Barings

Corporate Investors

Report for the
Three Months Ended March 31, 2017

Adviser

Barings LLC

1500 Main Street, P.O. Box 15189

Springfield, Massachusetts 01115-5189

Independent Registered Public Accounting Firm

KPMG LLP

Boston, Massachusetts 02110

Counsel to the Trust

Ropes & Gray LLP

Boston, Massachusetts 02110

Custodian

State Street Bank and Trust Company

Boston, Massachusetts 02116

Transfer Agent & Registrar

DST Systems, Inc.

P.O. Box 219086

Kansas City, Missouri 64121-9086

1-800-647-7374

Internet Website

www.barings.com/mci

Barings Corporate Investors

c/o Barings LLC

1500 Main Street, Suite 2200

Springfield, Massachusetts 01115

(413) 226-1516

Investment Objective and Policy

Barings Corporate Investors (the "Trust") is a closed-end management investment company, first offered to the public in 1971, whose shares are traded on the New York Stock Exchange under the trading symbol "MCI". The Trust's share price can be found in the financial section of most newspapers under either the New York Stock Exchange listings or Closed-End Fund Listings.

The Trust's investment objective is to maintain a portfolio of securities providing a current yield and at the same time offering an opportunity for capital gains. The Trust's principal investments are privately placed, below-investment grade, long-term debt obligations. Such direct placement securities may, in some cases, be accompanied by equity features such as common stock, warrants, conversion rights, or other equity features and, occasionally, preferred stocks. The Trust typically purchases these investments, which are not publicly tradable, directly from their issuers in private placement transactions. These investments are typically mezzanine debt instruments with accompanying private equity securities made to small or middle market companies. In addition, the Trust may invest, subject to certain limitations, in marketable investment grade debt securities, other marketable debt securities (including high yield securities) and marketable common stocks. Below-investment grade or high yield securities have predominantly speculative characteristics with respect to the capacity of the issuer to pay interest and repay principal.

Barings LLC ("Barings") manages the Trust on a total return basis. The Trust distributes substantially all of its net income to shareholders each year. Accordingly, the Trust pays dividends to shareholders in January, May, August, and November. The Trust pays dividends to its shareholders in cash, unless the shareholder elects to participate in the Dividend Reinvestment and Share Purchase Plan.

Form N-Q

The Trust files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year on Form N-Q. This information is available (i) on the SEC's website at http://www.sec.gov; and (ii) at the SEC's Public Reference Room in Washington, DC (which information on their operation may be obtained by calling 1-800-SEC-0330). A complete schedule of portfolio holdings as of each quarter-end is available upon request by calling, toll-free, 866-399-1516.

Proxy Voting Policies & Procedures; Proxy Voting Record

The Trustees of the Trust have delegated proxy voting responsibilities relating to the voting of securities held by the Trust to Barings. A description of Barings' proxy voting policies and procedures is available (1) without charge, upon request, by calling, toll-free 866-399-1516; (2) on the Trust's website: www.barings.com/mci; and (3) on the SEC's website at http://www.sec.gov. Information regarding how the Trust voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (1) on the Trust's website: www.barings.com/mci; and (2) on the SEC's website at http://www.sec.gov.

Legal Matters

The Trust has entered into contractual arrangements with an investment adviser, transfer agent and custodian (collectively "service providers") who each provide services to the Trust. Shareholders are not parties to, or intended beneficiaries of, these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the Trust.

Under the Trust's Bylaws, any claims asserted against or on behalf of the Trust, including claims against Trustees and officers must be brought in courts located within the Commonwealth of Massachusetts.

The Trust's registration statement and this shareholder report are not contracts between the Trust and its shareholders and do not give rise to any contractual rights or obligations or any shareholder rights other than any rights conferred explicitly be federal or state securities laws that may not be waived.

Barings Corporate Investors

TO OUR SHAREHOLDERS

April 30, 2017

We are pleased to present the March 31, 2017 Quarterly Report of Barings Corporate Investors (the "Trust").

The Board of Trustees declared a quarterly dividend of $0.30 per share, payable on May 12, 2017 to shareholders of record on May 4, 2017. The Trust paid a $0.30 per share dividend for the preceding quarter. The Trust earned $0.33 per share of net investment income, including $0.04 per share of non-recurring income, for the first quarter of 2017, compared to $0.34 per share, including $0.05 per share of non-recurring income, in the previous quarter.

During the first quarter, the net assets of the Trust increased to $292,381,934 or $14.74 per share compared to $281,570,891 or $14.23 per share on December 31, 2016. This translates into a 3.6% total return for the quarter, based on the change in the Trust's net assets assuming the reinvestment of all dividends. Longer term, the Trust returned 11.5%, 10.2%, 12.3%, 10.1%, and 13.5% for the 1-, 3-, 5-, 10-, and 25-year periods ended March 31, 2017, respectively, based on the change in the Trust's net asset value (net of all fees and expenses) assuming the reinvestment of all dividends and distributions.

The Trust's share price decreased 1.4% during the quarter, from $15.48 per share as of December 31, 2016 to $15.27 per share as of March 31, 2017. The Trust's market price of $15.27 per share equates to a 3.6% premium over the March 31, 2017 net asset value per share of $14.74. The Trust's average quarter-end premium for the 3-, 5- and 10-year periods was 10.6%, 14.3% and 12.8%, respectively. U.S. equity markets, as approximated by the Russell 2000 Index, increased 2.5% for the quarter. U.S. fixed income markets, as approximated by the Barclays Capital U.S. Corporate High Yield Index, increased 2.7% for the quarter.

The Trust closed two new private placement investments, as well as six add-on investments in existing portfolio companies, during the first quarter. The two new investments were in SR Smith LLC and Worldwide Express Operations, LLC, while the six add-on investments were in Handi Quilter Holding Company, MC Sign Holdings LLC, Merex Holding Corporation, Panos Brands LLC, Tranzonic Holdings LLC and Veritext Corporation. A brief description of these investments can be found in the Consolidated Schedule of Investments. The total amount invested by the Trust in these transactions was $9,555,000.

Despite overall optimism heading into 2017, middle market merger and acquisition activity did not meet expectations for the quarter ending March 31, 2017. The lower M&A activity combined with a significant inflow of new capital into the private debt markets in 2016 and thus far in 2017 has exacerbated already hyper-competitive market conditions. High purchase price multiples for companies and aggressive credit terms being offered by debt providers have, and continue to be prevalent in the market. The net result of all of these factors was the Trust's new investment activity being below average for the quarter. While deal flow remains stable and we continue to actively pursue new investment opportunities on behalf of the Trust, we do so cautiously in order to generate attractive investment returns without taking inappropriate levels of risk, a strategy that has served us well over the years.

The Trust's remaining portfolio remains in good condition with the number of companies on our watch list and/or in default remaining stable and at acceptable levels. Two private companies in which the Trust had outstanding investments were sold during the quarter resulting in favorable outcomes. In addition, two companies refinanced their debt, resulting in the prepayment of subordinated notes held by the Trust while also paying a dividend on the equity portion of the Trust's investment. At quarter-end, there were fourteen companies in which the Trust had outstanding investments which were in an active sale process. We would expect these companies to be sold over the next two to three quarters.

The Trust was able to maintain its $0.30 per share quarterly dividend in the first quarter. However, it was necessary to supplement recurring investment income with $0.01 per share of earnings carry forward in order to maintain the $0.30 per share dividend. As has been discussed in prior reports, recurring investment income alone has not been sufficient, and while improving, may not be sufficient in the near term, to fully fund the current dividend rate. Net investment income has been below the dividend rate since 2013 due principally to the considerable reduction in the number of private debt securities in the portfolio resulting from the high level of exits and prepayment activity that occurred from 2013 through 2015, combined with generally lower investment returns available due to market and competitive dynamics over the past several years. As mentioned above, we made good progress in growing recurring investment income over the past several quarters, but it remains below the dividend rate and may continue to require supplementation from non-recurring income in the near term. The level of expected recurring investment income generated by the Trust in 2017, combined with the availability of earnings carry forwards and other non-recurring income, is expected to be sufficient to maintain the current dividend rate over the next several quarters. However, over time, the Trust's dividend paying ability tends to

correlate with its recurring earnings capacity. As such, until recurring investment income reaches a level equal to the current dividend rate, there is the risk that the dividend may need to be reduced in the future.

Thank you for your continued interest in and support of Barings Corporate Investors.

Sincerely,

Robert M. Shettle

President

Portfolio Composition as of 3/31/17*

* Based on market value of total investments (including cash)

Cautionary Notice: Certain statements contained in this report may be "forward looking" statements. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made and which reflect management's current estimates, projections, expectations or beliefs, and which are subject to risks and uncertainties that may cause actual results to differ materially. These statements are subject to change at any time based upon economic, market or other conditions and may not be relied upon as investment advice or an indication of the Trust's trading intent. References to specific securities are not recommendations of such securities, and may not be representative of the Trust's current or future investments. We undertake no obligation to publicly update forward looking statements, whether as a result of new information, future events, or otherwise.

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

March 31, 2017

(Unaudited)


Assets:
Investments
(See Consolidated Schedule of Investments)
Corporate restricted securities at fair value (Cost - $209,290,593)	$	207,046,804
Corporate restricted securities at market value (Cost - $59,489,703)		60,351,069
Corporate public securities at market value (Cost - $39,691,062)		41,724,170
Short-term securities at amortized cost		5,898,559

Total investments (Cost - $314,369,917)		315,020,602

Cash		7,880,975
Interest receivable		2,961,824
Receivable for investments sold		935,771
Other assets		28,861

Total assets		326,828,033


Liabilities:
Note payable		30,000,000
Payable for investments purchased		2,071,000
Investment advisory fee payable		913,694
Deferred tax liability		912,469
Interest payable		202,400
Tax payable		149,547
Accrued expenses		196,989

Total liabilities		34,446,099

Total net assets	$	292,381,934


Net Assets:
Common shares, par value $1.00 per share	$	19,830,088
Additional paid-in capital		111,594,359
Retained net realized gain on investments, prior years		145,980,019
Undistributed net investment gain		8,052,754
Accumulated net realized gain on investments		7,186,498
Net unrealized depreciation of investments		(261,784	)

Total net assets	$	292,381,934

Common shares issued and outstanding ( 28,054,782 authorized)		19,830,088

Net asset value per share	$	14.74

See Notes to Consolidated Financial Statements

CONSOLIDATED STATEMENT OF OPERATIONS

For the three months ended March 31, 2017

(Unaudited)


Investment Income:
Interest	$	6,226,155
Dividends		1,692,225
Other		71,918

Total investment income		7,990,298


Expenses:
Investment advisory fees		913,694
Interest		396,000
Trustees' fees and expenses		90,000
Professional fees		48,542
Reports to shareholders		28,500
Custodian fees		8,400
Other		31,547

Total expenses		1,516,683

Investment income - net		6,473,615


Net realized and unrealized gain on investments:
Net realized gain on investments before taxes		686,282
Income tax expense		(323,331	)


Net realized gain on investments after taxes		362,951

Net increase (decrease) in unrealized appreciation (depreciation) of investments before taxes		3,282,098

Net (increase) decrease in deferred income tax expense		100,732

Net increase (decrease) in unrealized appreciation (depreciation) of investments after taxes		3,382,830

Net gain on investments		3,745,781

Net increase in net assets resulting from operations	$	10,219,396

See Notes to Consolidated Financial Statements

CONSOLIDATED STATEMENT OF CASH FLOWS

For the three months ended March 31, 2017

(Unaudited)


Net decrease in cash:
Cash flows from operating activities:
Purchases/Proceeds/Maturities from short-term portfolio securities, net	$	5,023,666
Purchases of portfolio securities		(19,807,740	)
Proceeds from disposition of portfolio securities		10,290,880
Interest, dividends and other income received		7,228,456
Interest expense paid		(396,000	)
Operating expenses paid		(1,084,099	)
Income taxes paid		(2,317,943	)

Net cash used for operating activities		(1,062,780	)

Cash flows from financing activities:
Cash dividends paid from net investment income		(5,937,122	)
Receipts for shares issued on reinvestment of dividends		591,647

Net cash used for financing activities		(5,345,475	)

Net decrease in cash		(6,408,255	)
Cash - beginning of year		14,289,230

Cash - end of period	$	7,880,975


Reconciliation of net increase in net assets to net cash used for operating activities:

Net increase in net assets resulting from operations	$	10,219,396

Increase in investments		(11,108,419	)
Decrease in interest receivable		751,852
Increase in receivable for investments sold		(935,771	)
Increase in other assets		(2,078	)
Increase in payable for investments purchased		2,071,000
Increase in investment advisory fee payable		33,785
Decrease in deferred tax liability		(100,732	)
Decrease in tax payable		(1,994,612	)
Increase in accrued expenses		2,799

Total adjustments to net assets from operations		(11,282,176	)

Net cash used for operating activities	$	(1,062,780	)

See Notes to Consolidated Financial Statements

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS


	For the three months ended 3/31/2017 (Unaudited)		For the year ended 12/31/2016
Increase in net assets:
Operations:
Investment income - net	$	6,473,615	$	22,171,839
Net realized gain on investments after taxes		362,951		3,711,135
Net change in unrealized appreciation of investments after taxes		3,382,830		1,357,082

Net increase in net assets resulting from operations		10,219,396		27,240,056
Increase from common shares issued on reinvestment of dividends
Common shares issued (2017 - 39,681; 2016 - 125,703)		591,647		2,103,555

Dividends to shareholders from:
Net investment income (2017 - $0.00 per share; 2016 - $1.20 per share)		—		(23,688,009	)

Total increase in net assets		10,811,043		5,655,602

Net assets, beginning of period/year		281,570,891		275,915,289

Net assets, end of period/year (including undistributed net investment income of $8,052,754 and $1,579,139, respectively)	$	292,381,934	$	281,570,891

See Notes to Consolidated Financial Statements

CONSOLIDATED SELECTED FINANCIAL HIGHLIGHTS

Selected data for each share of beneficial interest outstanding:


	For the three months ended 03/31/2017 (Unaudited)			For the years ended December 31,
	For the three months ended 03/31/2017 (Unaudited)			2016			2015			2014			2013
Net asset value:
Beginning of period/year	$	14.23		$	14.03		$	14.34		$	13.85		$	13.38

Net investment income (a)		0.33			1.12			1.04			1.23			1.18
Net realized and unrealized gain (loss) on investments		0.19			0.26			(0.16	)		0.45			0.48

Total from investment operations		0.52			1.38			0.88			1.68			1.66

Dividends from net investment income to common shareholders		—			(1.20	)		(1.20	)		(1.20	)		(1.20	)
Dividends from net realized gain on investments to common shareholders		—			—			—			—			—
(Decrease)/Increase from dividends reinvested		(0.01	)		0.02			0.01			0.01			0.01

Total dividends		(0.01	)		(1.18	)		(1.19	)		(1.19	)		(1.19	)

Net asset value: End of period/year	$	14.74		$	14.23		$	14.03		$	14.34		$	13.85

Per share market value:
End of period/year	$	15.27		$	15.48		$	17.25		$	15.89		$	14.93

Total investment return
Net asset value (b)		3.58	%		10.13	%		6.20	%		13.78	%		12.76	%
Market value (b)		(1.36	%)		(3.49	%)		17.01	%		16.53	%		5.93	%
Net assets (in millions):
End of period/year	$	292.38		$	281.57		$	275.92		$	280.13		$	268.69
Ratio of total expenses to average net assets		2.60	%		2.92	%		2.56	%		3.66	%		2.42	%
Ratio of operating expenses to average net assets		1.58	%		1.56	%		1.67	%		1.65	%		1.64	%
Ratio of interest expense to average net assets		0.56	%		0.56	%		0.55	%		0.57	%		0.59	%
Ratio of income tax expense to average net assets (c)		0.46	%		0.80	%		0.34	%		1.44	%		0.19	%
Ratio of net investment income to average net assets		9.15	%		7.80	%		7.12	%		8.57	%		8.50	%
Portfolio turnover		3	%		29	%		29	%		38	%		34	%

(a)	Calculated using average shares.

(b)

Net asset value return represents portfolio returns based on change in the Trust's net asset value assuming the reinvestment of all dividends and distributions which differs from the total investment return based on the Trust's market value due to the difference between the Trust's net asset value and the market value of its shares outstanding; past performance is no guarantee of future results.

(c)

As additional information, this ratio is included to reflect the taxes paid on retained long-term gains. These taxes paid are netted against realized capital gains in the Statement of Operations. The taxes paid are treated as deemed distributions and a credit for the taxes paid is passed on to the shareholders.


Senior borrowings:
Total principal amount (in millions)	$	30	$	30	$	30	$	30	$	30
Asset coverage per $1,000 of indebtedness	$	10,746	$	10,386	$	10,197	$	10,338	$	9,956

See Notes to Consolidated Financial Statements

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2017

(Unaudited)


Corporate Restricted Securities - 91.45%: (A)	Principal Amount, Shares, Units or Ownership Percentage		Acquisition Date		Cost		Fair Value

Private Placement Investments - 70.81%: (C)
1492 Acquisition LLC
A leading producer of premium Italian cured meats and deli meats in the U.S.
Limited Liability Company Unit Class A Preferred (B)	245 uts.		10/17/12		$	245,450	$	342,522
Limited Liability Company Unit Class A Common (B)	27,273 uts.		10/17/12			27,273		411,746
						272,723		754,268

ABC Industries, Inc.
A manufacturer of mine and tunneling ventilation products in the U.S.
13% Senior Subordinated Note due 07/31/2019	$	334,091	08/01/12			318,145		329,753
Preferred Stock Series A (B)	300,000 shs.		08/01/12			300,000		498,828
Warrant, exercisable until 2022, to purchase common stock at $.02 per share (B)	53,794 shs.		08/01/12			101,870		83,444
						720,015		912,025

Advanced Manufacturing Enterprises LLC
A designer and manufacturer of large, custom gearing products for a number of critical customer applications.
Limited Liability Company Unit (B)	4,669 uts.			*		498,983		—
* 12/07/12, 07/11/13 and 06/30/15.

AFC - Dell Holding Corporation
A distributor and provider of inventory management services for "C-Parts" used by OEMs in their manufacturing and production facilities.
12.5% (1% PIK) Senior Subordinated Note due 09/27/2020	$	2,447,642	03/27/15			2,413,515		2,472,119
Preferred Stock (B)	2,276 shs.		03/27/15			227,558		204,184
Common Stock (B)	703 shs.		03/27/15			703		—
						2,641,776		2,676,303

Airxcel Holdings
A leading manufacturer of a broad range of climate control solutions, including air-conditioners, heat pumps, cooking appliances, furnaces, powered vents, and water heaters.
Limited Liability Company Unit	583 uts.		11/18/14			583,000		669,159


AM Conservation Holding Corp
A supplier of energy efficiency ("EE") products, including lighting, shower heads and aerators, and weatherization products such as door seals and weather stripping.
11.75% (1.5% PIK) Senior Subordinated Note due 04/30/2023	$	3,181,818	10/31/16			3,120,974		3,155,947
Common Stock (B)	318,182 shs.		10/31/16			318,182		338,087
						3,439,156		3,494,034


Corporate Restricted Securities: (A) (Continued)	Principal Amount, Shares, Units or Ownership Percentage		Acquisition Date		Cost		Fair Value

AMS Holding LLC
A leading multi-channel direct marketer of high-value collectible coins and proprietary-branded jewelry and watches.
Limited Liability Company Unit Class A Preferred (B) (F)	273 uts.		10/04/12		$	272,727	$	582,187


API Technologies Corp.
A designer, developer and manufacturer of electronic systems, subsystems, modules and secure communications for technically demanding defense, aerospace and commercial applications in the U.S. and internationally.
12% (1% PIK) Senior Subordinated Note due 04/22/2023	$	2,826,368	04/22/16			2,791,431		2,838,449
Limited Liability Company Unit (B)	0.90% int.		04/20/16			700,000		644,000
						3,491,431		3,482,449

ARI Holding Corporation
A leading national supplier of products used primarily by specialty contractors.
11.5% (0.5% PIK) Senior Subordinated Note due 02/01/2020	$	3,430,507		*		3,398,593		3,430,507
Limited Partnership Interest	1,048 uts.		08/01/14			1,047,900		1,087,013
* 05/21/13 and 08/01/14.						4,446,493		4,517,520


ASC Holdings, Inc.
A manufacturer of capital equipment used by corrugated box manufacturers.
13% (1% PIK) Senior Subordinated Note due 05/18/2021	$	1,523,007	11/19/15			1,498,529		1,447,512
Limited Liability Company Unit (B)	225,300 uts.		11/18/15			225,300		45,961
						1,723,829		1,493,473

Aurora Parts & Accessories LLC
A distributor of aftermarket over-the-road semi-trailer parts and accessories sold to customers across North America.
11% Senior Subordinated Note due 02/17/2022	$	3,074,700	08/17/15			3,026,135		3,119,921
Preferred Stock (B)	425 shs.		08/17/15			424,875		353,588
Common Stock (B)	425 shs.		08/17/15			425		—
						3,451,435		3,473,509

Avantech Testing Services LLC
A manufacturer of custom Non-Destructive Testing ("NDT") systems and provider of NDT and inspections services primarily to the oil country tubular goods market.
15% (3.75% PIK) Senior Subordinated Note due 01/31/2021 (D)	$	1,015,684	07/31/14			996,694		—
Limited Liability Company Unit (B) (F)	92,327 uts.			*		—		—
* 07/31/14 and 10/14/15.						996,694		—


Corporate Restricted Securities: (A) (Continued)	Principal Amount, Shares, Units or Ownership Percentage		Acquisition Date		Cost		Fair Value

Blue Wave Products, Inc.
A distributor of pool supplies.
10% Senior Secured Term Note due 09/30/2018	$	268,085	10/12/12		$	266,430	$	268,085
13% (1% PIK) Senior Subordinated Note due 09/30/2019	$	747,549	10/12/12			722,373		747,549
Common Stock (B)	114,894 shs.		10/12/12			114,894		658,925
Warrant, exercisable until 2022, to purchase common stock at $.01 per share (B)	45,486 shs.		10/12/12			45,486		260,865
						1,149,183		1,935,424

BlueSpire Holding, Inc.
A marketing services firm that integrates strategy, technology, and content to deliver customized marketing solutions for clients in the senior living, financial services and healthcare end markets.
12.5% (1.5% PIK) Senior Subordinated Note due 06/30/2021 (D)	$	3,217,730	06/30/15			3,167,754		—
Common Stock (B)	2,876 shs.		06/30/15			318,200		—
						3,485,954		—

BP SCI LLC
A leading value-added distributor of branded pipes, valves, and fittings (PVF) to diversified end markets.
Limited Liability Company Unit Class A (B) (F)	1,000 uts.		10/17/12			100,000		152,358
Limited Liability Company Unit Class B (B) (F)	400 uts.		10/17/12			400,000		662,415
						500,000		814,773

CG Holdings Manufacturing Company
A coating provider serving the automotive, agricultural, heavy truck and other end markets.
13% Senior Subordinated Note 11/01/2019	$	3,390,252		*		3,287,274		3,390,252
Preferred Stock (B)	3,241 shs.			*		324,054		414,254
Preferred Stock (B)	1,174 shs.			*		116,929		150,088
Common Stock (B)	337 shs.			*		35,673		479,869
Warrant, exercisable until 2023, to purchase common stock at $.01 per share (B)	137 shs.			*		13,033		195,238
* 05/09/13 and 11/01/13.						3,776,963		4,629,701


CHG Alternative Education Holding Company
A leading provider of publicly-funded, for profit pre-K-12 education services targeting special needs children at therapeutic day schools and "at risk" youth through alternative education programs.
13.5% (1.5% PIK) Senior Subordinated Note due 06/19/2020	$	2,348,439	01/19/11			2,325,051		2,348,439
14% (2% PIK) Senior Subordinated Note due 06/19/2020	$	618,103	08/03/12			613,022		618,103
Common Stock (B)	1,125 shs.		01/19/11			112,500		130,320
Warrant, exercisable until 2021, to purchase common stock at $.01 per share (B)	884 shs.		01/19/11			87,750		102,440
						3,138,323		3,199,302


Corporate Restricted Securities: (A) (Continued)	Principal Amount, Shares, Units or Ownership Percentage		Acquisition Date		Cost		Fair Value

Church Services Holding Company
A provider of diversified residential services to homeowners in the Houston, Dallas, and Austin markets.
Limited Liability Company Unit (B) (F)	3 uts.		03/26/12		$	569,935	$	—


Clarion Brands Holding Corp.
A portfolio of six over-the-counter (OTC) pharmaceutical brands whose products are used to treat tinnitus or ringing of the ear, excessive sweating, urinary tract infections, muscle pain, and skin conditions.
12.5% (1.5% PIK) Senior Subordinated Note due 04/01/2021	$	4,120,926		*		4,059,589		4,135,056
Limited Liability Company Unit (B)	3,759 uts.		07/18/16			384,020		374,015
* 10/01/14 and 07/18/16.						4,443,609		4,509,071


Clough, Harbour and Associates
An engineering service firm that is located in Albany, NY.
Preferred Stock (B)	277 shs.		12/02/08			276,900		1,446,684


Compass Chemical International LLC
A manufacturer and supplier of standard and specialty formulated chemicals, primarily phosphoric acid derivatives called phosphonates.
Limited Liability Company Unit (B) (F)	467 uts.		03/04/15			298,900		233,098


Connecticut Electric, Inc.
A supplier and distributor of electrical products sold into the retail and wholesale markets.
Limited Liability Company Unit Class A (B)	156,046 uts.		01/12/07			156,046		229,585
Limited Liability Company Unit Class C (B)	112,873 uts.		01/12/07			112,873		182,651
Limited Liability Company Unit Class D (B)	1,268,437 uts.		05/03/10			—		1,959,476
Limited Liability Company Unit Class E (B)	2,081 uts.		05/03/10			—		413,598
						268,919		2,785,310

CORA Health Services, Inc.
A provider of outpatient rehabilitation therapy services.
12.75% (1.75% PIK) Senior Subordinated Note due 06/30/2023	$	1,558,817	06/30/16			1,530,355		1,575,548
Preferred Stock Series A (B)	1,538 shs.		06/30/16			146,154		155,431
Common Stock Class A (B)	7,692 shs.		06/30/16			7,692		2,692
						1,684,201		1,733,671

CTM Holding, Inc.
A leading owner and operator of coin-operated children's rides, penny presses and candy kiosks in the U.S.
15% (3% PIK) Senior Subordinated Note due 11/22/2019	$	2,613,217	11/22/13			2,587,091		2,613,217
Common Stock (B)	180 shs.			*		1,028,568		727,399
* 11/22/13 and 09/16/16.						3,615,659		3,340,616


Corporate Restricted Securities: (A) (Continued)	Principal Amount, Shares, Units or Ownership Percentage		Acquisition Date	Cost		Fair Value

Del Real LLC
A manufacturer and distributor of fully-prepared fresh refrigerated Hispanic entrees as well as side dishes that are typically sold on a heat-and-serve basis at retail grocers.
11% Senior Subordinated Note due 04/06/2023	$	2,882,353	10/07/16	$	2,827,710	$	2,842,484
Limited Liability Company Unit (B) (F)	617,647 uts.		10/07/16		617,647		611,471
					3,445,357		3,453,955

DPL Holding Corporation
A distributor and manufacturer of aftermarket undercarriage parts for medium and heavy duty trucks and trailers.
14% (2% PIK) Senior Subordinated Note due 11/04/2020	$	3,386,352	05/04/12		3,359,697		3,288,799
Preferred Stock (B)	61 shs.		05/04/12		605,841		580,446
Common Stock (B)	61 shs.		05/04/12		67,316		—
					4,032,854		3,869,245

Dunn Paper
A provider of specialty paper for niche product applications.
9.75% Second Lien Term Loan due 08/31/2023	$	3,500,000	09/28/16		3,434,719		3,430,000


Eagle Family Foods, Inc.
A producer of low-cost branded and private label canned milk.
10.05% Last Out Term Loan due 12/31/2021	$	3,500,000	12/22/15		3,458,445		3,500,000


ECG Consulting Group
A healthcare management consulting company who provides strategic, financial, operational, and technology related consulting services to healthcare providers.
11.75% (0.75% PIK) Senior Subordinated Note due 11/21/2020	$	2,671,800	11/21/14		2,630,552		2,698,518
Limited Liability Company Unit (B) (F)	467 uts.		11/19/14		145,833		169,264
					2,776,385		2,867,782

Elite Sportswear Holding, LLC
A designer and manufacturer of gymnastics, competitive cheerleading and swimwear apparel in the U.S. and internationally.
11.5% (1% PIK) Senior Subordinated Note due 10/13/2021	$	3,190,853	10/14/16		3,139,190		3,161,988
Limited Liability Company Unit (B) (F)	204 uts.		10/14/16		324,074		365,725
					3,463,264		3,527,713


Corporate Restricted Securities: (A) (Continued)	Principal Amount, Shares, Units or Ownership Percentage		Acquisition Date	Cost		Fair Value

ERG Holding Company LLC
A provider of inpatient and outpatient clinical trial services to pharmaceutical companies and contract research organizations.
13.5% (1.5% PIK) Senior Subordinated Note due 10/04/2019	$	1,974,163	04/04/14	$	1,953,392	$	1,993,904
14% (2% PIK) Senior Subordinated Note due 10/04/2019	$	518,977	07/01/16		510,700		534,547
Common Stock (B)	0.64% int.		04/04/14		157,314		175,639
					2,621,406		2,704,090

F F C Holding Corporation
A leading U.S. manufacturer of private label frozen novelty and ice cream products.
Limited Liability Company Unit Preferred (B)	512 uts.		09/27/10		175,035		245,781
Limited Liability Company Unit Common (B)	512 uts.		09/27/10		51,220		827,383
					226,255		1,073,164

F G I Equity LLC
A manufacturer of a broad range of filters and related products that are used in commercial, light industrial, healthcare, gas turbine, nuclear, laboratory, clean room, hotel, educational system, and food processing settings.
Limited Liability Company Unit Preferred (B)	483,355 uts.		04/15/14		—		483,355
Limited Liability Company Unit Class B-1 (B)	394,737 uts.		12/15/10		394,737		1,217,916
Limited Liability Company Unit Class B-2 (B)	49,488 uts.		12/15/10		49,488		152,690
Limited Liability Company Unit Class B-3 (B)	39,130 uts.		08/30/12		90,000		130,906
Limited Liability Company Unit Class C (B)	9,449 uts.		12/20/10		96,056		225,306
					630,281		2,210,173

FMH Holdings Corporation
A designer and manufacturer of highly engineered components for the aerospace, defense and space industries.
Common Stock (B)	300 shs.		05/01/15		300,485		530,031
					300,485		530,031

GD Dental Services LLC
A provider of convenient "onestop" general, specialty, and cosmetic dental services with 21 offices located throughout South and Central Florida.
Limited Liability Company Unit Preferred (B)	182 uts.		10/05/12		182,209		250,436
Limited Liability Company Unit Common (B)	1,840 uts.		10/05/12		1,840		33,468
					184,049		283,904

GenNx Novel Holding, Inc.
A manufacturer and distributor of nutraceutical ingredients.
15% (1% PIK) Senior Subordinated Note due 03/27/2020	$	3,274,668	03/27/14		3,234,579		2,947,201
Common Stock (B)	31,500 shs.		03/27/14		315,000		97,366
					3,549,579		3,044,567


Corporate Restricted Securities: (A) (Continued)	Principal Amount, Shares, Units or Ownership Percentage		Acquisition Date	Cost		Fair Value

gloProfessional Holdings, Inc.
A marketer and distributor of premium mineral-based cosmetics, cosmeceuticals and professional hair care products to the professional spa and physician's office channels.
14% (2% PIK) Senior Subordinated Note due 03/27/2019	$	2,942,689	03/27/13	$	2,919,407	$	2,942,689
Common Stock (B)	2,835 shs.		03/27/13		283,465		308,965
					3,202,872		3,251,654

Glynlyon Holding Companies, Inc.
A technology-enabled curriculum provider of K-12 and support services predominantly to small and medium public school districts.
12% (1% PIK) Senior Subordinated Note due 01/15/2022	$	3,239,809	01/15/16		3,185,213		3,304,605
Common Stock (B)	299 shs.		01/15/16		299,145		443,423
					3,484,358		3,748,028

GlynnDevins Acquisition Corporation
A marketing communications agency that service senior living facilities.
Preferred Stock Series A (B)	695 shs.		06/19/15		143,414		161,508
Common Stock (B)	695 shs.		06/19/15		5,976		42,234
					149,390		203,742

Grakon Parent
The leading designer and manufacturer of highly-engineered and customized LED and incandescent lighting systems for transportation-based markets.
Common Stock (B)	355 shs.		10/31/14		354,730		319,958


GTI Holding Company
A designer, developer, and marketer of precision specialty hand tools and handheld test instruments.
12% Senior Subordinated Note due 02/05/2020	$	1,455,729	02/05/14		1,396,596		1,428,620
Common Stock (B)	1,693 shs.		02/05/14		169,271		110,880
Warrant, exercisable until 2024, to purchase common stock at $.01 per share (B)	795 shs.		02/05/14		73,633		52,067
					1,639,500		1,591,567

Handi Quilter Holding Company (Premier Needle Arts)
A designer and manufacturer of long-arm quilting machines and related components for the consumer quilting market.
12% (1% PIK) Senior Subordinated Note due 06/19/2021	$	3,500,632	*		3,446,310		3,499,486
Limited Liability Company Unit Preferred (B)	754 uts.		**		754,061		765,104
Limited Liability Company Unit Common Class A (B)	7,292 uts.		12/19/14		—		—
* 12/19/14 and 03/31/17.					4,200,371		4,264,590
** 12/19/14 and 04/29/16.


Corporate Restricted Securities: (A) (Continued)	Principal Amount, Shares, Units or Ownership Percentage		Acquisition Date		Cost		Fair Value

Happy Floors Acquisition, Inc.
A wholesale importer and value-added distributor of premium European flooring tile to residential and commercial end markets.
12.5% (1% PIK) Senior Subordinated Note due 07/01/2022	$	3,220,702	07/01/16		$	3,162,706	$	3,245,656
Common Stock (B)	303 shs.		07/01/16			303,333		255,407
						3,466,039		3,501,063

Hartland Controls Holding Corporation
A manufacturer and distributor of electronic and electromechanical components.
14% (2% PIK) Senior Subordinated Note due 08/14/2020	$	2,256,051	02/14/14			2,232,365		2,256,051
12% Senior Subordinated Note due 08/14/2020	$	875,000	06/22/15			869,452		892,500
Common Stock (B)	1,666 shs.		02/14/14			1,667		431,190
						3,103,484		3,579,741

Healthcare Direct Holding Company
A direct-to-consumer marketer of discount dental plans.
Common Stock (B)	1,552 shs.		03/09/12			64,254		274,825


HHI Group, LLC
A developer, marketer, and distributor of hobby-grade radio control products.
14% (2% PIK) Senior Subordinated Note due 01/17/2020	$	3,445,899	01/17/14			3,411,266		1,895,245
Limited Liability Company Unit (B) (F)	203 uts.		01/17/14			203,125		—
						3,614,391		1,895,245

Hollandia Produce LLC
A hydroponic greenhouse producer of branded root vegetables.
14.25% (2.75% PIK) Senior Subordinated Note due 03/31/2021	$	2,772,885		*		2,729,496		2,653,528
* 12/30/15 and 12/23/16

HOP Entertainment LLC
A provider of post production equipment and services to producers of television shows and motion pictures.
Limited Liability Company Unit Class F (B) (F)	89 uts.		10/14/11			—		—
Limited Liability Company Unit Class G (B) (F)	215 uts.		10/14/11			—		—
Limited Liability Company Unit Class H (B) (F)	89 uts.		10/14/11			—		—
Limited Liability Company Unit Class I (B) (F)	89 uts.		10/14/11			—		—
						—		—


Corporate Restricted Securities: (A) (Continued)	Principal Amount, Shares, Units or Ownership Percentage		Acquisition Date		Cost		Fair Value

Hospitality Mints Holding Company
A manufacturer of individually-wrapped imprinted promotional mints.
12% Senior Subordinated Note due 10/01/2018	$	2,075,581	08/19/08		$	2,069,090	$	1,962,046
Common Stock (B)	474 shs.		08/19/08			474,419		20,781
Warrant, exercisable until 2018, to purchase common stock at $.01 per share (B)	123 shs.		08/19/08			113,773		5,371
						2,657,282		1,988,198

HVAC Holdings, Inc.
A provider of integrated energy efficiency services and maintenance programs for HVAC systems.
12% (1% PIK) Senior Subordinated Note due 7/19/2022	$	2,296,147		*		2,271,651		2,296,147
Limited Liability Company Unit Class A Preferred (B)	2,705 uts.		09/27/12			270,542		406,818
Limited Liability Company Unit Class A Common (B)	2,185 uts.		09/27/12			2,185		250,445
* 7/19/16 and 9/6/16.						2,544,378		2,953,410


Ideal Tridon Holdings, Inc.
A designer and manufacturer of clamps and couplings used in automotive and industrial end markets.
Common Stock	279 shs.		10/27/11			232,385		524,412


Impact Confections
An independent manufacturer and marketer of confectionery products including Warheads^® brand sour candies, Melster^® brand classic candies, and co-manufactured/private label classic candies.
13% (1% PIK) Senior Subordinated Note due 11/10/2020	$	2,210,511	11/10/14			2,180,604		2,171,318
Common Stock (B)	4,667 shs.		11/10/14			466,667		238,316
						2,647,271		2,409,634

Insurance Claims Management, Inc.
A third party administrator providing auto and property claim administration services for insurance companies.
Common Stock (B)	89 shs.		02/27/07			2,689		197,512


Janus Group Holdings LLC
A manufacturer of roll-up doors and hallway systems that are primarily used in self-storage facilities.
Limited Liability Company Unit Class A (B) (F)	565 uts.		12/11/13			—		1,817,417


JMH Investors LLC
A developer and manufacturer of custom formulations for a wide variety of foods.
Limited Liability Company Unit (B) (F)	2,493,253 uts.		12/05/12			557,301		—
Limited Liability Company Unit Class A-2 (B) (F)	2,478,261 uts.		10/31/16			—		—
Limited Liability Company Unit Class A-1 (B) (F)	391,304 uts.		10/31/16			391,304		391,304
						948,605		391,304


Corporate Restricted Securities: (A) (Continued)	Principal Amount, Shares, Units or Ownership Percentage		Acquisition Date		Cost		Fair Value

K N B Holdings Corporation
A designer, manufacturer and marketer of products for the custom framing market.
Common Stock (B)	134,210 shs.		05/24/06		$	134,210	$	89,099
Warrant, exercisable until 2018, to purchase common stock at $.01 per share (B)	82,357 shs.		05/25/06			71,534		54,675
						205,744		143,774

K P I Holdings, Inc.
The largest player in the U.S. non-automotive, non-ferrous die casting segment.
Limited Liability Company Unit Class C Preferred (B)	75 uts.		06/30/15			—		148,868
Common Stock (B)	667 shs.		07/15/08			539,502		154,080
						539,502		302,948

Kyjen Company
A designer and distributor of branded and private label dog toys and accessories primarily in the U.S.
13% (1% PIK) Senior Subordinated Note due 10/14/2021	$	2,663,588	10/14/15			2,620,355		2,705,516


Mail Communications Group, Inc.
A provider of mail processing and handling services, lettershop services, and commercial printing services.
Limited Liability Company Unit	24,109 uts.			*		314,464		354,757
Warrant, exercisable until 2017, to purchase common stock at $.01 per share (B) (F)	3,375 shs.		05/04/07			43,031		49,662
* 05/04/07 and 01/02/08.						357,495		404,419


Manhattan Beachwear Holding Company
A designer and distributor of women's swimwear.
12.5% Senior Subordinated Note due 01/15/2018 (D)	$	1,259,914	01/15/10			1,212,363		—
15% (2.5% PIK) Senior Subordinated Note due 01/15/2018 (D)	$	345,759	10/05/10			343,820		—
Common Stock (B)	106 shs.		10/05/10			106,200		—
Common Stock Class B (B)	353 shs.		01/15/10			352,941		—
Warrant, exercisable until 2019, to purchase common stock at $.01 per share (B)	312 shs.		10/05/10			283,738		—
						2,299,062		—

Master Cutlery LLC
A designer and marketer of a wide assortment of knives and swords.
13% Senior Subordinated Note due 04/17/2020	$	1,740,646	04/17/15			1,726,669		1,566,865
Limited Liability Company Unit	9 uts.		04/17/15			1,356,658		249,217
						3,083,327		1,816,082


Corporate Restricted Securities: (A) (Continued)	Principal Amount, Shares, Units or Ownership Percentage		Acquisition Date		Cost		Fair Value

MC Sign Holdings LLC
A provider of sign and lighting services nationwide.
11.75% (0.75% PIK) Senior Subordinated Note due 09/15/2021	$	1,561,846	09/22/15		$	1,566,865	$	1,562,461
11.75% (0.75% PIK) Senior Subordinated Note due 08/09/2022	$	437,965	02/09/17			429,370		438,137
Limited Liability Company Unit Class B (B)	205,900 uts.		09/22/15			205,900		335,185
						2,172,038		2,335,783


Merex Holding Corporation
A provider of after-market spare parts and components, as well as maintenance, repair and overhaul services for "out of production" or "legacy" aerospace and defense systems that are no longer effectively supported by the original equipment manufacturers.
16% Senior Subordinated Note due 10/30/2019 (D)	$	1,362,886	09/22/11			1,347,188		1,226,597
15% PIK Senior Subordinated Note due 04/30/2022 (D)	$	71,517	08/18/15			71,517		—
14% PIK Senior Subordinated Note due 06/30/2019	$	113,117	10/21/16			113,117		112,410
Common Stock Class A (B)	260,870 shs.			*		512,114		—
* 08/18/15, 10/20/16 and 01/27/17.						2,043,936		1,339,007


MES Partners, Inc.
An industrial service business offering an array of cleaning and environmental services to the Gulf Coast region of the U.S.
12% (1% PIK) Senior Subordinated Note due 09/30/2021	$	2,250,963	09/30/14			2,218,674		2,200,587
Common Stock Class B (B)	445,455 shs.		09/30/14			445,455		143,176
						2,664,129		2,343,763

Midwest Industrial Rubber, Inc.
A supplier of industrial maintenance, repair, and operations ("MRO") products, specializing in the fabrication and distribution of lightweight conveyor belting and related conveyor components and accessories.
12% (1% PIK) Senior Subordinated Note due 12/02/2022	$	3,162,745	12/02/16			3,102,084		3,182,131
Preferred Stock	3,472 shs.		12/02/16			347,191		292,890
Common Stock	491 shs.		12/02/16			491		—
						3,449,766		3,475,021

MNX Holding Company
An international third party logistics company providing customized logistics services to customers across the globe.
14% (2% PIK) Senior Subordinated Note due 11/02/2019	$	3,159,157	11/02/12			3,130,975		3,159,157
Common Stock (B)	107 shs.		11/02/12			107,143		57,441
						3,238,118		3,216,598


Corporate Restricted Securities: (A) (Continued)	Principal Amount, Shares, Units or Ownership Percentage		Acquisition Date		Cost		Fair Value

Money Mailer Equity LLC
A leading provider of hyperlocal shared direct mail advertising as well as interactive and online advertising solutions through its nationwide production and distribution network.
12% (1% PIK) Senior Subordinated Note due 10/29/2021	$	3,529,335	04/29/16		$	3,468,532	$	3,411,312

Motion Controls Holdings
A manufacturer of high performance mechanical motion control and linkage products.
14.25% (1.75% PIK) Senior Subordinated Note due 08/15/2020	$	3,041,685	11/30/10			3,021,980		3,041,685
Limited Liability Company Unit Class B-1 (B) (F)	225,000 uts.		11/30/10			—		164,373
Limited Liability Company Unit Class B-2 (B) (F)	20,403 uts.		11/30/10			—		14,905
						3,021,980		3,220,963

NetShape Technologies, Inc.
A manufacturer of powder metal and metal injection molded precision components used in industrial, consumer, and other applications.
12% Senior Subordinated Note due 06/10/2020 (D)	$	1,530,000	02/02/07			1,528,882		—
Limited Partnership Interest of Saw Mill PCG Partners LLC (B)	2.76% int.		02/01/07			1,110,810		—
Limited Liability Company Unit Class D of Saw Mill PCG Partners LLC (B)	17 uts.			*		16,759		—
Limited Liability Company Unit Class D-1 of Saw Mill PCG Partners LLC (B)	229 uts.		09/30/09			228,858		—
Limited Liability Company Unit Class D-2 of Saw Mill PCG Partners LLC (B)	128 uts.		04/29/11			65,256		—
Limited Liability Company Unit Class D-3 of Saw Mill PCG Partners LLC (B)	196 uts.		12/10/14			196,263		—
* 12/18/08 and 09/30/09.						3,146,828		—


NSi Industries Holdings, Inc.
A manufacturer and distributer of electrical components and accessories to small to mid-sized electrical wholesalers.
12.75% (1.75% PIK) Senior Subordinated Note due 5/17/2023	$	3,099,913	06/30/16			3,044,723		3,116,936
Common Stock (B)	420 shs.		05/17/16			420,000		471,343
						3,464,723		3,588,279

O E C Holding Corporation
A provider of elevator maintenance, repair and modernization services.
Preferred Stock Series A (B)	1,661 shs.		06/04/10			166,062		227,341
Preferred Stock Series B (B)	934 shs.		06/04/10			93,376		181,421
Common Stock (B)	1,032 shs.		06/04/10			1,032		177,495
						260,470		586,257


Corporate Restricted Securities: (A) (Continued)	Principal Amount, Shares, Units or Ownership Percentage		Acquisition Date		Cost		Fair Value

PANOS Brands LLC
A marketer and distributor of branded consumer foods in the specialty, natural, better-for-you,"free from" healthy and gluten-free categories.
12% (1% PIK) Senior Subordinated Note due 07/29/2021	$	2,940,000	01/29/16		$	2,890,628	$	2,998,800
12% (1% PIK) Senior Subordinated Note due 08/17/2022	$	662,879	02/17/17			649,823		663,139
Common Stock Class B (B)	772,121 shs.			*		772,121		876,717
* 01/29/16 and 02/17/17.						4,312,572		4,538,656


Pearlman Enterprises, Inc.
A developer and distributor of tools, equipment, and supplies to the natural and engineered stone industry.
Preferred Stock Series A (B)	2,334 shs.		05/22/09			111,508		2,334,350
Preferred Stock Series B (B)	13,334 shs.		05/22/09			547,872		427,821
Common Stock (B)	40,540 shs.		05/22/09			1,877,208		—
						2,536,588		2,762,171

Petroplex Inv Holdings LLC
A leading provider of acidizing services to E&P customers in the Permian Basin.
Limited Liability Company Unit	0.90% int.			*		420,814		11,784
* 11/29/12 and 12/20/16.

Polytex Holdings LLC
A manufacturer of water based inks and related products serving primarily the wall covering market.
13% (1% PIK) Senior Subordinated Note due 01/31/2020	$	2,160,169	07/31/14			2,134,746		2,113,704
Limited Liability Company Unit	300,485 uts.		07/31/14			300,485		169,954
						2,435,231		2,283,658

Power Stop Holdings LLC
A supplier of performance upgrade aftermarket brake products.
11% Senior Subordinated Note due 05/29/2022	$	3,266,800	05/29/15			3,216,792		3,332,136
Limited Liability Company Unit Preferred (B) (F)	2,332 uts.		05/29/15			233,200		273,042
Limited Liability Company Unit Common (B) (F)	2,332 uts.		05/29/15			—		199,133
						3,449,992		3,804,311

PPC Event Services
A special event equipment rental business.
14% (2% PIK) Senior Subordinated Note due 05/20/2020	$	2,379,447	11/20/14			2,349,534		2,379,447
Limited Liability Company Unit (B)	7,000 uts.		11/20/14			350,000		983,416
Limited Liability Company Unit Series A-1 (B)	689 uts.		03/16/16			86,067		112,306
						2,785,601		3,475,169


Corporate Restricted Securities: (A) (Continued)	Principal Amount, Shares, Units or Ownership Percentage		Acquisition Date		Cost		Fair Value

Randy's Worldwide Automotive
A designer and distributor of automotive aftermarket parts.
11.5% Senior Subordinated Note due 05/12/2021	$	2,304,719	05/12/15		$	2,271,561	$	2,350,813
Common Stock (B)	240 shs.		05/12/15			240,388		366,229
						2,511,949		2,717,042

Signature Systems Holdings Company
A seller and installer of a variety of modular surfaces, industrial matting and related products used for ground protection.
Common Stock (B)	181 shs.		03/15/13			181,221		18,206
Warrant, exercisable until 2023, to purchase common stock at $.01 per share (B)	74 shs.		03/15/13			67,958		7,437
						249,179		25,643

Smart Source Holdings LLC
A short-term computer rental company.
Limited Liability Company Unit (B)	619 uts.			*		493,496		728,246
Warrant, exercisable until 2020, to purchase common stock at $.01 per share (B)	157 shs.			*		127,437		184,489
* 08/31/07 and 03/06/08.						620,933		912,735


SMB Machinery Holdings, Inc.
A reseller of used, rebuilt and refurbished packaging and processing equipment, primarily serving the bottling and food manufacturing industries.
14% (2% PIK) Senior Subordinated Note due 10/18/2019 (D)	$	1,477,388	10/18/13			1,452,295		—
Common Stock (B)	1,681 shs.		10/18/13			168,100		—
						1,620,395		—

Software Paradigms International Group, LLC
An outsourced IT services provider focused on the retail industry.
12.5% (1.5% PIK) Senior Subordinated Note due 11/23/2021	$	3,500,000	05/23/16			3,437,940		3,512,229


SR Smith LLC
A manufacturer of mine and tunneling ventilation products in the United States.
11% Senior Subordinated Note due 03/27/2022	$	1,760,454	03/27/17			1,738,494		1,756,445
Limited Liability Company Unit Class A (B) (F)	29 uts.		03/27/17			1,717,802		1,739,560
						3,456,296		3,496,005


Corporate Restricted Securities: (A) (Continued)	Principal Amount, Shares, Units or Ownership Percentage		Acquisition Date		Cost		Fair Value

Strahman Holdings Inc
A manufacturer of industrial valves and wash down equipment for a variety of industries, including chemical, petrochemical, polymer, pharmaceutical, food processing, beverage and mining.
14% (2% PIK) Senior Subordinated Note due 06/13/2019	$	2,119,565	12/13/13		$	2,092,055	$	2,090,545
Preferred Stock Series A (B)	317,935 shs.		12/13/13			317,935		279,783
Preferred Stock Series A-2 (B)	53,086 shs.		09/10/15			59,987		46,716
						2,469,977		2,417,044

Sunrise Windows Holding Company
A manufacturer and marketer of premium vinyl windows exclusively selling to the residential remodeling and replacement market.
16% Senior Subordinated Note due 01/31/2019 (D)	$	4,285,410		*		4,075,756		2,999,787
Common Stock (B)	115 shs.		12/14/10			114,504		—
Warrant, exercisable until 2020, to purchase common stock at $.01 per share (B)	112 shs.		12/14/10			111,747		—
* 12/14/10, 08/17/12 and 03/31/16.						4,302,007		2,999,787


Sunvair Aerospace Group Inc.
An aerospace maintenance, repair, and overhaul provider servicing landing gears on narrow body aircraft.
12% (1% PIK) Senior Subordinated Note due 07/31/2021	$	2,478,788	07/31/15			2,429,459		2,430,539
Common Stock (B)	139 shs.		07/31/15			158,560		68,961
						2,588,019		2,499,500

Team Drive-Away Holdings LLC
An asset-light provider of over the road driveaway services for class 8 trucks and specialized equipment.
12.5% (1.5% PIK) Senior Subordinated Note due 04/15/2021	$	1,555,600	10/15/15			1,530,761		1,580,216
Limited Liability Company Unit (B)	194,400 uts.		10/15/15			194,400		198,482
						1,725,161		1,778,698

Torrent Group Holdings, Inc.
A contractor specializing in the sales and installation of engineered drywells for the retention and filtration of stormwater and nuisance water flow.
15% (7.5% PIK) Senior Subordinated Note due 12/05/2020	$	131,605	12/05/13			414,051		131,605
Warrant, exercisable until 2023, to purchase common stock at $.01 per share (B)	53,038 shs.		12/05/13			—		14,320
						414,051		145,925


Corporate Restricted Securities: (A) (Continued)	Principal Amount, Shares, Units or Ownership Percentage		Acquisition Date		Cost		Fair Value

Tranzonic Holdings LLC
A producer of commercial and industrial supplies, such as safety products, janitorial supplies, work apparel, washroom and restroom supplies and sanitary care products.
Limited Liability Company Unit Preferred Class A (B)	305,393 uts.			*	$	332,498	$	631,838
* 07/05/13 and 02/13/17.

Tristar Global Energy Solutions, Inc.
A hydrocarbon and decontamination services provider serving refineries worldwide.
12.5% (1.5% PIK) Senior Subordinated Note due 07/31/2020	$	2,328,623	01/23/15			2,297,305		2,351,909


Veritext Corporation
A provider of stenographic staffing and other services used during the legal deposition process.
10.75% Second Lien Term Loan due 01/29/2023	$	4,083,333		*		4,013,582		4,083,333
* 01/21/16 and 02/23/17.


VP Holding Company
A provider of school transportation services for special-needs and homeless children in Massachusetts.
Common Stock (B)	7,368 shs.		03/31/14			736,842		808,825


Wellborn Forest Holding Company
A manufacturer of semi-custom kitchen and bath cabinetry.
8% Senior Subordinated Note due 09/30/2017 (D)	$	3,359,243	11/30/06			1,260,037		3,359,243
Common Stock (B)	191 shs		11/30/06			191,250		—
Warrant, exercisable until 2017, to purchase common stock at $.01 per share (B)	95 shs.		11/30/06			86,493		—
						1,537,780		3,359,243

Westminster Acquisition LLC
A manufacturer of premium, all-natural oyster cracker products sold under the Westminster and Olde Cape Cod brands.
12% (1% PIK) Senior Subordinated Note due 02/03/2021	$	763,758	08/03/15			752,578		779,033
Limited Liability Company Unit (B) (F)	751,212 uts.		08/03/15			751,212		1,251,940
						1,503,790		2,030,973

Whitcraft Holdings, Inc.
A leading independent manufacturer of precision formed, machined, and fabricated flight-critical aerospace components.
Common Stock (B)	616 shs.		12/16/10			616,438		1,239,961
Warrant, exercisable until 2018, to purchase common stock at $.01 per share (B)	166 shs.		12/16/10			148,003		333,183
						764,441		1,573,144


Corporate Restricted Securities: (A) (Continued)	Principal Amount, Shares, Units or Ownership Percentage		Acquisition Date		Cost		Fair Value

Wolf-Gordon, Inc.
A designer and specialty distributor of wallcoverings and related building products, including textiles, paint, and writeable surfaces.
12.5% (1.5% PIK) Senior Subordinated Note due 07/22/2021	$	3,239,100		01/22/16	$	3,185,724	$	3,295,164
Common Stock (B)	318 shs.			01/22/16		318,182		307,860
						3,503,906		3,603,024

Worldwide Express Operations, LLC
A third party logistics company providing parcel, less than truck load and truck load services focused on the small and medium business market through both company owned and franchise locations.
9.78% Second Lien Term Loan due 01/19/2025	$	3,500,000		02/13/17		3,448,347		3,459,116


WP Supply Holding Corporation
A distributor of fresh fruits and vegetables to grocery wholesalers and foodservice distributors in the upper Midwest.
14.5% (2.5% PIK) Senior Subordinated Note due 06/12/2020	$	2,918,164		11/03/11		2,901,612		2,918,164
Common Stock (B)	4,500 shs.			11/03/11		450,000		328,036
						3,351,612		3,246,200

York Wall Holding Company
A designer, manufacturer and marketer of wall covering products for both residential and commercial wall coverings.
12.5% (1.5% PIK) Senior Subordinated Note due 03/04/2021 (D)	$	3,190,238		03/04/15		3,144,098		2,778,940
Common Stock (B)	3,723 shs.			03/04/15		372,300		107,151
						3,516,398		2,886,091


Total Private Placement Investments (E)					$	209,290,593	$	207,046,804


Corporate Restricted Securities: (A) (Continued)	Interest Rate		Maturity Date	Principal Amount		Cost		Market Value

Rule 144A Securities - 20.64%:
Bonds - 20.64%
Altice financing S.A.	7.500	%	05/15/26	$	1,000,000	$	1,061,250	$	1,062,500
Altice S.A.	7.750		05/15/22		1,000,000		1,000,000		1,061,250
American Airlines Group Inc.	5.500		10/01/19		870,000		891,899		904,799
Amsted Industries	5.375		09/15/24		520,000		520,000		521,300
Beazer Homes USA Inc.	8.750		03/15/22		320,000		320,000		350,400
Beazer Homes USA Inc.	6.750		03/15/25		598,000		598,000		600,990
Belden Inc.	5.250		07/15/24		410,000		410,000		408,975
Boise Cascade Company	5.625		09/01/24		259,000		259,000		262,885
CITGO Holding, Inc.	10.750		02/15/20		1,000,000		1,017,256		1,075,000
CITGO Petroleum Corporation	6.250		08/15/22		925,000		925,000		936,563
Consolidated Energy Finance S.A.	6.750		10/15/19		1,000,000		992,266		1,007,500
Constellium N.V.	7.875		04/01/21		743,000		743,000		793,152
Cornerstone Chemical Company	9.375		03/15/18		1,000,000		1,005,974		1,005,000
Coveris Holdings S.A.	7.875		11/01/19		1,000,000		1,000,000		985,000
CTP Transportation Products, LLC	8.250		12/15/19		635,000		635,000		558,799
CVR Partners, LP.	9.250		06/15/23		1,000,000		977,108		1,026,250
Dean Foods	6.500		03/15/23		663,000		663,000		691,178
Diamond 1 Finance Corp / Diamond 2 Finance Corp (Dell)	5.875		06/15/21		228,000		228,000		239,704
Digicel Group Limited	6.000		04/15/21		1,000,000		922,390		908,750
Endo Finance LLC	5.375		01/31/23		1,000,000		982,058		863,120
EnPro Industries Inc.	5.875		09/15/22		250,000		252,500		258,750
First Quantum Minerals Ltd.	7.500		04/01/25		1,000,000		972,454		1,007,500
Gates Global LLC	6.000		07/15/22		1,000,000		796,046		1,017,500
Hilcorp Energy Company	5.000		12/01/24		500,000		500,000		468,750
Hill-Rom Holdings, Inc.	5.750		09/01/23		385,000		385,000		398,956
Hub International Ltd.	7.875		10/01/21		1,000,000		1,000,000		1,042,500
Hughes Satellite Systems Corporation	6.625		08/01/26		1,250,000		1,233,652		1,278,125
IAMGOLD Corporation	7.000		04/15/25		1,000,000		1,000,000		990,000
Infor (US), Inc.	5.750		08/15/20		226,000		224,389		234,972
International Automotive Component	9.125		06/01/18		1,000,000		986,426		992,500
J.B. Poindexter Co., Inc.	9.000		04/01/22		1,000,000		1,034,934		1,047,500
JBS USA Holdings, Inc.	7.750		10/28/20		750,000		773,956		785,625
JDA Escrow LLC	7.375		10/15/24		179,000		179,000		186,608
Jupiter Resources Inc.	8.500		10/01/22		1,000,000		945,059		817,500
KeHE Distributors, LLC	7.625		08/15/21		1,000,000		1,043,732		1,007,500
LBC Tank Terminals Holding Netherlands B.V.	6.875		05/15/23		1,315,000		1,344,793		1,364,470
Mallinckrodt PLC	5.750		08/01/22		1,000,000		1,000,000		985,500
Micron Technology, Inc.	5.250		08/01/23		1,000,000		1,000,000		1,025,000
Micron Technology, Inc.	7.500		09/15/23		403,000		403,000		449,849
Moog Inc.	5.250		12/01/22		1,000,000		1,006,086		1,025,000


Corporate Restricted Securities: (A) (Continued)	Interest Rate		Maturity Date	Principal Amount		Cost		Market Value
New Gold Inc.	6.250	%	11/15/22	$	1,000,000	$	1,004,981	$	1,002,500
NRG Energy, Inc.	6.625		01/15/27		1,000,000		953,932		997,500
Numericable Group SA	6.000		05/15/22		1,000,000		979,148		1,036,250
Onex Corporation	8.500		10/01/22		1,352,000		1,287,050		1,264,120
OPE KAG Finance Sub	7.875		07/31/23		1,750,000		1,812,969		1,789,375
Peabody Energy Corporation	6.615		03/31/25		1,000,000		985,000		995,000
Pinnacle Operating Corporation	9.000		05/15/23		756,588		948,750		752,805
Prime Security Services Borrower	9.250		05/15/23		1,000,000		1,000,000		1,096,250
PSPC Escrow Corp	6.500		02/01/22		299,000		257,767		310,213
Sabre GLBL Inc.	5.250		11/15/23		251,000		251,000		256,648
Signode Industrial Group	6.375		05/01/22		1,265,000		1,238,041		1,297,409
Sinclair Television Group, Inc.	5.125		02/15/27		1,000,000		1,000,000		965,000
Sirius XM Radio Inc.	5.375		04/15/25		250,000		250,000		255,875
Sirius XM Radio Inc.	5.375		07/15/26		1,000,000		994,529		1,022,500
Sonic Automotive, Inc.	6.125		03/15/27		352,000		352,000		352,440
SunCoke Energy	7.375		02/01/20		1,000,000		949,730		1,010,000
Surgical Care Affiliates, Inc.	6.000		04/01/23		918,000		918,000		984,555
Tallgrass Operations LLC	5.500		09/15/24		605,000		605,000		608,025
Teine Energy Ltd.	6.875		09/30/22		1,300,000		1,309,120		1,326,000
Topaz Marine S.A.	8.625		11/01/18		1,000,000		1,000,000		985,000
Tullow Oil Plc	6.250		04/15/22		725,000		546,774		677,875
United States Steel Corp.	8.375		07/01/21		195,000		195,000		216,450
Unitymedia KabelBW GmbH	6.125		01/15/25		1,000,000		1,000,000		1,052,500
Univision Communications, Inc.	5.125		05/15/23		325,000		325,000		320,938
Univision Communications, Inc.	5.125		02/15/25		860,000		869,769		846,025
UPCB Finance IV Limited	5.375		01/15/25		425,000		425,000		427,656
Virgin Media Secured Finance PLC	5.250		01/15/26		1,000,000		1,005,973		1,005,000
VRX Escrow Corp.	5.875		05/15/23		1,500,000		1,128,318		1,164,375
Watco Companies, L.L.C.	6.375		04/01/23		1,000,000		1,000,000		1,015,000
Welltec A/S	8.000		02/01/19		750,000		744,883		753,750
West Corporation	5.375		07/15/22		1,000,000		985,736		982,500
WMG Acquisition Corp.	6.750		04/15/22		1,000,000		1,038,005		1,051,250
Wolverine World Wide, Inc.	5.000		09/01/26		666,000		666,000		626,040
Zekelman Industries, Inc	9.875		06/15/23		230,000		230,000		257,025

Total Bonds							59,489,703		60,351,069

Common Stock - 0.00%
TherOX, Inc. (B)					6		—		—
Touchstone Health Partnership (B)					1,168		—		—

Total Common Stock							—		—


Total Rule 144A Securities							59,489,703		60,351,069


Total Corporate Restricted Securities						$	268,780,296	$	267,397,873


Corporate Public Securities - 14.27%: (A)	Interest Rate		Maturity Date	Principal Amount		Cost		Market Value

Bank Loans - 2.44%
Aquilex Holdings LLC	6.500	%	12/31/20	$	273,105	$	272,736	$	263,546
Caelus Energy Alaska, LLC	8.750		04/15/20		1,000,000		994,702		875,000
Fieldwood Energy LLC	8.000		08/31/20		344,430		311,746		324,412
Fieldwood Energy LLC	8.375		09/30/20		1,044,008		525,075		746,466
Fieldwood Energy LLC	8.375		09/30/20		1,455,992		829,376		1,252,153
K&N Engineering, Inc.	9.750		12/31/99		1,000,000		981,019		987,500
Kronos Incorporated	9.284		12/31/99		409,457		405,546		421,999
RadNet Management Inc.	8.150		12/31/99		1,000,000		997,711		1,005,000
Power Products LLC	5.530		01/24/23		268,262		266,953		269,938
Seadrill Partners Finco, LLC	4.000		02/21/21		987,245		506,098		667,447
Summit Midstream Holdings, LLC	7.022		03/06/22		306,680		303,627		312,047

Total Bank Loans							6,394,589		7,125,508


Bonds - 11.75%
A. Schulman Inc.	6.875		06/01/23		1,000,000		1,011,786		1,037,500
Alere Inc.	7.250		07/01/18		940,000		957,829		951,750
Anixter, Inc.	5.500		03/01/23		1,000,000		1,000,000		1,037,500
Antero Resources Corporation	5.375		11/01/21		800,000		800,000		821,672
Boyd Gaming Corporation	6.375		04/01/26		197,000		197,000		210,790
Calpine Corporation	5.750		01/15/25		700,000		700,000		695,625
CHS/Community Health Systems, Inc.	5.125		08/01/21		480,000		472,173		474,600
Clearwater Paper Corporation	4.500		02/01/23		750,000		745,138		727,500
Commercial Metals Company	4.875		05/15/23		1,500,000		1,502,109		1,530,000
Commercial Vehicle Group Inc.	7.875		04/15/19		930,000		941,331		930,000
Community Health Systems Inc.	6.250		03/31/23		298,000		298,000		303,215
CVR Refining LLC	6.500		11/01/22		650,000		634,443		654,875
EP Energy Corporation	9.375		05/01/20		819,000		418,544		772,070
Ferrellgas Partners, L.P	6.750		01/15/22		1,000,000		1,005,787		945,000
Ferrellgas Partners, L.P	8.625		06/15/20		1,048,000		1,048,859		1,003,460
Forum Energy Technologies	6.250		10/01/21		325,000		325,000		320,125
GEO Group, Inc. (The)	5.875		01/15/22		1,000,000		952,214		1,032,500
HCA Holdings, Inc.	5.375		02/01/25		150,000		152,301		156,375
HealthSouth Corporation	5.750		11/01/24		579,000		582,424		583,343
Icahn Enterprises L.P.	6.000		08/01/20		1,150,000		1,162,713		1,190,250
Kindred Healthcare, Inc.	8.750		01/15/23		1,000,000		1,000,000		1,002,500
Lamar Media Corp.	5.375		01/15/24		320,000		320,000		330,400
Laredo Petroleum, Inc.	5.625		01/15/22		1,000,000		949,002		997,500
Level 3 Communications Inc.	5.250		03/15/26		858,000		878,559		862,290
Meritor, Inc.	6.750		06/15/21		1,000,000		1,000,000		1,036,250
Meritor, Inc.	7.875		03/01/26		669,000		663,403		1,169,077


Corporate Public Securities - (A) (Continued)	Interest Rate		Maturity Date	Principal Amount		Cost		Market Value
NRG Energy, Inc.	7.250	%	05/15/26	$	500,000	$	503,121	$	515,000
Oasis Petroleum Inc.	6.875		03/15/22		1,000,000		1,000,000		1,025,000
PBF Holding Company LLC	7.000		11/15/23		65,000		65,000		65,163
Perry Ellis International, Inc.	7.875		04/01/19		250,000		249,070		250,250
P.H. Glatfelter Company	5.375		10/15/20		1,000,000		1,007,343		1,022,500
Ply Gem Industries, Inc.	6.500		02/01/22		1,000,000		947,936		1,036,800
Precision Drilling Corporation	6.625		11/15/20		448,432		455,370		450,674
Select Medical Corporation	6.375		06/01/21		650,000		656,100		656,500
SM Energy Company	6.750		09/15/26		1,000,000		1,000,000		1,008,125
Sprint Corporation	7.125		06/15/24		315,000		315,000		336,263
Suburban Propane Partners, L.P.	5.750		03/01/25		1,000,000		1,000,000		985,000
Summit Midstream Holdings, LLC	5.500		08/15/22		170,000		126,135		170,000
Sunoco LP	6.250		04/15/21		840,000		835,689		856,800
Tenet Healthcare Corporation	6.750		06/15/23		725,000		721,791		712,313
TransDigm Group, Inc.	6.375		06/15/26		1,000,000		977,524		1,000,590
Triumph Group, Inc.	4.875		04/01/21		1,000,000		958,925		965,000
Western Digital Corporation	10.500		04/01/24		494,000		494,000		582,303
William Lyon Homes	7.000		08/15/22		1,000,000		1,000,000		1,045,000
WPX Energy, Inc.	5.250		09/15/24		925,000		925,000		894,938

Total Bonds							32,956,619		34,354,386


Common Stock - 0.00%
Chase Packaging Corporation					9,541		—		206

Total Common Stock							—		206


Preferred Stock - 0.08%
Pinnacle Operating Corporation					519,298		339,854		244,070

Total Preferred Stock							339,854		244,070


Total Corporate Public Securities						$	39,691,062	$	41,724,170


Short-Term Securities:	Interest Rate/Yield^		Maturity Date	Principal Amount		Cost		Market Value

Commercial Paper - 2.02%
Ameren Corporation	1.130	%	04/10/17	$	4,000,000	$	3,998,870	$	3,998,870
South Carolina Electric & Gas Company	1.180		04/06/17		1,900,000		1,899,689		1,899,689

Total Short-Term Securities						$	5,898,559	$	5,898,559


Total Investments	107.74	%				$	314,369,917	$	315,020,602


Other Assets	4.04								11,807,431

Liabilities	(11.78	)							(34,446,099	)

Total Net Assets	100.00	%						$	292,381,934

(A)	In each of the convertible note, warrant, convertible preferred and common stock investments, the issuer has agreed to provide certain registration rights.

(B)	Non-income producing security.

(C)	Security valued at fair value using methods determined in good faith by or under the direction of the Board of Trustees.

(D)	Defaulted security; interest not accrued.

(E)	Illiquid securities. As of March 31, 2017, the value of these securities amounted to $207,046,804 or 70.81% of net assets.

(F)	Held in CI Subsidiary Trust.

^	Effective yield at purchase

PIK - Payment-in-kind


Industry Classification:	Fair Value/ Market Value
AEROSPACE & DEFENSE - 3.90%
API Technologies Corp.	$	3,482,449
FMH Holdings Corporation		530,031
Merex Holding Corporation		1,339,007
Sunvair Aerospace Group Inc.		2,499,500
TransDigm Group, Inc.		1,000,590
Triumph Group, Inc.		965,000
Whitcraft Holdings, Inc.		1,573,144
		11,389,721

AIRLINES - 0.31%
American Airlines Group Inc.		904,799

AUTOMOTIVE - 9.24%
Aurora Parts & Accessories LLC		3,473,509
CG Holdings Manufacturing Company		4,629,701
Commercial Vehicle Group Inc.		930,000
DPL Holding Corporation		3,869,245
Gates Global LLC		1,017,500
Grakon Parent		319,958
International Automotive Component		992,500
J.B. Poindexter Co., Inc.		1,047,500
K&N Engineering, Inc.		987,500
Meritor, Inc.		2,205,327
Moog Inc.		1,025,000
Power Stop Holdings LLC		3,804,311
Randy's Worldwide Automotive		2,717,042
		27,019,093

BROKERAGE, ASSET MANAGERS & EXCHANGES - 0.41%
Icahn Enterprises L.P.		1,190,250

BUILDING MATERIALS - 9.45%
ARI Holding Corporation		4,517,520
Boise Cascade Company		262,885
Happy Floors Acquisition, Inc.		3,501,063
Janus Group Holdings LLC		1,817,417
NSi Industries Holdings, Inc.		3,588,279
Pearlman Enterprises, Inc.		2,762,171
Ply Gem Industries, Inc.		1,036,800
Signature Systems Holdings Company		25,643
Sunrise Windows Holding Company		2,999,787
Torrent Group Holdings, Inc.		145,925
Wellborn Forest Holding Company	$	3,359,243
Wolf-Gordon, Inc.		3,603,024
		27,619,757

CABLE & SATELLITE - 2.01%
Altice financing S.A.		1,062,500
Altice S.A.		1,061,250
Hughes Satellite Systems Corporation		1,278,125
Unitymedia KabelBW GmbH		1,052,500
UPCB Finance IV Limited		427,656
Virgin Media Secured Finance PLC		1,005,000
		5,887,031

CHEMICALS - 3.06%
A. Schulman Inc.		1,037,500
Compass Chemical International LLC		233,098
Consolidated Energy Finance S.A.		1,007,500

Industry Classification: (Continued)	Fair Value/ Market Value
Cornerstone Chemical Company		1,005,000
CVR Partners, LP.		1,026,250
LBC Tank Terminals Holding Netherlands B.V.		1,364,470
Pinnacle Operating Corporation		996,875
Polytex Holdings LLC		2,283,658
		8,954,351

CONSUMER CYCLICAL SERVICES - 3.34%
CHG Alternative Education Holding Company		3,199,302
Church Services Holding Company		—
GEO Group, Inc. (The)		1,032,500
PPC Event Services		3,475,169
Prime Security Services Borrower		1,096,250
West Corporation		982,500
		9,785,721

CONSUMER PRODUCTS - 8.50%
AMS Holding LLC		582,187
Blue Wave Products, Inc.		1,935,424
Elite Sportswear Holding, LLC		3,527,713
gloProfessional Holdings, Inc.		3,251,654
GTI Holding Company		1,591,567
Handi Quilter Holding Company		4,264,590
HHI Group, LLC		1,895,245

See Notes to Consolidated Financial Statements


Industry Classification: (Continued)	Fair Value/ Market Value
K N B Holdings Corporation	$	143,774
Kyjen Company		2,705,516
Manhattan Beachwear Holding Company		—
Master Cutlery LLC		1,816,082
Perry Ellis International, Inc.		250,250
York Wall Holding Company		2,886,091
		24,850,093

DIVERSIFIED MANUFACTURING - 5.87%
ABC Industries, Inc.		912,025
Advanced Manufacturing Enterprises LLC		—
Airxcel Holdings		669,159
Amsted Industries		521,300
Belden Inc.		408,975
BP SCI LLC		814,773
CTP Transportation Products, LLC		558,799
EnPro Industries Inc.		258,750
F G I Equity LLC		2,210,173
Forum Energy Technologies		320,125
Ideal Tridon Holdings, Inc.		524,412
K P I Holdings, Inc.		302,948
Motion Controls Holdings		3,220,963
NetShape Technologies, Inc.		—
Power Products LLC		269,938
SR Smith LLC		3,496,005
Strahman Holdings Inc		2,417,044
Zekelman Industries, Inc		257,025
		17,162,414

ELECTRIC - 3.97%
Ameren Corporation		3,998,870
AM Conservation Holding Corp		3,494,034
Calpine Corporation		695,625
NRG Energy, Inc.		1,512,500
South Carolina Electric & Gas Company		1,899,689
		11,600,718

ENERGY - 0.30%
Caelus Energy Alaska, LLC		875,000

FINANCIAL OTHER - 0.96%
Hub International Ltd.		1,042,500
Insurance Claims Management, Inc.		197,512
Onex Corporation	$	1,264,120
PSPC Escrow Corp		310,213
		2,814,345

FOOD & BEVERAGE - 10.80%
1492 Acquisition LLC		754,268
Dean Foods		691,178
Del Real LLC		3,453,955
Eagle Family Foods, Inc.		3,500,000
F F C Holding Corporation		1,073,164
GenNx Novel Holding, Inc.		3,044,567
Hollandia Produce LLC		2,653,528
Hospitality Mints Holding Company		1,988,198
Impact Confections		2,409,634
JBS USA Holdings, Inc.		785,625
JMH Investors LLC		391,304

KeHE Distributors, LLC			1,007,500
PANOS Brands LLC			4,538,656
Westminster Acquisition LLC			2,030,973
WP Supply Holding Corporation			3,246,200
			31,568,750

GAMING - 1.21%
Boyd Gaming Corporation			210,790
CTM Holding, Inc.			3,340,616
			3,551,406

HEALTHCARE - 4.24%
Alere Inc.			951,750
CHS/Community Health Systems, Inc.			474,600
Community Health Systems Inc.			303,215
CORA Health Services, Inc.			1,733,671
ECG Consulting Group			2,867,782
GD Dental Services LLC			283,904
HCA Holdings, Inc.			156,375
Healthcare Direct Holding Company			274,825
HealthSouth Corporation			583,343
Hill-Rom Holdings, Inc.			398,956
Kindred Healthcare, Inc.			1,002,500
RadNet Management Inc.			1,005,000
Select Medical Corporation			656,500
Surgical Care Affiliates, Inc.			984,555

See Notes to Consolidated Financial Statements


Industry Classification: (Continued)	Fair Value/ Market Value
Tenet Healthcare Corporation	$	712,313
		12,389,289

HOME CONSTRUCTION - 0.68%
Beazer Homes USA Inc.		951,390
William Lyon Homes		1,045,000
		1,996,390

INDEPENDENT - 2.69%
Antero Resources Corporation		821,672
EP Energy Corporation		772,070
Fieldwood Energy LLC		2,323,031
Jupiter Resources Inc.		817,500
Laredo Petroleum, Inc.		997,500
Precision Drilling Corporation		450,674
SM Energy Company		1,008,125
Tullow Oil Plc		677,875
		7,868,447

INDUSTRIAL OTHER - 7.54%
AFC - Dell Holding Corporation		2,676,303
Aquilex Holdings LLC		263,546
Clough, Harbour and Associates		1,446,684
Connecticut Electric, Inc.		2,785,310
Hartland Controls Holding Corporation		3,579,741
HVAC Holdings, Inc.		2,953,410
Mail Communications Group, Inc.		404,419
MC Sign Holdings LLC		2,335,783
Midwest Industrial Rubber, Inc.		3,475,021
O E C Holding Corporation		586,257
Smart Source Holdings LLC		912,735
SMB Machinery Holdings, Inc.		—
Tranzonic Holdings LLC		631,838
		22,051,047

MEDIA & ENTERTAINMENT - 2.88%
BlueSpire Holding, Inc.		—
GlynnDevins Acquisition Corporation		203,742
HOP Entertainment LLC		—
Lamar Media Corp.		330,400
Money Mailer Equity LLC		3,411,312
Sinclair Television Group, Inc.		965,000
Sirius XM Radio Inc.		1,278,375
Univision Communications, Inc.	$	1,166,963
WMG Acquisition Corp.		1,051,250
		8,407,042

METALS & MINING - 2.58%
Commercial Metals Company		1,530,000
Constellium N.V.		793,152
First Quantum Minerals Ltd.		1,007,500
IAMGOLD Corporation		990,000
New Gold Inc.		1,002,500
Peabody Energy Corporation		995,000

SunCoke Energy			1,010,000
United States Steel Corp.			216,450
			7,544,602

MIDSTREAM - 1.89%
CVR Refining LLC			654,875
Ferrellgas Partners, L.P			1,948,460
Suburban Propane Partners, L.P.			985,000
Summit Midstream Holdings, LLC			482,047
Sunoco LP			856,800
Tallgrass Operations LLC			608,025
			5,535,207

OIL FIELD SERVICES - 2.10%
Avantech Testing Services LLC			—
Hilcorp Energy Company			468,750
Oasis Petroleum Inc.			1,025,000
Petroplex Inv Holdings LLC			11,784
Seadrill Partners Finco, LLC			667,447
Teine Energy Ltd.			1,326,000
Topaz Marine S.A.			985,000
Welltec A/S			753,750
WPX Energy, Inc.			894,938
			6,132,669

PACKAGING - 1.29%
ASC Holdings, Inc.			1,493,473
Chase Packaging Corporation			206
Coveris Holdings S.A.			985,000
Signode Industrial Group			1,297,409
			3,776,088

See Notes to Consolidated Financial Statements


Industry Classification: (Continued)	Fair Value/ Market Value
PAPER - 1.77%
Clearwater Paper Corporation	$	727,500
Dunn Paper		3,430,000
P.H. Glatfelter Company		1,022,500
		5,180,000

PHARMACEUTICALS - 3.50%
Clarion Brands Holding Corp.		4,509,071
Endo Finance LLC		863,120
ERG Holding Company LLC		2,704,090
Mallinckrodt PLC		985,500
VRX Escrow Corp.		1,164,375
		10,226,156

REFINING - 2.32%
CITGO Holding, Inc.		1,075,000
CITGO Petroleum Corporation		936,563
MES Partners, Inc.		2,343,763
PBF Holding Company LLC		65,163
Tristar Global Energy Solutions, Inc.		2,351,909
		6,772,398

RETAILERS - 0.33%
Sonic Automotive, Inc.		352,440
Wolverine World Wide, Inc.		626,040
		978,480

TECHNOLOGY - 5.40%
Anixter, Inc.		1,037,500
Diamond 1 Finance Corp / Diamond 2 Finance Corp (Dell)		239,704
Glynlyon Holding Companies, Inc.	$	3,748,028
Infor (US), Inc.		234,972
JDA Escrow LLC		186,608
Kronos Incorporated		421,999
Micron Technology, Inc.		1,474,849
Sabre GLBL Inc.		256,648
Software Paradigms International Group, LLC		3,512,229
Veritext Corporation		4,083,333
Western Digital Corporation		582,303
		15,778,173

TRANSPORTATION SERVICES - 4.13%
MNX Holding Company		3,216,598
OPE KAG Finance Sub		1,789,375
Team Drive-Away Holdings LLC		1,778,698
VP Holding Company		808,825
Watco Companies, L.L.C.		1,015,000
Worldwide Express Operations, LLC		3,459,116
		12,067,612

WIRELESS - 1.07%
Digicel Group Limited		908,750
Level 3 Communications Inc.		862,290
Numericable Group SA		1,036,250
Sprint Corporation		336,263
		3,143,553

Total Investments - 107.74% (Cost - $314,369,917)	$	315,020,602

See Notes to Consolidated Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

History

Barings Corporate Investors (formerly known as Babson Capital Corporate Investors) (the "Trust") commenced operations in 1971 as a Delaware corporation. Pursuant to an Agreement and Plan of Reorganization dated November 14, 1985, approved by shareholders, the Trust was reorganized as a Massachusetts business trust under the laws of the Commonwealth of Massachusetts, effective November 28, 1985. In order to clarify the Trust's relationship to Barings LLC (formerly known as Babson Capital Management LLC), as of September 12, 2016, the Trust's name was changed to replace "Babson Capital Corporate Investors" with "Barings Corporate Investors".

The Trust is a diversified closed-end management investment company. Barings LLC ("Barings"), a wholly-owned indirect subsidiary of Massachusetts Mutual Life Insurance Company ("MassMutual"), acts as its investment adviser. The Trust's investment objective is to maintain a portfolio of securities providing a current yield and at the same time offering an opportunity for capital gains. The Trust's principal investments are privately placed, below-investment grade, long-term debt obligations. Such direct placement securities may, in some cases, be accompanied by equity features such as common stock, warrants, conversion rights, or other equity features and, occasionally, preferred stocks. The Trust typically purchases these investments, which are not publicly tradable, directly from their issuers in private placement transactions. These investments are typically mezzanine debt instruments with accompanying private equity securities made to small or middle market companies. In addition, the Trust may invest, subject to certain limitations, in marketable investment grade debt securities, other marketable debt (including high yield securities) and marketable common stocks. Below-investment grade or high yield securities have predominantly speculative characteristics with respect to the capacity of the issuer to pay interest and repay capital.

On January 27, 1998, the Board of Trustees authorized the formation of a wholly-owned subsidiary of the Trust ("CI Subsidiary Trust") for the purpose of holding certain investments. The results of CI Subsidiary Trust are consolidated in the accompanying financial statements. Footnote 2.D below discusses the Federal tax consequences of the CI Subsidiary Trust.

2.	Significant Accounting Policies

The following is a summary of significant accounting policies followed consistently by the Trust in the preparation of its consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").

The Trustees have determined that the Trust is an investment company in accordance with Accounting Standards Codification ("ASC") 946, Financial Services – Investment Companies, for the purpose of financial reporting.

A. Fair Value Measurements:

Under U.S. GAAP, fair value represents the price that should be received to sell an asset (exit price) in an orderly transaction between willing market participants at the measurement date.

Determination of Fair Value

The determination of the fair value of the Trust's investments is the responsibility of the Trust's Board of Trustees (the "Trustees"). The Trustees have adopted procedures for the valuation of the Trust's securities and has delegated responsibility for applying those procedures to Barings. Barings has established a Pricing Committee which is responsible for setting the guidelines used in following the procedures adopted by the Trustees and ensuring that those guidelines are being followed. Barings considers all relevant factors that are reasonably available, through either public information or information directly available to Barings, when determining the fair value of a security. The Trustees meet at least once each quarter to approve the value of the Trust's portfolio securities as of the close of business on the last business day of the preceding quarter. This valuation requires the approval of a majority of the Trustees of the Trust, including a majority of the Trustees who are not interested persons of the Trust or of Barings. In approving valuations, the Trustees will consider reports by Barings analyzing each portfolio security in accordance with the procedures and guidelines referred to above, which include the relevant factors referred to below. Barings has agreed to provide such reports to the Trust at least quarterly. The consolidated financial statements include private placement restricted securities valued at $207,046,804 (70.81% of net assets) as of March 31, 2017 whose values have been estimated by the Trustees based on the process described above in the absence of readily ascertainable market values. Due to the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the securities existed, and the differences could be material.

Following is a description of valuation methodologies used for assets recorded at fair value:

Corporate Public Securities – Bank Loans, Corporate Bonds, Preferred Stocks and Common Stocks

The Trust uses external independent third-party pricing services to determine the fair values of its Corporate Public Securities. At March 31, 2017, 100% of the carrying value of these investments was from external pricing services. In the event that the primary pricing service does not provide a price, the Trust utilizes the pricing provided by a secondary pricing service.

Public debt securities generally trade in the over-the-counter market rather than on a securities exchange. The Trust's pricing services use multiple valuation techniques to determine fair value. In instances where significant market activity exists, the pricing services may utilize a market based approach through which quotes from market makers are used to determine fair value. In instances where significant market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics such as benchmark yield curves, option adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal underlying prepayments, collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value.

The Trust's investments in bank loans are normally valued at the bid quotation obtained from dealers in loans by an independent pricing service in accordance with the Trust's valuation policies and procedures approved by the Trustees.

Public equity securities listed on an exchange or on the NASDAQ National Market System are valued at the last quoted sales price of that day.

Annually, Barings conducts reviews of the primary pricing vendors to validate that the inputs used in that vendors' pricing process are deemed to be market observable as defined in the standard. While Barings is not provided access to proprietary models of the vendors, the reviews have included on-site walk-throughs of the pricing process, methodologies and control procedures for each asset class and level for which prices are provided. The review also includes an examination of the underlying inputs and assumptions for a sample of individual securities across asset classes, credit rating levels and various durations, a process Barings continues to perform annually. In addition, the pricing vendors have an established challenge process in place for all security valuations, which facilitates identification and resolution of prices that fall outside expected ranges. Barings believes that the prices received from the pricing vendors are representative of prices that would be received to sell the assets at the measurement date (exit prices) and are classified appropriately in the hierarchy.

Corporate Restricted Securities – Corporate Bonds

The fair value of certain notes is determined using an internal model that discounts the anticipated cash flows of those notes using a specific discount rate. Changes to that discount rate are driven by changes in general interest rates, probabilities of default and credit adjustments. The discount rate used within the models to discount the future anticipated cash flows is considered a significant unobservable input. Significant increases/(decreases) in the discount rate would result in a significant (decrease)/increase to the notes' fair value.

The fair value of certain distressed notes is based on an enterprise waterfall methodology which is discussed in the equity security valuation section below.

Corporate Restricted Securities – Common Stock, Preferred Stock and Partnerships & LLC's

The fair value of equity securities is determined using an enterprise waterfall methodology. Under this methodology, the enterprise value of the company is first estimated and that value is then allocated to the company's outstanding debt and equity securities based on the documented priority of each class of securities in the capital structure. Generally, the waterfall proceeds from senior debt tranches of the capital structure to senior then junior subordinated debt, followed by each class of preferred stock and finally the common stock.

To estimate a company's enterprise value, the company's trailing twelve months earnings before interest, taxes, depreciation and amortization ("EBITDA") is multiplied by a valuation multiple.

Both the company's EBITDA and valuation multiple are considered significant unobservable inputs. Significant increases/(decreases) to the company's EBITDA and/or valuation multiple would result in significant increases/ (decreases) to the equity value. An increase/(decrease) to the discount would result in a (decrease)/increase to the equity value.

Short-Term Securities

Short-term securities, of sufficient credit quality, with more than sixty days to maturity are valued at fair value, using external independent third-party services. Short-term securities having a maturity of sixty days or less are valued at amortized cost, which approximates fair value.

Quantitative Information about Level 3 Fair Value Measurements

The following table represents quantitative information about Level 3 fair value measurements as of March 31, 2017.


	Fair Value	Valuation Technique	Unobservable Inputs	Range	Weighted Average
Bank Loans	$3,430,000	Broker Quote	Single Broker	98%	98%

	$11,042,450	Discounted Cash Flows	Discount Rate	8.6% to 9.2%	8.9%

Corporate Bonds	$143,024,804	Discounted Cash Flows	Discount Rate	8.0% to 17.0%	12.5%
	$5,026,636	Market Approach	Valuation Multiple	3.6x to 7.7x	5.6x

			EBITDA	$0.0 million to $9.4 million	$5.8 million

Equity Securities	$44,522,914	Market Approach	Valuation Multiple	3.6x to 13.4x	8.1x

			EBITDA	$0.0 million to $165.7 million	$26.3 million
	$244,070	Broker Quote	Single Quote	$0.47/share	$0.47/share

Fair Value Hierarchy

The Trust categorizes its investments measured at fair value in three levels, based on the inputs and assumptions used to determine fair value. These levels are as follows:

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 Trust's own assumptions in determining the fair value of investments)

The following is a summary of the inputs used to value the Trust's net assets as of March 31, 2017:


Assets:	Total		Level 1		Level 2		Level 3
Restricted Securities
Corporate Bonds	$	208,402,509	$	—	$	60,351,069	$	148,051,440
Bank Loans		14,472,450		—		—		14,472,450
Common Stock - U.S.		12,866,000		—		—		12,866,000
Preferred Stock		7,755,332		—		—		7,755,332
Partnerships and LLCs		23,901,582		—		—		23,901,582
Public Securities
Bank Loans		7,125,508		—		7,125,508		—
Corporate Bonds		34,354,386		—		34,354,386		—
Common Stock - U.S.		206		206		—		—
Preferred Stock		244,070		—		—		244,070
Short-term Securities		5,898,559		—		5,898,559		—
Total	$	315,020,602	$	206	$	107,729,522	$	207,290,874
See information disaggregated by security type and industry classification in the Consolidated Schedule of Investments.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:


Assets:	Beginning balance at 12/31/2016		Included in earnings			Purchases		Sales			Prepayments			Transfers into Level 3		Transfers out of Level 3			Ending balance at 3/31/2017
Restricted Securities
Corporate Bonds	$	146,939,686	$	2,597,658		$	3,111,933	$	—		$	(4,597,837	)	$	—	$	—		$	148,051,440
Bank Loans		10,414,560		38,723			4,019,167		—			—			—		—			14,472,450
Common Stock - U.S.		13,321,840		70,901			212,121		(738,862	)		—			—		—			12,866,000
Preferred Stock		8,047,466		191,381			—		(483,515	)		—			—		—			7,755,332
Partnerships and LLCs		22,484,369		(40,088	)		2,349,673		(892,372	)		—			—		—			23,901,582
Public Securities
Bank Loans		982,500		—			—		—			—			—		(982,500	)		—
Preferred Stock		—		(95,784	)		339,854		—			—			—		—			244,070
Total	$	202,190,421	$	2,762,791		$	10,032,748	$	(2,114,749	)	$	(4,597,837	)	$	—	$	(982,500	)	$	207,290,874
There were no transfers into or out of Level 1 or Level 2 assets.

Income, Gains and Losses included in Net Increase in Net Assets resulting from Operations for the period are presented in the following accounts on the Statement of Operations:


	Net Increase in Net Assets Resulting from Operations		Change in Unrealized Gains & (Losses) in Net Assets from assets still held
Interest (Amortization)	$	110,147		—
Net realized gain on investments before taxes	$	297,515		—
Net change in unrealized depreciation of investments before taxes	$	2,355,129		2,093,624

B. Accounting for Investments:

Investment transactions are accounted for on the trade date. Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis, including the amortization of premiums and accretion of discounts on bonds held using the yield-to-maturity method. The Trust does not accrue income when payment is delinquent and when management believes payment is questionable.

Realized gains and losses on investment transactions and unrealized appreciation and depreciation of investments are reported for financial statement and Federal income tax purposes on the identified cost method.

C. Use of Estimates:

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

D. Federal Income Taxes:

The Trust has elected to be taxed as a "regulated investment company" under the Internal Revenue Code, and intends to maintain this qualification and to distribute substantially all of its net taxable income to its shareholders. In any year when net long-term capital gains are realized by the Trust, management, after evaluating the prevailing economic conditions, will recommend that the Trustees either designate the net realized long-term gains as undistributed and pay the Federal capital gains taxes thereon or distribute all or a portion of such net gains. For the three months ended March 31, 2017, the Trust did not have any realized taxable long-term capital gains.

The Trust is taxed as a regulated investment company and is therefore limited as to the amount of non-qualified income that it may receive as the result of operating a trade or business, e.g. the Trust's pro rata share of income allocable to the Trust by a partnership operating company. The Trust's violation of this limitation could result in the loss of its status as a regulated investment company, thereby subjecting all of its net income and capital gains to corporate taxes prior to distribution to its shareholders. The Trust, from time-to-time, identifies investment opportunities in the securities of entities that could cause such trade or business income to be allocable to the Trust. The CI Subsidiary Trust (described in Footnote 1 above) was formed in order to allow investment in such securities without adversely affecting the Trust's status as a regulated investment company.

The CI Subsidiary Trust is not taxed as a regulated investment company. Accordingly, prior to the Trust receiving any distributions from the CI Subsidiary Trust, all of the CI Subsidiary Trust's taxable income and realized gains, including non-qualified income and realized gains, is subject to taxation at prevailing corporate tax rates. As of March 31, 2017, the CI Subsidiary Trust has incurred income tax expense of $323,331.

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of the existing assets and liabilities and their respective tax basis. As of March 31, 2017, the CI Subsidiary Trust has a deferred tax liability of $912,469.

E. Distributions to Shareholders:

The Trust records distributions to shareholders from net investment income and net realized gains, if any, on the ex-dividend date. The Trust's net investment income dividend is declared four times per year, in April, July, October, and December. The Trust's net realized capital gain distribution, if any, is declared in December.

3.	Investment Services Contract

A. Services:

Under an Investment Services Contract (the "Contract") with the Trust, Barings agrees to use its best efforts to present to the Trust a continuing and suitable investment program consistent with the investment objectives and policies of the Trust. Barings represents the Trust in any negotiations with issuers, investment banking firms, securities brokers or dealers and other institutions or investors relating to the Trust's investments. Under the Contract, Barings also provides administration of the day-to-day operations of the Trust and provides the Trust with office space and office equipment, accounting and bookkeeping services, and necessary executive, clerical and secretarial personnel for the performance of the foregoing services.

B. Fee:

For its services under the Contract, Barings is paid a quarterly investment advisory fee of 0.3125% of the net asset value of the Trust as of the last business day of each fiscal quarter, which is approximately equal to 1.25% annually. A majority of the Trustees, including a majority of the Trustees who are not interested persons of the Trust or of Barings, approve the valuation of the Trust's net assets as of such day.

4.	Senior Secured Indebtedness

MassMutual holds the Trust's $30,000,000 Senior Fixed Rate Convertible Note (the "Note") issued by the Trust on November 15, 2007. The Note is due November 15, 2017 and accrues interest at 5.28% per annum. MassMutual, at its option, can convert the principal amount of the Note into common shares. The dollar amount of principal would be converted into an equivalent dollar amount of common shares based upon the average price of the common shares for ten business days prior to the notice of conversion. For the three months ended March 31, 2017, the Trust incurred total interest expense on the Note of $396,000.

The Trust may redeem the Note, in whole or in part, at the principal amount proposed to be redeemed together with the accrued and unpaid interest thereon through the redemption date plus a Make Whole Premium. The Make Whole Premium equals the excess of (i) the present value of the scheduled payments of principal and interest which the Trust would have paid but for the proposed redemption, discounted at the rate of interest of U.S. Treasury obligations whose maturity approximates that of the Note plus 0.50% over (ii) the principal of the Note proposed to be redeemed.

5.	Purchases and Sales of Investments


	For the three months ended 3/31/2017
	Cost of Investments Acquired		Proceeds from Sales or Maturities
Corporate restricted securities	$	22,637,905	$	7,828,547
Corporate public securities		—		2,462,333

The aggregate cost of investments is substantially the same for financial reporting and Federal income tax purposes as of March 31, 2017. The net unrealized depreciation of investments for financial reporting and Federal tax purposes as of March 31, 2017 is $650,685 and consists of $27,866,051 appreciation and $27,215,366 depreciation.

Net unrealized depreciation of investments on the Statement of Assets and Liabilities reflects the balance net of a deferred tax accrual of $912,469 on net unrealized losses on the CI Subsidiary Trust.

6.	Investment Risks

In the normal course of its business, the Trust trades various financial instruments and enters into certain investment activities with investment risks. These risks include: (i) market risk, (ii) volatility risk and (iii) credit, counterparty and liquidity risk. It is the Trust's policy to identify, measure and monitor risk through various mechanisms including risk management strategies and credit policies. These include monitoring risk guidelines and diversifying exposures across a variety of instruments, markets and counterparties. There can be no assurance that the Trust will be able to implement its credit guidelines or that its risk monitoring strategies will be successful.

7.	Commitments and Contingencies

During the normal course of business, the Trust may enter into contracts and agreements that contain a variety of representations and warranties. The exposure, if any, to the Trust under these arrangements is unknown as this would involve future claims that may or may not be made against the Trust and which have not yet occurred. The Trust has no history of prior claims related to such contracts and agreements.

At March 31, 2017, the Trust had the following unfunded commitments:


Investment	Unfunded Amount
CORA Health Services, Inc.	$	1,807,693
HVAC Holdings, Inc.	$	1,218,493

THIS PRIVACY NOTICE IS BEING PROVIDED ON BEHALF OF BARINGS LLC AND ITS AFFILIATES: BARINGS SECURITIES LLC; BARINGS AUSTRALIA PTY LTD; BARINGS ADVISERS (JAPAN) KK; BARINGS INVESTMENT ADVISERS (HONG KONG) LIMITED; BARINGS FUNDS TRUST; BARINGS GLOBAL SHORT DURATION HIGH YIELD FUND; BARINGS CORPORATE INVESTORS AND BARINGS PARTICIPATION INVESTORS (TOGETHER, FOR PURPOSES OF THIS PRIVACY NOTICE, "BARINGS").

When you use Barings you entrust us not only with your hard-earned assets but also with your personal and financial data. We consider your data to be private and confidential, and protecting its confidentiality is important to us. Our policies and procedures regarding your personal information are summarized below.

We may collect non-public personal information about you from:

•

Applications or other forms, interviews, or by other means;

•

Consumer or other reporting agencies, government agencies, employers or others;

•

Your transactions with us, our affiliates, or others; and

•

Our Internet website.

We may share the financial information we collect with our financial service affiliates, such as insurance companies, investment companies and securities broker-dealers. Additionally, so that we may continue to offer you products and services that best meet your investment needs and to effect transactions that you request or authorize, we may disclose the information we collect, as described above, to companies that perform administrative or marketing services on our behalf, such as transfer agents, custodian banks, service providers or printers and mailers that assist us in the distribution of investor materials or that provide operational support to Barings. These companies are required to protect this information and will use this information only for the services for which we hire them, and are not permitted to use or share this information for any other purpose. Some of these companies may perform such services in jurisdictions other than the United States. We may share some or all of the information we collect with other financial institutions with whom we jointly market products. This may be done only if it is permitted by the state in which you live. Some disclosures may be limited to your name, contact and transaction information with us or our affiliates.

Any disclosures will be only to the extent permitted by federal and state law. Certain disclosures may require us to get an "opt-in" or "opt-out" from you. If this is required, we will do so before information is shared. Otherwise, we do not share any personal information about our customers or former customers unless authorized by the customer or as permitted by law.

We restrict access to personal information about you to those employees who need to know that information to provide products and services to you. We maintain physical, electronic and procedural safeguards that comply with legal standards to guard your personal information. As an added measure, we do not include personal or account information in non-secure e-mails that we send you via the Internet without your prior consent. We advise you not to send such information to us in non-secure e-mails.

This joint notice describes the privacy policies of Barings, the Funds and Barings Securities LLC. It applies to all Barings and the Funds accounts you presently have, or may open in the future, using your social security number or federal taxpayer identification number – whether or not you remain a shareholder of our Funds or as an advisory client of Barings. As mandated by rules issued by the Securities and Exchange Commission, we will be sending you this notice annually, as long as you own shares in the Funds or have an account with Barings.

Barings Securities LLC is a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). Investors may obtain information about SIPC including the SIPC brochure by contacting SIPC online at www.sipc.org or calling (202)-371-8300. Investors may obtain information about FINRA including the FINRA Investor Brochure by contacting FINRA online at www.finra.org or by calling (800) 289-9999.

January 2017

Members of the Board of Trustees

Michael H. Brown*

Barbara M. Ginader

Edward P. Grace III

Robert E. Joyal

Clifford M. Noreen

Susan B. Sweeney*

Maleyne M. Syracuse*

*Member of the Audit Committee

Officers

Clifford M. Noreen

Chairman

Robert M. Shettle

President

James M. Roy

Vice President & Chief Financial Officer

Janice M. Bishop

Vice President, Secretary & Chief Legal Officer

Sean Feeley

Vice President

Daniel J. Florence

Treasurer

Melissa M. LaGrant

Chief Compliance Officer

DIVIDEND REINVESTMENT AND SHARE PURCHASE PLAN

Barings Corporate Investors (the "Trust") offers a Dividend Reinvestment and Share Purchase Plan (the "Plan"). The Plan provides a simple way for shareholders to add to their holdings in the Trust through the receipt of dividend shares issued by the Trust or through the investment of cash dividends in Trust shares purchased in the open market. A shareholder may join the Plan by filling out and mailing an authorization card to DST Systems, Inc., the Transfer Agent.

Participating shareholders will continue to participate until they notify the Transfer Agent, in writing, of their desire to terminate participation. Unless a shareholder elects to participate in the Plan, he or she will, in effect, have elected to receive dividends and distributions in cash. Participating shareholders may also make additional contributions to the Plan from their own funds. Such contributions may be made by personal check or other means in an amount not less than $10 nor more than $5,000 per quarter. Cash contributions must be received by the Transfer Agent at least five days (but no more then 30 days) before the payment date of a dividend or distribution.

Whenever the Trust declares a dividend payable in cash or shares, the Transfer Agent, acting on behalf of each participating shareholder, will take the dividend in shares only if the net asset value is lower than the market price plus an estimated brokerage commission as of the close of business on the valuation day. The valuation day is the last day preceding the day of dividend payment.

When the dividend is to be taken in shares, the number of shares to be received is determined by dividing the cash dividend by the net asset value as of the close of business on the valuation date or, if greater than net asset value, 95% of the closing share price. If the net asset value of the shares is higher than the market value plus an estimated commission, the Transfer Agent, consistent with obtaining the best price and execution, will buy shares on the open market at current prices promptly after the dividend payment date.

The reinvestment of dividends does not, in any way, relieve participating shareholders of any federal, state or local tax. For federal income tax purposes, the amount reportable in respect of a dividend received in newly-issued shares of the Trust will be the fair market value of the shares received, which will be reportable as ordinary income and/or capital gains.

As compensation for its services, the Transfer Agent receives a fee of 5% of any dividend and cash contribution (in no event in excess of $2.50 per distribution per shareholder.)

Any questions regarding the Plan should be addressed to DST Systems, Inc., Transfer Agent for Barings Corporate Investors' Dividend Reinvestment and Share Purchase Plan, P.O. Box 219086, Kansas City, MO 64121-9086.


	Barings Corporate Investors

CI6216