BARINGS GLOBAL SHORT DURATION HIGH YIELD FUND

N-CSRS 1 d49869dncsrs.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: June 30, 2025

Item 1. Reports to Stockholders.

(a)

LOGO

BARINGS GLOBAL SHORT DURATION HIGH YIELD FUND

Semi-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 Semi-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 Semi-Annual Report

Dear Fellow Shareholders,

We present the 2025 Semi-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 to help navigate any market environment which may lie ahead and continue 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 to capture, in our opinion, the best risk-adjusted investment opportunities. Barings’ global capabilities on the ground in major markets allow for us to be nimble in uncertain 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

The first half of 2025 was defined by the market’s effort to digest the sweeping tariffs announced on “Liberation Day.” Although many of these measures were later scaled back or paused for 90 days, uncertainty around trade policy remained the dominant theme. While the long-term effects of these tariffs are still unfolding, we continue to expect a moderate economic slowdown, but no recession.

Adding to the volatility, the passage of the “One Big Beautiful Bill” raised fresh concerns about fiscal sustainability, with estimates suggesting it could add between $200 billion and $600 billion annually to the U.S. budget deficit. Despite these headwinds, the U.S. economy demonstrated notable resilience – consumer spending remained solid, labor market data held steady, and the Federal Reserve left interest rates unchanged as it weighed the competing forces of inflation and growth.

Total returns were positive across high yield credit markets during the second quarter. Overall, high yield bonds outperformed senior secured loans, driven by credit spread compression as well as declining interest rates in the intermediate part of the yield curve. In both markets, North America outperformed Europe. In the high yield bond market, new issuance activity increased during the second quarter of 2025 (vs. the quarter prior), though most of the transactions on a year-to-date basis have been for refinancing purposes. For loans, primary market activity declined during the second quarter (vs. the quarter prior, although a higher percent of volume came from merger and acquisition related transactions).

Barings Global Short Duration High Yield Fund Overview and Performance

The Fund ended June 2025 with a portfolio of 181 issuers, in line with year-end levels. From a regional perspective, exposure from year and to June 2025 remained stable, with exposure to the United States remaining at 78.9%; the United Kingdom remains the second largest exposure at 5.7% (See Country Composition chart below). The Fund’s exposure to Rest of World issuers, whose country of risk is outside of the U.S., Asia Pacific and Europe but fit within the Fund’s developed market focus, increased slightly up to 1.6%. 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 June 30, 2025, the Fund’s positioning across the credit quality spectrum was as follows: 24.7% double-B rated and above, 51.0% single-B rated, and 20.2% triple-C rated and below, with approximately 65.3% of the portfolio consisting of secured obligations. Compared to the end of the prior period, the Fund’s exposure to higher-rated credits decreased slightly, primarily sourced from an increase in single-B rated positions. Non-publicly rated securities represented 3.3%.

The distribution per share was constant throughout the period at $0.1223 per share. The Fund’s share price and net asset value (“NAV”) ended the reporting period at $15.40 and $15.83, respectively, or at an 2.72% discount to NAV. Based on the Fund’s share price and NAV on June 30, 2025, the Fund’s market price and NAV distribution rates – using the most recent monthly dividend, on an annualized basis – were 9.53% and 9.27%, respectively. Assets acquired through leverage, which represented 26.6% of the Fund’s total assets at the end of June, were accretive to net investment income and benefited shareholders.

Barings Global Short Duration High Yield Fund 2025 Semi-Annual Report

On a year-to-date basis through June 30, 2025, the NAV total return for the Fund was 4.44%, 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 4.10% on a hedged to the U.S. dollar basis. From a market value perspective, the total return year-to-date through June 30, 2025, was 4.63%. The Fund generated positive absolute and relative returns in each quarter to begin the year. The shorter-duration exposure, including floating rate allocations to 1^st and 2^nd senior secured loans and collateralized loan obligations, continued to benefit results, while the incremental loan exposure also generated increased income, supporting overall returns.

Market Outlook

High yield bonds and loans continue to offer attractive income in a world where uncertainty remains a constant. While fundamentals are holding steady and technicals are broadly supportive, current spread levels suggest there is less margin for error. The outlook is constructive but cautious, with risks ranging from earnings disappointments to geopolitical flare-ups and policy missteps. In this environment, we believe the most compelling opportunities lie in higher-quality segments of the market, where investors can earn meaningful yield without taking on excessive risk. A balanced approach – across fixed and floating-rate assets, and across geographies – may also offer benefits, as it can help mitigate volatility while preserving upside potential and maintaining flexibility to respond to evolving conditions.

As the second half of the year unfolds, active management will be critical. Navigating a market shaped by shifting macro conditions and evolving credit dynamics requires a disciplined, quality-focused approach – and one that can capture the benefits of high yield while also managing the complexities ahead.

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 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 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 Semi-Annual Report

PORTFOLIO COMPOSITION (% OF ASSETS*)

LOGO

*	The percentages shown above represent a percentage of the assets. As of June 30, 2025.

COUNTRY COMPOSITION (% OF ASSETS*)

LOGO

*	The percentages shown above represent a percentage of the assets. As of June 30, 2025.

Barings Global Short Duration High Yield Fund 2025 Semi-Annual Report

LOGO


AVERAGE ANNUAL RETURNS JUNE 30, 2025	1 YEAR			5 YEAR			10 YEAR
Barings Global Short Duration High Yield Fund (BGH)		11.30	%		12.45	%		6.76	%
ICE Bank of America Non-Financial Developed Markets High Yield Constrained Index (HNDC)		10.11	%		5.99	%		5.32	%

*	Inception date October 25, 2012.

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 Semi-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		12-23

Notes to the Financial Statements		24-40

Fund Dividend Reinvestment Plan		41

Joint Privacy Notice		42

Barings Global Short Duration High Yield Fund 2025 Semi-Annual Report

STATEMENT OF ASSETS AND LIABILITIES

(Unaudited)


	JUNE 30, 2025

Assets
Investments, at fair value (cost $432,715,461)	$	427,390,252
Cash and cash equivalents		7,447,377
Foreign currency, at fair value (cost $2,093,860)		2,097,172
Interest receivable		8,671,571
Receivable for investments sold		23,733
Prepaid expenses and other assets		2,154,200

Total assets		447,784,305


Liabilities
Credit facility		118,500,000
Payable for investments purchased		7,992,557
Dividend payable		2,453,865
Accrued expenses and other liabilities		1,222,259
Payable to adviser		302,534
Unrealized depreciation on forward foreign exchange contracts		1,770,319

Total liabilities		132,241,534

Total net assets	$	315,542,771


Net assets:
Common shares, $0.00001 par value	$	201
Additional paid-in capital		463,743,506
Total accumulated loss		(148,200,936	)

Total net assets	$	315,542,771


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


Net asset value per share	$	15.73

See accompanying Notes to the Financial Statements.

Barings Global Short Duration High Yield Fund 2025 Semi-Annual Report

STATEMENT OF OPERATIONS

(Unaudited)


	PERIOD FROM JANUARY 1, 2025 THROUGH JUNE 30, 2025

Investment Income
Interest income	$	20,597,264
Other income		48,532

Total investment income		20,645,796


Operating Expenses
Interest expense		3,775,010
Advisory fees		1,881,517
Accounting and administration fees		205,017
Professional fees		177,254
Other operating expenses		86,047
Trustee fees		67,404

Total expenses		6,192,249

Net expenses		6,192,249

Net investment income		14,453,547


Realized losses and unrealized appreciation/depreciation on investments and foreign currency related transactions
Net realized gain on investments		1,570,369
Net realized loss on forward foreign exchange contracts		(5,243,150	)
Net realized gain on foreign currency related transactions		426,890

Net realized loss on investments, forward foreign exchange contracts and foreign currency transactions		(3,245,891	)

Net change in unrealized appreciation/depreciation on investments		4,649,999
Net change in unrealized appreciation/depreciation on forward foreign exchange contracts		(2,700,741	)
Net change in unrealized appreciation/depreciation on foreign currency transactions		173,183

Net change in unrealized appreciation/depreciation on investments, forward foreign exchange contracts and foreign currency transactions		2,122,441

Net realized loss and unrealized appreciation/depreciation on investments and foreign currency transactions		(1,123,450	)

Net increase in net assets resulting from operations	$	13,330,097

See accompanying Notes to the Financial Statements.

Barings Global Short Duration High Yield Fund 2025 Semi-Annual Report

STATEMENT OF CASH FLOWS

(Unaudited)


	PERIOD FROM JANUARY 1, 2025 THROUGH JUNE 30, 2025

Cash flows from operating activities
Net increase in net assets resulting from operations	$	13,330,097
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Purchases of long-term investments		(94,625,366	)
Proceeds from sales and paydowns of long-term investments		126,327,419
Net change in unrealized appreciation/depreciation on investments		(4,649,999	)
Net change in unrealized appreciation on foreign currency transactions		(173,183	)
Net realized gain on investments		(1,570,369	)
Net realized loss on forward foreign exchange contracts		5,243,150
Net realized gain on foreign currency related transactions		(426,890	)
Payment in-kind interest		(803,766	)
Amortization and accretion		(664,423	)
Payments for forward foreign exchange contracts		(7,650,931	)
Proceeds from forward foreign exchange contracts		2,407,781
Net change in unrealized appreciation/depreciation on forward foreign exchange contracts		2,700,741
Changes in assets and liabilities:
Decrease in interest receivable		233,902
Increase in prepaid expenses and other assets		(1,979,516	)
Decrease in payable to Adviser		(27,661	)
Decrease in excise tax payable on undistributed income		(1,017,542	)
Increase in accrued expenses and other liabilities		414,655

Net cash provided by operating activities		37,078,099

Cash flows from financing activities
Advances from credit facility		4,000,000
Repayments on credit facility		(30,000,000	)
Distributions paid to common shareholders		(14,733,194	)

Net cash used in financing activities		(40,733,194	)

Net change in cash		(3,655,095	)
Cash and cash equivalents (including foreign currency), beginning of period		13,199,644

Cash and cash equivalents (including foreign currency), end of period	$	9,544,549

Supplemental disclosure of cash flow information
Excise taxes paid	$	1,017,542
Interest paid		3,433,398

See accompanying Notes to the Financial Statements.

Barings Global Short Duration High Yield Fund 2025 Semi-Annual Report

STATEMENTS OF CHANGES IN NET ASSETS


	PERIOD FROM JANUARY 1, 2025 THROUGH JUNE 30, 2025 (Unaudited)			YEAR ENDED DECEMBER 31, 2024

Operations
Net investment income	$	14,453,547		$	29,224,714
Net realized loss on investments, forward foreign exchange contracts and foreign currency transactions		(3,245,891	)		(11,514,944	)
Net change in unrealized appreciation/depreciation on investments, forward foreign exchange contracts and foreign currency translation		2,122,441			24,351,349

Net increase in net assets resulting from operations		13,330,097			42,061,119


Distributions to common shareholders
From distributable earnings		(14,723,193	)		(30,108,508	)

Total Distributions to common shareholders		(14,723,193	)		(30,108,508	)

Total increase (decrease) in net assets		(1,393,096	)		11,952,611


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

End of period	$	315,542,771		$	316,935,867

See accompanying Notes to the Financial Statements.

Barings Global Short Duration High Yield Fund 2025 Semi-Annual Report

FINANCIAL HIGHLIGHTS


	PERIOD FROM JANUARY 1, 2025 THROUGH JUNE 30, 2025 (Unaudited)			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 period	$	15.80		$	15.20		$	14.26		$	17.88		$	16.68		$	18.32
Income from investment operations:
Net investment income		0.85			1.59			1.49			1.46			1.72			1.59
Net realized gain (loss) and unrealized appreciation/depreciation on investments and foreign currency transactions		(0.19	)		0.51			0.88			(3.81	)		0.75			(1.86	)

Total increase (decrease) from investment operations		0.66			2.10			2.37			(2.35	)		2.47			(0.27	)

Less distributions to common stockholders:
Net investment income		(0.73	)		(1.50	)		(1.43	)		(1.27	)		(1.27	)		(1.37	)

Total distributions to common stockholders		(0.73	)		(1.50	)		(1.43	)		(1.27	)		(1.27	)		(1.37	)

Net asset value, end of period	$	15.73		$	15.80		$	15.20		$	14.26		$	17.88		$	16.68

Per common share market value, end of period	$	15.40		$	15.44		$	13.44		$	12.68		$	17.34		$	15.09

Total investment return based on net asset value ⁽¹⁾		4.44	%		14.92	%		19.23	%		(12.88	)%		15.71	%		0.79	%

Total investment return based on market value ⁽¹⁾		4.63	%		27.01	%		18.09	%		(19.98	)%		23.97	%		(4.65	)%


Supplemental Data and Ratios
Net assets, end of period (000’s)	$	315,543		$	316,936		$	304,983		$	286,042		$	358,672		$	334,576
Ratio of expenses (before reductions and reimbursements) to average net assets		3.96	%		4.06	%		3.95	%		2.73	% ⁽²⁾		2.17	% ⁽²⁾		2.32	% ⁽²⁾
Ratio of expenses (after reductions and reimbursements) to average net assets		3.97	%		4.08	%		3.95	%		2.60	%		1.95	%		2.23	%
Ratio of net investment income (before reductions and reimbursements) to average net assets		9.25	%		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		9.25	%		9.20	%		9.98	%		9.31	%		8.76	%		10.61	%
Portfolio turnover rate		28.88	%		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 2025 Semi-Annual Report

SCHEDULE OF INVESTMENTS

June 30, 2025 (Unaudited)


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

Common Stocks — 0.05%:
Cohesity¤							3,755		$58,936		$84,488
Cohesity¤							2,595		40,730		58,388
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		142,876


Warrant — 0.00%:
Travelex Topco Limited¤+							2,218		0		3,045

Total Warrant							2,218		0		3,045


Total Equities							16,045,022		99,816		145,921

	EFFECTIVE INTEREST RATE ‡			DUE DATE		PRINCIPAL		COST		FAIR VALUE
Fixed Income — 135.40%:

Asset-Backed Securities — 7.42%:

CDO/CLO — 7.42%:
610 FDG 2016-2R CLO LTD, 3M SOFR + 7.510%+~^#		11.78	%		1/20/2034		$1,550,000		$1,534,190		$1,552,728
Anchorage Capital CLO LTD, 3M SOFR + 7.000%+^~#		11.27			1/20/2035		1,000,000		1,000,000		977,843
Ares CLO LTD, 3M SOFR + 6.750%+^~#		11.03			10/28/2034		1,700,000		1,700,000		1,704,080
Bain CAP CR CLO 2020-2R LTD, 3M SOFR + 6.610%+~^#		11.14			7/19/2034		1,000,000		990,000		986,639
Canyon Capital, 3M SOFR + 4.75%+^~#		9.01			4/15/2038		1,175,000		1,175,000		1,162,927
Canyon Capital, 3M SOFR + 6.000+^~#		10.26			10/15/2034		1,000,000		1,000,000		975,491
Carbone CLO, LTD 2017-1A, 3M SOFR + 5.900%+~^#		10.43			1/20/2031		750,000		750,000		747,687
CIFC Funding 2020-1 LTD, 3M SOFR + 6.250%+~^#		10.77			7/15/2036		1,900,000		1,900,000		1,905,064
KKR Financial CLO LTD 2017-20, 3M SOFR + 5.500%+~^#		10.02			10/16/2030		1,500,000		1,500,000		1,476,663
KKR Financial CLO LTD 34-2, 3M SOFR + 6.850%+~^#		11.37			7/15/2034		2,000,000		1,980,000		1,957,764
Madison Park Funding LTD XXXV 2019-35R E-R, 3M SOFR + 6.100%+~^#		10.63			4/20/2032		1,400,000		1,400,000		1,400,722
Octagon 2021-57 LTD, 3M SOFR + 6.600%+~^#		11.12			10/15/2034		1,500,000		1,500,000		1,485,512
Sixth Street CLO LTD, 3M SOFR + 5.000%+^~#		9.32			7/17/2038		1,500,000		1,500,000		1,500,000

See accompanying Notes to the Financial Statements.

Barings Global Short Duration High Yield Fund 2025 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2025 (Unaudited)


	EFFECTIVE INTEREST RATE ‡			DUE DATE		PRINCIPAL		COST		FAIR VALUE

Asset-Backed Securities (Continued)

CDO/CLO (Continued)
Sound Point CLO XVIII 2018-18D, 3M SOFR + 5.500%+~^#		10.03	%		1/21/2031		$2,000,000		$2,000,000		$1,370,000
Sound Point CLO LTD 2020-27R, 3M SOFR + 6.560% E-R+~^#		11.10			10/25/2034		1,400,000		1,372,000		1,301,698
Symphony Asset Management LLC, 3M SOFR + 5.400%+^~#		9.69			7/20/2038		1,000,000		1,000,000		992,305
Wind River 2017-1A ER, 3M SOFR + 7.060%+~^#		11.59			4/18/2036		2,000,000		1,960,000		1,901,184

Total CDO/CLO							24,375,000		24,261,190		23,398,307


Total Asset-Backed Securities							24,375,000		24,261,190		23,398,307


Bank Loans§ — 22.15%:

Beverage, Food and Tobacco — 0.80%:
8th Avenue Food & Provisions, 3M SOFR + 7.7500%~		12.19			10/1/2026		368,204		305,499		366,548
Sizzling Platter, 3M SOFR + 5.000%~		9.32			6/25/2032		1,870,187		1,814,081		1,814,081
Sizzling Platter, 3M SOFR + 5.000%~		9.32			6/25/2032		352,035		341,474		341,474

Total Beverage, Food and Tobacco							2,590,426		2,461,054		2,522,103


Broadcasting and Entertainment — 1.73%:
Cox Media Group, 3M SOFR + 3.5000%~		7.90			6/18/2029		709,996		657,199		686,133
Learfield Communications, Inc., 3M SOFR + 5.0000%~		8.82			6/30/2028		3,430,859		3,369,256		3,450,586
Twitter		9.50			2/14/2030		1,347,549		1,339,429		1,309,373

Total Broadcasting and Entertainment							5,488,404		5,365,884		5,446,092


Chemicals, Plastics and Rubber — 0.89%:
Flint Group 2L, 3M EURIBOR + 6.9000% PIK and 0.1000% Cash~		11.55			12/31/2027		1,912,763		767,080		131,502
ICP Group 3M SOFR + 3.7500%~		8.31			1/31/2028		908,797		830,540		790,654
Prince 3M SOFR + 4.2500%~		8.69			3/30/2029		2,182,808		2,142,951		1,901,466

Total Chemicals, Plastics and Rubber							5,004,368		3,740,571		2,823,622


Containers, Packaging and Glass — 1.19%:
Five Star, 3M SOFR + 4.2500%~		8.56			5/7/2029		1,984,694		1,958,487		1,978,085
Trident Parent, LLC, 3M SOFR + 3.7500%~		8.05			9/15/2028		1,814,107		1,761,599		1,779,875

Total Containers, Packaging and Glass							3,798,801		3,720,086		3,757,960


Diversified/Conglomerate Service — 1.40%:
Internet Brands, Inc., 3M SOFR + 4.2500%~		8.58			4/20/2028		1,397,294		1,371,376		1,309,530
Internet Brands, Inc., 3M SOFR + 4.2500%~		8.58			12/11/2031		2,935,712		2,896,368		2,544,294
Sabre Holdings Corporation, 3M SOFR + 5.0000%~		9.43			6/30/2028		556,328		532,099		550,765

Total Diversified/Conglomerate Service							4,889,334		4,799,843		4,404,589

See accompanying Notes to the Financial Statements.

Barings Global Short Duration High Yield Fund 2025 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2025 (Unaudited)


	EFFECTIVE INTEREST RATE ‡			DUE DATE		PRINCIPAL		COST		FAIR VALUE

Bank Loans§ (Continued)

Electronics — 1.73%:
Precisely 3M SOFR + 4.0000%~		8.55	%		4/24/2028		$5,776,152		$5,705,635		$5,465,684

Total Electronics							5,776,152		5,705,635		5,465,684


Finance — 5.71%:
Aspen Insurance Holdings LTD.¤		9.25			10/15/2028		2,765,731		2,738,074		2,740,840
Aspen Insurance Holdings LTD.¤+		9.25			10/15/2028		4,523,873		4,485,247		4,483,158
Cohesity		7.75			11/1/2031		2,738,000		2,738,000		2,758,535
Cohesity, 3M SOFR + 4.0000%~		8.29			10/30/2031		2,713,806		2,686,668		2,714,648
Kidde Global Solutions, 3M SOFR + 4.2500%~		8.57			10/31/2031		2,159,821		2,138,223		2,169,281
Sunbelt Solomon, 3M SOFR + 4.2500%~		8.58			10/16/2031		3,150,950		3,119,441		3,150,950

Total Finance							18,052,181		17,905,653		18,017,412


Healthcare and Pharmaceuticals — 3.00%:
Bausch Health Companies, 3M SOFR + 6.2500%~		10.59			9/25/2030		3,299,633		3,210,560		3,175,369
DuPage Medical Group Limited, 3M SOFR + 3.000%~		7.56			3/13/2028		863,491		804,097		801,605
NAPA Management Services Corp, 3M SOFR + 5.250%~		9.68			2/23/2029		1,268,445		1,191,268		1,014,122
Radiology Partners, 3M SOFR + 4.500%¤~		8.82			6/25/2032		2,147,257		2,125,784		2,128,468
Summit Behavioral Healthcare, 3M SOFR + 4.250%~		8.55			11/24/2028		1,331,242		1,118,779		998,432
Team Health, 3M SOFR + 5.2500%~		9.54			3/2/2027		1,342,495		1,317,806		1,333,890

Total Healthcare and Pharmaceuticals							10,252,563		9,768,294		9,451,886


Healthcare, Education and Childcare — 0.47%:
LifePoint Health, 3M SOFR + 3.7500%~		8.05			5/16/2031		867,814		866,729		857,643
Medical Solutions T/L, 3M SOFR + 7.0000%~		11.39			9/22/2027		1,473,684		1,458,947		621,408

Total Healthcare, Education and Childcare							2,341,498		2,325,676		1,479,051


High Tech Industries — 0.41%:
McAfee Enterprise, 3M SOFR + 1.5000% (6.35% PIK)~		11.54			7/27/2028		21,146		21,146		9,738
Quest Software, 3M SOFR + 6.000%~		10.33			2/1/2029		266,001		247,814		273,316
Quest Software, 3M SOFR + 4.250%~		8.73			2/1/2029		1,226,101		1,008,442		1,022,262

Total High Tech Industries							1,513,248		1,277,402		1,305,316


Home and Office Furnishings, Housewares, and Durable Consumer Products — 0.35%:
Houghton Mifflin Harcourt Pub Inc, 3M SOFR + 5.2500%~		9.67			4/4/2029		1,140,207		1,125,887		1,112,272

Total Home and Office Furnishings, Housewares, and Durable Consumer Products							1,140,207		1,125,887		1,112,272

See accompanying Notes to the Financial Statements.

Barings Global Short Duration High Yield Fund 2025 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2025 (Unaudited)


	EFFECTIVE INTEREST RATE ‡			DUE DATE		PRINCIPAL		COST		FAIR VALUE

Bank Loans§ (Continued)

Oil and Gas — 0.43%:
Ngl Energy Finance Corp. 3M SOFR + 3.7500%~		8.08	%		1/27/2031		$1,361,834		$1,351,620		$1,349,428

Total Oil and Gas							1,361,834		1,351,620		1,349,428


Packaging and Containers — 0.46%:
Pretium Package Holdings 2nd Lien T/L (9/21), 3M SOFR + 6.7500%~		11.31			9/21/2029		2,770,637		2,760,344		430,834
Valcour Packaging (MOLD-RITE), 3M SOFR + 1.5000% (2.25% PIK)~		5.95			10/10/2028		1,176,865		999,305		1,012,103

Total Packaging and Containers							3,947,502		3,759,649		1,442,937


Printing and Publishing — 0.54%:
Nielsen Holdings Ltd., 3M SOFR + 5.0000%~		9.33			4/11/2029		1,809,657		1,658,109		1,707,212

Total Printing and Publishing							1,809,657		1,658,109		1,707,212


Services: Business — 1.05%:
Sabre, 1M SOFR + 6.0000%~		10.43			11/15/2029		806,945		809,794		803,314
Sabre Global, 3M SOFR + 3.500%~		7.94			12/17/2027		291,352		289,167		285,732
Sabre Global, 3M SOFR + 3.500%~		7.94			12/17/2027		249,648		247,775		244,832
The Fidelis Partnership, 3M SOFR + 5.0000%¤~		9.32			12/31/2031		1,990,000		1,980,050		1,980,647

Total Services: Business							3,337,945		3,326,786		3,314,525


Telecommunication — 1.99%:
BMC Software, 3M SOFR + 5.7500%~		10.07			7/2/2032		5,505,564		5,456,334		5,343,865
Marlink, 3M SOFR + 3.750%~		8.32			6/28/2029		0		0		0
Zayo Group, 3M SOFR + 3.0000%~		7.44			3/9/2027		1,000,000		956,324		949,200

Total Telecommunication							6,505,564		6,412,658		6,293,065


Total Bank Loans							77,809,684		74,704,807		69,893,154


Convertible Bond — 0.38%:

Retail Store — 0.38%:
Ocado Group PLC+#		6.25			8/6/2029		1,372,646		1,290,154

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