Oaktree Diversified Income Fund NPORT-P Oaktree Diversified Income Fund Inc. (Mar 2023 report)

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (Unaudited)
March 31, 2023
Description	Country	Principal Amount			Value
CORPORATE CREDIT – 57.4%
Senior Loans (Syndicated) – 28.7%(a)
Aerospace & Defense – 1.7%
AI Convoy Luxembourg Sarl, First Lien Tranche B Term Loan
5.53% (3 Month EURIBOR + 3.50%), 01/20/27(b)	Luxembourg	€	240,000		$	245,501
Cobham Ultra US Company Borrower LLC, First Lien Tranche B Term Loan
8.56% (6 Month LIBOR USD + 3.75%), 08/04/29(b)	United States	$	995,006			976,350
Dynasty Acquisition Company, Inc., First Lien Tranche B Incremental Term Loan
8.41%, 04/08/26	United States		535,817			524,983
Jazz Acquisition, Inc., First Lien Tranche B Term Loan
8.72% (3 Month US LIBOR + 4.25%), 06/19/26(b)	United States		500,000			490,428
Standard Aero Ltd, First Lien Tranche B Term Loan
8.41% (3 Month LIBOR USD + 3.50%), 04/08/26(b)	Canada		113,343			111,051
WP CPP Holdings LLC, First Lien Tranche B Term Loan
8.58% (3 Month LIBOR USD + 3.75%), 04/30/25(b)	United States		492,612			450,671
						2,798,984
Total Aerospace & Defense
Automobile Components – 0.3%
First Brands Group LLC, First Lien Tranche B Term Loan
10.25% (6 Month SOFR + 5.00%), 03/30/27(b)	United States		500,000			483,750
Banks – 0.3%
Renaissance Holdings Corp., First Lien Term Loan
7.88% (3 Month US LIBOR + 3.25%), 05/30/25(b)	United States		500,000			487,148
Beverages – 0.9%
Pegasus Bidco BV, First Lien Tranche B Term Loan
6.90% (3 Month EURIBOR + 4.25%), 07/12/29(b)	Netherlands	€	250,000			264,958
9.01% (3 Month SOFR + 4.25%), 07/12/29(b)	Netherlands	$	498,750			492,723
Triton Water Holdings, Inc., First Lien Tranche B Term Loan
8.66% (3 Month US LIBOR + 3.50%), 03/31/28(b)	United States		738,723			666,006
						1,423,687
Total Beverages
Biotechnology – 0.1%
Curium Bidco Sarl, First Lien Tranche B Term Loan
8.98% (1 Month LIBOR USD + 4.25%), 12/02/27(b)(c)	Luxembourg		497,500			225,381
Building Products – 0.2%
Timber Servicios Empresariales SA, First Lien Tranche B Term Loan
8.04% (1 Month EURIBOR + 4.75%), 03/29/29(b)	Spain	€	300,000			287,884
Chemicals – 0.6%
Axalta Coating Systems US Holdings, Inc., First Lien Tranche B4 Term Loan
7.90% (1 Month SOFR + 3.00%), 12/20/29(b)	United States	$	243,750			244,411
INEOS Enterprises Holdings II Ltd., First Lien Tranche B Term Loan
5.95% (3 Month EURIBOR + 3.25%), 09/03/26(b)	United Kingdom	€	250,000			266,495
INEOS Finance PLC, First Lien Tranche B Term Loan
6.91% (3 Month EURIBOR + 2.00%), 11/08/27(b)	United Kingdom		247,403			267,638
INEOS Quattro, First Lien Tranche B Term Loan
5.18% (1 Month EURIBOR + 2.75%), 01/29/26(b)	United Kingdom		250,000			261,782
						1,040,326
Total Chemicals
Commercial Services & Supplies – 2.4%
Access CIG LLC, First Lien Term Loan
8.73% (3 Month LIBOR USD + 3.75%), 02/27/25(b)	United States	$	984,104			975,901
Allied Universal, First Lien Tranche B Term Loan
6.66% (3 Month EURIBOR + 3.75%), 05/14/28(b)	Luxembourg	€	249,369			254,909
Allied Universal Holdco LLC, First Lien Tranche B Term Loan
8.66% (1 Month LIBOR USD + 3.75%), 05/14/28(b)	United States	$	865,093			822,846
Broom Holdings Bidco Ltd., First Lien Tranche B Term Loan
6.50% (3 Month EURIBOR + 3.75%), 08/23/28(b)	Ireland	€	250,000			262,315
Freshworld Holding III GMBH, First Lien Tranche B2 Term Loan
5.69% (3 Month EURIBOR + 3.25%), 10/02/26(b)(d)	Germany		250,000			260,507
Garda World Security Corp., First Lien Tranche B Term Loan
9.11% (1 Month LIBOR USD + 4.25%), 10/30/26(b)	Canada	$	1,000,000			991,880
TMS International Corp., First Lien Tranche B Term Loan
9.51% (1 Month SOFR + 4.75%), 03/02/30(b)	United States		500,000			488,437
Trugreen LP, First Lien Tranche B Term Loan
8.84% (1 Month LIBOR USD + 4.00%), 11/02/27(b)	United States		111,430			103,178
						4,159,973
Total Commercial Services & Supplies
Communications Equipment – 0.7%
Genesys Cloud Services Holdings II LLC, First Lien Tranche B Term Loan
8.63% (1 Month US LIBOR + 4.00%), 12/01/27(b)	United States		500,000			493,633
Sorenson Communications LLC, First Lien Tranche B Term Loan
10.34% (1 Month LIBOR USD + 5.50%), 03/17/26(b)	United States		689,202			658,333
						1,151,966
Total Communications Equipment
Construction & Engineering – 1.2%
ADB Companies LLC, First Lien Term Loan
11.34% (1 Month LIBOR USD + 6.25%), 12/18/25(b)(e)	United States		1,274,321			1,248,834
Tiger Acquisition LLC, First Lien Tranche B Term Loan
8.16% (1 Month LIBOR USD + 3.25%), 06/01/28(b)	United States		742,462			723,901
						1,972,735
Total Construction & Engineering
Construction Materials – 0.2%
Hunter Douglas, Inc., First Lien Tranche B Term Loan
8.37% (3 Month SOFR + 3.50%), 02/09/29(b)	Netherlands		303,322			273,857
Consumer Finance – 0.2%
American Auto Auction Group LLC, Second Lien Term Loan
13.33% (3 Month SOFR + 8.75%), 12/30/28(b)	United States		483,000			356,696
Consumer Staples Distribution & Retail – 0.2%
Bellis Acquisition Company PLC, First Lien Tranche B Term Loan
4.55% (3 Month EURIBOR + 2.75%), 02/16/26(b)	United Kingdom	€	250,000			254,181
Containers & Packaging – 1.3%
Charter Next Generation, Inc., First Lien Term Loan
8.67% (1 Month SOFR + 3.75%), 12/01/27(b)	United States	$	500,000			494,650
Clydesdale Acquisition Holdings, Inc., First Lien Term Loan
9.08% (1 Month SOFR + 4.18%), 04/13/29(b)	United States		477,393			467,308
Kouti BV, First Lien Tranche B Term Loan
7.40% (3 Month EURIBOR + 4.75%), 08/31/28(b)	United States	€	200,000			215,364
Proampac PG Borrower LLC, First Lien Tranche B Term Loan
7.96% (1 Month LIBOR USD + 3.75%), 11/03/25(b)	United States	$	985,000			965,793
						2,143,115
Total Containers & Packaging
Distributors – 0.7%
American Tire Distributors, Inc., First Lien Tranche B Term Loan
10.61% (3 Month US LIBOR + 6.25%), 10/22/28(b)	United States		500,000			440,835
Dealer Tire Financial LLC, First Lien Tranche B Term Loan
9.12% (1 Month SOFR + 4.50%), 12/14/27(b)	United States		660,809			657,713
						1,098,548
Total Distributors
Diversified Consumer Services – 1.4%
AI Aqua Merger Sub, Inc., First Lien Tranche B Term Loan
8.48% (TSFR1M + 3.75%), 07/31/28(b)	United States		497,589			481,731
Houghton Mifflin Harcourt Co., First Lien Tranche B Term Loan
10.16% (1 Month SOFR + 5.25%), 04/07/29(b)	United States		346,879			311,931
KUEHG Corp., First Lien Tranche B3 Term Loan				��
8.48% (1 Month US LIBOR + 3.75%), 02/21/25(b)	United States		500,000			491,875
Obol France 3 SAS, First Lien Tranche B Term Loan
7.11% (3 Month EURIBOR + 4.75%), 12/09/25(b)	France	€	250,000			247,177
PetVet Care Centers LLC, Second Lien Term Loan
11.09% (3 Month LIBOR USD + 6.25%), 02/15/26(b)	United States	$	500,000			448,500
Springer Nature Deutschland GmbH, First Lien Tranche B Term Loan
4.95% (3 Month EURIBOR + 3.25%), 08/14/26(b)	Germany	€	250,000			263,910
Verisure Holding AB, First Lien Tranche B Term Loan
6.26% (3 Month EURIBOR + 3.50%), 03/25/28(b)	Sweden		250,000			260,761
						2,505,885
Total Diversified Consumer Services
Diversified Telecommunication Services – 0.5%
Altice France SA, First Lien Tranche B Term Loan
7.20% (3 Month EURIBOR + 3.00%), 10/31/27(b)	Luxembourg		230,000			249,124
CCI Buyer, Inc., First Lien Tranche B Term Loan
8.58% (3 Month SOFR + 4.00%), 12/17/27(b)(c)	United States	$	750,000			–
Intelsat Jackson Holdings SA, First Lien Tranche EXIT Term Loan
9.08% (6 Month SOFR + 4.25%), 02/01/29(b)	Luxembourg		423,853			420,320
Numericable U.S. LLC, First Lien Tranche B14 Term Loan
8.02% (3 Month EURIBOR + 5.50%), 08/15/28(b)	United States	€	200,000			205,032
						874,476
Total Diversified Telecommunication Services
Electronic Equipment Instruments & Components – 0.6%
LTI Holdings, Inc., First Lien Tranche B Term Loan
8.34% (3 Month LIBOR USD + 3.50%), 09/06/25(b)	United States	$	984,536			953,154
Energy Equipment & Services – 0.4%
Artera Services LLC, First Lien Term Loan
8.66% (1 Month LIBOR USD + 3.50%), 03/06/25(b)	United States		738,722			629,498
Entertainment – 0.2%
City Football Group Ltd., First Lien Tranche B Term Loan
7.78% (1 Month US LIBOR + 3.00%), 07/21/28(b)	United Kingdom		500,000			480,625
Financial Services – 0.2%
Apex Group Treasury Ltd., First Lien Tranche B Term Loan
6.54% (3 Month EURIBOR + 4.00%), 07/27/28(b)	Ireland	€	250,000			261,835
Health Care Equipment & Supplies – 0.1%
Medline Borrower LP, First Lien Tranche B Term Loan
8.09% (1 Month LIBOR USD + 3.25%), 10/21/28(b)	United States	$	243,000			237,248
Health Care Providers & Services – 1.1%
Baart Programs, Inc., First Lien Delay Draw Term Loan
10.16% (1 Month LIBOR USD + 5.00%), 06/11/27(b)(e)	United States		421,998			410,605
Baart Programs, Inc., Second Lien Delay Draw Term Loan
13.48% (1 Month LIBOR USD + 8.50%), 06/11/28(b)(e)	United States		584,156			566,631
Corgi BidCo, First Lien Term Loan
9.90% (3 Month SOFR + 5.00%), 10/13/29(b)	United States		362,000			342,995
HomeVi SASU, First Lien Tranche B Term Loan
6.49% (3 Month EURIBOR + 4.00%), 10/31/26(b)	France	€	250,000			243,718
Nidda Healthcare Holding Gmb, First Lien Tranche F Term Loan
6.18% (3 Month EURIBOR + 3.50%), 08/21/26(b)	Germany		250,000			257,383
						1,821,332
Total Health Care Providers & Services
Health Care Technology – 1.2%
MedAssets Software Intermediate Holdings, Inc, Second Lien Term Loan
11.59% (1 Month LIBOR USD + 6.75%), 12/17/29(b)	United States	$	2,082,000			1,315,137
Polaris Newco LL, First Lien Tranche B Term Loan
9.16% (3 Month LIBOR USD + 4.00%), 06/04/28(b)	United States		508,608			465,234
Solera LL, First Lien Tranche B Term Loan
6.49% (3 Month EURIBOR + 4.00%), 06/04/28(b)	United States	€	246,875			236,947
						2,017,318
Total Health Care Technology
Hotels Restaurants & Leisure – 2.0%
Alterra Mountain Co., First Lien Tranche B Term Loan
8.34% (1 Month LIBOR USD + 3.50%), 08/17/28(b)	United States	$	927,727			926,567
Carnival Corp., First Lien Tranche B Term Loan
7.84% (6 Month LIBOR USD + 3.00%), 06/30/25(b)	Panama		744,260			736,445
Entain Holdings Gibraltar Ltd., First Lien Tranche B Term Loan
8.44% (1 Month SOFR + 3.50%), 10/31/29(b)	United Kingdom		265,335			265,957
Flutter Financing BV, First Lien Tranche B Term Loan
8.41% (1 Month SOFR + 3.25%), 07/04/28(b)	Netherlands		256,710			257,057
Flynn Restaurant Group LP, First Lien Tranche B Term Loan
9.09% (1 Month LIBOR USD + 4.25%), 12/03/28(b)	United States		987,500			961,825
Hurtigruten Group AS, First Lien Tranche B Term Loan
7.20% (3 Month EURIBOR + 4.00%), 02/22/25(b)	Norway	€	200,000			201,236
Whatabrands LLC, First Lien Tranche B Term Loan
8.09% (1 Month LIBOR USD + 3.25%), 08/03/28(b)	United States	$	86,562			85,781
						3,434,868
Total Hotels Restaurants & Leisure
Independent Power and Renewable Electricity Producers – 0.5%
Parkway Generation LLC, First Lien Tranche B Term Loan
9.90% (1 Month SOFR + 4.75%), 02/18/29(b)	United States		683,455			662,096
Parkway Generation LLC, First Lien Tranche C Term Loan
9.90% (1 Month LIBOR USD + 4.75%), 02/18/29(b)	United States		89,876			87,030
��						749,126
Total Independent Power and Renewable Electricity Producers
Insurance – 0.3%
Asurion LLC, Second Lien Tranche B3 Term Loan
10.09% (1 Month LIBOR USD + 5.25%), 02/03/28(b)	United States		350,000			292,862
Asurion, LLC, First Lien Tranche B10 Term Loan
8.91% (3 Month SOFR + 4.00%), 08/19/28(b)	United States		298,500			276,301
						569,163
Total Insurance
Leisure Products – 0.6%
Gibson Brands, Inc., First Lien Term Loan
9.92% (1 Month LIBOR USD + 5.00%), 08/13/28(b)	United States		395,000			316,494
Peloton Interactive, First Lien Term Loan
11.76% (1 Month SOFR + 6.50%), 05/25/27(b)	United States		646,626			646,089
						962,583
Total Leisure Products
Life Sciences Tools & Services – 0.3%
Sotera Health Holdings LLC, First Lien Tranche B Term Loan
8.82% (1 Month SOFR + 3.75%), 12/13/26(b)	United States		500,000			493,125
Machinery – 0.8%
Delachaux Group SA, First Lien Tranche B Term Loan
5.36% (3 Month EURIBOR + 3.75%), 04/16/26(b)	France	€	239,144			252,220
Restaurant Technologies, Inc., First Lien Tranche B Term Loan
8.83% (3 Month SOFR + 4.25%), 03/17/29(b)	United States	$	505,696			500,819
SPX FLOW, Inc., First Lien Tranche B Term Loan
9.22% (1 Month SOFR + 4.50%), 04/05/29(b)	United States		500,000			478,440
						1,231,479
Total Machinery
Media – 1.2%
Directv Financing LLC, First Lien Term Loan
9.84% (1 Month LIBOR USD + 5.00%), 08/02/27(b)	United States		865,000			834,431
Learfield Communications LLC, First Lien Term Loan
8.10% (1 Month US LIBOR + 3.25%), 12/01/23(b)	United States		157,435			111,459
Recorded Books, Inc., First Lien Term Loan
8.79% (1 Month SOFR + 4.00%), 08/31/25(b)	United States		261,301			260,452
Univision Communications, Inc., First Lien Tranche B Term Loan
8.83% (3 Month SOFR + 4.25%), 06/24/29(b)	United States		500,000			497,375
Virgin Media SFA Finance Ltd., First Lien Term Loan
7.21% (Secured Overnight Financing Rate + 3.25%), 01/15/27(b)	United Kingdom	£	200,000			233,105
						1,936,822
Total Media
Metals & Mining – 1.5%
American Rock Salt Company LLC, First Lien Tranche B Term Loan
8.84% (1 Month LIBOR USD + 4.00%), 06/11/28(b)	United States	$	497,468			480,679
PECF USS Intermediate Holding III Corp., First Lien Tranche B Term Loan
9.09% (1 Month LIBOR USD + 4.25%), 12/15/28(b)	United States		861,352			729,785
PMHC II, Inc., First Lien Term Loan
9.08% (3 Month SOFR + 4.25%), 04/21/29(b)	United States		474,810			419,787
SCIH Salt Holdings, Inc., First Lien Tranche B Term Loan
8.83% (1 Month LIBOR USD + 4.00%), 03/16/27(b)	United States		909,643			889,499
						2,519,750
Total Metals & Mining
Multiline Retail – 0.2%
Amer Sports Holding Oy, First Lien Tranche B Term Loan
5.13% (6 Month EURLIBOR + 4.50%), 03/30/26(b)	Finland	€	250,000			264,809
Oil Gas & Consumable Fuels – 0.1%
Freeport LNG Investments LLLP, First Lien Tranche B Term Loan
8.31% (3 Month US LIBOR + 3.50%), 12/21/28(b)	United States	$	101,741			98,798
Passenger Airlines – 0.4%
Mileage Plus Holdings LLC, First Lien Tranche B Term Loan
10.21% (1 Month LIBOR USD + 5.25%), 06/20/27(b)	United States		171,700			178,472
United Airlines, Inc., First Lien Tranche B Term Loan
8.57% (3 Month LIBOR USD + 3.75%), 04/21/28(b)	United States		493,703			491,296
						669,768
Total Passenger Airlines
Pharmaceuticals – 0.2%
Antigua Bidco Ltd., First Lien Tranche B Term Loan
6.70% (3 Month EURIBOR + 4.00%), 08/07/26(b)	United Kingdom	€	250,000			266,246
Pharmeceuticals – 0.2%
Zentiva, First Lien Tranche B Term Loan
6.16% (3 Month EURIBOR + 3.75%), 09/30/25(b)	Luxembourg		250,000			263,197
Professional Services – 0.6%
DTI Holdco, Inc., First Lien Tranche B Term Loan
9.43% (3 Month SOFR + 4.75%), 04/26/29(b)	United States	$	497,500			463,359
Element Materials Technology Group US Holdings, Inc., First Lien Delay Draw Term Loan
9.25% (1 Month SOFR + 4.25%), 06/24/29(b)	United States		341,250			338,051
9.25% (3 Month SOFR + 4.25%), 06/24/29(b)	United States		157,500			156,023
						957,433
Total Professional Services
Software – 2.5%
Castle US Holding Corp., First Lien Tranche B Term Loan
6.66% (3 Month EURIBOR + 3.75%), 01/29/27(b)	United States	€	246,827			180,131
8.84% (1 Month LIBOR USD + 4.00%), 01/29/27(b)	United States	$	989,518			649,994
eResearchTechnology, Inc., First Lien Tranche B Term Loan
9.13% (1 Month US LIBOR + 4.50%), 02/04/27(b)	United States		500,000			472,500
ION Corporate Solutions Finance Sarl, First Lien Tranche B Term Loan
5.95% (3 Month EURIBOR + 3.75%), 03/11/28(b)	Luxembourg	€	250,000			257,705
McAfee Corp., First Lien Tranche B Term Loan
6.49% (1 Month EURIBOR + 4.00%), 03/01/29(b)	United States		248,750			255,693
Mitchell International, Inc., First Lien Tranche B Term Loan
8.50% (3 Month LIBOR USD + 3.75%), 10/15/28(b)	United States	$	704,354			667,735
Planview Parent, Inc., First Lien Term Loan
9.16% (3 Month LIBOR USD + 4.00%), 12/17/27(b)	United States		159,991			151,958
Skopima Consilio Parent LLC, First Lien Term Loan
8.84% (1 Month LIBOR USD + 4.00%), 05/17/28(b)	United States		924,613			866,169
TIBCO Software, Inc., First Lien Tranche B Term Loan
9.18% (3 Month SOFR + 4.50%), 03/19/29(b)	United States		144,000			131,400
9.18% (3 Month SOFR + 4.50%), 09/30/28(b)	United States		193,000			174,975
UKG, Inc.,, Second Lien Term Loan
10.03% (3 Month LIBOR USD + 5.25%), 05/03/27(b)	United States		500,000			481,750
						4,290,010
Total Software
Specialty Retail – 0.5%
CD&R Firefly Bidco Ltd., First Lien Tranche B1 Term Loan
7.78% (1 Month SONIA + 4.75%), 06/21/25(b)	United Kingdom	£	250,000			298,247
Great Outdoors Group LLC, First Lien Tranche B Term Loan
8.59% (1 Month LIBOR USD + 3.75%), 03/05/28(b)	United States	$	497,475			491,881
						790,128
Total Specialty Retail
Textiles Apparel & Luxury Goods – 0.1%
Breitling Financial Sarl, First Lien Add-On Term Loan
4.75% (3 Month EURIBOR + 4.75%), 10/25/28(b)	Luxembourg	€	135,000			143,297
Total Senior Loans (Syndicated)						47,580,204
High Yield – 21.5%
Aerospace & Defense – 0.7%
Bombardier, Inc.
7.13%, 06/15/26(f)	Canada	$	240,000			241,080
Spirit AeroSystems, Inc.
7.50%, 04/15/25(f)	United States		275,000			275,270
9.38%, 11/30/29(f)	United States		235,000			256,738
TransDigm, Inc.
5.50%, 11/15/27	United States		360,000			339,840
6.25%, 03/15/26(f)	United States		95,000			95,183
						1,208,111
Total Aerospace & Defense
Airlines – 0.1%
Hawaiian Brand Intellectual Property Ltd.
5.75%, 01/20/26(f)	Cayman Islands		150,000			142,593
Auto Components – 0.4%
Dana Financing Luxembourg Sarl
3.00%, 07/15/29	United States	€	200,000			168,366
IHO Verwaltungs GmbH
3.63%, 05/15/25(g)	Germany		160,000			172,948
8.75%, 05/15/28(g) (h)(i)	Germany		100,000			111,029
Renk AG
5.75%, 07/15/25	Germany		200,000			212,938
						665,281
Total Auto Components
Beverages – 0.1%
Primo Water Holdings, Inc.
3.88%, 10/31/28	Canada		200,000			189,795
Chemicals – 0.7%
Diamond BC BV
4.63%, 10/01/29(f)	Netherlands	$	170,000			165,810
INEOS Finance PLC
6.63%, 05/15/28(h)(i)	United Kingdom	€	175,000			191,901
Nufarm Australia Ltd.
5.00%, 01/27/30(f)	Australia	$	445,000			392,554
Olympus Water US Holding Corp.
4.25%, 10/01/28(f)	United States		280,000			231,976
SK Invictus Intermediate II Sarl
5.00%, 10/30/29(f)	Luxembourg		225,000			187,047
						1,169,288
Total Chemicals
Commercial Services & Supplies – 1.5%
Allied Universal Holdco LLC
4.63%, 06/01/28(f)	United States		405,000			343,114
Hurricane Finance PLC
8.00%, 10/15/25	United Kingdom	£	100,000			111,880
Iron Mountain, Inc.
5.00%, 07/15/28(f)	United States	$	435,000			405,252
LABL, Inc.
5.88%, 11/01/28(f)	United States		445,000			396,246
Prime Security Services Borrower LLC
6.25%, 01/15/28(f)	United States		485,000			453,931
TMS International Corp.
6.25%, 04/15/29(f)	United States		330,000			254,803
WASH Multifamily Acquisition, Inc.
5.75%, 04/15/26(f)	United States		430,000			407,365
						2,372,591
Total Commercial Services & Supplies
Communications Equipment – 0.3%
CommScope Technologies LLC
6.00%, 06/15/25(f)	United States		260,000			245,111
CommScope, Inc.
4.75%, 09/01/29(f)	United States		75,000			62,588
6.00%, 03/01/26(f)	United States		95,000			91,789
						399,488
Total Communications Equipment
Construction & Engineering – 0.4%
Great Lakes Dredge & Dock Corp.
5.25%, 06/01/29(f)	United States		340,000			257,414
Pike Corp.
5.50%, 09/01/28(f)	United States		440,000			385,466
						642,880
Total Construction & Engineering
Consumer Finance – 0.3%
FirstCash, Inc.
5.63%, 01/01/30(f)	United States		220,000			203,251
Ford Motor Credit Company LLC
4.00%, 11/13/30	United States		445,000			378,743
						581,994
Total Consumer Finance
Containers & Packaging – 0.7%
Ardagh Packaging Finance PLC
2.13%, 08/15/26	Ireland	€	180,000			171,465
5.25%, 08/15/27(f)	United States	$	260,000			205,247
Fiber Bidco SpA
9.02% (3 Month EURIBOR + 6.00%), 10/25/27(b)(f)	Italy	€	100,000			109,321
Graham Packaging Company, Inc.
7.13%, 08/15/28(f)	United States	$	285,000			246,721
Intelligent Packaging Limited Finco, Inc.
6.00%, 09/15/28(f)	Canada		435,000			375,187
Silgan Holdings, Inc.
2.25%, 06/01/28	United States	€	200,000			183,669
Trivium Packaging Finance BV
3.75%, 08/15/26	Netherlands		100,000			100,317
						1,391,927
Total Containers & Packaging
Diversified Consumer Services – 0.3%
AA Bond Company Ltd.
6.50%, 01/31/26	United Kingdom	£	100,000			104,853
Verisure Holding AB
3.88%, 07/15/26	Sweden	€	100,000			100,881
Verisure Midholding AB
5.25%, 02/15/29	Sweden		100,000			90,466
						296,200
Total Diversified Consumer Services
Diversified Telecommunication Services – 1.6%
Altice Financing SA
3.00%, 01/15/28	Luxembourg		200,000			173,510
Altice France SA
3.38%, 01/15/28	France		100,000			85,039
4.13%, 01/15/29	France		100,000			83,778
Cogent Communications Group, Inc.
7.00%, 06/15/27(f)	United States	$	210,000			208,404
eircom Finance DAC
3.50%, 05/15/26	Ireland	€	200,000			206,340
Frontier Communications Holdings LLC
5.00%, 05/01/28(f)	United States	$	290,000			251,975
6.75%, 05/01/29(f)	United States		155,000			122,988
8.75%, 05/15/30(f)	United States		255,000			254,257
Iliad Holding SASU
5.63%, 10/15/28	France	€	200,000			202,456
Level 3 Financing, Inc.
4.25%, 07/01/28(f)	United States	$	330,000			186,524
Lorca Telecom Bondco SA
4.00%, 09/18/27	Spain	€	200,000			199,816
Telecom Italia SpA
6.88%, 02/15/28(h)(i)	Italy		100,000			111,100
Telefonica Europe BV
4.38% (EUSA6 + 4.11%), Perpetual(b)	Netherlands		200,000			212,075
Ziggo Bond Company BV
3.38%, 02/28/30	Netherlands		200,000			168,577
						2,466,839
Total Diversified Telecommunication Services
Electrical Equipment – 0.2%
APX Group, Inc.
6.75%, 02/15/27(f)	United States	$	290,000			288,870
Electronic Equipment, Instruments & Components – 0.1%
Centurion Bidco SpA
5.88%, 09/30/26	Italy	€	200,000			195,291
Energy Equipment & Services – 0.1%
Precision Drilling Corp.
7.13%, 01/15/26(f)	Canada	$	245,000			239,502
Entertainment – 0.2%
Banijay Entertainment SASU
3.50%, 03/01/25	France	€	200,000			211,735
Pinewood Finance Company Ltd.
3.63%, 11/15/27	United Kingdom	£	100,000			109,876
						321,611
Total Entertainment
Equity Real Estate Investment Trusts (REITs) – 0.2%
Necessity Retail REIT, Inc.
4.50%, 09/30/28(f)	United States	$	395,000			295,905
Food & Staples Retailing – 0.2%
Performance Food Group, Inc.
5.50%, 10/15/27(f)	United States		335,000			327,804
Food Products – 0.3%
Post Holdings, Inc.
5.63%, 01/15/28(f)	United States		430,000			421,800
Gas Utilities – 0.1%
CQP Holdco LP
5.50%, 06/15/31(f)	United States		165,000			148,503
Health Care Equipment & Supplies – 0.2%
Medline Borrower LP
5.25%, 10/01/29(f)	United States		395,000			343,084
Health Care Providers & Services – 1.0%
Acadia Healthcare Company, Inc.
5.50%, 07/01/28(f)	United States		215,000			208,475
Avantor Funding, Inc.
3.88%, 07/15/28	United States	€	100,000			101,415
CAB SELAS
3.38%, 02/01/28(h)(i)	France		200,000			178,604
CHS/Community Health Systems, Inc.
5.63%, 03/15/27(f)	United States	$	335,000			294,445
ModivCare Escrow Issuer, Inc.
5.00%, 10/01/29(f)	United States		345,000			293,286
Pediatrix Medical Group, Inc.
5.38%, 02/15/30(f)	United States		295,000			267,370
Radiology Partners, Inc.
9.25%, 02/01/28(f)	United States		715,000			396,035
RP Escrow Issuer LLC
5.25%, 12/15/25(f)	United States		85,000			64,488
						1,804,118
Total Health Care Providers & Services
Health Care Technology – 0.1%
MPH Acquisition Holdings LLC
5.50%, 09/01/28(f)	United States		160,000			127,352
Health Facilities – 0.2%
Tenet Healthcare Corp.
6.13%, 10/01/28	United States		285,000			273,413
Hotels, Restaurants & Leisure – 1.4%
Bloomin' Brands, Inc.
5.13%, 04/15/29(f)	United States		220,000			197,194
Carnival Corp.
5.75%, 03/01/27(f)	Panama		490,000			402,493
10.50%, 06/01/30(f)	Panama		80,000			76,872
Cirsa Finance International Sarl
4.50%, 03/15/27	Spain	€	100,000			94,893
Everi Holdings, Inc.
5.00%, 07/15/29(f)	United States	$	345,000			307,452
Fertitta Entertainment LLC
6.75%, 01/15/30(f)	United States		160,000			131,781
Hilton Grand Vacations Borrower Escrow LLC
5.00%, 06/01/29(f)	United States		215,000			191,192
Legends Hospitality Holding Company LLC
5.00%, 02/01/26(f)	United States		440,000			394,188
Lottomatica SpA
5.13%, 07/15/25	Italy	€	200,000			214,449
Playtech PLC
4.25%, 03/07/26	United Kingdom		100,000			104,865
TUI Cruises GmbH
6.50%, 05/15/26	Germany		100,000			97,605
						2,212,984
Total Hotels, Restaurants & Leisure
Household Durables – 0.1%
Weekley Homes LLC
4.88%, 09/15/28(f)	United States	$	185,000			156,204
Household Products – 0.1%
Energizer Gamma Acquisition BV
3.50%, 06/30/29	United States	€	200,000			175,011
Insurance – 0.2%
AssuredPartners, Inc.
5.63%, 01/15/29(f)	United States	$	250,000			216,334
HUB International Ltd.
7.00%, 05/01/26(f)	United States		190,000			186,918
						403,252
Total Insurance
IT Services – 0.7%
Ahead DB Holdings LLC
6.63%, 05/01/28(f)	United States		340,000			282,621
Mooney Group SpA
6.69% (3 Month EURIBOR + 3.88%), 12/17/26(b)	Italy	€	250,000			265,906
Sabre GLBL, Inc.
7.38%, 09/01/25(f)	United States	$	150,000			134,175
VM Consolidated, Inc.
5.50%, 04/15/29(f)	United States		655,000			580,790
						1,263,492
Total IT Services
Life Sciences Tools & Services – 0.1%
IQVIA, Inc.
2.88%, 06/15/28	United States	€	165,000			161,157
Machinery – 0.3%
Redwood Star Merger Sub, Inc.
8.75%, 04/01/30(f)	United States	$	500,000			432,060
Media – 1.4%
CCO Holdings LLC
6.38%, 09/01/29(f)	United States		140,000			133,826
CSC Holdings LLC
4.13%, 12/01/30(f)	United States		435,000			312,806
Directv Financing LLC
5.88%, 08/15/27(f)	United States		435,000			394,397
DISH DBS Corp.
5.25%, 12/01/26(f)	United States		195,000			155,955
5.75%, 12/01/28(f)	United States		25,000			18,703
Gray Television, Inc.
4.75%, 10/15/30(f)	United States		160,000			106,400
iHeartCommunications, Inc.
5.25%, 08/15/27(f)	United States		360,000			294,646
Scripps Escrow II, Inc.
5.38%, 01/15/31(f)	United States		130,000			89,541
Univision Communications, Inc.
6.63%, 06/01/27(f)	United States		145,000			137,620
UPC Holding BV
3.88%, 06/15/29	Netherlands	€	205,000			185,325
Virgin Media Secured Finance PLC
5.25%, 05/15/29	United Kingdom	£	100,000			107,945
Virgin Media Vendor Financing Notes III DAC
4.88%, 07/15/28	United Kingdom		100,000			105,300
						2,042,464
Total Media
Metals & Mining – 0.6%
Arconic Corp.
6.13%, 02/15/28(f)	United States	$	425,000			418,480
Constellium SE
5.63%, 06/15/28(f)	France		260,000			245,761
Mineral Resources Ltd.
8.13%, 05/01/27(f)	Australia		60,000			60,959
8.50%, 05/01/30(f)	Australia		300,000			308,190
						1,033,390
Total Metals & Mining
Oil Gas Transportation & Distribution – 0.1%
Suburban Propane Partners LP
5.00%, 06/01/31(f)	United States		220,000			192,495
Oil, Gas & Consumable Fuels – 0.7%
CITGO Petroleum Corp.
7.00%, 06/15/25(f)	United States		360,000			355,527
CVR Energy, Inc.
5.25%, 02/15/25(f)	United States		305,000			293,146
Hess Midstream Operations LP
5.13%, 06/15/28(f)	United States		235,000			223,335
5.63%, 02/15/26(f)	United States		140,000			138,724
						1,010,732
Total Oil, Gas & Consumable Fuels
Paper & Forest Products – 0.3%
Mercer International, Inc.
5.50%, 01/15/26	Germany		440,000			429,125
Personal Products – 0.6%
BellRing Brands, Inc.
7.00%, 03/15/30(f)	United States		365,000			370,062
Coty, Inc.
5.00%, 04/15/26(f)	United States		215,000			207,635
Edgewell Personal Care Co.
5.50%, 06/01/28(f)	United States		355,000			340,589
						918,286
Total Personal Products
Pharmaceuticals – 0.3%
Bausch Health Companies, Inc.
4.88%, 06/01/28(f)	Canada		240,000			141,816
6.13%, 02/01/27(f)	Canada		190,000			123,162
Cheplapharm Arzneimittel GmbH
4.38%, 01/15/28	Germany	€	100,000			101,223
						366,201
Total Pharmaceuticals
Professional Services – 0.1%
Summer BC Holdco B SARL
5.75%, 10/31/26	Luxembourg		200,000			189,794
Real Estate Management & Development – 1.8%
Hunt Companies, Inc.
5.25%, 04/15/29(f)	United States	$	415,000			324,865
OWS Cre Funding I LLC
9.56%, 2021-MARG (1 Month LIBOR USD + 4.90%), 09/15/23(b)(f)	United States		2,500,000			2,459,466
Samhallsbyggnadsbolaget i Norden AB
2.88% (5 Year Swap Rate EUR + 3.22%), Perpetual(b)	Sweden	€	100,000			40,242
						2,824,573
Total Real Estate Management & Development
Software – 0.7%
Acuris Finance US, Inc.
5.00%, 05/01/28(f)	United States	$	395,000			310,594
Castor SpA
8.21% (3 Month EURIBOR + 5.25%), 02/15/29(b) (h)(i)	Italy	€	200,000			207,545
Cedacri Mergeco SPA
7.28% (3 Month EURIBOR + 4.63%), 05/15/28(b)	Italy		100,000			106,660
McAfee Corp.
7.38%, 02/15/30(f)	United States	$	100,000			83,939
NCR Corp.
5.13%, 04/15/29(f)	United States		15,000			12,994
6.13%, 09/01/29(f)	United States		405,000			399,844
TeamSystem SpA
3.50%, 02/15/28	Italy	€	100,000			95,974
						1,217,550
Total Software
Specialty Retail – 0.4%
Academy Ltd.
6.00%, 11/15/27(f)	United States	$	420,000			410,179
eG Global Finance PLC
6.25%, 10/30/25	United Kingdom	€	200,000			201,186
						611,365
Total Specialty Retail
Technology Hardware, Storage & Peripherals – 0.1%
Xerox Holdings Corp.
5.50%, 08/15/28(f)	United States	$	180,000			155,975
Telecommunication Services – 0.3%
Cablevision Lightpath LLC
5.63%, 09/15/28(f)	United States		415,000			286,831
Consolidated Communications, Inc.
6.50%, 10/01/28(f)	United States		380,000			276,374
						563,205
Total Telecommunication Services
Textiles, Apparel & Luxury Goods – 0.2%
Afflelou SAS
4.25%, 05/19/26	France	€	200,000			200,965
Crocs, Inc.
4.25%, 03/15/29(f)	United States	$	220,000			193,219
						394,184
Total Textiles, Apparel & Luxury Goods
Thrifts & Mortgage Finance – 0.1%
Nationstar Mortgage Holdings, Inc.
5.75%, 11/15/31(f)	United States		120,000			93,213
6.00%, 01/15/27(f)	United States		140,000			127,183
						220,396
Total Thrifts & Mortgage Finance
Trading Companies & Distributors – 0.5%
ASP Unifrax Holdings, Inc.
5.25%, 09/30/28(f)	United States		450,000			360,135
Fortress Transportation and Infrastructure Investors LLC
5.50%, 05/01/28(f)	United States		350,000			319,746
6.50%, 10/01/25(f)	United States		16,000			16,029
Loxam SAS
3.75%, 07/15/26	France	€	100,000			100,930
						796,840
Total Trading Companies & Distributors
Utility – 0.2%
Calpine Corp.
5.13%, 03/15/28(f)	United States	$	350,000			320,919
Wireless Telecommunication Services – 0.2%
Matterhorn Telecom SA
4.00%, 11/15/27	Luxembourg	€	200,000			201,028
Vodafone Group PLC
3.00% (5 Year Swap Rate EUR + 3.48%), 08/27/80(b)	United Kingdom		200,000			175,884
Total Wireless Telecommunication Services						376,912
Total High Yield						34,782,806
Emerging Markets – 5.1%
Airlines – 0.4%
Azul Investments LLP
7.25%, 06/15/26	Brazil	$	1,130,000			741,930
Alumina Refining and Primary Aluminum Production – 0.8%
Vedanta Resources Finance II PLC
13.88%, 01/21/24	United Kingdom		1,600,000			1,282,036
Chemicals – 0.5%
Braskem Idesa SAPI
6.99%, 02/20/32	Mexico		1,000,000			755,597
Construction Materials – 0.1%
Cemex SAB de CV
5.13% (5 Year CMT Rate + 4.53%), Perpetual(b)	Mexico		200,000			179,240
Diversified Telecommunication Services – 0.4%
Telecom Argentina SA
8.00%, 07/18/26	Argentina		790,000			728,084
Electric Utilities – 0.1%
Pampa Energia SA
9.13%, 04/15/29	Argentina		150,000			136,327
Hotels, Restaurants & Leisure – 0.0%
Grupo Posadas SAB de CV
5.00%, 12/30/27(g)(j)	Mexico		20,000			16,240
Independent Power and Renewable Electricity Producers – 0.0%
Genneia SA
8.75%, 09/02/27(f)	Argentina		36,000			34,519
Oil, Gas & Consumable Fuels – 1.2%
Canacol Energy Ltd.
5.75%, 11/24/28	Canada		260,000			210,189
CITGO Holding, Inc.
9.25%, 08/01/24	United States		690,000			691,945
Kosmos Energy Ltd.
7.13%, 04/04/26	United States		200,000			171,843
7.50%, 03/01/28	United States		520,000			423,823
YPF SA
7.00%, 09/30/33(j)	Argentina		55,000			36,341
9.00%, 06/30/29(j)	Argentina		758,000			609,656
						2,143,797
Total Oil, Gas & Consumable Fuels
Other Electric Power Generation – 0.3%
Genneia SA
8.75%, 09/02/27	Argentina		526,500			504,836
Real Estate Management & Development – 1.3%
CIFI Holdings Group Company Ltd.
6.00%, 07/16/25	China		400,000			84,423
6.45%, 11/07/24	China		200,000			42,611
11.58% (5 Year CMT Rate + 8.57%), Perpetual(b)	China		450,000			60,610
Country Garden Holdings Company Ltd.
4.80%, 08/06/30	China		200,000			98,691
7.25%, 04/08/26	China		600,000			381,000
RKPF Overseas Ltd.
5.90%, 03/05/25	China		500,000			414,125
6.00%, 09/04/25	China		500,000			397,573
Shimao Group Holdings Ltd.
3.45%, 01/11/31	China		400,000			53,587
4.60%, 07/13/30	China		200,000			28,794
5.20%, 01/16/27	China		1,210,000			183,973
5.60%, 07/15/26(d)(k)	China		400,000			59,695
6.13%, 02/21/24	China		370,000			54,159
Sino-Ocean Land Treasure IV Ltd.
3.25%, 05/05/26	China		200,000			96,000
4.75%, 08/05/29	China		410,000			161,103
4.75%, 01/14/30	China		400,000			175,000
Total Real Estate Management & Development						2,291,344
Total Emerging Markets						8,813,950
Corporate Bonds – 0.5%
Health Care Providers & Services – 0.1%
Nidda Healthcare Holding GmbH
7.50%, 08/21/26	Germany	€	100,000			106,295
Hotels, Restaurants & Leisure – 0.0%
Aramark International Finance Sarl
3.13%, 04/01/25	Luxembourg		100,000			105,479
Household Durables – 0.1%
Shea Homes LP
4.75%, 02/15/28	United States	$	345,000			308,780
Media – 0.1%
Telenet Finance Luxembourg Notes Sarl
3.50%, 03/01/28	Luxembourg	€	200,000			198,565
Mortgage Real Estate Investment Trusts (REITs) – 0.2%
HAT Holdings I LLC
3.38%, 06/15/26(f)	United States	$	415,000			360,502
Software – 0.0%
Cloud Software Group Holdings, Inc.
6.50%, 03/31/29(f)	United States		210,000			185,959
Total Corporate Bonds						1,265,580
Convertible Bonds – 1.6%
Aerospace & Defense – 0.0%
Safran SA
0.00%, 04/01/28	France	€	62,400			58,121
Airlines – 0.0%
JetBlue Airways Corp.
0.50%, 04/01/26	United States	$	96,000			74,112
Automobiles – 0.0%
Ford Motor Co.
0.00%, 03/15/26	United States		17,000			17,068
Biotechnology – 0.0%
BioMarin Pharmaceutical, Inc.
0.60%, 08/01/24	United States		52,000			53,481
Exact Sciences Corp.
0.38%, 03/15/27	United States	$	7,000			6,548
						60,029
Total Biotechnology
Broadline Retail – 0.0%
Etsy, Inc.
0.25%, 06/15/28	United States		13,000			10,827
Mercari, Inc.
0.00%, 07/14/26	Japan	JPY 10,000,000				59,198
						70,025
Total Broadline Retail
Diversified Telecommunication Services – 0.1%
Cellnex Telecom SA
0.75%, 11/20/31	Spain	€	100,000			86,848
Entertainment – 0.2%
Sea Ltd.
0.25%, 09/15/26	Cayman Islands	$	145,000			114,332
2.38%, 12/01/25	Cayman Islands		10,000			12,244
Spotify USA, Inc.
0.00%, 03/15/26	United States		111,000			93,462
						220,038
Total Entertainment
Financial Services – 0.1%
Block, Inc.
0.00%, 05/01/26	United States		19,000			15,580
Nexi SpA
1.75%, 04/24/27	Italy	€	100,000			93,403
Worldline SA
0.00%, 07/30/25	France		85,500			99,316
						208,299
Total Financial Services
Health Care Equipment & Supplies – 0.0%
Haemonetics Corp.
0.00%, 03/01/26	United States	$	9,000			7,681
LivaNova USA, Inc.
3.00%, 12/15/25	United States		13,000			13,124
NuVasive, Inc.
0.38%, 03/15/25	United States		90,000			79,695
						100,500
Total Health Care Equipment & Supplies
Hotels, Restaurants & Leisure – 0.2%
Accor SA
0.70%, 12/07/27	France	€	185,100			91,047
Airbnb, Inc.
0.00%, 03/15/26	United States	$	49,000			42,973
Just Eat Takeaway.com NV
0.00%, 08/09/25	Netherlands	€	100,000			93,335
Shake Shack, Inc.
0.00%, 03/01/28	United States	$	39,000			28,539
						255,894
Total Hotels, Restaurants & Leisure
Independent Power and Renewable Electricity Producers – 0.1%
NextEra Energy Partners LP
0.00%, 06/15/24(f)	United States		97,000			90,550
Interactive Media & Services – 0.0%
Snap, Inc.
0.13%, 03/01/28	United States		42,000			29,673
IT Services – 0.4%
Cloudflare, Inc.
0.00%, 08/15/26	United States		99,000			84,101
DigitalOcean Holdings, Inc.
0.00%, 12/01/26	United States		117,000			92,461
Okta, Inc.
0.38%, 06/15/26	United States		104,000			89,024
Perficient, Inc.
0.13%, 11/15/26	United States		79,000			63,160
Shift4 Payments, Inc.
0.50%, 08/01/27	United States		20,000			18,970
Shopify, Inc.
0.13%, 11/01/25	Canada		104,000			91,936
Wix.com Ltd.
0.00%, 08/15/25	Israel		110,000			95,480
						535,132
Total IT Services
Media – 0.0%
Cable One, Inc.
0.00%, 03/15/26	United States		99,000			78,606
Metals & Mining – 0.1%
MP Materials Corp.
0.25%, 04/01/26(f)	United States		52,000			49,122
POSCO Holdings, Inc.
0.00%, 09/01/26	Republic Of Korea	€	100,000			107,962
						157,084
Total Metals & Mining
Personal Care Products – 0.0%
The Beauty Health Co.
1.25%, 10/01/26(f)	United States	$	43,000			36,013
Professional Services – 0.0%
Ceridian HCM Holding, Inc.
0.25%, 03/15/26	United States		74,000			66,742
Semiconductors & Semiconductor Equipment – 0.0%
Enphase Energy, Inc.
0.00%, 03/01/28	United States		52,000			54,173
Software – 0.2%
Alarm.com Holdings, Inc.
0.00%, 01/15/26	United States		108,000			91,658
Bentley Systems, Inc.
0.38%, 07/01/27	United States		103,000			87,447
BILL Holdings, Inc.
0.00%, 12/01/25	United States		8,000			7,356
Blackline, Inc.
0.00%, 03/15/26	United States		25,000			21,313
Datadog, Inc.
0.13%, 06/15/25	United States		8,000			8,676
Nutanix, Inc.
0.25%, 10/01/27	United States		52,000			43,595
Splunk, Inc.
1.13%, 06/15/27	United States		37,000			31,802
Unity Software, Inc.
0.00%, 11/15/26	United States		47,000			36,637
Zscaler, Inc.
0.13%, 07/01/25	United States		8,000			8,476
						336,960
Total Software
Specialty Retail – 0.1%
Zalando SE
0.05%, 08/06/25	Germany	€	100,000			96,964
Wireless Telecommunication Services – 0.1%
America Movil BV
0.00%, 03/02/24	Netherlands		100,000			113,844
Total Convertible Bonds						2,746,675
TOTAL CORPORATE CREDIT						95,189,215
(Cost $105,342,859)
STRUCTURED CREDIT – 30.3%(a)
Collateralized Loan Obligations – 18.6%(a)
37 Capital CLO
0.00%, 2023-1A, Class D (3 Month SOFR + 5.50%), 04/15/36(b)(f)	Cayman Islands	$	1,500,000			1,473,450
Anchorage Capital CLO Ltd.
8.52%, 2020-16A, Class DR (3 Month LIBOR USD + 3.72%), 01/19/35(b)(f)	Cayman Islands		1,500,000			1,397,348
12.15%, 2020-16A, Class ER (3 Month LIBOR USD + 7.35%), 01/19/35(b)(f)	Cayman Islands		1,000,000			926,310
12.16%, 2016-8A, Class ER2 (3 Month LIBOR USD + 7.35%), 10/27/34(b)(f)	Cayman Islands		1,500,000			1,324,823
Anchorage Credit Funding 7 Ltd.
0.00%, 2019-7A, Class SUB1, 04/25/37(f)	Cayman Islands		1,000,000			532,503
Anchorage Credit Funding Ltd.
6.85%, 2019-7A, Class E, 04/27/37(f)	Cayman Islands		1,000,000			849,870
ARES CLO
0.00%, 2023-68A, Class D (3 Month SOFR + 5.75%), 04/25/35(b)(f)	Jersey		2,000,000			2,000,000
Columbia Cent CLO Ltd.
11.00%, 2018-28A, Class D (3 Month LIBOR USD + 6.17%), 11/07/30(b)(f)	Cayman Islands		1,000,000			665,887
Dryden 113 CLO Ltd.
0.00%, 2022-113A, Class INC, 10/20/35(f)	Jersey		1,000,000			770,087
Dryden 27 R Euro CLO 2017 DAC
8.15%, 2017-27X, Class ER (3 Month EURIBOR + 5.86%), 04/15/33(b)	Ireland	€	1,000,000			878,079
Elevation CLO Ltd.
12.01%, 2021-14A, Class E (3 Month LIBOR USD + 7.20%), 10/20/34(b)(f)	Cayman Islands	$	2,000,000			1,666,649
12.08%, 2021-12A, Class E (3 Month LIBOR USD + 7.27%), 04/20/32(b)(f)	Cayman Islands		378,000			320,597
Fortress Credit BSL Ltd.
12.74%, 2020-1A, Class E (3 Month US LIBOR + 7.93%), 10/20/33(b)(f)	Cayman Islands		1,000,000			933,675
Harvest CLO XXVI
8.41%, 26A, Class E (3 Month EURIBOR + 6.12%), 01/15/34(b)(f)	Ireland	€	500,000			466,616
ICG US CLO Ltd.
8.41%, 2020-1A, Class DR (3 Month LIBOR USD + 3.60%), 01/22/35(b)(f)	Cayman Islands	$	1,000,000			870,950
12.26%, 2020-1A, Class ER (3 Month LIBOR USD + 7.45%), 01/22/35(b)(f)	Cayman Islands		1,000,000			883,078
Madison Park Funding Ltd.
0.00%, 2023-63A, Class D (3 Month SOFR + 5.50%), 04/21/35(b)(f)	Cayman Islands		2,000,000			2,000,000
Marble Point CLO Ltd.
12.11%, 2021-4A, Class E (3 Month LIBOR USD + 7.29%), 01/22/35(b)(f)	Cayman Islands		2,000,000			1,636,078
Monroe Capital MML CLO XIII Ltd.
12.68%, 2022-1A, Class E (3 Month SOFR + 8.32%), 02/24/34(b)(f)	United States		1,000,000			888,637
OAK Hill European Credit Partners V Designated Activity Co.
8.76%, 2016-5A, Class ER (3 Month EURIBOR + 6.37%), 01/21/35(b)(f)	Ireland	€	1,750,000			1,566,516
11.26%, 2016-5A, Class FR (3 Month EURIBOR + 8.87%), 01/21/35(b)(f)	Ireland		1,000,000			898,009
Palmer Square European CLO
8.75%, 2022-1A, Class E (3 Month EURIBOR + 6.36%), 01/21/35(b)(f)	Ireland		1,200,000			1,131,045
11.24%, 2022-1A, Class F (3 Month EURIBOR + 8.85%), 01/21/35(b)(f)	Ireland		1,750,000			1,569,309
Penta CLO
8.93%, 2021-10X, Class E (3 Month EURIBOR + 6.23%), 11/20/34(b)	Ireland		500,000			452,638
Rockford Tower Europe DAC
8.30%, 2021-1A, Class E (3 Month EURIBOR + 5.96%), 04/20/34(b)(f)	Ireland		500,000			453,375
SOUND POINT CLO Ltd.
11.39%, 2015-1RA, Class E (3 Month LIBOR USD + 6.60%), 04/15/30(b)(f)	Cayman Islands	$	275,000			161,426
Toro European CLO
8.59%, 3X, Class ERR (3 Month EURIBOR + 6.30%), 07/15/34(b)	Ireland	€	1,500,000			1,393,725
Trimaran Cavu Ltd.
12.16%, 2021-3A, Class E (3 Month LIBOR USD + 7.37%), 01/18/35(b)(f)	Cayman Islands	$	1,200,000			1,097,255
Trinitas CLO XVIII Ltd.
8.41%, 2021-18A, Class D (3 Month LIBOR USD + 3.60%), 01/22/35(b)(f)	Cayman Islands		2,000,000			1,787,213
Total Collateralized Loan Obligations						30,995,148
Commercial Mortgage-Backed Securities – 6.9%(a)
ACREC LLC
10.72%, 2023-FL2, Class E (1 Month SOFR + 6.03%), 02/19/38(b)(f)	United States		107,000			105,604
Banc of America Commercial Mortgage Trust
1.25%, 2015-UBS7, Class XFG, 09/17/48(f)	United States		10,000,000			270,518
BBCMS Trust
7.63%, 2018-BXH, Class F (1 Month US LIBOR + 2.95%), 10/15/37(b)(f)	United States		270,000			256,723
Benchmark Mortgage Trust
3.10%, 2018-B6, Class E, 10/12/51(f)	United States		225,000			134,810
BWAY Mortgage Trust
4.87%, 2022-26BW, Class E, 02/10/44(f)	United States		677,000			430,363
BX Commercial Mortgage Trust
8.28%, 2019-IMC, Class G (1 Month US LIBOR + 3.60%), 04/17/34(b)(f)	United States		1,000,000			949,627
BX Trust
8.72%, 2021-SDMF, Class J (1 Month US LIBOR + 4.03%), 09/15/34(b)(f)	United States		470,000			435,933
CD Mortgage Trust
3.30%, 2017-CD4, Class D, 05/12/50(f)	United States		305,000			213,218
3.35%, 2017-CD5, Class D, 08/15/50(f)	United States		489,000			322,762
CGDB Commercial Mortgage Trust
7.68%, 2019-MOB, Class G (1 Month LIBOR USD + 2.99%), 11/15/36(b)(f)	United States		1,537,000			1,401,891
Citigroup Commercial Mortgage Trust
8.38%, 2021-KEYS, Class F (1 Month LIBOR USD + 3.70%), 10/15/36(b)(f)	United States		741,000			701,037
COMM Mortgage Trust
1.91%, 2016-DC2, Class XF, 02/12/49(f)	United States		13,350,000			640,960
CSAIL Commercial Mortgage Trust
4.06%, 2017-CX9, Class D, 09/16/50(f)	United States		190,000			132,245
DBGS Mortgage Trust
8.84%, 2021-W52, Class F (1 Month LIBOR USD + 4.15%), 10/17/39(b)(f)	United States		1,000,000			929,575
Great Wolf Trust
8.07%, 2019-WOLF, Class F (1 Month SOFR + 3.13%), 12/15/36(b)(f)	United States		1,298,000			1,236,876
Hilton USA Trust
4.93%, 2016-SFP, Class D, 11/05/35(f)	United States		584,000			553,532
J.P. Morgan Chase Commercial Mortgage Securities Trust
8.95%, 2021-HTL5, Class F (1 Month LIBOR USD + 4.27%), 11/15/38(b)(f)	United States		1,084,000			1,027,782
Natixis Commercial Mortgage Securities Trust
10.77%, 2022-RRI, Class F (1 Month SOFR + 5.94%), 03/15/35(b)(f)	United States		571,929			562,860
Taubman Centers Commercial Mortgage Trust
9.60%, 2022-DPM, Class D (1 Month SOFR + 4.77%), 05/15/37(b)(f)	United States		415,000			406,756
VMC Finance LLC
9.26%, 2021-HT1, Class B (1 Month LIBOR USD + 4.50%), 01/18/37(b)(f)	United States		643,000			606,131
Total Commercial Mortgage-Backed Securities						11,319,203
Residential Mortgage-Backed Securities – 2.1%(a)
Deephaven Residential Mortgage Trust
4.34%, 2022-2, Class B1, 03/25/67(f)	United States		229,000			167,899
GCAT Trust
3.97%, 2022-NQM1, Class B1, 02/25/67(f)	United States		476,000			333,103
Imperial Fund Mortgage Trust
4.45%, 2022-NQM3, Class M1, 05/25/67(f)	United States		332,000			258,709
MFA Trust
4.28%, 2022-NQM1, Class B1, 12/25/66(f)	United States		251,000			183,475
PRKCM Trust
7.64%, 2023-AFC1, Class M1, 02/25/58(f)	United States		371,000			367,916
Progress Residential Trust
5.60%, 2022-SFR3, Class E2, 04/19/39(f)	United States		212,000			189,232
PRPM LLC
4.83%, 2021-10, Class A2, 12/31/49(f)(j)	United States		1,000,000			884,088
Seasoned Credit Risk Transfer Trust
4.50%, 2022-1, Class M, 11/25/61(f)	United States		226,000			182,210
STAR Trust
9.19%, 2022-SFR3, Class F (1 Month SOFR + 4.50%), 05/19/39(b)(f)	United States		170,000			165,565
Western Mortgage Reference Notes
9.91%, 2021-CL2, Class M4 (30-Day Average SOFR + 5.35%), 07/25/59(b)(f)	United States		869,497			786,941
Total Residential Mortgage-Backed Securities						3,519,138
Other – 2.7%(a)
AGL CLO Ltd.
0.00%, 2023-24A, Class E (3 Month SOFR + 8.65%), 07/25/36(b)(f)	Jersey		2,000,000			1,925,000
Castlelake Aircraft Securitization Trust
2.74%, 2017-1R, Class A, 08/15/41(f)	United States		250,177			225,338
Horizon Aircraft Finance Ltd.
4.46%, 2018-1, Class A, 12/15/38(f)	United States		787,079			646,941
METAL 2017-1 Ltd.
4.58%, 2017-1, Class A, 10/15/42(f)	Cayman Islands		1,582,398			925,703
Pioneer Aircraft Finance Ltd.
3.97%, 2019-1, Class A, 06/15/44(f)	Cayman Islands		624,387			543,768
Westlake Automobile Receivables Trust
1.23%, 2021-2A, Class D, 12/15/26(f)	United States		164,000			151,622
Total Other						4,418,372
TOTAL STRUCTURED CREDIT
(Cost $54,726,314)						50,251,861
PRIVATE CREDIT – 24.5%
Senior Loans – 23.3%(a)
Auto Components – 1.5%
Superior Industries International, Inc., First Lien Tranche B Term Loan
12.32% (SOFR Index + 8.00%), 12/15/28(b)(e)	United States		2,599,485			2,521,500
Biotechnology – 1.6%
ADC Therapeutics, Initial Term Loan - Tranche A
11.20%, 08/15/29(e)(g)	United States		1,135,543			1,075,227
ADC Therapeutics, Initial Term Loan - Tranche B
7.50%, 08/15/29(c)(e)(g)	United States		520,457			–
Mesoblast, Inc., First Lien Delay Delivery Tranche B Term Loan
9.75%, 11/19/26(e)(g)	United States		1,605,946			1,438,767
Mesoblast, Inc., First Lien Tranche B Term Loan
9.75%, 11/19/26(c)(e)(g)	United States		262,438			–
Mesoblast, Inc., First Lien Tranche C Term Loan
9.75%, 11/19/26(c)(e)(g)	United States		524,875			–
						2,513,994
Total Biotechnology
Commercial Services & Supplies – 1.4%
Kings Buyer LLC, First Lien Term Loan
11.23% (1 Month US LIBOR + 6.50%), 10/29/27(b)(e)	United States		2,258,406			2,179,362
Kings Buyer LLC, First Lien Revolver Facility
7.51% (1 Month US LIBOR + 6.50%), 10/29/27(b)(c)(e)	United States		310,246			98,640
						2,278,002
Total Commercial Services & Supplies
Containers & Packaging – 1.0%
ASP-r-pac Acquisition Company LLC, First Lien Term Loan
10.83% (1 Month US LIBOR + 6.00%), 12/29/27(b)(e)	United States		1,710,972			1,615,137
ASP-r-pac Acquisition Company LLC, First Lien Tranche B Term Loan
6.00% (3 Month US LIBOR + 6.00%), 12/29/27(b)(c)(d)(e)	United States		205,745			–
						1,615,137
Total Containers & Packaging
Distributors – 1.1%
RelaDyne, First Lien Term Loan
12.47% (SOFR Index + 7.75%), 12/23/29(b)(e)	United States		1,996,000			1,956,080
Health Care Equipment & Supplies – 1.8%
Touchstone Acquisition, Inc., First Lien Term Loan
10.86% (1 Month US LIBOR + 6.00%), 12/29/28(b)(e)	United States		2,983,860			2,924,183
Health Care Providers & Services – 1.5%
LSL Holdco LLC, First Lien Term Loan
10.57% (1 Month US LIBOR + 6.00%), 01/31/28(b)(e)	United States		2,379,726			2,237,177
LSL Holdco LLC, First Lien Revolver Facility
10.63% (1 Month US LIBOR + 6.00%), 01/31/28(b)(c)(e)	United States		266,412			–
LSL Holdco LLC, First Lien Incremental Term Loan
10.07% (1 Month US LIBOR + 6.00%), 01/31/28(b)(e)	United States		277,069			262,163
						2,499,340
Total Health Care Providers & Services
Health Care Technology – 2.9%
Establishment Labs Holdings, Inc., First Lien Term Loan
9.00%, 04/21/27(e)(g)	United States		1,169,349			1,116,728
Establishment Labs Holdings, Inc., First Lien Delay Draw Term Loan
9.00%, 04/21/27(e)(g)	United States		187,273			178,845
9.00%, 04/21/27(c)(g)	United States		368,580			–
Impel Neuropharma, Inc., First Lien Term Loan
13.48% (1 Month SOFR + 8.75%), 03/17/27(b)(e)	United States		993,230			974,160
Impel Neuropharma, Inc., First Lien Revenue Interest Financing Term Loan
13.86%, 02/15/31(e)	United States		1,104,976			1,079,672
Innocoll Pharmaceuticals Ltd., First Lien Term Loan
11.00%, 01/26/27(e)	United States		1,510,485			1,400,975
Innocoll Pharmaceuticals Ltd., First Lien Delay Draw Term Loan
11.00%, 01/26/27(c)	United States		929,530			–
						4,750,380
Total Health Care Technology
Hotels, Restaurants & Leisure – 3.5%
Grove Hotel Parcel Owner LLC, First Lien Delay Draw Term Loan
0.00% (3 Month SOFR + 8.00%), 06/21/28(b)(c)(e)	United States		350,754			–
Grove Hotel Parcel Owner LLC, First Lien Revolver Facility
0.00% (3 Month SOFR + 8.00%), 06/21/28(b)(c)(e)	United States		175,377			–
Grove Hotel Parcel Owner LLC, First Lien Term Loan
12.66% (3 Month SOFR + 8.00%), 06/21/28(b)(e)	United States		1,749,385			1,706,832
PFNY Holdings LLC, First Lien Term Loan
11.75% (1 Month US LIBOR + 7.00%), 12/31/26(b)(e)	United States		3,603,984			3,551,726
PFNY Holdings LLC, First Lien Delay Draw Term Loan
11.75% (3 Month US LIBOR + 7.00%), 12/31/26(b)(c)(e)	United States		346,704			303,540
PFNY Holdings LLC, First Lien Revolver Facility
11.96% (3 Month US LIBOR + 7.00%), 12/31/26(b)(e)	United States		173,352			170,908
						5,733,006
Total Hotels, Restaurants & Leisure
Insurance – 0.3%
Ardonagh Midco 3 PLC, First Lien Delay Draw Term Loan
11.31% (1 Month SOFR + 7.00%), 07/14/26(b)(c)(e)	United States		1,097,433			552,009
Machinery – 1.1%
ProFrac Holdings LLC, First Lien Term Loan
11.10% (1 Month SOFR + 9.00%), 03/04/27(b)(e)	United States		1,675,552			1,637,852
ProFrac Holdings LLC, First Lien Delay Draw Term Loan
11.13%, 03/04/25(e)	United States		195,226			190,834
						1,828,686
Total Machinery
Pharmaceuticals – 0.8%
Bioxcel Therapeutics, Inc., Lien Tranche A Delay Draw Term Loan
13.56%, 09/30/32(e)(g)	United States		400,457			400,457
Bioxcel Therapeutics, Inc., Lien Tranche B Delay Draw Term Loan
0.00%, 09/30/32(c)(e)(g)	United States		563,378			–
Bioxcel Therapeutics, Inc., Lien Tranche C Delay Draw Term Loan
0.00%, 09/30/32(c)(e)(g)	United States		563,378			–
Bioxcel Therapeutics, Inc., First Lien Revolver Facility Tranche B
10.25%, 04/19/27(c)	United States		813,768			–
Bioxcel Therapeutics, Inc., First Lien Delay Draw Term Loan
10.25%, 04/19/27(e)	United States		886,418			826,585
						1,227,042
Total Pharmaceuticals
Software – 4.8%
Avalara, Inc., First Lien Term Loan
12.15% (3 Month SOFR + 7.25%), 10/19/28(b)(e)	United States		2,491,000			2,430,993
Avalara, Inc., First Lien Revolver Facility
14.00% (SOFR Index + 7.25%), 10/19/29(b)(c)(e)	United States		249,000			–
iCIMS, Inc., First Lien Delay Draw Term Loan
0.00% (3 Month SOFR + 6.75%), 08/18/28(b)(c)(e)(g)	United States		422,491			–
iCIMS, Inc., First Lien Term Loan
8.18% (3 Month SOFR + 6.75%), 08/18/28(b)(e)	United States		1,654,301			1,587,633
10.26% (SOFR Index + 7.25%), 08/18/28(b)(e)	United States		253,659			248,586
iCIMS, Inc., First Lien Revolver Facility
6.75% (3 Month SOFR + 6.75%), 08/18/28(b)(c)(e)	United States		157,552			977
OEConnection LLC, Second Lien Tranche B Term Loan
11.72% (1 Month US LIBOR + 7.00%), 09/25/27(b)(e)	United States		2,499,000			2,405,287
UserZoom Technologies, Inc., First Lien Term Loan
5.15% (3 Month SOFR + 7.50%), 04/05/29(b)(e)	United States		1,348,000			1,310,391
Total Software						7,983,867
Total Senior Loans						38,383,226
Preferred Stock – 0.9%
Health Care Technology – 0.9%
athenahealth, Inc.- (Acquired 2/15/2022, cost $1,992,289)(e)(l)	United States		2,033			1,662,588
Total Preferred Stock						1,662,588
Common Stock – 0.2%
Distributors – 0.2%
RelaDyne- (Acquired 12/23/2021, cost $187,703)(e)(l)	United States		2,000			271,880
Total Common Stock						271,880
Warrants – 0.1%
Biotechnology – 0.0%
ADC Therapeutics - (Exercise price: $8.30, Expiration: 08/15/32)- (Acquired 8/15/2022, cost $30,028)(e)(l)	United States		4,988			2,793
Mesoblast, Inc.- (Exercise Price: $3.70, Expiration: 11/19/28)- (Acquired 1/12/2023, cost $0)(e)(l)	United States		11,941			20,837
Mesoblast, Inc.- (Exercise Price: $7.26, Expiration: 11/19/28)- (Acquired 12/20/2021, cost $106,354)(e)(l)	United States		46,443			56,428
Total Biotechnology						80,058
Health Care Technology – 0.1%
Innocoll Pharmaceuticals Ltd.-  (Exercise Price: $7.26, Expiration: 11/19/28)- (Acquired 1/26/2022 - 9/1/2022, cost $77,901)(e)(l)	United States		20,192			120,344
Pharmaceuticals – 0.0%
Bioxcel Therapeutics, Inc. - (Exercise price: $20.04, Expiration: 04/19/29)- (Acquired 4/28/2022, cost $0)(e)(l)	United States		3,487			30,616
Total Warrants						231,018
TOTAL PRIVATE CREDIT						40,548,712
(Cost $41,313,909)
Description	Country	Shares			Value
MONEY MARKET FUND – 5.0%
First American Government Obligations Fund - Class X, 4.65%(m)	United States		8,257,716			8,257,716
TOTAL MONEY MARKET FUND
(Cost $8,257,716)						8,257,716
Total Investments – 117.2%
(Cost $209,640,798)  (n)						194,247,504
Liabilities in Excess of Other Assets – (17.2)%						(28,561,717	)
TOTAL NET ASSETS – 100.0%					$	165,685,787

The following notes should be read in conjunction with the accompanying Schedule of Investments.

(a) These investments may be subject to legal restrictions on sales, which as of March 31, 2023, represented 136,215,291, or 82.2% of the Fund's net assets.

(b) Variable rate security - Interest rate is based on reference rate and spread or based on the underlying assets. Interest rate may also be subject to a cap or floor. Securities that reference SOFR may be subject to a credit spread adjustment, particularly to legacy holdings thatreference LIBOR that have transitioned to SOFR as the base lending rate.

(c) As of March 31, 2023, the Fund had entered into the following commitments to fund various revolving and delayed draw senior secured and subordinated loans.  Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and there can be no assurance that such conditions will be satisfied.

Company	Investment Type	Total revolving and delayed draw loan commitments (000s)		Less:		Total
				funded commitments (000s)		unfunded commitments (000s) (Note 10)
ADC Therapeutics	Initial Term Loan - Tranche B	$	520	$	—	$	520
Ardonagh Midco 3 PLC	First Lien Delay Draw Term Loan		1,097		548		549
ASP-r-pac Acquisition Company LLC	First Lien Tranche B Term Loan		206		—		206
Avalara, Inc.	First Lien Revolver Facility		249		—		249
Bioxcel Therapeutics, Inc.	Lien Tranche C Delay Draw Term Loan		563		—		563
Bioxcel Therapeutics, Inc.	First Lien Revolver Facility Tranche B		438		—		438
Bioxcel Therapeutics, Inc.	Lien Tranche B Delay Draw Term Loan		563		—		563
Bioxcel Therapeutics, Inc.	First Lien Revolver Facility Tranche B		376		—		376
CCI Buyer, Inc.	First Lien Tranche B Term Loan		750		—		750
Curium Bidco Sarl	First Lien Tranche B Term Loan		498		248		250
Establishment Labs Holdings, Inc.	First Lien Delay Draw Term Loan		184		—		184
Establishment Labs Holdings, Inc.	First Lien Delay Draw Term Loan		184		—		184
Grove Hotel Parcel Owner LLC	First Lien Revolver Facility		175		—		175
Grove Hotel Parcel Owner LLC	First Lien Delay Draw Term Loan		351		—		351
iCIMS, Inc.	First Lien Revolver Facility		158		8		150
iCIMS, Inc.	First Lien Delay Draw Term Loan		422		—		422
Innocoll Pharmaceuticals Ltd.	First Lien Delay Draw Term Loan		465		—		465
Innocoll Pharmaceuticals Ltd.	First Lien Delay Draw Term Loan		465		—		465
Kings Buyer LLC	First Lien Revolver Facility		310		109		201
LSL Holdco LLC	First Lien Revolver Facility		266		—		266
Mesoblast, Inc.	First Lien Tranche B Term Loan		262		—		262
Mesoblast, Inc.	First Lien Tranche C Term Loan		525		—		525
PFNY Holdings LLC	First Lien Delay Draw Term Loan		347		309		38
		$	9,376	$	1,224	$	8,152

(d) Loan or bond was on non-accrual status as of March 31, 2023.

(e) Security fair valued in good faith pursuant to the fair value procedures adopted by the Board of Trustees. As of March 31, 2023, the total value of all such securities was $42,774,782 or 25.8% of net assets. These securities are characterized as Level 3 securities within the disclosure hierarchy.  Level 3 security values are determined using significant unobservable inputs.

(f) 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 March 31, 2023, the total value of all such securities was $74,361,762 or 44.9% of net assets.

(g) Paid in kind security which may pay interest in additional par.

(h) Regulation S security. These securities may be subject to transfer restrictions as defined by Regulation S. As of March 31, 2023, the total value of all such securities was $800,179 or 0.5% of net assets.

(i) These assets are held in the Oaktree Diversified Income Fund (Cayman) Ltd., a Cayman Islands exempted company and wholly-owned subsidiary of the Fund.

(j) Security is a "step up" bond where the coupon increases or steps up at a predetermined date.  Interest rate shown is the rate in effect as of March 31, 2023.

(k) Issuer is currently in default on its regularly scheduled interest payment.

(l) Restricted security.  Purchased in a private placement transaction; resale to the public may require registration.  As of March 31, 2023, the total value of all such securities was 2,165,486 or 1.3% of net assets.

(m) The rate shown represents the seven-day yield as of March 31, 2023.

(n) These securities are pledged as collateral for the credit facility.

Abbreviations:

CMT          Constant Maturity Treasury Rate

EURIBOR   Euro Interbank Offered Rate

LIBOR        London Interbank Offered Rates

LLC           Limited Liability Corporation

LP              Limited Partnership

SOFR         Secured Overnight Financial Rate

SONIA       Sterling Overnight Index Average

USD          United States Dollar

Forward Currency Contracts:
Settlement Date	Currency Purchased	Currency Sold	Counterparty	Value / Unrealized Appreciation (Depreciation)
4/19/2023	72,711,852 USD	70,481,478 EUR	State Street Bank & Trust Company	$	151,872
4/19/2023	1,063,460 USD	878,949 GBP	State Street Bank & Trust Company		(18,279	)
4/19/2023	58,082 USD	7,850,000 JPY	State Street Bank & Trust Company		(1,220	)
				$	132,373

Oaktree Diversified Income Fund Inc.

Notes to Consolidated Schedule of Investments

March 31, 2023 (Unaudited)

1. Organization

Oaktree Diversified Income Fund Inc. (the “Fund”) was organized as a corporation under the laws of the State of Maryland on June 29, 2021. The Fund is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a diversified, closed-end management investment company that continuously offers its shares of common stock, $0.001 par value per share (the “Common Shares”), and is operated as an “interval fund.” The Fund’s Class D shares commenced operations on November 1, 2021.

The Fund has two classes of shares: Class D and Class T shares. The Fund had applied for, and was granted, exemptive relief (the “Exemptive Relief”) by the Securities and Exchange Commission (the “SEC”) that permits the Fund to issue multiple classes of shares and to impose asset-based distribution fees and early-withdrawal fees. Currently, the Fund is only offering Class D shares.

Oaktree Fund Advisors, LLC (“Oaktree” or the “Adviser”), a Delaware limited liability company and a registered investment adviser under the Investment Advisers Act of 1940, as amended, serves as the investment adviser to the Fund. Oaktree was founded in April 1995 and is a leader among global investment managers specializing in alternative investments.

Brookfield Public Securities Group LLC (the “Administrator”), a wholly-owned subsidiary of Brookfield Asset Management Inc. (“Brookfield”), is registered as an investment adviser under the Investment Advisers Act of 1940, as amended, and serves as Administrator to the Fund. In 2019, Brookfield acquired a majority interest in the Adviser.

The Fund’s investment objective is to seek current income and attractive total return. The Fund seeks to achieve its investment objective by investing globally in high-conviction opportunities across Oaktree’s performing credit platform of high-yield bonds, senior loans, structured credit, emerging markets debt and convertibles, inclusive of both public and private credit sectors. High-yield bonds are also referred to as

“below-investment grade rated securities” or “junk bonds,” as described in the Fund’s Prospectus. The Fund seeks to add value through three sources: (1) providing exposure to asset classes that require

specialized expertise; (2) performing well in each asset class through proprietary, bottom-up and credit research; and (3) allocating capital opportunistically among asset classes based on Oaktree’s assessment of relative value.

Oaktree Diversified Income Fund (Cayman) Ltd. (the “Subsidiary”), a Cayman Islands exempted company and wholly-owned subsidiary of the Fund, was formed on November 11, 2021. The Subsidiary was established for the purpose of investing in certain Regulation S securities. All investments held by the Subsidiary are disclosed in the Consolidated Schedule of Investments. 

2. Significant Accounting Policies

Valuation of Investments: The Fund’s Board of Trustees (the “Board”) has adopted procedures for the valuation of the Fund’s securities. The Adviser oversees the day to day responsibilities for valuation determinations under these procedures. The Board regularly reviews the application of these procedures to the securities in the Fund’s portfolio. The Adviser’s Valuation Committee is comprised of senior employees of the Adviser.

The Board has designated the Adviser as the valuation designee pursuant to Rule 2a-5 under the 1940 Act to perform fair value determination relating to any or all Fund investments. The Board oversees the Adviser in its role as the valuation designee in accordance with the requirements of Rule 2a-5 under the 1940 Act.

Investments in equity securities listed or traded on any securities exchange or traded in the over-the-counter market are valued at the last trade price as of the close of business on the valuation date. If the NYSE closes early, then the equity security will be valued at the last traded price before the NYSE close. Prices of foreign equities that are principally traded on certain foreign markets will generally be adjusted daily pursuant to a fair value pricing service approved by the Board in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE close. When fair value pricing is employed, the value of the portfolio securities used to calculate the Fund’s net asset value (“NAV”) may differ from quoted or official closing prices. Investments in open-end registered investment companies, if any, are valued at the NAV as reported by those investment companies.

Debt securities, including U.S. government securities, listed corporate bonds, other fixed income and asset-backed securities, and unlisted securities and private placement securities, are generally valued at the bid prices furnished by an independent pricing service or, if not valued by an independent pricing service, using bid prices obtained from active and reliable market makers in any such security or a

broker-dealer. Valuations from broker-dealers or pricing services consider appropriate factors such as market activity, market activity of comparable securities, yield, estimated default rates, timing of payments, underlying collateral, coupon rate, maturity date, and other factors. Short-term debt securities with remaining maturities of sixty days or less are valued at amortized cost of discount or premium to maturity, unless such valuation, in the judgment of the Adviser’s Valuation Committee, does not represent fair value.

Over-the-counter financial derivative instruments, such as forward currency 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 evaluations provided by independent pricing services or broker dealer quotations. 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.

Securities for which market prices are not readily available, cannot be determined using the sources described above, or the Adviser’s Valuation Committee determines that the quotation or price for a portfolio security provided by a broker-dealer or an independent pricing service is inaccurate will be valued at a fair value determined by the Adviser’s Valuation Committee following the procedures adopted by the Adviser under the supervision of the Board. The Adviser’s valuation policy establishes parameters for the sources, methodologies, and inputs the Adviser’s Valuation Committee uses in determining fair value.

The fair valuation methodology may include or consider the following guidelines, as appropriate: (1) evaluation of all relevant factors, including but not limited to, pricing history, current market level, supply and demand of the respective security; (2) comparison to the values and current pricing of securities that have comparable characteristics; (3) knowledge of historical market information with respect to the security; (4) other factors relevant to the security which would include, but not be limited to, duration, yield, fundamental analytical data, the Treasury yield curve, and credit quality. The fair value may be difficult to determine and thus judgment plays a greater role in the valuation process. Imprecision in estimating fair value can also impact the amount of unrealized appreciation or depreciation recorded for a particular portfolio security and differences in the assumptions used could result in a different determination of fair value, and those differences could be material. For those securities valued by fair valuations, the Adviser’s Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available. There can be no assurance that the Fund could purchase or sell a portfolio security at the price used to calculate the Fund’s NAV.

A three-tier hierarchy has been established to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.

Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

The three-tier hierarchy of inputs is summarized in the three broad levels listed below:

Level 1 - quoted prices in active markets for identical assets or liabilities

Level 2 - quoted prices in markets that are not active or other significant observable inputs (including, but not limited to: quoted prices for similar assets or liabilities, quoted prices based on recently executed

transactions, interest rates, credit risk, etc.)

Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of assets or liabilities)

The following table summarizes the Fund’s investments valuation inputs categorized in the disclosure hierarchy as of March 31, 2023:

	Level 1		Level 2		Level 3		Total
Corporate Credit
Senior Loans (Syndicated)	$	-	$	45,354,134	$	2,226,070	$	47,580,204
High Yield		-		34,782,807		-		34,782,807
Emerging Markets		-		8,813,950		-		8,813,950
Corporate Bonds		-		1,265,580		-		1,265,580
Convertible Bonds		-		2,746,674		-		2,746,674
Structured Credit
Collateralized Loan Obligations		-		30,995,148		-		30,995,148
Commercial Mortgage-Backed Securities		-		11,319,203		-		11,319,203
Residential Mortgage-Backed Securities		-		3,519,138		-		3,519,138
Other		-		4,418,372		-		4,418,372
Private Credit
Senior Loans		-		-		38,383,226		38,383,226
Preferred Stock		-		-		1,662,588		1,662,588
Common Stock		-		-		271,880		271,880
Warrants		-		-		231,018		231,018
Money Market Fund		8,257,716		-		-		8,257,716
Total	$	8,257,716	$	143,215,006	$	42,774,782	$	194,247,504
Other Financial Instruments(1)	Level 1		Level 2		Level 3		Total
Forward currency contracts	$	-	$	132,374	$	-	$	132,374
Total	$	-	$	132,374	$	-	$	132,374
(1) Other financial instruments include forward currency contracts which are reflected at the net unrealized appreciation (depreciation) on the instruments.

The table below shows the significant unobservable valuation inputs that were used by the Adviser’s Valuation Committee to fair value the Level 3 investments as of March 31, 2023.

	Quantitative Information about Level 3 Fair Value Measurements
	Value as of March 31, 2023		Valuation Approach	Valuation Methodology	Unobservable Input	Amount or Range/(Weighted Average)	Impact to Valuation from an Increase in Input(1)
Corporate Credit
Senior Loans (Syndicated)	$	2,226,070	Income Approach	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	10.0%-15.0%	Decrease
						(13.0%)
Private Credit
Senior Loans		38,383,226	Income Approach	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	10.0%-17.0%	Decrease
						(13.0%)
Preferred Stock		1,662,588	Income Approach	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	16.0%-17.0%	Decrease
						(13.0%)
Common Stock		271,880	Market approach	Comparable companies	Earnings Multiple	5x-8x (7x)	Increase
Warrants		231,018	Other	Black Scholes	Volatility	50-80%	Increase
						(67%)
Total	$	42,774,782

(1) The impact represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.

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

The following is a reconciliation of the assets in which significant unobservable inputs (Level 3) were used in determining fair value:
	Corporate Credit			Private Credit			Total
Balance as of December 31, 2022	$	2,216,835		$	39,126,978		$	41,343,813
Accrued discounts (premiums)		467			69,587			70,054
Realized gain (loss)		2,931			5,266			8,197
Change in unrealized appreciation (depreciation)		20,338			(35,398	)		(15,060	)
Purchases at cost		961,482			1,796,775			2,758,257
Sales proceeds		(975,983	)		(414,496	)		(1,390,479	)
Balance as of March 31, 2023	$	2,226,070		$	40,548,712		$	42,774,782
Change in unrealized appreciation (depreciation) for Level 3 assets still held at the reporting date	$	20,338		$	(35,398	)	$	(15,060	)

For further information regarding the security characteristics of the Fund, see the Schedule of Investments.

3. Credit Facility

The Fund has established a Senior Secured Revolving Credit Facility (the “Credit Facility”) in the aggregate principal amount of up to $75,000,000 with Sumitomo Mitsui Banking Corporation (“Sumitomo”) for investment purposes subject to the limitations of the 1940 Act for borrowings by registered investment companies. The Credit Facility stated maturity date is December 31, 2023. The Fund pays interest in the amount of the London Interbank Offered Rate plus 1.25% on the Credit Facility outstanding if the borrowing is a Eurodollar Loan as defined in the Credit Facility agreement, or the highest of (i) Sumitomo prime rate as announced by Sumitomo in New York City, (ii) the sum of (x) the Federal Funds Rate plus (y) 1.00%, and (iii) the sum of (x) the London interbank market with a one

(1) month maturity plus (y) 1.00%, (“Base Rate”) plus 0.25% if the borrowing is a Base Rate Loan as defined in the Credit Facility agreement on the Credit Facility outstanding. The Fund also pays an unused commitment fee of 0.20% on the Credit Facility that is unused. As of March 31, 2023, the Fund incurred debt issuance costs of $293,629.  These costs were recorded as a deferred charge and are being amortized over the two year term of the Credit Facility.

As of March 31, 2023, the Fund had outstanding borrowings of $20,000,000. For the three months ended March 31, 2023, the components of interest and unused commitment fees expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the Credit Facility were as follows:

Stated interest expense	$288,791
Unused commitment fees	$27,500
Amortization of debt issuance costs	$35,281
Total interest expense and credit facility fees	$351,572
Average stated interest rate	5.78%
Average outstanding balance	$20,000,000

According to terms of the Credit Facility agreement, the Fund is required to comply with various covenants, reporting requirements and other customary requirements for similar revolving credit facilities, including, without limitation, covenants related to maintaining a ratio of total assets (less total liabilities other than senior securities representing indebtedness) to senior securities representing indebtedness of the Fund of not less than 300%. These covenants are subject to important limitations and exceptions that are described in the documents governing the Credit Facility.  As of March 31, 2023, the Fund was in compliance with the terms of the Credit Facility.