Barings Funds Trust NPORT-P Barings Global Emerging Markets Equity Fund (Sep 2021 report)

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED)

September 30, 2021

						SHARES		COST		FAIR VALUE
Equities — 0.4%*:
Common Stocks — 0.4%*:
Beverage, Food and Tobacco — 0.1%*:
CTI Foods Holding Co. LLC(a)							4,657	$	495,155	$	469,426
Broadcasting and Entertainment — 0.1%*:
Technicolor SA(b)							88,751		34,103		301,218
Finance — 0.0%*:
Travelex Topco Ltd.(a),(b)							1,622		—		—
Healthcare, Education and Childcare — 0.1%*:
Don Jersey Topco Ltd.(a),(b)							292,469		195,070		305,406
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(a)							26,365		568,599		—
Fieldwood Energy LLC(a)							6,469		226,415		—
Kelly Topco Ltd.(b)							7,801		327,642		649,433
Sabine Oil & Gas LLC(a)							394		22,597		5,122
Total Oil and Gas							41,029		1,145,253		654,555
Total Common Stocks							430,297		2,041,441		1,730,605
Warrant — 0.0%*:
Finance — 0.0%*:
Travelex Topco Ltd.(b)							285		—		28,801
Total Equities							430,582		2,041,441		1,759,406
	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Fixed Income — 92.2%*:
Bank Loans — 88.3%*(c):
Aerospace and Defense — 1.5%*:
AAdvantage Loyalty IP Ltd., 3M LIBOR + 4.750%		5.50	%		4/20/2028		1,013,025		1,002,894		1,046,931
American Airlines, Inc., 1M LIBOR + 1.750%		1.84			6/27/2025		494,898		446,520		473,108
CEP IV Investment 16 S.a.r.l., 3M LIBOR + 7.750%(b)		8.75			10/3/2025		900,000		829,823		847,692
Peraton Corp., 1M LIBOR + 3.750%		4.50			2/1/2028		704,603		701,396		704,716
TransDigm, Inc., 1M LIBOR + 2.250%		2.33			12/9/2025		1,481,156		1,391,228		1,462,641
TransDigm, Inc., 1M LIBOR + 2.250%		2.33			5/30/2025		486,300		485,013		480,173
United Airlines, Inc., 3M LIBOR + 3.750%		4.50			4/21/2028		1,193,061		1,196,274		1,200,386
Total Aerospace and Defense							6,273,043		6,053,148		6,215,647
Automobile — 1.1%*:
Clarios Global LP, 1M LIBOR + 3.250%		3.34			4/30/2026		970,424		969,993		965,572
Clarios Global LP, EURIBOR + 3.250%		3.25			4/30/2026		1,000,000		1,189,982		1,146,766
Constellation Automotive Ltd., 3M LIBOR + 4.750%(b)		7.58			7/16/2029		500,000		681,194		684,230
Constellation Automotive Ltd., 3M LIBOR + 4.750%(b)		4.83			6/30/2028		500,000		681,194		673,282
DexKo Global, Inc., 3M LIBOR + 3.250%		4.25			7/24/2024		299,557		300,652		299,264

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):
Automobile (continued):
Gates Global LLC, 1M LIBOR + 2.500%		3.25	%		3/31/2027		994,988	$	992,618	$	992,878
Total Automobile							4,264,969		4,815,633		4,761,992
Beverage, Food and Tobacco — 2.4%*:
1011778 B.C. Unlimited Liability Co., 1M LIBOR + 1.750%(b)		1.84			11/19/2026		496,212		489,451		489,801
Amphora Finance Ltd., LIBOR - GBP + 4.750%(b)		4.80			5/23/2025		500,000		662,358		647,931
City Brewing Company, LLC, 3M LIBOR + 3.500%		4.25			4/5/2028		437,190		435,149		432,635
CTI Foods Holding Co, LLC, 6M LIBOR + 9.000%(a)		10.00			5/3/2024		208,488		208,488		195,979
CTI Foods Holding Co, LLC, 6M LIBOR + 7.000%(a)		8.00			5/3/2024		315,645		312,502		315,645
Deoleo S.A., EURIBOR + 4.000%(b)		5.00			6/24/2025		116,529		131,392		133,520
Froneri International Ltd., EURIBOR + 2.375%(b)		2.38			1/29/2027		1,000,000		1,207,170		1,131,800
IRB Holding Corp., 3M LIBOR + 3.250%		4.25			12/15/2027		997,488		999,803		998,734
IRB Holding Corp., 3M LIBOR + 2.750%		3.75			2/5/2025		2,031,379		2,033,344		2,027,784
Sunshine Investments B.V., 3M LIBOR + 2.750%(b)		2.87			3/28/2025		154,303		153,916		153,193
Welbilt, Inc., 1M LIBOR + 2.500%		2.58			10/23/2025		2,000,000		1,873,334		1,993,340
White Cap Buyer LLC, 3M LIBOR + 4.000%		4.50			10/19/2027		1,496,231		1,501,098		1,499,628
Total Beverage, Food and Tobacco							9,753,465		10,008,005		10,019,990
Broadcasting and Entertainment — 5.2%*:
Altice USA, Inc., 1M LIBOR + 2.250%		2.33			7/17/2025		1,644,895		1,632,587		1,620,222
AVSC Holding Corp., 3M LIBOR + 4.500%		5.50			10/15/2026		510,501		472,046		470,207
AVSC Holding Corp., 3M LIBOR + 3.250%, PIK		4.25			2/28/2025		1,954,876		1,747,678		1,738,374
Banijay Entertainment S.A.S, 1M LIBOR + 3.750%(b)		3.83			3/1/2025		1,299,186		1,302,475		1,295,938
Clear Channel Outdoor Holdings, Inc., 3M LIBOR + 3.500%		3.63			8/21/2026		2,955,904		2,897,398		2,892,086
Cumulus Media New Holdings Inc., 1M LIBOR + 3.750%		4.75			3/31/2026		1,138,361		1,130,516		1,135,515
DirecTV Financing, LLC, 3M LIBOR + 5.000%		5.75			7/22/2027		2,000,000		2,002,457		2,000,620
iHeartCommunications, Inc., 1M LIBOR + 3.000%		3.08			5/1/2026		3,136,237		3,096,861		3,112,056
Learfield Communications, Inc., 1M LIBOR + 3.250%		4.25			12/1/2023		1,963,917		1,870,446		1,881,944
RCN Cable, 1M LIBOR + 3.500%		4.25			9/25/2026		1,989,987		1,993,535		1,987,122
Technicolor SA, EURIBOR + 6.000%(b)		6.00			6/30/2024		426,046		432,481		501,843
Technicolor SA, EURIBOR + 3.000%(b)		3.00			12/31/2024		857,935		947,566		951,245
Terrier Media Buyer, Inc., 1M LIBOR + 3.500%		3.58			12/17/2026		1,465,893		1,464,453		1,462,228
Univision Communication, Inc., 3M LIBOR + 3.250%		4.00			5/5/2028		1,187,802		1,179,424		1,185,046
Total Broadcasting and Entertainment							22,531,540		22,169,923		22,234,446

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):
Buildings and Real Estate — 2.3%*:
CP Atlas Buyer, Inc., 3M LIBOR + 3.750%		4.25	%		11/23/2027		1,248,792	$	1,249,029	$	1,244,109
Cushman & Wakefield U.S. Borrower, LLC, 1M LIBOR + 2.750%		2.83			8/21/2025		1,496,202		1,480,020		1,481,614
Foundation Building Materials Holding Co. LLC, 3M LIBOR + 3.250%		3.75			2/3/2028		1,052,427		1,047,280		1,044,723
Groupe Solmax Inc., 3M LIBOR + 4.750%		5.50			5/29/2028		867,769		859,238		865,964
Park River Holdings, Inc., 3M LIBOR + 3.250%		4.00			12/28/2027		1,288,664		1,283,006		1,283,033
Quikrete Holdings, Inc., 1M LIBOR + 2.500%		2.58			2/1/2027		1,473,750		1,474,025		1,460,545
SRS Distribution, Inc., 3M LIBOR + 3.750%		4.25			6/2/2028		1,345,827		1,335,733		1,345,262
Standard Industries Inc., 3M LIBOR + 2.500%		3.00			9/22/2028		1,000,000		990,004		1,000,540
Total Buildings and Real Estate							9,773,431		9,718,335		9,725,790
Cargo Transport — 1.0%*:
Kenan Advantage Group, Inc., 3M LIBOR + 7.250%		8.00			9/1/2027		528,635		518,163		523,348
Kenan Advantage Group, Inc., 1M LIBOR + 3.750%		4.50			3/24/2026		1,784,925		1,776,879		1,780,713
Worldwide Express Operations, LLC, 2M LIBOR + 4.250%		5.00			7/26/2028		2,000,000		1,998,611		2,005,560
Total Cargo Transport							4,313,560		4,293,653		4,309,621
Chemicals, Plastics and Rubber — 4.8%*:
Allnex (Luxembourg) & Cy S.C.A., 1M LIBOR + 3.250%		4.00			9/13/2023		353,198		352,703		352,721
Allnex USA, Inc., 1M LIBOR + 3.250%		4.00			9/13/2023		266,095		265,723		265,736
Consolidated Energy Finance SA, 6M LIBOR + 2.500%		2.66			5/7/2025		1,454,794		1,431,103		1,429,335
CPC Acquisition Corp., 3M LIBOR + 3.750%		4.50			12/29/2027		995,000		996,202		993,756
Flint Group GmbH, EURIBOR + 4.250%, PIK(b)		5.00			9/21/2023		970,567		1,129,077		1,125,459
Flint Group GmbH, EURIBOR + 4.250%, PIK(b)		5.25			9/21/2023		964,799		969,496		980,436
Flint Group US LLC, 3M LIBOR + 4.250%, PIK(b)		5.25			9/21/2023		5,418,422		5,337,283		5,418,422
Gemini HDPE LLC, 3M LIBOR + 3.000%		3.50			12/31/2027		803,738		800,413		803,738
GEON Performance Solutions, LLC, 3M LIBOR + 4.750%		5.50			8/18/2028		557,917		553,744		561,577
Ineos Quattro, EURIBOR + 2.750%(b)		2.75			1/29/2026		1,000,000		1,202,137		1,149,662
LSF11 A5 Holdco LLC, 3M LIBOR + 3.750%		4.25			10/15/2028		949,764		946,930		950,951
New Arclin U.S. Holding Corp., 3M LIBOR + 3.750%		4.25			9/22/2028		412,371		410,310		412,029
Nobian Finance BV, EURIBOR + 3.750%(b)		3.75			7/1/2026		500,000		593,787		577,455
Novacap S.A., EURIBOR + 3.250%(b)		3.25			6/22/2023		1,000,000		1,139,961		1,153,045
Polar US Borrower, LLC, 3M LIBOR + 3.750%		4.88			10/15/2025		1,226,572		1,227,738		1,223,506

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):
Chemicals, Plastics and Rubber (continued):
Solenis Holdings LLC, 3M LIBOR + 3.750%		4.25	%		10/1/2028		564,193	$	562,782	$	563,369
Solenis Holdings LLC, 1M LIBOR + 4.000%		4.08			6/26/2025		616,769		613,451		616,448
Sparta U.S. HoldCo LLC, 3M LIBOR + 3.500%		4.25			8/2/2028		216,802		215,740		217,073
Trinseo Materials Operating S.C.A., 3M LIBOR + 2.500%		2.58			5/3/2028		1,496,250		1,489,205		1,490,639
W.R. Grace & Co.-Conn., 3M LIBOR + 3.750%		4.25			8/11/2028		348,837		347,965		349,929
Total Chemicals, Plastics and Rubber							20,116,088		20,585,750		20,635,286
Containers, Packaging and Glass — 2.4%*:
Albea Beauty Holdings S.A., 3M LIBOR + 3.000%(b)		4.00			4/22/2024		200,159		200,052		192,529
BWAY Holding Co., 1M LIBOR + 3.250%		3.33			4/3/2024		1,900,964		1,895,283		1,860,264
CCP Lux Holding S.a. r.l., 3M LIBOR + 4.250%(b)		4.25			1/10/2025		1,000,000		1,183,483		1,159,508
Flex Acquisition Company, Inc., 3M LIBOR + 3.500%		4.00			2/23/2028		1,341,142		1,340,122		1,337,977
Graham Packaging Co. Inc., 1M LIBOR + 3.000%		3.75			8/4/2027		515,231		515,757		514,660
Hoffmaster Group, Inc., 3M LIBOR + 4.000%		5.00			11/21/2023		1,246,448		1,177,088		1,198,148
Kouti B.V., 3M LIBOR + 3.750%(b)		3.75			7/1/2028		600,000		709,013		693,620
Pretium PKG Holdings, Inc., 3M LIBOR + 6.750%		7.25			9/22/2029		254,237		251,695		254,873
Pretium PKG Holdings, Inc., 3M LIBOR + 4.000%		4.50			9/22/2028		345,224		343,498		345,442
Proampac PG Borrower LLC, 3M LIBOR + 3.750%		4.50			11/3/2025		1,000,000		1,002,558		1,001,250
Reynolds Consumer Products LLC, 1M LIBOR + 1.750%		1.83			2/4/2027		245,843		245,608		245,090
Reynolds Group Holdings Inc., 1M LIBOR + 3.500%		4.00			9/20/2028		227,425		226,289		227,084
Ring Container Technologies Group, LLC, 3M LIBOR + 3.750%		4.25			8/12/2028		307,797		307,030		307,951
Trident TPI Holdings, Inc., 3M LIBOR + 4.000%		4.50			9/15/2028		805,312		803,306		806,149
Total Containers, Packaging and Glass							9,989,782		10,200,782		10,144,545
Diversified/Conglomerate Manufacturing — 2.2%*:
Alison Bidco S.a.r.l., 3M LIBOR + 5.500%, PIK(b)		6.50			8/29/2023		242,276		241,767		174,439
Amer Sports Oyj, EURIBOR + 4.500%(b)		4.50			3/30/2026		500,000		564,624		579,042
Fluid-Flow Products, Inc., 3M LIBOR + 3.750%		4.25			3/31/2028		727,191		725,499		725,372
Grinding Media Inc., 3M LIBOR + 4.000%		4.75			10/12/2028		1,498,358		1,406,390		1,500,231
Hyperion Materials & Technologies, Inc., 1M LIBOR + 4.500%		5.00			8/30/2028		551,020		548,289		551,709

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):
Diversified/Conglomerate Manufacturing (continued):
Illuminate Merger Corp., 3M LIBOR + 3.500%		4.00	%		7/21/2028		540,984	$	538,338	$	540,421
LTI Holdings, Inc., 1M LIBOR + 3.500%		3.58			9/6/2025		594,081		581,432		585,265
Project Alpha Intermediate Holding, Inc., 1M LIBOR + 4.000%		4.09			4/26/2024		1,341,442		1,343,322		1,340,248
SGB-SMIT Management GmbH, EURIBOR + 4.500%, PIK(b)		4.50			7/18/2024		507,480		528,592		534,934
Wilsonart LLC, 3M LIBOR + 3.500%		4.50			12/19/2026		992,402		987,846		992,710
Winterfell Financing Sarl, EURIBOR + 3.500%(b)		3.50			5/4/2028		500,000		603,484		574,182
Xella, 3M LIBOR + 4.250%(b)		4.25			4/12/2028		1,000,000		1,183,994		1,159,439
Total Diversified/Conglomerate Manufacturing							8,995,234		9,253,577		9,257,992
Diversified/Conglomerate Service — 13.9%*:
Applied Systems, Inc., PRIME + 3.250%		5.50			9/19/2024		1,000,000		997,600		999,630
APX Group, Inc., 1M LIBOR + 3.500%		4.00			7/10/2028		1,727,612		1,717,867		1,721,669
Clay Holdco B.V, EURIBOR + 4.000%(b)		4.00			10/30/2026		600,000		715,620		695,205
Cloudera, Inc., 3M LIBOR + 3.750%		4.25			8/10/2028		934,579		925,234		932,832
Cloudera, Inc., 3M LIBOR + 6.000%		6.50			8/10/2029		566,667		563,833		563,833
CoreLogic, Inc., 1M LIBOR + 6.500%		7.00			6/4/2029		532,670		527,633		543,324
CoreLogic, Inc., 1M LIBOR + 3.500%		4.00			6/2/2028		1,330,450		1,325,868		1,328,787
Cornerstone OnDemand, Inc., 3M LIBOR + 3.750%		4.25			9/21/2028		2,000,000		2,000,000		1,995,000
Cornerstone OnDemand, Inc., 1M LIBOR + 3.250%		3.33			4/22/2027		421,794		421,235		421,110
Cvent, Inc., 1M LIBOR + 3.750%		3.83			11/29/2024		2,341,023		2,062,254		2,330,418
Delta TopCo, Inc., 3M LIBOR + 3.750%		4.50			12/1/2027		997,500		998,652		998,208
EAB Global, Inc., 3M LIBOR + 3.500%		4.00			8/16/2028		500,000		497,522		497,125
Element Materials Technology Group US Holdings Inc., EURIBOR + 3.250%		3.25			6/28/2024		1,000,000		1,194,547		1,139,237
Element Materials Technology Group US Holdings Inc., LIBOR - GBP + 4.250%		4.33			6/28/2024		500,000		680,938		658,542
Endure Digital Inc., 6M LIBOR + 3.500%		4.25			2/10/2028		1,963,884		1,954,591		1,951,609
Epicor Software Corp., 1M LIBOR + 3.250%		4.00			7/30/2027		304,916		304,725		304,779
Finastra USA, Inc., 6M LIBOR + 7.250%		8.25			6/13/2025		6,482		6,543		6,513
Finastra USA, Inc., 6M LIBOR + 3.500%		4.50			6/13/2024		3,404,214		3,317,300		3,374,768
Gopher Resource, LLC, 1M LIBOR + 3.250%		4.25			3/6/2025		431,611		388,669		397,514
Greeneden U.S. Holdings II LLC, 1M LIBOR + 4.000%		4.75			12/1/2027		2,969,579		2,971,072		2,978,607
Hyland Software, Inc., 1M LIBOR + 3.500%		4.25			7/1/2024		1,988,478		1,991,970		1,989,512
Hyland Software, Inc., 1M LIBOR + 6.250%		7.00			7/7/2025		501,818		501,818		506,209
IGT Holding IV AB, 3M LIBOR + 3.750%(b)		4.25			3/31/2028		686,207		684,538		686,639
Infinitas Learning Holding B.V., 3M LIBOR + 4.500%(b)		4.50			7/31/2028		500,000		586,677		579,609
Informatica LLC, 3M LIBOR + 7.125%		7.13			2/25/2025		350,242		349,045		354,795
Informatica LLC, 1M LIBOR + 3.250%		3.33			2/25/2027		985,000		981,188		981,306
IRIS Bidco Ltd., LIBOR—GBP + 4.250%(b)		4.25			9/6/2025		1,000,000		1,383,157		1,342,630
MH Sub I LLC, 1M LIBOR + 3.500%		3.58			9/13/2024		1,994,316		1,989,573		1,987,515

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):
Diversified/Conglomerate Service (continued):
MH Sub I, LLC, 1M LIBOR + 6.250%		6.34	%		2/12/2029		500,000	$	505,410	$	507,030
Mitchell International, Inc., 1M LIBOR + 3.250%		3.33			11/29/2024		1,971,938		1,940,394		1,968,251
Panther Commercial Holdings L.P, 3M LIBOR + 4.250%		4.75			1/7/2028		1,496,250		1,501,371		1,499,991
Project Leopard Holdings, Inc., 3M LIBOR + 4.750%		5.75			7/5/2024		1,450,444		1,453,970		1,453,461
Project Ruby Ultimate Parent Corp., 1M LIBOR + 3.250%		4.00			3/3/2028		1,322,002		1,316,954		1,319,940
Proofpoint, Inc., 3M LIBOR + 3.250%		3.75			8/31/2028		697,674		694,211		693,837
Redstone Buyer LLC, 3M LIBOR + 4.750%		5.50			4/27/2028		1,905,144		1,893,386		1,871,804
Sabre GLBL Inc., 1M LIBOR + 3.500%		4.00			12/17/2027		790,536		788,609		785,841
SITEL Worldwide Corp., 3M LIBOR + 3.750%		4.25			8/28/2028		1,031,519		1,026,422		1,032,808
Spin Holdco Inc., 3M LIBOR + 4.000%		4.75			3/1/2028		695,283		690,485		696,945
Summer (BC) Holdco B S.a r.l, 3M LIBOR + 5.000%(b)		5.12			12/4/2026		3,484,817		3,484,569		3,485,548
Surf Holdings, LLC, 3M LIBOR + 3.500%(b)		3.62			3/5/2027		493,449		491,679		490,479
Team.Blue Finco SARL, EURIBOR + 3.750%(b)		3.75			3/27/2028		1,250,000		1,485,464		1,444,578
TMF Group Holding B.V., EURIBOR + 3.250%(b)		3.25			5/5/2025		1,500,000		1,787,290		1,719,281
USIC Holdings, Inc., 1M LIBOR + 3.500%		4.25			5/12/2028		949,089		946,933		947,902
Verisure Holding AB, EURIBOR + 3.250%(b)		3.25			3/27/2028		1,875,000		2,256,778		2,157,919
Veritas US Inc., EURIBOR + 4.750%		5.75			9/1/2025		742,514		879,027		864,073
Veritas US Inc., 3M LIBOR + 5.000%		6.00			9/1/2025		1,488,750		1,498,831		1,494,020
Vision Solutions, Inc., 3M LIBOR + 4.250%		5.00			4/23/2028		904,110		899,852		901,705
W3 Topco LLC, 3M USD LIBOR + 6.000%		7.00			8/16/2025		741,550		733,905		731,353
Weld North Education, LLC, 3M LIBOR + 3.750%		4.25			12/21/2027		848,997		851,107		849,260
Total Diversified/Conglomerate Service							57,678,108		59,166,316		59,182,951
Electronics — 4.0%*:
Ahead Data Blue LLC, 3M LIBOR + 3.750%		4.50			10/18/2027		1,706,009		1,712,020		1,711,690
EXC Holdings III Corp., 3M LIBOR + 3.500%		4.50			12/2/2024		1,475,936		1,480,977		1,479,625
Ingram Micro Inc., 3M LIBOR + 3.500%		4.00			6/30/2028		1,974,757		1,970,170		1,978,706
ION Trading Finance Ltd., 3M LIBOR + 4.750%		4.92			4/1/2028		2,100,568		2,100,004		2,102,941
Ivanti Software, Inc., 3M LIBOR + 4.750%		5.75			12/1/2027		1,990,000		1,983,854		1,993,423
McAfee Enterprise, 3M LIBOR + 5.000%		5.75			7/27/2028		1,146,634		1,135,424		1,146,279
Polaris Newco LLC, 6M LIBOR + 4.000%		4.50			6/2/2028		892,503		888,228		894,181
Renaissance Holding Corp., 1M LIBOR + 3.250%		3.33			5/30/2025		1,722,830		1,708,370		1,707,135

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):
Electronics (continued):
Sophia, LP, 3M LIBOR + 3.750%		4.50	%		10/7/2027		838,523	$	837,483	$	841,316
Sovos Compliance, LLC, 3M LIBOR + 4.500%		5.00			8/11/2028		462,329		461,194		464,835
SS&C Technologies Inc., 1M LIBOR + 1.750%		1.83			4/16/2025		466,227		465,580		461,761
Tibco Software Inc., 1M LIBOR + 3.750%		3.83			6/30/2026		1,979,962		1,954,539		1,963,885
Tibco Software Inc., 1M LIBOR + 7.250%		7.34			3/3/2028		385,441		383,889		389,102
Total Electronics							17,141,719		17,081,732		17,134,879
Finance — 2.1%*:
Aqgen Ascensus, Inc., 3M LIBOR + 6.500%		7.00			8/2/2029		250,358		247,900		247,854
Aqgen Island Holdings, Inc., 3M LIBOR + 3.500%		4.00			8/1/2028		1,158,599		1,152,920		1,154,741
Deerfield Dakota Holding LLC, 1M LIBOR + 3.750%		4.75			4/9/2027		497,481		499,226		498,491
Deerfield Dakota Holding LLC, 1M LIBOR + 6.750%		7.50			4/7/2028		1,000,000		1,004,681		1,030,000
Edelman Financial Center, LLC, 1M LIBOR + 3.500%		4.25			4/7/2028		997,500		996,282		995,166
Edelman Financial Center, LLC, 1M LIBOR + 6.750%		6.83			7/20/2026		1,000,000		1,009,574		1,006,560
Ensono, LP, 1M LIBOR + 4.000%		4.75			5/19/2028		903,955		895,346		905,275
Skopima Merger Sub Inc., 1M LIBOR + 4.000%		4.50			5/12/2028		1,962,567		1,949,704		1,949,810
Tempo Acquisition LLC, 1M LIBOR + 2.750%		2.83			5/1/2024		74,622		74,754		74,552
Zera uyer LLC, 3M LIBOR + 3.250%		3.75			4/21/2028		913,242		908,676		915,689
Total Finance							8,758,324		8,739,063		8,778,138
Healthcare, Education and Childcare — 12.9%*:
ADMI Corp., 1M LIBOR + 3.125%		3.63			12/23/2027		64,082		64,348		63,522
Advanz Pharma Corp., EURIBOR + 5.000%(b)		5.00			6/1/2028		1,000,000		1,204,955		1,160,620
Aenova Holding GmbH, EURIBOR + 4.500%(b)		4.50			3/6/2026		500,000		590,996		581,347
Amneal Pharmaceuticals LLC, 1M LIBOR + 3.500%		3.59			5/4/2025		1,458,043		1,390,581		1,436,785
Auris Luxembourg III S.a.r.l., EURIBOR + 4.000%(b)		4.00			2/27/2026		2,000,000		2,321,633		2,310,190
Auris Luxembourg III Sarl, 1M LIBOR + 3.750%(b)		3.83			2/27/2026		2,487,247		2,469,925		2,463,941
CeramTec AcquiCo GmbH, 3M LIBOR + 2.750%(b)		2.87			3/7/2025		1,250,000		1,235,604		1,236,725
CeramTec AcquiCo GmbH, 3M LIBOR + 2.500%(b)		2.50			3/7/2025		1,965,205		2,299,642		2,264,375
Change Healthcare Holdings LLC, 3M LIBOR + 2.500%		3.50			3/1/2024		1,199,391		1,197,606		1,197,952
CHG Healthcare Services Inc., 3M LIBOR + 3.500%		4.00			9/22/2028		217,391		216,304		217,624
Eagle Bidco Ltd., 3M LIBOR + 3.750%(b)		3.75			3/19/2028		425,455		494,527		487,074
Eagle Bidco Ltd., LIBOR - GBP + 3.750%(b)		4.80			3/10/2028		500,000		693,142		671,598

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):
Healthcare, Education and Childcare (continued):
Eagle Bidco Ltd. 2021 Project Einstein EUR TL B, 3M LIBOR + 3.750%(b)		3.75	%		3/19/2028		474,545	$	551,587	$	543,275
Elysium Healthcare Holdings 3 Ltd., LIBOR - GBP + 5.250%(b)		5.30			4/11/2025		1,000,000		1,395,837		1,320,169
Endo Luxembourg Finance Co. I S.a r.l., 3M LIBOR + 5.000%		6.00			3/27/2028		1,290,144		1,288,042		1,259,322
Envision Healthcare Corp., 1M LIBOR + 3.750%		3.83			10/10/2025		1,581,481		1,249,647		1,403,565
Fugue Finance B.V., EURIBOR + 3.250%(b)		3.25			9/1/2024		500,000		547,552		567,713
Gainwell Acquisition Corp., 3M LIBOR + 4.000%		4.75			10/1/2027		604,673		596,590		605,556
Grifols Worldwide Operations USA, Inc., 3M LIBOR + 2.000%		2.07			11/15/2027		994,937		985,478		978,351
Horizon Therapeutics USA Inc., 1M LIBOR + 2.000%		2.50			3/15/2028		891,045		888,986		888,978
Horizon Therapeutics USA, Inc., 1M LIBOR + 2.250%		2.38			5/22/2026		494,267		495,754		491,548
Hunter Holdco 3 Ltd., 3M LIBOR + 4.250%		4.75			8/19/2028		1,980,392		1,965,977		1,987,819
ICON Luxembourg S.A.R.L., 3M LIBOR + 2.500%		3.00			7/3/2028		876,449		872,203		879,245
ICON Luxembourg S.A.R.L., 3M LIBOR + 2.500%		3.00			7/2/2028		218,368		217,310		219,064
Iris idco GmBH, EURIBOR + 5.000%(b)		5.00			5/31/2028		650,000		772,369		753,869
Jazz Financing Lux S.a.r.l., 1M LIBOR + 3.500%		4.00			5/5/2028		1,100,690		1,095,491		1,101,933
Lernen Bidco Ltd., EURIBOR + 4.250%(b)		4.25			10/25/2025		2,000,000		2,354,240		2,293,533
Lifescan Global Corp., 3M LIBOR + 6.000%		6.15			10/1/2024		1,176,364		1,147,094		1,165,577
Netsmart Technologies, Inc., 3M LIBOR + 4.000%		4.75			10/1/2027		995,000		996,268		998,731
Nidda Healthcare Holding AG, EURIBOR + 3.500%(b)		3.50			8/21/2026		1,925,000		2,154,805		2,199,855
Nidda Healthcare Holding AG, LIBOR - GBP + 4.500%(b)		4.57			8/21/2026		500,000		652,706		668,647
Organon & Co., 3M LIBOR + 3.000%		3.50			6/2/2028		673,077		669,856		674,161
Ortho-Clinical Diagnostics SA, 1M LIBOR + 3.000%		3.08			6/30/2025		1,897,451		1,885,852		1,895,079
Padagis LLC, 3M LIBOR + 4.750%		5.25			7/6/2028		645,161		638,897		645,161
Parexel International Corp., 1M LIBOR + 2.750%		2.83			9/27/2024		1,717,488		1,701,807		1,716,028
Prometric Holdings, Inc., 1M LIBOR + 3.000%		4.00			1/29/2025		994,911		986,083		987,449
Radiology Partners, Inc., 1M LIBOR + 4.250%		4.33			7/9/2025		2,000,000		1,989,242		1,997,500
RegionalCare Hospital Partners Holdings, Inc., 1M LIBOR + 3.750%		3.83			11/16/2025		742,455		746,097		741,067
Select Medical Corp., 1M LIBOR + 2.250%		2.34			3/6/2025		1,000,000		993,340		992,250
Surgery Center Holdings, Inc., 1M LIBOR + 3.750%		4.50			8/31/2026		1,969,629		1,963,594		1,971,539

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):
Healthcare, Education and Childcare (continued):
Team Health Holdings, Inc., 1M LIBOR + 2.750%		3.75	%		2/6/2024		2,751,565	$	2,686,784	$	2,675,897
Tunstall Group Holdings Ltd., EURIBOR + 5.000%(b)		5.00			8/3/2025		321,190		377,864		363,988
U.S. Anesthesia Partners, Inc., 3M LIBOR + 4.250%		4.75			9/23/2028		1,250,000		1,243,750		1,251,363
U.S. Anesthesia Partners, Inc., 3M LIBOR + 3.000%		4.00			6/23/2024		1,987,033		1,971,950		1,986,417
Unilabs Holding AB, EURIBOR + 2.500%(b)		2.50			4/19/2024		500,000		578,995		572,902
US Radiology Specialists, Inc., 3M LIBOR + 5.500%		5.63			12/10/2027		796,517		782,358		799,376
Verscend Holding Corp., 1M LIBOR + 4.000%		4.08			8/27/2025		1,484,828		1,483,341		1,486,061
Total Healthcare, Education and Childcare							53,051,474		55,107,009		55,174,741
Home and Office Furnishings, Housewares, and Durable Consumer Products — 2.0%*:
ACProducts, Inc., 3M LIBOR + 4.250%		4.75			5/17/2028		1,487,014		1,478,167		1,483,564
Hilding Anders International AB, 3M LIBOR + 5.000%(b)		5.75			11/30/2024		700,000		704,881		685,164
LBM Acquisition LLC, 3M LIBOR + 3.750%		4.50			12/17/2027		2,255,813		2,244,657		2,233,255
Serta Simmons Bedding LLC, 1M LIBOR + 7.500%		8.50			8/10/2023		1,506,206		1,506,206		1,429,344
SIWF Holdings Inc., 1M LIBOR + 4.250%		4.33			6/15/2025		972,431		977,619		972,431
Staples, Inc., 3M LIBOR + 5.000%		5.13			4/16/2026		1,992,366		1,941,413		1,896,374
Total Home and Office Furnishings, Housewares, and Durable Consumer Products							8,913,830		8,852,943		8,700,132
Hotels, Motels, Inns and Gaming — 3.7%*:
Caesars Resort Collection LLC, 1M LIBOR + 2.750%		2.83			12/23/2024		1,948,065		1,944,011		1,935,364
Caesars Resort Collection LLC, 3M LIBOR + 3.500%		3.58			7/21/2025		725,415		708,852		725,676
Casper BidCo SAS, EURIBOR + 3.875%(b)		3.88			7/31/2026		1,500,000		1,704,634		1,676,173
Compass IV Ltd., EURIBOR + 8.000%(b)		9.00			4/30/2026		500,000		592,808		580,866
Compass IV Ltd., EURIBOR + 4.000%(b)		4.00			4/30/2025		500,000		600,486		578,631
Golden Nugget, Inc., 2M LIBOR + 2.500%		3.25			10/4/2023		1,797,746		1,751,836		1,788,272
Hilton Grand Vacations Borrower LLC, 1M LIBOR + 3.000%		3.50			8/2/2028		538,117		535,466		539,327
HNVR Holdco Ltd., EURIBOR + 4.250%(b)		4.25			9/12/2025		2,000,000		2,036,843		2,101,872
Motel 6, 1M LIBOR + 5.000%		5.75			9/9/2026		908,696		906,471		910,968
Penn National Gaming, Inc., 1M LIBOR + 2.250%		3.00			10/15/2025		1,768,934		1,766,113		1,765,502
Richmond UK Bidco Ltd., LIBOR - GBP + 4.250%(b)		4.41			3/3/2024		482,094		610,403		636,381
Rouge Beachhouse B.V., EURIBOR + 4.500%(b)		4.50			9/4/2025		500,000		586,575		579,540
Station Casinos LLC, 1M LIBOR + 2.250%		2.50			2/8/2027		993,938		969,404		982,398

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):
Hotels, Motels, Inns and Gaming (continued):
Twin River Worldwide Holdings, Inc., 3M LIBOR + 3.250%		3.75	%		8/6/2028		1,016,733	$	1,006,611	$	1,016,032
Total Hotels, Motels, Inns and Gaming							15,179,738		15,720,513		15,817,002
Insurance — 2.9%*:
Acrisure LLC, 3M LIBOR + 3.500%		3.63			2/15/2027		1,974,956		1,952,594		1,954,792
Alliant Holdings Intermediate LLC, 1M LIBOR + 3.250%		3.33			5/9/2025		2,235,626		2,240,873		2,218,859
AmWINS Group, Inc., 1M LIBOR + 2.250%		3.00			2/19/2028		449,766		448,736		446,901
AssuredPartners, Inc., 1M LIBOR + 3.500%		3.58			2/12/2027		1,735,027		1,741,680		1,723,455
Asurion LLC, 1M LIBOR + 3.250%		3.33			12/23/2026		2,977,500		2,970,608		2,931,766
Asurion LLC, 1M LIBOR + 5.250%		5.33			1/20/2029		1,551,724		1,536,542		1,543,577
Hub International Ltd., 3M LIBOR + 2.750%		2.88			4/25/2025		985,983		972,232		976,024
Ryan Specialty Group LLC, 1M LIBOR + 3.000%		3.75			9/1/2027		432,986		427,480		432,553
Total Insurance							12,343,568		12,290,745		12,227,927
Leisure, Amusement, Entertainment — 5.3%*:
AMC Entertainment Holdings, Inc., 1M LIBOR + 3.000%		3.08			4/22/2026		1,702,233		1,454,958		1,575,519
City Football Group Ltd., 3M LIBOR + 3.500%(b)		4.00			7/21/2028		927,835		923,303		923,196
Crown Finance US, Inc., 6M LIBOR + 2.500%		3.50			2/28/2025		2,071,967		2,058,073		1,703,032
Crown Finance US, Inc., 3M LIBOR + 8.250%		9.25			5/23/2024		118,742		114,521		126,757
Delta 2 (LUX) Sarl, 3M LIBOR + 2.500%(b)		3.50			2/1/2024		1,394,967		1,396,869		1,389,736
Dorna Sports, S.L., EURIBOR + 3.000%(b)		3.00			5/3/2024		2,478,282		2,910,128		2,841,407
International Park Holdings B.V., EURIBOR + 3.500%(b)		3.50			6/13/2024		500,000		580,575		560,531
Metro-Goldwyn-Mayer, Inc., 1M LIBOR + 4.500%		5.50			7/3/2026		3,000,000		2,984,481		2,996,250
Motion Finco Sarl, EURIBOR + 3.000%(b)		3.00			11/12/2026		1,500,000		1,679,690		1,672,541
Odeon Cinemas Group Ltd., EURIBOR, PIK(b)		5.38			8/19/2023		92,226		124,277		126,751
Odeon Cinemas Group Ltd., EURIBOR, PIK(b)		10.75			8/19/2023		195,134		230,595		230,554
Parques Reunidos SAU, EURIBOR + 3.750%(b)		3.75			9/16/2026		500,000		546,180		553,216
Piolin Bidco SAU, 3M LIBOR + 7.500%(b)		7.50			9/16/2026		500,000		599,714		582,071
Playtika Holding Corp., 1M LIBOR + 2.750%		2.83			3/13/2028		489,244		486,971		488,853
PUG LLC, 1M LIBOR + 4.250%		4.75			2/12/2027		918,274		913,819		917,126
PUG LLC, 1M LIBOR + 3.500%		3.58			2/12/2027		1,460,648		1,444,743		1,427,170
Silk Bidco AS, EURIBOR + 4.000%(b)		4.00			2/24/2025		500,000		553,058		546,805
Vacalians Group, EURIBOR + 4.000%(b)		4.00			11/28/2025		330,783		374,140		365,921

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):
Leisure, Amusement, Entertainment (continued):
Vue International Bidco plc, EURIBOR + 4.750%(b)		4.75	%		7/3/2026		923,797	$	1,030,043	$	1,005,426
William Morris Endeavor Entertainment, LLC, 1M LIBOR + 2.750%		2.84			5/16/2025		2,260,529		2,242,150		2,212,493
WMG Acquisition Corp., 1M LIBOR + 2.125%		2.21			1/20/2028		518,991		519,451		515,857
Total Leisure, Amusement, Entertainment							22,383,652		23,167,739		22,761,212
Machinery Non-Agriculture, Non-Construction, Non-Electronic — 1.7%*:
Alison Bidco Sarl, EURIBOR + 5.500%, PIK(b)		6.50			8/29/2023		848,629		985,081		716,064
Ammeraal Beltech Holding B.V., EURIBOR + 3.750%(b)		3.75			7/30/2025		1,000,000		1,206,535		1,152,130
Diebold,, Inc., EURIBOR + 3.000%		3.00			11/6/2023		1,490,816		1,719,516		1,711,241
Madison IAQ LLC, 3M LIBOR + 3.250%		3.75			6/21/2028		1,074,231		1,069,015		1,072,437
Pro Mach Group, Inc., 1M LIBOR + 4.000%		5.00			8/31/2028		892,567		888,144		896,396
Titan Acquisition Ltd., 3M LIBOR + 3.000%(b)		3.17			3/28/2025		1,930,866		1,929,766		1,894,449
Total Machinery Non-Agriculture, Non-Construction, Non-Electronic							7,237,109		7,798,057		7,442,717
Mining, Steel, Iron and Non-Precious Metals — 0.4%*:
Boomerang Tube LLC, 3M LIBOR + 5.000%(a)		5.13			6/30/2022		64,538		64,538		—
US Silica Co., 1M LIBOR + 4.000%		5.00			5/1/2025		1,848,414		1,814,001		1,807,989
Total Mining, Steel, Iron and Non-Precious Metals							1,912,952		1,878,539		1,807,989
Oil and Gas — 0.8%*:
Buckeye Partners, L.P., 1M LIBOR + 2.250%		2.33			11/1/2026		391,780		391,780		389,680
Gulf Finance LLC, 3M LIBOR + 5.250%		6.25			8/25/2023		1,602,930		1,549,639		1,538,140
Oryx Midstream Services Permian Basin LLC		3.70			10/5/2028		1,538,117		1,537,926		1,537,640
Total Oil and Gas							3,532,827		3,479,345		3,465,460
Personal and Non-Durable Consumer Products Mfg. Only — 0.9%*:
Breitling Financing Sarl, EURIBOR + 3.250%(b)		3.25			7/11/2024		1,000,000		1,183,506		1,155,095
Coty Inc., 1M LIBOR + 2.250%		2.33			4/7/2025		910,021		891,656		892,394
Journey Personal Care Corp., 3M LIBOR + 4.250%		5.00			3/1/2028		325,607		324,113		326,150
Triton Water Holdings, Inc., 3M LIBOR + 3.500%		4.00			3/31/2028		1,390,462		1,386,043		1,387,862
Total Personal and Non-Durable Consumer Products Mfg. Only							3,626,090		3,785,318		3,761,501
Personal Transportation — 1.3%*:
Air Canada, 3M LIBOR + 3.500%(b)		4.25			8/11/2028		1,530,571		1,527,845		1,535,668
First Student Bidco, Inc., 3M LIBOR + 3.000%		3.50			7/21/2028		1,860,216		1,848,524		1,849,053
Kestrel Bidco, Inc., 6M LIBOR + 3.000%(b)		4.00			12/11/2026		2,095,597		2,098,148		2,042,977
Naviera Armas SA, EURIBOR + 2.500%, PIK(a),(b)		5.00			10/31/2021		58,635		71,453		67,920

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):
Personal Transportation (continued):
Naviera Armas SA, EURIBOR + 2.500%(a),(b)		4.31	%		10/31/2021		11,086	$	13,407	$	12,843
Naviera Armas SA, EURIBOR + 2.500%, PIK(a),(b)		5.00			10/31/2021		86,833		101,767		100,583
Total Personal Transportation							5,642,938		5,661,144		5,609,044
Printing and Publishing — 1.4%*:
Ascend Learning LLC, 1M LIBOR + 3.000%		4.00			7/12/2024		1,492,248		1,490,550		1,490,920
Cimpress Public Ltd. Co., 1M LIBOR + 3.500%		4.00			5/17/2028		521,569		516,613		521,407
Getty Images, Inc., 1M LIBOR + 4.500%		4.63			2/19/2026		919,610		919,610		918,267
Houghton Mifflin Harcourt Publishing Co., 1M LIBOR + 6.250%		7.25			11/22/2024		87,695		85,475		87,558
Springer Nature Deutschland GmbH, EURIBOR + 2.750%(b)		3.25			8/14/2026		1,573,104		1,904,312		1,814,862
Sylvamo Corp., 3M LIBOR + 4.500%		5.00			8/18/2028		1,004,184		994,142		1,000,418
Total Printing and Publishing							5,598,410		5,910,702		5,833,432
Retail Stores — 3.7%*:
At Home Group Inc., 3M LIBOR + 4.250%		4.75			7/24/2028		458,715		455,360		459,289
Casino Guichard-Perrachon SA, EURIBOR + 4.000%(b)		4.00			8/31/2025		850,000		993,710		985,720
EG Group Ltd., 3M LIBOR + 4.250%(b)		4.75			3/31/2026		654,543		648,488		653,889
Eyemart Express LLC, 3M LIBOR + 3.000%		4.00			8/31/2027		972,222		962,673		969,383
Great Outdoors Group LLC, 3M LIBOR + 4.250%		5.00			3/5/2028		1,985,000		1,982,779		1,990,955
Harbor Freight Tools USA, Inc., 1M LIBOR + 2.750%		3.25			10/19/2027		971,866		971,325		970,836
Mattress Firm, Inc., 3M LIBOR + 4.250%		5.00			9/25/2028		2,046,392		2,030,517		2,042,565
Michaels Cos., Inc., 3M LIBOR + 4.250%		5.00			4/15/2028		1,223,119		1,214,480		1,223,670
Peer Holding III B.V., EURIBOR + 3.250%(b)		3.25			1/16/2027		1,000,000		1,190,550		1,156,786
Petco Health and Wellness Company, Inc., 3M LIBOR + 3.250%		4.00			3/3/2028		2,220,549		2,216,015		2,219,749
PetSmart, Inc., 6M LIBOR + 3.750%		4.50			2/12/2028		2,000,000		2,004,907		2,002,860
Wand NewCo 3, Inc., 1M LIBOR + 3.000%		3.08			2/5/2026		997,462		987,786		987,906
Total Retail Stores							15,379,868		15,658,590		15,663,608
Telecommunications — 7.2%*:
Altice Financing SA, EURIBOR + 2.750%(b)		2.75			1/31/2026		992,268		1,192,305		1,121,774
Banff Merger Sub, Inc., 3M LIBOR + 5.500%		6.00			3/23/2026		283,962		282,542		287,156
Banff Merger Sub, Inc., 3M LIBOR + 3.750%		3.88			10/2/2025		2,854,981		2,848,550		2,837,736
CCI Buyer, Inc., 3M LIBOR + 4.000%		4.75			12/17/2027		2,292,996		2,310,971		2,299,210
CenturyLink, Inc., 1M LIBOR + 2.250%		2.34			3/15/2027		1,527,698		1,472,251		1,509,656
CommScope, Inc., 1M LIBOR + 3.250%		3.34			4/6/2026		1,967,315		1,963,118		1,955,432
Consolidated Communications, Inc., 1M LIBOR + 3.500%		4.25			10/2/2027		775,793		776,587		776,158
DG Investment Intermediate Holdings 2, Inc., 3M LIBOR + 3.750%		4.50			3/31/2028		1,074,203		1,069,201		1,077,844

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):
Telecommunications (continued):
Digicel International Finance Ltd., 6M LIBOR + 3.250%(b)		3.43	%		5/28/2024		150,254	$	150,778	$	144,902
Eagle Broadband Investments LLC, 3M LIBOR + 3.000%		3.75			11/12/2027		451,129		447,168		451,129
ION Trading Technologies S.a.r.l., EURIBOR + 4.250%		4.25			3/26/2028		897,750		1,059,300		1,040,720
Level 3 Financing Inc., 1M LIBOR + 1.750%		1.83			3/1/2027		1,000,000		998,876		987,320
Lorca Finco plc, EURIBOR + 4.250%(b)		4.25			9/17/2027		500,000		581,694		579,563
Matterhorn Telecom SA, EURIBOR + 2.625%(b)		2.63			9/15/2026		1,000,000		1,207,827		1,143,685
Rackspace Technology Global, Inc., 3M LIBOR + 2.750%		3.50			2/15/2028		1,589,196		1,584,561		1,577,103
Syniverse Holdings, Inc., 3M LIBOR + 5.000%		6.00			3/9/2023		1,107,316		1,110,387		1,106,464
Syniverse Technologies, Inc., 3M LIBOR + 9.000%		10.00			3/11/2024		1,625,482		1,397,973		1,624,669
TDC A/S, EURIBOR + 3.000%(b)		3.00			6/4/2025		1,000,000		1,209,968		1,146,627
Tiger Acquisition LLC, 3M LIBOR + 3.250%		3.75			6/1/2028		468,750		464,274		466,847
Virgin Media SFA Finance Ltd., LIBOR - GBP + 3.250%(b)		3.30			11/15/2027		2,250,000		3,099,455		2,987,449
Virgin Media SFA Finance Ltd., LIBOR - GBP + 3.250%(b)		3.30			1/15/2027		1,000,000		1,356,628		1,327,647
Voyage Australia Pty Ltd., 3M LIBOR + 3.500%(b)		4.00			7/20/2028		969,697		960,244		968,485
Zayo Group Holdings, Inc., 1M LIBOR + 3.000%		3.08			3/9/2027		860,786		859,114		852,755
Ziggo B.V., EURIBOR + 3.000%(b)		3.00			1/31/2029		2,000,000		2,394,958		2,290,197
Total Telecommunications							28,639,576		30,798,730		30,560,528
Utilities — 1.2%*:
Astoria Energy LLC, 3M LIBOR + 3.500%		4.50			12/10/2027		705,515		702,343		707,497
DT Midstream, Inc., 3M LIBOR + 2.000%		2.50			6/26/2028		519,531		517,016		519,126
Edgewater Generation, L.L.C., 1M LIBOR + 3.750%		3.83			12/13/2025		1,548,739		1,534,261		1,473,439
Helix Gen Funding LLC, 3M LIBOR + 3.250%		4.75			6/3/2024		1,210,518		1,180,255		1,171,031
Techem Verwaltungsgesellschaft 675 mbH, EURIBOR + 2.375%(b)		2.38			7/15/2025		1,000,000		1,215,728		1,140,836
Total Utilities							4,984,303		5,149,603		5,011,929
Total Bank Loans							368,015,598		377,344,894		376,238,499
Corporate Bonds — 3.9%*:
Automobiles — 0.1%*:
Aston Martin Capital Holdings Ltd.(b),(d)		10.50			11/30/2025		500,000		539,639		556,875
Beverage, Food and Tobacco — 0.2%*:
Boparan Finance plc(b)		7.63			11/30/2025		500,000		674,743		592,856
Picard Groupe SAS, EURIBOR + 4.000%(b)		4.00	(e)		7/1/2026		250,000		296,438		291,221
Total Beverage, Food and Tobacco							750,000		971,181		884,077

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Broadcasting and Entertainment — 0.4%*:
Banijay Entertainment SASU(b)		3.50	%		3/1/2025		500,000	$	608,175	$	585,117
Tele Columbus AG(b)		3.88			5/2/2025		800,000		879,760		928,997
Total Broadcasting and Entertainment							1,300,000		1,487,935		1,514,114
Containers, Packaging and Glass — 0.0%*:
Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer, Inc.(d)		4.38			10/15/2028		212,000		212,000		212,795
Diversified/Conglomerate Manufacturing — 0.2%*:
Galapagos S.A.(a),(b),(f)		4.21			6/15/2021		20,000		27,263		—
International Design Group SpA, EURIBOR + 4.250%(b)		4.25	(e)		5/15/2026		100,000		120,765		116,333
Mangrove Luxco III Sarl(b)		7.78			10/9/2025		265,415		255,278		287,459
Trivium Packaging Finance BV, EURIBOR + 3.750%(b)		3.75	(e)		8/15/2026		400,000		482,340		462,446
Total Diversified/Conglomerate Manufacturing							785,415		885,646		866,238
Diversified/Conglomerate Service — 0.5%*:
Algeco Global Finance PLC, EURIBOR + 6.250%(b)		6.25	(e)		2/15/2023		150,000		184,259		174,100
Brunello Bidco SpA, EURIBOR + 3.750%(b)		3.75	(e)		2/15/2028		200,000		242,130		231,670
Carlson Travel, Inc., EURIBOR + 4.750%		4.75	(e)		6/15/2025		1,200,000		1,372,045		1,251,018
Verisure Holding AB, EURIBOR + 3.250%(b)		3.25			2/15/2027		450,000		543,533		523,509
Total Diversified/Conglomerate Service							2,000,000		2,341,967		2,180,297
Ecological — 0.1%*:
APCOA Parking Holdings GmbH, EURIBOR + 5.000%(b)		5.00	(e)		1/15/2027		339,000		401,207		396,607
Finance — 0.1%*:
Travelex Financing plc(a),(b),(f)		8.00			5/15/2022		250,000		274,580		—
Travelex Issuerco Ltd.(b)		12.50			8/5/2025		226,521		275,093		457,822
Total Finance							476,521		549,673		457,822
Healthcare, Education and Childcare — 0.0%*:
Tenet Healthcare Corp.		4.63			7/15/2024		105,000		104,516		106,575
Home and Office Furnishings, Housewares, and Durable Consumer Products — 0.1%*:
Staples, Inc.(d)		7.50			4/15/2026		300,000		311,443		304,500
Hotels, Motels, Inns and Gaming — 0.5%*:
Stonegate Pub Co. Financing 2019 plc, EURIBOR + 5.750%(b)		5.75	(e)		7/31/2025		1,100,000		1,295,881		1,270,362
TVL Finance plc, 3M GBP LIBOR + 5.375%(b)		5.45	(e)		7/15/2025		600,000		760,205		771,252
Total Hotels, Motels, Inns and Gaming							1,700,000		2,056,086		2,041,614
Leisure, Amusement, Entertainment — 0.2%*:
CPUK Finance Ltd.(b)		4.88			8/28/2047		600,000		790,281		814,504
CPUK Finance Ltd.(b)		6.50			8/28/2026		100,000		126,563		141,982
Total Leisure, Amusement, Entertainment							700,000		916,844		956,486

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Machinery Non-Agriculture, Non-Construction, Non-Electronic — 0.1%*:
IMA Industria Macchine Automatiche SpA, EURIBOR + 4.000%(b)		4.00	(e)%		1/15/2028		275,000	$	333,873	$	321,069
Oil and Gas — 0.1%*:
KCA Deutag UK Finance plc(b)		9.88			12/1/2025		390,061		390,061		424,585
Personal Transportation — 0.1%*:
Naviera Armas S.A., EURIBOR + 6.500%(b)		6.50	(e)		7/31/2023		250,000		290,587		223,562
Naviera Armas SA, EURIBOR + 4.250%(b)		4.25	(e)		11/15/2024		250,000		296,118		222,982
Total Personal Transportation							500,000		586,705		446,544
Retail Stores — 0.7%*:
Afflelou SAS(b)		4.25			5/19/2026		100,000		121,495		118,870
Bellis Acquisition Co. plc(b)		3.25			2/16/2026		750,000		1,025,826		992,572
EG Global Finance plc(b)		6.25			3/30/2026		1,080,000		1,504,409		1,498,848
House of Fraser Funding plc(b),(f)		5.95			9/15/2020		300,000		365,113		6,063
NMG Holding Co., Inc. / Neiman Marcus Group LLC(d)		7.13			4/1/2026		282,000		282,000		299,273
Total Retail Stores							2,512,000		3,298,843		2,915,626
Telecommunications — 0.4%*:
Altice France SA(b)		4.00			7/15/2029		500,000		597,725		570,004
United Group BV(b)		4.00			11/15/2027		500,000		603,728		571,903
United Group BV(b)		4.63			8/15/2028		450,000		530,213		522,691
Total Telecommunications							1,450,000		1,731,666		1,664,598
Utilities — 0.1%*:
Viridian Group Finance Co. PLC/Viridian Power & Energy(b)		4.75			9/15/2024		350,000		434,989		475,599
Total Corporate Bonds							14,644,997		17,554,274		16,726,021
Total Fixed Income							382,660,595		394,899,168		392,964,520
Total Investments							383,091,177		396,940,609		394,723,926
Other assets and liabilities – 7.4%*											31,569,818
Net Assets – 100.0%										$	426,293,744

PIK – Payment-in-kind

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

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

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

(b) Foreign security.

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

United States	70.7	%
United Kingdom	9.5	%
Germany	6.0	%
France	2.8	%
Netherlands	2.6	%
Spain	2.0	%
Canada	1.5	%
Denmark	1.5	%
Sweden	1.0	%
Other (Individually less than 1%)	2.4	%
Total	100.0	%

See accompanying Notes to the Schedule of Investments.

Barings Global Floating Rate Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

(c) Bank loans are exempt from registration under the Securities Act of 1933, as amended, but contain certain restrictions on resale and cannot be sold publicly. These loans pay interest at rates which adjust periodically. The interest rates shown for bank loans are the current interest rates at September 30, 2021. Bank loans are also subject to mandatory and/or optional prepayment which cannot be predicted. As a result, the remaining maturity may be substantially less than the stated maturity shown.

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

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

(f) Defaulted security.

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

Forward Foreign Currency Exchange Contracts to Sell

EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION
10/14/21	Morgan Stanley & Co.		EUR	1,408,470	$	1,631,800	$	1,661,664	$	29,864
10/14/21	Canadian Imperial Bank of Commerce		EUR	58,562,057		67,847,762		69,434,616		1,586,854
10/14/21	Morgan Stanley & Co.		GBP	11,461,794		15,443,751		15,808,222		364,471
Net unrealized appreciation on forward foreign currency exchange contracts to sell									$	1,981,189

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, 2021

						SHARES		COST		FAIR VALUE
Equities — 1.1%*:
Common Stocks — 1.1%*:
Broadcasting and Entertainment — 0.0%*:
Technicolor SA(a)							14,662	$	175	$	49,762
Diversified/Conglomerate Service — 0.0%*:
Innovation International Holding Ltd.(a),(b)							142,479		—		—
Finance — 0.0%*:
Travelex Topco Ltd.(a),(b)							5,546		—		—
Healthcare, Education and Childcare — 0.2%*:
Don Jersey Topco Ltd.(a),(b)							257,069		171,459		268,441
MModal, Inc., Escrow rights(b)							4,725		10,631		3,213
Total Healthcare, Education and Childcare							261,794		182,090		271,654
Mining, Steel, Iron and Non-Precious Metals — 0.0%*:
Boomerang Tube LLC(b)							1,769		171,860		—
Oil and Gas — 0.9%*:
Fieldwood Energy LLC(b)							15,071		325,033		—
Fieldwood Energy LLC(b)							3,698		129,430		—
Fieldwood Energy LLC(b)							496		27,543		27,543
Kelly Topco Ltd.(a)							6,999		293,958		582,667
Tourmaline Oil Corp.(a),(b)							122,953		—		97,073
Tourmaline Oil Corp.(a)							28,412		398,991		992,603
Total Oil and Gas							177,629		1,174,955		1,699,886
Total Common Stocks							603,879		1,529,080		2,021,302
Warrant — 0.0%*:
Finance — 0.0%*:
Travelex Topco Ltd.(a)							837		—		84,583
Total Equities							604,716		1,529,080		2,105,885
	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Fixed Income — 93.6%*:
Asset-Backed Securities — 9.5%*:
CDO/CLO — 9.5%*:
Alinea CLO 2018-1 Ltd., 3M USD LIBOR + 6.000%(c)		6.13	(d)%		7/20/2031		1,250,000		1,250,000		1,223,601
Ares XLVIII CLO, 3M USD LIBOR + 5.200%(c)		5.33	(d)		7/20/2030		800,000		800,000		766,043
Blackrock European CLO, EURIBOR + 5.170%(a)		5.17	(d)		10/15/2031		725,000		805,411		817,105
Canyon Capital CLO 2021-2 Ltd., 3M USD LIBOR + 6.700%(c)		6.86	(d)		4/15/2034		1,500,000		1,470,390		1,501,429
Cedar Funding IV CLO Ltd., 3M USD LIBOR + 6.610%(c)		6.75	(d)		7/23/2034		1,000,000		990,816		992,892
CIFC Funding Ltd. 2017-5A D, 3M USD LIBOR + 6.100%(c)		6.23	(d)		11/16/2030		500,000		500,000		496,785
Galaxy XXIV CLO Ltd. 2017-24A E, 3M USD LIBOR + 5.500%(c)		5.63	(d)		1/15/2031		700,000		700,000		667,923
Madison Park Funding XIII Ltd. 2014-13A(c)		Zero Coupon			4/19/2030		500,000		437,726		242,333

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (continued):
CDO/CLO (continued):
Madison Park Funding XXVII Ltd., 3M USD LIBOR + 5.000%(c)		5.13	(d)%		4/20/2030		500,000	$	500,000	$	477,010
Madison Park Funding XXVIII Ltd., 3M USD LIBOR + 7.600%(c)		7.73	(d)		7/15/2030		500,000		496,236		476,529
Magnetite VII Ltd.(c)		Zero Coupon			1/15/2028		2,000,000		1,614,742		933,570
Neuberger Berman Loan Advisers CLO 24 Ltd., 3M USD LIBOR + 6.020%(c)		6.15	(d)		4/19/2030		1,500,000		1,497,167		1,487,546
Oak Hill Credit Partners X Ltd. 2014-10A(c)		Zero Coupon			4/20/2034		1,400,000		985,472		741,455
OHA Credit Funding 9 Ltd., 3M USD LIBOR + 6.250%(c)		6.43	(d)		7/19/2035		625,000		625,000		625,073
Steele Creek CLO Ltd. 2018-2A E, 3M USD LIBOR + 6.200%(c)		6.32	(d)		8/18/2031		850,000		850,000		768,828
THL Credit Wind River CLO Ltd. 2017-4A E, 3M USD LIBOR + 5.800%(c)		5.93	(d)		11/20/2030		500,000		500,000		475,580
THL Credit Wind River CLO Ltd. 2018-2A E, 3M USD LIBOR + 5.750%(c)		5.88	(d)		7/15/2030		1,450,000		1,450,000		1,398,144
Tymon Park CLO DAC, EURIBOR + 6.160%(a),(c)		6.16	(d)		7/21/2034		1,000,000		1,168,814		1,139,988
Wellfleet CLO Ltd. 2017-3A D, 3M USD LIBOR + 5.550%(c)		5.68	(d)		1/17/2031		1,000,000		1,000,000		943,709
Wellfleet CLO Ltd. 2018-1, 3M USD LIBOR + 5.500%(c)		5.63	(d)		7/17/2031		1,000,000		1,000,000		939,751
Total CDO/CLO							19,300,000		18,641,774		17,115,294
Total Asset-Backed Securities							19,300,000		18,641,774		17,115,294
Bank Loans — 44.0%*(e):
Aerospace and Defense — 1.5%*:
AAdvantage Loyalty IP Ltd., 3M LIBOR + 4.750%		5.50			4/20/2028		506,512		501,447		523,465
CEP IV Investment 16 S.a.r.l., 3M LIBOR + 7.750%(a)		8.75			10/3/2025		1,050,000		871,852		988,974
KKR Apple Bidco, LLC, 3M LIBOR + 5.750%		6.25			7/13/2029		141,177		140,471		143,207
Peraton Corp., 1M LIBOR + 3.750%		4.50			2/1/2028		679,026		675,850		679,135
United Airlines, Inc., 3M LIBOR + 3.750%		4.50			4/21/2028		347,781		346,151		349,916
Total Aerospace and Defense							2,724,496		2,535,771		2,684,697
Automobile — 0.7%*:
Clarios Global LP, 1M LIBOR + 3.250%		3.34			4/30/2026		615,988		615,680		612,908
Constellation Automotive Ltd., 3M LIBOR + 4.750%(a)		4.83			6/30/2028		500,000		681,194		673,283
Total Automobile							1,115,988		1,296,874		1,286,191
Beverage, Food and Tobacco — 0.2%*:
Deoleo S.A., EURIBOR + 4.000%(a)		5.00			6/24/2025		116,529		131,392		133,519
IRB Holding Corp., 3M LIBOR + 2.750%		3.75			2/5/2025		137,461		137,855		137,218
Total Beverage, Food and Tobacco							253,990		269,247		270,737
Broadcasting and Entertainment — 3.1%*:
AVSC Holding Corp., 3M LIBOR + 3.250%, PIK		4.25			2/28/2025		1,469,948		1,314,148		1,307,151

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):
Broadcasting and Entertainment (continued):
Clear Channel Outdoor Holdings, Inc., 3M LIBOR + 3.500%		3.63	%		8/21/2026		1,534,474	$	1,463,416	$	1,501,345
Technicolor SA, EURIBOR + 3.000%(a)		6.00			12/31/2024		1,245,850		1,467,970		1,381,350
Technicolor SA, EURIBOR+ 6.000%, PIK(a)		12.00			6/30/2024		301,143		316,641		369,758
Technicolor SA, 6M LIBOR + 6.000%, PIK(a)		12.15			6/30/2024		124,904		115,848		132,086
Terrier Media Buyer, Inc., 1M LIBOR + 3.500%		3.58			12/17/2026		257,984		257,460		257,340
Univision Communication, Inc., 3M LIBOR + 3.250%		4.00			5/7/2028		670,241		663,539		668,686
Total Broadcasting and Entertainment							5,604,544		5,599,022		5,617,716
Cargo Transport — 0.3%*:
Kenan Advantage Group, Inc., 3M LIBOR + 7.250%		8.00			9/1/2027		528,634		518,163		523,348
Chemicals, Plastics and Rubber — 1.9%*:
Flint Group GmbH, EURIBOR + 4.250%, PIK(a)		5.00			9/21/2023		1,483,284		1,762,074		1,720,000
Flint Group GmbH, EURIBOR + 4.250%, PIK(a)		5.75			9/21/2023		114,862		136,827		133,193
Flint Group GmbH, 3M LIBOR + 4.250%, PIK(a)		6.00			9/21/2023		70,930		70,576		70,930
Flint Group US LLC, 3M LIBOR + 4.250%, PIK(a)		6.00			9/21/2023		429,070		426,924		429,070
Gemini HDPE LLC, 3M LIBOR + 3.000%		3.50			12/31/2027		110,596		109,606		110,596
GEON Performance Solutions, LLC, 3M LIBOR + 4.750%		5.50			8/18/2028		371,945		369,163		374,385
Solenis Holdings LLC, 1M LIBOR + 4.000%		4.08			6/26/2025		239,076		237,790		238,951
Solenis Holdings LLC, 3M LIBOR + 3.750%		4.25			9/21/2028		338,515		337,669		338,021
Solenis Holdings LLC, 1M LIBOR + 8.500%		8.58			6/26/2026		47,145		46,307		47,057
Total Chemicals, Plastics and Rubber							3,205,423		3,496,936		3,462,203
Containers, Packaging and Glass — 1.4%*:
Albea Beauty Holdings S.A., 3M LIBOR + 3.000%(a)		4.00			4/22/2024		66,561		66,525		64,024
BWAY Holding Co., 1M LIBOR + 3.250%		3.33			4/3/2024		1,292,206		1,292,039		1,264,540
CCP Lux Holding S.a. r.l., 3M LIBOR + 4.250%(a)		4.25			1/10/2025		874,946		988,415		1,014,507
Reynolds Group Holdings Inc., 1M LIBOR + 3.500%		4.00			9/20/2028		181,940		181,031		181,667
Total Containers, Packaging and Glass							2,415,653		2,528,010		2,524,738
Diversified/Conglomerate Manufacturing — 1.4%*:
Alison Bidco S.a.r.l., 3M LIBOR + 5.500%, PIK(a)		6.50			8/29/2023		315,269		309,266		226,993
Alison Bidco S.a.r.l., 3M LIBOR + 5.500%, PIK(a)		9.00			8/29/2023		315,268		309,266		226,993
Amer Sports Oyj, EURIBOR + 4.500%(a)		4.50			3/30/2026		600,000		668,069		694,850
Grinding Media Inc., 3M LIBOR + 4.000%		4.75			9/22/2028		299,015		297,520		299,389

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):
Diversified/Conglomerate Manufacturing (continued):
Illuminate Merger Corp., 3M LIBOR + 3.500%		4.00	%		7/21/2028		360,656	$	358,893	$	360,281
LTI Holdings, Inc., 1M LIBOR + 3.500%		3.58			9/6/2025		737,088		728,421		726,150
Total Diversified/Conglomerate Manufacturing							2,627,296		2,671,435		2,534,656
Diversified/Conglomerate Service — 6.1%*:
APX Group, Inc., 1M LIBOR + 3.500%		4.00			7/10/2028		485,075		482,720		483,406
Cloudera, Inc., 3M LIBOR + 3.750%		4.25			8/10/2028		934,579		925,234		932,832
Cloudera, Inc., 3M LIBOR + 6.000%		6.50			8/10/2029		566,667		563,833		563,833
CoreLogic, Inc., 1M LIBOR + 6.500%		7.00			6/4/2029		355,114		351,755		362,216
Cvent, Inc., 1M LIBOR + 3.750%		3.83			11/29/2024		488,499		438,678		486,286
Finastra USA, Inc., 6M LIBOR + 3.500%		4.50			6/13/2024		806,503		807,678		799,526
Hyland Software, Inc., 1M LIBOR + 3.500%		4.25			7/1/2024		473,716		470,967		473,963
Hyland Software, Inc., 1M LIBOR + 6.250%		7.00			7/7/2025		250,909		250,909		253,104
IGT Holding IV AB, 3M LIBOR + 3.750%(a)		4.25			3/31/2028		457,471		456,358		457,759
Innovation Group plc (The), 3M LIBOR + 6.000%(a),(b)		6.00			9/30/2025		178,951		86,107		93,694
Innovation Group plc (The), 3M LIBOR + 6.000%(a),(b)		6.33			9/30/2025		66,929		44,536		40,762
Innovation Group plc (The), 3M LIBOR + 10.000%(a),(b)		10.08			9/30/2025		28,430		38,913		38,306
Innovation Group plc (The), 3M LIBOR + 10.000%(a),(b)		10.33			9/30/2025		29,894		40,920		40,279
Mitchell International, Inc., 1M LIBOR + 3.250%		3.33			11/29/2024		977,215		932,577		975,388
Proofpoint, Inc., 3M LIBOR + 3.250%		3.75			8/31/2028		465,116		462,807		462,558
Redstone Buyer LLC, 3M LIBOR + 4.750%		5.50			4/27/2028		555,144		551,386		545,429
Sabre GLBL Inc., 1M LIBOR + 3.500%		4.00			12/17/2027		789,313		787,398		784,625
SITEL Worldwide Corp., 3M LIBOR + 3.750%		4.25			8/28/2028		687,679		684,281		688,539
Spin Holdco Inc., 3M LIBOR + 4.000%		4.75			3/4/2028		695,283		690,485		696,945
TMF Group Holding B.V., EURIBOR + 6.875%(a)		6.88			5/4/2026		500,000		545,795		582,436
USIC Holdings, Inc., 1M LIBOR + 3.500%		4.25			5/12/2028		261,968		260,710		261,641
USIC Holdings, Inc., 1M LIBOR + 6.500%		7.25			5/7/2029		147,059		145,639		148,835
Vision Solutions, Inc., 3M LIBOR + 4.250%		5.00			4/23/2028		904,110		899,852		901,705
Total Diversified/Conglomerate Service							11,105,624		10,919,538		11,074,067
Electronics — 2.5%*:
Ahead Data Blue LLC, 3M LIBOR + 3.750%		4.50			10/18/2027		237,899		238,733		238,691
ION Trading Finance Ltd., 3M LIBOR + 4.750%		4.92			4/1/2028		999,445		996,946		1,000,574
Ivanti Software, Inc., 3M LIBOR + 4.750%		5.75			12/1/2027		528,262		521,261		529,170

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):
Electronics (continued):
McAfee Enterprise, 3M LIBOR + 5.000%		5.75	%		7/27/2028		764,423	$	756,950	$	764,186
Polaris Newco LLC, 6M LIBOR + 4.000%		4.50			6/2/2028		595,002		592,152		596,121
Sovos Compliance, LLC, 3M LIBOR + 4.500%		5.00			8/11/2028		308,219		307,463		309,890
Tibco Software Inc., 1M LIBOR + 3.750%		3.83			6/30/2026		987,500		960,747		979,481
Tibco Software Inc., 1M LIBOR + 7.250%		7.34			3/3/2028		146,642		146,052		148,036
Total Electronics							4,567,392		4,520,304		4,566,149
Finance — 1.3%*:
Aqgen Ascensus, Inc., 3M LIBOR + 6.500%		7.00			8/2/2029		250,358		247,900		247,854
Deerfield Dakota Holding LLC, 1M LIBOR + 6.750%		7.50			4/7/2028		410,077		411,997		422,380
Ensono, LP, 1M LIBOR + 4.000%		4.75			5/19/2028		564,972		559,591		565,796
Skopima Merger Sub Inc., 1M LIBOR + 4.000%		4.50			5/12/2028		641,711		635,636		637,540
Zera uyer LLC, 3M LIBOR + 3.250%		3.75			4/21/2028		456,621		454,338		457,845
Total Finance							2,323,739		2,309,462		2,331,415
Healthcare, Education and Childcare — 6.9%*:
Advanz Pharma Corp., EURIBOR + 5.000%(a)		5.00			6/1/2028		1,000,000		1,200,448		1,160,620
Aenova Holding GmbH, EURIBOR + 4.500%(a)		4.50			3/6/2026		500,000		590,814		581,347
Auris Luxembourg III S.a.r.l., EURIBOR + 4.000%(a)		4.00			2/27/2026		1,000,000		1,111,762		1,155,095
Eagle Bidco Ltd., LIBOR—GBP + 3.750%(a)		4.80			3/10/2028		500,000		693,142		671,598
Endo Luxembourg Finance Co. I S.a r.l., 3M LIBOR + 5.000%		6.00			3/27/2028		603,858		602,875		589,432
Fugue Finance B.V., EURIBOR + 3.250%(a)		3.25			9/1/2024		750,000		858,848		851,570
Hunter Holdco 3 Ltd., 3M LIBOR + 4.250%		4.75			8/19/2028		653,595		647,151		656,046
Iris idco GmBH, EURIBOR + 5.000%(a)		5.00			5/31/2028		500,000		594,130		579,899
Jazz Financing Lux S.a.r.l., 1M LIBOR + 3.500%		4.00			5/5/2028		825,517		821,618		826,450
Lernen Bidco Ltd., EURIBOR + 4.250%(a)		4.25			10/25/2025		1,000,000		1,185,757		1,146,767
Lifescan Global Corp., 3M LIBOR + 6.000%		6.15			10/1/2024		152,939		150,635		151,537
Organon & Co., 3M LIBOR + 3.000%		3.50			6/2/2028		448,718		446,571		449,440
Padagis LLC, 3M LIBOR + 4.750%		5.25			7/6/2028		645,161		638,897		645,161
Radiology Partners, Inc., 1M LIBOR + 4.250%		4.33			7/9/2025		1,000,000		938,039		998,750
RegionalCare Hospital Partners Holdings, Inc., 1M LIBOR + 3.750%		3.83			11/16/2025		413,275		415,285		412,502
Sunshine Luxembourg VII SARL, 3M LIBOR + 3.750%(a)		4.50			10/1/2026		150,189		149,847		150,564
Tunstall Group Holdings Ltd., EURIBOR + 5.000%(a)		5.00			8/3/2025		282,314		332,128		319,932
U.S. Anesthesia Partners, Inc., 3M LIBOR + 3.000%		4.00			6/23/2024		485,983		486,731		485,832

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):
Healthcare, Education and Childcare (continued):
U.S. Anesthesia Partners, Inc., 3M LIBOR + 4.250%		4.75	%		10/1/2028		570,046	$	567,196	$	570,667
Total Healthcare, Education and Childcare							11,481,595		12,431,874		12,403,209
Home and Office Furnishings, Housewares, and Durable Consumer Products — 1.3%*:
ACProducts, Inc., 3M LIBOR + 4.250%		4.75			5/17/2028		738,889		731,877		737,175
Hilding Anders International AB, 3M LIBOR + 5.000%(a)		5.75			11/30/2024		506,333		482,831		495,601
Serta Simmons Bedding LLC, 1M LIBOR + 7.500%		8.50			8/10/2023		1,063,006		1,063,006		1,008,761
Total Home and Office Furnishings, Housewares, and Durable Consumer Products							2,308,228		2,277,714		2,241,537
Hotels, Motels, Inns and Gaming — 2.2%*:
Caesars Resort Collection LLC, 3M LIBOR + 3.500%		3.58			7/21/2025		248,200		242,533		248,289
Casper BidCo SAS, EURIBOR + 3.875%(a)		3.88			7/31/2026		500,000		542,693		558,724
Hilton Grand Vacations Borrower LLC, 1M LIBOR + 3.000%		3.50			8/2/2028		358,745		356,978		359,552
HNVR Holdco Ltd., EURIBOR + 4.250%(a)		4.25			9/12/2025		1,000,000		978,407		1,050,936
Motel 6, 1M LIBOR + 5.000%		5.75			9/9/2026		180,723		178,931		181,175
Richmond UK Bidco Ltd., LIBOR - GBP + 4.250%(a)		4.41			3/3/2024		550,000		675,927		726,019
Twin River Worldwide Holdings, Inc., 3M LIBOR + 3.250%		3.75			8/6/2028		783,085		775,329		782,545
Total Hotels, Motels, Inns and Gaming							3,620,753		3,750,798		3,907,240
Insurance — 1.0%*:
Acrisure LLC, 3M LIBOR + 3.500%		3.63			2/15/2027		493,734		474,616		488,693
Asurion LLC, 1M LIBOR + 3.125%		3.21			11/3/2023		568,488		554,794		564,935
Asurion LLC, 1M LIBOR + 5.250%		5.33			1/20/2029		775,862		768,271		771,789
Total Insurance							1,838,084		1,797,681		1,825,417
Leisure, Amusement, Entertainment — 5.2%*:
AMC Entertainment Holdings, Inc., 1M LIBOR + 3.000%		3.08			4/22/2026		2,321,915		2,026,158		2,149,071
City Football Group Ltd., 3M LIBOR + 3.500%(a)		4.00			7/21/2028		927,835		923,303		923,196
Crown Finance US, Inc., 6M LIBOR + 2.500%		3.50			2/28/2025		1,223,723		1,207,538		1,005,827
Crown Finance US, Inc., 3M LIBOR + 8.250%		9.25			5/23/2024		70,130		67,637		74,864
Dorna Sports, S.L., 6M LIBOR + 3.250%(a)		3.51			5/3/2024		400,000		400,000		394,332
International Park Holdings B.V., EURIBOR + 3.500%(a)		3.50			6/13/2024		500,000		562,901		560,531
Metro-Goldwyn-Mayer, Inc., 1M LIBOR + 4.500%		5.50			7/3/2026		893,847		888,494		892,729
Motion Finco Sarl, EURIBOR + 3.000%(a)		3.00			11/12/2026		750,000		866,708		836,271

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):
Leisure, Amusement, Entertainment (continued):
Odeon Cinemas Group Ltd., EURIBOR, PIK(a)		10.75	%		8/19/2023		172,416	$	212,923	$	214,384
Parques Reunidos SAU, EURIBOR + 3.750%(a)		3.75			9/16/2026		500,000		572,951		553,216
PUG LLC, 1M LIBOR + 3.500%		3.58			2/12/2027		366,339		364,931		357,943
Vacalians Group, EURIBOR + 4.000%(a)		4.00			11/28/2025		330,783		329,437		365,920
Vue International Bidco plc, EURIBOR + 4.750%(a)		4.75			7/3/2026		1,000,000		1,116,504		1,088,362
Total Leisure, Amusement, Entertainment							9,456,988		9,539,485		9,416,646
Machinery Non-Agriculture, Non-Construction, Non-Electronic — 0.7%*:
Madison IAQ LLC, 3M LIBOR + 3.250%		3.75			6/21/2028		383,654		381,806		383,013
Titan Acquisition Ltd., 3M LIBOR + 3.000%(a)		3.17			3/28/2025		952,057		952,659		934,101
Total Machinery Non-Agriculture, Non-Construction, Non-Electronic							1,335,711		1,334,465		1,317,114
Mining, Steel, Iron and Non-Precious Metals — 0.0%*:
Boomerang Tube LLC, 3M LIBOR + 5.000%(b)		5.15			6/30/2022		129,368		129,368		—
Oil and Gas — 0.7%*:
Gulf Finance LLC, 3M LIBOR + 5.250%		6.25			8/25/2023		1,255,664		1,226,766		1,204,910
Personal and Non-Durable Consumer Products Mfg. Only — 0.8%*:
Coty Inc., EURIBOR + 1.750%		1.75			4/5/2023		43,224		50,983		49,756
Coty Inc., 1M LIBOR + 2.250%		2.33			4/7/2025		725,567		708,189		711,513
Triton Water Holdings, Inc., 3M LIBOR + 3.500%		4.00			3/31/2028		693,642		690,413		692,344
Total Personal and Non-Durable Consumer Products Mfg. Only							1,462,433		1,449,585		1,453,613
Personal Transportation — 0.7%*:
Air Canada, 3M LIBOR + 3.500%(a)		4.25			8/11/2028		353,714		350,229		354,892
First Student Bidco, Inc., 2M LIBOR + 3.000%		3.50			7/21/2028		860,215		856,024		855,054
Naviera Armas SA, EURIBOR + 2.500%(a),(b)		4.31			10/31/2021		5,525		6,683		6,400
Naviera Armas SA, EURIBOR + 2.500%, PIK(a),(b)		5.00			10/31/2021		43,147		50,571		49,979
Naviera Armas SA, EURIBOR + 2.500%, PIK(a),(b)		5.00			10/31/2021		29,283		35,701		33,920
Total Personal Transportation							1,291,884		1,299,208		1,300,245
Printing and Publishing — 0.4%*:
Cimpress Public Ltd. Co., 1M LIBOR + 3.500%		4.00			5/17/2028		980		406		980
Houghton Mifflin Harcourt Publishing Co., 1M LIBOR + 6.250%		7.25			11/22/2024		32,348		31,529		32,297
Sylvamo Corp., 3M LIBOR + 4.500%		5.00			8/18/2028		669,456		662,761		666,946
Total Printing and Publishing							702,784		694,696		700,223
Retail Stores — 1.8%*:
Casino Guichard-Perrachon SA, EURIBOR + 4.000%(a)		4.00			8/31/2025		500,000		584,535		579,835
Great Outdoors Group LLC, 3M LIBOR + 4.250%		5.00			3/5/2028		612,900		610,080		614,739

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):
Retail Stores (continued):
Mattress Firm, Inc., 3M LIBOR + 4.250%		5.00	%		9/25/2028		773,196	$	765,467	$	771,750
Michaels Cos., Inc., 3M LIBOR + 4.250%		5.00			4/15/2028		603,641		597,995		603,912
Petco Health and Wellness Company, Inc., 3M LIBOR + 3.250%		4.00			3/3/2028		728,049		726,374		727,787
Total Retail Stores							3,217,786		3,284,451		3,298,023
Telecommunications — 1.9%*:
Banff Merger Sub, Inc., 3M LIBOR + 5.500%		6.00			2/27/2026		170,377		169,525		172,294
ION Trading Technologies S.a.r.l., EURIBOR + 4.250%		4.25			3/26/2028		498,750		588,500		578,178
Lorca Finco plc, EURIBOR + 4.250%(a)		4.25			9/17/2027		500,000		581,694		579,563
Syniverse Holdings, Inc., 3M LIBOR + 5.000%		6.00			3/9/2023		193,575		193,018		193,426
Syniverse Technologies, Inc., 3M LIBOR + 9.000%		10.00			3/11/2024		153,729		152,789		153,652
Virgin Media SFA Finance Ltd., LIBOR - GBP + 3.250%(a)		3.30			1/15/2027		1,000,000		1,218,506		1,327,647
Voyage Australia Pty Ltd., 3M LIBOR + 3.500%(a)		4.00			7/20/2028		484,849		480,122		484,243
Total Telecommunications							3,001,280		3,384,154		3,489,003
Total Bank Loans							77,575,337		79,265,007		79,433,097
Corporate Bonds — 40.1%*:
Aerospace and Defense — 1.4%*:
American Airlines Inc/AAdvantage Loyalty IP Ltd.(c)		5.50			4/20/2026		595,000		595,000		625,494
American Airlines Inc/AAdvantage Loyalty IP Ltd.(c)		5.75			4/20/2029		114,000		114,000		122,841
Gatwick Airport Finance(a)		4.38			4/7/2026		350,000		482,510		478,093
Heathrow Finance plc(a)		4.38			3/1/2027		100,000		130,392		136,839
Heathrow Finance plc(a)		5.25			3/1/2024		100,000		128,654		140,803
Triumph Group, Inc.(c)		6.25			9/15/2024		308,000		308,000		307,837
Triumph Group, Inc.		7.75			8/15/2025		750,000		777,233		740,625
Total Aerospace and Defense							2,317,000		2,535,789		2,552,532
Automobile — 0.7%*:
Clarios Global LP/Clarios US Finance Co.(c)		8.50			5/15/2027		162,000		169,616		172,328
Ford Motor Co.		7.45			7/16/2031		500,000		579,897		650,000
Ford Motor Co.		9.63			4/22/2030		127,000		153,130		180,062
Mclaren Finance plc(a),(c)		7.50			8/1/2026		250,000		251,847		253,062
Total Automobile							1,039,000		1,154,490		1,255,452
Automobiles — 0.2%*:
Aston Martin Capital Holdings Ltd.(a),(c)		10.50			11/30/2025		400,000		431,931		445,500
Banking — 2.9%*:
Absa Group Ltd., 5 year CMT + 5.411%(a)		6.38	(d),(f)				992,000		992,000		1,030,440
Ecobank Transnational, Inc., 5 year CMT + 8.211%(a)		8.75	(d)		6/17/2031		797,000		790,805		806,006
Nova Ljubljanska Banka dd, 5 year EUR Swap + 3.833%(a)		3.65	(d)		11/19/2029		700,000		770,700		795,033
Piraeus Financial Holdings SA, 5 year EUR Swap + 5.774%(a)		5.50	(d)		2/19/2030		963,000		1,071,672		1,090,589

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Banking (continued):
Piraeus Financial Holdings SA, 5 year EUR Swap + 9.195%(a)		8.75	(d),(f)%				750,000	$	913,276	$	881,577
Piraeus Financial Holdings SA, 5 year EUR Swap + 9.952%(a)		9.75	(d)		6/26/2029		100,000		95,029		126,601
Sovcombank Via SovCom Capital DAC, 5 year CMT + 6.380%(a)		7.75	(d),(f)				500,000		512,579		515,750
Total Banking							4,802,000		5,146,061		5,245,996
Beverage, Food and Tobacco — 2.4%*:
Boparan Finance plc(a)		7.63			11/30/2025		650,000		894,995		770,713
Eurotorg LLC Via Bonitron DAC(a)		9.00			10/22/2025		482,000		482,000		502,485
Foodco Bondco SA(a)		6.25			5/15/2026		350,000		396,616		383,996
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc.(c)		3.75			12/1/2031		150,000		150,000		156,080
JBS USA LUX SA/JBS USA Finance, Inc.(c)		6.75			2/15/2028		500,000		500,000		542,505
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.(c)		5.50			1/15/2030		586,000		585,512		651,761
Picard Groupe SAS, EURIBOR + 4.000%(a)		4.00	(d)		7/1/2026		150,000		177,863		174,732
Sunshine Mid BV(a)		6.50			5/15/2026		950,000		1,154,531		1,134,865
Total Beverage, Food and Tobacco							3,818,000		4,341,517		4,317,137
Broadcasting and Entertainment — 1.2%*:
Banijay Group SAS(a)		6.50			3/1/2026		750,000		828,338		905,824
Clear Channel Outdoor Holdings, Inc.(c)		7.50			6/1/2029		55,000		55,196		57,200
DISH Network Corp.		3.38			8/15/2026		750,000		696,569		779,625
Terrier Media Buyer, Inc.(c)		8.88			12/15/2027		376,000		376,000		397,575
Total Broadcasting and Entertainment							1,931,000		1,956,103		2,140,224
Buildings and Real Estate — 2.6%*:
China Aoyuan Group Ltd.(a)		5.98			8/18/2025		1,152,000		1,124,880		881,467
Kaisa Group Holdings Ltd.(a)		9.95			7/23/2025		1,000,000		1,000,149		746,250
Kaisa Group Holdings Ltd.(a)		11.95			10/22/2022		1,000,000		950,668		848,800
Service Properties Trust		4.75			10/1/2026		500,000		492,460		495,000
State Agency of Roads of Ukraine(a)		6.25			6/24/2028		500,000		500,000		493,750
Times China Holdings Ltd.(a)		5.55			6/4/2024		357,000		357,000		329,314
Yuzhou Group Holdings Co. Ltd.(a)		8.50			2/4/2023		1,000,000		978,996		850,500
Total Buildings and Real Estate							5,509,000		5,404,153		4,645,081
Cargo Transport — 0.3%*:
Ukraine Railways Via Rail Capital Markets plc(a)		7.88			7/15/2026		500,000		500,000		504,312
Chemicals, Plastics and Rubber — 1.2%*:
Braskem Idesa SAPI(a)		7.45			11/15/2029		300,000		299,114		317,400
Consolidated Energy Finance SA(c)		6.88			6/15/2025		778,000		791,948		805,230
Nobian Finance BV(a)		3.63			7/15/2026		500,000		596,675		573,567
Olympus Water US Holding Corp.(c)		4.25			10/1/2028		210,000		210,000		206,850
Olympus Water US Holding Corp.		5.38			10/1/2029		235,000		275,643		269,164
Total Chemicals, Plastics and Rubber							2,023,000		2,173,380		2,172,211
Containers, Packaging and Glass — 1.0%*:
Mauser Packaging Solutions Holding Co.(c)		7.25			4/15/2025		182,000		177,473		180,891
Titan Holdings II BV(a)		5.13			7/15/2029		367,000		434,767		431,467

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Containers, Packaging and Glass (continued):
Trident TPI Holdings, Inc.(c)		9.25	%		8/1/2024		1,125,000	$	1,139,134	$	1,182,218
Total Containers, Packaging and Glass							1,674,000		1,751,374		1,794,576
Diversified/Conglomerate Manufacturing — 0.2%*:
International Design Group SpA, EURIBOR + 4.250%(a)		4.25	(d)		5/15/2026		100,000		120,765		116,333
Mangrove Luxco III Sarl(a)		7.78			10/9/2025		300,000		317,927		324,917
Total Diversified/Conglomerate Manufacturing							400,000		438,692		441,250
Diversified/Conglomerate Service — 1.9%*:
Brunello Bidco SpA(a)		3.50			2/15/2028		150,000		181,597		173,579
Global Infrastructure Solutions, Inc.(c)		5.63			6/1/2029		218,000		218,000		222,992
Iron Mountain, Inc.(c)		5.25			7/15/2030		554,000		552,649		587,922
Sixsigma Networks Mexico SA de CV(a)		7.50			5/2/2025		500,000		490,338		486,031
Summer BC Holdco A Sarl(a)		9.25			10/31/2027		630,736		795,116		793,812
Verisure Midholding AB(a)		5.25			2/15/2029		800,000		974,992		950,662
Veritas US, Inc. / Veritas Bermuda Ltd.(c)		7.50			9/1/2025		225,000		228,000		234,000
Total Diversified/Conglomerate Service							3,077,736		3,440,692		3,448,998
Ecological — 0.4%*:
APCOA Parking Holdings GmbH, EURIBOR + 5.000%(a)		5.00	(d)		1/15/2027		169,000		200,012		197,719
Aydem Yenilenebilir Enerji AS(a)		7.75			2/2/2027		500,000		496,053		487,000
Total Ecological							669,000		696,065		684,719
Electronics — 0.3%*:
Elastic NV(c)		4.13			7/15/2029		462,000		462,000		464,310
Farming and Agriculture — 0.3%*:
Aragvi Finance International DAC(a)		8.45			4/29/2026		514,000		522,415		534,239
Finance — 3.9%*:
Credito Real SAB DE CV(a)		8.00			1/21/2028		500,000		500,000		425,495
Ford Motor Credit Co. LLC		4.13			8/17/2027		247,000		247,000		262,067
Global Aircraft Leasing Co. Ltd., Cash Rate 6.50%, PIK Rate 7.25%.(c)		6.50			9/15/2024		2,147,628		2,147,628		2,110,045
IIFL Finance Ltd.(a)		5.88			4/20/2023		1,555,000		1,536,400		1,510,246
OneMain Finance Corp.		5.38			11/15/2029		438,000		438,000		474,726
Travelex Financing plc(a),(b),(g)		8.00			5/15/2022		1,050,000		1,178,949		—
Travelex Issuerco Ltd.(a)		12.50			8/5/2025		870,852		1,045,855		1,760,079
Wanda Properties Overseas Ltd.(a)		7.25			4/28/2022		500,000		500,000		493,750
Total Finance							7,308,480		7,593,832		7,036,408
Healthcare, Education and Childcare — 2.7%*:
Bausch Health Cos., Inc.(c)		8.50			1/31/2027		415,000		420,688		445,087
Bausch Health Cos., Inc.(c)		9.00			12/15/2025		165,000		163,592		174,694
Bausch Health Cos., Inc.(c)		4.88			6/1/2028		238,000		239,439		246,627
Bausch Health Cos., Inc.(c)		5.00			1/30/2028		204,000		204,000		193,539
Bausch Health Cos., Inc.(c)		5.00			2/15/2029		281,000		281,000		261,681
Bausch Health Cos., Inc.(c)		5.25			1/30/2030		200,000		200,000		186,500
Bausch Health Cos., Inc.(c)		5.25			2/15/2031		208,000		208,000		191,279
Chrome Holdco SASU(a)		5.00			5/31/2029		650,000		790,463		771,751
Emergent BioSolutions, Inc.(c)		3.88			8/15/2028		1,087,000		1,031,101		1,060,010
Nidda BondCo GmbH(a)		7.25			9/30/2025		500,000		572,797		588,126

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Healthcare, Education and Childcare (continued):
Par Pharmaceutical, Inc.(c)		7.50	%		4/1/2027		708,000	$	708,000	$	721,275
Total Healthcare, Education and Childcare							4,656,000		4,819,080		4,840,569
Home and Office Furnishings, Housewares, and Durable Consumer Products — 0.5%*:
Staples, Inc.(c)		10.75			4/15/2027		1,000,000		1,029,351		973,750
Hotels, Motels, Inns and Gaming — 1.0%*:
NH Hotel Group SA(a)		4.00			7/2/2026		350,000		414,053		410,231
Stonegate Pub Co. Financing 2019 plc, EURIBOR + 5.750%(a)		5.75	(d)		7/31/2025		100,000		118,589		115,487
Stonegate Pub Co. Financing 2019 plc(a)		8.00			7/13/2025		310,000		448,364		432,731
Stonegate Pub Co. Financing 2019 plc(a)		8.25			7/31/2025		100,000		144,187		141,612
TVL Finance plc, 3M GBP LIBOR + 5.375%(a)		5.45	(d)		7/15/2025		500,000		633,379		642,710
Total Hotels, Motels, Inns and Gaming							1,360,000		1,758,572		1,742,771
Leisure, Amusement, Entertainment — 1.4%*:
AMC Entertainment Holdings, Inc.(c)		10.50			4/24/2026		142,000		142,000		152,473
Caesars Entertainment, Inc.(c)		6.25			7/1/2025		382,000		382,000		402,153
Caesars Entertainment, Inc.(c)		8.13			7/1/2027		279,000		279,000		313,526
Carnival Corp.(c)		5.75			3/1/2027		410,000		410,000		423,325
Carnival Corp.		7.63			3/1/2026		150,000		177,892		187,305
CPUK Finance Ltd.(a)		4.88			2/28/2047		100,000		119,964		135,751
Motion Bondco DAC(a)		4.50			11/15/2027		900,000		1,002,547		996,957
Total Leisure, Amusement, Entertainment							2,363,000		2,513,403		2,611,490
Machinery Non-Agriculture, Non-Construction, Non-Electronic — 0.3%*:
Diebold Nixdorf Dutch Holding BV		9.00			7/15/2025		350,000		409,805		439,351
Esc Gcb Briggs		6.88			12/15/2049		514,000		504,007		41,120
Total Machinery Non-Agriculture, Non-Construction, Non-Electronic							864,000		913,812		480,471
Mining, Steel, Iron and Non-Precious Metals — 3.2%*:
First Quantum Minerals Ltd.(a),(c)		6.50			3/1/2024		1,006,000		977,390		1,018,575
First Quantum Minerals Ltd.(a)		6.88			10/15/2027		719,000		719,000		760,792
Hudbay Minerals, Inc.(c)		4.50			4/1/2026		200,000		201,349		198,000
Metinvest BV(a)		7.65			10/1/2027		286,000		282,009		310,275
Metinvest BV(a)		8.50			4/23/2026		200,000		210,233		222,820
Vedanta Resources Finance II plc(a)		8.00			4/23/2023		750,000		709,667		726,469
Vedanta Resources Finance II plc(a)		8.95			3/11/2025		685,000		685,000		684,144
Vedanta Resources Ltd.(a)		6.38			7/30/2022		1,075,000		807,982		1,071,842
Warrior Met Coal, Inc.(c)		8.00			11/1/2024		840,000		847,978		852,600
Total Mining, Steel, Iron and Non-Precious Metals							5,761,000		5,440,608		5,845,517
Oil and Gas — 5.0%*:
Borets International Ltd.(a)		6.00			9/17/2026		531,000		531,000		552,774
CVR Energy, Inc.(c)		5.25			2/15/2025		525,000		525,000		519,750
CVR Energy, Inc.(c)		5.75			2/15/2028		379,000		379,000		375,536
EnLink Midstream Partners LP		5.60			4/1/2044		206,000		159,753		196,730
EQM Midstream Partners LP(c)		4.50			1/15/2029		170,000		170,000		176,375
EQM Midstream Partners LP(c)		4.75			1/15/2031		154,000		154,000		160,163
Genesis Energy LP / Genesis Energy Finance Corp.		8.00			1/15/2027		1,000,000		1,035,638		1,015,200
Harvest Midstream I LP(c)		7.50			9/1/2028		500,000		534,124		532,575

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Oil and Gas (continued):
Hilcorp Energy I LP / Hilcorp Finance Co.(c)		6.25	%		11/1/2028		1,000,000	$	1,000,000	$	1,036,220
KCA Deutag UK Finance plc(a)		9.88			12/1/2025		349,977		349,976		380,953
NGL Energy Operating LLC / NGL Energy Finance Corp.(c)		7.50			2/1/2026		750,000		785,355		764,062
Occidental Petroleum Corp.		5.88			9/1/2025		153,000		153,000		171,475
Occidental Petroleum Corp.		6.13			1/1/2031		452,000		474,673		542,400
Occidental Petroleum Corp.		6.38			9/1/2028		157,000		157,000		183,690
Targa Resources Partners LP / Targa Resources Partners Finance Corp.		4.88			2/1/2031		251,000		251,000		270,766
Transocean Guardian Ltd.(c)		5.88			1/15/2024		335,000		320,468		333,325
Transocean, Inc.(c)		7.25			11/1/2025		600,000		467,033		499,629
Tullow Oil plc(a)		7.00			3/1/2025		300,000		116,934		260,250
Tullow Oil plc(a)		10.25			5/15/2026		1,000,000		1,000,000		1,040,000
Total Oil and Gas							8,812,977		8,563,954		9,011,873
Personal Transportation — 0.3%*:
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.(c)		6.50			6/20/2027		237,000		234,474		257,654
Naviera Armas S.A., EURIBOR + 6.500%(a)		6.50	(d)		7/31/2023		250,000		288,580		223,561
Total Personal Transportation							487,000		523,054		481,215
Printing and Publishing — 0.4%*:
Getty Images, Inc.(c)		9.75			3/1/2027		650,000		690,286		692,250
Retail Stores — 2.0%*:
Bellis Finco plc(a)		4.00			2/16/2027		100,000		138,330		131,502
EG Global Finance plc(a)		6.25			3/30/2026		604,000		841,417		838,245
Future Retail Ltd.(a)		5.60			1/22/2025		950,000		865,360		556,937
House of Fraser Funding plc(a),(g)		5.95			9/15/2020		150,000		182,556		3,032
L Brands, Inc.		6.88			11/1/2035		200,000		242,668		251,000
Marcolin SpA(a)		6.13			11/15/2026		400,000		486,940		475,099
NMG Holding Co., Inc. / Neiman Marcus Group LLC(c)		7.13			4/1/2026		263,000		266,744		279,109
Nordstrom, Inc.		5.00			1/15/2044		1,202,000		1,164,887		1,178,422
Total Retail Stores							3,869,000		4,188,902		3,713,346
Telecommunications — 1.6%*:
CommScope, Inc.(c)		4.75			9/1/2029		444,000		444,000		444,555
DKT Finance ApS(a)		7.00			6/17/2023		1,500,000		1,693,079		1,769,235
Oi Movel SA(a)		8.75			7/30/2026		628,000		628,000		640,560
Total Telecommunications							2,572,000		2,765,079		2,854,350
Utilities — 0.8%*:
Electricite de France SA, 5 year EUR Swap + 3.995%(a)		3.38	(d),(f)				400,000		500,414		487,114
Techem Verwaltungsgesellschaft 674 mbH(a)		6.00			7/30/2026		879,198		1,004,107		1,048,431
Total Utilities							1,279,198		1,504,521		1,535,545
Total Corporate Bonds							70,118,391		73,259,116		72,466,092
Total Fixed Income							166,993,728		171,165,897		169,014,483
Total Investments							167,598,444		172,694,977		171,120,368
Other assets and liabilities – 5.3%*											9,550,917
Net Assets – 100.0%										$	180,671,285

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

PIK Payment-in-kind

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

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

(a) 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	56.5	%
United Kingdom	11.5	%
France	4.3	%
Germany	3.6	%
India	2.7	%
Spain	2.6	%
China	2.4	%
Denmark	1.7	%
Canada	1.4	%
Netherlands	1.3	%
Greece	1.2	%
Ireland	1.1	%
Sweden	1.1	%
Zambia	1.0	%
Other (Individually less than 1%)	7.6	%
Total	100.0	%

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

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

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

(e) Bank loans are exempt from registration under the Securities Act of 1933, as amended, but contain certain restrictions on resale and cannot be sold publicly. These loans pay interest at rates which adjust periodically. The interest rates shown for bank loans are the current interest rates at September 30, 2021. Bank loans are also subject to mandatory and/or optional prepayment which cannot be predicted. As a result, the remaining maturity may be substantially less than the stated maturity shown.

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

(g) Defaulted security.

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

Forward Foreign Currency Exchange Contracts to Buy

EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION (DEPRECIATION)
10/14/21	Goldman Sachs & Co.		CAD	54,253	$	42,833	$	42,412	$	421
10/14/21	Canadian Imperial Bank of Commerce		EUR	1,451,222		1,681,330		1,716,213		(34,883	)
10/14/21	Morgan Stanley & Co.		GBP	519,198		699,573		709,243		(9,670	)
Net unrealized depreciation on forward foreign currency exchange contracts to buy									$	(44,132	)

See accompanying Notes to the Schedule of Investments.

Barings Global Credit Income Opportunities Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

Forward Foreign Currency Exchange Contracts to Sell

EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION (DEPRECIATION)
10/14/21	Goldman Sachs & Co.		CAD	173,609	$	137,064	$	137,012	$	(52	)
10/14/21	JPMorgan Chase Bank N.A.		CAD	60,249		47,566		47,573		7
10/14/21	Barclays Bank plc		CAD	74,526		58,838		58,818		(20	)
10/14/21	Morgan Stanley & Co.		CAD	1,132,946		894,458		897,571		3,113
10/14/21	Morgan Stanley & Co.		EUR	714,919		828,278		844,561		16,283
10/14/21	Citibank N.A.		EUR	573,000		663,856		677,854		13,998
10/14/21	Bank of America N.A.		EUR	36,120,276		41,847,572		42,830,593		983,021
10/14/21	Morgan Stanley & Co.		GBP	186,464		251,244		251,991		747
10/14/21	Barclays Bank plc		GBP	7,135,707		9,614,732		9,842,366		227,634
Net unrealized appreciation on forward foreign currency exchange contracts to sell									$	1,244,731

Legend

CAD – Canadian Dollar

EUR – Euro

GBP – British Pound Sterling

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Fixed Income — 97.6%*:
Asset-Backed Securities — 29.4%*:
CDO/CLO — 7.4%*:
AIMCO CLO 10 Ltd., 3M USD LIBOR + 1.060%(a)		1.17	(b)%		7/22/2032		5,000,000	$	4,998,238	$	5,000,805
Apidos CLO XXVI, 3M USD LIBOR + 1.500%(a)		1.69	(b)		7/18/2029		2,750,000		2,750,000		2,750,872
Aqua Finance Trust AQFIT 2021 A A(a)		1.54			7/17/2046		4,920,000		4,919,354		4,919,354
Assurant CLO Ltd., 3M USD LIBOR + 1.550%(a)		1.68	(b)		10/20/2031		2,352,000		2,352,000		2,352,750
Avant Credit Card Master Trust(a)		1.37			4/15/2027		2,200,000		2,199,912		2,192,522
Bain Capital Credit CLO 2016-2 Ltd., 3M USD LIBOR + 1.550%(a)		1.68	(b)		1/15/2029		2,900,000		2,900,000		2,900,052
Benefit Street Partners CLO XVII Ltd., 3M USD LIBOR + 1.080%(a)		1.19	(b)		7/15/2032		4,000,000		4,000,000		4,001,232
BHG Securitization Trust 2021-B(a)		2.24			10/17/2034		2,790,000		2,789,513		2,787,386
BlueMountain CLO 2013-1 Ltd., 3M USD LIBOR + 1.230%(a)		1.36	(b)		1/20/2029		1,419,330		1,419,330		1,419,381
BlueMountain Fuji US CLO I Ltd., 3M USD LIBOR + 0.980%(a)		1.11	(b)		7/20/2029		2,600,000		2,600,000		2,599,376
Canyon Capital CLO 2017-1 Ltd., 3M USD LIBOR + 2.000%(a)		2.11	(b)		7/15/2030		1,240,000		1,240,000		1,240,027
CBAM 2018-6 Ltd., 3M USD LIBOR + 1.270%(a)		1.40	(b)		1/15/2031		2,500,000		2,500,000		2,500,212
Cedar Funding IX CLO Ltd., 3M USD LIBOR + 0.980%(a)		1.11	(b)		4/20/2031		600,000		593,166		600,807
CIFC Funding 2017-II Ltd., 3M USD LIBOR + 1.500%(a)		1.63	(b)		4/20/2030		1,250,000		1,250,000		1,250,065
CIFC Funding 2017-IV Ltd., 3M USD LIBOR + 1.550%(a)		1.68	(b)		10/24/2030		1,600,000		1,600,000		1,600,507
Flatiron ClLO17 Ltd., 3M USD LIBOR + 0.980%(a)		1.10	(b)		5/15/2030		4,500,000		4,500,000		4,500,738
Goldentree Loan Management US CLO 4 Ltd., 3M USD LIBOR + 1.110%(a)		1.24	(b)		4/24/2031		2,600,000		2,600,000		2,600,138
Horizon Aircraft Finance II Ltd.(a)		3.72			7/15/2039		2,724,464		2,728,267		2,731,006
HPS Loan Management 15-2019 Ltd., 3M USD LIBOR + 1.320%(a)		1.46	(b)		7/22/2032		1,000,000		996,782		1,000,628
KAYNE CLO I Ltd., 3M USD LIBOR + 1.400%(a)		1.53	(b)		7/15/2031		1,850,000		1,850,000		1,850,026
KKR CLO 28, Ltd., 3M USD LIBOR + 1.140%(a)		1.26	(b)		3/15/2031		700,000		692,657		700,043
KREF 2021-FL2 Ltd., 1M USD LIBOR + 1.300%(a)		1.38	(b)		2/15/2039		18,400,000		18,400,000		18,403,376
Magnetite XVIII Ltd., 3M USD LIBOR + 1.080%(a)		1.20	(b)		11/15/2028		355,000		354,345		355,022
Milos CLO Ltd., 3M USD LIBOR + 1.070%(a)		1.20	(b)		10/20/2030		2,100,000		2,100,000		2,100,055
Neuberger Berman Loan Advisers CLO 24 Ltd., 3M USD LIBOR + 1.500%(a)		1.63	(b)		4/19/2030		500,000		500,000		500,078
Neuberger Berman Loan Advisers CLO 25 Ltd., 3M USD LIBOR + 1.350%(a)		1.48	(b)		10/18/2029		4,800,000		4,800,000		4,801,450
Newark BSL CLO 2 Ltd., 3M USD LIBOR + 1.400%(a)		1.53	(b)		7/25/2030		1,000,000		1,000,000		999,563
Rockford Tower CLO 2017-2 Ltd., 3M USD LIBOR + 1.500%(a)		1.63	(b)		10/15/2029		1,250,000		1,250,000		1,250,096
Rockford Tower CLO Ltd. 2017-3, 3M USD LIBOR + 1.190%(a)		1.32	(b)		10/20/2030		1,750,000		1,741,182		1,750,025

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (continued):
CDO/CLO (continued):
RR 3 Ltd. Series 2018-3 A A1R2, 3M USD LIBOR + 1.090%(a)		1.22	(b)%		1/15/2030		1,625,000	$	1,620,245	$	1,628,864
TICP CLO XI Ltd., 3M USD LIBOR + 1.180%(a)		1.31	(b)		10/20/2031		1,600,000		1,591,917		1,600,059
Treman Park CLO Ltd. 2015-1A ARR, 3M USD LIBOR + 1.070%(a)		1.20	(b)		10/20/2028		789,105		789,105		789,134
VERDE CLO Ltd., 3M USD LIBOR + 1.100%(a)		1.23	(b)		4/15/2032		2,500,000		2,500,000		2,500,950
Total CDO/CLO							88,164,899		88,126,013		88,176,599
Other Asset-Backed Securities — 22.0%*:
321 Henderson Receivables II LLC 2006-3A A1, 1M USD LIBOR + 0.200%(a)		0.28	(b)		9/15/2041		60,508		59,073		59,336
AASET 2020-1 Trust(a)		4.34			1/16/2040		783,605		783,589		567,457
Access Group, Inc. 2015-1 B, 1M USD LIBOR + 1.500%(a)		1.59	(b)		7/25/2058		100,000		87,111		92,988
AccessLex Institute 2002-A A2		3.02			9/25/2037		300,000		294,727		297,459
Adams Outdoor Advertising LP(a)		4.81			11/15/2048		1,078,406		1,091,906		1,132,905
Affirm Asset Securitization Trust 2021-A(a)		1.66			8/15/2025		1,450,000		1,451,249		1,457,255
Affirm Asset Securitization Trust 2021-Z1(a)		1.07			8/15/2025		7,317,563		7,317,332		7,333,317
AmeriCredit Automobile Receivables Trust 2020-3		1.49			9/18/2026		339,000		338,900		341,926
Argent Securities, Inc. Asset-Backed Pass-Through Certificates 2004-W10 M1, 1M USD LIBOR + 0.900%		0.99	(b)		10/25/2034		144,799		134,215		142,186
Avis Budget Rental Car Funding AESOP LLC(a)		3.02			8/20/2026		5,598,000		5,596,141		5,788,731
Avis Budget Rental Car Funding AESOP LLC(a)		4.15			9/20/2023		1,200,000		1,215,727		1,225,872
Avis Budget Rental Car Funding AESOP LLC(a)		4.53			3/20/2023		2,607,000		2,640,288		2,629,801
Avis Budget Rental Car Funding AESOP LLC(a)		4.73			9/20/2024		2,080,000		2,147,685		2,195,979
BRE Grand Islander Timeshare Issuer LLC 2017-1A A(a)		2.94			5/25/2029		89,543		89,528		91,552
BRE Grand Islander Timeshare Issuer LLC 2017-1A B(a)		3.24			5/25/2029		73,741		73,734		75,398
BRE Grand Islander Timeshare Issuer LLC 2019-A(a)		3.78			9/26/2033		749,487		749,464		780,983
Business Jet Securities 2020-1 LLC(a)		2.98			11/15/2035		822,274		822,262		832,791
Business Jet Securities 2021-1 LLC(a)		2.16			4/15/2036		2,503,644		2,503,644		2,514,024
Capital Automotive LLC 2017-1A A1(a)		3.87			4/15/2047		280,267		280,193		284,210
Carmax Auto Owner Trust 2019-2		3.41			10/15/2025		615,000		614,975		637,849
CarMax Auto Owner Trust 2020-4		1.75			4/15/2027		1,946,000		1,945,833		1,968,490
Carmax Auto Owner Trust 2021-1		1.28			7/15/2027		3,850,000		3,848,698		3,826,053
CarMax Auto Owner Trust 2021-2		1.55			10/15/2027		3,025,000		3,023,940		3,038,728
CarMax Auto Owner Trust 2021-4		1.48			3/15/2028		1,689,000		1,688,379		1,678,191
CARS-DB4 LP(a)		4.17			2/15/2050		2,189,000		2,188,089		2,255,403
Carvana Auto Receivables Trust(a)		1.88			5/10/2028		3,451,132		3,450,980		3,452,462
Carvana Auto Receivables Trust 2021-N1		1.50			1/10/2028		6,441,000		6,440,065		6,441,334
Carvana Auto Receivables Trust 2021-P3		2.25			9/11/2028		5,907,000		5,904,843		5,846,513

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (continued):
Other Asset-Backed Securities (continued):
Castlelake Aircraft Securitization Trust 2018-1(a)		4.13	%		6/15/2043		1,677,798	$	1,678,631	$	1,673,195
Castlelake Aircraft Securitization Trust 2019-1A(a)		5.10			4/15/2039		707,996		714,556		678,027
CF Hippolyta LLC(a)		2.28			7/15/2060		397,542		397,400		403,252
Chase Education Loan Trust, 3M USD LIBOR + 0.220%		0.35	(b)		3/28/2068		520,235		494,760		467,511
College Ave Student Loans 2021-A LLC(a)		2.32			7/25/2051		5,705,000		5,702,573		5,670,905
College Avenue Student Loans LLC, 1M USD LIBOR + 1.650%(a)		1.74	(b)		11/26/2046		603,018		603,700		615,429
College Avenue Student Loans LLC(a)		3.81			12/28/2048		1,044,532		1,044,438		1,080,079
College Avenue Student Loans LLC 2018-A, 1M USD LIBOR + 1.200%(a)		1.29	(b)		12/26/2047		643,110		643,110		647,174
College Loan Corp. Trust I 2005-2 B, 3M USD LIBOR + 0.490%		0.62	(b)		1/15/2037		115,841		104,568		106,795
Commonbond Student Loan Trust 2017-A-GS(a)		3.47			5/25/2041		542,165		535,205		545,563
Commonbond Student Loan Trust 2017-A-GS(a)		5.28			5/25/2041		72,805		72,797		75,512
Commonbond Student Loan Trust 2018-A-GS(a)		3.82			2/25/2044		47,640		47,631		47,962
Commonbond Student Loan Trust 2018-BGS(a)		4.12			9/25/2045		51,461		51,455		52,354
Commonbond Student Loan Trust 2018-C-GS(a)		4.35			2/25/2046		29,893		29,891		30,648
Credit Suisse ABS Repackaging Trust 2013-A B(a)		2.50			1/25/2030		23,468		22,694		23,526
DataBank Issuer(a)		2.06			2/27/2051		4,905,000		4,904,067		4,895,097
DB Master Finance LLC(a)		4.03			11/20/2047		965,000		934,506		1,017,504
Diamond Resorts Owner Trust 2018-1(a)		3.70			1/21/2031		182,857		182,857		189,350
Diamond Resorts Owner Trust 2021-1(a)		2.05			11/21/2033		3,600,951		3,600,177		3,630,654
Drive Auto Receivables Trust 2021-1		1.45			1/16/2029		6,692,000		6,690,222		6,717,861
Earnest Student Loan Program 2017-A LLC(a)		3.59			1/25/2041		211,747		211,601		212,080
EdLinc Student Loan Funding Trust 2017-A A, PRIME- 1.150%(a)		2.10	(b)		12/1/2047		628,696		625,423		595,235
EDvestinU Private Education Loan Issue No 1 LLC(a)		3.58			11/25/2038		1,079,804		1,079,633		1,121,416
Elara HGV Timeshare Issuer 2016-A LLC(a)		3.22			4/25/2028		338,654		336,219		349,166
Elara HGV Timeshare Issuer LLC 2016-A A(a)		2.73			4/25/2028		491,137		484,648		504,474
Elara HGV Timeshare Issuer LLC 2017-A(a)		2.96			3/25/2030		847,786		842,592		869,741
Elara HGV Timeshare Issuer LLC 2017-A A(a)		2.69			3/25/2030		152,314		152,304		156,053
Elara HGV Timeshare Issuer LLC 2019-A(a)		3.45			1/25/2034		1,664,656		1,664,297		1,715,142
ELFI Graduate Loan Program LLC 2018-A(a)		4.00			8/25/2042		192,944		189,483		196,713
FCI Funding 2019-1 LLC(a)		3.63			2/18/2031		141,933		141,913		143,521
First Investors Auto Owner Trust 2021-1(a)		1.17			3/15/2027		1,500,000		1,499,611		1,505,583
Firstkey Homes Trust(a)		2.49			8/17/2038		4,000,000		3,999,917		3,988,018

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (continued):
Other Asset-Backed Securities (continued):
Flagship Credit Auto Trust 2019-1(a)		3.60	%		2/18/2025		2,175,000	$	2,176,037	$	2,223,014
FNA VI LLC(a)		1.35			1/10/2032		10,143,533		10,142,014		10,133,151
GCI Funding I LLC(a)		2.38			6/18/2046		1,260,931		1,260,609		1,266,576
GM Financial Revolving Receivables Trust 2021-1(a)		1.67			6/12/2034		2,540,000		2,540,000		2,540,367
Goal Capital Funding Trust 2010-1 A, 3M USD LIBOR + 0.700%(a)		0.83	(b)		8/25/2048		90,861		87,632		91,005
Goal Structured Solution Trust 2015-1 B, 1M USD LIBOR + 1.500%(a)		1.59	(b)		9/25/2043		100,000		78,428		98,350
Goodgreen 2019-2(a)		2.76			4/15/2055		1,775,591		1,775,591		1,812,691
Goodgreen Trust 2016-1 A(a)		3.23			10/15/2052		529,920		523,197		551,948
Goodgreen Trust 2018-1A A(a)		3.93			10/15/2053		2,397,102		2,424,083		2,529,591
Goodgreen Trust 2019-1(a)		3.86			10/15/2054		1,988,554		1,988,898		2,097,101
Grace Point International Funding, 1M USD LIBOR + 1.400%(a)		1.49	(b)		11/1/2023		1,750,000		1,750,000		1,750,000
HERO Funding Trust 2015-1A A(a)		3.84			9/21/2040		279,666		284,187		290,153
HERO Funding Trust 2016-4A A1(a)		3.57			9/20/2047		130,907		130,859		133,878
HERO Funding Trust 2017-2A A1(a)		3.28			9/20/2048		50,912		50,880		52,956
HERO Funding Trust 2017-2A A2(a)		4.07			9/20/2048		40,002		40,924		42,102
HERO Funding Trust 2017-3A A1(a)		3.19			9/20/2048		338,005		337,900		351,044
HERO Funding Trust 2018-1(a)		4.67			9/20/2048		528,190		538,492		564,153
Higher Education Funding I 2004-1 B1, 28 day ARS(a)		3.27	(b)		1/1/2044		950,000		844,164		846,305
Hilton Grand Vacations Trust 2017-AA B(a)		2.96	(c)		12/26/2028		308,130		308,844		314,149
Hilton Grand Vacations Trust 2018-A(a)		3.54			2/25/2032		178,025		178,021		186,580
Hilton Grand Vacations Trust 2019-A(a)		2.84			7/25/2033		1,456,400		1,456,400		1,487,352
Horizon Aircraft Finance I Ltd. 2018-1 A(a)		4.46			12/15/2038		401,262		401,255		401,440
Horizon Aircraft Finance III Ltd.(a)		3.43			11/15/2039		1,844,442		1,787,205		1,839,492
Kestrel Aircraft Funding Ltd.(a),(d)		4.25			12/15/2038		3,296,535		3,355,317		3,278,692
Laurel Road Prime Student Loan Trust 2017-B CFX(a)		3.61			8/25/2042		235,506		235,474		239,018
Laurel Road Prime Student Loan Trust 2017-C B(a)		2.95			11/25/2042		271,253		271,158		277,336
Laurel Road Prime Student Loan Trust 2019-A(a)		3.00			10/25/2048		687,875		687,817		702,590
MACH 1 Cayman 2019-1 Ltd.(a)		3.47			10/15/2039		1,240,898		1,240,861		1,238,009
Marlette Funding Trust 2019-2(a)		3.53			7/16/2029		976,000		975,848		982,371
Mosaic Solar Loan Trust 2018-2-GS(a)		4.20			2/22/2044		335,687		335,637		362,903
Mosaic Solar Loans LLC 2017-1A A(a)		4.45			6/20/2042		47,401		47,389		50,414
Navient Private Education Refi Loan Trust 2020-B(a)		2.77			1/15/2069		4,400,000		4,458,797		4,518,260
Navient Student Loan Trust 2015-1 B, 1M USD LIBOR + 1.500%		1.59	(b)		7/25/2052		1,100,000		1,096,133		1,095,711
Nelnet Private Education Loan Trust 2016-A A1A, 1M USD LIBOR + 1.750%(a)		1.84	(b)		12/26/2040		46,005		46,005		46,183
Nelnet Student Loan Trust 2006-2 B, 3M USD LIBOR + 0.200%		0.33	(b)		1/25/2038		867,555		821,611		756,243
Nelnet Student Loan Trust 2006-3, 3M USD LIBOR + 0.250%		0.38	(b)		6/25/2041		1,467,463		1,381,657		1,335,392

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (continued):
Other Asset-Backed Securities (continued):
Nelnet Student Loan Trust 2012-4, 1M USD LIBOR + 1.000%(a)		1.09	(b)%		7/26/2049		900,000	$	871,151	$	857,247
New Residential Advance Receivables Trust Advance Receivables Backed 2020-T1(a)		5.47			8/15/2053		1,651,000		1,651,000		1,655,098
NovaStar Mortgage Funding Trust 2004-4 M5, 1M USD LIBOR + 1.725%		1.81	(b)		3/25/2035		18,183		18,183		18,183
NP SPE II LLC 2017-1A A1(a)		3.37			10/21/2047		279,647		279,647		287,365
NRZ Advance Receivables Trust 2015-ON1(a)		2.46			10/15/2052		1,012,800		1,012,800		1,014,406
Oak Street Investment Grade Net Lease Fund Series 2020-1(a)		2.26			11/20/2050		1,654,000		1,653,822		1,637,918
Oak Street Investment Grade Net Lease Fund Series 2021-1(a)		2.80			1/20/2051		6,240,000		6,244,245		6,306,437
Orange Lake Timeshare Trust 2016-A B(a)		2.91			3/8/2029		170,482		168,726		172,308
Orange Lake Timeshare Trust 2018-A(a)		3.74			11/8/2030		339,397		344,396		345,837
Oxford Finance Funding 2020-1 LLC(a)		3.10			2/15/2028		1,296,000		1,296,000		1,318,569
Oxford Finance Funding 2020-1 LLC(a)		4.04			2/15/2028		1,750,000		1,780,068		1,794,621
Pennsylvania Higher Education Assistance Agency		1.45			10/25/2042		650,000		641,633		648,602
Pioneer Aircraft Finance Ltd.(a),(d)		3.97			6/15/2044		922,251		922,251		918,924
Planet Fitness Master Issuer LLC(a)		4.26			9/5/2048		2,522,000		2,538,937		2,511,845
Planet Fitness Master Issuer LLC(a)		4.67			9/5/2048		8,180,980		8,457,619		8,410,600
PNMAC GMSR Issuer Trust 2018-GT1, 1M USD LIBOR + 2.850%(a)		2.94	(b)		2/25/2023		470,000		470,000		471,157
RAMP Series 2005-EFC1 Trust, 1M USD LIBOR + 0.650%		1.06	(b)		5/25/2035		2,083,464		2,081,062		2,092,547
Santander Consumer Auto Receivables Trust 2021-A(a)		1.57			1/15/2027		1,500,000		1,499,513		1,511,430
Santander Drive Auto Receivables Trust 2020-4		1.48			1/15/2027		401,000		400,934		406,239
Santander Revolving Auto Loan Trust 2019-A(a)		3.00			1/26/2032		439,000		438,874		459,882
Santander Revolving Auto Loan Trust 2019-A(a)		3.45			1/26/2032		1,277,000		1,296,134		1,333,074
SBA Tower Trust(a)		3.87			10/15/2049		1,300,000		1,304,835		1,357,819
Sierra Receivables Funding Co LLC 2017-1A A(a)		2.91			3/20/2034		183,737		184,202		184,403
Sierra Timeshare 2019-1 Receivables Funding LLC(a)		3.77			1/20/2036		588,633		591,247		606,343
Sierra Timeshare 2019-3 Receivables Funding LLC(a)		3.00			8/20/2036		2,155,908		2,155,719		2,186,398
Sierra Timeshare 2020-2 Receivables Funding LLC(a)		3.51			7/20/2037		298,060		298,025		306,099
Sierra Timeshare 2021-1 Receivables Funding LLC(a)		1.79			11/20/2037		1,344,808		1,344,635		1,344,046
SLC Student Loan Trust 2005-1 B, 3M USD LIBOR + 0.200%		0.32	(b)		2/15/2045		505,776		460,366		476,088
SLC Student Loan Trust 2006-1, 3M USD LIBOR + 0.210%		0.33	(b)		3/15/2055		1,791,875		1,674,728		1,639,324
SLC Student Loan Trust 2006-2 B, 3M USD LIBOR + 0.230%		0.35	(b)		12/15/2039		1,339,393		1,255,888		1,217,883
SLM Student Loan Trust 2003-11, 3M USD LIBOR + 0.650%		0.77	(b)		12/15/2038		748,223		715,330		711,285

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (continued):
Other Asset-Backed Securities (continued):
SLM Student Loan Trust 2003-14 A6, 3M USD LIBOR + 0.300%		0.43	(b)%		7/25/2025		14,525	$	14,269	$	14,519
SLM Student Loan Trust 2003-4 B, 3M USD LIBOR + 0.650%		0.77	(b)		6/15/2038		288,084		277,010		277,625
SLM Student Loan Trust 2004-1, 3M USD LIBOR + 0.500%		0.63	(b)		7/25/2039		421,147		402,613		398,367
SLM Student Loan Trust 2004-8, 3M USD LIBOR + 0.460%		0.59	(b)		1/25/2040		879,157		837,679		834,951
SLM Student Loan Trust 2005-4 B, 3M USD LIBOR + 0.180%		0.31	(b)		7/25/2055		566,366		508,546		534,704
SLM Student Loan Trust 2005-5, 3M USD LIBOR + 0.250%		0.38	(b)		10/25/2040		566,427		534,720		537,015
SLM Student Loan Trust 2005-6 B, 3M USD LIBOR + 0.290%		0.42	(b)		1/25/2044		1,637,935		1,537,620		1,532,270
SLM Student Loan Trust 2005-9, 3M USD LIBOR + 0.300%		0.43	(b)		1/25/2041		657,140		630,790		610,518
SLM Student Loan Trust 2006-2(e)		Zero Coupon			1/25/2041		3,956		1,621,960		1,981,956
SLM Student Loan Trust 2006-5 B, 3M USD LIBOR + 0.210%		0.34	(b)		10/25/2040		445,628		401,147		419,072
SLM Student Loan Trust 2006-7 B, 3M USD LIBOR + 0.200%		0.33	(b)		1/27/2042		422,076		394,862		391,755
SMB Private Education Loan Trust 2014-A(a)		4.00			9/15/2042		1,250,000		1,270,365		1,289,008
SMB Private Education Loan Trust 2015-A A2B, 1M USD LIBOR + 1.000%(a)		1.08	(b)		6/15/2027		7,590		7,518		7,594
SMB Private Education Loan Trust 2015-A A3, 1M USD LIBOR + 1.500%(a)		1.58	(b)		2/17/2032		900,000		916,197		907,743
SMB Private Education Loan Trust 2015-C(a)		4.50			9/17/2046		1,710,000		1,752,500		1,824,291
SMB Private Education Loan Trust 2016-C A2B, 1M USD LIBOR + 1.100%(a)		1.18	(b)		9/15/2034		122,349		122,349		123,048
SoFi Alternative Trust 2019-C(a),(e)		1.04			1/25/2045		1,759,711		1,816,281		1,887,416
SoFi Consumer Loan Program 2020-1 Trust(a)		2.94			1/25/2029		4,000,000		3,999,417		4,088,426
SoFi Consumer Loan Program Trust 2019-3(a)		3.89			5/25/2028		2,766,000		2,767,639		2,839,073
SoFi Professional Loan Program 2017-C LLC(a)		4.21			7/25/2040		2,410,000		2,516,742		2,484,237
SoFi Professional Loan Program 2019-A LLC(a)		4.11			6/15/2048		870,000		876,344		908,750
SoFi Professional Loan Program LLC 2016-B A1, 1M USD LIBOR + 1.200%(a)		1.29	(b)		6/25/2033		96,252		97,160		96,725
SoFi Professional Loan Program LLC 2016-D A1, 1M USD LIBOR + 0.950%(a)		1.04	(b)		1/25/2039		17,876		17,876		17,906
Store Master Funding I-VII A3(a)		4.40			10/20/2048		1,863,583		1,882,161		1,961,574
Structured Asset Investment Loan Trust 2004-11, 1M USD LIBOR + 0.930%		1.02	(b)		1/25/2035		4,746,732		4,749,138		4,659,866
TAL Advantage VII LLC(a)		3.29			9/20/2045		2,327,000		2,326,496		2,361,666
Terwin Mortgage Trust 2006-5, 1M USD LIBOR + 0.420%(a)		0.51	(b)		7/25/2037		2,140,414		2,109,659		2,125,413
Textainer Marine Containers Ltd.(a)		1.94			8/20/2046		3,973,333		3,972,651		3,921,684

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Asset-Backed Securities (continued):
Other Asset-Backed Securities (continued):
Thrust Engine Leasing(a)		4.16	%		7/15/2040		3,084,415	$	3,084,299	$	3,042,904
Trafigura Securitisation Finance plc 2021-1(a),(e)		1.78			1/15/2025		7,048,000		7,047,927		7,051,524
Trinity Rail Leasing 2019 LLC(a)		3.82			4/17/2049		2,047,380		2,046,402		2,121,838
Vantage Data Centers LLC(a)		1.65			9/15/2045		2,475,000		2,475,000		2,466,786
Wachovia Student Loan Trust 2005-1 B, 3M USD LIBOR + 0.300%		0.43	(b)		10/25/2040		465,300		431,641		433,588
Welk Resorts LLC 2017-AA B(a)		3.41			6/15/2033		393,024		394,797		394,416
Westgate Resorts LLC 2018-1(a)		3.38			12/20/2031		200,532		200,254		202,407
Westlake Automobile Receivables Trust 2019-3(a)		3.59			3/17/2025		2,182,000		2,181,752		2,260,101
Westlake Automobile Receivables Trust 2021-1(a)		1.23			4/15/2026		6,000,000		5,998,848		6,002,861
Westlake Automobile Receivables Trust 2021-1(a)		2.33			8/17/2026		5,269,000		5,268,067		5,260,045
Willis Engine Structured Trust IV(a)		4.75			9/15/2043		998,606		1,011,801		998,896
World Omni Select Auto Trust 2021-A		1.44			11/15/2027		5,751,000		5,750,868		5,722,826
Total Other Asset-Backed Securities							259,489,718		260,830,108		262,598,594
Total Asset-Backed Securities							347,654,617		348,956,121		350,775,193
Corporate Bonds — 49.7%*:
Agriculture — 1.5%*:
BAT Capital Corp.(d)		4.70			4/2/2027		5,350,000		6,047,091		6,040,907
Imperial Brands Finance plc(a),(d)		3.13			7/26/2024		3,927,000		4,047,524		4,131,359
Imperial Brands Finance plc(a),(d)		3.50			2/11/2023		1,347,000		1,348,825		1,386,484
Wens Foodstuffs Group Co. Ltd.(d)		2.35			10/29/2025		6,475,000		6,247,378		5,952,856
Total Agriculture							17,099,000		17,690,818		17,511,606
Airlines — 0.6%*:
Delta Air Lines, Inc. / SkyMiles IP Ltd.(a)		4.50			10/20/2025		6,580,000		7,007,517		7,040,308
Auto Manufacturers — 2.6%*:
Ford Motor Credit Co. LLC, 3M USD LIBOR + 1.235%		1.36	(b)		2/15/2023		985,000		985,000		981,085
Ford Motor Credit Co. LLC		3.09			1/9/2023		2,785,000		2,804,547		2,825,939
Ford Motor Credit Co. LLC		3.35			11/1/2022		6,605,000		6,678,640		6,711,539
General Motors Co.		6.13			10/1/2025		3,860,000		4,518,790		4,521,151
Harley-Davidson Financial Services, Inc.(a)		3.35			6/8/2025		2,881,000		3,032,429		3,058,231
Hyundai Capital America(a)		1.50			6/15/2026		5,355,000		5,342,362		5,296,182
Kia Corp.(a),(d)		1.00			4/16/2024		2,425,000		2,418,637		2,425,434
Nissan Motor Acceptance Co. LLC(a),(d)		1.85			9/16/2026		5,920,000		5,918,590		5,855,857
Total Auto Manufacturers							30,816,000		31,698,995		31,675,418
Auto Parts&Equipment — 0.2%*:
Metalsa SA de CV(a),(d)		4.90			4/24/2023		2,300,000		2,380,255		2,393,869
Beverages — 0.6%*:
Bacardi Ltd.(a),(d)		4.45			5/15/2025		4,204,000		4,590,784		4,615,404
JDE Peet’s NV(a),(d)		1.38			1/15/2027		3,064,000		3,044,306		3,021,433
Total Beverages							7,268,000		7,635,090		7,636,837
Chemicals — 1.0%*:
Celanese US Holdings LLC		1.40			8/5/2026		1,700,000		1,698,335		1,686,956
MEGlobal Canada ULC(a),(d)		5.00			5/18/2025		5,450,000		6,004,136		5,999,428
Syngenta Finance NV(a),(d)		4.44			4/24/2023		3,800,000		3,883,575		3,972,059

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Chemicals (continued):
Syngenta Finance NV(a),(d)		4.89	%		4/24/2025		200,000	$	213,985	$	218,816
Total Chemicals							11,150,000		11,800,031		11,877,259
Commercial Banks — 12.1%*:
ABN AMRO Bank NV(a),(d)		4.75			7/28/2025		6,010,000		6,664,336		6,662,733
Arab National Bank, 5 year CMT + 2.974%(d)		3.33	(b)		10/28/2030		3,150,000		3,264,774		3,233,891
Banco Santander SA(d)		1.85			3/25/2026		4,200,000		4,211,896		4,252,236
Bank of America Corp., SOFR + 0.960%		1.73	(b)		7/22/2027		1,620,000		1,634,138		1,626,450
Bank of America Corp.		4.00			1/22/2025		3,341,000		3,622,094		3,629,978
Bank of America Corp.		4.25			10/22/2026		5,410,000		6,103,999		6,087,379
Bank of America Corp. MTN		3.95			4/21/2025		905,000		984,080		985,980
Bank of Nova Scotia (The)(d)		4.50			12/16/2025		6,288,000		7,008,429		7,063,501
Barclays plc(d)		5.20			5/12/2026		5,895,000		6,728,048		6,740,107
BPCE SA(a),(d)		4.63			7/11/2024		850,000		928,746		925,271
BPCE SA(a),(d)		5.70			10/22/2023		6,848,000		7,435,359		7,507,484
Burgan Bank SAK, 5 year CMT + 2.229%(d)		2.75	(b)		12/15/2031		2,000,000		2,000,000		1,837,600
Citigroup, Inc.		4.40			6/10/2025		7,985,000		8,733,275		8,834,513
Credit Suisse AG(a),(d)		6.50			8/8/2023		4,510,000		4,795,437		4,935,293
Danske Bank A/S(a),(d)		1.55			9/10/2027		1,905,000		1,905,000		1,889,171
Danske Bank A/S(a),(d)		5.00			1/12/2022		1,990,000		2,002,635		2,013,948
Deutsche Bank AG, SOFR + 2.159%(d)		2.22	(b)		9/18/2024		2,415,000		2,415,000		2,475,159
Goldman Sachs Group, Inc. (The)		4.25			10/21/2025		14,605,000		16,184,478		16,169,858
HSBC Holdings plc(d)		4.25			3/14/2024		343,000		367,142		368,449
HSBC Holdings plc(d)		4.25			8/18/2025		2,617,000		2,889,524		2,869,766
HSBC Holdings plc(d)		4.38			11/23/2026		3,110,000		3,511,428		3,464,800
ING Groep NV, SOFR + 1.005%		1.73	(b)		4/1/2027		3,113,000		3,122,885		3,129,318
JPMorgan Chase & Co., SOFR + 0.765%		1.47	(b)		9/22/2027		2,955,000		2,955,000		2,934,712
Lloyds Banking Group plc(d)		4.05			8/16/2023		4,480,000		4,768,936		4,769,781
Macquarie Group Ltd., SOFR + 1.069%(a),(d)		1.34	(b)		1/12/2027		3,330,000		3,327,326		3,299,579
Morgan Stanley		3.70			10/23/2024		4,410,000		4,788,710		4,782,846
Morgan Stanley		4.10			5/22/2023		1,785,000		1,850,664		1,884,544
Morgan Stanley		4.35			9/8/2026		6,550,000		7,398,134		7,392,114
Natwest Group plc, 1 year CMT + 0.900%(d)		1.64	(b)		6/14/2027		1,840,000		1,840,000		1,839,062
Sberbank of Russia Via SB Capital SA(a),(d)		5.25			5/23/2023		3,150,000		3,311,334		3,315,966
Societe Generale SA, 1 year CMT + 1.100%(a),(d)		1.49	(b)		12/14/2026		4,041,000		4,039,270		3,994,334
Societe Generale SA, 1 year CMT + 1.000%(a),(d)		1.79	(b)		6/9/2027		245,000		245,000		243,563
Sumitomo Mitsui Financial Group, Inc.		2.45			9/27/2024		4,040,000		4,230,905		4,219,658
UBS Group AG(a),(d)		4.13			9/24/2025		5,400,000		5,950,014		5,963,663
Wells Fargo & Co.		4.10			6/3/2026		3,040,000		3,400,900		3,383,864
Total Commercial Banks							134,376,000		144,618,896		144,726,571
Commercial Services — 1.3%*:
Adani Ports & Special Economic Zone Ltd.(a),(d)		3.38			7/24/2024		5,878,000		5,964,450		6,125,244
Ashtead Capital, Inc.(a)		1.50			8/12/2026		2,045,000		2,039,843		2,022,851
Element Fleet Management Corp.(a)		1.60			4/6/2024		1,225,000		1,223,794		1,242,463

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Commercial Services (continued):
Triton Container International Ltd.(a)		2.05	%		4/15/2026		5,685,000	$	5,688,239	$	5,701,061
Total Commercial Services							14,833,000		14,916,326		15,091,619
Computers — 0.4%*:
Dell International LLC / EMC Corp.		4.00			7/15/2024		2,472,000		2,520,541		2,673,837
Dell International LLC / EMC Corp.		5.85			7/15/2025		1,855,000		2,066,509		2,157,403
Total Computers							4,327,000		4,587,050		4,831,240
Distribution/Wholesale — 0.6%*:
Li & Fung Ltd.(d)		4.50			8/18/2025		6,900,000		7,104,525		7,121,231
Diversified Financial Services — 3.8%*:
AerCap Ireland Capital DAC / AerCap Global Aviation Trust(d)		2.88			8/14/2024		4,960,000		4,963,543		5,166,185
AerCap Ireland Capital DAC / AerCap Global Aviation Trust		4.50			9/15/2023		1,095,000		1,090,635		1,166,537
Aircastle Ltd.		4.13			5/1/2024		3,755,000		3,996,672		3,993,822
Aircastle Ltd.		5.00			4/1/2023		1,116,000		1,155,619		1,185,519
Antares Holdings LP(a)		2.75			1/15/2027		2,145,000		2,133,741		2,145,913
Antares Holdings LP(a)		3.95			7/15/2026		4,070,000		4,088,795		4,287,127
Antares Holdings LP(a)		6.00			8/15/2023		2,160,000		2,195,484		2,336,576
Avolon Holdings Funding Ltd.(a),(d)		2.88			2/15/2025		5,265,000		5,369,415		5,411,667
BGC Partners, Inc.		4.38			12/15/2025		2,615,000		2,679,590		2,822,913
Blackstone Private Credit Fund(a)		2.63			12/15/2026		5,000,000		4,965,223		4,979,810
Brookfield Finance Inc.(d)		4.00			4/1/2024		2,275,000		2,319,115		2,440,899
Lazard Group LLC		3.75			2/13/2025		3,430,000		3,596,162		3,701,933
LeasePlan Corp. NV(a),(d)		2.88			10/24/2024		1,502,000		1,509,788		1,571,997
SPARC EM SPC Panama Metro Line 2 SP(a),(d)		Zero Coupon			12/5/2022		970,553		957,127		955,995
Synchrony Financial		3.70			8/4/2026		900,000		980,885		974,859
Synchrony Financial		3.95			12/1/2027		1,795,000		1,996,279		1,979,036
Total Diversified Financial Services							43,053,553		43,998,073		45,120,788
Electric — 0.7%*:
Alliant Energy Finance LLC(a)		1.40			3/15/2026		1,085,000		1,083,281		1,069,609
Enel Finance International NV(a)		1.38			7/12/2026		3,750,000		3,732,407		3,726,989
Pacific Gas and Electric Co.		1.75			6/16/2022		4,070,000		4,069,941		4,063,493
Total Electric							8,905,000		8,885,629		8,860,091
Energy-Alternate Sources — 0.4%*:
Contemporary Ruiding Development Ltd.(d)		1.50			9/9/2026		4,364,000		4,340,064		4,302,904
Food — 0.6%*:
JBS USA Food Co(a)		7.00			1/15/2026		3,075,000		3,227,611		3,214,759
Smithfield Foods, Inc.(a)		4.25			2/1/2027		3,700,000		4,058,432		4,043,251
Total Food							6,775,000		7,286,043		7,258,010
Gas — 0.4%*:
ONE Gas, Inc.		1.10			3/11/2024		4,910,000		4,905,384		4,910,231
Healthcare-Services — 1.0%*:
HCA, Inc.		5.38			2/1/2025		5,320,000		5,964,185		5,945,100
Universal Health Services, Inc.(a)		1.65			9/1/2026		5,685,000		5,678,036		5,647,416
Total Healthcare-Services							11,005,000		11,642,221		11,592,516
Insurance — 2.4%*:
AmTrust Financial Services, Inc.		6.13			8/15/2023		3,245,000		3,289,703		3,312,569
Athene Global Funding(a)		1.73			10/2/2026		2,995,000		2,995,000		2,991,956

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Insurance (continued):
Athene Global Funding(a)		2.50	%		1/14/2025		1,610,000	$	1,612,061	$	1,673,029
Athene Global Funding(a)		2.75			6/25/2024		2,265,000		2,304,308		2,376,592
Brighthouse Financial Global Funding(a)		1.00			4/12/2024		1,460,000		1,457,963		1,468,414
Brighthouse Financial Global Funding(a)		1.55			5/24/2026		2,578,000		2,572,595		2,588,313
CNO Financial Group, Inc.		5.25			5/30/2025		4,225,000		4,724,775		4,753,661
CNO Global Funding(a)		1.75			10/7/2026		2,664,000		2,663,627		2,663,627
Enstar Group Ltd.		4.50			3/10/2022		2,750,000		2,756,432		2,783,551
GA Global Funding Trust(a)		1.63			1/15/2026		1,560,000		1,562,137		1,573,063
Unum Group		3.88			11/5/2025		2,625,000		2,679,678		2,839,342
Total Insurance							27,977,000		28,618,279		29,024,117
Internet — 0.8%*:
Baidu, Inc.(d)		1.63			2/23/2027		6,139,000		6,136,168		6,055,264
Expedia Group, Inc.		4.63			8/1/2027		1,243,000		1,405,345		1,408,735
Weibo Corp.(d)		3.50			7/5/2024		2,300,000		2,383,299		2,395,839
Total Internet							9,682,000		9,924,812		9,859,838
Investment Company Security — 1.9%*:
Ares Capital Corp.		3.88			1/15/2026		4,455,000		4,754,481		4,762,480
Ares Capital Corp.		4.20			6/10/2024		2,610,000		2,657,830		2,798,671
BlackRock TCP Capital Corp.		3.90			8/23/2024		3,630,000		3,604,158		3,858,083
Golub Capital BDC, Inc.		2.50			8/24/2026		1,365,000		1,361,315		1,372,958
Golub Capital BDC, Inc.		3.38			4/15/2024		3,072,000		3,197,608		3,211,648
Icahn Enterprises LP/Icahn Enterprises Finance Corp.		4.75			9/15/2024		3,350,000		3,475,989		3,484,000
Sixth Street Specialty Lending, Inc.		3.88			11/1/2024		2,735,000		2,736,553		2,911,264
Total Investment Company Security							21,217,000		21,787,934		22,399,104
Iron/Steel — 1.0%*:
Severstal OAO Via Steel Capital SA(a),(d)		3.15			9/16/2024		5,878,000		6,023,622		6,105,038
Vale Overseas Ltd.(d)		6.25			8/10/2026		5,314,000		6,243,639		6,293,370
Total Iron/Steel							11,192,000		12,267,261		12,398,408
Leisure Time — 0.1%*:
Harley-Davidson, Inc.		3.50			7/28/2025		1,425,000		1,520,162		1,520,049
Lodging — 0.7%*:
Hyatt Hotels Corp.		1.80			10/1/2024		2,300,000		2,299,862		2,304,755
Las Vegas Sands Corp.		3.20			8/8/2024		5,845,000		5,884,117		6,000,500
Total Lodging							8,145,000		8,183,979		8,305,255
Machinery-Constr&Mining — 0.5%*:
Weir Group plc (The)(a),(d)		2.20			5/13/2026		5,895,000		5,931,069		5,951,028
Machinery-Diversified — 0.1%*:
CNH Industrial NV(d)		4.50			8/15/2023		900,000		905,814		961,898
Media — 0.6%*:
Cable Onda SA(a),(d)		4.50			1/30/2030		4,220,000		4,514,272		4,421,241
ViacomCBS, Inc.		4.75			5/15/2025		2,045,000		2,293,414		2,288,706
Total Media							6,265,000		6,807,686		6,709,947
Mining — 0.5%*:
Glencore Finance Canada Ltd.(a),(d)		4.25			10/25/2022		484,000		489,826		502,668
Glencore Funding LLC(a)		1.63			4/27/2026		2,450,000		2,447,640		2,436,584
Glencore Funding LLC(a),(d)		3.00			10/27/2022		730,000		729,510		747,155

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Mining (continued):
Glencore Funding LLC(a),(d)		4.13	%		5/30/2023		1,880,000	$	1,900,478	$	1,986,784
Total Mining							5,544,000		5,567,454		5,673,191
Multi-National — 0.9%*:
Africa Finance Corp.(d)		3.13			6/16/2025		3,898,000		4,001,196		4,063,836
Eastern & Southern African Trade & Development Bank(d)		4.88			5/23/2024		6,000,000		6,315,419		6,323,400
Total Multi-National							9,898,000		10,316,615		10,387,236
Oil and Gas — 2.7%*:
Cenovus Energy, Inc.(d)		5.38			7/15/2025		1,396,000		1,575,758		1,589,613
Delek & Avner Tamar Bond Ltd.(a),(d)		5.41			12/30/2025		3,000,000		3,048,342		3,013,500
Diamondback Energy, Inc.		0.90			3/24/2023		3,195,000		3,194,763		3,193,839
EQT Corp.		3.00			10/1/2022		3,185,000		3,160,096		3,241,056
EQT Corp.		6.63			2/1/2025		2,650,000		2,820,384		3,033,058
Occidental Petroleum Corp.		5.50			12/1/2025		6,645,000		6,757,416		7,359,337
Ovintiv Exploration, Inc.		5.63			7/1/2024		3,125,000		3,344,219		3,464,668
Petroleos Mexicanos(d)		4.63			9/21/2023		7,725,000		7,915,920		7,979,925
Total Oil and Gas							30,921,000		31,816,898		32,874,996
Packaging and Containers — 0.4%*:
Berry Global, Inc.(a)		1.65			1/15/2027		3,595,000		3,591,725		3,549,739
Sealed Air Corp.(a)		5.50			9/15/2025		679,000		741,210		755,387
Total Packaging and Containers							4,274,000		4,332,935		4,305,126
Pharmaceuticals — 0.2%*:
AbbVie, Inc.		3.80			3/15/2025		1,925,000		2,036,674		2,090,335
Pipelines — 1.6%*:
Energy Transfer Partners LP		4.20			9/15/2023		4,315,000		4,391,940		4,582,751
EnLink Midstream Partners LP		4.40			4/1/2024		6,035,000		6,154,861		6,272,900
EQM Midstream Partners LP		4.75			7/15/2023		2,250,000		2,274,480		2,349,675
Plains All American Pipeline LP / PAA Finance Corp.		4.65			10/15/2025		4,115,000		4,431,065		4,559,657
Plains All American Pipeline LP/PAA Finance Corp.		4.50			12/15/2026		725,000		790,628		810,380
Total Pipelines							17,440,000		18,042,974		18,575,363
Private Equity — 0.4%*:
Hercules Capital, Inc.		2.63			9/16/2026		3,335,000		3,326,529		3,332,413
Hercules Capital, Inc.		4.63			10/23/2022		1,625,000		1,622,923		1,655,049
Total Private Equity							4,960,000		4,949,452		4,987,462
Real Estate — 1.4%*:
Country Garden Holdings Co. Ltd.(d)		8.00			1/27/2024		5,503,000		5,721,921		5,677,720
MAF Sukuk Ltd.(d)		4.50			11/3/2025		3,150,000		3,443,724		3,469,528
Shimao Property Holdings Ltd.(d)		6.13			2/21/2024		8,100,000		8,354,045		8,091,394
Total Real Estate							16,753,000		17,519,690		17,238,642
Real Estate Investment Trusts — 2.2%*:
Host Hotels & Resorts LP		3.75			10/15/2023		5,310,000		5,460,343		5,558,182
SBA Tower Trust(a)		2.84			1/15/2025		5,300,000		5,300,000		5,504,327
Service Properties Trust		4.35			10/1/2024		6,315,000		6,362,785		6,393,937
Simon Property Group LP		1.38			1/15/2027		3,540,000		3,535,531		3,502,941
Trust Fibra Uno(a),(d)		5.25			1/30/2026		2,772,000		2,971,318		3,068,604
Vornado Realty LP		2.15			6/1/2026		1,685,000		1,682,847		1,710,688
Total REITS							24,922,000		25,312,824		25,738,679

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST			FAIR VALUE
Corporate Bonds (continued):
Retail — 0.5%*:
Nordstrom, Inc.		2.30	%		4/8/2024		1,487,000	$	1,488,105		$	1,487,088
QVC, Inc.		4.38			3/15/2023		4,060,000		4,059,280			4,234,580
Total Retail							5,547,000		5,547,385			5,721,668
Semiconductors — 0.2%*:
Marvell Technology, Inc.(a)		1.65			4/15/2026		2,785,000		2,784,075			2,788,080
Storage/Warehousing — 0.3%*:
GLP China Holdings Ltd.(d)		4.97			2/26/2024		2,977,000		3,100,907			3,170,133
Telecommunications — 1.6%*:
AT&T, Inc.		1.70			3/25/2026		—		(6	)		—
NBN Co. Ltd.(a),(d)		1.45			5/5/2026		2,745,000		2,739,409			2,732,833
PT Tower Bersama Infrastructure Tbk(d)		4.25			1/21/2025		7,355,000		7,692,118			7,721,831
Qwest Corp.		6.75			12/1/2021		2,480,000		2,494,588			2,502,072
Sprint Communications, Inc.		9.25			4/15/2022		1,005,000		1,033,637			1,045,200
Telecom Italia SpA(a),(d)		5.30			5/30/2024		2,690,000		2,911,873			2,897,668
Telefonaktiebolaget LM Ericsson(d)		4.13			5/15/2022		2,650,000		2,652,818			2,704,166
Total Telecommunications							18,925,000		19,524,437			19,603,770
Toys/Games/Hobbies — 0.6%*:
Mattel, Inc.(a)		3.38			4/1/2026		6,660,000		6,880,761			6,867,126
Trucking and Leasing — 0.3%*:
PT Penske Truck Leasing Co. LP / L Finance Corp.(a)		1.70			6/15/2026		3,835,000		3,845,669			3,854,329
Total Corporate Bonds							564,725,553		588,022,663			592,956,278
Mortgage-Backed Securities — 18.1%*:
Angel Oak Mortgage Trust 2021-1(a)		2.22	(f)		1/25/2066		1,620,000		1,620,000			1,627,665
Angel Oak Mortgage Trust 2021-3(a)		2.48	(f)		5/25/2066		6,583,000		6,582,865			6,645,348
Angel Oak Mortgage Trust LLC 2020-5(a)		1.58	(f)		5/25/2065		957,175		957,175			959,900
Angel Oak Mortgage Trust LLC 2020-5(a)		2.04	(f)		5/25/2065		872,873		872,858			876,157
BAMLL Commercial Mortgage Securities Trust 2018-DSNY, 1M USD LIBOR + 1.350%(a)		1.43	(b)		9/15/2034		270,000		270,000			268,979
BAMLL Commercial Mortgage Securities Trust 2019-BPR(a)		4.02	(f)		11/5/2032		3,420,000		3,439,047			3,417,184
BHMS 2018-ATLS, 1M USD LIBOR + 1.500%(a)		1.58	(b)		7/15/2035		1,800,000		1,800,000			1,799,971
BSREP Commercial Mortgage Trust 2021-DC, 1M USD LIBOR + 1.550%(a)		1.63	(b)		8/15/2038		5,565,000		5,565,000			5,570,229
BX Commercial Mortgage Trust 2019-XL, 1M USD LIBOR + 1.800%(a)		1.88	(b)		10/15/2036		1,063,054		1,063,054			1,064,050
BX Commercial Mortgage Trust 2019-XL, 1M USD LIBOR + 2.000%(a)		2.08	(b)		10/15/2036		3,423,335		3,431,205			3,427,616
BX Commercial Mortgage Trust 2020-BXLP, 1M USD LIBOR + 1.250%(a)		1.33	(b)		12/15/2036		1,225,722		1,213,711			1,225,337
BX Commercial Mortgage Trust 2020-BXLP, 1M USD LIBOR + 1.600%(a)		1.68	(b)		12/15/2036		4,992,283		4,991,930			4,995,426
BX Commercial Mortgage Trust 2021-VOLT, 1M USD LIBOR + 2.000%(a)		2.10	(b)		9/15/2036		5,492,000		5,492,000			5,498,878

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Mortgage-Backed Securities (continued):
BX Trust, 1M USD LIBOR + 1.800%(a)		1.88	(b)%		6/15/2038		4,976,000	$	4,988,938	$	4,986,974
CAMB Commercial Mortgage Trust 2019-LIFE, 1M USD LIBOR + 2.150%(a)		2.23	(b)		12/15/2037		1,499,283		1,499,283		1,500,686
Citigroup Mortgage Loan Trust 2019-IMC1(a)		3.03	(f)		7/25/2049		637,033		636,735		638,769
Citigroup Mortgage Loan Trust 2019-IMC1(a)		3.17	(f)		7/25/2049		3,101,000		3,100,438		3,137,077
COMM 2020-SBX Mortgage Trust(a)		2.40	(f)		1/10/2038		6,200,000		6,348,433		6,215,422
Credit Suisse Mortgage Capital Certificates 2019-ICE4, 1M USD LIBOR + 1.600%(a)		1.68	(b)		5/15/2036		960,000		960,000		962,719
Credit Suisse Mortgage Capital Certificates 2019-ICE4, 1M USD LIBOR + 2.150%(a)		2.23	(b)		5/15/2036		4,000,000		3,977,497		4,006,401
Credit Suisse Mortgage Capital Certificates 2021-NQM4-M1(a)		2.47	(f)		5/25/2066		6,023,350		6,023,350		6,036,052
CSMC 2021-NQM2(a)		1.54	(f)		2/25/2066		4,945,811		4,945,744		4,964,178
Deephaven Residential Mortgage Trust 2021-1(a)		1.13	(f)		5/25/2065		1,857,282		1,857,250		1,854,117
Extended Stay America Trust, 1M USD LIBOR + 1.380%(a)		1.46	(b)		7/15/2038		7,162,737		7,162,736		7,194,058
Extended Stay America Trust, 1M USD LIBOR + 1.700%(a)		1.78	(b)		7/15/2038		6,466,359		6,466,359		6,510,592
Extended Stay America Trust, 1M USD LIBOR + 2.250%(a)		2.33	(b)		7/15/2038		4,974,123		4,974,123		5,017,626
Federal Home Loan Mortgage Corp., SOFR + 0.900%(a)		0.95	(b)		12/25/2050		1,576,967		1,576,967		1,578,445
Federal Home Loan Mortgage Corp. STACR REMIC Trust 2021-DNA1, SOFR + 1.800%(a)		1.85	(b)		1/25/2051		2,566,000		2,566,000		2,571,588
Flagstar Mortgage Trust 2021-6INV(a)		2.50	(f)		8/25/2051		4,900,583		4,975,327		4,933,892
Freddie Mac STACR Trust 2018-DNA2, 1M USD LIBOR + 0.950%(a)		1.04	(b)		12/25/2030		4,605,000		4,605,000		4,597,391
FWD Securitization Trust 2020-INV1(a)		2.85	(f)		1/25/2050		1,804,000		1,803,914		1,807,446
JP Morgan Chase Commercial Mortgage Securities Trust 2013-LC11		3.96	(f)		4/15/2046		1,015,000		1,003,178		1,000,667
KIND Trust 2021-KIND, 1M USD LIBOR + 1.350%(a)		1.43	(b)		8/15/2038		3,200,000		3,200,000		3,201,006
KIND Trust 2021-KIND, 1M USD LIBOR + 1.750%(a)		1.83	(b)		8/15/2038		3,300,000		3,300,000		3,301,027
KKR Industrial Portfolio Trust 2021-KDIP, 1M USD LIBOR + 1.550%(a)		1.63	(b)		12/15/2037		6,917,000		6,917,000		6,903,829
KNDL 2019-KNSQ Mortgage Trust, 1M USD LIBOR + 1.800%(a)		1.88	(b)		5/15/2036		865,000		865,000		865,001
Life 2021-BMR Mortgage Trust, 1M USD LIBOR + 1.750%(a)		1.83	(b)		3/15/2038		1,918,000		1,918,000		1,921,644
MFA 2021-NQM2 Trust(a)		1.47	(f)		11/25/2064		4,447,354		4,447,354		4,448,671
MHC Commercial Mortgage Trust 2021-MHC, 1M USD LIBOR + 2.101%(a)		2.18	(b)		4/15/2038		4,200,000		4,190,477		4,213,028
MHP 2021-STOR, 1M USD LIBOR + 1.050%(a)		1.13	(b)		7/15/2038		3,353,000		3,353,000		3,359,075
MHP 2021-STOR, 1M USD LIBOR + 1.350%(a)		1.43	(b)		7/15/2038		2,225,000		2,225,000		2,229,703
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7		3.77	(f)		2/15/2046		1,340,000		1,370,065		1,354,682

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Mortgage-Backed Securities (continued):
Morgan Stanley Capital I Trust 2012-STAR(a)		4.06	(f)%		8/5/2034		1,300,000	$	1,300,026	$	1,291,076
New Residential Mortgage Loan Trust 2020-NQM1(a)		3.21	(f)		1/26/2060		2,252,000		2,252,000		2,299,296
NewRez Warehouse Securitization Trust 2021-1, 1M USD LIBOR + 1.050%(a)		1.14	(b)		5/25/2055		4,782,000		4,782,000		4,783,260
NLT 2021-INV2 Trust(a)		1.52	(f)		8/25/2056		5,589,633		5,589,633		5,589,477
OBX 2020-INV1 Trust(a)		3.50	(f)		12/25/2049		1,126,892		1,146,809		1,149,039
OBX 2021-NQM1 Trust(a)		2.22	(f)		2/25/2066		1,798,000		1,797,951		1,801,695
OBX 2021-NQM3 Trust(a)		1.36	(f)		7/25/2061		7,180,244		7,180,141		7,171,827
One New York Plaza Trust 2020-1NYP, 1M USD LIBOR + 2.200%(a)		2.28	(b)		1/15/2026		2,787,000		2,787,000		2,800,928
One New York Plaza Trust 2020-1NYP, 1M USD LIBOR + 2.750%(a)		2.83	(b)		1/15/2026		1,874,000		1,874,000		1,885,707
Shellpoint Co-Originator Trust 2016-1 2A3(a)		3.00	(f)		10/25/2031		288,276		290,550		291,337
STACR Trust 2018-DNA3, 1M USD LIBOR + 2.100%(a)		2.19	(b)		9/25/2048		3,100,000		3,124,836		3,126,247
STAR 2021-1 Trust(a)		1.53	(f)		5/25/2065		6,088,645		6,088,645		6,081,446
Starvest Emerging Markets CBO I(a)		1.52	(f)		6/25/2056		4,951,676		4,951,676		4,944,764
Starvest Emerging Markets CBO I(a)		2.49	(f)		6/25/2056		5,582,000		5,581,914		5,633,351
Starwood Mortgage Residential Trust 2019-INV1(a)		2.92	(f)		9/27/2049		2,073,266		2,073,266		2,094,602
Starwood Mortgage Residential Trust 2020-1(a)		2.88	(f)		2/25/2050		4,700,000		4,699,875		4,750,596
Starwood Mortgage Residential Trust 2020-INV(a)		2.50	(f)		11/25/2055		2,500,000		2,499,914		2,526,197
STWD Trust 2021-FLWR, 1M USD LIBOR + 0.926%(a)		1.01	(b)		7/15/2036		8,000,000		7,970,495		7,990,386
Toorak Mortgage Corp. 2018-1 Ltd.(a)		2.59	(f)		7/25/2056		1,222,000		1,221,962		1,235,990
Verus Securitization Trust 2019-INV2(a)		3.22	(f)		7/25/2059		1,952,583		1,952,560		1,972,497
Verus Securitization Trust 2019-INV3(a)		3.28	(f)		11/25/2059		1,462,000		1,461,966		1,483,730
Verus Securitization Trust 2020-4(a)		3.29	(f)		5/25/2065		2,348,000		2,347,926		2,402,872
Verus Securitization Trust 2021-1(a)		1.97	(f)		1/25/2066		2,247,000		2,246,915		2,256,816
Verus Securitization Trust 2021-5(a)		1.37	(f)		9/25/2066		2,019,000		2,019,000		2,017,114
Total Mortgage-Backed Securities							215,544,539		215,797,073		216,268,756
U.S. Treasury & Government Agencies — 0.4%*:
U.S. Treasury Bonds(g)		8.00			11/15/2021		5,000,000		5,037,271		5,048,544
Total Fixed Income							1,132,924,709		1,157,813,128		1,165,048,771

	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		53,333			151,588
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		(273,008	)		870,480
OTC – BCM Swaption	JPMorgan Chase Bank N.A.		3.11		1/31/2033		7,500,000		7,500,000	$	358,500	$	(99,393	)	$	259,107
Total Put Options							30,290,000		30,290,000		1,501,988		(372,401	)		1,129,587

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE		DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Short-Term Investments — 2.4%*:
Commercial Paper — 2.4%*:
Automobile — 0.2%*:
VW Credit Inc.(d)		0.36		2/11/2022		3,000,000		2,996,121		2,996,121
Commercial Services — 0.5%*:
Waste Management, Inc.		0.36		4/5/2022		3,000,000		2,994,575		2,994,575
Waste Management, Inc.		0.36		4/21/2022		3,000,000		2,994,108		2,994,108
Total Commercial Services						6,000,000		5,988,683		5,988,683
Healthcare-Services — 0.6%*:
Cigna Corp.		0.26		12/20/2021		7,000,000		6,995,956		6,995,956
Oil and Gas — 0.9%*:
Suncor Energy, Inc.(d)		0.20		11/29/2021		6,000,000		5,998,033		5,998,033
Suncor Energy, Inc.(d)		0.22		12/8/2021		5,000,000		4,997,922		4,997,922
Total Oil and Gas						11,000,000		10,995,955		10,995,955
Retail — 0.2%*:
Walgreen Co.		0.18		11/3/2021		2,000,000		1,999,670		1,999,670
Total Commercial Paper						29,000,000		28,976,385		28,976,385
Total Short-Term Investments						29,000,000		28,976,385		28,976,385
Total Investments						1,194,172,959		1,188,389,756		1,195,306,331
Other assets and liabilities – (0.1%)*										(813,035	)
Net Assets – 100.0%									$	1,194,493,296

BCM Bloomberg proprietary Credit Model

MTN Medium Term Note

OTC Over the Counter

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

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

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

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

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

(d) Foreign security.

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

United States	76.7	%
China	3.0	%
United Kingdom	2.9	%
Canada	1.8	%
Switzerland	1.5	%
Ireland	1.2	%
Mexico	1.1	%
France	1.1	%
Netherlands	1.0	%
Other (Individually less than 1%)	9.7	%
Total	100.0	%

See accompanying Notes to the Schedule of Investments.

Barings Active Short Duration Bond Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

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

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

Futures

TYPE	EXPIRATION DATE		CONTRACTS		NOTIONAL AMOUNT			POSITION	FAIR VALUE			UNREALIZED APPRECIATION (DEPRECIATION)
Short Futures
90 Day Euro Futures		12/21/21		111		(16,490,996	)	Short	$	(16,122,750	)	$	368,246
90 Day Euro Futures		12/31/21		950		(209,188,226	)	Short		(209,051,954	)		136,273
90 Day Euro Futures		12/31/21		3,367		(415,839,775	)	Short		(413,272,947	)		2,566,828
90 Day Euro Futures		03/14/22		8		(1,950,670	)	Short		(1,997,100	)		(46,430	)
90 Day Euro Futures		09/19/22		7		(1,706,137	)	Short		(1,744,487	)		(38,351	)
90 Day Euro Futures		03/13/23		6		(1,461,503	)	Short		(1,490,550	)		(29,047	)
90 Day Euro Futures		12/18/23		8		(1,946,870	)	Short		(1,977,100	)		(30,230	)
90 Day Euro Futures		12/16/24		22		(5,347,293	)	Short		(5,411,725	)		(64,432	)
Total Short Futures												$	2,862,857

See accompanying Notes to the Schedule of Investments.

Barings Emerging Markets Debt Blended Total Return Fund

SCHEDULE OF INVESTMENTS (UNAUDITED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Fixed Income — 90.9%*:
Corporate Bonds — 46.3%*:
Agriculture — 1.2%*:
Amaggi Luxembourg International Sarl(a),(b)		5.25	%		1/28/2028		1,500,000	$	1,500,000	$	1,537,500
MHP Lux SA(a),(b)		6.25			9/19/2029		270,000		274,109		273,497
Total Agriculture							1,770,000		1,774,109		1,810,997
Auto Manufacturers — 0.7%*:
Uzauto Motors AJ(a),(b)		4.85			5/4/2026		991,000		991,000		979,108
Auto Parts&Equipment — 0.8%*:
Iochpe-Maxion Austria GmbH / Maxion Wheels de Mexico S de RL de CV(a),(b)		5.00			5/7/2028		494,000		487,185		489,801
Tupy Overseas SA(a),(b)		4.50			2/16/2031		643,000		643,000		624,224
Total Auto Parts&Equipment							1,137,000		1,130,185		1,114,025
Building Materials — 0.1%*:
Cemex SAB de CV, 5 year CMT + 4.534%(a),(b)		5.13	(c),(d)				227,000		227,000		229,838
Chemicals — 1.8%*:
Braskem Idesa SAPI(a),(b)		7.45			11/15/2029		300,000		299,114		318,153
Grupo Idesa SA de CV(a),(b)		4.44			5/22/2026		1,078,470		1,048,535		595,855
UPL Corp. Ltd., 5 year CMT + 3.865%(a)		5.25	(c),(d)				1,750,000		1,790,380		1,784,475
Total Chemicals							3,128,470		3,138,029		2,698,483
Commercial Banks — 9.4%*:
Absa Group Ltd., 5 year CMT + 5.411%(a)		6.38	(c),(d)				925,000		925,000		960,844
Access Bank plc(a),(b)		6.13			9/21/2026		508,000		508,000		510,896
Ipoteka-Bank ATIB(a)		5.50			11/19/2025		544,000		544,000		566,032
Itau Unibanco Holding SA, 5 year CMT + 3.222%(a),(b)		4.63	(c),(d)				500,000		478,766		477,906
Kasikornbank PCL, 5 year CMT + 4.940%(a)		5.28	(c),(d)				500,000		500,000		523,219
National Bank of Greece SA, 5 year EUR Swap + 8.464%(a)		8.25	(c)		7/18/2029		750,000		844,200		983,853
Nova Ljubljanska Banka dd, 5 year EUR Swap + 3.833%(a)		3.65	(c)		11/19/2029		400,000		440,400		454,305
Oman Arab Bank SAOG, 5 year CMT + 6.807%(a)		7.63	(c),(d)				443,000		443,000		463,050
Piraeus Financial Holdings SA, 5 year EUR Swap + 5.774%(a)		5.50	(c)		2/19/2030		1,000,000		1,108,294		1,132,491
Piraeus Financial Holdings SA, 5 year EUR Swap + 9.195%(a)		8.75	(c),(d)				1,000,000		1,217,701		1,175,435
Piraeus Financial Holdings SA, 5 year EUR Swap + 9.952%(a)		9.75	(c)		6/26/2029		500,000		614,716		633,007
Sovcombank Via SovCom Capital DAC, 5 year CMT + 6.380%(a),(b)		7.75	(c),(d)				1,450,000		1,487,961		1,496,944
Sovcombank Via SovCom Capital DAC, 5 year CMT + 6.427%(a),(b)		8.00	(c)		4/7/2030		1,165,000		1,168,531		1,255,287
TBC Bank JSC, 5 year USD ICE Swap + 8.995%(a),(b)		10.78	(c),(d)				645,000		645,000		708,008
Tinkoff Bank JSC Via TCS Finance Ltd., 5 year CMT + 5.150%(a),(b)		6.00	(c),(d)				1,835,000		1,835,000		1,833,899

See accompanying Notes to the Schedule of Investments.

Barings Emerging Markets Debt Blended Total Return Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Commercial Banks (continued):
TMB Bank PCL, 5 year CMT + 3.256%(a)		4.90	(c),(d)%				500,000	$	475,955	$	505,406
Total Commercial Banks							12,665,000		13,236,524		13,680,582
Commercial Services — 1.1%*:
Atento Luxco 1 SA(a),(b)		8.00			2/10/2026		633,000		633,000		692,660
India Toll Roads(a),(b)		5.50			8/19/2024		999,000		999,000		963,012
Total Commercial Services							1,632,000		1,632,000		1,655,672
Cosmetics/Personal Care — 0.4%*:
Oriflame Investment Holding plc(a),(b)		5.13			5/4/2026		521,000		521,000		533,400
Diversified Financial Services — 1.0%*:
Credito Real SAB de CV SOFOM ER(a),(b)		9.50			2/7/2026		500,000		485,541		453,775
IIFL Finance Ltd.(a)		5.88			4/20/2023		1,055,000		1,014,506		1,024,636
Total Diversified Financial Services							1,555,000		1,500,047		1,478,411
Electric — 3.6%*:
Alfa Desarrollo SpA(a),(b)		4.55			9/27/2051		1,913,000		1,913,000		1,862,784
Electricidad Firme de Mexico Holdings SA de CV(a),(b)		4.90			11/20/2026		863,000		863,000		859,462
FEL Energy VI Sarl(a),(b)		5.75			12/1/2040		696,232		696,232		728,439
India Cleantech Energy(a),(b)		4.70			8/10/2026		1,083,000		1,083,000		1,095,725
Infraestructura Energetica Nova SAB de CV(a),(b)		4.75			1/15/2051		312,000		303,107		321,516
Infraestructura Energetica Nova SAB de CV(a),(b)		4.88			1/14/2048		328,000		272,586		337,840
Total Electric							5,195,232		5,130,925		5,205,766
Energy-Alternate Sources — 0.7%*:
Aydem Yenilenebilir Enerji AS(a),(b)		7.75			2/2/2027		500,000		496,053		487,500
Investment Energy Resources Ltd.(a),(b)		6.25			4/26/2029		492,000		492,000		533,205
Total Energy-Alternate Sources							992,000		988,053		1,020,705
Engineering&Construction — 1.5%*:
Rutas 2 and 7 Finance Ltd.(a),(b)		Zero Coupon			9/30/2036		850,000		578,428		631,125
State Agency of Roads of Ukraine(a),(b)		6.25			6/24/2028		1,528,000		1,528,000		1,508,900
Total Engineering&Construction							2,378,000		2,106,428		2,140,025
Food — 1.3%*:
Aragvi Finance International DAC(a),(b)		8.45			4/29/2026		1,370,000		1,422,060		1,423,944
Ulker Biskuvi Sanayi AS(a),(b)		6.95			10/30/2025		494,000		494,000		523,576
Total Food							1,864,000		1,916,060		1,947,520
Housewares — 0.7%*:
Turkiye Sise ve Cam Fabrikalari AS(a),(b)		6.95			3/14/2026		1,000,000		1,051,071		1,095,500
Insurance — 0.6%*:
Sagicor Financial Co. Ltd.(a),(b)		5.30			5/13/2028		884,000		884,000		925,990
Internet — 0.8%*:
B2W Digital Lux Sarl(a),(b)		4.38			12/20/2030		706,000		705,973		685,703
Meituan(a),(b)		3.05			10/28/2030		529,000		528,333		489,957
Total Internet							1,235,000		1,234,306		1,175,660

See accompanying Notes to the Schedule of Investments.

Barings Emerging Markets Debt Blended Total Return Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Iron/Steel — 0.9%*:
JSW Steel Ltd.(a),(b)		5.05	%		4/5/2032		375,000	$	374,993	$	373,114
Metinvest BV(a),(b)		5.63			6/17/2025		750,000		816,995		908,612
Total Iron/Steel							1,125,000		1,191,988		1,281,726
Media — 0.7%*:
LCPR Senior Secured Financing DAC(b)		5.13			7/15/2029		978,000		978,000		1,009,785
Mining — 2.0%*:
Vedanta Resources Finance II plc(a),(b)		8.95			3/11/2025		1,370,000		1,370,000		1,368,287
Vedanta Resources Finance II plc(a),(b)		9.25			4/23/2026		550,000		548,368		521,813
Vedanta Resources Finance II plc(a),(b)		13.88			1/21/2024		900,000		936,104		973,125
Total Mining							2,820,000		2,854,472		2,863,225
Multi-National — 0.5%*:
European Bank for Reconstruction & Development, GGRRC9MX - 0.500%(a),(e)		8.95	(c)		10/29/2022		1,200,000		404,027		381,559
International Bank for Reconstruction & Development(a),(e)		7.25			11/22/2021		960,000		325,423		305,244
Total Multi-National							2,160,000		729,450		686,803
Oil and Gas — 4.4%*:
Petrobras Global Finance BV(a)		6.75			6/3/2050		300,000		294,411		324,975
Petrobras Global Finance BV(a)		6.90			3/19/2049		900,000		967,136		1,007,100
Petroleos Mexicanos(a)		5.95			1/28/2031		1,700,000		1,632,843		1,647,980
Petroleos Mexicanos(a)		6.95			1/28/2060		1,304,000		1,203,490		1,129,786
Tullow Oil plc(a),(b)		7.00			3/1/2025		1,840,000		1,348,478		1,596,200
Tullow Oil plc(a),(b)		10.25			5/15/2026		655,000		655,000		681,200
Total Oil and Gas							6,699,000		6,101,358		6,387,241
Oil and Gas Services — 1.3%*:
Borets Finance DAC(a),(b)		6.00			9/17/2026		531,000		531,000		552,774
Guara Norte Sarl(a),(b)		5.20			6/15/2034		1,280,906		1,280,844		1,287,311
Total Oil and Gas Services							1,811,906		1,811,844		1,840,085
Real Estate — 6.3%*:
China Aoyuan Group Ltd.(a)		7.95			2/19/2023		700,000		671,055		630,000
China Aoyuan Group Ltd.(a)		7.95			6/21/2024		1,000,000		957,151		860,000
CIFI Holdings Group Co. Ltd.(a)		4.45			8/17/2026		330,000		315,591		311,025
Kaisa Group Holdings Ltd., 5 year CMT + 15.718%(a)		10.88	(c),(d)				1,000,000		983,750		780,000
Kaisa Group Holdings Ltd.(a)		11.25			4/9/2022		750,000		753,419		671,437
Kaisa Group Holdings Ltd.(a)		11.25			4/16/2025		1,000,000		922,880		771,412
Kaisa Group Holdings Ltd.(a)		11.95			10/22/2022		1,250,000		1,224,003		1,061,000
Logan Group Co. Ltd.(a)		5.25			10/19/2025		200,000		193,765		194,024
New Metro Global Ltd.(a)		4.50			5/2/2026		200,000		187,526		182,759
New Metro Global Ltd.(a)		4.80			12/15/2024		200,000		192,025		188,500
Powerlong Real Estate Holdings Ltd.(a)		4.90			5/13/2026		330,000		310,241		308,351
Powerlong Real Estate Holdings Ltd.(a)		5.95			4/30/2025		200,000		193,019		191,525
Powerlong Real Estate Holdings Ltd.(a)		6.25			8/10/2024		200,000		193,273		192,500
Sunac China Holdings Ltd.(a)		6.80			10/20/2024		200,000		183,801		160,000
Sunac China Holdings Ltd.(a)		7.50			2/1/2024		263,000		246,959		213,687
Sunac China Holdings Ltd.(a)		7.95			8/8/2022		200,000		194,074		183,038
Times China Holdings Ltd.(a)		6.75			7/16/2023		200,000		197,017		193,537
Times China Holdings Ltd.(a)		6.75			7/8/2025		400,000		374,065		366,000
Yuzhou Group Holdings Co. Ltd.(a)		6.35			1/13/2027		802,000		802,000		513,280
Yuzhou Group Holdings Co. Ltd.(a)		7.70			2/20/2025		250,000		192,680		178,750
Yuzhou Group Holdings Co. Ltd.(a)		8.38			10/30/2024		250,000		200,130		191,875

See accompanying Notes to the Schedule of Investments.

Barings Emerging Markets Debt Blended Total Return Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Real Estate (continued):
Yuzhou Group Holdings Co. Ltd.(a)		8.50	%		2/4/2023		1,050,000	$	990,995	$	893,025
Total Real Estate							10,975,000		10,479,419		9,235,725
Retail — 1.5%*:
Eurotorg LLC Via Bonitron DAC(a),(b)		9.00			10/22/2025		723,000		723,000		760,596
Future Retail Ltd.(a)		5.60			1/22/2025		794,000		718,333		465,482
InRetail Consumer(a),(b)		3.25			3/22/2028		937,000		937,000		935,126
Total Retail							2,454,000		2,378,333		2,161,204
Sovereign — 0.3%*:
Ukreximbank Via Biz Finance plc, 5 year USD ICE Swap + 8.178%(a)		9.95	(c)		11/14/2029		500,000		500,000		508,739
Telecommunications — 1.2%*:
Oi Movel SA(a)		8.75			7/30/2026		1,256,000		1,256,000		1,281,120
Sixsigma Networks Mexico SA de CV(a),(b)		7.50			5/2/2025		500,000		463,000		486,031
Total Telecommunications							1,756,000		1,719,000		1,767,151
Transportation — 1.5%*:
MV24 Capital BV(a),(b)		6.75			6/1/2034		567,732		567,732		601,193
Prumo Participacoes e Investimentos SA(a),(b)		7.50			12/31/2031		267,388		274,140		296,850
Rumo Luxembourg Sarl(a),(b)		4.20			1/18/2032		650,000		647,347		635,310
Ukraine Railways Via Rail Capital Markets plc(a)		7.88			7/15/2026		600,000		600,000		605,175
Total Transportation							2,085,120		2,089,219		2,138,528
Total Corporate Bonds							70,538,728		68,293,820		67,571,894
Foreign Government — 44.6%*:
Albania — 0.6%*:
Albania Government International Bond(a),(b)		3.50			6/16/2027		740,000		833,630		922,753
Armenia — 0.5%*:
Republic of Armenia International Bond(a),(b)		3.60			2/2/2031		740,000		724,185		698,283
Belarus — 1.9%*:
Republic of Belarus International Bond(a),(b)		7.63			6/29/2027		1,000,000		1,024,928		983,500
Republic of Belarus Ministry of Finance(a),(b)		6.38			2/24/2031		2,030,000		2,039,018		1,781,325
Total Belarus							3,030,000		3,063,946		2,764,825
Brazil — 0.6%*:
Brazilian Government International Bond(a)		4.75			1/14/2050		200,000		207,875		176,663
Brazilian Government International Bond(a)		5.63			2/21/2047		700,000		796,579		698,600
Total Brazil							900,000		1,004,454		875,263
Colombia — 4.9%*:
Colombian TES(a)		7.25			10/26/2050		16,500,000,000		4,480,319		3,838,369
Colombian TES(a)		7.50			8/26/2026		11,978,000,000		3,697,495		3,253,324
Total Colombia							28,478,000,000		8,177,814		7,091,693

See accompanying Notes to the Schedule of Investments.

Barings Emerging Markets Debt Blended Total Return Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Foreign Government (continued):
Costa Rica — 0.3%*:
Costa Rica Government International Bond(a),(b)		6.13	%		2/19/2031		500,000	$	510,533	$	513,375
Czech Republic — 0.9%*:
Czech Republic Government Bond(a)		1.50			4/24/2040		33,310,000		1,444,072		1,357,286
Egypt — 1.1%*:
Egypt Government International Bond(a),(b)		5.88			2/16/2031		1,345,000		1,325,378		1,227,313
Egypt Government International Bond(a),(b)		6.38			4/11/2031		350,000		392,822		396,300
Total Egypt							1,695,000		1,718,200		1,623,613
Guatemala — 0.7%*:
Republic of Guatemala(a)		4.65			10/7/2041		1,060,000		1,033,055		1,033,055
Honduras — 0.6%*:
Honduras Government International Bond(a),(b)		5.63			6/24/2030		800,000		843,814		831,900
Israel — 2.5%*:
Israel Government Bond(a)		3.75			3/31/2047		2,770,000		1,141,898		1,082,368
Israel Government Bond(a)		5.50			1/31/2042		5,400,000		2,738,901		2,616,936
Total Israel							8,170,000		3,880,799		3,699,304
Ivory Coast — 1.4%*:
Ivory Coast Government International Bond(a),(b)		5.75			12/31/2032		1,016,098		1,040,185		1,010,573
Ivory Coast Government International Bond(a),(b)		5.88			10/17/2031		550,000		600,277		663,691
Ivory Coast Government International Bond(a),(b)		6.63			3/22/2048		300,000		384,899		349,633
Total Ivory Coast							1,866,098		2,025,361		2,023,897
Jordan — 0.9%*:
Jordan Government International Bond(a),(b)		5.85			7/7/2030		1,230,000		1,235,731		1,273,050
Kenya — 0.8%*:
Kenya Government International Bond(a),(b)		8.00			5/22/2032		500,000		570,640		550,719
Kenya Government International Bond(a),(b)		8.25			2/28/2048		600,000		654,767		646,800
Total Kenya							1,100,000		1,225,407		1,197,519
Macedonia — 0.5%*:
North Macedonia Government International Bond(a),(b)		3.68			6/3/2026		550,000		598,083		696,024
Malaysia — 3.7%*:
Malaysia Government Bond(a)		3.96			9/15/2025		6,002,000		1,521,581		1,499,470
Malaysia Government Bond(a)		4.07			6/15/2050		9,900,000		2,312,860		2,273,701
Malaysia Government Bond(a)		4.94			9/30/2043		6,200,000		1,764,558		1,608,960
Total Malaysia							22,102,000		5,598,999		5,382,131
Mexico — 4.1%*:
Mexican Bonos(a)		5.75			3/5/2026		56,800,000		2,936,318		2,628,770
Mexican Bonos(a)		7.75			11/13/2042		19,200,000		875,902		921,444
Mexican Bonos(a)		8.00			11/7/2047		22,000,000		1,044,619		1,074,807
Mexican Bonos(a)		8.50			5/31/2029		25,300,000		1,388,005		1,312,633
Total Mexico							123,300,000		6,244,844		5,937,654

See accompanying Notes to the Schedule of Investments.

Barings Emerging Markets Debt Blended Total Return Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Foreign Government (continued):
Morocco — 0.6%*:
Morocco Government International Bond(a),(b)		2.00	%		9/30/2030		530,000	$	612,945	$	598,781
Morocco Government International Bond(a),(b)		5.50			12/11/2042		200,000		228,260		224,975
Total Morocco							730,000		841,205		823,756
												��
Oman — 1.0%*:
Oman Government International Bond(a),(b)		6.25			1/25/2031		550,000		550,000		587,125
Oman Government International Bond(a),(b)		7.38			10/28/2032		730,000		814,591		829,462
Total Oman							1,280,000		1,364,591		1,416,587
Romania — 1.3%*:
Romania Government Bond(a)		3.65			9/24/2031		4,350,000		1,054,686		957,107
Romanian Government International Bond(a),(b)		4.63			4/3/2049		750,000		1,108,481		1,015,931
Total Romania							5,100,000		2,163,167		1,973,038
Serbia — 1.5%*:
Serbia International Bond(a),(b)		2.05			9/23/2036		1,180,000		1,344,315		1,282,108
Serbia International Bond(a),(b)		3.13			5/15/2027		680,000		726,334		865,855
Total Serbia							1,860,000		2,070,649		2,147,963
South Africa — 5.8%*:
Republic of South Africa Government Bond(a)		8.75			1/31/2044		61,800,000		3,441,361		3,383,413
Republic of South Africa Government Bond(a)		10.50			12/21/2026		68,700,000		4,842,185		5,120,422
Total South Africa							130,500,000		8,283,546		8,503,835
Tajikistan — 0.5%*:
Republic of Tajikistan International Bond(a),(b)		7.13			9/14/2027		815,000		706,005		725,248
Thailand — 2.9%*:
Thailand Government Bond(a)		1.60			12/17/2029		36,905,000		1,210,917		1,080,481
Thailand Government Bond(a)		2.88			12/17/2028		22,913,000		798,717		738,349
Thailand Government Bond(a)		3.30			6/17/2038		73,500,000		2,673,367		2,411,478
Total Thailand							133,318,000		4,683,001		4,230,308
Turkey — 0.8%*:
Turkey Government Bond(a)		11.70			11/13/2030		15,000,000		1,383,411		1,232,992
Ukraine — 3.1%*:
Ukraine Government International Bond(a),(b)		6.88			5/21/2029		1,380,000		1,427,331		1,397,940
Ukraine Government International Bond(a),(b)		7.38			9/25/2032		1,375,000		1,434,100		1,403,617
Ukraine Government International Bonds(a),(b)		9.75			11/1/2028		1,460,000		1,536,408		1,713,493
Total Ukraine							4,215,000		4,397,839		4,515,050
Uruguay — 0.9%*:
Uruguay Government International Bond(a)		3.88			7/2/2040		50,502,999		1,277,815		1,343,431

See accompanying Notes to the Schedule of Investments.

Barings Emerging Markets Debt Blended Total Return Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Foreign Government (continued):
Uzbekistan — 0.2%*:
Republic of Uzbekistan Bond(a),(b)		3.70	%		11/25/2030		250,000	$	250,000	$	241,500
Total Foreign Government							29,022,664,097		67,584,156		65,075,333
Total Fixed Income							29,093,202,825		135,877,976		132,647,227

	COUNTERPARTY	STRIKE PRICE		EXPIRATION DATE		CONTRACTS		NOTIONAL		COST		UNREALIZED VALUE			FAIR VALUE
Purchased Options — 0.0%*:
Call Options Purchased — 0.0%*:
USD Call, BRL Put	Bank of America N.A.	$	6.32		10/1/2021		2,783,641		2,783,640		3,062		(3,059	)		3
USD Call, EUR Put	BNP Paribas S.A.		1.15		10/8/2021		10,000,000		10,000,000		26,930		(26,920	)		10
Total Call Options Purchased							12,783,641		12,783,640		29,992		(29,979	)		13
Total Investments									29,105,986,465		135,907,968					132,647,240
Written Options* – (0.1%)																(87,188	)
Other assets and liabilities – 9.2%*																13,333,730
Net Assets – 100.0%															$	145,893,782

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

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

(a) Foreign security.

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

Mexico	9.8	%
Brazil	8.2	%
China	7.3	%
South Africa	7.1	%
India	6.5	%
Ukraine	6.3	%
Colombia	5.3	%
Malaysia	4.1	%
Thailand	4.0	%
Russia	3.9	%
Greece	3.0	%
Israel	2.8	%
Belarus	2.7	%
Turkey	2.5	%
Ghana	1.7	%
Serbia	1.6	%
Ivory Coast	1.5	%
Romania	1.5	%
Oman	1.4	%
Chile	1.4	%
Uzbekistan	1.3	%
Egypt	1.2	%
Guatemala	1.2	%
Moldova	1.1	%
Czech Republic	1.0	%
Uruguay	1.0	%
Jordan	1.0	%
Other (Individually less than 1%)	9.6	%
Total	100.0	%

See accompanying Notes to the Schedule of Investments.

Barings Emerging Markets Debt Blended Total Return Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

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

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

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

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

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

	COUNTERPARTY	STRIKE PRICE		EXPIRATION DATE		CONTRACTS			NOTIONAL			COST			UNREALIZED VALUE		FAIR VALUE
Written Options — (0.1)%*:
Call Options Written — (0.1)%*:
OTC – BCM Swaption	Barclays Bank plc	$	23.14		10/1/2021		(2,783,641	)		(2,783,641	)	$	(47,378	)	$	47,375	$	(3	)
OTC – BCM Swaption	Bank of America N.A.		5.97		1/10/2022		(6,500,000	)		(6,500,000	)		(133,099	)		45,929		(87,170	)
OTC – BCM Swaption	Bank of America N.A.		6.32		10/1/2021		(2,783,641	)		(2,783,641	)		(60,127	)		60,124		(3	)
OTC – BCM Swaption	Bank of America N.A.		22.96		10/4/2021		(2,783,641	)		(2,783,641	)		(42,103	)		42,100		(3	)
OTC – BCM Swaption	JPMorgan Chase Bank N.A.		22.80		10/4/2021		(2,783,641	)		(2,783,641	)		(40,920	)		40,917		(3	)
OTC – BCM Swaption	JPMorgan Chase Bank N.A.		85.96		10/1/2021		(2,783,641	)		(2,783,641	)		(47,879	)		47,876		(3	)
OTC – BCM Swaption	JPMorgan Chase Bank N.A.		6.36		10/4/2021		(2,783,641	)		(2,783,641	)		(60,683	)		60,680		(3	)
Total Call Options Written												$	(432,189	)	$	345,001	$	(87,188	)
Total Written Options												$	(432,189	)	$	345,001	$	(87,188	)

Forward Foreign Currency Exchange Contracts to Buy

EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION (DEPRECIATION)
10/26/21	Bank of America N.A.		AUD	3,480,864	$	2,516,715	$	2,550,543	$	(33,828	)
10/13/21	JPMorgan Chase Bank N.A.		BRL	28,936,180		5,306,227		5,441,177		(134,950	)
11/9/21	JPMorgan Chase Bank N.A.		BRL	46,138,315		8,425,077		8,799,061		(373,984	)
10/13/21	Citibank N.A.		CLP	5,916,269,960		7,291,501		7,768,854		(477,353	)
11/16/21	Goldman Sachs & Co.		CZK	118,011,522		5,386,222		5,445,094		(58,872	)
10/26/21	JPMorgan Chase Bank N.A.		PHP	141,193,125		2,757,128		2,789,000		(31,872	)
10/19/21	Bank of America N.A.		PLN	28,393,349		7,138,775		7,336,593		(197,818	)
11/16/21	Bank of America N.A.		PLN	28,289,107		7,111,903		7,290,933		(179,030	)
10/19/21	JPMorgan Chase Bank N.A.		RUB	229,719,754		3,149,284		3,050,322		98,962
10/19/21	Morgan Stanley & Co.		RUB	229,113,687		3,140,976		3,113,000		27,976
11/16/21	Citibank N.A.		RUB	630,917,836		8,612,230		8,416,502		195,728
11/16/21	JPMorgan Chase Bank N.A.		UAH	28,864,264		1,073,418		1,058,870		14,548
10/19/21	JPMorgan Chase Bank N.A.		ZAR	59,197,502		3,923,349		4,028,000		(104,651	)
Net unrealized depreciation on forward foreign currency exchange contracts to buy									$	(1,255,144	)

See accompanying Notes to the Schedule of Investments.

Barings Emerging Markets Debt Blended Total Return Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

Forward Foreign Currency Exchange Contracts to Sell

EXPIRATION DATE	COUNTERPARTY	LOCAL CURRENCY			VALUE IN USD		IN EXCHANGE FOR USD		NET UNREALIZED APPRECIATION (DEPRECIATION)
10/13/21	JPMorgan Chase Bank N.A.		BRL	23,693,320	$	4,344,807	$	4,574,000	$	229,193
11/9/21	JPMorgan Chase Bank N.A.		CAD	9,161,780		7,232,967		7,214,000		(18,967	)
10/19/21	Morgan Stanley & Co.		CHF	5,027,004		5,396,024		5,498,200		102,176
11/16/21	Goldman Sachs & Co.		CHF	3,297,182		3,541,618		3,586,707		45,089
11/16/21	JPMorgan Chase Bank N.A.		CHF	1,627,998		1,748,689		1,775,000		26,311
10/26/21	BNP Paribas S.A.		CNH	59,336,351		9,188,665		9,100,277		(88,388	)
10/13/21	Citibank N.A.		COP	8,124,769,100		2,132,514		2,095,794		(36,720	)
11/9/21	Citibank N.A.		COP	19,171,513,097		5,022,033		4,896,063		(125,970	)
11/16/21	Bank of America N.A.		EUR	678,768		786,888		798,369		11,481
11/16/21	BNP Paribas S.A.		EUR	728,359		844,378		861,000		16,622
11/16/21	HSBC Bank USA		EUR	1,891,198		2,192,443		2,230,015		37,572
10/19/21	Bank of America N.A.		ILS	11,996,632		3,721,411		3,705,308		(16,103	)
10/26/21	Barclays Bank plc		JPY	344,004,067		3,091,371		3,120,044		28,673
10/26/21	JPMorgan Chase Bank N.A.		JPY	36,213,774		325,433		330,000		4,567
11/24/21	Bank of America N.A.		JPY	387,114,655		3,479,465		3,527,530		48,065
10/13/21	Goldman Sachs & Co.		MXN	127,278,790		6,156,946		6,346,645		189,699
10/19/21	Bank of America N.A.		PLN	13,741,029		3,454,827		3,571,000		116,173
10/19/21	JPMorgan Chase Bank N.A.		RON	32,383,414		7,574,115		7,727,000		152,885
10/26/21	Canadian Imperial Bank of Commerce		SGD	976,906		719,447		714,220		(5,227	)
11/24/21	Canadian Imperial Bank of Commerce		SGD	2,045,342		1,506,207		1,503,486		(2,721	)
10/26/21	Citibank N.A.		THB	237,834,156		7,028,099		7,212,888		184,789
10/26/21	Goldman Sachs & Co.		THB	133,477,375		3,944,313		4,085,000		140,687
11/23/21	Citibank N.A.		THB	249,253,498		7,364,351		7,551,071		186,720
10/19/21	JPMorgan Chase Bank N.A.		ZAR	86,332,236		5,721,720		5,822,439		100,719
11/16/21	Standard Chartered Bank		ZAR	38,207,444		2,522,563		2,570,119		47,556
Net unrealized appreciation on forward foreign currency exchange contracts to sell									$	1,374,881

Currency Legend

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CHF – Swiss Franc

CLP – Chilean Peso

CNH – Chinese Yuan Renminbi

COP – Colombian Peso

CZK – Czech Koruna

EUR – Euro

HUF – Hungarian Forint

ILS – Israeli Shekel

JPY – Japanese Yen

KRW – South Korean Won

MXN – Mexican Peso

PHP – Philippines Peso

PLN – Polish Zloty

RON – Romanian New Leu

RUB – Russian Ruble

SGD – Singapore Dollar

THB – Thai Baht

UAH – Ukraine Hryvnia

ZAR – South African Rand

See accompanying Notes to the Schedule of Investments.

Barings Emerging Markets Debt Blended Total Return Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

FUTURES

TYPE	EXPIRATION DATE		CONTRACTS		NOTIONAL AMOUNT			POSITION	FAIR VALUE			UNREALIZED APPRECIATION
Short Future
U.S. Ultra Bond		12/21/21		13		(2,592,188	)	Short	$	(2,483,813	)	$	108,375

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)
ILS-TELBOR03 Rate	Receive		0.48	%		2/19/26	1Y/3M		7,300,000		LCH	$	17,961
BRL-CDI Rate	Pay		7.40	%		1/02/29	At Maturity		5,424,561		CME		(194,537	)
BRL-CDI Rate	Pay		5.28	%		1/02/23	At Maturity		28,007,008		CME		(191,004	)
BRL-CDI Rate	Pay		5.76	%		1/02/23	At Maturity		22,869,409		CME		(123,233	)
BRL-CDI Rate	Pay		5.86	%		1/02/23	At Maturity		11,440,946		CME		(57,829	)
BRL-CDI Rate	Pay		5.86	%		1/02/23	At Maturity		11,441,936		CME		(58,016	)
HUF-BUBOR rate	Receive		2.60	%		5/22/25	1Y/6M		2,302,600,000		LCH		88,903
HUF-BUBOR rate	Receive		2.67	%		5/24/25	1Y/6M		2,048,600,000		LCH		71,422
BRL-CDI Rate	Pay		8.71	%		1/02/29	1Y/At Maturity		11,158,731		CME		(248,250	)
ILS-TELBOR03 Rate	Receive		1.42	%		5/12/31	1Y/3M		6,600,000		LCH		(20,555	)
ILS-TELBOR03 Rate	Receive		1.44	%		5/19/31	1Y/3M		7,100,000		LCH		(24,370	)
PLN-WIBOR Rate	Receive		2.19	%		5/21/26	1Y/6M		30,900,000		LCH		24,373
PLN-WIBOR Rate	Receive		2.24	%		5/24/26	1Y/6M		27,500,000		LCH		15,375
BRL-CDI Rate	Pay		6.74	%		1/02/23	At Maturity		13,050,205		CME		(49,684	)
KRW-KSDA Rate	Pay		1.48	%		6/24/23	3M/3M		13,571,000,000		LCH		(25,262	)
BRL-CDI Rate	Pay		5.00	%		1/02/23	At Maturity		15,843,633		CME		(96,115	)
BRL-CDI Rate	Pay		4.98	%		1/02/23	At Maturity		7,925,069		CME		(48,675	)
THB-THBFIX Rate	Pay		1.50	%		9/08/30	6M/6M		33,191,000		LCH		(27,819	)
THB-THBFIX Rate	Pay		1.51	%		9/10/30	6M/6M		49,455,000		LCH		(41,123	)
BRL-CDI Rate	Pay		6.38	%		1/02/23	At Maturity		15,433,848		CME		84,254
BRL-CDI Rate	Pay		7.49	%		1/02/29	At Maturity		9,935,952		CME		(280,632	)
BRL-CDI Rate	Pay		7.48	%		1/02/29	At Maturity		989,335		CME		(28,104	)
BRL-CDI Rate	Pay		5.00	%		1/02/23	At Maturity		10,352,374		CME		(62,802	)
Total Centrally Cleared Interest Rate Swaps												$	(1,275,722	)

OTC Cross Currency Swaps

NOTIONAL AMOUNT	FUND PAYS			PAY/RECEIVE PAYMENT FREQUENCY	MATURITY DATE	COUNTERPARTY	NOTIONAL AMOUNT (USD)		FUND RECEIVES			UPFRONT PREMIUMS PAID/ (RECEIVED)			FAIR VALUE			UNREALIZED APPRECIATION (DEPRECIATION)
750,000 EUR		8.25	%	1Y/6M	07/18/2029	Citibank N.A.		843,675		11.44	%	$	(525	)	$	37,871		$	38,396
750,000 EUR		5.63	%	6M/6M	06/17/2025	Citibank N.A.		819,150		8.12	%		(1,088	)		(21,405	)		(20,317	)
550,000 EUR		5.88	%	1Y/6M	10/17/2031	Citibank N.A.		605,000		8.46	%		(495	)		(29,112	)		(28,617	)
400,000 EUR		3.65	%	1Y/6M	11/19/2029	Citibank N.A.		440,600		6.02	%		200			(13,489	)		(13,689	)
350,000 EUR		6.38	%	1Y/6M	04/11/2031	Citibank N.A.		392,700		9.37	%		(122	)		20,282			20,404
680,000 EUR		3.13	%	1Y/6M	05/15/2027	Citibank N.A.		735,080		4.32	%		(339	)		(75,703	)		(75,364	)
550,000 EUR		3.68	%	1Y/6M	06/03/2026	Citibank N.A.		604,450		4.79	%		(467	)		(47,422	)		(46,955	)
740,000 EUR		3.50	%	1Y/6M	06/16/2027	Citibank N.A.		839,530		4.74	%		629			(35,123	)		(35,752	)
362,000 EUR		2.00	%	1Y/6M	09/30/2030	Citibank N.A.		429,332		3.47	%		(109	)		5,011			5,120
168,000 EUR		2.00	%	1Y/6M	09/30/2030	Citibank N.A.		198,408		3.43	%		50			711			661
500,000 EUR		9.75	%	1Y/6M	06/26/2024	Citibank N.A.		602,000		10.88	%		(100	)		29,595			29,695
1,000,000 EUR		5.50	%	1Y/6M	02/19/2025	Citibank N.A.		1,214,500		6.71	%		(700	)		34,315			35,015
1,000,000 EUR		8.75	%	6M/6M	06/16/2026	JP Morgan Chase Bank N.A.		1,218,000		10.22	%	$	300		$	83,451		$	83,151
Total OTC Cross Currency Swaps												$	(2,766	)	$	(11,018	)	$	(8,252	)

See accompanying Notes to the Schedule of Investments.

Barings Emerging Markets Debt Blended Total Return Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

OTC – Interest Rate Swap

COUNTER- PARTY

NOTIONAL AMOUNT

FUND RECEIVES/ PAYS FLOATING RATE

FLOATING RATE INDEX

ANNUAL FIXED RATE

FREQUENCY OF FUND RECEIPT/ PAYMENT

MATURITY DATE

UPFRONT PREMIUMS PAID/ (RECEIVED)

VALUE

UNREALIZED APPRECIATION/ (DEPRECIATION)

Bank of America N.A.

BRL 18,084,492

Pay

BRL-CDI

5.88%

At Maturity

01/02/2023

—

$

39,874

$

39,874

OTC Credit Default Swaps - Sell Protection⁽¹⁾

REFERENCE OBLIGATION	FIXED- DEAL RECEIVED RATE	PAYMENT FREQUENCY	MATURITY DATE	COUNTERPARTY	ORIGINAL NOTIONAL AMOUNT		CURRENT NOTIONAL AMOUNT(2)		UPFRONT PREMIUMS PAID/ (RECEIVED)			FAIR VALUE(3)			UNREALIZED DEPRECIATION
Brazil Government International Bond	1.00%	3M	12/20/2026	Morgan Stanley & Co.		2,230,000		2,230,000	$	(44,805	)	$	(75,131	)	$	(30,326	)
Brazil Government International Bond	1.00%	3M	12/20/2026	JPMorgan Chase Bank N.A.		1,110,000		1,110,000		(59,071	)		(63,104	)		(4,033	)
Colombia Government International Bond	1.00%	3M	12/20/2026	Morgan Stanley & Co.		1,530,000		1,530,000		(65,480	)		(77,641	)		(12,161	)
Indonesia Government International Bond	1.00%	3M	12/20/2026	Citibank N.A.		3,080,000		3,080,000		32,695			29,559			(3,136	)
Mexico Government International Bond	1.00%	3M	12/20/2026	Morgan Stanley & Co.		2,445,000		2,445,000		14,693			(1,180	)		(15,873	)
Total OTC Credit Default Swaps									$	(121,968	)	$	(187,497	)	$	(65,529	)

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

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

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

Abbreviation Legend
OTC	Over the Counter
PIK	Payment-in-kind

See accompanying Notes to the Schedule of Investments.

Barings Global Emerging Markets Equity Fund

SCHEDULE OF INVESTMENTS (UNAUDITED)

September 30, 2021

	SHARES		COST		FAIR VALUE
Equities — 94.9%*:
Common Stocks — 94.9%*:
Communication Services — 9.6%*:
Mail.Ru Group Ltd.(a),(b)		5,891	$	145,728	$	121,237
NetEase, Inc.(b)		1,528		149,644		130,491
PT Telekomunikasi Indonesia Persero Tbk(b)		634,000		169,625		163,456
Tencent Holdings Ltd.(b)		13,400		556,162		794,224
Total Communication Services		654,819		1,021,159		1,209,408
Consumer Discretionary — 14.3%*:
Alibaba Group Holding Ltd.(a),(b)		2,043		353,963		302,466
Hyundai Motor Co.(b)		1,060		230,603		179,054
JD.com, Inc.(a),(b)		3,262		296,173		235,647
Li Auto, Inc.(a),(b)		2,173		70,440		57,128
Meituan(a),(b),(c)		8,300		315,692		262,925
Prosus NV(b)		1,548		124,542		123,708
Samsonite International SA(a),(b),(c)		96,900		206,895		209,119
Topsports International Holdings Ltd.(b),(c)		189,000		224,491		216,079
Yum China Holdings, Inc.(b)		3,628		212,912		210,823
Total Consumer Discretionary		307,914		2,035,711		1,796,949
Consumer Staples — 4.0%*:
Atacadao SA(b)		36,000		130,639		117,405
CP ALL Public Company Limited(b)		89,200		185,278		167,407
Natura & Co. Holding SA(a),(b)		13,100		128,985		109,621
X5 Retail Group NV(b)		3,532		134,034		114,684
Total Consumer Staples		141,832		578,936		509,117
Energy — 3.9%*:
Reliance Industries Ltd.(b),(c)		7,307		241,603		497,607
Financials — 21.5%*:
AIA Group Ltd.(b)		21,000		174,125		242,651
Axis Bank Ltd.(a),(b)		4,245		212,873		216,919
B3 SA—Brasil Bolsa Balcao(b)		57,321		135,087		134,099
BB Seguridade Participacoes SA(b)		29,900		132,109		109,536
China Construction Bank Corp.(b)		394,000		323,072		282,417
Grupo Financiero Banorte SAB de CV(b)		33,227		182,431		212,950
Hana Financial Group, Inc.(b)		8,102		278,900		317,511
HDFC Bank Ltd.(b)		6,237		290,658		455,862
Ping An Bank Co. Ltd.(b)		50,300		164,300		139,563
Ping An Insurance Group Co. of China Ltd.(b)		30,500		284,884		208,632
PT Bank Negara Indonesia Persero Tbk(b)		443,700		218,213		166,630
Sberbank of Russia PJSC(b)		11,527		149,452		216,131
Total Financials		1,090,059		2,546,104		2,702,901
Industrials — 1.8%*:
NARI Technology Co. Ltd.(b)		40,800		139,939		226,724
Information Technology — 27.4%*:
Hon Hai Precision Industry Co. Ltd.(b)		52,000		201,444		195,976
Infosys Ltd.(b)		14,099		121,697		313,703
Luxshare Precision Industry Co. Ltd.(b)		21,900		178,302		121,020
MediaTek, Inc.(b)		6,000		93,974		194,900
Powertech Technology, Inc.(b)		44,000		139,191		165,037
Samsung Electronics Co. Ltd.(b)		16,342		664,502		1,022,755
Sunny Optical Technology Group Co. Ltd.(b)		5,400		62,423		142,064

See accompanying Notes to the Schedule of Investments.

Barings Global Emerging Markets Equity Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	SHARES		COST		FAIR VALUE
Common Stocks (continued):
Information Technology (continued):
Taiwan Semiconductor Manufacturing Co. Ltd.(b)		52,000	$	432,977	$	1,082,536
United Microelectronics Corp.(b)		93,000		180,841		213,636
Total Information Technology		304,741		2,075,351		3,451,627
Materials — 5.6%*:
Anglo American plc(b)		7,424		148,406		262,716
China Resources Cement Holdings Ltd.(b)		156,000		182,259		150,496
LG Chem Ltd.(b)		438		138,261		287,068
Total Materials		163,862		468,926		700,280
Real Estate — 2.3%*:
China Resources Land Ltd.(b)		36,000		121,453		151,914
Emaar Properties PJSC(b)		119,041		133,196		132,227
Total Real Estate		155,041		254,649		284,141
Utilities — 4.5%*:
China Longyuan Power Group Corp. Ltd.(b)		112,000		106,517		276,811
ENN Natural Gas Co. Ltd.(b)		41,900		126,214		118,526
Kunlun Energy Co. Ltd.(b)		160,000		148,587		166,893
Total Utilities		313,900		381,318		562,230
Total Common Stocks		3,180,275		9,743,696		11,940,984
Total Equities		3,180,275		9,743,696		11,940,984
Total Investments		3,180,275		9,743,696		11,940,984
Other assets and liabilities – 5.1%*						639,240
Net Assets – 100.0%					$	12,580,224

* 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	33.3	%
Taiwan	15.5	%
Republic of Korea	15.1	%
India	12.4	%
Hong Kong	5.6	%
Brazil	4.0	%
Russia	3.8	%
Indonesia	2.8	%
South Africa	2.2	%
Mexico	1.8	%
Thailand	1.4	%
United Arab Emirates	1.1	%
Netherlands	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, 2021

	SHARES		COST		FAIR VALUE
Equities — 0.7%*:
Common Stocks — 0.7%*:
Oil and Gas — 0.7%*:
Fieldwood Energy LLC(a)		4,100	$	88,420	$	—
Fieldwood Energy LLC(a)		1,006		35,210		—
Tourmaline Oil Corp.(a),(b)		40,609		—		32,062
Tourmaline Oil Corp.(b)		9,384		131,780		327,840
Total Oil and Gas		55,099		255,410		359,902
Total Common Stocks		55,099		255,410		359,902
Total Equities		55,099		255,410		359,902

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Fixed Income — 95.9%*:
Bank Loans — 10.5%*(c):
Aerospace and Defense — 0.9%*:
AAdvantage Loyalty IP Ltd., 3M LIBOR + 4.750%		5.50	%		4/20/2028		278,582		275,979		287,906
United Airlines, Inc., 3M LIBOR + 3.750%		4.50			4/21/2028		173,890		173,072		174,958
Total Aerospace and Defense							452,472		449,051		462,864
Broadcasting and Entertainment — 0.4%*:
Clear Channel Outdoor Holdings, Inc., 3M LIBOR + 3.500%		3.63			8/21/2026		231,636		222,466		226,635
Chemicals, Plastics and Rubber — 0.2%*:
Consolidated Energy Finance SA, 6M LIBOR + 2.500%		2.66			5/7/2025		122,750		119,856		120,601
Containers, Packaging and Glass — 0.1%*:
Hoffmaster Group, Inc., 3M LIBOR + 4.000%		5.00			11/21/2023		67,645		63,948		65,024
Diversified/Conglomerate Service — 4.6%*:
CoreLogic, Inc., 1M LIBOR + 6.500%		7.00			6/4/2029		195,313		193,434		199,219
Finastra USA, Inc., 6M LIBOR + 3.500%		4.50			6/13/2024		1,194,492		1,173,741		1,184,160
Finastra USA, Inc., 6M LIBOR + 7.250%		8.25			6/13/2025		525,000		513,268		527,446
Jack Ohio Finance LLC, 1M LIBOR + 4.750%		5.50			10/4/2028		150,376		149,624		149,624
Rent-A-Center, Inc., 1M LIBOR + 3.250%		3.75			2/17/2028		39,746		39,858		39,846
SonicWall U.S. Holdings, Inc., 3M LIBOR + 7.500%		7.63			5/18/2026		51,897		51,593		51,326
Spin Holdco Inc., 3M LIBOR + 4.000%		4.75			3/1/2028		347,642		345,242		348,473
Total Diversified/Conglomerate Service							2,504,466		2,466,760		2,500,094
Electronics — 1.7%*:
Ivanti Software, Inc., 3M LIBOR + 4.750%		5.75			12/1/2027		26,604		26,355		26,650
McAfee Enterprise, 3M LIBOR + 5.000%		5.75			7/27/2028		401,322		397,399		401,198
McAfee Enterprise, 3M LIBOR + 8.250%		9.00			5/3/2029		107,000		106,733		106,866
Renaissance Holding Corp., 1M LIBOR + 7.000%		7.08			5/29/2026		368,428		365,610		369,043
Total Electronics							903,354		896,097		903,757
Healthcare, Education and Childcare — 0.4%*:
Radiology Partners, Inc., 1M LIBOR + 4.250%		4.33			7/9/2025		234,000		231,615		233,707

See accompanying Notes to the Schedule of Investments.

Barings U.S. High Yield Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Bank Loans (continued):
Leisure, Amusement, Entertainment — 0.4%*:
MSG National Properties LLC, 3M LIBOR + 6.250%		7.00	%		11/12/2025		200,015	$	206,507	$	204,516
Machinery Non-Agriculture, Non-Construction, Non-Electronic — 0.4%*:
Pro Mach Group, Inc., 1M LIBOR + 4.000%		5.00			8/31/2028		238,018		236,839		239,039
Retail Stores — 0.5%*:
Great Outdoors Group LLC, 3M LIBOR + 4.250%		5.00			3/6/2028		259,232		258,039		260,010
Telecommunications — 0.9%*:
Syniverse Holdings, Inc., 3M LIBOR + 5.000%		6.00			3/9/2023		488,440		449,647		488,063
Total Bank Loans							5,702,028		5,600,825		5,704,310
Corporate Bonds — 85.4%*:
Aerospace and Defense — 3.6%*:
American Airlines Inc/AAdvantage Loyalty IP Ltd.(d)		5.50			4/20/2026		357,000		357,000		375,296
American Airlines Inc/AAdvantage Loyalty IP Ltd.(d)		5.75			4/20/2029		114,000		114,000		122,841
American Airlines, Inc.(d)		11.75			7/15/2025		212,000		228,654		262,350
TransDigm, Inc.(d)		8.00			12/15/2025		221,000		221,000		235,641
Triumph Group, Inc.(d)		6.25			9/15/2024		216,000		216,000		215,886
Triumph Group, Inc.		7.75			8/15/2025		595,000		597,105		587,562
United Airlines, Inc.(d)		4.38			4/15/2026		66,000		66,000		67,733
United Airlines, Inc.(d)		4.63			4/15/2029		70,000		70,000		72,341
Total Aerospace and Defense							1,851,000		1,869,759		1,939,650
Automobile — 3.0%*:
Adient Global Holdings Ltd.(d)		4.88			8/15/2026		67,000		63,411		68,621
Clarios Global LP(d)		6.75			5/15/2025		75,000		75,000		79,125
Clarios Global LP/Clarios US Finance Co.(d)		8.50			5/15/2027		236,000		245,155		251,045
Ford Motor Co.		7.45			7/16/2031		190,000		219,815		247,000
Ford Motor Co.		8.50			4/21/2023		257,000		257,000		282,685
Ford Motor Co.		9.63			4/22/2030		235,000		242,349		333,186
Gates Global LLC / Gates Global Co.(d)		6.25			1/15/2026		106,000		106,000		109,975
JB Poindexter & Co., Inc.(d)		7.13			4/15/2026		250,000		261,330		263,125
Total Automobile							1,416,000		1,470,060		1,634,762
Beverage, Food and Tobacco — 2.7%*:
JBS Finance Luxembourg Sarl(d)		3.63			1/15/2032		233,000		230,526		237,371
JBS USA Food Co(d)		7.00			1/15/2026		200,000		201,668		209,090
JBS USA LUX SA/JBS USA Finance, Inc.(d)		6.75			2/15/2028		250,000		250,000		271,252
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.(d)		5.50			1/15/2030		125,000		125,000		139,028
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.(d)		6.50			4/15/2029		500,000		500,000		558,750
Triton Water Holdings, Inc.(d)		6.25			4/1/2029		15,000		14,925		15,244
Welbilt, Inc.		9.50			2/15/2024		54,000		54,486		55,501
Total Beverage, Food and Tobacco							1,377,000		1,376,605		1,486,236

See accompanying Notes to the Schedule of Investments.

Barings U.S. High Yield Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Broadcasting and Entertainment — 5.9%*:
Altice USA, Inc.(d)		5.75	%		1/15/2030		147,000	$	152,253	$	149,179
Banijay Entertainment SASU(b),(d)		5.38			3/1/2025		170,000		170,000		175,312
Clear Channel Outdoor Holdings, Inc.(d)		7.50			6/1/2029		138,000		138,050		143,520
Clear Channel Outdoor Holdings, Inc.(d)		7.75			4/15/2028		192,000		192,904		202,080
Clear Channel Worldwide Holdings, Inc.(d)		5.13			8/15/2027		201,000		201,000		207,997
CSC Holdings LLC(d)		4.63			12/1/2030		226,000		223,917		214,135
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.(d)		5.88			8/15/2027		126,000		126,000		131,513
DISH DBS Corp.		5.00			3/15/2023		79,000		78,412		81,864
DISH Network Corp.		3.38			8/15/2026		267,000		256,349		277,546
iHeartCommunications, Inc.		8.38			5/1/2027		194,000		192,893		207,337
Midas OpCo Holdings LLC(d)		5.63			8/15/2029		142,000		142,000		146,934
Millennium Escrow Corp.(d)		6.63			8/1/2026		180,000		182,284		185,391
Nexstar Broadcasting, Inc.(d)		4.75			11/1/2028		50,000		51,544		51,868
Outfront Media Capital LLC / Outfront Media Capital Corp.(d)		4.25			1/15/2029		133,000		133,000		131,823
Radiate Holdco LLC / Radiate Finance, Inc.(d)		6.50			9/15/2028		138,000		141,472		140,713
Sirius XM Radio, Inc.(d)		3.13			9/1/2026		89,000		89,000		90,224
Sirius XM Radio, Inc.(d)		3.88			9/1/2031		216,000		216,000		211,005
Terrier Media Buyer, Inc.(d)		8.88			12/15/2027		420,000		429,828		444,100
Total Broadcasting and Entertainment							3,108,000		3,116,906		3,192,541
Buildings and Real Estate — 4.4%*:
Ashton Woods USA LLC / Ashton Woods Finance Co.(d)		4.63			4/1/2030		112,000		112,000		112,700
Empire Communities Corp.(d)		7.00			12/15/2025		115,000		115,000		120,175
Mattamy Group Corp.(b),(d)		4.63			3/1/2030		330,000		329,205		337,212
Mattamy Group Corp.(b),(d)		5.25			12/15/2027		25,000		25,000		26,125
New Enterprise Stone & Lime Co, Inc.(d)		5.25			7/15/2028		158,000		158,000		159,777
New Enterprise Stone & Lime Co., Inc.(d)		9.75			7/15/2028		448,000		464,830		487,200
Park River Holdings, Inc.(d)		5.63			2/1/2029		96,000		96,000		93,000
Realogy Group LLC / Realogy Co-Issuer Corp.(d)		5.75			1/15/2029		195,000		195,000		202,266
RLJ Lodging Trust LP(d)		3.75			7/1/2026		60,000		60,000		60,300
Service Properties Trust		3.95			1/15/2028		29,000		25,425		27,332
Service Properties Trust		4.38			2/15/2030		47,000		41,260		44,685
Service Properties Trust		4.95			2/15/2027		23,000		21,417		22,943
Service Properties Trust		5.50			12/15/2027		127,000		127,000		135,278
Service Properties Trust		7.50			9/15/2025		200,000		206,828		224,765
STL Holding Co. LLC(d)		7.50			2/15/2026		175,000		175,000		184,625
Tri Pointe Homes Inc		5.70			6/15/2028		121,000		121,000		131,587
Total Buildings and Real Estate							2,261,000		2,272,965		2,369,970
Cargo Transport — 0.7%*:
Carriage Purchaser, Inc.(d)		7.88			10/15/2029		132,000		132,000		131,607
Seaspan Corp.(d)		5.50			8/1/2029		234,000		234,000		238,732
Total Cargo Transport							366,000		366,000		370,339
Chemicals, Plastics and Rubber — 2.7%*:
Consolidated Energy Finance SA(d)		5.63			10/15/2028		236,000		236,000		236,000
Consolidated Energy Finance SA(d)		6.88			6/15/2025		361,000		360,130		373,635
Kraton Polymers LLC / Kraton Polymers Capital Corp.(d)		4.25			12/15/2025		91,000		91,000		95,095

See accompanying Notes to the Schedule of Investments.

Barings U.S. High Yield Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡			COST		FAIR VALUE
Corporate Bonds (continued):
Chemicals, Plastics and Rubber (continued):
LBC Tank Terminals Holding Netherlands BV(d)		6.88	%		5/15/2023		250,000		$	247,393	$	249,653
LSF11 A5 HoldCo LLC(d)		6.63			10/15/2029		86,000			86,000		86,000
Olympus Water US Holding Corp.(d)		4.25			10/1/2028		231,000			231,000		227,535
Univar Solutions USA, Inc.(d)		5.13			12/1/2027		177,000			177,000		186,071
Total Chemicals, Plastics and Rubber							1,432,000			1,428,523		1,453,989
Containers, Packaging and Glass — 0.9%*:
Mauser Packaging Solutions Holding Co.(d)		7.25			4/15/2025		302,000			293,464		300,159
Trident TPI Holdings, Inc.(d)		9.25			8/1/2024		171,000			167,698		179,697
Total Containers, Packaging and Glass							473,000			461,162		479,856
Diversified/Conglomerate Manufacturing — 0.6%*:
Alta Equipment Group, Inc.(d)		5.63			4/15/2026		33,000			33,000		33,908
Arcosa, Inc.(d)		4.38			4/15/2029		60,000			60,000		60,750
Avaya Holdings Corp.		2.25			6/15/2023		136,000			135,588		142,460
Unifrax Escrow Issuer Corp.(d)		7.50			9/30/2029		68,000			68,000		69,684
Total Diversified/Conglomerate Manufacturing							297,000			296,588		306,802
Diversified/Conglomerate Service — 2.8%*:
APX Group, Inc.(d)		5.75			7/15/2029		264,000			264,000		260,396
Austin BidCo, Inc.(d)		7.13			12/15/2028		81,000			81,097		81,607
Endure Digital, Inc.(d)		6.00			2/15/2029		200,000			200,000		190,000
Everi Holdings, Inc.(d)		5.00			7/15/2029		31,000			31,000		31,765
First Student Bidco, Inc. / First Transit Parent, Inc.(d)		4.00			7/31/2029		233,000			233,000		229,796
Iron Mountain, Inc.(d)		5.25			7/15/2030		235,000	��		235,000		249,389
Prime Security Services Borrower LLC / Prime Finance, Inc.(d)		6.25			1/15/2028		143,000			141,537		147,831
Rent-A-Center, Inc.(d)		6.38			2/15/2029		63,000			63,000		67,961
Sabre GLBL, Inc.(d)		9.25			4/15/2025		50,000			50,000		57,790
Veritas US, Inc. / Veritas Bermuda Ltd.(d)		7.50			9/1/2025		125,000			127,598		130,000
WASH Multifamily Acquisition, Inc.(d)		5.75			4/15/2026		68,000			68,000		70,805
Total Diversified/Conglomerate Service							1,493,000			1,494,232		1,517,340
Finance — 6.9%*:
Alliance Data Systems Corp.(d)		7.00			1/15/2026		78,000			77,979		83,460
Aretec Escrow Issuer, Inc.(d)		7.50			4/1/2029		164,000			165,679		168,920
Coinbase Global, Inc.(d)		3.38			10/1/2028		112,000			112,000		107,800
Coinbase Global, Inc.(d)		3.63			10/1/2031		91,000			91,000		87,132
Ford Motor Credit Co. LLC		4.13			8/17/2027		225,000			225,000		238,725
Ford Motor Credit Co. LLC		4.13			8/4/2025		200,000			166,374		211,500
Ford Motor Credit Co. LLC		5.13			6/16/2025		233,000			233,000		253,096
Global Aircraft Leasing Co. Ltd., Cash Rate 6.50%, PIK Rate 7.25%.(d)		6.50			9/15/2024		714,105			700,608		701,608
HCRX Investments Holdco LP(d)		4.50			8/1/2029		76,000			76,000		76,380
Icahn Enterprises LP / Icahn Enterprises Finance Corp.		6.25			5/15/2026		500,000			500,000		522,500
Jefferson Capital Holdings LLC(d)		6.00			8/15/2026		108,000			108,000		110,938
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.(d)		4.75			6/15/2029		239,000			239,000		237,805
Midcap Financial Issuer Trust(d)		5.63			1/15/2030		67,000			65,594		66,330

See accompanying Notes to the Schedule of Investments.

Barings U.S. High Yield Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Finance (continued):
Midcap Financial Issuer Trust(d)		6.50	%		5/1/2028		214,000	$	220,553	$	223,031
MoneyGram International, Inc.(d)		5.38			8/1/2026		118,000		118,980		119,770
OneMain Finance Corp.		4.00			9/15/2030		160,000		160,000		159,200
OneMain Finance Corp.		5.38			11/15/2029		302,000		303,788		327,323
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer(d)		5.88			10/1/2028		81,000		81,000		85,464
Total Finance							3,682,105		3,644,555		3,780,982
Healthcare, Education and Childcare — 7.8%*:
AdaptHealth LLC(d)		4.63			8/1/2029		94,000		92,753		93,930
AdaptHealth LLC(d)		5.13			3/1/2030		152,000		152,000		152,078
Bausch Health Cos., Inc.(d)		8.50			1/31/2027		175,000		179,524		187,687
Bausch Health Cos., Inc.(d)		4.88			6/1/2028		163,000		163,369		168,909
Bausch Health Cos., Inc.(d)		5.00			1/30/2028		130,000		130,000		123,334
Bausch Health Cos., Inc.(d)		5.00			2/15/2029		253,000		253,000		235,606
Bausch Health Cos., Inc.(d)		5.25			1/30/2030		188,000		188,000		175,310
Bausch Health Cos., Inc.(d)		5.25			2/15/2031		405,000		395,089		372,442
Bausch Health Cos., Inc.(d)		6.25			2/15/2029		134,000		131,250		132,596
Centene Corp.		4.63			12/15/2029		209,000		209,000		227,810
CHS/Community Health Systems, Inc.(d)		4.75			2/15/2031		99,000		99,000		99,643
CHS/Community Health Systems, Inc.(d)		5.63			3/15/2027		71,000		71,000		74,346
CHS/Community Health Systems, Inc.(d)		6.00			1/15/2029		33,000		33,000		34,980
CHS/Community Health Systems, Inc.(d)		6.13			4/1/2030		128,000		128,000		124,320
Emergent BioSolutions, Inc.(d)		3.88			8/15/2028		425,000		411,758		414,447
ModivCare Escrow Issuer, Inc.(d)		5.00			10/1/2029		88,000		88,000		91,216
ModivCare, Inc.(d)		5.88			11/15/2025		142,000		143,164		150,165
Molina Healthcare, Inc.(d)		4.38			6/15/2028		165,000		165,000		171,187
Mozart Debt Merger Sub, Inc.(d)		5.25			10/1/2029		158,000		158,000		158,000
Par Pharmaceutical, Inc.(d)		7.50			4/1/2027		300,000		300,000		305,625
Radiology Partners, Inc.(d)		9.25			2/1/2028		237,000		241,351		254,876
RP Escrow Issuer LLC(d)		5.25			12/15/2025		181,000		181,000		186,204
Tenet Healthcare Corp.(d)		4.88			1/1/2026		125,000		125,000		129,365
Tenet Healthcare Corp.(d)		6.13			10/1/2028		150,000		150,000		157,485
Total Healthcare, Education and Childcare							4,205,000		4,188,258		4,221,561
Home and Office Furnishings, Housewares, and Durable Consumer Products — 1.8%*:
BCPE Ulysses Intermediate, Inc., Cash Rate 7.75%,. PIK Rate 8.50%.(d)		7.75			4/1/2027		257,000		258,863		255,072
Staples, Inc.(d)		7.50			4/15/2026		253,000		259,586		256,795
Staples, Inc.(d)		10.75			4/15/2027		190,000		195,427		185,013
Tempur Sealy International, Inc.(d)		3.88			10/15/2031		261,000		261,000		261,326
Total Home and Office Furnishings, Housewares, and Durable Consumer Products							961,000		974,876		958,206
Hotels, Motels, Inns and Gaming — 1.9%*:
Caesars Entertainment, Inc.(d)		4.63			10/15/2029		55,000		55,000		55,756
Caesars Resort Collection LLC/CRC Finco, Inc.(d)		5.75			7/1/2025		125,000		125,000		131,406
CCM Merger, Inc.(d)		6.38			5/1/2026		159,000		159,000		167,348
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower ESC(d)		4.88			7/1/2031		110,000		110,000		110,413
RLJ Lodging Trust LP(d)		4.00			9/15/2029		182,000		182,000		182,000

See accompanying Notes to the Schedule of Investments.

Barings U.S. High Yield Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Hotels, Motels, Inns and Gaming (continued):
Scientific Games International, Inc.(d)		7.25	%		11/15/2029		60,000	$	51,431	$	67,418
Travel & Leisure Co.(d)		6.63			7/31/2026		170,000		170,000		193,591
Wyndham Hotels & Resorts, Inc.(d)		4.38			8/15/2028		123,000		123,000		128,403
Total Hotels, Motels, Inns and Gaming							984,000		975,431		1,036,335
Insurance — 0.7%*:
AmWINS Group, Inc.(d)		4.88			6/30/2029		96,000		96,000		97,440
Highlands Holdings Bond Issuer Ltd. / Highlands Holdings Bond Co-Issuer, Inc., 7.625% CASH 8.375% PIK(d)		7.63			10/15/2025		250,000		250,000		265,469
Total Insurance							346,000		346,000		362,909
Leisure, Amusement, Entertainment — 3.1%*:
Caesars Entertainment, Inc.(d)		6.25			7/1/2025		125,000		125,000		131,595
Caesars Entertainment, Inc.(d)		8.13			7/1/2027		300,000		298,164		337,125
Carnival Corp.(d)		5.75			3/1/2027		275,000		275,000		283,937
Carnival Corp.(d)		7.63			3/1/2026		85,000		85,000		90,737
Live Nation Entertainment, Inc.(d)		4.75			10/15/2027		50,000		49,175		50,812
NCL Corp. Ltd.(d)		5.88			3/15/2026		267,000		267,000		273,675
NCL Finance Ltd.(d)		6.13			3/15/2028		56,000		56,000		58,100
RHP Hotel Properties LP / RHP Finance Corp.		4.75			10/15/2027		229,000		229,000		237,008
Royal Caribbean Cruises Ltd.(d)		5.50			8/31/2026		222,000		222,000		228,203
Total Leisure, Amusement, Entertainment							1,609,000		1,606,339		1,691,192
Machinery Non-Agriculture, Non-Construction, Non-Electronic — 0.5%*:
Diebold Nixdorf, Inc.(d)		9.38			7/15/2025		276,000		287,961		302,049
Mining, Steel, Iron and Non-Precious Metals — 5.1%*:
Atkore, Inc.(d)		4.25			6/1/2031		191,000		191,000		196,730
Compass Minerals International, Inc.(d)		4.88			7/15/2024		124,000		119,414		129,115
Coronado Finance Pty Ltd.(b),(d)		10.75			5/15/2026		239,000		246,072		260,510
First Quantum Minerals Ltd.(b),(d)		6.88			3/1/2026		229,000		229,000		238,160
First Quantum Minerals Ltd.(b),(d)		6.88			10/15/2027		250,000		250,000		264,531
First Quantum Minerals Ltd.(b),(d)		7.50			4/1/2025		158,000		152,978		162,081
Freeport-McMoRan, Inc.		4.13			3/1/2028		28,000		27,155		29,015
Freeport-McMoRan, Inc.		4.63			8/1/2030		82,000		82,000		88,663
Hecla Mining Co.		7.25			2/15/2028		228,000		245,178		245,593
Hudbay Minerals, Inc.(b),(d)		6.13			4/1/2029		111,000		111,000		116,255
Kinross Gold Corp.		6.88			9/1/2041		99,000		98,550		136,745
Novelis Corp.(d)		3.25			11/15/2026		28,000		28,000		28,397
Novelis Corp.(d)		3.88			8/15/2031		29,000		29,000		28,682
PIC AU Holdings LLC / PIC AU Holdings Corp.(b),(d)		10.00			12/31/2024		248,000		233,092		250,331
Southwestern Energy Co.		5.38			3/15/2030		34,000		34,000		36,705
Warrior Met Coal, Inc.(d)		8.00			11/1/2024		540,000		546,044		548,100
Total Mining, Steel, Iron and Non-Precious Metals							2,618,000		2,622,483		2,759,613
Oil and Gas — 15.8%*:
Antero Midstream Partners LP / Antero Midstream Finance Corp.(d)		5.38			6/15/2029		469,000		469,000		484,482
Antero Resources Corp.(d)		5.38			3/1/2030		58,000		58,000		61,083
Antero Resources Corp.(d)		7.63			2/1/2029		71,000		71,000		79,378

See accompanying Notes to the Schedule of Investments.

Barings U.S. High Yield Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Oil and Gas (continued):
Antero Resources Corp.(d)		8.38	%		7/15/2026		51,000	$	51,000	$	57,769
Apache Corp.		4.75			4/15/2043		67,000		61,930		72,543
Apache Corp.		5.10			9/1/2040		51,000		41,623		57,119
Apache Corp.		5.35			7/1/2049		78,000		62,749		86,635
Buckeye Partners LP		5.85			11/15/2043		26,000		21,871		26,023
Chesapeake Energy Corp.(d)		5.50			2/1/2026		85,000		85,000		88,825
Chesapeake Energy Corp.(d)		5.88			2/1/2029		43,000		43,000		45,903
Comstock Resources, Inc.(d)		5.88			1/15/2030		63,000		63,060		65,520
Comstock Resources, Inc.(d)		6.75			3/1/2029		69,000		71,003		74,520
CVR Energy, Inc.(d)		5.25			2/15/2025		221,000		221,000		218,790
CVR Energy, Inc.(d)		5.75			2/15/2028		177,000		177,000		175,382
DCP Midstream Operating LP(d)		6.45			11/3/2036		4,000		3,328		4,970
EnLink Midstream Partners LP		4.15			6/1/2025		67,000		63,648		69,046
EnLink Midstream Partners LP		4.85			7/15/2026		23,000		20,410		24,143
EnLink Midstream Partners LP		5.45			6/1/2047		102,000		82,567		98,414
EnLink Midstream Partners LP		5.60			4/1/2044		191,000		129,937		182,405
EQM Midstream Partners LP(d)		4.50			1/15/2029		149,000		149,000		154,587
EQM Midstream Partners LP(d)		4.75			1/15/2031		134,000		134,000		139,363
EQM Midstream Partners LP(d)		6.00			7/1/2025		145,000		145,000		158,949
EQM Midstream Partners LP(d)		6.50			7/1/2027		119,000		119,000		133,845
EQT Corp.		7.50			2/1/2030		29,000		35,355		37,329
FirstEnergy Corp.		2.25			9/1/2030		75,000		72,052		72,375
FirstEnergy Corp.		5.35			7/15/2047		83,000		101,840		101,198
FirstEnergy Corp.		7.38			11/15/2031		23,000		30,639		31,419
Genesis Energy LP / Genesis Energy Finance Corp.		5.63			6/15/2024		56,000		52,854		55,860
Genesis Energy LP / Genesis Energy Finance Corp.		6.50			10/1/2025		390,000		375,058		389,025
Genesis Energy LP / Genesis Energy Finance Corp.		8.00			1/15/2027		252,000		252,000		255,830
Harvest Midstream I LP(d)		7.50			9/1/2028		262,000		266,102		279,069
Hilcorp Energy I LP / Hilcorp Finance Co.(d)		5.75			10/1/2025		17,000		11,368		17,191
Hilcorp Energy I LP / Hilcorp Finance Co.(d)		5.75			2/1/2029		65,000		65,000		66,787
Hilcorp Energy I LP / Hilcorp Finance Co.(d)		6.00			2/1/2031		50,000		50,000		51,375
Hilcorp Energy I LP / Hilcorp Finance Co.(d)		6.25			11/1/2028		142,000		125,048		147,143
ITT Holdings LLC(d)		6.50			8/1/2029		244,000		244,000		246,135
MEG Energy Corp.(b),(d)		7.13			2/1/2027		270,000		270,000		283,449
Murphy Oil Corp.		6.38			7/15/2028		100,000		100,000		105,750
Nabors Industries Ltd.(d)		7.25			1/15/2026		150,000		144,596		145,890
Nabors Industries Ltd.(d)		7.50			1/15/2028		72,000		72,000		68,220
Neptune Energy Bondco PLC(b),(d)		6.63			5/15/2025		242,000		242,093		248,957
NGL Energy Operating LLC / NGL Energy Finance Corp.(d)		7.50			2/1/2026		305,000		315,672		310,719
Occidental Petroleum Corp.		4.20			3/15/2048		12,000		8,582		11,490
Occidental Petroleum Corp.		4.40			4/15/2046		78,000		56,020		77,672
Occidental Petroleum Corp.		4.40			8/15/2049		31,000		22,303		30,419
Occidental Petroleum Corp.		4.50			7/15/2044		32,000		23,320		32,154
Occidental Petroleum Corp.		5.88			9/1/2025		193,000		193,104		216,305
Occidental Petroleum Corp.		6.13			1/1/2031		299,000		308,898		358,800
Occidental Petroleum Corp.		6.20			3/15/2040		217,000		198,465		255,561
Occidental Petroleum Corp.		6.38			9/1/2028		155,000		154,521		181,350

See accompanying Notes to the Schedule of Investments.

Barings U.S. High Yield Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Oil and Gas (continued):
Occidental Petroleum Corp.		6.45	%		9/15/2036		86,000	$	79,281	$	108,199
Occidental Petroleum Corp.		6.60			3/15/2046		139,000		113,868		174,445
Occidental Petroleum Corp.		6.95			7/1/2024		36,000		24,531		40,680
Parkland Fuel Corp.(b),(d)		5.88			7/15/2027		125,000		125,000		132,500
Range Resources Corp.(d)		8.25			1/15/2029		87,000		87,748		97,879
Rockcliff Energy II LLC(d)		5.50			10/15/2029		88,000		88,000		89,320
Superior Plus LP / Superior General Partner, Inc.(d)		4.50			3/15/2029		87,000		87,000		89,827
Targa Resources Partners LP / Targa Resources Partners Finance Corp.		4.88			2/1/2031		227,000		227,000		244,876
Targa Resources Partners LP / Targa Resources Partners Finance Corp.		5.50			3/1/2030		6,000		5,470		6,561
Targa Resources Partners LP / Targa Resources Partners Finance Corp.		6.88			1/15/2029		24,000		23,788		26,820
Transocean Guardian Ltd.(d)		5.88			1/15/2024		18,090		17,008		18,000
Transocean Poseidon Ltd.(d)		6.88			2/1/2027		17,000		16,121		16,914
Transocean, Inc.(d)		7.25			11/1/2025		163,000		123,801		135,733
Transocean, Inc.(d)		7.50			1/15/2026		87,000		63,391		70,492
Transocean, Inc.(d)		8.00			2/1/2027		124,000		104,515		97,567
Venture Global Calcasieu Pass LLC(d)		3.88			8/15/2029		81,000		81,000		83,434
Venture Global Calcasieu Pass LLC(d)		4.13			8/15/2031		93,000		93,000		96,952
Weatherford International Ltd.(d)		6.50			9/15/2028		89,000		89,000		91,670
Western Midstream Operating LP		5.30			2/1/2030		56,000		50,389		61,880
Western Midstream Operating LP		5.30			3/1/2048		157,000		121,397		180,942
Western Midstream Operating LP		5.45			4/1/2044		79,000		64,816		90,743
Total Oil and Gas							8,176,090		7,821,140		8,592,600
Personal and Non-Durable Consumer Products Mfg. Only — 0.3%*:
Clearwater Paper Corp.(d)		4.75			8/15/2028		177,000		177,000		181,867
Personal Transportation — 0.3%*:
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.(d)		6.50			6/20/2027		150,000		148,401		163,072
Personal, Food and Miscellaneous — 0.3%*:
Simmons Foods Inc / Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed(d)		4.63			3/1/2029		153,000		153,000		154,148
Printing and Publishing — 1.4%*:
Cimpress plc(d)		7.00			6/15/2026		427,000		444,303		445,327
Getty Images, Inc.(d)		9.75			3/1/2027		91,000		97,184		96,915
Sylvamo Corp.(d)		7.00			9/1/2029		198,000		198,000		202,578
Total Printing and Publishing							716,000		739,487		744,820
Retail Stores — 2.6%*:
Ambience Merger Sub, Inc.(d)		7.13			7/15/2029		162,000		162,000		161,595
Foot Locker, Inc.(d)		4.00			10/1/2029		105,000		105,000		105,231
L Brands, Inc.		6.75			7/1/2036		52,000		62,734		64,480
L Brands, Inc.		6.88			11/1/2035		160,000		192,925		200,800
Macy’s Retail Holdings LLC(d)		5.88			4/1/2029		24,000		24,000		26,040
Magic Mergeco, Inc.(d)		5.25			5/1/2028		91,000		91,000		93,867
Magic Mergeco, Inc.(d)		7.88			5/1/2029		223,000		223,000		231,084
NMG Holding Co., Inc. / Neiman Marcus Group LLC(d)		7.13			4/1/2026		263,000		266,057		279,109

See accompanying Notes to the Schedule of Investments.

Barings U.S. High Yield Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

	EFFECTIVE INTEREST RATE			DUE DATE		PRINCIPAL ‡‡		COST		FAIR VALUE
Corporate Bonds (continued):
Retail Stores (continued):
Nordstrom, Inc.		4.00	%		3/15/2027		35,000	$	35,157	$	36,162
Nordstrom, Inc.		4.38			4/1/2030		35,000		35,041		35,783
Nordstrom, Inc.		5.00			1/15/2044		186,000		179,330		182,351
Total Retail Stores							1,336,000		1,376,244		1,416,502
Telecommunications — 9.0%*:
Altice Financing SA(b),(d)		5.00			1/15/2028		107,000		107,000		101,996
Altice France SA(b),(d)		5.13			7/15/2029		221,000		221,000		217,029
Boxer Parent Co., Inc.(d)		9.13			3/1/2026		158,000		158,000		165,672
CCO Holdings LLC / CCO Holdings Capital Corp.(d)		4.25			1/15/2034		315,000		315,000		313,425
CCO Holdings LLC / CCO Holdings Capital Corp.		4.50			5/1/2032		215,000		222,551		221,181
CommScope Technologies LLC(d)		6.00			6/15/2025		34,000		31,067		34,493
Consensus Cloud Solutions, Inc.(d)		6.00			10/15/2026		70,000		70,000		71,925
Consensus Cloud Solutions, Inc.(d)		6.50			10/15/2028		51,000		51,000		52,925
Consolidated Communications, Inc.(d)		6.50			10/1/2028		250,000		250,000		271,562
Frontier Communications Holdings LLC(d)		5.00			5/1/2028		200,000		200,000		210,000
Frontier Communications Holdings LLC(d)		6.75			5/1/2029		119,000		119,000		125,396
Hughes Satellite Systems Corp.		6.63			8/1/2026		426,000		429,705		484,374
LCPR Senior Secured Financing DAC(d)		5.13			7/15/2029		245,000		245,000		252,963
LCPR Senior Secured Financing DAC(b),(d)		6.75			10/15/2027		200,000		200,000		212,000
Midcontinent Communications / Midcontinent Finance Corp.(d)		5.38			8/15/2027		149,000		149,000		155,036
Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc.(d)		4.75			4/30/2027		84,000		84,000		84,000
Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc.(d)		6.00			2/15/2028		162,000		162,000		161,138
Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc.(d)		10.75			6/1/2028		74,000		81,189		83,250
Sprint Capital Corp.		6.88			11/15/2028		648,000		652,799		829,440
Sprint Capital Corp.		8.75			3/15/2032		52,000		71,931		77,681
Telecom Italia Capital SA(b)		6.00			9/30/2034		62,000		71,648		69,595
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC(d)		7.13			12/15/2024		23,000		22,905		23,489
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC(d)		7.88			2/15/2025		13,000		13,641		13,736
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC(d)		4.75			4/15/2028		99,000		99,000		101,104
Virgin Media Secured Finance plc(b),(d)		4.50			8/15/2030		250,000		254,692		254,063
Windstream Escrow LLC / Windstream Escrow Finance Corp.(d)		7.75			8/15/2028		253,000		256,559		264,246
Ziggo BV(b),(d)		5.50			1/15/2027		51,000		49,406		52,721
Total Telecommunications							4,531,000		4,588,093		4,904,440
Utilities — 0.6%*:
PG&E Corp.		5.00			7/1/2028		95,000		95,000		96,504
PG&E Corp.		5.25			7/1/2030		82,000		82,000		83,845
Pike Corp.(d)		5.50			9/1/2028		167,000		167,000		170,181
Total Utilities							344,000		344,000		350,530
Total Corporate Bonds							44,338,195		44,146,068		46,372,311
Total Fixed Income							50,040,223		49,746,893		52,076,621
Total Investments							50,095,322		50,002,303		52,436,523
Other assets and liabilities – 3.4%*											1,864,362
Net Assets – 100.0%										$	54,300,885

See accompanying Notes to the Schedule of Investments.

Barings U.S. High Yield Fund

SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

September 30, 2021

PIK Payment-in-kind

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

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

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

(b) Foreign security.

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

United States	92.8	%
Canada	2.4	%
Zambia	1.3	%
Australia	1.0	%
United Kingdom	0.9	%
Other (Individually less than 1%)	1.6	%
Total	100.0	%

(c) Bank loans are exempt from registration under the Securities Act of 1933, as amended, but contain certain restrictions on resale and cannot be sold publicly. These loans pay interest at rates which adjust periodically. The interest rates shown for bank loans are the current interest rates at September 30, 2021. Bank loans are also subject to mandatory and/or optional prepayment which cannot be predicted. As a result, the remaining maturity may be substantially less than the stated maturity shown.

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

See accompanying Notes to the 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, 2021 in valuing the Funds’ investments:

Global Floating Rate Fund

DESCRIPTION	LEVEL 1		LEVEL 2		LEVEL 3***		TOTAL INVESTMENTS
Assets:
Equities:
Common Stocks	$	301,218	$	649,433	$	779,954	$	1,730,605
Warrant		—		28,801		—		28,801
Total Equities		301,218		678,234		779,954		1,759,406
Fixed Income:
Bank Loans		—		375,545,529		692,970		376,238,499
Corporate Bonds		—		16,726,021		0		16,726,021
Total Fixed Income		—		392,271,550		692,970		392,964,520
Derivative Securities:
Forward Foreign Currency Exchange Contracts		—		1,981,189		—		1,981,189
Total	$	301,218	$	394,930,973	$	1,472,924	$	396,705,115
Total Investments	$	301,218	$	394,930,973	$	1,472,924	$	396,705,115

*** None of the Level 3 assets, individually or collectively, had a material impact on the Fund. Level 3 investments at the end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended September 30, 2021 is not presented.

The following table is a summary of quantitative information about significant unobservable valuation inputs for Level 3 fair value measurement for investments held as of September 30, 2021:

TYPE OF ASSETS	FAIR VALUE AS OF SEPTEMBER 30, 2021		VALUATION TECHNIQUE(S)	UNOBSERVABLE INPUT
Equities
CTI Foods Holding Co, LLC	$	469,426	Discounted Cash Flow	Average Enterprise Valuation Multiple: 3 year projection, 7.1x; EBITDA: $52.5 million; 15% discount rate
Travelex Topco Ltd.	$	—	Zero Value	Valued at zero
Don Jersey Topco Ltd.	$	305,406	Priced at Cost	$1.04; Trade Price
Boomerang Tube LLC	$	—	Zero Value	Valued at zero
Fieldwood Energy LLC	$	—	Zero Value	Valued at zero
Fieldwood Energy LLC	$	—	Zero Value	Valued at zero
Sabine Oil & Gas LLC	$	5,122	Withholding Tax Reclaim	Residual Cash
Bank Loans
CTI Foods Holding Co, LLC, 6M LIBOR + 9.000%	$	195,979	Discounted Cash Flow	Average Enterprise Valuation Multiple: 3 year projection, 7.1x; EBITDA: $52.5 million;: 15% discount rate
CTI Foods Holding Co, LLC, 6M LIBOR + 7.000%	$	315,645	Discounted Cash Flow	Average Enterprise Valuation Multiple: 3 year projection, 7.1x; EBITDA: $52.5 million;: 15% discount rate
Boomerang Tube LLC	$	—	Zero Value	Valued at zero
Naviera Armas SA, Term Loan A	$	67,920	Priced at Cost	Cost less OID
Naviera Armas SA, Term Loan B	$	12,843	Priced at Cost	Cost less OID
Naviera Armas SA, Term Loan C	$	100,583	Priced at Cost	Cost less OID
Corporate Bonds
Galapagos S.A	$	—	Zero Value	Valued at zero
Travelex Financing plc	$	—	Zero Value	Valued at zero

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

Global Credit Income Opportunities Fund

DESCRIPTION	LEVEL 1		LEVEL 2			LEVEL 3***		TOTAL INVESTMENTS
Assets:
Equities:
Common Stocks	$	1,042,365	$	582,667		$	396,270	$	2,021,302
Warrant		—		84,583			—		84,583
Total Equities		1,042,365		667,250			396,270		2,105,885
Fixed Income:
Asset-Backed Securities		—		17,115,294			—		17,115,294
Bank Loans		—		79,129,757			303,340		79,433,097
Corporate Bonds		—		72,466,092			0		72,466,092
Total Fixed Income		—		168,711,143			303,340		169,014,483
Derivative Securities:
Forward Foreign Currency Exchange Contracts		—		1,245,224			—		1,245,224
Total	$	1,042,365	$	170,623,617		$	699,610	$	172,365,592
Liabilities:
Derivative Securities:
Forward Foreign Currency Exchange Contracts		—		(44,625	)		—		(44,625	)
Total Investments	$	1,042,365	$	170,578,992		$	699,610	$	172,320,967

*** None of the Level 3 assets, individually or collectively, had a material impact on the Fund. Level 3 investments at the end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended September 30, 2021 is not presented.

The following table is a summary of quantitative information about significant unobservable valuation inputs for Level 3 fair value measurement for investments held as of September 30, 2021:

TYPE OF ASSETS	FAIR VALUE AS OF SEPTEMBER 30, 2021		VALUATION TECHNIQUE(S)	UNOBSERVABLE INPUT
Equities
Innovation Group	$	—	Zero Value	Valued at zero
Travelex Topco Ltd.	$	—	Zero Value	Valued at zero
Don Jersey Topco Ltd.	$	268,441	Priced at Cost	$1.04; Trade Price
MModal, Inc.	$	3,213	Analyst Priced	Analyst verified stale price and adjusted for cash receipts
Boomerang Tube LLC	$	—	Zero Value	Valued at zero
Fieldwood Energy LLC	$	—	Zero Value	Valued at zero
Fieldwood Energy LLC	$	—	Zero Value	Valued at zero
Fieldwood Energy LLC	$	27,543	Priced at Cost	$55.53; Trade Price
Tourmaline Oil Corp.	$	97,073	Withholding Tax Reclaim	Residual cash
Bank Loans
Innovation Group plc (The)	$	93,694	Priced at Cost	Priced at restructure cost
Innovation Group plc (The)	$	40,762	Priced at Cost	Priced at restructure cost
Innovation Group plc (The)	$	38,306	Priced at Cost	Priced at restructure cost
Innovation Group plc (The)	$	40,279	Priced at Cost	Priced at restructure cost
Boomerang Tube LLC	$	—	Zero Value	Valued at zero
Naviera Armas, Term Loan A	$	33,920	Priced at Cost	Cost less OID
Naviera Armas, Term Loan B	$	6,400	Priced at Cost	Cost less OID
Naviera Armas, Term Loan C	$	49,979	Priced at Cost	Cost less OID
Corporate Bonds
Travelex Financing PLC	$	—	Zero Value	Valued at zero

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

Active Short Duration Bond Fund

DESCRIPTION	LEVEL 1			LEVEL 2		LEVEL 3***		TOTAL INVESTMENTS
Assets:
Fixed Income:
Asset-Backed Securities	$	—		$	339,854,297	$	10,920,896	$	350,775,193
Corporate Bonds		—			592,956,278		—		592,956,278
Mortgage-Backed Securities		—			216,268,756		—		216,268,756
U.S. Treasury & Government Agencies		—			5,048,544		—		5,048,544
Total Fixed Income		—			1,154,127,875		10,920,896		1,165,048,771
Purchased Options:
Call Option Purchased		—			151,588		—		151,588
Put Options Purchased		—			1,129,587		—		1,129,587
Total Purchased Options		—			1,281,175		—		1,281,175
Short-Term Investments:
Commercial Paper		—			28,976,385		—		28,976,385
Total Short-Term Investments		—			28,976,385		—		28,976,385
Derivative Securities:
Futures*		3,071,347			—		—		3,071,347
Total	$	3,071,347		$	1,184,385,435	$	10,920,896	$	1,198,377,678
Liabilities:
Derivative Securities:
Futures**		(208,490	)		—		—		(208,490	)
Total Investments	$	2,862,857		$	1,184,385,435	$	10,920,896	$	1,198,169,188

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

*** None of the Level 3 assets, individually or collectively, had a material impact on the Fund. Level 3 investments at the end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended September 30, 2021 is not presented.

The following table is a summary of quantitative information about significant unobservable valuation inputs for Level 3 fair value measurement for investments held as of September 30, 2021:

TYPE OF ASSETS	FAIR VALUE AS OF SEPTEMBER 30, 2021		VALUATION TECHNIQUE(S)	UNOBSERVABLE INPUT
Asset-Backed Securities
SLM Student Loan Trust 2006-2	$	1,981,956	Broker Quote	$501:00; Broker quote depth of 1
SoFi Alternative Trust 2019-C	$	1,887,416	Broker Quote	$107.26; Broker quote depth of 1
Trafigura Securitization Finance plc	$	7,051,524	Priced at Cost	$100.05; Trade Price

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

Emerging Markets Debt Blended Total Return Fund

DESCRIPTION	LEVEL 1		LEVEL 2			LEVEL 3***		TOTAL INVESTMENTS
Assets:
Fixed Income:
Corporate Bonds	$	—	$	66,885,091		$	686,803	$	67,571,894
Foreign Government		—		65,075,333			—		65,075,333
Total Fixed Income		—		131,960,424			686,803		132,647,227
Purchased Options:
Call Options Purchased		—		13			—		13
Total Purchased Options		—		13			—		13
Derivative Securities:
Centrally Cleared Interest Rate Swaps*		—		302,288			—		302,288
Forward Foreign Currency Exchange Contracts		—		2,006,191			—		2,006,191
Futures*		108,375		—			—		108,375
OTC - Credit Default Swaps		—		29,559			—		29,559
OTC - Cross Currency Swaps		—		211,236			—		211,236
OTC - Interest Rate Swaps		—		39,874			—		39,874
Total Derivative Securities		108,375		2,589,148			—		2,697,523
Total	$	108,375	$	134,549,585		$	686,803	$	135,344,763
Liabilities:
Derivative Securities:
Call Options Written		—		(87,188	)		—		(87,188	)
Centrally Cleared Interest Rate Swaps*		—		(1,578,010	)		—		(1,578,010	)
Forward Foreign Currency Exchange Contracts		—		(1,886,454	)		—		(1,886,454	)
OTC - Credit Default Swaps		—		(217,056	)		—		(217,056	)
OTC - Cross Currency Swaps		—		(222,254	)		—		(222,254	)
Total Derivative Securities		—		(3,990,962	)		—		(3,990,962	)
Total Investments	$	108,375	$	130,558,623		$	686,803	$	131,353,801

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

*** None of the 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, 2021 is not presented.

The following table is a summary of quantitative information about significant unobservable valuation inputs for Level 3 fair value measurement for investments held as of September 30, 2021:

TYPE OF ASSETS	FAIR VALUE AS OF SEPTEMBER 30, 2021		VALUATION TECHNIQUE(S)		UNOBSERVABLE INPUT
Foreign Government
European Bank for Reconstruction and Development 10/29/22	$	381,559		Broker Quote	$	31.80: Broker quote depth of 1
International Bank for Reconstruction and Development 11/22/21	$	305,244		Broker Quote	$	31.80; Broker quote depth of 1

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

Global Emerging Markets Equity Fund

DESCRIPTION	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL INVESTMENTS
Assets:
Equities:
Common Stocks	$	11,940,984	$	—	$	—	$	11,940,984
Total Equities		11,940,984		—		—		11,940,984
Total	$	11,940,984	$	—	$	—	$	11,940,984
Total Investments	$	11,940,984	$	—	$	—	$	11,940,984

U.S. High Yield Fund

DESCRIPTION	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL INVESTMENTS
Assets:
Equities:
Common Stocks	$	327,840	$	—	$	32,062	$	359,902
Total Equities		327,840		—		32,062		359,902
Fixed Income:
Bank Loans		—		5,704,310		—		5,704,310
Corporate Bonds		—		46,372,311		—		46,372,311
Total Fixed Income		—		52,076,621		—		52,076,621
Total	$	327,840	$	52,076,621	$	32,062	$	52,436,523
Total Investments	$	327,840	$	52,076,621	$	32,062	$	52,436,523

*** None of the Level 3 assets, individually or collectively, had a material impact on the Fund. Level 3 investments at the end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended September 30, 2021 is not presented.

The following table is a summary of quantitative information about significant unobservable valuation inputs for Level 3 fair value measurement for investments held as of September 30, 2021:

TYPE OF ASSETS	FAIR VALUE AS OF September 30, 2021		VALUATION TECHNIQUE(S)	UNOBSERVABLE INPUT
Equities
Fieldwood Energy LLC	$	—	Zero Value	Valued at zero
Fieldwood Energy LLC	$	—	Zero Value	Valued at zero
Tourmaline Oil Corp.	$	32,062	Withholding Tax Reclaim	Residual cash

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