| DoubleLine Floating Rate Fund | | (Unaudited) |
| Schedule of Investments | | June 30, 2024 |
PRINCIPAL AMOUNT
$/SHARES | | SECURITY DESCRIPTION | | RATE | | | MATURITY | | VALUE $ |
| BANK LOANS - 87.1% |
| AEROSPACE & DEFENSE - 1.6% |
| | Dynasty Acquisition Co., Inc. | | | |
| 824,499 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.50%, 0.00% Floor) | 8.84% | | 08/24/2028 | 828,432 |
| | Standard Aero Ltd. | | | |
| 317,906 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.50%, 0.00% Floor) | 8.84% | | 08/24/2028 | 319,422 |
| | TransDigm, Inc. | | | |
| 1,796,425 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.25%) | 7.83% | | 02/28/2031 | 1,802,263 |
| | | | 2,950,117 |
| AUTOMOTIVE - 0.7% |
| | Clarios Global LP | | | |
| 1,007,475 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.00%, 0.00% Floor) | 8.33% | | 05/06/2030 | 1,011,097 |
| | Dexko Global, Inc. | | | |
| 342,031 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.75%, 0.50% Floor) | 9.08% | | 10/04/2028 | 340,625 |
| | | | 1,351,722 |
| BEVERAGE AND TOBACCO - 0.6% |
| | Triton Water Holdings, Inc. | | | |
| 1,153,896 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.25%, 0.50% Floor) | 8.59% | | 03/31/2028 | 1,155,627 |
| BUILDING AND DEVELOPMENT (INCLUDING STEEL/METALS) - 1.1% |
| | Cornerstone Building Brands, Inc. | | | |
| 414,643 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.25%, 0.50% Floor) | 8.68% | | 04/12/2028 | 405,573 |
| 65,000 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.50%, 0.50% Floor) | 9.93% | | 05/15/2031 | 64,729 |
| | LBM Acquisition LLC | | | |
| 783,463 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.75%, 0.00% Floor) | 9.18% | | 06/06/2031 | 771,437 |
| | MIWD Holdco II LLC | | | |
| 160,000 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.50%, 0.00% Floor) | 8.94% | | 03/28/2031 | 161,167 |
| | Resideo Funding, Inc. | | | |
| 555,000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00%) | 7.33% | | 06/13/2031 | 555,003 |
| | | | 1,957,909 |
| BUSINESS EQUIPMENT AND SERVICES - 3.4% |
| | Camelot US Acquisition LLC | | | |
| 164,616 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.75%, 0.00% Floor) | 8.09% | | 01/31/2031 | 165,109 |
| 706,201 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.75%, 0.00% Floor) | 8.09% | | 01/31/2031 | 708,320 |
| 13,992 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.75%, 0.00% Floor) | 8.09% | | 01/31/2031 | 14,034 |
| | CoreLogic, Inc. | | | |
| 262,457 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.50%, 0.50% Floor) | 8.94% | | 06/02/2028 | 258,988 |
| | Deerfield Dakota Holding LLC | | | |
| 1,000,466 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.75%, 1.00% Floor) | 9.04% | | 04/09/2027 | 1,001,208 |
| | Dun & Bradstreet Corp. | | | |
247,143 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.75%, 0.00% Floor) | 8.09% | | 01/18/2029 | 247,607 |
| | EAB Global, Inc. | | | |
| 756,141 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.50%) | 8.58% | | 08/16/2028 | 756,330 |
| | Eisner Advisory Group LLC | | | |
PRINCIPAL AMOUNT
$/SHARES | | SECURITY DESCRIPTION | | RATE | | | MATURITY | | VALUE $ |
| 547,250 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.00%, 0.50% Floor) | 9.34% | | 02/28/2031 | 553,294 |
| | Element Materials Technology Group US Holdings, Inc. | | | |
| 397,629 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.25%, 0.50% Floor) | 9.68% | | 06/25/2029 | 399,701 |
| 183,521 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.25%, 0.50% Floor) | 9.68% | | 06/25/2029 | 184,477 |
| | First Advantage Holdings LLC | | | |
| 745,013 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.75%, 0.00% Floor) | 8.69% | | 01/29/2027 | 746,097 |
| | Grant Thornton LLP/Chicago | | | |
| 490,000 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.25%, 0.00% Floor) | 8.59% | | 05/30/2031 | 492,016 |
| | Trans Union LLC | | | |
| 320,000 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 1.75%) | 7.09% | | 06/24/2031 | 319,840 |
| | VT Topco, Inc. | | | |
| 293,527 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.50%, 0.50% Floor) | 8.83% | | 08/12/2030 | 295,251 |
| | | | 6,142,272 |
| CHEMICALS/PLASTICS - 4.1% |
| | Charter Next Generation, Inc. | | | |
| 403,247 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.50%, 0.75% Floor) | 8.84% | | 12/01/2027 | 404,417 |
| | Ecovyst Catalyst Technologies LLC | | | |
| 1,203,106 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.25%, 0.00% Floor) | 7.58% | | 06/12/2031 | 1,204,284 |
| 464,055 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.25%, 0.00% Floor) | 7.58% | | 06/12/2031 | 464,510 |
| | Hexion Holdings Corp. | | | |
| 849,057 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.50%, 0.50% Floor) | 9.95% | | 03/15/2029 | 847,313 |
| | INEOS US Finance LLC | | | |
| 720,000 | Senior Secured Term Loan | 8.59% | (a) | 02/19/2030 | 716,760 |
| 896,857 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.50%, 0.00% Floor) | 8.93% | | 02/19/2030 | 892,820 |
| 215,000 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.75%, 0.00% Floor) | 9.08% | | 01/31/2031 | 215,806 |
| | INEOS US Petrochem LLC | | | |
| 877,800 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.25%, 0.00% Floor) | 9.68% | | 03/29/2029 | 877,251 |
| | Nouryon USA LLC | | | |
| 575,756 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.50%, 0.00% Floor) | 8.85% | | 04/03/2028 | 577,988 |
| 149,453 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.50%, 0.00% Floor) | 8.85% | | 04/03/2028 | 150,032 |
| | Olympus Water US Holding Corp. | | | |
| 712,187 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.50%, 0.50% Floor) | 8.85% | | 06/23/2031 | 714,413 |
| | Polar US Borrower LLC | | | |
| 145,319 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.75%, 0.00% Floor) | 10.15% | | 10/15/2025 | 116,255 |
| 124,196 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.75%, 0.00% Floor) | 10.15% | | 10/15/2025 | 99,357 |
| | Vantage Specialty Chemicals, Inc. | | | |
| 128,050 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.75%, 0.50% Floor) | 10.08% | | 10/26/2026 | 126,770 |
| | | | 7,407,976 |
| COMMERCIAL SERVICES - 3.6% |
| | Allied Universal Holdco LLC | | | |
| 959,026 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.75%, 0.50% Floor) | 9.18% | | 05/15/2028 | 956,423 |
| | Ascend Learning LLC | | | |
| 417,807 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.50%, 0.50% Floor) | 8.93% | | 12/11/2028 | 417,918 |
PRINCIPAL AMOUNT
$/SHARES | | SECURITY DESCRIPTION | | RATE | | | MATURITY | | VALUE $ |
| 431,360 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.50%, 0.50% Floor) | 8.93% | | 12/11/2028 | 431,474 |
| 285,000 | Senior Secured Second Lien Term Loan (1 mo. SOFR US + 5.75%, 0.50% Floor) | 11.18% | | 12/10/2029 | 280,440 |
| | Asplundh Tree Expert LLC | | | |
| 885,000 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 1.75%, 0.00% Floor) | 7.10% | | 05/23/2031 | 885,443 |
| | Cengage Learning, Inc. | | | |
| 394,013 | Senior Secured First Lien Term Loan (6 mo. SOFR US + 4.25%, 1.00% Floor) | 9.60% | | 03/24/2031 | 395,614 |
| | Garda World Security Corp. | | | |
| 1,026,863 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.25%, 0.00% Floor) | 9.68% | | 02/01/2029 | 1,034,564 |
| | Mister Car Wash Holdings, Inc. | | | |
| 155,000 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.00%, 0.00% Floor) | 8.44% | | 03/27/2031 | 155,650 |
| | Ovg Business Services LLC | | | |
| 560,000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%) | 8.35% | | 06/25/2031 | 559,653 |
| | Packers Holdings LLC | | | |
| 302,267 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.25%, 0.75% Floor) | 8.68% | | 03/09/2028 | 169,496 |
| | PECF USS Intermediate Holding III Corp. | | | |
| 228,518 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.25%, 0.50% Floor) | 9.69% | | 12/15/2028 | 152,980 |
| | Vestis Corp. | | | |
| 269,325 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 2.25%, 0.00% Floor) | 7.70% | | 02/24/2031 | 268,372 |
| | Viad Corp. | | | |
| 552,886 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.25%, 0.50% Floor) | 9.59% | | 07/31/2028 | 554,962 |
| | Wand NewCo 3, Inc. | | | |
| 325,000 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.75%, 0.00% Floor) | 9.09% | | 01/30/2031 | 327,524 |
| | | | 6,590,513 |
| CONSTRUCTION - 1.6% |
| | APi Group DE, Inc. | | | |
| 60,000 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.00%, 0.00% Floor) | 7.44% | | 01/03/2029 | 60,043 |
| | Artera Services LLC | | | |
| 658,350 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.50%, 0.00% Floor) | 9.83% | | 02/10/2031 | 662,638 |
| | Brand Industrial Services, Inc. | | | |
| 646,080 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.50%, 0.50% Floor) | 9.83% | | 08/01/2030 | 648,952 |
| | Quikrete Holdings, Inc. | | | |
| 394,970 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.25%, 0.00% Floor) | 7.58% | | 03/19/2029 | 395,687 |
| 124,688 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.50%, 0.00% Floor) | 7.83% | | 04/14/2031 | 125,110 |
| | Tamko Building Products LLC | | | |
| 397,000 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.25%, 0.00% Floor) | 8.84% | | 09/20/2030 | 397,496 |
| | Tecta America Corp. | | | |
| 559,305 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.00%, 0.75% Floor) | 9.44% | | 04/10/2028 | 562,510 |
| | | | 2,852,436 |
| CONSUMER PRODUCTS - 2.2% |
| | APX Group, Inc. | | | |
| 3,194 | Senior Secured First Lien Term Loan (Prime Rate + 1.75%, 0.50% Floor) | 8.08% | | 07/10/2028 | 3,202 |
| 986,056 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 2.75%, 0.50% Floor) | 8.08% | | 07/10/2028 | 988,522 |
| | Energizer Holdings, Inc. | | | |
| 308,533 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.00%, 0.00% Floor) | 7.34% | | 12/22/2027 | 309,692 |
PRINCIPAL AMOUNT
$/SHARES | | SECURITY DESCRIPTION | | RATE | | | MATURITY | | VALUE $ |
| | Hunter Douglas, Inc. | | | |
| 617,389 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.50%, 0.50% Floor) | 8.84% | | 02/26/2029 | 614,194 |
| 226,697 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.50%, 0.50% Floor) | 8.84% | | 02/26/2029 | 225,524 |
| | Kronos Acquisition Holdings, Inc. | | | |
| 514,127 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.75%, 0.50% Floor) | 9.08% | | 12/22/2026 | 514,319 |
| 219,176 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.75%, 0.50% Floor) | 9.08% | | 12/22/2026 | 219,258 |
| 275,000 | Senior Secured Term Loan (1 mo. Term SOFR + 4.00%) | 9.34% | | 06/27/2031 | 273,625 |
| | RH | | | |
| 481,400 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.50%, 0.50% Floor) | 7.95% | | 10/20/2028 | 464,077 |
| | SWF Holdings I Corp. | | | |
| 372,320 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.00%, 0.75% Floor) | 9.44% | | 10/06/2028 | 319,731 |
| | | | 3,932,144 |
| CONSUMER STAPLES - 0.2% |
| | United Natural Foods, Inc. | | | |
| 335,000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.75%) | 10.08% | | 05/01/2031 | 336,536 |
| CONTAINERS AND GLASS PRODUCTS - 3.3% |
| | Clydesdale Acquisition Holdings, Inc. | | | |
| 736,244 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.68%, 0.50% Floor) | 9.19% | | 04/13/2029 | 738,773 |
| | Graham Packaging Co., Inc. | | | |
| 1,047,446 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.00%, 0.75% Floor) | 8.46% | | 08/04/2027 | 1,050,270 |
| | Kloeckner Pentaplast of America, Inc. | | | |
| 267,238 | Senior Secured First Lien Term Loan (6 mo. SOFR US + 4.73%, 0.50% Floor) | 9.97% | | 02/09/2026 | 250,535 |
| | Pactiv Evergreen Group Holdings, Inc. | | | |
| 70,902 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.50%, 0.00% Floor) | 7.95% | | 09/25/2028 | 71,068 |
| 61,654 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.50%, 0.00% Floor) | 7.95% | | 09/25/2028 | 61,798 |
| 277,444 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.50%, 0.00% Floor) | 7.95% | | 09/25/2028 | 278,091 |
| | Pregis TopCo LLC | | | |
| 986,944 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.00%, 0.00% Floor) | 9.08% | | 07/31/2026 | 989,101 |
| | Pretium PKG Holdings, Inc. | | | |
386,326 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.20% + 1.40% PIK, 1.00% Floor) | 9.93% | | 10/02/2028 | 336,490 |
| 4,451 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.20% + 1.40% PIK, 1.00% Floor) | 9.93% | | 10/02/2028 | 3,877 |
| 174,026 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 2.50% + 2.50% PIK, 1.00% Floor) | 10.33% | | 10/02/2028 | 179,421 |
| 2,574 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 2.50% + 2.50% PIK, 1.00% Floor) | 10.33% | | 10/02/2028 | 2,653 |
| 155,000 | Senior Secured Second Lien Term Loan (3 mo. SOFR US + 6.75%, 0.50% Floor) | 12.05% | | 10/01/2029 | 91,084 |
| | TricorBraun Holdings, Inc. | | | |
| 791,837 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.25%, 0.50% Floor) | 8.69% | | 03/03/2028 | 791,591 |
| | Trident TPI Holdings, Inc. | | | |
| 1,131,546 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%) | 9.34% | | 09/18/2028 | 1,111,681 |
| | | | 5,956,433 |
| ELECTRONICS/ELECTRIC - 14.5% |
| | Access CIG LLC | | | |
| 1,022,275 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 5.00%, 0.50% Floor) | 10.34% | | 08/18/2028 | 1,030,106 |
| | Applied Systems, Inc. | | | |
PRINCIPAL AMOUNT
$/SHARES | | SECURITY DESCRIPTION | | RATE | | | MATURITY | | VALUE $ |
| 340,000 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.50%, 0.00% Floor) | 8.85% | | 02/24/2031 | 342,917 |
| 235,000 | Senior Secured Second Lien Term Loan (3 mo. SOFR US + 5.25%, 0.00% Floor) | 10.60% | | 02/23/2032 | 243,641 |
| | Astra Acquisition Corp. | | | |
| 404,876 | Senior Secured Second Lien Term Loan (3 mo. SOFR US + 8.88%, 0.75% Floor) | 14.22% | | 10/25/2029 | 106,661 |
| | Asurion LLC | | | |
| 419,897 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.25%, 0.00% Floor) | 8.71% | | 12/23/2026 | 416,981 |
| 695,868 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.25%, 0.00% Floor) | 8.69% | | 07/30/2027 | 685,107 |
| 135,000 | Senior Secured Second Lien Term Loan (1 mo. SOFR US + 5.25%, 0.00% Floor) | 10.69% | | 02/03/2028 | 126,141 |
| 114,022 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.25%, 0.00% Floor) | 9.68% | | 08/21/2028 | 113,322 |
| 500,000 | Senior Secured Second Lien Term Loan (1 mo. SOFR US + 5.25%, 0.00% Floor) | 10.70% | | 01/22/2029 | 462,695 |
| | Boost Newco Borrower LLC | | | |
| 915,000 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.00%, 0.00% Floor) | 8.33% | | 01/31/2031 | 917,416 |
| | Boxer Parent Co., Inc. | | | |
| 1,263,650 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.00%, 0.00% Floor) | 9.59% | | 12/29/2028 | 1,267,819 |
| | Castle US Holding Corp. | | | |
| 240,945 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.75%, 0.00% Floor) | 9.21% | | 01/29/2027 | 151,042 |
| | Central Parent, Inc. | | | |
| 1,929,975 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.25%, 0.00% Floor) | 8.58% | | 07/06/2029 | 1,907,663 |
| | Chariot Buyer LLC | | | |
| 314,213 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.50%, 0.50% Floor) | 9.09% | | 11/03/2028 | 315,488 |
| | Coherent Corp. | | | |
| 122,378 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.50%, 0.50% Floor) | 7.83% | | 07/02/2029 | 122,623 |
| | Conservice Midco LLC | | | |
| 447,638 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.00%, 0.00% Floor) | 9.34% | | 05/13/2027 | 448,688 |
| | Constant Contact, Inc. | | | |
| 687,848 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.00%, 0.75% Floor) | 9.33% | | 02/10/2028 | 678,535 |
| | Cornerstone OnDemand, Inc. | | | |
| 523,713 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.75%, 0.50% Floor) | 9.19% | | 10/16/2028 | 495,781 |
| | Cyxtera DC Holdings, Inc. | | | |
| 288,397 | Senior Secured Term Loan (1 mo. Term SOFR + 3.00%) | 7.30% | (b) | 05/01/2026 | 5,768 |
| | Dcert Buyer, Inc. | | | |
| 675,398 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.00%, 0.00% Floor) | 9.33% | | 10/16/2026 | 659,779 |
| 183,653 | Senior Secured Second Lien Term Loan (1 mo. SOFR US + 7.00%, 0.00% Floor) | 12.34% | | 02/16/2029 | 164,829 |
| | DG Investment Intermediate Holdings 2, Inc. | | | |
| 377,084 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.75%, 0.75% Floor) | 9.21% | | 03/31/2028 | 377,164 |
| 252,431 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.75%, 0.75% Floor) | 10.08% | | 03/31/2028 | 253,535 |
| 150,000 | Senior Secured Second Lien Term Loan (1 mo. SOFR US + 6.75%, 0.75% Floor) | 12.21% | | 03/29/2029 | 147,446 |
| | Ellucian Holdings, Inc. | | | |
| 1,121,984 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.50%, 0.50% Floor) | 8.94% | | 10/29/2029 | 1,128,412 |
| | Epicor Software Corp. | | | |
| 250,598 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.25%, 0.00% Floor) | 8.59% | | 05/30/2031 | 251,955 |
| | Gainwell Acquisition Corp. | | | |
PRINCIPAL AMOUNT
$/SHARES | | SECURITY DESCRIPTION | | RATE | | | MATURITY | | VALUE $ |
| 1,384,933 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.00%, 0.75% Floor) | 9.40% | | 10/01/2027 | 1,344,534 |
| | Helios Software Holdings, Inc. | | | |
| 660,780 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.75%, 0.00% Floor) | 9.10% | | 07/15/2030 | 663,377 |
| | Informatica LLC | | | |
| 766,240 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.25%, 0.00% Floor) | 7.58% | | 10/30/2028 | 769,593 |
| | ION Trading Technologies Sarl | | | |
| 248,530 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.00%, 0.00% Floor) | 9.35% | | 04/03/2028 | 248,581 |
| | Ivanti Software, Inc. | | | |
| 312,385 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.25%, 0.75% Floor) | 9.60% | | 12/01/2027 | 249,250 |
| | McAfee T/L B | | | |
| 831,365 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.25%, 0.50% Floor) | 8.59% | | 03/01/2029 | 831,560 |
| | Mirion Technologies US, Inc. | | | |
| 424,248 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 2.25%, 0.50% Floor) | 7.60% | | 10/20/2028 | 425,377 |
| | Mitchell International, Inc. | | | |
| 1,700,000 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.25%, 0.50% Floor) | 8.59% | | 06/17/2031 | 1,687,657 |
| 375,000 | Senior Secured Term Loan (1 mo. Term SOFR + 5.25%) | 10.59% | | 06/17/2032 | 374,768 |
| | Newfold Digital Holdings Group, Inc. | | | |
| 548,349 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.50%, 0.75% Floor) | 8.73% | | 02/10/2028 | 510,650 |
| | Polaris Newco LLC | | | |
| 553,182 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.00%, 0.50% Floor) | 9.44% | | 06/05/2028 | 553,622 |
| | Proofpoint, Inc. | | | |
1,053,046 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.00%, 0.50% Floor) | 8.34% | | 08/31/2028 | 1,055,221 |
| | Sedgwick Claims Management Services, Inc. | | | |
| 970,000 | Senior Secured Term Loan (1 mo. Term SOFR + 3.00%) | 8.34% | | 06/30/2031 | 967,575 |
| | SS&C Technologies, Inc. | | | |
| 569,886 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.00%, 0.00% Floor) | 7.33% | | 05/09/2031 | 571,362 |
| | Travelport Finance Luxembourg Sarl | | | |
| 344,799 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 1.39%, 1.00% Floor) | 12.34% | | 09/29/2028 | 314,002 |
| 99,509 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 1.39%, 1.00% Floor) | 12.34% | | 09/29/2028 | 90,621 |
| | UKG, Inc. | | | |
| 1,560,122 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.25%, 0.00% Floor) | 8.83% | | 02/10/2031 | 1,567,789 |
| | Ultra Clean Holdings, Inc. | | | |
| 414,755 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.50%, 0.00% Floor) | 8.83% | | 02/25/2028 | 416,657 |
| | Wec US Holdings Ltd. | | | |
| 900,000 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.75%, 0.00% Floor) | 8.09% | | 01/27/2031 | 901,886 |
| | | | 26,365,596 |
| ENERGY - 2.7% |
| | BCP Renaissance Parent LLC | | | |
| 526,047 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.25%, 1.00% Floor) | 8.58% | | 10/31/2028 | 527,938 |
| | Brazos Delaware II LLC | | | |
| 79,800 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.50%, 0.50% Floor) | 8.84% | | 02/11/2030 | 80,219 |
| | Buckeye Partners LP | | | |
| 298,500 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.00%, 0.00% Floor) | 7.33% | | 11/02/2026 | 299,139 |
| | Compass Power Generation LLC | | | |
| 901,718 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.25%, 1.00% Floor) | 9.70% | | 04/16/2029 | 910,031 |
PRINCIPAL AMOUNT
$/SHARES | | SECURITY DESCRIPTION | | RATE | | | MATURITY | | VALUE $ |
| | Delek US Holdings, Inc. | | | |
| 312,393 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.50%, 0.50% Floor) | 8.94% | | 11/19/2029 | 313,927 |
| | Freeport LNG Investments LLLP | | | |
| 508,119 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.50%, 0.50% Floor) | 8.85% | | 12/21/2028 | 508,187 |
| | GIP II Blue Holding LP | | | |
| 281,496 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.75%, 1.00% Floor) | 9.08% | | 09/29/2028 | 284,762 |
| | GIP Pilot Acquisition Partners LP | | | |
| 349,125 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.50%, 0.00% Floor) | 7.85% | | 10/04/2030 | 349,998 |
| | Hamilton Projects Acquiror LLC | | | |
| 165,000 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.75%, 0.50% Floor) | 9.09% | | 05/30/2031 | 166,267 |
| | Oryx Midstream Services Permian Basin LLC | | | |
| 726,350 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.00%, 0.50% Floor) | 8.44% | | 10/05/2028 | 727,712 |
| | Par Petroleum LLC | | | |
| 237,000 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.75%, 0.50% Floor) | 9.08% | | 02/28/2030 | 238,258 |
| | Traverse Midstream Partners LLC | | | |
| 244,144 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.50%, 0.50% Floor) | 8.94% | | 02/16/2028 | 245,442 |
| | WhiteWater DBR HoldCo LLC | | | |
315,000 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 2.75%, 0.00% Floor) | 8.08% | | 03/03/2031 | 316,035 |
| | | | 4,967,915 |
| FINANCE - 2.3% |
| | Allspring Buyer LLC | | | |
| 1,000,780 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.25%, 0.50% Floor) | 8.58% | | 11/01/2028 | 999,884 |
| | Edelman Financial Engines Center LLC | | | |
| 673,669 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.25%, 0.00% Floor) | 8.58% | | 04/07/2028 | 675,407 |
| 335,000 | Senior Secured Second Lien Term Loan (1 mo. SOFR US + 5.25%) | 10.59% | | 10/31/2028 | 336,256 |
| | Focus Financial Partners LLC | | | |
| 664,560 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.50%, 0.50% Floor) | 7.83% | | 06/30/2028 | 664,716 |
| 681,575 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.75%, 0.50% Floor) | 8.09% | | 06/30/2028 | 681,674 |
| | Hightower Holding LLC | | | |
| 903,180 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.00%, 0.75% Floor) | 9.59% | | 04/21/2028 | 906,427 |
| | | | 4,264,364 |
| FINANCIAL INTERMEDIARIES - 0.3% |
| | Greystone Select Financial LLC | | | |
| 220,800 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 5.00%, 0.75% Floor) | 10.33% | | 06/19/2028 | 220,248 |
| | Walker & Dunlop, Inc. | | | |
| 355,875 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.25%, 0.50% Floor) | 7.68% | | 12/18/2028 | 355,875 |
| | | | 576,123 |
| FINANCIALS - 0.3% |
| | CPI Holdco B LLC | | | |
| 235,000 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.00%, 0.00% Floor) | 7.34% | | 05/19/2031 | 235,038 |
| | GTCR Everest Borrower LLC | | | |
| 310,000 | Senior Secured Term Loan (1 mo. Term SOFR + 3.00%) | 8.35% | | 06/03/2031 | 310,581 |
| | | | 545,619 |
| FOOD PRODUCTS - 1.0% |
| | CHG PPC Parent LLC | | | |
| 832,700 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.00%, 0.50% Floor) | 8.44% | | 12/08/2028 | 835,307 |
| | H-Food Holdings LLC | | | |
PRINCIPAL AMOUNT
$/SHARES | | SECURITY DESCRIPTION | | RATE | | | MATURITY | | VALUE $ |
| 219,622 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.69%, 0.00% Floor) | 9.03% | | 05/30/2025 | 161,628 |
| | Monogram Food Solutions LLC | | | |
| 828,750 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.00%, 0.50% Floor) | 9.46% | | 08/28/2028 | 830,822 |
| | | | 1,827,757 |
| HEALTHCARE - 10.6% |
| | ADMI Corp. | | | |
| 410,776 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.75%, 0.50% Floor) | 9.21% | | 12/23/2027 | 403,333 |
| 532,325 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 5.75%, 0.00% Floor) | 11.09% | | 12/23/2027 | 536,759 |
| | AthenaHealth Group, Inc. | | | |
| 1,141,651 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.25%, 0.50% Floor) | 8.58% | | 02/15/2029 | 1,139,334 |
| | Aveanna Healthcare LLC | | | |
| 580,434 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.75%, 0.50% Floor) | 9.18% | | 07/17/2028 | 557,219 |
| 376,650 | Senior Secured Second Lien Term Loan (3 mo. SOFR US + 7.00%, 0.50% Floor) | 12.43% | | 12/10/2029 | 347,930 |
| | Bausch + Lomb Corp. | | | |
| 1,142,297 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.25%, 0.50% Floor) | 8.68% | | 05/10/2027 | 1,131,588 |
| 277,900 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.00%, 0.00% Floor) | 9.44% | | 09/29/2028 | 277,728 |
| | Catalent Pharma Solutions, Inc. | | | |
| 567,666 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.00%, 0.50% Floor) | 7.44% | | 02/22/2028 | 568,092 |
| | CHG Healthcare Services, Inc. | | | |
| 547,957 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.25%, 0.50% Floor) | 8.71% | | 09/29/2028 | 549,439 |
| 49,263 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.75%, 0.50% Floor) | 9.06% | | 10/02/2028 | 49,464 |
| 537,787 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.75%, 0.50% Floor) | 9.06% | | 10/02/2028 | 539,973 |
| | CNT Holdings I Corp. | | | |
| 124,375 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.50%, 0.75% Floor) | 8.84% | | 11/08/2027 | 124,825 |
| | Concentra Health Services, Inc. | | | |
| 355,000 | Senior Secured Term Loan (1 mo. Term SOFR + 2.25%) | 7.59% | | 06/26/2031 | 356,775 |
| | Cotiviti, Inc. | | | |
| 802,988 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.25%, 0.00% Floor) | 8.59% | | 04/30/2031 | 800,980 |
| | FinThrive Software Intermediate Holdings, Inc. | | | |
| 301,035 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.00%, 0.50% Floor) | 9.44% | | 12/18/2028 | 246,473 |
| | Fortrea Holdings, Inc. | | | |
| 44,463 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.75%, 0.50% Floor) | 9.09% | | 07/01/2030 | 44,518 |
| | LifePoint Health, Inc. | | | |
| 1,152,031 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.75%, 0.00% Floor) | 10.08% | | 11/16/2028 | 1,159,739 |
| 125,000 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.00%) | 9.33% | | 05/14/2031 | 125,333 |
| | Maravai Intermediate Holdings LLC | | | |
| 492,307 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.00%, 0.50% Floor) | 8.33% | | 10/19/2027 | 487,384 |
| | Medline Borrower LP | | | |
| 235,000 | Senior Secured Term Loan (1 mo. Term SOFR + 2.25%) | 7.58% | | 10/23/2028 | 235,294 |
| 845,169 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.75%, 0.50% Floor) | 8.09% | | 10/23/2028 | 847,810 |
| | Option Care Health, Inc. | | | |
| 94,757 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.25%, 0.50% Floor) | 7.69% | | 10/27/2028 | 95,507 |
| | Pacific Dental Services, Inc. | | | |
PRINCIPAL AMOUNT
$/SHARES | | SECURITY DESCRIPTION | | RATE | | | MATURITY | | VALUE $ |
| 638,400 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.25%, 0.00% Floor) | 8.58% | | 03/17/2031 | 640,462 |
| | Packaging Coordinators Midco, Inc. | | | |
| 995,000 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.25%, 0.75% Floor) | 8.59% | | 11/30/2027 | 999,562 |
| | Phoenix Newco, Inc. | | | |
| 1,511,801 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.25%, 0.50% Floor) | 8.69% | | 11/15/2028 | 1,516,759 |
| | PointClickCare Technologies, Inc. | | | |
| 287,140 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.00%, 0.75% Floor) | 8.35% | | 12/29/2027 | 288,934 |
| | Radiology Partners T/L | | | |
688,499 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.50%, 0.00% Floor) | 9.09% | | 01/31/2029 | 654,763 |
| 9,711 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.50% + 1.50% PIK, 0.00% Floor) | 9.09% | | 01/31/2029 | 9,235 |
| | Radnet Management, Inc. | | | |
| 225,000 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 2.50%, 0.00% Floor) | 7.84% | | 04/10/2031 | 225,422 |
| | Select Medical Corp. | | | |
| 987,679 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.00%, 0.00% Floor) | 8.44% | | 03/05/2027 | 989,323 |
| | Sotera Health Holdings LLC | | | |
| 1,640,000 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.25%) | 8.59% | | 05/30/2031 | 1,639,318 |
| | Sound Inpatient Physicians Holdings LLC | | | |
| 300,000 | Senior Secured Second Lien Term Loan (3 mo. SOFR US + 6.75%, 0.00% Floor) | 12.09% | | 06/29/2026 | 48,470 |
| | Southern Veterinary Partners LLC | | | |
| 1,220,800 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.75%, 1.00% Floor) | 9.08% | | 10/05/2027 | 1,224,870 |
| | Team Health Holdings, Inc. | | | |
| 242,221 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 5.25%, 1.00% Floor) | 10.58% | | 03/02/2027 | 226,356 |
| | | | 19,088,971 |
| HOTELS/MOTELS/INNS AND CASINOS - 7.8% |
| | 1011778 BC ULC | | | |
| 360,000 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 1.75%, 0.00% Floor) | 7.09% | | 09/23/2030 | 359,545 |
| | Alterra Mountain Co. | | | |
| 825,209 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.25%, 0.00% Floor) | 8.58% | | 08/17/2028 | 828,993 |
| 402,750 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.50%, 0.00% Floor) | 8.83% | | 05/31/2030 | 405,456 |
| | Bally’s Corp. | | | |
| 764,706 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.25%, 0.50% Floor) | 8.84% | | 10/02/2028 | 727,985 |
| | Caesars Entertainment, Inc. | | | |
| 255,825 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.75%, 0.50% Floor) | 8.08% | | 02/06/2030 | 256,324 |
| 648,375 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 2.75%, 0.50% Floor) | 8.08% | | 02/06/2031 | 649,691 |
| | Carnival Corp. | | | |
| 87,750 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.75%, 0.75% Floor) | 8.09% | | 08/09/2027 | 88,299 |
| 468,988 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.75%, 0.75% Floor) | 8.09% | | 10/18/2028 | 470,819 |
| | Cedar Fair LP | | | |
| 255,000 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.00%, 0.00% Floor) | 7.33% | | 05/01/2031 | 254,881 |
| | ClubCorp Holdings, Inc. | | | |
| 568,242 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 5.00%, 0.00% Floor) | 10.34% | | 09/18/2026 | 571,936 |
| 23,191 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 5.00%, 0.00% Floor) | 10.34% | | 09/18/2026 | 23,342 |
| | Fertitta Entertainment LLC/NV | | | |
PRINCIPAL AMOUNT
$/SHARES | | SECURITY DESCRIPTION | | RATE | | | MATURITY | | VALUE $ |
| 1,658,130 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.75%, 0.50% Floor) | 9.33% | | 01/29/2029 | 1,661,961 |
| | Flutter Financing BV | | | |
| 223,875 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 2.25%, 0.50% Floor) | 7.69% | | 11/29/2030 | 224,272 |
| | Hilton Domestic Operating Co., Inc. | | | |
40,000 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 1.75%, 0.00% Floor) | 7.08% | | 11/08/2030 | 40,086 |
| | Hilton Grand Vacations Borrower LLC | | | |
| 443,888 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.75%, 0.00% Floor) | 8.20% | | 01/17/2031 | 444,442 |
| | LC Ahab US Bidco LLC | | | |
| 580,000 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.50%, 0.00% Floor) | 8.83% | | 05/01/2031 | 581,815 |
| | Motion Finco Sarl | | | |
| 1,012,463 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.50%, 0.00% Floor) | 8.83% | | 11/30/2029 | 1,013,982 |
| | Ontario Gaming GTA LP | | | |
| 940,752 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.25%, 0.50% Floor) | 9.58% | | 08/01/2030 | 946,482 |
| | PCI Gaming Authority | | | |
| 275,569 | Senior Secured Term Loan (1 mo. Term SOFR + 2.00%) | 7.34% | | 06/06/2031 | 275,431 |
| | Playa Resorts Holding BV | | | |
| 936,567 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.75%, 0.50% Floor) | 8.09% | | 01/05/2029 | 938,267 |
| | SMG US Midco 2, Inc. | | | |
| 918,269 | Senior Secured First Lien Term Loan (6 mo. SOFR US + 2.50%, 0.00% Floor) | 7.82% | | 01/23/2025 | 918,732 |
| 335,296 | Senior Secured First Lien Term Loan (6 mo. SOFR US + 2.50%, 0.00% Floor) | 7.82% | | 01/23/2025 | 335,466 |
| | Station Casinos LLC | | | |
| 264,338 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.25%, 0.00% Floor) | 7.58% | | 03/14/2031 | 264,538 |
| | Whatabrands LLC | | | |
| 943,993 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.75%, 0.50% Floor) | 8.08% | | 08/03/2028 | 945,295 |
| | Wyndham Hotels & Resorts, Inc. | | | |
| 924,265 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 1.75%, 0.00% Floor) | 7.09% | | 05/28/2030 | 926,511 |
| | | | 14,154,551 |
| INDUSTRIAL EQUIPMENT - 5.2% |
| | AI Aqua Merger Sub, Inc. | | | |
| 1,132,843 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.00%, 0.50% Floor) | 9.10% | | 07/31/2028 | 1,136,140 |
| | BCPE Empire Holdings, Inc. | | | |
| 1,001,449 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.00%, 0.50% Floor) | 9.34% | | 12/26/2028 | 1,002,891 |
| | Castlelake Aviation One DAC | | | |
| 570 | Senior Secured First Lien Term Loan (3 mo. LIBOR US + 2.75%, 0.50% Floor) | 7.85% | (c) | 10/22/2026 | 572 |
| 903,517 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 2.50%, 0.50% Floor) | 7.85% | | 10/22/2026 | 906,119 |
| | Columbus McKinnon Corp./NY | | | |
| 469,122 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 2.50%, 0.50% Floor) | 7.96% | | 05/15/2028 | 472,936 |
| | Crosby US Acquisition Corp. | | | |
| 218,900 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.00%, 0.50% Floor) | 9.33% | | 08/16/2029 | 220,382 |
| | Emrld Borrower LP | | | |
| 420,000 | Senior Secured Term Loan (1 mo. Term SOFR + 2.50%) | 7.83% | | 06/18/2031 | 420,525 |
| | Gates Global LLC | | | |
| 289,838 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.00%, 0.50% Floor) | 7.58% | | 11/16/2029 | 290,691 |
| | Lummus Technology Holdings V LLC | | | |
549,614 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.50%, 0.00% Floor) | 8.94% | | 12/31/2029 | 552,362 |
| | Madison IAQ LLC | | | |
PRINCIPAL AMOUNT
$/SHARES | | SECURITY DESCRIPTION | | RATE | | | MATURITY | | VALUE $ |
| 1,013,536 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.75%, 0.50% Floor) | 8.08% | | 06/21/2028 | 1,015,730 |
| | Restaurant Technologies, Inc. | | | |
| 840,726 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.25%, 0.50% Floor) | 9.55% | | 04/02/2029 | 819,485 |
| 79,808 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.25%, 0.50% Floor) | 9.55% | | 04/02/2029 | 77,792 |
| 79,808 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.25%, 0.50% Floor) | 9.55% | | 04/02/2029 | 77,792 |
| | Spin Holdco, Inc. | | | |
| 277,852 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.00%, 0.75% Floor) | 9.34% | | 03/06/2028 | 238,085 |
| | Titan Acquisition Ltd./Canada | | | |
| 845,000 | Senior Secured First Lien Term Loan (6 mo. SOFR US + 5.00%, 0.00% Floor) | 10.34% | | 02/15/2029 | 847,996 |
| | TK Elevator US Newco, Inc. | | | |
| 714,824 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.50%, 0.50% Floor) | 8.83% | | 04/30/2030 | 719,402 |
| 410,613 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.50%, 0.50% Floor) | 8.83% | | 04/30/2030 | 413,243 |
| | White Cap Buyer LLC | | | |
| 165,000 | Senior Secured Term Loan (1 mo. Term SOFR + 3.25%) | 8.58% | | 10/19/2029 | 165,469 |
| | | | 9,377,612 |
| INSURANCE - 3.8% |
| | Acrisure LLC | | | |
| 1,164,835 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.25%, 0.00% Floor) | 8.59% | | 11/06/2030 | 1,164,840 |
| | Alliant Holdings Intermediate LLC | | | |
| 805,950 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.50%, 0.50% Floor) | 8.83% | | 11/06/2030 | 808,843 |
| | AmWINS Group, Inc. | | | |
| 154,600 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.25%, 0.75% Floor) | 7.70% | | 02/22/2028 | 154,660 |
| | Ardonagh Group Finco Pty Ltd. | | | |
| 840,000 | Senior Secured Term Loan (1 mo. Term SOFR + 3.75%) | 9.09% | | 02/28/2031 | 835,800 |
| | AssuredPartners, Inc. | | | |
| 937,650 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.50%, 0.50% Floor) | 8.83% | | 02/14/2031 | 941,166 |
| | BroadStreet Partners, Inc. | | | |
| 445,000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%) | 8.58% | | 06/16/2031 | 444,333 |
| | Cross Financial Corp. | | | |
| 535,902 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.50%, 0.75% Floor) | 8.84% | | 09/15/2027 | 538,581 |
| | OneDigital Borrower LLC | | | |
| 533,632 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.25%, 0.50% Floor) | 9.75% | | 11/16/2027 | 532,965 |
| 1,155,000 | Senior Secured Term Loan (1 mo. Term SOFR + 3.25%) | 8.58% | | 06/13/2031 | 1,153,562 |
| 385,000 | Senior Secured Term Loan (1 mo. Term SOFR + 5.25%) | 10.58% | | 06/14/2032 | 384,038 |
| | | | 6,958,788 |
| MEDIA - 2.0% |
| | ABG Intermediate Holdings 2 LLC | | | |
| 520,000 | Senior Secured Term Loan (1 mo. Term SOFR + 2.75%) | 8.08% | | 12/21/2028 | 521,139 |
| | Acuris Finance US, Inc. | | | |
| 837,249 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.00%, 0.50% Floor) | 9.33% | | 02/16/2028 | 838,467 |
| | CMG Media Corp. | | | |
| 215,360 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.50%, 0.00% Floor) | 8.90% | | 12/17/2026 | 171,704 |
| | CSC Holdings LLC | | | |
| 709,443 | Senior Secured First Lien Term Loan (1 Month Synthetic LIBOR + 2.50%, 0.00% Floor) | 7.93% | (c) | 04/15/2027 | 591,388 |
| | Directv Financing LLC | | | |
| 408,875 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 5.00%, 0.75% Floor) | 10.44% | | 08/02/2027 | 410,204 |
PRINCIPAL AMOUNT
$/SHARES | | SECURITY DESCRIPTION | | RATE | | | MATURITY | | VALUE $ |
| | NEP Group, Inc. | | | |
| 657,449 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.25% + 1.50% PIK, 0.00% Floor) | 8.71% | | 08/19/2026 | 625,123 |
| 34,880 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.25% + 1.50% PIK, 0.00% Floor) | 8.71% | | 08/19/2026 | 33,165 |
| | United Talent Agency LLC | | | |
| 249,375 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.75%, 0.00% Floor) | 9.08% | | 07/07/2028 | 250,934 |
| | Univision Communications, Inc. | | | |
| 205,800 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.25%, 0.50% Floor) | 9.57% | | 06/25/2029 | 206,057 |
| | | | 3,648,181 |
| MINING - 0.2% |
| | Foresight Energy LLC | | | |
| 385,985 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 8.00%, 1.50% Floor) | 13.33% | (d) | 06/30/2027 | 385,985 |
| PHARMACEUTICALS - 1.3% |
| | Curium Bidco Sarl | | | |
| 367,348 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.00%, 0.00% Floor) | 9.35% | | 07/31/2029 | 369,417 |
| 242,615 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.00%, 0.00% Floor) | 9.35% | | 07/31/2029 | 243,981 |
| 107,800 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.00%, 0.00% Floor) | 9.35% | | 07/31/2029 | 108,407 |
| | Grifols Worldwide Operations USA, Inc. | | | |
| 594,516 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.00%, 0.00% Floor) | 7.47% | | 11/15/2027 | 585,599 |
| | Organon & Co. | | | |
| 343,331 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.50%, 0.50% Floor) | 7.84% | | 05/17/2031 | 343,974 |
| | Perrigo Investments LLC | | | |
| 709,182 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.25%, 0.50% Floor) | 7.69% | | 04/20/2029 | 708,738 |
| | | | 2,360,116 |
| REAL ESTATE - 0.8% |
| | Iron Mountain, Inc. | | | |
| 840,775 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.25%, 0.00% Floor) | 7.59% | | 01/31/2031 | 838,320 |
| | Starwood Property T/L B | | | |
| 507,275 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.75%, 0.00% Floor) | 8.09% | | 11/18/2027 | 509,811 |
| | | | 1,348,131 |
| RETAILERS (OTHER THAN FOOD/DRUG) - 3.5% |
| | Apro LLC | | | |
| 620,000 | Senior Secured Term Loan (1 mo. Term SOFR + 3.75%) | 9.08% | | 06/26/2031 | 620,775 |
| | EG America LLC | | | |
85,450 | Senior Secured First Lien Term Loan (Daily US Secured Overnight Financing Rate + 4.25%, 0.50% Floor) | 9.69% | | 03/31/2026 | 85,450 |
| 498,747 | Senior Secured First Lien Term Loan (Daily US Secured Overnight Financing Rate + 5.50%, 0.00% Floor) | 10.94% | | 02/07/2028 | 493,552 |
| | Great Outdoors Group LLC | | | |
| 964,912 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.75%, 0.75% Floor) | 9.21% | | 03/06/2028 | 965,317 |
| | Harbor Freight Tools USA, Inc. | | | |
| 440,000 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.50%) | 7.83% | | 06/11/2031 | 439,276 |
| | HomeServe USA Corp. | | | |
| 334,163 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.50%, 0.00% Floor) | 7.84% | | 10/21/2030 | 335,382 |
| | Mavis Tire Express Services Topco Corp. | | | |
| 775,934 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.75%, 0.75% Floor) | 9.08% | | 05/04/2028 | 778,626 |
| | Michaels Cos., Inc. | | | |
| 373,134 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.25%, 0.75% Floor) | 9.58% | | 04/17/2028 | 336,329 |
| | PetSmart LLC | | | |
PRINCIPAL AMOUNT
$/SHARES | | SECURITY DESCRIPTION | | RATE | | | MATURITY | | VALUE $ |
| 1,267,733 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.75%, 0.75% Floor) | 9.18% | | 02/14/2028 | 1,265,617 |
| | StubHub Holdco Sub LLC | | | |
| 645,303 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.75%, 0.00% Floor) | 10.08% | | 03/15/2030 | 646,313 |
| | Upbound Group, Inc. | | | |
| 368,017 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.75%, 0.50% Floor) | 8.09% | | 02/17/2028 | 369,782 |
| | | | 6,336,419 |
| TECHNOLOGY - 0.7% |
| | CommScope, Inc. | | | |
| 182,314 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.25%, 0.00% Floor) | 8.69% | | 04/06/2026 | 164,929 |
| | Modena Buyer LLC | | | |
| 500,000 | Senior Secured Term Loan (1 mo. Term SOFR + 4.50%) | 9.83% | | 04/21/2031 | 488,673 |
| | Tiger Acquisition LLC | | | |
| 603,222 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.25%, 0.50% Floor) | 8.68% | | 06/01/2028 | 599,216 |
| | | | 1,252,818 |
| TELECOMMUNICATIONS - 2.5% |
| | Altice France SA/France | | | |
| 719,246 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 5.50%, 0.00% Floor) | 10.83% | | 08/31/2028 | 530,444 |
| | Aventiv Technologies LLC | | | |
| 203,494 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 1.00%, 1.00% Floor) | 10.68% | | 07/31/2025 | 167,035 |
| 2,091 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 1.00%, 1.00% Floor) | 10.68% | | 07/31/2025 | 1,717 |
| 13,403 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 7.50%, 0.00% Floor) | 12.95% | | 07/31/2025 | 13,738 |
| | Connect Finco SARL | | | |
| 168,803 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.50%, 0.50% Floor) | 8.84% | | 12/11/2026 | 167,115 |
| | Frontier Communications Holdings LLC | | | |
| 690,000 | Senior Secured Term Loan (1 mo. Term SOFR + 3.50%) | 8.83% | | 07/01/2031 | 690,000 |
| | Gogo Intermediate Holdings LLC | | | |
843,978 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.75%, 0.75% Floor) | 9.21% | | 04/28/2028 | 842,687 |
| | Level 3 Financing T/L B1 | | | |
| 132,180 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 6.56%, 2.00% Floor) | 12.01% | | 04/16/2029 | 129,723 |
| 132,180 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 6.56%, 2.00% Floor) | 12.01% | | 04/15/2030 | 129,007 |
| | Telesat LLC | | | |
| 139,852 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 2.75%, 0.00% Floor) | 8.08% | | 12/07/2026 | 66,037 |
| | Virgin Media Bristol LLC | | | |
| 1,120,000 | Senior Secured First Lien Term Loan (6 mo. SOFR US + 3.25%, 0.00% Floor) | 8.68% | | 03/31/2031 | 1,060,197 |
| | Zayo Group Holdings, Inc. | | | |
| 473,773 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.00%, 0.00% Floor) | 8.44% | | 03/09/2027 | 413,763 |
| | Ziggo Financing Partnership | | | |
| 470,000 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.50%, 0.00% Floor) | 7.94% | | 04/28/2028 | 455,345 |
| | | | 4,666,808 |
| TRANSPORTATION - 3.7% |
| | AAdvantage Loyalty IP Ltd. | | | |
| 712,000 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.75%, 0.75% Floor) | 10.36% | | 04/20/2028 | 736,475 |
| | Air Canada | | | |
| 319,200 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 2.50%, 0.00% Floor) | 7.85% | | 03/21/2031 | 320,047 |
| | American Airlines, Inc. | | | |
| 887,885 | Senior Secured First Lien Term Loan (6 mo. SOFR US + 2.50%, 0.00% Floor) | 7.83% | | 06/04/2029 | 887,552 |
PRINCIPAL AMOUNT
$/SHARES | | SECURITY DESCRIPTION | | RATE | | | MATURITY | | VALUE $ |
| | ASP LS Acquisition Corp. | | | |
| 188,391 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.50%, 0.75% Floor) | 9.83% | | 05/08/2028 | 161,049 |
| | Brown Group Holding LLC | | | |
| 850,312 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.75%, 0.50% Floor) | 8.18% | | 06/07/2028 | 850,899 |
| | Echo Global Logistics, Inc. | | | |
| 383,447 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.75%, 0.50% Floor) | 8.94% | | 11/24/2028 | 379,792 |
| | Kenan Advantage Group, Inc. | | | |
| 598,500 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.75%, 0.00% Floor) | 9.09% | | 01/25/2029 | 602,241 |
| | Lasership, Inc. | | | |
| 135,000 | Senior Secured Second Lien Term Loan (3 mo. SOFR US + 7.50%, 0.00% Floor) | 12.81% | | 05/07/2029 | 98,606 |
| | Mileage Plus Holdings LLC | | | |
| 270,000 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 5.25%, 1.00% Floor) | 10.55% | | 06/21/2027 | 275,829 |
| | SkyMiles IP Ltd. | | | |
| 158,832 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.75%, 1.00% Floor) | 9.10% | | 10/20/2027 | 162,865 |
| | United Airlines, Inc. | | | |
| 802,988 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.75%, 0.00% Floor) | 8.09% | | 02/24/2031 | 805,999 |
| | WestJet Airlines Ltd. | | | |
| 66,569 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.00%, 1.00% Floor) | 8.43% | | 12/11/2026 | 66,847 |
| | WestJet Loyalty LP | | | |
| 985,000 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.75%, 0.00% Floor) | 9.18% | | 02/14/2031 | 990,664 |
| | WWEX Uni Topco Holdings LLC | | | |
332,424 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.00%, 0.75% Floor) | 9.59% | | 07/26/2028 | 333,803 |
| | | | 6,672,668 |
| UTILITIES - 1.5% |
| | CQP Holdco (Blackstone) T/L | | | |
| 693,263 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.25%, 0.00% Floor) | 7.59% | | 12/31/2030 | 694,313 |
| | Natgasoline LLC | | | |
| 548,507 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.50%, 0.00% Floor) | 8.94% | | 11/14/2025 | 546,793 |
| | NRG Energy, Inc. | | | |
| 418,950 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 2.00%, 0.00% Floor) | 7.33% | | 04/16/2031 | 419,526 |
| | PG&E Corp. | | | |
| 200,000 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.50%, 0.50% Floor) | 7.94% | | 06/23/2027 | 201,062 |
| | Vistra Zero Operating Co. LLC | | | |
| 289,275 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.75%, 0.00% Floor) | 8.09% | | 04/30/2031 | 290,974 |
| | WaterBridge Midstream Operating LLC | | | |
| 210,000 | Senior Secured Term Loan (1 mo. Term SOFR + 4.75%) | 10.09% | | 06/27/2029 | 208,950 |
| | WaterBridge NDB Operating LLC | | | |
| 310,000 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.50%, 0.00% Floor) | 9.83% | | 05/10/2029 | 312,068 |
| | | | 2,673,686 |
| | Total Bank Loans (Cost $158,963,697) | | 158,105,793 |
| COLLATERALIZED LOAN OBLIGATIONS - 2.8% |
| | Bridge Street CLO Ltd. | | | |
| 2,000,000 | Series 2024-1A-A (3 mo. Term SOFR + 1.60%, 1.60% Floor) | 6.92% | (e) | 04/20/2037 | 2,014,094 |
| | Crown City CLO | | | |
| 1,000,000 | Series 2023-5A-A1R (3 mo. Term SOFR + 1.60%, 1.60% Floor) | 6.92% | (e) | 04/20/2037 | 1,007,568 |
PRINCIPAL AMOUNT
$/SHARES | | SECURITY DESCRIPTION | | RATE | | | MATURITY | | VALUE $ |
| | Katayma CLO Ltd. | | | | |
| 2,000,000 | Series 2023-1A-A1 (3 mo. Term SOFR + 2.00%, 2.00% Floor) | 7.32% | (e) | 10/20/2036 | | 2,020,904 |
| | Total Collateralized Loan Obligations (Cost $5,000,000) | | | 5,042,566 |
| US CORPORATE BONDS - 3.8% |
| 298,000 | Allied Universal Holdco LLC / Allied Universal Finance Corp. | 6.63% | (e) | 07/15/2026 | | 297,375 |
| 2,000,000 | American Express Co.
(SOFR + 1.00%) | 6.34% | | 02/16/2028 | | 2,009,761 |
| 1,000,000 | Carnival Corp. | 4.00% | (e) | 08/01/2028 | | 939,743 |
| 2,000,000 | Charles Schwab Corp.
(SOFR + 1.05%) | 6.39% | | 03/03/2027 | | 2,019,930 |
| 1,000,000 | IRB Holding Corp. | 7.00% | (e) | 06/15/2025 | | 1,001,078 |
| 252,000 | Six Flags Theme Parks, Inc. | 7.00% | (e) | 07/01/2025 | | 253,398 |
| 400,000 | Univision Communications, Inc. | 7.38% | (e) | 06/30/2030 | | 372,387 |
| | Total US Corporate Bonds (Cost $6,847,402) | | | 6,893,672 |
| COMMON STOCKS - 0.1% |
| 22,003 | Flame Aggregator - Series R(d)(f) | | | | 132,458 |
| 2,186 | Flame Aggregator - Series U(d)(f) | | | | 13,160 |
| | Total Common Stocks (Cost $49,603) | | | 145,618 |
| SHORT TERM INVESTMENTS - 8.8% |
| 5,310,181 | First American Government Obligations Fund - U | 5.26% | (g) | | | 5,310,181 |
| 5,310,181 | JPMorgan US Government Money Market Fund - IM | 5.26% | (g) | | | 5,310,181 |
| 5,310,181 | MSILF Government Portfolio - Institutional | 5.23% | (g) | | | 5,310,181 |
| | Total Short Term Investments (Cost $15,930,543) | | | 15,930,543 |
| | Total Investments - 102.6% (Cost $186,791,245) | | 186,118,192 |
| | Other Liabilities in Excess of Assets - (2.6)% | | | | (4,633,069) |
| | NET ASSETS - 100.0% | | | $ | 181,485,123 |
| SECURITY TYPE BREAKDOWN as a % of Net Assets: | |
| Bank Loans | 87.1% |
| Short Term Investments | 8.8% |
| US Corporate Bonds | 3.8% |
| Collateralized Loan Obligations | 2.8% |
| Common Stocks | 0.1% |
| Other Assets and Liabilities | (2.6)% |
| Net Assets | 100.0% |
| | |
| INVESTMENT BREAKDOWN as a % of Net Assets: | |
| Electronics/Electric | 14.5% |
| Healthcare | 10.6% |
| Short Term Investments | 8.8% |
| Hotels/Motels/Inns and Casinos | 7.8% |
| Industrial Equipment | 5.2% |
| Chemicals/Plastics | 4.1% |
| Insurance | 3.8% |
| Commercial Services | 3.7% |
| Transportation | 3.7% |
| Retailers (other than Food/Drug) | 3.5% |
| Finance | 3.4% |
| Business Equipment and Services | 3.4% |
| Containers and Glass Products | 3.3% |
| Collateralized Loan Obligations | 2.8% |
| Energy | 2.7% |
| Telecommunications | 2.5% |
| Media | 2.2% |
| Consumer Products | 2.2% |
| Aerospace & Defense | 1.6% |
| Construction | 1.6% |
| Utilities | 1.5% |
| Pharmaceuticals | 1.3% |
| Banking | 1.1% |
| Building and Development (including Steel/Metals) | 1.1% |
| Food Products | 1.0% |
| Automotive | 0.8% |
| Real Estate | 0.8% |
| Technology | 0.7% |
| Leisure | 0.7% |
| Beverage and Tobacco | 0.6% |
| Food Service | 0.5% |
| Financial Intermediaries | 0.3% |
| Financials | 0.3% |
| Mining | 0.3% |
| Consumer Staples | 0.2% |
| Other Assets and Liabilities | (2.6)% |
| Net Assets | 100.0% |
| | |
| (a) | 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. |
| (b) | Security is in default or has failed to make a scheduled payment. Income is not being accrued. |
| (c) | Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date. |
| (d) | Value determined using significant unobservable inputs. |
| (e) | 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. |
| (f) | Non-income producing security. |
| (g) | Seven-day yield as of period end. |
| 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.
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 a 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 Board of Trustees (the “Board”) has adopted a pricing and valuation policy for use by the Fund and its Valuation Designee (as defined below) in calculating the Fund’s NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Fund has designated its primary investment adviser, either DoubleLine Capital LP (“DoubleLine Capital”) or DoubleLine Alternatives LP (“DoubleLine Alternatives”) (each, an “Adviser” and collectively, the “Advisers”), as applicable, as the “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. Each Adviser, as 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
Floating Rate Fund |
| Investments in Securities | | | |
| Level 1 | | | |
| Short Term Investments | | $ | 15,930,543 |
| Total Level 1 | | | 15,930,543 |
| Level 2 | | | |
| Bank Loans | | | 157,719,808 |
| US Corporate Bonds | | | 6,893,672 |
| Collateralized Loan Obligations | | | 5,042,566 |
| Total Level 2 | | | 169,656,046 |
| Level 3 | | | |
| Bank Loans | | | 385,985 |
| Common Stocks | | | 145,618 |
| Total Level 3 | | | 531,603 |
| Total | | $ | 186,118,192 |
| |
| See the Schedule of Investments for further disaggregation of investment categories. |
