NPORT-EX 2 dly-nport.htm NPORT-EX

DOS

DoubleLine Yield Opportunities Fund

Schedule of Investments

June 30, 2020 (Unaudited)

Principal Amount         $/Shares		Security Description		Rate				Maturity		Value $
Asset Backed Obligations - 4.8%
6,000,000		Hertz Vehicle Financing II LP, Series 2019-2A-B			3.67%	^		05/25/2025			5,796,261
4,355,508		JOL Air Ltd., Series 2019-1-B			4.95%	^		04/15/2044			2,787,233
1,769,814		Kestrel Aircraft Funding Ltd., Series 2018-1A-A			4.25%	^		12/15/2038			1,483,602
11,327,000		LendingClub Receivables Trust, Series 2020-5A-B			7.50%	^		03/15/2046			11,241,277
7,921,723		Mosaic Solar Loan Trust, Series 2017-1A-R1			0.00%	^		06/20/2042			6,699,678
6,293,934		Prosper Marketplace Issuance Trust, Series 2018-1A-C			4.87%	^		06/17/2024			6,280,511
1,242,559		START Ireland, Series 2019-1-C			6.41%	^		03/15/2044			688,896
4,723,228		Start Ltd., Series 2018-1-A			4.09%	^		05/15/2043			4,279,135
3,149,750		Vantage Data Centers Issuer LLC, Series 2018-1A-A2			4.07%	^		02/16/2043			3,245,100
Total Asset Backed Obligations (Cost $43,342,344)											42,501,693
Bank Loans - 6.3%
994,898		Air Medical Group Holdings, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.25%, 1.00% Floor)			4.25%			04/28/2022			960,330
3,241,226		Almonde, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.50%, 1.00% Floor)			4.50%			06/13/2024			2,848,600
		American Tire Distributors, Inc., Senior Secured First Lien Term Loan
2,656,574		(1 Month LIBOR USD + 7.50%, 1.00% Floor, 8.00% PIK)			8.50%			09/02/2024			1,776,106
328,341		(3 Month LIBOR USD + 7.50%, 1.00% Floor, 8.00% PIK)			8.50%			09/02/2024			219,519
2,000,000		Asurion LLC, Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 6.50%)			6.68%			08/04/2025			1,995,000
3,000,000		Avaya, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)			4.43%			12/16/2024			2,779,500
975,000		BellRing Brands LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.00%, 1.00% Floor)			6.00%			10/21/2024			972,411
		BI-LO LLC, Senior Secured First Lien Term Loan
1,596,274		(2 Month LIBOR USD + 8.00%, 1.00% Floor)			9.00%			05/31/2024			1,588,955
3,098,650		(3 Month LIBOR USD + 8.00%, 1.00% Floor)			9.00%			05/31/2024			3,084,443
1,492,424		Boxer Parent Company, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)			4.43%			10/02/2025			1,417,721
		Brand Energy & Infrastructure Services, Inc., Senior Secured First Lien Term Loan
263,641		(3 Month LIBOR USD + 4.25%, 1.00% Floor)			5.29%			06/21/2024			242,330
228,821		(3 Month LIBOR USD + 4.25%, 1.00% Floor)			5.64%			06/21/2024			210,324
4,974		(3 Month LIBOR USD + 4.25%, 1.00% Floor)			5.25%			06/21/2024			4,572
498,958		Castle US Holding Corporation, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.75%)			4.06%			01/29/2027			457,794
2,992,500		Connect U.S. Finco LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%, 1.00% Floor)			5.50%			12/11/2026			2,826,057
2,500,000		Diamond Incremental (1 Month LIBOR USD + 5.00%, 1.00% Floor)			6.00%			09/06/2024			2,453,125
1,982,007		Getty Images, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)			4.69%			02/19/2026			1,773,896
1,000,000		Hyland Software, Inc., Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 7.00%, 0.75% Floor)			7.75%			07/07/2025			991,665
2,238,332		ION Trading Technologies SARL, Senior Secured First Lien Term Loan (6 Month LIBOR USD + 4.00%, 1.00% Floor)			5.07%			11/21/2024			2,163,986
2,984,810		Kindred Healthcare, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.00%)			5.19%			07/02/2025			2,880,342
1,884,401		Klockner-Pentaplast of America, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.25%, 1.00% Floor)			5.25%			06/30/2022			1,774,032
1,000,000		Kronos, Inc., Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 8.25%)			9.25%			11/01/2024			1,004,065
400,000		Mileage Plus Holdings LLC, Senior Secured First Lien Term Loan			6.25%	±		06/25/2027			397,542
3,979,849		Millennium Trust Company LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.00%)			5.18%			03/27/2026			3,697,936
1,000,000		MLN US HoldCo LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)			4.68%			11/28/2025			825,630
994,987		Panther BF Aggregator LP, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)			3.68%			04/30/2026			951,457
497,500		Pregis Topco LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)			4.18%			07/31/2026			481,849
852,183		Staples, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.00%)			5.69%			04/16/2026			739,878
497,500		Sunshine Luxembourg VII SARL, Senior Secured First Lien Term Loan (6 Month LIBOR USD + 4.25%, 1.00% Floor)			5.32%			10/01/2026			478,120
3,250,000		The Edelman Financial Center LLC, Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 6.75%)			6.93%			07/20/2026			2,978,836
5,000,000		TIBCO Software Inc, Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 7.25%)			7.43%			03/03/2028			4,846,900
2,984,694		Trident TPI Holdings, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.00%, 1.00% Floor)			4.07%			10/17/2024			2,856,606
1,250,000		Ultimate Software Group			7.50%	±		05/03/2027			1,274,219
1,525,500		Vertafore, Inc., Senior Secured Second Lien Term Loan			8.62%	±		07/02/2026			1,510,786
Total Bank Loans (Cost $57,449,584)											55,464,532
Collateralized Loan Obligations - 11.8%
1,000,000		Apres Static Ltd., Series 2020-1A-B (3 Month LIBOR USD + 3.75%, 3.75% Floor)			4.18%	^		04/15/2028			1,000,838
1,000,000		Apres Static Ltd., Series 2020-1A-C (3 Month LIBOR USD + 4.30%, 4.30% Floor)			4.73%	^		04/15/2028			992,867
2,500,000		Apres Static Ltd., Series 2020-1A-D (3 Month LIBOR USD + 4.85%, 4.85% Floor)			5.28%	^		04/15/2028			2,438,155
2,300,000		Atrium, Series 15A-D (3 Month LIBOR USD + 3.00%, 3.00% Floor)			4.04%	^		01/23/2031			2,140,104
1,500,000		Barings Ltd., Series 2019-2A-C (3 Month LIBOR USD + 3.85%, 3.85% Floor)			5.07%	^		04/15/2031			1,463,111
750,000		Buttermilk Park Ltd., Series 2018-1A-E (3 Month LIBOR USD + 5.75%, 5.75% Floor)			6.97%	^		10/15/2031			648,085
1,250,000		Canyon Capital Ltd., Series 2015-1A-DR (3 Month LIBOR USD + 3.65%)			4.87%	^		04/15/2029			1,156,224
1,250,000		Canyon Ltd., Series 2020-1A-C (3 Month LIBOR USD + 3.78%, 3.78% Floor)			4.18%	^		07/15/2028			1,267,053
3,000,000		Cathedral Lake Ltd., Series 2013-1A-BR (3 Month LIBOR USD + 2.30%)			3.52%	^		10/15/2029			2,765,103
1,200,000		Cathedral Lake Ltd., Series 2019-1A-C (3 Month LIBOR USD + 3.70%, 3.70% Floor)			4.84%	^		04/20/2031			1,133,851
500,000		Cathedral Lake Ltd., Series 2019-2A-C (3 Month LIBOR USD + 3.70%, 3.70% Floor)			4.92%	^		07/15/2032			467,706
1,068,000		Cathedral Lake Ltd., Series 2019-3A-C1 (3 Month LIBOR USD + 3.75%, 3.75% Floor)			4.89%	^		10/20/2032			1,031,651
1,000,000		Cent Ltd., Series 2014-21A-BR2 (3 Month LIBOR USD + 2.35%)			3.34%	^		07/27/2030			960,020
2,000,000		CIFC Funding Ltd., Series 2014-4RA-C (3 Month LIBOR USD + 3.20%, 3.20% Floor)			4.33%	^		10/17/2030			1,830,511
1,500,000		CIFC Funding Ltd., Series 2015-3A-CR (3 Month LIBOR USD + 1.65%)			2.79%	^		04/19/2029			1,418,620
500,000		CIFC Funding Ltd., Series 2016-1A-D2R (3 Month LIBOR USD + 4.43%)			5.54%	^		10/21/2031			489,953
2,000,000		CIFC Funding Ltd., Series 2020-1A-E (3 Month LIBOR USD + 7.08%, 7.08% Floor)			0.00%	^		07/15/2032			1,980,000
1,000,000		Dryden Ltd., Series 2020-77A-C (3 Month LIBOR USD + 3.70%, 3.70% Floor)			4.07%	^		05/20/2031			999,813
2,000,000		Dryden Ltd., Series 2020-77A-D1 (3 Month LIBOR USD + 5.14%, 5.14% Floor)			5.51%	^		05/20/2031			1,987,954
3,250,000		Elevation Ltd., Series 2013-1A-BR2 (3 Month LIBOR USD + 3.25%, 3.25% Floor)			3.64%	^		08/15/2032			3,237,783
3,000,000		Flatiron Ltd., Series 2018-1A-C (3 Month LIBOR USD + 1.70%, 1.70% Floor)			2.83%	^		04/17/2031			2,792,349
2,250,000		GoldenTree Loan Management Ltd., Series 2018-3A-D (3 Month LIBOR USD + 2.85%)			3.99%	^		04/20/2030			2,087,578
5,000,000		GoldenTree Loan Management Ltd., Series 2019-6A-E (3 Month LIBOR USD + 5.22%, 5.22% Floor)			6.36%	^		01/20/2033			4,112,034
1,500,000		Grippen Park Ltd., Series 2017-1A-C (3 Month LIBOR USD + 2.30%)			3.44%	^		01/20/2030			1,474,793
1,550,000		Highbridge Loan Management Ltd., Series 2013-2A-CR (3 Month LIBOR USD + 2.90%)			4.04%	^		10/20/2029			1,395,958
1,000,000		Highbridge Loan Management Ltd., Series 6A-2015-DR (3 Month LIBOR USD + 5.10%)			5.64%	^		02/05/2031			819,190
1,000,000		Jay Park Ltd., Series 2016-1A-DR (3 Month LIBOR USD + 5.20%, 5.20% Floor)			6.34%	^		10/20/2027			900,357
2,500,000		Madison Park Funding Ltd., Series 2019-36A-D (3 Month LIBOR USD + 3.75%, 3.75% Floor)			5.69%	^		01/15/2033			2,446,094
1,500,000		Madison Park Funding Ltd., Series 2020-45A-E (3 Month LIBOR USD + 7.40%, 7.40% Floor)			0.00%	^		07/15/2031			1,446,237
750,000		Magnetite Ltd., Series 2020-26A-D (3 Month LIBOR USD + 4.56%, 4.56% Floor)			4.76%	^		07/15/2030			749,924
1,000,000		Northwoods Capital Ltd., Series 2018-17A-A (3 Month LIBOR USD + 1.06%, 1.06% Floor)			2.16%	^		04/22/2031			962,190
500,000		OCP Ltd., Series 2020-19A-D (3 Month LIBOR USD + 4.47%, 4.47% Floor)			4.79%	^		07/20/2031			499,215
3,105,000		Octagon Investment Partners Ltd., Series 2014-1A-CRR (3 Month LIBOR USD + 1.90%, 1.90% Floor)			3.00%	^		01/22/2030			2,907,385
2,000,000		Octagon Investment Partners Ltd., Series 2014-1A-CRR (3 Month LIBOR USD + 3.95%, 3.95% Floor)			4.37%	^		02/14/2031			1,968,677
1,500,000		Octagon Investment Partners Ltd., Series 2015-1A-CR (3 Month LIBOR USD + 1.85%)			3.07%	^		07/15/2027			1,449,347
1,000,000		Octagon Investment Partners Ltd., Series 2017-1A-C (3 Month LIBOR USD + 2.40%)			3.54%	^		07/20/2030			971,220
1,460,000		Octagon Investment Partners Ltd., Series 2017-1A-C (3 Month LIBOR USD + 3.50%)			4.64%	^		03/17/2030			1,403,824
1,600,000		Octagon Investment Partners Ltd., Series 2017-1A-D (3 Month LIBOR USD + 3.70%)			4.84%	^		07/20/2030			1,539,943
4,000,000		Octagon Investment Partners Ltd., Series 2019-1A-E (3 Month LIBOR USD + 6.79%, 6.79% Floor)			7.93%	^		07/20/2032			3,698,867
500,000		Octagon Investment Partners Ltd., Series 2020-1A-D (3 Month LIBOR USD + 4.88%, 4.88% Floor)			5.13%	^		04/20/2031			476,450
3,200,000		Octagon Loan Funding Ltd., Series 2014-1A-CRR (3 Month LIBOR USD + 2.20%, 2.20% Floor)			2.59%	^		11/18/2031			3,085,926
2,500,000		OHA Credit Partners Ltd., Series 2012-7A-DR (3 Month LIBOR USD + 4.20%)			4.58%	^		11/20/2027			2,470,448
2,500,000		OHA Loan Funding Ltd., Series 2015-1A-CR2 (3 Month LIBOR USD + 2.65%, 2.65% Floor)			3.04%	^		11/15/2032			2,465,188
2,500,000		Sound Point Ltd., Series 2014-3RA-C (3 Month LIBOR USD + 2.25%, 2.25% Floor)			3.29%	^		10/23/2031			2,347,945
1,500,000		Sound Point Ltd., Series 2016-3A-C (3 Month LIBOR USD + 2.65%)			3.69%	^		01/23/2029			1,463,576
1,000,000		Sound Point Ltd., Series 2019-4A-D (3 Month LIBOR USD + 4.11%, 4.11% Floor)			5.94%	^		01/15/2033			972,951
2,000,000		Sound Point Ltd., Series 2020-1A-D (3 Month LIBOR USD + 4.70%, 4.70% Floor)			5.02%	^		07/20/2030			1,969,783
2,000,000		TICP Ltd., Series 2017-9A-D (3 Month LIBOR USD + 2.90%)			4.04%	^		01/20/2031			1,880,215
1,000,000		Treman Park Ltd., Series 2015-1A-DRR (3 Month LIBOR USD + 2.65%, 2.65% Floor)			3.79%	^		10/20/2028			922,427
3,000,000		Trimaran CAVU LLC, Series 2019-1A-D (3 Month LIBOR USD + 4.15%, 4.15% Floor)			5.29%	^		07/20/2032			2,918,673
4,000,000		Venture Ltd., Series 2015-20A-CR (3 Month LIBOR USD + 1.90%)			3.12%	^		04/15/2027			3,840,000
2,600,000		Venture Ltd., Series 2018-31A-C1 (3 Month LIBOR USD + 1.95%, 1.95% Floor)			3.09%	^		04/20/2031			2,416,782
2,250,000		Voya Ltd., Series 2012-4A-BRR (3 Month LIBOR USD + 2.75%)			3.97%	^		10/15/2030			2,216,580
5,000,000		Voya Ltd., Series 2017-2A-B (3 Month LIBOR USD + 2.35%)			3.57%	^		06/07/2030			4,812,500
1,350,000		Voya Ltd., Series 2017-2A-D (3 Month LIBOR USD + 6.02%)			7.24%	^		06/07/2030			1,162,318
2,000,000		Voya Ltd., Series 2018-4A-E (3 Month LIBOR USD + 6.30%, 6.30% Floor)			7.52%	^		01/15/2032			1,832,707
1,050,000		Voya Ltd., Series 2019-4A-D (3 Month LIBOR USD + 3.83%, 3.83% Floor)			5.05%	^		01/15/2033			1,030,245
1,000,000		Webster Park Ltd., Series 2015-1A-DR (3 Month LIBOR USD + 5.50%, 5.50% Floor)			6.64%	^		07/20/2030			855,038
1,850,000		York Ltd., Series 2014-1A-CRR (3 Month LIBOR USD + 2.10%)			3.20%	^		10/22/2029			1,802,275
Total Collateralized Loan Obligations (Cost $97,822,588)											103,976,611
Foreign Corporate Bonds - 22.8%
884,129		Aeropuertos Argentina S.A. (PIK 9.38%)			9.38%	^		02/01/2027			696,252
1,000,000		AES Argentina Generacion S.A.			7.75%			02/02/2024			727,500
3,231,000		AES Dominicana			7.95%			05/11/2026			3,279,465
4,200,000		AES Gener S.A. (5 Year CMT Rate + 4.92%)			6.35%			10/07/2079			4,228,875
2,180,000		Agile Group Holdings Ltd. (5 Year CMT Rate + 11.29%)			7.88%	†		07/31/2024			2,154,922
2,000,000		Agile Group Holdings Ltd. (5 Year CMT Rate + 11.08%)			7.75%	†		05/25/2025			1,944,643
4,300,000		AI Candelaria Spain SLU			7.50%			12/15/2028			4,358,308
6,000,000		Air Canada Class C Pass Through Trust			10.50%	^		07/15/2026			5,796,766
2,881,000		AJE Corporation B.V.			6.50%			05/14/2022			2,847,912
500,000		Alpha Holdings S.A.			10.00%			12/19/2022			467,500
2,500,000		Alpha Holdings S.A.			9.00%			02/10/2025			2,237,500
1,000,000		Alpha Holdings S.A.			9.00%	^		02/10/2025			895,000
4,000,000		Altice France Holding S.A.			6.00%	^		02/15/2028			3,805,020
4,000,000		AMS AG			7.00%	^		07/31/2025			3,960,000
3,500,000		ARD Finance S.A. (PIK 9.13%)			6.50%	^		06/30/2027			3,468,727
1,768,000		Banco GNB Sudameris S.A. (5 Year CMT Rate + 4.56%)			6.50%			04/03/2027			1,723,464
3,950,000		Bayan Resources Tbk PT			6.13%			01/24/2023			3,720,716
2,000,000		Braskem Finance Company			7.13%			07/22/2041			2,055,400
200,000		Braskem Finance Ltd.			7.38%	†		07/08/2020			199,299
3,985,000		Braskem Idesa S.A.			7.45%			11/15/2029			3,737,173
2,350,000		Braskem Netherlands Finance B.V.			5.88%			01/31/2050			2,074,462
1,000,000		C&W Senior Financing DAC			7.50%			10/15/2026			1,025,405
2,500,000		C&W Senior Financing DAC			6.88%			09/15/2027			2,483,487
1,000,000		C10 Capital SPV Ltd. (3 Month LIBOR USD + 4.71%)			5.02%	†		09/30/2020			926,000
2,400,000		Canacol Energy Ltd.			7.25%			05/03/2025			2,432,772
2,200,000		Cemex S.A.B. de C.V.			7.75%			04/16/2026			2,251,172
200,000		Central China Real Estate Ltd.			7.25%			04/24/2023			197,737
4,200,000		Central China Real Estate Ltd.			7.25%			07/16/2024			4,057,731
2,866,000		CIFI Holdings Group Company Ltd. (5 Year CMT Rate + 8.57%)			5.38%	†		08/24/2022			2,804,983
2,850,000		Cometa Energia S.A. de C.V.			6.38%			04/24/2035			2,979,091
2,000,000		Connect Finco LLC			6.75%	^		10/01/2026			1,893,800
3,000,000		Cosan Overseas Ltd.			8.25%			11/29/2049			3,018,780
3,800,000		Credito Real S.A. de C.V.			9.50%			02/07/2026			3,915,767
2,700,000		Credivalores-Crediservicios S.A.			9.75%			07/27/2022			2,217,334
1,400,000		Credivalores-Crediservicios S.A.			8.88%			02/07/2025			1,116,500
1,000,000		Credivalores-Crediservicios SAS			8.88%	^		02/07/2025			797,500
1,000,000		CSN Islands Corporation			6.75%	^		01/28/2028			857,500
3,400,000		CSN Islands Corporation			6.75%			01/28/2028			2,915,500
2,675,000		Docuformas SAPI de C.V.			10.25%			07/24/2024			2,283,781
820,000		Ecopetrol S.A.			6.88%			04/29/2030			945,870
3,015,000		Empresa Electrica Guacolda S.A.			4.56%			04/30/2025			2,497,858
200,000		Fideicomiso Pacifico Tres			8.25%			01/15/2035			227,400
8,000,000		Garda World Security Corporation			9.50%	^		11/01/2027			8,473,520
1,500,000		Geopark Ltd.			6.50%			09/21/2024			1,384,567
3,000,000		Geopark Ltd.			5.50%			01/17/2027			2,587,530
2,812,000		Gilex Holding Sarl			8.50%			05/02/2023			2,775,880
1,000,000		Gol Finance S.A.			7.00%			01/31/2025			565,010
2,217,000		Gran Tierra Energy International Holdings Ltd.			6.25%			02/15/2025			985,878
1,000,000		Gran Tierra Energy, Inc.			7.75%			05/23/2027			454,375
784,000		Grupo KUO S.A. De C.V.			5.75%			07/07/2027			724,071
750,000		HTA Group Ltd.			7.00%	^		12/18/2025			761,216
3,300,000		Hunt Oil Company of Peru LLC Sucursal Del Peru			6.38%			06/01/2028			3,217,500
1,300,000		Indika Energy Capital III Pte Ltd.			5.88%			11/09/2024			1,169,936
1,311,000		Indo Energy Finance B.V.			6.38%			01/24/2023			1,231,816
798,000		JBS Investments GMBH			6.25%			02/05/2023			794,924
2,500,000		JSL Europe S.A.			7.75%			07/26/2024			2,481,250
4,600,000		Kosmos Energy Ltd.			7.13%			04/04/2026			4,058,764
6,500,000		Kronos Acquisition Holdings, Inc.			9.00%	^		08/15/2023			6,247,442
2,500,000		Latam Finance Ltd.			7.00%	W		03/01/2026			693,750
2,300,000		MARB BondCo PLC			7.00%			03/15/2024			2,311,822
1,500,000		Medco Bell Pte Ltd.			6.38%			01/30/2027			1,287,032
1,000,000		Medco Bell Pte Ltd.			6.38%	^		01/30/2027			858,021
1,500,000		Medco Oak Tree Pte Ltd.			7.38%			05/14/2026			1,401,285
900,000		Metinvest B.V.			8.50%			04/23/2026			885,465
3,600,000		Metinvest B.V.			7.75%			10/17/2029			3,380,814
1,000,000		Minerva Luxembourg S.A.			6.50%			09/20/2026			1,010,625
3,500,000		Network i2i Ltd. (5 Year CMT Rate + 4.27%)			5.65%	†		01/15/2025			3,405,500
1,500,000		Nexa Resources S.A.			5.38%			05/04/2027			1,454,535
2,950,000		Nexa Resources S.A.			6.50%	^		01/18/2028			2,995,725
4,550,000		Oi S.A. (PIK 4.00%)			10.00%			07/27/2025			3,800,388
1,000,000		Operadora de Servicios Mega S.A.			8.25%	^		02/11/2025			928,875
302,000		Operadora de Servicios Mega S.A. de C.V.			8.25%			02/11/2025			280,520
4,500,000		Peru LNG SRL			5.38%			03/22/2030			3,554,145
3,700,000		RKP Overseas Finance Ltd.			7.95%	†		02/17/2022			3,382,853
1,000,000		RKPF Overseas Ltd., (5 Year CMT Rate + 6.00%)			7.75%	†		11/18/2024			950,000
2,900,000		Sasol Financing USA LLC			5.88%			03/27/2024			2,595,500
1,400,000		Sasol Financing USA LLC			6.50%			09/27/2028			1,244,824
2,630,300		Star Energy Geothermal Wayang Windu Ltd.			6.75%			04/24/2033			2,745,225
4,335,000		Tecnoglass, Inc.			8.20%			01/31/2022			4,228,858
1,000,000		Transportadora de Gas del Sur S.A.			6.75%			05/02/2025			856,135
3,000,000		TV Azteca SAB			8.25%			08/09/2024			1,323,435
2,200,000		Unifin Financiera S.A.B. de C.V.			7.38%			02/12/2026			1,649,868
2,550,000		Unifin Financiera S.A.B. de C.V.			8.38%			01/27/2028			1,898,156
2,600,000		Unigel Luxembourg S.A.			8.75%			10/01/2026			2,106,000
4,700,000		UPL Corporation Ltd. (5 Year CMT Rate + 3.87%)			5.25%	†		02/27/2025			4,288,750
2,500,000		Vedanta Resources Finance PLC			9.25%			04/23/2026			1,782,500
1,000,000		Vertical Holding Company GMBH			7.63%	^		07/15/2028			1,000,000
602,000		VTR Finance B.V.			6.88%			01/15/2024			615,798
600,000		VTR Finance N.V.			6.38%	^		07/15/2028			618,762
3,850,000		Walnut Bidco PLC			9.13%			08/01/2024			3,935,316
4,600,000		Yuzhou Properties Company Ltd.			7.38%			01/13/2026			4,334,609
Total Foreign Corporate Bonds (Cost $195,717,394)											201,943,642
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations - 0.6%
333,333		Dominican Republic International Bond			7.50%			05/06/2021			344,587
2,500,000		Dominican Republic International Bond			6.40%			06/05/2049			2,300,000
600,000		Guatemala Government Bond			6.13%	^		06/01/2050			696,900
1,500,000		Mexico Government International Bond			5.00%			04/27/2051			1,621,500
Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $4,481,836)											4,962,987
Non-Agency Commercial Mortgage Backed Obligations - 24.4%
1,623,000		Atrium Hotel Portfolio Trust, Series 2018-ATRM-F (1 Month LIBOR USD + 4.00%, 4.00% Floor)			4.18%	^		06/15/2035			1,091,138
5,000,000		Bancorp Commercial Mortgage Trust, Series 2019-CRE6-F (1 Month LIBOR USD + 4.35%, 4.35% Floor)			4.53%	^		09/15/2036			4,065,570
18,317,000		BANK, Series 2018-BN12-XE			1.50%	#^I/O		05/15/2061			1,696,044
6,978,000		BANK, Series 2018-BN12-XF			1.50%	#^I/O		05/15/2061			623,024
20,061,456		BANK, Series 2018-BN12-XG			1.50%	#^I/O		05/15/2061			1,586,099
18,522,000		BANK, Series 2019-BN16-XF			1.14%	#^I/O		02/15/2052			1,435,622
9,261,000		BANK, Series 2019-BN16-XG			1.14%	#^I/O		02/15/2052			703,892
4,631,000		BANK, Series 2019-BN16-XH			1.14%	#^I/O		02/15/2052			337,896
6,366,937		BANK, Series 2019-BN16-XJ			1.14%	#^I/O		02/15/2052			412,698
10,000,000		BBCMS Mortgage Trust, Series 2018-RRI-F (1 Month LIBOR USD + 4.65%, 4.65% Floor)			4.83%	^		02/15/2033			9,102,840
3,000,000		BBCMS Mortgage Trust, Series 2020-C7-D			3.61%	#^		04/15/2053			2,594,633
7,464,000		Benchmark Mortgage Trust, Series 2018-B4-D			2.96%	#^		07/15/2051			4,944,907
4,777,003		BX Commercial Mortgage Trust, Series 2019-XL-J (1 Month LIBOR USD + 2.65%, 2.65% Floor)			2.83%	^		10/15/2036			4,533,853
5,000,000		BX Commercial Mortgage Trust, Series 2020-BXLP-G (1 Month LIBOR USD + 2.50%, 2.50% Floor)			2.68%	^		12/15/2036			4,775,926
5,100,000		BX Trust, Series 2017-SLCT-F (1 Month LIBOR USD + 4.250%, 4.25% Floor)			4.43%	^		07/15/2034			4,422,136
4,000,000		BX Trust, Series 2019-MMP-F (1 Month LIBOR USD + 2.79%, 2.79% Floor)			2.98%	^		08/15/2036			3,740,814
5,481,000		BX Trust, Series 2019-OC11-E			4.08%	#^		12/09/2041			4,869,583
3,563,000		CFCRE Commercial Mortgage Trust, Series 2016-C6-C			4.35%	#		11/10/2049			3,245,029
5,000,000		Citigroup Commercial Mortgage Trust, Series 2015-GC27-C			4.57%	#		02/10/2048			4,752,447
3,425,000		Citigroup Commercial Mortgage Trust, Series 2018-C6-D			5.24%	#^		11/10/2051			3,004,289
5,000,000		Citigroup Commercial Mortgage Trust, Series 2018-TBR-F (1 Month LIBOR USD + 3.65%, 3.75% Floor)			3.83%	^		12/15/2036			4,063,987
1,853,000		Citigroup Commercial Mortgage Trust, Series 2019-SMRT-E			4.90%	#^		01/10/2036			1,861,548
11,214,000		Citigroup Commercial Mortgage Trust, Series 2020-GC46-E			2.60%	^		01/15/2053			6,440,112
75,430,803		Comm Mortgage Trust, Series 2013-CR13-XA			0.92%	#I/O		11/10/2046			1,720,984
2,500,000		Comm Mortgage Trust, Series 2015-CR24-C			4.52%	#		08/10/2048			2,374,781
4,021,000		Comm Mortgage Trust, Series 2016-CR28-D			4.05%	#		02/10/2049			3,283,761
2,547,000		Comm Mortgage Trust, Series 2018-COR3-C			4.71%	#		05/10/2051			2,487,183
3,000,000		Commercial Mortgage Pass-Through Certificates, Series 2015-CR25-C			4.69%	#		08/10/2048			2,811,550
5,088,000		CSAIL Commercial Mortgage Trust, Series 2016-C6-D			5.09%	#^		01/15/2049			3,790,706
109,287,531		CSAIL Commercial Mortgage Trust, Series 2017-CX9-XA			1.02%	#I/O		09/15/2050			3,150,858
2,500,000		CSAIL Commercial Mortgage Trust, Series 2020-C19-D			2.50%	^		03/15/2053			1,750,125
2,500,000		CSAIL Commercial Mortgage Trust, Series 2020-C19-E			2.50%	^		03/15/2053			1,528,089
44,009,484		CSAIL Commercial Mortgage Trust, Series 2020-C19-XA			1.24%	#I/O		03/15/2053			3,707,385
13,238,000		CSAIL Commercial Mortgage Trust, Series 2020-C19-XD			1.23%	#^I/O		03/15/2053			1,145,785
7,058,000		CSMC Trust, Series 2017-PFHP-F (1 Month LIBOR USD + 4.49%, 4.49% Floor)			4.67%	^		12/15/2030			5,170,859
4,400,000		CSWF Trust, Series 2018-TOP-G (1 Month LIBOR USD + 3.25%, 3.25% Floor)			3.43%	^		08/15/2035			3,732,227
4,000,000		CSWF Trust, Series 2018-TOP-H (1 Month LIBOR USD + 3.41%, 3.41% Floor)			3.60%	^		08/15/2035			3,319,519
2,100,000		Del Amo Fashion Center Trust, Series 2017-AMO-C			3.76%	#^		06/05/2035			1,638,831
4,622,000		Deutsche Bank Commercial Mortgage Trust, Series 2016-C1-C			3.50%	#		05/10/2049			4,098,463
5,000,000		Exantas Capital Corporation, Series 2020-RSO8-E (1 Month LIBOR USD + 2.80%, 2.80% Floor)			2.99%	^		03/15/2035			4,582,700
8,316,000		Great Wolf Trust, Series 2019-WOLF-E (1 Month LIBOR USD + 2.73%, 2.73% Floor)			2.92%	^		12/15/2036			7,543,447
4,932,807		GS Mortgage Securities Corporation Trust, Series 2018-HULA-G (1 Month LIBOR USD + 3.40%, 3.40% Floor)			3.58%	^		07/15/2025			3,761,359
5,000,000		GS Mortgage Securities Corporation Trust, Series 2019-70P-D (1 Month LIBOR USD + 1.75%, 1.75% Floor)			1.93%	^		10/15/2036			4,673,899
3,064,000		GS Mortgage Securities Trust, Series 2014-GC26-D			4.66%	#^		11/10/2047			1,949,850
8,745,422		GS Mortgage Securities Trust, Series 2016-GS3-XA			1.37%	#I/O		10/10/2049			459,680
2,337,000		GS MTG SECS TR, Series 2015-GC32-C			4.57%	#		07/10/2048			2,157,645
34,186,821		JPMBB Commercial Mortgage Securities Trust, Series 2014-C23-XA			0.78%	#I/O		09/15/2047			723,438
2,000,000		JPMCC Commercial Mortgage Securities Trust, Series 2019-MFP-E (1 Month LIBOR USD + 2.10%, 2.16% Floor)			2.34%	^		07/15/2036			1,840,214
25,460,000		JPMDB Commercial Mortgage Securities Trust, Series 2020-COR7-XB			0.43%	#I/O		05/13/2053			942,860
10,244,000		JPMDB Commercial Mortgage Securities Trust, Series 2020-COR7-XD			1.98%	#^I/O		05/13/2053			1,575,916
600,000		MFT Trust, Series 2020-ABC-D			3.48%	#^		02/10/2042			539,857
5,000,000		Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C27-D			3.24%	#^		12/15/2047			3,327,510
3,250,000		Morgan Stanley Bank of America Merrill Lynch Trust, Series 2017-C34-D			2.70%	^		11/15/2052			2,301,257
5,000,000		Morgan Stanley Capital Barclays Bank Trust, Series 2016-MART-D			3.31%	^		09/13/2031			4,738,796
144,183		Morgan Stanley Capital Trust, Series 2006-IQ11-B			6.05%	#		10/15/2042			135,899
8,265,833		Morgan Stanley Capital Trust, Series 2007-HQ13-AJ			6.32%	#		12/15/2044			8,112,228
2,000,000		Morgan Stanley Capital Trust, Series 2018-H4-D			3.00%	^		12/15/2051			1,337,880
5,000,000		Morgan Stanley Capital Trust, Series 2019-PLND-G (1 Month LIBOR USD + 3.65%, 3.65% Floor)			3.83%	^		05/15/2036			3,675,415
5,000,000		Rosslyn Portfolio Trust, Series 2017-ROSS-E (1 Month LIBOR USD + 3.00%, 3.00% Floor)			3.99%	^		06/15/2033			4,757,623
4,050,401		Tharaldson Hotel Portfolio Trust, Series 2018-THL-F (1 Month LIBOR USD + 3.95%, 4.04% Floor)			4.13%	^		11/11/2034			2,984,867
3,464,000		UBS Commercial Mortgage Trust, Series 2017-C6-C			4.60%	#		12/15/2050			3,205,067
5,000,000		UBS Commercial Mortgage Trust, Series 2017-C6-D			2.50%	#^		12/15/2050			3,389,626
5,000,000		UBS Commercial Mortgage Trust, Series 2017-C7-C			4.74%	#		12/15/2050			4,898,181
2,500,000		UBS Commercial Mortgage Trust, Series 2018-C14-C			5.45%	#		12/15/2051			2,315,151
5,000,000		UBS Commercial Mortgage Trust, Series 2018-NYCH-G (1 Month LIBOR USD + 4.84%, 4.84% Floor)			5.02%	^		02/15/2032			3,803,308
1,953,669		Wachovia Bank Commercial Mortgage Trust, Series 2005-C21-E			5.27%	#^		10/15/2044			1,759,105
2,053,000		Wells Fargo Commercial Mortgage Trust, Series 2012-LC5-D			4.92 %	#^		10/15/2045			2,015,013
7,910,000		Wells Fargo Commercial Mortgage Trust, Series 2015-C28-D			4.24%	#		05/15/2048			5,321,613
4,554,000		Wells Fargo Commercial Mortgage Trust, Series 2015-NXS4-D			3.82%	#		12/15/2048			3,808,044
195,000		Wells Fargo Commercial Mortgage Trust, Series 2016-C33-C			3.90%			03/15/2059			176,604
2,000,000		Wells Fargo Commercial Mortgage Trust, Series 2016-C33-D			3.12%	^		03/15/2059			1,405,454
16,887,159		Wells Fargo Commercial Mortgage Trust, Series 2019-C53-XA			1.16%	#I/O		10/15/2052			1,154,855
Total Non-Agency Commercial Mortgage Backed Obligations (Cost $218,520,397)											215,389,554
Non-Agency Residential Collateralized Mortgage Obligations - 12.1%
11,842,186		ACE Securities Corporation Home Equity Loan Trust, Series 2006-HE4-A2B (1 Month LIBOR USD + 0.11%, 0.11% Floor)			0.29%			10/25/2036			6,192,589
7,747,319		Alternative Loan Trust, Series 2005-J12-2A1 (1 Month LIBOR USD + 0.54%, 0.27% Floor, 11.00% Cap)			0.72%			08/25/2035			5,192,558
5,261,021		Citigroup Mortgage Loan Trust, Inc., Series 2018-A-A1			4.00%	#^		01/25/2068			5,351,417
4,706,000		Connecticut Avenue Securities Trust, Series 2019-R05-1B1 (1 Month LIBOR USD + 4.10%)			4.28%	^		07/25/2039			4,273,545
6,000,000		Connecticut Avenue Securities Trust, Series 2019-R07-1B1 (1 Month LIBOR USD + 3.40%)			3.58%	^		10/25/2039			5,014,718
8,227,592		JP Morgan Alternative Loan Trust, Series 2007-A2-12A1 (1 Month LIBOR USD + 0.20%, 0.20% Floor, 11.50% Cap)			0.38%			06/25/2037			3,856,974
11,438,159		Legacy Mortgage Asset Trust, Series 2019-GS5-A1			3.20%	^§		05/25/2059			11,412,306
4,650,740		Legacy Mortgage Asset Trust, Series 2019-GS6-A1			3.00%	^§		06/25/2059			4,693,633
4,102,000		New Residential Mortgage Loan Trust, Series 2020-NQM2-B1			4.47%	#^		05/24/2060			4,033,329
2,886,000		New Residential Mortgage Loan Trust, Series 2020-NQM2-B2			4.47%	#^		05/24/2060			2,598,199
11,750,000		Progress Residential Trust, Series 2019-SFR2-G			5.09%	^		05/17/2036			11,840,463
4,000,000		Progress Residential Trust, Series 2019-SFR3-G			4.12%	^		09/17/2036			3,924,080
5,000,000		PRPM LLC, Series 2019-2A-A2			5.44%	^§		04/25/2024			4,958,025
5,798,613		TBW Mortgage-Backed Trust, Series 2007-2-A1A			5.96%	#		07/25/2037			3,064,513
1,500,000		Velocity Commercial Capital Loan Trust, Series 2016-1-M5			8.65%	#^		04/25/2046			1,553,599
1,000,000		Velocity Commercial Capital Loan Trust, Series 2016-2-M4			7.23%	#		10/25/2046			1,016,890
255,000		Velocity Commercial Capital Loan Trust, Series 2016-2-M5			8.53%	#		10/25/2046			260,672
8,192,899		Vericrest Opportunity Loan Trust, Series 2019-NPL5-A1A			3.35%	^§		09/25/2049			8,236,826
2,500,000		Verus Securitization Trust, Series 2020-2-B1			5.36%	#^		05/25/2060			2,282,446
3,035,000		Verus Securitization Trust, Series 2020-3-B1			4.92%	#^		04/25/2060			3,058,333
3,478,000		Verus Securitization Trust, Series 2020-3-B2			5.19%	#^		04/25/2060			3,361,278
1,235,000		Verus Securitization Trust, Series 2020-INV1-B1			5.75%	^		04/25/2060			1,209,102
1,650,000		Verus Securitization Trust, Series 2020-INV1-B2			6.00%	^		04/25/2060			1,566,414
9,222,000		Vista Point Securitization Trust			5.38%	#^		03/25/2065			8,464,404
Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $102,159,025)											107,416,313
US Corporate Bonds - 20.4%
5,385,000		Acrisure LLC			8.13%	^		02/15/2024			5,611,412
5,000,000		Alliant Holdings Intermediate LLC			6.75%	^		10/15/2027			4,991,550
7,425,000		Allied Universal Holding Company			9.75%	^		07/15/2027			7,837,013
1,500,000		AMC Merger, Inc.			8.00%	^		05/15/2025			1,062,967
7,000,000		Argos Merger Sub, Inc.			7.13%	^		03/15/2023			6,916,280
2,000,000		Banff Merger Sub, Inc.			9.75%	^		09/01/2026			2,017,120
535,000		Boxer Parent Company, Inc.			7.13%	^		10/02/2025			562,914
5,330,000		Carnival Corporation			11.50%	^		04/01/2023			5,769,395
3,000,000		CB Escrow Corporation			8.00%	^		10/15/2025			3,142,185
800,000		Clarios Global LP			6.75%	^		05/15/2025			834,500
1,365,000		CSI Compressco LP			7.50%	^		04/01/2025			1,165,225
2,000,000		Dealer Tire LLC			8.00%	^		02/01/2028			1,857,500
1,320,000		Delta Air Lines, Inc.			7.00%	^		05/01/2025			1,363,981
2,010,000		Eldorado Resorts, Inc.			6.25%	^		07/01/2025			1,999,347
4,000,000		Eldorado Resorts, Inc.			8.13%	^		07/01/2027			3,900,000
5,583,000		Embarq Corporation			8.00%			06/01/2036			6,282,103
2,505,000		EQM Midstream Partners LP			6.50%	^		07/01/2027			2,572,209
4,500,000		Flex Acquisition Company, Inc.			6.88%	^		01/15/2025			4,356,517
1,500,000		Flex Acquisition Company, Inc.			7.88%	^		07/15/2026			1,459,357
3,750,000		Front Range BidCo, Inc.			6.13%	^		03/01/2028			3,653,325
3,000,000		Genesys Telecommunications Laboratories, Inc.			10.00%	^		11/30/2024			3,127,815
3,000,000		Illuminate Buyer LLC			9.00%	^		07/01/2028			3,135,000
3,000,000		IRB Holding Corporation			7.00%	^		06/15/2025			3,091,875
7,050,000		Lions Gate Capital Holdings LLC			6.38%	^		02/01/2024			6,895,711
6,000,000		Live Nation Entertainment, Inc.			5.63%	^		03/15/2026			5,481,360
1,420,000		Mileage Plus Holdings LLC			6.50%	^		06/20/2027			1,427,100
2,800,000		NFP Corporation			6.88%	^		07/15/2025			2,695,630
215,000		OPE KAG Finance Sub, Inc.			7.88%	^		07/31/2023			189,984
6,000,000		Ortho-Clinical Diagnostics Inc.			7.25%	^		02/01/2028			6,113,880
1,000,000		Par Petroleum LLC			12.88%	^		01/15/2026			1,020,000
1,500,000		PBF Holding Company LLC			9.25%	^		05/15/2025			1,604,062
1,250,000		Performance Food Group, Inc.			6.88%	^		05/01/2025			1,296,094
4,000,000		Polaris Intermediate Corporation (PIK 9.25%)			8.50%	^		12/01/2022			3,532,460
4,250,000		PowerTeam Services LLC			9.03%	^		12/04/2025			4,353,594
5,250,000		Prime Security Services Borrower LLC			6.25%	^		01/15/2028			4,959,622
6,500,000		Radiology Partners, Inc.			9.25%	^		02/01/2028			6,142,500
4,105,000		Realogy Group LLC			7.63%	^		06/15/2025			4,105,000
2,000,000		Resideo Funding, Inc.			6.13%	^		11/01/2026			1,961,310
200,000		Sabre Global, Inc.			9.25%	^		04/15/2025			211,625
2,500,000		Solera Finance, Inc.			10.50%	^		03/01/2024			2,555,088
2,968,000		SunCoke Energy Partners Finance Corporation			7.50%	^		06/15/2025			2,517,799
2,985,000		Tempo Acquisition LLC			6.75%	^		06/01/2025			3,031,611
780,000		TransDigm, Inc.			8.00%	^		12/15/2025			823,185
4,798,000		Trident TPI Holdings, Inc.			9.25%	^		08/01/2024			4,932,440
6,300,000		Triumph Group, Inc.			7.75%			08/15/2025			4,764,375
7,500,000		Uber Technologies, Inc.			8.00%	^		11/01/2026			7,642,500
1,500,000		Uber Technologies, Inc.			7.50%	^		09/15/2027			1,503,443
2,500,000		Univision Communications, Inc.			6.63%	^		06/01/2027			2,396,875
4,000,000		Verscend Escrow Corporation			9.75%	^		08/15/2026			4,321,300
4,000,000		ViaSat, Inc.			6.50%	^		07/15/2028			4,010,840
2,165,000		Viking Cruises Ltd.			13.00%	^		05/15/2025			2,293,547
3,000,000		VRX Escrow Corporation			6.13%	^		04/15/2025			3,047,040
5,000,000		West Street Merger Sub, Inc.			6.38%	^		09/01/2025			4,853,075
5,000,000		Wolverine Escrow LLC			9.00%	^		11/15/2026			3,300,000
Total US Corporate Bonds (Cost $182,582,859)											180,692,640
US Government and Agency Mortgage Backed Obligations - 9.1%
9,250,000		Federal Home Loan Mortgage Corporation, Series 2020-DNA1-B2 (1 Month LIBOR USD + 5.25%)			5.43%	^		01/25/2050			6,367,932
3,000,000		Federal Home Loan Mortgage Corporation, Series 2020-DNA2-B2 (1 Month LIBOR USD + 4.80%, 4.80% Floor)			4.98%	^		02/25/2050			1,806,174
1,200,000		Federal Home Loan Mortgage Corporation, Series 2020-HQA2-B1 (1 Month LIBOR USD + 4.10%)			4.28%	^		03/25/2050			997,857
22,000,000		Federal Home Loan Mortgage Corporation, Series 2020-HQA2-B2 (1 Month LIBOR USD + 7.60%)			7.78%	^		03/25/2050			14,442,963
17,113,636		Federal Home Loan Mortgage Corporation, Series 313-S1 (-1x1 Month LIBOR USD + 5.90%, 5.90% Cap)			5.72%	I/FI/O		09/15/2043			3,633,879
5,673,721		Federal Home Loan Mortgage Corporation, Series 3997-SA (-1x1 Month LIBOR USD + 6.50%, 6.50% Cap)			6.32%	I/FI/O		02/15/2042			1,148,679
7,417,832		Federal Home Loan Mortgage Corporation, Series 4091-VI (-1x1 Month LIBOR USD + 5.00%, 5.00% Cap)			4.83%	I/FI/O		11/15/2040			1,117,275
12,992,300		Federal Home Loan Mortgage Corporation, Series 4119-SC (-1 x 1 Month LIBOR USD + 6.15%, 6.15% Cap)			5.97%	I/FI/O		10/15/2042			2,404,256
5,812,371		Federal Home Loan Mortgage Corporation, Series 4643-SA (-1x1 Month LIBOR USD + 6.00%, 6.00% Cap)			5.82%	I/FI/O		01/15/2047			1,362,969
33,089,164		Federal Home Loan Mortgage Corporation, Series 4863-IA			4.50%	I/O		03/15/2045			3,998,094
17,994,197		Federal National Mortgage Association, Series 2012-124-SE (-1x1 Month LIBOR USD + 6.15%, 6.15% Cap)			5.97%	I/FI/O		11/25/2042			3,722,319
19,377,674		Federal National Mortgage Association, Series 2012-84-HS (-1x1 Month LIBOR USD + 6.00%, 6.00% Cap)			5.82%	I/FI/O		08/25/2042			4,381,075
13,070,607		Federal National Mortgage Association, Series 2017-69-ES (-1x1 Month LIBOR USD + 6.15%, 6.15% Cap)			5.97%	I/FI/O		09/25/2047			2,719,495
15,390,443		Federal National Mortgage Association, Series 2019-25-SB (-1x1 Month LIBOR USD + 6.05%, 6.05% Cap)			5.87%	I/FI/O		06/25/2049			3,496,957
49,913,958		Federal National Mortgage Association, Series 2019-M26-X1			0.62%	#I/O		03/25/2030			2,292,838
22,400,913		Government National Mortgage Association, Series 2019-22-SA (-1x1 Month LIBOR USD + 5.60%, 5.60% Cap)			5.41%	I/FI/O		02/20/2045			4,620,616
31,944,691		Government National Mortgage Association, Series 2019-44-IE			4.00%	I/O		04/20/2049			4,917,365
16,499,891		Government National Mortgage Association, Series 2020-21-NS (-1x1 Month LIBOR USD + 6.05%, 6.05% Cap)			5.86%	I/FI/O		04/20/2048			2,859,553
16,543,872		Government National Mortgage Association, Series 2020-47-SL (-1x1 Month LIBOR USD + 5.37%, 5.37% Cap)			5.18%	I/FI/O		07/20/2044			2,856,630
26,644,097		Government National Mortgage Association, Series 2020-61-SU (-1x1 Month LIBOR USD + 5.60%, 5.60% Cap)			5.40%	I/FI/O		07/16/2045			5,357,305
9,865,280		Government National Mortgage Association, Series 2020-77-SU (-1x1 Month LIBOR USD + 6.10%, 6.10% Cap)			5.91%	I/FI/O		09/20/2047			2,205,114
50,000,000		Government National Mortgage Association, Series 2020-88-IO			1.10%	#I/O		04/16/2060			4,111,600
Total US Government and Agency Mortgage Backed Obligations (Cost $91,737,181)											80,820,945
Real Estate Investment Trusts - 1.9%
650,000		AGNC Investment Corporation									8,385,000
400,000		AGNC Investment Corporation (3 Month LIBOR USD + 4.70%)			6.13%	†					8,216,000
Total Real Estate Investment Trusts (Cost $16,972,578)											16,601,000
Short Term Investments - 5.5%
16,351,405		First American Government Obligations Fund - Class U			0.11%	◆					16,351,405
16,351,405		JP Morgan U.S. Government Money Market Fund - Institutional Share Class			0.15%	◆					16,351,405
16,351,406		Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class			0.05%	◆					16,351,406
Total Short Term Investments (Cost $49,054,216)											49,054,216
Total Investments - 119.7% (Cost $1,059,840,002) ‡											1,058,824,133
Liabilities in Excess of Other Assets - (19.7)%											(174,113,259	)
NET ASSETS - 100.0%										$	884,710,874

# Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of June 30, 2020.

^ 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.

† Perpetual Maturity

I/F Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope. Interest rate may also be subject to a cap or floor.

◆ Seven-day yield as of June 30, 2020

I/O Interest only security

PIK A payment-in-kind security in which the issuer may make interest or dividend payments in cash or additional securities. These additional securities generally have the same terms as the original holdings.

± Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of June 30, 2020.

§ The interest rate will step up if the issuer does not redeem the bond on or before a scheduled redemption date in accordance with the terms of the instrument. The interest rate shown is the rate in effect as of June 30, 2020.

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

‡ Under the Fund’s credit agreement, the Lender, through their agent, have been granted a security interest in all of the Fund’s investments in consideration of the Fund’s borrowing under the line of credit with the Lender.

SECURITY TYPE BREAKDOWN as a % of Net Assets:

Non-Agency Commercial Mortgage Backed Obligations			24.4%
Foreign Corporate Bonds			22.8%
US Corporate Bonds			20.4%
Non-Agency Residential Collateralized Mortgage Obligations			12.1%
Collateralized Loan Obligations			11.8%
US Government and Agency Mortgage Backed Obligations			9.1%
Bank Loans			6.3%
Short Term Investments			5.5%
Asset Backed Obligations			4.8%
Real Estate Invesment Trusts			1.9%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations			0.6%
Other Assets and Liabilities			(19.7)%
			100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:

Non-Agency Commercial Mortgage Backed Obligations			24.4%
Non-Agency Residential Collateralized Mortgage Obligations			12.1%
Collateralized Loan Obligations			11.8%
US Government and Agency Mortgage Backed Obligations			9.1%
Short Term Investments			5.5%
Asset Backed Obligations			4.8%
Real Estate			4.1%
Telecommunications			4.1%
Commercial Services			4.1%
Energy			3.3%
Healthcare			2.9%
Finance			2.7%
Containers and Glass Products			2.5%
Technology			2.2%
Mining			2.2%
Media			2.1%
Aerospace & Defense			2.0%
Consumer Products			2.0%
Utilities			1.9%
Chemicals/Plastics			1.6%
Electronics/Electric			1.5%
Leisure			1.5%
Insurance			1.4%
Building and Development (including Steel/Metals)			1.3%
Transportation			1.1%
Chemical Products			1.1%
Retailers (other than Food/Drug)			0.9%
Financial Intermediaries			0.8%
Hotels/Motels/Inns and Casinos			0.6%
Automotive			0.6%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations			0.6%
Food/Drug Retailers			0.5%
Industrial Equipment			0.5%
Business Equipment and Services			0.4%
Food Service			0.3%
Pharmaceuticals			0.3%
Diversified Manufacturing			0.3%
Food Products			0.3%
Banking			0.2%
Conglomerates			0.1%
Other Assets and Liabilities			(19.7)%
			100.0%

CREDIT DEFAULT SWAPS

Reference Entity		Counterparty				Buy/Sell Protection				Financing Rate Paid or Received				Financing Rate				Payment Frequency				Termination Date				Notional Amount				Upfront Payments/ (Receipts)				Value				Unrealized Appreciation (Depreciation)
Markit CMBX.NA.BBB-.9			Morgan Stanley				Buy				Paid				3.00%				Monthly				09/17/2058				(9,000,000	)		$	2,870,888			$	1,745,156			$	(1,125,732	)
																														$	2,870,888			$	1,745,156			$	(1,125,732	)

Notes to Schedule of Investments

June 30, 2020 (Unaudited)

1.  Organization

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

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

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

2.  Significant Accounting Policies

The Fund is an investment company that applies the accounting and reporting guidance issued in Topic 946, “Financial Services—Investment Companies”, by the Financial Accounting Standards Board (“FASB”). The following is a summary of the significant accounting policies of the Fund. These policies are in conformity with accounting principles generally accepted in the United States of America (“US GAAP”).

A. Security Valuation. The Fund has adopted US GAAP fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:

• Level 1—Unadjusted quoted market prices in active markets for identical securities

• Level 2—Quoted prices for identical or similar assets in markets that are not active, or inputs derived from observable market data

• Level 3—Significant unobservable inputs (including the reporting entity’s estimates and assumptions)

Market values for domestic and foreign fixed income securities are normally determined on the basis of valuations provided by independent pricing services. Vendors typically value such securities based on one or more inputs described in the following table which is not intended to be a complete list. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed income securities in which the Fund is authorized to invest. However, these classifications are not exclusive, and any of the inputs may be used to value any other class of fixed-income securities. Securities that use similar valuation techniques and inputs as described in the following table are categorized as Level 2 of the fair value hierarchy. To the extent the significant inputs are unobservable, the values generally would be categorized as Level 3. Assets and liabilities may be transferred between levels.

Fixed-income class		Examples of Inputs
All		Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”)
Corporate bonds and notes; convertible securities		Standard inputs and underlying equity of the issuer
US bonds and notes of government and government agencies		Standard inputs
Residential and commercial mortgage-backed obligations; asset-backed obligations (including collateralized loan obligations)		Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information, trustee reports
Bank loans		Standard inputs

Investments in registered open-end management investment companies will be valued based upon the net asset value (“NAV”) of such investments and are categorized as Level 1 of the fair value hierarchy.

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

The Fund’s holdings in whole loans, securitizations and certain other types of alternative lending-related instruments may be valued based on prices provided by a third-party pricing service.

Senior secured floating rate loans for which an active secondary market exists to a reliable degree will be valued at the mean of the last available bid/ask prices in the market for such loans, as provided by an independent pricing service. Where an active secondary market does not exist to a reliable degree in the judgment of the Adviser, such loans will be valued at fair value based on certain factors.

In respect of certain commercial real estate-related, residential real estate-related and certain other investments for which a limited market may exist, the Fund may value such investments based on appraisals conducted by an independent valuation advisor or a similar pricing agent. However, an independent valuation firm may not be retained to undertake an evaluation of an asset unless the NAV, market price and other aspects of an investment exceed certain significance thresholds.

Securities may be fair valued by the Adviser in accordance with the fair valuation procedures approved by the Board. The Adviser’s valuation committee is generally responsible for overseeing the day to day valuation processes and reports periodically to the Board. The Adviser’s valuation committee and the pricing group are authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations or third party vendor prices are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are deemed to be unreliable indicators of market or fair value.

The following is a summary of the fair valuations according to the inputs used to value the Fund’s investments as of June 30, 2020:

Category
Investments in Securities
Level 1
Money Market Funds		$	49,054,216
Real Estate Investment Trusts			16,601,000
Total Level 1			65,655,216
Level 2
Non-Agency Commercial Mortgage Backed Obligations			215,389,554
Foreign Corporate Bonds			201,943,642
US Corporate Bonds			180,692,640
Non-Agency Residential Collateralized Mortgage Obligations			107,416,313
Collateralized Loan Obligations			103,976,611
US Government and Agency Mortgage Backed Obligations			80,820,945
Bank Loans			55,464,532
Asset Backed Obligations			42,501,693
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations			4,962,987
Total Level 2			993,168,917
Total Level 3			-
Total		$	1,058,824,133
Other Financial Instruments
Level 1		$	-
Level 2
Credit Default Swaps			(1,125,732	)
Total Level 2			(1,125,732	)
Level 3			-
Total		$	(1,125,732	)

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