BARINGS GLOBAL SHORT DURATION HIGH YIELD FUND

PORTFOLIO HOLDINGS

12/31/2022

SECURITY NAME

IDENTIFIER

QUANTITY

MARKET VALUE

EQUITY • LONG

CLASS A2 SHARES STAPLED TO 1.5

936NUC901

133.000

0.00

CLASS A3 SHARES STAPLED TO EUR

936NUD909

937.000

0.00

CLASS B2 SHARES STAPLED TO 1.5

936NUB903

169.000

0.00

CLASS B3 SHARES STABPLED TO EU

936NUA905

1,194.000

0.00

ESC CB 144A HIGH RIDGE

42979RWW5

2,982.000

41,748.00

ORDINARY A SHARES

482445KE2

25,580.000

1,417,132.00

TOURMALINE ESCROW CASH JAN 21

89156AZZ8

1,197,756.800

884,606.20

TRAVELEX PRIVATE EQ

894662CP8

15,852.000

0.00

TRAVELEX TOPCO LIMITED WARRANT

894665WR5

2,218.000

120,665.89

FIXED INCOME • LONG

IDENTIFIER

MATURITY

COUPON

QUANTITY

MARKET VALUE

1375209 B C LTD

68251PAA5

30-Jan-2028

9.000%

337,000.000

328,153.75

610 FDG 2016-2R CLO LTD

83004MAA1

20-Jan-2032

11.493%

1,550,000.000

1,390,680.15

ABE INVT HLDGS INC / GETTY IMA

374276AJ2

01-Mar-2027

9.750%

5,234,000.000

5,166,292.87

AFFLELOU SAS

XS2342911570

19-May-2027

9.802%

1,200,000.000

1,223,519.84

ALBION FING 1 S A R L & AGGRE

013305AA5

15-Apr-2027

8.750%

1,800,000.000

1,532,778.70

ALTICE FRANCE HLDG S A

02156TAB0

15-May-2027

10.500%

4,440,000.000

3,385,500.00

AMERICAN AIRLINES

023771S58

15-Jul-2025

11.750%

5,337,000.000

5,723,815.09

ANARAFE S.L.

BMX5ZC2

31-Mar-2026

12.943%

457,104.820

357,193.42

ANCHORAGE CAP CLO 13 2013-1R D

033289AJ8

15-Oct-2030

10.741%

1,000,000.000

875,145.00

ANCHORAGE CAP CLO LTD 2016-9R2

03328XAL0

15-Jul-2032

10.899%

1,500,000.000

1,252,930.50

ANCHORAGE CAP CLO LTD 2021-20

03331QAC0

22-Jan-2035

11.593%

1,000,000.000

829,542.00

ANTERO RESOURCES CORP

03674XAQ9

01-Feb-2029

7.625%

930,000.000

935,344.17

APCOA PRKNG HLDNGS

BNTBJN0

15-Jan-2027

4.625%

385,000.000

352,448.98

ARDAGH PACKAGING F

BF347C4

15-Jul-2027

4.750%

100,000.000

82,976.41

ARES CLO LTD 2013-27R2

00191CAG7

30-Oct-2034

11.124%

1,700,000.000

1,456,595.70

ASHTON WOODS USA LLC / ASHTON

045086AP0

01-Apr-2030

4.625%

100,000.000

80,212.12

ASHTON WOODS USA LLC / ASHTON

045086AK1

15-Jan-2028

6.625%

1,000,000.000

879,819.96

BAIN CAP CR CLO 2020-2R LTD

05683JAJ0

19-Jul-2034

10.837%

1,000,000.000

859,331.00

BALLYROCK CLO LTD 2019-2R

05875NAE0

20-Nov-2030

11.175%

2,000,000.000

1,781,458.00

BANIJAY GROUP

BKT60V9

01-Mar-2026

6.500%

3,700,000.000

3,722,694.53

BAUSCH HEALTH COS INC

91911KAP7

15-Dec-2025

9.000%

2,707,000.000

2,150,251.31

BAUSCH HEALTH COS INC

071734AR8

15-Oct-2030

14.000%

118,000.000

70,050.29

BAUSCH HEALTH COS INC

071734AQ0

30-Sep-2028

11.000%

598,000.000

466,347.08

BCP V MODULAR SER

BMCFZZ6

30-Nov-2029

6.750%

1,000,000.000

786,777.85

BCPE NORTH STAR US HOLDCO 2 2N

LX195164

08-Jun-2029

9.500%

1,000,000.000

900,000.00

BCPE ULYSSES INTER INC

05553LAA1

01-Apr-2027

7.750%

8,121,000.000

5,018,053.53

BLUEMOUNTAIN CLO XXIII 2018-23

09629RAA0

20-Oct-2031

9.893%

1,000,000.000

854,429.00

BWAY HOLDING COMPANY

12429TAE4

15-Apr-2025

7.250%

1,327,000.000

1,227,005.73

CALUMET SPECIALTY PRODUCTS PAR

131477AU5

15-Jul-2024

9.250%

2,850,000.000

2,878,500.00

CANYON CLO LTD 2019-2R

13887VAE2

16-Oct-2034

10.829%

1,000,000.000

855,476.00

CARBONE CLO LTD 2017

141308AA4

21-Jan-2031

10.143%

750,000.000

627,506.25

CARLYLE US CLO 2017-5

14316RAA8

22-Jan-2030

9.543%

700,000.000

543,092.20

CARLYLE US CLO LTD 2019-3R

14314KAG2

20-Oct-2032

10.993%

1,000,000.000

897,553.00

Barings-Public

CARNIVAL CORP

BMCBYX5

01-Feb-2026

10.125%

750,000.000

793,714.34

CARRIAGE PURCHASER INC

14445LAA5

15-Oct-2029

7.875%

6,356,000.000

4,512,760.00

CASTOR S.P.A

BMCDT47

15-Feb-2029

6.250%

477,000.000

493,220.83

CCO HLDGS LLC / CCO HLDGS CAP

1248EPCP6

15-Jan-2034

4.250%

325,000.000

239,864.63

CCO HLDGS LLC / CCO HLDGS CAP

1248EPCN1

01-May-2032

4.500%

2,000,000.000

1,593,300.00

CD&R HYDRA BUYER 2ND LIEN T/L

LX173035

30-Apr-2026

12.071%

2,500,000.000

2,381,250.00

CENTERFIELD MEDIA PARENT INC S

60041CAA6

01-Aug-2026

6.625%

1,035,000.000

662,452.94

CGG SA

BMVXJ59

01-Apr-2027

7.750%

1,500,000.000

1,300,591.96

CHEEVER ESCROW ISSUER LLC

16308NAA2

01-Oct-2027

7.125%

1,500,000.000

1,428,750.00

CIDRON AIDA FINCO

BKSCDY2

01-Apr-2028

6.250%

1,650,000.000

1,615,769.62

CIFC FUNDING 2020-1 LTD

12559DAE1

15-Jul-2036

10.329%

1,900,000.000

1,667,586.30

CIMPRESS PLC

17186HAC6

15-Jun-2026

7.000%

2,069,000.000

1,430,299.70

CLEAR CHANNEL OUTDOOR HLDGS IN

18453HAC0

15-Apr-2028

7.750%

3,337,000.000

2,436,041.10

CLEAR CHANNEL OUTDOOR HLDGS IN

18453HAD8

01-Jun-2029

7.500%

3,358,000.000

2,465,678.66

CLYDESDALE ACQUISITION HLDGS S

18972EAB1

15-Apr-2030

8.750%

7,286,000.000

6,238,347.44

COLOUROZ INVESTMENT 2 LLC

LX137290

21-Sep-2024

8.575%

2,302,769.560

1,634,966.39

COMMSCOPE HLDG CO INC

20338QAA1

01-Mar-2027

8.250%

1,173,000.000

909,075.00

COMMUNITY HEALTH SYS INC NEW J

12543DBJ8

15-Apr-2029

6.875%

286,000.000

146,993.42

COMMUNITY HEALTH SYS INC NEW S

12543DBH2

15-Jan-2029

6.000%

1,000,000.000

836,480.00

CONSOL ENERGY INC NEW

20854LAA6

15-Nov-2025

11.000%

6,640,000.000

6,799,824.80

CONSOLIDATED COMMUNICATIONS

20903XAF0

01-Oct-2028

6.500%

832,000.000

646,514.54

CONSOLIDATED ENERGY FIN S A

20914UAE6

15-May-2026

6.500%

492,000.000

459,412.97

CORONADO FINANCE PTY LIMITED S

21979LAA4

15-May-2026

10.750%

4,846,000.000

4,955,035.00

CP IRIS HOLDCO I 2ND LIEN T/L

LX197546

21-Sep-2029

11.071%

2,398,018.700

2,014,335.71

CPUK FINANCE LTD

BMZ6DD0

28-Aug-2050

6.500%

1,050,000.000

1,162,266.07

CVR ENERGY INC

12662PAD0

15-Feb-2028

5.750%

3,850,000.000

3,351,425.00

DIGICEL GROUP LTD

25380WAE6

30-Sep-2025

8.250%

2,500,000.000

0.00

DISH DBS CORPORATION

25470XBB0

01-Jul-2028

7.375%

4,000,000.000

2,830,000.00

DISH NETWORK CORPORATION

25470MAG4

15-Nov-2027

11.750%

1,070,000.000

1,101,993.00

ENLINK MIDSTREAM PARTNERS LP S

29336UAG2

01-Jun-2047

5.450%

3,000,000.000

2,404,913.55

ENLINK MIDSTREAM PARTNERS LP S

29336UAC1

01-Apr-2044

5.600%

5,413,000.000

4,464,461.98

EXPLORER II AS

BKM0YC7

24-Feb-2025

3.375%

1,000,000.000

886,115.24

FAURECIA S.E.

BQB8JG3

15-Jun-2026

7.250%

535,000.000

576,359.57

FIRST QUANTUM MINERALS LTD

335934AL9

01-Apr-2025

7.500%

9,775,000.000

9,514,400.65

FIRST QUANTUM MINERALS LTD

335934AT2

15-Oct-2027

6.875%

200,000.000

187,644.65

FLORIDA FOOD PRODUCTS 2ND LIEN

LX198939

18-Oct-2029

12.071%

1,500,000.000

1,350,000.00

FORD MTR CO DEL

345370CX6

22-Apr-2030

9.625%

5,000,000.000

5,656,149.75

FOUR SEASONS T/L B (11/22)

LX209372

30-Nov-2029

3.250%

1,870,140.410

1,869,467.16

FRONTIER COMMUNICATIONS HLDGS

35908MAB6

15-Jan-2030

6.000%

2,018,000.000

1,585,285.85

FRONTIER COMMUNICATIONS HLDGS

35908MAD2

15-May-2030

8.750%

774,000.000

786,964.13

GALAXY BIDCO LTD

BKDK0L7

31-Jul-2026

6.500%

500,000.000

511,992.84

GALAXY CLO XXIV LTD 2017-24

36321CAA7

15-Jan-2031

9.579%

1,000,000.000

855,731.00

GARDEN SPINCO CORP

365417AA2

20-Jul-2030

8.625%

1,654,000.000

1,753,240.00

GENESIS ENERGY LP

37185LAL6

01-Feb-2028

7.750%

3,408,000.000

3,136,995.84

GENESIS ENERGY LP

37185LAM4

15-Jan-2027

8.000%

2,639,000.000

2,487,838.08

GLDTREE LN MGMT US CLO3 2018-3

38138AAC6

22-Apr-2030

10.743%

1,500,000.000

1,145,827.50

GLOBAL AIRCRAFT LEASING CO LTD

37960JAA6

15-Sep-2024

7.250%

8,820,963.899

7,497,819.31

GLOBAL INFRASTRUCTURE SOLUTION

37960XAB3

15-Apr-2032

7.500%

5,298,000.000

4,193,733.67

GOLDEN ENTMT INC

381013AA9

15-Apr-2026

7.625%

2,000,000.000

1,971,232.34

GOLDENTREE LN OPP XI 2015-11R

38137JBG8

18-Jan-2031

9.594%

500,000.000

429,051.50

GRANITE US HOLDINGS CORP

38748YAA0

01-Oct-2027

11.000%

1,000,000.000

1,053,750.00

HARSCO CORP

415864AM9

31-Jul-2027

5.750%

1,000,000.000

789,566.57

HARVEST MIDSTREAM I L P

417558AA1

01-Sep-2028

7.500%

1,458,000.000

1,391,573.52

HECLA MINING COMPANY

422704AH9

15-Feb-2028

7.250%

4,699,000.000

4,626,780.51

HERTZ CORP

428040DB2

01-Dec-2029

5.000%

1,100,000.000

834,460.00

HILCORP ENERGY I L P / HILCORP

431318AS3

01-Nov-2028

6.250%

3,202,000.000

2,897,810.00

IHEARTCOMMUNICATIONS INC

45174HBD8

01-May-2027

8.375%

2,570,000.000

2,184,827.68

INTERNATIONAL DESI

BG4TB56

15-Nov-2025

6.500%

650,000.000

626,906.73

ITT HOLDINGS LLC

45074JAA2

01-Aug-2029

6.500%

5,338,000.000

4,495,343.32

KCA Deutag Pikco PLC

XS2549713324

01-Dec-2027

15.000%

840,998.000

792,640.62

KCA DEUTAG UK FIN

BMQBCJ3

01-Dec-2025

9.875%

1,179,286.000

1,110,002.95

Barings-Public

KCA Deutag UK Finance PLC

XS2549711203

01-Dec-2025

12.058%

1,343,874.000

1,333,794.95

KENAN ADVANTAGE GROUP 2ND LIEN

LX197024

01-Sep-2027

11.321%

5,171,806.170

4,745,132.16

KKR CLO 20 LTD 2017-20

48251VAA4

16-Oct-2030

9.579%

1,500,000.000

1,252,348.50

KKR CLO LTD 2021-34

48254DAA1

17-Jul-2034

10.929%

2,000,000.000

1,729,436.00

LCM LTD 2019-30R

50201AAE9

21-Apr-2031

10.743%

1,100,000.000

892,372.80

LIBRA GROUPCO SPA

BN77TL8

15-May-2027

5.000%

700,000.000

580,402.27

LSF11 A5 HOLDCO LLC

50221DAA7

15-Oct-2029

6.625%

3,983,000.000

3,290,401.03

MADISON PARK FDG LTD 2019-32R

55817CAE0

22-Jan-2031

10.525%

1,000,000.000

903,084.00

MADISON PARK FDG XXXV 2019-35R

55819LAE8

20-Apr-2032

10.343%

1,400,000.000

1,265,958.40

MADISON PARK FUNDING 2015-19R

55819RAG0

24-Jan-2028

8.675%

1,000,000.000

908,162.00

MADISON PK FDG XXIX 2018-29

55820EAC5

18-Oct-2030

11.764%

2,000,000.000

1,688,852.00

MAGNETITE XVIII LTD 2016-18R F

55954AAG2

15-Nov-2028

12.206%

1,400,000.000

1,150,657.20

MAISIN FINCO PLC

BNVTWC2

31-Oct-2027

6.000%

1,045,000.000

914,166.55

MANGROVE LUXCO III

BKWD0B7

09-Oct-2025

7.775%

652,343.750

374,462.73

MANITOWOC CO INC

563571AL2

01-Apr-2026

9.000%

2,538,000.000

2,379,865.09

MARCOLIN SPA

BMBPDQ4

15-Nov-2026

6.125%

700,000.000

644,408.53

MATTAMY GROUP CORP

57701RAJ1

15-Dec-2027

5.250%

553,000.000

490,418.72

MATTAMY GROUP CORP

57701RAM4

01-Mar-2030

4.625%

3,400,000.000

2,755,578.45

MCAFEE 2ND LIEN T/L

LX194239

03-May-2029

11.370%

11,567,000.000

9,060,778.11

MCAFEE CORP

579063AB4

15-Feb-2030

7.375%

5,402,000.000

4,344,778.36

MEDICAL SOLUTIONS T/L (9/21)

LX198683

22-Sep-2027

9.877%

1,473,684.210

1,355,789.47

METHANEX CORP

59151KAL2

15-Dec-2029

5.250%

1,850,000.000

1,641,315.01

MINERVA MERGER SUB INC

60337JAA4

15-Feb-2030

6.500%

661,000.000

487,112.16

MISYS 2ND LIEN T/L (ALMONDE)

LX163231

16-Jun-2025

10.621%

9,427,472.290

6,979,723.38

MITCHELL INTERNATIONAL 2ND LIE

LX198699

01-Oct-2029

11.235%

719,550.190

594,528.34

NABORS INDUSTRIES LTD

629571AB6

15-Jan-2028

7.500%

630,000.000

576,384.54

NABORS INDUSTRIES LTD

629571AA8

15-Jan-2026

7.250%

802,000.000

755,803.96

NATIONAL FINL PARTNERS CORP

65342RAF7

01-Oct-2030

7.500%

2,000,000.000

1,880,767.38

NAVIERA ARMAS BRIDGE T/L

062359V12

31-Mar-2023

2.500%

63,243.560

72,437.74

NAVIERA ARMAS BRIDGE T/L

062358ER3

31-Mar-2023

2.500%

101,551.790

116,315.12

NAVIERA ARMAS FACILITY C (NEW)

062354BL8

30-Mar-2028

2.500%

116,302.500

133,210.25

NAVIERA ARMAS SA B2

062355TX0

31-Mar-2023

2.500%

5,878.860

6,733.51

NEPTUNE ENERGY BONDCO PLC

64073KAA1

15-May-2025

6.625%

7,028,000.000

6,824,243.10

NEW ENTERPRISE STONE & LIME CO

644274AG7

15-Jul-2028

9.750%

8,020,000.000

7,409,995.91

NEW ENTERPRISE STONE & LIME CO

644274AH5

15-Jul-2028

5.250%

949,000.000

842,684.22

NGL ENERGY OPERATING LLC/ NGL

62922LAA6

01-Feb-2026

7.500%

3,031,000.000

2,694,786.02

OCCIDENTAL PETE CORP

674599DE2

15-Sep-2031

7.875%

2,500,000.000

2,752,500.00

OCCIDENTAL PETE CORP

674599DZ5

15-Jul-2027

8.500%

4,523,000.000

4,870,985.64

OCTAGON 2021-57 LTD

67592YAA6

16-Oct-2034

10.679%

1,500,000.000

1,348,002.00

OHA CR PARTNERS XI 2015-11R

67109HAJ0

20-Jan-2031

12.143%

2,000,000.000

1,629,012.00

OHA LOAN FUNDING LTD 2013-1R2

67706FAJ1

23-Jul-2031

12.225%

1,500,000.000

1,192,918.50

OLYMPUS WTR US HLDG CORP

681639AB6

01-Oct-2029

6.250%

1,530,000.000

1,161,122.88

OT MERGER CORPORATION

688777AA9

15-Oct-2029

7.875%

1,207,000.000

639,710.00

PATRIOT CONTAINER 2ND LIEN T/L

LX171752

20-Mar-2026

11.821%

1,400,000.000

1,200,500.00

PECF USS INTER HLDG III CORP S

69291HAA3

15-Nov-2029

8.000%

2,397,000.000

1,557,306.93

PMHC II INC

69357VAA3

15-Feb-2030

9.000%

7,606,000.000

5,729,842.58

POLAR US BORROWER LLC / SCHENE

73103PAA5

15-May-2026

6.750%

1,659,000.000

613,830.00

PRESIDIO HLDGS INC

74101XAF7

01-Feb-2028

8.250%

5,462,000.000

5,063,710.96

PRETIUM PKG HOLDINGS 2ND LIEN

LX197570

21-Sep-2029

9.473%

2,770,636.900

1,671,054.23

PRIME SEC SVCS BORROWER LLC /

74166MAE6

15-Jan-2028

6.250%

4,000,000.000

3,640,640.00

PROG HOLDINGS INC

74319RAA9

15-Nov-2029

6.000%

3,631,000.000

2,921,793.08

QUEST BORROWER 2ND LIEN T/L (D

LX202068

18-Jan-2030

10.227%

5,603,323.760

3,371,351.81

RADIOLOGY PARTNERS INC

75041VAA2

01-Feb-2028

9.250%

8,096,000.000

4,544,721.17

RAILWORKS HLDGS LP / RAILWORKS

75079MAA7

15-Nov-2028

8.250%

2,881,000.000

2,664,925.00

RANGE RES CORP

75281ABJ7

15-Jan-2029

8.250%

494,000.000

509,039.83

SABRE GLBL INC

78573NAC6

15-Apr-2025

9.250%

1,751,000.000

1,744,218.32

SABRE GLBL INC

78573NAH5

15-Dec-2027

11.250%

317,000.000

326,313.46

SANI/IKOS FIN HLDN

BNZKRQ0

15-Dec-2026

5.625%

815,000.000

806,982.52

SARENS FINANCE COM

BKLJ908

21-Feb-2027

5.750%

1,625,000.000

1,316,782.45

SEASPAN CORP

81254UAK2

01-Aug-2029

5.500%

2,000,000.000

1,515,600.00

SONICWALL 2ND LIEN T/L

LX173538

18-May-2026

10.480%

2,008,050.430

1,851,924.51

Barings-Public

SOUND POINT CLO LTD 2020-27R

83613KAJ9

25-Oct-2034

10.918%

1,400,000.000

1,143,819.60

SOUND POINT CLO LTD 2020-26R E

83615BAJ7

20-Jul-2034

11.103%

1,600,000.000

1,256,830.56

SOUND PT CLO XVIII LTD 2018-18

83608DAA1

21-Jan-2031

9.743%

2,000,000.000

1,329,308.00

SPIRIT AEROSYSTEMS INC

85205TAN0

30-Nov-2029

9.375%

556,000.000

585,301.20

SPIRIT IP CAYMAN LTD / SP

84859BAB7

20-Sep-2025

8.000%

893,000.000

897,581.09

SPRINGLEAF FINANCE CORPORATION

85172FAP4

15-Mar-2024

6.125%

1,000,000.000

967,537.48

STAPLES INC

855030AP7

15-Apr-2027

10.750%

3,478,000.000

2,504,507.80

SUMMER BC HOLDCO A SARL

BKWBFL6

31-Oct-2027

9.250%

1,666,932.169

1,344,587.36

SYLVAMO CORP

87133LAA8

01-Sep-2029

7.000%

2,885,000.000

2,745,698.47

SYNCSORT INCORPORATED (PRECISE

LX193357

19-Mar-2029

11.608%

7,009,009.010

5,144,332.25

TERRIER MEDIA BUYER INC

88146LAA1

15-Dec-2027

8.875%

5,357,000.000

4,032,213.90

THL CR WIND RIVER CLO 2017-4 E

87249MAA7

20-Nov-2030

10.475%

1,000,000.000

803,208.00

TICP CLO X LTD 2018-10

87249DAA7

22-Apr-2030

9.743%

1,000,000.000

894,677.00

TITAN ACQUISITION LTD / TITAN

88827AAA1

15-Apr-2026

7.750%

1,412,000.000

1,271,630.37

TITAN HOLDINGS II

BMF7ZZ9

15-Jul-2029

5.125%

113,000.000

94,349.12

TOWNSQUARE MEDIA INC

892231AB7

01-Feb-2026

6.875%

1,000,000.000

887,501.50

TRANSDIGM INC

893647BH9

15-Mar-2027

7.500%

5,893,000.000

5,830,422.82

TRAVELEX FINANCING

BD45PZ1

15-May-2023

8.000%

4,600,000.000

0.00

TRAVELEX ISSUERC LTD

XS2248458049

05-Aug-2025

12.500%

2,552,322.000

4,011,338.31

TRIDENT TPI HLDGS INC

89616RAB5

01-Aug-2024

9.250%

9,000,000.000

8,555,687.73

TRILEY MIDCO T/L 2ND LIEN

LX204019

05-Apr-2030

11.179%

1,050,000.000

1,177,371.97

TRIUMPH GROUP INC NEW

896818AP6

15-Aug-2025

7.750%

2,289,000.000

1,923,334.68

TVL FINANCE PLC

BGMG9K0

15-Jul-2025

7.041%

100,000.000

113,718.02

UNITI GROUP LP / UNITI FIBER/

91327BAA8

15-Feb-2029

6.500%

330,000.000

218,625.00

VALCOUR PKG(MOLD-RITE) T/L 2ND

LX198474

30-Sep-2029

11.232%

5,000,000.000

3,750,000.00

VERISURE MIDHOLDIN

BMYCKC7

15-Feb-2029

5.250%

3,575,000.000

3,042,341.49

VERITAS US INC/VERITAS BERMUDA

92346LAE3

01-Sep-2025

7.500%

3,229,000.000

2,228,669.68

VIASAT INC

92552VAN0

15-Jul-2028

6.500%

790,000.000

592,676.00

WALDORF PRDN UK LD

BNZJGQ0

01-Oct-2024

9.750%

742,352.000

738,640.24

WARRIOR MET COAL INC

93627CAB7

01-Dec-2028

7.875%

2,378,000.000

2,338,733.68

WEATHERFORD INTL LTD BERMUDA S

947075AU1

30-Apr-2030

8.625%

3,092,000.000

2,969,273.02

WEATHERFORD INTL LTD BERMUDA S

947075AT4

15-Sep-2028

6.500%

972,000.000

952,851.60

WELLFLEET CLO 2017-3 LTD

94950KAA6

17-Jan-2031

9.629%

1,500,000.000

1,128,837.00

WELLFLEET CLO LTD 2020-2R

94950BAE8

17-Jul-2034

11.329%

1,300,000.000

1,045,006.30

WIND RIVER CLO LTD 2016-1K

97314BAA0

16-Oct-2034

11.429%

3,000,000.000

2,534,646.00

WIND RIVER CLO LTD 2017-1R LTD

97315XAA1

18-Apr-2036

11.254%

2,000,000.000

1,637,776.00

WORLDWIDE EXPRESS TL (7/21) 2N

LX196469

26-Jul-2029

10.674%

3,000,000.000

2,486,250.00

The following list reflects unaudited securities holdings (excluding cash and derivatives positions) as of December 31, 2022. Holdings information may differ if presented as of trade date. This is intended for informational purposes only

and should not be substituted for quarter-end portfolio holdings filed with the SEC. Portfolio information is subject to change due to active management. Data provided by USBancorp Fund Services, LLC

"Quantity" values are denominated in issues' local currency. "Market Value" is denominated in US Dollars.

Investing in the Fund involves risks, including the risk that you may receive little or no return on your investment or that you may lose part or even all of your investment. The Fund invests in high yield bonds, commonly referred to as "junk bonds," including distressed securities, which are subject to greater credit risk (the risk that an issuer won't make timely payments of principal and interest) and market risk (the risk that the value of the Fund's investments may fall, sometimes rapidly or unpredictably, as a result of increasing interest rates or otherwise); loans and derivative securities, which may carry market, credit and liquidity risk (the risk that the Fund's investments may be difficult to sell at an advantageous time or price); foreign securities, which are subject to additional risks including political and economic risks. The Fund employs leveraging techniques, which may magnify losses, increase portfolio expenses, cause the Fund's NAV and distributions to be more volatile, and are subject to non-diversificationrisk, which may subject the Fund to greater losses in response to a single economic, political or regulatory development than funds that are more diversified. The Fund may trade at a discount to its net asset value and is subject to anti-takeover provisions that may delay, defer or prevent a transaction or a change in control that might otherwise be in the best interests of Fund shareholders. Portfolios investing in derivatives could lose more than the principal amount invested in those instruments. Before investing you should consider carefully the Fund's investment objectives, risks, charges and expenses. For more complete information about the Fund, please see the prospectus.

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Barings Global Short Duration High Yield Fund published this content on 19 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 January 2023 14:00:04 UTC.