Barings U.S. High Yield Fund

[Pages:3]Barings U.S. High Yield Fund

OVERALL M O RNI NG S TAR RATI NG TM

Morningstar rated the Barings U.S. High Yield Fund classY share 3 stars among 553 High Yield Bond Funds for the overall rating and the 5 year period as of 10/31/21. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with a fund's three, five-, and ten-year (as applicable) Morningstar Rating metrics. Past performance is no guarantee of future results. For additional information refer to page three.

CLASS SYMBOL CUSIP

C

BXHCX 06759W885

Y

BXHYX 06759W703

P O RTFO LI O M ANAG E RS 5

Sean Feeley 24 years of experience

Scott Roth, CFA 27 years of experience

M O RNI NG S TAR CATE G O RY

High Yield Bond CHARACTE RI S TI CS

Total Assets (all classes)

$52.7M

Net Assets (all classes)

$52.4M

Average Duration

3.90 yrs

Number of Issuers

199

Average Price

$103.35

Sub. SEC 30-Day Yield (YCl a ss) Unsub. SEC 30-Day Yield (Y-Cl a ss)

4.32% 3.77%

O CTO BE R 2 0 2 1 / M O NTHLY UP DATE

OVERVIEW

Barings U.S. High Yield Fund seeks to achieve a high level of total return, with an emphasis on current income, by investing primarily in high yield debt and related securities.

S TRATE G Y

? Invests in U.S. high yield corporate debt issuers supported by 40 global high yield research a n a l ysts

? Seeks to capture the best relative value opportunities across rating categories, industries and within an issuer's capital structure

? Bottom-up, fundamental approach to credit analysiswith a targeted approach to high conviction ideas and active portfolio management style to manage risk while optimizing relative value

M ARKE T O P P O RTUNI TY

? U.S. high yield bond spreads have remained attractive in this low interest environment relative to other income producing investments

? Inefficiencies and pricing discrepancies may exist in the U.S. high yield market due to market vo l a ti l i ty

? Uncovering unique investment opportunities across the market (i.e., fallen angels, smaller issuers, non-benchmark credits, etc.) by leveraging a dedicated, global high yield research team

FUND P E RFO RM ANCE (NE T)

Class C (NAV) Class C (CDSC)? Class Y

Benchmark

1 M O NTH Y TD

MONTH END AS OF OCTOBER 31, 2021

-0.16% 4.91%

Q UARTE R

SINCE 1 Y E AR 3 Y E AR I NCE P TI O N1

QUARTER END AS OF SEPTEMBER 30, 2021

0.68%

12.78%

4.82%

5.78%

-1.15% 3.91% -0.32%

11.78%

4.82%

5.78%

-0.07% -0.17%

5.78% 4.36%

0.93% 0.89%

13.91% 11.28%

5.87% 6.91%

6.83% 7.12%

E X P E NS E RATI O S

CLASS C

CLASS Y

Gross Net4

7.31% 1.75%

1.10% 0.75%

1. Inception date: 10/30/2015 2. Class C performance with the saleschargesincludesthe 1.00% contingent deferred sales

charge (CDSC) for returnsof one year or less.

3. Benchmark: Bloomberg BarclaysU.S. Corporate High Yield Index. The benchmarkcovers the universe of fixed-rate, non-investment grade debt focusing on corporate USD denominated and non-convertible debt. It isnot possible to invest directly in an index.

4. The net expense ratio reflectsa contractual commitment by the Fund'sinvestment adviser to

waive certain feesand reimburse certain expensesthrough November 1, 2022. Absent the waiver and reimbursement, expenseswould be higher and total returnswould be less. The gross expense ratio reflectsthe total annual fund operating expense asof the Fund'smost recent prospectus.

5. As of the Fund's most recent prospectus. Performance show n is historical and does not guarantee future results. Current performance may be low er or higher. Because share price, principal v alue, and return w ill v ary, you may hav e a gain or loss w hen you sell Fund shares. For current month-end performance

information, call 1.855.439.5459. Performance includes the reinv estment of div idends and capital gains. Performance less than one year is cumulativ e; all other performance is annualized.

I nve stment products: Not FDI C insured. No bank guarantee. May lose value.

Barings U.S. High Yield Fund

Q UALI TY DI S TRI BUTI O N 1 , 2 Baa Ba B Caa and Below Not Publicly Rated Cash and Accrued Income TOTAL

TO P FI V E CO UNTRI E S 1 United States Canada Au stra l i a United Kingdom Za m b i a TOTAL

TO P 1 0 HO LDI NG S 1 Occidental Petroleum Corp. Bausch Health CompaniesInc. Finastra (fka Misys) JBS Sprint Corporation Ford Motor Co. Triumph Group, Inc. American Airlines Group Inc. GenesisEnergy, L.P. Avolon HoldingsLimited TOTAL

4.38 % 42.87 % 33.68 % 14.58 % 0.74 % 3.75 % 100.00%

89.27 % 2.73 % 0.97 % 0.94 % 0.76 % 94.67%

2.84 % 2.60 % 2.34 % 2.22 % 1.70 % 1.65 % 1.56 % 1.49 % 1.32 % 1.32 % 19.04 %

P O RTFO LI O CO M P O S I TI O N 1 , 3

Cash and Accrued Income 3.8%

2nd Lien Senior Secured Loans

2.4%

Other 0.6%

1st Lien Senior Secured Loans

7.4%

Senior Secured

Bonds 21.1%

Senior Unsecured

Bonds 64.7%

TO P 1 0 M O O DY ' S I NDUS TRI E S 1 Oil and Gas T el ecomm unications Healthcare, Education and Childcare Diversified / Conglomerate Service Fi n a n ce Broadcasting and Entertainment Aerospace and Defense Mining, Steel, Iron and Non PreciousMetals Buildingsand Real Estate Leisure, Amusement, Entertainment TOTAL

16.92 % 9.18 % 8.82 % 7.05 % 7.04 % 6.85 % 4.72 % 4.62 % 4.45 % 3.84 % 73.49 %

1. Percentages of total assetsare expressed by market value including cash, short -term instrumentsand accrued income, and will vary over time. 2. Ratings shown are the highest rating given by one of the following national rating agencies: S&P, Moody'sor Fitch. Additional information

about ratingscan be found at , and . Credit ratingsare subject t o change. AAA, AA, A, and BBB are investment grade ratingscategoriesused by S&P and Fitch; BB, B, CCC/CC/C and D are below investment grade ratingscategoriesused by S&P and Fitch. Aaa, Aa, A and Baa are investment grade ratingscategoriesused by Moody's; Ba, B, Caa/Ca and C are below investment grade ratings categories used by Moody's. Ratings categories may include gradations within each category. Bonds backed by U.S. Government or agency securitiesare given an implied rating equal to the rating of such securi ties. Holdings designated Not Publicly Rated are not rated by these national rating agencies

3. Debt investments consist of senior secured loansand senior secured bonds, second lien loans, senior unsecured and subordinated lo ans, senior and subordinated corporate debt obligationsand structured products(consisting of collateralized bond and loan obliga tions). The loans, or bonds, in which the Fund intendsto invest may include, but are not limited to, secured loansor bondsthat are sen ior ("first lien") or subordinated ("second lien") loans, and unsecured loansand bonds. Special Situationsrefersto distressed or stressed securi ties.

I nve stment products: Not FDI C insured. No bank guarantee. May lose value.

Important Information

The data in this factsheet relatesto the portfolio and the underlying securitiesheld in the portfolio. It should not be con strued asa measure of performance for The Fund itself. Duration measuresthe time -weighted expected cash flowsof a security, which can determine a se curity's sensitivity to changes in the general level of interest rates. Average Market Price isthe weighted average market price of t he Fund's holdings. The Securities and Exchange Commission 30-Day Yield iscomputed under an SEC standardized formula. Subsidized (Sub.) yieldsreflect fee waivers in effect. Without such waivers, yieldswould be reduced. Unsubsidized (Unsub.) yieldsdo not reflect fee waiversin effect.

? 2021 Morningstar. All Rights Reserv ed. The information contained herein: (1) is proprietary to Morningstar and/or its content prov iders; (2) may not be copied or distributed; and (3) is not w arranted to be accurate, complete or timely. Neither Morning star nor its content prov iders are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

The Morningstar RatingTM for funds, or "star rating", iscalculated for managed products(including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three -year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accountsfor variation in a managed product'smonthly excessperformance, placing more emphasison downwa rd variations and rewarding consistent performance. The top 10% of productsin each product category receive 5 stars, the next 22.5% receiv e 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figuresassociated with itsthree -, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 monthsof total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10 -year period, the most recent three-year period actually hasthe greatest impact because it is included in all three rating periods.

RISKS Inv esting in the Fund inv olv es risks, including the risk that you may receive little or no return on your investment or that you may lose part or even all of your investment. Fixed income investing issubject to interest rate risks. Bond pricesand other fixed income pro duct pricesgenerally fall when interest rates rise. Duration measuresthe price sensitivity of a bond or a portfolio to changesin interest rates. The Fund invests in high yield loans and bonds, commonly referred to as"j unk bonds," including distressed securities, which are subject to greater credit risk(the risk that an issuer won't make timely paymentsof principal and interest) and market risk (the riskthat the value of the Fund'sinvestmentsmay fall, sometimes rapidly or unpredictably, as a result of increasing interest ratesor otherwise); loans and deriv ative securities, which may carry market, credit and liquidity risk (the risk that the Fund'sinvestmentsmay be difficult to sell at an advantageoustime or price); foreign securities, which are subject to additional risks including political and economic risks. The Fund may also invest in mortgage and asset-backed securities which may be sensitive to changesin interest rates, subject to early repayment risk, and their value may fluctuate in response to the mar ket's perception of issuer creditworthiness; while generally supported by some form of government or private guarantee there isno assurance that privat e guarantors will meet their obligations. Although these securitiestend to provide higher yieldsthan higher rated securities, there isa grea ter risk that the Fund's share price will decline.

We believe the information provided here isreliable, but do not warrant itsaccuracy or completeness. Thismaterial isnot i ntended asan offer or solicitation for the purchase or sale of any financial instrument. The viewsand strategiesdescribed may not be suitable for all investors. This material has been prepared for informational purposesonly and isnot intended to provide, and should not be relied on for, a ccounting, legal or tax advice. References to future returnsare not promisesor even estimatesof actual returnsa client portfolio may achieve. Any forecastscontained herein are for illustrative purposesonly and are not to be relied upon asadvice or interpreted asa recommendation. Past pe rformance is no guarantee of future results.

Before inv esting you should consider carefully the Fund's inv estment obj ectives, risks, charges and expenses. A prospectus, w hich contains this and other information, can be obtained by calling1.855.439.5459. Read the prospectus carefully before investin g.

ALPS Distributors, Inc. isthe distributor for the Baringsmutual funds. ALPS and Baringsare separate and unaffiliated. ? 2021 Barings LLC. All rightsreserved.

BCM001005_12/31/2021

I nve stment products: Not FDI C insured. No bank guarantee. May lose value.

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