NPORT-EX 2 docf-efp16885_nport.htm DBL PART F

DoubleLine Opportunistic Credit Fund		(Unaudited)
Schedule of Investments		June 30, 2025

PRINCIPAL AMOUNT $/SHARES				SECURITY DESCRIPTION		RATE				MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS - 1.2%
				Blue Stream Communications LLC
	500,000			Series 2023-1A-C			8.90	%(a)		05/20/2053			516,470
				Compass Datacenters LLC
	500,000			Series 2024-1A-B			7.00	%(a)		02/25/2049			514,373
				Jimmy Johns LLC
	1,106,750			Series 2017-1A-A2II			4.85	%(a)		07/30/2047			1,097,576
				Lendingpoint Asset Securitization Trust
	800,705			Series 2022-B-B			5.99	%(a)		10/15/2029			776,621
				Sierra Timeshare Conduit Receivables Funding LLC
	185,234			Series 2023-2A-D			9.72	%(a)		04/20/2040			192,869
				Upstart Pass-Through Trust Series
	1,000,000			Series 2021-ST5-CERT			0.00	%(a)(b)(c)		07/20/2027			104,112
				Willis Lease Finance Corp.
	468,050			Series 2021-A-C			7.39	%(a)		05/15/2046			457,945
				Total Asset Backed Obligations (Cost $3,564,725)									3,659,966
	BANK LOANS - 17.7%
				1261229 BC Ltd.
	670,000			Senior Secured First Lien Term Loan (1 mo. Term SOFR + 6.25%, 0.00% Floor)			10.56	%		10/08/2030			647,649
				Access CIG LLC
	480,511			Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.25%, 0.50% Floor)			8.38	%		08/18/2028			483,327
				Acrisure LLC
	403,356			Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.00% Floor)			7.33	%		11/06/2030			402,882
				Acuris Finance US, Inc.
	846,224			Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.75%, 0.00% Floor)			8.05	%		02/16/2028			848,077
				ADMI Corp.
	640,250			Senior Secured First Lien Term Loan (1 mo. Term SOFR + 5.75%, 0.00% Floor)			10.08	%		12/23/2027			622,323
				Alera Group 2nd Lien T/L
	460,000			Senior Secured Second Lien Term Loan (1 mo. SOFR US + 5.50%, 0.50% Floor)			9.83	%		05/30/2033			469,488
				Allied Universal Holdco LLC
	498,526			Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.85%, 0.50% Floor)			8.18	%		05/15/2028			501,464
				Altice France SA
	138,237			Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.50%, 0.00% Floor)			9.76	%		08/31/2028			125,603
				Alvaria Holdco (Aspect Software) Second-Out T/L
	122,411			Senior Secured First Lien Term Loan (3 mo. Term SOFR + 1.11%, 0.75% Floor)			5.54	%		05/05/2028			34,459
	9,236			Senior Secured First Lien Term Loan (3 mo. Term SOFR + 1.11% Cash or 6.50% PIK, 0.75% Floor)			5.54	%		05/05/2028			2,600
				Alvaria Holdco (Aspect Software) Third-Out T/L A
	18,140			Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.11% Cash or 5.50% PIK, 0.75% Floor)			6.54	%		05/05/2028			522
	285,626			Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.11%, 0.00% Floor)			6.54	%		05/05/2028			8,212
				Applied Systems, Inc.
	170,000			Senior Secured Second Lien Term Loan (3 mo. Term SOFR + 4.50%, 0.00% Floor)			8.80	%		02/23/2032			174,739
				Apro LLC
	946,654			Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.75%, 0.00% Floor)			8.06	%		07/09/2031			945,471

PRINCIPAL AMOUNT $/SHARES				SECURITY DESCRIPTION		RATE				MATURITY		VALUE $
				Ascend Learning LLC
	1,022,479			Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 5.85%, 0.50% Floor)			10.18	%		12/10/2029			1,026,314
				Aspire Bakeries T/L B
	164,171			Senior Secured Term Loan			7.82	%(d)		12/23/2030			163,350
				Astra Acquisition Corp.
	90,390			Senior Secured First Lien Term Loan (3 mo. Term SOFR + 6.75%, 2.00% Floor)			11.05	%(e)		02/25/2028			25,733
	144,415			Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.25%, 2.00% Floor)			9.55	%(e)		10/25/2028			3,249
				Asurion LLC
	110,000			Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 5.36%, 0.00% Floor)			9.69	%		02/03/2028			105,497
	450,000			Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 5.36%, 0.00% Floor)			9.69	%		01/22/2029			418,675
				Aveanna Healthcare LLC
	423,900			Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.85%, 0.50% Floor)			8.18	%		07/17/2028			415,820
	825,000			Senior Secured Second Lien Term Loan (3 mo. Term SOFR + 7.15%, 0.50% Floor)			11.48	%		12/10/2029			812,006
				Bausch + Lomb Corp.
	516,428			Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%, 0.00% Floor)			8.33	%		09/29/2028			517,505
	880,000			Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.25%)			8.57	%		01/15/2031			882,754
				Boxer Parent Co., Inc.
	543,638			Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.00%, 0.00% Floor)			7.33	%		07/30/2031			540,884
	1,360,000			Senior Secured Second Lien Term Loan (3 mo. Term SOFR + 5.75%, 0.00% Floor)			10.08	%		07/30/2032			1,326,857
				Brand Industrial Services, Inc.
	295,619			Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.50%, 0.50% Floor)			8.78	%		08/01/2030			248,635
				Cengage Learning, Inc.
	71,125			Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.50%, 1.00% Floor)			7.82	%		03/22/2031			71,378
	121,930			Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.50%, 1.00% Floor)			7.83	%		03/24/2031			122,364
				Central Parent LLC
	199,246			Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.25%, 0.00% Floor)			7.55	%		07/06/2029			166,878
				Cloud Software Group, Inc.
	423,935			Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.75%)			8.05	%		03/24/2031			425,126
				ClubCorp Holdings, Inc.
	1,072,463			Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.00%, 0.00% Floor)			9.56	%		09/18/2026			1,075,144
	621			Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.26%, 0.00% Floor)			9.56	%		09/18/2026			623
				CommScope LLC
	1,440,000			Senior Secured First Lien Term Loan (1 mo. Term SOFR + 5.25%, 2.00% Floor)			9.58	%		12/17/2029			1,459,648
				Cornerstone Building Brands, Inc.
	134,325			Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.50%, 0.50% Floor)			8.81	%		05/15/2031			114,848
				Crown Finance US, Inc.
	1,104,450			Senior Secured First Lien Term Loan (1 mo. Term SOFR + 5.25%, 0.00% Floor)			9.57	%		12/02/2031			1,105,555
				Dexko Global, Inc.
	406,846			Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.01%, 0.50% Floor)			8.19	%		10/04/2028			390,324
				DG Investment Intermediate Holdings 2, Inc.
	595,000			Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 6.86%, 0.75% Floor)			11.19	%		03/29/2029			592,953
				Directv Financing LLC
	889,803			Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.51%, 0.75% Floor)			9.79	%		08/02/2029			884,544

PRINCIPAL AMOUNT $/SHARES				SECURITY DESCRIPTION		RATE				MATURITY		VALUE $
				Eagle Parent Corp.
	85,692			Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.25%, 0.50% Floor)			8.55	%		04/02/2029			85,121
	891,722			Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.25%, 0.50% Floor)			8.55	%		04/02/2029			885,779
	85,692			Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.25%, 0.50% Floor)			8.55	%		04/02/2029			85,121
				Edelman Financial Engines Center LLC
	870,000			Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 5.25%, 0.00% Floor)			9.58	%		10/06/2028			874,676
				EG America LLC
	605,246			Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.25%, 0.00% Floor)			8.58	%		02/07/2028			608,756
				Eisner Advisory Group LLC
	305,569			Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%, 0.50% Floor)			8.33	%		02/28/2031			307,288
				Ellucian Holdings, Inc.
	180,000			Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 4.75%, 0.00% Floor)			9.08	%		11/22/2032			184,050
				Fertitta Entertainment LLC/NV
	487,443			Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.50%, 0.50% Floor)			7.83	%		01/29/2029			487,462
				FinThrive Software Intermediate Holdings, Inc.
	23,500			Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.11%, 0.50% Floor)			8.44	%		12/18/2028			21,268
	129,250			Senior Secured First Lien Term Loan (1 mo. Term SOFR + 6.86%, 0.50% Floor)			11.19	%		12/17/2029			105,420
				Flynn America LP
	168,813			Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.61%, 0.50% Floor)			8.94	%		07/31/2028			167,969
	168,813			Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.61%, 0.50% Floor)			8.94	%		07/31/2028			167,968
				Gainwell Acquisition Corp.
	1,407,923			Senior Secured First Lien Term Loan (3 mo. Term SOFR + 0.10%, 0.75% Floor)			8.40	%		10/01/2027			1,359,701
				Golden State Foods LLC
	342,421			Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.25%, 0.00% Floor)			8.56	%		12/04/2031			344,493
				Groupe Solmax, Inc.
	85,169			Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.86%, 0.75% Floor)			9.19	%		07/24/2028			72,002
	59,294			Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.86%, 0.75% Floor)			9.19	%		07/24/2028			50,126
	59,145			Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.01%, 0.75% Floor)			9.31	%		07/24/2028			50,001
	108,828			Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.01%, 0.75% Floor)			9.31	%		07/24/2028			92,002
				Hexion Holdings Corp.
	1,294,086			Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%, 0.50% Floor)			8.31	%		03/15/2029			1,292,870
				Husky Injection Molding Systems Ltd.
	601,175			Senior Secured First Lien Term Loan (6 mo. Term SOFR + 4.50%, 0.00% Floor)			8.67	%		02/15/2029			603,534
	601,175			Senior Secured First Lien Term Loan (6 mo. Term SOFR + 4.50%, 0.00% Floor)			8.80	%		02/15/2029			603,535
				INEOS US Finance LLC
	950,421			Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%, 0.00% Floor)			7.58	%		02/19/2030			913,340
				INEOS US Petrochem LLC
	256,750			Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.35%, 0.00% Floor)			8.68	%		03/29/2029			239,740
	788,025			Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.25%, 0.00% Floor)			8.58	%		10/07/2031			722,028
				Kenan Advantage Group, Inc.
	276,507			Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%, 0.00% Floor)			7.58	%		01/25/2029			273,051

PRINCIPAL AMOUNT $/SHARES				SECURITY DESCRIPTION		RATE				MATURITY		VALUE $
				Klockner Pentaplast of America, Inc.
	306,796			Senior Secured First Lien Term Loan (6 mo. Term SOFR + 4.98%, 0.50% Floor)			9.23	%		02/09/2026			284,662
				Kronos Acquisition Holdings, Inc.
	496,250			Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.00%, 0.00% Floor)			8.30	%		07/08/2031			446,129
				LBM Acquisition LLC
	700,273			Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.75%, 0.75% Floor)			8.16	%		06/06/2031			656,506
				Lereta LLC
	115,040			Senior Secured First Lien Term Loan (1 mo. Term SOFR + 5.36%, 0.75% Floor)			9.69	%		08/07/2028			102,263
				LifePoint Health, Inc.
	69,476			Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.50%, 1.00% Floor)			7.82	%		05/19/2031			68,527
	1,189,207			Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.75%, 0.00% Floor)			8.01	%		05/19/2031			1,178,426
				MH Sub I LLC
	320,000			Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.25%)			8.58	%		12/31/2031			278,901
				Mitchell International, Inc.
	985,000			Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 5.25%, 0.00% Floor)			9.58	%		06/17/2032			972,934
				MLN US Holdco LLC
	155,000			Senior Secured Second Lien Term Loan (3 mo. Term SOFR + 8.75%, 0.00% Floor)			15.25	%(e)		11/30/2026			1,167
				Natgasoline LLC
	322,969			Senior Secured First Lien Term Loan (1 mo. Term SOFR + 5.50%, 0.00% Floor)			9.83	%		03/29/2030			321,758
				Needle Holdings LLC
	6,720			Senior Secured First Lien Term Loan (3 mo. Term SOFR + 8.50%, 0.00% Floor)			16.00	%(e)		04/28/2028			1,781
				NEP Group, Inc.
	800,373			Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.25% + 1.50% PIK, 0.00% Floor)			7.84	%		08/19/2026			739,596
	27,406			Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.25% + 1.50% PIK, 0.00% Floor)			7.84	%		08/19/2026			25,325
	230,000			Senior Secured Second Lien Term Loan (3 mo. Term SOFR + 7.26%, 0.00% Floor)			11.59	%		10/19/2026			124,200
				NGL Energy Operating LLC
	79,000			Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.75%, 0.00% Floor)			8.08	%		02/03/2031			78,541
				OneDigital Borrower LLC
	675,000			Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 5.25%, 0.50% Floor)			9.58	%		07/02/2032			677,531
				Ontario Gaming GTA LP
	937,859			Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.25%, 0.50% Floor)			8.55	%		08/01/2030			930,094
				Par Petroleum LLC
	361,681			Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.75%, 0.50% Floor)			8.01	%		02/28/2030			359,197
				PetSmart LLC
	1,271,697			Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.85%, 0.75% Floor)			8.18	%		02/14/2028			1,261,364
				Polaris Newco LLC
	529,493			Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.86%, 0.50% Floor)			8.29	%		06/05/2028			516,732
				Pregis TopCo LLC
	1,261,838			Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%, 0.00% Floor)			8.33	%		02/01/2029			1,267,043
				Pretium PKG Holdings, Inc.
	310,000			Senior Secured Second Lien Term Loan (3 mo. Term SOFR + 7.01%, 0.50% Floor)			11.31	%		10/01/2029			53,785
				Pretzel Parent T/L B
	1,028,603			Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.50%, 0.00% Floor)			8.83	%		10/01/2031			1,022,688

PRINCIPAL AMOUNT $/SHARES				SECURITY DESCRIPTION		RATE				MATURITY		VALUE $
				Radiology Partners, Inc.
	1,280,000			Senior Secured Term Loan (1 mo. Term SOFR + 4.50%)			8.82	%		06/30/2032			1,271,200
				Sabre GLBL, Inc.
	1,965,063			Senior Secured First Lien Term Loan (1 mo. Term SOFR + 6.00%)			10.43	%		11/15/2029			1,965,063
				Sound Inpatient Physicians Holdings LLC
	190,000			Senior Secured Term Loan (3 mo. Term SOFR + 6.75%, 0.00% Floor)			11.08	%		06/29/2026			28,591
				Staples, Inc.
	173,688			Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.75%, 0.50% Floor)			10.03	%		09/10/2029			160,723
				StubHub Holdco Sub LLC
	861,178			Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.75%, 0.00% Floor)			9.08	%		03/15/2030			838,210
				Team Health Holdings, Inc.
	646,116			Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.25%, 1.00% Floor)			9.53	%		03/02/2027			643,893
				Townsquare Media, Inc.
	804,938			Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.00%, 0.00% Floor)			9.32	%		02/19/2030			728,469
				Travelport Finance Luxembourg Sarl
	142,384			Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.69%, 1.00% Floor)			11.30	%		09/29/2028			110,660
	393,244			Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.69%, 1.00% Floor)			11.30	%		09/29/2028			305,625
				Trident TPI Holdings, Inc.
	1,285,270			Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.75%, 0.50% Floor)			8.05	%		09/18/2028			1,264,551
				United Natural Foods, Inc.
	215,600			Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.75%, 0.00% Floor)			9.08	%		05/01/2031			217,756
				Univision Communications, Inc.
	530,123			Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.25%, 0.50% Floor)			8.55	%		06/25/2029			529,240
				Vantage Specialty Chemicals, Inc.
	673,420			Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.75%, 0.50% Floor)			9.03	%		10/26/2026			653,695
				Veritiv Operating Co.
	767,765			Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.00%, 0.00% Floor)			8.30	%		11/30/2030			771,412
				Vibrantz Technologies, Inc.
	243,764			Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.40%, 0.50% Floor)			8.64	%		04/23/2029			213,512
				Victra Holdings LLC
	985,487			Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.25%, 0.75% Floor)			8.55	%		03/29/2029			987,029
				Voyager Parent LLC
	1,020,000			Senior Secured Term Loan (1 mo. Term SOFR + 4.75%)			9.07	%		05/10/2032			1,010,932
				Wand NewCo 3, Inc.
	211,745			Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.00% Floor)			6.83	%		01/30/2031			211,044
				WaterBridge Midstream Operating LLC
	919,145			Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.01%, 0.00% Floor)			9.31	%		06/27/2029			916,681
				Zayo Group Holdings, Inc.
	179,537			Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.25%)			8.58	%		03/09/2027			172,898
				Total Bank Loans (Cost $54,841,406)									53,131,115
	COLLATERALIZED LOAN OBLIGATIONS - 21.2%
				Allegany Park CLO Ltd.
	1,000,000			Series 2019-1A-ER (3 mo. Term SOFR + 6.40%, 6.40% Floor)			10.67	%(a)		01/20/2035			992,981
				Atlas Senior Loan Fund Ltd.
	1,700,000			Series 2019-14A-D (3 mo. Term SOFR + 4.16%, 3.90% Floor)			8.43	%(a)		07/20/2032			1,704,764
				Babson CLO Ltd./Cayman Islands
	2,500,000			Series 2019-1A-DR (3 mo. Term SOFR + 3.91%, 3.65% Floor)			8.17	%(a)		04/15/2035			2,478,351
	1,500,000			Series 2019-1A-ER (3 mo. Term SOFR + 7.12%, 6.86% Floor)			11.38	%(a)		04/15/2035			1,508,778

PRINCIPAL AMOUNT $/SHARES				SECURITY DESCRIPTION		RATE				MATURITY		VALUE $
	1,000,000			Series 2019-2A-D1RR (3 mo. Term SOFR + 2.90%, 2.90% Floor)			7.16	%(a)		01/15/2038			1,005,560
				Bain Capital Credit CLO
	4,000,000			Series 2022-5A-DR (3 mo. Term SOFR + 4.25%, 4.25% Floor)			8.53	%(a)		01/24/2037			4,047,446
				Beechwood Park CLO Ltd.
	5,000,000			Series 2019-1A-DR (3 mo. Term SOFR + 3.10%, 3.10% Floor)			7.38	%(a)		01/17/2035			5,001,683
				Blackstone, Inc.
	500,000			Series 2017-1A-DR (3 mo. Term SOFR + 3.11%, 2.85% Floor)			7.37	%(a)		10/15/2030			500,547
	1,000,000			Series 2018-1A-E (3 mo. Term SOFR + 5.21%, 0.00% Floor)			9.47	%(a)		04/15/2031			1,000,860
				BlueMountain CLO Ltd.
	1,000,000			Series 2013-2A-DR (3 mo. Term SOFR + 3.16%, 0.00% Floor)			7.43	%(a)		10/22/2030			991,631
				Canyon Capital CLO Ltd.
	1,700,000			Series 2014-1A-CR (3 mo. Term SOFR + 3.01%, 2.75% Floor)			7.29	%(a)		01/30/2031			1,705,307
	1,000,000			Series 2017-1A-DR (3 mo. Term SOFR + 3.26%, 3.00% Floor)			7.52	%(a)		07/15/2030			998,480
	1,000,000			Series 2017-1A-E (3 mo. Term SOFR + 6.51%, 0.00% Floor)			10.77	%(a)		07/15/2030			1,002,126
	2,250,000			Series 2021-1A-E (3 mo. Term SOFR + 6.67%, 6.41% Floor)			10.93	%(a)		04/15/2034			2,267,614
				Canyon CLO
	1,500,000			Series 2018-1A-E (3 mo. Term SOFR + 6.01%, 5.75% Floor)			10.27	%(a)		07/15/2031			1,501,334
				Carlyle Group, Inc.
	1,500,000			Series 2015-5A-DR (3 mo. Term SOFR + 6.96%, 6.70% Floor)			11.23	%(a)		01/20/2032			1,481,693
				Cathedral Lake CLO Ltd.
	500,000			Series 2021-8A-C (3 mo. Term SOFR + 2.88%, 2.62% Floor)			7.15	%(a)		01/20/2035			502,370
				Dryden Senior Loan Fund
	1,500,000			Series 2015-37A-ER (3 mo. Term SOFR + 5.41%, 5.15% Floor)			9.67	%(a)		01/15/2031			1,445,442
	2,000,000			Series 2015-40A-ER (3 mo. Term SOFR + 6.01%, 5.75% Floor)			10.34	%(a)		08/15/2031			1,877,400
	500,000			Series 2017-50A-D (3 mo. Term SOFR + 3.51%, 3.25% Floor)			7.77	%(a)		07/15/2030			499,707
				Highbridge Loan Management Ltd.
	1,000,000			Series 11A-17-E (3 mo. Term SOFR + 6.36%, 0.00% Floor)			10.62	%(a)		05/06/2030			859,428
	1,000,000			Series 2013-2A-CR (3 mo. Term SOFR + 3.16%, 2.90% Floor)			7.43	%(a)		10/20/2029			1,003,907
				Katayma CLO Ltd.
	1,000,000			Series 2024-2A-D (3 mo. Term SOFR + 4.50%, 4.50% Floor)			8.77	%(a)		04/20/2037			1,016,801
				LCM LP
	2,500,000			Series 26A-E (3 mo. Term SOFR + 5.56%, 5.30% Floor)			9.83	%(a)		01/20/2031			1,875,245
				Madison Park Funding Ltd.
	850,000			Series 2014-14A-ER (3 mo. Term SOFR + 6.06%, 5.80% Floor)			10.33	%(a)		10/22/2030			842,596
	1,000,000			Series 9A-DR (3 mo. Term SOFR + 3.86%, 0.00% Floor)			8.19	%(a)		05/28/2030			1,013,305
				Magnetite CLO Ltd.
	1,000,000			Series 2019-24A-ER (3 mo. Term SOFR + 6.40%, 6.40% Floor)			10.66	%(a)		04/15/2035			1,003,142
	500,000			Series 2022-33A-DR (3 mo. Term SOFR + 3.00%, 3.00% Floor)			7.27	%(a)		10/20/2037			501,526
				Marble Point CLO
	500,000			Series 2021-3A-D1 (3 mo. Term SOFR + 3.76%, 3.50% Floor)			8.04	%(a)		10/17/2034			498,753
				Neuberger Berman CLO Ltd.
	2,000,000			Series 2019-32A-DR (3 mo. Term SOFR + 2.96%, 2.70% Floor)			7.23	%(a)		01/20/2032			2,023,245
				Ocean Trails CLO
	920,000			Series 2014-5A-DRR (3 mo. Term SOFR + 3.71%, 3.45% Floor)			7.95	%(a)		10/13/2031			925,294
				Octagon Investment Partners Ltd.
	1,000,000			Series 2016-1A-DR (3 mo. Term SOFR + 3.11%, 3.11% Floor)			7.37	%(a)		07/15/2030			1,010,792
	1,000,000			Series 2016-1A-FR (3 mo. Term SOFR + 8.35%, 8.35% Floor)			12.61	%(a)		07/15/2030			236,228
	2,000,000			Series 2017-1A-SUB			0.00	%(a)(b)(c)(f)		03/17/2030			61,240
	1,500,000			Series 2018-1A-D (3 mo. Term SOFR + 5.46%, 5.20% Floor)			9.73	%(a)		01/20/2031			1,437,880
	900,000			Series 2018-3A-E (3 mo. Term SOFR + 6.01%, 5.75% Floor)			10.28	%(a)		10/20/2030			901,680
	1,000,000			Series 2019-1A-DR (3 mo. Term SOFR + 3.51%, 3.25% Floor)			7.77	%(a)		10/15/2034			978,762
				RR Ltd./Cayman Islands
	500,000			Series 2017-2A-DR (3 mo. Term SOFR + 6.06%, 5.80% Floor)			10.32	%(a)		04/15/2036			485,785
				Sound Point CLO Ltd.
	2,500,000			Series 2019-2A-DR (3 mo. Term SOFR + 3.56%, 3.30% Floor)			7.82	%(a)		07/15/2034			2,428,193
	2,000,000			Series 2020-1A-DR (3 mo. Term SOFR + 3.61%, 3.61% Floor)			7.88	%(a)		07/20/2034			2,005,965
	2,000,000			Series 2021-1A-D (3 mo. Term SOFR + 3.76%, 3.76% Floor)			8.04	%(a)		04/25/2034			2,004,897

PRINCIPAL AMOUNT $/SHARES				SECURITY DESCRIPTION		RATE				MATURITY		VALUE $
				Trimaran CAVU LLC
	500,000			Series 2019-2A-C (3 mo. Term SOFR + 4.98%, 4.72% Floor)			9.25	%(a)		11/26/2032			501,169
				Venture CDO Ltd.
	500,000			Series 2017-30A-C (3 mo. Term SOFR + 2.21%, 0.00% Floor)			6.47	%(a)		01/15/2031			501,378
				Vibrant CLO Ltd.
	500,000			Series 2024-4RA-D1 (3 mo. Term SOFR + 3.75%, 3.75% Floor)			8.02	%(a)		10/20/2037			505,685
				Vibrant Clo X Ltd.
	1,000,000			Series 2018-10RA-C1 (3 mo. Term SOFR + 5.00%, 5.00% Floor)			9.27	%(a)		04/20/2036			1,003,185
				Voya CLO Ltd.
	1,000,000			Series 2020-1A-DR (3 mo. Term SOFR + 3.36%, 3.10% Floor)			7.62	%(a)		07/16/2034			998,495
				Wind River CLO Ltd.
	2,500,000			Series 2014-2A-ER (3 mo. Term SOFR + 6.01%, 5.75% Floor)			10.27	%(a)		01/15/2031			2,275,109
	1,000,000			Series 2014-3A-DR2 (3 mo. Term SOFR + 3.66%, 3.40% Floor)			7.93	%(a)		10/22/2031			1,015,622
				Wind River Ltd.
	1,000,000			Series 2021-3A-D1AR (3 mo. Term SOFR + 3.00%, 3.00% Floor)			7.27	%(a)		04/20/2038			1,004,337
				Total Collateralized Loan Obligations (Cost $64,699,217)									63,433,718
	FOREIGN CORPORATE BONDS - 2.8%
	400,000			Adani Ports & Special Economic Zone Ltd.			5.00	%		08/02/2041			315,591
	167,000			Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt Ltd./Wardha Solar Maharash			4.63	%		10/15/2039			134,712
	208,500			Adani Transmission Step-One Ltd.			4.25	%		05/21/2036			177,660
	350,000			AL Candelaria Spain SA			5.75	%		06/15/2033			297,272
	122,468			Autopistas del Sol SA/Costa Rica			7.38	%		12/30/2030			121,854
	200,000			Banco Davivienda SA  (10 yr. CMT Rate + 5.10%)			6.65	%(g)		04/22/2031			178,181
	200,000			Banco Davivienda SA  (5 yr. CMT Rate + 4.59%)			8.13	%(a)		07/02/2035			201,160
	200,000			BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX  (5 yr. CMT Rate + 4.21%)			8.13	%		01/08/2039			206,864
	250,000			Braskem Idesa SAPI			6.99	%(a)		02/20/2032			173,745
	450,000			Braskem Netherlands Finance BV			5.88	%		01/31/2050			283,395
	400,000			Canacol Energy Ltd.			5.75	%		11/24/2028			138,426
	400,000			CAP SA			3.90	%		04/27/2031			321,761
	250,000			Comision Federal de Electricidad			5.00	%		07/30/2049			209,167
	100,000			Cosan Overseas Ltd.			8.25	%(g)		08/05/2025			100,988
	400,000			CSN Resources SA			5.88	%		04/08/2032			329,296
	400,000			ENA Master Trust			4.00	%		05/19/2048			290,060
	202,000			Fideicomiso Irrevocable de Administracion y Fuente de Pago Numero CIB/4323 (11.00% Cash + 2.00% PIK)			11.00	%(a)		09/12/2030			163,872
	160,900			Fideicomiso PA Pacifico Tres			8.25	%		01/15/2035			162,670
	450,000			Fresnillo PLC			4.25	%		10/02/2050			328,415
	300,000			Frigorifico Concepcion SA			7.70	%(a)		07/21/2028			233,348
	200,000			FS Luxembourg Sarl			8.63	%(a)		06/25/2033			197,600
	235,000			Garda World Security Corp.			8.25	%(a)		08/01/2032			241,360
	235,000			Global Aircraft Leasing Co. Ltd.			8.75	%(a)		09/01/2027			241,195
	230,000			Husky Injection Molding Systems Ltd. / Titan Co.-Borrower LLC			9.00	%(a)		02/15/2029			240,763
	200,000			Infraestructura Energetica Nova SAPI de CV			4.88	%		01/14/2048			147,870
	200,000			Infraestructura Energetica Nova SAPI de CV			4.75	%		01/15/2051			141,334
	140,000			Kronos Acquisition Holdings, Inc.			8.25	%(a)		06/30/2031			127,293
	200,000			Motion Finco Sarl			8.38	%(a)		02/15/2032			183,345
	200,000			Movida Europe SA			7.85	%(a)		04/11/2029			184,782
	100,000			Ontario Gaming GTA LP/OTG Co.-Issuer, Inc.			8.00	%(a)		08/01/2030			100,402
	200,000			Orbia Advance Corp. SAB de CV			5.50	%		01/15/2048			157,551
	75,000			Phoenix Aviation Capital Ltd.			9.25	%(a)		07/15/2030			77,738
	143,944			Prumo Participacoes e Investimentos S/A			7.50	%		12/31/2031			145,928
	400,000			Raizen Fuels Finance SA			6.95	%		03/05/2054			371,391

PRINCIPAL AMOUNT $/SHARES				SECURITY DESCRIPTION		RATE				MATURITY		VALUE $
	200,000			Saavi Energia Sarl			8.88	%		02/10/2035			208,950
	200,000			Saavi Energia Sarl			8.88	%(a)		02/10/2035			208,950
	200,000			Sasol Financing USA LLC			5.50	%		03/18/2031			164,539
	450,000			Simpar Europe SA			5.20	%		01/26/2031			369,000
	171,637			TransJamaican Highway Ltd.			5.75	%		10/10/2036			159,537
	44,228			Unigel Luxembourg SA (13.50% Cash or 15.00% PIK)			13.50	%(a)		12/31/2027			35,604
	62,117			Unigel Luxembourg SA (13.50% Cash or 15.00% PIK)			13.50	%		12/31/2027			50,004
	215,781			Unigel Luxembourg SA (11.00% Cash or 12.00% PIK)			11.00	%		12/31/2028			60,418
	50,180			Unigel Luxembourg SA (11.00% Cash or 12.00% PIK)			11.00	%(a)		12/31/2028			14,050
	262,806			Unigel Netherlands Holding Corp. BV (15.00% Cash or 15.00% PIK)			15.00	%		12/31/2044			8,541
	100,000			Volcan Cia Minera SAA			8.75	%		01/24/2030			99,420
	200,000			Yinson Bergenia Production BV			8.50	%(a)		01/31/2045			202,966
				Total Foreign Corporate Bonds (Cost $8,948,071)									8,508,968
	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 1.7%
	400,000			Aeropuerto Internacional de Tocumen SA			5.13	%		08/11/2061			282,012
	200,000			Banco do Brasil SA/Cayman (10 yr. CMT Rate + 4.40%)			8.75	%(g)		10/15/2025			202,004
	450,000			Brazilian Government International Bond			4.75	%		01/14/2050			318,351
	500,000			Colombia Government International Bond			5.00	%		06/15/2045			338,502
	200,000			Comision Federal de Electricidad			4.68	%		02/09/2051			139,524
	350,000			Corp. Nacional del Cobre de Chile			3.15	%		01/15/2051			215,100
	250,000			Ecopetrol SA			5.88	%		05/28/2045			172,751
	250,000			Ecopetrol SA			5.88	%		11/02/2051			164,807
	200,000			Empresa de Transmision Electrica SA			5.13	%		05/02/2049			144,425
	198,850			FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple			7.25	%(a)		01/31/2041			202,012
	200,000			Guatemala Government Bond			4.65	%		10/07/2041			159,375
	200,000			Mexico City Airport Trust			5.50	%		07/31/2047			165,285
	500,000			Mexico Government International Bond			3.77	%		05/24/2061			296,563
	200,000			Morocco Government International Bond			4.00	%		12/15/2050			136,470
	200,000			OCP SA			5.13	%		06/23/2051			152,103
	150,000			Peruvian Government International Bond			2.78	%		12/01/2060			80,959
	350,000			Petrobras Global Finance BV			5.50	%		06/10/2051			271,153
	600,000			Petroleos del Peru SA			5.63	%		06/19/2047			380,030
	700,000			Petroleos Mexicanos			6.38	%		01/23/2045			496,299
	200,000			Port Of Spain Waterfront Development			7.88	%		02/19/2040			199,240
	200,000			Port Of Spain Waterfront Development			7.88	%(a)		02/19/2040			199,240
	350,000			Republic of South Africa Government International Bond			5.65	%		09/27/2047			262,274
	200,000			Trinidad Generation Unlimited			7.75	%(a)		06/16/2033			207,325
				Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $5,800,659)									5,185,804
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 25.3%
				1345 Trust
	620,000			Series 2025-AOA-D (1 mo. Term SOFR + 3.00%, 3.00% Floor)			7.30	%(a)		06/15/2030			622,616
				ACREC Trust
	690,000			Series 2023-FL2-B (1 mo. Term SOFR + 3.48%, 3.48% Floor)			7.79	%(a)		02/19/2038			694,500
				Arbor Realty Trust, Inc.
	1,000,000			Series 2022-FL1-C (30 day avg SOFR US + 2.30%, 2.30% Floor)			6.60	%(a)		01/15/2037			1,002,451
				ARDN Mortgage Trust
	650,000			Series 2025-ARCP-E (1 mo. Term SOFR + 4.50%, 4.50% Floor)			8.80	%(a)		06/15/2035			652,959
				AREIT Ltd.
	1,000,000			Series 2024-CRE9-B (1 mo. Term SOFR + 2.54%, 2.54% Floor)			6.85	%(a)		05/17/2041			993,340

PRINCIPAL AMOUNT $/SHARES				SECURITY DESCRIPTION		RATE				MATURITY		VALUE $
				AREIT Trust
	1,000,000			Series 2023-CRE8-B (1 mo. Term SOFR + 3.32%, 3.32% Floor)			7.64	%(a)		08/17/2041			1,003,436
	200,000			Series 2023-CRE8-D (1 mo. Term SOFR + 5.37%, 5.37% Floor)			9.68	%(a)		08/17/2041			201,160
	930,000			Series 2025-CRE10-D (1 mo. Term SOFR + 2.79%, 2.79% Floor)			7.10	%(a)		01/17/2030			887,844
				BANK
	5,843,520			Series 2020-BN26-XF			1.50	%(a)(h)		03/15/2063			327,007
				BANK5 Trust
	72,348,973			Series 2023-5YR1-XA			0.48	%(f)(h)		04/15/2056			511,290
	18,014,884			Series 2023-5YR4-XA			1.26	%(f)(h)		12/15/2056			527,881
				BBCMS Trust
	500,000			Series 2025-5C34-D			4.25	%(a)		05/15/2058			434,420
				BDS Ltd.
	1,200,000			Series 2021-FL9-D (1 mo. Term SOFR + 2.36%, 2.25% Floor)			6.68	%(a)		11/16/2038			1,195,199
	1,000,000			Series 2024-FL13-C (1 mo. Term SOFR + 2.59%, 2.59% Floor)			6.91	%(a)		09/19/2039			1,003,112
				Beast Mortgage Trust
	1,000,000			Series 2021-1818-G (1 mo. Term SOFR + 6.11%, 6.25% Floor)			10.43	%(a)		03/15/2036			135,252
				Benchmark Mortgage Trust
	11,678,644			Series 2018-B1-XA			0.67	%(f)(h)		01/15/2051			126,392
	1,398,000			Series 2018-B4-D			2.92	%(a)(f)		07/15/2051			1,138,425
	1,000,000			Series 2024-V10-D			4.50	%(a)		09/15/2057			889,833
				Blackstone Mortgage Trust, Inc.
	314,618			Series 2021-FL4-A (1 mo. Term SOFR + 1.16%, 1.05% Floor)			5.48	%(a)		05/15/2038			313,624
				BMO Mortgage Trust
	1,089,000			Series 2025-C11-D			4.50	%(a)		02/15/2058			844,729
				BrightSpire Capital, Inc.
	1,200,000			Series 2021-FL1-D (1 mo. Term SOFR + 2.81%, 2.70% Floor)			7.13	%(a)		08/19/2038			1,165,388
	1,064,000			Series 2024-FL2-C (1 mo. Term SOFR + 3.54%, 3.54% Floor)			7.86	%(a)		08/19/2037			1,060,590
				BSPRT Co.-Issuer LLC
	1,400,000			Series 2023-FL10-AS (1 mo. Term SOFR + 2.86%, 2.86% Floor)			7.17	%(a)		09/15/2035			1,407,799
				BX Trust
	1,000,000			Series 2019-OC11-E			4.08	%(a)(f)		12/09/2041			918,918
	700,000			Series 2021-ARIA-F (1 mo. Term SOFR + 2.71%, 2.59% Floor)			7.02	%(a)		10/15/2036			697,144
	903,000			Series 2022-PSB-C (1 mo. Term SOFR + 3.70%, 3.70% Floor)			8.01	%(a)		08/15/2039			904,129
	514,481			Series 2024-AIRC-C (1 mo. Term SOFR + 2.59%, 2.59% Floor)			6.90	%(a)		08/15/2039			517,485
	810,000			Series 2025-LUNR-E (1 mo. Term SOFR + 3.95%, 3.95% Floor)			8.26	%(a)		06/15/2040			814,072
	940,000			Series 2025-ROIC-E (1 mo. Term SOFR + 2.94%, 2.94% Floor)			7.25	%(a)		03/15/2030			924,260
				CALI Mortgage Trust
	530,000			Series 2024-SUN-C (1 mo. Term SOFR + 2.79%, 2.79% Floor)			7.10	%(a)		07/15/2041			531,929
				Citigroup/Deutsche Bank Commercial Mortgage Trust
	13,647,016			Series 2017-CD6-XA			1.03	%(f)(h)		11/13/2050			202,044
				Commercial Mortgage Pass Through Certificates
	26,400,000			Series 2014-UBS3-XC			1.25	%(a)(f)(h)		06/10/2047			752
	1,288,300			Series 2014-UBS4-F			3.75	%(a)(c)		08/10/2047			580
	1,047,724			Series 2014-UBS4-G			3.75	%(a)(c)		08/10/2047			305
	5,000			Series 2014-UBS4-V			0.00	%(a)(c)(f)		08/10/2047			1
	27,394,000			Series 2015-CR23-XD			1.13	%(a)(f)(h)		05/10/2048			712
	5,297,000			Series 2015-CR26-XD			1.42	%(a)(f)(h)		10/10/2048			178
				Computershare Corporate Trust
	23,293,000			Series 2015-C28-XF			1.25	%(a)(f)(h)		05/15/2048			23,337
	747,000			Series 2015-NXS4-D			3.83	%(f)		12/15/2048			720,977
	1,000,000			Series 2016-LC24-C			4.57	%(f)		10/15/2049			899,808
	43,707,234			Series 2018-C43-XA			0.72	%(f)(h)		03/15/2051			574,151
	1,569,000			Series 2019-C50-D			3.00	%(a)		05/15/2052			1,287,119
				CSAIL Commercial Mortgage Trust
	885,000			Series 2016-C5-C			4.78	%(f)		11/15/2048			867,519
	4,003,913			Series 2016-C6-XA			2.01	%(f)(h)		01/15/2049			18,921
	2,000,000			Series 2018-CX12-C			4.88	%(f)		08/15/2051			1,839,667

PRINCIPAL AMOUNT $/SHARES				SECURITY DESCRIPTION		RATE				MATURITY		VALUE $
				DOLP Trust
	1,000,000			Series 2021-NYC-F			3.70	%(a)(f)		05/10/2041			734,420
				FIVE Mortgage Trust
	583,000			Series 2023-V1-E			6.51	%(a)(f)		02/10/2056			537,578
				FS Rialto Issuer LLC
	1,199,000			Series 2021-FL3-D (1 mo. Term SOFR + 2.61%, 2.61% Floor)			6.93	%(a)		11/16/2036			1,179,322
	1,200,000			Series 2024-FL9-D (1 mo. Term SOFR + 3.94%, 3.94% Floor)			8.26	%(a)		10/19/2039			1,194,738
	1,140,000			Series 2025-FL10-D (1 mo. Term SOFR + 2.70%, 2.70% Floor)			7.01	%(a)		08/19/2042			1,123,790
				Granite Point Mortgage Trust, Inc.
	1,000,000			Series 2021-FL4-B (1 mo. Term SOFR + 2.06%, 1.95% Floor)			6.38	%(a)		12/15/2036			975,662
				Great Wolf Trust
	1,500,000			Series 2024-WLF2-E (1 mo. Term SOFR + 3.64%)			7.95	%(a)		05/15/2041			1,503,840
				Greystone Commercial Real Estate Notes
	800,000			Series 2021-FL3-C (1 mo. Term SOFR + 2.11%, 2.00% Floor)			6.43	%(a)		07/15/2039			794,581
	1,000,000			Series 2021-FL3-D (1 mo. Term SOFR + 2.31%, 2.20% Floor)			6.63	%(a)		07/15/2039			994,491
	1,100,000			Series 2021-FL3-E (1 mo. Term SOFR + 2.86%, 2.75% Floor)			7.18	%(a)		07/15/2039			1,083,765
	880,000			Series 2025-FL4-C (1 mo. Term SOFR + 2.89%, 2.89% Floor)			7.20	%(a)		01/15/2043			880,940
				GS Mortgage Securities Corp. II
	905,459			Series 2010-C1-C			5.64	%(a)(f)		08/10/2043			899,847
	620,000			Series 2014-GC26-D			4.55	%(a)(f)		11/10/2047			361,156
	734,722			Series 2015-GC28-D			4.56	%(a)(f)		02/10/2048			704,322
	74,070,666			Series 2018-GS9-XA			0.55	%(f)(h)		03/10/2051			691,902
				HGI CRE CLO Ltd.
	1,100,000			Series 2021-FL1-D (1 mo. Term SOFR + 2.46%, 2.46% Floor)			6.78	%(a)		06/16/2036			1,098,296
	910,000			Series 2021-FL2-D (1 mo. Term SOFR + 2.26%, 2.26% Floor)			6.58	%(a)		09/17/2036			908,926
	1,000,000			Series 2022-FL3-B (30 day avg SOFR US + 2.60%, 2.60% Floor)			6.90	%(a)		04/20/2037			1,004,383
				HIG RCP LLC
	1,400,000			Series 2023-FL1-B (1 mo. Term SOFR + 3.61%, 3.61% Floor)			7.93	%(a)		09/19/2038			1,410,125
				JP Morgan Chase Commercial Mortgage Securities
	1,153,000			Series 2019-MFP-G (1 mo. Term SOFR + 4.10%, 4.05% Floor)			8.41	%(a)		07/15/2036			841,291
	1,153,000			Series 2019-MFP-XG			0.50	%(a)(f)(h)		07/15/2036			10,731
	1,040,000			Series 2019-UES-B			4.14	%(a)		05/05/2032			1,014,503
				JPMBB Commercial Mortgage Securities Trust
	8,216,862			Series 2013-C14-XC			0.57	%(a)(f)(h)		08/15/2046			22,262
	1,644,636			Series 2014-C19-NR			3.75	%(a)(c)(f)		04/15/2047			1,091,118
	24,195			Series 2014-C26-XA			0.51	%(f)(h)		01/15/2048			—
	500,000			Series 2015-C27-D			3.95	%(a)(f)		02/15/2048			130,725
	10,827,635			Series 2015-C29-XE			0.51	%(a)(f)(h)		05/15/2048			154
	16,358,000			Series 2015-C32-XD			0.50	%(a)(f)(h)		11/15/2048			355
				KKR Industrial Portfolio Trust
	600,000			Series 2024-1-C (1 mo. Term SOFR + 2.84%, 2.84% Floor)			7.15	%(a)		08/15/2041			601,314
				KREF
	1,000,000			Series 2021-FL2-C (1 mo. Term SOFR + 2.11%, 2.00% Floor)			6.43	%(a)		02/15/2039			991,006
				LoanCore
	650,000			Series 2025-CRE8-D (1 mo. Term SOFR + 2.74%, 2.74% Floor)			7.05	%(a)		08/17/2042			632,822
				LSTAR Commercial Mortgage Trust
	1,154,836			Series 2016-4-XA			1.68	%(a)(f)(h)		03/10/2049			4,837
	1,000,000			Series 2017-5-C			4.82	%(a)(f)		03/10/2050			931,259
				MF1 Multifamily Housing Mortgage Loan Trust
	1,352,581			Series 2021-FL6-C (1 mo. Term SOFR + 1.96%, 1.85% Floor)			6.28	%(a)		07/16/2036			1,347,695
	780,000			Series 2021-FL6-E (1 mo. Term SOFR + 3.06%, 2.95% Floor)			7.38	%(a)		07/16/2036			771,789
	1,000,000			Series 2021-FL7-E (1 mo. Term SOFR + 2.91%, 2.80% Floor)			7.23	%(a)		10/16/2036			970,302
	1,000,000			Series 2024-FL14-C (1 mo. Term SOFR + 3.29%, 3.29% Floor)			7.61	%(a)		03/19/2039			1,007,503
	1,000,000			Series 2024-FL15-C (1 mo. Term SOFR + 2.94%, 2.94% Floor)			7.25	%(a)		08/18/2041			1,005,023
	1,240,000			Series 2024-FL16-D (1 mo. Term SOFR + 3.59%, 3.59% Floor)			7.90	%(a)		11/18/2039			1,226,728
	690,000			Series 2025-FL17-D (1 mo. Term SOFR + 2.74%, 2.74% Floor)			7.06	%(a)		02/18/2040			682,282

PRINCIPAL AMOUNT $/SHARES				SECURITY DESCRIPTION		RATE				MATURITY		VALUE $
	1,250,000			Series 2025-FL19-C (1 mo. Term SOFR + 2.84%, 2.84% Floor)			7.16	%(a)		05/18/2042			1,250,379
				Morgan Stanley Bank of America Merrill Lynch Trust
	197,017			Series 2014-C19-C			4.00	%		12/15/2047			191,061
				PFP III Ltd.
	995,530			Series 2024-11-B (1 mo. Term SOFR + 2.49%, 2.49% Floor)			6.80	%(a)		09/17/2039			997,661
	1,250,000			Series 2025-12-C (1 mo. Term SOFR + 2.54%, 2.54% Floor)			6.86	%(a)		12/18/2042			1,251,754
				Ready Capital Corp.
	1,250,000			Series 2023-FL11-B (1 mo. Term SOFR + 3.53%, 3.53% Floor)			7.85	%(a)		10/25/2039			1,254,500
	1,000,000			Series 2023-FL12-C (1 mo. Term SOFR + 4.55%, 4.55% Floor)			8.87	%(a)		05/25/2038			1,012,332
				ROCK Trust
	319,000			Series 2024-CNTR-D			7.11	%(a)		11/13/2041			333,824
				Starwood Property Trust, Inc.
	1,200,000			Series 2021-FL2-C (1 mo. Term SOFR + 2.21%, 2.10% Floor)			6.53	%(a)		04/18/2038			1,185,037
	2,500,000			Series 2022-FL3-B (30 day avg SOFR US + 1.95%, 1.95% Floor)			6.25	%(a)		11/15/2038			2,459,183
				TPG Real Estate Finance Issuer Ltd.
	1,000,000			Series 2021-FL4-B (1 mo. Term SOFR + 1.96%, 1.85% Floor)			6.28	%(a)		03/15/2038			999,406
	758,000			Series 2022-FL5-AS (1 mo. Term SOFR + 2.15%, 2.15% Floor)			6.46	%(a)		02/15/2039			757,121
	1,100,000			Series 2022-FL5-B (1 mo. Term SOFR + 2.45%, 2.45% Floor)			6.76	%(a)		02/15/2039			1,098,299
				UBS Commercial Mortgage Trust
	1,000,000			Series 2018-C12-C			5.19	%(f)		08/15/2051			903,261
				UBS-Barclays Commercial Mortgage Trust
	1,350,000			Series 2013-C5-C			3.84	%(a)(f)		03/10/2046			1,226,029
				WHARF Trust
	630,000			Series 2025-DC-E			7.72	%(a)(f)		07/15/2040			647,611
				Total Non-Agency Commercial Mortgage Backed Obligations (Cost $86,782,865)									75,816,496
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS - 14.3%
				Barclays PLC
	8,241,493			Series 2007-AB1-A5			4.47	%(i)		03/25/2037			3,120,847
	471,462			Series 2010-RR6-6A2			9.30	%(a)(f)		07/26/2037			222,938
				Chase Mortgage Finance Corp.
	1,276,365			Series 2007-S1-A7			6.00	%		02/25/2037			490,204
	1,353,546			Series 2007-S3-1A5			6.00	%		05/25/2037			576,580
				Citigroup Financial Products, Inc.
	249,206			Series 2006-8-A4 (-3 x 1 mo. Term SOFR + 19.35%, 0.00% Floor, 19.66% Cap)			7.47	%(a)(j)		10/25/2035			182,855
				Countrywide Alternative Loan Trust
	528,803			Series 2005-85CB-2A5 (1 mo. Term SOFR + 1.21%, 1.10% Floor, 7.00% Cap)			5.53	%		02/25/2036			412,366
	111,675			Series 2005-85CB-2A6 (-4 x 1 mo. Term SOFR + 21.21%, 0.00% Floor, 21.63% Cap)			5.38	%(j)		02/25/2036			86,490
				Countrywide Home Loan Mortgage Pass Through Trust
	1,275,478			Series 2007-4-1A35 (-1 x 1 mo. Term SOFR + 6.59%, 0.00% Floor, 6.70% Cap)			2.27	%(h)(j)		05/25/2037			195,615
				Credit Suisse Management LLC
	1,617,143			Series 2005-11-7A1			6.00	%		12/25/2035			818,058
				Credit Suisse Mortgage Capital Certificates
	3,109,404			Series 2006-5-3A3			6.50	%		06/25/2036			502,259
	235,970			Series 2006-9-2A1			5.50	%		11/25/2036			221,806
	151,374			Series 2006-9-6A14			6.00	%		11/25/2036			107,245
				Fannie Mae Connecticut Avenue Securities
	2,996,000			Series 2021-R01-1B2 (30 day avg SOFR US + 6.00%, 0.00% Floor)			10.31	%(a)		10/25/2041			3,130,453
	3,000,000			Series 2022-R01-1B2 (30 day avg SOFR US + 6.00%, 0.00% Floor)			10.31	%(a)		12/25/2041			3,151,853
				Freddie Mac Structured Agency Credit Risk Debt Notes
	3,000,000			Series 2020-HQA2-B2 (30 day avg SOFR US + 7.71%, 0.00% Floor)			12.02	%(a)		03/25/2050			3,642,230
	2,000,000			Series 2021-DNA2-B2 (30 day avg SOFR US + 6.00%, 0.00% Floor)			10.31	%(a)		08/25/2033			2,437,008

PRINCIPAL AMOUNT $/SHARES				SECURITY DESCRIPTION		RATE				MATURITY		VALUE $
	3,000,000			Series 2021-DNA6-B2 (30 day avg SOFR US + 7.50%, 0.00% Floor)			11.81	%(a)		10/25/2041			3,189,960
	1,200,000			Series 2021-DNA7-M2 (30 day avg SOFR US + 1.80%, 0.00% Floor)			6.11	%(a)		11/25/2041			1,209,243
	2,000,000			Series 2021-HQA2-B2 (30 day avg SOFR US + 5.45%, 0.00% Floor)			9.76	%(a)		12/25/2033			2,347,334
	3,000,000			Series 2021-HQA3-B2 (30 day avg SOFR US + 6.25%, 0.00% Floor)			10.56	%(a)		09/25/2041			3,130,274
				Indymac Index Mortgage Loan Trust
	817,845			Series 2005-AR23-6A1			3.96	%(f)		11/25/2035			775,267
				JP Morgan Alternative Loan Trust
	57,145			Series 2006-S1-2A5			5.50	%		02/28/2026			46,068
				JP Morgan Reremic
	872,354			Series 2011-1-2A10			6.00	%(a)(f)		06/26/2037			719,891
				Lehman Mortgage Trust
	137,364			Series 2007-10-1A1			6.00	%		01/25/2038			133,890
	1,152,963			Series 2007-4-1A3			5.75	%		05/25/2037			536,816
				RALI Trust
	417,358			Series 2005-QS14-3A1			6.00	%		09/25/2035			367,829
	1,048,364			Series 2006-QS7-A3			6.00	%		06/25/2036			831,014
	335,900			Series 2007-QS1-1A1			6.00	%		01/25/2037			267,820
	554,118			Series 2007-QS6-A1 (1 mo. Term SOFR + 0.44%, 0.33% Floor, 7.00% Cap)			4.76	%		04/25/2037			417,811
	586,640			Series 2007-QS6-A102			5.75	%		04/25/2037			484,140
	126,231			Series 2007-QS6-A2 (-8 x 1 mo. Term SOFR + 54.63%, 0.00% Floor, 55.58% Cap)			18.64	%(j)		04/25/2037			166,887
				RBSGC Mortgage Pass Through Certificates
	570,412			Series 2008-B-A1			6.00	%(a)		06/25/2037			497,547
				Residential Asset Securitization Trust
	1,641,176			Series 2006-A6-1A12 (-1 x 1 mo. Term SOFR + 6.99%, 0.00% Floor, 7.10% Cap)			2.67	%(h)(j)		07/25/2036			185,682
	1,622,702			Series 2006-A6-1A9			6.00	%		07/25/2036			399,637
				RFMSI Trust
	363,463			Series 2007-S2-A4			6.00	%		02/25/2037			279,574
				Structured Adjustable Rate Mortgage Loan Trust
	240,986			Series 2006-1-2A2			4.89	%(f)		02/25/2036			203,810
				Velocity Commercial Capital Loan Trust
	344,674			Series 2018-1-M4			5.01	%(a)		04/25/2048			311,614
	256,243			Series 2018-1-M5			6.26	%(a)		04/25/2048			229,138
	364,718			Series 2018-1-M6			7.26	%(a)		04/25/2048			323,982
				Vericrest Opportunity Loan Transferee
	5,474,421			Series 2021-NPL3-A2			8.95	%(a)(i)(k)		02/27/2051			5,478,438
				Washington Mutual Alternative Mortgage Pass-Through Certificates
	2,959,259			Series 2006-8-A4			4.11	%(i)		10/25/2036			1,002,060
				Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $52,545,016)									42,834,533
	US CORPORATE BONDS - 1.1%
	250,000			Allied Universal Holdco LLC			7.88	%(a)		02/15/2031			261,395
	65,000			Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp.			9.75	%(a)		04/15/2030			66,099
	30,000			APH / APH2 / APH3			7.88	%(a)		11/01/2029			30,713
	140,000			Bausch + Lomb Corp.			8.38	%(a)		10/01/2028			146,300
	55,000			Clear Channel Outdoor Holdings, Inc.			7.50	%(a)		06/01/2029			50,915
	50,000			CommScope LLC			9.50	%(a)		12/15/2031			52,397
	50,000			CoreWeave, Inc.			9.25	%(a)		06/01/2030			51,159
	75,000			Cornerstone Building Brands, Inc.			9.50	%(a)		08/15/2029			69,015
	50,000			Dcli Bidco LLC			7.75	%(a)		11/15/2029			50,690
	100,000			Directv Financing LLC / Directv Financing Co.-Obligor, Inc.			10.00	%(a)		02/15/2031			97,152
	60,000			Dornoch Debt Merger Sub, Inc.			6.63	%(a)		10/15/2029			46,538
	45,000			EchoStar Corp.			10.75	%		11/30/2029			46,388
	115,000			Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.			6.75	%(a)		01/15/2030			106,215
	100,000			Freedom Mortgage Holdings LLC			8.38	%(a)		04/01/2032			101,157

PRINCIPAL AMOUNT $/SHARES				SECURITY DESCRIPTION		RATE				MATURITY		VALUE $
	145,000			Full House Resorts, Inc.			8.25	%(a)		02/15/2028			140,993
	135,000			Gray Media, Inc.			10.50	%(a)		07/15/2029			145,135
	235,000			Illuminate Buyer LLC / Illuminate Holdings IV, Inc.			9.00	%(a)		07/01/2028			236,312
	35,000			JetBlue Airways Corp. / JetBlue Loyalty LP			9.88	%(a)		09/20/2031			34,073
	30,000			Kohl’s Corp.			10.00	%(a)		06/01/2030			31,129
	35,000			LFS Topco LLC			8.75	%(a)		07/15/2030			34,457
	105,000			LifePoint Health, Inc.			10.00	%(a)		06/01/2032			108,456
	55,000			Mativ Holdings, Inc.			8.00	%(a)		10/01/2029			49,903
	135,000			Michaels Cos., Inc.			5.25	%(a)		05/01/2028			108,608
	90,000			Nabors Industries, Inc.			8.88	%(a)		08/15/2031			66,924
	250,000			PetSmart, Inc. / PetSmart Finance Corp.			7.75	%(a)		02/15/2029			243,181
	50,000			Radiology Partners, Inc.			8.50	%(a)		07/15/2032			50,179
	30,000			Sabre GLBL, Inc.			8.63	%(a)		06/01/2027			30,732
	30,000			Sabre GLBL, Inc.			10.75	%(a)		11/15/2029			30,939
	25,000			Staples, Inc.			10.75	%(a)		09/01/2029			23,786
	215,000			Trident TPI Holdings, Inc.			12.75	%(a)		12/31/2028			228,337
	105,000			United Natural Foods, Inc.			6.75	%(a)		10/15/2028			103,736
	55,000			Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC			8.63	%(a)		06/15/2032			55,605
	90,000			Univision Communications, Inc.			8.50	%(a)		07/31/2031			90,181
	25,000			Veritiv Operating Co.			10.50	%(a)		11/30/2030			27,094
	230,000			Victra Holdings LLC / Victra Finance Corp.			8.75	%(a)		09/15/2029			241,242
	100,000			Vital Energy, Inc.			7.88	%(a)		04/15/2032			85,579
	50,000			Voyager Parent LLC			9.25	%(a)		07/01/2032			52,053
				Total US Corporate Bonds (Cost $3,401,336)									3,394,767
	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 18.6%
				Federal Home Loan Mortgage Corp.
	28,173,520			Series 2021-P009-X			1.41	%(f)(h)		01/25/2031			828,070
	236,590			Series 3211-SI (-4 x 30 day avg SOFR US + 27.18%, 0.00% Floor, 27.67% Cap)			9.09	%(h)(j)		09/15/2036			93,907
	539,863			Series 3236-ES (-1 x 30 day avg SOFR US + 6.59%, 0.00% Floor, 6.70% Cap)			2.28	%(h)(j)		11/15/2036			48,966
	318,261			Series 3256-S (-1 x 30 day avg SOFR US + 6.58%, 0.00% Floor, 6.69% Cap)			2.27	%(h)(j)		12/15/2036			35,565
	198,357			Series 3292-SD (-1 x 30 day avg SOFR US + 5.99%, 0.00% Floor, 6.10% Cap)			1.68	%(h)(j)		03/15/2037			14,260
	2,056,715			Series 3297-BI (-1 x 30 day avg SOFR US + 6.65%, 0.00% Floor, 6.76% Cap)			2.34	%(h)(j)		04/15/2037			232,656
	1,816,654			Series 3311-BI (-1 x 30 day avg SOFR US + 6.65%, 0.00% Floor, 6.76% Cap)			2.34	%(h)(j)		05/15/2037			153,606
	1,454,633			Series 3311-IA (-1 x 30 day avg SOFR US + 6.30%, 0.00% Floor, 6.41% Cap)			1.99	%(h)(j)		05/15/2037			164,207
	313,732			Series 3314-SH (-1 x 30 day avg SOFR US + 6.29%, 0.00% Floor, 6.40% Cap)			1.98	%(h)(j)		11/15/2036			27,463
	156,553			Series 3330-KS (-1 x 30 day avg SOFR US + 6.44%, 0.00% Floor, 6.55% Cap)			2.13	%(h)(j)		06/15/2037			9,279
	29,026			Series 3339-AI (-1 x 30 day avg SOFR US + 6.44%, 0.00% Floor, 6.55% Cap)			2.13	%(h)(j)		07/15/2037			2,364
	1,038,315			Series 3339-TI (-1 x 30 day avg SOFR US + 6.03%, 0.00% Floor, 6.14% Cap)			1.72	%(h)(j)		07/15/2037			102,732
	306,157			Series 3374-SD (-1 x 30 day avg SOFR US + 6.34%, 0.00% Floor, 6.45% Cap)			2.03	%(h)(j)		10/15/2037			24,543
	79,202			Series 3382-SU (-1 x 30 day avg SOFR US + 6.19%, 0.00% Floor, 6.30% Cap)			1.88	%(h)(j)		11/15/2037			5,557
	1,785,136			Series 3404-SA (-1 x 30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap)			1.58	%(h)(j)		01/15/2038			151,263
	75,413			Series 3423-GS (-1 x 30 day avg SOFR US + 5.54%, 0.00% Floor, 5.65% Cap)			1.23	%(h)(j)		03/15/2038			5,208
	1,297,070			Series 3435-S (-1 x 30 day avg SOFR US + 5.87%, 0.00% Floor, 5.98% Cap)			1.56	%(h)(j)		04/15/2038			106,795
	68,605			Series 3508-PS (-1 x 30 day avg SOFR US + 6.54%, 0.00% Floor, 6.65% Cap)			2.23	%(h)(j)		02/15/2039			4,869

PRINCIPAL AMOUNT $/SHARES				SECURITY DESCRIPTION		RATE				MATURITY		VALUE $
	429,983			Series 3728-SV (-1 x 30 day avg SOFR US + 4.34%, 0.00% Floor, 4.45% Cap)			0.03	%(h)(j)		09/15/2040			15,111
	4,061,014			Series 3736-SN (-1 x 30 day avg SOFR US + 5.94%, 0.00% Floor, 6.05% Cap)			1.63	%(h)(j)		10/15/2040			381,566
	1,414,292			Series 3753-SB (-1 x 30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap)			1.58	%(h)(j)		11/15/2040			138,748
	1,596,941			Series 3780-SM (-1 x 30 day avg SOFR US + 6.39%, 0.00% Floor, 6.50% Cap)			2.08	%(h)(j)		12/15/2040			172,431
	581,685			Series 3815-ST (-1 x 30 day avg SOFR US + 5.74%, 0.00% Floor, 5.85% Cap)			1.43	%(h)(j)		02/15/2041			48,189
	1,076,798			Series 3905-SC (-5 x 30 day avg SOFR US + 22.18%, 0.00% Floor, 22.75% Cap)			0.61	%(j)		08/15/2041			1,100,589
	566,223			Series 3924-SJ (-1 x 30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap)			1.58	%(h)(j)		09/15/2041			51,918
	1,202,803			Series 3960-ES (-1 x 30 day avg SOFR US + 5.84%, 0.00% Floor, 5.95% Cap)			1.53	%(h)(j)		11/15/2041			107,952
	1,412,478			Series 4291-MS (-1 x 30 day avg SOFR US + 5.79%, 0.00% Floor, 5.90% Cap)			1.48	%(h)(j)		01/15/2054			160,185
	5,933,375			Series 5083-IH			2.50	%(h)		03/25/2051			882,833
	10,990,915			Series 5100-DS (-1 x 30 day avg SOFR US + 2.50%, 0.00% Floor, 2.50% Cap)			0.00	%(h)(j)		05/25/2051			25,777
	8,673,835			Series 5112-SC (-1 x 30 day avg SOFR US + 2.50%, 0.00% Floor, 2.50% Cap)			0.00	%(h)(j)		06/25/2051			23,253
				Federal National Mortgage Association
	21,032			Series 2005-72-WS (-1 x 30 day avg SOFR US + 6.64%, 0.00% Floor, 6.75% Cap)			2.33	%(h)(j)		08/25/2035			1,529
	193,685			Series 2006-117-SQ (-1 x 30 day avg SOFR US + 6.44%, 0.00% Floor, 6.55% Cap)			2.13	%(h)(j)		12/25/2036			14,664
	58,248			Series 2006-119-HS (-1 x 30 day avg SOFR US + 6.54%, 0.00% Floor, 6.65% Cap)			2.23	%(h)(j)		12/25/2036			5,998
	1,843,803			Series 2006-123-CI (-1 x 30 day avg SOFR US + 6.63%, 0.00% Floor, 6.74% Cap)			2.32	%(h)(j)		01/25/2037			227,112
	967,214			Series 2007-15-BI (-1 x 30 day avg SOFR US + 6.59%, 0.00% Floor, 6.70% Cap)			2.28	%(h)(j)		03/25/2037			95,329
	164,063			Series 2007-20-S (-1 x 30 day avg SOFR US + 6.63%, 0.00% Floor, 6.74% Cap)			2.32	%(h)(j)		03/25/2037			11,472
	98,805			Series 2007-21-SD (-1 x 30 day avg SOFR US + 6.37%, 0.00% Floor, 6.48% Cap)			2.06	%(h)(j)		03/25/2037			9,046
	491,821			Series 2007-30-IE (-1 x 30 day avg SOFR US + 6.63%, 0.00% Floor, 6.74% Cap)			2.32	%(h)(j)		04/25/2037			63,248
	1,188,949			Series 2007-32-SA (-1 x 30 day avg SOFR US + 5.99%, 0.00% Floor, 6.10% Cap)			1.68	%(h)(j)		04/25/2037			103,801
	410,979			Series 2007-40-SA (-1 x 30 day avg SOFR US + 5.99%, 0.00% Floor, 6.10% Cap)			1.68	%(h)(j)		05/25/2037			34,936
	88,616			Series 2007-48-SE (-1 x 30 day avg SOFR US + 5.99%, 0.00% Floor, 6.10% Cap)			1.68	%(h)(j)		05/25/2037			5,341
	140,078			Series 2007-64-LI (-1 x 30 day avg SOFR US + 6.45%, 0.00% Floor, 6.56% Cap)			2.14	%(h)(j)		07/25/2037			10,681
	45,377			Series 2007-68-SA (-1 x 30 day avg SOFR US + 6.54%, 0.00% Floor, 6.65% Cap)			2.23	%(h)(j)		07/25/2037			4,286
	2,491,015			Series 2007-75-PI (-1 x 30 day avg SOFR US + 6.43%, 0.00% Floor, 6.54% Cap)			2.12	%(h)(j)		08/25/2037			251,653
	1,222,482			Series 2008-33-SA (-1 x 30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap)			1.58	%(h)(j)		04/25/2038			104,799
	996,418			Series 2008-42-SC (-1 x 30 day avg SOFR US + 5.79%, 0.00% Floor, 5.90% Cap)			1.48	%(h)(j)		05/25/2038			90,769
	288,658			Series 2008-5-GS (-1 x 30 day avg SOFR US + 6.14%, 0.00% Floor, 6.25% Cap)			1.83	%(h)(j)		02/25/2038			27,852
	660,666			Series 2008-62-SD (-1 x 30 day avg SOFR US + 5.94%, 0.00% Floor, 6.05% Cap)			1.63	%(h)(j)		07/25/2038			54,858
	484,611			Series 2008-68-SB (-1 x 30 day avg SOFR US + 5.99%, 0.00% Floor, 6.10% Cap)			1.68	%(h)(j)		08/25/2038			38,924
	69,790			Series 2009-111-SE (-1 x 30 day avg SOFR US + 6.14%, 0.00% Floor, 6.25% Cap)			1.83	%(h)(j)		01/25/2040			7,390
	351,880			Series 2009-12-CI (-1 x 30 day avg SOFR US + 6.49%, 0.00% Floor, 6.60% Cap)			2.18	%(h)(j)		03/25/2036			26,728

PRINCIPAL AMOUNT $/SHARES				SECURITY DESCRIPTION		RATE				MATURITY		VALUE $
	71,653			Series 2009-47-SA (-1 x 30 day avg SOFR US + 5.99%, 0.00% Floor, 6.10% Cap)			1.68	%(h)(j)		07/25/2039			3,942
	91,406			Series 2009-48-WS (-1 x 30 day avg SOFR US + 5.84%, 0.00% Floor, 5.95% Cap)			1.53	%(h)(j)		07/25/2039			7,982
	48,055			Series 2009-67-SA (-1 x 30 day avg SOFR US + 5.04%, 0.25% Floor, 5.15% Cap)			0.73	%(h)(j)		07/25/2037			2,758
	275,759			Series 2009-87-SA (-1 x 30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap)			1.58	%(h)(j)		11/25/2049			26,099
	3,019,469			Series 2009-90-QI (-1 x 30 day avg SOFR US + 6.49%, 0.00% Floor, 6.60% Cap)			2.18	%(h)(j)		08/25/2036			301,882
	379,633			Series 2009-91-SD (-1 x 30 day avg SOFR US + 6.04%, 0.00% Floor, 6.15% Cap)			1.73	%(h)(j)		11/25/2039			35,229
	66,104			Series 2010-11-SC (-1 x 30 day avg SOFR US + 4.69%, 0.00% Floor, 4.80% Cap)			0.38	%(h)(j)		02/25/2040			3,588
	73,611			Series 2010-115-SD (-1 x 30 day avg SOFR US + 6.49%, 0.00% Floor, 6.60% Cap)			2.18	%(h)(j)		11/25/2039			7,098
	2,403,315			Series 2010-142-SC (-1 x 30 day avg SOFR US + 6.49%, 0.00% Floor, 6.60% Cap)			2.18	%(h)(j)		12/25/2040			306,037
	390,709			Series 2010-15-SL (-1 x 30 day avg SOFR US + 4.84%, 0.00% Floor, 4.95% Cap)			0.53	%(h)(j)		03/25/2040			18,091
	152,037			Series 2010-19-SA (-1 x 30 day avg SOFR US + 5.29%, 0.00% Floor, 5.40% Cap)			0.98	%(h)(j)		03/25/2050			11,575
	323,188			Series 2010-31-SB (-1 x 30 day avg SOFR US + 4.89%, 0.00% Floor, 5.00% Cap)			0.58	%(h)(j)		04/25/2040			25,454
	532,742			Series 2010-39-SL (-1 x 30 day avg SOFR US + 5.56%, 0.00% Floor, 5.67% Cap)			1.25	%(h)(j)		05/25/2040			37,378
	84,553			Series 2010-8-US (-1 x 30 day avg SOFR US + 4.69%, 0.00% Floor, 4.80% Cap)			0.38	%(h)(j)		02/25/2040			2,795
	92,171			Series 2010-9-GS (-1 x 30 day avg SOFR US + 4.64%, 0.00% Floor, 4.75% Cap)			0.33	%(h)(j)		02/25/2040			4,197
	473,274			Series 2011-114-S (-1 x 30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap)			1.58	%(h)(j)		09/25/2039			49,962
	803,216			Series 2011-146-US (-1 x 30 day avg SOFR US + 6.84%, 0.00% Floor, 7.00% Cap)			0.81	%(j)		01/25/2042			554,752
	130,136			Series 2012-29-SG (-1 x 30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap)			1.58	%(h)(j)		04/25/2042			10,878
	917,700			Series 2012-56-SN (-1 x 30 day avg SOFR US + 5.94%, 0.00% Floor, 6.05% Cap)			1.63	%(h)(j)		06/25/2042			95,542
	1,120,037			Series 2012-76-SC (-1 x 30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap)			1.58	%(h)(j)		07/25/2042			131,967
	1,386,415			Series 2013-83-US (-1 x 30 day avg SOFR US + 4.89%, 0.00% Floor, 5.00% Cap)			0.58	%(j)		08/25/2043			966,194
	3,254,662			Series 2016-64-SA (-1 x 30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap)			1.58	%(h)(j)		09/25/2046			364,854
	2,810,761			Series 2020-61-DI			3.00	%(h)		09/25/2060			447,376
	12,498,090			Series 2020-M27-X1			0.94	%(f)(h)		03/25/2031			340,989
	13,951,378			Series 2021-17-SA (-1 x 30 day avg SOFR US + 2.00%, 0.00% Floor, 2.00% Cap)			0.00	%(h)(j)		04/25/2051			10,024
	4,440,340			Series 2021-3-KI			2.50	%(h)		02/25/2051			642,318
	3,911,871			Series 2021-56-WI			2.50	%(h)		09/25/2051			499,252
	115,032			Series 374-19			6.50	%(h)		09/25/2036			20,158
				FREMF Mortgage Trust
	543,955			Series 2016-KF25-B (30 day avg SOFR US + 5.11%, 5.00% Floor)			9.43	%(a)		07/25/2025			533,063
	695,146			Series 2018-KF56-C (30 day avg SOFR US + 5.91%, 5.80% Floor)			10.23	%(a)		11/25/2028			620,666
	1,113,822			Series 2019-KF71-C (30 day avg SOFR US + 6.11%, 6.00% Floor)			10.43	%(a)		10/25/2029			1,074,953
				Government National Mortgage Association
	301,399			Series 2009-104-SD (-1 x 1 mo. Term SOFR + 6.24%, 0.00% Floor, 6.35% Cap)			1.92	%(h)(j)		11/16/2039			29,152
	25,344			Series 2010-98-IA			5.24	%(f)(h)		03/20/2039			534
	324,485			Series 2011-69-SB (-1 x 1 mo. Term SOFR + 5.24%, 0.00% Floor, 5.35% Cap)			0.92	%(h)(j)		05/20/2041			24,255
	532,556			Series 2011-71-SG (-1 x 1 mo. Term SOFR + 5.29%, 0.00% Floor, 5.40% Cap)			0.97	%(h)(j)		05/20/2041			49,497

PRINCIPAL AMOUNT $/SHARES				SECURITY DESCRIPTION		RATE				MATURITY		VALUE $
	576,548			Series 2011-72-AS (-1 x 1 mo. Term SOFR + 5.27%, 0.00% Floor, 5.38% Cap)			0.95	%(h)(j)		05/20/2041			48,012
	695,372			Series 2011-89-SA (-1 x 1 mo. Term SOFR + 5.34%, 0.00% Floor, 5.45% Cap)			1.02	%(h)(j)		06/20/2041			63,718
	4,842,631			Series 2012-26-SP (-1 x 1 mo. Term SOFR + 6.54%, 0.00% Floor, 6.65% Cap)			2.22	%(h)(j)		02/20/2042			634,323
	356,355			Series 2012-34-LI (-20 x 1 mo. Term SOFR + 119.71%, 0.00% Floor, 6.00% Cap)			6.00	%(h)(j)		12/16/2039			73,049
	3,767,577			Series 2013-119-TZ			3.00	%		08/20/2043			3,403,870
	2,097,306			Series 2014-39-SK (-1 x 1 mo. Term SOFR + 6.09%, 0.00% Floor, 6.20% Cap)			1.77	%(h)(j)		03/20/2044			258,056
	3,584,037			Series 2014-59-DS (-1 x 1 mo. Term SOFR + 6.14%, 0.00% Floor, 6.25% Cap)			1.82	%(h)(j)		04/16/2044			373,070
	3,460,591			Series 2014-63-SD (-1 x 1 mo. Term SOFR + 5.44%, 0.00% Floor, 5.55% Cap)			1.12	%(h)(j)		04/20/2044			429,389
	1,459,907			Series 2014-69-ST (-1 x 1 mo. Term SOFR + 5.99%, 0.00% Floor, 6.10% Cap)			1.67	%(h)(j)		12/16/2039			153,588
	2,191,663			Series 2015-148-BS (-1 x 1 mo. Term SOFR + 5.58%, 0.00% Floor, 5.69% Cap)			1.26	%(h)(j)		10/20/2045			233,173
	6,269,348			Series 2015-158-SK (-1 x 1 mo. Term SOFR + 6.09%, 0.00% Floor, 6.20% Cap)			1.77	%(h)(j)		11/20/2045			845,504
	6,903,050			Series 2018-111-SA (-1 x 1 mo. Term SOFR + 4.44%, 0.00% Floor, 4.55% Cap)			0.12	%(h)(j)		08/20/2048			321,493
	20,499,476			Series 2018-48-SD (-1 x 1 mo. Term SOFR + 3.79%, 0.00% Floor, 3.90% Cap)			0.00	%(h)(j)		04/20/2048			616,013
	6,013,798			Series 2020-115-SC (-1 x 1 mo. Term SOFR + 4.09%, 0.00% Floor, 4.20% Cap)			0.00	%(h)(j)		08/20/2050			252,226
	8,666,836			Series 2020-129-IW			2.50	%(h)		09/20/2050			1,193,733
	4,745,678			Series 2020-129-SE (-1 x 1 mo. Term SOFR + 3.64%, 0.00% Floor, 3.75% Cap)			0.00	%(h)(j)		09/20/2050			103,345
	14,508,145			Series 2020-138-IC			3.50	%(h)		08/20/2050			2,610,333
	5,380,854			Series 2020-138-IL			3.50	%(h)		09/20/2050			923,669
	9,142,504			Series 2020-173-MI			2.50	%(h)		11/20/2050			1,357,648
	6,893,488			Series 2020-175-KI			2.50	%(h)		11/20/2050			1,024,064
	2,631,050			Series 2020-187-SB (-1 x 1 mo. Term SOFR + 6.19%, 0.00% Floor, 6.30% Cap)			1.87	%(h)(j)		12/20/2050			389,839
	4,190,033			Series 2020-196-DI			2.50	%(h)		12/20/2050			589,348
	7,490,592			Series 2021-107-IL			3.00	%(h)		06/20/2051			1,213,023
	6,012,023			Series 2021-107-SA (-1 x 1 mo. Term SOFR + 3.64%, 0.00% Floor, 3.75% Cap)			0.00	%(h)(j)		06/20/2051			186,534
	3,672,900			Series 2021-116-XI			3.50	%(h)		03/20/2051			679,838
	3,220,754			Series 2021-125-AS (-1 x 30 day avg SOFR US + 3.25%, 0.00% Floor, 3.25% Cap)			0.00	%(h)(j)		07/20/2051			42,818
	6,510,139			Series 2021-130-DI			3.00	%(h)		07/20/2051			1,183,601
	9,021,316			Series 2021-15-PI			3.00	%(h)		01/20/2051			1,386,769
	6,376,526			Series 2021-158-SA (-1 x 30 day avg SOFR US + 3.70%, 0.00% Floor, 3.70% Cap)			0.00	%(h)(j)		09/20/2051			246,904
	15,947,243			Series 2021-194-IN			3.00	%(h)		11/20/2051			2,640,685
	10,443,554			Series 2021-209-MI			3.00	%(h)		11/20/2051			1,839,614
	12,156,271			Series 2021-221-SC (-1 x 30 day avg SOFR US + 3.80%, 0.00% Floor, 3.80% Cap)			0.00	%(h)(j)		12/20/2051			345,541
	9,142,393			Series 2021-221-SD (-1 x 30 day avg SOFR US + 3.80%, 0.00% Floor, 3.80% Cap)			0.00	%(h)(j)		12/20/2051			282,362
	9,496,547			Series 2021-24-XI			2.00	%(h)		02/20/2051			1,078,914
	7,915,002			Series 2021-46-DS (-1 x 1 mo. Term SOFR + 2.69%, 0.00% Floor, 2.80% Cap)			0.00	%(h)(j)		03/20/2051			42,524
	4,117,208			Series 2021-58-SJ (-1 x 1 mo. Term SOFR + 6.19%, 0.00% Floor, 6.30% Cap)			1.87	%(h)(j)		04/20/2051			525,927
	33,562,935			Series 2021-59-S (-1 x 30 day avg SOFR US + 2.60%, 0.00% Floor, 2.60% Cap)			0.00	%(h)(j)		04/20/2051			232,752
	6,540,834			Series 2021-7-IQ			2.50	%(h)		01/20/2051			938,744
	13,335,581			Series 2021-73-LS (-1 x 30 day avg SOFR US + 2.50%, 0.50% Floor, 2.50% Cap)			0.50	%(h)(j)		04/20/2051			300,799
	6,936,395			Series 2021-77-IH			2.50	%(h)		05/20/2051			830,729
	12,181,937			Series 2021-78-SC (-1 x 30 day avg SOFR US + 2.60%, 0.00% Floor, 2.60% Cap)			0.00	%(h)(j)		05/20/2051			80,936
	23,777,271			Series 2021-9-MI			2.50	%(h)		01/20/2051			3,594,232

PRINCIPAL AMOUNT $/SHARES				SECURITY DESCRIPTION		RATE				MATURITY		VALUE $
	13,117,556			Series 2021-97-SA (-1 x 30 day avg SOFR US + 2.60%, 0.00% Floor, 2.60% Cap)			0.00	%(h)(j)		06/20/2051			135,796
	9,434,797			Series 2021-H04-BI			0.97	%(f)(h)		02/01/2071			582,222
	10,862,805			Series 2021-H07-AI			0.93	%(f)(h)		05/20/2071			597,003
	14,141,071			Series 2022-22-SA (-1 x 30 day avg SOFR US + 3.60%, 0.00% Floor, 3.60% Cap)			0.00	%(h)(j)		08/20/2050			298,631
	5,730,442			Series 2022-25-EI			3.00	%(h)		02/20/2052			858,580
	32,146,274			Series 2022-83-IO			2.50	%(h)		11/20/2051			4,732,005
	7,161,422			Series 2024-13-IA			3.00	%(h)		05/20/2051			1,243,542
				Total US Government and Agency Mortgage Backed Obligations (Cost $57,258,412)									55,589,257
	US GOVERNMENT AND AGENCY OBLIGATIONS - 2.0%
	5,950,000			United States Treasury Note/Bond			0.25	%		08/31/2025			5,908,524
				Total US Government and Agency Obligations (Cost $5,904,101)									5,908,524
	COMMON STOCKS - 0.0%(l)
	1,014			Asphalt ATD Holdco, LLC(c)(m)									16,491
	20,051			JOANN, Inc.(c)(m)									—
	2,528			Riverbed - Class B(c)(m)									317
	711			Stichting Administratiekantoor ADR(c)(m)									—
	261			Stichting Administratiekantoor Unigel Creditors(c)(m)									—
				Total Common Stocks (Cost $127,347)									16,808
	SHORT TERM INVESTMENTS - 4.0%
	3,948,885			First American Government Obligations Fund - U			4.28	%(n)					3,948,885
	3,948,886			JPMorgan US Government Money Market Fund - IM			4.28	%(n)					3,948,886
	3,948,886			MSILF Government Portfolio - Institutional			4.24	%(n)					3,948,886
				Total Short Term Investments (Cost $11,846,657)									11,846,657
				Total Investments - 109.9%(o) (Cost $355,719,812)									329,326,613
				Other Liabilities in Excess of Assets - (9.9)%									(29,686,745	)
				NET ASSETS - 100.0%								$	299,639,868

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Non-Agency Commercial Mortgage Backed Obligations			25.3	%
Collateralized Loan Obligations			21.2	%
US Government and Agency Mortgage Backed Obligations			18.6	%
Bank Loans			17.7	%
Non-Agency Residential Collateralized Mortgage Obligations			14.3	%
Short Term Investments			4.0	%
Foreign Corporate Bonds			2.8	%
US Government and Agency Obligations			2.0	%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations			1.7	%
Asset Backed Obligations			1.2	%
US Corporate Bonds			1.1	%
Common Stocks			0.0	%(l)
Other Assets and Liabilities			(9.9	)%
Net Assets			100.0	%

INVESTMENT BREAKDOWN as a % of Net Assets:
Non-Agency Commercial Mortgage Backed Obligations			25.3	%
Collateralized Loan Obligations			21.2	%
US Government and Agency Mortgage Backed Obligations			18.6	%
Non-Agency Residential Collateralized Mortgage Obligations			14.3	%
Short Term Investments			4.0	%
Electronics/Electric			3.3	%
Healthcare			2.3	%

Media			2.2	%
US Government and Agency Obligations			2.0	%
Retailers (other than Food/Drug)			1.9	%
Chemicals/Plastics			1.6	%
Hotels/Motels/Inns and Casinos			1.3	%
Asset Backed Obligations			1.2	%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations			1.2	%
Containers and Glass Products			1.0	%
Industrial Equipment			1.0	%
Transportation			0.9	%
Commercial Services			0.8	%
Energy			0.8	%
Utilities			0.8	%
Technology			0.6	%
Insurance			0.5	%
Finance			0.4	%
Consumer Products			0.4	%
Building and Development (including Steel/Metals)			0.3	%
Mining			0.3	%
Banking			0.3	%
Chemical Products			0.3	%
Construction			0.2	%
Pharmaceuticals			0.2	%
Food Products			0.2	%
Automotive			0.1	%
Business Equipment and Services			0.1	%
Telecommunications			0.1	%
Diversified Manufacturing			0.1	%
Leisure			0.1	%
Food Service			0.0	%(l)
Pulp & Paper			0.0	%(l)
Aerospace & Defense			0.0	%(l)
Other Assets and Liabilities			(9.9	)%
Net Assets			100.0	%

(a)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. As of June 30, 2025, the value of these securities total $174,053,875 or 58.1% of the Fund’s net assets.
(b)	Security pays interest at rates that represent residual cashflows available after more senior tranches have been paid.
(c)	Value determined using significant unobservable inputs.
(d)	Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of period end.
(e)	Security is in default or has failed to make a scheduled payment. Income is not being accrued.
(f)	Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of period end.
(g)	Perpetual maturity. The date disclosed is the next call date of the security.
(h)	Interest only security
(i)	Step Bond; Coupon rate changes based on a predetermined schedule or event. The interest rate shown is the rate in effect as of period end.
(j)	Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope. Interest rate may also be subject to a cap or floor.
(k)	This security accrues interest which is added to the outstanding principal balance. The interest payment will be deferred until all other tranches in the structure are paid off. The rate disclosed is as of period end.
(l)	Represents less than 0.05% of net assets.
(m)	Non-income producing security.
(n)	Seven-day yield as of period end.
(o)	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 borrowings under the line of credit with the lender.

CMT	Constant Maturity Treasury Rate
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.
SOFR	Secured Overnight Financing Rate

Notes to Schedule of Investments

June 30, 2025 (Unaudited)

1. Significant Accounting Policies

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

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

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

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

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

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

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

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

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

Over-the-counter financial derivative instruments, such as forward currency exchange contracts, options contracts, or swap agreements, derive their values from underlying asset prices, indices, reference rates, other inputs or a combination of these factors. These instruments are normally valued on the basis of valuations obtained from counterparties, published index closing levels or evaluated prices supplied by independent pricing services, some or all of which may be based on market data from trading on exchanges that closed significantly before the time as of which the Fund calculates its NAV. Forward foreign currency contracts are generally valued based on rates provided by independent data providers. Exchange traded futures and options on futures are generally valued at the settlement price determined by the relevant exchange on which they principally trade, and exchange traded options are generally valued at the last trade price on the exchange on which they principally trade. The Fund does not normally take into account trading, clearances or settlements that take place after the close of the principal exchange or market on which such securities are traded. 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 DoubleLine Capital LP (the “Adviser” or “DoubleLine Capital”), 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 Valuation Designee (as defined below) may value such investments based on appraisals conducted by an independent valuation advisor or a similar pricing agent. However, an independent valuation firm may not be retained to undertake an evaluation of an asset unless the NAV, market price and other aspects of an investment exceed certain significance thresholds.

The Board of Trustees has adopted a pricing and valuation policy for use by the Fund and its Valuation Designee in calculating the Fund’s NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Fund has designated the Adviser as its “Valuation Designee” to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

The following is a summary of the fair valuations according to the inputs used to value the Fund’s investments as of June 30, 2025:

Category
Investments in Securities
Level 1
Short Term Investments		$	11,846,657
Total Level 1			11,846,657
Level 2
Non-Agency Commercial Mortgage Backed Obligations		$	74,724,492
Collateralized Loan Obligations			63,372,478
US Government and Agency Mortgage Backed Obligations			55,589,257
Bank Loans			53,131,115
Non-Agency Residential Collateralized Mortgage Obligations			42,834,533
Foreign Corporate Bonds			8,508,968
US Government and Agency Obligations			5,908,524
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations			5,185,804
Asset Backed Obligations			3,555,854
US Corporate Bonds			3,394,767
Total Level 2			316,205,792
Level 3
Non-Agency Commercial Mortgage Backed Obligations		$	1,092,004
Asset Backed Obligations			104,112
Collateralized Loan Obligations			61,240
Common Stocks			16,808
Total Level 3			1,274,164
Total		$	329,326,613
See the Schedule of Investments for further disaggregation of investment categories.