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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number(s) 811-22845

Barings Funds Trust

(Exact Name of Registrant as Specified in Charter)

300 South Tryon Street

Suite 2500

Charlotte, NC 28202

(Address of Principal Executive Offices)

Registrant’s telephone number, including area code: (704) 805-7200

Corporation Service Company (CSC)

251 Little Falls Drive

Wilmington DE 19808

United States

(Name and Address of Agent for Service)

Date of fiscal year end: September 30

Date of reporting period: July 1, 2021-September 30, 2021

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Item 1. Reports to Stockholders.

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BARINGS FUNDS TRUST

Annual Report

For the Period from July 1, 2021 to September 30, 2021

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BFT Service Providers

ADVISER

Barings LLC

300 South Tryon Street

Suite 2500

Charlotte, NC 28202

SUB-ADVISER

Barings International Investments Limited

20 Old Bailey

London, UK

EC4M 7BF

COUNSEL TO THE TRUST

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02110

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Deloitte & Touche LLP

30 Rockefeller Plaza

New York, NY

10112-0015

CUSTODIAN

State Street Bank & Trust Company

One Lincoln Street

Boston, MA 02111

TRANSFER AGENT AND REGISTRAR

ALPS Fund Services, Inc.

1290 Broadway

Suite 1100

Denver, CO 80203

FUND ADMINISTRATION / ACCOUNTING

State Street Bank &Trust Company

One Lincoln Street

Boston, MA 02111

FUND DISTRIBUTOR

ALPS Distributors, Inc.

1290 Broadway

Suite 1100

Denver, CO 80203

BLUE SKY ADMINISTRATION

DST Asset Manager Solutions, Inc.

2000 Crown Colony Drive

Quincy, MA 02169

PROXY VOTING POLICIES & PROCEDURES

The Trustees of Barings Funds Trust (the “Trust”) have delegated proxy voting responsibilities relating to the voting of securities held by the Trust to Barings LLC (“Barings”). A description of Barings’ proxy voting policies and procedures is available (1) without charge, upon request, by calling, toll-free 1-877-766-0014; (2) on the Trust’s website at http://www.Barings.com; and (3) on the U.S. Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS

The funds in the Trust file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an attachment to Form N-PORT. The funds’ Form N-PORT are available on the SEC’s website at http://www.sec.gov. A complete schedule of portfolio holdings as of each quarter-end is available on the Trust’s website at http://www.Barings.com or upon request by calling, toll-free, 1-877-766-0014.

**PLACEHOLDER FOR PRESIDENT’S MESSAGE AND FUND COMMENTARIES**

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Barings Global Floating Rate Fund 2021 Annual Report

Investment Objective

Barings Global Floating Rate Fund (“Global Floating Rate Fund” or the “Fund”) seeks a high level of current income. Preservation of capital is a secondary goal.

Portfolio Management Commentary

For the third quarter, the Barings Global Floating Rate Fund (I shares) returned +0.89%¹ (net of fees), which compared to a return of +1.14% for the Fund’s benchmark⁵. The broadly syndicated loan market was largely able to avoid volatility that affected performance in other liquid markets during the quarter and generated a positive return. Interest income was the primary contributor to total returns across the loan market for the quarter with minimal movement in secondary market prices. Lower rated loans outperformed higher rating categories through a combination of higher income and modest price appreciation. Demand for the asset class was strong and led by the demand from ramping collateralized loan obligations, as well as continued positive net flows into loan retail funds. In the loan primary market, outside of lower activity in August, institutional loan new issuance was steady in both regions for the quarter overall.

In regards to the Fund’s performance relative to its benchmark, the main detractor from relative performance for the quarter was the Fund’s exposure to cash. This was despite the Fund’s modest cash exposure, although was a detractor nonetheless given the positive total return across the loan markets. Within industry sectors, the Fund’s attribution results benefitted from a positive impact from credit selection within the Healthcare and Energy sectors. This was partially offset by underperformance by the Fund’s holdings in the Diversified Media sector. By rating category, the Fund’s overweight exposure to lower rated loans offset some of the detractors from performance given the outperformance by that portion of the market.

The Fund did not make material changes to the target allocation between the North American and European loan markets as the focus of portfolio trading efforts are on relative value decisions within each region rather than regional shifts. Since both regions performed in a similar manner, there was no material impact to attribution results based on regional allocations. Purchasing activity during the quarter was primarily focused on what was believed to be a healthy new issue market.

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Barings Global Credit Income Opportunities Fund 2021 Annual Report

Investment Objective

Barings Global Credit Income Opportunities Fund (“Global Credit Income Opportunities Fund” or the “Fund”) seeks absolute return, primarily through current income and secondarily through capital appreciation.

Portfolio Management Commentary

For the third quarter, Barings Global Credit Income Opportunities Fund returned +0.80%¹ compared to a return of +1.27% for the 3 month USD LIBOR + 500 basis points^2,6. During the quarter, the global loan market outperformed the global high yield bond market and both markets generated positive total returns. Developed markets high yield bonds outperformed emerging markets corporates, which was largely due to increased volatility for Chinese real estate developers. In the loan market, the lower rating category outperformed higher rated loans, whereas in the high yield bond market performance across rating categories was mixed. Demand for both loans and high yield bonds was healthy during the quarter and both markets were met with a steady volume of new issuance overall.

During the quarter, the Fund’s exposure to collateralized loan obligations (“CLOs”), in particular CLO double-B rated debt tranches,³ was the top contributor to the Fund’s performance. The Fund’s exposure to loan and high yield bond holdings also contributed to the Fund’s relative performance. Healthy performance from the Fund’s developed markets high yield bond holdings offset underperformance by the Fund’s exposure to emerging markets corporate bonds.

There was no material changes to the target allocations across regions or asset classed during the quarter. The Fund modestly increased the target allocation to CLOs in anticipation of a high volume of new issuance and emerging markets corporate bonds to be in a position to seek opportunities in that market given the increased volatility. However, the focus of purchasing activity during the quarter was on new issue transactions across the various high yield credit markets in which the Fund invests.

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Barings Emerging Markets Debt Blended Total Return Fund 2021 Annual Report

Investment Objective

Barings Emerging Markets Debt Blended Total Return Fund (“EMD Blended Total Return Fund” or the “Fund”) seeks to achieve maximum total return, consistent with preservation of capital and prudent investment management, through high current income generation and, where appropriate, capital appreciation.

Portfolio Management Commentary

The Barings Emerging Markets Debt Blended Total Return Fund was down -2.37%¹ during Q3 2021. At the index level, EM Corporate was up +0.25%, EM Sovereign was down -0.70% and EM Local was down -3.10%. Sovereign spreads widened 16 bps⁷ and ended the month at 355 bps, while the divergence between IG and HY ended the month at 448 bps, 11 bps wider than last month’s close. EM Local increased 31 bps ending the quarter at 5.30%. Both EM Local rates and currencies were detractors to performance at the index level with local rates detracting -0.23% and FX detracting -2.87% against a strengthening US Dollar. EM Corporate spreads, as represented by the JP Morgan CEMBI Broad Diversified Index, widened by 9 bps to 258 bps. 10-year US Treasury yields volatile on the quarter, ending the quarter up 2 bps at 1.49%. Brent Crude prices continued to climb and were up 4.5% on the quarter to $78.52/bbl, while the Refinitiv Core Commodity Index was up 7.3% on the back of strong demand as economic activity continued to recover and vaccine distributions continued across many developed and some emerging markets. While the events in China, along with expectations for rate increases in developed markets, have impacted emerging markets, in our view, there are reasons to believe the long-term picture for the asset class remains encouraging.

Many EM countries have lowered their financing needs over the last couple of years, and trade balances across the region have significantly improved since the onset of the pandemic—aided by higher commodity prices and consistent demand. As a result, while rising developed market rates can impact EM countries’ ability to access external financing, we believe many countries today are less reliant on financing from foreign investors, and thus better positioned to withstand outflows. At the same time, we believe the overall EM growth story remains positive, underpinned by the ongoing recovery across both developed and emerging markets. In particular, the increased fiscal firepower in developed markets has sustained demand for EM goods and services. Meanwhile, capital support from post-pandemic moratorium and forbearance measures has remained in place, and has continued to benefit EM countries. Global trade has also re-engaged after remaining largely flat for a number of years, which we believe should continue to support the asset class.

In Q3, EM Corporates detracted -24 bps to performance, EM Sovereign detracted -12 bps, local rates detracted -59 bps and EM FX detracted -91 bps. The top performing countries were Thailand (short FX), Russia (Corporates), Greece (Corporates), Hungary (short rates) and Switzerland (short FX). Detractors on the month were Brazil (local rates, FX, Sovereign and Corporate), China (Corporates), Chile (FX), Poland (FX) and South Africa (FX).

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Barings Emerging Markets Debt Blended Total Return Fund 2021 Annual Report

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Barings Global Emerging Markets Equity Fund 2021 Annual Report

Investment Objective

Barings Global Emerging Markets Equity Fund (the “Fund”) seeks to achieve long-term capital growth.

Portfolio Management Commentary

The Barings Global Emerging Markets Equity 40Act Fund declined -8.2%¹ in Q3 and underperformed the MSCI Emerging Markets Total Return Net Index, which fell -8.1%⁴.

Stock selection in the Information Technology and Utilities sectors enhanced relative performance, while our positioning in the Financials and Communication Services sectors detracted from relative performance. The portfolio’s modest allocation to cash contributed in a falling market.

Renewables specialist China Longyuan Power Group was the fund’s top contributor to relative returns, after having announced earnings for the first half of the year that were ahead of consensus expectations, driven by significant power generation growth and improved operational efficiency. Nari Technology, a Chinese company that manufactures grid automation technology, was another standout performer. This is, in part, a reflection of the company’s structural growth opportunity as China continues to automate its national power grid with greater emphasis on renewable energy sources. Elsewhere, conglomerate Reliance Industries was another notable contributor, driven in part by sector-wide strength across energy companies, as oil and natural gas prices rallied significantly.

In contrast, Hong Kong listed sportswear manufacturer Topsports detracted from relative performance over the period, reflecting concerns of some near term weakness in consumption. Elsewhere, Via suffered a weak quarter, as rising inflation rates and near term growth downgrades continue to pressure the Brazilian retailer. In response to heightened regulatory risk, internet company Tencent also underperformed.

Over the period, the portfolio purchased a new position in consumer-focused Ping An Bank, which is well-positioned to benefit from continued growth in the mass affluent market. The fund also purchased a new position in Natura, a Brazilian company that is a leading provider globally of sustainably sourced cosmetics and personal care products.

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SHAREHOLDER EXPENSES (UNAUDITED)

As a shareholder of Barings Global Floating Rate Fund, Barings Global Credit Income Opportunities Fund, Barings Emerging Markets Debt Blended Total Return Fund, or Barings Global Emerging Markets Equity Fund you incur ongoing expenses, such as management fees, shareholder service fees, distribution fees and other fund expenses. The following table is intended to help you understand your ongoing expenses (in dollars and cents) of investing in the Funds and to compare these expenses with the ongoing expenses of investing in other funds.

The table is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2021 to September 30, 2021.

Actual Expenses

The first line in the table below provides information about the actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for the Fund under the heading entitled “Operating Expense Incurred” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the table below provides information about the hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account value and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Barings Global Floating Rate Fund

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SHAREHOLDER EXPENSES (UNAUDITED) (CONTINUED)

Barings Global Credit Income Opportunities Fund

Barings Emerging Markets Debt Blended Total Return Fund

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SHAREHOLDER EXPENSES (UNAUDITED) (CONTINUED)

Barings Global Emerging Markets Equity Fund

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Barings Funds Trust 2021 Annual Report

FINANCIAL REPORT

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STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2021

See accompanying Notes to the Financial Statements.

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STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

September 30, 2021

See accompanying Notes to the Financial Statements.

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STATEMENTS OF OPERATIONS

For the Period from July 1, 2021 through September 30, 2021⁽¹⁾

See accompanying Notes to the Financial Statements.

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STATEMENTS OF OPERATIONS (CONTINUED)

For the Period from July 1, 2021 through September 30, 2021⁽¹⁾

See accompanying Notes to the Financial Statements.

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STATEMENTS OF OPERATIONS

For the Year Ended June 30, 2021

See accompanying Notes to the Financial Statements.

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STATEMENTS OF OPERATIONS (CONTINUED)

For the Year Ended June 30, 2021

See accompanying Notes to the Financial Statements.

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