BARINGS GLOBAL SHORT DURATION HIGH YIELD FUND

N-CSR/A 1 d907751dncsra.htm BARINGS GLOBAL SHORT DURATION HIGH YIELD FUND BARINGS GLOBAL SHORT DURATION HIGH YIELD FUND

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 811-22562

Barings Global Short Duration High Yield Fund

(Exact name of registrant as specified in charter)

300 South Tryon Street, Suite 2500, Charlotte, NC 28202

(Address of principal executive offices) (Zip code)

Corporation Service Company (CSC)

251 Little Falls Drive

Wilmington, DE 19808

United States

(Name and address of agent for service)

704-805-7200

Registrant’s telephone number, including area code

Date of fiscal year end: December 31

Date of reporting period: December 31, 2024

Explanatory Note: The Registrant is filing this amendment to its Form N-CSR (the “Amendment”) for the period ended December 31, 2024 originally filed with the Securities and Exchange Commission on March 12, 2025 and amended on March 17, 2025 (Accession Numbers 0001193125-25-053168 and 0001193125-25-055727, respectively) (collectively, the “Original Filing”). The sole purpose of the Amendment is to file a revised Report of the Independent Registered Public Accounting Firm that includes a reference to the predecessor audit report.

Except as set forth above, the Amendment does not amend, update or change any other items or disclosures found in the Original Filing.

Item 1. Reports to Stockholders.

(a)

Barings Global Short Duration High Yield Fund

c/o Barings LLC

300 S Tryon St.

Suite 2500

Charlotte, NC 28202

704.805.7200

http://www.Barings.com/bgh

ADVISER

Barings LLC

300 S Tryon St.

Suite 2500

Charlotte, NC 28202

SUB-ADVISOR

Baring International Investment Limited

20 Old Bailey

London EC4M 78F UK

COUNSEL TO THE FUND

Dechert LLP

Three Bryant Park

1095 Avenue of the Americas

New York, NY, 10036-6797

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

KPMG LLP

620 S. Tryon Street

Suite 1000

Charlotte, NC 28202

CUSTODIAN

US Bank

MK-WI-S302

1555 N. River Center Drive

Milwaukee, WI 53212

TRANSFER AGENT & REGISTRAR

U.S. Bancorp Fund Services, LLC, d/b/a

U.S. Bank Global Fund Services

615 E. Michigan St.

Milwaukee, WI 53202

FUND ADMINISTRATION/ACCOUNTING

U.S. Bancorp Fund Services, LLC, d/b/a

U.S. Bank Global Fund Services

615 E. Michigan St.

Milwaukee, WI 53202

LOGO

PROXY VOTING POLICIES & PROCEDURES

The Trustees of Barings Global Short Duration High Yield Fund (the “Fund”) have delegated proxy voting responsibilities relating to the voting of securities held by the Fund to Barings LLC (“Barings”). A description of Barings’ proxy voting policies and procedures is available (1) without charge, upon request, by calling, toll-free 1-866-399-1516; (2) on the Fund’s website at http://www.barings.com/bgh; and (3) on the U.S. Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

FORM N-PORT PART F

The Fund will file its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Part F of Form N-PORT. This information is available (1) on the SEC’s website at http://www.sec.gov; and (2) at the SEC’s Public Reference Room in Washington, DC (which information on their operation may be obtained by calling 1-800-SEC-0330). A complete schedule of portfolio holdings as of each quarter-end is available on the Fund’s website at http://www.barings.com/bgh or upon request by calling, toll-free, 1-866-399-1516.

CERTIFICATIONS

The Fund’s President has submitted to the NYSE the annual CEO Certification as required by Section 303A.12(a) of the NYSE Listed Company Manual.

LEGAL MATTERS

The Fund has entered into contractual arrangements with an investment adviser, transfer agent and custodian (collectively “service providers”) who each provide services to the Fund. Shareholders are not parties to, or intended beneficiaries of, these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the Fund.

Under the Fund’s Bylaws, any claims asserted against or on behalf of the Fund, including claims against Trustees and officers must be brought in courts located within the Commonwealth of Massachusetts.

The Fund’s registration statement and this shareholder report are not contracts between the Fund and its shareholders and do not give rise to any contractual rights or obligations or any shareholder rights other than any rights conferred explicitly by federal or state securities laws that may not be waived.

Barings Global Short Duration High Yield Fund 2024 Annual Report

OFFICERS OF THE FUND

Sean Feeley

President

Christopher Hanscom

Chief Financial Officer

Andrea Nitzan

Treasurer

Itzbell Branca

Chief Compliance Officer

Ashlee Steinnerd

Chief Legal Officer

Alexandra Pacini

Secretary

Matthew Curtis

Tax Officer

Barings Global Short Duration High Yield Fund is a closed-end investment company, first offered to the public in 2012, whose shares are traded on the New York Stock Exchange.

INVESTMENT OBJECTIVE & POLICY

Barings Global Short Duration High Yield Fund (the “Fund”) was organized as a business trust under the laws of the Commonwealth of Massachusetts. The Fund is registered under the Investment Company Act of 1940, as amended, as a de facto diversified, closed-end management investment company with its own investment objective. The Fund’s common shares are listed on the New York Stock Exchange under the symbol “BGH”.

The Fund’s primary investment objective is to seek as high a level of current income as the Adviser (as defined herein) determines is consistent with capital preservation. The Fund seeks capital appreciation as a secondary investment objective when consistent with its primary investment objective. There can be no assurance that the Fund will achieve its investment objectives.

The Fund seeks to take advantage of inefficiencies between geographies, primarily the North American and Western European high yield bond and loan markets and within capital structures between bonds and loans. For example, the Fund seeks to take advantage of differences in pricing between bonds and loans of an issuer denominated in U.S. dollars and substantially similar bonds and loans of the same issuer denominated in Euros, potentially allowing the Fund to achieve a higher relative return for the same credit risk exposure.

Barings Global Short Duration High Yield Fund 2024 Annual Report

Dear Fellow Shareholders,

We present the 2024 Annual Report for the Barings Global Short Duration High Yield Fund (the “Fund”) to recap portfolio performance and positioning. We believe our Global High Yield Investments Group is one of the largest teams in the market primarily focused on North American and Western European credit. Utilizing the Group’s unparalleled expertise, deep resources and time-tested process, we believe we can provide investors with an attractive level of current income while navigating the challenging times that may still lie ahead and continuing to uncover compelling opportunities across the global high yield market.

The Fund’s strategy focuses primarily on North American and Western European high yield companies, with the flexibility to dynamically shift the geographic weighting in order to capture, in our opinion, the best risk-adjusted investment opportunities. Inflationary, economic, and geopolitical dynamics are poised to evolve in coming periods, and Barings’ global capabilities on the ground in major markets allow for us to be nimble in these times and take advantage of unique opportunities as they arise. In addition, the strategy focuses closely on limiting the duration of the Fund, while maintaining what we consider to be a reasonable amount of leverage.

Market Review

High yield bonds were once again a top performing subsector within global fixed income markets in 2024 due to a combination of elevated all-in yields as well as tightening spreads, supporting 8.5% total return for the year. Risk asset volatility as measured by the VIX index remained muted with the exception of a spike in early August following a weak nonfarm payroll report and investor concerns regarding labor market strength. While corporate fundamentals in both the U.S. and Europe moderated from record high levels for a second consecutive year, earnings continued to beat forecasts.

Credit spreads in the U.S. peaked at 402 bps in the third quarter following the aforementioned August labor market print, but quickly retraced by month-end and rallied to close the year at 301 bps. While spreads widened mid-year, yields declined along with front end U.S. Treasuries and closed at 7.55% at year-end. All sectors generated strong absolute returns, led by Healthcare as volumes normalized and labor cost pressures eased. Triple-C rated assets continued to outperform given spread compression combined with reduced duration, as intermediate and longer-term rates rose despite cuts at the front-end of the curve. New issuance of $289 bn increased from the prior two years, however with 76% of issuance targeted for refinancing purposes, net supply remained muted. The option-adjusted spread for the European market tightened 93 bps to close at 329 bps, while yield-to-worst fell 84 bps to 5.84%. New issue activity totaled €119 billion for the year.

Barings Global Short Duration High Yield Fund Overview and Performance

The Fund ended December 2024 with a portfolio of 185 issuers, slightly below prior year-end levels of 191. From a regional perspective, exposure changed slightly from the prior year-end, with exposure to the United States increasing to 82.6% from 80.1%; the United Kingdom remains the second largest exposure at 6.7% (See Country Composition chart below). The Fund’s exposure to Rest of World issuers, whose country of risk is outside of the U.S. and Europe but fit within the Fund’s developed market focus, decreased from the previous year-end to 2.0% from 5.9%. The Fund’s primary exposure continues to be in the North American market, which features the most robust opportunity set across fixed income markets.

As of December 31, 2024, the Fund’s positioning across the credit quality spectrum was as follows: 25.6% double-B rated and above, 45.8% single-B rated, and 26.8% triple-C rated and below, with approximately 34% of the portfolio consisting of secured obligations. Compared to the end of the prior period, the Fund’s exposure to higher-rated credits decreased, primarily due to the increase in single-B securities. Non-publicly rated securities represented 5.2%.

The distribution per share was constant through the end of October at $0.1056 per share, before increasing to $0.1223 per share in November and December. The Fund’s share price and net asset value (“NAV”) ended the reporting period at $15.44 and $15.80, respectively, or at a 2.28% discount to NAV. Based on the Fund’s share price and NAV on December 31, 2024, the Fund’s market price and NAV distribution rates—using the most recent monthly dividend, on an annualized basis—were 9.29% and 9.51%, respectively. Assets acquired through leverage, which represented 30.4% of the Fund’s total assets at the end of December, were accretive to net investment income and benefited shareholders.

Barings Global Short Duration High Yield Fund 2024 Annual Report

For fiscal year 2024, the NAV total return for the Fund was 14.92%, outperforming the global high yield bond market, as measured by the ICE Bank of America Non-Financial Developed Markets High Yield Constrained Index (HNDC), which returned 8.52% on a hedged to the U.S. dollar basis. From a market value perspective, the total return year-to-date through December 31, 2024 was 27.01%. Performance during the year was driven by strong credit selection and the Fund’s floating rate exposure through allocations to second lien senior secured loans and collateralized loan obligations, which continued to benefit in the high-income capture in the current interest rate environment.

Market Outlook

The backdrop for credit remains solid, as elevated base rates provide investors with attractive coupon income and downside mitigation due to outsized ability to absorb widening spreads, while continued discounts to par and potential for declining interest rates preserve upside potential to total return above coupon levels. Technical tailwinds from strong demand and low supply should weaken modestly as net new paper comes to market, although considering prevailing yield levels and the expected macroeconomic environment, this paper should be well-absorbed by the market. Markets continue to price minimal distress, with default expectations for 2025 at or below 2024’s modest levels.

At Barings, we remain committed to focusing on corporate fundamentals as market sentiment can change quickly and unexpectedly. Our focused and disciplined approach emphasizes our fundamental bottom-up research, with the goal of preserving investor capital while seeking to generate income and capture attractive capital appreciation opportunities that may exist through market and economic cycles. On behalf of the Barings team, we continue to take a long-term view of investing despite the recent economic challenges, and look forward to helping you achieve your investment goals.

Sincerely,

LOGO

Sean Feeley

^1.

Ratings are based on Moody’s, S&P and Fitch. If securities are rated differently by the rating agencies, the higher rating is applied and all ratings are converted to the equivalent Moody’s major rating category for purposes of the category shown. Credit ratings are based largely on the rating agency’s investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of the security’s market value or of the liquidity of an investment in the security. Ratings of Baa3 or higher by Moody’s and BBB- or higher by S&P and Fitch are considered to be investment grade quality.

^2.	Past performance is not necessarily indicative of future results. Current performance may be lower or higher. All performance is net of fees, which is inclusive of advisory fees, administrator fees and interest expenses.

Barings Global Short Duration High Yield Fund 2024 Annual Report

PORTFOLIO COMPOSITION (% OF ASSETS*)

LOGO

*	The percentages shown above represent a percentage of the assets MV. As of December 31, 2024.

COUNTRY COMPOSITION (% OF ASSETS*)

LOGO

*	The percentages shown above represent a percentage of the assets MV. As of December 31, 2024.

Barings Global Short Duration High Yield Fund 2024 Annual Report

LOGO


AVERAGE ANNUAL RETURNS DECEMBER 31, 2024	1 YEAR			5 YEAR			10 YEAR
Barings Global Short Duration High Yield Fund (BGH)		14.92	%		6.79	%		6.76	%
ICE Bank of America Non-Financial Developed Markets High Yield Constrained Index (HNDC)		8.52	%		4.08	%		5.13	%

Data for Barings Global Short Duration High Yield Fund (the “Fund”) represents returns based on the change in the Fund’s net asset value assuming the reinvestment of all dividends and distributions. These returns differ from the total investment return based on market value of the Fund’s shares due to the difference between the Fund’s net asset value of its shares outstanding (See the Fund’s Financial Highlights within this report for total investment return based on market value). Past performance is no guarantee of future results.

ICE Bank of America Non-Financial Developed Markets High Yield Constrained Index (HNDC) contains all securities in the ICE Bank of America Global High Yield Index that are non-financials and from developed markets countries, but caps issuer exposure at 2%. Developed markets is defined as an FX G10 member, a Western European nation, or a territory of the U.S. or a Western European nation. Indices are unmanaged. It is not possible to invest directly in an index.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of the Fund shares.

Barings Global Short Duration High Yield Fund 2024 Annual Report

FINANCIAL REPORT


Statement of Assets and Liabilities		7

Statement of Operations		8

Statement of Cash Flows		9

Statements of Changes in Net Assets		10

Financial Highlights		11

Schedule of Investments		12-22

Notes to the Financial Statements		23-39

Fund Dividend Reinvestment Plan		49

Joint Privacy Notice		50

Barings Global Short Duration High Yield Fund 2024 Annual Report

STATEMENT OF ASSETS AND LIABILITIES


	DECEMBER 31, 2024

Assets
Investments, at fair value (cost $457,604,110)	$	447,628,902
Cash and cash equivalents		8,292,749
Foreign currency, at fair value (cost $4,951,869)		4,906,895
Interest receivable		8,905,473
Receivable for investments sold		4,031,607
Prepaid expenses and other assets		174,684
Unrealized appreciation on forward foreign exchange contracts		930,422

Total assets		474,870,732


Liabilities
Credit facility		144,500,000
Payable for investments purchased		8,825,658
Dividend payable		2,453,866
Payable to adviser		330,195
Excise tax payable on undistributed income		1,017,542
Accrued expenses and other liabilities		807,604

Total liabilities		157,934,865

Total net assets	$	316,935,867


Net assets:
Common shares, $0.00001 par value	$	201
Additional paid-in capital		464,761,048
Total accumulated loss		(147,825,382	)

Total net assets	$	316,935,867


Common shares issued and outstanding (unlimited shares authorized)		20,064,313


Net asset value per share	$	15.80

See accompanying Notes to the Financial Statements.

Barings Global Short Duration High Yield Fund 2024 Annual Report

STATEMENT OF OPERATIONS


	YEAR ENDED DECEMBER 31, 2024

Investment Income
Interest income	$	41,978,226
Other income		157,040

Total investment income		42,135,266


Operating Expenses
Interest expense		7,128,700
Advisory fees		3,704,623
Accounting and administration fees		423,376
Professional fees		260,395
Other operating expenses		216,927
Trustee fees		158,989
Excise tax on undistributed income		1,017,542

Total expenses		12,910,552

Net expenses		12,910,552

Net investment income		29,224,714


Realized losses and unrealized appreciation/depreciation on investments and foreign currency related transactions
Net realized loss on investments		(13,164,172	)
Net realized gain on forward foreign exchange contracts		1,883,605
Net realized loss on foreign currency related transactions		(234,377	)

Net realized loss on investments, forward foreign exchange contracts and foreign currency transactions		(11,514,944	)

Net change in unrealized appreciation/depreciation on investments		22,484,422
Net change in unrealized appreciation/depreciation on forward foreign exchange contracts		1,973,492
Net change in unrealized appreciation/depreciation on foreign currency transactions		(106,565	)

Net change in unrealized appreciation/depreciation on investments, forward foreign exchange contracts and foreign currency transactions		24,351,349

Net realized loss and unrealized appreciation/depreciation on investments and foreign currency transactions		12,836,405

Net increase in net assets resulting from operations	$	42,061,119

See accompanying Notes to the Financial Statements.

Barings Global Short Duration High Yield Fund 2024 Annual Report

STATEMENT OF CASH FLOWS


Cash flows from operating activities
Net increase in net assets resulting from operations	$	42,061,119
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Purchases of long-term investments		(295,446,007	)
Proceeds from sales and paydowns of long-term investments		261,901,137
Proceeds from short-term investment, net		79,417
Net change in unrealized appreciation/depreciation on investments		(22,484,422	)
Net change in unrealized depreciation on foreign currency transactions		106,565
Net realized loss on investments		13,164,172
Net realized gain on forward foreign exchange contracts		(1,883,605	)
Net realized loss on foreign currency related transactions		234,377
Payment in-kind interest		(1,907,416	)
Amortization and accretion		(2,370,696	)
Net change in unrealized appreciation/depreciation on forward foreign exchange contracts		(1,973,492	)
Proceeds from forward foreign exchange contracts		5,767,949
Payments for forward foreign exchange contracts		(3,884,344	)
Changes in assets and liabilities:
Decrease in interest receivable		113,955
Increase in prepaid expenses and other assets		(95,178	)
Increase in payable to Adviser		36,138
Increase in excise tax payable on undistributed income		(20,924	)
Decrease in accrued expenses and other liabilities		(77,449	)

Net cash used in operating activities		(6,678,704	)

Cash flows from financing activities
Advances from credit facility		45,000,000
Repayments on credit facility		(10,000,000	)
Distributions paid to common shareholders		(29,773,433	)

Net cash used in financing activities		5,226,567

Net change in cash		(1,452,137	)
Cash and cash equivalents (including foreign currency), beginning of year		14,651,781

Cash and cash equivalents (including foreign currency), end of year	$	13,199,644

Supplemental disclosure of cash flow information
Excise taxes paid		1,038,466
Interest paid		7,047,435

See accompanying Notes to the Financial Statements.

Barings Global Short Duration High Yield Fund 2024 Annual Report

STATEMENTS OF CHANGES IN NET ASSETS


	YEAR ENDED DECEMBER 31, 2024			YEAR ENDED DECEMBER 31, 2023

Operations
Net investment income	$	29,224,714		$	29,381,331
Net realized loss on investments, forward foreign exchange contracts and foreign currency transactions		(11,514,944	)		(14,334,538	)
Net change in unrealized appreciation/depreciation on investments, forward foreign exchange contracts and foreign currency translation		24,351,349			32,651,134

Net increase in net assets resulting from operations		42,061,119			47,697,927


Distributions to common shareholders
From distributable earnings		(30,108,508	)		(28,756,173	)

Total Distributions to common shareholders		(30,108,508	)		(28,756,173	)

Total increase in net assets		11,952,611			18,941,754


Net assets
Beginning of year		304,983,256			286,041,502

End of year	$	316,935,867		$	304,983,256

See accompanying Notes to the Financial Statements.

Barings Global Short Duration High Yield Fund 2024 Annual Report

FINANCIAL HIGHLIGHTS


	YEAR ENDED DECEMBER 31, 2024			YEAR ENDED DECEMBER 31, 2023			YEAR ENDED DECEMBER 31, 2022			YEAR ENDED DECEMBER 31, 2021			YEAR ENDED DECEMBER 31, 2020

Per Common Share Data
Net asset value, beginning of year	$	15.20		$	14.26		$	17.88		$	16.68		$	18.32
Income from investment operations:
Net investment income		1.59			1.49			1.46			1.72			1.59
Net realized gain (loss) and unrealized appreciation/depreciation on investments and foreign currency transactions		0.51			0.88			(3.81	)		0.75			(1.86	)

Total increase (decrease) from investment operations		2.10			2.37			(2.35	)		2.47			(0.27	)

Less distributions to common stockholders:
Net investment income		(1.50	)		(1.43	)		(1.27	)		(1.27	)		(1.37	)

Total distributions to common stockholders		(1.50	)		(1.43	)		(1.27	)		(1.27	)		(1.37	)

Net asset value, end of year	$	15.80		$	15.20		$	14.26		$	17.88		$	16.68

Per common share market value, end of year	$	15.44		$	13.44		$	12.68		$	17.34		$	15.09

Total investment return based on net asset value ⁽¹⁾		14.92	%		19.23	%		(12.88	)%		15.71	%		0.79	%

Total investment return based on market value ⁽¹⁾		27.01	%		18.09	%		(19.98	)%		23.97	%		(4.65	)%


Supplemental Data and Ratios
Net assets, end of year (000’s)	$	316,936		$	304,983		$	286,042		$	358,672		$	334,576
Ratio of expenses (before reductions and reimbursements) to average net assets		4.06	%		3.95	%		2.73	%⁽²⁾		2.17	%⁽²⁾		2.32	%⁽²⁾
Ratio of expenses (after reductions and reimbursements) to average net assets		4.08	%		3.95	%		2.60	%		1.95	%		2.23	%
Ratio of net investment income (before reductions and reimbursements) to average net assets		9.20	%		9.98	%		9.17	%⁽²⁾		8.54	%⁽²⁾		10.53	%⁽²⁾
Ratio of net investment income (after reductions and reimbursements) to average net assets		9.20	%		9.98	%		9.31	%		8.76	%		10.61	%
Portfolio turnover rate		70.34	%		49.94	%		34.04	%		52.08	%		42.21	%

(1)

Total investment return calculation assumes reinvestment of dividends at actual prices pursuant to the Fund’s dividend reinvestment plan. Total investment return does not reflect brokerage commissions.

(2)

Effective August 6, 2020 the Adviser began waiving a portion of it’s management and other fees equal to an annual rate of 0.150% of the Fund’s managed assets. The waiver expired on August 31, 2022 (see Note 3).

See accompanying Notes to the Financial Statements.

Barings Global Short Duration High Yield Fund 2024 Annual Report

SCHEDULE OF INVESTMENTS

December 31, 2024


						SHARES		COST		FAIR VALUE
*Equities — 0.58%:**

Common Stocks — 0.56%:
Flint Group Ordinary A Shares Stapled to 2L¤+							1,395,572		$149		$—
ESC CB 144A High Ridge¤							2,982		—		—
KCA Deutag Ordinary A Shares							25,580		1,103,387		1,777,810
Travelex Private Equity Stapled to 12.5% New Money Notes¤+							16,764		1		—
Naviera Armas¤+							14,621,136		—		—

Total Common Stocks							16,062,034		1,103,537		1,777,810


Warrant — 0.02%:
Travelex Topco Limited¤+							2,218		—		49,981

Total Warrant							2,218		—		49,981

Total Equities							16,064,252		1,103,537		1,827,791

	EFFECTIVE INTEREST RATE ‡			DUE DATE		PRINCIPAL		COST		FAIR VALUE
Fixed Income — 140.66%:

Asset-Backed Securities — 9.11%:

CDO/CLO — 9.11%:
610 FDG 2016-2R CLO LTD, 3M SOFR + 7.510%+~^#		12.13	%		1/20/2034		$1,550,000		$1,534,190		$1,550,773
Anchorage Capital CLO LTD, 3M SOFR + 7.000%+^~#		11.37			1/20/2035		1,000,000		1,000,000		1,000,000
Ares CLO LTD, 3M SOFR + 6.750%+^~#		11.30			10/28/2034		1,700,000		1,700,000		1,713,597
Bain CAP CR CLO 2020-2R LTD, 3M SOFR + 6.610%+~^#		11.49			7/19/2034		1,000,000		990,000		1,004,100
Canyon CLO LTD 2019-2R, 3M SOFR + 6.750%+~^#		10.65			1/15/2036		1,400,000		1,400,000		1,402,426
Canyon CLO LTD 2019-2R, 3M SOFR + 6.750%+~^#		11.67			10/15/2034		1,000,000		1,000,000		1,002,735
Carbone CLO, LTD 2017-1A, 3M SOFR + 5.900%+~^#		10.78			1/20/2031		750,000		750,000		752,105
CIFC Funding 2020-1 LTD, 3M SOFR + 6.250%+~^#		11.17			7/15/2036		1,900,000		1,900,000		1,910,019
GoldenTree Loan Management 2018-3A, 3M SOFR + 6.500%+~^#		11.38			4/20/2030		1,500,000		1,479,350		1,462,128
KKR Financial CLO LTD 2017-20, 3M SOFR + 5.500%+~^#		10.41			10/16/2030		1,500,000		1,500,000		1,505,144
KKR Financial CLO LTD 34-2, 3M SOFR + 6.850%+~^#		11.77			7/15/2034		2,000,000		1,980,000		2,007,754
KVK 2016-1A ER2, 3M SOFR + 7.350%+~^#		12.27			10/15/2034		1,500,000		1,485,000		1,237,709
Madison Park Funding LTD 2018-29A, 3M SOFR + 7.570%+~^		12.46			10/18/2030		2,000,000		1,960,000		1,920,046
Madison Park Funding LTD XXXV 2019-35R E-R, 3M SOFR + 6.100%+~^#		10.98			4/20/2032		1,400,000		1,400,000		1,405,055

See accompanying Notes to the Financial Statements.

Barings Global Short Duration High Yield Fund 2024 Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2024


	EFFECTIVE INTEREST RATE ‡			DUE DATE		PRINCIPAL		COST		FAIR VALUE

Asset-Backed Securities (Continued)

CDO/CLO (Continued)
Octagon 2021-57 LTD, 3M SOFR + 6.600%+~^#		11.52	%		10/15/2034	$	1,500,000	$	1,500,000	$	1,503,981
Sound Point CLO XVIII 2018-18D, 3M SOFR + 5.500%+~^#		10.38			1/21/2031		2,000,000		2,000,000		1,442,984
Sound Point CLO LTD 2020-27R, 3M SOFR + 6.560% E-R+~^#		11.45			10/25/2034		1,400,000		1,372,000		1,280,366
Sound Point CLO LTD Series 2020-1A Class ER, 3M SOFR + 6.860%+~^#		11.74			7/20/2034		1,600,000		1,584,000		1,488,901
Wellfleet CLO LTD 2017-3A, 3M SOFR + 5.550%+~^#		10.46			1/17/2031		1,500,000		1,500,000		1,436,624
Wind River 2017-1A ER, 3M SOFR + 7.060%+~^#		11.95			4/18/2036		2,000,000		1,960,000		1,858,826

Total CDO/CLO							30,200,000		29,994,540		28,885,273


Total Asset-Backed Securities							30,200,000		29,994,540		28,885,273


Bank Loans§ — 27.77%:

Beverage, Food and Tobacco — 0.10%:
8th Avenue Food & Provisions, 3M SOFR + 7.7500%~		12.44			10/1/2026		368,204		286,256		328,884

Amendment: SEC Form N-CSR/A filed by Barings Global Short Duration High Yield Fund