Barings Global Short Duration High Yield Fund (BGH) NPORT-P Barings Global Short Duration High Yield Fund (Sep 2021 report)

Barings Global Short Duration High Yield Fund

SCHEDULE OF INVESTMENTS

September 30, 2021 (Unaudited)

								SHARES		COST		FAIR VALUE
Equities — 3.58%*:
Common Stocks — 3.52%*:
		Boomerang Tube Holdings, Inc.¤						36,149	$	3,510,832	$	0
		ESC CB 144A High Ridge¤						2,982		0		41,748
		Fieldwood Energy LLC¤						167,574		4,057,567		0
		Tourmaline Escrow Cash+¤						1,197,757		0		945,647
		Tourmaline Oil Corp+						276,778		3,948,373		9,669,530
		Sabine Oil & Gas LLC¤						4,342		248,858		56,446
		KCA Deutag Ordinary A Shares¤						23,585		990,570		1,963,451
		Travelex Private Equity+¤						13,615		1		0
			Total Common Stocks					1,722,782		12,756,202		12,676,822
Warrants — 0.06%*:
		Travelex Topco Limited Warrant+¤						2,218		0		224,140
			Total Warrants					2,218		0		224,140
			Total Equities					1,725,000		12,756,202		12,900,962
				EFFECTIVE INTEREST RATE‡		DUE DATE		PRINCIPAL		COST		FAIR VALUE
Fixed Income — 133.98%*:
Asset-Backed Securities — 13.04%*:
	CDO/CLO — 13.04%*:
		610 FDG 2016-2R CLO LTD, 3M LIBOR + 7.250%~+^		7.44	%	1/20/2032	$	1,550,000	$	1,534,190	$	1,560,036
		Anchorage Capital CLO LTD 2015-6A, 3M LIBOR + 6.350%~+^		6.48		7/15/2030		600,000		607,131		594,043
		Anchorage Capital 2016-9A ER2 + 8.820%~¤		6.92		7/15/2032		1,500,000		1,485,000		1,480,313
		Anchorage Capital CLO LTD 2013-1R, 3M LIBOR + 6.800%~+^		6.93		10/15/2030		1,000,000		977,213		994,814
		Ares CLO LTD 2013-27R2 + 6.750%+¤^		6.88		10/30/2034		1,700,000		1,683,000		1,683,000
		Bain CAP CR CLO 2020-2R LTD +  6.610%~+^		6.74		7/19/2034		1,000,000		990,000		991,438
		Ballyrock CLO LTD 2019-2R, 3M LIBOR + 6.500%~+^		6.63		11/20/2030		2,000,000		2,000,000		1,990,496
		BlueMountain CLO LTD 2018-23A, 3M LIBOR + 5.650%~+^		5.78		10/20/2031		1,000,000		1,000,000		975,068
		Canyon CLO LTD 2019-2A, 3M LIBOR + 7.150%~+^		7.28		10/15/2032		1,000,000		1,000,000		1,000,223
		Carbone CLO, LTD 2017-1A, 3M LIBOR + 5.900%~+^		6.03		1/21/2031		750,000		750,000		729,334
		Carlyle Global Market Strategies 2017-5A, 3M LIBOR + 5.300%~+^		5.43		1/22/2030		700,000		700,000		641,088
		BAIN CAP CR CLO 2020-2R LTD + 7.030%~+^		7.16		10/20/2032		1,000,000		975,000		1,000,330
		CIFC Funding  2020-1 LTD  + 6.250%~+^		6.36		7/15/2036		1,900,000		1,900,000		1,899,949
		Galaxy CLO LTD 2017-24A, 3M LIBOR + 5.500%~+^		5.63		1/15/2031		1,000,000		1,000,000		954,176
		GoldenTree Loan Management 2018-3A, 3M LIBOR + 6.500%~+^		6.63		4/22/2030		1,500,000		1,448,966		1,288,160
		GoldenTree Loan Opportunities XI LTD 2015-11A, 3M LIBOR + 5.400%~+^		5.53		1/18/2031		500,000		500,000		483,407
		KKR Financial CLO LTD 2017-20, 3M LIBOR + 5.500%~+^		5.63		10/16/2030		1,500,000		1,500,000		1,419,435
		KKR Financial CLO LTD 34-2, 3M LIBOR + 6.850%~		7.00		7/15/2034		2,000,000		1,980,000		1,992,232
		KVK 2016-1A ER2 + 7.350%¤		7.35		10/15/2034		3,000,000		2,970,000		2,970,000
		LCM LTD 2031-30, 3M LIBOR + 6.500%~		6.63		4/20/2031		1,100,000		1,100,000		1,094,765
		Madison Park Funding LTD 2015-19A, 3M LIBOR + 4.350%~+^		4.49		1/24/2028		1,000,000		1,000,000		987,937
		Madison Park Funding LTD 2018-29A, 3M LIBOR + 7.570%~+^#		7.70		10/18/2030		2,000,000		1,960,000		1,894,350
		Madison Park Funding LTD XXXV 2019-35R E-R, 3M LIBOR + 6.100%~+^		6.23		4/20/2032		1,400,000		1,400,000		1,400,476
		Madison Park Funding LTD 2019-32R E-R, 3M LIBOR + 6.200%~+^		6.34		1/22/2031		1,000,000		1,000,000		995,569
		Magnetite CLO LTD 2016-18A, 3M LIBOR + 7.600%~+^		7.73		11/15/2028		1,400,000		1,386,000		1,330,297
		OHA Credit Partners LTD 2015-11A, 3M LIBOR + 7.900%~+^		8.03		1/20/2032		2,000,000		1,970,323		1,839,788
		OHA Loan Funding LTD 2013-1A, 3M LIBOR + 7.900%~+^		8.04		7/23/2031		1,500,000		1,477,500		1,413,128
		Sound Point CLO XVIII 2018-18D, 3M LIBOR + 5.500%~+^		5.63		1/21/2031		2,000,000		2,000,000		1,803,406
		Sound Point CLO Ltd Series 2020-1A Class ER, 3M LIBOR + 6.860%~+^		7.00		7/20/2034		1,600,000		1,584,000		1,576,254
		TICP CLO LTD 2018-10A, 3M LIBOR + 5.500%~+^		5.63		4/20/2031		1,000,000		943,768		982,930
		Voya CLO LTD 2019-4A, 3M LIBOR + 7.480%~+^		7.72		1/18/2033		1,400,000		1,358,585		1,403,970
		Wellfleet CLO LTD 2020-2R + 7.250%~+¤^		7.35		7/17/2034		1,300,000		1,300,000		1,303,686
		Wellfleet CLO LTD 2017-3A, 3M LIBOR + 5.550%~+^		5.68		1/17/2031		1,500,000		1,500,000		1,415,564
		Wind River 2017-1A ER, 3M LIBOR + 7.060%~		7.25		4/18/2036		2,000,000		1,960,000		1,997,130
		Wind River CLO LTD 2017-4A, 3M LIBOR + 5.800%~+^		5.93		11/20/2030		1,000,000		1,000,000		951,160
			Total CDO/CLO					48,400,000		47,940,675		47,037,950
			Total Asset-Backed Securities					48,400,000		47,940,675		47,037,950
				EFFECTIVE INTEREST RATE‡		DUE DATE		PRINCIPAL		COST		FAIR VALUE
Bank Loans§ — 18.60%*:
	Automotive — 0.55%*:
		Dexko Global Inc, 3M LIBOR + 8.250%~		9.25	%	7/24/2025	$	2,000,000	$	2,000,000	$	1,997,500
			Total Automotive					2,000,000		2,000,000		1,997,500
	Building Materials — 0.93%*:
		CP Iris Holdco I 2nd LIEN T/L (IPS)		7.50		9/21/2029		3,398,058		3,364,078		3,364,078
			Total Building Materials					3,398,058		3,364,078		3,364,078
	Chemicals, Plastics and Rubber — 0.59%*:
		Colouroz Investment 2 LLC, 3M LIBOR + 7.250%~		5.50		9/21/2021		2,141,464		2,133,715		2,130,757
			Total Chemicals, Plastics and Rubber					2,141,464		2,133,715		2,130,757
	Diversified/Conglomerate Manufacturing — 0.84%*:
		Averys, 3M LIBOR + 8.250%~+		8.25		9/25/2026		500,000		571,943		579,173
		SunSource, Inc., 1M LIBOR + 8.000%~		9.00		4/30/2026		2,500,000		2,513,018		2,441,675
			Total Diversified/Conglomerate Manufacturing					3,000,000		3,084,961		3,020,848
	Diversified/Conglomerate Service — 7.03%*:
		Syncsort Incorporated (Precisely) 2ND Lien T/L, 3M LIBOR + 7.250%		8.00		3/19/2029		9,009,009		8,918,919		9,005,225
		Misys (Finastra), 3M LIBOR + 7.250%~		8.25		6/16/2025		16,290,136		16,178,486		16,366,048
			Total Diversified/Conglomerate Service					25,299,145		25,097,405		25,371,274
	Electronics — 2.93%*:
		McAfee Enterprise 2ND Lien T/L, 3M LIBOR + 7.500%~		9.00		5/3/2029		10,567,000		10,484,433		10,553,791
			Total Healthcare, Education and Childcare					10,567,000		10,484,433		10,553,791
	Leisure, Amusement, Entertainment — 0.10%*:
		Odeon Cinemas Group T/L B 2 +		10.75		8/11/2023		195,134		228,476		230,553
		Odeon Cinemas Group T/L B+		10.75		8/11/2023		92,227		123,134		126,751
			Total Leisure, Amusement, Entertainment					287,361		351,610		357,305
	Lodging — 0.30%*:
		Motel 6 T/L B		5.75		8/19/2026		1,084,337		1,073,494		1,087,048
			Total Lodging					1,084,337		1,073,494		1,087,048
	Mining, Steel, Iron and Non-Precious Metals — 0.00%*:
		Boomerang Tube, LLC, 3M LIBOR + 6.500%~¤		0.00		6/30/2022		2,608,648		2,608,648		0
			Total Mining, Steel, Iron and Non-Precious Metals					2,608,648		2,608,648		0
	Packaging and Containers — 2.22%*:
		Pretium Package Holdings 2nd LIEN T/L (9/21)		7.25		9/21/2029		3,033,898		3,028,559		3,041,483
		Valcour Packaging (MOLD-RITE) T/L 2nd LIEN		7.50		9/30/2029		5,000,000		4,950,000		4,950,000
			Total Packaging and Containers					8,033,898		7,978,559		7,991,483
	Personal Transportation — 0.09%*:
		Naviera Armas Bridge, 1M LIBOR + 2.500%~+¤		5.00		11/30/2021		100,492		121,399		116,404
		Naviera Armas Bridge, 1M LIBOR + 2.500%~+¤		5.00		11/30/2021		63,244		77,535		73,258
		Naviera Armas Bridge, 1M LIBOR + 2.500%~+¤		4.33		11/30/2021		5,879		7,113		6,810
		Naviera Armas Bridge, 1M LIBOR + 2.500%~+¤		5.00		11/30/2021		112,737		127,882		130,588
			Total Personal Transportation					282,351		333,930		327,060
	Software — 0.94%*:
		Cloudera 2nd LIEN T/L (7/21)		6.50		9/28/2029		3,400,000		3,383,000		3,383,000
			Total Software					3,400,000		3,383,000		3,383,000
	Telecommunications — 0.39%*:
		Syniverse Holdings T/L, 3M LIBOR + 5.000%		6.00		3/9/2023		1,416,351		1,327,285		1,415,261
			Total Telecommunications					1,416,351		1,327,285		1,415,261
	Transportation — 1.69%*:
		Kenan Advantage Group 2ND LIEN T/L (8/21)		8.00		9/1/2027		3,171,806		3,108,829		3,140,088
		Worldwide Express TL (7/21) 2ND LIEN		7.25		7/26/2029		3,000,000		2,955,227		2,966,250
			Total Transportation					6,171,806		6,064,056		6,106,338
			Total Bank Loans					69,690,420		69,285,172		67,105,742
				EFFECTIVE INTEREST RATE‡		DUE DATE		PRINCIPAL		COST		FAIR VALUE
Corporate Bonds — 102.34%*:
	Aerospace and Defense — 5.17%*:
		American Airlines^#		11.75		7/15/2025	$	3,337,000	$	3,356,174	$	4,129,538
		TransDigm Group, Inc.#		7.50	%	3/15/2027		6,000,000		6,018,994		6,317,025
		Triumph Group, Inc.#		7.75		8/15/2025		8,289,000		8,292,468		8,185,388
			Total Aerospace and Defense					17,626,000		17,667,635		18,631,950
	Automotive — 4.94%*:
		AA Bond Co. Ltd.+		6.50		1/31/2026		1,350,000		1,843,683		1,907,972
		Aston Martin Capital Holdings Ltd+^#		10.50		11/30/2025		850,000		919,824		946,688
		Ford Motor Company#		9.63		4/22/2030		2,000,000		2,565,312		2,835,625
		Ford Motor Company#		7.45		7/16/2031		2,000,000		2,309,658		2,600,000
		Power Solutions+^#		8.50		5/15/2027		8,965,000		9,050,802		9,536,519
			Total Automotive					15,165,000		16,689,279		17,826,803
	Beverage, Food and Tobacco — 1.96%*:
		Boparan Finance PLC+		7.63		11/30/2025		750,000		1,037,046		889,284
		Kehe Distributors, LLC^#		8.63		10/15/2026		1,029,000		1,029,000		1,111,320
		Manitowoc Foodservice#		9.50		2/15/2024		3,074,000		3,168,414		3,159,457
		Refresco Group N.V.+#		6.50		5/15/2026		1,600,000		1,931,832		1,911,345
			Total Beverage, Food and Tobacco					6,453,000		7,166,292		7,071,406
	Broadcasting and Entertainment — 4.80%*:
		Banijay+#		6.50		3/1/2026		2,500,000		2,761,119		3,019,402
		Beasley Mezzanine Holdings LLC^#		8.63		2/1/2026		1,801,000		1,801,000		1,837,020
		Clear Channel Worldwide Holdings Inc.^#		7.75		4/15/2028		2,568,000		2,594,359		2,702,820
		Clear Channel Worldwide Holdings Inc.^#		7.50		6/1/2029		2,127,000		2,127,000		2,212,080
		Cox Media Group^#		8.88		12/15/2027		4,263,000		4,438,518		4,507,611
		iHeartCommunications, Inc.#		8.38		5/1/2027		570,000		606,889		609,188
		Univision Communications Inc.^#		9.50		5/1/2025		2,234,000		2,443,632		2,423,890
			Total Broadcasting and Entertainment					16,063,000		16,772,518		17,312,011
	Buildings and Real Estate — 4.31%*:
		New Enterprise Stone & Lime Co.^#		9.75		7/15/2028		5,025,000		5,502,966		5,464,688
		Realogy Group^#		9.38		4/1/2027		3,763,000		3,600,655		4,134,596
		Realogy Group^#		7.63		6/15/2025		329,000		329,000		350,796
		Service Properties Trust#		4.38		2/15/2030		400,000		351,257		380,294
		Stl Hldg Co LLC^#		7.50		2/15/2026		4,981,000		5,018,874		5,230,050
			Total Buildings and Real Estate					14,498,000		14,802,752		15,560,424
	Chemicals, Plastics and Rubber — 2.68%*:
		Consolidated Energy Finance S.A.+^#		6.88		6/15/2025		3,208,000		3,094,447		3,320,280
		Consolidated Energy Finance S.A.+^#		6.50		5/15/2026		2,638,000		1,992,029		2,730,330
		CVR Partners LP^#		9.25		6/15/2023		582,000		583,805		583,455
		ITT Holdings LLC^#		6.50		8/1/2029		2,218,000		2,218,000		2,237,408
		LSF11 A5 HOLDCO LLC^		6.63		10/15/2029		784,000		784,000		784,000
			Total Chemicals, Plastics and Rubber					9,430,000		8,672,281		9,655,473
	Commercial Services — 0.13%*:
		Apcoa Parking Holdings+		4.63		1/15/2027		385,000		455,648		450,988
			Total Cargo Transport					385,000		455,648		450,988
	Containers, Packaging, and Glass — 3.74%*:
		Mauser Packaging Solutions^#		7.25		4/15/2025		4,067,000		3,966,454		4,042,212
		Tekni-Plex^#		9.25		8/1/2024		9,000,000		8,965,193		9,457,740
			Total Containers, Packaging, and Glass					13,067,000		12,931,647		13,499,952
	Diversified/Conglomerate Manufacturing — 1.54%*:
		Heat Exchangers+		7.78		10/9/2025		625,000		662,306		676,908
		Manitowoc Cranes^#		9.00		4/1/2026		4,538,000		4,545,071		4,860,516
			Total Diversified/Conglomerate Manufacturing					5,163,000		5,207,377		5,537,424
				EFFECTIVE INTEREST RATE‡		DUE DATE		PRINCIPAL		COST		FAIR VALUE
Corporate Bonds (continued)
	Diversified/Conglomerate Service — 3.67%*:
		Algeco Scotsman+#		6.50	%	2/15/2023	$	1,750,000	$	2,148,965	$	2,060,046
		Libra Group Bhd+		5.00		5/15/2027		700,000		850,082		833,140
		Powerteam Services LLC^#		9.03		12/4/2025		2,750,000		2,957,775		2,983,750
		Summer BC Holdco+		9.25		10/31/2027		2,477,880		3,078,040		3,118,517
		Verisure Midholding+		5.25		2/15/2029		3,575,000		4,325,008		4,248,258
			Total Diversified/Conglomerate Service					11,252,880		13,359,870		13,243,711
	Electronics — 0.58%*:
		Veritas Bermuda Ltd.^#		7.50		9/1/2025		2,024,000		2,024,000		2,104,960
			Total Electronics					2,024,000		2,024,000		2,104,960
	Finance — 4.60%*:
		Alliance Data Systems Corp.^#		7.00		1/15/2026		2,000,000		1,992,500		2,140,000
		Aretec Escrow Issuer Inc.^#		7.50		4/1/2029		1,195,000		1,195,000		1,230,850
		Avolon Holdings+^#		6.50		9/15/2024		8,512,391		6,958,162		8,363,424
		Galaxy Bidco Ltd.+#		6.50		7/31/2026		500,000		671,529		704,110
		Garfunkelux Holdco+		6.75		11/1/2025		250,000		296,574		302,299
		Travelex+¤		12.50		8/5/2025		1,890,534		2,334,571		3,820,959
		Travelex+¤#		8.00		5/15/2022		4,600,000		5,097,344		0
			Total Finance					18,947,925		18,545,679		16,561,641
	Forest Products and Paper — 0.82%*:
		Sylvamo Corp.^		7.00		9/1/2029		2,885,000		2,885,000		2,951,701
			Total Insurance					2,885,000		2,885,000		2,951,701
	Healthcare, Education and Childcare — 7.65%*:
		Bausch Health Companies Inc.+^#		9.00		12/15/2025		11,045,000		11,232,524		11,693,894
		Bausch Health Companies Inc.+^#		6.25		2/15/2029		1,222,000		1,197,116		1,209,193
		Bausch Health Companies Inc.+^#		5.25		2/15/2031		1,000,000		928,419		919,610
		Chrom Holdco S.A.S+		5.00		5/31/2029		1,100,000		1,328,422		1,306,035
		Cidron Aida Finco+		6.25		4/1/2028		1,650,000		2,275,266		2,246,665
		Community Health System Inc.^#		6.88		4/15/2029		286,000		286,000		286,319
		Endo International^#		7.50		4/1/2027		1,890,000		1,890,000		1,925,438
		Radiology Partners Inc.^#		9.25		2/1/2028		4,586,000		4,912,474		4,931,899
		Verscend Technologies, Inc.^#		9.75		8/15/2026		2,915,000		3,054,608		3,071,681
			Total Healthcare, Education and Childcare					25,694,000		27,104,829		27,590,734
	Home and Office Furnishings, Housewares, and Durable Consumer Products — 2.43%*:
		Balta+		8.75		12/31/2024		949,900		1,053,406		1,102,788
		BCPE Ulysses Intermediate Inc^#		7.75		4/1/2027		4,315,000		4,347,455		4,282,638
		Staples Inc.^#		10.75		4/15/2027		3,478,000		3,588,311		3,386,703
			Total Home and Office Furnishings, Housewares, and Durable Consumer Products					8,742,900		8,989,172		8,772,128
	Hotels, Motels, Inns and Gaming — 1.30%*:
		Scientific Games International Inc.^#		8.63		7/1/2025		4,325,000		4,402,328		4,683,691
			Total Hotels, Motels, Inns and Gaming					4,325,000		4,402,328		4,683,691
	Insurance — 1.41%*:
		Acrisure LLC^#		10.13		8/1/2026		4,575,000		4,713,612		5,101,125
			Total Insurance					4,575,000		4,713,612		5,101,125
				EFFECTIVE INTEREST RATE‡		DUE DATE		PRINCIPAL		COST		FAIR VALUE
Corporate Bonds (continued)
	Internet — 0.36%*:
		Millenium Escrow Corporation SR SEC 144A NT26^		6.63		8/1/2026	$	1,260,000		1,273,293		1,297,737
			Total Insurance					1,260,000		1,273,293		1,297,737
	Leisure, Amusement, Entertainment — 3.14%*:
		AMC Entertainment Holdings Inc^#		10.50	%	4/15/2025		227,000	$	226,433	$	242,890
		AMC Entertainment Holdings Inc^#		10.50		4/24/2026		1,482,000		1,534,627		1,591,298
		Carnival Corp.+		7.63		3/1/2026		1,000,000		1,185,944		1,248,697
		Center Parcs+		6.50		8/28/2026		1,150,000		1,608,388		1,632,796
		Eldorado Resorts^#		8.13		7/1/2027		4,000,000		3,901,503		4,495,000
		Motion Finco+		7.00		5/15/2025		1,750,000		1,930,169		2,127,852
			Total Leisure, Amusement, Entertainment					9,609,000		10,387,063		11,338,533
	Lodging — 0.27%*:
		SANI/IKOS Financial Holdings+		5.63		12/15/2026		815,000		962,674		962,933
			Total Insurance					815,000		962,674		962,933
	Machinery (Non-Agriculture, Non-Construct, Non-Electronic) — 4.01%*:
		Diebold Nixdorf Inc.^#		9.38		7/15/2025		5,577,000		5,892,788		6,103,357
		Diebold Nixdorf Inc.+		9.00		7/15/2025		815,000		957,338		1,023,056
		Diebold Nixdorf Inc.#		8.50		4/15/2024		2,260,000		2,300,861		2,308,025
		Granite Holdings US Acquisition Co.^#		11.00		10/1/2027		1,000,000		1,115,314		1,095,000
		Sarens+#		5.75		2/21/2027		1,625,000		1,783,930		1,894,077
		Titan Acquisition Ltd / Titan Co-Borrower LLC+^#		7.75		4/15/2026		2,000,000		2,066,898		2,042,860
			Total Machinery (Non-Agriculture, Non-Construct, Non-Electronic)					13,277,000		14,117,130		14,466,375
	Mining, Steel, Iron and Non-Precious Metals — 14.53%*:
		Cleveland-Cliffs Inc.^#		9.88		10/17/2025		3,970,000		4,307,607		4,555,575
		Consol Energy Inc.^#		11.00		11/15/2025		10,316,000		10,638,241		10,625,480
		Coronado Global Resources Inc.+^#		10.75		5/15/2026		6,064,000		6,448,458		6,609,760
		First Quantum Minerals+^#		7.25		4/1/2023		2,000,000		1,962,340		2,035,000
		First Quantum Minerals+^#		7.50		4/1/2025		9,775,000		9,473,703		10,027,488
		First Quantum Minerals+^#		6.88		10/15/2027		200,000		200,000		211,625
		Hecla Mining Company#		7.25		2/15/2028		4,699,000		5,073,842		5,061,575
		Perenti Finance Pty Ltd+^#		6.50		10/7/2025		2,500,000		2,500,000		2,618,836
		PIC AU Holdings LLC^#		10.00		12/31/2024		7,043,000		6,413,587		7,109,204
		Warrior Met Coal Inc.^#		8.00		11/1/2024		3,513,000		3,574,963		3,565,695
			Total Mining, Steel, Iron and Non-Precious Metals					50,080,000		50,592,740		52,420,239
	Oil and Gas — 17.41%*:
		Antero Resources Corp.^#		8.38		7/15/2026		293,000		294,432		331,890
		Antero Resources Corp.^#		7.63		2/1/2029		1,907,000		2,018,216		2,132,026
		Calumet Specialty Products^#		9.25		7/15/2024		2,850,000		2,766,733		3,092,250
		CGG SA+		7.75		4/1/2027		1,500,000		1,787,033		1,765,145
		CVR Energy Inc.^#		5.75		2/15/2028		3,850,000		3,348,190		3,814,811
		Enlink Midstream Partners LP#		5.60		4/1/2044		5,413,000		3,569,642		5,169,415
		Enlink Midstream Partners LP#		5.45		6/1/2047		1,000,000		855,253		964,840
		Genesis Energy LP#		7.75		2/1/2028		3,408,000		3,134,736		3,416,213
		Genesis Energy LP#		8.00		1/15/2027		1,639,000		1,636,951		1,663,913
		Harvest Midstream I L P^#		7.50		9/1/2028		458,000		458,000		487,839
		Hilcorp Energy I L P^#		6.25		11/1/2028		3,202,000		2,808,524		3,317,976
		KCA Deutag+		9.88		12/1/2025		1,179,286		1,179,286		1,283,662
		Laredo Petroleum Inc.#		10.13		1/15/2028		2,765,000		2,675,275		2,989,933
		MEG Energy Corp.+^#		7.13		2/1/2027		2,698,000		2,538,929		2,832,387
		Neptune Energy Bondco PLC+^#		6.63		5/15/2025		4,856,000		4,514,461		4,995,610
		NGL Energy Finance Corp^#		7.50		2/1/2026		3,031,000		3,120,411		3,087,831
		Occidental Pete Corp.#		8.50		7/15/2027		4,523,000		4,568,705		5,664,741
		Occidental Pete Corp.#		7.88		9/15/2031		2,500,000		2,651,341		3,333,178
		Occidental Pete Corp.#		4.50		7/15/2044		586,000		437,938		588,819
		Range Resources Corp^#		8.25		1/15/2029		494,000		500,951		555,775
		Southwestern Energy Co.#		8.38		9/15/2028		449,000		449,000		508,596
		Transocean Inc.+^		8.00		2/1/2027		3,000,000		2,506,414		2,360,490
		Tullow Oil PLC+^#		10.25		5/15/2026		1,000,000		1,000,000		1,044,260
		Waldorf Production UK LD+		9.75		10/1/2024		700,000		700,000		714,000
		Weatherford Internatinoal Ltd Bermuda SR SEC Global 28+^		6.50		9/15/2028		972,000		972,000		1,001,160
		Welltec A/S+^#		9.50		12/1/2022		5,713,000		5,677,036		5,684,435
			Total Oil and Gas					59,986,286		56,169,458		62,801,195
	Transportation — 0.21%*:
		Titan Holdings II+		5.13		7/15/2029		633,000		749,885		744,190
			Total Insurance					633,000		749,885		744,190
	Personal Transportation — 0.17%*:
		Naviera Armas, 3M EURIBOR + 4.250%~+		4.25		11/15/2024		150,000		127,479		133,789
		Naviera Armas, 3M EURIBOR + 6.500%~+		6.50		7/31/2023		525,000		608,346		469,478
			Total Personal Transportation					675,000		735,825		603,267
				EFFECTIVE INTEREST RATE‡		DUE DATE		PRINCIPAL		COST		FAIR VALUE
Corporate Bonds (continued)
	Printing and Publishing — 1.48%*:
		Cimpress N.V.+^#		7.00	%	6/15/2026	$	2,069,000	$	2,069,000	$	2,157,801
		Houghton Mifflin Harcourt Publishers Inc.^#		9.00		2/15/2025		3,000,000		2,957,565		3,190,650
			Total Printing and Publishing					5,069,000		5,026,565		5,348,451
	Retail Store — 3.20%*:
		Afflelou SAS+		8.00		5/19/2027		1,300,000		1,569,489		1,539,731
		Casino Guichard Perracho+		6.63		1/15/2026		1,050,000		1,279,474		1,266,568
		Constellation Auto+		4.88		7/15/2027		1,061,000		1,460,105		1,418,298
		Marcolin S.p.A+		6.13		11/15/2026		700,000		852,141		831,421
		Magic MergeCo, Inc.^#		7.88		5/1/2029		2,024,000		2,024,000		2,097,370
		Stonegate Pub Co.+		8.25		7/31/2025		590,000		856,136		835,509
		Stonegate Pub Co.+		8.25		7/31/2025		225,000		320,189		319,122
		Stonegate Pub Co.+		5.75		7/31/2025		700,000		829,604		808,410
		Stonegate Pub Comp.+		8.00		7/13/2025		1,350,000		1,945,919		1,884,474
		Wheel Bidco Ltd+		6.75		7/15/2026		403,000		555,494		545,039
			Total Retail Store					9,403,000		11,692,552		11,545,942
	Telecommunications — 5.50%*:
		Altice France Holding S.A.+^#		10.50		5/15/2027		2,000,000		2,227,254		2,180,000
		Commscope Inc.^#		8.25		3/1/2027		11,673,000		11,688,204		12,198,285
		Consolidated Communications^#		6.50		10/1/2028		832,000		832,000		903,760
		Digicel Limited +¤^#		8.25		9/30/2020		2,500,000		2,491,364		0
		Northwest Fiber LLC^#		10.75		6/1/2028		1,856,000		2,055,200		2,088,000
		Uniti Group LP / Uniti Group Finance Inc.^#		6.50		2/15/2029		330,000		330,000		339,459
		Viasat^#		6.50		7/15/2028		790,000		790,000		832,044
		Windstream Escrow LLC^#		7.75		8/15/2028		1,251,000		1,246,000		1,306,607
			Total Telecommunications					21,232,000		21,660,022		19,848,155
	Transportation — 0.33%*:
		Carriage Purchaser Inc.^		7.88		10/15/2029		1,201,000		1,201,000		1,197,427
			Total Insurance					1,201,000		1,201,000		1,197,427
			Total Corporate Bonds					348,276,990		355,684,835		369,130,566
			Total Fixed Income					466,367,411		472,910,681		483,274,257
			Total Investments					468,092,410		485,666,883		496,175,220
Other assets and liabilities — (37.56)%												(135,467,096)
			Net Assets — 100%								$	360,708,123

‡	The effective interest rates are based on settled commitment amount.
*	Calculated as a percentage of net assets applicable to common shareholders.
¤	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 September 30, 2021.
#	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 September 30, 2021. 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.
	Distributions of investments by country of risk.  Percentage of assets are expressed by market value excluding cash and accrued income as of September 30, 2021.
		United States	62.5%
		Canada	10.3%
		Cayman Islands	9.7%
		United Kingdom	5.4%
		Luxembourg	3.8%
		Australia	1.9%
		France	1.8%
		Denmark	1.1%
		(Individually less than 1%)	3.5%
			100.0%

A summary of outstanding derivatives at September 30, 2021 is as follows:
Schedule of Open Forward Currency Contracts
September 30, 2021
					Forward	Unrealized
Currency to be		Currency to be		Counterparty of	Settlement	Appreciation /
Received		Delivered(1)		Contract	Date	(Depreciation)
36,942,283	USD	(31,198,130)	EUR	Morgan Stanley	7/15/2021	793,289
17,598,952	USD	(12,725,381)	GBP	Morgan Stanley	7/15/2021	452,455
11,057,225	USD	(14,027,016)	CAD	JP Morgan Chase	7/15/2021	(17,036)
530,611	CAD	(414,783)	USD	JP Morgan Chase	7/15/2021	115,828
						$                    1,344,535
(1) Values are listed in U.S. dollars.

Schedule of Investments.

Valuation of Instruments

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.  A three-tier hierarchy is utilized to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.  Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk.  For example, market participants would consider the risk inherent in a particular valuation technique used to measure fair value, such as a pricing model, and/or the risk inherent in the inputs to the valuation technique.  Inputs may be observable or unobservable.  Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity.  Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances.  The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security.  To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment.  Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy.  In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following is a summary of the inputs used as of September 30, 2021 in valuing the Fund’s investments:

Description	Level 1		Level 2		Level 3		Total Investments
Assets:
Equities:
Common Stocks	$	9,669,530	$		$	3,007,292	$	12,676,822
Preferred Stocks		-		-		-		-
Warrants		-		-		224,140		224,140
Total Equities:		9,669,530				3,231,432		12,900,962
Fixed Income:
Asset-Backed	$	-	$	34,516,824	$	2,986,686	$	37,503,510
Securities    Bank Loans		-		66,778,682		327,060		67,105,742
Corporate Bonds		-		365,309,607		3,820,959		369,130,566
Total Fixed Income	$	-	$	466,605,113	$	7,134,705	$	473,739,818
Derivative Securities:
Foreign Exchange Contracts:	$	-	$	1,344,535	$	-	$	1,344,535
Total Derivative Securities	$	-	$	1,344,535	$	-	$	1,344,535
Total Assets	$	9,669,530	$	467,949,648	$	10,366,137	$	487,985,315

The following table is a summary of quantitative information about significant unobservable valuation inputs for Level 3 fair value measurement for investments held as of September 30, 2021:

Type of Assets	Fair Value as of September 30, 2021	Valuation Technique(s)	Unobservable Input
Equities
Boomerang Tube Holdings, Inc.	$0	Analyst Priced	Default, priced at zero
ESC CB 144A High Ridge	$41,748	Broker Quote	$14.00; Broker quote depth of 1
Fieldwood Energy LLC	$0	Broker Quote	$0.01; Price taken from Barings sourced via Markit
Travelex Topco Limited Warrants	$224,140	Broker Quote	$72.50; Price taken from Barings sourced via Markit
KCA Deutag Ordinary A Shares	$1,963,451	Broker Quote	$69.00; Price taken from Barings sourced via Markit
Sabine Oil & Gas LLC	$56,446	Withholding Tax Reclaim	Priced at value of the withholding tax reclaim
Tourmaline Escrow Cash	$953,097	Withholding Tax Reclaim	Priced at value of the withholding tax reclaim
Travelex Private Equity	$0	Zero Value	Valued at Zero.
Bank Loans
Boomerang Tube, LLC	$0	Analyst Priced	Default, priced at zero
Naviera Armas Bridge, 1M LIBOR + 2.500%	$6,810	Priced at Cost	98.00; Priced at restructure cost less OID
Naviera Armas Bridge, 1M LIBOR + 2.500%	$73,258	Priced at Cost	98.00; Priced at restructure cost less OID
Naviera Armas Bridge, 1M LIBOR + 2.500%	$116,404	Priced at Cost	98.00; Priced at restructure cost less OID
Naviera Armas Bridge, 1M LIBOR + 2.500%Corporate Bonds	$130,588	Priced at Cost	98.00; Priced at restructure cost less OID
Digicel Limited Travelex Financing	$0 $0	Zero Value Zero Value	Valued at Zero Valued at Zero
Travelex	$3,200,273	Broker Quote	$175.00; Price taken from Barings sourced via Markit

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. Based on end of period market values, $1,223,509 was transferred from Level 3 to Level 2 for the period from January 1, 2021 through September 30, 2021. The following is a reconciliation of Level 3 investments based upon the inputs used to determine fair value:

	BALANCE AT DECEMBER 31, 2020	TRANSFERS INTO LEVEL 3	TRANSFERS OUT OF LEVEL 3	PURCHASES	SALES	ACCRETION OF DISCOUNT	REALIZED GAIN / (LOSS)	CHANGE IN UNREALIZED	BALANCE AT September 30, 2021	CHANGE IN UNREALIZED APPRECIATION / (DEPRECIATION) FROM INVESTMENTS HELD AS OF September 30, 2021
Equities
Boomerang Tube Holdings, Inc.	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
ESC CB 144A High Ridge	$0	$0	$0	$0	$0	$0	$0	$41,748	$41,748	$41,748
Fieldwood Energy LLC	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Jupiter Resources Inc.	$1,446,037	$0	$0	$0	($1,461,112)	($5)	$15,510	($430)	$0	($430)
KCA Deutag Ordinary A Shares¤+	$955,193	$0	$0	$0	$0	$0	$0	$1,008,259	$1,963,451	$1,008,259
Sabine Oil & Gas LLC	$56,446	$0	$0	$0	$0	$0	$0	$0	$56,446	$0
Tourmaline Escrow Cash	$0	$0	$0	$0	$0	$0	$0	$945,647	$945,647	$945,647
Travelex Private Equity	$0	$0	$0	$1	($1)	$0	$1	($1)	$0	($1)
Common Stocks	$2,457,676	$0	$0	$0	($1,461,113)	($5)	$15,511	$1,995,223	$3,007,293	$1,995,223
Travelex Topco Limited Warrant¤+	$250,232	$0	$0	$0	$0	$0	$0	($26,092)	$224,140	($26,092)
Warrants	$250,232	$0	$0	$0	$0	$0	$0	($26,092)	$224,140	($26,092)
Total Equities	$2,707,907	$0	$0	$0	($1,461,113)	($5)	$15,511	$1,969,130	$3,231,432	$1,969,130
Fixed Income
Boomerang Tube, LLC	$104,346	$0	$0	$0	$0	$0	$0	($104,346)	($0)	($104,346)
Naviera Armas Bridge	$127,521	$0	$0	($5,803)	($1,430)	$329	($2)	($4,211)	$116,404	($4,211)
Naviera Armas Bridge	$68,751	$0	$0	$3,232	$0	$5,217	$0	($3,941)	$73,258	($3,941)
Naviera Armas Bridge	$0	$0	$0	$127,560	$0	$322	$0	$2,706	$130,588	$2,706
Naviera Armas Bridge	$0	$0	$0	$7,113	$0	$0	$0	($303)	$6,810	($303)
Bank Loans	$300,618	$0	$0	$124,989	($1,430)	$5,868	($2)	($109,792)	$320,250	($109,792)
Digicel Limited	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
KCA Deutag	$1,223,509	$0	($1,223,509)	$0	$0	$0	$0	$0	$0	$0
Travelex	$4,959,932	$0	$0	$1,499,211	($3,203,708)	$36,903	$1,726,915	($1,198,294)	$3,820,959	($1,198,294)
Travelex	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Corporate Bonds	$6,183,441	$0	($1,223,509)	$1,499,211	($3,203,708)	$36,903	$1,726,915	($1,198,294)	$3,820,959	($1,198,294)
Total Fixed Income	$6,484,059	$0	($1,223,509)	$1,624,200	($3,205,137)	$42,770	$1,726,912	($1,308,086)	$4,141,209	($1,308,086)
Total	$9,191,966	$0	($1,223,509)	$1,624,200	($4,666,250)	$42,765	$1,742,424	$661,044	$7,372,641	$661,044