NPORT-EX 2 bgh.htm

Barings Global Short Duration High Yield Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022
									SHARES		COST		FAIR VALUE
Equities* — 0.91%:
Common Stocks — 0.87%:
			ESC CB 144A High Ridge¤						2,982	$	0	$	41,748
			KCA Deutag Ordinary A Shares						25,580		1,103,387		1,481,517
			Sabine Oil & Gas LLC¤						4,342		248,858		56,446
			Tourmaline Escrow Cash+¤						1,197,757		0		867,091
			Travelex Private Equity+¤						15,852		1		0
			Naviera Armas+¤						1,194		0		0
			Naviera Armas+¤						169		0		1,822
			Naviera Armas+¤						133		0		0
			Naviera Armas+¤						937		0		0
				Total Common Stocks					1,248,946		1,352,246		2,448,624
Warrant — 0.04%:
			Travelex Topco Limited+¤						2,218		0		111,442
				Total Warrant					2,218		0		111,442
				Total Equities					1,251,164		1,352,246		2,560,066
					EFFECTIVE INTEREST RATE‡		DUE DATE		PRINCIPAL		COST		FAIR VALUE
Fixed Income — 131.73%:
Asset-Backed Securities — 14.53%:
	CDO/CLO — 14.53%:
			610 FDG 2016-2R CLO LTD, 3M LIBOR + 7.250%+~^		9.96	%	1/20/2032	$	1,550,000	$	1,534,190	$	1,396,268
			Anchorage Capital 2016-9A ER2, 3M LIBOR + 6.820%+~^		9.33		7/15/2032		1,500,000		1,485,000		1,245,405
			Anchorage Capital CLO LTD 2013-1R, 3M LIBOR + 6.800%+~^		9.26		10/15/2030		1,000,000		977,213		837,575
			Anchorage Capital CLO LTD 2021-20 E, 3M LIBOR + 7.350%+~^		10.06		1/22/2035		1,000,000		980,000		860,633
			Ares CLO LTD 2013-27R2, 3M LIBOR + 6.750%+~^		9.54		10/30/2034		1,700,000		1,683,000		1,485,193
			Bain CAP CR CLO 2020-2R LTD, 3M LIBOR + 6.610%+~^		9.35		7/19/2034		1,000,000		990,000		828,448
			Ballyrock CLO LTD 2019-2R, 3M LIBOR + 6.500%+~^		9.48		11/20/2030		2,000,000		2,000,000		1,659,804
			BlueMountain CLO LTD 2018-23A, 3M LIBOR + 5.650%+~^		8.36		10/20/2031		1,000,000		1,000,000		797,099
			Canyon CLO LTD 2019-2R, 3M LIBOR + 6.750%+~^		9.26		10/16/2034		1,000,000		1,000,000		833,951
			Carbone CLO, LTD 2017-1A, 3M LIBOR + 5.900%+~^		8.61		1/21/2031		750,000		750,000		595,790
			Carlyle US CLO LTD 2019-3R, 3M LIBOR + 6.750%+~^		9.46		10/20/2032		1,000,000		1,000,000		851,177
			Carlyle Global Market Strategies 2017-5A, 3M LIBOR + 5.300%+~^		8.01		1/22/2030		700,000		700,000		536,040
			CIFC Funding  2020-1 LTD, 3M LIBOR + 6.250%+~^		8.76		7/15/2036		1,900,000		1,900,000		1,638,965
			Galaxy CLO LTD 2017-24A, 3M LIBOR + 5.500%+~^		8.01		1/15/2031		1,000,000		1,000,000		791,056
			GoldenTree Loan Management 2018-3A, 3M LIBOR + 6.500%+~^		9.21		4/22/2030		1,500,000		1,460,250		1,103,340
			GoldenTree Loan Opportunities XI LTD 2015-11A, 3M LIBOR + 5.400%+~^		8.14		1/18/2031		500,000		500,000		416,624
			KKR Financial CLO LTD 2017-20, 3M LIBOR + 5.500%+~^		8.24		10/16/2030		1,500,000		1,500,000		1,186,658
			KKR Financial CLO LTD 34-2, 3M LIBOR + 6.850%+~^		9.36		7/17/2034		2,000,000		1,980,000		1,683,820
			KVK 2016-1A ER2, 3M LIBOR + 7.350%+~^		9.86		10/16/2034		3,000,000		2,970,000		2,428,710
			LCM LTD 2031-30, 3M LIBOR + 6.500%+~^		9.21		4/21/2031		1,100,000		1,100,000		891,114
			Madison Park Funding LTD 2015-19A, 3M LIBOR + 4.350%+~^		7.11		1/24/2028		1,000,000		1,000,000		850,155
			Madison Park Funding LTD 2018-29A, 3M LIBOR + 7.570%+~^#		10.31		10/18/2030		2,000,000		1,960,000		1,624,500
			Madison Park Funding LTD XXXV 2019-35R E-R, 3M LIBOR + 6.100%+~^		8.81		4/20/2032		1,400,000		1,400,000		1,195,333
			Madison Park Funding LTD 2019-32R E-R, 3M LIBOR + 6.200%+~^		8.96		1/22/2031		1,000,000		1,000,000		852,671
			Magnetite CLO LTD 2016-18A, 3M LIBOR + 7.600%+~^		10.51		11/15/2028		1,400,000		1,386,000		1,114,754
			Octagon 2021-57 LTD, 3M LIBOR + 6.600%+~^		9.11		10/16/2034		1,500,000		1,500,000		1,278,098
			OHA Credit Partners LTD 2015-11A, 3M LIBOR + 7.900%+~^		10.61		1/20/2031		2,000,000		1,970,323		1,635,480
			OHA Loan Funding LTD 2013-1A, 3M LIBOR + 7.900%+~^		10.68		7/23/2031		1,500,000		1,477,500		1,158,242
			Sound Point CLO XVIII 2018-18D, 3M LIBOR + 5.500%+~^		8.21		1/21/2031		2,000,000		2,000,000		1,313,406
			Sound Point CLO LTD 2020-27R, 3M LIBOR + 6.560% E-R+~^		9.34		10/25/2034		1,400,000		1,372,000		1,077,027
			Sound Point CLO LTD Series 2020-1A Class ER, 3M LIBOR + 6.860%+~^		9.57		7/20/2034		1,600,000		1,584,000		1,292,492
			TICP CLO LTD 2018-10A, 3M LIBOR + 5.500%+~^		8.21		4/22/2030		1,000,000		953,486		837,136
			Wellfleet CLO LTD 2020-2R, 3M LIBOR + 7.250%+~^		9.76		7/17/2034		1,300,000		1,300,000		1,111,345
			Wellfleet CLO LTD 2017-3A, 3M LIBOR + 5.550%+~^		8.29		1/17/2031		1,500,000		1,500,000		1,135,352
			Wind River 2017-1A ER, 3M LIBOR + 7.060%+~^		9.80		4/18/2036		2,000,000		1,960,000		1,663,910
			Wind River CLO LTD 2017-4A, 3M LIBOR + 5.800%+~^		8.78		11/20/2030		1,000,000		1,000,000		803,906
				Total CDO/CLO					50,300,000		49,872,962		41,011,477
				Total Asset-Backed Securities					50,300,000		49,872,962		41,011,477
Bank Loans§ — 20.06%:
	Beverage, Food and Tobacco — 0.49%:
			Florida Food Products 2nd Lien T/L¤		9.67		10/18/2029	$	1,500,000	$	1,458,636	$	1,372,500
				Total Beverage, Food and Tobacco					1,500,000		1,458,636		1,372,500
	Broadcasting and Entertainment — 0.33%:
			Dessert Holdings~		9.50		6/8/2029		1,000,000		982,700		940,000
				Total Broadcasting and Entertainment					1,000,000		982,700		940,000
	Chemicals, Plastics and Rubber — 0.64%:
			Colouroz Investment 2 LLC~		5.25		9/21/2024		2,236,909		2,229,160		1,800,712
				Total Chemicals, Plastics and Rubber					2,236,909		2,229,160		1,800,712
	Diversified/Conglomerate Manufacturing — 1.62%:
			CP Iris Holdco I 2nd Lien T/L (IPS)¤~		9.52		9/21/2029		2,398,019		2,374,039		2,158,217
			SunSource, Inc.~		9.67		4/30/2026		2,500,000		2,510,588		2,406,250
				Total Diversified/Conglomerate Manufacturing					4,898,019		4,884,627		4,564,467
	Diversified/Conglomerate Service — 6.79%:
			Quest Software~		8.72		1/18/2030		5,603,324		5,524,274		3,214,907
			Sonicwall, Inc.~		9.01		5/18/2026		2,008,050		1,998,010		1,865,479
			Syncsort Incorporated (Precisely) 2nd Lien T/L~		8.43		3/19/2029		7,009,009		6,938,919		5,804,371
			Mitchell International 2nd Lien T/L~		9.57		10/1/2029		719,550		712,355		671,880
			Misys (Finastra)~		10.62		6/16/2025		9,427,472		9,295,075		7,606,839
				Total Diversified/Conglomerate Service					24,767,405		24,468,633		19,163,476
	Ecological — 0.42%:
			Patriot Container 2nd Lien T/L~		10.27		3/20/2026		1,400,000		1,322,736		1,200,500
				Total Ecological					1,400,000		1,322,736		1,200,500
	Electronics — 3.75%:
			McAfee Enterprise 2nd Lien T/L~		9.48		5/3/2029		11,567,000		11,489,004		10,593,406
				Total Electronics					11,567,000		11,489,004		10,593,406
	Healthcare, Education and Childcare — 0.88%:
			Clinigen+¤		8.25		4/5/2030		1,050,000		1,358,230		1,090,306
			Medical Solutions T/L¤~		9.88		9/22/2027		1,473,684		1,458,947		1,400,000
				Total Healthcare, Education and Childcare					2,523,684		2,817,177		2,490,306
	Leisure, Amusement, Entertainment — 0.10%:
			Odeon Cinemas Group T/L B 2+¤		10.21		8/11/2023		195,134		230,452		186,459
			Odeon Cinemas Group T/L B+¤		10.21		8/11/2023		92,227		124,213		100,401
				Total Leisure, Amusement, Entertainment					287,361		354,665		286,860
	Packaging and Containers — 2.29%:
			Pretium Package Holdings 2nd Lien T/L (9/21)~		10.49		9/21/2029		2,770,637		2,766,257		2,327,335
			Valcour Packaging (MOLD-RITE) 2nd Lien T/L¤~		7.50		9/30/2029		5,000,000		4,950,000		4,125,000
				Total Packaging and Containers					7,770,637		7,716,257		6,452,335
	Personal Transportation — 0.11%:
			Naviera Armas Bridge+¤		2.50		12/30/2022		101,552		124,532		106,492
			Naviera Armas Bridge~+¤		2.50		12/30/2022		63,244		77,536		66,320
			Naviera Armas Bridge+¤		2.50		12/30/2022		5,879		7,113		6,165
			Naviera Armas Bridge+¤		2.50		3/30/2028		116,303		132,602		121,961
				Total Personal Transportation					286,978		341,783		300,938
	Transportation — 2.64%:
			Kenan Advantage Group 2nd Lien T/L¤~		8.92		9/1/2027		5,171,806		5,056,119		4,758,062
			Worldwide Express 2nd Lien T/L~		9.25		7/26/2029		3,000,000		2,955,227		2,700,000
				Total Transportation					8,171,806		8,011,346		7,458,062
				Total Bank Loans					66,409,799		66,076,724		56,623,562
Corporate Bonds — 97.14%:
	Aerospace and Defense — 5.08%:
			American Airlines^#		11.75		7/15/2025	$	5,337,000	$	5,551,200	$	5,573,643
			Maxar Technologies^#		7.75		6/15/2027		1,500,000		1,500,000		1,408,110
			TransDigm Group, Inc.#		7.50		3/15/2027		5,893,000		5,902,782		5,610,136
			Triumph Group, Inc.#		7.75		8/15/2025		2,289,000		2,289,000		1,752,542
				Total Aerospace and Defense					15,019,000		15,242,982		14,344,431
	Automotive — 2.26%:
			Aston Martin Capital Holdings Ltd+^#		10.50		11/30/2025		850,000		905,130		832,626
			Ford Motor Company#		9.63		4/22/2030		5,000,000		5,974,681		5,554,650
				Total Automotive					5,850,000		6,879,811		6,387,276
	Broadcasting and Entertainment — 6.39%:
			Banijay+		6.50		3/1/2026		3,700,000		3,869,162		3,207,711
			Clear Channel Worldwide Holdings Inc.^#		7.75		4/15/2028		3,337,000		3,418,824		2,519,435
			Clear Channel Worldwide Holdings Inc.^#		7.50		6/1/2029		3,358,000		3,425,018		2,434,550
			Cox Media Group^#		8.88		12/15/2027		5,357,000		5,566,768		4,092,561
			Dish Dbs Corporation#		7.38		7/1/2028		4,000,000		3,931,820		2,693,384
			iHeartCommunications, Inc.#		8.38		5/1/2027		2,570,000		2,615,238		2,168,380
			Townsquare Media, LLC^#		6.88		2/1/2026		1,000,000		1,021,500		914,116
				Total Broadcasting and Entertainment					23,322,000		23,848,330		18,030,137
	Buildings and Real Estate — 4.37%:
			Ashton Woods USA, LLC^#		6.63		1/15/2028		1,000,000		896,442		837,170
			Ashton Woods USA, LLC		4.63		4/1/2030		100,000		78,925		71,615
			Maison Hold Limited+		6.00		10/31/2027		1,045,000		1,419,991		841,255
			Mattamy Group Corporation+^		4.63		3/1/2030		3,400,000		2,586,339		2,596,563
			Mattamy Group Corporation+#		5.25		12/15/2027		553,000		472,478		458,369
			New Enterprise Stone & Lime Co.		5.25		7/15/2028		949,000		852,879		777,620
			New Enterprise Stone & Lime Co.^#		9.75		7/15/2028		8,020,000		8,334,370		6,764,987
				Total Buildings and Real Estate					15,067,000		14,641,424		12,347,579
	Cargo Transport — 1.29%:
			Railworks Hldgs Lp / Railworks Sr^#		8.25		11/15/2028		2,247,000		2,224,273		2,090,402
			Seaspan Corporation+		5.50		8/1/2029		2,000,000		1,724,165		1,540,132
				Total Cargo Transport					4,247,000		3,948,438		3,630,534
	Chemicals, Plastics and Rubber — 5.81%:
			Consolidated Energy Finance S.A.+^#		6.50		5/15/2026		492,000		429,234		452,645
			ITT Holdings LLC^#		6.50		8/1/2029		5,338,000		5,050,011		4,140,985
			LSF11 A5 Holdco LLC^		6.63		10/15/2029		3,983,000		3,526,224		2,987,250
			Methanex Corporation+		5.25		12/15/2029		1,850,000		1,562,695		1,470,574
			Olympus Wtr Us Hldg Corporation^#		6.25		10/1/2029		1,530,000		1,498,667		1,048,050
			Prince^		9.00		2/15/2030		7,606,000		7,612,279		4,949,202
			Solenis#		7.13		10/1/2027		1,500,000		1,477,879		1,342,500
				Total Chemicals, Plastics and Rubber					22,299,000		21,156,989		16,391,206
	Commercial Services — 0.11%:
			Apcoa Parking Holdings+		4.63		1/15/2027		385,000		455,648		299,024
				Total Commercial Services					385,000		455,648		299,024
	Containers, Packaging and Glass — 5.09%:
			Ardagh Packaging+		4.75		7/15/2027		100,000		103,505		72,324
			Novolex Holdings, Inc.^#		8.75		4/15/2030		7,286,000		6,586,290		6,025,741
			Tekni-Plex^#		9.25		8/1/2024		9,000,000		8,960,289		8,258,882
				Total Containers, Packaging, and Glass					16,386,000		15,650,084		14,356,947
	Diversified/Conglomerate Manufacturing — 1.20%:
			Heat Exchangers+		7.78		10/9/2025		652,344		699,151		490,364
			International Desi+		6.50		11/15/2025		650,000		752,510		574,920
			Manitowoc Cranes^#		9.00		4/1/2026		2,538,000		2,541,859		2,308,387
				Total Diversified/Conglomerate Manufacturing					3,840,344		3,993,520		3,373,671
	Diversified/Conglomerate Service — 9.18%:
			Albion Fing 1 S A R L & Aggre Sr+^#		8.75		4/15/2027		1,800,000		1,809,422		1,494,000
			Apollo Asset Management, Inc.^#		6.25		1/15/2028		4,000,000		3,667,216		3,417,065
			Bcp V Modular Ser+		6.75		11/30/2029		1,000,000		1,155,455		676,232
			Global Infrastructure Solutions, Inc.^		7.50		4/15/2032		4,498,000		4,112,820		3,418,480
			Libra Group Bhd+		5.00		5/15/2027		700,000		850,082		540,270
			Mcafee^		7.38		2/15/2030		5,402,000		5,007,122		4,348,610
			Presidio, Inc.^#		8.25		2/1/2028		5,462,000		5,423,039		4,706,800
			Sabre Holdings^#		9.25		4/15/2025		1,751,000		1,759,072		1,676,425
			Summer BC Holdco+		9.25		10/31/2027		1,666,932		2,105,606		1,299,585
			United Site Services^		8.00		11/15/2029		2,397,000		2,374,500		1,747,972
			Verisure Midholding+		5.25		2/15/2029		3,575,000		4,324,292		2,575,194
				Total Diversified/Conglomerate Service					32,251,932		32,588,626		25,900,633
	Electronics — 1.70%:
			Neogen Corporation^#		8.63		7/20/2030		1,654,000		1,654,000		1,708,797
			Veritas Bermuda Ltd.^#		7.50		9/1/2025		4,024,000		3,819,690		3,081,760
				Total Electronics					5,678,000		5,473,690		4,790,557
	Finance — 5.78%:
			Avolon Holdings+^#		6.50		9/15/2024		8,820,964		7,662,770		6,637,775
			Galaxy Bidco Ltd.+		6.50		7/31/2026		500,000		668,425		454,992
			National Finance Partners#		7.50		10/1/2030		2,000,000		1,987,500		1,897,806
			OneMain Finance Corporation#		6.13		3/15/2024		1,000,000		983,411		963,190
			Progressive Holdings^		6.00		11/15/2029		3,631,000		3,201,719		2,901,223
			Travelex+¤		12.50		8/5/2025		2,477,389		3,169,797		3,457,645
			Travelex+¤>		8.00		5/15/2023		4,600,000		5,097,344		0
				Total Finance					23,029,353		22,770,966		16,312,631
	Forest Products and Paper — 0.87%:
			Sylvamo Corp.^#		7.00		9/1/2029		2,885,000		2,885,000		2,461,971
				Total Forest Products and Paper					2,885,000		2,885,000		2,461,971
	Healthcare, Education and Childcare — 3.73%:
			Bausch Health Companies Inc.+^#		9.00		12/15/2025		2,707,000		2,701,864		1,699,640
			Bausch Health Companies Inc.+#		11.00		9/30/2028		599,652		1,166,550		485,719
			Bausch Health Companies Inc.+#		14.00		10/15/2030		119,204		157,044		65,562
			Bausch Health Companies Inc.^#		9.25		2/1/2028		8,096,000		8,575,907		5,277,664
			CHS/Community Health Systems, Inc.		6.00		1/15/2029		1,000,000		859,078		734,820
			Cidron Aida Finco+		6.25		4/1/2028		1,650,000		2,275,266		1,450,811
			Community Health System Inc.^#		6.88		4/15/2029		286,000		286,000		138,035
			Stada+		5.00		9/30/2025		810,000		725,385		688,894
				Total Healthcare, Education and Childcare					15,267,856		16,747,094		10,541,145
	Home and Office Furnishings, Housewares, and Durable Consumer Products — 3.19%:
			BCPE Ulysses Intermediate Inc^#		7.75		4/1/2027		8,121,000		7,720,958		5,525,185
			LBM Borrower, LLC^		6.75		5/15/2026		1,659,000		1,377,735		912,433
			Staples Inc.^#		10.75		4/15/2027		3,478,000		3,572,542		2,573,720
				Total Home and Office Furnishings, Housewares, and Durable Consumer Products					13,258,000		12,671,235		9,011,338
	Internet — 0.35%:
			Millenium Escrow Corporation SR NT26^#		6.63		8/1/2026		1,260,000		1,270,874		996,085
				Total Internet					1,260,000		1,270,874		996,085
	Leisure, Amusement, Entertainment — 0.92%:
			Carnival Corp.+		10.13		2/1/2026		750,000		935,676		724,009
			Center Parcs+		6.50		8/28/2050		1,050,000		1,468,370		1,063,248
			Hurtigruten+		3.38		2/24/2025		1,000,000		815,735		813,438
				Total Leisure, Amusement, Entertainment					2,800,000		3,219,781		2,600,695
	Lodging — 0.30%:
			SANI/IKOS Financial Holdings+		5.63		12/15/2026		815,000		962,674		750,813
			Travelodge+~		7.04		7/15/2025		100,000		110,251		99,652
				Total Lodging					915,000		1,072,925		850,465
	Machinery (Non-Agriculture, Non-Construct, Non-Electronic) — 1.62%:
			Granite Holdings US Acquisition Co.^#		11.00		10/1/2027		1,000,000		1,099,865		942,708
			Harsco Corp.^		5.75		7/31/2027		1,000,000		868,394		624,789
			Oregon Tool^#		7.88		10/15/2029		1,207,000		1,207,000		817,743
			Sarens+		5.75		2/21/2027		1,625,000		1,783,930		1,074,988
			Titan Acquisition Ltd / Titan Co-Borrower LLC+^#		7.75		4/15/2026		1,412,000		1,450,029		1,116,089
				Total Machinery (Non-Agriculture, Non-Construct, Non-Electronic)					6,244,000		6,409,218		4,576,317
	Mining, Steel, Iron and Non-Precious Metals — 10.79%:
			Consol Energy Inc.^#		11.00		11/15/2025		8,316,000		8,571,015		8,513,505
			Coronado Global Resources Inc.+^#		10.75		5/15/2026		5,456,000		5,777,312		5,674,185
			First Quantum Minerals+^#		7.50		4/1/2025		9,775,000		9,542,575		9,407,753
			First Quantum Minerals+^#		6.88		10/15/2027		200,000		200,000		179,608
			Hecla Mining Company#		7.25		2/15/2028		4,699,000		5,023,563		4,359,262
			Warrior Met Coal Inc^#		7.88		12/1/2028		2,378,000		2,389,905		2,311,063
				Total Mining, Steel, Iron and Non-Precious Metals					30,824,000		31,504,370		30,445,376
	Oil and Gas — 18.05%:
			Antero Resources Corp.^#		7.63		2/1/2029		930,000		990,565		930,000
			Calumet Specialty Products^#		9.25		7/15/2024		2,850,000		2,793,945		2,909,325
			CGG SA+		7.75		4/1/2027		1,500,000		1,787,033		1,241,532
			CVR Energy Inc.^#		5.75		2/15/2028		3,850,000		3,410,451		3,288,635
			Enlink Midstream Partners LP#		5.60		4/1/2044		5,413,000		3,595,478		4,117,787
			Enlink Midstream Partners LP#		5.45		6/1/2047		3,000,000		2,390,519		2,191,379
			Genesis Energy LP#		7.75		2/1/2028		3,408,000		3,167,824		2,964,960
			Genesis Energy LP#		8.00		1/15/2027		2,639,000		2,640,240		2,315,723
			Harvest Midstream I L P^#		7.50		9/1/2028		1,458,000		1,470,748		1,362,743
			Hilcorp Energy I L P^#		6.25		11/1/2028		3,202,000		2,850,905		2,954,421
			KCA Deutag+		9.88		12/1/2025		1,179,286		1,179,286		1,078,655
			KCA Deutag¤		3.95		11/30/2025		1,343,874		1,343,874		1,343,874
			KCA Deutag¤		6.00		5/27/2027		946,790		946,790		946,790
			Neptune Energy Bondco PLC+^#		6.63		5/15/2025		7,028,000		6,693,982		6,607,637
			Nabors Industries LTD+^#		7.25		1/15/2026		802,000		769,485		697,859
			Nabors Industries LTD+^#		7.50		1/15/2028		630,000		594,170		514,225
			NGL Energy Finance Corp.^#		7.50		2/1/2026		3,031,000		3,101,929		2,696,408
			Occidental Pete Corp.#		8.50		7/15/2027		4,523,000		4,562,222		4,840,515
			Occidental Pete Corp.#		7.88		9/15/2031		2,500,000		2,640,393		2,668,750
			Range Res Corp#		8.25		1/15/2029		494,000		500,212		502,645
			Tullow Oil PLC+^#		10.25		5/15/2026		800,000		800,000		676,000
			Waldorf Production UK LD+		9.75		10/1/2024		525,001		525,001		523,164
			Weatherford Internatinoal Ltd Bermuda SR SEC Global+^#		6.50		9/15/2028		972,000		972,000		877,230
			Weatherford Intl Ltd Bermuda Sr Glbl+^#		8.63		4/30/2030		3,092,000		3,107,511		2,695,792
				Total Oil and Gas					56,116,951		52,834,563		50,946,049
	Personal Transportation — 0.46%:
			Hertz Corporation^		5.00		12/1/2029		1,100,000		867,465		820,611
			Naviera Armas+		12.94		3/31/2026		457,105		614,384		465,343
				Total Personal Transportation					1,557,105		1,481,849		1,285,954
	Pharmaceuticals — 0.12%:
			1375209 B C LTD+#		9.00		1/30/2028		337,703		809,852		336,859
				Total Pharmaceuticals					337,703		809,852		336,859
	Printing and Publishing — 2.34%:
			Getty Images Inc.^#		9.75		3/1/2027		5,234,000		5,378,685		5,194,745
			Cimpress N.V.+^#		7.00		6/15/2026		2,069,000		2,069,000		1,406,920
				Total Printing and Publishing					7,303,000		7,447,685		6,601,665
	Retail Store — 0.95%:
			Afflelou SAS, 3M EURIBOR + 8.000%+~		8.35		5/19/2027		1,300,000		1,564,542		1,203,987
			Casino+		4.50		3/7/2024		400,000		384,503		261,084
			Marcolin S.p.A+		6.13		11/15/2026		700,000		852,141		599,764
			Stonegate Pub Co., 3M EURIBOR + 5.750%+~		6.07		7/31/2025		700,000		829,567		610,569
				Total Retail Store					3,100,000		3,630,753		2,675,404
	Telecommunications — 3.33%:
			Altice France Holding S.A.+^#		10.50		5/15/2027		4,000,000		4,086,520		3,133,022
			Charter Communications Inc.		4.50		5/1/2032		2,000,000		1,641,196		1,525,340
			Commscope Inc.^#		8.25		3/1/2027		1,173,000		1,132,023		969,191
			Consolidated Communications^#		6.50		10/1/2028		832,000		832,000		622,103
			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		774,495
			Frontier Communications Hldgs Sr Sec Glbl^		6.00		1/15/2030		767,000		767,000		602,870
			Uniti Group LP / Uniti Group Finance Inc.^#		6.50		2/15/2029		330,000		330,000		221,169
			Viasat^#		6.50		7/15/2028		790,000		790,000		525,350
			Windstream Escrow LLC^#		7.75		8/15/2028		1,251,000		1,246,000		1,036,627
				Total Telecommunications					14,417,000		14,090,103		9,410,167
	Transportation — 1.86%:
			Carriage Purchaser Inc.^#		7.88		10/15/2029		6,356,000		5,739,459		4,734,081
			Castor S.p.A.+~		6.25		2/15/2029		477,000		542,554		425,775
			Titan Holdings II+		5.13		7/15/2029		113,000		133,866		86,658
				Total Transportation					6,946,000		6,415,879		5,246,514
				Total Corporate Bonds					330,606,244		329,141,689		274,150,630
				Total Fixed Income					447,316,043		445,091,375		371,785,669
				Total Investments						$	446,443,621	$	374,345,735
Other assets and liabilities — (32.64)%													(92,114,440)
				Net Assets — 100%								$	282,231,295
		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, 2022.
#		All or a portion of the security is segregated as collateral for the credit facility.
§		Bank loans are exempt from registration under the Securities Act of 1933, as amended, but contain certain restrictions on resale and cannot be sold publicly. These loans pay interest at rates which adjust periodically. The interest rates shown for bank loans are the current interest rates at September 30, 2022. Bank loans are also subject to mandatory and/or optional prepayment which cannot be predicted. As a result, the remaining maturity may be substantially less than the stated maturity shown.
>		Defaulted security.
		Distributions of investments by country of risk.  Percentage of assets are expressed by market value excluding cash and accrued income as of September 30, 2022.
				United States	82.7%
				United Kingdom	5.3%
				Zambia	2.6%
				France	1.8%
				Canada	1.7%
				Australia	1.5%
				Luxembourg	1.2%
				(Individually less than 1%)	3.2%
					100%

A summary of outstanding derivatives at September 30, 2022 is as follows:
Schedule of Open Forward Currency Contracts
September 30, 2022
						Forward			Unrealized
Currency to be		Currency to be		Counterparty of		Settlement			Appreciation /
Received		Delivered(1)		Contract		Date			(Depreciation)
926,291	USD	874,888	CAD	Morgan Stanley		10/14/2022			51,403
(2,813,910)	USD	(2,798,522)	EUR	JP Morgan Chase		10/14/2022			(15,388)
24,818,721	USD	24,174,643	EUR	JP Morgan Chase		10/14/2022			644,078
13,395,192	USD	12,896,250	GBP	Morgan Stanley		10/14/2022			498,942
(2,967,073)	USD	(2,923,652)	GBP	Morgan Stanley		10/14/2022			(43,421)
								$	1,135,614
(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		$	-			$	1,481,517			$	967,107			$	2,448,624
Warrants			-				-				111,442				111,442
Total Equities:			-				1,481,517				1,078,549				2,560,066
Fixed Income:
Asset-Backed Securities			-				41,011,477				-				41,011,477
Bank Loans			-				41,131,679				15,491,883				56,623,562
Corporate Bonds			-				268,402,321				5,748,309				274,150,630
Total Fixed Income			-				350,545,477				21,240,192				371,785,669
Foreign Exchange Contracts			-				1,135,614				-				1,135,614
Total Assets:		$	-			$	353,162,608			$	22,318,741			$	375,481,349

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, 2022. The table does not include Level 3 financial instruments with values based upon unadjusted third-party pricing information in the amount of $21,353,456. 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, 2022	Valuation Technique(s)	Unobservable Input
Equities
ESC CB 144A High Ridge	$41,748	Expected Transaction	$14.00; Value derived from pending receipt
Sabine Oil & Gas LLC	$56,446	Expected Transaction	$13.00; Value derived from pending receipt
Tourmaline Escrow Cash	$867,091	Withholding Tax Reclaim	$0.80; Priced at value of the withholding tax reclaim

Although the Fund believes the valuation methods described above are appropriate, the use of different methodologies or assumptions to determine fair value could result in different estimates of fair value at the reporting date.

The Fund discloses transfers between levels based on valuations at the end of the reporting period. Based on end of period market values, $5,117,176 was transferred from Level 2 to Level 3 for the period from January 1, 2022, through September 30, 2022. The following is a reconciliation of Level 3 investments based upon the inputs used to determine fair value:

	BALANCE AT DECEMBER 31, 2021	TRANSFERS INTO LEVEL 3	TRANSFERS OUT OF LEVEL 3	PURCHASES	SALES	ACCRETION OF DISCOUNT	REALIZED GAIN / (LOSS)	CHANGE IN UNREALIZED APPRECIATION / (DEPRECIATION) ON INVESTMENTS	BALANCE AT SEPTEMBER 30, 2022	CHANGE IN UNREALIZED APPRECIATION / (DEPRECIATION) FROM INVESTMENTS HELD AS OF SEPTEMBER 30, 2022
Equities
Boomerang Tube Holdings, Inc.	-	-	-	-	(4)	-	(3,510,829)	3,510,833	-	3,510,833
Class A2 Shares Stapled To 1.5L SSNS	-	-	-	-	-	-	-	-	-	-
Class A3 Shares Stapled To EUR TLB	-	-	-	-	-	-	-	-	-	-
Class B2 Shares Stapled To 1.5L SSNS	-	-	-	-	-	-	-	1,822	1,822	1,822
Class B3 Shares Stapled To EUR TLB	-	-	-	-	-	-	-	-	-	-
ESC CB 144A High Ridge	41,748	-	-	-	-	-	-	-	41,748	-
Sabine Oil & Gas LLC	56,446	-	-	-	-	-	-	-	56,446	-
Tourmaline Escrow Cash	946,881	-	-	-	-	-	-	(79,790)	867,091	(79,790)
Travelex Private Equity	-	-	-	-	-	-	-	-	-	-
Common Stocks	1,045,075	-	-	-	(4)	-	(3,510,829)	3,432,865	967,107	3,432,865
Travelex Topco Limited Warrant	225,162	-	-	-	-	-	-	(113,720)	111,442	(113,720)
Warrants	225,162	-	-	-	-	-	-	(113,720)	111,442	(113,720)
Total Equities	1,270,237	-	-	-	(4)	-	(3,510,829)	3,319,145	1,078,549	3,319,145
Bank Loans
Boomerang Tube, LLC	-	-	-	-	-	-	(2,608,648)	2,608,648	-	2,608,648
Cloudera 2nd Lien T/L	3,391,500	-	-	-	(3,400,000)	-	17,000	(8,500)	-	(8,500)
CP Iris Holdco I 2nd Lien T/L (IPS)	-	2,158,217	-	-	-	-	-	-	2,158,217	-
Florida Food Products 2nd Lien T/L	-	1,372,500	-	-	-	-	-	-	1,372,500	-
Kenan Advantage Group 2nd Lien T/L	3,155,947	-	-	1,935,000	-	10,176	-	(343,061)	4,758,062	(343,061)
Medical Solutions T/L	-	1,400,000	-	-	-	-	-	-	1,400,000	-
Naviera Armas Bridge	140,284	-	-	-	-	458	-	(18,781)	121,961	(18,781)
Naviera Armas Bridge	6,655	-	-	-	-	-	458	(948)	6,165	(948)
Naviera Armas Bridge	112,736	-	-	-	-	-	9,570	(15,814)	106,492	(15,814)
Naviera Armas Bridge	71,595	-	-	-	-	-	5,940	(11,215)	66,320	(11,215)
Odeon Cinemas Group T/L B	127,330	-	-	-	-	1,079	-	(28,008)	100,401	(28,008)
Odeon Cinemas Group T/L B	-	186,459	-	-	-	-	-	-	186,459	-
Clinigen	-	-	-	1,357,305	-	925	-	(267,924)	1,090,306	(267,924)
Valcour Packaging (MOLD-RITE) 2nd Lien T/L	4,975,000	-	-	-	-	-	-	(850,000)	4,125,000	(850,000)
Bank Loans	11,981,047	5,117,176	-	3,292,305	(3,400,000)	12,638	(2,575,680)	1,064,397	15,491,883	1,064,397
Corporate Bonds
Digicel Limited	-	-	-	-	-	-	-	-	-	-
KCA Deutag	-	-	-	946,790	-	-	-	-	946,790	-
KCA Deutag	-	-	-	1,343,874	-	-	-	-	1,343,874	-
Travelex	3,690,853	-	-	1,294,860	(822,970)	37,280	236,712	(979,090)	3,457,645	(979,090)
Travelex	-	-	-	-	-	-	-	-	-	-
Corporate Bonds	3,690,853	-	-	3,585,524	(822,970)	37,280	236,712	(979,090)	5,748,309	(979,090)
Total	$ 16,942,137	$    5,117,176	$                 -	$  6,877,829	$(4,222,974)	$         49,918	$(5,849,797)	$  3,404,452	$ 22,318,741	$  3,404,452