NPORT-EX 2 bgh2.htm

Barings Global Short Duration High Yield Fund
SCHEDULE OF INVESTMENTS
March 31, 2025
(Unaudited)
									SHARES		COST		FAIR VALUE
Equities* — 0.09%:
Common Stocks — 0.09%:
			Cohesity¤						3,755	$	58,936	$	86,365
			Cohesity¤						2,595		40,730		59,685
			Flint Group Ordinary A Shares Stapled to 2L¤+						1,395,572		149		0
			ESC CB 144A High Ridge¤						2,982		0		0
			KCA Deutag¤+						25,580		176,400		119,988
			Travelex Private Equity Stapled to 12.5% New Money Notes¤+						16,764		1		0
			Naviera  Armas¤+						14,621,136		0		0
				Total Common Stocks					16,068,384		276,216		266,038
Warrant — 0.00%:
			Travelex Topco Limited¤+						2,218		0		5,730
				Total Warrant					2,218		0		5,730
				Total Equities					16,070,602		276,216		271,768
					EFFECTIVE INTEREST RATE‡		DUE DATE		PRINCIPAL		COST		FAIR VALUE
Fixed Income — 137.46%:
Asset-Backed Securities — 7.19%:
	CDO/CLO — 7.19%:
			610 FDG 2016-2R CLO LTD, 3M SOFR + 7.510%+~^#		11.80	%	1/20/2034	$	1,550,000	$	1,534,190	$	1,534,175
			Anchorage Capital CLO LTD, 3M SOFR + 7.000%+^~#		11.29		1/20/2035		1,000,000		1,000,000		995,381
			Ares CLO LTD, 3M SOFR + 6.750%+^~#		11.05		10/28/2034		1,700,000		1,700,000		1,696,376
			Bain CAP CR CLO 2020-2R LTD, 3M SOFR + 6.610%+~^#		11.16		7/19/2034		1,000,000		990,000		983,097
			Canyon Capital, 3M SOFR + 4.75%+^~#		9.06		4/15/2038		1,175,000		1,175,000		1,174,973
			Canyon Capital, 3M SOFR + 6.000+^~#		10.31		10/15/2034		1,000,000		1,000,000		980,044
			Carbone CLO, LTD 2017-1A, 3M SOFR + 5.900%+~^#		10.45		1/20/2031		750,000		750,000		715,320
			CIFC Funding  2020-1 LTD, 3M SOFR + 6.250%+~^#		10.81		7/15/2036		1,900,000		1,900,000		1,890,762
			KKR Financial CLO LTD 2017-20, 3M SOFR + 5.500%+~^#		10.07		10/16/2030		1,500,000		1,500,000		1,500,131
			KKR Financial CLO LTD 34-2, 3M SOFR + 6.850%+~^#		11.41		7/15/2034		2,000,000		1,980,000		1,986,680
			Madison Park Funding LTD XXXV 2019-35R E-R, 3M SOFR + 6.100%+~^#		10.65		4/20/2032		1,400,000		1,400,000		1,399,999
			Octagon 2021-57 LTD, 3M SOFR + 6.600%+~^#		11.16		10/15/2034		1,500,000		1,500,000		1,497,774
			Sound Point CLO XVIII 2018-18D, 3M SOFR + 5.500%+~^#		10.05		1/21/2031		2,000,000		2,000,000		1,600,630
			Sound Point CLO LTD 2020-27R, 3M SOFR + 6.560% E-R+~^#		11.12		10/25/2034		1,400,000		1,372,000		1,241,150
			Sound Point CLO LTD Series 2020-1A Class ER, 3M SOFR + 6.860%+~^#		11.41		7/20/2034		1,600,000		1,584,000		1,471,037
			Wind River 2017-1A ER, 3M SOFR + 7.060%+~^#		11.61		4/18/2036		2,000,000		1,960,000		1,819,058
				Total CDO/CLO					23,475,000		23,345,190		22,486,587
				Total Asset-Backed Securities					23,475,000		23,345,190		22,486,587
Bank Loans§  — 25.86%:
	Beverage, Food and Tobacco — 0.11%:
			8th Avenue Food & Provisions, 3M SOFR + 7.7500%~		12.19		10/1/2026		368,204		295,481		337,021
				Total Beverage, Food and Tobacco					368,204		295,481		337,021
	Broadcasting and Entertainment — 1.62%:
			Cox Media Group, 3M SOFR + 3.5000%~		7.93		6/18/2029		711,788		656,207		665,935
			Learfield Communications, Inc., 3M SOFR + 5.0000%~		9.07		6/30/2028		3,439,479		3,373,369		3,437,759
			Twitter		9.50		2/14/2030		931,201		931,201		954,649
				Total Broadcasting and Entertainment					5,082,468		4,960,777		5,058,343
	Chemicals, Plastics and Rubber — 0.92%:
			Flint Group  2L, 3M EURIBOR + 6.9000% PIK and 0.1000% Cash~		11.89		12/31/2027		1,859,525		681,480		204,548
			ICP Group 3M SOFR + 3.7500%~		8.62		1/31/2028		908,797		824,272		748,240
			Prince 3M SOFR + 4.2500%~		8.69		3/30/2029		2,188,419		2,146,416		1,917,602
				Total Chemicals, Plastics and Rubber					4,956,741		3,652,168		2,870,390
	Consumer Goods: Non-durable — 0.40%:
			Highline Aftermarket, 3M SOFR + 3.500%¤~		7.82		2/15/2030		1,262,143		1,258,988		1,257,410
				Total Consumer Good: Non-durable					1,262,143		1,258,988		1,257,410
	Containers, Packaging and Glass — 1.03%:
			Five Star, 3M SOFR + 4.2500%~		8.54		5/7/2029		1,989,796		1,962,108		1,946,020
			Trident Parent, LLC, 3M SOFR + 3.7500%~		8.19		9/15/2028		1,332,709		1,293,932		1,285,611
				Total Containers, Packaging and Glass					3,322,505		3,256,040		3,231,631
	Diversified/Conglomerate Service — 2.13%:
			Internet Brands, Inc., 3M SOFR + 4.2500%~		8.57		4/20/2028		1,400,859		1,373,102		1,324,694
			Internet Brands, Inc., 3M SOFR + 4.2500%~		8.56		12/11/2031		2,943,088		2,903,043		2,692,102
			Quest Software, 3M SOFR + 7.5000%~		8.69		1/19/2029		1,336,145		1,013,289		714,838
			Sabre Holdings Corporation, 3M SOFR + 5.0000%~		9.42		6/30/2028		556,328		530,453		534,309
			Sonicwall, Inc., 3M SOFR + 7.5000%~		11.98		5/18/2026		1,506,038		1,498,508		1,390,736
				Total Diversified/Conglomerate Service					7,742,458		7,318,395		6,656,679
	Electronics — 2.89%:
			Precisely 3M SOFR + 4.0000%~		8.85		4/24/2028		5,791,155		5,718,049		5,564,663
			Presidio, Inc., 3M SOFR + 3.5000%~		8.07		5/8/2031		3,483,589		3,466,171		3,472,720
				Total Electronics					9,274,744		9,184,220		9,037,383
	Environmental Industries — 0.62%:
			GFL Environmental Services, 3M SOFR + 2.500%~		6.81		2/4/2032		1,971,045		1,971,044		1,949,363
				Total Environmental Industries					1,971,045		1,971,044		1,949,363
	Finance — 7.15%:
			Aspen Insurance Holdings LTD.¤		9.25		10/15/2028		2,765,731		2,738,074		2,738,074
			Aspen Insurance Holdings LTD.¤+		9.25		10/15/2028		4,523,873		4,482,763		4,478,634
			Cetera Financial Group, 3M SOFR + 3.5000%~		7.82		8/9/2030		4,531,319		4,432,858		4,489,042
			Cohesity		7.75		11/1/2031		2,738,000		2,738,000		2,720,887
			Cohesity, 3M SOFR + 4.0000%~		8.43		10/30/2031		2,713,806		2,686,668		2,679,884
			Kidde Global Solutions, 3M SOFR + 4.2500%~		8.56		10/31/2031		2,159,821		2,138,223		2,115,717
			Sunbelt Solomon, 3M SOFR + 4.2500%~		8.57		10/16/2031		3,158,867		3,127,278		3,139,124
				Total Finance					22,591,417		22,343,864		22,361,362
	Healthcare and Pharmaceuticals — 1.91%:
			Athenahealth, Inc., 3M SOFR + 3.000%~		7.32		1/26/2029		2,545		2,538		2,509
			Bausch Health Companies, 3M SOFR + 6.2500%~		10.57		9/25/2030		2,359,633		2,300,642		2,265,248
			DuPage Medical Group Limited, 3M SOFR + 3.000%~		7.59		3/13/2028		865,745		802,050		751,034
			NAPA Management Services Corp, 3M SOFR + 5.250%~		9.66		2/23/2029		1,271,722		1,190,220		1,168,166
			Summit Behavioral Healthcare, 3M SOFR + 4.250%~		8.55		11/24/2028		560,427		467,957		467,957
			Team Health, 3M SOFR + 5.2500%~		9.54		3/2/2027		1,346,390		1,318,298		1,308,906
				Total Healthcare and Pharmaceuticals					6,406,462		6,081,705		5,963,820
	Healthcare, Education and Childcare — 0.51%:
			LifePoint Health, 3M SOFR + 3.7500%~		8.41		5/16/2031		869,995		868,907		842,442
			Medical Solutions T/L, 3M SOFR + 7.0000%~		11.39		9/22/2027		1,473,684		1,458,947		736,842
				Total Healthcare, Education and Childcare					2,343,679		2,327,854		1,579,284
	High Tech Industries — 1.02%:
			BMC Software, 3M SOFR + 3.000%~		7.29		7/30/2031		3,229,994		3,253,191		3,169,981
			McAfee Enterprise, 3M SOFR + 1.5000% (6.35% PIK)~		6.05		7/27/2028		21,146		21,146		10,700
			Veritas		16.93		12/9/2029		3,510		3,510		3,510
				Total High Tech Industries					3,254,650		3,277,847		3,184,191
	Home and Office Furnishings, Housewares, and Durable Consumer Products — 0.36%:
			Houghton Mifflin Harcourt Pub Inc, 3M SOFR + 5.2500%~		9.67		4/4/2029		1,143,138		1,128,015		1,128,140
				Total Home and Office Furnishings, Housewares, and Durable Consumer Products					1,143,138		1,128,015		1,128,140
	Insurance — 0.28%:
			Goosehead Insurance, Inc, 3M SOFR + 3.5000%¤~		7.82		12/11/2031		880,999		878,797		882,100
				Total Insurance					880,999		878,797		882,100
	Oil and Gas — 0.43%:
			Freeport LNG Investments, 3M SOFR + 3.5000%		7.54		12/21/2028		0		139		0
			Ngl Energy Finance Corp. 3M SOFR + 3.7500%~		8.07		1/27/2031		1,365,282		1,355,042		1,356,749
				Total Oil and Gas					1,365,282		1,355,181		1,356,749
	Packaging and Containers — 0.50%:
			Pretium Package Holdings 2nd Lien T/L (9/21), 3M SOFR + 6.7500%~		11.53		9/21/2029		2,770,637		2,760,837		590,146
			Valcour Packaging (MOLD-RITE), 3M SOFR + 1.5000% (2.25% PIK)~		5.92		10/10/2028		1,169,977		981,649		988,994
				Total Packaging and Containers					3,940,614		3,742,486		1,579,140
	Printing and Publishing — 0.50%:
			Nielsen Holdings Ltd., 3M SOFR + 5.0000%~		9.39		4/11/2029		1,814,273		1,654,657		1,558,570
				Total Printing and Publishing					1,814,273		1,654,657		1,558,570
	Services: Business — 0.89%:
			Sabre, 1M SOFR + 6.0000%~		10.42		11/15/2029		808,973		812,047		788,748
			The Fidelis Partnership, 3M SOFR + 5.0000%¤~		15.31		12/31/2031		2,000,000		1,990,000		1,990,000
				Total Services: Business					2,808,973		2,802,047		2,778,748
	Telecommunication — 2.59%:
			BMC Software, 3M SOFR + 5.7500%~		10.04		7/2/2032		5,505,564		5,456,335		5,285,341
			Consolidated Communications Hldgs., 3M SOFR + 3.500%~		7.93		2/10/2027		890,000		884,967		885,692
			Marlink, 3M SOFR + 3.750%~		8.32		6/28/2029		984,893		974,008		982,923
			Zayo Group, 3M SOFR + 3.0000%~		7.44		3/9/2027		1,000,000		950,497		928,750
				Total Telecommunication					8,380,457		8,265,807		8,082,706
				Total Bank Loans					88,910,252		85,755,373		80,853,030
Convertible Bond — 0.39%:
	Retail Store — 0.39%:
			Ocado Group PLC+#		6.25		8/6/2029		1,291,756		1,289,438		1,223,485
				Total Retail Store					1,291,756		1,289,438		1,223,485
				Total Convertible Bond					1,291,756		1,289,438		1,223,485
Corporate Bonds — 104.02%:
	Aerospace and Defense — 1.43%:
			American Airlines^		8.50		5/15/2029	$	858,000	$	858,000	$	870,985
			Spirit AeroSystems Inc^		9.75		11/15/2030		2,577,000		2,627,527		2,846,052
			Triumph Group, Inc.^		9.00		3/15/2028		709,000		709,000		745,372
				Total Aerospace and Defense					4,144,000		4,194,527		4,462,409
	Automobile — 0.85%:
			Adient PLC+^		8.25		4/15/2031		870,000		870,000		842,859
			Forvia SE+#		5.63		6/15/2030		486,586		490,479		475,638
			INA-Holding Schaeffler GmbH & Co KG+#		7.00		11/15/2031		1,312,702		1,300,693		1,345,342
				Total Automobile					2,669,288		2,661,172		2,663,839
	Banking — 0.36%:
			Macquarie Airfinance Holdings Ltd.+^		8.13		3/30/2029		281,000		281,000		294,862
			Macquarie Airfinance Holdings Ltd.+^		8.38		5/1/2028		788,000		788,000		821,589
				Total Banking					1,069,000		1,069,000		1,116,451
	Beverage, Food and Tobacco — 1.45%:
			La Doria SpA, 3M EURIBOR + 4.5000%+~		7.12		11/12/2029		594,717		590,015		595,609
			Rise Baking^		8.63		11/1/2031		2,091,000		2,090,216		1,933,088
			Walgreens		8.13		8/15/2029		1,957,000		1,978,900		1,998,304
				Total Beverage, Food and Tobacco					4,642,717		4,659,131		4,527,001
	Broadcasting and Entertainment — 3.78%:
			Altice USA Inc.^		11.75		1/31/2029		2,723,000		2,685,468		2,641,250
			Clear Channel Worldwide Holdings Inc.^		9.00		9/15/2028		708,000		708,000		726,858
			Clear Channel Worldwide Holdings Inc.^		7.75		4/15/2028		3,337,000		3,385,768		2,873,336
			Connect Finco Sarl+^		9.00		9/15/2029		1,186,000		1,186,000		1,080,508
			Cox Media Group^#		8.88		6/18/2029		744,000		552,736		641,700
			Directv^#		10.00		2/15/2031		588,000		588,000		562,479
			Dish Dbs Corporation		7.38		7/1/2028		2,000,000		1,644,379		1,423,071
			Dish Network Corporation^		11.75		11/15/2027		1,770,000		1,767,009		1,865,281
				Total Broadcasting and Entertainment					13,056,000		12,517,360		11,814,483
	Buildings and Real Estate — 4.82%:
			Knife River Corporation^		7.75		5/1/2031		2,107,000		2,121,257		2,194,352
			Landsea Homes Corp ^		8.88		4/1/2029		2,000,000		1,975,244		1,905,706
			Maison Hold Limited+#		6.00		10/31/2027		2,313,535		2,348,722		2,261,480
			Service Properties Trust		8.38		6/15/2029		673,000		666,277		672,598
			Service Properties Trust		8.88		6/15/2032		2,330,000		2,198,638		2,306,055
			Smyrna Ready Mix Concrete^		8.88		11/15/2031		1,583,000		1,583,000		1,639,863
			The New Home Company^		9.25		10/1/2029		1,369,000		1,432,945		1,404,029
			VIRIDIEN+^#		8.75		4/1/2027		680,000		686,422		694,878
			Wilsonart LLC^		11.00		8/15/2032		2,187,000		2,168,390		2,000,608
				Total Buildings and Real Estate					15,242,535		15,180,895		15,079,569
	Cargo Transport — 4.85%:
			Atlas Corporation+^		5.50		8/1/2029		4,786,000		4,123,384		4,330,918
			Carriage Purchaser Inc.^		7.88		10/15/2029		7,106,000		6,501,399		6,324,859
			OneSky Flight, LLC^		8.88		12/15/2029		1,663,000		1,673,527		1,679,916
			Railworks Hldgs Lp / Railworks Sr^		8.25		11/15/2028		2,881,000		2,833,434		2,818,704
				Total Cargo Transport					16,436,000		15,131,744		15,154,397
	Chemicals, Plastics and Rubber — 4.04%:
			Bausch Health Companies+^		10.00		4/15/2032		2,000,000		2,012,500		1,986,418
			Consolidated Energy Finance SA+^		6.50		5/15/2026		492,000		469,634		476,010
			Consolidated Energy Finance SA+^		12.00		2/15/2031		447,000		422,488		445,843
			Ineos+#		5.63		8/15/2030		108,130		104,105		107,905
			Monitchem HoldCo+#		8.75		5/1/2028		654,188		650,767		655,908
			Monitchem HoldCo, 3M EURIBOR + 5.2500%+~#		7.75		5/1/2028		232,480		231,799		232,480
			Prince^		9.00		2/15/2030		4,540,000		4,475,887		3,700,930
			Proman AG+^		5.63		10/15/2028		3,427,000		3,089,762		2,947,220
			Windsor Holdings III LLC^		8.50		6/15/2030		2,000,000		2,000,000		2,063,682
				Total Chemicals, Plastics and Rubber					13,900,798		13,456,942		12,616,396
	Containers, Packaging and Glass — 4.82%:
			Mauser Packaging Solutions^		7.88		4/15/2027		5,197,000		5,197,000		5,093,060
			Novolex Holdings, Inc.^		8.75		4/15/2030		7,423,000		6,886,795		7,499,343
			SCI Packaging Inc.^		9.25		4/15/2027		1,327,000		1,261,567		1,252,181
			Trident Parent, LLC^		12.75		12/31/2028		1,151,000		1,153,940		1,234,068
				Total Containers, Packaging, and Glass					15,098,000		14,499,302		15,078,652
	Diversified/Conglomerate Manufacturing — 1.37%:
			Alta Equipment Group^		9.00		6/1/2029		2,046,000		1,999,409		1,785,383
			IMA, 3M EURIBOR + 3.7500%+~		6.54		4/15/2029		1,503,011		1,490,348		1,502,470
			Trivium+^#		8.50		8/15/2027		1,000,000		1,000,000		995,266
				Total Diversified/Conglomerate Manufacturing					4,549,011		4,489,757		4,283,119
	Diversified/Conglomerate Service — 16.09%:
			Albion Fing 1 S A R L & Aggre Sr+^		8.75		4/15/2027		1,800,000		1,804,865		1,826,719
			AMS Osram AG+#		10.50		3/30/2029		1,766,849		1,733,478		1,780,224
			Citrix EM^		9.00		9/30/2029		9,615,000		9,455,134		9,577,064
			Citrix EM^		8.25		6/30/2032		1,259,000		1,259,000		1,279,614
			Engineering Group, 3M EURIBOR + 5.7500%+~		8.11		2/15/2030		508,213		489,272		510,453
			Engineering Group+#		11.13		5/15/2028		1,605,735		1,627,861		1,694,051
			Global Infrastructure Solutions, Inc.^		7.50		4/15/2032		6,554,000		6,067,015		6,464,174
			Icahn Enterprises LP		9.00		6/15/2030		10,709,000		10,704,214		10,151,395
			Icahn Enterprises LP^		10.00		11/15/2029		2,377,000		2,377,000		2,361,413
			Jacobs Entertainment Inc^		6.75		2/15/2029		1,000,000		936,933		960,467
			Mangrove Luxco III Sarl, 3M EURIBOR + 5.0000%+~		7.79		7/15/2029		919,108		909,500		927,352
			Sabre Holdings Corporation^		8.63		6/1/2027		2,354,000		2,211,791		2,329,355
			Sabre Holdings Corporation^		10.75		11/15/2029		2,752,000		2,461,362		2,769,934
			Sinclair Television Group Inc^#		8.13		2/15/2033		967,000		968,363		954,364
			Summer BC Holdco+		9.25		10/31/2027		1,802,459		2,061,503		1,811,471
			Verisure Midholding AB+#		7.13		2/1/2028		989,392		994,381		1,022,864
			Verisure Midholding+		5.25		2/15/2029		3,865,659		4,322,357		3,867,824
				Total Diversified/Conglomerate Service					50,844,415		50,384,029		50,288,738
	Electricity — 0.47%:
			XPLR Infrastructure Operating Partners LP^#		8.38		1/15/2031		718,000		718,000		705,500
			XPLR Infrastructure Operating Partners LP^#		8.63		3/15/2033		789,000		789,000		768,185
				Total Electricity					1,507,000		1,507,000		1,473,685
	Electronics — 0.35%:
			Presidio, Inc.^		7.50		6/1/2031		1,092,000		1,092,000		1,100,562
				Total Electronics					1,092,000		1,092,000		1,100,562
	Finance — 7.66%:
			Arrow Global+		9.63		12/15/2029		775,054		760,774		788,617
			Arrow Global, 3M EURIBOR + 5.2500%+~#		8.00		12/15/2029		963,441		898,512		963,200
			Cable & Wireless Comm Limited+^#		9.00		1/15/2033		807,000		806,413		793,775
			Cerved Group, 3M EURIBOR + 5.250%+~		7.75		2/15/2029		515,782		542,554		496,440
			Cetera Financial Group^		10.00		8/15/2030		1,107,000		1,107,000		1,188,414
			CPUK Finance LTD+#		7.88		8/28/2029		645,878		624,774		653,641
			Galaxy Bidco Ltd.+#		8.13		12/19/2029		813,806		803,346		836,918
			Grand City Properties+#		6.13		4/16/2174		648,782		602,769		639,699
			Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI)^		8.00		6/15/2027		428,000		428,000		443,042
			IHO+^#		8.00		11/15/2032		457,149		463,435		445,498
			Jefferson Capital^		9.50		2/15/2029		3,000,000		3,053,635		3,183,552
			OneMain Finance Corporation		7.88		3/15/2030		600,000		596,478		620,495
			PRA Group^		8.38		2/1/2028		4,518,000		4,332,169		4,615,517
			PRA Group^		8.88		1/31/2030		2,000,000		1,992,500		2,085,646
			Sable International+^		7.13		10/15/2032		1,272,000		1,272,000		1,219,403
			Travelex(12.50%PIK)¤+		12.50		8/5/2025		4,551,926		4,617,671		4,597,445
			Travelex¤+#>		8.00		5/15/2025		4,973,995		5,097,344		0
			TVL FINANCE PLC, 3M EURIBOR + 3.7500%+~		6.11		6/30/2030		378,456		375,847		373,822
				Total Finance					28,456,269		28,375,221		23,945,124
	Healthcare and Pharmaceuticals — 1.95%:
			Bayer+		7.00		9/25/2083		648,782		647,912		685,360
			Cheplapharm+#		7.50		5/15/2030		810,977		864,082		749,877
			Grifols+		7.13		5/1/2030		1,178,621		1,143,841		1,218,599
			Neopharmed+#		7.13		4/8/2030		248,700		250,831		259,468
			Team Health (4.50% PIK)^		9.00		6/30/2028		2,941,000		3,283,770		3,168,927
				Total Healthcare and Pharmaceuticals					5,828,080		6,190,436		6,082,231
	Healthcare, Education and Childcare — 10.24%:
			Bausch Health Companies Inc.+^		9.00		1/30/2028		1,337,000		1,541,336		1,336,267
			Bausch Health Companies Inc.+^		14.00		10/15/2030		118,000		146,374		111,445
			Community Health System Inc.^		10.88		1/15/2032		4,111,000		4,205,585		4,047,530
			Community Health System Inc.^		6.88		4/15/2029		286,000		286,000		185,477
			Fortrea^#		7.50		7/1/2030		1,790,000		1,651,876		1,619,492
			LifePoint Health Inc.^		9.88		8/15/2030		2,140,000		2,138,189		2,257,366
			LifePoint Health Inc.^		11.00		10/15/2030		3,057,000		3,107,686		3,321,559
			LifePoint Health Inc.^#		10.00		6/1/2032		3,407,000		3,382,629		3,249,971
			Neogen Corporation^		8.63		7/20/2030		2,636,000		2,666,527		2,774,796
			Nidda BondCo GmbH+#		7.50		8/21/2026		357,152		343,544		364,634
			Nidda BondCo GmbH+#		5.63		2/21/2030		932,083		942,901		946,057
			Nidda BondCo GmbH, 3M EURIBOR + 3.7500%+~		6.31		10/23/2030		749,343		758,040		753,521
			Radiology Partners Inc. (3.50% PIK)^		7.78		1/31/2029		1,876,519		1,665,610		1,848,371
			Radiology Partners Inc. (9.78% PIK)^		9.78		2/15/2030		6,978,020		7,220,785		6,472,114
			Ray Financing LLC#		6.50		7/15/2031		642,294		640,991		657,549
			Recordati, 3M EURIBOR + 3.8750%+~#		6.23		12/31/2029		1,081,303		1,086,555		1,086,710
			Star Parent Inc^#		9.00		10/1/2030		1,000,000		1,034,761		985,334
				Total Healthcare, Education and Childcare					32,498,714		32,819,389		32,018,193
	High Tech Industries — 2.09%:
			Athenahealth, Inc.+#		9.00		12/18/2029		518,949		506,529		556,859
			Hughes Satellite Systems Corp		10.75		11/30/2029		5,712,000		6,124,327		5,990,534
				Total High Tech Industries					6,230,949		6,630,856		6,547,393
	Home and Office Furnishings, Housewares, and Durable Consumer Products — 0.93%:
			Staples Inc.^		10.75		9/1/2029		939,000		930,183		846,278
			Staples Inc.^		12.75		1/15/2030		3,055,898		3,106,060		2,061,959
				Total Home and Office Furnishings, Housewares, and Durable Consumer Products					3,994,898		4,036,243		2,908,237
	Hotels, Motels, Inns and Gaming — 1.45%:
			888 Acquisitions LTD, 3M EURIBOR + 5.500%+~#		8.29		7/15/2028		1,512,743		1,437,103		1,507,070
			Full House Resorts^#		8.25		2/15/2028		1,500,000		1,500,000		1,482,443
			Motel One+		7.75		4/2/2031		1,081,303		1,151,399		1,155,459
			TUI Cruises+#		6.25		4/15/2029		378,456		376,057		392,175
				Total Hotels, Motels, Inns and Gaming					4,472,502		4,464,559		4,537,147
	Leisure, Amusement, Entertainment — 1.38%:
			Center Parcs+#		6.50		8/28/2026		1,065,699		1,132,432		1,056,485
			Motion Topco Limited+#		7.38		6/15/2030		1,730,085		1,723,284		1,710,059
			Ontario Gaming GTA LP+^		8.00		8/1/2030		694,000		699,664		690,080
			Silk TopCo AS+		7.00		2/12/2030		928,392		841,799		856,534
				Total Leisure, Amusement, Entertainment					4,418,176		4,397,179		4,313,158
	Machinery (Non-Agriculture, Non-Construct, Non-Electronic) — 0.47%:
			Copeland #		6.38		12/15/2030		1,438,133		1,498,592		1,479,839
				Total Machinery (Non-Agriculture, Non-Construct, Non-Electronic)					1,438,133		1,498,592		1,479,839
	Mining, Steel, Iron and Non-Precious Metals — 2.06%:
			Arsenal AIC Parent LLC^		8.00		10/1/2030		1,182,000		1,180,155		1,205,488
			Cornerstone Building Brands Inc^		9.50		8/15/2029		2,188,000		2,188,000		1,805,100
			First Quantum Minerals Ltd+^		9.38		3/1/2029		1,347,000		1,347,000		1,416,661
			First Quantum Minerals Ltd+^#		8.00		3/1/2033		1,990,000		1,990,000		2,016,099
				Total Mining, Steel, Iron and Non-Precious Metals					6,707,000		6,705,155		6,443,348
	Oil and Gas — 15.38%:
			CGG SA+		7.75		4/1/2027		1,621,955		1,787,033		1,653,388
			CVR Energy Inc.^		5.75		2/15/2028		2,000,000		1,846,185		1,863,517
			Genesis Energy LP		7.75		2/1/2028		3,408,000		3,265,441		3,441,228
			Genesis Energy LP		8.00		1/15/2027		908,000		909,365		925,145
			Genesis Energy LP		8.88		4/15/2030		1,000,000		982,660		1,037,743
			Genesis Energy LP		7.88		5/15/2032		1,000,000		1,000,000		1,006,798
			Genesis Energy LP		8.00		5/15/2033		773,000		773,000		778,627
			Global Partners LP^		8.25		1/15/2032		1,361,000		1,361,000		1,395,530
			Harvest Midstream I LP^		7.50		5/15/2032		3,265,000		3,310,473		3,349,648
			Hilcorp Energy I L P^		7.25		2/15/2035		9,487,000		9,337,397		9,057,532
			IMTT^		6.50		8/1/2029		6,018,000		5,728,057		5,550,915
			Nabors Industries LTD^		9.13		1/31/2030		246,000		246,000		246,083
			NGL Energy Finance Corp.^		8.13		2/15/2029		621,000		621,000		620,540
			NGL Energy Finance Corp.^		8.38		2/15/2032		2,274,000		2,274,000		2,268,131
			Occidental Pete Corp.		8.50		7/15/2027		4,523,000		4,543,600		4,796,669
			Superior Plus LP+^		4.50		3/15/2029		1,000,000		918,535		922,895
			Transocean Inc.+^		8.50		5/15/2031		2,593,000		2,593,000		2,514,915
			Var Energi+#		7.86		11/15/2083		1,730,085		1,731,494		1,886,173
			Viridien+#		8.50		10/15/2030		865,043		873,639		887,118
			Viridien+		10.00		10/15/2030		720,000		720,000		737,443
			Weatherford Intl Ltd Bermuda Sr Glbl+^		8.63		4/30/2030		3,092,000		3,103,445		3,138,692
				Total Oil and Gas					48,506,083		47,925,324		48,078,730
	Personal, Food, and Miscellaneous — 0.42%:
			Herbalife^		12.25		4/15/2029		923,000		901,775		991,728
			Raising Cane's Restaurants LLC^		9.38		5/1/2029		296,000		296,000		314,466
				Total Personal, Food, and Miscellaneous					1,219,000		1,197,775		1,306,194
	Personal Transportation — 0.30%:
			JetBlue^#		9.88		9/20/2031		746,000		790,500		735,690
			Naviera Armas, 3M EURIBOR + 12.7500% (12.75% PIK)+		15.36		12/31/2026		184,390		236,675		193,610
				Total Personal Transportation					930,390		1,027,175		929,300
	Printing & Publishing — 0.04%:
			Cimpress+^		7.38		9/15/2032		150,000		147,894		137,849
				Total Printing & Publishing					150,000		147,894		137,849
	Retail Store — 2.37%:
			Afflelou+#		6.00		7/25/2029		389,269		393,714		401,823
			Bath & Body Works Inc.		6.88		11/1/2035		262,000		239,975		265,314
			Bath & Body Works Inc.		7.60		7/15/2037		1,471,000		1,323,302		1,498,684
			Marcolin S.p.A+		6.13		11/15/2026		513,619		578,239		513,025
			Ocado Group PLC+#		10.50		8/8/2029		2,291,575		2,245,566		2,325,949
			Wayfair^		7.25		10/31/2029		485,000		485,000		463,202
			Wayfair^#		7.75		9/15/2030		2,000,000		1,996,000		1,927,268
				Total Retail Store					7,412,463		7,261,796		7,395,265
	Services: Business — 0.42%:
			Modulaire Group+#		6.75		11/30/2029		1,432,727		1,267,737		1,309,154
				Total Services: Business					1,432,727		1,267,737		1,309,154
	Telecommunications — 8.39%:
			Altice France Holding S.A.+^#		5.75		8/15/2029		1,375,000		1,228,598		1,000,783
			British Telecom+#		8.38		12/20/2083		775,054		732,311		825,448
			Consolidated Communications Hldgs.^		6.50		10/1/2028		3,250,000		3,007,438		3,133,378
			Consolidated Communications Hldgs.+#		7.75		1/24/2033		810,977		944,308		936,719
			Digicel Limited ¤+^>		8.25		9/30/2025		2,500,000		2,491,364		0
			Eutelsat+#		9.75		4/13/2029		1,979,866		1,932,464		1,942,744
			Iliad Holding+^		8.50		4/15/2031		385,000		385,000		403,969
			Iliad Holding+#		6.88		4/15/2031		594,717		586,961		625,916
			LCPR Senior Secured Financing+^		6.75		10/15/2027		2,000,000		1,866,285		1,673,709
			Level III^#		4.50		4/1/2030		550,000		359,511		441,748
			Level III^		11.00		11/15/2029		3,797,000		3,852,540		4,233,541
			Optics+		7.88		7/31/2028		382,781		382,998		420,064
			Telecom Italia+#		7.88		7/31/2028		266,001		266,055		296,868
			Telefonica SA+#		7.13		11/23/2173		1,513,825		1,524,572		1,655,491
			United Group+#		6.75		2/15/2031		1,081,303		1,087,950		1,097,523
			United Group+#		6.50		10/31/2031		1,337,572		1,343,799		1,345,678
			Uniti Group LP / Uniti Group Finance Inc.^#		6.50		2/15/2029		3,406,000		3,124,801		3,058,653
			Vodafone Group PLC+#		8.00		8/30/2086		1,291,756		1,397,230		1,379,595
			Windstream^		8.25		10/1/2031		431,000		446,730		438,634
			Zegona Finance PLC+#		6.75		7/15/2029		1,254,312		1,256,159		1,323,299
				Total Telecommunications					28,982,164		28,217,074		26,233,760
	Utilities — 3.79%:
			Electricite de France SA+		9.13		12/15/2173		600,000		632,500		674,872
			Enbridge Inc.+		7.38		1/15/2083		3,749,000		3,697,451		3,816,497
			Enbridge Inc.+		8.25		1/15/2084		1,624,000		1,624,000		1,709,976
			Talen Energy Supply, LLC^		8.63		6/1/2030		3,837,000		3,873,700		4,070,435
			Techem+#		6.00		7/30/2026		475,340		456,791		475,340
			TGS ASA+^		8.50		1/15/2030		1,060,000		1,060,000		1,094,570
				Total Utilities					11,345,340		11,344,442		11,841,690
				Total Corporate Bonds					338,273,652		334,349,706		325,165,913
				Total Fixed Income					451,950,660		444,739,707		429,729,015
				Total Investments						$	445,015,923	$	430,000,783
Other assets and liabilities — (37.55%)
													(117,381,865)
				Net Assets — 100.00%								$	312,618,918
		Percentages are calculated as a percent of net assets applicable to common shareholders.
		EURIBOR - Euro Interbank Offered Rate
		SOFR - Secured Overnight Financing Rate
*		Securities are non-income producing.
‡		The effective interest rates are based on settled commitment amount.
§		Bank loans are exempt from registration under the Securities Act of 1933, as amended, but contain certain restrictions on resale and cannot be sold publicly. These loans pay interest at rates which adjust periodically. The interest rates shown for bank loans are the current interest rates at March 31, 2025. 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.
¤		Value determined using significant unobservable inputs, security is categorized as Level 3.
+		Foreign security.
^		Security exempt from registration under Rule 144a of the Securities Act of 1933.  These securities may only be resold in transactions exempt from registration, normally to qualified institutional buyers.
~		Variable rate security. The interest rate shown is the rate in effect at March 31, 2025.
#		All or a portion of the security is segregated as collateral for the credit facility.
>		Defaulted security.
PIK		Payment-in-kind
		Distributions of investments by country of risk.  Percentage of assets are expressed by market value excluding cash and accrued income as of  March 31, 2025.
				United States of America	79.4%
				United Kingdom	5.7%
				Canada	2.0%
				Germany	2.3%
				Italy	1.7%
				France	2.4%
				Sweden	1.1%
				Hong Kong	1.0%
				(Individually less than 1%)	4.4%
					100.0%

 

Valuation of Instruments

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.  A three-tier hierarchy is utilized to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.  Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk.  For example, market participants would consider the risk inherent in a particular valuation technique used to measure fair value, such as a pricing model, and/or the risk inherent in the inputs to the valuation technique.  Inputs may be observable or unobservable.  Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity.  Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances.  The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security.  To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment.  Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy.  In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The following is a summary of the inputs used as of March 31, 2025, in valuing the Fund’s investments:

Description		Level 1				Level 2				Level 3				Total Investments
Assets:
Equities:
Common Stocks		$	-			$	-			$	266,038			$	266,038
Warrants			-				-				5,730				5,730
Total Equities:			-				-				271,768				271,768
Fixed Income:
Asset-Backed Securities			-				22,486,587				-				22,486,587
Bank Loans			-				69,506,812				11,346,218				80,853,030
Convertible Bonds			-				1,223,485				-				1,223,485
Corporate Bonds			-				320,568,468				4,597,445				325,165,913
Total Fixed Income			-				413,785,352				15,943,663				429,729,015
Short Term Investments:
Insurance			-				-				-				-
Total Short Term Investments			-				-				-				-
Forward Foreign Exchange Contracts			-				473,554				-				473,554
Total Assets:		$	-			$	414,258,906			$	16,215,431			$	430,474,337
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 March 31, 2025. A significant change in third party information could result in a significantly lower or higher value of such Level 3 financial instruments:

Type of Assets		Fair Value as of March 31, 2025				Valuation Technique(s)		Unobservable Input
Bank Loans:
The Fidelis Partnership		$	1,990,000			Income Approach		9.4%; Implied Spread
Aspen Insurance Holdings LTD.			2,738,074			Income Approach		11.8%; Implied Spread
Aspen Insurance Holdings LTD.			4,478,634			Income Approach		11.8%; Implied Spread
		$	9,206,708

As of March 31, 2025, the Fund held Level 3 financial instruments in the amount of $7,008,723 that had values based on unadjusted third-party pricing information.

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 following is a reconciliation of Level 3 investments based upon the inputs used to determine fair value:

	BALANCE AT DECEMBER 31, 2024	TRANSFERS INTO LEVEL 3	TRANSFERS OUT OF LEVEL 3	PURCHASES	SALES	ACCRETION OF DISCOUNT	REALIZED GAIN / (LOSS)	CHANGE IN UNREALIZED APPRECIATION / (DEPRECIATION) ON INVESTMENTS	BALANCE AT March 31, 2025	CHANGE IN UNREALIZED APPRECIATION / (DEPRECIATION) FROM INVESTMENTS HELD AS OF March 31, 2025
Equities
Cohesity	-	-	-	58,936	-	-	-	27,429	86,365	27,429
Cohesity	-	-	-	40,730	-	-	-	18,955	59,685	18,955
ESC CB 144A High Ridge	-	-	-	-	-	-	-	-	-	-
Flint Group Ordinary A Shares Stapled to 2L	-	-	-	-	-	-	-	-	-	-
KCA Deutag	-	-	-	176,400	-	-	-	(56,412)	119,988	(56,412)
Naviera  Armas	-	-	-	-	-	-	-	-	-	-
Travelex Private Equity Stapled to 12.5% New Money Notes	-	-	-	-	-	-	-	-	-	-
Common Stocks	-	-	-	176,400	-	-	-	(56,412)	266,038	(56,412)
Travelex Topco Limited	49,981	-	-	-	-	-	-	(44,251)	5,730	(44,251)
Warrants	49,981	-	-	-	-	-	-	(44,251)	5,730	(44,251)
Total Equities	49,981	-	-	176,400	-	-	-	(100,663)	271,768	(100,663)
Bank Loans
Aspen Insurance Holdings LTD.	2,738,074	-	-	-	-	-	-	-	2,738,074	-
Aspen Insurance Holdings LTD.	4,478,634	-	-	-	-	2,378	-	(2,378)	4,478,634	(2,378)
Clear Channel Worldwide Holdings Inc.	2,358,000	-	-	-	(2,400,000)	1,855	16,579	23,566	-	-
Cohesity	2,738,000	-	(2,738,000)	-	-	-	-	-	-	-
Cohesity	2,740,944	-	(2,740,944)	-	-	-	-	-	-	-
Gen II Fund Services, LLC	567,082	-	-	-	(564,964)	-	1,412	(3,530)	-	-
Goosehead Insurance, Inc	885,404	-	-	-	-	-	-	(3,304)	882,100	(3,304)
Highline Aftermarket	-	-	-	1,262,143	(3,163)	-	8	(1,578)	1,257,410	(1,578)
Naviera Armas	84,291	-	-	-	(84,189)	1,379	(1,733)	252	-	-
The Fidelis Partnership	1,990,000	-	-	-	-	-	-	-	1,990,000	-
Bank Loans	18,580,429	-	(5,478,944)	1,262,143	(3,052,316)	5,612	16,266	13,028	11,346,218	(7,260)
Corporate Bonds
Digicel Limited	-	-	-	-	-	-	-	-	-	-
Travelex	-	-	-	-	-	-	-	-	-	-
Travelex	4,453,220	-	-	131,267	-	14,966	-	(2,008)	4,597,445	(2,008)
Corporate Bonds	4,453,220	-	-	131,267	-	14,966	-	(2,008)	4,597,445	(2,008)
Total	$  23,083,630	$                 -	$   (5,478,944)	$   1,569,810	$ (3,052,316)	$        20,578	$         16,266	$      (89,643)	$    16,215,431	$     (109,931)

During the period, transfers into and out of Level 3 resulted from observable market data for the security.