DoubleLine Opportunistic Credit Fund   (Unaudited)  
Schedule of Investments   June 30, 2024  
     
PRINCIPAL AMOUNT
$/SHARES		   SECURITY DESCRIPTION   RATE     MATURITY   VALUE $
ASSET BACKED OBLIGATIONS - 1.6%  
  Blue Stream Communications LLC        
500,000 Series 2023-1A-C 8.90% (a)  05/20/2053 467,174  
  Compass Datacenters LLC        
500,000 Series 2024-1A-B 7.00% (a)  02/25/2049 502,804  
  Jimmy Johns LLC        
1,125,750 Series 2017-1A-A2II 4.85% (a)  07/30/2047 1,082,185  
  Lendingpoint Asset Securitization Trust        
1,000,000 Series 2022-B-B 5.99% (a)  10/15/2029 939,481  
  Sierra Timeshare Conduit Receivables Funding LLC        
300,861 Series 2023-2A-D 9.72% (a)  04/20/2040 304,771  
  SoFi Professional Loan Program LLC        
20,000 Series 2018-A-R1 0.00% (a)(b)(c)  02/25/2042 188,438  
5,930 Series 2018-A-R2 0.00% (a)(b)(c)  02/25/2042 55,872  
  Upstart Pass-Through Trust Series        
1,000,000 Series 2021-ST5-CERT 0.00% (a)(b)(c)  07/20/2027 157,202  
  Willis Lease Finance Corp.        
607,958 Series 2021-A-C 7.39% (a)(c)  05/15/2046 583,926  
  Total Asset Backed Obligations (Cost $4,366,715)   4,281,853  
BANK LOANS - 10.7%  
  AAdvantage Loyalty IP Ltd.        
296,000 Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.75%, 0.75% Floor) 10.36%   04/20/2028 306,174  
  Access CIG LLC        
566,011 Senior Secured First Lien Term Loan (3 mo. SOFR US + 5.00%, 0.50% Floor) 10.34%   08/18/2028 570,347  
  Acrisure LLC        
406,399 Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%) 8.59%   11/06/2030 406,401  
  Acuris Finance US, Inc.        
505,000 Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.00%, 0.50% Floor) 9.33%   02/16/2028 505,735  
  ADMI Corp.        
646,750 Senior Secured First Lien Term Loan (1 mo. SOFR US + 5.75%, 0.00% Floor) 11.09%   12/23/2027 652,138  
  Allied Universal Holdco LLC        
503,705 Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.75%, 0.50% Floor) 9.18%   05/15/2028 502,338  
  Altice France SA/France        
139,647 Senior Secured First Lien Term Loan (3 mo. SOFR US + 5.50%, 0.00% Floor) 10.83%   08/31/2028 102,991  
  Alvaria Holdco (Aspect Software) Second-Out T/L        
122,411 Senior Secured First Lien Term Loan (1 mo. SOFR US + 1.00%, 0.75% Floor) 6.34%   05/18/2028 80,485  
2,134 Senior Secured First Lien Term Loan (1 mo. SOFR US + 1.00%, 0.75% Floor) 6.50% PIK 6.34%   05/18/2028 1,403  
  Alvaria Holdco (Aspect Software) Third-Out T/L A        
285,626 Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.00%, 0.00% Floor) 7.34%   05/18/2028 87,116  
4,210 Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.00%, 0.00% Floor) 5.50% PIK 7.34%   05/18/2028 1,284  
  American Tire Distributors, Inc.        
420,325 Senior Secured First Lien Term Loan (3 mo. SOFR US + 6.25%, 0.75% Floor) 11.57%   10/23/2028 306,509  
  Applied Systems, Inc.        
170,000 Senior Secured Second Lien Term Loan (3 mo. SOFR US + 5.25%, 0.00% Floor) 10.60%   02/23/2032 176,251  
   

 

PRINCIPAL AMOUNT
$/SHARES		   SECURITY DESCRIPTION   RATE     MATURITY   VALUE $
  Apro LLC        
270,000 Senior Secured Term Loan (1 mo. Term SOFR + 3.75%) 9.08%   06/26/2031 270,338  
  Artera Services LLC        
503,738 Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.50%, 0.00% Floor) 9.83%   02/10/2031 507,019  
  Ascend Learning LLC        
522,174 Senior Secured Second Lien Term Loan (1 mo. SOFR US + 5.75%, 0.50% Floor) 11.18%   12/10/2029 513,819  
  ASP LS Acquisition Corp.        
148,473 Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.50%, 0.75% Floor) 9.83%   05/08/2028 126,925  
  Astra Acquisition Corp.        
58,528 Senior Secured First Lien Term Loan (3 mo. SOFR US + 6.50%, 2.00% Floor) 11.84%   02/25/2028 53,699  
32,776 Senior Secured First Lien Term Loan (3 mo. SOFR US + 6.75%, 2.00% Floor) 12.09%   02/25/2028 30,072  
144,415 Senior Secured First Lien Term Loan (3 mo. SOFR US + 5.25%, 2.00% Floor) 10.59%   10/25/2028 53,433  
  Asurion LLC        
110,000 Senior Secured Second Lien Term Loan (1 mo. SOFR US + 5.25%, 0.00% Floor) 10.69%   02/03/2028 102,781  
450,000 Senior Secured Second Lien Term Loan (1 mo. SOFR US + 5.25%, 0.00% Floor) 10.70%   01/22/2029 416,426  
  Aveanna Healthcare LLC        
825,000 Senior Secured Second Lien Term Loan (3 mo. SOFR US + 7.00%, 0.50% Floor) 12.43%   12/10/2029 762,095  
  Aventiv Technologies LLC        
76,061 Senior Secured First Lien Term Loan (3 mo. SOFR US + 1.00%, 1.00% Floor) 10.68%   07/31/2025 62,433  
782 Senior Secured First Lien Term Loan (3 mo. SOFR US + 1.00%, 1.00% Floor) 10.68%   07/31/2025 642  
2,261 Senior Secured First Lien Term Loan (1 mo. SOFR US + 7.50%, 0.00% Floor) 12.95%   07/31/2025 2,317  
  Bausch + Lomb Corp.        
132,965 Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.25%, 0.50% Floor) 8.68%   05/10/2027 131,718  
521,684 Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.00%, 0.00% Floor) 9.44%   09/29/2028 521,361  
  BCPE Empire Holdings, Inc.        
168,669 Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.00%, 0.50% Floor) 9.34%   12/26/2028 168,912  
  Boxer Parent Co., Inc.        
676,600 Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.00%, 0.00% Floor) 9.59%   12/29/2028 678,832  
  Brand Industrial Services, Inc.        
298,613 Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.50%, 0.50% Floor) 9.83%   08/01/2030 299,940  
  BYJU’s Alpha Bridge TL        
898 Senior Secured Term Loan 13.33% (c)(d)  04/24/2026 898  
  BYJU’s Alpha New Money TL        
1,566 Senior Secured First Lien Term Loan 13.33% (c)(d)  04/09/2026 1,566  
  BYJU’s Alpha Prepetition Reimbursement TL        
4,146 Senior Secured Term Loan 13.33% (c)(d)  04/24/2026 4,146  
  BYJU’s Alpha, Inc.        
182,689 Senior Secured First Lien Term Loan (Prime Rate + 7.00%, 0.75% Floor) 15.50% (e)  11/24/2026 41,367  
  Cengage Learning, Inc.        
194,513 Senior Secured First Lien Term Loan (6 mo. SOFR US + 4.25%, 1.00% Floor) 9.60%   03/24/2031 195,303  
  Central Parent, Inc.        
170,000 Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.25%, 0.00% Floor) 8.58%   07/06/2029 168,035  
   

 

PRINCIPAL AMOUNT
$/SHARES		   SECURITY DESCRIPTION   RATE     MATURITY   VALUE $
  ClubCorp Holdings, Inc.        
426,408 Senior Secured First Lien Term Loan (3 mo. SOFR US + 5.00%, 0.00% Floor) 10.34%   09/18/2026 429,180  
17,383 Senior Secured First Lien Term Loan (3 mo. SOFR US + 5.00%, 0.00% Floor) 10.34%   09/18/2026 17,496  
  Connect Finco SARL        
68,050 Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.50%, 0.50% Floor) 8.84%   12/11/2026 67,369  
  Constant Contact, Inc.        
274,446 Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.00%, 0.75% Floor) 9.33%   02/10/2028 270,730  
  Cornerstone Building Brands, Inc.        
135,000 Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.50%, 0.50% Floor) 9.93%   05/15/2031 134,438  
  Crosby US Acquisition Corp.        
129,350 Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.00%, 0.50% Floor) 9.33%   08/16/2029 130,226  
  Dcert Buyer, Inc.        
373,052 Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.00%, 0.00% Floor) 9.33%   10/16/2026 364,425  
  Deerfield Dakota Holding LLC        
522,246 Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.75%, 1.00% Floor) 9.04%   04/09/2027 522,632  
  DG Investment Intermediate Holdings 2, Inc.        
280,000 Senior Secured Second Lien Term Loan (1 mo. SOFR US + 6.75%, 0.75% Floor) 12.21%   03/29/2029 275,232  
  Directv Financing LLC        
444,716 Senior Secured First Lien Term Loan (1 mo. SOFR US + 5.25%, 0.75% Floor) 10.71%   08/02/2029 443,326  
  Dynasty Acquisition Co., Inc.        
7,199 Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.50%, 0.00% Floor) 8.84%   08/24/2028 7,234  
  Edelman Financial Engines Center LLC        
555,000 Senior Secured Second Lien Term Loan (1 mo. SOFR US + 5.25%) 10.59%   10/31/2028 557,081  
  EG America LLC        
259,365 Senior Secured First Lien Term Loan (Daily US Secured Overnight Financing Rate + 5.50%, 0.00% Floor) 10.94%   02/07/2028 256,664  
  Eisner Advisory Group LLC        
268,650 Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.00%, 0.50% Floor) 9.34%   02/28/2031 271,617  
  Ellucian Holdings, Inc.        
109,003 Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.50%, 0.50% Floor) 8.94%   10/29/2029 109,628  
  Fertitta Entertainment LLC/NV        
492,481 Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.75%, 0.50% Floor) 9.33%   01/29/2029 493,618  
  FinThrive Software Intermediate Holdings, Inc.        
235,000 Senior Secured Second Lien Term Loan (1 mo. SOFR US + 6.75%, 0.50% Floor) 12.19%   12/17/2029 162,542  
  Flynn America LP        
173,438 Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.50%, 0.50% Floor) 9.96%   07/31/2028 171,920  
173,438 Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.50%, 0.50% Floor) 9.96%   07/31/2028 171,920  
  Foresight Energy LLC        
86,938 Senior Secured First Lien Term Loan (3 mo. SOFR US + 8.00%, 1.50% Floor) 13.33% (c)  06/30/2027 86,938  
  Gainwell Acquisition Corp.        
804,681 Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.00%, 0.75% Floor) 9.40%   10/01/2027 781,207  
  Garda World Security Corp.        
294,251 Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.25%, 0.00% Floor) 9.68%   02/01/2029 296,458  
  GIP II Blue Holding LP        
   

 

PRINCIPAL AMOUNT
$/SHARES		   SECURITY DESCRIPTION   RATE     MATURITY   VALUE $
56,898 Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.75%, 1.00% Floor) 9.08%   09/29/2028 57,558  
  Grant Thornton LLP/Chicago        
80,000 Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.25%, 0.00% Floor) 8.59%   05/30/2031 80,329  
  Groupe Solmax, Inc.        
59,919 Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.75%, 0.75% Floor) 10.34%   07/24/2028 58,257  
59,769 Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.75%, 0.75% Floor) 10.34%   07/24/2028 58,111  
109,975 Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.75%, 0.75% Floor) 10.34%   07/24/2028 106,925  
86,067 Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.75%, 0.75% Floor) 10.34%   07/24/2028 83,680  
  Gulf Finance LLC        
25,470 Senior Secured First Lien Term Loan (1 mo. SOFR US + 6.25%, 1.00% Floor) 11.70%   08/25/2026 25,661  
211,510 Senior Secured First Lien Term Loan (1 mo. SOFR US + 6.25%, 1.00% Floor) 11.70%   08/25/2026 213,096  
  Hexion Holdings Corp.        
522,400 Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.50%, 0.50% Floor) 9.95%   03/15/2029 521,327  
  INEOS US Finance LLC        
476,400 Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.50%, 0.00% Floor) 8.93%   02/19/2030 474,256  
  INEOS US Petrochem LLC        
259,350 Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.25%, 0.00% Floor) 9.68%   03/29/2029 259,188  
  Kenan Advantage Group, Inc.        
279,300 Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.75%, 0.00% Floor) 9.09%   01/25/2029 281,046  
  Kronos Acquisition Holdings, Inc.        
350,000 Senior Secured Term Loan (1 mo. Term SOFR + 4.00%) 9.34%   06/27/2031 348,250  
  LBM Acquisition LLC        
587,046 Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.75%, 0.00% Floor) 9.18%   06/06/2031 578,034  
  LC Ahab US Bidco LLC        
175,000 Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.50%, 0.00% Floor) 8.83%   05/01/2031 175,548  
  Lealand Finance Co. BV        
6,257 Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.00%, 0.00% Floor) 8.46%   06/30/2027 3,285  
14,612 Senior Secured First Lien Term Loan (1 mo. SOFR US + 1.00%, 0.00% Floor) 9.46%   12/31/2027 6,941  
76,532 Senior Secured First Lien Term Loan (1 mo. SOFR US + 1.00%, 0.00% Floor) 9.46%   12/31/2027 36,353  
  Lereta LLC        
116,236 Senior Secured First Lien Term Loan (1 mo. SOFR US + 5.25%, 0.75% Floor) 10.58%   08/07/2028 87,661  
  LifePoint Health, Inc.        
374,063 Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.75%, 0.00% Floor) 10.08%   11/16/2028 376,565  
70,000 Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.00%) 9.33%   05/14/2031 70,186  
  Mileage Plus Holdings LLC        
63,000 Senior Secured First Lien Term Loan (3 mo. SOFR US + 5.25%, 1.00% Floor) 10.55%   06/21/2027 64,360  
  Mitchell International, Inc.        
645,000 Senior Secured Term Loan (1 mo. Term SOFR + 5.25%) 10.59%   06/17/2032 644,600  
  MLN US Holdco LLC        
155,000 Senior Secured Second Lien Term Loan (3 mo. SOFR US + 8.75%, 0.00% Floor) 14.10%   11/30/2026 12,594  
  Modena Buyer LLC        
465,000 Senior Secured Term Loan (1 mo. Term SOFR + 4.50%) 9.83%   04/21/2031 454,465  
  Needle Holdings LLC        
   

 

PRINCIPAL AMOUNT
$/SHARES		   SECURITY DESCRIPTION   RATE     MATURITY   VALUE $
30,049 Senior Secured First Lien Term Loan (3 mo. SOFR US + 9.50%, 0.00% Floor) 14.84%   04/28/2028 29,749  
  NEP Group, Inc.        
298,174 Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.25%, 0.00% Floor) 1.50% PIK 8.71%   08/19/2026 283,512  
2,271 Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.25%, 0.00% Floor) 1.50% PIK 8.71%   08/19/2026 2,160  
110,000 Senior Secured Second Lien Term Loan (1 mo. SOFR US + 7.00%, 0.00% Floor) 12.46%   10/19/2026 90,475  
  New Constellis Borrower LLC        
70,977 Senior Secured Second Lien Term Loan (3 mo. SOFR US + 11.25%, 1.00% Floor) 1.00% PIK 16.46%   03/27/2025 41,241  
532 Senior Secured Second Lien Term Loan (3 mo. SOFR US + 11.25%, 1.00% Floor) 1.00% PIK 16.46%   03/27/2025 309  
  NGL Energy Operating LLC        
79,800 Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.50%, 0.00% Floor) 9.83%   02/03/2031 80,177  
  Nouryon USA LLC        
284,864 Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.50%, 0.00% Floor) 8.85%   04/03/2028 285,968  
73,944 Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.50%, 0.00% Floor) 8.85%   04/03/2028 74,230  
  OneDigital Borrower LLC        
74,808 Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.25%, 0.50% Floor) 9.75%   11/16/2027 74,715  
675,000 Senior Secured Term Loan (1 mo. Term SOFR + 5.25%) 10.58%   06/14/2032 673,312  
  Par Petroleum LLC        
365,375 Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.75%, 0.50% Floor) 9.08%   02/28/2030 367,315  
  PECF USS Intermediate Holding III Corp.        
174,334 Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.25%, 0.50% Floor) 9.69%   12/15/2028 116,707  
  Polar US Borrower LLC        
31,491 Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.75%, 0.00% Floor) 10.15%   10/15/2025 25,193  
26,914 Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.75%, 0.00% Floor) 10.15%   10/15/2025 21,531  
  Polaris Newco LLC        
179,079 Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.00%, 0.50% Floor) 9.44%   06/05/2028 179,222  
  Potters Borrower LP        
92,069 Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.75%, 0.00% Floor) 9.08%   12/14/2027 92,602  
  Pretium PKG Holdings, Inc.        
310,000 Senior Secured Second Lien Term Loan (3 mo. SOFR US + 6.75%, 0.50% Floor) 12.05%   10/01/2029 182,169  
  Radiology Partners T/L        
439,304 Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.50%, 0.00% Floor) 9.09%   01/31/2029 417,778  
6,196 Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.50%, 0.00% Floor) 1.50% PIK 9.09%   01/31/2029 5,893  
  Restaurant Technologies, Inc.        
536,182 Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.25%, 0.50% Floor) 9.55%   04/02/2029 522,635  
50,899 Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.25%, 0.50% Floor) 9.55%   04/02/2029 49,613  
50,899 Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.25%, 0.50% Floor) 9.55%   04/02/2029 49,613  
  Riverbed Technology, Inc.        
94,802 Senior Secured First Lien Term Loan (3 mo. SOFR US + 2.50%, 1.00% Floor) 2.00% PIK 9.83%   07/03/2028 58,422  
1,445 Senior Secured First Lien Term Loan (3 mo. SOFR US + 2.50%, 1.00% Floor) 2.00% PIK 9.83%   07/03/2028 891  
  Skillsoft Finance II, Inc.        
148,320 Senior Secured First Lien Term Loan (1 mo. SOFR US + 5.25%, 0.75% Floor) 10.69%   07/14/2028 116,961  
  Sound Inpatient Physicians Holdings LLC        
   

 

PRINCIPAL AMOUNT
$/SHARES		   SECURITY DESCRIPTION   RATE     MATURITY   VALUE $
190,000 Senior Secured Second Lien Term Loan (3 mo. SOFR US + 6.75%, 0.00% Floor) 12.09%   06/29/2026 30,697  
  Southern Veterinary Partners LLC        
14,961 Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.75%, 1.00% Floor) 9.08%   10/05/2027 15,011  
  Standard Aero Ltd.        
2,776 Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.50%, 0.00% Floor) 8.84%   08/24/2028 2,789  
  StubHub Holdco Sub LLC        
694,563 Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.75%, 0.00% Floor) 10.08%   03/15/2030 695,650  
  Team Health Holdings, Inc.        
227,392 Senior Secured First Lien Term Loan (3 mo. SOFR US + 5.25%, 1.00% Floor) 10.58%   03/02/2027 212,497  
  Titan Acquisition Ltd./Canada        
765,000 Senior Secured First Lien Term Loan (6 mo. SOFR US + 5.00%, 0.00% Floor) 10.34%   02/15/2029 767,711  
  Travelport Finance Luxembourg Sarl        
395,415 Senior Secured First Lien Term Loan (3 mo. SOFR US + 1.39%, 1.00% Floor) 12.34%   09/29/2028 360,097  
112,497 Senior Secured First Lien Term Loan (3 mo. SOFR US + 1.39%, 1.00% Floor) 12.34%   09/29/2028 102,449  
  Trident TPI Holdings, Inc.        
149,244 Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%) 9.34%   09/18/2028 146,438  
  Triton Water Holdings, Inc.        
390,000 Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.25%, 0.50% Floor) 8.59%   03/31/2028 390,585  
  United Natural Foods, Inc.        
280,000 Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.75%) 10.08%   05/01/2031 281,284  
  Vantage Specialty Chemicals, Inc.        
78,800 Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.75%, 0.50% Floor) 10.08%   10/26/2026 78,012  
  Viad Corp.        
594,826 Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.25%, 0.50% Floor) 9.59%   07/31/2028 597,060  
  Vibrantz Technologies, Inc.        
246,270 Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.25%, 0.50% Floor) 9.68%   04/23/2029 240,852  
  Victra Holdings LLC        
173,553 Senior Secured First Lien Term Loan (3 mo. SOFR US + 6.50%, 0.00% Floor) 11.84%   03/29/2029 176,156  
  Wand NewCo 3, Inc.        
220,000 Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.75%, 0.00% Floor) 9.09%   01/30/2031 221,708  
  WaterBridge Midstream Operating LLC        
370,000 Senior Secured Term Loan (1 mo. Term SOFR + 4.75%) 10.09%   06/27/2029 368,150  
  WestJet Loyalty LP        
250,000 Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.75%, 0.00% Floor) 9.18%   02/14/2031 251,438  
  WWEX Uni Topco Holdings LLC        
50,000 Senior Secured Second Lien Term Loan (3 mo. SOFR US + 7.00%, 0.75% Floor) 12.34%   07/26/2029 48,000  
  Total Bank Loans (Cost $29,959,424)   28,742,383  
         
COLLATERALIZED LOAN OBLIGATIONS - 34.7%  
  Allegany Park CLO Ltd.        
1,000,000 Series 2019-1A-ER (3 mo. Term SOFR + 6.40%, 6.40% Floor) 11.72% (a)  01/20/2035 1,008,276  
  Atlas Senior Loan Fund Ltd.        
1,700,000 Series 2019-14A-D (3 mo. Term SOFR + 4.16%, 3.90% Floor) 9.49% (a)  07/20/2032 1,686,133  
  Atrium CDO Corp.        
1,000,000 Series 9A-DR (3 mo. Term SOFR + 3.86%, 0.00% Floor) 9.20% (a)  05/28/2030 1,002,784  
   

 

PRINCIPAL AMOUNT
$/SHARES		   SECURITY DESCRIPTION   RATE     MATURITY   VALUE $
  Babson CLO Ltd./Cayman Islands        
1,000,000 Series 2017-1A-D (3 mo. Term SOFR + 3.86%, 0.00% Floor) 9.19% (a)  07/18/2029 1,007,210  
1,000,000 Series 2018-3A-E (3 mo. Term SOFR + 6.01%, 0.00% Floor) 11.34% (a)  07/20/2029 1,003,403  
2,500,000 Series 2019-1A-DR (3 mo. Term SOFR + 3.91%, 3.65% Floor) 9.24% (a)  04/15/2035 2,519,993  
1,500,000 Series 2019-1A-ER (3 mo. Term SOFR + 7.12%, 6.86% Floor) 12.45% (a)  04/15/2035 1,513,151  
1,000,000 Series 2019-2A-CR (3 mo. Term SOFR + 3.66%, 3.40% Floor) 8.99% (a)  04/15/2036 998,545  
  Bain Capital Credit CLO        
500,000 Series 2019-3A-DR (3 mo. Term SOFR + 3.36%, 3.36% Floor) 8.69% (a)  10/21/2034 501,849  
4,000,000 Series 2022-5A-DR (3 mo. Term SOFR + 4.25%, 4.25% Floor) 9.57% (a)  01/24/2037 4,141,827  
  Beechwood Park CLO Ltd.        
5,000,000 Series 2019-1A-DR (3 mo. Term SOFR + 3.10%, 3.10% Floor) 8.42% (a)  01/17/2035 5,027,753  
  Blackstone, Inc.        
775,000 Series 2017-1A-D (3 mo. Term SOFR + 3.56%, 0.00% Floor) 8.89% (a)  01/20/2030 776,736  
500,000 Series 2017-1A-DR (3 mo. Term SOFR + 3.11%, 2.85% Floor) 8.44% (a)  10/15/2030 501,511  
1,000,000 Series 2018-1A-E (3 mo. Term SOFR + 5.21%, 0.00% Floor) 10.54% (a)  04/15/2031 988,139  
  BlueMountain CLO Ltd.        
1,000,000 Series 2013-2A-DR (3 mo. Term SOFR + 3.16%, 0.00% Floor) 8.49% (a)  10/22/2030 1,002,393  
  Canyon Capital CLO Ltd.        
1,700,000 Series 2014-1A-CR (3 mo. Term SOFR + 3.01%, 2.75% Floor) 8.34% (a)  01/30/2031 1,670,749  
1,000,000 Series 2017-1A-DR (3 mo. Term SOFR + 3.26%, 3.00% Floor) 8.59% (a)  07/15/2030 1,003,463  
1,000,000 Series 2017-1A-E (3 mo. Term SOFR + 6.51%, 0.00% Floor) 11.84% (a)  07/15/2030 983,464  
1,550,000 Series 2019-1A-DR (3 mo. Term SOFR + 3.36%, 3.10% Floor) 8.69% (a)  04/15/2032 1,551,615  
1,000,000 Series 2019-1A-ER (3 mo. Term SOFR + 7.41%, 7.15% Floor) 12.74% (a)  04/15/2032 998,653  
2,250,000 Series 2021-1A-E (3 mo. Term SOFR + 6.67%, 6.41% Floor) 12.00% (a)  04/15/2034 2,181,549  
  Canyon CLO        
1,500,000 Series 2018-1A-E (3 mo. Term SOFR + 6.01%, 5.75% Floor) 11.34% (a)  07/15/2031 1,487,547  
  Carlyle Global Market Strategies        
1,000,000 Series 2021-1A-D (3 mo. Term SOFR + 6.26%, 6.00% Floor) 11.59% (a)  04/15/2034 1,005,895  
  Carlyle Group, Inc.        
2,000,000 Series 2013-1A-CR (3 mo. Term SOFR + 3.61%, 0.00% Floor) 8.93% (a)  08/14/2030 2,004,581  
1,500,000 Series 2015-5A-DR (3 mo. Term SOFR + 6.96%, 6.70% Floor) 12.29% (a)  01/20/2032 1,494,254  
  Cathedral Lake CLO Ltd.        
500,000 Series 2021-8A-C (3 mo. Term SOFR + 2.88%, 2.62% Floor) 8.21% (a)  01/20/2035 501,941  
  Dryden Senior Loan Fund        
1,500,000 Series 2015-37A-ER (3 mo. Term SOFR + 5.41%, 5.15% Floor) 10.74% (a)  01/15/2031 1,357,836  
1,200,000 Series 2015-38A-ER (3 mo. Term SOFR + 5.86%, 5.60% Floor) 11.19% (a)  07/15/2030 1,112,232  
2,000,000 Series 2015-40A-ER (3 mo. Term SOFR + 6.01%, 5.75% Floor) 11.33% (a)  08/15/2031 1,847,175  
500,000 Series 2017-50A-D (3 mo. Term SOFR + 3.51%, 3.25% Floor) 8.84% (a)  07/15/2030 501,651  
  Gilbert Park CLO        
2,000,000 Series 2017-1A-E (3 mo. Term SOFR + 6.66%, 0.00% Floor) 11.99% (a)  10/15/2030 1,996,886  
  Goldentree Loan Opportunities Ltd.        
500,000 Series 2018-3A-D (3 mo. Term SOFR + 3.11%, 0.00% Floor) 8.44% (a)  04/20/2030 502,225  
  Highbridge Loan Management Ltd.        
1,000,000 Series 11A-17-E (3 mo. Term SOFR + 6.36%, 0.00% Floor) 11.70% (a)  05/06/2030 929,274  
1,000,000 Series 2013-2A-CR (3 mo. Term SOFR + 3.16%, 2.90% Floor) 8.49% (a)  10/20/2029 1,003,359  
  Katayma CLO Ltd.        
1,000,000 Series 2024-2A-D (3 mo. Term SOFR + 4.50%, 4.50% Floor) 9.79% (a)  04/20/2037 1,025,445  
  LCM LP        
2,500,000 Series 26A-E (3 mo. Term SOFR + 5.56%, 5.30% Floor) 10.89% (a)  01/20/2031 2,037,442  
  Madison Park Funding Ltd.        
850,000 Series 2014-14A-ER (3 mo. Term SOFR + 6.06%, 5.80% Floor) 11.39% (a)  10/22/2030 855,246  
1,500,000 Series 2016-22A-ER (3 mo. Term SOFR + 6.96%, 6.70% Floor) 12.29% (a)  01/15/2033 1,510,170  
1,000,000 Series 2019-34A-ER (3 mo. Term SOFR + 6.91%, 6.65% Floor) 12.24% (a)  04/25/2032 1,006,445  
  Magnetite CLO Ltd.        
1,500,000 Series 2019-24A-DR (3 mo. Term SOFR + 3.05%, 3.05% Floor) 8.38% (a)  04/15/2035 1,508,032  
1,000,000 Series 2019-24A-ER (3 mo. Term SOFR + 6.40%, 6.40% Floor) 11.73% (a)  04/15/2035 1,007,968  
   

 

PRINCIPAL AMOUNT
$/SHARES		   SECURITY DESCRIPTION   RATE     MATURITY   VALUE $
  Marble Point CLO        
500,000 Series 2021-3A-D1 (3 mo. Term SOFR + 3.76%, 3.50% Floor) 9.08% (a)  10/17/2034 505,992  
  Neuberger Berman CLO Ltd.        
1,000,000 Series 2017-16SA-ER (3 mo. Term SOFR + 6.51%, 6.25% Floor) 11.84% (a)  04/15/2034 1,006,971  
2,000,000 Series 2019-32A-DR (3 mo. Term SOFR + 2.96%, 2.70% Floor) 8.29% (a)  01/20/2032 2,006,268  
  Ocean Trails CLO        
920,000 Series 2014-5A-DRR (3 mo. Term SOFR + 3.71%, 3.45% Floor) 9.04% (a)  10/13/2031 908,415  
  Octagon Investment Partners Ltd.        
2,500,000 Series 2014-1A-CR3 (3 mo. Term SOFR + 3.01%, 2.75% Floor) 8.33% (a)  02/14/2031 2,507,115  
4,000,000 Series 2014-1A-DRR (3 mo. Term SOFR + 7.26%, 7.00% Floor) 12.58% (a)  02/14/2031 3,977,019  
1,000,000 Series 2016-1A-DR (3 mo. Term SOFR + 3.11%, 3.11% Floor) 8.44% (a)  07/15/2030 992,919  
1,000,000 Series 2016-1A-FR (3 mo. Term SOFR + 8.35%, 8.35% Floor) 13.68% (a)  07/15/2030 751,148  
500,000 Series 2017-1A-CR (3 mo. Term SOFR + 3.56%, 0.00% Floor) 8.89% (a)  03/17/2030 499,026  
2,000,000 Series 2017-1A-SUB 0.00% (a)(b)(c)(f)  03/17/2030 311,100  
1,500,000 Series 2018-1A-D (3 mo. Term SOFR + 5.46%, 5.20% Floor) 10.79% (a)  01/20/2031 1,374,887  
900,000 Series 2018-3A-E (3 mo. Term SOFR + 6.01%, 5.75% Floor) 11.34% (a)  10/20/2030 887,258  
1,000,000 Series 2019-1A-DR (3 mo. Term SOFR + 3.51%, 3.25% Floor) 8.84% (a)  10/15/2034 977,611  
500,000 Series 2019-4A-E (3 mo. Term SOFR + 7.06%, 6.80% Floor) 12.39% (a)  05/12/2031 494,432  
  OHA Credit Funding        
500,000 Series 2021-9A-D (3 mo. Term SOFR + 3.21%, 2.95% Floor) 8.54% (a)  07/19/2035 502,568  
  RR Ltd./Cayman Islands        
500,000 Series 2017-2A-DR (3 mo. Term SOFR + 6.06%, 5.80% Floor) 11.39% (a)  04/15/2036 502,928  
1,000,000 Series 2018-4A-C (3 mo. Term SOFR + 3.21%, 0.26% Floor) 8.54% (a)  04/15/2030 1,005,549  
1,000,000 Series 2019-6A-DR (3 mo. Term SOFR + 6.11%, 5.85% Floor) 11.44% (a)  04/15/2036 970,688  
  Sound Point CLO Ltd.        
2,500,000 Series 2019-2A-DR (3 mo. Term SOFR + 3.56%, 3.30% Floor) 8.89% (a)  07/15/2034 2,458,044  
2,000,000 Series 2020-1A-DR (3 mo. Term SOFR + 3.61%, 3.61% Floor) 8.94% (a)  07/20/2034 1,963,375  
2,000,000 Series 2021-1A-D (3 mo. Term SOFR + 3.76%, 3.76% Floor) 9.09% (a)  04/25/2034 1,969,099  
  Trimaran CAVU LLC        
2,250,000 Series 2019-1A-D (3 mo. Term SOFR + 4.41%, 4.15% Floor) 9.74% (a)  07/20/2032 2,263,186  
500,000 Series 2019-2A-C (3 mo. Term SOFR + 4.98%, 4.72% Floor) 10.31% (a)  11/26/2032 501,837  
  Venture CDO Ltd.        
500,000 Series 2017-30A-C (3 mo. Term SOFR + 2.21%, 0.00% Floor) 7.54% (a)  01/15/2031 493,963  
  Vibrant Clo X Ltd.        
1,000,000 Series 2018-10RA-C1 (3 mo. Term SOFR + 5.00%, 5.00% Floor) 10.31% (a)  04/20/2036 1,032,728  
  Voya CLO Ltd.        
1,000,000 Series 2020-1A-DR (3 mo. Term SOFR + 3.36%, 3.10% Floor) 8.69% (a)  07/16/2034 1,005,728  
  Wind River CLO Ltd.        
2,500,000 Series 2014-2A-ER (3 mo. Term SOFR + 6.01%, 5.75% Floor) 11.34% (a)(c)  01/15/2031 2,048,209  
1,000,000 Series 2014-3A-DR2 (3 mo. Term SOFR + 3.66%, 3.40% Floor) 8.99% (a)  10/22/2031 981,657  
1,000,000 Series 2017-3A-DR (3 mo. Term SOFR + 4.11%, 3.85% Floor) 9.44% (a)  04/15/2035 984,196  
1,000,000 Series 2021-3A-D (3 mo. Term SOFR + 3.61%, 3.35% Floor) 8.94% (a)  07/20/2033 984,039  
  Total Collateralized Loan Obligations (Cost $94,359,202)   93,632,755  
FOREIGN CORPORATE BONDS - 3.6%  
200,000 ABM Investama Tbk PT 9.50% (a)  08/05/2026 198,127  
242,425 Acu Petroleo Luxembourg Sarl 7.50%   01/13/2032 235,402  
172,000 Adani International Container Terminal Pvt Ltd. 3.00%   02/16/2031 144,142  
200,000 Adani Ports & Special Economic Zone Ltd. 5.00%   08/02/2041 156,595  
350,000 AI Candelaria Spain SA 5.75%   06/15/2033 283,422  
400,000 Banco Davivienda SA
 (10 yr. CMT Rate + 5.10%)		 6.65% (g)  04/22/2031 296,000  
200,000 Banco do Estado do Rio Grande do Sul SA
 (5 yr. CMT Rate + 4.93%)		 5.38%   01/28/2031 189,752  
   

 

PRINCIPAL AMOUNT
$/SHARES		   SECURITY DESCRIPTION   RATE     MATURITY   VALUE $
800,000 Banco GNB Sudameris SA
 (5 yr. CMT Rate + 6.66%)		 7.50%   04/16/2031 712,299  
200,000 Banco Mercantil del Norte SA/Grand Cayman
 (10 yr. CMT Rate + 5.03%)		 6.63% (a)(g)  01/24/2032 175,757  
200,000 Bancolombia SA
 (5 yr. CMT Rate + 4.32%)		 8.63%   12/24/2034 204,397  
300,000 BBVA Bancomer SA/Texas
 (5 yr. CMT Rate + 4.31%)		 5.88%   09/13/2034 278,344  
250,000 Braskem Idesa SAPI 6.99% (a)  02/20/2032 189,829  
450,000 Braskem Netherlands Finance BV 5.88%   01/31/2050 332,758  
250,000 BRF SA 5.75%   09/21/2050 199,752  
300,000 Camposol SA 6.00%   02/03/2027 258,963  
400,000 Canacol Energy Ltd. 5.75%   11/24/2028 211,854  
200,000 CAP SA 3.90%   04/27/2031 160,176  
200,000 Cia de Minas Buenaventura SAA 5.50%   07/23/2026 193,499  
200,000 Colombia Telecomunicaciones SA ESP 4.95%   07/17/2030 157,504  
260,000 Comision Federal de Electricidad 5.00%   07/30/2049 215,150  
200,000 Coruripe Netherlands BV 10.00%   02/10/2027 175,713  
200,000 Cosan Overseas Ltd. 8.25% (g)  08/05/2024 203,478  
200,000 CSN Resources SA 5.88%   04/08/2032 166,596  
450,000 Empresas Publicas de Medellin ESP 4.38%   02/15/2031 372,492  
500,000 EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 5.38%   12/30/2030 417,709  
171,860 Fideicomiso PA Pacifico Tres 8.25%   01/15/2035 169,282  
300,000 Frigorifico Concepcion SA 7.70% (a)  07/21/2028 204,290  
342,716 Guara Norte Sarl 5.20%   06/15/2034 316,097  
150,000 JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc. 4.38%   02/02/2052 112,225  
140,000 Kawasan Industri Jababeka Tbk PT 7.50% (a)(h)  12/15/2027 136,861  
309,680 LLPL Capital Pte Ltd. 6.88%   02/04/2039 312,184  
200,000 MARB BondCo PLC 3.95%   01/29/2031 166,374  
400,000 Minejesa Capital BV 5.63%   08/10/2037 361,941  
200,000 Movida Europe SA 7.85% (a)  04/11/2029 188,355  
315,320 MV24 Capital BV 6.75%   06/01/2034 301,483  
200,000 Sasol Financing USA LLC 5.50%   03/18/2031 168,824  
250,000 Simpar Europe SA 5.20%   01/26/2031 205,949  
258,531 UEP Penonome II SA 6.50%   10/01/2038 217,533  
400,000 Unigel Luxembourg SA 8.75% (e)  10/01/2026 113,520  
400,000 UPL Corp. Ltd.
 (5 yr. CMT Rate + 3.87%)		 5.25% (g)  02/27/2025 288,467  
188,000 Vedanta Resources Ltd. 13.88%   12/09/2028 180,052  
  Total Foreign Corporate Bonds (Cost $9,787,897)   9,573,147  
FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 1.1%  
400,000 Aeropuerto Internacional de Tocumen SA 5.13%   08/11/2061 295,289  
500,000 Colombia Government International Bond 5.00%   06/15/2045 352,680  
250,000 Ecopetrol SA 5.88%   05/28/2045 179,377  
250,000 Ecopetrol SA 5.88%   11/02/2051 173,772  
400,000 Empresa de Transmision Electrica SA 5.13%   05/02/2049 290,651  
500,000 Mexico Government International Bond 3.77%   05/24/2061 307,624  
400,000 Panama Government International Bond 3.87%   07/23/2060 229,053  
600,000 Petroleos del Peru SA 5.63%   06/19/2047 383,590  
800,000 Petroleos Mexicanos 6.38%   01/23/2045 519,224  
350,000 Republic of South Africa Government International Bond 5.65%   09/27/2047 265,082  
  Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $3,647,213)   2,996,342  
NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 21.5%  
  ACREC Trust        
690,000 Series 2023-FL2-B (1 mo. Term SOFR + 3.48%, 3.48% Floor) 8.81% (a)  02/19/2038 699,202  
   

 

PRINCIPAL AMOUNT
$/SHARES		   SECURITY DESCRIPTION   RATE     MATURITY   VALUE $
  Alen Mortgage Trust        
2,500,000 Series 2021-ACEN-F (1 mo. Term SOFR + 5.11%, 5.00% Floor) 10.44% (a)  04/15/2034 1,146,113  
  Arbor Realty Trust, Inc.        
1,000,000 Series 2022-FL1-C (30 day avg SOFR US + 2.30%, 2.30% Floor) 7.63% (a)  01/15/2037 972,888  
  AREIT Ltd.        
1,000,000 Series 2024-CRE9-B (1 mo. Term SOFR + 2.54%, 2.54% Floor) 7.87% (a)  05/17/2041 1,001,799  
  AREIT Trust        
1,000,000 Series 2023-CRE8-B (1 mo. Term SOFR + 3.32%, 3.32% Floor) 8.65% (a)  08/17/2041 1,002,760  
  BANK        
5,843,520 Series 2020-BN26-XF 1.50% (a)(i)  03/15/2063 376,113  
  BANK5 Trust        
72,533,440 Series 2023-5YR1-XA 0.48% (f)(i)  04/15/2056 725,262  
18,014,884 Series 2023-5YR4-XA 1.26% (f)(i)  12/15/2056 683,737  
  BDS Ltd.        
660,000 Series 2021-FL8-E (1 mo. Term SOFR + 2.36%, 2.25% Floor) 7.70% (a)  01/18/2036 648,027  
  Beast Mortgage Trust        
1,000,000 Series 2021-1818-G (1 mo. Term SOFR + 6.11%, 6.25% Floor) 11.44% (a)  03/15/2036 534,248  
  Benchmark Mortgage Trust        
12,576,900 Series 2018-B1-XA 0.66% (f)(i)  01/15/2051 182,495  
1,398,000 Series 2018-B4-D 2.90% (a)(f)  07/15/2051 1,065,261  
  Blackstone Mortgage Trust, Inc.        
481,424 Series 2021-FL4-A (1 mo. Term SOFR + 1.16%, 1.05% Floor) 6.49% (a)  05/15/2038 463,552  
  BSPRT Co.-Issuer LLC        
1,400,000 Series 2023-FL10-AS (1 mo. Term SOFR + 2.86%, 2.86% Floor) 8.19% (a)  09/15/2035 1,415,728  
  BX Trust        
1,000,000 Series 2019-OC11-E 4.08% (a)(f)  12/09/2041 849,151  
  Carbon Capital VI Commercial Mortgage Trust        
516,671 Series 2019-FL2-B (1 mo. Term SOFR + 2.96%, 2.85% Floor) 8.29% (a)  10/15/2035 450,021  
  Citigroup Commercial Mortgage Trust        
269,000 Series 2015-GC27-D 4.57% (a)(f)  02/10/2048 242,350  
3,565,397 Series 2015-GC27-XA 1.45% (f)(i)  02/10/2048 12,397  
  Citigroup/Deutsche Bank Commercial Mortgage Trust        
15,397,413 Series 2017-CD6-XA 1.01% (f)(i)  11/13/2050 302,222  
  Commercial Mortgage Pass Through Certificates        
26,400,000 Series 2014-UBS3-XC 1.24% (a)(f)(i)  06/10/2047 2,297  
1,288,300 Series 2014-UBS4-F 3.75% (a)(c)  08/10/2047 133,566  
1,794,340 Series 2014-UBS4-G 3.75% (a)(c)  08/10/2047 7,292  
5,000 Series 2014-UBS4-V 0.00% (a)(c)(f)  08/10/2047 1  
27,394,000 Series 2015-CR23-XD 1.18% (a)(f)(i)  05/10/2048 248,053  
5,297,000 Series 2015-CR26-XD 1.36% (a)(f)(i)  10/10/2048 69,298  
61,855,245 Series 2015-LC21-XA 0.75% (f)(i)  07/10/2048 216,085  
  Computershare Corporate Trust        
23,293,000 Series 2015-C28-XF 1.22% (a)(f)(i)  05/15/2048 191,329  
747,000 Series 2015-NXS4-D 3.83% (f)  12/15/2048 671,374  
1,044,000 Series 2016-C34-C 5.23% (f)  06/15/2049 949,042  
1,000,000 Series 2016-LC24-C 4.57% (f)  10/15/2049 890,790  
1,000,000 Series 2017-RC1-D 3.25% (a)  01/15/2060 748,914  
44,561,137 Series 2018-C43-XA 0.74% (f)(i)  03/15/2051 815,919  
  CSAIL Commercial Mortgage Trust        
885,000 Series 2016-C5-C 4.80% (f)  11/15/2048 827,169  
4,134,358 Series 2016-C6-XA 2.02% (f)(i)  01/15/2049 93,674  
2,000,000 Series 2018-CX12-C 4.88% (f)  08/15/2051 1,767,298  
  DOLP Trust        
1,000,000 Series 2021-NYC-F 3.70% (a)(f)  05/10/2041 640,082  
1,000,000 Series 2021-NYC-G 3.70% (a)(f)  05/10/2041 487,656  
  FIVE Mortgage Trust        
583,000 Series 2023-V1-E 6.51% (a)(f)  02/10/2056 511,704  
  Granite Point Mortgage Trust, Inc.        
   

 

PRINCIPAL AMOUNT
$/SHARES		   SECURITY DESCRIPTION   RATE     MATURITY   VALUE $
1,000,000 Series 2021-FL4-B (1 mo. Term SOFR + 2.06%, 1.95% Floor) 7.41% (a)  12/15/2036 942,680  
  Great Wolf Trust        
1,500,000 Series 2024-WLF2-E (1 mo. Term SOFR + 3.64%) 8.97% (a)  05/15/2041 1,507,531  
  Greystone Commercial Real Estate Notes        
800,000 Series 2021-FL3-C (1 mo. Term SOFR + 2.11%, 2.00% Floor) 7.44% (a)  07/15/2039 791,786  
1,000,000 Series 2021-FL3-D (1 mo. Term SOFR + 2.31%, 2.20% Floor) 7.64% (a)  07/15/2039 971,802  
  GS Mortgage Securities Corp. II        
1,304,000 Series 2014-GC26-D 4.65% (a)(f)  11/10/2047 801,580  
1,744,000 Series 2015-GC28-D 4.45% (a)(f)  02/10/2048 1,602,762  
75,060,651 Series 2018-GS9-XA 0.56% (f)(i)  03/10/2051 987,040  
1,000,000 Series 2021-ARDN-G (1 mo. Term SOFR + 5.11%, 5.00% Floor) 10.44% (a)  11/15/2036 985,966  
  HGI CRE CLO Ltd.        
1,100,000 Series 2021-FL1-D (1 mo. Term SOFR + 2.46%, 2.46% Floor) 7.79% (a)  06/16/2036 1,080,554  
1,000,000 Series 2022-FL3-B (30 day avg SOFR US + 2.60%, 2.60% Floor) 7.93% (a)  04/20/2037 1,002,744  
  JP Morgan Chase Commercial Mortgage Securities        
1,175,000 Series 2018-AON-F 4.77% (a)(f)  07/05/2031 266,413  
1,153,000 Series 2019-MFP-G (1 mo. Term SOFR + 4.10%, 4.05% Floor) 9.43% (a)  07/15/2036 1,100,954  
1,153,000 Series 2019-MFP-XG 0.50% (a)(f)(i)  07/15/2036 3,293  
  JPMBB Commercial Mortgage Securities Trust        
8,244,746 Series 2013-C14-XC 0.65% (a)(f)(i)  08/15/2046 42,599  
1,645,781 Series 2014-C19-E 4.00% (a)(c)(f)  04/15/2047 1,591,516  
1,630,635 Series 2014-C19-NR 3.75% (a)(c)(f)  04/15/2047 1,168,826  
925,000 Series 2014-C23-C 4.60% (f)  09/15/2047 896,167  
2,000,000 Series 2014-C23-D 4.10% (a)(f)  09/15/2047 1,777,634  
2,918,660 Series 2014-C26-XA 1.03% (f)(i)  01/15/2048 1,519  
500,000 Series 2015-C27-D 3.94% (a)(f)  02/15/2048 115,518  
180,000 Series 2015-C29-C 4.33% (f)  05/15/2048 165,603  
20,920,000 Series 2015-C29-XE 0.43% (a)(f)(i)  05/15/2048 58,858  
16,358,000 Series 2015-C32-XD 0.50% (a)(f)(i)  11/15/2048 78,757  
  KREF        
1,000,000 Series 2021-FL2-C (1 mo. Term SOFR + 2.11%, 2.00% Floor) 7.44% (a)  02/15/2039 944,004  
  LSTAR Commercial Mortgage Trust        
2,825,220 Series 2016-4-XA 1.83% (a)(f)(i)  03/10/2049 40,263  
1,000,000 Series 2017-5-C 4.82% (a)(f)  03/10/2050 858,709  
  Med Trust        
995,224 Series 2021-MDLN-D (1 mo. Term SOFR + 2.11%, 2.00% Floor) 7.44% (a)  11/15/2038 995,751  
  MF1 Multifamily Housing Mortgage Loan Trust        
1,352,581 Series 2021-FL6-C (1 mo. Term SOFR + 1.96%, 1.85% Floor) 7.30% (a)  07/16/2036 1,314,945  
1,000,000 Series 2023-FL12-B (1 mo. Term SOFR + 3.18%, 3.18% Floor) 8.52% (a)  10/19/2038 1,005,713  
1,000,000 Series 2023-FL12-C (1 mo. Term SOFR + 3.78%, 3.78% Floor) 9.12% (a)  10/19/2038 1,007,130  
1,000,000 Series 2024-FL15-C (1 mo. Term SOFR + 2.94%, 2.94% Floor) 8.24% (a)  08/18/2041 997,500  
  Morgan Stanley Bank of America Merrill Lynch Trust        
500,000 Series 2014-C19-C 4.00%   12/15/2047 474,543  
  NYT Mortgage Trust        
1,012,000 Series 2019-NYT-F (1 mo. Term SOFR + 3.30%, 3.00% Floor) 8.63% (a)  12/15/2035 640,719  
  PFP III Ltd.        
986,000 Series 2021-8-C (1 mo. Term SOFR + 1.91%, 1.80% Floor) 7.24% (a)  08/09/2037 978,711  
  Ready Capital Corp.        
750,000 Series 2021-FL5-C (1 mo. Term SOFR + 2.36%, 2.25% Floor) 7.71% (a)  04/25/2038 746,890  
1,000,000 Series 2023-FL12-C (1 mo. Term SOFR + 4.55%, 4.55% Floor) 9.89% (a)  05/25/2038 1,025,041  
  Starwood Property Mortgage Trust        
1,305,000 Series 2019-FL1-C (1 mo. Term SOFR + 2.06%, 2.06% Floor) 7.39% (a)  07/15/2038 1,274,624  
  STWD Ltd.        
1,500,000 Series 2022-FL3-B (30 day avg SOFR US + 1.95%, 1.95% Floor) 7.28% (a)  11/15/2038 1,454,566  
  TPG Real Estate Finance Issuer Ltd.        
   

 

PRINCIPAL AMOUNT
$/SHARES		   SECURITY DESCRIPTION   RATE     MATURITY   VALUE $
1,000,000 Series 2021-FL4-B (1 mo. Term SOFR + 1.96%, 1.85% Floor) 7.29% (a)  03/15/2038 959,001  
758,000 Series 2022-FL5-AS (1 mo. Term SOFR + 2.15%, 2.15% Floor) 7.48% (a)  02/15/2039 747,831  
  UBS Commercial Mortgage Trust        
1,000,000 Series 2018-C12-C 5.21% (f)  08/15/2051 876,133  
  UBS-Barclays Commercial Mortgage Trust        
1,420,000 Series 2013-C5-C 3.84% (a)(f)  03/10/2046 1,196,741  
824,000 Series 2013-C5-D 3.84% (a)(f)  03/10/2046 598,117  
  Total Non-Agency Commercial Mortgage Backed Obligations (Cost $74,444,333)   58,123,903  
NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS - 16.0%  
  Adjustable Rate Mortgage Trust        
1,150,221 Series 2006-1-2A1 5.50% (f)  03/25/2036 581,629  
  Barclays PLC        
8,592,302 Series 2007-AB1-A5 4.51% (h)  03/25/2037 3,342,937  
469,960 Series 2010-RR6-6A2 9.30% (a)(f)  07/26/2037 225,648  
  Chase Mortgage Finance Corp.        
1,276,431 Series 2007-S1-A7 6.00%   02/25/2037 476,513  
1,363,708 Series 2007-S3-1A5 6.00%   05/25/2037 588,331  
  Citigroup Financial Products, Inc.        
256,867 Series 2006-8-A4 (-3 x 1 mo. LIBOR US + 19.66%, 0.00% Floor, 19.66% Cap) 4.65% (a)(c)(j)(k)  10/25/2035 171,937  
  Countrywide Alternative Loan Trust        
576,867 Series 2005-85CB-2A5 (1 mo. Term SOFR + 1.21%, 1.10% Floor, 7.00% Cap) 6.56%   02/25/2036 449,072  
121,825 Series 2005-85CB-2A6 (-4 x 1 mo. Term SOFR + 21.21%, 0.00% Floor, 21.63% Cap) 1.61% (j)  02/25/2036 88,007  
  Countrywide Home Loan Mortgage Pass Through Trust        
1,296,281 Series 2007-4-1A35 (-1 x 1 mo. Term SOFR + 6.59%, 0.00% Floor, 6.70% Cap) 1.24% (i)(j)  05/25/2037 166,051  
  Credit Suisse Management LLC        
1,673,489 Series 2005-11-7A1 6.00%   12/25/2035 861,194  
  Credit Suisse Mortgage Capital Certificates        
3,140,221 Series 2006-5-3A3 6.50%   06/25/2036 517,378  
282,661 Series 2006-9-2A1 5.50%   11/25/2036 235,824  
151,076 Series 2006-9-6A14 6.00%   11/25/2036 114,662  
  Fannie Mae Connecticut Avenue Securities        
2,996,000 Series 2021-R01-1B2 (30 day avg SOFR US + 6.00%, 0.00% Floor) 11.34% (a)  10/25/2041 3,153,925  
3,000,000 Series 2022-R01-1B2 (30 day avg SOFR US + 6.00%, 0.00% Floor) 11.34% (a)  12/25/2041 3,168,083  
  Freddie Mac Structured Agency Credit Risk Debt Notes        
3,000,000 Series 2020-HQA2-B2 (30 day avg SOFR US + 7.71%, 0.00% Floor) 13.05% (a)  03/25/2050 3,589,779  
2,000,000 Series 2021-DNA2-B2 (30 day avg SOFR US + 6.00%, 0.00% Floor) 11.34% (a)  08/25/2033 2,349,259  
3,000,000 Series 2021-DNA6-B2 (30 day avg SOFR US + 7.50%, 0.00% Floor) 12.84% (a)  10/25/2041 3,246,464  
1,200,000 Series 2021-DNA7-M2 (30 day avg SOFR US + 1.80%, 0.00% Floor) 7.14% (a)  11/25/2041 1,213,411  
2,000,000 Series 2021-HQA2-B2 (30 day avg SOFR US + 5.45%, 0.00% Floor) 10.79% (a)  12/25/2033 2,222,768  
3,000,000 Series 2021-HQA3-B2 (30 day avg SOFR US + 6.25%, 0.00% Floor) 11.59% (a)  09/25/2041 3,138,526  
  Indymac Index Mortgage Loan Trust        
882,575 Series 2005-AR23-6A1 3.98% (f)  11/25/2035 801,880  
  JP Morgan Alternative Loan Trust        
58,174 Series 2006-S1-2A5 5.50%   02/25/2025 44,731  
  JP Morgan Reremic        
949,125 Series 2011-1-2A10 6.00% (a)(c)(f)  06/26/2037 739,527  
  Lehman Mortgage Trust        
185,198 Series 2007-10-1A1 6.00%   01/25/2038 174,271  
1,167,171 Series 2007-4-1A3 5.75%   05/25/2037 517,407  
   

 

PRINCIPAL AMOUNT
$/SHARES		   SECURITY DESCRIPTION   RATE     MATURITY   VALUE $
  RALI Trust        
494,333 Series 2005-QS14-3A1 6.00%   09/25/2035 400,996  
1,180,088 Series 2006-QS7-A3 6.00%   06/25/2036 888,105  
369,331 Series 2007-QS1-1A1 6.00%   01/25/2037 286,486  
603,922 Series 2007-QS6-A1 (1 mo. Term SOFR + 0.44%, 0.33% Floor, 7.00% Cap) 5.79%   04/25/2037 437,932  
639,367 Series 2007-QS6-A102 5.75%   04/25/2037 496,677  
137,576 Series 2007-QS6-A2 (-8 x 1 mo. Term SOFR + 54.63%, 0.00% Floor, 55.58% Cap) 10.09% (j)  04/25/2037 162,173  
  RBSGC Mortgage Pass Through Certificates        
622,506 Series 2008-B-A1 6.00% (a)  06/25/2037 515,775  
  Residential Asset Securitization Trust        
1,638,120 Series 2006-A6-1A12 (-1 x 1 mo. Term SOFR + 6.99%, 0.00% Floor, 7.10% Cap) 1.64% (i)(j)  07/25/2036 186,723  
1,619,684 Series 2006-A6-1A9 6.00%   07/25/2036 425,018  
  RFMSI Trust        
373,841 Series 2007-S2-A4 6.00%   02/25/2037 282,389  
  Structured Adjustable Rate Mortgage Loan Trust        
344,062 Series 2006-1-2A2 5.03% (f)  02/25/2036 298,377  
  Velocity Commercial Capital Loan Trust        
344,674 Series 2018-1-M4 5.01% (a)  04/25/2048 297,300  
256,243 Series 2018-1-M5 6.26% (a)  04/25/2048 220,988  
364,718 Series 2018-1-M6 7.26% (a)  04/25/2048 302,220  
  Vericrest Opportunity Loan Transferee        
5,125,000 Series 2021-NPL3-A2 4.95% (a)(h)(l)  02/27/2051 4,773,801  
  Washington Mutual Alternative Mortgage Pass-Through Certificates        
3,063,116 Series 2006-8-A4 4.14% (h)  10/25/2036 1,037,077  
  Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $54,040,489)   43,191,251  
US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 21.3%  
  Federal Home Loan Mortgage Corp.        
30,154,629 Series 2021-P009-X 1.44% (f)(i)  01/25/2031 1,094,954  
277,010 Series 3211-SI (-4 x 30 day avg SOFR US + 27.18%, 0.00% Floor, 27.67% Cap) 4.76% (i)(j)  09/15/2036 87,227  
624,050 Series 3236-ES (-1 x 30 day avg SOFR US + 6.59%, 0.00% Floor, 6.70% Cap) 1.25% (i)(j)  11/15/2036 48,454  
378,084 Series 3256-S (-1 x 30 day avg SOFR US + 6.58%, 0.00% Floor, 6.69% Cap) 1.24% (i)(j)  12/15/2036 34,436  
214,539 Series 3292-SD (-1 x 30 day avg SOFR US + 5.99%, 0.00% Floor, 6.10% Cap) 0.65% (i)(j)  03/15/2037 12,603  
2,347,537 Series 3297-BI (-1 x 30 day avg SOFR US + 6.65%, 0.00% Floor, 6.76% Cap) 1.31% (i)(j)  04/15/2037 224,786  
2,000,092 Series 3311-BI (-1 x 30 day avg SOFR US + 6.65%, 0.00% Floor, 6.76% Cap) 1.31% (i)(j)  05/15/2037 148,628  
1,674,568 Series 3311-IA (-1 x 30 day avg SOFR US + 6.30%, 0.00% Floor, 6.41% Cap) 0.96% (i)(j)  05/15/2037 155,952  
354,281 Series 3314-SH (-1 x 30 day avg SOFR US + 6.29%, 0.00% Floor, 6.40% Cap) 0.95% (i)(j)  11/15/2036 26,825  
165,136 Series 3330-KS (-1 x 30 day avg SOFR US + 6.44%, 0.00% Floor, 6.55% Cap) 1.10% (i)(j)  06/15/2037 7,598  
31,568 Series 3339-AI (-1 x 30 day avg SOFR US + 6.44%, 0.00% Floor, 6.55% Cap) 1.10% (i)(j)  07/15/2037 2,254  
1,212,700 Series 3339-TI (-1 x 30 day avg SOFR US + 6.03%, 0.00% Floor, 6.14% Cap) 0.69% (i)(j)  07/15/2037 92,798  
471,073 Series 3374-SD (-1 x 30 day avg SOFR US + 6.34%, 0.00% Floor, 6.45% Cap) 1.00% (i)(j)  10/15/2037 29,451  
99,789 Series 3382-SU (-1 x 30 day avg SOFR US + 6.19%, 0.00% Floor, 6.30% Cap) 0.85% (i)(j)  11/15/2037 5,513  
2,094,705 Series 3404-SA (-1 x 30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap) 0.55% (i)(j)  01/15/2038 165,114  
   

 

PRINCIPAL AMOUNT
$/SHARES		   SECURITY DESCRIPTION   RATE     MATURITY   VALUE $
91,096 Series 3423-GS (-1 x 30 day avg SOFR US + 5.54%, 0.00% Floor, 5.65% Cap) 0.20% (i)(j)  03/15/2038 4,568  
1,529,762 Series 3435-S (-1 x 30 day avg SOFR US + 5.87%, 0.00% Floor, 5.98% Cap) 0.53% (i)(j)  04/15/2038 115,858  
73,797 Series 3508-PS (-1 x 30 day avg SOFR US + 6.54%, 0.00% Floor, 6.65% Cap) 1.20% (i)(j)  02/15/2039 4,387  
512,669 Series 3728-SV (-1 x 30 day avg SOFR US + 4.34%, 0.00% Floor, 4.45% Cap) 0.00% (i)(j)  09/15/2040 12,222  
4,690,404 Series 3736-SN (-1 x 30 day avg SOFR US + 5.94%, 0.00% Floor, 6.05% Cap) 0.60% (i)(j)  10/15/2040 400,560  
1,648,728 Series 3753-SB (-1 x 30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap) 0.55% (i)(j)  11/15/2040 131,127  
1,910,585 Series 3780-SM (-1 x 30 day avg SOFR US + 6.39%, 0.00% Floor, 6.50% Cap) 1.05% (i)(j)  12/15/2040 162,405  
677,788 Series 3815-ST (-1 x 30 day avg SOFR US + 5.74%, 0.00% Floor, 5.85% Cap) 0.40% (i)(j)  02/15/2041 43,457  
1,174,966 Series 3905-SC (-5 x 30 day avg SOFR US + 22.18%, 0.00% Floor, 22.75% Cap) 0.00% (j)  08/15/2041 1,073,811  
686,493 Series 3924-SJ (-1 x 30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap) 0.55% (i)(j)  09/15/2041 47,611  
1,394,488 Series 3960-ES (-1 x 30 day avg SOFR US + 5.84%, 0.00% Floor, 5.95% Cap) 0.50% (i)(j)  11/15/2041 93,976  
1,502,840 Series 4291-MS (-1 x 30 day avg SOFR US + 5.79%, 0.00% Floor, 5.90% Cap) 0.45% (i)(j)  01/15/2054 112,210  
95,421 Series 4610-IB 3.00% (i)  06/15/2041 696  
6,348,975 Series 5083-IH 2.50% (i)  03/25/2051 980,309  
11,778,126 Series 5100-DS (-1 x 30 day avg SOFR US + 2.50%, 0.00% Floor, 2.50% Cap) 0.00% (i)(j)  05/25/2051 55,700  
9,520,668 Series 5112-SC (-1 x 30 day avg SOFR US + 2.50%, 0.00% Floor, 2.50% Cap) 0.00% (i)(j)  06/25/2051 53,897  
  Federal National Mortgage Association        
30,285 Series 2005-72-WS (-1 x 30 day avg SOFR US + 6.64%, 0.00% Floor, 6.75% Cap) 1.30% (i)(j)  08/25/2035 1,697  
124,184 Series 2005-90-SP (-1 x 30 day avg SOFR US + 6.64%, 0.00% Floor, 6.75% Cap) 1.30% (i)(j)  09/25/2035 1,092  
215,560 Series 2006-117-SQ (-1 x 30 day avg SOFR US + 6.44%, 0.00% Floor, 6.55% Cap) 1.10% (i)(j)  12/25/2036 13,320  
74,229 Series 2006-119-HS (-1 x 30 day avg SOFR US + 6.54%, 0.00% Floor, 6.65% Cap) 1.20% (i)(j)  12/25/2036 5,941  
2,176,731 Series 2006-123-CI (-1 x 30 day avg SOFR US + 6.63%, 0.00% Floor, 6.74% Cap) 1.29% (i)(j)  01/25/2037 215,005  
1,121,286 Series 2007-15-BI (-1 x 30 day avg SOFR US + 6.59%, 0.00% Floor, 6.70% Cap) 1.25% (i)(j)  03/25/2037 88,647  
204,254 Series 2007-20-S (-1 x 30 day avg SOFR US + 6.63%, 0.00% Floor, 6.74% Cap) 1.29% (i)(j)  03/25/2037 10,625  
138,478 Series 2007-21-SD (-1 x 30 day avg SOFR US + 6.37%, 0.00% Floor, 6.48% Cap) 1.03% (i)(j)  03/25/2037 6,991  
566,646 Series 2007-30-IE (-1 x 30 day avg SOFR US + 6.63%, 0.00% Floor, 6.74% Cap) 1.29% (i)(j)  04/25/2037 59,794  
1,311,983 Series 2007-32-SA (-1 x 30 day avg SOFR US + 5.99%, 0.00% Floor, 6.10% Cap) 0.65% (i)(j)  04/25/2037 97,904  
470,476 Series 2007-40-SA (-1 x 30 day avg SOFR US + 5.99%, 0.00% Floor, 6.10% Cap) 0.65% (i)(j)  05/25/2037 30,273  
95,854 Series 2007-48-SE (-1 x 30 day avg SOFR US + 5.99%, 0.00% Floor, 6.10% Cap) 0.65% (i)(j)  05/25/2037 4,474  
151,552 Series 2007-64-LI (-1 x 30 day avg SOFR US + 6.45%, 0.00% Floor, 6.56% Cap) 1.11% (i)(j)  07/25/2037 9,855  
60,338 Series 2007-68-SA (-1 x 30 day avg SOFR US + 6.54%, 0.00% Floor, 6.65% Cap) 1.20% (i)(j)  07/25/2037 4,193  
2,842,636 Series 2007-75-PI (-1 x 30 day avg SOFR US + 6.43%, 0.00% Floor, 6.54% Cap) 1.09% (i)(j)  08/25/2037 234,571  
1,435,453 Series 2008-33-SA (-1 x 30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap) 0.55% (i)(j)  04/25/2038 110,033  
1,214,903 Series 2008-42-SC (-1 x 30 day avg SOFR US + 5.79%, 0.00% Floor, 5.90% Cap) 0.45% (i)(j)  05/25/2038 78,013  
   

 

PRINCIPAL AMOUNT
$/SHARES		   SECURITY DESCRIPTION   RATE     MATURITY   VALUE $
326,706 Series 2008-5-GS (-1 x 30 day avg SOFR US + 6.14%, 0.00% Floor, 6.25% Cap) 0.80% (i)(j)  02/25/2038 25,294  
749,013 Series 2008-62-SD (-1 x 30 day avg SOFR US + 5.94%, 0.00% Floor, 6.05% Cap) 0.60% (i)(j)  07/25/2038 47,084  
543,413 Series 2008-68-SB (-1 x 30 day avg SOFR US + 5.99%, 0.00% Floor, 6.10% Cap) 0.65% (i)(j)  08/25/2038 35,208  
76,305 Series 2009-111-SE (-1 x 30 day avg SOFR US + 6.14%, 0.00% Floor, 6.25% Cap) 0.80% (i)(j)  01/25/2040 6,942  
443,816 Series 2009-12-CI (-1 x 30 day avg SOFR US + 6.49%, 0.00% Floor, 6.60% Cap) 1.15% (i)(j)  03/25/2036 27,147  
81,812 Series 2009-47-SA (-1 x 30 day avg SOFR US + 5.99%, 0.00% Floor, 6.10% Cap) 0.65% (i)(j)  07/25/2039 4,379  
101,886 Series 2009-48-WS (-1 x 30 day avg SOFR US + 5.84%, 0.00% Floor, 5.95% Cap) 0.50% (i)(j)  07/25/2039 6,975  
60,197 Series 2009-67-SA (-1 x 30 day avg SOFR US + 5.04%, 0.25% Floor, 5.15% Cap) 0.25% (i)(j)  07/25/2037 2,143  
281,735 Series 2009-87-SA (-1 x 30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap) 0.55% (i)(j)  11/25/2049 23,721  
3,588,906 Series 2009-90-QI (-1 x 30 day avg SOFR US + 6.49%, 0.00% Floor, 6.60% Cap) 1.15% (i)(j)  08/25/2036 285,422  
436,308 Series 2009-91-SD (-1 x 30 day avg SOFR US + 6.04%, 0.00% Floor, 6.15% Cap) 0.70% (i)(j)  11/25/2039 32,171  
82,997 Series 2010-11-SC (-1 x 30 day avg SOFR US + 4.69%, 0.00% Floor, 4.80% Cap) 0.00% (i)(j)  02/25/2040 3,904  
84,062 Series 2010-115-SD (-1 x 30 day avg SOFR US + 6.49%, 0.00% Floor, 6.60% Cap) 1.15% (i)(j)  11/25/2039 6,625  
2,923,539 Series 2010-142-SC (-1 x 30 day avg SOFR US + 6.49%, 0.00% Floor, 6.60% Cap) 1.15% (i)(j)  12/25/2040 275,745  
502,015 Series 2010-15-SL (-1 x 30 day avg SOFR US + 4.84%, 0.00% Floor, 4.95% Cap) 0.00% (i)(j)  03/25/2040 16,917  
156,100 Series 2010-19-SA (-1 x 30 day avg SOFR US + 5.29%, 0.00% Floor, 5.40% Cap) 0.00% (i)(j)  03/25/2050 9,790  
364,270 Series 2010-31-SB (-1 x 30 day avg SOFR US + 4.89%, 0.00% Floor, 5.00% Cap) 0.00% (i)(j)  04/25/2040 20,410  
642,351 Series 2010-39-SL (-1 x 30 day avg SOFR US + 5.56%, 0.00% Floor, 5.67% Cap) 0.22% (i)(j)  05/25/2040 39,271  
94,848 Series 2010-8-US (-1 x 30 day avg SOFR US + 4.69%, 0.00% Floor, 4.80% Cap) 0.00% (i)(j)  02/25/2040 1,673  
105,234 Series 2010-9-GS (-1 x 30 day avg SOFR US + 4.64%, 0.00% Floor, 4.75% Cap) 0.00% (i)(j)  02/25/2040 3,065  
548,254 Series 2011-114-S (-1 x 30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap) 0.55% (i)(j)  09/25/2039 45,606  
803,216 Series 2011-146-US (-1 x 30 day avg SOFR US + 6.84%, 0.00% Floor, 7.00% Cap) 0.00% (j)  01/25/2042 550,713  
142,127 Series 2012-29-SG (-1 x 30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap) 0.55% (i)(j)  04/25/2042 9,891  
1,178,758 Series 2012-56-SN (-1 x 30 day avg SOFR US + 5.94%, 0.00% Floor, 6.05% Cap) 0.60% (i)(j)  06/25/2042 81,900  
1,294,792 Series 2012-76-SC (-1 x 30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap) 0.55% (i)(j)  07/25/2042 126,803  
1,386,415 Series 2013-83-US (-1 x 30 day avg SOFR US + 4.89%, 0.00% Floor, 5.00% Cap) 0.00% (j)  08/25/2043 900,392  
3,650,002 Series 2016-64-SA (-1 x 30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap) 0.55% (i)(j)  09/25/2046 353,712  
14,351,571 Series 2019-M26-X1 0.71% (f)(i)  03/25/2030 322,798  
3,177,965 Series 2020-61-DI 3.00% (i)  09/25/2060 500,591  
13,429,725 Series 2020-M27-X1 0.94% (f)(i)  03/25/2031 447,341  
15,183,878 Series 2021-17-SA (-1 x 30 day avg SOFR US + 2.00%, 0.00% Floor, 2.00% Cap) 0.00% (i)(j)  04/25/2051 122,344  
4,829,349 Series 2021-3-KI 2.50% (i)  02/25/2051 698,138  
4,257,193 Series 2021-56-WI 2.50% (i)  09/25/2051 562,105  
134,307 Series 374-19 6.50% (i)  09/25/2036 24,753  
  FREMF Mortgage Trust        
600,529 Series 2015-KF07-B (30 day avg SOFR US + 5.06%, 0.00% Floor) 10.39% (a)  02/25/2025 597,502  
   

 

PRINCIPAL AMOUNT
$/SHARES		   SECURITY DESCRIPTION   RATE     MATURITY   VALUE $
543,955 Series 2016-KF25-B (30 day avg SOFR US + 5.11%, 5.00% Floor) 10.44% (a)  08/25/2024 542,998  
736,416 Series 2018-KF56-C (30 day avg SOFR US + 5.91%, 5.80% Floor) 11.24% (a)  11/25/2028 647,514  
1,122,797 Series 2019-KF71-C (30 day avg SOFR US + 6.11%, 6.00% Floor) 11.44% (a)  10/25/2029 1,080,044  
  Government National Mortgage Association        
341,659 Series 2009-104-SD (-1 x 1 mo. Term SOFR + 6.24%, 0.00% Floor, 6.35% Cap) 0.91% (i)(j)  11/16/2039 27,278  
36,735 Series 2010-98-IA 5.41% (f)(i)  03/20/2039 1,330  
362,125 Series 2011-69-SB (-1 x 1 mo. Term SOFR + 5.24%, 0.00% Floor, 5.35% Cap) 0.00% (i)(j)  05/20/2041 19,002  
603,425 Series 2011-71-SG (-1 x 1 mo. Term SOFR + 5.29%, 0.00% Floor, 5.40% Cap) 0.00% (i)(j)  05/20/2041 39,094  
647,432 Series 2011-72-AS (-1 x 1 mo. Term SOFR + 5.27%, 0.00% Floor, 5.38% Cap) 0.00% (i)(j)  05/20/2041 36,249  
769,736 Series 2011-89-SA (-1 x 1 mo. Term SOFR + 5.34%, 0.00% Floor, 5.45% Cap) 0.00% (i)(j)  06/20/2041 50,551  
5,523,330 Series 2012-26-SP (-1 x 1 mo. Term SOFR + 6.54%, 0.00% Floor, 6.65% Cap) 1.20% (i)(j)  02/20/2042 622,774  
404,804 Series 2012-34-LI (-20 x 1 mo. Term SOFR + 119.71%, 0.00% Floor, 6.00% Cap) 6.00% (i)(j)  12/16/2039 85,868  
4,132,009 Series 2013-119-TZ 3.00%   08/20/2043 3,622,538  
2,368,973 Series 2014-39-SK (-1 x 1 mo. Term SOFR + 6.09%, 0.00% Floor, 6.20% Cap) 0.75% (i)(j)  03/20/2044 229,847  
4,113,192 Series 2014-59-DS (-1 x 1 mo. Term SOFR + 6.14%, 0.00% Floor, 6.25% Cap) 0.81% (i)(j)  04/16/2044 339,453  
3,601,680 Series 2014-63-SD (-1 x 1 mo. Term SOFR + 5.44%, 0.00% Floor, 5.55% Cap) 0.10% (i)(j)  04/20/2044 360,185  
1,646,455 Series 2014-69-ST (-1 x 1 mo. Term SOFR + 5.99%, 0.00% Floor, 6.10% Cap) 0.66% (i)(j)  12/16/2039 129,887  
2,436,157 Series 2015-148-BS (-1 x 1 mo. Term SOFR + 5.58%, 0.00% Floor, 5.69% Cap) 0.24% (i)(j)  10/20/2045 197,790  
6,815,493 Series 2015-158-SK (-1 x 1 mo. Term SOFR + 6.09%, 0.00% Floor, 6.20% Cap) 0.75% (i)(j)  11/20/2045 736,061  
7,698,745 Series 2018-111-SA (-1 x 1 mo. Term SOFR + 4.44%, 0.00% Floor, 4.55% Cap) 0.00% (i)(j)  08/20/2048 293,327  
22,129,896 Series 2018-48-SD (-1 x 1 mo. Term SOFR + 3.79%, 0.00% Floor, 3.90% Cap) 0.00% (i)(j)  04/20/2048 440,272  
6,634,576 Series 2020-115-SC (-1 x 1 mo. Term SOFR + 4.09%, 0.00% Floor, 4.20% Cap) 0.00% (i)(j)  08/20/2050 218,345  
9,382,596 Series 2020-129-IW 2.50% (i)  09/20/2050 1,295,365  
5,337,685 Series 2020-129-SE (-1 x 1 mo. Term SOFR + 3.64%, 0.00% Floor, 3.75% Cap) 0.00% (i)(j)  09/20/2050 70,700  
15,968,819 Series 2020-138-IC 3.50% (i)  08/20/2050 2,865,670  
5,907,961 Series 2020-138-IL 3.50% (i)  09/20/2050 1,016,838  
9,977,599 Series 2020-173-MI 2.50% (i)  11/20/2050 1,389,669  
7,490,432 Series 2020-175-KI 2.50% (i)  11/20/2050 1,014,563  
2,851,306 Series 2020-187-SB (-1 x 1 mo. Term SOFR + 6.19%, 0.00% Floor, 6.30% Cap) 0.85% (i)(j)  12/20/2050 356,096  
4,766,933 Series 2020-196-DI 2.50% (i)  12/20/2050 609,511  
8,245,641 Series 2021-107-IL 3.00% (i)  06/20/2051 1,334,020  
6,615,681 Series 2021-107-SA (-1 x 1 mo. Term SOFR + 3.64%, 0.00% Floor, 3.75% Cap) 0.00% (i)(j)  06/20/2051 207,306  
4,052,967 Series 2021-116-XI 3.50% (i)  03/20/2051 737,705  
3,571,941 Series 2021-125-AS (-1 x 30 day avg SOFR US + 3.25%, 0.00% Floor, 3.25% Cap) 0.00% (i)(j)  07/20/2051 41,702  
6,884,238 Series 2021-130-DI 3.00% (i)  07/20/2051 1,099,719  
10,061,931 Series 2021-15-PI 3.00% (i)  01/20/2051 1,530,960  
6,915,904 Series 2021-158-SA (-1 x 30 day avg SOFR US + 3.70%, 0.00% Floor, 3.70% Cap) 0.00% (i)(j)  09/20/2051 203,899  
17,132,591 Series 2021-194-IN 3.00% (i)  11/20/2051 2,838,726  
11,495,527 Series 2021-209-MI 3.00% (i)  11/20/2051 1,808,099  
13,488,230 Series 2021-221-SC (-1 x 30 day avg SOFR US + 3.80%, 0.00% Floor, 3.80% Cap) 0.00% (i)(j)  12/20/2051 235,592  
   

 

PRINCIPAL AMOUNT
$/SHARES		   SECURITY DESCRIPTION   RATE     MATURITY   VALUE $
9,970,934 Series 2021-221-SD (-1 x 30 day avg SOFR US + 3.80%, 0.00% Floor, 3.80% Cap) 0.00% (i)(j)  12/20/2051   172,025  
10,566,680 Series 2021-24-XI 2.00% (i)  02/20/2051   1,039,554  
8,484,180 Series 2021-46-DS (-1 x 1 mo. Term SOFR + 2.69%, 0.00% Floor, 2.80% Cap) 0.00% (i)(j)  03/20/2051   58,465  
4,569,582 Series 2021-58-SJ (-1 x 1 mo. Term SOFR + 6.19%, 0.00% Floor, 6.30% Cap) 0.85% (i)(j)  04/20/2051   477,139  
36,884,454 Series 2021-59-S (-1 x 30 day avg SOFR US + 2.60%, 0.00% Floor, 2.60% Cap) 0.00% (i)(j)  04/20/2051   452,351  
7,161,351 Series 2021-7-IQ 2.50% (i)  01/20/2051   1,035,423  
14,508,045 Series 2021-73-LS (-1 x 30 day avg SOFR US + 2.50%, 0.50% Floor, 2.50% Cap) 0.50% (i)(j)  04/20/2051   374,648  
7,637,968 Series 2021-77-IH 2.50% (i)  05/20/2051   769,247  
13,230,526 Series 2021-78-SC (-1 x 30 day avg SOFR US + 2.60%, 0.00% Floor, 2.60% Cap) 0.00% (i)(j)  05/20/2051   108,633  
26,003,146 Series 2021-9-MI 2.50% (i)  01/20/2051   3,551,744  
14,380,202 Series 2021-97-SA (-1 x 30 day avg SOFR US + 2.60%, 0.00% Floor, 2.60% Cap) 0.00% (i)(j)  06/20/2051   123,241  
9,533,516 Series 2021-H04-BI 0.89% (f)(i)  02/01/2071   474,200  
11,080,961 Series 2021-H07-AI 0.35% (f)(i)  05/20/2071   508,107  
15,405,922 Series 2022-22-SA (-1 x 30 day avg SOFR US + 3.60%, 0.00% Floor, 3.60% Cap) 0.00% (i)(j)  08/20/2050   250,061  
6,162,193 Series 2022-25-EI 3.00% (i)  02/20/2052   919,212  
35,084,047 Series 2022-83-IO 2.50% (i)  11/20/2051   4,969,703  
7,917,650 Series 2024-13-IA 3.00% (i)  05/20/2051   1,258,043  
  Total US Government and Agency Mortgage Backed Obligations (Cost $68,330,050)     57,538,633  
US GOVERNMENT AND AGENCY OBLIGATIONS - 2.1%  
5,950,000 United States Treasury Note/Bond 0.25%   08/31/2025   5,630,303  
  Total US Government and Agency Obligations (Cost $5,632,400)     5,630,303  
COMMON STOCKS - 0.0%(m)  
20,051 JoAnn, Inc.(c)(n)        –  
2,528 Riverbed - Class B(c)(n)        329  
  Total Common Stocks (Cost $–)     329  
SHORT TERM INVESTMENTS - 2.4%  
2,131,440 First American Government Obligations Fund - U 5.26% (o)      2,131,440  
2,131,440 JPMorgan US Government Money Market Fund - IM 5.26% (o)      2,131,440  
2,131,440 MSILF Government Portfolio - Institutional 5.23% (o)      2,131,440  
  Total Short Term Investments (Cost $6,394,320)     6,394,320  
  Total Investments - 115.0%(p) (Cost $350,962,043)   310,105,219  
  Other Liabilities in Excess of Assets - (15.0)%       (40,666,584)  
  NET ASSETS - 100.0%     $ 269,438,635  
   

 

SECURITY TYPE BREAKDOWN as a % of Net Assets:    
Collateralized Loan Obligations 34.7%  
Non-Agency Commercial Mortgage Backed Obligations 21.5%  
US Government and Agency Mortgage Backed Obligations 21.3%  
Non-Agency Residential Collateralized Mortgage Obligations 16.0%  
Bank Loans 10.7%  
Foreign Corporate Bonds 3.6%  
Short Term Investments 2.4%  
US Government and Agency Obligations 2.1%  
Asset Backed Obligations 1.6%  
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations 1.1%  
Common Stocks 0.0%(m)   
Other Assets and Liabilities (15.0)%  
Net Assets 100.0%  

 

INVESTMENT BREAKDOWN as a % of Net Assets:    
Collateralized Loan Obligations 34.7%  
Non-Agency Commercial Mortgage Backed Obligations 21.5%  
US Government and Agency Mortgage Backed Obligations 21.3%  
Non-Agency Residential Collateralized Mortgage Obligations 16.0%  
Short Term Investments 2.4%  
Electronics/Electric 2.1%  
US Government and Agency Obligations 2.1%  
Asset Backed Obligations 1.6%  
Healthcare 1.3%  
Energy 1.1%  
Chemicals/Plastics 0.9%  
Transportation 0.9%  
Commercial Services 0.9%  
Utilities 0.8%  
Banking 0.7%  
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations 0.7%  
Retailers (other than Food/Drug) 0.7%  
Industrial Equipment 0.6%  
Consumer Products 0.6%  
Media 0.5%  
Construction 0.5%  
Insurance 0.4%  
Hotels/Motels/Inns and Casinos 0.4%  
Mining 0.4%  
Business Equipment and Services 0.4%  
Building and Development (including Steel/Metals) 0.3%  
Chemical Products 0.2%  
Finance 0.2%  
Technology 0.2%  
Telecommunications 0.2%  
Beverage and Tobacco 0.1%  
Containers and Glass Products 0.1%  
Consumer Staples 0.1%  
Real Estate 0.1%  
Food Products 0.0%(m) 
Aerospace & Defense 0.0%(m) 
Other Assets and Liabilities (15.0)%
Net Assets 100.0%
   

 

(a)   Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers.  
(b)   Security pays interest at rates that represent residual cashflows available after more senior tranches have been paid.  The interest rate disclosed reflects the estimated rate in effect as of period end.  
(c)   Value determined using significant unobservable inputs.  
(d)   Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of period end.  
(e)   Security is in default or has failed to make a scheduled payment. Income is not being accrued.  
(f)   Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of period end.  
(g)   Perpetual maturity. The date disclosed is the next call date of the security.  
(h)   Step Bond; Coupon rate changes based on a predetermined schedule or event. The interest rate shown is the rate in effect as of period end.  
(i)   Interest only security  
(j)   Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates.  Reference interest rates are typically based on a negative multiplier or slope.  Interest rate may also be subject to a cap or floor.  
(k)   Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.  
(l)   This security accrues interest which is added to the outstanding principal balance. The interest payment will be deferred until all other tranches in the structure are paid off. The rate disclosed is as of period end.  
(m)   Represents less than 0.05% of net assets.  
(n)   Non-income producing security.  
(o)   Seven-day yield as of period end.  
(p)   Under the Fund’s credit agreement, the Lender, through their agent, have been granted a security interest in all of the Fund's investments in consideration of the Fund’s borrowings under the line of credit with the Lender.

 

CMT Constant Maturity Treasury Rate  
LIBOR London Interbank Offered Rate  
PIK A payment-in-kind security in which the issuer may make interest or dividend payments in cash or additional securities. These additional securities generally have the same terms as the original holdings.  
SOFR Secured Overnight Financing Rate  
   

 

Notes to Schedule of Investments

June 30, 2024 (Unaudited)

 

1. Significant Accounting Policies

 

The Fund is an investment company that applies the accounting and reporting guidance issued in Topic 946, “Financial Services—Investment Companies”, by the Financial Accounting Standards Board (“FASB”). The following is a summary of the significant accounting policies of the Fund. These policies are in conformity with accounting principles generally accepted in the United States of America (“US GAAP”).

              

A. Security Valuation. The Fund has adopted US GAAP fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:

       

• Level 1—Unadjusted quoted market prices in active markets for identical securities       

• Level 2—Quoted prices for identical or similar assets in markets that are not active, or inputs derived from observable market data       

• Level 3—Significant unobservable inputs (including the reporting entity’s estimates and assumptions)       

       

Valuations for domestic and foreign fixed income securities are normally determined on the basis of evaluations provided by independent pricing services. Vendors typically value such securities based on one or more inputs described in the following table which is not intended to be a complete list. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed income securities in which the Fund is authorized to invest. However, these classifications are not exclusive, and any of the inputs may be used to value any other class of fixed-income securities. Securities that use similar valuation techniques and inputs as described in the following table are categorized as Level 2 of the fair value hierarchy. To the extent the significant inputs are unobservable, the values generally would be categorized as Level 3. Assets and liabilities may be transferred between levels.

 

Fixed-income Class  Examples of Inputs   
All Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”)  
Corporate bonds and notes; convertible securities Standard inputs and underlying equity of the issuer   
US bonds and notes of government and government agencies Standard inputs   
Residential and commercial mortgage-backed obligations; asset-backed obligations (including collateralized loan obligations) Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information, trustee reports  
Bank Loans Standard inputs   

 

Investments in registered open-end management investment companies will be valued based upon the net asset value (“NAV”) of such investments and are categorized as Level 1 of the fair value hierarchy.

 

Common stocks, exchange-traded funds and financial derivative instruments, such as futures contracts or options contracts, that are traded on a national securities or commodities exchange, are typically valued at the last reported sales price, in the case of common stocks and exchange-traded funds, or, in the case of futures contracts or options contracts, the settlement price determined by the relevant exchange. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy. Due to custodian as recorded on the Statement of Assets and Liabilities is recorded at cost and approximates fair value; it is classified as level 2 under the fair value hierarchy.

 

Over-the-counter financial derivative instruments, such as forward currency exchange contracts, options contracts, or swap agreements, derive their values from underlying asset prices, indices, reference rates, other inputs or a combination of these factors. These instruments are normally valued on the basis of valuations obtained from counterparties, published index closing levels or evaluated prices supplied by independent pricing services, some or all of which may be based on market data from trading on exchanges that closed significantly before the time as of which the Fund calculates its NAV. Forward foreign currency contracts are generally valued based on rates provided by independent data providers. Exchange traded futures and options on futures are generally valued at the settlement price determined by the relevant exchange on which they principally trade, and exchange traded options are generally valued at the last trade price on the exchange on which they principally trade. A Fund does not normally take into account trading, clearances or settlements that take place after the close of the principal exchange or market on which such securities are traded. Depending on the instrument and the terms of the transaction, the value of the derivative instruments can be estimated by a pricing service provider using a series of techniques, such as simulation pricing models. The pricing models use issuer details and other inputs that are observed from actively quoted markets such as indices, spreads, interest rates, curves, dividends and exchange rates. Derivatives that use similar valuation techniques and inputs as described above are normally categorized as Level 2 of the fair value hierarchy.

 

The Fund’s holdings in whole loans, securitizations and certain other types of alternative lending-related instruments may be valued based on prices provided by a third-party pricing service.

 

Senior secured floating rate loans for which an active secondary market exists to a reliable degree will be valued at the mean of the last available bid/ask prices in the market for such loans, as provided by an independent pricing service. Where an active secondary market does not exist to a reliable degree in the judgment of DoubleLine Capital LP (the “Adviser” or “DoubleLine Capital”), such loans will be valued at fair value based on certain factors.

 

In respect of certain commercial real estate-related, residential real estate-related and certain other investments for which a limited market may exist, the Valuation Designee (as defined below) may value such investments based on appraisals conducted by an independent valuation advisor or a similar pricing agent. However, an independent valuation firm may not be retained to undertake an evaluation of an asset unless the NAV, market price and other aspects of an investment exceed certain significance thresholds.

 

The Board of Trustees has adopted a pricing and valuation policy for use by the Fund and its Valuation Designee in calculating the Fund’s NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Fund has designated the Adviser as its “Valuation Designee” to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

   

 

The following is a summary of the fair valuations according to the inputs used to value the Fund’s investments as of June 30, 2024:

 

Category DoubleLine
Opportunistic Credit Fund  
Investments in Securities      
Level 1      
Short Term Investments $ 6,394,320  
Total Level 1   6,394,320  
Level 2      
Collateralized Loan Obligations   91,273,446  
US Government and Agency Mortgage Backed Obligations   57,538,633  
Non-Agency Commercial Mortgage Backed Obligations   55,222,702  
Non-Agency Residential Collateralized Mortgage Obligations   42,279,787  
Bank Loans   28,648,835  
Foreign Corporate Bonds   9,573,147  
US Government and Agency Obligations   5,630,303  
Asset Backed Obligations   3,296,415  
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations   2,996,342  
Total Level 2   296,459,610  
Level 3      
Non-Agency Commercial Mortgage Backed Obligations   2,901,201  
Collateralized Loan Obligations   2,359,309  
Asset Backed Obligations   985,438  
Non-Agency Residential Collateralized Mortgage Obligations   911,464  
Bank Loans   93,548  
Common Stocks   329  
Total Level 3   7,251,289  
Total $ 310,105,219  

 

See the Schedule of Investments for further disaggregation of investment categories.

 

 

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

 

    Fair Value as of September 30, 2023   Net Realized Gain (Loss)   Net Change
in Unrealized
Appreciation
(Depreciation)(c)		   Net Accretion (Amortization)   Purchases(a)   Sales(b)   Transfers Into
Level 3(d)		   Transfers Out of
Level 3(d)		   Fair Value as of June 30, 2024   Net Change in Unrealized Appreciation (Depreciation) on securities held at June 30, 2024(c) 
Investments in Securities                                                   
Non-Agency Commercial Mortgage Backed Obligations   $4,816,812   $3,290,991   $2,057,957   $282,410   $8   $(7,546,977)  $—   $—   $2,901,201   $1,125,957 
Collateralized Loan Obligations    3,205,252    —    (94,795)   —    —    —    —    (751,148)   2,359,309    (94,393)
Asset Backed Obligations    1,133,331    (44,267)   (8,033)   —    —    (95,593)   —    —    985,438    (26,711)
Non-Agency Residential Collateralized Mortgage Obligations    772,425    1,873    59,239    2,387    —    (96,397)   171,937    —    911,464    36,031 
Bank Loans    87,760    220    (3,533)   3,313    6,610    (822)   —    —    93,548    (3,293)
Common Stocks    163,882    (32,208)   24,668    —    —    (156,013)   —    —    329    — 
Total   $10,179,462   $3,216,609   $2,035,503   $288,110   $6,618   $(7,895,802)  $171,937   $(751,148)  $7,251,289   $1,037,591 

 

(a)Purchases include all purchases of securities, payups and corporate actions.
(b)Sales include all sales of securities, maturities, and paydowns.
(c)Any difference between Net Change in Unrealized Appreciation (Depreciation) and Net Change in Unrealized Appreciation (Depreciation) on securities held at June 30, 2024 may be due to a security that was not held or categorized as Level 3 at either period end.
(d)Transfers into or out of Level 3 can be attributed to changes in the availability of pricing sources and/or in the observability of significant inputs used to measure the fair value of those instruments.
 

 

The following is a summary of quantitative information about Level 3 Fair Value Measurements:

 

   Fair Value as of June 30, 2024   Valuation Techniques  Unobservable Input  Unobservable Input Values
(Weighted Average)(e)		  Impact to valuation from an increase to input
Non-Agency Commercial Mortgage Backed Obligations  $2,901,201   Market Comparables  Market Quotes  $0.01 - $96.70 ($82.40)  Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security
Collateralized Loan Obligations  $2,359,309   Market Comparables  Market Quotes  $15.56 - $81.93 ($73.18)  Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security
Asset Backed Obligations  $985,438   Market Comparables  Market Quotes  $15.72 - $942.19 ($293.01)  Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security
Non-Agency Residential Collateralized Mortgage Obligations  $911,464   Market Comparables  Market Quotes  $66.94 - $77.92 ($75.85)  Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security
Bank Loans  $93,548   Market Comparables  Market Quotes  $100.00 ($100.00)  Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security
Common Stocks  $329   Market Comparables  Market Quotes  $0.00 - $0.13  ($0.13)  Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security
 
(e) Unobservable inputs were weighted by the relative fair value of the instruments.
   
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