcare							291,083		287,284		289,089

See accompanying Notes to the Schedule of Investments.

Barings U.S. High Yield Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):
Hotels and Restaurants — 0.3%*:
City Brewing Company, LLC, 3M LIBOR + 3.500%		4.25	%		3/31/2028		131,157	$	130,501	$	130,829
Leisure, Amusement, Entertainment — 0.2%*:
Delta 2 (LUX) Sarl, 1M LIBOR + 2.500%(a)		3.50			2/1/2024		129,011		126,958		127,600
Oil and Gas — 0.0%*:
Fieldwood Energy LLC, 1M LIBOR + 7.250%		Zero Coupon			4/11/2023		91,996		64,687		4,255
Personal Transportation — 0.5%*:
American Airlines Group, Inc., 3M LIBOR + 4.750%		5.50			3/10/2028		278,582		275,796		285,112
Retail Stores — 0.5%*:
Great Outdoors Group, LLC, 6M LIBOR + 4.250%		5.00			3/6/2028		260,538		259,246		260,669
Telecommunications — 1.4%*:
Banff Merger Sub, Inc., 1M LIBOR + 3.750%		3.86			10/2/2025		254,453		254,485		253,180
CommScope, Inc., 1M LIBOR + 3.250%		3.36			4/6/2026		30,098		29,883		29,874
Syniverse Technologies, Inc., 3M LIBOR + 5.000%		6.00			3/9/2023		490,970		451,270		483,660
Total Telecommunications							775,521		735,638		766,714
Total Bank Loans							6,661,086		6,503,379		6,496,125
Corporate Bonds — 85.6%*:
Aerospace and Defense — 2.3%*:
TransDigm, Inc.(d)		4.63			1/15/2029		152,000		152,000		149,688
TransDigm, Inc.(d)		8.00			12/15/2025		221,000		221,000		240,669
Triumph Group, Inc.(d)		6.25			9/15/2024		216,000		216,000		219,175
Triumph Group, Inc.		7.75			8/15/2025		595,000		597,771		597,975
Total Aerospace and Defense							1,184,000		1,186,771		1,207,507
Automobile — 3.8%*:
Adient Global Holdings Ltd.(d)		4.88			8/15/2026		67,000		63,097		68,759
American Axle & Manufacturing, Inc.		6.50			4/1/2027		88,000		86,141		91,300
Clarios Global LP(d)		6.75			5/15/2025		83,000		83,000		88,785
Clarios Global LP/Clarios US Finance Co.(d)		8.50			5/15/2027		236,000		246,679		254,115
Ford Motor Co.		7.45			7/16/2031		190,000		220,966		239,558
Ford Motor Co.		8.50			4/21/2023		257,000		257,000		286,555
Ford Motor Co.		9.63			4/22/2030		235,000		242,687		327,952
Gates Global LLC/Gates Global Co.(d)		6.25			1/15/2026		250,000		250,000		261,875
JB Poindexter & Co., Inc.(d)		7.13			4/15/2026		250,000		263,392		264,062
Real Hero Merger Sub 2, Inc.(d)		6.25			2/1/2029		131,000		131,000		135,258
Total Automobile							1,787,000		1,843,962		2,018,219
Beverage, Food and Tobacco — 2.9%*:
JBS Investments II GmbH(d)		7.00			1/15/2026		200,000		202,003		212,894
JBS USA LUX SA/JBS USA Finance, Inc.(d)		6.75			2/15/2028		250,000		250,000		274,762
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.(d)		5.50			1/15/2030		125,000		125,000		138,343

See accompanying Notes to the Schedule of Investments.

Barings U.S. High Yield Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Beverage, Food and Tobacco (continued):
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.(d)		6.50	%		4/15/2029		500,000	$	500,000	$	564,750
Kraft Heinz Foods Co.		3.75			4/1/2030		51,000		53,226		54,093
Kraft Heinz Foods Co.		4.25			3/1/2031		100,000		100,000		110,129
Kraft Heinz Foods Co.		6.88			1/26/2039		84,000		104,364		115,487
Welbilt, Inc.		9.50			2/15/2024		54,000		55,126		55,620
Total Beverage, Food and Tobacco							1,364,000		1,389,719		1,526,078
Broadcasting and Entertainment — 4.1%*:
Altice USA, Inc.(d)		5.75			1/15/2030		147,000		152,395		154,827
Banijay Entertainment Sasu(a),(d)		5.38			3/1/2025		170,000		170,000		175,525
Clear Channel Outdoor Holdings, Inc.(d)		7.75			4/15/2028		192,000		192,912		190,335
Clear Channel Worldwide Holdings, Inc.(d)		5.13			8/15/2027		201,000		201,000		202,317
Clear Channel Worldwide Holdings, Inc.		9.25			2/15/2024		108,000		108,525		112,352
DISH DBS Corp.		5.00			3/15/2023		79,000		78,221		82,417
DISH Network Corp.		3.38			8/15/2026		267,000		255,375		256,667
iHeartCommunications, Inc.		8.38			5/1/2027		194,000		192,817		208,307
Netflix, Inc.(d)		5.38			11/15/2029		296,000		297,123		350,035
Nexstar Broadcasting, Inc.(d)		4.75			11/1/2028		50,000		51,625		50,527
Outfront Media Capital LLC / Outfront Media Capital Corp.(d)		4.25			1/15/2029		133,000		133,000		128,042
Terrier Media Buyer, Inc.(d)		8.88			12/15/2027		261,000		261,000		280,849
Total Broadcasting and Entertainment							2,098,000		2,093,993		2,192,200
Buildings and Real Estate — 4.4%*:
Brookfield Residential Properties, Inc./Brookfield Residential US Corp.(a),(d)		4.88			2/15/2030		183,000		183,000		183,114
Core & Main Holdings LP, 8.625% CASH / 9.375% PIK(d)		8.63			9/15/2024		43,000		42,727		43,645
CP Atlas Buyer, Inc.(d)		7.00			12/1/2028		175,000		175,000		183,934
Empire Communities Corp.(d)		7.00			12/15/2025		115,000		115,000		121,181
Mattamy Group Corp.(a),(d)		4.63			3/1/2030		330,000		329,168		327,782
Mattamy Group Corp.(a),(d)		5.25			12/15/2027		25,000		25,000		26,156
New Enterprise Stone & Lime Co., Inc.(d)		9.75			7/15/2028		250,000		250,000		280,000
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer(d)		5.88			10/1/2028		81,000		81,000		85,880
Park River Holdings, Inc.(d)		5.63			2/1/2029		96,000		96,000		93,000
Realogy Group LLC / Realogy Co-Issuer Corp.(d)		5.75			1/15/2029		195,000		195,000		192,319
Service Properties Trust		3.95			1/15/2028		29,000		25,195		26,825
Service Properties Trust		4.38			2/15/2030		47,000		41,000		43,179
Service Properties Trust		4.95			2/15/2027		23,000		21,295		22,741
Service Properties Trust		5.50			12/15/2027		127,000		127,000		134,262
Service Properties Trust		7.50			9/15/2025		200,000		207,651		227,205
STL Holding Co. LLC(d)		7.50			2/15/2026		175,000		175,000		182,000
TRI Pointe Group, Inc.		5.70			6/15/2028		121,000		121,000		133,730
Total Buildings and Real Estate							2,215,000		2,210,036		2,306,953
Cargo Transport — 1.3%*:
Kenan Advantage Group, Inc. (The)(d)		7.88			7/31/2023		700,000		700,000		698,250
Chemicals, Plastics and Rubber — 2.0%*:
CF Industries, Inc.		4.95			6/1/2043		23,000		23,083		26,342
CF Industries, Inc.		5.38			3/15/2044		48,000		47,188		56,940

See accompanying Notes to the Schedule of Investments.

Barings U.S. High Yield Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Chemicals, Plastics and Rubber (continued):
Consolidated Energy Finance SA(d)		6.88	%		6/15/2025		361,000	$	360,028	$	367,769
Kraton Polymers LLC / Kraton Polymers Capital Corp.(d)		4.25			12/15/2025		91,000		91,000		91,341
LBC Tank Terminals Holding Netherlands BV(d)		6.88			5/15/2023		250,000		246,651		250,000
Nouryon Holding BV(a),(d)		8.00			10/1/2026		56,000		54,950		59,488
Univar Solutions USA, Inc.(d)		5.13			12/1/2027		177,000		177,000		184,190
Total Chemicals, Plastics and Rubber							1,006,000		999,900		1,036,070
Containers, Packaging and Glass — 0.9%*:
Mauser Packaging Solutions Holding Co.(d)		7.25			4/15/2025		302,000		292,441		302,000
Trident TPI Holdings, Inc.(d)		9.25			8/1/2024		171,000		167,216		181,260
Total Containers, Packaging and Glass							473,000		459,657		483,260
Diversified/Conglomerate Manufacturing — 0.4%*:
Avaya Holdings Corp.		2.25			6/15/2023		136,000		135,470		167,824
Avaya, Inc.(d)		6.13			9/15/2028		62,000		62,000		65,956
Total Diversified/Conglomerate Manufacturing							198,000		197,470		233,780
Diversified/Conglomerate Service — 2.3%*:
Carlson Travel, Inc.(d)		11.50			12/15/2026		352,216		339,531		267,684
Endure Digital, Inc.(d)		6.00			2/15/2029		200,000		200,000		195,250
Iron Mountain, Inc.(d)		5.25			7/15/2030		235,000		235,000		242,473
NESCO Holdings II, Inc.(d)		5.50			4/15/2029		24,000		24,000		24,612
Prime Security Services Borrower LLC/Prime Finance, Inc.(d)		6.25			1/15/2028		206,000		204,444		214,444
Rent-A-Center, Inc.(d)		6.38			2/15/2029		63,000		63,000		66,780
Sabre GLBL, Inc.(d)		9.25			4/15/2025		50,000		50,000		59,625
Uber Technologies, Inc.(d)		6.25			1/15/2028		127,000		127,000		137,311
Total Diversified/Conglomerate Service							1,257,216		1,242,975		1,208,179
Electronics — 3.4%*:
Austin BidCo, Inc.(d)		7.13			12/15/2028		75,000		75,000		76,313
BY Crown Parent LLC(d)		7.38			10/15/2024		96,000		96,000		97,560
Solera LLC/Solera Finance, Inc.(d)		10.50			3/1/2024		195,000		196,770		201,454
Veritas US, Inc./Veritas Bermuda Ltd.(d)		7.50			9/1/2025		125,000		127,730		130,000
Veritas US, Inc./Veritas Bermuda Ltd.(d)		10.50			2/1/2024		1,057,000		995,035		1,082,104
WESCO Distribution, Inc.(d)		7.25			6/15/2028		197,000		195,624		220,443
Total Electronics							1,745,000		1,686,159		1,807,874
Finance — 5.6%*:
Alliance Data Systems Corp.(d)		4.75			12/15/2024		300,000		300,000		307,875
Alliance Data Systems Corp.(d)		7.00			1/15/2026		78,000		77,977		83,476
Ford Motor Credit Co. LLC		4.13			8/17/2027		225,000		225,000		232,313
Ford Motor Credit Co. LLC		4.13			8/4/2025		200,000		162,790		209,185
Ford Motor Credit Co. LLC		5.13			6/16/2025		233,000		233,000		251,402
Ford Motor Credit Co. LLC		5.60			1/7/2022		200,000		188,028		205,500
Global Aircraft Leasing Co. Ltd.(d)		6.50			9/15/2024		714,105		698,721		684,827
Icahn Enterprises LP / Icahn Enterprises Finance Corp.		6.25			5/15/2026		500,000		500,000		523,750
OneMain Finance Corp.		4.00			9/15/2030		160,000		160,000		155,600

See accompanying Notes to the Schedule of Investments.

Barings U.S. High Yield Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Finance (continued):
OneMain Finance Corp.		5.38	%		11/15/2029		302,000	$	303,884	$	321,252
Total Finance							2,912,105		2,849,400		2,975,180
Healthcare, Education and Childcare — 5.3%*:
Bausch Health Cos., Inc.(d)		8.50			1/31/2027		175,000		179,726		194,141
Bausch Health Cos., Inc.(d)		5.00			1/30/2028		130,000		130,000		132,496
Bausch Health Cos., Inc.(d)		5.00			2/15/2029		253,000		253,000		249,837
Bausch Health Cos., Inc.(d)		5.25			1/30/2030		188,000		188,000		188,754
Bausch Health Cos., Inc.(d)		5.25			2/15/2031		187,000		187,000		186,106
Centene Corp.		4.63			12/15/2029		209,000		209,000		226,202
CHS/Community Health Systems, Inc.(d)		4.75			2/15/2031		99,000		99,000		96,713
CHS/Community Health Systems, Inc.(d)		5.63			3/15/2027		71,000		71,000		74,678
CHS/Community Health Systems, Inc.(d)		6.00			1/15/2029		33,000		33,000		34,898
Endo Dac / Endo Finance LLC / Endo Finco, Inc.(d)		6.00			6/30/2028		94,000		79,135		76,140
ModivCare, Inc.(d)		5.88			11/15/2025		142,000		143,258		149,455
Molina Healthcare, Inc.(d)		4.38			6/15/2028		165,000		165,000		169,778
Par Pharmaceutical, Inc.(d)		7.50			4/1/2027		300,000		300,000		318,960
Radiology Partners, Inc.(d)		9.25			2/1/2028		176,000		176,000		191,620
RP Escrow Issuer LLC(d)		5.25			12/15/2025		181,000		181,000		187,561
Tenet Healthcare Corp.(d)		4.88			1/1/2026		125,000		125,000		129,920
Tenet Healthcare Corp.(d)		6.13			10/1/2028		150,000		150,000		156,225
US Acute Care Solutions LLC(d)		6.38			3/1/2026		55,000		55,000		57,062
Total Healthcare, Education and Childcare							2,733,000		2,724,119		2,820,546
Home and Office Furnishings, Housewares, and Durable Consumer Products — 1.5%*:
BCPE Ulysses Intermediate, Inc., CASH RATE 7.75%. PIK RATE = 8.50%.(d)		7.75			4/1/2027		257,000		258,993		266,638
LBM Acquisition LLC(d)		6.25			1/15/2029		133,000		133,000		136,990
Resideo Funding, Inc.(d)		6.13			11/1/2026		125,000		123,191		131,676
Staples, Inc.(d)		7.50			4/15/2026		253,000		260,121		266,915
Total Home and Office Furnishings, Housewares, and Durable Consumer Products							768,000		775,305		802,219
Hotels, Motels, Inns and Gaming — 3.7%*:
Boyne USA, Inc.(d)		7.25			5/1/2025		125,000		125,000		129,937
Caesars Resort Collection LLC/CRC Finco, Inc.(d)		5.25			10/15/2025		104,000		94,294		104,901
Caesars Resort Collection LLC/CRC Finco, Inc.(d)		5.75			7/1/2025		125,000		125,000		131,912
CCM Merger, Inc.(d)		6.38			5/1/2026		159,000		159,000		168,837
ESH Hospitality, Inc.(d)		4.63			10/1/2027		265,000		265,000		280,275
Scientific Games International, Inc.(d)		5.00			10/15/2025		81,000		74,064		83,892
Scientific Games International, Inc.(d)		7.25			11/15/2029		74,000		63,012		80,290
Scientific Games International, Inc.(d)		8.63			7/1/2025		113,000		113,000		122,854
Travel & Leisure Co.(d)		6.63			7/31/2026		170,000		170,000		193,009
Wyndham Hotels & Resorts, Inc.(d)		4.38			8/15/2028		125,000		125,000		126,438
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.(d)		5.25			5/15/2027		98,000		98,000		102,557
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.(d)		5.50			3/1/2025		250,000		247,955		264,125
Wynn Macau Ltd.(a),(d)		5.13			12/15/2029		188,000		188,000		192,700
Total Hotels, Motels, Inns and Gaming							1,877,000		1,847,325		1,981,727

See accompanying Notes to the Schedule of Investments.

Barings U.S. High Yield Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Insurance — 0.8%*:
AssuredPartners, Inc.(d)		5.63	%		1/15/2029		144,000	$	144,000	$	146,736
Highlands Holdings Bond Issuer Ltd. / Highlands Holdings Bond Co-Issuer, Inc., 7.625% CASH 8.375% PIK(d)		7.63			10/15/2025		250,000		250,000		268,125
Total Insurance							394,000		394,000		414,861
Leisure, Amusement, Entertainment — 3.2%*:
Caesars Entertainment, Inc.(d)		6.25			7/1/2025		125,000		125,000		132,975
Caesars Entertainment, Inc.(d)		8.13			7/1/2027		300,000		298,043		330,960
Carnival Corp.(d)		5.75			3/1/2027		275,000		275,000		282,689
Carnival Corp.(d)		7.63			3/1/2026		85,000		85,000		91,316
Live Nation Entertainment, Inc.(d)		4.75			10/15/2027		251,000		250,083		252,882
NCL Corp. Ltd.(d)		5.88			3/15/2026		267,000		267,000		270,575
NCL Finance Ltd.(d)		6.13			3/15/2028		56,000		56,000		57,050
RHP Hotel Properties LP / RHP Finance Corp.		4.75			10/15/2027		296,000		296,000		302,992
Total Leisure, Amusement, Entertainment							1,655,000		1,652,126		1,721,439
Machinery Non-Agriculture, Non-Construction, Non-Electronic — 0.8%*:
Alta Equipment Group, Inc.(d)		5.63			4/15/2026		33,000		33,000		33,454
Arcosa, Inc.		4.38			4/15/2029		60,000		60,000		60,000
Diebold Nixdorf, Inc.(d)		9.38			7/15/2025		276,000		289,279		307,395
Total Machinery Non-Agriculture, Non-Construction, Non-Electronic							369,000		382,279		400,849
Mining, Steel, Iron and Non-Precious Metals — 5.5%*:
Compass Minerals International, Inc.(d)		4.88			7/15/2024		124,000		118,669		128,524
First Quantum Minerals Ltd.(a),(d)		6.88			3/1/2026		229,000		229,000		237,015
First Quantum Minerals Ltd.(a),(d)		6.88			10/15/2027		250,000		250,000		268,125
First Quantum Minerals Ltd.(a),(d)		7.50			4/1/2025		158,000		152,374		163,135
Freeport-McMoRan, Inc.		4.13			3/1/2028		28,000		27,100		29,434
Freeport-McMoRan, Inc.		4.38			8/1/2028		125,000		125,000		132,594
Freeport-McMoRan, Inc.		4.63			8/1/2030		125,000		125,000		136,028
Hecla Mining Co.		7.25			2/15/2028		228,000		246,847		244,530
Hudbay Minerals, Inc.(a),(d)		6.13			4/1/2029		111,000		111,000		118,492
Kinross Gold Corp.		6.88			9/1/2041		99,000		98,544		128,555
Northwest Acquisitions ULC(a),(d),(e)		7.13			11/1/2022		493,000		498,177		49
Peabody Energy Corp.(d)		8.50			12/31/2024		221,000		138,344		92,820
PIC AU Holdings LLC / PIC AU Holdings Corp.(d)		10.00			12/31/2024		248,000		231,253		227,540
SunCoke Energy Partners LP(d)		7.50			6/15/2025		265,000		265,011		275,269
United States Steel Corp.		6.88			3/1/2029		199,000		198,636		203,975
Warrior Met Coal, Inc.(d)		8.00			11/1/2024		540,000		546,305		553,500
Total Mining, Steel, Iron and Non-Precious Metals							3,443,000		3,361,260		2,939,585
Oil and Gas — 15.1%*:
Antero Resources Corp.(d)		7.63			2/1/2029		71,000		71,000		75,615
Antero Resources Corp.(d)		8.38			7/15/2026		78,000		78,000		85,995
Apache Corp.		4.75			4/15/2043		67,000		61,875		62,142
Apache Corp.		5.10			9/1/2040		51,000		41,503		49,853
Apache Corp.		5.35			7/1/2049		78,000		62,658		74,490
Buckeye Partners LP		5.85			11/15/2043		26,000		21,834		25,255

See accompanying Notes to the Schedule of Investments.

Barings U.S. High Yield Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Oil and Gas (continued):
Cheniere Energy Partners LP		5.63	%		10/1/2026		250,000	$	250,000	$	261,425
Chesapeake Energy Corp.(d)		5.50			2/1/2026		85,000		85,000		88,476
Chesapeake Energy Corp.(d)		5.88			2/1/2029		43,000		43,000		45,580
Comstock Resources, Inc.(d)		6.75			3/1/2029		69,000		71,061		70,725
Continental Resources, Inc.		3.80			6/1/2024		58,000		51,755		59,450
Continental Resources, Inc.		4.38			1/15/2028		66,000		55,149		69,699
CVR Energy, Inc.(d)		5.25			2/15/2025		300,000		300,000		293,760
CVR Energy, Inc.(d)		5.75			2/15/2028		300,000		300,000		291,750
DCP Midstream Operating LP(d)		6.45			11/3/2036		4,000		3,317		4,470
EnLink Midstream Partners LP		4.15			6/1/2025		67,000		63,241		65,507
EnLink Midstream Partners LP		4.85			7/15/2026		23,000		20,188		22,219
EnLink Midstream Partners LP		5.45			6/1/2047		102,000		82,436		82,275
EnLink Midstream Partners LP		5.60			4/1/2044		191,000		129,524		158,530
EQM Midstream Partners LP(d)		4.50			1/15/2029		149,000		149,000		145,195
EQM Midstream Partners LP(d)		4.75			1/15/2031		134,000		134,000		129,980
EQM Midstream Partners LP(d)		6.00			7/1/2025		145,000		145,000		156,056
EQM Midstream Partners LP(d)		6.50			7/1/2027		119,000		119,000		129,383
EQT Corp.		8.50			2/1/2030		29,000		35,686		36,984
Genesis Energy LP / Genesis Energy Finance Corp.		5.63			6/15/2024		56,000		52,341		54,740
Genesis Energy LP / Genesis Energy Finance Corp.		8.00			1/15/2027		252,000		252,000		255,155
Genesis Energy LP/Genesis Energy Finance Corp.		6.50			10/1/2025		390,000		373,488		382,297
Harvest Midstream I LP(d)		7.50			9/1/2028		262,000		266,331		281,571
Hilcorp Energy I LP / Hilcorp Finance Co.(d)		5.75			10/1/2025		17,000		10,896		17,043
Hilcorp Energy I LP / Hilcorp Finance Co.(d)		5.75			2/1/2029		65,000		65,000		65,569
Hilcorp Energy I LP / Hilcorp Finance Co.(d)		6.00			2/1/2031		50,000		50,000		50,750
Hilcorp Energy I LP/Hilcorp Finance Co.(d)		5.00			12/1/2024		32,000		23,965		32,240
Hilcorp Energy I LP/Hilcorp Finance Co.(d)		6.25			11/1/2028		142,000		124,238		146,260
MEG Energy Corp.(a),(d)		7.13			2/1/2027		270,000		270,000		282,825
Murphy Oil Corp.		6.38			7/15/2028		100,000		100,000		100,125
Nabors Industries Ltd.(d)		7.25			1/15/2026		100,000		100,412		83,000
Nabors Industries Ltd.(d)		7.50			1/15/2028		72,000		72,000		59,220
Neptune Energy Bondco PLC(a),(d)		6.63			5/15/2025		242,000		242,142		242,907
Newfield Exploration Co.		5.38			1/1/2026		45,000		47,111		49,399
NGL Energy Operating LLC / NGL Energy Finance Corp.(d)		7.50			2/1/2026		127,000		131,712		130,310
Occidental Petroleum Corp.		2.70			2/15/2023		14,000		9,878		13,968
Occidental Petroleum Corp.		2.90			8/15/2024		38,000		24,009		37,579
Occidental Petroleum Corp.		3.50			6/15/2025		75,000		56,450		74,250
Occidental Petroleum Corp.		4.20			3/15/2048		12,000		8,558		9,660
Occidental Petroleum Corp.		4.40			4/15/2046		78,000		55,845		66,105
Occidental Petroleum Corp.		4.40			8/15/2049		31,000		22,248		25,730
Occidental Petroleum Corp.		4.50			7/15/2044		32,000		23,241		27,200
Occidental Petroleum Corp.		5.88			9/1/2025		193,000		193,121		205,786
Occidental Petroleum Corp.		6.13			1/1/2031		199,000		199,000		219,736
Occidental Petroleum Corp.		6.20			3/15/2040		217,000		198,224		222,967
Occidental Petroleum Corp.		6.38			9/1/2028		155,000		154,494		170,129
Occidental Petroleum Corp.		6.45			9/15/2036		86,000		79,165		94,955

See accompanying Notes to the Schedule of Investments.

Barings U.S. High Yield Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Oil and Gas (continued):
Occidental Petroleum Corp.		6.60	%		3/15/2046		139,000	$	113,719	$	147,687
Occidental Petroleum Corp.		6.95			7/1/2024		36,000		23,086		39,502
Ovintiv Exploration, Inc.		5.63			7/1/2024		23,000		22,536		25,282
Ovintiv, Inc.(a)		6.50			8/15/2034		42,000		37,880		50,501
Ovintiv, Inc.(a)		6.50			2/1/2038		19,000		18,254		22,974
Ovintiv, Inc.(a)		6.63			8/15/2037		9,000		7,944		10,881
Ovintiv, Inc.(a)		7.20			11/1/2031		12,000		12,434		14,942
Ovintiv, Inc.(a)		7.38			11/1/2031		37,000		37,574		47,008
Ovintiv, Inc.		8.13			9/15/2030		70,000		81,768		90,745
Parkland Fuel Corp.(a),(d)		5.88			7/15/2027		125,000		125,000		133,281
PBF Holding Co. LLC / PBF Finance Corp.		6.00			2/15/2028		600,000		600,000		443,250
PBF Holding Co. LLC/PBF Finance Corp.		7.25			6/15/2025		350,000		357,254		285,110
Range Resources Corp.(d)		8.25			1/15/2029		87,000		87,773		93,090
Superior Plus LP / Superior General Partner, Inc.(d)		4.50			3/15/2029		87,000		87,000		87,887
Targa Resources Partners LP / Targa Resources Partners Finance Corp.		5.50			3/1/2030		6,000		5,448		6,300
Targa Resources Partners LP / Targa Resources Partners Finance Corp.		6.88			1/15/2029		24,000		23,777		26,441
Targa Resources Partners LP/Targa Resources Partners Finance Corp.		4.25			11/15/2023		53,000		47,203		53,212
Targa Resources Partners LP/Targa Resources Partners Finance Corp.(d)		4.88			2/1/2031		227,000		227,000		230,008
Western Midstream Operating LP		5.30			2/1/2030		56,000		50,141		60,690
Western Midstream Operating LP		5.30			3/1/2048		157,000		121,174		157,556
Western Midstream Operating LP		5.45			4/1/2044		79,000		64,688		81,014
Total Oil and Gas							8,095,000		7,731,749		7,993,651
Personal and Non-Durable Consumer Products Mfg. Only — 0.5%*:
Clearwater Paper Corp.(d)		4.75			8/15/2028		177,000		177,000		178,327
Party City Holdings, Inc.(d)		8.75			2/15/2026		71,000		71,000		73,130
Total Personal and Non-Durable Consumer Products Mfg. Only							248,000		248,000		251,457
Personal Transportation — 1.6%*:
American Airlines Inc/AAdvantage Loyalty IP Ltd.(d)		5.50			4/20/2026		357,000		357,000		372,173
American Airlines Inc/AAdvantage Loyalty IP Ltd.(d)		5.75			4/20/2029		114,000		114,000		121,501
American Airlines, Inc.(d)		11.75			7/15/2025		161,000		166,740		199,036
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.(d)		6.50			6/20/2027		150,000		148,288		164,250
Total Personal Transportation							782,000		786,028		856,960
Personal, Food and Miscellaneous — 0.6%*:
Mattel, Inc.(d)		5.88			12/15/2027		159,000		157,907		174,553
Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed(d)		4.63			3/1/2029		153,000		153,000		154,342
Total Personal, Food and Miscellaneous							312,000		310,907		328,895
Printing and Publishing — 1.2%*:
Cimpress plc(d)		7.00			6/15/2026		427,000		445,925		450,784

See accompanying Notes to the Schedule of Investments.

Barings U.S. High Yield Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Printing and Publishing (continued):
McGraw Hill LLC / McGraw-Hill Global Education Finance, Inc.(d)		8.00	%		11/30/2024		198,000	$	200,264	$	199,742
Total Printing and Publishing							625,000		646,189		650,526
Retail Stores — 1.5%*:
L Brands, Inc.		6.75			7/1/2036		52,000		62,985		61,360
L Brands, Inc.		6.88			11/1/2035		160,000		193,734		190,686
Macy’s Retail Holdings LLC(d)		5.88			4/1/2029		24,000		24,000		24,611
NMG Holding Co., Inc. / Neiman Marcus Group LLC(d)		7.13			4/1/2026		263,000		266,097		268,260
Nordstrom, Inc.		4.00			3/15/2027		35,000		35,171		36,050
Nordstrom, Inc.		4.38			4/1/2030		35,000		35,043		35,724
Nordstrom, Inc.		5.00			1/15/2044		186,000		179,251		182,944
Total Retail Stores							755,000		796,281		799,635
Telecommunications — 9.7%*:
Altice Financing SA(a),(d)		5.00			1/15/2028		222,000		222,000		219,516
Altice Financing SA(a),(d)		7.50			5/15/2026		106,000		101,779		110,770
Banff Merger Sub, Inc.(d)		9.75			9/1/2026		185,000		183,608		197,132
Boxer Parent Co., Inc.(d)		9.13			3/1/2026		158,000		158,000		168,188
CCO Holdings LLC/CCO Holdings Capital Corp.(d)		4.50			5/1/2032		215,000		222,817		217,687
CCO Holdings LLC/CCO Holdings Capital Corp.(d)		4.75			3/1/2030		280,000		280,000		290,150
CommScope Technologies Finance LLC(d)		6.00			6/15/2025		34,000		30,738		34,682
CommScope Technologies LLC(d)		5.00			3/15/2027		305,000		294,570		302,142
Consolidated Communications, Inc.(d)		6.50			10/1/2028		250,000		250,000		270,032
Frontier Communications Corp.(d)		5.00			5/1/2028		200,000		200,000		203,500
Frontier Communications Corp.(d)		6.75			5/1/2029		119,000		119,000		125,509
Hughes Satellite Systems Corp.		6.63			8/1/2026		426,000		430,047		472,051
LCPR Senior Secured Financing DAC(d)		5.13			7/15/2029		245,000		245,000		249,317
LCPR Senior Secured Financing DAC(a),(d)		6.75			10/15/2027		200,000		200,000		213,230
Midcontinent Communications/Midcontinent Finance Corp.(d)		5.38			8/15/2027		149,000		149,000		154,915
Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc.(d)		6.00			2/15/2028		162,000		162,000		161,595
Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc.(d)		10.75			6/1/2028		74,000		82,084		83,598
Sprint Capital Corp.		6.88			11/15/2028		648,000		653,059		817,109
Sprint Capital Corp.		8.75			3/15/2032		52,000		72,682		76,895
Telecom Italia Capital SA(a)		6.00			9/30/2034		62,000		71,920		70,317
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC(d)		7.13			12/15/2024		23,000		22,892		23,661
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC(d)		7.88			2/15/2025		13,000		13,812		14,066
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC		8.25			10/15/2023		85,000		85,065		85,213
Virgin Media Finance plc(a),(d)		5.00			7/15/2030		117,000		117,000		116,854
Virgin Media Secured Finance plc(a),(d)		4.50			8/15/2030		250,000		254,865		252,187
Windstream Escrow LLC / Windstream Escrow Finance Corp.(d)		7.75			8/15/2028		163,000		163,994		165,649

See accompanying Notes to the Schedule of Investments.

Barings U.S. High Yield Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

March 31, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Telecommunications (continued):
Ziggo BV(a),(d)		5.50	%		1/15/2027		51,000	$	49,280	$	53,104
Total Telecommunications							4,794,000		4,835,212		5,149,069
Utilities — 1.2%*:
FirstEnergy Corp.		2.25			9/1/2030		75,000		71,908		69,563
FirstEnergy Corp.		5.35			7/15/2047		175,000		215,897		196,555
FirstEnergy Corp.		7.38			11/15/2031		23,000		30,951		30,756
PG&E Corp.		5.00			7/1/2028		95,000		95,000		100,365
PG&E Corp.		5.25			7/1/2030		82,000		82,000		87,047
Pike Corp.(d)		5.50			9/1/2028		167,000		167,000		169,922
Total Utilities							617,000		662,756		654,208
Total Corporate Bonds							44,406,321		44,013,578		45,459,177
Total Fixed Income							51,067,407		50,516,957		51,955,302
Total Investments							51,122,506		50,772,368		52,166,231
Other assets and liabilities – 1.8%*											939,400
Net Assets – 100.0%										$	53,105,631

PIK Payment-in-kind

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

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

(a) Foreign security.

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

United States	92.5	%
Canada	2.7	%
United Kingdom	1.4	%
Zambia	1.3	%
Other (Individually less than 1%)	2.1	%
Total	100.0	%

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

(c) Bank loans are exempt from registration under the Securities Act of 1933, as amended, but contain certain restrictions on resale and cannot be sold publicly. These loans pay interest at rates which adjust periodically. The interest rates shown for bank loans are the current interest rates at March 31, 2021. Bank loans are also subject to mandatory and/or optional prepayment which cannot be predicted. As a result, the remaining maturity may be substantially less than the stated maturity shown.

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

(e) Defaulted security.

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, 2021 in valuing the Funds’ investments:

Global Floating Rate Fund

DESCRIPTION	LEVEL 1		LEVEL 2		LEVEL 3			TOTAL INVESTMENTS
Assets:
Equities:
Common Stocks	$	292,512	$	538,269	$	878,722	***	$	1,709,503
Warrant		—		28,485		—			28,485
Total Equities		292,512		566,754		878,722			1,737,988
Fixed Income:
Bank Loans		—		277,018,919		668,671	***		277,687,590
Corporate Bonds		—		14,001,495		0	***		14,001,495
Total Fixed Income		—		291,020,414		668,671			291,689,085
Derivative Securities:
Forward Foreign Currency Exchange Contracts		—		749,387		—			749,387
Total	$	292,512	$	292,336,555	$	1,547,393		$	294,176,460
Total Investments	$	292,512	$	292,336,555	$	1,547,393		$	294,176,460

*** None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund Level 3 investments at the end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended March 31, 2021 is not presented.

The following table is a summary of quantitative information about significant unobservable valuation inputs for Level 3 fair value measurement for investments held as of March 31, 2021:

TYPE OF ASSETS	FAIR VALUE AS OF MARCH 31, 2021		VALUATION TECHNIQUE(S)	UNOBSERVABLE INPUT
Equities
CTI Foods Holding Co, LLC	$	561,122	Discounted Cash Flow	Average Enterprise Valuation Multiple: 4 year projection, 7.1x; EBITDA: $53.7 million; 15% discount rate
Don Jersey Topco Ltd.	$	312,478	Broker Quote	1.068; Broker Quote depth of 1
Travelex Topco Ltd.	$	—	Zero Value	Valued at zero
Boomerang Tube LLC	$	—	Discounted Cash Flow	Average Enterprise Valuation Multiple: 5 year projection, 5.0x; EBITDA: $32.2 million; 20% discount rate
Sabine Oil & Gas LLC	$	5,122	Withholding Tax Reclaim	Priced at value or withholding tax reclaim
Bank Loans
CTI Foods Holding Co, LLC, 3M LIBOR + 7.000%	$	314,861	Discounted Cash Flow	Average Enterprise Valuation Multiple: 3 year projection, 7.1x; EBITDA: $52.5 million;: 15% discount rate
CTI Foods Holding Co, LLC, 3M LIBOR + 9.000%	$	194,025	Discounted Cash Flow	Average Enterprise Valuation Multiple: 3 year projection, 7.1x; EBITDA: $52.5 million;: 15% discount rate
Boomerang Tube LLC	$	—	Discounted Cash Flow	Average Enterprise Valuation Multiple: 5 year projection, 5.0x; EBITDA: $32.2 million; 20% discount rate
Naviera Armas SA	$	95,972	Priced at Cost	Cost less OID
Naviera Armas SA	$	63,814	Priced at Cost	Cost less OID
Corporate Bonds
Galapagos S.A	$	—	Zero Value	Valued at zero
Travelex Financing plc	$	—	Zero Value	Valued at zero

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

Global Credit Income Opportunities Fund

DESCRIPTION	LEVEL 1		LEVEL 2			LEVEL 3			TOTAL INVESTMENTS
Assets:
Equities:
Common Stocks	$	589,118	$	482,931		$	994,814	***	$	2,066,863
Warrant		—		83,657			—			83,657
Total Equities		589,118		566,588			994,814			2,150,520
Fixed Income:
Asset-Backed Securities		—		13,421,953			—			13,421,953
Bank Loans		—		82,440,697			251,578	***		82,692,275
Corporate Bonds		—		65,970,478			0	***		65,970,478
Total Fixed Income		—		161,833,128			251,578			162,084,706
Derivative Securities:
Forward Foreign Currency Exchange Contracts		—		607,409			—			607,409
Total	$	589,118	$	163,007,125		$	1,246,392		$	164,842,635
Liabilities:
Derivative Securities:
Forward Foreign Currency Exchange Contracts		—		(4,807	)		—			(4,807	)
Total Investments	$	589,118	$	163,002,318		$	1,246,392		$	164,837,828

*** None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund Level 3 investments at the end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended March 31, 2021 is not presented.

The following table is a summary of quantitative information about significant unobservable valuation inputs for Level 3 fair value measurement for investments held as of March 31, 2021:

TYPE OF ASSETS	FAIR VALUE AS OF MARCH 31, 2021		VALUATION TECHNIQUE(S)	UNOBSERVABLE INPUT
Equities
Innovation Group	$	—	Zero Value	Valued at zero
Don Jersey Topco Ltd.	$	274,656	Broker Quote	1.068: Broker Quote depth 1
Travelex Topco Ltd.	$	—	Zero Value	Valued at zero
MModal, Inc.	$	3,213	Analyst Priced	Analyst verified stale price and adjusted for cash receipts
Boomerang Tube LLC	$	—	Discounted Cash Flow	Average Enterprise Valuation Multiple: 5 year projection, 5.0x; EBITDA: $32.2 million; 20% discount rate
Tourmaline Oil Corp.	$	97,838	Withholding Tax Reclaim	Priced at value of withholding tax reclaim
Maxeda DIY B.V.	$	176,768	Market Comparables	LTM EBITDA €115m; Net leverage €409m; Average Comparable Valuation: 6.0X
Maxeda DIY B.V.	$	442,339	Market Comparables	LTM EBITDA €115m; Net leverage €409m; Average Comparable Valuation: 6.0X
Bank Loans
Innovation Group plc (The)	$	92,032	Priced at Cost	Priced at restructure cost
Innovation Group plc (The)	$	40,460	Priced at Cost	Priced at restructure cost
Innovation Group plc (The)	$	39,193	Priced at Cost	Priced at restructure cost
Boomerang Tube LLC	$	—	Discounted Cash Flow	Average Enterprise Valuation Multiple: 5 year projection, 5.0x; EBITDA: $32.2 million; 20% discount rate
Naviera Armas	$	5,651	Priced at Cost	Cost less OID
Naviera Armas	$	26,256	Priced at Cost	Cost less OID
Naviera Armas	$	47,986	Priced at Cost	Cost less OID
Corporate Bonds
Travelex Financing PLC	$	—	Zero Value	Valued at zero

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

Active Short Duration Bond Fund

DESCRIPTION	LEVEL 1			LEVEL 2		LEVEL 3		TOTAL INVESTMENTS
Assets:
Fixed Income:
Asset-Backed Securities	$	—		$	319,822,310	$	4,882,034	$	324,704,344
Corporate Bonds		—			447,942,027		—		447,942,027
Mortgage-Backed Securities		—			139,537,694		6,199,915		145,737,609
U.S. Treasury & Government Agencies		—			5,246,484		—		5,246,484
Total Fixed Income		—			912,548,515		11,081,949		923,630,464
Purchased Options:
Call Option Purchased		—			112,037		—		112,037
Put Options Purchased		—			1,460,697		—		1,460,697
Total Purchased Options		—			1,572,734		—		1,572,734
Short-Term Investments:
Commercial Paper		—			26,935,339		—		26,935,339
Total Short-Term Investments		—			26,935,339		—		26,935,339
Derivative Securities:
Futures*		4,039,401			—		—		4,039,401
Total	$	4,039,401		$	941,056,588	$	11,081,949	$	956,177,938
Liabilities:
Derivative Securities:
Futures*		(240,872	)		—		—		(240,872	)
Total Investments	$	3,798,529		$	941,056,588	$	11,081,949	$	955,937,066

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

The following table is a summary of quantitative information about significant unobservable valuation inputs for Level 3 fair value measurement for investments held as of March 31, 2021:

TYPE OF ASSETS	FAIR VALUE AS OF MARCH 31, 2021		VALUATION TECHNIQUE(S)		UNOBSERVABLE INPUT
Asset-Backed Securities
SLM Student Loan Trust 2006-2	$	2,441,160		Broker Quote	$617.08: Broker quote depth of 1
SoFi Alternative Trust 2019-C	$	2,440,874		Broker Quote	$106.36: Broker quote depth of 1
CSMC 2021-NQM2	$	6,199,915		Broker Quote	$99.99: 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, 2020		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, 2021		CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) FROM INVESTMENTS HELD AT MARCH 31, 2021
Asset - Backed Securities	$	8,133,500	$	(1,361,531	)	$	1,351,089		$	—	$	57,973	$	—	$	(3,298,997	)	$	4,882,034	$	1,351,089
Mortgage - Backed Securities	$	—	$	7,591		$	(14,331	)	$	491,600	$	44	$	6,199,915	$	(484,904	)	$	6,199,915	$	(14,331	)
Total	$	8,133,500	$	(1,353,940	)	$	1,336,758		$	491,600	$	58,017	$	6,199,915	$	(3,783,901	)	$	11,081,949	$	1,336,758

*** Transfers into Level 3 from Level 2 occurred because observable inputs were no longer available.

Diversified Income Fund

DESCRIPTION	LEVEL 1			LEVEL 2		LEVEL 3		TOTAL INVESTMENTS
Assets:
Fixed Income:
Asset-Backed Securities	$	—		$	18,208,471	$	480,000	$	18,688,471
Corporate Bonds		—			23,524,017		—		23,524,017
Mortgage-Backed Securities		—			3,040,208		—		3,040,208
Total Fixed Income		—			44,772,696		480,000		45,252,696
Derivative Securities:
Futures*		456,161			—		—		456,161
Total	$	456,161		$	44,772,696	$	480,000	$	45,708,857
Liabilities:
Derivative Securities:
Futures*		(609	)		—		—		(609	)
Total Investments	$	455,552		$	44,772,696	$	480,000	$	45,708,248

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

The following table is a summary of quantitative information about significant unobservable valuation inputs for Level 3 fair value measurement for investments held as of March 31, 2021:

TYPE OF ASSETS	FAIR VALUE AS OF MARCH 31, 2021		VALUATION TECHNIQUE(S)		UNOBSERVABLE INPUT
Asset-Backed Securities
ITE Rail Fund Levered LP	$	480,000		Broker Quote	$100.00: Broker quote depth of 1

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

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

INVESTMENTS IN SECURITIES	BALANCE AS OF JULY 1, 2020		REALIZED GAIN (LOSS)		CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)		NET TRANSFERS IN (OUT) OF LEVEL 3		ACCRUED PREMIUMS/ DISCOUNTS		PURCHASES		SALES		BALANCE AS OF MARCH 31, 2021		CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) FROM INVESTMENTS HELD AT MARCH 31, 2021
Asset Backed Securities	$	—	$	—	$	43	$	—	$	—	$	479,957	$	—	$	480,000	$	43
Total	$	—	$	—	$	43	$	—	$	—	$	479,957	$	—	$	480,000	$	43

Emerging Markets Debt Blended Total Return Fund

DESCRIPTION	LEVEL 1			LEVEL 2			LEVEL 3			TOTAL INVESTMENTS
Assets:
Fixed Income:
Corporate Bonds	$	—		$	43,318,400		$	716,210	***	$	44,034,610
Foreign Government		—			55,070,506			—			55,070,506
Total Fixed Income		—			98,388,906			716,210			99,105,116
Derivative Securities:
Centrally Cleared Interest Rate Swaps*		—			206,335			—			206,335
Forward Foreign Currency Exchange Contracts		—			1,366,456			—			1,366,456
Futures*		118,871			—			—			118,871
OTC - Credit Default Swaps		—			17,921			—			17,921
OTC - Cross Currency Swaps		—			59,063			—			59,063
OTC - Interest Rate Swaps		—			151,687			—			151,687
Total Derivative Securities		118,871			1,801,462			—			1,920,333
Total	$	118,871		$	100,190,368		$	716,210		$	101,025,449
Liabilities:
Derivative Securities:
Call Options Written		—			(467,666	)		—			(467,666	)
Centrally Cleared Interest Rate Swaps*		—			(387,509	)		—			(387,509	)
Forward Foreign Currency Exchange Contracts		—			(1,781,365	)		—			(1,781,365	)
Futures*		(6,631	)		—			—			(6,631	)
OTC - Credit Default Swaps		—			(215,544	)		—			(215,544	)
OTC - Cross Currency Swaps		—			(836,704	)		—			(836,704	)
OTC - Interest Rate Swaps		—			(228,241	)		—			(228,241	)
Total Derivative Securities		(6,631	)		(3,917,029	)		—			(3,923,660	)
Total Investments	$	112,240		$	96,273,339		$	716,210		$	97,101,789

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

*** None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund Level 3 investments at the end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended March 31, 2021 is not presented.

The following table is a summary of quantitative information about significant unobservable valuation inputs for Level 3 fair value measurement for investments held as of March 31, 2021:

TYPE OF ASSETS	FAIR VALUE AS OF MARCH 31, 2021		VALUATION TECHNIQUE(S)	UNOBSERVABLE INPUT
Foreign Government
Asian Development Bank 7/14/21	$	94,158	Broker Quote	$27.69: Broker quote depth of 1
European Bank for Reconstruction and Development 10/29/22	$	345,880	Broker Quote	$28.82: Broker quote depth of 1
International Bank for Reconstruction and Development 11/22/21	$	276,172	Broker Quote	$28.77: Broker quote depth of 1

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

Global Emerging Markets Equity Fund

DESCRIPTION	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL INVESTMENTS
Assets:
Equities:
Common Stocks	$	13,279,624	$	—	$	—	$	13,279,624
Total Equities		13,279,624		—		—		13,279,624
Total	$	13,279,624	$	—	$	—	$	13,279,624
Total Investments	$	13,279,624	$	—	$	—	$	13,279,624

U.S. High Yield Fund

DESCRIPTION	LEVEL 1		LEVEL 2		LEVEL 3			TOTAL INVESTMENTS
Assets:
Equities:
Common Stocks	$	178,615	$	0	$	32,314	***	$	210,929
Total Equities		178,615		0		32,314			210,929
Fixed Income:
Bank Loans		—		6,496,125		—			6,496,125
Corporate Bonds		—		45,459,177		—			45,459,177
Total Fixed Income		—		51,955,302		—			51,955,302
Total	$	178,615	$	51,955,302	$	32,314		$	52,166,231
Total Investments	$	178,615	$	51,955,302	$	32,314		$	52,166,231

*** None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund Level 3 investments at the end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended March 31, 2021 is not presented.

The following table is a summary of quantitative information about significant unobservable valuation inputs for Level 3 fair value measurement for investments held as of March 31, 2021:

TYPE OF ASSETS	FAIR VALUE AS OF March 31, 2021		VALUATION TECHNIQUE(S)	UNOBSERVABLE INPUT
Equities
Tourmaline Oil Corp.	$	32,314	Withholding Tax Reclaim	Priced at value of withholding tax reclaim

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.