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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| DoubleLine Income Solutions Fund | NYSE:DSL | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 12.89 | 12.95 | 12.84 | 12.90 | 321,391 | 01:00:00 |
| DoubleLine Income Solutions Fund | (Unaudited) | |
| Schedule of Investments | June 30, 2024 |
| PRINCIPAL
AMOUNT $/SHARES |
SECURITY DESCRIPTION | RATE | MATURITY | VALUE $ |
| ASSET BACKED OBLIGATIONS - 1.2% | |||||
| Arivo Acceptance Auto Loan Receivables Trust | |||||
| 1,150,000 | Series 2021-1A-D | 5.83% | (a) | 01/18/2028 | 1,119,687 |
| Blue Stream Communications LLC | |||||
| 2,000,000 | Series 2023-1A-C | 8.90% | (a) | 05/20/2053 | 1,868,695 |
| Castlelake Aircraft Securitization Trust | |||||
| 474,892 | Series 2018-1-C | 6.63% | (a)(b) | 06/15/2043 | 152,714 |
| 2,039,241 | Series 2021-1A-C | 7.00% | (a)(b) | 01/15/2046 | 1,739,516 |
| Compass Datacenters LLC | |||||
| 1,250,000 | Series 2024-1A-B | 7.00% | (a) | 02/25/2049 | 1,257,009 |
| ME Funding | |||||
| 400,000 | Series 2024-1A-A2 | 8.10% | (a) | 04/30/2054 | 387,155 |
| Pagaya AI Debt Selection Trust | |||||
| 2,750,000 | Series 2021-3-CERT | 0.00% | (a)(b)(c) | 05/15/2029 | 2,434 |
| 66,811 | Series 2022-1-A | 2.03% | (a) | 10/15/2029 | 66,508 |
| 346,226 | Series 2022-2-AB | 5.80% | (a)(d) | 01/15/2030 | 345,716 |
| Sierra Timeshare Conduit Receivables Funding LLC | |||||
| 685,963 | Series 2023-2A-D | 9.72% | (a) | 04/20/2040 | 694,879 |
| SOFI Alternative Trust | |||||
| 55,000 | Series 2021-2-R1 | 0.00% | (a)(b)(c) | 08/15/2030 | 349,379 |
| SoFi Professional Loan Program LLC | |||||
| 50,000 | Series 2018-A-R1 | 0.00% | (a)(b)(c) | 02/25/2042 | 471,094 |
| 14,827 | Series 2018-A-R2 | 0.00% | (a)(b)(c) | 02/25/2042 | 139,698 |
| 100,000 | Series 2018-C-R1 | 0.00% | (a)(b)(c) | 01/25/2048 | 777,512 |
| Start Ltd./Bermuda | |||||
| 389,334 | Series 2019-1-C | 6.41% | (a)(b) | 03/15/2044 | 355,401 |
| Summit Issuer LLC | |||||
| 4,300,000 | Series 2020-1A-C | 5.10% | (a) | 12/20/2050 | 4,032,756 |
| Sunbird Engine Finance | |||||
| 856,971 | Series 2020-1A-C | 6.78% | (a)(b) | 02/15/2045 | 728,792 |
| Switch ABS Issuer LLC | |||||
| 1,000,000 | Series 2024-2A-C | 10.03% | (a) | 06/25/2054 | 1,005,662 |
| Willis Lease Finance Corp. | |||||
| 607,958 | Series 2021-A-C | 7.39% | (a)(b) | 05/15/2046 | 583,926 |
| Total Asset Backed Obligations (Cost $16,712,833) | 16,078,533 | ||||
| BANK LOANS - 21.9% | |||||
| AAdvantage Loyalty IP Ltd. | |||||
| 2,532,000 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.75%) | 10.36% | 04/20/2028 | 2,619,038 | |
| Access CIG LLC | |||||
| 5,493,823 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 5.00%) | 10.34% | 08/18/2028 | 5,535,906 | |
| Acuris Finance US, Inc. | |||||
| 4,915,000 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.00%) | 9.33% | 02/16/2028 | 4,922,151 | |
| ADMI Corp. | |||||
| 5,782,036 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 5.75%) | 11.09% | 12/23/2027 | 5,830,200 | |
| AI Aqua Merger Sub, Inc. | |||||
| 1,974,949 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.75%) | 9.10% | 07/31/2028 | 1,980,696 | |
| Allied Universal Holdco LLC | |||||
| 2,553,436 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.75%) | 9.18% | 05/15/2028 | 2,546,503 | |
| Altice France SA/France | |||||
| 1,386,499 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 5.50%) | 10.83% | 08/31/2028 | 1,022,543 | |
| PRINCIPAL
AMOUNT $/SHARES |
SECURITY DESCRIPTION | RATE | MATURITY | VALUE $ |
| Alvaria Holdco (Aspect Software) Second-Out T/L | |||||
| 1,092,785 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 1.00%, 0.75% Floor) | 6.34% | 05/18/2028 | 718,506 | |
| Alvaria Holdco (Aspect Software) Third-Out T/L A | |||||
| 2,543,077 | Senior Secured First Lien Term Loan (1 mo. SOFR US + 2.00%, 0.00% Floor) | 7.34% | 05/18/2028 | 775,638 | |
| American Tire Distributors, Inc. | |||||
| 3,924,900 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 6.25%) | 11.57% | 10/23/2028 | 2,862,116 | |
| Applied Systems, Inc. | |||||
| 1,540,000 | Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 5.25%) | 10.60% | 02/23/2032 | 1,596,626 | |
| Apro LLC | |||||
| 2,655,000 | Senior Secured Term Loan (1 mo. Term SOFR + 3.75%) | 9.08% | 06/26/2031 | 2,658,319 | |
| Artera Services LLC | |||||
| 4,458,825 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.50%) | 9.83% | 02/10/2031 | 4,487,874 | |
| Ascend Learning LLC | |||||
| 5,167,390 | Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 5.75%) | 11.18% | 12/10/2029 | 5,084,712 | |
| ASP LS Acquisition Corp. | |||||
| 1,182,837 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.50%) | 9.83% | 05/08/2028 | 1,011,166 | |
| Astra Acquisition Corp. | |||||
| 487,957 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 6.50%) | 11.84% | 02/25/2028 | 447,701 | |
| 273,256 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 6.75%) | 12.09% | 02/25/2028 | 250,712 | |
| 1,204,012 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.25%) | 10.59% | 10/25/2028 | 445,484 | |
| 9,662,677 | Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 8.88%) | 14.22% | 10/25/2029 | 2,545,536 | |
| Asurion LLC | |||||
| 905,000 | Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 5.25%) | 10.69% | 02/03/2028 | 845,609 | |
| 4,225,000 | Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 5.25%) | 10.70% | 01/22/2029 | 3,909,773 | |
| AthenaHealth Group, Inc. | |||||
| 1,288,286 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%) | 8.58% | 02/15/2029 | 1,285,671 | |
| Aveanna Healthcare LLC | |||||
| 7,855,000 | Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 7.00%) | 12.43% | 12/10/2029 | 7,256,056 | |
| Bausch + Lomb Corp. | |||||
| 891,357 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%) | 8.68% | 05/10/2027 | 883,000 | |
| 7,451,847 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%) | 9.44% | 09/29/2028 | 7,447,228 | |
| BCPE Empire Holdings, Inc. | |||||
| 3,115,040 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%) | 9.34% | 12/26/2028 | 3,119,525 | |
| Boxer Parent Co., Inc. | |||||
| 5,721,250 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.25%) | 9.59% | 12/29/2028 | 5,740,130 | |
| Brand Industrial Services, Inc. | |||||
| 2,657,725 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.50%) | 9.83% | 08/01/2030 | 2,669,539 | |
| BYJU’s Alpha Bridge TL | |||||
| 8,690 | Senior Secured Term Loan | 13.33% | (b)(e) | 04/24/2026 | 8,690 |
| BYJU’s Alpha New Money TL | |||||
| 15,151 | Senior Secured First Lien Term Loan | 13.33% | (b)(e) | 04/09/2026 | 15,151 |
| BYJU’s Alpha Prepetition Reimbursement TL | |||||
| 40,115 | Senior Secured Term Loan | 13.33% | (b)(e) | 04/24/2026 | 40,115 |
| BYJU’s Alpha, Inc. | |||||
| 1,767,642 | Senior Secured First Lien Term Loan (Prime Rate + 7.00%, 0.75%) | 15.50% | (g) | 11/24/2026 | 400,247 |
| PRINCIPAL
AMOUNT $/SHARES |
SECURITY DESCRIPTION | RATE | MATURITY | VALUE $ |
| Carnival Corp. | |||||
| 362,445 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.75%) | 8.10% | 08/09/2027 | 364,712 | |
| Cengage Learning, Inc. | |||||
| 1,900,238 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.25%) | 9.60% | 03/24/2031 | 1,907,962 | |
| Central Parent, Inc. | |||||
| 960,000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%) | 8.58% | 07/06/2029 | 948,902 | |
| ClubCorp Holdings, Inc. | |||||
| 4,301,927 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 5.00%) | 10.34% | 09/18/2026 | 4,329,888 | |
| Connect Finco SARL | |||||
| 582,678 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.50%) | 8.85% | 12/11/2026 | 576,851 | |
| Constant Contact, Inc. | |||||
| 2,643,672 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%) | 9.33% | 02/10/2028 | 2,607,877 | |
| CoreLogic, Inc. | |||||
| 523,274 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.50%) | 8.94% | 06/02/2028 | 516,359 | |
| Cornerstone Building Brands, Inc. | |||||
| 1,416,696 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%) | 8.68% | 04/12/2028 | 1,385,706 | |
| 1,330,000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.50%) | 9.93% | 05/15/2031 | 1,324,461 | |
| Crosby US Acquisition Corp. | |||||
| 1,144,250 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%) | 9.33% | 08/16/2029 | 1,151,997 | |
| Cross Financial Corp. | |||||
| 1,746,236 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.50%) | 8.84% | 09/15/2027 | 1,754,967 | |
| Dcert Buyer, Inc. | |||||
| 3,626,065 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%) | 9.33% | 10/16/2026 | 3,542,212 | |
| Deerfield Dakota Holding LLC | |||||
| 5,143,949 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.75%) | 9.04% | 04/09/2027 | 5,147,755 | |
| Dexko Global, Inc. | |||||
| 1,621,850 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.25%) | 9.59% | 10/04/2028 | 1,622,701 | |
| DG Investment Intermediate Holdings 2, Inc. | |||||
| 2,425,000 | Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 6.75%) | 12.21% | 03/29/2029 | 2,383,702 | |
| Directv Financing LLC | |||||
| 3,672,840 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 5.25%) | 10.71% | 08/02/2029 | 3,661,363 | |
| Dynasty Acquisition Co., Inc. | |||||
| 762,344 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.50%) | 8.85% | 08/24/2028 | 765,981 | |
| Edelman Financial Engines Center LLC | |||||
| 2,138,892 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%) | 8.58% | 04/07/2028 | 2,144,411 | |
| 5,515,000 | Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 5.25%) | 10.59% | 10/31/2028 | 5,535,681 | |
| EG America LLC | |||||
| 2,324,160 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 5.50%) | 10.94% | 02/07/2028 | 2,299,954 | |
| Eisner Advisory Group LLC | |||||
| 2,392,975 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%) | 9.34% | 02/28/2031 | 2,419,405 | |
| Element Materials Technology Group US Holdings, Inc. | |||||
| 421,217 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.25%) | 9.68% | 06/25/2029 | 423,412 | |
| 194,408 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.25%) | 9.68% | 06/25/2029 | 195,421 | |
| PRINCIPAL
AMOUNT $/SHARES |
SECURITY DESCRIPTION | RATE | MATURITY | VALUE $ |
| Fertitta Entertainment LLC/NV | |||||
| 4,223,133 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%) | 9.33% | 01/29/2029 | 4,232,889 | |
| FinThrive Software Intermediate Holdings, Inc. | |||||
| 2,205,000 | Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 6.75%) | 12.19% | 12/17/2029 | 1,525,132 | |
| Flynn America LP | |||||
| 3,243,750 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.50%) | 9.96% | 07/31/2028 | 3,215,367 | |
| Foresight Energy LLC | |||||
| 1,880,943 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 8.00%) | 13.33% | (b) | 06/30/2027 | 1,880,943 |
| Gainwell Acquisition Corp. | |||||
| 7,767,735 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.00%) | 9.40% | 10/01/2027 | 7,541,151 | |
| Garda World Security Corp. | |||||
| 2,423,832 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.25%) | 9.68% | 02/01/2029 | 2,442,011 | |
| GIP II Blue Holding LP | |||||
| 527,056 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.75%) | 9.08% | 09/29/2028 | 533,172 | |
| Grant Thornton LLP/Chicago | |||||
| 810,000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%) | 8.59% | 05/30/2031 | 813,333 | |
| Greystone Select Financial LLC | |||||
| 3,624,000 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.00%) | 10.33% | 06/19/2028 | 3,614,940 | |
| Groupe Solmax, Inc. | |||||
| 2,868,231 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.75%) | 10.34% | 07/24/2028 | 2,788,681 | |
| Gulf Finance LLC | |||||
| 3,255,392 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 6.25%) | 11.70% | 08/25/2026 | 3,279,808 | |
| Helios Software Holdings, Inc. | |||||
| 2,213,303 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.75%) | 9.10% | 07/15/2030 | 2,222,001 | |
| Hexion Holdings Corp. | |||||
| 5,172,613 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.50%) | 9.95% | 03/15/2029 | 5,161,982 | |
| INEOS US Petrochem LLC | |||||
| 2,540,000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.25%) | 9.68% | 03/29/2029 | 2,538,413 | |
| Kenan Advantage Group, Inc. | |||||
| 2,294,250 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.75%) | 9.10% | 01/25/2029 | 2,308,589 | |
| Kronos Acquisition Holdings, Inc. | |||||
| 3,485,000 | Senior Secured Term Loan (1 mo. Term SOFR + 4.00%) | 9.34% | 06/27/2031 | 3,467,575 | |
| Lasership, Inc. | |||||
| 1,025,000 | Senior Secured Second Lien Term Loan (3 mo. Term SOFR + 7.50%) | 12.81% | 05/07/2029 | 748,675 | |
| LBM Acquisition LLC | |||||
| 5,632,304 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.75%) | 9.18% | 06/06/2031 | 5,545,848 | |
| LC Ahab US Bidco LLC | |||||
| 1,750,000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.50%) | 8.83% | 05/01/2031 | 1,755,478 | |
| Lealand Finance Co. BV | |||||
| 52,939 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%) | 8.46% | 06/30/2027 | 27,793 | |
| 774,539 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%) | 9.46% | 12/31/2027 | 367,906 | |
| Lereta LLC | |||||
| 1,104,423 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 5.25%) | 10.58% | 08/07/2028 | 832,917 | |
| LifePoint Health, Inc. | |||||
| PRINCIPAL
AMOUNT $/SHARES |
SECURITY DESCRIPTION | RATE | MATURITY | VALUE $ |
| 5,625,900 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.75%) | 10.08% | 11/16/2028 | 5,663,537 | |
| 670,000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%) | 9.33% | 05/14/2031 | 671,782 | |
| Mileage Plus Holdings LLC | |||||
| 519,000 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.25%) | 10.55% | 06/21/2027 | 530,205 | |
| Mitchell International, Inc. | |||||
| 6,400,000 | Senior Secured Term Loan (1 mo. Term SOFR + 5.25%) | 10.59% | 06/17/2032 | 6,396,032 | |
| MLN US Holdco LLC | |||||
| 2,920,000 | Senior Secured Second Lien Term Loan (3 mo. Term SOFR + 8.75%) | 14.10% | 11/30/2026 | 237,250 | |
| Modena Buyer LLC | |||||
| 4,585,000 | Senior Secured Term Loan (1 mo. Term SOFR + 4.50%) | 9.83% | 04/21/2031 | 4,481,127 | |
| Needle Holdings LLC | |||||
| 274,199 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 9.50%) | 14.84% | 04/28/2028 | 271,457 | |
| NEP Group, Inc. | |||||
| 2,918,837 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%) 1.50% PIK | 8.71% | 08/19/2026 | 2,775,318 | |
| 905,000 | Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 7.00%) | 12.44% | 10/19/2026 | 744,363 | |
| NGL Energy Operating LLC | |||||
| 668,325 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.50%) | 9.83% | 02/03/2031 | 671,486 | |
| Nouryon USA LLC | |||||
| 3,154,877 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.50%) | 8.85% | 04/03/2028 | 3,167,102 | |
| OneDigital Borrower LLC | |||||
| 728,133 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.25%) | 9.75% | 11/16/2027 | 727,223 | |
| 6,665,000 | Senior Secured Term Loan (1 mo. Term SOFR + 5.25%) | 10.58% | 06/14/2032 | 6,648,337 | |
| Ontario Gaming GTA LP | |||||
| 2,397,950 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.25%) | 9.58% | 08/01/2030 | 2,412,554 | |
| Par Petroleum LLC | |||||
| 2,760,063 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.75%) | 9.08% | 02/28/2030 | 2,774,718 | |
| PECF USS Intermediate Holding III Corp. | |||||
| 1,719,581 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.25%) | 9.69% | 12/15/2028 | 1,151,165 | |
| Polaris Newco LLC | |||||
| 1,502,276 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%) | 9.44% | 06/05/2028 | 1,503,471 | |
| Potters Borrower LP | |||||
| 737,153 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.75%) | 9.08% | 12/14/2027 | 741,417 | |
| Pretium PKG Holdings, Inc. | |||||
| 2,860,000 | Senior Secured Second Lien Term Loan (3 mo. Term SOFR + 6.75%) | 12.05% | 10/01/2029 | 1,680,650 | |
| Radiology Partners T/L | |||||
| 2,955,000 | Senior Secured First Lien Term Loan (3 mo. SOFR US + 3.50%, 0.00% Floor) | 9.09% | 01/31/2029 | 2,810,205 | |
| Restaurant Technologies, Inc. | |||||
| 6,268,977 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.25%) | 9.55% | 04/02/2029 | 6,110,592 | |
| Riverbed Technology, Inc. | |||||
| 1,317,592 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.50%) 2.00% PIK | 9.83% | 07/03/2028 | 811,966 | |
| Skillsoft Finance II, Inc. | |||||
| 1,330,176 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 5.25%) | 10.69% | 07/14/2028 | 1,048,944 | |
| Sound Inpatient Physicians Holdings LLC | |||||
| 3,771,145 | Senior Secured Second Lien Term Loan (3 mo. Term SOFR + 6.75%) | 12.09% | 06/29/2026 | 609,285 | |
| Southern Veterinary Partners LLC | |||||
| PRINCIPAL
AMOUNT $/SHARES |
SECURITY DESCRIPTION | RATE | MATURITY | VALUE $ |
| 3,822,871 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.75%) | 9.08% | 10/05/2027 | 3,835,620 | |
| Standard Aero Ltd. | |||||
| 293,940 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.50%) | 8.85% | 08/24/2028 | 295,342 | |
| StubHub Holdco Sub LLC | |||||
| 6,738,741 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.75%) | 10.08% | 03/15/2030 | 6,749,286 | |
| Titan Acquisition Ltd./Canada | |||||
| 7,385,000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 5.00%) | 10.34% | 02/15/2029 | 7,411,180 | |
| Travelport Finance Luxembourg Sarl | |||||
| 4,628,091 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 7.00%) | 12.34% | 09/29/2028 | 4,214,710 | |
| Trident TPI Holdings, Inc. | |||||
| 1,283,501 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%) | 9.34% | 09/18/2028 | 1,259,371 | |
| Triton Water Holdings, Inc. | |||||
| 3,860,000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%) | 8.59% | 03/31/2028 | 3,865,790 | |
| United Natural Foods, Inc. | |||||
| 2,775,000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.75%) | 10.08% | 05/01/2031 | 2,787,723 | |
| Vantage Specialty Chemicals, Inc. | |||||
| 615,136 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.75%) | 10.08% | 10/26/2026 | 608,985 | |
| Viad Corp. | |||||
| 4,014,760 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 5.00%) | 9.59% | 07/31/2028 | 4,029,835 | |
| Vibrantz Technologies, Inc. | |||||
| 2,049,356 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.25%) | 9.68% | 04/23/2029 | 2,004,270 | |
| Victra Holdings LLC | |||||
| 1,470,634 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 6.50%) | 11.84% | 03/29/2029 | 1,492,694 | |
| VT Topco, Inc. | |||||
| 1,950,212 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.50%) | 8.83% | 08/12/2030 | 1,961,670 | |
| Wand NewCo 3, Inc. | |||||
| 1,840,000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.75%) | 9.09% | 01/30/2031 | 1,854,288 | |
| WaterBridge Midstream Operating LLC | |||||
| 3,366,065 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.75%) | 11.10% | 06/22/2026 | 3,376,601 | |
| 3,645,000 | Senior Secured Term Loan (1 mo. Term SOFR + 4.75%) | 10.09% | 06/27/2029 | 3,626,775 | |
| WestJet Loyalty LP | |||||
| 2,435,000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.75%) | 9.18% | 02/14/2031 | 2,449,001 | |
| WWEX Uni Topco Holdings LLC | |||||
| 490,000 | Senior Secured Second Lien Term Loan (3 mo. Term SOFR + 7.00%) | 12.34% | 07/26/2029 | 470,400 | |
| Total Bank Loans (Cost $312,184,593) | 291,752,172 | ||||
| COLLATERALIZED LOAN OBLIGATIONS - 12.2% | |||||
| Apidos CLO | |||||
| 3,000,000 | Series 2016-24A-DR (3 mo. Term SOFR + 6.06%, 0.00% Floor) | 11.39% | (a) | 10/20/2030 | 2,981,438 |
| Atrium CDO Corp. | |||||
| 2,500,000 | Series 15A-E (3 mo. Term SOFR + 6.11%, 5.85% Floor) | 11.44% | (a) | 01/23/2031 | 2,510,200 |
| Babson CLO Ltd./Cayman Islands | |||||
| 2,250,000 | Series 2015-2A-ER (3 mo. Term SOFR + 6.71%, 0.00% Floor) | 12.04% | (a) | 10/20/2030 | 2,241,811 |
| 1,500,000 | Series 2018-4A-E (3 mo. Term SOFR + 6.08%, 5.82% Floor) | 11.41% | (a) | 10/15/2030 | 1,507,279 |
| 5,000,000 | Series 2019-2A-DR (3 mo. Term SOFR + 7.04%, 6.78% Floor) | 12.37% | (a) | 04/15/2036 | 4,996,400 |
| 1,000,000 | Series 2020-1A-ER (3 mo. Term SOFR + 6.91%, 6.65% Floor) | 12.24% | (a) | 10/15/2036 | 1,009,284 |
| PRINCIPAL
AMOUNT $/SHARES |
SECURITY DESCRIPTION | RATE | MATURITY | VALUE $ |
| Bain Capital Credit CLO | |||||
| 3,000,000 | Series 2017-2A-ER2 (3 mo. Term SOFR + 7.12%, 6.86% Floor) | 12.45% | (a) | 07/25/2034 | 2,969,040 |
| Buttermilk Park CLO | |||||
| 6,500,000 | Series 2018-1A-E (3 mo. Term SOFR + 6.01%, 5.75% Floor) | 11.34% | (a) | 10/15/2031 | 6,510,653 |
| Canyon Capital CLO Ltd. | |||||
| 2,500,000 | Series 2016-1A-ER (3 mo. Term SOFR + 6.01%, 0.00% Floor) | 11.34% | (a) | 07/15/2031 | 2,477,163 |
| 6,650,000 | Series 2017-1A-E (3 mo. Term SOFR + 6.51%, 0.00% Floor) | 11.84% | (a) | 07/15/2030 | 6,540,034 |
| 1,000,000 | Series 2021-1A-E (3 mo. Term SOFR + 6.67%, 6.41% Floor) | 12.00% | (a) | 04/15/2034 | 969,578 |
| 6,000,000 | Series 2021-2A-E (3 mo. Term SOFR + 6.96%, 6.96% Floor) | 12.29% | (a) | 04/15/2034 | 5,985,563 |
| Canyon CLO | |||||
| 2,500,000 | Series 2018-1A-E (3 mo. Term SOFR + 6.01%, 5.75% Floor) | 11.34% | (a) | 07/15/2031 | 2,479,245 |
| Carlyle Global Market Strategies | |||||
| 3,000,000 | Series 2019-1A-D (3 mo. Term SOFR + 6.96%, 6.70% Floor) | 12.29% | (a) | 04/20/2031 | 3,005,435 |
| Carlyle Group, Inc. | |||||
| 2,000,000 | Series 2013-3A-DR (3 mo. Term SOFR + 5.76%, 0.00% Floor) | 11.09% | (a) | 10/15/2030 | 1,970,276 |
| Chenango Park CLO | |||||
| 1,500,000 | Series 2018-1A-D (3 mo. Term SOFR + 6.06%, 5.80% Floor) | 11.39% | (a) | 04/15/2030 | 1,464,035 |
| CIFC Funding Ltd. | |||||
| 750,000 | Series 2013-1A-DR (3 mo. Term SOFR + 6.91%, 0.00% Floor) | 12.24% | (a) | 07/16/2030 | 752,892 |
| Dryden Senior Loan Fund | |||||
| 3,000,000 | Series 2015-37A-ER (3 mo. Term SOFR + 5.41%, 5.15% Floor) | 10.74% | (a) | 01/15/2031 | 2,715,672 |
| 2,500,000 | Series 2018-55A-F (3 mo. Term SOFR + 7.46%, 0.00% Floor) | 12.79% | (a) | 04/15/2031 | 1,999,431 |
| Halcyon Loan Advisors Funding Ltd. | |||||
| 1,228,565 | Series 2014-2A-D (3 mo. Term SOFR + 5.26%, 0.00% Floor) | 10.59% | (a)(b) | 04/28/2025 | 251,979 |
| 1,498,998 | Series 2014-2A-E (3 mo. Term SOFR + 6.01%, 0.00% Floor) | 11.34% | (a)(b) | 04/28/2025 | 30 |
| LCM LP | |||||
| 5,000,000 | Series 17A-ER (3 mo. Term SOFR + 6.26%, 6.00% Floor) | 11.59% | (a)(b) | 10/15/2031 | 4,066,909 |
| 6,500,000 | Series 26A-E (3 mo. Term SOFR + 5.56%, 5.30% Floor) | 10.89% | (a) | 01/20/2031 | 5,297,350 |
| 2,000,000 | Series 28A-E (3 mo. Term SOFR + 6.01%, 5.75% Floor) | 11.34% | (a) | 10/20/2030 | 1,755,912 |
| LCM XIII LP | |||||
| 3,500,000 | Series 14A-FR (3 mo. Term SOFR + 7.87%, 0.00% Floor) | 13.20% | (a)(b) | 07/20/2031 | 1,908,424 |
| Madison Park Funding Ltd. | |||||
| 11,000,000 | Series 2014-14A-ER (3 mo. Term SOFR + 6.06%, 5.80% Floor) | 11.39% | (a) | 10/22/2030 | 11,067,892 |
| 1,000,000 | Series 2019-34A-ER (3 mo. Term SOFR + 6.91%, 6.65% Floor) | 12.24% | (a) | 04/25/2032 | 1,006,445 |
| Magnetite CLO Ltd. | |||||
| 500,000 | Series 2020-26A-ER (3 mo. Term SOFR + 6.21%, 5.95% Floor) | 11.54% | (a) | 07/25/2034 | 503,223 |
| Marble Point CLO | |||||
| 500,000 | Series 2018-1A-D (3 mo. Term SOFR + 3.26%, 0.00% Floor) | 8.59% | (a) | 07/16/2031 | 489,860 |
| Neuberger Berman CLO Ltd. | |||||
| 2,000,000 | Series 2017-16SA-ER (3 mo. Term SOFR + 6.51%, 6.25% Floor) | 11.84% | (a) | 04/15/2034 | 2,013,943 |
| 1,000,000 | Series 2019-31A-ER (3 mo. Term SOFR + 6.76%, 6.50% Floor) | 12.09% | (a) | 04/20/2031 | 1,008,205 |
| 1,750,000 | Series 2019-32A-ER (3 mo. Term SOFR + 6.36%, 6.10% Floor) | 11.69% | (a) | 01/20/2032 | 1,759,056 |
| 2,250,000 | Series 2019-33A-ER (3 mo. Term SOFR + 6.51%, 6.25% Floor) | 11.84% | (a) | 10/16/2033 | 2,246,232 |
| Newark BSL CLO | |||||
| 2,000,000 | Series 2017-1A-D (3 mo. Term SOFR + 6.56%, 0.00% Floor) | 11.89% | (a) | 07/25/2030 | 1,969,910 |
| Octagon Investment Partners Ltd. | |||||
| 5,000,000 | Series 2012-1A-DR (3 mo. Term SOFR + 7.41%, 0.00% Floor) | 12.74% | (a) | 07/15/2029 | 4,761,601 |
| 8,750,000 | Series 2013-1A-ER (3 mo. Term SOFR + 6.01%, 5.75% Floor) | 11.33% | (a) | 07/17/2030 | 8,245,352 |
| 5,460,000 | Series 2013-1A-ER (3 mo. Term SOFR + 7.26%, 0.00% Floor) | 12.59% | (a) | 07/19/2030 | 5,482,994 |
| 2,000,000 | Series 2016-1A-FR (3 mo. Term SOFR + 8.35%, 8.35% Floor) | 13.68% | (a) | 07/15/2030 | 1,502,297 |
| 4,000,000 | Series 2017-1A-D (3 mo. Term SOFR + 6.46%, 0.00% Floor) | 11.79% | (a)(b) | 03/17/2030 | 3,826,734 |
| 500,000 | Series 2019-1A-DR (3 mo. Term SOFR + 3.51%, 3.25% Floor) | 8.84% | (a) | 10/15/2034 | 488,805 |
| 2,000,000 | Series 2019-3A-ER (3 mo. Term SOFR + 7.01%, 6.75% Floor) | 12.34% | (a) | 07/15/2034 | 1,988,842 |
| 1,000,000 | Series 2020-2A-ER (3 mo. Term SOFR + 6.86%, 6.60% Floor) | 12.19% | (a) | 07/15/2036 | 917,359 |
| Point Au Roche Park CLO | |||||
| PRINCIPAL
AMOUNT $/SHARES |
SECURITY DESCRIPTION | RATE | MATURITY | VALUE $ |
| 500,000 | Series 2021-1A-E (3 mo. Term SOFR + 6.36%, 6.10% Floor) | 11.69% | (a) | 07/20/2034 | 502,559 |
| Sound Point CLO Ltd. | |||||
| 2,400,000 | Series 2019-2A-ER (3 mo. Term SOFR + 6.73%, 6.47% Floor) | 12.06% | (a) | 07/15/2034 | 2,127,679 |
| 500,000 | Series 2020-2A-ER (3 mo. Term SOFR + 6.82%, 6.56% Floor) | 12.15% | (a) | 10/25/2034 | 471,808 |
| 2,000,000 | Series 2021-3A-E (3 mo. Term SOFR + 6.87%, 6.61% Floor) | 12.20% | (a) | 10/25/2034 | 1,815,146 |
| Stewart Park CLO | |||||
| 7,500,000 | Series 2015-1A-ER (3 mo. Term SOFR + 5.54%, 5.28% Floor) | 10.87% | (a) | 01/15/2030 | 7,372,513 |
| Venture CDO Ltd. | |||||
| 7,200,000 | Series 2016-24A-E (3 mo. Term SOFR + 6.98%, 0.00% Floor) | 12.31% | (a) | 10/20/2028 | 6,335,937 |
| 5,000,000 | Series 2017-26A-E (3 mo. Term SOFR + 7.06%, 0.00% Floor) | 12.39% | (a) | 01/20/2029 | 3,969,337 |
| 4,000,000 | Series 2017-27A-E (3 mo. Term SOFR + 6.61%, 0.00% Floor) | 11.94% | (a) | 07/20/2030 | 2,928,480 |
| Voya CLO Ltd. | |||||
| 1,500,000 | Series 2017-1A-D (3 mo. Term SOFR + 6.36%, 0.00% Floor) | 11.68% | (a) | 04/17/2030 | 1,469,285 |
| 1,000,000 | Series 2018-2A-E (3 mo. Term SOFR + 5.51%, 5.25% Floor) | 10.84% | (a) | 07/15/2031 | 944,768 |
| 1,000,000 | Series 2018-2A-F (3 mo. Term SOFR + 7.55%, 7.29% Floor) | 12.88% | (a) | 07/15/2031 | 764,274 |
| Wind River CLO Ltd. | |||||
| 2,000,000 | Series 2013-2A-E1R (3 mo. Term SOFR + 7.01%, 0.00% Floor) | 12.34% | (a)(b) | 10/18/2030 | 1,956,777 |
| 3,500,000 | Series 2014-2A-ER (3 mo. Term SOFR + 6.01%, 5.75% Floor) | 11.34% | (a)(b) | 01/15/2031 | 2,867,493 |
| 2,000,000 | Series 2014-3A-ER2 (3 mo. Term SOFR + 6.48%, 6.22% Floor) | 11.81% | (a)(b) | 10/22/2031 | 1,805,468 |
| 5,000,000 | Series 2017-1A-ER (3 mo. Term SOFR + 7.32%, 7.06% Floor) | 12.65% | (a) | 04/18/2036 | 4,755,358 |
| 3,000,000 | Series 2017-3A-ER (3 mo. Term SOFR + 7.31%, 7.05% Floor) | 12.64% | (a) | 04/15/2035 | 2,933,209 |
| 1,000,000 | Series 2018-1A-E (3 mo. Term SOFR + 5.76%, 0.00% Floor) | 11.09% | (a) | 07/15/2030 | 977,710 |
| 1,000,000 | Series 2018-2A-E (3 mo. Term SOFR + 6.01%, 0.00% Floor) | 11.34% | (a) | 07/15/2030 | 958,862 |
| Total Collateralized Loan Obligations (Cost $175,497,130) | 162,601,446 | ||||
| FOREIGN CORPORATE BONDS - 40.2% | |||||
| 9,400,000 | ABM Investama Tbk PT | 9.50% | (a) | 08/05/2026 | 9,312,027 |
| 17,688,298 | Acu Petroleo Luxembourg Sarl | 7.50% | 01/13/2032 | 17,175,845 | |
| 4,000,000 | Adani Electricity Mumbai Ltd. | 3.87% | 07/22/2031 | 3,273,919 | |
| 3,268,000 | Adani International Container Terminal Pvt Ltd. | 3.00% | 02/16/2031 | 2,738,699 | |
| 17,580,000 | Adani Ports & Special Economic Zone Ltd. | 5.00% | 08/02/2041 | 13,764,730 | |
| 2,000,000 | AI Candelaria Spain SA | 5.75% | (a) | 06/15/2033 | 1,619,550 |
| 23,092,000 | AI Candelaria Spain SA | 5.75% | 06/15/2033 | 18,699,322 | |
| 14,407,320 | Alpha Holding SAB de CV | 10.00% | (b)(g) | 12/19/2024 | 216,110 |
| 376,662 | Alpha Holding SAB de CV | 10.00% | (a)(b)(g) | 12/19/2024 | 5,650 |
| 12,208,365 | Alpha Holding SAB de CV | 9.00% | (a)(b)(g) | 02/10/2025 | 66,780 |
| 5,939,205 | Alpha Holding SAB de CV | 9.00% | (b)(g) | 02/10/2025 | 32,488 |
| 4,000,000 | Altice France SA | 5.50% | (a)(h) | 10/15/2029 | 2,641,870 |
| 3,300,000 | ARD
Finance SA 7.25% PIK |
6.50% | (a) | 06/30/2027 | 839,883 |
| 8,800,000 | Aris Mining Corp. | 6.88% | 08/09/2026 | 8,280,404 | |
| 18,331,000 | Banco
Davivienda SA (10 yr. CMT Rate + 5.10%) |
6.65% | (i) | 04/22/2031 | 13,564,940 |
| 670,000 | Banco
do Estado do Rio Grande do Sul SA (5 yr. CMT Rate + 4.93%) |
5.38% | 01/28/2031 | 635,668 | |
| 8,805,000 | Banco
GNB Sudameris SA (5 yr. CMT Rate + 6.66%) |
7.50% | 04/16/2031 | 7,839,737 | |
| 16,800,000 | Banco
GNB Sudameris SA (5 yr. CMT Rate + 6.66%) |
7.50% | (a) | 04/16/2031 | 14,958,271 |
| 16,000,000 | Banco
Mercantil del Norte SA/Grand Cayman (10 yr. CMT Rate + 5.03%) |
6.63% | (i) | 01/24/2032 | 14,060,574 |
| 3,000,000 | Banco
Mercantil del Norte SA/Grand Cayman (10 yr. CMT Rate + 5.03%) |
6.63% | (a)(i) | 01/24/2032 | 2,636,358 |
| 12,000,000 | Bancolombia
SA (5 yr. CMT Rate + 4.32%) |
8.63% | 12/24/2034 | 12,263,820 | |
| 2,600,000 | BBVA
Bancomer SA/Texas (5 yr. CMT Rate + 2.65%) |
5.13% | 01/18/2033 | 2,371,361 | |
| 11,500,000 | BBVA
Bancomer SA/Texas (5 yr. CMT Rate + 4.31%) |
5.88% | 09/13/2034 | 10,669,868 | |
| 20,000,000 | Braskem Idesa SAPI | 6.99% | 02/20/2032 | 15,186,286 | |
| PRINCIPAL
AMOUNT $/SHARES |
SECURITY DESCRIPTION | RATE | MATURITY | VALUE $ |
| 3,000,000 | Braskem Idesa SAPI | 6.99% | (a) | 02/20/2032 | 2,277,943 |
| 2,000,000 | Braskem Netherlands Finance BV | 8.50% | 01/12/2031 | 2,044,390 | |
| 15,150,000 | Braskem Netherlands Finance BV | 5.88% | 01/31/2050 | 11,202,881 | |
| 21,500,000 | BRF SA | 5.75% | 09/21/2050 | 17,178,630 | |
| 1,958,000 | Calfrac Holdings LP | 10.88% | (a) | 03/15/2026 | 1,959,243 |
| 8,348,000 | Camposol SA | 6.00% | 02/03/2027 | 7,206,075 | |
| 20,800,000 | Canacol Energy Ltd. | 5.75% | 11/24/2028 | 11,016,387 | |
| 550,000 | CAP SA | 3.90% | 04/27/2031 | 440,483 | |
| 6,547,775 | CFG Investment SAC | 10.00% | (a) | 11/07/2032 | 3,666,754 |
| 4,413,196 | CFG NEW MONEY NT | 13.98% | (b)(d) | 11/07/2032 | 4,653,274 |
| 3,080,000 | Cia de Minas Buenaventura SAA | 5.50% | 07/23/2026 | 2,979,879 | |
| 3,000,000 | Colombia Telecomunicaciones SA ESP | 4.95% | 07/17/2030 | 2,362,562 | |
| 1,482,000 | Comision Federal de Electricidad | 5.00% | 07/30/2049 | 1,226,355 | |
| 2,800,000 | Connect Finco SARL / Connect US Finco LLC | 6.75% | (a) | 10/01/2026 | 2,704,831 |
| 15,800,000 | Coruripe Netherlands BV | 10.00% | 02/10/2027 | 13,881,340 | |
| 9,150,000 | Credito
Real SAB de CV SOFOM ER (5 yr. CMT Rate + 7.03%) |
9.13% | (a)(g)(i) | 11/29/2027 | 23,790 |
| 17,286,000 | Credito
Real SAB de CV SOFOM ER (5 yr. CMT Rate + 7.03%) |
9.13% | (g)(i) | 11/29/2027 | 44,944 |
| 7,700,000 | CSN Resources SA | 4.63% | 06/10/2031 | 6,052,957 | |
| 5,100,000 | CSN Resources SA | 5.88% | 04/08/2032 | 4,248,194 | |
| 9,508,709 | Digicel Group Holdings Ltd. | 0.00% | (a)(b) | 12/31/2030 | 1,932,352 |
| 36,415 | Digicel Group Holdings Ltd. | 0.00% | (a)(b) | 12/31/2030 | 36,179 |
| 4,135,902 | Digicel Group Holdings Ltd. | 0.00% | (a)(b) | 12/31/2030 | 97,950 |
| 660,724 | Digicel Group Holdings Ltd. | 0.00% | (a)(b) | 12/31/2030 | 656,437 |
| 1,375,000 | eG Global Finance PLC | 12.00% | (a) | 11/30/2028 | 1,465,307 |
| 11,650,000 | Empresas Publicas de Medellin ESP | 4.38% | 02/15/2031 | 9,643,418 | |
| 13,400,000 | EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA | 5.38% | 12/30/2030 | 11,194,630 | |
| 4,812,080 | Fideicomiso PA Pacifico Tres | 8.25% | 01/15/2035 | 4,739,899 | |
| 15,000,000 | Frigorifico Concepcion SA | 7.70% | (a) | 07/21/2028 | 10,214,510 |
| 6,160,000 | Frigorifico Concepcion SA | 7.70% | 07/21/2028 | 4,194,759 | |
| 3,000,000 | Garda World Security Corp. | 9.50% | (a) | 11/01/2027 | 3,016,776 |
| 4,205,000 | Garda World Security Corp. | 6.00% | (a) | 06/01/2029 | 3,840,519 |
| 4,000,000 | Global
Aircraft Leasing Co. Ltd. 7.25% PIK |
6.50% | (a) | 09/15/2024 | 3,854,268 |
| 19,400,000 | Gran Tierra Energy, Inc. | 9.50% | (a) | 10/15/2029 | 18,491,785 |
| 9,192,465 | Guara Norte Sarl | 5.20% | 06/15/2034 | 8,478,481 | |
| 7,180,000 | Husky Injection Molding Systems Ltd. / Titan Co.-Borrower LLC | 9.00% | (a) | 02/15/2029 | 7,443,966 |
| 5,925,566 | Invepar Holdings | 0.00% | (b)(g) | 12/30/2028 | – |
| 2,000,000 | JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc. | 4.38% | 02/02/2052 | 1,496,329 | |
| 9,652,000 | Kawasan Industri Jababeka Tbk PT | 7.50% | (a)(j) | 12/15/2027 | 9,435,570 |
| 1,690,000 | Kronos Acquisition Holdings, Inc. | 8.25% | (a) | 06/30/2031 | 1,693,803 |
| 3,335,000 | Kronos Acquisition Holdings, Inc. | 10.75% | (a) | 06/30/2032 | 3,202,675 |
| 1,700,000 | MARB BondCo PLC | 3.95% | 01/29/2031 | 1,414,178 | |
| 4,866,132 | MC Brazil Downstream Trading SARL | 7.25% | 06/30/2031 | 4,316,318 | |
| 6,300,000 | Metinvest BV | 7.75% | 10/17/2029 | 4,166,820 | |
| 17,360,000 | Mexarrend SAPI de CV | 10.25% | (a)(g) | 07/24/2024 | 2,274,160 |
| 7,600,000 | Mexarrend SAPI de CV | 10.25% | (g) | 07/24/2024 | 995,600 |
| 7,100,000 | Movida Europe SA | 7.85% | (a) | 04/11/2029 | 6,686,603 |
| 1,700,000 | Movida Europe SA | 7.85% | 04/11/2029 | 1,601,018 | |
| 4,298,000 | Movida Europe SA | 5.25% | 02/08/2031 | 3,552,487 | |
| 14,752,246 | MV24 Capital BV | 6.75% | 06/01/2034 | 14,104,893 | |
| 17,495 | Oi
SA 7.00% + 5.50% PIK |
12.50% | (a)(b) | 12/15/2024 | 17,407 |
| 3,053,787 | Oi SA 7.00% + 5.50% PIK |
12.50% | (a)(b) | 12/15/2024 | 3,038,518 |
| 1,622,983 | Oi
SA 7.00% + 5.50% PIK |
12.50% | (a) | 12/15/2024 | 1,614,868 |
| 23,000,000 | Oi SA | 10.00% | (g) | 07/27/2025 | 227,700 |
| 1,740,000 | Ontario Gaming GTA LP/OTG Co.-Issuer, Inc. | 8.00% | (a) | 08/01/2030 | 1,787,024 |
| 14,325,000 | Operadora de Servicios Mega SAB de CV Sofom ER | 8.25% | (a) | 02/11/2025 | 5,228,624 |
| 7,665,000 | Operadora de Servicios Mega SAB de CV Sofom ER | 8.25% | 02/11/2025 | 2,797,725 | |
| 12,000,000 | Sasol Financing USA LLC | 5.50% | 03/18/2031 | 10,129,465 |
| PRINCIPAL
AMOUNT $/SHARES |
SECURITY DESCRIPTION | RATE | MATURITY | VALUE $ |
| 1,330,000 | Seaspan Corp. | 5.50% | (a) | 08/01/2029 | 1,188,513 |
| 11,103,000 | SierraCol Energy Andina LLC | 6.00% | 06/15/2028 | 9,933,529 | |
| 16,215,000 | Simpar Europe SA | 5.20% | 01/26/2031 | 13,357,870 | |
| 3,935,000 | Telesat Canada / Telesat LLC | 5.63% | (a) | 12/06/2026 | 1,859,651 |
| 17,533,000 | Tullow Oil PLC | 10.25% | (a) | 05/15/2026 | 16,660,048 |
| 8,316,082 | UEP Penonome II SA | 6.50% | 10/01/2038 | 6,997,300 | |
| 13,400,000 | Unigel Luxembourg SA | 8.75% | (g) | 10/01/2026 | 3,802,920 |
| 22,983,000 | UPL
Corp. Ltd. (5 yr. CMT Rate + 3.87%) |
5.25% | (i) | 02/27/2025 | 16,574,564 |
| 10,000,000 | Vedanta Resources Finance II PLC | 9.25% | 04/23/2026 | 9,149,374 | |
| 19,270,000 | Vedanta Resources Ltd. | 13.88% | 12/09/2028 | 18,455,320 | |
| Total Foreign Corporate Bonds (Cost $687,646,811) | 535,087,182 | ||||
| FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 12.7% | |||||
| 1,281,000 | Aeropuerto Internacional de Tocumen SA | 4.00% | 08/11/2041 | 966,130 | |
| 13,065,000 | Aeropuerto Internacional de Tocumen SA | 5.13% | 08/11/2061 | 9,644,870 | |
| 7,200,000 | Brazilian Government International Bond | 4.75% | 01/14/2050 | 5,181,122 | |
| 500,000 | Colombia Government International Bond | 4.13% | 02/22/2042 | 326,973 | |
| 16,000,000 | Colombia Government International Bond | 5.00% | (h) | 06/15/2045 | 11,285,764 |
| 6,300,000 | Colombia Government International Bond | 5.20% | 05/15/2049 | 4,453,007 | |
| 12,000,000 | Colombia Government International Bond | 4.13% | 05/15/2051 | 7,217,632 | |
| 5,400,000 | Comision Federal de Electricidad | 4.68% | 02/09/2051 | 3,731,567 | |
| 6,500,000 | Ecopetrol SA | 5.88% | 05/28/2045 | 4,663,791 | |
| 25,000,000 | Ecopetrol SA | 5.88% | 11/02/2051 | 17,377,180 | |
| 15,420,000 | Empresa de Transmision Electrica SA | 5.13% | 05/02/2049 | 11,204,609 | |
| 2,200,000 | Mexico City Airport Trust | 5.50% | 07/31/2047 | 1,830,103 | |
| 15,400,000 | Mexico Government International Bond | 3.77% | 05/24/2061 | 9,474,833 | |
| 22,000,000 | OCP SA | 5.13% | 06/23/2051 | 16,585,140 | |
| 22,300,000 | Panama Government International Bond | 3.87% | 07/23/2060 | 12,769,706 | |
| 29,500,000 | Petroleos del Peru SA | 5.63% | 06/19/2047 | 18,859,851 | |
| 17,200,000 | Petroleos Mexicanos | 6.38% | 01/23/2045 | 11,163,316 | |
| 10,200,000 | Petroleos Mexicanos | 6.75% | 09/21/2047 | 6,715,871 | |
| 14,000,000 | Republic of South Africa Government International Bond | 5.65% | (h) | 09/27/2047 | 10,603,268 |
| 6,700,000 | Ukraine Government International Bond | 7.25% | (g) | 03/15/2035 | 1,945,278 |
| 5,243,000 | YPF SA | 7.00% | 12/15/2047 | 3,698,725 | |
| Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $206,316,374) | 169,698,736 | ||||
| NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 13.0% | |||||
| ACREC Trust | |||||
| 5,000,000 | Series 2023-FL2-C (1 mo. Term SOFR + 4.28%, 4.28% Floor) | 9.61% | (a) | 02/19/2038 | 5,073,935 |
| Alen Mortgage Trust | |||||
| 13,000,000 | Series 2021-ACEN-F (1 mo. Term SOFR + 5.11%, 5.00% Floor) | 10.44% | (a) | 04/15/2034 | 5,959,786 |
| AREIT Ltd. | |||||
| 3,000,000 | Series 2024-CRE9-D (1 mo. Term SOFR + 4.29%, 4.29% Floor) | 9.61% | (a) | 05/17/2041 | 3,005,298 |
| AREIT Trust | |||||
| 1,500,000 | Series 2022-CRE7-D (1 mo. Term SOFR + 4.44%, 4.44% Floor) | 9.77% | (a) | 06/17/2039 | 1,506,843 |
| BANK5 Trust | |||||
| 71,528,879 | Series 2023-5YR4-XA | 1.26% | (d)(k) | 12/15/2056 | 2,714,807 |
| Beast Mortgage Trust | |||||
| 6,325,000 | Series 2021-1818-G (1 mo. Term SOFR + 6.11%, 6.25% Floor) | 11.44% | (a) | 03/15/2036 | 3,379,115 |
| Benchmark Mortgage Trust | |||||
| 121,775,000 | Series 2020-B18-AGNX | 0.62% | (a)(d)(k) | 07/15/2053 | 521,380 |
| BSREP Commercial Mortgage Trust | |||||
| 6,757,145 | Series 2021-DC-G (1 mo. Term SOFR + 3.96%, 3.85% Floor) | 9.29% | (a) | 08/15/2038 | 4,258,588 |
| BX Trust | |||||
| PRINCIPAL
AMOUNT $/SHARES |
SECURITY DESCRIPTION | RATE | MATURITY | VALUE $ |
| 1,825,000 | Series 2019-IMC-D (1 mo. Term SOFR + 1.95%, 1.90% Floor) | 7.28% | (a) | 04/15/2034 | 1,777,530 |
| Cantor Commercial Real Estate Lending LP | |||||
| 10,200,000 | Series 2019-CF2-SWX1 | 1.45% | (a)(d)(k) | 11/15/2052 | 570,588 |
| 12,080,000 | Series 2019-CF2-SWX2 | 1.19% | (a)(d)(k) | 11/15/2052 | 530,847 |
| Carbon Capital VI Commercial Mortgage Trust | |||||
| 8,095,225 | Series 2019-FL2-B (1 mo. Term SOFR + 2.96%, 2.85% Floor) | 8.29% | (a) | 10/15/2035 | 7,050,936 |
| Citigroup Commercial Mortgage Trust | |||||
| 30,511,115 | Series 2014-GC25-XG | 1.35% | (a)(d)(k) | 10/10/2047 | 15,195 |
| 4,484,000 | Series 2015-GC27-D | 4.57% | (a)(d) | 02/10/2048 | 4,039,769 |
| CLNC Ltd. | |||||
| 2,856,000 | Series 2019-FL1-D (1 mo. Term SOFR + 3.01%, 2.90% Floor) | 8.35% | (a) | 08/20/2035 | 2,798,989 |
| Commercial Mortgage Pass Through Certificates | |||||
| 3,929,315 | Series 2014-UBS4-F | 3.75% | (a)(b) | 08/10/2047 | 407,376 |
| 5,472,737 | Series 2014-UBS4-G | 3.75% | (a)(b) | 08/10/2047 | 22,241 |
| 14,000 | Series 2014-UBS4-V | 0.00% | (a)(b)(d) | 08/10/2047 | 1 |
| 18,438,000 | Series 2015-CR26-XD | 1.36% | (a)(d)(k) | 10/10/2048 | 241,215 |
| Computershare Corporate Trust | |||||
| 9,180,600 | Series 2015-C29-F | 4.36% | (a)(b)(d) | 06/15/2048 | 6,497,698 |
| 38,737,225 | Series 2015-C29-G | 4.36% | (a)(b)(d) | 06/15/2048 | 8,347,136 |
| 23,520,000 | Series 2016-LC24-XEF | 1.77% | (a)(d)(k) | 10/15/2049 | 751,309 |
| 2,200,000 | Series 2017-RC1-D | 3.25% | (a) | 01/15/2060 | 1,647,611 |
| DOLP Trust | |||||
| 4,875,000 | Series 2021-NYC-G | 3.70% | (a)(d) | 05/10/2041 | 2,377,325 |
| FIVE Mortgage Trust | |||||
| 1,433,000 | Series 2023-V1-D | 6.51% | (a)(d) | 02/10/2056 | 1,323,341 |
| Great Wolf Trust | |||||
| 5,000,000 | Series 2024-WLF2-E (1 mo. Term SOFR + 3.64%) | 8.97% | (a) | 05/15/2041 | 5,025,106 |
| Greystone Commercial Real Estate Notes | |||||
| 3,080,000 | Series 2021-FL3-D (1 mo. Term SOFR + 2.31%, 2.20% Floor) | 7.64% | (a) | 07/15/2039 | 2,993,150 |
| GS Mortgage Securities Corp. II | |||||
| 965,126 | Series 2014-GC20-E | 4.63% | (a)(b)(d) | 04/10/2047 | 95,093 |
| 6,273,000 | Series 2015-GC28-D | 4.45% | (a)(d) | 02/10/2048 | 5,764,983 |
| 6,618,000 | Series 2021-ARDN-H (1 mo. Term SOFR + 6.05%, 5.93% Floor) | 11.38% | (a) | 11/15/2026 | 6,528,145 |
| HGI CRE CLO Ltd. | |||||
| 2,800,000 | Series 2021-FL1-D (1 mo. Term SOFR + 2.46%, 2.46% Floor) | 7.79% | (a) | 06/16/2036 | 2,750,502 |
| JPMBB Commercial Mortgage Securities Trust | |||||
| 43,854,412 | Series 2013-C14-XC | 0.65% | (a)(d)(k) | 08/15/2046 | 226,585 |
| 6,657,931 | Series 2014-C19-E | 4.00% | (a)(b)(d) | 04/15/2047 | 6,438,408 |
| 6,596,660 | Series 2014-C19-NR | 3.75% | (a)(b)(d) | 04/15/2047 | 4,728,433 |
| 33,207,401 | Series 2014-C21-XD | 0.92% | (a)(d)(k) | 08/15/2047 | 1,840 |
| 5,000,000 | Series 2015-C27-E | 2.81% | (a)(b)(d) | 02/15/2048 | 562,500 |
| 24,531,000 | Series 2015-C27-XE | 1.64% | (a)(d)(k) | 02/15/2048 | 132,784 |
| KREF | |||||
| 3,350,000 | Series 2021-FL2-C (1 mo. Term SOFR + 2.11%, 2.00% Floor) | 7.44% | (a) | 02/15/2039 | 3,162,413 |
| LoanCore | |||||
| 3,000,000 | Series 2021-CRE5-C (1 mo. Term SOFR + 2.46%, 2.46% Floor) | 7.79% | (a) | 07/15/2036 | 2,870,904 |
| 3,000,000 | Series 2021-CRE6-D (1 mo. Term SOFR + 2.96%, 2.85% Floor) | 8.29% | (a) | 11/15/2038 | 2,831,766 |
| LSTAR Commercial Mortgage Trust | |||||
| 2,379,000 | Series 2017-5-C | 4.82% | (a)(d) | 03/10/2050 | 2,042,869 |
| Med Trust | |||||
| 14,928,355 | Series 2021-MDLN-G (1 mo. Term SOFR + 5.36%, 5.25% Floor) | 10.69% | (a) | 11/15/2038 | 14,963,477 |
| MF1 LLC | |||||
| 4,550,000 | Series 2022-FL10-C (1 mo. Term SOFR + 4.48%, 4.48% Floor) | 9.82% | (a) | 09/17/2037 | 4,602,516 |
| 2,500,000 | Series 2022-FL10-D (1 mo. Term SOFR + 5.73%, 5.73% Floor) | 11.07% | (a) | 09/17/2037 | 2,526,983 |
| MF1 Multifamily Housing Mortgage Loan Trust | |||||
| 3,300,000 | Series 2023-FL12-C (1 mo. Term SOFR + 3.78%, 3.78% Floor) | 9.12% | (a) | 10/19/2038 | 3,323,529 |
| PRINCIPAL
AMOUNT $/SHARES |
SECURITY DESCRIPTION | RATE | MATURITY | VALUE $ |
| 2,625,000 | Series 2024-FL14-D (1 mo. Term SOFR + 4.84%, 4.84% Floor) | 10.18% | (a) | 03/19/2039 | 2,673,670 |
| 3,200,000 | Series 2024-FL15-D (1 mo. Term SOFR + 4.04%, 4.04% Floor) | 9.34% | (a) | 08/18/2041 | 3,192,000 |
| Morgan Stanley Capital I, Inc. | |||||
| 29,339,690 | Series 2016-UB11-XA | 1.57% | (d)(k) | 08/15/2049 | 680,420 |
| 3,357,000 | Series 2019-PLND-F (1 mo. Term SOFR + 2.91%, 2.80% Floor) | 8.24% | (a) | 05/15/2036 | 359,659 |
| 13,000,000 | Series 2019-PLND-G (1 mo. Term SOFR + 3.76%, 3.65% Floor) | 9.09% | (a) | 05/15/2036 | 846,782 |
| Natixis Commercial Mortgage Securities Trust | |||||
| 5,000,000 | Series 2022-JERI-G (1 mo. Term SOFR + 7.46%, 7.46% Floor) | 12.79% | (a) | 01/15/2039 | 3,916,420 |
| Ready Capital Corp. | |||||
| 1,000,000 | Series 2022-FL8-D (30 day avg SOFR US + 3.70%, 3.70% Floor) | 9.04% | (a) | 01/25/2037 | 961,277 |
| SCOTT Trust | |||||
| 500,000,000 | Series 2023-SFS-X | 0.32% | (a)(d)(k) | 03/10/2040 | 2,979,750 |
| SMR Mortgage Trust | |||||
| 24,352,775 | Series 2022-INDI-HRR (1 mo. Term SOFR + 10.50%, 10.50% Floor) | 15.83% | (b) | 02/15/2039 | 20,379,499 |
| WF-RBS Commercial Mortgage Trust | |||||
| 78,814,809 | Series 2014-LC14-XC | 1.87% | (a)(d)(k) | 03/15/2047 | 1,660,076 |
| Total Non-Agency Commercial Mortgage Backed Obligations (Cost $232,700,396) | 174,040,398 | ||||
| US CORPORATE BONDS - 22.0% | |||||
| 7,270,000 | Allied Universal Holdco LLC / Allied Universal Finance Corp. | 9.75% | (a) | 07/15/2027 | 7,233,214 |
| 3,025,000 | Artera Services LLC | 8.50% | (a) | 02/15/2031 | 3,116,515 |
| 4,038,000 | ASP Unifrax Holdings, Inc. | 7.50% | (a) | 09/30/2029 | 2,064,084 |
| 3,245,000 | Bausch + Lomb Corp. | 8.38% | (a) | 10/01/2028 | 3,326,125 |
| 5,215,000 | BCPE Empire Holdings, Inc. | 7.63% | (a) | 05/01/2027 | 5,058,301 |
| 750,000 | Boxer Parent Co., Inc. | 7.13% | (a) | 10/02/2025 | 752,540 |
| 4,810,000 | Brand Industrial Services, Inc. | 10.38% | (a) | 08/01/2030 | 5,204,151 |
| 3,000,000 | Caesars Entertainment, Inc. | 8.13% | (a) | 07/01/2027 | 3,063,036 |
| 5,800,000 | Carnival Corp. | 7.63% | (a) | 03/01/2026 | 5,861,422 |
| 3,000,000 | Carnival Corp. | 10.50% | (a) | 06/01/2030 | 3,261,060 |
| 8,280,000 | Castle US Holding Corp. | 9.50% | (a) | 02/15/2028 | 3,939,914 |
| 1,680,000 | CHS/Community Health Systems, Inc. | 6.00% | (a) | 01/15/2029 | 1,484,107 |
| 1,310,000 | CHS/Community Health Systems, Inc. | 10.88% | (a) | 01/15/2032 | 1,365,068 |
| 1,136,000 | Clarios Global LP | 6.75% | (a) | 05/15/2025 | 1,136,666 |
| 6,440,000 | Clarios Global LP / Clarios US Finance Co. | 8.50% | (a) | 05/15/2027 | 6,488,403 |
| 5,110,000 | Clear Channel Outdoor Holdings, Inc. | 7.50% | (a)(h) | 06/01/2029 | 4,275,154 |
| 3,815,000 | ClubCorp Holdings, Inc. | 8.50% | (a) | 09/15/2025 | 3,530,089 |
| 4,665,000 | Cobra AcquisitionCo LLC | 6.38% | (a) | 11/01/2029 | 3,679,458 |
| 7,695,000 | CVR Partners LP / CVR Nitrogen Finance Corp. | 6.13% | (a) | 06/15/2028 | 7,399,698 |
| 6,120,000 | Dealer Tire LLC / DT Issuer LLC | 8.00% | (a) | 02/01/2028 | 5,916,326 |
| 2,140,000 | DISH DBS Corp. | 5.75% | (a) | 12/01/2028 | 1,487,703 |
| 15,745,000 | Embarq Corp. | 8.00% | 06/01/2036 | 2,067,082 | |
| 4,820,000 | Ferrellgas LP / Ferrellgas Finance Corp. | 5.88% | (a) | 04/01/2029 | 4,438,177 |
| 1,375,000 | Frontier Communications Holdings LLC | 5.88% | (a) | 10/15/2027 | 1,343,765 |
| 3,170,000 | Frontier Communications Holdings LLC | 8.63% | (a) | 03/15/2031 | 3,268,878 |
| 3,255,000 | Full House Resorts, Inc. | 8.25% | (a)(h) | 02/15/2028 | 3,129,333 |
| 665,000 | GrafTech Global Enterprises, Inc. | 9.88% | (a)(h) | 12/15/2028 | 490,980 |
| 3,365,000 | Gray Television, Inc. | 10.50% | (a) | 07/15/2029 | 3,386,400 |
| 6,600,000 | Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl | 8.75% | (a) | 05/01/2029 | 6,726,707 |
| 3,615,000 | H-Food Holdings LLC / Hearthside Finance Co., Inc. | 8.50% | (a) | 06/01/2026 | 271,125 |
| 1,325,000 | Hightower Holding LLC | 6.75% | (a) | 04/15/2029 | 1,240,954 |
| 7,122,000 | Illuminate Buyer LLC / Illuminate Holdings IV, Inc. | 9.00% | (a) | 07/01/2028 | 7,186,233 |
| 4,000,000 | IRB Holding Corp. | 7.00% | (a) | 06/15/2025 | 4,004,312 |
| 6,750,000 | Level 3 Financing, Inc. | 10.50% | (a) | 04/15/2029 | 6,766,876 |
| 2,785,000 | LifePoint Health, Inc. | 11.00% | (a) | 10/15/2030 | 3,071,905 |
| PRINCIPAL
AMOUNT $/SHARES |
SECURITY DESCRIPTION | RATE | MATURITY | VALUE $ |
| 6,215,000 | LifePoint Health, Inc. | 10.00% | (a) | 06/01/2032 | 6,362,066 |
| 2,595,000 | Lions Gate Capital Holdings LLC | 5.50% | (a) | 04/15/2029 | 1,680,244 |
| 3,850,000 | Mavis Tire Express Services Topco Corp. | 6.50% | (a) | 05/15/2029 | 3,592,483 |
| 5,100,000 | McGraw-Hill Education, Inc. | 5.75% | (a) | 08/01/2028 | 4,922,681 |
| 4,750,000 | Michaels Cos., Inc. | 5.25% | (a) | 05/01/2028 | 3,805,400 |
| 2,245,000 | Michaels Cos., Inc. | 7.88% | (a) | 05/01/2029 | 1,443,254 |
| 2,500,000 | ModivCare Escrow Issuer, Inc. | 5.00% | (a)(h) | 10/01/2029 | 1,764,255 |
| 5,425,000 | Moss Creek Resources Holdings, Inc. | 7.50% | (a) | 01/15/2026 | 5,439,750 |
| 3,815,000 | NGL Energy Operating LLC / NGL Energy Finance Corp. | 8.38% | (a) | 02/15/2032 | 3,876,765 |
| 550,000 | Olympus Water US Holding Corp. | 6.25% | (a)(h) | 10/01/2029 | 502,673 |
| 1,970,000 | OneMain Finance Corp. | 9.00% | 01/15/2029 | 2,080,255 | |
| 3,580,000 | PECF USS Intermediate Holding III Corp. | 8.00% | (a) | 11/15/2029 | 1,526,614 |
| 5,450,000 | PetSmart, Inc. / PetSmart Finance Corp. | 7.75% | (a) | 02/15/2029 | 5,312,788 |
| 4,395,000 | Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. | 5.88% | (a) | 09/01/2031 | 2,992,213 |
| 8,265,470 | Pyxus Holdings, Inc. | 8.50% | (a) | 12/31/2027 | 6,736,358 |
| 8,439,276 | Radiology
Partners, Inc. 9.78% PIK |
9.78% | (a) | 02/15/2030 | 6,761,969 |
| 5,050,000 | Realogy Group LLC / Realogy Co.-Issuer Corp. | 5.75% | (a)(h) | 01/15/2029 | 3,113,197 |
| 270,000 | Royal Caribbean Cruises Ltd. | 7.25% | (a) | 01/15/2030 | 279,734 |
| 6,655,000 | Sabre GLBL, Inc. | 8.63% | (a) | 06/01/2027 | 6,137,345 |
| 8,340,000 | SWF Escrow Issuer Corp. | 6.50% | (a) | 10/01/2029 | 4,497,904 |
| 1,500,000 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. | 7.50% | (a) | 10/01/2025 | 1,507,500 |
| 6,568,000 | Team Health Holdings, Inc. | 6.38% | (a) | 02/01/2025 | 6,301,536 |
| 5,300,000 | TKC Holdings, Inc. | 10.50% | (a) | 05/15/2029 | 5,233,159 |
| 1,930,000 | TMS International Corp./DE | 6.25% | (a) | 04/15/2029 | 1,773,323 |
| 2,675,000 | Townsquare Media, Inc. | 6.88% | (a)(h) | 02/01/2026 | 2,636,384 |
| 7,965,000 | Trident TPI Holdings, Inc. | 12.75% | (a) | 12/31/2028 | 8,709,369 |
| 5,070,000 | Triton Water Holdings, Inc. | 6.25% | (a) | 04/01/2029 | 4,894,329 |
| 9,485,000 | United Natural Foods, Inc. | 6.75% | (a)(h) | 10/15/2028 | 8,572,029 |
| 5,005,000 | Univision Communications, Inc. | 6.63% | (a) | 06/01/2027 | 4,796,374 |
| 1,605,000 | Univision Communications, Inc. | 7.38% | (a)(h) | 06/30/2030 | 1,494,205 |
| 3,915,000 | Upbound Group, Inc. | 6.38% | (a) | 02/15/2029 | 3,759,030 |
| 6,685,000 | Venture Global LNG, Inc. | 8.38% | (a) | 06/01/2031 | 6,938,869 |
| 2,355,000 | Venture Global LNG, Inc. | 9.88% | (a) | 02/01/2032 | 2,564,713 |
| 2,110,000 | Vibrantz Technologies, Inc. | 9.00% | (a)(h) | 02/15/2030 | 1,933,752 |
| 8,330,000 | Victra Holdings LLC / Victra Finance Corp. | 7.75% | (a) | 02/15/2026 | 8,292,019 |
| 9,170,000 | Viking Cruises Ltd. | 9.13% | (a) | 07/15/2031 | 9,939,130 |
| 5,205,000 | WASH Multifamily Acquisition, Inc. | 5.75% | (a) | 04/15/2026 | 5,093,131 |
| 2,830,000 | Weatherford International Ltd. | 8.63% | (a) | 04/30/2030 | 2,934,928 |
| 1,490,000 | Wheel Pros, Inc. | 6.50% | (a) | 05/15/2029 | 298,000 |
| 6,210,000 | XHR LP | 6.38% | (a) | 08/15/2025 | 6,208,242 |
| Total US Corporate Bonds (Cost $332,720,153) | 293,743,731 | ||||
| US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 3.5% | |||||
| Federal Home Loan Mortgage Corp. | |||||
| 49,383,761 | Series 2021-P009-X | 1.44% | (d)(k) | 01/25/2031 | 1,793,189 |
| 4,086,061 | Series 3631-SJ (-1 x 30 day avg SOFR US + 6.13%, 0.00% Floor, 6.24% Cap) | 0.79% | (k)(l) | 02/15/2040 | 299,925 |
| 566,775 | Series 3770-SP (-1 x 30 day avg SOFR US + 6.39%, 0.00% Floor, 6.50% Cap) | 1.05% | (k)(l) | 11/15/2040 | 7,619 |
| 9,401,595 | Series 3980-SX (-1 x 30 day avg SOFR US + 6.39%, 0.00% Floor, 6.50% Cap) | 1.05% | (k)(l) | 01/15/2042 | 1,040,032 |
| 4,108,161 | Series 5083-IH | 2.50% | (k) | 03/25/2051 | 634,318 |
| 22,726,919 | Series 5129-S (-1 x 30 day avg SOFR US + 2.70%, 0.00% Floor, 2.70% Cap) | 0.00% | (k)(l) | 12/25/2044 | 47,924 |
| 11,873,976 | Series 5166-DI | 3.00% | (k) | 09/15/2048 | 1,515,960 |
| Federal National Mortgage Association | |||||
| 1,952,496 | Series 2006-83-SH (-1 x 30 day avg SOFR US + 6.45%, 0.00% Floor, 6.56% Cap) | 1.11% | (k)(l) | 09/25/2036 | 142,945 |
| PRINCIPAL
AMOUNT $/SHARES |
SECURITY DESCRIPTION | RATE | MATURITY | VALUE $ |
| 7,151,900 | Series 2010-123-SK (-1 x 30 day avg SOFR US + 5.94%, 0.00% Floor, 6.05% Cap) | 0.60% | (k)(l) | 11/25/2040 | 700,576 |
| 5,125,878 | Series 2012-60-SN (-1 x 30 day avg SOFR US + 6.49%, 0.00% Floor, 6.60% Cap) | 1.15% | (k)(l) | 06/25/2042 | 497,378 |
| 8,972,510 | Series 2019-46-SG (-1 x 30 day avg SOFR US + 5.99%, 0.00% Floor, 6.10% Cap) | 0.65% | (k)(l) | 08/25/2049 | 733,101 |
| 40,094,162 | Series 2021-17-SD (-1 x 30 day avg SOFR US + 2.50%, 0.00% Floor, 2.50% Cap) | 0.00% | (k)(l) | 04/25/2051 | 204,023 |
| FREMF Mortgage Trust | |||||
| 2,033,929 | Series 2017-KF27-B (30 day avg SOFR US + 4.46%, 4.35% Floor) | 9.79% | (a) | 12/25/2026 | 2,023,275 |
| 6,138,363 | Series 2018-KF56-C (30 day avg SOFR US + 5.91%, 5.80% Floor) | 11.24% | (a) | 11/25/2028 | 5,397,328 |
| 16,594,709 | Series 2019-KF71-C (30 day avg SOFR US + 6.11%, 6.00% Floor) | 11.44% | (a) | 10/25/2029 | 15,962,844 |
| Government National Mortgage Association | |||||
| 8,041,371 | Series 2011-128-TS (-1 x 1 mo. Term SOFR + 5.94%, 0.00% Floor, 6.05% Cap) | 0.61% | (k)(l) | 05/16/2041 | 748,258 |
| 23,902,714 | Series 2015-64-SG (-1 x 1 mo. Term SOFR + 5.49%, 0.00% Floor, 5.60% Cap) | 0.15% | (k)(l) | 05/20/2045 | 2,008,014 |
| 3,156,547 | Series 2018-145-IA | 4.00% | (k) | 10/20/2045 | 258,010 |
| 3,812,898 | Series 2020-129-SE (-1 x 1 mo. Term SOFR + 3.64%, 0.00% Floor, 3.75% Cap) | 0.00% | (k)(l) | 09/20/2050 | 50,503 |
| 15,109,085 | Series 2020-146-SH (-1 x 1 mo. Term SOFR + 6.19%, 0.00% Floor, 6.30% Cap) | 0.85% | (k)(l) | 10/20/2050 | 1,910,722 |
| 5,487,420 | Series 2020-187-SB (-1 x 1 mo. Term SOFR + 6.19%, 0.00% Floor, 6.30% Cap) | 0.85% | (k)(l) | 12/20/2050 | 685,317 |
| 21,016,419 | Series 2020-47-SL (-1 x 1 mo. Term SOFR + 5.26%, 0.00% Floor, 5.37% Cap) | 0.00% | (k)(l) | 07/20/2044 | 1,198,833 |
| 11,082,598 | Series 2020-61-SU (-1 x 1 mo. Term SOFR + 5.49%, 0.00% Floor, 5.60% Cap) | 0.16% | (k)(l) | 07/16/2045 | 807,250 |
| 6,486,433 | Series 2021-105-MI | 3.00% | (k) | 06/20/2051 | 892,389 |
| 33,367,843 | Series 2021-107-SA (-1 x 1 mo. Term SOFR + 3.64%, 0.00% Floor, 3.75% Cap) | 0.00% | (k)(l) | 06/20/2051 | 1,045,598 |
| 18,518,541 | Series 2021-125-AS (-1 x 30 day avg SOFR US + 3.25%, 0.00% Floor, 3.25% Cap) | 0.00% | (k)(l) | 07/20/2051 | 216,200 |
| 41,749,468 | Series 2021-139-SB (-1 x 30 day avg SOFR US + 3.20%, 0.00% Floor, 3.20% Cap) | 0.00% | (k)(l) | 08/20/2051 | 609,212 |
| 17,074,916 | Series 2021-7-IQ | 2.50% | (k) | 01/20/2051 | 2,468,775 |
| 42,503,783 | Series 2021-77-SG (-1 x 1 mo. Term SOFR + 3.64%, 0.00% Floor, 3.75% Cap) | 0.00% | (k)(l) | 05/20/2051 | 1,172,590 |
| 37,198,778 | Series 2021-96-SG (-1 x 30 day avg SOFR US + 3.20%, 0.00% Floor, 3.20% Cap) | 0.00% | (k)(l) | 06/20/2051 | 721,760 |
| 54,644,767 | Series 2021-97-SA (-1 x 30 day avg SOFR US + 2.60%, 0.00% Floor, 2.60% Cap) | 0.00% | (k)(l) | 06/20/2051 | 468,317 |
| 32,080,614 | Series 2021-97-SG (-1 x 30 day avg SOFR US + 2.60%, 0.00% Floor, 2.60% Cap) | 0.00% | (k)(l) | 06/20/2051 | 254,732 |
| Total US Government and Agency Mortgage Backed Obligations (Cost $67,228,063) | 46,516,917 | ||||
| COMMON STOCKS - 0.3% | |||||
| 212,801 | CFG Investment SAC(b)(m) | 1,474,711 | |||
| 8,608 | GTT Communications, Inc.(b)(m) | 137,728 | |||
| 182,967 | JoAnn, Inc.(b)(m) | – | |||
| 183,948 | Longview Equity(b)(m) | 2,299,350 | |||
| 26,458 | Revenir Energy, Inc.(b)(m) | 17,198 | |||
| 34,608 | Riverbed - Class B(b)(m) | 4,499 | |||
| Total Common Stocks (Cost $22,113,076) | 3,933,486 | ||||
| ESCROW NOTES - 0.0%(n) | |||||
| 15,700,000 | Alpha Holding SA(b)(m) | – | |||
| 19,250,000 | Alpha Holding SA(b)(m) | – | |||
| Total Escrow Notes (Cost $–) | – | ||||
| PRINCIPAL
AMOUNT $/SHARES |
SECURITY DESCRIPTION | RATE | MATURITY | VALUE $ |
| RIGHTS - 0.0%(n) | ||||||
| 333,957 | Revenir Energy, Inc. Backstop(b)(m) | 217,072 | ||||
| Total Rights (Cost $–) | 217,072 | |||||
| SHARES | SECURITY DESCRIPTION | VALUE $ | ||||
| WARRANTS - 0.0%(n) | ||||||
| 27,621 | GTT Communications, Inc., Expires 12/30/2027 at $ 0.00(b)(m) | 15,537 | ||||
| Total Warrants (Cost $386,878) | 15,537 | |||||
| SHORT TERM INVESTMENTS - 2.7% | ||||||
| 11,996,529 | BlackRock Liquidity FedFund - Institutional | 5.18% | (o) | 11,996,529 | ||
| 11,996,767 | Fidelity Government Portfolio - Institutional | 5.21% | (o) | 11,996,767 | ||
| 11,996,989 | MSILF Government Portfolio - Institutional | 5.23% | (o) | 11,996,989 | ||
| Total Short Term Investments (Cost $35,990,285) | 35,990,285 | |||||
| Total Investments - 129.7% (Cost $2,089,496,592) | 1,729,675,495 | |||||
| Other Liabilities in Excess of Assets - (29.7)% | (395,857,648) | |||||
| NET ASSETS - 100.0% | $ | 1,333,817,847 | ||||
| SECURITY TYPE BREAKDOWN as a % of Net Assets: | ||
| Foreign Corporate Bonds | 40.2% | |
| US Corporate Bonds | 22.0% | |
| Bank Loans | 21.9% | |
| Non-Agency Commercial Mortgage Backed Obligations | 13.0% | |
| Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations | 12.7% | |
| Collateralized Loan Obligations | 12.2% | |
| US Government and Agency Mortgage Backed Obligations | 3.5% | |
| Short Term Investments | 2.7% | |
| Asset Backed Obligations | 1.2% | |
| Common Stocks | 0.3% | |
| Rights | 0.0% | (n) |
| Warrants | 0.0% | (n) |
| Escrow Notes | 0.0% | (n) |
| Other Assets and Liabilities | (29.7)% | |
| Net Assets | 100.0% | |
| INVESTMENT BREAKDOWN as a % of Net Assets: | ||
| Energy | 13.9% | |
| Non-Agency Commercial Mortgage Backed Obligations | 13.0% | |
| Collateralized Loan Obligations | 12.2% | |
| Transportation | 7.2% | |
| Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations | 6.4% | |
| Banking | 5.9% | |
| Chemicals/Plastics | 5.8% | |
| Consumer Products | 5.6% | |
| Healthcare | 5.1% | |
| Mining | 4.4% | |
| Electronics/Electric | 4.2% | |
| Commercial Services | 3.8% | |
| US Government and Agency Mortgage Backed Obligations | 3.5% | |
| Retailers (other than Food/Drug) | 3.3% | |
| Utilities | 3.2% | |
| Media | 3.1% | |
| Short Term Investments | 2.7% | |
| Chemical Products | 2.6% | |
| Finance | 2.3% | |
| Industrial Equipment | 2.1% | |
| Telecommunications | 2.1% |
| Hotels/Motels/Inns and Casinos | 1.8% | |
| Leisure | 1.7% | |
| Technology | 1.7% | |
| Building and Development (including Steel/Metals) | 1.4% | |
| Food Products | 1.3% | |
| Asset Backed Obligations | 1.2% | |
| Real Estate | 1.2% | |
| Automotive | 1.2% | |
| Construction | 1.0% | |
| Containers and Glass Products | 0.9% | |
| Business Equipment and Services | 0.9% | |
| Beverage and Tobacco | 0.8% | |
| Insurance | 0.7% | |
| Diversified Manufacturing | 0.6% | |
| Food Service | 0.3% | |
| Financial Intermediaries | 0.3% | |
| Consumer Staples | 0.2% | |
| Aerospace & Defense | 0.1% | |
| Other Assets and Liabilities | (29.7)% | |
| Net Assets | 100.0% | |
| COUNTRY BREAKDOWN as a % of Net Assets: | ||
| United States | 74.5% | |
| Colombia | 14.2% | |
| Brazil | 10.6% | |
| Mexico | 7.0% | |
| India | 4.8% | |
| Canada | 3.4% | |
| Panama | 3.1% | |
| Peru | 2.9% | |
| South Africa | 1.6% | |
| Indonesia | 1.4% | |
| Ghana | 1.3% | |
| Morocco | 1.2% | |
| Paraguay | 1.1% | |
| United Kingdom | 0.5% | |
| Ukraine | 0.5% | |
| Luxembourg | 0.4% | |
| Cayman Islands | 0.3% | |
| Argentina | 0.3% | |
| France | 0.3% | |
| Jamaica | 0.2% | |
| Hong Kong | 0.1% | |
| Chile | 0.0% | (n) |
| Other Assets and Liabilities | (29.7)% | |
| 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. | |
| (b) | Value determined using significant unobservable inputs. | |
| (c) | 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. | |
| (d) | Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of period end. | |
| (e) | Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of period end. | |
| (f) | Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date. |
| (g) | Security is in default or has failed to make a scheduled payment. Income is not being accrued. | |
| (h) | Security, or portion of security is on loan as of period end pursuant to the Liquidity Agreement. | |
| (i) | Perpetual maturity. The date disclosed is the next call date of the security. | |
| (j) | 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. | |
| (k) | Interest only security | |
| (l) | 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. | |
| (m) | Non-income producing security. | |
| (n) | Represents less than 0.05% of net assets. | |
| (o) | Seven-day yield as of period end. |
| CMT | Constant Maturity Treasury Rate |
| LIBOR | London Interbank Offered Rate |
| PIK | A payment-in-kind security in which the issuer may make interest or dividend payments in cash or additional securities. These additional securities generally have the same terms as the original holdings. |
| SOFR | Secured Overnight Financing Rate |
| Futures Contracts | ||||||||||||||
| Description | Long/Short | Contract Quantity | Expiration Date | Notional
Amount(1) | Unrealized Appreciation (Depreciation)/ Value | |||||||||
| 10 Year U.S. Ultra Treasury Notes | Long | 660 | 9/19/2024 | $ | 74,930,625 | $ | 1,132,973 | |||||||
| U.S. Treasury Ultra Bonds | Long | 300 | 9/19/2024 | 37,603,125 | 901,678 | |||||||||
| $ | 2,034,651 | |||||||||||||
| (1) | Notional Amount is determined based on the number of contracts multiplied by the contract size and the quoted daily settlement price in US dollars. |
Notes to Schedule of Investments
June 30, 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. Due to custodian as recorded on the Statement of Assets and Liabilities is recorded at cost and approximates fair value; it is classified as level 2 under the fair value hierarchy.
Over-the-counter financial derivative instruments, such as forward currency exchange contracts, options contracts, or swap agreements, derive their values from underlying asset prices, indices, reference rates, other inputs or a combination of these factors. These instruments are normally valued on the basis of valuations obtained from counterparties, published index closing levels or evaluated prices supplied by independent pricing services, some or all of which may be based on market data from trading on exchanges that closed significantly before the time as of which the Fund calculates its NAV. Forward foreign currency contracts are generally valued based on rates provided by independent data providers. Exchange traded futures and options on futures are generally valued at the settlement price determined by the relevant exchange on which they principally trade, and exchange traded options are generally valued at the last trade price on the exchange on which they principally trade. A 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 June 30, 2024:
| Category | DoubleLine Income Solutions Fund | |
| Investments in Securities | ||
| Level 1 | ||
| Short Term Investments | $ | 35,990,285 |
| Total Level 1 | 35,990,285 | |
| Level 2 | ||
| Foreign Corporate Bonds | 524,334,037 | |
| US Corporate Bonds | 293,743,731 | |
| Bank Loans | 289,807,273 | |
| Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations | 169,698,736 | |
| Collateralized Loan Obligations | 145,917,632 | |
| Non-Agency Commercial Mortgage Backed Obligations | 126,562,013 | |
| US Government and Agency Mortgage Backed Obligations | 46,516,917 | |
| Asset Backed Obligations | 10,778,067 | |
| Total Level 2 | 1,607,358,406 | |
| Level 3 | ||
| Non-Agency Commercial Mortgage Backed Obligations | 47,478,385 | |
| Collateralized Loan Obligations | 16,683,814 | |
| Foreign Corporate Bonds | 10,753,145 | |
| Asset Backed Obligations | 5,300,466 | |
| Common Stocks | 3,933,486 | |
| Bank Loans | 1,944,899 | |
| Rights | 217,072 | |
| Warrants | 15,537 | |
| Escrow Notes | – | |
| Total Level 3 | 86,326,804 | |
| Total | $ | 1,729,675,495 |
| Other Financial Instruments | ||
| Level 1 | ||
| Futures | $ | 2,034,651 |
| Total Level 1 | 2,034,651 | |
| Total | $ | 2,034,651 |
| See the Schedule of Investments for further disaggregation of investment categories. | ||
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
| Fair Value as of September 30, 2023 | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation)(c) | Net Accretion (Amortization) | Purchases(a) | Sales(b) | Transfers
Into Level 3(d) | Transfers
Out of Level 3(d) | Fair
Value as of June 30, 2024 | Net Change in Unrealized Appreciation (Depreciation) on securities held at June 30, 2024(c) | |||||||||||||||||||||||||||||||
| Investments in Securities | ||||||||||||||||||||||||||||||||||||||||
| Non-Agency Commercial Mortgage Backed Obligations | $ | 54,348,647 | $ | 13,625,911 | $ | 14,787,578 | $ | 1,267,453 | $ | 25 | $ | (36,551,229 | ) | $ | — | $ | — | $ | 47,478,385 | $ | 5,531,305 | |||||||||||||||||||
| Collateralized Loan Obligations | 13,955,148 | 26 | 430,456 | 20,837 | 179,093 | (32,220 | ) | 5,632,202 | (3,501,728 | ) | 16,683,814 | 269,292 | % | |||||||||||||||||||||||||||
| Foreign Corporate Bonds | 5,698,051 | (921,900 | ) | 36,564 | 9,576 | 9,545,928 | (3,615,074 | ) | — | — | 10,753,145 | (163,191 | ) | |||||||||||||||||||||||||||
| Asset Backed Obligations | 4,848,996 | (669,169 | ) | 619,935 | 430 | 1,442,861 | (942,587 | ) | — | — | 5,300,466 | 110,806 | ||||||||||||||||||||||||||||
| Common Stocks | 12,265,338 | (12,213,332 | ) | 11,567,549 | — | — | (7,686,069 | ) | — | — | 3,933,486 | 16,470 | ||||||||||||||||||||||||||||
| Bank Loans | 1,898,725 | 4,760 | (76,456 | ) | 71,696 | 63,956 | (17,782 | ) | — | — | 1,944,899 | (71,267 | ) | |||||||||||||||||||||||||||
| Rights | 5,522,270 | 533,039 | (2,455,548 | ) | — | — | (3,382,689 | ) | — | — | 217,072 | (2,289,948 | ) | |||||||||||||||||||||||||||
| Warrants | 10,358 | — | 5,179 | — | — | — | — | — | 15,537 | 5,179 | ||||||||||||||||||||||||||||||
| Escrow Notes | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
| Total | $ | 98,547,533 | $ | 359,335 | $ | 24,915,257 | $ | 1,369,992 | $ | 11,231,863 | $ | (52,227,650 | ) | $ | 5,632,202 | $ | (3,501,728 | ) | $ | 86,326,804 | $ | 3,408,646 | ||||||||||||||||||
| (a) | Purchases include all purchases of securities, payups and corporate actions. |
| (b) | Sales include all sales of securities, maturities, and paydowns. |
| (c) | Any difference between Net Change in Unrealized Appreciation (Depreciation) and Net Change in Unrealized Appreciation (Depreciation) on securities held at June 30, 2024 may be due to a security that was not held or categorized as Level 3 at either period end. |
| (d) | Transfers into or out of Level 3 can be attributed to changes in the availability of pricing sources and/or in the observability of significant inputs used to measure the fair value of those instruments. |
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
| Fair
Value as of June 30, 2024 | Valuation Techniques | Unobservable Input | Unobservable
Input Values (Weighted Average)(e) | Impact to valuation from an increase to input | ||||||||
| Non-Agency Commercial Mortgage Backed Obligations | $ | 47,478,385 | Market Comparables | Market Quotes | $0.01 - $96.70 ($69.89) | Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security | ||||||
| Collateralized Loan Obligations | $ | 16,683,814 | Market Comparables | Market Quotes | $0.00 - $97.84 ($83.64) | Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security | ||||||
| Foreign Corporate Bonds | $ | 10,753,145 | Market Comparables | Market Quotes | $0.00 - $105.44 ($99.01) | Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security | ||||||
| Discounted Cash Flow | Discount Rate | 15% (15%) | Significant changes in discount rate would have resulted in indirect changes in the fair value of the security | |||||||||
| Asset Backed Obligations | $ | 5,300,466 | Market Comparables | Market Quotes | $0.09 - $942.19 ($321.81) | Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security | ||||||
| Common Stocks | $ | 3,933,486 | Market Comparables | Market Quotes | $0.00 - $16.00 ($10.47) | Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security | ||||||
| Bank Loans | $ | 1,944,899 | Market Comparables | Market Quotes | $100.00 ($100.00) | Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security | ||||||
| Rights | $ | 217,072 | Income Approach | Expected Value | $0.65 ($0.65) | Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security | ||||||
| Warrants | $ | 15,537 | Market Comparables | Market Quotes | $0.56 ($0.56) | Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security | ||||||
| Escrow Notes | $ | — | Income Approach | Expected Value | $0.00 ($0.00) | Significant changes in the expected value would have resulted in direct changes in the fair value of the security | ||||||
(e) Unobservable inputs were weighted by the relative fair value of the instruments.
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