OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (Unaudited)
March 31, 2024
Description
CORPORATE CREDIT – 59.2%
Senior Loans (Syndicated) – 31.9%
Aerospace & Defense – 1.1%
AI Convoy Luxembourg Sarl, First Lien Tranche B Term Loan
7.72% (3 Month EURIBOR + 3.75%), 01/18/27(a)Cobham Ultra US Company Borrower LLC, First Lien Tranche B Term Loan
9.36% (6 Month SOFR + 3.50%), 11/16/28(a)Peraton Corp, First Lien Tranche B Term Loan
9.18% (1 Month SOFR + 3.75%), 02/01/28(a)Standard Aero Ltd., First Lien Tranche B1 Term Loan
8.83% (1 Month SOFR + 3.50%), 08/24/28(a)Standard Aero Ltd., First Lien Tranche B2 Term Loan
8.83% (1 Month SOFR + 3.50%), 08/24/28(a)TransDigm, Inc., First Lien Tranche I Term Loan
7.57% (3 Month SOFR + 2.75%), 08/24/28(a)Total Aerospace & Defense
Air Freight & Logistics – 0.1%
Swissport, Term Loan
8.11%, 03/27/31
Automobile Components – 0.3%
First Brands Group LLC, First Lien Tranche B Term Loan
10.57% (3 Month SOFR + 5.00%), 03/24/27(a)10.57% (3 Month SOFR + 5.00%), 03/30/27(a)Total Automobile Components
Automobiles – 0.2%
MajorDrive Holdings IV LLC, First Lien Tranche B Term Loan
9.61% (3 Month SOFR + 4.00%), 06/01/28(a)Beverages – 0.6%
Pegasus Bidco BV, First Lien Tranche B Term Loan
7.65% (3 Month EURIBOR + 3.75%), 07/12/29(a)9.06% (3 Month SOFR + 3.75%), 07/12/29(a)Triton Water Holdings, Inc., First Lien Tranche B Term Loan
8.90% (3 Month SOFR + 3.25%), 03/31/28(a)Total Beverages
Building Products – 0.1%
Aquiles Spain Bidco SA, First Lien Tranche B Term Loan
8.99% (6 Month EURIBOR + 4.85%), 02/19/29(a)Chemicals – 1.1%
Ineos Enterprises Holdings II Ltd., First Lien Tranche B Term Loan
7.96% (3 Month EURIBOR + 4.00%), 06/23/30(a)INEOS Finance PLC, First Lien Tranche B Term Loan
7.86% (1 Month EURIBOR + 4.00%), 11/03/27(a)Ineos Quattro Holdings UK Ltd., First Lien Tranche B Term Loan
8.36% (1 Month EURIBOR + 4.50%), 03/09/29(a)Ineos US Finance, First Lien Tranche B Term Loan
9.08% (1 Month SOFR + 3.75%), 01/30/31(a)SCIH Salt Holdings, Inc., First Lien Tranche B Term Loan
9.44% (1 Month SOFR + 4.00%), 03/16/27(a)Windsor Holdings III LLC, First Lien Tranche B Term Loan
8.32% (1 Month EURIBOR + 4.00%), 06/21/30(a)8.82% (1 Month SOFR + 4.00%), 08/01/30(a)Total Chemicals
Commercial Services & Supplies – 2.3%
Access CIG LLC, First Lien Term Loan

Principal
AmountCountry

Value

Luxembourg€

240,000

258,327

Luxembourg$

736,964

724,299

United States

561,449

562,022

United States

450,385

409,839

United States

193,022

193,523

United States

621,867

624,687
2,772,697

Luxembourg€

300,000

322,847

United States
United States$

493,639
149,649

494,996
149,930
644,926

496,173

497,724

250,000
495,000

269,361495,827

733,085

726,307
1,491,495

300,000

306,203

United Kingdom

250,000

269,310Luxembourg

247,403266,778

United Kingdom

250,000

267,098

625,000

626,563901,188

903,851

160,000
298,502

172,925300,0422,806,567

United States

Netherlands
Netherlands€$

United States

Spain

Luxembourg€$

United States
United States
United States€$10.33% (1 Month SOFR + 5.00%), 08/15/28(a)Allied Universal Holdco LLC, First Lien Tranche B Term Loan
9.18% (1 Month SOFR + 3.75%), 05/12/28(a)Apleona Holding GmbH, First Lien Tranche B Term Loan
8.61% (3 Month EURIBOR + 4.70%), 04/28/28(a)Atlas Luxco 4 SARL, First Lien Tranche B Term Loan
7.60% (1 Month EURIBOR + 3.75%), 05/12/28(a)Freshworld Holding III GMBH, First Lien Tranche B Term Loan
7.71% (3 Month EURIBOR + 3.75%), 10/02/26(a)Garda World Security Corp., First Lien Tranche B Term Loan
9.62% (3 Month SOFR + 4.25%), 02/10/29(a)Restaurant Technologies, Inc., First Lien Tranche B Term Loan
9.64% (3 Month SOFR + 4.25%), 03/17/29(a)TMS International Corp., First Lien Tranche B Term Loan
9.58% (1 Month SOFR + 4.25%), 03/01/30(a)9.59% (3 Month SOFR + 4.25%), 03/01/30(a)Trugreen LP, First Lien Tranche B Term Loan
9.43% (1 Month SOFR + 4.00%), 10/29/27(a)USIC Holdings Inc., First Lien Tranche B Term Loan
8.94% (3 Month SOFR + 3.50%), 05/31/28(a)Total Commercial Services & Supplies
Communications Equipment – 0.5%
Genesys Cloud Services Holdings II LLC, First Lien Tranche B Term Loan
9.44% (1 Month SOFR + 4.00%), 12/01/27(a)Sorenson Communications LLC, First Lien Tranche B Term Loan
10.94% (1 Month SOFR + 5.50%), 03/17/26(a)Total Communications Equipment
Construction & Engineering – 1.0%
ADB Companies LLC, First Lien Term Loan
12.11% (3 Month SOFR + 6.50%), 12/18/25(a)(b)Artera Services LLC, First Lien Term Loan
9.81% (3 Month SOFR + 4.50%), 02/07/31(a)Tiger Acquisition LLC, First Lien Tranche B Term Loan
8.68% (1 Month SOFR + 3.25%), 06/01/28(a)Total Construction & Engineering
Containers & Packaging – 1.0%
Charter Next Generation, Inc., First Lien Tranche B Term Loan
8.83% (1 Month SOFR + 3.50%), 12/01/27(a)Clydesdale Acquisition Holdings, Inc., First Lien Tranche B Term Loan
9.10% (1 Month SOFR + 3.68%), 06/30/29(a)Kouti BV, First Lien Tranche B3 Term Loan
7.93% (3 Month EURIBOR + 4.00%), 08/31/28(a)ProAmpac LLC, First Lien Tranche B Term Loan
9.80% (3 Month SOFR + 4.50%), 11/03/28(a)9.82% (3 Month SOFR + 4.50%), 11/03/28(a)Total Containers & Packaging
Distributors – 0.3%
Dealer Tire Financial LLC, First Lien Tranche B Term Loan
9.08% (1 Month SOFR + 3.75%), 12/14/27(a)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(a)9.57% (1 Month SOFR + 4.25%), 07/31/28(a)(c)
9.58% (1 Month SOFR + 4.25%), 07/31/28(a)(c)Houghton Mifflin Harcourt Co., First Lien Tranche B Term Loan
10.68% (1 Month SOFR + 5.25%), 04/04/29(a)KUEHG Corp., First Lien Tranche B Term Loan
10.35% (3 Month SOFR + 5.00%), 05/31/30(a)Lakeshore Learning, First Lien Tranche B Term Loan
8.94% (1 Month SOFR + 3.50%), 09/29/28(a)United States

945,250

947,467

United States

820,059

819,981

145,000

157,106

Luxembourg

246,843

263,247

Germany

250,000

269,601

Canada$ 1,000,000

1,003,130

United States

847,121841,034

United States
United States

162,917333,333

164,037
335,627

United States

607,719592,718

United States

322,351

322,138
5,716,086

United States

743,616

746,668

United States

598,040

608,880
1,355,548

United States

1,142,135

1,113,581

United States

675,000

678,375

United States

734,925

729,674
2,521,630

United States

992,334

995,266

United States

472,834

474,016

Germany€

Netherlands€

200,000

216,040

United States
United States$

611,815
301,829

613,651
302,734
2,601,707

United States

652,963

658,677

United States
United States
United States

492,576
31,783368,217494,014
28,685332,328

United States694,265

689,926

United States

652,365

654,978

United States

497,462

498,457

Renaissance Holdings Corp., First Lien Term Loan
9.58% (1 Month SOFR + 4.25%), 04/08/30(a)University Support Services LLC, First Lien Tranche B Term Loan
8.43% (1 Month SOFR + 3.00%), 09/30/28(a)Verisure Holding AB, First Lien Tranche B Term Loan
6.93% (3 Month EURIBOR + 3.00%), 03/27/28(a)Total Diversified Consumer Services
Diversified Telecommunication Services – 0.7%
Altice France SA, First Lien Tranche B Term Loan
8.97% (3 Month EURIBOR + 5.00%), 10/28/27(a)CCI Buyer, Inc., First Lien Tranche B Term Loan
9.39% (3 Month SOFR + 4.00%), 12/31/27(a)Cincinnati Bell, Inc., First Lien Tranche B2 Term Loan
8.68% (CME Term SOFR 1 Month + 3.25%), 12/29/28(a)Numericable U.S. LLC, First Lien Tranche B14-EXT Term Loan
9.47% (3 Month EURIBOR + 5.50%), 08/17/28(a)Total Diversified Telecommunication Services
Electric Utilities – 0.2%
Lackawanna Energy Center LLC, First Lien Tranche B2 Term Loan
10.33% (1 Month SOFR + 5.00%), 07/20/29(a)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(a)Sonicwall US Holdings Inc, First Lien Term Loan
10.36% (3 Month SOFR + 5.00%), 05/31/28(a)Total Electronic Equipment Instruments & Components
Entertainment – 0.5%
City Football Group Ltd., First Lien Tranche B Term Loan
8.44% (1 Month SOFR + 3.00%), 07/21/28(a)StubHub Holdco Sub LLC, First Lien Tranche B Term Loan
8.84% (1 Month EURIBOR + 5.00%), 03/12/30(a)10.07% (1 Month SOFR + 4.75%), 03/11/30(a)Total Entertainment
Financial Services – 0.2%
Boost Newco Borrower LLC, First Lien Tranche B Term Loan
8.33% (CME Term SOFR 1 Month + 3.00%), 09/21/30(a)Food Products – 0.7%
Fiesta Purchaser, Inc., First Lien Tranche B Term Loan
9.32% (1 Month SOFR + 4.00%), 01/31/31(a)Froneri International Ltd., First Lien Tranche B Term Loan
7.68% (1 Month SOFR + 2.25%), 01/29/27(a)Upfield USA Corp., First Lien Tranche B7 Term Loan
10.30% (SOFR + 4.75%), 01/03/28(a)10.47% (SOFR + 4.75%), 01/03/28(a)Total Food Products
Health Care Equipment & Supplies – 0.9%
Auris Luxembourg III Sarl, First Lien Tranche B1 Term Loan
8.34% (6 Month EURIBOR + 4.00%), 02/27/29(a)Bausch + Lomb Corp., First Lien Tranche B Term Loan
8.68% (1 Month SOFR + 3.25%), 05/05/27(a)BVI Medical, Inc., First Lien Tranche B Incremental Term Loan
7.40% (6 Month EURIBOR + 3.50%), 03/02/26(a)Medline Borrower, Tranche B Term Loan
8.08%, 10/23/28
Medline Borrower LP, First Lien Tranche B Term Loan
8.45% (1 Month SOFR + 3.00%), 09/29/28(a)Total Health Care Equipment & Supplies
Health Care Providers & Services – 2.3%
Baart Programs, Inc., Second Lien Tranche DD Delay Draw Term Loan

United States

848,750

851,402

Canada2,724,011

2,721,627

250,000

269,040
6,540,457

227,700

223,648

740,458

737,085

722,328

723,795

Sweden€Luxembourg
United States$

United States
France€198,500

167,575
1,852,103

United States$

409,199407,665

United States

974,227

966,998

United States

500,000

497,500
1,464,498

United Kingdom

891,020

891,857

115,000
153,000

124,301
153,4141,169,572

United States

575,000

577,757

United States

625,000

626,778

United States

428,660

429,374

Netherlands
Netherlands

160,733
588,017160,206
586,088
1,802,446

United States
United States€$

Denmark€

205,000

220,980

United States$892,809884,550

United States€

250,000

241,008

United States$

750,000

752,734

218,556

219,277
2,318,549

United States

14.07% (3 Month SOFR + 8.50%), 06/11/28(a)(b)
14.09% (3 Month SOFR + 8.50%), 06/11/28(a)(b)14.11% (3 Month SOFR + 8.50%), 06/11/28(a)(b)
Baart Programs, Inc., First Lien Tranche DD Delay Draw Term Loan
10.61% (3 Month SOFR + 5.00%), 06/11/27(a)(b)
CHG Healthcare Services, Inc., First Lien Term Loan
9.08% (1 Month SOFR + 3.75%), 09/29/28(a)9.09% (3 Month SOFR + 3.75%), 09/29/28(a)CHG Healthcare Services, Inc., First Lien Term Loan
8.70% (1 Month SOFR + 3.25%), 10/31/28(a)Covetrus, Inc., First Lien Term Loan
10.35% (3 Month SOFR + 5.00%), 09/20/29(a)Electron Bidco, Inc., First Lien Term Loan
8.44% (1 Month SOFR + 3.00%), 10/31/28(a)HomeVi SASU, First Lien Tranche B Term Loan
7.95% (3 Month EURIBOR + 4.00%), 10/31/26(a)IVC Acquisition Ltd., First Lien Tranche B Term Loan
8.98% (3 Month EURIBOR + 5.00%), 11/17/28(a)Nidda Healthcare Holding GmbH, First Lien Tranche F Term Loan
7.46% (3 Month EURIBOR + 3.50%), 08/21/26(a)Schon Klinik SE, First Lien Tranche B Term Loan
8.42% (3 Month EURIBOR + 4.50%), 11/27/30(a)Southern Veterinary Partners LLC, First Lien Term Loan
9.44% (1 Month SOFR + 4.00%), 10/01/27(a)Surgery Center Holdings, First Lien Term Loan
8.82% (1 Month SOFR + 3.50%), 12/05/30(a)Vetstrategy Canada Holdings Inc, First Lien Tranche B Term Loan
10.87% (3 Month SOFR + 5.50%), 11/16/28(a)Total Health Care Providers & Services
Health Care Technology – 0.8%athenaHealth Group, Inc., First Lien Tranche B Term Loan
8.58% (1 Month SOFR + 3.25%), 01/26/29(a)FinThrive Software Intermediate Holdings, Inc., Second Lien Term Loan
12.19% (1 Month SOFR + 6.75%), 12/17/29(a)Total Health Care Technology
Hotels, Restaurants & Leisure – 2.2%
Alterra Mountain Co., First Lien Tranche B Term Loan
8.94% (1 Month SOFR + 3.50%), 08/17/28(a)Carnival Corp., First Lien Tranche B Term Loan
8.32% (1 Month SOFR + 3.00%), 08/02/27(a)Entain Holdings Gibraltar Ltd., First Lien Tranche B2 Term Loan
8.95% (3 Month SOFR + 3.50%), 10/18/29(a)Flynn Restaurant Group LP, First Lien Tranche B Term Loan
9.70% (1 Month SOFR + 4.25%), 11/22/28(a)IRB Holding Corp., First Lien Tranche B Term Loan
8.18% (1 Month SOFR + 2.75%), 12/15/27(a)Kingpin Intermediate Holdings LLC, First Lien Tranche B Term Loan
8.83% (1 Month SOFR + 3.50%), 02/28/28(a)Ontario Gaming GTA LP, First Lien Tranche B Term Loan
9.64% (3 Month SOFR + 4.25%), 07/20/30(a)Whatabrands LLC, First Lien Tranche B Term Loan
8.69% (1 Month SOFR + 3.25%), 08/03/28(a)Total Hotels, Restaurants & LeisureHousehold Durables – 0.1%
Hunter Douglas, Inc., First Lien Tranche B Term Loan
8.88% (3 Month SOFR + 3.50%), 02/09/29(a)Independent Power and Renewable Electricity Producers – 1.1%
Eastern Power LLC, First Lien Tranche B Term Loan
9.20% (1 Month SOFR + 3.75%), 10/02/25(a)Generation Bridge Northeast LLC, First Lien Tranche B Term Loan

United States
United States
United States

257,829
109,025
217,302212,709
89,946179,274

United States

416,563401,567

United States
United States

41,853456,897

42,011
458,612

United States

496,183

497,166

United States

905,747

907,947

United States

496,203497,790

250,000

251,134

United Kingdom

250,000

266,043

Germany

250,000

268,226

United States

115,000

124,688994,227

996,464

United States

100,000

100,590

United States

400,000

401,500
5,695,667

United States

678,835

674,117

United States

2,082,000

1,325,651
1,999,768

United States

918,308

923,285

United States

744,375

746,392

United Kingdom

262,677

264,072

United States

980,000

984,288

United States

497,468

498,170

United States

223,313

223,592

Canada972,563

977,080

United States

782,351

783,724
5,400,603

Netherlands

301,030

298,090

United States

500,000

498,985

FranceUnited States€$

8.83% (1 Month SOFR + 3.50%), 08/31/29(a)Granite Generation LLC, First Lien Tranche B Term Loan
9.20% (CME Term SOFR 1 Month + 3.75%), 11/09/26(a)Helix Gen Funding LLC, First Lien Tranche B Term Loan
10.10% (3 Month SOFR + 4.75%), 12/31/27(a)Lackawanna Energy Center LLC, First Lien Tranche C Term Loan
10.33% (1 Month SOFR + 5.00%), 08/06/29(a)Parkway Generation LLC, First Lien Tranche B Term Loan
10.39% (3 Month SOFR + 4.75%), 11/06/28(a)Parkway Generation LLC, First Lien Tranche C Term Loan
10.39% (3 Month SOFR + 4.75%), 11/06/28(a)Talen Energy Supply LLC, First Lien Tranche TLC-EXIT Term Loan
9.87% (3 Month SOFR + 4.50%), 04/20/30(a)Talen Energy Supply LLC, First Lien Tranche TLB-EXIT Term Loan
9.87% (3 Month SOFR + 4.50%), 04/20/30(a)Total Independent Power and Renewable Electricity Producers
Insurance – 0.5%
Asurion LLC, First Lien Tranche B10 Term Loan
9.43% (1 Month SOFR + 4.00%), 08/31/28(a)Asurion LLC, Second Lien Tranche B3 Term Loan
10.69% (1 Month SOFR + 5.25%), 01/31/28(a)HUB International Ltd., First Lien Tranche B Term Loan
8.57% (3 Month SOFR + 3.25%), 06/20/30(a)Truist Insurance Holdings LLC, Second Lien Term Loan
10.07% (CME Term SOFR 1 Month + 4.75%), 03/08/32(a)Total Insurance
Leisure Products – 0.3%
Peloton Interactive, First Lien Term Loan
12.45% (6 Month SOFR + 7.00%), 05/17/27(a)Life Sciences Tools & Services – 0.7%
Catalent Pharma Solutions, First Lien Tranche B4 Term Loan
8.32% (1 Month SOFR + 3.00%), 02/22/28(a)eResearchTechnology, Inc., First Lien Tranche B Term Loan
9.95% (1 Month SOFR + 4.50%), 02/04/27(a)Sotera Health Holdings LLC, First Lien Tranche B Term Loan
9.07% (1 Month SOFR + 3.75%), 12/11/26(a)Total Life Sciences Tools & Services
Machinery – 0.4%
Delachaux Group SA, First Lien Tranche B Term Loan
8.15% (3 Month EURIBOR + 4.25%), 04/16/29(a)SPX FLOW, Inc., First Lien Tranche B Term Loan
9.93% (1 Month SOFR + 4.50%), 04/05/29(a)TK Elevator Midco GmbH, First Lien Tranche B Term Loan
7.84% (3 Month EURIBOR + 4.00%), 03/04/30(a)Total MachineryMedia – 1.5%
Aragorn Parent Corp., First Lien Tranche B Term Loan
9.57% (CME Term SOFR 1 Month + 4.25%), 12/14/28(a)Century DE Buyer LLC, First Lien Term Loan
9.39% (CME Term SOFR 3 Month + 4.00%), 09/19/30(a)Directv Financing LLC, First Lien Term Loan
10.44% (1 Month SOFR + 5.00%), 08/02/27(a)Gray Television, Inc., First Lien Tranche D Term Loan
8.44% (1 Month SOFR + 3.00%), 11/30/28(a)McGraw-Hill Education, Inc., First Lien Tranche B Term Loan
10.19% (1 Month SOFR + 4.75%), 07/28/28(a)Univision Communications, Inc., First Lien Tranche B Term Loan
9.64% (3 Month SOFR + 4.25%), 06/09/29(a)Virgin Media SFA Finance Ltd., First Lien Tranche L Term Loan
8.47% (Daily SONIA + 3.25%), 01/31/27(a)United States

489,188490,105

United States

750,000

752,344

United States

224,793

226,433

United States

88,74588,412

United States

25,637

25,612

United States

80,51580,435

United States

123,095

123,700

United States

350,145

351,866
2,637,892

United States

240,778

232,501

United States

350,000

317,406

United States

374,063374,622

United States

400,000

403,042
1,327,571

United States

640,111

644,915

United States

300,000

301,125

United States

891,523

895,223

United States

496,250

495,942
1,692,290

France€239,144258,847

United States$

500,000

502,683

Germany€

225,000

242,761
1,004,291

United States$

648,486

651,326

United States

350,000

351,706

United States

375,740

376,679

United States

496,193

466,560

United States

472,522473,957

United States

493,719495,385

135,000

169,316

United Kingdom£

Virgin Media, Inc., First Lien Tranche Z Term Loan
7.36% (1 Month EURIBOR + 3.50%), 10/15/31(a)WideOpenWest Finance, First Lien Tranche B Term Loan
8.39% (3 Month SOFR + 3.00%), 12/31/28(a)Total Media
Metals & Mining – 0.2%
American Rock Salt Company LLC, First Lien Tranche B Term Loan
9.45% (1 Month SOFR + 4.00%), 06/05/28(a)Arsenal AIC Parent LLC, First Lien Tranche B Term Loan
9.07% (1 Month SOFR + 3.75%), 08/18/30(a)Total Metals & Mining
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(a)Freeport LNG Investments LLP, First Lien Tranche B Term Loan
9.18% (3 Month SOFR + 3.50%), 11/17/28(a)Total Oil Gas & Consumable Fuels
Passenger Airlines – 0.3%
AAdvantage Loyalty IP Ltd., First Lien Term Loan
10.33% (CME Term SOFR 3 Month + 4.75%), 04/20/28(a)Mileage Plus Holdings LLC, First Lien Tranche B Term Loan
10.77% (3 Month SOFR + 5.25%), 07/30/27(a)Total Passenger Airlines
Pharmaceuticals – 0.3%
AI Sirona Luxembourg Acquisition Sarl, First Lien Tranche B Term Loan
7.86% (1 Month EURIBOR + 4.00%), 09/29/28(a)Curium Bidco Sarl, First Lien Tranche B Term Loan
9.85% (3 Month SOFR + 4.50%), 07/31/29(a)Pharmanovia Bidco Ltd., First Lien Tranche B Term Loan
7.96% (3 Month EURIBOR + 4.00%), 08/07/26(a)Total Pharmaceuticals
Professional Services – 1.1%
DTI Holdco, Inc., First Lien Tranche B Term Loan
10.06% (3 Month SOFR + 4.75%), 04/23/29(a)Eisner Advisory Group LLC, First Lien Tranche B Term Loan
9.33% (1 Month SOFR + 4.00%), 02/21/31(a)Element Materials Technology Group US Holdings, Inc., First Lien Tranche DD
Delay Draw Term Loan
9.70% (3 Month SOFR + 4.25%), 09/28/29(a)Element Materials Technology Group US Holdings, Inc., First Lien Tranche B
Term Loan
9.70% (3 Month SOFR + 4.25%), 04/12/29(a)Planet US Buyer LLC, First Lien Tranche B Term Loan
8.83% (3 Month SOFR + 3.50%), 01/31/31(a)Project Alpha Intermediate Holding, Inc., First Lien Tranche B Term Loan
10.11% (3 Month SOFR + 4.75%), 10/18/30(a)Skopima Consilio Parent LLC, First Lien Tranche B Term Loan
9.44% (1 Month SOFR + 4.00%), 05/31/28(a)Total Professional Services
Software – 3.3%
Barracuda Networks, Inc., First Lien Term Loan
9.81% (3 Month SOFR + 4.50%), 04/13/29(a)Castle US Holding Corp., First Lien Tranche B Term Loan
7.59% (1 Month EURIBOR + 3.75%), 01/29/27(a)9.36% (3 Month SOFR + 4.00%), 01/29/27(a)Claudius Finance Sarl, First Lien Tranche B Incremental Term Loan
7.72% (3 Month EURIBOR + 3.75%), 07/10/28(a)Cloud Software Group, Inc., First Lien Tranche B Term Loan
9.83% (CME Term SOFR 1 Month + 4.50%), 03/19/31(a)United Kingdom€

115,000

122,513

United States$

746,826

652,2293,759,671

United States

84,40574,030

United States

298,502299,883
373,913

United States

291,369

292,644

United States

672,576

668,870
961,514

United States

472,222491,210

United States

131,300

135,373626,583

Czech Republic€

250,000

269,974

Luxembourg$

322,563324,578

United Kingdom€

250,000

270,094
864,646

United States$

142,278

142,456

United States

325,000

326,727

United States

88,054

88,238

United States

190,784

191,182

United States

625,000

627,775

United States

350,000

352,308

United States

915,226

912,865
2,641,551

United States

233,097

232,194

United States
United States€$

244,289
981,132

193,005
688,431

Luxembourg€

190,000

205,277

United States$

350,000

348,141Cvent, First Lien Tranche B Term Loan
9.08% (3 Month SOFR + 3.75%), 06/17/30(a)Epicor Software Corp., First Lien Tranche D Incremental Term Loan
9.08% (CME Term SOFR 1 Month + 3.75%), 07/30/27(a)I-Logic Technologies Bidco Ltd., First Lien Tranche B Term Loan
7.93% (3 Month EURIBOR + 4.00%), 02/16/28(a)Instructure Holdings, Inc., First Lien Tranche B Term Loan
8.68% (CME Term SOFR 1 Month + 2.75%), 10/30/28(a)ION Corporate Solutions Finance Sarl, First Lien Tranche B Term Loan
7.68% (3 Month EURIBOR + 3.75%), 03/13/28(a)ION Trading Technologies Sarl, First Lien Tranche B Term Loan
8.18% (3 Month EURIBOR + 4.25%), 03/31/28(a)McAfee Corp., First Lien Tranche B Term Loan
7.60% (3 Month EURIBOR + 3.75%), 02/02/29(a)9.18% (CME Term SOFR 1 Month + 3.75%), 02/02/29(a)Mitchell International, Inc., First Lien Tranche B Term Loan
9.40% (1 Month SOFR + 3.75%), 10/02/28(a)P&I Personal & Informatik, Term Loan
8.10%, 03/20/29
Planview Parent, Inc., First Lien Term Loan
9.65% (3 Month SOFR + 4.00%), 12/17/27(a)Polaris Newco LLC, First Lien Tranche B Term Loan
7.86% (3 Month EURIBOR + 4.00%), 06/02/28(a)Proofpoint, First Lien Tranche B Term Loan
8.69% (1 Month SOFR + 3.25%), 06/09/28(a)Quartz Acquireco LLC, First Lien Tranche B Term Loan
8.83% (1 Month SOFR + 3.50%), 04/13/30(a)Seine Finance SARL, First Lien Tranche B Term Loan
8.50% (6 Month EURIBOR + 4.50%), 11/15/30(a)TIBCO Software, Inc., First Lien Tranche A Term Loan
9.99% (3 Month SOFR + 4.50%), 09/29/28(a)TIBCO Software, Inc., First Lien Tranche B Term Loan
9.95% (3 Month SOFR + 4.50%), 03/19/29(a)UKG, Inc., Second Lien Term Loan
10.68% (3 Month SOFR + 5.25%), 05/03/27(a)UKG, Inc., First Lien Tranche B Term Loan
8.81% (3 Month SOFR + 3.50%), 01/31/31(a)Total Software
Specialty Retail – 0.6%
Global Blue Acquisition BV, First Lien Tranche B Term Loan
8.87% (1 Month EURIBOR + 5.00%), 11/22/30(a)Harbor Freight Tools USA, Inc., First Lien Tranche B Term Loan
8.19% (1 Month SOFR + 2.75%), 10/19/27(a)Motor Fuel Group, First Lien Tranche B5 Term Loan
11.29% (Daily SONIA + 6.00%), 06/21/28(a)Wand NewCo 3, Inc., First Lien Tranche B Term Loan
9.08% (1 Month SOFR + 3.75%), 01/31/31(a)Total Specialty Retail
Textiles Apparel & Luxury Goods – 0.1%
Amer Sports, First Lien Tranche B Term Loan
6.84% (3 Month EURIBOR + 3.50%), 01/21/31(a)Transportation Infrastructure – 0.7%
Apple Bidco LLC, First Lien Tranche B Term Loan
8.83% (CME Term SOFR 1 Month + 4.00%), 09/22/28(a)Boluda Towage, Tranche B Term Loan
9.08%, 01/31/30
Brown Group Holding LLC, First Lien Tranche B2 Term Loan
8.31% (3 Month SOFR + 3.00%), 06/30/29(a)8.33% (1 Month SOFR + 3.00%), 06/30/29(a)8.34% (3 Month SOFR + 3.00%), 06/30/29(a)United States

430,706

431,873

United States

498,750

501,912

United Kingdom€

194,003

205,020

United States$

284,275

284,630

Luxembourg€

250,000

263,712249,361

260,575

246,250
598,734

260,979
599,027

557,425558,284

IrelandUnited States
United States$

United States
Germany€

500,000

540,775

United States$

13,351

13,337

United States€

244,375

253,808

United States$

659,193660,271298,500

299,900

United States
United States€

135,000

146,373

United States$

190,835

190,318

United States

465,107463,519

United States

327,586

331,067

United States

250,000

251,601
8,184,029

Netherlands€

160,000

173,642

United States$

487,610487,859

United States£

250,000

315,763

United States$

387,000

388,542
1,365,806

Sweden€180,000

194,748

United States$

995,000

998,801

Spain€

300,000

324,137

United States
United States
United States$

236,293
149,062
112,127

236,574
149,239
112,260

Total Transportation Infrastructure
Total Senior Loans (Syndicated)
High Yield – 24.0%
Aerospace & Defense – 0.5%
Bombardier, Inc.
6.00%, 02/15/28(d)7.13%, 06/15/26(d)8.75%, 11/15/30(d)Spirit AeroSystems, Inc.
9.75%, 11/15/30(d)Total Aerospace & Defense
Automobile Components – 0.2%
IHO Verwaltungs GmbH
8.75%, 05/15/28(e)(f)(g)
ZF Europe Finance BV
4.75%, 01/31/29(e)(g)Total Automobile Components
Automobiles – 0.2%
Ford Motor Company
6.10%, 08/19/32
JB Poindexter & Company, Inc.
8.75%, 12/15/31(d)Total Automobiles
Beverages – 0.1%
Primo Water Holdings, Inc.
3.88%, 10/31/28
Building Products – 0.1%
Standard Industries, Inc.
2.25%, 11/21/26
Chemicals – 0.8%
INEOS Finance PLC
6.38%, 04/15/29(e)(g)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)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 $445,795)(d)(h)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)1,821,011
79,323,713

CanadaCanadaCanada313,000
187,000
560,000

308,234
189,908
598,655

United States

160,000

179,171
1,275,968

300,000

351,329

100,000

108,616
459,945

15,00015,209575,000

595,057
610,266

200,000

207,966

United States

330,000

335,081

Luxembourg
Luxembourg

100,000
175,000

108,225
192,174445,000

408,613

United States
United States

280,000
380,000

254,342405,257

United States

225,000

200,788

United States

285,000

299,181
1,868,580

Germany€

Germany

United States$

United States

CanadaAustralia€$

United States
United States€$

305,000
690,000

306,239
630,875

United States€

100,000

107,081

United States$

435,000

416,628

United States

445,000

410,058

United States

901,000

883,299

United States

330,000

301,694

United States

430,000

420,642

Total 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)Total Communications Equipment
Construction & Engineering – 0.4%
Great Lakes Dredge & Dock Corp.
5.25%, 06/01/29(d)Pike Corp.
5.50%, 09/01/28(d)8.63%, 01/31/31(d)Total Construction & Engineering
Consumer Finance – 0.3%
FirstCash, Inc.
5.63%, 01/01/30(d)Containers & Packaging – 1.0%
Ardagh Packaging Finance PLC
2.13%, 08/15/26
4.13%, 08/15/26(d)5.25%, 08/15/27(d)Fiber Bidco SpA
7.96% (3 Month EURIBOR + 4.00%), 01/15/30(a)(d)Graham Packaging Company, Inc.
7.13%, 08/15/28(d)Guala Closures SpA
7.94% (3 Month EURIBOR + 4.00%), 06/29/29(a)(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
Total Containers & Packaging
Diversified – 0.2%
Five Point Operating Company LP
10.50%, 01/15/28(d)Diversified Consumer Services – 0.1%
Verisure Holding AB
3.88%, 07/15/26
Verisure Midholding AB
5.25%, 02/15/29
Total Diversified Consumer Services
Diversified Real Estate Investment Trusts – 0.1%
Necessity Retail REIT, Inc.
4.50%, 09/30/28(d)Diversified Telecommunication Services – 1.5%
Altice Financing SA
3.00%, 01/15/28
Altice France SA
3.38%, 01/15/28
4.13%, 01/15/29
British Telecommunications PLC
8.38% (UK 5 Year Government Bond + 3.82%), 12/20/83(a)Cogent Communications Group, Inc.
7.00%, 06/15/27(d)Consolidated Communications, Inc.

3,476,516

United States

260,000

226,447

United States
United States

75,00095,00054,18787,044
367,678

United States

340,000

302,970

United States
United States

440,000
220,000

421,610234,062
958,642

United States

702,000

667,733

United States
United States
United States€$

300,000
525,000
260,000

279,774
475,607
164,079

Italy€

125,000

135,706

United States$

285,000

258,737

Italy€

250,000

272,083

Canada$435,000

413,647

United States€

200,000

197,017300,000

314,728
2,511,378

Netherlands

United States$

554,001

570,851

Sweden€100,000

106,449

200,000

209,019
315,468

SwedenUnited States$

395,000

338,442

Luxembourg€

300,000

266,282

100,000
350,000

77,950265,908

FranceFranceUnited Kingdom£

225,000

303,981

United States$

340,000

338,794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
Telecom Italia SpA
6.88%, 02/15/28(e)(g)Telefonica Europe BV
6.75% (8 Year Swap Rate EUR + 3.62%), Perpetual(a)TMNL Holding BV
3.75%, 01/15/29
Ziggo Bond Company BV
3.38%, 02/28/30
Total Diversified Telecommunication Services
Electrical Equipment – 0.1%
APX Group, Inc.
6.75%, 02/15/27(d)Energy Equipment & Services – 0.3%
Howard Midstream Energy Partners LLC
8.88%, 07/15/28(d)Kodiak Gas Services LLC
7.25%, 02/15/29(d)Precision Drilling Corp.
7.13%, 01/15/26(d)Total 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
Total Entertainment
Financial Services – 0.8%
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)Total Financial Services
Food Products – 0.4%
B&G Foods, Inc.
8.00%, 09/15/28(d)Fiesta Purchaser, Inc.
7.88%, 03/01/31(d)Post Holdings, Inc.
5.63%, 01/15/28(d)Total Food Products
Gas Utilities – 0.5%
CQP Holdco LP

United States

380,000

332,888

United States
United States

290,000
155,000

269,392
138,304

200,000

214,161

100,000

109,975

France€FranceUnited States$

330,000

156,750

Spain€

200,000

209,776

Italy

100,000

114,325

Spain

200,000

234,246

Netherlands

295,000

299,755

Netherlands

330,000

304,7633,637,250

290,000

291,383

United States

180,000

190,075

United States

350,000

356,738

Canada223,000

223,380
770,193

United States$

France€170,000

192,913

United Kingdom£

100,000

124,337
317,250

250,000

341,117610,000
20,000563,217
19,731

United States

415,000

444,313

United States

530,000

555,216
1,923,594

United States

430,000

448,300

United States

185,000

191,192

United States

430,000

422,815
1,062,307

Netherlands
United States
United States$

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
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)Total Health Care Providers & Services
Health Care Technology – 0.1%
MPH Acquisition Holdings LLC
5.50%, 09/01/28(d)Hotel & Resort Real Estate Investment Trusts – 0.3%
Service Properties Trust
8.63%, 11/15/31(d)Hotels, Restaurants & Leisure – 2.8%
Accor SA
7.25% (5 Year Swap Rate EUR + 4.11%), Perpetual(a) (e)(g)Bloomin' Brands, Inc.
5.13%, 04/15/29(d)Brinker International, Inc.
8.25%, 07/15/30(d)Carnival Corp.
6.00%, 05/01/29(d)10.50%, 06/01/30(d)Cirsa Finance International Sarl
6.50%, 03/15/29(d)7.88%, 07/31/28(e)(g)8.41% (3 Month EURIBOR + 4.50%), 07/31/28(a)(d)CPUK Finance Ltd.
6.50%, 08/28/26
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)Marriott Ownership Resorts, Inc.
4.50%, 06/15/29(d)Six Flags Entertainment Corp
7.25%, 05/15/31(d)TUI Cruises GmbH
6.50%, 05/15/26
Total Hotels, Restaurants & LeisureHousehold Durables – 0.3%
Adams Homes, Inc.

United States
United States

165,000
515,000

156,076
530,423

United States

590,000

538,336
1,224,835

United States

395,000

373,644

United States€

100,000

105,139

United States
United States$

205,000
260,000

188,899
268,130

Germany€

100,000

111,382

United States$

295,000

268,275
941,825

United States

160,000

136,232

United States

785,000

838,001

France€300,000

356,703

United States$

665,000

618,450

United States

392,000

413,398

United States
United States

490,000
760,000

483,794
831,821

Spain
Spain
Spain

€

205,000
300,000
115,000

227,118
343,481
126,697

United Kingdom£

210,000

263,248

United States$

345,000

342,037

United States

160,000

143,797

United States

675,000

630,016

United States

440,000

436,181

115,000

131,180

United States$ 1,040,000

952,060

United States

425,000

430,975

300,000

326,897
7,057,853

Italy

Germany€€

9.25%, 10/15/28(d)Shea Homes LP
4.75%, 02/15/28
Weekley Homes LLC
4.88%, 09/15/28(d)Total Household Durables
Independent Power and Renewable Electricity Producers – 0.5%
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)Total Independent Power and Renewable Electricity Producers
Insurance – 0.2%
HUB International Ltd.
5.63%, 12/01/29(d)7.38%, 01/31/32(d)Total Insurance
IT Services – 0.1%
Engineering - Ingegneria Informatica - SpA
5.88%, 09/30/26
Life Sciences Tools & Services – 0.1%
Eurofins Scientific SE
6.75% (3 Month EURIBOR + 4.24%), Perpetual(a)Machinery – 0.6%
EMRLD Borrower LP
6.38%, 12/15/30(e)(g)
ProFrac Holdings II LLC
12.60% (CME Term SOFR 3 Month + 7.25%), 01/23/29(a)(b)(d)Total MachineryMedia – 1.7%
AMC Networks, Inc.
4.25%, 02/15/29
Cablevision Lightpath LLC
3.88%, 09/15/27(d)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)Clear Channel Outdoor Holdings, Inc.
7.88%, 04/01/30(d)CSC Holdings LLC
4.13%, 12/01/30(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
Total Media

United States

183,000

190,619

United States

345,000

328,475

United States

185,000

171,227
690,321

United States

350,000

336,206

United States

445,000

476,199

United States

315,000

330,123
1,142,528

United States
United States

120,000
380,000

112,632
382,797495,429200,000

212,943

Luxembourg

300,000

340,243

United States

230,000

261,339

United States$ 1,266,000

1,254,353
1,515,692

United States

435,000

308,618

United States
United States

265,000
415,000

238,205
347,109

United States
United States
United States
United States

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

268,284
386,309163,261
132,915

United States

360,000

358,121

United States

435,000

311,390

United States

130,000

80,095

United States
United States

630,000
214,000

525,731203,977

Belgium

400,000

377,347

305,000
100,000

263,257
116,410200,000

227,189
4,308,218

Italy

United Kingdom
United Kingdom
United Kingdom

$

€

£

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)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)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)8.75%, 07/01/31(d)Venture Global LNG, Inc.
8.13%, 06/01/28(d)8.38%, 06/01/31(d)9.50%, 02/01/29(d)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(a)(d)Total Other
Paper & Forest Products – 0.2%
Mercer International, Inc.
5.50%, 01/15/26
WEPA Hygieneprodukte GmbH
2.88%, 12/15/27
Total Paper & Forest Products
Personal Care Products – 0.4%
BellRing Brands, Inc.
7.00%, 03/15/30(d)Edgewell Personal Care Co.
5.50%, 06/01/28(d)Ontex Group NV
3.50%, 07/15/26
Total Personal Care Products
Pharmaceuticals – 0.3%
Bausch Health Companies, Inc.
4.88%, 06/01/28(d)Cheplapharm Arzneimittel GmbH
7.50%, 05/15/30
8.65% (3 Month EURIBOR + 4.75%), 05/15/30(a)(d)Total Pharmaceuticals
Professional Services – 0.2%
Mooney Group SpA
7.80% (3 Month EURIBOR + 3.88%), 12/17/26(a)Summer BC Holdco B SARL
5.75%, 10/31/26
Total Professional Services
Real Estate Management & Development – 0.7%
Hunt Companies, Inc.

United States

260,000

253,060

Australia
Australia

300,000
380,000

309,329400,691
963,080

United States
United States
United States

415,000
150,000
155,000

391,306
126,138
161,812679,256

United States

360,000

359,776

United States
United States

200,000
445,000

214,892
476,733

United States
United States
United States

255,000
260,000
335,000

260,307268,292
361,294
1,941,294

187,565

201,939$ 2,345,090

2,348,895
2,550,834

385,000

375,671

Germany
United States$€

Germany
Germany€

125,000

126,684
502,355

United States$

365,000

376,400

355,000

347,265

United States
Belgium€

295,000

312,977
1,036,642

United States$

240,000

131,203

Germany
Germany€

300,000
210,000

342,702230,344704,249

Italy

250,000

270,388

Luxembourg

200,000

212,264
482,652

5.25%, 04/15/29(d)Kennedy-Wilson, Inc.
4.75%, 02/01/30
Samhallsbyggnadsbolaget i Norden AB
2.88% (5 Year Swap Rate EUR + 3.22%), Perpetual(a)Total Real Estate Management & Development
Software – 1.3%
Acuris Finance US, Inc.
5.00%, 05/01/28(d)Castor SpA
9.19% (3 Month EURIBOR + 5.25%), 02/15/29(a) (e)(g)Cedacri Mergeco SPA
9.40% (3 Month EURIBOR + 5.50%), 05/15/28(a)(d)Cloud Software Group Holdings, Inc.
6.50%, 03/31/29(d)ION Trading Technologies Sarl
5.75%, 05/15/28(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)Total Software
Specialty Retail – 0.6%
Academy Ltd.
6.00%, 11/15/27(d)Douglas GmbH
6.00%, 04/08/26
Kepler SpA
9.69% (3 Month EURIBOR + 5.75%), 05/15/29(a)LCM Investments Holdings II LLC
8.25%, 08/01/31(d)Total Specialty Retail
Textiles Apparel & Luxury Goods – 0.2%
Afflelou SAS
4.25%, 05/19/26
Crocs, Inc.
4.25%, 03/15/29(d)Total Textiles Apparel & Luxury Goods
Trading Companies & Distributors – 0.8%
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
Total Trading Companies & Distributors
Transportation Infrastructure – 0.1%
Heathrow Finance PLC
6.63%, 03/01/31(e)(g)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(a)United States$

United States

765,000

700,489

1,130,000

902,582

Sweden€100,000

26,117
1,629,188

United States$

675,000

613,970

Italy€

300,000

312,953

200,000

216,715910,000

864,310Luxembourg

535,000

491,477

United States

600,000

557,165

United States

130,000

117,748

United States

150,000

145,993
3,320,331

United States

420,000

414,065

240,000

263,059

250,000

273,462

Italy
United States

Germany

$

€

Italy
United States$

395,000

413,554
1,364,140

France€200,000

214,968

United States$

220,000

201,328
416,296

United States

450,000

290,679

United States

780,000

804,368

United States
United States

320,000
344,000

310,400
361,596

France€200,000

213,883
1,980,926

United Kingdom£

175,000

218,883

Luxembourg€

200,000

214,331400,000

390,897

United Kingdom

Total Wireless Telecommunication Services
Total High Yield
Emerging Markets – 2.6%
Chemicals – 0.3%
Braskem Idesa SAPI
6.99%, 02/20/32
Construction Materials – 0.1%
Cemex SAB de CV
5.13% (5 Year CMT Rate + 4.53%), Perpetual(a)Diversified Telecommunication Services – 0.2%
Telecom Argentina SA
8.00%, 07/18/26
Hotels, Restaurants & Leisure – 0.0%
Grupo Posadas SAB de CV
7.00%, 12/30/27(f)(i)Independent Power and Renewable Electricity Producers – 0.0%
Genneia SA
8.75%, 09/02/27(d)Metals & Mining – 0.5%
Samarco Mineracao SA
9.00%, 9.00, 06/30/31
Vedanta Resources Finance II PLC
13.88%, 01/21/27
Total Metals & Mining
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(i)9.00%, 06/30/29(i)Total Oil Gas & Consumable Fuels
Passenger Airlines – 0.5%
Azul Secured Finance LLP
10.88%, 05/28/30(d)Latam Airlines Group SA
13.38%, 10/15/27(d)13.38%, 10/15/29
Total Passenger Airlines
Real Estate Management & Development – 0.3%
CIFI Holdings Group Company Ltd.
5.38% (5 Year CMT Rate + 8.57%), Perpetual(a)(j)6.00%, 07/16/25(j)6.45%, 11/07/24(j)Country Garden Holdings Company Ltd.
4.80%, 08/06/30(j)7.25%, 04/08/26(j)RKPF Overseas Ltd.
5.90%, 03/05/25
6.00%, 09/04/25
Shimao Group Holdings Ltd.
3.45%, 01/11/31(j)4.60%, 07/13/30(j)5.20%, 01/16/27(j)5.60%, 07/15/26(j)6.13%, 08/21/24(j)Sino-Ocean Land Treasure IV Ltd.

605,228
59,639,609

Mexico$ 1,000,000

776,910

Mexico200,000

193,417

Argentina

472,000

457,928

Mexico20,00018,525

Argentina

28,00027,557

Brazil

687,981621,348

India

752,000

708,327
1,329,675

Colombia

260,000

115,276

Ghana
Ghana

200,000
520,000

196,958
504,261

Argentina
Argentina

55,000758,000

47,859735,455
1,599,809

Brazil

1,130,000

956,555

Chile
Chile

204,000
77,000228,828
88,9681,274,351

China
China
China

450,000
400,000
200,000

25,87533,00017,000

China
China

200,000
600,000

14,50042,000

China
China

500,000
500,000

244,250
183,450

China
China
China
China
China

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

16,0008,000
47,19014,488
17,112

3.25%, 05/05/26(j)4.75%, 08/05/29(j)4.75%, 01/14/30(j)Total Real Estate Management & Development
Total Emerging Markets
Convertible Bonds – 0.7%
Aerospace & Defense – 0.0%
Safran SA
0.00%, 04/01/28
Spirit AeroSystems, Inc.
3.25%, 11/01/28(d)Total Aerospace & Defense
Automobiles – 0.0%
Ford Motor Company
0.00%, 03/15/26
Biotechnology – 0.0%
Alnylam Pharmaceuticals, Inc.
1.00%, 09/15/27
Ascendis Pharma AS
2.25%, 04/01/28
Bridgebio Pharma, Inc.
2.25%, 02/01/29
2.50%, 03/15/27
Exact Sciences Corp.
2.00%, 03/01/30(d)Halozyme Therapeutics, Inc.
1.00%, 08/15/28
INSMED, Inc.
0.75%, 06/01/28
Total Biotechnology
Broadline Retail – 0.0%
Etsy, Inc.
0.13%, 10/01/26
0.25%, 06/15/28
Total Broadline RetailCommercial Services & Supplies – 0.0%
Tetra Tech, Inc.
2.25%, 08/15/28(d)Construction & Engineering – 0.0%
Fluor Corp.
1.13%, 08/15/29(d)Consumer Finance – 0.0%
SoFi Technologies, Inc.
0.00%, 10/15/26(d)1.25%, 03/15/29(d)Total Consumer FinanceDiversified Telecommunication Services – 0.1%
Cellnex Telecom SA
0.50%, 07/05/28
Electric Utilities – 0.0%
NextEra Energy Capital Holdings, Inc.
3.00%, 03/01/27(d)PG&E Corp.
4.25%, 12/01/27(d)Total Electric Utilities
Electrical Equipment – 0.0%
Array Technologies, Inc.
1.00%, 12/01/28
Electronic Equipment Instruments & Components – 0.0%

China
China
China

200,000
410,000
400,000

15,28433,16930,440741,758
6,419,930

France€33,00078,191

United States

$

4,000

5,616
83,807

United States

31,00032,194

United States

14,00013,228Denmark

11,00012,711

United States
United States

12,000
7,000

9,832
7,535

United States

7,000

7,931

United States

8,000

7,792

United States

7,000

7,515
66,544

United States
United States

10,00031,00010,62024,49035,110

United States

11,00012,107

United States

13,00014,667

United States
United States

22,0005,000

18,887
5,045
23,932

Spain€

100,000

112,390

United States$

21,00022,501

United States

22,00022,12744,628

United States

11,00010,212

Advanced Energy Industries, Inc.
2.50%, 09/15/28(d)Entertainment – 0.1%
Liberty Media Corp.
2.25%, 08/15/27
Live Nation Entertainment, Inc.
3.13%, 01/15/29
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
Total Financial Services
Food Products – 0.0%
Post Holdings, Inc.
2.50%, 08/15/27
Ground Transportation – 0.0%
Lyft, Inc.
0.63%, 03/01/29(d)Uber Technologies, Inc.
0.88%, 12/01/28(d)Total Ground Transportation
Health Care Equipment & Supplies – 0.1%
Alphatec Holdings, Inc.
0.75%, 08/01/26
Haemonetics Corp.
0.00%, 03/01/26
Lantheus Holdings, Inc.
2.63%, 12/15/27
LivaNova USA, Inc.
3.00%, 12/15/25
Merit Medical Systems, Inc.
3.00%, 02/01/29(d)Shockwave Medical, Inc.
1.00%, 08/15/28(d)Total Health Care Equipment & Supplies
Health Care Technology – 0.0%
Evolent Health, Inc.
3.50%, 12/01/29(d)Hotel & Resort Real Estate Investment Trusts – 0.0%
Pebblebrook Hotel Trust
1.75%, 12/15/26
Hotels, Restaurants & Leisure – 0.1%
Accor SA
0.70%, 12/07/27(j)Cheesecake Factory, Inc.
0.38%, 06/15/26
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

United States

13,00013,285

United States

25,00025,692

United States

24,00028,905Singapore
Singapore

50,0008,000

42,9758,040

United States

32,00029,456135,068

France€61,50041,922

United States$

37,00034,502
76,424

United States

6,000

6,762

United States

10,00011,731

United States

23,00028,50940,240

United States

16,00016,700

United States

25,00023,078

United States

12,00013,317

United States

23,00026,221

United States

17,00018,589

United States

13,00016,656
114,561

United States

13,00014,960

United States

16,00014,430France€61,00034,699

United States$

12,00010,73915,00017,380China
United Kingdom€

100,000

100,381

United States$

10,0009,430

NCL Corp. Ltd.
1.13%, 02/15/27
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
Industrial Real Estate Investment Trusts – 0.0%
Rexford Industrial Realty LP
4.13%, 03/15/29(d)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
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)3.00%, 03/01/30(d)Total Metals & Mining
Multi-Utilities – 0.0%
Veolia Environnement SA
0.00%, 01/01/25
Oil Gas & Consumable Fuels – 0.0%
Green Plains, Inc.
2.25%, 03/15/27
Passenger Airlines – 0.0%
JetBlue Airways Corp.
0.50%, 04/01/26
Professional Services – 0.0%
Ceridian HCM Holding, Inc.
0.25%, 03/15/26
Semiconductors & Semiconductor Equipment – 0.0%
ON Semiconductor Corp.
0.50%, 03/01/29
SOITEC
0.00%, 10/01/25
SolarEdge Technologies, Inc.
0.00%, 09/15/25
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
Five9, Inc.
1.00%, 03/15/29(d)Nice Ltd.

United States

16,00015,170

United States

50,00045,531
233,330

United States

12,00019,884

United States

10,00010,190

United States

24,00025,380

United States

33,00031,012

United States

49,00042,474
98,866

United States

26,00022,776

Canada24,00018,734

United States
United States

17,0006,000

15,003
5,622
39,359France€135,900

46,953

United States$

10,000

10,244

United States

3,000

2,634

United States

73,00067,160

United States

18,00017,802

France€

5,600

10,091

United States$

29,00026,57354,466

United States

46,00042,343

United States

27,00024,565

United States

30,00031,845

United States

18,00018,675

0.00%, 09/15/25
Nutanix, Inc.
0.25%, 10/01/27
PagerDuty, Inc.
1.50%, 10/15/28(d)Progress Software Corp.
1.00%, 04/15/26
Unity Software, Inc.
0.00%, 11/15/26
Total Software
Specialty Retail – 0.1%
Burlington Stores, Inc.
1.25%, 12/15/27(d)Wayfair, Inc.
1.00%, 08/15/26
Zalando SE
0.05%, 08/06/25
Total Specialty RetailTechnology Hardware Storage & Peripherals – 0.0%
Seagate HDD Cayman
3.50%, 06/01/28(d)Western Digital Corp.
3.00%, 11/15/28(d)Total Technology Hardware Storage & Peripherals
Water Utilities – 0.0%
American Water Capital Corp.
3.63%, 06/15/26(d)Total Convertible Bonds
Investment Grade – 0.0%
Banks – 0.0%
Barclays PLC
6.50% (SOFR + 1.88%), 09/13/27(a)Total Investment Grade
TOTAL CORPORATE CREDIT(Cost $153,332,609)
STRUCTURED CREDIT – 29.6%
Collateralized Loan Obligations – 16.6%
37 Capital CLO
11.67%, 2023-1A, Class D (CME Term SOFR 3 Month + 6.36%), 04/15/36(a)(d)
13.75%, 2023-2A, Class E (CME Term SOFR 3 Month + 8.38%), 01/15/34(a)(d)
Anchorage Capital CLO Ltd.
9.29%, 2020-16A, Class DR (CME Term SOFR 3 Month + 3.98%), 01/19/35(a)(d)
11.06%, 2023-26A, Class D (CME Term SOFR 3 Month + 5.75%), 07/19/34(a)(d)
12.92%, 2020-16A, Class ER (CME Term SOFR 3 Month + 7.61%),
01/19/35(a)(d)12.93%, 2016-8A, Class ER2 (CME Term SOFR 3 Month + 7.61%),
10/27/34(a)(d)Anchorage Credit Funding Ltd.
6.85%, 2019-7A, Class E, 04/25/37(d)9.19%, 2019-7A, Class SUB1, 04/25/37(d)ARES CLO
9.06%, 2022-64A, Class D (CME Term SOFR 3 Month + 3.75%), 04/15/35(a)(d)
11.07%, 2023-68A, Class D (CME Term SOFR 3 Month + 5.75%), 04/25/35(a)(d)

Israel

19,00019,903

United States

25,00030,750

United States

13,00013,894

United States

11,00011,440

United States

61,00052,002
245,417

United States

11,00014,058

United States

15,00013,903Germany€

100,000

101,631
129,592

United States$

14,00017,871

United States

6,000

8,808
26,679

United States

13,00012,743
1,871,614

United Kingdom

56,00057,142
57,142
147,312,008

Cayman Islands

1,500,000

1,542,981

Cayman Islands

1,000,000

1,008,562

Cayman Islands

1,500,000

1,490,479

Cayman Islands

500,000

511,326

Cayman Islands

1,000,000

977,710

Cayman Islands

1,500,000

1,451,893

Cayman Islands
Cayman Islands

1,000,000
1,000,000

932,175
516,684

Cayman Islands

500,000

500,563

Jersey2,000,000

2,035,444

CBAM Ltd.
12.68%, 2017-2A, Class ER (CME Term SOFR 3 Month + 7.36%), 07/17/34(a)(d)
Cerberus Loan Funding LP
9.46%, 2023-3A, Class C (CME Term SOFR 3 Month + 4.15%), 09/13/35(a)(d)Dryden 27 R Euro CLO 2017 DAC
9.80%, 2017-27X, Class ER (3 Month EURIBOR + 5.86%), 04/15/33(a)Elevation CLO Ltd.
12.78%, 2021-14A, Class E (CME Term SOFR 3 Month + 7.46%), 10/20/34(a)(d)
12.85%, 2021-12A, Class E (CME Term SOFR 3 Month + 7.53%), 04/20/32(a)(d)
Fortress Credit BSL Ltd.
13.47%, 2022-1A, Class E (CME Term SOFR 3 Month + 8.15%), 10/23/34(a)(d)
13.51%, 2020-1A, Class E (CME Term SOFR 3 Month + 8.19%), 10/20/33(a)(d)
Gallatin CLO Ltd.
10.72%, 2023-1A, Class D (CME Term SOFR 3 Month + 5.41%), 10/14/35(a)(d)
Halcyon Loan Advisors Funding Ltd.
0.00%, 2018-2X, Class SUB, 01/22/31
Harvest CLO XXVI
10.06%, 26A, Class E (3 Month EURIBOR + 6.12%), 01/15/34(a)(d)ICG US CLO Ltd.
9.18%, 2020-1A, Class DR (CME Term SOFR 3 Month + 3.86%), 01/20/35(a)(d)
13.03%, 2020-1A, Class ER (CME Term SOFR 3 Month + 7.71%), 01/20/35(a)(d)
Madison Park Funding Ltd.
10.91%, 2023-63A, Class D (CME Term SOFR 3 Month + 5.50%), 04/21/35(a)(d)
Marble Point CLO Ltd.
12.87%, 2021-4A, Class E (CME Term SOFR 3 Month + 7.55%), 01/22/35(a)(d)
Monroe Capital MML CLO XIII Ltd.
13.64%, 2022-1A, Class E (CME Term SOFR 3 Month + 8.32%), 02/24/34(a)(d)
Mountain View CLO Ltd.
9.28%, 2023-1A, Class C (CME Term SOFR 3 Month + 3.85%), 09/14/36(a)(d)10.93%, 2023-1A, Class D (CME Term SOFR 3 Month + 5.50%), 09/14/36(a)(d)
OAK Hill European Credit Partners V Designated Activity Co.
10.34%, 2016-5A, Class ER (3 Month EURIBOR + 6.37%), 01/21/35(a)(d)12.84%, 2016-5A, Class FR (3 Month EURIBOR + 8.87%), 01/21/35(a)(d)OZLM XXIII Ltd.
12.86%, 2019-23A, Class ER (CME Term SOFR 3 Month + 7.54%),
04/15/34(a)(d)Palmer Square European CLO
10.33%, 2022-1A, Class E (3 Month EURIBOR + 6.36%), 01/21/35(a)(d)12.82%, 2022-1A, Class F (3 Month EURIBOR + 8.85%), 01/21/35(a)(d)Penta CLO
10.16%, 2021-10X, Class E (3 Month EURIBOR + 6.23%), 11/20/34(a)Rockford Tower CLO Ltd.
13.44%, 2022-2A, Class ER (CME Term SOFR 3 Month + 8.12%), 10/20/35(a)(d)
Rockford Tower Europe DAC
9.93%, 2021-1A, Class E (3 Month EURIBOR + 5.96%), 04/20/34(a)(d)RR Ltd.
13.65%, 2022-24A, Class DR (CME Term SOFR 3 Month + 8.30%),
01/15/36(a)(d)Cayman Islands

571,000

538,519

United States

1,000,000

1,013,468

500,000

508,452

Cayman Islands$ 2,000,000

1,872,996

Cayman Islands

378,000

369,235

Cayman Islands

500,000

496,953

Cayman Islands

1,000,000

993,135

Bermuda2,000,000

1,989,106

Cayman Islands

850,000

145,818

500,000

532,620

Cayman Islands$ 1,000,000

964,383

Cayman Islands

1,000,000

910,380

Cayman Islands

2,000,000

2,042,858

Cayman Islands

2,000,000

1,874,236

United States

1,000,000

936,919

Cayman Islands

300,000

305,635

Cayman Islands

300,000

300,894€ 1,750,000
1,000,000

1,857,511
1,058,120

Ireland

Ireland

Ireland
Ireland
Cayman Islands

€

€

$

250,000

239,782

Ireland
Ireland€ 1,200,000
1,750,000

1,260,427
1,848,565

Ireland500,000

532,047

United States$

750,000

752,554

Ireland€500,000

518,473

Bermuda$ 1,000,000

1,010,732

Symphony CLO Ltd.
12.53%, 2012-9A, Class ER2 (CME Term SOFR 3 Month + 7.21%),
07/16/32(a)(d)Toro European CLO
10.24%, 3X, Class ERR (3 Month EURIBOR + 6.30%), 07/15/34(a)Trimaran Cavu Ltd.
12.93%, 2021-3A, Class E (CME Term SOFR 3 Month + 7.63%), 01/18/35(a)(d)
Trinitas CLO XIV Ltd.
13.63%, 2020-14A, Class E (CME Term SOFR 3 Month + 8.30%), 01/25/34(a)(d)
Trinitas CLO XVIII Ltd.
9.18%, 2021-18A, Class D (CME Term SOFR 3 Month + 3.86%), 01/20/35(a)(d)
Total Collateralized Loan Obligations
Commercial Mortgage-Backed Securities – 4.1%
ACREC LLC
11.36%, 2023-FL2, Class E (CME Term SOFR 1 Month + 6.03%), 02/19/38(a)(d)
ACRES Commercial Realty Ltd.
8.09%, 2021-FL1, Class D (CME Term SOFR 1 Month + 2.76%), 06/15/36(a)(d)
AREIT Trust
10.70%, 2023-CRE8, Class D (CME Term SOFR 1 Month + 5.37%),
08/17/41(a)(d)Banc of America Commercial Mortgage Trust
1.25%, 2015-UBS7, Class XFG, 09/15/48(d)BBCMS Trust
8.45%, 2018-BXH, Class F (CME Term SOFR 1 Month + 3.12%), 10/15/37(a)(d)
Benchmark Mortgage Trust
3.24%, 2018-B6, Class E, 10/10/51(d)4.00%, 2024-V5, Class D, 01/10/57(d)7.20%, 2024-V5, Class C, 01/10/57
Blackstone UK Student Housing Portfolio
7.56%, 2021-UK5, Class E (Daily SONIA + 2.35%), 05/17/31(a)BWAY Mortgage Trust
5.03%, 2022-26BW, Class E, 02/10/44(d)BX Commercial Mortgage Trust
8.97%, 2019-IMC, Class G (CME Term SOFR 1 Month + 3.65%), 04/15/34(a)(d)
BX Trust
9.47%, 2021-SDMF, Class J (CME Term SOFR 1 Month + 4.15%), 09/15/34(a)(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
8.43%, 2019-MOB, Class G (CME Term SOFR 1 Month + 3.11%), 11/15/36(a)(d)
Citigroup Commercial Mortgage Trust
9.14%, 2021-KEYS, Class F (CME Term SOFR 1 Month + 3.81%), 10/15/36(a)(d)
COMM Mortgage Trust
2.06%, 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
9.59%, 2021-W52, Class F (CME Term SOFR 1 Month + 4.26%), 10/15/36(a)(d)
Hilton USA Trust

Cayman Islands
Ireland
Cayman Islands

438,000

395,090€ 1,500,000

1,575,706$

900,000

903,941

Cayman Islands

500,000

502,486

Cayman Islands

2,000,000

1,965,600
41,184,458

United States

107,000

107,015

Cayman Islands

321,000

285,278

United States

109,000

108,863

United States

10,000,000

162,195

United States

270,000

260,499

United States
United States
United States

225,000
36,00057,000106,518
30,072
57,080

United Kingdom£

236,000

290,242

United States$

677,000

422,867

United States

1,000,000

993,986

United States

450,849

418,739

United States
United States

305,000
489,000

228,877
369,467

United States

770,000

737,492

United States

741,000

713,128

United States

12,997,292

428,779

United States

190,000

129,762

United States

1,000,000

450,177

4.12%, 2016-SFP, Class C, 11/05/35(d)4.93%, 2016-SFP, Class D, 11/05/35(b)(d)J.P. Morgan Chase Commercial Mortgage Securities Trust
9.71%, 2021-HTL5, Class F (CME Term SOFR 1 Month + 4.38%), 11/15/38(a)(d)
Last Mile Logistics
11.01%, 2023-1A, Class D (Daily SONIA + 5.80%), 08/17/33(a)(d)MF1 LLC
11.06%, 2022-FL10, Class D (CME Term SOFR 1 Month + 5.73%), 09/17/37(a)(d)
Natixis Commercial Mortgage Securities Trust
11.27%, 2022-RRI, Class F (CME Term SOFR 1 Month + 5.94%), 03/15/35(a)(d)
ONE Mortgage Trust
6.94%, 2021-PARK, Class D (CME Term SOFR 1 Month + 1.61%), 03/15/36(a)(d)
Taubman Centers Commercial Mortgage Trust
10.10%, 2022-DPM, Class D (CME Term SOFR 1 Month + 4.77%), 05/15/37(a)(d)
VMC Finance LLC
8.94%, 2021-FL4, Class D (CME Term SOFR 1 Month + 3.61%), 06/16/36(a)(d)
9.94%, 2021-HT1, Class B (CME Term SOFR 1 Month + 4.61%), 01/18/37(a)(d)
Total Commercial Mortgage-Backed Securities
Residential Mortgage-Backed Securities – 3.2%
BRAVO Residential Funding Trust
6.90%, 2024-NQM1, Class M1, 12/01/63(d)7.46%, 2023-NQM5, Class M1, 06/25/63(d)8.04%, 2024-NQM1, Class B1, 12/01/63(d)CHNGE Mortgage Trust
8.44%, 2023-4, Class B1, 09/25/58(d)COLT Mortgage Loan Trust
6.59%, 2024-1, Class M1, 02/25/69(d)Deephaven Residential Mortgage Trust
4.34%, 2022-2, Class B1, 03/25/67(d)GCAT Trust
3.97%, 2022-NQM1, Class B1, 02/25/67(d)Imperial Fund Mortgage Trust
4.43%, 2022-NQM3, Class M1, 05/25/67(d)JP Morgan Mortgage Trust
7.64%, 2024-CES1, Class B1, 06/25/54(d)MFA Trust
4.27%, 2022-NQM1, Class B1, 12/25/66(d)Morgan Stanley Residential Mortgage Loan Trust
7.53%, 2023-NQM1, Class B1, 09/25/68(d)
PRKCM Trust
6.87%, 2024-AFC1, Class M1, 03/25/59(d)7.56%, 2023-AFC1, Class M1, 02/25/58(d)8.01%, 2023-AFC4, Class B1, 11/25/58(d)8.06%, 2024-AFC1, Class B1, 03/25/59(d)8.24%, 2023-AFC2, Class B1, 06/25/58(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)(i)
RCKT Mortgage Trust
6.77%, 2024-CES2, Class M2, 04/25/44(d)6.77%, 2024-CES1, Class M2, 02/25/44(d)Seasoned Credit Risk Transfer Trust
4.50%, 2022-1, Class M, 11/25/61(d)United States
United States

105,000
584,000

57,783
265,467

United States

1,084,000

1,049,496

United Kingdom£

207,000

261,343

United States$

232,000

232,864

United States

497,898

495,990

United States

417,000

391,140

United States

415,000

411,686

United States

147,000

128,662

United States

643,000

615,243
10,210,710

United States
United States
United States

109,000
183,000
128,000

110,026
187,099
128,553

United States

891,000

877,484

United States

138,000

138,086

United States

229,000

182,110

United States

476,000

342,627

United States

332,000

272,257

United States

100,000

100,382

United States

251,000

201,310

United States

446,000

436,905

United States
United States
United States
United States
United States

66,000371,000
293,000
91,000100,000

66,141
376,772
292,565
91,190100,268

United States

212,000

203,414

United States

1,000,000

966,818

United States
United States

100,000
100,000

100,077
100,427

United States

226,000

192,159

STAR Trust
9.83%, 2022-SFR3, Class F (CME Term SOFR 1 Month + 4.50%), 05/17/24(a)(d)
Toorak Mortgage Trust
9.16%, 2024-RRTL1, Class M1, 02/25/39(d)Towd Point Mortgage Trust
6.86%, 2024-CES1, Class M2, 01/25/64(d)Verus Securitization Trust
6.67%, 2024-1, Class M1, 01/25/69(d)6.82%, 2024-2, Class M1, 02/25/69(d)7.08%, 2023-INV2, Class A3, 08/25/68(d)(i)
7.35%, 2023-INV2, Class M1, 08/25/68(d)7.58%, 2023-2, Class B1, 03/25/68(d)7.94%, 2023-7, Class B1, 10/25/68(d)8.16%, 2023-INV2, Class B1, 08/25/68(d)Western Mortgage Reference Notes
10.67%, 2021-CL2, Class M4 (SOFR30A + 5.35%), 07/25/59(a)(d)Total Residential Mortgage-Backed Securities
Asset-Backed Securities – 5.7%
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)(i)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)(i)Veros Auto Receivables Trust
11.46%, 2023-1, Class D, 08/15/30(d)VSTJET
10.91%, 2020-1B, 01/15/29
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)Ziply Fiber Issuer LLC
11.71%, 2024-1A, Class C, 04/20/54(d)Total Asset-Backed Securities
TOTAL STRUCTURED CREDIT(Cost $75,085,234)
PRIVATE CREDIT – 22.0%
Senior Loans – 20.9%
Aerospace & Defense – 0.5%
Galileo Parent, Inc., First Lien Revolver
12.56% (3 Month SOFR + 7.25%), 05/03/29(a)(b)(c)
Galileo Parent, Inc., First Lien Term Loan
12.34%, 05/03/30(b)WP CPP Holdings, First Lien Term Loan
8.75% (3 Month SOFR + 3.38%), 11/28/29(a)(b)

United States

170,000

163,564

United States

71,00071,187

United States

110,000

111,982

United States
United States
United States
United States
United States
United States
United States

118,000
100,000
167,979
187,000
100,000
608,000
100,000

118,199
100,900
168,955
189,336
98,794
607,787
101,100

United States

820,377

837,0128,035,486

United States

2,000,000

2,066,089

United States

132,827

124,555

Cayman Islands

2,004,903

1,128,440

Cayman Islands

1,502,396

1,210,109

United States

668,020

588,065

United States

716,741

406,449

United States

1,392,658

884,338

Cayman Islands

566,240

522,949

United States

1,339,286

941,790

United States

1,780,000

1,805,538

United States

1,700,000

1,657,500

United States
United States

1,590,272
1,171,157

971,208
235,403

United States

164,000

157,894

United States

1,500,000

1,499,627
14,199,954
73,630,608

United States

83,00036,205

United States

531,668

523,693

United States

824,484

806,181WP CPP Holdings, First Lien Revolver
0.00%, 11/28/29(b)(c)
Total Aerospace & Defense
Automobile Components – 1.0%
Superior Industries International, Inc., First Lien Tranche B Term Loan
13.33%, 12/15/28(b)Biotechnology – 1.3%
ADC Therapeutics, Inc., First Lien Tranche A Term Loan
13.00% (3 Month SOFR + 7.50%), 08/15/29(a)(b)
Mesoblast, Inc., First Lien Term Loan
8.00%, 11/19/26(b)(f)
Seres Therapeutics, Inc., First Lien Tranche B Delay Draw Term Loan
0.00%, 04/27/29(b)(c)
Seres Therapeutics, Inc., First Lien Tranche DDA2 Delay Draw Term Loan
12.88% (3 Month SOFR + 7.88%), 04/30/29(a)(b)Seres Therapeutics, Inc., First Lien Tranche A1 Term Loan
12.88% (3 Month SOFR + 7.88%), 04/30/29(a)(b)Seres Therapeutics, Inc., First Lien Tranche C Delay Draw Term Loan
0.00%, 04/30/29(b)(c)
Total Biotechnology
Commercial Services & Supplies – 1.7%
Amspec Parent, First Lien Delay Draw Term Loan
11.07%, 12/05/30(b)(c)Amspec Parent LLC, First Lien Term Loan
11.08% (3 Month SOFR + 5.75%), 12/05/30(a)(b)Amspec Parent, Inc., First Lien Revolver
5.75% (3 Month SOFR + 5.75%), 12/05/29(a)(b)(c)Kings Buyer LLC, First Lien Revolver
11.99% (Prime + 8.50%), 10/29/27(a)(b)(c)Kings Buyer LLC, First Lien Term Loan
11.95% (3 Month SOFR + 6.50%), 10/29/27(a)(b)
NFM & J LP, First Lien Revolver
10.94% (1 Month LIBOR + 5.75%), 11/30/27(a)(b)(c)13.25% (Prime + 4.75%), 11/30/27(a)(b)(c)
NFM & J LP, First Lien Term Loan
11.18% (3 Month SOFR + 5.75%), 11/30/27(a)(b)(c)
11.22% (3 Month SOFR + 5.75%), 11/30/27(a)(b)Total Commercial Services & Supplies
Containers & Packaging – 0.7%
ASP-r-pac Acquisition Company LLC, First Lien Revolver
9.49%, 12/29/27(b)(c)
ASP-r-pac Acquisition Company LLC, First Lien Term Loan
11.57%, 12/29/27(b)Total Containers & Packaging
Distributors – 0.7%
RelaDyne, Second Lien Term Loan
13.17%, 12/23/29(b)Electrical Equipment – 0.3%
Inventus Power, Inc., First Lien Revolver
0.00%, 06/30/25(b)(c)Inventus Power, Inc., First Lien Term Loan
12.59%, 06/30/25(b)Total Electrical Equipment
Food Products – 0.4%
Protein For Pets Opco, First Lien Revolver
10.57%, 03/22/30(c)Protein For Pets Opco, First Lien Term Loan
10.57% (1 Month SOFR + 5.25%), 03/22/30(a)Total Food Products

United States

90,000–1,366,079

United States

2,573,425

2,548,206

United States

1,135,543

1,101,136

United States

1,368,949

1,303,924

United States

329,000–

United States

219,000

209,145

United States

585,000

558,675

United States

329,000–
3,172,880

United States

226,000–

United States

1,567,000

1,531,429

United States

212,000

2,211

United States

310,246

30,609

United States

2,235,594

2,205,637

United States
United States

64,24046,123

6,287
4,514

United States
United States

275,885495,247

9,005
486,134
4,275,826

United States

205,745

32,966

United States

1,698,011

1,600,375
1,633,341

United States

1,790,352

1,777,819

United States

94,000–

United States

824,855

806,213806,213

United States

103,000–

United States

994,000

974,184
974,184

Health Care Equipment & Supplies – 1.2%
Touchstone Acquisition, Inc., First Lien Term Loan
11.48% (3 Month SOFR + 6.00%), 12/29/28(a)(b)
Health Care Providers & Services – 1.9%
LSL Holdco LLC, First Lien Revolver
11.43% (1 Month SOFR + 6.00%), 01/31/28(a)(b)(c)
LSL Holdco LLC, First Lien Incremental Term Loan
11.08%, 01/31/28(b)LSL Holdco LLC, First Lien Term Loan
11.43%, 01/31/28(b)Petvet Care Centers LLC, First Lien Term Loan
11.32% (1 Month SOFR + 6.00%), 11/15/30(a)(b)11.32%, 11/15/30(b)(c)
Petvet Care Centers LLC, First Lien Revolver
11.32%, 11/15/29(b)(c)
Total Health Care Providers & Services
Health Care Technology – 1.2%
Establishment Labs Holdings, Inc., First Lien Tranche C Delay Draw Term Loan
9.00%, 04/21/27(b)(c)(f)Establishment Labs Holdings, Inc., First Lien Tranche A Term Loan
9.00%, 04/21/27(b)(f)
Establishment Labs Holdings, Inc., First Lien Tranche D Delay Draw Term Loan
9.00%, 04/21/27(b)(c)(f)Establishment Labs Holdings, Inc., First Lien Tranche B Delay Draw Term Loan
9.00%, 04/21/27(b)(f)Impel Pharmaceuticals, Inc., First Lien Tranche B Term Loan
16.21% (3 Month SOFR + 10.75%), 09/05/28(a)(b)Impel Pharmaceuticals, Inc., First Lien Tranche A Term Loan
0.00%, 03/17/27(b)Next Holdco LLC, First Lien Term Loan
11.32%, 11/08/30(b)(c)11.34% (3 Month SOFR + 6.00%), 11/08/30(a)(b)
Next Holdco LLC, First Lien Revolver
11.32%, 11/08/29(b)(c)
Total Health Care Technology
Hotels, Restaurants & Leisure – 2.2%
Grove Hotel Parcel Owner LLC, First Lien Revolver Facility
0.00%, 06/21/28(b)(c)Grove Hotel Parcel Owner LLC, First Lien Term Loan
13.43%, 06/21/28(b)Grove Hotel Parcel Owner LLC, First Lien Delay Draw Term Loan
0.00%, 06/21/28(b)(c)
PFNY Holdings LLC, First Lien Delay Draw Term Loan
11.63%, 12/31/26(b)PFNY Holdings LLC, First Lien Term Loan
12.51%, 12/31/26(b)PFNY Holdings LLC, First Lien Revolver
12.66%, 12/31/26(b)(c)
Total Hotels, Restaurants & Leisure
Insurance – 0.7%
Ardonagh Group Finance, First Lien Tranche B1 Term Loan
10.04% (6 Month SOFR + 4.75%), 02/15/31(a)(b)
Ardonagh Midco, First Lien Tranche B2 Delay Draw Term Loan
10.04%, 02/15/31(b)(c)
Total Insurance
Interactive Media & Services – 0.6%
Ancestry.com, Inc., First Lien Tranche B Term Loan
10.83% (1 Month SOFR + 5.50%), 12/12/33(a)(b)Machinery – 0.4%
Truck-Lite Company, First Lien Delay Draw Term Loan

United States

2,961,255

2,879,821

United States

266,412

98,764

United States

274,298

254,220

United States

2,355,749

2,183,308

United States
United States

2,350,110
307,000

2,308,043–

United States

307,000–
4,844,335

United States

184,290–

United States

1,223,566

1,174,624

United States

184,290–

United States

195,956

188,117

United States

272,429

193,969

United States

2,038,833

617,155

United States
United States

213,000
830,000–
818,961

United States

80,000–2,992,826

United States

175,377–

United States

1,727,462

1,692,913

United States

350,754–

United States

305,481

290,543

United States

3,567,580

3,393,126

United States

173,352–
5,376,582

United States

1,739,000

1,712,915

United States

160,000–
1,712,915

United States

1,637,000

1,615,883

11.09%, 02/13/31(b)(c)Truck-Lite Company, First Lien Revolver
11.07% (3 Month SOFR + 5.75%), 02/13/30(a)(b)(c)Truck-Lite Company, First Lien Term Loan
11.06% (3 Month SOFR + 5.75%), 02/13/31(a)(b)Total Machinery
Metals & Mining – 0.4%
IAMGOLD Corp., Second Lien Term Loan
13.62%, 05/16/28(b)Pharmaceuticals – 0.5%
Bioxcel Therapeutics, First Lien Tranche A2 Term Loan
12.88% (3 Month SOFR + 7.50%), 04/19/27(a)(b)Bioxcel Therapeutics, First Lien Tranche D Term Loan
0.00%, 04/19/27(b)(c)
Bioxcel Therapeutics, Inc., First Lien Tranche A Term Loan
12.81%, 04/19/27(b)Bioxcel Therapeutics, Inc., First Lien Tranche B Delay Draw Term Loan
12.81%, 04/19/27(b)(c)
Bioxcel Therapeutics, Inc., First Lien Tranche C Delay Draw Term Loan
12.81%, 04/19/27(b)(c)
Total Pharmaceuticals
Software – 5.2%
Avalara, Inc., First Lien Term Loan
12.60% (3 Month SOFR + 7.25%), 10/19/29(a)(b)Avalara, Inc., First Lien Revolver
0.75%, 10/19/29(b)(c)Evergreen IX Borrower LLC, First Lien Term Loan
11.39% (3 Month SOFR + 6.00%), 09/29/30(a)(b)Evergreen IX Borrower LLC, First Lien Revolver
11.39%, 09/29/29(b)(c)Finastra USA, Inc., First Lien Term Loan
12.71% (6 Month SOFR + 7.25%), 09/13/30(a)(b)Finastra USA, Inc., First Lien Revolver
12.57% (1 Month SOFR + 7.25%), 09/13/30(a)(b)(c)iCIMS, Inc., First Lien Revolver Facility
11.99%, 08/18/28(b)(c)iCIMS, Inc., First Lien Term Loan
8.75%, 08/18/28(b)12.62% (3 Month SOFR + 7.25%), 08/18/28(a)(b)iCIMS, Inc., First Lien Delay Draw Term Loan
0.00%, 08/18/28(b)(c)(f)Monotype Imaging Holdings, First Lien Delay Draw Term Loan
10.84%, 02/28/31(b)(c)Monotype Imaging Holdings, First Lien Term Loan
10.84% (3 Month SOFR + 5.50%), 02/28/30(a)(b)Monotype Imaging Holdings, First Lien Revolver
10.84%, 02/28/31(b)(c)OEConnection LLC, Second Lien Term Loan
12.42%, 09/25/27(b)Pluralsight LLC, First Lien Revolver
13.47% (3 Month SOFR + 8.00%), 04/06/27(a)(b)13.47% (3 Month SOFR + 8.00%), 04/06/27(a)(b)Pluralsight LLC, First Lien Term Loan
13.56% (3 Month SOFR + 8.00%), 04/06/27(a)(b)UserZoom Technologies, Inc., First Lien Term Loan
12.77%, 04/05/29(b)Total Software
Total Senior Loans

United States

105,000–

United States

105,000

3,432

United States

975,000

956,183
959,615

United States

975,000

957,938

United States

376,802351,367

United States

625,975–

United States

908,347

847,034

United States

250,390–

United States

375,585–
1,198,401

United States

2,491,000

2,484,772

United States

249,000–

United States

1,144,133

1,140,014

United States

127,000–

United States

1,462,000

1,432,760

United States

152,000

27,598

United States

157,552

16,209

United States
United States

1,738,035
253,659

1,678,942
249,600

United States

334,805–

United States

117,000–

United States

1,409,000

1,388,429

United States

176,000–

United States

2,499,000

2,464,764

United States
United States

9,143
31,857

8,128
28,321

United States

659,000

585,851

United States

1,348,000

1,337,890
12,843,278
51,936,142

SharesPreferred Stock – 0.9%

Health Care Providers & Services – 0.1%
Petvet Care Centers LLC(Acquired 11/15/2023, cost $198,940)(b)(h)Health Care Technology – 0.8%athenahealth, Inc.(Acquired 2/15/2022, cost $1,992,289)(b)(h)Total Preferred Stock
Common Stock – 0.1%
Distributors – 0.1%
RelaDyne(Acquired 12/23/2021, cost $187,703)(b)(h)Total Common Stock
Warrants – 0.1%
Biotechnology – 0.1%
ADC Therapeutics - (Exercise price: $8.30, Expiration: 08/15/32)(Acquired
8/15/2022, cost $30,028)(b)(h)Mesoblast, Inc.- (Exercise Price: $3.70, Expiration: 11/19/28)(Acquired
1/12/2023, cost $0)(b)(h)Mesoblast, Inc.- (Exercise Price: $7.26, Expiration: 11/19/28)(Acquired
12/20/2021, cost $106,354)(b)(h)Seres Therapeutics, Inc. - (Exercise price: $6.69, Expiration: 04/27/30)(Acquired
4/27/2023, cost $14,821)(b)(h)Total Biotechnology
Health Care Technology – 0.0%
Impel Pharmaceuticals, Inc.-(Exercise Price: $0.01, Expiration: 09/05/30)(Acquired 9/5/2023, cost $0)(b)(h)Innocoll Pharmaceuticals Ltd.- (Exercise Price: $4.23, Expiration: 01/26/29)(Acquired 1/26/2022 - 9/1/2022, cost $77,901)(b)(h)Total Health Care Technology
Pharmaceuticals – 0.0%
Bioxcel Therapeutics, Inc. - (Exercise price: $20.04, Expiration: 04/19/29)(Acquired 4/28/2022 - 12/5/2023, cost $0)(b)(h)Total Warrants
TOTAL PRIVATE CREDIT(Cost $56,574,881)
SHORT-TERM INVESTMENTS — 3.6%
Money Market Fund – 3.0%
First American Government Obligations Fund - Class X, 5.23%(k)U.S. Treasury Bills – 0.6%
4.68%, 04/25/24(l)TOTAL SHORT-TERM INVESTMENTS(Cost $9,065,121)
Total Investments – 114.4%(m)(Cost $294,057,845)
Liabilities in Excess of Other Assets – (14.4)%
TOTAL NET ASSETS – 100.0%

United States

203

211,120

United States

2,033

2,038,164
2,249,284

United States

2,000

279,120
279,120

United States

4,988

10,225

United States

11,94130,450

United States

46,443

81,275

United States

4,735

1,420
123,370

United States

26,745–

United States

20,192––

United States

4,359

5,449
128,819
54,593,365

United States

7,570,359
Principal
Amount

7,570,359

United States

1,500,000

1,494,749
9,065,108284,601,089(35,927,263)$248,673,826

The following notes should be read in conjunction with the accompanying Schedule of Investments.
(a)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 a cap or floor. Securities that reference SOFR may be subject to a credit spread adjustment, particularly to legacy
holdings that reference LIBOR that have transitioned to SOFR as the base lending rate.
(b)
These securities are characterized as Level 3 securities within the disclosure hierarchy. Level 3 security values are
determined using significant unobservable inputs. As of March 31, 2024, the total value of all such securities was $57,136,078 or
23.0% of net assets.
(c)
As of March 31, 2024, the Fund had entered into the following commitments to fund various revolving and delayed draw
senior secured and subordinated loans. Such commitments are subject to the satisfaction of certain conditions set forth in the
documents governing these loans and there can be no assurance that such conditions will be satisfied. All values are reflected at par.

Company
AI Aqua Merger Sub, Inc.
AI Aqua Merger Sub, Inc.
Amspec Parent
Amspec Parent, Inc.
Ardonagh Midco
ASP-r-pac Acquisition Company LLC
Avalara, Inc.
Bioxcel Therapeutics
Bioxcel Therapeutics, Inc.
Bioxcel Therapeutics, Inc.
Establishment Labs Holdings, Inc.
Establishment Labs Holdings, Inc.
Evergreen IX Borrower LLC
Finastra USA, Inc.
Galileo Parent, Inc.
Galileo Parent, Inc.
Grove Hotel Parcel Owner LLC
Grove Hotel Parcel Owner LLC
iCIMS, Inc.
iCIMS, Inc.
Inventus Power, Inc.
Kings Buyer LLC
LSL Holdco LLC
Monotype Imaging Holdings
Monotype Imaging Holdings
Next Holdco LLC
Next Holdco LLC
NFM & J LP
NFM & J LP
NFM & J LP
Petvet Care Centers LLC
Petvet Care Centers LLC
PFNY Holdings LLC
Protein For Pets Opco
Seres Therapeutics, Inc.
Seres Therapeutics, Inc.
Truck-Lite Company
Truck-Lite Company
WP CPP Holdings

Investment TypeFirst Lien Tranche B Term Loan
First Lien Tranche B Term Loan
First Lien Delay Draw Term Loan
First Lien RevolverFirst Lien Tranche B2 Delay Draw Term
Loan
First Lien RevolverFirst Lien RevolverFirst Lien Tranche D 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 RevolverFirst Lien RevolverFirst Lien Delay Draw Term Loan
First Lien Revolver Facility
First Lien Revolver Facility
First Lien Delay Draw Term Loan
First Lien RevolverFirst Lien RevolverFirst Lien RevolverFirst Lien Delay Draw Term Loan
First Lien RevolverFirst Lien Term Loan
First Lien RevolverFirst Lien RevolverFirst Lien RevolverFirst Lien Term Loan
First Lien RevolverFirst 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 RevolverFirst Lien Delay Draw Term Loan
First Lien Revolver

Totalrevolvingand delayeddraw loan
commitments(000s)
$
368
32
226
212

Less:
fundedcommitments(000s)
$
330
29
—
2

Total
unfundedcommitment(000s) (Note
10)
$
38
3
226
210

160
206
249
626

—
35
—
—

160
171
249
626

376

—

376

250

—

250

184

—

184

184
127
152
21
62
351
175
158
335
94
310
266
117
176
213
80
64
46
276
307
307
173
103

—
—
28
9
28
—
—
17
—
—
31
106
—
—
—
—
6
5
9
—
—
—
—

184
127
124
12
34
351
175
141
335
94
279
160
117
176
213
80
58
41
267
307
307
173
103

329

—

329

329
105
105
90
7,944

—
3
—
—
638

329
102
105
90
7,306

$

$

$

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions
exempt from registration to qualified institutional buyers. As of March 31, 2024, the total value of all such securities was $115,840,384
or 46.6% of net assets.
(e) Regulation S security. These securities may be subject to transfer restrictions as defined by Regulation S. As
of March 31, 2024, the total value of all such securities was $2,802,096 or 1.1% 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 whollyowned subsidiary of the Fund.
(h) Restricted security. Purchased in a private placement transaction; resale to the public may require registration. As of March 31,
2024, the total value of all such securities was $3,067,281 or 1.2% of net assets.
(i) Security is a "step up" bond where the coupon increases or steps up at a predetermined date. Interest rate shown is the rate ineffect as of March 31, 2024.
(j) Issuer is currently in default on its regularly scheduled interest payment.
(k) The rate shown represents the seven-day yield as of March 31, 2024.
(l) The rate shown is the effective yield.
(m) These securities are pledged as collateral for the credit facility.
Abbreviations:
CME
Chicago Mercantile Exchange
CMT
Constant Maturity Treasury RateEURIBOR Euro Interbank Offered Rate
LIBOR
London Interbank Offered Rates
LLC
Limited Liability Corporation
LP
Limited Partnership
PLC
Public Limited Company
REIT
Real Estate Investment Trust
SOFR
Secured Overnight Financial Rate
SOFR30A
Secured Overnight Financial Rate 30 Day Average
SONIA
Sterling Overnight Index Average
Currencies:
GBP (£)
British Pound
EUR (€)Euro
USD ($)US Dollar

Forward Currency Contracts:
As of March 31, 2024, the following forward currency contracts were outstanding:Settlement
Date

Currency Purchased

Currency Sold

Counterparty

4/18/2024

2,340,119 EUR

2,536,921 USD

4/18/2024

33,327,899 USD

30,396,029 EUR

4/18/2024

2,743,076 USD

2,156,973 GBP

4/18/2024

59,910 GBP

75,365 USD

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

Unrealized
Appreciation(Depreciation)$(10,172)
507,722
20,345$258
518,153

Schedule of Open Futures Contracts:
As of March 31, 2024, the following futures contracts were outstanding:Description
U.S. Treasury 2 Year Notes
U.S. Treasury 5 Year Note

Contracts
Purchased
38
75

Expiration Date
Notional
06/28/2024$ 7,770,406
06/28/2024
8,026,172

Unrealized
Appreciation(Depreciation)$(5,627)
11,930$6,303

OAKTREE DIVERSIFIED INCOME FUND INC.
Notes to Consolidated Schedule of Investments
March 31, 2024 (Unaudited)
1. Organization
Oaktree Diversified Income Fund Inc. (the “Fund”) was organized as a corporation under the laws of the State of Maryland on June29, 2021. The Fund is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a diversified, closedend management investment company that continuously offers its shares of common 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 the Fund to issue multiple classes ofshares 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 registered investment adviser
under the Investment Advisers Act of 1940, as amended, 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.
Brookfield Public Securities Group LLC (the “Administrator”), a wholly-owned subsidiary of Brookfield Asset Management 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 platform of high-yield bonds,
senior loans, structured credit, emerging markets debt and convertibles, inclusive of both public and private credit sectors. High-yieldbonds 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 class through 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 and wholly-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. All investments held by the Subsidiary are disclosed in the Consolidated Schedule of Investments.
2. Significant Accounting Policies
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 these procedures. The Board
regularly reviews the application of these procedures to the securities in the Fund’s portfolio. The Adviser’s Valuation Committee iscomprised of senior members of the Adviser’s management team.
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 the valuation designee inaccordance 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 thelast trade price as of the close of business on the valuation date. If the NYSE closes early, then the equity 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 thefactors occurring after the close of certain foreign markets but before the NYSE close. When fair value pricing is employed, the valueof 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, andunlisted securities and private placement securities, are generally valued at the bid prices furnished by 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 suchsecurity 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 discount or 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 funding loans andrevolving 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 of or participations in a bank loan acquired insecondary 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 assetbacked pools and other issuers, and interests 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 base lending rate (such as
the Secured Overnight Financing Rate, “SOFR,” 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 most senior position in the capital structure of a borrower
and are often secured with collateral. A Senior Loan is typically originated, negotiated and structured by a U.S. or foreign commercialbank, 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 combination of these factors. These instruments
are normally valued on the basis of evaluations provided by independent pricing services or broker dealer quotations. Depending on
the instrument and the terms of the transaction, the value of the derivative instruments can be estimated by a pricing service provider
using a series of techniques, such as simulation pricing models. The pricing
models use issuer details and other inputs that are observed from actively quoted markets such as indices, spreads, interest rates,
curves, dividends and exchange rates. Derivatives that use similar valuation techniques and inputs as described above are normallycategorized as Level 2 of the fair value hierarchy.
Financial Futures Contracts: A futures contract is an agreement between two parties to buy and sell a financial instrument for a set
price on a future date. Initial margin deposits are made upon entering into futures contracts and can be either cash or securities.
During the period the futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by“marking-to-market” on a daily basis to reflect the market value of the contract at the end of each day’s trading. Variation margin
payments are made or received, depending upon whether unrealized gains or losses are incurred. When the contract is closed, theFund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and theFund’s basis in the contract.
The Fund invests in financial futures contracts to hedge against fluctuations in the value of portfolio securities caused by changes inprevailing market interest rates. Should interest rates move unexpectedly, the Fund may not achieve the anticipated benefits of thefinancial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in
movements in the price of futures contracts, interest rates and the underlying hedged assets. The Fund is at risk that it may not be able
to close out a transaction because of an illiquid market.
Securities for which market prices are not readily available, cannot be determined using the sources described above, 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 the Adviser’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 notavailable are valued by the Adviser using valuation methodologies applied on a consistent basis. These securities may initially bevalued at the acquisition price as the best indicator of fair value. The Adviser reviews the significant unobservable inputs, valuationsof comparable investments and other similar transactions for investments valued at acquisition price to determine whether anothervaluation methodology should be utilized. Subsequent valuations 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 pendingtransaction expected to close 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 or otherdispositions of investments in the future. Fair values may differ from the values that would have been used had a ready market for theinvestment 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 the respective 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 relevant to 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 in the 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 fair valuations, theAdviser’s Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fairvaluation determinations on a regular basis after considering all relevant information that is reasonably available. There can be noassurance 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 use of 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 basedon 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 thebest 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 not limited 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 value of assets or liabilities)
Oaktree Diversified Income Fund Inc.
The following table summarizes the Fund’s investments valuation inputs categorized in the disclosure hierarchy as of March 31, 2024:
Level 1
Level 2
Level 3
Total
Corporate Credit
Senior Loans (Syndicated)$– $77,326,636 $
1,997,077 $ 79,323,713
High Yield–
58,385,256
1,254,353
59,639,609
Emerging Markets–
6,419,930–
6,419,930
Convertible Bonds–
1,871,614–
1,871,614
Investment Grade–57,142–
57,142
Structured Credit
Collateralized Loan Obligations–
41,184,458–
41,184,458
Commercial Mortgage-Backed Securities–
9,945,243
265,467
10,210,710
Residential Mortgage-Backed Securities–
8,035,486–
8,035,486
Asset-Backed Securities–
14,199,954–
14,199,954
Private Credit
Senior Loans–
974,184
50,961,958
51,936,142
Preferred Stock––2,249,284
2,249,284
Common Stock––279,120
279,120
Warrants––
128,819
128,819
Short-Term Investments
Money Market Fund
7,570,359––
7,570,359
U.S. Treasury Bills–
1,494,749–
1,494,749
Total Investments$
7,570,359 $ 219,894,652 $
57,136,078 $284,601,089
Other Financial Instruments:(1)AssetsForward Currency Contracts
Futures
Total Assets

Level 1
$
$

– $
6,303
6,303 $

Level 2
518,153 $–518,153 $Level 3

Total
– $
–
– $

518,1536,303
524,456

Liabilities
Unfunded loan commitments
Total

$
$

– $
6,303 $

– $518,153 $(13,311) $(13,311) $(13,311)
511,145

For further information regarding security characteristics, see the Schedule of Investments.
(1) Forward currency contracts, futures and unfunded loan commitments are reflected at the net unrealized appreciation (depreciation)on the instruments.
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 March 31, 2024.
Value as ofMarch 31,2024

Valuation Valuation
Approach Methodology

Unobservable
Input

Impact to
Amount orValuation from
Range/(Weighted an Increase in
Average)
Input(1)Corporate Credit
Senior Loans (Syndicated)$

Income1,997,077 Approach

Discounted
Yield (DiscountCash Flow Rate of Cash Flows)

10.0%-19.0%(13.0%)

Decrease

High Yield$

Market1,254,353 Approach

Discounted
Yield (DiscountCash Flow Rate of Cash Flows)

12.0%-14.0%(13.0%)

Decrease$49.72($49.72)

Increase

Structured Credit
Commercial Mortgage-Backed $Securities

MarketMarket265,467 Approach Comparables

Market Quotes

Private Credit
Senior Loans$

Income50,961,958 Approach

Discounted
Yield (DiscountCash Flow Rate of Cash Flows)

8.0%-19.0%(12.8%)

Decrease

Preferred Stock$

Income2,249,284 Approach

Discounted
Yield (DiscountCash Flow Rate of Cash Flows)

15.0%-16.0%(16.1%)

Decrease

Common Stock$

Market279,120 Approach

Comparable Earnings Multiple
companies

6x-8x (7x)Increase

Warrants$

80.0%-100.0%

Increase

Other
128,819

Black
Scholes

Volatility(93.9%)
Total$
57,136,078(1) The impact represents the expected directional change in the fair value of the Level 3 investments that would result from an increasein the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs
could result in significantly higher or lower fair value measurements.
The following is a reconciliation of the assets in which significant unobservable inputs (Level 3) were used in determining fair value:

Balance as of December 31, 2023
Accrued discounts (premiums)
Realized gain (loss)
Change in unrealized appreciation (depreciation)

Corporate
Structured
PrivateCreditCreditCreditTotal$ 3,393,166 $272,728 $ 50,449,054 $ 54,114,948
791
1,168
30,94932,908811(43,746)(42,935)(33,380)(8,429)(170,175)(211,984)

Purchases at cost/ corporate actions
Sales proceeds
Transfers into Level 3
Balance as of March 31, 2024

(109,958)$ 3,251,430

Change in unrealized appreciation (depreciation) for Level 3 assets
still held at the reporting date$$(33,380) $265,467

4,375,036
4,375,036(2,637,820)(2,747,778)
1,615,883
1,615,883(1)$ 53,619,181 $ 57,136,078(8,429) $(130,340) $(172,149)(1) Security transferred into Level 3 due to a decrease in observable inputs.

For further information regarding the security characteristics of the Fund, see the Schedule of Investments.
3. 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, 2025. 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 the Credit 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 with aone (1) month maturity plus (y) 1.00%, (“Base Rate”) plus 0.25% if the borrowing is a Base Rate Loan as defined in the Credit Facility
agreement on the Credit Facility outstanding. The Fund also pays an unused commitment fee of 0.35% on the Credit Facility that isunused. For the three months ended March 31, 2024, the Fund amortized $37,748 in deferred debt issuance costs. As of March 31,
2024, the Fund had $269,245 in unamortized deferred debt issuance. The remaining unamortized deferred debt issuance costs are being
amortized through December 31, 2025.
As of March 31, 2024, the Fund had outstanding borrowings of $35,000,000. For the three months ended March 31, 2024, thecomponents of interest and unused commitment fees expense, average stated interest rates (i.e., rate in effect plus the spread) andaverage 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

$
$
$
$

635,969
35,38937,748709,106
7.19%$ 35,000,000

According to terms of the Credit Facility agreement, the Fund is required to comply with various covenants, reporting requirements andother customary requirements for similar revolving credit facilities, including, without limitation, covenants related to maintaining aratio 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 describedin the documents governing the Credit Facility. As of March 31, 2024, the Fund was in compliance with the terms of the Credit Facility.