NPORT-EX 2 bgh.htm


Barings Global Short Duration High Yield Fund
                  
SCHEDULE OF INVESTMENTS
                  
March 31, 2024
                  
(Unaudited)
                    
                 
SHARES
  
COST
  
FAIR VALUE
Equities* — 0.59%:
                  
Common Stocks — 0.57%:
                  
     
Flint Group Ordinary A Shares Stapled to 2L¤+
        
1,395,572
$
149
$
0
     
ESC CB 144A High Ridge¤
        
2,982
  
0
  
0
     
KCA Deutag Ordinary A Shares
        
25,580
  
1,103,387
  
1,789,526
     
Travelex Private Equity Stapled to 12.5% New Money Notes¤+
        
16,764
  
1
  
0
     
Naviera  Armas¤+
        
14,621,136
  
0
  
0
       
Total Common Stocks
        
16,062,034
  
1,103,537
  
1,789,526
                           
Warrant — 0.02%:
                    
     
Travelex Topco Limited¤+
        
2,218
  
0
  
61,588
       
Total Warrant
        
2,218
  
0
  
61,588
                           
       
Total Equities
        
16,064,252
  
1,103,537
  
1,851,114
                           
         
EFFECTIVE
INTEREST
RATE‡
  
DUE DATE
  
PRINCIPAL
  
COST
  
FAIR VALUE
Fixed Income — 133.18%:
                  
Asset-Backed Securities — 12.98%:
                  
 
CDO/CLO — 12.98%:
                  
     
610 FDG 2016-2R CLO LTD, 3M SOFR + 7.250%+~^#
12.83
%
1/20/2034
$
1,550,000
$
1,534,190
$
1,498,063
     
Anchorage Capital 2016-9A ER2, 3M SOFR + 6.820%+~^#
12.40
  
7/15/2032
  
1,500,000
  
1,485,000
  
1,501,256
     
Anchorage Capital CLO LTD 2013-1R, 3M SOFR + 6.800%+~^#
12.38
  
10/13/2030
  
1,000,000
  
977,213
  
999,863
     
Anchorage Capital CLO LTD 2021-20 E, 3M SOFR + 7.350%+~^#
12.93
  
1/20/2035
  
1,000,000
  
980,000
  
975,182
     
Ares CLO LTD 2013-27R2, 3M SOFR + 6.750%+~^#
12.33
  
10/28/2034
  
1,700,000
  
1,683,000
  
1,678,891
     
Bain CAP CR CLO 2020-2R LTD, 3M SOFR + 6.610%+~^#
12.18
  
7/19/2034
  
1,000,000
  
990,000
  
970,172
     
BlueMountain CLO LTD 2018-23A, 3M SOFR + 5.650%+~^#
11.23
  
10/20/2031
  
1,000,000
  
1,000,000
  
972,544
     
Canyon CLO LTD 2019-2R, 3M SOFR + 6.750%+~^#
12.33
  
10/15/2034
  
1,000,000
  
1,000,000
  
974,763
     
Carbone CLO, LTD 2017-1A, 3M SOFR + 5.900%+~^#
11.48
  
1/20/2031
  
750,000
  
750,000
  
742,437
     
Carlyle Global Market Strategies 2017-5A, 3M SOFR + 5.300%+~^#
10.88
  
1/20/2030
  
700,000
  
700,000
  
669,353
     
CIFC Funding  2020-1 LTD, 3M SOFR + 6.250%+~^#
11.83
  
7/15/2036
  
1,900,000
  
1,900,000
  
1,899,814
     
GoldenTree Loan Management 2018-3A, 3M SOFR + 6.500%+~^#
12.08
  
4/20/2030
  
1,500,000
  
1,473,633
  
1,367,073
     
GoldenTree Loan Opportunities XI LTD 2015-11A, 3M SOFR + 5.400%+~^#
10.96
  
1/18/2031
  
500,000
  
500,000
  
499,948
     
KKR Financial CLO LTD 2017-20, 3M SOFR + 5.500%+~^#
11.08
  
10/16/2030
  
1,500,000
  
1,500,000
  
1,488,612
     
KKR Financial CLO LTD 34-2, 3M SOFR + 6.850%+~^#
12.43
  
7/15/2034
  
2,000,000
  
1,980,000
  
1,996,854
     
KVK 2016-1A ER2, 3M SOFR + 7.350%+~^#
12.93
  
10/15/2034
  
3,000,000
  
2,970,000
  
2,632,365
     
LCM LTD 2031-30, 3M SOFR + 6.500%+~^#
12.08
  
4/20/2031
  
1,100,000
  
1,100,000
  
1,031,205
     
Madison Park Funding LTD 2018-29A, 3M SOFR + 7.570%+~^
13.13
  
10/18/2030
  
2,000,000
  
1,960,000
  
1,909,830
     
Madison Park Funding LTD XXXV 2019-35R E-R, 3M SOFR + 6.100%+~^#
11.68
  
4/20/2032
  
1,400,000
  
1,400,000
  
1,399,968
     
Madison Park Funding LTD 2019-32R E-R, 3M SOFR + 6.200%+~^#
11.78
  
1/22/2031
  
1,000,000
  
1,000,000
  
999,903
     
Magnetite CLO LTD 2016-18A, 3M SOFR + 7.600%+~^#
13.17
  
11/15/2028
  
1,400,000
  
1,386,000
  
1,359,561
     
Octagon 2021-57 LTD, 3M SOFR + 6.600%+~^#
12.18
  
10/15/2034
  
1,500,000
  
1,500,000
  
1,456,920
     
OHA Credit Partners LTD 2015-11A, 3M LSOFR + 7.900%+~^#
13.48
  
1/20/2032
  
2,000,000
  
1,970,323
  
1,946,972
     
OHA Loan Funding LTD 2013-1A, 3M SOFR + 7.900%+~^#
13.48
  
7/23/2031
  
1,500,000
  
1,477,500
  
1,482,525
     
Sound Point CLO XVIII 2018-18D, 3M SOFR + 5.500%+~^#
11.08
  
1/21/2031
  
2,000,000
  
2,000,000
  
1,514,878
     
Sound Point CLO LTD 2020-27R, 3M SOFR + 6.560% E-R+~^#
12.15
  
10/25/2034
  
1,400,000
  
1,372,000
  
1,247,400
     
Sound Point CLO LTD Series 2020-1A Class ER, 3M SOFR + 6.860%+~^#
12.44
  
7/20/2034
  
1,600,000
  
1,584,000
  
1,481,085
     
TICP CLO LTD 2018-10A, 3M SOFR + 5.500%+~^#
11.08
  
4/20/2031
  
1,000,000
  
968,300
  
998,816
     
Wellfleet CLO LTD 2017-3A, 3M SOFR + 5.550%+~^#
11.13
  
1/17/2031
  
1,500,000
  
1,500,000
  
1,231,116
     
Wind River 2017-1A ER, 3M SOFR + 7.060%+~^#
12.62
  
4/18/2036
  
2,000,000
  
1,960,000
  
1,873,730
       
Total CDO/CLO
        
43,000,000
  
42,601,159
  
40,801,099
       
Total Asset-Backed Securities
        
43,000,000
  
42,601,159
  
40,801,099
                           
Bank Loans§  — 27.10%:
                  
 
Automobile — 0.34%:
                  
     
DexKo~ 3M SOFR + 3.75000%~
9.36
  
9/29/2028
$
1,081,080
$
1,079,729
$
1,068,691
       
Total Automobile
        
1,081,080
  
1,079,729
  
1,068,691
                           
 
Beverage, Food and Tobacco — 0.76%:
                  
     
8th Avenue Food & Provisions~ 3M SOFR + 4.75000~
10.20
  
10/1/2025
  
173,142
  
168,152
  
169,968
     
8th Avenue Food & Provisions, 3M SOFR + 7.7500%~
13.20
  
10/1/2026
  
368,204
  
262,075
  
330,463
     
Dessert Holdings, 3M SOFR + 7.2500%~
12.69
  
6/8/2029
  
1,000,000
  
982,700
  
843,330
     
Florida Food Products 2nd Lien T/L, 3M SOFR + 8.0000%¤~
13.44
  
10/18/2029
  
1,500,000
  
1,464,306
  
1,050,000
       
Total Beverage, Food and Tobacco
        
3,041,346
  
2,877,233
  
2,393,761
                           
 
Broadcasting and Entertainment — 1.86%:
                  
     
Clear Channel Worldwide Holdings Inc. ¤
7.50
  
3/31/2027
  
2,400,000
  
2,376,111
  
2,388,000
     
Learfield Communications, Inc., 3M SOFR + 5.5000%~
10.83
  
6/30/2028
  
3,465,514
  
3,382,429
  
3,444,929
       
Total Broadcasting and Entertainment
        
5,865,514
  
5,758,540
  
5,832,929
                           
 
Buildings and Real Estate — 0.35%:
                  
     
MI Windows and Doors 3M SOFR + 3.50000%~
8.83
  
3/20/2031
  
1,104,341
  
1,098,819
  
1,108,482
       
Total Buildings and Real Estate
        
1,104,341
  
1,098,819
  
1,108,482
                           
 
Cargo Transport — 0.84%:
                  
     
Worldwide Express 2nd Lien T/L, 3M SOFR + 7.0000%~
12.50
  
7/26/2029
  
3,000,000
  
2,955,227
  
2,655,000
       
Total Cargo Transport
        
3,000,000
  
2,955,227
  
2,655,000
                           
 
Chemicals, Plastics and Rubber — 1.21%:
                  
     
Flint Group  2L, 3M EURIBOR + 6.9000% PIK and 0.1000% Cash~
5.68
  
12/31/2027
  
1,544,116
  
285,486
  
184,012
     
ICP Group 3M SOFR + 3.75000%~
9.36
  
1/31/2028
  
1,721,797
  
1,404,995
  
1,447,171
     
LSF 11 A5 Holdco LLC, 3M SOFR + 3.5000%~
8.94
  
9/29/2028
  
992,405
  
986,203
  
991,909
     
Prince 3M SOFR + 4.25000%~
9.72
  
3/30/2029
  
1,208,682
  
1,176,572
  
1,195,314
       
Total Chemicals, Plastics and Rubber
        
5,467,000
  
3,853,256
  
3,818,406
                           
 
Containers, Packaging and Glass — 0.32%:
                  
     
Novolex Holdings, Inc.3M SOFR + 3.67500%~
9.10
  
6/30/2029
  
993,317
  
990,834
  
994,341
       
Total Containers, Packaging and Glass
        
993,317
  
990,834
  
994,341
                           
 
Diversified/Conglomerate Manufacturing — 0.95%:
                  
     
Belfor, 3M SOFR + 3.7500%¤~
9.08
  
10/31/2030
  
764,523
  
756,878
  
767,390
     
CP Iris Holdco I 2nd Lien T/L (IPS), 3M SOFR + 7.0000%¤~
12.43
  
9/21/2029
  
2,398,019
  
2,374,039
  
2,218,167
       
Total Diversified/Conglomerate Manufacturing
        
3,162,542
  
3,130,917
  
2,985,557
                           
 
Diversified/Conglomerate Service — 4.23%:
                  
     
Artera Services, LLC 3M SOFR + 4.5000%~
9.81
  
2/7/2031
  
984,918
  
977,532
  
987,873
     
Citrix EM SOFR + 4.50000%~
9.95
  
3/19/2029
  
2,000,000
  
1,995,000
  
1,989,420
     
Evertec, 3M SOFR + 3.5000%¤~
8.83
  
10/31/2030
  
1,983,471
  
1,953,719
  
1,988,430
     
Internet Brands, Inc., 3M SOFR + 4.2500%~
9.58
  
4/20/2028
  
2,370,394
  
2,313,041
  
2,353,682
     
McAfee Enterprise 3M SOFR + 8.25000%~
9.18
  
2/2/2029
  
1,994,924
  
1,989,937
  
1,988,560
     
Quest Software, 3M SOFR + 7.5000%~
9.78
  
1/19/2029
  
722,785
  
520,244
  
546,339
     
Quest Software, 3M SOFR + 7.5000%~
13.03
  
1/18/2030
  
879,573
  
868,578
  
362,278
     
Sonicwall, Inc., 3M SOFR + 7.5000%~
13.01
  
5/18/2026
  
1,506,038
  
1,498,508
  
1,370,494
     
TRC Companies, Inc. 3M SOFR + 3.75000%~
9.19
  
12/8/2028
  
1,728,163
  
1,715,202
  
1,722,304
       
Total Diversified/Conglomerate Service
        
14,170,266
  
13,831,761
  
13,309,380
                           
 
Ecological — 0.38%:
                  
     
Patriot Container 2nd Lien T/L, 3M SOFR + 7.7500%~
13.18
  
3/20/2026
  
1,400,000
  
1,351,200
  
1,204,000
       
Total Ecological
        
1,400,000
  
1,351,200
  
1,204,000
                           
 
Electronics — 2.33%:
                  
     
McAfee Enterprise 2nd Lien T/L, 3M SOFR + 8.2500%~
13.82
  
5/3/2029
  
11,567,000
  
11,487,914
  
3,354,430
     
Precisely 3M SOFR + 3.25000%~
9.59
  
4/24/2028
  
3,989,770
  
3,951,069
  
3,986,458
       
Total Electronics
        
15,556,770
  
15,438,983
  
7,340,888
                           
 
Finance — 1.00%:
                  
     
Cetera Financial Group, 3M SOFR + 4.5000%~
9.93
  
8/9/2030
  
1,958,987
  
1,902,018
  
1,968,782
     
GIP Pilot Acquisition Partners, L.P., 3M SOFR + 3.0000%~
8.39
  
9/30/2030
  
1,166,975
  
1,161,140
  
1,169,600
       
Total Finance
        
3,125,962
  
3,063,158
  
3,138,382
                           
 
Healthcare, Education and Childcare — 1.65%:
                  
     
Bausch Health Cos Inc., 3M SOFR + 4.0000%~
9.33
  
9/14/2028
  
3,137,152
  
3,105,780
  
3,131,285
     
LifePoint Health, 3M SOFR + 5.5000%~
11.17
  
11/16/2028
  
874,361
  
873,268
  
876,389
     
Medical Solutions T/L, 3M SOFR + 7.0000%~
12.43
  
9/22/2027
  
1,473,684
  
1,458,947
  
1,177,105
       
Total Healthcare, Education and Childcare
        
5,485,197
  
5,437,995
  
5,184,779
                           
 
Home and Office Furnishings, Housewares, and Durable Consumer Products — 0.38%:
                  
     
APi Group 3M SOFR + 2.50000%~
7.94
  
1/3/2029
  
1,181,841
  
1,180,364
  
1,183,566
       
Total Home and Office Furnishings, Housewares, and Durable Consumer Products
        
1,181,841
  
1,180,364
  
1,183,566
                           
 
Hotels, Motels, Inns and Gaming — 2.04%:
                  
     
Four Seasons Holdings, Inc. 3M SOFR + 2.00000%~
7.32
  
11/30/2029
  
1,846,764
  
1,820,950
  
1,847,466
     
Hilton Grand Vacations 3M SOFR + 2.75000%~
8.08
  
1/13/2031
  
4,543,303
  
4,540,464
  
4,550,391
       
Total Hotels, Motels, Inns and Gaming
        
6,390,067
  
6,361,414
  
6,397,857
                           
 
Machinery Non-Agricultural, Non-Construction, Non-Electronic — 1.12%:
                  
     
Barnes Group, Inc. 3M SOFR + 2.50000%~
7.83
  
8/30/2030
  
3,512,713
  
3,502,436
  
3,514,469
       
Total Machinery Non-Agricultural, Non-Construction, Non-Electronic
        
3,512,713
  
3,502,436
  
3,514,469
                           
 
Mining, Steel, Iron and Non Precious Metals — 0.37%:
                  
     
Arconic Corp (Arconic Rolled Prod) 3M SOFR + 3.75000%~
9.07
  
8/18/2030
  
1,148,821
  
1,137,332
  
1,151,405
       
Total Mining, Steel, Iron and Non Precious Metals
        
1,148,821
  
1,137,332
  
1,151,405
                           
 
Oil and Gas — 1.50%:
                  
     
IMTT 3M SOFR + 3.25000%~
8.68
  
10/5/2030
  
3,330,559
  
3,324,394
  
3,332,224
     
Ngl Energy Finance Corp. 3M SOFR + 4.50000%~
9.83
  
1/27/2031
  
1,379,073
  
1,368,730
  
1,381,831
       
Total Mining, Steel, Iron and Non Precious Metals
        
4,709,632
  
4,693,124
  
4,714,055
                           
 
Packaging and Containers — 1.16%:
                  
     
Pretium Package Holdings 2nd Lien T/L (9/21), 3M SOFR + 6.7500%~
12.33
  
9/21/2029
  
2,770,637
  
2,762,865
  
1,671,054
     
Valcour Packaging (MOLD-RITE) 2nd Lien T/L, 3M SOFR + 7.0000%~
12.44
  
9/30/2029
  
5,000,000
  
4,950,000
  
1,968,750
       
Total Packaging and Containers
        
7,770,637
  
7,712,865
  
3,639,804
                           
 
Personal, Food and Miscellaneous — 0.27%:
                  
     
Shearer's Foods, Inc. 3M SOFR + 4.00000%~
9.32
  
1/31/2031
  
842,007
  
833,587
  
842,941
       
Total Personal Transportation
        
842,007
  
833,587
  
842,941
                           
 
Personal Transportation — 0.04%:
                  
     
Naviera Armas 3M EURIBOR + 10.00000%¤+
18.91
  
6/30/2025
  
111,774
  
110,022
  
121,794
       
Total Personal Transportation
        
111,774
  
110,022
  
121,794
                           
 
Printing and Publishing — 0.29%:
                  
     
Nielsen Holdings Ltd., 3M SOFR + 5.0000%~
10.51
  
4/11/2029
  
991,261
  
904,055
  
912,634
       
Total Printing and Publishing
        
991,261
  
904,055
  
912,634
                           
 
Retail Stores — 0.28%:
                  
     
Caliber Collision 3M SOFR + 3.75000%~
9.08
  
1/31/2031
  
889,281
  
887,058
  
891,362
       
Total Retail Stores
        
889,281
  
887,058
  
891,362
                           
 
Telecommunication — 2.16%:
                  
     
Level III~
7.20
  
3/1/2027
  
2,000,000
  
2,017,668
  
1,981,880
     
BMC Software, 3M SOFR + 4.2500%~
9.58
  
12/31/2028
  
3,810,365
  
3,792,886
  
3,831,817
     
Marlink, 3M SOFR + 4.7500%~
10.40
  
6/28/2029
  
994,949
  
982,287
  
992,462
       
Total Telecommunication
        
6,805,314
  
6,792,841
  
6,806,159
                           
 
Utilities — 1.27%:
                  
     
Invenergy Thermal Operating I LLC, 3M SOFR + 4.5000%
9.67
  
8/4/2029
  
1,881,912
  
1,845,627
  
1,880,746
     
Invenergy Thermal Operating I LLC, 3M SOFR + 4.5000%~
9.67
  
8/4/2029
  
155,530
  
152,531
  
155,434
     
Vistra Zero Operating Co LLC 3M SOFR + 2.75000%~
8.07
  
3/20/2031
  
1,956,590
  
1,946,807
  
1,956,590
       
Total Utilities
        
3,994,032
  
3,944,965
  
3,992,770
                           
       
Total Bank Loans
        
101,800,715
  
98,927,715
  
85,203,412
                           
Commercial Paper — 1.11%:
                  
 
Aerospace and Defense — 1.11%:
                  
     
L3 Harris Technologies Inc. #
0.00
  
4/10/2024
$
3,500,000
$
3,495,082
$
3,495,083
       
Total Aerospace and Defense
        
3,500,000
  
3,495,082
  
3,495,083
                           
       
Total Commercial Paper
        
3,500,000
  
3,495,082
  
3,495,083
                           
Corporate Bonds — 91.99%:
                  
 
Aerospace and Defense — 1.47%:
                  
     
American Airlines^#
8.50
  
5/15/2029
$
858,000
$
858,000
$
906,078
     
Spirit AeroSystems Inc^
9.75
  
11/15/2030
  
2,577,000
  
2,634,168
  
2,882,815
     
Triumph Group, Inc.^
9.00
  
3/15/2028
  
797,000
  
797,000
  
840,515
       
Total Aerospace and Defense
        
4,232,000
  
4,289,168
  
4,629,408
                           
 
Automobile — 0.71%:
                  
     
Adient PLC+^
8.25
  
4/15/2031
  
870,000
  
870,000
  
918,044
     
Faurecia SE+#
7.25
  
6/15/2026
  
445,000
  
485,995
  
503,494
     
RAC Group Holdings Limited+#
8.25
  
11/6/2028
  
575,000
  
701,127
  
794,239
       
Total Automobile
        
1,890,000
  
2,057,122
  
2,215,777
                           
 
Banking — 0.36%:
                  
     
Macquarie Airfinance Holdings Ltd.+^
8.13
  
3/30/2029
  
281,000
  
281,000
  
297,175
     
Macquarie Airfinance Holdings Ltd.+^
8.38
  
5/1/2028
  
788,000
  
788,000
  
835,287
       
Total Banking
        
1,069,000
  
1,069,000
  
1,132,462
                           
 
Broadcasting and Entertainment — 4.61%:
                  
     
Altice USA Inc.^
11.75
  
1/31/2029
  
1,401,000
  
1,401,000
  
1,402,980
     
Banijay+
6.50
  
3/1/2026
  
3,700,000
  
3,908,336
  
4,009,912
     
Clear Channel Worldwide Holdings Inc.^
9.00
  
9/15/2028
  
708,000
  
708,000
  
738,045
     
Clear Channel Worldwide Holdings Inc.^#
7.75
  
4/15/2028
  
3,337,000
  
3,399,685
  
2,921,432
     
Dish Dbs Corporation#
7.38
  
7/1/2028
  
4,000,000
  
3,507,287
  
1,910,002
     
Dish Network Corporation^
11.75
  
11/15/2027
  
1,770,000
  
1,766,141
  
1,802,849
     
Gray TV^#
7.00
  
5/15/2027
  
245,000
  
239,737
  
228,118
     
Inmarsat Finance PLC+^
6.75
  
10/1/2026
  
1,500,000
  
1,457,197
  
1,472,265
       
Total Broadcasting and Entertainment
        
16,661,000
  
16,387,383
  
14,485,603
                           
 
Buildings and Real Estate — 5.99%:
                  
     
Knife River Corporation^
7.75
  
5/1/2031
  
2,107,000
  
2,123,038
  
2,206,450
     
Landsea Homes Corp ^
8.88
  
4/1/2029
  
1,000,000
  
996,250
  
994,920
     
Maison Hold Limited+
6.00
  
10/31/2027
  
1,045,000
  
1,419,991
  
1,220,024
     
New Enterprise Stone & Lime Co.^
9.75
  
7/15/2028
  
11,859,000
  
12,020,389
  
12,141,576
     
Service Properties Trust^
8.63
  
11/15/2031
  
545,000
  
537,316
  
581,274
     
Smyrna Ready Mix Concrete^
8.88
  
11/15/2031
  
1,583,000
  
1,583,000
  
1,692,054
       
Total Buildings and Real Estate
        
18,139,000
  
18,679,984
  
18,836,298
                           
 
Cargo Transport — 4.25%:
                  
     
Atlas Corporation+^#
5.50
  
8/1/2029
  
4,786,000
  
4,005,866
  
4,191,507
     
Carriage Purchaser Inc.^#
7.88
  
10/15/2029
  
7,106,000
  
6,408,778
  
6,313,973
     
Railworks Hldgs Lp / Railworks Sr^
8.25
  
11/15/2028
  
2,881,000
  
2,823,615
  
2,858,426
       
Total Cargo Transport
        
14,773,000
  
13,238,259
  
13,363,906
                           
 
Chemicals, Plastics and Rubber — 5.76%:
                  
     
Consolidated Energy Finance SA+^
6.50
  
5/15/2026
  
492,000
  
452,037
  
453,378
     
LSF11 A5 Holdco LLC^#
6.63
  
10/15/2029
  
4,448,000
  
4,000,569
  
4,005,152
     
Monitchem HoldCo+#
8.75
  
5/1/2028
  
300,000
  
328,904
  
328,087
     
Monitchem HoldCo, 3M EURIBOR + 5.2500%+~#
9.19
  
5/1/2028
  
215,000
  
230,764
  
233,753
     
Olympus Water US Holding Corporation^
7.13
  
10/1/2027
  
1,500,000
  
1,483,926
  
1,515,189
     
Olympus Water US Holding Corporation^#
6.25
  
10/1/2029
  
2,348,000
  
2,184,739
  
2,149,142
     
Prince^#
9.00
  
2/15/2030
  
4,540,000
  
4,468,658
  
4,192,310
     
Proman AG+^
5.63
  
10/15/2028
  
3,427,000
  
3,011,880
  
2,868,801
     
SI Group^#
6.75
  
5/15/2026
  
1,176,000
  
1,048,411
  
276,360
     
Windsor Holdings III LLC^
8.50
  
6/15/2030
  
2,000,000
  
2,000,000
  
2,096,544
       
Total Chemicals, Plastics and Rubber
        
20,446,000
  
19,209,888
  
18,118,716
                           
 
Containers, Packaging and Glass — 5.36%:
                  
     
Novolex Holdings, Inc.^
8.75
  
4/15/2030
  
7,423,000
  
6,809,025
  
7,298,561
     
Packaging Holdings Ltd.^#
7.13
  
8/15/2028
  
1,775,000
  
1,567,386
  
1,609,326
     
SCI Packaging Inc.^
7.88
  
8/15/2026
  
5,197,000
  
5,197,000
  
5,295,421
     
SCI Packaging Inc.^
9.25
  
4/15/2027
  
1,327,000
  
1,234,736
  
1,315,758
     
Titan Holdings II+
5.13
  
7/15/2029
  
113,000
  
133,866
  
108,487
     
Trident Parent, LLC^
12.75
  
12/31/2028
  
1,151,000
  
1,155,633
  
1,227,948
       
Total Containers, Packaging, and Glass
        
16,986,000
  
16,097,646
  
16,855,501
                           
 
Diversified/Conglomerate Manufacturing — 0.62%:
                  
     
Heat Exchangers+
7.78
  
10/9/2025
  
652,344
  
709,066
  
693,227
     
United Site Services^#
8.00
  
11/15/2029
  
2,397,000
  
2,374,500
  
1,258,933
       
Total Diversified/Conglomerate Manufacturing
        
3,049,344
  
3,083,566
  
1,952,160
                           
 
Diversified/Conglomerate Service — 10.57%:
                  
     
Albion Fing 1 S A R L & Aggre Sr+^
8.75
  
4/15/2027
  
1,800,000
  
1,806,802
  
1,793,789
     
AMS Osram AG+#
10.50
  
3/30/2029
  
2,000,000
  
2,148,336
  
2,133,972
     
Apcoa Parking Holdings+
4.63
  
1/15/2027
  
385,000
  
455,648
  
406,030
     
Artera Services, LLC^#
8.50
  
2/15/2031
  
2,696,000
  
2,730,915
  
2,764,360
     
Engineering Group+#
11.13
  
5/15/2028
  
1,485,000
  
1,627,861
  
1,722,255
     
Global Infrastructure Solutions, Inc.^
5.63
  
6/1/2029
  
2,020,000
  
1,834,266
  
1,850,841
     
Global Infrastructure Solutions, Inc.^
7.50
  
4/15/2032
  
5,298,000
  
4,776,962
  
5,188,802
     
Presidio, Inc.^
8.25
  
2/1/2028
  
5,462,000
  
5,423,303
  
5,441,376
     
Sabre Holdings Corporation^#
8.63
  
6/1/2027
  
2,926,000
  
2,652,718
  
2,567,434
     
Sabre Holdings Corporation^#
11.25
  
12/15/2027
  
1,560,000
  
1,451,047
  
1,464,073
     
Summer BC Holdco+
9.25
  
10/31/2027
  
1,666,932
  
2,080,163
  
1,747,122
     
Verisure Midholding AB+#
7.13
  
2/1/2028
  
915,000
  
994,381
  
1,028,967
     
Verisure Midholding+
5.25
  
2/15/2029
  
3,575,000
  
4,323,160
  
3,721,601
     
Veritas Bermuda Ltd.^
7.50
  
9/1/2025
  
1,526,000
  
1,433,229
  
1,399,031
       
Total Diversified/Conglomerate Service
        
33,314,932
  
33,738,791
  
33,229,653
                           
 
Finance — 9.31%:
                  
     
Avolon Holdings+^#
6.50
  
9/15/2024
  
4,460,506
  
4,263,189
  
4,219,385
     
Cerved Group, 3M EURIBOR + 5.250%+~
9.19
  
2/15/2029
  
477,000
  
542,554
  
496,015
     
Cetera Financial Group^
10.00
  
8/15/2030
  
1,107,000
  
1,107,000
  
1,209,089
     
Galaxy Bidco Ltd.+
6.50
  
7/31/2026
  
500,000
  
663,607
  
621,368
     
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI)^
8.00
  
6/15/2027
  
428,000
  
428,000
  
446,258
     
Icahn Enterprises LP
6.38
  
12/15/2025
  
5,451,000
  
5,332,832
  
5,407,041
     
Icahn Enterprises LP
6.25
  
5/15/2026
  
1,762,000
  
1,671,944
  
1,725,923
     
OneMain Finance Corporation
7.88
  
3/15/2030
  
600,000
  
596,478
  
618,815
     
OneMain Finance Corporation+#
4.50
  
8/28/2027
  
965,000
  
1,031,109
  
1,107,374
     
PRA Group^#
5.00
  
10/1/2029
  
3,835,000
  
2,862,598
  
3,231,689
     
PRA Group^
7.38
  
9/1/2025
  
1,045,000
  
1,008,872
  
1,043,140
     
PRA Group^
8.38
  
2/1/2028
  
4,518,000
  
4,280,425
  
4,496,320
     
Travelex(12.50%PIK)¤+
12.50
  
8/5/2025
  
3,129,877
  
4,052,707
  
4,444,165
     
Travelex¤+#>
8.00
  
5/15/2024
  
4,600,000
  
5,097,344
  
0
     
TVL FINANCE PLC, 3M EURIBOR + 5.5000%+~#
9.43
  
4/28/2028
  
200,000
  
217,433
  
217,389
       
Total Finance
        
33,078,383
  
33,156,092
  
29,283,971
                           
 
Healthcare, Education and Childcare — 7.76%:
                  
     
AdaptHealth LLC^#
4.63
  
8/1/2029
  
602,000
  
503,527
  
517,943
     
AdaptHealth LLC^#
5.13
  
3/1/2030
  
2,729,000
  
2,353,510
  
2,379,481
     
Bausch Health Companies Inc.+^
9.00
  
12/15/2025
  
846,000
  
844,942
  
803,713
     
Bausch Health Companies Inc.+^
9.00
  
1/30/2028
  
337,000
  
648,513
  
330,281
     
Bausch Health Companies Inc.+^
11.00
  
9/30/2028
  
598,000
  
1,011,333
  
399,165
     
Bausch Health Companies Inc.+^
14.00
  
10/15/2030
  
118,000
  
150,249
  
67,884
     
Cidron Aida Finco+
6.25
  
4/1/2028
  
1,650,000
  
2,275,266
  
1,993,861
     
Community Health System Inc.^
10.88
  
1/15/2032
  
1,650,000
  
1,650,000
  
1,700,373
     
Community Health System Inc.^
6.88
  
4/15/2029
  
286,000
  
286,000
  
214,348
     
Consensus Cloud Solutions Inc.^
6.50
  
10/15/2028
  
717,000
  
628,828
  
637,420
     
LifePoint Health Inc.^
9.88
  
8/15/2030
  
2,140,000
  
2,138,189
  
2,238,125
     
LifePoint Health Inc.^
11.00
  
10/15/2030
  
3,057,000
  
3,114,187
  
3,267,294
     
Neogen Corporation^
8.63
  
7/20/2030
  
2,298,000
  
2,315,108
  
2,475,619
     
Nidda BondCo GmbH+#
7.50
  
8/21/2026
  
500,000
  
515,829
  
555,200
     
Radiology Partners Inc.^
8.50
  
1/31/2029
  
1,824,205
  
1,567,725
  
1,692,498
     
Radiology Partners Inc.^
9.78
  
2/15/2030
  
6,374,025
  
6,655,619
  
5,131,090
       
Total Healthcare, Education and Childcare
        
25,726,230
  
26,658,825
  
24,404,295
                           
 
Home and Office Furnishings, Housewares, and Durable Consumer Products — 1.05%:
                  
     
Staples Inc.^
10.75
  
4/15/2027
  
3,478,000
  
3,545,775
  
3,307,245
       
Total Home and Office Furnishings, Housewares, and Durable Consumer Products
        
3,478,000
  
3,545,775
  
3,307,245
                           
 
Hotels, Motels, Inns and Gaming — 0.07%:
                  
     
SANI/IKOS Financial Holdings+#
5.63
  
12/15/2026
  
215,000
  
253,957
  
225,078
       
Total Lodging
        
215,000
  
253,957
  
225,078
                           
 
Leisure, Amusement, Entertainment — 2.47%:
                  
     
Allegiant Travel Co.^
7.25
  
8/15/2027
  
3,029,000
  
2,995,667
  
3,011,594
     
Center Parcs+#
6.50
  
8/28/2026
  
825,000
  
1,147,465
  
1,030,860
     
Center Parcs+#
6.14
  
8/28/2031
  
235,000
  
292,798
  
304,678
     
Motion Topco Limited+#
7.38
  
6/15/2030
  
1,600,000
  
1,723,284
  
1,799,493
     
Ontario Gaming GTA LP+^
8.00
  
8/1/2030
  
694,000
  
700,490
  
714,801
     
Silk TopCo AS+
3.38
  
2/24/2025
  
900,000
  
849,684
  
909,214
       
Total Leisure, Amusement, Entertainment
        
7,283,000
  
7,709,388
  
7,770,640
                           
 
Machinery (Non-Agriculture, Non-Construct, Non-Electronic) — 0.48%:
                  
     
Copeland #
6.38
  
12/15/2030
  
1,330,000
  
1,506,086
  
1,506,332
       
Total Machinery (Non-Agriculture, Non-Construct, Non-Electronic)
        
1,330,000
  
1,506,086
  
1,506,332
                           
 
Mining, Steel, Iron and Non-Precious Metals — 3.94%:
                  
     
Arsenal AIC Parent LLC^
8.00
  
10/1/2030
  
1,182,000
  
1,180,155
  
1,244,014
     
Coronado Global Resources Inc.+^
10.75
  
5/15/2026
  
4,846,000
  
5,050,174
  
5,048,935
     
First Quantum Minerals+^#
9.38
  
3/1/2029
  
1,347,000
  
1,347,000
  
1,394,341
     
Hecla Mining Company
7.25
  
2/15/2028
  
4,699,000
  
4,942,681
  
4,704,140
       
Total Mining, Steel, Iron and Non-Precious Metals
        
12,074,000
  
12,520,010
  
12,391,430
                           
 
Oil and Gas — 13.41%:
                  
     
AmeriGas Partners LP^
9.38
  
6/1/2028
  
851,000
  
851,000
  
881,133
     
CGG SA+
7.75
  
4/1/2027
  
1,500,000
  
1,787,033
  
1,472,635
     
Energy Transfer LP~
7.13
  
5/15/2172
  
2,211,000
  
1,890,405
  
2,159,704
     
Enlink Midstream Partners LP#
5.45
  
6/1/2047
  
3,000,000
  
2,404,698
  
2,611,259
     
Genesis Energy LP
7.75
  
2/1/2028
  
3,408,000
  
3,223,648
  
3,426,642
     
Genesis Energy LP
8.00
  
1/15/2027
  
2,639,000
  
2,639,208
  
2,668,905
     
Genesis Energy LP
8.88
  
4/15/2030
  
1,000,000
  
980,067
  
1,046,658
     
Global Partners LP^
8.25
  
1/15/2032
  
1,361,000
  
1,361,000
  
1,410,947
     
Harvest Midstream I LP^
7.50
  
9/1/2028
  
3,265,000
  
3,222,948
  
3,308,725
     
IMTT^#
6.50
  
8/1/2029
  
6,018,000
  
5,676,003
  
5,490,300
     
KCA Deutag+
9.88
  
12/1/2025
  
1,179,286
  
1,179,286
  
1,187,416
     
KCA Deutag International Limited(15.00%PIK)+
15.00
  
12/1/2027
  
1,024,769
  
1,024,769
  
1,031,174
     
KCA Deutag,  3M SOFR + 9.0000%+~
30.08
  
12/1/2025
  
1,343,874
  
1,343,874
  
1,356,506
     
Nabors Industries LTD^
9.13
  
1/31/2030
  
246,000
  
246,000
  
255,756
     
NGL Energy Finance Corp.^
8.13
  
2/15/2029
  
621,000
  
621,000
  
636,045
     
NGL Energy Finance Corp.^
8.38
  
2/15/2032
  
1,097,000
  
1,097,000
  
1,125,298
     
Occidental Pete Corp.
8.50
  
7/15/2027
  
4,523,000
  
4,551,487
  
4,904,922
     
Transocean Inc.+^#
7.25
  
11/1/2025
  
1,252,000
  
1,246,011
  
1,246,906
     
Var Energi+~#
7.86
  
11/15/2083
  
1,600,000
  
1,731,510
  
1,855,690
     
Waldorf Production UK LD+#
9.75
  
10/1/2024
  
854,967
  
852,999
  
847,443
     
Weatherford Intl Ltd Bermuda Sr Glbl+^
8.63
  
4/30/2030
  
3,092,000
  
3,105,170
  
3,228,026
       
Total Oil and Gas
        
42,086,896
  
41,035,116
  
42,152,090
                           
 
Personal, Food, and Miscellaneous — 0.63%:
                  
     
Brinker International^
8.25
  
7/15/2030
  
998,000
  
997,287
  
1,051,544
     
Raising Cane's Restaurants LLC^
9.38
  
5/1/2029
  
296,000
  
296,000
  
319,818
     
Shearer's Foods, Inc.^
7.88
  
3/1/2031
  
598,000
  
598,000
  
617,551
       
Total Personal, Food, and Miscellaneous
        
1,892,000
  
1,891,287
  
1,988,913
                           
 
Personal Transportation — 0.09%:
                  
     
Naviera Armas+
16.66
  
12/31/2026
  
229,335
  
368,180
  
296,903
       
Total Personal Transportation
        
229,335
  
368,180
  
296,903
                           
 
Printing and Publishing — 2.56%:
                  
     
Cimpress PLC+
7.00
  
6/15/2026
  
2,069,000
  
2,069,000
  
2,070,862
     
Getty Images Inc.^
9.75
  
3/1/2027
  
5,972,000
  
6,074,281
  
5,968,817
       
Total Printing and Publishing
        
8,041,000
  
8,143,281
  
8,039,679
                           
 
Retail Store — 1.34%:
                  
     
Bath & Body Works Inc.
6.88
  
11/1/2035
  
262,000
  
238,697
  
268,012
     
Bath & Body Works Inc.
7.60
  
7/15/2037
  
1,471,000
  
1,316,889
  
1,463,657
     
Life Time, Inc.^
8.00
  
4/15/2026
  
404,000
  
392,993
  
408,867
     
Marcolin S.p.A+
6.13
  
11/15/2026
  
475,000
  
578,239
  
516,196
     
Nordstrom Inc.#
5.00
  
1/15/2044
  
596,000
  
353,451
  
462,177
     
PetSmart LLC^
7.75
  
2/15/2029
  
1,108,000
  
1,092,951
  
1,079,428
       
Total Retail Store
        
4,316,000
  
3,973,220
  
4,198,337
                           
 
Telecommunications — 6.83%:
                  
     
Altice France Holding S.A.+^#
5.75
  
8/15/2029
  
1,375,000
  
1,202,191
  
1,101,535
     
Altice France Holding S.A.+#
4.00
  
7/15/2029
  
100,000
  
80,677
  
75,250
     
Altice France Holding S.A.+^#
5.13
  
7/15/2029
  
417,000
  
300,884
  
282,005
     
Altice France Holding S.A.+^
10.50
  
5/15/2027
  
2,240,000
  
2,091,056
  
829,150
     
BMC Software^
7.13
  
10/2/2025
  
103,000
  
101,174
  
103,094
     
British Telecom+~#
8.38
  
12/20/2083
  
600,000
  
732,312
  
807,361
     
C&W Senior Financing Designated Activity Co+^#
6.88
  
9/15/2027
  
2,110,000
  
1,950,667
  
1,993,043
     
Commscope Inc.^
8.25
  
3/1/2027
  
1,173,000
  
1,144,168
  
546,922
     
Consolidated Communications Hldgs.^#
6.50
  
10/1/2028
  
1,250,000
  
1,076,893
  
1,091,905
     
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
  
791,812
     
Frontier Communications Hldgs Sr Sec Glbl^#
6.00
  
1/15/2030
  
3,976,000
  
3,387,869
  
3,370,104
     
Level III^#
11.00
  
11/15/2029
  
3,797,000
  
3,860,556
  
3,948,880
     
Level III^#
4.25
  
7/1/2028
  
550,000
  
335,322
  
263,604
     
Telecom Italia+#
7.88
  
7/31/2028
  
600,000
  
651,326
  
709,622
     
Telefonica SA+~#
7.13
  
11/23/2172
  
1,400,000
  
1,524,573
  
1,643,856
     
United Group+#
6.75
  
2/15/2031
  
1,000,000
  
1,087,950
  
1,104,235
     
Viasat^#
6.50
  
7/15/2028
  
2,239,000
  
1,841,639
  
1,728,876
     
Vodafone Group PLC+~#
8.00
  
8/30/2086
  
400,000
  
538,600
  
542,724
     
Vodafone Group PLC+~
6.25
  
10/3/2078
  
550,000
  
542,025
  
547,437
       
Total Telecommunications
        
27,154,000
  
25,715,246
  
21,481,415
                           
 
Utilities — 2.35%:
                  
     
Electricite de France SA+~
9.13
  
12/15/2172
  
350,000
  
350,000
  
385,446
     
Electricite de France SA+~#
4.00
  
10/4/2172
  
700,000
  
715,783
  
749,533
     
Enbridge Inc.+~
8.25
  
1/15/2084
  
1,624,000
  
1,624,000
  
1,690,681
     
Talen Energy Supply, LLC^
8.63
  
6/1/2030
  
3,837,000
  
3,879,191
  
4,103,110
     
Techem+#
6.00
  
7/30/2026
  
439,599
  
452,215
  
472,347
       
Total Utilities
        
6,950,599
  
7,021,189
  
7,401,117
                           
       
Total Corporate Bonds
        
304,414,719
  
301,348,459
  
289,266,929
                           
       
Total Fixed Income
        
452,715,434
  
446,372,415
  
418,766,523
                           
       
Total Investments
          
$
447,475,952
$
420,617,637
                           
Other assets and liabilities — (33.77%)
                
(106,175,495)
       
Net Assets — 100.00%
              
$
   314,442,142
                           
   
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.
                  
¤
  
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, 2024.
                  
#
  
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, 2024. 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.
                  
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, 2024.
            
       
United States of America
85.7%
                
       
United Kingdom
5.8%
                
       
Zambia
0.3%
                
       
Germany
0.6%
                
       
Australia
1.2%
                
       
France
0.9%
                
       
Sweden
1.1%
                
       
Italy
0.8%
                
       
Hong Kong
1.0%
                
       
(Individually less than 1%)
2.5%
                
         
100.0%
                


A summary of outstanding derivatives at March 31, 2024 is as follows:
          
                       
Schedule of Open Forward Foreign Exchange Contracts
          
December 31, 2023
                      
                       
                   
Forward
  
Unrealized
  
Currency to be
      
Currency to be
    
Counterparty of
Settlement
  
Appreciation /
  
Received
      
Delivered(1)
    
Contract
Date
  
(Depreciation)
  
 
33,977,844
  
USD
    
33,557,196
  
EUR
Morgan Stanley
4/18/2024
    
420,648
  
 
15,467,214
  
USD
    
15,280,175
  
GBP
Morgan Stanley
4/18/2024
    
187,039
  
                            
$
607,687
  
                             
(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 March 31, 2024 in valuing the Fund’s investments:

Description
  
Level 1
    
Level 2
    
Level 3
    
Total Investments
  
Assets:
                        
Equities:
                        
   Common Stocks
  
$
-
    
$
1,789,526
    
$
-
    
$
1,789,526
  
   Warrants
    
-
      
-
      
61,588
      
61,588
  
Total Equities:
    
-
      
1,789,526
      
61,588
      
1,851,114
  
                                 
Fixed Income:
                                
Asset-Backed Securities
    
-
      
40,801,099
      
-
      
40,801,099
  
Bank Loans
    
-
      
76,791,425
      
8,411,987
      
85,203,412
  
Commercial Paper
    
-
      
3,495,083
      
-
      
3,495,083
  
Corporate Bonds
    
-
      
284,822,764
      
4,444,165
      
289,266,929
  
Total Fixed Income
    
-
      
405,910,371
      
12,856,152
      
418,766,523
  
                                 
Forward Foreign Exchange Contracts
    
-
      
-
      
-
      
-
  
                                 
Total Assets:
  
$
-
    
$
407,699,897
    
$
12,917,740
    
$
420,617,637
  
                                 
Liabilities:
                                
Forward Foreign Exchange Contracts:
  
$
-
    
$
607,687
    
$
-
    
$
607,687
  
Total Liabilities:
  
$
-
    
$
607,687
    
$
-
    
$
607,687
  

As of March 31, 2024, the Fund held no Level 3 financial instruments with values based on significant unobservable inputs and Level 3 financial instruments in the amount of $12,917,740 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, 2023
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, 2024
CHANGE IN UNREALIZED APPRECIATION / (DEPRECIATION) FROM INVESTMENTS HELD AS OF
March 31, 2024
Equities
                    
ESC CB 144A High Ridge
                                 -
                                 -
                                     -
                                 -
                                 -
                                 -
                                 -
                                 -
                                     -
                                 -
Flint Group Ordinary A Shares Stapled to 2L
                                 -
                                 -
                                     -
                                 -
                                 -
                                 -
                                 -
                                 -
                                     -
                                 -
Naviera  Armas
                                 -
    
                                 -
                                 -
                                 -
                                 -
                                 -
                                     -
                                 -
Travelex Private Equity Stapled to 12.5% New Money Notes
                                 -
                                 -
                                     -
                                 -
                                 -
                                 -
                                 -
                                 -
                                     -
                                 -
      Common Stocks
                                 -
                                 -
                                     -
                                 -
                                 -
                                 -
                                 -
                                 -
                                     -
                                 -
Travelex Topco Limited
                    113,087
                                 -
                                     -
                                 -
                                 -
                                 -
                                 -
                    (51,499)
                          61,588
                    (51,499)
      Warrants
                    113,087
                                 -
                                     -
                                 -
                                 -
                                 -
                                 -
                    (51,499)
                          61,588
                    (51,499)
Total Equities
                    113,087
                                 -
                                     -
                                 -
                                 -
                                 -
                                 -
                    (51,499)
                          61,588
                    (51,499)
                     
Bank Loans
                    
Anarafe SLU Facility F
                     85,059
                                 -
                                     -
                             203
                    (84,712)
                              129
                      (4,509)
                        3,830
                                     -
                        3,830
Anarafe SLU Facility A
                      20,149
                                 -
                                     -
                                38
                   (20,062)
                                 12
                               116
                           (253)
                                     -
                           (253)
Anarafe SLU Facility C
                      41,966
                                 -
                                     -
                                53
                   (43,908)
                                 -
                             390
                         1,499
                                     -
                         1,499
Belfor
                                 -
                   815,484
                                     -
                                 -
                   (49,430)
                                 -
                             495
                              841
                      767,390
                              841
Clear Channel Worldwide Holdings Inc.
                                 -
                                 -
                                     -
              2,376,000
                                 -
                                111
                                 -
                       11,889
                 2,388,000
                       11,889
CP Iris Holdco I 2nd Lien T/L (IPS)
                                 -
               2,152,222
                                     -
                                 -
                                 -
                                 -
                                  (1)
                     65,946
                   2,218,167
                     65,946
Evertec
               1,985,950
                                 -
                                     -
                                 -
                                 -
                                 -
                                 -
                        2,480
                  1,988,430
                        2,480
Flint Group
                    154,412
                                 -
                      (154,412)
                                 -
                                 -
                                 -
                                 -
                                 -
                                     -
                                 -
Florida Food Products 2nd Lien T/L
               1,095,000
                                 -
                                     -
                                 -
                                 -
                             973
                                 -
                   (45,973)
                  1,050,000
                   (45,973)
Bank Loans
              3,382,536
              2,967,706
                      (154,412)
              2,376,294
                   (198,112)
                         1,225
                      (3,509)
                     40,259
                   8,411,987
                     40,259
                     
Corporate Bonds
                    
Digicel Limited
                                 -
                                 -
                                     -
                                 -
                                 -
                                 -
                                 -
                                 -
                                     -
                                 -
Naviera Armas
                   377,615
                                 -
                     (377,615)
                                 -
                                 -
                                 -
                                 -
                                 -
                                     -
                                 -
Travelex
                                 -
                                 -
                                     -
                                 -
                                 -
                                 -
                                 -
                                 -
                                     -
                                 -
Travelex
                4,511,307
                                 -
                                     -
                     115,201
                                 -
                      14,442
                                 -
                 (196,785)
                  4,444,165
                  500,243
Corporate Bonds
              4,888,922
                                 -
                     (377,615)
                     115,201
                                 -
                      14,442
                                 -
                 (196,785)
                  4,444,165
                  500,243
Total
 $  8,384,545
 $  2,967,706
 $      (532,027)
 $   2,491,495
 $      (198,112)
 $         15,667
 $         (3,509)
 $    (208,025)
 $   12,917,740
 $      489,003