| DoubleLine Yield Opportunities Fund | (Unaudited) | |
| Schedule of Investments | December 31, 2024 |
| PRINCIPAL AMOUNT $/SHARES | SECURITY DESCRIPTION | RATE | MATURITY | VALUE $ | ||||||||||
| ASSET BACKED OBLIGATIONS - 2.4% | ||||||||||||||
| Affirm, Inc. | ||||||||||||||
| 1,300,000 | Series 2023-B-D | 8.78 | %(a) | 09/15/2028 | 1,327,265 | |||||||||
| Apollo Aviation Securitization Equity Trust | ||||||||||||||
| 491,070 | Series 2024-1A-B | 6.90 | %(a) | 05/16/2049 | 499,347 | |||||||||
| 491,382 | Series 2024-2A-B | 6.61 | %(a) | 09/16/2049 | 487,314 | |||||||||
| Blue Stream Communications LLC | ||||||||||||||
| 2,500,000 | Series 2023-1A-C | 8.90 | %(a) | 05/20/2053 | 2,529,021 | |||||||||
| Castlelake Aircraft Securitization Trust | ||||||||||||||
| 1,530,191 | Series 2021-1A-C | 7.00 | %(a) | 01/15/2046 | 1,456,753 | |||||||||
| Compass Datacenters LLC | ||||||||||||||
| 750,000 | Series 2024-1A-B | 7.00 | %(a) | 02/25/2049 | 756,315 | |||||||||
| JetBlue Airways Corp. | ||||||||||||||
| 998,095 | Series 2019-1 | 8.00 | % | 11/15/2027 | 1,013,067 | |||||||||
| JOL Air Ltd. | ||||||||||||||
| 3,275,571 | Series 2019-1-B | 4.95 | %(a) | 04/15/2044 | 3,219,775 | |||||||||
| Kestrel Aircraft Funding USA LLC | ||||||||||||||
| 881,563 | Series 2018-1A-A | 4.25 | %(a) | 12/15/2038 | 871,491 | |||||||||
| MACH 1 Cayman Ltd. | ||||||||||||||
| 868,376 | Series 2019-1-B | 4.34 | %(a) | 10/15/2039 | 736,326 | |||||||||
| Marlette Funding Trust | ||||||||||||||
| 8,192 | Series 2021-1A-R | 0.00 | %(a)(b)(c) | 06/16/2031 | 117,430 | |||||||||
| Pagaya AI Debt Selection Trust | ||||||||||||||
| 2,425,852 | Series 2021-3-CERT | 0.00 | %(a)(b)(c) | 05/15/2029 | 25,440 | |||||||||
| 2,303,922 | Series 2021-5-CERT | 0.00 | %(a)(b)(c) | 08/15/2029 | 86,427 | |||||||||
| 205,383 | Series 2022-2-AB | 6.63 | %(a)(d) | 01/15/2030 | 205,847 | |||||||||
| SOFI Alternative Trust | ||||||||||||||
| 55,000 | Series 2021-2-R1 | 0.00 | %(a)(b)(c) | 08/15/2030 | 229,864 | |||||||||
| SoFi Professional Loan Program LLC | ||||||||||||||
| 20,000 | Series 2018-C-R1 | 0.00 | %(a)(b)(c) | 01/25/2048 | 157,792 | |||||||||
| Start Ltd./Bermuda | ||||||||||||||
| 216,590 | Series 2019-1-C | 6.41 | %(a) | 03/15/2044 | 204,444 | |||||||||
| Start/Bermuda | ||||||||||||||
| 2,299,470 | Series 2018-1-A | 4.09 | %(a) | 05/15/2043 | 2,280,582 | |||||||||
| Switch ABS Issuer LLC | ||||||||||||||
| 1,000,000 | Series 2024-2A-C | 10.03 | %(a) | 06/25/2054 | 1,036,157 | |||||||||
| Upstart Securitization Trust | ||||||||||||||
| 4,000 | Series 2021-2-CERT | 0.00 | %(b)(c) | 06/20/2031 | 347,175 | |||||||||
| 500,000 | Series 2021-4-C | 3.19 | %(a) | 09/20/2031 | 483,667 | |||||||||
| 3,300 | Series 2021-5-CERT | 0.00 | %(a)(b)(c) | 11/20/2031 | 165,318 | |||||||||
| Total Asset Backed Obligations (Cost $17,151,464) | 18,236,817 | |||||||||||||
| BANK LOANS - 16.4% | ||||||||||||||
| AAdvantage Loyalty IP Ltd. | ||||||||||||||
| 847,000 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.75%, 0.75% Floor) | 9.63 | % | 04/20/2028 | 870,966 | |||||||||
| Access CIG LLC | ||||||||||||||
| 1,956,289 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 5.00%, 0.50% Floor) | 9.59 | % | 08/18/2028 | 1,977,770 | |||||||||
| ADMI Corp. | ||||||||||||||
| 1,116,346 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.75%, 0.50% Floor) | 8.22 | % | 12/23/2027 | 1,099,601 | |||||||||
| 905,850 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 5.75%, 0.00% Floor) | 10.11 | % | 12/23/2027 | 911,512 | |||||||||
| PRINCIPAL AMOUNT $/SHARES | SECURITY DESCRIPTION | RATE | MATURITY | VALUE $ | ||||||||||
| Allied Universal Holdco LLC | ||||||||||||||
| 1,012,154 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.75%, 0.50% Floor) | 8.21 | % | 05/15/2028 | 1,016,719 | |||||||||
| Altice France SA | ||||||||||||||
| 545,844 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 5.50%, 0.00% Floor) | 10.16 | % | 08/31/2028 | 439,814 | |||||||||
| Alvaria Holdco (Aspect Software) Second-Out T/L | ||||||||||||||
| 573,797 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 1.00%, 0.75% Floor) | 5.46 | % | 05/05/2028 | 239,560 | |||||||||
| 30,211 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 1.00% or 5.50% PIK, 0.75% Floor) | 5.46 | % | 05/05/2028 | 12,613 | |||||||||
| Alvaria Holdco (Aspect Software) Third-Out T/L A | ||||||||||||||
| 1,340,008 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.00%, 0.75% Floor) | 6.46 | % | 05/05/2028 | 60,300 | |||||||||
| 59,488 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.00% or 6.50% PIK, 0.75% Floor) | 6.46 | % | 05/05/2028 | 2,677 | |||||||||
| American Tire Distributors, Inc. | ||||||||||||||
| 1,415,309 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 8.25%, 0.75% Floor) | 13.16 | %(e) | 10/23/2028 | 636,889 | |||||||||
| Applied Systems, Inc. | ||||||||||||||
| 670,000 | Senior Secured Second Lien Term Loan (3 mo. SOFR US + 5.25%, 0.00% Floor) | 9.85 | % | 02/23/2032 | 690,458 | |||||||||
| Apro LLC | ||||||||||||||
| 1,022,438 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.75%, 0.00% Floor) | 8.27 | % | 07/09/2031 | 1,033,725 | |||||||||
| Artera Services LLC | ||||||||||||||
| 1,960,188 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.50%, 0.00% Floor) | 8.83 | % | 02/10/2031 | 1,946,437 | |||||||||
| Ascend Learning LLC | ||||||||||||||
| 3,022,391 | Senior Secured Second Lien Term Loan (1 mo. SOFR US + 5.75%, 0.50% Floor) | 10.21 | % | 12/10/2029 | 3,005,390 | |||||||||
| Aspire Bakeries Holdings LLC | ||||||||||||||
| 613,455 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.25%, 0.00% Floor) | 8.61 | % | 12/23/2030 | 620,356 | |||||||||
| Astra Acquisition Corp. | ||||||||||||||
| 275,838 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 6.75%, 2.00% Floor) | 11.35 | % | 02/25/2028 | 185,501 | |||||||||
| 438,485 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 5.25%, 2.00% Floor) | 9.85 | % | 10/25/2028 | 32,156 | |||||||||
| 3,249,219 | Senior Secured Second Lien Term Loan (3 mo. SOFR US + 8.88%, 0.75% Floor) | 13.47 | % | 10/25/2029 | 229,476 | |||||||||
| Asurion LLC | ||||||||||||||
| 305,000 | Senior Secured Second Lien Term Loan (1 mo. SOFR US + 5.25%, 0.00% Floor) | 9.94 | % | 02/03/2028 | 298,792 | |||||||||
| 1,425,000 | Senior Secured Second Lien Term Loan (1 mo. SOFR US + 5.25%, 0.00% Floor) | 9.72 | % | 01/22/2029 | 1,379,685 | |||||||||
| Aveanna Healthcare LLC | ||||||||||||||
| 2,800,000 | Senior Secured Second Lien Term Loan (3 mo. SOFR US + 7.00%, 0.50% Floor) | 11.66 | % | 12/10/2029 | 2,709,000 | |||||||||
| Bausch + Lomb Corp. | ||||||||||||||
| 406,658 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.25%, 0.50% Floor) | 7.69 | % | 05/10/2027 | 408,710 | |||||||||
| 952,938 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.00%, 0.00% Floor) | 8.33 | % | 09/29/2028 | 959,194 | |||||||||
| BCPE Empire Holdings, Inc. | ||||||||||||||
| 194,025 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.50%, 0.50% Floor) | 7.86 | % | 12/26/2028 | 195,340 | |||||||||
| Boxer Parent Co., Inc. | ||||||||||||||
| 2,040,000 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.75%, 0.00% Floor) | 8.34 | % | 07/30/2031 | 2,059,360 | |||||||||
| 2,890,000 | Senior Secured Second Lien Term Loan (3 mo. SOFR US + 5.75%, 0.00% Floor) | 10.34 | % | 07/30/2032 | 2,851,476 | |||||||||
| Brand Industrial Services, Inc. | ||||||||||||||
| 1,148,837 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.50%, 0.50% Floor) | 9.07 | % | 08/01/2030 | 1,120,226 | |||||||||
| PRINCIPAL AMOUNT $/SHARES | SECURITY DESCRIPTION | RATE | MATURITY | VALUE $ | ||||||||||
| Carnival Corp. | ||||||||||||||
| 117,555 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.75%, 0.75% Floor) | 7.11 | % | 08/09/2027 | 118,565 | |||||||||
| Cengage Learning, Inc. | ||||||||||||||
| 277,204 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.50%, 1.00% Floor) | 7.86 | % | 11/24/2031 | 278,986 | |||||||||
| 478,996 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.50%, 1.00% Floor) | 8.01 | % | 11/24/2031 | 482,076 | |||||||||
| Central Parent LLC | ||||||||||||||
| 633,413 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.25%, 0.00% Floor) | 7.85 | % | 07/06/2029 | 625,853 | |||||||||
| ClubCorp Holdings, Inc. | ||||||||||||||
| 1,646,292 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 5.00%, 0.00% Floor) | 9.33 | % | 09/18/2026 | 1,653,330 | |||||||||
| 67,112 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 5.00%, 0.00% Floor) | 9.33 | % | 09/18/2026 | 67,399 | |||||||||
| Constant Contact, Inc. | ||||||||||||||
| 4,500,000 | Senior Secured Second Lien Term Loan (3 mo. SOFR US + 7.50%, 0.00% Floor) | 12.42 | % | 02/12/2029 | 3,674,993 | |||||||||
| CoreLogic, Inc. | ||||||||||||||
| 245,558 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.50%, 0.50% Floor) | 8.19 | % | 06/02/2028 | 242,905 | |||||||||
| Cornerstone Building Brands, Inc. | ||||||||||||||
| 523,688 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.50%, 0.50% Floor) | 8.90 | % | 05/15/2031 | 505,851 | |||||||||
| Crosby US Acquisition Corp. | ||||||||||||||
| 501,219 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.50%, 0.50% Floor) | 8.07 | % | 08/16/2029 | 506,985 | |||||||||
| Crown Finance US, Inc. | ||||||||||||||
| 700,000 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 5.25%, 0.00% Floor) | 9.80 | % | 12/02/2031 | 701,204 | |||||||||
| Dcert Buyer, Inc. | ||||||||||||||
| 465,117 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.00%, 0.00% Floor) | 8.36 | % | 10/16/2026 | 448,003 | |||||||||
| 940,000 | Senior Secured Second Lien Term Loan (1 mo. SOFR US + 7.00%, 0.00% Floor) | 11.36 | % | 02/16/2029 | 766,100 | |||||||||
| Deerfield Dakota Holding LLC | ||||||||||||||
| 2,447,895 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.75%, 1.00% Floor) | 8.35 | % | 04/09/2027 | 2,399,708 | |||||||||
| Dexko Global, Inc. | ||||||||||||||
| 693,218 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.75%, 0.50% Floor) | 8.34 | % | 10/04/2028 | 657,091 | |||||||||
| 782,100 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.25%, 0.00% Floor) | 8.87 | % | 10/04/2028 | 750,120 | |||||||||
| DG Investment Intermediate Holdings 2, Inc. | ||||||||||||||
| 2,035,000 | Senior Secured Second Lien Term Loan (1 mo. SOFR US + 6.75%, 0.75% Floor) | 11.22 | % | 03/29/2029 | 2,030,869 | |||||||||
| Directv Financing LLC | ||||||||||||||
| 3,017,764 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 5.25%, 0.75% Floor) | 10.10 | % | 08/02/2029 | 2,968,966 | |||||||||
| Edelman Financial Engines Center LLC | ||||||||||||||
| 3,025,000 | Senior Secured Second Lien Term Loan (1 mo. SOFR US + 5.25%, 0.00% Floor) | 9.61 | % | 10/06/2028 | 3,056,203 | |||||||||
| Edgewater Generation LLC | ||||||||||||||
| 1,217,949 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.25%, 0.00% Floor) | 8.61 | % | 08/01/2030 | 1,236,656 | |||||||||
| EG America LLC | ||||||||||||||
| 2,417,707 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.25%, 0.00% Floor) | 8.61 | % | 02/07/2028 | 2,438,354 | |||||||||
| Eisner Advisory Group LLC | ||||||||||||||
| 1,198,652 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.00%, 0.50% Floor) | 8.36 | % | 02/28/2031 | 1,213,851 | |||||||||
| Element Materials Technology Group US Holdings, Inc. | ||||||||||||||
| 225,400 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.75%, 0.50% Floor) | 8.08 | % | 06/25/2029 | 227,162 | |||||||||
| PRINCIPAL AMOUNT $/SHARES | SECURITY DESCRIPTION | RATE | MATURITY | VALUE $ | ||||||||||
| Ellucian Holdings, Inc. | ||||||||||||||
| 337,282 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.00%, 0.00% Floor) | 7.36 | % | 10/29/2029 | 339,981 | |||||||||
| 620,000 | Senior Secured Second Lien Term Loan (1 mo. SOFR US + 4.75%, 0.00% Floor) | 9.11 | % | 11/22/2032 | 633,435 | |||||||||
| Fertitta Entertainment LLC/NV | ||||||||||||||
| 1,925,241 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.50%, 0.50% Floor) | 7.86 | % | 01/29/2029 | 1,934,771 | |||||||||
| FinThrive Software Intermediate Holdings, Inc. | ||||||||||||||
| 785,000 | Senior Secured Second Lien Term Loan (1 mo. SOFR US + 6.75%, 0.50% Floor) | 11.47 | % | 12/17/2029 | 332,840 | |||||||||
| Flynn America LP | ||||||||||||||
| 541,125 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.50%, 0.50% Floor) | 8.97 | % | 07/31/2028 | 539,772 | |||||||||
| 541,125 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.50%, 0.50% Floor) | 8.97 | % | 07/31/2028 | 539,772 | |||||||||
| Gainwell Acquisition Corp. | ||||||||||||||
| 3,560,045 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.00%, 0.75% Floor) | 8.69 | % | 10/01/2027 | 3,457,196 | |||||||||
| Garda World Security Corp. | ||||||||||||||
| 1,111,529 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.50%, 0.00% Floor) | 7.90 | % | 02/01/2029 | 1,117,787 | |||||||||
| GIP II Blue Holding LP | ||||||||||||||
| 128,679 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.75%, 1.00% Floor) | 8.11 | % | 09/29/2028 | 129,752 | |||||||||
| Golden State Foods LLC | ||||||||||||||
| 1,210,000 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.25%, 0.00% Floor) | 8.77 | % | 12/04/2031 | 1,222,288 | |||||||||
| Grant Thornton LLP/Chicago | ||||||||||||||
| 319,200 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.25%, 0.00% Floor) | 7.82 | % | 05/30/2031 | 319,669 | |||||||||
| Groupe Solmax, Inc. | ||||||||||||||
| 268,545 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.75%, 0.75% Floor) | 9.22 | % | 07/24/2028 | 248,025 | |||||||||
| 186,957 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.75%, 0.75% Floor) | 9.22 | % | 07/24/2028 | 172,672 | |||||||||
| 186,490 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.75%, 0.75% Floor) | 9.34 | % | 07/24/2028 | 172,240 | |||||||||
| 343,141 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.75%, 0.75% Floor) | 9.34 | % | 07/24/2028 | 316,921 | |||||||||
| Helios Software Holdings, Inc. | ||||||||||||||
| 923,400 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.50%, 0.00% Floor) | 8.09 | % | 07/15/2030 | 929,979 | |||||||||
| Hexion Holdings Corp. | ||||||||||||||
| 2,416,720 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.00%, 0.00% Floor) | 8.45 | % | 03/15/2029 | 2,421,070 | |||||||||
| INEOS US Finance LLC | ||||||||||||||
| 2,093,890 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.25%, 0.00% Floor) | 7.61 | % | 02/19/2030 | 2,105,856 | |||||||||
| INEOS US Petrochem LLC | ||||||||||||||
| 1,007,388 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.25%, 0.00% Floor) | 8.71 | % | 03/29/2029 | 1,016,202 | |||||||||
| 1,735,000 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.25%, 0.00% Floor) | 8.61 | % | 10/07/2031 | 1,754,519 | |||||||||
| Kenan Advantage Group, Inc. | ||||||||||||||
| 1,052,063 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.25%, 0.00% Floor) | 7.61 | % | 01/25/2029 | 1,059,959 | |||||||||
| Klockner Pentaplast of America, Inc. | ||||||||||||||
| 1,163,953 | Senior Secured First Lien Term Loan (6 mo. SOFR US + 4.73%, 0.50% Floor) | 9.72 | % | 02/09/2026 | 1,067,927 | |||||||||
| Kronos Acquisition Holdings, Inc. | ||||||||||||||
| 1,780,538 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.00%, 0.00% Floor) | 8.58 | % | 07/08/2031 | 1,685,946 | |||||||||
| Lasership T/L E | ||||||||||||||
| 241,500 | Senior Secured Term Loan (1 mo. SOFR US + 7.50%, 0.75% Floor) | 12.28 | %(f) | 08/10/2029 | 93,783 | |||||||||
| PRINCIPAL AMOUNT $/SHARES | SECURITY DESCRIPTION | RATE | MATURITY | VALUE $ | ||||||||||
| LBM Acquisition LLC | ||||||||||||||
| 2,444,424 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.75%, 0.75% Floor) | 8.30 | % | 06/06/2031 | 2,427,618 | |||||||||
| Lereta LLC | ||||||||||||||
| 371,078 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 5.25%, 0.75% Floor) | 9.72 | % | 08/07/2028 | 331,563 | |||||||||
| LifePoint Health, Inc. | ||||||||||||||
| 269,325 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.50%, 1.00% Floor) | 7.96 | % | 05/19/2031 | 270,251 | |||||||||
| 1,308,433 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.75%, 0.00% Floor) | 8.41 | % | 05/19/2031 | 1,314,707 | |||||||||
| Mitchell International, Inc. | ||||||||||||||
| 3,310,000 | Senior Secured Second Lien Term Loan (1 mo. SOFR US + 5.25%, 0.00% Floor) | 9.82 | % | 06/17/2032 | 3,282,428 | |||||||||
| Modena Buyer LLC | ||||||||||||||
| 1,215,000 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.50%, 0.00% Floor) | 9.10 | % | 07/01/2031 | 1,179,850 | |||||||||
| Monogram Food Solutions LLC | ||||||||||||||
| 907,661 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.00%, 0.50% Floor) | 8.47 | % | 08/28/2028 | 896,315 | |||||||||
| Natgasoline LLC | ||||||||||||||
| 653,212 | Senior Secured First Lien Term Loan (6 mo. SOFR US + 3.50%, 0.00% Floor) | 9.02 | % | 11/14/2025 | 649,946 | |||||||||
| Needle Holdings LLC | ||||||||||||||
| 93,394 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 9.50%, 0.00% Floor) | 14.10 | % | 04/28/2028 | 72,381 | |||||||||
| NEP Group, Inc. | ||||||||||||||
| 61,570 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.25% + 1.50% PIK, 0.00% Floor) | 8.12 | % | 08/19/2026 | 56,429 | |||||||||
| 2,696,833 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.25% + 1.50% PIK, 0.00% Floor) | 8.12 | % | 08/19/2026 | 2,471,647 | |||||||||
| NGL Energy Operating LLC | ||||||||||||||
| 302,713 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.75%, 0.00% Floor) | 8.32 | % | 02/03/2031 | 304,007 | |||||||||
| OneDigital Borrower LLC | ||||||||||||||
| 2,570,000 | Senior Secured Second Lien Term Loan (1 mo. SOFR US + 5.25%, 0.50% Floor) | 9.61 | % | 07/02/2032 | 2,564,384 | |||||||||
| Ontario Gaming GTA LP | ||||||||||||||
| 2,270,529 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.25%, 0.50% Floor) | 8.89 | % | 08/01/2030 | 2,278,033 | |||||||||
| Par Petroleum LLC | ||||||||||||||
| 997,243 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.75%, 0.50% Floor) | 8.33 | % | 02/28/2030 | 995,997 | |||||||||
| Polaris Newco LLC | ||||||||||||||
| 1,844,977 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.00%, 0.50% Floor) | 8.85 | % | 06/05/2028 | 1,850,632 | |||||||||
| Pretium PKG Holdings, Inc. | ||||||||||||||
| 960,000 | Senior Secured Second Lien Term Loan (3 mo. SOFR US + 6.75%, 0.50% Floor) | 11.53 | % | 10/01/2029 | 361,099 | |||||||||
| Pretzel Parent T/L B | ||||||||||||||
| 550,000 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.50%, 0.00% Floor) | 8.86 | % | 10/01/2031 | 555,500 | |||||||||
| Radiology Partners, Inc. | ||||||||||||||
| 15,144 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.50% + 1.50% PIK, 0.00% Floor) | 8.28 | % | 01/31/2029 | 15,004 | |||||||||
| 1,120,039 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.50% + 1.50% PIK, 0.00% Floor) | 8.28 | % | 01/31/2029 | 1,109,678 | |||||||||
| Restaurant Technologies, Inc. | ||||||||||||||
| 298,121 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.25%, 0.50% Floor) | 8.85 | % | 04/02/2029 | 293,370 | |||||||||
| 3,121,384 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.25%, 0.50% Floor) | 8.85 | % | 04/02/2029 | 3,071,645 | |||||||||
| 298,121 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.25%, 0.50% Floor) | 8.85 | % | 04/02/2029 | 293,370 | |||||||||
| Skillsoft Finance II, Inc. | ||||||||||||||
| 460,999 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 5.25%, 0.75% Floor) | 9.72 | % | 07/14/2028 | 405,902 | |||||||||
| PRINCIPAL AMOUNT $/SHARES | SECURITY DESCRIPTION | RATE | MATURITY | VALUE $ | ||||||||||
| Staples, Inc. | ||||||||||||||
| 628,425 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 5.75%, 0.50% Floor) | 10.18 | % | 09/10/2029 | 602,210 | |||||||||
| StubHub Holdco Sub LLC | ||||||||||||||
| 3,020,057 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.75%, 0.00% Floor) | 9.11 | % | 03/15/2030 | 3,031,383 | |||||||||
| Team Health Holdings, Inc. | ||||||||||||||
| 2,007,943 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 5.25%, 1.00% Floor) | 9.84 | % | 03/02/2027 | 1,946,952 | |||||||||
| Titan Acquisition Ltd./Canada | ||||||||||||||
| 2,950,175 | Senior Secured First Lien Term Loan (6 mo. SOFR US + 4.50%, 0.00% Floor) | 8.78 | % | 02/15/2029 | 2,978,762 | |||||||||
| Travelport Finance Luxembourg Sarl | ||||||||||||||
| 400,125 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 1.41%, 1.00% Floor) | 11.32 | % | 09/29/2028 | 375,741 | |||||||||
| 1,220,570 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 1.41%, 1.00% Floor) | 11.32 | % | 09/29/2028 | 1,146,189 | |||||||||
| Trident TPI Holdings, Inc. | ||||||||||||||
| 555,786 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.75%, 0.50% Floor) | 8.19 | % | 09/18/2028 | 561,469 | |||||||||
| Triton Water Holdings, Inc. | ||||||||||||||
| 1,523,163 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.25%, 0.50% Floor) | 7.84 | % | 03/31/2028 | 1,537,070 | |||||||||
| United Natural Foods, Inc. | ||||||||||||||
| 1,084,550 | Senior Secured First Lien Term Loan (1 mo. Term SOFR US + 4.75%, 0.00% Floor) | 9.44 | % | 05/01/2031 | 1,104,343 | |||||||||
| Univision Communications, Inc. | ||||||||||||||
| 1,857,342 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.25%, 0.50% Floor) | 8.85 | % | 06/25/2029 | 1,868,375 | |||||||||
| Vantage Specialty Chemicals, Inc. | ||||||||||||||
| 1,198,094 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.75%, 0.50% Floor) | 9.11 | % | 10/26/2026 | 1,187,610 | |||||||||
| Verde Purchaser LLC | ||||||||||||||
| 394,010 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.50%, 0.00% Floor) | 9.10 | % | 11/29/2030 | 395,734 | |||||||||
| Vibrantz Technologies, Inc. | ||||||||||||||
| 871,111 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.25%, 0.50% Floor) | 9.06 | % | 04/23/2029 | 860,466 | |||||||||
| Victra Holdings LLC | ||||||||||||||
| 778,955 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 5.25%, 0.75% Floor) | 9.61 | % | 03/29/2029 | 790,152 | |||||||||
| Vortex Opco LLC | ||||||||||||||
| 540,155 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.25%, 0.50% Floor) | 9.03 | % | 12/17/2028 | 343,268 | |||||||||
| VT Topco, Inc. | ||||||||||||||
| 891,028 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.00%, 0.00% Floor) | 7.33 | % | 08/12/2030 | 898,348 | |||||||||
| Wand NewCo 3, Inc. | ||||||||||||||
| 518,227 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.25%, 0.00% Floor) | 7.61 | % | 01/30/2031 | 520,995 | |||||||||
| 311,927 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.25%, 0.00% Floor) | 7.61 | % | 01/30/2031 | 313,592 | |||||||||
| WaterBridge Midstream Operating LLC | ||||||||||||||
| 1,740,638 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.75%, 0.00% Floor) | 9.08 | % | 06/27/2029 | 1,736,286 | |||||||||
| Total Bank Loans (Cost $134,705,365) | 126,907,996 | |||||||||||||
| COLLATERALIZED LOAN OBLIGATIONS - 15.5% | ||||||||||||||
| Aimco CDO | ||||||||||||||
| 500,000 | Series 2019-10A-ERR (3 mo. Term SOFR + 5.65%, 5.65% Floor) | 10.28 | %(a) | 07/22/2037 | 512,213 | |||||||||
| 2,000,000 | Series 2021-15A-E (3 mo. Term SOFR + 6.21%, 5.95% Floor) | 10.86 | %(a) | 10/17/2034 | 2,015,749 | |||||||||
| PRINCIPAL AMOUNT $/SHARES | SECURITY DESCRIPTION | RATE | MATURITY | VALUE $ | ||||||||||
| Babson CLO Ltd./Cayman Islands | ||||||||||||||
| 1,500,000 | Series 2019-2A-D1RR (3 mo. Term SOFR + 2.90%, 2.90% Floor) | 7.37 | %(a) | 01/15/2038 | 1,522,352 | |||||||||
| 2,000,000 | Series 2020-1A-ER (3 mo. Term SOFR + 6.91%, 6.65% Floor) | 11.57 | %(a) | 10/15/2036 | 2,000,100 | |||||||||
| Bain Capital Credit CLO | ||||||||||||||
| 8,000,000 | Series 2019-3A-ER (3 mo. Term SOFR + 7.36%, 7.36% Floor) | 11.98 | %(a) | 10/21/2034 | 7,797,841 | |||||||||
| 1,250,000 | Series 2022-3A-E (3 mo. Term SOFR + 7.35%, 7.35% Floor) | 12.00 | %(a) | 07/17/2035 | 1,260,694 | |||||||||
| Buttermilk Park CLO | ||||||||||||||
| 750,000 | Series 2018-1A-E (3 mo. Term SOFR + 6.01%, 5.75% Floor) | 10.67 | %(a) | 10/15/2031 | 757,342 | |||||||||
| Canyon Capital CLO Ltd. | ||||||||||||||
| 1,000,000 | Series 2021-1A-E (3 mo. Term SOFR + 6.67%, 6.41% Floor) | 11.33 | %(a) | 04/15/2034 | 989,417 | |||||||||
| Canyon CLO | ||||||||||||||
| 1,850,000 | Series 2020-2A-ER (3 mo. Term SOFR + 6.79%, 6.53% Floor) | 11.45 | %(a) | 10/15/2034 | 1,866,597 | |||||||||
| 2,000,000 | Series 2021-3A-E (3 mo. Term SOFR + 6.46%, 6.20% Floor) | 11.12 | %(a) | 07/15/2034 | 2,016,034 | |||||||||
| Carlyle Global Market Strategies | ||||||||||||||
| 1,875,000 | Series 2020-2A-DR (3 mo. Term SOFR + 6.96%, 6.70% Floor) | 11.59 | %(a) | 01/25/2035 | 1,902,589 | |||||||||
| CIFC Funding Ltd. | ||||||||||||||
| 2,000,000 | Series 2013-1A-DR (3 mo. Term SOFR + 6.91%, 0.00% Floor) | 11.56 | %(a) | 07/16/2030 | 2,011,264 | |||||||||
| 3,350,000 | Series 2013-3RA-D (3 mo. Term SOFR + 6.16%, 5.90% Floor) | 10.80 | %(a) | 04/24/2031 | 3,355,374 | |||||||||
| 1,750,000 | Series 2017-5A-ER (3 mo. Term SOFR + 6.15%, 6.15% Floor) | 10.80 | %(a) | 07/17/2037 | 1,800,444 | |||||||||
| 4,650,000 | Series 2019-3A-DR (3 mo. Term SOFR + 7.06%, 6.80% Floor) | 11.71 | %(a) | 10/16/2034 | 4,707,244 | |||||||||
| 2,000,000 | Series 2020-1A-ER (3 mo. Term SOFR + 6.51%, 6.51% Floor) | 11.17 | %(a) | 07/15/2036 | 2,020,655 | |||||||||
| Dryden Senior Loan Fund | ||||||||||||||
| 2,000,000 | Series 2017-54A-E (3 mo. Term SOFR + 6.46%, 0.00% Floor) | 11.08 | %(a) | 10/19/2029 | 2,003,083 | |||||||||
| 1,000,000 | Series 2020-77A-ER (3 mo. Term SOFR + 6.13%, 6.13% Floor) | 10.65 | %(a) | 05/20/2034 | 979,749 | |||||||||
| 2,500,000 | Series 2021-87A-E (3 mo. Term SOFR + 6.41%, 6.15% Floor) | 10.93 | %(a) | 05/20/2034 | 2,526,031 | |||||||||
| Highbridge Loan Management Ltd. | ||||||||||||||
| 2,000,000 | Series 13A-18-E (3 mo. Term SOFR + 5.76%, 5.50% Floor) | 10.42 | %(a) | 10/15/2030 | 2,012,647 | |||||||||
| 1,550,000 | Series 2013-2A-CR (3 mo. Term SOFR + 3.16%, 2.90% Floor) | 7.78 | %(a) | 10/20/2029 | 1,561,721 | |||||||||
| ING Investment Management CLO Ltd. | ||||||||||||||
| 2,000,000 | Series 2013-3A-DR (3 mo. Term SOFR + 6.16%, 5.90% Floor) | 10.79 | %(a) | 10/18/2031 | 2,011,694 | |||||||||
| Katayma CLO Ltd. | ||||||||||||||
| 1,000,000 | Series 2024-2A-E (3 mo. Term SOFR + 7.33%, 7.33% Floor) | 11.95 | %(a) | 04/20/2037 | 1,039,772 | |||||||||
| Madison Park Funding Ltd. | ||||||||||||||
| 2,000,000 | Series 2021-38A-E (3 mo. Term SOFR + 6.26%, 6.26% Floor) | 10.91 | %(a) | 07/17/2034 | 2,024,571 | |||||||||
| Magnetite CLO Ltd. | ||||||||||||||
| 500,000 | Series 2020-26A-ER (3 mo. Term SOFR + 6.21%, 5.95% Floor) | 10.84 | %(a) | 07/25/2034 | 503,897 | |||||||||
| 1,000,000 | Series 2020-28A-ER (3 mo. Term SOFR + 6.41%, 6.15% Floor) | 11.03 | %(a) | 01/20/2035 | 1,008,683 | |||||||||
| Marble Point CLO | ||||||||||||||
| 2,500,000 | Series 2018-1A-D (3 mo. Term SOFR + 3.26%, 0.00% Floor) | 7.91 | %(a) | 07/16/2031 | 2,508,741 | |||||||||
| Milos Clo | ||||||||||||||
| 4,000,000 | Series 2017-1A-ER (3 mo. Term SOFR + 6.41%, 6.15% Floor) | 11.03 | %(a) | 10/20/2030 | 4,040,334 | |||||||||
| Neuberger Berman CLO Ltd. | ||||||||||||||
| 2,500,000 | Series 2017-16SA-ER (3 mo. Term SOFR + 6.51%, 6.25% Floor) | 11.17 | %(a) | 04/15/2034 | 2,521,111 | |||||||||
| 7,000,000 | Series 2019-34A-ER (3 mo. Term SOFR + 6.50%, 6.50% Floor) | 11.12 | %(a) | 01/20/2035 | 7,069,428 | |||||||||
| 500,000 | Series 2020-38A-DR (3 mo. Term SOFR + 3.26%, 3.00% Floor) | 7.88 | %(a) | 10/20/2035 | 504,480 | |||||||||
| 3,000,000 | Series 2020-38A-ER (3 mo. Term SOFR + 6.51%, 6.25% Floor) | 11.13 | %(a) | 10/20/2035 | 3,032,112 | |||||||||
| Octagon Investment Partners Ltd. | ||||||||||||||
| 750,000 | Series 2019-1A-E (3 mo. Term SOFR + 6.86%, 6.60% Floor) | 11.49 | %(a) | 10/25/2032 | 754,737 | |||||||||
| 1,500,000 | Series 2019-1A-ER (3 mo. Term SOFR + 7.26%, 7.00% Floor) | 11.88 | %(a) | 01/20/2035 | 1,413,638 | |||||||||
| 5,000,000 | Series 2019-1A-INC | 0.00 | %(a)(b)(c)(d) | 10/25/2032 | 2,090,047 | |||||||||
| 1,000,000 | Series 2020-2A-ER (3 mo. Term SOFR + 6.86%, 6.60% Floor) | 11.52 | %(a) | 07/15/2036 | 910,900 | |||||||||
| 4,000,000 | Series 2021-1A-E (3 mo. Term SOFR + 6.76%, 6.50% Floor) | 11.42 | %(a) | 04/15/2034 | 3,809,245 | |||||||||
| Octagon Loan Funding | ||||||||||||||
| 1,000,000 | Series 2014-1A-ERR (3 mo. Term SOFR + 6.26%, 6.00% Floor) | 10.75 | %(a) | 11/18/2031 | 1,000,424 | |||||||||
| Point Au Roche Park CLO | ||||||||||||||
| 500,000 | Series 2021-1A-E (3 mo. Term SOFR + 6.36%, 6.10% Floor) | 10.98 | %(a) | 07/20/2034 | 504,189 | |||||||||
| PRINCIPAL AMOUNT $/SHARES | SECURITY DESCRIPTION | RATE | MATURITY | VALUE $ | ||||||||||
| RR Ltd./Cayman Islands | ||||||||||||||
| 5,000,000 | Series 2017-2A-DR (3 mo. Term SOFR + 6.06%, 5.80% Floor) | 10.72 | %(a) | 04/15/2036 | 5,045,228 | |||||||||
| 1,000,000 | Series 2019-6A-DR (3 mo. Term SOFR + 6.11%, 5.85% Floor) | 10.77 | %(a) | 04/15/2036 | 1,005,889 | |||||||||
| Sound Point CLO Ltd. | ||||||||||||||
| 3,000,000 | Series 2020-1A-ER (3 mo. Term SOFR + 7.12%, 7.12% Floor) | 11.74 | %(a) | 07/20/2034 | 2,820,725 | |||||||||
| 4,000,000 | Series 2020-2A-ER (3 mo. Term SOFR + 6.82%, 6.56% Floor) | 11.45 | %(a) | 10/25/2034 | 3,745,295 | |||||||||
| 7,000,000 | Series 2021-2A-E (3 mo. Term SOFR + 6.62%, 6.36% Floor) | 11.25 | %(a) | 07/25/2034 | 6,534,451 | |||||||||
| 2,000,000 | Series 2021-3A-E (3 mo. Term SOFR + 6.87%, 6.61% Floor) | 11.50 | %(a) | 10/25/2034 | 1,822,006 | |||||||||
| 7,000,000 | Series 2021-4A-E (3 mo. Term SOFR + 6.96%, 6.96% Floor) | 11.59 | %(a) | 10/25/2034 | 6,413,827 | |||||||||
| Thompson Park CLO Ltd. | ||||||||||||||
| 2,000,000 | Series 2021-1A-E (3 mo. Term SOFR + 6.57%, 6.57% Floor) | 11.23 | %(a) | 04/15/2034 | 2,021,117 | |||||||||
| Voya CLO Ltd. | ||||||||||||||
| 1,350,000 | Series 2017-2A-D (3 mo. Term SOFR + 6.28%, 0.00% Floor) | 10.94 | %(a) | 06/07/2030 | 1,346,828 | |||||||||
| 2,700,000 | Series 2018-1A-D (3 mo. Term SOFR + 5.46%, 0.00% Floor) | 10.08 | %(a) | 04/19/2031 | 2,605,894 | |||||||||
| Wind River CLO Ltd. | ||||||||||||||
| 2,500,000 | Series 2017-3A-ER (3 mo. Term SOFR + 7.31%, 7.05% Floor) | 11.97 | %(a) | 04/15/2035 | 2,456,472 | |||||||||
| 1,000,000 | Series 2018-1A-E (3 mo. Term SOFR + 5.76%, 0.00% Floor) | 10.42 | %(a) | 07/15/2030 | 998,058 | |||||||||
| 1,000,000 | Series 2018-2A-E (3 mo. Term SOFR + 6.01%, 0.00% Floor) | 10.67 | %(a) | 07/15/2030 | 997,798 | |||||||||
| Total Collateralized Loan Obligations (Cost $119,779,460) | 120,180,731 | |||||||||||||
| FOREIGN CORPORATE BONDS - 12.6% | ||||||||||||||
| 150,000 | ACI Airport Sudamerica SA | 6.88 | %(a) | 11/29/2034 | 148,330 | |||||||||
| 3,259,537 | Acu Petroleo Luxembourg Sarl | 7.50 | % | 01/13/2032 | 3,220,561 | |||||||||
| 664,000 | Adani International Container Terminal Pvt Ltd. | 3.00 | % | 02/16/2031 | 547,136 | |||||||||
| 1,358,000 | Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt Ltd./Wardha Solar Maharash | 4.63 | % | 10/15/2039 | 998,642 | |||||||||
| 4,344,000 | AL Candelaria Spain SA | 5.75 | % | 06/15/2033 | 3,533,180 | |||||||||
| 1,000,000 | AL Candelaria Spain SA | 5.75 | %(a) | 06/15/2033 | 813,347 | |||||||||
| 942,731 | Alpha Holding SAB de CV | 9.00 | %(a)(e) | 02/10/2025 | 11,784 | |||||||||
| 2,356,827 | Alpha Holding SAB de CV | 9.00 | %(e) | 02/10/2025 | 29,460 | |||||||||
| 470,827 | Alpha Holding SAB de CV | 10.00 | %(e) | 12/19/2026 | 5,885 | |||||||||
| 4,000,000 | Altice France Holding SA | 6.00 | %(a) | 02/15/2028 | 1,059,738 | |||||||||
| 450,000 | Aris Mining Corp. | 8.00 | %(a) | 10/31/2029 | 445,876 | |||||||||
| 257,252 | Autopistas del Sol SA/Costa Rica | 7.38 | % | 12/30/2030 | 255,476 | |||||||||
| 700,000 | Braskem Idesa SAPI | 7.45 | % | 11/15/2029 | 557,716 | |||||||||
| 3,200,000 | Braskem Idesa SAPI | 6.99 | %(a) | 02/20/2032 | 2,355,357 | |||||||||
| 4,300,000 | Braskem Netherlands Finance BV | 5.88 | % | 01/31/2050 | 2,950,322 | |||||||||
| 3,000,000 | BRF SA | 5.75 | % | 09/21/2050 | 2,376,187 | |||||||||
| 2,750,000 | Camposol SA | 6.00 | % | 02/03/2027 | 2,644,851 | |||||||||
| 4,300,000 | Canacol Energy Ltd. | 5.75 | % | 11/24/2028 | 2,398,716 | |||||||||
| 3,800,000 | CAP SA | 3.90 | % | 04/27/2031 | 3,066,600 | |||||||||
| 400,000 | Cia de Minas Buenaventura SAA | 5.50 | % | 07/23/2026 | 399,970 | |||||||||
| 333,333 | Comision Federal de Electricidad | 5.00 | % | 07/30/2049 | 266,667 | |||||||||
| 3,000,000 | Coruripe Netherlands BV | 10.00 | % | 02/10/2027 | 3,005,585 | |||||||||
| 200,000 | Cosan Overseas Ltd. | 8.25 | %(g) | 02/05/2025 | 200,000 | |||||||||
| 4,600,000 | Credito Real SAB de CV SOFOM ER | 9.50 | %(e) | 02/07/2026 | 479,550 | |||||||||
| 2,200,000 | CSN Resources SA | 4.63 | % | 06/10/2031 | 1,710,143 | |||||||||
| 1,700,000 | CSN Resources SA | 5.88 | % | 04/08/2032 | 1,373,454 | |||||||||
| 725,000 | eG Global Finance PLC | 12.00 | %(a) | 11/30/2028 | 811,648 | |||||||||
| 3,700,000 | Empresas Publicas de Medellin ESP | 4.38 | % | 02/15/2031 | 3,184,091 | |||||||||
| 1,700,000 | ENA Master Trust | 4.00 | % | 05/19/2048 | 1,263,117 | |||||||||
| 800,000 | Fideicomiso Irrevocable de Administracion y Fuente de Pago Numero CIB/4323 1.50% PIK | 11.00 | %(a) | 09/12/2030 | 834,000 | |||||||||
| 1,203,020 | Fideicomiso PA Pacifico Tres | 8.25 | % | 01/15/2035 | 1,200,012 | |||||||||
| 1,450,000 | Frigorifico Concepcion SA | 7.70 | % | 07/21/2028 | 1,125,747 | |||||||||
| 2,500,000 | Frigorifico Concepcion SA | 7.70 | %(a) | 07/21/2028 | 1,940,942 | |||||||||
| 1,925,000 | Garda World Security Corp. | 8.25 | %(a) | 08/01/2032 | 1,958,628 | |||||||||
| 1,725,000 | Garda World Security Corp. | 8.38 | %(a) | 11/15/2032 | 1,757,930 | |||||||||
| 3,340,000 | Global Aircraft Leasing Co. Ltd. | 8.75 | %(a) | 09/01/2027 | 3,410,611 | |||||||||
| 3,100,000 | Gran Tierra Energy, Inc. | 9.50 | %(a) | 10/15/2029 | 2,890,905 | |||||||||
| PRINCIPAL AMOUNT $/SHARES | SECURITY DESCRIPTION | RATE | MATURITY | VALUE $ | ||||||||||
| 600,000 | Grupo Aval Ltd. | 4.38 | % | 02/04/2030 | 528,952 | |||||||||
| 4,795,000 | Husky Injection Molding Systems Ltd. / Titan Co.-Borrower LLC | 9.00 | %(a) | 02/15/2029 | 5,012,002 | |||||||||
| 3,150,000 | Infraestructura Energetica Nova SAPI de CV | 4.88 | % | 01/14/2048 | 2,352,509 | |||||||||
| 1,000,000 | Infraestructura Energetica Nova SAPI de CV | 4.75 | % | 01/15/2051 | 726,568 | |||||||||
| 845,000 | Kronos Acquisition Holdings, Inc. | 8.25 | %(a) | 06/30/2031 | 806,836 | |||||||||
| 1,665,000 | Kronos Acquisition Holdings, Inc. | 10.75 | %(a) | 06/30/2032 | 1,534,263 | |||||||||
| 2,000,000 | KUO SAB De CV | 5.75 | % | 07/07/2027 | 1,945,099 | |||||||||
| 400,000 | LD Celulose International GmbH | 7.95 | %(a) | 01/26/2032 | 401,406 | |||||||||
| 400,000 | MARB BondCo PLC | 3.95 | % | 01/29/2031 | 335,369 | |||||||||
| 1,400,000 | Metinvest BV | 7.75 | % | 10/17/2029 | 987,238 | |||||||||
| 2,675,000 | Mexarrend SAPI de CV | 10.25 | %(e) | 07/24/2025 | 49,488 | |||||||||
| 1,200,000 | Minerva Luxembourg SA | 4.38 | % | 03/18/2031 | 1,007,903 | |||||||||
| 2,200,000 | Movida Europe SA | 7.85 | % | 04/11/2029 | 1,941,108 | |||||||||
| 1,400,000 | Movida Europe SA | 7.85 | %(a) | 04/11/2029 | 1,235,251 | |||||||||
| 3,309,240 | MV24 Capital BV | 6.75 | % | 06/01/2034 | 3,140,860 | |||||||||
| 1,206,348 | Oi SA 7.50% Cash + 6.00% PIK | 10.00 | %(a) | 06/30/2027 | 1,086,759 | |||||||||
| 2,623,738 | Oi SA 8.50% PIK | 8.50 | %(a) | 12/31/2028 | 291,891 | |||||||||
| 3,302,000 | Operadora de Servicios Mega SAB de CV Sofom ER | 8.25 | %(e) | 02/11/2025 | 1,576,705 | |||||||||
| 438,000 | Operadora de Servicios Mega SAB de CV Sofom ER | 8.25 | %(a)(e) | 02/11/2025 | 209,145 | |||||||||
| 915,482 | Prumo Participacoes e Investimentos S/A | 7.50 | % | 12/31/2031 | 910,099 | |||||||||
| 2,300,000 | Sasol Financing USA LLC | 5.50 | % | 03/18/2031 | 1,942,728 | |||||||||
| 530,000 | Seaspan Corp. | 5.50 | %(a) | 08/01/2029 | 495,480 | |||||||||
| 3,800,000 | Simpar Europe SA | 5.20 | % | 01/26/2031 | 2,857,524 | |||||||||
| 1,085,000 | Telesat Canada / Telesat LLC | 5.63 | %(a) | 12/06/2026 | 612,464 | |||||||||
| 1,200,000 | Termocandelaria Power SA | 7.75 | %(a) | 09/17/2031 | 1,214,472 | |||||||||
| 440,356 | TransJamaican Highway Ltd. | 5.75 | % | 10/10/2036 | 412,559 | |||||||||
| 2,099,000 | Tullow Oil PLC | 10.25 | %(a) | 05/15/2026 | 1,827,778 | |||||||||
| 2,750,000 | Unigel Luxembourg SA | 8.75 | %(e) | 10/01/2026 | 540,458 | |||||||||
| 4,400,000 | UPL Corp. Ltd. (5 yr. CMT Rate + 3.87%) | 5.25 | %(g) | 02/27/2025 | 3,960,000 | |||||||||
| 200,000 | Vedanta Resources Finance II PLC | 9.25 | % | 04/23/2026 | 200,967 | |||||||||
| 1,884,736 | Vedanta Resources Ltd. | 13.88 | % | 12/09/2028 | 1,894,407 | |||||||||
| Total Foreign Corporate Bonds (Cost $119,125,943) | 97,270,452 | |||||||||||||
| FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 5.6% | ||||||||||||||
| 400,000 | Aeropuerto Internacional de Tocumen SA | 4.00 | % | 08/11/2041 | 299,800 | |||||||||
| 3,900,000 | Aeropuerto Internacional de Tocumen SA | 5.13 | % | 08/11/2061 | 2,832,570 | |||||||||
| 5,200,000 | Brazilian Government International Bond | 4.75 | % | 01/14/2050 | 3,559,733 | |||||||||
| 600,000 | Colombia Government International Bond | 4.13 | % | 02/22/2042 | 380,262 | |||||||||
| 5,100,000 | Colombia Government International Bond | 5.00 | % | 06/15/2045 | 3,452,700 | |||||||||
| 4,200,000 | Comision Federal de Electricidad | 4.68 | % | 02/09/2051 | 2,851,174 | |||||||||
| 2,365,000 | Ecopetrol SA | 5.88 | % | 05/28/2045 | 1,631,130 | |||||||||
| 3,150,000 | Ecopetrol SA | 5.88 | % | 11/02/2051 | 2,117,676 | |||||||||
| 3,100,000 | Empresa de Transmision Electrica SA | 5.13 | % | 05/02/2049 | 2,215,927 | |||||||||
| 1,500,000 | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple | 7.25 | % | 01/31/2041 | 1,471,050 | |||||||||
| 400,000 | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple | 7.25 | %(a) | 01/31/2041 | 392,280 | |||||||||
| 3,150,000 | Guatemala Government Bond | 4.65 | % | 10/07/2041 | 2,426,681 | |||||||||
| 4,900,000 | Mexico Government International Bond | 4.40 | % | 02/12/2052 | 3,324,513 | |||||||||
| 3,400,000 | OCP SA | 5.13 | % | 06/23/2051 | 2,573,311 | |||||||||
| 5,600,000 | Panama Government International Bond | 3.87 | % | 07/23/2060 | 2,942,471 | |||||||||
| 600,000 | Petrobras Global Finance BV | 5.50 | % | 06/10/2051 | 454,463 | |||||||||
| 5,700,000 | Petroleos del Peru SA | 5.63 | % | 06/19/2047 | 3,658,332 | |||||||||
| 3,700,000 | Petroleos Mexicanos | 6.38 | % | 01/23/2045 | 2,478,279 | |||||||||
| 1,800,000 | Petroleos Mexicanos | 6.75 | % | 09/21/2047 | 1,238,792 | |||||||||
| 4,200,000 | Republic of South Africa Government International Bond | 5.65 | % | 09/27/2047 | 3,147,866 | |||||||||
| Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $52,507,389) | 43,449,010 | |||||||||||||
| PRINCIPAL AMOUNT $/SHARES | SECURITY DESCRIPTION | RATE | MATURITY | VALUE $ | ||||||||||
| NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 25.4% | ||||||||||||||
| ACREC Trust | ||||||||||||||
| 2,310,000 | Series 2023-FL2-B (1 mo. Term SOFR + 3.48%, 3.48% Floor) | 7.88 | %(a) | 02/19/2038 | 2,327,995 | |||||||||
| AREIT Ltd. | ||||||||||||||
| 3,000,000 | Series 2024-CRE9-C (1 mo. Term SOFR + 3.09%, 3.09% Floor) | 7.48 | %(a) | 05/17/2041 | 3,005,829 | |||||||||
| AREIT Trust | ||||||||||||||
| 1,930,000 | Series 2022-CRE6-D (30 day avg SOFR US + 2.85%, 2.85% Floor) | 7.45 | %(a) | 01/20/2037 | 1,912,524 | |||||||||
| 1,000,000 | Series 2022-CRE7-D (1 mo. Term SOFR + 4.44%, 4.44% Floor) | 8.82 | %(a) | 06/17/2039 | 1,004,398 | |||||||||
| 4,375,000 | Series 2023-CRE8-C (1 mo. Term SOFR + 4.02%, 4.02% Floor) | 8.40 | %(a) | 08/17/2041 | 4,380,972 | |||||||||
| BANK | ||||||||||||||
| 18,317,000 | Series 2018-BN12-XE | 1.50 | %(a)(d)(h) | 05/15/2061 | 750,081 | |||||||||
| 6,978,000 | Series 2018-BN12-XF | 1.50 | %(a)(d)(h) | 05/15/2061 | 281,318 | |||||||||
| 20,061,456 | Series 2018-BN12-XG | 1.50 | %(a)(d)(h) | 05/15/2061 | 766,829 | |||||||||
| 18,522,000 | Series 2019-BN16-XF | 1.14 | %(a)(d)(h) | 02/15/2052 | 704,632 | |||||||||
| 9,261,000 | Series 2019-BN16-XG | 1.14 | %(a)(d)(h) | 02/15/2052 | 349,029 | |||||||||
| 4,631,000 | Series 2019-BN16-XH | 1.14 | %(a)(d)(h) | 02/15/2052 | 171,139 | |||||||||
| 6,366,937 | Series 2019-BN16-XJ | 1.14 | %(a)(d)(h) | 02/15/2052 | 222,047 | |||||||||
| 21,359,000 | Series 2022-BNK43-XD | 2.23 | %(a)(d)(h) | 08/15/2055 | 2,864,940 | |||||||||
| 78,003,748 | Series 2023-BNK46-XA | 0.62 | %(d)(h) | 08/15/2056 | 2,918,658 | |||||||||
| BANK5 Trust | ||||||||||||||
| 219,554,208 | Series 2023-5YR1-XA | 0.27 | %(d)(h) | 04/15/2056 | 1,860,283 | |||||||||
| 65,071,170 | Series 2023-5YR4-XA | 1.00 | %(d)(h) | 12/15/2056 | 2,191,233 | |||||||||
| 1,173,000 | Series 2024-5YR10-D | 4.00 | %(a) | 10/15/2057 | 990,936 | |||||||||
| BBCMS Trust | ||||||||||||||
| 3,000,000 | Series 2020-C7-D | 3.60 | %(a)(d) | 04/15/2053 | 1,677,867 | |||||||||
| BDS Ltd. | ||||||||||||||
| 2,500,000 | Series 2021-FL7-E (1 mo. Term SOFR + 2.91%, 2.80% Floor) | 7.29 | %(a) | 06/16/2036 | 2,473,622 | |||||||||
| Beast Mortgage Trust | ||||||||||||||
| 6,000,000 | Series 2021-1818-G (1 mo. Term SOFR + 6.11%, 6.25% Floor) | 10.51 | %(a) | 03/15/2036 | 2,587,648 | |||||||||
| Benchmark Mortgage Trust | ||||||||||||||
| 7,464,000 | Series 2018-B4-D | 2.77 | %(a)(d) | 07/15/2051 | 5,971,019 | |||||||||
| 12,324,000 | Series 2021-B26-XF | 1.50 | %(a)(d)(h) | 06/15/2054 | 889,129 | |||||||||
| 2,890,000 | Series 2024-V10-D | 4.50 | %(a) | 09/15/2057 | 2,531,335 | |||||||||
| BMO Mortgage Trust | ||||||||||||||
| 134,053,768 | Series 2023-5C1-XA | 0.58 | %(d)(h) | 08/15/2056 | 2,501,189 | |||||||||
| BrightSpire Capital, Inc. | ||||||||||||||
| 3,800,000 | Series 2021-FL1-D (1 mo. Term SOFR + 2.81%, 2.70% Floor) | 7.18 | %(a) | 08/19/2038 | 3,747,412 | |||||||||
| 3,106,000 | Series 2024-FL2-C (1 mo. Term SOFR + 3.54%, 3.54% Floor) | 7.91 | %(a) | 08/19/2037 | 3,115,156 | |||||||||
| BSPDF Issuer Ltd. | ||||||||||||||
| 2,500,000 | Series 2021-FL1-D (1 mo. Term SOFR + 2.86%, 2.75% Floor) | 7.26 | %(a) | 10/15/2036 | 2,432,907 | |||||||||
| BSREP Commercial Mortgage Trust | ||||||||||||||
| 4,738,531 | Series 2021-DC-G (1 mo. Term SOFR + 3.96%, 3.85% Floor) | 8.36 | %(a) | 08/15/2038 | 1,492,637 | |||||||||
| BX Trust | ||||||||||||||
| 2,500,000 | Series 2021-VIEW-G (1 mo. Term SOFR + 5.04%, 4.93% Floor) | 9.44 | %(a) | 06/15/2036 | 2,297,298 | |||||||||
| 3,500,000 | Series 2022-PSB-E (1 mo. Term SOFR + 6.34%, 6.34% Floor) | 10.73 | %(a) | 08/15/2039 | 3,527,853 | |||||||||
| BXMT Ltd. | ||||||||||||||
| 1,190,000 | Series 2020-FL3-AS (1 mo. Term SOFR + 1.86%, 1.86% Floor) | 6.25 | %(a) | 11/15/2037 | 1,187,574 | |||||||||
| CALI Mortgage Trust | ||||||||||||||
| 1,547,000 | Series 2024-SUN-C (1 mo. Term SOFR + 2.79%, 2.79% Floor) | 7.27 | %(a) | 07/15/2041 | 1,559,604 | |||||||||
| Carbon Capital VI Commercial Mortgage Trust | ||||||||||||||
| 1,148,218 | Series 2019-FL2-B (1 mo. Term SOFR + 2.96%, 2.85% Floor) | 7.36 | %(a) | 10/15/2035 | 585,052 | |||||||||
| Citigroup/Deutsche Bank Commercial Mortgage Trust | ||||||||||||||
| 1,221,000 | Series 2016-C1-C | 3.32 | %(d) | 05/10/2049 | 1,080,679 | |||||||||
| PRINCIPAL AMOUNT $/SHARES | SECURITY DESCRIPTION | RATE | MATURITY | VALUE $ | ||||||||||
| Computershare Corporate Trust | ||||||||||||||
| 2,000,000 | Series 2016-C33-D | 3.12 | %(a) | 03/15/2059 | 1,698,119 | |||||||||
| 4,514,242 | Series 2016-C34-C | 5.05 | %(d) | 06/15/2049 | 4,259,961 | |||||||||
| 3,200,000 | Series 2017-RC1-D | 3.25 | %(a) | 01/15/2060 | 2,559,488 | |||||||||
| 1,814,000 | Series 2019-C50-D | 3.00 | %(a) | 05/15/2052 | 1,440,943 | |||||||||
| Credit Suisse Mortgage Capital Certificates | ||||||||||||||
| 18,014,000 | Series 2016-NXSR-XE | 1.00 | %(a)(d)(h) | 12/15/2049 | 278,936 | |||||||||
| CSAIL Commercial Mortgage Trust | ||||||||||||||
| 53,734,067 | Series 2017-CX9-XA | 0.60 | %(d)(h) | 09/15/2050 | 524,359 | |||||||||
| 2,500,000 | Series 2020-C19-E | 2.50 | %(a) | 03/15/2053 | 742,538 | |||||||||
| 13,238,000 | Series 2020-C19-XD | 1.11 | %(a)(d)(h) | 03/15/2053 | 645,890 | |||||||||
| CSWF | ||||||||||||||
| 4,000,000 | Series 2018-TOP-H (1 mo. Term SOFR + 3.66%, 3.61% Floor) | 8.06 | %(a) | 08/15/2035 | 3,779,283 | |||||||||
| Del Amo Fashion Center Trust | ||||||||||||||
| 2,100,000 | Series 2017-AMO-C | 3.64 | %(a)(d) | 06/05/2035 | 1,919,034 | |||||||||
| DOLP Trust | ||||||||||||||
| 4,000,000 | Series 2021-NYC-F | 3.70 | %(a)(d) | 05/10/2041 | 2,643,796 | |||||||||
| Granite Point Mortgage Trust, Inc. | ||||||||||||||
| 1,780,000 | Series 2021-FL4-B (1 mo. Term SOFR + 2.06%, 1.95% Floor) | 6.42 | %(a) | 12/15/2036 | 1,714,357 | |||||||||
| Great Wolf Trust | ||||||||||||||
| 2,500,000 | Series 2024-WLF2-E (1 mo. Term SOFR + 3.64%) | 8.04 | %(a) | 05/15/2041 | 2,493,530 | |||||||||
| 1,000,000 | Series 2024-WOLF-E (1 mo. Term SOFR + 3.64%, 3.64% Floor) | 8.04 | %(a) | 03/15/2039 | 1,011,699 | |||||||||
| Greystone Commercial Real Estate Notes | ||||||||||||||
| 2,650,000 | Series 2021-FL3-D (1 mo. Term SOFR + 2.31%, 2.20% Floor) | 6.71 | %(a) | 07/15/2039 | 2,635,356 | |||||||||
| GS Mortgage Securities Corp. II | ||||||||||||||
| 1,859,000 | Series 2014-GC26-D | 4.44 | %(a)(d) | 11/10/2047 | 1,161,698 | |||||||||
| 2,149,788 | Series 2015-GC28-D | 4.34 | %(a)(d) | 02/10/2048 | 2,038,123 | |||||||||
| 7,171,236 | Series 2016-GS3-XA | 1.18 | %(d)(h) | 10/10/2049 | 98,789 | |||||||||
| 3,000,000 | Series 2021-ARDN-G (1 mo. Term SOFR + 5.11%, 5.00% Floor) | 9.51 | %(a) | 11/15/2036 | 2,980,335 | |||||||||
| 3,000,000 | Series 2021-ARDN-H (1 mo. Term SOFR + 6.05%, 5.93% Floor) | 10.44 | %(a) | 11/15/2026 | 2,977,410 | |||||||||
| 2,000,000 | Series 2023-SHIP-D | 6.07 | %(a)(d) | 09/10/2038 | 1,991,261 | |||||||||
| HGI CRE CLO Ltd. | ||||||||||||||
| 1,500,000 | Series 2021-FL2-D (1 mo. Term SOFR + 2.26%, 2.26% Floor) | 6.66 | %(a) | 09/17/2036 | 1,490,898 | |||||||||
| 1,640,000 | Series 2021-FL2-E (1 mo. Term SOFR + 2.56%, 2.56% Floor) | 6.96 | %(a) | 09/17/2036 | 1,628,840 | |||||||||
| 2,000,000 | Series 2022-FL3-B (30 day avg SOFR US + 2.60%, 2.60% Floor) | 7.20 | %(a) | 04/20/2037 | 2,007,396 | |||||||||
| HIG RCP LLC | ||||||||||||||
| 4,000,000 | Series 2023-FL1-B (1 mo. Term SOFR + 3.61%, 3.61% Floor) | 8.01 | %(a) | 09/19/2038 | 4,053,364 | |||||||||
| JP Morgan Chase Commercial Mortgage Securities | ||||||||||||||
| 4,000,000 | Series 2019-MFP-G (1 mo. Term SOFR + 4.10%, 4.05% Floor) | 8.50 | %(a) | 07/15/2036 | 3,845,106 | |||||||||
| 4,000,000 | Series 2019-MFP-XG | 0.50 | %(a)(d)(h) | 07/15/2036 | 16,937 | |||||||||
| JPMBB Commercial Mortgage Securities Trust | ||||||||||||||
| 4,471,861 | Series 2014-C23-XA | 0.37 | %(d)(h) | 09/15/2047 | 45 | |||||||||
| 2,265,000 | Series 2015-C27-D | 3.79 | %(a)(d) | 02/15/2048 | 585,080 | |||||||||
| 40,637,107 | Series 2015-C32-XA | 1.09 | %(d)(h) | 11/15/2048 | 105,470 | |||||||||
| JPMDB Commercial Mortgage Securities Trust | ||||||||||||||
| 25,460,000 | Series 2020-COR7-XB | 0.43 | %(d)(h) | 05/13/2053 | 545,646 | |||||||||
| 10,244,000 | Series 2020-COR7-XD | 1.97 | %(a)(d)(h) | 05/13/2053 | 842,600 | |||||||||
| KREF | ||||||||||||||
| 3,250,000 | Series 2021-FL2-C (1 mo. Term SOFR + 2.11%, 2.00% Floor) | 6.50 | %(a) | 02/15/2039 | 3,171,545 | |||||||||
| LoanCore | ||||||||||||||
| 5,000,000 | Series 2021-CRE5-C (1 mo. Term SOFR + 2.46%, 2.46% Floor) | 6.86 | %(a) | 07/15/2036 | 5,015,905 | |||||||||
| 2,200,000 | Series 2021-CRE6-D (1 mo. Term SOFR + 2.96%, 2.85% Floor) | 7.36 | %(a) | 11/15/2038 | 2,155,927 | |||||||||
| MF1 Multifamily Housing Mortgage Loan Trust | ||||||||||||||
| 770,000 | Series 2021-FL5-E (1 mo. Term SOFR + 3.11%, 3.11% Floor) | 7.50 | %(a) | 07/15/2036 | 769,495 | |||||||||
| 2,050,000 | Series 2021-FL6-E (1 mo. Term SOFR + 3.06%, 2.95% Floor) | 7.44 | %(a) | 07/16/2036 | 1,997,883 | |||||||||
| 2,550,000 | Series 2021-FL7-E (1 mo. Term SOFR + 2.91%, 2.80% Floor) | 7.29 | %(a) | 10/16/2036 | 2,440,674 | |||||||||
| 1,500,000 | Series 2022-FL10-D (1 mo. Term SOFR + 5.73%, 5.73% Floor) | 10.10 | %(a) | 09/17/2037 | 1,508,395 | |||||||||
| PRINCIPAL AMOUNT $/SHARES | SECURITY DESCRIPTION | RATE | MATURITY | VALUE $ | ||||||||||
| 3,000,000 | Series 2023-FL12-C (1 mo. Term SOFR + 3.78%, 3.78% Floor) | 8.14 | %(a) | 10/19/2038 | 3,018,705 | |||||||||
| 3,016,000 | Series 2023-FL12-D (1 mo. Term SOFR + 5.27%, 5.27% Floor) | 9.64 | %(a) | 10/19/2038 | 3,054,921 | |||||||||
| 1,500,000 | Series 2024-FL14-D (1 mo. Term SOFR + 4.84%, 4.84% Floor) | 9.20 | %(a) | 03/19/2039 | 1,523,479 | |||||||||
| 2,450,000 | Series 2024-FL15-C (1 mo. Term SOFR + 2.94%, 2.94% Floor) | 7.32 | %(a) | 08/18/2041 | 2,463,127 | |||||||||
| MFT Trust | ||||||||||||||
| 600,000 | Series 2020-ABC-D | 3.48 | %(a)(d) | 02/10/2042 | 291,130 | |||||||||
| Morgan Stanley ABS Capital I, Inc. | ||||||||||||||
| 455,636,501 | Series 2022-L8-XA | 0.04 | %(d)(h) | 04/15/2055 | 1,573,222 | |||||||||
| Morgan Stanley Bank of America Merrill Lynch Trust | ||||||||||||||
| 403,343 | Series 2014-C16-B | 4.27 | %(d) | 06/15/2047 | 388,621 | |||||||||
| 5,000,000 | Series 2015-C27-D | 3.24 | %(a)(d) | 12/15/2047 | 4,444,819 | |||||||||
| Morgan Stanley Capital I, Inc. | ||||||||||||||
| 5,000,000 | Series 2019-PLND-G (1 mo. Term SOFR + 3.76%, 3.65% Floor) | 8.16 | %(a) | 05/15/2036 | 17,699 | |||||||||
| PFP III Ltd. | ||||||||||||||
| 1,602,000 | Series 2023-10-C (1 mo. Term SOFR + 4.12%, 4.12% Floor) | 8.51 | %(a) | 09/16/2038 | 1,615,241 | |||||||||
| 2,634,186 | Series 2024-11-C (1 mo. Term SOFR + 2.99%, 2.99% Floor) | 7.47 | %(a) | 09/17/2039 | 2,639,007 | |||||||||
| Ready Capital Corp. | ||||||||||||||
| 742,018 | Series 2021-FL5-C (1 mo. Term SOFR + 2.36%, 2.25% Floor) | 6.70 | %(a) | 04/25/2038 | 744,781 | |||||||||
| 2,200,000 | Series 2021-FL6-D (1 mo. Term SOFR + 2.51%, 2.40% Floor) | 6.85 | %(a) | 07/25/2036 | 2,201,549 | |||||||||
| 1,250,000 | Series 2021-FL7-E (1 mo. Term SOFR + 3.51%, 3.40% Floor) | 7.85 | %(a) | 11/25/2036 | 1,247,871 | |||||||||
| 2,000,000 | Series 2022-FL10-C (1 mo. Term SOFR + 4.27%, 4.27% Floor) | 8.60 | %(a) | 10/25/2039 | 2,014,424 | |||||||||
| 3,250,000 | Series 2023-FL11-B (1 mo. Term SOFR + 3.53%, 3.53% Floor) | 7.87 | %(a) | 10/25/2039 | 3,283,683 | |||||||||
| 2,887,000 | Series 2023-FL11-C (1 mo. Term SOFR + 4.28%, 4.28% Floor) | 8.62 | %(a) | 10/25/2039 | 2,916,823 | |||||||||
| 2,000,000 | Series 2023-FL12-C (1 mo. Term SOFR + 4.55%, 4.55% Floor) | 8.88 | %(a) | 05/25/2038 | 2,036,400 | |||||||||
| SMR Mortgage Trust | ||||||||||||||
| 4,944,657 | Series 2022-IND-G (1 mo. Term SOFR + 7.50%, 7.50% Floor) | 11.90 | %(a) | 02/15/2039 | 4,347,896 | |||||||||
| Starwood Property Mortgage Trust | ||||||||||||||
| 1,750,000 | Series 2019-FL1-D (1 mo. Term SOFR + 2.46%, 2.46% Floor) | 6.86 | %(a) | 07/15/2038 | 1,723,430 | |||||||||
| 2,325,000 | Series 2022-FL3-B (30 day avg SOFR US + 1.95%, 1.95% Floor) | 6.55 | %(a) | 11/15/2038 | 2,273,343 | |||||||||
| TPG Real Estate Finance Issuer Ltd. | ||||||||||||||
| 2,510,000 | Series 2021-FL4-B (1 mo. Term SOFR + 1.96%, 1.85% Floor) | 6.35 | %(a) | 03/15/2038 | 2,495,008 | |||||||||
| 2,479,500 | Series 2022-FL5-B (1 mo. Term SOFR + 2.45%, 2.45% Floor) | 6.83 | %(a) | 02/15/2039 | 2,463,835 | |||||||||
| UBS Commercial Mortgage Trust | ||||||||||||||
| 2,500,000 | Series 2018-C14-C | 5.21 | %(d) | 12/15/2051 | 2,182,243 | |||||||||
| UBS-Barclays Commercial Mortgage Trust | ||||||||||||||
| 6,891,216 | Series 2013-C5-C | 3.72 | %(a)(d) | 03/10/2046 | 5,987,709 | |||||||||
| Wachovia Bank Commercial Mortgage Trust | ||||||||||||||
| 3,121,148 | Series 2005-C21-E | 4.96 | %(a)(d) | 10/15/2044 | 1,108,008 | |||||||||
| Total Non-Agency Commercial Mortgage Backed Obligations (Cost $225,864,622) | 196,193,909 | |||||||||||||
| NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS - 17.9% | ||||||||||||||
| ACE Securities Corp. | ||||||||||||||
| 8,737,480 | Series 2006-HE4-A2B (1 mo. Term SOFR + 0.33%, 0.22% Floor) | 4.67 | % | 10/25/2036 | 3,286,946 | |||||||||
| AMSR Trust | ||||||||||||||
| 10,000,000 | Series 2020-SFR4-G2 | 4.87 | %(a) | 11/17/2037 | 9,889,567 | |||||||||
| Countrywide Alternative Loan Trust | ||||||||||||||
| 5,415,883 | Series 2005-J12-2A1 (1 mo. Term SOFR + 0.65%, 0.54% Floor, 11.00% Cap) | 4.99 | % | 08/25/2035 | 2,752,984 | |||||||||
| Deephaven Residential Mortgage Trust | ||||||||||||||
| 10,000,000 | Series 2020-2-B3 | 5.86 | %(a)(d) | 05/25/2065 | 9,906,703 | |||||||||
| PRINCIPAL AMOUNT $/SHARES | SECURITY DESCRIPTION | RATE | MATURITY | VALUE $ | ||||||||||
| Fannie Mae Connecticut Avenue Securities | ||||||||||||||
| 6,474,654 | Series 2019-R05-1B1 (30 day avg SOFR US + 4.21%, 0.00% Floor) | 8.78 | %(a) | 07/25/2039 | 6,743,252 | |||||||||
| 3,466,079 | Series 2019-R07-1B1 (30 day avg SOFR US + 3.51%, 0.00% Floor) | 8.08 | %(a) | 10/25/2039 | 3,591,248 | |||||||||
| Federal National Mortgage Association | ||||||||||||||
| 8,400,000 | Series 2021-R02-2B2 (30 day avg SOFR US + 6.20%, 0.00% Floor) | 10.77 | %(a) | 11/25/2041 | 8,894,715 | |||||||||
| Freddie Mac Structured Agency Credit Risk Debt Notes | ||||||||||||||
| 9,250,000 | Series 2020-DNA1-B2 (30 day avg SOFR US + 5.36%, 0.00% Floor) | 9.93 | %(a) | 01/25/2050 | 10,321,439 | |||||||||
| 3,000,000 | Series 2020-DNA2-B2 (30 day avg SOFR US + 4.91%, 0.00% Floor) | 9.48 | %(a) | 02/25/2050 | 3,211,627 | |||||||||
| 6,000,000 | Series 2020-DNA6-B2 (30 day avg SOFR US + 5.65%, 0.00% Floor) | 10.22 | %(a) | 12/25/2050 | 6,907,927 | |||||||||
| 22,000,000 | Series 2020-HQA2-B2 (30 day avg SOFR US + 7.71%, 0.00% Floor) | 12.28 | %(a) | 03/25/2050 | 26,582,604 | |||||||||
| 9,750,000 | Series 2020-HQA5-B2 (30 day avg SOFR US + 7.40%, 0.00% Floor) | 11.97 | %(a) | 11/25/2050 | 12,027,738 | |||||||||
| GS Mortgage-Backed Securities Trust | ||||||||||||||
| 1,500,000 | Series 2020-NQM1-B2 | 7.00 | %(a)(d) | 09/27/2060 | 1,480,041 | |||||||||
| Homeward Opportunities Fund I Trust | ||||||||||||||
| 8,000,000 | Series 2020-2-B1 | 5.45 | %(a)(d) | 05/25/2065 | 7,683,210 | |||||||||
| JP Morgan Alternative Loan Trust | ||||||||||||||
| 6,105,381 | Series 2007-A2-12A1 (1 mo. Term SOFR + 0.51%, 0.40% Floor, 11.50% Cap) | 4.85 | % | 06/25/2037 | 2,210,937 | |||||||||
| Rithm Capital Corp. | ||||||||||||||
| 4,102,000 | Series 2020-NQM2-B1 | 4.08 | %(a)(d) | 05/24/2060 | 3,393,564 | |||||||||
| 2,886,000 | Series 2020-NQM2-B2 | 4.08 | %(a)(d) | 05/24/2060 | 2,276,656 | |||||||||
| TBW Mortgage Backed Pass Through Certificates | ||||||||||||||
| 4,196,094 | Series 2007-2-A1A | 5.96 | %(d) | 07/25/2037 | 1,200,570 | |||||||||
| Verus Securitization Trust | ||||||||||||||
| 5,000,000 | Series 2020-4-B2 | 5.60 | %(a)(d) | 05/25/2065 | 4,811,905 | |||||||||
| Vista Point Securitization Trust | ||||||||||||||
| 9,222,000 | Series 2020-1-B2 | 5.38 | %(a)(d) | 03/25/2065 | 8,469,097 | |||||||||
| 3,396,000 | Series 2020-2-B2 | 5.16 | %(a)(d) | 04/25/2065 | 3,136,935 | |||||||||
| Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $133,522,480) | 138,779,665 | |||||||||||||
| US CORPORATE BONDS - 18.8% | ||||||||||||||
| 7,425,000 | Allied Universal Holdco LLC / Allied Universal Finance Corp. | 9.75 | %(a) | 07/15/2027 | 7,484,073 | |||||||||
| 1,980,000 | Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp. | 7.00 | %(a) | 04/15/2030 | 1,758,687 | |||||||||
| 1,060,000 | APH / APH2 / APH3 | 7.88 | %(a) | 11/01/2029 | 1,075,325 | |||||||||
| 1,580,000 | Artera Services LLC | 8.50 | %(a) | 02/15/2031 | 1,524,561 | |||||||||
| 1,565,126 | ASP Unifrax Holdings, Inc. 5.85% Cash and 1.25% PIK | 7.10 | %(a) | 09/30/2029 | 1,032,983 | |||||||||
| 3,580,000 | AthenaHealth Group, Inc. | 6.50 | %(a) | 02/15/2030 | 3,405,783 | |||||||||
| 1,710,000 | Bausch + Lomb Corp. | 8.38 | %(a) | 10/01/2028 | 1,771,987 | |||||||||
| 5,105,000 | BCPE Empire Holdings, Inc. | 7.63 | %(a) | 05/01/2027 | 5,092,767 | |||||||||
| 2,510,000 | Brand Industrial Services, Inc. | 10.38 | %(a) | 08/01/2030 | 2,557,821 | |||||||||
| 1,350,000 | Caesars Entertainment, Inc. | 8.13 | %(a) | 07/01/2027 | 1,364,604 | |||||||||
| 595,000 | Carnival Corp. | 7.63 | %(a) | 03/01/2026 | 596,322 | |||||||||
| 5,995,000 | Castle US Holding Corp. | 9.50 | %(a) | 02/15/2028 | 2,800,368 | |||||||||
| 690,000 | CHS/Community Health Systems, Inc. | 10.88 | %(a) | 01/15/2032 | 712,755 | |||||||||
| 1,865,000 | Clear Channel Outdoor Holdings, Inc. | 7.50 | %(a) | 06/01/2029 | 1,634,046 | |||||||||
| 2,335,000 | Cobra AcquisitionCo LLC | 6.38 | %(a) | 11/01/2029 | 2,014,557 | |||||||||
| 1,580,000 | Cornerstone Building Brands, Inc. | 9.50 | %(a) | 08/15/2029 | 1,539,723 | |||||||||
| 3,700,000 | CVR Partners LP / CVR Nitrogen Finance Corp. | 6.13 | %(a) | 06/15/2028 | 3,604,613 | |||||||||
| 1,695,000 | Dcli Bidco LLC | 7.75 | %(a) | 11/15/2029 | 1,739,448 | |||||||||
| 3,895,000 | Dealer Tire LLC / DT Issuer LLC | 8.00 | %(a) | 02/01/2028 | 3,830,317 | |||||||||
| 1,550,000 | Directv Financing LLC | 8.88 | %(a) | 02/01/2030 | 1,527,069 | |||||||||
| 1,175,000 | DISH DBS Corp. | 5.75 | %(a) | 12/01/2028 | 1,006,822 | |||||||||
| 2,005,000 | Dornoch Debt Merger Sub, Inc. | 6.63 | %(a) | 10/15/2029 | 1,626,223 | |||||||||
| PRINCIPAL AMOUNT $/SHARES | SECURITY DESCRIPTION | RATE | MATURITY | VALUE $ | ||||||||||
| 1,580,000 | EchoStar Corp. | 10.75 | % | 11/30/2029 | 1,700,649 | |||||||||
| 5,583,000 | Embarq LLC | 8.00 | % | 06/01/2036 | 3,060,936 | |||||||||
| 3,550,000 | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. | 6.75 | %(a) | 01/15/2030 | 3,278,029 | |||||||||
| 1,655,000 | Frontier Communications Holdings LLC | 8.63 | %(a) | 03/15/2031 | 1,761,626 | |||||||||
| 1,640,000 | Full House Resorts, Inc. | 8.25 | %(a) | 02/15/2028 | 1,635,490 | |||||||||
| 335,000 | GrafTech Global Enterprises, Inc. | 9.88 | %(a) | 12/23/2029 | 319,925 | |||||||||
| 1,675,000 | Gray Television, Inc. | 10.50 | %(a) | 07/15/2029 | 1,676,719 | |||||||||
| 3,400,000 | Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl | 8.75 | %(a) | 05/01/2029 | 3,492,528 | |||||||||
| 965,000 | Hightower Holding LLC | 6.75 | %(a) | 04/15/2029 | 961,842 | |||||||||
| 1,285,000 | Hightower Holding LLC | 9.13 | %(a) | 01/31/2030 | 1,354,769 | |||||||||
| 3,580,000 | Illuminate Buyer LLC / Illuminate Holdings IV, Inc. | 9.00 | %(a) | 07/01/2028 | 3,628,317 | |||||||||
| 1,340,000 | JetBlue Airways Corp. / JetBlue Loyalty LP | 9.88 | %(a) | 09/20/2031 | 1,425,140 | |||||||||
| 1,353,000 | LBM Acquisition LLC | 6.25 | %(a) | 01/15/2029 | 1,245,912 | |||||||||
| 3,360,000 | Level 3 Financing, Inc. | 10.50 | %(a) | 04/15/2029 | 3,761,184 | |||||||||
| 1,545,000 | LifePoint Health, Inc. | 11.00 | %(a) | 10/15/2030 | 1,697,821 | |||||||||
| 3,100,000 | LifePoint Health, Inc. | 10.00 | %(a) | 06/01/2032 | 3,155,791 | |||||||||
| 1,370,000 | Lions Gate Capital Holdings LLC | 5.50 | %(a) | 04/15/2029 | 1,075,904 | |||||||||
| 1,845,000 | Mativ Holdings, Inc. | 8.00 | %(a) | 10/01/2029 | 1,779,406 | |||||||||
| 2,200,000 | Michaels Cos., Inc. | 5.25 | %(a) | 05/01/2028 | 1,663,561 | |||||||||
| 1,155,000 | Michaels Cos., Inc. | 7.88 | %(a) | 05/01/2029 | 706,405 | |||||||||
| 750,000 | ModivCare, Inc. | 5.00 | %(a) | 10/01/2029 | 441,978 | |||||||||
| 915,000 | Nabors Industries, Inc. | 8.88 | %(a) | 08/15/2031 | 850,571 | |||||||||
| 4,395,000 | Newfold Digital Holdings Group, Inc. | 6.00 | %(a) | 02/15/2029 | 2,373,300 | |||||||||
| 1,985,000 | NGL Energy Operating LLC / NGL Energy Finance Corp. | 8.38 | %(a) | 02/15/2032 | 2,002,313 | |||||||||
| 250,000 | Olympus Water US Holding Corp. | 6.25 | %(a) | 10/01/2029 | 239,084 | |||||||||
| 1,030,000 | OneMain Finance Corp. | 9.00 | % | 01/15/2029 | 1,092,995 | |||||||||
| 4,700,000 | PetSmart, Inc. / PetSmart Finance Corp. | 7.75 | %(a) | 02/15/2029 | 4,549,016 | |||||||||
| 1,765,000 | Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. | 5.88 | %(a) | 09/01/2031 | 1,285,555 | |||||||||
| 4,393,276 | Radiology Partners, Inc. 9.78% PIK | 9.78 | %(a) | 02/15/2030 | 4,105,033 | |||||||||
| 2,303,000 | Sabre GLBL, Inc. | 8.63 | %(a) | 06/01/2027 | 2,273,642 | |||||||||
| 1,039,000 | Sabre GLBL, Inc. | 10.75 | %(a) | 11/15/2029 | 1,075,772 | |||||||||
| 955,000 | Staples, Inc. | 10.75 | %(a) | 09/01/2029 | 940,709 | |||||||||
| 4,170,000 | SWF Holdings I Corp. | 6.50 | %(a) | 10/01/2029 | 2,630,199 | |||||||||
| 3,410,000 | TKC Holdings, Inc. | 10.50 | %(a) | 05/15/2029 | 3,437,122 | |||||||||
| 885,000 | TMS International Corp./DE | 6.25 | %(a) | 04/15/2029 | 853,996 | |||||||||
| 4,130,000 | Trident TPI Holdings, Inc. | 12.75 | %(a) | 12/31/2028 | 4,560,928 | |||||||||
| 2,985,000 | United Natural Foods, Inc. | 6.75 | %(a) | 10/15/2028 | 2,944,946 | |||||||||
| 2,460,000 | Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC | 6.50 | %(a) | 02/15/2029 | 2,234,808 | |||||||||
| 3,190,000 | Univision Communications, Inc. | 8.50 | %(a) | 07/31/2031 | 3,131,861 | |||||||||
| 845,000 | Venture Global LNG, Inc. | 8.38 | %(a) | 06/01/2031 | 882,148 | |||||||||
| 840,000 | Veritiv Operating Co. | 10.50 | %(a) | 11/30/2030 | 905,714 | |||||||||
| 1,050,000 | Vibrantz Technologies, Inc. | 9.00 | %(a) | 02/15/2030 | 965,250 | |||||||||
| 3,440,000 | Victra Holdings LLC / Victra Finance Corp. | 8.75 | %(a) | 09/15/2029 | 3,613,338 | |||||||||
| 4,885,000 | Viking Cruises Ltd. | 9.13 | %(a) | 07/15/2031 | 5,257,992 | |||||||||
| 899,745 | Vortex Opco LLC | 8.00 | %(a) | 04/30/2030 | 332,906 | |||||||||
| 206,640 | Vortex Opco LLC (3 mo. Term SOFR + 6.25%, 0.50% Floor) | 10.56 | %(a) | 04/30/2030 | 203,540 | |||||||||
| 3,280,000 | Weatherford International Ltd. | 8.63 | %(a) | 04/30/2030 | 3,389,355 | |||||||||
| Total US Corporate Bonds (Cost $156,086,051) | 145,656,879 | |||||||||||||
| US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 3.0% | ||||||||||||||
| Federal Home Loan Mortgage Corp. | ||||||||||||||
| 6,088,671 | Series 313-S1Pool S1-3249 (-1 x 30 day avg SOFR US + 5.79%, 0.00% Floor, 5.90% Cap) | 1.19 | %(h)(i) | 09/15/2043 | 552,409 | |||||||||
| 2,029,586 | Series 3997-SA (-1 x 30 day avg SOFR US + 6.39%, 0.00% Floor, 6.50% Cap) | 1.79 | %(h)(i) | 02/15/2042 | 210,737 | |||||||||
| PRINCIPAL AMOUNT $/SHARES | SECURITY DESCRIPTION | RATE | MATURITY | VALUE $ | ||||||||||
| 2,797,547 | Series 4091-VI (-1 x 30 day avg SOFR US + 4.89%, 0.00% Floor, 5.00% Cap) | 0.20 | %(h)(i) | 11/15/2040 | 161,928 | |||||||||
| 4,717,657 | Series 4119-SC (-1 x 30 day avg SOFR US + 6.04%, 0.00% Floor, 6.15% Cap) | 1.44 | %(h)(i) | 10/15/2042 | 459,123 | |||||||||
| 2,575,208 | Series 4643-SA (-1 x 30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap) | 1.29 | %(h)(i) | 01/15/2047 | 249,819 | |||||||||
| 7,371,527 | Series 4863-IA | 4.50 | %(h) | 03/15/2045 | 947,775 | |||||||||
| 14,707,779 | Series 5004-SD (-1 x 30 day avg SOFR US + 6.10%, 0.00% Floor, 6.10% Cap) | 1.53 | %(h)(i) | 08/25/2050 | 2,013,435 | |||||||||
| Federal National Mortgage Association | ||||||||||||||
| 6,280,496 | Series 2012-124-SE (-1 x 30 day avg SOFR US + 6.04%, 0.00% Floor, 6.15% Cap) | 1.47 | %(h)(i) | 11/25/2042 | 672,330 | |||||||||
| 7,783,058 | Series 2012-84-HS (-1 x 30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap) | 1.32 | %(h)(i) | 08/25/2042 | 679,091 | |||||||||
| 4,356,897 | Series 2017-69-ES (-1 x 30 day avg SOFR US + 6.04%, 0.00% Floor, 6.15% Cap) | 1.47 | %(h)(i) | 09/25/2047 | 413,737 | |||||||||
| 5,890,683 | Series 2019-25-SB (-1 x 30 day avg SOFR US + 5.94%, 0.00% Floor, 6.05% Cap) | 1.37 | %(h)(i) | 06/25/2049 | 532,119 | |||||||||
| 41,894,833 | Series 2019-M26-X1 | 0.60 | %(d)(h) | 03/25/2030 | 848,479 | |||||||||
| FREMF Mortgage Trust | ||||||||||||||
| 2,765,578 | Series 2018-KF56-C (30 day avg SOFR US + 5.91%, 5.80% Floor) | 10.58 | %(a) | 11/25/2028 | 2,444,934 | |||||||||
| 7,466,015 | Series 2019-KF71-C (30 day avg SOFR US + 6.11%, 6.00% Floor) | 10.78 | %(a) | 10/25/2029 | 7,206,165 | |||||||||
| Government National Mortgage Association | ||||||||||||||
| 9,170,707 | Series 2019-22-SA (-1 x 1 mo. Term SOFR + 5.49%, 0.00% Floor, 5.60% Cap) | 1.12 | %(h)(i) | 02/20/2045 | 724,436 | |||||||||
| 4,995,390 | Series 2020-21-NS (-1 x 1 mo. Term SOFR + 5.94%, 0.00% Floor, 6.05% Cap) | 1.57 | %(h)(i) | 04/20/2048 | 473,358 | |||||||||
| 6,028,993 | Series 2020-47-SL (-1 x 1 mo. Term SOFR + 5.26%, 0.00% Floor, 5.37% Cap) | 0.89 | %(h)(i) | 07/20/2044 | 395,042 | |||||||||
| 10,404,254 | Series 2020-61-SU (-1 x 1 mo. Term SOFR + 5.49%, 0.00% Floor, 5.60% Cap) | 1.09 | %(h)(i) | 07/16/2045 | 702,445 | |||||||||
| 4,011,728 | Series 2020-77-SU (-1 x 1 mo. Term SOFR + 5.99%, 0.00% Floor, 6.10% Cap) | 1.62 | %(h)(i) | 09/20/2047 | 430,649 | |||||||||
| 23,127,274 | Series 2021-97-SG (-1 x 30 day avg SOFR US + 2.60%, 0.00% Floor, 2.60% Cap) | 0.00 | %(h)(i) | 06/20/2051 | 67,518 | |||||||||
| 30,995,178 | Series 2021-H04-BI | 0.36 | %(d)(h) | 02/01/2071 | 1,524,575 | |||||||||
| 31,461,982 | Series 2021-H07-AI | 0.92 | %(d)(h) | 05/20/2071 | 1,768,443 | |||||||||
| Total US Government and Agency Mortgage Backed Obligations (Cost $30,899,923) | 23,478,547 | |||||||||||||
| COMMON STOCKS - 0.0%(j) | ||||||||||||||
| 62,660 | JOANN, Inc.(c)(k) | – | ||||||||||||
| 105,809 | Oi SA(c) | 15,871 | ||||||||||||
| 12,858 | Riverbed - Class B(c)(k) | 129 | ||||||||||||
| Total Common Stocks (Cost $–) | 16,000 | |||||||||||||
| PREFERRED STOCKS - 1.4% | ||||||||||||||
| 430,000 | AGNC Investment Corp. Series F (3 mo. LIBOR US + 4.70%)(g)(l) | 10,595,200 | ||||||||||||
| Total Preferred Stocks (Cost $9,302,263) | 10,595,200 | |||||||||||||
| REAL ESTATE INVESTMENT TRUSTS - 0.8% | ||||||||||||||
| 650,000 | AGNC Investment Corp.(k) | 5,986,500 | ||||||||||||
| Total Real Estate Investment Trusts (Cost $8,298,946) | 5,986,500 | |||||||||||||
| SHORT TERM INVESTMENTS - 1.1% | ||||||||||||||
| 2,858,684 | First American Government Obligations Fund - U | 4.41 | %(m) | 2,858,684 | ||||||||||
| 2,973,332 | JPMorgan US Government Money Market Fund - IM | 4.44 | %(m) | 2,973,332 | ||||||||||
| 2,973,331 | MSILF Government Portfolio - Institutional | 4.42 | %(m) | 2,973,331 | ||||||||||
| Total Short Term Investments (Cost $8,805,347) | 8,805,347 | |||||||||||||
| Total Investments - 120.9%(n) (Cost $1,016,049,253) | 935,557,053 | |||||||||||||
| Other Liabilities in Excess of Assets - (20.9)% | (161,587,543 | ) | ||||||||||||
| NET ASSETS - 100.0% | $ | 773,969,510 | ||||||||||||
| SECURITY TYPE BREAKDOWN as a % of Net Assets: | ||||
| Non-Agency Commercial Mortgage Backed Obligations | 25.4 | % | ||
| US Corporate Bonds | 18.8 | % | ||
| Non-Agency Residential Collateralized Mortgage Obligations | 17.9 | % | ||
| Bank Loans | 16.4 | % | ||
| Collateralized Loan Obligations | 15.5 | % | ||
| Foreign Corporate Bonds | 12.6 | % | ||
| Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations | 5.6 | % | ||
| US Government and Agency Mortgage Backed Obligations | 3.0 | % | ||
| Asset Backed Obligations | 2.4 | % | ||
| Preferred Stocks | 1.4 | % | ||
| Short Term Investments | 1.1 | % | ||
| Real Estate Investment Trusts | 0.8 | % | ||
| Common Stocks | 0.0 | %(j) | ||
| Other Assets and Liabilities | (20.9) | % | ||
| Net Assets | 100.0 | % | ||
| INVESTMENT BREAKDOWN as a % of Net Assets: | ||||
| Non-Agency Commercial Mortgage Backed Obligations | 25.4 | % | ||
| Non-Agency Residential Collateralized Mortgage Obligations | 17.9 | % | ||
| Collateralized Loan Obligations | 15.5 | % | ||
| Energy | 4.0 | % | ||
| Electronics/Electric | 4.0 | % | ||
| Commercial Services | 3.8 | % | ||
| Chemicals/Plastics | 3.5 | % | ||
| Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations | 3.5 | % | ||
| US Government and Agency Mortgage Backed Obligations | 3.0 | % | ||
| Healthcare | 3.0 | % | ||
| Transportation | 2.9 | % | ||
| Media | 2.7 | % | ||
| Retailers (other than Food/Drug) | 2.6 | % | ||
| Consumer Products | 2.5 | % | ||
| Asset Backed Obligations | 2.4 | % | ||
| Real Estate | 2.1 | % | ||
| Technology | 2.0 | % | ||
| Finance | 1.9 | % | ||
| Utilities | 1.8 | % | ||
| Telecommunications | 1.7 | % | ||
| Industrial Equipment | 1.6 | % | ||
| Hotels/Motels/Inns and Casinos | 1.5 | % | ||
| Mining | 1.2 | % | ||
| Short Term Investments | 1.1 | % | ||
| Construction | 1.0 | % | ||
| Automotive | 0.9 | % | ||
| Containers and Glass Products | 0.9 | % | ||
| Chemical Products | 0.8 | % | ||
| Building and Development (including Steel/Metals) | 0.8 | % | ||
| Leisure | 0.8 | % | ||
| Food Products | 0.7 | % | ||
| Business Equipment and Services | 0.7 | % | ||
| Diversified Manufacturing | 0.6 | % | ||
| Insurance | 0.5 | % | ||
| Food Service | 0.4 | % | ||
| Pulp & Paper | 0.4 | % | ||
| Conglomerates | 0.3 | % | ||
| Beverage and Tobacco | 0.2 | % | ||
| Aerospace & Defense | 0.2 | % | ||
| Consumer Staples | 0.1 | % | ||
| Other Assets and Liabilities | (20.9) | % | ||
| 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. As of December 31, 2024, the value of these securities total $625,361,566 or 80.8% of the Fund’s net assets. |
| (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 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. |
| (e) | Security is in default or has failed to make a scheduled payment. Income is not being accrued. |
| (f) | 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. |
| (g) | Perpetual maturity. The date disclosed is the next call date of the security. |
| (h) | Interest only security |
| (i) | 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. |
| (j) | Represents less than 0.05% of net assets. |
| (k) | Non-income producing security. |
| (l) | Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date. |
| (m) | Seven-day yield as of period end. |
| (n) | 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 |
| Futures Contracts | ||||||||||||||||
| Description | Long/ Short | Contract Quantity | Expiration Date | Notional Amount(1) | Unrealized Appreciation (Depreciation)/ Value | |||||||||||
| U.S. Treasury 2 Year Notes | Long | 200 | 3/31/2025 | $ | 41,128,539 | $ | (6,664 | ) | ||||||||
| 10 Year U.S. Ultra Treasury Notes | Long | 275 | 3/20/2025 | 30,990,732 | (379,794 | ) | ||||||||||
| $ | (386,458 | ) |
| (1) | Notional Amount is determined based on the number of contracts multiplied by the contract size and the quoted daily settlement price in US dollars. |
Notes to Schedule of Investments
December 31, 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 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. The 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 December 31, 2024:
| Category | ||||
| Investments in Securities | ||||
| Level 1 | ||||
| Preferred Stocks | $ | 10,595,200 | ||
| Short Term Investments | 8,805,347 | |||
| Real Estate Investment Trusts | 5,986,500 | |||
| Total Level 1 | 25,387,047 | |||
| Level 2 | ||||
| Non-Agency Commercial Mortgage Backed Obligations | $ | 196,193,909 | ||
| US Corporate Bonds | 145,656,879 | |||
| Non-Agency Residential Collateralized Mortgage Obligations | 138,779,665 | |||
| Bank Loans | 126,907,996 | |||
| Collateralized Loan Obligations | 118,090,684 | |||
| Foreign Corporate Bonds | 97,270,452 | |||
| Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations | 43,449,010 | |||
| US Government and Agency Mortgage Backed Obligations | 23,478,547 | |||
| Asset Backed Obligations | 17,107,371 | |||
| Total Level 2 | 906,934,513 | |||
| Level 3 | ||||
| Collateralized Loan Obligations | $ | 2,090,047 | ||
| Asset Backed Obligations | 1,129,446 | |||
| Common Stocks | 16,000 | |||
| Total Level 3 | 3,235,493 | |||
| Total | $ | 935,557,053 | ||
| Other Financial Instruments | ||||
| Level 1 | ||||
| Futures Contracts | $ | (386,458 | ) | |
| Total Level 1 | (386,458 | ) | ||
| Total Level 2 | — | |||
| Total Level 3 | — | |||
| Total | $ | (386,458 | ) | |
See the Schedule of Investments for further disaggregation of investment categories.
