Barings Funds Trust NPORTP Barings Emerging Markets Debt Blended Total Return Fund (Sep 2020 report)

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED)

September 30, 2020


	SHARES		COST		FAIR VALUE
*Equities — 0.4%:**

*Common Stocks — 0.4%:**

*Beverage, Food and Tobacco — 0.2%:**
CTI Foods Holding Co. LLC(a)		4,657	$	495,155	$	568,620

*Broadcasting and Entertainment — 0.1%:**
Technicolor SA(b)		74,089		33,928		111,188

*Finance — 0.1%:**
Don Jersey Topco Ltd.(b)		292,469		195,071		245,302
Travelex Topco Ltd.(a),(b)		880		—		—

Total Finance		293,349		195,071		245,302

*Mining, Steel, Iron and Non-Precious Metals — 0.0%:**
Boomerang Tube LLC(a)		1,769		171,860		—

*Oil and Gas — 0.0%:**
Fieldwood Energy LLC		6,469		226,415		65
Fieldwood Energy LLC		26,365		568,599		263
Sabine Oil & Gas LLC		394		22,597		5,122
Templar Energy LLC(a)		8,763		50,647		—
Templar Energy LLC(a)		7,121		56,021		—

Total Oil and Gas		49,112		924,279		5,450

Total Common Stocks		422,976		1,820,293		930,560

*Limited Partnership — 0.0%:**

*Chemicals, Plastics and Rubber — 0.0%:**
Pinnacle Operating Corp., earnout shares(a)		40,420		—		—

*Warrants — 0.0%:**

*Broadcasting and Entertainment — 0.0%:**
Technicolor WTS (exp. December 31, 2099)(b)		14,662		—		22,004

*Diversified/Conglomerate Manufacturing — 0.0%:**
Appvion Holdings Corp. (exp. June 13, 2023)(a)		449		—		—
Appvion Holdings Corp. (exp. June 13, 2023)(a)		449		—		—

Total Diversified/Conglomerate Manufacturing		898		—		—

Total Warrants		15,560		—		22,004

Total Equities		478,956		1,820,293		952,564


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
*Fixed Income — 94.8%:**

*Bank Loans — 89.2%(c):**

*Aerospace and Defense — 0.9%:**
TransDigm, Inc., 1M LIBOR + 2.250%		2.40	%		12/9/2025		1,496,231		1,376,569		1,412,068
TransDigm, Inc., 1M LIBOR + 2.250%		2.40			5/31/2025		491,250		489,595		463,558

Total Aerospace and Defense							1,987,481		1,866,164		1,875,626

*Automobile — 1.4%:**
BCA Marketplace plc, LIBOR - GBP + 4.750%(b)		4.84			11/13/2026		500,000		622,146		611,909

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):

Automobile (continued):
DexKo Global, Inc., 1M LIBOR + 3.500%		4.50	%		7/24/2024		302,661	$	304,160	$	295,473
Panther BF Aggregator 2 LP, 1M LIBOR + 3.500%		3.65			4/30/2026		1,136,667		1,129,310		1,105,761
US Farathane LLC, 3M LIBOR + 3.500%		4.50			12/23/2021		1,100,292		1,102,370		949,552

Total Automobile							3,039,620		3,157,986		2,962,695

*Beverage, Food and Tobacco — 3.1%:**
Amphora Finance Ltd., LIBOR - GBP + 4.750%(b)		4.80			5/31/2025		500,000		661,859		585,767
CTI Foods Holding Co, LLC, 3M LIBOR + 7.000%(a)		8.00			5/3/2024		311,616		307,215		311,616
CTI Foods Holding Co, LLC, 3M LIBOR + 9.000%(a)		10.00			5/3/2024		201,179		201,179		189,108
Deoleo S.A., EURIBOR(a),(b)		Zero Coupon			4/30/2021		231,063		116,714		—
Deoleo S.A., 3M EURIBOR + 4.000%(b)		5.00			6/24/2025		144,932		163,418		155,968
Deoleo S.A., 3M EURIBOR + 3.000%(b)		3.50			6/24/2026		66,975		75,517		116,413
IRB Holding Corp., 3M LIBOR + 2.750%		3.75			2/2/2025		2,549,853		2,555,372		2,430,494
Sunshine Investments B.V., 3M LIBOR + 3.250%(b)		3.51			3/28/2025		155,877		155,375		152,078
Welbilt, Inc., 1M LIBOR + 2.500%		2.65			10/23/2025		1,000,000		880,205		907,810
Winebow Group, Inc. (The), 1M LIBOR + 3.750%		4.75			7/1/2021		2,307,136		2,259,551		1,902,672

Total Beverage, Food and Tobacco							7,468,631		7,376,405		6,751,926

*Broadcasting and Entertainment — 4.7%:**
A-L Parent LLC, 1M LIBOR + 3.250%		4.25			12/1/2023		1,984,536		1,846,499		1,681,061
AVSC Holding Corp., 6M LIBOR + 4.500%		5.50			10/15/2026		510,409		501,533		382,807
Banijay Entertainment S.A.S, 1M LIBOR + 3.750%(b)		3.91			3/1/2025		1,312,309		1,316,530		1,282,782
Clear Channel Outdoor Holdings, Inc., 3M LIBOR + 3.500%		3.76			8/21/2026		1,983,534		1,935,611		1,800,553
CSC Holdings, LLC, 1M LIBOR + 2.250%		2.40			7/15/2025		1,159,477		1,147,848		1,119,718
iHeartCommunications, Inc., 1M LIBOR + 3.000%		3.16			5/1/2026		997,488		962,695		944,341
Imagina Media Audiovisual, S.L., 6M EURIBOR + 4.750%(b)		4.75			6/26/2025		500,000		572,270		534,930
Imagina Media Audiovisual, S.L., 6M EURIBOR + 7.500%(b)		7.50			12/26/2024		500,000		551,594		473,195
Radiate Holdco, LLC, 1M LIBOR + 3.500%		4.25			9/10/2026		479,870		471,974		470,872
Technicolor SA, 3M EURIBOR + 3.000%(b)		3.00			12/31/2024		232,610		219,614		214,088
Technicolor SA, 6M EURIBOR + 6.000%(b)		6.00			6/30/2024		401,512		392,388		477,202
Terrier Media Buyer, Inc., 1M LIBOR + 4.250%		4.40			12/17/2026		710,481		707,318		691,959

Total Broadcasting and Entertainment							10,772,226		10,625,874		10,073,508

*Buildings and Real Estate — 3.6%:**
Core & Main L.P., 6M LIBOR + 2.750%		3.75			8/1/2024		1,953,661		1,958,549		1,910,309

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):

Buildings and Real Estate (continued):
GYP Holdings III Corp., 1M LIBOR + 2.750%		2.90	%		6/1/2025		2,202,906	$	2,198,542	$	2,160,500
Quikrete Holdings, Inc., 1M LIBOR + 2.500%		2.65			1/31/2027		1,488,750		1,489,051		1,447,184
SRS Distribution, Inc., 3M LIBOR + 3.000%		3.15			5/23/2025		2,404,327		2,393,329		2,336,333

Total Buildings and Real Estate							8,049,644		8,039,471		7,854,326

*Cargo Transport — 0.8%:**
Kenan Advantage Group, Inc., 1M LIBOR + 3.000%		4.00			7/31/2022		1,904,846		1,906,499		1,827,643

*Chemicals, Plastics and Rubber — 5.2%:**
Allnex (Luxembourg) & Cy S.C.A., 3M LIBOR + 3.250%		4.00			9/13/2023		356,967		356,210		347,150
Allnex USA, Inc., 3M LIBOR + 3.250%		4.00			9/13/2023		268,001		267,433		260,631
Colouroz Investment 1 GmbH, 3M EURIBOR + 4.250%(b)		5.00			9/21/2023		321,965		381,284		345,778
Consolidated Energy Finance S.A., 1M LIBOR + 2.500%		2.66			5/7/2025		1,466,043		1,435,480		1,332,266
Diamond (BC) B.V., 3M EURIBOR + 3.250%		3.25			9/6/2024		974,944		1,139,586		1,085,210
Flint Group GmbH, 3M EURIBOR + 4.250%(b)		5.00			9/21/2023		747,996		859,984		803,321
Flint Group GmbH, 3M LIBOR + 4.250%, PIK(b)		3.00-5.25			9/21/2023		520,474		505,608		469,406
Flint Group US LLC, 3M LIBOR + 4.250%, PIK(b)		3.00-5.25			9/21/2023		3,023,635		2,937,628		2,726,956
GrafTech Finance, Inc., 1M LIBOR + 3.500%		4.50			2/12/2025		1,299,430		1,282,076		1,281,017
Novacap S.A., 6M EURIBOR + 3.500%(b)		3.50			6/22/2023		1,000,000		1,137,670		1,129,949
Polar US Borrower, LLC, 1M LIBOR + 4.750%		4.91			10/15/2025		825,818		825,818		792,786
Solenis Holdings LLC, 3M LIBOR + 4.000%		4.26			6/26/2025		626,923		622,649		611,250

Total Chemicals, Plastics and Rubber							11,432,196		11,751,426		11,185,720

*Containers, Packaging and Glass — 5.6%:**
Albea Beauty Holdings S.A., 3M LIBOR + 3.000%(b)		4.00			4/22/2024		202,233		202,083		191,110
Berry Global, Inc., 1M LIBOR + 2.000%		2.16			7/1/2026		735,028		736,115		712,154
BWAY Holding Co., 3M LIBOR + 3.250%		3.52			4/3/2024		2,923,408		2,912,891		2,738,882
Flex Acquisition Co., Inc., 3M LIBOR + 3.000%		4.00			12/29/2023		1,360,304		1,368,276		1,327,997
Flex Acquisition Co., Inc., 3M LIBOR + 3.250%		3.55			6/29/2025		852,140		828,563		825,511
Graham Packaging Co. Inc., 1M LIBOR + 3.750%		4.50			8/4/2027		528,571		524,692		524,829
ProAmpac PG Borrower LLC, 3M LIBOR + 3.500%		4.50			11/18/2023		1,218,009		1,218,100		1,200,957
ProAmpac PG Borrower LLC, 2M LIBOR + 8.500%		9.50			11/18/2024		750,000		744,180		699,847

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	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%		1.90	%		1/30/2027		271,687	$	271,379	$	267,952
Reynolds Group Holdings, Inc., 1M LIBOR + 2.750%		3.83-5.00			2/5/2023		1,139,782		1,142,833		1,124,543
Roy Bidco ApS, EURIBOR + 3.500%(b)		3.50			8/23/2024		1,000,000		1,154,802		1,116,758
Trident TPI Holdings, Inc., 3M LIBOR + 3.000%		4.00			10/17/2024		1,488,504		1,471,013		1,449,431

Total Containers, Packaging and Glass							12,469,666		12,574,927		12,179,971

*Diversified/Conglomerate Manufacturing — 2.5%:**
Amer Sports Oyj, 6M EURIBOR + 4.500%(b)		4.50			3/30/2026		500,000		563,765		523,370
LSF10 XL Bidco S.C.A., 3M EURIBOR + 4.000%(b)		4.00			10/12/2026		1,500,000		1,634,595		1,674,504
LTI Holdings, Inc., 1M LIBOR + 3.500%		3.65			9/6/2025		1,101,485		1,087,863		1,021,451
Project Alpha Intermediate Holding, Inc., 3M LIBOR + 3.500%		4.50			4/26/2024		1,355,080		1,356,576		1,327,979
SGB-SMIT Management GmbH, 6M EURIBOR + 4.500%, PIK(b)		2.50-4.50			7/18/2024		503,117		507,659		342,130
Wilsonart LLC, 3M LIBOR + 3.250%		4.25			12/19/2023		592,618		592,940		586,692

Total Diversified/Conglomerate Manufacturing							5,552,300		5,743,398		5,476,126

*Diversified/Conglomerate Service — 8.4%:**
Allied Universal Holdco LLC, 1M LIBOR + 4.250%		4.40			7/10/2026		525,451		521,688		519,072
Cornerstone OnDemand, Inc., 1M LIBOR + 4.250%		4.41			4/22/2027		500,000		485,750		498,645
Cvent, Inc., 1M LIBOR + 3.750%		3.90			11/29/2024		1,362,712		1,023,912		1,227,408
EAB Global, Inc., 3M LIBOR + 3.750%		4.75			11/15/2024		738,172		735,992		701,263
Epicor Software Corp., 1M LIBOR + 4.250%		5.25			7/30/2027		292,650		286,917		291,960
Financial & Risk US Holdings, Inc., 1M LIBOR + 3.250%		3.40			10/1/2025		977,538		949,672		966,892
Finastra USA, Inc., 6M LIBOR + 7.250%		8.25			6/13/2025		6,482		6,559		6,071
Finastra USA, Inc., 3M LIBOR + 3.500%		4.50			6/13/2024		3,441,580		3,322,393		3,210,134
I-Logic Technologies Bidco Ltd., 3M LIBOR + 2.750%		3.75			12/21/2024		1,008,009		1,011,634		977,769
Informatica LLC, 1M LIBOR + 3.250%		3.41			2/25/2027		995,000		990,437		971,836
Informatica LLC, 1M LIBOR + 3.250%		7.13			2/25/2025		350,242		348,694		355,205
MH Sub I LLC, 1M LIBOR + 3.500%		3.65			9/13/2024		2,015,090		2,008,771		1,957,156
Mitchell International, Inc., 1M LIBOR + 3.250%		3.40			11/29/2024		1,491,088		1,453,119		1,422,289
Project Leopard Holdings, Inc., 3M LIBOR + 4.500%		5.50			7/7/2023		1,465,171		1,469,416		1,435,867
Surf Holdings, LLC, 3M LIBOR + 3.500%(b)		3.75			3/5/2027		183,930		183,507		179,562
TMF Group Holding B.V., 6M EURIBOR + 3.250%(b)		3.25			5/5/2025		500,000		584,743		564,974
Ultimate Software Group, Inc. (The), 3M LIBOR + 4.000%		4.75			5/4/2026		1,000,000		985,613		996,380

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):

Diversified/Conglomerate Service (continued):
Verisure Holding AB, 6M EURIBOR + 3.000%(b)		3.00	%		10/21/2022		1,692,605	$	1,971,150	$	1,959,510

Total Diversified/Conglomerate Service							18,545,720		18,339,967		18,241,993

*Electronics — 3.7%:**
By Crown Parent, LLC, 1M LIBOR + 3.000%		4.00			1/30/2026		966,912		962,207		953,617
EXC Holdings III Corp., 3M LIBOR + 3.500%		4.50			11/30/2024		483,498		486,941		477,154
Greeneden U.S. Holdings II LLC, 1M LIBOR + 3.250%		3.40			12/1/2023		1,484,502		1,491,233		1,479,558
Omnitracs, Inc., 3M LIBOR + 2.750%		2.98			3/21/2025		1,468,909		1,466,791		1,414,560
Renaissance Holding Corp., 1M LIBOR + 3.250%		3.40			5/31/2025		731,900		731,900		703,846
Sophia, L.P., 1M LIBOR + 3.750%		4.50			10/6/2027		344,860		342,273		342,360
SS&C Technologies Inc., 1M LIBOR + 1.750%		1.90			4/16/2025		470,108		469,273		454,830
Tibco Software Inc., 1M LIBOR + 3.750%		3.90			6/30/2026		997,500		964,679		971,316
Tibco Software Inc., 1M LIBOR + 7.250%		7.41			3/3/2028		385,441		383,648		375,805
Veritas US Inc., 3M EURIBOR + 5.500%		6.50			9/1/2025		750,000		867,924		859,060

Total Electronics							8,083,630		8,166,869		8,032,106

*Finance — 1.8%:**
Deerfield Dakota Holding LLC, 1M LIBOR + 3.750%		4.75			4/9/2027		331,533		325,134		329,117
Deerfield Dakota Holding LLC, 1M LIBOR + 8.000%		9.00			3/6/2027		1,000,000		985,870		1,015,000
NFP Corp., 1M LIBOR + 3.250%		3.40			2/14/2027		1,487,597		1,480,830		1,426,858
Tempo Acquisition LLC, 1M LIBOR + 2.750%		2.91			5/1/2024		1,081,621		1,084,233		1,053,229

Total Finance							3,900,751		3,876,067		3,824,204

*Healthcare, Education and Childcare — 13.9%:**
Advanz Pharma Corp., 1M LIBOR + 5.500%(b)		6.50			9/6/2024		2,256,000		2,231,117		2,185,500
Advanz Pharma Corp., 3M EURIBOR + 5.250%(b)		6.25			9/6/2024		480,000		555,844		565,590
Aenova Holding GmbH, 6M EURIBOR + 5.000%(b)		5.00			3/6/2025		500,000		536,889		583,587
Amneal Pharmaceuticals LLC, 1M LIBOR + 3.500%		3.69			5/4/2025		1,481,056		1,393,578		1,392,193
Arbor Pharmaceuticals, Inc., 3M LIBOR + 5.000%		6.00			7/5/2023		1,374,312		1,371,829		1,268,669
Auris Luxembourg III Sarl, 1M LIBOR + 3.750%(b)		3.90			2/27/2026		985,002		981,168		906,202
Aveanna Healthcare, LLC, 3M LIBOR + 5.500%		6.50			3/18/2024		1,273,913		1,263,713		1,196,739
Change Healthcare Holdings LLC, 1M LIBOR + 2.500%		3.50			3/1/2024		1,328,405		1,325,523		1,298,729
CTC AcquiCo GmbH, 3M LIBOR + 3.000%(b)		3.26			3/8/2025		1,250,000		1,231,411		1,181,775
Endo Luxembourg Finance Co. I S.a r.l., 3M LIBOR + 4.250%		5.00			4/27/2024		2,142,035		2,130,109		2,034,934

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):

Healthcare, Education and Childcare (continued):
Envision Healthcare Corp., 1M LIBOR + 3.750%		3.90	%		10/11/2025		593,910	$	335,072	$	427,087
Fugue Finance B.V., 3M EURIBOR + 3.250%(b)		3.25			8/31/2024		500,000		541,077		563,298
Horizon Therapeutics USA, Inc., 1M LIBOR + 2.000%		2.19			5/22/2026		494,267		496,075		488,706
Indivior Finance Sarl, 3M LIBOR + 4.500%		5.50			12/19/2022		780,905		775,789		756,501
Lifescan Global Corp., 6M LIBOR + 6.000%		7.18			9/28/2024		351,000		343,953		330,291
Mallinckrodt International Finance S.A., 3M LIBOR + 2.750%		3.50			9/24/2024		356,292		354,795		298,174
Netsmart Technologies, Inc., 1M LIBOR + 4.000%		4.75			9/30/2027		823,877		819,757		819,963
Nidda Healthcare Holding AG, LIBOR - GBP + 4.500%(b)		4.57			8/21/2026		500,000		652,772		625,819
Nidda Healthcare Holding AG, 3M EURIBOR + 3.500%(b)		3.50			8/21/2026		1,000,000		1,084,433		1,143,138
Orphea Ltd., LIBOR - GBP + 4.500%(b)		4.59-5.56			7/21/2023		500,000		619,117		625,684
Ortho-Clinical Diagnostics SA, 1M LIBOR + 3.250%		3.41			6/30/2025		2,378,082		2,363,773		2,272,257
Parexel International Corp., 1M LIBOR + 2.750%		2.90			9/29/2024		2,266,045		2,227,468		2,171,165
RegionalCare Hospital Partners Holdings, Inc., 1M LIBOR + 3.750%		3.90			11/16/2025		857,941		862,754		832,203
Rodenstock GmbH, 3M EURIBOR + 5.250%(b)		5.25			6/30/2026		500,000		557,426		574,500
Surgery Center Holdings, Inc., 1M LIBOR + 3.250%		4.25			9/2/2024		1,488,491		1,488,968		1,399,182
Team Health Holdings, Inc., 1M LIBOR + 2.750%		3.75			2/6/2024		1,942,141		1,910,859		1,623,844
Tunstall Group Holdings Ltd., 6M EURIBOR + 5.000%(b)		5.00			6/30/2025		321,190		377,864		376,579
Unilabs Holding AB, EURIBOR + 3.000%(b)		3.00			4/19/2024		500,000		576,043		568,802
Verscend Holding Corp., 1M LIBOR + 4.500%		4.65			8/27/2025		1,496,183		1,471,093		1,479,351

Total Healthcare, Education and Childcare							30,721,047		30,880,269		29,990,462

*Home and Office Furnishings, Housewares, and Durable Consumer Products — 1.0%:**
Serta Simmons Bedding LLC, 1M LIBOR + 7.500%		8.50			8/10/2023		1,521,420		1,521,420		1,236,915
SIWF Holdings Inc., 3M LIBOR + 4.250%		4.47			6/15/2025		979,950		986,589		939,938

Total Home and Office Furnishings, Housewares, and Durable Consumer Products							2,501,370		2,508,009		2,176,853

*Hotels, Motels, Inns and Gaming — 4.3%:**
Caesars Resort Collection LLC, 1M LIBOR + 4.500%		4.69-4.77			7/21/2025		732,742		711,615		708,115

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):

Hotels, Motels, Inns and Gaming (continued):
Caesars Resort Collection LLC, 1M LIBOR + 2.750%		2.90	%		12/23/2024		1,968,305	$	1,963,028	$	1,839,223
Compass IV Ltd., 6M EURIBOR + 4.500%(b)		4.50			4/30/2025		500,000		599,608		548,706
Compass IV Ltd., 6M EURIBOR + 8.000%(b)		9.00			4/30/2026		500,000		590,512		474,842
Golden Nugget, Inc., 1M LIBOR + 2.500%		3.25			10/4/2023		313,976		257,204		279,106
HNVR Holdco Ltd., 6M EURIBOR + 4.250%(b)		4.25			9/12/2023		500,000		419,769		420,482
Penn National Gaming, Inc., 1M LIBOR + 2.250%		3.00			10/15/2025		1,990,543		1,986,624		1,931,543
Richmond UK Bidco Ltd., LIBOR - GBP + 4.250%(b)		4.34			3/3/2024		482,094		609,263		558,824
Rouge Beachhouse B.V., 6M EURIBOR + 5.000%(b)		5.00			9/4/2025		500,000		586,575		576,699
Station Casinos LLC, 1M LIBOR + 2.250%		2.40			2/8/2027		1,000,000		970,869		954,000
Tackle Sarl, 3M EURIBOR + 3.500%(b)		3.50			8/8/2022		974,537		1,091,373		1,126,885

Total Hotels, Motels, Inns and Gaming							9,462,197		9,786,440		9,418,425

*Insurance — 3.9%:**
Acrisure LLC, 1M LIBOR + 3.500%		3.66			2/15/2027		1,493,747		1,468,514		1,439,599
Alliant Holdings Intermediate LLC, 1M LIBOR + 2.750%		2.90			5/9/2025		2,252,912		2,259,671		2,185,054
AssuredPartners, Inc., 1M LIBOR + 3.500%		3.65			2/13/2027		1,752,687		1,760,658		1,699,475
Confie Seguros Holding II Co., 1M LIBOR + 8.500%		8.66			11/2/2025		1,633,626		1,609,827		1,245,640
Hub International Ltd., 3M LIBOR + 3.000%		3.26			4/25/2025		1,496,173		1,470,100		1,444,092
Ryan Specialty Group, LLC, 1M LIBOR + 3.250%		4.00			9/1/2027		437,360		430,859		432,715

Total Insurance							9,066,505		8,999,629		8,446,575

*Leisure, Amusement, Entertainment — 7.5%:**
AMC Entertainment Holdings, Inc., 3M LIBOR + 3.000%		3.22			4/22/2026		1,266,236		996,761		808,416
Columbus Capital BV, EURIBOR + 3.750%(b)		3.75			3/5/2027		500,000		559,494		412,737
Crown Finance US, Inc., 6M LIBOR + 2.500%		2.52			2/28/2025		2,071,685		2,053,641		1,369,612
Delta 2 (LUX) Sarl, 1M LIBOR + 2.500%(b)		2.50			2/1/2024		1,394,967		1,397,682		1,350,216
Dorna Sports, S.L., 6M EURIBOR + 3.250%(b)		3.25			5/3/2024		978,282		1,093,771		1,114,366
Golden Entertainment, Inc., 1M LIBOR + 3.000%		3.75			10/20/2024		432,061		393,069		413,158
International Park Holdings B.V., 6M EURIBOR + 3.500%(b)		3.50			6/13/2024		500,000		580,575		484,697
Metro-Goldwyn-Mayer, Inc., 1M LIBOR + 4.500%		5.50			7/3/2026		3,000,000		2,981,218		2,898,750
Parques Reunidos SAU, 6M EURIBOR + 3.750%(b)		3.75			9/16/2026		500,000		545,961		477,187
Playtika Holding Corp., 6M LIBOR + 6.000%		7.07			12/10/2024		561,458		552,038		561,251

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):

Leisure, Amusement, Entertainment (continued):
PUG LLC, 1M LIBOR + 3.500%		3.65	%		2/12/2027		974,252	$	969,809	$	855,714
SeaWorld Parks & Entertainment, Inc., 1M LIBOR + 3.000%		3.15			3/31/2024		2,514,164		2,508,071		2,333,974
Vacalians Group, 3M EURIBOR + 4.000%(b)		4.00			12/4/2025		500,000		565,135		475,428
Vue International Bidco PLC, EURIBOR + 4.750%(b)		4.75			6/30/2026		423,797		473,940		380,804
William Morris Endeavor Entertainment, LLC, 1M LIBOR + 2.750%		2.90			5/18/2025		2,284,911		2,261,449		1,945,031
WMG Acquisition Corp., 1M LIBOR + 2.125%		2.27			11/1/2023		309,206		308,970		303,409

Total Leisure, Amusement, Entertainment							18,211,019		18,241,584		16,184,750

*Machinery Non-Agriculture, Non-Construction, Non-Electronic — 1.9%:**
Alison Bidco S.a.r.l., 3M LIBOR + 4.500%(b)		5.50			8/29/2021		121,164		121,007		88,564
Alison Bidco Sarl, 3M EURIBOR + 4.500%(b)		5.50			8/30/2021		846,944		983,008		781,162
Alison Bidco Sarl, 3M LIBOR + 4.500%(b)		5.50			8/29/2021		121,164		121,006		88,564
Apex Tool Group, LLC, 1M LIBOR + 5.250%		6.50			8/1/2024		1,335,429		1,315,171		1,263,316
Titan Acquisition Ltd., 3M LIBOR + 3.000%(b)		3.22			3/28/2025		1,948,641		1,947,197		1,835,990

Total Machinery Non-Agriculture, Non-Construction, Non-Electronic							4,373,342		4,487,389		4,057,596

*Mining, Steel, Iron and Non-Precious Metals — 0.3%:**
Boomerang Tube, LLC, 1M LIBOR + 5.000%(a)		5.16			6/30/2022		63,430		63,430		5,074
US Silica Co., 1M LIBOR + 4.000%		5.00			5/1/2025		862,529		869,690		718,323

Total Mining, Steel, Iron and Non-Precious Metals							925,959		933,120		723,397

*Oil and Gas — 0.6%:**
Fieldwood Energy LLC, 3M LIBOR + 7.250%		7.25			4/11/2023		864,968		586,272		199
Gulf Finance LLC, 1M LIBOR + 5.250%		6.25			8/25/2023		1,619,376		1,537,813		1,137,612
KCA Deutag Alpha Ltd., 1M LIBOR + 6.750%(b)		7.75			2/28/2023		491,250		489,985		224,609

Total Oil and Gas							2,975,594		2,614,070		1,362,420

*Personal and Non-Durable Consumer Products Mfg. Only — 0.6%:**
Coty Inc., 1M LIBOR + 2.250%		2.41			4/7/2025		1,474,887		1,435,848		1,313,578

*Personal Transportation — 1.6%:**
American Airlines, Inc., 1M LIBOR + 2.000%		2.15			4/28/2023		1,969,283		1,960,805		1,605,950
Kestrel Bidco, Inc., 6M LIBOR + 3.000%(b)		4.00			12/11/2026		2,111,553		2,114,525		1,824,994

Total Personal Transportation							4,080,836		4,075,330		3,430,944

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):

*Printing and Publishing — 1.0%:**
Houghton Mifflin Harcourt Publishing Co., 1M LIBOR + 6.250%		7.25	%		11/19/2024		292,028	$	282,285	$	270,564
Springer Nature Deutschland GmbH, 1M EURIBOR + 3.250%(b)		3.75			8/14/2024		1,658,998		1,851,086		1,929,122

Total Printing and Publishing							1,951,026		2,133,371		2,199,686

*Retail Stores — 3.4%:**
Bass Pro Group, LLC, 3M LIBOR + 5.000%		5.75			9/25/2024		1,475,917		1,449,260		1,460,243
EG America LLC, 3M LIBOR + 4.000%(b)		4.22			2/6/2025		1,078,002		1,074,543		1,054,587
EG Group Ltd., 3M LIBOR + 4.000%(b)		4.22			2/7/2025		219,430		219,084		214,664
Eyemart Express LLC, 1M LIBOR + 3.000%		4.00			8/2/2024		979,798		982,641		946,318
Harbor Freight Tools USA, Inc., 1M LIBOR + 2.500%		3.25			8/18/2023		1,979,210		1,942,046		1,948,592
Kirk Beauty One GmbH, 3M EURIBOR + 3.500%(b)		3.50			8/13/2022		1,106,742		1,216,944		1,160,950
Thom Europe S.A.S, 3M EURIBOR + 4.250%(b)		4.25			8/7/2024		500,000		577,726		548,366

Total Retail Stores							7,339,099		7,462,244		7,333,720

*Telecommunications — 6.6%:**
Banff Merger Sub, Inc., 1M LIBOR + 4.250%		4.40			10/2/2025		982,500		975,472		951,463
CenturyLink, Inc., 1M LIBOR + 2.250%		2.40			3/15/2027		1,543,247		1,477,618		1,480,143
CommScope, Inc., 1M LIBOR + 3.250%		3.40			4/6/2026		1,987,389		1,982,105		1,933,094
Consolidated Communications, Inc., 1M LIBOR + 4.750%		5.75			10/17/2027		384,783		379,012		380,335
Digicel International Finance Ltd., 6M LIBOR + 3.250%(b)		3.80			5/25/2024		151,819		152,548		132,937
ION Trading Technologies Sarl, 3M LIBOR + 4.000%		5.00			11/21/2024		1,396,264		1,387,911		1,367,752
ION Trading Technologies Sarl, 6M EURIBOR + 3.250%		4.25			11/21/2024		1,364,675		1,548,315		1,566,300
Lorca Finco plc, 1M LIBOR + 4.250%(b)		4.25			7/31/2027		500,000		580,038		583,294
Syniverse Holdings, Inc., 3M LIBOR + 5.000%		6.00			3/9/2023		1,115,900		1,121,068		856,453
Syniverse Holdings, Inc., 3M LIBOR + 9.000%		10.00			3/11/2024		2,175,482		1,826,651		1,169,321
UPC Broadband Holding B.V., 1M LIBOR + 3.500%(b)		3.73			1/31/2029		1,000,000		990,000		969,000
Virgin Media Bristol LLC, 1M LIBOR + 3.250%(b)		3.48			1/31/2029		526,525		518,627		517,064
Virgin Media SFA Finance Ltd., LIBOR - GBP + 3.250%(b)		3.30			11/15/2027		1,250,000		1,725,818		1,555,016
Zayo Group Holdings, Inc., 1M LIBOR + 3.000%		3.15			3/9/2027		961,487		959,276		931,787

Total Telecommunications							15,340,071		15,624,459		14,393,959

*Utilities — 0.9%:**
Calpine Corp., 1M LIBOR + 2.000%		2.15			8/12/2026		220,623		219,697		213,980
Edgewater Generation, L.L.C., 1M LIBOR + 3.750%		3.90			12/13/2025		614,935		596,631		595,939

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):

Utilities (continued):
ExGen Renewables IV, LLC, 3M LIBOR + 3.000%		4.00	%		11/28/2024		1,089,180	$	1,082,571	$	1,086,120

Total Utilities							1,924,738		1,898,899		1,896,039

Total Bank Loans							203,554,401		204,505,714		193,214,248

*Corporate Bonds — 5.6%:**

*Automobile — 0.5%:**
AA Bond Co. Ltd.(b)		5.50			7/31/2022		700,000		913,443		821,953
RAC Bond Co. PLC(b)		5.00			11/6/2022		200,000		254,257		247,612

Total Automobile							900,000		1,167,700		1,069,565

*Broadcasting and Entertainment — 0.4%:**
Tele Columbus AG(b)		3.88			5/2/2025		800,000		868,322		892,926

*Containers, Packaging and Glass — 0.1%:**
Bormioli Pharma Bidco SpA, 3M EURIBOR + 3.500%(b)		3.50	(d)		11/15/2024		100,000		103,974		110,797
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu(e)		5.13			7/15/2023		178,000		178,000		180,225

Total Containers, Packaging and Glass							278,000		281,974		291,022

*Diversified/Conglomerate Manufacturing — 0.2%:**
Appvion ESC(a),(f)		9.00			6/1/2025		460,000		460,000		—
Fabric BC SpA, 3M EURIBOR + 4.125%(b)		4.13	(d)		8/31/2026		100,000		109,975		112,738
Galapagos S.A.(a),(b),(f)		4.27			6/15/2021		20,000		27,263		—
Mangrove Luxco III Sarl(b)		7.78			10/9/2025		265,415		251,037		280,067

Total Diversified/Conglomerate Manufacturing							845,415		848,275		392,805

*Diversified/Conglomerate Service — 0.6%:**
Algeco Global Finance PLC, 3M EURIBOR + 6.250%(b)		6.25	(d)		2/15/2023		150,000		183,515		171,471
Carlson Travel, Inc., 3M EURIBOR + 4.750%		4.75	(d)		6/15/2025		1,200,000		1,371,459		1,020,031

Total Diversified/Conglomerate Service							1,350,000		1,554,974		1,191,502

*Electronics — 0.4%:**
Veritas US, Inc./Veritas Bermuda Ltd.(e)		7.50			2/1/2023		817,000		829,614		815,129

*Finance — 1.1%:**
Arrow Global Finance PLC(b)		5.13			9/15/2024		500,000		627,700		608,645
Cabot Financial Luxembourg SA		7.50			10/1/2023		300,000		411,248		390,329
Garfunkelux Holdco 3 S.A.(b)		8.50			11/1/2022		850,000		1,097,604		1,005,774
Jerrold Finco PLC(b)		6.13			1/15/2024		100,000		124,555		121,938
Travelex Financing PLC(a),(b),(f)		8.00			5/15/2022		250,000		274,580		5,862
Travelex Issuerco Ltd.(b)		5.00			8/3/2025		110,000		119,227		205,811

Total Finance							2,110,000		2,654,914		2,338,359

*Healthcare, Education and Childcare — 0.1%:**
Tenet Healthcare Corp.		4.63			7/15/2024		255,000		254,357		256,275

*Home and Office Furnishings, Housewares, and Durable Consumer Products — 0.2%:**
LSF9 Balta Issuer Sarl(b)		7.75			9/15/2022		445,500		532,399		405,605

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):

*Hotels, Motels, Inns and Gaming — 0.3%:**
TVL Finance PLC, 3M GBP LIBOR + 5.375%(b)		5.46	(d)%		7/15/2025		600,000	$	759,201	$	580,657

*Leisure, Amusement, Entertainment — 0.3%:**
CPUK Finance Ltd.(b)		4.88			8/28/2025		600,000		791,268		722,119

*Oil and Gas — 0.5%:**
CGG Holding US, Inc.(b),(e)		9.00			5/1/2023		500,000		517,897		498,750
KCA Deutag UK Finance PLC(b),(e),(f)		9.88			4/1/2022		1,000,000		1,010,545		480,000

Total Oil and Gas							1,500,000		1,528,442		978,750

*Personal Transportation — 0.1%:**
Naviera Armas S.A., 3M EURIBOR + 6.500%(b)		6.50	(d)		7/31/2023		250,000		290,588		159,019
Naviera Armas SA, 3M EURIBOR + 4.250%(b)		4.25	(d)		11/15/2024		250,000		296,118		150,871

Total Personal Transportation							500,000		586,706		309,890

*Retail Stores — 0.5%:**
House of Fraser Funding PLC, 3M GBP LIBOR + 5.75%(b),(f)		5.95	(d)		9/15/2020		300,000		434,213		11,613
Takko Luxembourg 2 SCA(b)		5.38			11/15/2023		1,200,000		1,328,557		1,105,686

Total Retail Stores							1,500,000		1,762,770		1,117,299

*Telecommunications — 0.1%:**
Lorca Telecom Bondco SAU(b)		4.00			9/18/2027		200,000		233,250		239,180

*Utilities — 0.2%:**
Viridian Group Finance Co. PLC/Viridian Power & Energy(b)		4.75			9/15/2024		350,000		436,858		444,642

Total Corporate Bonds							13,050,915		15,091,024		12,045,725

Total Fixed Income							216,605,316		219,596,738		205,259,973

Total Investments							217,084,272		221,417,031		206,212,537

Other assets and liabilities – 4.8%*											10,335,130

Net Assets – 100.0%										$	216,547,667

PIK	Payment-in-kind

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

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

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

(b)	Foreign security.

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


United States	71.8	%
United Kingdom	8.8	%
Germany	8.7	%
France	2.8	%
Spain	2.4	%
Canada	1.8	%
Sweden	0.9	%
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)

September 30, 2020

(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 September 30, 2020. Bank loans are also subject to mandatory and/or optional prepayment which cannot be predicted. As a result, the remaining maturity may be substantially less than the stated maturity shown.

(d)	Variable rate security. The interest rate shown is the rate in effect at September 30, 2020.

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

(f)	Defaulted security.

A summary of outstanding derivatives at September 30, 2020 is as follows:

Forward Foreign Currency Exchange Contracts to Buy


EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED DEPRECIATION
10/14/20	Morgan Stanley & Co.		EUR	471,813	$	553,314	$	557,796	$	(4,482	)
10/14/20	Canadian Imperial Bank of Commece		GBP	527,966		681,301		698,695		(17,394	)

Net unrealized depreciation on forward foreign currency exchange contracts to buy									$	(21,876	)

Forward Foreign Currency Exchange Contracts to Sell


EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION
10/14/20	Morgan Stanley & Co.		EUR	30,658,088	$	35,953,983	$	36,245,313	$	291,330
10/14/20	Morgan Stanley & Co.		GBP	8,474,371		10,935,537		11,212,705		277,168

Net unrealized appreciation on forward foreign currency exchange contracts to sell									$	568,498

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)

September 30, 2020


						SHARES		COST		FAIR VALUE
*Equities — 0.5%:**

*Common Stocks — 0.5%:**

*Diversified/Conglomerate Service — 0.0%:**
Innovation Group(a),(b)							403,550	$	—	$	—

*Finance — 0.1%:**
Don Jersey Topco Ltd.(b)							257,069		171,459		215,611
Travelex Topco Ltd.(a),(b)							3,672		—		—

Total Finance							260,741		171,459		215,611

*Healthcare, Education and Childcare — 0.0%:**
MModal, Inc.(a)							4,725		10,631		3,213

*Mining, Steel, Iron and Non-Precious Metals — 0.0%:**
Boomerang Tube LLC(a)							1,769		171,860		—

*Oil and Gas — 0.1%:**
Fieldwood Energy LLC							15,071		325,034		151
Fieldwood Energy LLC							3,698		129,430		37
Jupiter Resources, Inc.(b)							120,272		581,286		90,204

Total Oil and Gas							139,041		1,035,750		90,392

*Retail Stores — 0.3%:**
Maxeda DIY B.V.(a),(b)							10,446		—		57,685
Maxeda DIY B.V.(a),(b)							18,859,871		373,738		442,245

Total Retail Stores							18,870,317		373,738		499,930

Total Common Stocks							19,680,143		1,763,438		809,146

*Limited Partnership — 0.0%:**

*Chemicals, Plastics and Rubber — 0.0%:**
Pinnacle Operating Corp., earnout shares(a)							48,505		—		—

*Warrants — 0.0%:**

*Diversified/Conglomerate Manufacturing — 0.0%:**
Appvion Holdings Corp. (exp. June 13, 2023)(a)							488		—		—
Appvion Holdings Corp. (exp. June 13, 2023)(a)							488		—		—

Total Diversified/Conglomerate Manufacturing							976		—		—

Total Warrants							976		—		—

Total Equities							19,729,624		1,763,438		809,146


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
*Fixed Income — 93.9%:**

*Asset-Backed Securities — 8.2%:**

*CDO/CLO — 8.2%:**
Alinea CLO 2018-1 Ltd., 3M USD LIBOR + 6.000%(c)		6.27	(d)%		7/20/2031		1,250,000		1,260,414		1,082,372
Anchorage Capital CLO 9 Ltd., 3M USD LIBOR + 4.000%(c)		4.28	(d)		7/15/2032		1,250,000		1,226,251		1,225,261
Anchorage Capital CLO Ltd. 2015-6A ER, 3M USD LIBOR + 6.350%(c)		6.63	(d)		7/15/2030		500,000		511,945		454,376
Ares XLVIII CLO, 3M USD LIBOR + 5.200%(c)		5.47	(d)		7/20/2030		800,000		800,000		673,314

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (continued):

CDO/CLO (continued):
Blackrock European CLO(b)		5.17	%		10/15/2031		725,000	$	803,828	$	764,173
BlueMountain CLO Ltd. 2014-1A(a),(c)		Zero Coupon			4/30/2026		250,000		244,124		—
Cairn CLO XI DAC, 3M Euribor + 4.150%(b),(c)		4.15	(d)		7/15/2035		1,000,000		1,107,100		1,157,063
CBAM Ltd. 2017-3A E, 3M USD LIBOR + 6.500%(c)		7.63	(d)		10/17/2029		750,000		750,000		665,238
CIFC Funding Ltd. 2017-5A D, 3M USD LIBOR + 6.100%(c)		6.37	(d)		11/16/2030		500,000		500,000		439,885
Galaxy XXIV CLO Ltd. 2017-24A E, 3M USD LIBOR + 5.500%(c)		5.78	(d)		1/15/2031		700,000		700,000		592,969
Madison Park Funding XIII Ltd. 2014-13A(c)		Zero Coupon			4/19/2030		500,000		430,972		187,337
Madison Park Funding XXVII Ltd., 3M USD LIBOR + 5.000%(c)		5.27	(d)		4/20/2030		500,000		500,000		421,643
Madison Park Funding XXVIII Ltd., 3M USD LIBOR + 7.600%(c)		7.88	(d)		7/15/2030		500,000		495,953		384,258
Magnetite VII Ltd.(c)		Zero Coupon			1/15/2028		2,000,000		1,560,772		937,814
Oak Hill Credit Partners X Ltd. 2014-10A(c)		Zero Coupon			12/12/2030		1,000,000		759,627		385,814
Steele Creek CLO Ltd. 2018-2A E, 3M USD LIBOR + 6.200%(c)		6.47	(d)		8/18/2031		850,000		850,000		667,913
THL Credit Wind River CLO Ltd. 2017-4A E, 3M USD LIBOR + 5.800%(c)		6.05	(d)		11/20/2030		500,000		500,000		432,806
THL Credit Wind River CLO Ltd. 2018-2A E, 3M USD LIBOR + 5.750%(c)		6.03	(d)		7/15/2030		1,450,000		1,450,000		1,230,808
Wellfleet CLO 2018-1 Ltd., 3M USD LIBOR + 5.500%(c)		5.77	(d)		7/17/2031		1,000,000		1,000,000		835,467
Wellfleet CLO Ltd. 2017-3A D, 3M USD LIBOR + 5.550%(c)		5.82	(d)��		1/17/2031		1,000,000		1,000,000		808,308

Total CDO/CLO							17,025,000		16,450,986		13,346,819

Total Asset-Backed Securities							17,025,000		16,450,986		13,346,819

*Bank Loans — 37.7%(e):**

*Aerospace and Defense — 0.6%:**
TransDigm, Inc., 1M LIBOR + 2.250%		2.40			5/31/2025		982,500		979,190		927,116

*Automobile — 1.1%:**
BCA Marketplace plc, LIBOR - GBP + 4.750%(b)		4.84			11/13/2026		500,000		622,146		611,910
Panther BF Aggregator 2 LP, 1M LIBOR + 3.500%		3.65			4/30/2026		1,127,292		1,119,820		1,096,641

Total Automobile							1,627,292		1,741,966		1,708,551

*Beverage, Food and Tobacco — 1.5%:**
Deoleo S.A., EURIBOR(a),(b)		(0.49	)		4/30/2021		231,063		116,808		—
Deoleo S.A., 3M EURIBOR + 3.000%(b)		3.50			6/24/2026		66,975		75,517		116,413
Deoleo S.A., 3M EURIBOR + 4.000%(b)		5.00			6/24/2025		144,932		163,418		155,967
IRB Holding Corp., 3M LIBOR + 2.750%		3.75			2/2/2025		1,199,816		1,202,413		1,143,653
Winebow Group, Inc. (The), 1M LIBOR + 3.750%		4.75			7/1/2021		1,184,210		1,152,407		976,607

Total Beverage, Food and Tobacco							2,826,996		2,710,563		2,392,640

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):

*Broadcasting and Entertainment — 1.9%:**
Clear Channel Outdoor Holdings, Inc., 3M LIBOR + 3.500%		3.76	%		8/21/2026		1,550,132	$	1,464,463	$	1,407,132
CSC Holdings LLC, 1M LIBOR + 2.500%		2.65			4/15/2027		997,494		964,697		965,284
Technicolor SA, EURIBOR + 6.000%(b)		12.00			6/30/2024		401,512		392,389		477,202
Terrier Media Buyer, Inc., 1M LIBOR + 4.250%		4.40			12/17/2026		260,590		259,430		253,797

Total Broadcasting and Entertainment							3,209,728		3,080,979		3,103,415

*Buildings and Real Estate — 0.2%:**
SRS Distribution, Inc., 3M LIBOR + 3.000%		3.15			5/23/2025		351,737		344,801		341,790

*Chemicals, Plastics and Rubber — 1.6%:**
Colouroz Investment 1 GmbH, 3M EURIBOR + 4.250%(b)		5.00			9/21/2023		1,320,378		1,560,298		1,418,038
Flint Group GmbH, 3M EURIBOR + 4.250%(b)		5.00			9/21/2023		279,660		331,722		300,347
Novacap S.A., 6M EURIBOR + 3.500%(b)		3.50			6/22/2023		500,000		579,889		564,974
Solenis Holdings LLC, 3M LIBOR + 4.000%		4.26			6/26/2025		243,012		241,355		236,936
Solenis Holdings LLC, 3M LIBOR + 8.500%		8.76			6/26/2026		47,145		46,134		43,845

Total Chemicals, Plastics and Rubber							2,390,195		2,759,398		2,564,140

*Containers, Packaging and Glass — 2.2%:**
Albea Beauty Holdings S.A., 3M LIBOR + 3.000%(b)		4.00			4/22/2024		67,250		67,201		63,552
Berry Global, Inc., 1M LIBOR + 2.000%		2.16			7/1/2026		587,680		588,549		569,392
BWAY Holding Co., 3M LIBOR + 3.250%		3.52			4/3/2024		1,305,702		1,305,433		1,223,286
CCP Lux Holding S.a. r.l., EURIBOR + 4.250%(b)		4.25			1/10/2025		374,946		393,218		396,744
Graham Packaging Co. Inc., 1M LIBOR + 3.750%		4.50			8/4/2027		186,033		184,668		184,716
ProAmpac PG Borrower LLC, 2M LIBOR + 8.500%		9.50			11/18/2024		500,000		496,120		466,565
Reynolds Consumer Products LLC, 1M LIBOR + 1.750%		1.90			1/30/2027		105,778		105,657		104,323
Trident TPI Holdings, Inc., 3M LIBOR + 3.000%		4.00			10/17/2024		494,911		485,451		481,919

Total Containers, Packaging and Glass							3,622,300		3,626,297		3,490,497

*Diversified/Conglomerate Manufacturing — 0.8%:**
Amer Sports Oyj, 6M EURIBOR + 4.500%(b)		4.50			3/30/2026		600,000		667,684		628,044
LTI Holdings, Inc., 1M LIBOR + 3.500%		3.65			9/6/2025		744,687		733,790		690,578

Total Diversified/Conglomerate Manufacturing							1,344,687		1,401,474		1,318,622

*Diversified/Conglomerate Service — 3.8%:**
Cvent, Inc., 1M LIBOR + 3.750%		3.90			11/29/2024		997,437		863,758		898,401
EAB Global, Inc., 3M LIBOR + 3.750%		4.75			11/15/2024		107,160		106,844		101,802
Finastra USA, Inc., 3M LIBOR + 3.500%		4.50			6/13/2024		815,355		816,983		760,523
Hyland Software, Inc., 1M LIBOR + 3.250%		4.00			7/1/2024		982,456		974,681		977,338

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):

Diversified/Conglomerate Service (continued):
Informatica LLC, 1M LIBOR + 3.250%		3.40	%		2/25/2027		369,410	$	367,716	$	360,810
Informatica LLC, 1M LIBOR + 3.250%		7.13			2/25/2025		133,523		132,932		135,415
Innovation Group plc (The), 1M LIBOR + 6.000%(b)		6.00			4/10/2024		83,107		93,380		32,561
Innovation Group plc (The), 1M LIBOR + 8.000%((b)		5.70			4/9/2024		56,573		73,791		40,149
Innovation Group plc (The), 1M LIBOR + 6.000%(b)		6.00			4/10/2024		164,084		184,366		64,288
Innovation Group plc (The), LIBOR - GBP + 5.000%(b)		8.00			4/9/2024		145,020		90,040		28,069
MH Sub I LLC, 1M LIBOR + 3.500%		3.65			9/13/2024		983,480		972,217		955,205
Mitchell International, Inc., 1M LIBOR + 3.250%		3.40			11/29/2024		987,342		928,110		941,786
TMF Group Holding B.V., EURIBOR + 6.875%(b)		6.88			5/4/2026		500,000		540,953		503,421
Ultimate Software Group, Inc. (The), 3M LIBOR + 4.000%		4.75			5/4/2026		372,150		366,795		370,802

Total Diversified/Conglomerate Service							6,697,097		6,512,566		6,170,570

*Ecological — 0.1%:**
GFL Environmental Inc., 1M LIBOR + 3.000%(b)		4.00			5/31/2025		104,817		104,666		104,241

*Electronics — 2.3%:**
By Crown Parent, LLC, 1M LIBOR + 3.000%		4.00			1/30/2026		714,708		711,230		704,881
Omnitracs, Inc., 3M LIBOR + 2.750%		2.98			3/21/2025		958,199		959,749		922,745
Renaissance Holding Corp., 1M LIBOR + 3.250%		3.40			5/31/2025		974,981		976,086		937,610
Sophia, L.P., 1M LIBOR + 3.750%		4.50			10/6/2027		116,192		115,321		115,350
Tibco Software Inc., 1M LIBOR + 3.750%		3.90			6/30/2026		997,500		965,081		971,316
Tibco Software Inc., 1M LIBOR + 7.250%		7.41			3/3/2028		146,643		145,960		142,976

Total Electronics							3,908,223		3,873,427		3,794,878

*Finance — 0.5%:**
Deerfield Dakota Holding LLC, 1M LIBOR + 8.000%		9.00			3/6/2027		410,077		404,283		416,229
Tempo Acquisition LLC, 1M LIBOR + 2.750%		2.91			5/1/2024		485,309		486,585		472,569

Total Finance							895,386		890,868		888,798

*Healthcare, Education and Childcare — 5.5%:**
Advanz Pharma Corp., 1M LIBOR + 5.500%(b)		6.50			9/6/2024		1,776,000		1,761,265		1,720,500
Aenova Holding GmbH, 6M EURIBOR + 5.000%(b)		5.00			3/6/2025		500,000		537,059		583,587
Auris Luxembourg III Sarl, EURIBOR + 4.000%(b)		4.00			2/27/2026		750,000		815,342		822,497
Change Healthcare Holdings LLC, 1M LIBOR + 2.500%		3.50			3/1/2024		657,989		653,898		643,290
Fugue Finance B.V., 3M EURIBOR + 3.250%(b)		3.25			8/31/2024		750,000		848,856		844,946

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):

Healthcare, Education and Childcare (continued):
Lifescan Global Corp., 6M LIBOR + 6.000%		7.18	%		9/28/2024		166,197	$	162,860	$	156,391
Ortho-Clinical Diagnostics SA, 1M LIBOR + 3.250%		3.41			6/30/2025		668,890		669,114		639,124
Parexel International Corp., 1M LIBOR + 2.750%		2.90			9/29/2024		827,677		819,245		793,022
Radiology Partners, Inc., 2M LIBOR + 4.250%		5.67-5.99			7/9/2025		1,000,000		921,615		956,500
RegionalCare Hospital Partners Holdings, Inc., 1M LIBOR + 3.750%		3.90			11/16/2025		477,558		480,451		463,231
Rodenstock GmbH, 3M EURIBOR + 5.250%(b)		5.25			6/30/2026		500,000		557,426		574,500
Tunstall Group Holdings Ltd., 6M EURIBOR + 5.000%(b)		5.00			6/30/2025		282,314		332,128		330,999
U.S. Anesthesia Partners, Inc., 6M LIBOR + 3.000%		4.00			6/23/2024		491,058		492,092		462,823

Total Healthcare, Education and Childcare							8,847,683		9,051,351		8,991,410

*Home and Office Furnishings, Housewares, and Durable Consumer Products — 0.8%:**
Hilding Anders International AB, EURIBOR + 5.000%(b)		5.75			11/30/2024		504,105		453,384		401,905
Serta Simmons Bedding LLC, 1M LIBOR + 7.500%		8.50			8/10/2023		1,073,744		1,073,744		872,954

Total Home and Office Furnishings, Housewares, and Durable Consumer Products							1,577,849		1,527,128		1,274,859

*Hotels, Motels, Inns and Gaming — 2.3%:**
Caesars Resort Collection LLC, 1M LIBOR + 2.750%		2.90			12/23/2024		1,473,485		1,465,189		1,376,854
Caesars Resort Collection LLC, 1M LIBOR + 4.500%		4.69-4.77			7/21/2025		250,707		243,479		242,281
Casper BidCo SAS, EURIBOR + 3.875%(b)		3.88			7/30/2026		500,000		543,215		501,433
Compass IV Ltd., 6M EURIBOR + 4.500%(b)		4.50			4/30/2025		500,000		599,608		548,706
HNVR Holdco Ltd., 6M EURIBOR + 4.250%(b)		4.25			9/12/2023		500,000		417,945		420,481
Richmond UK Bidco Ltd., LIBOR - GBP + 4.250%(b)		4.34			3/3/2024		550,000		670,970		637,538

Total Hotels, Motels, Inns and Gaming							3,774,192		3,940,406		3,727,293

*Insurance — 2.4%:**
Acrisure LLC, 1M LIBOR + 3.500%		3.66			2/15/2027		498,747		475,844		480,667
AssuredPartners, Inc., 1M LIBOR + 3.500%		3.65			2/13/2027		968,687		973,093		939,278
Asurion LLC, 1M LIBOR + 3.000%		3.16			11/3/2023		984,329		949,275		968,747
Confie Seguros Holding II Co., 1M LIBOR + 8.500%		8.66			11/2/2025		464,527		456,661		354,202
Ryan Specialty Group, LLC, 1M LIBOR + 3.250%		4.00			9/1/2027		151,975		149,715		150,361
Sedgwick Claims Management Services, Inc., 1M LIBOR + 3.250%		3.40			12/31/2025		982,500		965,719		946,275

Total Insurance							4,050,765		3,970,307		3,839,530

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):

*Leisure, Amusement, Entertainment — 3.0%:**
AMC Entertainment Holdings, Inc., 3M LIBOR + 3.000%		3.22	%		4/22/2026		988,818	$	782,349	$	631,301
Crown Finance US, Inc., 6M LIBOR + 2.500%		2.52			2/28/2025		1,223,556		1,202,445		808,905
Dorna Sports, S.L., 6M LIBOR + 3.500%(b)		3.86			4/12/2024		400,000		400,000		381,000
Golden Entertainment, Inc., 1M LIBOR + 3.000%		3.75			10/20/2024		432,061		393,069		413,158
Metro-Goldwyn-Mayer, Inc., 1M LIBOR + 4.500%		5.50			7/3/2026		893,847		887,369		863,680
Playtika Holding Corp., 6M LIBOR + 6.000%		7.07			12/10/2024		561,458		552,038		561,251
PUG LLC, 1M LIBOR + 3.500%		3.65			2/12/2027		370,068		368,380		325,042
Vacalians Group, 3M EURIBOR + 4.000%(b)		4.00			12/4/2025		500,000		475,693		475,428
Vue International Bidco PLC, EURIBOR + 4.750%(b)		4.75			6/30/2026		423,797		473,928		380,804

Total Leisure, Amusement, Entertainment							5,793,605		5,535,271		4,840,569

*Machinery Non-Agriculture, Non-Construction, Non-Electronic — 0.9%:**
Alison Bidco S.a.r.l., 3M LIBOR + 4.500%(b)		5.50			8/29/2021		315,337		310,429		230,492
Alison Bidco Sarl, 3M LIBOR + 4.500%(b)		5.50			8/29/2021		315,337		310,429		230,492
Apex Tool Group, LLC, 1M LIBOR + 5.250%		6.50			8/1/2024		62,750		61,798		59,362
Titan Acquisition Ltd., 3M LIBOR + 3.000%(b)		3.22			3/28/2025		960,821		961,603		905,276

Total Machinery Non-Agriculture, Non-Construction, Non-Electronic							1,654,245		1,644,259		1,425,622

*Mining, Steel, Iron and Non-Precious Metals — 0.0%:**
Boomerang Tube, LLC, 1M LIBOR + 5.000%(a)		5.16-			6/30/2022		127,148		127,149		10,172

*Oil and Gas — 0.7%:**
Fieldwood Energy LLC, 3M LIBOR + 7.250%		7.25			4/11/2023		885,631		564,022		204
Gulf Finance LLC, 1M LIBOR + 5.250%		6.25			8/25/2023		1,268,547		1,224,268		891,154
KCA Deutag Alpha Ltd., 1M LIBOR + 6.750%(b)		7.75			2/28/2023		491,250		489,993		224,609

Total Oil and Gas							2,645,428		2,278,283		1,115,967

*Personal and Non-Durable Consumer Products Mfg. Only — 0.6%:**
Coty Inc., 1M LIBOR + 2.250%		2.41			4/7/2025		1,175,940		1,141,301		1,047,327

*Printing and Publishing — 0.1%:**
Houghton Mifflin Harcourt Publishing Co., 1M LIBOR + 6.250%		7.25			11/19/2024		107,719		104,125		99,802

*Retail Stores — 1.2%:**
Bass Pro Group, LLC, 3M LIBOR + 5.000%		5.75			9/25/2024		483,564		480,202		478,428
Harbor Freight Tools USA, Inc., 1M LIBOR + 2.500%		3.25			8/18/2023		493,624		493,624		485,987

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):

Retail Stores (continued):
Kirk Beauty One GmbH, EURIBOR + 3.250%(b)		3.25	%		8/12/2022		500,000	$	543,253	$	515,878
Kirk Beauty One GmbH, 3M EURIBOR + 3.500%(b)		3.50			8/13/2022		500,000		540,437		524,490

Total Retail Stores							1,977,188		2,057,516		2,004,783

*Telecommunications — 3.4%:**
Banff Merger Sub, Inc., 1M LIBOR + 4.250%		4.40			10/2/2025		1,045,090		1,012,523		1,012,076
CommScope, Inc., 1M LIBOR + 3.250%		3.40			4/6/2026		990,000		990,000		962,953
ION Trading Technologies Sarl, 6M EURIBOR + 3.250%		4.25			11/21/2024		1,076,869		1,238,659		1,235,972
ION Trading Technologies Sarl, 3M LIBOR + 4.000%		5.00			11/21/2024		279,876		275,209		274,161
Lorca Finco plc, 1M LIBOR + 4.250%(b)		4.25			7/31/2027		500,000		580,038		583,294
Syniverse Holdings, Inc., 3M LIBOR + 5.000%		6.00			3/9/2023		195,076		194,123		149,721
Syniverse Holdings, Inc., 3M LIBOR + 9.000%		10.00			3/11/2024		153,729		152,404		82,629
Virgin Media SFA Finance Ltd., LIBOR - GBP + 3.250%		3.30			1/15/2027		1,000,000		1,209,829		1,244,309

Total Telecommunications							5,240,640		5,652,785		5,545,115

*Utilities — 0.2%:**
EFS Cogen Holdings I LLC, 1M LIBOR + 3.250%		4.25			6/28/2023		407,201		407,201		405,931

Total Bank Loans							65,340,561		65,463,277		61,133,638

*Corporate Bonds — 48.0%:**

*Aerospace and Defense — 1.6%:**
Embraer Netherlands Finance BV(b)		6.95			1/17/2028		350,000		349,059		353,847
Rolls-Royce plc(b)		3.38			6/18/2026		500,000		604,030		588,722
TransDigm, Inc.		5.50			11/15/2027		257,000		257,000		246,990
Triumph Group, Inc.		5.25			6/1/2022		875,000		873,794		717,500
Triumph Group, Inc.(c)		6.25			9/15/2024		308,000		308,000		262,120
Triumph Group, Inc.		7.75			8/15/2025		750,000		787,227		480,937

Total Aerospace and Defense							3,040,000		3,179,110		2,650,116

*Automobile — 3.2%:**
AA Bond Co. Ltd.(b)		5.50			7/31/2022		1,300,000		1,654,988		1,526,483
Clarios Global LP/Clarios US Finance Co.(c)		8.50			5/15/2027		1,000,000		1,032,708		1,032,500
Ford Motor Co.		7.45			7/16/2031		500,000		585,990		576,875
Ford Motor Co.		8.50			4/21/2023		569,000		567,347		620,210
Ford Motor Co.		9.63			4/22/2030		127,000		155,451		163,989
Gates Global LLC/Gates Global Co.(c)		6.25			1/15/2026		550,000		527,179		566,934
RAC Bond Co. PLC(b)		5.00			11/6/2022		600,000		796,888		742,837

Total Automobile							4,646,000		5,320,551		5,229,828

*Banking — 1.7%:**
Alpha Bank AE, 5 year EUR Swap + 4.504%(b)		4.25	(d)		2/13/2030		275,000		301,895		263,581
Emirates NBD Bank PJSC, 6 year USD Swap + 5.702%(b)		6.13	(d)		1/9/2169		454,000		454,000		473,522
India Infoline Finance Ltd.(b)		5.88			4/20/2023		805,000		803,653		710,825

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):

Banking (continued):
Nova Ljubljanska Banka dd, 5 year EUR Swap + 3.833%(b)		3.65	(d)%		11/19/2029		700,000	$	770,700	$	738,643
Piraeus Bank SA, 5 year EUR Swap + 5.774%(b)		5.50	(d)		2/19/2030		688,000		748,200		515,029
Piraeus Bank SA, 5 year EUR Swap + 9.952%(b)		9.75	(d)		6/26/2029		100,000		93,695		93,350

Total Banking							3,022,000		3,172,143		2,794,950

*Beverage, Food and Tobacco — 2.1%:**
Boparan Finance PLC(b)		4.38			7/15/2021		150,000		153,897		166,371
Boparan Finance PLC(b)		5.50			7/15/2021		700,000		909,515		854,469
JBS USA Food Co.(c)		5.50			1/15/2030		586,000		585,467		637,844
JBS USA LUX SA/JBS USA Finance, Inc.(c)		5.75			6/15/2025		344,000		348,811		354,595
JBS USA LUX SA/JBS USA Finance, Inc.(c)		6.75			2/15/2028		500,000		500,000		543,710
MHP Lux SA(b)		6.25			9/19/2029		200,000		192,409		190,000
Sunshine Mid BV(b)		6.50			5/15/2026		600,000		726,330		717,539

Total Beverage, Food and Tobacco							3,080,000		3,416,429		3,464,528

*Broadcasting and Entertainment — 2.9%:**
Banijay Group SAS(b)		6.50			3/1/2026		750,000		828,338		849,642
CSC Holdings LLC(c)		5.75			1/15/2030		455,000		472,121		483,438
DISH Network Corp.		3.38			8/15/2026		750,000		687,114		688,497
Netflix, Inc.		3.63			6/15/2030		819,000		924,763		1,039,456
Outfront Media Capital LLC/Outfront Media Capital Corp.(c)		6.25			6/15/2025		298,000		298,000		306,940
Tele Columbus AG(b)		3.88			5/2/2025		900,000		971,511		1,004,542
Terrier Media Buyer, Inc.(c)		8.88			12/15/2027		376,000		376,000		378,820

Total Broadcasting and Entertainment							4,348,000		4,557,847		4,751,335

*Buildings and Real Estate — 2.2%:**
Cemex SAB de CV(b)		5.20			9/17/2030		500,000		500,000		502,450
Cemex SAB de CV(b)		7.38			6/5/2027		546,000		546,000		589,959
Kaisa Group Holdings Ltd.(b)		9.95			7/23/2025		1,000,000		1,000,180		937,800
Logan Property Holdings Co. Ltd.(b)		5.75			1/14/2025		450,000		450,000		451,406
Sunac China Holdings Ltd.(b)		6.50			1/10/2025		790,000		790,000		750,435
Taylor Morrison Communities, Inc.(c)		5.13			8/1/2030		265,000		265,000		282,225
Ukraine Railways Via Shortline PLC(b)		9.88			9/15/2021		100,000		101,448		100,500

Total Buildings and Real Estate							3,651,000		3,652,628		3,614,775

*Cargo Transport — 0.8%:**
Kenan Advantage Group, Inc. (The)(c)		7.88			7/31/2023		1,367,000		1,367,000		1,325,990

*Chemicals, Plastics and Rubber — 0.9%:**
Braskem Idesa SAPI(b)		7.45			11/15/2029		750,000		747,592		712,500
Consolidated Energy Finance SA(c)		6.88			6/15/2025		874,000		891,131		795,340

Total Chemicals, Plastics and Rubber							1,624,000		1,638,723		1,507,840

*Containers, Packaging and Glass — 1.2%:**
Plastipak Holdings, Inc.(c)		6.25			10/15/2025		711,000		711,000		711,000
Trident TPI Holdings, Inc.(c)		9.25			8/1/2024		1,125,000		1,145,988		1,194,244

Total Containers, Packaging and Glass							1,836,000		1,856,988		1,905,244

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):

*Diversified/Conglomerate Manufacturing — 0.6%:**
Amsted Industries, Inc.(c)		4.63	%		5/15/2030		422,000	$	422,000	$	435,715
Appvion ESC(a),(f)		9.00			6/1/2025		500,000		500,000		—
Fabric BC SpA, 3M Euriborr + 4.125%(b)		4.13	(d)		11/30/2024		150,000		171,402		170,811
Mangrove Luxco III Sarl(b)		7.78			10/9/2025		300,000		315,041		316,562

Total Diversified/Conglomerate Manufacturing							1,372,000		1,408,443		923,088

*Diversified/Conglomerate Service — 1.7%:**
EIG Investors Corp.		10.88			2/1/2024		352,000		364,766		366,080
Iron Mountain, Inc.(c)		5.25			7/15/2030		554,000		552,531		577,545
Verisure Midholding AB(b)		5.75			12/1/2023		1,500,000		1,757,035		1,755,762

Total Diversified/Conglomerate Service							2,406,000		2,674,332		2,699,387

*Electronics — 1.0%:**
Veritas US, Inc./Veritas Bermuda Ltd.(c)		10.50			2/1/2024		1,419,000		1,438,885		1,334,428
WESCO Distribution, Inc.(c)		7.25			6/15/2028		212,000		210,443		232,283

Total Electronics							1,631,000		1,649,328		1,566,711

*Farming and Agriculture — 0.2%:**
Kernel Holding SA(b)		8.75			1/31/2022		326,000		342,075		337,206

*Finance — 5.0%:**
Alliance Data Systems Corp.(c)		4.75			12/15/2024		1,500,000		1,501,559		1,405,950
Cabot Financial Luxembourg SA		7.50			10/1/2023		650,000		882,199		845,714
Ford Motor Credit Co. LLC		4.13			8/17/2027		247,000		247,000		240,207
Garfunkelux Holdco 3 S.A., 3M Euriborr + 4.500%(b)		4.50	(d)		9/1/2023		200,000		217,154		211,275
Garfunkelux Holdco 3 S.A.(b)		8.50			11/1/2022		500,000		608,580		591,632
Global Aircraft Leasing Co. Ltd.(c)		6.50			9/15/2024		2,072,500		2,072,500		1,155,419
Icahn Enterprises LP / Icahn Enterprises Finance Corp.		4.75			9/15/2024		1,040,000		1,049,181		1,053,000
Icahn Enterprises LP/Icahn Enterprises Finance Corp.		6.75			2/1/2024		1,162,000		1,162,000		1,191,951
OneMain Finance Corp.		5.38			11/15/2029		438,000		438,000		455,520
Travelex Financing PLC(a),(b),(f)		8.00			5/15/2022		1,050,000		1,178,949		24,621
Travelex Issuerco Ltd.(b)		5.00			8/3/2025		459,000		503,950		858,792

Total Finance							9,318,500		9,861,072		8,034,081

*Healthcare, Education and Childcare — 3.5%:**
Advanz Pharma Corp.(b)		8.00			9/6/2024		500,000		479,697		490,000
Bausch Health Americas., Inc.(c)		8.50			1/31/2027		415,000		421,182		455,981
Bausch Health Cos., Inc.(c)		9.00			12/15/2025		165,000		163,329		179,487
Bausch Health Cos., Inc.(c)		5.00			1/30/2028		204,000		204,000		198,135
Bausch Health Cos., Inc.(c)		5.25			1/30/2030		200,000		200,000		197,000
Centene Corp.		4.25			12/15/2027		285,000		282,815		298,233
Centene Corp.		4.63			12/15/2029		605,000		616,815		652,589
Cream Tech(b)		5.25			12/15/2025		450,000		514,239		504,177
Nidda BondCo GmbH(b)		7.25			9/30/2025		500,000		583,630		595,018
Par Pharmaceutical, Inc.(c)		7.50			4/1/2027		708,000		708,000		741,758
Synlab Unsecured Bondco PLC(b)		8.25			7/1/2023		750,000		895,978		899,122
Tenet Healthcare Corp.(c)		6.13			10/1/2028		400,000		400,000		389,000

Total Healthcare, Education and Childcare							5,182,000		5,469,685		5,600,500

*Home and Office Furnishings, Housewares, and Durable Consumer Products — 1.0%:**
LSF9 Balta Issuer Sarl(b)		7.75			9/15/2022		688,500		804,220		626,844

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):

Home and Office Furnishings, Housewares, and Durable Consumer Products (continued):
Resideo Funding, Inc.(c)		6.13	%		11/1/2026		1,000,000	$	999,595	$	985,000

Total Home and Office Furnishings, Housewares, and Durable Consumer Products							1,688,500		1,803,815		1,611,844

*Hotels, Motels, Inns and Gaming — 1.3%:**
Caesars Resort Collection LLC / CRC Finco, Inc.(c)		5.25			10/15/2025		301,000		271,342		291,217
Caesars Resort Collection LLC / CRC Finco, Inc.(c)		5.75			7/1/2025		214,000		214,000		220,688
Scientific Games International, Inc.(c)		8.63			7/1/2025		400,000		399,327		417,390
TVL Finance PLC, 3M GBP LIBOR + 5.375%(b)		5.46	(d)		7/15/2025		500,000		632,606		483,881
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.(c)		5.50			3/1/2025		464,000		441,409		437,900
Wynn Macau Ltd.(b),(c)		5.13			12/15/2029		270,000		270,000		259,058

Total Hotels, Motels, Inns and Gaming							2,149,000		2,228,684		2,110,134

*Leisure, Amusement, Entertainment — 1.1%:**
AMC Entertainment Holdings, Inc.(c)		10.50			4/24/2026		142,000		142,000		102,240
AMC Entertainment Holdings, Inc.(c)		12.00			6/15/2026		1,221,000		1,657,641		341,880
Caesars Entertainment, Inc.(c)		6.25			7/1/2025		382,000		382,000		399,283
Caesars Entertainment, Inc.(c)		8.13			7/1/2027		279,000		279,000		295,740
CPUK Finance Ltd.(b)		4.25			8/28/2022		156,250		187,871		198,650
CPUK Finance Ltd.(b)		6.50			8/28/2026		100,000		129,880		126,454
Live Nation Entertainment, Inc.(c)		6.50			5/15/2027		325,000		325,000		350,753

Total Leisure, Amusement, Entertainment							2,605,250		3,103,392		1,815,000

*Machinery Non-Agriculture, Non-Construction, Non-Electronic — 0.8%:**
Apex Tool Group LLC/BC Mountain Finance, Inc.(c)		9.00			2/15/2023		578,000		576,106		534,650
Briggs & Stratton Corp.(f)		6.88			12/15/2020		514,000		510,268		25,700
Clark Equipment Co.		5.88			6/1/2025		226,000		226,000		234,192
Diebold Nixdorf Dutch Holding BV		9.00			7/15/2025		350,000		410,604		421,609

Total Machinery Non-Agriculture, Non-Construction, Non-Electronic							1,668,000		1,722,978		1,216,151

*Mining, Steel, Iron and Non-Precious Metals — 5.0%:**
CSN Islands XI Corp.(b)		6.75			1/28/2028		1,081,000		1,081,000		1,047,165
First Quantum Minerals Ltd.(b),(c)		6.50			3/1/2024		1,006,000		967,166		964,503
First Quantum Minerals Ltd.(b)		6.88			10/15/2027		1,219,000		1,219,000		1,174,811
Freeport-McMoRan, Inc.		4.63			8/1/2030		881,000		881,000		926,327
Metinvest BV(b)		7.65			10/1/2027		286,000		281,507		277,503
Metinvest BV(b)		8.50			4/23/2026		200,000		212,200		200,680
Northwest Acquisitions ULC/Dominion Finco, Inc.(b),(c),(f)		7.13			11/1/2022		1,227,000		1,242,919		19,632
PT Bayan Resources Tbk(b)		6.13			1/24/2023		905,000		905,000		862,578
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp.(c)		7.50			6/15/2025		608,000		602,069		548,428
Vedanta Holdings Mauritius II Ltd.(b)		13.00			8/21/2023		377,000		377,000		388,310
Vedanta Resources Ltd.(b)		6.38			7/30/2022		1,075,000		583,436		849,250

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):

Mining, Steel, Iron and Non-Precious Metals (continued):
Warrior Met Coal, Inc.(c)		8.00	%		11/1/2024		840,000	$	849,228	$	855,490

Total Mining, Steel, Iron and Non-Precious Metals							9,705,000		9,201,525		8,114,677

*Oil and Gas — 3.5%:**
Borets Finance DAC(b)		6.00			9/17/2026		531,000		531,000		529,779
Cenovus Energy, Inc.(b)		6.75			11/15/2039		61,000		60,849		61,326
CVR Energy, Inc.(c)		5.25			2/15/2025		552,000		552,000		480,240
CVR Energy, Inc.(c)		5.75			2/15/2028		573,000		573,000		487,050
Hilcorp Energy I LP/Hilcorp Finance Co.(c)		6.25			11/1/2028		1,000,000		1,000,000		910,000
Jonah Energy LLC/Jonah Energy Finance Corp.(c)		7.25			10/15/2025		891,000		877,321		99,124
Jupiter Resources, Inc.(a),(b)		10.00			1/31/2024		100,396		100,396		97,528
KCA Deutag UK Finance PLC(b),(c),(f)		9.63			4/1/2023		250,000		250,000		119,375
KCA Deutag UK Finance PLC(b),(c),(f)		9.88			4/1/2022		600,000		612,545		288,000
MV24 Capital BV(b)		6.75			6/1/2034		889,328		889,328		897,776
Occidental Petroleum Corp.		5.88			9/1/2025		153,000		153,000		140,218
Occidental Petroleum Corp.		6.38			9/1/2028		157,000		157,000		145,335
PBF Holding Co. LLC/PBF Finance Corp.		7.25			6/15/2025		778,000		798,906		587,390
PT Medco Bell Pte Ltd.(b)		6.38			1/30/2027		435,000		429,455		374,100
Targa Resources Partners LP/Targa Resources Partners Finance Corp.(c)		4.88			2/1/2031		251,000		251,000		243,075
Tullow Oil PLC(b)		6.25			4/15/2022		200,000		70,286		103,000
Tullow Oil PLC(b)		7.00			3/1/2025		300,000		95,392		139,500

Total Oil and Gas							7,721,724		7,401,478		5,702,816

*Personal Transportation — 0.6%:**
DP World Salaam, 5 year CMT + 5.750%(b)		6.00	(d)		1/1/2069		500,000		497,121		522,800
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.(c)		6.50			6/20/2027		237,000		234,122		246,776
Naviera Armas S.A., 3M EURIBOR + 6.500%(b)		6.50	(d)		7/31/2023		250,000		288,580		159,020

Total Personal Transportation							987,000		1,019,823		928,596

*Personal, Food and Miscellaneous — 0.3%:**
Walnut Bidco PLC(b)		6.75			8/1/2024		397,000		441,643		454,580

*Retail Stores — 1.0%:**
Arabian Centres Sukuk Ltd.(b)		5.38			11/26/2024		500,000		500,000		458,000
Future Retail Ltd.(b)		5.60			1/22/2025		750,000		673,657		633,569
House of Fraser Funding PLC, 3M GBP LIBOR + 5.75%(b),(f)		5.95	(d)		9/15/2020		150,000		217,107		5,807
Takko Luxembourg 2 SCA, 3M Euribor + 5.375%(b)		5.38	(d)		11/15/2023		200,000		247,117		184,379
Takko Luxembourg 2 SCA(b)		5.38			11/15/2023		350,000		379,017		322,492

Total Retail Stores							1,950,000		2,016,898		1,604,247

*Telecommunications — 4.1%:**
C&W Senior Financing DAC(b)		6.88			9/15/2027		750,000		773,731		779,062
CommScope, Inc.(c)		7.13			7/1/2028		618,000		618,000		634,995
DKT Finance ApS(b)		7.00			6/17/2023		1,500,000		1,691,976		1,771,717
HTA Group Ltd.(b)		7.00			12/18/2025		623,000		619,657		650,062
IHS Netherlands Holdco BV(b),(c)		8.00			9/18/2027		750,000		738,951		768,398
Lorca Telecom Bondco SAU(b)		4.00			9/18/2027		250,000		291,562		298,975
Sprint Capital Corp.		6.88			11/15/2028		800,000		785,964		1,000,000

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):

Telecommunications (continued):
VF Ukraine PAT via VFU Funding PLC(b)		6.20	%		2/11/2025		405,000	$	405,000	$	402,089
ViaSat, Inc.(c)		6.50			7/15/2028		327,000		327,000		327,474

Total Telecommunications							6,023,000		6,251,841		6,632,772

*Utilities — 0.7%:**
Techem Verwaltungsgesellschaft 674 mbH(b)		6.00			7/30/2026		1,000,000		1,143,921		1,192,956

Total Corporate Bonds							82,743,974		85,902,352		77,789,352

Total Fixed Income							165,109,535		167,816,615		152,269,809

COUNTERPARTY

STRIKE
PRICE

EXPIRATION
DATE

CONTRACTS

NOTIONAL

COST

UNREALIZED
VALUE

FAIR VALUE

Purchased Option — 0.1%*:

Put Option Purchased — 0.1%*:

S&P 500 Index

Morgan Stanley & Co.

2,800.00

12/18/2020

18,832,800

739,568

(548,048

)

191,520

Total Investments

203,671,959

170,319,621

153,270,475

Written Options – (0.1%)*

(81,200

)

Other assets and liabilities – 5.6%*

8,947,033

Net Assets – 100.0%

162,136,308

‡‡	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	60.4	%
United Kingdom	9.3	%
Germany	6.1	%
France	2.2	%
Denmark	1.7	%
India	1.7	%
Brazil	1.5	%
Sweden	1.4	%
China	1.4	%
Zambia	1.4	%
Spain	1.4	%
Ireland	1.2	%
Mexico	1.2	%
Netherlands	1.1	%
Other (Individually less than 1%)	8.0	%

Total	100.0	%

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

(d)	Variable rate security. The interest rate shown is the rate in effect at September 30, 2020.

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020

(e)

(f)	Defaulted security.

A summary of outstanding derivatives at September 30, 2020 is as follows:


	COUNTERPARTY	STRIKE PRICE		EXPIRATION DATE		CONTRACTS			NOTIONAL			COST			UNREALIZED VALUE		FAIR VALUE
*Written Options — (0.1)%:**
*Put Options Written — (0.1)%:**
S&P 500 Index	Morgan Stanley & Co.	$	2,500.00		12/18/2020		(56	)		(18,832,800	)	$	(420,757	)	$	339,557	$	(81,200	)

Forward Foreign Currency Exchange Contracts to Buy


EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION (DEPRECIATION)
10/14/20	Canadian Imperial Bank of Commerce		EUR	1,135,694	$	1,331,874	$	1,326,395	$	5,479
10/14/20	Barclays Bank plc		EUR	33,193		38,927		39,223		(296	)
10/14/20	JPMorgan Chase Bank N.A.		GBP	103,857		134,020		137,414		(3,394	)

Net unrealized appreciation on forward foreign currency exchange contracts to buy									$	1,789

Forward Foreign Currency Exchange Contracts to Sell


EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION (DEPRECIATION)
10/14/20	Bank of America N.A.		EUR	28,028,575	$	32,870,247	$	33,116,802	$	246,555
10/14/20	JPMorgan Chase Bank N.A.		EUR	402,500		472,028		474,918		2,890
10/14/20	Bank of America N.A.		GBP	675,592		871,801		861,513		(10,288	)
10/14/20	Citibank N.A.		GBP	7,249,700		9,355,191		9,589,886		234,695

Net unrealized appreciation on forward foreign currency exchange contracts to sell									$	473,852

EUR Euro

GBP British Pound Sterling

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
*Fixed Income — 94.0%:**

*Asset-Backed Securities — 39.9%:**

*CDO/CLO — 6.1%:**
Affirm Asset Securitization Trust 2020-A(a)		2.10	%		2/18/2025		5,141,000	$	5,121,485	$	5,150,670
Affirm Asset Securitization Trust 2020-Z1(a)		3.46			10/15/2024		1,802,976		1,802,810		1,814,839
Avant Loans Funding Trust 2019-A(a)		3.48			7/15/2022		117,625		117,621		117,663
Bain Capital Credit CLO 2020-2 Ltd., 3M USD LIBOR + 1.850%(a)		2.21	(b)		7/21/2031		2,250,000		2,250,000		2,254,864
Bain Capital Credit CLO Ltd. 2016-2, 3M USD LIBOR + 1.800%(a)		2.08	(b)		1/15/2029		1,500,000		1,500,000		1,492,158
Benefit Street Partners CLO X Ltd., 3M USD LIBOR + 1.750%(a)		2.03	(b)		1/15/2029		2,200,000		2,200,000		2,171,708
BlueMountain CLO 2013-1 Ltd., 3M USD LIBOR + 1.230%(a)		1.50	(b)		1/20/2029		2,462,600		2,462,600		2,455,266
CBAM 2018-6 Ltd., 3M USD LIBOR + 1.270%(a)		1.55	(b)		1/15/2031		2,500,000		2,500,000		2,486,067
CIFC Funding 2015-IV Ltd., 3M USD LIBOR + 1.850%(a)		2.12	(b)		10/20/2027		1,900,000		1,897,976		1,896,973
Elmwood CLO II Ltd., 3M USD LIBOR + 1.450%(a)		1.72	(b)		4/20/2031		1,650,000		1,650,000		1,650,639
FCI Funding 2019-1 LLC(a)		3.63			2/18/2031		390,014		389,954		396,828
GoldentTree Loan Management US CLO 1 Ltd., 3M USD LIBOR + 1.450%(a)		1.72	(b)		4/20/2029		1,250,000		1,250,000		1,237,232
HIN Timeshare Trust 2020-A(a)		2.23			10/9/2039		1,173,000		1,172,699		1,174,136
KREF Ltd. 2018-FL1 AS, 1M USD LIBOR + 1.350%(a)		1.50	(b)		6/15/2036		2,380,000		2,380,000		2,357,909
Lunar AirCraft 2020-1 Ltd.(a)		3.38			2/15/2045		822,631		822,623		762,058
Magnetite XVIII Ltd., 3M USD LIBOR + 1.080%(a)		1.36	(b)		11/15/2028		355,000		354,246		353,012
Milos CLO Ltd., 3M USD LIBOR + 1.070%(a)		1.34	(b)		10/20/2030		2,100,000		2,100,000		2,065,814
Navient Private Education Refi Loan Trust 2020-B(a)		2.77			1/15/2069		2,400,000		2,433,748		2,420,983
Neuberger Berman CLO XX Ltd. 2015-20A BR, 3M USD LIBOR + 1.250%(a)		1.53	(b)		1/15/2028		2,600,000		2,590,166		2,562,916
Neuberger Berman Loan Advisers CLO 24 Ltd., 3M USD LIBOR + 1.500%(a)		1.77	(b)		4/19/2030		500,000		500,000		496,164
OCP CLO 2020-19 Ltd., 3M USD LIBOR + 1.750%(a)		2.07	(b)		7/20/2031		2,250,000		2,250,000		2,253,170
OCP CLO Ltd. 2015-8A A2AR, 3M USD LIBOR + 1.450%(a)		1.72	(b)		4/17/2027		900,000		900,000		896,801
Palmer Square CLO 2015-1 Ltd., 3M USD LIBOR + 1.650%(a)		1.90	(b)		5/21/2029		700,000		700,000		697,015
Recette Clo Ltd., 3M USD LIBOR + 1.700%(a)		1.97	(b)		10/20/2027		1,034,000		1,032,615		1,027,323
Rockford Tower CLO 2017-1 Ltd., 3M USD LIBOR + 1.450%(a)		1.73	(b)		4/15/2029		850,000		850,000		833,394
Rockford Tower CLO 2017-2 Ltd., 3M USD LIBOR + 1.500%(a)		1.78	(b)		10/15/2029		1,250,000		1,250,000		1,226,435
Rockford Tower CLO Ltd. 2017-3, 3M USD LIBOR + 1.190%(a)		1.46	(b)		10/20/2030		1,750,000		1,740,309		1,733,233
RR 3 Ltd. Series 2018-3 A A1R2, 3M USD LIBOR + 1.090%(a)		1.37	(b)		1/15/2030		1,625,000		1,619,709		1,607,980
Salem Fields CLO Ltd. 2016-2, 3M USD LIBOR + 1.150%(a)		1.39	(b)		10/25/2028		2,000,000		1,999,074		1,986,134

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (continued):

CDO/CLO (continued):
Treman Park CLO Ltd. 2015-1A ARR, 3M USD LIBOR + 1.070%(a)		1.34	(b)%		10/20/2028		1,170,000	$	1,170,000	$	1,162,381

Total CDO/CLO							49,023,846		49,007,635		48,741,765

*Other Asset-Backed Securities — 33.8%:**
321 Henderson Receivables II LLC 2006-3A A1, 1M USD LIBOR + 0.200%(a)		0.35	(b)		9/15/2041		88,423		86,224		85,346
AASET 2017-1 Trust(a)		3.97			5/16/2042		724,887		725,457		655,346
AASET 2020-1 Trust(a)		4.34			1/16/2040		783,605		783,589		546,889
AASET US Ltd. 2018-2 A(a)		4.45			11/18/2038		1,678,220		1,688,547		1,560,859
Access Group, Inc. 2015-1 B, 1M USD LIBOR + 1.500%(a)		1.65	(b)		7/25/2058		100,000		86,883		88,305
AccessLex Institute 2002-A A2, AUCTION		1.96	(b)		9/25/2037		400,000		392,603		398,397
AccessLex Institute 2004-A A3		1.70	(b)		7/1/2039		50,000		49,138		49,951
Adams Outdoor Advertising LP(a)		4.81			11/15/2048		1,119,211		1,133,477		1,164,516
AmeriCredit Automobile Receivables Trust 2019-3		2.58			9/18/2025		2,120,000		2,119,662		2,173,793
AmeriCredit Automobile Receivables Trust 2020-1		1.80			12/18/2025		4,547,000		4,546,070		4,581,656
Argent Securities, Inc. Asset-Backed Pass-Through Certificates 2004-W10 M1, 1M USD LIBOR + 0.900%		1.05	(b)		10/25/2034		190,301		175,534		174,616
Ascentium Equipment Receivables 2019-2(a)		3.78			5/10/2027		2,647,000		2,646,271		2,652,466
Avis Budget Rental Car Funding AESOP LLC(a)		3.02			8/20/2026		5,598,000		5,595,794		5,454,483
Avis Budget Rental Car Funding AESOP LLC(a)		4.15			9/20/2023		1,200,000		1,223,313		1,180,960
Avis Budget Rental Car Funding AESOP LLC(a)		4.53			3/20/2023		2,607,000		2,662,036		2,648,700
Avis Budget Rental Car Funding AESOP LLC(a)		4.73			9/20/2024		2,080,000		2,168,912		2,151,532
Bank of The West Auto Trust 2019-1(a)		2.90			4/15/2025		1,062,000		1,061,747		1,089,940
BRE Grand Islander Timeshare Issuer LLC 2017-1A A(a)		2.94			5/25/2029		123,962		123,938		124,521
BRE Grand Islander Timeshare Issuer LLC 2017-1A B(a)		3.24			5/25/2029		102,086		102,075		100,256
BRE Grand Islander Timeshare Issuer LLC 2019-A(a)		3.78			9/26/2033		995,399		995,366		984,523
CAL Funding III Ltd.(a)		4.34			9/25/2043		464,000		463,950		475,276
Capital Automotive LLC 2017-1A A1(a)		3.87			4/15/2047		290,969		290,890		291,501
Carmax Auto Owner Trust 2019-2		3.41			10/15/2025		615,000		614,970		629,229
Carmax Auto Owner Trust 2019-4		2.80			4/15/2026		5,159,000		5,219,900		5,259,756
CARS-DB4 LP(a)		4.17			2/15/2050		2,189,000		2,188,072		2,246,408
Carvana Auto Receivables Trust 2019-4(a)		3.07			7/15/2025		3,547,000		3,546,958		3,650,077
Castlelake Aircraft Securitization Trust 2018-1(a)		4.13			6/15/2043		1,948,247		1,949,241		1,818,824
Castlelake Aircraft Securitization Trust 2019-1A(a)		3.97			4/15/2039		1,113,063		1,118,479		1,030,093
Castlelake Aircraft Securitization Trust 2019-1A(a)		5.10			4/15/2039		824,562		832,467		590,091

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (continued):

Other Asset-Backed Securities (continued):
Centex Home Equity Loan Trust 2006-A AV4, 1M USD LIBOR + 0.250%		0.40	(b)%		6/25/2036		20,214	$	19,824	$	19,959
CF Hippolyta LLC(a)		2.28			7/15/2060		419,000		418,848		426,319
Chase Education Loan Trust, 3M USD LIBOR + 0.220%		0.45	(b)		6/28/2040		594,313		564,282		504,161
CLI Funding V LLC(a)		3.38			10/18/2029		1,651,456		1,646,768		1,651,621
CLI Funding V LLC 2013-1A(a)		2.83			3/18/2028		1,270,920		1,251,092		1,270,920
CLI Funding V LLC 2013-2A(a)		3.22			6/18/2028		522,436		517,995		522,436
CLI Funding V LLC 2014-1A A(a)		3.29			6/18/2029		3,328,818		3,329,822		3,328,818
CLI Funding VI LLC(a)		3.71			5/18/2044		975,159		975,159		992,796
CNH Equipment Trust 2020-A		2.30			10/15/2027		974,000		973,666		1,016,405
College Avenue Student Loans LLC, 1M USD LIBOR + 1.650%(a)		1.80	(b)		11/26/2046		823,728		824,675		826,299
College Avenue Student Loans LLC(a)		3.81			12/28/2048		1,351,000		1,350,876		1,337,852
College Avenue Student Loans LLC 2018-A, 1M USD LIBOR + 1.200%(a)		1.35	(b)		12/26/2047		798,538		798,537		790,581
College Loan Corp. Trust I 2005-2 B, 3M USD LIBOR + 0.490%		0.77	(b)		1/15/2037		132,568		118,899		116,332
Commonbond Student Loan Trust 2017-A-GS(a)		3.47			5/25/2041		849,621		838,338		877,580
Commonbond Student Loan Trust 2017-A-GS(a)		5.28			5/25/2041		113,703		113,690		122,944
Commonbond Student Loan Trust 2018-A-GS(a)		3.82			2/25/2044		74,665		74,650		75,702
Commonbond Student Loan Trust 2018-BGS(a)		4.12			9/25/2045		84,890		84,879		84,832
Commonbond Student Loan Trust 2018-C-GS(a)		4.35			2/25/2046		53,373		53,368		54,247
Commonbond Student Loan Trust 2019-A-GS(a)		3.04			1/25/2047		1,919,118		1,918,642		1,937,500
Credit Suisse ABS Repackaging Trust 2013-A B(a)		2.50			1/25/2030		28,321		27,290		28,256
DB Master Finance LLC(a)		3.79			5/20/2049		937,530		937,530		962,610
DB Master Finance LLC(a)		4.02			5/20/2049		1,107,810		1,107,810		1,171,673
DB Master Finance LLC(a)		4.03			11/20/2047		975,000		943,558		1,026,099
Diamond Resorts Owner Trust 2018-1(a)		3.70			1/21/2031		278,052		278,052		284,070
Diamond Resorts Owner Trust 2019-1(a)		2.89			2/20/2032		1,399,661		1,399,488		1,442,936
Domino’s Pizza Master Issuer LLC(a)		4.12			7/25/2048		646,800		646,800		683,502
Domino’s Pizza Master Issuer LLC 2017-1 A(a)		3.08			7/25/2047		3,603,113		3,539,328		3,606,987
DRB Prime Student Loan Trust 2016-R A2(a)		3.07			10/25/2044		551,762		550,812		557,792
Drive Auto Receivables Trust 2019-4		2.70			2/16/2027		1,983,000		1,982,957		2,030,134
Earnest Student Loan Program 2017-A LLC(a)		3.59			1/25/2041		537,191		537,526		545,023
EdLinc Student Loan Funding Trust 2017-A A, PRIME - 1.150%(a)		3.60	(b)		12/1/2047		944,322		938,087		933,165
EDvestinU Private Education Loan Issue No 1 LLC(a)		3.58			11/25/2038		1,475,466		1,475,221		1,565,621
Elara HGV Timeshare Issuer 2016-A LLC(a)		3.22			4/25/2028		496,084		492,040		485,565
Elara HGV Timeshare Issuer LLC 2014-A B(a)		3.02	(c)		2/25/2027		7,357		7,315		7,327
Elara HGV Timeshare Issuer LLC 2016-A A(a)		2.73			4/25/2028		719,451		708,654		716,373

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (continued):

Other Asset-Backed Securities (continued):
Elara HGV Timeshare Issuer LLC 2017-A(a)		2.96	%		3/25/2030		1,164,147	$	1,156,289	$	1,143,988
Elara HGV Timeshare Issuer LLC 2017-A A(a)		2.69			3/25/2030		209,152		209,137		208,454
Elara HGV Timeshare Issuer LLC 2019-A(a)		3.45			1/25/2034		2,335,940		2,335,403		2,294,516
ELFI Graduate Loan Program LLC 2018-A(a)		4.00			8/25/2042		357,360		350,761		370,529
Exeter Automobile Receivables Eart 2019 1A(a)		4.13			12/16/2024		7,435,000		7,694,174		7,771,464
Exeter Automobile Receivables Trust 2019-3(a)		3.11			8/15/2025		1,545,000		1,544,722		1,586,328
First Franklin Mortgage Loan Trust 2004-FFH4 M5, 1M USD LIBOR + 1.575%		1.72	(b)		1/25/2035		20,166		20,243		20,126
Flagship Credit Auto Trust 2017-4(a)		3.58			1/15/2024		3,500,000		3,565,709		3,600,558
Flagship Credit Auto Trust 2019-1(a)		3.60			2/18/2025		2,175,000		2,176,321		2,267,383
Ford Credit Auto Owner Trust 2020-REV1(a)		2.54			8/15/2031		5,053,000		5,052,408		5,115,747
Global SC Finance II SRL 2014-1A A1(a),(d)		3.19			7/17/2029		118,833		118,814		120,790
Goal Capital Funding Trust 2010-1 A, 3M USD LIBOR + 0.700%(a)		0.95	(b)		8/25/2048		109,085		105,073		107,493
Goal Structured Solution Trust 2015-1 B, 1M USD LIBOR + 1.500%(a)		1.65	(b)		9/25/2043		100,000		77,735		92,303
Goodgreen 2019-2(a)		2.76			10/15/2054		2,150,638		2,150,638		2,179,588
Goodgreen Trust 2016-1 A(a)		3.23			10/15/2052		678,006		670,207		704,766
Goodgreen Trust 2018-1A A(a)		3.93			10/15/2053		3,006,895		3,040,377		3,195,583
Goodgreen Trust 2019-1(a)		3.86			10/15/2054		2,532,631		2,533,076		2,681,967
HERO Funding Trust 2015-1A A(a)		3.84			9/21/2040		397,410		404,063		417,840
HERO Funding Trust 2016-4A A1(a)		3.57			9/20/2047		185,103		185,034		192,615
HERO Funding Trust 2017-2A A1(a)		3.28			9/20/2048		70,306		70,297		72,739
HERO Funding Trust 2017-2A A2(a)		4.07			9/20/2048		55,240		56,539		58,349
HERO Funding Trust 2017-3A A1(a)		3.19			9/20/2048		466,843		466,694		481,123
HERO Funding Trust 2018-1(a)		4.67			9/20/2048		744,567		759,359		798,969
Hertz Fleet Lease Funding LP(a)		3.44			1/10/2033		2,625,000		2,624,610		2,648,251
Hertz Vehicle Financing II LP(a)		3.29			7/25/2022		1,000,000		992,724		998,761
Hertz Vehicle Financing II LP(a)		3.56			10/25/2021		2,300,000		2,292,672		2,280,751
Hertz Vehicle Financing II LP(a)		3.60			2/25/2024		3,200,000		3,261,303		3,172,595
Hertz Vehicle Financing II LP(a)		4.39			2/25/2024		3,000,000		2,671,022		2,932,975
Hertz Vehicle Financing LLC 2018-3(a)		4.37			7/25/2024		620,000		621,021		619,040
Higher Education Funding I 2004-1 B1, 28 day ARS(a)		2.49	(b)		1/1/2044		950,000		839,707		815,651
Hilton Grand Vacations Trust 2017-AA B(a)		2.96	(c)		12/26/2028		457,747		458,936		461,790
Hilton Grand Vacations Trust 2018-A(a)		3.54			2/25/2032		251,288		251,283		260,191
Hilton Grand Vacations Trust 2019-A(a)		2.84			7/25/2033		2,078,678		2,078,678		2,084,927
Hilton Grand Vacations Trust 2020-A(a)		4.22			2/25/2039		2,732,960		2,732,911		2,885,164
Horizon Aircraft Finance I Ltd. 2018-1 A(a)		4.46			12/15/2038		443,817		443,808		419,268
KDAC Aviation Finance Ltd.(a)		4.21			12/15/2042		1,005,567		1,002,859		883,266
Kestrel Aircraft Funding Ltd.(a),(d)		4.25			12/15/2038		3,404,346		3,467,431		2,955,230
Laurel Road Prime Student Loan Trust 2017-B CFX(a)		3.61			8/25/2042		235,506		235,473		235,790

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (continued):

Other Asset-Backed Securities (continued):
Laurel Road Prime Student Loan Trust 2017-C B(a)		2.95	%		11/25/2042		271,253	$	271,155	$	278,833
Laurel Road Prime Student Loan Trust 2019-A(a)		3.00			10/25/2048		687,875		687,818		700,425
Lendmark Funding Trust 2018-1(a)		3.81			12/21/2026		630,000		629,974		641,818
MACH 1 Cayman 2019-1 Ltd.(a)		3.47			10/15/2039		1,446,424		1,446,379		1,315,619
Marlette Funding Trust 2019-2(a)		3.53			7/16/2029		976,000		975,832		995,132
Mosaic Solar Loan Trust 2018-2-GS(a)		4.20			2/22/2044		427,057		426,991		454,325
Mosaic Solar Loans LLC 2017-1A A(a)		4.45			6/20/2042		63,295		63,278		67,941
Navient Private Education Loan Trust 2018-B, 1M USD LIBOR + 0.720%(a)		0.87	(b)		12/15/2059		293,457		293,457		280,970
Navient Student Loan Trust 2015-1 B, 1M USD LIBOR + 1.500%		1.65	(b)		7/25/2052		1,100,000		1,095,964		1,041,960
Navient Student Loan Trust 2016-5A A, 1M USD LIBOR + 1.250%(a)		1.40	(b)		6/25/2065		788,641		791,917		788,641
Navient Student Loan Trust 2018-1A A3, 1M USD LIBOR + 0.720%(a)		0.87	(b)		3/25/2067		1,600,000		1,600,000		1,584,644
Navient Student Loan Trust 2018-2, 1M USD LIBOR + 0.750%(a)		0.90	(b)		3/25/2067		1,360,000		1,360,000		1,328,284
Navient Student Loan Trust 2018-3, 1M USD LIBOR + 0.800%(a)		0.95	(b)		3/25/2067		1,600,000		1,600,000		1,584,188
Navient Student Loan Trust 2019-2, 1M USD LIBOR + 1.000%(a)		1.15	(b)		2/27/2068		2,516,000		2,516,000		2,518,469
Navistar Financial Dealer Note Master Owner Trust II, 1M USD LIBOR + 0.950%(a)		1.10	(b)		5/25/2024		1,108,000		1,108,000		1,102,231
Navistar Financial Dealer Note Master Owner Trust II, 1M USD LIBOR + 1.450%(a)		1.60	(b)		5/25/2024		1,018,000		1,018,000		1,012,317
Nelnet Private Education Loan Trust 2016-A A1A, 1M USD LIBOR + 1.750%(a)		1.90	(b)		12/26/2040		98,356		98,356		98,653
Nelnet Private Education Loan Trust 2016-A A1B(a)		3.60			12/26/2040		118,041		117,961		120,301
Nelnet Student Loan Trust 2006-2 B, 3M USD LIBOR + 0.200%		0.44	(b)		1/25/2038		965,091		911,049		823,907
Nelnet Student Loan Trust 2006-3, 3M USD LIBOR + 0.250%		0.48	(b)		6/25/2041		1,557,255		1,461,736		1,303,734
Nelnet Student Loan Trust 2007-2, 28 day ARS(a)		2.97	(b)		6/25/2035		2,000,000		1,976,363		1,916,674
Nelnet Student Loan Trust 2012-4, 1M USD LIBOR + 1.000%(a)		1.15	(b)		7/26/2049		900,000		870,234		817,031
Nelnet Student Loan Trust 2018-3, 1M USD LIBOR + 0.750%(a)		0.90	(b)		9/27/2066		1,300,000		1,300,000		1,259,493
Nelnet Student Loan Trust 2019-2, 1M USD LIBOR + 0.900%(a)		1.08	(b)		6/27/2067		930,028		930,028		922,159
New Residential Advance Receivables Trust Advance Receivables Backed 2019-T4(a)		2.80			10/15/2051		2,956,000		2,956,000		2,955,979
New Residential Advance Receivables Trust Advance Receivables Backed 2020-T1(a)		5.47			8/15/2053		1,651,000		1,651,000		1,653,871
NorthStar Student Loan Trust III 2016-1 A, 1M USD LIBOR + 1.250%(a)		1.40	(b)		5/27/2036		86,739		83,560		83,488

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (continued):

Other Asset-Backed Securities (continued):
NovaStar Mortgage Funding Trust 2004-4 M5, 1M LIBOR + 1.725%		1.87	(b)%		3/25/2035		176,651	$	176,651	$	176,344
NP SPE II LLC(a)		2.57			9/20/2049		700,614		700,614		695,742
NP SPE II LLC 2017-1A A1(a)		3.37			10/21/2047		327,451		327,451		334,417
OneMain Financial Issuance Trust 2019-2(a)		3.66			10/14/2036		2,400,000		2,399,503		2,508,161
Orange Lake Timeshare Trust 2016-A A(a)		2.61			3/8/2029		649,384		638,465		650,721
Orange Lake Timeshare Trust 2016-A B(a)		2.91			3/8/2029		263,196		260,167		264,109
Orange Lake Timeshare Trust 2018-A(a)		3.74			11/8/2030		517,603		525,925		509,148
Orange Lake Timeshare Trust 2019-A(a)		4.93			4/9/2038		1,864,077		1,863,709		1,835,993
Oxford Finance Funding 2020-1 LLC(a)		3.10			2/15/2028		1,296,000		1,296,000		1,314,526
Oxford Finance Funding LLC 2016-1A A(a)		3.97			6/17/2024		20,770		20,770		20,778
Pennsylvania Higher Education Assistance Agency, 28 day ARS		1.66	(b)		10/25/2042		900,000		888,035		893,268
PFS Financing Corp.(a)		1.27			6/15/2025		5,400,000		5,440,902		5,442,091
Pioneer Aircraft Finance Ltd.(a),(d)		3.97			6/15/2044		969,565		969,565		897,322
Planet Fitness Master Issuer LLC(a)		4.26			9/5/2048		2,548,000		2,565,447		2,546,971
Popular ABS Mortgage Pass-Through Trust 2006-B A3, 1M USD LIBOR + 0.280%		0.43	(b)		5/25/2036		7,056		6,822		7,026
Santander Revolving Auto Loan Trust 2019-A(a)		2.80			1/26/2032		687,000		686,714		723,583
Santander Revolving Auto Loan Trust 2019-A(a)		3.00			1/26/2032		439,000		438,864		460,332
Santander Revolving Auto Loan Trust 2019-A(a)		3.45			1/26/2032		867,000		866,959		903,651
SBA Tower Trust(a)		2.84			1/15/2050		5,300,000		5,300,000		5,577,947
SBA Tower Trust(a)		3.87			10/15/2049		1,300,000		1,304,929		1,368,769
Sierra Receivables Funding Co LLC 2017-1A A(a)		2.91			3/20/2034		281,241		282,001		286,057
Sierra Receivables Funding Co LLC 2018-1AB		4.24			4/20/2035		1,331,135		1,345,799		1,303,437
Sierra Timeshare 2016-2 Receivables Funding LLC(a)		2.78			7/20/2033		179,759		178,305		180,176
Sierra Timeshare 2018-3 Receivables Funding LLC(a)		5.20			9/20/2035		380,379		384,074		367,366
Sierra Timeshare 2019-1 Receivables Funding LLC(a)		3.77			1/20/2036		918,579		922,870		922,300
Sierra Timeshare 2019-1 Receivables Funding LLC(a)		4.75			1/20/2036		1,220,061		1,221,632		1,177,896
Sierra Timeshare 2019-3 Receivables Funding LLC(a)		3.00			8/20/2036		3,503,974		3,503,653		3,494,296
Sierra Timeshare 2019-3 Receivables Funding LLC(a)		4.18			8/20/2036		1,708,028		1,708,231		1,658,351
Sierra Timeshare 2020-2 Receivables Funding LLC(a)		2.71			3/20/2034		1,780,061		1,777,754		1,819,796
Sierra Timeshare 2020-2 Receivables Funding LLC(a)		3.51			7/20/2037		496,301		496,240		501,044
Sierra Timeshare Receivables Funding LLC 2015 3A B(a)		3.08			9/20/2032		27,402		27,246		27,376

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (continued):

Other Asset-Backed Securities (continued):
Sierra Timeshare Receivables Funding LLC 2019-2(a)		4.54	%		5/20/2036		1,580,973	$	1,585,706	$	1,526,053
SLC Student Loan Trust 2005-1 B, 3M USD LIBOR + 0.200%		0.48	(b)		2/15/2045		571,726		518,392		494,534
SLC Student Loan Trust 2006-1, 3M USD LIBOR + 0.210%		0.46	(b)		3/15/2055		2,014,612		1,879,100		1,769,158
SLC Student Loan Trust 2006-2 B, 3M USD LIBOR + 0.230%		0.48	(b)		12/15/2039		1,505,875		1,407,009		1,307,671
SLM Student Loan Trust 2003-11, 3M USD LIBOR + 0.650%		0.90	(b)		12/15/2038		846,200		806,935		777,286
SLM Student Loan Trust 2003-14 A6, 3M USD LIBOR + 0.300%		0.54	(b)		7/25/2025		23,357		22,841		23,233
SLM Student Loan Trust 2003-4 B, 3M USD LIBOR + 0.650%		0.90	(b)		6/15/2038		326,702		313,446		294,207
SLM Student Loan Trust 2004-1, 3M USD LIBOR + 0.500%		0.74	(b)		7/25/2039		473,162		451,274		436,943
SLM Student Loan Trust 2004-8, 3M USD LIBOR + 0.460%		0.70	(b)		1/25/2040		991,264		942,172		895,982
SLM Student Loan Trust 2005-4 B, 3M USD LIBOR + 0.180%		0.42	(b)		7/25/2055		633,495		567,162		564,360
SLM Student Loan Trust 2005-5, 3M USD LIBOR + 0.250%		0.49	(b)		10/25/2040		634,412		597,179		568,886
SLM Student Loan Trust 2005-6 B, 3M USD LIBOR + 0.290%		0.53	(b)		1/25/2044		1,845,903		1,728,249		1,644,689
SLM Student Loan Trust 2005-9, 3M USD LIBOR + 0.300%		0.54	(b)		1/25/2041		732,953		702,153		658,923
SLM Student Loan Trust 2006-2(e)		Zero Coupon			1/25/2041		3,956		1,621,960		2,382,760
SLM Student Loan Trust 2006-5 B, 3M USD LIBOR + 0.210%		0.45	(b)		10/25/2040		497,123		445,159		444,448
SLM Student Loan Trust 2006-7 B, 3M USD LIBOR + 0.200%		1.19	(b)		1/27/2042		476,861		444,737		411,495
SLM Student Loan Trust 2006-9 A5, 3M USD LIBOR + 0.100%		0.34	(b)		1/26/2026		10,314		10,148		10,286
SMB Private Education Loan Trust 2014-A(a)		4.00			9/15/2042		1,250,000		1,270,982		1,302,747
SMB Private Education Loan Trust 2014-A A2B, 1M USD LIBOR + 1.150%(a)		1.30	(b)		5/15/2026		147,337		148,095		147,663
SMB Private Education Loan Trust 2015-A A2B, 1M USD LIBOR + 1.000%(a)		1.15	(b)		6/15/2027		29,148		28,824		29,197
SMB Private Education Loan Trust 2015-A A3, 1M USD LIBOR + 1.500%(a)		1.65	(b)		2/17/2032		900,000		917,591		903,419
SMB Private Education Loan Trust 2015-C(a)		4.50			9/17/2046		1,710,000		1,753,426		1,857,295
SMB Private Education Loan Trust 2015-C A3, 1M USD LIBOR + 1.950%(a)		2.10	(b)		8/16/2032		700,000		726,843		713,066
SMB Private Education Loan Trust 2016-B A2B, 1M USD LIBOR + 1.450%(a)		1.60	(b)		2/17/2032		67,447		67,447		67,752
SMB Private Education Loan Trust 2016-C A2B, 1M USD LIBOR + 1.100%(a)		1.25	(b)		9/15/2034		161,653		161,653		161,155
SoFi Alternative Trust 2019-C(a),(e)		4.86			1/25/2045		2,992,684		3,093,015		3,217,136
SoFi Consumer Loan Program 2020-1 Trust(a)		2.94			1/25/2029		4,000,000		3,999,347		3,881,058
SoFi Consumer Loan Program Trust 2019-3(a)		3.89			5/25/2028		2,766,000		2,767,854		2,839,126

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (continued):

Other Asset-Backed Securities (continued):
SoFi Professional Loan Program 2017-C LLC(a)		4.21	%		7/25/2040		2,410,000	$	2,520,524	$	2,443,770
SoFi Professional Loan Program 2018-A LLC(a),(e)		Zero Coupon			2/25/2042		1,372,500		1,022,801		567,449
SoFi Professional Loan Program 2018-B Trust(a),(e)		Zero Coupon			8/26/2047		1,265,700		720,622		467,423
SoFi Professional Loan Program 2018-D Trust(a),(e)		Zero Coupon			2/25/2048		1,887,200		699,698		417,260
SoFi Professional Loan Program 2019-A LLC(a),(e)		Zero Coupon			6/15/2048		3,522,900		1,103,122		834,575
SoFi Professional Loan Program 2019-A LLC(a)		4.11			6/15/2048		870,000		876,474		910,299
SoFi Professional Loan Program LLC 2015-C A2(a)		2.51			8/25/2033		13,396		13,340		13,496
SoFi Professional Loan Program LLC 2016-B A1, 1M USD LIBOR + 1.200%(a)		1.35	(b)		6/25/2033		143,229		144,680		143,540
SoFi Professional Loan Program LLC 2016-D A1, 1M USD LIBOR + 0.950%(a)		1.10	(b)		1/25/2039		27,694		27,694		27,750
SoFi Professional Loan Program LLC 2017-D R1(a)		Zero Coupon			9/25/2040		1,233,700		754,963		425,651
SpringCastle America Funding LLC(a)		1.97			9/25/2037		3,750,000		3,749,814		3,790,293
Stack Infrastructure Issuer LLC(a)		1.89			8/25/2045		674,000		674,000		678,494
Store Master Funding I-VII A3(a)		4.40			10/20/2048		1,881,792		1,900,910		1,928,856
Taco Bell Funding LLC 2018-1A A2I(a)		4.32			11/25/2048		4,647,225		4,703,978		4,745,328
TAL Advantage VII LLC(a)		3.29			9/20/2045		2,600,000		2,599,422		2,597,264
Tif Funding II LLC(a)		2.09			8/20/2045		499,856		499,639		499,035
TLF National Tax Lien Trust 2017-1(a)		3.09			12/15/2029		1,054,486		1,049,217		1,061,440
Trafigura Securitisation Finance plc 2018-1, 1M USD LIBOR + 0.730%(a),(d)		0.88	(b)		3/15/2022		1,820,000		1,816,652		1,790,652
Trafigura Securitisation Finance plc 2018-1(a),(d)		4.29			3/15/2022		1,800,000		1,799,947		1,795,046
Trinity Rail Leasing 2019 LLC(a)		3.82			4/17/2049		2,141,686		2,140,642		2,231,039
Trinity Rail Leasing LP(a)		3.82			6/17/2048		774,286		774,013		775,995
TRIP Rail Master Funding LLC 2011-1A A2(a)		6.02			7/15/2041		1,248,118		1,327,255		1,279,037
TRIP Rail Master Funding LLC 2017-1A A1(a)		2.71			8/15/2047		69,086		69,085		69,148
Triton Container Finance VIII LLC(a)		2.11			9/20/2045		2,400,000		2,399,553		2,403,087
Vantage Data Centers LLC(a)		1.65			9/15/2045		2,475,000		2,475,000		2,475,000
VSE 2018-A Voi Mortgage LLC(a)		4.02			2/20/2036		247,403		247,373		231,427
Wachovia Student Loan Trust 2005-1 B, 3M USD LIBOR + 0.300%		0.54	(b)		10/25/2040		531,607		491,315		483,609
Welk Resorts LLC 2017-AA B(a)		3.41			6/15/2033		616,793		619,767		609,470
Westgate Resorts LLC 2017-1A A(a)		3.05			12/20/2030		144,221		144,221		143,783
Westgate Resorts LLC 2018-1(a)		3.38			12/20/2031		345,633		345,114		343,362
Westlake Automobile Receivables Trust 2019-3(a)		3.59			3/17/2025		2,182,000		2,181,686		2,164,317
Willis Engine Structured Trust IV(a)		4.75			9/15/2043		1,067,731		1,082,203		900,569

Total Other Asset-Backed Securities							275,250,804		271,475,324		270,097,688

Total Asset-Backed Securities							324,274,650		320,482,959		318,839,453

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
*Corporate Bonds — 39.3%:**

*Agriculture — 1.5%:**
BAT Capital Corp.(d)		3.22	%		8/15/2024		3,115,000	$	3,141,169	$	3,332,791
Bunge Ltd. Finance Corp.		1.63			8/17/2025		590,000		589,971		592,581
Bunge Ltd. Finance Corp.		3.00			9/25/2022		1,840,000		1,826,864		1,912,729
Bunge Ltd. Finance Corp.		3.50			11/24/2020		1,520,000		1,521,299		1,526,653
Imperial Brands Finance plc(a),(d)		3.13			7/26/2024		1,917,000		1,934,460		2,027,175
Imperial Brands Finance plc(a),(d)		3.50			2/11/2023		1,347,000		1,350,412		1,409,099
Reynolds American, Inc.		4.45			6/12/2025		775,000		879,476		872,137

Total Agriculture							11,104,000		11,243,651		11,673,165

*Airlines — 0.1%:**
Delta Air Lines, Inc. / SkyMiles IP Ltd.(a)		4.50			10/20/2025		755,000		755,000		775,274

*Auto Manufacturers — 1.9%:**
Ford Motor Credit Co. LLC, 3M USD LIBOR + 0.810%		1.11	(b)		4/5/2021		1,135,000		1,135,000		1,118,406
Ford Motor Credit Co. LLC, 3M USD LIBOR + 1.235%		1.52	(b)		2/15/2023		985,000		985,000		906,386
Ford Motor Credit Co. LLC		3.09			1/9/2023		1,860,000		1,864,460		1,822,595
Ford Motor Credit Co. LLC		3.35			11/1/2022		2,075,000		2,075,845		2,043,875
Ford Motor Credit Co. LLC		5.09			1/7/2021		350,000		350,070		350,438
General Motors Financial Co., Inc.		3.25			1/5/2023		4,615,000		4,579,661		4,769,543
Hyundai Capital America(a)		2.38			2/10/2023		1,920,000		1,927,983		1,971,151
Hyundai Capital America(a),(d)		2.85			11/1/2022		1,320,000		1,319,887		1,365,038
Nissan Motor Acceptance Corp.(a),(d)		1.90			9/14/2021		670,000		668,902		672,719

Total Auto Manufacturers							14,930,000		14,906,808		15,020,151

*Beverages — 1.0%:**
Bacardi Ltd.(a),(d)		4.45			5/15/2025		3,304,000		3,674,904		3,694,672
Molson Coors Beverage Co.		2.10			7/15/2021		325,000		324,516		328,888
Molson Coors Beverage Co.		3.50			5/1/2022		1,089,000		1,084,478		1,132,226
Molson Coors Brewing Co.		3.00			7/15/2026		2,595,000		2,763,391		2,766,581

Total Beverages							7,313,000		7,847,289		7,922,367

*Chemicals — 1.7%:**
DuPont de Nemours, Inc.		4.49			11/15/2025		2,960,000		3,247,798		3,411,874
Huntsman International LLC		5.13			11/15/2022		3,529,000		3,612,338		3,794,727
Nutrition & Biosciences, Inc.(a)		1.23			10/1/2025		1,495,000		1,495,000		1,491,255
RPM International, Inc.		3.45			11/15/2022		1,155,000		1,159,456		1,196,924
Syngenta Finance NV(a),(d)		3.93			4/23/2021		500,000		500,481		506,452
Syngenta Finance NV(a),(d)		4.44			4/24/2023		3,170,000		3,273,678		3,347,966
Syngenta Finance NV(a)		4.89			4/24/2025		200,000		217,866		216,841

Total Chemicals							13,009,000		13,506,617		13,966,039

*Commercial Banks — 8.7%:**
ABN AMRO Bank NV(a),(d)		4.75			7/28/2025		1,840,000		2,028,110		2,072,024
Banco Santander SA(d)		2.75			5/28/2025		1,600,000		1,600,000		1,678,325
Banco Santander SA(d)		3.50			4/11/2022		2,400,000		2,405,156		2,489,463
Bank of America Corp., 3M USD LIBOR + 0.930%		2.82	(b)		7/21/2023		7,545,000		7,520,688		7,836,419
Bank of Nova Scotia (The)(d)		4.50			12/16/2025		1,795,000		1,948,709		2,079,299
Barclays Bank plc, 3M USD LIBOR + 1.380%(d)		1.66	(b)		5/16/2024		1,235,000		1,229,648		1,238,364
Barclays Bank plc(a),(d)		10.18			6/12/2021		3,435,000		3,608,839		3,613,994
BPCE SA(a),(d)		5.70			10/22/2023		3,525,000		3,913,514		3,953,265
Citigroup, Inc.		4.40			6/10/2025		3,500,000		3,809,754		3,949,077
Credit Suisse AG(a),(d)		6.50			8/8/2023		3,720,000		4,042,098		4,212,900
Danske Bank A/S(a),(d)		5.00			1/12/2022		1,990,000		2,047,141		2,090,592

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):

Commercial Banks (continued):
Deutsche Bank AG, SOFRRATE + 2.159%		2.22	(b)%		9/18/2024		2,815,000	$	2,815,000	$	2,834,564
Discover Bank		4.20			8/8/2023		2,185,000		2,231,883		2,392,312
First Horizon National Corp.		3.50			12/15/2020		2,170,000		2,170,635		2,177,375
Goldman Sachs Group, Inc. (The)		4.25			10/21/2025		7,670,000		8,640,724		8,726,168
HSBC Holdings plc(d)		4.25			3/14/2024		3,615,000		3,797,360		3,876,596
Mitsubishi UFJ Financial Group, Inc.(d)		2.67			7/25/2022		2,580,000		2,552,685		2,674,684
Morgan Stanley, SOFRRATE + 1.990%		2.19	(b)		4/28/2026		1,795,000		1,795,000		1,879,876
Morgan Stanley		4.10			5/22/2023		1,785,000		1,889,740		1,933,459
Sumitomo Mitsui Financial Group, Inc.(d)		1.47			7/8/2025		1,440,000		1,440,000		1,466,482
Sumitomo Mitsui Financial Group, Inc.		2.45			9/27/2024		2,025,000		2,025,000		2,139,321
Sumitomo Mitsui Financial Group, Inc.(d)		3.75			7/19/2023		460,000		481,322		498,447
Synchrony Bank		3.00			6/15/2022		1,680,000		1,647,134		1,733,733
UBS Group AG(a),(d)		4.13			9/24/2025		1,500,000		1,639,333		1,708,624

Total Commercial Banks							64,305,000		67,279,473		69,255,363

*Diversified Financial Services — 4.0%:**
AerCap Ireland Capital DAC / AerCap Global Aviation Trust(d)		2.88			8/14/2024		4,960,000		4,964,873		4,777,179
AerCap Ireland Capital DAC / AerCap Global Aviation Trust		4.50			9/15/2023		1,095,000		1,088,552		1,128,453
Aircastle Ltd.		5.00			4/1/2023		4,431,000		4,569,793		4,440,984
Antares Holdings LP(a)		6.00			8/15/2023		2,160,000		2,214,358		2,184,316
Athene Global Funding(a)		2.75			6/25/2024		4,355,000		4,360,595		4,540,936
Avolon Holdings Funding Ltd.(a),(d)		2.88			2/15/2025		1,470,000		1,468,482		1,347,404
BGC Partners, Inc.(a)		4.38			12/15/2025		1,475,000		1,472,189		1,504,816
Brookfield Finance LLC(d)		4.00			4/1/2024		2,275,000		2,337,090		2,504,361
Genpact Luxembourg Sarl		3.70			4/1/2022		2,175,000		2,183,282		2,226,641
Lazard Group LLC		3.75			2/13/2025		3,430,000		3,643,161		3,717,998
LeasePlan Corp. NV(a),(d)		2.88			10/24/2024		1,125,000		1,122,907		1,161,019
Synchrony Financial		2.85			7/25/2022		2,510,000		2,512,263		2,583,162

Total Diversified Financial Services							31,461,000		31,937,545		32,117,269

*Electric — 0.8%:**
Enel Finance International NV(a),(d)		2.88			5/25/2022		1,050,000		1,048,910		1,083,463
Entergy Corp.		4.00			7/15/2022		750,000		761,972		791,074
Entergy Texas, Inc.		2.55			6/1/2021		460,000		459,980		466,087
Pacific Gas and Electric Co.		1.75			6/16/2022		2,720,000		2,719,860		2,723,268
Puget Energy, Inc.		6.00			9/1/2021		1,275,000		1,307,617		1,336,116

Total Electric							6,255,000		6,298,339		6,400,008

*Gas — 0.3%:**
NiSource, Inc.		0.95			8/15/2025		2,790,000		2,783,243		2,787,075

*Home Builders — 0.3%:**
Lennar Corp.		4.75			4/1/2021		2,650,000		2,663,384		2,673,187

*Housewares — 0.5%:**
Newell Brands, Inc.		4.35			4/1/2023		3,749,000		3,824,459		3,918,755

*Insurance — 2.7%:**
AmTrust Financial Services, Inc.		6.13			8/15/2023		3,245,000		3,311,950		3,008,759
Athene Global Funding(a)		2.50			1/14/2025		1,610,000		1,612,660		1,659,530
CNO Financial Group, Inc.		5.25			5/30/2025		2,720,000		3,126,197		3,119,742
Enstar Group Ltd.(d)		4.50			3/10/2022		2,750,000		2,774,005		2,865,087
Equitable Holdings, Inc.		3.90			4/20/2023		368,000		380,241		395,646

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):

Insurance (continued):
Jackson National Life Global Funding(a)		2.50	%		6/27/2022		2,475,000	$	2,468,036	$	2,556,726
Lincoln National Corp.		4.00			9/1/2023		472,000		477,916		515,284
Trinity Acquisition PLC		3.50			9/15/2021		2,662,000		2,666,367		2,727,608
Unum Group		3.88			11/5/2025		2,625,000		2,691,951		2,852,907
Unum Group		4.50			3/15/2025		1,100,000		1,094,587		1,221,859
Willis Towers Watson PLC		5.75			3/15/2021		370,000		373,940		378,267

Total Insurance							20,397,000		20,977,850		21,301,415

*Investment Company Security — 1.6%:**
Ares Capital Corp.		4.20			6/10/2024		4,940,000		5,026,003		5,145,988
BlackRock TCP Capital Corp.		3.90			8/23/2024		3,630,000		3,595,920		3,688,153
BlackRock TCP Capital Corp.		4.13			8/11/2022		1,140,000		1,138,040		1,156,224
TPG Specialty Lending, Inc.		3.88			11/1/2024		2,660,000		2,638,589		2,694,716

Total Investment Company Security							12,370,000		12,398,552		12,685,081

*Iron/Steel — 0.4%:**
Reliance Steel & Aluminum Co.		1.30			8/15/2025		1,510,000		1,505,523		1,508,131
Steel Dynamics, Inc.		2.40			6/15/2025		710,000		707,459		740,794
Steel Dynamics, Inc.		2.80			12/15/2024		1,070,000		1,069,319		1,128,773

Total Iron/Steel							3,290,000		3,282,301		3,377,698

*IT Services — 1.0%:**
Dell International LLC/EMC Corp.(a)		4.00			7/15/2024		2,472,000		2,537,477		2,669,215
Dell International LLC/EMC Corp.(a)		5.85			7/15/2025		1,155,000		1,291,413		1,345,796
Genpact Luxembourg Sarl		3.38			12/1/2024		2,080,000		2,086,174		2,178,153
Leidos, Inc.(a)		2.95			5/15/2023		1,635,000		1,629,239		1,710,341

Total IT Services							7,342,000		7,544,303		7,903,505

*Lodging — 0.7%:**
Las Vegas Sands Corp.		3.20			8/8/2024		4,595,000		4,606,705		4,644,943
Marriott International, Inc.		5.75			5/1/2025		679,000		678,975		757,778

Total Lodging							5,274,000		5,285,680		5,402,721	��

*Machinery-Diversified — 0.3%:**
CNH Industrial Capital LLC		1.95			7/2/2023		515,000		512,016		524,656
CNH Industrial Capital LLC		3.88			10/15/2021		1,110,000		1,114,879		1,140,204
CNH Industrial NV(d)		4.50			8/15/2023		900,000		908,745		977,592

Total Machinery-Diversified							2,525,000		2,535,640		2,642,452

*Media — 0.7%:**
Sirius XM Radio, Inc.(a)		3.88			8/1/2022		1,898,000		1,895,744		1,918,166
ViacomCBS, Inc.		4.75			5/15/2025		3,465,000		3,977,367		3,980,914

Total Media							5,363,000		5,873,111		5,899,080

*Mining — 1.0%:**
Glencore Finance Canada Ltd.(a),(d)		4.25			10/25/2022		484,000		495,127		513,884
Glencore Funding LLC(a),(d)		3.00			10/27/2022		730,000		729,066		755,064
Glencore Funding LLC(a),(d)		4.13			5/30/2023		1,880,000		1,912,403		2,015,529
Kinross Gold Corp.		5.13			9/1/2021		1,365,000		1,385,294		1,404,541
Kinross Gold Corp.(d)		5.95			3/15/2024		2,785,000		2,890,492		3,176,259

Total Mining							7,244,000		7,412,382		7,865,277

*Oil and Gas — 1.3%:**
Continental Resources, Inc.		5.00			9/15/2022		988,000		991,983		980,669
EQT Corp.		3.00			10/1/2022		3,185,000		3,136,216		3,109,356
EQT Corp.		7.88			2/1/2025		1,420,000		1,420,000		1,573,999
Newfield Exploration Co.		5.63			7/1/2024		2,205,000		2,407,389		2,138,962
Petroleos Mexicanos		4.63			9/21/2023		2,045,000		2,048,937		2,020,807

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):

Oil and Gas (continued):
Valero Energy Corp.		2.70	%		4/15/2023		746,000	$	745,295	$	772,916

Total Oil and Gas							10,589,000		10,749,820		10,596,709

*Packaging and Containers — 0.3%:**
Graphic Packaging International, Inc.		4.75			4/15/2021		2,696,000		2,708,675		2,716,220

*Pharmaceuticals — 1.2%:**
AbbVie, Inc.(a)		3.80			3/15/2025		1,925,000		2,070,165		2,134,522
Cardinal Health, Inc., 3M USD LIBOR + 0.770%		1.02	(b)		6/15/2022		3,085,000		3,084,753		3,103,663
Mylan, Inc.(a)		3.13			1/15/2023		1,920,000		1,888,028		2,019,720
Teva Pharmaceutical Finance Netherlands III B.V.(d)		2.20			7/21/2021		1,008,000		989,362		998,424
Upjohn, Inc.(a)		1.65			6/22/2025		960,000		958,000		982,696

Total Pharmaceuticals							8,898,000		8,990,308		9,239,025

*Pipelines — 1.7%:**
Energy Transfer Partners LP		4.20			9/15/2023		3,765,000		3,831,925		3,973,775
EnLink Midstream Partners LP		4.40			4/1/2024		2,020,000		2,013,444		1,818,000
EQM Midstream Partners LP		4.75			7/15/2023		2,250,000		2,288,299		2,245,612
MPLX LP, 3M USD LIBOR + 1.100%		1.34	(b)		9/9/2022		3,955,000		3,955,000		3,955,160
Plains All American Pipeline LP / PAA Finance Corp.		3.85			10/15/2023		1,644,000		1,688,118		1,720,627

Total Pipelines							13,634,000		13,776,786		13,713,174

*Real Estate Investment Trusts — 1.7%:**
CubeSmart LP		4.38			12/15/2023		1,339,000		1,407,662		1,471,336
Essex Portfolio LP		3.50			4/1/2025		515,000		538,716		565,666
Essex Portfolio LP		3.88			5/1/2024		654,000		686,974		715,055
Host Hotels & Resorts LP		3.75			10/15/2023		3,970,000		4,114,795		4,095,760
Service Properties Trust		4.35			10/1/2024		2,175,000		2,250,148		1,968,375
Tanger Properties LP		3.75			12/1/2024		725,000		740,072		719,511
Tanger Properties LP		3.88			12/1/2023		1,890,000		1,919,774		1,900,797
VEREIT Operating Partnership LP		4.60			2/6/2024		2,140,000		2,216,777		2,295,791

Total REITS							13,408,000		13,874,918		13,732,291

*Retail — 1.0%:**
O’Reilly Automotive, Inc.		3.80			9/1/2022		284,000		284,349		299,265
O’Reilly Automotive, Inc.		3.85			6/15/2023		3,389,000		3,435,959		3,639,090
QVC, Inc.		4.38			3/15/2023		3,660,000		3,634,797		3,794,963

Total Retail							7,333,000		7,355,105		7,733,318

*Semiconductors — 0.2%:**
Microchip Technology, Inc.		3.92			6/1/2021		1,435,000		1,435,346		1,466,761

*Telecommunications — 1.0%:**
Qwest Corp.		6.75			12/1/2021		2,480,000		2,580,989		2,619,004
Sprint Communications, Inc.		9.25			4/15/2022		1,005,000		1,085,342		1,115,018
T-Mobile USA, Inc.(a)		1.50			2/15/2026		1,825,000		1,822,075		1,839,089
Telefonaktiebolaget LM Ericsson(d)		4.13			5/15/2022		2,650,000		2,657,318		2,762,214

Total Telecommunications							7,960,000		8,145,724		8,335,325

*Transportation — 0.7%:**
Penske Truck Leasing Co. LP/PTL Finance Corp.(a)		2.70			3/14/2023		410,000		405,956		426,810

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):

Transportation (continued):
Penske Truck Leasing Co. LP/PTL Finance Corp.(a)		3.30	%		4/1/2021		240,000	$	240,781	$	242,820
Penske Truck Leasing Co. LP/PTL Finance Corp.(a)		3.38			2/1/2022		830,000		831,971		857,038
Penske Truck Leasing Co. LP/PTL Finance Corp.(a)		4.88			7/11/2022		1,040,000		1,056,862		1,117,661
Ryder System, Inc.		2.50			9/1/2022		26,000		25,467		26,840
Ryder System, Inc.		3.40			3/1/2023		330,000		327,744		350,060
Ryder System, Inc.		3.75			6/9/2023		1,085,000		1,106,360		1,166,276
Ryder System, Inc.		3.88			12/1/2023		392,000		399,564		427,613
Ryder System, Inc. MTN		2.25			9/1/2021		635,000		633,986		644,337

Total Transportation							4,988,000		5,028,691		5,259,455

*Trucking and Leasing — 0.8%:**
Park Aerospace Holdings Ltd.(a),(d)		5.25			8/15/2022		6,270,000		6,409,882		6,295,365

*Venture Capital — 0.2%:**
Hercules Capital, Inc.		4.63			10/23/2022		1,625,000		1,621,056		1,644,978

Total Corporate Bonds							300,962,000		308,451,938		314,318,503

*Mortgage-Backed Securities — 14.1%:**

Angel Oak Mortgage Trust 2019-3(a)		3.24	(f)		5/25/2059		2,173,720		2,173,695		2,196,115
Angel Oak Mortgage Trust 2019-6(a)		3.39	(f)		11/25/2059		3,250,000		3,250,000		3,286,461
Angel Oak Mortgage Trust LLC(a)		3.90	(f)		11/25/2047		2,250,000		2,250,000		2,299,556
Angel Oak Mortgage Trust LLC 2020-5(a)		1.58			5/25/2065		1,760,197		1,760,197		1,757,838
Angel Oak Mortgage Trust LLC 2020-5(a)		2.04			5/25/2065		1,605,169		1,605,141		1,603,052
BAMLL Commercial Mortgage Securities Trust 2018-DSNY, 1M USD LIBOR + 1.350%(a)		1.50	(b)		9/15/2034		270,000		270,000		254,112
BAMLL Commercial Mortgage Securities Trust 2019-BPR(a)		4.02	(f)		11/5/2032		3,420,000		3,439,954		3,107,293
BHMS, 1M USD LIBOR + 1.500%(a)		1.65	(b)		7/15/2035		1,800,000		1,800,000		1,669,121
BHMS 2018-ATLS, 1M USD LIBOR + 1.250%(a)		1.40	(b)		7/15/2035		2,750,000		2,750,000		2,636,993
BX Commercial Mortgage Trust 2018-IND, 1M USD LIBOR + 1.300%(a),(b)		1.45			11/15/2035		1,050,000		1,042,871		1,042,089
BX Commercial Mortgage Trust 2019-XL, 1M USD LIBOR + 1.800%(a)		1.95	(b)		10/15/2036		1,142,005		1,142,005		1,131,378
BX Commercial Mortgage Trust 2019-XL, 1M USD LIBOR + 2.000%(a)		2.15	(b)		10/15/2036		3,677,580		3,686,429		3,634,162
BX Commercial Mortgage Trust 2020-BXLP, 1M USD LIBOR + 1.250%(a)		1.40	(b)		12/15/2036		1,328,784		1,314,935		1,315,451
BX Commercial Mortgage Trust 2020-BXLP, 1M USD LIBOR + 1.600%(a)		1.75	(b)		12/15/2036		5,412,047		5,411,463		5,344,192
CAMB Commercial Mortgage Trust 2019-LIFE, 1M USD LIBOR + 2.150%(a)		2.30	(b)		12/15/2037		1,499,283		1,499,283		1,480,637
Citigroup Mortgage Loan Trust 2019-IMC1(a)		3.03	(f)		7/25/2049		1,381,066		1,380,406		1,376,759
Citigroup Mortgage Loan Trust 2019-IMC1(a)		3.17	(f)		7/25/2049		3,101,000		3,100,426		3,022,696
COMM 2015-CCRE22 Mortgage Trust		3.93	(f)		3/10/2048		1,650,000		1,640,513		1,772,449
COMM 2015-DC1 Mortgage Trust		4.04	(f)		2/10/2048		1,087,775		1,110,427		1,129,588
COMM Mortgage Trust 2014-UBS2 B		4.70	(f)		3/10/2047		600,000		641,527		637,017

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Mortgage-Backed Securities (continued):

Connecticut Avenue Securities Trust 2019-R02, 1M USD LIBOR + 2.300%(a)		2.45	(b)%		8/25/2031		6,569,710	$	6,573,092	$	6,528,753
Connecticut Avenue Securities Trust 2019-R03, 1M USD LIBOR + 2.150%(a)		2.30	(b)		9/25/2031		1,224,618		1,231,897		1,221,396
Credit Suisse Mortgage Capital Certificates 2019-ICE4, 1M USD LIBOR + 1.600%(a)		1.75	(b)		5/15/2036		960,000		960,000		950,363
Deephave Residential Mortgage Trust 2019-2(a)		3.92	(f)		4/25/2059		672,000		672,000		675,115
Deephaven Residential Mortgage Trust 2018-1(a)		2.98	(f)		12/25/2057		322,986		319,244		324,967
Deephaven Residential Mortgage Trust 2018-1(a)		3.03	(f)		12/25/2057		276,238		276,234		278,105
Deephaven Residential Mortgage Trust 2018-2(a)		3.68	(f)		4/25/2058		623,038		623,032		627,624
Deephaven Residential Mortgage Trust 2018-3(a)		3.96	(f)		8/25/2058		560,826		560,108		562,660
Deephaven Residential Mortgage Trust 2018-4(a)		4.29	(f)		10/25/2058		808,451		808,451		811,642
Deephaven Residential Mortgage Trust 2019-4(a)		3.48	(f)		10/25/2059		4,400,000		4,399,950		4,440,132
Federal Home Loan Mortgage Corp., 1M USD LIBOR + 1.500%(a)		1.65	(b)		6/25/2050		2,200,000		2,200,000		2,203,701
Federal Home Loan Mortgage Corp., 1M USD LIBOR + 3.000%(a)		3.15	(b)		6/25/2050		7,200,000		7,200,000		7,220,106
FWD Securitization Trust 2020-INV1(a)		2.85	(f)		1/25/2050		1,804,000		1,803,912		1,725,359
GS Mortgage Securities Trust 2016-GS2		4.68	(f)		5/10/2049		1,000,000		1,049,700		1,069,976
JP Morgan Chase Commercial Mortgage Securities Trust 2013-LC11		3.96	(f)		4/15/2046		1,015,000		1,002,902		828,322
JP Morgan Chase Commercial Mortgage Securities Trust 2018-LAQ, 1M USD LIBOR + 1.000%(a)		1.15	(b)		6/15/2032		6,028,159		6,025,628		5,757,004
JP Morgan Mortgage Trust 2017-6 A5(a)		3.50	(f)		12/25/2048		313,270		317,212		315,113
JP Morgan Mortgage Trust 2018-1(a)		3.50	(f)		6/25/2048		267,662		269,764		268,193
KNDL 2019-KNSQ Mortgage Trust, 1M USD LIBOR + 1.800%(a)		1.95	(b)		5/15/2036		865,000		865,000		855,544
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7		3.77	(f)		2/15/2046		1,340,000		1,370,817		1,337,493
Morgan Stanley Capital I Trust 2012-STAR(a)		4.06	(f)		8/5/2034		1,300,000		1,300,467		1,269,277
MSCG Trust 2018-SELF, 1M USD LIBOR + 1.180%(a)		1.33	(b)		10/15/2037		165,000		165,000		163,025
New Residential Mortgage Loan Trust 2019-A1(a)		3.60	(f)		4/25/2049		491,548		491,548		511,915
New Residential Mortgage Loan Trust 2019-A3(a)		3.75	(f)		4/25/2049		1,769,660		1,769,660		1,797,000
New Residential Mortgage Loan Trust 2019-NQM1(a)		3.93	(f)		1/25/2049		1,495,169		1,495,241		1,506,858
New Residential Mortgage Loan Trust 2020-NQM1(a)		3.21	(f)		1/26/2060		2,252,000		2,252,000		2,220,262
OBX 2020-INV1 Trust(a)		3.50	(f)		12/25/2049		2,655,278		2,703,181		2,706,964

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Mortgage-Backed Securities (continued):

PNMAC GMSR Issuer Trust 2018-GT1, 1M USD LIBOR + 2.850%(a)		3.00	(b)%		2/25/2023		470,000	$	470,000	$	458,727
PSMC Trust(a)		3.50	(f)		2/25/2048		399,398		398,924		403,009
PSMC Trust 2018-2(a)		3.50	(f)		6/25/2048		276,280		271,953		277,502
Sequoia Mortgage Trust 2018-5(a)		3.50	(f)		5/25/2048		264,233		261,440		265,634
Sequoia Mortgage Trust 2018-7(a)		4.00	(f)		9/25/2048		52,188		52,439		52,118
Sequoia Mortgage Trust 2019-1(a)		4.00	(f)		2/25/2049		34,814		35,131		34,745
Shellpoint Co-Originator Trust 2016-1 2A3(a)		3.00	(f)		10/25/2031		397,827		401,229		407,183
Starwood Mortgage Residential Trust 2019-INV1(a)		2.92	(f)		9/27/2049		2,073,266		2,073,266		2,101,139
Starwood Mortgage Residential Trust 2020-1(a)		2.88	(f)		2/25/2050		4,700,000		4,699,872		4,664,309
TIAA Bank Mortgage Loan Trust 2018-2(a)		3.50	(f)		7/25/2048		147,238		145,874		147,440
Verus Securitization Trust 2018-INV2(a)		4.71	(f)		10/25/2058		2,501,899		2,546,855		2,545,475
Verus Securitization Trust 2019-4(a)		3.21	(f)		11/25/2059		1,750,000		1,750,000		1,724,358
Verus Securitization Trust 2019-INV2(a)		3.22	(f)		7/25/2059		2,074,692		2,074,667		2,119,200
Verus Securitization Trust 2019-INV3(a)		3.28	(f)		11/25/2059		1,462,000		1,461,966		1,466,015
Verus Securitization Trust 2020-1(a)		3.02	(f)		1/25/2060		4,646,000		4,646,000		4,624,686
Verus Securitization Trust 2020-4(a)		3.29	(f)		5/25/2065		2,348,000		2,347,924		2,342,214

Total Mortgage-Backed Securities							113,386,074		113,612,852		112,507,582

*U.S. Treasury & Government Agencies — 0.7%:**
U.S. Treasury Bonds(g)		8.00			11/15/2021		5,000,000		5,339,984		5,440,625

Total Fixed Income							743,622,724		747,887,733		751,106,163


	COUNTERPARTY	STRIKE PRICE		EXPIRATION DATE		CONTRACTS		NOTIONAL		COST		UNREALIZED VALUE			FAIR VALUE
*Purchased Options — 0.1%:**
*Call Option Purchased — 0.0%:**
OTC – BCM Swaption	JPMorgan Chase Bank N.A.	$	2.44		12/13/2032		1,958,250		1,958,250		98,255		155,758			254,013

*Put Options Purchased — 0.1%:**
OTC – BCM Swaption	JPMorgan Chase Bank N.A.		2.94		12/13/2032		22,790,000		22,790,000		1,143,488		(485,543	)		657,945
OTC – BCM Swaption	JPMorgan Chase Bank N.A.		3.11		1/31/2033		7,500,000		7,500,000		358,500		(162,068	)		196,432

Total Put Options							30,290,000		30,290,000		1,501,988		(647,611	)		854,377


	EFFECTIVE INTEREST RATE		DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
*Short-Term Investments — 4.0%:**
*Commercial Paper — 4.0%:**
*Advertising — 0.6%:**
Amcor Finanace (USA) Inc.		0.15		10/6/2020		5,000,000		4,999,896		4,999,896

*Auto Manufacturers — 0.4%:**
Harley-Davidson Motorcycle Trust		0.41		11/6/2020		3,000,000		2,998,800		2,998,800

*Chemicals — 1.2%:**
EI Dupont		0.83		12/2/2020		6,000,000		5,991,527		5,991,527
Nutrien Ltd.		0.44		10/9/2020		4,000,000		3,999,618		3,999,618

Total Chemicals						10,000,000		9,991,145		9,991,145

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Commercial Paper (continued):

*Electric — 1.0%:**
Avangrid Inc.		0.20	%		11/16/2020	$	6,000,000	$	5,998,467	$	5,998,467
Daimler AG		0.69			10/8/2020		2,000,000		1,999,735		1,999,735

Total Electric							8,000,000		7,998,202		7,998,202

*Telecommunications — 0.8%:**
Telus Corp.		0.12			10/5/2020		6,000,000		5,999,920		5,999,920

Total Commercial Paper							32,000,000		31,987,963		31,987,963

Total Short-Term Investments							32,000,000		31,987,963		31,987,963

Total Investments							807,870,974		781,475,939		784,202,516

Other assets and liabilities – 1.9%*											14,957,389

Net Assets – 100.0%										$	799,159,905

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 September 30, 2020.

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

(d)	Foreign security.

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


United States	85.8	%
Ireland	2.5	%
Canada	2.3	%
United Kingdom	2.0	%
Switzerland	1.7	%
Other (Individually less than 1%)	5.7	%

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 September 30, 2020 is as follows:

Futures


TYPE	EXPIRATION DATE	CONTRACTS	NOTIONAL AMOUNT			POSITION	FAIR VALUE			UNREALIZED DEPRECIATION
Short Futures
90 Day Euro Futures	12/14/20	5		(1,218,919	)	Short	$	(1,246,937	)	$	(28,019	)
90 Day Euro Futures	03/15/21	5		(1,219,357	)	Short		(1,247,563	)		(28,206	)
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		(1,995,600	)		(44,930	)
90 Day Euro Futures	09/19/22	7		(1,706,137	)	Short		(1,745,800	)		(39,663	)
90 Day Euro Futures	03/13/23	6		(1,461,503	)	Short		(1,495,800	)		(34,297	)
90 Day Euro Futures	12/18/23	8		(1,946,870	)	Short		(1,992,200	)		(45,330	)

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


TYPE	EXPIRATION DATE	CONTRACTS	NOTIONAL AMOUNT			POSITION	FAIR VALUE			UNREALIZED DEPRECIATION
Short Futures (continued):
90 Day Euro Futures	12/16/24	22		(5,347,293	)	Short	$	(5,467,825	)	$	(120,532	)
U.S. 10-Year Ultra Bond	12/21/20	81		(12,920,815	)	Short		(12,953,672	)		(32,857	)
U.S. 2-Year Treasury Note	12/31/20	697		(153,939,753	)	Short		(154,009,774	)		(70,020	)
U.S. 5-Year Treasury Note	12/31/20	1,572		(197,932,925	)	Short		(198,121,125	)		(188,200	)

Total Short Futures										$	(682,600	)

Centrally Cleared Credit Default Swaps - Buy Protection⁽¹⁾


REFERENCE OBLIGATION	FIXED-DEAL RECEIVED RATE			PAYMENT FREQUENCY		MATURITY DATE		ORIGINAL NOTIONAL AMOUNT		CURRENT NOTIONAL AMOUNT⁽²⁾		UPFRONT PREMIUMS PAID/ (RECEIVED)			FAIR VALUE⁽³⁾			UNREALIZED APPRECIATION
CDX.NA.IG.35†		1.00	%		3M		12/20/2025		3,300,000		3,300,000	$	(80,700	)	$	(70,688	)	$	10,012
CDX.NA.IG.35†		1.00	%		3M		12/20/2025		4,400,000		4,400,000		(104,947	)		(94,250	)		10,697

Total Centrally Cleared Credit Default Swaps – Buy Protection												$	(185,647	)	$	(164,938	)	$	20,709

⁽¹⁾

Represents an investment grade index of single name credit default swaps (CDS). All of the companies underlying the single name CDS within the index are rated investment grade or higher. Rating represents a weighted average of the credit ratings of all the companies underlying the single name CDS within the index.

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

⁽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.

^†	Payment is based on a percentage of the index. Reference entities are a number of individual issuers comprising the index.

See accompanying Notes to the Schedule of Investments.

Barings Diversified Income Fund

SCHEDULE OF INVESTMENTS (UNAUDITED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
*Fixed Income — 95.7%:**

*Asset-Backed Securities — 40.3%:**

*CDO/CLO — 21.9%:**
Allegro CLO X Ltd., 3M USD LIBOR + 2.750%(a)		3.02	(b)%		4/20/2032		500,000	$	498,287	$	500,134
Anchorage Capital CLO Ltd. 2016-9A CR, 3M USD LIBOR + 2.850%(a)		3.13	(b)		7/15/2032		500,000		500,000		500,193
Ares LV CLO Ltd. 2020-55A B, 3M USD LIBOR + 2.500%(a)		2.77	(b)		4/15/2031		750,000		750,000		753,613
Avery Point VII CLO Ltd., 3M USD LIBOR + 3.600%(a)		3.88	(b)		1/15/2028		500,000		500,000		477,021
Canyon CLO 2020-2 Ltd., 3M USD LIBOR + 1.450%(a)		1.68	(b)		10/15/2031		1,000,000		1,000,000		1,000,000
CBAM Ltd. 2019-10, 3M USD LIBOR + 2.050%(a)		2.32	(b)		4/20/2032		500,000		500,000		500,609
Crestline Denali CLO XIV Ltd., 3M USD LIBOR + 1.800%(a)		2.06	(b)		10/23/2031		250,000		250,000		243,138
Denali Capital CLO XI Ltd., 3M USD LIBOR + 1.650%(a)		1.92	(b)		10/20/2028		550,000		549,528		536,761
Eaton Vance CLO Ltd. 2013-1, 3M USD LIBOR + 2.800%(a)		3.08	(b)		1/15/2028		500,000		500,000		500,008
Eaton Vance CLO Ltd. 2019-1, 3M USD LIBOR + 1.950%(a)		2.23	(b)		4/15/2031		500,000		500,000		500,710
Elmwood CLO II Ltd., 3M USD LIBOR + 2.900%(a)		3.17	(b)		4/20/2031		750,000		750,000		751,908
KREF 2018-FL1 Ltd., 1M USD LIBOR + 1.100%(a)		1.26	(b)		6/15/2036		400,000		385,537		397,176
KREF Ltd. 2018-FL1, 1M USD LIBOR + 2.550%(a)		2.70	(b)		6/15/2036		420,000		423,293		403,494
Magnetite XXVI Ltd. 2020-26A B, 3M USD LIBOR + 2.400%(a)		2.68	(b)		7/15/2030		750,000		750,000		752,902
OCP CLO 2020-19 Ltd., 3M USD LIBOR + 2.500%(a)		2.77	(b)		7/20/2031		500,000		500,000		501,736
TICP CLO VI Ltd. 2016-2, 3M USD LIBOR + 3.300%(a)		3.58	(b)		1/15/2029		500,000		500,000		489,196
Verde CLO, 3M USD LIBOR + 1.900%(a)		2.18	(b)		4/15/2032		500,000		500,000		499,348

Total CDO/CLO							9,370,000		9,356,645		9,307,947

*Other Asset-Backed Securities — 18.4%:**
Aaset 2019-1 Trust(a)		3.84			5/15/2039		288,265		288,265		268,620
AASET 2020-1 Trust(a)		4.34			1/16/2040		489,753		489,743		341,806
Access Group, Inc. 2015-1 B, 1M USD LIBOR + 1.500%(a)		1.65	(b)		7/25/2058		100,000		86,883		88,305
AccessLex Institute 2004-A A3		1.67	(b)		7/1/2039		50,000		49,416		49,951
Adams Outdoor Advertising LP(a)		4.81			11/15/2048		192,967		200,111		200,779
CARS-DB4 LP(a)		3.81			2/15/2050		250,000		259,039		259,098
CARS-DB4 LP(a)		4.17			2/15/2050		100,000		99,958		102,623
CLI Funding VI LLC(a)		4.64			5/18/2044		173,518		173,490		172,448
College Avenue Student Loans LLC, 1M USD LIBOR + 1.650%(a)		1.80	(b)		11/26/2046		144,152		138,626		144,602
College Loan Corp. Trust I 2005-2 B, 3M USD LIBOR + 0.490%		0.77	(b)		1/15/2037		69,598		62,422		61,074
College Loan Corp. Trust I 2017-1 B2, 28 day ARS		1.12	(b)		1/25/2047		45,000		38,927		44,409
Credit Suisse ABS Repackaging Trust 2013-A B(a)		2.50			1/25/2030		24,781		23,803		24,724

See accompanying Notes to the Schedule of Investments.

Barings Diversified Income Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (continued):

Other Asset-Backed Securities (continued):
EdLinc Student Loan Funding Trust 2017-A A, PRIME - 1.150%(a)		3.60	(b)%		12/1/2047		48,427	$	48,107	$	47,855
EDvestinU Private Education Loan Issue No 1 LLC(a)		4.49			11/25/2043		277,000		276,811		290,539
Goodgreen 2019-2(a)		3.86			10/15/2054		279,358		279,314		284,386
Goodgreen Trust 2018-1A A(a)		3.93			10/15/2053		260,337		269,245		276,674
Horizon Aircraft Finance I Ltd.(a)		5.27			12/15/2038		450,400		459,198		344,052
Horizon Aircraft Finance II Ltd.(a)		4.70			7/15/2039		286,538		286,529		214,105
Kestrel Aircraft Funding Ltd.(a),(c)		4.25			12/15/2038		303,960		309,622		263,860
KeyCorp Student Loan Trust 2005-A, 3M USD LIBOR + 0.730%		0.96	(b)		9/27/2038		575,413		564,716		567,509
Labrador Aviation Finance Ltd. 2016-1A(a)		4.30			1/15/2042		192,708		193,221		170,368
Navient Student Loan Trust 2018-1B, 1M USD LIBOR + 1.200%(a)		1.35	(b)		3/25/2067		100,000		96,017		94,451
Nelnet Private Education Loan Trust 2016-A A1B(a)		3.60			12/26/2040		19,674		19,556		20,050
Nelnet Student Loan Trust 2006-2 B, 3M USD LIBOR + 0.200%		0.44	(b)		1/25/2038		177,879		167,456		151,857
Nelnet Student Loan Trust 2006-3, 3M USD LIBOR + 0.250%		0.48	(b)		6/25/2041		116,794		109,630		97,780
OneMain Financial Issuance Trust 2020-2(a)		2.21			9/14/2035		400,000		399,788		398,907
OneMain Financial Issuance Trust 2020-2(a)		2.76			9/14/2035		400,000		399,831		398,836
Oxford Finance Funding 2020-1 LLC(a)		3.10			2/15/2028		475,000		475,000		481,790
Oxford Finance Funding 2020-1 LLC(a)		4.04			2/15/2028		450,000		450,000		451,687
SLC Student Loan Trust 2005-1 B, 3M USD LIBOR + 0.200%		0.48	(b)		2/15/2045		70,999		61,860		61,413
SLM Student Loan Trust 2003-14, 3M USD LIBOR + 0.550%		0.79	(b)		10/25/2065		164,980		156,986		153,793
SLM Student Loan Trust 2004-1, 3M USD LIBOR + 0.500%		0.74	(b)		7/25/2039		154,216		143,295		142,411
SLM Student Loan Trust 2005-6 B, 3M USD LIBOR + 0.290%		0.53	(b)		1/25/2044		95,653		89,199		85,226
SLM Student Loan Trust 2006-5 B, 3M USD LIBOR + 0.210%		0.45	(b)		10/25/2040		90,058		79,980		80,516
SoFi Professional Loan Program LLC 2017-A C(a)		4.43			3/26/2040		100,000		99,519		105,007
South Carolina Student Loan Corp. 2014-1 B, 1M USD LIBOR + 1.500%		1.66	(b)		8/1/2035		100,000		98,851		99,476
Store Master Funding I-VII(a)		4.74			10/20/2048		227,796		234,452		238,520
Textainer Marine Containers VII Ltd.(a)		5.28			4/20/2044		177,333		177,264		177,333
Wachovia Student Loan Trust 2005-1 B, 3M USD LIBOR + 0.300%		0.54	(b)		10/25/2040		53,161		49,131		48,361
Willis Engine Structured Trust IV(a)		4.75			9/15/2043		347,230		354,959		292,868

Total Other Asset-Backed Securities							8,322,948		8,260,220		7,798,069

Total Asset-Backed Securities							17,692,948		17,616,865		17,106,016

*Corporate Bonds — 46.9%:**

*Agriculture — 0.1%:**
Bunge Ltd. Finance Corp.		1.63			8/17/2025		60,000		59,997		60,262

See accompanying Notes to the Schedule of Investments.

Barings Diversified Income Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):

*Auto Manufacturers — 0.3%:**
Ford Motor Co.		9.63	%		4/22/2030		100,000	$	115,413	$	129,125

*Chemicals — 1.3%:**
Nutrition & Biosciences, Inc.(a)		1.83			10/15/2027		125,000		124,999		125,567
UPL Corp. Ltd.(c)		4.63			6/16/2030		260,000		258,895		264,875
Yara International ASA(a)		3.15			6/4/2030		150,000		159,178		160,513

Total Chemicals							535,000		543,072		550,955

*Commercial Banks — 7.6%:**
Banco de Credito del Peru, 5 year CMT + 3.000%(a),(c)		3.13	(b)		7/1/2030		414,000		410,978		414,000
Banco Santander SA(c)		2.75			5/28/2025		400,000		404,489		419,581
Bank of America Corp.		4.20			8/26/2024		280,000		301,727		311,819
Barclays plc, 3M USD LIBOR + 2.452%(c)		2.85	(b)		5/7/2026		390,000		390,000		405,635
BBVA Bancomer SA(a),(c)		1.88			9/18/2025		500,000		495,491		488,500
BPCE SA(a),(c)		5.70			10/22/2023		385,000		427,433		431,775
Credit Suisse AG(a),(c)		6.50			8/8/2023		310,000		342,704		351,075
Morgan Stanley		4.10			5/22/2023		370,000		389,352		400,773

Total Commercial Banks							3,049,000		3,162,174		3,223,158

*Diversified Financial Services — 4.8%:**
Lazard Group LLC		3.75			2/13/2025		410,000		435,422		444,425
LeasePlan Corp. NV(a),(c)		2.88			10/24/2024		605,000		612,081		624,370
MAR Sukuk Ltd.(c)		2.21			9/2/2025		500,000		500,000		500,419
Shinhan Financial Group Co. Ltd., 5 year CMT + 1.500%(a),(c)		3.34	(b)		2/5/2030		242,000		242,000		253,798
SPARC EM SPC Panama Metro Line 2 SP(c)		Zero Coupon			12/5/2022		237,795		228,415		230,367

Total Diversified Financial Services							1,994,795		2,017,918		2,053,379

*Electric — 4.7%:**
Adani Electricity Mumbai Ltd.(a),(c)		3.95			2/12/2030		550,000		526,489		536,594
AES Panama Generation Holdings SRL(a),(c)		4.38			5/31/2030		465,000		465,000		476,480
Infraestructura Energetica Nova SAB de CV(a),(c)		3.75			1/14/2028		488,000		497,365		483,120
Saudi Electricity Global Sukuk Co. 5(c)		2.41			9/17/2030		500,000		500,000		499,387

Total Electric							2,003,000		1,988,854		1,995,581

*Food — 0.9%:**
JBS USA Food Co.(a)		5.50			1/15/2030		202,000		206,804		219,871
Smithfield Foods, Inc.(a)		3.00			10/15/2030		154,000		155,022		154,333

Total Food							356,000		361,826		374,204

*Forestry and Paper Products — 0.9%:**
Suzano Austria GmbH(c)		3.75			1/15/2031		360,000		353,974		359,640

*Insurance — 7.7%:**
Athene Global Funding(a)		2.50			1/14/2025		710,000		691,823		731,842
AXIS Specialty Finance LLC		3.90			7/15/2029		233,000		254,826		254,659
Brighthouse Financial, Inc.		3.70			6/22/2027		400,000		418,451		414,945
CNO Financial Group, Inc.		5.25			5/30/2025		150,000		172,401		172,045
Enstar Group Ltd.		4.95			6/1/2029		420,000		442,897		470,634
Hanwha Life Insurance Co. Ltd., 5 year CMT + 2.000%(c)		4.70	(b)		4/23/2048		300,000		296,918		308,250
Hanwha Life Insurance Co. Ltd., 5 year CMT + 2.000%(a),(c)		4.70	(b)		10/23/2168		200,000		205,158		205,500

See accompanying Notes to the Schedule of Investments.

Barings Diversified Income Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):

Insurance (continued):
Prudential Financial, Inc., 3M USD LIBOR + 3.920%		5.63	(b)%		6/15/2043		320,000	$	342,677	$	339,896
Qatar Reinsurance Co. Ltd., 5 year USD Swap + 2.786%(c)		4.95	(b)		12/29/2048		350,000		359,485		349,344

Total Insurance							3,083,000		3,184,636		3,247,115

*Internet — 1.3%:**
Tencent Music Entertainment Group(c)		2.00			9/3/2030		553,000		550,776		541,384

*Investment Company Security — 1.6%:**
Ares Capital Corp.		3.25			7/15/2025		230,000		232,342		227,824
Ares Capital Corp.		3.88			1/15/2026		200,000		202,700		203,688
BlackRock TCP Capital Corp.		4.13			8/11/2022		225,000		230,284		228,202

Total Investment Company Security							655,000		665,326		659,714

*Iron/Steel — 0.8%:**
Vale Overseas Ltd.(c)		3.75			7/8/2030		314,000		311,462		322,556

*IT Services — 1.0%:**
Dell International LLC/EMC Corp.(a)		5.85			7/15/2025		359,000		401,398		418,304

*Media — 1.3%:**
DISH Network Corp.		3.38			8/15/2026		140,000		127,577		128,519
Sirius XM Radio, Inc.(a)		5.50			7/1/2029		90,000		93,793		96,525
ViacomCBS, Inc.		4.95			1/15/2031		270,000		324,371		324,664

Total Media							500,000		545,741		549,708

*Mining — 1.8%:**
AngloGold Ashanti Holdings plc(c)		3.75			10/1/2030		345,000		343,889		353,909
Glencore Funding LLC(a),(c)		4.00			4/16/2025		385,000		406,767		422,572

Total Mining							730,000		750,656		776,481

*Oil and Gas — 1.2%:**
Gazprom PJSC via Gaz Finance plc(a),(c)		3.25			2/25/2030		500,000		481,242		499,660

*Pipelines — 0.6%:**
Fermaca Enterprises S de RL de CV(a),(c)		6.38			3/30/2038		254,202		259,233		271,996

*Real Estate — 2.3%:**
Country Garden Holdings Co. Ltd.(c)		5.63			1/14/2030		500,000		525,910		541,094
NE Property BV(c)		1.88			10/9/2026		415,000		450,676		449,976

Total Real Estate							915,000		976,586		991,070

*Real Estate Investment Trusts — 3.6%:**
PLA Administradora Industrial S de RL de CV(a),(c)		4.96			7/18/2029		290,000		290,000		303,485
SBA Tower Trust(a)		2.33			1/15/2028		308,000		308,000		313,244
STORE Capital Corp.		4.63			3/15/2029		555,000		512,918		595,128
Tanger Properties LP		3.88			12/1/2023		316,000		322,231		317,805

Total REITS							1,469,000		1,433,149		1,529,662

*Retail — 0.9%:**
Advance Auto Parts, Inc.		1.75			10/1/2027		50,000		49,836		49,852
El Puerto de Liverpool SAB de CV(a),(c)		3.95			10/2/2024		320,000		306,603		333,203

Total Retail							370,000		356,439		383,055

*Telecommunications — 0.5%:**
Sprint Capital Corp.		8.75			3/15/2032		140,000		199,686		204,933

See accompanying Notes to the Schedule of Investments.

Barings Diversified Income Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST			FAIR VALUE
Corporate Bonds (continued):										��

*Transportation — 0.2%:**
XPO Logistics, Inc.(a)		6.25	%		5/1/2025		95,000	$	95,000		$	101,518

*Trucking and Leasing — 1.5%:**
Park Aerospace Holdings Ltd.(a),(c)		5.25			8/15/2022		650,000		669,838			652,630

Total Corporate Bonds							19,044,997		19,484,396			19,896,090

*Mortgage-Backed Securities — 8.5%:**

BANK 2018-BNK14		4.73	(d)		9/15/2060		400,000		462,397			460,497
BX Commercial Mortgage Trust 2019-XL, 1M USD LIBOR + 2.000%(a)		2.15	(b)		10/15/2036		379,719		357,488			375,236
COMM 2014-LC17 Mortgage Trust		4.71	(d)		10/10/2047		400,000		410,036			400,738
COMM 2014-UBS5 Mortgage Trust		4.76	(d)		9/10/2047		395,000		409,550			369,812
Connecticut Avenue Securities Trust 2019-R03, 1M USD LIBOR + 2.150%(a)		2.30	(b)		9/25/2031		527,348		526,842			525,960
Federal Home Loan Mortgage Corp., 1M USD LIBOR + 3.000%(a)		3.15	(b)		6/25/2050		620,000		617,009			621,731
GS Mortgage Securities Corp. II(a)		3.00	(d)		7/10/2051		500,000		449,620			325,034
GS Mortgage Securities Corp. II		4.16	(d)		7/10/2051		92,252		104,163			108,476
GS Mortgage Securities Trust 2016-GS2		4.68	(d)		5/10/2049		200,000		206,915			213,995
J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-OSB(a)		3.91	(d)		6/5/2039		213,000		211,452			194,848

Total Mortgage-Backed Securities							3,727,319		3,755,472			3,596,327

Total Fixed Income							40,465,264		40,856,733			40,598,433

Total Investments							40,465,264		40,856,733			40,598,433

Other assets and liabilities – 4.3%*												1,836,908

Net Assets – 100.0%											$	42,435,341

‡‡	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 September 30, 2020.

(c)	Foreign security.

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


United States	69.1	%
Mexico	4.6	%
China	2.7	%
Ireland	2.3	%
Qatar	2.1	%
India	2.0	%
Switzerland	1.9	%
Republic of Korea	1.9	%
Brazil	1.7	%
Netherlands	1.5	%
Russia	1.2	%
Saudi Arabia	1.2	%
Pitcairn Island	1.2	%
Romania	1.1	%
France	1.1	%
Spain	1.0	%
Peru	1.0	%
United Kingdom	1.0	%
Other (Individually less than 1%)	1.4	%

Total	100.0	%

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

See accompanying Notes to the Schedule of Investments.

Barings Diversified Income Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020

A summary of outstanding derivatives at September 30, 2020 is as follows:

Forward Foreign Currency Exchange Contracts to Buy


EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED DEPRECIATION
10/6/20	Canadian Imperial Bank of Commerce		EUR	399,094	$	467,956	$	468,338	$	(382	)

Net unrealized depreciation on forward foreign currency exchange contracts to buy									$	(382	)

Forward Foreign Currency Exchange Contracts to Sell


EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION
10/6/20	Standard Chartered Bank		EUR	399,094	$	467,957	$	477,419	$	9,462
11/5/20	Canadian Imperial Bank of Commerce		EUR	394,697		463,087		463,466		379

Net unrealized appreciation on forward foreign currency exchange contracts to sell									$	9,841

Currency Legend

EUR – Euro

Futures


TYPE	EXPIRATION DATE	CONTRACTS	NOTIONAL AMOUNT			POSITION	FAIR VALUE			UNREALIZED APPRECIATION
Long Future
U.S. 2-Year Treasury Note	12/31/20	1		220,901		Long	$	220,961		$	60

TYPE	EXPIRATION DATE	CONTRACTS	NOTIONAL AMOUNT			POSITION	FAIR VALUE			UNREALIZED DEPRECIATION
Short Futures
Euro-BOBL Future	12/08/20	1		(160,378	)	Short	$	(158,480	)	$	(448	)
Euro-Bund Future	12/08/20	1		(205,580	)	Short		(204,616	)		(2,042	)
Euro-SCHATZ Future	12/08/20	3		(400,568	)	Short		(394,963	)		(253	)
U.S. 10-Year Ultra Bond	12/21/20	39		(6,221,989	)	Short		(6,236,953	)		(14,964	)
U.S. 5-Year Treasury Note	12/31/20	107		(13,473,682	)	Short		(13,485,344	)		(11,662	)

Total Short Futures										$	(29,369	)

See accompanying Notes to the Schedule of Investments.

Barings Emerging Markets Debt Blended Total Return Fund

SCHEDULE OF INVESTMENTS (UNAUDITED)

September 30, 2020


	EFFECTIVE INTEREST RATE				DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
*Fixed Income — 89.4%:**

*Corporate Bonds — 39.1%:**

*Aerospace/Defense — 0.9%:**
Embraer Netherlands Finance BV(a),(b)		6.95	%			1/17/2028		500,000	$	499,246	$	505,495

*Chemicals — 2.2%:**
Braskem Idesa SAPI(a),(b)		7.45				11/15/2029		795,000		792,448		755,250
Grupo Idesa SA de CV(a),(b)		10.13				5/22/2026		1,010,000		975,681		564,969

Total Chemicals								1,805,000		1,768,129		1,320,219

*Commercial Banks — 6.4%:**
National Bank of Greece SA, 5 year EUR Swap + 8.464%(b)		8.25	(c)			7/18/2029		750,000		844,200		901,162
Nova Ljubljanska Banka dd, 5 year EUR Swap + 3.833%(b)		3.65	(c)			11/19/2029		400,000		440,400		422,082
Sovcombank Via SovCom Capital DAC, 5 year CMT + 6.380%(a),(b)		7.75	(c),(d)					200,000		200,000		187,000
Sovcombank Via SovCom Capital DAC, 5 year CMT + 6.427%(a),(b)		8.00	(c)			4/7/2030		1,165,000		1,169,375		1,170,972
TBC Bank JSC, 5 year USD ICE Swap + 8.995%(a),(b)		10.78	(c),(d)					645,000		645,000		632,302
TMB Bank PCL, 5 year CMT + 3.256%(b)		4.90	(c),(d)					500,000		475,932		475,250

Total Commercial Banks								3,660,000		3,774,907		3,788,768

*Diversified Financial Services — 1.6%:**
India Infoline Finance Ltd.(b)		5.88				4/20/2023		1,055,000		993,515		931,578

*Electric — 1.0%:**
Infraestructura Energetica Nova SAB de CV(a),(b)		4.75				1/15/2051		312,000		302,973		289,965
Infraestructura Energetica Nova SAB de CV(a),(b)		4.88				1/14/2048		328,000		271,759		315,700

Total Electric								640,000		574,732		605,665

*Engineering&Construction — 1.0%:**
Rutas 2 and 7 Finance Ltd.(a),(b)		Zero Coupon				9/30/2036		850,000		563,894		597,125

*Food — 0.4%:**
MHP Lux SA(a),(b)		6.25				9/19/2029		270,000		274,501		256,500

*Forestry and Paper Products — 0.6%:**
Suzano Austria GmbH(b)		3.75				1/15/2031		361,000		354,957		360,639

*Household Products — 0.6%:**
Walnut Bidco plc(a),(b)		6.75				8/1/2024		317,000		352,647		362,977

*Internet — 0.9%:**
Tencent Music Entertainment Group(b)		2.00				9/3/2030		553,000		550,776		541,384

*Metal Fabricate/Hardware — 0.7%:**
HTA Group Ltd.(a),(b)		7.00				12/18/2025		416,000		413,768		433,680

*Mining — 8.0%:**
AngloGold Ashanti Holdings plc		3.75				10/1/2030		345,000		343,889		353,909
Bayan Resources Tbk PT(a),(b)		6.13				1/24/2023		900,000		845,554		857,812
CSN Islands XI Corp.(a),(b)		6.75				1/28/2028		721,000		721,000		698,433
First Quantum Minerals Ltd.(a),(b)		6.88				10/15/2027		610,000		610,000		587,887
First Quantum Minerals Ltd.(a),(b)		7.50				4/1/2025		250,000		246,603		247,278
Metinvest BV(a),(b)		5.63				6/17/2025		750,000		816,137		821,081
Vedanta Holdings Mauritius II Ltd.(a),(b)		13.00				8/21/2023		377,000		377,000		388,248
Vedanta Resources Finance II plc(a),(b)		9.25		��		4/23/2026		550,000		548,093		412,500

See accompanying Notes to the Schedule of Investments.

Barings Emerging Markets Debt Blended Total Return Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):

Mining (continued):
Vedanta Resources Ltd.(a),(b)		8.25	%		6/7/2021		400,000	$	271,674	$	375,375

Total Mining							4,903,000		4,779,950		4,742,523

*Oil and Gas — 5.5%:**
Petrobras Global Finance BV(b)		6.75			6/3/2050		300,000		294,349		320,719
Petrobras Global Finance BV(b)		6.90			3/19/2049		900,000		968,913		1,005,750
Petroleos Mexicanos(a),(b)		6.95			1/28/2060		1,304,000		1,203,295		1,008,644
Tullow Oil PLC(a),(b)		6.25			4/15/2022		210,000		73,800		108,150
Tullow Oil plc(a),(b)		7.00			3/1/2025		1,840,000		1,289,057		855,600

Total Oil and Gas							4,554,000		3,829,414		3,298,863

*Oil and Gas Services — 0.9%:**
Borets Finance DAC(a),(b)		6.00			9/17/2026		531,000		531,000		529,779

*Real Estate — 1.3%:**
Kaisa Group Holdings Ltd.(b)		11.25			4/9/2022		750,000		759,496		767,239

*Retail — 1.8%:**
Arabian Centres Sukuk Ltd.(a),(b)		5.38			11/26/2024		700,000		649,642		641,200
Future Retail Ltd.(b)		5.60			1/22/2025		500,000		449,995		422,379

Total Retail							1,200,000		1,099,637		1,063,579

*Sovereign — 0.8%:**
Ukreximbank Via Biz Finance plc, 5 year USD ICE Swap + 8.178%(b)		9.95	(c)		11/14/2029		500,000		500,000		490,100

*Telecommunications — 3.0%:**
Axiata Spv5 Labuan Ltd.(b)		3.06			8/19/2050		500,000		500,000		468,482
IHS Netherlands Holdco BV(a),(b)		8.00			9/18/2027		500,000		492,634		512,265
Network i2i Ltd., 5 year CMT + 4.277%(a),(b)		5.65	(c),(d)				400,000		374,683		397,625
VF Ukraine PAT via VFU Funding plc(a),(b)		6.20			2/11/2025		405,000		405,000		402,089

Total Telecommunications							1,805,000		1,772,317		1,780,461

*Transportation — 1.5%:**
MV24 Capital BV(a),(b)		6.75			6/1/2034		592,885		592,885		598,517
Prumo Participacoes e Investimentos SA(a),(b)		7.50			12/31/2031		274,419		281,795		290,884

Total Transportation							867,304		874,680		889,401

Total Corporate Bonds							25,537,304		24,267,566		23,265,975

*Foreign Government — 50.3%:**
*Albania — 1.5%:**
Albania Government International Bond(a),(b)		3.50			6/16/2027		740,000		832,760		888,002

*Belarus — 4.2%:**
Republic of Belarus International Bond(a),(b)		7.63			6/29/2027		1,000,000		1,028,346		974,687
Republic of Belarus Ministry of Finance(a),(b)		6.38			2/24/2031		1,630,000		1,630,000		1,525,680

Total Belarus							2,630,000		2,658,346		2,500,367

*Bolivia — 0.9%:**
Bolivian Government International Bond(a)		4.50			3/20/2028		623,000		557,996		532,081

See accompanying Notes to the Schedule of Investments.

Barings Emerging Markets Debt Blended Total Return Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Foreign Government (continued):
*Brazil — 1.9%:**
Brazil Notas do Tesouro Nacional Serie B(b)		6.00	%		8/15/2050		780,000	$	662,299	$	589,635
Brazilian Government International Bond(b)		5.63			2/21/2047		500,000		575,194		543,906

Total Brazil							1,280,000		1,237,493		1,133,541

*Colombia — 1.8%:**
Colombian TES(b)		7.00			6/30/2032		720,400,000		154,808		202,919
Colombian TES(b)		7.50			8/26/2026		1,350,000,000		445,857		405,346
Colombian TES(b)		10.00			7/24/2024		1,385,600,000		521,160		443,761

Total Colombia							3,456,000,000		1,121,825		1,052,026

*Ecuador — 1.1%:**
Ecuador Government International Bond(a)		Zero Coupon			7/31/2030		69,699		36,796		32,410
Ecuador Government International Bond(a)		0.50			7/31/2030		228,060		176,670		154,511
Ecuador Government International Bond(a)		0.50			7/31/2035		597,662		390,695		333,197
Ecuador Government International Bond(a)		0.50			7/31/2040		273,913		161,534		137,641

Total Ecuador							1,169,334		765,695		657,759

*Egypt — 0.6%:**
Egypt Government International Bond(a),(b)		6.38			4/11/2031		350,000		392,822		381,761

*El Salvador — 3.5%:**
El Salvador Government International Bond(a),(b)		7.65			6/15/2035		700,000		509,831		600,906
El Salvador Government International Bonds(a),(b)		7.12			1/20/2050		400,000		400,000		311,360
El Salvador Government International Bonds(a),(b)		8.25			4/10/2032		600,000		640,295		541,313
El Salvador Government International Bonds(a),(b)		8.63			2/28/2029		670,000		765,316		633,778

Total El Salvador							2,370,000		2,315,442		2,087,357

*Ivory Coast — 1.0%:**
Ivory Coast Government International Bond(a),(b)		5.88			10/17/2031		550,000		599,873		582,378

*Jordan — 1.7%:**
Jordan Government International Bond(a),(b)		5.85			7/7/2030		1,030,000		1,030,000		999,100

*Macedonia — 1.1%:**
North Macedonia Government International Bond(a),(b)		3.68			6/3/2026		550,000		596,633		686,762

*Malaysia — 1.5%:**
Malaysia Government Bond(b)		3.96			9/15/2025		3,502,000		871,945		908,683

*Mexico — 5.9%:**
Mexican Bonos(b)		5.75			3/5/2026		14,500,000		736,937		671,342
Mexican Bonos(b)		7.75			11/13/2042		23,900,000		1,004,209		1,168,707
Mexican Bonos(b)		8.00			9/5/2024		3,200,000		141,564		160,686
Mexican Bonos(b)		8.00			11/7/2047		30,000,000		1,391,642		1,497,524

Total Mexico							71,600,000		3,274,352		3,498,259

See accompanying Notes to the Schedule of Investments.

Barings Emerging Markets Debt Blended Total Return Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Foreign Government (continued):
*Peru — 1.9%:**
Peru Government Bond(b)		6.85	%		2/12/2042		3,633,000	$	1,275,651	$	1,155,736

*Poland — 2.0%:**
Republic of Poland Government Bond(b)		2.75			10/25/2029		4,000,000		1,146,831		1,166,865

*Romania — 1.6%:**
Romania Government Bond		3.65			9/24/2031		2,500,000		588,220		593,952
Romanian Government International Bond(a)		4.63			4/3/2049		250,000		361,843		356,771

Total Romania							2,750,000		950,063		950,723

*Serbia — 1.4%:**
Serbia International Bond(a),(b)		3.13			5/15/2027		680,000		724,704		852,078

*South Africa — 4.9%:**
Republic of South Africa Government Bond(b)		10.50			12/21/2026		42,400,000		2,703,451		2,942,465

*Supranational — 1.5%:**
Asian Development Bank, TBIB6MIR(b),(e)		2.55	(c)		7/14/2021		680,000		228,372		211,228
European Bank for Reconstruction & Development, GGRRC9MX – 0.500%(b),(e)		7.73	(c)		10/29/2022		1,200,000		404,027		371,728
International Bank for Reconstruction & Development(b),(e)		7.25			11/22/2021		960,000		325,423		294,792

Total Supranational							2,840,000		957,822		877,748

*Tajikistan — 0.3%:**
Republic of Tajikistan International Bond(a),(b)		7.13			9/14/2027		200,000		157,291		161,062

*Thailand — 1.9%:**
Thailand Government Bond(b)		1.60			12/17/2029		9,105,000		293,605		293,565
Thailand Government Bond(b)		2.88			12/17/2028		22,913,000		810,720		814,752

Total Thailand							32,018,000		1,104,325		1,108,317

*Tunisia — 0.9%:**
Banque Centrale de Tunisie International Bonds(a),(b)		6.38			7/15/2026		510,000		566,665		537,594

*Ukraine — 5.3%:**
Ukraine Government International Bonds(a),(b)		4.38			1/27/2030		1,250,000		1,386,563		1,194,433
Ukraine Government International Bonds(a),(b)		6.75			6/20/2026		795,000		906,814		906,465
Ukraine Government International Bonds(a),(b)		9.75			11/1/2028		960,000		932,636		1,036,200

Total Ukraine							3,005,000		3,226,013		3,137,098

*Uruguay — 1.9%:**
Uruguay Government International Bond(b)		3.88			7/2/2040		20,574,466		480,552		559,618

See accompanying Notes to the Schedule of Investments.

Barings Emerging Markets Debt Blended Total Return Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Foreign Government (continued):
Uruguay (continued):
Uruguay Government International Bond(b)		4.38	%		12/15/2028		21,267,176	$	556,958	$	564,101

Total Uruguay							41,841,642		1,037,510		1,123,719

Total Foreign Government							3,676,271,976		30,105,508		29,921,481

Total Fixed Income							3,701,809,280		54,373,074		53,187,456

Total Investments							3,701,809,280		54,373,074		53,187,456

Other assets and liabilities – 10.6%*											6,278,816

Net Assets – 100.0%										$	59,466,272

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

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

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

(b)	Foreign security.

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


Mexico	12.1	%
Brazil	9.2	%
Ukraine	8.8	%
South Africa	5.5	%
India	5.5	%
Belarus	4.7	%
Russia	4.3	%
El Salvador	3.9	%
Thailand	3.0	%
Malaysia	2.6	%
China	2.5	%
Poland	2.2	%
Peru	2.2	%
Uruguay	2.1	%
Colombia	2.0	%
Jordan	1.9	%
Ghana	1.8	%
Romania	1.8	%
Greece	1.7	%
Albania	1.7	%
Supranational	1.7	%
Indonesia	1.6	%
Serbia	1.6	%
Macedonia	1.3	%
Ecuador	1.2	%
Saudi Arabia	1.2	%
Georgia	1.2	%
Paraguay	1.1	%
Zimbabwe	1.1	%
Ivory Coast	1.1	%
Tunisia	1.0	%
Bolivia	1.0	%
Niger	1.0	%
Other (Individually less than 1%)	4.4	%

Total	100.0	%

(c)	Variable rate security. The interest rate shown is the rate in effect at September 30, 2020.

See accompanying Notes to the Schedule of Investments.

Barings Emerging Markets Debt Blended Total Return Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020

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

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

A summary of outstanding derivatives at September 30, 2020 is as follows:

Forward Foreign Currency Exchange Contracts to Buy


EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY		VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION (DEPRECIATION)
10/20/20	Morgan Stanley & Co.	AUD	2,602,246	$	1,863,932	$	1,830,121	$	33,811
11/24/20	Morgan Stanley & Co.	AUD	2,248,628		1,610,790		1,613,137		(2,347	)
11/24/20	Standard Chartered Bank	AUD	88,218		63,194		65,000		(1,806	)
10/6/20	JPMorgan Chase Bank N.A.	BRL	235,118		41,861		42,644		(783	)
11/10/20	JPMorgan Chase Bank N.A.	BRL	3,987,488		709,307		706,000		3,307
11/10/20	Citibank N.A.	BRL	28,418,418		5,055,160		5,479,066		(423,906	)
1/12/21	JPMorgan Chase Bank N.A.	BRL	235,118		41,748		41,390		358
10/6/20	Citibank N.A.	COP	4,045,777,459		1,056,943		1,041,652		15,291
10/13/20	Citibank N.A.	EUR	3,039,739		3,564,752		3,454,464		110,288
11/17/20	Morgan Stanley & Co.	EUR	856,120		1,004,712		1,020,562		(15,850	)
11/24/20	JPMorgan Chase Bank N.A.	INR	92,800,975		1,255,180		1,255,000		180
10/6/20	Goldman Sachs & Co.	MXN	22,408,599		1,012,952		955,000		57,952
10/6/20	Bank of America N.A.	MXN	30,279,091		1,368,728		1,379,000		(10,272	)
1/12/21	Goldman Sachs & Co.	MXN	52,687,690		2,355,682		2,318,901		36,781
10/6/20	JPMorgan Chase Bank N.A.	PEN	722,717		200,551		203,113		(2,562	)
10/6/20	Citibank N.A.	PEN	2,781,585		771,878		791,060		(19,182	)
11/16/20	JPMorgan Chase Bank N.A.	PKR	57,709,480		345,172		356,724		(11,552	)
11/16/20	Citibank N.A.	PKR	49,760,750		297,629		305,000		(7,371	)
10/13/20	Bank of America N.A.	PLN	18,152,628		4,696,285		4,590,315		105,970
10/13/20	Citibank N.A.	TRY	20,141,713		2,602,357		2,666,788		(64,431	)

Net unrealized depreciation on forward foreign currency exchange contracts to buy								$	(196,124	)

Forward Foreign Currency Exchange Contracts to Sell


EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY		VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION (DEPRECIATION)
10/6/20	JPMorgan Chase Bank N.A.	BRL	235,118	$	41,860	$	41,500	$	(360	)
10/13/20	Bank of America N.A.	CHF	924,393		1,003,937		987,814		(16,123	)
11/17/20	Citibank N.A.	CHF	1,658,636		1,803,110		1,831,860		28,750
10/6/20	Citibank N.A.	COP	4,045,777,459		1,056,943		1,073,635		16,692
1/12/21	Citibank N.A.	COP	4,045,777,459		1,051,614		1,035,825		(15,789	)
11/18/20	Bank of America N.A.	CZK	9,510,010		412,138		432,751		20,613
10/13/20	Standard Chartered Bank	EUR	461,027		540,654		551,000		10,346
10/13/20	Citibank N.A.	EUR	2,578,712		3,024,098		3,056,855		32,757
11/17/20	Bank of America N.A.	EUR	1,766,216		2,072,768		2,093,536		20,768
11/17/20	Barclays Bank plc	ILS	9,263,715		2,705,643		2,724,221		18,578
11/24/20	Citibank N.A.	JPY	318,925,964		3,025,767		3,010,000		(15,767	)

See accompanying Notes to the Schedule of Investments.

Barings Emerging Markets Debt Blended Total Return Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020

Forward Foreign Currency Exchange Contracts to Sell (continued)


EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY		VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION (DEPRECIATION)
10/6/20	Goldman Sachs & Co.	MXN	52,687,690	$	2,381,680	$	2,344,555	$	(37,125	)
10/6/20	Barclays Bank plc	PEN	3,504,302		972,429		987,545		15,116
10/13/20	Goldman Sachs & Co.	PLN	6,230,568		1,611,917		1,656,838		44,921
10/13/20	BNP Paribas S.A.	RUB	24,602,810		316,345		341,563		25,218
10/13/20	Bank of America N.A.	RUB	116,854,186		1,502,521		1,492,000		(10,521	)
10/20/20	HSBC Bank USA	SGD	571,502		418,674		411,958		(6,716	)
11/24/20	JPMorgan Chase Bank N.A.	SGD	3,227,631		2,364,624		2,353,788		(10,836	)
10/13/20	JPMorgan Chase Bank N.A.	TRY	20,141,713		2,602,356		2,812,107		209,751

Net unrealized appreciation on forward foreign currency exchange contracts to sell								$	330,273

Currency Legend


AUD	–	Australian Dollar
BRL	–	Brazilian Real
CHF	–	Swiss Franc
COP	–	Colombian Peso
CZK	–	Czech Koruna
EUR	–	Euro
ILS	–	Israeli Shekel
INR	–	Indian Rupee
JPY	–	Japanese Yen
MXN	–	Mexican Peso
PEN	–	Peruvian Nuevo Sol
PKR	–	Pakistan Rupee
PLN	–	Polish Zloty
RUB	–	Russian Ruble
SGD	–	Singapore Dollar
TRY	–	Turkish New Lira

FUTURES


TYPE	EXPIRATION DATE		CONTRACTS		NOTIONAL AMOUNT			POSITION		FAIR VALUE			UNREALIZED APPRECIATION
Short Future
U.S. Ultra Bond		12/21/20		12		(2,665,514	)		Short	$	(2,661,750	)	$	3,764

Centrally Cleared Interest Rate Swaps


FLOATING RATE REFERENCE	PAY/ RECEIVE FLOATING RATE	FIXED RATE			MATURITY DATE	PAY/RECEIVE PAYMENT FREQUENCY	NOTIONAL AMOUNT		CLEARED EXCHANGE		UNREALIZED APPRECIATION DEPRECIATION
BRL-CDI Rate	Pay		6.38	%	1/02/23	At Maturity		15,433,848		CME	$	207,530
BRL-CDI Rate	Pay		7.49	%	1/02/29	At Maturity		9,935,952		CME		371
BRL-CDI Rate	Pay		7.48	%	1/02/29	At Maturity		989,335		CME		(276	)
CZK-PRIBOR Rate	Pay		1.95	%	1/24/25	1Y/6M		61,000,000		LCH		196,090
CZK-PRIBOR Rate	Pay		1.94	%	1/24/25	1Y/6M		117,500,000		CME		375,219
THB-THBFIX Rate	Receive		0.73	%	7/13/25	6M/6M		27,300,000		LCH		(765	)
THB-THBFIX Rate	Receive		0.72	%	7/13/25	6M/6M		27,300,000		LCH		(1,193	)
THB-THBFIX Rate	Receive		1.5	%	9/08/30	6M/6M		33,191,000		LCH		(810	)
THB-THBFIX Rate	Receive		1.51	%	9/10/30	6M/6M		49,455,000		LCH		(859	)

Total Centrally Cleared Interest Rate Swaps											$	775,307

See accompanying Notes to the Schedule of Investments.

Barings Emerging Markets Debt Blended Total Return Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


OTC Cross Currency Swaps
NOTIONAL AMOUNT	FUND PAYS			PAY/RECEIVE PAYMENT FREQUENCY	MATURITY DATE	COUNTERPARTY	NOTIONAL AMOUNT		FUND RECEIVES			UPFRONT PREMIUMS PAID/ (RECEIVED)			FAIR VALUE			UNREALIZED APPRECIATION (DEPRECIATION)
303,000 EUR		6.38	%	1Y/6M	07/15/2026	Citibank N.A		359,358		7.58	%	$	(136	)	$	9,642		$	9,778
350,000 EUR		6.38	%	1Y/6M	04/11/2031	Citibank N.A		392,700		9.37	%		(123	)		31,259			31,382
740,000 EUR		3.50	%	1Y/6M	06/16/2027	Citibank N.A.		839,530		4.74	%		628			(60,478	)		(61,106	)
680,000 EUR		3.13	%	1Y/6M	05/15/2027	Citibank N.A.		735,081		4.32	%		(339	)		(74,618	)		(74,279	)
550,000 EUR		3.68	%	1Y/6M	06/03/2026	Citibank N.A		604,450		4.79	%		(467	)		(90,419	)		(89,952	)
495,000 EUR		6.75	%	1Y/6M	06/20/2026	Citibank N.A.		558,360		9.58	%		272			23,541			23,269
300,000 EUR		6.75	%	1Y/6M	06/20/2026	Citibank N.A.		336,030		9.73	%		(165	)		13,598			13,763
750,000 EUR		8.25	%	1Y/6M	07/18/2029	Citibank N.A.		843,675		11.44	%		(525	)		59,783			60,308
317,000 EUR		6.75	%	1Y/6M	08/01/2024	Citibank N.A.		353,011		9.71	%		(364	)		3,125			3,489
750,000 EUR		5.63	%	1Y/6M	06/17/2025	Citibank N.A.		819,150		8.12	%		(1,088	)		(20,083	)		(18,995	)
550,000 EUR		5.88	%	1Y/6M	10/17/2031	Citibank N.A.		605,000		8.46	%		—			3,754			3,754
400,000 EUR		3.65	%	1Y/6M	11/19/2029	Citibank N.A.		440,600		6.02	%		200			4,510			4,310
1,250,000 EUR		4.38	%	1Y/6M	01/27/2030	Citibank N.A.		1,385,625		6.70	%		(938	)		6,104			7,042
207,000 EUR		6.38	%	1Y/6M	07/15/2026	Citibank N.A		245,088		7.58	%		818			5,521			4,703
250,000 EUR		4.63	%	1Y/6M	04/03/2049	Citibank N.A		296,250		6.65	%		100			28			(72	)

Total OTC Cross Currency Swaps												$	(2,127	)	$	(84,733	)	$	(82,606	)

OTC - Interest Rate Swaps


DESCRIPTION		NOTIONAL AMOUNT		UNREALIZED APPRECIATION (DEPRECIATION)		VALUE
Agreement with Bank of America N.A. dated 9/1/2020 paying a fixed rate of (1.37)% receiving the notional amount multiplied by the CLP-CLICP rate. Expiring 9/3/2025.	CLP		1,079,824,321	$	7,418	$	7,418
Agreement with Bank of America N.A. dated 9/1/2020 paying a fixed rate of (1.36)% receiving the notional amount multiplied by the CLP-CLICP rate. Expiring 9/2/2025.	CLP		1,079,789,685		6,661		6,661
Agreement with Bank of America N.A. dated 9/1/2020 paying a fixed rate of (1.36)% receiving the notional amount multiplied by the CLP-CLICP rate. Expiring 9/1/2025.	CLP		1,079,754,672		6,950		6,950
Agreement with Bank of America N.A. dated 10/4/2019 receiving a fixed rate of 5.88% paying the notional amount multiplied by the BRL-CDI rate. Expiring 2/1/2023.	BRL		18,084,492		183,696		183,696

Total OTC Interest Rate Swaps				$	204,725	$	204,725

OTC Credit Default Swaps - Sell Protection⁽¹⁾


REFERENCE OBLIGATION	FIXED- DEAL RECEIVED RATE			PAYMENT FREQUENCY	MATURITY DATE		COUNTERPARTY	ORIGINAL NOTIONAL AMOUNT		CURRENT NOTIONAL AMOUNT⁽²⁾		UPFRONT PREMIUMS PAID/ (RECEIVED)			FAIR VALUE⁽³⁾			UNREALIZED APPRECIATION (DEPRECIATION)
Brazil Government International Bond		1.00	%	3M		12/20/2025	Morgan Stanley Capital Services, Inc.	$	1,110,000	$	1,110,000	$	(89,420	)	$	(78,863	)	$	10,557
Brazil Government International Bond		1.00	%	3M		12/20/2025	Morgan Stanley Capital Services, Inc.		1,530,000		1,530,000		(78,905	)		(108,704	)		(29,799	)
Colombia Government International Bond		1.00	%	3M		12/20/2025	Bank of America N.A.		1,530,000		1,530,000		(19,685	)		(38,030	)		(18,345	)
Indonesia Government International Bond		1.00	%	3M		12/20/2025	Morgan Stanley Capital Services, Inc.		3,080,000		3,080,000		(15,274	)		(23,525	)		(8,250	)
Mexico Government International Bond		1.00	%	3M		12/20/2025	Morgan Stanley Capital Services, Inc.		2,045,000		2,045,000		(25,242	)		(51,039	)		(25,798	)

Total OTC Credit Default Swaps													(228,526	)		(300,161	)		(71,635	)

⁽¹⁾

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

See accompanying Notes to the Schedule of Investments.

Barings Emerging Markets Debt Blended Total Return Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020

⁽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⁾

See accompanying Notes to the Schedule of Investments.

Barings Global Emerging Markets Equity Fund

SCHEDULE OF INVESTMENTS (UNAUDITED)

September 30, 2020


	SHARES		COST		FAIR VALUE
*Equities — 97.0%:**

*Common Stocks — 97.0%:**

*Communication Services — 13.0%:**
Mail.Ru Group Ltd.(a),(b)		5,891	$	145,728	$	161,413
NetEase, Inc.(b)		241		120,359		109,576
PT Telekomunikasi Indonesia Persero Tbk(b)		497,400		135,601		85,574
Tencent Holdings Ltd.(b)		17,100		704,953		1,128,593

Total Communication Services		520,632		1,106,641		1,485,156

*Consumer Discretionary — 18.4%:**
Alibaba Group Holding Ltd.(a),(b)		4,570		750,781		1,343,489
New Oriental Education & Technology Group, Inc.(a),(b)		786		120,474		117,507
Prosus NV(a),(b)		2,331		179,030		215,086
Samsonite International SA(a),(b),(c)		96,900		206,895		97,524
Topsports International Holdings Ltd.(b),(c)		166,000		193,244		229,186
Yum China Holdings, Inc.(b)		2,035		118,345		107,753

Total Consumer Discretionary		272,622		1,568,769		2,110,545

*Consumer Staples — 2.5%:**
CP ALL Public Company Limited(a),(b)		71,600		150,312		136,139
Magnit PJSC(b)		2,328		140,628		148,898

Total Consumer Staples		73,928		290,940		285,037

*Energy — 5.2%:**
CNOOC Ltd.(b)		154,000		271,158		148,038
Reliance Industries Ltd.(b),(c)		7,307		241,603		444,265

Total Energy		161,307		512,761		592,303

*Financials — 22.3%:**
AIA Group Ltd.(b)		21,000		174,125		205,663
B3 SA - Brasil Bolsa Balcao(b)		18,007		97,381		176,386
China Construction Bank Corp.(b)		454,000		376,153		294,073
China Pacific Insurance Group Co. Ltd.(b)		41,800		146,124		118,118
Grupo Financiero Banorte SAB de CV(a),(b)		47,627		285,044		164,540
Hana Financial Group, Inc.(b)		6,409		218,118		153,992
HDFC Bank Ltd.(a),(b)		8,296		387,809		414,468
Itau Unibanco Holding SA(b)		30,735		193,827		122,325
Mega Financial Holding Co. Ltd.(b)		213,000		182,642		204,454
Ping An Insurance Group Co. of China Ltd.(b)		32,000		304,143		328,256
PT Bank Negara Indonesia Persero Tbk(b)		443,700		218,213		132,394
Sanlam Ltd.(b)		38,831		193,298		120,527
Sberbank of Russia PJSC(a),(b)		10,509		119,730		122,640

Total Financials		1,365,914		2,896,607		2,557,836

*Industrials — 1.9%:**
China State Construction International Holdings Ltd.(b)		210,000		198,648		136,838
Rumo SA(a),(b)		22,985		79,873		78,010

Total Industrials		232,985		278,521		214,848

*Information Technology — 23.9%:**
Chicony Electronics Co. Ltd.(b)		49,000		100,603		142,286
Hangzhou Hikvision Digital Technology Co. Ltd.(b)		38,700		163,249		216,553
Infosys Ltd.(b)		18,746		173,086		258,882
MediaTek, Inc.(b)		4,000		44,992		83,834

See accompanying Notes to the Schedule of Investments.

Barings Global Emerging Markets Equity Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	SHARES		COST		FAIR VALUE
Common Stocks (continued):

Information Technology (continued):
Powertech Technology, Inc.(b)		32,000	$	102,014	$	95,353
Samsung Electronics Co. Ltd.(b)		16,780		671,633		835,054
Sunny Optical Technology Group Co. Ltd.(b)		5,400		62,423		82,428
Taiwan Semiconductor Manufacturing Co. Ltd.(b)		68,000		566,200		1,016,643

Total Information Technology		232,626		1,884,200		2,731,033

*Materials — 5.1%:**
Anglo American plc(b)		8,807		177,392		214,160
China Resources Cement Holdings Ltd.(b)		94,000		114,786		128,324
LG Chem Ltd.(b)		438		138,262		244,936

Total Materials		103,245		430,440		587,420

*Real Estate — 3.6%:**
China Overseas Land & Investment Ltd.(b)		74,000		225,256		185,237
China Resources Land Ltd.(b)		50,000		168,686		225,160

Total Real Estate		124,000		393,942		410,397

*Utilities — 1.1%:**
ENN Energy Holdings Ltd.(b)		12,000		132,494		130,683

Total Common Stocks		3,099,259		9,495,315		11,105,258

Total Equities		3,099,259		9,495,315		11,105,258

*Mutual Fund — 1.7%:**
iShares MSCI India ETF(b)		5,884		197,602		199,232

Total Investments		3,105,143		9,692,917		11,304,490

Other assets and liabilities – 1.3%*						147,041

Net Assets – 100.0%					$	11,451,531

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

(a)	Non-income producing security.

(b)	Foreign security.

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


China	41.5	%
Taiwan	13.6	%
India	11.7	%
Republic of Korea	10.9	%
Hong Kong	4.7	%
Russia	3.8	%
Brazil	3.3	%
South Africa	3.0	%
Indonesia	1.9	%
Netherlands	1.9	%
Mexico	1.5	%
Thailand	1.2	%
Switzerland	1.0	%

Total	100.0	%

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

See accompanying Notes to the Schedule of Investments.

Barings U.S. High Yield Fund

SCHEDULE OF INVESTMENTS (UNAUDITED)

September 30, 2020


	SHARES		COST		FAIR VALUE
*Equities — 0.1%:**

*Common Stocks — 0.1%:**

*Oil and Gas — 0.1%:**
Fieldwood Energy LLC		4,100	$	88,421	$	41
Jupiter Resources, Inc.(a)		39,729		192,017		29,797
Fieldwood Energy LLC		1,006		35,210		10

Total Oil and Gas		44,835		315,648		29,848

Total Common Stocks		44,835		315,648		29,848

*Warrants — 0.0%:**
*Diversified/Conglomerate Manufacturing — 0.0%:**
Appvion Holdings Corp. (exp. June 13, 2023)(b)		357		—		—
Appvion Holdings Corp. (exp. June 13, 2023)(b)		357		—		—

Total Diversified/Conglomerate Manufacturing		714		—		—

Total Warrants		714		—		—

Total Equities		45,549		315,648		29,848


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
*Fixed Income — 98.2%:**

*Bank Loans — 3.5%(c):**

*Broadcasting and Entertainment — 0.1%:**
CSC Holdings LLC, 1M LIBOR + 2.500%		2.65	%		4/15/2027		44,631		44,690		43,190

*Chemicals, Plastics and Rubber — 0.3%:**
Consolidated Energy Finance S.A., 1M LIBOR + 2.500%		2.66			5/7/2025		157,154		152,308		142,814

*Containers, Packaging and Glass — 0.9%:**
BWAY Holding Co., 3M LIBOR + 3.250%		3.52			4/3/2024		438,640		429,101		410,953

*Diversified/Conglomerate Service — 1.5%:**
Finastra USA, Inc., 3M LIBOR + 3.500%		4.50			6/13/2024		247,315		239,533		230,683
Finastra USA, Inc., 6M LIBOR + 7.250%		8.25			6/13/2025		500,000		462,239		468,250
SonicWall U.S. Holdings, Inc., 3M LIBOR + 7.500%		7.75			5/18/2026		51,897		51,527		45,583

Total Diversified/Conglomerate Service							799,212		753,299		744,516

*Electronics — 0.1%:**
Renaissance Holding Corp., 1M LIBOR + 7.000%		7.15			5/31/2026		68,963		67,984		65,790

*Oil and Gas — 0.0%:**
Fieldwood Energy LLC, 3M LIBOR + 7.250%		7.25			4/11/2023		91,996		57,970		21

*Telecommunications — 0.6%:**
Banff Merger Sub, Inc., 1M LIBOR + 4.250%		4.40			10/2/2025		286,882		276,974		277,819
CommScope, Inc., 1M LIBOR + 3.250%		3.40			4/6/2026		30,251		30,013		29,425

Total Telecommunications							317,133		306,987		307,244

Total Bank Loans							1,917,729		1,812,339		1,714,528

See accompanying Notes to the Schedule of Investments.

Barings U.S. High Yield Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
*Corporate Bonds — 94.7%:**

*Aerospace and Defense — 3.6%:**
Science Applications International Corp.(d)		4.88	%		4/1/2028		117,000	$	117,190	$	118,789
Signature Aviation US Holdings, Inc.(d)		4.00			3/1/2028		266,000		266,000		247,380
TransDigm, Inc.		5.50			11/15/2027		397,000		397,000		381,537
TransDigm, Inc.(d)		8.00			12/15/2025		221,000		221,000		240,337
Triumph Group, Inc.(d)		6.25			9/15/2024		216,000		216,000		183,825
Triumph Group, Inc.		7.75			8/15/2025		595,000		598,407		381,544
Triumph Group, Inc.(d)		8.88			6/1/2024		150,000		150,000		159,750

Total Aerospace and Defense							1,962,000		1,965,597		1,713,162

*Automobile — 3.5%:**
Adient Global Holdings Ltd.(d)		4.88			8/15/2026		67,000		62,797		63,818
Adient US LLC(d)		9.00			4/15/2025		85,000		85,000		93,712
Allison Transmission, Inc.(d)		4.75			10/1/2027		157,000		150,298		161,514
Asbury Automotive Group, Inc.(d)		4.50			3/1/2028		39,000		39,000		39,244
Asbury Automotive Group, Inc.(d)		4.75			3/1/2030		40,000		40,000		40,300
Clarios Global LP(d)		6.75			5/15/2025		83,000		83,000		87,358
Clarios Global LP/Clarios US Finance Co.(d)		8.50			5/15/2027		142,000		146,623		146,615
Ford Motor Co.		7.45			7/16/2031		190,000		222,084		219,212
Ford Motor Co.		8.50			4/21/2023		257,000		257,000		280,130
Ford Motor Co.		9.63			4/22/2030		235,000		243,010		303,444
Gates Global LLC/Gates Global Co.(d)		6.25			1/15/2026		250,000		250,000		257,697

Total Automobile							1,545,000		1,578,812		1,693,044

*Beverage, Food and Tobacco — 3.3%:**
JBS Investments II GmbH(d)		7.00			1/15/2026		200,000		202,324		213,500
JBS USA Food Co.(d)		5.50			1/15/2030		125,000		125,000		136,059
JBS USA LUX SA/JBS USA Finance, Inc.(d)		6.75			2/15/2028		250,000		250,000		271,855
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.(d)		6.50			4/15/2029		500,000		500,000		554,985
Kraft Heinz Foods Co.(d)		3.75			4/1/2030		51,000		53,334		53,872
Kraft Heinz Foods Co.(d)		4.25			3/1/2031		100,000		100,000		109,715
Kraft Heinz Foods Co.		5.20			7/15/2045		72,000		77,625		78,713
Kraft Heinz Foods Co.		6.50			2/9/2040		38,000		45,687		48,295
Kraft Heinz Foods Co.		6.88			1/26/2039		84,000		104,721		112,514

Total Beverage, Food and Tobacco							1,420,000		1,458,691		1,579,508

*Broadcasting and Entertainment — 10.2%:**
Banijay Entertainment Sasu(a),(d)		5.38			3/1/2025		170,000		170,000		171,063
Block Communications, Inc.(d)		4.88			3/1/2028		239,000		239,000		243,780
CCO Holdings LLC/CCO Holdings Capital Corp.(d)		4.75			3/1/2030		280,000		280,000		296,450
CCO Holdings LLC/CCO Holdings Capital Corp.(d)		5.75			2/15/2026		300,000		297,859		312,000
Clear Channel Worldwide Holdings, Inc.(d)		5.13			8/15/2027		201,000		201,000		193,010
Clear Channel Worldwide Holdings, Inc.		9.25			2/15/2024		160,000		160,000		155,104
CSC Holdings LLC(d)		3.38			2/15/2031		250,000		250,000		242,063
CSC Holdings LLC(d)		4.63			12/1/2030		250,000		258,076		251,875
CSC Holdings LLC(d)		5.75			1/15/2030		347,000		358,891		368,687
DISH DBS Corp.		5.00			3/15/2023		79,000		78,034		80,580
DISH Network Corp.		3.38			8/15/2026		267,000		254,435		245,105

See accompanying Notes to the Schedule of Investments.

Barings U.S. High Yield Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):

Broadcasting and Entertainment (continued):
Netflix, Inc.(d)		5.38	%		11/15/2029		339,000	$	340,175	$	399,562
Netflix, Inc.		5.88			11/15/2028		250,000		248,726		298,301
Radiate Holdco LLC / Radiate Finance, Inc.(d)		4.50			9/15/2026		310,000		310,000		309,935
Radiate Holdco LLC / Radiate Finance, Inc.(d)		6.50			9/15/2028		392,000		392,000		401,707
Sirius XM Radio, Inc.(d)		5.00			8/1/2027		350,000		350,000		364,875
Tegna, Inc.(d)		4.63			3/15/2028		250,000		250,000		244,450
Terrier Media Buyer, Inc.(d)		8.88			12/15/2027		261,000		261,000		262,957
Townsquare Media, Inc.(d)		6.50			4/1/2023		50,000		46,477		45,813

Total Broadcasting and Entertainment							4,745,000		4,745,673		4,887,317

*Buildings and Real Estate — 6.0%:**
Brookfield Residential Properties, Inc./Brookfield Residential US Corp.(a),(d)		4.88			2/15/2030		183,000		183,000		171,290
Cemex SAB de CV(a),(d)		7.38			6/5/2027		250,000		250,000		270,127
James Hardie International Finance DAC(d)		4.75			1/15/2025		244,000		240,281		249,185
M/I Homes, Inc.		5.63			8/1/2025		550,000		536,198		569,250
Mattamy Group Corp.(a),(d)		4.63			3/1/2030		330,000		329,131		334,158
Mattamy Group Corp.(a),(d)		5.25			12/15/2027		25,000		25,000		25,688
MPT Operating Partnership LP/MPT Finance Corp.		5.00			10/15/2027		250,000		250,000		260,675
New Enterprise Stone & Lime Co., Inc.(d)		9.75			7/15/2028		250,000		250,000		270,000
Specialty Building Products Holdings LLC / SBP Finance Corp.(d)		6.38			9/30/2026		151,000		151,000		153,643
Standard Industries, Inc.(d)		4.75			1/15/2028		52,000		53,549		53,950
Standard Industries, Inc.(d)		5.00			2/15/2027		200,000		199,046		208,000
STL Holding Co. LLC(d)		7.50			2/15/2026		175,000		175,000		174,781
TRI Pointe Group, Inc.		5.70			6/15/2028		121,000		121,000		132,495

Total Buildings and Real Estate							2,781,000		2,763,205		2,873,242

*Cargo Transport — 1.5%:**
Core & Main Holdings LP, 8.625% CASH / 9.375% PIK(d)		8.63			9/15/2024		43,000		42,694		43,322
Kenan Advantage Group, Inc. (The)(d)		7.88			7/31/2023		700,000		700,000		679,000

Total Cargo Transport							743,000		742,694		722,322

*Chemicals, Plastics and Rubber — 2.5%:**
CF Industries, Inc.		4.95			6/1/2043		23,000		23,084		26,745
CF Industries, Inc.		5.38			3/15/2044		48,000		47,179		57,762
Consolidated Energy Finance SA(d)		6.88			6/15/2025		405,000		403,786		368,550
CVR Partners LP/CVR Nitrogen Finance Corp.(d)		9.25			6/15/2023		175,000		177,873		161,875
LBC Tank Terminals Holding Netherlands BV(d)		6.88			5/15/2023		250,000		245,935		248,125
Nouryon Holding BV(a),(d)		8.00			10/1/2026		56,000		54,876		59,275
Univar Solutions USA, Inc.(d)		5.13			12/1/2027		177,000		177,000		181,646
Valvoline, Inc.(d)		4.25			2/15/2030		119,000		119,387		121,380

Total Chemicals, Plastics and Rubber							1,253,000		1,249,120		1,225,358

*Containers, Packaging and Glass — 1.0%:**
Graphic Packaging International LLC(d)		3.50			3/15/2028		15,000		15,000		14,963
Mauser Packaging Solutions Holding Co.(d)		7.25			4/15/2025		302,000		291,459		284,257

See accompanying Notes to the Schedule of Investments.

Barings U.S. High Yield Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):

Containers, Packaging and Glass (continued):
Trident TPI Holdings, Inc.(d)		9.25	%		8/1/2024		171,000	$	166,764	$	181,525

Total Containers, Packaging and Glass							488,000		473,223		480,745

*Diversified/Conglomerate Manufacturing — 1.6%:**
Amsted Industries, Inc.(d)		4.63			5/15/2030		295,000		295,000		304,588
Appvion ESC(b),(e)		9.00			6/1/2025		366,000		366,000		—
Avaya, Inc.(d)		6.13			9/15/2028		150,000		150,000		152,940
Forterra Finance LLC / FRTA Finance Corp.(d)		6.50			7/15/2025		120,000		120,000		126,786
Griffon Corp.		5.75			3/1/2028		127,000		127,000		132,566
MTS Systems Corp.(d)		5.75			8/15/2027		33,000		33,000		32,495

Total Diversified/Conglomerate Manufacturing							1,091,000		1,091,000		749,375

*Diversified/Conglomerate Service — 3.2%:**
Carlson Travel, Inc.(d)		11.50			12/15/2026		350,000		336,575		210,844
Iron Mountain, Inc.(d)		5.25			7/15/2030		235,000		235,000		244,988
KAR Auction Services, Inc.(d)		5.13			6/1/2025		186,000		163,766		185,996
Open Text Corp.(d)		3.88			2/15/2028		173,000		172,756		175,000
Open Text Holdings, Inc.(d)		4.13			2/15/2030		76,000		75,752		78,161
Prime Security Services Borrower LLC/Prime Finance, Inc.(d)		6.25			1/15/2028		339,000		337,354		343,237
Sabre GLBL, Inc.(d)		9.25			4/15/2025		50,000		50,000		55,029
Uber Technologies, Inc.(d)		6.25			1/15/2028		127,000		127,000		130,454
United Rentals North America, Inc.		3.88			2/15/2031		130,000		130,000		131,950

Total Diversified/Conglomerate Service							1,666,000		1,628,203		1,555,659

*Electronics — 4.4%:**
BY Crown Parent LLC(d)		7.38			10/15/2024		96,000		96,000		97,440
Dell International LLC/EMC Corp.(d)		7.13			6/15/2024		230,000		237,001		239,244
Presidio Holdings, Inc.(d)		8.25			2/1/2028		66,000		66,000		69,135
Solera LLC/Solera Finance, Inc.(d)		10.50			3/1/2024		195,000		197,906		203,775
SS&C Technologies, Inc.(d)		5.50			9/30/2027		280,000		280,000		297,562
Veritas US, Inc./Veritas Bermuda Ltd.(d)		10.50			2/1/2024		831,000		766,740		781,472
WESCO Distribution, Inc.(d)		7.13			6/15/2025		191,000		191,000		208,056
WESCO Distribution, Inc.(d)		7.25			6/15/2028		197,000		195,553		215,848

Total Electronics							2,086,000		2,030,200		2,112,532

*Finance — 7.4%:**
Alliance Data Systems Corp.(d)	��	4.75			12/15/2024		300,000		300,000		281,190
Ford Motor Credit Co. LLC		4.13			8/17/2027		225,000		225,000		218,812
Ford Motor Credit Co. LLC		4.13			8/4/2025		200,000		159,408		198,083
Ford Motor Credit Co. LLC		5.13			6/16/2025		233,000		233,000		240,281
Ford Motor Credit Co. LLC		5.60			1/7/2022		200,000		180,863		204,500
Ford Motor Credit Co. LLC		5.88			8/2/2021		200,000		185,891		203,750
Global Aircraft Leasing Co. Ltd.(d)		6.50			9/15/2024		518,125		518,125		288,855
Icahn Enterprises LP / Icahn Enterprises Finance Corp.		4.75			9/15/2024		161,000		161,864		163,012
Icahn Enterprises LP / Icahn Enterprises Finance Corp.		6.25			5/15/2026		500,000		500,000		521,250
LPL Holdings, Inc.(d)		5.75			9/15/2025		518,000		513,256		536,744
OneMain Finance Corp.		5.38			11/15/2029		302,000		303,978		314,080

See accompanying Notes to the Schedule of Investments.

Barings U.S. High Yield Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):

Finance (continued):
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer(d)		5.88	%		10/1/2028		81,000	$	81,000	$	80,798
Service Properties Trust		3.95			1/15/2028		29,000		24,974		24,070
Service Properties Trust		4.38			2/15/2030		47,000		40,752		39,010
Service Properties Trust		4.95			2/15/2027		23,000		21,178		20,470
Service Properties Trust		7.50			9/15/2025		200,000		208,450		212,540

Total Finance							3,737,125		3,657,739		3,547,445

*Healthcare, Education and Childcare — 7.0%:**
Bausch Health Americas., Inc.(d)		8.50			1/31/2027		175,000		179,918		192,281
Bausch Health Cos., Inc.(d)		5.88			5/15/2023		2,000		1,819		1,990
Bausch Health Cos., Inc.(d)		5.00			1/30/2028		130,000		130,000		126,263
Bausch Health Cos., Inc.(d)		5.25			1/30/2030		188,000		188,000		185,180
Bausch Health Cos., Inc.(d)		5.50			3/1/2023		37,000		32,179		36,861
Bausch Health Cos., Inc.(d)		7.00			1/15/2028		250,000		262,877		265,000
Centene Corp.		4.25			12/15/2027		108,000		107,172		113,014
Centene Corp.		4.63			12/15/2029		209,000		209,000		225,440
Centene Corp.(d)		5.25			4/1/2025		104,000		106,870		108,082
Centene Corp.(d)		5.38			6/1/2026		19,000		19,821		20,021
Encompass Health Corp.		4.63			4/1/2031		150,000		150,000		150,000
HCA, Inc.		3.50			9/1/2030		276,000		274,682		281,211
HCA, Inc.		5.38			2/1/2025		175,000		176,617		191,625
Molina Healthcare, Inc.(d)		4.38			6/15/2028		165,000		165,000		168,383
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA(d)		7.25			2/1/2028		400,000		400,000		416,000
Par Pharmaceutical, Inc.(d)		7.50			4/1/2027		300,000		300,000		314,304
Radiology Partners, Inc.(d)		9.25			2/1/2028		176,000		176,000		183,040
Tenet Healthcare Corp.(d)		4.88			1/1/2026		125,000		125,000		127,270
Tenet Healthcare Corp.(d)		5.13			11/1/2027		125,000		125,000		128,400
Tenet Healthcare Corp.(d)		6.13			10/1/2028		150,000		150,000		145,875

Total Healthcare, Education and Childcare							3,264,000		3,279,955		3,380,240

*Home and Office Furnishings, Housewares, and Durable Consumer Products — 0.8%:**
Newell Brands, Inc.		4.70			4/1/2026		142,000		135,329		151,230
Newell Brands, Inc.		5.88			4/1/2036		52,000		58,592		59,559
Resideo Funding, Inc.(d)		6.13			11/1/2026		192,000		189,017		189,120

Total Home and Office Furnishings, Housewares, and Durable Consumer Products							386,000		382,938		399,909

*Hotels, Motels, Inns and Gaming — 3.5%:**
Boyne USA, Inc.(d)		7.25			5/1/2025		125,000		125,000		131,250
Caesars Resort Collection LLC / CRC Finco, Inc.(d)		5.25			10/15/2025		104,000		93,415		100,620
Caesars Resort Collection LLC / CRC Finco, Inc.(d)		5.75			7/1/2025		125,000		125,000		128,906
ESH Hospitality, Inc.(d)		4.63			10/1/2027		265,000		265,000		260,037
Scientific Games International, Inc.(d)		5.00			10/15/2025		81,000		73,428		81,405
Scientific Games International, Inc.(d)		7.25			11/15/2029		74,000		62,612		75,110
Scientific Games International, Inc.(d)		8.63			7/1/2025		113,000		113,000		117,913
Wyndham Destinations, Inc.(d)		6.63			7/31/2026		170,000		170,000		178,094
Wyndham Hotels & Resorts, Inc.(d)		4.38			8/15/2028		125,000		125,000		121,250
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.(d)		5.25			5/15/2027		98,000		98,000		91,140

See accompanying Notes to the Schedule of Investments.

Barings U.S. High Yield Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):

Hotels, Motels, Inns and Gaming (continued):
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.(d)		5.50	%		3/1/2025		250,000	$	247,724	$	235,937
Wynn Macau Ltd.(a),(d)		5.13			12/15/2029		188,000		188,000		180,381

Total Hotels, Motels, Inns and Gaming							1,718,000		1,686,179		1,702,043

*Insurance — 0.7%:**
Acrisure LLC/Acrisure Finance, Inc.(d)		7.00			11/15/2025		275,000		263,944		270,153
Acrisure LLC/Acrisure Finance, Inc.(d)		8.13			2/15/2024		84,000		84,000		87,990

Total Insurance							359,000		347,944		358,143

*Leisure, Amusement, Entertainment — 2.0%:**
Caesars Entertainment, Inc.(d)		6.25			7/1/2025		125,000		125,000		130,656
Caesars Entertainment, Inc.(d)		8.13			7/1/2027		300,000		297,928		318,000
Live Nation Entertainment, Inc.(d)		4.75			10/15/2027		251,000		250,024		235,077
RHP Hotel Properties LP / RHP Finance Corp.		4.75			10/15/2027		296,000		296,000		272,888

Total Leisure, Amusement, Entertainment							972,000		968,952		956,621

*Machinery Non-Agriculture, Non-Construction, Non-Electronic — 1.1%:**
Apex Tool Group LLC/BC Mountain Finance, Inc.(d)		9.00			2/15/2023		278,000		272,224		257,150
Diebold Nixdorf, Inc.(d)		9.38			7/15/2025		276,000		290,547		291,180

Total Machinery Non-Agriculture, Non-Construction, Non-Electronic							554,000		562,771		548,330

*Mining, Steel, Iron and Non-Precious Metals — 5.4%:**
Big River Steel LLC / BRS Finance Corp.(d)		6.63			1/31/2029		197,000		197,000		199,197
Cleveland-Cliffs, Inc.(d)		6.75			3/15/2026		72,000		71,482		73,260
Compass Minerals International, Inc.(d)		4.88			7/15/2024		124,000		117,953		126,506
First Quantum Minerals Ltd.(a),(d)		6.88			3/1/2026		229,000		229,000		220,699
First Quantum Minerals Ltd.(a),(d)		6.88			10/15/2027		250,000		250,000		240,937
First Quantum Minerals Ltd.(a),(d)		7.50			4/1/2025		158,000		151,794		156,279
Freeport-McMoRan, Inc.		4.13			3/1/2028		28,000		27,045		28,350
Freeport-McMoRan, Inc.		4.38			8/1/2028		125,000		125,000		129,244
Freeport-McMoRan, Inc.		4.63			8/1/2030		125,000		125,000		131,431
Hudbay Minerals, Inc.(a),(d)		6.13			4/1/2029		111,000		111,000		109,890
Kinross Gold Corp.		6.88			9/1/2041		99,000		98,539		129,626
Northwest Acquisitions ULC/Dominion Finco, Inc.(a),(d),(e)		7.13			11/1/2022		493,000		498,177		7,888
Peabody Energy Corp.(d)		6.00			3/31/2022		524,000		525,036		303,920
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp.(d)		7.50			6/15/2025		196,000		201,274		176,796
Warrior Met Coal, Inc.(d)		8.00			11/1/2024		540,000		546,558		549,958

Total Mining, Steel, Iron and Non-Precious Metals							3,271,000		3,274,858		2,583,981

*Oil and Gas — 12.5%:**
Antero Resources Corp.		5.38			11/1/2021		160,000		156,630		152,000
Apache Corp.		4.38			10/15/2028		51,000		47,050		46,665
Apache Corp.		4.75			4/15/2043		26,000		21,028		23,124
Apache Corp.		5.10			9/1/2040		51,000		41,386		45,677
Apache Corp.		5.35			7/1/2049		78,000		62,571		68,835

See accompanying Notes to the Schedule of Investments.

Barings U.S. High Yield Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):

Oil and Gas (continued):
Buckeye Partners LP		5.85	%		11/15/2043		26,000	$	21,798	$	24,085
Cenovus Energy, Inc.(a)		4.25			4/15/2027		37,000		33,836		33,451
Cenovus Energy, Inc.(a)		5.40			6/15/2047		54,000		47,649		45,622
Cenovus Energy, Inc.(a)		6.75			11/15/2039		61,000		57,819		61,326
Cheniere Energy Partners LP		4.50			10/1/2029		184,000		184,000		188,742
Cheniere Energy Partners LP		5.63			10/1/2026		250,000		250,000		260,000
Continental Resources, Inc.		3.80			6/1/2024		59,000		51,777		54,428
Continental Resources, Inc.		4.38			1/15/2028		66,000		54,547		57,173
CVR Energy, Inc.(d)		5.25			2/15/2025		300,000		300,000		261,000
CVR Energy, Inc.(d)		5.75			2/15/2028		300,000		300,000		255,000
DCP Midstream Operating LP(d)		6.45			11/3/2036		4,000		3,307		3,833
Endeavor Energy Resources LP / EER Finance, Inc.(d)		6.63			7/15/2025		115,000		116,150		118,162
EnLink Midstream Partners LP		4.85			7/15/2026		23,000		19,976		19,898
EnLink Midstream Partners LP		5.60			4/1/2044		126,000		79,771		80,955
EQM Midstream Partners LP(d)		6.00			7/1/2025		145,000		145,000		149,531
EQM Midstream Partners LP(d)		6.50			7/1/2027		119,000		119,000		126,142
Genesis Energy LP / Genesis Energy Finance Corp.		5.63			6/15/2024		56,000		51,849		47,730
Genesis Energy LP/Genesis Energy Finance Corp.		6.00			5/15/2023		18,000		17,845		16,335
Genesis Energy LP/Genesis Energy Finance Corp.		6.50			10/1/2025		390,000		371,977		337,350
Harvest Midstream I LP(d)		7.50			9/1/2028		178,000		178,000		177,110
Hilcorp Energy I LP / Hilcorp Finance Co.(d)		5.75			10/1/2025		17,000		10,462		15,385
Hilcorp Energy I LP/Hilcorp Finance Co.(d)		5.00			12/1/2024		32,000		23,188		29,040
Hilcorp Energy I LP/Hilcorp Finance Co.(d)		6.25			11/1/2028		142,000		123,461		129,220
Jonah Energy LLC/Jonah Energy Finance Corp.(d)		7.25			10/15/2025		351,000		329,250		39,049
Jupiter Resources, Inc.(a),(b)		10.00			1/31/2024		48,085		48,085		46,711
Laredo Petroleum, Inc.		9.50			1/15/2025		150,000		150,000		89,388
Laredo Petroleum, Inc.		10.13			1/15/2028		150,000		150,000		88,500
MEG Energy Corp.(a),(d)		7.13			2/1/2027		270,000		270,000		242,144
Nabors Industries Ltd.(d)		7.25			1/15/2026		100,000		100,452		49,250
Nabors Industries Ltd.(d)		7.50			1/15/2028		72,000		72,000		34,650
Neptune Energy Bondco PLC(a),(d)		6.63			5/15/2025		242,000		242,189		215,845
Occidental Petroleum Corp.		2.70			8/15/2022		67,000		51,509		62,603
Occidental Petroleum Corp.		2.70			2/15/2023		27,000		17,428		24,705
Occidental Petroleum Corp.		2.90			8/15/2024		38,000		22,551		32,240
Occidental Petroleum Corp.		3.50			6/15/2025		75,000		54,753		62,250
Occidental Petroleum Corp.		4.20			3/15/2048		12,000		8,534		8,250
Occidental Petroleum Corp.		4.40			4/15/2046		78,000		55,677		55,396
Occidental Petroleum Corp.		4.40			8/15/2049		31,000		22,196		21,703
Occidental Petroleum Corp.		4.50			7/15/2044		32,000		23,165		22,900
Occidental Petroleum Corp.		5.88			9/1/2025		125,000		125,000		114,558
Occidental Petroleum Corp.		6.20			3/15/2040		217,000		197,990		179,806
Occidental Petroleum Corp.		6.38			9/1/2028		125,000		125,000		115,712
Occidental Petroleum Corp.		6.45			9/15/2036		86,000		79,053		73,315
Occidental Petroleum Corp.		6.60			3/15/2046		139,000		113,574		119,714
Occidental Petroleum Corp.		6.95			7/1/2024		36,000		21,800		34,841
Ovintiv, Inc.(a)		6.50			8/15/2034		42,000		37,793		39,111
Ovintiv, Inc.(a)		6.50			2/1/2038		19,000		18,242		17,255

See accompanying Notes to the Schedule of Investments.

Barings U.S. High Yield Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):

Oil and Gas (continued):
Ovintiv, Inc.(a)		6.63	%		8/15/2037		9,000	$	7,929	$	8,231
Ovintiv, Inc.(a)		7.20			11/1/2031		12,000		12,448		11,887
Ovintiv, Inc.(a)		7.38			11/1/2031		7,000		7,366		6,989
Parkland Fuel Corp.(a),(d)		5.88			7/15/2027		125,000		125,000		131,406
PBF Holding Co. LLC/PBF Finance Corp.(d)		6.00			2/15/2028		600,000		600,000		402,630
PBF Holding Co. LLC/PBF Finance Corp.		7.25			6/15/2025		350,000		358,111		264,250
Targa Resources Partners LP / Targa Resources Partners Finance Corp.(d)		5.50			3/1/2030		6,000		5,425		6,006
Targa Resources Partners LP / Targa Resources Partners Finance Corp.		6.88			1/15/2029		24,000		23,766		25,673
Targa Resources Partners LP/Targa Resources Partners Finance Corp.		4.25			11/15/2023		53,000		46,240		52,470
Targa Resources Partners LP/Targa Resources Partners Finance Corp.(d)		4.88			2/1/2031		227,000		227,000		219,832
Western Midstream Operating LP		5.05			2/1/2030		56,000		49,907		54,503
Western Midstream Operating LP		5.30			3/1/2048		157,000		120,956		126,385
Western Midstream Operating LP		5.45			4/1/2044		79,000		64,563		67,545

Total Oil and Gas							7,305,085		6,875,029		5,995,522

*Personal and Non-Durable Consumer Products Mfg. Only — 0.4%:**
Clearwater Paper Corp.(d)		4.75			8/15/2028		177,000		177,000		177,443

*Personal Transportation — 0.4%:**
American Airlines Group, Inc.(d)		3.75			3/1/2025		30,000		30,000		15,211
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.(d)		6.50			6/20/2027		150,000		148,179		156,187

Total Personal Transportation							180,000		178,179		171,398

*Personal, Food and Miscellaneous — 0.8%:**
Mattel, Inc.(d)		5.88			12/15/2027		159,000		157,842		171,124
Mattel, Inc.(d)		6.75			12/31/2025		132,000		134,274		139,260
Simmons Foods, Inc.(d)		7.75			1/15/2024		64,000		64,000		67,040

Total Personal, Food and Miscellaneous							355,000		356,116		377,424

*Printing and Publishing — 0.8%:**
Cimpress plc(d)		7.00			6/15/2026		427,000		447,493		405,650

*Retail Stores — 1.2%:**
Group 1 Automotive, Inc.(d)		4.00			8/15/2028		60,000		60,000		58,950
Penske Automotive Group, Inc.		3.50			9/1/2025		250,000		250,000		248,981
Penske Automotive Group, Inc.		5.50			5/15/2026		250,000		250,000		257,895

Total Retail Stores							560,000		560,000		565,826

*Telecommunications — 8.6%:**
Altice Financing SA(a),(d)		5.00			1/15/2028		222,000		222,000		215,617
Altice Financing SA(a),(d)		7.50			5/15/2026		106,000		101,455		112,204
Banff Merger Sub, Inc.(d)		9.75			9/1/2026		185,000		183,517		195,563
Boxer Parent Co., Inc.(d)		9.13			3/1/2026		158,000		158,000		167,480
CCO Holdings LLC/CCO Holdings Capital Corp.(d)		4.50			5/1/2032		79,000		79,833		82,456
CommScope Technologies Finance LLC(d)		6.00			6/15/2025		36,000		32,213		36,488
CommScope Technologies LLC(d)		5.00			3/15/2027		305,000		293,839		292,800
Consolidated Communications, Inc.(d)		6.50			10/1/2028		250,000		250,000		255,000

See accompanying Notes to the Schedule of Investments.

Barings U.S. High Yield Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2020


	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):

Telecommunications (continued):
Hughes Satellite Systems Corp.		6.63	%		8/1/2026		426,000	$	430,378	$	461,017
LCPR Senior Secured Financing DAC(a),(d)		6.75			10/15/2027		200,000		200,000		209,000
Midcontinent Communications/Midcontinent Finance Corp.(d)		5.38			8/15/2027		149,000		149,000		153,098
Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc.(d)		10.75			6/1/2028		49,000		54,095		53,410
Sprint Capital Corp.		6.88			11/15/2028		648,000		653,310		810,000
Sprint Capital Corp.		8.75			3/15/2032		52,000		73,423		76,118
Sprint Corp.		7.63			3/1/2026		114,000		114,000		137,756
Telecom Italia Capital SA(a)		6.00			9/30/2034		62,000		72,187		71,920
ViaSat, Inc.(d)		5.63			4/15/2027		149,000		149,000		153,284
ViaSat, Inc.(d)		6.50			7/15/2028		200,000		200,000		200,290
Virgin Media Finance plc(a),(d)		5.00			7/15/2030		117,000		117,000		116,415
Windstream Escrow LLC / Windstream Escrow Finance Corp.(d)		7.75			8/15/2028		87,000		87,000		85,478
Ziggo BV(a),(d)		4.88			1/15/2030		89,000		89,000		92,115
Ziggo BV(a),(d)		5.50			1/15/2027		140,000		134,944		146,650

Total Telecommunications							3,823,000		3,844,194		4,124,159

*Utilities — 1.3%:**
PG&E Corp.		5.00			7/1/2028		95,000		95,000		92,150
PG&E Corp.		5.25			7/1/2030		82,000		82,000		79,335
Pike Corp.(d)		5.50			9/1/2028		167,000		167,000		168,034
Vistra Operations Co. LLC(d)		4.30			7/15/2029		250,000		249,518		272,880

Total Utilities							594,000		593,518		612,399

Total Corporate Bonds							47,462,210		46,919,283		45,498,797

Total Fixed Income							49,379,939		48,731,622		47,213,325

Total Investments							49,425,488		49,047,270		47,243,173

Other assets and liabilities – 1.7%*											808,668

Net Assets – 100.0%										$	48,051,841

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	92.0	%
Canada	2.8	%
Other (Individually less than 1%)	5.2	%

Total	100.0	%

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

(c)

(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 September 30, 2020 in valuing the Funds’ investments:

Global Floating Rate Fund


DESCRIPTION	LEVEL 1		LEVEL 2			LEVEL 3			TOTAL INVESTMENTS
Assets:
Equities:
Common Stocks	$	111,188	$	250,752		$	568,620	**	$	930,560
Limited Partnership		—		—			0	**		—
Warrants		—		22,004			0	**		22,004

Total Equities		111,188		272,756			568,620			952,564

Fixed Income:
Bank Loans		—		192,708,450			505,798	**		193,214,248
Corporate Bonds		—		12,039,863			5,862	**		12,045,725

Total Fixed Income		—		204,748,313			511,660			205,259,973

Derivative Securities:
Forward Foreign Currency Exchange Contracts		—		568,498			—			568,498

Total	$	111,188	$	205,589,567		$	1,080,280		$	206,781,035

Liabilities:
Derivative Securities:
Forward Foreign Currency Exchange Contracts		—		(21,876	)		—			(21,876	)

Total Investments	$	111,188	$	205,567,691		$	1,080,280		$	206,759,159

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 September 30, 2020 is not presented.

The following table is a summary of quantitative information about significant unobservable valuation inputs for Level 3 fair value measurement for investments held as of September 30, 2020:


TYPE OF ASSETS	FAIR VALUE AS OF SEPTEMBER 30, 2020		VALUATION TECHNIQUE(S)	UNOBSERVABLE INPUT
Equities
CTI Foods Holding Co, LLC	$	568,620	Discounted Cash Flow	Average Enterprise Valuation Multiple: 4 year projection, 7.1x; EBITDA: $53.7 million; 15% discount rate
Travelex Topco Ltd.	$	—	Zero Value	Valued at zero
Boomerang Tube LLC	$	—	Discounted Cash Flow	Average Enterprise Valuation Multiple: 5 year projection, 5.0x; EBITDA: $20.4 million; 20% discount rate
Templar Energy LLC	$	—	Broker Quote	Valued at zero until final accrual is received
Templar Energy LLC	$	—	Broker Quote	Valued at zero until final accrual is received
Pinnacle Operating Corp, earnout shares	$	—	Zero Value	Valued at zero
Appvion Holdings Corp	$	—	Broker Quote	Valued at zero
Appvion Holdings Corp	$	—	Broker Quote	Valued at zero
Bank Loans
CTI Foods Holding Co, LLC, 3M LIBOR	$	311,616	Discounted Cash Flow	Average Enterprise Valuation Multiple: 3 year projection, 7.1x; EBITDA: $53.7 million;: 15% discount rate
CTI Foods Holding Co, LLC, 3M LIBOR	$	189,108	Discounted Cash Flow	Average Enterprise Valuation Multiple: 3 year projection, 7.1x; EBITDA: $53.7 million;: 15% discount rate
Deoleo S.A.	$	—	Zero Value	Valued at zero
Boomerang Tube LLC	$	5,074	Discounted Cash Flow	Average Enterprise Valuation Multiple: 5 year projection, 5.0x; EBITDA: $20.4 million; 20% discount rate
Corporate Bonds
Appvion ESC	$	—	Zero Value	Valued at zero without primary asset attached
Galapagos S.A.	$	—	Zero Value	Valued at zero without primary asset attached
Travelex Financing PLC	$	5,862-	Barings Supplied	Price taken from Barings sourced via Thomson Reuters

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	$	—		$	306,003		$	503,143	**	$	809,146
Limited Partnership		—			—			0	**		—
Warrants		—			—			0	**		—

Total Equities		—			306,003			503,143			809,146

Fixed Income:
Asset-Backed Securities		—			13,346,819			0	**		13,346,819
Bank Loans		—			61,123,466			10,172	**		61,133,638
Corporate Bonds		—			77,667,203			122,149	**		77,789,352

Total Fixed Income		—			152,137,488			132,321			152,269,809

Purchased Option:
Put Option Purchased		191,520			—			—			191,520
Derivative Securities:
Forward Foreign Currency Exchange Contracts		—			489,619			—			489,619

Total	$	191,520		$	152,933,110		$	635,464		$	153,760,094

Liabilities:
Derivative Securities:
Forward Foreign Currency Exchange Contracts		—			(13,978	)		—			(13,978	)
Put Option Written		(81,200	)		—			—			(81,200	)

Total Derivative Securities		(81,200	)		(13,978	)		—			(95,178	)

Total Investments	$	110,320		$	152,919,132		$	635,464		$	153,664,916

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 September 30, 2020:


TYPE OF ASSETS	FAIR VALUE AS OF SEPTEMBER 30, 2020		VALUATION TECHNIQUE(S)	UNOBSERVABLE INPUT
Equities
Innovation Group	$	—	Zero Value	Valued at zero
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: $20.4 million; 20% discount rate
Maxeda DIY B.V.	$	57,685	Market Comparables	LTM EBITDA €115m; Net leverage €409m; Average Comparable Valuation: 6.0X
Maxeda DIY B.V.	$	442,245	Market Comparables	LTM EBITDA €115m; Net leverage €409m; Average Comparable Valuation: 6.0X
Pinnacle Operating Corp, earnout shares	$	—	Zero Value	Valued at zero
Appvion Holdings Corp	$	—	Broker Quote	Valued at zero
Appvion Holdings Corp	$	—	Broker Quote	Valued at zero
Asset Backed Securities
BlueMountain CLO Ltd.	$	—	Zero Value	Valued at zero
Bank Loans
Deoleo S.A.	$	—	Zero Value	Valued at zero
Boomerang Tube LLC	$	10,172	Discounted Cash Flow	Average Enterprise Valuation Multiple: 5 year projection, 5.0x; EBITDA: $20.4 million; 20% discount rate
Corporate Bonds
Appvion ESC	$	—	Zero Value	Valued at zero without primary asset attached
Travelex Financing PLC	$	24,621	Barings Supplied	Price taken from Barings sourced via Thomson Reuters
Jupiter Resources, Inc.	$	97,528	Broker Quote	$97.14: Price source depth of 1

Active Short Duration Bond Fund


DESCRIPTION	LEVEL 1			LEVEL 2		LEVEL 3		TOTAL INVESTMENTS
Assets:
Fixed Income:
Asset-Backed Securities	$	—		$	310,952,850	$	7,886,603	$	318,839,453
Corporate Bonds		—			314,318,503		—		314,318,503
Mortgage-Backed Securities		—			112,507,582		—		112,507,582
U.S. Treasury & Government Agencies		—			5,440,625		—		5,440,625

Total Fixed Income		—			743,219,560		7,886,603		751,106,163

Purchased Options:
Call Option Purchased		—			254,013		—		254,013
Put Options Purchased		—			854,377		—		854,377

Total Purchased Options		—			1,108,390		—		1,108,390

Short-Term Investments:
Commercial Paper		—			31,987,963		—		31,987,963

Total Short-Term Investments		—			31,987,963		—		31,987,963

Derivative Securities:
Centrally Cleared Credit Default Swaps*		—			20,709		—		20,709

Total	$	—		$	776,336,622	$	7,886,603	$	784,223,225

Liabilities:
Derivative Securities:
Futures*		(682,600	)		—		—		(682,600	)

Total Investments	$	(682,600	)	$	776,336,622	$	7,886,603	$	783,540,625

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

The following table is a summary of quantitative information about significant unobservable valuation inputs for Level 3 fair value measurement for investments held as of September 30, 2020:


TYPE OF ASSETS	FAIR VALUE AS OF SEPTEMBER 30, 2020		VALUATION TECHNIQUE(S)	UNOBSERVABLE INPUT
Asset-Backed Securities
SLM Student Loan Trust 2006-2	$	2,382,760	Broker Quote	$602.32: Broker quote depth of 1
SoFi Alternative Trust 2019-C	$	3,217,136	Broker Quote	$107.50: Broker quote depth of 1
SoFi Professional Loan Program 2018-A	$	567,449	Broker Quote	$ 41.34: Broker quote depth of 1
SoFi Professional Loan Program 2018-B Trust	$	467,423	Broker Quote	$ 36.93 Broker quote depth of 1
SoFi Professional Loan Program 2018-D Trust	$	417,260	Broker Quote	$ 22.11: Broker quote depth of 1
SoFi Professional Loan Program 2019-A LLC	$	834,575	Broker Quote	$ 23.69: Broker quote depth of 1

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 SEPTEMBER 30, 2020		CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) FROM INVESTMENTS HELD AT SEPTEMBER 30, 2020
Asset - Backed Securities	$	8,133,500	$	(11,655	)	$	86,745	$	—	$	23,950	$	—	$	(345,937	)	$	7,886,603	$	86,745

Total	$	8,133,500	$	(11,655	)	$	86,745	$	—	$	23,950	$	—	$	(345,937	)	$	7,886,603	$	86,745

Diversified Income Fund


DESCRIPTION	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL INVESTMENTS
Assets:
Fixed Income:
Asset-Backed Securities	$	—		$	17,106,016		$	—	$	17,106,016
Corporate Bonds		—			19,896,090			—		19,896,090
Mortgage-Backed Securities		—			3,596,327			—		3,596,327

Total Fixed Income		—			40,598,433			—		40,598,433

Derivative Securities:
Forward Foreign Currency Exchange Contracts		—			9,841			—		9,841
Futures*		60			—			—		60

Total Derivative Securities		60			9,841			—		9,901

Total	$	60		$	40,608,274		$	—	$	40,608,334

Liabilities:
Derivative Securities:
Forward Foreign Currency Exchange Contracts		—			(382	)		—		(382	)
Futures*		(29,369	)		—			—		(29,369	)

Total Derivative Securities		(29,369	)		(382	)		—		(29,751	)

Total Investments	$	(29,309	)	$	40,607,892		$	—	$	40,578,583

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

Emerging Markets Debt Blended Total Return Fund


DESCRIPTION	LEVEL 1		LEVEL 2			LEVEL 3		TOTAL INVESTMENTS
Assets:
Fixed Income:
Corporate Bonds	$	—	$	23,265,975		$	—	$	23,265,975
Foreign Government		—		29,043,733			877,748		29,921,481

Total Fixed Income		—		52,309,708			877,748		53,187,456

Derivative Securities:
Centrally Cleared Interest Rate Swaps		—		779,210			—		779,210
Forward Foreign Currency Exchange Contracts		—		807,448			—		807,448
Futures*		3,764		—			—		3,764
OTC - Cross Currency Swaps		—		160,865			—		160,865
OTC - Interest Rate Swaps		—		204,725			—		204,725

Total Derivative Securities		3,764		1,952,248			—		1,956,012

Total	$	3,764	$	54,261,956		$	877,748	$	55,143,468

Liabilities:
Derivative Securities:
Centrally Cleared Interest Rate Swaps*		—		(3,903	)		—		(3,903	)
Forward Foreign Currency Exchange Contracts		—		(673,299	)		—		(673,299	)
OTC - Credit Default Swaps		—		(300,161	)		—		(300,161	)
OTC - Cross Currency Swaps		—		(245,598	)		—		(245,598	)

Total Derivative Securities		—		(1,222,961	)		—		(1,222,961	)

Total Investments	$	3,764	$	53,038,995		$	877,748	$	53,920,507

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

The following table is a summary of quantitative information about significant unobservable valuation inputs for Level 3 fair value measurement for investments held as of September 30, 2020:


TYPE OF ASSETS	FAIR VALUE AS OF SEPTEMBER 30, 2020		VALUATION TECHNIQUE(S)	UNOBSERVABLE INPUT
Foreign Government
Asian Development Bank 7/14/21	$	211,228	Broker Quote	$31.06: Broker quote depth of 1
European Bank for Reconstruction and Development 10/29/22	$	371,728	Broker Quote	$30.98: Broker quote depth of 1
International Bank for Reconstruction and Development 11/22/21	$	294,792	Broker Quote	$30.71: Broker quote depth of 1

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 SEPTEMBER 30, 2020		CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) FROM INVESTMENTS HELD AT SEPTEMBER 30, 2020
Foreign Government	$	1,016,514	$	(3,075	)	$	(24,580	)	$	—	$	—	$	—	$	(111,111	)	$	877,748	$	(24,580	)

Total	$	1,016,514	$	(3,075	)	$	(24,580	)	$	—	$	—	$	—	$	(111,111	)	$	877,748	$	(24,580	)

Global Emerging Markets Equity Fund


DESCRIPTION	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL INVESTMENTS
Assets:
Equities:
Common Stocks	$	11,105,258	$	—	$	—	$	11,105,258

Total Equities		11,105,258		—		—		11,105,258

Mutual Fund:
Mutual Fund		199,232		—		—		199,232

Total	$	11,304,490	$	—	$	—	$	11,304,490

Total Investments	$	11,304,490	$	—	$	—	$	11,304,490

U.S. High Yield Fund


DESCRIPTION	LEVEL 1		LEVEL 2		LEVEL 3			TOTAL INVESTMENTS
Assets:
Equities:
Common Stocks	$	—	$	29,848	$	—		$	29,848
Warrants		—		—		0	*		—

Total Equities		—		29,848		0			29,848

Fixed Income:
Bank Loans		—		1,714,528		—			1,714,528
Corporate Bonds		—		45,452,086		46,711	*		45,498,797

Total Fixed Income		—		47,166,614		46,711			47,213,325

Total	$	—	$	47,196,462	$	46,711		$	47,243,173

Total Investments	$	—	$	47,196,462	$	46,711		$	47,243,173

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 September 30, 2020:


TYPE OF ASSETS	FAIR VALUE AS OF SEPTEMBER 30, 2020		VALUATION TECHNIQUE(S)	UNOBSERVABLE INPUT
Equities
Appvion Holdings Corp.	$	—	Broker Quote	Valued at zero
Appvion Holdings Corp.	$	—	Broker Quote	Valued at zero
Corporate Bonds
Appvion ESC	$	—	Zero Value	Valued at zero without primary asset attached
Jupiter Resources	$	46,711	Broker Quote	$95.71: Price source depth of 1

Barings Funds Trust NPORT-PBarings Emerging Markets Debt Blended Total Return Fund (Sep 2020 report)