BARINGS GLOBAL SHORT DURATION HIGH YIELD FUND

N-CSR 1 d74503dncsr.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, 2025

Item 1. Reports to Stockholders.

(a)

Attached hereto is the annual shareholder report transmitted to shareholders pursuant to Rule 30e-1 of the Investment Company Act of 1940, as amended.

LOGO

BARINGS GLOBAL SHORT DURATION HIGH YIELD FUND

Annual Report

2025

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 2025 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 2025 Annual Report

Dear Fellow Shareholders,

We present the 2025 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 as well compelling total return opportunities across the global high yield market, despite uncertainty in the broader macroeconomic, geopolitical, and technological landscape.

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. Markets remain dynamic, 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 generated mid-to-high single digits returns, outperforming most other subsectors within global fixed income markets in 2025, due to a combination of tightening spreads and declining front-end interest rates. Volatility was muted overall with the exception of tariff-induced selling in April, allowing bond market spreads to tighten and loan prices to migrate towards par. Corporate fundamentals in both the U.S. and Europe remained stable and corporate earnings solid, benefitting from a strong high-end US consumer as well as robust corporate capital expenditure associated with the development of AI infrastructure.

Credit spreads in the U.S. peaked above 450 bps in the second quarter before quickly retracing as the most severe tariff announcements were walked back by policymakers. Triple-C rated bonds underperformed double-B and single-B rated assets as lower-rated issuers that missed earnings, had near-term maturities, or liquidity concerns saw trading levels decline materially. Yields closed at 6.70%, 85 bps lower than prior year-end levels. All sectors generated positive absolute returns, led by Telecommunications and Healthcare, led in part by AI-related tailwinds and continued margin expansion, respectively. New issuance of $332 billion increased from the prior two years, however the market remained in balance as the majority of supply was for refinancing purposes. The option-adjusted spread for the European market tightened 51 bps to close at 278 bps, while yield-to-worst fell 60 bps to 5.24%. New issue activity totaled €136 billion for the year.

Barings Global Short Duration High Yield Fund Overview and Performance

The Fund ended December 2025 with a portfolio of 170 issuers, slightly below prior year-end levels of 185. From a regional perspective, exposure changed slightly from the prior year-end, with exposure to the United States decreasing to 81.7% from 82.6%; the United Kingdom remains the second largest exposure despite declining to 3.6% (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, increased from the previous year-end to 2.5% from 2.0%. 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, 2025, the Fund’s positioning across the credit quality spectrum was as follows: 23.4% double-B rated and above, 48.6% single-B rated, and 23.8% triple-C rated and below, with approximately 59% of the portfolio consisting of secured obligations. Compared to the end of the prior period, the Fund’s exposure to single-B rated credits increased, funded by slight declines in double-B and triple-C rated bonds. Non-publicly rated securities represented 2.2%.

The distribution per share was constant through the period at $0.1223 per share. The Fund’s share price and net asset value (“NAV”) ended the reporting period at $15.01 and $15.09, respectively, or at a 0.53% discount to NAV. Based on the Fund’s share price and NAV on December 31, 2025, the Fund’s market price and NAV distribution rates—using the most recent monthly dividend, on an annualized basis—were 9.78% and 9.73%, respectively. Assets acquired through leverage, which represented 30.8% 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 2025 Annual Report

For fiscal year 2025, the NAV total return for the Fund was 6.99%, underperforming 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 8.22% on a hedged to the U.S. dollar basis. From a market value perspective, the total return year-to-date through December 31, 2025 was 8.59%. The Fund’s floating rate exposure through allocations to senior secured loans detracted from total returns, as fixed rate bond outperformed in the period. Floating rate exposure within collateralized loan obligations was additive, continued to benefit in the high-income capture in the current interest rate environment.

Market Outlook

Elevated coupon income within leveraged finance markets remains appealing, with incremental returns supported by idiosyncratic catalyst-driven ideas. The macroeconomic backdrop is supportive for credit, aided by tailwinds of easing monetary and fiscal policy combined with deregulation. Increased volatility spurred by AI-driven disruption, geopolitics, or other unforeseen factors is likely to persist into 2026, posing challenges to investors but also creating opportunities within capital structures of certain more resilient companies. Strong demand for the asset class at current yield levels combined with an undersupplied market are likely to persist into the new year, although sizable M&A transactions already announced may weaken this technical throughout the year. Outside of certain sectors such as chemicals and software, the market is pricing minimal distress, with default expectations for 2025 near levels of recent years.

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 2025 Annual Report

PORTFOLIO COMPOSITION (% OF ASSETS*)

LOGO

*	The percentages shown above represent a percentage of the assets MV. As of December 31, 2025.

COUNTRY COMPOSITION (% OF ASSETS*)

LOGO

*	The percentages shown above represent a percentage of the assets MV. As of December 31, 2025.

Barings Global Short Duration High Yield Fund 2025 Annual Report

LOGO


AVERAGE ANNUAL RETURNS DECEMBER 31, 2025	1 YEAR			5 YEAR			10 YEAR
Barings Global Short Duration High Yield Fund (BGH)		8.59	%		10.07	%		9.25	%
ICE Bank of America Non-Financial Developed Markets High Yield Constrained Index (HNDC)		8.22	%		4.60	%		6.39	%

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 2025 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

Report of Independent Registered Public Accounting Firm		40

Results of Shareholder Meeting – Independent Trustees		41

Officers of the Fund		44

Approval of Investment Management Agreement and Sub-Advisory Agreement		46

Fund Dividend Reinvestment Plan		48

Joint Privacy Notice		51

Barings Global Short Duration High Yield Fund 2025 Annual Report

STATEMENT OF ASSETS AND LIABILITIES


	DECEMBER 31, 2025

Assets
Investments, at fair value (cost $442,186,150)	$	426,767,375
Cash and cash equivalents		5,782,740
Foreign currency, at fair value (cost $3,959,014)		3,960,322
Interest receivable		9,742,959
Prepaid expenses and other assets		159,053
Unrealized appreciation on forward foreign exchange contracts		20,839

Total assets		446,433,288


Liabilities
Credit facility		137,500,000
Payable for investments purchased		1,504,483
Dividend payable		2,456,079
Accrued expenses and other liabilities		844,017
Excise tax payable on undistributed income		730,050
Payable to adviser		319,345
Unrealized depreciation on forward foreign exchange contracts		63,903

Total liabilities		143,417,877

Total net assets	$	303,015,411


Net assets:
Common shares, $0.00001 par value	$	201
Additional paid-in capital		464,313,238
Total accumulated loss		(161,298,028	)

Total net assets	$	303,015,411


Common shares issued and outstanding (unlimited shares authorized)		20,082,411


Net asset value per share	$	15.09

See accompanying Notes to the Financial Statements.

Barings Global Short Duration High Yield Fund 2025 Annual Report

STATEMENT OF OPERATIONS


	YEAR ENDED DECEMBER 31, 2025

Investment Income
Interest income	$	40,424,129
Other income		48,471

Total investment income		40,472,600


Operating Expenses
Interest expense		6,559,035
Advisory fees		3,784,054
Professional fees		414,678
Accounting and administration fees		366,757
Trustee fees		223,666
Other operating expenses		213,211
Excise tax on undistributed income		730,547

Total expenses		12,291,948

Net expenses		12,291,948

Net investment income		28,180,652


Realized gains (losses) and unrealized appreciation/depreciation on investments and foreign currency related transactions
Net realized gain on investments		3,609,796
Net realized loss on forward foreign exchange contracts		(5,864,534	)
Net realized gain on foreign currency related transactions		480,067

Net realized loss on investments, forward foreign exchange contracts and foreign currency transactions		(1,774,671	)

Net change in unrealized appreciation/depreciation on investments		(5,443,567	)
Net change in unrealized appreciation/depreciation on forward foreign exchange contracts		(973,485	)
Net change in unrealized appreciation/depreciation on foreign currency transactions		98,617

Net change in unrealized appreciation/depreciation on investments, forward foreign exchange contracts and foreign currency transactions		(6,318,435	)

Net realized loss and unrealized appreciation/depreciation on investments and foreign currency transactions		(8,093,106	)

Net increase in net assets resulting from operations	$	20,087,546

See accompanying Notes to the Financial Statements.

Barings Global Short Duration High Yield Fund 2025 Annual Report

STATEMENT OF CASH FLOWS


	YEAR ENDED DECEMBER 31, 2025

Cash flows from operating activities
Net increase in net assets resulting from operations	$	20,087,546
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Purchases of long-term investments		(223,016,054	)
Proceeds from sales and paydowns of long-term investments		242,489,756
Net change in unrealized appreciation/depreciation on investments		5,443,567
Net change in unrealized depreciation on foreign currency transactions		(98,617	)
Net realized gain on investments		(3,609,796	)
Net realized loss on forward foreign exchange contracts		5,864,534
Net realized gain on foreign currency related transactions		(480,067	)
Payment in-kind interest		(1,841,283	)
Amortization and accretion		(1,315,548	)
Payments for forward foreign exchange contracts		(10,136,571	)
Proceeds from forward foreign exchange contracts		4,272,037
Net change in unrealized appreciation/depreciation on forward foreign exchange contracts		973,486
Changes in assets and liabilities:
Increase in interest receivable		(837,486	)
Decrease in prepaid expenses and other assets		15,631
Decrease in payable to Adviser		(10,850	)
Increase in excise tax payable on undistributed income		(287,492	)
Increase in accrued expenses and other liabilities		36,414

Net cash provided by operating activities		37,549,207

Cash flows from financing activities
Advances from credit facility		33,000,000
Repayments on credit facility		(40,000,000	)
Distributions paid to common shareholders		(34,288,526	)
Receipt for shares issued on reinvestment of dividends		282,737

Net cash used in financing activities		(41,005,789	)

Net change in cash		(3,456,582	)
Cash and cash equivalents (including foreign currency), beginning of year		13,199,644

Cash and cash equivalents (including foreign currency), end of year	$	9,743,062

Supplemental disclosure of cash flow information
Excise taxes paid	$	1,017,542
Interest paid		6,650,276

See accompanying Notes to the Financial Statements.

Barings Global Short Duration High Yield Fund 2025 Annual Report

STATEMENTS OF CHANGES IN NET ASSETS


	YEAR ENDED DECEMBER 31, 2025			YEAR ENDED DECEMBER 31, 2024

Operations
Net investment income	$	28,180,652		$	29,224,714
Net realized loss on investments, forward foreign exchange contracts and foreign currency transactions		(1,774,671	)		(11,514,944	)
Net change in unrealized appreciation/depreciation on investments, forward foreign exchange contracts and foreign currency translation		(6,318,435	)		24,351,349

Net increase in net assets resulting from operations		20,087,546			42,061,119


Distributions to common shareholders
From distributable earnings		(34,290,739	)		(30,108,508	)

Total Distributions to common shareholders		(34,290,739	)		(30,108,508	)


Capital Stock Transactions
Issuance from common shares issued on reinvestment		282,737			–

Net increase in net assets from capital stock transactions		282,737			–

Total increase (decrease) in net assets		(13,920,456	)		11,952,611


Net assets
Beginning of year		316,935,867			304,983,256

End of year	$	303,015,411		$	316,935,867

See accompanying Notes to the Financial Statements.

Barings Global Short Duration High Yield Fund 2025 Annual Report

FINANCIAL HIGHLIGHTS


	YEAR ENDED DECEMBER 31, 2025			YEAR ENDED DECEMBER 31, 2024			YEAR ENDED DECEMBER 31, 2023			YEAR ENDED DECEMBER 31, 2022			YEAR ENDED DECEMBER 31, 2021

Per Common Share Data
Net asset value, beginning of year	$	15.80		$	15.20		$	14.26		$	17.88		$	16.68
Income from investment operations:
Net investment income		1.18			1.59			1.49			1.46			1.72
Net realized gain (loss) and unrealized appreciation/depreciation on investments and foreign currency transactions		(0.18	)		0.51			0.88			(3.81	)		0.75

Total increase (decrease) from investment operations		1.00			2.10			2.37			(2.35	)		2.47

Less distributions to common stockholders:
Net investment income		(1.71	)		(1.50	)		(1.43	)		(1.27	)		(1.27	)

Total distributions to common stockholders		(1.71	)		(1.50	)		(1.43	)		(1.27	)		(1.27	)

Net asset value, end of year	$	15.09		$	15.80		$	15.20		$	14.26		$	17.88

Per common share market value, end of year	$	15.01		$	15.44		$	13.44		$	12.68		$	17.34

Total investment return based on net asset value ⁽¹⁾		6.99	%		14.92	%		19.23	%		(12.88	)%		15.71	%

Total investment return based on market value ⁽¹⁾		8.59	%		27.01	%		18.09	%		(19.98	)%		23.97	%


Supplemental Data and Ratios
Net assets, end of year (000’s)	$	303,015		$	316,936		$	304,983		$	286,042		$	358,672
Ratio of expenses (before reductions and reimbursements) to average net assets		3.92	%		4.06	%		3.95	%		2.73	% ⁽²⁾		2.17	% ⁽²⁾
Ratio of expenses (after reductions and reimbursements) to average net assets		3.93	%		4.08	%		3.95	%		2.60	%		1.95	%
Ratio of net investment income (before reductions and reimbursements) to average net assets		8.98	%		9.20	%		9.98	%		9.17	% ⁽²⁾		8.54	% ⁽²⁾
Ratio of net investment income (after reductions and reimbursements) to average net assets		8.98	%		9.20	%		9.98	%		9.31	%		8.76	%
Portfolio turnover rate		53.99	%		70.34	%		49.94	%		34.04	%		52.08	%

(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 2025 Annual Report

SCHEDULE OF INVESTMENTS

December 31, 2025


						SHARES		COST		FAIR VALUE
*Equities — 0.05%:**

Common Stocks — 0.05%:
Cohesity Series G Preferred¤							3,755		$58,936		$88,243
Cohesity Series G-1 Preferred¤							2,595		40,730		59,685
Flint Group Ordinary A Shares Stapled to 2L¤+							1,395,572		149		0
ESC CB 144A High Ridge¤							2,982		0		0
Travelex Private Equity Stapled to 12.5% New Money Notes¤+							16,764		1		0
Naviera Armas¤+							14,621,136		0		0

Total Common Stocks							16,042,804		99,816		147,928


Warrant — 0.00%:
Travelex Topco Limited+							2,218		0		0

Total Warrant							2,218		0		0


Total Equities							16,045,022		99,816		147,928

	EFFECTIVE INTEREST RATE ‡			DUE DATE		PRINCIPAL		COST		FAIR VALUE
Fixed Income — 140.79%:

Asset-Backed Securities — 8.32%:

CDO/CLO — 8.32%:
610 FDG 2016-2R CLO LTD, 3M SOFR + 7.510%+~^#		11.40	%		1/20/2034		$1,550,000		$1,534,190		$1,550,062
Anchorage Capital CLO LTD, 3M SOFR + 7.000%^~#		10.88			1/20/2035		1,000,000		1,000,000		970,950
Ares CLO LTD, 3M SOFR + 6.750%+^~#		10.61			10/28/2034		1,700,000		1,700,000		1,700,718
Ares Management LLC, 3M SOFR + 5.500%+^~#		9.27			10/24/2036		2,000,000		2,000,000		2,000,820
Bain CAP CR CLO 2020-2R LTD, 3M SOFR + 6.610%+~^#		10.76			7/19/2034		1,000,000		990,000		966,073
Canyon Capital, 3M SOFR + 4.75%+^~#		8.65			4/15/2038		1,175,000		1,175,000		1,132,939
Canyon Capital, 3M SOFR + 6.000+^~#		9.90			10/15/2034		1,000,000		1,000,000		973,752
CIFC Funding 2020-1 LTD, 3M SOFR + 6.250%+~^#		10.42			7/15/2036		1,900,000		1,900,000		1,900,737
KKR Financial CLO LTD 2017-20, 3M SOFR + 5.500%+~^#		9.66			10/16/2030		1,500,000		1,500,000		1,493,670
KKR Financial CLO LTD 34-2, 3M SOFR + 6.850%+~^#		11.02			7/15/2034		2,000,000		1,980,000		1,960,266
Madison Park Funding LTD XXXV 2019-35R E-R, 3M SOFR + 6.100%+~^#		10.25			4/20/2032		1,400,000		1,400,000		1,400,011
Octagon 2021-57 LTD, 3M SOFR + 6.600%+~^#		10.77			10/15/2034		1,500,000		1,500,000		1,449,126
Palmer Square Capital Management LLC, 3M SOFR + 4.700%+^~#		8.66			10/20/2038		2,000,000		2,000,000		2,006,070

See accompanying Notes to the Financial Statements.

Barings Global Short Duration High Yield Fund 2025 Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

December 31, 2025


	EFFECTIVE INTEREST RATE ‡			DUE DATE		PRINCIPAL		COST		FAIR VALUE

Asset-Backed Securities (Continued)

CDO/CLO (Continued)
Sixth Street CLO LTD, 3M SOFR + 5.000%+^~#		9.32	%		7/17/2038	$	1,500,000	$	1,500,000	$	1,509,615
Sound Point CLO XVIII 2018-18D, 3M SOFR + 5.500%+~^#		9.65			1/21/2031		2,000,000		2,000,000		1,276,548
Symphony Asset Management LLC, 3M SOFR + 5.400%+^~#		9.69			7/20/2038		1,000,000		1,000,000		1,004,714
Wind River 2017-1A ER, 3M SOFR + 7.060%+~^#		11.21			4/18/2036		2,000,000		1,960,000		1,923,472

Total CDO/CLO							26,225,000		26,139,190		25,219,543


Total Asset-Backed Securities							26,225,000		26,139,190		25,219,543

Bank Loans§ — 20.08%:

Beverage, Food and Tobacco — 1.06%:
Sizzling Platter, 3M SOFR + 5.000%~		9.16			6/25/2032		3,614,222		3,375,039		3,234,508

Total Beverage, Food and Tobacco							3,614,222		3,375,039		3,234,508


Broadcasting and Entertainment — 0.94%:
Cox Media Group, 3M SOFR + 3.5000%~		7.60			6/18/2029		1,621,768		1,540,572		1,509,088
Twitter		9.50			2/14/2030		1,347,549		1,339,828		1,341,768

Total Broadcasting and Entertainment							2,969,317		2,880,400		2,850,856


Chemicals, Plastics and Rubber — 0.68%:
Flint Group 2L, 3M EURIBOR + 6.9000% PIK and 0.1000% Cash~		11.58			12/31/2027		2,025,823		971,672		113,446
ICP Group 3M SOFR + 3.7500%~		8.01			1/31/2028		908,797		843,904		748,058
Prince 3M SOFR + 4.2500%~		8.73			3/30/2029		2,171,585		2,136,199		1,195,588

Total Chemicals, Plastics and Rubber							5,106,205		3,951,775		2,057,092


Construction and Building — 0.34%:
American Bath, 3M SOFR + 5.250%~		9.17			7/1/2030		1,064,719		1,025,266		1,027,454

Total Construction and Building							1,064,719		1,025,266		1,027,454


Containers, Packaging and Glass — 1.53%:
Five Star, 3M SOFR + 4.2500%~		7.99			5/7/2029		1,974,490		1,951,346		1,962,643
Trident Parent, LLC, 3M SOFR + 3.7500%~		7.75			9/15/2028		2,779,071		2,698,156

SEC Form N-CSR filed by Barings Global Short Duration High Yield Fund