Barings Global Short Duration High Yield Fund : Holdings – Q3 2023

Barings Global Short Duration High Yield Fund

SCHEDULE OF INVESTMENTS

September 30, 2023 (Unaudited)

Equities* - 0.53%:					SHARES		COST		FAIR VALUE
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
Fixed Income - 130.81%:	RATE‡	DUE DATE		PRINCIPAL		COST		FAIR VALUE
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 2019-35RE-R, 3M LIBOR + 6.100%+~^#	11.69		4/20/2032		1,400,000		1,400,000		1,369,309
Madison Park Funding LTD 2019-32RE-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:

									CHANGE IN
									UNREALIZED
		BALANCE AT							APPRECIATION /
		DECEMBER 31,	TRANSFERS	TRANSFERS			ACCRETION OF	REALIZED GAIN /	(DEPRECIATION)	BAL
		2022	INTO LEVEL 3	OUT OF LEVEL 3	PURCHASES	SALES	DISCOUNT	(LOSS)	ON INVESTMENTS	Septem
	Equities
Campfire TopCo Limited	-	-	-	149	-	-	-	(149)
ESC CB 144A High Ridge	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)
	Travelex Topco Limited	120,666	-		-	-	-	-	(9,712)
	Warrants	120,666	-	-	-	-	-	-	(9,712)
	Total Equities	162,414	-	-	149	-	-	-	(51,609)
Bank Loans
QUEST BORROWER	3,371,352	-		-	(2,103,454)	-	(775,372)	1,330,321
(DELL
SOFTWARE/QUEST/ONE
IDENTITY)
Bahia De Las Isletas SL	-	-	-	96,330	(13,233)	1,923	1,481	(6,083)
Bahia De Las Isletas SL	-	-	-	18,422	-	137	-	(426)
Bahia De Las Isletas SL	-	-		43,073	-	-	-	(3,249)

BAUSCH AND LOMB	-		-			3,121,387	-		-		-	(11,823)
9/23 INCREMENTAL T/L
CP IRIS HOLDCO I 2ND	2,014,336		-			-	-		-		-	23,980
LIEN T/L (IPS)
FLORIDA FOOD	1,350,000		-			-	-		2,793		-	(182,793)
PRODUCTS 2ND LIEN
T/L
GIP PILOT	-		-			1,161,140	-		-		-	1,458
ACQUISITION
PARTNERS T/L
KOPPERS T/L	-		-			1,251,613	(3,226)		1,688		95	36,927
VALCOUR PKG(MOLD-	3,750,000		-		-	-	-		-		-	(1,750,000)
RITE) T/L 2ND LIEN
Bank Loans	7,114,336		-		-	5,691,965	(16,459)		6,541		1,576	(1,892,009)
Corporate Bonds
LIFEPOINT HEALTH	-		-		-	2,138,189	-		-		-	(66,391)
INC
ANARAFE S.L.	357,193		-		-	30,860	-		(16,596)		-	(36,845)
DIGICEL GROUP LTD	-		-		-	-	-		-		-	-
TRAVELEX FINANCING	-					-	-		-		-	-
TRAVELEX ISSUERC	4,011,338		-		-	572,863	-		39,719		-	(284,338)
LTD
Corporate Bonds	4,368,532		-		-	2,741,912	-		23,123		-	(387,574)
Total	$ 11,645,281	$	-	$	-	$ 8,434,026	$ (16,459)	$	29,664	$	1,576	$ (2,331,192)