Barings Global Short Duration High Yield Fund

SCHEDULE OF INVESTMENTS

March 31, 2019 (Unaudited)

								SHARES		COST		FAIR VALUE
Equities — 3.40%*:
Common Stocks — 3.27%*:
		Boomerang Tube Holdings, Inc.¤						36,149,532	$	3,510,832	$	3,073,795
		Fieldwood Energy LLC						167,574		4,057,567		5,474,140
		Jupiter Resources Inc.+						1,171,624		5,662,542		3,661,325
		Sabine Oil & Gas LLC						4,342		248,858		121,576
		Templar Energy LLC¤						135,392		734,072		50,772
		Templar Energy LLC¤						101,589		1,015,894		228,576
			Total Common Stocks					37,730,053		15,229,765		12,610,184
Preferred Stocks — 0.08%*:
		Pinnacle Operating Corp.¤						1,368,352		643,125		314,721
			Total Preferred Stocks					1,368,352		643,125		314,721
Warrants — 0.05%*:
		Appvion Holdings Corp.¤						12,892		137,280		137,279
		Appvion Inc.¤						12,892		-		-
		Sabine Oil & Gas LLC						13,521		60,669		50,704
		Sabine Oil & Gas LLC						2,481		6,547		7,443
			Total Warrants					41,786		204,496		195,426
			Total Equities					39,140,191		16,077,386		13,120,331
				EFFECTIVE INTEREST RATE‡			DUE DATE	PRINCIPAL		COST		FAIR VALUE
Fixed Income — 135.76%*:
Asset-Backed Securities — 6.99%*:
	CDO/CLO — 6.99%*:
		Anchorage Capital CLO LTD 2015-6A, 3M LIBOR + 6.350%^~		9.14	%	7/15/2030		600,000	$	612,987	$	580,330
		Anchorage Capital CLO LTD 2016-9A, 3M LIBOR + 7.250%^~		10.04		1/15/2029		1,500,000		1,541,304		1,497,557
		BlueMountain CLO LTD 2018-23A, 3M LIBOR + 5.650%^~		8.43			10/20/2031	1,000,000		1,000,000		941,070
		Carbone CLO, LTD 2017-1A, 3M LIBOR + 5.900%^~		8.68		1/20/2031		750,000		750,000		709,149
		Carlyle Global Market Strategies 2013-3A, 3M LIBOR + 7.750%^~		10.54		10/15/2030		1,000,000		1,000,000		908,659
		Carlyle Global Market Strategies 2017-5A, 3M LIBOR + 5.300%^~		8.06		1/20/2030		700,000		700,000		645,391
		Cedar Funding LTD 2016-6A, 3M LIBOR + 5.900%^~		8.66			10/20/2028	2,500,000		2,500,000		2,481,250
		Galaxy CLO Ltd 2017-24A, 3M LIBOR + 5.500%^~		8.29		1/15/2031		1,000,000		1,000,000		920,503
		GoldenTree Loan Management 2018-3A, 3M LIBOR + 6.500%^~		9.26			4/22/2030	1,500,000		1,417,017		1,259,277
		GoldenTree Loan Opportunities XI Ltd 2015-11A, 3M LIBOR + 5.400%^~		8.18		1/18/2031		500,000		500,000		464,262
		KKR Financial CLO Ltd 2017-20, 3M LIBOR + 5.500%^~		8.28		10/16/2030		1,500,000		1,500,000		1,373,726
		LCM LTD 2019-30, 3M LIBOR + 6.950%¤^~		9.55			4/21/2031	1,100,000		1,100,000		1,100,000
		Madison Park Funding Ltd 2015-19A, 3M LIBOR + 4.350%^~		7.11		1/22/2028		1,000,000		1,000,000		922,120
		Madison Park Funding Ltd 2016-22, 3M LIBOR + 6.650%^~		9.42		10/25/2029		1,000,000		1,025,393		998,191
		Madison Park Funding Ltd 2016-24, 3M LIBOR + 7.150%^~		9.91		1/20/2028		1,000,000		1,034,474		1,000,703
		Madison Park Funding Ltd 2018-29A, 3M LIBOR + 7.570%^~#		10.35			10/18/2030	2,000,000		1,960,000		1,781,798
		Magnetite CLO LTD 2016-18A, 3M LIBOR + 7.600%^~		10.28			11/15/2028	1,400,000		1,386,000		1,302,983
		OHA Credit Partners LTD 2015-11A, 3M LIBOR + 7.900%^~		10.66			1/20/2031	2,000,000		1,970,323		1,818,148
		OHA Loan Funding LTD 2013-1A, 3M LIBOR + 7.900%^~		10.67			7/23/2031	1,500,000		1,477,500		1,358,172
		Sound Point CLO LTD 2017-4A, 3M LIBOR + 5.500%^~		8.26		1/21/2031		2,000,000		2,000,000		1,852,076
		Steele Creek CLO Ltd 2017-1A, 3M LIBOR + 6.200%^~		8.99		10/15/2030		800,000		800,000		753,843
		Wellfleet CLO Ltd 2017-3A, 3M LIBOR + 5.550%^~		8.32		1/17/2031		1,500,000		1,500,000		1,356,996
		Wind River CLO Ltd 2017-4A, 3M LIBOR + 5.800%^~		8.44		11/20/2030		1,000,000		1,000,000		940,380
			Total CDO/CLO					28,850,000		28,774,998		26,966,584
			Total Asset-Backed Securities					28,850,000		28,774,998		26,966,584
Bank Loans§ — 19.18%*:
	Broadcasting and Entertainment — 1.16%*:
		Endemol, 3M LIBOR + 5.750%+~		8.35		8/11/2021		4,491,092		4,353,420		4,460,238
			Total Broadcasting and Entertainment					4,491,092		4,353,420		4,460,238
	Cargo Transport — 0.77%*:
		PS Logistics, 3M LIBOR + 4.750%~		7.25		3/6/2025		2,985,000		3,009,914		2,966,344
			Total Cargo Transport					2,985,000		3,009,914		2,966,344

Barings Global Short Duration High Yield Fund

SCHEDULE OF INVESTMENTS

March 31, 2019 (Unaudited)

				EFFECTIVE INTEREST RATE‡			DUE DATE	PRINCIPAL		COST		FAIR VALUE
Bank Loans (Continued)
	Chemicals, Plastics and Rubber — 0.53%*:
		Colouroz Investment 2 LLC, 3M LIBOR + 7.250%+~		10.03	%	9/7/2022		2,033,201	$	2,025,452	$	1,714,659
		SI Group, 3M LIBOR + 4.750%~		9.20			10/15/2025	310,922		299,006		310,144
			Total Chemicals, Plastics and Rubber					2,344,123		2,324,458		2,024,803
	Diversified/Conglomerate Manufacturing — 0.90%*:
		Averys, 3M LIBOR + 8.250%+~		8.25		8/7/2026		500,000		571,943		560,878
		Commercial Vehicle Group Inc., 1M LIBOR + 6.000%~		8.53		4/12/2023		588,832		579,586		582,944
		SunSource, Inc., 1M LIBOR + 8.000%~		10.50		4/30/2026		2,500,000		2,521,991		2,343,750
			Total Diversified/Conglomerate Manufacturing					3,588,832		3,673,520		3,487,572
	Diversified/Conglomerate Service — 3.65%*:
		Cologix, 1M LIBOR + 7.000%~		9.49		3/21/2025		1,000,000		990,000		958,500
		Misys (Finastra), 3M LIBOR + 7.250%+~		9.85		6/16/2025		13,630,136		13,630,482		13,104,831
			Total Diversified/Conglomerate Service					14,630,136		14,620,482		14,063,331
	Electronics — 2.80%*:
		Allflex Holdings, Inc., 3M LIBOR + 7.000%~		9.49		7/19/2021		5,526,776		5,511,631		5,508,372
		PowerSchool, 1M LIBOR + 6.750%~		9.49		7/31/2026		3,500,000		3,465,000		3,421,250
		Veritas US Inc., 3M LIBOR + 4.500%~		7.02			1/27/2023	2,000,000		1,857,188		1,846,560
			Total Electronics					11,026,776		10,833,819		10,776,182
	Healthcare, Education and Childcare — 3.42%*:
		Argon Medical Devices, 1M LIBOR + 8.000%~		10.50			1/23/2026	8,179,057		8,259,949		8,056,371
		ADVANZ PHARMA Corp., 1M LIBOR + 5.500%+~		7.99			9/6/2024	3,960,000		3,886,052		3,731,191
		Prospect Medical Holdings, 1M LIBOR + 5.500%~		8.00		2/16/2024		1,551,365		1,533,678		1,407,864
			Total Healthcare, Education and Childcare					13,690,422		13,679,679		13,195,426
	Home and Office Furnishings, Housewares, and Durable Consumer Products — 1.01%*:
		Serta Simmons Beddings LLC, 1M LIBOR + 8.000%~		10.49		11/8/2024		7,933,333		7,133,028		3,907,167
			Total Home and Office Furnishings, Housewares, and Durable Consumer Products					7,933,333		7,133,028		3,907,167
	Information Technology — 0.18%*:
		BMC Software Finance, 3M LIBOR + 4.250%~		6.85		10/2/2025		711,341		704,228		695,813
			Total Information Technology					711,341		704,228		695,813
	Insurance — 0.79%*:
		Asurion, 1M LIBOR + 6.500%~		9.00			8/4/2025	3,000,000		3,073,099		3,036,240
			Total Insurance					3,000,000		3,073,099		3,036,240
	Mining, Steel, Iron and Non-Precious Metals — 0.65%*:
		Boomerang Tube, LLC, 3M LIBOR + 6.500%¤~		7.49		11/1/2066		2,540,684		2,540,684		2,540,684
			Total Mining, Steel, Iron and Non-Precious Metals					2,540,684		2,540,684		2,540,684
	Oil and Gas — 3.32%*:
		Fieldwood Energy LLC, 1M LIBOR + 5.250%~		7.75		4/11/2022		6,751,171		6,234,950		6,481,124
		Fieldwood Energy LLC, 1M LIBOR + 7.250%~		9.75		4/11/2023		7,481,592		2,311,313		6,312,593
			Total Oil and Gas					14,232,763		8,546,263		12,793,717
			Total Bank Loans					81,174,502		74,492,594		73,947,517

Barings Global Short Duration High Yield Fund

SCHEDULE OF INVESTMENTS

March 31, 2019 (Unaudited)

				EFFECTIVE INTEREST RATE‡			DUE DATE	PRINCIPAL		COST		FAIR VALUE
Corporate Bonds — 109.59%*:
	Aerospace and Defense — 2.13%*:
		Swissport Investments+^		6.75	%		12/15/2021	365,000	$	399,636	$	422,895
		TransDigm Group, Inc.^		7.50			3/15/2027	3,000,000		2,977,500		3,075,000
		Triumph Group, Inc.#		7.75		8/15/2025		1,289,000		1,289,000		1,230,995
		VistaJet Malta Finance PLC^#		7.75			6/1/2020	3,510,000		3,371,520		3,483,675
			Total Aerospace and Defense					8,164,000		8,037,656		8,212,565
	Automotive — 1.37%*:
		Garrett Motion+^		5.13			10/15/2026	1,250,000		1,272,284		1,325,073
		Power Solutions^		8.50			5/15/2027	3,965,000		3,976,900		3,974,912
			Total Aerospace and Defense					5,215,000		5,249,184		5,299,985
	Beverage, Food and Tobacco — 3.36%*:
		Boparan Finance plc+^		5.50		7/15/2021		800,000		1,022,091		711,950
		Carrols Corp.#		8.00		5/1/2022		709,000		722,128		725,307
		JBS S.A.^#		6.75		2/15/2028		2,886,000		2,886,000		2,987,010
		JBS USA LLC^#		7.25		6/1/2021		3,000,000		3,030,347		3,021,000
		Manitowoc Foodservice#		9.50		2/15/2024		1,074,000		1,074,000		1,158,577
		Refresco Group N.V.+^		6.50		5/15/2026		1,600,000		1,931,981		1,825,769
		Simmons Foods, Inc.^		5.75			11/1/2024	2,885,000		2,072,085		2,531,587
			Total Beverage, Food and Tobacco					12,954,000		12,738,632		12,961,200
	Broadcasting and Entertainment — 5.22%*:
		Arqiva Broadcast+^		6.75		9/30/2023		4,950,000		6,340,123		6,848,495
		Clear Channel Worldwide Holdings Inc.^		9.25		2/15/2024		642,000		642,000		680,520
		Dish DBS Corp.#		7.75		7/1/2026		7,094,000		6,861,945		6,171,780
		Intelsat Jackson Holdings Ltd.^#		9.75			7/15/2025	4,609,000		4,836,929		4,679,518
		Intelsat Jackson Holdings Ltd.^#		8.50			10/15/2024	1,801,000		1,801,000		1,751,473
			Total Broadcasting and Entertainment					19,096,000		20,481,997		20,131,786
	Buildings and Real Estate — 0.13%*:
		Realogy Group^		9.38			4/1/2027	477,000		477,000		488,329
			Total Buildings and Real Estate					477,000		477,000		488,329
	Cargo Transport — 5.53%*:
		Direct ChassisLink, Inc.^#		10.00		6/15/2023		8,444,000		8,599,807		8,940,085
		Kenan Advantage^#		7.88		7/31/2023		10,000,000		10,052,462		9,675,000
		XPO Logistics Inc.^		6.75			8/15/2024	2,636,000		2,636,000		2,688,720
			Total Cargo Transport					21,080,000		21,288,269		21,303,805
	Chemicals, Plastics and Rubber — 9.25%*:
		Carlyle Group^#		8.75		6/1/2023		3,000,000		2,970,300		2,917,500
		Chemours Co.#		7.00		5/15/2025		5,962,000		5,616,872		6,275,005
		Consolidated Energy Finance S.A.^#		6.88		6/15/2025		1,779,000		1,770,105		1,792,343
		CVR Partners LP^#		9.25		6/15/2023		6,213,000		6,146,835		6,508,118
		Diversey^		5.63			8/15/2025	1,500,000		1,604,724		1,571,579
		Nouryon+^#		8.00			10/1/2026	4,214,000		4,228,357		4,245,605
		Nouryon+^		6.50			10/1/2026	2,700,000		3,009,940		3,030,211
		Pinnacle Operating Corp.^#		9.00		5/15/2023		1,993,613		1,993,613		1,036,679
		TPC Group, Inc.^#		8.75		12/15/2020		8,398,000		8,403,560		8,272,030
			Total Chemicals, Plastics and Rubber					35,759,613		35,744,306		35,649,070
	Diversified/Conglomerate Manufacturing — 0.80%*:
		Manitowoc Cranes^		9.00			4/1/2026	3,038,000		3,056,714		3,075,975
			Total Diversified/Conglomerate Manufacturing					3,038,000		3,056,714		3,075,975

Barings Global Short Duration High Yield Fund

SCHEDULE OF INVESTMENTS

March 31, 2019 (Unaudited)

				EFFECTIVE INTEREST RATE‡			DUE DATE	PRINCIPAL		COST		FAIR VALUE
Corporate Bonds (continued)
	Diversified/Conglomerate Service — 4.21%*:
		Algeco Scotsman+^		6.50	%	2/15/2023		1,750,000	$	2,128,243	$	2,041,430
		ADT Corp/Protection One^#		9.25		5/15/2023		12,337,000		13,032,509		12,953,850
		Carlson Travel Holdings Inc.^#		9.50		12/15/2024		1,305,000		1,305,000		1,256,063
			Total Diversified/Conglomerate Service					15,392,000		16,465,752		16,251,343
	Diversified Natural Resources, Precious Metals and Minerals — 0.52%*:
		IAMGOLD Corporation+^#		7.00		4/15/2025		2,000,000		2,000,000		2,025,000
			Total Diversified Natural Resources, Precious Metals and Minerals					2,000,000		2,000,000		2,025,000
	Electronics — 5.48%*:
		International Wire Group Inc.^#		10.75		8/1/2021		7,389,000		7,064,560		7,389,000
		TIBCO Software, Inc.^#		11.38		12/1/2021		2,915,000		3,081,519		3,103,018
		Veritas Bermuda Ltd.^#		10.50		2/1/2024		11,925,000		9,855,961		10,643,062
			Total Electronics					22,229,000		20,002,040		21,135,080
	Finance — 3.80%*:
		Galaxy Finco Ltd.+^#		7.88		11/15/2021		3,900,000		6,351,156		4,951,575
		GFKL Financial Services+^#		8.50		11/1/2022		3,975,000		5,714,982		4,672,481
		GFKL Financial Services+^#		11.00		11/1/2023		1,600,000		2,200,592		1,801,383
		Virtu Financial LLC^#		6.75		6/15/2022		3,132,000		3,132,000		3,230,126
			Total Finance					12,607,000		17,398,730		14,655,565
	Healthcare, Education and Childcare — 16.69%*:
		Advanz Pharma Corp.+		8.00			9/6/2024	500,000		479,274		470,000
		Avantor Performance Materials Holdings, Inc.^#		9.00		10/1/2025		5,180,000		5,277,337		5,613,825
		Bausch Health Companies Inc.^#		9.00		12/15/2025		12,922,000		13,184,882		14,037,169
		Bausch Health Companies Inc.^#		9.25		4/1/2026		3,397,000		3,397,000		3,717,337
		Bausch Health Companies Inc.^#		8.50		1/31/2027		317,000		317,000		336,020
		Endo International^		6.00		2/1/2025		3,248,000		2,665,100		2,349,213
		Endo International^		7.50			4/1/2027	1,890,000		1,890,000		1,916,460
		Envision Healthcare Corp.^#		8.75		10/15/2026		17,559,000		16,588,316		15,649,459
		Horizon Pharma plc^#		8.75		11/1/2024		1,595,000		1,597,004		1,732,569
		Regionalcare Hospital Partners, Inc.^#		8.25		5/1/2023		9,996,000		10,074,800		10,633,245
		Surgery Center Holdings, Inc.^#		8.88		4/15/2021		2,950,000		2,992,850		3,089,535
		Synlab+^		8.25		7/1/2023		2,000,000		2,533,832		2,375,191
		Tenet Healthcare Corporation#		8.13		4/1/2022		1,700,000		1,683,385		1,828,945
		Teva Pharmaceutical+#		6.75		3/1/2028		578,000		578,000		582,689
			Total Healthcare, Education and Childcare					63,832,000		63,258,780		64,331,657
	Home and Office Furnishings, Housewares, and Durable Consumer Products — 1.64%*:
		Balta+^#		7.75			9/15/2022	4,171,500		4,850,441		4,562,286
		Herbalife Ltd.^#		7.25			8/15/2026	585,000		585,000		602,550
		Mattel, Inc.^#		6.75		12/31/2025		1,169,000		1,169,000		1,150,004
			Total Home and Office Furnishings, Housewares, and Durable Consumer Products					5,925,500		6,604,441		6,314,840
	Hotels, Motels, Inns and Gaming — 1.17%*:
		Boyne USA, Inc.^#		7.25		5/1/2025		950,000		950,000		1,016,500
		TVL Finance Plc+^		8.50		5/15/2023		2,560,000		3,623,199		3,483,745
			Total Hotels, Motels, Inns and Gaming					3,510,000		4,573,199		4,500,245
	Insurance — 1.95%*:
		Acrisure LLC^		8.13			2/15/2024	734,000		734,000		760,541
		Onex York Acquisition Corp.^#		8.50		10/1/2022		8,309,000		7,629,056		6,771,835
			Total Insurance					9,043,000		8,363,056		7,532,376

Barings Global Short Duration High Yield Fund

SCHEDULE OF INVESTMENTS

March 31, 2019 (Unaudited)

				EFFECTIVE INTEREST RATE‡			DUE DATE	PRINCIPAL		COST		FAIR VALUE
Corporate Bonds (continued)
	Leisure, Amusement, Motion Pictures and Entertainment — 1.64%*:
		Perform Group+^		8.50	%	11/15/2020		2,600,000	$	3,439,004	$	3,411,785
		Thomas Cook+^		3.88			7/15/2023	150,000		118,390		111,895
		Thomas Cook+^		6.25			6/15/2022	1,200,000		1,105,831		1,047,405
		Vue Cinemas+^		7.88			7/15/2020	1,275,000		1,673,968		1,656,065
		Vue Cinemas+^		4.94			7/15/2020	100,000		112,765		111,418
			Total Leisure, Amusement, Motion Pictures and Entertainment					5,325,000		6,449,958		6,338,568
	Machinery (Non-Agriculture, Non-Construct, Non-Electronic) — 2.65%*:
		Apex Tool Group LLC^#		9.00		2/15/2023		10,627,000		10,365,162		10,201,920
			Total Machinery (Non-Agriculture, Non-Construct, Non-Electronic)					10,627,000		10,365,162		10,201,920
	Mining, Steel, Iron and Non-Precious Metals — 11.45%*:
		Alliance Resources Partners, L.P.^#		7.50		5/1/2025		764,000		764,000		795,515
		Big River Steel LLC^#		7.25		9/1/2025		1,547,000		1,547,000		1,617,079
		Consol Energy Inc.^#		11.00		11/15/2025		9,316,000		9,688,385		10,573,660
		First Quantum Minerals+^#		7.25			4/1/2023	2,000,000		1,909,254		1,955,000
		First Quantum Minerals+^#		7.50			4/1/2025	6,775,000		6,608,138		6,487,063
		Hecla Mining Company#		6.88		5/1/2021		5,888,000		5,776,074		5,888,000
		Kissner Milling Company Limited^#		8.38			12/1/2022	6,475,000		6,467,491		6,758,281
		Northwest Acquisitions ULC+^#		7.13			11/1/2022	2,411,000		2,275,083		2,121,680
		SunCoke Energy Inc.^#		7.50		6/15/2025		2,743,000		2,702,212		2,777,288
		TMS International Corp.^#		7.25			8/15/2025	2,250,000		2,250,000		2,179,170
		United States Steel Corp.#		6.88		8/15/2025		2,093,000		2,093,000		2,035,442
		Warrior Met Coal Inc.^#		8.00		11/1/2024		914,000		914,000		954,559
			Total Mining, Steel, Iron and Non-Precious Metals					43,176,000		42,994,637		44,142,737
	Oil and Gas — 21.14%*:
		Calumet Specialty Products		7.63			1/15/2022	4,176,000		3,876,221		3,862,800
		CGG Holdings+^		7.88		5/1/2023		1,200,000		1,442,425		1,446,391
		Chaparral Energy Inc.^#		8.75		7/15/2023		2,589,000		2,589,000		1,773,465
		CITGO Holding Inc.^#		10.75		2/15/2020		11,363,000		11,410,002		11,649,348
		Covey Park Energy LLC^#		7.50		5/15/2025		1,597,000		1,602,402		1,477,225
		Ensco PLC#		7.75		2/1/2026		603,000		603,000		508,781
		Enven Energy Ventures^#		11.00			2/15/2023	3,572,000		3,572,000		3,924,735
		EP Energy^#		8.00			2/15/2025	7,183,000		5,705,409		2,478,135
		Ferrellgas Partners LP#		8.63		6/15/2020		6,068,000		6,049,427		4,581,340
		Ferrellgas Partners LP#		8.63		6/15/2020		1,254,000		1,234,676		946,770
		Globe Luxembourg SA+^#		9.88			4/1/2022	3,103,000		3,178,125		2,668,580
		Globe Luxembourg SA+^#		9.63			4/1/2023	4,238,000		4,294,306		3,544,027
		Jonah Energy LLC^#		7.25		10/15/2025		5,714,000		4,968,487		3,028,420
		Kosmos Energy Ltd.+^#		7.88		8/1/2021		6,414,000		6,251,294		6,546,770
		Kosmos Energy Ltd.+^#		7.88		8/1/2021		3,984,000		3,909,976		4,066,469
		Neptune Energy^#		6.63		5/15/2025		1,600,000		1,600,000		1,568,000
		Pbf Holding Company LLC#		7.00		11/15/2023		1,000,000		997,500		1,028,500
		Pbf Logistics LP#		6.88		5/15/2023		1,117,000		1,117,000		1,136,547
		Topaz Marine SA+^#		9.13		7/26/2022		8,500,000		8,500,000		8,609,157
		Vine Oil & Gas^#		9.75			4/15/2023	13,476,000		12,180,811		11,117,700
		Welltec+^#		9.50		12/1/2022		5,713,000		5,691,698		5,527,327
			Total Oil and Gas					94,464,000		90,773,759		81,490,487
	Personal and Non Durable Consumer Products — 0.31%*:
		High Ridge Brands Co.^		8.88		3/15/2025		2,982,000		2,982,000		1,192,800
			Total Personal and Non Durable Consumer Products					2,982,000		2,982,000		1,192,800
	Personal Transportation — 1.13%*:
		Hertz Corporation^#		7.63		6/1/2022		3,678,000		3,673,596		3,764,433
		Naviera Armas, 3M EURIBOR + 6.500%+^~		6.50			7/31/2023	525,000		609,816		582,591
			Total Personal Transportation					4,203,000		4,283,412		4,347,024

Barings Global Short Duration High Yield Fund

SCHEDULE OF INVESTMENTS

March 31, 2019 (Unaudited)

				EFFECTIVE INTEREST RATE‡			DUE DATE	PRINCIPAL		COST		FAIR VALUE
Corporate Bonds (continued)
	Printing and Publishing — 0.52%*:
		Cimpress N.V.^#		7.00	%	6/15/2026		2,069,000	$	2,069,000	$	1,991,413
			Total Printing and Publishing					2,069,000		2,069,000		1,991,413
	Retail Store — 2.03%*:
		Aurum+^		8.50		4/15/2023		600,000		854,701		786,914
		Douglas GMBH+^		6.25		7/15/2022		775,000		759,324		804,061
		Ken Garff Automotive^#		7.50			8/15/2023	1,092,000		1,092,000		1,108,380
		Maxeda DIY+^		6.13		7/15/2022		750,000		855,530		822,387
		Travelex+^#		8.00		5/15/2022		4,000,000		4,421,260		4,298,611
			Total Retail Store					7,217,000		7,982,815		7,820,353
	Telecommunications — 3.46%*:
		Altice S.A.+^#		9.00			6/15/2023	3,150,000		4,090,792		3,683,704
		Commscope Inc.^		8.25			3/1/2027	1,204,000		1,204,000		1,249,150
		Digicel Limited+^#		8.25		9/30/2020		3,000,000		2,970,329		2,309,967
		Hughes Satellite Systems Corp#		6.63		8/1/2026		3,000,000		2,933,262		2,940,000
		Sprint Corp.#		7.63		3/1/2026		3,108,000		3,105,500		3,149,958
			Total Telecommunications					13,462,000		14,303,883		13,332,779
	Utilities — 2.01%*:
		Nordex+^		6.50		2/1/2023		1,950,000		2,421,789		2,174,736
		NRG Energy#		7.25		5/15/2026		1,385,000		1,390,249		1,523,763
		Techem+^		6.00		7/30/2026		3,500,000		3,984,195		4,061,784
			Total Utilities					6,835,000		7,796,233		7,760,283
			Total Corporate Bonds					430,682,113		435,740,615		422,487,185
			Total Fixed Income					540,706,615		539,008,207		523,401,286
			Total Investments					579,846,806		555,085,593		536,521,617
Other assets and liabilities — (39.16)%												(150,991,742)
			Net Assets — 100%								$	385,529,875

‡	The effective interest rates are based on settled commitment amount.
*	Calculated as a percentage of net assets applicable to common shareholders.
¤	Value determined using significant unobservable inputs, security is categorized as Level 3.
+	Foreign security.
^	Security 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.
~	Variable rate security.  The interest rate shown is the rate in effect at March 31, 2019.
#	All or a portion of the security is segregated as collateral for the credit facility.
§	Bank loans are exempt from registration under the Securities Act of 1933, as amended, but contain certain restrictions on resale and cannot be sold publicly. These loans pay interest at rates which adjust periodically. The interest rates shown for bank loans are the current interest rates at March 31, 2019. 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.

Distributions of investments by country of risk.  Percentage of assets are expressed by market value excluding cash and accrued income as of March 31, 2019.
	United States	73.6%
	United Kingdom	10.7%
	Netherlands	2.7%
	Germany	2.1%
	Ghana	2.0%
	Azerbaijan	1.6%
	Zambia	1.6%
	Canada	1.5%
	Denmark	1.0%
	(Individually less than 1%)	3.2%
		100.0%

A summary of outstanding derivatives at March 31, 2019 is as follows:
Schedule of Open Forward Currency Contracts
March 31, 2019 (Unaudited)
					Forward		Unrealized
Currency to be		Currency to be		Counterparty of	Settlement		Appreciation /
Received		Delivered(1)		Contract	Date		(Depreciation)
40,157,897	USD	(40,025,267)	EUR	JP MORGAN CHASE SECURITIES INC.	4/12/2019		132,630
398,228	USD	(394,325)	GBP	BANK OF NEW YORK	4/12/2019		3,903
29,223,616	USD	(29,239,533)	GBP	JP MORGAN CHASE SECURITIES INC.	4/12/2019		(15,917)
618,782	USD	(613,198)	GBP	MORGAN STANLEY & CO. INCORPORATED	4/12/2019		5,584
						$	126,200
(1) Values are listed in U.S. dollars.

Schedule of Investments.

Valuation of Instruments

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.  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 Fund’s own assumptions in determining the fair value of investments)

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

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

The following is a summary of the inputs used as of March 31, 2019 in valuing the Fund’s investments:

Description	Level 1		Level 2		Level 3		Total Investments
Assets:
Equities:
Common Stocks	$	-	$	9,257,041	$	3,353,143	$	12,610,184
Preferred Stocks		-		-		314,721		314,721
Warrants		-		58,147		137,279		195,426
Total Equities:		-		9,315,188		3,805,143		13,120,331
Fixed Income:
Asset-Backed	$	-	$	25,866,584	$	1,100,000	$	26,966,584
Securities    Bank Loans		-		71,406,833		2,540,684		73,947,517
Corporate Bonds		-		422,487,185		-		422,487,185
Total Fixed Income	$	-	$	519,760,602	$	3,640,684	$	523,401,286
Derivative Securities:
Foreign Exchange Contracts:	$	-	$	142,117	$	-	$	142,117
Total Derivative Securities	$	-	$	142,117	$	-	$	142,117
Total Assets	$	-	$	529,217,907	$	7,445,827	$	536,663,734
Liabilities:
Foreign Exchange Contracts	$	-	$	15,917	$	-	$	15,917
Total Liabilities:	$	-	$	15,917	$	-	$	15,917

The following table is a summary of quantitative information about significant unobservable valuation inputs for Level 3 fair value measurement for investments held as of March 31, 2019:

Type of Assets	Fair Value as of March 31, 2019	Valuation Technique(s)	Unobservable Input
Equities
Appvion Holdings Corp.	$137,279	Broker Quote	$10.65; pricing source depth of 1.
Boomerang Tube Holdings, Inc.	$3,073,795	Broker Quote	Average Enterprise Valuation Multiple:  5.0x; EBITDA: $25 million; Discount rate 10%
Pinnacle Operating Corp.	$314,721	Broker Quote	$0.23; pricing source depth of 1.
Templar Energy LLC	$228,576	Broker Quote	$2.25; pricing source depth of 1.
Templar Energy LLC	$50,772	Broker Quote	$0.375; pricing source depth of 1.
Asset-Backed Securities
LCM LTD 2019-30	$1,100,000	Broker Quote	$100.00; pricing source depth of 1.
Bank Loans
Boomerang Tube, LLC	$2,540,684	Discounted Cash Flow	Average Enterprise Valuation Multiple:  5.0x; EBITDA: $25 million; Discount rate 10%

Appvion Holdings Corp. restructured its debt securities on August 28, 2018.  The Fund subsequently received new equity securities, all of which are considered Level 3.

Boomerang Tube, LLC restructured its debt securities on February 2, 2016.  The Fund subsequently received new debt securities, all of which are considered Level 3.

Templar Energy, LLC restructured its Second Lien Term Loan on September 14, 2016.  The Fund subsequently received new equity securities, all of which are considered Level 3.

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

The Fund discloses transfers between levels based on valuations at the end of the reporting period. Based on end of period market values, $179,723 was transferred from Level 3 to Level 2 for the period from January 1, 2019 through March 31, 2019. The following is a reconciliation of Level 3 investments based upon the inputs used to determine fair value:

	BALANCE AT DECEMBER 31, 2018	TRANSFERS INTO LEVEL 3	Transfers out of Level 3	PURCHASES	SALES	ACCRETION OF DISCOUNT	REALIZED GAIN / (LOSS)	CHANGE IN UNREALIZED	BALANCE AT MARCH 31, 2019	CHANGE IN UNREALIZED APPRECIATION / (DEPRECIATION) FROM INVESTMENTS HELD AS OF MARCH 31, 2019
Equities
Common Stocks	$4,000,008	$0	($121,576)	$150,191	$0	$0	$0	$0	$3,353,143	($675,480)
Preferred Stocks	$136,835	$0	$0	$0	$0	$0	$0	$0	$314,721	$177,886
Warrants	$157,547	$0	($50,704)	$0	$0	$0	$0	$0	$137,279	$30,436
Total Equities	$4,294,390	$0	($172,280)	$150,191	$0	$0	$0	$0	$3,805,143	($467,158)
Fixed Income
Asset-Backed Securities	$0	$0	$0	$1,100,000	$0	$0	$0	$0	$1,100,000	$0
Bank Loans	$2,540,684	$0	$0	$0	$0	$0	$0	$0	$2,540,684	$0
Total Fixed Income	$2,540,684	$0	$0	$1,100,000	$0	$0	$0	$0	$3,640,684	$0
Total	$6,835,074	$0	($172,280)	$1,250,191	$0	$0	$0	$0	$7,445,827	($467,158)