Oaktree Diversified
Income Fund Inc.
Semi-Annual Report
June 30, 2024

IN PROFILE
Oaktree Fund Advisors, LLC (the “Adviser” or “Oaktree”) is an investment adviser
registered with the SEC and is also an affiliate and related adviser of Oaktree CapitalManagement, L.P., an investment adviser registered with the SEC. Oaktree serves as
the investment adviser to the Fund. Oaktree was founded in April 1995 and is a leader
among global investment managers specializing in alternative investments. Oaktree
manages assets across a wide range of investment strategies within four asset
classes: Credit, Private Equity, Real Assets, and Listed Equities. As of June 30, 2024,
Oaktree had $193 billion in assets under management. Brookfield Public Securities
Group LLC (“PSG”) serves as the Administrator to the Fund. PSG is an indirect
wholly-owned subsidiary of Brookfield Asset Management ULC with approximately$1 trillion of assets under management as of June 30, 2024, an unlimited liability
company formed under the laws of British Columbia, Canada (“BAM ULC”). Brookfield
Corporation, a publicly traded company (NYSE: BN; TSX: BN), holds a 75% interestin BAM ULC, while Brookfield Asset Management Ltd., a publicly traded company(NYSE: BAM; TSX: BAMA) (“Brookfield Asset Management”), holds a 25% interest in
BAM ULC. In 2019, Brookfield acquired a majority interest in Oaktree.
Oaktree Diversified Income Fund Inc. (the “Fund”) is managed by Oaktree Fund
Advisors, LLC. The Fund uses its website as a channel of distribution of material
company information. Financial and other material information regarding the Fundis routinely posted on and accessible at https://www.brookfieldoaktree.com/fund/oaktree-diversified-income-fund-inc

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

TABLE OF CONTENTS
Letter to Shareholders�������������������������������������������������������������������������������������������������������������������������������������������
Fund Performance�������������������������������������������������������������������������������������������������������������������������������������������������
Portfolio Characteristics�����������������������������������������������������������������������������������������������������������������������������������������

1
3
5

Consolidated Schedule of Investments�����������������������������������������������������������������������������������������������������������������

6

Consolidated Statement of Assets and Liabilities������������������������������������������������������������������������������������������������� 50
Consolidated Statement of Operations����������������������������������������������������������������������������������������������������������������� 51
Consolidated Statements of Changes in Net Assets��������������������������������������������������������������������������������������������� 52
Consolidated Statement of Cash Flows ��������������������������������������������������������������������������������������������������������������� 53
Consolidated Financial Highlights������������������������������������������������������������������������������������������������������������������������� 54
Notes to Consolidated Financial Statements��������������������������������������������������������������������������������������������������������� 55
﻿Proxy Results ������������������������������������������������������������������������������������������������������������������������������������������������������� 70
﻿Board Considerations Relating to the Approval of the Investment Advisory Agreement﻿��������������������������������������� 71
Dividend Reinvestment Plan��������������������������������������������������������������������������������������������������������������������������������� 75
Joint Notice of Privacy Policy ������������������������������������������������������������������������������������������������������������������������������� 76

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

NOT FDIC INSURED

MAY LOSE VALUENOT BANK GUARANTEED[THIS PAGE IS INTENTIONALLY LEFT BLANK]LETTER TO SHAREHOLDERS
Dear Shareholders,
We are pleased to provide the Semi-Annual Report for the Oaktree Diversified Income Fund (the “Fund”) for the six
month period ended June 30, 2024.
Risk assets performed well in both the first quarter and second quarter of 2024. As inflation remains above target,market expectations for policy rate cuts decreased significantly in the U.S., resulting in higher interest rates. The
10-year U.S. Treasury yield increased by 52 bps during the period to 4.4%. However, resilient economic growthcontinued to support risk assets, with global equities gaining 12.0% and global high yield spreads narrowing 23 bps.
Global senior loans and high yield bonds had strong performance, returning 4.6% and 2.8%, respectively, while
longer duration global investment grade bonds returned 0.5%. Overall, it was a profitable period to be invested in
sub-investment grade rated credit.
The Fund’s diversified asset mix of both public and private debt investments provided investors with a net return of
5.64% during the six-month period, with each of the strategies contributing positively to the fund’s performance. High
income was generated from the portfolio’s nearly 67% allocation to floating-rate debt, which accounted for over 75%
of the fund’s returns over the period. Structured credit led performance, as collateralized loan obligation (CLO) debt
tranches across ratings categories benefited from spread compression and high current income, and real estatedebt was supported by gains in non-agency residential mortgage-backed securities (RMBS), hospitality-backed
single asset single borrower (SASB) commercial mortgage-backed securities (CMBS) and commercial real estate(CRE) CLOs. Private credit also had strong returns, benefitting from strong performance among floating rate loans
in the health care and industrial sectors. Senior loans in the U.S. and Europe also contributed positively to returns,
benefitting from low duration, current income and tighter spreads. High yield bonds had strong performance inboth the U.S. and Europe, benefiting from spread compression — although these longer duration securities lagged
senior loans. Emerging markets debt gained, led by our corporate exposures in Latin America and Asia, as theportfolio’s holdings outperformed the broader market. Lastly, the portfolio’s allocation to global convertibles also
performed well, outperforming the global convertible bond index.
Year-to-date, risk markets have benefitted from improving sentiment, reasonable fundamentals, and supportive
technicals. The demand for sub-investment grade debt has increased in recent quarters, but the supply of new
bonds hasn’t grown at the same pace. While positive technicals are likely to continue putting upward pressure on
loan and bond prices in the near term, we anticipate a bumpier market performance over the next year due to two
emerging risk factors: overleveraged borrowers and overextended consumers. Average fundamentals in the highyield bond and leveraged loan markets remain fairly sound, but tail risk — especially in the public and private loan
markets — is continuing to grow as companies struggle with overleveraged capital structures put in place with the
expectation that interest rates would remain near zero.
Additionally, over the last year, the economy has been supported by the resilience of the U.S. consumer. However,
we’re beginning to see cracks emerge in the consumer lending market — particularly in the non-prime segment.
Finally, markets are exposed to potential volatility due to the uncertainty surrounding the upcoming U.S. elections.
Given these risks, we have been positioning the portfolio to limit exposure to consumer dependent sectors/companies
as well as credits less able to sustain their interest burdens, such as legacy media/telecom companies. Indeed, we
believe we are in a credit pickers market.
Recently, we’ve continued to deploy capital into high yield bonds, structured credit, and senior loans, valuing therobust current income generated by our floating-rate assets, which complements the strong capital appreciation
potential of our high-quality, fixed-rate assets. Within floating rate assets, we find that European senior loans offer
attractive yields when hedged to U.S. dollars, and we think BB- and BBB-rated CLOs represent a risk-controlled
way to add incremental spread to the portfolio. We believe we have a strong pipeline of private credit opportunities
in both the sponsor-backed and non-sponsor segments. We are also excited about the opportunity in asset-backed
finance, which offers the potential to diversify across a broad range of industries focused on contractual assets,such as pools of loans, leases, mortgages or other receivables. Within fixed-rate high yield bonds, we continue toprefer our “middle of the fairway” approach to quality which allows us to capture an attractive yield without being
overexposed to segments of the market with elevated default/loss risk.

2024 Semi-Annual Report1

LETTER TO SHAREHOLDERS (continued)
We believe credit selection will remain a key differentiator in investment outcomes as we see continued dispersion
within risk markets. Recent market behavior has also emphasized the importance of income within a portfolio which
can help insulate performance from macroeconomic volatility. Looking ahead, we believe the portfolio remains
well-positioned with an average yield near 12%, an average price in the mid-90s and a duration under 1.2 years.
In addition to performance information and additional discussion of factors impacting the Fund, this report provides
the Fund’s unaudited financial statements and schedules of investments as of June 30, 2024.
We welcome your questions and comments and encourage you to contact our Investor Relations team at
1-855-777-8001 or visit us at https://publicsecurities.brookfield.com for more information.
Thank you for your support.
Sincerely,

Brian F. Hurley
President
Oaktree Diversified Income Fund Inc.
Yield reflects yield to worst. Yield to worst is a measure of the lowest possible yield that can be received on a bond that fully operates within
the terms of its contract without defaulting.

1

These views represent the opinions of Oaktree Fund Advisors, LLC and are not intended to predict or depict theperformance of any investment. These views are primarily as of the close of business on June 30, 2024 and subject
to change based on subsequent developments.
Must be preceded or accompanied by a Prospectus.
Past performance is no guarantee of future results.
Investing involves risk. Principal loss is possible. Real assets includes real estate securities, infrastructure
securities and natural resources securities. Property values may fall due to increasing vacancies or
declining rents resulting from unanticipated economic, legal, cultural or technological developments.
Infrastructure companies may be subject to a variety of factors that may adversely affect their business,
including high interest costs, high leverage, regulation costs, economic slowdown, surplus capacity,
increased competition, lack of fuel availability and energy conservation policies. Natural resources
securities may be affected by numerous factors, including events occurring in nature, inflationarypressures and international politics.
Quasar Distributors, LLC is the distributor of Oaktree Diversified Income Fund Inc.

2

OAKTREE DIVERSIFIED INCOME FUND INC.
Fund Performance (Unaudited)
AVERAGE ANNUAL TOTAL RETURNS
As of June 30, 2024

Class D Shares���������������������������������������������������������������������������
S&P/LSTA Leveraged Loan Index�����������������������������������������������

Six Months†

1 YearSince Inception*

5.64%
4.10%

12.18%
10.78%

3.38%
6.22%

Returns for less than one year are not annualized.
* Class D Shares commenced operations on November 1, 2021.

†

The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemptionof fund shares.
Disclosure
All returns shown in USD.
S&P/LSTA (Loans Syndications and Trading Association) Leveraged Loan Index tracks the largest
leveraged-loan-to-market facilities, considering market weightings, spreads and interest payments.
An index does not reflect any fees, expenses or sales charges. It is not possible to invest directly in an index. Index
performance is shown for illustrative purposes only and does not predict or depict the performance of the Fund.
The Fund’s portfolio holdings are subject to change without notice. The mention of specific securities is not arecommendation or solicitation for any person to buy, sell or hold any particular security. There is no assurance that
the Fund currently holds these securities. Please refer to the Schedule of Investments contained in this report for a
full listing of fund holdings.
Performance data quoted represents past performance and is no guarantee of future results. Investment
return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth
more or less than their original cost. Current performance may be lower or higher than the performance data quoted.
Performance includes the reinvestment of income, dividends and capital gain distributions. To obtain performance
information current to the most recent month-end, please call 1-855-862-5873. Performance reflects management
fees and other fund expenses.
An investor should consider the Fund’s investment objectives, risks, charges and expenses carefully before
investing.
The Fund is subject to investment risks, including the possible loss of principal invested. Investing involves risk,
and principal loss is possible. The Adviser employs an active approach to allocation across multiple credit sectors,
but there is no guarantee that such allocation techniques will produce the desired results. General interest rate
fluctuations may have a substantial negative impact on the Fund’s investments and investment opportunities, and,accordingly, may have a material adverse effect on the Fund’s rate of return. The Fund may invest in foreign
securities, including, but not limited to, risk related to exchange rate changes, political and economic upheaval, andrelatively low market liquidity, all of which are magnified in emerging markets. The Fund intends to invest in illiquid
investments which can face significant difficulties and delays associated with such transactions, and the Fund may
be unable to sell other illiquid investments when it desires to do so, resulting in the Fund obtaining a lower priceor being required to retain the investment. Investments in derivatives involve special risks including correlation,
counterparty, liquidity, operational, accounting and tax risks. These risks, in certain cases, may be greater than therisks presented by more traditional investments.
High-yield debt securities rated below investment grade are commonly referred to as “junk bonds” and areconsidered speculative. Investment by the Fund in lower-rated and non-rated securities presents a greater riskof loss to principal and interest than higher-rated securities. Bank loans (including senior loans) are usually rated
below investment grade, and the market for bank loans may be subject to irregular trading activity, wide bid/ask
spreads, restrictions on resale, and extended trade settlement periods. The Fund’s investments in senior loans
may be subject to greater levels of credit risk, call risk, settlement risk and liquidity risk than funds that do notinvest in such securities. The Fund may invest in distressed securities of corporate issuers that are the subjectof bankruptcy proceedings or otherwise in default as to the repayment of principal and/or interest or in significant
risk of being in such default which is speculative and involves significant risk. Distressed Securities frequently do
not produce income while they are outstanding and may require the Fund to bear certain extraordinary expenses
2024 Semi-Annual Report

3

OAKTREE DIVERSIFIED INCOME FUND INC.
Fund Performance (Unaudited)in order to protect and recover its investment. The Fund may invest in loans that may be “covenant-lite,” generallyloans that do not have financial maintenance covenants, which can cause the Fund to have fewer rights against
a borrower and may have a greater risk of loss on such investments.
The Fund may invest in a variety of mortgage related and other asset-backed securities, which are subject togreater price volatility in relation to interest rate movements. Residential mortgage backed securities (RMBS) may
be subject to prepayment risk, meaning that securities may be paid off more quickly than originally anticipated andthe Fund will have to invest the proceeds in securities with lower yields. Commercial mortgage backed securities(CMBS) may be subject to extension risk, meaning that the value of CMBS may be adversely affected in risinginterest rate environments when payments on underlying mortgages do not occur as anticipated, resulting in theextension of the security’s effective maturity and the related increase in interest rate sensitivity of a longer-term
instrument. Investments in collateralized loan obligations (CLOs) carry additional risks including, but not limited
to: 1) the possibility that distributions from collateral securities will not be adequate to make interest or otherpayments; 2) the quality of the collateral may decline in value or default; 3) the possibility that the Fund may invest
in CLOs that are subordinate to other classes; and 4) the complex structure of the security may produce disputes
with the issuer or unexpected investment results.
Short term performance in particular is not a good indication of the Fund’s future performance and an investment
should not be made based solely on returns.
These views represent the opinions of Oaktree Fund Advisors, LLC and are not intended to predict or depict theperformance of any investment. These views are as of the close of business on June 30, 2024 and subject tochange based on subsequent developments.

4

OAKTREE DIVERSIFIED INCOME FUND INC.
Portfolio Characteristics (Unaudited)
June 30, 2024

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

30.2%
21.4%
2.0%
0.4%
0.0%2
54.0%

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

15.2%
4.0%
2.7%
5.8%
27.7%

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

16.2%
0.7%
0.1%
0.1%
17.1%

Short-Term Investments— Money Market Fund
Total

1.2%
100.0%ASSETS BY GEOGRAPHY1
North America
Europe Ex UK
UK
Asia Ex Japan
South America
AfricaTotal
1
2

81.0﻿%
10.9﻿%
4.7﻿%
1.7﻿%
1.5﻿%
0.2﻿%
100.0﻿%Percentages are based on total market value of investments.
Percentage is less than 0.1%.

2023 Annual Report

5

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (Unaudited)
June 30, 2024

Description
CORPORATE CREDIT – 63.5%
Senior Loans (Syndicated) – 35.5%
Aerospace & Defense – 1.2%
Aernnova Aerospace
7.72%, 02/19/30
AI Convoy Luxembourg Sarl,
First Lien Tranche B Term Loan
7.61% (6 mo. EURIBOR + 3.75%), 01/18/27 (a)Bleriot US Bidco, Inc.,
First Lien Tranche B Term Loan
8.57% (3 mo. Term SOFR + 4.00%), 10/30/28 (a)Peraton Corp.,
First Lien Tranche B Term Loan
9.18% (1 mo. Term SOFR + 3.75%), 02/01/28 (a)Standard Aero Ltd.,First Lien Tranche B1 Term Loan
8.83% (1 mo. Term SOFR + 3.50%), 08/24/28 (a)Standard Aero Ltd.,First Lien Tranche B2 Term Loan
8.83% (1 mo. Term SOFR + 3.50%), 08/24/28 (a)TransDigm, Inc.,
First Lien Tranche I Term Loan
8.08% (3 mo. Term SOFR + 2.75%), 08/24/28 (a)Country

Spain

Principal
Amount

EUR

Luxembourg

450,000Value$

481,244

58,91563,314750,000

754,406

United States

703,591

704,524

United States

463,201

465,410

United States

178,598

179,450

United States

620,312622,136

United States

USD

Total Aerospace & Defense

3,270,484

Air Freight & Logistics – 0.1%
Swissport, Term Loan
8.11% (3 wk. EURIBOR + 4.25%), 03/27/31 (a)United States

EUR

300,000

322,357

Automobile Components – 0.2%
First Brands Group LLC,
First Lien Tranche B Term Loan
10.57% (3 mo. Term SOFR + 5.00%), 03/24/27 (a)10.57% (3 mo. Term SOFR + 5.00%), 03/30/27 (a)United States
United States

USD

492,366
149,298

489,984
148,645

Total Automobile Components
Automobiles – 0.3%
MajorDrive Holdings IV LLC,
First Lien Tranche B Term Loan
9.57% (3 mo. Term SOFR + 4.00%), 06/01/28 (a)Beverages – 0.5%
Pegasus Bidco BV,First Lien Tranche B Term Loan
7.65% (3 mo. EURIBOR + 3.75%), 07/12/29 (a)9.06% (3 mo. Term SOFR + 3.75%), 07/12/29 (a)Triton Water Holdings, Inc.,
First Lien Tranche B Term Loan
8.81% (3 mo. Term SOFR + 3.25%), 03/31/28 (a)Total Beverages

See Notes to Consolidated Financial Statements.
6638,629

United States

Netherlands
Netherlands
United States

EUR
USD

694,384

696,481250,000
492,525

268,629
496,012731,205732,302
1,496,943

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024

Description
CORPORATE CREDIT (continued)
Broadline Retail – 0.3%
Action, Tranche B5 Term Loan
8.33%, 06/20/31
Building Products – 0.1%
Aquiles Spain Bidco SA,
First Lien Tranche B Term Loan
8.99% (6 mo. EURIBOR + 4.85%), 02/19/29 (a)Chemicals – 1.2%
Akzo Nobel Specialty Chemicals,First Lien Tranche B Term Loan
7.22% (3 mo. EURIBOR + 3.50%), 04/03/28 (a)Ineos Enterprises Holdings II Ltd.,First Lien Tranche B Term Loan
7.95% (3 mo. EURIBOR + 4.00%), 06/23/30 (a)INEOS Finance PLC,
First Lien Tranche B Term Loan
7.77% (1 mo. EURIBOR + 4.00%), 11/03/27 (a)Ineos Quattro Holdings UK Ltd.,First Lien Tranche B Term Loan
8.27% (1 mo. EURIBOR + 4.50%), 03/09/29 (a)Ineos US Finance,
First Lien Tranche B Term Loan
9.08% (1 mo. Term SOFR + 3.75%), 01/30/31 (a)SCIH Salt Holdings, Inc.,
First Lien Tranche B Term Loan
8.83% (3 mo. Term SOFR + 4.00%), 03/16/27 (a)Windsor Holdings III LLC,
First Lien Tranche B Term Loan
7.83% (1 mo. EURIBOR + 4.00%), 08/01/30 (a)9.32% (1 mo. Term SOFR + 4.00%), 08/01/30 (a)Country

Principal
Amount$

751,721

United States

USD

750,000

Spain

EUR

300,000

311,957

United States

300,000

320,331

United Kingdom

250,000

269,495

Luxembourg

247,403

264,500

United Kingdom

250,000

267,718

625,000

627,344898,370

900,055

160,000
297,754

171,967
300,061

Luxembourg

USD

United States
United States
United States

EUR
USD

Total Chemicals
Commercial Services & Supplies – 3.0%
Access CIG LLC,
First Lien Term Loan
10.33% (3 mo. Term SOFR + 5.00%), 08/15/28 (a)Allied Universal Holdco LLC,
First Lien Tranche B Term Loan
9.18% (1 mo. Term SOFR + 3.75%), 05/12/28 (a)Apleona Holding GmbH,First Lien Tranche B Term Loan
8.61% (3 mo. EURIBOR + 4.70%), 04/28/28 (a)Atlas Luxco 4 SARL,First Lien Tranche B Term Loan
7.52% (1 mo. EURIBOR + 3.75%), 05/12/28 (a)Garda World Security Corp.,
First Lien Tranche B Term Loan
9.58% (3 mo. Term SOFR + 4.25%), 02/10/29 (a)Kings Buyer,First Lien Term Loan
11.95% (3 mo. Term SOFR + 6.50%), 09/01/46 (a),(b)Value

3,121,471

United States

945,250

952,491

United States

817,956

815,735

145,000

155,787

246,212262,239

997,462

1,004,943

2,229,891

2,202,017

Germany

EUR

Luxembourg
CanadaUnited States

USD

See Notes to Consolidated Financial Statements.
2024 Semi-Annual Report

7

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024

Description
CORPORATE CREDIT (continued)
Restaurant Technologies, Inc.,
First Lien Tranche B Term Loan
9.55% (3 mo. Term SOFR + 4.25%), 03/17/29 (a)TMS International Corp.,
First Lien Tranche B Term Loan
9.58% (1 mo. Term SOFR + 4.25%), 03/01/30 (a)Triangle,
Tranche B Term Loan
7.51%, 04/28/28
Trugreen LP,
First Lien Tranche B Term Loan
9.43% (1 mo. Term SOFR + 4.00%), 10/29/27 (a)TTD Holding IV GmbH,First Lien Tranche B5 Term Loan
7.68% (1 mo. EURIBOR + 4.00%), 10/16/29 (a)USIC Holdings Inc.,
First Lien Tranche B Term Loan
8.94% (1 mo. Term SOFR + 3.50%), 05/31/28 (a)9.10% (3 mo. Term SOFR + 3.50%), 05/31/28 (a)Country

United States

Principal
AmountUSD

United States

844,960

Construction & Engineering – 0.9%
ADB Companies LLC,
First Lien Term Loan
12.11% (3 mo. Term SOFR + 6.50%), 12/18/25 (a),(b)Artera Services LLC,
First Lien Term Loan
9.81% (3 mo. Term SOFR + 4.50%), 02/07/31 (a)Tiger Acquisition LLC,
First Lien Tranche B Term Loan
8.68% (1 mo. Term SOFR + 3.25%), 06/01/28 (a)Total Containers & Packaging
See Notes to Consolidated Financial Statements.
8823,612498,106

GermanyEUR

155,000

166,516

United States

USD

606,149

585,540

GermanyEUR

250,000

267,371

United States
United States

USD

29,781
290,92128,869282,0118,045,237

United States

741,699

746,072

United States

1,109,088

1,075,815

United States

673,313677,699

United States

733,040

728,173

Total Construction & Engineering
Containers & Packaging – 1.0%
Charter Next Generation, Inc.,
First Lien Tranche B Term Loan
8.83% (1 mo. Term SOFR + 3.50%), 12/01/27 (a)Clydesdale Acquisition Holdings, Inc.,
First Lien Tranche B Term Loan
9.10% (1 mo. Term SOFR + 3.68%), 06/30/29 (a)Kouti BV,First Lien Tranche B3 Term Loan
7.93% (3 mo. EURIBOR + 4.00%), 08/31/28 (a)Proampac PG Borrower LLC,
First Lien Tranche B Term Loan
9.32% (3 mo. Term SOFR + 4.00%), 09/15/28 (a)9.33% (3 mo. Term SOFR + 4.00%), 09/15/28 (a)$495,009

Total Commercial Services & Supplies
Communications Equipment – 0.3%
Genesys Cloud Services Holdings II LLC,
First Lien Tranche B Term Loan
8.83% (1 mo. Term SOFR + 3.50%), 12/01/27 (a)Value

2,481,687

United States

989,776992,647

United States

471,631473,251

Netherlands

EUR

200,000

214,499

United States
United States

USD

361,696547,385

363,007549,369
2,592,773

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024

Description
CORPORATE CREDIT (continued)
Distributors – 0.3%
Dealer Tire Financial LLC,
First Lien Tranche B Term Loan
8.84% (1 mo. Term SOFR + 3.50%), 06/24/31 (a)9.08% (1 mo. Term SOFR + 3.75%), 12/14/27 (a)Country

United States
United States

Principal
AmountUSD

250,000
651,327

Total Distributors
Diversified Consumer Services – 2.1%
Adtalem Global Education, Inc.,
First Lien Tranche B Term Loan
8.83% (1 mo. Term SOFR + 3.50%), 08/12/28 (a)AI Aqua Merger Sub, Inc.,
First Lien Tranche B Term Loan
9.33% (1 mo. Term SOFR + 3.75%), 07/31/28 (a)9.57% (1 mo. Term SOFR + 4.25%), 07/31/28 (a)9.58% (1 mo. Term SOFR + 4.25%), 07/31/28 (a)9.58% (1 mo. Term SOFR + 4.25%), 07/31/28 (a)Babilou,
Tranche B Term Loan
7.60%, 11/18/30
Cervantes Bidco SL,First Lien Tranche B Term Loan
5.44% (3 mo. EURIBOR + 3.75%), 06/13/31 (a)Houghton Mifflin Harcourt Co.,First Lien Tranche B Term Loan
10.67% (3 mo. Term SOFR + 5.25%), 04/04/29 (a)KUEHG Corp.,
First Lien Tranche B Term Loan
9.80% (3 mo. Term SOFR + 4.50%), 06/12/30 (a)Renaissance Holdings Corp.,
First Lien Term Loan
9.57% (3 mo. Term SOFR + 4.25%), 04/08/30 (a)University Support Services LLC,
First Lien Tranche B Term Loan
8.43% (1 mo. Term SOFR + 3.00%), 09/30/28 (a)Verisure Holding AB,
First Lien Tranche B Term Loan
6.90% (3 mo. EURIBOR + 3.00%), 03/27/28 (a)$

250,000
651,597
901,597

United States

750,000

754,841

United States
United States
United States
United States

492,576
28,522
41,043
330,435

494,00928,597
41,151
331,302455,000

486,064

300,000

321,567

690,750

659,096

United States

649,103652,391

United States

844,506

844,899

Canada717,044

717,492

250,000

266,992

FranceEUR

Spain
United States

SwedenUSD

EUR

Total Diversified Consumer Services
Diversified Telecommunication Services – 0.7%
Altice France SA,
First Lien Tranche B Term Loan
8.94% (3 mo. EURIBOR + 5.00%), 10/28/27 (a)CCI Buyer, Inc.,
First Lien Tranche B Term Loan
9.30% (3 mo. Term SOFR + 4.00%), 12/31/27 (a)Cincinnati Bell, Inc.,
First Lien Tranche B2 Term Loan
8.69% (1 mo. Term SOFR + 3.25%), 12/29/28 (a)Value

5,598,401

Luxembourg
United States
United States

USD

227,125

212,644738,550

740,222719,972

718,428

See Notes to Consolidated Financial Statements.
2024 Semi-Annual Report

9

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024

Description

Country

CORPORATE CREDIT (continued)
Numericable U.S. LLC,
First Lien Tranche B14-EXT Term Loan
9.44% (3 mo. EURIBOR + 5.50%), 08/17/28 (a)FrancePrincipal
Amount

EUR

198,000

Total Diversified Telecommunication Services
Electric Utilities – 0.1%
Lackawanna Energy Center LLC,
First Lien Tranche B2 Term Loan
10.33% (1 mo. Term SOFR + 5.00%), 07/20/29 (a)Electronic Equipment Instruments & Components – 0.5%
LTI Holdings, Inc.,
First Lien Tranche B Term Loan
8.94% (1 mo. Term SOFR + 3.50%), 09/06/25 (a)Sonicwall US Holdings Inc,
First Lien Term Loan
10.31% (3 mo. Term SOFR + 5.00%), 05/31/28 (a)410,451

United States

971,649

959,426

United States

498,750

492,114USD

1,451,540

United Kingdom
United States
United States

EUR
USD

1,041,020

1,040,859

115,000
940,372

123,329
941,844
2,106,032

Luxembourg

698,353702,285

Luxembourg

51,64751,938

Total Financial Services
Food Products – 0.7%
Fiesta Purchaser, Inc.,
First Lien Tranche B Term Loan
9.33% (1 mo. Term SOFR + 4.00%), 01/31/31 (a)Froneri International Ltd.,First Lien Tranche B Term Loan
7.68% (1 mo. Term SOFR + 2.25%), 01/29/27 (a)Upfield USA Corp.,
First Lien Tranche B7 Term Loan
10.24% (1 mo. Term SOFR + 4.75%), 01/03/28 (a)Total Food Products

See Notes to Consolidated Financial Statements.
10

157,945

407,143

United States

Total Entertainment
Financial Services – 0.3%
Chrysaor Bidco Sarl,
First Lien Tranche B Term Loan
9.32% (1 mo. Term SOFR + 3.50%), 05/15/31 (a)Chrysaor Bidco Sarl,
First Lien Tranche B-DD Delay Draw Term Loan
8.82% (1 mo. Term SOFR + 3.50%), 05/14/31 (a)$

1,829,239

Total Electronic Equipment Instruments & Components
Entertainment – 0.8%
City Football Group Ltd.,First Lien Tranche B Term Loan
8.59% (1 mo. Term SOFR + 3.00%), 07/21/28 (a)StubHub Holdco Sub LLC,
First Lien Tranche B Term Loan
8.77% (1 mo. EURIBOR + 5.00%), 03/12/30 (a)10.07% (1 mo. Term SOFR + 4.75%), 03/11/30 (a)Value

754,223

United States

625,000

630,116

United States

427,546

427,790

United States

745,615

747,885
1,805,791

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024

Description
CORPORATE CREDIT (continued)
Health Care Equipment & Supplies – 0.9%
Auris Luxembourg III Sarl,
First Lien Tranche B1 Term Loan
8.35% (6 mo. EURIBOR + 4.00%), 02/27/29 (a)Bausch + Lomb Corp.,
First Lien Tranche B Term Loan
8.69% (1 mo. Term SOFR + 3.25%), 05/05/27 (a)BVI Medical, Inc.,
First Lien Tranche B Term Loan
7.40% (6 mo. EURIBOR + 3.50%), 03/02/26 (a)Medline Borrower,
First Lien Tranche B Term Loan
8.08% (1 mo. Term SOFR + 2.75%), 10/23/28 (a)Country

Principal
AmountDenmark

EUR

205,000

United States

USD

890,537

882,188

United States

EUR

250,000

246,166

United States

USD

966,135

969,154

Total Health Care Equipment & Supplies
Health Care Providers & Services – 2.8%
Baart Programs, Inc.,
First Lien Tranche DD Delay Draw Term Loan
10.57% (3 mo. Term SOFR + 5.00%), 06/11/27 (a),(b)Baart Programs, Inc.,
Second Lien Tranche DD Delay Draw Term Loan
14.09% (1 mo. LIBOR US + 8.50%), 06/11/28 (a),(b)CHG Healthcare Services, Inc.,
First Lien Term Loan
8.68% (1 mo. Term SOFR + 3.25%), 10/31/28 (a)9.09% (3 mo. Term SOFR + 3.75%), 09/29/28 (a)Covetrus, Inc.,
First Lien Term Loan
10.31% (3 mo. Term SOFR + 5.00%), 09/20/29 (a)Electron Bidco, Inc.,
First Lien Term Loan
8.44% (1 mo. Term SOFR + 3.00%), 10/31/28 (a)Global Medical Response, Inc.,
First Lien Tranche B Term Loan
11.32% (1 mo. Term SOFR + 6.00%), 10/02/28 (a)HomeVi SASU,
First Lien Tranche B Term Loan
7.95% (3 mo. EURIBOR + 4.00%), 10/31/26 (a)Inception Finco Sarl,
First Lien Tranche B Term Loan
9.80% (1 mo. Term SOFR + 4.50%), 03/14/31 (a)IVC Acquisition Ltd., First Lien Tranche B Term Loan
9.07% (3 mo. EURIBOR + 5.00%), 11/17/28 (a)Nidda Healthcare Holding GmbH,First Lien Tranche F Term Loan
7.45% (3 mo. EURIBOR + 3.50%), 08/21/26 (a)Schon Klinik SE,
First Lien Tranche B Term Loan
8.40% (3 mo. EURIBOR + 4.50%), 11/27/30 (a)Southern Veterinary Partners LLC,
First Lien Term Loan
9.08% (1 mo. Term SOFR + 3.75%), 10/05/27 (a)

Value

$

219,2212,316,729

United States

416,563

400,317

United States

584,156

516,394

United States
United States

494,911497,500

496,250
499,522

United States

902,707874,981

United States

494,937

495,402

United States

527,234

511,680

FranceEUR

250,000

261,479

United States

USD

550,000

554,040

United Kingdom

EUR

250,000

267,802

Germany

250,000

267,794

Germany

115,000

124,083

993,840

997,155

United States

USD

See Notes to Consolidated Financial Statements.
2024 Semi-Annual Report

11

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024

Description
CORPORATE CREDIT (continued)
Stada,
Tranche B3 Term Loan
7.61%, 02/21/30
Surgery Center Holdings,
First Lien Term Loan
8.08% (1 mo. Term SOFR + 2.75%), 12/19/30 (a)VetStrategy Canada Holdings, Inc.,
First Lien Tranche B Term Loan
10.08% (3 mo. Term SOFR + 4.75%), 12/12/28 (a)Country

Principal
AmountGermanyEUR

170,000

United States

USD

550,000

552,098

648,003

650,027

CanadaTotal Health Care Providers & Services
Health Care Technology – 0.9%athenaHealth Group, Inc.,
First Lien Tranche B Term Loan
8.58% (1 mo. Term SOFR + 3.25%), 01/26/29 (a)FinThrive Software Intermediate Holdings, Inc.,
Second Lien Term Loan
12.19% (1 mo. Term SOFR + 6.75%), 12/17/29 (a)See Notes to Consolidated Financial Statements.
12

182,062

United States

926,472

924,591

United States

2,082,000

1,440,057
2,364,648

United States

918,308

922,519

United States572,281575,861

United Kingdom

262,677

263,427

United States

975,000

976,706

United States

497,468

497,841

United States

821,239822,397

Canada970,125

976,033

United States

778,404

779,479

Total Hotels, Restaurants & LeisureHousehold Durables – 0.1%
Hunter Douglas, Inc.,
First Lien Tranche B Term Loan
8.82% (3 mo. Term SOFR + 3.50%), 02/09/29 (a)$

7,651,086

Total Health Care Technology
Hotels, Restaurants & Leisure – 2.1%
Alterra Mountain Co.,First Lien Tranche B Term Loan
8.58% (1 mo. Term SOFR + 3.25%), 08/17/28 (a)Carnival Corp.,
First Lien Tranche B Term Loan
8.07% (1 mo. Term SOFR + 2.75%), 08/08/27 (a)Entain PLC,
First Lien Tranche B Term Loan
8.07% (6 mo. Term SOFR + 2.75%), 10/31/29 (a)Flynn Restaurant Group LP,
First Lien Tranche B Term Loan
9.69% (1 mo. Term SOFR + 4.25%), 11/22/28 (a)IRB Holding Corp.,
First Lien Tranche B Term Loan
8.17% (1 mo. Term SOFR + 2.75%), 12/15/27 (a)Kingpin Intermediate Holdings LLC,
First Lien Tranche B Term Loan
8.83% (1 mo. Term SOFR + 3.50%), 02/28/28 (a)Ontario Gaming GTA LP,First Lien Tranche B Term Loan
9.56% (3 mo. Term SOFR + 4.25%), 07/20/30 (a)Whatabrands LLC,
First Lien Tranche B Term Loan
8.08% (1 mo. Term SOFR + 2.75%), 08/03/28 (a)Value

5,814,263

Netherlands

299,502297,952

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024

Description
CORPORATE CREDIT (continued)
Independent Power and Renewable Electricity Producers – 1.0%
Edgewater Generation LLC,
First Lien Tranche B Term Loan
9.19% (1 mo. Term SOFR + 3.75%), 12/12/25 (a)Generation Bridge Northeast LLC,
First Lien Tranche B Term Loan
8.83% (1 mo. Term SOFR + 3.50%), 08/31/29 (a)Granite Generation LLC,
First Lien Tranche B Term Loan
9.19% (1 mo. Term SOFR + 3.75%), 11/09/26 (a)Helix Gen Funding LLC,
First Lien Tranche B Term Loan
10.06% (3 mo. Term SOFR + 4.75%), 12/31/27 (a)Lackawanna Energy Center LLC,
First Lien Tranche C Term Loan
10.33% (3 mo. Term SOFR + 5.00%), 08/06/29 (a)Talen Energy Supply LLC,
First Lien Tranche TLC-EXIT Term Loan
8.83% (3 mo. Term SOFR + 4.50%), 04/20/30 (a)Talen Energy Supply LLC,
First Lien Tranche TLB-EXIT Term Loan
8.83% (3 mo. Term SOFR + 4.50%), 04/20/30 (a)Country

United States

Principal
Amount

USD

750,000

Total Insurance$749,587

United States

488,987492,654

United States

750,000

750,469

United States

216,105

217,456

United States

88,74589,466

United States

123,095

124,634

United States

347,506

351,850

Total Independent Power and Renewable Electricity Producers
Insurance – 1.1%
Amynta Agency Borrower, Inc.,
First Lien Tranche B Term Loan
9.08% (1 mo. Term SOFR + 3.75%), 02/28/28 (a)Asurion LLC,
Second Lien Tranche B3 Term Loan
10.69% (1 mo. Term SOFR + 5.25%), 01/31/28 (a)Asurion LLC,
First Lien Tranche B10 Term Loan
9.43% (1 mo. Term SOFR + 4.00%), 08/31/28 (a)HUB International Ltd.,First Lien Tranche B Term Loan
8.57% (3 mo. Term SOFR + 3.25%), 06/20/30 (a)8.58% (1 mo. Term SOFR + 3.25%), 06/20/30 (a)Truist Insurance Holdings LLC,
Second Lien Term Loan
10.07% (1 mo. Term SOFR + 4.75%), 03/08/32 (a)USI, Inc.,
First Lien Tranche B Term Loan
8.08% (1 mo. Term SOFR + 2.75%), 09/27/30 (a)Value

2,776,116

United States

700,000

702,562

United States

350,000

327,031

United States

639,151

632,958

United States
United States

373,127935

374,372
938

United States

400,000

409,000

United States

548,625

549,3112,996,172

See Notes to Consolidated Financial Statements.
2024 Semi-Annual Report

13

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024

Description
CORPORATE CREDIT (continued)
Interactive Media & Services – 0.5%
GoodRx, Inc.
8.84% (1 mo. Term SOFR + 3.75%), 06/27/29 (a)Neptune Bidco US, Inc.,
First Lien Tranche B Term Loan
10.42% (1 mo. Term SOFR + 5.00%), 04/11/29 (a)Country

United States

Principal
AmountUSD

United States

750,000
550,000

Total Interactive Media & Services
Leisure Products – 0.2%
Peloton Interactive, Inc.,
First Lien Term Loan
11.32% (3 mo. Term SOFR + 6.00%), 05/23/29 (a)Life Sciences Tools & Services – 0.9%
Catalent Pharma Solutions,First Lien Tranche B4 Term Loan
8.32% (1 mo. Term SOFR + 3.00%), 02/22/28 (a)eResearchTechnology, Inc.,
First Lien Tranche B Term Loan
9.32% (1 mo. Term SOFR + 4.00%), 02/04/27 (a)Sotera Health Holdings LLC,
First Lien Tranche B Term Loan
8.58% (1 mo. Term SOFR + 3.25%), 05/23/31 (a)Star Parent, Inc.,
First Lien Tranche B Term Loan
9.06% (3 mo. Term SOFR + 4.00%), 09/18/30 (a)See Notes to Consolidated Financial Statements.
14742,500
519,062

United States

600,000

601,650

United States

300,000

300,563

United States889,207894,604

United States

550,000

549,772

United States

600,000

600,237
2,345,176

FranceEUR

226,721

243,641

United States

USD

400,212402,981GermanyEUR

225,000

241,265

France300,000

Total MachineryMedia – 1.6%
Aragorn Parent Corp.,
First Lien Tranche B Term Loan
9.57% (1 mo. Term SOFR + 4.25%), 12/14/28 (a)Century DE Buyer LLC,
First Lien Term Loan
9.32% (3 mo. Term SOFR + 4.00%), 09/19/30 (a)$

1,261,562

Total Life Sciences Tools & Services
Machinery – 0.4%
Delachaux Group SA,
First Lien Tranche B Term Loan
7.78% (1 mo. EURIBOR + 4.00%), 04/16/29 (a)SPX FLOW, Inc.,
First Lien Tranche B Term Loan
8.83% (1 mo. Term SOFR + 3.50%), 04/05/29 (a)TK Elevator Midco GmbH,First Lien Tranche B Term Loan
7.84% (3 mo. EURIBOR + 4.00%), 03/04/30 (a)TSG Solutions,
Tranche B Term Loan
7.47%, 03/30/29

Value

322,492
1,210,379

United States
United States

USD

646,861

649,894

349,125

349,925

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024

Description
CORPORATE CREDIT (continued)
Directv Financing LLC,
First Lien Tranche NON-EXT Term Loan
10.44% (1 mo. Term SOFR + 5.00%), 08/02/27 (a)Gray Television, Inc.,
First Lien Tranche D Term Loan
8.44% (1 mo. Term SOFR + 3.00%), 11/30/28 (a)McGraw-Hill Education, Inc.,
First Lien Tranche B Term Loan
10.19% (3 mo. Term SOFR + 4.75%), 07/28/28 (a)Univision Communications, Inc.,
First Lien Tranche B Term Loan
9.56% (3 mo. Term SOFR + 4.25%), 06/09/29 (a)Virgin Media Bristol LLC,
First Lien Tranche Y Term Loan
8.79% (1 mo. Term SOFR + 3.25%), 03/31/31 (a)Virgin Media, Inc.,
First Lien Tranche Z Term Loan
7.25% (1 mo. EURIBOR + 3.50%), 10/15/31 (a)WideOpenWest Finance,
First Lien Tranche B Term Loan
8.30% (3 mo. Term SOFR + 3.00%), 12/31/28 (a)Country

United States

Principal
AmountUSD

958,665

Oil, Gas & Consumable Fuels – 0.4%
AL NGPL Holdings LLC,
First Lien Tranche B Term Loan
8.56% (3 mo. Term SOFR + 3.75%), 04/14/28 (a)Freeport LNG Investments LLP,First Lien Tranche B Term Loan
9.09% (3 mo. Term SOFR + 3.50%), 11/17/28 (a)Pharmaceuticals – 0.3%
AI Sirona Luxembourg Acquisition Sarl,
First Lien Tranche B Term Loan
7.77% (1 mo. EURIBOR + 4.00%), 09/29/28 (a)Curium Bidco Sarl,
First Lien Tranche B Term Loan
9.30% (3 mo. Term SOFR + 4.00%), 07/31/29 (a)961,781

361,386

326,940

United States

470,105

471,509

United States

492,462

493,078

United States

185,000

175,122

United Kingdom

EUR

115,000

122,458

United States

USD

743,015

666,444
4,217,151

United States

297,754299,912

United States

289,855

291,123

United States

670,847

670,938

Total Oil, Gas & Consumable Fuels
Passenger Airlines – 0.4%
Mileage Plus Holdings LLC,
First Lien Tranche B Term Loan
10.77% (3 mo. Term SOFR + 5.25%), 07/30/27 (a)$United States

Total Media
Metals & Mining – 0.1%
Arsenal AIC Parent LLC,
First Lien Tranche B Term Loan
9.08% (1 mo. Term SOFR + 3.75%), 08/18/30 (a)Value

962,061

United States

1,000,000

1,021,590

Czech Republic

EUR

250,000

268,499

Luxembourg

USD

321,756

323,568

See Notes to Consolidated Financial Statements.
2024 Semi-Annual Report

15

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024

Description
CORPORATE CREDIT (continued)
Pharmanovia,
Tranche B Term Loan
8.04%, 02/07/30
Pharmanovia Bidco Ltd.,First Lien Tranche B Term Loan
7.95% (3 mo. EURIBOR + 4.00%), 08/07/26 (a)Country

United Kingdom

Principal
AmountEUR

United Kingdom

50,000250,000

Total Pharmaceuticals
Professional Services – 1.9%
Advantage Sales & Marketing, Inc.,
First Lien Tranche B2 Term Loan
9.82% (1 mo. Term SOFR + 4.25%), 10/28/27 (a)Amentum Government Services Holdings LLC,
First Lien Tranche B Term Loan
9.32% (1 mo. Term SOFR + 4.00%), 03/31/29 (a)9.44% (1 mo. Term SOFR + 4.00%), 01/22/27 (a)Blackhawk Network Holdings, Inc.,
First Lien Tranche B1 Term Loan
10.33% (1 mo. Term SOFR + 5.00%), 02/23/29 (a)DTI Holdco, Inc.,
First Lien Tranche B Term Loan
10.08% (1 mo. Term SOFR + 4.75%), 04/23/29 (a)Eisner Advisory Group LLC,
First Lien Tranche B Term Loan
9.33% (1 mo. Term SOFR + 4.00%), 02/21/31 (a)Element Materials Technology Group US Holdings, Inc.,
First Lien Tranche B Term Loan
9.66% (3 mo. Term SOFR + 4.25%), 04/12/29 (a)Element Materials Technology Group US Holdings, Inc.,
First Lien Tranche DD Delay Draw Term Loan
9.66% (3 mo. Term SOFR + 4.25%), 09/28/29 (a)Grant Thornton LLP,First Lien Tranche B Term Loan
8.57% (3 mo. Term SOFR + 3.25%), 05/31/31 (a)Indy US Bidco LLC,
First Lien Tranche B3 Term Loan
7.60% (1 mo. EURIBOR + 3.75%), 03/06/28 (a)Indy US Holdco LLC,
First Lien Tranche B Term Loan
8.40% (3 mo. EURIBOR + 6.50%), 06/30/31 (a)Planet US Buyer LLC,
First Lien Tranche B Term Loan
8.82% (3 mo. Term SOFR + 3.50%), 01/31/31 (a)Project Alpha Intermediate Holding, Inc.,
First Lien Tranche B Term Loan
9.07% (3 mo. Term SOFR + 3.75%), 10/08/30 (a)Skopima Consilio Parent LLC,
First Lien Tranche B Term Loan
9.44% (1 mo. Term SOFR + 4.00%), 05/31/28 (a)Total Professional Services

See Notes to Consolidated Financial Statements.
16

Value

$

53,471
268,286
913,824

United States

695,982679,672

United States
United States

29,924
77,79730,092
78,089

United States

750,000

752,580

United States

141,917

142,676

United States

323,375

326,947

United States

190,301

191,292

United States

87,831

88,289

United States

600,000

602,469

300,000

316,843

150,000

160,844625,000

629,765

United States

349,125

350,628

United States

912,879

913,286

United States

USD

EUR

United States
United States

USD

5,263,472

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024

Description
CORPORATE CREDIT (continued)
Software – 3.8%
Barracuda Networks, Inc.,
First Lien Term Loan
9.81% (6 mo. Term SOFR + 4.50%), 04/13/29 (a)Capstone Borrower, Inc.,
First Lien Tranche B Term Loan
8.58% (1 mo. Term SOFR + 3.25%), 06/17/30 (a)Castle US Holding Corp.,
First Lien Tranche B Term Loan
7.60% (3 mo. EURIBOR + 3.75%), 01/29/27 (a)Claudius Finance Sarl,
First Lien Tranche B Term Loan
7.70% (3 mo. EURIBOR + 3.75%), 07/10/28 (a)Cloud Software Group, Inc.,
First Lien Tranche B Term Loan
9.33% (3 mo. Term SOFR + 4.00%), 03/30/29 (a)9.93% (1 mo. Term SOFR + 4.50%), 03/19/31 (a)Datasite,
Tranche B Term Loan
7.47%, 06/27/31
Epicor Software Corp.,
First Lien Tranche D Term Loan
9.08% (1 mo. Term SOFR + 3.75%), 07/30/27 (a)I-Logic Technologies Bidco Ltd.,First Lien Tranche B Term Loan
7.93% (3 mo. EURIBOR + 4.00%), 02/16/28 (a)Instructure Holdings, Inc.,
First Lien Tranche B Term Loan
8.68% (3 mo. Term SOFR + 2.75%), 10/30/28 (a)ION Corporate Solutions Finance Sarl,
First Lien Tranche B Term Loan
7.65% (3 mo. EURIBOR + 3.75%), 03/13/28 (a)ION Trading Technologies Sarl,
First Lien Tranche B Term Loan
8.18% (3 mo. EURIBOR + 4.25%), 03/31/28 (a)McAfee,First Lien Term Loan
8.58% (1 mo. Term SOFR + 3.25%), 03/01/29 (a)McAfee,First Lien Tranche B3 Term Loan
7.27% (3 mo. EURIBOR + 3.50%), 03/01/29 (a)Mitchell International, Inc.,
First Lien Tranche B Term Loan
8.58% (1 mo. Term SOFR + 3.25%), 06/05/31 (a)Mitchell International, Inc.,
Second Lien Term Loan
10.58% (1 mo. Term SOFR + 5.25%), 06/07/32 (a)Modena Buyer LLC,
First Lien Term Loan
9.82% (1 mo. Term SOFR + 4.50%), 04/18/31 (a)Country

United States

Principal
AmountUSD

United States
United States

EUR

Luxembourg

232,507Value$232,406

379,435

381,095

243,655

168,091

190,000

204,041

United States
United States

USD

855,942350,000

856,319
351,395

United States

EUR

450,000

481,928

United States

USD

498,750

501,451

United Kingdom

EUR

193,504

204,672

United States

USD

283,550

283,727

Luxembourg

EUR

215,174

227,560

248,721254,965

IrelandUnited States

USD

897,215

897,425

United States

EUR

245,625

262,601

United States

USD

650,000

645,281

United States

310,000

309,808

United States

500,000

488,672

See Notes to Consolidated Financial Statements.
2024 Semi-Annual Report

17

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024

Description
CORPORATE CREDIT (continued)
P&I Personal & Informatik,First Lien Tranche B2 Term Loan
8.10% (3 mo. EURIBOR + 4.25%), 03/20/29 (a)Polaris Newco LLC,
First Lien Tranche B Term Loan
7.90% (3 mo. EURIBOR + 4.00%), 06/02/28 (a)Proofpoint, Inc.,
First Lien Tranche B Term Loan
8.32% (1 mo. Term SOFR + 3.00%), 08/31/28 (a)Quartz Acquireco LLC,
First Lien Tranche B Term Loan
8.08% (3 mo. Term SOFR + 2.75%), 06/28/30 (a)RealPage, Inc.,
First Lien Tranche B Term Loan
8.44% (1 mo. Term SOFR + 3.00%), 02/18/28 (a)Seine Finance SARL,First Lien Tranche B Term Loan
8.50% (6 mo. EURIBOR + 4.50%), 11/15/30 (a)Suse,First Lien Term Loan
7.76% (1 mo. EURIBOR + 4.00%), 11/11/30 (a)Team.Blue Finco
7.42%, 09/28/29
UKG, Inc.,
First Lien Tranche B Term Loan
8.57% (1 mo. Term SOFR + 3.50%), 01/31/31 (a)Country

Germany

Principal
AmountEUR

United States

500,000

See Notes to Consolidated Financial Statements.
18

537,550
255,201

657,130

658,487

United States

297,750

298,308

United States

775,008

754,609

135,000

144,888

United States

300,000

322,169

Luxembourg

300,000

316,265

250,000

251,229

United States

United States

United States

USD

EUR

USD

10,290,143

United Kingdom

950,000

940,105

Netherlands

EUR

160,000

167,256

United States

USD

293,000

293,488

United States

GBP

250,000

316,727

United States

USD

737,000

742,723

Total Specialty Retail
Textiles, Apparel & Luxury Goods – 0.1%
Amer Sports,
First Lien Tranche B Term Loan
7.42% (3 mo. EURIBOR + 3.50%), 01/21/31 (a)$

243,750

Total Software
Specialty Retail – 0.9%
EG America LLC,
First Lien Tranche BC Term Loan
11.24% (1 mo. Term SOFR + 5.50%), 02/07/28 (a)Global Blue,First Lien Tranche B Term Loan
7.76%, 12/05/30
LS Group OpCo Acquistion LLC,
First Lien Tranche B Term Loan
8.33% (1 mo. Term SOFR + 3.00%), 11/02/27 (a)Motor Fuel Group,First Lien Tranche B5 Term Loan
11.20% (Daily SONIA + 6.00%), 06/21/28 (a)Wand NewCo 3, Inc.,
First Lien Tranche B Term Loan
9.08% (1 mo. Term SOFR + 3.75%), 01/31/31 (a)Value

2,460,299

SwedenEUR180,000

193,302

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024

Description
CORPORATE CREDIT (continued)
Transportation Infrastructure – 0.5%
Apple Bidco LLC,
First Lien Tranche B Term Loan
8.83% (1 mo. Term SOFR + 4.00%), 09/22/28 (a)Boluda Towage,
First Lien Tranche B3 Term Loan
7.51% (3 mo. EURIBOR + 3.75%), 01/31/30 (a)Country

Principal
AmountUnited States

USD

992,500

Spain

EUR

300,000Value$

996,103
321,426

Total Transportation Infrastructure

1,317,529

Total Senior Loans (Syndicated)

95,908,102

High Yield – 25.1%
Aerospace & Defense – 0.3%
Bombardier, Inc.
7.00%, 06/01/32 (c)8.75%, 11/15/30 (c)Spirit AeroSystems, Inc.
9.75%, 11/15/30 (c)CanadaCanadaUSD

United States

120,000
560,000

121,817605,938

160,000

176,699

Total Aerospace & Defense
Automobile Components – 0.1%
IHO Verwaltungs GmbH
8.75%, 05/15/28 (d),(e)Automobiles – 0.5%
Aston Martin Capital Holdings Ltd.
10.00%, 03/31/29 (c)JB Poindexter & Company, Inc.
8.75%, 12/15/31 (c)904,454

Germany

EUR

300,000

344,086

JerseyUSD

750,000

739,774

575,000

596,413

United States

Total Automobiles

1,336,187

Beverages – 0.1%
Primo Water Holdings, Inc.
3.88%, 10/31/28

CanadaEUR

200,000

203,424

Broadline Retail – 0.2%
QVC, Inc.
4.75%, 02/15/27

United States

USD

645,000

545,101

Luxembourg
Luxembourg

EUR

100,000
175,000

110,442
193,943

Australia

USD

445,000

408,133

EUR
USD

280,000
275,000
280,000
380,000

255,058
273,582
322,187
402,504

Chemicals – 0.9%
INEOS Finance PLC
6.38%, 04/15/29 (e)6.63%, 05/15/28 (e)Nufarm Australia Ltd.
5.00%, 01/27/30 (c)Olympus Water US Holding Corp.
4.25%, 10/01/28 (c)7.25%, 06/15/31 (c)9.63%, 11/15/28
9.75%, 11/15/28 (c)United States
United States
United States
United States

See Notes to Consolidated Financial Statements.
2024 Semi-Annual Report

19

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024

Description
CORPORATE CREDIT (continued)
SK Invictus Intermediate II Sarl
5.00%, 10/30/29 (c)Windsor Holdings III LLC
8.50%, 06/15/30 (c)Country

United States

Principal
AmountUSD

United States

225,000
285,000

Total Chemicals
Commercial Services & Supplies – 1.4%
Allied Universal Holdco LLC
3.63%, 06/01/28
4.63%, 06/01/28 (c)7.88%, 02/15/31 (c)Iron Mountain, Inc.
5.00%, 07/15/28 (c)LABL, Inc.
5.88%, 11/01/28, (Acquired 11/1/2021 – 11/30/2021,
cost $345,227) (c),(f)Prime Security Services Borrower LLC
6.25%, 01/15/28 (c)TMS International Corp.
6.25%, 04/15/29 (c)WASH Multifamily Acquisition, Inc.
5.75%, 04/15/26 (c)United States
United States
United States

EUR
USD

United States

435,000

417,053

United States

345,000

315,238

United States

901,000

888,762

United States

330,000

303,211

United States

430,000

420,758
3,900,745

United States

260,000

212,157

United States
United States

75,00095,00052,111
83,486
347,754

SwedenSwedenEUR190,000
295,000

204,646
316,430

United States

USD

340,000

303,786

440,000
220,000

422,793
233,325

United States
United States

Total Construction & Engineering

1,480,980

United States

Containers & Packaging – 0.9%
Ardagh Packaging Finance PLC
2.13%, 08/15/26
4.13%, 08/15/26 (c)5.25%, 08/15/27 (c)United States
United States
United States

20297,807298,375
630,159
627,189

Consumer Finance – 0.2%
FirstCash, Inc.
5.63%, 01/01/30 (c)See Notes to Consolidated Financial Statements.

203,978

305,000
690,000
625,000

Total Communications Equipment
Construction & Engineering – 0.5%
Assemblin Caverion
6.25%, 07/01/30 (e),(g)7.21% (3 mo. EURIBOR + 3.50%), 07/01/31 (a),(c)Great Lakes Dredge & Dock Corp.
5.25%, 06/01/29 (c)Pike Corp.
5.50%, 09/01/28 (c)8.63%, 01/31/31 (c)$

2,467,634

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

Value

EUR
USD

702,000

665,554300,000
525,000
260,000

267,714456,279
162,217

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024

Description
CORPORATE CREDIT (continued)
Fiber Bidco SpA
7.91% (3 mo. EURIBOR + 4.00%), 01/15/30 (a),(c)Graham Packaging Company, Inc.
7.13%, 08/15/28 (c)Guala Closures SpA
7.72% (3 mo. EURIBOR + 4.00%), 06/29/29 (a),(c)Intelligent Packaging Limited Finco, Inc.
6.00%, 09/15/28 (c)Trivium Packaging Finance BV
3.75%, 08/15/26

Country

Principal
AmountItaly

EUR

125,000

United States

USD

285,000

269,531

Italy

EUR

250,000

270,048

CanadaUSD

435,000

421,675

Netherlands

EUR

300,000

315,060

Total Containers & Packaging
Diversified – 0.2%
Five Point Operating Company LP
10.50%, 01/15/28 (c),(h)Diversified Consumer Services – 0.1%
Verisure Midholding AB
5.25%, 02/15/29
Diversified Real Estate Investment Trusts – 0.1%
Necessity Retail REIT, Inc.
4.50%, 09/30/28 (c)Diversified Telecommunication Services – 1.6%
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 (c)Consolidated Communications, Inc.
6.50%, 10/01/28 (c)Frontier Communications Holdings LLC
5.00%, 05/01/28 (c)6.75%, 05/01/29 (c)Iliad Holding SASU
5.63%, 10/15/28
Level 3 Financing, Inc.
4.25%, 07/01/28 (c)Lorca Telecom Bondco SA
4.00%, 09/18/27
RAY Financing LLC
6.50%, 07/15/31 (e),(g)

Value

$

135,5432,298,067

United States

USD

554,001

568,455

SwedenEUR

310,000

324,665

United States

USD

395,000

347,935

Luxembourg

EUR

300,000

249,446

100,000
350,000

75,198250,084

FranceFranceUnited Kingdom

GBP

225,000

303,085

United States

USD

340,000

337,144

United States

380,000

325,700

United States
United States

290,000
155,000

273,505
142,329

FranceEUR

300,000

320,618

United States

USD

330,000

125,984

Spain

EUR

200,000

209,253

310,000

331,995

United States

See Notes to Consolidated Financial Statements.
2024 Semi-Annual Report

21

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024

Description
CORPORATE CREDIT (continued)
Telecom Italia SpA
6.88%, 02/15/28 (e)7.88%, 07/31/28
Telefonica Europe BV
6.75% (8 yr. Swap Rate EUR + 3.62%), Perpetual (a)TMNL Holding BV
3.75%, 01/15/29
Zayo Group Holdings, Inc.
4.00%, 03/01/27 (c)Country

Italy
Italy

Principal
AmountEUR

100,000
270,000

232,791

Netherlands

295,000

298,993520,000

416,518

United States

USD

4,322,971

Portugal

EUR

200,000

213,119

FranceGBP

300,000

370,466
583,585

United States

USD

180,000

190,630

United States

350,000

359,055

Canada179,000

179,655

Total Energy Equipment & Services
Entertainment – 0.1%
Banijay (LOV Banijay SASU)
7.00%, 05/01/29 (e)Financial Services – 0.8%
Freedom Mortgage Corp.
12.25%, 10/01/30 (c)GTCR LLC
8.50%, 01/15/31
NCR Atleos Escrow Corp.
9.50%, 04/01/29 (c)Worldpay
7.50%, 01/15/31 (c)729,340

FranceEUR

170,000

190,277

United States

USD

530,000

570,695

Netherlands

GBP

250,000

339,378

United States

USD

710,000

767,976

530,000

553,003

United States

Total Financial Services
Food Products – 0.2%
B&G Foods, Inc.
8.00%, 09/15/28 (c)Fiesta Purchaser, Inc.
7.88%, 03/01/31 (c)Total Food Products

See Notes to Consolidated Financial Statements.
22

114,258
316,070

200,000

Total Electric Utilities
Energy Equipment & Services – 0.3%
Howard Midstream Energy Partners LLC
8.88%, 07/15/28 (c)Kodiak Gas Services LLC
7.25%, 02/15/29 (c)Precision Drilling Corp.
7.13%, 01/15/26 (c)

$

Spain

Total Diversified Telecommunication Services
Electric Utilities – 0.2%
EDP – Energias de Portugal SA
4.75% (5 yr. Swap Rate EUR + 2.05%),
05/29/54 (a),(e),(g)Electricite de France SA
6.00% (13 yr. SONIA Swap Rate GBP + 4.23%),
Perpetual (a)Value2,231,052

United States

430,000

437,514

United States

185,000

191,323
628,837OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024

Description
CORPORATE CREDIT (continued)
Gas Utilities – 0.5%
CQP Holdco LP
5.50%, 06/15/31 (c)7.50%, 12/15/33 (c)Suburban Propane Partners LP
5.00%, 06/01/31 (c)Country

United States
United States

Principal
AmountUSD

United States

165,000
515,000
590,000

Total Gas Utilities
Health Care Equipment & Supplies – 0.1%
Medline Borrower LP
5.25%, 10/01/29 (c)Health Care Providers & Services – 0.3%
Community Health Systems, Inc.
5.63%, 03/15/27 (c)10.88%, 01/15/32 (c)Nidda Healthcare Holding GmbH
7.50%, 08/21/26
Pediatrix Medical Group, Inc.
5.38%, 02/15/30 (c)

Value

$

156,526
534,587
531,825
1,222,938

United States

395,000

377,265

United States
United States

205,000
260,000

191,083
270,930

GermanyEUR

100,000

110,175

United States

USD

295,000

261,107

Total Health Care Providers & Services

833,295

Health Care Technology – 0.0%
MPH Acquisition Holdings LLC
5.50%, 09/01/28 (c)United States

160,000

120,978

Hotel & Resort Real Estate Investment Trusts – 0.3%
Service Properties Trust
8.63%, 11/15/31 (c)United States

785,000

818,978

300,000

349,008

United States

USD 1,015,000

916,419

United States

392,000

411,924

United States

490,000

484,338

Hotels, Restaurants & Leisure – 2.3%
Accor SA
7.25% (5 yr. Swap Rate EUR + 4.11%), Perpetual (a),(e)Bloomin’ Brands, Inc.
5.13%, 04/15/29 (c)Brinker International, Inc.
8.25%, 07/15/30 (c)Carnival Corp.
6.00%, 05/01/29 (c)Cirsa Finance International Sarl
6.50%, 03/15/29 (c)7.88%, 07/31/28 (e)8.37% (3 mo. EURIBOR + 4.50%), 07/31/28 (a),(c)CPUK Finance Ltd.
6.50%, 08/28/26
Fertitta Entertainment LLC
6.75%, 01/15/30 (c)Hilton Grand Vacations Borrower Escrow LLC
5.00%, 06/01/29 (c)Legends Hospitality Holding Company LLC
5.00%, 02/01/26 (c)France

EUR

Spain
Spain
Spain

EUR

205,000
300,000
115,000

226,719
340,510
124,703

United Kingdom

GBP

210,000

263,758

United States

USD

160,000

140,631

United States

675,000

629,913

United States

440,000

436,372

See Notes to Consolidated Financial Statements.
2024 Semi-Annual Report

23

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024

Description
CORPORATE CREDIT (continued)
Lottomatica SpA
5.38%, 06/01/30 (e),(g)7.13%, 06/01/28 (e)Marriott Ownership Resorts, Inc.
4.50%, 06/15/29 (c)Six Flags Entertainment Corp
7.25%, 05/15/31 (c)TUI Cruises GmbH
6.25%, 04/15/29 (e)Country

Italy
Italy

Principal
AmountEUR

165,000
115,000

956,489

United States

425,000

433,001

285,000

312,776

GermanyEUR

6,336,049

United States

USD

572,000

587,321

Canada805,000

820,094

United States

185,000

171,539
1,578,954

United States

445,000

474,828

United States

315,000

328,285

Total Independent Power and Renewable Electricity Producers
Insurance – 0.2%
HUB International Ltd.
5.63%, 12/01/29 (c)7.38%, 01/31/32 (c)803,113

United States
United States

120,000
380,000

Total Insurance
IT Services – 0.1%
Engineering – Ingegneria Informatica – SpA
5.88%, 09/30/26
Life Sciences Tools & Services – 0.5%
Eurofins Scientific SE
6.75% (3 mo. EURIBOR + 4.24%), Perpetual (a)Sotera Health Holdings LLC
7.38%, 06/01/31 (c)See Notes to Consolidated Financial Statements.
24

113,598
385,589
499,187

Italy

EUR

Luxembourg
United States

USD

200,000

205,918

300,000

324,201

965,000

967,640

Total Life Sciences Tools & Services
Machinery – 0.8%
Alstom SA
5.87% (5 yr. Swap Rate EUR + 2.93%),
Perpetual (a),(e),(g)EMRLD Borrower LP
6.38%, 12/15/30 (e)179,247
130,241

USD 1,040,000

Total Household Durables
Independent Power and Renewable Electricity Producers – 0.3%
Talen Energy Supply LLC
8.63%, 06/01/30 (c)Vistra Operations Company, LLC
7.75%, 10/15/31 (c)$United States

Total Hotels, Restaurants & LeisureHousehold Durables – 0.6%
Adams Homes, Inc.
9.25%, 10/15/28 (c)Empire Communities Corp.
9.75%, 05/01/29 (c)Weekley Homes LLC
4.88%, 09/15/28 (c)Value

1,291,841

FranceUnited States

EUR

300,000

326,556

230,000

256,171

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024

Description
CORPORATE CREDIT (continued)
IMA Industria Macchine Automatiche SpA
7.66% (3 mo. EURIBOR + 3.75%), 04/15/29 (a),(c)ProFrac Holdings II LLC
12.58% (3 mo. Term SOFR + 7.25%), 01/23/29 (a),(b),(c)Country

Italy
United States

Principal
Amount

EUR

220,000

USD 1,242,000

Total MachineryMedia – 2.3%
AMC Networks, Inc.
4.25%, 02/15/29
10.25%, 01/15/29 (c)Block Communications, Inc.
4.88%, 03/01/28 (c)Cablevision Lightpath LLC
3.88%, 09/15/27 (c)5.63%, 09/15/28 (c)CCO Holdings LLC
4.25%, 01/15/34 (c)4.50%, 06/01/33 (c)4.75%, 03/01/30 (c)6.38%, 09/01/29 (c)7.38%, 03/01/31 (c)Clear Channel Outdoor Holdings, Inc.
7.88%, 04/01/30 (c)Directv Financing LLC
5.88%, 08/15/27 (c)Scripps Escrow II, Inc.
5.38%, 01/15/31 (c)Sirius XM Radio, Inc.
3.88%, 09/01/31 (c)4.13%, 07/01/30 (c)5.50%, 07/01/29 (c)Telenet Finance Luxembourg Notes Sarl
5.50%, 03/01/28 (c)Virgin Media Secured Finance PLC
5.25%, 05/15/29
Virgin Media Vendor Financing Notes III DAC
4.88%, 07/15/28

237,659
1,231,195

United States
United States

435,000
360,000

293,944355,009

United States

310,000

277,866

United States
United States

710,000
415,000

628,565
335,069

United States
United States
United States
United States
United States

355,000
494,000
190,000
140,000
235,000

269,757
389,217
164,686
133,175
231,858

United States

685,000

690,035

United States

520,000

489,539

United States

130,000

57,791

United States
United States
United States

915,000
160,000
214,000

747,618
136,791
201,185

Belgium

400,000

380,408

100,000

115,387

200,000

226,273

United Kingdom

GBP

United Kingdom

6,124,173

Australia
Australia

USD

300,000
380,000

Total Metals & Mining
Oil, Gas & Consumable Fuels – 1.2%
Civitas Resources, Inc.
8.63%, 11/01/30 (c)8.75%, 07/01/31 (c)$

2,051,581

Total Media
Metals & Mining – 0.3%
Mineral Resources Ltd.
8.50%, 05/01/30 (c)9.25%, 10/01/28 (c)Value

310,915399,297710,212

United States
United States

200,000
445,000

214,606
477,129

See Notes to Consolidated Financial Statements.
2024 Semi-Annual Report

25

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024

Description
CORPORATE CREDIT (continued)
Kosmos Energy Ltd.
7.13%, 04/04/26
7.50%, 03/01/28
Venture Global LNG, Inc.
8.13%, 06/01/28 (c)8.38%, 06/01/31 (c)9.50%, 02/01/29 (c)Vital Energy, Inc.
7.88%, 04/15/32 (c)Country

Ghana
Ghana

Principal
AmountUSD

200,000
520,000

262,907550,127
367,067

United States

680,000

691,777
3,258,127

Germany
United States

EUR

187,565

201,604

USD 2,345,090

2,348,843
2,550,447

Germany
Germany
Germany

EUR

550,000
385,000

484,606
373,949

125,000

125,506

Total Paper & Forest Products
Personal Care Products – 0.3%
BellRing Brands, Inc.
7.00%, 03/15/30 (c)Ontex Group NV
3.50%, 07/15/26

984,061

United States

USD

365,000

374,412Belgium

EUR

295,000

312,570

Total Personal Care Products
Pharmaceuticals – 0.6%
Bausch Health Companies, Inc.
4.88%, 06/01/28 (c)Cheplapharm Arzneimittel GmbH
7.50%, 05/15/30
8.58% (3 mo. EURIBOR + 4.75%), 05/15/30 (a),(c)Endo Finance Holdings, Inc.
8.50%, 04/15/31 (c)686,982

United States

USD

240,000

179,891

Germany
Germany

EUR

300,000
210,000

336,630
227,149

United States

USD

940,000

971,233

Total Pharmaceuticals
Professional Services – 0.2%
Mooney Group SpA
7.59% (3 mo. EURIBOR + 3.88%), 12/17/26 (a)Summer BC Holdco B SARL
5.75%, 10/31/26
Total Professional Services

See Notes to Consolidated Financial Statements.
26

197,978496,536

255,000
530,000
335,000

Total Other
Paper & Forest Products – 0.4%
Mercer International, Inc.
5.13%, 02/01/29
5.50%, 01/15/26
WEPA Hygieneprodukte GmbH
2.88%, 12/15/27$

United States
United States
United States

Total Oil, Gas & Consumable Fuels
Other – 0.9%
Nidda BondCo GmbH
7.25%, 09/30/25
OWS Cre Funding I LLC
10.33% (1 mo. LIBOR US + 4.90%), 09/15/24 (a),(c)Value

1,714,903

Italy
Luxembourg

EUR

250,000

267,855

200,000

212,282
480,137OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024

Description
CORPORATE CREDIT (continued)
Real Estate Management & Development – 0.6%
Hunt Companies, Inc.
5.25%, 04/15/29 (c)Kennedy-Wilson, Inc.
4.75%, 02/01/30

Country

United States

Principal
AmountUSD

United States

765,000
1,130,000

Total Real Estate Management & Development
Software – 1.9%
Acuris Finance US, Inc.
5.00%, 05/01/28 (c)Castor SpA
8.97% (3 mo. EURIBOR + 5.25%), 02/15/29 (a),(e)Cedacri Mergeco SPA
9.33% (3 mo. EURIBOR + 5.50%), 05/15/28 (a),(c)Cloud Software Group Holdings, Inc.
6.50%, 03/31/29 (c)Helios Software Holdings, Inc.
7.88%, 05/01/29
8.75%, 05/01/29 (c)ION Trading Technologies Sarl
5.75%, 05/15/28 (c)NCR Corp.
5.13%, 04/15/29 (c)NCR Voyix Corp.
5.25%, 10/01/30 (c)Rocket Software, Inc.
9.00%, 11/28/28 (c)Sabre GLBL, Inc.
7.38%, 09/01/25 (c)United States

Trading Companies & Distributors – 0.7%
ASP Unifrax Holdings, Inc.
5.25%, 09/30/28 (c)Equipmentshare.Com Inc.
9.00%, 05/15/28 (c)695,942939,055

310,000

275,623300,000

316,285

200,000

214,926

United States

USD 1,350,000

1,297,431

United States
United States

EUR
USD

Italy

EUR

Italy

295,000
620,000

316,684
631,903

Luxembourg

535,000

489,422

United States

600,000

565,591

United States

130,000

118,933

United States

820,000

834,117

United States

150,000

144,370
5,205,285

United Kingdom

GBP

220,000

282,237

Italy

EUR

250,000

270,306

United States

USD

395,000

412,530

Total Specialty Retail
Textiles, Apparel & Luxury Goods – 0.3%
Hanesbrands, Inc.
9.00%, 02/15/31 (c)$

1,634,997

Total Software
Specialty Retail – 0.4%
CD&R Firefly Bidco PLC
8.63%, 04/30/29
Kepler SpA
9.47% (3 mo. EURIBOR + 5.75%), 05/15/29 (a)LCM Investments Holdings II LLC
8.25%, 08/01/31 (c)Value

965,073

United States

660,000

692,080

United States

450,000

246,915

United States

995,000

1,028,058

See Notes to Consolidated Financial Statements.
2024 Semi-Annual Report

27

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024

Description
CORPORATE CREDIT (continued)
Fortress Transportation and Infrastructure Investors LLC
7.88%, 12/01/30 (c)Loxam SAS
6.38%, 05/31/29

Country

Principal
AmountUnited States

USD

344,000

FranceEUR

180,000

Total Trading Companies & Distributors
Transportation Infrastructure – 0.1%
Heathrow Finance PLC
6.63%, 03/01/31 (e)Wireless Telecommunication Services – 0.1%
Vodafone Group PLC
4.13% (5 yr. CMT Rate + 2.77%), 06/04/81 (a)Total High Yield

Value

$

360,362
199,011
1,834,346

United Kingdom

GBP

175,000

219,143

United Kingdom

USD

285,000

243,31767,864,483

Emerging Markets – 2.4%
Chemicals – 0.3%
Braskem Idesa SAPI
6.99%, 02/20/32

Mexico1,000,000

759,314

Energy Equipment & Services – 0.4%
Borr IHC Ltd.
10.00%, 11/15/28 (c)Mexico923,918

968,381

Hotels, Restaurants & Leisure – 0.0%
Grupo Posadas SAB de CV
7.00%, 12/30/27 (d),(h)Mexico20,00018,050Brazil

1,097,981

1,021,616

India

752,000

744,354

Metals & Mining – 0.6%
Samarco Mineracao SA
9.00%, 06/30/31
Vedanta Resources Finance II PLC
13.88%, 01/21/27
Total Metals & Mining
Oil, Gas & Consumable Fuels – 0.3%
Canacol Energy Ltd.
5.75%, 11/24/28
YPF SA
7.00%, 09/30/33 (h)9.00%, 06/30/29 (h)1,765,970

Colombia

260,000

137,705

Argentina
Argentina

55,000758,000

48,753754,653

Total Oil, Gas & Consumable Fuels
Passenger Airlines – 0.5%
Azul Secured Finance LLP
10.88%, 05/28/30 (c)Latam Airlines Group SA
13.38%, 10/15/27 (c)13.38%, 10/15/29
Total Passenger Airlines

See Notes to Consolidated Financial Statements.
28

941,111

Brazil

1,130,000

927,947

Chile
Chile

204,000
77,000227,241
88,563
1,243,751

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024

Description
CORPORATE CREDIT (continued)
Real Estate Management & Development – 0.3%
CIFI Holdings Group Company Ltd.
5.38% (5 yr. CMT Rate + 8.57%), Perpetual (a),(i)6.00%, 07/16/25 (i)6.45%, 11/07/24 (i)Country Garden Holdings Company Ltd.
4.80%, 08/06/30 (i)7.25%, 04/08/26 (i)RKPF Overseas Ltd.
5.90%, 03/05/25
6.00%, 09/04/25
Shimao Group Holdings Ltd.
3.45%, 01/11/31 (i)4.60%, 07/13/30 (i)5.20%, 01/16/27 (i)5.60%, 07/15/26 (i)6.13%, 08/21/24 (i)Sino-Ocean Land Treasure IV Ltd.
3.25%, 05/05/26 (i)4.75%, 08/05/29 (i)4.75%, 01/14/30 (i)Country

China
China
China

Principal
AmountUSD

450,000
400,000
200,000$

45,22543,08822,500

China
China

200,000
600,000

16,52054,360

China
China

500,000
500,000

206,570
179,875

China
China
China
China
China

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

20,00011,60062,61820,712
19,632

China
China
China

200,000
410,000
400,000

13,00030,75028,452

Total Real Estate Management & Development

774,902

Total Emerging Markets
Convertible Bonds – 0.5%
Aerospace & Defense – 0.0%
Safran SA
0.00%, 04/01/28
Automobiles – 0.0%
Ford Motor Company
0.00%, 03/15/26
Biotechnology – 0.0%
Ascendis Pharma AS
2.25%, 04/01/28
Bridgebio Pharma, Inc.
2.25%, 02/01/29
2.50%, 03/15/27
Halozyme Therapeutics, Inc.
1.00%, 08/15/28
INSMED, Inc.
0.75%, 06/01/28
MannKind Corp.
2.50%, 03/01/26
Sarepta Therapeutics, Inc.
1.25%, 09/15/27

Value

6,471,479

FranceEUR

17,10038,716

United States

USD

35,00035,472

Denmark

17,00018,984

United States
United States

12,000
9,000

9,562
9,136

United States

8,000

8,913

United States

5,000

10,556

United States

7,000

8,446

United States

11,00014,179Total Biotechnology

79,776

See Notes to Consolidated Financial Statements.
2024 Semi-Annual Report

29

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024

Description
CORPORATE CREDIT (continued)
Broadline Retail – 0.0%
Etsy, Inc.
0.25%, 06/15/28
Chemicals – 0.0%
Resonac Holdings Corp.
0.00%, 12/29/28

Country

United States

Japan

Commercial Services & Supplies – 0.0%
Tetra Tech, Inc.
2.25%, 08/15/28 (c)United States

Construction & Engineering – 0.0%
Fluor Corp.
1.13%, 08/15/29 (c)United States

Diversified Telecommunication Services – 0.1%
Cellnex Telecom SA
0.50%, 07/05/28
Electric Utilities – 0.1%
NextEra Energy Capital Holdings, Inc.
3.00%, 03/01/27 (c)PG&E Corp.
4.25%, 12/01/27 (c)Southern Company
3.88%, 12/15/25

Principal
AmountUSD

31,000Entertainment – 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$24,457

JPY10,000,000

64,532USD

11,00012,94423,00026,318Spain

EUR

100,000

108,777

United States

USD

26,00029,757

United States

30,00030,292

United States

34,00034,772

Total Electric Utilities
Electronic Equipment Instruments & Components – 0.0%
Advanced Energy Industries, Inc.
2.50%, 09/15/28 (c)Value

94,821

United States

16,00016,762

United States

31,00033,035

United States

17,00018,835Singapore

50,00043,675

Total Entertainment

95,545

Financial Services – 0.0%
Shift4 Payments, Inc.
0.50%, 08/01/27

United States

37,00035,132

Food Products – 0.0%
Post Holdings, Inc.
2.50%, 08/15/27

United States

6,000

6,609

United States

10,0009,938

United States

23,00027,405Ground Transportation – 0.0%
Lyft, Inc.
0.63%, 03/01/29 (c)Uber Technologies, Inc.
0.88%, 12/01/28 (c)Total Ground Transportation
See Notes to Consolidated Financial Statements.
30

37,343

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024

Description
CORPORATE CREDIT (continued)
Health Care Equipment & Supplies – 0.0%
Alphatec Holdings, Inc.
0.75%, 08/01/26
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 (c)Country

United States

Principal
AmountUSD

16,000Value$15,542

United States

12,00014,969

United States

23,00025,947

United States

12,00014,070Total Health Care Equipment & Supplies

70,528

Health Care Providers & Services – 0.0%
Guardant Health, Inc.
0.00%, 11/15/27

United States

38,00029,481

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

17,00015,381

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

United States

16,00014,200Hotels, Restaurants & Leisure – 0.1%
Accor SA
0.70%, 12/07/27 (i)H World Group Ltd.
3.00%, 05/01/26
Just Eat Takeaway.com NV
0.00%, 08/09/25
Marriott Vacations Worldwide Corp.
3.25%, 12/15/27
NCL Corp. Ltd.
5.38%, 08/01/25
Shake Shack, Inc.
0.00%, 03/01/28

FranceEUR

41,20022,129China

USD

21,00022,428

United Kingdom

EUR

100,000

100,871

United States

USD

10,0009,150

United States

11,00013,401

United States

50,00043,500Total Hotels, Restaurants & Leisure211,479

Household Durables – 0.0%
Meritage Homes Corp.
1.75%, 05/15/28 (c)United States

14,00013,972

IT Services – 0.0%
Akamai Technologies, Inc.
0.38%, 09/01/27

United States

19,00018,453

Media – 0.0%
Cable One, Inc.
0.00%, 03/15/26

United States

26,00022,880

See Notes to Consolidated Financial Statements.
2024 Semi-Annual Report

31

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024

Description
CORPORATE CREDIT (continued)
Metals & Mining – 0.0%
First Majestic Silver Corp.
0.38%, 01/15/27
MP Materials Corp.
0.25%, 04/01/26 (c)Country

CanadaPrincipal
AmountUSD

United States

26,00021,000Total Metals & Mining
Multi-Utilities – 0.0%
Veolia Environnement SA
0.00%, 01/01/25

Value

$

21,56918,74240,311

FranceEUR

135,900

45,703Oil, Gas & Consumable Fuels – 0.0%
Green Plains, Inc.
2.25%, 03/15/27

United States

USD

12,00010,688

Professional Services – 0.0%
Parsons Corp.
2.63%, 03/01/29 (c)United States

27,00028,958

United States

24,00025,672

United States

20,00019,235

United States

18,00016,497

Semiconductors & Semiconductor Equipment – 0.0%
MKS Instruments, Inc.
1.25%, 06/01/30 (c)ON Semiconductor Corp.
0.50%, 03/01/29
SolarEdge Technologies, Inc.
0.00%, 09/15/25
Total Semiconductors & Semiconductor Equipment
Software – 0.1%
BlackLine, Inc.
1.00%, 06/01/29 (c)Envestnet, Inc.
2.63%, 12/01/27
Five9, Inc.
1.00%, 03/15/29 (c)Nutanix, Inc.
0.25%, 10/01/27
PagerDuty, Inc.
1.50%, 10/15/28 (c)Unity Software, Inc.
0.00%, 11/15/26

61,404

United States

18,00017,532

United States

30,00032,295

United States

8,000

7,140

United States

16,00018,736

United States

13,00014,027

United States

61,00052,856

Total Software
Technology Hardware Storage & Peripherals – 0.0%
Seagate HDD Cayman
3.50%, 06/01/28 (c)Total Convertible Bonds

See Notes to Consolidated Financial Statements.
32

142,586

United States

14,00019,173
1,422,401

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024

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

United Kingdom

Principal
AmountUSD

56,000Value$56,945

Total Investment Grade56,945TOTAL CORPORATE CREDIT(Cost $177,577,323)
STRUCTURED CREDIT – 32.7%
Collateralized Loan Obligations – 17.9%
37 Capital CLO
11.69%, 2023-1A, Class D (3 mo. Term SOFR + 6.36%),04/15/36 (a),(c)13.75%, 2023-2A, Class E (3 mo. Term SOFR + 8.38%),
01/15/34 (a),(c)Anchorage Capital CLO Ltd.
9.31%, 2020-16A, Class DR (3 mo. Term SOFR + 3.98%),
01/19/35 (a),(c)11.08%, 2023-26A, Class D (3 mo. Term SOFR + 5.75%),
07/19/34 (a),(c)12.94%, 2016-8A, Class ER2 (3 mo. Term SOFR + 7.61%),
10/27/34 (a),(c)12.94%, 2020-16A, Class ER (3 mo. Term SOFR + 7.61%),
01/19/35 (a),(c)Anchorage Credit Funding Ltd.
5.93%, 2020-12A, Class D, 10/25/38 (c)6.85%, 2019-7A, Class E, 04/25/37 (c)12.26%, 2019-7A, Class SUB1, 04/25/37 (c)ARES CLO
9.08%, 2022-64A, Class D (3 mo. Term SOFR + 3.75%),
04/15/35 (a),(c)11.07%, 2023-68A, Class D (3 mo. Term SOFR + 5.75%),
04/25/35 (a),(c)CBAM Ltd.
12.68%, 2017-2A, Class ER (3 mo. Term SOFR + 7.36%),
07/17/34 (a),(c)Cerberus Loan Funding LP
9.48%, 2023-3A, Class C (3 mo. Term SOFR + 4.15%),
09/13/35 (a),(c)Dryden 27 R Euro CLO 2017 DAC
9.77%, 2017-27X, Class ER (3 mo. EURIBOR + 5.86%),
04/15/33 (a)Elevation CLO Ltd.
12.79%, 2021-14A, Class E (3 mo. Term SOFR + 7.46%),
10/20/34 (a),(c)Elmwood CLO Ltd.
8.42%, 2019-3A, Class DRR (3 mo. Term SOFR + 3.10%),07/18/37 (a),(c)171,723,410

Cayman Islands

1,500,000

1,537,728

Cayman Islands

1,000,000

1,023,978

Cayman Islands

1,500,000

1,501,617

Cayman Islands

500,000

519,245

Cayman Islands

1,500,000

1,481,445

Cayman Islands

1,000,000

990,731

Cayman Islands
Cayman Islands
Cayman Islands

750,000
1,000,000
1,000,000

703,532
936,308
502,843

Cayman Islands

500,000

501,723

Jersey2,000,000

2,044,308

Cayman Islands

571,000

546,135

United States

1,000,000

1,023,325

500,000

513,226

Cayman Islands

USD 2,000,000

1,876,216

Cayman Islands

1,750,000

1,758,362

IrelandEUR

See Notes to Consolidated Financial Statements.
2024 Semi-Annual Report

33

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024

Description
STRUCTURED CREDIT (continued)
Fortress Credit BSL Ltd.
10.08%, 2022-2A, Class DR (3 mo. Term SOFR + 4.75%),
10/18/33 (a),(c)13.48%, 2022-1A, Class E (3 mo. Term SOFR + 8.15%),
10/23/34 (a),(c)13.52%, 2020-1A, Class E (3 mo. Term SOFR + 8.19%),
10/20/33 (a),(c)Gallatin CLO Ltd.
10.74%, 2023-1A, Class D (3 mo. Term SOFR + 5.41%),
10/14/35 (a),(c)Harvest CLO XXVI
10.03%, 26A, Class E (3 mo. EURIBOR + 6.12%),01/15/34 (a),(c)ICG US CLO Ltd.
9.19%, 2020-1A, Class DR (3 mo. Term SOFR + 3.86%),
01/20/35 (a),(c)13.04%, 2020-1A, Class ER (3 mo. Term SOFR + 7.71%),
01/20/35 (a),(c)Madison Park Funding Ltd.
10.82%, 2023-63A, Class D (3 mo. Term SOFR + 5.50%),
04/21/35 (a),(c)Marble Point CLO Ltd.
12.88%, 2021-4A, Class E (3 mo. Term SOFR + 7.55%),
01/22/35 (a),(c)13.09%, 2020-3A, Class ER (3 mo. Term SOFR + 7.50%),
01/19/34 (a),(c)Monroe Capital MML CLO LLC
15.42%, 2022-2A, Class E (3 mo. Term SOFR + 10.02%),
10/24/34 (a),(c)Monroe Capital MML CLO XIII Ltd.
13.65%, 2022-1A, Class E (3 mo. Term SOFR + 8.32%),
02/24/34 (a),(c)Mountain View Clo Ltd.
9.93%, 2019-2A, Class DR (3 mo. Term SOFR + 4.60%),
07/15/37 (a),(c)Mountain View CLO Ltd.
9.18%, 2023-1A, Class C (3 mo. Term SOFR + 3.85%),
09/14/36 (a),(c)10.83%, 2023-1A, Class D (3 mo. Term SOFR + 5.50%),
09/14/36 (a),(c)OAK Hill European Credit Partners V Designated Activity Co.
10.27%, 2016-5A, Class ER (3 mo. EURIBOR + 6.37%),
01/21/35 (a),(c)12.77%, 2016-5A, Class FR (3 mo. EURIBOR + 8.87%),
01/21/35 (a),(c)OZLM XXIII Ltd.
12.87%, 2019-23A, Class ER (3 mo. Term SOFR +7.54%), 04/15/34 (a),(c)See Notes to Consolidated Financial Statements.
34

Country

Principal
AmountJerseyUSD 1,000,000

Value

$

1,003,750

Cayman Islands

500,000

501,456

Cayman Islands

1,000,000

1,003,584

Bermuda2,000,000

2,048,500

500,000

534,390

Cayman Islands

USD 1,000,000

985,883

Cayman Islands

1,000,000

910,061

Cayman Islands

2,000,000

2,051,178

Cayman Islands

1,750,000

1,717,249

Cayman Islands

625,000

630,167

United States

2,000,000

2,020,072

United States

1,000,000

1,004,207

Cayman Islands

1,000,000

1,002,838

Cayman Islands

300,000

305,404

Cayman Islands

300,000

312,160

Ireland

EUR 1,750,000

1,874,437

Ireland1,000,000

1,051,818

250,000

247,498

Ireland

Cayman Islands

EUR

USD

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024

Description
STRUCTURED CREDIT (continued)
Palmer Square European CLO
10.26%, 2022-1A, Class E (3 mo. EURIBOR + 6.36%),
01/21/35 (a),(c)12.75%, 2022-1A, Class F (3 mo. EURIBOR + 8.85%),
01/21/35 (a),(c)Penta CLO
10.06%, 2021-10X, Class E (3 mo. EURIBOR + 6.23%),
11/20/34 (a)Rockford Tower CLO Ltd.
13.44%, 2022-2A, Class ER (3 mo. Term SOFR + 8.12%),
10/20/35 (a),(c)Rockford Tower Europe DAC
9.86%, 2021-1A, Class E (3 mo. EURIBOR + 5.96%),
04/20/34 (a),(c)RR Ltd.
13.63%, 2022-24A, Class DR (3 mo. Term SOFR + 8.30%),
01/15/36 (a),(c)Symphony CLO Ltd.
12.54%, 2012-9A, Class ER2 (3 mo. Term SOFR + 7.21%),
07/16/32 (a),(c)
THL Credit Wind River CLO Ltd.
12.75%, 2020-1A, Class ER (3 mo. Term SOFR + 7.42%),
07/20/37 (a),(c)Toro European CLO
10.21%, 3X, Class ERR (3 mo. EURIBOR + 6.30%),
07/15/34 (a)Trimaran Cavu Ltd.
12.96%, 2021-3A, Class E (3 mo. Term SOFR + 7.63%),
01/18/35 (a),(c)Trinitas CLO XIV Ltd.
13.63%, 2020-14A, Class E (3 mo. Term SOFR + 8.30%),
01/25/34 (a),(c)Trinitas CLO XVIII Ltd.
9.19%, 2021-18A, Class D (3 mo. Term SOFR + 3.86%),
01/20/35 (a),(c)Country

Principal
AmountIreland

EUR 1,200,000

Ireland1,250,000

1,306,056

Ireland500,000

536,066$

1,287,383

United States

USD

750,000

752,876

Ireland

EUR

500,000

527,707

BermudaUSD 1,000,000

1,014,586

Cayman Islands

438,000

398,665

Cayman Islands

1,000,000

1,005,175

EUR 1,500,000

1,581,524

Ireland
Cayman Islands

USD

900,000

905,692

Cayman Islands

500,000

503,876

Cayman Islands

2,000,000

1,999,640

Total Collateralized Loan Obligations
Commercial Mortgage-Backed Securities – 4.8%
ACREC LLC
11.36%, 2023-FL2, Class E (1 mo. Term SOFR + 6.03%),
02/19/38 (a),(c)ACRES Commercial Realty Ltd.
8.09%, 2021-FL1, Class D (1 mo. Term SOFR + 2.76%),
06/15/36 (a),(c)
AREIT Trust
10.70%, 2023-CRE8, Class D (1 mo. Term SOFR + 5.37%),
08/17/41 (a),(c)Banc of America Commercial Mortgage Trust
1.25%, 2015-UBS7, Class XFG, 09/15/48 (c)BBCMS Mortgage Trust
7.94%, 2021-AGW, Class D (1 mo. Term SOFR + 2.61%),
06/15/36 (a),(c)Value

48,484,620

United States

107,000

106,965

Cayman Islands

321,000

297,002

United States

109,000

108,808

United States

10,000,000

142,518

United States

877,000

788,312

See Notes to Consolidated Financial Statements.
2024 Semi-Annual Report

35

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024

Description
STRUCTURED CREDIT (continued)
BBCMS Trust
8.45%, 2018-BXH, Class F (1 mo. Term SOFR + 3.12%),
10/15/37 (a),(c)Benchmark Mortgage Trust
3.24%, 2018-B6, Class E, 10/10/51 (c)4.00%, 2024-V5, Class D, 01/10/57 (c)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 (c)BX Commercial Mortgage Trust
8.98%, 2019-IMC, Class G (1 mo. Term SOFR + 3.65%),
04/15/34 (a),(c)
BX Trust
9.48%, 2021-SDMF, Class J (1 mo. Term SOFR + 4.15%),
09/15/34 (a),(c)CD Mortgage Trust
3.35%, 2017-CD5, Class D, 08/15/50 (c)Citigroup Commercial Mortgage Trust
9.14%, 2021-KEYS, Class F (1 mo. Term SOFR + 3.81%),
10/15/36 (a),(c)
CLNC Ltd.
8.35%, 2019-FL1, Class D (1 mo. Term SOFR + 3.01%),
08/20/35 (a),(c)COMM Mortgage Trust
2.06%, 2016-DC2, Class XF, 02/10/49 (c)CSAIL Commercial Mortgage Trust
4.16%, 2017-CX9, Class D, 09/15/50 (c)DBGS Mortgage Trust
9.59%, 2021-W52, Class F (1 mo. Term SOFR + 4.26%),
10/15/36 (a),(c)GSMS Trust
8.25%, 2024-FAIR, Class D, 07/15/29 (c)Hilton USA Trust
4.12%, 2016-SFP, Class C, 11/05/35 (c)4.93%, 2016-SFP, Class D, 11/05/35 (b),(c)J.P. Morgan Chase Commercial Mortgage Securities Trust
9.71%, 2021-HTL5, Class F (1 mo. Term SOFR + 4.38%),
11/15/38 (a),(c)Last Mile Logistics
11.01%, 2023-1A, Class D (Daily SONIA + 5.80%),
08/17/33 (a),(c)Life Mortgage Trust
7.79%, 2021-BMR, Class F (1 mo. Term SOFR + 2.46%),
03/15/38 (a),(c)
MF1 LLC
11.07%, 2022-FL10, Class D (1 mo. Term SOFR + 5.73%),
09/17/37 (a),(c)See Notes to Consolidated Financial Statements.
36

Country

United States

Principal
AmountUSD

United States
United States
United States

270,000Value$

267,759

225,000
36,00057,000110,568
30,69858,436

United Kingdom

GBP

236,000

286,990

United States

USD

677,000

434,794

United States

1,131,000

1,107,814

United States

450,849

421,282

United States

489,000

376,374

United States

741,000

715,728

Cayman Islands

410,000

401,509

United States

12,997,292

376,950

United States

190,000

133,168

United States

1,000,000

586,414

United States

580,000

577,609

United States
United States

105,000
584,000

66,937
258,805

United States

1,084,000

1,061,634

United Kingdom

GBP

207,000

261,984

United States

USD

125,820

121,693232,000

232,706

United States

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024

Description
STRUCTURED CREDIT (continued)
Natixis Commercial Mortgage Securities Trust
11.27%, 2022-RRI, Class F (1 mo. Term SOFR + 5.94%),
03/15/35 (a),(c)ONE Mortgage Trust
6.94%, 2021-PARK, Class D (1 mo. Term SOFR + 1.61%),
03/15/36 (a),(c)Taubman Centers Commercial Mortgage Trust
10.10%, 2022-DPM, Class D (1 mo. Term SOFR + 4.77%),
05/15/37 (a),(c)
TRTX Issuer Ltd
7.84%, 2021-FL4, Class C (1 mo. Term SOFR + 2.51%),
03/15/38 (a),(c)UK Logistics DAC
9.22%, 2024-1A, Class D (Daily SONIA + 4.00%),
05/17/34 (a),(c)10.22%, 2024-1A, Class E (Daily SONIA + 5.00%),
05/17/34 (a),(c)VMC Finance LLC
7.70%, 2021-FL4, Class C (1 mo. Term SOFR + 2.36%),
06/16/36 (a),(c)8.95%, 2021-FL4, Class D (1 mo. Term SOFR + 3.61%),
06/16/36 (a),(c)9.95%, 2021-HT1, Class B (1 mo. Term SOFR + 4.61%),
01/18/37 (a),(c)Country

United States

Principal
AmountUSD

493,500$

491,783

United States

645,000

610,035

United States

415,000

411,469

Cayman Islands

160,000

149,147

102,000

129,002200,000

252,977

800,000

761,061

United States

147,000

125,759

United States

643,000

630,353

United Kingdom

GBP

United Kingdom
United States

USD

Total Commercial Mortgage-Backed Securities
Residential Mortgage-Backed Securities – 3.2%
BRAVO Residential Funding Trust
6.90%, 2024-NQM1, Class M1, 12/01/63 (c)7.44%, 2023-NQM5, Class M1, 06/25/63 (c)8.04%, 2024-NQM1, Class B1, 12/01/63 (c)CHNGE Mortgage Trust
8.44%, 2023-4, Class B1, 09/25/58 (c)COLT Mortgage Loan Trust
6.59%, 2024-1, Class M1, 02/25/69 (c)Deephaven Residential Mortgage Trust
4.33%, 2022-2, Class B1, 03/25/67 (c)GCAT Trust
3.97%, 2022-NQM1, Class B1, 02/25/67 (c)Imperial Fund Mortgage Trust
4.43%, 2022-NQM3, Class M1, 05/25/67 (c)JP Morgan Mortgage Trust
7.64%, 2024-CES1, Class B1, 06/25/54 (c)MFA Trust
4.26%, 2022-NQM1, Class B1, 12/25/66 (c)Morgan Stanley Residential Mortgage Loan Trust
7.51%, 2023-NQM1, Class B1, 09/25/68 (c)NYMT Loan Trust
8.41%, 2024-BPL2, Class M, 05/25/39 (c)Value

12,895,043

United States
United States
United States

109,000
183,000
128,000

109,965
186,764
129,100

United States

891,000

874,473

United States

138,000

138,082

United States

229,000

178,879

United States

476,000

333,539

United States

332,000

268,810

United States

100,000

99,194

United States

251,000

198,289

United States

446,000

432,144

United States

145,000

144,818

See Notes to Consolidated Financial Statements.
2024 Semi-Annual Report37

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024

Description
STRUCTURED CREDIT (continued)
PRKCM Trust
6.20%, 2022-AFC2, Class B1, 08/25/57 (c)6.87%, 2024-AFC1, Class M1, 03/25/59 (c)7.56%, 2023-AFC1, Class M1, 02/25/58 (c)8.01%, 2023-AFC4, Class B1, 11/25/58 (c)8.06%, 2024-AFC1, Class B1, 03/25/59 (c)8.15%, 2023-AFC2, Class B1, 06/25/58 (c)Progress Residential Trust
5.60%, 2022-SFR3, Class E2, 04/17/39 (c)PRPM LLC
4.83%, 2021-10, Class A2, 12/31/49 (c),(h)RCKT Mortgage Trust
6.77%, 2024-CES2, Class M2, 04/25/44 (c)6.77%, 2024-CES1, Class M2, 02/25/44 (c)Seasoned Credit Risk Transfer Trust
4.50%, 2022-1, Class M, 11/25/61 (c)STAR Trust
9.83%, 2022-SFR3, Class F (1 mo. Term SOFR + 4.50%),
05/17/39 (a),(c)Toorak Mortgage Trust
9.16%, 2024-RRTL1, Class M1, 02/25/39 (c)Towd Point Mortgage Trust
6.86%, 2024-CES1, Class M2, 01/25/64 (c)Verus Securitization Trust
6.67%, 2024-1, Class M1, 01/25/69 (c)6.82%, 2024-2, Class M1, 02/25/69 (c)7.08%, 2023-INV2, Class A3, 08/25/68 (c),(h)7.35%, 2023-INV2, Class M1, 08/25/68 (c)7.56%, 2023-2, Class B1, 03/25/68 (c)7.92%, 2023-7, Class B1, 10/25/68 (c)8.13%, 2023-INV2, Class B1, 08/25/68 (c)Western Mortgage Reference Notes
10.69%, 2021-CL2, Class M4 (SOFR30A + 5.35%),
07/25/59 (a),(c)Country

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

Principal
AmountUSD

204,000
66,000371,000
293,000
176,000
100,000

See Notes to Consolidated Financial Statements.
38$196,263
65,821
374,809291,316
176,068
99,825

United States

212,000

203,724

United States

1,000,000

983,848

United States
United States

100,000
100,000

101,490
101,549

United States

226,000

194,244

United States

170,000

164,003

United States

71,00071,043

United States

110,000

111,606

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

118,000
100,000
158,664
187,000
100,000
634,000
215,000

118,188
100,849
159,393
188,766
98,732
633,394
216,640

United States

804,810825,171

Total Residential Mortgage-Backed Securities
Asset-Backed Securities – 6.8%
Financials – 6.8%
Adams Outdoor Advertising LP
11.71%, 2023-1, Class C, 07/15/53 (c)Castlelake Aircraft Securitization Trust
2.74%, 2017-1R, Class A, 08/15/41 (c)GAIA Aviation Ltd.
7.00%, 2019-1, Class C, 12/15/44 (c),(h)Horizon Aircraft Finance III Ltd.
3.43%, 2019-2, Class A, 11/15/39 (c)Horizon Aircraft Finance Ltd.
4.46%, 2018-1, Class A, 12/15/38 (c)Lunar Aircraft Ltd.
6.41%, 2020-1A, Class C, 02/15/45 (c)Value

8,570,799

United States

2,000,000

2,066,616

United States

128,074

121,799

Cayman Islands

2,040,194

1,393,058

Cayman Islands

1,444,426

1,258,084

United States

646,794590,303

United States

728,293634,625

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024

Description
STRUCTURED CREDIT (continued)
METAL 2017-1 Ltd.
4.58%, 2017-1, Class A, 10/15/42 (c)METAL LLC
6.50%, 2017-1, Class B, 10/15/42 (c)Mosaic Solar Loan Trust
8.50%, 2024-2A, Class C, 04/22/52 (c)Pioneer Aircraft Finance Ltd.
3.97%, 2019-1, Class A, 06/15/44 (c)Sunnova Hestia II Issuer LLC
9.50%, 2024-GRID1, Class 2A, 07/20/51 (c)Thunderbolt Aircraft Lease
5.07%, 2018-A, Class B, 09/15/38 (c),(h)Veros Auto Receivables Trust
11.46%, 2023-1, Class D, 08/15/30 (c)VSTJET
10.91%, 2020-1B, 01/15/29 (b)WAVE LLC
6.41%, 2019-1, Class C, 09/15/44 (c)WAVE Trust
5.68%, 2017-1A, Class B, 11/15/42 (c)6.66%, 2017-1A, Class C, 11/15/42 (c)Westlake Automobile Receivables Trust
1.23%, 2021-2A, Class D, 12/15/26 (c)Ziply Fiber Issuer LLC
11.17%, 2024-1A, Class C, 04/20/54 (c)Country

Principal
AmountUnited States

USD 1,372,628

United States

284,797

91,847

United States

1,500,000

1,460,305

Cayman Islands

515,616

485,136

United States

1,000,000

993,340

United States

1,339,286

985,327

United States

1,780,000

1,880,804

United States

1,700,000

1,657,500

United States

2,460,511

861,179

United States
United States

1,590,272
1,190,753

1,076,217
244,104

United States

164,000

159,518

United States

1,500,000

1,502,219

Value

$

899,071

Total Financials

18,361,052

Total Asset-Backed Securities

18,361,052

TOTAL STRUCTURED CREDIT(Cost $88,360,791)

88,311,514

PRIVATE CREDIT – 20.2%
Senior Loans – 19.1%
Aerospace & Defense – 1.6%
Galileo Parent,
First Lien Term Loan
12.34% (3 mo. Term SOFR + 7.25%), 05/03/30 (a),(b)Galileo Parent, Inc.,
First Lien Revolver
12.56% (3 mo. Term SOFR + 7.25%), 05/03/29 (a),(b),(j)12.59% (3 mo. Term SOFR + 7.25%), 05/03/29 (a),(b),(j)GASL Bermuda,
Tranche B-1 Revolver
11.83%, 12/15/28 (b),(j)
WP CPP Holdings,
First Lien Term Loan
8.75% (3 mo. Term SOFR + 3.38%), 11/28/29 (a),(b)
WP CPP Holdings,
First Lien Revolver
0.00%, 11/28/29 (b),(j)Total Aerospace & Defense

United States

530,335

530,335

United States
United States

61,262
21,73836,757
13,043

United States

3,100,000

2,990,597

United States

831,326

826,338

United States

90,000—4,397,070

See Notes to Consolidated Financial Statements.
2024 Semi-Annual Report

39

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024

Description
PRIVATE CREDIT (continued)
Automobile Components – 0.9%
Superior Industries International, Inc.,
First Lien Tranche B Term Loan
13.33%, 12/15/28 (b)Biotechnology – 1.2%
ADC Therapeutics, Inc.,
First Lien Tranche A Term Loan
13.00% (3 mo. Term SOFR + 7.50%), 08/15/29 (a),(b)Mesoblast, Inc., First Lien Term Loan
9.75%, 11/19/26 (b),(d)Seres Therapeutics, Inc.,
First Lien Tranche B Delay Draw Term Loan
0.00%, 04/27/29 (b),(j)Seres Therapeutics, Inc.,
First Lien Tranche C Delay Draw Term Loan
0.00%, 04/30/29 (b),(j)Seres Therapeutics, Inc.,
First Lien Tranche A1 Term Loan
12.88% (3 mo. Term SOFR + 7.88%), 04/30/29 (a),(b)Seres Therapeutics, Inc.,
First Lien Tranche DDA2 Delay Draw Term Loan
12.88% (3 mo. Term SOFR + 7.88%), 04/30/29 (a),(b)Country

Principal
AmountUnited States

USD 2,573,425

United States

1,135,543

1,107,154

United States

1,368,949

1,303,924

United States

329,000—

United States

329,000—

United States

585,000

585,000

United States

219,000

219,000

Total Biotechnology
Capital Markets – 0.4%
Inspira,First Lien Delay Draw Term Loan
10.35%, 05/10/26 (b),(j)Inspira,First Lien Revolver
10.35%, 05/10/30 (b),(j)Minotaur Acquisition,
First Lien Term Loan
10.35% (3 mo. Term SOFR + 5.00%), 05/10/30 (a),(b)See Notes to Consolidated Financial Statements.
40$

2,547,691

3,215,078

United States

344,000—

United States

103,000—

United States

1,035,000

1,014,818

Total Capital Markets
Commercial Services & Supplies – 0.8%
Amspec Parent,
First Lien Delay Draw Term Loan
11.07%, 12/05/30 (b),(j)Amspec Parent LLC,
First Lien Term Loan
11.08% (3 mo. Term SOFR + 5.75%), 12/05/30 (a),(b)Amspec Parent, Inc.,
First Lien Revolver
0.00% (3 mo. Term SOFR + 5.75%), 12/05/29 (a),(b),(j)Kings Buyer LLC,
First Lien Revolver
11.99% (Prime + 8.50%), 10/29/27 (a),(b),(j)Value

1,014,818

United States

226,000—

United States

1,563,083

1,563,082

United States

212,000

2,261

United States

310,246—

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024

Description
PRIVATE CREDIT (continued)
NFM & J LP,First Lien Revolver
10.94% (1 mo. LIBOR US + 5.75%), 11/30/27 (a),(b),(j)13.25% (Prime + 4.75%), 11/30/27 (a),(b),(j)
NFM & J LP,First Lien Term Loan
11.15% (3 mo. Term SOFR + 5.75%), 11/30/27 (a),(b)11.18% (3 mo. Term SOFR + 5.75%), 11/30/27 (a),(b),(j)Country

United States
United States
United States
United States

Principal
AmountUSD

59,28551,078493,858
275,862

Total Commercial Services & Supplies
Communications Equipment – 0.6%
Sorenson Communications, Term Loan
11.08%, 04/19/29 (b)Sorenson Communications, Revolver
11.08%, 04/19/29 (b),(j)United States

1,783,000

United States

198,000

United States

1,693,690

United States

205,745

1,750,193—

1,610,360
84,118

United States

94,000—

United States

819,639

801,116
801,116

United States

994,000

975,710

United States

103,000—

Total Food Products
Health Care Equipment & Supplies – 1.1%
Touchstone Acquisition, Inc.,
First Lien Term Loan
11.41% (3 mo. Term SOFR + 6.00%), 12/29/28 (a),(b)483,9818,968

1,694,478

Total Electrical Equipment
Food Products – 0.4%
Protein For Pets Opco,
First Lien Term Loan
10.57% (1 mo. Term SOFR + 5.25%), 03/22/30 (a),(b)Protein For Pets Opco,
First Lien Revolver
10.57%, 03/22/30 (b),(j)

2,905
2,503

1,750,193

Total Containers & Packaging
Electrical Equipment – 0.3%
Inventus Power, Inc.,
First Lien Revolver
0.00%, 06/30/25 (b),(j)Inventus Power, Inc.,
First Lien Term Loan
12.59%, 06/30/25 (b)$2,063,700

Total Communications Equipment
Containers & Packaging – 0.6%
ASP-r-pac Acquisition Company LLC,
First Lien Term Loan
11.57%, 12/29/27 (b)ASP-r-pac Acquisition Company LLC,
First Lien Revolver
9.49%, 12/29/27 (b),(j)Value975,710

United States

2,953,720

2,891,101

See Notes to Consolidated Financial Statements.
2024 Semi-Annual Report

41

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024

Description
PRIVATE CREDIT (continued)
Health Care Providers & Services – 1.8%
LSL Holdco LLC,
First Lien Term Loan
11.43%, 01/31/28 (b)LSL Holdco LLC,
First Lien Incremental Term Loan
11.08%, 01/31/28 (b)LSL Holdco LLC,
First Lien Revolver
11.43% (1 mo. Term SOFR + 6.00%), 01/31/28 (a),(b),(j)Petvet Care Centers LLC,
First Lien Term Loan
11.32% (1 mo. Term SOFR + 6.00%), 11/15/30 (a),(b)11.32%, 11/15/30 (b),(j)Petvet Care Centers LLC,
First Lien Revolver
11.32%, 11/15/29 (b),(j)Country

Principal
AmountUnited States

USD 2,349,755

United States

273,606

256,505

United States

266,412

199,809

United States
United States

2,350,110
307,000

2,298,878—

United States

307,000—

Total Health Care Providers & Services
Health Care Technology – 1.1%
Establishment Labs Holdings, Inc.,
First Lien Tranche A Term Loan
9.00%, 04/21/27 (b),(d)Establishment Labs Holdings, Inc.,
First Lien Tranche B Delay Draw Term Loan
9.00%, 04/21/27 (b),(d)Establishment Labs Holdings, Inc.,
First Lien Tranche C Delay Draw Term Loan
9.00%, 04/21/27 (b),(d),(j)Establishment Labs Holdings, Inc.,
First Lien Tranche D Delay Draw Term Loan
9.00%, 04/21/27 (b),(d),(j)Impel Pharmaceuticals, Inc.,
First Lien Tranche A Term Loan
0.00%, 03/17/27 (b)Impel Pharmaceuticals, Inc.,
Tranche B Delay Draw Term Loan
0.00%, 09/05/28 (b)Impel Pharmaceuticals, Inc.,
Tranche B2 Delay Draw Term Loan
0.00%, 09/05/28 (b)Impel Pharmaceuticals, Inc.,
Tranche A2 Term Loan
0.00%, 09/05/28 (b)Next Holdco LLC,
First Lien Term Loan
11.32% (3 mo. Term SOFR + 6.00%), 11/08/30 (a),(b)11.32%, 11/08/30 (b),(j)See Notes to Consolidated Financial Statements.
42

Value

$

2,202,895

4,958,087

United States

1,241,920

1,220,186

United States

198,895

195,414

United States

184,290—

United States

184,290—

United States

1,936,754

584,706

United States

139,899

93,257

United States

62,736

41,820

United States

52,71635,141

United States
United States

827,925
213,000

827,925—

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024

Description
PRIVATE CREDIT (continued)
Next Holdco LLC,
First Lien Revolver
11.32%, 11/08/29 (b),(j)Country

United States

Principal
AmountUSD

80,000Total Health Care Technology
Hotels, Restaurants & Leisure – 2.0%
Grove Hotel Parcel Owner LLC,
First Lien Delay Draw Term Loan
0.00%, 06/21/28 (b),(j)Grove Hotel Parcel Owner LLC,
First Lien Revolver Facility
0.00%, 06/21/28 (b),(j)Grove Hotel Parcel Owner LLC,
First Lien Term Loan
13.43%, 06/21/28 (b)PFNY Holdings LLC,
First Lien Term Loan
12.56%, 12/31/26 (b)PFNY Holdings LLC,
First Lien Delay Draw Term Loan
12.56%, 12/31/26 (b)PFNY Holdings LLC,
First Lien Revolver
12.59%, 12/31/26 (b),(j)Machinery – 0.3%
Truck-Lite Company,
First Lien Term Loan
11.06% (3 mo. Term SOFR + 5.75%), 02/13/31 (a),(b)Truck-Lite Company,
First Lien Delay Draw Term Loan
11.09%, 02/13/31 (b),(j)Truck-Lite Company,
First Lien Revolver
11.06% (1 mo. Term SOFR + 5.75%), 02/13/30 (a),(b),(j)Total Machinery—

United States

350,754—

United States

175,377—

United States

1,727,462

1,692,913

United States

3,558,479

3,384,470

United States

304,709289,809

United States

173,352—
5,367,192

United States

1,739,000

1,714,654

United States

160,000—

Total Insurance
Interactive Media & Services – 0.6%
Ancestry.com, Inc.,
First Lien Tranche B Term Loan
10.83% (1 mo. Term SOFR + 5.50%), 12/12/33 (a),(b)$2,998,449

Total Hotels, Restaurants & Leisure
Insurance – 0.6%
Ardonagh Group Finance,
First Lien Tranche B1 Term Loan
10.04% (6 mo. Term SOFR + 4.75%), 02/15/31 (a),(b)Ardonagh Midco,First Lien Tranche B2 Delay Draw Term Loan
10.04%, 02/15/31 (b),(j)Value

1,714,654

United States

1,632,908

1,632,908

United States

972,563955,251

United States

105,000—

United States

103,950

3,439
958,690

See Notes to Consolidated Financial Statements.
2024 Semi-Annual Report

43

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024

Description
PRIVATE CREDIT (continued)
Metals & Mining – 0.4%
IAMGOLD Corp.,
Second Lien Term Loan
13.62%, 05/16/28 (b)Pharmaceuticals – 0.4%
Bioxcel Therapeutics,
First Lien Tranche A2 Term Loan
12.88% (3 mo. Term SOFR + 7.50%), 04/19/27 (a),(b)Bioxcel Therapeutics,
First Lien Tranche D Term Loan
0.00%, 04/19/27 (b),(j)Bioxcel Therapeutics, Inc.,
First Lien Tranche B Delay Draw Term Loan
12.81%, 04/19/27 (b),(j)Bioxcel Therapeutics, Inc.,
First Lien Tranche C Delay Draw Term Loan
12.81%, 04/19/27 (b),(j)Bioxcel Therapeutics, Inc.,
First Lien Tranche A Term Loan
8.00%, 04/19/27 (b)Country

United States

Principal
AmountUSD

975,000

See Notes to Consolidated Financial Statements.
44$

970,612

United States

381,373305,098

United States

625,975—

United States

250,390—

United States

375,585—

United States

919,357

735,485

Total Pharmaceuticals
Software – 4.0%
Avalara, Inc.,
First Lien Term Loan
12.56% (3 mo. Term SOFR + 7.25%), 10/19/29 (a),(b)Avalara, Inc.,
First Lien Revolver
0.75%, 10/19/29 (b),(j)CentralSquare Technologies,
First Lien Term Loan
8.33% (1 mo. Term SOFR + 3.00%), 04/12/31 (a),(b)CentralSquare Technologies,
First Lien Revolver
11.32%, 04/12/31 (b),(j)Evergreen IX Borrower,
First Lien Term Loan
11.31% (3 mo. Term SOFR + 6.00%), 09/29/30 (a),(b)Evergreen IX Borrower,
First Lien Revolver
11.39%, 09/29/29 (b),(j)Finastra USA, Inc.,
First Lien Term Loan
12.71% (6 mo. Term SOFR + 7.25%), 09/13/30 (a),(b)Finastra USA, Inc.,
First Lien Revolver
12.57% (1 mo. Term SOFR + 7.25%), 09/13/30 (a),(b),(j)ICIMS, Inc.,
First Lien Delay Draw Term Loan
0.00%, 08/18/28 (b),(d),(j)Value

1,040,583

United States

2,491,000

2,491,000

United States

249,000—

United States

582,495

568,981

United States

66,000—

United States

1,141,265

1,141,265

United States

127,000—

United States

1,458,345

1,440,116

United States

147,977

15,891

United States

317,968—

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024

Description
PRIVATE CREDIT (continued)
ICIMS, Inc.,
First Lien Term Loan
8.75%, 08/18/28 (b)12.58% (3 mo. Term SOFR + 7.25%), 08/18/28 (a),(b)ICIMS, Inc.,
First Lien Revolver
6.75% (3 mo. Term SOFR + 6.75%), 08/15/28 (a),(b),(j)12.08% (3 mo. Term SOFR + 6.75%), 08/15/28 (a),(b),(j)Monotype Imaging Holdings,
First Lien Term Loan
10.84% (3 mo. Term SOFR + 5.50%), 02/28/30 (a),(b)Monotype Imaging Holdings,
First Lien Revolver
10.84%, 02/28/31 (b),(j)Monotype Imaging Holdings,
First Lien Delay Draw Term Loan
10.84%, 02/28/31 (b),(j)Pluralsight LLC,
First Lien Term Loan
13.46% (3 mo. Term SOFR + 8.00%), 04/06/27 (a),(b)Pluralsight LLC,
First Lien Revolver
13.46% (3 mo. Term SOFR + 8.00%), 04/06/27 (a),(b)UserZoom Technologies, Inc.,
First Lien Term Loan
12.77%, 04/05/29 (b)Country

Principal
AmountUnited States
United States

USD 1,754,873
253,659

United States
United States

44,611
112,941

6,024
15,251

United States

1,409,000

1,389,838

United States

176,000—

United States

117,000—

United States

659,000

362,450

United States

41,00022,550

United States

1,348,000

1,337,890

Value

$

1,696,962
249,600

Total Software

10,737,818

Total Senior Loans

51,729,948
SharesPreferred Stock – 0.9%
Health Care Providers & Services – 0.1%
Petvet Care Centers LLC(Acquired 11/15/2023, cost $198,940) (b),(f)Health Care Technology – 0.8%athenahealth, Inc.
(Acquired 2/15/2022, cost $1,992,289) (b),(f)Total Preferred Stock
Common Stock – 0.1%
Distributors – 0.1%
RelaDyne(Acquired 12/23/2021, cost $187,703) (b),(f)Total Common Stock

United States

203

216,296

United States

2,033

2,139,448
2,355,744

United States

2,000

241,380
241,380

See Notes to Consolidated Financial Statements.
2024 Semi-Annual Report45

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024

Description
PRIVATE CREDIT (continued)
Warrants – 0.1%
Biotechnology – 0.1%
ADC Therapeutics –(Exercise price: $8.30, Expiration: 08/15/32)(Acquired 8/15/2022, cost $30,028) (b),(f)Mesoblast, Inc. –(Exercise Price: $3.70, Expiration: 11/19/28)(Acquired 1/12/2023, cost $0) (b),(f)Mesoblast, Inc. –(Exercise Price: $7.26, Expiration: 11/19/28)(Acquired 12/20/2021, cost $106,354) (b),(f)Seres Therapeutics, Inc. –(Exercise price: $6.69, Expiration: 04/27/30)(Acquired 4/27/2023, cost $14,821) (b),(f)Country

SharesUnited States

4,988

United States

11,941

44,779

United States

46,443123,074

United States

4,735

1,657

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),(f)Innocoll Pharmaceuticals Ltd. –(Exercise Price: $4.23, Expiration: 01/26/29)(Acquired 1/26/2022 – 9/1/2022, cost $77,901) (b),(f)26,745—

United States

20,192——

United States

1,252

188

United States

4,359

436
624

Total Warrants

176,369

TOTAL PRIVATE CREDIT(Cost $56,477,785)

TOTAL SHORT-TERM INVESTMENTS(Cost $3,935,261)
Total Investments – 117.9% (l)(Cost $326,351,160)
Liabilities in Excess of Other Assets – (17.9)%
TOTAL NET ASSETS – 100.0%

See Notes to Consolidated Financial Statements.
46

6,235

United States

Total Pharmaceuticals

SHORT-TERM INVESTMENTS – 1.5%
Money Market Fund – 1.5%
First American Government Obligations Fund – Class X, 5.23% (k)$175,745

Total Health Care Technology
Pharmaceuticals – 0.0%
Bioxcel Therapeutics –(Exercise price: $3.07, Expiration: 04/19/29)(Acquired 3/20/2024, cost $0) (b),(f)Bioxcel Therapeutics, Inc. –(Exercise price: $3.65, Expiration: 04/19/29)(Acquired 4/28/2022 – 12/5/2023, cost $0) (b),(f)Value

54,503,441

United States

3,935,261

3,935,261
3,935,261
318,473,626(48,246,102)$270,227,524

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024

The following notes should be read in conjunction with the accompanying Consolidated 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 acap or floor. Securities that reference SOFR may be subject to a credit spread adjustment, particularly to legacy holdings that reference LIBOR thathave transitioned to SOFR as the base lending rate.
(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 June 30, 2024, the total value of all such securities was $61,845,484 or 22.9% of net assets.
(c) 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 June 30, 2024, the total value of all such securities was $137,819,514 or 51.0% of net assets.
(d) Paid in kind security which may pay interest in additional par.
(e) These assets are held in the Oaktree Diversified Income Fund (Cayman) Ltd., a Cayman Islands exempted company and wholly-owned subsidiary of
the Fund.
(f) Restricted security. Purchased in a private placement transaction; resale to the public may require registration. As of June 30, 2024, the total value ofall such securities was $3,088,731 or 1.1% of net assets.
(g) Regulation S security. These securities may be subject to transfer restrictions as defined by Regulation S. As of June 30, 2024, the total value of all
such securities was $1,255,563 or 0.5% of net assets.
(h) Security is a “step up” bond where the coupon increases or steps up at a predetermined date. Interest rate shown is the rate in effect as of June 30,2024.
(i) Issuer is currently in default on its regularly scheduled interest payment.
(j) As of June 30, 2024, the Fund had entered into the following commitments to fund various revolving and delayed draw senior secured and subordinatedloans. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and there can be noassurance that such conditions will be satisfied. All values are reflected at par.

Company

Investment Type

Amspec Parent, Inc.
Amspec Parent, Inc.
Ardonagh Midco
ASP-r-pac Acquisition Company LLC
Avalara, Inc.
Bioxcel Therapeutics, Inc.
Bioxcel Therapeutics, Inc.
Bioxcel Therapeutics, Inc.
CentralSquare Technologies
Establishment Labs Holdings, Inc.
Establishment Labs Holdings, Inc.
Evergreen IX Borrower
Finastra USA, Inc.
Galileo Parent, Inc.
Galileo Parent, Inc.
Galileo Parent, Inc.
GASL Bermuda
Grove Hotel Parcel Owner LLC
Grove Hotel Parcel Owner LLC
ICIMS, Inc.
ICIMS, Inc.
ICIMS, Inc.
InspiraInspiraInspiraInventus Power, Inc.

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 B Delay Draw Term Loan
First Lien Tranche C Delay Draw Term Loan
First Lien RevolverFirst Lien Tranche C Delay Draw Term Loan
First Lien Tranche D Delay Draw Term Loan
First Lien RevolverFirst Lien RevolverFirst Lien RevolverFirst Lien RevolverFirst Lien Revolver
Tranche B1﻿RevolverFirst Lien Delay Draw Term Loan
First Lien Revolver Facility
First Lien RevolverFirst Lien Delay Draw Term Loan
First Lien RevolverFirst Lien RevolverFirst Lien Delay Draw Term Loan
First Lien Delay Draw Term Loan
First Lien Revolver

Total revolving
and delayeddraw loan
commitments(000s)

$

226
212
160
206
249
626
250
376
66
184
184
127
148
22
16
45
3,100
351
175
45
318
113
103
172
172
94

Less:
Total
fundedunfundedcommitments commitments(000s)(000s) (Note 10)

$

—
2
—
89
—
—
—
—
—
—
—
—
16
13
10
27
2,990
—
—
6
—
16
—
—
—
—

$ 226
210
160
117
249
626
250
376
66
184
184
127
132
9
6
18
110
351
175
39
318
97
103
172
172
94

See Notes to Consolidated Financial Statements.
2024 Semi-Annual Report47

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024

Company

Investment Type

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.
Sorenson Communications
Truck-Lite Company
Truck-Lite Company
WP CPP Holdings

First Lien RevolverFirst Lien RevolverFirst Lien RevolverFirst Lien Delay Draw Term Loan
First Lien RevolverFirst Lien Term Loan
First Lien RevolverFirst Lien Term Loan
First Lien RevolverFirst 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
RevolverFirst Lien Delay Draw Term Loan
First Lien RevolverFirst Lien Revolver(k) The rate shown represents the seven-day yield as of June 30, 2024.
(l) These securities are pledged as collateral for the credit facility.

See Notes to Consolidated Financial Statements.
48

Total revolving
and delayeddraw loan
commitments(000s)

$310
266
176
117
80
213
51
276
59
307
307
173
103
329
329
198
105
104
90
$11,333

Less:
Total
fundedunfundedcommitments commitments(000s)(000s) (Note 10)

$—
212
—
—
—
—
2
9
3
—
—
—
—
—
—
—
—
4
—
$3,399

$310
54
176
117
80
213
49
267
56
307
307
173
103
329
329
198
105
100
90
$7,934OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024

Forward Currency Contracts:
As of June 30, 2024, the following forward currency contracts were outstanding:Settlement
Date

Currency Purchased

7/18/2024
7/18/2024
7/18/2024
7/18/2024
7/18/2024

30,208,374 EUR
65,372,846 USD
4,014,170 USD
465,439 GBP
67,428 USD

Currency Sold

Counterparty

32,530,952 USD
60,178,537 EUR
3,158,524 GBP
587,264 USD
10,404,600 JPY

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

Unrealized
Appreciation(Depreciation)$(147,119)
714,932
20,981
1,172
2,557$592,523

Futures Contracts:
As of June 30, 2024, the following futures contracts were outstanding:Description

Contracts Purchased

Expiration Date

Notional

1075

9/30/2024
9/30/2024$ 2,042,188
7,993,359

U.S. Treasury 2 Year Note
U.S. Treasury 5 Year Note

Unrealized
Appreciation(Depreciation)$(1,094)
34,571$33,477

Abbreviations:
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
EUR
JPY
USD

British Pound
Euro
Japanese Yen
US Dollar

See Notes to Consolidated Financial Statements.
2024 Semi-Annual Report

49

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Statement of Assets and Liabilities (Unaudited)
June 30, 2024﻿

Assets:Investments in securities, at value (Cost $326,351,160)��������������������������������������������������������������������������������������� $318,473,626
Cash ���������������������������������������������������������������������������������������������������������������������������������������������������������������������
48,935
Foreign currency, at value (Cost $293,123) ���������������������������������������������������������������������������������������������������������
293,069
Cash on deposit with brokers for futures contracts�����������������������������������������������������������������������������������������������
403,018
Interest receivable�������������������������������������������������������������������������������������������������������������������������������������������������
4,322,309
Receivable for investments sold���������������������������������������������������������������������������������������������������������������������������
4,911,396
Receivable for fund shares sold ���������������������������������������������������������������������������������������������������������������������������
141,864
Unrealized appreciation on forward currency contracts (Note 3) �������������������������������������������������������������������������
739,642
Unrealized appreciation on unfunded loan commitments�������������������������������������������������������������������������������������
8,734
26,518Prepaid expenses�������������������������������������������������������������������������������������������������������������������������������������������������
Total assets�������������������������������������������������������������������������������������������������������������������������������������������������������

329,369,111

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

40,000,000(230,961)
32,993
18,633,666
147,119
8,438
353,173
197,159

Total liabilities ���������������������������������������������������������������������������������������������������������������������������������������������������

59,141,587

Indemnifications, commitments and contingencies (Notes 4 and 10﻿)�������������������������������������������������������������������Net Assets ����������������������������������������������������������������������������������������������������������������������������������������������������������� $270,227,524
Composition of Net Assets:
Paid-in capital ������������������������������������������������������������������������������������������������������������������������������������������������������� $282,499,333(12,271,809)
Accumulated losses�����������������������������������������������������������������������������������������������������������������������������������������������Net Assets ����������������������������������������������������������������������������������������������������������������������������������������������������������� $270,227,524
Shares Outstanding and Net Asset Value Per Share:
Shares outstanding�����������������������������������������������������������������������������������������������������������������������������������������������
29,934,462
Net asset value per share������������������������������������������������������������������������������������������������������������������������������������� $9.03

See Notes to Consolidated Financial Statements.
50

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Statement of Operations (Unaudited)
For the Six Months Ended June 30, 2024﻿

Investment Income (Note 2):
Interest (net of foreign withholding tax of $127,324)�������������������������������������������������������������������������������������������� $14,973,628
Total investment income ����������������������������������������������������������������������������������������������������������������������������������

14,973,628

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

1,769,706
117,894
125,423
108,230
102,969
60,56941,17931,197
20,264
13,671
8,172

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

2,399,274
1,424,195
214,416

Net expenses��������������������������������������������������������������������������������������������������������������������������������������������������������

4,037,885

Net investment income ������������������������������������������������������������������������������������������������������������������������������������

10,935,743

Net realized gain (loss) on:
Investments����������������������������������������������������������������������������������������������������������������������������������������������������������
Foreign currency transactions﻿������������������������������������������������������������������������������������������������������������������������������
Forward currency contracts����������������������������������������������������������������������������������������������������������������������������������
Futures contracts��������������������������������������������������������������������������������������������������������������������������������������������������

(1,014,643)
19,688(427,161)(190,823)

Net realized loss ��������������������������������������������������������������������������������������������������������������������������������������������������

(1,612,939)

Net change in unrealized appreciation (depreciation) on:
Investments����������������������������������������������������������������������������������������������������������������������������������������������������������
Unfunded loan commitments��������������������������������������������������������������������������������������������������������������������������������
Foreign currency translations﻿������������������������������������������������������������������������������������������������������������������������������
Foreign currency��������������������������������������������������������������������������������������������������������������������������������������������������
Forward currency contracts����������������������������������������������������������������������������������������������������������������������������������
Futures contracts��������������������������������������������������������������������������������������������������������������������������������������������������

2,633,747
356
3,463﻿
(4,274)
1,538,287
33,477

Net change in unrealized appreciation ����������������������������������������������������������������������������������������������������������������

4,205,056

Net realized and unrealized gain������������������������������������������������������������������������������������������������������������������������������

2,592,117

Net increase in net assets resulting from operations������������������������������������������������������������������������������������������������ $13,527,860

See Notes to Consolidated Financial Statements.
2024 Semi-Annual Report

51

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

For theSix Months
Ended
June 30,
2024(Unaudited)

For theYear Ended
December 31,
2023

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

$10,935,743(1,612,939)
4,205,056$16,422,370(952,741)
5,552,516

Net increase in net assets resulting from operations������������������������������������������������������

13,527,860

21,022,145

Distributions to Shareholders:Distributable earnings��������������������������������������������������������������������������������������������������������

(9,870,599)(15,645,010)

Total distributions paid��������������������������������������������������������������������������������������������������������

(9,870,599)(15,645,010)

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

31,628,996
7,088,029(2,263,560)

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

Net increase in net assets from capital share transactions������������������������������������������������

36,453,465

73,038,013

Total increase in net assets������������������������������������������������������������������������������������������������

40,110,726

78,415,148

Net Assets:
Beginning of period������������������������������������������������������������������������������������������������������������

230,116,798

151,701,650

End of period����������������������������������������������������������������������������������������������������������������������

$270,227,524$230,116,798

Share Transactions:Shares sold������������������������������������������������������������������������������������������������������������������������
Shares reinvested��������������������������������������������������������������������������������������������������������������
Shares repurchased (Note 8) ��������������������������������������������������������������������������������������������

3,495,667
786,861(250,080)

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

Net increase in shares outstanding������������������������������������������������������������������������������������

4,032,448

8,240,419

See Notes to Consolidated Financial Statements.
52

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Statement of Cash Flows (Unaudited)
For the Six Months Ended June 30, 2024﻿

Increase (Decrease) in Cash:
Cash flows provided by (used for) operating activities:
Net increase in net assets resulting from operations��������������������������������������������������������������������������������������� $13,527,860
Adjustments to reconcile net increase in net assets resulting from operations to net cash used for
operating activities:
Purchases of long-term portfolio investments and principal payups����������������������������������������������������������� (108,120,838)
Proceeds from disposition of long-term portfolio investments and principal paydowns �����������������������������
52,984,025
Net purchases and sales of short-term portfolio investments���������������������������������������������������������������������
4,368,931
Amortization of deferred debt issuance costs���������������������������������������������������������������������������������������������
69,039
Increase in receivable for investments sold�������������������������������������������������������������������������������������������������
(2,604,287)
Increase in interest receivable���������������������������������������������������������������������������������������������������������������������
(573,487)
Decrease in prepaid expenses �������������������������������������������������������������������������������������������������������������������
18,421
Decrease in interest payable for credit facility���������������������������������������������������������������������������������������������
(25,844)
Increase in payable for investments purchased �����������������������������������������������������������������������������������������
11,470,496
Increase in payable for variation margin�����������������������������������������������������������������������������������������������������
8,438
Increase in investment advisory fees payable���������������������������������������������������������������������������������������������
94,573
Decrease in accrued expenses�������������������������������������������������������������������������������������������������������������������
(16,957)
Net accretion of discount on investments and other adjustments to cost���������������������������������������������������
(1,012,518)
Net change in unrealized appreciation on investments, unfunded loan commitments, foreign currency
and forward currency contracts﻿���������������������������������������������������������������������������������������������������������������
(4,168,116)﻿
1,014,643
Net realized loss on investment transactions ���������������������������������������������������������������������������������������������
Net cash used for operating activities�������������������������������������������������������������������������������������������������������������

(32,965,621)﻿

Cash flows provided by financing activities:
Proceeds from credit facility ���������������������������������������������������������������������������������������������������������������������������
Proceeds from shares sold�����������������������������������������������������������������������������������������������������������������������������
Distributions paid to shareholders, net of reinvestments���������������������������������������������������������������������������������
Repurchase of shares�������������������������������������������������������������������������������������������������������������������������������������

5,000,000
31,489,082(2,782,570)(2,263,560)

Net cash provided by financing activities���������������������������������������������������������������������������������������������������������

31,442,952

Effect of exchange rate changes on cash�����������������������������������������������������������������������������������������������������������

(4,274)

Net decrease in cash�������������������������������������������������������������������������������������������������������������������������������������������

(1,526,943)

Cash at beginning of period���������������������������������������������������������������������������������������������������������������������������������

2,271,965

Cash at end of period ����������������������������������������������������������������������������������������������������������������������������������������� $745,022
Supplemental Disclosure of Cash Flow Information:
Interest payments on the credit facility for the six months ended June 30, 2024 totaled $1,450,039.
Non-cash financing activities not included consist of reinvestment of distributions for the six months ended June 30, 2024
totaled $7,088,029.
Reconciliation of Cash at the End of Period to the Consolidated Statement of Assets and Liabilities:
Cash ������������������������������������������������������������������������������������������������������������������������������������������������������������������� $48,935
Foreign currency�������������������������������������������������������������������������������������������������������������������������������������������������
293,069
403,018
Cash on deposit with brokers for futures contracts���������������������������������������������������������������������������������������������Cash at end of period ����������������������������������������������������������������������������������������������������������������������������������������� $745,022

See Notes to Consolidated Financial Statements.
2024 Semi-Annual Report

53

OAKTREE DIVERSIFIED INCOME FUND INC.
Consolidated Financial Highlights

Class DFor theSix Months
Ended
June 30,
2024(Unaudited)

For theYear Ended
December 31,
2023

For theYear Ended
December 31,
2022

For the Period
November 1, 20211
through
December 31,
2021$8.88$8.59$9.94$10.00

0.40
0.10

0.78
0.20

0.50
(1.20)

0.02(0.07)Per Share Operating Performance:
Net asset value, beginning of period�������������������������������������������
Income from Investment Operations:
Net investment income2 ���������������������������������������������������������
Net realized and change in unrealized gain (loss) �����������������
Net increase (decrease) in net asset value resulting fromoperations ���������������������������������������������������������������������

0.50

0.98

(0.70)(0.05)

Distributions to Shareholders:
From net investment income���������������������������������������������������
Total distributions paid*�������������������������������������������������������

(0.35)(0.35)(0.69)(0.69)(0.65)(0.65)(0.01)(0.01)Net asset value, end of period�����������������������������������������������������
Total Investment Return†3 �����������������������������������������������������������

$9.035.64%$8.8811.76%$8.59(7.03)%$9.94(0.37)%$270,228
1.93%
3.08%

$230,117
2.03%
3.01%

$151,702
1.96%
2.51%

$150,092
5.55%
5.55%

2.10%

2.10%

2.10%

2.10%

3.25%
8.81%

3.08%
8.81%

2.65%
5.64%

2.10%
1.51%

8.98﻿%
19%

8.88%
24%

5.50%
25%

(1.94)%
4%

Ratios to Average Net Assets/Supplementary Data:
Net assets, end of period (000s)�������������������������������������������������
Gross operating expenses excluding interest expense4﻿�������������
Gross operating expenses4﻿���������������������������������������������������������
Net expenses, including fee waivers and reimbursement or
recoupment and excluding interest expense4﻿�������������������������
Net expenses, including fee waivers and reimbursement or
recoupment and interest expense4﻿�����������������������������������������
Net investment income4﻿���������������������������������������������������������������
Net investment income (loss), excluding the effect of fee
waivers and reimbursement or recoupment4﻿��������������������������
Portfolio turnover rate3�����������������������������������������������������������������

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

Fiscal or Period End
June 30, 2024 (Unaudited) �����������������������������������
December 31, 2023�����������������������������������������������
December 31, 2022�����������������������������������������������
December 31, 20216﻿���������������������������������������������
*
†

1
2
3
4
5

6

Asset Coverage
Per Unit5﻿
$7,756
7,575
8,585
N/A

Involuntary
Liquidating
Preference
Per Unit
N/A
N/A
N/A
N/A

Average
Market ValuePer Unit(Exclude Bank
Loans)
N/A
N/A
N/A
N/A

Type of Senior
Security
Credit Facility
Credit Facility
Credit Facility
N/A

Distributions for annual periods determined in accordance with federal income tax regulations.
Total investment return is computed based upon the net asset value of the Fund’s shares and excludes the effects of sales charges orcontingent deferred sales charges, if applicable. Distributions are assumed to be reinvested at the net asset value of the Class on the
ex-date of the distribution.
Commencement of operations.
Per share amounts presented are based on average shares outstanding throughout the period indicated.
Not annualized for periods less than one year.
Annualized for periods less than one year.
Calculated by subtracting the Fund’s total liabilities (not including borrowings) from the Fund’s total assets and dividing by the total numberof senior indebtedness units, where one unit equals $1,000 of senior indebtedness.
Commenced operations on November 1, 2021.

See Notes to Consolidated Financial Statements.
54

Total Amount
Outstanding
Exclusiveof Treasury
Securities$40,000,000
35,000,000
20,000,000
N/A

OAKTREE DIVERSIFIED INCOME FUND INC.
﻿Notes to Consolidated Financial Statements (Unaudited)
June 30, 2024

1. Organization
Oaktree Diversified Income Fund Inc. (the “Fund”) was organized as a corporation under the laws of the State of
Maryland on June 29, 2021. The Fund is registered under the Investment Company Act of 1940, as amended (the“1940 Act”), as a diversified, closed-end management investment company that continuously offers its shares ofcommon stock, $0.001 par value per share (the “Common Shares”), and is operated as an “interval fund.” The
Fund’s Class D shares commenced operations on November 1, 2021.
The Fund has two classes of shares: Class D and Class T shares. The Fund had applied for, and was granted,
exemptive relief (the “Exemptive Relief”) by the Securities and Exchange Commission (the “SEC”) that permits theFund to issue multiple classes of shares and to impose asset-based distribution fees and early-withdrawal fees.
Currently, the Fund is only offering Class D shares.
Oaktree Fund Advisors, LLC (“Oaktree” or the “Adviser”), a Delaware limited liability company and a registeredinvestment adviser under the Investment Advisers Act of 1940, as amended, serves as the investment adviser tothe Fund. Oaktree was founded in April 1995 and is a leader among global investment managers specializing inalternative investments.
Brookfield Public Securities Group LLC (the “Administrator”), a wholly-owned subsidiary of Brookfield AssetManagement Inc. (“Brookfield”), is registered as an investment adviser under the Investment Advisers Act of 1940,
as amended, and serves as Administrator to the Fund. In 2019, Brookfield acquired a majority interest in the Adviser.
The Fund’s investment objective is to seek current income and attractive total return. The Fund seeks to achieve
its investment objective by investing globally in high-conviction opportunities across Oaktree’s performing credit
platform of high-yield bonds, senior loans, structured credit, emerging markets debt and convertibles, inclusiveof both public and private credit sectors. High-yield bonds are also referred to as “below-investment grade rated
securities” or “junk bonds,” as described in the Fund’s Prospectus. The Fund seeks to add value through threesources: (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 amongasset classes based on Oaktree’s assessment of relative value.
Oaktree Diversified Income Fund (Cayman) Ltd. (the “Subsidiary”), a Cayman Islands exempted company andwholly-owned subsidiary of the Fund, was formed on November 11, 2021. The Subsidiary was established for the
purpose of investing in certain Regulation S securities. As a wholly-owned subsidiary of the Fund, the financial
results of the Subsidiary are included in the consolidated financial statements and financial highlights of the Fund.
All investments held by the Subsidiary are disclosed in the Consolidated Schedule of Investments. The Fund may
invest up to 25% of its total assets in the Subsidiary. The net assets of the Subsidiary at June 30, 2024 were
$3,296,771, or 1.2% of the Fund’s consolidated net assets. The accompanying consolidated financial statements
include the accounts of the Subsidiary. All inter-company accounts and transactions have been eliminated inconsolidation.
2. Significant Accounting Policies
The preparation of financial statements in conformity with accounting principles generally accepted in the
United States of America (“GAAP”) requires management to make estimates and assumptions that affect thereported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of thefinancial statements and the reported amounts of increases and decreases in net assets from operations during thereporting period. Actual results could differ from those estimates. The Fund is an investment company and follows
accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards
Codification (“ASC”) Topic 946, Financial Services-Investment Companies.
Valuation of Investments: The Fund’s Board of Directors (the “Board”) has adopted procedures for the valuation of
the Fund’s securities. The Adviser oversees the day to day responsibilities for valuation determinations under theseprocedures. The Board regularly reviews the application of these procedures to the securities in the Fund’s portfolio.
The Adviser’s Valuation Committee is comprised of senior members of the Adviser’s management team.

2024 Semi-Annual Report55

OAKTREE DIVERSIFIED INCOME FUND INC.
Notes to Consolidated Financial Statements (Unaudited) (continued)
June 30, 2024

The Board has designated the Adviser as the valuation designee pursuant to Rule 2a-5 under the 1940 Act toperform fair value determination relating to any or all Fund investments. The Board oversees the Adviser in its roleas the valuation designee in accordance with the requirements of Rule 2a-5 under the 1940 Act.
Investments in equity securities listed or traded on any securities exchange or traded in the over-the-counter market
are valued at the last trade price as of the close of business on the valuation date. If the NYSE closes early, thenthe 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 the factors occurring after the close of certain foreign
markets but before the NYSE close. When fair value pricing is employed, the value of the portfolio securities
used to calculate the Fund’s net asset value (“NAV”) may differ from quoted or official closing prices. Investments
in open-end registered investment companies, if any, are valued at the NAV as reported by those investmentcompanies.
Debt securities, including U.S. government securities, listed corporate bonds, other fixed income and asset-backed
securities, and unlisted securities and private placement securities, are generally valued at the bid prices furnishedby an independent pricing service or, if not valued by an independent pricing service, using bid prices obtained
from active and reliable market makers in any such security or a broker-dealer. Valuations from broker-dealers or
pricing services consider appropriate factors such as market activity, market activity of comparable securities, yield,
estimated default rates, timing of payments, underlying collateral, coupon rate, maturity date, and other factors.
Short-term debt securities with remaining maturities of sixty days or less are valued at amortized cost of discountor premium to maturity, unless such valuation, in the judgment of the Adviser’s Valuation Committee, does not
represent fair value.
Bank Loans, Assignments, and Participations. Loans (including “Senior Loans” (as described below), delayed
funding loans and revolving credit facilities) may be fixed-or floating-rate obligations. Loan interests may takethe 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 in secondary markets. Senior floating rate loans may be madeto or issued by U.S. or non-U.S. banks or other corporations (“Senior Loans”). Senior Loans include senior floating
rate loans and institutionally traded senior floating rate debt obligations issued by asset-backed pools and otherissuers, and interests therein. Loan interests may be acquired from U.S. or foreign commercial banks, insurancecompanies, finance companies or other financial institutions who have made loans or are members of a lending
syndicate or from other holders of loan interests.
Senior Loans typically pay interest at rates which are re-determined periodically on the basis of a floating baselending rate (such as the London Inter-Bank Offered Rate, “LIBOR,” or a similar reference rate) plus a premium.
Senior Loans are typically of below investment grade quality. Senior Loans generally (but not always) hold the mostsenior position in the capital structure of a borrower and are often secured with collateral. A Senior Loan is typicallyoriginated, negotiated and structured by a U.S. or foreign commercial bank, insurance company, finance company
or other financial institution (an “Agent”) for a lending syndicate of financial institutions (“Lenders”). The Agent
typically administers and enforces the Senior Loan on behalf of the other Lenders in the syndicate. In addition, an
institution, typically but not always the Agent, holds any collateral on behalf of the Lenders.
Over-the-counter financial derivative instruments, such as forward currency contracts, options contracts, or swap
agreements, derive their values from underlying asset prices, indices, reference rates, other inputs or a combinationof these factors. These instruments are normally valued on the basis of evaluations provided by independent pricing
services or broker dealer quotations. Depending on the instrument and the terms of the transaction, the value ofthe derivative instruments can be estimated by a pricing service provider using a series of techniques, such as
simulation pricing models. The pricing models use issuer details and other inputs that are observed from actively
quoted markets such as indices, spreads, interest rates, curves, dividends and exchange rates. Derivatives that use
similar valuation techniques and inputs as described above are normally categorized as Level 2 of the fair value
hierarchy.

56

OAKTREE DIVERSIFIED INCOME FUND INC.
Notes to Consolidated Financial Statements (Unaudited) (continued)
June 30, 2024

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

2024 Semi-Annual Report

57

OAKTREE DIVERSIFIED INCOME FUND INC.
Notes to Consolidated Financial Statements (Unaudited) (continued)
June 30, 2024

The following table summarizes the Fund’s investments valuation inputs categorized in the disclosure hierarchy asof June 30, 2024:

Corporate Credit
Senior Loans (Syndicated) ���������������������������������������
High Yield �����������������������������������������������������������������
Emerging Markets�����������������������������������������������������
Convertible Bonds�����������������������������������������������������
Investment Grade �����������������������������������������������������
Structured Credit
Collateralized Loan Obligations���������������������������������
Commercial Mortgage-Backed Securities�����������������
Residential Mortgage-Backed Securities�������������������
Asset-Backed Securities�������������������������������������������Private Credit
Senior Loans�������������������������������������������������������������
Preferred Stock���������������������������������������������������������
Common Stock ���������������������������������������������������������
Warrants �������������������������������������������������������������������
Short-Term Investments
Money Market Fund���������������������������������������������������
Total Investments�����������������������������������������������������������
Other Financial Instruments:(1)Forward Currency Contracts�������������������������������������
Futures Contracts �����������������������������������������������������
Unfunded Loan Commitments�����������������������������������
Total�������������������������������������������������������������������������������

Level 1

Level 2

Level 3

Total

$—
—
—
—
—

$91,713,559
66,633,288
6,471,479
1,422,401
56,945$4,194,543
1,231,195———$95,908,102
67,864,483
6,471,479
1,422,401
56,945————48,484,620
12,636,238
8,570,799
16,703,552—
258,805—
1,657,500

48,484,620
12,895,043
8,570,799
18,361,052

—
—
—
—

—
—
—
—

51,729,948
2,355,744
241,380
176,369

51,729,948
2,355,744
241,380
176,369

3,935,261$3,935,261—$252,692,881—$61,845,484

3,935,261$318,473,626

Level 1

Level 2

Level 3Total

$—33,477—$33,477$592,523——$592,523

$—
—
8,734
$8,734$592,523
33,4778,734$634,734

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

(1)

The Fund used valuation approaches consistent with the income approach and market approach to determine fairvalue of certain Level 3 assets as of June 30, 2024. The valuation methodologies utilized by the Fund included
discounted cash flows analysis, recent transaction analysis, market yield analysis and market comparable analysis
and are described below.
The discounted cash flows analysis utilizes a discounted cash flow method that incorporates expected timing
and level of cash flows, as well as assumptions in determining growth rates, income and expense projections,discount rates, capital structure, terminal values and other factors. The applicability and weight assigned to theincome technique is determined based on the availability of reliable projections and comparable companies andtransactions.
The recent transaction analysis utilizes recent or expected future transactions of the investment to determine fairvalue, to the extent applicable.

58

OAKTREE DIVERSIFIED INCOME FUND INC.
Notes to Consolidated Financial Statements (Unaudited) (continued)
June 30, 2024

The market yield analysis utilizes expected future cash flows, discounted using estimated current market rates.
Discounted cash flow calculations may be adjusted to reflect current market conditions and/or the perceived credit
risk of the borrowers. Consideration is also given to a borrower’s ability to meet principal and interest obligations;this may include an evaluation of collateral or the underlying value of the borrower, utilizing either the market orincome techniques.
The market comparable analysis utilizes valuations of comparable public companies or transactions and generally
seeks to establish the enterprise value of the portfolio company using a market multiple technique. This techniquetakes into account a specific financial measure (such as earnings before interest, taxes, depreciation andamortization (“EBITDA”), adjusted EBITDA, free cash flow, net operating income, net income, book value or net
asset value) believed to be most relevant for the given company. Consideration may also be given to such factors as
acquisition price of the security, historical and projected operational and financial results for the portfolio company,
the strengths and weaknesses of the portfolio company relative to its comparable companies, industry trends,
general economic and market conditions and other factors deemed relevant. The applicability and weight assigned
to the market technique is determined based on the availability of reliable projections and comparable companies
and transactions.
The Fund may estimate the fair value of privately held warrants using a Black Scholes pricing model, which includes
an analysis of various factors and subjective assumptions, including the current stock price (by using an enterprisevalue analysis as described above), the expected period until exercise, expected volatility of the underlying stock
price, expected dividends and the risk-free rate. Changes in the subjective input assumptions can materially affectthe fair value estimates.
The fair value of the Fund’s credit facility, which qualifies as a financial instrument under ASC Topic 825, Disclosuresabout Fair Values of Financial Instruments, approximates the carrying amount of $40,000,000 for the credit facility
presented in the Consolidated Statement of Assets and Liabilities. As of June 30, 2024, this financial instrument iscategorized as Level 2 within the disclosure hierarchy.

2024 Semi-Annual Report

59

OAKTREE DIVERSIFIED INCOME FUND INC.
Notes to Consolidated Financial Statements (Unaudited) (continued)
June 30, 2024

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 June 30, 2024.
Quantitative Information about Level 3 Fair Value Measurement

Value as ofJune 30,
2024

Valuation
Approach

Valuation
Methodology

Unobservable
Input

Amount or
Range/(Weighted
Average)

Impact to
Valuationfrom anIncreasein Input(1)Corporate Credit

Senior Loans(Syndicated)$4,194,543

IncomeApproach

Discounted
Cash Flow

Yield (Discount Rateof Cash Flows)

10.0%-19.0%(12.6%)

Decrease

High Yield$1,231,195

MarketApproach

Discounted
Cash Flow

Yield (Discount Rateof Cash Flows)

12.0%-14.0%(13.0%)

Decrease

MarketApproachMarketComparables

MarketQuotes$44.32
($44.32)

Increase$1,657,500

MarketApproachMarketComparables

MarketQuotes$97.50(97.50%)

Increase$51,729,948

IncomeApproach

Discounted
Cash Flow

Yield (Discount Rateof Cash Flows)

8.0%-18.0%(8.5%)

Decrease

MarketApproachMarketComparables

MarketQuotes﻿$100.00($100.00)

Increase

MarketApproachMarketComparables

Earnings Multiple

1.3x-1.8x(1.6x)

Increase

Structured Credit
Commercial$258,805
Mortgage-Backed
Securities
Asset-Backed
Securities
Private Credit
Senior Loans

Preferred Stock$2,355,744

IncomeApproach

Discounted
Cash Flow

Yield (Discount Rateof Cash Flows)

14.0%-18.0%(15.2)%

Decrease

Common Stock$241,380

MarketApproach

Comparable
companies

Earnings Multiple

6x-8x(7x)Increase

Warrants$176,369

OtherBlack Scholes

Volatility

50.0%-110.0%(94.7%)

Increase

Total$61,845,484

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

(1)

60

OAKTREE DIVERSIFIED INCOME FUND INC.
Notes to Consolidated Financial Statements (Unaudited) (continued)
June 30, 2024

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

Balance as of December 31, 2023 ������������������������������������
Accrued discounts (premiums) ��������������������������������������
Realized gain (loss)��������������������������������������������������������
Change in unrealized depreciation ��������������������������������
Purchases at cost/corporate actions������������������������������
Sales proceeds��������������������������������������������������������������
Transfers into Level 3 ����������������������������������������������������
Balance as of June 30, 2024����������������������������������������������
Change in unrealized depreciation for Level 3 assets still
held at the reporting date������������������������������������������������
(1)

Corporate
CreditStructured
CreditPrivateCreditTotal$3,393,166
1,700
1,199
(10,914)2,207,592(167,005)—$5,425,738$272,728
6,304—(20,227)
1,657,500——$1,916,305$50,449,054
70,587(15,818)(162,599)
10,737,577(8,208,268)
1,632,908$54,503,441$54,114,948
78,591(14,619)(193,740)
14,602,669(8,375,273)
1,632,908(1)$61,845,484$$ (16,249)﻿

$$ (114,806)﻿

(5,339)﻿

(93,218)﻿

Security transferred into Level 3 due to a decrease in observable inputs.

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

2024 Semi-Annual Report61

OAKTREE DIVERSIFIED INCOME FUND INC.
Notes to Consolidated Financial Statements (Unaudited) (continued)
June 30, 2024

This notice is available on the Adviser’s website at https://www.brookfieldoaktree.com/fund/oaktree-diversifiedincome-fund-inc. Any such notice is provided only for informational purposes in order to comply with the requirementsof Section 19(a) of the 1940 Act and not for tax reporting purposes. The tax composition of the Fund’s distributions
for each calendar year is reported on IRS Form 1099-DIV.
Dividends from net investment income and distributions from realized gains from investment transactions havebeen determined in accordance with Federal income tax regulations and may differ from net investment income andrealized gains recorded by the Fund for financial reporting purposes. These differences, which could be temporary
or permanent in nature, may result in reclassification of distributions; however, net investment income, net realized
gains and losses and net assets are not affected.
When Issued, Delayed Delivery Securities and Forward Commitments: The Fund may enter into forward commitments
for the purchase or sale of securities, including on a “when issued” or “delayed delivery” basis, in excess of customary
settlement periods for the type of security involved. In some cases, a forward commitment may be conditioned upon
the occurrence of a subsequent event, such as approval and consummation of a merger, corporate reorganization
or debt restructuring (i.e., a when, as and if issued security). When such transactions are negotiated, the price isfixed at the time of the commitment, with payment and delivery taking place in the future, generally a month or more
after the date of the commitment. While it will only enter into a forward commitment with the intention of actuallyacquiring the security, the Fund may sell the security before the settlement date if it is deemed advisable. Securities
purchased under a forward commitment are subject to market fluctuation, and no interest (or dividends) accrues
to the Fund prior to the settlement date. The Fund will segregate with its custodian cash or liquid securities in an
aggregate amount at least equal to the amount of its outstanding forward commitments.
Investments in Real Estate: The Fund may invest a portion of its assets in public and/or private debt investments
and other real estate assets or real estate-related securities and obligations. The value of these debt investments
and whether and to what extent such investments perform as expected will depend, in part, on the prevailingconditions in the market for real estate investment generally and, in particular, on the value of the underlying realestate asset collateral or real estate-related companies to which such debt investments relate. The real estateindustry is cyclical in nature, and a deterioration of real estate fundamentals in the markets in which the Fundinvests will have an adverse effect on the performance of the Fund’s investments. The value of real estate assets
and real estate-related investments can fluctuate for various reasons. Real estate values can be seriously affectedby interest rate fluctuations, changes in general and local economic conditions, bank liquidity, the availability offinancing, changes in environmental and zoning laws, overbuilding and increased competition, changes in supply
and demand fundamentals, an increase in property taxes, casualty or condemnation losses, bankruptcy or financial
difficulty of a major tenant, regulatory limitations on rent, increased mortgage defaults and the availability of mortgage
funds which may render the sale or refinancing of properties difficult or impracticable. Reductions in value or cash
flow could impair the Fund’s ability to make distributions to Common Shareholders, adversely impact its ability toeffectively achieve its investment objective and reduce overall returns on investments.
Investments in Real Estate Loans: While the Fund intends to invest primarily in “performing” real estate debt
securities, real estate loans underlying the securities acquired by the Fund may be non-performing at the time of
their acquisition and/or may become non-performing following their acquisition for a wide variety of reasons. Such
non-performing real estate loans may require a substantial amount of workout negotiations and/or restructuring,which may entail, among other things, a substantial reduction in the interest rate and a substantial writedown of
the principal of such loan. However, even if a restructuring were successfully accomplished, a risk exists that, uponmaturity of such real estate loan, replacement “takeout” financing will not be available. Purchases of participations
in real estate loans raise many of the same risks as investments in real estate loans and also carry risks of illiquidity
and lack of control.
Collateralized Loan Obligations (“CLOs”): The Fund may invest in CLOs and other securitizations, which are
generally limited recourse obligations of the issuer (“Securitization Vehicles”) payable solely from the underlying
assets (“Securitization Assets”) of the issuer or proceeds thereof. Holders of equity or other securities issued by
Securitization Vehicles must rely solely on distributions on the Securitization Assets or proceeds thereof for payment
in respect thereof. Consequently, the Fund will typically not have any direct rights against the issuer of, or the entitythat sold, assets underlying the securitization. The Securitization Assets may include, without limitation, broadly

62

OAKTREE DIVERSIFIED INCOME FUND INC.
Notes to Consolidated Financial Statements (Unaudited) (continued)
June 30, 2024

syndicated leverage loans, middle-market bank loans, CDO debt tranches, trust preferred securities, insurance
surplus notes, asset-backed securities, mortgages, REITs, high-yield bonds, mezzanine debt, second-lien leverageloans, credit default swaps and emerging market debt and corporate bonds, which are subject to liquidity, market
value, credit, interest rate, reinvestment and certain other risks.
New Accounting Pronouncements: In December 2022, the Financial Accounting Standards Board issued an
Accounting Standards Update, ASU 2022-06, Reference Rate Reform (Topic 848) — Deferral of the Sunset Dateof Topic 848 (“ASU 2022-06”). ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance
to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered basedreference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends
the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying
ASU 2022-06.
3. Derivative Financial Instruments
The Fund may purchase and sell derivative instruments such as exchange-listed and over-the counter put and call
options on securities, financial futures, equity, fixed-income and interest rate indices, and other financial instruments.
It may purchase and sell financial futures contracts and options thereon. Moreover, the Fund may enter into various
interest rate transactions such as swaps, caps, floors or collars and enter into various currency transactions such as
forward currency contracts, currency futures contracts, currency swaps or options on currency or currency futuresor credit transactions and credit default swaps. The Fund may also purchase derivative instruments that combine
features of several of these instruments. The Fund may invest in, or enter into, derivatives for a variety of reasons
including to hedge certain market risks, to provide a substitute for purchasing or selling particular securities or toincrease potential income gain.
Forward Currency Contracts: A forward currency contract (“forward contract”) is an agreement between two parties
to buy or sell a currency at an agreed upon price for settlement at a future date. During the period the forward
contract is in existence, changes in the value of the forward contract will fluctuate with changes in the currency
exchange rates. The forward contract is marked to market daily and these changes are recorded as an unrealized
gain or loss. Gain or loss on the purchase or sale of a forward contract is realized on the settlement date.
The Fund invests in forward contracts to hedge against fluctuations in the value of foreign currencies causedby changes in the prevailing currency exchange rates. The use of forward contracts involves the risk that thecounterparties may be unable to meet the terms of their contracts and may be negatively impacted from unanticipatedmovements in the value of a foreign currency relative to the U.S. dollar.
The average quarterly U.S. dollar value of forward currency contracts to be delivered or received during thesix months ended June 30, 2024 was $57,266,843, which represents the volume of activity during the period.
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 andcan 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 ofthe 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, the Fund records a realized gain orloss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’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 in prevailing market interest rates. Should interest rates move unexpectedly, the Fund may
not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futurestransactions 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.
The average quarterly notional value of futures contracts outstanding during the six months ended June 30, 2024
was $8,610,708, which represents the volume of activity during the period.
2024 Semi-Annual Report63

OAKTREE DIVERSIFIED INCOME FUND INC.
Notes to Consolidated Financial Statements (Unaudited) (continued)
June 30, 2024

Credit Default Swap Agreements: Credit default swap agreements may involve greater risks than if the Fund hadinvested in the reference obligation directly since, in addition to general market risks, credit default swaps are
subject to illiquidity risk, counterparty risk and credit risk. A buyer generally also will lose its investment and recovernothing should no credit event occur and the swap is held to its termination date. If a credit event were to occur,the value of any deliverable obligation received by the seller (if any), coupled with the upfront or periodic payments
previously received, may be less than the full notional value it pays to the buyer, resulting in a loss of value to theseller. When the Fund acts as a seller of a credit default swap, it is exposed to many of the same risks of leveragedescribed herein since if an event of default occurs, the seller must pay the buyer the full notional value of thereference obligation.
Although the Fund may seek to realize gains by selling credit default swaps that increase in value, to realize gains on
selling credit default swaps, an active secondary market for such instruments must exist or the Fund must otherwise
be able to close out these transactions at advantageous times. In addition to the risk of losses described above, if
no such secondary market exists or the Fund is otherwise unable to close out these transactions at advantageous
times, selling credit default swaps may not be profitable for the Fund.
The Fund did not have any swap contracts outstanding during the six months ended June 30, 2024.
The following table sets forth the fair value of the Fund’s derivative instruments:
Derivatives

Forward currency contracts�����
Forward currency contracts�����
Futures contracts���������������������

Value as of June 30,
2024

Consolidated Statement of Assets and Liabilities

Unrealized appreciation on forward currency contracts (assets)
Unrealized depreciation on forward currency contracts (liabilities)
Payable for variation margin (liabilities)

$ 739,642(147,119)(8,438)﻿

The following table sets forth the effect of derivative instruments on the Consolidated Statement of Operations forthe six months ended June 30, 2024:
Derivatives

Location of Gains (Losses) on
Derivatives Recognized in Income

Forward currency contracts�������
Futures contracts�����������������������

Forward currency contracts
Futures contracts

Net Realized Loss

Net Change in
Unrealized Appreciation

$ (427,161)(190,823)

$ 1,538,287
33,477

The Fund has not offset derivative assets and liabilities or financial assets, including cash, that may be received or
paid as part of collateral arrangements. There is no enforceable master netting agreement in place that provides
the Fund, in the event of counterparty default, the right to liquidate collateral and the right to offset a counterparty’s
rights and obligations.
Below is the gross and net information about instruments and transactions eligible for offset in the Consolidated
Statement of Assets and Liabilities as well as instruments and transactions subject to an agreement similar to amaster netting arrangement as of June 30, 2024:
Collateral

Assets:Forward currency contracts�����
Liabilities:
Forward currency contracts�����

64

Gross
Amounts

Gross
Amounts
Offset in theConsolidated
Statement of
Assets andLiabilities

Net Amounts
Presented in
the Consolidated
Statementof Assets andLiabilities

Non-CashCollateral(Pledged)
Received

Collateral
Pledged(Received)

Net Amount$ 739,642

$ —$ 739,642

$ —

$ —

$ 739,642

$ 147,119

$ —

$ (147,119)

$ —

$ —

$ (147,119)

OAKTREE DIVERSIFIED INCOME FUND INC.
Notes to Consolidated Financial Statements (Unaudited) (continued)
June 30, 2024

4. Investment Advisory Agreement and Transactions with Related Parties
The Fund has entered into an Investment Advisory Agreement (the “Advisory Agreement”) with the Adviser underwhich the Adviser is responsible for the management of the Fund’s portfolio and provides the necessary personnel,
facilities, equipment and certain other services necessary to the operations of the Fund. The Advisory Agreement
provides that the Fund shall pay the Adviser a monthly fee for its services at an annual rate of 1.25% of the Fund’s
average daily net assets plus the amount of borrowing for investment purposes (“Managed Assets”).
Pursuant to an operating expense limitation agreement (the “Expense Limitation Agreement”), the Adviser has
contractually agreed to waive all or a portion of its investment advisory fees and/or to reimburse certain expensesof the Fund, including organizational expenses and offering costs, to the extent necessary to maintain the Total
Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement (excluding any front-end orcontingent deferred sales loads, brokerage commissions and other transactional expenses, acquired fund feesand expenses, interest (including, “Interest Payments on Borrowed Funds”), taxes, and extraordinary expenses,
such as litigation; and other expenses not incurred in the ordinary course of the Fund’s business) at no more than
2.10% for Class D shares and 2.85% for Class T shares. The Expense Limitation Agreement will continue until
at least April 30, 2025 and may not be terminated by the Fund or the Adviser before such time. Thereafter, theExpense Limitation Agreement may only be terminated or amended to increase the expense cap, provided thatin the case of a termination by the Adviser, the Adviser will provide the Board with written notice of its intention
to terminate the arrangement prior to the expiration of its then current term. Any waivers and/or reimbursements
made by the Adviser are subject to recoupment from the Fund for a period not to exceed three years after
the occurrence of the waiver and/or reimbursement, provided that the Fund may only make repayments to theAdviser if such repayment does not cause the Fund’s expense ratio (after the repayment is taken into account)
to exceed the lesser of: (1) the expense cap in place at the time such amounts were waived; and (2) the Fund’s
current expense cap.
The amount of investment advisory fees waived and/or expenses reimbursed available to be recouped before
expiration is $49,066 which will expire during the fiscal year ending December 31, 2026. For the six months ended
June 30, 2024, the Adviser recouped previously waived eligible expenses of $214,416 which is reflected on the
Fund’s Consolidated Statement of Operations.
The Fund has entered into an administration agreement (“Administration Agreement”) with the Administrator and a
sub-administration agreement with U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund
Services (the “Sub-Administrator”). The Administrator and the Sub-Administrator perform administrative services
necessary for the operation of the Fund, including maintaining certain books and records of the Fund and preparing
reports and other documents required by federal, state and other applicable laws and regulations, and providing theFund with administrative office facilities. The Adviser is responsible for any fees due to the Administrator and theFund is responsible for any fees due to the Sub-Administrator.
Certain officers and/or directors of the Fund are officers and/or employees of the Administrator.
5. Purchases and Sales of Investments
For the six months ended June 30, 2024, purchases and sales of investments (including principal payups andpaydowns), excluding short-term securities and U.S. government securities, were $108,120,838 and $52,984,025,
respectively.
For the six months ended June 30, 2024, there were no purchases and sales of long-term U.S. Government
securities.
6. Credit Facility
The Fund has established a Senior Secured Revolving Credit Facility (the “Credit Facility”) in the aggregate principal
amount of up to $75,000,000 with Sumitomo Mitsui Banking Corporation (“Sumitomo”) for investment purposes subject
to the limitations of the 1940 Act for borrowings by registered investment companies. The Credit Facility stated maturity
date is December 31, 2025. The Fund pays interest in the amount of the Secured Overnight Financing Rate plus 1.25%
2024 Semi-Annual Report

65

OAKTREE DIVERSIFIED INCOME FUND INC.
Notes to Consolidated Financial Statements (Unaudited) (continued)
June 30, 2024

on the Credit Facility outstanding if the borrowing is a Eurodollar Loan as defined in the Credit Facility agreement, or thehighest 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 a one (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 is unused. For
the six months ended June 30, 2024, the Fund amortized $76,032 in deferred debt issuance costs and is included in
the interest expense on credit facility line on the Fund’s Consolidated Statement of Operations.
As of June 30, 2024, the Fund had outstanding borrowings of $40,000,000. For the six months ended June 30,
2024, the components of interest and unused commitment fees expense, average stated interest rates (i.e., rate ineffect plus the spread) and average outstanding balances for the Credit Facility were as follows:
Stated interest expense ��������������������������������������������������������������������������������������������������������������������������������������������������������� $1,277,726
70,437
Unused commitment fees�������������������������������������������������������������������������������������������������������������������������������������������������������
76,032
Amortization of debt issuance costs�������������������������������������������������������������������������������������������������������������������������������������
Total interest expense and credit facility fees��������������������������������������������������������������������������������������������������������������������� $1,424,195
7.18%
Average stated interest rate���������������������������������������������������������������������������������������������������������������������������������������������������
Average outstanding balance ����������������������������������������������������������������������������������������������������������������������������������������������� $35,192,308

According to terms of the Credit Facility agreement, the Fund is required to comply with various covenants, reporting
requirements and other customary requirements for similar revolving credit facilities, including, without limitation,covenants related to maintaining a ratio of total assets (less total liabilities other than senior securities representing
indebtedness) to senior securities representing indebtedness of the Fund of not less than 300%. These covenants
are subject to important limitations and exceptions that are described in the documents governing the Credit Facility.
As of June 30, 2024, the Fund was in compliance with the terms of the Credit Facility.
7. Capital Shares
The Fund is authorized to issue up to 1,000,000,000 shares of common stock, $0.001 par value pershare, 500,000,000 of which have been classified as Class D shares and 500,000,000 of which have been classified
as Class T shares (collectively, “Shares” and respectively, “Class D shares” and “Class T shares”). As of June 30,
2024, the Adviser owned 59% of the shares outstanding of Class D shares. The Board may, without any action by
the shareholders, amend the Charter from time to time to increase or decrease the aggregate number of sharesor the number of shares of any class or series that the Fund has authority to issue under the Charter and the 1940
Act. In addition, the Charter authorizes the Board, without any action by the shareholders, to classify and reclassify
any unissued common shares and preferred stock into other classes or series of shares from time to time bysetting or changing the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as
to distributions, qualifications and terms and conditions of redemption for each class or series. Although the Fundhas no present intention of doing so, it could issue a class or series of shares that could delay, defer or prevent atransaction or a change in control of the Fund that might otherwise be in the shareholders’ best interests. Under
Maryland law, shareholders generally are not liable for the Fund’s debts or obligations.
All common shares offered will be, upon issuance, duly authorized, fully paid and nonassessable. Holders ofcommon shares are entitled to receive distributions when authorized by the Board and declared by the Fundout of assets legally available for the payment of distributions. Holders of common shares have no preference,
conversion, exchange, sinking fund, redemption or appraisal rights and have no preemptive rights to subscribe forany of the Fund’s securities. All common shares have equal distribution, liquidation and other rights. The Fund may
offer multiple classes of common shares, which may be subject to differing fees and expenses. Distributions mayvary among the classes as a result of the different fee structure of the classes.

66

OAKTREE DIVERSIFIED INCOME FUND INC.
Notes to Consolidated Financial Statements (Unaudited) (continued)
June 30, 2024

8. Repurchase Offers
As a continuously offered, closed-end interval fund, the Fund has adopted a fundamental investment policy to makeoffers to repurchase Shares in order to provide liquidity to shareholders. No shareholder will have the right to require
the Fund to repurchase its Shares, except as permitted by the Fund’s Interval Fund structure. No public market for
the Shares exists, and none is expected to develop in the future. Consequently, shareholders generally will not beable to liquidate their investment other than as a result of repurchases of their Shares by the Fund, and then only
on a limited basis.
The Fund has adopted, pursuant to Rule 23c-3 under the 1940 Act, a fundamental policy, which cannot be changed
without shareholder approval, requiring the Fund to offer to repurchase at least 5% and up to 25% of its Shares at
NAV on a quarterly basis.
During the six months ended June 30, 2024, the Fund completed two quarterly repurchase offers in which the Fundoffered to repurchase up to 10% of its outstanding shares. The result of the repurchase offers were as follows:
Commencement Date����������������������������������������������������������������������������������������������������������
Repurchase Request Deadline������������������������������������������������������������������������������������������
Repurchase Pricing Date����������������������������������������������������������������������������������������������������
Dollar Amount Repurchased ����������������������������������������������������������������������������������������������
Shares Repurchased�����������������������������������������������������������������������������������������������������������

Repurchase Offer #1

Repurchase Offer #2

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

April 8, 2024
May 13, 2024
May 13, 2024
$1,394,735
153,436

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

2024 Semi-Annual Report

67

OAKTREE DIVERSIFIED INCOME FUND INC.
Notes to Consolidated Financial Statements (Unaudited) (continued)
June 30, 2024

The tax character of distributions paid for the year ended December 31, 2023 shown below were as follows:Year Ended
December 31,
2023

Ordinary income�����������������������������������������������������������������������������������������������������������������������������������������������������������������
Total �������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������

$15,645,010$15,645,010

At December 31, 2023, the Fund’s most recently completed tax year-end, the components of net assets (excluding
paid-in capital) on a tax basis were as follows:
Capital loss carryforwards(1)���������������������������������������������������������������������������������������������������������������������������������������������������� $(4,395,889)(1,097,923)
Late year ordinary losses��������������������������������������������������������������������������������������������������������������������������������������������������������
18,656
Other accumulated gains��������������������������������������������������������������������������������������������������������������������������������������������������������
Tax basis unrealized depreciation on investments and foreign currency ���������������������������������������������������������������������� (10,453,914)
Total tax basis net accumulated losses�������������������������������������������������������������������������������������������������������������������������������� $(15,929,070)(1)

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

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

Gross Unrealized Appreciation

Gross Unrealized Depreciation

Net Unrealized Depreciation

$275,528,036

$4,512,189

$(14,966,103)

$(10,453,914)

Capital Account Reclassifications: Because federal income tax regulations differ in certain respects from GAAP,
income and capital gain distributions, if any, determined in accordance with tax regulations may differ from net
investment income and realized gains recognized for financial reporting purposes. These differences are primarily
due to differing treatments for Section 988 currency. Permanent book and tax differences, if any, will result in
reclassifications to paid-in capital or to undistributed capital gains. These reclassifications have no effect on net
assets or NAV per share. Any undistributed net income and realized gain remaining at fiscal year end is distributedin the following year.
10. Indemnifications, Commitments and Contingencies
Under the Fund’s organizational documents, its officers and directors are indemnified against certain liabilities
arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund
enters into contracts with its vendors and others that provide for indemnification. The Fund’s maximum exposure
under these arrangements is unknown, since this would involve the resolution of certain claims, as well as future
claims that may be made, against the Fund. Thus, an estimate of the financial impact, if any, of these arrangements
cannot be made at this time. However, based on experience, the Fund expects the risk of loss due to thesewarranties and indemnities to be unlikely.
In conjunction with the ownership of senior loans, the Fund is party to certain credit agreements, which may require
the Fund to extend additional loans to investee companies. Commitments to extend credit include loan proceeds
the Fund is obligated to advance, such as delayed draws or revolving credit arrangements. Commitments generally
have fixed expiration dates or other termination clauses. Unrealized gains or losses associated with unfunded
commitments are recorded in the consolidated financial statements and reflected as an adjustment to the fair valueof the related security in the Consolidated Schedule of Investments. The par amount of the unfunded commitments

68

OAKTREE DIVERSIFIED INCOME FUND INC.
Notes to Consolidated Financial Statements (Unaudited) (continued)
June 30, 2024

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

Commencement Date�����������������������������������������������������������������������������������������������������������������������������������������������������
Repurchase Request Deadline�������������������������������������������������������������������������������������������������������������������������������������
Repurchase Pricing Date�����������������������������������������������������������������������������������������������������������������������������������������������
Dollar Amount Repurchased �����������������������������������������������������������������������������������������������������������������������������������������
Shares Repurchased������������������������������������������������������������������������������������������������������������������������������������������������������

July 8, 2024
August 12, 2024
August 12, 2024
$16,577,496﻿
1,813,730﻿

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

2024 Semi-Annual Report

69

OAKTREE DIVERSIFIED INCOME FUND INC.
﻿Proxy Results (Unaudited)

The stockholders of Oaktree Diversified Income Fund Inc. voted on the following proposals at a special meetingof stockholders held on Thursday, June 20, 2024, at 8:00 a.m., Eastern Time. The description of the proposal andnumber of shares voted are as follows:
SharesVoted
For
1.1 To elect to the Fund’s Board of Directors Betty A. Whelchel, as an
Independent Director Nominee ��������������������������������������������������������������������
1.2 To elect to the Fund’s Board of Directors Brian F. Hurley, as an
Interested Director Nominee ������������������������������������������������������������������������

70

Shares
Voted
AgainstShares
Voted
Abstain

22,253,381

971,477

26,384

23,227,624—﻿

23,618OAKTREE DIVERSIFIED INCOME FUND INC.
﻿Board Considerations Relating to the Approval of the Investment Advisory Agreement (Unaudited)

The Board of Directors (the “Board,” the members of which are referred to as “Directors”) of Oaktree Diversified Income
Fund Inc. (the “Fund”), including the Directors who are not “interested persons,” as defined in Section 2(a)(19) of
the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”), of the Fund,considered and approved the continuation of the Investment Advisory Agreement (the “Advisory Agreement”)
between the Fund and Oaktree Fund Advisors, LLC (the “Adviser” or “Oaktree”) for a successive one-year period at
an in-person meeting held on May 22-23, 2024 (the “Meeting”).
In accordance with Section 15(c) of the 1940 Act, the Board requested, and Oaktree provided, materials relating
to the Board’s consideration of whether to approve the continuation of the Advisory Agreement for the Fund.
These materials included, among other things: (a) a summary of the services provided to the Fund by Oaktree;(b) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an
independent third-party provider of mutual fund data, on fees and expenses of the Fund, as compared with a peergroup and/or peer universe of funds, as applicable; (c) information on the profitability of Oaktree; (d) information
about Oaktree’s general compliance policies and procedures and the services that it provides; (e) any “fall-out”
benefits to Oaktree (i.e., ancillary benefits realized by Oaktree from its relationship with the Fund); (f) information
relating to economies of scale; (g) information on Oaktree’s risk management processes; (h) information regarding
brokerage and soft dollar practices; and (i) information about the key personnel of Oaktree who are involved in theinvestment management, administration, compliance and risk management activities with respect to the Fund, as
well as current and projected staffing levels and compensation practices. In determining whether to approve theAdvisory Agreement, the Board, including the Independent Directors considered a series of factors, to the extent
applicable, including the role of Brookfield Public Securities Group LLC (“Brookfield”) as the Fund’s administrator.
In determining whether to approve the continuation of the Advisory Agreement, the Board, including the Independent
Directors, considered at the Meeting, and from time to time, as appropriate, factors that it deemed relevant. The
following discusses the primary factors relevant to the Board’s decision.
THE NATURE, EXTENT AND QUALITY OF THE SERVICES TO BE PROVIDED BY THE ADVISER. In considering
the nature, extent and quality of the services provided by the Adviser to the Fund, the Board considered the
responsibilities that the Adviser had to the Fund, including the provision of investment advisory services to theFund, compliance with the Fund’s investment objectives and strategies, review of brokerage matters including withrespect to trade allocation and best execution, oversight of general fund compliance with federal and state laws,
and the implementation of Board directives as they relate to the Fund. The Board also considered the Adviser’s risk
assessment and monitoring process, and the Adviser’s current level of staffing and its overall resources, as well as
information regarding its investment personnel who provide services to the Fund. The Board also considered thepersonnel responsible for providing advisory services to the Fund and other key personnel of Oaktree, in addition to
the current and projected staffing levels and compensation practices. The Board concluded, based on the Directors’
experience and interaction with Oaktree, that: (i) Oaktree would continue to be able to retain high quality personnel;(ii) Oaktree has exhibited a high level of diligence and attention to detail in carrying out its advisory and other
responsibilities under the Advisory Agreement; (iii) Oaktree and Brookfield have been responsive to requests of
the Board; and (iv) Oaktree and Brookfield have kept the Board apprised of developments relating to the Fundand the industry in general. The Board also considered Oaktree’s investment process and philosophy, as wellas its responsibilities that include the development and maintenance of an investment program for the Fund thatis consistent with the Fund’s investment objectives, the selection of investment securities and the placement oforders for the purchase and sale of such securities, as well as the implementation of compliance controls related
to performance of these services.
Additionally, the Board observed that pursuant to administration agreement with the Fund (the “Administration
Agreement”), Brookfield, an indirect wholly-owned subsidiary of Brookfield Asset Management ULC, provides
administrative services reasonably necessary for the Fund’s operations, other than those services that the Adviser
provides to the Fund pursuant to the Advisory Agreement, including, among other responsibilities, the preparationand coordination of reports and other materials to be supplied to the Board; prepare and/or supervise the preparationand filing with the applicable regulatory authority of all securities filings, periodic financial reports, prospectuses,
statements of additional information, marketing materials, tax returns, shareholder reports and other regulatory
reports and filings required of the Fund; supervise and monitor the preparation of all required filings necessary
to maintain the Fund’s qualification and/or registration to sell shares in all states where the Fund currently does,or intends to do business; coordinate the preparation, printing and mailing of all materials required to be sent
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OAKTREE DIVERSIFIED INCOME FUND INC.
﻿Board Considerations Relating to the Approval of the Investment Advisory Agreement (Unaudited) (continued)

to shareholders; coordinate the preparation and payment of Fund-related expenses; monitor and oversee theactivities of the Fund’s other service providers; review and adjust as necessary the Fund’s daily expense accruals;
monitor daily, monthly and periodic compliance with respect to the federal and state securities laws; send periodic
information (i.e., performance figures) to service organizations that track investment company information; andperform such additional services as may be agreed upon by and among the Fund, Brookfield and Oaktree. The
Board also noted that although Brookfield does not receive any compensation from the Fund under the Administration
Agreement, Brookfield may receive compensation for its administrative services to the Fund from the Adviser outof its management fees. The Board also observed that Brookfield is responsible for the coordination and oversightof the Fund’s third-party service providers. As a result, in addition to the quality of the advisory services provided
by Oaktree pursuant to the Advisory Agreement, the Board also considered the quality of the administrative andother services provided by Brookfield to the Fund pursuant to the Administration Agreement. In connection with theadministrative services provided by Brookfield, the Board analyzed the structure and duties of Brookfield’s fundadministration and accounting, operations and its legal and compliance departments to determine whether they areadequate to meet the needs of the Fund.
The Board’s conclusion was based, in part, upon the following: (i) a comprehensive description of the investment
advisory and other services provided to the Fund; (ii) a list of personnel who furnish such services and a descriptionof their duties and qualifications; (iii) performance data with respect to the Fund, including comparable investmentcompanies and accounts managed by Oaktree; (iv) standardized industry performance data with respect tocomparable investment companies and the performance of appropriate recognized indices; (v) recent financial
statements of Oaktree and Brookfield; (vi) Oaktree’s and Brookfield’s culture of compliance and their commitment
to compliance generally, as well as their risk management processes and attention to regulatory matters; and(vii) Oaktree’s reputation and its experience serving as an investment adviser and the experience of the teamof portfolio managers that manage the Fund, as well as its experience serving as an investment adviser to otherinvestment fund and institutional clients. The Board also reviewed Oaktree’s compliance and regulatory history
and noted that there were no material regulatory or compliance issues that would potentially impact Oaktree from
effectively serving as the investment adviser to the Fund. The Board concluded that the nature, extent and qualityof the overall services provided under the Advisory Agreement, as well as the administrative services provided by
Brookfield, were reasonable and appropriate in relation to the management fees and that the quality of services
continues to be high.
THE PERFORMANCE OF THE FUND AND THE ADVISER. The Board, including the Independent Directors, also
considered the investment performance of the Fund. The Board noted that it regularly reviews the performanceof the Fund throughout the year. The Board further noted that, while it monitors performance of the Fund closely,
performance information for the Fund is limited because the Fund has been in operation for just over one year. The
Board considered the investment performance of the Fund in view of its importance to shareholders. In connection
with this review, the Board received information regarding the investment performance of the Fund as compared toa group of funds with investment classifications and/or objectives comparable to those of the Fund (“Peer Universe”)
and to an appropriate index or combination of indices identified by Broadridge (the “Broadridge Index”), as well asa focused peer group identified by Brookfield (“Peer Group”) and the Fund’s benchmark index (the “Benchmark
Index”). At the Meeting, management also discussed the methodology used by Oaktree to select the funds includedin the Peer Group. The performance information was presented for the periods ended March 31, 2024.
Oaktree Diversified Income Fund. The Board noted that the Fund’s performance was below the median of its Peer
Universe for the one-year period (fourth quintile) and was above the median for the since inception period (third
quintile). The Board further noted that the Fund outperformed its Broadridge Index for the one-year period and since
inception period. In addition, the Board considered that the Fund’s performance was below the median of its Peer
Group for the quarter ended March 31, 2024, below the median of its Peer Group for the one-year period, and below
the median since inception. Finally, the Board noted that the Fund outperformed its Benchmark Index for the quarter
ended March 31, 2024, and underperformed its Benchmark Index for the one-year and since inception periods.
THE COST OF THE ADVISORY SERVICES, AND THE PROFITABILITY TO THE ADVISER AND ITS AFFILIATESFROM THEIR RELATIONSHIP WITH THE FUND. The Board also received information regarding the management
fees to be paid by the Fund to Oaktree pursuant to the Advisory Agreement. The Board examined this informationin order to determine the reasonableness of the fees in light of the nature and quality of services to be provided andany potential additional benefits to be received by Oaktree, Brookfield or their affiliates in connection with providing
such services to the Fund.
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﻿Board Considerations Relating to the Approval of the Investment Advisory Agreement (Unaudited) (continued)

To assist in analyzing the reasonableness of the management fees for the Fund, the Board received reports
independently prepared by Broadridge. The reports showed comparative fee and expense information for the
Fund’s expense group (“Expense Group”) and expense universe (“Expense Universe”), including rankings withineach category, as determined by Broadridge. Brookfield identified the funds eligible for inclusion in the Expense
Group. In considering the reasonableness of the management fees to be paid by the Fund to Oaktree, the Board
was presented with a number of expense comparisons, including: (i) contractual and actual management fees; and(ii) actual total operating expenses. In considering the Fund’s total operating expenses, the Board also considered
the level of fee waivers and expense reimbursements, as applicable, and the net expense caps contractuallyagreed upon by Oaktree with respect to the Fund. The Board acknowledged that it was difficult to make precise
comparisons with other funds in the Expense Group and Expense Universe since the exact nature of services
provided under the various fund agreements is often not apparent. The Board noted, however, that the comparative
fee information provided by Broadridge as a whole was useful in assessing whether Oaktree was providing services
at a cost that was competitive with other, similar funds. The Fund’s fee and expense rankings are discussed below
relative to the median of the applicable expense grouping. In reviewing the expense rankings, the Board noted thata fund with fees and expenses that were below the median had fees and expenses that were less than the medianfees and expenses of its peer group, while a fund with fees and expenses that were above the median had fees andexpenses that were higher than the median fees and expenses of its peer group. The fund with the lowest expenses
is ranked first and the fund with the highest expenses is ranked last within the applicable expense grouping.
Oaktree Diversified Income Fund. The Board considered and took note of the following with respect to theFund: (i) the Fund’s contractual management fees at common asset levels ($250 million) were at the median of its
Expense Group (ranked 3/5); (ii) the Fund’s actual total expenses for common and leveraged assets were below themedian of its Expense Group (ranked 1/5) and above the median of its Expense Universe (ranked 45/65); (iii) the
Fund’s actual total expenses for only common assets were below the median of its Expense Group (ranked 1/5) andExpense Universe (ranked 32/65); (iv) the Fund’s actual total expenses (excluding investment related expenses
and taxes) for common and leveraged assets were at the median of its Expense Group (ranked 3/5) and above
the median of the Expense Universe (ranked 65/65); (v) the Fund’s actual total expenses (excluding investment
related expenses and taxes) for only common assets were below the median of its Expense Group (ranked 1/5) andabove the median of the Expense Universe (ranked 58/65); (vi) the Fund’s actual management fees for common
and leveraged assets were at the median of its Expense Group (ranked 3/5) and above the median of its Expense
Universe (ranked 62/65); (vii) the Fund’s actual management fees for only common assets were below the medianof its Expense Group (ranked 1/5) and above the median of the Expense Universe (ranked 50/65); (viii) the Fund’s
actual non-management expenses for common and leveraged assets were above the median of its Expense Group(ranked 5/5) and Expense Universe (ranked 58/65); (ix) the Fund’s investment related expenses and taxes forcommon and leveraged assets were below the median of its Expense Group (ranked 1/5) and Expense Universe(ranked 9/65); (x) the Fund’s investment related expenses and taxes for only common assets were below themedian of its Expense Group (ranked 1/5) and Expense Universe (ranked 4/65).
The Board was also asked to consider the management fees received by Oaktree with respect to other funds
and accounts with similar investment strategies to the Fund, which include institutional and separately managed
accounts. In comparing these fees, the Board considered certain differences between these accounts and the Fund,
including the broader and more extensive scope of services provided to the Fund in comparison to institutional or
separately managed accounts; the greater financial, regulatory and reputational risks in managing the Fund; andthe impact on Oaktree and expenses associated with the more extensive regulatory regime to which the Fund issubject as compared to institutional or separately managed accounts.
The Board also considered Oaktree’s profitability and the benefits Oaktree and its affiliates received from its
relationship with the Fund. Firstly, the Board noted that the Adviser had entered into a contractual expense limitation
waiver for the Fund, in order to limit the Fund’s net operating expenses. The Board then reviewed Oaktree’s financial
information and considered whether Oaktree had the financial resources necessary to attract and retain high quality
investment management personnel and to provide a high quality of services. Additionally, the Board considered thereasonableness of the management fees payable under the Advisory Agreement and took into account that the fees
were consistent with management fees that Oaktree charged to comparable funds.

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OAKTREE DIVERSIFIED INCOME FUND INC.
﻿Board Considerations Relating to the Approval of the Investment Advisory Agreement (Unaudited) (continued)

The Board concluded that Oaktree and Brookfield had the financial resources necessary to perform their obligations
under the Advisory Agreement and the Administration Agreement, respectively, and to continue to provide the Fundwith the high quality services provided in the past. The Board also concluded that the management fees werereasonable in light of the factors discussed above.
THE EXTENT TO WHICH ECONOMIES OF SCALE WILL BE REALIZED AS THE FUND GROWS AND
WHETHER FEE LEVELS REFLECT THOSE ECONOMIES OF SCALE. The Board, including the Independent
Directors, considered whether shareholders would benefit from economies of scale and whether there waspotential for future realization of economies with respect to the Fund. The Board considered that as a result of
being part of the Brookfield Fund Complex, the constituent funds, including the Fund, share common resources
and may share certain expenses, and if the size of the complex increases, the Fund could incur lower expenses
than it otherwise would achieve as a stand-alone entity. The Board noted, however, that although shareholders
might benefit from lower operating expenses as a result of an increasing amount of assets spread over the fixed
expenses of the Fund’s expense limitation agreement with the Adviser served to limit the Fund’s expenses until
the Fund had the opportunity to grow its assets. The Board concluded that the management fee structure wasreasonable in light of the factors discussed above.
OTHER FACTORS. In consideration of the Advisory Agreement, the Board also received information regarding
Oaktree’s brokerage and soft dollar practices. The Board noted that, although Oaktree currently does not have any
soft dollar arrangement in place, it follows the soft dollar practices and record keeping rules as promulgated under
Section 28(e) of the Securities Exchange Act of 1934, as amended, and Rule 204-2 of the Investment Advisers
Act of 1940, as amended. The Board considered that Oaktree is responsible for decisions to buy and sell securities
for the Fund, selection of broker-dealers and negotiation of commission rates. The Board noted that it receives
reports from Brookfield that include information on brokerage commissions and execution throughout the year. The
Board then considered other benefits that may be realized by Oaktree from its relationship with both Brookfield
and the Fund. Among them, the Board recognized the opportunity to provide advisory services to additional funds
and accounts and the reputational benefits. The Board also considered that Oaktree and Brookfield manage theirinvestment operations independently of each other subject to an information barrier between the firms. The Board
concluded that the benefits that may accrue to the Adviser by virtue of the Adviser’s relationship to the Fund werefair and reasonable in light of the costs of providing investment advisory services to the Fund and the ongoingcommitment of Brookfield and Oaktree to the Fund.

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

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

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

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

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[THIS PAGE IS INTENTIONALLY LEFT BLANK]CORPORATE INFORMATION
Investment Adviser
Oaktree Fund Advisors, LLC
333 South Grand Avenue, 28th Floor
Los Angeles, California 90071
www.oaktreefunds.com
Administrator
Brookfield Public Securities Group LLC
Brookfield Place
225 Liberty Street, 35th Floor
New York, New York 10281-1048
www.brookfield.com
Please direct your inquiries to:Investor Relations
Phone: 1-855-777-8001
E-mail: info@brookfieldoaktree.com
Transfer Agent
Shareholder inquiries relating to distributions, addresschanges and shareholder account information should bedirected to the Fund’s transfer agent:
U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, Wisconsin 53202
1-855-862-5873

Directors of the Fund
Edward A. Kuczmarski
William H. Wright II
Heather S. Goldman
Stuart A. McFarland
Betty Whelchel
Brian F. Hurley﻿

Chair of Board of Directors
Chair of Audit Committee
Chair of Governance Committee
Director
Director﻿Director (Interested)

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

President
Treasurer
Secretary
Chief Compliance Officer
Assistant Treasurer

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

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

brookfieldoaktree.com
info@brookfieldoaktree.com
855-777-8001

2024 Oaktree Fund Advisors, LLC