UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-Q

Quarterly Schedule of Portfolio Holdings of

Registered Management Investment Company

Investment Company Act file number 811-02183

Barings Corporate Investors

(Exact name of registrant as specified in charter)

1500 Main Street, Springfield, MA 01115

(Address of principal executive offices) (Zip code)

Janice M. Bishop, Vice President, Secretary and Chief Legal Officer

Independence Wharf, 470 Atlantic Avenue, Boston, MA  02210

(Name and address of agent for service)

Registrant's telephone number, including area code: 413-226-1000

___________________

Date of fiscal year end: 12/31

___________________

Date of reporting period: 03/31/17

___________________

ITEM 1. SCHEDULE OF INVESTMENTS

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

8

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		—

9

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

10

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

11

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

12

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

13

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.

14

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			—		—
						—		—

15

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

16

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

17

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

18

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

19

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

20

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

21

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

22

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

23

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

24

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

25

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

26

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

27

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

28

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

29

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

30

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

31

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

32

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

33

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

34

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

35

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

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:	Beginningbalance at 12/31/2016		Included in earnings			Purchases		Sales			Prepayments			Transfersinto Level 3		Transfersout of Level 3			Endingbalance 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.

ITEM 2.  CONTROLS AND PROCEDURES.

(a) The principal executive officer and principal financial officer of the Registrant evaluated the effectiveness of the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act") as of a date within 90 days of the filing date of this report and based on that evaluation have concluded that such disclosure controls and procedures are effective to provide reasonable assurance that material information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There have been changes in the Registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act)("internal controls") that occurred during the Registrant's last fiscal quarter.  The Registrant's investment adviser, Barings LLC, who maintains the Registrant's internal controls, revised its internal controls to oversee State Street Bank & Trust who now provides certain administrative and accounting services to the Registrant.

ITEM 3.  EXHIBITS.

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) are attached hereto as an exhibit.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)  Barings Corporate Investors

By (Signature and Title)* /s/ Robert M. Shettle                                                     Robert M. Shettle, President

Date     May 30, 2017

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By (Signature and Title)* /s/ Robert M. Shettle                                                     Robert M. Shettle, President

Date     May 30, 2017

By (Signature and Title)* /s/ James M. Roy                                                           James M. Roy, Vice President and Chief Financial Officer

Date     May 30, 2017

* PRINT THE NAME AND TITLE OF EACH SIGNING OFFICER UNDER HIS OR HER SIGNATURE.