SHARES		COST		FAIR VALUE
Equities — 0.73%*:
Common Stocks — 0.56%*:
Boomerang Tube Holdings, Inc.¤		36,149	$	3,510,832	$	0
Fieldwood Energy LLC¤		167,574		4,057,567		167,574
Jupiter Resources Inc.¤+		1,171,624		5,662,542		1,171,624
Sabine Oil & Gas LLC¤		4,342		248,858		56,446
Templar Energy LLC¤		135,392		734,072		0
Templar Energy LLC¤		101,589		1,015,894		0
Total Common Stocks		1,616,670		15,229,765		1,395,644
Preferred Stocks - 0.17%*:
Pinnacle Operating Corp.¤		452,660		407,393		407,394
Pinnacle Operating Corp.¤		213,016		0		0
Total Preferred Stocks		665,676		407,393		407,394
Warrants — 0.00%*:
Appvion Holdings Corp.¤		12,892		137,280		1,612
Appvion Inc.¤		12,892		0		0
Total Warrants		25,784		137,280		1,612
Total Equities		2,308,130		15,774,438		1,804,650

				EFFECTIVE INTEREST RATE‡		DUE DATE	PRINCIPAL		COST		FAIR VALUE
Fixed Income — 132.88%*:
Asset-Backed Securities — 8.11%*:
	CDO/CLO — 8.11%*:
		Anchorage Capital CLO LTD 2015-6A, 3M LIBOR + 6.350%^~		8.18	%	7/15/2030	600,000	$	609,989	$	366,170
		Anchorage Capital CLO LTD 2016-9A ER, 3M LIBOR + 6.410%^~		8.24		7/15/2032	1,500,000		1,455,000		822,828
		Anchorage Capital CLO LTD 2013-1R, 3M LIBOR + 6.800%^~		8.65		10/15/2030	1,000,000		977,213		580,512
		Ballyrock CLO LTD 2019-2A, 3M LIBOR + 7.740%^~		9.44		11/20/2030	2,000,000		1,960,000		1,301,954
		BlueMountain CLO LTD 2018-23A, 3M LIBOR + 5.650%^~		7.47		10/20/2031	1,000,000		1,000,000		596,165
		Canyon CLO LTD 2019-2A, 3M LIBOR + 7.150%^~		8.98		10/15/2032	1,000,000		1,000,000		578,405
		Carbone CLO, LTD 2017-1A, 3M LIBOR + 5.900%^~		7.73		1/21/2031	750,000		750,000		435,921
		Carlyle Global Market Strategies 2013-3A, 3M LIBOR + 7.750%^~		9.58		10/15/2030	1,000,000		1,000,000		527,284
		Carlyle Global Market Strategies 2017-5A, 3M LIBOR + 5.300%^~		7.12		1/22/2030	700,000		700,000		417,701
		Carlyle Global Market Strategies 2019-3 LTD, 3M LIBOR + 7.030%^~		8.86		10/20/2032	1,000,000		975,000		594,509
		Cedar Funding LTD 2016-6A, 3M LIBOR + 5.900%^~		7.72		10/20/2028	2,500,000		2,500,000		1,563,645
		Galaxy CLO LTD 2017-24A, 3M LIBOR + 5.500%^~		7.33		1/15/2031	1,000,000		1,000,000		549,502
		GoldenTree Loan Management 2018-3A, 3M LIBOR + 6.500%^~		8.32		4/22/2030	1,500,000		1,429,292		762,072
		GoldenTree Loan Opportunities XI LTD 2015-11A, 3M LIBOR + 5.400%^~		7.22		1/18/2031	500,000		500,000		307,044
		KKR Financial CLO LTD 2017-20, 3M LIBOR + 5.500%^~		7.34		10/16/2030	1,500,000		1,500,000		764,999
		LCM LTD 2019-30, 3M LIBOR + 6.950%^~		8.77		4/21/2031	1,100,000		1,100,000		746,183
		Madison Park Funding LTD 2015-19A, 3M LIBOR + 4.350%^~		6.15		1/24/2028	1,000,000		1,000,000		580,063
		Madison Park Funding LTD 2018-29A, 3M LIBOR + 7.570%^~#		9.39		10/18/2030	2,000,000		1,960,000		1,029,774
		Madison Park Funding LTD 2019-32E, 3M LIBOR + 7.100%^~		8.90		1/22/2031	1,000,000		997,800		672,125
		Magnetite CLO LTD 2016-18A, 3M LIBOR + 7.600%^~		9.29		11/15/2028	1,400,000		1,386,000		844,648
		OHA Credit Partners LTD 2015-11A, 3M LIBOR + 7.900%^~		9.72		1/20/2032	2,000,000		1,970,323		939,202
		OHA Loan Funding LTD 2013-1A, 3M LIBOR + 7.900%^~		9.71		7/23/2031	1,500,000		1,477,500		826,375
		Sound Point CLO XVIII 2018-18D, 3M LIBOR + 5.500%^~		7.32		1/21/2031	2,000,000		2,000,000		1,069,860
		Steele Creek CLO LTD 2017-1A, 3M LIBOR + 6.200%^~		8.03		1/15/2030	800,000		800,000		465,873
		TICP CLO LTD 2018-10A, 3M LIBOR + 5.500%^~		7.32		4/20/2031	1,000,000		921,732		573,774
		Voya CLO LTD 2019-4A, 3M LIBOR + 7.480%^~		9.31		1/18/2033	1,400,000		1,358,585		827,669
		Wellfleet CLO LTD 2017-3A, 3M LIBOR + 5.550%^~		7.39		1/17/2031	1,500,000		1,500,000		840,225
		Wind River CLO LTD 2017-4A, 3M LIBOR + 5.800%^~		7.49		11/20/2030	1,000,000		1,000,000		576,569
			Total CDO/CLO				35,250,000		34,828,434		20,161,051
			Total Asset-Backed Securities				35,250,000		34,828,434		20,161,051

				EFFECTIVE INTEREST RATE‡			DUE DATE	PRINCIPAL		COST		FAIR VALUE
Bank Loans§ — 14.67%*:
	Automotive — 0.69%*:
		Dexko Global Inc, 3M LIBOR + 8.250%~		9.70	%	7/24/2025		2,000,000	$	2,000,000	$	1,720,000
			Total Automotive					2,000,000		2,000,000		1,720,000
	Broadcasting and Entertainment — 1.72%*:
		Endemol, 3M LIBOR + 5.750%+~		7.66		8/11/2021		4,444,065		4,358,287		4,280,212
			Total Broadcasting and Entertainment					4,444,065		4,358,287		4,280,212
	Cargo Transport — 1.07%*:
		PS Logistics, 1M LIBOR + 4.750%~		5.75		3/6/2025		2,955,000		2,974,835		2,659,500
			Total Cargo Transport					2,955,000		2,974,835		2,659,500
	Chemicals, Plastics and Rubber — 0.43%*:
		Colouroz Investment 2 LLC, 3M LIBOR + 7.250%+~		9.05		9/7/2022		2,033,201		2,025,452		1,077,596
			Total Chemicals, Plastics and Rubber					2,033,201		2,025,452		1,077,596
	Diversified/Conglomerate Manufacturing — 1.16%*:
		Averys, 3M LIBOR + 8.250%+~		8.25		8/7/2026		500,000		571,943		468,733
		Commercial Vehicle Group Inc., 1M LIBOR + 6.000%~		6.99		4/12/2023		573,047		565,488		487,090
		SunSource, Inc., 1M LIBOR + 8.000%~		9.00		4/30/2026		2,500,000		2,517,436		1,912,500
			Total Diversified/Conglomerate Manufacturing					3,573,047		3,654,867		2,868,323
	Diversified/Conglomerate Service — 4.67%*:
		Misys (Finastra), 3M LIBOR + 7.250%~		9.03		6/16/2025		15,630,136		15,500,887		11,597,561
			Total Diversified/Conglomerate Service					15,630,136		15,500,887		11,597,561
	Healthcare, Education and Childcare — 1.33%*:
		ADVANZ PHARMA Corp., 1M LIBOR + 5.500%+~		6.57		9/6/2024		3,880,000		3,817,412		3,307,700
			Total Healthcare, Education and Childcare					3,880,000		3,817,412		3,307,700
	Home and Office Furnishings, Housewares, and Durable Consumer Products — 0.70%*:
		Serta Simmons Beddings LLC, 1M LIBOR + 8.000%~		9.00		11/8/2024		7,933,333		7,216,844		1,745,333
			Total Home and Office Furnishings, Housewares, and Durable Consumer Products					7,933,333		7,216,844		1,745,333
	Insurance — 1.10%*:
		Asurion, 1M LIBOR + 6.500%~		7.49		8/4/2025		3,000,000		3,059,522		2,733,750
			Total Insurance					3,000,000		3,059,522		2,733,750
	Mining, Steel, Iron and Non-Precious Metals — 0.88%*:
		Boomerang Tube, LLC, 3M LIBOR + 6.500%¤~		5.99		6/30/2022		2,540,684		2,540,684		2,184,988
			Total Mining, Steel, Iron and Non-Precious Metals					2,540,684		2,540,684		2,184,988
	Oil and Gas — 0.92%*:
		Fieldwood Energy LLC, 1M LIBOR + 5.250%~		7.03		4/11/2022		5,751,171		5,285,428		1,797,241
		Fieldwood Energy LLC, 1M LIBOR + 7.250%~		9.03		4/11/2023		7,481,592		2,831,277		478,822
			Total Oil and Gas					13,232,763		8,116,705		2,276,063
			Total Bank Loans					61,222,229		55,265,495		36,451,026

				EFFECTIVE INTEREST RATE‡			DUE DATE	PRINCIPAL		COST		FAIR VALUE
Corporate Bonds — 110.10%*:
	Aerospace and Defense — 4.29%*:
		Avolon Holdings^#		6.50	%	9/15/2024		2,741,000	$	2,760,586	$	1,765,204
		TransDigm Group, Inc.#		7.50		3/15/2027		3,000,000		2,977,500		2,891,100
		Triumph Group, Inc.#		7.75		8/15/2025		8,289,000		8,293,634		6,009,525
			Total Aerospace and Defense					14,030,000		14,031,720		10,665,829
	Automotive — 3.44%*:
		Garrett Motion+^#		5.13		10/15/2026		1,070,000		1,101,772		739,689
		Power Solutions^#		8.50		5/15/2027		8,965,000		9,067,871		7,821,066
			Total Automotive					10,035,000		10,169,643		8,560,755
	Beverage, Food and Tobacco — 2.51%*:
		Boparan Finance plc+^#		5.50		7/15/2021		800,000		1,035,540		685,638
		Kehe Distributors, LLC^#		8.63		10/15/2026		1,287,000		1,287,000		1,293,435
		Manitowoc Foodservice#		9.50		2/15/2024		3,074,000		3,220,427		2,612,900
		Refresco Group N.V.+^#		6.50		5/15/2026		1,600,000		1,931,926		1,649,939
			Total Beverage, Food and Tobacco					6,761,000		7,474,893		6,241,912
	Broadcasting and Entertainment — 7.62%*:
		Arqiva Broadcast+^#		6.75		9/30/2023		2,400,000		3,041,174		2,981,033
		Banijay+^#		6.50		3/1/2026		3,750,000		4,141,679		3,231,361
		Clear Channel Worldwide Holdings Inc.^#		9.25		2/15/2024		5,546,000		5,908,384		4,755,695
		Cox Media Group^#		8.88		12/15/2027		1,837,000		1,854,912		1,552,265
		Dish DBS Corp.#		7.75		7/1/2026		4,094,000		3,859,493		4,206,585
		Intelsat Jackson Holdings Ltd.^#		9.75		7/15/2025		3,341,000		3,457,018		2,205,060
			Total Broadcasting and Entertainment					20,968,000		22,262,660		18,931,999
	Buildings and Real Estate — 2.63%*:
		Realogy Group^#		9.38		4/1/2027		7,763,000		7,671,575		6,542,579
			Total Buildings and Real Estate					7,763,000		7,671,575		6,542,579
	Cargo Transport — 3.38%*:
		Kenan Advantage^#		7.88		7/31/2023		10,000,000		10,041,754		8,393,750
			Total Cargo Transport					10,000,000		10,041,754		8,393,750
	Chemicals, Plastics and Rubber — 4.11%*:
		Carlyle Group^#		8.75		6/1/2023		3,000,000		2,970,300		2,700,000
		Consolidated Energy Finance S.A.^#		6.88		6/15/2025		1,779,000		1,770,105		1,538,835
		CVR Partners LP^#		9.25		6/15/2023		6,213,000		6,155,689		4,980,962
		Diversey^#		5.63		8/15/2025		1,500,000		1,617,438		985,993
			Total Chemicals, Plastics and Rubber					12,492,000		12,513,532		10,205,790
	Containers, Packaging, and Glass — 3.50%*:
		Appvion Inc.¤		9.00		6/1/2020		13,200,000		0		0
		Mauser Packaging Solutions^#		7.25		4/15/2025		2,575,000		2,440,031		2,047,125
		Tekni-Plex^#		9.25		8/1/2024		8,000,000		7,897,972		6,640,000
			Total Containers, Packaging, and Glass					23,775,000		10,338,003		8,687,125
	Diversified/Conglomerate Manufacturing — 3.30%*:
		Heat Exchangers+^		7.78		10/9/2025		625,000		653,572		641,102
		Manitowoc Cranes^#		9.00		4/1/2026		8,538,000		8,564,728		7,556,130
			Total Diversified/Conglomerate Manufacturing					9,163,000		9,218,300		8,197,232

				EFFECTIVE INTEREST RATE‡			DUE DATE	PRINCIPAL		COST		FAIR VALUE
Corporate Bonds (continued)
	Diversified/Conglomerate Service — 4.88%*:
		Algeco Scotsman+^#		6.50	%	2/15/2023		1,750,000	$	2,135,838	$	1,428,179
		Carlson Travel Holdings Inc.^#		9.50		12/15/2024		6,040,000		6,050,931		3,986,400
		Endurance International Group LLC#		10.88		2/1/2024		1,490,000		1,556,213		1,266,500
		Truck Hero Inc.^#		8.50		4/21/2024		6,118,000		6,144,406		5,446,917
			Total Diversified/Conglomerate Service					15,398,000		15,887,388		12,127,996
	Electronics — 8.39%*:
		International Wire Group Inc.^#		10.75		8/1/2021		7,389,000		7,193,121		6,169,815
		Veritas Bermuda Ltd.^#		10.50		2/1/2024		16,957,000		14,843,709		14,286,272
		Presidio Inc.^#		8.25		2/1/2028		430,000		430,000		378,937
								24,776,000		22,466,830		20,835,024
	Finance — 2.60%*:
		Galaxy Bidco Ltd.+^#		6.50		7/31/2026		1,500,000		1,865,092		1,680,557
		Lowell+^#		8.50		11/1/2022		5,575,000		7,662,077		4,778,037
			Total Finance					7,075,000		9,527,169		6,458,594
	Healthcare, Education and Childcare — 14.69%*:
		Advanz Pharma Corp.+#		8.00		9/6/2024		3,743,000		3,670,587		3,293,840
		Avantor Performance Materials Holdings, Inc.^#		9.00		10/1/2025		5,180,000		5,265,585		5,452,986
		Bausch Health Companies Inc.^#		9.00		12/15/2025		11,045,000		11,287,654		11,643,639
		Bausch Health Companies Inc.^#		9.25		4/1/2026		3,397,000		3,397,000		3,589,950
		Bausch Health Companies Inc.^#		8.50		1/31/2027		317,000		317,000		331,265
		Endo International^#		7.50		4/1/2027		1,890,000		1,890,000		1,880,550
		Envision Healthcare Corp.^#		8.75		10/15/2026		12,551,000		11,643,228		3,074,995
		Ortho-Clinical Diagnostics Inc.^#		7.25		2/1/2028		2,063,000		2,063,000		1,773,974
		Radiology Partners Inc.^#		9.25		2/1/2028		586,000		586,000		507,329
		Synlab+^#		8.25		7/1/2023		2,000,000		2,505,273		2,051,395
		Verscend Technologies, Inc.^#		9.75		8/15/2026		2,915,000		3,087,408		2,909,520
			Total Healthcare, Education and Childcare					45,687,000		45,712,735		36,509,443
	Home and Office Furnishings, Housewares, and Durable Consumer Products — 1.09%*:
		Balta+^#		7.75		9/15/2022		4,171,500		4,845,575		2,699,757
			Total Home and Office Furnishings, Housewares, and Durable Consumer Products					4,171,500		4,845,575		2,699,757
	Hotels, Motels, Inns and Gaming — 1.70%*:
		Boyne USA, Inc.^#		7.25		5/1/2025		950,000		950,000		907,250
		Golden Nugget Inc.^#		8.75		10/1/2025		6,500,000		6,652,733		3,315,000
			Total Hotels, Motels, Inns and Gaming					7,450,000		7,602,733		4,222,250
	Insurance — 5.82%*:
		Acrisure LLC^#		7.00		11/15/2025		1,311,000		1,257,453		1,127,460
		Acrisure LLC^#		10.13		8/1/2026		9,575,000		9,769,176		8,904,750
		Acrisure LLC^#		8.13		2/15/2024		4,564,000		4,687,694		4,445,564
			Total Insurance					15,450,000		15,714,323		14,477,774

				EFFECTIVE INTEREST RATE‡			DUE DATE	PRINCIPAL		COST		FAIR VALUE
Corporate Bonds (continued)
	Machinery (Non-Agriculture, Non-Construct, Non-Electronic) — 3.32%*:
		Apex Tool Group LLC^#		9.00	%	2/15/2023		10,627,000	$	10,422,687	$	6,907,550
		Sarens+^#		5.75		2/21/2027		1,900,000		2,085,826		1,353,700
			Total Machinery (Non-Agriculture, Non-Construct, Non-Electronic)					12,527,000		12,508,513		8,261,250
	Mining, Steel, Iron and Non-Precious Metals — 10.90%*:
		Alliance Resources Partners, L.P.^#		7.50		5/1/2025		556,000		556,000		333,600
		Consol Energy Inc.^#		11.00		11/15/2025		10,316,000		10,727,943		4,126,400
		First Quantum Minerals+^#		7.25		4/1/2023		2,000,000		1,929,156		1,683,750
		First Quantum Minerals+^#		7.50		4/1/2025		9,775,000		9,381,558		8,134,657
		Northwest Acquisitions ULC+^#		7.13		11/1/2022		16,122,000		12,787,733		7,899,780
		SunCoke Energy Inc.^#		7.50		6/15/2025		5,743,000		5,723,881		4,134,960
		Warrior Met Coal Inc.^#		8.00		11/1/2024		914,000		914,000		758,620
			Total Mining, Steel, Iron and Non-Precious Metals					45,426,000		42,020,271		27,071,767
	Oil and Gas — 9.52%*:
		Calumet Specialty Products#		7.63		1/15/2022		4,398,000		4,187,763		3,408,450
		Calumet Specialty Products^#		11.00		4/15/2025		3,500,000		3,536,583		2,521,225
		Calumet Specialty Products#		7.75		4/15/2023		2,550,000		2,397,282		1,759,500
		Globe Luxembourg SA+^#		9.63		4/1/2023		4,238,000		4,282,057		1,504,490
		Globe Luxembourg SA+^#		9.88		4/1/2022		3,103,000		3,155,178		1,124,838
		Jonah Energy LLC^#		7.25		10/15/2025		5,714,000		5,047,653		257,130
		Jupiter Resources Inc.+¤		10.00		1/31/2024		1,418,049		1,418,049		1,418,049
		Laredo Petroleum Inc.		9.50		1/15/2025		622,000		622,000		248,800
		Laredo Petroleum Inc.		10.13		1/15/2028		3,765,000		3,661,993		1,430,700
		MEG Energy Corp.+^#		7.13		2/1/2027		898,000		898,000		443,720
		Vine Oil & Gas^#		9.75		4/15/2023		17,662,000		15,616,595		4,172,647
		Welltec A/S+^#		9.50		12/1/2022		5,713,000		5,686,209		5,370,220
			Total Oil and Gas					53,581,049		50,509,362		23,659,769
	Personal and Non Durable Consumer Products — 0.01%*:
		High Ridge Brands Co.^		8.88		3/15/2025		2,982,000		2,982,000		29,820
			Total Personal and Non Durable Consumer Products					2,982,000		2,982,000		29,820
	Personal Transportation — 0.44%*:
		Hertz Corporation^#		7.63		6/1/2022		1,014,000		1,010,618		821,340
		Naviera Armas, 3M EURIBOR + 4.250%+^~		4.25		11/15/2024		150,000		124,814		60,053
		Naviera Armas, 3M EURIBOR + 6.500%+^~		6.50		7/31/2023		525,000		608,732		208,448
			Total Personal Transportation					1,689,000		1,744,164		1,089,841

					EFFECTIVE INTEREST RATE‡			DUE DATE	PRINCIPAL		COST		FAIR VALUE
Corporate Bonds (continued)
	Printing and Publishing — 1.80%*:
			Cimpress N.V.^#		7.00	%	6/15/2026		2,069,000	$	2,069,000	$	1,820,720
			Houghton Mifflin Harcourt Publishers Inc.^#		9.00		2/15/2025		3,000,000		2,942,534		2,640,000
				Total Printing and Publishing					5,069,000		5,011,534		4,460,720
	Retail Store — 0.97%*:
			Ken Garff Automotive^#		7.50		8/15/2023		1,034,000		1,034,000		940,940
			Maxeda DIY+^		6.13		7/15/2022		750,000		855,530		412,215
			Travelex+^#		8.00		5/15/2022		4,600,000		5,097,230		1,063,708
				Total Retail Store					6,384,000		6,986,760		2,416,863
	Telecommunications — 7.76%*:
			BMC Software^#		9.75		9/1/2026		8,000,000		7,735,880		7,040,000
			Commscope Inc.^#		8.25		3/1/2027		11,673,000		11,692,162		11,251,605
			Digicel Limited+^#		8.25		9/30/2020		2,500,000		2,491,458		1,000,000
				Total Telecommunications					22,173,000		21,919,500		19,291,605
	Utilities — 1.43%*:
			Techem+^#		6.00		7/30/2026		3,500,000		3,990,790		3,551,340
				Total Utilities					3,500,000		3,990,790		3,551,340
				Total Corporate Bonds					388,325,549		373,151,727		273,590,784
				Total Fixed Income					484,797,778		463,245,656		330,202,861
				Total Investments					487,105,908		479,020,094		332,007,511
Other assets and liabilities — (33.61)%													(83,518,573)
				Net Assets — 100%								$	248,488,938
‡		The effective interest rates are based on settled commitment amount.
*		Calculated as a percentage of net assets applicable to common shareholders.
¤		Value determined using significant unobservable inputs, security is categorized as Level 3.
+		Foreign security.
^		Security exempt from registration under Rule 144a of the Securities Act of 1933.  These securities may only be resold in transactions exempt from registration, normally to qualified institutional buyers.
~		Variable rate security.  The interest rate shown is the rate in effect at March 31, 2020.
#		All or a portion of the security is segregated as collateral for the credit facility.
§		Bank loans are exempt from registration under the Securities Act of 1933, as amended, but contain certain restrictions on resale and cannot be sold publicly. These loans pay interest at rates which adjust periodically. The interest rates shown for bank loans are the current interest rates at December 31, 2019. Bank loans are also subject to mandatory and/or optional prepayment which cannot be predicted. As a result, the remaining maturity may be substantially less than the stated maturity shown.
		Distributions of investments by country of risk.  Percentage of assets are expressed by market value excluding cash and accrued income as of March 31, 2020.
				United States	78.5%
				United Kingdom	6.2%
				Canada	3.3%
				Zambia	3.0%
				Germany	2.2%
				Netherlands	1.9%
				Denmark	1.6%
				France	1.5%
				Belgium	1.2%
				(Individually less than 1%)	0.6%
					100.0%

A summary of outstanding derivatives at March 31, 2020 is as follows:
Schedule of Open Forward Currency Contracts
March 31, 2020
					Forward	Unrealized
Currency to be		Currency to be		Counterparty of	Settlement	Appreciation /
Received		Delivered(1)		Contract	Date	(Depreciation)
30,199,805	USD	(29,173,626)	EUR	Bank of New York	4/15/2020	1,026,179
8,554,995	EUR	(8,493,844)	USD	Morgan Stanley	4/15/2020	61,152
17,319,166	USD	(16,375,717)	GBP	Bank of New York	4/15/2020	943,450
6,043,101	GBP	(6,011,940)	USD	JP Morgan Chase	4/15/2020	31,163
						$	2,061,944
(1) Values are listed in U.S. dollars.

Schedule of Investments.

 Valuation of Instruments

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

Level 1 – quoted prices in active markets for identical securities

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

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

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

The inputs used to measure fair value may fall into different levels of the fair value hierarchy.  In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following is a summary of the inputs used as of March 31, 2020 in valuing the Fund’s investments:

Description	Level 1		Level 2		Level 3		Total Investments
Assets:
Equities:
Common Stocks	$	-	$		$	1,395,644	$	1,395,644
Preferred Stocks		-		-		407,394		407,394
Warrants		-		-		1,612		1,612
Total Equities:		-				1,804,650		1,804,650
Fixed Income:
Asset-Backed	$	-	$	20,161,051	$		$	20,161,051
Securities    Bank Loans		-		34,266,039		2,184,988		36,451,027
Corporate Bonds		-		272,172,739		1,418,049		273,590,785
Total Fixed Income	$	-	$	326,599,825	$	3,603,037	$	330,202,862
Derivative Securities:
Foreign Exchange       Contracts:	$	-	$	2,061,944	$	-	$	2,061,944
Total Derivative Securities	$	-	$	2,061,944	$	-	$	2,061,944
Total Assets	$	-	$	328,6617,68	$	5,407,687	$	334,069,455

The following table is a summary of quantitative information about significant unobservable valuation inputs for Level 3 fair value measurement for investments held as of March 31, 2020:

Type of Assets	Fair Value as of March 31, 2020	Valuation Technique(s)	Unobservable Input
Equities
Appvion Holdings Corp.	$1,612	Broker Quote	$0.50; pricing source depth of 1.
Appvion Inc.	$0	Broker Quote	$0.125; pricing source depth of 1.
Boomerang Tube Holdings, Inc.	$0	Broker Quote	Average Enterprise Valuation Multiple:5.0x; EBITDA: $71.1 million; Discount rate 15%
Fieldwood Energy LLC	$167,574	Vendor Price	$1.00; Barings sourced vendor price
Jupiter Resources Inc.	$1,171,624	Vendor Price	$1.00; Barings sourced vendor price
Pinnacle Operating Corp.	$407,394	Priced at Cost	Priced at cost
Pinnacle Operating Corp.	$0	Zero Value	Priced at Zero Value
Sabine Oil & Gas LLC	$56,446	Vendor Price	$13.00; Barings sourced vendor price
Templar Energy LLC	$0	Broker Quote	$0.00; pricing source depth of 1.
Templar Energy LLC	$0	Broker Quote	$0.00; pricing source depth of 1.
Bank Loans
Boomerang Tube, LLC	$2,184,988	Discounted Cash Flow	Average Enterprise Valuation Multiple:5.0x; EBITDA: $71.1 million; Discount rate 15%
Corporate Bonds
Appvion Inc.	$0	Zero Value	Priced at Zero Value
Jupiter Resources Inc.	$1,418,049	Priced at Cost	Priced at cost

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

The Fund discloses transfers between levels based on valuations at the end of the reporting period. Based on end of period market values, $0 was transferred from Level 3 to Level 2 for the period from January 1, 2020 through March 31, 2020. The following is a reconciliation of Level 3 investments based upon the inputs used to determine fair value:

	BALANCE AT DECEMBER 31, 2018	TRANSFERS INTO LEVEL 3	TRANSFERS OUT OF LEVEL 3	PURCHASES	SALES	ACCRETION OF DISCOUNT	REALIZED GAIN / (LOSS)	CHANGE IN UNREALIZED	BALANCE AT DECEMBER 31, 2019	TRANSFERS INTO LEVEL 3	TRANSFERS OUT OF LEVEL 3	PURCHASES	SALES	ACCRETION OF DISCOUNT	REALIZED GAIN / (LOSS)	CHANGE IN UNREALIZED	BALANCE AT MARCH 31, 2020	CHANGE IN UNREALIZED APPRECIATION / (DEPRECIATION) FROM INVESTMENTS HELD AS OF March 31, 2020
Equities
Boomerang Tube Holdings, Inc.	$3,514,819	$0	$0	$0	$0	$0	$0	($1,073,316)	$2,441,503	$0	$0	$0	$0	$0	$0	($2,441,503)	$0	($2,441,503)
Fieldwood Energy LLC	$0	$3,044,317	$0	$0	$0	$0	$0	$0	$3,044,317	$0	$0	$0	$0	$0	$0	($2,876,743)	$167,574	($2,876,743)
Jupiter Resources Inc.	$0	$1,171,624	$0	$0	$0	$0	$0	$0	$1,171,624	$0	$0	$0	$0	$0	$0	$0	$1,171,624	$0
Sabine Oil & Gas LLC	$187,528	$0	$0	$0	$0	$0	$0	$59,966	$247,494	$0	$0	$0	$0	$0	$0	($191,048)	$56,446	($191,048)
Templar Energy LLC	$81,235	$0	$0	$0	$0	$0	$0	($81,235)	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Templar Energy LLC	$216,426	$0	$0	$150,190	$0	$0	$0	($366,616)	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Common Stocks	$4,000,008	$4,215,941	$0	$150,190	$0	$0	$0	($1,461,201)	$6,904,938	$0	$0	$0	$0	$0	$0	($5,509,294)	$1,395,644	($5,509,294)
Pinnacle Operating Corp.	$136,835	$0	$0	$0	$0	$0	$0	($136,835)	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Pinnacle Operating Corp.	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$407,394	$0	$0	$0	$0	$407,394	$0
Pinnacle Operating Corp.	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Preferred Stocks	$136,835	$0	$0	$0	$0	$0	$0	($136,835)	$0	$0	$0	$407,394	$0	$0	$0	$0	$407,394	$0
Appvion Holdings Corp	$137,279	$0	$0	$0	$0	$0	$0	($134,056)	$3,223	$0	$0	$0	$0	$0	$0	($1,611)	$1,612	($1,611)
Appvion Inc.	$0	$0	$0	$0	$0	$0	$0	$1,612	$1,612	$0	$0	$0	$0	$0	$0	($1,612)	$0	($1,612)
Sabine Oil & Gas LLC	$20,268	$0	$0	$0	$0	$0	$0	$156,587	$176,855	$0	$0	$0	($60,669)	$0	$107,548	($223,735)	$0	($223,735)
Warrants	$157,547	$0	$0	$0	$0	$0	$0	$24,143	$181,690	$0	$0	$0	($60,669)	$0	$107,548	($226,958)	$1,612	($226,958)
Total Equities	$4,294,390	$4,215,941	$0	$150,190	$0	$0	$0	($1,573,893)	$7,086,628	$0	$0	$407,394	($60,669)	$0	$107,548	($5,736,252)	$1,804,650	($5,736,252)
Boomerang Tube, LLC	$2,540,684	$0	$0	$0	$0	$0	$0	$0	$2,540,684	$0	$0	$0	$0	$0	$0	($355,696)	$2,184,988	($355,696)
Bank Loans	$2,540,684	$0	$0	$0	$0	$0	$0	$0	$2,540,684	$0	$0	$0	$0	$0	$0	($355,696)	$2,184,988	($355,696)
Appvion Inc.	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Jupiter Resources Inc.	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,418,049	$0	$0	$0	$0	$1,418,049	$0
Corporate Bonds	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,418,049	$0	$0	$0	$0	$1,418,049	$0
Total Fixed Income	$2,540,684	$0	$0	$0	$0	$0	$0	$0	$2,540,684	$0	$0	$1,418,049	$0	$0	$0	($355,696)	$3,603,037	($355,696)
Total	$6,835,074	$4,215,941	$0	$150,190	$0	$0	$0	($1,573,893)	$9,627,312	$0	$0	$1,825,443	($60,669)	$0	$107,548	($6,091,947)	$5,407,687	($6,045,068)