DoubleLine Yield Opportunities Fund

Schedule of Investments

June 30, 2023 (Unaudited)

 

 

Principal Amount
$/Shares		    

Security Description

   Rate    

Maturity

           Value $          
                       
 

Asset Backed Obligations - 4.1%

      
  6,000,000     Air Canada, Series 2020-1-C     10.50 % (a)    07/15/2026     6,465,000  
  2,500,000     Blue Stream Issuer LLC, Series 2023-1A-C     8.90 % (a)    05/20/2053     2,269,852  
  1,378,089     Castlelake Aircraft Structured Trust, Series 2021-1A-C     7.00 % (a)(b)    01/15/2046     1,023,078  
  1,332,063     JetBlue, Series 2019-1-B     8.00 %    11/15/2027     1,339,171  
  4,290,845     JOL Air Ltd., Series 2019-1-B     4.95 % (a)    04/15/2044     3,098,346  
  1,524,472     Kestrel Aircraft Funding Ltd., Series 2018-1A-A     4.25 % (a)    12/15/2038     1,311,499  
  561,683     LendingClub Receivables Trust, Series 2020-5A-B     7.50 % (a)    03/15/2046     561,606  
  868,376     MACH 1 Cayman Ltd., Series 2019-1-B     4.34 % (a)(b)    10/15/2039     704,309  
  8,192     Marlette Funding Trust, Series 2021-1A-R     0.00 % (a)(b)(c)    06/16/2031     445,862  
  9,627     Pagaya AI Debt Selection Trust, Series 2020-2-NOTE     7.50 % (a)    12/15/2027     9,666  
  2,999,557     Pagaya AI Debt Selection Trust, Series 2020-3-C     6.43 % (a)    05/17/2027     2,991,933  
  2,425,852     Pagaya AI Debt Selection Trust, Series 2021-3-CERT     0.00 % (a)(b)(c)    05/15/2029     288,417  
  142,484     Pagaya AI Debt Selection Trust, Series 2021-5-A     1.53 % (a)    08/15/2029     139,860  
  2,303,922     Pagaya AI Debt Selection Trust, Series 2021-5-CERT     0.00 % (a)(b)(c)    08/15/2029     716,248  
  450,910     Pagaya AI Debt Selection Trust, Series 2022-1-A     2.03 % (a)    10/15/2029     439,023  
  353,354     Pagaya Al Debt Selection Trust, Series 2021-3-A     1.15 % (a)    05/15/2029     350,076  
  1,172,313     Pagaya Al Debt Trust, Series 2022-2-AB     5.31 % (a)(d)    01/15/2030     1,151,358  
  999,675     Research-Driven Pagaya Motor Asset Trust, Series 2022-3A-C     10.04 % (a)    11/25/2030     941,567  
  55,000     SoFi Alternative Consumer Loan Program, Series 2021-2-R1     0.00 % (a)(b)(c)    08/15/2030     905,409  
  20,000     SoFi Professional Loan Program Trust, Series 2018-C-R1     0.00 % (a)(b)(c)    01/25/2048     209,617  
  1,380,142     START Ireland, Series 2019-1-C     6.41 % (a)(b)    03/15/2044     519,599  
  3,144,064     START Ltd., Series 2018-1-A     4.09 % (a)    05/15/2043     2,749,478  
  4,000     Upstart Securitization Trust, Series 2021-2-CERT     0.00 % (b)(c)    06/20/2031     500,408  
  3,300     Upstart Securitization Trust, Series 2021-5-CERT     0.00 % (a)(b)(c)    11/20/2031     273,378  
       

 

 

  
 

Total Asset Backed Obligations (Cost $35,565,539)

         29,404,760  
       

 

 

  
 

Bank Loans - 12.4%

      
  1,210,000     AAdvantage Loyalty IP Ltd., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.75%, 0.75% Floor)     10.00 %    04/20/2028     1,237,443  
  3,135,940     Almonde, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.50%, 1.00% Floor)     8.65 %    06/13/2024     3,022,748  
  1,175,000     Almonde, Inc., Senior Secured Second Lien Term Loan (2 Month LIBOR USD + 7.25%, 1.00% Floor)     12.08 %    06/16/2025     1,070,942  
  1,328,188     American Tire Distributors, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 6.51%, 0.75% Floor)     10.61 %    10/20/2028     1,158,691  
  Applied Systems, Inc., Senior Secured Second Lien Term Loan      
  2,021,903     (3 Month Secured Overnight Financing Rate + 6.75%, 0.75% Floor)     11.99 %    09/17/2027     2,027,595  
  28,097     (3 Month LIBOR USD + 6.75%, 0.75% Floor)     9.17 %    09/17/2027     28,176  
  765,000     Ascend Learning LLC, Senior Secured Second Lien Term Loan (1 Month Secured Overnight Financing Rate + 5.85%, 0.50% Floor)     10.66 %    12/10/2029     655,031  
  548,669     Astra Acquisition Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.25%, 0.50% Floor)     10.40 %       10/25/2028     386,642  
  3,249,219     Astra Acquisition Corporation, Senior Secured Second Lien Term Loan (1 Month Secured Overnight Financing Rate + 8.99%, 0.75% Floor)     13.72 %       10/25/2029     1,811,439  
  305,000     Asurion LLC, Senior Secured Second Lien Term Loan (1 Month Secured Overnight Financing Rate + 5.35%)     10.40 %       01/31/2028     260,680  
  1,425,000     Asurion LLC, Senior Secured Second Lien Term Loan (1 Month Secured Overnight Financing Rate + 5.35%)     10.27 %       01/19/2029     1,199,038  
  632,321     Athenahealth Group, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.50%, 0.50% Floor)     8.60 %       02/15/2029     610,190  
  2,148,030     Atlas Purchaser, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.25%, 0.75% Floor)     8.68 %       05/08/2028     1,457,642  
  2,800,000     Aveanna Healthcare LLC, Senior Secured Second Lien Term Loan (3 Month LIBOR USD + 7.00%, 0.50% Floor)     11.95 %       12/10/2029     1,746,500  
  412,915     Bausch & Lomb Corporation, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.35%, 0.50% Floor)     8.59 %       05/10/2027     401,559  
  Brand Industrial Services, Inc., Senior Secured First Lien Term Loan         
  388,473     (1 Month LIBOR USD + 4.25%, 1.00% Floor)     9.40 %       06/21/2024     384,264  
  91,014     (1 Month LIBOR USD + 4.25%, 1.00% Floor)     9.47 %       06/21/2024     90,028  
  2,564     (3 Month LIBOR USD + 4.25%, 1.00% Floor)     9.79 %       06/21/2024     2,536  
  2,104,291     Castlelake Aviation LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%, 0.50% Floor)     8.30 %       10/22/2026     2,097,947  
  1,827,450     Cengage Learning, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 4.75%, 1.00% Floor)     9.88 %       07/14/2026     1,794,675  
  693,000     Clydesdale Acquisition Holdings, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.28%, 0.50% Floor)     9.43 %       04/13/2029     683,267  
  4,500,000     Constant Contact, Inc., Senior Secured Second Lien Term Loan (3 Month LIBOR USD + 7.50%)     11.41 %       02/09/2029     3,785,625  
  250,000     Corelogic, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%, 0.50% Floor)     8.69 %       06/02/2028     226,312  
  690,000     Cornerstone Building Brands, Inc, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.35%, 0.50% Floor)     8.41 %       04/12/2028     663,266  
  1,173,060     Cross Financial Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%, 0.75% Floor)     9.19 %       09/15/2027     1,173,060  
  940,000     DCert Buyer, Inc., Senior Secured Second Lien Term Loan (3 Month Secured Overnight Financing Rate + 7.00%)     11.70 %       02/19/2029     866,370  
  3,800,000     Delta Topco, Inc., Senior Secured Second Lien Term Loan (3 Month Secured Overnight Financing Rate + 7.25%, 0.75% Floor)     12.16 %       12/01/2028     3,502,346  
  1,660,838     DexKo Global, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 6.50%, 0.50% Floor)     11.40 %       10/04/2028     1,632,819  
  915,000     DG Investment Intermediate Holdings, Inc., Senior Secured Second Lien Term Loan (1 Month Secured Overnight Financing Rate + 6.86%, 0.75% Floor)     12.02 %       03/29/2029     814,922  
  528,259     DirectTV Financing LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 5.00%, 0.75% Floor)     10.15 %       08/02/2027     517,620  
  928,471     Eisner Advisory Group LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 5.36%, 0.75% Floor)     10.52 %     07/28/2028     928,471  
  72,268     Element Materials Technology Group US Holdings, Inc., Senior Secured First Lien Delayed-Draw Term Loan (3 Month Secured Overnight Financing Rate + 4.35%, 0.50% Floor)     9.25 %     06/22/2029     71,004  
  156,582     Element Materials Technology Group US Holdings, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.35%, 0.50% Floor)     9.25 %     06/22/2029     153,841  
  655,000     Fertitta Entertainment LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.00%, 0.50% Floor)     9.15 %     01/29/2029     647,700  
  1,126,125     Flynn Canada Ltd., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.61%, 0.50% Floor)     9.38 %     07/21/2028     1,044,481  
  Getty Images, Inc., Senior Secured First Lien Term Loan       
  1,256,014     (3 Month Secured Overnight Financing Rate + 4.60%)     9.84 %     02/19/2026     1,257,584  
  39,116     (1 Month Secured Overnight Financing Rate + 4.60%)     9.75 %     02/19/2026     39,165  
  187,338     GIP II Blue Holding LP, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.61%, 1.00% Floor)     9.66 %     09/29/2028     188,208  
  1,169,093     Grab Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%, 1.00% Floor)     9.66 %     01/29/2026     1,170,314  
  2,539,534     Gray Television, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.11%)     8.27 %     12/01/2028     2,486,166  
  Groupe Solmax, Inc., Senior Secured First Lien Term Loan       
  545,879     (3 Month Secured Overnight Financing Rate + 4.75%, 0.75% Floor)     9.86 %     05/30/2028     516,626  
  469,477     (1 Month Secured Overnight Financing Rate + 4.75%, 0.75% Floor)     9.86 %     05/30/2028     444,317  
  240,000     Hexion Holdings Corporation, Term Loan
(3 Month Secured Overnight Financing Rate, 0.50% Floor)		     9.78 % (e)     03/15/2029     227,137  
  1,110,000     Hyland Software, Inc., Senior Secured Second Lien Term Loan (1 Month Secured Overnight Financing Rate + 6.25%, 0.75% Floor)     11.27 %     07/07/2025     1,072,537  
  2,115,000     Ineos US Finance LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.60%)     8.75 %     02/19/2030     2,105,747  
  406,700     ION Trading Technologies SARL, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.75%)     9.91 %     03/31/2028     399,729  
  245,625     Jo-Ann Stores LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.75%, 0.75% Floor)     10.02 %     07/07/2028     129,157  
  635,000     Kenan Advantage Group, Inc., Senior Secured First Lien Term Loan (6 Month Secured Overnight Financing Rate + 4.43%, 0.75% Floor)     8.55 %     03/24/2026     635,397  
  345,000     LaserShip, Inc., Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 7.50%, 0.75% Floor)     12.66 %     04/30/2029     258,750  
  930,000     LBM Acquisition LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 0.75% Floor)     8.90 %     12/17/2027     895,609  
  376,831     Lereta LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 5.36%, 0.75% Floor)     10.52 %     07/27/2028     346,684  
  553,125     LSF9 Atlantis Holdings LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 7.25%, 0.75% Floor)     12.15 %     03/31/2029     548,285  
  785,000     MedAssets Software Intermediate Holdings, Inc., Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 6.75%, 0.50% Floor)     11.90 %     12/17/2029     471,491  
  2,124,596     Milano Acquisition Corporation, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.10%, 0.75% Floor)     9.00 %     10/01/2027     2,095,383  
  320,000     Mileage Plus Holdings LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.25%, 1.00% Floor)     10.76 %     06/21/2027     333,000  
  3,858,942     Minotaur Acquisition, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.85%)     9.66 %     03/27/2026     3,804,685  
  645,000     Mitchell International, Inc., Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 6.50%, 0.50% Floor)     11.65 %     10/15/2029     572,437  
  2,011,433     NortonLifeLock, Inc., Senior Secured First Lien (1 Month Secured Overnight Financing Rate + 2.10%, 0.50% Floor)     7.25 %     09/12/2029     2,003,900  
  1,295,000     Olympus Water US Holding Corporation, Term Loan
(1 Month Secured Overnight Financing Rate, 0.50% Floor)		     10.09 % (e)     11/09/2028     1,255,341  
  367,500     OYO Hospitality Netherlands B.V., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 8.25%, 0.75% Floor)     13.27 %     06/23/2026     315,131  
  1,012,463     Par Petroleum, LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.35%, 0.50% Floor)     8.82 %     02/28/2030     998,541  
  2,348,141     Penn National Gaming, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.85%, 0.50% Floor)     8.00 %     05/03/2029     2,343,491  
  730,000     PetVet Care Centers LLC, Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 6.25%)     11.40 %     02/13/2026     670,687  
  254,150     Potters Borrower LP, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.00%, 0.75% Floor)     8.73 %     12/14/2027     254,707  
  960,000     Pretium PKG Holdings, Inc., Senior Secured Second Lien Term Loan (3 Month LIBOR USD + 6.75%, 0.50% Floor)     11.76 %     09/30/2029     519,605  
  1,721,241     Pug LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.35%, 0.50% Floor)     9.27 %     02/13/2027     1,562,026  
  2,109,320     QUIKRETE Holdings, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.00%)     8.15 %     03/18/2029     2,114,013  
  1,405,000     RegionalCare Hospital Partners Holdings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.75%)     8.58 %     11/14/2025     1,304,704  
  1,190,947     Riverbed Technology, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 6.00%, 1.00% Floor) (3 Month LIBOR USD + 6.00% + 2.00% PIK)     11.33 % (f)     12/07/2026     323,342  
  2,360,000     Select Medical Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.60%)     7.75 %     03/06/2025     2,357,935  
  468,507     Skillsoft Finance, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 5.36%, 0.75% Floor)     10.42 %     07/14/2028     412,628  
  455,000     Southern Veterinary Partners LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.00%, 1.00% Floor)     9.02 %     10/05/2027     448,364  
  750,000     Southern Veterinary Partners LLC, Senior Secured Second Lien Term Loan (1 Month LIBOR USD, 1.00% Floor)     12.94 % (e)     09/22/2028     695,625  
  220,000     SRS Distribution, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%, 0.50% Floor)     8.65 %     06/02/2028     214,241  
  826,359     Staples, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.00%)     10.30 %     04/16/2026     709,380  
  665,000     Sunshine Luxembourg SARL, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.75%, 0.75% Floor)     8.91 %     10/01/2026     662,510  
  3,360,000     The Edelman Financial Engines Centre LLC, Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 6.75%)     11.90 %     07/20/2026     3,255,420  
  612,256     Think & Learn Private Ltd., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 8.00%, 0.75% Floor)     12.93 %     11/24/2026     390,313  
  655,000     TK Elevator Midco GMBH, Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.50%, 0.50% Floor)     8.60 %     07/30/2027     650,746  
  264,338     Transdigm, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.25%)     8.15 %     08/24/2028     264,491  
  1,726,897     Travelport Finance (Luxembourg) SARL, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 1.10%, 1.00% Floor)     12.54 %     02/28/2025     1,703,161  
  Uber Technologies Inc, Senior Secured First Lien Term Loan       
  344,982     (3 Month Secured Overnight Financing Rate + 2.75%)     8.03 %     03/04/2030     345,393  
  147,543     (3 Month Secured Overnight Financing Rate + 2.75%)     8.00 %     03/04/2030     147,718  
  305,000     UKG, Inc., Senior Secured Second Lien Term Loan (3 Month Secured Overnight Financing Rate + 5.35%, 0.50% Floor)     10.03 %     05/03/2027     296,613  
  218,900     Vantage Specialty Chemicals, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.75%, 0.50% Floor)     9.81 %     10/26/2026     213,099  
  2,130,180     Viad Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 5.11%, 0.50% Floor)     10.27 %     07/31/2028     2,076,925  
  2,120,000     Virgin Media Bristol LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)     8.36 %     01/31/2029     2,113,937  
  VT Topco, Inc., Senior Secured Second Lien Term Loan       
  346,964     (1 Month Secured Overnight Financing Rate + 6.86%, 0.75% Floor)     12.00 %     07/31/2026     331,351  
  178,036     (1 Month LIBOR USD + 6.75%, 0.75% Floor)     11.75 %     07/31/2026     170,024  
  726,139     WaterBridge Midstream Operating LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.75%, 1.00% Floor)     11.01 %     06/22/2026     722,908  
  165,000     WWEX UNI TopCo Holdings LLC, Senior Secured Second Lien Term Loan (3 Month Secured Overnight Financing Rate + 7.26%, 0.75% Floor)     12.16 %     07/26/2029     132,825  
        

 

 

  
 

Total Bank Loans (Cost $97,342,112)

          90,134,373  
        

 

 

  
 

Collateralized Loan Obligations - 17.9%

       
  800,000     AIMCO Ltd., Series 2019-10A-ER (3 Month LIBOR USD + 5.95%, 5.95% Floor)     11.22 % (a)     07/22/2032     740,793  
  2,000,000     AIMCO Ltd., Series 2021-15A-E (3 Month LIBOR USD + 5.95%, 5.95% Floor)     11.21 % (a)     10/17/2034     1,849,041  
  1,450,000     Apidos, Series 2018-18A-E (3 Month LIBOR USD + 5.70%, 5.70% Floor)     10.97 % (a)     10/22/2030     1,291,269  
  3,000,000     Bain Capital Credit Ltd., Series 2017-2A-ER2 (3 Month LIBOR USD + 6.86%, 6.86% Floor)     12.12 % (a)     07/25/2034     2,719,090  
  8,000,000     Bain Capital Credit Ltd., Series 2019-3A-ER (3 Month LIBOR USD + 7.10%, 7.10% Floor)     12.36 % (a)     10/21/2034     7,175,386  
  1,250,000     Bain Capital Credit Ltd., Series 2022-3A-E (Secured Overnight Financing Rate 3 Month + 7.35%, 7.35% Floor)     12.34 % (a)     07/17/2035     1,131,611  
  1,500,000     Barings Ltd., Series 2019-2A-CR (3 Month LIBOR USD + 3.40%, 3.40% Floor)     8.66 % (a)     04/15/2036     1,419,348  
  2,000,000     Barings Ltd., Series 2020-1A-ER (3 Month LIBOR USD + 6.65%, 6.65% Floor)     11.91 % (a)     10/15/2036     1,829,527  
  1,850,000     Canyon Capital Ltd., Series 2020-2A-ER (3 Month LIBOR USD + 6.53%, 6.53% Floor)     11.79 % (a)     10/15/2034     1,641,115  
  1,000,000     Canyon Capital Ltd., Series 2021-1A-E (3 Month LIBOR USD + 6.41%, 6.41% Floor)     11.67 % (a)     04/15/2034     890,952  
  2,000,000     Canyon Capital Ltd., Series 2021-3A-E (3 Month LIBOR USD + 6.20%, 6.20% Floor)     11.46 % (a)     07/15/2034     1,805,702  
  1,875,000     Carlyle Global Market Strategies Ltd., Series 2020-2A-DR (3 Month LIBOR USD + 6.70%, 6.70% Floor)     11.96 % (a)     01/25/2035     1,687,809  
  1,000,000     Carlyle Global Market Strategies Ltd., Series 2021-1A-D (3 Month LIBOR USD + 6.00%, 6.00% Floor)     11.26 % (a)     04/15/2034     903,991  
  3,800,000     Catskill Park Ltd., Series 2017-1A-D (3 Month LIBOR USD + 6.00%)     11.25 % (a)     04/20/2029     3,160,543  
  2,000,000     CIFC Funding Ltd., Series 2013-1A-DR (3 Month LIBOR USD + 6.65%)     11.91 % (a)     07/16/2030     1,725,533  
  3,350,000     CIFC Funding Ltd., Series 2013-3RA-D (3 Month LIBOR USD + 5.90%, 5.90% Floor)     11.17 % (a)     04/24/2031     2,848,403  
  1,750,000     CIFC Funding Ltd., Series 2017-5A-D (3 Month LIBOR USD + 6.10%)     11.36 % (a)     11/16/2030     1,557,993  
  4,650,000     CIFC Funding Ltd., Series 2019-3A-DR (3 Month LIBOR USD + 6.80%, 6.80% Floor)     12.06 % (a)     10/16/2034     4,388,490  
  2,000,000     CIFC Funding Ltd., Series 2020-1A-ER (3 Month LIBOR USD + 6.25%, 6.25% Floor)     11.51 % (a)     07/15/2036     1,849,338  
  1,500,000     CIFC Funding Ltd., Series 2020-4A-E (3 Month LIBOR USD + 6.85%, 6.85% Floor)     12.11 % (a)     01/15/2034     1,471,479  
  500,000     CIFC Funding Ltd., Series 2021-4A-E (3 Month LIBOR USD + 6.00%, 6.00% Floor)     11.26 % (a)     07/15/2033     468,108  
  1,000,000     Dryden Ltd., Series 2020-77A-ER (3 Month LIBOR USD + 5.87%, 5.87% Floor)     11.25 % (a)     05/20/2034     846,842  
  2,500,000     Dryden Ltd., Series 2021-87A-E (3 Month LIBOR USD + 6.15%, 6.15% Floor)     11.53 % (a)     05/20/2034     2,270,370  
  2,000,000     Dryden Senior Loan Fund, Series 2017-54A-E (3 Month LIBOR USD + 6.20%)     11.47 % (a)     10/19/2029     1,609,992  
  2,000,000     Highbridge Loan Management Ltd., Series 13A-18-E (3 Month LIBOR USD + 5.50%, 5.50% Floor)     10.76 % (a)     10/15/2030     1,703,815  
  1,550,000     Highbridge Loan Management Ltd., Series 2013-2A-CR (3 Month LIBOR USD + 2.90%)     8.15 % (a)     10/20/2029     1,415,864  
  1,000,000     Highbridge Loan Management Ltd., Series 6A-2015-DR (3 Month LIBOR USD + 5.10%)     10.43 % (a)     02/05/2031     850,244  
  1,000,000     Jay Park Ltd., Series 2016-1A-DR (3 Month LIBOR USD + 5.20%, 5.20% Floor)     10.45 % (a)     10/20/2027     938,449  
  750,000     Madison Park Funding Ltd., Series 2018-1A-E (3 Month LIBOR USD + 5.75%, 5.75% Floor)     11.01 % (a)     10/15/2031     633,192  
  2,500,000     Madison Park Funding Ltd., Series 2020-45A-ER (3 Month LIBOR USD + 6.35%, 6.35% Floor)     11.61 % (a)     07/15/2034     2,379,009  
  2,000,000     Madison Park Funding Ltd., Series 2021-38A-E (3 Month LIBOR USD + 6.00%, 6.00% Floor)     11.26 % (a)     07/17/2034     1,858,295  
  500,000     Magnetite Ltd., Series 2020-26A-ER (3 Month LIBOR USD + 5.95%, 5.95% Floor)     11.21 % (a)     07/25/2034     465,337  
  1,000,000     Magnetite Ltd., Series 2020-28A-ER (3 Month LIBOR USD + 6.15%, 6.15% Floor)     11.40 % (a)     01/20/2035     933,641  
  2,500,000     Marble Point Ltd., Series 2018-1A-D (3 Month LIBOR USD + 3.00%)     8.26 % (a)     07/16/2031     2,095,479  
  4,000,000     Milos Ltd., Series 2017-1A-ER (3 Month LIBOR USD + 6.15%, 6.15% Floor)     11.40 % (a)     10/20/2030     3,560,382  
  2,500,000     Neuberger Berman Loan Advisers Ltd., Series 2017-16SA-ER (3 Month LIBOR USD + 6.25%, 6.25% Floor)     11.51 % (a)    04/15/2034     2,257,229  
  7,000,000     Neuberger Berman Loan Advisers Ltd., Series 2019-34A-ER (Secured Overnight Financing Rate 3 Month + 6.50%, 6.50% Floor)     11.55 % (a)    01/20/2035     6,294,391  
  500,000     Neuberger Berman Loan Advisers Ltd., Series 2020-38A-DR (3 Month LIBOR USD + 3.00%, 3.00% Floor)     8.25 % (a)    10/20/2035     468,412  
  3,000,000     Neuberger Berman Loan Advisers Ltd., Series 2020-38A-ER (3 Month LIBOR USD + 6.25%, 6.25% Floor)     11.50 % (a)    10/20/2035     2,795,613  
  1,000,000     Octagon Investment Partners Ltd., Series 2014-1A-ERR (3 Month LIBOR USD + 6.00%, 6.00% Floor)     11.35 % (a)    11/18/2031     796,163  
  750,000     Octagon Investment Partners Ltd., Series 2019-1A-E (3 Month LIBOR USD + 6.60%, 6.60% Floor)     11.86 % (a)    10/25/2032     667,049  
  1,500,000     Octagon Investment Partners Ltd., Series 2019-1A-ER (3 Month LIBOR USD + 7.00%, 7.00% Floor)     12.25 % (a)    01/20/2035     1,279,568  
  5,000,000     Octagon Investment Partners Ltd., Series 2019-1A-INC     0.00 % (a)(b)(c)(d)    10/25/2032     2,486,500  
  500,000     Octagon Investment Partners Ltd., Series 2019-4A-E (3 Month LIBOR USD + 6.80%, 6.80% Floor)     12.14 % (a)    05/12/2031     437,051  
  1,000,000     Octagon Investment Partners Ltd., Series 2020-2A-ER (3 Month LIBOR USD + 6.60%, 6.60% Floor)     11.86 % (a)    07/15/2036     829,855  
  4,000,000     Octagon Investment Partners Ltd., Series 2021-1A-E (3 Month LIBOR USD + 6.50%, 6.50% Floor)     11.76 % (a)    04/15/2034     3,579,894  
  3,000,000     OHA Credit Funding Ltd., Series 2019-3A-ER (3 Month LIBOR USD + 6.25%, 6.25% Floor)     11.50 % (a)    07/02/2035     2,848,979  
  500,000     Point Au Roche Park Ltd., Series 2021-1A-E (3 Month LIBOR USD + 6.10%, 6.10% Floor)     11.35 % (a)    07/20/2034     442,069  
  1,000,000     Reese Park Ltd., Series 2020-1A-ER (3 Month LIBOR USD + 6.50%, 6.50% Floor)     11.76 % (a)    10/15/2034     880,139  
  5,000,000     RR Ltd., Series 2017-2A-DR (3 Month LIBOR USD + 5.80%, 5.80% Floor)     11.06 % (a)    04/15/2036     4,446,260  
  1,000,000     RR Ltd., Series 2019-6A-DR (3 Month LIBOR USD + 5.85%, 5.85% Floor)     11.11 % (a)    04/15/2036     860,925  
  3,000,000     Sound Point Ltd., Series 2020-1A-ER (3 Month LIBOR USD + 6.86%, 6.86% Floor)     12.11 % (a)    07/20/2034     2,506,079  
  4,000,000     Sound Point Ltd., Series 2020-2A-ER (3 Month LIBOR USD + 6.56%, 6.56% Floor)     11.82 % (a)    10/25/2034     3,267,506  
  7,000,000     Sound Point Ltd., Series 2021-2A-E (3 Month LIBOR USD + 6.36%, 6.36% Floor)     11.62 % (a)    07/25/2034     5,718,185  
  2,000,000     Sound Point Ltd., Series 2021-3A-E (3 Month LIBOR USD + 6.61%, 6.61% Floor)     11.87 % (a)    10/25/2034     1,635,891  
  7,000,000     Sound Point Ltd., Series 2021-4A-E (3 Month LIBOR USD + 6.70%, 6.70% Floor)     11.96 % (a)    10/25/2034     5,431,095  
  2,500,000     THL Credit Wind River Ltd., Series 2017-3A-ER (3 Month LIBOR USD + 7.05%, 7.05% Floor)     12.31 % (a)    04/15/2035     2,217,909  
  1,000,000     THL Credit Wind River Ltd., Series 2018-1A-E (3 Month LIBOR USD + 5.50%)     10.76 % (a)    07/15/2030     809,855  
  1,000,000     THL Credit Wind River Ltd., Series 2018-2A-E (3 Month LIBOR USD + 5.75%)     11.01 % (a)    07/15/2030     798,813  
  2,000,000     Thompson Park Ltd., Series 2021-1A-E (3 Month LIBOR USD + 6.31%, 6.31% Floor)     11.57 % (a)    04/15/2034     1,871,323  
  3,000,000     Trimaran CAVU LLC, Series 2019-1A-D (3 Month LIBOR USD + 4.15%, 4.15% Floor)     9.40 % (a)    07/20/2032     2,849,250  
  2,000,000     Voya Ltd., Series 2013-3A-DR (Secured Overnight Financing Rate 3 Month + 6.16%, 5.90% Floor)     11.14 % (a)    10/18/2031     1,624,909  
  1,350,000     Voya Ltd., Series 2017-2A-D (3 Month LIBOR USD + 6.02%)     11.28 % (a)    06/07/2030     1,070,922  
  2,700,000     Voya Ltd., Series 2018-1A-D (3 Month LIBOR USD + 5.20%)     10.47 % (a)    04/19/2031     2,145,741  
  2,000,000     Voya Ltd., Series 2018-4A-E (3 Month LIBOR USD + 6.30%, 6.30% Floor)     11.56 % (a)    01/15/2032     1,848,161  
  1,000,000     Webster Park Ltd., Series 2015-1A-DR (3 Month LIBOR USD + 5.50%, 5.50% Floor)     10.75 % (a)    07/20/2030     838,401  
       

 

 

  
 

Total Collateralized Loan Obligations (Cost $146,813,566)

         130,120,569  
       

 

 

  
 

Foreign Corporate Bonds - 14.0%

      
  1,903,000     ABM Investama Tbk PT     9.50 % (a)    08/05/2026     1,729,830  
  300,000     Adani Electricity Mumbai Ltd.     3.87 %    07/22/2031     212,077  
  732,000     Adani International Container Terminal Private Ltd.     3.00 %    02/16/2031     575,849  
  500,000     Adani Ports & Special Economic Zone Ltd.     3.10 %    02/02/2031     350,311  
  3,900,000     Adani Ports & Special Economic Zone Ltd.     5.00 %    08/02/2041     2,603,880  
  652,000     Adani Transmission Step-One Ltd.     4.25 %    05/21/2036     493,649  
  1,300,000     AES Andes S.A. (5 Year CMT Rate + 4.92%)     6.35 %    10/07/2079     1,198,021  
  1,000,000     AES Andes S.A. (5 Year Swap Rate USD + 4.64%)     7.13 %    03/26/2079     925,430  
  1,800,000     Agile Group Holdings Ltd. (5 Year CMT Rate + 11.08%)     7.75 % (f)(g)    05/25/2025     193,245  
  3,650,000     AI Candelaria Spain S.A.     5.75 %    06/15/2033     2,708,610  
  1,000,000     AI Candelaria Spain S.A.     5.75 % (a)    06/15/2033     742,085  
  300,000     Alibaba Group Holding Ltd.     3.25 %    02/09/2061     185,810  
  470,827     Alpha Holdings S.A. de C.V.     10.00 % (b)(f)    12/19/2024     2,896  
  2,356,827     Alpha Holdings S.A. de C.V.     9.00 % (b)(f)    02/10/2025     32,406  
  942,731     Alpha Holdings S.A. de C.V.     9.00 % (a)(b)(f)    02/10/2025     12,963  
  4,000,000     Altice France Holding S.A.     6.00 % (a)    02/15/2028     1,954,904  
  4,000,000     ams-OSRAM AG     7.00 % (a)    07/31/2025     3,535,678  
  2,550,000     Aris Mining Corporation     6.88 %    08/09/2026     1,876,086  
  700,000     Braskem Idesa SAPI     7.45 %    11/15/2029     470,540  
  3,200,000     Braskem Idesa SAPI     6.99 % (a)    02/20/2032     2,075,799  
  4,500,000     BRF S.A.     5.75 %    09/21/2050     3,009,761  
  2,450,000     Camposol S.A.     6.00 %    02/03/2027     1,693,068  
  2,450,000     CAP S.A.     3.90 %    04/27/2031     1,785,682  
  200,000     Cemex S.A.B. de C.V. (5 Year CMT Rate + 4.91%)     9.13 % (a)(g)    03/14/2028     202,799  
  2,000,000     Connect Finco LLC     6.75 % (a)    10/01/2026     1,944,433  
  3,200,000     Coruripe Netherlands B.V.     10.00 %    02/10/2027     2,037,440  
  650,000     Cosan Overseas Ltd.     8.25 % (g)    08/05/2023     646,857  
  4,600,000     Credito Real S.A.B. de C.V.     9.50 % (f)    02/07/2026     547,400  
  200,000     CT Trust     5.13 %    02/03/2032     160,698  
  3,200,000     Empresas Publicas de Medellin ESP     4.38 %    02/15/2031     2,400,896  
  182,000     Fideicomiso P.A. Pacifico Tres     8.25 %    01/15/2035     160,752  
  3,000,000     Frigorifico Concepcion S.A.     7.70 % (a)    07/21/2028     2,340,379  
  1,450,000     Frigorifico Concepcion S.A.     7.70 %    07/21/2028     1,131,183  
  8,000,000     Garda World Security Corporation     9.50 % (a)    11/01/2027     7,738,586  
  1,453,000     Gran Tierra Energy International Holdings Ltd.     6.25 %    02/15/2025     1,247,509  
  2,600,000     Gran Tierra Energy, Inc.     7.75 %    05/23/2027     1,970,570  
  1,100,000     Interpipe Holdings PLC     8.38 % (a)    05/13/2026     599,896  
  1,200,000     JBS USA Finance, Inc.     4.38 %    02/02/2052     842,814  
  2,660,000     Kawasan Industri Jababeka Tbk PT     7.00 % (a)(i)    12/15/2027     1,783,914  
  600,000     Kosmos Energy Ltd.     7.50 %    03/01/2028     499,453  
  3,530,000     Kronos Acquisition Holdings, Inc.     7.00 % (a)    12/31/2027     3,128,692  
  400,000     MARB BondCo PLC     3.95 %    01/29/2031     286,644  
  4,009,944     MC Brazil Downstream Trading SARL     7.25 %    06/30/2031     2,712,295  
  1,400,000     Metinvest B.V.     7.75 %    10/17/2029     847,000  
  2,675,000     Mexarrend SAPI de C.V.     10.25 % (f)    07/24/2024     603,039  
  4,500,000     Minejesa Capital B.V.     5.63 %    08/10/2037     3,537,617  
  1,550,000     Mong Duong Finance Holdings B.V.     5.13 %    05/07/2029     1,367,875  
  2,000,000     Movida Europe S.A.     5.25 %    02/08/2031     1,626,201  
  1,450,000     NGD Holdings B.V.     6.75 %    12/31/2026     1,065,750  
  317,240     Oi S.A.     14.00 % (a)(b)    09/07/2024     324,642  
  4,750,000     Oi S.A. (8.00% + 4.00% PIK)     10.00 % (f)    07/27/2025     343,417  
  3,302,000     Operadora de Servicios Mega S.A. de C.V.     8.25 %    02/11/2025     1,653,642  
  438,000     Operadora de Servicios Mega S.A. de C.V.     8.25 % (a)    02/11/2025     219,350  
  2,800,000     Prime Energia S.p.A.     5.38 %    12/30/2030     1,822,100  
  4,000,000     RKP Overseas Finance Ltd.     7.95 % (g)    08/17/2023     1,101,174  
  400,000     RKPF Overseas Ltd. (5 Year CMT Rate + 6.00%)     7.75 % (g)    11/18/2024     121,773  
  2,000,000     Ronshine China Holdings Ltd.     7.35 % (f)    12/15/2023     93,729  
  2,900,000     Ronshine China Holdings Ltd.     6.75 % (f)    08/05/2024     175,028  
  300,000     Sasol Financing USA LLC     5.50 %    03/18/2031     236,513  
  530,000     Seaspan Corporation     5.50 % (a)    08/01/2029     415,690  
  3,600,000     SierraCol Energy Andina LLC     6.00 % (a)    06/15/2028     2,650,590  
  1,500,000     SierraCol Energy Andina LLC     6.00 %    06/15/2028     1,104,413  
  3,000,000     Simpar Europe S.A.     5.20 %    01/26/2031     2,384,271  
  2,175,000     Telesat LLC     5.63 % (a)    12/06/2026     1,344,215  
  1,816,000     Tervita Corporation     11.00 % (a)    12/01/2025     1,933,912  
  971,000     Thaioil Treasury Center Company Ltd.     3.75 %    06/18/2050     649,999  
  3,600,000     TK Elevator Holdco GmbH     7.63 % (a)    07/15/2028     3,270,185  
  2,300,000     Tullow Oil PLC     10.25 % (a)    05/15/2026     1,750,300  
  2,904,188     UEP Penonome S.A.     6.50 % (a)    10/01/2038     2,184,335  
  2,750,000     Unigel Luxembourg S.A.     8.75 %    10/01/2026     904,062  
  4,200,000     UPL Corporation Ltd. (5 Year CMT Rate + 3.87%)     5.25 % (g)    02/27/2025     3,482,010  
  2,500,000     Vedanta Resources Finance PLC     9.25 %    04/23/2026     1,857,778  
  1,900,000     Vedanta Resources Ltd.     6.13 %    08/09/2024     1,423,959  
  300,000     VTR Comunicaciones SpA     4.38 %    04/15/2029     153,249  
  500,000     VTR Finance NV     6.38 %    07/15/2028     192,484  
       

 

 

  
 

Total Foreign Corporate Bonds (Cost $141,336,506)

         101,592,092  
       

 

 

  
 

Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations - 6.3%

  
  4,900,000     Brazilian Government International Bond     4.75 %    01/14/2050     3,619,645  
  600,000     Colombia Government International Bond     4.13 %    02/22/2042     384,113  
  5,100,000     Colombia Government International Bond     5.00 %    06/15/2045     3,563,213  
  1,400,000     Dominican Republic International Bond     5.30 % (a)    01/21/2041     1,100,363  
  600,000     Dominican Republic International Bond     5.30 %    01/21/2041     471,584  
  2,500,000     Dominican Republic International Bond     6.40 %    06/05/2049     2,136,343  
  2,365,000     Ecopetrol S.A.     5.88 %    05/28/2045     1,622,591  
  3,150,000     Ecopetrol S.A.     5.88 %    11/02/2051     2,087,576  
  3,600,000     Mexico City Airport Trust     5.50 %    07/31/2047     3,149,353  
  4,900,000     Mexico Government International Bond     4.40 %    02/12/2052     3,875,534  
  4,850,000     OCP S.A.     5.13 %    06/23/2051     3,546,514  
  900,000     Panama Government International Bond     3.87 %    07/23/2060     598,793  
  5,260,000     Petrobras Global Finance B.V.     5.50 %    06/10/2051     4,144,854  
  5,700,000     Petroleos del Peru S.A.     5.63 %    06/19/2047     3,681,817  
  3,700,000     Petroleos Mexicanos     6.38 %    01/23/2045     2,276,235  
  1,800,000     Petroleos Mexicanos     6.75 %    09/21/2047     1,131,972  
  4,000,000     Republic of South Africa Government Bond     5.65 %    09/27/2047     2,839,336  
  900,000     Telecommunications Services of Trinidad & Tobago Ltd.     8.88 %    10/18/2029     739,373  
  850,000     Ukraine Government International Bond     9.75 % (f)    11/01/2030     212,827  
  3,000,000     Ukraine Government International Bond     7.25 % (f)    03/15/2035     705,000  
  1,300,000     YPF S.A.     8.50 %    06/27/2029     1,108,122  
  3,600,000     YPF S.A.     7.00 %    12/15/2047     2,451,312  
       

 

 

  
 

Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations
(Cost $57,240,372)

     45,446,470  
       

 

 

  
 

Non-Agency Commercial Mortgage Backed Obligations - 24.4%

      
  7,500,000     Alen Mortgage Trust, Series 2021-ACEN-F (1 Month LIBOR USD + 5.00%, 5.00% Floor)     10.19 % (a)    04/15/2034     4,180,344  
  1,623,000     Atrium Hotel Portfolio Trust, Series 2018-ATRM-F (1 Month LIBOR USD + 4.00%, 4.00% Floor)     9.44 % (a)    06/15/2035     1,515,248  
  18,317,000     BANK, Series 2018-BN12-XE     1.50 % (a)(d)(h)    05/15/2061     1,056,726  
  6,978,000     BANK, Series 2018-BN12-XF     1.50 % (a)(d)(h)    05/15/2061     393,657  
  20,061,456     BANK, Series 2018-BN12-XG     1.50 % (a)(d)(h)    05/15/2061     1,049,134  
  18,522,000     BANK, Series 2019-BN16-XF     1.14 % (a)(d)(h)    02/15/2052     936,472  
  9,261,000     BANK, Series 2019-BN16-XG     1.14 % (a)(d)(h)    02/15/2052     462,374  
  4,631,000     BANK, Series 2019-BN16-XH     1.14 % (a)(d)(h)    02/15/2052     225,159  
  6,366,937     BANK, Series 2019-BN16-XJ     1.14 % (a)(d)(h)    02/15/2052     286,404  
  21,359,000     BANK, Series 2022-BNK43-XD     2.40 % (a)(d)(h)    08/15/2055     3,107,030  
  220,282,727     BANK, Series 2023-5YR1-XA     0.48 % (d)(h)    04/15/2056     2,869,183  
  3,000,000     BBCMS Mortgage Trust, Series 2020-C7-D     3.72 % (a)(d)    04/15/2053     1,255,114  
  6,000,000     Beast Mortgage Trust, Series 2021-1818-G (Secured Overnight Financing Rate 1 Month + 6.11%, 6.25% Floor)     11.19 % (a)    03/15/2036     3,831,440  
  7,464,000     Benchmark Mortgage Trust, Series 2018-B4-D     2.95 % (a)(d)    07/15/2051     4,699,859  
  12,324,000     Benchmark Mortgage Trust, Series 2021-B26-XF     1.50 % (a)(d)(h)    06/15/2054     1,021,673  
  5,000,000     BSREP Commercial Mortgage Trust, Series 2021-DC-G (1 Month LIBOR USD + 3.85%, 3.85% Floor)     9.04 % (a)    08/15/2038     3,860,739  
  1,863,105     BX Trust, Series 2017-APPL-F (1 Month LIBOR USD + 4.38%, 4.25% Floor)     9.57 % (a)    07/15/2034     1,849,487  
  1,880,000     BX Trust, Series 2019-IMC-G (1 Month LIBOR USD + 3.60%, 3.60% Floor)     8.79 % (a)    04/15/2034     1,818,149  
  3,500,000     BX Trust, Series 2021-VIEW-F (1 Month LIBOR USD + 3.93%, 3.93% Floor)     9.12 % (a)    06/15/2036     3,099,641  
  2,500,000     BX Trust, Series 2021-VIEW-G (1 Month LIBOR USD + 4.93%, 4.93% Floor)     10.12 % (a)    06/15/2036     2,191,849  
  4,463,088     BX Trust, Series 2022-PSB-E (Secured Overnight Financing Rate 1 Month + 6.34%, 6.34% Floor)     11.48 % (a)    08/15/2039     4,440,352  
  3,000,000     CFCRE Commercial Mortgage Trust, Series 2016-C7-C     4.53 % (d)    12/10/2054     2,356,547  
  5,008,323     Citigroup Commercial Mortgage Trust, Series 2015-GC27-D     4.57 % (a)(d)    02/10/2048     4,040,955  
  67,566,126     Commercial Mortgage Pass-Through Trust, Series 2013-CR13-XA     0.87 % (d)(h)    11/10/2046     98,349  
  5,088,000     CSAIL Commercial Mortgage Trust, Series 2016-C6-D     5.08 % (a)(d)    01/15/2049     3,363,338  
  74,603,929     CSAIL Commercial Mortgage Trust, Series 2017-CX9-XA     0.79 % (d)(h)    09/15/2050     1,173,468  
  2,500,000     CSAIL Commercial Mortgage Trust, Series 2020-C19-E     2.50 % (a)    03/15/2053     1,192,113  
  13,238,000     CSAIL Commercial Mortgage Trust, Series 2020-C19-XD     1.23 % (a)(d)(h)    03/15/2053     788,919  
  18,014,000     CSMC Trust, Series 2016-NXSR-XE     1.00 % (a)(d)(h)    12/15/2049     463,124  
  7,058,000     CSMC Trust, Series 2017-PFHP-F (1 Month LIBOR USD + 4.49%, 4.49% Floor)     9.68 % (a)    12/15/2030     6,323,041  
  4,000,000     CSWF Trust, Series 2018-TOP-H (1 Month LIBOR USD + 3.41%, 3.41% Floor)     8.61 % (a)    08/15/2035     3,637,394  
  4,622,000     DBJPM Mortgage Trust, Series 2016-C1-C     3.47 % (d)    05/10/2049     3,799,258  
  2,100,000     Del Amo Fashion Center Trust, Series 2017-AMO-C     3.76 % (a)(d)    06/05/2035     1,589,287  
  4,000,000     DOLP Trust, Series 2021-NYC-F     3.70 % (a)(d)    05/10/2041     1,971,350  
  4,000,000     DOLP Trust, Series 2021-NYC-G     3.70 % (a)(d)    05/10/2041     1,733,798  
  3,000,000     GS Mortgage Securities Corporation Trust, Series 2021-ARDN-G (1 Month LIBOR USD + 5.00%, 5.00% Floor)     10.19 % (a)    11/15/2036     2,781,962  
  3,000,000     GS Mortgage Securities Corporation Trust, Series 2021-ARDN-H (1 Month LIBOR USD + 5.93%, 5.93% Floor)     11.13 % (a)    11/15/2026     2,752,000  
  2,163,000     GS Mortgage Securities Corporation Trust, Series 2021-IP-F (1 Month LIBOR USD + 4.55%, 4.55% Floor)     9.74 % (a)    10/15/2036     1,930,850  
  1,859,000     GS Mortgage Securities Trust, Series 2014-GC26-D     4.66 % (a)(d)    11/10/2047     1,177,894  
  2,149,788     GS Mortgage Securities Trust, Series 2015-GC28-D     4.45 % (a)(d)    02/10/2048     1,797,819  
  7,386,905     GS Mortgage Securities Trust, Series 2016-GS3-XA     1.32 % (d)(h)    10/10/2049     216,766  
  2,875,219     JP Morgan Chase Commercial Mortgage Securities Trust, Series 2007-C1-AJ     7.05 % (d)    02/15/2051     2,722,896  
  4,000,000     JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-MFP-G (1 Month LIBOR USD + 4.05%, 4.05% Floor)     9.24 % (a)    07/15/2036     3,766,389  
  4,000,000     JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-MFP-XG     0.50 % (a)(d)(h)    07/15/2036     13,068  
  27,642,771     JPMBB Commercial Mortgage Securities Trust, Series 2014-C23-XA     0.74 % (d)(h)    09/15/2047     141,384  
  3,998,000     JPMBB Commercial Mortgage Securities Trust, Series 2014-C26-D     4.01 % (a)(d)    01/15/2048     3,026,440  
  2,265,000     JPMBB Commercial Mortgage Securities Trust, Series 2015-C27-D     3.94 % (a)(d)    02/15/2048     1,331,715  
  43,750,377     JPMBB Commercial Mortgage Securities Trust, Series 2015-C32-XA     1.26 % (d)(h)    11/15/2048     615,218  
  25,460,000     JPMDB Commercial Mortgage Securities Trust, Series 2020-COR7-XB     0.55 % (d)(h)    05/13/2053     602,974  
  10,244,000     JPMDB Commercial Mortgage Securities Trust, Series 2020-COR7-XD     2.10 % (a)(d)(h)    05/13/2053     974,496  
  1,294,000     LoanCore Issuer Ltd., Series 2019-CRE2-C (1 Month LIBOR USD + 2.00%, 2.00% Floor)     7.19 % (a)    05/15/2036     1,180,242  
  5,000,000     LoanCore Issuer Ltd., Series 2021-CRE5-C (1 Month LIBOR USD + 2.35%, 2.35% Floor)     7.54 % (a)    07/15/2036     4,537,145  
  4,976,118     Med Trust, Series 2021-MDLN-G (1 Month LIBOR USD + 5.25%, 5.25% Floor)     10.44 % (a)    11/15/2038     4,682,619  
  600,000     MFT Trust, Series 2020-ABC-D     3.59 % (a)(d)    02/10/2042     366,744  
  4,000,000     MHC Commercial Mortgage Trust, Series 2021-MHC2-J (Secured Overnight Financing Rate 1 Month + 4.36%, 4.25% Floor)     9.51 % (a)    05/15/2038     3,796,680  
  7,186,250     Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C21-C     4.26 % (d)    03/15/2048     5,562,251  
  5,000,000     Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C27-D     3.24 % (a)(d)    12/15/2047     3,180,842  
  3,675,000     Morgan Stanley Bank of America Merrill Lynch Trust, Series 2017-C34-D     2.70 % (a)    11/15/2052     2,153,447  
  2,000,000     Morgan Stanley Capital Trust, Series 2018-H4-D     3.00 % (a)    12/15/2051     1,107,979  
  5,000,000     Morgan Stanley Capital Trust, Series 2019-PLND-G (1 Month LIBOR USD + 3.65%, 3.65% Floor)     8.84 % (a)    05/15/2036     2,588,573  
  458,327,275     Morgan Stanley Capital Trust, Series 2022-L8-XA     0.09 % (d)(h)    04/15/2055     1,750,856  
  6,957,936     SMR Mortgage Trust, Series 2022-IND-G (Secured Overnight Financing Rate 1 Month + 7.50%, 7.50% Floor)     12.65 % (a)    02/15/2039     5,944,185  
  4,050,401     Tharaldson Hotel Portfolio Trust, Series 2018-THL-F (1 Month LIBOR USD + 4.25%, 3.95% Floor)     9.44 % (a)    11/11/2034     3,882,817  
  3,690,388     TPGI Trust, Series 2021-DGWD-G (1 Month LIBOR USD + 3.85%, 3.85% Floor)     9.04 % (a)    06/15/2026     3,503,870  
  6,560,004     TTAN, Series 2021-MHC-G (1 Month LIBOR USD + 4.20%, 4.20% Floor)     9.39 % (a)    03/15/2038     6,281,762  
  5,000,000     UBS Commercial Mortgage Trust, Series 2017-C6-D     2.50 % (a)(d)    12/15/2050     3,036,792  
  2,500,000     UBS Commercial Mortgage Trust, Series 2018-C14-C     5.38 % (d)    12/15/2051     1,952,369  
  6,891,216     UBS-Barclays Commercial Mortgage Trust, Series 2013-C5-C     3.87 % (a)(d)    03/10/2046     4,987,773  
  3,285,845     Wachovia Bank Commercial Mortgage Trust, Series 2005-C21-E     5.27 % (a)(d)    10/15/2044     2,542,452  
  7,910,000     Wells Fargo Commercial Mortgage Trust, Series 2015-C28-D     4.22 % (d)    05/15/2048     6,457,464  
  2,000,000     Wells Fargo Commercial Mortgage Trust, Series 2016-C33-D     3.12 % (a)    03/15/2059     1,527,082  
  4,514,242     Wells Fargo Commercial Mortgage Trust, Series 2016-C34-C     5.23 % (d)    06/15/2049     3,475,462  
  3,200,000     Wells Fargo Commercial Mortgage Trust, Series 2017-RC1-D     3.25 % (a)    01/15/2060     2,213,020  
       

 

 

  
 

Total Non-Agency Commercial Mortgage Backed Obligations (Cost $215,012,052)

         177,245,272  
       

 

 

  
 

Non-Agency Residential Collateralized Mortgage Obligations - 19.4%

      
  9,291,370     ACE Securities Corporation Home Equity Loan Trust, Series 2006-HE4-A2B (1 Month LIBOR USD + 0.22%, 0.22% Floor)     5.37 %    10/25/2036     3,539,479  
  10,000,000     AMSR Trust, Series 2020-SFR4-G2     4.87 % (a)    11/17/2037     9,078,130  
  7,947,672     Connecticut Avenue Securities Trust, Series 2019-R05-1B1 (1 Month LIBOR USD + 4.10%)     9.25 % (a)    07/25/2039     8,169,240  
  3,900,000     Connecticut Avenue Securities Trust, Series 2019-R07-1B1 (1 Month LIBOR USD + 3.40%)     8.55 % (a)    10/25/2039     3,933,293  
  8,400,000     Connecticut Avenue Securities Trust, Series 2021-R02-2B2 (Secured Overnight Financing Rate 30 Day Average + 6.20%)     11.27 % (a)    11/25/2041     8,050,657  
  5,929,565     Countrywide Alternative Loan Trust, Series 2005-J12-2A1 (1 Month LIBOR USD + 0.54%, 0.54% Floor, 11.00% Cap)     5.69 %    08/25/2035     3,173,610  
  10,000,000     Deephaven Residential Mortgage Trust, Series 2020-2-B3     5.81 % (a)(d)    05/25/2065     8,763,112  
  9,250,000     Federal Home Loan Mortgage Corporation STACR REMIC Trust, Series 2020-DNA1-B2 (1 Month LIBOR USD + 5.25%)     10.40 % (a)    01/25/2050     9,020,880  
  3,000,000     Federal Home Loan Mortgage Corporation STACR REMIC Trust, Series 2020-DNA2-B2 (1 Month LIBOR USD + 4.80%)     9.95 % (a)    02/25/2050     2,823,365  
  6,000,000     Federal Home Loan Mortgage Corporation STACR REMIC Trust, Series 2020-DNA6-B2 (Secured Overnight Financing Rate 30 Day Average + 5.65%)     10.72 % (a)    12/25/2050     5,937,437  
  1,200,000     Federal Home Loan Mortgage Corporation STACR REMIC Trust, Series 2020-HQA2-B1 (1 Month LIBOR USD + 4.10%)     9.25 % (a)    03/25/2050     1,243,612  
  22,000,000     Federal Home Loan Mortgage Corporation STACR REMIC Trust, Series 2020-HQA2-B2 (1 Month LIBOR USD + 7.60%)     12.75 % (a)    03/25/2050     23,437,533  
  9,750,000     Federal Home Loan Mortgage Corporation, STACR REMIC Trust, Series 2020-HQA5-B2 (Secured Overnight Financing Rate 30 Day Average + 7.40%)     12.47 % (a)    11/25/2050     10,469,632  
  1,500,000     GS Mortgage-Backed Securities Trust, Series 2020-NQM1-B2     6.31 % (a)(d)    09/27/2060     1,273,379  
  8,000,000     Homeward Opportunities Fund Trust, Series 2020-2-B1     5.45 % (a)(d)    05/25/2065     7,229,259  
  273,151     Homeward Opportunities Fund Trust, Series 2020-BPL1-A2     5.44 % (a)(i)    08/25/2025     265,831  
  6,449,520     JP Morgan Alternative Loan Trust, Series 2007-A2-12A1 (1 Month LIBOR USD + 0.40%, 0.40% Floor, 11.50% Cap)     5.55 %    06/25/2037     2,653,384  
  4,102,000     New Residential Mortgage Loan Trust, Series 2020-NQM2-B1     4.13 % (a)(d)    05/24/2060     3,122,981  
  2,886,000     New Residential Mortgage Loan Trust, Series 2020-NQM2-B2     4.13 % (a)(d)    05/24/2060     2,101,829  
  4,000,000     Progress Residential Trust, Series 2019-SFR3-G     4.12 % (a)    09/17/2036     3,820,263  
  4,475,133     TBW Mortgage Backed Pass Through Trust, Series 2007-2-A1A     5.96 % (d)    07/25/2037     1,429,677  
  2,500,000     Verus Securitization Trust, Series 2020-2-B1     5.36 % (a)(d)    05/25/2060     2,343,093  
  5,000,000     Verus Securitization Trust, Series 2020-4-B2     5.60 % (a)(d)    05/25/2065     3,790,363  
  1,235,000     Verus Securitization Trust, Series 2020-INV1-B1     5.75 % (a)(d)    03/25/2060     1,135,569  
  3,300,000     Verus Securitization Trust, Series 2020-INV1-B2     6.00 % (a)(d)    03/25/2060     2,973,221  
  9,222,000     Vista Point Securitization Trust, Series 2020-1-B2     5.38 % (a)(d)    03/25/2065     8,288,683  
  3,396,000     Vista Point Securitization Trust, Series 2020-2-B2     5.16 % (a)(d)    04/25/2065     2,730,588  
       

 

 

  
 

Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $147,946,198)

     140,798,100  
       

 

 

  
 

US Corporate Bonds - 19.2%

      
  3,280,000     Air Methods Corporation     8.00 % (a)(f)    05/15/2025     28,700  
  5,130,000     Alliant Holdings Intermediate LLC     6.75 % (a)    10/15/2027     4,829,536  
  7,425,000     Allied Universal Holdco LLC     9.75 % (a)    07/15/2027     6,574,008  
  4,485,000     Artera Services LLC     9.03 % (a)    12/04/2025     3,930,654  
  1,975,000     ASP Unifrax Holdings, Inc.     7.50 % (a)    09/30/2029     1,224,941  
  2,485,000     BCPE Empire Holdings, Inc.     7.63 % (a)    05/01/2027     2,313,757  
  535,000     Boxer Parent Company, Inc.     7.13 % (a)    10/02/2025     536,172  
  4,000,000     Caesars Entertainment, Inc.     8.13 % (a)    07/01/2027     4,098,376  
  595,000     Carnival Corporation     7.63 % (a)    03/01/2026     583,293  
  5,995,000     Castle US Holding Corporation     9.50 % (a)    02/15/2028     3,399,435  
  189,000     Cengage Learning, Inc.     9.50 % (a)    06/15/2024     189,927  
  1,865,000     Clear Channel Outdoor Holdings, Inc.     7.50 % (a)    06/01/2029     1,382,210  
  2,335,000     Cobra AcquisitionCo LLC     6.38 % (a)    11/01/2029     1,648,568  
  405,000     Coty, Inc.     6.50 % (a)    04/15/2026     401,881  
  1,365,000     CSI Compressco LP     7.50 % (a)    04/01/2025     1,308,939  
  3,700,000     CVR Nitrogen Finance Corporation     6.13 % (a)    06/15/2028     3,221,882  
  3,895,000     Dealer Tire LLC     8.00 % (a)    02/01/2028     3,552,994  
  1,175,000     DISH DBS Corporation     5.75 % (a)    12/01/2028     876,149  
  5,583,000     Embarq Corporation     8.00 %    06/01/2036     3,381,958  
  1,210,000     Endo Luxembourg Finance Company SARL     6.13 % (a)    04/01/2029     896,604  
  4,395,000     Endurance International Group Holdings, Inc.     6.00 % (a)     02/15/2029     3,303,238  
  2,505,000     EQM Midstream Partners LP     6.50 % (a)     07/01/2027     2,473,127  
  2,665,000     Ferrellgas LP     5.88 % (a)     04/01/2029     2,235,470  
  800,000     Fertitta Entertainment LLC     6.75 % (a)     01/15/2030     681,614  
  1,200,000     Frontier Communications Holdings LLC     6.75 % (a)     05/01/2029     932,190  
  1,640,000     Full House Resorts, Inc.     8.25 % (a)     02/15/2028     1,536,483  
  335,000     GrafTech Global Enterprises, Inc.     9.88 % (a)     12/15/2028     332,906  
  965,000     Hightower Holding LLC     6.75 % (a)     04/15/2029     835,599  
  3,000,000     Illuminate Buyer LLC     9.00 % (a)     07/01/2028     2,618,293  
  1,010,000     LBM Acquisition LLC     6.25 % (a)     01/15/2029     836,911  
  1,370,000     Lions Gate Capital Holdings LLC     5.50 % (a)     04/15/2029     993,729  
  3,030,000     LSF9 Atlantis Holdings LLC     7.75 % (a)     02/15/2026     2,824,420  
  2,550,000     McGraw-Hill Education, Inc.     5.75 % (a)     08/01/2028     2,212,431  
  1,840,000     Metis Merger Sub LLC     6.50 % (a)     05/15/2029     1,589,326  
  2,080,000     Minerva Merger Sub, Inc.     6.50 % (a)     02/15/2030     1,752,691  
  3,005,000     NFP Corporation     6.88 % (a)     08/15/2028     2,612,638  
  5,765,000     NGL Energy Operating LLC     7.50 % (a)     02/01/2026     5,683,810  
  1,575,000     NuStar Logistics LP     6.38 %     10/01/2030     1,504,426  
  250,000     Olympus Water US Holding Corporation     6.25 % (a)     10/01/2029     181,050  
  780,000     Park River Holdings, Inc.     5.63 % (a)     02/01/2029     605,506  
  1,435,000     PECF USS Intermediate Holding Corporation     8.00 % (a)     11/15/2029     808,809  
  1,250,000     Performance Food Group, Inc.     6.88 % (a)     05/01/2025     1,252,275  
  3,835,000     PetSmart, Inc.     7.75 % (a)     02/15/2029     3,814,821  
  7,250,000     Radiology Partners, Inc.     9.25 % (a)     02/01/2028     2,649,781  
  150,000     Royal Caribbean Cruises Ltd.     7.25 % (a)     01/15/2030     152,062  
  25,000     Sabre Global, Inc.     9.25 % (a)     04/15/2025     23,341  
  3,305,000     Sabre Global, Inc.     7.38 % (a)     09/01/2025     2,937,501  
  2,635,000     SEG Holding LLC     5.63 % (a)     10/15/2028     2,498,900  
  4,170,000     SWF Escrow Issuer Corporation     6.50 % (a)     10/01/2029     2,507,539  
  3,410,000     TKC Holdings, Inc.     10.50 % (a)     05/15/2029     2,595,283  
  885,000     TMS International Corporation     6.25 % (a)     04/15/2029     744,312  
  1,615,000     Trident TPI Holdings, Inc.     12.75 % (a)     12/31/2028     1,676,774  
  2,365,000     Triton Water Holdings, Inc.     6.25 % (a)     04/01/2029     2,032,150  
  3,610,000     Triumph Group, Inc.     7.75 %     08/15/2025     3,513,577  
  3,590,000     Uber Technologies, Inc.     8.00 % (a)     11/01/2026     3,662,830  
  1,500,000     Uber Technologies, Inc.     7.50 % (a)     09/15/2027     1,536,065  
  1,785,000     United Natural Foods, Inc.     6.75 % (a)     10/15/2028     1,481,773  
  2,460,000     Uniti Group LP     6.50 % (a)     02/15/2029     1,743,386  
  2,845,000     Univision Communications, Inc.     6.63 % (a)     06/01/2027     2,754,185  
  845,000     Venture Global LNG, Inc.     8.38 % (a)     06/01/2031     853,034  
  4,000,000     Verscend Escrow Corporation     9.75 % (a)     08/15/2026     4,017,688  
  2,400,000     ViaSat, Inc.     6.50 % (a)     07/15/2028     2,036,160  
  1,050,000     Vibrantz Technologies, Inc.     9.00 % (a)     02/15/2030     805,843  
  2,165,000     Viking Cruises Ltd.     13.00 % (a)     05/15/2025     2,274,748  
  3,140,000     Viking Cruises Ltd.     9.13 % (a)     07/15/2031     3,174,477  
  2,375,000     Virtusa Corporation     7.13 % (a)     12/15/2028     1,936,380  
  1,255,000     Weatherford International Ltd.     6.50 % (a)    09/15/2028     1,261,526  
  3,280,000     Weatherford International Ltd.     8.63 % (a)    04/30/2030     3,333,061  
  2,540,000     Wheel Pros, Inc.     6.50 % (a)    05/15/2029     768,731  
       

 

 

  
 

Total US Corporate Bonds (Cost $169,812,702)

         138,972,854  
       

 

 

  
 

US Government and Agency Mortgage Backed Obligations - 4.2%

      
  2,627,253     Federal Home Loan Mortgage Corporation REMICS, Series 3997-SA (-1 x 1 Month LIBOR USD + 6.50%, 6.50% Cap)     1.31 % (h)(j)    02/15/2042     270,294  
  2,940,059     Federal Home Loan Mortgage Corporation REMICS, Series 4091-VI (-1 x 1 Month LIBOR USD + 5.00%, 5.00% Cap)     0.00 % (h)(j)    11/15/2040     158,432  
  5,541,089     Federal Home Loan Mortgage Corporation REMICS, Series 4119-SC (-1 x 1 Month LIBOR USD + 6.15%, 6.15% Cap)     0.96 % (h)(j)    10/15/2042     546,455  
  3,020,200     Federal Home Loan Mortgage Corporation REMICS, Series 4643-SA (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)     0.81 % (h)(j)    01/15/2047     295,003  
  10,382,507     Federal Home Loan Mortgage Corporation REMICS, Series 4863-IA     4.50 % (h)    03/15/2045     1,253,409  
  16,184,693     Federal Home Loan Mortgage Corporation REMICS, Series 5004-SD (-1 x Secured Overnight Financing Rate 30 Day Average + 6.10%, 6.10% Cap)     1.03 % (h)(j)    08/25/2050     2,117,963  
  7,222,551     Federal Home Loan Mortgage Corporation, Series 313-S1 (-1 x 1 Month LIBOR USD + 5.90%, 5.90% Cap)     0.71 % (h)(j)    09/15/2043     639,815  
  7,685,228     Federal National Mortgage Association REMICS, Series 2012-124-SE (-1 x 1 Month LIBOR USD + 6.15%, 6.15% Cap)     1.00 % (h)(j)    11/25/2042     720,776  
  9,580,756     Federal National Mortgage Association REMICS, Series 2012-84-HS (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)     0.85 % (h)(j)    08/25/2042     965,318  
  5,171,039     Federal National Mortgage Association REMICS, Series 2017-69-ES (-1 x 1 Month LIBOR USD + 6.15%, 6.15% Cap)     1.00 % (h)(j)    09/25/2047     495,649  
  7,089,541     Federal National Mortgage Association REMICS, Series 2019-25-SB (-1 x 1 Month LIBOR USD + 6.05%, 6.05% Cap)     0.90 % (h)(j)    06/25/2049     612,165  
  42,900,355     Federal National Mortgage Association, Series 2019-M26-X1     0.73 % (d)(h)    03/25/2030     1,173,578  
  2,375,960     FREMF Mortgage Trust, Series 2016-KF19-B (1 Month LIBOR USD + 5.50%, 5.50% Floor)     10.69 % (a)    01/25/2024     2,390,470  
  1,242,131     FREMF Mortgage Trust, Series 2016-KF23-B (1 Month LIBOR USD + 5.15%)     10.34 % (a)    09/25/2023     1,240,054  
  4,231,168     FREMF Mortgage Trust, Series 2018-KF56-C (1 Month LIBOR USD + 5.80%, 5.80% Floor)     10.99 % (a)    11/25/2028     3,590,918  
  7,683,784     FREMF Mortgage Trust, Series 2019-KF71-C (1 Month LIBOR USD + 6.00%, 6.00% Floor)     11.19 % (a)    10/25/2029     7,311,857  
  10,838,727     Government National Mortgage Association, Series 2019-22-SA (-1 x 1 Month LIBOR USD + 5.60%, 5.60% Cap)     0.44 % (h)(j)    02/20/2045     952,948  
  5,994,693     Government National Mortgage Association, Series 2020-21-NS (-1 x 1 Month LIBOR USD + 6.05%, 6.05% Cap)     0.90 % (h)(j)    04/20/2048     447,482  
  7,105,120     Government National Mortgage Association, Series 2020-47-SL (-1 x 1 Month LIBOR USD + 5.37%, 5.37% Cap)     0.21 % (h)(j)    07/20/2044     414,928  
  12,751,463     Government National Mortgage Association, Series 2020-61-SU (-1 x 1 Month LIBOR USD + 5.60%, 5.60% Cap)     0.44 % (h)(j)    07/16/2045     956,956  
  4,779,732     Government National Mortgage Association, Series 2020-77-SU (-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)     0.94 % (h)(j)    09/20/2047     488,936  
  26,275,220     Government National Mortgage Association, Series 2021-97-SG (-1 x Secured Overnight Financing Rate 30 Day Average + 2.60%, 2.60% Cap)     0.00 % (h)(j)    06/20/2051     312,988  
  31,852,069     Government National Mortgage Association, Series 2021-H04-BI     0.71 % (d)(h)    02/01/2071     1,688,784  
  32,269,189     Government National Mortgage Association, Series 2021-H07-AI     0.02 % (d)(h)    05/20/2071     1,176,422  
       

 

 

  
 

Total US Government and Agency Mortgage Backed Obligations (Cost $44,503,614)

         30,221,600  
       

 

 

  
 

Escrow Notes - 0.0% (m)

      
  500,000     Alpha Holdings S.A. de C.V. (b)(k)     12/19/2024     —    
  500,000     Alpha Holdings S.A. de C.V. (b)(k)     12/19/2024     —    
  3,500,000     Alpha Holdings S.A. de C.V. (b)(k)     02/10/2025     —    
  3,500,000     Alpha Holdings S.A. de C.V. (b)(k)     02/10/2025     —    
       

 

 

  
 

Total Escrow Notes (Cost $—)

         —    
       

 

 

  
 

Preferred Stocks - 1.2%

      
  400,000     AGNC Investment Corporation, Series F (3 Month LIBOR USD + 4.70%) (g)     04/15/2025     8,396,000  
  30,000     Chimera Investment Corporation (3 Month LIBOR USD + 5.38%) (g)     03/30/2024     608,700  
  10,223     Riverbed Technologies, Inc. (b)(k)     11/17/2028     —    
       

 

 

  
 

Total Preferred Stocks (Cost $9,670,354)

         9,004,700  
       

 

 

  
 

Real Estate Investment Trusts - 0.9%

      
  650,000     AGNC Investment Corporation         6,584,500  
       

 

 

  
 

Total Real Estate Investment Trusts (Cost $8,298,947)

         6,584,500  
       

 

 

  
 

Short Term Investments - 0.1%

      
  263,485     First American Government Obligations Fund - Class U     5.03 % (l)        263,485  
  263,486     JP Morgan U.S. Government Money Market Fund - Institutional Share Class     5.03 % (l)        263,486  
  263,486     Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class     5.03 % (l)        263,486  
       

 

 

  
 

Total Short Term Investments (Cost $790,457)

         790,457  
       

 

 

  
 

Total Investments - 124.1% (Cost $1,074,332,419) (n)

         900,315,747  
  Liabilities in Excess of Other Assets - (24.1)%     (174,886,602 ) 
       

 

 

  
 

NET ASSETS - 100.0%

       $ 725,429,145  
       

 

 

  

 

  (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)

Interest only security

 

 

  (i)

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.

 

 

  (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 its agent, has 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.

 

 

  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

     24.4%  

Non-Agency Residential Collateralized Mortgage Obligations

     19.4%  

US Corporate Bonds

     19.2%  

Collateralized Loan Obligations

     17.9%  

Foreign Corporate Bonds

     14.0%  

Bank Loans

     12.4%  

Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations

     6.3%  

US Government and Agency Mortgage Backed Obligations

     4.2%  

Asset Backed Obligations

     4.1%  

Preferred Stocks

     1.2%  

Real Estate Investment Trusts

     0.9%  

Short Term Investments

     0.1%  

Escrow Notes

     0.0%  (m) 

Other Assets and Liabilities

     (24.1)%  
 

 

 

  
                100.0%  
 

 

 

  

 

INVESTMENT BREAKDOWN as a % of Net Assets:

 

Non-Agency Commercial Mortgage Backed Obligations

     24.4%  

Non-Agency Residential Collateralized Mortgage Obligations

     19.4%  

Collateralized Loan Obligations

     17.9%  

Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations

     6.3%  

Energy

     4.7%  

US Government and Agency Mortgage Backed Obligations

     4.2%  

Asset Backed Obligations

     4.1%  

Commercial Services

     3.4%  

Electronics/Electric

     3.2%  

Media

     3.0%  

Technology

     3.0%  

Real Estate

     2.6%  

Consumer Products

     2.5%  

Chemicals/Plastics

     2.3%  

Utilities

     2.0%  

Transportation

     1.7%  

Retailers (other than Food/Drug)

     1.6%  

Healthcare

     1.5%  

Mining

     1.5%  

Telecommunications

     1.3%  

Financial Intermediaries

     1.3%  

Hotels/Motels/Inns and Casinos

     1.3%  

Leisure

     1.2%  

Finance

     1.1%  

Insurance

     1.1%  

Automotive

     1.0%  

Business Equipment and Services

     0.8%  

Building and Development (including Steel/Metals)

     0.8%  

Aerospace & Defense

     0.7%  

Food Products

     0.7%  

Industrial Equipment

     0.6%  

Chemical Products

     0.5%  

Diversified Manufacturing

     0.5%  

Food/Drug Retailers

     0.4%  

Containers and Glass Products

     0.4%  

Construction

     0.3%  

Environmental Control

     0.3%  

Pharmaceuticals

     0.2%  

Short Term Investments

     0.1%  

Food Service

     0.1%  

Cosmetics/Toiletries

     0.1%  

Other Assets and Liabilities

     (24.1)%  
 

 

 

  
                100.0%  
 

 

 

  

 

Notes to Schedule of Investments

June 30, 2023 (Unaudited)

 

1.  Organization

DoubleLine Yield Opportunities Fund (the “Fund”) is organized as a non-diversified, limited term, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and the rules and regulations thereunder. 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.

The Fund sold and issued 5,000 shares of beneficial interest at $20.00 per share to DoubleLine Asset Management Company LLC (“DAMCO”), a wholly owned subsidiary of DoubleLine Capital LP (the “Adviser” or “DoubleLine Capital”). The Fund issued 46,000,000 common shares of beneficial interest in its initial public offering at $20.00 per share. The Fund issued an additional 1,900,000 common shares at $20.00 per share in connection with the underwriter’s over-allotment option.

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 net asset value (“NAV”) of such investments and are categorized as Level 1 of the fair value hierarchy.

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

Over-the-counter financial derivative instruments, such as forward currency exchange contracts, options contracts, or swap agreements, derive their values from underlying asset prices, indices, reference rates, other inputs or a combination of these factors. These instruments are normally valued on the basis of evaluations provided by independent pricing services or broker dealer quotations. Depending on the instrument and the terms of the transaction, the value of the derivative instruments can be estimated by a pricing service provider using a series of techniques, such as simulation pricing models. The pricing models use issuer details and other inputs that are observed from actively quoted markets such as indices, spreads, interest rates, curves, dividends and exchange rates. Derivatives that use similar valuation techniques and inputs as described above are normally categorized as Level 2 of the fair value hierarchy.

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 the Adviser, 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 Fund 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 (as defined below) 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, 2023:

 

Category

  

 

  

Investments in Securities

  

Level 1

  

Preferred Stocks

   $ 9,004,700  

Real Estate Investment Trusts

     6,584,500  

Money Market Funds

     790,457  

 

  

 

 

  

Total Level 1

     16,379,657  

Level 2

  

Non-Agency Commercial Mortgage Backed Obligations

   $ 177,245,272  

Non-Agency Residential Collateralized Mortgage Obligations

     140,798,100  

US Corporate Bonds

     138,972,854  

Collateralized Loan Obligations

     127,634,069  

Foreign Corporate Bonds

     101,219,185  

Bank Loans

     90,134,373  

Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations

     45,446,470  

Asset Backed Obligations

     23,818,435  

US Government and Agency Mortgage Backed Obligations

     30,221,600  

 

  

 

 

  

Total Level 2

     875,490,358  

Level 3

  

Asset Backed Obligations

   $ 5,586,325  

Collateralized Loan Obligations

     2,486,500  

Foreign Corporate Bonds

     372,907  

Escrow Notes

     —    

Preferred Stocks

     —    

 

  

 

 

  

Total Level 3

     8,445,732  

 

  

 

 

  

Total

   $         900,315,747  

 

  

 

 

  

Other Financial Instruments

  

Level 1

     —    

 

  

 

 

  

Level 2

  

Unfunded Loan Commitments

     (2,719 ) 

 

  

 

 

  

Total Level 2

     (2,719 ) 

Level 3

     —    

 

  

 

 

  

Total

   $ (2,719 ) 

 

  

 

 

  

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,
2022		     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,
2023		     Net Change in
Unrealized
Appreciation
(Depreciation)
on securities
held at
June 30,
2023(c)		  

Investments in Securities

                    

Asset Backed Obligations

   $ 12,701,366     $ 439     $ (7,914,904 )    $ —       $ 117,691     $ (22,576 )    $ 704,309     $ —       $ 5,586,325     $ (7,886,208 ) 

Collateralized Loan Obligations

     2,923,176       —         (436,676 )      —         —         —         —         —         2,486,500       (436,676 ) 

Foreign Corporate Bonds

     —         16,515       265,822       —         317,240       (226,670 )      —         —         372,907       68,106  

Preferred Stocks

     10,223       —         (10,223 )      —         —         —         —         —         —         (10,223 ) 

Escrow Notes

     —         —         —         —         —         —         —         —         —         —    

Common Stocks

     234,840       (235,427 )      246,465       —         —         (245,878 )      —         —         —         —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 15,869,605     $ (218,473 )    $ (7,849,516 )    $ —       $ 434,931     $ (495,124 )    $ 704,309     $ —       $ 8,445,732     $ (8,265,001 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(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, 2023 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 summary of quantitative information about Level 3 Fair Value Measurements:

 

      Fair
Value as
of
June 30,
2023		      Valuation
Techniques		    Unobservable
Input		    Unobservable Input Values
(Weighted Average)(e)		      Impact to valuation from an
increase to input

Asset Backed Obligations

    $ 5,586,325      Market Comparables    Market Quotes      $11.89 - $12,510.20 ($2,298.49)      Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security

Collateralized Loan Obligations

    $ 2,486,500      Market Comparables    Market Quotes      $49.73 ($49.73)      Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security

Foreign Corporate Bonds

    $ 372,907      Market Comparables    Market Quotes      $0.62 - $102.33 ($89.26)      Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security

Preferred Stocks

    $ —        Market Comparables    Market Quotes      $0.00 ($0.00)      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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