Form NPORT-P - Monthly Portfolio Investments Report on Form N-PORT (Public)

Barings Global Short Duration High Yield Fund
SCHEDULE OF INVESTMENTS
September 30, 2024
(Unaudited)
									SHARES		COST		FAIR VALUE
Equities* — 0.58%:
Common Stocks — 0.56%:
			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		1,798,274
			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		1,798,274
Warrant — 0.02%:
			Travelex Topco Limited¤+						2,218		0		59,307
				Total Warrant					2,218		0		59,307
				Total Equities					16,064,252		1,103,537		1,857,581
					EFFECTIVE INTEREST RATE‡		DUE DATE		PRINCIPAL		COST		FAIR VALUE
Fixed Income — 133.12%:
Asset-Backed Securities — 9.48%:
	CDO/CLO — 9.48%:
			610 FDG 2016-2R CLO LTD, 3M SOFR + 7.250%+~^#		12.79	%	1/20/2034	$	1,550,000	$	1,534,190	$	1,543,910
			Anchorage Capital CLO LTD 2021-20 E, 3M SOFR + 7.350%+~^#		12.89		1/20/2035		1,000,000		980,000		971,144
			Ares CLO LTD 2013-27R2, 3M SOFR + 6.750%+~^#		12.28		10/28/2034		1,700,000		1,683,000		1,699,723
			Bain CAP CR CLO 2020-2R LTD, 3M SOFR + 6.610%+~^#		12.15		7/19/2034		1,000,000		990,000		990,865
			Canyon CLO LTD 2019-2R, 3M SOFR + 6.750%+~^#		11.29		1/15/2036		1,400,000		1,400,000		1,402,955
			Canyon CLO LTD 2019-2R, 3M SOFR + 6.750%+~^#		12.31		10/15/2034		1,000,000		1,000,000		975,140
			Carbone CLO, LTD 2017-1A, 3M SOFR + 5.900%+~^#		11.44		1/20/2031		750,000		750,000		750,007
			CIFC Funding  2020-1 LTD, 3M SOFR + 6.250%+~^#		11.81		7/15/2036		1,900,000		1,900,000		1,904,133
			GoldenTree Loan Management 2018-3A, 3M SOFR + 6.500%+~^#		12.04		4/20/2030		1,500,000		1,477,490		1,444,778
			KKR Financial CLO LTD 2017-20, 3M SOFR + 5.500%+~^#		11.05		10/16/2030		1,500,000		1,500,000		1,503,320
			KKR Financial CLO LTD 34-2, 3M SOFR + 6.850%+~^#		12.41		7/15/2034		2,000,000		1,980,000		2,006,296
			KVK 2016-1A ER2, 3M SOFR + 7.350%+~^#		12.91		10/15/2034		1,500,000		1,485,000		1,236,656
			LCM LTD 2031-30, 3M SOFR + 6.500%+~^#		12.04		4/20/2031		1,100,000		1,100,000		1,030,025
			Madison Park Funding LTD 2018-29A, 3M SOFR + 7.570%+~^		13.11		10/18/2030		2,000,000		1,960,000		1,906,782
			Madison Park Funding LTD XXXV 2019-35R E-R, 3M SOFR + 6.100%+~^#		11.64		4/20/2032		1,400,000		1,400,000		1,404,054
			Octagon 2021-57 LTD, 3M SOFR + 6.600%+~^#		12.16		10/15/2034		1,500,000		1,500,000		1,480,889
			Sound Point CLO XVIII 2018-18D, 3M SOFR + 5.500%+~^#		11.04		1/21/2031		2,000,000		2,000,000		1,461,218
			Sound Point CLO LTD 2020-27R, 3M SOFR + 6.560% E-R+~^#		12.11		10/25/2034		1,400,000		1,372,000		1,280,083
			Sound Point CLO LTD Series 2020-1A Class ER, 3M SOFR + 6.860%+~^#		12.40		7/20/2034		1,600,000		1,584,000		1,484,812
			TICP CLO LTD 2018-10A, 3M SOFR + 5.500%+~^#		11.04		4/20/2031		1,000,000		972,314		1,001,725
			Wellfleet CLO LTD 2017-3A, 3M SOFR + 5.550%+~^#		11.10		1/17/2031		1,500,000		1,500,000		1,355,799
			Wind River 2017-1A ER, 3M SOFR + 7.060%+~^#		12.60		4/18/2036		2,000,000		1,960,000		1,878,564
				Total CDO/CLO					32,300,000		32,027,994		30,712,878
				Total Asset-Backed Securities					32,300,000		32,027,994		30,712,878
Bank Loans§  — 24.83%:
	Beverage, Food and Tobacco — 0.67%:
			8th Avenue Food & Provisions~ 3M SOFR + 4.75000~		10.21		10/1/2025		0		(3,008)		0
			8th Avenue Food & Provisions, 3M SOFR + 7.7500%~		13.21		10/1/2026		368,205		277,551		323,099
			Dessert Holdings, 3M SOFR + 7.2500%~		12.71		6/8/2029		1,000,000		982,700		880,000
			Florida Food Products 2nd Lien T/L, 3M SOFR + 8.0000%¤~		13.46		10/18/2029		1,500,000		1,466,477		960,000
				Total Beverage, Food and Tobacco					2,868,205		2,723,720		2,163,099
	Broadcasting and Entertainment — 1.80%:
			Clear Channel Worldwide Holdings Inc.		7.50		3/31/2027		2,400,000		2,379,685		2,382,000
			Learfield Communications, Inc., 3M SOFR + 5.5000%~		10.75		6/30/2028		3,448,100		3,373,284		3,435,169
				Total Broadcasting and Entertainment					5,848,100		5,752,969		5,817,169
	Buildings and Real Estate — 0.00%:
			Wilsonart LLC, 3M SOFR + 4.2500%~		9.49		7/24/2031		965,834		951,549		954,563
				Total Buildings and Real Estate					965,834		951,549		954,563
	Cargo Transport — 0.90%:
			Worldwide Express 2nd Lien T/L, 3M SOFR + 7.0000%~		12.60		7/26/2029		3,000,000		2,955,227		2,915,010
				Total Cargo Transport					3,000,000		2,955,227		2,915,010
	Chemicals, Plastics and Rubber — 2.81%:
			Flint Group  2L, 3M EURIBOR + 6.9000% PIK and 0.1000% Cash~		12.61		12/31/2027		1,592,817		390,377		292,680
			ICP Group 3M SOFR + 3.7500%~		9.35		1/31/2028		4,346,798		3,690,977		3,773,585
			LSF 11 A5 Holdco LLC, 3M SOFR + 3.5000%~		8.86		10/15/2028		987,342		981,171		984,696
			Polar US Borrower LLC, 3M SOFR + 5.5000%¤~		10.36		10/15/2030		2,046,644		1,913,268		1,913,268
			Prince 3M SOFR + 4.2500%~		9.71		3/30/2029		2,200,079		2,154,308		2,144,857
				Total Chemicals, Plastics and Rubber					11,173,680		9,130,101		9,109,086
	Containers, Packaging and Glass — 0.93%:
			Novolex Holdings, Inc.3M SOFR + 3.6750%~		8.42		6/30/2029		822,288		820,233		817,626
			Tekni-Plex, 3M SOFR + 4.0000%~		9.33		9/15/2028		2,207,990		2,207,991		2,209,471
				Total Containers, Packaging and Glass					3,030,278		3,028,224		3,027,097
	Diversified/Conglomerate Service — 3.12%:
			Citrix EM SOFR + 4.5000%~		9.33		3/30/2029		2,992,500		2,987,519		2,977,837
			Internet Brands, Inc., 3M SOFR + 4.2500%~		9.50		4/20/2028		2,358,452		2,306,263		2,341,896
			McAfee Enterprise, 3M SOFR + 8.2500%~		8.45		3/1/2029		1,989,937		1,984,962		1,980,604
			Quest Software, 3M SOFR + 7.5000%¤~		9.65		1/19/2029		1,342,997		991,731		893,093
			Sabre Holdings Corporation, 3M SOFR + 5.0000%~		9.79		6/30/2028		556,328		527,330		527,121
			Sonicwall, Inc., 3M SOFR + 7.5000%~		12.96		5/18/2026		1,506,038		1,498,508		1,387,437
				Total Diversified/Conglomerate Service					10,746,252		10,296,313		10,107,988
	Electronics — 3.15%:
			McAfee Enterprise 2nd Lien T/L, 3M SOFR + 8.2500%~		13.76		5/3/2029		11,567,000		11,487,452		2,855,661
			Precisely 3M SOFR + 3.2500%~		9.51		4/24/2028		3,969,310		3,930,807		3,857,692
			Presidio, Inc., 3M SOFR + 3.7500%~		9.10		5/8/2031		3,501,094		3,483,589		3,492,341
				Total Electronics					19,037,404		18,901,848		10,205,694
	Finance — 1.37%:
			Cetera Financial Group, 3M SOFR + 4.5000%~		8.85		8/9/2030		4,549,192		4,444,007		4,451,248
				Total Finance					4,549,192		4,444,007		4,451,248
	Healthcare, Education and Childcare — 0.87%:
			Athenahealth, Inc, 3M SOFR + 3.2500%~		8.50		1/26/2029		994,911		992,424		987,658
			LifePoint Health, 3M SOFR + 5.5000%~		10.32		11/16/2028		872,175		871,085		870,431
			Medical Solutions T/L, 3M SOFR + 7.0000%~		12.44		9/22/2027		1,473,684		1,458,947		957,895
				Total Healthcare, Education and Childcare					3,340,770		3,322,456		2,815,984
	Oil and Gas — 1.77%:
			Freeport LNG Investments, 3M SOFR + 3.5000%~		9.09		11/17/2028		1,059,762		1,060,918		1,049,429
			IMTT 3M SOFR + 3.2500%~		8.35		10/5/2030		3,313,906		3,307,675		3,316,657
			Ngl Energy Finance Corp. 3M SOFR + 4.5000%~		9.00		1/27/2031		1,372,177		1,361,886		1,363,601
				Total Oil and Gas					5,745,845		5,730,479		5,729,687
	Packaging and Containers — 1.27%:
			Pretium Package Holdings 2nd Lien T/L (9/21), 3M SOFR + 6.7500%~		12.33		9/21/2029		2,770,637		2,761,837		1,070,159
			Valcour Packaging (MOLD-RITE), 3M SOFR + 1.5000%~		6.09		10/10/2028		1,150,000		941,441		994,037
			Valcour Packaging (MOLD-RITE), 3M SOFR + 7.0000%~		11.59		10/10/2029		3,500,000		3,795,474		2,047,500
				Total Packaging and Containers					7,420,637		7,498,752		4,111,696
	Personal Transportation — 0.04%:
			Naviera Armas 3M EURIBOR + 10.0000% Cash, 5.00% PIK¤+		18.91		6/30/2025		102,873		105,498		114,513
				Total Personal Transportation					102,873		105,498		114,513
	Printing and Publishing — 0.29%:
			Nielsen Holdings Ltd., 3M SOFR + 5.0000%~		10.41		4/11/2029		986,267		905,864		923,925
				Total Printing and Publishing					986,267		905,864		923,925
	Telecommunication — 4.91%:
			BMC Software, 3M SOFR + 3.7500%~		9.01		7/2/2031		6,829,994		6,835,988		6,811,758
			BMC Software, 3M SOFR + 5.7500%~		11.01		7/2/2032		5,048,564		5,005,187		4,966,524
			Coral-US Co-Borrower LLC, 3M SOFR + 2.2500%~		7.70		1/21/2028		1,100,000		1,068,598		1,086,096
			Level III, 3M SOFR + 6.5600%~		11.84		4/15/2029		998,050		1,006,602		1,017,761
			Level III, 3M SOFR + 6.5600%~		11.84		4/15/2030		1,001,950		1,010,598		1,018,232
			Marlink, 3M SOFR + 4.2500%~		8.85		6/28/2029		989,893		977,943		991,625
				Total Telecommunication					15,968,451		15,904,916		15,891,996
	Utilities — 0.00%:
			Invenergy Thermal Operating I LLC, 3M SOFR + 4.5000%~		9.69		8/4/2029		0		(5,230)		0
			Invenergy Thermal Operating I LLC, 3M SOFR + 4.5000%~		9.69		8/4/2029		0		(459)		0
				Total Utilities					0		-5,689		0
	Machinery Non-Agricultural, Non-Construction, Non-Electronic — 0.29%:
			Vortex, 3M SOFR +4.0000%~		11.56		4/30/2030		897,157		897,157		930,800
				Total Machinery Non-Agricultural, Non-Construction, Non-Electronic					897,157		897,157		930,800
	Mining, Steel, Iron and Non-Precious Metals — 0.35%:
			Arsenal AIC Parent LLC, 3M SOFR + 3.5000%~		8.56		8/18/2030		1,145,941		1,147,127		1,143,649
				Total Mining, Steel, Iron and Non-Precious Metals					1,145,941		1,147,127		1,143,649
				Total Bank Loans					96,826,886		93,690,518		80,413,204
Convertible Bond — 0.42%:
	Retail Store — 0.42%:
			Ocado Group PLC+#		6.25		8/6/2029		1,000,000		1,288,087		1,347,506
				Total Retail Store					1,000,000		1,288,087		1,347,506
				Total Convertible Bond					1,000,000		1,288,087		1,347,506
Corporate Bonds — 98.39%:
	Aerospace and Defense — 1.40%:
			American Airlines^		8.50		5/15/2029	$	858,000	$	858,000	$	910,733
			Spirit AeroSystems Inc^		9.75		11/15/2030		2,577,000		2,630,968		2,873,270
			Triumph Group, Inc.^		9.00		3/15/2028		709,000		709,000		743,723
				Total Aerospace and Defense					4,144,000		4,197,968		4,527,726
	Automobile — 0.47%:
			Automotive Association+#		6.85		7/31/2031		450,000		566,371		612,975
			Adient PLC+^		8.25		4/15/2031		870,000		870,000		922,244
				Total Automobile					1,320,000		1,436,371		1,535,219
	Banking — 0.35%:
			Macquarie Airfinance Holdings Ltd.+^		8.13		3/30/2029		281,000		281,000		297,650
			Macquarie Airfinance Holdings Ltd.+^		8.38		5/1/2028		788,000		788,000		829,308
				Total Banking					1,069,000		1,069,000		1,126,958
	Beverage, Food and Tobacco — 1.00%:
			Bellis Acquisition Co+#		8.13		5/14/2030		500,000		626,849		661,603
			La Doria SpA, 3M EURIBOR + 4.5000%+~		8.16		11/12/2029		550,000		590,015		620,805
			Walgreens#		8.13		8/15/2029		1,957,000		1,980,910		1,953,243
				Total Beverage, Food and Tobacco					3,007,000		3,197,774		3,235,651
	Broadcasting and Entertainment — 4.76%:
			Altice USA Inc.^		11.75		1/31/2029		1,401,000		1,401,000		1,354,194
			Banijay+		6.50		3/1/2026		3,700,000		3,922,755		4,127,146
			Clear Channel Worldwide Holdings Inc.^		9.00		9/15/2028		708,000		708,000		752,731
			Clear Channel Worldwide Holdings Inc.^#		7.75		4/15/2028		3,337,000		3,392,847		2,986,977
			Connect Finco Sarl+^#		9.00		9/15/2029		1,186,000		1,186,000		1,148,207
			Dish Dbs Corporation		7.38		7/1/2028		2,000,000		1,602,656		1,501,691
			Dish Network Corporation^		11.75		11/15/2027		1,770,000		1,766,558		1,853,153
			Gray TV^		7.00		5/15/2027		196,000		192,412		192,585
			Inmarsat Finance PLC+^		6.75		10/1/2026		1,500,000		1,465,097		1,500,000
				Total Broadcasting and Entertainment					15,798,000		15,637,325		15,416,684
	Buildings and Real Estate — 7.56%:
			Knife River Corporation^		7.75		5/1/2031		2,107,000		2,122,169		2,240,236
			Landsea Homes Corp ^		8.88		4/1/2029		2,000,000		1,973,126		2,109,228
			Maison Hold Limited+		6.00		10/31/2027		1,045,000		1,419,991		1,348,258
			New Enterprise Stone & Lime Co.^		9.75		7/15/2028		11,859,000		12,001,515		12,110,328
			Service Properties Trust^		8.63		11/15/2031		545,000		537,315		592,705
			Service Properties Trust		8.38		6/15/2029		673,000		666,277		672,807
			Service Properties Trust#		8.88		6/15/2032		2,330,000		2,191,682		2,225,596
			Smyrna Ready Mix Concrete^		8.88		11/15/2031		1,583,000		1,583,000		1,707,070
			Wilsonart LLC^#		11.00		8/15/2032		1,481,000		1,474,125		1,481,049
				Total Buildings and Real Estate					23,623,000		23,969,200		24,487,277
	Cargo Transport — 4.37%:
			Atlas Corporation+^#		5.50		8/1/2029		4,786,000		4,063,448		4,559,251
			Carriage Purchaser Inc.^		7.88		10/15/2029		7,106,000		6,453,692		6,601,425
			Railworks Hldgs Lp / Railworks Sr^		8.25		11/15/2028		2,881,000		2,828,402		2,977,629
				Total Cargo Transport					14,773,000		13,345,542		14,138,305
	Chemicals, Plastics and Rubber — 5.22%:
			Consolidated Energy Finance SA+^		6.50		5/15/2026		492,000		460,555		484,005
			LSF11 A5 Holdco LLC^		6.63		10/15/2029		4,448,000		4,032,173		4,326,278
			Monitchem HoldCo+#		8.75		5/1/2028		300,000		328,904		343,713
			Monitchem HoldCo, 3M EURIBOR + 5.2500%+~#		8.73		5/1/2028		215,000		231,281		239,902
			Olympus Water US Holding Corporation^		6.25		10/1/2029		2,348,000		2,196,313		2,271,603
			Prince^		9.00		2/15/2030		4,540,000		4,472,216		4,222,744
			Proman AG+^		5.63		10/15/2028		3,427,000		3,049,979		2,886,708
			Windsor Holdings III LLC^		8.50		6/15/2030		2,000,000		2,000,000		2,139,212
				Total Chemicals, Plastics and Rubber					17,770,000		16,771,421		16,914,165
	Containers, Packaging and Glass — 5.39%:
			Mauser Packaging Solutions^		7.88		4/15/2027		5,196,999		5,197,000		5,363,210
			Novolex Holdings, Inc.^		8.75		4/15/2030		7,423,000		6,846,942		7,569,716
			Packaging Holdings Ltd.^		7.13		8/15/2028		1,775,000		1,586,739		1,760,719
			SCI Packaging Inc.^		9.25		4/15/2027		1,327,000		1,247,762		1,361,018
			Titan Holdings II+		5.13		7/15/2029		113,000		133,866		127,673
			Trident Parent, LLC^		12.75		12/31/2028		1,151,000		1,154,811		1,277,696
				Total Containers, Packaging, and Glass					16,985,999		16,167,120		17,460,032
	Diversified/Conglomerate Manufacturing — 1.05%:
			Alta Equipment Group^		9.00		6/1/2029		2,046,000		1,994,974		1,831,202
			IMA+~		7.44		4/15/2029		1,390,000		1,490,712		1,564,843
				Total Diversified/Conglomerate Manufacturing					3,436,000		3,485,686		3,396,045
	Diversified/Conglomerate Service — 10.13%:
			Albion Fing 1 S A R L & Aggre Sr+^		8.75		4/15/2027		1,800,000		1,805,853		1,847,243
			AMS Osram AG+#		10.50		3/30/2029		2,000,000		2,148,336		2,303,690
			Citrix EM SOFR + 4.5000%^		9.00		9/30/2029		4,795,000		4,612,201		4,874,144
			Citrix EM SOFR + 4.5000%^		8.25		6/30/2032		1,259,000		1,259,000		1,315,491
			Engineering Group+#		11.13		5/15/2028		1,485,000		1,627,861		1,677,826
			Global Infrastructure Solutions, Inc.^		7.50		4/15/2032		5,298,000		4,797,866		5,453,761
			Icahn Enterprises LP		4.38		2/1/2029		735,000		644,044		644,158
			Jacobs Entertainment Inc^#		6.75		2/15/2029		1,000,000		930,296		973,513
			Mangrove Luxco III Sarl, 3M EURIBOR + 5.0000%+~		8.67		7/15/2029		850,000		908,748		947,390
			Sabre Holdings Corporation^		8.63		6/1/2027		2,926,000		2,689,320		2,869,179
			Sabre Holdings Corporation^		11.25		12/15/2027		1,560,000		1,463,701		1,617,541
			Summer BC Holdco+		9.25		10/31/2027		1,666,932		2,070,924		1,850,910
			Verisure Midholding AB+#		7.13		2/1/2028		915,000		994,381		1,062,677
			Verisure Midholding+		5.25		2/15/2029		3,575,000		4,322,757		3,949,672
			Veritas Bermuda Ltd.^		7.50		9/1/2025		1,526,000		1,464,101		1,431,325
				Total Diversified/Conglomerate Service					31,390,932		31,739,389		32,818,520
	Electronics — 0.36%:
			Presidio, Inc.^		7.50		6/1/2031		1,092,000		1,092,000		1,152,127
				Total Electronics					1,092,000		1,092,000		1,152,127
	Finance — 10.48%:
			Cerved Group, 3M EURIBOR + 5.250%+~		8.73		2/15/2029		477,000		542,554		516,850
			Cetera Financial Group^		10.00		8/15/2030		1,107,000		1,107,000		1,178,087
			CPUK Finance LTD+#		7.88		8/28/2029		500,000		624,773		684,603
			Galaxy Bidco Ltd.+		6.50		7/31/2026		500,000		661,841		663,462
			Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI)^		8.00		6/15/2027		428,000		428,000		453,497
			Icahn Enterprises LP		6.25		5/15/2026		1,762,000		1,691,637		1,748,261
			Icahn Enterprises^#		9.00		6/15/2030		9,974,000		9,983,084		10,057,132
			Jefferson Capital^		9.50		2/15/2029		3,000,000		3,059,288		3,200,268
			OneMain Finance Corporation		7.88		3/15/2030		600,000		596,478		627,235
			PRA Group^#		5.00		10/1/2029		1,835,000		1,395,129		1,688,315
			PRA Group^		8.38		2/1/2028		4,518,000		4,305,617		4,676,952
			PRA Group^		8.88		1/31/2030		2,000,000		1,992,500		2,082,824
			Sable International+^		7.13		10/15/2032		1,272,000		1,272,000		1,276,045
			Travelex(12.50%PIK)¤+		12.50		8/5/2025		3,319,956		4,324,265		4,704,939
			Travelex¤+~#>		8.00		5/15/2025		4,600,000		5,097,344		0
			TVL FINANCE PLC, 3M EURIBOR + 5.5000%+~		7.10		6/30/2030		350,000		375,847		387,874
				Total Finance					36,242,956		37,457,357		33,946,344
	Grocery — 0.21%:
			Picard Groupe SAS+~#		7.33		7/1/2029		600,000		640,861		671,231
				Total Grocery					600,000		640,861		671,231
	Healthcare, Education and Childcare — 9.91%:
			AdaptHealth LLC^#		4.63		8/1/2029		602,000		511,030		557,557
			AdaptHealth LLC^#		5.13		3/1/2030		2,729,000		2,378,811		2,554,773
			Bausch Health Companies Inc.+^#		9.00		1/30/2028		1,337,000		1,584,618		1,328,264
			Bausch Health Companies Inc.+^#		5.50		11/1/2025		846,000		809,613		826,495
			Bausch Health Companies Inc.+^		14.00		10/15/2030		118,000		148,351		107,133
			Cidron Aida Finco+		6.25		4/1/2028		1,650,000		2,275,266		2,094,018
			Community Health System Inc.^		10.88		1/15/2032		3,337,000		3,370,333		3,678,225
			Community Health System Inc.^		6.88		4/15/2029		286,000		286,000		260,257
			LifePoint Health Inc.^		9.88		8/15/2030		2,140,000		2,138,189		2,354,914
			LifePoint Health Inc.^		11.00		10/15/2030		3,057,000		3,111,048		3,449,085
			LifePoint Health Inc.^		10.00		6/1/2032		1,483,000		1,483,000		1,630,472
			Neogen Corporation^		8.63		7/20/2030		2,636,000		2,668,807		2,917,607
			Nidda BondCo GmbH+#		7.50		8/21/2026		500,000		517,918		575,633
			Radiology Partners Inc. (3.50% PIK)^		7.78		1/31/2029		1,844,245		1,611,942		1,830,413
			Radiology Partners Inc. (9.78% PIK)^		9.78		2/15/2030		6,652,672		6,914,943		6,270,144
			Ray Financing LLC		6.50		7/15/2031		455,000		487,282		520,412
			Recordati, 3M EURIBOR + 3.8750%+~#		7.22		12/31/2029		1,000,000		1,086,555		1,122,642
				Total Healthcare, Education and Childcare					30,672,917		31,383,706		32,078,044
	Home and Office Furnishings, Housewares, and Durable Consumer Products — 1.06%:
			Staples Inc.^#		10.75		9/1/2029		939,000		930,183		910,750
			Staples Inc.^		12.75		1/15/2030		3,055,898		3,109,819		2,511,814
				Total Home and Office Furnishings, Housewares, and Durable Consumer Products					3,994,898		4,040,002		3,422,564
	Hotels, Motels, Inns and Gaming — 0.13%:
			TUI Cruises+#		6.25		4/15/2029		350,000		376,057		410,042
				Total Hotels, Motels, Inns and Gaming					350,000		376,057		410,042
	Leisure, Amusement, Entertainment — 2.41%:
			Allegiant Travel Co.^		7.25		8/15/2027		3,029,000		3,000,115		2,989,357
			Center Parcs+#		6.50		8/28/2026		825,000		1,139,965		1,096,438
			Center Parcs+#		6.14		8/28/2031		235,000		292,798		321,155
			Motion Topco Limited+#		7.38		6/15/2030		1,600,000		1,723,284		1,802,148
			Ontario Gaming GTA LP+^		8.00		8/1/2030		694,000		700,083		721,893
			Silk TopCo AS+		3.38		2/24/2025		850,000		843,843		879,095
				Total Leisure, Amusement, Entertainment					7,233,000		7,700,088		7,810,086
	Machinery (Non-Agriculture, Non-Construct, Non-Electronic) — 0.53%:
			Copeland #		6.38		12/15/2030		1,330,000		1,502,364		1,552,947
			Vortex+^#		8.00		4/30/2030		440,411		53,858		176,165
				Total Machinery (Non-Agriculture, Non-Construct, Non-Electronic)					1,770,411		1,556,222		1,729,112
	Mining, Steel, Iron and Non-Precious Metals — 3.08%:
			Arsenal AIC Parent LLC^		8.00		10/1/2030		1,182,000		1,180,155		1,268,388
			Cornerstone Building Brands Inc^#		9.50		8/15/2029		2,188,000		2,188,000		2,247,853
			Coronado Global Resources Inc.+^#		10.75		5/15/2026		4,846,000		5,005,046		5,041,156
			First Quantum Minerals+^		9.38		3/1/2029		1,347,000		1,347,000		1,427,825
				Total Mining, Steel, Iron and Non-Precious Metals					9,563,000		9,720,201		9,985,222
	Oil and Gas — 12.68%:
			CGG SA+		7.75		4/1/2027		1,500,000		1,787,033		1,649,023
			Energy Transfer LP~		7.13		5/15/2173		2,211,000		1,890,405		2,257,217
			Genesis Energy LP		7.75		2/1/2028		3,408,000		3,244,131		3,450,481
			Genesis Energy LP		8.00		1/15/2027		2,639,000		2,638,838		2,701,552
			Genesis Energy LP		8.88		4/15/2030		1,000,000		981,334		1,051,383
			Genesis Energy LP		7.88		5/15/2032		1,000,000		1,000,000		1,017,781
			Global Partners LP^		8.25		1/15/2032		1,361,000		1,361,000		1,411,263
			Harvest Midstream I LP^		7.50		5/15/2032		3,265,000		3,312,774		3,432,837
			IMTT^		6.50		8/1/2029		6,018,000		5,701,537		5,704,572
			KCA Deutag+		9.88		12/1/2025		1,179,286		1,179,286		1,185,187
			KCA Deutag International Limited(15.00%PIK)+		15.00		12/1/2027		1,105,128		1,105,128		1,136,900
			KCA Deutag,  3M SOFR + 9.0000%+~		14.33		12/1/2025		1,343,874		1,343,874		1,364,032
			Nabors Industries LTD^		9.13		1/31/2030		246,000		246,000		253,707
			NGL Energy Finance Corp.^		8.13		2/15/2029		621,000		621,000		636,740
			NGL Energy Finance Corp.^		8.38		2/15/2032		1,097,000		1,097,000		1,129,613
			Occidental Pete Corp.		8.50		7/15/2027		4,523,000		4,547,612		4,918,600
			Transocean Inc.+^		8.50		5/15/2031		2,593,000		2,593,000		2,575,774
			Var Energi+~#		7.86		11/15/2083		1,600,000		1,731,502		1,954,695
			Weatherford Intl Ltd Bermuda Sr Glbl+^		8.63		4/30/2030		3,092,000		3,104,324		3,219,097
				Total Oil and Gas					39,802,288		39,485,778		41,050,454
	Personal, Food, and Miscellaneous — 0.38%:
			Herbalife^		12.25		4/15/2029		923,000		899,820		920,304
			Raising Cane's Restaurants LLC^		9.38		5/1/2029		296,000		296,000		320,544
				Total Personal, Food, and Miscellaneous					1,219,000		1,195,820		1,240,848
	Personal Transportation — 0.10%:
			Naviera Armas+		15.39		12/31/2026		247,825		366,831		333,846
				Total Personal Transportation					247,825		366,831		333,846
	Printing and Publishing — 0.57%:
			Getty Images Inc.^		9.75		3/1/2027		1,838,000		1,843,631		1,837,803
				Total Printing and Publishing					1,838,000		1,843,631		1,837,803
	Retail Store — 1.92%:
			Afflelou+		6.00		7/25/2029		360,000		393,714		411,895
			Bath & Body Works Inc.		6.88		11/1/2035		262,000		239,322		273,017
			Bath & Body Works Inc.		7.60		7/15/2037		1,471,000		1,320,033		1,468,957
			Life Time, Inc.^		8.00		4/15/2026		404,000		395,504		407,838
			Marcolin S.p.A+		6.13		11/15/2026		475,000		578,239		530,069
			Ocado Group PLC+#		10.50		8/8/2029		1,150,000		1,465,267		1,518,338
			PetSmart LLC^		7.75		2/15/2029		1,108,000		1,094,245		1,093,792
			Wayfair^		7.25		10/31/2029		485,000		485,000		497,050
				Total Retail Store					5,715,000		5,971,324		6,200,956
	Technology — 0.08%:
			Amentum Holdings Inc.^#		7.25		8/1/2032		254,000		254,000		265,042
				Total Technology					254,000		254,000		265,042
	Telecommunications — 8.43%:
			Altice France Holding S.A.+^#		5.75		8/15/2029		1,375,000		1,215,177		1,107,773
			British Telecom+~#		8.38		12/20/2083		600,000		732,312		864,885
			C&W Senior Financing Designated Activity Co+^		6.88		9/15/2027		2,110,000		1,970,758		2,102,685
			Consolidated Communications Hldgs.^#		6.50		10/1/2028		3,250,000		2,978,773		3,067,792
			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		824,838
			Frontier Communications Hldgs Sr Sec Glbl^#		6.00		1/15/2030		3,976,000		3,426,362		3,969,765
			Hughes Satellite Systems Corp #		6.63		8/1/2026		2,000,000		1,319,602		1,742,033
			Iliad Holding+^		8.50		4/15/2031		385,000		385,000		414,075
			Iliad Holding+#		6.88		4/15/2031		550,000		586,961		650,498
			LCPR Senior Secured Financing+^#		6.75		10/15/2027		2,000,000		1,843,452		1,829,595
			Level III^#		4.50		4/1/2030		550,000		346,815		425,829
			Level III^		11.00		11/15/2029		3,797,000		3,856,969		4,206,981
			Optics+		7.88		7/31/2028		354,000		383,729		445,257
			Telecom Italia+#		7.88		7/31/2028		246,000		266,550		309,365
			Telefonica SA+~#		7.13		11/23/2172		1,400,000		1,524,573		1,710,584
			United Group+#		6.75		2/15/2031		1,000,000		1,087,950		1,154,895
			Vodafone Group PLC+~#		8.00		8/30/2086		400,000		538,596		586,938
			Vodafone Group PLC+~		6.25		10/3/2078		550,000		542,025		550,000
			Zegona Finance PLC+#		6.75		7/15/2029		1,160,000		1,256,159		1,347,749
				Total Telecommunications					28,977,000		27,527,127		27,311,537
	Utilities — 4.36%:
			Electricite de France SA+		9.13		12/15/2172		350,000		350,000		398,399
			Electricite de France SA+		7.38		3/17/2173		500,000		654,279		682,855
			Enbridge Inc.+		7.38		1/15/2083		3,749,000		3,697,451		3,861,204
			Enbridge Inc.+		8.25		1/15/2084		1,624,000		1,624,000		1,720,868
			Energy Transfer LP#		6.50		11/15/2172		2,800,000		2,782,500		2,793,302
			Talen Energy Supply, LLC^		8.63		6/1/2030		3,837,000		3,876,499		4,182,460
			Techem+#		6.00		7/30/2026		439,599		454,502		490,172
				Total Utilities					13,299,599		13,439,231		14,129,260
				Total Corporate Bonds					316,188,825		315,067,032		318,631,100
				Total Fixed Income					446,315,711		442,073,631		431,104,688
				Total Investments						$	443,177,168	$	432,962,269
Other assets and liabilities — (33.70%)													(109,134,483)
				Net Assets — 100.00%								$	323,827,786
		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 September 30, 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 September 30, 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  September 30, 2024.
				United States of America	82.8%
				United Kingdom	6.7%
				Canada	1.8%
				Italy	1.3%
				Australia	1.2%
				Sweden	1.2%
				Hong Kong	1.1%
				France	1.0%
				(Individually less than 1%)	3.0%

---

A summary of outstanding derivatives at September 30, 2024 is as follows:
Schedule of Open Forward Foreign Exchange Contracts
September 30, 2024
						Forward			Unrealized
Currency to be		Currency to be		Counterparty of		Settlement			Appreciation /
Received		Delivered(1)		Contract		Date			(Depreciation)
38,845,540	USD	38,967,670	EUR	CIBC		10/18/2024			(122,129)
17,176,520	USD	17,472,368	GBP	Morgan Stanley		10/18/2024			(295,848)
								$	(417,977)
(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, 2024, in valuing the Fund’s investments:

Description		Level 1				Level 2				Level 3				Total Investments
Assets:
Equities:
Common Stocks		$	-			$	1,798,274			$	-			$	1,798,274
Warrants			-				-				59,307				59,307
Total Equities:			-				1,798,274				59,307				1,857,581
Fixed Income:
Asset-Backed Securities			-				30,712,878				-				30,712,878
Bank Loans			-				76,532,330				3,880,874				80,413,204
Convertible Bonds			-				1,347,506				-				1,347,506
Corporate Bonds			-				313,926,161				4,704,939				318,631,100
Total Fixed Income			-				422,518,875				8,585,813				431,104,688
Short Term Investments:
Insurance			-				-				-				-
Total Short Term Investments			-				-				-				-
Forward Foreign Exchange Contracts			-				-				-				-
Total Assets:		$	-			$	424,317,149			$	8,645,120			$	432,962,269
Liabilities:
Forward Foreign Exchange Contracts:		$	-			$	(417,977	)		$	-			$	(417,977	)
Total Liabilities:		$	-			$	(417,977	)		$	-			$	(417,977	)

As of September 30, 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 $8,645,120 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 September 30, 2024	CHANGE IN UNREALIZED APPRECIATION / (DEPRECIATION) FROM INVESTMENTS HELD AS OF September 30, 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	-	-	-	-	-	-	(53,780)	59,307	(53,780)
Warrants	113,087	-	-	-	-	-	-	(53,780)	59,307	(53,780)
Total Equities	113,087	-	-	-	-	-	-	(53,780)	59,307	(53,780)
Bank Loans
Anarafe SLU Facility F	85,059	-	-	203	(84,712)	129	(4,509)	3,830	-	-
Anarafe SLU Facility A	20,149	-	-	38	(20,062)	12	116	(253)	-	-
Anarafe SLU Facility C	41,966	-	-	53	(43,908)	-	390	1,499	-	-
Belfor	815,484	-	-	-	(815,860)	-	10,046	(9,670)	-	-
Clear Channel Worldwide Holdings Inc.	-	-	(2,382,000)	2,376,000	-	3,685	-	2,315	-	-
CP Iris Holdco I 2nd Lien T/L (IPS)	2,152,222	-	-	-	(2,398,019)	-	23,980	221,817	-	-
Evertec	1,985,950	-	-	-	(1,990,909)	312	36,878	(32,231)	-	-
Flint Group	154,412	-	(292,680)	48,702	-	76,214	-	13,352	-	-
Florida Food Products 2nd Lien T/L	1,095,000	-	-	-	-	3,144	-	(138,144)	960,000	(138,144)
Frontier Communications	-	-	-	286,643	(290,244)	-	3,601	-	-	-
Invenergy Thermal Operating I LLC	155,336	-	-	-	(156,308)	311	3,101	(2,440)	-	-
Invenergy Thermal Operating I LLC	1,879,560	-	-	-	(1,890,770)	3,602	37,448	(29,840)	-	-
LSF 11 A5 Holdco LLC	-	-	(984,696)	986,203	(5,063)	-	32	3,524	-	-
Naviera Armas	-	-	-	110,209	(11,575)	5,790	1,075	9,014	114,513	9,014
Polar US Borrower LLC	-	1,913,268	-	-	-	-	-	-	1,913,268	-
Presidio, Inc.	-	-	(3,492,341)	3,483,589	-	-	-	8,752	-	-
Quest Software	550,508	-	-	460,008	(5,503)	20,365	1,523	(133,808)	893,093	(133,808)
Bank Loans	8,935,646	1,913,268	(7,151,717)	7,751,648	(7,712,933)	113,564	113,681	(82,283)	3,880,874	(262,938)
Corporate Bonds
Digicel Limited	-	-	-	-	-	-	-	-	-	-
Naviera Armas	377,615	-	(333,846)	397,278	(375,291)	(30,856)	(302,237)	267,337	-	-
Travelex	-	-	-	-	-	-	-	-	-	-
Travelex	4,511,307	-	-	355,924	-	45,277	-	(207,569)	4,704,939	(207,569)
Corporate Bonds	4,888,922	-	(333,846)	753,202	(375,291)	14,421	(302,237)	59,768	4,704,939	(207,569)
Total	$13,937,655	$   1,913,268	$   (7,485,563)	$  8,504,850	$(8,088,224)	$      127,985	$     (188,556)	$      (76,295)	$     8,645,120	$    (524,287)

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

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