Barings Global Short Duration High Yield Fund NPORTP (Mar 2022 report)

Barings Global Short Duration High Yield Fund
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2022
									SHARES		COST		FAIR VALUE
Equities* — 0.92%:
Common Stocks — 0.88%:
			Boomerang Tube Holdings, Inc.¤						36,149	$	3,510,832	$	0
			ESC CB 144A High Ridge¤						2,982		0		41,748
			KCA Deutag Ordinary A Shares¤						23,585		990,570		1,960,503
			Sabine Oil & Gas LLC¤						4,342		248,858		56,446
			Tourmaline Escrow Cash+¤						1,197,757		0		958,090
			Travelex Private Equity+¤						16,473		1		0
			Naviera Armas						1,194		0		0
			Naviera Armas+						169		0		4,674
			Naviera Armas						133		0		0
			Naviera Armas						937		0		0
				Total Common Stocks					1,283,721		4,750,261		3,021,461

Warrant — 0.04%:
			Travelex Topco Limited+¤						2,218		0		139,856
				Total Warrant					2,218		0		139,856

				Total Equities					1,285,939		4,750,261		3,161,317

					EFFECTIVE INTEREST RATE‡		DUE DATE		PRINCIPAL		COST		FAIR VALUE
Fixed Income — 125.99%:
Asset-Backed Securities — 13.77%:
	CDO/CLO — 13.22%:
			610 FDG 2016-2R CLO LTD, 3M LIBOR + 7.250%+~^		7.50	%	1/20/2032	$	1,550,000	$	1,534,190	$	1,520,144
			Anchorage Capital 2016-9A ER2, 3M LIBOR + 6.820%¤+~^		7.06		7/15/2032		1,500,000		1,485,000		1,448,081
			Anchorage Capital CLO LTD 2013-1R, 3M LIBOR + 6.800%+~^		7.04		10/15/2030		1,000,000		977,213		976,601
			Anchorage Capital CLO LTD 2021-20 E, 3M LIBOR + 7.350%+~^		7.47		1/22/2035		1,000,000		980,000		955,185
			Ares CLO LTD 2013-27R2, 3M LIBOR + 6.750%+~^		7.03		10/30/2034		1,700,000		1,683,000		1,634,582
			Bain CAP CR CLO 2020-2R LTD, 3M LIBOR + 6.610%+~^		6.86		7/19/2034		1,000,000		990,000		954,965
			Ballyrock CLO LTD 2019-2R, 3M LIBOR + 6.500%+~^		6.98		11/20/2030		2,000,000		2,000,000		1,914,848
			BlueMountain CLO LTD 2018-23A, 3M LIBOR + 5.650%+~^		5.90		10/20/2031		1,000,000		1,000,000		940,413
			Canyon CLO LTD 2019-2R, 3M LIBOR + 6.750%+~^		6.99		10/16/2034		1,000,000		1,000,000		969,023
			Carbone CLO, LTD 2017-1A, 3M LIBOR + 5.900%+~^		6.15		1/21/2031		750,000		750,000		713,249
			Carlyle US CLO LTD 2019-3R, 3M LIBOR + 6.750%+~^		7.00		10/20/2032		1,000,000		1,000,000		969,660
			Carlyle Global Market Strategies 2017-5A, 3M LIBOR + 5.300%+~^		5.55		1/22/2030		700,000		700,000		625,594
			CIFC Funding 2020-1 LTD, 3M LIBOR + 6.250%+~^		6.49		7/15/2036		1,900,000		1,900,000		1,832,128
			Galaxy CLO LTD 2017-24A, 3M LIBOR + 5.500%+~^		5.74		1/15/2031		1,000,000		1,000,000		923,044
			GoldenTree Loan Management 2018-3A, 3M LIBOR + 6.500%+~^		6.75		4/22/2030		1,500,000		1,454,877		1,259,126
			GoldenTree Loan Opportunities XI LTD 2015-11A, 3M LIBOR + 5.400%+~^		5.64		1/18/2031		500,000		500,000		474,767
			KKR Financial CLO LTD 2017-20, 3M LIBOR + 5.500%+~^		5.74		10/16/2030		1,500,000		1,500,000		1,392,240
			KKR Financial CLO LTD 34-2, 3M LIBOR + 6.850%+~^		7.09		7/17/2034		2,000,000		1,980,000		1,938,260
			KVK 2016-1A ER2, 3M LIBOR + 7.350%+~^		7.59		10/16/2034		3,000,000		2,970,000		2,904,036
			LCM LTD 2031-30, 3M LIBOR + 6.500%+~^		6.75		4/21/2031		1,100,000		1,100,000		1,059,831
			Madison Park Funding LTD 2015-19A, 3M LIBOR + 4.350%+~^		4.61		1/24/2028		1,000,000		1,000,000		967,745
			Madison Park Funding LTD 2018-29A, 3M LIBOR + 7.570%+~^#		7.81		10/18/2030		2,000,000		1,960,000		1,792,168
			Madison Park Funding LTD XXXV 2019-35R E-R, 3M LIBOR + 6.100%+~^		6.35		4/20/2032		1,400,000		1,400,000		1,346,237
			Madison Park Funding LTD 2019-32R E-R, 3M LIBOR + 6.200%+~^		6.46		1/22/2031		1,000,000		1,000,000		965,801
			Magnetite CLO LTD 2016-18A, 3M LIBOR + 7.600%+~^		8.11		11/15/2028		1,400,000		1,386,000		1,297,612
			Octagon 2021-57 LTD, 3M LIBOR + 6.600%+~^		6.72		10/16/2034		1,500,000		1,500,000		1,441,854
			OHA Credit Partners LTD 2015-11A, 3M LIBOR + 7.900%+~^		8.15		1/20/2031		2,000,000		1,970,323		1,805,600
			OHA Loan Funding LTD 2013-1A, 3M LIBOR + 7.900%+~^		8.16		7/23/2031		1,500,000		1,477,500		1,384,250
			Sound Point CLO XVIII 2018-18D, 3M LIBOR + 5.500%+~^		5.75		1/21/2031		2,000,000		2,000,000		1,724,712
			Sound Point CLO LTD 2020-27R, 3M LIBOR + 6.560% E-R+~^		6.82		10/25/2034		1,400,000		1,372,000		1,320,537
			Sound Point CLO LTD Series 2020-1A Class ER, 3M LIBOR + 6.860%+~^		7.11		7/20/2034		1,600,000		1,584,000		1,539,662
			TICP CLO LTD 2018-10A, 3M LIBOR + 5.500%+~^		5.75		4/22/2030		1,000,000		950,303		940,773
			Wellfleet CLO LTD 2020-2R, 3M LIBOR + 7.250%¤+~^		7.49		7/17/2034		1,300,000		1,300,000		1,253,950
			Wellfleet CLO LTD 2017-3A, 3M LIBOR + 5.550%+~^		5.79		1/17/2031		1,500,000		1,500,000		1,375,568
			Wind River 2017-1A ER, 3M LIBOR + 7.060%+~^		7.30		4/18/2036		2,000,000		1,960,000		1,924,760
			Wind River CLO LTD 2017-4A, 3M LIBOR + 5.800%+~^		6.28		11/20/2030		1,000,000		1,000,000		942,591
				Total CDO/CLO					50,300,000		49,864,406		47,429,597
				Total Asset-Backed Securities					50,300,000		49,864,406		47,429,597

Bank Loans^§ — 20.10%:
	Beverage, Food and Tobacco — 0.42%:
			Florida Food Products 2nd Lien T/L		8.75		10/18/2029	$	1,500,000	$	1,456,670	$	1,455,000
				Total Beverage, Food and Tobacco					1,500,000		1,456,670		1,455,000

	Broadcasting and Entertainment — 0.28%:
			Dessert Holdings~		7.25		6/8/2029		1,000,000		982,700		980,000
				Total Broadcasting and Entertainment					1,000,000		982,700		980,000

	Chemicals, Plastics and Rubber — 0.62%:
			Colouroz Investment 2 LLC~		5.25		9/7/2022		2,204,862		2,197,113		2,127,692
				Total Chemicals, Plastics and Rubber					2,204,862		2,197,113		2,127,692

	Diversified/Conglomerate Manufacturing — 1.67%:
			CP Iris Holdco I 2nd Lien T/L (IPS)~		7.50		9/21/2029		3,398,058		3,364,078		3,324,422
			SunSource, Inc.~		9.00		4/30/2026		2,500,000		2,511,843		2,418,750
				Total Diversified/Conglomerate Manufacturing					5,898,058		5,875,921		5,743,172

	Diversified/Conglomerate Service — 7.97%:
			Quest Software~		7.50		1/18/2030		5,603,324		5,524,274		5,424,746
			Sonicwall, Inc.~		7.67		5/18/2026		2,008,050		1,998,010		1,957,006
			Syncsort Incorporated (Precisely) 2nd Lien T/L~		8.00		3/19/2029		9,009,009		8,918,919		8,833,333
			Mitchell International 2nd Lien T/L~		7.00		10/1/2029		2,000,000		1,980,000		1,976,260
			Misys (Finastra)~		8.25		6/16/2025		9,427,472		9,281,398		9,258,061
				Total Diversified/Conglomerate Service					28,047,855		27,702,601		27,449,406

	Ecological — 0.36%:
			Patriot Container 2nd Lien T/L~		8.75		3/20/2026		1,400,000		1,313,824		1,232,000
				Total Ecological					1,400,000		1,313,824		1,232,000

	Electronics — 3.32%:
			McAfee Enterprise 2nd Lien T/L~		9.00		5/3/2029		11,567,000		11,489,355		11,436,871
				Total Electronics					11,567,000		11,489,355		11,436,871

	Healthcare, Education and Childcare — 0.80%:
			Clinigen+		0.00		3/25/2030		1,050,000		1,357,305		1,351,742
			Medical Solutions T/L~		7.50		9/22/2027		1,473,684		1,458,947		1,414,737
				Total Healthcare, Education and Childcare					2,523,684		2,816,252		2,766,479

	Leisure, Amusement, Entertainment — 0.10%:
			Odeon Cinemas Group T/L B 2+		10.21		8/11/2023		195,134		228,476		220,186
			Odeon Cinemas Group T/L B+		10.21		8/11/2023		92,227		123,134		123,576
				Total Leisure, Amusement, Entertainment					287,361		351,610		343,762

	Mining, Steel, Iron and Non-Precious Metals — 0.00%:
			Boomerang Tube, LLC¤		0.00		11/1/2066		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 — 2.16%:
			Pretium Package Holdings 2nd Lien T/L (9/21)~		7.25		9/21/2029		2,770,637		2,767,243		2,685,218
			Valcour Packaging (MOLD-RITE) 2nd Lien T/L~		7.50		9/30/2029		5,000,000		4,950,000		4,750,000
				Total Packaging and Containers					7,770,637		7,717,243		7,435,218

	Personal Transportation — 0.10%:
			Naviera Armas Bridge+¤		2.50		6/30/2022		101,552		124,532		120,206
			Naviera Armas Bridge~+¤		2.50		6/30/2022		63,244		77,536		74,861
			Naviera Armas Bridge+¤		2.50		6/30/2022		5,879		7,113		6,959
			Naviera Armas Bridge+¤		2.50		3/30/2028		116,303		132,302		137,667
				Total Personal Transportation					286,978		341,483		339,693

	Transportation — 2.30%:
			Kenan Advantage Group 2nd Lien T/L~		8.00		9/1/2027		5,171,806		5,048,041		4,990,793
			Worldwide Express 2nd Lien T/L~		7.25		7/26/2029		3,000,000		2,955,227		2,936,250
				Total Transportation					8,171,806		8,003,268		7,927,043

				Total Bank Loans					73,266,889		72,856,688		69,236,336

Corporate Bonds — 92.12%:
	Aerospace and Defense — 5.06%:
			American Airlines^#		11.75		7/15/2025	$	4,337,000	$	4,468,766	$	5,062,407
			TransDigm Group, Inc.#		7.50		3/15/2027		3,893,000		3,924,498		4,019,523
			Triumph Group, Inc.#		7.75		8/15/2025		8,289,000		8,292,052		8,350,173
				Total Aerospace and Defense					16,519,000		16,685,316		17,432,103

	Automotive — 3.72%:
			Aston Martin Capital Holdings Ltd+^#		10.50		11/30/2025		850,000		912,604		893,614
			Ford Motor Company		9.63		4/22/2030		2,000,000		2,538,959		2,604,610
			Power Solutions+^#		8.50		5/15/2027		8,965,000		9,044,627		9,301,188
				Total Automotive					11,815,000		12,496,190		12,799,412

	Beverage, Food and Tobacco — 1.65%:
			Boparan Finance PLC+		7.63		11/30/2025		750,000		1,037,046		794,838
			Manitowoc Foodservice#		9.50		2/15/2024		3,074,000		3,149,943		3,131,192
			Refresco Group N.V.#		6.50		5/15/2026		1,600,000		1,931,800		1,772,576
				Total Beverage, Food and Tobacco					5,424,000		6,118,789		5,698,606

	Broadcasting and Entertainment — 6.41%:
			Banijay+#		6.50		3/1/2026		2,500,000		2,761,119		2,763,471
			Beasley Mezzanine Holdings LLC^#		8.63		2/1/2026		1,801,000		1,801,000		1,710,950
			Clear Channel Worldwide Holdings Inc.^#		7.75		4/15/2028		3,337,000		3,424,767		3,353,685
			Clear Channel Worldwide Holdings Inc.^#		7.50		6/1/2029		3,358,000		3,428,996		3,360,351
			Cox Media Group^#		8.88		12/15/2027		5,357,000		5,582,991		5,492,854
			Dish Dbs Corporation#		7.38		7/1/2028		4,000,000		3,928,732		3,790,000
			iHeartCommunications, Inc.#		8.38		5/1/2027		570,000		604,122		589,950
			Townsquare Media, LLC^		6.88		2/1/2026		1,000,000		1,024,352		1,029,850
				Total Broadcasting and Entertainment					21,923,000		22,556,079		22,091,111

	Buildings and Real Estate — 3.31%:
			Maison Hold Limited+		6.00		10/31/2027		1,045,000		1,419,991		1,318,072
			New Enterprise Stone & Lime Co.^#		9.75		7/15/2028		5,025,000		5,475,923		5,068,969
			Stl Hldg Co LLC^#		7.50		2/15/2026		4,981,000		5,015,082		5,030,810
				Total Buildings and Real Estate					11,051,000		11,910,996		11,417,851

	Cargo Transport — 0.57%:
			Railworks Hldgs Lp / Railworks Sr#^		8.25		11/15/2028		1,897,000		1,876,842		1,947,868
				Total Cargo Transport					1,897,000		1,876,842		1,947,868

	Chemicals, Plastics and Rubber — 4.32%:
			Consolidated Energy Finance S.A.+^#		6.50		5/15/2026		2,638,000		2,043,823		2,684,165
			ITT Holdings LLC^#		6.50		8/1/2029		3,718,000		3,636,719		3,434,391
			LSF11 A5 Holdco LLC^		6.63		10/15/2029		784,000		784,000		729,394
			Olympus Wtr Us Hldg Corp#^		6.25		10/1/2029		1,530,000		1,496,929		1,354,050
			Prince^		9.00		2/15/2030		7,606,000		7,613,247		6,692,672
				Total Chemicals, Plastics and Rubber					16,276,000		15,574,718		14,894,672

	Commercial Services — 0.12%:
			Apcoa Parking Holdings		4.63		1/15/2027		385,000		455,648		399,340
				Total Commercial Services					385,000		455,648		399,340

	Containers, Packaging and Glass — 3.63%:
			Novolex Holdings, Inc.		8.75		4/15/2030		3,657,000		3,432,826		3,442,151
			Tekni-Plex^#		9.25		8/1/2024		9,000,000		8,962,798		9,045,000
				Total Containers, Packaging, and Glass					12,657,000		12,395,624		12,487,151

	Diversified/Conglomerate Manufacturing — 1.17%:
			Heat Exchangers+		7.78		10/9/2025		652,344		696,223		652,928
			International Desi+		6.50		11/15/2025		650,000		755,036		724,675
			Manitowoc Cranes^#		9.00		4/1/2026		2,538,000		2,542,320		2,646,347
				Total Diversified/Conglomerate Manufacturing					3,840,344		3,993,579		4,023,950

	Diversified/Conglomerate Service — 5.59%:
			Albion Fing 1 S A R L & Aggre Sr+#^		8.75		4/15/2027		1,800,000		1,810,226		1,732,860
			Bcp V Modular Ser+		6.75		11/30/2029		1,000,000		1,155,455		1,003,927
			Libra Group Bhd+		5.00		5/15/2027		700,000		850,082		724,044
			Mcafee^		7.38		2/15/2030		2,302,000		2,302,000		2,204,165
			Presidio, Inc.^		8.25		2/1/2028		4,727,000		4,698,768		4,821,540
			Summer BC Holdco+		9.25		10/31/2027		2,477,880		3,070,277		2,817,236
			United Site Services^		8.00		11/15/2029		2,397,000		2,374,500		2,313,105
			Verisure Midholding+		5.25		2/15/2029		3,575,000		4,324,641		3,643,633
				Total Diversified/Conglomerate Service					18,978,880		20,585,949		19,260,510

	Electronics — 0.83%:
			Veritas Bermuda Ltd.^#		7.50		9/1/2025		3,024,000		2,952,100		2,871,076
				Total Electronics					3,024,000		2,952,100		2,871,076

	Finance — 3.89%:
			Avolon Holdings+^#		6.50		9/15/2024		8,512,391		7,160,968		7,741,764
			Galaxy Bidco Ltd.+#		6.50		7/31/2026		500,000		669,934		645,329
			Progressive Holdings^'		6.00		11/15/2029		1,000,000		910,130		927,500
			Travelex+¤		12.50		8/5/2025		2,427,891		3,055,013		4,082,419
			Travelex+¤#>		8.00		5/15/2023		4,600,000		5,097,344		0
				Total Finance					17,040,282		16,893,389		13,397,012

	Forest Products and Paper — 0.82%:
			Sylvamo Corp.^		7.00		9/1/2029		2,885,000		2,885,000		2,831,339
				Total Forest Products and Paper					2,885,000		2,885,000		2,831,339

	Healthcare, Education and Childcare — 7.55%:
			Bausch Health Companies Inc.+^#		9.00		12/15/2025		7,045,000		7,114,981		7,299,148
			Bausch Health Companies Inc.+^#		6.25		2/15/2029		1,222,000		1,198,444		1,002,040
			Bausch Health Companies Inc.+^#		5.25		2/15/2031		1,000,000		931,264		782,500
			Bausch Health Companies Inc.+^#		9.25		4/1/2026		4,000,000		4,252,209		4,103,220
			Chrome Holdco Sas+		5.00		5/31/2029		1,385,000		1,660,520		1,421,082
			Cidron Aida Finco+		6.25		4/1/2028		1,650,000		2,275,266		2,021,209
			Community Health System Inc.^#		6.88		4/15/2029		286,000		286,000		280,995
			Endo International^#		7.50		4/1/2027		1,058,000		1,058,000		987,273
			Radiology Partners Inc.^#		9.25		2/1/2028		8,096,000		8,611,927		8,096,000
				Total Healthcare, Education and Childcare					25,742,000		27,388,611		25,993,467

	Home and Office Furnishings, Housewares, and Durable Consumer Products — 2.74%:
			Balta+		8.75		12/31/2024		559,900		623,031		612,951
			BCPE Ulysses Intermediate Inc^#		7.75		4/1/2027		6,315,000		6,264,899		5,730,863
			Staples Inc.^#		10.75		4/15/2027		3,478,000		3,580,634		3,091,820
				Total Home and Office Furnishings, Housewares, and Durable Consumer Products					10,352,900		10,468,564		9,435,634

	Internet — 0.35%:
			Millenium Escrow Corporation SR NT26^#		6.63		8/1/2026		1,260,000		1,272,127		1,196,294
				Total Internet					1,260,000		1,272,127		1,196,294

	Leisure, Amusement, Entertainment — 1.00%:
			Carnival Corp.+		10.13		2/1/2026		750,000		946,515		925,853
			Carnival Corp.+		7.63		3/1/2026		1,000,000		1,185,944		1,131,700
			Center Parcs+		6.50		8/28/2050		1,050,000		1,468,750		1,387,604
				Total Leisure, Amusement, Entertainment					2,800,000		3,601,209		3,445,157

	Lodging — 0.26%:
			SANI/IKOS Financial Holdings+		5.63		12/15/2026		815,000		962,674		881,313
				Total Lodging					815,000		962,674		881,313

	Machinery (Non-Agriculture, Non-Construct, Non-Electronic) — 2.29%:
			Diebold Nixdorf Inc.+		9.00		7/15/2025		815,000		956,116		929,974
			Granite Holdings US Acquisition Co.^{^}#		11.00		10/1/2027		1,000,000		1,107,751		1,055,000
			Oregon Tool#^		7.88		10/15/2029		1,472,000		1,472,000		1,273,280
			Park-Ohio Holdings Corp.		6.63		4/15/2027		2,000,000		1,799,285		1,675,000
			Sarens+#		5.75		2/21/2027		1,625,000		1,783,930		1,563,969
			Titan Acquisition Ltd / Titan Co-Borrower LLC+^#		7.75		4/15/2026		1,412,000		1,454,709		1,404,940
				Total Machinery (Non-Agriculture, Non-Construct, Non-Electronic)					8,324,000		8,573,791		7,902,163

	Mining, Steel, Iron and Non-Precious Metals — 12.36%:
			Consol Energy Inc.^#		11.00		11/15/2025		10,316,000		10,605,363		10,728,640
			Coronado Global Resources Inc.+^#		10.75		5/15/2026		5,456,000		5,815,157		5,844,740
			First Quantum Minerals+^#		7.25		4/1/2023		1,200,000		1,184,621		1,200,024
			First Quantum Minerals+^#		7.50		4/1/2025		9,775,000		9,507,348		9,921,625
			First Quantum Minerals+^#		6.88		10/15/2027		200,000		200,000		209,500
			Hecla Mining Company#		7.25		2/15/2028		4,699,000		5,049,231		4,928,076
			PIC AU Holdings LLC^#		10.00		12/31/2024		7,043,000		6,493,784		7,227,879
			Warrior Met Coal Inc^		7.88		12/1/2028		2,378,000		2,391,024		2,499,873
				Total Mining, Steel, Iron and Non-Precious Metals					41,067,000		41,246,528		42,560,357

	Oil and Gas — 15.86%:
			Antero Resources Corp.^#		8.38		7/15/2026		293,000		294,307		322,761
			Antero Resources Corp.^#		7.63		2/1/2029		1,591,000		1,696,177		1,719,760
			Calumet Specialty Products^#		9.25		7/15/2024		2,850,000		2,779,936		3,042,375
			CGG SA+		7.75		4/1/2027		1,500,000		1,787,033		1,673,462
			CVR Energy Inc.^#		5.75		2/15/2028		3,850,000		3,378,458		3,651,379
			Enlink Midstream Partners LP#		5.60		4/1/2044		5,413,000		3,582,266		4,668,713
			Enlink Midstream Partners LP#		5.45		6/1/2047		1,000,000		856,358		845,000
			EnQuest+^		7.00		4/15/2022		1,294,179		1,287,167		1,291,021
			Genesis Energy LP#		7.75		2/1/2028		3,408,000		3,150,798		3,426,079
			Genesis Energy LP#		8.00		1/15/2027		2,639,000		2,640,567		2,699,064
			Harvest Midstream I L P^#		7.50		9/1/2028		1,458,000		1,471,598		1,493,284
			Hilcorp Energy I L P^#		6.25		11/1/2028		3,202,000		2,829,325		3,243,145
			KCA Deutag+		9.88		12/1/2025		1,179,286		1,179,286		1,213,438
			Neptune Energy Bondco PLC+^#		6.63		5/15/2025		4,856,000		4,555,036		4,862,313
			Nabors Industries LTD+^		7.25		1/15/2026		802,000		765,269		802,000
			Nabors Industries LTD+^		7.50		1/15/2028		630,000		591,546		614,250
			NGL Energy Finance Corp^#		7.50		2/1/2026		3,031,000		3,111,370		2,981,564
			Occidental Pete Corp.#		8.50		7/15/2027		4,523,000		4,565,541		5,353,961
			Occidental Pete Corp.#		7.88		9/15/2031		2,500,000		2,645,940		3,118,750
			Range Res Corp#		8.25		1/15/2029		494,000		500,590		541,379
			Transocean Inc.+^		8.00		2/1/2027		2,697,000		2,277,562		2,278,965
			Tullow Oil PLC+^#		10.25		5/15/2026		1,000,000		1,000,000		1,018,880
			Waldorf Production UK LD+		9.75		10/1/2024		641,667		641,667		648,725
			Weatherford Internatinoal Ltd Bermuda SR SEC Global+^#		6.50		9/15/2028		972,000		972,000		1,001,131
			Weatherford Intl Ltd Bermuda Sr Glbl+#^		8.63		4/30/2030		2,092,000		2,092,000		2,124,112
				Total Oil and Gas					53,916,132		50,651,797		54,635,511

	Personal Transportation — 0.16%:
			Naviera Armas+		11.75		3/31/2026		432,899		599,111		543,548
				Total Personal Transportation					432,899		599,111		543,548

	Printing and Publishing — 2.16%:
			Getty Images Inc.#^		9.75		3/1/2027		2,234,000		2,367,532		2,312,190
			Cimpress N.V.+^#		7.00		6/15/2026		2,069,000		2,069,000		1,981,688
			Houghton Mifflin Harcourt Publishers Inc.^#		9.00		2/15/2025		3,000,000		2,963,015		3,135,000
				Total Printing and Publishing					7,303,000		7,399,547		7,428,878

	Retail Store — 2.35%:
			Afflelou SAS, 3M EURIBOR + 8.000%~+		8.00		5/19/2027		1,300,000		1,566,733		1,438,133
			Casino Guichard Perracho+		6.63		1/15/2026		1,050,000		1,279,474		1,055,634
			Constellation Auto+		4.88		7/15/2027		561,000		772,025		672,472
			Marcolin S.p.A+		6.13		11/15/2026		700,000		852,141		753,703
			Stonegate Pub Co.+		8.25		7/31/2025		590,000		851,387		788,615
			Stonegate Pub Co.+		8.25		7/31/2025		225,000		319,020		311,242
			Stonegate Pub Co., 3M EURIBOR + 5.750%~+		5.75		7/31/2025		700,000		829,585		767,603
			Stonegate Pub Comp.+		8.00		7/13/2025		1,350,000		1,937,232		1,800,556
			Wheel Bidco Ltd+		6.75		7/15/2026		403,000		555,494		496,407
				Total Retail Store					6,879,000		8,963,091		8,084,365

	Telecommunications — 2.91%:
			Altice France Holding S.A.+^#		10.50		5/15/2027		2,000,000		2,210,803		2,095,000
			Commscope Inc.^#		8.25		3/1/2027		1,173,000		1,128,340		1,142,502
			Consolidated Communications^#		6.50		10/1/2028		832,000		832,000		766,605
			Digicel Limited +¤^#		8.25		9/30/2025		2,500,000		2,491,364		0
			Frontier Communications Hldgs Sr Sec Glbl^		6.00		1/15/2030		767,000		767,000		709,475
			Northwest Fiber LLC^#		10.75		6/1/2028		2,856,000		3,141,637		2,977,409
			Uniti Group LP / Uniti Group Finance Inc.^#		6.50		2/15/2029		330,000		330,000		308,369
			Viasat^#		6.50		7/15/2028		790,000		790,000		758,400
			Windstream Escrow LLC^#		7.75		8/15/2028		1,251,000		1,246,000		1,266,638
				Total Telecommunications					12,499,000		12,937,144		10,024,398

	Transportation — 1.04%:
			Carriage Purchaser Inc.^#		7.88		10/15/2029		3,200,999		3,192,238		2,954,624
			Castor S.p.A.+		5.25		2/15/2029		477,000		542,554		524,774
			Titan Holdings II+		5.13		7/15/2029		113,000		133,866		114,881
				Total Transportation					3,790,999		3,868,658		3,594,279

				Total Corporate Bonds					318,897,436		325,313,071		317,277,365

				Total Fixed Income					442,464,325		448,034,165		433,943,298

				Total Investments							452,784,426		437,104,615

Other assets and liabilities — (26.91)%													(92,688,301)
				Net Assets — 100%								$	344,416,314

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

		LIBOR - London Interbank Offered Rate
		EURIBOR - Euro Interbank Offered 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 March 31, 2022.
#		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 March 31, 2022. 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.

		Distributions of investments by country of risk. Percentage of assets are expressed by market value excluding cash and accrued income as of March 31, 2022.
				United States	81.5%
				United Kingdom	5.1%
				Zambia	2.6%
				Luxembourg	2.5%
				France	1.9%
				Australia	1.3%
				(Individually less than 1%)	5.1%
					100.0%

A summary of outstanding derivatives at March 31, 2022 is as follows:

Schedule of Open Forward Currency Contracts

March 31, 2022

Forward

Unrealized

Currency to be

Counterparty of

Settlement

Appreciation /

Received

Delivered⁽¹⁾

Contract

Date

(Depreciation)

937,264

USD

966,686

CAD

Morgan Stanley

4/14/2022

(29,421

)

30,838,919

USD

31,322,631

EUR

JP Morgan Chase

4/14/2022

(483,712

)

15,525,285

USD

15,567,893

GBP

Morgan Stanley

4/14/2022

(42,607

)

(555,740

)

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

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 March 31, 2022 in valuing the Fund’s investments:

Description	Level 1		Level 2			Level 3		Total Investments
Assets:
Equities:
Common Stocks	$	-	$	1,960,503		$	1,060,958	$	3,021,461
Warrants		-		-			139,856		139,856
Total Equities:		-		1,960,503			1,200,814		3,161,317

Fixed Income:
Asset-Backed Securities		-		47,429,597			-		47,429,597
Bank Loans		-		56,597,274			12,639,062		69,236,336
Corporate Bonds		-		313,194,946			4,082,419		317,277,365
Total Fixed Income		-		417,221,817			16,721,481		433,943,298

Foreign Exchange Contracts		-		-			-		-

Total Assets:	$	-	$	419,182,320		$	17,922,295	$	437,104,615

Liabilities:
Foreign Exchange Contracts:	$	-	$	(555,740	)	$	-	$	(555,740	)
Total Liabilities:	$	-	$	(555,740	)	$	-	$	(555,740	)

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 March 31, 2022. The table does not include Level 3 financial instruments with values based upon unadjusted third-party pricing information in the amount of $16,866,011. A significant change in third party information could result in a significantly lower or higher value of such Level 3 financial instruments:

Type of Assets	Fair Value as of March 31, 2022	Valuation Technique(s)	Unobservable Input

Equities
ESC CB 144A High Ridge	$41,748	Expected Transaction	$14.00; Value derived from pending receipt
Sabine Oil & Gas LLC	$56,446	Expected Transaction	$13.00; Value derived from pending receipt
Tourmaline Escrow Cash	$958,090	Withholding Tax Reclaim	$0.80; Priced at value of the withholding tax reclaim

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, $1,458,750 was transferred from Level 2 to Level 3 for the period from January 1, 2022, through March 31, 2022. The following is a reconciliation of Level 3 investments based upon the inputs used to determine fair value:

	BALANCE AT DECEMBER 31, 2021	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 MARCH 31, 2022	CHANGE IN UNREALIZED APPRECIATION / (DEPRECIATION) FROM INVESTMENTS HELD AS OF MARCH 31, 2022
Equities
Boomerang Tube Holdings, Inc.	$ -	$ -	$ -	$ -	$ -	$ -	$ -	$ -	$ -	$ -
Class A2 Shares Stapled To 1.5L SSNS	-	-	-	-	-	-	-	-	-	-
Class A3 Shares Stapled To EUR TLB	-	-	-	-	-	-	-	-	-	-
Class B2 Shares Stapled To 1.5L SSNS	-	-	-	-	-	-	-	4,674	4,674	4,674
Class B3 Shares Stapled To EUR TLB	-	-	-	-	-	-	-	-	-	-
ESC CB 144A High Ridge	41,748	-	-	-	-	-	-	-	41,748	-
Sabine Oil & Gas LLC	56,446	-	-	-	-	-	-	-	56,446	-
Tourmaline Escrow Cash	946,881	-	-	�� -	-	-	-	11,209	958,090	11,209
Travelex Private Equity	-	-	-	-	-	-	-	-	-	-
Common Stocks	1,045,075	-	-	-	-	-	-	15,883	1,060,958	15,883
Travelex Topco Limited Warrant	225,162	-	-	-	-	-	-	(85,306)	139,856	(85,306)
Warrants	225,162	-	-	-	-	-	-	(85,306)	139,856	(85,306)
Total Equities	1,270,237	-	-	-	-	-	-	(69,423)	1,200,814	(69,423)

Bank Loans
Boomerang Tube, LLC	-	-	-	-	-	-	-	-	-	-
Dessert Holdings	-	-	-	982,700	-	-	-	(2,700)	980,000	(2,700)
Florida Food Products 2nd Lien T/L	-	1,458,750	-	-	-	960	-	(4,710)	1,455,000	(4,710)
Kenan Advantage Group 2nd Lien T/L	3,155,947	-	-	1,935,000	-	2,098	-	(102,252)	4,990,793	(102,252)
Naviera Armas Bridge	141,679	-	-	-	-	158	-	(4,170)	137,667	(4,170)
Naviera Armas Bridge	6,693	-	-	-	-	-	-	266	6,959	266
Naviera Armas Bridge	113,915	-	-	-	-	1,697	-	4,594	120,206	4,594
Naviera Armas Bridge	72,003	-	-	-	-	-	-	2,858	74,861	2,858
Odeon Cinemas Group T/L B	127,330	-	-	-	-	-	-	(3,754)	123,576	(3,754)
Valcour Packaging (MOLD-RITE) 2nd Lien T/L	4,975,000	-	-	-	-	-	-	(225,000)	4,750,000	(225,000)
Bank Loans	8,592,567	1,458,750	-	2,917,700	-	4,913	-	(334,868)	12,639,062	(334,868)

Corporate Bonds
Digicel Limited	-	-	-	-	-	-	-	-	-	-
Travelex	3,690,853	-	-	617,324	-	14,038	-	(239,796)	4,082,419	(239,796)
Travelex	-	-	-	-	-	-	-	-	-	-
Corporate Bonds	3,690,853	-	-	617,324	-	14,038	-	(239,796)	4,082,419	(239,796)
Total	$13,553,657	$ 1,458,750	$ -	$ 3,535,024	$ -	$ 18,951	$ -	$ (644,087)	$17,922,295	$ (644,087)

Barings Global Short Duration High Yield Fund (BGH) NPORT-PBarings Global Short Duration High Yield Fund (Mar 2022 report)