2023
ANNUAL REPORTDECEMBER 31, 2023

Oaktree Diversified Income Fund Inc.

* Please see inside front cover of the report for important information regarding delivery of shareholder reports.

IN PROFILE
Oaktree Fund Advisors, LLC (the “Adviser” or “Oaktree”) is an investment adviser
registered with the SEC and is also an affiliate and related adviser of Oaktree CapitalManagement, L.P., an investment adviser registered with the SEC. Oaktree serves as
the investment adviser to the Fund. Oaktree was founded in April 1995 and is a leader
among global investment managers specializing in alternative investments. Oaktree
manages assets across a wide range of investment strategies within four asset
classes: Credit, Private Equity, Real Assets, and Listed Equities. As of December 31,
2023, Oaktree had $189 billion in assets under management. Brookfield Public
Securities Group LLC (“PSG”) serves as the Administrator to the Fund. PSG is anindirect wholly-owned subsidiary of Brookfield Asset Management ULC with
$900 billion of assets under management as of December 31, 2023, an unlimited
liability company formed under the laws of British Columbia, Canada (“BAM ULC”).
Brookfield Corporation, a publicly traded company (NYSE: BN; TSX: BN), holds a 75%
interest in BAM ULC, while Brookfield Asset Management Ltd., a publicly
traded company (NYSE: BAM; TSX: BAMA) (“Brookfield Asset Management”), holds a
25% interest in BAM ULC. In 2019, Brookfield acquired a majority interest in Oaktree.
Oaktree Diversified Income Fund Inc. (the “Fund”) is managed by Oaktree Fund
Advisors, LLC. The Fund uses its website as a channel of distribution of material
company information. Financial and other material information regarding the Fund isroutinely posted on and accessible at https://publicsecurities.brookfield.com/
products/us-interval-funds/oaktree-diversified-income-fund?id=192692

As permitted by regulations adopted by the Securities and Exchange Commission, paper copiesof the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless
you specifically request paper copies of the reports. Instead, the reports will be made available on
the Fund’s website (https://publicsecurities.brookfield.com/en), and you will be notified by maileach time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by thischange and you need not take any action. You may elect to receive shareholder reports and othercommunications from the Fund electronically anytime by contacting your financial intermediary(such as a broker, investment adviser, bank or trust company) or, if you are a direct investor, by
calling the Fund (toll-free) at 1-855-777-8001 or by sending an e-mail request to the Fund at
publicsecurities.enquiries@brookfield.com.
You may elect to receive all future reports in paper free of charge. If you invest through a financial
intermediary, you may contact your financial intermediary to request that you continue to receive
paper copies of your shareholder reports. If you invest directly with the Fund, you may call
1-855-777-8001 or send an email request to publicsecurities.enquiries@brookfield.com to let theFund know you wish to continue receiving paper copies of your shareholder reports. Your election
to receive reports in paper will apply to all funds held in your account if you invest through yourfinancial intermediary or all funds held within the fund complex if you invest directly with the Fund.

TABLE OF CONTENTS
Letter to Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Management Discussion of Fund Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Portfolio Characteristics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Consolidated Schedule of Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Consolidated Statement of Assets and Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .42
Consolidated Statement of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .43
Consolidated Statements of Changes in Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .44
Consolidated Statement of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .45
Consolidated Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .46
Notes to Consolidated Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .47
Report of Independent Registered Public Accounting Firm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .61
Tax Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .62
Information Concerning Directors and Officers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .63
Dividend Reinvestment Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .66
Joint Notice of Privacy Policy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .67

This report is for shareholder information. This is not a Prospectus intended for use in the purchase or sale of Fund shares.

NOT FDIC INSURED

MAY LOSE VALUENOT BANK GUARANTEED[THIS PAGE IS INTENTIONALLY LEFT BLANK]LETTER TO SHAREHOLDERS
Dear Shareholders,
We are pleased to provide the Annual Report for the Oaktree Diversified Income Fund (the “Fund”) for the year
ended December 31, 2023.
Personal Consumption Expenditure (PCE) inflation continued to ease in the latter half of the year, and the widely
anticipated recession did not materialize. As a result, global equity and credit markets delivered strong returns, butwith several ups and downs in what was a volatile and eventful year. Market participants grappled with fundamental
data and its implications for interest rates across developed markets, especially in the U.S. where expectations forthe future path of policy rates evolved drastically.
Looking back to the first half of the year, U.S. regional banking turmoil drove speculations about a potential pause
in the Federal Reserve’s hiking cycle. However, the central bank maintained its hawkish stance in the face of resilient
economic data. Interest rates continued their climb in the second and third quarters, with the the 10-year U.S.
Treasury yield peaking in October just under 5%. Meanwhile, the ECB also hiked its deposit rate to an all-time highof 4%. In the fourth quarter, we observed evidence of easing inflation, dovish rhetoric from the Fed, and a growing
consensus among investors that the U.S. economy may avoid a recession. As a result, the yield on 10-year U.S.
Treasurys fell 45 bps to end the year below 4% and 1-year inflation expectations fell to the Fed’s target of
2.0%. Expectations of rate cuts in 2024 also increased — the Summary of Economic Projections from theDecember FOMC meeting suggested 75 bps of rate cuts in 2024, while futures markets priced in double that amounton September 30, 2023. Against this backdrop, global equities surged 4.9% in December. Fixed income markets
also rallied in response to lower rates and tighter credit spreads: global investment grade and high yield bonds
returned 3.7% and 3.5%, respectively, outperforming shorter-duration global senior loans, which gained 1.6% at
year-end. Notably, this outperformance caused high yield bonds to outperform senior loans for the full year period,a reversal in trend from the first half of the year in which higher rates fueled the performance of floating-rate assets.
Overall, it was a great period to be invested in credit, which delivered equity-like returns to investors, with less thancommensurate risk.
The Fund’s diversified asset mix of both public and private debt provided investors with a net return of 11.76% during
the period. High income was generated from the portfolio’s nearly 70% allocation to floating-rate debt given interest
rates remain above the ten-year average. Collateralized loan obligations (CLOs) were standout performers, especiallythe BBB- and BB-rated tranches we emphasized. Other structured credit also performed well, including
hospitality-related single asset single borrower (SASB) commercial mortgage-backed securities (CMBS). Senior loans
and high yield bonds also contributed positively, earning an attractive coupon and benefitting from spread compression
both in the U.S. and Europe. Falling rates late in the period were a tailwind for high yield bonds and other fixed rate
assets in the portfolio. Steady private credit performance was attributed to strength in a variety of sectors, but consumer
discretionary and information technology did particularly well. The portfolio’s allocation to global convertibles also
benefitted from strength in equity markets during the period, helped by exposures in the U.S., Europe, and Asia. Our
emerging markets exposure was modestly negative in what was a volatile period, particularly for Chinese corporates.
Looking ahead to 2024, we remain optimistic about credit delivering equity-like returns. While the high yield market
experienced a robust rally at the end of 2023, the asset class remains attractive due to several important factors:
high expected return, quality, and convexity. The average yield-to-maturity in the asset class is near 8% — which iswell above the ten-year average — and compelling compared to the roughly 5.0% offered in the investment gradebond market. Around half of the asset class is rated BB (the credit rating tier just below investment grade) and only
11% is rated CCC (the lowest tier), compared to 45% and 17%, respectively, a decade ago. This quality advantage
partly reflects the increase in the average size of high yield bond issuers in the last decade. Additionally, leverage
ratios in the asset class are fairly healthy compared to the pre-pandemic and long-term averages. U.S. high yieldbonds also still trade at an average price of 92 cents on the dollar, and their average duration is 3.3 years, roughly
half the average duration of investment grade bonds. Thus, high yield bonds should benefit meaningfully from thepull to par in the coming years as bonds mature. Additionally, all fixed rate assets, including high yield bonds, should
be better positioned than they were in recent years now that the likelihood of near-term interest rate increases has
fallen sharply.

2023 Annual Report1

LETTER TO SHAREHOLDERS (continued)
We also expect opportunities to continue to emerge as a result of weakness in the banking system. In recent years,
banks have had to contend with multiple challenges, including enormous sums of hung bridge debt, weakcommercial real estate books, and uncertainty surrounding potential regulatory changes. Thus, banks have often
reduced their lending activities, including in the areas they previously dominated. This has created the potential foralternative lenders to gain share in new markets that are uncorrelated or only modestly correlated with traditional
corporate lending deals. We believe this should keep our pipeline of private credit opportunities strong. Overall, we
believe the portfolio is well-positioned with a yield-to-worst over 11%, an average price in the mid-90s, and less than
one year duration. We believe the Fund’s emphasis on credit quality and its diversification may help mitigate risk,
positioning it to seek long-term income and capital appreciation. We believe that a focus on potential downside risk
is as important today as ever, and we are positioning the portfolio so that it will do well even if shocks develop. We
believe this approach will prove especially beneficial in today’s uncertain environment.
In addition to performance information and additional discussion of factors impacting the Fund, this report provides
the Fund’s audited financial statements and schedules of investments as of December 31, 2023.
We welcome your questions and comments and encourage you to contact our Investor Relations team at
1-855-777-8001 or visit us at https://publicsecurities.brookfield.com/en for more information.
Thank you for your support.
Sincerely,

Brian F. Hurley
President
Oaktree Diversified Income Fund Inc.

David W. Levi, CFA
Chief Executive Officer
Brookfield Public Securities Group LLC

Yield reflects yield to worst. Yield to worst is a measure of the lowest possible yield that can be received on a bond that fully operates within
the terms of its contract without defaulting.

1

These views represent the opinions of Oaktree Fund Advisors, LLC and are not intended to predict or depict theperformance of any investment. These views are primarily as of the close of business on December 31, 2023, andsubject to change based on subsequent developments.
Must be preceded or accompanied by a Prospectus.
Past performance is no guarantee of future results.
Investing involves risk. Principal loss is possible. Real assets includes real estate securities, infrastructure
securities and natural resources securities. Property values may fall due to increasing vacancies or
declining rents resulting from unanticipated economic, legal, cultural or technological developments.
Infrastructure companies may be subject to a variety of factors that may adversely affect their business,
including high interest costs, high leverage, regulation costs, economic slowdown, surplus capacity,
increased competition, lack of fuel availability and energy conservation policies. Natural resources
securities may be affected by numerous factors, including events occurring in nature, inflationary pressuresand international politics.
Quasar Distributors, LLC is the distributor of Oaktree Diversified Income Fund Inc.

2

OAKTREE DIVERSIFIED INCOME FUND INC.
MANAGEMENT DISCUSSION OF FUND PERFORMANCEThe Oaktree Diversified Income Fund (the “Fund”) Class D shares returned 11.76% for the year ended December 31,
2023 (net of fees). The Fund generated high income from its nearly 70% allocation to floating-rate debt given higher
interest rates. Collateralized loan obligations (CLOs) were standout performers, especially the BBB- and BB-rated
tranches we emphasized. Other structured credit also performed well, including hospitality-related single asset single
borrower (SASB) commercial mortgage-backed securities (CMBS). Senior loans and high yield bonds also
contributed positively, earning an attractive coupon and benefitting from spread compression both in the U.S. andEurope. Falling rates late in the year were also a tailwind for high yield bonds and other fixed-rate assets in theportfolio. Steady private credit performance was attributed to strength in a variety of sectors, but consumer
discretionary and information technology did particularly well. The portfolio’s allocation to global convertibles also
benefitted from strength in equity markets during the period, helped by exposures in the U.S., Europe, and Asia.
Our emerging markets exposure was modestly negative in what was a volatile period, particularly for Chinese
corporates.
The Fund’s largest sector allocations at the end of 2023 were software (8.5%), hotels, restaurants & leisure (5.9%),
commercial services & supplies (5.4%), and healthcare providers and services (4.4%). At the end of 2023, theFund’s investments had an average yield of 11.15%1 an average price in the mid-90s, and an effective duration ofless than one year. We believe this profile reflects significant upside potential for both yield and return, balanced
against the risk that interest rates could continue rising.
GLOBAL CREDIT MARKET OVERVIEWInflationary pressures eased in 2023, and the widely anticipated recession did not materialize. As a result, global
equity and credit markets delivered strong returns, but with several ups and downs in what was a volatile and eventful
year. Market participants grappled with fundamental data and its implications for interest rates across developed
markets, driving volatility in bond markets as expectations on the future path of policy rates continued to evolve
throughout the year. A strong rally in risk assets at the start of the year stumbled in February and March asi) evidence of persistent inflation-biased rates higher and ii) the highly publicized collapse of Silicon Valley Bankand takeover of Credit Suisse led to fears of contagion across the financial system. The regional banking turmoil
also drove speculations about a potential pause in the central banks’ hiking cycle, which were soon disappointed bytheir continued hawkish stance amid resilient economic data. Interest rates continued to climb in the second andthird quarters, with the ECB hiking its deposit rate to an all-time high of 4% and the 10-year U.S. Treasury yieldpeaking in October just under 5%. However, evidence of decelerating inflation led the Fed to turn more dovish at
the December FOMC meeting, prompting a material rally in interest rates and risk assets through the end of theyear amid growing optimism among investors that a soft landing can be achieved. In all, credit markets performed
well despite interest rate volatility: Global senior loans and high yield bonds gained 13.5% and 13.0%, respectively,
outperforming global investment grade bonds, which returned 9.0%.
OUTLOOK
Looking ahead to 2024, we remain optimistic about credit delivering equity-like returns. We continue to look foropportunities to balance a high current income with the potential for price appreciation across credit asset classes.
As we assess relative value opportunities within our core strategies, we are currently favoring high yield bonds relative
to senior loans for incremental deployment. Within our alpha strategies, CLOs and private credit continue to offersome of the most attractive risk-adjusted return potential in the portfolio over the next 12 months. Overall, we believethat the Fund is well-positioned heading into the new year and that its focus on credit quality and diversification may
help mitigate risk, positioning it to seek long-term income and capital appreciation. We believe that a focus on potential
downside risk is as important today as ever, and we are positioning the portfolio so that it will do well even if shocks
develop. We believe this approach will prove especially beneficial in today’s uncertain environment.
1 Source: Oaktree. Yield reflects yield to worst. Yield to worst is a measure of the lowest possible yield that can be received on a bond that fully
operates within the terms of its contract without defaulting.

Past performance is no guarantee of future results.
2023 Annual Report

3

OAKTREE DIVERSIFIED INCOME FUND INC.
AVERAGE ANNUAL TOTAL RETURNS
As of December 31, 2023

Class D Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S&P/LSTA Leveraged Loan Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1 YearSince Inception*

11.76%
13.11%

1.56%
5.72%

* Class D Shares commenced operations on November 1, 2021.

The graph below illustrates a hypothetical investment of $10,000 in the Fund from the commencement of investment
operations on November 1, 2021 to December 31, 2023 compared to the S&P/LSTA Leverage Loan Index.
$12,000$11,000$10,000$9,000$8,00011/1/21 12/31/21

3/31/22

6/30/22

9/30/22$10,342 Fund - Class D Shares

12/31/22

3/31/23

6/30/23

9/30/23

12/31/23$11,279 S&P/LSTA Leveraged Loan Index

The table and graphs do not reflect the deduction of taxes that a shareholder would pay on fund distributions or theredemption of fund shares.
Disclosure
All returns shown in USD.
S&P/LSTA (Loans Syndications and Trading Association) Leveraged Loan Index tracks the largest leveraged-loan-tomarket facilities, considering market weightings, spreads and interest payments.
An index does not reflect any fees, expenses or sales charges. It is not possible to invest directly in an index. Index
performance is shown for illustrative purposes only and does not predict or depict the performance of the Fund.
The Fund’s portfolio holdings are subject to change without notice. The mention of specific securities is not arecommendation or solicitation for any person to buy, sell or hold any particular security. There is no assurance that
the Fund currently holds these securities. Please refer to the Schedule of Investments contained in this report for a
full listing of fund holdings.
Performance data quoted represents past performance and is no guarantee of future results. Investment
return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth
more or less than their original cost. Current performance may be lower or higher than the performance data quoted.
Performance includes the reinvestment of income, dividends and capital gain distributions. To obtain performance
4

OAKTREE DIVERSIFIED INCOME FUND INC.
information current to the most recent month-end, please call 1-855-862-5873. Performance reflects management
fees and other fund expenses.
An investor should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing.
The Fund is subject to investment risks, including the possible loss of principal invested. Investing involves risk, andprincipal loss is possible. The Adviser employs an active approach to allocation across multiple credit sectors, butthere is no guarantee that such allocation techniques will produce the desired results. General interest rate
fluctuations may have a substantial negative impact on the Fund’s investments and investment opportunities, and,accordingly, may have a material adverse effect on the Fund’s rate of return. The Fund may invest in foreign
securities, including, but not limited to, risk related to exchange rate changes, political and economic upheaval, andrelatively low market liquidity, all of which are magnified in emerging markets. The Fund intends to invest in illiquid
investments which can face significant difficulties and delays associated with such transactions, and the Fund may
be unable to sell other illiquid investments when it desires to do so, resulting in the Fund obtaining a lower price orbeing required to retain the investment. Investments in derivatives involve special risks including correlation,
counterparty, liquidity, operational, accounting and tax risks. These risks, in certain cases, may be greater than therisks presented by more traditional investments.
High-yield debt securities rated below investment grade are commonly referred to as “junk bonds” and are considered
speculative. Investment by the Fund in lower-rated and non-rated securities presents a greater risk of loss to principal
and interest than higher-rated securities. Bank loans (including senior loans) are usually rated below investment
grade, and the market for bank loans may be subject to irregular trading activity, wide bid/ask spreads, restrictions
on resale, and extended trade settlement periods. The Fund’s investments in senior loans may be subject to greaterlevels of credit risk, call risk, settlement risk and liquidity risk than funds that do not invest in such securities. The
Fund may invest in distressed securities of corporate issuers that are the subject of bankruptcy proceedings orotherwise in default as to the repayment of principal and/or interest or in significant risk of being in such default
which is speculative and involves significant risk. Distressed Securities frequently do not produce income while they
are outstanding and may require the Fund to bear certain extraordinary expenses in order to protect and recover its
investment. The Fund may invest in loans that may be “covenant-lite,” generally loans that do not have financial
maintenance covenants, which can cause the Fund to have fewer rights against a borrower and may have a greaterrisk of loss on such investments.
The Fund may invest in a variety of mortgage related and other asset-backed securities, which are subject to greater
price volatility in relation to interest rate movements. Residential mortgage backed securities (RMBS) may be subject
to prepayment risk, meaning that securities may be paid off more quickly than originally anticipated and the Fund
will have to invest the proceeds in securities with lower yields. Commercial mortgage backed securities (CMBS)
may be subject to extension risk, meaning that the value of CMBS may be adversely affected in rising interest rateenvironments when payments on underlying mortgages do not occur as anticipated, resulting in the extension of
the security’s effective maturity and the related increase in interest rate sensitivity of a longer-term instrument.
Investments in collateralized loan obligations (CLOs) carry additional risks including, but not limited to: 1) the
possibility that distributions from collateral securities will not be adequate to make interest or other payments; 2) the
quality of the collateral may decline in value or default; 3) the possibility that the Fund may invest in CLOs that are
subordinate to other classes; and 4) the complex structure of the security may produce disputes with the issuer or
unexpected investment results.
Short term performance in particular is not a good indication of the Fund’s future performance and an investment
should not be made based solely on returns.
These views represent the opinions of Oaktree Fund Advisors, LLC and are not intended to predict or depict theperformance of any investment. These views are as of the close of business on December 31, 2023 and subject tochange based on subsequent developments.

2023 Annual Report

5

OAKTREE DIVERSIFIED INCOME FUND INC.
Portfolio Characteristics (Unaudited)
December 31, 2023

ASSETS BY SECTOR1
Corporate Credit— Senior Loans (Syndicated)— High Yield— Emerging Markets— Convertible Bonds— Investment Grade

29.7%
19.0%
2.4%
0.6%
0.0%

Total Corporate Credit

51.7%

Structured Credit— Collateralized Loan Obligations— Commercial Mortgage-Backed Securities— Residential Mortgage-Backed Securities— Asset-Backed Securities

15.9%
3.9%
2.4%
4.0%

Total Structured Credit

26.2%

Private Credit— Senior Loans— Preferred Stock— Common Stock— Warrants

18.2%
0.8%
0.1%
0.0%

Total Private Credit

19.1%

Money Market Fund

3.0%

Total

100.0%ASSETS BY GEOGRAPHY1
North America
Europe Ex UK
UK
Asia Ex Japan
South America
Africa

82.9%
8.3%
4.7%
2.2%
1.6%
0.3%

Total

100.0%

1

6

Percentages are based on total market value of investments.

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments
December 31, 2023

Description
CORPORATE CREDIT – 59.6%
Senior Loans (Syndicated) – 34.1%
Aerospace & Defense – 1.2%
AI Convoy Luxembourg Sarl,
First Lien Tranche B Term Loan
7.08% (3 Month EURIBOR + 3.75%), 01/18/27 (b)Cobham Ultra US Company Borrower LLC,
First Lien Tranche B Term Loan
9.36% (6 Month SOFR + 3.50%), 11/16/28 (b)Dynasty Acquisition Company, Inc.,
First Lien Tranche B2 Term Loan
9.35% (1 Month SOFR + 4.00%), 08/31/28 (b)Dynasty Acquisition Company, Inc.,
First Lien Tranche B1 Term Loan
9.35% (1 Month SOFR + 4.00%), 08/31/38 (b)Peraton Corp,
First Lien Tranche B Term Loan
9.20% (1 Month SOFR + 3.75%), 02/01/28 (b)TransDigm,First Lien Tranche I Term Loan
8.64% (3 Month SOFR + 3.25%), 08/15/28 (b)Country

Principal
AmountLuxembourg€240,000

Luxembourg$738,811

729,944

United States

193,022

193,763

United States

450,385

452,113

United States

562,928565,039

United States

621,867

Total Aerospace & Defense

Value

$

259,511625,477
2,825,847

Automobile Components – 0.2%
First Brands Group LLC,
First Lien Tranche B Term Loan
10.88% (6 Month SOFR + 5.00%), 03/24/27 (b)United States

494,911491,817

Automobiles – 0.2%
MajorDrive Holdings IV LLC,
First Lien Tranche B Term Loan
9.65% (3 Month SOFR + 4.00%), 06/01/28 (b)United States

497,449

496,828

Netherlands
Netherlands€250,000$495,000

277,337
496,005

United States

733,085

727,586

Beverages – 0.7%
Pegasus Bidco BV,First Lien Tranche B Term Loan
8.03% (3 Month EURIBOR + 4.25%), 07/12/29 (b)9.63% (3 Month SOFR + 4.25%), 04/20/29 (b)Triton Water Holdings, Inc.,
First Lien Tranche B Term Loan
8.90% (3 Month SOFR + 3.25%), 03/31/28 (b)Total Beverages
Building Products – 0.1%
Aquiles Spain Bidco SA,
First Lien Tranche B Term Loan
8.14% (6 Month EURIBOR + 4.85%), 02/19/29 (b)Chemicals – 1.0%
Ineos Enterprises Holdings II Ltd.,First Lien Tranche B Term Loan
7.96% (3 Month EURIBOR + 4.00%), 06/23/30 (b)INEOS Finance PLC,
First Lien Tranche B Term Loan
7.85% (1 Month EURIBOR + 4.00%), 11/03/27 (b)1,500,928

Spain€300,000

314,556

United States

250,000

275,771

Luxembourg

247,403273,365

See Notes to Consolidated Financial Statements.
2023 Annual Report

7

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (continued)
December 31, 2023

Description
CORPORATE CREDIT (continued)
Ineos Quattro Holdings UK Ltd.,First Lien Tranche B Term Loan
8.35% (1 Month EURIBOR + 4.50%), 04/03/29 (b)SCIH Salt Holdings, Inc.,
First Lien Tranche B Term Loan
9.44% (1 Month SOFR + 4.00%), 03/16/27 (b)Windsor Holdings III LLC,
First Lien Tranche B Term Loan
8.38% (1 Month EURIBOR + 4.50%), 08/01/30 (b)9.82% (1 Month SOFR + 4.50%), 08/01/30 (b)Country

Principal
AmountUnited States€250,000

United States$904,007

906,620

United States
United States€160,000$299,250

178,011
301,868

Total Chemicals
Commercial Services & Supplies – 2.7%
Access CIG LLC,
First Lien Term Loan
10.39% (3 Month SOFR + 5.00%), 08/15/28 (b)Allied Universal Holdco LLC,
First Lien Tranche B Term Loan
9.20% (1 Month SOFR + 3.75%), 05/12/28 (b)American Auto Auction Group LLC,
Second Lien Term Loan
14.14% (3 Month SOFR + 8.75%), 12/30/28 (b)Apleona Holding GmbH,First Lien Tranche B Term Loan
8.65% (3 Month EURIBOR + 4.70%), 04/28/28 (b)Atlas Luxco 4 SARL,First Lien Tranche B Term Loan
7.62% (1 Month EURIBOR + 3.75%), 05/12/28 (b)Freshworld Holding III GMBH,
First Lien Tranche B Term Loan
7.49% (3 Month EURIBOR + 3.75%), 10/02/26 (b)Garda World Security Corp.,
First Lien Tranche B Term Loan
9.75% (3 Month SOFR + 4.25%), 10/30/26 (b)Restaurant Technologies, Inc.,
First Lien Tranche B Term Loan
9.64% (3 Month SOFR + 4.25%), 03/17/29 (b)TMS International Corp.,
First Lien Tranche B Term Loan
10.11% (1 Month SOFR + 4.75%), 03/07/30 (b)Trugreen LP,
First Lien Tranche B Term Loan
9.45% (1 Month SOFR + 4.00%), 10/29/27 (b)USIC Holdings Inc.,
First Lien Tranche B Term Loan
8.94% (3 Month SOFR + 3.50%), 05/31/28 (b)Total Communications Equipment
See Notes to Consolidated Financial Statements.
8$

271,847

2,207,482

United States

947,625

950,392

United States

822,799820,668

United States

483,000

451,605

Germany€145,000

160,823

Luxembourg

246,843

265,315

Germany

250,000

273,211

Canada$1,000,000

1,003,049

United States

875,282

869,155

United States

496,250

499,972

United States

610,575

590,884

United States

322,351

320,417

Total Commercial Services & Supplies
Communications Equipment – 0.6%
Genesys Cloud Services Holdings II LLC,
First Lien Tranche B Term Loan
9.46% (1 Month SOFR + 4.00%), 12/01/27 (b)Sorenson Communications LLC,
First Lien Tranche B Term Loan
10.96% (1 Month SOFR + 5.50%), 03/17/26 (b)Value

6,205,491

United States

745,532

749,323

United States

619,399

618,111
1,367,434

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (continued)
December 31, 2023

Description
CORPORATE CREDIT (continued)
Construction & Engineering – 1.1%
ADB Companies LLC,
First Lien Term Loan
12.00% (3 Month SOFR + 6.50%), 12/18/25 (b) (c)Artera Services LLC,
First Lien Term Loan
8.99% (3 Month SOFR + 3.50%), 03/06/25 (b)Tiger Acquisition LLC,
First Lien Tranche B Term Loan
8.70% (1 Month SOFR + 3.25%), 06/01/28 (b)Country

Principal
AmountUnited States$1,199,966

United States

585,461

552,804

United States

736,809734,584

Total Construction & Engineering
Consumer Staples Distribution & Retail – 0.1%
Bellis Acquisition Company PLC,
First Lien Tranche B Term Loan
6.06% (6 Month EURIBOR + 2.75%), 02/16/26 (b)Containers & Packaging – 1.1%
Charter Next Generation, Inc.,
First Lien Tranche B Term Loan
9.21% (1 Month SOFR + 3.75%), 12/01/27 (b)Clydesdale Acquisition Holdings, Inc.,
First Lien Tranche B Term Loan
9.62% (1 Month SOFR + 4.18%), 06/30/29 (b)Kouti BV,First Lien Tranche B Term Loan
8.53% (3 Month EURIBOR + 4.75%), 08/31/28 (b)ProAmpac LLC,
First Lien Tranche B Term Loan
9.87% (3 Month SOFR + 4.50%), 09/15/28 (b)1,172,487

United Kingdom€250,000

274,855

United States$994,891

1,000,647

United States

474,037

476,703

Netherlands€200,000

221,963

United States$913,644

916,4992,615,812

United States

434,222

365,506

United States

654,600

657,670

Total Distributors
Diversified Consumer Services – 2.6%
AI Aqua Merger Sub, Inc.,
First Lien Tranche B Term Loan
9.07% (1 Month SOFR + 3.75%), 07/31/28 (b)9.58% (CME Term SOFR 1 Month + 4.25%), 07/31/28 (b)Houghton Mifflin Harcourt Co.,First Lien Tranche B Term Loan
10.70% (1 Month SOFR + 5.25%), 04/04/29 (b)KUEHG Corp.,
First Lien Term Loan
10.39% (3 Month SOFR + 5.00%), 05/31/30 (b)Lakeshore Learning,First Lien Tranche B Term Loan
8.96% (1 Month SOFR + 3.50%), 09/29/28 (b)$2,459,875

Total Containers & Packaging
Distributors – 0.5%
American Tire Distributors, Inc.,
First Lien Tranche B Term Loan
11.91% (3 Month SOFR + 6.25%), 10/08/28 (b)Dealer Tire Financial LLC,
First Lien Tranche B2 Term Loan
9.85% (1 Month SOFR + 4.50%), 12/14/27 (b)Value

1,023,176

United States
United States

495,082
400,000

496,078
402,500

United States

344,265

338,548

United States

652,365

656,035

United States

497,462497,619

See Notes to Consolidated Financial Statements.
2023 Annual Report

9

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (continued)
December 31, 2023

Description
CORPORATE CREDIT (continued)
Renaissance Holdings Corp.,
First Lien Term Loan
10.10% (1 Month SOFR + 4.75%), 06/02/25 (b)University Support Services LLC,
First Lien Tranche B Term Loan
8.70% (1 Month SOFR + 3.25%), 09/30/28 (b)Verisure Holding AB,
First Lien Tranche B Term Loan
6.97% (3 Month EURIBOR + 3.00%), 03/27/28 (b)Country

Principal
AmountUnited States$498,750

Canada2,725,888

2,729,636

Sweden€250,000

274,608

Total Diversified Consumer Services
Diversified Telecommunication Services – 0.7%
Altice France SA,
First Lien Tranche B Term Loan
8.66% (3 Month EURIBOR + 5.00%), 10/28/27 (b)CCI Buyer, Inc.,
First Lien Tranche B Term Loan
9.39% (3 Month SOFR + 4.00%), 12/31/27 (b)Cincinnati Bell, Inc.,
First Lien Tranche B2 Term Loan
8.70% (CME Term SOFR 1 Month + 3.25%), 12/29/28 (b)Numericable U.S. LLC,
First Lien Tranche B14-EXT Term Loan
9.46% (3 Month EURIBOR + 5.50%), 08/17/28 (b)Electronic Equipment Instruments & Components – 0.6%
LTI Holdings, Inc.,
First Lien Tranche B Term Loan
8.94% (1 Month SOFR + 3.50%), 09/06/25 (b)Sonicwall US Holdings Inc,
First Lien Term Loan
10.40% (CME Term SOFR 1 Month + 5.00%), 05/31/28 (b)$501,174

5,896,198

Luxembourg

228,275

245,893

United States$742,366

741,305

United States

525,000

521,252

France€199,000

197,899

Total Diversified Telecommunication Services
Electric Utilities – 0.2%
Lackawanna Energy Center LLC,
First Lien Tranche B2 Term Loan
10.32% (1 Month SOFR + 5.00%), 07/20/29 (b)Value

1,706,349

United States$409,199

405,449

United States

976,804

945,263

United States

500,000

496,250

Total Electronic Equipment Instruments & Components

1,441,513

Entertainment – 0.4%
City Football Group Ltd.,First Lien Tranche B Term Loan
8.46% (1 Month SOFR + 3.00%), 07/21/28 (b)United Kingdom893,680

891,075

Financial Services – 0.3%
Boost Newco Borrower LLC,
First Lien Tranche B Term Loan
3.75% (CME Term SOFR 1 Month + 3.00%), 09/21/30 (b)United States

575,000

578,235

Food Products – 0.4%
Froneri International Ltd.,First Lien Tranche B Term Loan
7.70% (1 Month SOFR + 2.25%), 01/29/27 (b)United States

429,773430,762

See Notes to Consolidated Financial Statements.
10

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (continued)
December 31, 2023

Description
CORPORATE CREDIT (continued)
Upfield USA Corp.,
First Lien Tranche B7 Term Loan
9.93% (CME Term SOFR 1 Month + 4.75%), 01/03/28 (b)Country

Principal
AmountNetherlands$500,000

Total Food Products
Health Care Equipment & Supplies – 0.5%
Bausch + Lomb Corp.,
First Lien Tranche B Term Loan
8.76% (1 Month SOFR + 3.25%), 05/05/27 (b)Medline Borrower LP,
First Lien Tranche B Term Loan
8.46% (1 Month SOFR + 3.00%), 09/29/28 (b)492,375

United States

895,081

887,812

United States

240,552

242,036
1,129,848

United States

584,156

514,641

United States

418,690

403,198

United States
United States

497,455
500,000

498,811501,615

United States

908,032

908,746

United States

497,468

499,334

France€250,000

256,706

United Kingdom

250,000

276,246

Germany

250,000

274,846

Germany

115,000

126,954

United States$846,408

844,821

United States

100,000

100,532

United States

400,000

402,165

Total Health Care Providers & Services
Health Care Technology – 1.2%
athenaHealth Group, Inc.,
First Lien Tranche B Term Loan
8.60% (1 Month SOFR + 3.25%), 02/15/29 (b)$923,137

Total Health Care Equipment & Supplies
Health Care Providers & Services – 2.4%
Baart Programs, Inc.,
Second Lien Tranche DD Delay Draw Term Loan
14.15% (3 Month SOFR + 8.50%), 06/11/28 (b) (c)Baart Programs, Inc.,
First Lien Tranche DD Delay Draw Term Loan
10.65% (3 Month SOFR + 5.00%), 06/11/27 (b) (c)CHG Healthcare Services, Inc.,
First Lien Term Loan
8.71% (1 Month SOFR + 3.25%), 10/31/28 (b)9.06% (3 Month SOFR + 3.75%), 09/29/28 (b)Covetrus, Inc.,
First Lien Term Loan
10.39% (3 Month SOFR + 5.00%), 09/20/29 (b)Electron Bidco, Inc.,
First Lien Term Loan
8.46% (1 Month SOFR + 3.00%), 10/31/28 (b)HomeVi SASU,
First Lien Tranche B Term Loan
7.71% (3 Month EURIBOR + 4.00%), 10/31/26 (b)IVC Acquisition Ltd.,First Lien Tranche B Term Loan
8.98% (3 Month EURIBOR + 5.00%), 11/17/28 (b)Nidda Healthcare Holding GmbH,First Lien Tranche F Term Loan
7.31% (3 Month EURIBOR + 3.50%), 08/21/26 (b)Schon Klinik SE, Tranche B Term Loan
4.50%, 11/27/30
Southern Veterinary Partners LLC,
First Lien Term Loan
9.46% (1 Month SOFR + 4.00%), 10/01/27 (b)Surgery Center Holdings, Term Loan
8.86%, 12/05/30
Vetstrategy Canada Holdings Inc, Tranche B Term Loan
10.87%, 11/16/28

Value

5,608,615

United States

680,562

678,521

See Notes to Consolidated Financial Statements.
2023 Annual Report

11

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (continued)
December 31, 2023

Description
CORPORATE CREDIT (continued)
FinThrive Software Intermediate Holdings, Inc.,
Second Lien Term Loan
12.21% (1 Month SOFR + 6.75%), 12/17/29 (b)Polaris Newco LLC,
First Lien Tranche B Term Loan
7.87% (1 Month EURIBOR + 4.00%), 06/02/28 (b)9.46% (1 Month SOFR + 4.00%), 06/02/28 (b)Country

Principal
AmountUnited States$2,082,000

United States
United States€244,375$550,025

Total Health Care Technology
Hotels Restaurants & Leisure – 2.1%
Alterra Mountain Co.,First Lien Tranche B Term Loan
8.96% (1 Month SOFR + 3.50%), 08/17/28 (b)Carnival Corp.,
First Lien Tranche B Term Loan
8.32% (1 Month SOFR + 3.00%), 08/02/27 (b)Entain Holdings Gibraltar Ltd.,First Lien Tranche B2 Term Loan
8.99% (3 Month SOFR + 3.50%), 10/18/29 (b)Flutter Financing BV,
First Lien Tranche B Term Loan
8.90% (3 Month SOFR + 3.25%), 07/04/28 (b)Flynn Restaurant Group LP,
First Lien Tranche B Term Loan
9.71% (1 Month SOFR + 4.25%), 11/22/28 (b)Inspire Brands,
First Lien Tranche B Term Loan
8.45% (1 Month SOFR + 3.00%), 12/15/27 (b)Kingpin Intermediate Holdings LLC,
First Lien Tranche B Term Loan
8.85% (1 Month SOFR + 3.50%), 02/08/28 (b)Ontario Gaming GTA LP,First Lien Tranche B Term Loan
9.64% (3 Month SOFR + 4.25%), 07/20/30 (b)Whatabrands LLC,
First Lien Tranche B Term Loan
8.46% (1 Month SOFR + 3.00%), 08/03/28 (b)Independent Power and Renewable Electricity Producers – 1.4%
Eastern Power LLC,
First Lien Tranche B Term Loan
9.21% (1 Month SOFR + 3.75%), 10/02/25 (b)Generation Bridge Northeast LLC,
First Lien Tranche B Term Loan
9.60% (1 Month SOFR + 4.25%), 08/31/29 (b)Granite Generation LLC,
First Lien Tranche B Term Loan
9.21% (CME Term SOFR 1 Month + 3.75%), 11/09/26 (b)See Notes to Consolidated Financial Statements.
12$

1,255,966
263,427
543,355
2,741,269

United States

920,663

923,158

United States

746,250

749,048

United Kingdom

263,341

264,164

Ireland106,557

107,060

United States

980,000

986,125

United States

497,468

498,888

United States

223,875

224,155

Canada375,000

377,076

United States

782,351

Total Hotels Restaurants & LeisureHousehold Durables – 0.1%
Hunter Douglas, Inc.,
First Lien Tranche B Term Loan
8.89% (3 Month SOFR + 3.50%), 02/09/29 (b)Value784,659
4,914,333

Netherlands

301,030

300,428

United States

500,000

492,850

United States

489,509492,060

United States

750,000

749,476

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (continued)
December 31, 2023

Description
CORPORATE CREDIT (continued)
Helix Gen Funding LLC,
First Lien Tranche B Term Loan
10.10% (3 Month SOFR + 4.75%), 12/31/27 (b)Lackawanna Energy Center LLC,
First Lien Tranche C Term Loan
10.32% (1 Month SOFR + 5.00%), 07/20/29 (b)Parkway Generation LLC,
First Lien Tranche B Term Loan
10.18% (3 Month SOFR + 4.75%), 11/06/28 (b)Parkway Generation LLC,
First Lien Tranche C Term Loan
10.18% (3 Month SOFR + 4.75%), 11/06/28 (b)Talen Energy Supply LLC,
First Lien Tranche TLC-EXIT Term Loan
9.88% (3 Month SOFR + 4.50%), 04/20/30 (b)Talen Energy Supply LLC,
First Lien Tranche TLB-EXIT Term Loan
9.88% (3 Month SOFR + 4.50%), 04/20/30 (b)Country

Principal
AmountUnited States$233,149

United States

88,74587,931

United States

678,277

653,930

United States

89,87686,650

United States

123,095

123,967

United States

350,145352,626

Total Independent Power and Renewable Electricity Producers
Insurance – 0.4%
Asurion LLC,
First Lien Tranche B10 Term Loan
9.45% (1 Month SOFR + 4.00%), 08/31/28 (b)Asurion LLC,
Second Lien Tranche B3 Term Loan
10.71% (1 Month SOFR + 5.25%), 01/31/28 (b)HUB International Ltd.,First Lien Tranche B Term Loan
9.66% (3 Month SOFR + 4.25%), 06/08/30 (b)Leisure Products – 0.4%
Gibson Brands, Inc.,
First Lien Tranche B Term Loan
10.66% (3 Month SOFR + 5.00%), 08/11/28 (b)Peloton Interactive,
First Lien Term Loan
12.48% (6 Month SOFR + 7.00%), 05/17/27 (b)Total Life Sciences Tools & Services

234,141

United States

241,389

240,709

United States

350,000

334,541

United States

374,063

376,141
951,391

United States

1,637,000

1,612,445

United States

392,000

351,493

United States

641,740

646,392

Total Leisure ProductsLife Sciences Tools & Services – 0.4%
Catalent Pharma Solutions,First Lien Tranche B4 Term Loan
8.36% (1 Month SOFR + 3.00%), 02/22/28 (b)Sotera Health Holdings LLC,
First Lien Tranche B Term Loan
9.09% (1 Month SOFR + 3.75%), 12/11/26 (b)$3,273,631

Total Insurance
Interactive Media & Services – 0.7%
Ancestry.com, Inc.,
First Lien Term Loan
9.36% (1 Month SOFR + 5.50%), 12/12/33 (b)Value

997,885

United States

300,000

300,750

United States

497,500

498,435
799,185

See Notes to Consolidated Financial Statements.
2023 Annual Report

13

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (continued)
December 31, 2023

Description
CORPORATE CREDIT (continued)
Machinery – 0.4%
Delachaux Group SA,
First Lien Tranche B Term Loan
8.15% (3 Month EURIBOR + 4.25%), 04/16/29 (b)Emerald Debt Merger Sub LLC,
First Lien Tranche B Term Loan
8.35% (1 Month SOFR + 3.00%), 04/17/30 (b)SPX FLOW, Inc.,
First Lien Tranche B Term Loan
9.95% (1 Month SOFR + 4.50%), 04/05/29 (b)Country

Principal
AmountUnited States€239,144

United States$250,373

251,547

United States

500,000

502,292

Total MachineryMedia – 1.9%
Aragorn Parent Corp.,
First Lien Tranche B Term Loan
9.57% (CME Term SOFR 1 Month + 4.25%), 12/14/28 (b)Century DE Buyer LLC,
First Lien Term Loan
9.58% (CME Term SOFR 1 Month + 4.00%), 09/19/30 (b)Directv Financing LLC,
First Lien Term Loan
10.65% (3 Month SOFR + 5.00%), 08/02/27 (b)Gray Television, Inc.,
First Lien Tranche D Term Loan
8.46% (1 Month SOFR + 3.00%), 11/30/28 (b)McGraw-Hill Education, Inc.,
First Lien Tranche B Term Loan
10.21% (1 Month SOFR + 4.75%), 07/28/28 (b)Univision Communications, Inc.,
First Lien Tranche B Term Loan
9.59% (3 Month SOFR + 4.25%), 06/24/29 (b)Virgin Media SFA Finance Ltd.,First Lien Tranche L Term Loan
8.47% (Daily SONIA + 3.25%), 01/15/27 (b)Virgin Media, Inc., Term Loan
7.33%, 10/15/31
WideOpenWest Finance,
First Lien Tranche B Term Loan
8.39% (3 Month SOFR + 3.00%), 12/31/28 (b)Total Metals & Mining

See Notes to Consolidated Financial Statements.
14$

264,388

1,018,227

United States

650,111650,316

United States

350,000

351,531

United States

797,500

798,948

United States

497,462494,781

United States

473,096473,245

United States

494,975

496,955

United Kingdom£135,000

170,981

United Kingdom€115,000

127,166

United States$746,826

694,029

Total Media
Metals & Mining – 0.5%
American Rock Salt Company LLC,
First Lien Tranche B Term Loan
9.46% (1 Month SOFR + 4.00%), 06/05/28 (b)Arsenal AIC Parent,
First Lien Tranche B Term Loan
9.85% (1 Month SOFR + 4.50%), 08/18/30 (b)Vibrantz Technologies, Inc.,
First Lien Tranche B Term Loan
9.81% (3 Month SOFR + 4.25%), 03/30/29 (b)Value

4,257,952

United States

493,671

468,062

United States

299,250

300,933

United States

470,050

451,591
1,220,586

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (continued)
December 31, 2023

Description
CORPORATE CREDIT (continued)
Oil Gas & Consumable Fuels – 0.4%
AL NGPL Holdings LLC,
First Lien Tranche B Term Loan
8.85% (CME Term SOFR 1 Month + 3.75%), 04/14/28 (b)Freeport LNG Investments LLP,First Lien Tranche B Term Loan
9.09% (3 Month SOFR + 3.50%), 11/17/28 (b)Country

Principal
AmountUnited States$297,406

United States

674,305

Total Oil Gas & Consumable Fuels
Passenger Airlines – 0.7%
AAdvantage Loyalty IP Ltd.,First Lien Term Loan
10.43% (CME Term SOFR 3 Month + 4.75%), 04/20/28 (b)Air Canada,First Lien Tranche B Term Loan
9.13% (3 Month SOFR + 3.50%), 08/11/28 (b)Mileage Plus Holdings LLC,
First Lien Tranche B Term Loan
10.80% (3 Month SOFR + 5.25%), 07/30/27 (b)United Airlines, Inc.,
First Lien Tranche B Term Loan
9.21% (1 Month SOFR + 3.75%), 04/21/28 (b)Total Professional Services

297,965
674,969

United States

500,000

514,415

Canada541,253

543,577

United States

141,400

146,450

United States

389,940

391,890
1,596,332

Czech Republic€250,000

276,958

Luxembourg$323,375

323,579

United Kingdom€250,000

276,462

Total Pharmaceuticals
Professional Services – 0.7%
DTI Holdco, Inc.,
First Lien Tranche B Term Loan
9.80% (3 Month SOFR + 4.75%), 04/23/29 (b)Element Materials Technology Group US Holdings, Inc.,
First Lien Tranche DD Delay Draw Term Loan
9.74% (3 Month SOFR + 4.25%), 09/28/29 (b)Element Materials Technology Group US Holdings, Inc.,
First Lien Tranche B Term Loan
9.74% (3 Month SOFR + 4.25%), 04/12/29 (b)Project Alpha Intermediate Holding, Inc.,
First Lien Tranche B Term Loan
10.09% (1 Month SOFR + 4.75%), 10/18/30 (b)Skopima Consilio Parent LLC,
First Lien Tranche B Term Loan
9.46% (1 Month SOFR + 4.00%), 05/31/28 (b)$972,934

Total Passenger Airlines
Pharmaceuticals – 0.4%
AI Sirona Luxembourg Acquisition Sarl,
First Lien Tranche B Term Loan
8.85% (3 Month EURIBOR + 5.00%), 09/29/28 (b)Curium Bidco Sarl,
First Lien Tranche B Term Loan
9.89% (3 Month SOFR + 4.50%), 07/31/29 (b)Pharmanovia Bidco Ltd.,First Lien Tranche B Term Loan
7.78% (3 Month EURIBOR + 4.00%), 08/07/26 (b)Value

876,999

United States$142,639

141,340

United States

88,19187,640

United States

191,081

189,887

United States

350,000

352,588

United States

917,573915,852
1,687,307

See Notes to Consolidated Financial Statements.
2023 Annual Report

15

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (continued)
December 31, 2023

Description
CORPORATE CREDIT (continued)
Software – 3.4%
Capstone Borrower, Inc.,
First Lien Tranche B Term Loan
9.08% (3 Month SOFR + 3.75%), 06/17/30 (b)Castle US Holding Corp.,
First Lien Tranche B Term Loan
7.17% (3 Month EURIBOR + 3.75%), 01/29/27 (b)9.36% (3 Month SOFR + 4.00%), 01/29/27 (b)Claudius Finance Sarl,
First Lien Tranche B Incremental Term Loan
3.75% (3 Month EURIBOR + 3.75%), 07/10/28 (b)Epicor Software Corp.,
First Lien Tranche D Incremental Term Loan
9.10% (1 Month SOFR + 3.75%), 07/30/27 (b)eResearchTechnology, Inc.,
First Lien Tranche B Term Loan
9.96% (1 Month SOFR + 4.50%), 02/04/27 (b)I-Logic Technologies Bidco Ltd.,First Lien Tranche B Term Loan
7.96% (3 Month EURIBOR + 4.00%), 02/16/28 (b)Instructure Holdings, Inc.,
First Lien Tranche B Term Loan
8.68% (CME Term SOFR 1 Month + 2.75%), 10/30/28 (b)ION Corporate Solutions Finance Sarl,
First Lien Tranche B Term Loan
7.72% (3 Month EURIBOR + 3.75%), 03/13/28 (b)ION Trading Technologies Sarl,
First Lien Tranche B Term Loan
8.22% (3 Month EURIBOR + 4.25%), 03/31/28 (b)McAfee Corp.,
First Lien Tranche B Term Loan
7.85% (3 Month EURIBOR + 3.75%), 02/02/29 (b)9.19% (CME Term SOFR 1 Month + 3.75%), 03/01/29 (b)Mitchell International, Inc.,
First Lien Tranche B Term Loan
9.40% (3 Month SOFR + 3.75%), 10/02/28 (b)Planview Parent, Inc.,
First Lien Term Loan
9.65% (3 Month SOFR + 4.00%), 12/17/27 (b)Proofpoint,
First Lien Tranche B Term Loan
8.71% (1 Month SOFR + 3.25%), 06/09/28 (b)Quartz Acquireco LLC,
First Lien Tranche B Term Loan
8.85% (1 Month SOFR + 3.50%), 06/28/30 (b)Seine Finance SARL, Tranche B Term Loan
8.50%, 11/15/30
TIBCO Software, Inc.,
First Lien Tranche A Term Loan
9.99% (3 Month SOFR + 4.50%), 09/29/28 (b)TIBCO Software, Inc.,
First Lien Tranche B Term Loan
9.99% (3 Month SOFR + 4.50%), 03/19/29 (b)See Notes to Consolidated Financial Statements.
16

Country

Principal
AmountUnited States$431,787

United States
United States€244,289$983,228

191,812687,276

Luxembourg€190,000

208,988

United States$500,000

505,000

United States

893,838

894,047

United Kingdom€194,501

212,196

United States$285,000

286,781

Luxembourg€250,000

274,723

Ireland250,000

267,017

United States
United States

246,875$498,734

269,282
498,009

United States

558,847

559,411

United States

318,968

316,954

United States

497,462498,308

United States

299,250

300,559

France€135,000

149,732

United States$191,376

187,115

United States

466,286

456,641Value$

432,867OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (continued)
December 31, 2023

Description
CORPORATE CREDIT (continued)
UKG, Inc.,
Second Lien Term Loan
10.76% (3 Month SOFR + 5.25%), 05/03/27 (b)Country

Principal
AmountUnited States$500,000

Total Software
Specialty Retail – 0.6%
Global Blue Acquisition BV,First Lien Term Loan
8.96% (3 Month EURIBOR + 5.00%), 12/05/30 (b)Great Outdoors Group LLC,
First Lien Tranche B2 Term Loan
9.40% (1 Month SOFR + 3.75%), 03/31/28 (b)Harbor Freight Tools USA, Inc.,
First Lien Tranche B Term Loan
8.21% (1 Month SOFR + 2.75%), 10/19/27 (b)Motor Fuel Group,First Lien Tranche B5 Term Loan
11.29% (Daily SONIA + 6.00%), 06/21/28 (b)Transportation Infrastructure – 0.7%
Apple Bidco LLC,
First Lien Tranche B Term Loan
8.85% (CME Term SOFR 1 Month + 4.00%), 09/22/28 (b)Brown Group Holding LLC,
First Lien Tranche B2 Term Loan
9.13% (3 Month SOFR + 3.75%), 06/30/29 (b)$501,920
7,698,638

United States€160,000

176,632

United States$493,687

494,303

United States

487,610487,698

United States£250,000

Total Specialty Retail
Textiles Apparel & Luxury Goods – 0.1%
Amer Sports Holding Oy,
First Lien Tranche B Term Loan
7.65% (3 Month EURIBOR + 4.00%), 03/30/26 (b)Value

313,235
1,471,868

Finland€250,000

277,060

United States$997,500

1,002,178

United States

497,481

499,486

Total Transportation Infrastructure

1,501,664

Total Senior Loans (Syndicated)

78,534,654

High Yield – 22.0%
Aerospace & Defense – 0.4%
Bombardier, Inc.
6.00%, 02/15/28 (d)7.13%, 06/15/26 (d)8.75%, 11/15/30 (d)Spirit AeroSystems, Inc.
9.38%, 11/30/29 (d)9.75%, 11/15/30 (d)CanadaCanadaCanada313,000
187,000
155,000

305,325
186,297
165,223

United States
United States

135,000
160,000

147,896
172,196

Total Aerospace & Defense
Automobile Components – 0.3%
Dana Financing Luxembourg Sarl
3.00%, 07/15/29
IHO Verwaltungs GmbH
8.75%, 05/15/28 (e) (f) (g)Renk AG
5.75%, 07/15/25
Total Automobile Components

976,937

United States€200,000

195,668

Germany

200,000

241,067

Germany

200,000

220,069
656,804

See Notes to Consolidated Financial Statements.
2023 Annual Report

17

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (continued)
December 31, 2023

Description
CORPORATE CREDIT (continued)
Automobiles – 0.3%
Ford Motor Company
3.25%, 02/12/32
6.10%, 08/19/32

Country

Principal
AmountUnited States
United States$340,000
305,000

Total Automobiles
Beverages – 0.1%
Primo Water Holdings, Inc.
3.88%, 10/31/28
Chemicals – 0.8%
INEOS Finance PLC
6.63%, 05/15/28 (e) (g)Nufarm Australia Ltd.
5.00%, 01/27/30 (d)Olympus Water US Holding Corp.
4.25%, 10/01/28 (d)9.75%, 11/15/28 (d)SK Invictus Intermediate II Sarl
5.00%, 10/30/29 (d)Windsor Holdings III LLC
8.50%, 06/15/30 (d)€200,000

213,637

Luxembourg

175,000

198,735

Australia$445,000

413,227

United States
United States

280,000
380,000

252,269
403,805

United States

225,000

195,435

United States

285,000

298,189
1,761,660

United States
United States€205,000$690,000

199,364
628,063

United States€100,000

110,150

United States$435,000

418,342

United States

445,000

404,016

United States

901,000

896,449

United States

330,000

272,697

United States

430,000

414,265
3,343,346

United States

260,000

212,144

United States
United States

75,00095,00050,42684,759Total Communications Equipment
Construction & Engineering – 0.3%
Great Lakes Dredge & Dock Corp.
5.25%, 06/01/29 (d)Pike Corp.
5.50%, 09/01/28 (d)Total Construction & Engineering
See Notes to Consolidated Financial Statements.
18

282,921
307,601

CanadaTotal Commercial Services & Supplies
Communications Equipment – 0.1%
CommScope Technologies LLC
6.00%, 06/15/25 (d)CommScope, Inc.
4.75%, 09/01/29 (d)6.00%, 03/01/26 (d)$590,522

Total Chemicals
Commercial Services & Supplies – 1.4%
Allied Universal Holdco LLC
3.63%, 06/01/28
4.63%, 06/01/28 (d)Aramark International Finance Sarl
3.13%, 04/01/25
Iron Mountain, Inc.
5.00%, 07/15/28 (d)LABL, Inc.
5.88%, 11/01/28, (Acquired 11/1/2021 – 11/30/2021, cost $445,921) (d) (l)Prime Security Services Borrower LLC
6.25%, 01/15/28 (d)TMS International Corp.
6.25%, 04/15/29 (d)WASH Multifamily Acquisition, Inc.
5.75%, 04/15/26 (d)Value347,329

United States

340,000

289,422

United States

440,000

419,720
709,142OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (continued)
December 31, 2023

Description
CORPORATE CREDIT (continued)
Consumer Finance – 0.5%
FirstCash, Inc.
5.63%, 01/01/30 (d)Ford Motor Credit Company LLC
4.00%, 11/13/30

Country

Principal
AmountUnited States$702,000

United States

445,000

Total Consumer FinanceContainers & Packaging – 0.9%
Ardagh Packaging Finance PLC
2.13%, 08/15/26
4.13%, 08/15/26 (d)5.25%, 08/15/27 (d)Fiber Bidco SpA
9.96% (3 Month EURIBOR + 6.00%), 10/25/27 (b) (d)Graham Packaging Company, Inc.
7.13%, 08/15/28 (d)Guala Closures SpA
7.93% (3 Month EURIBOR + 4.00%), 06/29/29 (b) (d)Intelligent Packaging Limited Finco, Inc.
6.00%, 09/15/28 (d)Silgan Holdings, Inc.
2.25%, 06/01/28
Trivium Packaging Finance BV
3.75%, 08/15/26

673,235
399,623

United States
United States
United States€180,000$335,000
260,000

177,718
305,971
202,290

Italy€100,000

112,491

United States$285,000

256,843

Italy€250,000

280,432

Canada$435,000

406,320

United States€200,000

203,829

Netherlands

100,000

107,254
2,053,148

Sweden100,000

108,662

Sweden100,000

105,704

Total Diversified Consumer Services
Diversified Telecommunication Services – 1.3%
Altice Financing SA
3.00%, 01/15/28
Altice France SA
3.38%, 01/15/28
4.13%, 01/15/29
Cogent Communications Group, Inc.
7.00%, 06/15/27 (d)Consolidated Communications, Inc.
6.50%, 10/01/28 (d)Frontier Communications Holdings LLC
5.00%, 05/01/28 (d)6.75%, 05/01/29 (d)Iliad Holding SASU
5.63%, 10/15/28
Iliad SA
5.38%, 02/15/29 (e) (g)Level 3 Financing, Inc.
4.25%, 07/01/28 (d)Lorca Telecom Bondco SA
4.00%, 09/18/27$

1,072,858

Total Containers & Packaging
Diversified Consumer Services – 0.1%
Verisure Holding AB
3.88%, 07/15/26
Verisure Midholding AB
5.25%, 02/15/29

Value

214,366

Luxembourg

200,000

197,827

FranceFrance100,000
100,000

87,916
88,561

United States$340,000

342,018

United States

380,000

329,650

United States
United States

290,000
155,000

268,278
138,763

France€200,000

222,267

France100,000

113,541

United States$330,000

163,683

Spain€200,000

216,097

See Notes to Consolidated Financial Statements.
2023 Annual Report

19

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (continued)
December 31, 2023

Description
CORPORATE CREDIT (continued)
Telecom Italia SpA
6.88%, 02/15/28 (e) (g)Telefonica Europe BV
4.38% (5 Year Swap Rate EUR + 4.11%), Perpetual (b)TMNL Holding BV
3.75%, 01/15/29
Ziggo Bond Company BV
3.38%, 02/28/30

Country

Principal
AmountItaly€100,000

Spain

200,000

219,588

Netherlands

195,000

204,931

Netherlands

200,000

187,153

Total Diversified Telecommunication Services
Electrical Equipment – 0.1%
APX Group, Inc.
6.75%, 02/15/27 (d)Energy Equipment & Services – 0.2%
Howard Midstream Energy Partners LLC
8.88%, 07/15/28 (d)Precision Drilling Corp.
7.13%, 01/15/26 (d)$290,000

289,684

United States

180,000

189,117

Canada223,000

223,022412,139

France€170,000

198,470

United Kingdom£100,000

124,243
322,713

Netherlands

150,000

207,306

United States
United States$700,000
140,000

653,683
139,094

United States

415,000

441,299

United States

530,000

560,407

Total Financial Services
Food Products – 0.4%
B&G Foods, Inc.
8.00%, 09/15/28 (d)Post Holdings, Inc.
5.63%, 01/15/28 (d)2,001,789

United States

430,000

452,056

United States

430,000

426,419

Total Food Products
Gas Utilities – 0.4%
CQP Holdco LP
5.50%, 06/15/31 (d)7.50%, 12/15/33 (d)Suburban Propane Partners LP
5.00%, 06/01/31 (d)Total Gas Utilities
See Notes to Consolidated Financial Statements.
20

117,851

United States

Total Entertainment
Financial Services – 0.9%
GTCR LLC
8.50%, 01/15/31
Nationstar Mortgage Holdings, Inc.
5.75%, 11/15/31 (d)6.00%, 01/15/27 (d)NCR Atleos Escrow Corp.
9.50%, 04/01/29 (d)Worldpay
7.50%, 01/15/31 (d)$2,898,124Total Energy Equipment & Services
Entertainment – 0.1%
Banijay (LOV Banijay SASU)
7.00%, 05/01/29 (e) (g)Pinewood Finance Company Ltd.
3.25%, 09/30/25

Value

878,475

United States
United States

165,000
515,000

156,587534,332

United States

220,000

199,777
890,696

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (continued)
December 31, 2023

Description
CORPORATE CREDIT (continued)
Health Care Equipment & Supplies – 0.2%
Medline Borrower LP
5.25%, 10/01/29 (d)Health Care Providers & Services – 0.4%
Avantor Funding, Inc.
3.88%, 07/15/28
Community Health Systems, Inc.
5.63%, 03/15/27 (d)10.88%, 01/15/32 (d)Nidda Healthcare Holding GmbH
7.50%, 08/21/26
Pediatrix Medical Group, Inc.
5.38%, 02/15/30 (d)Country

Principal
AmountUnited States$395,000

United States€100,000

108,383

United States
United States$205,000
260,000

190,741
272,059

Germany€100,000

113,981

United States$295,000

263,093

Total Health Care Providers & Services
Health Care Technology – 0.1%
MPH Acquisition Holdings LLC
5.50%, 09/01/28 (d)Hotels Restaurants & Leisure – 1.9%
Accor SA
7.25% (5 Year Swap Rate EUR + 4.11%), Perpetual (b) (e) (g)Bloomin’ Brands, Inc.
5.13%, 04/15/29 (d)Brinker International, Inc.
8.25%, 07/15/30 (d)Carnival Corp.
5.75%, 03/01/27 (d)10.50%, 06/01/30 (d)Cirsa Finance International Sarl
7.88%, 07/31/28 (e) (g)8.45% (3 Month EURIBOR + 4.50%), 07/31/28 (b) (d)Everi Holdings, Inc.
5.00%, 07/15/29 (d)Fertitta Entertainment LLC
6.75%, 01/15/30 (d)Hilton Grand Vacations Borrower Escrow LLC
5.00%, 06/01/29 (d)Legends Hospitality Holding Company LLC
5.00%, 02/01/26 (d)Lottomatica S.P.A.
7.13%, 06/01/28 (e) (g)Six Flags Entertainment Corp
7.25%, 05/15/31 (d)TUI Cruises GmbH
6.50%, 05/15/26

Total Household Durables$

372,847

948,257

United States

160,000

143,449

France€200,000

240,764

United States$665,000

614,093

United States

392,000

410,451

United States
United States

490,000
80,000478,330
87,562

Spain
Spain

€160,000
115,000

184,837
128,981

United States$345,000

313,590

United States

160,000

140,664

United States

675,000

623,542

United States

440,000

439,616

Italy€115,000

134,206

United States$425,000

426,585

Germany€200,000

218,585

Total Hotels Restaurants & LeisureHousehold Durables – 0.2%
Shea Homes LP
4.75%, 02/15/28
Weekley Homes LLC
4.88%, 09/15/28 (d)Value

4,441,806

United States$345,000

324,729

United States

185,000

172,702497,431

See Notes to Consolidated Financial Statements.
2023 Annual Report

21

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (continued)
December 31, 2023

Description
CORPORATE CREDIT (continued)
Independent Power and Renewable Electricity Producers – 0.4%
Calpine Corp.
5.13%, 03/15/28 (d)Talen Energy Supply LLC
8.63%, 06/01/30 (d)Vistra Operations Company, LLC
7.75%, 10/15/31 (d)Country

Principal
AmountUnited States$350,000

United States

250,000

United States

315,000

Total Independent Power and Renewable Electricity Producers
Insurance – 0.2%
AssuredPartners, Inc.
5.63%, 01/15/29 (d)HUB International Ltd.
5.63%, 12/01/29 (d)7.00%, 05/01/26 (d)IT Services – 0.2%
Ahead DB Holdings LLC
6.63%, 05/01/28 (d)Engineering – Ingegneria Informatica – SpA
5.88%, 09/30/26

See Notes to Consolidated Financial Statements.
22

265,819
327,392

250,000

233,664

United States
United States

120,000
190,000

114,628
190,955
539,247

United States

310,000

307,137

United States

340,000

296,567

Italy€200,000

216,946
513,513

United States$1,316,000

1,302,840

United States

453,000

453,521

Total MachineryMedia – 2.1%
AMC Networks, Inc.
4.25%, 02/15/29
America Movil BV
0.00%, 03/02/24
Cablevision Lightpath LLC
5.63%, 09/15/28 (d)CCO Holdings LLC
4.25%, 01/15/34 (d)4.50%, 06/01/33 (d)4.75%, 03/01/30 (d)6.38%, 09/01/29 (d)CSC Holdings LLC
4.13%, 12/01/30 (d)Directv Financing LLC
5.88%, 08/15/27 (d)DISH DBS Corp.
5.25%, 12/01/26 (d)5.75%, 12/01/28 (d)335,791

United States

Total IT Services
Machinery – 0.8%
ProFrac Holdings II LLC
12.60% (CME Term SOFR 3 Month + 7.25%), 01/23/29 (b) (c) (d)SPX FLOW, Inc.
8.75%, 04/01/30 (d)$929,002

Total Insurance
Interactive Media & Services – 0.1%
QVC, Inc.
4.85%, 04/01/24

Value

1,756,361

United States

435,000

332,343

Mexico€100,000

110,937

United States$415,000

327,506

United States
United States
United States
United States

355,000
494,000
190,000
140,000

288,958
418,634
173,888138,249

United States

435,000

331,435

United States

920,000

865,165

United States
United States

195,000
25,000167,432
19,987

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (continued)
December 31, 2023

Description
CORPORATE CREDIT (continued)
Gray Television, Inc.
4.75%, 10/15/30 (d)Scripps Escrow II, Inc.
5.38%, 01/15/31 (d)Sirius XM Radio, Inc.
3.88%, 09/01/31 (d)5.50%, 07/01/29 (d)Telenet Finance Luxembourg Notes Sarl
5.50%, 03/01/28 (d)Virgin Media Secured Finance PLC
4.50%, 08/15/30 (d)5.25%, 05/15/29
Virgin Media Vendor Financing Notes III DAC
4.88%, 07/15/28

Country

Principal
AmountUnited States$160,000

United States

130,000

95,557

United States
United States

630,000
214,000

539,741
207,134

Belgium

200,000

187,920

United Kingdom
United Kingdom

305,000£100,000

271,941
118,935

United Kingdom

100,000

Total Media
Metals & Mining – 0.4%
Constellium SE
5.63%, 06/15/28 (d)Mineral Resources Ltd.
8.50%, 05/01/30 (d)9.25%, 10/01/28 (d)254,043

Australia
Australia

300,000
380,000

313,122404,708
971,873

United States
United States
United States

415,000
150,000
155,000

390,305
126,524
161,602678,431

United States

360,000

359,722

United States

200,000

212,313

United States

305,000

304,706

United States
United States
United States

255,000
260,000
335,000

257,756
260,257
354,695
1,749,449

Germany€71,616

79,063

United States$2,345,090

2,344,239

Total Other
Paper & Forest Products – 0.2%
Mercer International, Inc.
5.50%, 01/15/26

117,673$260,000

Total Oil Gas & Consumable Fuels
Other – 1.0%
Nidda BondCo GmbH
7.25%, 09/30/25
OWS Cre Funding I LLC
10.33% (1 Month LIBOR + 4.90%), 09/15/24 (b) (d)120,626

United States

Total Mortgage Real Estate Investment Trusts
Oil Gas & Consumable Fuels – 0.8%
CITGO Petroleum Corp.
7.00%, 06/15/25 (d)Civitas Resources, Inc.
8.63%, 11/01/30 (d)CVR Energy, Inc.
5.25%, 02/15/25 (d)Venture Global LNG, Inc.
8.13%, 06/01/28 (d)8.38%, 06/01/31 (d)9.50%, 02/01/29 (d)$4,834,061

Total Metals & Mining
Mortgage Real Estate Investment Trusts – 0.3%
HAT Holdings I LLC
3.38%, 06/15/26 (d)3.75%, 09/15/30 (d)8.00%, 06/15/27 (d)Value

2,423,302

Germany

385,000

368,973

See Notes to Consolidated Financial Statements.
2023 Annual Report

23

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (continued)
December 31, 2023

Description

Country

Principal
AmountCORPORATE CREDIT (continued)
WEPA Hygieneprodukte GmbH
2.88%, 12/15/27

Germany€125,000

Total Paper & Forest Products
Personal Care Products – 0.4%
BellRing Brands, Inc.
7.00%, 03/15/30 (d)Coty, Inc.
5.00%, 04/15/26 (d)Edgewell Personal Care Co.
5.50%, 06/01/28 (d)$365,000

378,062

United States

113,000

111,285

United States

355,000

United States

240,000

144,831

Germany
Germany
Germany€100,000
100,000
210,000

107,921
117,892
238,276
608,920Italy

250,000

272,026

Luxembourg

200,000

212,194484,220

United States$322,000

319,083

United States

415,000

370,775

Sweden€100,000

18,436

Total Real Estate Management & Development
Retail Real Estate Investment Trusts – 0.1%
Necessity Retail REIT, Inc.
4.50%, 09/30/28 (d)Software – 1.2%
Acuris Finance US, Inc.
5.00%, 05/01/28 (d)Castor SpA
9.18% (3 Month EURIBOR + 5.25%), 02/15/29 (b) (e) (g)Cedacri Mergeco SPA
9.50% (3 Month EURIBOR + 5.50%), 05/15/28 (b) (d)Cloud Software Group Holdings, Inc.
6.50%, 03/31/29 (d)ION Trading Technologies Sarl
5.75%, 05/15/28 (d)See Notes to Consolidated Financial Statements.
24

348,734
838,081

Total Professional Services
Real Estate Management & Development – 0.3%
Five Point Operating Co LP
7.88%, 11/15/25 (d)Hunt Companies, Inc.
5.25%, 04/15/29 (d)Samhallsbyggnadsbolaget i Norden AB
2.88% (5 Year Swap Rate EUR + 3.22%), Perpetual (b)129,569

United States

Total Pharmaceuticals
Professional Services – 0.2%
Mooney Group SpA
7.81% (3 Month EURIBOR + 3.88%), 12/17/26 (b)Summer BC Holdco B SARL
5.75%, 10/31/26$

498,542

Total Personal Care Products
Pharmaceuticals – 0.3%
Bausch Health Companies, Inc.
4.88%, 06/01/28 (d)Cheplapharm Arzneimittel GmbH
4.38%, 01/15/28
7.50%, 05/15/30
8.75% (3 Month EURIBOR + 4.75%), 05/15/30 (b) (d)Value

708,294

United States$395,000

333,060

United States

395,000

324,275

Italy€200,000

214,517

Italy

200,000

218,582

United States$910,000

867,457

Luxembourg

205,000

181,048

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (continued)
December 31, 2023

Description
CORPORATE CREDIT (continued)
McAfee Corp.
7.38%, 02/15/30 (d)NCR Corp.
5.13%, 04/15/29 (d)NCR Voyix Corp.
5.25%, 10/01/30 (d)Sabre GLBL, Inc.
7.38%, 09/01/25 (d)Country

Principal
AmountUnited States$100,000

United States

600,000

571,033

United States

130,000

119,553

United States

150,000

143,222

Total Software
Specialty Retail – 0.3%
Academy Ltd.
6.00%, 11/15/27 (d)Kepler SpA
9.68% (3 Month EURIBOR + 5.75%), 05/15/29 (b)420,000

412,941

Italy€250,000

279,230
692,171

France200,000

220,514

United States$220,000

197,288417,802

United States

450,000

325,530

United States

780,000

803,478

United States
United States

320,000
344,000

307,988358,699

France€200,000

218,808

Total Trading Companies & Distributors
Wireless Telecommunication Services – 0.2%
Matterhorn Telecom SA
4.00%, 11/15/27
Vodafone Group PLC
3.00% (5 Year Swap Rate EUR + 3.48%), 08/27/80 (b)91,459

United States

Total Textiles Apparel & Luxury Goods
Trading Companies & Distributors – 0.9%
ASP Unifrax Holdings, Inc.
5.25%, 09/30/28 (d)Equipmentshare.Com Inc.
9.00%, 05/15/28 (d)Fortress Transportation and Infrastructure Investors LLC
5.50%, 05/01/28 (d)7.88%, 12/01/30 (d)Loxam SAS
3.75%, 07/15/26$

2,731,146

Total Specialty Retail
Textiles Apparel & Luxury Goods – 0.2%
Afflelou SAS
4.25%, 05/19/26
Crocs, Inc.
4.25%, 03/15/29 (d)Value

2,014,503

Luxembourg

200,000

218,034

United Kingdom

200,000

198,138

Total Wireless Telecommunication Services

416,172

Total High Yield

50,482,446

Emerging Markets – 2.8%
Chemicals – 0.3%
Braskem Idesa SAPI
6.99%, 02/20/32

Mexico$1,000,000

586,336

Construction Materials – 0.1%
Cemex SAB de CV
5.13% (5 Year CMT Rate + 4.53%), Perpetual (b)Mexico200,000

189,836

See Notes to Consolidated Financial Statements.
2023 Annual Report

25

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (continued)
December 31, 2023

Description

Country

Principal
AmountCORPORATE CREDIT (continued)
Diversified Telecommunication Services – 0.3%
Telecom Argentina SA
8.00%, 07/18/26

Argentina$790,000

Electric Utilities – 0.1%
Pampa Energia SA
9.13%, 04/15/29

Argentina

140,000

137,043

Hotels Restaurants & Leisure – 0.0%
Grupo Posadas SAB de CV
5.00%, 12/30/27 (f) (h)Mexico20,00016,750Independent Power and Renewable Electricity Producers – 0.0%
Genneia SA
8.75%, 09/02/27 (d)Argentina

32,00031,701India

1,600,000

1,414,048

Colombia

260,000

189,862

Ghana
Ghana

200,000
520,000

190,332
473,966

Argentina
Argentina

55,000758,000

44,424
731,055

Metals & Mining – 0.6%
Vedanta Resources Finance II PLC
13.88%, 01/21/24
Oil Gas & Consumable Fuels – 0.7%
Canacol Energy Ltd.
5.75%, 11/24/28
Kosmos Energy Ltd.
7.13%, 04/04/26
7.50%, 03/01/28
YPF SA
7.00%, 09/30/33 (h)9.00%, 06/30/29 (h)Total Oil Gas & Consumable Fuels
Passenger Airlines – 0.4%
Azul Secured Finance LLP
10.88%, 05/28/30 (d)Real Estate Management & Development – 0.3%
CIFI Holdings Group Company Ltd.
6.00%, 07/16/25 (i)6.45%, 11/07/24 (i)5.38% (5 Year CMT Rate + 8.57%), Perpetual (b) (i)Country Garden Holdings Company Ltd.
4.80%, 08/06/30 (i)7.25%, 04/08/26 (i)RKPF Overseas Ltd.
5.90%, 03/05/25
6.00%, 09/04/25
Shimao Group Holdings Ltd.
3.45%, 01/11/31 (i)4.60%, 07/13/30 (i)5.20%, 01/16/27 (i)5.60%, 07/15/26 (i)6.13%, 02/21/24 (i)Sino-Ocean Land Treasure IV Ltd.
3.25%, 05/05/26 (i)4.75%, 08/05/29 (i)4.75%, 01/14/30 (i)Total Real Estate Management & Development
Total Emerging Markets
See Notes to Consolidated Financial Statements.
26

Value

$

750,326

1,629,639

Brazil

1,130,000

935,236

China
China
China

400,000
200,000
450,000

27,00014,25023,765

China
China

200,000
600,000

16,83850,640

China
China

500,000
500,000

264,000
222,790

China
China
China
China
China

400,000
200,000
1,210,000
400,000
370,000

17,0009,000
48,12214,80014,800

China
China
China

200,000
410,000
400,000

16,194
27,67530,372797,246
6,488,161

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (continued)
December 31, 2023

Description
CORPORATE CREDIT (continued)
Convertible Bonds – 0.7%
Aerospace & Defense – 0.0%
Safran SA
0.00%, 04/01/28
Spirit AeroSystems, Inc.
3.25%, 11/01/28 (d)Country

Principal
AmountFrance€33,000

United States$6,000Value$

68,231
7,791

Total Aerospace & Defense
Automobiles – 0.0%
Ford Motor Company
0.00%, 03/15/26
Biotechnology – 0.0%
BioMarin Pharmaceutical, Inc.
0.60%, 08/01/24
Exact Sciences Corp.
2.00%, 03/01/30 (d)76,022

United States

31,00031,000

United States

12,00011,857

United States

7,000

8,432

Total Biotechnology
Broadline Retail – 0.0%
Etsy, Inc.
0.13%, 10/01/26
0.25%, 06/15/28

20,289

United States
United States

10,00053,000

11,54542,564

Total Broadline Retail54,109Construction & Engineering – 0.0%
Fluor Corp.
1.13%, 08/15/29 (d)United States

13,00014,186

Consumer Finance – 0.0%
SoFi Technologies, Inc.
0.00%, 10/15/26 (d)United States

22,00018,623

Spain€100,000

117,803

United States$25,000

25,486

United States

26,00029,591

Singapore
Singapore

52,00010,00043,0309,580

United States

52,00045,890

Diversified Telecommunication Services – 0.1%
Cellnex Telecom SA
0.50%, 07/05/28
Entertainment – 0.1%
Liberty Media Corp.
2.25%, 08/15/27
Live Nation Entertainment, Inc.
3.13%, 01/15/29 (d)Sea Ltd.
0.25%, 09/15/26
2.38%, 12/01/25
Spotify USA, Inc.
0.00%, 03/15/26
Total Entertainment
Financial Services – 0.0%
Edenred0.00%, 06/14/28
Shift4 Payments, Inc.
0.50%, 08/01/27

153,577

France€61,500

United States$37,000

Total Financial Services

45,08934,66579,754

See Notes to Consolidated Financial Statements.
2023 Annual Report

27

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (continued)
December 31, 2023

Description
CORPORATE CREDIT (continued)
Ground Transportation – 0.0%
Uber Technologies, Inc.
0.88%, 12/01/28 (d)Health Care Equipment & Supplies – 0.1%
Envista Holdings, Corp.
1.75%, 08/15/28 (d)Haemonetics Corp.
0.00%, 03/01/26
LivaNova USA, Inc.
3.00%, 12/15/25
Merit Medical Systems, Inc.
3.00%, 02/01/29 (d)NuVasive, Inc.
0.38%, 03/15/25
Shockwave Medical, Inc.
1.00%, 08/15/28 (d)Country

Principal
AmountUnited States$12,000

United States

10,0009,150

United States

25,00022,375

United States

23,00024,769

United States

10,00011,115

United States

28,00025,830

United States

13,00012,721

Total Health Care Equipment & Supplies

Value

$

13,110105,960

Health Care Technology – 0.0%
Evolent Health, Inc.
3.50%, 12/01/29 (d)United States

11,00012,881

Hotel & Resort Real Estate Investment Trusts – 0.0%
Pebblebrook Hotel Trust
1.75%, 12/15/26

United States

14,00012,538

France€61,000

32,407

China

8,000

8,592

United Kingdom€100,000

100,574

United States$10,000

8,895

United States

51,00041,861

Hotels, Restaurants & Leisure – 0.1%
Accor SA
0.70%, 12/07/27 (i)H World Group Ltd.
3.00%, 05/01/26
Just Eat Takeaway.com NV
0.00%, 08/09/25
Marriott Vacations Worldwide Corp.
3.25%, 12/15/27
Shake Shack, Inc.
0.00%, 03/01/28
Total Hotels Restaurants & Leisure
Independent Power and Renewable Electricity Producers – 0.0%
NRG Energy, Inc.
2.75%, 06/01/48
IT Services – 0.1%
Akamai Technologies, Inc.
0.38%, 09/01/27
Cloudflare, Inc.
0.00%, 08/15/26
Perficient, Inc.
0.13%, 11/15/26
Total IT Services

See Notes to Consolidated Financial Statements.
28

192,329

United States$22,000

28,380

United States

11,00012,304

United States

107,000

96,487

United States

49,00040,822
149,613

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (continued)
December 31, 2023

Description
CORPORATE CREDIT (continued)
Media – 0.0%
Cable One, Inc.
0.00%, 03/15/26
Metals & Mining – 0.0%
First Majestic Silver Corp.
0.38%, 01/15/27
MP Materials Corp.
0.25%, 04/01/26 (d)Country

Principal
AmountUnited States$48,000

Canada17,00013,282

United States

29,00025,865

Value$

40,968

Total Metals & Mining

39,147

Multi-Utilities – 0.0%
Veolia Environnement SA
0.00%, 01/01/25

France€135,900

46,751

Passenger Airlines – 0.0%
JetBlue Airways Corp.
0.50%, 04/01/26

United States$8,0005,800

Professional Services – 0.0%
Ceridian HCM Holding, Inc.
0.25%, 03/15/26

United States

74,00066,785

United States

17,00018,148

United States

5,000

Semiconductors & Semiconductor Equipment – 0.0%
ON Semiconductor Corp.
0.50%, 03/01/29 (d)SolarEdge Technologies, Inc.
0.00%, 09/15/25

4,572

Total Semiconductors & Semiconductor Equipment
Software – 0.1%
Alarm.com Holdings, Inc.
0.00%, 01/15/26
Blackline, Inc.
0.00%, 03/15/26
Envestnet, Inc.
2.63%, 12/01/27
Nutanix, Inc.
0.25%, 10/01/27
PagerDuty, Inc.
1.50%, 10/15/28 (d)Unity Software, Inc.
0.00%, 11/15/26

22,720

United States

46,00041,032

United States

47,00041,948

United States

30,00029,738

United States

52,00054,340

United States

10,00010,888

United States

83,00069,388

Total Software
Specialty Retail – 0.1%
Burlington Stores, Inc.
1.25%, 12/15/27 (d)Zalando SE
0.05%, 08/06/25

247,334

United States
Germany

9,000

10,175€100,000

102,728

Total Specialty Retail
Water Utilities – 0.0%
American Water Capital Corp.
3.63%, 06/15/26 (d)Total Convertible Bonds

112,903

United States$13,000

13,046
1,675,628

See Notes to Consolidated Financial Statements.
2023 Annual Report

29

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (continued)
December 31, 2023

Description
CORPORATE CREDIT (continued)
Investment Grade – 0.0%
Banks – 0.0%
Barclays PLC
6.50% (SOFR + 1.88%), 09/13/27 (b)Country

Principal
AmountUnited Kingdom$56,000

Total Investment Grade

See Notes to Consolidated Financial Statements.
30$

57,59357,593TOTAL CORPORATE CREDIT(Cost $142,634,077)
STRUCTURED CREDIT – 30.2%
Collateralized Loan Obligations – 18.3%
37 Capital CLO
11.75%, 2023-1A, Class D (CME Term SOFR 3 Month + 6.36%),04/15/36 (b) (d)13.75%, 2023-2A, Class E (CME Term SOFR 3 Month + 8.38%),
01/15/34 (b) (d)Anchorage Capital CLO Ltd.
9.38%, 2020-16A, Class DR (CME Term SOFR 3 Month + 3.98%),
01/19/35 (b) (d)11.15%, 2023-26A, Class D (CME Term SOFR 3 Month + 5.75%),
07/19/34 (b) (d)13.00%, 2016-8A, Class ER2 (CME Term SOFR 3 Month + 7.61%),
10/27/34 (b) (d)13.01%, 2020-16A, Class ER (CME Term SOFR 3 Month + 7.61%),
01/19/35 (b) (d)Anchorage Credit Funding Ltd.
5.02%, 2019-7A, Class SUB1, 04/25/37 (d)6.85%, 2019-7A, Class E, 04/25/37 (d)ARES CLO
9.14%, 2022-64A, Class D (CME Term SOFR 3 Month + 3.75%),
04/15/35 (b) (d)11.13%, 2023-68A, Class D (CME Term SOFR 3 Month + 5.75%),
04/25/35 (b) (d)CBAM Ltd.
12.76%, 2017-2A, Class ER (CME Term SOFR 3 Month + 7.36%),
07/17/34 (b) (d)Cerberus Loan Funding LP
9.58%, 2023-3A, Class C (CME Term SOFR 3 Month + 4.15%),
09/13/35 (b) (d)Columbia Cent CLO Ltd.
11.81%, 2018-28A, Class D (CME Term SOFR 3 Month + 6.43%),
11/07/30 (b) (d)Dryden 27 R Euro CLO 2017 DAC
9.83%, 2017-27X, Class ER (3 Month EURIBOR + 5.86%), 04/15/33 (b)Elevation CLO Ltd.
12.88%, 2021-14A, Class E (CME Term SOFR 3 Month + 7.46%),
10/20/34 (b) (d)12.95%, 2021-12A, Class E (CME Term SOFR 3 Month + 7.53%),
04/20/32 (b) (d)Fortress Credit BSL Ltd.
13.56%, 2022-1A, Class E (CME Term SOFR 3 Month + 8.15%),
10/23/34 (b) (d)13.61%, 2020-1A, Class E (CME Term SOFR 3 Month + 8.19%),
10/20/33 (b) (d)Value

137,238,482

Cayman Islands

1,500,000

1,525,775

Cayman Islands

1,000,000

1,008,454

Cayman Islands

1,500,000

1,507,395

Cayman Islands

500,000

507,515

Cayman Islands

1,500,000

1,432,652

Cayman Islands

1,000,000

966,346

Cayman Islands
Cayman Islands

1,000,000
1,000,000

483,888890,623

Cayman Islands

500,000

502,649

Jersey2,000,000

2,048,249

Cayman Islands

571,000

534,590

United States

1,000,000

1,002,779

Cayman Islands

1,000,000

638,166

Ireland€500,000

517,052

Cayman Islands$2,000,000

1,793,636

Cayman Islands

378,000

348,767

Cayman Islands

500,000

470,504

Cayman Islands

1,000,000

995,197

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (continued)
December 31, 2023

Description
STRUCTURED CREDIT (continued)
Gallatin CLO Ltd.
10.74%, 2023-1A, Class D (CME Term SOFR 3 Month + 5.41%),
10/14/35 (b) (d)Halcyon Loan Advisors Funding Ltd.
0.00%, 2018-2X, Class SUB, 01/22/31
Harvest CLO XXVI
10.09%, 26A, Class E (3 Month EURIBOR + 6.12%), 01/15/34 (b) (d)ICG US CLO Ltd.
9.28%, 2020-1A, Class DR (CME Term SOFR 3 Month + 3.86%),
01/20/35 (b) (d)13.13%, 2020-1A, Class ER (CME Term SOFR 3 Month + 7.71%),
01/20/35 (b) (d)Madison Park Funding Ltd.
10.91%, 2023-63A, Class D (CME Term SOFR 3 Month + 5.50%),
04/21/35 (b) (d)Marble Point CLO Ltd.
12.96%, 2021-4A, Class E (CME Term SOFR 3 Month + 7.55%),
01/22/35 (b) (d)Monroe Capital MML CLO XIII Ltd.
13.70%, 2022-1A, Class E (CME Term SOFR 3 Month + 8.32%),
02/24/34 (b) (d)Mountain View CLO Ltd.
9.28%, 2023-1A, Class C (CME Term SOFR 3 Month + 3.85%),
09/14/36 (b) (d)10.93%, 2023-1A, Class D (CME Term SOFR 3 Month + 5.50%),
09/14/36 (b) (d)OAK Hill European Credit Partners V Designated Activity Co.
10.37%, 2016-5A, Class ER (3 Month EURIBOR + 6.37%), 01/21/35 (b) (d)12.87%, 2016-5A, Class FR (3 Month EURIBOR + 8.87%), 01/21/35 (b) (d)OZLM XXIII Ltd.
12.94%, 2019-23A, Class ER (CME Term SOFR 3 Month + 7.54%),
04/15/34 (b) (d)Palmer Square European CLO
10.36%, 2022-1A, Class E (3 Month EURIBOR + 6.36%), 01/21/35 (b) (d)12.85%, 2022-1A, Class F (3 Month EURIBOR + 8.85%), 01/21/35 (b) (d)Penta CLO
10.23%, 2021-10X, Class E (3 Month EURIBOR + 6.23%), 11/20/34 (b)Rockford Tower CLO Ltd.
13.54%, 2022-2A, Class ER (CME Term SOFR 3 Month + 8.12%),
10/20/35 (b) (d)Rockford Tower Europe DAC
9.95%, 2021-1A, Class E (3 Month EURIBOR + 5.96%), 04/20/34 (b) (d)RR Ltd.
13.65%, 2022-24A, Class DR (CME Term SOFR 3 Month + 8.30%),
01/15/36 (b) (d)Symphony CLO Ltd.
12.61%, 2012-9A, Class ER2 (CME Term SOFR 3 Month + 7.21%),
07/16/32 (b) (d)Toro European CLO
10.27%, 3X, Class ERR (3 Month EURIBOR + 6.30%), 07/15/34 (b)Trimaran Cavu Ltd.
13.03%, 2021-3A, Class E (CME Term SOFR 3 Month + 7.63%),
01/18/35 (b) (d)Country

Principal
AmountBermuda$2,000,000

Cayman Islands

850,000

162,768

Ireland€500,000

520,645

Cayman Islands$1,000,000

953,748

Cayman Islands

1,000,000

900,992

Cayman Islands

2,000,000

2,039,511

Cayman Islands

2,000,000

1,784,736

United States

1,000,000

917,599

Cayman Islands

300,000

300,511

Cayman Islands

300,000

299,991

Ireland
Ireland€1,750,000
1,000,000

1,864,390
1,034,161

Cayman Islands$250,000

231,926

Ireland
Ireland€1,200,000
1,750,000

1,269,196
1,809,026

Ireland500,000

521,249

United States$750,000

734,555

Ireland€500,000

511,004

Bermuda$1,000,000

1,005,944

Cayman Islands

438,000

367,662

Ireland€1,500,000

1,554,209

Cayman Islands$1,200,000

1,185,347

Value

$

1,964,789

See Notes to Consolidated Financial Statements.
2023 Annual Report

31

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (continued)
December 31, 2023

Description
STRUCTURED CREDIT (continued)
Trinitas CLO XIV Ltd.
13.68%, 2020-14A, Class E (CME Term SOFR 3 Month + 8.30%),
01/25/34 (b) (d)Trinitas CLO XVIII Ltd.
9.28%, 2021-18A, Class D (CME Term SOFR 3 Month + 3.86%),
01/20/35 (b) (d)Venture CLO Ltd.
0.00%, 2020-39X, Class SUB, 04/15/33

Country

Principal
AmountCayman Islands$500,000

Cayman Islands

2,000,000

Cayman Islands

1,350,000

Total Collateralized Loan Obligations
Commercial Mortgage-Backed Securities – 4.5%
ACREC LLC
11.39%, 2023-FL2, Class E (CME Term SOFR 1 Month + 6.03%),
02/19/38 (b) (d)AREIT Trust
10.73%, 2023-CRE8, Class D (CME Term SOFR 1 Month + 5.37%),
07/17/28 (b) (d)Banc of America Commercial Mortgage Trust
1.25%, 2015-UBS7, Class XFG, 09/15/48 (d)BBCMS Trust
8.48%, 2018-BXH, Class F (CME Term SOFR 1 Month + 3.12%),
10/15/37 (b) (d)Benchmark Mortgage Trust
3.10%, 2018-B6, Class E, 10/10/51 (d)Blackstone UK Student Housing Portfolio
7.55%, 2021-UK5, Class E (Daily SONIA + 2.35%), 05/17/31 (b)BWAY Mortgage Trust
4.87%, 2022-26BW, Class E, 02/10/44 (d)BX Commercial Mortgage Trust
9.01%, 2019-IMC, Class G (CME Term SOFR 1 Month + 3.65%),
04/15/34 (b) (d)BX Trust
9.51%, 2021-SDMF, Class J (CME Term SOFR 1 Month + 4.15%),
09/15/34 (b) (d)CD Mortgage Trust
3.30%, 2017-CD4, Class D, 05/10/50 (d)3.35%, 2017-CD5, Class D, 08/15/50 (d)CGDB Commercial Mortgage Trust
8.47%, 2019-MOB, Class G (CME Term SOFR 1 Month + 3.11%),
11/15/36 (b) (d)Citigroup Commercial Mortgage Trust
9.18%, 2021-KEYS, Class F (CME Term SOFR 1 Month + 3.81%),
10/15/36 (b) (d)COMM Mortgage Trust
1.91%, 2016-DC2, Class XF, 02/10/49 (d)CSAIL Commercial Mortgage Trust
4.03%, 2017-CX9, Class D, 09/15/50 (d)DBGS Mortgage Trust
9.63%, 2021-W52, Class F (CME Term SOFR 1 Month + 4.26%),
10/15/36 (b) (d)European Loan Conduit No 36 DAC
6.54%, 36X, Class D (3 Month EURIBOR + 2.55%), 02/17/30 (b)Hilton USA Trust
4.12%, 2016-SFP, Class C, 11/05/35 (d)4.93%, 2016-SFP, Class D, 11/05/35 (c) (d)See Notes to Consolidated Financial Statements.
32

Value

$

504,982
1,948,607
590,092
42,151,877

United States

107,000

106,871

United States

109,000

108,692

United States

10,000,000

191,645

United States

270,000

258,802

United States

225,000

100,944

United Kingdom£236,000

287,671

United States$677,000

442,053

United States

1,000,000

988,925

United States

450,825

417,764

United States
United States

305,000
489,000

192,295
357,228

United States

770,000

725,644

United States

741,000

710,391

United States

12,997,292

479,976

United States

190,000

124,802

United States

1,000,000

427,900

Germany€614,445

653,862

United States
United States$105,000
584,000

58,275
272,728

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (continued)
December 31, 2023

Description
STRUCTURED CREDIT (continued)
J.P. Morgan Chase Commercial Mortgage Securities Trust
9.74%, 2021-HTL5, Class F (CME Term SOFR 1 Month + 4.38%),
11/15/38 (b) (d)Last Mile Logistics
11.00%, 2023-1A, Class D (Daily SONIA + 5.80%), 08/17/33 (b) (d)Natixis Commercial Mortgage Securities Trust
11.30%, 2022-RRI, Class F (CME Term SOFR 1 Month + 5.94%),
03/15/35 (b) (d)Pearl Finance Conduit
9.24%, 2020-1, Class E (3 Month EURIBOR + 5.25%), 11/17/32 (b)Taubman Centers Commercial Mortgage Trust
10.13%, 2022-DPM, Class D (CME Term SOFR 1 Month + 4.77%),
05/15/37 (b) (d)VMC Finance LLC
9.97%, 2021-HT1, Class B (CME Term SOFR 1 Month + 4.61%),
01/18/37 (b) (d)Country

Principal
AmountUnited States$1,084,000

United Kingdom£207,000

263,931

United States$525,368

522,950

Ireland€456,922

488,932

United States$415,000

403,688

United States

643,000

615,150

Total Commercial Mortgage-Backed Securities
Residential Mortgage-Backed Securities – 2.8%
BRAVO Residential Funding Trust
7.46%, 2023-NQM5, Class M1, 06/25/63 (d)CHNGE Mortgage Trust
8.43%, 2023-4, Class B1, 09/25/58 (d)Deephaven Residential Mortgage Trust
4.33%, 2022-2, Class B1, 03/25/67 (d)GCAT Trust
3.98%, 2022-NQM1, Class B1, 02/25/67 (d)Imperial Fund Mortgage Trust
4.45%, 2022-NQM3, Class M1, 05/25/67 (d)MFA Trust
4.26%, 2022-NQM1, Class B1, 12/25/66 (d)Morgan Stanley Residential Mortgage Loan Trust
7.54%, 2023-NQM1, Class B1, 09/25/68 (d)PRKCM Trust
7.63%, 2023-AFC1, Class M1, 02/25/58 (d)8.01%, 2023-AFC4, Class B1, 11/25/58 (d)Progress Residential Trust
5.60%, 2022-SFR3, Class E2, 04/17/39 (d)PRPM LLC
4.83%, 2021-10, Class A2, 12/31/49 (d) (h)Seasoned Credit Risk Transfer Trust
4.50%, 2022-1, Class M, 11/25/61 (d)STAR Trust
9.86%, 2022-SFR3, Class F (CME Term SOFR 1 Month + 4.50%),
05/17/24 (b) (d)Verus Securitization Trust
7.08%, 2023-INV2, Class A3, 08/25/68 (d) (h)7.35%, 2023-INV2, Class M1, 08/25/68 (d)7.96%, 2023-7, Class B1, 10/25/68 (d)8.16%, 2023-INV2, Class B1, 08/25/68 (d)Western Mortgage Reference Notes
10.69%, 2021-CL2, Class M4 (SOFR30A + 5.35%), 07/25/59 (b) (d)Total Residential Mortgage-Backed Securities

Value

$

1,046,081

10,247,200

United States

183,000

185,567

United States

891,000

842,227

United States

229,000

175,878

United States

476,000

333,576

United States

332,000

271,094

United States

251,000

194,371

United States

446,000

425,132

United States
United States

371,000
293,000

376,502
288,196

United States

212,000

201,452

United States

1,000,000

952,652

United States

226,000

179,496

United States

170,000

163,072

United States
United States
United States
United States

172,918
187,000
507,000
100,000

174,817
186,379
494,843
97,905

United States

830,670

841,147
6,384,306

See Notes to Consolidated Financial Statements.
2023 Annual Report

33

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (continued)
December 31, 2023

Description
STRUCTURED CREDIT (continued)
Asset-Backed Securities – 4.6%
Adams Outdoor Advertising LP
11.71%, 2023-1, Class C, 07/15/53 (d)Castlelake Aircraft Securitization Trust
2.74%, 2017-1R, Class A, 08/15/41 (d)GAIA Aviation Ltd.
7.00%, 2019-1, Class C, 12/15/44 (d) (h)Horizon Aircraft Finance III Ltd.
3.43%, 2019-2, Class A, 11/15/39 (d)Horizon Aircraft Finance Ltd.
4.46%, 2018-1, Class A, 12/15/38 (d)Lunar Aircraft Ltd.
6.41%, 2020-1A, Class C, 02/15/45 (d)METAL 2017-1 Ltd.
4.58%, 2017-1, Class A, 10/15/42 (d)Pioneer Aircraft Finance Ltd.
3.97%, 2019-1, Class A, 06/15/44 (d)Thunderbolt Aircraft Lease
5.07%, 2018-A, Class B, 09/15/38 (d) (h)Veros Auto Receivables Trust
11.46%, 2023-1, Class D, 08/15/30 (d)WAVE Trust
5.68%, 2017-1A, Class B, 11/15/42 (d)6.66%, 2017-1A, Class C, 11/15/42 (d)Westlake Automobile Receivables Trust
1.23%, 2021-2A, Class D, 12/15/26 (d)Country

Principal
AmountUnited States$2,000,000

United States

188,588

174,867

Cayman Islands

1,970,222

1,008,793

Cayman Islands

1,546,260

1,228,626

United States752,512652,410

United States

705,371

151,316

United States

1,407,122853,448

Cayman Islands

575,490

510,450

United States

1,339,286

899,058

United States

1,780,000

1,826,145

United States
United States

1,590,272
1,151,883

957,029
140,553

United States

164,000

156,413Value$

2,040,978Total Asset-Backed Securities

10,600,086

TOTAL STRUCTURED CREDIT(Cost $72,316,862)

69,383,469

PRIVATE CREDIT – 21.9%
Senior Loans – 20.9%
Aerospace & Defense – 0.6%
Galileo Parent, Inc.,
First Lien Revolver
12.34% (3 Month SOFR + 7.25%), 05/03/29 (b) (c) (k)Galileo Parent, Inc.,
First Lien Term Loan
12.34%, 05/03/30 (c)WP CPP Holdings,
First Lien Term Loan
12.13% (3 Month SOFR + 6.75%), 11/28/29 (b) (c)WP CPP Holdings,
First Lien Revolver
0.00%, 11/28/29 (c) (k)United States

83,00026,802

United States

531,668

522,523

United States

818,000

797,550

United States

90,000—Total Aerospace & Defense
Automobile Components – 1.1%
Superior Industries International, Inc.,
First Lien Tranche B Term Loan
13.33%, 12/15/28 (c)See Notes to Consolidated Financial Statements.
34

1,346,875

United States

2,579,940

2,554,141

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (continued)
December 31, 2023

Description
PRIVATE CREDIT (continued)
Biotechnology – 1.4%
ADC Therapeutics, Inc.,
First Lien Tranche A Term Loan
13.04% (3 Month SOFR + 7.50%), 08/15/29 (b) (c)ADC Therapeutics, Inc.,
First Lien Tranche B Delay Draw Term Loan
7.50%, 08/15/29 (c) (k)Mesoblast, Inc.,
First Lien Term Loan
8.00%, 11/19/26 (c) (f)Seres Therapeutics, Inc.,
First Lien Tranche B Delay Draw Term Loan
0.00%, 04/27/29 (c) (k)Seres Therapeutics, Inc.,
First Lien Tranche DDA2 Delay Draw Term Loan
12.88% (3 Month SOFR + 7.88%), 04/30/29 (b) (c)Seres Therapeutics, Inc.,
First Lien Tranche A1 Term Loan
12.88% (3 Month SOFR + 7.88%), 04/30/29 (b) (c)Seres Therapeutics, Inc.,
First Lien Tranche C Delay Draw Term Loan
0.00%, 04/30/29 (c) (k)Country

Principal
AmountUnited States$1,135,543

United States

520,457—

United States

1,627,352

1,452,412

United States

329,000—

United States

219,000

209,539

United States

585,000

559,728

United States

329,000

Total Biotechnology
Commercial Services & Supplies – 1.8%
Amspec Parent, Inc.,
First Lien Term Loan
0.00%, 12/05/30 (c) (k)11.11% (1 Month SOFR + 5.75%), 12/05/30 (b) (c)Amspec Parent, Inc.,
First Lien Revolver
0.00%, 12/05/29 (c) (k)Kings Buyer LLC,
First Lien Revolver
11.99%, 10/29/27 (c) (k)Kings Buyer LLC,
First Lien Term Loan
11.99% (3 Month SOFR + 6.50%), 10/29/27 (b) (c)NFM & J LP,First Lien Term Loan
0.00%, 11/30/27 (c) (k)11.22% (3 Month SOFR + 5.75%), 11/30/27 (b) (c)NFM & J LP,First Lien Revolver
13.25%, 11/30/27 (c) (k)Total Containers & Packaging$

1,081,605—
3,303,284

United States
United States

226,000
1,567,000—
1,527,825

United States

212,000—

United States

310,246—

United States

2,241,297

2,207,678

United States
United States

275,908
496,636—
485,573

United States

110,363

6,344

Total Commercial Services & Supplies
Containers & Packaging – 0.7%
ASP-r-pac Acquisition Company LLC,
First Lien Revolver
9.49%, 12/29/27 (c) (k)ASP-r-pac Acquisition Company LLC,
First Lien Term Loan
11.63%, 12/29/27 (c)Value

4,227,420

United States

205,745—

United States

1,698,011

1,596,130
1,596,130

See Notes to Consolidated Financial Statements.
2023 Annual Report

35

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (continued)
December 31, 2023

Description
PRIVATE CREDIT (continued)
Distributors – 0.8%
RelaDyne,
Second Lien Term Loan
13.17%, 12/23/29 (c)Electrical Equipment – 0.3%
Inventus Power, Inc.,
First Lien Revolver
0.00%, 06/30/25 (c) (k)Inventus Power, Inc.,
First Lien Term Loan
12.59%, 06/30/25 (c)Country

Principal
AmountUnited States$1,790,352

United States

94,000—

United States

824,855

806,213

Total Electrical Equipment
Health Care Equipment & Supplies – 1.3%
Touchstone Acquisition, Inc.,
First Lien Term Loan
11.43% (3 Month SOFR + 6.00%), 12/29/28 (b) (c)Health Care Providers & Services – 2.1%
LSL Holdco LLC,
First Lien Incremental Term Loan
11.46%, 01/31/28 (c)LSL Holdco LLC,
First Lien Revolver
10.63%, 01/31/28 (c) (k)LSL Holdco LLC,
First Lien Term Loan
11.46%, 01/31/28 (c)Petvet Care Centers LLC,
First Lien Term Loan
11.32%, 11/15/30 (c) (k)Petvet Care Centers LLC,
First Lien Revolver
11.32%, 11/15/29 (c) (k)See Notes to Consolidated Financial Statements.
36$

1,758,125

806,213

United States

2,961,255

2,879,820

United States

274,298

253,726

United States

266,412—

United States

2,355,749

2,179,068

United States

2,663,000

2,310,293

United States

307,000

Total Health Care Providers & Services
Health Care Technology – 1.5%
Establishment Labs Holdings, Inc.,
First Lien Tranche C Delay Draw Term Loan
9.00%, 04/21/27 (c) (f) (k)Establishment Labs Holdings, Inc.,
First Lien Tranche A Term Loan
3.00%, 04/21/27 (c) (f)Establishment Labs Holdings, Inc.,
First Lien Tranche D Delay Draw Term Loan
9.00%, 04/21/27 (c) (f) (k)Establishment Labs Holdings, Inc.,
First Lien Tranche B Delay Draw Term Loan
9.00%, 04/21/27 (c) (f)Impel Pharmaceuticals, Inc.,
First Lien Tranche B Term Loan
16.29% (3 Month SOFR + 10.75%), 09/05/28 (b) (c)Impel Pharmaceuticals, Inc.,
First Lien Tranche A Term Loan
16.15%, 03/17/27 (c)

Value

—
4,743,087

United States

184,290—

United States

1,223,566

1,168,506

United States

184,290—

United States

195,956

187,138

United States

75,07573,724

United States

2,032,135

997,778

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (continued)
December 31, 2023

Description
PRIVATE CREDIT (continued)
Impel Pharmaceuticals, Inc.,
First Lien Tranche B Delay Draw Term Loan
16.06%, 03/17/27 (c) (k)Impel Pharmaceuticals, Inc.,
First Lien Tranche A2 Term Loan
16.28%, 03/17/27 (c)Next Holdco LLC,
First Lien Term Loan
11.32%, 11/08/30 (c) (k)Next Holdco LLC,
First Lien Revolver
11.32%, 11/08/29 (c) (k)Country

Principal
AmountUnited States$240,240

United States

60,461

59,373

United States

1,043,000

819,874

United States

80,000—Total Health Care Technology
Hotels, Restaurants & Leisure – 2.4%
Grove Hotel Parcel Owner LLC,
First Lien Revolver Facility
0.00%, 06/21/28 (c) (k)Grove Hotel Parcel Owner LLC,
First Lien Term Loan
13.43%, 06/21/28 (c)Grove Hotel Parcel Owner LLC,
First Lien Delay Draw Term Loan
0.00%, 06/21/28 (c) (k)PFNY Holdings LLC,
First Lien Delay Draw Term Loan
11.63%, 12/31/26 (c)PFNY Holdings LLC,
First Lien Term Loan
12.51%, 12/31/26 (c)PFNY Holdings LLC,
First Lien Revolver
12.66%, 12/31/26 (c)

Value

$

162,192

3,468,585

United States

175,377—

United States

1,736,231

1,707,410

United States

350,754—

United States

306,252

291,277

United States

3,576,681

3,401,781

United States

173,352

164,875

Total Hotels, Restaurants & Leisure5,565,343

Insurance – 0.2%
Ardonagh Midco 3 PLC,
First Lien Delay Draw Term Loan
12.39%, 07/14/26 (c) (k)United States

1,097,433

554,200

Metals & Mining – 0.4%
IAMGOLD Corp.,
Second Lien Term Loan
13.62%, 05/16/28 (c)United States

975,000

956,475

United States
United States

563,378
438,183——

United States

443,052

423,380

United States

905,404

844,290

Pharmaceuticals – 0.6%
Bioxcel Therapeutics, Inc.,
First Lien Tranche B Delay Draw Term Loan
0.00%, 09/30/32 (c) (f) (k)10.25%, 04/19/27 (c) (k)Bioxcel Therapeutics, Inc.,
First Lien Tranche A Delay Draw Term Loan
0.00%, 09/30/32 (c) (f)Bioxcel Therapeutics, Inc.,
First Lien Tranche A Term Loan
8.00%, 04/19/27 (c)See Notes to Consolidated Financial Statements.

2023 Annual Report37

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (continued)
December 31, 2023

Description
PRIVATE CREDIT (continued)
Bioxcel Therapeutics, Inc.,
First Lien Tranche C Delay Draw Term Loan
0.00%, 09/30/32 (c) (f) (k)10.25%, 04/19/27 (c) (k)Country

Principal
AmountUnited States
United States$563,378
375,585

Total Pharmaceuticals
Software – 5.0%
Avalara, Inc.,
First Lien Term Loan
12.60% (3 Month SOFR + 7.25%), 10/19/28 (b) (c)Avalara, Inc.,
First Lien Revolver
0.75%, 10/19/28 (c) (k)Evergreen IX Borrower LLC,
First Lien Term Loan
11.39% (3 Month SOFR + 6.00%), 09/29/30 (b) (c)Evergreen IX Borrower LLC,
First Lien Revolver
11.39%, 09/29/29 (c) (k)Finastra USA, Inc.,
First Lien Term Loan
12.71% (6 Month SOFR + 7.25%), 09/13/30 (b) (c)Finastra USA, Inc.,
First Lien Revolver
12.57% (1 Month SOFR + 7.25%), 09/13/30 (b) (c) (k)iCIMS, Inc.,
First Lien Revolver Facility
11.99%, 08/18/28 (c) (k)iCIMS, Inc.,
First Lien Term Loan
8.75%, 08/18/28 (c)12.63% (3 Month SOFR + 7.25%), 08/18/28 (b) (c)iCIMS, Inc.,
First Lien Delay Draw Term Loan
0.00%, 08/18/28 (c) (f) (k)OEConnection LLC,
Second Lien Term Loan
12.42%, 09/25/27 (c)Pluralsight LLC,
First Lien Revolver
13.56% (3 Month SOFR + 8.00%), 04/06/27 (b) (c) (k)Pluralsight LLC,
First Lien Term Loan
13.45% (3 Month SOFR + 8.00%), 04/06/27 (b) (c)UserZoom Technologies, Inc.,
First Lien Term Loan
12.77%, 04/05/29 (c)See Notes to Consolidated Financial Statements.
38

$

—
—
1,267,670

United States

2,491,000

2,459,863

United States

249,000—

United States

1,147,000

1,120,390

United States

127,000—

United States

1,462,000

1,450,397

United States

143,954

31,624

United States

157,552

32,130

United States
United States

1,720,993
253,659

1,657,832
246,759

United States

351,848—

United States

2,499,000

2,461,516

United States

56,83030,647

United States

659,000

633,958

United States

1,348,000

1,327,780

Total Software
Specialty Retail – 0.7%
MND Holdings III Corp.,
First Lien Term Loan
12.54%, 05/09/28 (c)Value

11,452,896

United States

1,254,695

1,267,242

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (continued)
December 31, 2023

Description
PRIVATE CREDIT (continued)
MND Holdings III Corp.,
First Lien Revolver
12.55%, 05/09/28 (c) (k)Country

Principal
AmountUnited States$327,000Value$

256,572

Total Specialty Retail1,523,814

Total Senior Loans

48,004,078
SharesPreferred Stock – 0.9%
Health Care Providers & Services – 0.1%
Petvet Care Centers LLC –(Acquired 11/15/2023, cost $198,940) (c) (l)United States

203,000

199,123

Health Care Technology – 0.8%athenahealth, Inc. –(Acquired 2/15/2022, cost $1,992,289) (c) (l)United States

2,033

1,940,294

Total Preferred Stock
Common Stock – 0.1%
Distributors – 0.1%
RelaDyne –(Acquired 12/23/2021, cost $187,703) (c) (l)2,139,417

United States

2,000

Total Common Stock
Warrants – 0.0%
Biotechnology – 0.0%
ADC Therapeutics –(Exercise price: $8.30, Expiration: 08/15/32) –(Acquired 8/15/2022, cost $30,028) (c) (l)Mesoblast, Inc. –(Exercise Price: $3.70, Expiration: 11/19/28) –(Acquired 1/12/2023, cost $0) (c) (l)Mesoblast, Inc. –(Exercise Price: $7.26, Expiration: 11/19/28) –(Acquired 12/20/2021, cost $106,354) (c) (l)Seres Therapeutics, Inc. –(Exercise price: $6.69, Expiration: 04/27/30) –(Acquired 4/27/2023, cost $14,821) (c) (l)279,120
279,120

United States

4,988

2,245

United States

11,941

4,776

United States

46,443

11,611

United States

4,735

3,551

Total Biotechnology
Health Care Technology – 0.0%
Impel Pharmaceuticals, Inc. –(Exercise Price: $0.01, Expiration: 09/05/30) –(Acquired 9/5/2023, cost $0) (c) (l)Innocoll Pharmaceuticals Ltd. –(Exercise Price: $4.23, Expiration: 01/26/29) –(Acquired 1/26/2022 – 9/1/2022, cost $77,901) (c) (l)22,183

United States

26,745

3,036

United States

20,192—

Total Health Care Technology
Pharmaceuticals – 0.0%
Bioxcel Therapeutics, Inc. –(Exercise price: $20.04, Expiration: 04/19/29) –(Acquired 4/28/2022, cost $0) (c) (l)3,036

United States

3,487

1,220

Total Warrants
TOTAL PRIVATE CREDIT(Cost $52,631,347)

26,43950,449,054

See Notes to Consolidated Financial Statements.
2023 Annual Report

39

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (continued)
December 31, 2023
Description
MONEY MARKET FUND – 3.5%
First American Government Obligations Fund – Class X,
5.29% (j)Country

SharesUnited States

8,003,117

TOTAL MONEY MARKET FUND
(Cost $8,003,117)

Value

$

8,003,117
8,003,117

Total Investments – 115.2% (a)(Cost $275,585,403)
Liabilities in Excess of Other Assets – (15.2)%

265,074,122(34,957,324)

TOTAL NET ASSETS – 100.0%$230,116,798

The following notes should be read in conjunction with the accompanying Consolidated Schedule of Investments.
(a) These securities are pledged as collateral for the credit facility.
(b) Variable rate security – Interest rate is based on reference rate and spread or based on the underlying assets. Interest rate may also be subject to acap or floor. Securities that reference SOFR may be subject to a credit spread adjustment, particularly to legacy holdings that reference LIBOR thathave transitioned to SOFR as the base lending rate.
(c) These securities are characterized as Level 3 securities within the disclosure hierarchy. Level 3 security values are determined using significant
unobservable inputs. As of December 31, 2023, the total value of all such securities was $54,114,948 or 23.5% of net assets.
(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt fromregistration to qualified institutional buyers. As of December 31, 2023, the total value of all such securities was $105,830,215 or 46.0% of net
assets.
(e) Regulation S security. These securities may be subject to transfer restrictions as defined by Regulation S. As of December 31, 2023, the total valueof all such securities was $1,643,988 or 0.7% of net assets.
(f) Paid in kind security which may pay interest in additional par.
(g) These assets are held in the Oaktree Diversified Income Fund (Cayman) Ltd., a Cayman Islands exempted company and wholly-owned subsidiaryof the Fund.
(h) Security is a “step up” bond where the coupon increases or steps up at a predetermined date. Interest rate shown is the rate in effect as ofDecember 31, 2023.
(i) Issuer is currently in default on its regularly scheduled interest payment.
(j) The rate shown represents the seven-day yield as of December 31, 2023.
(k) As of December 31, 2023, the Fund had entered into the following commitments to fund various revolving and delayed draw senior secured andsubordinated loans. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans andthere can be no assurance that such conditions will be satisfied. All values are reflected at par.

Company

Investment TypeADC Therapeutics, Inc.
Amspec Parent, Inc.
Amspec Parent, Inc.
Ardonagh Midco 3 PLC
ASP-r-pac Acquisition Company LLC
Avalara, Inc.
Bioxcel Therapeutics, Inc.
Bioxcel Therapeutics, Inc.
Bioxcel Therapeutics, Inc.
Bioxcel Therapeutics, Inc.
Establishment Labs Holdings, Inc.
Establishment Labs Holdings, Inc.
Evergreen IX Borrower LLC
Finastra USA, Inc.
Galileo Parent, Inc.

First Lien Tranche B Delay Draw Term Loan
First Lien Term Loan
First Lien RevolverFirst Lien Delay Draw Term Loan
First Lien RevolverFirst Lien RevolverFirst Lien Tranche B Delay Draw Term Loan
First Lien Tranche C Delay Draw Term Loan
First Lien Tranche C Delay Draw Term Loan
First Lien Tranche B Delay Draw Term Loan
First Lien Tranche D Delay Draw Term Loan
First Lien Tranche C Delay Draw Term Loan
First Lien RevolverFirst Lien RevolverFirst Lien Revolver

See Notes to Consolidated Financial Statements.
40

Total revolving
and delayeddraw loan
commitments(000s)

$ 520
226
212
1,097
206
249
563
563
376
438
184
184
127
144
83

Less:
fundedcommitments(000s)

$

—
—
—
547
—
—
—
—
—
—
—
—
—
32
27

Total
unfundedcommitments(000s) (Note 10)

$ 520
226
212
550
206
249
563
563
376
438
184
184
127
112
56

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (continued)
December 31, 2023

Total revolving
and delayeddraw loan
commitments(000s)

Company

Investment TypeGrove Hotel Parcel Owner LLC
Grove Hotel Parcel Owner LLC
iCIMS, Inc.
iCIMS, Inc.
Impel Pharmaceuticals, Inc.
Inventus Power, Inc.
Kings Buyer LLC
LSL Holdco LLC
MND Holdings III Corp.
Next Holdco LLC
Next Holdco LLC
NFM & J LP
NFM & J LP
Petvet Care Centers LLC
Petvet Care Centers LLC
Pluralsight LLC
Seres Therapeutics, Inc.
Seres Therapeutics, Inc.
WP CPP Holdings

First Lien Revolver Facility
First Lien Delay Draw Term Loan
First Lien Revolver Facility
First Lien Delay Draw Term Loan
First Lien Tranche B Delay Draw Term Loan
First Lien RevolverFirst Lien RevolverFirst Lien RevolverFirst Lien RevolverFirst Lien Term Loan
First Lien RevolverFirst Lien RevolverFirst Lien Term Loan
First Lien Term Loan
First Lien RevolverFirst Lien RevolverFirst Lien Tranche B Delay Draw Term Loan
First Lien Tranche C Delay Draw Term Loan
First Lien Revolver

$ 175
351
158
352
240
94
310
266
327
213
80
110
276
307
307
41
329
329
90
$9,527Less:
fundedcommitments(000s)

$

—
—
34
—
165
—
—
—
256
—
—
6
—
—
—
32
—
—
—
$1,099Total
unfundedcommitments(000s) (Note 10)

$ 175
351
124
352
75
94
310
266
71
213
80
104
276
307
307
9
329
329
90
$8,428(l) Restricted security. Purchased in a private placement transaction; resale to the public may require registration. As of December 31, 2023, the total
value of all such securities was $2,848,992 or 1.2% of net assets.

Abbreviations:

CME
Chicago Mercantile Exchange
CMT
Constant Maturity Treasury RateEURIBOR Euro Interbank Offered Rate
LIBOR
London Interbank Offered Rates
LLC
Limited Liability Corporation
LP
Limited Partnership
PIK
Payment-in Kind
SOFR
Secured Overnight Financial Rate
SOFR30A Secured Overnight Financial Rate 30 Day Average
SONIA
Sterling Overnight Index Average

Currencies:
GBP (£)EUR (€)USD ($)

British PoundEuro
US Dollar

Forward Currency Contracts:
As of December 31, 2023, the following forward currency contracts were outstanding:SettlementDate

1/18/2024
1/18/2024
1/18/2024
1/18/2024

Currency Purchased

27,733,325
789,453
1,975,742
316,802

USD
EUR
USD
GBP

Currency Sold

25,930,804
849,6111,600,459
390,447

EUR
USD
GBP
USD

Value/Unrealized
Appreciation(Depreciation)

Counterparty

State Street Bank & Trust Co.
State Street Bank & Trust Co.
State Street Bank & Trust Co.
State Street Bank & Trust Co.

$(917,302)
22,646(64,521)
13,413$(945,764)

See Notes to Consolidated Financial Statements.
2023 Annual Report

41

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Statement of Assets and Liabilities
December 31, 2023

Assets:Investments in securities, at value (Cost $275,585,403) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Foreign currency, at value (Cost $303,265) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Receivable for investments sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Receivable for fund shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Unrealized appreciation on forward currency contracts (Note 3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Unrealized appreciation on unfunded loan commitments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$265,074,122
1,964,480
307,485
3,748,822
2,307,109
1,950
36,0598,378
44,939Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

273,493,344

Liabilities:
Payable for credit facility (Note 6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred debt issuance costs, credit facility (Note 6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest payable for credit facility (Note 6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Payable for investments purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Unrealized depreciation on forward currency contracts (Note 3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investment advisory fees payable (Note 4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

35,000,000(300,000)
58,837
7,163,170
981,823
258,600
214,116

Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

43,376,546

Indemnifications, commitments and contingencies (Note 10)
Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$230,116,798

Composition of Net Assets:
Paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accumulated losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$246,045,868(15,929,070)

Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$230,116,798

Shares Outstanding and Net Asset Value Per Share:
Shares outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net asset value per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

See Notes to Consolidated Financial Statements.
42$

25,902,014
8.88

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Statement of Operations
For the Year Ended December 31, 2023

Investment Income (Note 2):
Interest (net of foreign withholding tax of $258,983) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$22,168,553

Total investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

22,168,553

Expenses:
Investment advisory fees (Note 4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Audit and tax services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fund accounting and sub-administration fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Legal fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Directors’ fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Reports to shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Transfer agent fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Registration fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Custodian fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,630,998
335,778
208,518
197,709
151,469
68,76763,39960,23844,496
20,950
16,117

Total operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest expense and credit facility fees (Note 6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net expense recoupment (Note 4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3,798,439
1,810,039
137,705

Net expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5,746,183

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16,422,370

Net realized gain (loss) on:
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Foreign currency translation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Forward currency contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(1,418,569)
2,433
463,395

Net realized loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(952,741)

Net change in unrealized appreciation (depreciation) on:
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Unfunded loan commitments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Foreign currency translation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Forward currency contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6,262,348
8,378
37,335(755,545)

Net change in unrealized appreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5,552,516

Net realized and unrealized gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4,599,775

Net increase in net assets resulting from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$21,022,145

See Notes to Consolidated Financial Statements.
2023 Annual Report

43

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Statements of Changes in Net Assets

For theYear Ended
December 31,
2023

For theYear Ended
December 31,
2022

Increase (Decrease) in Net Assets Resulting from Operations:
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net realized loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 16,422,370(952,741)
5,552,516$

Net increase (decrease) in net assets resulting from operations . . . . . . . . . . . . . . . . . . .

21,022,145(10,469,399)

Distributions to Shareholders:Distributable earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(15,645,010)(10,683,466)

Total distributions paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(15,645,010)(10,683,466)

Capital Share Transactions:
Proceeds from shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Reinvestment of distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Repurchase of shares (Note 8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

62,173,242
12,613,249(1,748,478)

12,643,242
10,178,729(59,881)Net increase in net assets from capital share transactions . . . . . . . . . . . . . . . . . . . . . . . .

73,038,013

22,762,090

Total increase in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

78,415,148

1,609,225

Net Assets:
Beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

151,701,650

150,092,425

End of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$230,116,798$151,701,650

Share Transactions:Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Shares reinvested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Shares repurchased (Note 8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7,005,201
1,431,970(196,752)

1,414,283
1,158,749(6,820)Net increase in shares outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8,240,419

2,566,212

See Notes to Consolidated Financial Statements.
44

7,982,345(1,596,228)(16,855,516)

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Statement of Cash Flows
For the Year Ended December 31, 2023

Increase (Decrease) in Cash:
Cash flows provided by (used for) operating activities:
Net increase in net assets resulting from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 21,022,145
Adjustments to reconcile net increase in net assets resulting from operations to net cash used for
operating activities:
Purchases of long-term portfolio investments and principal payups . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (134,971,296)
Proceeds from disposition of long-term portfolio investments and principal paydowns . . . . . . . . . . . . . . . .
50,180,510
Net purchases and sales of short-term portfolio investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3,692,184)
Amortization of deferred debt issuance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
143,084
Increase in receivable for investments sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2,307,109)
Increase in interest receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1,222,502)
Increase in prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(38,189)
Increase in interest payable for credit facility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5,056,609
Increase in payable for investments purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5,619,477
Increase in investment advisory fees payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
68,300
Increase in accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
32,755
Net accretion of discount on investments and other adjustments to cost . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1,695,332)
Net change in unrealized appreciation on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6,262,348)
Increase in unrealized appreciation on unfunded commitments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(8,378)Net change in unrealized depreciation on forward currency contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
755,545
Net realized loss on investment transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,418,569
Net cash used for operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(65,900,344)

Cash flows provided by financing activities:
Proceeds from credit facility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Proceeds from shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Distributions paid to shareholders, net of reinvestments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Repurchase of shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred debt issuance costs paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10,000,000
62,734,772(3,031,761)(1,748,478)(300,000)

Net cash provided by financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

67,654,533

Net increase in cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,754,189

Cash at beginning of year.................................................................

517,776...................................................................... $2,271,965(1)

Cash at end of year

(1)

Supplemental Disclosure of Cash Flow Information:
Interest payments on the credit facility for the year ended December 31, 2023 totaled $1,610,346.
Non-cash financing activities not included consist of reinvestment of distributions for the year ended December 31, 2023 of$12,613,249.
(1)

Includes foreign currency.

See Notes to Consolidated Financial Statements.
2023 Annual Report45

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Financial Highlights
For theYear Ended
December 31,
2023

Class DPer Share Operating Performance:
Net asset value, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

8.59

For theYear Ended
December 31,
2022
$

9.94

For the Period
November 1, 20211
through
December 31,
2021
$

10.00

Income from Investment Operations:
Net investment income2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net realized and change in unrealized loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net decrease in net asset value resulting from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . .

0.78
0.20
0.98

0.50
(1.20)(0.70)

0.02(0.07)(0.05)

Distributions to Shareholders:
From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total distributions paid*. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net asset value, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(0.69)(0.69)
8.88(0.65)(0.65)
8.59(0.01)(0.01)
9.94

Total Investment Return†3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Ratios to Average Net Assets/Supplementary Data:
Net assets, end of period (000s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gross operating expenses excluding interest expense5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gross operating expenses5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net expenses, including fee waivers and reimbursement or recoupment and excludinginterest expense5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net expenses, including fee waivers and reimbursement or recoupment and interest expense5 . . . .
Net investment income5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net investment income (loss), excluding the effect of fee waivers and reimbursement or
recoupment5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Portfolio turnover rate3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

$

$

11.76%(7.03)%4(0.37)%$230,117
2.03%
3.01%

$151,702
1.96%
2.51%

$150,092
5.55%
5.55%

2.10%
3.08%
8.81%

2.10%
2.65%
5.64%

2.10%
2.10%
1.51%

8.88%
24%

5.50%
25%

(1.94)%
4%

The following table sets forth information regarding the Fund’s outstanding senior securities as of the end of each of the Fund’s last ten fiscal years, as applicable.

Fiscal or Period End

Total Amount
Outstanding
Exclusiveor Treasury
Securities

December 31, 2023 . . . . . . . . . . . . . . . . . . . . . . .
December 31, 2022 . . . . . . . . . . . . . . . . . . . . . . . .
December 31, 20217 . . . . . . . . . . . . . . . . . . . . . . . .

$35,000,000
20,000,000
N/A

*
†
1
2
3
4

5
6
7

Average
Market ValuePer Unit(Exclude Bank
Loans)

Type of Senior
Security$7,575
8,585
N/A

N/A
N/A
N/A

N/A
N/A
N/A

Credit Facility
Credit Facility
N/A

Distributions for annual periods determined in accordance with federal income tax regulations.
Total investment return is computed based upon the net asset value of the Fund’s shares and excludes the effects of sales charges or contingent deferredsales charges, if applicable. Distributions are assumed to be reinvested at the net asset value of the Class on the ex-date of the distribution.
Commencement of operations.
Per share amounts presented are based on average shares outstanding throughout the period indicated.
Not annualized for periods less than one year.
The total investment return for the year ended December 31, 2022 has been restated to (7.03)% for the correction of a typographical error. The Adviser andAdministrator have evaluated the quantitative and qualitative aspects of this error and concluded it is not material to the previously issued consolidated
financial statements.
Annualized for periods less than one year.
Calculated by subtracting the Fund’s total liabilities (not including borrowings) from the Fund’s total assets and dividing by the total number of seniorindebtedness units, where one unit equals $1,000 of senior indebtedness.
Commenced operations on November 1, 2021

See Notes to Consolidated Financial Statements.
46

Asset Coverage
Per Unit6

Involuntary
Liquidating
Preference
Per Unit

OAKTREE DIVERSIFIED INCOME FUND INC.
Notes to Consolidated Financial Statements
December 31, 2023

1. Organization
Oaktree Diversified Income Fund Inc. (the “Fund”) was organized as a corporation under the laws of the State of
Maryland on June 29, 2021. The Fund is registered under the Investment Company Act of 1940, as amended (the“1940 Act”), as a diversified, closed-end management investment company that continuously offers its shares ofcommon stock, $0.001 par value per share (the “Common Shares”), and is operated as an “interval fund.” The
Fund’s Class D shares commenced operations on November 1, 2021.
The Fund has two classes of shares: Class D and Class T shares. The Fund had applied for, and was granted,
exemptive relief (the “Exemptive Relief”) by the Securities and Exchange Commission (the “SEC”) that permits theFund to issue multiple classes of shares and to impose asset-based distribution fees and early-withdrawal fees.
Currently, the Fund is only offering Class D shares.
Oaktree Fund Advisors, LLC (“Oaktree” or the “Adviser”), a Delaware limited liability company and a registeredinvestment adviser under the Investment Advisers Act of 1940, as amended, serves as the investment adviser tothe Fund. Oaktree was founded in April 1995 and is a leader among global investment managers specializing inalternative investments.
Brookfield Public Securities Group LLC (the “Administrator”), a wholly-owned subsidiary of Brookfield AssetManagement Inc. (“Brookfield”), is registered as an investment adviser under the Investment Advisers Act of 1940,
as amended, and serves as Administrator to the Fund. In 2019, Brookfield acquired a majority interest in the Adviser.
The Fund’s investment objective is to seek current income and attractive total return. The Fund seeks to achieve its
investment objective by investing globally in high-conviction opportunities across Oaktree’s performing credit platformof high-yield bonds, senior loans, structured credit, emerging markets debt and convertibles, inclusive of both public
and private credit sectors. High-yield bonds are also referred to as “below-investment grade rated securities” or“junk bonds,” as described in the Fund’s Prospectus. The Fund seeks to add value through three sources:(1) providing exposure to asset classes that require specialized expertise; (2) performing well in each asset classthrough proprietary, bottom-up and credit research; and (3) allocating capital opportunistically among asset classes
based on Oaktree’s assessment of relative value.
Oaktree Diversified Income Fund (Cayman) Ltd. (the “Subsidiary”), a Cayman Islands exempted company andwholly-owned subsidiary of the Fund, was formed on November 11, 2021. The Subsidiary was established for the
purpose of investing in certain Regulation S securities. As a wholly-owned subsidiary of the Fund, the financial
results of the Subsidiary are included in the consolidated financial statements and financial highlights of the Fund.
All investments held by the Subsidiary are disclosed in the Consolidated Schedule of Investments. The Fund may
invest up to 25% of its total assets in the Subsidiary. The net assets of the Subsidiary at December 31, 2023 were
$1,648,222, or 0.7% of the Fund’s consolidated net assets. The accompanying consolidated financial statements
include the accounts of the Subsidiary. All inter-company accounts and transactions have been eliminated inconsolidation.
2. Significant Accounting Policies
The preparation of financial statements in conformity with accounting principles generally accepted in the UnitedStates of America (“GAAP”) requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of increases and decreases in net assets from operations during the reporting
period. Actual results could differ from those estimates. The Fund is an investment company and follows accounting
and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification(“ASC”) Topic 946, Financial Services-Investment Companies.
Valuation of Investments: The Fund’s Board of Directors (the “Board”) has adopted procedures for the valuation of
the Fund’s securities. The Adviser oversees the day to day responsibilities for valuation determinations under theseprocedures. The Board regularly reviews the application of these procedures to the securities in the Fund’s portfolio.
The Adviser’s Valuation Committee is comprised of senior members of the Adviser’s management team.
2023 Annual Report47

OAKTREE DIVERSIFIED INCOME FUND INC.
Notes to Consolidated Financial Statements (continued)
December 31, 2023

The Board has designated the Adviser as the valuation designee pursuant to Rule 2a-5 under the 1940 Act to perform
fair value determination relating to any or all Fund investments. The Board oversees the Adviser in its role as thevaluation designee in accordance with the requirements of Rule 2a-5 under the 1940 Act.
Investments in equity securities listed or traded on any securities exchange or traded in the over-the-counter market
are valued at the last trade price as of the close of business on the valuation date. If the NYSE closes early, then theequity security will be valued at the last traded price before the NYSE close. Prices of foreign equities that are
principally traded on certain foreign markets will generally be adjusted daily pursuant to a fair value pricing service
approved by the Board in order to reflect an adjustment for the factors occurring after the close of certain foreign
markets but before the NYSE close. When fair value pricing is employed, the value of the portfolio securities used to
calculate the Fund’s net asset value (“NAV”) may differ from quoted or official closing prices. Investments in open-end
registered investment companies, if any, are valued at the NAV as reported by those investment companies.
Debt securities, including U.S. government securities, listed corporate bonds, other fixed income and asset-backed
securities, and unlisted securities and private placement securities, are generally valued at the bid prices furnishedby an independent pricing service or, if not valued by an independent pricing service, using bid prices obtained from
active and reliable market makers in any such security or a broker-dealer. Valuations from broker-dealers or pricing
services consider appropriate factors such as market activity, market activity of comparable securities, yield,
estimated default rates, timing of payments, underlying collateral, coupon rate, maturity date, and other factors.
Short-term debt securities with remaining maturities of sixty days or less are valued at amortized cost of discountor premium to maturity, unless such valuation, in the judgment of the Adviser’s Valuation Committee, does not
represent fair value.
Bank Loans, Assignments, and Participations. Loans (including “Senior Loans” (as described below), delayed fundingloans and revolving credit facilities) may be fixed-or floating-rate obligations. Loan interests may take the form of
direct interests acquired during a primary distribution and may also take the form of assignments of, novations ofor participations in a bank loan acquired in secondary markets. Senior floating rate loans may be made to or issued
by U.S. or non-U.S. banks or other corporations (“Senior Loans”). Senior Loans include senior floating rate loans
and institutionally traded senior floating rate debt obligations issued by asset-backed pools and other issuers, andinterests therein. Loan interests may be acquired from U.S. or foreign commercial banks, insurance companies,
finance companies or other financial institutions who have made loans or are members of a lending syndicate orfrom other holders of loan interests.
Senior Loans typically pay interest at rates which are re-determined periodically on the basis of a floating baselending rate (such as the London Inter-Bank Offered Rate, “LIBOR,” or a similar reference rate) plus a premium.
Senior Loans are typically of below investment grade quality. Senior Loans generally (but not always) hold the mostsenior position in the capital structure of a borrower and are often secured with collateral. A Senior Loan is typicallyoriginated, negotiated and structured by a U.S. or foreign commercial bank, insurance company, finance company
or other financial institution (an “Agent”) for a lending syndicate of financial institutions (“Lenders”). The Agent
typically administers and enforces the Senior Loan on behalf of the other Lenders in the syndicate. In addition, an
institution, typically but not always the Agent, holds any collateral on behalf of the Lenders.
Over-the-counter financial derivative instruments, such as forward currency contracts, options contracts, or swap
agreements, derive their values from underlying asset prices, indices, reference rates, other inputs or a combinationof 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 ofthe 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.

48

OAKTREE DIVERSIFIED INCOME FUND INC.
Notes to Consolidated Financial Statements (continued)
December 31, 2023

Securities for which market prices are not readily available, cannot be determined using the sources describedabove, or the Adviser’s Valuation Committee determines that the quotation or price for a portfolio security provided
by a broker-dealer or an independent pricing service is inaccurate will be valued at a fair value determined by theAdviser’s Valuation Committee following the procedures adopted by the Adviser under the supervision of the Board.
The Adviser’s valuation policy establishes parameters for the sources, methodologies, and inputs the Adviser’s
Valuation Committee uses in determining fair value.
Non-publicly traded debt and equity securities and other securities or instruments for which reliable market quotations
are not available are valued by the Adviser using valuation methodologies applied on a consistent basis. These
securities may initially be valued at the acquisition price as the best indicator of fair value. The Adviser reviews thesignificant unobservable inputs, valuations of comparable investments and other similar transactions for investments
valued at acquisition price to determine whether another valuation methodology should be utilized. Subsequentvaluations will depend on facts and circumstances known as of the valuation date and the application of valuation
methodologies further described below. The fair value may also be based on a pending transaction expected toclose after the valuation date. These valuation methodologies involve a significant degree of management judgment.
Accordingly, valuations do not necessarily represent the amounts which may eventually be realized from sales orother dispositions of investments in the future. Fair values may differ from the values that would have been used
had a ready market for the investment existed, and the differences could be material to the consolidated
financial statements.
The fair valuation methodology may include or consider the following guidelines, as appropriate: (1) evaluation of
all relevant factors, including but not limited to, pricing history, current market level, supply and demand of therespective security; (2) comparison to the values and current pricing of securities that have comparable
characteristics; (3) knowledge of historical market information with respect to the security; (4) other factors relevantto the security which would include, but not be limited to, duration, yield, fundamental analytical data, the Treasury
yield curve, and credit quality. The fair value may be difficult to determine and thus judgment plays a greater role inthe valuation process. Imprecision in estimating fair value can also impact the amount of unrealized appreciation
or depreciation recorded for a particular portfolio security and differences in the assumptions used could result in adifferent determination of fair value, and those differences could be material. For those securities valued by fairvaluations, the Adviser’s Valuation Committee reviews and affirms the reasonableness of the valuations based onsuch methodologies and fair valuation determinations on a regular basis after considering all relevant informationthat is reasonably available. There can be no assurance that the Fund could purchase or sell a portfolio security at
the price used to calculate the Fund’s NAV.
A three-tier hierarchy has been established to maximize the use of observable market data and minimize the useof unobservable inputs and to establish classification of fair value measurements for disclosure purposes.
Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or
liability developed based on market data obtained from sources independent of the reporting entity. Unobservable
inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants
would use in pricing the asset or liability developed based on the best information available in the circumstances.
The three-tier hierarchy of inputs is summarized in the three broad levels listed below:
Level 1 — quoted prices in active markets for identical assets or liabilities
Level 2 — quoted prices in markets that are not active or other significant observable inputs (including, but notlimited to: quoted prices for similar assets or liabilities, quoted prices based on recently executedtransactions, interest rates, credit risk, etc.)
Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair valueof assets or liabilities)

2023 Annual Report

49

OAKTREE DIVERSIFIED INCOME FUND INC.
Notes to Consolidated Financial Statements (continued)
December 31, 2023

The following table summarizes the Fund’s investments valuation inputs categorized in the disclosure hierarchy asof December 31, 2023:
Level 1

Corporate Credit
Senior Loans (Syndicated) . . . . . . . . . . . . . . . . . . .
High Yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Emerging Markets . . . . . . . . . . . . . . . . . . . . . . . . .
Convertible Bonds . . . . . . . . . . . . . . . . . . . . . . . . .
Investment Grade . . . . . . . . . . . . . . . . . . . . . . . . . .
Structured Credit
Collateralized Loan Obligations . . . . . . . . . . . . . . .
Commercial Mortgage-Backed Securities . . . . . . .
Residential Mortgage-Backed Securities . . . . . . . .
Asset-Backed Securities . . . . . . . . . . . . . . . . . . . .
Private Credit
Senior Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Preferred Stock . . . . . . . . . . . . . . . . . . . . . . . . . . .
Common Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Warrants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Money Market Fund . . . . . . . . . . . . . . . . . . . . . . . . .
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Level 2

Level 3

Total

—
—
—
—
—

$ 76,444,328
49,179,606
6,488,161
1,675,628
57,593$ 2,090,326
1,302,840———$ 78,534,654
50,482,446
6,488,161
1,675,628
57,593————42,151,877
9,974,472
6,384,306
10,600,086—
272,728——

42,151,877
10,247,200
6,384,306
10,600,086————
8,003,117

—
—
—
—
—

48,004,078
2,139,417
279,120
26,439—48,004,078
2,139,417
279,120
26,4398,003,117$8,003,117$202,956,057$54,114,948$265,074,122

Level 1

Level 2

Level 3

Total$

Other Financial Instruments(1)AssetsUnfunded loan commitments . . . . . . . . . . . . . . . . .
Liabilities
Forward currency contracts . . . . . . . . . . . . . . . . . .
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1)

$

—

$

—
$

—

—

$

(945,764)$(945,764)

8,378

$

—
$

8,378

8,378
(945,764)$(937,386)

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

The Fund used valuation approaches consistent with the income approach and market approach to determine fairvalue of certain Level 3 assets as of December 31, 2023. The valuation methodologies utilized by the Fund included
discounted cash flows analysis, recent transaction analysis, market yield analysis and market comparable analysis
and are described below.
The discounted cash flows analysis utilizes a discounted cash flow method that incorporates expected timing andlevel of cash flows, as well as assumptions in determining growth rates, income and expense projections, discountrates, capital structure, terminal values and other factors. The applicability and weight assigned to the income
technique is determined based on the availability of reliable projections and comparable companies and transactions.
The recent transaction analysis utilizes recent or expected future transactions of the investment to determine fairvalue, to the extent applicable.
The market yield analysis utilizes expected future cash flows, discounted using estimated current market rates.
Discounted cash flow calculations may be adjusted to reflect current market conditions and/or the perceived credit
risk of the borrowers. Consideration is also given to a borrower’s ability to meet principal and interest obligations;this may include an evaluation of collateral or the underlying value of the borrower, utilizing either the market orincome techniques.

50

OAKTREE DIVERSIFIED INCOME FUND INC.
Notes to Consolidated Financial Statements (continued)
December 31, 2023

The market comparable analysis utilizes valuations of comparable public companies or transactions and generally
seeks to establish the enterprise value of the portfolio company using a market multiple technique. This techniquetakes into account a specific financial measure (such as earnings before interest, taxes, depreciation andamortization (“EBITDA”), adjusted EBITDA, free cash flow, net operating income, net income, book value or net
asset value) believed to be most relevant for the given company. Consideration may also be given to such factors
as acquisition price of the security, historical and projected operational and financial results for the portfolio company,
the strengths and weaknesses of the portfolio company relative to its comparable companies, industry trends,
general economic and market conditions and other factors deemed relevant. The applicability and weight assigned
to the market technique is determined based on the availability of reliable projections and comparable companies
and transactions.
The Fund may estimate the fair value of privately held warrants using a Black Scholes pricing model, which includes
an analysis of various factors and subjective assumptions, including the current stock price (by using an enterprisevalue analysis as described above), the expected period until exercise, expected volatility of the underlying stock
price, expected dividends and the risk-free rate. Changes in the subjective input assumptions can materially affectthe fair value estimates.
The fair value of the Fund’s credit facility, which qualifies as a financial instrument under ASC Topic 825, Disclosuresabout Fair Values of Financial Instruments, approximates the carrying amount of $35,000,000 for the credit facility
presented in the Consolidated Statement of Assets and Liabilities. As of December 31, 2023, this financial instrument
is categorized as Level 2 within the disclosure hierarchy.
The table below shows the significant unobservable valuation inputs that were used by the Adviser’s Valuation
Committee to fair value the Level 3 investments as of December 31, 2023.
Value as ofDecember 31,
2023

Valuation
Approach

Valuation
Methodology

Unobservable
Input

Amount or
Range/(Weighted
Average)

Impact to
Valuationfrom anIncreasein Input(1)Corporate Credit

Senior Loans(Syndicated)$ 2,090,326

IncomeApproach

Discounted
Cash Flow

Yield (Discount Rateof Cash Flows)

10.0%-18.0%(12.3%)

Decrease

High Yield

1,302,840

MarketApproachMarketComparables

Recent Transaction
Price

$99.0
($99.0)

Increase

272,728

MarketApproachMarketComparables

MarketQuotes$46.70($46.70)

Increase

Senior Loans

48,004,078

IncomeApproach

Discounted
Cash Flow

Yield (Discount Rateof Cash Flows)

10.0%-27.0%(13.2%)

Decrease

Preferred Stock

2,139,417

IncomeApproach

Discounted
Cash Flow

Yield (Discount Rateof Cash Flows)

15.0%-17.0%(16.0%)

Decrease

Common Stock279,120

Marketapproach

Comparable
companies

Earnings Multiple

6x-8x (7x)Increase

Warrants

26,439Other

Black Scholes

Volatility

80.0%-100.0%(92.6%)

Increase

Structured Credit

Commercial
Mortgage-Backed
Securities
Private Credit

Total$54,114,948(1) The impact represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in thecorresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result insignificantly higher or lower fair value measurements.

2023 Annual Report

51

OAKTREE DIVERSIFIED INCOME FUND INC.
Notes to Consolidated Financial Statements (continued)
December 31, 2023

The following is a reconciliation of the assets in which significant unobservable inputs (Level 3) were used indetermining fair value:
Corporate
CreditStructured
CreditPrivateCreditTotal

Balance as of December 31, 2022 . . . . . . . . . . . . . . . . . . .
Accrued discounts (premiums) . . . . . . . . . . . . . . . . . . . . . .
Realized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Change in unrealized depreciation . . . . . . . . . . . . . . . . . . .
Purchases at cost/ corporate actions . . . . . . . . . . . . . . . . .
Sales proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 2,216,836
3,259
3,446
(41,051)
2,264,322(1,053,646)

$

—
4,292
—
(276,874)
545,310—$39,126,978
203,060
135,222(1,100,612)
17,321,096(5,236,690)$41,343,814
210,611
138,668(1,418,537)
20,130,728(6,290,336)

Balance as of December 31, 2023 . . . . . . . . . . . . . . . . . . .

$ 3,393,166$ 272,728$50,449,054$54,114,948

Change in unrealized depreciation for Level 3 assets still
held at the reporting date . . . . . . . . . . . . . . . . . . . . . . . . . .

$$(276,874)$ (1,197,523)$ (1,515,448)(41,051)

For further information regarding the security characteristics of the Fund, see the Consolidated Schedule ofInvestments.
Investment Transactions and Investment Income: Securities transactions are recorded on trade date. Realized gains
and losses from securities transactions are calculated on the identified cost basis. Interest income is recorded on
the accrual basis. Discounts and premiums on securities are accreted and amortized on a daily basis using theeffective yield to maturity and yield to next methods, respectively and might be adjusted based on management’s
assessment of the collectability of such interest. Dividend income is recorded on the ex-dividend date.
Foreign Currency Transactions: Securities and other assets and liabilities denominated in foreign currencies aretranslated into U.S. dollar amounts at the date of valuation. Purchases and sales of securities and income andexpense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates ofsuch transactions. The Fund does not isolate the portion of gains or losses resulting from changes in foreignexchange rates on securities from the fluctuations arising from changes in market prices.
Reported net realized foreign exchange gains or losses arise from sales of securities, currency gains or losses
realized between the trade and settlement dates on securities transactions and the difference between the amountsof dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of
the amounts actually received or paid.
Expenses: Expenses directly attributable to the Fund are charged directly to the Fund, while expenses that are
attributable to the Fund and other investment companies advised by the Adviser or its affiliates are allocated among
the respective investment companies, including the Fund, based either upon relative average net assets, evenly, ora combination of average net assets and evenly.
Certain intermediaries such as banks, broker-dealers, financial advisers or other financial institutions charge a fee
for sub-administration, sub-transfer agency and other shareholder services associated with shareholders whose
shares are held in omnibus, other group accounts or accounts traded through registered securities clearing agents.
The portion of this fee paid by the Fund is included within “Transfer agent fees” in the Consolidated Statement of
Operations.
Distributions to Shareholders: The Fund declares and pays dividends quarterly from net investment income. To theextent these distributions exceed net investment income, they may be classified as return of capital. The Fund also
pays distributions at least annually from its net realized capital gains, if any. Dividends and distributions are recordedon the ex-dividend date. All common shares have equal dividend and other distribution rights. A notice disclosing
the source(s) of a distribution is provided after a payment is made from any source other than net investment income.

52

OAKTREE DIVERSIFIED INCOME FUND INC.
Notes to Consolidated Financial Statements (continued)
December 31, 2023

This notice is available on the Adviser’s website at https://www.brookfieldoaktree.com/fund/oaktree-diversifiedincome-fund-inc. Any such notice is provided only for informational purposes in order to comply with the requirementsof Section 19(a) of the 1940 Act and not for tax reporting purposes. The tax composition of the Fund’s distributions
for each calendar year is reported on IRS Form 1099-DIV.
Dividends from net investment income and distributions from realized gains from investment transactions have been
determined in accordance with Federal income tax regulations and may differ from net investment income andrealized gains recorded by the Fund for financial reporting purposes. These differences, which could be temporary
or permanent in nature, may result in reclassification of distributions; however, net investment income, net realized
gains and losses and net assets are not affected.
When Issued, Delayed Delivery Securities and Forward Commitments: The Fund may enter into forward
commitments for the purchase or sale of securities, including on a “when issued” or “delayed delivery” basis, inexcess of customary settlement periods for the type of security involved. In some cases, a forward commitment
may be conditioned upon the occurrence of a subsequent event, such as approval and consummation of a merger,
corporate reorganization or debt restructuring (i.e., a when, as and if issued security). When such transactions arenegotiated, the price is fixed at the time of the commitment, with payment and delivery taking place in the future,generally a month or more after the date of the commitment. While it will only enter into a forward commitment with
the intention of actually acquiring the security, the Fund may sell the security before the settlement date if it isdeemed advisable. Securities purchased under a forward commitment are subject to market fluctuation, and nointerest (or dividends) accrues to the Fund prior to the settlement date. The Fund will segregate with its custodian
cash or liquid securities in an aggregate amount at least equal to the amount of its outstanding forward commitments.
Investments in Real Estate: The Fund may invest a portion of its assets in public and/or private debt investments
and other real estate assets or real estate-related securities and obligations. The value of these debt investments
and whether and to what extent such investments perform as expected will depend, in part, on the prevailingconditions in the market for real estate investment generally and, in particular, on the value of the underlying realestate asset collateral or real estate-related companies to which such debt investments relate. The real estateindustry is cyclical in nature, and a deterioration of real estate fundamentals in the markets in which the Fund invests
will have an adverse effect on the performance of the Fund’s investments. The value of real estate assets and realestate-related investments can fluctuate for various reasons. Real estate values can be seriously affected by interest
rate fluctuations, changes in general and local economic conditions, bank liquidity, the availability of financing,changes in environmental and zoning laws, overbuilding and increased competition, changes in supply and demand
fundamentals, an increase in property taxes, casualty or condemnation losses, bankruptcy or financial difficulty ofa major tenant, regulatory limitations on rent, increased mortgage defaults and the availability of mortgage funds
which may render the sale or refinancing of properties difficult or impracticable. Reductions in value or cash flow
could impair the Fund’s ability to make distributions to Common Shareholders, adversely impact its ability toeffectively achieve its investment objective and reduce overall returns on investments.
Investments in Real Estate Loans: While the Fund intends to invest primarily in “performing” real estate debt
securities, real estate loans underlying the securities acquired by the Fund may be non-performing at the time of
their acquisition and/or may become non-performing following their acquisition for a wide variety of reasons. Such
non-performing real estate loans may require a substantial amount of workout negotiations and/or restructuring,which may entail, among other things, a substantial reduction in the interest rate and a substantial writedown of theprincipal of such loan. However, even if a restructuring were successfully accomplished, a risk exists that, uponmaturity of such real estate loan, replacement “takeout” financing will not be available. Purchases of participations
in real estate loans raise many of the same risks as investments in real estate loans and also carry risks of illiquidity
and lack of control.
Collateralized Loan Obligations (“CLOs”): The Fund may invest in CLOs and other securitizations, which are generally
limited recourse obligations of the issuer (“Securitization Vehicles”) payable solely from the underlying assets(“Securitization Assets”) of the issuer or proceeds thereof. Holders of equity or other securities issued by2023 Annual Report

53

OAKTREE DIVERSIFIED INCOME FUND INC.
Notes to Consolidated Financial Statements (continued)
December 31, 2023

Securitization Vehicles must rely solely on distributions on the Securitization Assets or proceeds thereof for payment
in respect thereof. Consequently, the Fund will typically not have any direct rights against the issuer of, or the entitythat sold, assets underlying the securitization. The Securitization Assets may include, without limitation, broadly
syndicated leverage loans, middle-market bank loans, CDO debt tranches, trust preferred securities, insurance
surplus notes, asset-backed securities, mortgages, REITs, high-yield bonds, mezzanine debt, second-lien leverageloans, credit default swaps and emerging market debt and corporate bonds, which are subject to liquidity, market
value, credit, interest rate, reinvestment and certain other risks.
New Accounting Pronouncements: In June 2022, FASB issued ASU No. 2022-03, Fair Value Measurement(Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendmentsin this update clarify the guidance in Topic 820 when measuring the fair value of an equity security subject tocontractual sale restrictions and introduce new disclosure requirements related to such equity securities. The
amendments are effective for fiscal years beginning after December 15, 2023, with early adoption permitted.
Management is currently evaluating the impact of this guidance on the Fund’s financial statements.
In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update,
ASU 2022-06, Reference Rate Reform (Topic 848) — Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”).
ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting
burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates and which was
effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period throughDecember 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.
3. Derivative Financial Instruments
The Fund may purchase and sell derivative instruments such as exchange-listed and over-the counter put and call
options on securities, financial futures, equity, fixed-income and interest rate indices, and other financial instruments.
It may purchase and sell financial futures contracts and options thereon. Moreover, the Fund may enter into various
interest rate transactions such as swaps, caps, floors or collars and enter into various currency transactions suchas forward currency contracts, currency futures contracts, currency swaps or options on currency or currency futuresor credit transactions and credit default swaps. The Fund may also purchase derivative instruments that combine
features of several of these instruments. The Fund may invest in, or enter into, derivatives for a variety of reasons
including to hedge certain market risks, to provide a substitute for purchasing or selling particular securities or toincrease potential income gain.
Forward Currency Contracts: A forward currency contract (“forward contract”) is an agreement between two parties
to buy or sell a currency at an agreed upon price for settlement at a future date. During the period the forward
contract is in existence, changes in the value of the forward contract will fluctuate with changes in the currency
exchange rates. The forward contract is marked to market daily and these changes are recorded as an unrealized
gain or loss. Gain or loss on the purchase or sale of a forward contract is realized on the settlement date.
The Fund invests in forward contracts to hedge against fluctuations in the value of foreign currencies caused bychanges in the prevailing currency exchange rates. The use of forward contracts involves the risk that thecounterparties may be unable to meet the terms of their contracts and may be negatively impacted fromunanticipated movements in the value of a foreign currency relative to the U.S. dollar.
The average quarterly U.S. dollar value of forward currency contracts to be delivered or received during the year
ended December 31, 2023 was $38,842,237, which represents the volume of activity during the year.
Credit Default Swap Agreements: Credit default swap agreements may involve greater risks than if the Fund hadinvested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject
to illiquidity risk, counterparty risk and credit risk. A buyer generally also will lose its investment and recover nothingshould no credit event occur and the swap is held to its termination date. If a credit event were to occur, the valueof any deliverable obligation received by the seller (if any), coupled with the upfront or periodic payments previously
54

OAKTREE DIVERSIFIED INCOME FUND INC.
Notes to Consolidated Financial Statements (continued)
December 31, 2023

received, may be less than the full notional value it pays to the buyer, resulting in a loss of value to the seller. When
the Fund acts as a seller of a credit default swap, it is exposed to many of the same risks of leverage describedherein since if an event of default occurs, the seller must pay the buyer the full notional value of the reference
obligation.
Although the Fund may seek to realize gains by selling credit default swaps that increase in value, to realize gains
on selling credit default swaps, an active secondary market for such instruments must exist or the Fund mustotherwise be able to close out these transactions at advantageous times. In addition to the risk of losses describedabove, if no such secondary market exists or the Fund is otherwise unable to close out these transactions at
advantageous times, selling credit default swaps may not be profitable for the Fund.
The Fund did not have any swap contracts outstanding during the year ended December 31, 2023.
The following table sets forth the fair value of the Fund’s derivative instruments:
Derivatives

Forward currency contracts . .
Forward currency contracts . .

Consolidated Statement of Assets and Liabilities

Value as of December 31,
2023

Unrealized appreciation on forward currency contracts
Unrealized depreciation on forward currency contracts$ 36,059(981,823)

The following table sets forth the effect of derivative instruments on the Consolidated Statement of Operations forthe year ended December 31, 2023:

Derivatives

Forward currency contracts . .

Location of Gains (Losses) on
Derivatives Recognized in Income

Net Realized Gain (Loss)

Net Change in
Unrealized Appreciation(Depreciation)

Forward currency contracts$463,395$(755,545)

The Fund has not offset derivative assets and liabilities or financial assets, including cash, that may be received or
paid as part of collateral arrangements. There is no enforceable master netting agreement in place that provides
the Fund, in the event of counterparty default, the right to liquidate collateral and the right to offset a counterparty’s
rights and obligations.
Below is the gross and net information about instruments and transactions eligible for offset in the Consolidated
Statement of Assets and Liabilities as well as instruments and transactions subject to an agreement similar to amaster netting arrangement:
Collateral
Gross
Amounts
Offset in theConsolidated
Statement of
Assets andLiabilities

Net Amounts
Presented in
the Consolidated
Statementof Assets andLiabilities

Non-CashCollateral(Pledged)
Received

Collateral
Pledged(Received)

Net Amount$ 36,059$—$ 36,059$—$—$ 36,059$981,823$—$(981,823)$—$—$(981,823)

Gross
Amounts
Assets:Forward currency contracts . . . . . .
Liabilities:
Forward currency contracts . . . . . .

4. Investment Advisory Agreement and Transactions with Related Parties
The Fund has entered into an Investment Advisory Agreement (the “Advisory Agreement”) with the Adviser underwhich the Adviser is responsible for the management of the Fund’s portfolio and provides the necessary personnel,
facilities, equipment and certain other services necessary to the operations of the Fund. The Advisory Agreement
provides that the Fund shall pay the Adviser a monthly fee for its services at an annual rate of 1.25% of the Fund’s
average daily net assets plus the amount of borrowing for investment purposes (“Managed Assets”).
2023 Annual Report55

OAKTREE DIVERSIFIED INCOME FUND INC.
Notes to Consolidated Financial Statements (continued)
December 31, 2023

Pursuant to an operating expense limitation agreement (the “Expense Limitation Agreement”), the Adviser has
contractually agreed to waive all or a portion of its investment advisory fees and/or to reimburse certain expensesof the Fund, including organizational expenses and offering costs, to the extent necessary to maintain the Total
Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement (excluding any front-end orcontingent deferred sales loads, brokerage commissions and other transactional expenses, acquired fund fees andexpenses, interest (including, “Interest Payments on Borrowed Funds”), taxes, and extraordinary expenses, suchas litigation; and other expenses not incurred in the ordinary course of the Fund’s business) at no more than 2.10%
for Class D shares and 2.85% for Class T shares. The Expense Limitation Agreement will continue until at least
April 30, 2025 and may not be terminated by the Fund or the Adviser before such time. Thereafter, the Expense
Limitation Agreement may only be terminated or amended to increase the expense cap, provided that in the caseof a termination by the Adviser, the Adviser will provide the Board with written notice of its intention to terminate thearrangement prior to the expiration of its then current term. Any waivers and/or reimbursements made by the Adviser
are subject to recoupment from the Fund for a period not to exceed three years after the occurrence of the waiver
and/or reimbursement, provided that the Fund may only make repayments to the Adviser if such repayment does
not cause the Fund’s expense ratio (after the repayment is taken into account) to exceed the lesser of: (1) the
expense cap in place at the time such amounts were waived; and (2) the Fund’s current expense cap.
The amount of investment advisory fees waived and/or expenses reimbursed available to be recouped before
expiration is $263,482 of which $123,219, $6,577, and $133,686 will expire during the years ending December 31,
2024, December 31, 2025, and December 31, 2026, respectively. For the year ended December 31, 2023, theAdviser recouped previously waived eligible expenses of $137,705 which is reflected on the Fund’s Consolidated
Statement of Operations.
The Fund has entered into an administration agreement (“Administration Agreement”) with the Administrator and a
sub-administration agreement with U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund
Services (the “Sub-Administrator”). The Administrator and the Sub-Administrator perform administrative services
necessary for the operation of the Fund, including maintaining certain books and records of the Fund and preparing
reports and other documents required by federal, state and other applicable laws and regulations, and providing
the Fund with administrative office facilities. The Adviser is responsible for any fees due to the Administrator andthe Fund is responsible for any fees due to the Sub-Administrator.
Certain officers and/or directors of the Fund are officers and/or employees of the Administrator.
5. Purchases and Sales of Investments
For the year ended December 31, 2023, purchases and sales of investments (including principal payups andpaydowns), excluding short-term securities and U.S. government securities, were $134,971,296 and $50,180,510,
respectively.
For the year ended December 31, 2023, there were no purchases and sales of long-term U.S. Government securities.
6. Credit Facility
The Fund has established a Senior Secured Revolving Credit Facility (the “Credit Facility”) in the aggregate principal
amount of up to $75,000,000 with Sumitomo Mitsui Banking Corporation (“Sumitomo”) for investment purposes
subject to the limitations of the 1940 Act for borrowings by registered investment companies. The Credit Facility
stated maturity date is December 31, 2023. The Fund pays interest in the amount of the Secured Overnight
Financing Rate plus 1.25% on the Credit Facility outstanding if the borrowing is a Eurodollar Loan as defined in theCredit Facility agreement, or the highest of (i) Sumitomo prime rate as announced by Sumitomo in New York City,(ii) the sum of (x) the Federal Funds Rate plus (y) 1.00%, and (iii) the sum of (x) the London interbank market witha one (1) month maturity plus (y) 1.00%, (“Base Rate”) plus 0.25% if the borrowing is a Base Rate Loan as definedin the Credit Facility agreement on the Credit Facility outstanding. The Fund also pays an unused commitment feeof 0.20% on the Credit Facility that is unused. For the year ended December 31, 2023, the Fund amortized $143,084
56

OAKTREE DIVERSIFIED INCOME FUND INC.
Notes to Consolidated Financial Statements (continued)
December 31, 2023

in deferred debt issuance costs and is included in the interest expense on credit facility line on the Fund’s
Consolidated Statement of Operations.
On November 14, 2023, the Board approved a two-year extension to the Credit Facility with a new stated maturity
date of December 31, 2025. The Fund incurred debt issuance costs of $300,000 related to the extension of theCredit Facility that were recorded as a deferred charge and are being amortized over the two year term of the Credit
Facility.
As of December 31, 2023, the Fund had outstanding borrowings of $35,000,000. For the year ended December 31,
2023, the components of interest and unused commitment fees expense, average stated interest rates (i.e., rate ineffect plus the spread) and average outstanding balances for the Credit Facility were as follows:
Stated interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Unused commitment fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amortization of debt issuance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total interest expense and credit facility fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Average stated interest rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Average outstanding balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 1,564,371
102,584
143,084$ 1,810,039
6.47%$24,164,384

According to terms of the Credit Facility agreement, the Fund is required to comply with various covenants, reporting
requirements and other customary requirements for similar revolving credit facilities, including, without limitation,covenants related to maintaining a ratio of total assets (less total liabilities other than senior securities representing
indebtedness) to senior securities representing indebtedness of the Fund of not less than 300%. These covenants
are subject to important limitations and exceptions that are described in the documents governing the Credit Facility.
As of December 31, 2023, the Fund was in compliance with the terms of the Credit Facility.
7. Capital Shares
The Fund is authorized to issue up to 1,000,000,000 shares of common stock, $0.001 par value per share,
500,000,000 of which have been classified as Class D shares and 500,000,000 of which have been classified as
Class T shares (collectively, “Shares” and respectively, “Class D shares” and “Class T shares”). As of December 31,
2023, the Adviser owned 68% of the shares outstanding of Class D shares. The Board may, without any action by
the shareholders, amend the Charter from time to time to increase or decrease the aggregate number of shares or
the number of shares of any class or series that the Fund has authority to issue under the Charter and the 1940 Act.
In addition, the Charter authorizes the Board, without any action by the shareholders, to classify and reclassify any
unissued common shares and preferred stock into other classes or series of shares from time to time by setting orchanging the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to distributions,
qualifications and terms and conditions of redemption for each class or series. Although the Fund has no present
intention of doing so, it could issue a class or series of shares that could delay, defer or prevent a transaction or achange in control of the Fund that might otherwise be in the shareholders’ best interests. Under Maryland law,shareholders generally are not liable for the Fund’s debts or obligations.
All common shares offered will be, upon issuance, duly authorized, fully paid and nonassessable. Holders of commonshares are entitled to receive distributions when authorized by the Board and declared by the Fund out of assets
legally available for the payment of distributions. Holders of common shares have no preference, conversion,exchange, sinking fund, redemption or appraisal rights and have no preemptive rights to subscribe for any of theFund’s securities. All common shares have equal distribution, liquidation and other rights. The Fund may offer
multiple classes of common shares, which may be subject to differing fees and expenses. Distributions may vary
among the classes as a result of the different fee structure of the classes.
8. Repurchase Offers
As a continuously offered, closed-end interval fund, the Fund has adopted a fundamental investment policy to makeoffers to repurchase Shares in order to provide liquidity to shareholders. No shareholder will have the right to require
the Fund to repurchase its Shares, except as permitted by the Fund’s Interval Fund structure. No public market for2023 Annual Report

57

OAKTREE DIVERSIFIED INCOME FUND INC.
Notes to Consolidated Financial Statements (continued)
December 31, 2023

the Shares exists, and none is expected to develop in the future. Consequently, shareholders generally will not beable to liquidate their investment other than as a result of repurchases of their Shares by the Fund, and then only
on a limited basis.
The Fund has adopted, pursuant to Rule 23c-3 under the 1940 Act, a fundamental policy, which cannot be changed
without shareholder approval, requiring the Fund to offer to repurchase at least 5% and up to 25% of its Shares at
NAV on a quarterly basis. Although the policy permits quarterly repurchases of between 5% and 25% of the Fund’s
outstanding Shares, the Fund currently expects to offer to repurchase at least 5% of the Fund’s outstanding Sharesat NAV, which is the minimum amount permitted.
During the year ended December 31, 2023, the Fund completed four quarterly repurchase offers in which the Fundoffered to repurchase up to 10% of its outstanding shares. The result of the repurchase offers were as follows:
Repurchase Offer #1

Repurchase Offer #2

Repurchase Offer #3

Repurchase Offer #4

January 9, 2023
February 13, 2023
February 13, 2023
$133,789
15,066

April 10, 2023
May 15, 2023
May 15, 2023
$81,247
9,212

July 10, 2023
August 14, 2023
August 14, 2023
$801,432
89,947

October 6, 2023
November 13, 2023
November 13, 2023
$732,010
82,527

Commencement Date . . . . . . . . . . . .
Repurchase Request Deadline . . . . .
Repurchase Pricing Date . . . . . . . . .
Dollar Amount Repurchased . . . . . . .
Shares Repurchased . . . . . . . . . . . . .

9. Federal Income Tax Information
The Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable toregulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore,
no federal income or excise tax provision is required. The Fund may incur an excise tax to the extent it has not
distributed all of its taxable income on a calendar year basis.
GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed
in the financial statements. An evaluation of tax positions taken in the course of preparing the Fund’s tax returns todetermine whether the tax positions are “more-likely-than-not” of being sustained by the taxing authority is required.
Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be booked as a tax expensein the current year and recognized as: a liability for unrecognized tax benefits; a reduction of an income tax refund
receivable; a reduction of a deferred tax asset; an increase in a deferred tax liability; or a combination thereof. As
of December 31, 2023, the Fund has determined that there are no uncertain tax positions or tax liabilities required
to be accrued.
The Fund has reviewed the taxable years open for examination (i.e. not barred by the applicable statute of limitations)by taxing authorities of all major jurisdictions, including the Internal Revenue Service. As of December 31, 2023,
open taxable periods consisted of the taxable periods ended December 31, 2021, December 31, 2022 andDecember 31, 2023. No examination of the Fund’s tax returns is currently in progress.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may
differ from GAAP.
The federal income tax information referenced below is as of the Fund’s most recently completed tax year-end of
December 31, 2023.
The tax character of distributions paid for the periods shown below were as follows:

58

Year Ended
December 31,
2023

Year Ended
December 31,
2022

Ordinary income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$15,645,010$10,683,466

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$15,645,010$10,683,466

OAKTREE DIVERSIFIED INCOME FUND INC.
Notes to Consolidated Financial Statements (continued)
December 31, 2023

At December 31, 2023, the Fund’s most recently completed tax year-end, the components of net assets (excluding
paid-in capital) on a tax basis were as follows:
Capital loss carryforwards(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Late year ordinary losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other accumulated gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Tax basis unrealized depreciation on investments and foreign currency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ (4,395,889)(1,097,923)
18,656(10,453,914)

Total tax basis net accumulated losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$(15,929,070)(1)

To the extent that future capital gains are offset by capital loss carryforwards, such gains will not be distributed.

The Fund deferred, on a tax basis, late year ordinary losses of $1,097,923.
As of December 31, 2023, the Fund had short-term and long-term capital loss carryforwards of $2,645,116 and$1,750,773, respectively. The capital loss carryforwards will not expire.
Federal Income Tax Basis: The federal income tax basis of the Fund’s investments, not including foreign currencytranslations, at December 31, 2023 was as follows:
Cost of Investments

Gross Unrealized Appreciation

Gross Unrealized Depreciation

Net Unrealized Depreciation$275,528,036$4,512,189$(14,966,103)$(10,453,914)

Capital Account Reclassifications: Because federal income tax regulations differ in certain respects from GAAP,
income and capital gain distributions, if any, determined in accordance with tax regulations may differ from net
investment income and realized gains recognized for financial reporting purposes. These differences are primarily
due to differing treatments for Section 988 currency. Permanent book and tax differences, if any, will result in
reclassifications to paid-in capital or to undistributed capital gains. These reclassifications have no effect on net
assets or NAV per share. Any undistributed net income and realized gain remaining at fiscal year end is distributedin the following year.
At December 31, 2023, the Fund’s most recently completed tax year-end, the Fund’s components of net assets
were increased or (decreased) by the amounts shown in the table below:
Paid-in capital

Accumulated income (losses)$1,050$(1,050)

10. Indemnifications, Commitments and Contingencies
Under the Fund’s organizational documents, its officers and directors are indemnified against certain liabilities arisingout of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters
into contracts with its vendors and others that provide for indemnification. The Fund’s maximum exposure underthese arrangements is unknown, since this would involve the resolution of certain claims, as well as future claims
that may be made, against the Fund. Thus, an estimate of the financial impact, if any, of these arrangements cannot
be made at this time. However, based on experience, the Fund expects the risk of loss due to these warranties andindemnities to be unlikely.
In conjunction with the ownership of senior loans, the Fund is party to certain credit agreements, which may require
the Fund to extend additional loans to investee companies. Commitments to extend credit include loan proceeds
the Fund is obligated to advance, such as delayed draws or revolving credit arrangements. Commitments generally
have fixed expiration dates or other termination clauses. Unrealized gains or losses associated with unfunded
commitments are recorded in the consolidated financial statements and reflected as an adjustment to the fair valueof the related security in the Consolidated Schedule of Investments. The par amount of the unfunded commitments
is not recognized by the Fund until it becomes funded. The Fund uses the same investment criteria in making these2023 Annual Report

59

OAKTREE DIVERSIFIED INCOME FUND INC.
Notes to Consolidated Financial Statements (continued)
December 31, 2023

commitments as it does in making investments. The unfunded liability associated with these credit agreements isequal to the amount by which the contractual loan commitment exceeds the sum of the amount of funded debt andcash held in escrow, if any.
11. Subsequent EventsGAAP requires recognition in the financial statements of the effects of all subsequent events that provide additional
evidence about conditions that existed at the date of the Consolidated Statement of Assets and Liabilities. For nonrecognized subsequent events that must be disclosed to keep the financial statements from being misleading, theFund is required to disclose the nature of the event as well as an estimate of its financial effect, or a statement thatsuch an estimate cannot be made.
The Fund completed a quarterly repurchase offer in which the Fund offered to repurchase up to 10% of its
outstanding shares on February 12, 2024. The result of the repurchase offer was as follows:
Repurchase Offer

Commencement Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Repurchase Request Deadline . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Repurchase Pricing Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dollar Amount Repurchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Shares Repurchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

January 8, 2024
February 12, 2024
February 12, 2024
$868,825
96,644

Management has evaluated subsequent events in the preparation of the Fund’s financial statements and has
determined that there are no additional events that require recognition or disclosure in the financial statements.

60

OAKTREE DIVERSIFIED INCOME FUND INC.
Report of Independent Registered Public Accounting Firm

To the shareholders and the Board of Directors of Oaktree Diversified Income Fund Inc.

Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying the consolidated statement of assets and liabilities of Oaktree Diversified Income Fund
Inc. and subsidiary (the “Fund”), including the consolidated schedule of investments, as of December 31, 2023, the related
consolidated statements of operations and cash flows for the year then ended, the consolidated statements of changes in net
assets for each of the two years in the period then ended, the consolidated financial highlights for the years ended
December 31, 2023, 2022, and for the period from November 1, 2021 (commencement of operations) through December 31,
2021, and the related notes to the consolidated financial statements (collectively referred to as the “financial statements”). In
our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as ofDecember 31, 2023, and the results of its operations and its cash flows for the year then ended, the changes in its net assets
for each of the two years in the period then ended, and the financial highlights for the years ended December 31, 2023, 2022,
and for the period from November 1, 2021 (commencement of operations) through December 31, 2021 in conformity withaccounting principles generally accepted in the United States of America.

Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is toexpress an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting
firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be
independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules andregulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and performthe audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material
misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its
internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control
over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control
over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements andfinancial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures
included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial
highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management,
as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included
confirmation of securities owned as of December 31, 2023, by correspondence with the custodian, agent banks and brokers;
when replies were not received from agent banks and brokers, we performed other auditing procedures. We believe that our
audits provide a reasonable basis for our opinion.
Deloitte & Touche LLP
Chicago, Illinois
February 27, 2024
We have served as the auditor of one or more Brookfield Public Securities Group LLC’s investment companies since 2011.

2023 Annual Report61

OAKTREE DIVERSIFIED INCOME FUND INC.
Tax Information (Unaudited)

For the year ended December 31, 2023, certain dividends paid by the Fund may be subject to a maximum tax rateof 23.8%, as provided for by the Tax Cuts and Jobs Act of 2017. The percentage of dividends declared from ordinary
income designated as qualified dividend income was 0.00%.
For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends
received deduction for the fiscal year ended December 31, 2023 was 0.00%.
The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions
under Internal Revenue Section 871(k)(2)(C) was 0.00%.

62

OAKTREE DIVERSIFIED INCOME FUND INC.
Information Concerning Directors and Officers (Unaudited)

The following tables provide information concerning the directors and officers of the Fund.
Directors of the FundName, Address andYear of Birth

Position(s) Held with Fundand Term of Office andLength of Time Served

Principal Occupation(s) During Past 5 Years andOther Directorships Held by Director

Number of Portfolios
in Fund Complex1
Overseen by Director

Independent Trustees
Edward A. Kuczmarski
c/o Brookfield Place,
250 Vesey Street,
New York, New York
10281-1023
Born: 1949
Stuart A. McFarland
c/o Brookfield Place,
250 Vesey Street,
New York, New York
10281-1023
Born: 1947

Heather S. Goldman
c/o Brookfield Place,
250 Vesey Street,
New York, New York
10281-1023
Born: 1967
William H. Wright II
c/o Brookfield Place,
250 Vesey Street,
New York, New York
10281-1023
Born: 1960

Betty Whelchel
c/o Brookfield Place,
250 Vesey Street,
New York, New York
10281-1023
Born: 1956

Director and Independent
Chair of the Board,
Member of the Audit
Committee, Member of
the Nominating andCompensation Committee

Retired.

9

Director/Trustee of several investmentcompanies advised by PSG (2011-Present).

Served Since 2021
Director, Member of the
Audit Committee, Memberof the Nominating andCompensation Committee
Served Since 2021

Director, Member of the
Audit Committee, Chair of
the Nominating andCompensation Committee
Served Since 2021

Director, Chair of the Audit
Committee, Member of
the Nominating andCompensation Committee
Served Since 2021

Director, Member of the
Audit Committee, Memberof the Nominating andCompensation Committee
Since January 1, 2024

Managing Partner of Federal City Capital
Advisors (1997-2021).

9

Director/Trustee of several investmentcompanies advised by PSG (2006-Present);
Director of Drive Shack Inc. (formerly, New
Castle Investment Corp.) (2002-June 2023);
Lead Independent Director of New America
High Income Fund (2013-Present); Director of
New Senior Investment Group, Inc. (20142021); Director of Steward Partners(2017-2021).
CFO of My Flex, Inc., an EQBR company(2022-2023).

9

Director/Trustee of several investmentcompanies advised by PSG (2013-Present);
Board Director of Gesher USA (2015-Present);
Member of the Honorary Board of University
Settlement House (2014-Present).
Retired.

9

Director/Trustee of several investmentcompanies advised by PSG (2020-Present);
Director of Alcentra Capital Corporation (1940
Act BDC) (2018-2019); Advisory Director of
Virtus Global Dividend & Income Fund, Virtus
Global Multi-Sector Income Fund, Virtus Total
Return Fund and Duff & Phelps Select Energy
MLP Fund (2013-2019); Director of the Carlyle
Group, TCG BDC I, Inc., TCG BDC II, Inc. andCarlyle Secured Lending III (2021-Present).
US Head of Public Policy: Regulatory Affairsof BNP Paribas (2016-2019).

9

Director/Trustee of several investmentcompanies advised by the Adviser (2024Present); Trustee of Curtis Institute(2005-2023).

2023 Annual Report63

OAKTREE DIVERSIFIED INCOME FUND INC.
Information Concerning Directors and Officers (Unaudited) (continued)

Name, Address andYear of Birth

Position(s) Held with Fundand Term of Office andLength of Time Served

Principal Occupation(s) During Past 5 Years andOther Directorships Held by Director

Number of Portfolios
in Fund Complex1
Overseen by Director

Interested Director
David W. Levi
c/o Brookfield Place,
250 Vesey Street,
New York, New York
10281-1023
Born: 197164

Director
Served Since 2021

Chief Executive Officer of PSG (2019Present); Head of Brookfield Oaktree Wealth
Solutions (2021-Present); President of the
PSG (2016-2019); Managing Partner of
Brookfield (2015-Present).
Director/Trustee of several investmentcompanies advised by PSG (2017-Present).

9

OAKTREE DIVERSIFIED INCOME FUND INC.
Information Concerning Directors and Officers (Unaudited) (continued)

Officers of the Fund
Term of Office andLength of Time
ServedName, Address andYear of Birth

Position(s) Heldwith Fund

Brian F. Hurley*
c/o Brookfield Place,
250 Vesey Street,
New York, New York
10281-1023

President

Served since
2021

President of several investment companies advised by theAdviser (2014-Present); General Counsel of the Adviser(2017-Present); Managing Director (2014-Present) of theAdviser; Managing Partner of Brookfield (2016-Present);
Director of Brookfield Soundvest Capital Management(2015-2018).

Treasurer

Served since
2021

Treasurer of several investment companies advised by theAdviser (2021-Present); Assistant Treasurer of several
investment companies advised by the Adviser (2016-2021);
Vice President of the Adviser (2014-2021); Director of theAdviser (2021-Present).

SecretaryServed since2022**

Secretary of several investment companies advised by theAdviser (November 2022-Present); Managing Director of
the Adviser (October 2022-Present); Director of Allianz
Global Investors U.S. Holdings LLC (2016-2022); Assistant
Secretary of 63 funds in the Allianz Global Investors Fund
Complex (2017-2020); and Chief Legal Officer of Allianz
Global Investors Distributors LLC (2019-2022).

Chief Compliance
Officer (“CCO”)

Served since2021

CCO of several investment companies advised by theAdviser (2017-Present); Director of the Adviser(2017-Present); CCO of Brookfield Investment
Management (Canada) Inc. (2017-Present).

Assistant
Treasurer

Served since
2021

Assistant Treasurer of several investment companies
advised by the Adviser (2016-Present); Vice President of
the Adviser (2019-Present); Assistant Vice President of theAdviser (2014-2019).

Born: 1977
Casey P. Tushaus*
c/o Brookfield Place,
250 Vesey Street,
New York, New York
10281-1023

Principal Occupation(s) During Past 5 Years

Born: 1982
Craig A. Ruckman*
c/o Brookfield Place
250 Vesey Street,
New York, New York
10281-1023
Born: 1977
Adam R. Sachs*
c/o Brookfield Place,
250 Vesey Street,
New York, New York
10281-1023
Born: 1984
Mohamed S. Rasul*
c/o Brookfield Place,
250 Vesey Street,
New York, New York
10281-1023
Born: 1981

* Interested person as defined by the 1940 Act because of affiliations with Brookfield Public Securities Group LLC,
Adviser of the Fund.
** Craig A. Ruckman was appointed by the Board as the Secretary of the Fund on November 17, 2022.
1 The Fund Complex is comprised of Brookfield Investment Funds (six series of underlying portfolios), Brookfield
Real Assets Income Fund Inc., Brookfield Infrastructure Income Fund Inc. and Oaktree Diversified Income FundInc.
The Fund’s Statement of Additional Information includes additional information about the directors, and is available,
without charge, upon request by calling 1-855-777-8001.

2023 Annual Report

65

OAKTREE DIVERSIFIED INCOME FUND INC.
Dividend Reinvestment Plan (Unaudited)

The Fund intends to distribute substantially all of its net investment income to shareholders in the form of dividends.
The Fund intends to declare and pay distributions quarterly from net investment income. In addition, the Fund intends
to distribute any net capital gains earned from the sale of portfolio securities to shareholders no less frequently thanannually. Net short-term capital gains may be paid more frequently. Unless Common Shareholders specify otherwise,
dividends will be reinvested in Shares of the Fund in accordance with the Fund’s dividend reinvestment plan. The
Fund may pay distributions from sources that may not be available in the future and that are unrelated to the Fund’s
performance, such as from offering proceeds and/or borrowings.
The Fund has adopted a Dividend Reinvestment Plan (the “Plan”) that provides that, unless Common
Shareholders elect to receive their distributions in cash, they will be automatically reinvested by U.S. Bancorp
Fund Services, LLC (the “Plan Administrator”), in additional Shares. If Common Shareholders elect to receive
distributions in cash, they will receive them paid by check mailed directly to them by the Plan Administrator. The
Plan Administrator can be contacted through mail by writing to U.S. Bancorp Fund Services, LLC, P.O. Box 701,
Milwaukee, Wisconsin 53201-0701 or by phone at 1-855-862-5873.
Shares received under the Plan will be issued to Common Shareholders at their NAV on the ex-dividend date; there
is no sales or other charge for reinvestment. Common Shareholders are free to withdraw from the Plan and elect toreceive cash at any time by giving written notice to the Plan Administrator or by contacting the broker or dealer, whowill inform the Fund.
The Plan Administrator provides written confirmation of all transactions in the shareholder accounts in the Plan,
including information Common Shareholders may need for tax records. Any proxy Common Shareholders receive
will include all Shares received under the Plan.
Automatically reinvested dividends and distributions are taxed in the same manner as cash dividends anddistributions.
The Fund and the Plan Administrator reserve the right to amend or terminate the Plan. There is no direct service
charge to participants in the Plan; however, the Fund reserves the right to amend the Plan to include a service
charge payable by the participants. If the Plan is amended to include such service charges, the Plan Administrator
will include a notification to registered holders of Shares with the Plan Administrator.
Additional information about the Plan may be obtained from the Plan Administrator.

66

OAKTREE DIVERSIFIED INCOME FUND INC.
Joint Notice of Privacy Policy (Unaudited)

Brookfield Public Securities Group LLC (“PSG”), on its own behalf and on behalf of the funds managed by PSG
and its affiliates, recognizes and appreciates the importance of respecting the privacy of our clients andshareholders. Our relationships are based on integrity and trust and we maintain high standards to safeguard yournon-public personal information (“Personal Information”) at all times. This privacy policy (“Policy”) describes thetypes of Personal Information we collect about you, the steps we take to safeguard that information and thecircumstances in which it may be disclosed.
If you hold shares of the Fund through a financial intermediary, such as a broker, investment adviser, bank or trust
company, the privacy policy of your financial intermediary will also govern how your Personal Information will beshared with other parties.
WHAT INFORMATION DO WE COLLECT?
We collect the following Personal Information about you:
• Information we receive from you in applications or other forms, correspondence or conversations, including
but not limited to name, address, phone number, social security number, assets, income and date of birth.
• Information about transactions with us, our affiliates, or others, including but not limited to account number,balance and payment history, parties to transactions, cost basis information, and other financial information.
• Information we may receive from our due diligence, such as your creditworthiness and your credit history.
WHAT IS OUR PRIVACY POLICY?
We may share your Personal Information with our affiliates in order to provide products or services to you or to
support our business needs. We will not disclose your Personal Information to nonaffiliated third parties unless 1) wehave received proper consent from you; 2) we are legally permitted to do so; or 3) we reasonably believe, in goodfaith, that we are legally required to do so. For example, we may disclose your Personal Information with the following
in order to assist us with various aspects of conducting our business, to comply with laws or industry regulations,
and/or to effect any transaction on your behalf;• Unaffiliated service providers (e.g. transfer agents, securities broker-dealers, administrators, investment
advisors or other firms that assist us in maintaining and supporting financial products and services provided
to you);• Government agencies, other regulatory bodies and law enforcement officials (e.g. for reporting suspicioustransactions);• Other organizations, with your consent or as directed by you; and• Other organizations, as permitted or required by law (e.g. for fraud protection).
When we share your Personal Information, the information is made available for limited purposes and undercontrolled circumstances designed to protect your privacy. We require third parties to comply with our standards forsecurity and confidentiality.
HOW DO WE PROTECT CLIENT INFORMATION?
We restrict access to your Personal Information to those persons who require such information to assist us with
providing products or services to you. It is our practice to maintain and monitor physical, electronic, and procedural
safeguards that comply with federal standards to guard client nonpublic personal information. We regularly train our
employees on privacy and information security and on their obligations to protect client information.
CONTACT INFORMATIONFor questions concerning our Privacy Policy, please contact our client services representative at 1-855-777-8001.

2023 Annual Report67

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[THIS PAGE IS INTENTIONALLY LEFT BLANK]CORPORATE INFORMATION
Investment Adviser
Oaktree Fund Advisors, LLC
333 South Grand Avenue, 28th Floor
Los Angeles, California 90071
www.oaktreefunds.com
Administrator
Brookfield Public Securities Group LLC
Brookfield Place
250 Vesey Street, 15th Floor
New York, New York 10281-1023
www.brookfield.com
Please direct your inquiries to:Investor Relations
Phone: 1-855-777-8001
E-mail: publicsecurities.enquiries@brookfield.com
Transfer Agent
Shareholder inquiries relating to distributions, addresschanges and shareholder account information should
be directed to the Fund’s transfer agent:
U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, Wisconsin 53202
1-855-862-5873

Fund Accounting Agent & Sub-Administrator
U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, Wisconsin 53202
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
111 South Wacker Drive
Chicago, Illinois 60606
Legal Counsel
Paul Hastings LLP
200 Park Avenue
New York, New York 10166
Custodian
U.S. Bank National Association
1555 North RiverCenter Drive, Suite 302
Milwaukee, Wisconsin 53212
Distributor
Quasar Distributors, LLC
111 East Kilbourn Avenue, Suite 2200
Milwaukee, Wisconsin 53202

Directors of the Fund
Edward A. Kuczmarski
William H. Wright II
Heather S. Goldman
Stuart A. McFarland
Betty WhelchelDavid W. Levi

Chair of Board of Directors
Chair of Audit Committee
Chair of Nominating and Compensation Committee
Director
Director
Director (Interested)

Officers of the Fund
Brian F. Hurley
Casey P. Tushaus
Craig A. Ruckman
Adam R. Sachs
Mohamed S. Rasul

President
Treasurer
Secretary
Chief Compliance Officer
Assistant Treasurer

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The
Fund’s Forms N-PORT are available on the SEC’s website at www.sec.gov.
You may obtain a description of the Fund’s proxy voting policies and procedures, information regarding how the Fund voted proxies relating toportfolio securities during the most recent 12-month period ended June 30, without charge, upon request by calling 1-855-777-8001, or go to
the SEC’s website at www.sec.gov.

Administrator
Brookﬁeld Public Securities Group LLC
Brookﬁeld Place
250 Vesey Street, 15th Floor
New York, New York 10281-1023
1-855-777-8001
www.brookﬁeld.com

Adviser
Oaktree Fund Advisors, LLC
333 South Grand Avenue, 28th Floor
Los Angeles, California 90071
1-213-830-6300
www.oaktreecapital.com