Barings Global Short Duration High Yield Fund NPORTP (Sep 2023 report)

Barings Global Short Duration High Yield Fund
SCHEDULE OF INVESTMENTS
September 30, 2023 (Unaudited)
								SHARES		COST		FAIR VALUE
Equities* — 0.53%:
Common Stocks — 0.49%:
		Campfire TopCo Limited¤+						1,395,572	$	149	$	0
		ESC CB 144A High Ridge¤						2,982		0		0
		KCA Deutag Ordinary A Shares						25,580		1,103,387		1,432,480
		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					1,443,703		1,103,537		1,432,480

Warrant — 0.04%:
		Travelex Topco Limited+						2,218		0		110,954
			Total Warrant					2,218		0		110,954

			Total Equities					1,445,921		1,103,537		1,543,434

				EFFECTIVE INTEREST RATE‡		DUE DATE		PRINCIPAL		COST		FAIR VALUE
Fixed Income — 130.81%:
Asset-Backed Securities — 14.95%:
	CDO/CLO — 14.95%:
		610 FDG 2016-2R CLO LTD, 3M LIBOR + 7.250%+~^#		12.84	%	1/20/2034	$	1,550,000	$	1,534,190	$	1,455,334
		Anchorage Capital 2016-9A ER2, 3M LIBOR + 6.820%+~^#		12.39		7/15/2032		1,500,000		1,485,000		1,406,158
		Anchorage Capital CLO LTD 2013-1R, 3M LIBOR + 6.800%+~^#		12.36		10/13/2030		1,000,000		977,213		971,764
		Anchorage Capital CLO LTD 2021-20 E, 3M LIBOR + 7.350%+~^#		12.94		1/20/2035		1,000,000		980,000		905,059
		Ares CLO LTD 2013-27R2, 3M LIBOR + 6.750%+~^#		12.38		10/28/2034		1,700,000		1,683,000		1,535,046
		Bain CAP CR CLO 2020-2R LTD, 3M LIBOR + 6.610%+~^#		12.19		7/19/2034		1,000,000		990,000		917,961
		Ballyrock CLO LTD 2019-2R, 3M LIBOR + 6.500%+~^#		12.14		11/20/2030		2,000,000		2,000,000		1,877,146
		BlueMountain CLO LTD 2018-23A, 3M LIBOR + 5.650%+~^#		11.24		10/20/2031		1,000,000		1,000,000		863,897
		Canyon CLO LTD 2019-2R, 3M LIBOR + 6.750%+~^#		12.32		10/15/2034		1,000,000		1,000,000		921,639
		Carbone CLO, LTD 2017-1A, 3M LIBOR + 5.900%+~^#		11.49		1/20/2031		750,000		750,000		698,539
		Carlyle US CLO LTD 2019-3R, 3M LIBOR + 6.750%+~^#		12.34		10/20/2032		1,000,000		1,000,000		993,257
		Carlyle Global Market Strategies 2017-5A, 3M LIBOR + 5.300%+~^#		10.89		1/20/2030		700,000		700,000		598,634
		CIFC Funding 2020-1 LTD, 3M LIBOR + 6.250%+~^#		11.82		7/15/2036		1,900,000		1,900,000		1,816,934
		Galaxy CLO LTD 2017-24A, 3M LIBOR + 5.500%+~^#		11.07		1/15/2031		1,000,000		1,000,000		907,565
		GoldenTree Loan Management 2018-3A, 3M LIBOR + 6.500%+~^#		12.09		4/20/2030		1,500,000		1,469,500		1,228,878
		GoldenTree Loan Opportunities XI LTD 2015-11A, 3M LIBOR + 5.400%+~^#		10.97		1/18/2031		500,000		500,000		474,704
		KKR Financial CLO LTD 2017-20, 3M LIBOR + 5.500%+~^#		11.07		10/16/2030		1,500,000		1,500,000		1,373,832
		KKR Financial CLO LTD 34-2, 3M LIBOR + 6.850%+~^#		12.42		7/15/2034		2,000,000		1,980,000		1,854,116
		KVK 2016-1A ER2, 3M LIBOR + 7.350%+~^#		12.92		10/15/2034		3,000,000		2,970,000		2,485,011
		LCM LTD 2031-30, 3M LIBOR + 6.500%+~^#		12.09		4/20/2031		1,100,000		1,100,000		930,037
		Madison Park Funding LTD 2015-19A, 3M LIBOR + 4.350%+~^#		9.96		1/22/2028		1,000,000		1,000,000		981,617
		Madison Park Funding LTD 2018-29A, 3M LIBOR + 7.570%+~^		13.14		10/18/2030		2,000,000		1,960,000		1,805,820
		Madison Park Funding LTD XXXV 2019-35R E-R, 3M LIBOR + 6.100%+~^#		11.69		4/20/2032		1,400,000		1,400,000		1,369,309
		Madison Park Funding LTD 2019-32R E-R, 3M LIBOR + 6.200%+~^#		11.81		1/22/2031		1,000,000		1,000,000		952,388
		Magnetite CLO LTD 2016-18A, 3M LIBOR + 7.600%+~^#		13.23		11/15/2028		1,400,000		1,386,000		1,343,525
		Octagon 2021-57 LTD, 3M LIBOR + 6.600%+~^#		12.17		10/15/2034		1,500,000		1,500,000		1,373,550
		OHA Credit Partners LTD 2015-11A, 3M LIBOR + 7.900%+~^#		13.49		1/20/2032		2,000,000		1,970,323		1,675,810
		OHA Loan Funding LTD 2013-1A, 3M LIBOR + 7.900%+~^#		13.51		7/23/2031		1,500,000		1,477,500		1,374,889
		Sound Point CLO XVIII 2018-18D, 3M LIBOR + 5.500%+~^#		11.09		1/21/2031		2,000,000		2,000,000		1,317,842
		Sound Point CLO LTD 2020-27R, 3M LIBOR + 6.560% E-R+~^#		12.17		10/25/2034		1,400,000		1,372,000		1,158,916
		Sound Point CLO LTD Series 2020-1A Class ER, 3M LIBOR + 6.860%+~^#		12.45		7/20/2034		1,600,000		1,584,000		1,360,717
		TICP CLO LTD 2018-10A, 3M LIBOR + 5.500%+~^#		11.09		4/20/2031		1,000,000		964,045		941,097
		Wellfleet CLO LTD 2017-3A, 3M LIBOR + 5.550%+~^#		11.12		1/17/2031		1,500,000		1,500,000		1,086,436
		Wind River 2017-1A ER, 3M LIBOR + 7.060%+~^#		12.63		4/18/2036		2,000,000		1,960,000		1,694,950
		Wind River CLO LTD 2017-4A, 3M LIBOR + 5.800%+~^#		11.44		11/20/2030		1,000,000		1,000,000		884,607
			Total CDO/CLO					49,000,000		48,592,771		43,536,984
			Total Asset-Backed Securities					49,000,000		48,592,771		43,536,984

Bank Loans^§ — 13.97%:
	Beverage, Food and Tobacco — 0.49%:
		8th Avenue Food & Provisions~		13.18		10/1/2026	$	368,204	$	254,343	$	249,458
		Florida Food Products 2nd Lien T/L, 3M LIBOR + 8.0000%¤~		13.43		10/18/2029	$	1,500,000	$	1,462,364	$	1,170,000
			Total Beverage, Food and Tobacco					1,868,204		1,716,707		1,419,458

	Broadcasting and Entertainment — 0.61%:
		Dessert Holdings, 3M LIBOR + 7.2500%~		12.90		6/8/2029		1,000,000		982,700		800,000
		Reorganized ISA SA~		9.77		12/8/2028		976,202		976,202		973,098
			Total Broadcasting and Entertainment					1,976,202		1,958,902		1,773,098

	Chemicals, Plastics and Rubber — 0.88%:
		Campfire TopCo Limited		13.90		12/31/2027		1,544,116		250,887		311,402
		Koppers Holdings Inc., SOFR + 4.0000%¤~		9.31		4/1/2030		1,287,097		1,250,170		1,287,097
		LSF 11 A5 Holdco LLC~		8.95		9/29/2028		997,468		991,234		972,781
			Total Chemicals, Plastics and Rubber					3,828,681		2,492,291		2,571,280

	Diversified/Conglomerate Manufacturing — 1.50%:
		CP Iris Holdco I 2nd Lien T/L (IPS), 3M LIBOR + 7.0000%¤~		12.43		9/21/2029		2,398,019		2,374,039		2,038,316
		SunSource, Inc., 3M LIBOR + 8.0000%~		13.42		4/30/2026		2,500,000		2,507,954		2,350,000
			Total Diversified/Conglomerate Manufacturing					4,898,019		4,881,993		4,388,316

	Diversified/Conglomerate Service — 1.58%:
		Internet Brands, Inc.~		9.58		4/20/2028		1,427,283		1,385,067		1,378,884
		Quest Software, SOFR + 7.5000%~		13.17		1/18/2030		2,680,658		2,645,448		1,822,847
		Sonicwall, Inc., 3M LIBOR + 7.5000%~		12.93		5/18/2026		1,506,038		1,498,508		1,410,977
			Total Diversified/Conglomerate Service					5,613,979		5,529,023		4,612,708

	Ecological — 0.41%:
		Patriot Container 2nd Lien T/L, 3M LIBOR + 7.7500%~		13.17		3/20/2026		1,400,000		1,340,987		1,197,000
			Total Ecological					1,400,000		1,340,987		1,197,000

	Electronics — 1.83%:
		McAfee Enterprise 2nd Lien T/L, 3M LIBOR + 8.2500%~		13.88		5/3/2029		11,567,000		11,488,222		5,320,820
			Total Electronics					11,567,000		11,488,222		5,320,820

	Finance — 0.40%:
		GIP Pilot Acquisition Partners, L.P.¤~		8.33		9/30/2030		1,166,975		1,161,140		1,162,598
			Total Finance					1,166,975		1,161,140		1,162,598

	Healthcare, Education and Childcare — 1.52%:
		Athenahealth, Inc., SOFR + 3.5000%		8.57		1/26/2029		0		(651)		0
		Bausch Health Cos Inc.¤		9.33		9/14/2028		3,152,917		3,121,387		3,109,564
		Medical Solutions T/L, 3M LIBOR + 7.0000%~		12.36		9/22/2027		1,473,684		1,458,947		1,315,263
			Total Healthcare, Education and Childcare					4,626,601		4,579,683		4,424,827

	Hotels, Motels, Inns and Gaming — 0.64%:
		Four Seasons Holdings, Inc., 3M SOFR + 3.2500%~		7.93		11/30/2029		1,856,114		1,828,292		1,857,655
			Total Hotels, Motels, Inns and Gaming					1,856,114		1,828,292		1,857,655

	Machinery Non-Agricultural, Non-Construction, Non-Electronic — 0.38%:
		Barnes Group, Inc.~		8.43		8/12/2030		1,099,369		1,091,124		1,099,919
			Total Machinery Non-Agricultural, Non-Construction, Non-Electronic					1,099,369		1,091,124		1,099,919

	Mining, Steel, Iron and Non Precious Metals — 0.40%:
		Arsenal AIC Parent LLC~		9.75		7/26/2030		1,154,586		1,143,040		1,151,215
			Total Mining, Steel, Iron and Non Precious Metals					1,154,586		1,143,040		1,151,215

	Packaging and Containers — 0.97%:
		Pretium Package Holdings 2nd Lien T/L (9/21), 3M LIBOR + 6.7500%~		12.28		9/21/2029		2,770,637		2,764,172		823,267
		Valcour Packaging (MOLD-RITE) 2nd Lien T/L, 3M LIBOR + 7.0000%¤~		12.65		9/30/2029		5,000,000		4,950,000		2,000,000
			Total Packaging and Containers					7,770,637		7,714,172		2,823,267

	Personal Transportation — 0.05%:
		Bahia De Las Isletas SL, 3M EURIBOR + 10.0000%¤+		15.00		6/30/2025		39,650		43,073		39,824
		Bahia De Las Isletas SL, 3M EURIBOR + 10.0000%¤+		15.00		6/30/2025		87,731		86,501		80,418
		Bahia De Las Isletas SL, 3M EURIBOR + 10.0000%¤+		15.00		6/30/2025		18,053		18,559		18,133
			Total Packaging and Containers					145,434		148,133		138,375

	Personal and Non Durable Consumer Products Mfg. Only — 0.40%:
		Journey Personal Care Corp., 3M LIBOR + 4.2500%~		9.98		3/1/2028		1,241,149		993,767		1,166,680
			Total Packaging and Containers					1,241,149		993,767		1,166,680

	Printing and Publishing — 0.31%:
		Nielsen Holdings Ltd., 3M SOFR + 5.0000%		10.00		4/11/2029		996,255		902,637		894,557
			Total Hotels, Motels, Inns and Gaming					996,255		902,637		894,557

	Transportation — 0.86%:
		Worldwide Express 2nd Lien T/L, 3M LIBOR + 7.0000%~		12.50		7/26/2029		3,000,000		2,955,227		2,512,500
			Total Transportation					3,000,000		2,955,227		2,512,500

	Utilities — 0.74%:
		Invenergy Thermal Operating I LLC		11.45		8/4/2029		2,021,889		1,981,452		2,015,985
		Invenergy Thermal Operating I LLC~		11.20		8/4/2029		155,530		152,419		155,076
			Total Utilities					2,177,419		2,133,871		2,171,061

			Total Bank Loans					56,386,624		54,059,211		40,685,334

Corporate Bonds — 101.89%:
	Aerospace and Defense — 3.18%:
		American Airlines^		11.75		7/15/2025	$	5,337,000	$	5,469,333	$	5,736,058
		Triumph Group, Inc.^		9.00		3/15/2028		886,000		886,000		876,128
		Triumph Group, Inc.#		7.75		8/15/2025		2,789,000		2,760,762		2,649,550
			Total Aerospace and Defense					9,012,000		9,116,095		9,261,736

	Automobile — 1.70%:
		Adient PLC+^		8.25		4/15/2031		870,000		870,000		871,273
		Faurecia SE+#		7.25		6/15/2026		1,385,000		1,469,433		1,508,718
		INA-Holding Schaeffler GmbH & Co KG+#		8.75		5/15/2028		2,350,000		2,531,263		2,561,901
			Total Automobile					4,605,000		4,870,696		4,941,892

	Automotive — 1.96%:
		Ford Motor Company		9.63		4/22/2030		5,000,000		5,869,921		5,711,495
			Total Automotive					5,000,000		5,869,921		5,711,495

	Banking — 0.37%:
		Macquarie Airfinance Holdings Ltd.+^#		8.13		3/30/2029		281,000		281,000		281,407
		Macquarie Airfinance Holdings Ltd.+^		8.38		5/1/2028		788,000		788,000		798,835
			Total Automotive					1,069,000		1,069,000		1,080,242

	Broadcasting and Entertainment — 8.46%:
		Banijay+		6.50		3/1/2026		3,700,000		3,894,543		3,865,940
		Clear Channel Worldwide Holdings Inc.+^		9.00		9/15/2028		708,000		708,000		701,161
		Clear Channel Worldwide Holdings Inc.^#		7.75		4/15/2028		3,337,000		3,406,289		2,664,206
		Clear Channel Worldwide Holdings Inc.^		7.50		6/1/2029		3,358,000		3,416,686		2,571,230
		Cox Media Group^		8.88		12/15/2027		5,357,000		5,532,520		4,193,031
		Dish Dbs Corporation#		7.38		7/1/2028		6,000,000		5,465,386		3,780,534
		Dish Network Corporation^		11.75		11/15/2027		1,770,000		1,765,753		1,783,352
		iHeartCommunications, Inc.		8.38		5/1/2027		2,570,000		2,606,600		1,850,174
		Inmarsat Finance PLC+^#		6.75		10/1/2026		1,500,000		1,449,602		1,398,986
		Reorganized ISA SA+^		6.50		3/15/2030		1,000,000		911,973		886,844
		Townsquare Media, LLC^		6.88		2/1/2026		1,000,000		1,015,498		944,396
			Total Broadcasting and Entertainment					30,300,000		30,172,850		24,639,854

	Buildings and Real Estate — 5.08%:
		BlueLinx^#		6.00		11/15/2029		400,000		356,879		352,582
		Knife River Corporation^		7.75		5/1/2031		1,707,000		1,719,787		1,710,332
		Maison Hold Limited+		6.00		10/31/2027		1,045,000		1,419,991		1,019,372
		New Enterprise Stone & Lime Co.^		9.75		7/15/2028		11,859,000		12,038,280		11,710,763
			Total Buildings and Real Estate					15,011,000		15,534,937		14,793,049

	Cargo Transport — 2.25%:
		Atlas Corporation+^#		5.50		8/1/2029		4,786,000		3,951,165		3,840,309
		Railworks Hldgs Lp / Railworks Sr^		8.25		11/15/2028		2,881,000		2,819,016		2,730,468
			Total Cargo Transport					7,667,000		6,770,181		6,570,777

	Chemicals, Plastics and Rubber — 7.12%:
		Consolidated Energy Finance SA+^		6.50		5/15/2026		492,000		443,966		452,640
		ITT Holdings LLC^#		6.50		8/1/2029		6,018,000		5,651,693		5,100,999
		LSF11 A5 Holdco LLC^#		6.63		10/15/2029		4,448,000		3,970,385		3,698,344
		Monitchem HoldCo+#		8.75		5/1/2028		300,000		328,904		309,601
		Monitchem HoldCo, 3M EURIBOR + 5.2500%+~#		9.10		5/1/2028		215,000		230,276		225,422
		Olympus Water US Holding Corporation^		7.13		10/1/2027		1,500,000		1,481,944		1,387,717
		Olympus Water US Holding Corporation^#		6.25		10/1/2029		2,348,000		2,173,700		1,813,124
		Prince^#		9.00		2/15/2030		3,689,000		3,687,955		2,935,860
		Proman AG+^		5.63		10/15/2028		3,427,000		2,975,410		2,831,559
		Windsor Holdings III LLC^		8.50		6/15/2030		2,000,000		2,000,000		1,973,241
			Total Chemicals, Plastics and Rubber					24,437,000		22,944,233		20,728,507

	Commercial Services — 0.13%:
		Apcoa Parking Holdings+		4.63		1/15/2027		385,000		455,648		369,935
			Total Commercial Services					385,000		455,648		369,935

	Containers, Packaging and Glass — 5.26%:
		Ardagh Packaging+		4.75		7/15/2027		100,000		107,347		96,209
		Novolex Holdings, Inc.^		8.75		4/15/2030		7,423,000		6,772,965		6,366,405
		Packaging Holdings Ltd.^#		7.13		8/15/2028		1,775,000		1,549,102		1,486,748
		SCI Packaging Inc.^		7.88		8/15/2026		5,197,000		5,197,000		5,014,215
		SCI Packaging Inc.^		9.25		4/15/2027		1,327,000		1,222,450		1,159,823
		Trident Parent, LLC^		12.75		12/31/2028		1,151,000		1,156,307		1,202,795
			Total Containers, Packaging, and Glass					16,973,000		16,005,171		15,326,195

	Diversified/Conglomerate Manufacturing — 0.95%:
		Chart Industries Inc.^		7.50		1/1/2030		948,000		949,585		953,146
		Chart Industries Inc.^		9.50		1/1/2031		500,000		526,010		531,443
		Heat Exchangers+		7.78		10/9/2025		652,344		705,588		630,970
		International Desi+		6.50		11/15/2025		650,000		747,064		663,105
			Total Diversified/Conglomerate Manufacturing					2,750,344		2,928,247		2,778,664

	Diversified/Conglomerate Service — 7.26%:
		Albion Fing 1 S A R L & Aggre Sr+^		8.75		4/15/2027		1,800,000		1,807,713		1,669,500
		Engineering Group+		11.13		5/15/2028		1,485,000		1,627,861		1,568,839
		Global Infrastructure Solutions, Inc.^		7.50		4/15/2032		5,298,000		4,757,157		4,533,128
		Libra Group Bhd+		5.00		5/15/2027		700,000		850,082		669,510
		Presidio, Inc.^		8.25		2/1/2028		5,462,000		5,423,210		5,218,710
		Sabre Holdings Corporation^		8.63		6/1/2027		213,000		208,950		181,034
		Sabre Holdings Corporation^		11.25		12/15/2027		317,000		311,860		292,527
		Summer BC Holdco+		9.25		10/31/2027		1,666,932		2,089,065		1,433,419
		United Site Services^		8.00		11/15/2029		2,397,000		2,374,500		1,299,274
		Verisure Midholding AB+		7.13		2/1/2028		915,000		994,381		977,058
		Verisure Midholding+		5.25		2/15/2029		3,575,000		4,323,549		3,314,672
			Total Diversified/Conglomerate Service					23,828,932		24,768,328		21,157,671

	Electronics — 0.68%:
		Veritas Bermuda Ltd.^#		7.50		9/1/2025		2,356,000		2,213,811		1,968,167
			Total Electronics					2,356,000		2,213,811		1,968,167

	Finance — 5.86%:
		Avolon Holdings+^		6.50		9/15/2024		3,820,964		3,465,993		3,639,468
		CPUK FINANCE LTD+#		5.88		8/28/2027		235,000		292,809		279,448
		Galaxy Bidco Ltd.+		6.50		7/31/2026		500,000		665,278		564,300
		GTCR W Dutch Finance Sub B.V.^		7.50		1/15/2031		434,000		434,000		435,627
		Icahn Enterprises LP#		6.25		5/15/2026		1,762,000		1,652,936		1,637,762
		OneMain Finance Corporation+#		4.50		8/28/2027		965,000		1,011,540		1,015,511
		PRA Group^#		5.00		10/1/2029		477,000		360,934		362,277
		PRA Group^		7.38		9/1/2025		473,000		425,566		460,586
		PRA Group^#		8.38		2/1/2028		4,518,000		4,256,800		4,111,380
		Travelex(12.50%PIK)¤+		12.50		8/5/2025		3,014,171		3,879,042		4,339,582
		Travelex¤+#>		8.00		5/15/2024		4,600,000		5,097,344		0
		TVL FINANCE PLC+~#		9.21		4/28/2028		200,000		217,253		211,725
			Total Finance					20,999,135		21,759,495		17,057,666

	Healthcare, Education and Childcare — 7.74%:
		AdaptHealth LLC^#		4.63		8/1/2029		602,000		496,357		462,042
		AdaptHealth LLC^#		5.13		3/1/2030		2,729,000		2,329,037		2,113,219
		Athena Health Inc.^#		6.50		2/15/2030		4,619,000		3,724,816		3,867,097
		Bausch Health Companies Inc.+^#		8.38		10/1/2028		296,000		296,000		297,036
		Bausch Health Companies Inc.+^		9.00		12/15/2025		2,707,000		2,701,864		2,462,368
		Bausch Health Companies Inc.+^		9.00		1/30/2028		337,000		699,005		333,478
		Bausch Health Companies Inc.+^		11.00		9/30/2028		598,000		1,061,382		403,471
		Bausch Health Companies Inc.+^		14.00		10/15/2030		118,000		152,070		69,655
		Cidron Aida Finco+		6.25		4/1/2028		1,650,000		2,275,266		1,772,421
		Community Health System Inc.^		6.88		4/15/2029		286,000		286,000		153,010
		Consensus Cloud Solutions Inc.^		6.50		10/15/2028		717,000		621,277		611,091
		LifePoint Health Inc.¤^#		9.88		8/15/2030		2,140,000		2,138,189		2,071,798
		LifePoint Health Inc.		11.00		10/15/2030		1,785,000		1,785,000		1,785,000
		Neogen Corporation^		8.63		7/20/2030		1,654,000		1,654,000		1,724,862
		Nidda BondCo GmbH+#		7.50		8/21/2026		500,000		513,822		531,929
		Radiology Partners Inc.^		9.25		2/1/2028		6,061,000		6,370,624		2,394,095
		RP Escrow Issuer LLC^#		5.25		12/15/2025		2,035,000		1,481,975		1,486,206
			Total Healthcare, Education and Childcare					28,834,000		28,586,684		22,538,778

	Home and Office Furnishings, Housewares, and Durable Consumer Products — 0.90%:
		LBM Borrower, LLC^#		6.75		5/15/2026		1,176,000		1,022,794		588,000
		Staples Inc.^		10.75		4/15/2027		3,478,000		3,555,135		2,030,283
			Total Home and Office Furnishings, Housewares, and Durable Consumer Products					4,654,000		4,577,929		2,618,283

	Leisure, Amusement, Entertainment — 4.48%:
		Allegiant Travel Co.^#		7.25		8/15/2027		2,810,000		2,777,049		2,644,913
		Carnival Corp.+^		7.00		8/15/2029		183,000		183,000		180,437
		Carnival Corp.+^#		6.00		5/1/2029		1,873,000		1,518,489		1,593,759
		Center Parcs+#		6.50		8/28/2026		825,000		1,154,542		958,747
		Center Parcs+#		6.14		8/28/2031		235,000		292,798		275,028
		Golden Entertainment Inc.^		7.63		4/15/2026		2,000,000		1,975,297		1,995,720
		Motion Topco Limited+#		7.38		6/15/2030		1,600,000		1,723,284		1,659,240
		Ontario Gaming GTA LP+^		8.00		8/1/2030		694,000		700,852		694,000
		Silk TopCo AS+		3.38		2/24/2025		950,000		853,246		875,826
		Viking Holdings Ltd.+^		7.00		2/15/2029		2,384,000		2,030,041		2,193,280
			Total Leisure, Amusement, Entertainment					13,554,000		13,208,598		13,070,950

	Lodging — 0.07%:
		SANI/IKOS Financial Holdings+#		5.63		12/15/2026		215,000		253,957		210,033
			Total Lodging					215,000		253,957		210,033

	Machinery (Non-Agriculture, Non-Construct, Non-Electronic) — 1.02%:
		Emerald JV Holdings LP^		6.63		12/15/2030		2,371,000		2,371,000		2,284,387
		Harsco Corp.^#		5.75		7/31/2027		793,000		699,441		697,467
			Total Machinery (Non-Agriculture, Non-Construct, Non-Electronic)					3,164,000		3,070,441		2,981,854

	Mining, Steel, Iron and Non-Precious Metals — 7.80%:
		Arsenal AIC Parent LLC^#		8.00		10/1/2030		1,182,000		1,180,155		1,176,114
		Coronado Global Resources Inc.+^		10.75		5/15/2026		4,846,000		5,093,862		5,015,735
		First Quantum Minerals+^		7.50		4/1/2025		7,774,000		7,629,580		7,758,818
		First Quantum Minerals+^		6.88		10/15/2027		200,000		200,000		191,883
		First Quantum Minerals+^		8.63		6/1/2031		4,045,000		4,045,000		4,034,532
		Hecla Mining Company		7.25		2/15/2028		4,699,000		4,970,357		4,546,239
			Total Mining, Steel, Iron and Non-Precious Metals					22,746,000		23,118,954		22,723,321

	Oil and Gas — 16.77%:
		AmeriGas Partners LP^		9.38		6/1/2028		1,273,000		1,273,000		1,290,504
		Antero Resources Corp.^		7.63		2/1/2029		930,000		982,523		942,478
		Calumet Specialty Products^		9.25		7/15/2024		2,850,000		2,824,086		2,849,430
		CGG SA+		7.75		4/1/2027		1,500,000		1,787,033		1,415,305
		Energy Transfer LP~#		6.50		11/15/2171		3,440,000		3,147,600		3,160,278
		Energy Transfer LP~#		7.13		5/15/2172		2,211,000		1,890,405		1,901,972
		Enlink Midstream Partners LP		5.60		4/1/2044		5,413,000		3,623,780		4,492,790
		Enlink Midstream Partners LP#		5.45		6/1/2047		3,000,000		2,399,801		2,351,812
		Genesis Energy LP		7.75		2/1/2028		3,408,000		3,204,181		3,230,539
		Genesis Energy LP		8.00		1/15/2027		2,639,000		2,639,563		2,543,550
		Genesis Energy LP		8.88		4/15/2030		1,000,000		978,756		976,359
		Harvest Midstream I L P^		7.50		9/1/2028		3,291,000		3,266,608		3,180,425
		KCA Deutag+		9.88		12/1/2025		1,179,286		1,179,286		1,186,657
		KCA Deutag International Limited(15.00%PIK)+		15.00		12/1/2027		917,617		917,617		925,646
		KCA Deutag (12.06), SOFR + 9.0000%+~		12.06		12/1/2025		1,343,874		1,343,874		1,358,993
		Nabors Industries LTD+^		7.25		1/15/2026		802,000		778,438		774,933
		Nabors Industries LTD+^#		7.50		1/15/2028		1,630,000		1,480,383		1,506,933
		NGL Energy Finance Corp.^		7.50		2/1/2026		4,203,000		4,240,537		4,156,418
		Occidental Pete Corp.		8.50		7/15/2027		4,523,000		4,555,205		4,843,319
		Range Res Corp		8.25		1/15/2029		494,000		499,414		506,472
		Sunoco LP^#		7.00		9/15/2028		735,000		735,000		726,678
		Waldorf Production UK LD+#		9.75		10/1/2024		1,424,944		1,419,533		1,417,819
		Weatherford Intl Ltd Bermuda Sr Glbl+^		8.63		4/30/2030		3,092,000		3,105,981		3,115,638
			Total Oil and Gas					51,299,721		48,272,604		48,854,948

	Personal, Food, and Miscellaneous — 0.33%:
		Brinker International^		8.25		7/15/2030		998,000		997,288		960,575
			Total Personal Transportation					998,000		997,288		960,575

	Personal Transportation — 0.11%:
		Naviera Armas¤+		15.71		3/31/2026		486,912		623,410		334,612
			Total Personal Transportation					486,912		623,410		334,612

	Printing and Publishing — 2.71%:
		Cimpress PLC+		7.00		6/15/2026		2,069,000		2,069,000		1,936,398
		Getty Images Inc.^		9.75		3/1/2027		5,972,000		6,089,561		5,965,362
			Total Printing and Publishing					8,041,000		8,158,561		7,901,760

	Retail Store — 1.92%:
		Bath & Body Works Inc.#		6.88		11/1/2035		262,000		238,073		233,989
		Bath & Body Works Inc.#		7.60		7/15/2037		1,471,000		1,313,598		1,293,827
		Life Time, Inc.^		8.00		4/15/2026		861,000		831,619		845,933
		Marcolin S.p.A+		6.13		11/15/2026		475,000		578,239		470,352
		Nordstrom Inc.#		5.00		1/15/2044		2,000,000		1,196,705		1,180,200
		PetSmart LLC^#		4.75		2/15/2028		616,000		563,168		539,523
		PetSmart LLC^#		7.75		2/15/2029		1,108,000		1,091,714		1,032,455
			Total Retail Store					6,793,000		5,813,116		5,596,279

	Telecommunications — 3.81%:
		Altice France Holding S.A.+#		4.00		7/15/2029		643,000		501,661		487,765
		Altice France Holding S.A.+^#		5.13		7/15/2029		957,000		672,460		678,617
		Altice France Holding S.A.+^		10.50		5/15/2027		2,240,000		2,072,850		1,397,647
		Commscope Inc.^		8.25		3/1/2027		1,173,000		1,139,924		766,585
		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		734,894
		Frontier Communications Hldgs Sr Sec Glbl^#		6.00		1/15/2030		3,976,000		3,351,319		2,908,209
		Telecom Italia+#		7.88		7/31/2028		1,200,000		1,304,693		1,313,351
		Telefonica SA+~#		7.13		11/23/2171		1,400,000		1,524,573		1,517,154
		Uniti Group LP / Uniti Group Finance Inc.^		6.50		2/15/2029		330,000		330,000		216,089
		Viasat^		6.50		7/15/2028		790,000		790,000		547,075
		Vodafone Group PLC+~		6.25		10/3/2078		550,000		542,025		540,194
			Total Telecommunications					16,533,000		15,494,869		11,107,580

	Transportation — 2.05%:
		Carriage Purchaser Inc.^#		7.88		10/15/2029		7,106,000		6,366,511		5,389,972
		Castor S.p.A., 3M EURIBOR + 5.250%+~		9.10		2/15/2029		477,000		542,554		477,887
		Titan Holdings II+		5.13		7/15/2029		113,000		133,866		97,308
			Total Transportation					7,696,000		7,042,931		5,965,167

	Utilities — 1.92%:
		Electricite de France SA+~		9.13		12/15/2171		350,000		350,000		364,608
		Electricite de France SA+~#		4.00		10/4/2172		700,000		715,783		720,352
		Enbridge Inc.+~#		8.25		1/15/2084		1,624,000		1,624,000		1,593,123
		Talen Energy Supply, LLC^		8.63		6/1/2030		2,837,000		2,868,124		2,908,213
			Total Utilities					5,511,000		5,557,907		5,586,296

			Total Corporate Bonds					334,919,044		329,255,862		296,836,286

			Total Fixed Income					440,305,668		431,907,844		381,058,604

			Total Investments						$	433,011,381	$	382,602,038

Other assets and liabilities — (31.34)%												(91,289,157)
			Net Assets — 100%								$	291,312,881

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 September 30, 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 September 30, 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 September 30, 2023.

United States of America

85.1%

United Kingdom

4.8%

Zambia

3.1%

France

2.4%

Italy

1.3%

Germany

1.2%

(Individually less than 1%)

2.1%

100.0%

A summary of outstanding derivatives at September 30, 2023 is as follows:

Schedule of Open Forward Foreign Exchange Contracts
September 30, 2023

					Forward		Unrealized
Currency to be		Currency to be		Counterparty of	Settlement		Appreciation /
Received		Delivered⁽¹⁾		Contract	Date		(Depreciation)
30,000,648	USD	29,573,901	EUR	JP Morgan Chase	10/18/2023		426,747
12,556,241	USD	12,287,899	GBP	Morgan Stanley	10/18/2023		268,342
						$	695,089

⁽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, 2023 in valuing the Fund’s investments:

Description	Level 1		Level 2		Level 3		Total Investments
Assets:
Equities:
Common Stocks	$	-	$	1,432,480	$	-	$	1,432,480
Warrants		-		-		110,954		110,954
Total Equities:		-		1,432,480		110,954		1,543,434

Fixed Income:
Asset-Backed Securities		-		43,536,984		-		43,536,984
Bank Loans		-		29,779,384		10,905,950		40,685,334
Corporate Bonds		-		290,090,293		6,745,993		296,836,286
Total Fixed Income		-		363,406,662		17,651,942		381,058,604

Forward Foreign Exchange Contracts		-		695,089		-		695,089

Total Assets:	$	-	$	365,534,231	$	17,762,896	$	383,297,127

Liabilities:
Forward Foreign Exchange Contracts:	$	-	$	-	$	-	$	-
Total Liabilities:	$	-	$	-	$	-	$	-

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, 2023. The table does not include Level 3 financial instruments with values based upon unadjusted third-party pricing information in the amount of $17,762,896. 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 September 30, 2023	Valuation Technique(s)	Unobservable Input

Equities
ESC CB 144A High Ridge	$ -	Expected Transaction	$0.00; Value derived from pending receipt

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, $0 was transferred from Level 2 to Level 3 for the period from June 30, 2023, through September 30, 2023. 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 September 30, 2023	CHANGE IN UNREALIZED APPRECIATION / (DEPRECIATION) FROM INVESTMENTS HELD AS OF September 30, 2023
Equities
Campfire TopCo Limited	-	-	-	149	-	-	-	(149)	-	(149)
ESC CB 144A High Ridge	41,748	-	-	-	-	-	-	(41,748)	-	(41,748)
Travelex Private Equity	-	-	-	-	-	-	-	-	-	-
Naviera Armas Class	-	-	-	-	-	-	-	-	-	-
Naviera Armas Class	-	-	-	-	-	-	-	-	-	-
Naviera Armas Class	-	-	-	-	-	-	-	-	-	-
Naviera Armas Class	-	-	-	-	-	-	-	-	-	-
Common Stocks	41,748	-	-	149	-	-	-	(41,897)	-	(41,897)
Travelex Topco Limited	120,666	-		-	-	-	-	(9,712)	110,954	(9,712)
Warrants	120,666	-	-	-	-	-	-	(9,712)	110,954	(9,712)
Total Equities	162,414	-	-	149	-	-	-	(51,609)	110,954	(51,609)

Bank Loans
QUEST BORROWER (DELL SOFTWARE/QUEST/ONE IDENTITY)	3,371,352	-		-	(2,103,454)	-	(775,372)	1,330,321	1,822,847	1,330,321
Bahia De Las Isletas SL	-	-	-	96,330	(13,233)	1,923	1,481	(6,083)	80,418	(6,083)
Bahia De Las Isletas SL	-	-	-	18,422	-	137	-	(426)	18,133	(426)
Bahia De Las Isletas SL	-	-		43,073	-	-	-	(3,249)	39,824	(3,249)
BAUSCH AND LOMB 9/23 INCREMENTAL T/L	-	-		3,121,387	-	-	-	(11,823)	3,109,564	(11,823)
CP IRIS HOLDCO I 2ND LIEN T/L (IPS)	2,014,336	-		-	-	-	-	23,980	2,038,316	23,980
FLORIDA FOOD PRODUCTS 2ND LIEN T/L	1,350,000	-		-	-	2,793	-	(182,793)	1,170,000	(182,793)
GIP PILOT ACQUISITION PARTNERS T/L	-	-		1,161,140	-	-	-	1,458	1,162,598	1,458
KOPPERS T/L	-	-		1,251,613	(3,226)	1,688	95	36,927	1,287,097	36,927
VALCOUR PKG(MOLD-RITE) T/L 2ND LIEN	3,750,000	-	-	-	-	-	-	(1,750,000)	2,000,000	-
Bank Loans	7,114,336	-	-	5,691,965	(16,459)	6,541	1,576	(1,892,009)	10,905,950	(142,009)

Corporate Bonds
LIFEPOINT HEALTH INC	-	-	-	2,138,189	-	-	-	(66,391)	2,071,798	(66,391)
ANARAFE S.L.	357,193	-	-	30,860	-	(16,596)	-	(36,845)	334,612	(36,845)
DIGICEL GROUP LTD	-	-	-	-	-	-	-	-	-	-
TRAVELEX FINANCING	-			-	-	-	-	-	-	-
TRAVELEX ISSUERC LTD	4,011,338	-	-	572,863	-	39,719	-	(284,338)	4,339,582	(284,338)
Corporate Bonds	4,368,532	-	-	2,741,912	-	23,123	-	(387,574)	6,745,993	(387,574)
Total	$ 11,645,281	$ -	$ -	$ 8,434,026	$ (16,459)	$ 29,664	$ 1,576	$ (2,331,192)	$ 17,762,896	$ (581,192)

Barings Global Short Duration High Yield Fund (BGH) NPORT-PBarings Global Short Duration High Yield Fund (Sep 2023 report)