Semi Annual Report by Investment Company Form N CSRS

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, 2024

Item 1. Reports to Stockholders.

(a)

BARINGS GOBAL SHORT DURATION HIGH YIELD FUND

Semi-Annual Report

2024

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 Semi-Annual Report

OFFICERS OF THE FUND

1

Barings Global Short Duration High Yield Fund 2024 Semi-Annual Report

Dear Fellow Shareholders,

We present the 2024 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

While risk asset volatility (as measured by the VIX) reached multi-year lows in the second quarter, changes in interest rates injected volatility into fixed income markets over the first half of the year. US Treasury yields rose through the first quarter as inflation data remained persistent, driving market participants to price FOMC rate cuts out of expectations. After peaking in April, yields then rallied through the end of June as CPI data showed inflation moderating for three successive months. Performance across fixed income markets remained strong, with elevated income, narrow spreads, and solid corporate fundamentals continuing to benefit credit investors.

Global high yield bond market spreads tightened 25 bps from year-end, combining with coupon income to more than offset the adverse impact of higher interest rates. Yield-to-worst closed 23 bps higher at 7.70%. Lower-rated assets outperformed higher-rated bonds given additional spread and higher coupon interest, combined with generally shorter durations. While most sectors generated positive results, pressure on certain large capital structures drove negative returns within the Telecommunications and Media space. Floating rate assets outperformed fixed rate bonds given the shorter duration, while the loan market also benefitted from an income advantage relative to bonds. With average coupons in the U.S. and Europe closing the period at 9.2% and 7.8%, respectively, income remains the primary driver of total returns within the loan market. Europe outperformed the U.S. in both bond and loan markets. Demand for bonds and loans remains strong as demonstrated by positive net flows, while issuers have responded to these positive conditions to increase issuance from prior year levels across asset classes.

Barings Global Short Duration High Yield Fund Overview and Performance

The Fund ended June 2024 with a portfolio of 192 issuers, in line with year-end levels. From a regional perspective, there was a slight shift in regional exposure from year-end, with exposure to the United States increasing to 84.8%; the United Kingdom remains the second largest exposure at 5.5% (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, remained stable from year-end at 4.1%. 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, 2024, the Fund's positioning across the credit quality spectrum was as follows: 30.2% double-B rated and above, 46.4% single-B rated, and 19.5% triple-C rated and below, with approximately 59.0% of the portfolio consisting of secured obligations. Compared to the end of the prior period, the Fund's exposure to higher-rated credits increased, primarily sourced from lower-rated triple-C and below securities. Non-publicly rated securities represented 3.9%.¹

The distribution per share was constant throughout the period at $0.1056 per share. The Fund's share price and net asset value ("NAV") ended the reporting period at $14.45 and $15.72, respectively, or at an 8.08% discount to NAV. Based on the Fund's share price and NAV on June 30, 2024, the Fund's market price and NAV distribution rates-using the most recent monthly dividend, on an annualized basis-were 8.77% and 8.06%, respectively. Assets acquired through leverage, which represented 27.07% of the Fund's total assets at the end of June, were accretive to net investment income and benefited shareholders.

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Barings Global Short Duration High Yield Fund 2024 Semi-Annual Report

On a year-to-date basis through June 30, 2024, the NAV total return for the Fund was 8.09%, 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 2.80% on a hedged to the U.S. dollar basis. From a market value perspective, the total return year-to-date through June 30, 2024, was 12.39%.² The Fund generated positive absolute and relative returns in each quarter to begin the year. The shorter-duration exposure, including floating rate allocations to 1st and 2nd 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 corporates remain in good financial health as management teams have remained focused on shoring up their financial positions in recent years and capital markets are receptive to those companies that seek to refinance their debt. In an environment where rates have remained higher than some may have expected earlier in the year, broadly syndicated loans continue to perform well and stand out due to coupons that are just under 9% for the global market. Though yields remain high in many fixed income markets, for loans, most of the yield is coming from contractual income that is being paid today rather than waiting for price recovery. Strong total return potential also remains for high yield bonds with the market continuing to trade at a discount to par resulting in elevated yields. This has provided potential opportunities in performing, shorter duration bonds as most issuers seek to refinance their debt well in advance of legal maturities. Though there remains some uncertainty on the horizon and political elections to come, the elevated yield in high yield credit markets and stable corporate fundaments provide, in our opinion, compelling arguments for these asset classes.

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,

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.

3

Barings Global Short Duration High Yield Fund 2024 Semi-Annual Report

PORTFOLIO COMPOSITION (% OF ASSETS*)

*	The percentages shown above represent a percentage of the assets. As of June 30, 2024.

COUNTRY COMPOSITION (% OF ASSETS*)

*	The percentages shown above represent a percentage of the assets. As of June 30, 2024.

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Barings Global Short Duration High Yield Fund 2024 Semi-Annual Report

AVERAGE ANNUAL RETURNS JUNE 30, 2024		1 YEAR			5 YEAR			10 YEAR
Barings Global Short Duration High Yield Fund (BGH)			19.46	%			6.37	%			5.26	%
ICE Bank of America Non-Financial Developed Markets High Yield Constrained Index (HNDC)			10.68	%			3.73	%			4.30	%

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.

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Barings Global Short Duration High Yield Fund 2024 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		24-39
Fund Dividend Reinvestment Plan		40
Joint Privacy Notice		41

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Barings Global Short Duration High Yield Fund 2024 Semi-Annual Report

STATEMENT OF ASSETS AND LIABILITIES

(Unaudited)

		JUNE 30, 2024
Assets
Investments, at fair value (cost $448,559,264)		$	424,168,331
Cash and cash equivalents			12,390,227
Foreign currency, at fair value (cost $609,130)			607,598
Interest and dividend receivable			9,051,414
Prepaid expenses and other assets			130,289
Unrealized appreciation on forward foreign exchange contracts			313,388
Total assets			446,661,247
Liabilities
Credit facility			121,500,000
Payable for investments purchased			6,328,612
Dividend payable			2,118,791
Payable to adviser			313,553
Accrued expenses and other liabilities			915,665
Total liabilities			131,176,621
Total net assets		$	315,484,626
Net assets:
Common shares, $0.00001 par value		$	201
Additional paid-in capital			464,740,124
Total accumulated loss			(149,255,699	)
Total net assets		$	315,484,626
Common shares issued and outstanding (unlimited shares authorized)			20,064,313
Net asset value per share		$	15.72

See accompanying Notes to the Financial Statements.

7

Barings Global Short Duration High Yield Fund 2024 Semi-Annual Report

STATEMENT OF OPERATIONS

(Unaudited)

		PERIOD FROM JANUARY 1, 2024 THROUGH JUNE 30, 2024
Investment Income
Interest income		$	20,881,263
Other income			90,308
Total investment income			20,971,571
Operating Expenses
Interest expense			3,413,753
Advisory fees			1,804,242
Accounting and administration fees			227,321
Professional fees			135,417
Other operating expenses			67,172
Trustee fees			60,205
Total expenses			5,708,110
Net investment income			15,263,461
Realized losses and unrealized appreciation/depreciation on investments and foreign currency related transactions
Net realized loss on investments			(1,374,579	)
Net realized gain on forward foreign exchange contracts			112,096
Net realized loss on foreign currency related transactions			(178,880	)
Net realized loss on investments, forward foreign exchange contracts and foreign currency transactions			(1,441,363	)
Net change in unrealized appreciation/depreciation on investments			8,068,698
Net change in unrealized appreciation/depreciation on forward foreign exchange contracts			1,356,458
Net change in unrealized appreciation/depreciation on foreign currency transactions			(33,135	)
Net change in unrealized appreciation/depreciation on investments, forward foreign exchange contracts and foreign currency transactions			9,392,021
Net realized gain and unrealized appreciation/depreciation on investments and foreign currency transactions			7,950,658
Net increase in net assets resulting from operations		$	23,214,119

See accompanying Notes to the Financial Statements.

8

Barings Global Short Duration High Yield Fund 2024 Semi-Annual Report

STATEMENT OF CASH FLOWS

(Unaudited)

		PERIOD FROM JANUARY 1, 2024 THROUGH JUNE 30, 2024
Cash flows from operating activities
Net increase in net assets resulting from operations		$	23,214,119
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Purchases of long-term investments			(226,810,122	)
Proceeds from sales of long-term investments			155,889,452
Proceeds from short-term investments			57,200,000
Net change in unrealized appreciation/depreciation on investments			(8,068,698	)
Net change in unrealized depreciation on foreign currency transactions			33,135
Net realized loss on investments			1,325,578
Net realized loss on forward foreign exchange contracts			(112,096	)
Net realized loss on foreign currency related transactions			178,880
Amortization and accretion			(1,202,472	)
Net change in unrealized appreciation/depreciation on forward foreign exchange contracts			(1,356,458	)
Changes in assets and liabilities:
Increase in interest and dividend receivable			(31,986	)
Increase in prepaid expenses and other assets			(50,784	)
Increase in payable to Adviser			19,496
Increase in payment-in-kind non-cash interest received			(161,398	)
Decrease in excise tax payable on undistributed income			(1,038,466	)
Increase in accrued expenses and other liabilities			30,613
Net cash used in operating activities			(941,207	)
Cash flows from financing activities
Advances from credit facility			12,000,000
Distributions paid to common shareholders			(12,712,749	)
Net cash used in financing activities			(712,749	)
Net change in cash			(1,653,956	)
Cash and cash equivalents (including foreign currency), beginning of period			14,651,781
Cash and cash equivalents (including foreign currency), end of period		$	12,997,825
Supplemental disclosure of cash flow information
Interest paid			3,425,289

See accompanying Notes to the Financial Statements.

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Barings Global Short Duration High Yield Fund 2024 Semi-Annual Report

STATEMENTS OF CHANGES IN NET ASSETS

(Unaudited)

		PERIOD FROM JANUARY 1, 2024 THROUGH JUNE 30, 2024			YEAR ENDED DECEMBER 31, 2023
Operations
Net investment income		$	15,263,461			$	29,381,331
Net realized loss on investments, forward foreign exchange contracts and foreign currency transactions			(1,441,363	)			(14,334,538	)
Net change in unrealized appreciation/depreciation on investments, forward foreign exchange contracts and foreign currency translation			9,392,021				32,651,134
Net increase in net assets resulting from operations			23,214,119				47,697,927
Distributions to common shareholders
From distributable earnings			(12,712,749	)			(28,756,173	)
Total Distributions to common shareholders			(12,712,749	)			(28,756,173	)
Total increase in net assets			10,501,370				18,941,754
Net assets
Beginning of period			304,983,256				286,041,502
End of period		$	315,484,626			$	304,983,256

See accompanying Notes to the Financial Statements.

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Barings Global Short Duration High Yield Fund 2024 Semi-Annual Report

FINANCIAL HIGHLIGHTS

(Unaudited)

		PERIOD FROM JANUARY 1, 2024 THROUGH JUNE 30, 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		$	15.20			$	14.26			$	17.88			$	16.68			$	18.32
Income from investment operations:
Net investment income			0.76				1.49				1.46				1.72				1.59
Net realized gain (loss) and unrealized appreciation/depreciation on investments and foreign currency transactions			0.39				0.88				(3.81	)			0.75				(1.86	)
Total increase (decrease) from investment operations			1.15				2.37				(2.35	)			2.47				(0.27	)
Less distributions to common stockholders:
Net investment income			(0.63	)			(1.43	)			(1.27	)			(1.27	)			(1.37	)
Total distributions to common stockholders			(0.63	)			(1.43	)			(1.27	)			(1.27	)			(1.37	)
Net asset value, end of period		$	15.72			$	15.20			$	14.26			$	17.88			$	16.68
Per common share market value, end of period		$	14.45			$	13.04			$	12.68			$	17.34			$	15.09
Total investment return based on net asset value (1)			8.09	% (2)			19.23	%			(12.88	)%			15.71	%			0.79	%
Total investment return based on market value (1)			12.39	% (2)			18.09	%			(19.98	)%			23.97	%			(4.65	)%
Supplemental Data and Ratios
Net assets, end of year (000's)		$	315,485			$	304,983			$	286,042			$	358,672			$	334,576
Ratio of expenses (before reductions and reimbursements) to average net assets			3.66	% (4)			3.95	%			2.73	% (3)			2.17	% (3)			2.32	% (3)
Ratio of expenses (after reductions and reimbursements) to average net assets			3.67	% (4)			3.95	%			2.60	%			1.95	%			2.23	%
Ratio of net investment income (before reductions and reimbursements) to average net assets			9.79	% (4)			9.98	%			9.17	% (3)			8.54	% (3)			10.53	% (3)
Ratio of net investment income (after reductions and reimbursements) to average net assets			9.79	% (4)			9.98	%			9.31	%			8.76	%			10.61	%
Portfolio turnover rate			54.72	% (2)			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)

Not annualized.

(3)

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).

(4)

Annualized.

See accompanying Notes to the Financial Statements.

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Barings Global Short Duration High Yield Fund 2024 Semi-Annual Report

SCHEDULE OF INVESTMENTS

June 30, 2024 (Unaudited)

								SHARES			COST			FAIR VALUE
Equities* - 0.61%:
Common Stocks - 0.59%:
Flint Group Ordinary A Shares Stapled to 2L¤+					1,395,572				$149				$0
ESC CB 144A High Ridge¤					2,982				0				0
KCA Deutag Ordinary A Shares					25,580				1,103,387				1,854,550
Travelex Private Equity Stapled to 12.5% New Money Notes¤+					16,764				1				0
Naviera Armas¤+					14,621,136				0				0
Total Common Stocks					16,062,034				1,103,537				1,854,550
Warrant - 0.02%:
Travelex Topco Limited¤+					2,218				0				61,683
Total Warrant					2,218				0				61,683
Total Equities					16,064,252				1,103,537				1,916,233
		EFFECTIVE INTEREST RATE ‡			DUE DATE			PRINCIPAL			COST			FAIR VALUE
Fixed Income - 133.21%:
Asset-Backed Securities - 10.95%:
CDO/CLO - 10.95%:
610 FDG 2016-2R CLO LTD, 3M SOFR + 7.250%+~^#			12.84	%			1/20/2034				$1,550,000				$1,534,190				$1,550,945
Anchorage Capital 2016-9A ER2, 3M SOFR + 6.820%+~^#			12.41				7/15/2032				1,500,000				1,485,000				1,501,906
Anchorage Capital CLO LTD 2021-20 E, 3M SOFR + 7.350%+~^#			12.94				1/20/2035				1,000,000				980,000				970,115
Ares CLO LTD 2013-27R2, 3M SOFR + 6.750%+~^#			12.34				10/28/2034				1,700,000				1,683,000				1,703,344
Bain CAP CR CLO 2020-2R LTD, 3M SOFR + 6.610%+~^#			12.20				7/19/2034				1,000,000				990,000				983,496
BlueMountain CLO LTD 2018-23A, 3M SOFR + 5.650%+~^#			11.24				10/20/2031				1,000,000				1,000,000				990,000
Canyon CLO LTD 2019-2R, 3M SOFR + 6.750%+~^#			11.33				1/15/2036				1,400,000				1,400,000				1,400,000
Canyon CLO LTD 2019-2R, 3M SOFR + 6.750%+~^#			12.34				10/15/2034				1,000,000				1,000,000				988,798
Carbone CLO, LTD 2017-1A, 3M SOFR + 5.900%+~^#			11.49				1/20/2031				750,000				750,000				749,929
CIFC Funding 2020-1 LTD, 3M SOFR + 6.250%+~^#			11.84				7/15/2036				1,900,000				1,900,000				1,903,847
GoldenTree Loan Management 2018-3A, 3M SOFR + 6.500%+~^#			12.09				4/20/2030				1,500,000				1,475,583				1,485,108
KKR Financial CLO LTD 2017-20, 3M SOFR + 5.500%+~^#			11.09				10/16/2030				1,500,000				1,500,000				1,500,537
KKR Financial CLO LTD 34-2, 3M SOFR + 6.850%+~^#			12.44				7/15/2034				2,000,000				1,980,000				2,005,000

See accompanying Notes to the Financial Statements.

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Barings Global Short Duration High Yield Fund 2024 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2024 (Unaudited)

		EFFECTIVE INTEREST RATE ‡			DUE DATE			PRINCIPAL			COST			FAIR VALUE
Asset-Backed Securities (Continued)
CDO/CLO - (Continued)
KVK 2016-1A ER2, 3M SOFR + 7.350%+~^#			12.94	%			10/15/2034			$	1,500,000			$	1,485,000			$	1,328,406
LCM LTD 2031-30, 3M SOFR + 6.500%+~^#			12.09				4/20/2031				1,100,000				1,100,000				1,068,154
Madison Park Funding LTD 2018-29A, 3M SOFR + 7.570%+~^			13.16				10/18/2030				2,000,000				1,960,000				1,949,554
Madison Park Funding LTD XXXV 2019-35RE-R, 3M SOFR + 6.100%+~^#			11.69				4/20/2032				1,400,000				1,400,000				1,407,255
Madison Park Funding LTD 2019-32RE-R, 3M SOFR + 6.200%+~^#			11.79				1/22/2031				1,000,000				1,000,000				1,000,713
Octagon 2021-57 LTD, 3M SOFR + 6.600%+~^#			12.19				10/15/2034				1,500,000				1,500,000				1,474,222
Sound Point CLO XVIII 2018-18D, 3M SOFR + 5.500%+~^#			11.09				1/21/2031				2,000,000				2,000,000				1,495,540
Sound Point CLO LTD 2020-27R, 3M SOFR + 6.560% E-R+~^#			12.15				10/25/2034				1,400,000				1,372,000				1,271,759
Sound Point CLO LTD Series 2020-1A Class ER, 3M SOFR + 6.860%+~^#			12.45				7/20/2034				1,600,000				1,584,000				1,507,941
TICP CLO LTD 2018-10A, 3M SOFR + 5.500%+~^#			11.09				4/20/2031				1,000,000				970,325				1,002,102
Wellfleet CLO LTD 2017-3A, 3M SOFR + 5.550%+~^#			11.13				1/17/2031				1,500,000				1,500,000				1,387,918
Wind River 2017-1A ER, 3M SOFR + 7.060%+~^#			12.65				4/18/2036				2,000,000				1,960,000				1,903,330
Total CDO/CLO					35,800,000				35,509,098				34,529,919
Total Asset-Backed Securities					35,800,000				35,509,098				34,529,919
Bank Loans§ - 30.68%:
Beverage, Food and Tobacco - 0.75%:
8th Avenue Food & Provisions~ 3M SOFR + 4.75000~			10.19				10/1/2025				172,698				168,480				163,199
8th Avenue Food & Provisions, 3M SOFR + 7.7500%~			13.19				10/1/2026				368,205				269,483				331,123
Dessert Holdings, 3M SOFR + 7.2500%~			12.68				6/8/2029				1,000,000				982,700				892,500
Florida Food Products 2nd Lien T/L, 3M SOFR + 8.0000%¤~			13.43				10/18/2029				1,500,000				1,465,362				990,000
Total Beverage, Food and Tobacco					3,040,903				2,886,025				2,376,822
Broadcasting and Entertainment - 1.84%:
Clear Channel Worldwide Holdings Inc. ¤			7.50				3/31/2027				2,400,000				2,377,836				2,334,000
Learfield Communications, Inc., 3M SOFR + 5.5000%~			10.83				6/30/2028				3,456,807				3,377,756				3,466,520
Total Broadcasting and Entertainment					5,856,807				5,755,592				5,800,520
Buildings and Real Estate - 0.35%:
MI Windows and Doors 3M SOFR + 3.50000%~			8.83				3/20/2031				1,104,341				1,098,819				1,110,094
Total Buildings and Real Estate					1,104,341				1,098,819				1,110,094

See accompanying Notes to the Financial Statements.

13

Barings Global Short Duration High Yield Fund 2024 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2024 (Unaudited)

		EFFECTIVE INTEREST RATE ‡			DUE DATE			PRINCIPAL			COST			FAIR VALUE
Bank Loans§(Continued)
Cargo Transport - 1.65%:
Genesee & Wyoming Inc, 3M SOFR + 2.0000%~			7.30	%			4/14/2031			$	2,357,245			$	2,345,459			$	2,353,992
Worldwide Express 2nd Lien T/L, 3M SOFR + 7.0000%~			12.50				7/26/2029				3,000,000				2,955,227				2,850,000
Total Cargo Transport					5,357,245				5,300,686				5,203,992
Chemicals, Plastics and Rubber - 2.70%:
Flint Group 2L, 3M EURIBOR + 6.9000% PIK and 0.1000% Cash~			0.10				12/31/2027				1,592,817				365,792				256,842
ICP Group 3M SOFR + 3.7500%~			9.32				1/31/2028				4,346,798				3,653,885				3,613,275
LSF 11 A5 Holdco LLC, 3M SOFR + 3.5000%¤			8.94				10/15/2028				989,873				983,687				987,399
Prince 3M SOFR + 4.2500%~			9.72				3/30/2029				1,205,253				1,174,354				1,175,122
Solenis, 3M SOFR + 3.5000%~			8.83				6/9/2031				2,466,676				2,466,676				2,469,414
Total Chemicals, Plastics and Rubber					10,601,417				8,644,394				8,502,052
Containers, Packaging and Glass - 1.02%:
Novolex Holdings, Inc.3M SOFR + 3.6750%~			9.10				6/30/2029				990,790				988,313				992,336
Tekni-Plex, 3M SOFR + 4.0000%~			9.30				9/15/2028				2,213,524				2,213,525				2,215,982
Total Containers, Packaging and Glass					3,204,314				3,201,838				3,208,318
Diversified/Conglomerate Manufacturing - 0.24%:
Belfor, 3M SOFR + 3.7500%~			9.08				10/31/2030				762,488				754,863				766,301
Total Diversified/Conglomerate Manufacturing					762,488				754,863				766,301
Diversified/Conglomerate Service - 3.93%:
Citrix EM SOFR + 4.5000%~			9.33				3/30/2029				2,000,000				1,995,000				1,997,000
Evertec, 3M SOFR + 3.5000%¤~			8.58				10/31/2030				1,983,471				1,953,719				1,993,389
Internet Brands, Inc., 3M SOFR + 4.2500%~			9.58				4/20/2028				2,364,423				2,309,579				2,360,474
McAfee Enterprise 3M SOFR + 8.2500%			8.58				3/1/2029				1,994,924				1,989,937				1,990,256
Quest Software, 3M SOFR + 7.5000%~			9.71				1/19/2029				720,950				525,438				532,704
Quest Software, 3M SOFR + 7.5000%~			12.98				1/18/2030				879,573				868,578				429,064
Sonicwall, Inc., 3M SOFR + 7.5000%~			12.96				5/18/2026				1,506,038				1,498,508				1,383,296
TRC Companies, Inc. 3M SOFR + 3.7500%~			9.19				12/8/2028				1,723,754				1,710,826				1,725,478
Total Diversified/Conglomerate Service					13,173,133				12,851,585				12,411,661
Ecological - 0.38%:
Patriot Container 2nd Lien T/L, 3M SOFR + 7.7500%~			13.18				3/20/2026				1,400,000				1,356,587				1,200,500
Total Ecological					1,400,000				1,356,587				1,200,500
Electronics - 4.51%:
McAfee Enterprise 2nd Lien T/L, 3M SOFR + 8.2500%~			13.84				5/3/2029				11,567,000				11,487,757				3,389,825
Precisely 3M SOFR + 3.2500%~			9.59				4/24/2028				3,979,540				3,940,938				3,899,949
Presidio, Inc., 3M SOFR + 3.7500%¤~			9.32				5/8/2031				3,501,094				3,483,589				3,501,094
SS&C Technologies Inc, 3M SOFR + 2.0000%~			7.33				5/2/2031				2,309,680				2,309,680				2,312,267

See accompanying Notes to the Financial Statements.

14

Barings Global Short Duration High Yield Fund 2024 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2024 (Unaudited)

		EFFECTIVE INTEREST RATE ‡			DUE DATE			PRINCIPAL			COST			FAIR VALUE
Bank Loans§(Continued)
Electronics - (Continued)
Veeam, 3M SOFR + 3.2500%~			8.58	%			4/30/2031			$	1,111,935			$	1,109,155			$	1,113,325
Total Electronics					22,469,249				22,331,119				14,216,460
Finance - 0.99%:
Cetera Financial Group, 3M SOFR + 4.5000%~			9.33				8/9/2030				1,954,090				1,898,930				1,960,206
GIP Pilot Acquisition Partners, L.P., 3M SOFR + 3.0000%~			7.83				10/4/2030				1,164,057				1,158,237				1,164,057
Total Finance					3,118,147				3,057,167				3,124,263
Healthcare, Education and Childcare - 0.91%:
Athenahealth, Inc, 3M SOFR + 3.2500%~			8.58				1/26/2029				997,456				994,962				993,097
LifePoint Health, 3M SOFR + 5.5000%~			10.06				11/16/2028				874,361				873,268				878,514
Medical Solutions T/L, 3M SOFR + 7.0000%~			12.43				9/22/2027				1,473,684				1,458,947				999,644
Total Healthcare, Education and Childcare					3,345,501				3,327,177				2,871,255
Home and Office Furnishings, Housewares, and Durable Consumer Products - 0.37%:
APi Group 3M SOFR + 2.5000%~			7.33				1/3/2029				1,181,841				1,180,364				1,180,470
Total Home and Office Furnishings, Housewares, and Durable Consumer Products					1,181,841				1,180,364				1,180,470
Hotels, Motels, Inns and Gaming - 0.59%:
Four Seasons Holdings, Inc. 3M SOFR + 2.0000%~			7.33				11/30/2029				1,842,088				1,817,240				1,847,965
Total Hotels, Motels, Inns and Gaming					1,842,088				1,817,240				1,847,965
Insurance - 0.95%:
AssuredPartners Capital, Inc, 3M SOFR + 3.5000%~			8.83				2/8/2031				2,992,500				2,988,759				2,998,515
Total Insurance					2,992,500				2,988,759				2,998,515
Machinery Non-Agricultural,Non-Construction,Non-Electronic - 0.67%:
Barnes Group, Inc. 3M SOFR + 2.5000%~			7.83				8/30/2030				2,110,370				2,109,822				2,113,008
Total Machinery Non-Agricultural,Non-Construction,Non-Electronic					2,110,370				2,109,822				2,113,008
Mining, Steel, Iron and Non Precious Metals - 0.37%:
Arconic Corp (Arconic Rolled Prod) 3M SOFR + 3.75000%~			9.08				8/18/2030				1,145,941				1,134,482				1,151,385
Total Mining, Steel, Iron and Non Precious Metals					1,145,941				1,134,482				1,151,385
Oil and Gas - 2.16%:
Freeport LNG Investments, 3M SOFR + 3.5000%~			9.09				11/17/2028				1,062,500				1,063,789				1,060,726
IMTT 3M SOFR + 3.2500%~			8.42				10/5/2030				3,322,233				3,316,038				3,323,263

See accompanying Notes to the Financial Statements.

15

Barings Global Short Duration High Yield Fund 2024 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2024 (Unaudited)

		EFFECTIVE INTEREST RATE ‡			DUE DATE			PRINCIPAL			COST			FAIR VALUE
Bank Loans§(Continued)
Oil and Gas - (Continued)
Ngl Energy Finance Corp. 3M SOFR + 4.5000%~			9.83	%			1/27/2031			$	1,375,625			$	1,365,308			$	1,378,816
Waterbridge NDB~			9.82				5/7/2029				1,048,089				1,037,812				1,052,459
Total Oil and Gas					6,808,447				6,782,947				6,815,264
Packaging and Containers - 1.25%:
Pretium Package Holdings 2nd Lien T/L (9/21), 3M SOFR + 6.7500%~			12.33				9/21/2029				2,770,637				2,762,352				1,580,815
Valcour Packaging (MOLD-RITE) 2nd Lien T/L, 3M SOFR + 7.0000%~			12.44				9/30/2029				5,000,000				4,950,000				2,371,900
Total Packaging and Containers					7,770,637				7,712,352				3,952,715
Personal Transportation - 0.04%:
Naviera Armas 3M EURIBOR + 10.0000% Cash, 5.00% PIK¤+			18.91				6/30/2025				102,403				102,861				109,669
Total Personal Transportation					102,403				102,861				109,669
Printing and Publishing - 0.30%:
Nielsen Holdings Ltd., 3M SOFR + 5.0000%~			10.42				4/11/2029				988,764				904,893				929,023
Total Printing and Publishing					988,764				904,893				929,023
Retail Stores - 0.28%:
Caliber Collision 3M SOFR + 3.7500%~			9.08				1/31/2031				889,281				887,058				894,679
Total Retail Stores					889,281				887,058				894,679
Telecommunication - 3.19%:
BMC Software, 3M SOFR + 4.2500%~			9.33				12/31/2028				6,837,494				6,844,350				6,843,579
Frontier Communications, 3M SOFR + 3.5000%¤~			8.58				6/20/2031				288,083				286,643				287,363
Level III, 3M SOFR + 6.5600%~			11.88				4/15/2029				996,345				1,005,135				974,087
Level III, 3M SOFR + 6.5600%~			11.88				4/15/2030				1,003,655				1,012,512				976,054
Marlink, 3M SOFR + 4.7500%~			10.35				6/28/2029				992,424				980,036				992,424
Total Telecommunication					10,118,001				10,128,676				10,073,507
Utilities - 1.24%:
Invenergy Thermal Operating I LLC, 3M SOFR + 4.5000%¤			9.67				8/4/2029				1,787,634				1,754,391				1,801,041
Invenergy Thermal Operating I LLC, 3M SOFR + 4.5000%¤~			9.67				8/4/2029				155,530				152,638				156,696
Vistra Zero Operating Co LLC 3M SOFR + 2.7500%~			8.09				3/20/2031				1,951,698				1,941,940				1,959,505
Total Utilities					3,894,862				3,848,969				3,917,242
Total Bank Loans					113,278,680				110,164,275				96,775,680

See accompanying Notes to the Financial Statements.

16

Barings Global Short Duration High Yield Fund 2024 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2024 (Unaudited)

		EFFECTIVE INTEREST RATE ‡			DUE DATE			PRINCIPAL			COST			FAIR VALUE
Corporate Bonds - 91.58%:
Aerospace and Defense - 1.42%:
American Airlines^			8.50	%			5/15/2029				$858,000				$858,000				$891,439
Spirit AeroSystems Inc^			9.75				11/15/2030				2,577,000				2,632,631				2,843,485
Triumph Group, Inc.^			9.00				3/15/2028				709,000				709,000				742,470
Total Aerospace and Defense					4,144,000				4,199,631				4,477,394
Automobile - 0.47%:
Automotive Association+#			6.85				7/31/2031				450,000				566,371				571,128
Adient PLC+^			8.25				4/15/2031				870,000				870,000				908,003
Total Automobile					1,320,000				1,436,371				1,479,131
Banking - 0.36%:
Macquarie Airfinance Holdings Ltd.+^			8.13				3/30/2029				281,000				281,000				297,074
Macquarie Airfinance Holdings Ltd.+^			8.38				5/1/2028				788,000				788,000				830,483
Total Banking					1,069,000				1,069,000				1,127,557
Beverage, Food and Tobacco - 0.39%:
Bellis Acquisition Co+#			8.13				5/14/2030				500,000				626,849				631,257
La Doria SpA, 3M EURIBOR + 4.5000%+~			8.33				11/12/2029				550,000				590,015				599,331
Total Beverage, Food and Tobacco					1,050,000				1,216,864				1,230,588
Broadcasting and Entertainment - 4.13%:
Altice USA Inc.^			11.75				1/31/2029				1,401,000				1,401,000				1,194,334
Banijay+			6.50				3/1/2026				3,700,000				3,915,358				3,965,390
Clear Channel Worldwide Holdings Inc.^			9.00				9/15/2028				708,000				708,000				741,284
Clear Channel Worldwide Holdings Inc.^#			7.75				4/15/2028				3,337,000				3,396,293				2,920,875
Dish Dbs Corporation#			7.38				7/1/2028				2,000,000				1,582,463				850,560
Dish Network Corporation^			11.75				11/15/2027				1,770,000				1,766,345				1,735,469
Gray TV^#			7.00				5/15/2027				196,000				192,106				180,442
Inmarsat Finance PLC+^			6.75				10/1/2026				1,500,000				1,461,125				1,447,766
Total Broadcasting and Entertainment					14,612,000				14,422,690				13,036,120
Buildings and Real Estate - 6.50%:
Knife River Corporation^			7.75				5/1/2031				2,107,000				2,122,610				2,201,215
Landsea Homes Corp ^			8.88				4/1/2029				2,000,000				1,972,041				1,980,140
Maison Hold Limited+			6.00				10/31/2027				1,045,000				1,419,991				1,227,850
New Enterprise Stone & Lime Co.^			9.75				7/15/2028				11,859,000				12,011,055				12,055,278
Service Properties Trust^			8.63				11/15/2031				545,000				537,315				568,251
Service Properties Trust			8.38				6/15/2029				811,000				802,898				797,327
Smyrna Ready Mix Concrete^			8.88				11/15/2031				1,583,000				1,583,000				1,679,834
Total Buildings and Real Estate					19,950,000				20,448,910				20,509,895
Cargo Transport - 4.36%:
Atlas Corporation+^#			5.50				8/1/2029				4,786,000				4,034,148				4,271,899
Carriage Purchaser Inc.^			7.88				10/15/2029				7,106,000				6,431,010				6,552,521
Railworks Hldgs Lp / Railworks Sr^			8.25				11/15/2028				2,881,000				2,825,975				2,931,417
Total Cargo Transport					14,773,000				13,291,133				13,755,837

See accompanying Notes to the Financial Statements.

17

Barings Global Short Duration High Yield Fund 2024 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2024 (Unaudited)

		EFFECTIVE INTEREST RATE ‡			DUE DATE			PRINCIPAL			COST			FAIR VALUE
Corporate Bonds (Continued)
Chemicals, Plastics and Rubber - 5.37%:
Consolidated Energy Finance SA+^			6.50	%			5/15/2026			$	492,000			$	456,223			$	474,814
LSF11 A5 Holdco LLC^			6.63				10/15/2029				4,448,000				4,016,229				4,209,741
Monitchem HoldCo+#			8.75				5/1/2028				300,000				328,904				333,211
Monitchem HoldCo, 3M EURIBOR + 5.2500%+~#			8.97				5/1/2028				215,000				231,014				232,413
Olympus Water US Holding Corporation^			6.25				10/1/2029				2,348,000				2,190,495				2,143,282
Prince^			9.00				2/15/2030				4,540,000				4,470,415				4,155,235
Proman AG+^			5.63				10/15/2028				3,427,000				3,030,763				2,913,709
SI Group^#			6.75				5/15/2026				1,408,000				1,134,196				394,240
Windsor Holdings III LLC^			8.50				6/15/2030				2,000,000				2,000,000				2,088,078
Total Chemicals, Plastics and Rubber					19,178,000				17,858,239				16,944,723
Containers, Packaging and Glass - 5.37%:
Mauser Packaging Solutions^			7.88				4/15/2027				5,196,999				5,197,000				5,303,538
Novolex Holdings, Inc.^			8.75				4/15/2030				7,423,000				6,827,808				7,265,284
Packaging Holdings Ltd.^#			7.13				8/15/2028				1,775,000				1,576,909				1,676,683
SCI Packaging Inc.^			9.25				4/15/2027				1,327,000				1,241,184				1,327,811
Titan Holdings II+			5.13				7/15/2029				113,000				133,866				122,306
Trident Parent, LLC^			12.75				12/31/2028				1,151,000				1,155,234				1,257,268
Total Containers, Packaging, and Glass					16,985,999				16,132,001				16,952,890
Diversified/Conglomerate Manufacturing - 1.62%:
Alta Equipment Group^			9.00				6/1/2029				2,046,000				1,992,826				1,897,945
Heat Exchangers+			7.78				10/9/2025				652,345				710,833				694,995
IMA+~			7.65				4/15/2029				1,390,000				1,490,888				1,499,637
United Site Services^#			8.00				11/15/2029				2,397,000				2,374,500				1,011,075
Total Diversified/Conglomerate Manufacturing					6,485,345				6,569,047				5,103,652
Diversified/Conglomerate Service - 10.03%:
Albion Fing 1 S A R L & Aggre Sr+^			8.75				4/15/2027				1,800,000				1,806,338				1,813,621
AMS Osram AG+#			10.50				3/30/2029				2,000,000				2,148,336				2,240,964
Artera Services, LLC^			8.50				2/15/2031				2,696,000				2,730,146				2,775,241
Citrix EM SOFR + 4.5000%~^			9.00				9/30/2029				4,795,000				4,604,045				4,652,148
Citrix EM SOFR + 4.5000%~^			8.25				6/30/2032				1,259,000				1,259,000				1,283,243
Engineering Group+#			11.13				5/15/2028				1,485,000				1,627,861				1,639,694
Global Infrastructure Solutions, Inc.^			7.50				4/15/2032				5,298,000				4,787,314				5,196,258
Sabre Holdings Corporation^			8.63				6/1/2027				2,926,000				2,670,689				2,692,191
Sabre Holdings Corporation^			11.25				12/15/2027				1,560,000				1,457,642				1,516,848
Summer BC Holdco+			9.25				10/31/2027				1,666,932				2,075,636				1,753,961
Verisure Midholding AB+#			7.13				2/1/2028				915,000				994,381				1,022,056
Verisure Midholding+			5.25				2/15/2029				3,575,000				4,322,962				3,734,831
Veritas Bermuda Ltd.^			7.50				9/1/2025				1,526,000				1,448,377				1,319,587
Total Diversified/Conglomerate Service					31,501,932				31,932,727				31,640,643

See accompanying Notes to the Financial Statements.

18

Barings Global Short Duration High Yield Fund 2024 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2024 (Unaudited)

		EFFECTIVE INTEREST RATE ‡			DUE DATE			PRINCIPAL			COST			FAIR VALUE
Corporate Bonds (Continued)
Electronics - 0.36%:
Presidio, Inc.^			7.50	%			6/1/2031			$	1,092,000			$	1,092,000			$	1,118,809
Total Electronics					1,092,000				1,092,000				1,118,809
Finance - 8.96%:
Avolon Holdings+^			6.50				9/15/2024				4,506,506				4,415,527				4,338,265
Cerved Group, 3M EURIBOR + 5.250%+~			8.97				2/15/2029				477,000				542,554				501,393
Cetera Financial Group^			10.00				8/15/2030				1,107,000				1,107,000				1,204,537
CPUK Finance LTD+#			7.88				8/28/2029				500,000				624,774				643,108
Galaxy Bidco Ltd.+			6.50				7/31/2026				500,000				662,745				622,567
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI)^			8.00				6/15/2027				428,000				428,000				444,939
Icahn Enterprises LP			6.25				5/15/2026				1,762,000				1,681,658				1,748,163
Icahn Enterprises^#			9.00				6/15/2030				1,101,000				1,086,324				1,095,704
Jefferson Capital^			9.50				2/15/2029				3,000,000				3,061,745				3,092,751
OneMain Finance Corporation			7.88				3/15/2030				600,000				596,478				618,488
PRA Group^#			5.00				10/1/2029				1,835,000				1,379,043				1,571,462
PRA Group^			7.38				9/1/2025				1,045,000				1,014,753				1,046,255
PRA Group^			8.38				2/1/2028				4,518,000				4,292,746				4,503,208
PRA Group^			8.88				1/31/2030				2,000,000				1,992,500				1,995,474
Travelex(12.50%PIK)¤+			12.50				8/5/2025				3,222,487				4,183,785				4,460,514
Travelex¤+#>			8.00				5/15/2025				4,600,000				5,097,344				0
TVL FINANCE PLC, 3M EURIBOR + 5.5000%+~			7.45				6/30/2030				350,000				375,847				375,582
Total Finance					31,551,993				32,542,823				28,262,410
Grocery - 0.20%:
Picard Groupe SAS+			0.00				7/1/2029				600,000				640,861				643,253
Total Grocery					600,000				640,861				643,253
Healthcare, Education and Childcare - 9.06%:
AdaptHealth LLC^#			4.63				8/1/2029				602,000				507,219				521,584
AdaptHealth LLC^#			5.13				3/1/2030				2,729,000				2,365,974				2,387,140
Bausch Health Companies Inc.+^#			9.00				1/30/2028				1,337,000				1,607,171				1,285,535
Bausch Health Companies Inc.+^#			5.50				11/1/2025				846,000				801,763				789,445
Bausch Health Companies Inc.+^			14.00				10/15/2030				118,000				149,309				90,860
Cidron Aida Finco+			6.25				4/1/2028				1,650,000				2,275,266				1,930,367
Community Health System Inc.^			10.88				1/15/2032				3,337,000				3,370,740				3,471,137
Community Health System Inc.^			6.88				4/15/2029				286,000				286,000				218,795
LifePoint Health Inc.^			9.88				8/15/2030				2,140,000				2,138,189				2,282,382
LifePoint Health Inc.^			11.00				10/15/2030				3,057,000				3,112,665				3,368,351
LifePoint Health Inc.^			10.00				6/1/2032				1,483,000				1,483,000				1,516,629
Neogen Corporation^			8.63				7/20/2030				2,636,000				2,669,916				2,847,905
Nidda BondCo GmbH+#			7.50				8/21/2026				500,000				516,852				549,749
Radiology Partners Inc. (3.50% PIK)^			7.78				1/31/2029				1,844,245				1,601,520				1,728,980
Radiology Partners Inc. (9.78% PIK)^			9.78				2/15/2030				6,374,026				6,645,988				5,099,220
Ray Financing LLC			6.50				7/15/2031				455,000				487,282				487,282
Total Healthcare, Education and Childcare					29,394,271				30,018,854				28,575,361

See accompanying Notes to the Financial Statements.

19

Barings Global Short Duration High Yield Fund 2024 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2024 (Unaudited)

		EFFECTIVE INTEREST RATE ‡			DUE DATE			PRINCIPAL			COST			FAIR VALUE
Corporate Bonds (Continued)
Home and Office Furnishings, Housewares, and Durable Consumer Products - 1.04%:
Staples Inc.^#			10.75	%			9/1/2029			$	939,000			$	930,183			$	893,303
Staples Inc.^			12.75				1/15/2030				3,055,898				3,112,018				2,377,673
Total Home and Office Furnishings, Housewares, and Durable Consumer Products					3,994,898				4,042,201				3,270,976
Hotels, Motels, Inns and Gaming - 0.12%:
TUI Cruises+#			6.25				4/15/2029				350,000				376,057				383,266
Total Hotels, Motels, Inns and Gaming					350,000				376,057				383,266
Leisure, Amusement, Entertainment - 2.41%:
Allegiant Travel Co.^			7.25				8/15/2027				3,029,000				2,997,864				2,882,591
Center Parcs+#			6.50				8/28/2026				825,000				1,143,801				1,032,507
Center Parcs+#			6.14				8/28/2031				235,000				292,798				299,730
Motion Topco Limited+#			7.38				6/15/2030				1,600,000				1,723,284				1,782,062
Ontario Gaming GTA LP+^			8.00				8/1/2030				694,000				700,289				712,217
Silk TopCo AS+			3.38				2/24/2025				900,000				870,895				901,205
Total Leisure, Amusement, Entertainment					7,283,000				7,728,931				7,610,312
Machinery (Non-Agriculture,Non-Construct,Non-Electronic) - 0.47%:
Copeland#			6.38				12/15/2030				1,330,000				1,504,304				1,477,778
Total Machinery (Non-Agriculture,Non-Construct,Non-Electronic)					1,330,000				1,504,304				1,477,778
Mining, Steel, Iron and Non-Precious Metals - 2.43%:
Arsenal AIC Parent LLC^			8.00				10/1/2030				1,182,000				1,180,155				1,240,633
Coronado Global Resources Inc.+^			10.75				5/15/2026				4,846,000				5,027,880				5,027,725
First Quantum Minerals+^			9.38				3/1/2029				1,347,000				1,347,000				1,409,828
Total Mining, Steel, Iron and Non-Precious Metals					7,375,000				7,555,035				7,678,186
Oil and Gas - 12.94%:
CGG SA+			7.75				4/1/2027				1,500,000				1,787,033				1,546,185
Energy Transfer LP			7.13				5/15/2173				2,211,000				1,890,405				2,189,663
Genesis Energy LP			7.75				2/1/2028				3,408,000				3,233,710				3,443,886
Genesis Energy LP			8.00				1/15/2027				2,639,000				2,639,026				2,698,135
Genesis Energy LP			8.88				4/15/2030				1,000,000				980,695				1,052,009
Genesis Energy LP			7.88				5/15/2032				1,000,000				1,000,000				1,008,823
Global Partners LP^			8.25				1/15/2032				1,361,000				1,361,000				1,399,035
Harvest Midstream I LP^			7.50				5/15/2032				3,265,000				3,313,718				3,316,776
IMTT^			6.50				8/1/2029				6,018,000				5,688,553				5,456,107
KCA Deutag+			9.88				12/1/2025				1,179,286				1,179,286				1,186,686
KCA Deutag International Limited(15.00%PIK)+			15.00				12/1/2027				1,063,198				1,063,198				1,091,107
KCA Deutag, 3M SOFR + 9.0000%+~			14.33				12/1/2025				1,343,874				1,343,874				1,367,392
Nabors Industries LTD^			9.13				1/31/2030				246,000				246,000				254,867
NGL Energy Finance Corp.^			8.13				2/15/2029				621,000				621,000				632,792
NGL Energy Finance Corp.^			8.38				2/15/2032				1,097,000				1,097,000				1,117,386
Occidental Pete Corp.			8.50				7/15/2027				4,523,000				4,549,583				4,845,499

See accompanying Notes to the Financial Statements.

20

Barings Global Short Duration High Yield Fund 2024 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2024 (Unaudited)

		EFFECTIVE INTEREST RATE ‡			DUE DATE			PRINCIPAL			COST			FAIR VALUE
Corporate Bonds (Continued)
Oil and Gas - (Continued)
Transocean Inc.+^			8.50	%			5/15/2031			$	2,593,000			$	2,593,000			$	2,594,465
Var Energi+#			7.86				11/15/2083				1,600,000				1,731,505				1,859,170
Waldorf Production UK LD+#>			9.75				10/1/2024				569,978				569,314				560,687
Weatherford Intl Ltd Bermuda Sr Glbl+^			8.63				4/30/2030				3,092,000				3,104,755				3,204,172
Total Oil and Gas					40,330,336				39,992,655				40,824,842
Personal, Food, and Miscellaneous - 0.39%:
Herbalife^			12.25				4/15/2029				923,000				898,879				920,079
Raising Cane's Restaurants LLC^			9.38				5/1/2029				296,000				296,000				319,766
Total Personal, Food, and Miscellaneous					1,219,000				1,194,879				1,239,845
Personal Transportation - 0.09%:
Naviera Armas+¤			16.62				12/31/2026				229,336				357,813				294,728
Total Personal Transportation					229,336				357,813				294,728
Printing and Publishing - 1.90%:
Getty Images Inc.^			9.75				3/1/2027				5,972,000				6,066,506				5,983,898
Total Printing and Publishing					5,972,000				6,066,506				5,983,898
Retail Store - 1.16%:
Bath & Body Works Inc.			6.88				11/1/2035				262,000				239,006				264,220
Bath & Body Works Inc.			7.60				7/15/2037				1,471,000				1,318,431				1,411,593
Life Time, Inc.^			8.00				4/15/2026				404,000				394,237				408,742
Marcolin S.p.A+			6.13				11/15/2026				475,000				578,239				511,652
PetSmart LLC^			7.75				2/15/2029				1,108,000				1,093,590				1,079,090
Total Retail Store					3,720,000				3,623,503				3,675,297
Telecommunications - 6.74%:
Altice France Holding S.A.+^#			5.75				8/15/2029				1,375,000				1,208,596				998,328
BMC Software^			7.13				10/2/2025				103,000				101,464				103,085
British Telecom+#			8.38				12/20/2083				600,000				732,312				806,035
C&W Senior Financing Designated Activity Co+^			6.88				9/15/2027				2,110,000				1,960,506				2,024,780
Commscope Inc.^			8.25				3/1/2027				1,173,000				1,146,339				556,970
Consolidated Communications Hldgs.^#			6.50				10/1/2028				1,250,000				1,084,630				1,067,607
Digicel Limited ¤+^>			8.25				9/30/2025				2,500,000				2,491,364				0
Frontier Communications Corporation^			8.75				5/15/2030				774,000				774,000				804,751
Frontier Communications Hldgs Sr Sec Glbl^#			6.00				1/15/2030				3,976,000				3,406,689				3,461,839
Hughes Satellite Systems Corp #			6.63				8/1/2026				2,000,000				1,250,663				929,962
Iliad Holding+^			8.50				4/15/2031				385,000				385,000				389,822
Iliad Holding+#			6.88				4/15/2031				550,000				586,961				597,799
Level III^#			4.50				4/1/2030				550,000				340,672				298,589
Level III^			11.00				11/15/2029				3,797,000				3,858,772				3,885,816
Telecom Italia+#			7.88				7/31/2028				246,000				266,803				287,165
Telecom Italia+#			7.88				7/31/2028				354,000				383,893				418,238
Telefonica SA+#			7.13				11/23/2172				1,400,000				1,524,573				1,626,444

See accompanying Notes to the Financial Statements.

21

Barings Global Short Duration High Yield Fund 2024 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2024 (Unaudited)

		EFFECTIVE INTEREST RATE ‡			DUE DATE			PRINCIPAL			COST			FAIR VALUE
Corporate Bonds (Continued)
Telecommunications - (Continued)
United Group+#			6.75	%			2/15/2031			$	1,000,000			$	1,087,950			$	1,097,724
Viasat^#			6.50				7/15/2028				1,081,000				796,977				818,852
Vodafone Group PLC+#			8.00				8/30/2086				400,000				538,600				542,042
Vodafone Group PLC+			6.25				10/3/2078				550,000				542,025				548,625
Total Telecommunications					26,174,000				24,468,789				21,264,473
Utilities - 3.29%:
Electricite de France SA+			9.13				12/15/2172				350,000				350,000				380,764
Enbridge Inc.+			7.38				1/15/2083				3,749,000				3,697,451				3,752,445
Enbridge Inc.+			8.25				1/15/2084				1,624,000				1,624,000				1,692,150
Talen Energy Supply, LLC^			8.63				6/1/2030				3,837,000				3,877,871				4,091,081
Techem+#			6.00				7/30/2026				439,599				453,331				470,318
Total Utilities					9,999,599				10,002,653				10,386,758
Total Corporate Bonds					301,684,709				299,784,477				288,948,622
Total Fixed Income					450,763,389				445,457,850				420,254,221
Short Term Investments - 0.63%:
Insurance - 0.63%:
Marsh & Mclennan Companies Inc #			5.47				7/8/2024				2,000,000				1,997,877				1,997,877
Total Insurance					2,000,000				1,997,877				1,997,877
Total Short Term Investments					2,000,000				1,997,877				1,997,877
Total Investments						$448,559,264				$424,168,331
Other assets and liabilities - (34.45%)				(108,683,705	)
Net Assets - 100.00%				$315,484,626

Percentages are calculated as a percent of net assets applicable to common shareholders.

EURIBOR

- Euro Interbank Offered Rate

SOFR

- Secured Overnight Financing Rate

*	Securities are non-income producing.

‡	The effective interest rates are based on settled commitment amount.

¤	Value determined using significant unobservable inputs, security is categorized as Level 3.

+	Foreign security.

^	Security exempt from registration under Rule 144a of the Securities Act of 1933. These securities may only be resold in transactions exempt from registration, normally to qualified institutional buyers.

~	Variable rate security. The interest rate shown is the rate in effect at June 30, 2024.

#	All or a portion of the security is segregated as collateral for the credit facility.

§

Bank loans are exempt from registration under the Securities Act of 1933, as amended, but contain certain restrictions on resale and cannot be sold publicly. These loans pay interest at rates which adjust periodically. The interest rates shown for bank loans are the current interest rates at June 30, 2024. Bank loans are also subject to mandatory and/or optional prepayment which cannot be predicted. As a result, the remaining maturity may be substantially less than the stated maturity shown.

>	Defaulted security.

See accompanying Notes to the Financial Statements.

22

Barings Global Short Duration High Yield Fund 2024 Semi-Annual Report

SCHEDULE OF INVESTMENTS (CONTINUED)

June 30, 2024 (Unaudited)

PIK

Payment-in-kind

Distributions of investments by country of risk. Percentage of assets are expressed by market value excluding cash and accrued income as of June 30, 2024.

	United States of America			84.8%
	United Kingdom			5.5%
	Canada			1.8%
	Italy			1.3%
	Australia			1.2%
	Sweden			1.1%
	Hong Kong			1.0%
	(Individually less than 1%)			3.4%
			100.0%

A summary of outstanding derivatives at June 30, 2024 is as follows:

Schedule of Open Forward Foreign Exchange Contracts

June 30, 2024

CURRENCY TO BE RECEIVED					CURRENCY TO BE DELIVERED(1)						COUNTERPARTY OF CONTRACT		FORWARD SETTLEMENT DATE			UNREALIZED APPRECIATION / (DEPRECIATION)
	(1,124,370)			USD			(1,125,211	)			EUR			J.P. Morgan Chase			7/19/2024				841
	34,067,642			USD			33,887,163				EUR			Morgan Stanley			7/19/2024				180,479
	13,595,436			USD			13,463,368				GBP			Morgan Stanley			7/19/2024				132,068
						$	313,388

(1)	Values are listed in U.S. dollars.

See accompanying Notes to the Financial Statements.

23

Barings Global Short Duration High Yield Fund 2024 Semi-Annual Report

NOTES TO THE FINANCIAL STATEMENTS

June 30, 2024 (Unaudited)

24

Barings Global Short Duration High Yield Fund 2024 Semi-Annual Report

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

June 30, 2024 (Unaudited)

25

Barings Global Short Duration High Yield Fund 2024 Semi-Annual Report

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

June 30, 2024 (Unaudited)

DESCRIPTION		LEVEL 1			LEVEL 2			LEVEL 3			TOTAL INVESTMENTS
Assets:
Equities:
Common Stocks		$	-			$	1,854,550			$	-			$	1,854,550
Warrants			-				-				61,683				61,683
Total Equities:			-				1,854,550				61,683				1,916,233
Fixed Income:
Asset-Backed Securities			-				34,529,924				-				34,529,924
Bank Loans			-				84,615,029				12,160,651				96,775,680
Corporate Bonds			-				284,193,380				4,755,242				288,948,622
Total Fixed Income			-				403,338,328				16,915,893				420,254,221
Short Term Investments:
Insurance			1,997,877				-				-				1,997,877
Total Short Term Investments			1,997,877				-				-				1,997,877
Forward Foreign Exchange Contracts			-				313,387				-				313,388
Total Assets:		$	1,997,877			$	405,506,266			$	16,977,576			$	424,481,719

As of June 30, 2024, the Fund held no Level 3 financial instruments with values based on significant unobservable valuation inputs and Level 3 financial instruments in the amount of $16,977,576 had values based on unadjusted third-party pricing information.

26

Barings Global Short Duration High Yield Fund 2024 Semi-Annual Report

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

June 30, 2024 (Unaudited)

Although the Fund believes the valuation methods described above are appropriate, the use of different methodologies or assumptions to determine fair value could result in different estimates of fair value at the reporting date. The Fund discloses transfers between levels based on valuations at the end of the reporting period. The following is a reconciliation of Level 3 investments based upon the inputs used to determine fair value:

		BALANCE AT DECEMBER 31, 2023			TRANSFERS INTO LEVEL 3			TRANSFERS OUT OF LEVEL 3			PURCHASES			SALES			ACCRETION OF DISCOUNT			REALIZED GAIN / (LOSS)			CHANGE IN UNREALIZED APPRECIATION / (DEPRECIATION) ON INVESTMENTS			BALANCE AT JUNE 30, 2024			CHANGE IN UNREALIZED APPRECIATION / (DEPRECIATION) FROM INVESTMENTS HELD AS OF JUNE 30, 2024
Equities
ESC CB 144A High Ridge			-				-				-				-				-				-				-				-				-				-
Flint Group Ordinary A Shares Stapled to 2L			-				-				-				-				-				-				-				-				-				-
Naviera Armas			-				-				-				-				-				-				-				-				-				-
Travelex Private Equity Stapled to 12.5% New Money Notes			-				-				-				-				-				-				-				-				-				-
Common Stocks			-				-				-				-				-				-				-				-				-				-
Travelex Topco Limited			113,087				-				-				-				-				-				-				(51,404	)			61,683				(51,404	)
Warrants			113,087				-				-				-				-				-				-				(51,404	)			61,683				(51,404	)
Total Equities			113,087				-				-				-				-				-				-				(51,404	)			61,683				(51,404	)
Bank Loans
Anarafe SLU Facility F			85,059				-				-				203				(84,712	)			129				(4,509	)			3,830				-				3,830
Anarafe SLU Facility A			20,149				-				-				38				(20,062	)			12				116				(253	)			-				(253	)
Anarafe SLU Facility C			41,966				-				-				53				(43,908	)			-				390				1,499				-				1,499
Belfor			815,484				-				(766,301	)			-				(51,465	)			-				515				1,767				-				1,767
Clear Channel Worldwide Holdings Inc.			-				-				-				2,376,000				-				1,836				-				(43,836	)			2,334,000				(43,836	)
CP Iris Holdco I 2nd Lien T/L (IPS)			2,152,222				-				-				-				(2,398,019	)			-				23,980				221,817				-				221,817
Evertec			1,985,950				-				-				-				-				-				-				7,439				1,993,389				7,439
Flint Group			154,412				-				(256,842	)			48,702				-				51,629				-				2,099				-				2,099
Florida Food Products 2nd Lien T/L			1,095,000				-				-				-				-				2,029				-				(107,029	)			990,000				(107,029	)
Frontier Communications			-				-				-				286,643				-				-				-				720				287,363				720
Invenergy Thermal Operating I LLC			155,336				-				-				-				-				201				-				1,159				156,696				1,159
Invenergy Thermal Operating I LLC			1,879,560				-				-				-				(94,279	)			2,361				1,820				11,579				1,801,041				11,579
LSF 11 A5 Holdco LLC			-				986,203				-				-				(2,532	)			-				16				3,712				987,399				3,712
Naviera Armas			-				-				-				109,701				(11,575	)			3,660				1,075				6,808				109,669				6,808
Presidio, Inc.			-				-				-				3,483,589				-				-				-				17,505				3,501,094				17,505
Bank Loans			8,385,138				986,203				(1,023,143	)			6,304,929				(2,706,552	)			61,857				23,403				128,816				12,160,651				128,816

27

Barings Global Short Duration High Yield Fund 2024 Semi-Annual Report

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

June 30, 2024 (Unaudited)

		BALANCE AT DECEMBER 31, 2023			TRANSFERS INTO LEVEL 3			TRANSFERS OUT OF LEVEL 3			PURCHASES			SALES			ACCRETION OF DISCOUNT			REALIZED GAIN / (LOSS)			CHANGE IN UNREALIZED APPRECIATION / (DEPRECIATION) ON INVESTMENTS			BALANCE AT JUNE 30, 2024			CHANGE IN UNREALIZED APPRECIATION / (DEPRECIATION) FROM INVESTMENTS HELD AS OF JUNE 30, 2024
Corporate Bonds
Digicel Limited			-				-				-				-				-				-				-				-				-				-
Naviera Armas			377,615				-				-				377,477				(375,291	)			(20,072	)			(302,237	)			237,236				294,728				237,236
Travelex			-				-				-				-				-				-				-				-				-				-
Travelex			4,511,307				-				-				231,417				-				29,304				-				(311,514	)			4,460,514				500,243
Corporate Bonds			4,888,922				-				-				608,894				(375,291	)			9,232				(302,237	)			(74,278	)			4,755,242				737,479
Total		$	13,387,147			$	986,203			$	(1,023,143	)		$	6,913,823			$	(3,081,843	)		$	71,089			$	(278,834	)		$	3,134			$	16,977,576			$	814,891

28

Barings Global Short Duration High Yield Fund 2024 Semi-Annual Report

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

June 30, 2024 (Unaudited)

29

Barings Global Short Duration High Yield Fund 2024 Semi-Annual Report

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

June 30, 2024 (Unaudited)

H.

Disclosures about Offsetting Assets and Liabilities

The following is a summary by counterparty of the fair value of derivative investments subject to Master Netting Agreements and collateral pledged (received), if any, as of June 30, 2024.

											AMOUNTS NOT OFFSET IN THE STATEMENT OF ASSETS AND LIABILITIES
ASSETS:		GROSS AMOUNT OF RECOGNIZED ASSETS			GROSS AMOUNT OFFSET IN THE STATEMENT OF ASSETS AND LIABILITIES			NET AMOUNTS PRESENTED IN THE STATEMENT OF ASSETS AND LIABILITIES			FINANCIAL INSTRUMENTS			COLLATERAL RECEIVED			NET AMOUNT
Forward foreign exchange contracts
Morgan Stanley		$	312,547			$	-			$	312,547			$	-			$	-			$	312,547
J.P. Morgan Chase		$	841			$	-			$	841			$	-			$	-			$	841

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Barings Global Short Duration High Yield Fund 2024 Semi-Annual Report

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

June 30, 2024 (Unaudited)

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Barings Global Short Duration High Yield Fund 2024 Semi-Annual Report

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

June 30, 2024 (Unaudited)

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Barings Global Short Duration High Yield Fund 2024 Semi-Annual Report

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

June 30, 2024 (Unaudited)

33

Barings Global Short Duration High Yield Fund 2024 Semi-Annual Report

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

June 30, 2024 (Unaudited)

34

Barings Global Short Duration High Yield Fund 2024 Semi-Annual Report

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

June 30, 2024 (Unaudited)

35

Barings Global Short Duration High Yield Fund 2024 Semi-Annual Report

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

June 30, 2024 (Unaudited)

36

Barings Global Short Duration High Yield Fund 2024 Semi-Annual Report

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

June 30, 2024 (Unaudited)

37

Barings Global Short Duration High Yield Fund 2024 Semi-Annual Report

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

June 30, 2024 (Unaudited)

38

Barings Global Short Duration High Yield Fund 2024 Semi-Annual Report

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

June 30, 2024 (Unaudited)

39

Barings Global Short Duration High Yield Fund 2024 Semi-Annual Report

FUND DIVIDEND REINVESTMENT PLAN

40

Barings Global Short Duration High Yield Fund 2024 Semi-Annual Report

JOINT PRIVACY NOTICE OF BABSON CAPITAL MANAGEMENT LLC AND

BARINGS GLOBAL SHORT DURATION HIGH YIELD FUND

This privacy notice is being provided on behalf of Barings LLC and its affiliates: Barings Securities LLC; Barings Australia Pty Ltd; Barings Advisers (Japan) KK; Barings Investment Advisers (Hong Kong) Limited; Barings Global Short Duration High Yield Fund; Barings BDC, Inc.; Barings Corporate Investors and Barings Participation Investors (together, for purposes of this privacy notice, "Barings").

When you use Barings you entrust us not only with your hard-earned assets but also with your personal and financial data. We consider your data to be private and confidential, and protecting its confidentiality is important to us. Our policies and procedures regarding your personal information are summarized below.

We may collect non-public personal information about you from:

∎

Applications or other forms, interviews, or by other means;

∎

Consumer or other reporting agencies, government agencies, employers or others;

∎

Your transactions with us, our affiliates, or others; and

∎

Our Internet website.

We may share the financial information we collect with our financial service affiliates, such as insurance companies, investment companies and securities broker-dealers. Additionally, so that we may continue to offer you products and services that best meet your investment needs and to effect transactions that you request or authorize, we may disclose the information we collect, as described above, to companies that perform administrative or marketing services on our behalf, such as transfer agents, custodian banks, service providers or printers and mailers that assist us in the distribution of investor materials or that provide operational support to Barings. These companies are required to protect this information and will use this information only for the services for which we hire them, and are not permitted to use or share this information for any other purpose. Some of these companies may perform such services in jurisdictions other than the United States. We may share some or all of the information we collect with other financial institutions with whom we jointly market products. This may be done only if it is permitted by the state in which you live. Some disclosures may be limited to your name, contact and transaction information with us or our affiliates.

Any disclosures will be only to the extent permitted by federal and state law. Certain disclosures may require us to get an "opt-in" or "opt-out" from you. If this is required, we will do so before information is shared. Otherwise, we do not share any personal information about our customers or former customers unless authorized by the customer or as permitted by law.

We restrict access to personal information about you to those employees who need to know that information to provide products and services to you. We maintain physical, electronic and procedural safeguards that comply with legal standards to guard your personal information. As an added measure, we do not include personal or account information in non-securee-mails that we send you via the Internet without your prior consent. We advise you not to send such information to us in non-securee-mails.

This joint notice describes the privacy policies of Barings, the Funds and Barings Securities LLC. It applies to all Barings and the Funds accounts you presently have, or may open in the future, using your social security number or federal taxpayer identification number - whether or not you remain a shareholder of our Funds or as an advisory client of Barings. As mandated by rules issued by the Securities and Exchange Commission, we will be sending you this notice annually, as long as you own shares in the Funds or have an account with Barings.

Barings Securities LLC is a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). Investors may obtain information about SIPC including the SIPC brochure by contacting SIPC online at www.sipc.org or calling (202)-371-8300. Investors may obtain information about FINRA including the FINRA Investor Brochure by contacting FINRA online at www.finra.org or by calling (800) 289-9999.

December 2023

41

(b) Not applicable.

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semi-annual reports.

Item 6. Investments.

(a)	A schedule of investments for the Registrant is included as part of this report to shareholders under Item 1 of this Form N-CSR.

(b)	Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Not applicable to the Registrant.

Item8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable to the Registrant.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable to the Registrant.

Item10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Not applicable to the Registrant.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable for semi-annual reports.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

(a)	Not applicable for semi-annual reports.

(b)	There were no changes to the Registrant's Portfolio Managers during the period covered by this report.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Period		(a) Total Number of Shares (or Units) Purchased			(b) Average Price Paid per Share (or Unit)			(c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs			(d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs
Month #1 01/01/24-01/31/24			0				0				0				0
Month #2 02/01/24-02/29/24			0				0				0				0
Month #2 03/01/24-03/31/24			0				0				0				0
Month #4 04/01/24-04/30/24			0				0				0				0
Month #5 05/01/24-05/31/24			0				0				0				0
Month #6 06/01/24-06/30/24			0				0				0				0
Total			0				0				0				0

Item 15. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholder may send recommendations to the Board for nominees to the Registrant's Board since the Registrant last provided disclosure as to such procedures in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K or this item.

Item 16. Controls and Procedures.

(a)

The Registrant's principal executive officer and principal financial officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant's service provider.

(b)

There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

(a)	The following table shows the dollar amounts of income, and dollar amounts of fees and/or compensation paid, relating to the Fund's securities lending activities for the period ended June 30, 2024.

(1)		Gross income from securities lending activities			$28,894
(2)		Fees and/or compensation for securities lending activities and related services
		(a)		Securities lending income paid to BNP for services as securities lending agent			$0
		(b)		Collateral management expenses (including fees deducted from a polled cash collateral vehicle) not included in (a)			$0
		(c)		Administrative fees not included in (a)			$0
		(d)		Indemnification fees not included in (a)			$0
		(e)		Rebate (paid to borrowers)			$0
		(f)		Other fees not included in (a)			$0
(3)		Aggregate fees/compensation for securities lending activities			$0
(4)		Net income from securities lending activities			$28,894

(b)

Through an agreement with the Registrant, the securities lending agent may lend out securities the Registrant has pledged as collateral on the credit facility. In return, the Registrant receives additional income that is netted against the interest charged on the outstanding credit facility balance.

Item 18. Recovery of Erroneously Awarded Compensation.

(a)	Not applicable.

(b)	Not applicable.

Item 19. Exhibits.

(a)	(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.

Not applicable for semi-annual reports.

(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or national securities association upon which the registrant's securities are listed.

Not applicable for semi-annual reports.

(3) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Filed herewith.

(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

Not applicable.

(5) Change in the registrant's independent public accountant. Not applicable.

(b)	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant):		Barings Global Short Duration High Yield Fund
By (Signature and Title)*		/s/ Sean Feeley
	Sean Feeley, President
Date  September 6, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*		/s/ Sean Feeley
	Sean Feeley, President
Date:  September 6, 2024
By (Signature and Title)*		/s/ Christopher Hanscom
	Christopher Hanscom, Chief Financial Officer
Date:  September 6, 2024