Oaktree Diversified Income Fund NPORT-P Oaktree Diversified Income Fund Inc. (Sep 2024 report)

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (Unaudited)
September 30, 2024
Description	Country	Principal Amount		Value
CORPORATE CREDIT – 59.2%
Senior Loans (Syndicated) – 33.8%
Aerospace & Defense – 1.1%
Aernnova Aerospace, First Lien
7.71% (3 mo. EURIBOR + 4.00%, 0.00% Floor), 02/27/2030(a)	United States	EUR450,000			502,273
Bleriot US Bidco Inc, First Lien Tranche B Term Loan
7.85% (3 mo. Term SOFR + 3.25%, 0.00% Floor), 10/17/2030(a)	United States	USD748,125			749,995
Peraton Corp., First Lien Tranche B Term Loan
8.70% (1 mo. Term SOFR + 3.75%, 0.75% Floor), 02/01/2028(a)	United States		593,022		571,958
Standard Aero Ltd., First Lien Tranche B1 Term Loan
8.35% (1 mo. Term SOFR + 3.50%, 0.00% Floor), 08/24/2028(a)	United States		462,040		462,920
Standard Aero Ltd., First Lien Tranche B2 Term Loan
8.35% (1 mo. Term SOFR + 3.50%, 0.00% Floor), 08/24/2028(a)	United States		178,151		178,490
TransDigm, Inc., First Lien Tranche J Term Loan
7.10% (3 mo. Term SOFR + 2.50%, 0.00% Floor), 02/28/2031(a)	United States		514,259		512,835
Total Aerospace & Defense					2,978,471
Air Freight & Logistics – 0.1%
Swissport, First Lien Term Loan
7.96% (3 wk. EURIBOR + 4.25%, 0.00% Floor), 04/04/2031(a)	United States	EUR300,000			335,408
Automobile Components – 0.2%
First Brands Group LLC, First Lien Tranche B Term Loan
10.51% (3 mo. Term SOFR + 5.00%, 1.00% Floor), 03/30/2027(a)	United States	USD640,042			634,365
Automobiles – 0.3%
MajorDrive Holdings IV LLC, First Lien Tranche B Term Loan
8.87% (3 mo. Term SOFR + 4.00%, 0.50% Floor), 06/01/2028(a)	United States		692,594		695,191
Beverages – 0.6%
Pegasus Bidco BV, Tranche B Term Loan
8.26%, 07/12/2029	United States		72,582		72,786
Pegasus Bidco BV, First Lien Tranche B Term Loan
7.29% (3 mo. EURIBOR + 3.75%, 0.00% Floor), 07/12/2029(a)	Netherlands	EUR234,985			262,474
8.87% (3 mo. Term SOFR + 3.75%, 0.50% Floor), 07/12/2029(a)	Netherlands	USD491,288			492,670
Refresco/Pegasus, First Lien Tranche B Term Loan
7.04% (3 mo. EURIBOR + 3.50%), 07/12/2029(a)	United States	EUR200,000			223,076
Triton Water Holdings, Inc., First Lien Tranche B Term Loan
8.85% (3 mo. Term SOFR + 3.25%, 0.50% Floor), 03/31/2028(a)	United States	USD727,446			727,009
Total Beverages					1,778,015
Building Products – 0.1%
Aquiles Spain Bidco SA, First Lien Tranche B Term Loan
7.81% (6 mo. EURIBOR + 4.65%, 0.00% Floor), 03/29/2029(a)	Spain	EUR300,000			314,994
Chemicals – 1.4%
Akzo Nobel Specialty Chemicals, First Lien Tranche B Term Loan
6.91% (3 mo. EURIBOR + 3.50%, 0.00% Floor), 04/03/2028(a)	United States		300,000		334,749
Ineos Enterprises Holdings II Ltd., First Lien Tranche B Term Loan
7.51% (3 mo. EURIBOR + 4.00%, 0.00% Floor), 07/08/2030(a)	United Kingdom		250,000		280,228
INEOS Finance PLC, First Lien Tranche B Term Loan
7.09% (1 mo. EURIBOR + 3.50%, 0.00% Floor), 06/23/2031(a)	United Kingdom		247,403		274,785
Ineos Quattro Holdings UK Ltd., First Lien Tranche B Term Loan
7.88% (1 mo. EURIBOR + 4.50%, 0.00% Floor), 03/29/2029(a)	United Kingdom		250,000		278,839
INEOS US Finance LLC, First Lien Tranche B Term Loan
8.10% (1 mo. Term SOFR + 3.25%, 0.00% Floor), 02/19/2030(a)	United States	USD900,000			900,643
Nobian Finance BV
7.16%, 07/02/2029	Netherlands	EUR185,000			206,448
SCIH Salt Holdings, Inc., First Lien Tranche B Term Loan
8.76% (3 mo. Term SOFR + 3.50%, 0.75% Floor), 03/16/2027(a)	United States	USD892,734			893,698
Touchdown Acquirer, First Lien Tranche B Term Loan
7.85% (1 mo. Term SOFR + 3.25%, 0.00% Floor), 02/21/2031(a)	United States		325,000		325,050
Windsor Holdings III LLC, First Lien Tranche B Term Loan
6.90% (1 mo. EURIBOR + 3.50%), 08/01/2030(a)	United States	EUR160,000			178,717
8.46% (1 mo. Term SOFR + 3.50%, 1.00% Floor), 08/01/2030(a)	United States	USD297,009			298,787
Total Chemicals					3,971,944
Commercial Services & Supplies – 1.7%
Access CIG LLC, First Lien Term Loan
10.25% (3 mo. Term SOFR + 5.00%, 0.50% Floor), 08/18/2028(a)	United States		940,500		945,706
Allied Universal Holdco LLC, First Lien Tranche B Term Loan
8.70% (1 mo. Term SOFR + 3.75%, 0.50% Floor), 05/15/2028(a)	United States		815,853		808,817
Apleona Holding GmbH, First Lien Tranche B3 Term Loan
7.39% (3 mo. EURIBOR + 3.75%, 0.00% Floor), 04/28/2028(a)	Germany	EUR300,000			335,824
Atlas Luxco, First Lien Tranche B Term Loan
7.13% (1 mo. EURIBOR + 3.75%, 0.00% Floor), 05/15/2028(a)	Luxembourg		244,950		271,838
Garda World Security Corp., First Lien Tranche B Term Loan
8.60% (1 mo. Term SOFR + 3.50%, 0.00% Floor), 02/01/2029(a)	Canada	USD994,924			996,043
Restaurant Technologies, Inc., First Lien Tranche B Term Loan
8.85% (3 mo. Term SOFR + 4.25%, 0.50% Floor), 04/02/2029(a)	United States		589,448		560,501
Trugreen LP, First Lien Tranche B Term Loan
9.35% (1 mo. Term SOFR + 4.00%, 0.75% Floor), 11/02/2027(a)	United States		604,579		586,139
TTD Holding IV GmbH, First Lien Tranche B5 Term Loan
7.40% (3 mo. EURIBOR + 4.00%, 0.00% Floor), 10/16/2029(a)	Germany	EUR250,000			278,623
Total Commercial Services & Supplies					4,783,491
Communications Equipment – 0.1%
Genesys Cloud Services Holdings II LLC, Tranche B-1 Term Loan
7.85%, 12/01/2027	United States	USD369,891			371,062
Construction & Engineering – 0.9%
ADB Companies LLC, First Lien Term Loan
12.10% (1 mo. Term SOFR + 6.50%, 1.00% Floor), 12/18/2025(a)(b)	United States		1,076,042		1,033,000
Artera Services LLC, First Lien Term Loan
9.10% (3 mo. Term SOFR + 4.50%, 0.00% Floor), 02/10/2031(a)	United States		671,625		656,406
Tiger Acquisition LLC, First Lien Tranche B Term Loan
8.20% (1 mo. Term SOFR + 3.25%, 0.50% Floor), 06/01/2028(a)	United States		712,571		710,077
Total Construction & Engineering					2,399,483
Containers & Packaging – 0.8%
Charter Next Generation, Inc., First Lien Tranche B Term Loan
8.10% (1 mo. Term SOFR + 3.25%, 0.75% Floor), 12/01/2027(a)	United States		987,219		988,556
Kouti BV, First Lien Tranche B3 Term Loan
7.51% (3 mo. EURIBOR + 4.00%, 0.00% Floor), 08/31/2028(a)	Netherlands	EUR200,000			223,264
Proampac PG Borrower LLC, First Lien Tranche B Term Loan
9.12% (3 mo. Term SOFR + 4.00%, 0.75% Floor), 09/15/2028(a)	United States	USD359,418			360,406
9.30% (3 mo. Term SOFR + 4.00%, 0.75% Floor), 09/15/2028(a)	United States		547,385		548,891
Total Containers & Packaging					2,121,117
Distributors – 0.3%
Dealer Tire Financial LLC, First Lien Tranche B4 Term Loan
8.35% (1 mo. Term SOFR + 3.50%, 0.50% Floor), 07/02/2031(a)	United States		901,327		905,081
Diversified Consumer Services – 2.0%
Adtalem Global Education, Inc., First Lien Tranche B Term Loan
7.60% (1 mo. Term SOFR + 2.75%, 0.75% Floor), 08/14/2028(a)	United States		750,000		751,526
AI Aqua Merger Sub, Inc., First Lien Tranche B Term Loan
8.70% (1 mo. Term SOFR + 3.50%, 0.50% Floor), 07/31/2028(a)	United States		890,322		890,278
Babilou, First Lien Tranche B Term Loan
7.16% (3 wk. EURIBOR + 4.00%, 0.00% Floor), 11/18/2030(a)	United States	EUR455,000			503,162
Cervantes Bidco SL, First Lien Tranche B Term Loan
5.44% (3 mo. EURIBOR + 3.75%), 06/13/2031(a)	Spain		300,000		336,068
Houghton Mifflin Harcourt Co., First Lien Tranche B Term Loan
10.20% (3 mo. Term SOFR + 5.25%, 0.50% Floor), 04/09/2029(a)	United States	USD688,992			671,953
KUEHG Corp., First Lien Tranche B Term Loan
9.10% (3 mo. Term SOFR + 4.50%, 0.50% Floor), 06/12/2030(a)	United States		647,476		650,128
Renaissance Holdings Corp., First Lien
9.10% (3 mo. Term SOFR + 4.25%, 0.50% Floor), 04/30/2030(a)	United States		842,384		843,008
University Support Services LLC, First Lien Tranche B Term Loan
7.60% (1 mo. Term SOFR + 2.75%, 0.50% Floor), 02/12/2029(a)	Canada		702,672		701,463
Verisure Holding AB, First Lien Tranche B Term Loan
6.35% (3 mo. EURIBOR + 3.00%, 0.00% Floor), 03/27/2028(a)	Sweden	EUR250,000			278,999
Total Diversified Consumer Services					5,626,585
Diversified Telecommunication Services – 0.8%
Altice France SA, First Lien Tranche B Term Loan
8.69% (3 mo. EURIBOR + 5.00%, 0.00% Floor), 10/29/2027(a)	Luxembourg		226,551		225,146
CCI Buyer, Inc., First Lien Tranche B Term Loan
8.60% (3 mo. Term SOFR + 4.00%, 0.75% Floor), 12/17/2027(a)	United States	USD736,641			736,527
Cincinnati Bell, Inc., First Lien Tranche B2 Term Loan
8.20% (1 mo. Term SOFR + 3.25%, 0.50% Floor), 11/22/2028(a)	United States		718,126		717,498
Numericable U.S. LLC, First Lien Tranche B14-EXT Term Loan
9.19% (3 mo. EURIBOR + 5.50%, 0.00% Floor), 08/31/2028(a)	France	EUR197,500			166,488
Zayo Group Holdings Inc, First Lien Tranche B Term Loan
9.10% (1 mo. Term SOFR + 4.25%, 0.50% Floor), 03/09/2027(a)	United States	USD448,879			415,018
Total Diversified Telecommunication Services					2,260,677
Electric Utilities – 0.2%
Alpha Generation LLC, First Lien Tranche B Term Loan
7.85% (1 mo. Term SOFR + 2.75%), 09/30/2031(a)	United States		500,000		500,715
Electronic Equipment, Instruments & Components – 0.7%
Lightning Power LLC, First Lien Tranche B Term Loan
8.35% (1 mo. Term SOFR + 3.25%, 0.00% Floor), 08/18/2031(a)	United States		400,000		401,278
LTI Holdings, Inc., First Lien Tranche B Term Loan
9.60% (1 mo. Term SOFR + 4.75%, 0.00% Floor), 07/30/2029(a)	United States		1,150,000		1,132,572
Sonicwall US Holdings Inc, First Lien Term Loan
9.60% (3 mo. Term SOFR + 5.00%, 0.50% Floor), 05/16/2028(a)	United States		497,500		491,435
Total Electronic Equipment, Instruments & Components					2,025,285
Entertainment – 0.8%
City Football Group Ltd., First Lien Tranche B1 Term Loan
7.97% (1 mo. Term SOFR + 3.00%, 0.00% Floor), 07/22/2030(a)	United Kingdom		1,038,417		1,035,821
StubHub Holdco Sub LLC, First Lien Tranche B Term Loan
8.38% (1 mo. EURIBOR + 5.00%, 0.00% Floor), 03/15/2030(a)	United States	EUR115,000			127,853
9.60% (1 mo. Term SOFR + 4.75%, 0.00% Floor), 03/15/2030(a)	United States	USD937,733			938,512
Total Entertainment					2,102,186
Financial Services – 0.1%
Dynamo Newco II GmbH, Term Loan
7.16%, 09/25/2031	Germany	EUR220,000			245,354
Food Products – 0.5%
Fiesta Purchaser, Inc., First Lien Tranche B Term Loan
8.86% (1 mo. Term SOFR + 4.00%, 0.00% Floor), 02/12/2031(a)	United States	USD623,438			624,606
Upfield (Flora Food/Sigma Holdco), First Lien Tranche B10 Term Loan
9.77% (1 mo. Term SOFR + 4.25%, 0.00% Floor), 01/03/2028(a)	United States		770,618		768,761
Total Food Products					1,393,367
Health Care Equipment & Supplies – 0.5%
Auris Luxembourg III Sarl, First Lien Tranche B1 Term Loan
8.27% (6 mo. EURIBOR + 4.50%, 0.00% Floor), 02/23/2026(a)	Denmark	EUR205,000			228,751
Bausch + Lomb Corp., First Lien Tranche B Term Loan
8.27% (1 mo. Term SOFR + 3.25%, 0.50% Floor), 05/10/2027(a)	United States	USD888,265			886,169
BVI Medical, Inc., First Lien Tranche B Term Loan
7.04% (6 mo. EURIBOR + 3.50%, 0.00% Floor), 02/27/2026(a)	United States	EUR250,000			262,709
Total Health Care Equipment & Supplies					1,377,629
Health Care Providers & Services – 3.0%
Baart Programs, Inc., First Lien Tranche DD Delay Draw Term Loan
10.60% (1 mo. LIBOR US + 5.00%, 1.00% Floor), 06/11/2027(a)(b)	United States	USD414,437			390,109
Baart Programs, Inc., Second Lien Tranche DD Delay Draw Term Loan
13.37% (1 mo. LIBOR US + 8.50%, 1.00% Floor), 06/11/2028(a)(b)	United States		475,131		408,708
13.76% (1 mo. LIBOR US + 8.50%, 1.00% Floor), 06/11/2028(a)(b)	United States		109,025		93,783
CHG Healthcare Services, Inc., First Lien Tranche B1 Term Loan
8.46% (1 mo. Term SOFR + 3.50%, 0.50% Floor), 09/29/2028(a)	United States		493,639		494,283
CHG Healthcare Services, Inc., First Lien Tranche B2 Term Loan
8.46% (1 mo. Term SOFR + 3.50%, 0.50% Floor), 09/29/2028(a)	United States		496,250		497,592
Covetrus, Inc., First Lien Term Loan
10.33% (3 mo. Term SOFR + 5.00%, 0.50% Floor), 10/15/2029(a)	United States		900,422		855,968
Electron Bidco, Inc., First Lien Term Loan
7.96% (1 mo. Term SOFR + 3.00%, 0.50% Floor), 11/01/2028(a)	United States		792,904		794,886
Global Medical Response, Inc., First Lien Tranche B
10.46% (includes .75% PIK) (1 mo. Term SOFR + 5.50%, 1.00% Floor), 10/02/2028(a)(c)	United States		702,719		699,810
HomeVi SASU, First Lien Tranche B-EXT Term Loan
8.64% (3 mo. EURIBOR + 5.00%, 0.00% Floor), 10/23/2029(a)	France	EUR250,000			272,664
Inception Finco Sarl, First Lien Tranche B Term Loan
9.83% (3 mo. Term SOFR + 4.50%), 03/10/2031(a)	United States	USD550,000			554,469
IVC Acquisition Ltd., First Lien Tranche B Term Loan
8.80% (6 mo. EURIBOR + 5.00%, 0.00% Floor), 12/06/2028(a)	United Kingdom	EUR250,000			279,034
Nidda Healthcare Holding GmbH, First Lien Tranche F Term Loan
6.93% (3 mo. EURIBOR + 3.50%, 0.00% Floor), 08/21/2026(a)	Germany		250,000		278,331
Schoen Klinik, First Lien
7.35% (3 mo. EURIBOR + 4.00%, 0.00% Floor), 01/15/2031(a)	United States		285,000		320,223
Southern Veterinary Partners LLC, First Lien Term Loan
8.00% (1 mo. Term SOFR + 3.75%, 1.00% Floor), 10/05/2027(a)	United States	USD991,356			994,454
Stada, First Lien Tranche B3 Term Loan
7.61% (1 mo. EURIBOR + 4.00%), 02/21/2030(a)	Germany	EUR170,000			189,647
Surgery Center Holdings, First Lien Term Loan
7.67% (1 mo. Term SOFR + 2.75%, 0.00% Floor), 12/19/2030(a)	United States	USD547,250			548,235
VetStrategy Canada Holdings, Inc., First Lien Tranche B Term Loan
9.39% (3 mo. Term SOFR + 4.75%, 0.00% Floor), 12/06/2028(a)	Canada		647,005		648,758
Total Health Care Providers & Services					8,320,954
Health Care Technology – 0.9%
athenaHealth Group, Inc., First Lien Tranche B Term Loan
8.50% (1 mo. Term SOFR + 3.25%, 0.50% Floor), 02/15/2029(a)	United States		983,955		979,449
FinThrive Software Intermediate Holdings, Inc., Second Lien Term Loan
11.71% (1 mo. Term SOFR + 6.75%, 0.50% Floor), 12/17/2029(a)(b)	United States		2,082,000		1,440,057
Total Health Care Technology					2,419,506
Hotels, Restaurants & Leisure – 2.3%
Alterra Mountain Co., First Lien Tranche B Term Loan
8.10% (1 mo. Term SOFR + 3.25%, 0.00% Floor), 08/17/2028(a)	United States		916,012		919,255
Carnival Corp., First Lien Tranche B Term Loan
8.00% (1 mo. Term SOFR + 2.75%, 0.75% Floor), 08/09/2027(a)	United States		400,755		402,382
Entain PLC, First Lien Tranche B Term Loan
8.01% (6 mo. Term SOFR + 2.75%, 0.50% Floor), 10/31/2029(a)	United Kingdom		262,021		262,402
Flynn Restaurant Group LP, First Lien Tranche B Term Loan
9.21% (1 mo. Term SOFR + 4.25%, 0.50% Floor), 12/04/2028(a)	United States		972,500		976,915
IRB Holding Corp., First Lien Tranche B Term Loan
8.10% (1 mo. Term SOFR + 2.75%, 0.75% Floor), 12/15/2027(a)	United States		494,981		494,912
Kingpin Intermediate Holdings LLC, First Lien Tranche B Term Loan
8.35% (1 mo. Term SOFR + 3.50%, 0.00% Floor), 02/08/2028(a)	United States		819,165		818,821
Ontario Gaming GTA LP, First Lien Tranche B Term Loan
8.89% (3 mo. Term SOFR + 4.25%, 0.50% Floor), 08/01/2030(a)	Canada		967,688		967,988
Tacala Investment Corp, Tranche B Term Loan
8.35%, 01/31/2031	United States		567,964		569,526
Whatabrands LLC, First Lien Tranche B Term Loan
7.60% (1 mo. Term SOFR + 2.75%, 0.50% Floor), 08/03/2028(a)	United States		776,453		776,193
Total Hotels, Restaurants & Leisure					6,188,394
Household Durables – 0.1%
Hunter Douglas, Inc., First Lien Tranche B Term Loan
8.57% (3 mo. Term SOFR + 3.50%, 0.50% Floor), 02/26/2029(a)	Netherlands		298,738		297,057
Independent Power and Renewable Electricity Producers – 0.2%
Talen Energy Supply LLC, First Lien Tranche TLC-EXIT Term Loan
8.60% (1 mo. Term SOFR + 3.50%, 0.50% Floor), 05/17/2030(a)	United States		123,095		123,626
Talen Energy Supply LLC, First Lien Tranche TLB-EXIT Term Loan
8.60% (1 mo. Term SOFR + 3.50%, 0.50% Floor), 05/17/2030(a)	United States		347,506		349,006
Total Independent Power and Renewable Electricity Producers					472,632
Insurance – 1.1%
Alliant Holdings LP, First Lien Tranche B6 Term Loan
8.10% (1 mo. Term SOFR + 3.00%), 09/19/2031(a)	United States		400,000		398,212
Amynta Agency Borrower, Inc., First Lien Tranche B Term Loan
9.00% (1 mo. Term SOFR + 3.75%, 0.00% Floor), 02/28/2028(a)	United States		698,250		699,179
Asurion LLC, Second Lien Tranche B3 Term Loan
10.21% (1 mo. Term SOFR + 5.25%, 0.00% Floor), 02/03/2028(a)	United States		350,000		329,562
Asurion LLC, First Lien Tranche B10 Term Loan
8.95% (1 mo. Term SOFR + 4.00%, 0.00% Floor), 08/21/2028(a)	United States		637,525		628,077
HUB International Ltd., First Lien Tranche B Term Loan
8.26% (3 mo. Term SOFR + 3.00%, 0.75% Floor), 06/20/2030(a)	United States		598,500		598,302
Truist Insurance Holdings LLC, Second Lien Term Loan
9.35% (3 mo. Term SOFR + 4.75%, 0.00% Floor), 05/06/2032(a)	United States		400,000		407,500
Total Insurance					3,060,832
Interactive Media & Services – 0.5%
GoodRx, Inc., First Lien Tranche B Term Loan
8.60% (1 mo. Term SOFR + 3.75%, 0.00% Floor), 07/10/2029(a)	United States		750,000		751,564
Neptune Bidco US, Inc., First Lien Tranche B Term Loan
10.40% (3 mo. Term SOFR + 5.00%, 0.50% Floor), 04/11/2029(a)	United States		788,005		741,851
Total Interactive Media & Services					1,493,415
Leisure Products – 0.2%
Peloton Interactive, Inc., First Lien Term Loan
10.85% (1 mo. Term SOFR + 6.00%, 0.00% Floor), 05/30/2029(a)	United States		598,500		601,941
Life Sciences Tools & Services – 1.0%
Catalent Pharma Solutions, First Lien Tranche B4 Term Loan
7.92% (1 mo. Term SOFR + 3.00%, 0.50% Floor), 02/22/2028(a)	United States		298,500		299,060
eResearchTechnology, Inc., First Lien Tranche B Term Loan
8.85% (1 mo. Term SOFR + 4.00%, 1.00% Floor), 02/04/2027(a)	United States		886,891		891,725
Sotera Health Holdings LLC, First Lien Tranche B Term Loan
8.10% (1 mo. Term SOFR + 3.25%, 0.00% Floor), 05/30/2031(a)	United States		682,688		681,408
Star Parent, Inc., First Lien Tranche B Term Loan
9.08% (3 mo. Term SOFR + 3.75%, 0.00% Floor), 09/30/2030(a)	United States		786,524		766,420
Total Life Sciences Tools & Services					2,638,613
Machinery – 0.5%
Delachaux Group SA, First Lien Tranche B Term Loan
7.39% (3 mo. EURIBOR + 3.75%, 0.00% Floor), 04/16/2029(a)	France	EUR220,509			246,500
SPX FLOW, Inc., First Lien Tranche B Term Loan
8.35% (1 mo. Term SOFR + 3.50%, 0.50% Floor), 04/05/2029(a)	United States	USD400,212			401,172
TK Elevator Midco GmbH, First Lien Tranche B Term Loan
7.59% (3 mo. EURIBOR + 4.00%, 0.00% Floor), 04/30/2030(a)	Germany	EUR225,000			251,756
TSG Solutions, First Lien Tranche B Term Loan
7.39% (3 mo. EURIBOR + 3.75%, 0.00% Floor), 03/30/2029(a)	United States		300,000		335,407
Total Machinery					1,234,835
Media – 1.3%
Aragorn Parent Corp., First Lien Tranche B Term Loan
9.17% (1 mo. Term SOFR + 4.25%, 0.00% Floor), 12/15/2028(a)	United States	USD645,235			648,461
Century DE Buyer LLC, First Lien Term Loan
9.26% (3 mo. Term SOFR + 4.00%, 0.00% Floor), 10/30/2030(a)	United States		348,250		348,104
Directv Financing LLC, First Lien Tranche NON-EXT Term Loan
9.96% (1 mo. Term SOFR + 5.00%, 0.75% Floor), 08/02/2027(a)	United States		931,400		933,110
McGraw-Hill Education, Inc., First Lien Tranche B Term Loan
8.70% (1 mo. Term SOFR + 4.00%, 0.50% Floor), 08/06/2031(a)	United States		338,000		339,690
Univision Communications, Inc., First Lien Tranche B Term Loan
8.85% (3 mo. Term SOFR + 4.25%, 0.50% Floor), 06/25/2029(a)	United States		491,206		485,375
Virgin Media Bristol LLC, First Lien Tranche Y Term Loan
8.66% (6 mo. Term SOFR + 3.25%, 0.00% Floor), 03/31/2031(a)	United States		185,000		176,932
Virgin Media, Inc., First Lien Tranche Z Term Loan
6.86% (1 mo. EURIBOR + 3.43%, 0.00% Floor), 10/15/2031(a)	United Kingdom	EUR115,000			127,637
WideOpenWest Finance, First Lien Tranche B Term Loan
7.60% (3 mo. Term SOFR + 3.00%, 0.50% Floor), 12/20/2028(a)	United States	USD741,110			628,966
Total Media					3,688,275
Metals & Mining – 0.1%
Arsenal AIC Parent LLC, First Lien Tranche B Term Loan
8.10% (1 mo. Term SOFR + 3.25%, 0.00% Floor), 08/19/2030(a)	United States		297,009		297,158
Oil, Gas & Consumable Fuels – 0.2%
Freeport LNG Investments LLP, First Lien Tranche B Term Loan
9.04% (3 mo. Term SOFR + 3.50%, 0.50% Floor), 12/21/2028(a)	United States		669,118		664,016
Pharmaceuticals – 0.5%
AI Sirona Luxembourg Acquisition Sarl, First Lien Tranche B Term Loan
7.38% (1 mo. EURIBOR + 4.00%, 0.00% Floor), 09/29/2028(a)	Czech Republic	EUR250,000			280,201
Curium Bidco Sarl, First Lien Tranche B Term Loan
8.51% (1 mo. Term SOFR + 3.50%), 07/31/2029(a)	Luxembourg	USD300,000			301,374
8.60% (3 mo. Term SOFR + 4.00%, 0.00% Floor), 07/31/2029(a)	Luxembourg		320,950		322,420
Pharmanovia, First Lien Tranche B Term Loan
7.76% (1 mo. EURIBOR + 4.25%, 0.00% Floor), 02/28/2030(a)	United States	EUR300,000			331,680
Total Pharmaceuticals					1,235,675
Professional Services – 2.1%
Advantage Sales & Marketing, Inc., First Lien Tranche B2 Term Loan
9.83% (3 mo. Term SOFR + 4.25%, 0.75% Floor), 10/28/2027(a)	United States	USD693,928			675,389
Blackhawk Network Holdings, Inc., First Lien Tranche B1 Term Loan
9.85% (1 mo. Term SOFR + 5.00%, 1.00% Floor), 03/12/2029(a)	United States		748,125		752,333
DTI Holdco, Inc., First Lien Tranche B Term Loan
10.00% (1 mo. Term SOFR + 4.75%, 0.75% Floor), 04/26/2029(a)	United States		640,283		643,600
Eisner Advisory Group LLC, First Lien Tranche B Term Loan
8.85% (1 mo. Term SOFR + 4.00%, 0.50% Floor), 02/28/2031(a)	United States		322,567		324,067
Element Materials Technology Group US Holdings, Inc., First Lien Tranche B Term Loan
8.35% (3 mo. Term SOFR + 3.75%, 0.50% Floor), 06/25/2029(a)	United States		277,426		278,468
Grant Thornton LLP, First Lien Tranche B Term Loan
8.10% (3 mo. Term SOFR + 3.25%, 0.00% Floor), 05/30/2031(a)	United States		600,000		601,545
Indy US Bidco LLC, First Lien Tranche B3 Term Loan
7.13% (1 mo. EURIBOR + 3.75%, 0.00% Floor), 03/06/2028(a)	United States	EUR298,462			328,932
Indy US Holdco LLC, First Lien Tranche B Term Loan
8.34% (3 mo. EURIBOR + 4.75%, 0.00% Floor), 03/06/2028(a)	United States		150,000		167,286
Planet US Buyer LLC, First Lien Tranche B Term Loan
8.60% (3 mo. Term SOFR + 3.50%, 0.00% Floor), 02/10/2031(a)	United States	USD623,438			625,308
Project Alpha Intermediate Holding, Inc., First Lien Tranche B Term Loan
9.00% (3 mo. Term SOFR + 3.75%, 0.50% Floor), 10/28/2030(a)	United States		348,250		349,417
Skopima Consilio Parent LLC, First Lien Term Loan
9.36% (1 mo. Term SOFR + 4.00%, 0.50% Floor), 05/17/2028(a)	United States		910,533		910,250
Total Professional Services					5,656,595
Software – 4.9%
Barracuda Networks, Inc., First Lien Term Loan
9.81% (6 mo. Term SOFR + 4.50%, 0.50% Floor), 08/15/2029(a)	United States		381,917		372,237
Boxer Parent Co., Inc., First Lien Tranche B Term Loan
9.01% (3 mo. Term SOFR + 3.75%, 0.00% Floor), 07/30/2031(a)	United States		191,000		190,848
Boxer Parent Co., Inc., Second Lien Term Loan
11.01% (1 mo. Term SOFR + 5.75%, 0.00% Floor), 07/30/2032(a)	United States		250,000		246,459
Capstone Borrower, Inc., First Lien Tranche B Term Loan
7.85% (3 mo. Term SOFR + 3.25%, 0.00% Floor), 06/17/2030(a)	United States		378,484		379,194
Castle US Holding Corp., First Lien Tranche B Term Loan
7.26% (3 mo. EURIBOR + 3.75%, 0.00% Floor), 01/29/2027(a)	United States	EUR242,386			174,478
Claudius Finance Sarl, First Lien Tranche B2 Term Loan
7.21% (3 mo. EURIBOR + 3.50%, 0.00% Floor), 07/03/2028(a)	Luxembourg		190,000		212,330
Cloud Software Group Inc, First Lien Tranche B Term Loan
8.60% (3 mo. Term SOFR + 4.00%, 0.50% Floor), 03/29/2029(a)	United States	USD853,802			851,309
9.10% (3 mo. Term SOFR + 4.50%, 0.50% Floor), 03/24/2031(a)	United States		350,000		351,360
ConnectWise LLC, First Lien Tranche B Term Loan
9.06% (3 mo. Term SOFR + 3.50%), 09/29/2028(a)	United States		54,000		54,027
Epicor Software Corp., First Lien Term Loan
8.10% (1 mo. Term SOFR + 3.25%, 0.75% Floor), 05/30/2031(a)	United States		498,750		499,710
I-Logic Technologies Bidco Ltd., First Lien Tranche B Term Loan
7.72% (3 mo. EURIBOR + 4.00%, 0.00% Floor), 02/16/2028(a)	United Kingdom	EUR410,873			454,764
Instructure Holdings, Inc., Term Loan
8.84%, 09/12/2031	United States	USD610,000			605,995
Instructure Holdings, Inc., Second Lien Term Loan
10.84%, 09/12/2032	United States		150,000		150,985
Instructure Holdings, Inc., First Lien Tranche B Term Loan
8.07% (3 mo. Term SOFR + 2.75%, 0.50% Floor), 10/30/2028(a)	United States		282,824		283,355
ION Corporate Solutions Finance Sarl, First Lien Tranche B Term Loan
7.10% (3 mo. EURIBOR + 3.75%, 0.00% Floor), 03/13/2028(a)	Luxembourg	EUR215,174			237,439
ION Trading Technologies Sarl, First Lien Tranche B Term Loan
7.97% (3 mo. EURIBOR + 4.25%, 0.00% Floor), 04/03/2028(a)	Ireland		247,442		265,127
Leia Finco US LLC, First Lien Term Loan
8.82% (1 mo. Term SOFR + 3.25%), 07/02/2031(a)	United States	USD476,000			469,255
Leia Finco US LLC, Second Lien Term Loan
10.58% (1 mo. Term SOFR + 5.25%), 07/02/2032(a)	United States		305,000		298,520
McAfee, First Lien Tranche B1 Term Loan
8.45% (1 mo. Term SOFR + 3.25%, 0.50% Floor), 03/01/2029(a)	United States		894,972		892,944
McAfee, First Lien Tranche B2 Term Loan
7.14% (3 mo. EURIBOR + 3.50%, 0.00% Floor), 03/01/2029(a)	United States	EUR245,011			272,081
Mermaid Bidco, Inc., First Lien Tranche B Term Loan
7.39% (3 mo. EURIBOR + 3.75%, 0.00% Floor), 07/02/2031(a)	United States		450,000		501,670
Mitchell International, Inc., First Lien Tranche B Term Loan
8.10% (1 mo. Term SOFR + 3.25%, 0.50% Floor), 06/17/2031(a)	United States	USD648,450			639,725
Mitchell International, Inc., Second Lien Term Loan
10.10% (1 mo. Term SOFR + 5.25%, 0.00% Floor), 06/17/2032(a)	United States		310,000		305,221
Modena Buyer LLC, First Lien Tranche B Term Loan
9.10% (3 mo. Term SOFR + 4.50%, 0.00% Floor), 07/01/2031(a)	United States		500,000		479,845
P&I Personal & Informatik, First Lien Tranche B2 Term Loan
7.92% (3 mo. EURIBOR + 4.25%, 0.00% Floor), 03/27/2029(a)	Germany	EUR500,000			560,750
Polaris Newco LLC, First Lien Tranche B Term Loan
7.35% (3 mo. EURIBOR + 4.00%, 0.00% Floor), 06/05/2028(a)	United States		242,500		257,305
Project Boost Purchaser LLC, First Lien Tranche B Term Loan
8.79% (1 mo. Term SOFR + 3.50%, 0.00% Floor), 07/16/2031(a)	United States	USD750,000			750,532
Proofpoint, Inc., First Lien Tranche B Term Loan
7.85% (1 mo. Term SOFR + 3.00%, 0.50% Floor), 08/31/2028(a)	United States		655,483		655,913
Quartz Acquireco LLC, First Lien Tranche B Term Loan
7.35% (3 mo. Term SOFR + 2.75%, 0.00% Floor), 06/28/2030(a)	United States		297,000		297,558
RealPage, Inc., First Lien Tranche B Term Loan
7.96% (1 mo. Term SOFR + 3.00%, 0.50% Floor), 04/24/2028(a)	United States		773,015		751,371
Seine Finance SARL, First Lien Tranche B Term Loan
7.46% (6 mo. EURIBOR + 3.75%, 0.00% Floor), 01/13/2031(a)	France	EUR135,000			151,027
Suse, First Lien Tranche B6 Term Loan
7.63% (3 mo. EURIBOR + 4.00%, 0.00% Floor), 11/11/2030(a)	Germany		300,000		336,173
Team.Blue Finco
7.42%, 09/28/2029	Netherlands		300,000		331,929
UKG, Inc., First Lien Tranche B Term Loan
8.55% (3 mo. Term SOFR + 3.25%, 0.00% Floor), 02/10/2031(a)	United States	USD249,375			249,687
Total Software					13,531,123
Specialty Retail – 1.1%
Caliber Collision (Wand NewCo 3 Inc), First Lien Tranche B Term Loan
7.85% (1 mo. Term SOFR + 3.25%, 0.00% Floor), 01/30/2031(a)	United States		91,743		91,743
8.10% (1 mo. Term SOFR + 3.25%, 0.00% Floor), 01/30/2031(a)	United States		157,632		157,632
CD&R Firefly Bidco, First Lien Tranche B5 Term Loan
10.70% (SONIA + 5.50%), 06/21/2028(a)	United States	GBP250,000			334,759
EG America LLC, First Lien Tranche BC Term Loan
11.09% (1 mo. Term SOFR + 5.50%, 0.00% Floor), 02/07/2028(a)	United Kingdom	USD945,226			946,015
Global Blue Acquisition BV, First Lien Tranche B Term Loan
7.76% (3 mo. EURIBOR + 4.00%, 0.00% Floor), 12/05/2030(a)	Netherlands	EUR160,000			179,106
LS Group OpCo Acquistion LLC, First Lien Tranche B Term Loan
7.85% (1 mo. Term SOFR + 3.00%, 0.00% Floor), 04/23/2031(a)	United States	USD748,125			749,296
PetSmart LLC, First Lien Tranche B Term Loan
9.10% (1 mo. Term SOFR + 3.75%), 02/14/2028(a)	United States		573,522		569,476
Total Specialty Retail					3,028,027
Textiles, Apparel & Luxury Goods – 0.1%
Amer Sports, First Lien Tranche B Term Loan
7.04% (3 mo. EURIBOR + 3.50%, 0.00% Floor), 02/17/2031(a)	Sweden	EUR180,000			201,045
Transportation Infrastructure – 0.5%
Apple Bidco LLC, First Lien Tranche B Term Loan
8.35% (1 mo. Term SOFR + 3.50%, 0.50% Floor), 09/25/2028(a)	United States	USD990,000			993,371
Boluda Towage, First Lien Tranche B3 Term Loan
7.26% (1 mo. EURIBOR + 3.75%, 0.00% Floor), 01/31/2030(a)	Spain	EUR300,000			335,901
Total Transportation Infrastructure					1,329,272
Total Senior Loans (Syndicated)					93,179,785
High Yield – 24.1%
Aerospace & Defense – 0.3%
Bombardier, Inc.
7.00%, 06/01/2032(d)	Canada	USD120,000			125,662
8.75%, 11/15/2030(d)	Canada		560,000		615,622
Total Aerospace & Defense					741,284
Automobile Components – 0.2%
Dana Financing Luxembourg Sarl
8.50%, 07/15/2031	United States	EUR155,000			184,097
IHO Verwaltungs GmbH
8.75% (includes 9.50% PIK), 05/15/2028(c)(e)	Germany		300,000		351,316
Total Automobile Components					535,413
Automobiles – 0.6%
Aston Martin Capital Holdings Ltd.
10.00%, 03/31/2029(d)	Jersey	USD985,000			967,465
JB Poindexter & Company, Inc.
8.75%, 12/15/2031(d)	United States		575,000		608,646
Total Automobiles					1,576,111
Beverages – 0.1%
Primo Water Holdings, Inc.
3.88%, 10/31/2028	Canada	EUR200,000			219,335
Broadline Retail – 0.1%
QVC Inc
6.88%, 04/15/2029(d)	United States	USD225,000			187,160
Chemicals – 0.8%
INEOS Finance PLC
6.38%, 04/15/2029(e)	Luxembourg	EUR100,000			115,171
6.63%, 05/15/2028(e)	Luxembourg		175,000		202,102
Nufarm Australia Ltd.
5.00%, 01/27/2030(d)	Australia	USD445,000			413,306
Olympus Water US Holding Corp.
4.25%, 10/01/2028(d)	United States		280,000		267,626
7.25%, 06/15/2031(d)	United States		275,000		286,423
9.63%, 11/15/2028	United States	EUR280,000			335,208
9.75%, 11/15/2028(d)	United States	USD380,000			406,033
Windsor Holdings III LLC
8.50%, 06/15/2030(d)	United States		285,000		305,214
Total Chemicals					2,331,083
Commercial Services & Supplies – 1.6%
Allied Universal Holdco LLC
3.63%, 06/01/2028	United States	EUR305,000			320,626
4.63%, 06/01/2028(d)	United States	USD690,000			648,083
7.88%, 02/15/2031(d)	United States		625,000		638,967
Amber Finco PLC
6.63%, 07/15/2029(e)	United Kingdom	EUR300,000			350,142
Iron Mountain, Inc.
5.00%, 07/15/2028(d)	United States	USD435,000			429,655
LABL, Inc.
5.88%, 11/01/2028, (Acquired 11/01/2021 - 11/30/2021, cost $345,141)(d)(f)	United States		345,000		323,755
Prime Security Services Borrower LLC
6.25%, 01/15/2028(d)	United States		901,000		901,923
TMS International Corp.
6.25%, 04/15/2029(d)	United States		330,000		314,576
WASH Multifamily Acquisition, Inc.
5.75%, 04/15/2026(d)	United States		430,000		428,055
Total Commercial Services & Supplies					4,355,782
Communications Equipment – 0.3%
CommScope Technologies LLC
6.00%, 06/15/2025(d)	United States		260,000		251,875
CommScope, Inc.
4.75%, 09/01/2029(d)	United States		460,000		386,975
6.00%, 03/01/2026(d)	United States		95,000		92,506
Total Communications Equipment					731,356
Construction & Engineering – 0.5%
Assemblin Caverion
6.25%, 07/01/2030(e)	Sweden	EUR190,000			217,337
Great Lakes Dredge & Dock Corp.
5.25%, 06/01/2029(d)	United States	USD340,000			316,373
Nova Alexandre III SAS
8.91% (3 mo. EURIBOR + 5.25%), 07/15/2029(a)	France	EUR300,000			327,893
Pike Corp.
5.50%, 09/01/2028(d)	United States	USD440,000			431,327
8.63%, 01/31/2031(d)	United States		220,000		235,503
Total Construction & Engineering					1,528,433
Consumer Finance – 0.2%
FirstCash, Inc.
5.63%, 01/01/2030(d)	United States		702,000		696,169
Containers & Packaging – 0.9%
Ardagh Packaging Finance PLC
2.13%, 08/15/2026	United States	EUR300,000			289,556
4.13%, 08/15/2026(d)	United States	USD525,000			473,760
5.25%, 08/15/2027(d)	United States		260,000		177,775
Fiber Bidco SpA
7.35% (3 mo. EURIBOR + 4.00%, 0.00% Floor), 01/15/2030(a)(d)	Italy	EUR125,000			140,232
Graham Packaging Company, Inc.
7.13%, 08/15/2028(d)	United States	USD285,000			282,479
Guala Closures SpA
7.48% (3 mo. EURIBOR + 4.00%, 0.00% Floor), 06/29/2029(a)(d)	Italy	EUR250,000			279,081
Intelligent Packaging Limited Finco, Inc.
6.00%, 09/15/2028(d)	Canada	USD435,000			432,399
Trivium Packaging Finance BV
3.75%, 08/15/2026	Netherlands	EUR300,000			333,278
Total Containers & Packaging					2,408,560
Diversified Consumer Services – 0.1%
Verisure Midholding AB
5.25%, 02/15/2029	Sweden		310,000		343,127
Diversified Real Estate Investment Trusts – 0.1%
Necessity Retail REIT, Inc.
4.50%, 09/30/2028(d)	United States	USD395,000			371,035
Diversified Telecommunication Services – 1.4%
Altice Financing SA
3.00%, 01/15/2028	Luxembourg	EUR300,000			274,462
Altice France SA
4.13%, 01/15/2029	France		350,000		273,971
British Telecommunications PLC
8.38% (UK 5 Year Government Bond + 3.82%), 12/20/2083(a)	United Kingdom	GBP225,000			324,944
Cogent Communications Group, Inc.
7.00%, 06/15/2027(d)	United States	USD340,000			346,271
Consolidated Communications, Inc.
6.50%, 10/01/2028(d)	United States		380,000		359,749
Frontier Communications Holdings LLC
5.00%, 05/01/2028(d)	United States		45,000		44,628
6.75%, 05/01/2029(d)	United States		155,000		156,204
Iliad Holding SASU
5.63%, 10/15/2028	France	EUR300,000			340,416
Kaixo Bondco Telecom SA
5.13%, 09/30/2029	Spain		275,000		306,776
Level 3 Financing, Inc.
4.25%, 07/01/2028(d)	United States	USD330,000			264,000
Telefonica Europe BV
6.75% (8 yr. Swap Rate EUR + 3.62%), Perpetual(a)	Spain	EUR200,000			245,866
TMNL Holding BV
3.75%, 01/15/2029	Netherlands		295,000		322,838
Zayo Group Holdings, Inc.
4.00%, 03/01/2027(d)	United States	USD715,000			640,185
Total Diversified Telecommunication Services					3,900,310
Electric Utilities – 0.1%
Electricite de France SA
5.63% (5 yr. Swap Rate EUR + 3.28%), Perpetual(a)(e)(g)	France	EUR200,000			226,062
Electronic Equipment, Instruments & Components – 0.1%
Lightning Power LLC
7.25%, 08/15/2032(d)	United States	USD300,000			315,719
Energy Equipment & Services – 0.8%
Borr IHC Ltd.
10.00%, 11/15/2028(d)	Mexico		924,878		961,668
Howard Midstream Energy Partners LLC
8.88%, 07/15/2028(d)	United States		180,000		191,057
Kodiak Gas Services LLC
7.25%, 02/15/2029(d)	United States		330,000		341,775
Nabors Industries, Inc.
8.88%, 08/15/2031(d)	United States		685,000		652,233
Precision Drilling Corp.
7.13%, 01/15/2026(d)	Canada		153,000		153,424
Total Energy Equipment & Services					2,300,157
Entertainment – 0.1%
Banijay (LOV Banijay SASU)
7.00%, 05/01/2029(e)	France	EUR170,000			199,405
Financial Services – 0.9%
Dynamo Newco II GmbH
6.25%, 10/15/2031(e)(g)	Germany		160,000		179,440
Freedom Mortgage Corp.
12.25%, 10/01/2030(d)	United States	USD530,000			594,056
GTCR LLC
8.50%, 01/15/2031	Netherlands	GBP250,000			362,519
NCR Atleos Escrow Corp.
9.50%, 04/01/2029(d)	United States	USD710,000			782,185
Worldpay
7.50%, 01/15/2031(d)	United States		530,000		569,155
Total Financial Services					2,487,355
Food Products – 0.2%
B&G Foods, Inc.
8.00%, 09/15/2028(d)	United States		430,000		450,339
Fiesta Purchaser, Inc.
7.88%, 03/01/2031(d)	United States		185,000		196,448
Total Food Products					646,787
Gas Utilities – 0.5%
CQP Holdco LP
5.50%, 06/15/2031(d)	United States		165,000		161,939
7.50%, 12/15/2033(d)	United States		515,000		559,180
Suburban Propane Partners LP
5.00%, 06/01/2031(d)	United States		590,000		550,563
Total Gas Utilities					1,271,682
Health Care Providers & Services – 0.4%
Community Health Systems, Inc.
5.63%, 03/15/2027(d)	United States		205,000		201,887
10.88%, 01/15/2032(d)	United States		260,000		286,841
Nidda Healthcare Holding GmbH
7.50%, 08/21/2026	Germany	EUR100,000			115,287
Pediatrix Medical Group, Inc.
5.38%, 02/15/2030(d)	United States	USD295,000			285,959
RAY Financing LLC
6.50%, 07/15/2031(e)	United States	EUR310,000			355,041
Total Health Care Providers & Services					1,245,015
Health Care Technology – 0.0%
MPH Acquisition Holdings LLC
5.50%, 09/01/2028(d)	United States	USD160,000			115,519
Hotel & Resort REITs – 0.3%
Service Properties Trust
8.63%, 11/15/2031(d)	United States		785,000		854,315
Hotels, Restaurants & Leisure – 2.2%
Accor SA
7.25% (5 yr. Swap Rate EUR + 4.11%), Perpetual(a)(e)	France	EUR300,000			370,116
Bloomin' Brands, Inc.
5.13%, 04/15/2029(d)	United States	USD1,015,000			951,314
Brinker International, Inc.
8.25%, 07/15/2030(d)	United States		392,000		421,534
Carnival Corp.
6.00%, 05/01/2029(d)	United States		490,000		496,774
Cirsa Finance International Sarl
6.50%, 03/15/2029(d)	Spain	EUR205,000			239,276
7.88%, 07/31/2028(e)	Spain		300,000		355,120
8.14% (3 mo. EURIBOR + 4.50%), 07/31/2028(a)(d)	Spain		115,000		129,615
CPUK Finance Ltd.
6.50%, 08/28/2026	United Kingdom	GBP210,000			279,841
Fertitta Entertainment LLC
6.75%, 01/15/2030(d)	United States	USD160,000			149,170
Hilton Grand Vacations Borrower Escrow LLC
5.00%, 06/01/2029(d)	United States		675,000		641,783
Lottomatica SpA
5.38%, 06/01/2030(e)	Italy	EUR165,000			190,388
7.13%, 06/01/2028(e)	Italy		115,000		135,036
Marriott Ownership Resorts, Inc.
4.50%, 06/15/2029(d)	United States	USD1,040,000			979,058
Six Flags Entertainment Corp
7.25%, 05/15/2031(d)	United States		425,000		440,489
TUI Cruises GmbH
6.25%, 04/15/2029(e)	Germany	EUR285,000			334,492
Total Hotels, Restaurants & Leisure					6,114,006
Household Durables – 0.4%
Empire Communities Corp.
9.75%, 05/01/2029(d)	Canada	USD805,000			860,501
Weekley Homes LLC
4.88%, 09/15/2028(d)	United States		185,000		180,296
Total Household Durables					1,040,797
Independent Power and Renewable Electricity Producers – 0.3%
Talen Energy Supply LLC
8.63%, 06/01/2030(d)	United States		445,000		485,342
Vistra Operations Company, LLC
7.75%, 10/15/2031(d)	United States		315,000		339,371
Total Independent Power and Renewable Electricity Producers					824,713
Insurance – 0.4%
Alliant Holdings LP
7.38%, 10/01/2032(d)	United States		145,000		147,190
Ardonagh Finco Ltd
6.88%, 02/15/2031	United Kingdom	EUR310,000			351,224
HUB International Ltd.
5.63%, 12/01/2029(d)	United States	USD120,000			117,798
7.38%, 01/31/2032(d)	United States		380,000		392,623
Total Insurance					1,008,835
IT Services – 0.1%
Engineering - Ingegneria Informatica - SpA
5.88%, 09/30/2026	Italy	EUR200,000			219,124
Life Sciences Tools & Services – 0.5%
Eurofins Scientific SE
6.75% (3 mo. EURIBOR + 4.24%), Perpetual(a)	Luxembourg		300,000		354,437
Sotera Health Holdings LLC
7.38%, 06/01/2031(d)	United States	USD965,000			1,003,368
Total Life Sciences Tools & Services					1,357,805
Machinery – 0.4%
Alstom SA
5.87% (5 yr. Swap Rate EUR + 2.93%), Perpetual(a)(e)	France	EUR300,000			345,176
EMRLD Borrower LP
6.38%, 12/15/2030(e)	United States		230,000		269,331
IMA Industria Macchine Automatiche SpA
7.44% (3 mo. EURIBOR + 3.75%, 0.00% Floor), 04/15/2029(a)	Italy		525,000		591,812
Total Machinery					1,206,319
Media – 2.3%
AMC Networks, Inc.
4.25%, 02/15/2029	United States	USD435,000			315,009
10.25%, 01/15/2029(d)	United States		360,000		370,271
Block Communications, Inc.
4.88%, 03/01/2028(d)	United States		310,000		292,839
Cablevision Lightpath LLC
3.88%, 09/15/2027(d)	United States		710,000		678,552
5.63%, 09/15/2028(d)	United States		415,000		390,126
CCO Holdings LLC
4.50%, 06/01/2033(d)	United States		494,000		419,914
4.75%, 03/01/2030(d)	United States		190,000		174,911
6.38%, 09/01/2029(d)	United States		140,000		140,264
7.38%, 03/01/2031(d)	United States		235,000		240,757
Clear Channel Outdoor Holdings, Inc.
7.88%, 04/01/2030(d)	United States		685,000		716,877
Directv Financing LLC
5.88%, 08/15/2027(d)	United States		520,000		510,919
Scripps Escrow II, Inc.
5.38%, 01/15/2031(d)	United States		130,000		75,024
Sirius XM Radio, Inc.
3.88%, 09/01/2031(d)	United States		915,000		797,953
4.13%, 07/01/2030(d)	United States		160,000		145,212
5.50%, 07/01/2029(d)	United States		214,000		209,230
Telenet Finance Luxembourg Notes Sarl
5.50%, 03/01/2028(d)	Belgium		400,000		392,547
Virgin Media Secured Finance PLC
5.25%, 05/15/2029	United Kingdom	GBP100,000			126,175
Virgin Media Vendor Financing Notes III DAC
4.88%, 07/15/2028	United Kingdom		200,000		247,684
Total Media					6,244,264
Metals & Mining – 0.3%
Mineral Resources Ltd.
8.50%, 05/01/2030(d)	Australia	USD300,000			312,860
9.25%, 10/01/2028(d)	Australia		380,000		405,095
Total Metals & Mining					717,955
Oil, Gas & Consumable Fuels – 0.9%
Kosmos Energy Ltd.
7.50%, 03/01/2028	Ghana		520,000		503,686
Venture Global LNG, Inc.
8.13%, 06/01/2028(d)	United States		255,000		266,013
8.38%, 06/01/2031(d)	United States		530,000		560,001
9.50%, 02/01/2029(d)	United States		335,000		377,588
Vital Energy, Inc.
7.88%, 04/15/2032(d)	United States		680,000		659,226
Total Oil, Gas & Consumable Fuels					2,366,514
Paper & Forest Products – 0.3%
Mercer International, Inc.
5.13%, 02/01/2029	Germany		550,000		469,801
5.50%, 01/15/2026	Germany		385,000		378,259
WEPA Hygieneprodukte GmbH
2.88%, 12/15/2027	Germany	EUR125,000			134,263
Total Paper & Forest Products					982,323
Personal Care Products – 0.3%
BellRing Brands, Inc.
7.00%, 03/15/2030(d)	United States	USD365,000			382,361
Ontex Group NV
3.50%, 07/15/2026	Belgium	EUR295,000			326,140
Total Personal Care Products					708,501
Pharmaceuticals – 0.9%
Bausch Health Companies, Inc.
4.88%, 06/01/2028(d)	United States	USD240,000			188,039
Cheplapharm Arzneimittel GmbH
7.50%, 05/15/2030	Germany	EUR300,000			352,724
8.29% (3 mo. EURIBOR + 4.75%, 0.00% Floor), 05/15/2030(a)(d)	Germany		210,000		236,650
Endo Finance Holdings, Inc.
8.50%, 04/15/2031(d)	United States	USD940,000			1,008,416
Rossini Sarl
6.75%, 12/31/2029	Luxembourg	EUR280,000			328,279
7.22% (3 mo. EURIBOR + 3.88%, 0.00% Floor), 12/31/2029(a)(d)	Luxembourg		260,000		292,390
Total Pharmaceuticals					2,406,498
Professional Services – 0.2%
Mooney Group SpA
7.35% (3 mo. EURIBOR + 3.88%, 3.88% Floor), 12/17/2026(a)	Italy		250,000		277,961
Summer BC Holdco B SARL
5.75%, 10/31/2026	Luxembourg		200,000		222,881
Total Professional Services					500,842
Real Estate Management & Development – 0.6%
Hunt Companies, Inc.
5.25%, 04/15/2029(d)	United States	USD765,000			740,814
Kennedy-Wilson, Inc.
4.75%, 02/01/2030	United States		1,130,000		1,025,738
Total Real Estate Management & Development					1,766,552
Software – 1.7%
Acuris Finance US, Inc.
5.00%, 05/01/2028(d)	United States		310,000		284,193
Castor SpA
8.73% (3 mo. EURIBOR + 5.25%, 5.25% Floor), 02/15/2029(a)(e)	Italy	EUR300,000			325,973
Cedacri Mergeco SPA
9.04% (3 mo. EURIBOR + 5.50%, 0.00% Floor), 05/15/2028(a)(d)	Italy		200,000		223,577
Cloud Software Group Holdings, Inc.
6.50%, 03/31/2029(d)	United States	USD1,350,000			1,344,346
Helios Software Holdings, Inc.
7.88%, 05/01/2029	United States	EUR295,000			334,549
8.75%, 05/01/2029(d)	United States	USD620,000			634,301
ION Trading Technologies Sarl
5.75%, 05/15/2028(d)	Luxembourg		535,000		500,453
NCR Corp.
5.13%, 04/15/2029(d)	United States		175,000		171,399
Rocket Software, Inc.
9.00%, 11/28/2028(d)	United States		820,000		856,424
Sabre GLBL, Inc.
7.38%, 09/01/2025(d)	United States		150,000		149,036
Total Software					4,824,251
Specialty Retail – 0.4%
CD&R Firefly Bidco PLC
8.63%, 04/30/2029	United Kingdom	GBP220,000			305,242
Kepler SpA
9.23% (3 mo. EURIBOR + 5.75%, 0.00% Floor), 05/15/2029(a)	Italy	EUR250,000			279,991
LCM Investments Holdings II LLC
8.25%, 08/01/2031(d)	United States	USD395,000			419,739
Total Specialty Retail					1,004,972
Textiles, Apparel & Luxury Goods – 0.4%
Afflelou SAS
6.00%, 07/25/2029(e)	France	EUR250,000			286,537
Hanesbrands, Inc.
9.00%, 02/15/2031(d)	United States	USD660,000			713,027
Total Textiles, Apparel & Luxury Goods					999,564
Trading Companies & Distributors – 0.7%
ASP Unifrax Holdings, LLC
0.00%, 09/30/2029	United States		406,335		450,038
EquipmentShare.com Inc
8.00%, 03/15/2033(d)	United States		30,000		30,735
Equipmentshare.Com Inc.
9.00%, 05/15/2028(d)	United States		995,000		1,040,295
Fortress Transportation and Infrastructure Investors LLC
7.88%, 12/01/2030(d)	United States		344,000		370,935
Total Trading Companies & Distributors					1,892,003
Transportation Infrastructure – 0.1%
Heathrow Finance PLC
6.63%, 03/01/2031(e)	United Kingdom	GBP175,000			234,541
Wireless Telecommunication Services – 0.1%
Vodafone Group PLC
4.13% (5 yr. CMT Rate + 2.77%), 06/04/2081(a)	United Kingdom	USD285,000			258,677
Total High Yield					66,266,230
Emerging Markets – 0.9%
Chemicals – 0.3%
Braskem Idesa SAPI
6.99%, 02/20/2032	Mexico		1,000,000		788,880
Hotels, Restaurants & Leisure – 0.0%
Grupo Posadas SAB de CV
7.00%, 12/30/2027(c)(h)	Mexico		20,000		18,398
Metals & Mining – 0.3%
Vedanta Resources Finance II PLC
13.88%, 01/21/2027	India		752,000		754,768
Oil, Gas & Consumable Fuels – 0.0%
Canacol Energy Ltd.
5.75%, 11/24/2028	Colombia		260,000		137,744
Real Estate Management & Development – 0.3%
CIFI Holdings Group Company Ltd.
6.00%, 07/16/2025(i)	China		400,000		41,500
6.45%, 11/07/2024(i)	China		200,000		21,118
11.58% (5 yr. CMT Rate + 8.57%), Perpetual(a)(i)	China		450,000		39,677
Country Garden Holdings Company Ltd.
4.80%, 08/06/2030(i)	China		200,000		15,100
7.25%, 04/08/2026(i)	China		600,000		45,126
RKPF Overseas Ltd.
5.90%, 09/05/2028	China		441,811		198,682
6.00%, 03/04/2029	China		441,488		198,118
Shimao Group Holdings Ltd.
3.45%, 01/11/2031(i)	China		400,000		26,000
4.60%, 07/13/2030(i)	China		200,000		12,600
5.20%, 01/16/2027(i)	China		1,210,000		66,913
5.60%, 07/15/2026(i)	China		400,000		20,660
6.13%, 02/21/2024(i)	China		370,000		21,275
Sino-Ocean Land Treasure IV Ltd.
3.25%, 05/05/2026(i)	China		200,000		14,000
4.75%, 08/05/2029(i)	China		410,000		30,750
4.75%, 01/14/2030(i)	China		400,000		27,868
Total Real Estate Management & Development					779,387
Total Emerging Markets					2,479,177
Convertible Bonds – 0.4%
Aerospace & Defense – 0.0%
Safran SA
0.00%, 04/01/2028	France	EUR10,900			26,939
Air Freight & Logistics – 0.0%
ZTO Express Cayman, Inc.
1.50%, 09/01/2027	Cayman Islands	USD22,000			23,502
Automobiles – 0.0%
Ford Motor Company
0.00%, 03/15/2026	United States		12,000		11,790
Biotechnology – 0.0%
Ascendis Pharma AS
2.25%, 04/01/2028	Denmark		24,000		27,981
Halozyme Therapeutics, Inc.
1.00%, 08/15/2028	United States		22,000		26,180
INSMED, Inc.
0.75%, 06/01/2028	United States		5,000		11,482
Sarepta Therapeutics, Inc.
1.25%, 09/15/2027	United States		26,000		29,536
Total Biotechnology					95,179
Broadline Retail – 0.1%
Alibaba Group Holding Ltd.
0.50%, 06/01/2031(d)	China		46,000		56,614
Etsy, Inc.
0.25%, 06/15/2028	United States		31,000		25,418
JD.com, Inc.
0.25%, 06/01/2029(d)	Cayman Islands		22,000		25,212
Total Broadline Retail					107,244
Commercial Services & Supplies – 0.0%
Tetra Tech, Inc.
2.25%, 08/15/2028	United States		15,000		19,703
Construction & Engineering – 0.0%
Fluor Corp.
1.13%, 08/15/2029	United States		23,000		28,198
Diversified Telecommunication Services – 0.1%
Cellnex Telecom SA
0.50%, 07/05/2028	Spain	EUR100,000			119,083
Electric Utilities – 0.1%
NextEra Energy Capital Holdings, Inc.
3.00%, 03/01/2027(d)	United States	USD19,000			24,871
PG&E Corp.
4.25%, 12/01/2027(d)	United States		32,000		34,696
PPL Capital Funding, Inc.
2.88%, 03/15/2028	United States		9,000		9,556
Southern Company
3.88%, 12/15/2025	United States		34,000		37,850
Total Electric Utilities					106,973
Electronic Equipment, Instruments & Components – 0.0%
Advanced Energy Industries Inc
2.50%, 09/15/2028	United States		19,000		20,092
Entertainment – 0.0%
Liberty Media Corp.
2.25%, 08/15/2027	United States		31,000		34,221
Live Nation Entertainment, Inc.
3.13%, 01/15/2029	United States		12,000		14,802
Total Entertainment					49,023
Ground Transportation – 0.0%
Uber Technologies, Inc.
0.88%, 12/01/2028(d)	United States		22,000		27,599
Health Care Equipment & Supplies – 0.0%
Haemonetics Corp
2.50%, 06/01/2029(d)	United States		9,000		9,076
LivaNova USA, Inc.
3.00%, 12/15/2025	United States		23,000		25,353
Total Health Care Equipment & Supplies					34,429
Health Care Providers & Services – 0.0%
Guardant Health, Inc.
0.00%, 11/15/2027	United States		38,000		30,596
Health Care Technology – 0.0%
Evolent Health, Inc.
3.50%, 12/01/2029(d)	United States		19,000		20,506
Hotel & Resort REITs – 0.0%
Pebblebrook Hotel Trust
1.75%, 12/15/2026	United States		16,000		14,752
Hotels, Restaurants & Leisure – 0.1%
Accor SA
0.70%, 12/07/2027(i)	France	EUR29,300			16,799
H World Group Ltd.
3.00%, 05/01/2026	China	USD21,000			24,812
NCL Corp. Ltd.
1.13%, 02/15/2027	United States		25,000		24,292
Shake Shack, Inc.
0.00%, 03/01/2028	United States		25,000		23,297
Trip.com Group Ltd
0.75%, 06/15/2029(d)	Cayman Islands		12,000		13,753
Total Hotels, Restaurants & Leisure					102,953
Household Durables – 0.0%
Meritage Homes Corp.
1.75%, 05/15/2028(d)	United States		20,000		22,870
Industrial REITs – 0.0%
Rexford Industrial Realty LP
4.13%, 03/15/2029(d)	United States		23,000		24,472
IT Services – 0.0%
Akamai Technologies, Inc.
0.38%, 09/01/2027	United States		21,000		21,730
Snowflake Inc
0.00%, 10/01/2027(d)	United States		11,000		11,462
Total IT Services					33,192
Metals & Mining – 0.0%
First Majestic Silver Corp.
0.38%, 01/15/2027	Canada		26,000		23,098
Multi-Utilities – 0.0%
CMS Energy Corp
3.38%, 05/01/2028	United States		20,000		21,520
Veolia Environnement SA
0.00%, 01/01/2025	France	EUR144,700			50,973
WEC Energy Group, Inc.
4.38%, 06/01/2029(d)	United States	USD16,000			17,784
Total Multi-Utilities					90,277
Pharmaceuticals – 0.0%
Jazz Pharmaceuticals Plc
3.13%, 09/15/2030(d)	Bermuda		9,000		9,419
Professional Services – 0.0%
Parsons Corp.
2.63%, 03/01/2029(d)	United States		37,000		46,639
Semiconductors & Semiconductor Equipment – 0.0%
MKS Instruments, Inc.
1.25%, 06/01/2030(d)	United States		27,000		27,041
ON Semiconductor Corp.
0.50%, 03/01/2029	United States		16,000		16,236
Total Semiconductors & Semiconductor Equipment					43,277
Software – 0.0%
BlackLine, Inc.
1.00%, 06/01/2029(d)	United States		30,000		31,500
Nutanix, Inc.
0.25%, 10/01/2027	United States		19,000		22,752
Total Software					54,252
Total Convertible Bonds					1,186,057
TOTAL CORPORATE CREDIT (Cost $166,372,440)					163,111,249
EMERGING MARKET – 1.9%
Senior Loans (Syndicated) – 0.6%
Passenger Airlines – 0.6%
LATAM Airlines Group, Tranche B Term Loan
14.95%, 10/11/2027	United States		1,500,000		1,522,965
Total Senior Loans (Syndicated)					1,522,965
High Yield – 1.3%
Metals & Mining – 0.8%
CSN Resources SA
8.88%, 12/05/2030	Luxembourg		400,000		405,857
Samarco Mineracao SA
9.00% (includes 9.00% PIK), 06/30/2031(c)	Brazil		1,275,757		1,196,080
Vedanta Resources Ltd
10.88%, 09/17/2029(d)	United Kingdom		633,000		644,565
Total Metals & Mining					2,246,502
Passenger Airlines – 0.5%
Azul Secured Finance LLP
10.88%, 05/28/2030(d)	Brazil		1,130,000		717,843
Grupo Aeromexico SAB de CV
8.50%, 03/17/2027	Mexico		300,000		303,356
Latam Airlines Group SA
13.38%, 10/15/2027(d)	Chile		204,000		225,159
13.38%, 10/15/2029	Chile		77,000		89,630
Total Passenger Airlines					1,335,988
Total High Yield					3,582,490
TOTAL EMERGING MARKET (Cost $5,349,192)					5,105,455
STRUCTURED CREDIT – 32.4%
Collateralized Loan Obligations – 16.9%
37 Capital CLO
13.68%, 2023-2A, Class E (3 mo. Term SOFR + 8.38%, 8.38% Floor), 01/15/2034(a)(d)	Cayman Islands		1,000,000		1,013,333
Anchorage Capital CLO Ltd.
9.26%, 2020-16A, Class DR (3 mo. Term SOFR + 3.98%, 3.72% Floor), 01/19/2035(a)(d)	Cayman Islands		1,500,000		1,502,628
11.03%, 2023-26A, Class D (3 mo. Term SOFR + 5.75%, 5.75% Floor), 07/19/2034(a)(d)	Cayman Islands		500,000		511,914
12.88%, 2016-8A, Class ER2 (3 mo. Term SOFR + 7.61%, 7.35% Floor), 10/27/2034(a)(d)	Cayman Islands		1,500,000		1,479,776
12.89%, 2020-16A, Class ER (3 mo. Term SOFR + 7.61%, 7.35% Floor), 01/19/2035(a)(d)	Cayman Islands		1,000,000		1,000,805
Anchorage Credit Funding Ltd.
0.00%, 2019-7A, Class SUB1, 04/25/2037(d)(j)	Cayman Islands		1,000,000		568,121
5.93%, 2020-12A, Class D, 10/25/2038(d)	Cayman Islands		750,000		727,982
6.85%, 2019-7A, Class E, 04/25/2037(d)	Cayman Islands		1,000,000		997,448
ARES CLO
11.03%, 2023-68A, Class D (3 mo. Term SOFR + 5.75%, 5.75% Floor), 04/25/2035(a)(d)	Jersey		2,000,000		2,031,410
CBAM Ltd.
12.65%, 2017-2A, Class ER (3 mo. Term SOFR + 7.36%, 7.10% Floor), 07/17/2034(a)(d)	Cayman Islands		571,000		540,004
Cerberus Loan Funding LP
9.44%, 2023-3A, Class C (3 mo. Term SOFR + 4.15%, 4.15% Floor), 09/13/2035(a)(d)	United States		1,000,000		1,020,476
Dryden CLO
9.55%, 2017-27X, Class ER (3 mo. EURIBOR + 5.86%, 5.86% Floor), 04/15/2033(a)	Ireland	EUR500,000			553,409
Elevation CLO Ltd.
12.74%, 2021-14A, Class E (3 mo. Term SOFR + 7.46%, 7.20% Floor), 10/20/2034(a)(d)	Cayman Islands	USD2,000,000			1,875,222
Elmwood CLO Ltd.
8.42%, 2019-3A, Class DRR (3 mo. Term SOFR + 3.10%, 3.10% Floor), 07/18/2037(a)(d)	Cayman Islands		1,750,000		1,759,413
Fortress Credit BSL Ltd.
10.03%, 2022-2A, Class DR (3 mo. Term SOFR + 4.75%, 4.75% Floor), 10/18/2033(a)(d)	Jersey		1,000,000		997,711
13.43%, 2022-1A, Class E (3 mo. Term SOFR + 8.15%, 8.15% Floor), 10/23/2034(a)(d)	Cayman Islands		500,000		499,113
13.47%, 2020-1A, Class E (3 mo. Term SOFR + 8.19%, 7.93% Floor), 10/20/2033(a)(d)	Cayman Islands		1,000,000		1,003,966
Gallatin CLO Ltd.
10.71%, 2023-1A, Class D (3 mo. Term SOFR + 5.41%, 5.41% Floor), 10/14/2035(a)(d)	Bermuda		2,000,000		2,037,510
Harvest CLO XXVI
9.81%, 26A, Class E (3 mo. EURIBOR + 6.12%, 6.12% Floor), 01/15/2034(a)(d)	Ireland	EUR500,000			557,440
ICG US CLO Ltd.
9.14%, 2020-1A, Class DR (3 mo. Term SOFR + 3.86%, 3.60% Floor), 01/20/2035(a)(d)	Cayman Islands	USD1,000,000			943,432
12.99%, 2020-1A, Class ER (3 mo. Term SOFR + 7.71%, 7.45% Floor), 01/20/2035(a)(d)	Cayman Islands		1,000,000		913,927
Madison Park Funding Ltd.
10.78%, 2023-63A, Class D (3 mo. Term SOFR + 5.50%, 5.50% Floor), 04/21/2035(a)(d)	Cayman Islands		2,000,000		2,035,076
Marble Point CLO Ltd.
12.78%, 2020-3A, Class ER (3 mo. Term SOFR + 7.50%, 7.50% Floor), 01/19/2034(a)(d)	Cayman Islands		625,000		628,840
12.83%, 2021-4A, Class E (3 mo. Term SOFR + 7.55%, 7.29% Floor), 01/22/2035(a)(d)	Cayman Islands		1,750,000		1,717,238
Monroe Capital MML CLO LLC
15.30%, 2022-2A, Class E (3 mo. Term SOFR + 10.02%, 10.02% Floor), 10/24/2034(a)(d)	United States		2,000,000		2,013,544
Monroe Capital MML CLO Ltd.
13.39%, 2022-1A, Class E (3 mo. Term SOFR + 8.32%, 8.32% Floor), 02/24/2034(a)(d)	United States		1,000,000		1,004,352
Mountain View Clo Ltd.
9.90%, 2019-2A, Class DR (3 mo. Term SOFR + 4.60%, 4.60% Floor), 07/15/2037(a)(d)	Cayman Islands		1,000,000		1,002,519
Mountain View CLO Ltd.
9.15%, 2023-1A, Class C (3 mo. Term SOFR + 3.85%, 3.85% Floor), 09/14/2036(a)(d)	Cayman Islands		300,000		306,471
10.80%, 2023-1A, Class D (3 mo. Term SOFR + 5.50%, 5.50% Floor), 09/14/2036(a)(d)	Cayman Islands		300,000		307,596
OAK Hill European Credit Partners V Designated Activity Co.
10.06%, 2016-5A, Class ER (3 mo. EURIBOR + 6.37%, 6.37% Floor), 01/21/2035(a)(d)	Ireland	EUR1,750,000			1,952,782
12.56%, 2016-5A, Class FR (3 mo. EURIBOR + 8.87%, 8.87% Floor), 01/21/2035(a)(d)	Ireland		1,000,000		1,085,891
Palmer Square European CLO
10.05%, 2022-1A, Class E (3 mo. EURIBOR + 6.36%, 6.36% Floor), 01/21/2035(a)(d)	Ireland		1,200,000		1,338,186
12.54%, 2022-1A, Class F (3 mo. EURIBOR + 8.85%, 8.85% Floor), 01/21/2035(a)(d)	Ireland		1,250,000		1,379,609
Penta CLO
9.79%, 2021-10X, Class E (3 mo. EURIBOR + 6.23%, 6.23% Floor), 11/20/2034(a)	Ireland		500,000		557,881
Rockford Tower CLO Ltd.
13.40%, 2022-2A, Class ER (3 mo. Term SOFR + 8.12%, 8.12% Floor), 10/20/2035(a)(d)	United States	USD750,000			754,175
Rockford Tower Europe DAC
9.65%, 2021-1A, Class E (3 mo. EURIBOR + 5.96%, 5.96% Floor), 04/20/2034(a)(d)	Ireland	EUR500,000			556,928
RR Ltd.
13.60%, 2022-24A, Class DR (3 mo. Term SOFR + 8.30%, 8.30% Floor), 01/15/2036(a)(d)	Bermuda	USD1,000,000			1,009,576
Symphony CLO Ltd.
12.50%, 2012-9A, Class ER2 (3 mo. Term SOFR + 7.21%, 0.00% Floor), 07/16/2032(a)(d)	Cayman Islands		438,000		410,184
THL Credit Wind River CLO Ltd.
12.70%, 2020-1A, Class ER (3 mo. Term SOFR + 7.42%, 7.42% Floor), 07/20/2037(a)(d)	Cayman Islands		1,000,000		1,003,976
Toro European CLO
9.99%, 3X, Class ERR (3 mo. EURIBOR + 6.30%, 6.30% Floor), 07/15/2034(a)	Ireland	EUR1,500,000			1,668,108
Trimaran Cavu Ltd.
12.91%, 2021-3A, Class E (3 mo. Term SOFR + 7.63%, 7.37% Floor), 01/18/2035(a)(d)	Cayman Islands	USD900,000			903,137
Trinitas CLO XIV Ltd.
13.59%, 2020-14A, Class E (3 mo. Term SOFR + 8.30%, 8.04% Floor), 01/25/2034(a)(d)	Cayman Islands		500,000		502,345
Trinitas CLO XVIII Ltd.
9.14%, 2021-18A, Class D (3 mo. Term SOFR + 3.86%, 3.60% Floor), 01/20/2035(a)(d)	Cayman Islands		2,000,000		2,003,044
Total Collateralized Loan Obligations					46,676,498
Commercial Mortgage-Backed Securities – 4.7%
ACREC LLC
11.13%, 2023-FL2, Class E (1 mo. Term SOFR + 6.03%, 6.03% Floor), 02/19/2038(a)(d)	United States		107,000		106,847
ACRES Commercial Realty Ltd.
7.85%, 2021-FL1, Class D (1 mo. Term SOFR + 2.76%, 2.76% Floor), 06/15/2036(a)(d)	Cayman Islands		321,000		307,775
AREIT Trust
10.45%, 2023-CRE8, Class D (1 mo. Term SOFR + 5.37%, 5.37% Floor), 08/17/2041(a)(d)	United States		109,000		108,708
Banc of America Commercial Mortgage Trust
1.25%, 2015-UBS7, Class XFG, 09/15/2048(d)(j)	United States		10,000,000		112,782
BBCMS Mortgage Trust
7.71%, 2021-AGW, Class D (1 mo. Term SOFR + 2.61%, 2.50% Floor), 06/15/2036(a)(d)	United States		877,000		796,562
BBCMS Trust
8.22%, 2018-BXH, Class F (1 mo. Term SOFR + 3.12%, 2.95% Floor), 10/15/2037(a)(d)	United States		270,000		267,373
Benchmark Mortgage Trust
3.24%, 2018-B6, Class E, 10/10/2051(d)(j)	United States		225,000		122,358
4.00%, 2024-V5, Class D, 01/10/2057(d)	United States		36,000		31,619
7.20%, 2024-V5, Class C, 01/10/2057(j)	United States		57,000		59,361
Blackstone UK Student Housing Portfolio
7.33%, 2021-UK5, Class E (SONIA + 2.35%, 0.00% Floor), 05/17/2031(a)	United Kingdom	GBP236,000			315,710
BSPRT
9.85%, 2024-FL11, Class E (1 mo. Term SOFR + 4.69%, 4.69% Floor), 07/15/2039(a)(d)	United States	USD278,000			278,650
BWAY Mortgage Trust
5.03%, 2022-26BW, Class E, 02/10/2044(d)(j)	United States		677,000		443,929
BX Commercial Mortgage Trust
8.74%, 2019-IMC, Class G (1 mo. Term SOFR + 3.65%, 3.60% Floor), 04/15/2034(a)(d)	United States		1,131,000		1,078,400
BX Trust
9.24%, 2021-SDMF, Class J (1 mo. Term SOFR + 4.15%, 4.03% Floor), 09/15/2034(a)(d)	United States		442,703		435,235
CD Mortgage Trust
3.35%, 2017-CD5, Class D, 08/15/2050(d)	United States		489,000		412,013
Citigroup Commercial Mortgage Trust
8.91%, 2021-KEYS, Class F (1 mo. Term SOFR + 3.81%, 3.70% Floor), 10/15/2036(a)(d)	United States		741,000		716,028
COMM Mortgage Trust
2.06%, 2016-DC2, Class XF, 02/10/2049(d)(j)	United States		12,997,292		323,031
CSAIL Commercial Mortgage Trust
4.18%, 2017-CX9, Class D, 09/15/2050(d)(j)	United States		190,000		139,392
DBGS Mortgage Trust
9.36%, 2021-W52, Class F (1 mo. Term SOFR + 4.26%, 4.15% Floor), 10/15/2036(a)(d)	United States		1,000,000		612,380
GSMS Trust
8.21%, 2024-FAIR, Class D, 07/15/2029(d)(j)	United States		580,000		594,195
Hilton USA Trust
4.12%, 2016-SFP, Class C, 11/05/2035(d)	United States		105,000		53,763
4.93%, 2016-SFP, Class D, 11/05/2035(b)(d)	United States		584,000		227,468
J.P. Morgan Chase Commercial Mortgage Securities Trust
9.48%, 2021-HTL5, Class F (1 mo. Term SOFR + 4.38%, 4.27% Floor), 11/15/2038(a)(d)	United States		1,084,000		1,063,163
Last Mile Logistics
10.78%, 2023-1A, Class D (SONIA + 5.80%, 5.80% Floor), 08/17/2033(a)(d)	United Kingdom	GBP207,000			276,506
Life Mortgage Trust
7.56%, 2021-BMR, Class F (1 mo. Term SOFR + 2.46%, 2.35% Floor), 03/15/2038(a)(d)	United States	USD101,521			97,952
MF1 LLC
10.69%, 2022-FL10, Class D (1 mo. Term SOFR + 5.73%, 5.73% Floor), 09/17/2037(a)(d)	United States		232,000		232,503
Natixis Commercial Mortgage Securities Trust
11.04%, 2022-RRI, Class F (1 mo. Term SOFR + 5.94%, 5.94% Floor), 03/15/2035(a)(d)	United States		493,500		489,975
ONE Mortgage Trust
6.71%, 2021-PARK, Class D (1 mo. Term SOFR + 1.61%, 1.50% Floor), 03/15/2036(a)(d)	United States		645,000		614,420
SHR Trust
9.55%, 2024-LXRY, Class E (1 mo. Term SOFR + 4.45%, 4.45% Floor), 10/15/2041(a)(d)	United States		152,000		153,271
Taubman Centers Commercial Mortgage Trust
9.87%, 2022-DPM, Class D (1 mo. Term SOFR + 4.77%, 4.77% Floor), 05/15/2037(a)(d)	United States		415,000		410,775
TRTX Issuer Ltd
7.60%, 2021-FL4, Class C (1 mo. Term SOFR + 2.51%, 2.40% Floor), 03/15/2038(a)(d)	Cayman Islands		160,000		157,278
UK Logistics DAC
8.98%, 2024-1A, Class D (SONIA + 4.00%, 4.00% Floor), 05/17/2034(a)(d)	United Kingdom	GBP102,000			137,639
9.98%, 2024-1A, Class E (SONIA + 5.00%, 5.00% Floor), 05/17/2034(a)(d)	United Kingdom		200,000		268,294
VMC Finance LLC
7.38%, 2021-FL4, Class C (1 mo. Term SOFR + 2.36%, 2.36% Floor), 06/16/2036(a)(d)	United States	USD800,000			754,074
8.63%, 2021-FL4, Class D (1 mo. Term SOFR + 3.61%, 3.06% Floor), 06/16/2036(a)(d)	United States		147,000		134,444
WFCM
4.25%, 2024-5C1, Class F, 07/15/2057(d)	United States		874,000		581,203
Total Commercial Mortgage-Backed Securities					12,915,076
High Yield – 0.4%
Household Durables – 0.2%
Adams Homes, Inc.
9.25%, 10/15/2028(d)	United States		572,000		610,803
Real Estate Management & Development – 0.2%
Five Point Operating Company LP
10.50%, 01/15/2028(d)(h)	United States		554,001		567,320
Total High Yield					1,178,123
Residential Mortgage-Backed Securities – 3.6%
Bellemeade Re Ltd.
9.23%, 2024-1, Class M1C (30 day avg SOFR US + 3.95%, 3.90% Floor), 08/25/2034(a)(d)	Bermuda		161,000		163,200
BRAVO Residential Funding Trust
6.90%, 2024-NQM1, Class M1, 12/01/2063(d)(j)	United States		109,000		111,596
7.46%, 2023-NQM5, Class M1, 06/25/2063(d)(j)	United States		183,000		191,204
8.04%, 2024-NQM1, Class B1, 12/01/2063(d)	United States		128,000		129,479
CHNGE Mortgage Trust
8.44%, 2023-4, Class B1, 09/25/2058(d)(j)	United States		891,000		902,914
COLT Funding LLC
7.71%, 2024-INV3, Class B1, 09/25/2069(d)(j)	United States		363,000		366,666
COLT Mortgage Loan Trust
6.59%, 2024-1, Class M1, 02/25/2069(d)(j)	United States		138,000		139,928
Deephaven Residential Mortgage Trust
4.30%, 2022-2, Class B1, 03/25/2067(d)(j)	United States		229,000		189,673
GCAT Trust
3.96%, 2022-NQM1, Class B1, 02/25/2067(d)(j)	United States		476,000		363,754
Imperial Fund Mortgage Trust
4.43%, 2022-NQM3, Class M1, 05/25/2067(d)(j)	United States		332,000		271,345
JP Morgan Mortgage Trust
7.64%, 2024-CES1, Class B1, 06/25/2054(d)(j)	United States		100,000		101,928
MFA Trust
4.25%, 2022-NQM1, Class B1, 12/25/2066(d)(j)	United States		251,000		205,342
Morgan Stanley Residential Mortgage Loan Trust
7.50%, 2023-NQM1, Class B1, 09/25/2068(d)(j)	United States		446,000		445,422
New Residential Mortgage Loan Trust
9.43%, 2024-RTL2, Class M1, 09/25/2039(d)(j)	United States		160,000		159,626
NYMT Loan Trust
8.41%, 2024-BPL2, Class M, 05/25/2039(d)	United States		145,000		144,829
PRKCM Trust
6.09%, 2022-AFC2, Class B1, 08/25/2057(d)(j)	United States		204,000		201,672
6.87%, 2024-AFC1, Class M1, 03/25/2059(d)(j)	United States		66,000		66,801
7.52%, 2023-AFC1, Class M1, 02/25/2058(d)(j)	United States		371,000		383,876
8.00%, 2023-AFC4, Class B1, 11/25/2058(d)(j)	United States		293,000		294,083
8.06%, 2024-AFC1, Class B1, 03/25/2059(d)(j)	United States		176,000		177,291
8.21%, 2023-AFC2, Class B1, 06/25/2058(d)(j)	United States		100,000		100,375
Progress Residential Trust
5.60%, 2022-SFR3, Class E2, 04/17/2039(d)	United States		212,000		211,355
PRPM LLC
4.83%, 2021-10, Class A2, 10/25/2026(d)(h)	United States		1,000,000		990,120
RCKT Mortgage Trust
6.77%, 2024-CES2, Class M2, 04/25/2044(d)(j)	United States		100,000		102,622
6.77%, 2024-CES1, Class M2, 02/25/2044(d)(j)	United States		100,000		102,650
Seasoned Credit Risk Transfer Trust
4.50%, 2022-1, Class M, 11/25/2061(d)(j)	United States		226,000		197,932
STAR Trust
9.60%, 2022-SFR3, Class F (1 mo. Term SOFR + 4.50%, 4.50% Floor), 05/17/2039(a)(d)	United States		170,000		164,005
Toorak Mortgage Trust
9.16%, 2024-RRTL1, Class M1, 02/25/2039(d)(j)	United States		71,000		72,022
Towd Point Mortgage Trust
6.86%, 2024-CES1, Class M2, 01/25/2064(d)(j)	United States		110,000		114,780
TVC Mortgage Trust
7.42%, 2024-RRTL1, Class M1, 07/25/2039(d)(h)	United States		295,000		296,970
Verus Securitization Trust
6.67%, 2024-1, Class M1, 01/25/2069(d)(j)	United States		118,000		120,231
6.82%, 2024-2, Class M1, 02/25/2069(d)(j)	United States		100,000		101,995
7.08%, 2023-INV2, Class A3, 08/25/2068(d)(h)	United States		148,567		151,740
7.35%, 2023-INV2, Class M1, 08/25/2068(d)(j)	United States		187,000		192,782
7.54%, 2023-2, Class B1, 03/25/2068(d)(j)	United States		100,000		99,611
7.82%, 2023-6, Class B1, 09/25/2068(d)(j)	United States		158,000		158,566
7.90%, 2023-7, Class B1, 10/25/2068(d)(j)	United States		634,000		637,577
8.12%, 2023-INV2, Class B1, 08/25/2068(d)(j)	United States		215,000		221,143
Western Mortgage Reference Notes
10.63%, 2021-CL2, Class M4 (30 day avg SOFR US + 5.35%, 0.00% Floor), 07/25/2059(a)(d)	United States		792,072		812,666
Total Residential Mortgage-Backed Securities					9,859,771
Asset-Backed Securities – 6.8%
Financials – 6.8%
Adams Outdoor Advertising LP
11.71%, 2023-1, Class C, 07/15/2053(d)	United States		2,000,000		2,115,902
Castlelake Aircraft Securitization Trust
2.74%, 2017-1R, Class A, 08/15/2041(d)	United States		123,223		116,060
GAIA Aviation Ltd.
7.00%, 2019-1, Class C, 12/15/2044(d)(h)	Cayman Islands		2,076,106		1,516,508
Horizon Aircraft Finance Ltd.
3.43%, 2019-2, Class A, 11/15/2039(d)	Cayman Islands		1,297,340		1,157,089
4.46%, 2018-1, Class A, 12/15/2038(d)	United States		627,853		586,580
Lunar Aircraft Ltd.
6.41%, 2020-1A, Class C, 02/15/2045(d)	United States		653,293		629,699
METAL LLC
6.50%, 2017-1, Class B, 10/15/2042(d)	United States		284,797		91,488
METAL Ltd.
4.58%, 2017-1, Class A, 10/15/2042(d)	United States		1,316,266		865,892
Mosaic Solar Loan Trust
8.50%, 2024-2A, Class C, 04/22/2052(d)	United States		1,500,000		1,495,734
Pioneer Aircraft Finance Ltd.
3.97%, 2019-1, Class A, 06/15/2044(d)	Cayman Islands		498,616		471,179
Sunnova Hestia II Issuer LLC
9.50%, 2024-GRID1, Class 2A, 07/20/2051(d)	United States		973,601		993,017
Thunderbolt Aircraft Lease
5.07%, 2018-A, Class B, 09/15/2038(d)(h)	United States		1,339,286		1,067,693
Veros Auto Receivables Trust
11.46%, 2023-1, Class D, 08/15/2030(d)	United States		1,780,000		1,905,566
VSTJET
10.91%, 2020-1B, 01/15/2029(b)	United States		1,620,880		1,601,430
WAVE LLC
6.41%, 2019-1, Class C, 09/15/2044(d)	United States		2,500,170		880,960
WAVE Trust
5.68%, 2017-1A, Class B, 11/15/2042(d)	United States		1,590,272		1,141,152
6.66%, 2017-1A, Class C, 11/15/2042(d)	United States		1,210,677		247,862
Westlake Automobile Receivables Trust
1.23%, 2021-2A, Class D, 12/15/2026(d)	United States		164,000		161,452
Ziply Fiber Issuer LLC
11.17%, 2024-1A, Class C, 04/20/2054(d)	United States		1,500,000		1,606,082
Total Financials					18,651,345
Total Asset-Backed Securities					18,651,345
TOTAL STRUCTURED CREDIT (Cost $88,376,778)					89,280,813
PRIVATE CREDIT – 22.4%
Senior Loans – 18.1%
Aerospace & Defense – 1.0%
Galileo Parent, Inc., First Lien Term Loan
11.85% (3 mo. Term SOFR + 7.25%, 1.00% Floor), 05/03/2030(a)(b)	United States		527,670		527,670
Galileo Parent, Inc., First Lien Revolver
11.85% (3 mo. LIBOR US + 7.25%, 1.00% Floor), 05/03/2029(a)(b)(k)	United States		53,604		36,757
12.59% (3 mo. LIBOR US + 7.25%, 1.00% Floor), 05/03/2029(a)(b)(k)	United States		12,104		8,300
GASL Bermuda, Tranche B-1 Revolver
11.83%, 12/15/2028(b)(k)	United States		3,100,000		1,312,457
Maxar, First Lien Revolver
11.89% (3 mo. LIBOR US + 7.25%, 1.00% Floor), 05/03/2029(a)(b)(k)	United States		17,292		11,857
WP CPP Holdings, Term Loan
12.85%, 10/01/2029(b)	United States		39,832		39,808
WP CPP Holdings, First Lien Term Loan
8.39% (3 mo. Term SOFR + 3.38%, 0.00% Floor), 11/28/2029(a)(b)	United States		837,951		833,008
WP CPP Holdings, First Lien Revolver
8.39%, 11/28/2029(b)(k)	United States		90,000		–
Total Aerospace & Defense					2,769,857
Biotechnology – 0.9%
ADC Therapeutics, Inc., First Lien Term Loan
12.98% (3 mo. Term SOFR + 7.50%, 1.00% Floor), 08/15/2029(a)(b)	United States		1,135,543		1,107,154
Mesoblast, Inc., First Lien Term Loan
9.75% (FCPR + 4.95%), 11/19/2026(a)(b)(c)	United States		1,368,949		1,317,614
Seres Therapeutics, Inc., Tranche B Delay Draw Term Loan
0.00%, 04/27/2029(b)(k)	United States		329,000		–
Seres Therapeutics, Inc., Tranche C Delay Draw Term Loan
0.00%, 04/30/2029(b)(k)	United States		329,000		–
Total Biotechnology					2,424,768
Capital Markets – 0.4%
Inspira, First Lien Delay Draw Term Loan
10.35%, 05/10/2026(b)(k)	United States		172,000		–
Inspira, First Lien Revolver
10.35%, 05/10/2030(b)(k)	United States		103,000		–
Minotaur Acquisition, First Lien Tranche B Term Loan
10.25% (3 mo. Term SOFR + 5.00%, 1.00% Floor), 06/02/2030(a)(b)	United States		1,035,000		1,016,784
MTC Holdings, First Lien Delay Draw Term Loan
9.85% (1 mo. Term SOFR + 5.00%, 1.00% Floor), 06/03/2030(a)(b)	United States		172,000		169,110
Total Capital Markets					1,185,894
Commercial Services & Supplies – 1.3%
Amspec Parent, First Lien Delay Draw Term Loan
11.07%, 12/05/2030(b)(k)	United States		226,000		–
Amspec Parent LLC, Revolver
0.00% (3 mo. Term SOFR + 5.75%), 12/05/2029(a)(b)(k)	United States		212,000		2,261
Amspec Parent LLC, First Lien Term Loan
11.08% (1 mo. Term SOFR + 5.75%), 12/05/2030(a)(b)	United States		1,559,165		1,559,165
Kings Buyer LLC, First Lien Revolver
12.00% (Prime + 4.00%, 1.00% Floor), 10/29/2027(a)(b)(k)	United States		310,246		122,411
NFM & J LP, First Lien Revolver
10.94% (1 mo. LIBOR US + 5.75%, 1.00% Floor), 11/30/2027(a)(b)(k)	United States		64,240		3,661
12.75% (Prime + 4.75%, 1.00% Floor), 11/30/2027(a)(b)(k)	United States		46,123		2,628
NFM & J LP, First Lien Term Loan
10.96% (3 mo. Term SOFR + 5.75%, 1.00% Floor), 11/30/2027(a)(b)	United States		492,469		483,605
NFM & J LP, First Lien Delay Draw Term Loan
0.00% (3 mo. Term SOFR + 5.75%, 1.00% Floor), 11/30/2027(a)(b)(k)	United States		159,465		5,182
10.91% (3 mo. Term SOFR + 5.75%, 1.00% Floor), 11/30/2027(a)(b)(k)	United States		116,374		3,782
USIC Holdings Inc, First Lien Term Loan
10.35% (1 mo. Term SOFR + 5.50%, 0.75% Floor), 09/10/2031(a)(b)	United States		1,434,000		1,419,947
USIC Holdings Inc, First Lien Delay Draw Term Loan
10.36% (1 mo. Term SOFR + 5.50%, 0.75% Floor), 09/10/2031(a)(b)(k)	United States		85,000		2,181
USIC Holdings Inc, First Lien Revolver
10.10% (1 mo. Term SOFR + 5.25%, 0.00% Floor), 09/10/2031(a)(b)(k)	United States		149,882		72,086
10.33% (1 mo. Term SOFR + 5.25%, 0.00% Floor), 09/10/2031(a)(b)(k)	United States		32,118		15,447
Total Commercial Services & Supplies					3,692,356
Communications Equipment – 0.6%
Sorenson Communications, Term Loan
11.09%, 04/19/2029(b)	United States		1,783,000		1,753,759
Sorenson Communications, Revolver
11.08%, 04/19/2029(b)(k)	United States		198,000		–
Total Communications Equipment					1,753,759
Containers & Packaging – 0.7%
ASP Unifrax Holdings, LLC, Delay Draw Term Loan
0.00%, 09/28/2029	United States		298,569		298,569
ASP-r-pac Acquisition Company LLC, First Lien Term Loan
11.52%, 12/29/2027(b)	United States		1,685,049		1,604,166
ASP-r-pac Acquisition Company LLC, First Lien Revolver
9.49%, 12/29/2027(b)(k)	United States		205,745		113,604
Total Containers & Packaging					2,016,339
Diversified Consumer Services – 0.0%
Legends Hospitality Holding Co., First Lien Revolver
10.13%, 08/22/2031(b)(k)	United States		152,000		–
Electrical Equipment – 0.3%
Inventus Power, Inc., First Lien Revolver
0.00%, 06/30/2025(b)(k)	United States		94,000		–
Inventus Power, Inc., First Lien Term Loan
12.96%, 06/30/2025(b)	United States		818,638		800,136
Total Electrical Equipment					800,136
Food Products – 0.4%
Protein For Pets Opco, Term Loan
10.59% (1 mo. Term SOFR + 5.25%), 03/22/2030(a)(b)	United States		994,000		975,015
Protein For Pets Opco, Revolver
10.57%, 03/22/2030(b)(k)	United States		103,000		–
Total Food Products					975,015
Health Care Equipment & Supplies – 1.1%
Touchstone Acquisition, Inc., First Lien Term Loan
10.95% (1 mo. LIBOR US + 6.00%, 0.75% Floor), 12/29/2028(a)(b)	United States		2,938,650		2,879,877
Health Care Providers & Services – 1.8%
LSL Holdco LLC, Term Loan
11.43%, 01/31/2028(b)	United States		2,337,766		2,191,656
LSL Holdco LLC, First Lien Incremental Term Loan
11.44%, 01/31/2028(b)	United States		272,220		255,206
LSL Holdco LLC, First Lien Revolver
11.35% (1 mo. Term SOFR + 6.00%, 0.75% Floor), 01/31/2028(a)(b)(k)	United States		266,412		189,819
Petvet Care Centers LLC, First Lien
10.85% (1 mo. Term SOFR + 6.00%, 0.75% Floor), 10/24/2030(a)(b)	United States		2,338,330		2,278,703
Petvet Care Centers LLC, First Lien Delay Draw Term Loan
11.32%, 11/15/2030(b)(k)	United States		307,000		–
Petvet Care Centers LLC, First Lien Revolver
11.32%, 11/15/2029(b)(k)	United States		307,000		–
Total Health Care Providers & Services					4,915,384
Health Care Technology – 0.8%
Establishment Labs Holdings, Inc., First Lien Tranche A Term Loan
9.00%, 04/21/2027(b)(c)	United States		1,247,716		1,247,716
Establishment Labs Holdings, Inc., First Lien Tranche B Delay Draw Term Loan
9.00%, 04/21/2027(b)(c)	United States		199,823		199,823
Establishment Labs Holdings, Inc., First Lien Tranche C Delay Draw Term Loan
9.00%, 04/21/2027(b)(c)(k)	United States		184,290		–
Establishment Labs Holdings, Inc., First Lien Tranche D Delay Draw Term Loan
9.00%, 04/21/2027(b)(c)(k)	United States		184,290		–
Next Holdco LLC, First Lien
11.06% (1 mo. Term SOFR + 6.00%, 0.75% Floor), 11/11/2030(a)(b)	United States		825,850		825,850
Next Holdco LLC, First Lien Delay Draw Term Loan
11.32%, 11/08/2030(b)(k)	United States		213,000		–
Next Holdco LLC, First Lien Revolver
11.32%, 11/08/2029(b)(k)	United States		80,000		–
Total Health Care Technology					2,273,389
Hotels, Restaurants & Leisure – 2.5%
Grove Hotel Parcel Owner LLC, Delay Draw Term Loan
0.00%, 06/21/2028(b)	United States		350,754		343,739
Grove Hotel Parcel Owner LLC, Revolver
0.00%, 06/21/2028(b)(k)	United States		175,377		–
Grove Hotel Parcel Owner LLC, Term Loan
13.43%, 06/21/2028(b)	United States		1,718,694		1,684,320
Legends Hospitality Holding Co., First Lien Term Loan
10.13% (3 mo. Term SOFR + 5.00%, 0.00% Floor), 08/22/2031(a)(b)	United States		1,288,000		1,263,013
Legends Hospitality Holding Co., First Lien Delay Draw Term Loan
10.13%, 08/22/2031(b)(k)	United States		76,000		–
PFNY Holdings LLC, First Lien Term Loan
12.56%, 12/31/2026(b)	United States		3,549,378		3,407,403
PFNY Holdings LLC, First Lien Delay Draw Term Loan
12.56%, 12/31/2026(b)	United States		303,938		291,780
PFNY Holdings LLC, First Lien Revolver
12.59%, 12/31/2026(b)(k)	United States		173,352		–
Total Hotels, Restaurants & Leisure					6,990,255
Insurance – 1.0%
Ardonagh Group Finance, Tranche B1 Term Loan
10.04% (6 mo. Term SOFR + 4.75%), 02/15/2031(a)(b)	United States		1,116,621		1,100,988
Integrity Marketing Acquisition LLC, Revolver
10.28%, 08/28/2028(b)(k)	United States		234,995		–
Integrity Marketing Acquisition LLC, First Lien Delay Draw Term Loan
10.28%, 08/28/2028(b)(k)	United States		1,259,000		–
Integrity Marketing Acquisition LLC, First Lien Term Loan
10.08% (1 mo. Term SOFR + 5.00%, 0.75% Floor), 08/25/2028(a)(b)	United States		1,778,000		1,760,220
Total Insurance					2,861,208
Machinery – 0.4%
Truck-Lite Company, First Lien Term Loan
10.86% (3 mo. Term SOFR + 5.75%, 0.75% Floor), 02/13/2031(a)(b)	United States		970,125		970,125
Truck-Lite Company, First Lien Delay Draw Term Loan
11.09%, 02/13/2031(b)(k)	United States		105,000		–
Truck-Lite Company, First Lien Revolver
9.74% (1 mo. Term SOFR + 5.75%, 0.75% Floor), 02/13/2030(a)(b)(k)	United States		55,378		1,172
10.85% (3 mo. Term SOFR + 5.75%, 0.75% Floor), 02/13/2030(a)(b)(k)	United States		49,622		1,050
Total Machinery					972,347
Metals & Mining – 0.4%
IAMGOLD Corp., Term Loan
13.62%, 05/16/2028(b)	United States		975,000		1,004,250
Pharmaceuticals – 0.4%
Bioxcel Therapeutics, Inc., First Lien Tranche B Delay Draw Term Loan
12.81%, 04/19/2027(b)(k)	United States		250,390		–
Bioxcel Therapeutics, Inc., First Lien Tranche C Delay Draw Term Loan
12.81%, 04/19/2027(b)(k)	United States		375,585		–
Bioxcel Therapeutics, Inc., First Lien Tranche A2 Term Loan
8.00%, 04/19/2027(b)	United States		930,656		825,957
Bioxcel Therapeutics, Inc., Tranche A2 Term Loan
12.88% (3 mo. Term SOFR + 7.50%), 04/19/2027(a)(b)	United States		390,934		346,954
Bioxcel Therapeutics, Inc., Tranche D Delay Draw Term Loan
0.00%, 04/19/2027(b)(k)	United States		625,975		–
Total Pharmaceuticals					1,172,911
Software – 4.1%
Avalara, Inc., First Lien
10.85% (3 mo. Term SOFR + 6.25%, 0.75% Floor), 10/19/2028(a)(b)	United States		2,491,000		2,491,000
Avalara, Inc., First Lien Revolver
0.75% (1 mo. Term SOFR + 7.25%), 10/19/2028(a)(b)(k)	United States		249,000		–
CentralSquare Technologies, First Lien Term Loan
8.10% (1 mo. Term SOFR + 3.00%, 0.00% Floor), 04/12/2031(a)(b)	United States		587,892		581,660
CentralSquare Technologies, First Lien Revolver
11.32%, 04/12/2031(b)(k)	United States		66,000		–
Cersei Parent Holdings LLC, First Lien Revolver
11.60% (1 mo. Term SOFR + 6.75%, 1.00% Floor), 08/15/2028(a)(b)(k)	United States		92,814		30,527
11.67% (1 mo. Term SOFR + 6.75%, 1.00% Floor), 08/15/2028(a)(b)(k)	United States		46,407		15,264
Evergreen IX Borrower, Term Loan
10.09%, 09/29/2030(b)	United States		287,506		285,062
Evergreen IX Borrower, First Lien Term Loan
9.35% (3 mo. Term SOFR + 4.75%, 0.75% Floor), 09/29/2030(a)(b)	United States		1,138,398		1,128,721
Evergreen IX Borrower, First Lien Revolver
11.39%, 09/29/2029(b)(k)	United States		127,000		–
Finastra Group Holdings Ltd, First Lien Revolver
12.18% (1 mo. Term SOFR + 7.25%, 0.00% Floor), 09/13/2030(a)(b)(k)	United States		152,000		69,425
Finastra USA, Inc., First Lien
12.18% (1 mo. Term SOFR + 7.25%, 0.00% Floor), 09/13/2029(a)(b)	United States		1,454,690		1,434,470
ICIMS, Inc., Delay Draw Term Loan
0.00%, 08/18/2028(b)(c)(k)	United States		294,486		–
ICIMS, Inc., Term Loan
8.29%, 08/18/2028(b)	United States		1,778,355		1,722,870
ICIMS, Inc., First Lien Revolver
6.75% (3 mo. Term SOFR + 6.75%, 1.00% Floor), 08/15/2028(a)(b)(k)	United States		18,331		6,029
ICIMS, Inc., First Lien Term Loan
12.56% (3 mo. Term SOFR + 7.25%, 1.00% Floor), 08/18/2028(a)(b)	United States		253,659		249,829
Monotype Imaging Holdings, Term Loan
10.84% (3 mo. Term SOFR + 5.50%), 02/28/2030(a)(b)	United States		1,405,478		1,405,478
Monotype Imaging Holdings, Revolver
10.84%, 02/28/2031(b)(k)	United States		176,000		–
Monotype Imaging Holdings, Delay Draw Term Loan
10.84%, 02/28/2031(b)(k)	United States		117,000		–
MRI Software LLC
10.70%, 02/10/2027(b)(k)	United States		292,000		71,135
MRI Software LLC, Delay Draw Term Loan
10.08%, 12/19/2030(b)	United States		191,911		190,050
Pluralsight Inc, First Lien Revolver
9.62%, 08/22/2029(b)(k)	United States		24,123		–
Pluralsight Inc, First Lien Delay Draw Term Loan
9.62%, 08/22/2029(b)(k)	United States		60,308		–
Pluralsight Inc, First Lien Term Loan
9.62% (3 mo. Term SOFR + 4.50%, 0.00% Floor), 08/22/2029(a)(b)	United States		83,582		83,582
Pluralsight Inc, First Lien Tranche B Term Loan
12.62% (3 mo. Term SOFR + 7.50%, 0.00% Floor), 08/22/2029(a)(b)	United States		125,373		125,373
Pluralsight Restructure, First Lien Term Loan
8.12% (3 mo. Term SOFR + 3.00%, 0.00% Floor), 08/22/2031(a)(b)	United States		48,247		48,247
UserZoom Technologies, Inc., First Lien Term Loan
12.77%, 04/05/2029(b)	United States		1,348,000		1,331,150
Total Software					11,269,872
Total Senior Loans					49,957,617
Senior Loans (Syndicated) – 1.8%
Commercial Services & Supplies – 0.8%
Kings Buyer LLC, First Lien Term Loan
10.43% (3 mo. Term SOFR + 5.00%, 0.00% Floor), 10/29/2027(a)(b)	United States		2,218,585		2,188,412
Interactive Media & Services – 0.6%
Ancestry.com, Inc., First Lien Tranche B Term Loan
10.84% (1 mo. Term SOFR + 5.50%, 0.00% Floor), 12/06/2027(a)(b)	United States		1,624,723		1,623,910
Software – 0.4%
MRI Software LLC, Tranche B Term Loan
10.08%, 12/19/2030(b)	United States		1,156,973		1,145,750
MRI Software LLC, First Lien Revolver
10.08% (1 mo. Term SOFR + 4.75%), 02/10/2027(a)(b)(k)	United States		166,000		–
Total Software					1,145,750
Total Senior Loans (Syndicated)					4,958,072
High Yield – 0.4%
Machinery – 0.4%
ProFrac Holdings II LLC
11.84% (3 mo. Term SOFR + 7.25%), 01/23/2029(a)(b)(d)	United States		1,216,000		1,205,421
Total High Yield					1,205,421
		Shares
Preferred Stock – 0.9%
Health Care Providers & Services – 0.1%
Petvet Care Centers LLC(Acquired 11/15/2023, cost $198,940)(b)(f)	United States		203		225,005
Health Care Technology – 0.8%
athenahealth, Inc.(Acquired 2/15/2022, cost $1,992,289)(b)(f)	United States		2,033		2,297,717
Total Preferred Stock					2,522,722
Common Stock – 0.1%
Distributors – 0.1%
RelaDyne(Acquired 12/23/2021, cost $187,703)(b)(f)	United States		2,000		248,500
Total Common Stock					248,500
Warrants – 0.1%
Biotechnology – 0.1%
ADC Therapeutics - (Exercise price: $8.30, Expiration: 08/15/32)(Acquired 8/15/2022, cost $30,028)(b)(f)	United States		4,988		5,736
Mesoblast, Inc.- (Exercise Price: $3.70, Expiration: 11/19/28)(Acquired 1/12/2023 - 1/10/2024, cost $0)(b)(f)	United States		5,971		27,467
Mesoblast, Inc.- (Exercise Price: $7.26, Expiration: 11/19/28)(Acquired 12/20/2021 - 1/10/2024, cost $106,354)(b)(f)	United States		23,222		74,310
Seres Therapeutics, Inc. - (Exercise price: $6.69, Expiration: 04/27/30)(Acquired 4/27/2023, cost $14,821)(b)(f)	United States		4,735		2,368
Total Biotechnology					109,881
Health Care Technology – 0.0%
Innocoll Pharmaceuticals Ltd.-  (Exercise Price: $4.23, Expiration: 01/26/29)(Acquired 1/26/2022 - 9/1/2022, cost $77,901)(b)(f)	United States		20,192		–
Pharmaceuticals – 0.0%
Bioxcel Therapeutics, Inc. - (Exercise price: $3.07, Expiration: 04/19/29)(Acquired 3/20/2024, cost $0)(b)(f)	United States		1,252		413
Bioxcel Therapeutics, Inc. - (Exercise price: $3.65, Expiration: 04/19/29)(Acquired 4/28/2022 - 12/5/2023, cost $0)(b)(f)	United States		4,359		1,395
Total Pharmaceuticals					1,808
Total Warrants					111,689
Private Placement Bond – 0.7%
Real Estate Management & Development – 0.7%
Stargate Oxford St Senior Secured
9.15%, 07/19/2026(b)	Australia	AUD2,623,607			1,813,825
Total Private Placement Bond					1,813,825
Private Placement Equity – 0.3%
Health Care Technology – 0.3%
Ipi Legacy Liquidation Co (b)	United States	USD754,923			754,923
Software – 0.0%
Pluralsight Inc (b)	United States		41,791		139,582
Total Private Placement Equity					894,505
TOTAL PRIVATE CREDIT (Cost $61,889,396)					61,712,351
SHORT-TERM INVESTMENTS — 5.1%
Money Market Fund – 1.2%
First American Government Obligations Fund - Class X, 4.78%(l)	United States		3,189,184		3,189,184
US Treasury Bill – 3.9%
4.88%, 10/24/24(m)	United States		11,000,000		10,966,847
TOTAL SHORT-TERM INVESTMENTS (Cost $14,155,180)					14,156,031
Total Investments – 121.0%(n) (Cost $336,142,986)					333,365,899
Liabilities in Excess of Other Assets – (21.0)%					(57,837,038	)
TOTAL NET ASSETS – 100.0%				$	275,528,861
The following notes should be read in conjunction with the accompanying Consolidated Schedule of Investments.

(a)	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 that reference LIBOR that have transitioned to SOFR as the base lending rate.
(b)	These securities are characterized as Level 3 securities within the disclosure hierarchy.  Level 3 security values are determined using significant unobservable inputs. As of September 30, 2024, the total value of all such securities was $66,608,337 or 24.2% of net assets.
(c)	Paid in kind security which may pay interest in additional par.
(d)	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, 2024, the total value of all such securities was $136,139,183 or 49.4% of net assets.
(e)	These assets are held in the Oaktree Diversified Income Fund (Cayman) Ltd., a Cayman Islands exempted company and wholly-owned subsidiary of the Fund.
(f)	Restricted security.  Purchased in a private placement transaction; resale to the public may require registration.  As of September 30, 2024, the total value of all such securities was $3,206,666 or 1.2% of net assets.
(g)	Regulation S security. These securities may be subject to transfer restrictions as defined by Regulation S. As of September 30, 2024, the total value of all such securities was $405,502 or 0.1% of net assets.
(h)	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, 2024.
(i)	Issuer is currently in default on its regularly scheduled interest payment.
(j)	Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of September 30, 2024.
(k)	As of September 30, 2024, 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. All values are reflected at par.

Company	Investment Type	Total revolving and delayed draw loan commitments (000s)		Less: funded commitments (000s)		Total unfunded commitments (000s) (Note 10)
Amspec Parent	First Lien Delay Draw Term Loan	$	226	$	—	$	226
Amspec Parent LLC	Revolver		212		2		210
ASP-r-pac Acquisition Company LLC	First Lien Revolver		206		120		86
Avalara, Inc.	First Lien Revolver		249		—		249
Bioxcel Therapeutics, Inc.	First Lien Tranche B Delay Draw Term Loan		250		—		250
Bioxcel Therapeutics, Inc.	First Lien Tranche C Delay Draw Term Loan		376		—		376
Bioxcel Therapeutics, Inc.	Tranche D Delay Draw Term Loan		626		—		626
CentralSquare Technologies	First Lien Revolver		66		—		66
Cersei Parent Holdings LLC	First Lien Revolver		46		15		31
Cersei Parent Holdings LLC	First Lien Revolver		93		32		61
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
Evergreen IX Borrower	First Lien Revolver		127		—		127
Finastra Group Holdings Ltd	First Lien Revolver		152		70		82
Galileo Parent, Inc.	First Lien Revolver		12		8		4
Galileo Parent, Inc.	First Lien Revolver		54		37		17
GASL Bermuda	Tranche B-1 Revolver		3,100		1,312		1,788
Grove Hotel Parcel Owner LLC	Revolver		175		—		175
ICIMS, Inc.	Delay Draw Term Loan		294		—		294
ICIMS, Inc.	First Lien Revolver		18		6		12
Inspira	First Lien Delay Draw Term Loan		172		—		172
Inspira	First Lien Revolver		103		—		103
Integrity Marketing Acquisition LLC	Revolver		235		—		235
Integrity Marketing Acquisition LLC	First Lien Delay Draw Term Loan		1,259		—		1,259
Inventus Power, Inc.	First Lien Revolver		94		—		94
Kings Buyer LLC	First Lien Revolver		310		124		186
Legends Hospitality Holding Co.	First Lien Delay Draw Term Loan		76		—		76
Legends Hospitality Holding Co.	First Lien Revolver		152		—		152
LSL Holdco LLC	First Lien Revolver		266		202		64
Maxar	First Lien Revolver		17		12		5
Monotype Imaging Holdings	Revolver		176		—		176
Monotype Imaging Holdings	Delay Draw Term Loan		117		—		117
MRI Software LLC			292		72		220
MRI Software LLC	First Lien Revolver		166		—		166
Next Holdco LLC	First Lien Delay Draw Term Loan		213		—		213
Next Holdco LLC	First Lien Revolver		80		—		80
NFM & J LP	First Lien Revolver		64		3		61
NFM & J LP	First Lien Revolver		46		3		43
NFM & J LP	First Lien Delay Draw Term Loan		116		3		113
NFM & J LP	First Lien Delay Draw Term Loan		159		5		154
Petvet Care Centers LLC	First Lien Revolver		307		—		307
Petvet Care Centers LLC	First Lien Delay Draw Term Loan		307		—		307
PFNY Holdings LLC	First Lien Revolver		173		—		173
Pluralsight Inc	First Lien Delay Draw Term Loan		60		—		60
Pluralsight Inc	First Lien Revolver		24		—		24
Protein For Pets Opco	Revolver		103		—		103
Seres Therapeutics, Inc.	Tranche B Delay Draw Term Loan		329		—		329
Seres Therapeutics, Inc.	Tranche C Delay Draw Term Loan		329		—		329
Sorenson Communications	Revolver		198		—		198

Truck-Lite Company	First Lien Delay Draw Term Loan		105		—		105
Truck-Lite Company	First Lien Revolver		55		1		54
Truck-Lite Company	First Lien Revolver		50		1		49
USIC Holdings Inc	First Lien Revolver		150		73		77
USIC Holdings Inc	First Lien Delay Draw Term Loan		85		2		83
USIC Holdings Inc	First Lien Revolver		32		15		17
WP CPP Holdings	First Lien Revolver		90		—		90
		$	13,160	$	2,118	$	11,042

(l)The rate shown represents the seven-day yield as of September 30, 2024.

(m)             The rate shown is the effective yield.

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

Forward Currency Contracts:
As of September 30, 2024, the following forward currency contracts were outstanding:
Settlement Date	Currency Purchased	Currency Sold	Counterparty	Unrealized Appreciation (Depreciation)
10/17/2024	38,943,480 USD	35,907,730 EUR	State Street Bank & Trust Co.	$	(1,057,256	)
10/17/2024	359,726 EUR	393,305 USD	State Street Bank & Trust Co.		7,426
10/17/2024	3,541,229 USD	2,763,320 GBP	State Street Bank & Trust Co.		(153,161	)
10/17/2024	364,998 GBP	484,505 USD	State Street Bank & Trust Co.		3,475
10/17/2024	68,482 USD	10,856,250 JPY	State Street Bank & Trust Co.		(7,246	)
10/17/2024	10,856,250 JPY	77,305 USD	State Street Bank & Trust Co.		(1,577	)
10/17/2024	1,794,212 USD	2,700,000 AUD	State Street Bank & Trust Co.		(72,975	)
10/17/2024	91,235 AUD	61,606 USD	State Street Bank & Trust Co.		1,488
				$	(1,279,826	)

Futures Contracts:
As of September 30, 2024, the following futures contracts were outstanding:
Description	Contracts Purchased		Expiration Date	Notional		Unrealized Appreciation (Depreciation)
U.S. Treasury 2 Year Note		133	12/31/2024	$	27,696,211	$	(17,093	)

Abbreviations:
CMT	Constant Maturity Treasury Rate
EURIBOR	Euro Interbank Offered Rate
LIBOR	London Interbank Offered Rates
LLC	Limited Liability Corporation
LP	Limited Partnership
PIK	Payment-in Kind
PLC	Public Limited Company
REIT	Real Estate Investment Trust
SOFR	Secured Overnight Financial Rate
SONIA	Sterling Overnight Index Average

Currencies:
GBP	British Pound
EUR	Euro
JPY	Japanese Yen
USD	US Dollar

Oaktree Diversified Income Fund Inc.

Notes to Consolidated Schedule of Investments

September 30, 2024 (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 Secured Overnight Financing Rate, “SOFR,” 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.

Financial Futures Contracts: A futures contract is an agreement between two parties to buy and sell a financial instrument for a set price on a future date. Initial margin deposits are made upon entering into futures contracts and can be either cash or securities. During the period the futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by “marking-to-market” on a daily basis to reflect the market value of the contract at the end of each day’s trading. Variation margin payments are made or received, depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract.

The Fund invests in financial futures contracts to hedge against fluctuations in the value of portfolio securities caused by changes in prevailing market interest rates. Should interest rates move unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. The Fund is at risk that it may not be able to close out a transaction because of an illiquid market.

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)

Oaktree Diversified Income Fund Inc.
The following table summarizes the Fund’s investments valuation inputs categorized in the disclosure hierarchy as of September 30, 2024:
	Level 1			Level 2			Level 3		Total
Corporate Credit
Senior Loans (Syndicated)	$	–		$	89,814,128		$	3,365,657	$	93,179,785
High Yield		–			66,266,230			–		66,266,230
Emerging Markets		–			2,479,177			–		2,479,177
Convertible Bonds		–			1,186,057			–		1,186,057
Emerging Market
Senior Loans (Syndicated)		–			1,522,965			–		1,522,965
High Yield		–			3,582,490			–		3,582,490
Structured Credit
Collateralized Loan Obligations		–			46,676,498			–		46,676,498
Commercial Mortgage-Backed Securities		–			12,687,608			227,468		12,915,076
High Yield		–			1,178,123			–		1,178,123
Residential Mortgage-Backed Securities		–			9,859,771			–		9,859,771
Asset-Backed Securities		–			17,049,915			1,601,430		18,651,345
Private Credit
Senior Loans		–			298,569			49,659,048		49,957,617
Senior Loans (Syndicated)		–			–			4,958,072		4,958,072
High Yield		–			–			1,205,421		1,205,421
Preferred Stock		–			–			2,522,722		2,522,722
Common Stock		–			–			248,500		248,500
Warrants		–			–			111,689		111,689
Private Placement Bond		–			–			1,813,825		1,813,825
Private Placement Equity		–			–			894,505		894,505
Short-Term Investments
Money Market Fund		3,189,184			–			–		3,189,184
US Treasury Bill		–			10,966,847			–		10,966,847
Total Investments	$	3,189,184		$	263,568,378		$	66,608,337	$	333,365,899
Other Financial Instruments:(1)	Level 1			Level 2			Level 3		Total
Assets
Unfunded Loan Commitments	$	–		$	–		$	7,138	$	7,138
Liabilities
Forward Currency Contracts		–			(1,279,826	)		–		(1,279,826	)
Futures Contracts		(17,093	)		–			–		(17,093	)
Total Liabilities		(17,093	)		(1,279,826	)		–		(1,296,919	)
Total	$	(17,093	)	$	(1,279,826	)	$	7,138	$	(1,289,781	)
For further information regarding security characteristics, see the Consolidated Schedule of Investments.

⁽¹⁾  Forward currency contracts, futures contracts and unfunded loan commitments are reflected at the net unrealized appreciation (depreciation) on the instruments.

The Fund used valuation approaches consistent with the income approach and market approach to determine fair value of certain Level 3 assets as of September 30, 2024. The valuation methodologies utilized by the Fund included discounted cash flows analysis, recent transaction analysis, market yield analysis and market comparable analysis and are described below.

The discounted cash flows analysis utilizes a discounted cash flow method that incorporates expected timing and level of cash flows, as well as assumptions in determining growth rates, income and expense projections, discount rates, capital structure, terminal values and other factors. The applicability and weight assigned to the income technique is determined based on the availability of reliable projections and comparable companies and transactions.

The recent transaction analysis utilizes recent or expected future transactions of the investment to determine fair value, to the extent applicable.

The market yield analysis utilizes expected future cash flows, discounted using estimated current market rates. Discounted cash flow calculations may be adjusted to reflect current market conditions and/or the perceived credit risk of the borrowers. Consideration is also given to a borrower’s ability to meet principal and interest obligations; this may include an evaluation of collateral or the underlying value of the borrower, utilizing either the market or income techniques.

The market comparable analysis utilizes valuations of comparable public companies or transactions and generally seeks to establish the enterprise value of the portfolio company using a market multiple technique. This technique takes into account a specific financial measure (such as earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted EBITDA, free cash flow, net operating income, net income, book value or net asset value) believed to be most relevant for the given company. Consideration may also be given to such factors as acquisition price of the security, historical and projected operational and financial results for the portfolio company, the strengths and weaknesses of the portfolio company relative to its comparable companies, industry trends, general economic and market conditions and other factors deemed relevant. The applicability and weight assigned to the market technique is determined based on the availability of reliable projections and comparable companies and transactions.

The Fund may estimate the fair value of privately held warrants using a Black Scholes pricing model, which includes an analysis of various factors and subjective assumptions, including the current stock price (by using an enterprise value analysis as described above), the expected period until exercise, expected volatility of the underlying stock price, expected dividends and the risk-free rate. Changes in the subjective input assumptions can materially affect the fair value estimates.

The fair value of the Fund’s credit facility, which qualifies as a financial instrument under ASC Topic 825, Disclosures about Fair Values of Financial Instruments, approximates the carrying amount of $59,000,000 for the credit facility presented in the Consolidated Statement of Assets and Liabilities. As of September 30, 2024, this financial instrument is categorized as Level 2 within the disclosure hierarchy.

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, 2024.

		Value as of September 30, 2024	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)	$	3,365,657	Income Approach	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	10.0%-19.0%	Decrease
						(14.0%)
Structured Credit
Commercial Mortgage-Backed Securities	$	227,468	Market Approach	Market Comparables	Market Quotes	$38.95	Increase
						($38.95)
Asset-Backed Securities	$	1,601,430	Market Approach	Market Comparables	Market Quotes	$98.80	Increase
						($98.80)
Private Credit
Senior Loans	$	49,659,048	Income Approach	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	7.0%-18.0%	Decrease
						(11.2%)
			Market Approach	Comparable Companies	Earnings Multiple	1.9x-2.1x (2.0x)	Increase
			Market Approach	Market Comparables	Market Quotes	$100.00	Increase
						($100.00)
Senior Loans (Syndicated)	$	4,958,072	Income Approach	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	8.0%-11.0% (9.8%)	Decrease
High Yield	$	1,205,421	Market Approach	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	11.0%-13.0%	Decrease
						(12.0%)
Preferred Stock	$	2,522,722	Income Approach	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	14.0%-18.0%	Decrease
						(15.2%)
Common Stock	$	248,500	Market Approach	Comparable Companies	Earnings Multiple	6x-8x (7x)	Increase
Warrants	$	111,689	Other	Black Scholes	Volatility	80.0%-120.0%	Increase
						(95.1)%
Private Placement Bond	$	1,813,825	Market Approach	Market Comparables	Market Quotes	$69.13	Increase
						($69.13)
Private Placement Equity	$	894,505	Income Approach	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	13.0%-15.0%	Decrease
						(14.0%)
			Market Approach	Market Comparables	Market Quotes	$3.34	Increase
						($3.34)
Total	$	66,608,337
(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			Structured Credit			Private Credit			Total
Balance as of December 31, 2023	$	3,393,166		$	272,728		$	50,449,054		$	54,114,948
Accrued discounts (premiums)		2,646			11,162			106,529			120,337
Realized gain (loss)		1,582			1,766			83,135			86,483
Change in unrealized appreciation (depreciation)		(38,195	)		(35,138	)		1,633,539			1,560,206
Purchases at cost/ corporate actions		-			1,657,500			24,738,337			26,395,837
Sales proceeds		(1,433,599	)		(79,120	)		(17,220,722	)		(18,733,441	)
Transfers into Level 3		1,440,057			-			1,623,910			3,063,967	(1)
Balance as of September 30, 2024	$	3,365,657		$	1,828,898		$	61,413,782		$	66,608,337
Change in unrealized appreciation (depreciation) for Level 3 assets still held at the reporting date	$	(38,195	)	$	(48,735	)	$	749,466		$	662,536
(1) Security transferred into Level 3 due to a decrease in observable inputs.

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, 2025. 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 0.35% on the Credit Facility that is unused. For the nine months ended September 30, 2024, the Fund amortized $114,736 in deferred debt issuance costs. As of September 30, 2024, the Fund had $192,257 in unamortized deferred debt issuance. The remaining unamortized deferred debt issuance costs are being amortized through December 31, 2025.

As of September 30, 2024, the Fund had outstanding borrowings of $59,000,000. For the nine months ended September 30, 2024, 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	$2,218,312
Unused commitment fees	$91,448
Amortization of debt issuance costs	$114,736
Total interest expense and credit facility fees	$2,424,496
Average stated interest rate	7.17%
Average outstanding balance	$40,671,533

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, 2024, the Fund was in compliance with the terms of the Credit Facility.