DOS

NPORT-EX 2 ocf.htm DOS

DoubleLine Opportunistic Credit Fund

Schedule of Investments

June 30, 2022 (Unaudited)


Principal Amount $/Shares	Security Description	Rate			Maturity	Value $

Asset Backed Obligations - 2.6%
1,671,781	Castlelake Aircraft Structured Trust, Series 2019-1A-C		6.90	% (b)(d)	04/15/2039		1,146,406
1,988,509	Horizon Aircraft Finance Ltd., Series 2018-1-C		6.66	% (b)(d)	12/15/2038		1,376,559
1,163,750	Jimmy Johns Funding LLC, Series 2017-1A-A2II		4.85	% (b)	07/30/2047		1,143,632
1,000,000	LendingPoint Asset Securitization Trust, Series 2022-B-B		5.99	% (b)	10/15/2029		957,697
20,000	SoFi Professional Loan Program, Series 2018-A-R1		0.00	% (b)(d)(k)	02/25/2042		444,745
5,930	SoFi Professional Loan Program, Series 2018-A-R2		0.00	% (b)(d)(k)	02/25/2042		131,867
1,000,000	Upstart Pass-Through Trust, Series 2021-ST5-CERT		0.00	% (b)(d)(k)	07/20/2027		618,718
864,015	Willis Engine Structured Trust, Series 2021-A-C		7.39	% (b)(d)	05/15/2046		655,692

Total Asset Backed Obligations (Cost $7,947,458)							6,475,316


Bank Loans - 9.2%
370,000	AAdvantage Loyalty IP Ltd., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.75%, 0.75% Floor)		5.81	%	04/20/2028		353,944
481,363	Acrisure LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)		4.56	%	02/16/2027		443,336
238,200	Aegion Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.75%, 0.75% Floor)		6.27	%	05/17/2028		218,548
700,000	Almonde, Inc., Senior Secured Second Lien Term Loan (3 Month LIBOR USD + 7.25%, 1.00% Floor)		8.49	%	06/16/2025		607,001
428,925	American Tire Distributors, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 6.25%, 0.75% Floor)		7.00	%	10/20/2028		406,621
60,000	Apex Tool Group LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 5.25%, 0.50% Floor)		6.53	%	02/08/2029		53,025
1,230,000	Applied Systems, Inc., Senior Secured Second Lien Term Loan (3 Month LIBOR USD + 5.50%, 0.75% Floor)		7.75	%	09/19/2025		1,193,869
500,000	Artera Services LLC, Senior Secured Second Lien Term Loan (3 Month LIBOR USD + 7.25%, 1.00% Floor)		9.50	%	03/06/2026		343,000
230,000	Ascend Learning LLC, Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 5.75%, 0.50% Floor)		6.81	%	12/10/2029		211,600
698,543	Astra Acquisition Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.25%, 0.50% Floor)		6.31	%	10/25/2028		610,642
110,000	Asurion LLC, Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 5.25%)		6.92	%	01/31/2028		94,462
450,000	Asurion LLC, Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 5.25%)		6.92	%	01/19/2029		384,525
460,350	Atlas Purchaser, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.25%, 0.75% Floor)		6.62	%	05/08/2028		382,090
249,108	Avaya, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)		5.57	%	12/15/2027		189,945
825,000	Aveanna Healthcare LLC, Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 7.00%, 0.50% Floor)		7.94	%	12/10/2029		738,375
433,764	Boxer Parent Company, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		5.42	%	10/02/2025		405,210
	Brand Industrial Services, Inc., Senior Secured First Lien Term Loan
2,723	(3 Month LIBOR USD + 4.25%, 1.00% Floor)		6.50	%	06/21/2024		2,369
54,455	(3 Month LIBOR USD + 4.25%, 1.00% Floor)		5.25	%	06/21/2024		47,385


Principal Amount $/Shares	Security Description	Rate			Maturity	Value $
215,098	(3 Month LIBOR USD + 4.25%, 1.00% Floor)		5.43	%	06/21/2024		187,170
243,978	Brazos Delaware LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)		5.60	%	05/21/2025		235,622
605,425	Cengage Learning, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 4.75%, 1.00% Floor)		5.75	%	07/14/2026		547,910
244,387	Circor International, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.50%, 0.50% Floor)		7.14	%	12/15/2028		226,058
225,000	Clydesdale Acquisition Holdings, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.25%, 0.50% Floor)		5.88	%	04/13/2029		210,937
234,600	Connect Finco LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%, 1.00% Floor)		5.17	%	12/11/2026		216,565
200,000	Delta Topco, Inc., Senior Secured Second Lien Term Loan (3 Month LIBOR USD + 7.25%, 0.75% Floor)		9.34	%	12/01/2028		175,000
280,000	DG Investment Intermediate Holdings, Inc, Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 6.75%, 0.75% Floor)		8.42	%	03/19/2029		271,600
174,911	DIRECTV Financing LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.00%, 0.75% Floor)		6.67	%	08/02/2027		161,538
63,294	Dynasty Acquisition Company, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)		5.17	%	04/06/2026		58,547
34,029	Dynasty Acquisition Company, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)		5.17	%	04/06/2026		31,477
513,713	Eagle Parent Corporation, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.25%, 0.50% Floor)		6.30	%	04/02/2029		494,022
270,861	EG Group Limited, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%)		5.01	%	02/06/2025		255,286
302,713	Eisner Advisory Group LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.75%, 0.75% Floor)		6.39	%	07/28/2028		284,550
443,844	EnergySolutions LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.75%, 1.00% Floor)		6.00	%	05/09/2025		415,180
	Flynn Canada Ltd., Senior Secured First Lien Term Loan
182,688	(1 Month LIBOR USD + 4.50%, 0.50% Floor)		6.19	%	07/21/2028		148,891
182,687	(1 Month LIBOR USD + 4.50%, 0.50% Floor)		5.56	%	07/21/2028		148,890
89,130	Foresight Energy, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 8.00%, 1.50% Floor)		10.25	% (d)	06/30/2027		88,399
171,796	Getty Images, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.50%)		6.13	%	02/19/2026		166,556
76,634	GIP II Blue Holding LP, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.50%, 1.00% Floor)		6.75	%	09/29/2028		74,559
815,309	Grab Holdings, Inc., Senior Secured First Lien Term Loan (2 Month LIBOR USD + 4.50%, 1.00% Floor)		5.50	%	01/29/2026		748,046
452,630	Granite US Holdings Corporation, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%)		6.31	%	09/30/2026		428,584
327,023	Groupe Solmax, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.75%, 0.75% Floor)		7.00	%	05/30/2028		295,684
	Gulf Finance LLC, Senior Secured First Lien Term Loan
334,181	(1 Month LIBOR USD + 6.75%, 1.00% Floor)		7.87	%	08/25/2026		249,593
196,265	(1 Month LIBOR USD + 6.75%, 1.00% Floor)		8.42	%	08/25/2026		146,587
378,000	Hyland Software, Inc., Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 6.25%, 0.75% Floor)		7.92	%	07/07/2025		372,330
541,672	Intelsat Jackson Holdings S.A., Senior Secured First Lien Term Loan (6 Month Secured Overnight Financing Rate + 4.25%, 0.50% Floor)		4.92	%	02/01/2029		498,241


Principal Amount $/Shares	Security Description	Rate			Maturity	Value $
123,750	ION Trading Technologies SARL, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.75%)		7.00	%	03/31/2028		114,508
79,400	Jo-Ann Stores LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.75%, 0.75% Floor)		5.96	%	07/07/2028		56,175
460,800	Keane Group Holdings LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%, 1.00% Floor)		5.94	%	05/26/2025		441,216
505,000	Kenan Advantage Group, Inc., Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 7.25%, 0.75% Floor)		8.92	%	09/01/2027		462,075
82,150	Lealand Finance Company B.V., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.00%)		2.67	%	06/30/2025		42,136
6,257	Lealand Finance Company B.V., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		4.67	%	06/30/2024		4,067
118,626	Lereta LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.25%, 0.75% Floor)		6.92	%	07/27/2028		108,098
190,000	LSF9 Atlantis Holdings LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 7.25%, 0.75% Floor)		9.30	%	03/31/2029		175,180
235,000	MedAssets Software Intermediate Holdings, Inc., Senior Secured Second Lien Term Loan (6 Month LIBOR USD + 6.75%, 0.50% Floor)		7.25	%	12/17/2029		210,325
201,925	Milano Acquisition Corporation, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%, 0.75% Floor)		6.25	%	10/01/2027		191,514
105,000	Mileage Plus Holdings LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.25%, 1.00% Floor)		7.31	%	06/21/2027		104,002
425,700	Minotaur Acquisition, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.75%)		6.38	%	03/27/2026		404,060
205,000	Mitchell International, Inc., Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 6.50%, 0.50% Floor)		8.10	%	10/15/2029		193,565
155,000	MLN US HoldCo LLC, Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 8.75%)		9.87	%	11/30/2026		113,710
110,000	NEP Group, Inc., Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 7.00%)		8.67	%	10/19/2026		101,682
70,977	New Constellis Borrower LLC, Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 11.00%, 1.00% Floor) (1 Month LIBOR USD + 11.00% + 1.00% PIK)		12.79	%	03/27/2025		32,051
228,850	OLA Netherlands B.V., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 6.25%, 0.75% Floor)		7.63	%	12/15/2026		196,049
118,800	OYO Hospitality Netharlands B.V., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 8.25%, 0.75% Floor)		10.44	%	06/23/2026		103,554
720,000	PetVet Care Centers LLC, Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 6.25%)		7.92	%	02/13/2026		704,704
185,000	PMHC, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.25%, 0.50% Floor)		5.29	%	04/23/2029		162,261
58,968	Polar US Borrower LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.75%)		6.00	%	10/15/2025		54,103
88,875	Potters Borrower LP, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%, 0.75% Floor)		6.25	%	12/14/2027		84,876
251,331	Prairie ECI Acquiror LP, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.75%)		6.42	%	03/11/2026		235,915
	Pretium PKG Holdings, Inc., Senior Secured Second Lien Term Loan
155,000	(3 Month LIBOR USD + 6.75%, 0.50% Floor)		7.72	%	09/21/2029		137,563
155,000	(1 Month LIBOR USD + 6.75%, 0.50% Floor)		7.87	%	09/21/2029		137,562


Principal Amount $/Shares	Security Description	Rate			Maturity	Value $
	Radiology Partners, Inc., Senior Secured First Lien Term Loan
270,000	(1 Month LIBOR USD + 4.25%)		5.89	%	07/09/2025		243,473
230,000	(1 Month LIBOR USD + 4.25%)		5.85	%	07/09/2025		207,402
105,597	Renaissance Holding Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		4.92	%	05/30/2025		100,317
21,564	Rentpath, Inc., Senior Secured First Lien Term Loan (Prime Rate + 0.00%)		3.25	%	04/25/2024		5,499
229,832	Riverbed Technology, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 6.00%, 1.00% Floor)(1 Month LIBOR USD + 6.00% + 2.00% PIK)		7.63	%	12/07/2026		137,828
76,906	Securus Technologies Holdings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.50%, 1.00% Floor)		6.75	%	11/01/2024		70,418
159,375	Skillsoft Finance, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.25%, 0.75% Floor)		6.19	%	07/14/2028		148,936
190,000	Sound Inpatient Physicians, Inc., Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 6.75%)		8.42	%	06/26/2026		177,867
125,000	Southern Veterinary Partners LLC, Senior Secured Second Lien Term Loan (6 Month LIBOR USD + 7.75%, 1.00% Floor)		9.42	%	09/22/2028		121,406
535,000	The Edelman Financial Engines Centre LLC, Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 6.75%)		8.42	%	07/20/2026		492,869
184,075	Think & Learn Private Limited, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.50%, 0.75% Floor)		6.25	%	11/24/2026		157,384
235,000	TIBCO Software, Inc., Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 7.25%)		8.31	%	03/03/2028		231,886
60,891	Travel Leaders Group LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)		5.67	%	01/25/2024		54,612
520,086	Travelport Finance (Luxembourg) SARL, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 1.50%, 1.00% Floor)		2.51	%	02/28/2025		515,860
47,802	Travelport Finance (Luxembourg) SARL, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.00%)		6.01	%	05/29/2026		37,330
90,000	UKG, Inc., Senior Secured Second Lien Term Loan (3 Month LIBOR USD + 5.25%, 0.50% Floor)		6.21	%	05/03/2027		83,745
51,512	United Natural Foods, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		4.89	%	10/22/2025		49,774
500,000	Vantage Specialty Chemicals, Inc., Senior Secured Second Lien Term Loan (3 Month LIBOR USD + 8.25%, 1.00% Floor)		9.82	%	10/27/2025		481,460
289,549	Verscend Holding Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)		5.67	%	08/27/2025		277,967
302,713	Viad Corporation, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.00%, 0.50% Floor)		6.67	%	07/31/2028		286,063
487,500	WaterBridge Midstream Operating LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.75%, 1.00% Floor)		6.75	%	06/22/2026		462,272
50,000	WWEX UNI TopCo Holdings LLC, Senior Secured Second Lien Term Loan (3 Month LIBOR USD + 7.00%, 0.75% Floor)		8.01	%	07/26/2029		45,375
156,024	Zelis Cost Management Buyer, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)		4.56	%	09/30/2026		147,370

Total Bank Loans (Cost $25,146,828)							22,931,833


Collateralized Loan Obligations - 35.2%
1,000,000	Allegany Park Ltd., Series 2019-1A-ER (Secured Overnight Financing Rate 3 Month + 6.40%, 6.40% Floor)		7.25	% (b)	01/20/2035		886,092
1,000,000	ARES Ltd., Series 2014-1A-SUB		0.00	% (b)(d)(e)	04/17/2026		1


Principal Amount $/Shares	Security Description	Rate			Maturity	Value $
1,700,000	Atlas Senior Loan Fund Ltd., Series 2019-14A-D (3 Month LIBOR USD + 3.90%, 3.90% Floor)		4.96	% (b)	07/20/2032		1,607,895
1,000,000	Atrium Corporation, Series 9A-DR (3 Month LIBOR USD + 3.60%)		5.20	% (b)	05/28/2030		960,592
500,000	Bain Capital Credit Ltd., Series 2019-3A-DR (3 Month LIBOR USD + 3.10%, 3.10% Floor)		4.20	% (b)	10/21/2034		464,555
4,000,000	Bain Capital Credit Ltd., Series 2022-5A-D (Secured Overnight Financing Rate 3 Month + 4.39%, 4.39% Floor)		0.00	% (b)	07/24/2034		3,940,000
1,000,000	Barings Ltd., Series 2015-2A-DR (3 Month LIBOR USD + 2.95%)		4.01	% (b)	10/20/2030		924,825
1,000,000	Barings Ltd., Series 2017-1A-D (3 Month LIBOR USD + 3.60%)		4.64	% (b)	07/18/2029		971,783
500,000	Barings Ltd., Series 2018-3A-D (3 Month LIBOR USD + 2.90%)		3.96	% (b)	07/20/2029		461,350
1,000,000	Barings Ltd., Series 2018-3A-E (3 Month LIBOR USD + 5.75%)		6.81	% (b)	07/20/2029		847,937
2,500,000	Barings Ltd., Series 2019-1A-DR (3 Month LIBOR USD + 3.65%, 3.65% Floor)		4.69	% (b)	04/15/2036		2,404,727
1,500,000	Barings Ltd., Series 2019-1A-ER (3 Month LIBOR USD + 6.86%, 6.86% Floor)		7.90	% (b)	04/15/2036		1,339,102
1,000,000	Barings Ltd., Series 2019-2A-CR (3 Month LIBOR USD + 3.40%, 3.40% Floor)		4.44	% (b)	04/15/2036		930,910
5,000,000	Beechwood Park Ltd., Series 2019-1A-DR (Secured Overnight Financing Rate 3 Month + 3.10%, 3.10% Floor)		3.95	% (b)	01/17/2035		4,577,662
1,000,000	BlueMountain Ltd., Series 2013-2A-DR (3 Month LIBOR USD + 2.90%)		4.04	% (b)	10/22/2030		913,692
1,700,000	Canyon Capital Ltd., Series 2014-1A-CR (3 Month LIBOR USD + 2.75%, 2.75% Floor)		4.04	% (b)	01/30/2031		1,536,895
1,000,000	Canyon Capital Ltd., Series 2017-1A-DR (3 Month LIBOR USD + 3.00%, 3.00% Floor)		4.04	% (b)	07/15/2030		962,484
1,000,000	Canyon Capital Ltd., Series 2017-1A-E (3 Month LIBOR USD + 6.25%)		7.29	% (b)	07/15/2030		856,374
1,500,000	Canyon Capital Ltd., Series 2018-1A-E (3 Month LIBOR USD + 5.75%, 5.75% Floor)		6.79	% (b)	07/15/2031		1,260,751
1,550,000	Canyon Capital Ltd., Series 2019-1A-DR (3 Month LIBOR USD + 3.10%, 3.10% Floor)		4.14	% (b)	04/15/2032		1,462,384
1,000,000	Canyon Capital Ltd., Series 2019-1A-ER (3 Month LIBOR USD + 7.15%, 7.15% Floor)		8.19	% (b)	04/15/2032		889,930
2,250,000	Canyon Capital Ltd., Series 2021-1A-E (3 Month LIBOR USD + 6.41%, 6.41% Floor)		7.45	% (b)	04/15/2034		1,954,648
2,000,000	Carlyle Global Market Strategies Ltd., Series 2013-1A-CR (3 Month LIBOR USD + 3.35%)		4.76	% (b)	08/14/2030		1,876,372
1,500,000	Carlyle Global Market Strategies Ltd., Series 2015-5A-DR (3 Month LIBOR USD + 6.70%, 6.70% Floor)		7.76	% (b)	01/20/2032		1,268,296
1,000,000	Carlyle Global Market Strategies Ltd., Series 2021-1A-D (3 Month LIBOR USD + 6.00%, 6.00% Floor)		7.04	% (b)	04/15/2034		850,851
500,000	Dewolf Park Ltd., Series 2017-1A-DR (3 Month LIBOR USD + 2.85%, 2.85% Floor)		3.89	% (b)	10/15/2030		477,141
1,500,000	Dryden Senior Loan Fund, Series 2015-37A-ER (3 Month LIBOR USD + 5.15%, 5.15% Floor)		6.19	% (b)	01/15/2031		1,207,327
1,200,000	Dryden Senior Loan Fund, Series 2015-38A-ER (3 Month LIBOR USD + 5.60%, 5.60% Floor)		6.64	% (b)	07/15/2030		982,927
2,000,000	Dryden Senior Loan Fund, Series 2015-40A-ER (3 Month LIBOR USD + 5.75%, 5.75% Floor)		7.16	% (b)	08/15/2031		1,650,263
1,750,000	Dryden Senior Loan Fund, Series 2016-42A-ER (3 Month LIBOR USD + 5.55%)		6.59	% (b)	07/15/2030		1,428,986


Principal Amount $/Shares	Security Description	Rate			Maturity	Value $
500,000	Dryden Senior Loan Fund, Series 2017-50A-D (3 Month LIBOR USD + 3.25%, 3.25% Floor)		4.29	% (b)	07/15/2030		478,140
2,000,000	Gilbert Park Ltd., Series 2017-1A-E (3 Month LIBOR USD + 6.40%)		7.44	% (b)	10/15/2030		1,806,409
500,000	GoldenTree Loan Management Ltd., Series 2018-3A-D (3 Month LIBOR USD + 2.85%)		3.91	% (b)	04/20/2030		470,820
1,000,000	Greenwood Park Ltd., Series 2018-1A-E (3 Month LIBOR USD + 4.95%)		5.99	% (b)	04/15/2031		852,003
775,000	Grippen Park Ltd., Series 2017-1A-D (3 Month LIBOR USD + 3.30%)		4.36	% (b)	01/20/2030		739,251
500,000	Halcyon Loan Advisors Funding Ltd., Series 2014-3A-D (3 Month LIBOR USD + 3.65%)		4.79	% (b)	10/22/2025		470,368
1,000,000	Highbridge Loan Management Ltd., Series 2013-2A-CR (3 Month LIBOR USD + 2.90%)		3.96	% (b)	10/20/2029		881,670
1,000,000	HPS Loan Management Ltd., Series 11A-17-E (3 Month LIBOR USD + 6.10%)		7.51	% (b)	05/06/2030		850,832
2,500,000	LCM LP, Series 26A-E (3 Month LIBOR USD + 5.30%, 5.30% Floor)		6.36	% (b)	01/20/2031		2,014,384
850,000	Madison Park Funding Ltd., Series 2014-14A-ER (3 Month LIBOR USD + 5.80%, 5.80% Floor)		6.94	% (b)	10/22/2030		744,363
1,500,000	Madison Park Funding Ltd., Series 2016-22A-ER (3 Month LIBOR USD + 6.70%, 6.70% Floor)		7.74	% (b)	01/15/2033		1,355,719
1,000,000	Madison Park Funding Ltd., Series 2019-34A-ER (3 Month LIBOR USD + 6.65%, 6.65% Floor)		7.83	% (b)	04/25/2032		927,187
1,500,000	Magnetite Ltd., Series 2019-24A-DR (Secured Overnight Financing Rate 3 Month + 3.05%, 3.05% Floor)		3.90	% (b)	04/15/2035		1,364,671
1,000,000	Magnetite Ltd., Series 2019-24A-ER (Secured Overnight Financing Rate 3 Month + 6.40%, 6.40% Floor)		7.25	% (b)	04/15/2035		883,830
500,000	Marble Point Ltd., Series 2021-3A-D1 (3 Month LIBOR USD + 3.50%, 3.50% Floor)		4.54	% (b)	10/17/2034		476,049
1,000,000	Neuberger Berman Loan Advisers Ltd., Series 2017-16SA-ER (3 Month LIBOR USD + 6.25%, 6.25% Floor)		7.29	% (b)	04/15/2034		885,009
1,000,000	Neuberger Berman Loan Advisers Ltd., Series 2017-25A-DR (3 Month LIBOR USD + 2.85%, 2.85% Floor)		3.89	% (b)	10/18/2029		938,332
2,000,000	Neuberger Berman Loan Advisers Ltd., Series 2019-32A-DR (3 Month LIBOR USD + 2.70%, 2.70% Floor)		3.74	% (b)	01/20/2032		1,868,499
2,500,000	Octagon Investment Partners Ltd., Series 2014-1A-CR3 (3 Month LIBOR USD + 2.75%, 2.75% Floor)		4.16	% (b)	02/14/2031		2,283,294
1,000,000	Octagon Investment Partners Ltd., Series 2014-1A-CRR (3 Month LIBOR USD + 1.90%, 1.90% Floor)		3.04	% (b)	01/22/2030		937,362
4,000,000	Octagon Investment Partners Ltd., Series 2014-1A-DRR (3 Month LIBOR USD + 7.00%, 7.00% Floor)		8.41	% (b)	02/14/2031		3,600,064
1,000,000	Octagon Investment Partners Ltd., Series 2016-1A-DR (3 Month LIBOR USD + 2.85%, 2.85% Floor)		3.89	% (b)	07/15/2030		903,106
2,000,000	Octagon Investment Partners Ltd., Series 2016-1A-ER (3 Month LIBOR USD + 7.25%)		8.43	% (b)	01/24/2033		1,721,538
1,000,000	Octagon Investment Partners Ltd., Series 2016-1A-FR (3 Month LIBOR USD + 8.09%, 8.09% Floor)		9.13	% (b)	07/15/2030		837,978
500,000	Octagon Investment Partners Ltd., Series 2017-1A-CR (3 Month LIBOR USD + 3.30%)		4.36	% (b)	03/17/2030		469,539
2,000,000	Octagon Investment Partners Ltd., Series 2017-1A-SUB		0.00	% (b)(d)(e)(k)	03/17/2030		844,385
1,500,000	Octagon Investment Partners Ltd., Series 2018-1A-D (3 Month LIBOR USD + 5.20%, 5.20% Floor)		6.26	% (b)	01/20/2031		1,206,143


Principal Amount $/Shares	Security Description	Rate			Maturity	Value $
900,000	Octagon Investment Partners Ltd., Series 2018-3A-E (3 Month LIBOR USD + 5.75%, 5.75% Floor)		6.81	% (b)	10/20/2030		794,749
1,000,000	Octagon Investment Partners Ltd., Series 2019-1A-DR (3 Month LIBOR USD + 3.25%, 3.25% Floor)		4.29	% (b)	10/15/2034		950,181
500,000	Octagon Investment Partners Ltd., Series 2019-4A-E (3 Month LIBOR USD + 6.80%, 6.80% Floor)		8.20	% (b)	05/12/2031		442,500
500,000	OHA Credit Funding Ltd., Series 2021-9A-D (3 Month LIBOR USD + 2.95%, 2.95% Floor)		3.99	% (b)	07/19/2035		462,651
500,000	RR Ltd., Series 2017-2A-DR (3 Month LIBOR USD + 5.80%, 5.80% Floor)		6.84	% (b)	04/15/2036		432,216
1,000,000	RR Ltd., Series 2018-4A-C (3 Month LIBOR USD + 2.95%)		3.99	% (b)	04/15/2030		931,367
1,000,000	RR Ltd., Series 2019-6A-DR (3 Month LIBOR USD + 5.85%, 5.85% Floor)		6.89	% (b)	04/15/2036		839,398
2,500,000	Sound Point Ltd., Series 2019-2A-DR (3 Month LIBOR USD + 3.30%, 3.30% Floor)		4.34	% (b)	07/15/2034		2,255,094
2,500,000	THL Credit Wind River Ltd., Series 2014-2A-ER (3 Month LIBOR USD + 5.75%, 5.75% Floor)		6.79	% (b)	01/15/2031		2,072,263
1,000,000	THL Credit Wind River Ltd., Series 2014-3A-DR2 (3 Month LIBOR USD + 3.40%, 3.40% Floor)		4.54	% (b)	10/22/2031		916,806
1,000,000	THL Credit Wind River Ltd., Series 2017-3A-DR (3 Month LIBOR USD + 3.85%, 3.85% Floor)		4.89	% (b)	04/15/2035		940,119
1,040,000	THL Credit Wind River Ltd., Series 2017-4A-D (3 Month LIBOR USD + 2.65%)		4.13	% (b)	11/20/2030		982,450
1,000,000	THL Credit Wind River Ltd., Series 2021-3A-D (3 Month LIBOR USD + 3.35%, 3.35% Floor)		4.41	% (b)	07/20/2033		949,076
2,250,000	Trimaran CAVU LLC, Series 2019-1A-D (3 Month LIBOR USD + 4.15%, 4.15% Floor)		5.21	% (b)	07/20/2032		2,129,729
500,000	Trimaran CAVU LLC, Series 2019-2A-C (3 Month LIBOR USD + 4.72%, 4.72% Floor)		5.76	% (b)	11/26/2032		471,302
500,000	Venture Ltd., Series 2017-30A-C (3 Month LIBOR USD + 1.95%)		2.99	% (b)	01/15/2031		476,120
1,000,000	Voya Ltd., Series 2020-1A-DR (3 Month LIBOR USD + 3.10%, 3.10% Floor)		4.14	% (b)	07/16/2034		941,515

Total Collateralized Loan Obligations (Cost $97,743,695)							87,695,233


Foreign Corporate Bonds - 3.5%
200,000	ABM Investama Tbk PT		9.50	% (b)	08/05/2026		177,070
250,000	AI Candelaria Spain S.A.		5.75	%	06/15/2033		183,396
800,000	Banco GNB Sudameris S.A. (5 Year CMT Rate + 6.66%)		7.50	%	04/16/2031		684,796
200,000	Banco Mercantil del Norte S.A. (10 Year CMT Rate + 5.03%)		6.63	% (a)(b)	01/24/2032		163,700
200,000	BBVA Bancomer S.A. (5 Year CMT Rate + 4.31%)		5.88	%	09/13/2034		177,590
250,000	Braskem Idesa SAPI		6.99	% (b)	02/20/2032		193,711
200,000	Camposol S.A.		6.00	%	02/03/2027		168,474
250,000	Ecopetrol S.A.		5.88	%	05/28/2045		170,625
250,000	Ecopetrol S.A.		5.88	%	11/02/2051		163,969
146,300	Empresa Electrica Cochrane S.p.A.		5.50	%	05/14/2027		123,257
450,000	Empresas Publicas de Medellin ESP		4.38	%	02/15/2031		345,076
800,000	Frigorifico Concepcion S.A.		7.70	% (b)	07/21/2028		629,840
1,190,800	Hunt Oil Company of Peru LLC Sucursal Del Peru		6.38	%	06/01/2028		1,092,559
400,000	Indonesia Asahan Aluminium Persero PT		5.80	%	05/15/2050		322,806
200,000	Jababeka International B.V.		6.50	%	10/05/2023		131,200
348,680	LLPL Capital Pte Ltd.		6.88	%	02/04/2039		325,040


Principal Amount $/Shares	Security Description	Rate			Maturity	Value $
200,000	MC Brazil Downstream Trading SARL		7.25	%	06/30/2031		159,469
300,000	Metinvest B.V.		7.75	%	10/17/2029		164,445
450,000	Mexico City Airport Trust		5.50	%	07/31/2047		309,901
400,000	Minejesa Capital B.V.		5.63	%	08/10/2037		324,406
200,000	Movida Europe S.A.		5.25	%	02/08/2031		155,280
800,000	Petrobras Global Finance B.V.		5.50	%	06/10/2051		608,356
600,000	Petroleos del Peru S.A.		5.63	%	06/19/2047		408,993
800,000	Petroleos Mexicanos		6.38	%	01/23/2045		486,292
500,000	Prime Energia S.p.A.		5.38	%	12/30/2030		338,352
400,000	SierraCol Energy Andina LLC		6.00	% (b)	06/15/2028		292,602
200,000	Simpar Europe S.A.		5.20	%	01/26/2031		154,807
200,000	YPF S.A.		8.50	%	06/27/2029		123,870

Total Foreign Corporate Bonds (Cost $10,317,221)							8,579,882


Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations - 0.7%
400,000	Brazilian Government International Bond		4.75	%	01/14/2050		272,212
800,000	Colombia Government International Bond		5.00	%	06/15/2045		537,640
250,000	Dominican Republic International Bond		5.30	%	01/21/2041		174,136
150,000	Dominican Republic International Bond		5.88	%	01/30/2060		103,015
500,000	Mexico Government International Bond		3.77	%	05/24/2061		325,681
350,000	Republic of South Africa Government Bond		5.65	%	09/27/2047		239,873
200,000	Ukraine Government International Bond		9.75	%	11/01/2028		50,720
200,000	Ukraine Government International Bond		7.25	%	03/15/2033		50,250

Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $2,488,790)							1,753,527


Non-Agency Commercial Mortgage Backed Obligations - 25.7%
2,500,000	Alen Mortgage Trust, Series 2021-ACEN-F (1 Month LIBOR USD + 5.00%, 5.00% Floor)		6.32	% (b)	04/15/2034		2,360,951
2,000,000	AREIT Trust, Series 2019-CRE3-D (Secured Overnight Financing Rate 1 Month + 2.76%, 2.65% Floor)		4.10	% (b)	09/14/2036		1,964,222
5,843,520	BANK, Series 2020-BN26-XF		1.50	% (b)(f)	03/15/2063		498,958
1,000,000	Beast Mortgage Trust, Series 2021-1818-G (1 Month LIBOR USD + 6.00%, 6.25% Floor)		7.32	% (b)	03/15/2036		956,235
16,045,109	Benchmark Mortgage Trust, Series 2018-B1-XA		0.63	% (e)(f)	01/15/2051		354,528
1,398,000	Benchmark Mortgage Trust, Series 2018-B4-D		2.95	% (b)(e)	07/15/2051		1,075,410
1,012,000	BF Mortgage Trust, Series 2019-NYT-F (1 Month LIBOR USD + 3.00%, 3.00% Floor)		4.32	% (b)	12/15/2035		915,809
850,000	BX Trust, Series 2017-APPL-F (1 Month LIBOR USD + 4.25%, 4.25% Floor)		5.57	% (b)	07/15/2034		825,098
2,125,000	BX Trust, Series 2017-SLCT-F (1 Month LIBOR USD + 4.25%, 4.25% Floor)		5.57	% (b)	07/15/2034		2,053,057
4,200,000	BX Trust, Series 2019-IMC-G (1 Month LIBOR USD + 3.60%, 3.60% Floor)		4.92	% (b)	04/15/2034		3,896,623
1,000,000	BX Trust, Series 2019-OC11-E		4.08	% (b)(e)	12/09/2041		808,685
516,671	Carbon Capital Commercial Mortgage Trust, Series 2019-FL2-B (1 Month LIBOR USD + 2.85%, 2.85% Floor)		4.17	% (b)	10/15/2035		504,812
17,113,165	CD Commercial Mortgage Trust, Series 2017-CD6-XA		1.06	% (e)(f)	11/13/2050		508,716
269,000	Citigroup Commercial Mortgage Trust, Series 2015-GC27-D		4.57	% (b)(e)	02/10/2048		241,316
3,945,549	Citigroup Commercial Mortgage Trust, Series 2015-GC27-XA		1.47	% (e)(f)	02/10/2048		106,587


Principal Amount $/Shares	Security Description	Rate			Maturity	Value $
182,000	Citigroup Commercial Mortgage Trust, Series 2016-GC36-D		2.85	% (b)	02/10/2049		119,994
168,000	Citigroup Commercial Mortgage Trust, Series 2018-TBR-F (1 Month LIBOR USD + 3.65%, 3.65% Floor)		4.97	% (b)	12/15/2036		157,649
23,871,415	Commercial Mortgage Pass-Through Trust, Series 2013-LC6-XA		1.39	% (e)(f)	01/10/2046		46,077
26,400,000	Commercial Mortgage Pass-Through Trust, Series 2014-UBS3-XC		1.40	% (b)(e)(f)	06/10/2047		552,196
1,288,300	Commercial Mortgage Pass-Through Trust, Series 2014-UBS4-F		3.75	% (b)(d)	08/10/2047		290,644
2,210,087	Commercial Mortgage Pass-Through Trust, Series 2014-UBS4-G		3.75	% (b)(d)	08/10/2047		163,330
5,000	Commercial Mortgage Pass-Through Trust, Series 2014-UBS4-V		0.00	% (b)(d)(e)	08/10/2047		1
27,394,000	Commercial Mortgage Pass-Through Trust, Series 2015-CR23-XD		1.19	% (b)(e)(f)	05/10/2048		755,403
5,297,000	Commercial Mortgage Pass-Through Trust, Series 2015-CR26-XD		1.37	% (b)(e)(f)	10/10/2048		186,094
71,839,818	Commercial Mortgage Pass-Through Trust, Series 2015-LC21-XA		0.81	% (e)(f)	07/10/2048		1,150,752
885,000	CSAIL Commercial Mortgage Trust, Series 2016-C5-C		4.80	% (e)	11/15/2048		844,508
4,361,683	CSAIL Commercial Mortgage Trust, Series 2016-C6-XA		2.03	% (e)(f)	01/15/2049		241,453
1,000,000	DOLP Trust, Series 2021-NYC-F		3.70	% (b)(e)	05/10/2041		753,054
1,000,000	DOLP Trust, Series 2021-NYC-G		3.70	% (b)(e)	05/10/2041		708,637
600,529	FREMF Mortgage Trust, Series 2015-KF07-B (1 Month LIBOR USD + 4.95%)		6.07	% (b)	02/25/2025		600,147
543,955	FREMF Mortgage Trust, Series 2016-KF25-B (1 Month LIBOR USD + 5.00%, 5.00% Floor)		6.12	% (b)	10/25/2023		543,781
1,972,996	FREMF Mortgage Trust, Series 2018-KF56-C (1 Month LIBOR USD + 5.80%, 5.80% Floor)		6.92	% (b)	11/25/2028		1,942,966
1,491,060	FREMF Mortgage Trust, Series 2019-KF71-C (1 Month LIBOR USD + 6.00%, 6.00% Floor)		7.12	% (b)	10/25/2029		1,493,054
750,000	FS Rialto, Series 2022-FL5-D (Secured Overnight Financing Rate 1 Month + 4.82%, 4.82% Floor)		5.72	% (b)	06/19/2037		740,760
3,000,000	Great Wolf Trust, Series 2019-WOLF-F (1 Month LIBOR USD + 3.13%, 3.13% Floor)		4.46	% (b)	12/15/2036		2,756,416
1,000,000	GS Mortgage Securities Corporation Trust, Series 2021-ARDN-G (1 Month LIBOR USD + 5.00%, 5.00% Floor)		6.32	% (b)	11/15/2036		947,337
1,304,000	GS Mortgage Securities Trust, Series 2014-GC26-D		4.67	% (b)(e)	11/10/2047		937,253
1,744,000	GS Mortgage Securities Trust, Series 2015-GC28-D		4.45	% (b)(e)	02/10/2048		1,570,868
79,180,579	GS Mortgage Securities Trust, Series 2018-GS9-XA		0.57	% (e)(f)	03/10/2051		1,556,334
2,000,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2011-C3-D		5.71	% (b)(e)	02/15/2046		1,486,249
1,175,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2018-AON-F		4.77	% (b)(e)	07/05/2031		1,128,528
500,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-MFP-F (1 Month LIBOR USD + 3.00%, 3.00% Floor)		4.32	% (b)	07/15/2036		461,352
1,153,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-MFP-G (1 Month LIBOR USD + 4.05%, 4.05% Floor)		5.37	% (b)	07/15/2036		1,061,001
1,153,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-MFP-XG		0.50	% (b)(e)(f)	07/15/2036		4,253
8,316,233	JPMBB Commercial Mortgage Securities Trust, Series 2013-C14-XC		1.10	% (b)(e)(f)	08/15/2046		98,013
3,488,650	JPMBB Commercial Mortgage Securities Trust, Series 2014-C19-E		4.00	% (b)(d)(e)	04/15/2047		2,790,074
1,938,200	JPMBB Commercial Mortgage Securities Trust, Series 2014-C19-F		3.75	% (b)(d)(e)	04/15/2047		1,189,506
5,298,968	JPMBB Commercial Mortgage Securities Trust, Series 2014-C19-NR		3.75	% (b)(d)(e)	04/15/2047		490,155
925,000	JPMBB Commercial Mortgage Securities Trust, Series 2014-C23-C		4.63	% (e)	09/15/2047		880,952
2,000,000	JPMBB Commercial Mortgage Securities Trust, Series 2014-C23-D		4.13	% (b)(e)	09/15/2047		1,820,778


Principal Amount $/Shares	Security Description	Rate			Maturity	Value $
3,596,478	JPMBB Commercial Mortgage Securities Trust, Series 2014-C26-XA		1.09	% (e)(f)	01/15/2048		64,894
500,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C27-D		3.94	% (b)(e)	02/15/2048		415,944
180,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C29-C		4.32	% (e)	05/15/2048		168,815
20,920,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C29-XE		0.42	% (b)(e)(f)	05/15/2048		187,797
675,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C32-C		4.81	% (e)	11/15/2048		534,216
16,358,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C32-XD		0.50	% (b)(e)(f)	11/15/2048		218,685
165,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C33-C		4.76	% (e)	12/15/2048		155,901
3,074,758	LSTAR Commercial Mortgage Trust, Series 2016-4-XA		1.92	% (b)(e)(f)	03/10/2049		89,275
1,000,000	LSTAR Commercial Mortgage Trust, Series 2017-5-C		4.83	% (b)(e)	03/10/2050		924,930
1,000,000	Med Trust, Series 2021-MDLN-G (1 Month LIBOR USD + 5.25%, 5.25% Floor)		6.58	% (b)	11/15/2038		908,246
500,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C19-C		4.00	%	12/15/2047		475,459
1,191,000	Morgan Stanley Capital Trust, Series 2017-ASHF-G (1 Month LIBOR USD + 6.90%, 6.90% Floor)		8.22	% (b)	11/15/2034		1,033,718
2,893,771	SMR Mortgage Trust, Series 2022-IND-G (Secured Overnight Financing Rate 1 Month + 7.50%, 7.50% Floor)		8.78	% (b)	02/15/2039		2,793,994
997,454	TTAN, Series 2021-MHC-G (1 Month LIBOR USD + 4.20%, 4.20% Floor)		5.53	% (b)	03/15/2038		918,366
1,000,000	UBS Commercial Mortgage Trust, Series 2018-C12-C		5.11	% (e)	08/15/2051		902,374
1,420,000	UBS-Barclays Commercial Mortgage Trust, Series 2013-C5-C		4.21	% (b)(e)	03/10/2046		1,304,070
824,000	UBS-Barclays Commercial Mortgage Trust, Series 2013-C5-D		4.21	% (b)(e)	03/10/2046		636,128
467,000	Wells Fargo Commercial Mortgage Trust, Series 2012-LC5-E		4.87	% (b)(d)(e)	10/15/2045		465,204
23,293,000	Wells Fargo Commercial Mortgage Trust, Series 2015-C28-XF		1.22	% (b)(e)(f)	05/15/2048		630,325
747,000	Wells Fargo Commercial Mortgage Trust, Series 2015-NXS4-D		3.84	% (e)	12/15/2048		660,913
1,044,000	Wells Fargo Commercial Mortgage Trust, Series 2016-C34-C		5.24	% (e)	06/15/2049		889,591
1,000,000	Wells Fargo Commercial Mortgage Trust, Series 2017-RC1-D		3.25	% (b)	01/15/2060		792,771
48,247,643	Wells Fargo Commercial Mortgage Trust, Series 2018-C43-XA		0.76	% (e)(f)	03/15/2051		1,327,572

Total Non-Agency Commercial Mortgage Backed Obligations (Cost $78,610,020)							64,039,764


Non-Agency Residential Collateralized Mortgage Obligations - 13.4%
1,295,951	Adjustable Rate Mortgage Trust, Series 2006-1-2A1		3.61	% (e)	03/25/2036		834,786
505,443	BCAP LLC Trust, Series 2010-RR6-6A2		9.30	% (b)(e)	07/26/2037		292,757
9,367,834	BCAPB LLC Trust, Series 2007-AB1-A5		4.74	% (l)	03/25/2037		4,637,240
1,300,633	Chase Mortgage Finance Trust, Series 2007-S1-A7		6.00	%	02/25/2037		648,464
1,414,377	Chase Mortgage Finance Trust, Series 2007-S3-1A5		6.00	%	05/25/2037		789,711
1,327,103	CHL Mortgage Pass-Through Trust, Series 2007-4-1A35 (-1 x 1 Month LIBOR USD + 6.70%, 6.70% Cap)		5.08	% (f)(g)	05/25/2037		253,622
294,535	Citigroup Mortgage Loan Trust, Inc., Series 2006-8-A4 (-3 x 1 Month LIBOR USD + 19.66%, 19.66% Cap)		15.20	% (b)(g)	10/25/2035		290,037
705,855	Countrywide Alternative Loan Trust, Series 2005-85CB-2A5 (1 Month LIBOR USD + 1.10%, 1.10% Floor, 7.00% Cap)		2.72	%	02/25/2036		587,272
149,065	Countrywide Alternative Loan Trust, Series 2005-85CB-2A6 (-4 x 1 Month LIBOR USD + 21.63%, 21.63% Cap)		15.68	% (g)	02/25/2036		137,156
1,912,935	Credit Suisse First Boston Mortgage Securities Corporation, Series 2005-11-7A1		6.00	%	12/25/2035		1,189,656
3,167,773	CSMC Mortgage-Backed Trust, Series 2006-5-3A3		6.50	%	06/25/2036		844,067


Principal Amount $/Shares	Security Description	Rate			Maturity	Value $
424,355	CSMC Mortgage-Backed Trust, Series 2006-9-2A1		5.50	%	11/25/2036		377,960
171,204	CSMC Mortgage-Backed Trust, Series 2006-9-6A14		6.00	%	11/25/2036		157,158
1,060,877	IndyMac INDX Mortgage Loan Trust, Series 2005-AR23-6A1		2.92	% (e)	11/25/2035		970,363
63,782	JP Morgan Alternative Loan Trust, Series 2006-S1-2A5		5.50	%	02/25/2023		47,326
1,109,086	JP Morgan Resecuritization Trust, Series 2011-1-2A10		6.00	% (b)(e)	06/26/2037		961,175
239,038	Lehman Mortgage Trust, Series 2007-10-1A1		6.00	%	01/25/2038		236,412
1,252,391	Lehman Mortgage Trust, Series 2007-4-1A3		5.75	%	05/25/2037		786,584
5,800,000	PNMAC GMSR Issuer Trust, Series 2018-FT1-A (1 Month LIBOR USD + 2.35%)		3.97	% (b)	04/25/2023		5,741,125
777,447	RBSGC Structured Trust, Series 2008-B-A1		6.00	% (b)	06/25/2037		694,927
623,830	Residential Accredit Loans, Inc., Series 2005-QS14-3A1		6.00	%	09/25/2035		574,936
1,485,206	Residential Accredit Loans, Inc., Series 2006-QS7-A3		6.00	%	06/25/2036		1,284,131
460,042	Residential Accredit Loans, Inc., Series 2007-QS1-1A1		6.00	%	01/25/2037		396,501
722,113	Residential Accredit Loans, Inc., Series 2007-QS6-A1 (1 Month LIBOR USD + 0.33%, 0.33% Floor, 7.00% Cap)		1.95	%	04/25/2037		554,191
764,495	Residential Accredit Loans, Inc., Series 2007-QS6-A102		5.75	%	04/25/2037		666,434
164,501	Residential Accredit Loans, Inc., Series 2007-QS6-A2 (-8 x 1 Month LIBOR USD + 55.58%, 55.58% Cap)		42.05	% (g)	04/25/2037		200,048
1,644,877	Residential Asset Securitization Trust, Series 2006-A6-1A12 (-1 x 1 Month LIBOR USD + 7.10%, 7.10% Cap)		5.48	% (f)(g)	07/25/2036		297,536
1,626,369	Residential Asset Securitization Trust, Series 2006-A6-1A9		6.00	%	07/25/2036		560,558
446,629	Residential Funding Mortgage Securities Trust, Series 2007-S2-A4		6.00	%	02/25/2037		377,475
512,477	Structured Adjustable Rate Mortgage Loan Trust, Series 2006-1-2A2		2.82	% (e)	02/25/2036		480,701
536,639	Velocity Commercial Capital Loan Trust, Series 2018-1-M4		5.01	% (b)	04/25/2048		500,344
399,592	Velocity Commercial Capital Loan Trust, Series 2018-1-M5		6.26	% (b)	04/25/2048		376,929
560,776	Velocity Commercial Capital Loan Trust, Series 2018-1-M6		7.26	% (b)	04/25/2048		503,714
5,000,000	VOLT LLC, Series 2021-NPL3-A2		4.95	% (b)(c)	02/27/2051		4,818,046
3,292,114	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-8-A4		4.17	%	10/25/2036		1,382,350

Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $43,300,987)							33,451,692


US Government and Agency Mortgage Backed Obligations - 19.8%
343,944	Federal Home Loan Mortgage Corporation REMICS, Series 3211-SI (-4 x 1 Month LIBOR USD + 27.67%, 27.67% Cap)		22.10	% (f)(g)	09/15/2036		177,325
845,348	Federal Home Loan Mortgage Corporation REMICS, Series 3236-ES (-1 x 1 Month LIBOR USD + 6.70%, 6.70% Cap)		5.38	% (f)(g)	11/15/2036		92,110
533,341	Federal Home Loan Mortgage Corporation REMICS, Series 3256-S (-1 x 1 Month LIBOR USD + 6.69%, 6.69% Cap)		5.37	% (f)(g)	12/15/2036		72,027
259,493	Federal Home Loan Mortgage Corporation REMICS, Series 3292-SD (-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)		4.78	% (f)(g)	03/15/2037		24,510
3,423,569	Federal Home Loan Mortgage Corporation REMICS, Series 3297-BI (-1 x 1 Month LIBOR USD + 6.76%, 6.76% Cap)		5.44	% (f)(g)	04/15/2037		486,799
2,740,168	Federal Home Loan Mortgage Corporation REMICS, Series 3311-BI (-1 x 1 Month LIBOR USD + 6.76%, 6.76% Cap)		5.44	% (f)(g)	05/15/2037		305,797
2,332,083	Federal Home Loan Mortgage Corporation REMICS, Series 3311-IA (-1 x 1 Month LIBOR USD + 6.41%, 6.41% Cap)		5.09	% (f)(g)	05/15/2037		316,823
475,503	Federal Home Loan Mortgage Corporation REMICS, Series 3314-SH (-1 x 1 Month LIBOR USD + 6.40%, 6.40% Cap)		5.08	% (f)(g)	11/15/2036		63,811
213,068	Federal Home Loan Mortgage Corporation REMICS, Series 3330-KS (-1 x 1 Month LIBOR USD + 6.55%, 6.55% Cap)		5.23	% (f)(g)	06/15/2037		15,693


Principal Amount $/Shares	Security Description	Rate			Maturity	Value $
45,904	Federal Home Loan Mortgage Corporation REMICS, Series 3339-AI (-1 x 1 Month LIBOR USD + 6.55%, 6.55% Cap)		5.23	% (f)(g)	07/15/2037		3,467
1,672,021	Federal Home Loan Mortgage Corporation REMICS, Series 3339-TI (-1 x 1 Month LIBOR USD + 6.14%, 6.14% Cap)		4.82	% (f)(g)	07/15/2037		178,407
814,202	Federal Home Loan Mortgage Corporation REMICS, Series 3374-SD (-1 x 1 Month LIBOR USD + 6.45%, 6.45% Cap)		5.13	% (f)(g)	10/15/2037		96,978
131,704	Federal Home Loan Mortgage Corporation REMICS, Series 3382-SU (-1 x 1 Month LIBOR USD + 6.30%, 6.30% Cap)		4.98	% (f)(g)	11/15/2037		12,577
3,032,533	Federal Home Loan Mortgage Corporation REMICS, Series 3404-SA (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		4.68	% (f)(g)	01/15/2038		365,573
144,901	Federal Home Loan Mortgage Corporation REMICS, Series 3423-GS (-1 x 1 Month LIBOR USD + 5.65%, 5.65% Cap)		4.33	% (f)(g)	03/15/2038		13,036
2,010,707	Federal Home Loan Mortgage Corporation REMICS, Series 3435-S (-1 x 1 Month LIBOR USD + 5.98%, 5.98% Cap)		4.66	% (f)(g)	04/15/2038		250,968
118,721	Federal Home Loan Mortgage Corporation REMICS, Series 3508-PS (-1 x 1 Month LIBOR USD + 6.65%, 6.65% Cap)		5.33	% (f)(g)	02/15/2039		7,534
698,608	Federal Home Loan Mortgage Corporation REMICS, Series 3728-SV (-1 x 1 Month LIBOR USD + 4.45%, 4.45% Cap)		3.13	% (f)(g)	09/15/2040		50,936
6,201,898	Federal Home Loan Mortgage Corporation REMICS, Series 3736-SN (-1 x 1 Month LIBOR USD + 6.05%, 6.05% Cap)		4.73	% (f)(g)	10/15/2040		758,431
2,270,291	Federal Home Loan Mortgage Corporation REMICS, Series 3753-SB (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		4.68	% (f)(g)	11/15/2040		303,589
2,620,775	Federal Home Loan Mortgage Corporation REMICS, Series 3780-SM (-1 x 1 Month LIBOR USD + 6.50%, 6.50% Cap)		5.18	% (f)(g)	12/15/2040		363,713
895,794	Federal Home Loan Mortgage Corporation REMICS, Series 3815-ST (-1 x 1 Month LIBOR USD + 5.85%, 5.85% Cap)		4.53	% (f)(g)	02/15/2041		110,535
1,174,966	Federal Home Loan Mortgage Corporation REMICS, Series 3905-SC (-5 x 1 Month LIBOR USD + 22.75%, 22.75% Cap)		17.44	% (g)	08/15/2041		1,374,271
1,032,024	Federal Home Loan Mortgage Corporation REMICS, Series 3924-SJ (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		4.68	% (f)(g)	09/15/2041		130,961
1,774,521	Federal Home Loan Mortgage Corporation REMICS, Series 3960-ES (-1 x 1 Month LIBOR USD + 5.95%, 5.95% Cap)		4.63	% (f)(g)	11/15/2041		194,532
1,843,335	Federal Home Loan Mortgage Corporation REMICS, Series 4291-MS (-1 x 1 Month LIBOR USD + 5.90%, 5.90% Cap)		4.58	% (f)(g)	01/15/2054		221,510
1,039,598	Federal Home Loan Mortgage Corporation REMICS, Series 4610-IB		3.00	% (f)	06/15/2041		15,574
13,523,957	Federal Home Loan Mortgage Corporation REMICS, Series 5100-DS (-1 x Secured Overnight Financing Rate 30 Day Average + 2.50%, 2.50% Cap)		1.57	% (f)(g)	05/25/2051		204,335
11,653,102	Federal Home Loan Mortgage Corporation REMICS, Series 5112-SC (-1 x Secured Overnight Financing Rate 30 Day Average + 2.50%, 2.50% Cap)		1.57	% (f)(g)	06/25/2051		192,739
3,000,000	Federal Home Loan Mortgage Corporation STACR REMIC Trust, Series 2020-HQA2-B2 (1 Month LIBOR USD + 7.60%)		9.22	% (b)	03/25/2050		2,739,202
2,000,000	Federal Home Loan Mortgage Corporation STACR REMIC Trust, Series 2021-HQA2-B2 (Secured Overnight Financing Rate 30 Day Average + 5.45%)		6.38	% (b)	12/25/2033		1,574,694
33,882,307	Federal Home Loan Mortgage Corporation, Series 2021-P009-X		1.56	% (e)(f)	01/25/2031		2,331,336
4,482,475	Federal National Mortgage Association Pass-Thru, Pool MA4625		3.50	%	06/01/2052		4,317,511
61,269	Federal National Mortgage Association, Series 2005-72-WS (-1 x 1 Month LIBOR USD + 6.75%, 6.75% Cap)		5.13	% (f)(g)	08/25/2035		4,712
536,860	Federal National Mortgage Association, Series 2005-90-SP (-1 x 1 Month LIBOR USD + 6.75%, 6.75% Cap)		5.13	% (f)(g)	09/25/2035		19,900


Principal Amount $/Shares	Security Description	Rate			Maturity	Value $
323,305	Federal National Mortgage Association, Series 2006-117-SQ (-1 x 1 Month LIBOR USD + 6.55%, 6.55% Cap)		4.93	% (f)(g)	12/25/2036		20,893
153,225	Federal National Mortgage Association, Series 2006-119-HS (-1 x 1 Month LIBOR USD + 6.65%, 6.65% Cap)		5.03	% (f)(g)	12/25/2036		22,291
3,033,444	Federal National Mortgage Association, Series 2006-123-CI (-1 x 1 Month LIBOR USD + 6.74%, 6.74% Cap)		5.12	% (f)(g)	01/25/2037		418,272
1,549,093	Federal National Mortgage Association, Series 2007-15-BI (-1 x 1 Month LIBOR USD + 6.70%, 6.70% Cap)		5.08	% (f)(g)	03/25/2037		183,409
265,731	Federal National Mortgage Association, Series 2007-20-S (-1 x 1 Month LIBOR USD + 6.74%, 6.74% Cap)		5.12	% (f)(g)	03/25/2037		25,351
153,049	Federal National Mortgage Association, Series 2007-21-SD (-1 x 1 Month LIBOR USD + 6.48%, 6.48% Cap)		4.86	% (f)(g)	03/25/2037		21,508
762,498	Federal National Mortgage Association, Series 2007-30-IE (-1 x 1 Month LIBOR USD + 6.74%, 6.74% Cap)		5.12	% (f)(g)	04/25/2037		111,152
1,701,733	Federal National Mortgage Association, Series 2007-32-SA (-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)		4.48	% (f)(g)	04/25/2037		206,167
653,148	Federal National Mortgage Association, Series 2007-40-SA (-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)		4.48	% (f)(g)	05/25/2037		82,959
158,009	Federal National Mortgage Association, Series 2007-48-SE (-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)		4.48	% (f)(g)	05/25/2037		9,412
210,616	Federal National Mortgage Association, Series 2007-64-LI (-1 x 1 Month LIBOR USD + 6.56%, 6.56% Cap)		4.94	% (f)(g)	07/25/2037		25,761
80,817	Federal National Mortgage Association, Series 2007-68-SA (-1 x 1 Month LIBOR USD + 6.65%, 6.65% Cap)		5.03	% (f)(g)	07/25/2037		9,243
3,863,345	Federal National Mortgage Association, Series 2007-75-PI (-1 x 1 Month LIBOR USD + 6.54%, 6.54% Cap)		4.92	% (f)(g)	08/25/2037		485,611
2,061,459	Federal National Mortgage Association, Series 2008-33-SA (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		4.38	% (f)(g)	04/25/2038		227,114
1,819,198	Federal National Mortgage Association, Series 2008-42-SC (-1 x 1 Month LIBOR USD + 5.90%, 5.90% Cap)		4.28	% (f)(g)	05/25/2038		165,311
410,557	Federal National Mortgage Association, Series 2008-5-GS (-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)		4.63	% (f)(g)	02/25/2038		38,226
1,061,427	Federal National Mortgage Association, Series 2008-62-SD (-1 x 1 Month LIBOR USD + 6.05%, 6.05% Cap)		4.43	% (f)(g)	07/25/2038		94,615
713,867	Federal National Mortgage Association, Series 2008-68-SB (-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)		4.48	% (f)(g)	08/25/2038		79,969
103,659	Federal National Mortgage Association, Series 2009-111-SE (-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)		4.63	% (f)(g)	01/25/2040		13,963
659,925	Federal National Mortgage Association, Series 2009-12-CI (-1 x 1 Month LIBOR USD + 6.60%, 6.60% Cap)		4.98	% (f)(g)	03/25/2036		67,042
112,145	Federal National Mortgage Association, Series 2009-47-SA (-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)		4.48	% (f)(g)	07/25/2039		9,384
141,916	Federal National Mortgage Association, Series 2009-48-WS (-1 x 1 Month LIBOR USD + 5.95%, 5.95% Cap)		4.33	% (f)(g)	07/25/2039		15,815
75,279	Federal National Mortgage Association, Series 2009-67-SA (-1 x 1 Month LIBOR USD + 5.15%, 0.25% Floor, 5.15% Cap)		3.53	% (f)(g)	07/25/2037		3,175
312,610	Federal National Mortgage Association, Series 2009-87-SA (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		4.38	% (f)(g)	11/25/2049		46,489
5,017,029	Federal National Mortgage Association, Series 2009-90-QI (-1 x 1 Month LIBOR USD + 6.60%, 6.60% Cap)		4.98	% (f)(g)	08/25/2036		574,981
585,886	Federal National Mortgage Association, Series 2009-91-SD (-1 x 1 Month LIBOR USD + 6.15%, 6.15% Cap)		4.53	% (f)(g)	11/25/2039		66,436
105,443	Federal National Mortgage Association, Series 2010-115-SD (-1 x 1 Month LIBOR USD + 6.60%, 6.60% Cap)		4.98	% (f)(g)	11/25/2039		13,796


Principal Amount $/Shares	Security Description	Rate			Maturity	Value $
126,575	Federal National Mortgage Association, Series 2010-11-SC (-1 x 1 Month LIBOR USD + 4.80%, 4.80% Cap)		3.18	% (f)(g)	02/25/2040		5,951
429,520	Federal National Mortgage Association, Series 2010-134-SE (-1 x 1 Month LIBOR USD + 6.65%, 6.65% Cap)		5.03	% (f)(g)	12/25/2025		16,017
4,079,885	Federal National Mortgage Association, Series 2010-142-SC (-1 x 1 Month LIBOR USD + 6.60%, 6.60% Cap)		4.98	% (f)(g)	12/25/2040		593,426
641,646	Federal National Mortgage Association, Series 2010-15-SL (-1 x 1 Month LIBOR USD + 4.95%, 4.95% Cap)		3.33	% (f)(g)	03/25/2040		55,749
164,111	Federal National Mortgage Association, Series 2010-19-SA (-1 x 1 Month LIBOR USD + 5.40%, 5.40% Cap)		3.78	% (f)(g)	03/25/2050		13,661
472,920	Federal National Mortgage Association, Series 2010-31-SB (-1 x 1 Month LIBOR USD + 5.00%, 5.00% Cap)		3.38	% (f)(g)	04/25/2040		42,008
887,115	Federal National Mortgage Association, Series 2010-39-SL (-1 x 1 Month LIBOR USD + 5.67%, 5.67% Cap)		4.05	% (f)(g)	05/25/2040		90,023
111,746	Federal National Mortgage Association, Series 2010-8-US (-1 x 1 Month LIBOR USD + 4.80%, 4.80% Cap)		3.18	% (f)(g)	02/25/2040		4,293
131,444	Federal National Mortgage Association, Series 2010-9-GS (-1 x 1 Month LIBOR USD + 4.75%, 4.75% Cap)		3.13	% (f)(g)	02/25/2040		6,414
713,815	Federal National Mortgage Association, Series 2011-114-S (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		4.38	% (f)(g)	09/25/2039		93,293
844,879	Federal National Mortgage Association, Series 2011-146-US (-1 x 1 Month LIBOR USD + 7.00%, 7.00% Cap)		4.73	% (g)	01/25/2042		686,936
51,314	Federal National Mortgage Association, Series 2011-5-PS (-1 x 1 Month LIBOR USD + 6.40%, 6.40% Cap)		4.78	% (f)(g)	11/25/2040		657
178,737	Federal National Mortgage Association, Series 2012-29-SG (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		4.38	% (f)(g)	04/25/2042		14,649
1,623,436	Federal National Mortgage Association, Series 2012-56-SN (-1 x 1 Month LIBOR USD + 6.05%, 6.05% Cap)		4.43	% (f)(g)	06/25/2042		171,822
1,686,552	Federal National Mortgage Association, Series 2012-76-SC (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		4.38	% (f)(g)	07/25/2042		218,760
1,386,415	Federal National Mortgage Association, Series 2013-83-US (-1 x 1 Month LIBOR USD + 5.00%, 5.00% Cap)		3.38	% (g)	08/25/2043		1,060,461
4,746,461	Federal National Mortgage Association, Series 2016-64-SA (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		4.38	% (f)(g)	09/25/2046		696,462
16,560,972	Federal National Mortgage Association, Series 2019-M26-X1		0.72	% (e)(f)	03/25/2030		547,928
4,063,846	Federal National Mortgage Association, Series 2020-61-DI		3.00	% (f)	09/25/2060		747,522
16,033,825	Federal National Mortgage Association, Series 2020-M27-X1		0.96	% (e)(f)	03/25/2031		755,299
16,855,832	Federal National Mortgage Association, Series 2021-17-SA (-1 x Secured Overnight Financing Rate 30 Day Average + 2.00%, 2.00% Cap)		1.07	% (f)(g)	04/25/2051		100,262
179,612	Federal National Mortgage Association, Series 374-19		6.50	% (f)	09/25/2036		37,174
454,598	Government National Mortgage Association, Series 2009-104-SD (-1 x 1 Month LIBOR USD + 6.35%, 6.35% Cap)		4.84	% (f)(g)	11/16/2039		51,156
63,927	Government National Mortgage Association, Series 2010-98-IA		5.56	% (e)(f)	03/20/2039		4,821
456,850	Government National Mortgage Association, Series 2011-69-SB (-1 x 1 Month LIBOR USD + 5.35%, 5.35% Cap)		3.75	% (f)(g)	05/20/2041		44,873
777,875	Government National Mortgage Association, Series 2011-71-SG (-1 x 1 Month LIBOR USD + 5.40%, 5.40% Cap)		3.80	% (f)(g)	05/20/2041		74,001
827,237	Government National Mortgage Association, Series 2011-72-AS (-1 x 1 Month LIBOR USD + 5.38%, 5.38% Cap)		3.78	% (f)(g)	05/20/2041		79,108
983,110	Government National Mortgage Association, Series 2011-89-SA (-1 x 1 Month LIBOR USD + 5.45%, 5.45% Cap)		3.85	% (f)(g)	06/20/2041		94,431


Principal Amount $/Shares	Security Description	Rate			Maturity	Value $
6,832,813	Government National Mortgage Association, Series 2012-26-SP (-1 x 1 Month LIBOR USD + 6.65%, 6.65% Cap)		5.05	% (f)(g)	02/20/2042		1,075,290
537,114	Government National Mortgage Association, Series 2012-34-LI (-20 x 1 Month LIBOR USD + 122.00%, 6.00% Cap)		6.00	% (f)(g)	12/16/2039		108,026
4,925,870	Government National Mortgage Association, Series 2013-119-TZ		3.00	%	08/20/2043		4,673,114
3,067,505	Government National Mortgage Association, Series 2014-39-SK (-1 x 1 Month LIBOR USD + 6.20%, 6.20% Cap)		4.60	% (f)(g)	03/20/2044		409,929
5,190,548	Government National Mortgage Association, Series 2014-59-DS (-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)		4.74	% (f)(g)	04/16/2044		628,050
3,995,003	Government National Mortgage Association, Series 2014-63-SD (-1 x 1 Month LIBOR USD + 5.55%, 5.55% Cap)		3.95	% (f)(g)	04/20/2044		574,121
2,112,455	Government National Mortgage Association, Series 2014-69-ST (-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)		4.59	% (f)(g)	12/16/2039		250,885
3,159,305	Government National Mortgage Association, Series 2015-148-BS (-1 x 1 Month LIBOR USD + 5.69%, 5.69% Cap)		4.09	% (f)(g)	10/20/2045		355,234
8,452,584	Government National Mortgage Association, Series 2015-158-SK (-1 x 1 Month LIBOR USD + 6.20%, 6.20% Cap)		4.60	% (f)(g)	11/20/2045		1,150,684
9,878,687	Government National Mortgage Association, Series 2018-111-SA (-1 x 1 Month LIBOR USD + 4.55%, 4.55% Cap)		2.95	% (f)(g)	08/20/2048		488,169
27,438,627	Government National Mortgage Association, Series 2018-48-SD (-1 x 1 Month LIBOR USD + 3.90%, 3.90% Cap)		2.30	% (f)(g)	04/20/2048		1,536,505
8,190,378	Government National Mortgage Association, Series 2020-115-SC (-1 x 1 Month LIBOR USD + 4.20%, 4.20% Cap)		2.60	% (f)(g)	08/20/2050		588,873
6,795,498	Government National Mortgage Association, Series 2020-129-SE (-1 x 1 Month LIBOR USD + 3.75%, 3.75% Cap)		2.15	% (f)(g)	09/20/2050		294,331
7,292,201	Government National Mortgage Association, Series 2020-138-IL		3.50	% (f)	09/20/2050		1,210,417
3,471,525	Government National Mortgage Association, Series 2020-187-SB (-1 x 1 Month LIBOR USD + 6.30%, 6.30% Cap)		4.70	% (f)(g)	12/20/2050		513,599
5,851,985	Government National Mortgage Association, Series 2020-196-DI		2.50	% (f)	12/20/2050		760,629
7,655,697	Government National Mortgage Association, Series 2021-107-SA (-1 x 1 Month LIBOR USD + 3.75%, 3.75% Cap)		2.15	% (f)(g)	06/20/2051		501,824
4,466,726	Government National Mortgage Association, Series 2021-125-AS (-1 x Secured Overnight Financing Rate 30 Day Average + 3.25%, 3.25% Cap)		2.48	% (f)(g)	07/20/2051		97,991
7,752,523	Government National Mortgage Association, Series 2021-158-SA (-1 x Secured Overnight Financing Rate 30 Day Average + 3.70%, 3.70% Cap)		2.93	% (f)(g)	09/20/2051		436,408
18,156,043	Government National Mortgage Association, Series 2021-221-SC (-1 x Secured Overnight Financing Rate 30 Day Average + 3.80%, 3.80% Cap)		3.03	% (f)(g)	12/20/2051		653,040
13,505,147	Government National Mortgage Association, Series 2021-221-SD (-1 x Secured Overnight Financing Rate 30 Day Average + 3.80%, 3.80% Cap)		3.03	% (f)(g)	12/20/2051		440,588
9,345,408	Government National Mortgage Association, Series 2021-46-DS (-1 x 1 Month LIBOR USD + 2.80%, 2.80% Cap)		1.20	% (f)(g)	03/20/2051		342,933
5,675,978	Government National Mortgage Association, Series 2021-58-SJ (-1 x 1 Month LIBOR USD + 6.30%, 6.30% Cap)		4.70	% (f)(g)	04/20/2051		770,372
41,605,033	Government National Mortgage Association, Series 2021-59-S (-1 x Secured Overnight Financing Rate 30 Day Average + 2.60%, 2.60% Cap)		1.83	% (f)(g)	04/20/2051		719,081
17,499,144	Government National Mortgage Association, Series 2021-73-LS (-1 x Secured Overnight Financing Rate 30 Day Average + 2.50%, 0.50% Floor, 2.50% Cap)		1.73	% (f)(g)	04/20/2051		505,407


Principal Amount $/Shares	Security Description	Rate			Maturity	Value $
16,807,136	Government National Mortgage Association, Series 2021-78-SC (-1 x Secured Overnight Financing Rate 30 Day Average + 2.60%, 2.60% Cap)		1.83	% (f)(g)	05/20/2051		278,924
17,502,886	Government National Mortgage Association, Series 2021-97-SA (-1 x Secured Overnight Financing Rate 30 Day Average + 2.60%, 2.60% Cap)		1.83	% (f)(g)	06/20/2051		306,192
10,217,974	Government National Mortgage Association, Series 2021-H04-BI		2.20	% (e)(f)	02/01/2071		537,657
11,992,408	Government National Mortgage Association, Series 2021-H07-AI		1.26	% (e)(f)	05/20/2071		543,274
19,087,954	Government National Mortgage Association, Series 2022-22-SA (-1 x Secured Overnight Financing Rate 30 Day Average + 3.60%, 3.60% Cap)		2.83	% (f)(g)	08/20/2050		655,079
7,094,852	Government National Mortgage Association, Series 2022-25-EI		3.00	% (f)	02/20/2052		1,153,719

Total US Government and Agency Mortgage Backed Obligations (Cost $70,602,496)							49,297,763


US Government and Agency Obligations - 6.0%
17,100,000	United States Treasury Notes		0.38	%	07/31/2027		14,950,811

Total US Government and Agency Obligations (Cost $16,927,808)							14,950,811


Common Stocks - 0.1%
13,001	Foresight Equity (d) (h)						256,511
34,446	McDermott International Ltd. (h)						18,945
4,476	New Constellis Holdings, Inc. (d) (h)						1,567
4,104	Summit Midstream Partners LP (h)						52,244

Total Common Stocks (Cost $421,795)							329,267


Preferred Stocks - 0.0%
2,010	Riverbed Technologies, Inc.		1.50	% (d)(h)			12,060

Total Preferred Stocks (Cost $42,848)							12,060


Short Term Investments - 2.4%
1,956,471	First American Government Obligations Fund - Class U		1.31	% (i)			1,956,471
1,956,472	JP Morgan U.S. Government Money Market Fund - Institutional Share Class		1.35	% (i)			1,956,472
1,956,472	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		1.38	% (i)			1,956,472

Total Short Term Investments (Cost $5,869,415)							5,869,415


Total Investments - 118.6% (Cost $359,419,361) (j)							295,386,563
Liabilities in Excess of Other Assets - (18.6)%							(46,247,305	)

NET ASSETS - 100.0%						$	249,139,258

(a)

Perpetual maturity. The date disclosed is the next call date of the security.

(b)

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.

(c)

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 period end.

(d)

Value determined using significant unobservable inputs.

(e)

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.

(f)

Interest only security

(g)

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.

(h)

Non-income producing security

(i)

Seven-day yield as of period end

(j)

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.

(k)

Security pays interest at rates that represent residual cashflows available after more senior tranches have been paid. The interest rate disclosed reflects the estimated rate in effect as of period end.

(l)

The interest rate may step up conditioned upon the aggregate remaining principal balance of the underlying mortgage loans being reduced below a targeted percentage of the aggregate original principal balance of the mortgage loans. The interest rate shown is the rate in effect as of period end.

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.

SECURITY TYPE BREAKDOWN as a % of Net Assets:


Collateralized Loan Obligations	35.2%
Non-Agency Commercial Mortgage Backed Obligations	25.7%
US Government and Agency Mortgage Backed Obligations	19.8%
Non-Agency Residential Collateralized Mortgage Obligations	13.4%
Bank Loans	9.2%
US Government and Agency Obligations	6.0%
Foreign Corporate Bonds	3.5%
Asset Backed Obligations	2.6%
Short Term Investments	2.4%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	0.7%
Common Stocks	0.1%
Preferred Stocks	0.0%	(m)
Other Assets and Liabilities	(18.6)%

	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:


Collateralized Loan Obligations	35.2%
Non-Agency Commercial Mortgage Backed Obligations	25.7%
US Government and Agency Mortgage Backed Obligations	19.8%
Non-Agency Residential Collateralized Mortgage Obligations	13.4%
US Government and Agency Obligations	6.0%
Asset Backed Obligations	2.6%
Short Term Investments	2.4%
Energy	2.2%
Electronics/Electric	2.1%
Healthcare	1.1%
Business Equipment and Services	0.9%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	0.7%
Utilities	0.6%
Chemicals/Plastics	0.5%
Transportation	0.5%
Media	0.5%
Telecommunications	0.4%
Building and Development (including Steel/Metals)	0.4%
Banking	0.4%
Insurance	0.4%
Mining	0.4%
Financial Intermediaries	0.4%
Consumer Products	0.3%
Industrial Equipment	0.3%
Aerospace & Defense	0.2%
Retailers (other than Food/Drug)	0.2%
Food Service	0.2%
Environmental Control	0.2%
Automotive	0.2%
Leisure	0.1%
Containers and Glass Products	0.1%
Chemical Products	0.1%
Real Estate	0.1%
Hotels/Motels/Inns and Casinos	0.0%	(m)
Food Products	0.0%	(m)
Technology	0.0%	(m)
Commercial Services	0.0%	(m)
Other Assets and Liabilities	(18.6)%

	100.0%

(m)

Represents less than 0.05% of net assets

Notes to Schedule of Investments

June 30, 2022 (Unaudited)

1. Organization

DoubleLine Opportunistic Credit Fund (the “Fund”) was formed as a closed-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and originally classified as a non-diversified fund. The Fund is currently operating as a diversified fund. Currently under the 1940 Act, a diversified fund generally may not, with respect to 75% of its total assets, invest more than 5% of its total assets in the securities of any one issuer or own more than 10% of the outstanding voting securities of such issuer (except, in each case, U.S. Government securities, cash, cash items and the securities of other investment companies). The remaining 25% of a fund’s total assets is not subject to this limitation. The Fund was organized as a Massachusetts business trust on July 22, 2011 and commenced operations on January 27, 2012. The Fund is listed on the New York Stock Exchange (“NYSE”) under the symbol “DBL”. The Fund’s investment objective is to seek high total investment return by providing a high level of current income and the potential for capital appreciation.

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.

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.

Securities may be fair valued by the Adviser (as defined below) in accordance with the fair valuation procedures approved by the Board of Trustees (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, 2022:


Category
Investments in Securities
Level 1
Money Market Funds	$	5,869,415
Common Stocks		71,189

Total Level 1		5,940,604
Level 2
Collateralized Loan Obligations		86,850,847
Non-Agency Commercial Mortgage Backed Obligations		58,650,850
US Government and Agency Mortgage Backed Obligations		49,297,763
Non-Agency Residential Collateralized Mortgage Obligations		33,451,692
Bank Loans		22,843,434
US Government and Agency Obligations		14,950,811
Foreign Corporate Bonds		8,579,882
Asset Backed Obligations		2,101,329
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations		1,753,527

Total Level 2		278,480,135
Level 3
Non-Agency Commercial Mortgage Backed Obligations		5,388,914
Asset Backed Obligations		4,373,987
Collateralized Loan Obligations		844,386
Common Stocks		258,078
Bank Loans		88,399
Preferred Stocks		12,060

Total Level 3		10,965,824

Total	$	295,386,563

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

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


	Fair Value as of 9/30/2021		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)^(c)			Net Accretion (Amortization)		Purchases^(a)		Sales^(b)			Transfers Into Level 3^(d)		Transfers Out of Level 3^(d)		Fair Value as of 6/30/2022		Net Change in Unrealized Appreciation (Depreciation) on securities held at 6/30/2022^(c)
Investments in Securities
Non-Agency Commercial Mortgage Backed Obligations	$	5,696,751	$	54,338	$	(285,013	)	$	25,812	$	35	$	(103,009	)	$	—	$	—	$	5,388,914	$	(302,442	)
Asset Backed Obligations		5,908,479		3		(1,542,714	)		—		170,155		(161,936	)		—		—		4,373,987		(1,525,444	)
Collateralized Loan Obligations		1,354,392		—		(510,006	)		—		—		—			—		—		844,386		(510,006	)
Common Stocks		810,873		367,404		(372,384	)		—		—		(547,815	)		—		—		258,078		(51,120	)
Bank Loans		89,952		291		(3,492	)		2,470		—		(822	)		—		—		88,399		(3,186	)
Preferred Stocks		—		—		(30,788	)		—		42,848		—			—		—		12,060		—

Total	$	13,860,447	$	422,036	$	(2,744,397	)	$	28,282	$	213,038	$	(813,582	)	$	—	$	—	$	10,965,824	$	(2,392,198	)

^(a)

Purchases include all purchases of securities, payups and corporate actions.

^(b)

Sales include all sales of securities, maturities, and paydowns.

^(c)

Any difference between Net Change in Unrealized Appreciation (Depreciation) and Net Change in Unrealized Appreciation (Depreciation) on securities held at June 30, 2022 may be due to a security that was not held or categorized as Level 3 at either period end.

^(d)

Transfers into or out of Level 3 can be attributed to changes in the availability of pricing sources and/or in the observability of significant inputs used to measure the fair value of those instruments.

The following is a summary of quantitative information about Level 3 Fair Value Measurements:

Fair
Value as
of
6/30/2022

Valuation
Techniques

Unobservable
Input

Unobservable Input Values
(Weighted Average)^(e)

Impact to valuation from an
increase to input

Non-Agency Commercial Mortgage Backed Obligations

5,388,914

Market Comparables

Market Quotes

$0.01 - $99.62 ($65.84)