Barings Global Short Duration High Yield Fund (BGH) NPORT-P Barings Global Short Duration High Yield Fund (Mar 2023 report)

Barings Global Short Duration High Yield Fund
SCHEDULE OF INVESTMENTS
March 31, 2023 (Unaudited)
									SHARES		COST		FAIR VALUE
Equities* — 0.53%:
Common Stocks — 0.49%:
			ESC CB 144A High Ridge¤						2,982	$	0	$	41,748
			KCA Deutag Ordinary A Shares						25,580		1,103,387		1,391,552
			Travelex Private Equity+¤						17,136		1		0
			Naviera Armas Class B2 Shares Stapled To 1.5L SSNS+¤						1,194		0		0
			Naviera Armas Class B3 Shares+¤						169		0		0
			Naviera Armas Class A3 Shares+¤						133		0		0
			Naviera Armas Class A2 Shares Stapled To 1.5L SSNS+¤						937		0		0
				Total Common Stocks					48,131		1,103,388		1,433,300
Warrant — 0.04%:
			Travelex Topco Limited+						2,218		0		123,125
				Total Warrant					2,218		0		123,125
				Total Equities					50,349		1,103,388		1,556,425
					EFFECTIVE INTEREST RATE‡		DUE DATE		PRINCIPAL		COST		FAIR VALUE
Fixed Income — 131.16%:
Asset-Backed Securities — 14.28%:
	CDO/CLO — 14.28%:
			610 FDG 2016-2R CLO LTD, 3M LIBOR + 7.250%+~^		12.06	%	1/20/2032	$	1,550,000	$	1,534,190	$	1,422,562
			Anchorage Capital 2016-9A ER2, 3M LIBOR + 6.820%+~^		11.61		7/15/2032		1,500,000		1,485,000		1,328,796
			Anchorage Capital CLO LTD 2013-1R, 3M LIBOR + 6.800%+~^		11.62		10/15/2030		1,000,000		977,213		890,171
			Anchorage Capital CLO LTD 2021-20 E, 3M LIBOR + 7.350%+~^		12.16		1/22/2035		1,000,000		980,000		895,277
			Ares CLO LTD 2013-27R2, 3M LIBOR + 6.750%+~^		11.55		10/30/2034		1,700,000		1,683,000		1,458,505
			Bain CAP CR CLO 2020-2R LTD, 3M LIBOR + 6.610%+~^		11.41		7/19/2034		1,000,000		990,000		870,472
			Ballyrock CLO LTD 2019-2R, 3M LIBOR + 6.500%+~^		11.42		11/20/2030		2,000,000		2,000,000		1,813,258
			BlueMountain CLO LTD 2018-23A, 3M LIBOR + 5.650%+~^		10.46		10/20/2031		1,000,000		1,000,000		843,362
			Canyon CLO LTD 2019-2R, 3M LIBOR + 6.750%+~^		11.54		10/16/2034		1,000,000		1,000,000		888,089
			Carbone CLO, LTD 2017-1A, 3M LIBOR + 5.900%+~^		10.71		1/21/2031		750,000		750,000		640,332
			Carlyle US CLO LTD 2019-3R, 3M LIBOR + 6.750%+~^		11.56		10/20/2032		1,000,000		1,000,000		912,527
			Carlyle Global Market Strategies 2017-5A, 3M LIBOR + 5.300%+~^		10.11		1/22/2030		700,000		700,000		557,983
			CIFC Funding  2020-1 LTD, 3M LIBOR + 6.250%+~^		11.04		7/15/2036		1,900,000		1,900,000		1,706,557
			Galaxy CLO LTD 2017-24A, 3M LIBOR + 5.500%+~^		10.29		1/15/2031		1,000,000		1,000,000		867,151
			GoldenTree Loan Management 2018-3A, 3M LIBOR + 6.500%+~^		11.31		4/22/2030		1,500,000		1,465,052		1,122,004
			GoldenTree Loan Opportunities XI LTD 2015-11A, 3M LIBOR + 5.400%+~^		10.19		1/18/2031		500,000		500,000		441,737
			KKR Financial CLO LTD 2017-20, 3M LIBOR + 5.500%+~^		10.29		10/16/2030		1,500,000		1,500,000		1,261,162
			KKR Financial CLO LTD 34-2, 3M LIBOR + 6.850%+~^		11.64		7/17/2034		2,000,000		1,980,000		1,785,126
			KVK 2016-1A ER2, 3M LIBOR + 7.350%+~^		12.14		10/16/2034		3,000,000		2,970,000		2,408,163
			LCM LTD 2031-30, 3M LIBOR + 6.500%+~^		11.31		4/21/2031		1,100,000		1,100,000		912,272
			Madison Park Funding LTD 2015-19A, 3M LIBOR + 4.350%+~^		9.17		1/24/2028		1,000,000		1,000,000		910,105
			Madison Park Funding LTD 2018-29A, 3M LIBOR + 7.570%+~^#		12.36		10/18/2030		2,000,000		1,960,000		1,630,762
			Madison Park Funding LTD XXXV 2019-35R E-R, 3M LIBOR + 6.100%+~^		10.91		4/20/2032		1,400,000		1,400,000		1,294,044
			Madison Park Funding LTD 2019-32R E-R, 3M LIBOR + 6.200%+~^		11.02		1/22/2031		1,000,000		1,000,000		899,861
			Magnetite CLO LTD 2016-18A, 3M LIBOR + 7.600%+~^		12.46		11/15/2028		1,400,000		1,386,000		1,146,331
			Octagon 2021-57 LTD, 3M LIBOR + 6.600%+~^		11.39		10/16/2034		1,500,000		1,500,000		1,334,128
			OHA Credit Partners LTD 2015-11A, 3M LIBOR + 7.900%+~^		12.71		1/20/2031		2,000,000		1,970,323		1,580,890
			OHA Loan Funding LTD 2013-1A, 3M LIBOR + 7.900%+~^		12.72		7/23/2031		1,500,000		1,477,500		1,210,966
			Sound Point CLO XVIII 2018-18D, 3M LIBOR + 5.500%+~^		10.31		1/21/2031		2,000,000		2,000,000		1,244,758
			Sound Point CLO LTD 2020-27R, 3M LIBOR + 6.560% E-R+~^		11.38		10/25/2034		1,400,000		1,372,000		1,137,249
			Sound Point CLO LTD Series 2020-1A Class ER, 3M LIBOR + 6.860%+~^		11.67		7/20/2034		1,600,000		1,584,000		1,267,733
			TICP CLO LTD 2018-10A, 3M LIBOR + 5.500%+~^		10.31		4/22/2030		1,000,000		959,130		878,220
			Wellfleet CLO LTD 2020-2R, 3M LIBOR + 7.250%+~^		12.04		7/17/2034		1,300,000		1,300,000		1,046,659
			Wellfleet CLO LTD 2017-3A, 3M LIBOR + 5.550%+~^		10.34		1/17/2031		1,500,000		1,500,000		1,081,410
			Wind River 2017-1A ER, 3M LIBOR + 7.060%+~^		11.85		4/18/2036		2,000,000		1,960,000		1,576,342
			Wind River CLO LTD 2017-4A, 3M LIBOR + 5.800%+~^		10.72		11/20/2030		1,000,000		1,000,000		811,643
				Total CDO/CLO					50,300,000		49,883,408		42,076,607
				Total Asset-Backed Securities					50,300,000		49,883,408		42,076,607
Bank Loans§ — 15.17%:
	Beverage, Food and Tobacco — 0.45%:
			Florida Food Products 2nd Lien T/L, 3M LIBOR + 8.0000%¤~		12.63		10/18/2029	$	1,500,000	$	1,460,482	$	1,320,000
				Total Beverage, Food and Tobacco					1,500,000		1,460,482		1,320,000
	Broadcasting and Entertainment — 0.30%:
			Dessert Holdings, 3M LIBOR + 7.2500%~		11.98		6/8/2029		1,000,000		982,700		891,670
				Total Broadcasting and Entertainment					1,000,000		982,700		891,670
	Chemicals, Plastics and Rubber — 0.74%:
			Colouroz Investment 2 LLC, 3M LIBOR + 4.2500%~		9.07		9/21/2024		2,302,770		2,295,021		929,743
			Koppers Holdings Inc.¤~		4.00		4/1/2030		1,290,323		1,251,613		1,261,290
				Total Chemicals, Plastics and Rubber					3,593,093		3,546,634		2,191,033
	Diversified/Conglomerate Manufacturing — 1.44%:
			CP Iris Holdco I 2nd Lien T/L (IPS), 3M LIBOR + 7.0000%¤~		11.63		9/21/2029		2,398,019		2,374,039		1,918,415
			SunSource, Inc., 3M LIBOR + 8.0000%¤~		12.84		4/30/2026		2,500,000		2,509,311		2,325,000
				Total Diversified/Conglomerate Manufacturing					4,898,019		4,883,350		4,243,415
	Diversified/Conglomerate Service — 2.65%:
			Quest Software, SOFR + 7.5000%¤~		12.33		1/18/2030		4,039,773		3,984,177		2,423,864
			Sonicwall, Inc., 3M LIBOR + 7.5000%~		12.20		5/18/2026		2,008,050		1,998,010		1,854,314
			Misys (Finastra), 3M LIBOR + 7.2500%~		10.62		6/16/2025		4,427,472		4,350,961		3,537,949
				Total Diversified/Conglomerate Service					10,475,295		10,333,148		7,816,127
	Ecological — 0.41%:
			Patriot Container 2nd Lien T/L, 3M LIBOR + 7.7500%~		12.37		3/20/2026		1,400,000		1,331,597		1,205,750
				Total Ecological					1,400,000		1,331,597		1,205,750
	Electronics — 2.90%:
			McAfee Enterprise 2nd Lien T/L, 3M LIBOR + 8.2500%~		12.67		5/3/2029		11,567,000		11,488,545		8,559,580
				Total Electronics					11,567,000		11,488,545		8,559,580
	Healthcare, Education and Childcare — 0.87%:
			Clinigen, SONIA + 8.2500%¤+~		12.18		4/5/2030		1,050,000		1,359,214		1,217,557
			Medical Solutions T/L, 3M LIBOR + 7.0000%~		9.88		9/22/2027		1,473,684		1,458,947		1,333,684
				Total Healthcare, Education and Childcare					2,523,684		2,818,161		2,551,241
	Hotels, Motels, Inns and Gaming — 0.63%:
			Four Seasons Holdings, Inc., 3M SOFR + 3.2500%~		7.97		11/30/2029		1,865,465		1,838,430		1,863,394
				Total Hotels, Motels, Inns and Gaming					1,865,465		1,838,430		1,863,394
	Packaging and Containers — 1.67%:
			Pretium Package Holdings 2nd Lien T/L (9/21), 3M LIBOR + 6.7500%~		11.54		9/21/2029		2,770,637		2,765,294		1,715,495
			Valcour Packaging (MOLD-RITE) 2nd Lien T/L, 3M LIBOR + 7.0000%¤~		11.23		9/30/2029		5,000,000		4,950,000		3,200,000
				Total Packaging and Containers					7,770,637		7,715,294		4,915,495
	Printing and Publishing — 0.31%:
			Nielsen Holdings Ltd., 3M SOFR + 5.0000%¤		8.82		4/11/2029		998,752		899,434		896,380
				Total Hotels, Motels, Inns and Gaming					998,752		899,434		896,380
	Personal and Non Durable Consumer Products Mfg. Only — 0.33%:
			Journey Personal Care Corp., 3M LIBOR + 4.2500%~		8.98		3/1/2028		1,250,000		987,500		954,950
				Total Packaging and Containers					1,250,000		987,500		954,950
	Transportation — 2.47%:
			Kenan Advantage Group 2nd Lien T/L, 3M LIBOR + 7.2500%~		11.88		9/1/2027		5,171,806		5,064,809		4,770,991
			Worldwide Express 2nd Lien T/L, 3M LIBOR + 7.0000%¤~		12.16		7/26/2029		3,000,000		2,955,227		2,490,000
				Total Transportation					8,171,806		8,020,036		7,260,991
				Total Bank Loans					57,013,751		56,305,311		44,670,026
Corporate Bonds — 101.71%:
	Aerospace and Defense — 5.64%:
			American Airlines^#		11.75		7/15/2025	$	5,337,000	$	5,511,245	$	5,839,623
			American Airlines Group, Inc.+^#		8.00		9/20/2025		1,169,000		1,160,191		1,176,528
			Spirit Airlines, Inc.^#		9.38		11/30/2029		556,000		556,000		606,735
			TransDigm Group, Inc.#		7.50		3/15/2027		5,893,000		5,900,576		5,878,268
			Triumph Group, Inc.^		9.00		3/15/2028		886,000		886,000		886,000
			Triumph Group, Inc.#		7.75		8/15/2025		2,289,000		2,289,000		2,100,615
			TVL Finance PLC, SONIA + 5.395%+~#		7.04		7/15/2025		100,000		111,458		119,659
				Total Aerospace and Defense					16,230,000		16,414,470		16,607,428
	Automobile — 1.71%:
			Adient PLC+^		8.25		4/15/2031		870,000		870,000		895,708
			Faurecia SE+		7.25		6/15/2026		1,385,000		1,471,551		1,547,256
			INA-Holding Schaeffler GmbH & Co KG+		8.75		5/15/2028		2,350,000		2,531,778		2,603,732
				Total Automobile					4,605,000		4,873,329		5,046,696
	Automotive — 1.97%:
			Ford Motor Company#		9.63		4/22/2030		5,000,000		5,923,185		5,805,790
				Total Automotive					5,000,000		5,923,185		5,805,790
	Broadcasting and Entertainment — 7.38%:
			Banijay+#		6.50		3/1/2026		3,700,000		3,881,362		3,920,352
			Clear Channel Worldwide Holdings Inc.^#		7.75		4/15/2028		3,337,000		3,412,668		2,502,750
			Clear Channel Worldwide Holdings Inc.^#		7.50		6/1/2029		3,358,000		3,420,926		2,426,155
			Cox Media Group^#		8.88		12/15/2027		5,357,000		5,550,002		4,049,892
			Dish Dbs Corporation#		7.38		7/1/2028		6,000,000		5,427,910		3,421,980
			Dish Network Corporation^#		11.75		11/15/2027		1,770,000		1,765,291		1,703,625
			iHeartCommunications, Inc.#		8.38		5/1/2027		2,570,000		2,610,985		1,873,748
			Reorganized ISA SA+^		6.50		3/15/2030		1,000,000		906,913		916,730
			Townsquare Media, LLC^#		6.88		2/1/2026		1,000,000		1,018,561		946,010
				Total Broadcasting and Entertainment					28,092,000		27,994,618		21,761,242
	Buildings and Real Estate — 4.28%:
			Ashton Woods USA, LLC^#		6.63		1/15/2028		1,000,000		904,248		906,511
			Ashton Woods USA, LLC^		4.63		4/1/2030		100,000		79,959		82,337
			Maison Hold Limited+#		6.00		10/31/2027		1,045,000		1,419,991		1,050,992
			Mattamy Group Corporation+^		4.63		3/1/2030		1,979,000		1,521,544		1,720,896
			Mattamy Group Corporation^#		5.25		12/15/2027		0		(70)		0
			New Enterprise Stone & Lime Co.^#		5.25		7/15/2028		949,000		859,728		838,815
			New Enterprise Stone & Lime Co.^#		9.75		7/15/2028		8,395,000		8,667,826		8,017,225
				Total Buildings and Real Estate					13,468,000		13,453,226		12,616,776
	Cargo Transport — 2.18%:
			Atlas Corporation+^		5.50		8/1/2029		4,786,000		3,898,621		3,732,237
			Railworks Hldgs Lp / Railworks Sr^#		8.25		11/15/2028		2,881,000		2,814,642		2,679,330
				Total Cargo Transport					7,667,000		6,713,263		6,411,567
	Chemicals, Plastics and Rubber — 6.05%:
			Consolidated Energy Finance SA+^#		6.50		5/15/2026		492,000		436,393		449,565
			ITT Holdings LLC^#		6.50		8/1/2029		6,018,000		5,628,250		5,081,118
			LSF11 A5 Holdco LLC^		6.63		10/15/2029		3,983,000		3,549,894		3,349,186
			Olympus Water US Holding Corporation^#		7.13		10/1/2027		1,500,000		1,480,031		1,408,500
			Olympus Water US Holding Corporation^#		6.25		10/1/2029		2,348,000		2,163,170		1,759,122
			Prince^		9.00		2/15/2030		3,689,000		3,688,763		2,831,666
			Proman AG^		5.63		10/15/2028		3,427,000		2,940,573		2,947,905
				Total Chemicals, Plastics and Rubber					21,457,000		19,887,074		17,827,062
	Commercial Services — 0.12%:
			Apcoa Parking Holdings+#		4.63		1/15/2027		385,000		455,648		355,480
				Total Commercial Services					385,000		455,648		355,480
	Containers, Packaging and Glass — 6.59%:
			Ardagh Packaging+#		4.75		7/15/2027		100,000		105,323		94,287
			Novolex Holdings, Inc.^#		8.75		4/15/2030		7,423,000		6,738,645		6,745,576
			SCI Packaging Inc.^#		7.88		8/15/2026		2,440,000		2,440,000		2,440,000
			SCI Packaging Inc.^		9.25		4/15/2027		1,327,000		1,210,908		1,226,135
			Tekni-Plex^#		9.25		8/1/2024		9,000,000		8,957,790		8,909,097
				Total Containers, Packaging, and Glass					20,290,000		19,452,666		19,415,095
	Diversified/Conglomerate Manufacturing — 1.56%:
			Chart Industries Inc.^#		7.50		1/1/2030		948,000		949,653		979,493
			Heat Exchangers+#		7.78		10/9/2025		652,344		702,229		389,009
			International Desi+#		6.50		11/15/2025		650,000		749,873		678,155
			Manitowoc Cranes^#		9.00		4/1/2026		2,538,000		2,541,377		2,542,086
				Total Diversified/Conglomerate Manufacturing					4,788,344		4,943,132		4,588,743
	Diversified/Conglomerate Service — 8.74%:
			Albion Fing 1 S A R L & Aggre Sr+^#		8.75		4/15/2027		1,800,000		1,808,588		1,554,423
			Apollo Asset Management, Inc.^#		6.25		1/15/2028		4,000,000		3,693,203		3,740,000
			Bcp V Modular Ser+#		6.75		11/30/2029		1,000,000		1,155,455		861,804
			Global Infrastructure Solutions, Inc.^		7.50		4/15/2032		5,298,000		4,738,387		4,558,962
			Libra Group Bhd+#		5.00		5/15/2027		700,000		850,082		637,309
			Presidio, Inc.^#		8.25		2/1/2028		5,462,000		5,423,121		5,189,883
			Sabre Holdings^#		9.25		4/15/2025		1,751,000		1,757,648		1,633,823
			Sabre Holdings Corporation^		11.25		12/15/2027		317,000		311,385		295,393
			Summer BC Holdco+#		9.25		10/31/2027		1,666,932		2,097,633		1,481,470
			United Site Services^		8.00		11/15/2029		2,397,000		2,374,500		1,591,608
			Verisure Midholding AB+		7.13		2/1/2028		915,000		994,382		990,585
			Verisure Midholding+#		5.25		2/15/2029		3,575,000		4,323,935		3,218,151
				Total Diversified/Conglomerate Service					28,881,932		29,528,319		25,753,411
	Electronics — 0.60%:
			Veritas Bermuda Ltd.^#		7.50		9/1/2025		2,356,000		2,181,916		1,775,208
				Total Electronics					2,356,000		2,181,916		1,775,208
	Finance — 7.28%:
			Avolon Holdings+^#		6.50		9/15/2024		8,820,964		7,919,826		7,959,509
			Galaxy Bidco Ltd.+#		6.50		7/31/2026		500,000		666,928		552,033
			Madison Dearborn Partners LLC^#		7.50		10/1/2030		2,000,000		1,987,500		1,932,460
			OneMain Finance Corporation+		4.50		8/28/2051		500,000		516,184		519,084
			OneMain Finance Corporation#		6.13		3/15/2024		1,000,000		988,939		977,500
			PRA Group^#		8.38		2/1/2028		2,015,000		2,015,000		2,020,239
			Progressive Holdings^		6.00		11/15/2029		3,631,000		3,224,526		3,086,373
			Travelex¤+		12.50		8/5/2025		2,842,506		3,626,557		4,418,185
			Travelex¤+#>		8.00		5/15/2023		4,600,000		5,097,344		0
				Total Finance					25,909,470		26,042,804		21,465,383
	Healthcare, Education and Childcare — 6.42%:
			AdaptHealth LLC^		4.63		8/1/2029		602,000		489,426		501,234
			Athena Health Inc.^		6.50		2/15/2030		7,619,000		6,027,146		6,166,760
			Bausch Health Companies Inc.+^#		9.00		12/15/2025		2,707,000		2,701,864		2,154,290
			Bausch Health Companies Inc.+^#		9.00		1/30/2028		337,000		752,574		334,473
			Bausch Health Companies Inc.+^#		11.00		9/30/2028		598,000		1,111,704		436,353
			Bausch Health Companies Inc.+^#		14.00		10/15/2030		118,000		153,817		66,428
			Cidron Aida Finco+#		6.25		4/1/2028		1,650,000		2,275,266		1,727,774
			Community Health System Inc.^#		6.88		4/15/2029		286,000		286,000		177,060
			Consensus Cloud Solutions Inc.^		6.50		10/15/2028		717,000		614,044		594,598
			Neogen Corporation^#		8.63		7/20/2030		1,654,000		1,654,000		1,767,111
			Nidda BondCo GmbH+		7.50		8/21/2026		500,000		511,866		529,402
			Radiology Partners Inc.^#		9.25		2/1/2028		8,096,000		8,538,909		4,473,040
				Total Healthcare, Education and Childcare					24,884,000		25,116,616		18,928,523
	Home and Office Furnishings, Housewares, and Durable Consumer Products — 3.31%:
			BCPE Ulysses Intermediate Inc^#		7.75		4/1/2027		8,121,000		7,754,477		6,374,985
			LBM Borrower, LLC^		6.75		5/15/2026		1,659,000		1,409,567		853,138
			Staples Inc.^#		10.75		4/15/2027		3,478,000		3,564,054		2,521,550
				Total Home and Office Furnishings, Housewares, and Durable Consumer Products					13,258,000		12,728,098		9,749,673
	Internet — 0.23%:
			Millenium Escrow Corporation SR NT26^#		6.63		8/1/2026		1,035,000		1,044,598		672,750
				Total Internet					1,035,000		1,044,598		672,750
	Leisure, Amusement, Entertainment — 2.82%:
			Allegiant Travel Co.^		7.25		8/15/2027		1,768,000		1,730,009		1,760,044
			Carnival Corp.+^		6.00		5/1/2029		1,873,000		1,495,448		1,491,133
			Carnival Corp.+		10.13		2/1/2026		750,000		924,497		854,047
			Center Parcs+#		6.50		8/28/2050		1,050,000		1,467,985		1,224,033
			Golden Entertainment Inc.^#		7.63		4/15/2026		2,000,000		1,970,976		2,017,000
			Silk TopCo AS+		3.38		2/24/2025		1,000,000		854,332		976,054
				Total Leisure, Amusement, Entertainment					8,441,000		8,443,247		8,322,311
	Lodging — 0.07%:
			SANI/IKOS Financial Holdings+		5.63		12/15/2026		215,000		253,957		215,448
				Total Lodging					215,000		253,957		215,448
	Machinery (Non-Agriculture, Non-Construct, Non-Electronic) — 0.74%:
			Harsco Corp.^		5.75		7/31/2027		1,000,000		879,464		785,040
			Sarens+#		5.75		2/21/2027		1,625,000		1,783,930		1,392,233
				Total Machinery (Non-Agriculture, Non-Construct, Non-Electronic)					2,625,000		2,663,394		2,177,273
	Mining, Steel, Iron and Non-Precious Metals — 8.66%:
			Consol Energy Inc.^#		11.00		11/15/2025		3,287,000		3,393,926		3,364,243
			Coronado Global Resources Inc.+^#		10.75		5/15/2026		4,846,000		5,135,743		5,059,539
			First Quantum Minerals+^#		7.50		4/1/2025		9,775,000		9,579,458		9,766,984
			First Quantum Minerals+^#		6.88		10/15/2027		200,000		200,000		194,102
			Hecla Mining Company#		7.25		2/15/2028		4,699,000		4,997,519		4,746,037
			Warrior Met Coal Inc^#		7.88		12/1/2028		2,378,000		2,388,758		2,391,353
				Total Mining, Steel, Iron and Non-Precious Metals					25,185,000		25,695,404		25,522,258
	Oil and Gas — 16.63%:
			Antero Resources Corp.^#		7.63		2/1/2029		930,000		986,629		951,427
			Calumet Specialty Products^#		9.25		7/15/2024		2,850,000		2,808,570		2,850,000
			CGG SA+#		7.75		4/1/2027		1,500,000		1,787,033		1,374,610
			CVR Energy Inc.^#		5.75		2/15/2028		0		(378)		0
			Enlink Midstream Partners LP#		5.60		4/1/2044		5,413,000		3,609,306		4,384,530
			Enlink Midstream Partners LP#		5.45		6/1/2047		3,000,000		2,395,068		2,390,940
			Genesis Energy LP#		7.75		2/1/2028		3,408,000		3,185,473		3,303,394
			Genesis Energy LP#		8.00		1/15/2027		2,639,000		2,639,907		2,603,505
			Harvest Midstream I L P^#		7.50		9/1/2028		1,458,000		1,469,863		1,454,093
			Hilcorp Energy I L P^#		6.25		11/1/2028		3,202,000		2,873,534		3,038,624
			KCA Deutag+#		9.88		12/1/2025		1,179,286		1,179,286		1,163,573
			KCA Deutag International Limited+		15.00		12/1/2027		840,998		840,998		827,332
			KCA Deutag (12.06),  SOFR + 9.0000%+~		12.06		12/1/2025		1,343,874		1,343,874		1,343,034
			Neptune Energy Bondco PLC+^#		6.63		5/15/2025		7,028,000		6,751,928		6,811,963
			Nabors Industries LTD+^#		7.25		1/15/2026		802,000		773,848		757,779
			Nabors Industries LTD+^#		7.50		1/15/2028		630,000		596,889		580,659
			NGL Energy Finance Corp.^#		7.50		2/1/2026		3,031,000		3,092,287		2,925,053
			Occidental Pete Corp.#		8.50		7/15/2027		4,523,000		4,558,797		4,975,300
			Occidental Pete Corp.#		7.88		9/15/2031		2,500,000		2,634,606		2,808,025
			Range Res Corp#		8.25		1/15/2029		494,000		499,822		513,651
			Waldorf Production UK LD+#		9.75		10/1/2024		649,458		647,852		649,458
			Weatherford Internatinoal Ltd Bermuda SR SEC Global+^		6.50		9/15/2028		143,000		143,000		143,245
			Weatherford Intl Ltd Bermuda Sr Glbl+^#		8.63		4/30/2030		3,092,000		3,106,762		3,163,302
				Total Oil and Gas					50,656,616		47,924,954		49,013,497
	Personal Transportation — 0.12%:
			Naviera Armas¤+#		14.77		3/31/2026		486,912		634,783		369,641
				Total Personal Transportation					486,912		634,783		369,641
	Printing and Publishing — 2.35%:
			Cimpress PLC+#		7.00		6/15/2026		2,069,000		2,069,000		1,690,539
			Getty Images Inc.^#		9.75		3/1/2027		5,234,000		5,365,083		5,227,457
				Total Printing and Publishing					7,303,000		7,434,083		6,917,996
	Retail Store — 0.15%:
			Marcolin S.p.A+		6.13		11/15/2026		475,000		578,239		432,202
				Total Retail Store					475,000		578,239		432,202
	Telecommunications — 3.80%:
			Altice France Holding S.A.+^#		10.50		5/15/2027		4,440,000		4,422,157		3,396,600
			Commscope Inc.^#		8.25		3/1/2027		1,173,000		1,135,897		935,467
			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		770,912
			Frontier Communications Hldgs Sr Sec Glbl^#		6.00		1/15/2030		3,976,000		3,316,093		3,023,927
			Telefonica SA+		7.13		11/23/2171		1,400,000		1,524,573		1,542,979
			Uniti Group LP / Uniti Group Finance Inc.^#		6.50		2/15/2029		330,000		330,000		201,300
			Viasat^#		6.50		7/15/2028		790,000		790,000		583,601
			Vodafone Group PLC+		6.25		10/3/2078		750,000		735,525		734,063
				Total Telecommunications					16,133,000		15,519,609		11,188,849
	Textiles and Leather — 0.08%:
			Hanesbrand Inc.^#		9.00		2/15/2031		218,000		218,000		223,177
				Total Retail Store					218,000		218,000		223,177
	Transportation — 1.98%:
			Carriage Purchaser Inc.^#		7.88		10/15/2029		7,106,000		6,326,649		5,258,635
			Castor S.p.A., 3M EURIBOR + 5.250%+~#		8.21		2/15/2029		477,000		542,554		493,109
			Titan Holdings II+#		5.13		7/15/2029		113,000		133,866		93,830
				Total Transportation					7,696,000		7,003,069		5,845,574
	Utilities — 0.25%:
			Electricite de France SA+~		4.00		10/4/2171		700,000		715,781		726,317
				Total Utilities					700,000		715,781		726,317
				Total Corporate Bonds					338,441,274		333,837,482		299,735,370
				Total Fixed Income					445,755,025		440,026,201		386,482,003
				Total Investments						$	441,129,589	$	388,038,428
Other assets and liabilities — (31.69)%													(93,375,425)
				Net Assets — 100%								$	294,663,003
		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, 2023.
#		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, 2023. 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, 2023.
				United States of America	81.3%
				United Kingdom	6.2%
				Zambia	2.6%
				France	2.2%
				Luxembourg	1.1%
				Australia	1.3%
				Sweden	1.1%
				Germany	1.0%
				(Individually less than 1%)	3.2%
					100.0%

A summary of outstanding derivatives at March 31, 2023 is as follows:
Schedule of Open Forward Currency Contracts
March 31, 2023
					Forward		Unrealized
Currency to be		Currency to be		Counterparty of	Settlement		Appreciation /
Received		Delivered(1)		Contract	Date		(Depreciation)
2,540,187	USD	2,548,743	EUR	JP Morgan Chase	4/3/2023		(8,556)
26,582,237	USD	26,846,550	EUR	JP Morgan Chase	4/17/2023		(264,313)
11,169,579	USD	11,374,706	GBP	Morgan Stanley	4/17/2023		(205,127)
						$	(477,996)
(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 September 30, 2022 in valuing the Fund’s investments:

Description	Level 1		Level 2		Level 3		Total Investments
Assets:
Equities:
Common Stocks	$	-	$	1,391,552	$	41,748	$	1,433,300
Warrants		-		123,125		-		123,125
Total Equities:		-		1,514,677		41,748		1,556,425
Fixed Income:
Asset-Backed Securities		-		42,076,607		-		42,076,607
Bank Loans		-		19,403,618		24,048,851		43,452,469
Corporate Bonds		-		296,165,101		4,787,826		300,952,927
Total Fixed Income		-		357,645,326		28,836,677		386,482,003
Foreign Exchange Contracts		-		-		-		-
Total Assets:	$	-	$	359,160,003	$	28,878,425	$	388,038,428
Liabilities:
Foreign Exchange Contracts:	$	-	$	477,996	$	-	$	477,996
Total Liabilities:	$	-	$	477,996	$	-	$	477,996

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, 2023. The table does not include Level 3 financial instruments with values based upon unadjusted third-party pricing information in the amount of $28,836,677. 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, 2023		Valuation Technique(s)	Unobservable Input
Equities:
ESC CB 144A High Ridge	$	41,748	Expected Transaction	$14.00; Value derived from pending receipt
	$	41,748

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, $11,430,560 was transferred from Level 2 to Level 3 for the period from December 31, 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, 2022	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, 2023	CHANGE IN UNREALIZED APPRECIATION / (DEPRECIATION) FROM INVESTMENTS HELD AS OF MARCH 31, 2023
Equities
ESC CB 144A High Ridge	41,748	-	-	-	-	-	-	-	41,748	-
Naviera Armas	-	-	-	-	-	-	-	-	-	-
Naviera Armas	-	-	-	-	-	-	-	-	-	-
Naviera Armas	-	-	-	-	-	-	-	-	-	-
Naviera Armas	-	-	-	-	-	-	-	-	-	-
Tourmaline Excrow Cash	884,606	-	-	-	(912,667)	-	912,667	(884,606)	-	(884,606)
Travelex Private Equity	-	-	-	-	-	-	-	-	-	-
Common Stocks	926,354	-	-	-	(912,667)	-	912,667	(884,606)	41,748	(884,606)
Travelex Topco Limited	120,666	-	(120,666)	-	-	-	-	-	-	-
Warrants	120,666	-	(120,666)	-	-	-	-	-	-	-
Total Equities	1,047,020	-	(120,666)	-	(912,667)	-	912,667	(884,606)	41,748	(884,606)
Bank Loans
Clinigen	-	1,177,372	-	-	-	445	-	39,740	1,217,557	39,740
CP Iris Holdco I 2nd Lien T/L (IPS)	-	2,014,336	-	-	-	-	-	(95,921)	1,918,415	(95,921)
Dessert Holdings	900,000	-	-	-	-	-	-	(8,330)	891,670	(8,330)
Florida Food Products 2nd Lien T/L	1,350,000	-	-	-	-	911	-	(30,911)	1,320,000	(30,911)
Kenan Advantage Group 2nd Lien T/L	4,745,132	-	-	-	-	4,255	-	21,604	4,770,991	21,604
Koppers Holdings, Inc.	-	-	-	1,251,613	-	-	-	9,677	1,261,290	9,677
Medical Solutions T/L	1,355,789	-	-	-	-	-	-	(22,105)	1,333,684	(22,105)
Naviera Armas Bridge	133,210	-	-	-	(143,052)	(589)	10,888	(457)	-	(457)
Naviera Armas Bridge	6,734	-	-	-	(7,231)	-	118	379	-	379
Naviera Armas Bridge	116,315	-	-	-	(124,909)	(2,064)	2,440	8,218	-	8,218
Naviera Armas Bridge	72,438	-	-	-	(77,789)	-	254	5,097	-	5,097
Neptune Energy Group Ltd.	-	-	-	898,876	-	558	-	(3,054)	896,380	(3,054)
Quest Software	-	3,371,352	-	-	(1,135,404)	-	(404,693)	592,609	2,423,864	592,609
SunSource, Inc.	-	2,381,250	-	-	-	(617)	-	(55,633)	2,325,000	(55,633)
Valcour Packaging (MOLD-RITE) 2nd Lien T/L	3,750,000	-	-	-	-	-	-	(550,000)	3,200,000	(550,000)
Worldwide Express 2nd Lien T/L	-	2,486,250	-	-	-	-	-	3,750	2,490,000	3,750
Bank Loans	12,429,618	11,430,560	-	2,150,489	(1,488,385)	2,899	(390,993)	(85,337)	24,048,851	(85,337)
Corporate Bonds
Digicel Limited	-	-	-	-	-	-	-	-	-	-
Naveria Armas	357,193	-	-	30,860	-	(5,222)	-	(13,190)	369,641	(13,190)
Travelex	-	-	-	-	-	-	-	-	-	-
Travelex	4,011,338	-	-	347,853	-	12,243	-	46,751	4,418,185	46,751
Corporate Bonds	4,368,531	-	-	378,713	-	7,021	-	33,561	4,787,826	33,561
Total	$ 17,845,169	$ 11,430,560	$     (120,666)	$  2,529,202	$ (2,401,052)	$          9,920	$      521,674	$    (936,382)	$  28,878,425	$    (936,382)