DoubleLine Yield Opportunities Fund

Schedule of Investments

December 31, 2023 (Unaudited)

 

 

Principal Amount
$/Shares

  

Security Description

   Rate    

Maturity

   Value $  

Asset Backed Obligations - 3.1%

 

    
1,300,000   Affirm Asset Securitization Trust, Series 2023-B-D     8.78 % (a)    09/15/2028        1,323,682  
6,000,000   Air Canada, Series 2020-1-C     10.50 % (a)    07/15/2026     6,545,400  
2,500,000   Blue Stream Issuer LLC, Series 2023-1A-C     8.90 % (a)    05/20/2053     2,347,766  
1,427,031   Castlelake Aircraft Structured Trust, Series 2021-1A-C     7.00 % (a)(b)    01/15/2046     1,018,436  
1,220,741   JetBlue, Series 2019-1-B     8.00 %    11/15/2027     1,216,425  
4,022,839   JOL Air Ltd., Series 2019-1-B     4.95 % (a)    04/15/2044     3,134,785  
1,097,076   Kestrel Aircraft Funding Ltd., Series 2018-1A-A     4.25 % (a)    12/15/2038     977,509  
868,376   MACH 1 Cayman Ltd., Series 2019-1-B     4.34 % (a)(b)    10/15/2039     635,126  
8,192   Marlette Funding Trust, Series 2021-1A-R     0.00 % (a)(b)(c)      06/16/2031     230,890  
721,119   Pagaya AI Debt Selection Trust, Series 2020-3-C     6.43 % (a)    05/17/2027     719,983  
2,425,852   Pagaya AI Debt Selection Trust, Series 2021-3-CERT     0.00 % (a)(b)(c)    05/15/2029     64,566  
32,513   Pagaya AI Debt Selection Trust, Series 2021-5-A     1.53 % (a)    08/15/2029     32,368  
2,303,922   Pagaya AI Debt Selection Trust, Series 2021-5-CERT     0.00 % (a)(b)(c)    08/15/2029     214,758  
235,529   Pagaya AI Debt Selection Trust, Series 2022-1-A     2.03 % (a)    10/15/2029     231,989  
782,951   Pagaya Al Debt Trust, Series 2022-2-AB     5.47 % (a)(d)    01/15/2030     778,274  
55,000   SoFi Alternative Consumer Loan Program, Series 2021-2-R1     0.00 % (a)(b)(c)    08/15/2030     584,136  
20,000   SoFi Professional Loan Program Trust, Series 2018-C-R1     0.00 % (a)(b)(c)    01/25/2048     175,980  
2,967,761   START Ltd., Series 2018-1-A     4.09 % (a)    05/15/2043     2,702,758  
436,983   START Ltd., Series 2019-1-C     6.41 % (a)(b)    03/15/2044     161,711  
4,000   Upstart Securitization Trust, Series 2021-2-CERT     0.00 % (b)(c)    06/20/2031     204,714  
3,300   Upstart Securitization Trust, Series 2021-5-CERT     0.00 % (a)(b)(c)    11/20/2031     162,407  
       

 

 

  

Total Asset Backed Obligations (Cost $25,541,440)

 

       23,463,663  
       

 

 

  

Bank Loans - 11.7%

 

1,089,000   AAdvantage Loyalty IP Ltd., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.75%, 0.75% Floor)     10.43 %    04/20/2028     1,120,396  
1,556,100   Access CIG LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 5.00%, 0.50% Floor)     10.39 %    08/15/2028     1,560,644  
822,911   AI Aqua Merger Sub, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.75%, 0.50% Floor)     9.09 %    07/31/2028     824,565  
1,426,196   American Tire Distributors, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 6.25%, 0.75% Floor)     11.91 %    10/20/2028     1,200,500  
  Applied Systems, Inc., Senior Secured Second Lien Term Loan      
2,021,903   (3 Month Secured Overnight Financing Rate + 6.75%, 0.75% Floor)     12.14 %    09/17/2027     2,038,331  
28,097   (3 Month LIBOR USD + 5.50%, 0.75% Floor)     9.17 % (o)    09/17/2027     28,325  
765,000   Ascend Learning LLC, Senior Secured Second Lien Term Loan (1 Month Secured Overnight Financing Rate + 5.75%, 0.50% Floor)     11.21 %    12/10/2029     663,500  
915,000   Aspen Dental Management, Inc.     11.11 % (e)    12/23/2027     903,563  
548,669   Astra Acquisition Corporation, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 5.25%, 0.50% Floor)     10.86 %    10/25/2028     357,779  

Principal Amount
$/Shares

  

Security Description

   Rate    

Maturity

   Value $  
3,249,219   Astra Acquisition Corporation, Senior Secured Second Lien Term Loan (3 Month Secured Overnight Financing Rate + 8.88%, 0.75% Floor)     14.48 %    10/25/2029     1,575,871  
305,000   Asurion LLC, Senior Secured Second Lien Term Loan (1 Month Secured Overnight Financing Rate + 5.25%)     10.72 %    01/31/2028     291,528  
1,425,000   Asurion LLC, Senior Secured Second Lien Term Loan (1 Month Secured Overnight Financing Rate + 5.25%)     10.72 %    01/22/2029        1,348,292  
627,543   Athenahealth Group, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.25%, 0.50% Floor)     8.60 %    02/15/2029     625,660  
2,137,070   Atlas Purchaser, Inc., Senior Secured First Lien Term Loan (3 Month Overnight Secured Overnight Financing Rate, 0.75% Floor) (3 Month Secured Overnight Financing Rate + 5.25%, 0.75% Floor)     10.88 %    05/08/2028     1,276,013  
2,800,000   Aveanna Healthcare LLC, Senior Secured Second Lien Term Loan (3 Month Secured Overnight Financing Rate + 7.00%, 0.50% Floor)     12.54 %    12/10/2029     2,081,338  
410,829   Bausch & Lomb Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.25%, 0.50% Floor)     8.76 %    05/10/2027     407,493  
962,588   Bausch & Lomb Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.00%)     9.36 %    09/29/2028     963,791  
1,740,000   Boxer Parent Company, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.25%)     9.60 %    12/29/2028     1,755,008  
699,559   BYJU’s Alpha, Inc. (Prime Rate + 7.00%, 0.75% Floor)     15.50 %         11/24/2026     255,923  
218,900   Carnival Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.00%, 0.75% Floor)     8.32 %    08/09/2027     219,721  
1,818,150   Cengage Learning, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.75%, 1.00% Floor)     10.41 %    07/14/2026     1,826,214  
415,000   Central Parent, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.00%)     9.35 %    07/06/2029     417,830  
435,000   Charter Next Generation, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.75%, 0.75% Floor)     9.21 %    12/01/2027     437,517  
413,963   Clarios Global LP, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.75%)     9.11 %    05/06/2030     415,411  
839,120   Clydesdale Acquisition Holdings, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.18%, 0.50% Floor)     9.63 %    04/13/2029     843,840  
4,500,000   Constant Contact, Inc., Senior Secured Second Lien Term Loan (3 Month Overnight Secured Overnight Financing Rate) (6 Month Secured Overnight Financing Rate + 7.50%)     13.41 %    02/09/2029     3,937,500  
248,096   Corelogic, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.50%, 0.50% Floor)     8.97 %    06/02/2028     242,101  
684,719   Cornerstone Building Brands, Inc, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.25%, 0.50% Floor)     8.67 %    04/12/2028     686,075  
1,167,075   Cross Financial Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.00%, 0.75% Floor)     9.46 %    09/15/2027     1,169,993  
940,000   DCert Buyer, Inc., Senior Secured Second Lien Term Loan (1 Month Secured Overnight Financing Rate + 7.00%)     12.36 %    02/16/2029     860,100  
872,212   Deerfield Dakota Holding LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.75%, 1.00% Floor)     9.10 %    04/09/2027     865,670  

Principal Amount
$/Shares

  

Security Description

   Rate    

Maturity

   Value $  
3,800,000   Delta Topco, Inc., Senior Secured Second Lien Term Loan (6 Month Secured Overnight Financing Rate + 7.25%, 0.75% Floor)     12.62 %    12/01/2028     3,812,825  
790,000   DexKo Global, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.25%)     9.60 %    10/04/2028     790,000  
915,000   DG Investment Intermediate Holdings 2, Inc. (1 Month Secured Overnight Financing Rate + 6.75%, 0.75% Floor)     12.22 %    03/29/2029     829,599  
1,637,940   DirectTV Financing LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 5.00%, 0.75% Floor)     10.65 %    08/02/2027        1,640,912  
286,281   Dynasty Acquisition Company, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.00%)     9.35 %    08/24/2028     287,379  
923,750   Eisner Advisory Group LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 5.25%, 0.75% Floor)     10.72 %         07/28/2028     926,830  
71,905   Element Materials Technology Group US Holdings, Inc., Senior Secured First Lien Delayed-Draw Term Loan (3 Month Secured Overnight Financing Rate + 4.25%, 0.50% Floor)     9.74 %    06/22/2029     71,456  
155,795   Element Materials Technology Group US Holdings, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.25%, 0.50% Floor)     9.74 %    06/22/2029     154,821  
249,375   EnergySolutions LLC (3 Month Secured Overnight Financing Rate + 4.00%, 0.50% Floor)     9.38 %    09/18/2030     249,687  
650,038   Fertitta Entertainment LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.00%, 0.50% Floor)     9.36 %    01/29/2029     651,156  
785,000   FinThrive Software Intermediate Holdings, Inc. (1 Month Secured Overnight Financing Rate + 6.75%, 0.50% Floor)     12.22 %    12/17/2029     473,551  
1,111,500   Flynn Canada Ltd., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate, 0.50% Floor) (1 Month Secured Overnight Financing Rate + 4.50%, 0.50% Floor)     9.97 %    07/21/2028     1,086,491  
2,113,701   Gainwell Acquisition Corporation (3 Month Secured Overnight Financing Rate + 4.00%, 0.75% Floor)     9.45 %    10/01/2027     2,060,858  
1,245,844   Getty Images, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.50%)     9.95 %    02/19/2026     1,253,163  
178,086   GIP II Blue Holding LP, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.50%, 1.00% Floor)     9.96 %    09/29/2028     179,138  
1,151,129   Grab Holdings, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.50%, 1.00% Floor)     9.97 %    01/29/2026     1,157,604  
  Groupe Solmax, Inc., Senior Secured First Lien Term Loan      
543,094   (3 Month Secured Overnight Financing Rate + 4.75%, 0.75% Floor)     10.36 %    07/23/2028     523,068  
467,082   (1 Month Overnight Secured Overnight Financing Rate, 0.75% Floor)     10.22 %    07/23/2028     449,858  
1,080,000   Helios Software Holdings, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.25%)     9.70 %    07/18/2030     1,080,788  
452,642   Hexion Holdings Corporation, Term Loan (3 Month Secured Overnight Financing Rate + 4.50%, 0.50% Floor)     10.02 %    03/15/2029     436,073  
2,104,425   Ineos US Finance LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.50%)     8.95 %    02/19/2030     2,109,686  
404,625   ION Trading Technologies SARL (3 Month Secured Overnight Financing Rate + 4.75%)     10.20 %    03/31/2028     405,606  
244,375   Jo-Ann Stores LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.75%, 0.75% Floor)     10.39 %    07/07/2028     16,932  

Principal Amount
$/Shares

  

Security Description

   Rate    

Maturity

   Value $  
631,825   Kenan Advantage Group, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate, 0.75% Floor) (1 Month Secured Overnight Financing Rate + 4.00%, 0.75% Floor)     9.47 %    03/24/2026     631,234  
512,379   LaserShip, Inc., Senior Secured First Lien Term Loan (6 Month Secured Overnight Financing Rate + 4.50%, 0.75% Floor)     10.40 %    05/08/2028     472,029  
345,000   LaserShip, Inc., Senior Secured Second Lien Term Loan (6 Month Secured Overnight Financing Rate + 7.50%, 0.75% Floor)     13.40 %    04/30/2029     289,800  
922,895   LBM Acquisition LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.75%, 0.75% Floor)     9.21 %    12/17/2027     914,100  
374,913   Lereta LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate, 0.75% Floor) (1 Month Secured Overnight Financing Rate + 5.25%, 0.75% Floor)     10.72 %    07/27/2028     287,746  
1,315,000   LifePoint Health, Inc., Term Loan (3 Month Secured Overnight Financing Rate + 5.50%)     11.17 %    11/16/2028        1,313,521  
545,750   LSF9 Atlantis Holdings LLC, Senior Secured First Lien Term Loan (3 Month Overnight Secured Overnight Financing Rate, 0.75% Floor) (3 Month Secured Overnight Financing Rate + 7.25%, 0.75% Floor)     12.60 %    03/31/2029     534,153  
408,895   Lummus Technology Holdings LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.50%)     8.97 %    06/30/2027     410,148  
413,939   Mavis Tire Express Services Topco Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.00%, 0.75% Floor)     9.47 %    05/04/2028     415,232  
280,000   Mileage Plus Holdings LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 5.25%, 1.00% Floor)     10.77 %    06/21/2027     290,000  
3,838,791   Minotaur Acquisition, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.75%)     10.21 %    03/27/2026     3,844,607  
645,000   Mitchell International, Inc., Senior Secured Second Lien Term Loan (3 Month Secured Overnight Financing Rate + 6.50%, 0.50% Floor)     12.15 %    10/15/2029     635,125  
428,922   Nouryon Finance B.V., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate) (1 Month Secured Overnight Financing Rate) (3 Month Secured Overnight Financing Rate + 4.00%)     9.35 %    04/03/2028     431,133  
1,291,763   Olympus Water US Holding Corporation, Term Loan (3 Month Secured Overnight Financing Rate + 5.00%, 0.50% Floor)     10.35 %    11/09/2028     1,300,915  
813,573   OMNIA Partners LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.25%)     9.63 %    07/25/2030     819,679  
1,165,000   Ontario Gaming GTA LP, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.25%, 0.50% Floor)     9.64 %         08/01/2030     1,171,448  
237,364   OYO Hospitality Netherlands B.V., Senior Secured First Lien Term Loan (3 Month LIBOR USD, 0.75% Floor) (3 Month Secured Overnight Financing Rate + 8.25%, 0.75% Floor)     13.88 % (o)    06/23/2026     221,540  
1,007,388   Par Petroleum, LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.25%, 0.50% Floor)     9.74 %    02/28/2030     1,009,150  
800,914   PECF USS Intermediate Holding Corporation, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.25%, 0.50% Floor)     9.89 %    12/15/2028     629,174  
2,336,281   Penn National Gaming, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.75%, 0.50% Floor)     8.17 %    05/03/2029     2,344,785  

Principal Amount
$/Shares

  

Security Description

   Rate    

Maturity

   Value $  
252,850   Potters Borrower LP, Senior Secured First Lien Term Loan (3 Month Overnight Secured Overnight Financing Rate, 0.75% Floor) (3 Month Secured Overnight Financing Rate + 4.00%, 0.75% Floor)     9.45 %    12/14/2027     254,036  
960,000   Pretium PKG Holdings, Inc., Senior Secured Second Lien Term Loan (1 Month Secured Overnight Financing Rate + 6.75%, 0.50% Floor)     12.21 %    10/01/2029     381,941  
1,712,481   Pug LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate, 0.50% Floor) (1 Month Secured Overnight Financing Rate + 4.25%, 0.50% Floor)     9.72 %    02/16/2027     1,703,919  
482,183  

Riverbed Technology, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.50% + 2.00% PIK, 1.00% Floor)

     9.85 %    07/01/2028     332,707  
70,000   Simon & Schuster, Term Loan (3 Month Secured Overnight Financing Rate + 4.00%)     9.39 %    10/30/2030     70,306  
466,004   Skillsoft Finance II, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate, 0.75% Floor) (1 Month Secured Overnight Financing Rate + 5.25%, 0.75% Floor)     10.69 %    07/14/2028     440,374  
418,929   Sophia LP, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.50%, 0.50% Floor)     8.96 %    10/07/2027     420,336  
451,509   Southern Veterinary Partners LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.00%, 1.00% Floor)     9.46 %    10/05/2027     450,662  
750,000   Southern Veterinary Partners LLC, Senior Secured Second Lien Term Loan (1 Month Secured Overnight Financing Rate + 7.75%, 1.00% Floor)     13.21 %    09/22/2028     749,846  
218,880   SRS Distribution, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.50%, 0.50% Floor)     8.97 %    06/02/2028     219,520  
122,692   Standard Aero Ltd. (1 Month Secured Overnight Financing Rate + 4.00%)     9.35 %         08/24/2028     123,162  
822,055   Staples, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.00%)     10.47 % (o)    04/16/2026     781,429  
659,911   Sunshine Luxembourg SARL (3 Month Secured Overnight Financing Rate + 3.50%, 0.75% Floor)     8.95 %    10/01/2026     664,213  
810,378   Team Health, Term Loan (3 Month Secured Overnight Financing Rate + 5.25%, 1.00% Floor)     10.63 %    03/02/2027     621,155  
558,589   Tekni-Plex, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 5.25%, 0.50% Floor)     10.64 %    09/15/2028     561,243  
3,360,000   The Edelman Financial Engines Centre LLC, Senior Secured Second Lien Term Loan (1 Month Secured Overnight Financing Rate + 6.75%)     12.22 %    07/20/2026        3,366,300  
648,470   TK Elevator Midco GMBH, Senior Secured First Lien Term Loan (6 Month Secured Overnight Financing Rate + 3.50%, 0.50% Floor)     9.38 %    07/30/2027     650,740  
1,540,951   Travelport Finance (Luxembourg) SARL (3 Month Secured Overnight Financing Rate + 7.00%, 1.00% Floor)     12.65 %    02/28/2025     1,495,578  
305,000   UKG, Inc., Senior Secured Second Lien Term Loan (3 Month Secured Overnight Financing Rate + 5.25%, 0.50% Floor)     10.76 %    05/03/2027     306,171  
217,800   Vantage Specialty Chemicals, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.75%, 0.50% Floor)     10.11 %    10/26/2026     210,722  
1,739,918   Viad Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 5.00%, 0.50% Floor)     10.47 %    07/31/2028     1,737,743  
877,778   Vibrantz Technologies, Inc. (3 Month Secured Overnight Financing Rate + 4.25%, 0.50% Floor)     9.81 %    04/23/2029     843,307  

Principal Amount
$/Shares

  

Security Description

   Rate    

Maturity

   Value $  
900,000   VT Topco, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.25%, 0.50% Floor)     9.66 %    08/09/2030     905,625  
941,224   WaterBridge Midstream Operating LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 5.75%, 1.00% Floor)     11.39 %    06/22/2026     943,817  
165,000   WWEX UNI TopCo Holdings LLC, Senior Secured Second Lien Term Loan (3 Month Overnight Secured Overnight Financing Rate, 0.75% Floor) (3 Month Secured Overnight Financing Rate + 7.00%, 0.75% Floor)     12.61 %    07/26/2029     141,900  
       

 

 

  

Total Bank Loans (Cost $93,122,355)

 

       88,190,244  
       

 

 

  

Collateralized Loan Obligations - 18.3%

 

800,000   AIMCO Ltd., Series 2019-10A-ER (Secured Overnight Financing Rate 3 Month + 6.21%, 5.95% Floor)     11.62 % (a)    07/22/2032     776,565  
2,000,000   AIMCO Ltd., Series 2021-15A-E (Secured Overnight Financing Rate 3 Month + 6.21%, 5.95% Floor)     11.61 % (a)    10/17/2034     1,952,781  
1,450,000   Apidos, Series 2018-18A-E (Secured Overnight Financing Rate 3 Month + 5.96%, 5.70% Floor)     11.37 % (a)    10/22/2030     1,393,473  
3,000,000   Bain Capital Credit Ltd., Series 2017-2A-ER2 (Secured Overnight Financing Rate 3 Month + 7.12%, 6.86% Floor)     12.50 % (a)         07/25/2034     2,844,558  
8,000,000   Bain Capital Credit Ltd., Series 2019-3A-ER (Secured Overnight Financing Rate 3 Month + 7.36%, 7.36% Floor)     12.77 % (a)    10/21/2034     7,499,575  
1,250,000   Bain Capital Credit Ltd., Series 2022-3A-E (Secured Overnight Financing Rate 3 Month + 7.35%, 7.35% Floor)     12.75 % (a)    07/17/2035        1,193,831  
1,500,000   Barings Ltd., Series 2019-2A-CR (Secured Overnight Financing Rate 3 Month + 3.66%, 3.40% Floor)     9.06 % (a)    04/15/2036     1,479,437  
2,000,000   Barings Ltd., Series 2020-1A-ER (Secured Overnight Financing Rate 3 Month + 6.91%, 6.65% Floor)     12.31 % (a)    10/15/2036     1,999,661  
750,000   Buttermilk Park Ltd., Series 2018-1A-E (Secured Overnight Financing Rate 3 Month + 6.01%, 5.75% Floor)     11.41 % (a)    10/15/2031     707,881  
1,850,000   Canyon Capital Ltd., Series 2020-2A-ER (Secured Overnight Financing Rate 3 Month + 6.79%, 6.53% Floor)     12.19 % (a)    10/15/2034     1,788,785  
1,000,000   Canyon Capital Ltd., Series 2021-1A-E (Secured Overnight Financing Rate 3 Month + 6.67%, 6.41% Floor)     12.07 % (a)    04/15/2034     951,894  
2,000,000   Canyon Capital Ltd., Series 2021-3A-E (Secured Overnight Financing Rate 3 Month + 6.46%, 6.20% Floor)     11.86 % (a)    07/15/2034     1,895,767  
1,875,000   Carlyle Global Market Strategies Ltd., Series 2020-2A-DR (Secured Overnight Financing Rate 3 Month + 6.96%, 6.70% Floor)     12.34 % (a)    01/25/2035     1,847,402  
1,000,000   Carlyle Global Market Strategies Ltd., Series 2021-1A-D (Secured Overnight Financing Rate 3 Month + 6.26%, 6.00% Floor)     11.66 % (a)    04/15/2034     983,159  
3,800,000   Catskill Park Ltd., Series 2017-1A-D (Secured Overnight Financing Rate 3 Month + 6.26%)     11.68 % (a)    04/20/2029     3,623,394  
2,000,000   CIFC Funding Ltd., Series 2013-1A-DR (Secured Overnight Financing Rate 3 Month + 6.91%)     12.31 % (a)    07/16/2030     1,925,019  
3,350,000   CIFC Funding Ltd., Series 2013-3RA-D (Secured Overnight Financing Rate 3 Month + 6.16%, 5.90% Floor)     11.56 % (a)    04/24/2031     3,162,435  
1,750,000   CIFC Funding Ltd., Series 2017-5A-D (Secured Overnight Financing Rate 3 Month + 6.36%)     11.76 % (a)    11/16/2030     1,677,670  
4,650,000   CIFC Funding Ltd., Series 2019-3A-DR (Secured Overnight Financing Rate 3 Month + 7.06%, 6.80% Floor)     12.46 % (a)    10/16/2034     4,675,090  
2,000,000   CIFC Funding Ltd., Series 2020-1A-ER (Secured Overnight Financing Rate 3 Month + 6.51%, 6.51% Floor)     11.91 % (a)    07/15/2036     1,979,749  
1,500,000   CIFC Funding Ltd., Series 2020-4A-E (Secured Overnight Financing Rate 3 Month + 7.11%, 7.11% Floor)     12.51 % (a)    01/15/2034     1,508,128  

Principal Amount
$/Shares

  

Security Description

   Rate    

Maturity

   Value $  
500,000   CIFC Funding Ltd., Series 2021-4A-E (Secured Overnight Financing Rate 3 Month + 6.26%, 6.00% Floor)     11.66 % (a)    07/15/2033     491,330  
1,000,000   Dryden Ltd., Series 2020-77A-ER (Secured Overnight Financing Rate 3 Month + 6.13%, 6.13% Floor)     11.50 % (a)    05/20/2034     923,442  
2,500,000   Dryden Ltd., Series 2021-87A-E (Secured Overnight Financing Rate 3 Month + 6.41%, 6.15% Floor)     11.78 % (a)    05/20/2034     2,368,197  
2,000,000   Dryden Senior Loan Fund, Series 2017-54A-E (Secured Overnight Financing Rate 3 Month + 6.46%)     11.86 % (a)    10/19/2029     1,816,082  
2,000,000   Highbridge Loan Management Ltd., Series 13A-18-E (Secured Overnight Financing Rate 3 Month + 5.76%, 5.50% Floor)     11.16 % (a)    10/15/2030     1,877,886  
1,550,000   Highbridge Loan Management Ltd., Series 2013-2A-CR (Secured Overnight Financing Rate 3 Month + 3.16%)     8.58 % (a)    10/20/2029     1,524,987  
1,000,000   Highbridge Loan Management Ltd., Series 6A-2015-DR (Secured Overnight Financing Rate 3 Month + 5.36%)     10.75 % (a)    02/05/2031     934,443  
2,500,000   Madison Park Funding Ltd., Series 2020-45A-ER (Secured Overnight Financing Rate 3 Month + 6.61%, 6.35% Floor)     12.01 % (a)    07/15/2034     2,509,706  
2,000,000   Madison Park Funding Ltd., Series 2021-38A-E (Secured Overnight Financing Rate 3 Month + 6.26%, 6.26% Floor)     11.66 % (a)    07/17/2034     1,955,911  
500,000   Magnetite Ltd., Series 2020-26A-ER (Secured Overnight Financing Rate 3 Month + 6.21%, 5.95% Floor)     11.59 % (a)    07/25/2034     490,957  
1,000,000   Magnetite Ltd., Series 2020-28A-ER (Secured Overnight Financing Rate 3 Month + 6.41%, 6.15% Floor)     11.83 % (a)    01/20/2035     994,030  
2,500,000   Marble Point Ltd., Series 2018-1A-D (Secured Overnight Financing Rate 3 Month + 3.26%)     8.66 % (a)    07/16/2031     2,242,408  
4,000,000   Milos Ltd., Series 2017-1A-ER (Secured Overnight Financing Rate 3 Month + 6.41%, 6.15% Floor)     11.83 % (a)    10/20/2030     3,832,179  
2,500,000   Neuberger Berman Loan Advisers Ltd., Series 2017-16SA-ER (Secured Overnight Financing Rate 3 Month + 6.51%, 6.25% Floor)     11.91 % (a)    04/15/2034        2,433,266  
7,000,000   Neuberger Berman Loan Advisers Ltd., Series 2019-34A-ER (Secured Overnight Financing Rate 3 Month + 6.50%, 6.50% Floor)     11.92 % (a)    01/20/2035     6,831,966  
500,000   Neuberger Berman Loan Advisers Ltd., Series 2020-38A-DR (Secured Overnight Financing Rate 3 Month + 3.26%, 3.00% Floor)     8.68 % (a)    10/20/2035     488,680  
3,000,000   Neuberger Berman Loan Advisers Ltd., Series 2020-38A-ER (Secured Overnight Financing Rate 3 Month + 6.51%, 6.25% Floor)     11.93 % (a)    10/20/2035     2,992,759  
1,000,000   Octagon Investment Partners Ltd., Series 2014-1A-ERR (Secured Overnight Financing Rate 3 Month + 6.26%, 6.00% Floor)     11.63 % (a)    11/18/2031     895,553  
750,000   Octagon Investment Partners Ltd., Series 2019-1A-E (Secured Overnight Financing Rate 3 Month + 6.86%, 6.60% Floor)     12.24 % (a)    10/25/2032     736,460  
1,500,000   Octagon Investment Partners Ltd., Series 2019-1A-ER (Secured Overnight Financing Rate 3 Month + 7.26%, 7.00% Floor)     12.68 % (a)    01/20/2035     1,376,576  
5,000,000   Octagon Investment Partners Ltd., Series 2019-1A-INC     0.00 % (a)(b)(c)(d)    10/25/2032     2,190,500  
500,000   Octagon Investment Partners Ltd., Series 2019-4A-E (Secured Overnight Financing Rate 3 Month + 7.06%, 6.80% Floor)     12.43 % (a)    05/12/2031     480,707  
1,000,000   Octagon Investment Partners Ltd., Series 2020-2A-ER (Secured Overnight Financing Rate 3 Month + 6.86%, 6.60% Floor)     12.26 % (a)    07/15/2036     896,319  
4,000,000   Octagon Investment Partners Ltd., Series 2021-1A-E (Secured Overnight Financing Rate 3 Month + 6.76%, 6.50% Floor)     12.16 % (a)    04/15/2034     3,699,084  
3,000,000   OHA Credit Funding Ltd., Series 2019-3A-ER (Secured Overnight Financing Rate 3 Month + 6.51%, 6.25% Floor)     11.93 % (a)    07/02/2035     3,030,613  

Principal Amount
$/Shares

  

Security Description

   Rate    

Maturity

   Value $  
500,000   Point Au Roche Park Ltd., Series 2021-1A-E (Secured Overnight Financing Rate 3 Month + 6.36%, 6.10% Floor)     11.78 % (a)    07/20/2034     474,681  
1,000,000   Reese Park Ltd., Series 2020-1A-ER (Secured Overnight Financing Rate 3 Month + 6.76%, 6.76% Floor)     12.16 % (a)         10/15/2034     978,244  
5,000,000   RR Ltd., Series 2017-2A-DR (Secured Overnight Financing Rate 3 Month + 6.06%, 5.80% Floor)     11.46 % (a)    04/15/2036     4,780,878  
1,000,000   RR Ltd., Series 2019-6A-DR (Secured Overnight Financing Rate 3 Month + 6.11%, 5.85% Floor)     11.51 % (a)    04/15/2036     934,088  
3,000,000   Sound Point Ltd., Series 2020-1A-ER (Secured Overnight Financing Rate 3 Month + 7.12%, 7.12% Floor)     12.54 % (a)    07/20/2034     2,694,940  
4,000,000   Sound Point Ltd., Series 2020-2A-ER (Secured Overnight Financing Rate 3 Month + 6.82%, 6.56% Floor)     12.20 % (a)    10/25/2034     3,544,959  
7,000,000   Sound Point Ltd., Series 2021-2A-E (Secured Overnight Financing Rate 3 Month + 6.62%, 6.36% Floor)     12.00 % (a)    07/25/2034     6,324,618  
2,000,000   Sound Point Ltd., Series 2021-3A-E (Secured Overnight Financing Rate 3 Month + 6.87%, 6.61% Floor)     12.25 % (a)    10/25/2034     1,651,490  
7,000,000   Sound Point Ltd., Series 2021-4A-E (Secured Overnight Financing Rate 3 Month + 6.96%, 6.96% Floor)     12.34 % (a)    10/25/2034     5,751,666  
2,500,000   THL Credit Wind River Ltd., Series 2017-3A-ER (Secured Overnight Financing Rate 3 Month + 7.31%, 7.05% Floor)     12.71 % (a)    04/15/2035     2,332,817  
1,000,000   THL Credit Wind River Ltd., Series 2018-1A-E (Secured Overnight Financing Rate 3 Month + 5.76%)     11.16 % (a)    07/15/2030     925,298  
1,000,000   THL Credit Wind River Ltd., Series 2018-2A-E (Secured Overnight Financing Rate 3 Month + 6.01%)     11.41 % (a)    07/15/2030     914,491  
2,000,000   Thompson Park Ltd., Series 2021-1A-E (Secured Overnight Financing Rate 3 Month + 6.57%, 6.57% Floor)     11.97 % (a)    04/15/2034     1,997,066  
3,000,000   Trimaran CAVU LLC, Series 2019-1A-D (Secured Overnight Financing Rate 3 Month + 4.41%, 4.15% Floor)     9.83 % (a)    07/20/2032     2,985,171  
2,000,000   Voya Ltd., Series 2013-3A-DR (Secured Overnight Financing Rate 3 Month + 6.16%, 5.90% Floor)     11.56 % (a)    10/18/2031     1,836,268  
1,350,000   Voya Ltd., Series 2017-2A-D (Secured Overnight Financing Rate 3 Month + 6.28%)     11.68 % (a)    06/07/2030        1,242,384  
2,700,000   Voya Ltd., Series 2018-1A-D (Secured Overnight Financing Rate 3 Month + 5.46%)     10.86 % (a)    04/19/2031     2,421,905  
2,000,000   Voya Ltd., Series 2018-4A-E (Secured Overnight Financing Rate 3 Month + 6.56%, 6.30% Floor)     11.96 % (a)    01/15/2032     1,919,847  
1,000,000   Webster Park Ltd., Series 2015-1A-DR (Secured Overnight Financing Rate 3 Month + 5.76%, 5.50% Floor)     11.18 % (a)    07/20/2030     939,457  
       

 

 

  

Total Collateralized Loan Obligations (Cost $144,261,253)

 

       138,530,563  
       

 

 

  

Foreign Corporate Bonds - 14.8%

 

1,600,000   ABM Investama Tbk PT     9.50 % (a)    08/05/2026     1,532,609  
1,200,000   Adani Electricity Mumbai Ltd.     3.87 %    07/22/2031     933,312  
710,000   Adani International Container Terminal Private Ltd.     3.00 %    02/16/2031     582,811  
500,000   Adani Ports & Special Economic Zone Ltd.     3.10 %    02/02/2031     381,990  
3,900,000   Adani Ports & Special Economic Zone Ltd.     5.00 %    08/02/2041     2,884,653  
2,590,500   Adani Transmission Step-One Ltd.     4.25 %    05/21/2036     2,090,715  
800,000   AES Andes S.A. (5 Year CMT Rate + 4.92%)     6.35 %    10/07/2079     753,404  
700,000   AES Andes S.A. (5 Year Swap Rate USD + 4.64%)     7.13 %    03/26/2079     673,130  
1,000,000   AI Candelaria Spain S.A.     5.75 % (a)    06/15/2033     776,440  
4,344,000   AI Candelaria Spain S.A.     5.75 %    06/15/2033     3,372,855  
300,000   Alibaba Group Holding Ltd.     3.25 %    02/09/2061     188,905  

Principal Amount
$/Shares

  

Security Description

   Rate    

Maturity

   Value $  
470,827   Alpha Holdings S.A. de C.V.     10.00 % (b)(f)    12/19/2024     7,062  
2,356,827   Alpha Holdings S.A. de C.V.     9.00 % (b)(f)    02/10/2025     35,352  
942,731   Alpha Holdings S.A. de C.V.     9.00 % (a)(b)(f)      02/10/2025     14,141  
4,000,000   Altice France Holding S.A.     6.00 % (a)    02/15/2028     1,924,817  
1,700,000   ARD Finance S.A. (7.25% PIK)     6.50 % (a)    06/30/2027     796,084  
3,150,000   Aris Mining Corporation     6.88 %    08/09/2026     2,738,878  
700,000   Braskem Idesa SAPI     7.45 %    11/15/2029     440,699  
3,200,000   Braskem Idesa SAPI     6.99 % (a)    02/20/2032     1,876,275  
200,000   Braskem Netherlands Finance B.V.     8.50 %    01/12/2031     186,250  
2,400,000   Braskem Netherlands Finance B.V.     5.88 %    01/31/2050     1,665,801  
4,500,000   BRF S.A.     5.75 %    09/21/2050     3,366,661  
2,600,000   Camposol S.A.     6.00 %    02/03/2027     1,812,348  
3,300,000   Canacol Energy Ltd.     5.75 %    11/24/2028     2,409,781  
2,450,000   CAP S.A.     3.90 %    04/27/2031     1,908,550  
1,500,000   CEMEX, S.A.B de C.V. (5 Year CMT Rate + 4.53%)     5.13 % (g)    06/08/2026     1,423,772  
2,000,000   Connect Finco LLC     6.75 % (a)    10/01/2026     1,989,770  
3,200,000   Coruripe Netherlands B.V.     10.00 %    02/10/2027     2,460,000  
200,000   Cosan Overseas Ltd.     8.25 % (g)    02/05/2024     199,453  
4,600,000   Credito Real S.A.B. de C.V.     9.50 % (f)    02/07/2026     517,500  
800,000   CSN Resources S.A.     4.63 %    06/10/2031     654,885  
200,000   CT Trust     5.13 %    02/03/2032     175,011  
725,000   eG Global Finance PLC     12.00 % (a)    11/30/2028     772,730  
3,700,000   Empresas Publicas de Medellin ESP     4.38 %    02/15/2031     3,030,409  
182,000   Fideicomiso P.A. Pacifico Tres     8.25 %    01/15/2035     173,696  
3,000,000   Frigorifico Concepcion S.A.     7.70 % (a)    07/21/2028     2,542,575  
1,450,000   Frigorifico Concepcion S.A.     7.70 %    07/21/2028     1,228,911  
8,000,000   Garda World Security Corporation     9.50 % (a)    11/01/2027     8,074,272  
3,861,000   Gran Tierra Energy, Inc.     9.50 % (a)    10/15/2029     3,393,568  
2,150,000   IAMGOLD Corporation     5.75 %    10/15/2028        1,851,928  
1,200,000   JBS USA Luxembourg S.A.     4.38 %    02/02/2052     894,515  
2,660,000   Kawasan Industri Jababeka Tbk PT     7.50 % (a)(h)    12/15/2027     2,207,800  
600,000   Kosmos Energy Ltd.     7.50 %    03/01/2028     546,885  
3,530,000   Kronos Acquisition Holdings, Inc.     7.00 % (a)    12/31/2027     3,374,998  
900,000   MARB BondCo PLC     3.95 %    01/29/2031     731,632  
5,266,071   MC Brazil Downstream Trading SARL     7.25 %    06/30/2031     4,133,550  
1,400,000   Metinvest B.V.     7.75 %    10/17/2029     858,025  
2,675,000   Mexarrend SAPI de C.V.     10.25 % (f)    07/24/2024     595,856  
700,000   Millicom International Cellular S.A.     4.50 %    04/27/2031     582,752  
4,500,000   Minejesa Capital B.V.     5.63 %    08/10/2037     3,953,880  
4,750,000   Oi S.A.     10.00 % (f)    07/27/2025     237,500  
324,062   Oi S.A. (6.00% PIK)     14.00 % (a)    09/07/2024     324,062  
117,816   Oi S.A. (6.00% PIK)     14.00 % (a)(b)       09/07/2024     117,816  
745,000   Ontario Gaming GTA LP     8.00 % (a)    08/01/2030     768,818  
3,302,000   Operadora de Servicios Mega S.A. de C.V.     8.25 %    02/11/2025     1,737,677  
438,000   Operadora de Servicios Mega S.A. de C.V.     8.25 % (a)    02/11/2025     230,497  
2,800,000   Prime Energia S.p.A.     5.38 %    12/30/2030     2,189,973  

Principal Amount
$/Shares

  

Security Description

   Rate    

Maturity

   Value $  
2,400,000   RKP Overseas Finance Ltd.     7.95 % (g)    02/17/2024     469,560  
2,900,000   Ronshine China Holdings Ltd.     6.75 % (f)    08/05/2024     68,150  
2,000,000   Ronshine China Holdings Ltd.     7.35 % (f)    12/15/2024     46,500  
2,100,000   Sasol Financing USA LLC     5.50 %    03/18/2031     1,771,054  
530,000   Seaspan Corporation     5.50 % (a)    08/01/2029     443,848  
1,500,000   SierraCol Energy Andina LLC     6.00 %    06/15/2028     1,263,660  
3,600,000   SierraCol Energy Andina LLC     6.00 % (a)    06/15/2028     3,032,784  
1,800,000   Simpar Europe S.A.     5.20 %    01/26/2031     1,561,185  
1,085,000   Telesat LLC     5.63 % (a)    12/06/2026     666,424  
1,816,000   Tervita Corporation     11.00 % (a)    12/01/2025     1,914,999  
971,000   Thaioil Treasury Center Company Ltd.     3.75 %    06/18/2050     685,073  
3,600,000   TK Elevator Holdco GmbH     7.63 % (a)    07/15/2028     3,540,568  
2,300,000   Tullow Oil PLC     10.25 % (a)    05/15/2026     2,054,590  
2,817,361   UEP Penonome S.A.     6.50 % (a)    10/01/2038     2,149,143  
2,750,000   Unigel Luxembourg S.A.     8.75 % (f)    10/01/2026     756,278  
4,200,000   UPL Corporation Ltd. (5 Year CMT Rate + 3.87%)     5.25 % (g)    02/27/2025     3,192,000  
700,000   Vedanta Resources Finance PLC     9.25 %    04/23/2026     429,988  
3,700,000   Vedanta Resources Ltd.     6.13 %    08/09/2024     2,463,845  
300,000   VTR Comunicaciones SpA     4.38 %    04/15/2029     150,256  
500,000   VTR Finance NV     6.38 %    07/15/2028     130,906  
       

 

 

  

Total Foreign Corporate Bonds (Cost $142,812,700)

 

       112,119,050  
       

 

 

  

Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations - 5.1%

 

1,000,000   Brazilian Government International Bond     4.75 %    01/14/2050     772,622  
600,000   Colombia Government International Bond     4.13 %    02/22/2042     430,767  
5,100,000   Colombia Government International Bond     5.00 %    06/15/2045     3,974,762  
1,100,000   Comision Federal de Electricidad     4.68 %    02/09/2051     784,331  
600,000   Dominican Republic International Bond     5.30 %    01/21/2041     520,500  
1,400,000   Dominican Republic International Bond     5.30 % (a)         01/21/2041        1,214,500  
2,500,000   Dominican Republic International Bond     6.40 %    06/05/2049     2,362,500  
2,365,000   Ecopetrol S.A.     5.88 %    05/28/2045     1,870,750  
3,150,000   Ecopetrol S.A.     5.88 %    11/02/2051     2,386,865  
2,600,000   Mexico City Airport Trust     5.50 %    07/31/2047     2,247,271  
4,900,000   Mexico Government International Bond     4.40 %    02/12/2052     3,893,242  
4,850,000   OCP S.A.     5.13 %    06/23/2051     3,694,143  
900,000   Panama Government International Bond     3.87 %    07/23/2060     541,284  
150,000   Petrobras Global Finance B.V.     5.50 %    06/10/2051     126,595  
5,700,000   Petroleos del Peru S.A.     5.63 %    06/19/2047     3,516,758  
3,700,000   Petroleos Mexicanos     6.38 %    01/23/2045     2,414,969  
1,800,000   Petroleos Mexicanos     6.75 %    09/21/2047     1,180,037  
4,000,000   Republic of South Africa Government Bond     5.65 %    09/27/2047     3,209,800  
850,000   Ukraine Government International Bond     9.75 % (f)    11/01/2030     246,500  
3,000,000   Ukraine Government International Bond     7.25 % (f)    03/15/2035     729,513  
3,600,000   YPF S.A.     7.00 %    12/15/2047     2,723,316  
       

 

 

  

Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $46,911,478)

 

       38,841,025  
       

 

 

  

Principal Amount
$/Shares

  

Security Description

   Rate    

Maturity

   Value $  

Non-Agency Commercial Mortgage Backed Obligations - 25.0%

 

7,500,000   Alen Mortgage Trust, Series 2021-ACEN-F (Secured Overnight Financing Rate 1 Month + 5.11%, 5.00% Floor)     10.48 % (a)    04/15/2034     3,046,751  
4,375,000   AREIT LLC, Series 2023-CRE8-C (Secured Overnight Financing Rate 1 Month + 4.02%, 4.02% Floor)     9.38 % (a)    08/17/2041     4,374,046  
18,317,000   BANK, Series 2018-BN12-XE     1.50 % (a)(d)(i)    05/15/2061     964,646  
6,978,000   BANK, Series 2018-BN12-XF     1.50 % (a)(d)(i)    05/15/2061     360,128  
20,061,456   BANK, Series 2018-BN12-XG     1.50 % (a)(d)(i)    05/15/2061     966,601  
18,522,000   BANK, Series 2019-BN16-XF     1.14 % (a)(d)(i)    02/15/2052     868,145  
9,261,000   BANK, Series 2019-BN16-XG     1.14 % (a)(d)(i)    02/15/2052     429,053  
4,631,000   BANK, Series 2019-BN16-XH     1.14 % (a)(d)(i)    02/15/2052     209,386  
6,366,937   BANK, Series 2019-BN16-XJ     1.14 % (a)(d)(i)    02/15/2052     267,997  
21,359,000   BANK, Series 2022-BNK43-XD     2.23 % (a)(d)(i)    08/15/2055     2,981,631  
220,048,506   BANK, Series 2023-5YR1-XA     0.27 % (d)(i)    04/15/2056     2,521,976  
78,081,421   BANK, Series 2023-BNK46-XA     0.62 % (d)(i)    08/15/2056     3,171,277  
92,932,411   BANK5, Series 2023-5YR3-XA     0.79 % (d)(i)    09/15/2056     2,989,515  
73,867,000   BANK5, Series 2023-5YR4-XA     1.20 % (d)(i)    12/15/2056     2,996,053  
3,000,000   BBCMS Mortgage Trust, Series 2020-C7-D     3.60 % (a)(d)    04/15/2053     1,267,246  
3,150,000   BDS Ltd., Series 2021-FL8-C (Secured Overnight Financing Rate 1 Month + 1.66%, 1.55% Floor)     7.02 % (a)    01/18/2036     3,054,794  
2,384,000   BDS Ltd., Series 2021-FL8-E (Secured Overnight Financing Rate 1 Month + 2.36%, 2.25% Floor)     7.72 % (a)    01/18/2036     2,295,723  
6,000,000   Beast Mortgage Trust, Series 2021-1818-G (Secured Overnight Financing Rate 1 Month + 6.11%, 6.25% Floor)     11.48 % (a)    03/15/2036     3,124,687  
7,464,000   Benchmark Mortgage Trust, Series 2018-B4-D     2.75 % (a)(d)    07/15/2051     4,859,563  
12,324,000   Benchmark Mortgage Trust, Series 2021-B26-XF     1.50 % (a)(d)(i)      06/15/2054     980,202  
134,089,480   BMO Mortgage Trust, Series 2023-5C1-XA     0.58 % (d)(i)    08/15/2056        3,240,178  
4,738,531   BSREP Commercial Mortgage Trust, Series 2021-DC-G (Secured Overnight Financing Rate 1 Month + 3.96%, 3.85% Floor)     9.33 % (a)    08/15/2038     2,740,959  
1,880,000   BX Commercial Mortgage Trust, Series 2019-IMC-G (Secured Overnight Financing Rate 1 Month + 3.65%, 3.60% Floor)     9.01 % (a)    04/15/2034     1,842,341  
3,500,000   BX Trust, Series 2021-VIEW-F (Secured Overnight Financing Rate 1 Month + 4.04%, 3.93% Floor)     9.41 % (a)    06/15/2036     3,134,484  
2,500,000   BX Trust, Series 2021-VIEW-G (Secured Overnight Financing Rate 1 Month + 5.04%, 4.93% Floor)     10.41 % (a)    06/15/2036     2,210,716  
4,428,842   BX Trust, Series 2022-PSB-E (Secured Overnight Financing Rate 1 Month + 6.34%, 6.34% Floor)     11.70 % (a)    08/15/2039     4,412,074  
1,190,000   BXMT Ltd., Series 2020-FL3-AS (Secured Overnight Financing Rate 1 Month + 1.86%, 1.86% Floor)     7.23 % (a)    11/15/2037     1,126,965  
3,000,000   CFCRE Commercial Mortgage Trust, Series 2016-C7-C     4.37 % (d)    12/10/2054     2,412,946  
5,008,323   Citigroup Commercial Mortgage Trust, Series 2015-GC27-D     4.42 % (a)(d)    02/10/2048     4,200,587  
70,785,136   CSAIL Commercial Mortgage Trust, Series 2017-CX9-XA     0.61 % (d)(i)    09/15/2050     855,297  
2,500,000   CSAIL Commercial Mortgage Trust, Series 2020-C19-E     2.50 % (a)    03/15/2053     912,641  
13,238,000   CSAIL Commercial Mortgage Trust, Series 2020-C19-XD     1.11 % (a)(d)(i)    03/15/2053     751,687  
18,014,000   CSMC Trust, Series 2016-NXSR-XE     1.00 % (a)(d)(i)    12/15/2049     408,167  
7,058,000   CSMC Trust, Series 2017-PFHP-F (Secured Overnight Financing Rate 1 Month + 4.54%, 4.49% Floor)     9.90 % (a)    12/15/2030     6,102,777  
4,000,000   CSWF Trust, Series 2018-TOP-H (Secured Overnight Financing Rate 1 Month + 3.66%, 3.61% Floor)     9.02 % (a)    08/15/2035     3,608,912  
4,622,000   DBJPM Mortgage Trust, Series 2016-C1-C     3.32 % (d)    05/10/2049     3,928,747  

Principal Amount
$/Shares

  

Security Description

   Rate    

Maturity

   Value $  
2,100,000   Del Amo Fashion Center Trust, Series 2017-AMO-C     3.64 % (a)(d)    06/05/2035     1,717,400  
4,000,000   DOLP Trust, Series 2021-NYC-F     3.70 % (a)(d)    05/10/2041     2,000,580  
4,000,000   DOLP Trust, Series 2021-NYC-G     3.70 % (a)(d)    05/10/2041     1,753,782  
3,885,000   Great Wolf Trust, Series 2019-WOLF-D (Secured Overnight Financing Rate 1 Month + 2.05%, 1.93% Floor)     7.61 % (a)    12/15/2036     3,851,071  
2,000,000   GS Mortgage Securities Corporation II, Series 2023-SHIP-D     6.07 % (a)(d)    09/10/2038     1,955,932  
3,000,000   GS Mortgage Securities Corporation Trust, Series 2021-ARDN-G (Secured Overnight Financing Rate 1 Month + 5.11%, 5.00% Floor)     10.48 % (a)    11/15/2036     2,798,607  
3,000,000   GS Mortgage Securities Corporation Trust, Series 2021-ARDN-H (Secured Overnight Financing Rate 1 Month + 6.05%, 5.93% Floor)     11.41 % (a)    11/15/2026     2,788,401  
2,163,000   GS Mortgage Securities Corporation Trust, Series 2021-IP-F (Secured Overnight Financing Rate 1 Month + 4.66%, 4.55% Floor)     10.03 % (a)    10/15/2036     1,926,235  
1,859,000   GS Mortgage Securities Trust, Series 2014-GC26-D     4.60 % (a)(d)    11/10/2047     1,330,389  
2,149,788   GS Mortgage Securities Trust, Series 2015-GC28-D     4.31 % (a)(d)    02/10/2048     1,904,171  
7,297,526   GS Mortgage Securities Trust, Series 2016-GS3-XA     1.19 % (d)(i)    10/10/2049     177,706  
2,809,591   JP Morgan Chase Commercial Mortgage Securities Trust, Series 2007-C1-AJ     6.82 % (d)    02/15/2051     2,676,860  
4,000,000   JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-MFP-G (Secured Overnight Financing Rate 1 Month + 4.10%, 4.05% Floor)     9.46 % (a)    07/15/2036     3,781,650  
4,000,000   JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-MFP-XG     0.50 % (a)(d)(i)    07/15/2036     10,917  
25,856,142   JPMBB Commercial Mortgage Securities Trust,
Series 2014-C23-XA		     0.58 % (d)(i)    09/15/2047     60,403  
3,998,000   JPMBB Commercial Mortgage Securities Trust, Series 2014-C26-D     3.87 % (a)(d)    01/15/2048     3,253,386  
2,265,000   JPMBB Commercial Mortgage Securities Trust, Series 2015-C27-D     3.80 % (a)(d)    02/15/2048        1,399,932  
42,689,756   JPMBB Commercial Mortgage Securities Trust,
Series 2015-C32-XA		     1.10 % (d)(i)    11/15/2048     444,955  
25,460,000   JPMDB Commercial Mortgage Securities Trust,
Series 2020-COR7-XB		     0.43 % (d)(i)    05/13/2053     570,513  
10,244,000   JPMDB Commercial Mortgage Securities Trust,
Series 2020-COR7-XD		     1.97 % (a)(d)(i)      05/13/2053     934,526  
1,294,000   LoanCore Issuer Ltd., Series 2019-CRE2-C (Secured Overnight Financing Rate 1 Month + 2.11%, 2.00% Floor)     7.48 % (a)    05/15/2036     1,259,397  
5,000,000   LoanCore Issuer Ltd., Series 2021-CRE5-C (Secured Overnight Financing Rate 1 Month + 2.46%, 2.46% Floor)     7.83 % (a)    07/15/2036     4,732,690  
1,750,000   LoanCore Issuer Ltd., Series 2021-CRE6-D (Secured Overnight Financing Rate 1 Month + 2.96%, 2.85% Floor)     8.33 % (a)    11/15/2038     1,513,085  
4,976,118   Med Trust, Series 2021-MDLN-G (Secured Overnight Financing Rate 1 Month + 5.36%, 5.25% Floor)     10.73 % (a)    11/15/2038     4,780,299  
600,000   MFT Trust, Series 2020-ABC-D     3.48 % (a)(d)    02/10/2042     251,698  
3,200,000   MHC Commercial Mortgage Trust, Series 2021-MHC2-J (Secured Overnight Financing Rate 1 Month + 4.36%, 4.25% Floor)     9.73 % (a)    05/15/2038     3,037,938  
2,000,000   Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2014-C16-B		     4.35 % (d)    06/15/2047     1,887,706  
7,186,250   Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2015-C21-C		     4.13 % (d)    03/15/2048     5,535,202  

Principal Amount
$/Shares

  

Security Description

   Rate    

Maturity

   Value $  
5,000,000   Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2015-C27-D		     3.24 % (a)(d)    12/15/2047     3,465,070  
3,675,000   Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2017-C34-D		     2.70 % (a)    11/15/2052     2,263,251  
2,000,000   Morgan Stanley Capital Trust, Series 2018-H4-D     3.00 % (a)    12/15/2051     1,326,153  
5,000,000   Morgan Stanley Capital Trust, Series 2019-PLND-G (Secured Overnight Financing Rate 1 Month + 3.76%, 3.65% Floor)     9.13 % (a)    05/15/2036     1,215,630  
457,569,374   Morgan Stanley Capital Trust, Series 2022-L8-XA     0.04 % (d)(i)    04/15/2055     1,665,049  
1,602,000   PFP Ltd., Series 2023-10-C (Secured Overnight Financing Rate 1 Month + 4.12%, 4.12% Floor)     9.48 % (a)    09/16/2038     1,609,662  
6,957,936   SMR Mortgage Trust, Series 2022-IND-G (Secured Overnight Financing Rate 1 Month + 7.50%, 7.50% Floor)     12.86 % (a)    02/15/2039     5,834,765  
6,434,798   TTAN, Series 2021-MHC-G (Secured Overnight Financing Rate 1 Month + 4.31%, 4.20% Floor)     9.68 % (a)    03/15/2038     6,186,625  
5,000,000   UBS Commercial Mortgage Trust, Series 2017-C6-D     2.50 % (a)(d)       12/15/2050     3,154,475  
2,500,000   UBS Commercial Mortgage Trust, Series 2018-C14-C     5.21 % (d)    12/15/2051     1,950,954  
6,891,216   UBS-Barclays Commercial Mortgage Trust, Series 2013-C5-C     3.75 % (a)(d)    03/10/2046     5,390,222  
3,125,930   Wachovia Bank Commercial Mortgage Trust, Series 2005-C21-E     4.97 % (a)(d)    10/15/2044     1,784,509  
2,000,000   Wells Fargo Commercial Mortgage Trust, Series 2016-C33-D     3.12 % (a)    03/15/2059     1,446,015  
4,514,242   Wells Fargo Commercial Mortgage Trust, Series 2016-C34-C     5.06 % (d)    06/15/2049     3,631,037  
4,288,000   Wells Fargo Commercial Mortgage Trust, Series 2017-C41-B     4.19 % (d)    11/15/2050     3,709,769  
3,200,000   Wells Fargo Commercial Mortgage Trust, Series 2017-RC1-D     3.25 % (a)    01/15/2060     2,331,429  
       

 

 

  

Total Non-Agency Commercial Mortgage Backed Obligations (Cost $229,487,135)

 

       188,918,944  
       

 

 

  

Non-Agency Residential Collateralized Mortgage Obligations - 19.3%

 

9,159,927   ACE Securities Corporation Home Equity Loan Trust, Series 2006-HE4-A2B (Secured Overnight Financing Rate 1 Month + 0.33%, 0.22% Floor)     5.69 %    10/25/2036     3,389,396  
10,000,000   AMSR Trust, Series 2020-SFR4-G2     4.87 % (a)    11/17/2037     9,386,700  
7,409,910   Connecticut Avenue Securities Trust, Series 2019-R05-1B1 (Secured Overnight Financing Rate 30 Day Average + 4.21%)     9.55 % (a)    07/25/2039        7,696,672  
3,900,000   Connecticut Avenue Securities Trust, Series 2019-R07-1B1 (Secured Overnight Financing Rate 30 Day Average + 3.51%)     8.85 % (a)    10/25/2039     3,967,770  
8,400,000   Connecticut Avenue Securities Trust, Series 2021-R02-2B2 (Secured Overnight Financing Rate 30 Day Average + 6.20%)     11.54 % (a)    11/25/2041     8,675,263  
5,754,436   Countrywide Alternative Loan Trust, Series 2005-J12-2A1 (Secured Overnight Financing Rate 1 Month + 0.65%, 0.54% Floor, 11.00% Cap)     6.01 %    08/25/2035     2,944,348  
10,000,000   Deephaven Residential Mortgage Trust, Series 2020-2-B3     5.79 % (a)(d)    05/25/2065     8,969,465  
9,250,000   Federal Home Loan Mortgage Corporation STACR REMIC Trust, Series 2020-DNA1-B2 (Secured Overnight Financing Rate 30 Day Average + 5.36%)     10.70 % (a)    01/25/2050     9,777,611  
3,000,000   Federal Home Loan Mortgage Corporation STACR REMIC Trust, Series 2020-DNA2-B2 (Secured Overnight Financing Rate 30 Day Average + 4.91%)     10.25 % (a)    02/25/2050     3,116,122  
6,000,000   Federal Home Loan Mortgage Corporation STACR REMIC Trust, Series 2020-DNA6-B2 (Secured Overnight Financing Rate 30 Day Average + 5.65%)     10.99 % (a)    12/25/2050     6,493,748  
1,200,000   Federal Home Loan Mortgage Corporation STACR REMIC Trust, Series 2020-HQA2-B1 (Secured Overnight Financing Rate 30 Day Average + 4.21%)     9.55 % (a)    03/25/2050     1,317,362  
22,000,000   Federal Home Loan Mortgage Corporation STACR REMIC Trust, Series 2020-HQA2-B2 (Secured Overnight Financing Rate 30 Day Average + 7.71%)     13.05 % (a)    03/25/2050     24,700,810  

Principal Amount
$/Shares

  

Security Description

   Rate    

Maturity

   Value $  
9,750,000   Federal Home Loan Mortgage Corporation, STACR REMIC Trust, Series 2020-HQA5-B2 (Secured Overnight Financing Rate 30 Day Average + 7.40%)     12.74 % (a)    11/25/2050     10,962,495  
1,500,000   GS Mortgage-Backed Securities Trust, Series 2020-NQM1-B2     6.62 % (a)(d)    09/27/2060     1,514,860  
8,000,000   Homeward Opportunities Fund Trust, Series 2020-2-B1     5.45 % (a)(d)    05/25/2065     7,772,419  
6,346,977   JP Morgan Alternative Loan Trust, Series 2007-A2-12A1 (Secured Overnight Financing Rate 1 Month + 0.51%, 0.40% Floor, 11.50% Cap)     5.87 %    06/25/2037     2,524,507  
4,102,000   New Residential Mortgage Loan Trust, Series 2020-NQM2-B1     4.10 % (a)(d)    05/24/2060     3,293,623  
2,886,000   New Residential Mortgage Loan Trust, Series 2020-NQM2-B2     4.10 % (a)(d)    05/24/2060     2,169,558  
4,000,000   Progress Residential Trust, Series 2019-SFR3-G     4.12 % (a)    09/17/2036     3,889,402  
4,382,400   TBW Mortgage Backed Pass Through Trust, Series 2007-2-A1A     5.96 % (d)    07/25/2037     1,348,292  
2,500,000   Verus Securitization Trust, Series 2020-2-B1     5.36 % (a)(d)    05/25/2060     2,368,894  
5,000,000   Verus Securitization Trust, Series 2020-4-B2     5.60 % (a)(d)    05/25/2065     4,437,751  
1,235,000   Verus Securitization Trust, Series 2020-INV1-B1     5.75 % (a)(d)    03/25/2060     1,164,200  
3,300,000   Verus Securitization Trust, Series 2020-INV1-B2     6.00 % (a)(d)    03/25/2060     3,051,947  
9,222,000   Vista Point Securitization Trust, Series 2020-1-B2     5.38 % (a)(d)    03/25/2065     8,562,639  
3,396,000   Vista Point Securitization Trust, Series 2020-2-B2     5.16 % (a)(d)       04/25/2065     2,821,554  
       

 

 

  

Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $147,015,326)

 

       146,317,408  
       

 

 

  

US Corporate Bonds - 19.4%

 

7,425,000   Allied Universal Holdco LLC     9.75 % (a)    07/15/2027     7,284,050  
4,485,000   Artera Services LLC     9.03 % (a)         12/04/2025     4,246,959  
1,975,000   ASP Unifrax Holdings, Inc.     7.50 % (a)    09/30/2029     1,007,309  
3,580,000   Athenahealth Group, Inc.     6.50 % (a)    02/15/2030     3,252,475  
1,710,000   Bausch & Lomb Escrow Corporation     8.38 % (a)    10/01/2028     1,806,085  
2,485,000   BCPE Empire Holdings, Inc.     7.63 % (a)    05/01/2027        2,398,773  
535,000   Boxer Parent Company, Inc.     7.13 % (a)    10/02/2025     538,440  
1,500,000   Brand Industrial Services, Inc.     10.38 % (a)    08/01/2030     1,588,170  
4,000,000   Caesars Entertainment, Inc.     8.13 % (a)    07/01/2027     4,103,136  
595,000   Carnival Corporation     7.63 % (a)    03/01/2026     606,130  
5,995,000   Castle US Holding Corporation     9.50 % (a)    02/15/2028     3,123,245  
1,865,000   Clear Channel Outdoor Holdings, Inc.     7.50 % (a)    06/01/2029     1,552,473  
2,335,000   Cobra AcquisitionCo LLC     6.38 % (a)    11/01/2029     1,802,503  
690,000   Community Health Systems, Inc.     10.88 % (a)    01/15/2032     722,002  
1,365,000   CSI Compressco LP     7.50 % (a)    04/01/2025     1,364,891  
3,700,000   CVR Nitrogen Finance Corporation     6.13 % (a)    06/15/2028     3,456,151  
3,895,000   Dealer Tire LLC     8.00 % (a)    02/01/2028     3,860,588  
1,175,000   DISH DBS Corporation     5.75 % (a)    12/01/2028     939,383  
5,583,000   Embarq Corporation     8.00 %    06/01/2036     3,496,214  
1,210,000   Endo Luxembourg Finance Company SARL     6.13 % (a)    04/01/2029     775,513  
2,505,000   EQM Midstream Partners LP     6.50 % (a)    07/01/2027     2,552,237  
2,080,000   Ferrellgas LP     5.88 % (a)    04/01/2029     1,967,072  
3,550,000   Fertitta Entertainment LLC     6.75 % (a)    01/15/2030     3,120,974  
1,200,000   Frontier Communications Holdings LLC     6.75 % (a)    05/01/2029     1,074,297  
1,640,000   Full House Resorts, Inc.     8.25 % (a)    02/15/2028     1,543,109  
335,000   GrafTech Global Enterprises, Inc.     9.88 % (a)    12/15/2028     258,788  
965,000   Hightower Holding LLC     6.75 % (a)    04/15/2029     877,484  

Principal Amount
$/Shares

  

Security Description

   Rate    

Maturity

   Value $  
3,000,000   Illuminate Buyer LLC     9.00 % (a)    07/01/2028     2,872,199  
1,010,000   LBM Acquisition LLC     6.25 % (a)    01/15/2029     902,915  
1,700,000   Level 3 Financing, Inc.     10.50 % (a)    05/15/2030     1,650,079  
2,545,000   LifePoint Health, Inc.     11.00 % (a)    10/15/2030     2,683,453  
1,370,000   Lions Gate Capital Holdings LLC     5.50 % (a)    04/15/2029     1,026,233  
3,030,000   LSF9 Atlantis Holdings LLC     7.75 % (a)    02/15/2026     2,908,709  
2,550,000   McGraw-Hill Education, Inc.     5.75 % (a)    08/01/2028     2,461,439  
3,340,000   Metis Merger Sub LLC     6.50 % (a)    05/15/2029     3,024,103  
1,000,000   Michaels Companies, Inc.     5.25 % (a)    05/01/2028     791,330  
1,500,000   ModivCare Escrow Issuer, Inc.     5.00 % (a)    10/01/2029     1,228,005  
4,395,000   Newfold Digital Holdings Group, Inc.     6.00 % (a)    02/15/2029     3,324,954  
3,005,000   NFP Corporation     6.88 % (a)    08/15/2028     3,057,064  
5,765,000   NGL Energy Operating LLC     7.50 % (a)    02/01/2026     5,827,256  
1,575,000   NuStar Logistics LP     6.38 %    10/01/2030     1,580,024  
250,000   Olympus Water US Holding Corporation     6.25 % (a)    10/01/2029     222,323  
1,030,000   OneMain Finance Corporation     9.00 %    01/15/2029     1,089,821  
1,435,000   PECF USS Intermediate Holding Corporation     8.00 % (a)    11/15/2029     733,263  
3,835,000   PetSmart, Inc.     7.75 % (a)    02/15/2029     3,733,940  
1,765,000   Premier Entertainment Sub LLC     5.88 % (a)    09/01/2031     1,378,880  
7,250,000   Radiology Partners, Inc.     9.25 % (a)    02/01/2028     3,726,101  
150,000   Royal Caribbean Cruises Ltd.     7.25 % (a)    01/15/2030     156,751  
3,330,000   Sabre GLBL, Inc.     8.63 % (a)    06/01/2027     3,033,211  
1,005,000   Spirit AeroSystems, Inc.     9.75 % (a)    11/15/2030     1,081,605  
4,170,000   SWF Escrow Issuer Corporation     6.50 % (a)    10/01/2029        3,001,378  
3,410,000   TKC Holdings, Inc.     10.50 % (a)    05/15/2029     3,089,511  
885,000   TMS International Corporation     6.25 % (a)         04/15/2029     731,324  
1,615,000   Trident TPI Holdings, Inc.     12.75 % (a)    12/31/2028     1,730,069  
2,365,000   Triton Water Holdings, Inc.     6.25 % (a)    04/01/2029     2,062,682  
1,705,000   Triumph Group, Inc.     7.75 %    08/15/2025     1,700,790  
1,785,000   United Natural Foods, Inc.     6.75 % (a)    10/15/2028     1,447,385  
2,460,000   Uniti Group LP     6.50 % (a)    02/15/2029     1,777,717  
2,845,000   Univision Communications, Inc.     6.63 % (a)    06/01/2027     2,839,303  
845,000   Venture Global LNG, Inc.     8.38 % (a)    06/01/2031     845,834  
1,255,000   Venture Global LNG, Inc.     9.88 % (a)    02/01/2032     1,308,041  
4,000,000   Verscend Escrow Corporation     9.75 % (a)    08/15/2026     4,030,612  
2,400,000   ViaSat, Inc.     6.50 % (a)    07/15/2028     1,973,640  
1,050,000   Vibrantz Technologies, Inc.     9.00 % (a)    02/15/2030     833,932  
4,885,000   Viking Cruises Ltd.     9.13 % (a)    07/15/2031     5,208,811  
2,375,000   Virtusa Corporation     7.13 % (a)    12/15/2028     2,040,434  
3,280,000   Weatherford International Ltd.     8.63 % (a)    04/30/2030     3,427,482  
2,540,000   Wheel Pros, Inc.     6.50 % (a)    05/15/2029     777,875  
       

 

 

  

Total US Corporate Bonds (Cost $166,122,618)

 

       146,638,929  
       

 

 

  

US Government and Agency Mortgage Backed Obligations - 3.6%

 

2,365,098   Federal Home Loan Mortgage Corporation REMICS, Series 3997-SA (-1 x Secured Overnight Financing Rate 30 Day Average + 6.39%, 6.50% Cap)     1.05 % (i)(j)    02/15/2042     293,996  

Principal Amount
$/Shares

  

Security Description

   Rate    

Maturity

   Value $  
2,876,627   Federal Home Loan Mortgage Corporation REMICS, Series 4091-VI (-1 x Secured Overnight Financing Rate 30 Day Average + 4.89%, 0.00% Floor, 5.00% Cap)     0.00 % (i)(j)    11/15/2040     197,818  
5,254,558   Federal Home Loan Mortgage Corporation REMICS, Series 4119-SC (-1 x Secured Overnight Financing Rate 30 Day Average + 6.04%, 6.15% Cap)     0.70 % (i)(j)    10/15/2042     617,972  
2,913,238   Federal Home Loan Mortgage Corporation REMICS, Series 4643-SA (-1 x Secured Overnight Financing Rate 30 Day Average + 5.89%, 6.00% Cap)     0.55 % (i)(j)    01/15/2047     340,235  
9,197,222   Federal Home Loan Mortgage Corporation REMICS, Series 4863-IA     4.50 % (i)    03/15/2045     1,230,741  
15,611,053   Federal Home Loan Mortgage Corporation REMICS, Series 5004-SD (-1 x Secured Overnight Financing Rate 30 Day Average + 6.10%, 6.10% Cap)     0.76 % (i)(j)    08/25/2050     2,315,358  
6,827,737   Federal Home Loan Mortgage Corporation, Series 313-S1 (-1 x Secured Overnight Financing Rate 30 Day Average + 5.79%, 5.90% Cap)     0.45 % (i)(j)    09/15/2043     737,270  
7,112,973   Federal National Mortgage Association REMICS, Series 2012-124-SE (-1 x Secured Overnight Financing Rate 30 Day Average + 6.04%, 6.15% Cap)     0.70 % (i)(j)    11/25/2042     815,376  
8,985,949   Federal National Mortgage Association REMICS, Series 2012-84-HS (-1 x Secured Overnight Financing Rate 30 Day Average + 5.89%, 6.00% Cap)     0.55 % (i)(j)    08/25/2042     1,104,502  
4,886,442   Federal National Mortgage Association REMICS, Series 2017-69-ES (-1 x Secured Overnight Financing Rate 30 Day Average + 6.04%, 6.15% Cap)     0.70 % (i)(j)    09/25/2047     564,018  
6,694,328   Federal National Mortgage Association REMICS, Series 2019-25-SB (-1 x Secured Overnight Financing Rate 30 Day Average + 5.94%, 6.05% Cap)     0.60 % (i)(j)    06/25/2049     706,192  
42,345,891   Federal National Mortgage Association, Series 2019-M26-X1     0.60 % (d)(i)    03/25/2030        1,059,261  
2,936,308   FREMF Mortgage Trust, Series 2018-KF56-C (Secured Overnight Financing Rate 30 Day Average + 5.91%, 5.80% Floor)     11.25 % (a)         11/25/2028     2,539,829  
7,486,008   FREMF Mortgage Trust, Series 2019-KF71-C (Secured Overnight Financing Rate 30 Day Average + 6.11%, 6.00% Floor)     11.45 % (a)    10/25/2029     7,134,927  
10,190,126   Government National Mortgage Association, Series 2019-22-SA
(-1 x Secured Overnight Financing Rate 1 Month + 5.49%, 5.60% Cap)		     0.13 % (i)(j)    02/20/2045     1,138,494  
5,710,794   Government National Mortgage Association, Series 2020-21-NS
(-1 x Secured Overnight Financing Rate 1 Month + 5.94%, 6.05% Cap)		     0.58 % (i)(j)    04/20/2048     531,022  
6,721,646   Government National Mortgage Association, Series 2020-47-SL
(-1 x Secured Overnight Financing Rate 1 Month + 5.26%, 0.00% Floor, 5.37% Cap)		     0.00 % (i)(j)    07/20/2044     557,598  
11,868,230   Government National Mortgage Association, Series 2020-61-SU (-1 x Secured Overnight Financing Rate 1 Month + 5.49%, 5.60% Cap)     0.13 % (i)(j)    07/16/2045     1,172,049  
4,520,423   Government National Mortgage Association, Series 2020-77-SU (-1 x Secured Overnight Financing Rate 1 Month + 5.99%, 6.10% Cap)     0.63 % (i)(j)    09/20/2047     580,718  
25,075,568   Government National Mortgage Association, Series 2021-97-SG (-1 x Secured Overnight Financing Rate 30 Day Average + 2.60%, 0.00% Floor, 2.60% Cap)     0.00 % (i)(j)    06/20/2051     309,224  
31,699,585   Government National Mortgage Association, Series 2021-H04-BI     0.99 % (d)(i)    02/01/2071     1,627,885  
32,285,000   Government National Mortgage Association, Series 2021-H07-AI     0.02 % (d)(i)    05/20/2071     1,488,493  
       

 

 

  

Total US Government and Agency Mortgage Backed Obligations (Cost $36,100,409)

 

       27,062,978  
       

 

 

  

Principal Amount
$/Shares

  

Security Description

   Rate    

Maturity

   Value $  

Common Stocks - 0.0% (m)

 

12,858   Riverbed - Class B (b)(k)         1,672  
       

 

 

  

Total Common Stocks (Cost $-)

 

       1,672  
       

 

 

  

Escrow Notes - 0.0% (m)

 

500,000   Alpha Holdings S.A. de C.V. (b)(k)         —   
500,000   Alpha Holdings S.A. de C.V. (b)(k)         —   
3,500,000   Alpha Holdings S.A. de C.V. (b)(k)         —   
3,500,000   Alpha Holdings S.A. de C.V. (b)(k)         —   
       

 

 

  

Total Escrow Notes (Cost $-)

 

       —   
       

 

 

  

Preferred Stocks - 1.2%

 

430,000   AGNC Investment Corporation, Series F (3 Month LIBOR USD + 4.70%) (g)(o)         9,356,800  
       

 

 

  

Total Preferred Stocks (Cost $9,302,263)

 

       9,356,800  
       

 

 

  

Real Estate Investment Trusts - 0.8%

 

650,000   AGNC Investment Corporation         6,376,500  
       

 

 

  

Total Real Estate Investment Trusts (Cost $8,298,946)

 

       6,376,500  
       

 

 

  

Short Term Investments - 0.2%

 

390,142   First American Government Obligations Fund - Class U     5.30 % (l)             390,142  
390,142   JP Morgan U.S. Government Money Market Fund - Institutional Share Class     5.29 % (l)              390,142  
390,143   Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class     5.27 % (l)        390,143  
       

 

 

  

Total Short Term Investments (Cost $1,170,427)

 

       1,170,427  
       

 

 

  

Total Investments - 122.5% (Cost $1,050,146,350) (n)

 

       926,988,203  
Liabilities in Excess of Other Assets - (22.5)%

 

       (170,465,626 ) 
       

 

 

  

NET ASSETS - 100.0%

 

     $ 756,522,577  
       

 

 

  

  (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)

Security is in default or has failed to make a scheduled payment. Income is not being accrued.

 

 

  (g)

Perpetual maturity. The date disclosed is the next call date of the 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)

Interest only security

 

 

  (j)

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.

 

 

  (k)

Non-income producing security

 

 

  (l)

Seven-day yield as of period end

 

 

  (m)

Represents less than 0.05% of net assets

 

 

  (n)

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 borrowing under the line of credit with the Lender.

 

 

  (o)

Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.

 

 

  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.

 

SECURITY TYPE BREAKDOWN as a % of Net Assets:

 

Non-Agency Commercial Mortgage Backed Obligations

     25.0%  

US Corporate Bonds

     19.4%  

Non-Agency Residential Collateralized Mortgage Obligations

     19.3%  

Collateralized Loan Obligations

     18.3%  

Foreign Corporate Bonds

     14.8%  

Bank Loans

     11.7%  

Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations

     5.1%  

US Government and Agency Mortgage Backed Obligations

     3.6%  

Asset Backed Obligations

     3.1%  

Preferred Stocks

     1.2%  

Real Estate Investment Trusts

     0.8%  

Short Term Investments

     0.2%  

Escrow Notes

     0.0%  (m) 

Common Stocks

     0.0%  (m) 

Other Assets and Liabilities

     (22.5)%  
 

 

 

  
       100.0%  
 

 

 

  

INVESTMENT BREAKDOWN as a % of Net Assets:

 

Non-Agency Commercial Mortgage Backed Obligations

     25.0%  

Non-Agency Residential Collateralized Mortgage Obligations

     19.3%  

Collateralized Loan Obligations

     18.3%  

Energy

     5.1%  

Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations

     5.1%  

US Government and Agency Mortgage Backed Obligations

     3.6%  

Asset Backed Obligations

     3.1%  

Electronics/Electric

     3.1%  

Commercial Services

     2.9%  

Chemicals/Plastics

     2.8%  

Consumer Products

     2.6%  

Technology

     2.6%  

Healthcare

     2.5%  

Media

     2.5%  

Real Estate

     2.4%  

Utilities

     2.1%  

Retailers (other than Food/Drug)

     1.9%  

Mining

     1.7%  

Hotels/Motels/Inns and Casinos

     1.6%  

Telecommunications

     1.5%  

Transportation

     1.5%  

Finance

     1.3%  

Leisure

     1.0%  

Financial Intermediaries

     1.0%  

Automotive

     1.0%  

Business Equipment and Services

     1.0%  

Industrial Equipment

     0.9%  

Building and Development (including Steel/Metals)

     0.7%  

Chemical Products

     0.7%  

Aerospace & Defense

     0.6%  

Food Service

     0.5%  

Containers and Glass Products

     0.5%  

Diversified Manufacturing

     0.5%  

Food Products

     0.5%  

Insurance

     0.4%  

Environmental Control

     0.3%  

Short Term Investments

     0.2%  

Pharmaceuticals

     0.1%  

Cosmetics/Toiletries

     0.1%  

Food/Drug Retailers

     0.0%  (m) 

Banking

     0.0%  (m) 

Conglomerates

     0.0%  (m) 

Other Assets and Liabilities

     (22.5)%  
 

 

 

  
       100.0%  
 

 

 

  

FUTURES CONTRACTS

 

Description   Long/Short    

Contract

Quantity

    

Expiration

Date

    

Notional

Amount(1)

     Unrealized
Appreciation
(Depreciation)/
Value		  

10-Year US Treasury Ultra Note Future

     Long       525       03/19/2024     $ 61,958,203     $ 2,682,986  

 

(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

December 31, 2023 (Unaudited)

 

1. Organization

DoubleLine Yield Opportunities Fund (the “Fund”) was formed as a closed-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and originally classified as a non-diversified fund. The Fund is currently operating as a diversified fund. The Fund was organized as a Massachusetts business trust on September 17, 2019 and commenced operations on February 26, 2020. The Fund is listed on the New York Stock Exchange (“NYSE”) under the symbol “DLY”. The Fund’s investment objective is to seek a high level of total return, with an emphasis on current income.

The Fund has a limited term and intends to terminate as of the first business day following the twelfth anniversary of the effective date of the Fund’s initial registration statement, February 25, 2032 (the “Dissolution Date”); provided that the Fund’s Board of Trustees (the “Board”) may, by a vote of the majority of the Board and seventy-five percent (75%) of the Continuing Trustees, as such term is defined in the Fund’s Second Amended and Restated Agreement and Declaration of Trust (a “Board Action Vote”), without shareholder approval, extend the Dissolution Date (i) once for up to one year, and (ii) once for up to an additional six months, to a date up to and including the eighteenth month after the initial Dissolution Date, which later date shall then become the Dissolution Date. At the Dissolution Date, each holder of common shares of beneficial interest (“Common Shareholder”) would be paid a pro rata portion of the Fund’s net assets as determined as of the Dissolution Date. The Board may, by a Board Action Vote, cause the Fund to conduct a tender offer, as of a date within twelve months preceding the Dissolution Date (as may be extended as described above), to all Common Shareholders to purchase 100% of the then outstanding common shares of the Fund at a price equal to the net asset value (“NAV”) per common share on the expiration date of the tender offer (an “Eligible Tender Offer”). In an Eligible Tender Offer, the Fund will offer to purchase all Common Shares held by each Common Shareholder; provided that if the number of properly tendered Common Shares would result in the Fund having aggregate net assets below $200 million (the “Dissolution Threshold”), the Eligible Tender Offer will be canceled, no Common Shares will be repurchased pursuant to the Eligible Tender Offer, and the Fund will terminate as otherwise scheduled.

2. 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 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. 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. 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, 2023:

 

Category

  

 

  

Investments in Securities

  

Level 1

  

Preferred Stocks

   $ 9,356,800  

Real Estate Investment Trusts

     6,376,500  

Short Term Investments

     1,170,427  

 

  

 

 

  

Total Level 1

     16,903,727  

Level 2

  

Non-Agency Commercial Mortgage Backed Obligations

     188,918,944  

US Corporate Bonds

     146,638,929  

Non-Agency Residential Collateralized Mortgage Obligations

     146,317,408  

Collateralized Loan Obligations

     136,340,063  

Foreign Corporate Bonds

     111,944,679  

Bank Loans

     88,190,244  

Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations

     38,841,025  

US Government and Agency Mortgage Backed Obligations

     27,062,978  

Asset Backed Obligations

     20,010,939  

 

  

 

 

  

Total Level 2

         904,265,209  

Category

  

 

  

Level 3

  

Asset Backed Obligations

   $ 3,452,724  

Collateralized Loan Obligations

     2,190,500  

Foreign Corporate Bonds

     174,371  

Common Stocks

     1,672  

Escrow Notes

     —  

 

  

 

 

  

Total Level 3

     5,819,267  

 

  

 

 

  

Total

   $     926,988,203  

 

  

 

 

  

Other Financial Instruments

  

Level 1

  

Futures Contract

   $ 2,682,986  

 

  

 

 

  

Total Level 1

     2,682,986  

Level 2

  

Unfunded Loan Commitments

     574  

 

  

 

 

  

Total Level 2

     574  

Level 3

     —  

 

  

 

 

  

Total

   $ 2,683,560  

 

  

 

 

  

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

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