DoubleLine Opportunistic Credit Fund   (Unaudited)
Schedule of Investments   December 31, 2024

 

 PRINCIPAL AMOUNT
$/SHARES		   SECURITY DESCRIPTION   RATE  MATURITY   VALUE $ 
 ASSET BACKED OBLIGATIONS - 1.5%             
     Blue Stream Communications LLC             
 500,000   Series 2023-1A-C   8.90%(a)  05/20/2053   505,804 
     Compass Datacenters LLC             
 500,000   Series 2024-1A-B   7.00%(a)  02/25/2049   504,210 
     Jimmy Johns LLC             
 1,116,250   Series 2017-1A-A2II   4.85%(a)  07/30/2047   1,094,865 
     Lendingpoint Asset Securitization Trust             
 1,000,000   Series 2022-B-B   5.99%(a)  10/15/2029   943,706 
     Sierra Timeshare Conduit Receivables Funding LLC             
 233,119   Series 2023-2A-D   9.72%(a)  04/20/2040   238,646 
     SoFi Professional Loan Program LLC             
 20,000   Series 2018-A-R1   0.00%(a)(b)(c)  02/25/2042   151,290 
 5,930   Series 2018-A-R2   0.00%(a)(b)(c)  02/25/2042   44,857 
     Upstart Pass-Through Trust Series             
 1,000,000   Series 2021-ST5-CERT   0.00%(a)(b)(c)  07/20/2027   158,434 
     Willis Lease Finance Corp.             
 539,465   Series 2021-A-C   7.39%(a)  05/15/2046   535,458 
     Total Asset Backed Obligations (Cost $4,147,314)           4,177,270 
 BANK LOANS - 13.5%             
     AAdvantage Loyalty IP Ltd.             
 259,000   Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.75%, 0.75% Floor)   9.63%  04/20/2028   266,329 
     Access CIG LLC             
 563,160   Senior Secured First Lien Term Loan (3 mo. SOFR US + 5.00%, 0.50% Floor)   9.59%  08/18/2028   569,343 
     Acrisure LLC             
 405,383   Senior Secured Term Loan (1 mo. Term SOFR + 3.25%, 0.00% Floor)   7.36%  11/06/2030   406,554 
     Acuris Finance US, Inc.             
 312,792   Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.75%, 0.00% Floor)   8.08%  02/16/2028   315,246 
     ADMI Corp.             
 643,500   Senior Secured First Lien Term Loan (1 mo. SOFR US + 5.75%, 0.00% Floor)   10.11%  12/23/2027   647,522 
     Allied Universal Holdco LLC             
 501,115   Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.75%, 0.50% Floor)   8.21%  05/15/2028   503,375 
     Altice France SA             
 138,942   Senior Secured First Lien Term Loan (3 mo. SOFR US + 5.50%, 0.00% Floor)   10.16%  08/31/2028   111,953 
     Alvaria Holdco (Aspect Software) Second-Out T/L             
 6,409   Senior Secured First Lien Term Loan (1 mo. SOFR US + 1.00% or 5.50% PIK, 0.75% Floor)   5.46%  05/05/2028   2,676 
 121,730   Senior Secured First Lien Term Loan (1 mo. SOFR US + 1.00%, 0.75% Floor)   5.46%  05/05/2028   50,822 
     Alvaria Holdco (Aspect Software) Third-Out T/L A             
 284,280   Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.00%, 0.00% Floor)   6.46%  05/05/2028   12,793 
 12,620   Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.00% or 6.50% PIK, 0.75% Floor)   6.46%  05/05/2028   568 
     American Tire Distributors, Inc.             
 419,250   Senior Secured First Lien Term Loan (3 mo. SOFR US + 8.25%, 0.75% Floor)   13.16%(d)  10/23/2028   188,662 
     Applied Systems, Inc.             
 170,000   Senior Secured Second Lien Term Loan (3 mo. SOFR US + 5.25%, 0.00% Floor)   9.85%  02/23/2032   175,191 
 

 

 PRINCIPAL AMOUNT
$/SHARES		   SECURITY DESCRIPTION   RATE  MATURITY   VALUE $ 
     Apro LLC             
 269,325   Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.75%, 0.00% Floor)   8.27%  07/09/2031   272,298 
     Artera Services LLC             
 501,209   Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.50%, 0.00% Floor)   8.83%  02/10/2031   497,694 
     Ascend Learning LLC             
 792,174   Senior Secured Second Lien Term Loan (1 mo. SOFR US + 5.75%, 0.50% Floor)   10.21%  12/10/2029   787,718 
     Aspire Bakeries Holdings LLC             
 164,585   Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.25%, 0.00% Floor)   8.61%  12/23/2030   166,437 
     Astra Acquisition Corp.             
 90,847   Senior Secured First Lien Term Loan (3 mo. SOFR US + 6.75%, 2.00% Floor)   11.35%  02/25/2028   61,095 
 144,415   Senior Secured First Lien Term Loan (3 mo. SOFR US + 5.25%, 2.00% Floor)   9.85%  10/25/2028   10,591 
     Asurion LLC             
 110,000   Senior Secured Second Lien Term Loan (1 mo. SOFR US + 5.25%, 0.00% Floor)   9.94%  02/03/2028   107,761 
 450,000   Senior Secured Second Lien Term Loan (1 mo. SOFR US + 5.25%, 0.00% Floor)   9.72%  01/22/2029   435,690 
     Aveanna Healthcare LLC             
 825,000   Senior Secured Second Lien Term Loan (3 mo. SOFR US + 7.00%, 0.50% Floor)   11.66%  12/10/2029   798,187 
     Bausch + Lomb Corp.             
 132,286   Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.25%, 0.50% Floor)   7.69%  05/10/2027   132,954 
 519,056   Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.00%, 0.00% Floor)   8.33%  09/29/2028   522,464 
     BCPE Empire Holdings, Inc.             
 168,246   Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.50%, 0.50% Floor)   7.86%  12/26/2028   169,386 
     Boxer Parent Co., Inc.             
 545,000   Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.75%, 0.00% Floor)   8.34%  07/30/2031   550,172 
 1,115,000   Senior Secured Second Lien Term Loan (3 mo. SOFR US + 5.75%, 0.00% Floor)   10.34%  07/30/2032   1,100,137 
     Brand Industrial Services, Inc.             
 297,116   Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.50%, 0.50% Floor)   9.07%  08/01/2030   289,716 
     Cengage Learning, Inc.             
 71,125   Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.50%, 1.00% Floor)   7.86%  11/24/2031   71,582 
 122,900   Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.50%, 1.00% Floor)   8.01%  11/24/2031   123,691 
     Central Parent LLC             
 169,575   Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.25%, 0.00% Floor)   7.85%  07/06/2029   167,551 
     ClubCorp Holdings, Inc.             
 426,408   Senior Secured First Lien Term Loan (3 mo. SOFR US + 5.00%, 0.00% Floor)   9.33%  09/18/2026   428,232 
 17,383   Senior Secured First Lien Term Loan (3 mo. SOFR US + 5.00%, 0.00% Floor)   9.33%  09/18/2026   17,457 
     Connect Finco SARL             
 68,050   Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.50%, 0.50% Floor)   7.86%  12/11/2026   67,518 
     Constant Contact, Inc.             
 273,155   Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.00%, 0.75% Floor)   8.92%  02/10/2028   245,498 
     Cornerstone Building Brands, Inc.             
 134,663   Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.50%, 0.50% Floor)   8.90%  05/15/2031   130,076 
     Crosby US Acquisition Corp.             
 129,027   Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.50%, 0.50% Floor)   8.07%  08/16/2029   130,511 
     Crown Finance US, Inc.             
 185,000   Senior Secured First Lien Term Loan (1 mo. SOFR US + 5.25%, 0.00% Floor)   9.80%  12/02/2031   185,318 
 

 

 PRINCIPAL AMOUNT
$/SHARES		   SECURITY DESCRIPTION   RATE  MATURITY   VALUE $ 
     Dcert Buyer, Inc.             
 371,104   Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.00%, 0.00% Floor)   8.36%  10/16/2026   357,449 
     Deerfield Dakota Holding LLC             
 704,043   Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.75%, 1.00% Floor)   8.35%  04/09/2027   690,184 
     Dexko Global, Inc.             
 408,949   Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.75%, 0.50% Floor)   8.34%  10/04/2028   387,636 
     DG Investment Intermediate Holdings 2, Inc.             
 595,000   Senior Secured Second Lien Term Loan (1 mo. SOFR US + 6.75%, 0.75% Floor)   11.22%  03/29/2029   593,792 
     Directv Financing LLC             
 936,093   Senior Secured First Lien Term Loan (3 mo. SOFR US + 5.25%, 0.75% Floor)   10.10%  08/02/2029   920,956 
     Edelman Financial Engines Center LLC             
 870,000   Senior Secured Second Lien Term Loan (1 mo. SOFR US + 5.25%, 0.00% Floor)   9.61%  10/06/2028   878,974 
     Edgewater Generation LLC             
 326,410   Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.25%, 0.00% Floor)   8.61%  08/01/2030   331,424 
     EG America LLC             
 693,062   Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.25%, 0.00% Floor)   8.61%  02/07/2028   698,981 
     Eisner Advisory Group LLC             
 307,107   Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.00%, 0.50% Floor)   8.36%  02/28/2031   311,001 
     Ellucian Holdings, Inc.             
 88,336   Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.00%, 0.00% Floor)   7.36%  10/29/2029   89,042 
 180,000   Senior Secured Second Lien Term Loan (1 mo. SOFR US + 4.75%, 0.00% Floor)   9.11%  11/22/2032   183,901 
     Fertitta Entertainment LLC/NV             
 489,962   Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.50%, 0.50% Floor)   7.86%  01/29/2029   492,387 
     FinThrive Software Intermediate Holdings, Inc.             
 235,000   Senior Secured Second Lien Term Loan (1 mo. SOFR US + 6.75%, 0.50% Floor)   11.47%  12/17/2029   99,640 
     Flynn America LP             
 171,125   Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.50%, 0.50% Floor)   8.97%  07/31/2028   170,697 
 171,125   Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.50%, 0.50% Floor)   8.97%  07/31/2028   170,697 
     Foresight Energy LLC             
 86,390   Senior Secured First Lien Term Loan (3 mo. SOFR US + 8.00%, 1.50% Floor)   12.43%(c)  06/30/2027   68,680 
     Gainwell Acquisition Corp.             
 1,149,602   Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.00%, 0.75% Floor)   8.69%  10/01/2027   1,116,390 
     Garda World Security Corp.             
 292,769   Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.50%, 0.00% Floor)   7.90%  02/01/2029   294,417 
     GIP II Blue Holding LP             
 41,439   Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.75%, 1.00% Floor)   8.11%  09/29/2028   41,784 
     Golden State Foods LLC             
 345,000   Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.25%, 0.00% Floor)   8.77%  12/04/2031   348,503 
     Grant Thornton LLP/Chicago             
 79,800   Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.25%, 0.00% Floor)   7.82%  05/30/2031   79,917 
     Groupe Solmax, Inc.             
 59,606   Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.75%, 0.75% Floor)   9.22%  07/24/2028   55,052 
 85,618   Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.75%, 0.75% Floor)   9.22%  07/24/2028   79,076 
 109,401   Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.75%, 0.75% Floor)   9.34%  07/24/2028   101,042 
 

 

 PRINCIPAL AMOUNT
$/SHARES		   SECURITY DESCRIPTION   RATE  MATURITY   VALUE $ 
 59,457   Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.75%, 0.75% Floor)   9.34%  07/24/2028   54,914 
     Hexion Holdings Corp.             
 694,085   Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.00%, 0.00% Floor)   8.45%  03/15/2029   695,335 
     INEOS US Finance LLC             
 475,209   Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.25%, 0.00% Floor)   7.61%  02/19/2030   477,925 
     INEOS US Petrochem LLC             
 258,050   Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.25%, 0.00% Floor)   8.71%  03/29/2029   260,308 
 790,000   Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.25%, 0.00% Floor)   8.61%  10/07/2031   798,887 
     Kenan Advantage Group, Inc.             
 277,904   Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.25%, 0.00% Floor)   7.61%  01/25/2029   279,989 
     Klockner Pentaplast of America, Inc.             
 308,398   Senior Secured First Lien Term Loan (6 mo. SOFR US + 4.73%, 0.50% Floor)   9.72%  02/09/2026   282,955 
     Kronos Acquisition Holdings, Inc.             
 498,750   Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.00%, 0.00% Floor)   8.58%  07/08/2031   472,254 
     LBM Acquisition LLC             
 704,111   Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.75%, 0.75% Floor)   8.30%  06/06/2031   699,270 
     Lealand Finance Co. BV             
 6,257   Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.00%, 0.00% Floor)   7.47%  06/30/2027   3,191 
 76,151   Senior Secured First Lien Term Loan (1 mo. SOFR US + 1.00%, 0.00% Floor)   5.47%  12/31/2027   30,651 
 16,168   Senior Secured First Lien Term Loan (1 mo. SOFR US + 1.00%, 0.00% Floor)   5.47%  12/31/2027   6,508 
     Lereta LLC             
 115,638   Senior Secured First Lien Term Loan (1 mo. SOFR US + 5.25%, 0.75% Floor)   9.72%  08/07/2028   103,324 
     LifePoint Health, Inc.             
 69,825   Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.50%, 1.00% Floor)   7.96%  05/19/2031   70,065 
 373,127   Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.75%, 0.00% Floor)   8.41%  05/19/2031   374,916 
     Mitchell International, Inc.             
 985,000   Senior Secured Second Lien Term Loan (1 mo. SOFR US + 5.25%, 0.00% Floor)   9.82%  06/17/2032   976,795 
     MLN US Holdco LLC             
 155,000   Senior Secured Second Lien Term Loan (3 mo. SOFR US + 8.75%, 0.00% Floor)   13.20%  11/30/2026   4,973 
     Modena Buyer LLC             
 315,000   Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.50%, 0.00% Floor)   9.10%  07/01/2031   305,887 
     Monogram Food Solutions LLC             
 523,650   Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.00%, 0.50% Floor)   8.47%  08/28/2028   517,105 
     Natgasoline LLC             
 194,468   Senior Secured First Lien Term Loan (6 mo. SOFR US + 3.50%, 0.00% Floor)   9.02%  11/14/2025   193,496 
     Needle Holdings LLC             
 29,886   Senior Secured First Lien Term Loan (3 mo. SOFR US + 9.50%, 0.00% Floor)   14.10%  04/28/2028   23,162 
     NEP Group, Inc.             
 803,151   Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.25% + 1.50% PIK, 0.00% Floor)   8.12%  08/19/2026   736,088 
 21,123   Senior Secured First Lien Term Loan (1 mo. SOFR US + 1.00% or 6.50% PIK, 0.75% Floor)   8.12%  08/19/2026   19,359 
 110,000   Senior Secured Second Lien Term Loan (1 mo. SOFR US + 7.00%, 0.00% Floor)   11.62%  10/19/2026   89,532 
     NGL Energy Operating LLC             
 79,400   Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.75%, 0.00% Floor)   8.32%  02/03/2031   79,739 
 

 

 PRINCIPAL AMOUNT
$/SHARES		   SECURITY DESCRIPTION   RATE  MATURITY   VALUE $ 
     OneDigital Borrower LLC             
 675,000   Senior Secured Second Lien Term Loan (1 mo. SOFR US + 5.25%, 0.50% Floor)   9.61%  07/02/2032   673,525 
     Ontario Gaming GTA LP             
 942,620   Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.25%, 0.50% Floor)   8.89%  08/01/2030   945,735 
     Par Petroleum LLC             
 363,527   Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.75%, 0.50% Floor)   8.33%  02/28/2030   363,073 
     Polar US Borrower LLC             
 33   Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.75%, 0.00% Floor)   9.98%  10/15/2028   24 
 27,081   Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.75%, 0.00% Floor)   9.98%  10/15/2028   19,661 
 26,914   Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.75%, 0.00% Floor)   9.98%  10/15/2028   19,539 
 33   Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.75%, 0.00% Floor)   9.98%  10/15/2028   24 
     Polaris Newco LLC             
 532,244   Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.00%, 0.50% Floor)   8.85%  06/05/2028   533,875 
     Pretium PKG Holdings, Inc.             
 310,000   Senior Secured Second Lien Term Loan (3 mo. SOFR US + 6.75%, 0.50% Floor)   11.53%  10/01/2029   116,605 
     Pretzel Parent T/L B             
 150,000   Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.50%, 0.00% Floor)   8.86%  10/01/2031   151,500 
     Radiology Partners, Inc.             
 9,611   Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.50% + 1.50% PIK, 0.00% Floor)   8.28%  01/31/2029   9,523 
 437,085   Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.50% + 1.50% PIK, 0.00% Floor)   8.28%  01/31/2029   433,042 
     Restaurant Technologies, Inc.             
 85,692   Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.25%, 0.50% Floor)   8.85%  04/02/2029   84,326 
 85,692   Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.25%, 0.50% Floor)   8.85%  04/02/2029   84,327 
 897,216   Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.25%, 0.50% Floor)   8.85%  04/02/2029   882,919 
     Skillsoft Finance II, Inc.             
 147,519   Senior Secured First Lien Term Loan (1 mo. SOFR US + 5.25%, 0.75% Floor)   9.72%  07/14/2028   129,888 
     Sound Inpatient Physicians Holdings LLC             
 190,000   Senior Secured Term Loan (3 mo. Term SOFR + 6.75%, 0.00% Floor)   11.26%  06/29/2026   30,638 
     Staples, Inc.             
 174,563   Senior Secured First Lien Term Loan (3 mo. SOFR US + 5.75%, 0.50% Floor)   10.18%  09/10/2029   167,281 
     StubHub Holdco Sub LLC             
 865,593   Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.75%, 0.00% Floor)   9.11%  03/15/2030   868,839 
     Team Health Holdings, Inc.             
 650,153   Senior Secured First Lien Term Loan (3 mo. SOFR US + 5.25%, 1.00% Floor)   9.84%  03/02/2027   630,404 
     Titan Acquisition Ltd./Canada             
 761,175   Senior Secured First Lien Term Loan (6 mo. SOFR US + 4.50%, 0.00% Floor)   8.78%  02/15/2029   768,551 
     Travelport Finance Luxembourg Sarl             
 129,624   Senior Secured First Lien Term Loan (3 mo. SOFR US + 1.41%, 1.00% Floor)   11.32%  09/29/2028   121,725 
 395,415   Senior Secured First Lien Term Loan (3 mo. SOFR US + 1.41%, 1.00% Floor)   11.32%  09/29/2028   371,318 
     Trident TPI Holdings, Inc.             
 148,871   Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.75%, 0.50% Floor)   8.19%  09/18/2028   150,394 
     Triton Water Holdings, Inc.             
 386,993   Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.25%, 0.50% Floor)   7.84%  03/31/2028   390,526 
 

 

 PRINCIPAL AMOUNT
$/SHARES		   SECURITY DESCRIPTION   RATE  MATURITY   VALUE $ 
     United Natural Foods, Inc.             
 278,600   Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.75%, 0.00% Floor)   9.44%  05/01/2031   283,684 
     Univision Communications, Inc.             
 532,856   Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.25%, 0.50% Floor)   8.85%  06/25/2029   536,021 
     Vantage Specialty Chemicals, Inc.             
 676,873   Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.75%, 0.50% Floor)   9.11%  10/26/2026   670,951 
     Verde Purchaser LLC             
 119,699   Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.50%, 0.00% Floor)   9.10%  11/29/2030   120,223 
     Vibrantz Technologies, Inc.             
 245,643   Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.25%, 0.50% Floor)   9.06%  04/23/2029   242,642 
     Victra Holdings LLC             
 237,464   Senior Secured First Lien Term Loan (1 mo. SOFR US + 5.25%, 0.75% Floor)   9.61%  03/29/2029   240,878 
     Vortex Opco LLC             
 139,055   Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.25%, 0.50% Floor)   9.03%  12/17/2028   88,369 
     Wand NewCo 3, Inc.             
 80,734   Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.25%, 0.00% Floor)   7.61%  01/30/2031   81,165 
 134,129   Senior Secured First Lien Term Loan (1 mo. SOFR US + 3.25%, 0.00% Floor)   7.61%  01/30/2031   134,846 
     WaterBridge Midstream Operating LLC             
 488,775   Senior Secured First Lien Term Loan (3 mo. SOFR US + 4.75%, 0.00% Floor)   9.08%  06/27/2029   487,553 
     WestJet Loyalty LP             
 248,125   Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.25%, 0.00% Floor)   7.58%  02/14/2031   249,455 
     Total Bank Loans (Cost $39,313,979)           37,922,067 
 COLLATERALIZED LOAN OBLIGATIONS - 29.5%             
     Allegany Park CLO Ltd.             
 1,000,000   Series 2019-1A-ER (3 mo. Term SOFR + 6.40%, 6.40% Floor)   11.02%(a)  01/20/2035   1,009,585 
     Atlas Senior Loan Fund Ltd.             
 1,700,000   Series 2019-14A-D (3 mo. Term SOFR + 4.16%, 3.90% Floor)   8.78%(a)  07/20/2032   1,713,811 
     Babson CLO Ltd./Cayman Islands             
 1,000,000   Series 2018-3A-E (3 mo. Term SOFR + 6.01%, 0.00% Floor)   10.63%(a)  07/20/2029   1,007,318 
 2,500,000   Series 2019-1A-DR (3 mo. Term SOFR + 3.91%, 3.65% Floor)   8.57%(a)  04/15/2035   2,522,487 
 1,500,000   Series 2019-1A-ER (3 mo. Term SOFR + 7.12%, 6.86% Floor)   11.78%(a)  04/15/2035   1,505,674 
 1,000,000   Series 2019-2A-D1RR (3 mo. Term SOFR + 2.90%, 2.90% Floor)   7.37%(a)  01/15/2038   1,014,902 
     Bain Capital Credit CLO             
 500,000   Series 2019-3A-DR (3 mo. Term SOFR + 3.36%, 3.36% Floor)   7.98%(a)  10/21/2034   504,430 
 4,000,000   Series 2022-5A-DR (3 mo. Term SOFR + 4.25%, 4.25% Floor)   8.88%(a)  01/24/2037   4,101,395 
     Beechwood Park CLO Ltd.             
 5,000,000   Series 2019-1A-DR (3 mo. Term SOFR + 3.10%, 3.10% Floor)   7.75%(a)  01/17/2035   5,044,161 
     Blackstone, Inc.             
 500,000   Series 2017-1A-DR (3 mo. Term SOFR + 3.11%, 2.85% Floor)   7.77%(a)  10/15/2030   503,708 
 1,000,000   Series 2018-1A-E (3 mo. Term SOFR + 5.21%, 0.00% Floor)   9.87%(a)  04/15/2031   1,005,219 
     BlueMountain CLO Ltd.             
 1,000,000   Series 2013-2A-DR (3 mo. Term SOFR + 3.16%, 0.00% Floor)   7.79%(a)  10/22/2030   1,007,622 
     Canyon Capital CLO Ltd.             
 1,700,000   Series 2014-1A-CR (3 mo. Term SOFR + 3.01%, 2.75% Floor)   7.60%(a)  01/30/2031   1,713,671 
 1,000,000   Series 2017-1A-DR (3 mo. Term SOFR + 3.26%, 3.00% Floor)   7.92%(a)  07/15/2030   1,007,391 
 1,000,000   Series 2017-1A-E (3 mo. Term SOFR + 6.51%, 0.00% Floor)   11.17%(a)  07/15/2030   996,268 
 2,250,000   Series 2021-1A-E (3 mo. Term SOFR + 6.67%, 6.41% Floor)   11.33%(a)  04/15/2034   2,226,189 
     Canyon CLO             
 1,500,000   Series 2018-1A-E (3 mo. Term SOFR + 6.01%, 5.75% Floor)   10.67%(a)  07/15/2031   1,502,460 
     Carlyle Group, Inc.             
 2,000,000   Series 2013-1A-CR (3 mo. Term SOFR + 3.61%, 0.00% Floor)   8.13%(a)  08/14/2030   2,016,396 
 1,500,000   Series 2015-5A-DR (3 mo. Term SOFR + 6.96%, 6.70% Floor)   11.58%(a)  01/20/2032   1,494,394 
 

 

 PRINCIPAL AMOUNT
$/SHARES		   SECURITY DESCRIPTION   RATE  MATURITY   VALUE $ 
     Cathedral Lake CLO Ltd.             
 500,000   Series 2021-8A-C (3 mo. Term SOFR + 2.88%, 2.62% Floor)   7.50%(a)  01/20/2035   502,526 
     Dryden Senior Loan Fund             
 1,500,000   Series 2015-37A-ER (3 mo. Term SOFR + 5.41%, 5.15% Floor)   10.07%(a)  01/15/2031   1,443,138 
 1,200,000   Series 2015-38A-ER (3 mo. Term SOFR + 5.86%, 5.60% Floor)   10.52%(a)  07/15/2030   1,182,214 
 2,000,000   Series 2015-40A-ER (3 mo. Term SOFR + 6.01%, 5.75% Floor)   10.54%(a)  08/15/2031   1,867,109 
 500,000   Series 2017-50A-D (3 mo. Term SOFR + 3.51%, 3.25% Floor)   8.17%(a)  07/15/2030   503,808 
     Goldentree Loan Opportunities Ltd.             
 500,000   Series 2018-3A-D (3 mo. Term SOFR + 3.11%, 0.00% Floor)   7.73%(a)  04/20/2030   503,725 
     Highbridge Loan Management Ltd.             
 1,000,000   Series 11A-17-E (3 mo. Term SOFR + 6.36%, 0.00% Floor)   10.89%(a)  05/06/2030   932,951 
 1,000,000   Series 2013-2A-CR (3 mo. Term SOFR + 3.16%, 2.90% Floor)   7.78%(a)  10/20/2029   1,007,562 
     Katayma CLO Ltd.             
 1,000,000   Series 2024-2A-D (3 mo. Term SOFR + 4.50%, 4.50% Floor)   9.12%(a)  04/20/2037   1,025,684 
     LCM LP             
 2,500,000   Series 26A-E (3 mo. Term SOFR + 5.56%, 5.30% Floor)   10.18%(a)  01/20/2031   1,967,341 
     Madison Park Funding Ltd.             
 850,000   Series 2014-14A-ER (3 mo. Term SOFR + 6.06%, 5.80% Floor)   10.69%(a)  10/22/2030   848,649 
 1,500,000   Series 2016-22A-ER (3 mo. Term SOFR + 6.96%, 6.70% Floor)   11.62%(a)  01/15/2033   1,505,077 
 1,000,000   Series 9A-DR (3 mo. Term SOFR + 3.86%, 0.00% Floor)   8.38%(a)  05/28/2030   1,009,711 
     Magnetite CLO Ltd.             
 1,500,000   Series 2019-24A-DR (3 mo. Term SOFR + 3.05%, 3.05% Floor)   7.71%(a)  04/15/2035   1,513,114 
 1,000,000   Series 2019-24A-ER (3 mo. Term SOFR + 6.40%, 6.40% Floor)   11.06%(a)  04/15/2035   1,008,396 
 500,000   Series 2022-33A-DR (3 mo. Term SOFR + 3.00%, 3.00% Floor)   7.62%(a)  10/20/2037   510,086 
     Marble Point CLO             
 500,000   Series 2021-3A-D1 (3 mo. Term SOFR + 3.76%, 3.50% Floor)   8.41%(a)  10/17/2034   504,586 
     Neuberger Berman CLO Ltd.             
 1,000,000   Series 2017-16SA-ER (3 mo. Term SOFR + 6.51%, 6.25% Floor)   11.17%(a)  04/15/2034   1,008,444 
 2,000,000   Series 2019-32A-DR (3 mo. Term SOFR + 2.96%, 2.70% Floor)   7.58%(a)  01/20/2032   2,009,993 
     Ocean Trails CLO             
 920,000   Series 2014-5A-DRR (3 mo. Term SOFR + 3.71%, 3.45% Floor)   8.37%(a)  10/13/2031   926,787 
     Octagon Investment Partners Ltd.             
 2,500,000   Series 2014-1A-CR3 (3 mo. Term SOFR + 3.01%, 2.75% Floor)   7.53%(a)  02/14/2031   2,522,271 
 4,000,000   Series 2014-1A-DRR (3 mo. Term SOFR + 7.26%, 7.00% Floor)   11.78%(a)  02/14/2031   4,015,899 
 1,000,000   Series 2016-1A-DR (3 mo. Term SOFR + 3.11%, 3.11% Floor)   7.77%(a)  07/15/2030   1,007,461 
 1,000,000   Series 2016-1A-FR (3 mo. Term SOFR + 8.35%, 8.35% Floor)   13.01%(a)  07/15/2030   730,107 
 500,000   Series 2017-1A-CR (3 mo. Term SOFR + 3.56%, 0.00% Floor)   8.18%(a)  03/17/2030   503,828 
 2,000,000   Series 2017-1A-SUB   0.00%(a)(b)(c)(e)  03/17/2030   254,420 
 1,500,000   Series 2018-1A-D (3 mo. Term SOFR + 5.46%, 5.20% Floor)   10.08%(a)  01/20/2031   1,478,291 
 900,000   Series 2018-3A-E (3 mo. Term SOFR + 6.01%, 5.75% Floor)   10.63%(a)  10/20/2030   907,931 
 1,000,000   Series 2019-1A-DR (3 mo. Term SOFR + 3.51%, 3.25% Floor)   8.17%(a)  10/15/2034   1,008,672 
     RR Ltd./Cayman Islands             
 500,000   Series 2017-2A-DR (3 mo. Term SOFR + 6.06%, 5.80% Floor)   10.72%(a)  04/15/2036   504,523 
 1,000,000   Series 2019-6A-DR (3 mo. Term SOFR + 6.11%, 5.85% Floor)   10.77%(a)  04/15/2036   1,005,889 
     Sound Point CLO Ltd.             
 2,500,000   Series 2019-2A-DR (3 mo. Term SOFR + 3.56%, 3.30% Floor)   8.22%(a)  07/15/2034   2,521,398 
 2,000,000   Series 2020-1A-DR (3 mo. Term SOFR + 3.61%, 3.61% Floor)   8.23%(a)  07/20/2034   2,017,695 
 2,000,000   Series 2021-1A-D (3 mo. Term SOFR + 3.76%, 3.76% Floor)   8.39%(a)  04/25/2034   2,018,963 
     Trimaran CAVU LLC             
 500,000   Series 2019-2A-C (3 mo. Term SOFR + 4.98%, 4.72% Floor)   9.61%(a)  11/26/2032   504,037 
     Venture CDO Ltd.             
 500,000   Series 2017-30A-C (3 mo. Term SOFR + 2.21%, 0.00% Floor)   6.87%(a)  01/15/2031   500,758 
 

 

 PRINCIPAL AMOUNT
$/SHARES		   SECURITY DESCRIPTION   RATE  MATURITY   VALUE $ 
     Vibrant CLO Ltd.             
 500,000   Series 2024-4RA-D1 (3 mo. Term SOFR + 3.75%, 3.75% Floor)   8.35%(a)  10/20/2037   512,215 
     Vibrant Clo X Ltd.             
 1,000,000   Series 2018-10RA-C1 (3 mo. Term SOFR + 5.00%, 5.00% Floor)   9.62%(a)  04/20/2036   1,029,251 
     Voya CLO Ltd.             
 1,000,000   Series 2020-1A-DR (3 mo. Term SOFR + 3.36%, 3.10% Floor)   8.01%(a)  07/16/2034   1,008,680 
     Wind River CLO Ltd.             
 2,500,000   Series 2014-2A-ER (3 mo. Term SOFR + 6.01%, 5.75% Floor)   10.67%(a)  01/15/2031   2,204,264 
 1,000,000   Series 2014-3A-DR2 (3 mo. Term SOFR + 3.66%, 3.40% Floor)   8.29%(a)  10/22/2031   1,007,774 
 1,000,000   Series 2017-3A-DR (3 mo. Term SOFR + 4.11%, 3.85% Floor)   8.77%(a)  04/15/2035   1,008,833 
 1,000,000   Series 2021-3A-D (3 mo. Term SOFR + 3.61%, 3.35% Floor)   8.23%(a)  07/20/2033   1,008,835 
     Total Collateralized Loan Obligations (Cost $82,885,924)           82,959,977 
 FOREIGN CORPORATE BONDS - 3.3%             
 236,198   Acu Petroleo Luxembourg Sarl   7.50%  01/13/2032   233,374 
 169,750   Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt Ltd./Wardha Solar Maharash   4.63%  10/15/2039   124,830 
 350,000   AL Candelaria Spain SA   5.75%  06/15/2033   284,672 
 200,000   Aris Mining Corp.   8.00%(a)  10/31/2029   198,167 
 128,626   Autopistas del Sol SA/Costa Rica   7.38%  12/30/2030   127,738 
 400,000   Banco Davivienda SA
 (10 yr. CMT Rate + 5.10%)		   6.65%(f)  04/22/2031   344,174 
 350,000   Banco Mercantil del Norte SA/Grand Cayman
 (10 yr. CMT Rate + 4.30%)		   8.75%(a)(f)  05/20/2035   349,020 
 200,000   Bancolombia SA
 (5 yr. CMT Rate + 4.32%)		   8.63%  12/24/2034   209,597 
 200,000   BBVA Bancomer SA/Texas
 (5 yr. CMT Rate + 2.65%)		   5.13%  01/18/2033   186,193 
 250,000   Braskem Idesa SAPI   6.99%(a)  02/20/2032   184,012 
 450,000   Braskem Netherlands Finance BV   5.88%  01/31/2050   308,755 
 250,000   BRF SA   5.75%  09/21/2050   198,016 
 300,000   Camposol SA   6.00%  02/03/2027   288,529 
 400,000   Canacol Energy Ltd.   5.75%  11/24/2028   223,136 
 400,000   CAP SA   3.90%  04/27/2031   322,800 
 250,000   Comision Federal de Electricidad   5.00%  07/30/2049   200,000 
 200,000   Coruripe Netherlands BV   10.00%  02/10/2027   200,372 
 100,000   Cosan Overseas Ltd.   8.25%(f)  02/05/2025   100,000 
 400,000   CSN Resources SA   5.88%  04/08/2032   323,166 
 250,000   Empresas Publicas de Medellin ESP   4.38%  02/15/2031   215,141 
 400,000   ENA Master Trust   4.00%  05/19/2048   297,204 
 200,000   Fideicomiso Irrevocable de Administracion y Fuente de Pago Numero CIB/4323
 1.50% PIK		   11.00%(a)  09/12/2030   208,500 
 171,860   Fideicomiso PA Pacifico Tres   8.25%  01/15/2035   171,430 
 300,000   Frigorifico Concepcion SA   7.70%(a)  07/21/2028   232,913 
 235,000   Garda World Security Corp.   8.25%(a)  08/01/2032   239,105 
 235,000   Global Aircraft Leasing Co. Ltd.   8.75%(a)  09/01/2027   239,968 
 230,000   Husky Injection Molding Systems Ltd. / Titan Co.-Borrower LLC   9.00%(a)  02/15/2029   240,409 
 200,000   Infraestructura Energetica Nova SAPI de CV   4.88%  01/14/2048   149,366 
 200,000   Infraestructura Energetica Nova SAPI de CV   4.75%  01/15/2051   145,314 
 140,000   Kronos Acquisition Holdings, Inc.   8.25%(a)  06/30/2031   133,677 
 200,000   KUO SAB De CV   5.75%  07/07/2027   194,510 
 200,000   LD Celulose International GmbH   7.95%(a)  01/26/2032   200,703 
 200,000   Minerva Luxembourg SA   4.38%  03/18/2031   167,984 
 200,000   Movida Europe SA   7.85%(a)  04/11/2029   176,464 
 200,000   Movida Europe SA   5.25%  02/08/2031   159,907 
 300,840   MV24 Capital BV   6.75%  06/01/2034   285,533 
 143,944   Prumo Participacoes e Investimentos S/A   7.50%  12/31/2031   143,097 
 200,000   Sasol Financing USA LLC   5.50%  03/18/2031   168,933 
 450,000   Simpar Europe SA   5.20%  01/26/2031   338,391 
 

 

 PRINCIPAL AMOUNT
$/SHARES		   SECURITY DESCRIPTION   RATE  MATURITY   VALUE $ 
 200,000   Termocandelaria Power SA   7.75%(a)  09/17/2031   202,412 
 176,143   TransJamaican Highway Ltd.   5.75%  10/10/2036   165,024 
 400,000   Unigel Luxembourg SA   8.75%(d)  10/01/2026   78,612 
 400,000   UPL Corp. Ltd.
 (5 yr. CMT Rate + 3.87%)		   5.25%(f)  02/27/2025   360,000 
 96,653   Vedanta Resources Ltd.   13.88%  12/09/2028   97,149 
     Total Foreign Corporate Bonds (Cost $9,637,439)           9,418,297 
 FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 1.4%             
 400,000   Aeropuerto Internacional de Tocumen SA   5.13%  08/11/2061   290,520 
 200,000   Banco do Brasil SA/Cayman (10 yr. CMT Rate + 4.40%)   8.75%(f)  04/15/2025   200,539 
 450,000   Brazilian Government International Bond   4.75%  01/14/2050   308,054 
 500,000   Colombia Government International Bond   5.00%  06/15/2045   338,500 
 200,000   Comision Federal de Electricidad   4.68%  02/09/2051   135,770 
 250,000   Ecopetrol SA   5.88%  05/28/2045   172,424 
 250,000   Ecopetrol SA   5.88%  11/02/2051   168,069 
 400,000   Empresa de Transmision Electrica SA   5.13%  05/02/2049   285,926 
 200,000   FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple   7.25%(a)  01/31/2041   196,140 
 200,000   Guatemala Government Bond   4.65%  10/07/2041   154,075 
 500,000   Mexico Government International Bond   3.77%  05/24/2061   284,847 
 600,000   Panama Government International Bond   3.87%  07/23/2060   315,265 
 600,000   Petroleos del Peru SA   5.63%  06/19/2047   385,088 
 800,000   Petroleos Mexicanos   6.38%  01/23/2045   535,844 
 350,000   Republic of South Africa Government International Bond   5.65%  09/27/2047   262,322 
     Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $4,796,631)           4,033,383 
 NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 27.6%             
     ACREC Trust             
 690,000   Series 2023-FL2-B (1 mo. Term SOFR + 3.48%, 3.48% Floor)   7.88%(a)  02/19/2038   695,375 
     Arbor Realty Trust, Inc.             
 1,000,000   Series 2022-FL1-C (30 day avg SOFR US + 2.30%, 2.30% Floor)   6.90%(a)  01/15/2037   996,304 
     AREIT Ltd.             
 1,000,000   Series 2024-CRE9-B (1 mo. Term SOFR + 2.54%, 2.54% Floor)   6.93%(a)  05/17/2041   1,001,953 
     AREIT Trust             
 1,000,000   Series 2023-CRE8-B (1 mo. Term SOFR + 3.32%, 3.32% Floor)   7.70%(a)  08/17/2041   1,002,823 
 200,000   Series 2023-CRE8-D (1 mo. Term SOFR + 5.37%, 5.37% Floor)   9.75%(a)  08/17/2041   201,102 
     BANK             
 5,843,520   Series 2020-BN26-XF   1.50%(a)(g)  03/15/2063   352,650 
     BANK5 Trust             
 72,450,428   Series 2023-5YR1-XA   0.27%(e)(g)  04/15/2056   613,873 
 18,014,884   Series 2023-5YR4-XA   1.00%(e)(g)  12/15/2056   606,640 
 1,242,000   Series 2024-5YR10-D   4.00%(a)  10/15/2057   1,049,226 
     BDS Ltd.             
 1,200,000   Series 2021-FL9-D (1 mo. Term SOFR + 2.36%, 2.25% Floor)   6.74%(a)  11/16/2038   1,199,364 
 1,000,000   Series 2024-FL13-C (1 mo. Term SOFR + 2.59%, 2.59% Floor)   6.96%(a)  09/19/2039   1,006,769 
     Beast Mortgage Trust             
 1,000,000   Series 2021-1818-G (1 mo. Term SOFR + 6.11%, 6.25% Floor)   10.51%(a)  03/15/2036   431,275 
     Benchmark Mortgage Trust             
 11,761,673   Series 2018-B1-XA   0.53%(e)(g)  01/15/2051   153,618 
 1,398,000   Series 2018-B4-D   2.77%(a)(e)  07/15/2051   1,118,366 
 1,000,000   Series 2024-V10-D   4.50%(a)  09/15/2057   875,894 
     Blackstone Mortgage Trust, Inc.             
 481,424   Series 2021-FL4-A (1 mo. Term SOFR + 1.16%, 1.05% Floor)   5.55%(a)  05/15/2038   469,454 
 

 

 PRINCIPAL AMOUNT
$/SHARES		   SECURITY DESCRIPTION   RATE  MATURITY   VALUE $ 
     BrightSpire Capital, Inc.             
 1,200,000   Series 2021-FL1-D (1 mo. Term SOFR + 2.81%, 2.70% Floor)   7.18%(a)  08/19/2038   1,183,393 
 1,064,000   Series 2024-FL2-C (1 mo. Term SOFR + 3.54%, 3.54% Floor)   7.91%(a)  08/19/2037   1,067,137 
     BSPRT Co.-Issuer LLC             
 1,400,000   Series 2023-FL10-AS (1 mo. Term SOFR + 2.86%, 2.86% Floor)   7.26%(a)  09/15/2035   1,413,580 
     BX Trust             
 1,000,000   Series 2019-OC11-E   3.94%(a)(e)  12/09/2041   892,203 
 700,000   Series 2021-ARIA-F (1 mo. Term SOFR + 2.71%, 2.59% Floor)   7.10%(a)  10/15/2036   698,857 
 530,000   Series 2024-AIRC-C (1 mo. Term SOFR + 2.59%, 2.59% Floor)   6.99%(a)  08/15/2039   533,926 
     CALI Mortgage Trust             
 530,000   Series 2024-SUN-C (1 mo. Term SOFR + 2.79%, 2.79% Floor)   7.27%(a)  07/15/2041   534,318 
     Carbon Capital VI Commercial Mortgage Trust             
 516,671   Series 2019-FL2-B (1 mo. Term SOFR + 2.96%, 2.85% Floor)   7.36%(a)  10/15/2035   263,260 
     Citigroup/Deutsche Bank Commercial Mortgage Trust             
 13,784,261   Series 2017-CD6-XA   0.89%(e)(g)  11/13/2050   252,620 
     Commercial Mortgage Pass Through Certificates             
 26,400,000   Series 2014-UBS3-XC   0.90%(a)(e)(g)  06/10/2047   264 
 1,288,300   Series 2014-UBS4-F   3.75%(a)(c)  08/10/2047   56,022 
 1,397,615   Series 2014-UBS4-G   3.75%(a)(c)  08/10/2047   1,350 
 5,000   Series 2014-UBS4-V   0.00%(a)(c)(e)  08/10/2047   1 
 27,394,000   Series 2015-CR23-XD   1.10%(a)(e)(g)  05/10/2048   106,239 
 5,297,000   Series 2015-CR26-XD   1.21%(a)(e)(g)  10/10/2048   37,106 
 59,497,066   Series 2015-LC21-XA   0.60%(e)(g)  07/10/2048   24,055 
     Computershare Corporate Trust             
 23,293,000   Series 2015-C28-XF   1.08%(a)(e)(g)  05/15/2048   79,366 
 747,000   Series 2015-NXS4-D   3.67%(e)  12/15/2048   670,900 
 1,044,000   Series 2016-C34-C   5.05%(e)  06/15/2049   985,193 
 1,000,000   Series 2016-LC24-C   4.43%(e)  10/15/2049   861,302 
 1,000,000   Series 2017-RC1-D   3.25%(a)  01/15/2060   799,840 
 44,142,175   Series 2018-C43-XA   0.57%(e)(g)  03/15/2051   691,779 
 1,569,000   Series 2019-C50-D   3.00%(a)  05/15/2052   1,246,328 
     CSAIL Commercial Mortgage Trust             
 885,000   Series 2016-C5-C   4.63%(e)  11/15/2048   842,179 
 4,088,534   Series 2016-C6-XA   1.85%(e)(g)  01/15/2049   56,175 
 2,000,000   Series 2018-CX12-C   4.72%(e)  08/15/2051   1,819,389 
     DOLP Trust             
 1,000,000   Series 2021-NYC-F   3.70%(a)(e)  05/10/2041   660,949 
     FIVE Mortgage Trust             
 583,000   Series 2023-V1-E   6.30%(a)(e)  02/10/2056   528,147 
     FS Rialto             
 1,199,000   Series 2021-FL3-D (1 mo. Term SOFR + 2.61%, 2.61% Floor)   7.01%(a)  11/16/2036   1,186,473 
 1,200,000   Series 2024-FL9-D (1 mo. Term SOFR + 3.94%, 3.94% Floor)   8.31%(a)  10/19/2039   1,201,368 
     Granite Point Mortgage Trust, Inc.             
 1,000,000   Series 2021-FL4-B (1 mo. Term SOFR + 2.06%, 1.95% Floor)   6.42%(a)  12/15/2036   963,122 
     Great Wolf Trust             
 1,500,000   Series 2024-WLF2-E (1 mo. Term SOFR + 3.64%)   8.04%(a)  05/15/2041   1,496,118 
     Greystone Commercial Real Estate Notes             
 800,000   Series 2021-FL3-C (1 mo. Term SOFR + 2.11%, 2.00% Floor)   6.51%(a)  07/15/2039   796,294 
 1,000,000   Series 2021-FL3-D (1 mo. Term SOFR + 2.31%, 2.20% Floor)   6.71%(a)  07/15/2039   994,474 
     GS Mortgage Securities Corp. II             
 1,304,000   Series 2014-GC26-D   4.44%(a)(e)  11/10/2047   814,876 
 1,744,000   Series 2015-GC28-D   4.34%(a)(e)  02/10/2048   1,653,413 
 74,464,431   Series 2018-GS9-XA   0.41%(e)(g)  03/10/2051   838,864 
 1,000,000   Series 2021-ARDN-G (1 mo. Term SOFR + 5.11%, 5.00% Floor)   9.51%(a)  11/15/2036   993,445 
     HGI CRE CLO Ltd.             
 1,100,000   Series 2021-FL1-D (1 mo. Term SOFR + 2.46%, 2.46% Floor)   6.86%(a)  06/16/2036   1,093,898 
 1,000,000   Series 2022-FL3-B (30 day avg SOFR US + 2.60%, 2.60% Floor)   7.20%(a)  04/20/2037   1,003,698 
     HIG RCP LLC             
 1,400,000   Series 2023-FL1-B (1 mo. Term SOFR + 3.61%, 3.61% Floor)   8.01%(a)  09/19/2038   1,418,677 
     JP Morgan Chase Commercial Mortgage Securities             
 1,175,000   Series 2018-AON-F   4.61%(a)(e)  07/05/2031   186,158 
 

 

 PRINCIPAL AMOUNT
$/SHARES		   SECURITY DESCRIPTION   RATE  MATURITY   VALUE $ 
 1,153,000   Series 2019-MFP-G (1 mo. Term SOFR + 4.10%, 4.05% Floor)   8.50%(a)  07/15/2036   1,108,352 
 1,153,000   Series 2019-MFP-XG   0.50%(a)(e)(g)  07/15/2036   4,882 
     JPMBB Commercial Mortgage Securities Trust             
 8,244,746   Series 2013-C14-XC   0.44%(a)(e)(g)  08/15/2046   30,304 
 1,641,674   Series 2014-C19-NR   3.75%(a)(c)(e)  04/15/2047   1,062,595 
 514,541   Series 2014-C26-XA   0.57%(e)(g)  01/15/2048   5 
 500,000   Series 2015-C27-D   3.79%(a)(e)  02/15/2048   129,157 
 180,000   Series 2015-C29-C   4.18%(e)  05/15/2048   155,410 
 20,920,000   Series 2015-C29-XE   0.28%(a)(e)(g)  05/15/2048   24,054 
 16,358,000   Series 2015-C32-XD   0.50%(a)(e)(g)  11/15/2048   39,989 
     KKR Industrial Portfolio Trust             
 600,000   Series 2024-1-C (1 mo. Term SOFR + 2.84%, 2.84% Floor)   7.24%(a)  08/15/2041   603,467 
     KREF             
 1,000,000   Series 2021-FL2-C (1 mo. Term SOFR + 2.11%, 2.00% Floor)   6.50%(a)  02/15/2039   975,860 
     LSTAR Commercial Mortgage Trust             
 2,795,340   Series 2016-4-XA   1.67%(a)(e)(g)  03/10/2049   26,651 
 1,000,000   Series 2017-5-C   4.67%(a)(e)  03/10/2050   872,783 
     MF1 Multifamily Housing Mortgage Loan Trust             
 1,352,581   Series 2021-FL6-C (1 mo. Term SOFR + 1.96%, 1.85% Floor)   6.34%(a)  07/16/2036   1,325,400 
 780,000   Series 2021-FL6-E (1 mo. Term SOFR + 3.06%, 2.95% Floor)   7.44%(a)  07/16/2036   760,170 
 1,000,000   Series 2021-FL7-E (1 mo. Term SOFR + 2.91%, 2.80% Floor)   7.29%(a)  10/16/2036   957,127 
 1,000,000   Series 2023-FL12-B (1 mo. Term SOFR + 3.18%, 3.18% Floor)   7.54%(a)  10/19/2038   1,004,881 
 1,000,000   Series 2023-FL12-C (1 mo. Term SOFR + 3.78%, 3.78% Floor)   8.14%(a)  10/19/2038   1,006,235 
 1,000,000   Series 2023-FL12-D (1 mo. Term SOFR + 5.27%, 5.27% Floor)   9.64%(a)  10/19/2038   1,012,905 
 1,000,000   Series 2024-FL14-C (1 mo. Term SOFR + 3.29%, 3.29% Floor)   7.66%(a)  03/19/2039   1,008,169 
 1,000,000   Series 2024-FL15-C (1 mo. Term SOFR + 2.94%, 2.94% Floor)   7.32%(a)  08/18/2041   1,005,358 
 1,240,000   Series 2024-FL16-D (1 mo. Term SOFR + 3.59%, 3.59% Floor)   7.97%(a)  11/18/2029   1,243,064 
     Morgan Stanley Bank of America Merrill Lynch Trust             
 500,000   Series 2014-C19-C   4.00%  12/15/2047   478,454 
     NYT Mortgage Trust             
 1,012,000   Series 2019-NYT-F (1 mo. Term SOFR + 3.30%, 3.00% Floor)   7.70%(a)  12/15/2035   832,053 
     PFP III Ltd.             
 986,000   Series 2021-8-C (1 mo. Term SOFR + 1.91%, 1.80% Floor)   6.31%(a)  08/09/2037   988,325 
 995,530   Series 2024-11-B (1 mo. Term SOFR + 2.49%, 2.49% Floor)   6.97%(a)  09/17/2039   997,370 
     Ready Capital Corp.             
 623,021   Series 2021-FL5-C (1 mo. Term SOFR + 2.36%, 2.25% Floor)   6.70%(a)  04/25/2038   625,341 
 1,100,000   Series 2021-FL6-D (1 mo. Term SOFR + 2.51%, 2.40% Floor)   6.85%(a)  07/25/2036   1,100,774 
 1,250,000   Series 2023-FL11-B (1 mo. Term SOFR + 3.53%, 3.53% Floor)   7.87%(a)  10/25/2039   1,262,955 
 1,000,000   Series 2023-FL12-C (1 mo. Term SOFR + 4.55%, 4.55% Floor)   8.88%(a)  05/25/2038   1,018,200 
     ROCK Trust             
 319,000   Series 2024-CNTR-D   7.11%(a)  11/13/2041   324,557 
     Starwood Property Mortgage Trust             
 1,380,000   Series 2019-FL1-B (1 mo. Term SOFR + 1.71%, 1.71% Floor)   6.11%(a)  07/15/2038   1,367,649 
 1,305,000   Series 2019-FL1-C (1 mo. Term SOFR + 2.06%, 2.06% Floor)   6.46%(a)  07/15/2038   1,291,352 
 1,000,000   Series 2019-FL1-D (1 mo. Term SOFR + 2.46%, 2.46% Floor)   6.86%(a)  07/15/2038   984,817 
 1,200,000   Series 2021-FL2-C (1 mo. Term SOFR + 2.21%, 2.10% Floor)   6.59%(a)  04/18/2038   1,174,752 
 2,500,000   Series 2022-FL3-B (30 day avg SOFR US + 1.95%, 1.95% Floor)   6.55%(a)  11/15/2038   2,444,455 
     TPG Real Estate Finance Issuer Ltd.             
 1,000,000   Series 2021-FL4-B (1 mo. Term SOFR + 1.96%, 1.85% Floor)   6.35%(a)  03/15/2038   994,027 
 758,000   Series 2022-FL5-AS (1 mo. Term SOFR + 2.15%, 2.15% Floor)   6.53%(a)  02/15/2039   754,459 
 1,100,000   Series 2022-FL5-B (1 mo. Term SOFR + 2.45%, 2.45% Floor)   6.83%(a)  02/15/2039   1,093,050 
     UBS Commercial Mortgage Trust             
 1,000,000   Series 2018-C12-C   5.02%(e)  08/15/2051   903,579 
     UBS-Barclays Commercial Mortgage Trust             
 1,420,000   Series 2013-C5-C   3.72%(a)(e)  03/10/2046   1,233,824 
 

 

 PRINCIPAL AMOUNT
$/SHARES		   SECURITY DESCRIPTION   RATE  MATURITY   VALUE $ 
 824,000   Series 2013-C5-D   3.72%(a)(e)  03/10/2046   616,655 
     Total Non-Agency Commercial Mortgage Backed Obligations (Cost $92,332,767)           77,564,908 
 NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS - 15.4%             
     Adjustable Rate Mortgage Trust             
 1,135,506   Series 2006-1-2A1   5.54%(e)  03/25/2036   565,995 
     Barclays PLC             
 8,474,253   Series 2007-AB1-A5   4.47%(h)  03/25/2037   3,275,185 
 469,960   Series 2010-RR6-6A2   9.30%(a)(e)  07/26/2037   226,698 
     Chase Mortgage Finance Corp.             
 1,276,366   Series 2007-S1-A7   6.00%  02/25/2037   486,258 
 1,359,464   Series 2007-S3-1A5   6.00%  05/25/2037   593,573 
     Citigroup Financial Products, Inc.             
 253,399   Series 2006-8-A4 (-3 x 1 mo. LIBOR US + 19.66%, 0.00% Floor, 19.66% Cap)   6.02%(a)(i)(j)  10/25/2035   169,602 
     Countrywide Alternative Loan Trust             
 545,845   Series 2005-85CB-2A5 (1 mo. Term SOFR + 1.21%, 1.10% Floor, 7.00% Cap)   5.55%  02/25/2036   427,430 
 115,274   Series 2005-85CB-2A6 (-4 x 1 mo. Term SOFR + 21.21%, 0.00% Floor, 21.63% Cap)   5.30%(i)  02/25/2036   80,882 
     Countrywide Home Loan Mortgage Pass Through Trust             
 1,278,909   Series 2007-4-1A35 (-1 x 1 mo. Term SOFR + 6.59%, 0.00% Floor, 6.70% Cap)   2.25%(g)(i)  05/25/2037   153,664 
     Credit Suisse Management LLC             
 1,656,731   Series 2005-11-7A1   6.00%  12/25/2035   844,119 
     Credit Suisse Mortgage Capital Certificates             
 3,109,408   Series 2006-5-3A3   6.50%  06/25/2036   490,163 
 258,338   Series 2006-9-2A1   5.50%  11/25/2036   221,640 
 149,918   Series 2006-9-6A14   6.00%  11/25/2036   106,830 
     Fannie Mae Connecticut Avenue Securities             
 2,996,000   Series 2021-R01-1B2 (30 day avg SOFR US + 6.00%, 0.00% Floor)   10.57%(a)  10/25/2041   3,151,924 
 3,000,000   Series 2022-R01-1B2 (30 day avg SOFR US + 6.00%, 0.00% Floor)   10.57%(a)  12/25/2041   3,163,222 
     Freddie Mac Structured Agency Credit Risk Debt Notes             
 3,000,000   Series 2020-HQA2-B2 (30 day avg SOFR US + 7.71%, 0.00% Floor)   12.28%(a)  03/25/2050   3,624,901 
 2,000,000   Series 2021-DNA2-B2 (30 day avg SOFR US + 6.00%, 0.00% Floor)   10.57%(a)  08/25/2033   2,391,072 
 3,000,000   Series 2021-DNA6-B2 (30 day avg SOFR US + 7.50%, 0.00% Floor)   12.07%(a)  10/25/2041   3,231,459 
 1,200,000   Series 2021-DNA7-M2 (30 day avg SOFR US + 1.80%, 0.00% Floor)   6.37%(a)  11/25/2041   1,212,102 
 2,000,000   Series 2021-HQA2-B2 (30 day avg SOFR US + 5.45%, 0.00% Floor)   10.02%(a)  12/25/2033   2,299,607 
 3,000,000   Series 2021-HQA3-B2 (30 day avg SOFR US + 6.25%, 0.00% Floor)   10.82%(a)  09/25/2041   3,152,395 
     Indymac Index Mortgage Loan Trust             
 865,624   Series 2005-AR23-6A1   4.16%(e)  11/25/2035   801,742 
     JP Morgan Alternative Loan Trust             
 57,627   Series 2006-S1-2A5   5.50%  02/25/2025   45,524 
     JP Morgan Reremic             
 910,335   Series 2011-1-2A10   6.00%(a)(e)  06/26/2037   723,287 
     Lehman Mortgage Trust             
 140,509   Series 2007-10-1A1   6.00%  01/25/2038   134,048 
 1,162,270   Series 2007-4-1A3   5.75%  05/25/2037   534,873 
     RALI Trust             
 460,613   Series 2005-QS14-3A1   6.00%  09/25/2035   394,791 
 1,095,580   Series 2006-QS7-A3   6.00%  06/25/2036   845,393 
 358,167   Series 2007-QS1-1A1   6.00%  01/25/2037   277,020 
 583,961   Series 2007-QS6-A1 (1 mo. Term SOFR + 0.44%, 0.33% Floor, 7.00% Cap)   4.78%  04/25/2037   433,891 
 618,235   Series 2007-QS6-A102   5.75%  04/25/2037   490,588 
 

 

 PRINCIPAL AMOUNT
$/SHARES		   SECURITY DESCRIPTION   RATE  MATURITY   VALUE $ 
 133,029   Series 2007-QS6-A2 (-8 x 1 mo. Term SOFR + 54.63%, 0.00% Floor, 55.58% Cap)   18.47%(i)  04/25/2037   155,069 
     RBSGC Mortgage Pass Through Certificates             
 605,306   Series 2008-B-A1   6.00%(a)  06/25/2037   513,924 
     Residential Asset Securitization Trust             
 1,645,752   Series 2006-A6-1A12 (-1 x 1 mo. Term SOFR + 6.99%, 0.00% Floor, 7.10% Cap)   2.65%(g)(i)  07/25/2036   176,155 
 1,627,226   Series 2006-A6-1A9   6.00%  07/25/2036   426,684 
     RFMSI Trust             
 367,609   Series 2007-S2-A4   6.00%  02/25/2037   273,533 
     Structured Adjustable Rate Mortgage Loan Trust             
 311,473   Series 2006-1-2A2   5.29%(e)  02/25/2036   275,916 
     Velocity Commercial Capital Loan Trust             
 344,674   Series 2018-1-M4   5.01%(a)  04/25/2048   302,244 
 256,243   Series 2018-1-M5   6.26%(a)  04/25/2048   223,416 
 364,718   Series 2018-1-M6   7.26%(a)  04/25/2048   304,434 
     Vericrest Opportunity Loan Transferee             
 5,231,551   Series 2021-NPL3-A2   4.95%(a)(h)(k)  02/27/2051   5,216,412 
     Washington Mutual Alternative Mortgage Pass-Through Certificates             
 3,007,853   Series 2006-8-A4   4.12%(h)  10/25/2036   1,020,615 
     Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $53,610,667)           43,438,280 
 US CORPORATE BONDS - 1.4%             
 250,000   Allied Universal Holdco LLC   7.88%(a)  02/15/2031   255,832 
 115,000   Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp.   7.00%(a)  04/15/2030   102,146 
 30,000   APH / APH2 / APH3   7.88%(a)  11/01/2029   30,434 
 140,000   Bausch + Lomb Corp.   8.38%(a)  10/01/2028   145,075 
 245,000   BCPE Empire Holdings, Inc.   7.63%(a)  05/01/2027   244,413 
 75,000   Cornerstone Building Brands, Inc.   9.50%(a)  08/15/2029   73,088 
 50,000   Dcli Bidco LLC   7.75%(a)  11/15/2029   51,311 
 90,000   Directv Financing LLC   8.88%(a)  02/01/2030   88,668 
 60,000   Dornoch Debt Merger Sub, Inc.   6.63%(a)  10/15/2029   48,665 
 45,000   EchoStar Corp.   10.75%  11/30/2029   48,436 
 115,000   Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.   6.75%(a)  01/15/2030   106,190 
 235,000   Frontier Communications Holdings LLC   8.63%(a)  03/15/2031   250,140 
 145,000   Full House Resorts, Inc.   8.25%(a)  02/15/2028   144,601 
 135,000   Gray Television, Inc.   10.50%(a)  07/15/2029   135,139 
 235,000   Illuminate Buyer LLC / Illuminate Holdings IV, Inc.   9.00%(a)  07/01/2028   238,172 
 75,000   JetBlue Airways Corp. / JetBlue Loyalty LP   9.88%(a)  09/20/2031   79,765 
 135,000   Level 3 Financing, Inc.   10.50%(a)  04/15/2029   151,119 
 225,000   LifePoint Health, Inc.   10.00%(a)  06/01/2032   229,049 
 55,000   Mativ Holdings, Inc.   8.00%(a)  10/01/2029   53,045 
 150,000   McAfee Corp.   7.38%(a)  02/15/2030   145,874 
 135,000   Michaels Cos., Inc.   5.25%(a)  05/01/2028   102,082 
 90,000   Nabors Industries, Inc.   8.88%(a)  08/15/2031   83,663 
 250,000   PetSmart, Inc. / PetSmart Finance Corp.   7.75%(a)  02/15/2029   241,969 
 152,625   Radiology Partners, Inc.
4.28% Cash or 3.50% PIK		   7.78%(a)  01/31/2029   150,908 
 70,000   Sabre GLBL, Inc.   8.63%(a)  06/01/2027   69,107 
 30,000   Sabre GLBL, Inc.   10.75%(a)  11/15/2029   31,062 
 25,000   Staples, Inc.   10.75%(a)  09/01/2029   24,626 
 215,000   Trident TPI Holdings, Inc.   12.75%(a)  12/31/2028   237,433 
 105,000   United Natural Foods, Inc.   6.75%(a)  10/15/2028   103,591 
 90,000   Univision Communications, Inc.   8.50%(a)  07/31/2031   88,360 
 25,000   Veritiv Operating Co.   10.50%(a)  11/30/2030   26,956 
 230,000   Victra Holdings LLC / Victra Finance Corp.   8.75%(a)  09/15/2029   241,590 
     Total US Corporate Bonds (Cost $3,973,007)           4,022,509 
 

 

 PRINCIPAL AMOUNT
$/SHARES		   SECURITY DESCRIPTION   RATE  MATURITY   VALUE $ 
 US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 19.7%             
     Federal Home Loan Mortgage Corp.             
 29,629,406   Series 2021-P009-X   1.34%(e)(g)  01/25/2031   968,357 
 247,848   Series 3211-SI (-4 x 30 day avg SOFR US + 27.18%, 0.00% Floor, 27.67% Cap)   7.85%(g)(i)  09/15/2036   89,336 
 564,658   Series 3236-ES (-1 x 30 day avg SOFR US + 6.59%, 0.00% Floor, 6.70% Cap)   1.99%(g)(i)  11/15/2036   48,150 
 350,216   Series 3256-S (-1 x 30 day avg SOFR US + 6.58%, 0.00% Floor, 6.69% Cap)   1.98%(g)(i)  12/15/2036   34,317 
 206,644   Series 3292-SD (-1 x 30 day avg SOFR US + 5.99%, 0.00% Floor, 6.10% Cap)   1.39%(g)(i)  03/15/2037   13,311 
 2,194,851   Series 3297-BI (-1 x 30 day avg SOFR US + 6.65%, 0.00% Floor, 6.76% Cap)   2.05%(g)(i)  04/15/2037   223,425 
 1,897,168   Series 3311-BI (-1 x 30 day avg SOFR US + 6.65%, 0.00% Floor, 6.76% Cap)   2.05%(g)(i)  05/15/2037   150,335 
 1,567,285   Series 3311-IA (-1 x 30 day avg SOFR US + 6.30%, 0.00% Floor, 6.41% Cap)   1.70%(g)(i)  05/15/2037   154,640 
 334,439   Series 3314-SH (-1 x 30 day avg SOFR US + 6.29%, 0.00% Floor, 6.40% Cap)   1.69%(g)(i)  11/15/2036   26,760 
 160,916   Series 3330-KS (-1 x 30 day avg SOFR US + 6.44%, 0.00% Floor, 6.55% Cap)   1.84%(g)(i)  06/15/2037   8,720 
 30,354   Series 3339-AI (-1 x 30 day avg SOFR US + 6.44%, 0.00% Floor, 6.55% Cap)   1.84%(g)(i)  07/15/2037   2,296 
 1,112,293   Series 3339-TI (-1 x 30 day avg SOFR US + 6.03%, 0.00% Floor, 6.14% Cap)   1.43%(g)(i)  07/15/2037   94,179 
 338,409   Series 3374-SD (-1 x 30 day avg SOFR US + 6.34%, 0.00% Floor, 6.45% Cap)   1.74%(g)(i)  10/15/2037   23,714 
 93,542   Series 3382-SU (-1 x 30 day avg SOFR US + 6.19%, 0.00% Floor, 6.30% Cap)   1.59%(g)(i)  11/15/2037   5,846 
 1,946,682   Series 3404-SA (-1 x 30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap)   1.29%(g)(i)  01/15/2038   163,809 
 81,572   Series 3423-GS (-1 x 30 day avg SOFR US + 5.54%, 0.00% Floor, 5.65% Cap)   0.94%(g)(i)  03/15/2038   4,698 
 1,432,028   Series 3435-S (-1 x 30 day avg SOFR US + 5.87%, 0.00% Floor, 5.98% Cap)   1.27%(g)(i)  04/15/2038   116,306 
 71,713   Series 3508-PS (-1 x 30 day avg SOFR US + 6.54%, 0.00% Floor, 6.65% Cap)   1.94%(g)(i)  02/15/2039   4,710 
 474,819   Series 3728-SV (-1 x 30 day avg SOFR US + 4.34%, 0.00% Floor, 4.45% Cap)   0.00%(g)(i)  09/15/2040   9,233 
 4,418,807   Series 3736-SN (-1 x 30 day avg SOFR US + 5.94%, 0.00% Floor, 6.05% Cap)   1.34%(g)(i)  10/15/2040   342,617 
 1,525,717   Series 3753-SB (-1 x 30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap)   1.29%(g)(i)  11/15/2040   119,991 
 1,764,167   Series 3780-SM (-1 x 30 day avg SOFR US + 6.39%, 0.00% Floor, 6.50% Cap)   1.79%(g)(i)  12/15/2040   163,610 
 629,952   Series 3815-ST (-1 x 30 day avg SOFR US + 5.74%, 0.00% Floor, 5.85% Cap)   1.14%(g)(i)  02/15/2041   44,730 
 1,154,022   Series 3905-SC (-5 x 30 day avg SOFR US + 22.18%, 0.00% Floor, 22.75% Cap)   0.00%(i)  08/15/2041   1,075,525 
 645,607   Series 3924-SJ (-1 x 30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap)   1.29%(g)(i)  09/15/2041   48,008 
 1,302,404   Series 3960-ES (-1 x 30 day avg SOFR US + 5.84%, 0.00% Floor, 5.95% Cap)   1.24%(g)(i)  11/15/2041   98,817 
 1,444,174   Series 4291-MS (-1 x 30 day avg SOFR US + 5.79%, 0.00% Floor, 5.90% Cap)   1.19%(g)(i)  01/15/2054   135,309 
 35,552   Series 4610-IB   3.00%(g)  06/15/2041   150 
 6,163,773   Series 5083-IH   2.50%(g)  03/25/2051   934,667 
 11,479,377   Series 5100-DS (-1 x 30 day avg SOFR US + 2.50%, 0.00% Floor, 2.50% Cap)   0.00%(g)(i)  05/25/2051   23,948 
 9,103,566   Series 5112-SC (-1 x 30 day avg SOFR US + 2.50%, 0.00% Floor, 2.50% Cap)   0.00%(g)(i)  06/25/2051   22,180 
     Federal National Mortgage Association             
 25,269   Series 2005-72-WS (-1 x 30 day avg SOFR US + 6.64%, 0.00% Floor, 6.75% Cap)   2.07%(g)(i)  08/25/2035   1,687 
 50,040   Series 2005-90-SP (-1 x 30 day avg SOFR US + 6.64%, 0.00% Floor, 6.75% Cap)   2.07%(g)(i)  09/25/2035   239 
 

 

 PRINCIPAL AMOUNT
$/SHARES		   SECURITY DESCRIPTION   RATE  MATURITY   VALUE $ 
 209,767   Series 2006-117-SQ (-1 x 30 day avg SOFR US + 6.44%, 0.00% Floor, 6.55% Cap)   1.87%(g)(i)  12/25/2036   14,027 
 71,044   Series 2006-119-HS (-1 x 30 day avg SOFR US + 6.54%, 0.00% Floor, 6.65% Cap)   1.97%(g)(i)  12/25/2036   5,922 
 2,018,872   Series 2006-123-CI (-1 x 30 day avg SOFR US + 6.63%, 0.00% Floor, 6.74% Cap)   2.06%(g)(i)  01/25/2037   217,893 
 1,045,993   Series 2007-15-BI (-1 x 30 day avg SOFR US + 6.59%, 0.00% Floor, 6.70% Cap)   2.02%(g)(i)  03/25/2037   91,235 
 193,442   Series 2007-20-S (-1 x 30 day avg SOFR US + 6.63%, 0.00% Floor, 6.74% Cap)   2.06%(g)(i)  03/25/2037   11,344 
 101,912   Series 2007-21-SD (-1 x 30 day avg SOFR US + 6.37%, 0.00% Floor, 6.48% Cap)   1.80%(g)(i)  03/25/2037   8,019 
 529,069   Series 2007-30-IE (-1 x 30 day avg SOFR US + 6.63%, 0.00% Floor, 6.74% Cap)   2.06%(g)(i)  04/25/2037   60,172 
 1,266,780   Series 2007-32-SA (-1 x 30 day avg SOFR US + 5.99%, 0.00% Floor, 6.10% Cap)   1.42%(g)(i)  04/25/2037   98,541 
 442,869   Series 2007-40-SA (-1 x 30 day avg SOFR US + 5.99%, 0.00% Floor, 6.10% Cap)   1.42%(g)(i)  05/25/2037   32,055 
 93,174   Series 2007-48-SE (-1 x 30 day avg SOFR US + 5.99%, 0.00% Floor, 6.10% Cap)   1.42%(g)(i)  05/25/2037   4,930 
 147,282   Series 2007-64-LI (-1 x 30 day avg SOFR US + 6.45%, 0.00% Floor, 6.56% Cap)   1.88%(g)(i)  07/25/2037   10,237 
 54,375   Series 2007-68-SA (-1 x 30 day avg SOFR US + 6.54%, 0.00% Floor, 6.65% Cap)   1.97%(g)(i)  07/25/2037   4,316 
 2,695,057   Series 2007-75-PI (-1 x 30 day avg SOFR US + 6.43%, 0.00% Floor, 6.54% Cap)   1.86%(g)(i)  08/25/2037   238,611 
 1,336,388   Series 2008-33-SA (-1 x 30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap)   1.32%(g)(i)  04/25/2038   111,925 
 1,175,288   Series 2008-42-SC (-1 x 30 day avg SOFR US + 5.79%, 0.00% Floor, 5.90% Cap)   1.22%(g)(i)  05/25/2038   81,908 
 304,063   Series 2008-5-GS (-1 x 30 day avg SOFR US + 6.14%, 0.00% Floor, 6.25% Cap)   1.57%(g)(i)  02/25/2038   25,829 
 692,942   Series 2008-62-SD (-1 x 30 day avg SOFR US + 5.94%, 0.00% Floor, 6.05% Cap)   1.37%(g)(i)  07/25/2038   49,704 
 521,848   Series 2008-68-SB (-1 x 30 day avg SOFR US + 5.99%, 0.00% Floor, 6.10% Cap)   1.42%(g)(i)  08/25/2038   36,272 
 72,339   Series 2009-111-SE (-1 x 30 day avg SOFR US + 6.14%, 0.00% Floor, 6.25% Cap)   1.57%(g)(i)  01/25/2040   6,955 
 397,535   Series 2009-12-CI (-1 x 30 day avg SOFR US + 6.49%, 0.00% Floor, 6.60% Cap)   1.92%(g)(i)  03/25/2036   28,066 
 77,001   Series 2009-47-SA (-1 x 30 day avg SOFR US + 5.99%, 0.00% Floor, 6.10% Cap)   1.42%(g)(i)  07/25/2039   4,134 
 95,819   Series 2009-48-WS (-1 x 30 day avg SOFR US + 5.84%, 0.00% Floor, 5.95% Cap)   1.27%(g)(i)  07/25/2039   7,228 
 55,117   Series 2009-67-SA (-1 x 30 day avg SOFR US + 5.04%, 0.25% Floor, 5.15% Cap)   0.47%(g)(i)  07/25/2037   2,281 
 278,824   Series 2009-87-SA (-1 x 30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap)   1.32%(g)(i)  11/25/2049   24,111 
 3,322,759   Series 2009-90-QI (-1 x 30 day avg SOFR US + 6.49%, 0.00% Floor, 6.60% Cap)   1.92%(g)(i)  08/25/2036   293,055 
 408,063   Series 2009-91-SD (-1 x 30 day avg SOFR US + 6.04%, 0.00% Floor, 6.15% Cap)   1.47%(g)(i)  11/25/2039   33,581 
 77,235   Series 2010-11-SC (-1 x 30 day avg SOFR US + 4.69%, 0.00% Floor, 4.80% Cap)   0.12%(g)(i)  02/25/2040   3,632 
 82,020   Series 2010-115-SD (-1 x 30 day avg SOFR US + 6.49%, 0.00% Floor, 6.60% Cap)   1.92%(g)(i)  11/25/2039   6,853 
 2,657,840   Series 2010-142-SC (-1 x 30 day avg SOFR US + 6.49%, 0.00% Floor, 6.60% Cap)   1.92%(g)(i)  12/25/2040   283,965 
 416,184   Series 2010-15-SL (-1 x 30 day avg SOFR US + 4.84%, 0.00% Floor, 4.95% Cap)   0.27%(g)(i)  03/25/2040   13,002 
 154,113   Series 2010-19-SA (-1 x 30 day avg SOFR US + 5.29%, 0.00% Floor, 5.40% Cap)   0.72%(g)(i)  03/25/2050   9,991 
 343,173   Series 2010-31-SB (-1 x 30 day avg SOFR US + 4.89%, 0.00% Floor, 5.00% Cap)   0.32%(g)(i)  04/25/2040   20,524 
 584,784   Series 2010-39-SL (-1 x 30 day avg SOFR US + 5.56%, 0.00% Floor, 5.67% Cap)   0.99%(g)(i)  05/25/2040   41,440 
 87,817   Series 2010-8-US (-1 x 30 day avg SOFR US + 4.69%, 0.00% Floor, 4.80% Cap)   0.12%(g)(i)  02/25/2040   2,008 
 

 

 PRINCIPAL AMOUNT
$/SHARES		   SECURITY DESCRIPTION   RATE  MATURITY   VALUE $ 
 98,807   Series 2010-9-GS (-1 x 30 day avg SOFR US + 4.64%, 0.00% Floor, 4.75% Cap)   0.07%(g)(i)  02/25/2040   3,144 
 510,096   Series 2011-114-S (-1 x 30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap)   1.32%(g)(i)  09/25/2039   45,860 
 803,216   Series 2011-146-US (-1 x 30 day avg SOFR US + 6.84%, 0.00% Floor, 7.00% Cap)   0.44%(i)  01/25/2042   499,184 
 135,516   Series 2012-29-SG (-1 x 30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap)   1.32%(g)(i)  04/25/2042   10,144 
 1,004,035   Series 2012-56-SN (-1 x 30 day avg SOFR US + 5.94%, 0.00% Floor, 6.05% Cap)   1.37%(g)(i)  06/25/2042   80,094 
 1,192,882   Series 2012-76-SC (-1 x 30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap)   1.32%(g)(i)  07/25/2042   113,305 
 1,386,415   Series 2013-83-US (-1 x 30 day avg SOFR US + 4.89%, 0.00% Floor, 5.00% Cap)   0.32%(i)  08/25/2043   885,617 
 3,452,902   Series 2016-64-SA (-1 x 30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap)   1.32%(g)(i)  09/25/2046   342,174 
 14,244,243   Series 2019-M26-X1   0.60%(e)(g)  03/25/2030   288,483 
 2,965,575   Series 2020-61-DI   3.00%(g)  09/25/2060   469,604 
 13,145,072   Series 2020-M27-X1   0.85%(e)(g)  03/25/2031   401,043 
 14,529,119   Series 2021-17-SA (-1 x 30 day avg SOFR US + 2.00%, 0.00% Floor, 2.00% Cap)   0.00%(g)(i)  04/25/2051   4,129 
 4,628,422   Series 2021-3-KI   2.50%(g)  02/25/2051   671,958 
 4,098,868   Series 2021-56-WI   2.50%(g)  09/25/2051   555,756 
 124,182   Series 374-19   6.50%(g)  09/25/2036   22,651 
     FREMF Mortgage Trust             
 543,955   Series 2016-KF25-B (30 day avg SOFR US + 5.11%, 5.00% Floor)   9.78%(a)  02/24/2025   542,952 
 695,146   Series 2018-KF56-C (30 day avg SOFR US + 5.91%, 5.80% Floor)   10.58%(a)  11/25/2028   614,550 
 1,120,088   Series 2019-KF71-C (30 day avg SOFR US + 6.11%, 6.00% Floor)   10.78%(a)  10/25/2029   1,081,104 
     Government National Mortgage Association             
 322,426   Series 2009-104-SD (-1 x 1 mo. Term SOFR + 6.24%, 0.00% Floor, 6.35% Cap)   1.84%(g)(i)  11/16/2039   28,040 
 31,053   Series 2010-98-IA   5.34%(e)(g)  03/20/2039   905 
 342,899   Series 2011-69-SB (-1 x 1 mo. Term SOFR + 5.24%, 0.00% Floor, 5.35% Cap)   0.87%(g)(i)  05/20/2041   19,781 
 570,865   Series 2011-71-SG (-1 x 1 mo. Term SOFR + 5.29%, 0.00% Floor, 5.40% Cap)   0.92%(g)(i)  05/20/2041   42,027 
 611,569   Series 2011-72-AS (-1 x 1 mo. Term SOFR + 5.27%, 0.00% Floor, 5.38% Cap)   0.90%(g)(i)  05/20/2041   40,030 
 729,300   Series 2011-89-SA (-1 x 1 mo. Term SOFR + 5.34%, 0.00% Floor, 5.45% Cap)   0.97%(g)(i)  06/20/2041   54,166 
 5,117,695   Series 2012-26-SP (-1 x 1 mo. Term SOFR + 6.54%, 0.00% Floor, 6.65% Cap)   2.17%(g)(i)  02/20/2042   586,831 
 378,971   Series 2012-34-LI (-20 x 1 mo. Term SOFR + 119.71%, 0.00% Floor, 6.00% Cap)   6.00%(g)(i)  12/16/2039   80,268 
 3,906,729   Series 2013-119-TZ   3.00%  08/20/2043   3,436,143 
 2,229,847   Series 2014-39-SK (-1 x 1 mo. Term SOFR + 6.09%, 0.00% Floor, 6.20% Cap)   1.72%(g)(i)  03/20/2044   236,608 
 3,924,605   Series 2014-59-DS (-1 x 1 mo. Term SOFR + 6.14%, 0.00% Floor, 6.25% Cap)   1.74%(g)(i)  04/16/2044   347,505 
 3,530,400   Series 2014-63-SD (-1 x 1 mo. Term SOFR + 5.44%, 0.00% Floor, 5.55% Cap)   1.07%(g)(i)  04/20/2044   366,028 
 1,539,382   Series 2014-69-ST (-1 x 1 mo. Term SOFR + 5.99%, 0.00% Floor, 6.10% Cap)   1.59%(g)(i)  12/16/2039   136,092 
 2,299,240   Series 2015-148-BS (-1 x 1 mo. Term SOFR + 5.58%, 0.00% Floor, 5.69% Cap)   1.21%(g)(i)  10/20/2045   202,200 
 6,498,635   Series 2015-158-SK (-1 x 1 mo. Term SOFR + 6.09%, 0.00% Floor, 6.20% Cap)   1.72%(g)(i)  11/20/2045   752,085 
 7,404,258   Series 2018-111-SA (-1 x 1 mo. Term SOFR + 4.44%, 0.00% Floor, 4.55% Cap)   0.07%(g)(i)  08/20/2048   289,066 
 21,254,136   Series 2018-48-SD (-1 x 1 mo. Term SOFR + 3.79%, 0.00% Floor, 3.90% Cap)   0.00%(g)(i)  04/20/2048   368,923 
 6,356,228   Series 2020-115-SC (-1 x 1 mo. Term SOFR + 4.09%, 0.00% Floor, 4.20% Cap)   0.00%(g)(i)  08/20/2050   189,288 
 9,071,489   Series 2020-129-IW   2.50%(g)  09/20/2050   1,226,637 
 

 

 PRINCIPAL AMOUNT
$/SHARES		   SECURITY DESCRIPTION   RATE  MATURITY   VALUE $ 
 5,067,575   Series 2020-129-SE (-1 x 1 mo. Term SOFR + 3.64%, 0.00% Floor, 3.75% Cap)   0.00%(g)(i)  09/20/2050   68,553 
 15,166,736   Series 2020-138-IC   3.50%(g)  08/20/2050   2,743,550 
 5,656,216   Series 2020-138-IL   3.50%(g)  09/20/2050   960,935 
 9,515,511   Series 2020-173-MI   2.50%(g)  11/20/2050   1,448,582 
 7,127,314   Series 2020-175-KI   2.50%(g)  11/20/2050   1,023,661 
 2,753,675   Series 2020-187-SB (-1 x 1 mo. Term SOFR + 6.19%, 0.00% Floor, 6.30% Cap)   1.82%(g)(i)  12/20/2050   355,966 
 4,422,357   Series 2020-196-DI   2.50%(g)  12/20/2050   619,055 
 7,808,413   Series 2021-107-IL   3.00%(g)  06/20/2051   1,273,138 
 6,306,997   Series 2021-107-SA (-1 x 1 mo. Term SOFR + 3.64%, 0.00% Floor, 3.75% Cap)   0.00%(g)(i)  06/20/2051   150,730 
 3,862,016   Series 2021-116-XI   3.50%(g)  03/20/2051   729,111 
 3,395,810   Series 2021-125-AS (-1 x 30 day avg SOFR US + 3.25%, 0.00% Floor, 3.25% Cap)   0.00%(g)(i)  07/20/2051   31,008 
 6,684,903   Series 2021-130-DI   3.00%(g)  07/20/2051   1,066,671 
 9,536,394   Series 2021-15-PI   3.00%(g)  01/20/2051   1,480,797 
 6,639,795   Series 2021-158-SA (-1 x 30 day avg SOFR US + 3.70%, 0.00% Floor, 3.70% Cap)   0.00%(g)(i)  09/20/2051   153,479 
 16,449,761   Series 2021-194-IN   3.00%(g)  11/20/2051   2,724,888 
 10,964,916   Series 2021-209-MI   3.00%(g)  11/20/2051   1,875,774 
 12,828,031   Series 2021-221-SC (-1 x 30 day avg SOFR US + 3.80%, 0.00% Floor, 3.80% Cap)   0.00%(g)(i)  12/20/2051   224,583 
 9,472,537   Series 2021-221-SD (-1 x 30 day avg SOFR US + 3.80%, 0.00% Floor, 3.80% Cap)   0.00%(g)(i)  12/20/2051   204,305 
 9,993,701   Series 2021-24-XI   2.00%(g)  02/20/2051   1,232,783 
 8,148,533   Series 2021-46-DS (-1 x 1 mo. Term SOFR + 2.69%, 0.00% Floor, 2.80% Cap)   0.00%(g)(i)  03/20/2051   48,410 
 4,339,739   Series 2021-58-SJ (-1 x 1 mo. Term SOFR + 6.19%, 0.00% Floor, 6.30% Cap)   1.82%(g)(i)  04/20/2051   489,169 
 35,143,124   Series 2021-59-S (-1 x 30 day avg SOFR US + 2.60%, 0.00% Floor, 2.60% Cap)   0.00%(g)(i)  04/20/2051   91,811 
 6,903,675   Series 2021-7-IQ   2.50%(g)  01/20/2051   993,700 
 13,846,379   Series 2021-73-LS (-1 x 30 day avg SOFR US + 2.50%, 0.50% Floor, 2.50% Cap)   0.50%(g)(i)  04/20/2051   321,966 
 7,292,798   Series 2021-77-IH   2.50%(g)  05/20/2051   796,607 
 12,595,158   Series 2021-78-SC (-1 x 30 day avg SOFR US + 2.60%, 0.00% Floor, 2.60% Cap)   0.00%(g)(i)  05/20/2051   35,057 
 24,894,223   Series 2021-9-MI   2.50%(g)  01/20/2051   3,683,178 
 13,748,421   Series 2021-97-SA (-1 x 30 day avg SOFR US + 2.60%, 0.00% Floor, 2.60% Cap)   0.00%(g)(i)  06/20/2051   91,923 
 9,484,960   Series 2021-H04-BI   0.36%(e)(g)  02/01/2071   466,541 
 10,774,297   Series 2021-H07-AI   0.92%(e)(g)  05/20/2071   605,611 
 14,708,125   Series 2022-22-SA (-1 x 30 day avg SOFR US + 3.60%, 0.00% Floor, 3.60% Cap)   0.00%(g)(i)  08/20/2050   209,528 
 5,949,981   Series 2022-25-EI   3.00%(g)  02/20/2052   897,274 
 33,601,569   Series 2022-83-IO   2.50%(g)  11/20/2051   4,943,207 
 7,549,623   Series 2024-13-IA   3.00%(g)  05/20/2051   1,271,520 
     Total US Government and Agency Mortgage Backed Obligations (Cost $62,312,233)           55,384,832 
 US GOVERNMENT AND AGENCY OBLIGATIONS - 2.1%             
 5,950,000   United States Treasury Note/Bond   0.25%  08/31/2025   5,795,232 
     Total US Government and Agency Obligations (Cost $5,768,249)           5,795,232 
 COMMON STOCKS - 0.0%(l)             
 20,051   JOANN, Inc.(c)(m)           —   
 2,528   Riverbed - Class B(c)(m)           25 
     Total Common Stocks (Cost $–)           25 
 SHORT TERM INVESTMENTS - 2.4%             
 2,262,570   First American Government Obligations Fund - U   4.41%(n)      2,262,570 
 2,262,570   JPMorgan US Government Money Market Fund - IM   4.44%(n)      2,262,570 
 

 

 PRINCIPAL AMOUNT
$/SHARES		   SECURITY DESCRIPTION   RATE  MATURITY   VALUE $ 
 2,262,570   MSILF Government Portfolio - Institutional   4.42%(n)      2,262,570 
     Total Short Term Investments (Cost $6,787,710)           6,787,710 
                   
     Total Investments - 117.8%(o) (Cost $365,565,920)            331,504,490 
     Other Liabilities in Excess of Assets - (17.8)%           (49,977,468)
     NET ASSETS - 100.0%          $281,527,022 

 

SECURITY TYPE BREAKDOWN as a % of Net Assets:   
Collateralized Loan Obligations   29.5%
Non-Agency Commercial Mortgage Backed Obligations   27.6%
US Government and Agency Mortgage Backed Obligations   19.7%
Non-Agency Residential Collateralized Mortgage Obligations   15.4%
Bank Loans   13.5%
Foreign Corporate Bonds   3.3%
Short Term Investments   2.4%
US Government and Agency Obligations   2.1%
Asset Backed Obligations   1.5%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations   1.4%
US Corporate Bonds   1.4%
Common Stocks   0.0%(l)
Other Assets and Liabilities   (17.8)%
Net Assets   100.0%

 

INVESTMENT BREAKDOWN as a % of Net Assets:   
Collateralized Loan Obligations   29.5%
Non-Agency Commercial Mortgage Backed Obligations   27.6%
US Government and Agency Mortgage Backed Obligations   19.7%
Non-Agency Residential Collateralized Mortgage Obligations   15.4%
Electronics/Electric   2.9%
Short Term Investments   2.4%
US Government and Agency Obligations   2.1%
Healthcare   1.5%
Asset Backed Obligations   1.5%
Chemicals/Plastics   1.3%
Media   1.1%
Retailers (other than Food/Drug)   1.1%
Commercial Services   1.1%
Transportation   1.1%
Energy   1.0%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations   0.9%
Industrial Equipment   0.8%
Hotels/Motels/Inns and Casinos   0.8%
Utilities   0.7%
Consumer Products   0.6%
Finance   0.5%
Banking   0.5%
Construction   0.4%
Business Equipment and Services   0.4%
Building and Development (including Steel/Metals)   0.4%
Food Products   0.4%
Mining   0.3%
Containers and Glass Products   0.3%
Insurance   0.3%
Chemical Products   0.2%
Telecommunications   0.2%
Automotive   0.2%
Beverage and Tobacco   0.1%
Consumer Staples   0.1%
Pulp & Paper   0.1%
Diversified Manufacturing   0.1%
Technology   0.1%
Conglomerates   0.1%
Food Service   0.0%(l)
Aerospace & Defense   0.0%(l)
Other Assets and Liabilities   (17.8)%
Net Assets   100.0%

 

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. As of December 31, 2024, the value of these securities total $193,668,988 or 68.8% of the Fund's net assets.
(b) Security pays interest at rates that represent residual cashflows available after more senior tranches have been paid. The interest rate disclosed reflects the estimated rate in effect as of period end.
(c) Value determined using significant unobservable inputs.
(d) Security is in default or has failed to make a scheduled payment. Income is not being accrued.
(e) Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of period end.
(f) Perpetual maturity. The date disclosed is the next call date of the security.
(g) Interest only security
(h) Step Bond; Coupon rate changes based on a predetermined schedule or event. The interest rate shown is the rate in effect as of period end.
(i) Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope. Interest rate may also be subject to a cap or floor.
(j) Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.
(k) This security accrues interest which is added to the outstanding principal balance. The interest payment will be deferred until all other tranches in the structure are paid off. The rate disclosed is as of period end.
(l) Represents less than 0.05% of net assets.
(m) Non-income producing security.
(n) Seven-day yield as of period end.
(o) Under the Fund's Credit Agreement, the lender, through their agent, have been granted a security interest in all of the Fund’s investments in consideration of the Fund’s borrowings under the line of credit with the lender.

 

CMT Constant Maturity Treasury Rate
LIBOR London Interbank Offered Rate
PIK A payment-in-kind security in which the issuer may make interest or dividend payments in cash or additional securities. These additional securities generally have the same terms as the original holdings.
SOFR Secured Overnight Financing Rate
 

 

Notes to Schedule of Investments

December 31, 2024 (Unaudited)

 

1. Significant Accounting Policies

 

The Fund is an investment company that applies the accounting and reporting guidance issued in Topic 946, Financial Services—Investment Companies, by the Financial Accounting Standards Board (“FASB”). The following is a summary of the significant accounting policies of the Fund. These policies are in conformity with accounting principles generally accepted in the United States of America (“US GAAP”).

 

A. Security Valuation. The Fund has adopted US GAAP fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:

 

• Level 1—Unadjusted quoted market prices in active markets for identical securities
• Level 2—Quoted prices for identical or similar assets in markets that are not active, or inputs derived from observable market data
• Level 3—Significant unobservable inputs (including the reporting entity’s estimates and assumptions)

 

Valuations for domestic and foreign fixed income securities are normally determined on the basis of evaluations provided by independent pricing services. Vendors typically value such securities based on one or more inputs described in the following table which is not intended to be a complete list. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed income securities in which the Fund is authorized to invest. However, these classifications are not exclusive, and any of the inputs may be used to value any other class of fixed-income securities. Securities that use similar valuation techniques and inputs as described in the following table are categorized as Level 2 of the fair value hierarchy. To the extent the significant inputs are unobservable, the values generally would be categorized as Level 3. Assets and liabilities may be transferred between levels.

 

 

Fixed-income class Examples of Inputs
All Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”)
Corporate bonds and notes; convertible securities Standard inputs and underlying equity of the issuer
US bonds and notes of government and government agencies Standard inputs
Residential and commercial mortgage-backed obligations; asset-backed obligations (including collateralized loan obligations) Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information, trustee reports
Bank loans

Standard inputs

 

Investments in registered open-end management investment companies will be valued based upon the net asset value (“NAV”) of such investments and are categorized as Level 1 of the fair value hierarchy.

 

Common stocks, exchange-traded funds and financial derivative instruments, such as futures contracts or options contracts, that are traded on a national securities or commodities exchange, are typically valued at the last reported sales price, in the case of common stocks and exchange-traded funds, or, in the case of futures contracts or options contracts, the settlement price determined by the relevant exchange. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

 

Over-the-counter financial derivative instruments, such as forward currency exchange contracts, options contracts, or swap agreements, derive their values from underlying asset prices, indices, reference rates, other inputs or a combination of these factors. These instruments are normally valued on the basis of valuations obtained from counterparties, published index closing levels or evaluated prices supplied by independent pricing services, some or all of which may be based on market data from trading on exchanges that closed significantly before the time as of which the Fund calculates its NAV. Forward foreign currency contracts are generally valued based on rates provided by independent data providers. The Fund does not normally take into account trading, clearances or settlements that take place after the close of the principal exchange or market on which such securities are traded. Depending on the instrument and the terms of the transaction, the value of the derivative instruments can be estimated by a pricing service provider using a series of techniques, such as simulation pricing models. The pricing models use issuer details and other inputs that are observed from actively quoted markets such as indices, spreads, interest rates, curves,dividends and exchange rates. Derivatives that use similar valuation techniques and inputs as described above are normally categorized as Level 2 of the fair value hierarchy.

 

The Fund’s holdings in whole loans, securitizations and certain other types of alternative lending-related instruments may be valued based on prices provided by a third-party pricing service.

 

Senior secured floating rate loans for which an active secondary market exists to a reliable degree will be valued at the mean of the last available bid/ask prices in the market for such loans, as provided by an independent pricing service. Where an active secondary market does not exist to a reliable degree in the judgment of DoubleLine Capital LP (the “Adviser” or “DoubleLine Capital”), such loans will be valued at fair value based on certain factors.

 

In respect of certain commercial real estate-related, residential real estate-related and certain other investments for which a limited market may exist, the Valuation Designee (as defined below) may value such investments based on appraisals conducted by an independent valuation advisor or a similar pricing agent. However, an independent valuation firm may not be retained to undertake an evaluation of an asset unless the NAV, market price and other aspects of an investment exceed certain significance thresholds.

 

The Board of Trustees has adopted a pricing and valuation policy for use by the Fund and its Valuation Designee in calculating the Fund’s NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Fund has designated the Adviser as its “Valuation Designee” to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

 

The following is a summary of the fair valuations according to the inputs used to value the Fund’s investments as of December 31, 2024:

 

Category   
Investments in Securities    
Level 1    
Short Term Investments  $6,787,710
Total Level 1   6,787,710
Level 2    
Collateralized Loan Obligations  $82,705,557
Non-Agency Commercial Mortgage Backed Obligations   76,444,940
US Government and Agency Mortgage Backed Obligations   55,384,832
Non-Agency Residential Collateralized Mortgage Obligations   43,438,280
Bank Loans   37,853,387
Foreign Corporate Bonds   9,418,297
US Government and Agency Obligations   5,795,232
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations   4,033,383
US Corporate Bonds   4,022,509
Asset Backed Obligations   3,822,689
Total Level 2   322,919,106
Level 3    
Non-Agency Commercial Mortgage Backed Obligations  $1,119,968
Asset Backed Obligations   354,581
Collateralized Loan Obligations   254,420
Bank Loans   68,680
Common Stocks   25
Total Level 3   1,797,674
Total  $331,504,490

 

See the Schedule of Investments for further disaggregation of investment categories.     
 
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