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

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (Unaudited)
September 30, 2023
Description	Country		Principal Amount		Value
CORPORATE CREDIT – 58.2%
Senior Loans (Syndicated) – 35.3%(a)
Aerospace & Defense – 1.6%
AI Convoy Luxembourg Sarl, First Lien Tranche B Term Loan
5.53% (6 Month EURIBOR + 3.50%), 01/18/27(b)	Luxembourg		€	240,000	$	250,006
Cobham Ultra US Company Borrower LLC, First Lien Tranche B Term Loan
9.36% (6 Month SOFR + 3.50%), 11/16/28(b)	Luxembourg		$	740,662		738,347
Dynasty Acquisition Company Inc., First Lien Tranche B1 Term Loan
9.32% (1 Month SOFR + 4.00%), 08/31/38(b)	United States			451,517		451,142
Dynasty Acquisition Company, Inc., First Lien Tranche B2 Term Loan
9.32% (1 Month SOFR + 4.00%), 08/31/28(b)	United States			193,507		193,347
Peraton Corp, First Lien Tranche B Term Loan
9.18% (1 Month SOFR + 3.75%), 02/01/28(b)	United States			564,406		563,938
TransDigm, First Lien Tranche I Term Loan
8.49% (3 Month SOFR + 3.25%), 08/15/28(b)	United States			624,060		625,084
WP CPP Holdings LLC, First Lien Tranche B Term Loan
9.03% (SOFR + 3.75%), 04/30/25(b)	United States			441,506		416,603
Total Aerospace & Defense						3,238,467
Automobile Components – 0.2%
First Brands Group LLC, First Lien Tranche B Term Loan
10.88% (6 Month SOFR + 5.00%), 03/24/27(b)	United States			496,183		490,807
Automobiles – 0.3%
MajorDrive Holdings IV LLC, First Lien Tranche B Term Loan
9.44% (3 Month SOFR + 4.00%), 06/01/28(b)	United States			498,724		494,986
Beverages – 0.7%
Pegasus Bidco BV, First Lien Tranche B Term Loan
7.57% (3 Month EURIBOR + 4.25%), 07/12/29(b)	Netherlands		€	250,000		264,685
9.61% (3 Month SOFR + 4.25%), 04/20/29(b)	Netherlands		$	496,250		497,180
Triton Water Holdings, Inc., First Lien Tranche B Term Loan
8.75% (3 Month SOFR + 3.25%), 03/31/28(b)	United States			734,964		717,814
Total Beverages						1,479,679
Biotechnology – 0.2%
Curium Bidco Sarl, First Lien Tranche B Term Loan
9.82% (3 Month SOFR + 4.50%), 07/31/29(b)	Luxembourg			324,188		324,188
Building Products – 0.1%
Aquiles Spain Bidco SA, First Lien Tranche B Term Loan
8.14% (6 Month EURIBOR + 4.85%), 02/19/29(b)	Spain		€	300,000		299,638
Chemicals – 0.3%
Ineos Enterprises Holdings II Ltd., First Lien Tranche B Term Loan
7.47% (3 Month EURIBOR + 4.00%), 06/23/30(b)	United States			250,000		262,954
INEOS Finance PLC, First Lien Tranche B Term Loan
7.63% (1 Month EURIBOR + 4.00%), 11/03/27(b)	Luxembourg			247,403		259,792
INEOS Quattro, First Lien Tranche B Term Loan
6.38% (1 Month EURIBOR + 2.75%), 01/29/26(b)	United Kingdom			250,000		261,323
Total Chemicals						784,069
Commercial Services & Supplies – 2.1%
Access CIG LLC, First Lien Term Loan
10.33% (1 Month SOFR + 5.00%), 08/15/28(b)	United States		$	950,000		939,313
Allied Universal Holdco LLC, First Lien Tranche B Term Loan
9.18% (1 Month SOFR + 3.75%), 05/12/28(b)	United States			574,264		555,632
Apleona Holding GmbH, First Lien Tranche B Term Loan
8.17% (3 Month EURIBOR + 4.75%), 04/28/28(b)	Germany		€	145,000		153,924
Atlas Luxco 4 SARL, First Lien Tranche B Term Loan
7.38% (1 Month EURIBOR + 3.75%), 05/12/28(b)	Luxembourg			248,106		256,831
Covanta Holding Corp., First Lien Tranche B Term Loan
8.31% (1 Month SOFR + 3.00%), 11/30/28(b)	United States		$	279,070		278,780
Covanta Holding Corp., First Lien Tranche C Term Loan
8.33% (1 Month SOFR + 3.00%), 11/30/28(b)	United States			20,930		20,908
Freshworld Holding III GMBH, First Lien Tranche B Term Loan
6.19% (6 Month EURIBOR + 3.75%), 10/02/26(b)(c)	Germany		€	250,000		262,166
Garda World Security Corp., First Lien Tranche B Term Loan
9.67% (3 Month SOFR + 4.25%), 10/30/26(b)	Canada		$	1,000,000		1,000,985
TMS International Corp., First Lien Tranche B Term Loan
10.08% (1 Month SOFR + 4.75%), 03/07/30(b) (d)	United States			219,722		500,609
Trugreen LP, First Lien Tranche B Term Loan
9.43% (1 Month SOFR + 4.00%), 10/29/27(b)	United States			110,860		105,650
USIC Holdings Inc., First Lien Tranche B Term Loan
8.95% (1 Month SOFR + 3.50%), 05/31/28(b)	United States			324,000		319,242
Total Commercial Services & Supplies						4,394,040
Communications Equipment – 0.7%
Genesys Cloud Services Holdings II LLC, First Lien Tranche B Term Loan
9.45% (1 Month SOFR + 4.00%), 12/01/27(b)	United States			747,449		748,936
Sorenson Communications LLC, First Lien Tranche B Term Loan
10.95% (1 Month SOFR + 5.50%), 03/17/26(b)	United States			640,758		614,554
Total Communications Equipment						1,363,490
Construction & Engineering – 0.9%
ADB Companies LLC, First Lien Term Loan
12.00% (3 Month SOFR + 6.50%), 12/18/25(b)(e)	United States			1,199,966		1,178,127
Tiger Acquisition LLC, First Lien Tranche B Term Loan
8.68% (1 Month SOFR + 3.25%), 06/01/28(b)	United States			738,693		730,959
Total Construction & Engineering						1,909,086
Construction Materials – 0.1%
Hunter Douglas, Inc., First Lien Tranche B Term Loan
8.89% (3 Month SOFR + 3.50%), 02/09/29(b)	Netherlands			301,794		294,626
Consumer Finance – 0.2%
American Auto Auction Group LLC, Second Lien Term Loan
13.99% (3 Month SOFR + 8.75%), 12/30/28(b)	United States			483,000		427,455
Consumer Staples Distribution & Retail – 0.1%
Bellis Acquisition Company PLC, First Lien Tranche B Term Loan
4.55% (6 Month EURIBOR + 2.75%), 02/16/26(b)	United Kingdom		€	250,000		259,013
Containers & Packaging – 1.2%
Charter Next Generation, Inc., First Lien Tranche B Term Loan
9.20% (1 Month SOFR + 3.75%), 12/01/27(b)	United States		$	997,449		989,760
Clydesdale Acquisition Holdings, Inc., First Lien Tranche B Term Loan
9.61% (1 Month SOFR + 4.18%), 06/30/29(b)	United States			375,240		370,675
Kouti BV, First Lien Tranche B Term Loan
8.23% (3 Month EURIBOR + 4.75%), 08/31/28(b)	Netherlands		€	200,000		211,609
ProAmpac LLC, Tranche B Term Loan
9.82% (CME Term SOFR 1 Month  + 2.75%), 11/03/28(b)	United States		$	913,644		910,675
Total Containers & Packaging						2,482,719
Distributors – 0.5%
American Tire Distributors, Inc., First Lien Tranche B Term Loan
11.81% (3 Month SOFR + 6.25%), 10/08/28(b)	United States			497,481		437,186
Dealer Tire Financial LLC, First Lien Tranche B2 Term Loan
9.83% (1 Month SOFR + 4.50%), 12/14/27(b)	United States			656,253		658,307
Total Distributors						1,095,493
Diversified Consumer Services – 4.1%
AI Aqua Merger Sub, Inc., First Lien Tranche B Term Loan
9.06% (1 Month SOFR + 3.75%), 07/31/28(b)	United States			495,082		490,867
Houghton Mifflin Harcourt Co., First Lien Tranche B Term Loan
10.68% (1 Month SOFR + 5.25%), 04/04/29(b)	United States			345,136		327,593
KUEHG Corp., First Lien Term Loan
10.24% (3 Month SOFR + 5.00%), 05/31/30(b)	United States			654,000		656,145
Lakeshore Learning, First Lien Tranche B Term Loan
8.95% (1 Month SOFR + 3.50%), 09/29/28(b)	United States			498,731		495,509
Obol France 3 SAS, First Lien Tranche B Term Loan
8.38% (1 Month EURIBOR + 4.75%), 12/09/25(b)	France		€	250,000		237,980
PetVet Care Centers LLC, Second Lien Term Loan
11.68% (1 Month SOFR + 6.25%), 01/30/26(b)	United States		$	500,000		496,375
Renaissance Holdings Corp., First Lien Term Loan
10.07% (3 Month SOFR + 4.75%), 06/02/25(b)	United States			500,000		496,875
University Support Services LLC, First Lien Tranche B Term Loan
8.68% (1 Month SOFR + 3.25%), 09/30/28(b)	Canada			135,497		4,709,190
Verisure Holding AB, First Lien Tranche B Term Loan
6.55% (3 Month EURIBOR + 3.00%), 03/27/28(b)	Sweden		€	250,000		262,071
Total Diversified Consumer Services						8,172,605
Diversified Telecommunication Services – 0.7%
Altice France SA, First Lien Tranche B Term Loan
8.66% (3 Month EURIBOR + 5.00%), 10/28/27(b)	Luxembourg			228,850		235,298
CCI Buyer, Inc., First Lien Tranche B Term Loan
9.24% (3 Month SOFR + 4.00%), 12/31/27(b)	United States		$	744,275		735,750
Intelsat Jackson Holdings SA, First Lien Tranche EXIT Term Loan
9.77% (3 Month SOFR + 4.25%), 12/08/28(b)	Luxembourg			406,589		406,196
Numericable U.S. LLC, First Lien Tranche B14-EXT Term Loan
8.68% (3 Month EURIBOR + 5.50%), 08/17/28(b)	France		€	199,500		193,746
Total Diversified Telecommunication Services						1,570,990
Electric Utilities – 0.6%
Generation Bridge Northeast LLC, First Lien Tranche B Term Loan
9.56% (1 Month SOFR + 4.25%), 08/31/29(b)	United States		$	500,000		500,832
Helix Gen Funding LLC, First Lien Tranche B Term Loan
9.85% (1 Month SOFR + 4.75%), 12/31/27(b)	United States			249,375		249,454
Lackawanna Energy Center, First Lien Tranche B2 Term Loan
10.29% (1 Month SOFR + 5.00%), 07/20/29(b)	United States			411,255		407,314
Lackawanna Energy Center LLC, First Lien Tranche C Term Loan
10.32% (1 Month SOFR + 5.00%), 07/20/29(b)	United States			88,745		87,894
Total Electric Utilities						1,245,494
Electrical Equipment – 0.1%
Emerald Debt Merger Sub LLC, First Lien Tranche B Term Loan
8.33% (1 Month SOFR + 3.00%), 04/17/30(b)	United States			251,000		251,001
Electronic Equipment Instruments & Components – 0.7%
LTI Holdings, Inc., First Lien Tranche B Term Loan
8.95% (1 Month SOFR + 3.50%), 09/06/25(b)	United States			979,381		956,121
Sonicwall US Holdings Inc, First Lien Term Loan
10.32% (CME Term SOFR 1 Month + 5.00%), 05/31/28(b)	United States			500,000		491,485
Total Electronic Equipment Instruments & Components						1,447,606
Energy Equipment & Services – 0.3%
Artera Services LLC, First Lien Term Loan
8.84% (3 Month SOFR + 3.50%), 03/06/25(b)	United States			734,962		690,868
Entertainment – 0.3%
City Football Group Ltd., First Lien Tranche B Term Loan
8.44% (1 Month SOFR + 3.00%), 07/21/28(b)	United Kingdom			745,578		743,869
Financial Services – 0.3%
Boost Newco Borrower LLC, Tranche B Term Loan
3.75%, 09/21/30	United States			575,000		575,210
Food Products – 0.4%
Froneri International Ltd., First Lien Tranche B Term Loan
7.68% (1 Month SOFR + 2.25%), 01/29/27(b)	United States			430,887		428,510
Upfield USA Corp., First Lien Tranche B7 Term Loan
9.89% (CME Term SOFR 1 Month + 4.75%), 01/03/28(b)	Netherlands			500,000		488,595
Total Food Products						917,105
Health Care Equipment & Supplies – 0.5%
Bausch + Lomb Corp., First Lien Tranche B Term Loan
8.76% (3 Month SOFR + 3.25%), 05/05/27(b)	United States			747,352		727,838
Medline Borrower LP, First Lien Tranche B Term Loan
8.70% (1 Month SOFR + 3.25%), 09/29/28(b)	United States			241,164		240,794
Total Health Care Equipment & Supplies						968,632
Health Care Providers & Services – 2.0%
Baart Programs, Inc., Second Lien Tranche DD Delay Draw Term Loan
14.00% (CME Term SOFR 3 Month + 8.50%), 06/11/28(b)(e)	United States			584,156		556,116
Baart Programs, Inc., First Lien Tranche DD Delay Draw Term Loan
10.50% (3 Month SOFR + 5.00%), 06/11/27(b)(e)	United States			418,690		408,641
CHG Healthcare Services Inc., First Lien Term Loan
9.06% (CME Term SOFR 1 Month + 3.75%), 09/29/28(b)	United States			500,000		500,313
CHG Healthcare Services, Inc., First Lien Term Loan
8.70% (1 Month SOFR + 3.25%), 10/31/28(b)	United States			498,728		497,284
Covetrus, Inc., First Lien Term Loan
10.24% (3 Month SOFR + 5.00%), 09/20/29(b)	United States			609,563		604,011
Electron Bidco, Inc., First Lien Term Loan
8.45% (1 Month SOFR + 3.00%), 10/31/28(b)	United States			498,734		497,348
HomeVi SASU, First Lien Tranche B Term Loan
7.24% (3 Month EURIBOR + 4.00%), 10/31/26(b)	France		€	250,000		251,867
Nidda Healthcare Holding GmbH, First Lien Tranche F Term Loan
6.92% (3 Month EURIBOR + 3.50%), 08/21/26(b)	Germany			250,000		262,942
Southern Veterinary Partners LLC, First Lien Term Loan
9.45% (1 Month SOFR + 4.00%), 10/01/27(b)	United States		$	548,590		545,932
Total Health Care Providers & Services						4,124,454
Health Care Technology – 1.1%
athenaHealth Group, Inc., First Lien Tranche B Term Loan
8.57% (1 Month SOFR + 3.25%), 01/26/29(b)	United States			332,290		326,995
FinThrive Software Intermediate Holdings, Inc., Second Lien Term Loan
12.20% (1 Month SOFR + 6.75%), 12/17/29(b)	United States			2,082,000		1,334,437
Polaris Newco LL, First Lien Tranche B Term Loan
9.54% (1 Month SOFR + 4.00%), 06/02/28(b)	United States			300,792		288,760
Polaris Newco LLC, First Lien Tranche B Term Loan
7.71% (3 Month EURIBOR + 4.00%), 06/02/28(b)	United States		€	245,625		247,871
Total Health Care Technology						2,198,063
Hotels Restaurants & Leisure – 2.5%
Alterra Mountain Co., First Lien Tranche B Term Loan
8.95% (1 Month SOFR + 3.50%), 08/17/28(b)	United States		$	923,018		923,405
Carnival Corp., First Lien Tranche B Term Loan
8.32% (1 Month SOFR + 3.00%), 08/02/27(b)	United States			748,125		747,500
Entain Holdings Gibraltar Ltd., First Lien Tranche B2 Term Loan
8.44% (3 Month SOFR + 3.50%), 10/18/29(b)	United Kingdom			264,006		264,089
Flutter Financing BV, First Lien Tranche B Term Loan
8.75% (3 Month SOFR + 3.25%), 07/04/28(b)	Ireland			255,420		256,186
Flynn Restaurant Group LP, First Lien Tranche B Term Loan
9.70% (1 Month SOFR + 4.25%), 11/22/28(b)	United States			982,500		979,636
Inspire Brands, First Lien Tranche B Term Loan
8.42% (1 Month SOFR + 3.00%), 12/15/27(b)	United States			500,000		498,773
Kingpin Intermediate Holdings LLC, First Lien Tranche B Term Loan
8.83% (1 Month SOFR + 3.50%), 02/28/28(b)	United States			224,438		223,842
Ontario Gaming GTA LP, First Lien Tranche B Term Loan
9.62% (3 Month SOFR + 4.25%), 07/20/30(b)	Canada			375,000		375,743
Whatabrands LLC, First Lien Tranche B Term Loan
8.70% (1 Month SOFR + 3.00%), 08/03/28(b)	United States			784,347		782,386
Total Hotels Restaurants & Leisure						5,051,560
Independent Power and Renewable Electricity Producers – 0.8%
Eastern Power LLC, First Lien Tranche B Term Loan
9.20% (1 Month SOFR + 3.75%), 10/02/25(b)	United States			500,000		485,105
Parkway Generation LLC, First Lien Tranche B Term Loan
10.20% (1 Month SOFR + 4.75%), 11/06/28(b)	United States			680,003		680,107
Parkway Generation LLC, First Lien Tranche C Term Loan
10.20% (1 Month SOFR + 4.75%), 11/06/28(b)	United States			89,876		89,890
Talen Energy Supply LLC, First Lien Tranche TLC-EXIT Term Loan
9.88% (3 Month SOFR + 4.50%), 04/20/30(b)	United States			123,095		123,814
Talen Energy Supply LLC, First Lien Tranche TLB-EXIT Term Loan
9.88% (3 Month SOFR + 4.50%), 04/20/30(b)	United States			351,025		353,073
Total Independent Power and Renewable Electricity Producers						1,731,989
Insurance – 0.5%
Asurion LLC, First Lien Tranche B10 Term Loan
9.43% (1 Month SOFR + 4.00%), 08/31/28(b)	United States			297,000		288,553
Asurion LLC, Second Lien Tranche B3 Term Loan
10.70% (1 Month SOFR + 5.25%), 01/31/28(b)	United States			350,000		316,563
HUB International Ltd., First Lien Tranche B Term Loan
9.58% (3 Month SOFR + 4.25%), 06/08/30(b)	United States			375,000		376,446
Total Insurance						981,562
Leisure Products – 0.5%
Gibson Brands, Inc., First Lien Tranche B Term Loan
10.25% (3 Month SOFR + 5.00%), 08/11/28(b)	United States			393,000		330,120
Peloton Interactive, First Lien Term Loan
11.76% (6 Month SOFR + 6.50%), 05/17/27(b)	United States			643,369		645,620
Total Leisure Products						975,740
Life Sciences Tools & Services – 0.2%
Sotera Health Holdings LLC, First Lien Tranche B Term Loan
9.07% (1 Month SOFR + 3.75%), 12/11/26(b)	United States			498,750		500,620
Machinery – 0.7%
Delachaux Group SA, First Lien Tranche B1 Term Loan
6.99% (3 Month EURIBOR + 3.75%), 04/16/26(b)	France		€	240,641		254,401
Restaurant Technologies, Inc., First Lien Tranche B Term Loan
9.49% (3 Month SOFR + 4.25%), 03/17/29(b)	United States		$	752,509		733,384
SPX FLOW, Inc., First Lien Tranche B Term Loan
9.93% (1 Month SOFR + 4.50%), 04/05/29(b)	United States			500,000		499,603
Total Machinery						1,487,388
Media – 1.8%
Century DE Buyer LLC, Term Loan
9.58%, 09/19/30	United States			350,000		348,250
Directv Financing LLC, First Lien Term Loan
10.45% (1 Month SOFR + 5.00%), 08/02/27(b)	United States			820,000		803,261
Gray Television, Inc., First Lien Tranche D Term Loan
8.44% (1 Month SOFR + 3.00%), 11/30/28(b)	United States			500,000		488,750
McGraw-Hill Education, Inc., First Lien Tranche B Term Loan
10.20% (1 Month SOFR + 4.75%), 07/28/28(b)	United States			248,731		244,560
Recorded Books, Inc., First Lien Tranche B Term Loan
9.33% (1 Month SOFR + 4.00%), 08/29/25(b)	United States			150,111		150,330
Univision Communications, Inc., First Lien Tranche B Term Loan
9.49% (3 Month SOFR + 4.25%), 06/09/29(b)	United States			496,231		496,355
Virgin Media SFA Finance Ltd., First Lien Tranche L Term Loan
8.47% (Daily SONIA + 3.25%), 01/31/27(b)	United Kingdom		£	200,000		241,387
Virgin Media, Inc., Term Loan
7.35%, 10/15/31	United Kingdom		€	115,000		120,368
WideOpenWest Finance, First Lien Tranche B Term Loan
8.39% (3 Month SOFR + 3.00%), 12/31/28(b)	United States		$	498,731		492,706
Total Media						3,385,967
Metals & Mining – 1.1%
American Rock Salt Company LLC, First Lien Tranche B Term Loan
9.45% (1 Month SOFR + 4.00%), 06/05/28(b)	United States			494,937		460,702
Arsenal AIC Parent, First Lien Tranche B Term Loan
9.75% (3 Month SOFR + 4.50%), 07/26/30(b)	United States			300,000		299,813
SCIH Salt Holdings, Inc., First Lien Tranche B Term Loan
9.63% (3 Month SOFR + 4.00%), 03/16/27(b)	United States			904,007		899,929
Vibrantz Technologies, Inc., First Lien Tranche B Term Loan
9.70% (3 Month SOFR + 4.25%), 03/30/29(b)	United States			471,240		446,017
Total Metals & Mining						2,106,461
Oil Gas & Consumable Fuels – 0.5%
AL NGPL Holdings LLC, First Lien Tranche B Term Loan
9.29% (3 Month SOFR + 3.75%), 04/13/28(b)	United States			300,000		300,986
Freeport LNG Investments LLP, First Lien Tranche B Term Loan
8.31% (3 Month SOFR + 3.50%), 11/17/28(b)	United States			550,713		546,411
Total Oil Gas & Consumable Fuels						847,397
Passenger Airlines – 0.6%
Air Canada, First Lien Tranche B Term Loan
8.37% (3 Month SOFR + 3.50%), 08/11/28(b)	Canada			542,626		543,758
Mileage Plus Holdings LLC, First Lien Tranche B Term Loan
10.76% (3 Month SOFR + 5.25%), 07/30/27(b)	United States			151,500		157,629
United Airlines, Inc., First Lien Tranche B Term Loan
9.29% (SOFR + 3.75%), 04/21/28(b)	United States			390,942		392,164
Total Passenger Airlines						1,093,551
Pharmaceuticals – 0.3%
AI Sirona Luxembourg Acquisition Sarl, First Lien Tranche B Term Loan
8.63% (5 Year Swap Rate EUR + 5.00%), 09/29/28(b)	Czech Republic		€	250,000		264,407
Pharmanovia Bidco Ltd., First Lien Tranche B Term Loan
7.48% (3 Month EURIBOR + 4.00%), 08/07/26(b)	United Kingdom			250,000		263,368
Total Pharmaceuticals						527,775
Professional Services – 0.5%
DTI Holdco, Inc., First Lien Tranche B Term Loan
9.80% (3 Month SOFR + 4.75%), 04/23/29(b)	United States		$	495,000		483,110
Element Materials Technology Group US Holdings, Inc., First Lien Tranche DD Delay Draw Term Loan
9.59% (3 Month SOFR + 4.25%), 09/28/29(b)	United States			156,711		155,274
Element Materials Technology Group US Holdings, Inc., First Lien Tranche B Term Loan
9.59% (3 Month SOFR + 4.25%), 04/12/29(b)	United States			339,539		336,428
Total Professional Services						974,812
Software – 3.6%
Castle US Holding Corp., First Lien Tranche B Term Loan
7.17% (1 Month EURIBOR + 3.75%), 01/29/27(b)	United States		€	245,558		189,990
9.36% (3 Month SOFR + 4.00%), 01/29/27(b)	United States		$	985,325		780,869
Claudius Finance Sarl, Incremental Term Loan
3.75%, 07/10/28	Luxembourg		€	190,000		200,878
Cvent, First Lien Tranche B Term Loan
9.08% (3 Month SOFR + 3.75%), 06/17/30(b)	United States		$	775,000		773,063
Epicor Software Corp., First Lien Incremental Term Loan
9.06% (CME Term SOFR 1 Month + 3.75%), 07/30/27(b)	United States			500,000		501,250
eResearchTechnology, Inc., First Lien Tranche B Term Loan
9.95% (1 Month SOFR + 4.50%), 02/04/27(b)	United States			496,154		487,826
I-Logic Technologies Bidco Ltd., First Lien Tranche B Term Loan
7.58% (3 Month EURIBOR + 4.00%), 02/16/28(b)	United Kingdom		€	195,000		204,389
ION Corporate Solutions Finance Sarl, First Lien Tranche B Term Loan
7.35% (3 Month EURIBOR + 3.75%), 03/13/28(b)	Luxembourg			250,000		261,229
McAfee Corp., First Lien Tranche B Term Loan
7.57% (3 Month EURIBOR + 4.00%), 02/02/29(b)	United States			247,500		260,259
Mitchell International, Inc., First Lien Tranche B Term Loan
9.20% (1 Month SOFR + 3.75%), 10/02/28(b)	United States		$	560,269		552,028
Planview Parent, Inc., First Lien Term Loan
9.50% (3 Month SOFR + 4.00%), 12/17/27(b)	United States			119,172		117,881
Proofpoint, First Lien Tranche B Term Loan
8.70% (1 Month SOFR + 3.25%), 06/09/28(b)	United States			498,731		495,232
Quartz Acquireco LLC, First Lien Tranche B Term Loan
8.82% (1 Month SOFR + 3.50%), 04/13/30(b)	United States			300,000		300,000
Skopima Consilio Parent LLC, First Lien Tranche B Term Loan
9.45% (1 Month SOFR + 4.00%), 05/31/28(b)	United States			919,920		897,643
TIBCO Software, Inc., First Lien Tranche A Term Loan
9.50% (3 Month SOFR + 4.50%), 09/29/28(b)	United States			191,918		184,641
TIBCO Software, Inc., First Lien Tranche B Term Loan
9.84% (1 Month SOFR + 4.50%), 03/19/29(b)	United States			467,465		450,300
UKG, Inc., Second Lien Term Loan
10.03% (3 Month SOFR + 5.25%), 05/03/27(b)	United States			500,000		500,490
Total Software						7,157,968
Software & Services – 0.1%
ION Trading Technologies Sarl, Term Loan
8.22%, 03/31/28	United Kingdom		€	250,000		261,749
Specialty Retail – 0.6%
Great Outdoors Group LLC, First Lien Tranche B2 Term Loan
9.40% (3 Month SOFR + 3.75%), 03/31/28(b)	United States		$	494,949		494,553
Harbor Freight Tools USA Inc., First Lien Tranche B Term Loan
8.20% (1 Month SOFR + 2.75%), 10/19/27(b)	United States			500,000		496,959
Motor Fuel Group, First Lien Tranche B5 Term Loan
11.29% (Daily SONIA + 6.00%), 06/21/28(b)	United States		£	250,000		298,850
Total Specialty Retail						1,290,362
Textiles Apparel & Luxury Goods – 0.2%
Amer Sports Holding Oy, First Lien Tranche B Term Loan
6.74% (6 Month EURIBOR + 4.00%), 03/30/26(b)	Finland		€	250,000		263,859
Breitling Financial Sarl, First Lien Tranche B Add-On Term Loan
8.68% (6 Month EURIBOR + 4.75%), 10/25/28(b)	United States			135,000		142,066
Total Textiles Apparel & Luxury Goods						405,925
Trading Companies & Distributors – 0.3%
Avolon TLB Borrower 1 US LLC, First Lien Tranche B6 Term Loan
7.82% (1 Month SOFR + 2.50%), 06/30/28(b)	Ireland		$	249,375		249,672
Windsor Holdings III LLC, First Lien Tranche B Term Loan
8.15% (1 Month EURIBOR + 4.50%), 06/21/30(b)	United States		€	160,000		169,075
9.83% (3 Month SOFR + 4.50%), 06/21/30(b)	United States		$	300,000		299,625
Total Trading Companies & Distributors						718,372
Transportation Infrastructure – 0.2%
Brown Group Holding LLC, First Lien Tranche B2 Term Loan
9.08% (1 Month SOFR + 3.75%), 06/30/29(b)	United States			500,000		500,313
Total Senior Loans (Syndicated)						72,243,164
High Yield – 19.4%
Aerospace & Defense – 0.4%
Bombardier, Inc.
6.00%, 02/15/28(f)	Canada			313,000		284,272
7.13%, 06/15/26(f)	Canada			240,000		232,755
Spirit AeroSystems, Inc.
7.50%, 04/15/25(f)	United States			275,000		270,112
9.38%, 11/30/29(f)	United States			135,000		137,549
Total Aerospace & Defense						924,688
Automobile Components – 0.3%
Dana Financing Luxembourg Sarl
3.00%, 07/15/29	United States	��	€	200,000		165,424
IHO Verwaltungs GmbH
8.75%, 05/15/28(d)(g)(h)	Germany			200,000		218,618
Renk AG
5.75%, 07/15/25	Germany			200,000		210,604
Total Automobile Components						594,646
Automobiles – 0.2%
Ford Motor Company
3.25%, 02/12/32	United States		$	340,000		262,359
6.10%, 08/19/32	United States			305,000		287,598
Total Automobiles						549,957
Beverages – 0.1%
Primo Water Holdings, Inc.
3.88%, 10/31/28	Canada		€	200,000		190,710
Chemicals – 0.7%
INEOS Finance PLC
6.63%, 05/15/28(d)(h)	Luxembourg			175,000		181,912
Nufarm Australia Ltd.
5.00%, 01/27/30(f)	Australia		$	445,000		393,204
Olympus Water US Holding Corp.
4.25%, 10/01/28(f)	United States			280,000		228,555
9.75%, 11/15/28(f)	United States			380,000		379,654
SK Invictus Intermediate II Sarl
5.00%, 10/30/29(f)	United States			225,000		180,583
Total Chemicals						1,363,908
Commercial Services & Supplies – 1.6%
Allied Universal Holdco LLC
3.63%, 06/01/28	United States		€	205,000		179,347
4.63%, 06/01/28(f)	United States		$	405,000		338,096
Hurricane Finance PLC
8.00%, 10/15/25	United Kingdom		£	100,000		119,607
Iron Mountain, Inc.
5.00%, 07/15/28(f)	United States		$	435,000		396,190
LABL, Inc.
5.88%, 11/01/28(f)	United States			445,000		400,319
Prime Security Services Borrower LLC
6.25%, 01/15/28(f)	United States			731,000		677,870
TMS International Corp.
6.25%, 04/15/29(f)	United States			330,000		273,276
WASH Multifamily Acquisition, Inc.
5.75%, 04/15/26(f)	United States			430,000		402,007
Total Commercial Services & Supplies						2,786,712
Communications Equipment – 0.1%
CommScope Technologies LLC
6.00%, 06/15/25(f)	United States			260,000		247,848
CommScope, Inc.
4.75%, 09/01/29(f)	United States			75,000		55,264
6.00%, 03/01/26(f)	United States			95,000		88,787
Total Communications Equipment						391,899
Construction & Engineering – 0.3%
Great Lakes Dredge & Dock Corp.
5.25%, 06/01/29(f)	United States			340,000		279,302
Pike Corp.
5.50%, 09/01/28(f)	United States			440,000		385,383
Total Construction & Engineering						664,685
Consumer Finance – 0.4%
FirstCash, Inc.
5.63%, 01/01/30(f)	United States			532,000		479,303
Ford Motor Credit Company LLC
4.00%, 11/13/30	United States			445,000		372,080
Total Consumer Finance						851,383
Containers & Packaging – 0.7%
Ardagh Packaging Finance PLC
2.13%, 08/15/26	United States		€	180,000		169,272
5.25%, 08/15/27(f)	United States		$	260,000		217,313
Fiber Bidco SpA
9.60% (3 Month EURIBOR + 6.00%), 10/25/27(b)(f)	Italy		€	100,000		106,782
Graham Packaging Company, Inc.
7.13%, 08/15/28(f)	United States		$	285,000		239,216
Intelligent Packaging Limited Finco, Inc.
6.00%, 09/15/28(f)	Canada			435,000		381,293
Silgan Holdings, Inc.
2.25%, 06/01/28	United States		€	200,000		180,212
Trivium Packaging Finance BV
3.75%, 08/15/26	Netherlands			100,000		98,049
Total Containers & Packaging						1,392,137
Diversified Consumer Services – 0.0%
Verisure Holding AB
3.88%, 07/15/26	Sweden			100,000		99,778
Verisure Midholding AB
5.25%, 02/15/29	Sweden			100,000		93,140
Total Diversified Consumer Services						192,918
Diversified Telecommunication Services – 1.1%
Altice Financing SA
3.00%, 01/15/28	Luxembourg			200,000		178,945
Altice France SA
3.38%, 01/15/28	France			100,000		78,848
4.13%, 01/15/29	France			100,000		77,725
Cogent Communications Group, Inc.
7.00%, 06/15/27(f)	United States		$	210,000		200,752
Consolidated Communications, Inc.
6.50%, 10/01/28(f)	United States			380,000		297,824
Frontier Communications Holdings LLC
5.00%, 05/01/28(f)	United States			290,000		247,970
6.75%, 05/01/29(f)	United States			155,000		119,457
Iliad Holding SASU
5.63%, 10/15/28	France		€	200,000		197,311
Level 3 Financing, Inc.
4.25%, 07/01/28(f)	United States		$	330,000		206,106
Lorca Telecom Bondco SA
4.00%, 09/18/27	Spain		€	200,000		196,969
Telecom Italia SpA
6.88%, 02/15/28(d)(h)	Italy			100,000		106,628
Telefonica Europe BV
4.38% (5 Year Swap Rate EUR + 4.11%), Perpetual(b)	Spain			200,000		207,444
Ziggo Bond Company BV
3.38%, 02/28/30	Netherlands			200,000		156,271
Total Diversified Telecommunication Services						2,272,250
Electrical Equipment – 0.1%
APX Group, Inc.
6.75%, 02/15/27(f)	United States		$	290,000		278,798
Energy Equipment & Services – 0.2%
Howard Midstream Energy Partners LLC
8.88%, 07/15/28(f)	United States			180,000		181,742
Precision Drilling Corp.
7.13%, 01/15/26(f)	Canada			245,000		242,855
Total Energy Equipment & Services						424,597
Entertainment – 0.3%
Banijay (LOV Banijay SASU)
7.00%, 05/01/29(d)(h)	France		€	170,000		178,604
Pinewood Finance Company Ltd.
3.25%, 09/30/25	United Kingdom		£	100,000		114,775
3.63%, 11/15/27	United Kingdom			100,000		106,763
Total Entertainment						400,142
Financial Services – 0.3%
Nationstar Mortgage Holdings, Inc.
5.75%, 11/15/31(f)	United States		$	120,000		99,432
6.00%, 01/15/27(f)	United States			140,000		132,443
Worldpay
7.50%, 01/15/31(f)	United States			410,000		411,097
Total Financial Services						642,972
Food Products – 0.4%
B&G Foods, Inc.
8.00%, 09/15/28(f)	United States			345,000		345,902
Post Holdings, Inc.
5.63%, 01/15/28(f)	United States			430,000		406,923
Total Food Products						752,825
Gas Utilities – 0.2%
CQP Holdco LP
5.50%, 06/15/31(f)	United States			165,000		146,438
Suburban Propane Partners LP
5.00%, 06/01/31(f)	United States			220,000		183,915
Total Gas Utilities						330,353
Health Care Equipment & Supplies – 0.2%
Medline Borrower LP
5.25%, 10/01/29(f)	United States			395,000		341,875
Health Care Providers & Services – 0.5%
Acadia Healthcare Company, Inc.
5.50%, 07/01/28(f)	United States			215,000		200,189
Avantor Funding, Inc.
3.88%, 07/15/28	United States		€	100,000		97,478
CAB Selas
3.38%, 02/01/28(d)(h)	France			200,000		177,234
CHS/Community Health Systems, Inc.
5.63%, 03/15/27(f)	United States		$	205,000		176,095
Nidda Healthcare Holding GmbH
7.50%, 08/21/26	Germany		€	100,000		106,716
Pediatrix Medical Group, Inc.
5.38%, 02/15/30(f)	United States		$	295,000		260,163
Total Health Care Providers & Services						1,017,875
Health Care Technology – 0.1%
MPH Acquisition Holdings LLC
5.50%, 09/01/28(f)	United States			160,000		136,080
Hotels Restaurants & Leisure – 1.6%
Aramark International Finance Sarl
3.13%, 04/01/25	United States		€	100,000		104,230
Bloomin’ Brands, Inc.
5.13%, 04/15/29(f)	United States		$	220,000		193,298
Brinker International, Inc.
8.25%, 07/15/30(f)	United States			392,000		377,678
Carnival Corp.
5.75%, 03/01/27(f)	United States			490,000		443,984
10.50%, 06/01/30(f)	United States			80,000		82,459
Cirsa Finance International Sarl
7.88%, 07/31/28(d)(h)	Spain		€	160,000		170,523
8.19% (3 Month EURIBOR + 4.50%), 07/31/28(b)(f)	Spain			115,000		122,147
Everi Holdings, Inc.
5.00%, 07/15/29(f)	United States		$	345,000		297,349
Fertitta Entertainment LLC
6.75%, 01/15/30(f)	United States			160,000		130,607
Hilton Grand Vacations Borrower Escrow LLC
5.00%, 06/01/29(f)	United States			215,000		186,757
Legends Hospitality Holding Company LLC
5.00%, 02/01/26(f)	United States			440,000		431,691
Lottomatica S.P.A.
7.13%, 06/01/28(d)(h)	Italy		€	115,000		124,471
Playtech PLC
4.25%, 03/07/26	United Kingdom			100,000		102,575
Six Flags Entertainment Corp
7.25%, 05/15/31(f)	United States		$	425,000		399,500
TUI Cruises GmbH
6.50%, 05/15/26	Germany		€	100,000		100,186
Total Hotels Restaurants & Leisure						3,267,455
Household Durables – 0.2%
Shea Homes LP
4.75%, 02/15/28	United States		$	345,000		310,467
Weekley Homes LLC
4.88%, 09/15/28(f)	United States			185,000		160,751
Total Household Durables						471,218
Independent Power and Renewable Electricity Producers – 0.5%
Calpine Corp.
5.13%, 03/15/28(f)	United States			350,000		312,054
Talen Energy Supply LLC
8.63%, 06/01/30(f)	United States			250,000		256,498
Vistra Operations Company, LLC
7.75%, 10/15/31(f)	United States			315,000		310,593
Total Independent Power and Renewable Electricity Producers						879,145
Insurance – 0.2%
AssuredPartners, Inc.
5.63%, 01/15/29(f)	United States			250,000		216,735
HUB International Ltd.
7.00%, 05/01/26(f)	United States			190,000		189,787
Total Insurance						406,522
Interactive Media & Services – 0.1%
QVC, Inc.
4.85%, 04/01/24	United States			310,000		298,305
IT Services – 0.2%
Ahead DB Holdings LLC
6.63%, 05/01/28(f)	United States			340,000		287,939
Engineering - Ingegneria Informatica - SpA
5.88%, 09/30/26	Italy		€	200,000		190,677
Total IT Services						478,616
Machinery – 0.2%
SPX FLOW, Inc.
8.75%, 04/01/30(f)	United States		$	453,000		419,333
Media – 1.6%
America Movil BV
0.00%, 03/02/24	Mexico		€	100,000		108,083
Cablevision Lightpath LLC
5.63%, 09/15/28(f)	United States		$	415,000		319,084
CCO Holdings LLC
6.38%, 09/01/29(f)	United States			140,000		130,686
7.38%, 03/01/31(f)	United States			494,000		477,428
CSC Holdings LLC
4.13%, 12/01/30(f)	United States			435,000		308,293
Directv Financing LLC
5.88%, 08/15/27(f)	United States			435,000		385,170
DISH DBS Corp.
5.25%, 12/01/26(f)	United States			195,000		166,087
5.75%, 12/01/28(f)	United States			25,000		19,266
Gray Television, Inc.
4.75%, 10/15/30(f)	United States			160,000		106,196
Scripps Escrow II, Inc.
5.38%, 01/15/31(f)	United States			130,000		80,031
Sirius XM Radio, Inc.
3.88%, 09/01/31(f)	United States			630,000		477,796
5.50%, 07/01/29(f)	United States			214,000		189,531
UPC Holding BV
3.88%, 06/15/29	Netherlands		€	205,000		180,217
Virgin Media Secured Finance PLC
4.50%, 08/15/30(f)	United Kingdom		$	305,000		252,348
5.25%, 05/15/29	United Kingdom		£	100,000		105,539
Virgin Media Vendor Financing Notes III DAC
4.88%, 07/15/28	United Kingdom			100,000		101,868
Total Media						3,407,623
Metals & Mining – 0.4%
Constellium SE
5.63%, 06/15/28(f)	United States		$	260,000		244,958
Mineral Resources Ltd.
8.13%, 05/01/27(f)	Australia			60,000		59,261
8.50%, 05/01/30(f)	Australia			300,000		294,665
9.25%, 10/01/28(f)	Australia			260,000		262,275
Total Metals & Mining						861,159
Mortgage Real Estate Investment Trusts (REITs) – 0.2%
HAT Holdings I LLC
3.38%, 06/15/26(f)	United States			415,000		369,312
Oil Gas & Consumable Fuels – 0.7%
CITGO Petroleum Corp.
7.00%, 06/15/25(f)	United States			360,000		354,978
CVR Energy, Inc.
5.25%, 02/15/25(f)	United States			305,000		297,857
Hess Midstream Operations LP
5.13%, 06/15/28(f)	United States			235,000		216,410
5.63%, 02/15/26(f)	United States			140,000		135,417
Venture Global LNG, Inc.
8.13%, 06/01/28(f)	United States			255,000		252,673
8.38%, 06/01/31(f)	United States			260,000		255,851
Total Oil Gas & Consumable Fuels						1,513,186
Other – 1.2%
eG Global Finance PLC
6.25%, 10/30/25	United Kingdom		€	184,943		190,203
Nidda BondCo GmbH
7.25%, 09/30/25	Germany			71,616		75,553
OWS Cre Funding I LLC
10.33%, 2021-MARG (1 Month SOFR + 5.01%), 09/15/24(b)(f)	United States		$	2,345,090		2,290,520
Total Other						2,556,276
Paper & Forest Products – 0.3%
Mercer International, Inc.
5.50%, 01/15/26	Germany			385,000		362,101
WEPA Hygieneprodukte GmbH
2.88%, 12/15/27	Germany		€	125,000		116,254
Total Paper & Forest Products						478,355
Personal Care Products – 0.4%
BellRing Brands, Inc.
7.00%, 03/15/30(f)	United States		$	365,000		359,885
Coty, Inc.
5.00%, 04/15/26(f)	United States			215,000		206,772
Edgewell Personal Care Co.
5.50%, 06/01/28(f)	United States			355,000		328,355
Total Personal Care Products						895,012
Pharmaceuticals – 0.2%
Bausch Health Companies, Inc.
4.88%, 06/01/28(f)	United States			240,000		136,889
Cheplapharm Arzneimittel GmbH
4.38%, 01/15/28	Germany		€	100,000		96,692
8.53% (3 Month EURIBOR + 4.75%), 05/15/30(b)(f)	Germany			210,000		225,075
Total Pharmaceuticals						458,656
Professional Services – 0.5%
Mooney Group SpA
7.74% (3 Month EURIBOR + 3.88%), 12/17/26(b)	Italy			250,000		263,850
Summer BC Holdco B SARL
5.75%, 10/31/26	Luxembourg			200,000		194,534
VM Consolidated, Inc.
5.50%, 04/15/29(f)	United States		$	655,000		590,311
Total Professional Services						1,048,695
Real Estate Management & Development – 0.2%
Hunt Companies, Inc.
5.25%, 04/15/29(f)	United States			415,000		326,518
Samhallsbyggnadsbolaget i Norden AB
2.88% (5 Year Swap Rate EUR + 3.22%), Perpetual(b)	Sweden		€	100,000		16,777
Total Real Estate Management & Development						343,295
Retail REITs – 0.2%
Necessity Retail REIT, Inc.
4.50%, 09/30/28(f)	United States		$	395,000		300,489
Software – 0.9%
Acuris Finance US, Inc.
5.00%, 05/01/28(f)	United States			395,000		325,397
Castor SpA
9.10% (3 Month EURIBOR + 5.25%), 02/15/29(b) (d)(h)	Italy		€	200,000		201,418
Cedacri Mergeco SPA
8.42% (3 Month EURIBOR + 4.63%), 05/15/28(b)	Italy			100,000		104,298
9.28% (3 Month EURIBOR + 5.50%), 05/15/28(b)(f)	Italy			200,000		210,525
Cloud Software Group Holdings, Inc.
6.50%, 03/31/29(f)	United States		$	210,000		185,922
McAfee Corp.
7.38%, 02/15/30(f)	United States			100,000		83,836
NCR Atleos Escrow Corp.
9.50%, 04/01/29(f)	United States			415,000		401,818
NCR Corp.
5.13%, 04/15/29(f)	United States			15,000		13,231
Sabre GLBL, Inc.
7.38%, 09/01/25(f)	United States			150,000		146,491
Total Software						1,672,936
Specialty Retail – 0.3%
Academy Ltd.
6.00%, 11/15/27(f)	United States			420,000		397,448
Kepler SpA
9.60% (5 Year Swap Rate EUR + 5.75%), 05/15/29(b)	Italy		€	150,000		159,896
Total Specialty Retail						557,344
Textiles Apparel & Luxury Goods – 0.2%
Afflelou SAS
4.25%, 05/19/26	France			200,000		200,754
Crocs, Inc.
4.25%, 03/15/29(f)	United States		$	220,000		182,241
Total Textiles Apparel & Luxury Goods						382,995
Trading Companies & Distributors – 0.7%
ASP Unifrax Holdings, Inc.
5.25%, 09/30/28(f)	United States			450,000		321,169
Equipmentshare.Com Inc.
9.00%, 05/15/28(f)	United States			420,000		404,250
Fortress Transportation and Infrastructure Investors LLC
5.50%, 05/01/28(f)	United States			305,000		276,841
6.50%, 10/01/25(f)	United States			16,000		15,740
Loxam SAS
3.75%, 07/15/26	France		€	100,000		99,254
Windsor Holdings III LLC
8.50%, 06/15/30(f)	United States		$	285,000		281,507
Total Trading Companies & Distributors						1,398,761
Wireless Telecommunication Services – 0.2%
Matterhorn Telecom SA
4.00%, 11/15/27	Luxembourg		€	200,000		197,838
Vodafone Group PLC
3.00% (5 Year Swap Rate EUR + 3.48%), 08/27/80(b)	United Kingdom			200,000		171,928
Total Wireless Telecommunication Services						369,766
Total High Yield						39,335,864
Emerging Markets – 3.4%
Chemicals – 0.3%
Braskem Idesa SAPI
6.99%, 02/20/32	Mexico		$	1,000,000		602,228
Construction Materials – 0.1%
Cemex SAB de CV
5.13% (5 Year CMT Rate + 4.53%), Perpetual(b)	Mexico			200,000		187,415
Diversified Telecommunication Services – 0.4%
Telecom Argentina SA
8.00%, 07/18/26	Argentina			790,000		740,405
Electric Utilities – 0.1%
Pampa Energia SA
9.13%, 04/15/29	Argentina			140,000		133,061
Hotels Restaurants & Leisure – 0.0%
Grupo Posadas SAB de CV
5.00%, 12/30/27(g)(i)	Mexico			20,000		16,925
Independent Power and Renewable Electricity Producers – 0.1%
Genneia SA
8.75%, 09/02/27(f)	Argentina			227,200		217,542
Metals & Mining – 0.8%
Vedanta Resources Finance II PLC
13.88%, 01/21/24	India			1,600,000		1,433,641
Oil Gas & Consumable Fuels – 0.7%
Canacol Energy Ltd.
5.75%, 11/24/28	Colombia			260,000		206,449
Kosmos Energy Ltd.
7.13%, 04/04/26	Ghana			200,000		188,501
7.50%, 03/01/28	Ghana			520,000		467,390
YPF SA
7.00%, 09/30/33(i)	Argentina			55,000		41,929
9.00%, 06/30/29(i)	Argentina			758,000		664,993
Total Oil Gas & Consumable Fuels						1,569,262
Passenger Airlines – 0.4%
Azul Secured Finance LLP
10.88%, 05/28/30(f)	Brazil			1,130,000		922,742
Real Estate Management & Development – 0.5%
CIFI Holdings Group Company Ltd.
6.00%, 07/16/25(j)	China			400,000		30,000
6.45%, 11/07/24(j)	China			200,000		15,532
5.38% (5 Year CMT Rate + 8.57%), Perpetual(b)(j)	China			450,000		24,075
Country Garden Holdings Company Ltd.
4.80%, 08/06/30	China			200,000		13,132
7.25%, 04/08/26	China			600,000		40,476
RKPF Overseas Ltd.
5.90%, 03/05/25	China			500,000		285,580
6.00%, 09/04/25	China			500,000		234,000
Shimao Group Holdings Ltd.
3.45%, 01/11/31	China			400,000		16,732
4.60%, 07/13/30(j)	China			200,000		8,132
5.20%, 01/16/27(j)	China			1,210,000		45,375
5.60%, 07/15/26(j)	China			400,000		14,000
6.13%, 02/21/24(j)	China			370,000		14,634
Sino-Ocean Land Treasure IV Ltd.
3.25%, 05/05/26	China			200,000		12,136
4.75%, 08/05/29	China			410,000		22,489
4.75%, 01/14/30	China			400,000		21,580
Telenet Finance Luxembourg Notes Sarl
3.50%, 03/01/28	Belgium		€	200,000		196,956
Total Real Estate Management & Development						994,829
Total Emerging Markets						6,818,050
Convertible Bonds – 0.1%
Aerospace & Defense – 0.0%
Safran SA
0.00%, 04/01/28	France			33,000		61,884
Automobiles – 0.0%
Ford Motor Co.
0.00%, 03/15/26	United States		$	28,000		27,650
Biotechnology – 0.0%
Exact Sciences Corp.
0.38%, 03/15/27	United States			7,000		6,370
Broadline Retail – 0.0%
Etsy, Inc.
0.13%, 10/01/26	United States			10,000		10,200
0.25%, 06/15/28	United States			53,000		40,439
Total Broadline Retail						50,639
Communications Equipment – 0.0%
Lumentum Holdings, Inc.
0.50%, 06/15/28	United States			37,000		27,058
Construction & Engineering – 0.0%
Fluor Corp.
1.13%, 08/15/29(f)	United States			13,000		13,484
Consumer Finance – 0.0%
SoFi Technologies, Inc.
0.00%, 10/15/26(f)	United States			22,000		17,072
Diversified Telecommunication Services – 0.1%
Cellnex Telecom SA
0.50%, 07/05/28	Spain		€	100,000		105,323
Entertainment – 0.0%
Bilibili, Inc.
1.38%, 04/01/26	China		$	9,000		8,933
Liberty Media Corp.
2.25%, 08/15/27	United States			25,000		24,450
Live Nation Entertainment, Inc.
3.13%, 01/15/29(f)	United States			26,000		27,027
Sea Ltd.
0.25%, 09/15/26	Singapore			52,000		41,730
2.38%, 12/01/25	Singapore			37,000		35,557
Spotify USA, Inc.
0.00%, 03/15/26	United States			81,000		69,144
Total Entertainment						206,841
Financial Services – 0.0%
Edenred
0.00%, 06/14/28	France		€	61,500		43,269
Shift4 Payments, Inc.
0.50%, 08/01/27	United States		$	38,000		32,657
Total Financial Services						75,926
Health Care Equipment & Supplies – 0.0%
Envista Holdings, Corp.
1.75%, 08/15/28(f)	United States			10,000		9,260
Greatbatch, Inc.
2.13%, 02/15/28(f)	United States			18,000		19,647
Haemonetics Corp.
0.00%, 03/01/26	United States			44,000		38,390
LivaNova USA, Inc.
3.00%, 12/15/25	United States			23,000		25,027
NuVasive, Inc.
0.38%, 03/15/25	United States			90,000		83,115
TransMedics Group, Inc.
1.50%, 06/01/28(f)	United States			8,000		7,265
Total Health Care Equipment & Supplies						182,704
Hotels Restaurants & Leisure – 0.0%
Just Eat Takeaway.com NV
0.00%, 08/09/25	United Kingdom		€	100,000		93,474
Shake Shack, Inc.
0.00%, 03/01/28	United States		$	47,000		35,309
Total Hotels Restaurants & Leisure						128,783
Hotels, Restaurants & Leisure – 0.0%
Accor SA
0.70%, 12/07/27(j)	France		€	87,700		42,514
Independent Power and Renewable Electricity Producers – 0.0%
NextEra Energy Partners LP
0.00%, 06/15/24(f)	United States		$	51,000		48,501
NRG Energy, Inc.
2.75%, 06/01/48	United States			31,000		32,953
Total Independent Power and Renewable Electricity Producers						81,454
IT Services – 0.0%
Cloudflare, Inc.
0.00%, 08/15/26	United States			99,000		84,645
Perficient, Inc.
0.13%, 11/15/26	United States			49,000		39,509
Total IT Services						124,154
Media – 0.0%
Cable One, Inc.
0.00%, 03/15/26	United States			68,000		55,964
Metals & Mining – 0.0%
First Majestic Silver Corp.
0.38%, 01/15/27	Canada			30,000		22,593
MP Materials Corp.
0.25%, 04/01/26(f)	United States			29,000		25,050
Total Metals & Mining						47,643
Multi-Utilities – 0.0%
Veolia Environnement SA
0.00%, 01/01/25	France		€	135,900		44,290
Oil Gas & Consumable Fuels – 0.0%
World Kinect Corp.
3.25%, 07/01/28(f)	United States		$	19,000		18,870
Passenger Airlines – 0.0%
JetBlue Airways Corp.
0.50%, 04/01/26	United States			100,000		77,810
Personal Care Products – 0.0%
The Beauty Health Co.
1.25%, 10/01/26(f)	United States			43,000		33,648
Professional Services – 0.0%
Ceridian HCM Holding, Inc.
0.25%, 03/15/26	United States			74,000		65,446
Semiconductors & Semiconductor Equipment – 0.0%
Enphase Energy, Inc.
0.00%, 03/01/28	United States			17,000		14,153
ON Semiconductor Corp.
0.50%, 03/01/29(f)	United States			17,000		18,751
Wolfspeed, Inc.
0.25%, 02/15/28	United States			24,000		16,296
Total Semiconductors & Semiconductor Equipment						49,200
Software – 0.0%
Alarm.com Holdings, Inc.
0.00%, 01/15/26	United States			66,000		57,354
Blackline, Inc.
0.00%, 03/15/26	United States			47,000		40,714
Datadog, Inc.
0.13%, 06/15/25	United States			6,000		7,071
Envestnet, Inc.
2.63%, 12/01/27(f)	United States			30,000		27,495
Nutanix, Inc.
0.25%, 10/01/27	United States			52,000		46,670
Splunk, Inc.
1.13%, 09/15/25	United States			33,000		35,541
Unity Software, Inc.
0.00%, 11/15/26	United States			83,000		66,110
Zscaler, Inc.
0.13%, 07/01/25	United States			24,000		28,944
Total Software						309,899
Specialty Retail – 0.0%
Farfetch Ltd.
3.75%, 05/01/27	United Kingdom			15,000		8,045
Zalando SE
0.05%, 08/06/25	Germany		€	100,000		95,694
Total Specialty Retail						103,739
Technology Hardware Storage & Peripherals – 0.0%
Western Digital Corp.
1.50%, 02/01/24	United States		$	29,000		28,652
Water Utilities – 0.0%
American Water Capital Corp.
3.63%, 06/15/26(f)	United States			13,000		12,594
Total Convertible Bonds						1,999,611
Investment Grade – 0.0%
Banks – 0.0%
Barclays PLC
6.50% (SOFR + 1.88%), 09/13/27(b)	United Kingdom			56,000		55,874
Total Investment Grade						55,874
TOTAL CORPORATE CREDIT (Cost $129,998,676)						120,452,563
STRUCTURED CREDIT – 30.6%(a)
Collateralized Loan Obligations – 18.4%
37 Capital CLO
11.43%, 2023-1A, Class D (CME Term SOFR 3 Month + 6.36%), 04/15/36(b)(f)	Cayman Islands			1,500,000		1,520,450
Anchorage Capital CLO 26 Ltd.
10.87%, 2023-26A, Class D (CME Term SOFR 3 Month + 5.75%), 07/19/34(b)(f)	Cayman Islands			500,000		502,920
Anchorage Capital CLO Ltd.
9.30%, 2020-16A, Class DR (CME Term SOFR 3 Month + 3.98%), 01/19/35(b)(f)	Cayman Islands			1,500,000		1,469,942
12.97%, 2016-8A, Class ER2 (CME Term SOFR 3 Month + 7.61%), 10/27/34(b)(f)	Cayman Islands			1,500,000		1,391,336
12.93%, 2020-16A, Class ER (CME Term SOFR 3 Month + 7.61%), 01/19/35(b)(f)	Cayman Islands			1,000,000		929,720
Anchorage Credit Funding 7 Ltd.
5.02%, 2019-7A, Class SUB1, 04/25/37(f)	Cayman Islands			1,000,000		590,860
Anchorage Credit Funding Ltd.
6.85%, 2019-7A, Class E, 04/25/37(f)	Cayman Islands			1,000,000		848,456
ARES CLO
9.06%, 2022-64A, Class D (CME Term SOFR 3 Month + 3.75%), 04/15/35(b)(f)	Cayman Islands			500,000		483,546
10.83%, 2023-68A, Class D (CME Term SOFR 3 Month + 5.75%), 04/25/35(b)(f)	Jersey			2,000,000		2,044,659
CBAM Ltd.
12.67%, 2017-2A, Class ER (CME Term SOFR 3 Month + 7.36%), 07/17/34(b)(f)	Cayman Islands			571,000		508,763
Cerberus Loan Funding LP
9.58%, 2023-3A, Class C (CME Term SOFR 3 Month + 4.15%), 09/13/35(b)(f)	United States			1,000,000		999,855
Columbia Cent CLO Ltd.
11.80%, 2018-28A, Class D (CME Term SOFR 3 Month + 6.43%), 11/07/30(b)(f)	Cayman Islands			1,000,000		615,256
Dryden 27 R Euro CLO 2017 DAC
9.52%, 2017-27X, Class ER (3 Month EURIBOR + 5.86%), 04/15/33(b)	Ireland		€	500,000		448,808
Elevation CLO Ltd.
12.79%, 2021-14A, Class E (CME Term SOFR 3 Month + 7.46%), 10/20/34(b)(f)	Cayman Islands		$	2,000,000		1,840,911
12.86%, 2021-12A, Class E (CME Term SOFR 3 Month + 7.53%), 04/20/32(b)(f)	Cayman Islands			378,000		344,776
Fortress Credit BSL Ltd.
13.50%, 2022-1A, Class E (CME Term SOFR 3 Month + 8.15%), 10/23/34(b)(f)	Cayman Islands			500,000		458,098
13.52%, 2020-1A, Class E (CME Term SOFR 3 Month + 8.19%), 10/20/33(b)(f)	Cayman Islands			1,000,000		958,486
Gallatin CLO Ltd.
10.74%, 2023-1A, Class D (CME Term SOFR 3 Month + 5.41%), 10/14/35(b)(f)	Bermuda			2,000,000		1,972,721
Halcyon Loan Advisors Funding Ltd.
0.00%, 2017-2X, Class SUB, 01/17/30	United States			1,350,000		182,438
0.00%, 2018-2X, Class SUB, 01/22/31	Cayman Islands			850,000		179,222
Harvest CLO XXVI
9.78%, 26A, Class E (3 Month EURIBOR + 6.12%), 01/15/34(b)(f)	Ireland		€	500,000		481,951
ICG US CLO Ltd.
9.19%, 2020-1A, Class DR (CME Term SOFR 3 Month + 3.86%), 01/20/35(b)(f)	Cayman Islands		$	1,000,000		909,516
13.04%, 2020-1A, Class ER (CME Term SOFR 3 Month + 7.71%), 01/20/35(b)(f)	Cayman Islands			1,000,000		858,093
Madison Park Funding Ltd.
10.58%, 2023-63A, Class D (CME Term SOFR 3 Month + 5.50%), 04/21/35(b)(f)	Cayman Islands			2,000,000		2,039,407
Marble Point CLO Ltd.
12.90%, 2021-4A, Class E (3 Month SOFR + 0.26%), 01/22/35(b)(f)	Cayman Islands			2,000,000		1,805,094
Monroe Capital MML CLO XIII Ltd.
13.70%, 2022-1A, Class E (CME Term SOFR 3 Month + 8.32%), 02/24/34(b)(f)	United States			1,000,000		895,567
Mountain View CLO Ltd.
9.28%, 2023-1A, Class C (CME Term SOFR 3 Month + 3.85%), 09/14/36(b)(f)	Cayman Islands			300,000		300,726
10.93%, 2023-1A, Class D (CME Term SOFR 3 Month + 5.50%), 09/14/36(b)(f)	Cayman Islands			300,000		301,083
OAK Hill European Credit Partners V Designated Activity Co.
10.02%, 2016-5A, Class ER (3 Month EURIBOR + 6.37%), 01/21/35(b)(f)	Ireland		€	1,750,000		1,706,504
12.52%, 2016-5A, Class FR (3 Month EURIBOR + 8.87%), 01/21/35(b)(f)	Ireland			1,000,000		939,960
Palmer Square European CLO
10.01%, 2022-1A, Class E (3 Month EURIBOR + 6.36%), 01/21/35(b)(f)	Ireland			1,200,000		1,153,658
12.50%, 2022-1A, Class F (3 Month EURIBOR + 8.85%), 01/21/35(b)(f)	Ireland			1,750,000		1,609,570
Penta CLO
10.05%, 2021-10X, Class E (3 Month EURIBOR + 6.23%), 11/20/34(b)	Ireland			500,000		477,917
Rockford Tower Europe DAC
9.67%, 2021-1A, Class E (3 Month EURIBOR + 5.96%), 04/20/34(b)(f)	Ireland			500,000		466,365
Symphony CLO Ltd.
12.52%, 2012-9A, Class ER2 (CME Term SOFR 3 Month + 7.21%), 07/16/32(b)(f)	Cayman Islands		$	438,000		360,809
Toro European CLO
9.96%, 3X, Class ERR (3 Month EURIBOR + 6.30%), 07/15/34(b)	Ireland		€	1,500,000		1,422,090
Trimaran Cavu Ltd.
12.94%, 2021-3A, Class E (CME Term SOFR 3 Month + 7.63%), 01/18/35(b)(f)	Cayman Islands		$	1,200,000		1,180,068
Trinitas CLO Ltd.
13.65%, 2020-14A, Class E (CME Term SOFR 3 Month + 8.30%), 01/25/34(b)(f)	Cayman Islands			500,000		490,709
Trinitas CLO XVIII Ltd.
9.19%, 2021-18A, Class D (CME Term SOFR 3 Month + 3.86%), 01/20/35(b)(f)	Cayman Islands			2,000,000		1,900,793
Venture CLO Ltd.
0.00%, 2017-27X, Class SUB, 07/20/30	Cayman Islands			2,000,000		173,118
0.00%, 2019-36X, Class SUB, 04/20/32	Cayman Islands			1,000,000		107,250
0.00%, 2020-39X, Class SUB, 04/15/33	Cayman Islands			1,350,000		648,702
Total Collateralized Loan Obligations						38,520,173
Commercial Mortgage-Backed Securities – 5.6%
ACREC LLC
11.37%, 2023-FL2, Class E (CME Term SOFR 1 Month + 6.03%), 02/19/38(b)(f)	United States			107,000		106,819
AREIT Trust
10.70%, 2023-CRE8, Class D (CME Term SOFR 1 Month + 5.37%), 07/17/28(b)(f)	United States			109,000		108,630
Banc of America Commercial Mortgage Trust
1.25%, 2015-UBS7, Class XFG, 09/15/48(f)	United States			10,000,000		219,139
BBCMS Trust
8.33%, 2018-BXH, Class F (CME Term SOFR 1 Month + 3.00%), 10/15/37(b)(f)	United States			270,000		257,885
Benchmark Mortgage Trust
3.25%, 2018-B6, Class E, 10/10/51(f)	United States			225,000		92,847
Blackstone UK Student Housing Portfolio
7.55%, 2021-UK5, Class E (Daily SONIA + 2.35%), 05/17/31(b)	United Kingdom		£	236,000		274,412
BWAY Mortgage Trust
5.03%, 2022-26BW, Class E, 02/10/44(f)	United States		$	677,000		409,050
BX Commercial Mortgage Trust
8.98%, 2019-IMC, Class G (CME Term SOFR 1 Month + 3.71%), 04/15/34(b)(f)	United States			1,000,000		985,234
BX Trust
9.48%, 2021-SDMF, Class J (CME Term SOFR 1 Month + 4.15%), 09/15/34(b)(f)	United States			470,000		435,006
CD Mortgage Trust
3.30%, 2017-CD4, Class D, 05/10/50(f)	United States			305,000		207,735
3.35%, 2017-CD5, Class D, 08/15/50(f)	United States			489,000		312,986
CGDB Commercial Mortgage Trust
8.44%, 2019-MOB, Class G (CME Term SOFR 1 Month + 3.11%), 11/15/36(b)(f)	United States			770,000		725,026
Citigroup Commercial Mortgage Trust
9.15%, 2021-KEYS, Class F (CME Term SOFR 1 Month + 3.81%), 10/15/36(b)(f)	United States			741,000		709,896
COMM Mortgage Trust
2.06%, 2016-DC2, Class XF, 02/10/49(f)	United States			12,997,292		525,952
CSAIL Commercial Mortgage Trust
4.16%, 2017-CX9, Class D, 09/15/50(f)	United States			190,000		129,682
DBGS Mortgage Trust
9.60%, 2021-W52, Class F (CME Term SOFR 1 Month + 4.26%), 10/15/36(b)(f)	United States			1,000,000		418,033
European Loan Conduit No 36 DAC
6.35%, 36X, Class D (3 Month EURIBOR + 2.55%), 02/17/30(b)	Germany		€	614,445		612,504
Great Wolf Trust
8.58%, 2019-WOLF, Class F (CME Term SOFR 1 Month + 3.25%), 12/15/36(b)(f)	United States		$	1,298,000		1,286,461
Hilton USA Trust
4.93%, 2016-SFP, Class D, 11/05/35(f)	United States			584,000		296,745
J.P. Morgan Chase Commercial Mortgage Securities Trust
9.71%, 2021-HTL5, Class F (CME Term SOFR 1 Month + 4.38%), 11/15/38(b)(f)	United States			1,084,000		1,043,247
Last Mile Logistics
10.99%, 2023-1A, Class D (Daily SONIA + 5.80%), 08/17/33(b)(f)	United Kingdom		£	207,000		252,689
Natixis Commercial Mortgage Securities Trust
11.27%, 2022-RRI, Class F (CME Term SOFR 1 Month + 5.94%), 03/15/35(b)(f)	United States		$	541,025		538,430
Pearl Finance Conduit
9.04%, 2020-1, Class E (5 Year Swap Rate EUR + 5.25%), 11/17/32(b)	Ireland		€	456,922		462,646
Taubman Centers Commercial Mortgage Trust
10.10%, 2022-DPM, Class D (CME Term SOFR 1 Month + 4.77%), 05/15/37(b)(f)	United States		$	415,000		402,942
VMC Finance LLC
9.95%, 2021-HT1, Class B (CME Term SOFR 1 Month + 4.61%), 01/18/37(b)(f)	United States			643,000		612,221
Total Commercial Mortgage-Backed Securities						11,426,217
Residential Mortgage-Backed Securities – 2.5%
BRAVO Residential Funding Trust
7.46%, 2023-NQM5, Class M1, 06/25/63(f)	United States			183,000		182,520
CHNGE Mortgage Trust
8.44%, 2023-4, Class B1, 09/25/58(f)	United States			891,000		816,148
Deephaven Residential Mortgage Trust
4.33%, 2022-2, Class B1, 03/25/67(f)	United States			229,000		161,829
GCAT Trust
3.96%, 2022-NQM1, Class B1, 02/25/67(f)	United States			476,000		318,896
Imperial Fund Mortgage Trust
4.45%, 2022-NQM3, Class M1, 05/25/67(f)	United States			332,000		242,337
MFA Trust
4.25%, 2022-NQM1, Class B1, 12/25/66(f)	United States			251,000		177,180
PRKCM Trust
7.65%, 2023-AFC1, Class M1, 02/25/58(f)	United States			371,000		368,954
Progress Residential Trust
5.60%, 2022-SFR3, Class E2, 04/17/39(f)	United States			212,000		197,077
PRPM LLC
4.83%, 2021-10, Class A2, 12/31/49(f)(i)	United States			1,000,000		886,778
Seasoned Credit Risk Transfer Trust
4.50%, 2022-1, Class M, 11/25/61(f)	United States			226,000		174,214
STAR Trust
9.83%, 2022-SFR3, Class F (CME Term SOFR 1 Month + 4.50%), 05/17/24(b)(f)	United States			170,000		167,600
Verus Securitization Trust
7.08%, 2023-INV2, Class A3, 08/25/68(f)(i)	United States			179,601		179,839
7.35%, 2023-INV2, Class M1, 08/25/68(f)	United States			187,000		185,215
8.18%, 2023-INV2, Class B1, 08/25/68(f)	United States			100,000		96,220
Western Mortgage Reference Notes
10.66%, 2021-CL2, Class M4 (SOFR30A + 5.35%), 07/25/59(b)(f)	United States			843,125		845,200
Total Residential Mortgage-Backed Securities						5,000,007
Asset-Backed Securities – 4.1%
Adams Outdoor Advertising LP
11.71%, 2023-1, Class C, 07/15/53(f)	United States			2,000,000		1,990,463
Castlelake Aircraft Securitization Trust
2.74%, 2017-1R, Class A, 08/15/41(f)	United States			198,423		181,300
Horizon Aircraft Finance Ltd.
4.46%, 2018-1, Class A, 12/15/38(f)	United States			756,453		652,585
Lunar Aircraft Ltd.
6.41%, 2020-1A, Class C, 02/15/45(f)	United States			694,182		146,125
METAL 2017-1 Ltd.
4.58%, 2017-1, Class A, 10/15/42(f)	United States			1,473,457		926,675
Pioneer Aircraft Finance Ltd.
3.97%, 2019-1, Class A, 06/15/44(f)	Cayman Islands			593,256		515,723
Thunderbolt Aircraft Lease
5.07%, 2018-A, Class B, 09/15/38(f)(i)	United States			1,339,286		853,795
Veros Auto Receivables Trust
11.46%, 2023-1, Class D, 08/15/30(f)	United States			1,780,000		1,798,666
WAVE Trust
5.68%, 2017-1A, Class B, 11/15/42(f)	United States			1,590,272		974,593
6.66%, 2017-1A, Class C, 11/15/42(f)	United States			1,132,926		127,907
Westlake Automobile Receivables Trust
1.23%, 2021-2A, Class D, 12/15/26(f)	United States			164,000		153,415
Total Asset-Backed Securities						8,321,247
TOTAL STRUCTURED CREDIT (Cost $67,315,922)						63,267,644
PRIVATE CREDIT – 22.6%
Senior Loans – 21.5%(a)
Aerospace & Defense – 0.3%
Galileo Parent, Inc., First Lien Revolver
12.34% (3 Month SOFR + 7.25%), 05/03/29(b)(e)(k)	United States			83,000		34,441
Galileo Parent, Inc., First Lien Term Loan
12.34%, 05/03/30(e)	United States			533,000		518,130
Total Aerospace & Defense						552,571
Automobile Components – 1.2%
Superior Industries International, Inc., First Lien Tranche B Term Loan
13.33%, 12/15/28(e)	United States			2,586,455		2,567,057
Biotechnology – 1.6%
ADC Therapeutics, Inc., First Lien Tranche A Term Loan
12.89% (3 Month SOFR + 7.50%), 08/15/29(b)(e)	United States			1,135,543		1,075,098
ADC Therapeutics, Inc., First Lien Tranche B Delay Draw Term Loan
7.50%, 08/15/29(e)(k)	United States			520,457		–
Mesoblast, Inc., First Lien Delay Draw Term Loan
9.75%, 11/19/26(e)(g)(k)	United States			787,313		–
Mesoblast, Inc., First Lien Term Loan
8.00%, 11/19/26(e)(g)	United States			1,620,185		1,425,762
Seres Therapeutics, Inc., Tranche B Delay Draw Term Loan
0.00%, 04/27/29(e)(k)	United States			329,000		–
Seres Therapeutics, Inc., First Lien Tranche DDA2 Delay Draw Term Loan
12.88% (3 Month SOFR + 7.88%), 04/30/29(b)(e)	United States			219,000		211,269
Seres Therapeutics, Inc., First Lien Tranche A1 Term Loan
13.12% (3 Month SOFR + 7.88%), 04/30/29(b)(e)	United States			585,000		564,350
Seres Therapeutics, Inc., Tranche C Delay Draw Term Loan
0.00%, 04/30/29(e)(k)	United States			329,000		–
Total Biotechnology						3,276,479
Commercial Services & Supplies – 1.1%
Kings Buyer LLC, First Lien Term Loan
11.84% (3 Month SOFR + 6.50%), 10/29/27(b)(e)	United States			2,247,000		2,213,295
Kings Buyer LLC, First Lien Revolver
11.66% (3 Month SOFR + 6.50%), 10/29/27(b)(e)(k)	United States			310,246		31,029
Total Commercial Services & Supplies						2,244,324
Containers & Packaging – 0.8%
ASP-r-pac Acquisition Company LLC, First Lien Revolver
9.49%, 12/29/27(c)(e)(k)	United States			205,745		–
ASP-r-pac Acquisition Company LLC, First Lien Term Loan
11.63%, 12/29/27(e)	United States			1,702,331		1,590,709
Total Containers & Packaging						1,590,709
Distributors – 0.9%
RelaDyne, Second Lien Term Loan
13.18%, 12/23/29(b)(e)	United States			1,996,000		1,975,242
Electrical Equipment – 0.4%
Inventus Power, Inc., First Lien Revolver
0.00%, 06/30/25(b)(e)(k)	United States			94,000		–
Inventus Power, Inc., First Lien Term Loan
12.59%, 06/30/25(e)	United States			826,928		806,115
Total Electrical Equipment						806,115
Health Care Equipment & Supplies – 1.4%
Touchstone Acquisition, Inc., First Lien Term Loan
11.43% (1 Month SOFR + 6.00%), 12/29/28(b)(e)	United States			2,968,790		2,890,414
Health Care Providers & Services – 1.2%
LSL Holdco LLC, First Lien Incremental Term Loan
11.08%, 01/31/28(e)	United States			275,684		257,764
LSL Holdco LLC, First Lien Revolver
10.63%, 01/31/28(e)(k)	United States			266,412		–
LSL Holdco LLC, First Lien Term Loan
11.43%, 01/31/28(e)	United States			2,361,051		2,190,266
Total Health Care Providers & Services						2,448,030
Health Care Technology – 2.2%
Establishment Labs Holdings, Inc., First Lien Tranche C Delay Draw Term Loan
9.00%, 04/21/27(e)(g)(k)	United States			184,290		–
Establishment Labs Holdings, Inc., First Lien Tranche A Term Loan
9.00%, 04/21/27(e)(g)	United States			1,205,286		1,163,101
Establishment Labs Holdings, Inc., First Lien Tranche D  Delay Draw Term Loan
9.00%, 04/21/27(e)(g)(k)	United States			184,290		–
Establishment Labs Holdings, Inc., First Lien Tranche B Delay Draw Term Loan
9.00%, 04/21/27(e)(g)	United States			193,028		186,272
Impel Pharmaceuticals, Inc., First Lien Tranche A Term Loan
16.15%, 03/17/27(e)	United States			2,032,135		1,869,563
Impel Pharmaceuticals, Inc., First Lien Tranche B Delay Draw Term Loan
16.06%, 03/17/27(e)(k)	United States			240,240		52,553
Impel Pharmaceuticals, Inc., First Lien Tranche A2 Term Loan
11.00%, 03/17/27(e)	United States			60,060		60,060
Innocoll Pharmaceuticals Ltd., First Lien Tranche B Delay Draw Term Loan
11.00%, 01/26/27(e)(k)	United States			464,765		–
Innocoll Pharmaceuticals Ltd., First Lien Tranche C Delay Draw Term Loan
11.00%, 01/26/27(e)(k)	United States			464,765		–
Innocoll Pharmaceuticals Ltd., First Lien Term Loan
11.00%, 01/26/27(e)	United States			1,394,294		1,275,779
Total Health Care Technology						4,607,328
Hotels, Restaurants & Leisure – 2.6%
Grove Hotel Parcel Owner LLC, First Lien Revolver Facility
0.00%, 06/21/28(e)(k)	United States			175,377		–
Grove Hotel Parcel Owner LLC, First Lien Term Loan
13.43%, 06/21/28(e)	United States			1,736,231		1,690,984
Grove Hotel Parcel Owner LLC, First Lien Delay Draw Term Loan
0.00%, 06/21/28(e)(k)	United States			350,754		–
PFNY Holdings LLC, First Lien Delay Draw Term Loan
12.54%, 12/31/26(e)	United States			307,024		292,440
PFNY Holdings LLC, First Lien Term Loan
12.51%, 12/31/26(e)	United States			3,585,782		3,415,457
PFNY Holdings LLC, First Lien Revolver
11.96%, 12/31/26(e)	United States			173,352		165,118
Total Hotels, Restaurants & Leisure						5,563,999
Insurance – 0.3%
Ardonagh Midco 3 PLC, First Lien Delay Draw Term Loan
12.39%, 07/14/26(e)(k)	United States			1,097,433		559,691
Machinery – 0.9%
ProFrac Holdings LLC, First Lien Term Loan
12.78%, 03/04/27(e)	United States			1,634,629		1,606,514
ProFrac Holdings LLC, First Lien Delay Draw Term Loan
12.42%, 03/04/25(e)	United States			188,077		184,842
Total Machinery						1,791,356
Metals & Mining – 0.5%
IAMGOLD Corp., Second Lien Term Loan
13.62%, 05/16/28(e)	United States			975,000		948,675
Pharmaceuticals – 0.6%
Bioxcel Therapeutics, Inc., Tranche B Delay Draw Term Loan
0.00%, 09/30/32(e)(g)(k)	United States			563,378		–
Bioxcel Therapeutics, Inc., Tranche A Delay Draw Term Loan
13.56%, 09/30/32(e)(g)	United States			428,046		409,041
Bioxcel Therapeutics, Inc., First Lien Tranche A Term Loan
8.00%, 04/19/27(e)	United States			896,530		825,973
Bioxcel Therapeutics, Inc., Tranche C Delay Draw Term Loan
0.00%, 09/30/32(e)(g)(k)	United States			563,378		–
Bioxcel Therapeutics, Inc., First Lien Tranche B Delay Draw Term Loan
10.25%, 04/19/27(e)(k)	United States			438,183		–
Bioxcel Therapeutics, Inc., First Lien Tranche C Delay Draw Term Loan
10.25%, 04/19/27(e)(k)	United States			375,585		–
Total Pharmaceuticals						1,235,014
Software – 4.9%
Avalara, Inc., First Lien Term Loan
12.49% (3 Month SOFR + 7.25%), 10/19/29(b)(e)	United States			2,491,000		2,448,530
Avalara, Inc., First Lien Revolver
0.75%, 10/19/29(e)(k)	United States			249,000		–
Finastra USA, Inc., First Lien Term Loan
12.71% (3 Month SOFR + 7.25%), 09/13/30(b)(e)	United States			1,462,000		1,433,199
Finastra USA, Inc., First Lien Revolver
12.58% (1 Month SOFR + 7.25%), 09/13/30(b)(e)(k)	United States			152,000		29,190
iCIMS, Inc., First Lien Revolver Facility
11.99%, 08/18/28(e)(k)	United States			157,552		27,965
iCIMS, Inc., First Lien Term Loan
8.76%, 08/18/28(e)	United States			1,704,117		1,642,769
12.38% (3 Month SOFR + 7.25%), 08/18/28(b)(e)	United States			253,659		249,347
iCIMS, Inc., First Lien Delay Draw Term Loan
0.00%, 08/18/28(e)(g)(k)	United States			389,591		–
OEConnection LLC, Second Lien Term Loan
12.34%, 09/25/27(e)	United States			2,499,000		2,461,515
Pluralsight LLC, First Lien Revolver
13.04% (3 Month SOFR + 8.00%), 04/06/27(b)(e)(k)	United States			41,000		23,977
Pluralsight LLC, First Lien Term Loan
13.45% (3 Month SOFR + 8.00%), 04/06/27(b)(e)	United States			659,000		631,190
UserZoom Technologies, Inc., First Lien Term Loan
12.77%, 04/05/29(e)	United States			1,348,000		1,329,532
Total Software						10,277,214
Specialty Retail – 0.6%
MND Holdings III Corp., First Lien Term Loan
12.54%, 05/09/28(e)	United States			1,254,695		1,232,863
MND Holdings III Corp., First Lien Revolver
12.55%, 05/09/28(e)(k)	United States			327,000		39,587
Total Specialty Retail						1,272,450
Total Senior Loans						44,606,668
			Shares
Preferred Stock – 0.9%
Health Care Technology – 0.9%
athenahealth, Inc.- (Acquired 2/15/2022, cost $1,992,289)(e)	United States			2,033		1,896,158
Total Preferred Stock						1,896,158
Common Stock – 0.2%
Distributors – 0.2%
RelaDyne- (Acquired 12/23/2021, cost $187,703)(e)(l)	United States			2,000		316,260
Total Common Stock						316,260
Warrants – 0.0%
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		998
Mesoblast, Inc.- (Exercise Price: $3.70, Expiration: 11/19/28)- (Acquired 1/12/2023, cost $0)(e)(l)	United States			11,941		5,971
Mesoblast, Inc.- (Exercise Price: $7.26, Expiration: 11/19/28)- (Acquired 12/20/2021, cost $106,354)(e)(l)	United States			46,443		13,933
Seres Therapeutics, Inc. - (Exercise price: $6.69, Expiration: 04/27/30)- (Acquired 4/27/2023, cost $14,821)(e)(l)	United States			4,735		7,103
Total Biotechnology						28,005
Health Care Technology – 0.0%
Impel Pharmaceuticals, Inc.-(Exercise Price: $0.01, Expiration: 09/05/30)- (Acquired 9/5/2023, cost $0)(e)(l)	United States			26,745		11,233
Innocoll Pharmaceuticals Ltd.-  (Exercise Price: $4.23, Expiration: 01/26/29)- (Acquired 1/26/2022 - 9/1/2022, cost $77,901)(e)(l)	United States			20,192		18,779
Total Health Care Technology						30,012
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		349
Total Warrants						58,366
TOTAL PRIVATE CREDIT (Cost $47,825,809)						46,877,452
MONEY MARKET FUND – 3.8%
First American Government Obligations Fund - Class X, 5.28%(m)	United States			7,889,490		7,889,490
TOTAL MONEY MARKET FUND (Cost $7,889,490)						7,889,490
Total Investments – 115.2%(n) (Cost $253,029,897)						238,487,149
Liabilities in Excess of Other Assets – (15.2)%						(31,477,370	)
TOTAL NET ASSETS – 100.0%					$	207,009,779
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 September 30, 2023, represented 180,117,476, or 87.0% 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.

(c)Loan or bond was on non-accrual status as of September 30, 2023.

(d)Regulation S security. These securities may be subject to transfer restrictions as defined by Regulation S. As of September 30, 2023, the total value of all such securities was $1,860,017 or 0.9% of net assets.

(e)Security fair valued in good faith pursuant to the fair value procedures adopted by the Board of Trustees. As of September 30, 2023, the total value of all such securities was $49,020,336 or 23.7% 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 September 30, 2023, the total value of all such securities was $89,687,535 or 43.3% of net assets.

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

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

(i)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 September 30, 2023.

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

(k)As of September 30, 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: funded commitments (000s)		Total unfunded commitments (000s) (Note 10)
ADC Therapeutics, Inc.	First Lien Tranche B Delay Draw Term Loan	$	520	$	—	$	520
Ardonagh Midco 3 PLC	First Lien Delay Draw Term Loan		1,097		548		549
ASP-r-pac Acquisition Company LLC	First Lien Revolver		206		—		206
Avalara, Inc.	First Lien Revolver		249		—		249
Bioxcel Therapeutics, Inc.	Tranche B Delay Draw Term Loan		563		—		563
Bioxcel Therapeutics, Inc.	First Lien Tranche B Delay Draw Term Loan		438		—		438
Bioxcel Therapeutics, Inc.	Tranche C Delay Draw Term Loan		563		—		563
Bioxcel Therapeutics, Inc.	First Lien Tranche C Delay Draw Term Loan		376		—		376
Establishment Labs Holdings, Inc.	First Lien Tranche D  Delay Draw Term Loan		184		—		184
Establishment Labs Holdings, Inc.	First Lien Tranche C Delay Draw Term Loan		184		—		184
Finastra USA, Inc.	First Lien Revolver		152		32		120
Galileo Parent, Inc.	First Lien Revolver		83		37		46
Grove Hotel Parcel Owner LLC	First Lien Delay Draw Term Loan		351		—		351
Grove Hotel Parcel Owner LLC	First Lien Revolver Facility		175		—		175
iCIMS, Inc.	First Lien Revolver Facility		158		34		124
iCIMS, Inc.	First Lien Delay Draw Term Loan		390		—		390
Impel Pharmaceuticals, Inc.	First Lien Tranche B Delay Draw Term Loan		240		52		188
Innocoll Pharmaceuticals Ltd.	First Lien Tranche C Delay Draw Term Loan		465		—		465
Innocoll Pharmaceuticals Ltd.	First Lien Tranche B Delay Draw Term Loan		465		—		465
Inventus Power, Inc.	First Lien Revolver		94		—		94
Kings Buyer LLC	First Lien Revolver		310		35		275
LSL Holdco LLC	First Lien Revolver		266		—		266
Mesoblast, Inc.	First Lien Delay Draw Term Loan		787		—		787
MND Holdings III Corp.	First Lien Revolver		327		45		282
Pluralsight LLC	First Lien Revolver		41		26		15
Seres Therapeutics, Inc.	Tranche B Delay Draw Term Loan		329		—		329
Seres Therapeutics, Inc.	Tranche C Delay Draw Term Loan		329		—		329
		$	9,342	$	809	$	8,533

(l)    Restricted security.  Purchased in a private placement transaction; resale to the public may require registration.  As of September 30, 2023, the total value of all such securities was $374,626 or 0.2% of net assets.

(m) The rate shown represents the seven-day yield as of September 30, 2023.

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

Abbreviations:

CME	Chicago Mercantile Exchange
CMT	Constant Maturity Treasury Rate
EURIBOR	Euro Interbank Offered Rate
LLC	Limited Liability Corporation
LP	Limited Partnership
PIK	Payment-in Kind
SOFR	Secured Overnight Financial Rate
SOFR30A	Secured Overnight Financial Rate 30 Day Average
SONIA	Sterling Overnight Index Average

Forward Currency Contracts:
Settlement Date	Currency Purchased	Currency Sold	Counterparty	Value / Unrealized Appreciation (Depreciation)
10/19/2023	27,783,456 USD	24,782,757 EUR	STATE STREET GLOBAL MARKETS LLC	$	1,559,825
10/19/2023	806,959 EUR	874,404 USD	STATE STREET GLOBAL MARKETS LLC		(20,528	)
10/19/2023	63,241 USD	8,640,001 JPY	STATE STREET GLOBAL MARKETS LLC		5,219
10/19/2023	13,441 GBP	16,805 USD	STATE STREET GLOBAL MARKETS LLC		(404	)
10/19/2023	1,899,507 USD	1,469,802 GBP	STATE STREET GLOBAL MARKETS LLC		105,971
				$	1,650,083

Oaktree Diversified Income Fund Inc.

Notes to Consolidated Schedule of Investments

September 30, 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 Directors (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 members of the Adviser’s management team.

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.

Bank Loans, Assignments, and Participations. Loans (including “Senior Loans” (as described below), delayed funding loans and revolving credit facilities) may be fixed-or floating-rate obligations. Loan interests may take the form of direct interests acquired during a primary distribution and may also take the form of assignments of, novations of or participations in a bank loan acquired in secondary markets. Senior floating rate loans may be made to or issued by U.S. or non-U.S. banks or other corporations (“Senior Loans”). Senior Loans include senior floating rate loans and institutionally traded senior floating rate debt obligations issued by asset-backed pools and other issuers, and interests therein. Loan interests may be acquired from U.S. or foreign commercial banks, insurance companies, finance companies or other financial institutions who have made loans or are members of a lending syndicate or from other holders of loan interests.

Senior Loans typically pay interest at rates which are re-determined periodically on the basis of a floating base lending rate (such as the London Inter-Bank Offered Rate, “LIBOR,” or a similar reference rate) plus a premium. Senior Loans are typically of below investment grade quality. Senior Loans generally (but not always) hold the most senior position in the capital structure of a borrower and are often secured with collateral. A Senior Loan is typically originated, negotiated and structured by a U.S. or foreign commercial bank, insurance company, finance company or other financial institution (an “Agent”) for a lending syndicate of financial institutions (“Lenders”). The Agent typically administers and enforces the Senior Loan on behalf of the other Lenders in the syndicate. In addition, an institution, typically but not always the Agent, holds any collateral on behalf of the Lenders.

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.

Non-publicly traded debt and equity securities and other securities or instruments for which reliable market quotations are not available are valued by the Adviser using valuation methodologies applied on a consistent basis. These securities may initially be valued at the acquisition price as the best indicator of fair value. The Adviser reviews the significant unobservable inputs, valuations of comparable investments and other similar transactions for investments valued at acquisition price to determine whether another valuation methodology should be utilized. Subsequent valuations will depend on facts and circumstances known as of the valuation date and the application of valuation methodologies further described below. The fair value may also be based on a pending transaction expected to close after the valuation date. These valuation methodologies involve a significant degree of management judgment. Accordingly, valuations do not necessarily represent the amounts which may eventually be realized from sales or other dispositions of investments in the future. Fair values may differ from the values that would have been used had a ready market for the investment existed, and the differences could be material to the consolidated financial statements.

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 September 30, 2023:

	Level 1		Level 2		Level 3		Total
Corporate Credit
Senior Loans (Syndicated)	$	-	$	70,100,280	$	2,142,884	$	72,243,164
High Yield		-		39,335,864		-		39,335,864
Emerging Markets		-		6,818,050		-		6,818,050
Convertible Bonds		-		1,999,611		-		1,999,611
Investment Grade		-		55,874		-		55,874
Structured Credit
Collateralized Loan Obligations		-		38,520,173		-		38,520,173
Commercial Mortgage-Backed Securities		-		11,426,217		-		11,426,217
Residential Mortgage-Backed Securities		-		5,000,007		-		5,000,007
Asset-Backed Securities		-		8,321,247		-		8,321,247
Private Credit
Senior Loans		-		-		44,606,668		44,606,668
Preferred Stock		-		-		1,896,158		1,896,158
Common Stock		-		-		316,260		316,260
Warrants		-		-		58,366		58,366
Money Market Fund		7,889,490		-		-		7,889,490
Total	$	7,889,490	$	181,577,323	$	49,020,336	$	238,487,149
Other Financial Instruments(1)	Level 1		Level 2		Level 3		Total
Forward currency contracts	$	-	$	1,650,083	$	-	$	1,650,083
Total	$	-	$	1,650,083	$	-	$	1,650,083
(1) Forward currency contracts are reflected at the net unrealized 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 September 30, 2023.

	Value as of September 30, 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)	$	2,142,884	Income Approach	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	10.0%-16.0%	Decrease
						(12.5%)
Private Credit
Senior Loans	44,606,668		Income Approach	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	11.0%-33.0%	Decrease
						(14.3%)
Preferred Stock	1,896,158		Income Approach	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	15.0%-17.0%	Decrease
						(16.0%)
Common Stock	316,260		Market approach	Comparable companies	Earnings Multiple	6x-8x (7x)	Increase
Warrants	58,366		Other	Black Scholes	Volatility	50%-100%	Increase
						(79%)
Total	$	49,020,336
(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:

	Corporate Credit			Private Credit			Total
Balance as of December 31, 2022	$	2,216,836		$	39,126,978		$	41,343,814
Accrued discounts (premiums)		2,212			163,578			165,790
Realized gain (loss)		3,446			15,073			18,519
Change in unrealized appreciation (depreciation)		12,554			(218,556	)		(206,002	)
Purchases at cost/ corporate actions		961,482			8,885,940			9,847,422
Sales proceeds		(1,053,646	)		(1,095,561	)		(2,149,207	)
Balance as of September 30, 2023	$	2,142,884		$	46,877,452		$	49,020,336
Change in unrealized appreciation (depreciation) for Level 3 assets still held at the reporting date	$	12,554		$	(306,313	)	$	(293,759	)

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 Secured Overnight Financing 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. For the nine months ended September 30, 2023, the Fund amortized $107,019 in deferred debt issuance costs. As of September 30, 2023, the Fund had $36,065 in unamortized deferred debt issuance. The remaining unamortized deferred debt issuance costs are being amortized through December 31, 2023.

As of September 30, 2023, the Fund had outstanding borrowings of $30,000,000. For the nine months ended September 30, 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	$	1,042,888
Unused commitment fees	$	80,168
Amortization of debt issuance costs	$	107,019
Total interest expense and credit facility fees	$	1,230,075
Average stated interest rate		6.21	%
Average outstanding balance	$	22,142,857

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 September 30, 2023, the Fund was in compliance with the terms of the Credit Facility.