NPORT-EX 2 bgh.htm

Barings Global Short Duration High Yield Fund
SCHEDULE OF INVESTMENTS
March 31, 2023 (Unaudited)
                 
SHARES
COST
FAIR VALUE
Equities* — 0.53%:
           
Common Stocks — 0.49%:
   
     
ESC CB 144A High Ridge¤
2,982
$
0
$
41,748
     
KCA Deutag Ordinary A Shares
25,580
 
1,103,387
 
1,391,552
     
Travelex Private Equity+¤
17,136
 
1
 
0
     
Naviera Armas Class B2 Shares Stapled To 1.5L SSNS+¤
1,194
 
0
 
0
     
Naviera Armas Class B3 Shares+¤
169
 
0
 
0
     
Naviera Armas Class A3 Shares+¤
133
 
0
 
0
     
Naviera Armas Class A2 Shares Stapled To 1.5L SSNS+¤
937
 
0
 
0
       
Total Common Stocks
48,131
 
1,103,388
 
1,433,300
                           
Warrant — 0.04%:
           
     
Travelex Topco Limited+
2,218
 
0
 
123,125
       
Total Warrant
     
2,218
 
0
 
123,125
                           
       
Total Equities
     
50,349
 
1,103,388
 
1,556,425
                           
           
EFFECTIVE
INTEREST RATE‡
   DUE DATE    PRINCIPAL    COST    FAIR VALUE
Fixed Income — 131.16%:
   
Asset-Backed Securities — 14.28%:
 
CDO/CLO — 14.28%:
       
     
610 FDG 2016-2R CLO LTD, 3M LIBOR + 7.250%+~^
12.06
%
1/20/2032
$
1,550,000
$
1,534,190
$
1,422,562
     
Anchorage Capital 2016-9A ER2, 3M LIBOR + 6.820%+~^
11.61
 
7/15/2032
 
1,500,000
 
1,485,000
 
1,328,796
     
Anchorage Capital CLO LTD 2013-1R, 3M LIBOR + 6.800%+~^
11.62
 
10/15/2030
 
1,000,000
 
977,213
 
890,171
     
Anchorage Capital CLO LTD 2021-20 E, 3M LIBOR + 7.350%+~^
12.16
 
1/22/2035
 
1,000,000
 
980,000
 
895,277
     
Ares CLO LTD 2013-27R2, 3M LIBOR + 6.750%+~^
11.55
 
10/30/2034
 
1,700,000
 
1,683,000
 
1,458,505
     
Bain CAP CR CLO 2020-2R LTD, 3M LIBOR + 6.610%+~^
11.41
 
7/19/2034
 
1,000,000
 
990,000
 
870,472
     
Ballyrock CLO LTD 2019-2R, 3M LIBOR + 6.500%+~^
11.42
 
11/20/2030
 
2,000,000
 
2,000,000
 
1,813,258
     
BlueMountain CLO LTD 2018-23A, 3M LIBOR + 5.650%+~^
10.46
 
10/20/2031
 
1,000,000
 
1,000,000
 
843,362
     
Canyon CLO LTD 2019-2R, 3M LIBOR + 6.750%+~^
11.54
 
10/16/2034
 
1,000,000
 
1,000,000
 
888,089
     
Carbone CLO, LTD 2017-1A, 3M LIBOR + 5.900%+~^
10.71
 
1/21/2031
 
750,000
 
750,000
 
640,332
     
Carlyle US CLO LTD 2019-3R, 3M LIBOR + 6.750%+~^
11.56
 
10/20/2032
 
1,000,000
 
1,000,000
 
912,527
     
Carlyle Global Market Strategies 2017-5A, 3M LIBOR + 5.300%+~^
10.11
 
1/22/2030
 
700,000
 
700,000
 
557,983
     
CIFC Funding  2020-1 LTD, 3M LIBOR + 6.250%+~^
11.04
 
7/15/2036
 
1,900,000
 
1,900,000
 
1,706,557
     
Galaxy CLO LTD 2017-24A, 3M LIBOR + 5.500%+~^
10.29
 
1/15/2031
 
1,000,000
 
1,000,000
 
867,151
     
GoldenTree Loan Management 2018-3A, 3M LIBOR + 6.500%+~^
11.31
 
4/22/2030
 
1,500,000
 
1,465,052
 
1,122,004
     
GoldenTree Loan Opportunities XI LTD 2015-11A, 3M LIBOR + 5.400%+~^
10.19
 
1/18/2031
 
500,000
 
500,000
 
441,737
     
KKR Financial CLO LTD 2017-20, 3M LIBOR + 5.500%+~^
10.29
 
10/16/2030
 
1,500,000
 
1,500,000
 
1,261,162
     
KKR Financial CLO LTD 34-2, 3M LIBOR + 6.850%+~^
11.64
 
7/17/2034
 
2,000,000
 
1,980,000
 
1,785,126
     
KVK 2016-1A ER2, 3M LIBOR + 7.350%+~^
12.14
 
10/16/2034
 
3,000,000
 
2,970,000
 
2,408,163
     
LCM LTD 2031-30, 3M LIBOR + 6.500%+~^
11.31
 
4/21/2031
 
1,100,000
 
1,100,000
 
912,272
     
Madison Park Funding LTD 2015-19A, 3M LIBOR + 4.350%+~^
9.17
 
1/24/2028
 
1,000,000
 
1,000,000
 
910,105
     
Madison Park Funding LTD 2018-29A, 3M LIBOR + 7.570%+~^#
12.36
 
10/18/2030
 
2,000,000
 
1,960,000
 
1,630,762
     
Madison Park Funding LTD XXXV 2019-35R E-R, 3M LIBOR + 6.100%+~^
10.91
 
4/20/2032
 
1,400,000
 
1,400,000
 
1,294,044
     
Madison Park Funding LTD 2019-32R E-R, 3M LIBOR + 6.200%+~^
11.02
 
1/22/2031
 
1,000,000
 
1,000,000
 
899,861
     
Magnetite CLO LTD 2016-18A, 3M LIBOR + 7.600%+~^
12.46
 
11/15/2028
 
1,400,000
 
1,386,000
 
1,146,331
     
Octagon 2021-57 LTD, 3M LIBOR + 6.600%+~^
11.39
 
10/16/2034
 
1,500,000
 
1,500,000
 
1,334,128
     
OHA Credit Partners LTD 2015-11A, 3M LIBOR + 7.900%+~^
12.71
 
1/20/2031
 
2,000,000
 
1,970,323
 
1,580,890
     
OHA Loan Funding LTD 2013-1A, 3M LIBOR + 7.900%+~^
12.72
 
7/23/2031
 
1,500,000
 
1,477,500
 
1,210,966
     
Sound Point CLO XVIII 2018-18D, 3M LIBOR + 5.500%+~^
10.31
 
1/21/2031
 
2,000,000
 
2,000,000
 
1,244,758
     
Sound Point CLO LTD 2020-27R, 3M LIBOR + 6.560% E-R+~^
11.38
 
10/25/2034
 
1,400,000
 
1,372,000
 
1,137,249
     
Sound Point CLO LTD Series 2020-1A Class ER, 3M LIBOR + 6.860%+~^
11.67
 
7/20/2034
 
1,600,000
 
1,584,000
 
1,267,733
     
TICP CLO LTD 2018-10A, 3M LIBOR + 5.500%+~^
10.31
 
4/22/2030
 
1,000,000
 
959,130
 
878,220
     
Wellfleet CLO LTD 2020-2R, 3M LIBOR + 7.250%+~^
12.04
 
7/17/2034
 
1,300,000
 
1,300,000
 
1,046,659
     
Wellfleet CLO LTD 2017-3A, 3M LIBOR + 5.550%+~^
10.34
 
1/17/2031
 
1,500,000
 
1,500,000
 
1,081,410
     
Wind River 2017-1A ER, 3M LIBOR + 7.060%+~^
11.85
 
4/18/2036
 
2,000,000
 
1,960,000
 
1,576,342
     
Wind River CLO LTD 2017-4A, 3M LIBOR + 5.800%+~^
10.72
 
11/20/2030
 
1,000,000
 
1,000,000
 
811,643
       
Total CDO/CLO
     
50,300,000
 
49,883,408
 
42,076,607
       
Total Asset-Backed Securities
50,300,000
 
49,883,408
 
42,076,607
                           
Bank Loans§ — 15.17%:
     
 
Beverage, Food and Tobacco — 0.45%:
     
Florida Food Products 2nd Lien T/L, 3M LIBOR + 8.0000%¤~
12.63
 
10/18/2029
$
1,500,000
$
1,460,482
$
1,320,000
       
Total Beverage, Food and Tobacco
1,500,000
 
1,460,482
 
1,320,000
                           
 
Broadcasting and Entertainment — 0.30%:
     
Dessert Holdings, 3M LIBOR + 7.2500%~
11.98
 
6/8/2029
 
1,000,000
 
982,700
 
891,670
       
Total Broadcasting and Entertainment
1,000,000
 
982,700
 
891,670
                           
 
Chemicals, Plastics and Rubber — 0.74%:
     
Colouroz Investment 2 LLC, 3M LIBOR + 4.2500%~
9.07
 
9/21/2024
 
2,302,770
 
2,295,021
 
929,743
     
Koppers Holdings Inc.¤~
4.00
 
4/1/2030
 
1,290,323
 
1,251,613
 
1,261,290
       
Total Chemicals, Plastics and Rubber
3,593,093
 
3,546,634
 
2,191,033
                           
 
Diversified/Conglomerate Manufacturing — 1.44%:
     
CP Iris Holdco I 2nd Lien T/L (IPS), 3M LIBOR + 7.0000%¤~
11.63
 
9/21/2029
 
2,398,019
 
2,374,039
 
1,918,415
     
SunSource, Inc., 3M LIBOR + 8.0000%¤~
12.84
 
4/30/2026
 
2,500,000
 
2,509,311
 
2,325,000
       
Total Diversified/Conglomerate Manufacturing
4,898,019
 
4,883,350
 
4,243,415
                           
 
Diversified/Conglomerate Service — 2.65%:
     
Quest Software, SOFR + 7.5000%¤~
12.33
 
1/18/2030
 
4,039,773
 
3,984,177
 
2,423,864
     
Sonicwall, Inc., 3M LIBOR + 7.5000%~
12.20
 
5/18/2026
 
2,008,050
 
1,998,010
 
1,854,314
     
Misys (Finastra), 3M LIBOR + 7.2500%~
10.62
 
6/16/2025
 
4,427,472
 
4,350,961
 
3,537,949
       
Total Diversified/Conglomerate Service
10,475,295
 
10,333,148
 
7,816,127
                           
 
Ecological — 0.41%:
         
     
Patriot Container 2nd Lien T/L, 3M LIBOR + 7.7500%~
12.37
 
3/20/2026
 
1,400,000
 
1,331,597
 
1,205,750
       
Total Ecological
   
1,400,000
 
1,331,597
 
1,205,750
                           
 
Electronics — 2.90%:
       
     
McAfee Enterprise 2nd Lien T/L, 3M LIBOR + 8.2500%~
12.67
 
5/3/2029
 
11,567,000
 
11,488,545
 
8,559,580
       
Total Electronics
 
11,567,000
 
11,488,545
 
8,559,580
                           
 
Healthcare, Education and Childcare — 0.87%:
     
Clinigen, SONIA + 8.2500%¤+~
12.18
 
4/5/2030
 
1,050,000
 
1,359,214
 
1,217,557
     
Medical Solutions T/L, 3M LIBOR + 7.0000%~
9.88
 
9/22/2027
 
1,473,684
 
1,458,947
 
1,333,684
       
Total Healthcare, Education and Childcare
2,523,684
 
2,818,161
 
2,551,241
                           
 
Hotels, Motels, Inns and Gaming — 0.63%:
     
Four Seasons Holdings, Inc., 3M SOFR + 3.2500%~
7.97
 
11/30/2029
 
1,865,465
 
1,838,430
 
1,863,394
       
Total Hotels, Motels, Inns and Gaming
1,865,465
 
1,838,430
 
1,863,394
                           
 
Packaging and Containers — 1.67%:
     
Pretium Package Holdings 2nd Lien T/L (9/21), 3M LIBOR + 6.7500%~
11.54
 
9/21/2029
 
2,770,637
 
2,765,294
 
1,715,495
     
Valcour Packaging (MOLD-RITE) 2nd Lien T/L, 3M LIBOR + 7.0000%¤~
11.23
 
9/30/2029
 
5,000,000
 
4,950,000
 
3,200,000
       
Total Packaging and Containers
7,770,637
 
7,715,294
 
4,915,495
                           
 
Printing and Publishing — 0.31%:
     
Nielsen Holdings Ltd., 3M SOFR + 5.0000%¤
8.82
 
4/11/2029
 
998,752
 
899,434
 
896,380
       
Total Hotels, Motels, Inns and Gaming
998,752
 
899,434
 
896,380
                           
                           
 
Personal and Non Durable Consumer Products Mfg. Only — 0.33%:
     
Journey Personal Care Corp., 3M LIBOR + 4.2500%~
8.98
 
3/1/2028
 
1,250,000
 
987,500
 
954,950
       
Total Packaging and Containers
1,250,000
 
987,500
 
954,950
                           
 
Transportation — 2.47%:
   
     
Kenan Advantage Group 2nd Lien T/L, 3M LIBOR + 7.2500%~
11.88
 
9/1/2027
 
5,171,806
 
5,064,809
 
4,770,991
     
Worldwide Express 2nd Lien T/L, 3M LIBOR + 7.0000%¤~
12.16
 
7/26/2029
 
3,000,000
 
2,955,227
 
2,490,000
       
Total Transportation
8,171,806
 
8,020,036
 
7,260,991
                           
       
Total Bank Loans
 
57,013,751
 
56,305,311
 
44,670,026
                           
Corporate Bonds — 101.71%:
 
Aerospace and Defense — 5.64%:
     
American Airlines^#
11.75
 
7/15/2025
$
5,337,000
$
5,511,245
$
5,839,623
     
American Airlines Group, Inc.+^#
8.00
 
9/20/2025
 
1,169,000
 
1,160,191
 
1,176,528
     
Spirit Airlines, Inc.^#
9.38
 
11/30/2029
 
556,000
 
556,000
 
606,735
     
TransDigm Group, Inc.#
7.50
 
3/15/2027
 
5,893,000
 
5,900,576
 
5,878,268
     
Triumph Group, Inc.^
9.00
 
3/15/2028
 
886,000
 
886,000
 
886,000
     
Triumph Group, Inc.#
7.75
 
8/15/2025
 
2,289,000
 
2,289,000
 
2,100,615
     
TVL Finance PLC, SONIA + 5.395%+~#
7.04
 
7/15/2025
 
100,000
 
111,458
 
119,659
       
Total Aerospace and Defense
16,230,000
 
16,414,470
 
16,607,428
                           
 
Automobile — 1.71%:
       
     
Adient PLC+^
8.25
 
4/15/2031
 
870,000
 
870,000
 
895,708
     
Faurecia SE+
7.25
 
6/15/2026
 
1,385,000
 
1,471,551
 
1,547,256
     
INA-Holding Schaeffler GmbH & Co KG+
8.75
 
5/15/2028
 
2,350,000
 
2,531,778
 
2,603,732
       
Total Automobile
 
4,605,000
 
4,873,329
 
5,046,696
                           
 
Automotive — 1.97%:
       
     
Ford Motor Company#
9.63
 
4/22/2030
 
5,000,000
 
5,923,185
 
5,805,790
       
Total Automotive
 
5,000,000
 
5,923,185
 
5,805,790
                           
 
Broadcasting and Entertainment — 7.38%:
     
Banijay+#
6.50
 
3/1/2026
 
3,700,000
 
3,881,362
 
3,920,352
     
Clear Channel Worldwide Holdings Inc.^#
7.75
 
4/15/2028
 
3,337,000
 
3,412,668
 
2,502,750
     
Clear Channel Worldwide Holdings Inc.^#
7.50
 
6/1/2029
 
3,358,000
 
3,420,926
 
2,426,155
     
Cox Media Group^#
8.88
 
12/15/2027
 
5,357,000
 
5,550,002
 
4,049,892
     
Dish Dbs Corporation#
7.38
 
7/1/2028
 
6,000,000
 
5,427,910
 
3,421,980
     
Dish Network Corporation^#
11.75
 
11/15/2027
 
1,770,000
 
1,765,291
 
1,703,625
     
iHeartCommunications, Inc.#
8.38
 
5/1/2027
 
2,570,000
 
2,610,985
 
1,873,748
     
Reorganized ISA SA+^
6.50
 
3/15/2030
 
1,000,000
 
906,913
 
916,730
     
Townsquare Media, LLC^#
6.88
 
2/1/2026
 
1,000,000
 
1,018,561
 
946,010
       
Total Broadcasting and Entertainment
28,092,000
 
27,994,618
 
21,761,242
                           
 
Buildings and Real Estate — 4.28%:
     
Ashton Woods USA, LLC^#
6.63
 
1/15/2028
 
1,000,000
 
904,248
 
906,511
     
Ashton Woods USA, LLC^
4.63
 
4/1/2030
 
100,000
 
79,959
 
82,337
     
Maison Hold Limited+#
6.00
 
10/31/2027
 
1,045,000
 
1,419,991
 
1,050,992
     
Mattamy Group Corporation+^
4.63
 
3/1/2030
 
1,979,000
 
1,521,544
 
1,720,896
     
Mattamy Group Corporation^#
5.25
 
12/15/2027
 
0
 
(70)
 
0
     
New Enterprise Stone & Lime Co.^#
5.25
 
7/15/2028
 
949,000
 
859,728
 
838,815
     
New Enterprise Stone & Lime Co.^#
9.75
 
7/15/2028
 
8,395,000
 
8,667,826
 
8,017,225
       
Total Buildings and Real Estate
13,468,000
 
13,453,226
 
12,616,776
                           
 
Cargo Transport — 2.18%:
   
     
Atlas Corporation+^
5.50
 
8/1/2029
 
4,786,000
 
3,898,621
 
3,732,237
     
Railworks Hldgs Lp / Railworks Sr^#
8.25
 
11/15/2028
 
2,881,000
 
2,814,642
 
2,679,330
       
Total Cargo Transport
7,667,000
 
6,713,263
 
6,411,567
                           
 
Chemicals, Plastics and Rubber — 6.05%:
     
Consolidated Energy Finance SA+^#
6.50
 
5/15/2026
 
492,000
 
436,393
 
449,565
     
ITT Holdings LLC^#
6.50
 
8/1/2029
 
6,018,000
 
5,628,250
 
5,081,118
     
LSF11 A5 Holdco LLC^
6.63
 
10/15/2029
 
3,983,000
 
3,549,894
 
3,349,186
     
Olympus Water US Holding Corporation^#
7.13
 
10/1/2027
 
1,500,000
 
1,480,031
 
1,408,500
     
Olympus Water US Holding Corporation^#
6.25
 
10/1/2029
 
2,348,000
 
2,163,170
 
1,759,122
     
Prince^
9.00
 
2/15/2030
 
3,689,000
 
3,688,763
 
2,831,666
     
Proman AG^
5.63
 
10/15/2028
 
3,427,000
 
2,940,573
 
2,947,905
       
Total Chemicals, Plastics and Rubber
21,457,000
 
19,887,074
 
17,827,062
                           
 
Commercial Services — 0.12%:
     
Apcoa Parking Holdings+#
4.63
 
1/15/2027
 
385,000
 
455,648
 
355,480
       
Total Commercial Services
385,000
 
455,648
 
355,480
                           
 
Containers, Packaging and Glass — 6.59%:
     
Ardagh Packaging+#
4.75
 
7/15/2027
 
100,000
 
105,323
 
94,287
     
Novolex Holdings, Inc.^#
8.75
 
4/15/2030
 
7,423,000
 
6,738,645
 
6,745,576
     
SCI Packaging Inc.^#
7.88
 
8/15/2026
 
2,440,000
 
2,440,000
 
2,440,000
     
SCI Packaging Inc.^
9.25
 
4/15/2027
 
1,327,000
 
1,210,908
 
1,226,135
     
Tekni-Plex^#
9.25
 
8/1/2024
 
9,000,000
 
8,957,790
 
8,909,097
       
Total Containers, Packaging, and Glass
20,290,000
 
19,452,666
 
19,415,095
                           
 
Diversified/Conglomerate Manufacturing — 1.56%:
     
Chart Industries Inc.^#
7.50
 
1/1/2030
 
948,000
 
949,653
 
979,493
     
Heat Exchangers+#
7.78
 
10/9/2025
 
652,344
 
702,229
 
389,009
     
International Desi+#
6.50
 
11/15/2025
 
650,000
 
749,873
 
678,155
     
Manitowoc Cranes^#
9.00
 
4/1/2026
 
2,538,000
 
2,541,377
 
2,542,086
       
Total Diversified/Conglomerate Manufacturing
4,788,344
 
4,943,132
 
4,588,743
                           
 
Diversified/Conglomerate Service — 8.74%:
     
Albion Fing 1 S A R L & Aggre Sr+^#
8.75
 
4/15/2027
 
1,800,000
 
1,808,588
 
1,554,423
     
Apollo Asset Management, Inc.^#
6.25
 
1/15/2028
 
4,000,000
 
3,693,203
 
3,740,000
     
Bcp V Modular Ser+#
6.75
 
11/30/2029
 
1,000,000
 
1,155,455
 
861,804
     
Global Infrastructure Solutions, Inc.^
7.50
 
4/15/2032
 
5,298,000
 
4,738,387
 
4,558,962
     
Libra Group Bhd+#
5.00
 
5/15/2027
 
700,000
 
850,082
 
637,309
     
Presidio, Inc.^#
8.25
 
2/1/2028
 
5,462,000
 
5,423,121
 
5,189,883
     
Sabre Holdings^#
9.25
 
4/15/2025
 
1,751,000
 
1,757,648
 
1,633,823
     
Sabre Holdings Corporation^
11.25
 
12/15/2027
 
317,000
 
311,385
 
295,393
     
Summer BC Holdco+#
9.25
 
10/31/2027
 
1,666,932
 
2,097,633
 
1,481,470
     
United Site Services^
8.00
 
11/15/2029
 
2,397,000
 
2,374,500
 
1,591,608
     
Verisure Midholding AB+
7.13
 
2/1/2028
 
915,000
 
994,382
 
990,585
     
Verisure Midholding+#
5.25
 
2/15/2029
 
3,575,000
 
4,323,935
 
3,218,151
       
Total Diversified/Conglomerate Service
28,881,932
 
29,528,319
 
25,753,411
                           
 
Electronics — 0.60%:
       
     
Veritas Bermuda Ltd.^#
7.50
 
9/1/2025
 
2,356,000
 
2,181,916
 
1,775,208
       
Total Electronics
 
2,356,000
 
2,181,916
 
1,775,208
                           
 
Finance — 7.28%:
           
     
Avolon Holdings+^#
6.50
 
9/15/2024
 
8,820,964
 
7,919,826
 
7,959,509
     
Galaxy Bidco Ltd.+#
6.50
 
7/31/2026
 
500,000
 
666,928
 
552,033
     
Madison Dearborn Partners LLC^#
7.50
 
10/1/2030
 
2,000,000
 
1,987,500
 
1,932,460
     
OneMain Finance Corporation+
4.50
 
8/28/2051
 
500,000
 
516,184
 
519,084
     
OneMain Finance Corporation#
6.13
 
3/15/2024
 
1,000,000
 
988,939
 
977,500
     
PRA Group^#
8.38
 
2/1/2028
 
2,015,000
 
2,015,000
 
2,020,239
     
Progressive Holdings^
6.00
 
11/15/2029
 
3,631,000
 
3,224,526
 
3,086,373
     
Travelex¤+
12.50
 
8/5/2025
 
2,842,506
 
3,626,557
 
4,418,185
     
Travelex¤+#>
8.00
 
5/15/2023
 
4,600,000
 
5,097,344
 
0
       
Total Finance
     
25,909,470
 
26,042,804
 
21,465,383
                           
 
Healthcare, Education and Childcare — 6.42%:
     
AdaptHealth LLC^
4.63
 
8/1/2029
 
602,000
 
489,426
 
501,234
     
Athena Health Inc.^
6.50
 
2/15/2030
 
7,619,000
 
6,027,146
 
6,166,760
     
Bausch Health Companies Inc.+^#
9.00
 
12/15/2025
 
2,707,000
 
2,701,864
 
2,154,290
     
Bausch Health Companies Inc.+^#
9.00
 
1/30/2028
 
337,000
 
752,574
 
334,473
     
Bausch Health Companies Inc.+^#
11.00
 
9/30/2028
 
598,000
 
1,111,704
 
436,353
     
Bausch Health Companies Inc.+^#
14.00
 
10/15/2030
 
118,000
 
153,817
 
66,428
     
Cidron Aida Finco+#
6.25
 
4/1/2028
 
1,650,000
 
2,275,266
 
1,727,774
     
Community Health System Inc.^#
6.88
 
4/15/2029
 
286,000
 
286,000
 
177,060
     
Consensus Cloud Solutions Inc.^
6.50
 
10/15/2028
 
717,000
 
614,044
 
594,598
     
Neogen Corporation^#
8.63
 
7/20/2030
 
1,654,000
 
1,654,000
 
1,767,111
     
Nidda BondCo GmbH+
7.50
 
8/21/2026
 
500,000
 
511,866
 
529,402
     
Radiology Partners Inc.^#
9.25
 
2/1/2028
 
8,096,000
 
8,538,909
 
4,473,040
       
Total Healthcare, Education and Childcare
24,884,000
 
25,116,616
 
18,928,523
                           
 
Home and Office Furnishings, Housewares, and Durable Consumer Products — 3.31%:
     
BCPE Ulysses Intermediate Inc^#
7.75
 
4/1/2027
 
8,121,000
 
7,754,477
 
6,374,985
     
LBM Borrower, LLC^
6.75
 
5/15/2026
 
1,659,000
 
1,409,567
 
853,138
     
Staples Inc.^#
10.75
 
4/15/2027
 
3,478,000
 
3,564,054
 
2,521,550
       
Total Home and Office Furnishings, Housewares, and Durable Consumer Products
13,258,000
 
12,728,098
 
9,749,673
                           
 
Internet — 0.23%:
           
     
Millenium Escrow Corporation SR NT26^#
6.63
 
8/1/2026
 
1,035,000
 
1,044,598
 
672,750
       
Total Internet
     
1,035,000
 
1,044,598
 
672,750
                           
 
Leisure, Amusement, Entertainment — 2.82%:
     
Allegiant Travel Co.^
7.25
 
8/15/2027
 
1,768,000
 
1,730,009
 
1,760,044
     
Carnival Corp.+^
6.00
 
5/1/2029
 
1,873,000
 
1,495,448
 
1,491,133
     
Carnival Corp.+
10.13
 
2/1/2026
 
750,000
 
924,497
 
854,047
     
Center Parcs+#
6.50
 
8/28/2050
 
1,050,000
 
1,467,985
 
1,224,033
     
Golden Entertainment Inc.^#
7.63
 
4/15/2026
 
2,000,000
 
1,970,976
 
2,017,000
     
Silk TopCo AS+
3.38
 
2/24/2025
 
1,000,000
 
854,332
 
976,054
       
Total Leisure, Amusement, Entertainment
8,441,000
 
8,443,247
 
8,322,311
                           
 
Lodging — 0.07%:
           
     
SANI/IKOS Financial Holdings+
5.63
 
12/15/2026
 
215,000
 
253,957
 
215,448
       
Total Lodging
     
215,000
 
253,957
 
215,448
                           
 
Machinery (Non-Agriculture, Non-Construct, Non-Electronic) — 0.74%:
     
Harsco Corp.^
5.75
 
7/31/2027
 
1,000,000
 
879,464
 
785,040
     
Sarens+#
5.75
 
2/21/2027
 
1,625,000
 
1,783,930
 
1,392,233
       
Total Machinery (Non-Agriculture, Non-Construct, Non-Electronic)
2,625,000
 
2,663,394
 
2,177,273
                           
 
Mining, Steel, Iron and Non-Precious Metals — 8.66%:
   
Consol Energy Inc.^#
11.00
 
11/15/2025
 
3,287,000
 
3,393,926
 
3,364,243
   
Coronado Global Resources Inc.+^#
10.75
 
5/15/2026
 
4,846,000
 
5,135,743
 
5,059,539
     
First Quantum Minerals+^#
7.50
 
4/1/2025
 
9,775,000
 
9,579,458
 
9,766,984
     
First Quantum Minerals+^#
6.88
 
10/15/2027
 
200,000
 
200,000
 
194,102
     
Hecla Mining Company#
7.25
 
2/15/2028
 
4,699,000
 
4,997,519
 
4,746,037
     
Warrior Met Coal Inc^#
7.88
 
12/1/2028
 
2,378,000
 
2,388,758
 
2,391,353
       
Total Mining, Steel, Iron and Non-Precious Metals
25,185,000
 
25,695,404
 
25,522,258
                           
 
Oil and Gas — 16.63%:
       
     
Antero Resources Corp.^#
7.63
 
2/1/2029
 
930,000
 
986,629
 
951,427
     
Calumet Specialty Products^#
9.25
 
7/15/2024
 
2,850,000
 
2,808,570
 
2,850,000
     
CGG SA+#
7.75
 
4/1/2027
 
1,500,000
 
1,787,033
 
1,374,610
     
CVR Energy Inc.^#
5.75
 
2/15/2028
 
0
 
(378)
 
0
     
Enlink Midstream Partners LP#
5.60
 
4/1/2044
 
5,413,000
 
3,609,306
 
4,384,530
     
Enlink Midstream Partners LP#
5.45
 
6/1/2047
 
3,000,000
 
2,395,068
 
2,390,940
     
Genesis Energy LP#
7.75
 
2/1/2028
 
3,408,000
 
3,185,473
 
3,303,394
     
Genesis Energy LP#
8.00
 
1/15/2027
 
2,639,000
 
2,639,907
 
2,603,505
     
Harvest Midstream I L P^#
7.50
 
9/1/2028
 
1,458,000
 
1,469,863
 
1,454,093
     
Hilcorp Energy I L P^#
6.25
 
11/1/2028
 
3,202,000
 
2,873,534
 
3,038,624
     
KCA Deutag+#
9.88
 
12/1/2025
 
1,179,286
 
1,179,286
 
1,163,573
     
KCA Deutag International Limited+
15.00
 
12/1/2027
 
840,998
 
840,998
 
827,332
     
KCA Deutag (12.06),  SOFR + 9.0000%+~
12.06
 
12/1/2025
 
1,343,874
 
1,343,874
 
1,343,034
     
Neptune Energy Bondco PLC+^#
6.63
 
5/15/2025
 
7,028,000
 
6,751,928
 
6,811,963
     
Nabors Industries LTD+^#
7.25
 
1/15/2026
 
802,000
 
773,848
 
757,779
     
Nabors Industries LTD+^#
7.50
 
1/15/2028
 
630,000
 
596,889
 
580,659
     
NGL Energy Finance Corp.^#
7.50
 
2/1/2026
 
3,031,000
 
3,092,287
 
2,925,053
     
Occidental Pete Corp.#
8.50
 
7/15/2027
 
4,523,000
 
4,558,797
 
4,975,300
     
Occidental Pete Corp.#
7.88
 
9/15/2031
 
2,500,000
 
2,634,606
 
2,808,025
     
Range Res Corp#
8.25
 
1/15/2029
 
494,000
 
499,822
 
513,651
     
Waldorf Production UK LD+#
9.75
 
10/1/2024
 
649,458
 
647,852
 
649,458
     
Weatherford Internatinoal Ltd Bermuda SR SEC Global+^
6.50
 
9/15/2028
 
143,000
 
143,000
 
143,245
     
Weatherford Intl Ltd Bermuda Sr Glbl+^#
8.63
 
4/30/2030
 
3,092,000
 
3,106,762
 
3,163,302
       
Total Oil and Gas
 
50,656,616
 
47,924,954
 
49,013,497
                           
 
Personal Transportation — 0.12%:
     
Naviera Armas¤+#
14.77
 
3/31/2026
 
486,912
 
634,783
 
369,641
       
Total Personal Transportation
486,912
 
634,783
 
369,641
                           
 
Printing and Publishing — 2.35%:
     
Cimpress PLC+#
7.00
 
6/15/2026
 
2,069,000
 
2,069,000
 
1,690,539
     
Getty Images Inc.^#
9.75
 
3/1/2027
 
5,234,000
 
5,365,083
 
5,227,457
       
Total Printing and Publishing
7,303,000
 
7,434,083
 
6,917,996
                           
 
Retail Store — 0.15%:
       
     
Marcolin S.p.A+
6.13
 
11/15/2026
 
475,000
 
578,239
 
432,202
       
Total Retail Store
 
475,000
 
578,239
 
432,202
                           
 
Telecommunications — 3.80%:
     
Altice France Holding S.A.+^#
10.50
 
5/15/2027
 
4,440,000
 
4,422,157
 
3,396,600
     
Commscope Inc.^#
8.25
 
3/1/2027
 
1,173,000
 
1,135,897
 
935,467
     
Digicel Limited ¤+^#>
8.25
 
9/30/2025
 
2,500,000
 
2,491,364
 
0
     
Frontier Communications Corporation^#
8.75
 
5/15/2030
 
774,000
 
774,000
 
770,912
     
Frontier Communications Hldgs Sr Sec Glbl^#
6.00
 
1/15/2030
 
3,976,000
 
3,316,093
 
3,023,927
     
Telefonica SA+
7.13
 
11/23/2171
 
1,400,000
 
1,524,573
 
1,542,979
     
Uniti Group LP / Uniti Group Finance Inc.^#
6.50
 
2/15/2029
 
330,000
 
330,000
 
201,300
     
Viasat^#
6.50
 
7/15/2028
 
790,000
 
790,000
 
583,601
     
Vodafone Group PLC+
6.25
 
10/3/2078
 
750,000
 
735,525
 
734,063
       
Total Telecommunications
16,133,000
 
15,519,609
 
11,188,849
                           
 
Textiles and Leather — 0.08%:
     
Hanesbrand Inc.^#
9.00
 
2/15/2031
 
218,000
 
218,000
 
223,177
       
Total Retail Store
 
218,000
 
218,000
 
223,177
                           
 
Transportation — 1.98%:
   
     
Carriage Purchaser Inc.^#
7.88
 
10/15/2029
 
7,106,000
 
6,326,649
 
5,258,635
     
Castor S.p.A., 3M EURIBOR + 5.250%+~#
8.21
 
2/15/2029
 
477,000
 
542,554
 
493,109
     
Titan Holdings II+#
5.13
 
7/15/2029
 
113,000
 
133,866
 
93,830
       
Total Transportation
7,696,000
 
7,003,069
 
5,845,574
                           
 
Utilities — 0.25%:
             
     
Electricite de France SA+~
4.00
 
10/4/2171
 
700,000
 
715,781
 
726,317
       
Total Utilities
       
700,000
 
715,781
 
726,317
                           
       
Total Corporate Bonds
338,441,274
 
333,837,482
 
299,735,370
                           
       
Total Fixed Income
 
445,755,025
 
440,026,201
 
386,482,003
                           
       
Total Investments
   
$
441,129,589
$
388,038,428
                           
Other assets and liabilities — (31.69)%
(93,375,425)
       
Net Assets — 100%
   
$
             294,663,003
                           
   
Percentages are calculated as a percent of net assets applicable to common shareholders.
                           
   
LIBOR - London Interbank Offered Rate
   
EURIBOR - Euro Interbank Offered Rate
                           
*
Securities are non-income producing.
The effective interest rates are based on settled commitment amount.
¤
Value determined using significant unobservable inputs, security is categorized as Level 3.
+
Foreign security.
           
^
Security exempt from registration under Rule 144a of the Securities Act of 1933.  These securities may only be resold in transactions exempt from registration, normally to qualified institutional buyers.
~
Variable rate security. The interest rate shown is the rate in effect at March 31, 2023.
#
All or a portion of the security is segregated as collateral for the credit facility.
§
Bank loans are exempt from registration under the Securities Act of 1933, as amended, but contain certain restrictions on resale and cannot be sold publicly. These loans pay interest at rates which adjust periodically. The interest rates shown for bank loans are the current interest rates at March 31, 2023. Bank loans are also subject to mandatory and/or optional prepayment which cannot be predicted. As a result, the remaining maturity may be substantially less than the stated maturity shown.
>
Defaulted security.
           
                           
   
Distributions of investments by country of risk.  Percentage of assets are expressed by market value excluding cash and accrued income as of March 31, 2023.
                           
       
United States of America
81.3%
               
       
United Kingdom
6.2%
               
       
Zambia
2.6%
               
       
France
2.2%
               
       
Luxembourg
1.1%
               
       
Australia
1.3%
               
       
Sweden
1.1%
               
       
Germany
1.0%
               
       
(Individually less than 1%)
3.2%
               
         
100.0%
               



A summary of outstanding derivatives at March 31, 2023 is as follows:
         
                   
Schedule of Open Forward Currency Contracts
           
March 31, 2023
                 
                   
           
Forward
   
Unrealized
Currency to be
 
Currency to be
 
Counterparty of
 
Settlement
   
Appreciation /
Received
 
Delivered(1)
 
Contract
 
Date
   
(Depreciation)
2,540,187
USD
2,548,743
EUR
JP Morgan Chase
 
4/3/2023
   
(8,556)
26,582,237
USD
26,846,550
EUR
JP Morgan Chase
 
4/17/2023
   
(264,313)
11,169,579
USD
11,374,706
GBP
Morgan Stanley
 
4/17/2023
   
(205,127)
                $
              (477,996)
                   
(1) Values are listed in U.S. dollars.
             
 
Valuation of Instruments

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

Level 1 – quoted prices in active markets for identical securities

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

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

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

The inputs used to measure fair value may fall into different levels of the fair value hierarchy.  In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The following is a summary of the inputs used as of September 30, 2022 in valuing the Fund’s investments:

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

The following table is a summary of quantitative information about significant unobservable valuation inputs for Level 3 fair value measurement for investments held as of March 31, 2023. The table does not include Level 3 financial instruments with values based upon unadjusted third-party pricing information in the amount of $28,836,677. A significant change in third party information could result in a significantly lower or higher value of such Level 3 financial instruments:

Type of Assets
 
Fair Value as of
March 31, 2023
 
Valuation Technique(s)
Unobservable Input
           
Equities:
           
ESC CB 144A High Ridge
 
$
41,748
 
Expected Transaction
$14.00; Value derived from pending receipt
   
$
41,748
      

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

The Fund discloses transfers between levels based on valuations at the end of the reporting period. Based on end of period market values, $11,430,560 was transferred from Level 2 to Level 3 for the period from December 31, 2022, through March 31, 2022. The following is a reconciliation of Level 3 investments based upon the inputs used to determine fair value:

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