NPORT-EX 2 dftfloat.htm Form 8-K

 

 

DoubleLine Floating Rate Fund

Schedule of Investments

June 30, 2023 (Unaudited)

 

 

Principal Amount
$/Shares

  

Security Description

   Rate    

Maturity

           Value $          

Bank Loans - 89.6%

      

Aerospace & Defense - 4.5%

      
890,000   AAdvantage Loyalty IP Ltd., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.75%, 0.75% Floor)     10.00 %    04/20/2028     910,185  
539,550   Air Canada, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%, 0.75% Floor)     8.37 %             08/11/2028     540,273  
852,858   American Airlines, Inc., Senior Secured First Lien Term Loan (6 Month Secured Overnight Financing Rate + 1.85%)     6.38 %    01/29/2027     832,603  
576,324   Dynasty Acquisition Company, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.60%)     8.75 %    04/06/2026     572,362  
309,852   Dynasty Acquisition Company, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.60%)     8.75 %    04/06/2026     307,721  
387,369   Echo Global Logistics, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.50%, 0.50% Floor)     8.52 %    11/24/2028     376,717  
591,722   Kestrel Bidco, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.10%, 1.00% Floor)     8.25 %    12/11/2026     575,491  
561,450   KKR Apple Bidco LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.86%, 0.50% Floor)     8.02 %    09/22/2028     557,540  
360,000   Mileage Plus Holdings LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.25%, 1.00% Floor)     10.76 %    06/21/2027     374,625  
333,000   SkyMiles IP Ltd., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.75%, 1.00% Floor)     9.00 %    10/20/2027     346,320  
388,050   Spirit AeroSystems, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.50%, 0.50% Floor)     9.55 %    01/15/2027     389,311  
1,805,475   Transdigm, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.25%)     8.15 %    08/24/2028     1,806,522  
1,261,469   United Airlines, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.75%, 0.75% Floor)     8.89 %    04/21/2028     1,262,875  
       

 

 

  
          8,852,545  
       

 

 

  

Automotive - 1.8%

      
528,313   American Tire Distributors, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 6.51%, 0.75% Floor)     10.61 %    10/20/2028     460,892  
1,010,000   Clarios Global LP, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.75%)     8.90 %    05/06/2030     1,008,894  
1,168,739   Mavis Tire Express Services Topco Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.11%, 0.75% Floor)     9.27 %    05/04/2028     1,160,342  
  Wand NewCo, Inc., Senior Secured First Lien Term Loan      
90,470   (1 Month LIBOR USD + 2.75%)     3.00 %    02/05/2026     89,860  
753,203   (1 Month LIBOR USD + 2.75%)     7.94 %    02/05/2026     748,130  
       

 

 

  
          3,468,118  
       

 

 

  

Beverage and Tobacco - 0.7%

      
1,464,413   Triton Water Holdings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%, 0.50% Floor)     8.66 %    03/31/2028     1,419,339  
       

 

 

  

Building and Development (including Steel/Metals) - 2.1%

      
418,929   Cornerstone Building Brands, Inc, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.35%, 0.50% Floor)     8.41 %             04/12/2028     402,697  
390,850   Foresight Energy LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 8.10%, 1.50% Floor)     12.73 % (a)    06/30/2027     390,851  
791,526   LBM Acquisition LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 0.75% Floor)     8.90 %    12/17/2027     762,255  
615,662   Park River Holdings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%, 0.75% Floor)     8.00 %    12/28/2027     591,981  
875,343   Phoenix Services International LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%, 1.00% Floor)     5.67 % (a)(b)    03/03/2025     —    
400,000   QUIKRETE Holdings, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.00%)     8.15 %    03/18/2029     400,890  
965,000   SRS Distribution, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%, 0.50% Floor)     8.65 %    06/02/2028     939,741  
565,300   Tecta America Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.11%, 0.75% Floor)     9.27 %    04/06/2028     563,183  
       

 

 

  
          4,051,598  
       

 

 

  

Business Equipment and Services - 11.2%

      
1,130,808   AlixPartners LLP, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.61%, 0.50% Floor)     7.77 %    02/04/2028     1,129,819  
776,051   Allied Universal Holdco LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.85%, 0.50% Floor)     9.00 %    05/12/2028     755,788  
  APX Group, Inc., Senior Secured First Lien Term Loan      
618,800   (1 Month Secured Overnight Financing Rate + 3.36%, 0.50% Floor)     8.46 %    07/10/2028     619,137  
175   (Prime Rate + 2.25%, 0.50% Floor)     10.50 %    07/10/2028     175  
825,685   Camelot US Acquisition Company, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.11%)     8.22 %    10/30/2026     825,479  
403,550   Camelot US Acquisition Company, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.11%, 1.00% Floor)     8.27 %    10/30/2026     403,468  
1,008,176   Clear Channel Outdoor Holdings, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.76%)     8.81 %    08/21/2026     964,784  
201,522   Conair Holdings LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.75%, 0.50% Floor)     8.91 %    05/17/2028     190,564  
1,010,888   Deerfield Dakota Holding LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.75%, 1.00% Floor)     8.65 %    04/09/2027     983,629  
  EAB Global, Inc., Senior Secured First Lien Term Loan      
1,957   (3 Month LIBOR USD + 3.50%, 0.50% Floor)     8.77 %    08/16/2028     1,938  
769,129   (6 Month LIBOR USD + 3.50%, 0.50% Floor)     8.87 %    08/16/2028     761,560  
505,992   Eisner Advisory Group LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 5.36%, 0.75% Floor)     10.52 %    07/28/2028     505,992  
185,384   Element Materials Technology Group US Holdings, Inc., Senior Secured First Lien Delayed-Draw Term Loan (3 Month Secured Overnight Financing Rate + 4.35%, 0.50% Floor)     9.25 %    06/22/2029     182,140  
401,666   Element Materials Technology Group US Holdings, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.35%, 0.50% Floor)     9.25 %    06/22/2029     394,637  
621,246   Endurance International Group, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.50%, 0.75% Floor)     8.22 %    02/10/2028     580,088  
701,125   FINThrive Software Intermediate Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%, 0.50% Floor)     9.15 %    12/18/2028     599,462  
470,013   First Advantage Holdings LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.86%)     7.59 %             01/29/2027     470,013  
600,463   Garda World Security Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.25%)     9.34 %    02/01/2029     595,209  
219,786   Grab Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%, 1.00% Floor)     9.66 %    01/29/2026     220,015  
979,671   Greeneden US Holdings LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%, 0.75% Floor)     9.15 %    12/01/2027     978,359  
1,220,983   Hunter Douglas Holding B.V., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.50%, 0.50% Floor)     8.67 %    02/26/2029     1,164,135  
315,581   Ivanti Software, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%, 0.75% Floor)     9.42 %    12/01/2027     267,429  
822,288   Mitchell International, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.75%, 0.50% Floor)     8.88 %    10/16/2028     805,587  
130,000   Mitchell International, Inc., Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 6.50%, 0.50% Floor)     11.65 %    10/15/2029     115,375  
1,511,041   National Intergovernmental Purchasing Alliance Company, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.50%)     8.08 %    05/23/2025     1,506,130  
201,370   Pike Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.11%)     8.27 %    01/21/2028     200,837  
766,350   Restoration Hardware, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%, 0.50% Floor)     7.65 %    10/20/2028     742,976  
1,266,692   SMG US Midco, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.50%)     7.77 %    01/23/2025     1,265,374  
856,195   Spin Holdco, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%, 0.75% Floor)     9.23 %    03/06/2028     739,081  
594,381   SWF Holdings Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.11%, 0.75% Floor)     8.75 %    10/06/2028     482,935  
556,525   Tempo Acquisition LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.00%, 0.50% Floor)     8.15 %    08/31/2028     557,371  
2,262,898   Trans Union LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.36%, 0.50% Floor)     7.52 %    12/01/2028     2,260,183  
595,541   Travelport Finance (Luxembourg) SARL, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 1.10%, 1.00% Floor)     12.54 %    02/28/2025     587,355  
206,437   VT Topco, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.86%, 0.75% Floor)     8.77 %    08/01/2025     204,089  
       

 

 

  
          22,061,113  
       

 

 

  

Chemicals/Plastics - 6.6%

      
590,400   Axalta Coating Systems US Holdings, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.00%, 0.50% Floor)     7.90 %    12/20/2029     592,384  
1,157,707   Charter Next Generation, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.86%, 0.75% Floor)     9.02 %    12/01/2027     1,150,112  
1,447,950   Diamond (BC) B.V., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.75%, 0.50% Floor)     7.57 %    09/29/2028     1,448,145  
200,000   Hexion Holdings Corporation, Term Loan     9.78 % (c)    03/15/2029     189,281  
1,450,000   Ineos US Finance LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.60%)     8.75 %    02/19/2030     1,443,656  
1,132,868   Lummus Technology Holdings LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.61%)     8.77 %    06/30/2027     1,124,779  
1,463,744   Messer Industries GMBH, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.76%)     7.66 %    03/02/2026     1,464,703  
455,000   Nouryon Finance B.V., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.10%)     9.32 %             04/03/2028     451,588  
630,400   Olympus Water US Holding Corporation, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.01%, 0.50% Floor)     8.94 %    11/09/2028     607,154  
543,125   Olympus Water US Holding Corporation, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.60%, 0.50% Floor)     9.50 %    11/09/2028     525,218  
610,388   PMHC, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.40%, 0.50% Floor)     9.30 %    04/23/2029     539,775  
764,515   Polar US Borrower LLC, Senior Secured First Lien Term Loan (6 Month Secured Overnight Financing Rate + 4.75%)     9.79 %    10/15/2025     606,512  
802,600   PQ Corporation, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.60%, 0.50% Floor)     7.65 %    06/09/2028     800,280  
997,278   Pregis Topco LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.86%)     9.02 %    07/31/2026     993,170  
  Pretium PKG Holdings, Inc., Senior Secured First Lien Term Loan      
170,055   (1 Month LIBOR USD + 4.00%, 0.50% Floor)     9.51 %    10/02/2028     128,198  
524,370   (3 Month LIBOR USD + 4.00%, 0.50% Floor)     9.22 %    10/02/2028     395,305  
155,000   Pretium PKG Holdings, Inc., Senior Secured Second Lien Term Loan (3 Month LIBOR USD + 6.75%, 0.50% Floor)     11.76 %    09/30/2029     83,895  
270,200   Univar Solutions USA, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.00%)     7.15 %    07/01/2026     270,445  
129,350   Vantage Specialty Chemicals, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.75%, 0.50% Floor)     9.81 %    10/26/2026     125,922  
       

 

 

  
          12,940,522  
       

 

 

  

Commercial Services - 0.7%

      
361,871   Phoenix Services International LLC, Senior Secured First Lien Delayed-Draw Term Loan (1 Month Secured Overnight Financing Rate + 12.00% or 10.00% PIK, 2.00% Floor)     17.11 %    07/29/2023     45,234  
136,078   Phoenix Services International LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 12.00% or 10.00% PIK, 2.00% Floor)     17.11 %    07/29/2023     130,521  
120,347   Phoenix Services International LLC, Senior Secured First Lien Term Loan     0.00 % (c)    06/13/2028     120,347  
1,040,598   Prime Security Services Borrower, LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%, 0.75% Floor)     7.84 %    09/23/2026     1,041,603  
       

 

 

  
          1,337,705  
       

 

 

  

Containers and Glass Products - 0.9%

      
1,051,506   Graham Packaging Company, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.00%, 0.75% Floor)     8.27 %    08/04/2027     1,046,332  
786,619   Trident TPI Holdings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%, 0.50% Floor)     9.16 %    09/15/2028     775,945  
       

 

 

  
          1,822,277  
       

 

 

  

Cosmetics/Toiletries - 0.9%

      
1,713,953   Bausch & Lomb Corporation, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.35%, 0.50% Floor)     8.59 %    05/10/2027     1,666,819  
       

 

 

  

Electronics/Electric - 11.4%

      
1,231,458   Acuris Finance, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.10%, 0.50% Floor)     9.05 %    02/16/2028     1,219,033  
431,369   Almonde, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.50%, 1.00% Floor)     8.65 %             06/13/2024     415,798  
175,000   Almonde, Inc., Senior Secured Second Lien Term Loan (2 Month LIBOR USD + 7.25%, 1.00% Floor)     12.08 %    06/16/2025     159,502  
971,857   Applied Systems, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.50%, 0.50% Floor)     9.40 %    09/19/2026     974,364  
855,000   Applied Systems, Inc., Senior Secured Second Lien Term Loan (3 Month Secured Overnight Financing Rate + 6.75%, 0.75% Floor)     11.65 %    09/17/2027     857,407  
747,411   Astra Acquisition Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.25%, 0.50% Floor)     10.40 %    10/25/2028     526,693  
514,876   Astra Acquisition Corporation, Senior Secured Second Lien Term Loan (1 Month Secured Overnight Financing Rate + 8.99%, 0.75% Floor)     13.72 %    10/25/2029     287,043  
90,208   Bright Bidco B.V., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 1.00% + 1.00% PIK, 1.00% Floor)     13.14 %    10/29/2027     46,758  
1,402,502   Castle US Holding Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)     8.77 %    01/29/2027     1,036,757  
666,650   Central Parent, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.25%, 0.50% Floor)     9.15 %    07/06/2029     665,563  
452,213   Conservice Midco LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.35%)     8.88 %    05/13/2027     450,236  
602,859   Constant Contact, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%, 0.75% Floor)     7.91 %    02/10/2028     577,334  
529,071   Cornerstone Building Brands, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 0.50% Floor)     8.77 %    10/16/2028     494,354  
285,000   DCert Buyer, Inc., Senior Secured Second Lien Term Loan (3 Month Secured Overnight Financing Rate + 7.00%)     11.70 %    02/19/2029     262,676  
150,000   DG Investment Intermediate Holdings, Inc., Senior Secured Second Lien Term Loan (1 Month Secured Overnight Financing Rate + 6.86%, 0.75% Floor)     12.02 %    03/29/2029     133,594  
373,429   Energizer Holdings, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.36%, 0.50% Floor)     7.45 %    12/22/2027     372,031  
258,700   Go Daddy Operating Company LLC (1 Month Secured Overnight Financing Rate + 3.00%)     8.15 %    11/09/2029     259,497  
446,566   Hyland Software, Inc., Senior Secured Second Lien Term Loan (1 Month Secured Overnight Financing Rate + 6.25%, 0.75% Floor)     11.27 %    07/07/2025     431,495  
1,056,625   Informatica LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)     7.94 %    10/27/2028     1,056,953  
879,650   Ingram Micro, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%, 0.50% Floor)     8.66 %    06/30/2028     878,005  
520,700   LogMeIn, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.75%)     9.90 %    08/31/2027     328,330  
477,215   McAfee Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.85%, 0.50% Floor)     9.01 %    03/01/2029     457,795  
1,323,899   Milano Acquisition Corporation, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.10%, 0.75% Floor)     9.00 %    10/01/2027     1,305,695  
656,965   Mirion Technologies, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.01%, 0.50% Floor)     7.59 %    10/20/2028     654,639  
1,533,826   NCR Corporation, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.50%)     7.78 %    08/28/2026     1,531,909  
289,488   PointClickCare Technologies, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.00%, 0.75% Floor)     8.19 %    12/29/2027     289,487  
558,871   Polaris Newco LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%, 0.50% Floor)     9.16 %             06/02/2028     516,022  
1,585,850   Proofpoint, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.36%, 0.50% Floor)     8.40 %    08/31/2028     1,554,791  
842,122   RealPage, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.00%, 0.50% Floor)     8.15 %    04/24/2028     824,963  
61,011   Rentpath, Inc., Senior Secured First Lien Term Loan (Prime Rate)     3.25 %    04/25/2024     915  
975,131   Sophia LP, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%, 0.50% Floor)     8.66 %    10/07/2027     966,194  
426,465   SS&C Technologies, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.35%, 0.50% Floor)     7.50 %    03/22/2029     425,755  
642,765   SS&C Technologies, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.35%, 0.50% Floor)     7.50 %    03/22/2029     641,694  
554,568   UKG, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.35%, 0.50% Floor)     8.27 %    05/04/2026     545,094  
592,221   UKG, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.85%)     8.90 %    05/04/2026     585,118  
230,000   UKG, Inc., Senior Secured Second Lien Term Loan (3 Month Secured Overnight Financing Rate + 5.35%, 0.50% Floor)     10.03 %    05/03/2027     223,675  
290,992   Ultra Clean Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)     8.59 %    08/27/2025     291,401  
       

 

 

  
          22,248,570  
       

 

 

  

Energy - 2.0%

      
531,628   BCP Renaissance Parent LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.50%, 1.00% Floor)     8.40 %    11/02/2026     530,583  
565,000   Blackstone CQP Holdco LP, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%, 0.50% Floor)     8.66 %    06/05/2028     564,678  
315,564   Delek US Holdings, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.60%, 0.50% Floor)     8.75 %    11/19/2029     312,212  
685,442   Freeport LNG Investments LLP, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%, 0.50% Floor)     8.31 %    12/21/2028     672,816  
298,471   GIP II Blue Holding LP, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.61%, 1.00% Floor)     9.66 %    09/29/2028     299,857  
813,815   Oryx Midstream Services Permian Basin LLC (1 Month Secured Overnight Financing Rate + 3.36%, 0.50% Floor)     8.54 %    10/05/2028     813,616  
239,400   Par Petroleum, LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.35%, 0.50% Floor)     8.82 %    02/28/2030     236,108  
248,027   Traverse Midstream Partners LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.85%, 0.50% Floor)     8.73 %    02/16/2028     246,322  
321,646   WaterBridge Midstream Operating LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.75%, 1.00% Floor)     11.01 %    06/22/2026     320,214  
       

 

 

  
          3,996,406  
       

 

 

  

Environmental Control - 0.2%

      
604,673   Packers Holdings LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.35%, 0.75% Floor)     8.42 %    03/06/2028     422,515  
       

 

 

  

Financial Intermediaries - 3.5%

      
1,410,900   Castlelake Aviation LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%, 0.50% Floor)     8.30 %    10/22/2026     1,406,646  
690,886   Corelogic, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%, 0.50% Floor)     8.69 %    06/02/2028     625,425  
671,411   Focus Financial Partners LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.50%, 0.50% Floor)     7.65 %             06/30/2028     664,606  
223,631   Greystone Select Financial LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.00%, 0.75% Floor)     9.80 %    06/16/2028     212,449  
786,828   Hightower Holding LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%, 0.75% Floor)     9.15 %    04/21/2028     768,141  
1,029,693   Minotaur Acquisition, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.85%)     9.66 %    03/27/2026     1,015,215  
678,864   The Edelman Financial Engines Centre LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 0.75% Floor)     8.90 %    04/07/2028     663,124  
413,234   The Edelman Financial Engines Centre LLC, Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 6.75%)     11.90 %    07/20/2026     400,372  
359,525   Walker & Dunlop, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.50%, 0.50% Floor)     7.50 %    12/15/2028     356,829  
754,446   Zebra Buyer LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.51%, 0.50% Floor)     8.19 %    11/01/2028     743,759  
       

 

 

  
          6,856,566  
       

 

 

  

Food Products - 1.2%

      
1,026,966   CHG PPC Parent LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.11%, 0.50% Floor)     8.19 %    12/08/2028     1,020,548  
588,371   H-Food Holdings LLC, Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.69%)     9.27 %    05/23/2025     519,605  
837,250   Monogram Food Solutions LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.00%, 0.50% Floor)     9.06 %    08/28/2028     817,365  
       

 

 

  
          2,357,518  
       

 

 

  

Food Service - 1.6%

      
981,490   AI Aqua Merger Sub, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.75%, 0.50% Floor)     8.90 %    07/31/2028     964,805  
545,513   Aramark Services, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 1.75%)     6.59 %    01/15/2027     541,252  
175,644   IRB Holding Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.10%, 0.75% Floor)     8.25 %    12/15/2027     174,656  
616,613   MIC Glen LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.25%, 0.50% Floor)     8.52 %    07/21/2028     606,688  
807,700   Whatabrands LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.25%, 0.50% Floor)     8.27 %    08/03/2028     803,976  
       

 

 

  
          3,091,377  
       

 

 

  

Healthcare - 9.0%

      
265,313   Air Methods Corporation, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%, 1.00% Floor)     8.23 %    04/22/2024     99,492  
968,301   Athenahealth Group, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.50%, 0.50% Floor)     8.60 %    02/15/2029     934,410  
456,068   Aveanna Healthcare LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.75%, 0.50% Floor)     9.23 %    07/17/2028     391,459  
376,650   Aveanna Healthcare LLC, Senior Secured Second Lien Term Loan (3 Month LIBOR USD + 7.00%, 0.50% Floor)     11.95 %    12/10/2029     234,935  
555,000   CHG Healthcare Services, Inc, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 0.50% Floor)     8.40 %             09/29/2028     552,988  
679,234   Envision Healthcare Corporation, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.75%, 1.00% Floor)     8.99 % (b)    03/31/2027     12,950  
277,935   Envision Healthcare Corporation, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.25%, 1.00% Floor)     9.49 % (b)    03/31/2027     62,797  
145,000   Fortrea Holdings, Inc., Term Loan (1 Month Secured Overnight Financing Rate, 0.50% Floor)     8.89 % (c)    06/30/2030     145,217  
338,787   Global Medical Response, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.25%, 1.00% Floor)     9.20 %    03/14/2025     192,262  
27,226   Heartland Dental LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.10%)     9.16 %    04/30/2025     26,988  
377,966   ICON Luxembourg SARL, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.51%, 0.50% Floor)     7.41 %    07/03/2028     378,438  
147,356   Maravai Intermediate Holdings LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.00%, 0.50% Floor)     7.63 %    10/19/2027     147,448  
2,134,047   Medline Borrower LP, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.25%, 0.50% Floor)     8.27 %    10/23/2028     2,112,035  
1,237,350   Organon & Company, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 0.50% Floor)     8.25 %    06/02/2028     1,238,705  
310,083   Outcomes Group Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)     8.65 %    10/24/2025     303,649  
1,531,134   Parexel International, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 0.50% Floor)     8.40 %    11/15/2028     1,521,181  
32,231   Pediatric Associates Holding Company LLC, Senior Secured First Lien Delayed-Draw Term Loan (1 Month Secured Overnight Financing Rate + 3.36%, 0.50% Floor)     8.52 %    12/29/2028     31,610  
333,082   Pediatric Associates Holding Company LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.36%, 0.50% Floor)     8.52 %    12/29/2028     326,671  
715,200   Perrigo Investments LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.35%, 0.50% Floor)     7.50 %    04/20/2029     710,730  
584,578   PetVet Care Centers LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)     7.90 %    02/14/2025     567,164  
559,298   PetVet Care Centers LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%, 0.75% Floor)     8.65 %    02/14/2025     548,951  
94,170   PRA Health Sciences, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.51%, 0.50% Floor)     7.41 %    07/03/2028     94,288  
520,143   Radiology Partners, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.36%)     8.88 %    07/09/2025     394,497  
943,695   RegionalCare Hospital Partners Holdings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.75%)     8.58 %    11/14/2025     876,330  
660,000   Sotera Health Holdings LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%, 0.50% Floor)     8.02 %    12/11/2026     651,648  
980,000   Sotera Health Holdings, LLC, Senior Secured First Lien Term Loan (6 Month Secured Overnight Financing Rate + 3.75%, 0.50% Floor)     8.82 %    12/11/2026     981,225  
1,011,674   Sound Inpatient Physicians, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.00%)     7.83 %    06/27/2025     602,760  
300,000   Sound Inpatient Physicians, Inc., Senior Secured Second Lien Term Loan (3 Month LIBOR USD + 6.75%)     11.58 %    06/26/2026     162,000  
1,119,696   Southern Veterinary Partners LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.00%, 1.00% Floor)     9.02 %    10/05/2027     1,103,365  
1,284,494   Sunshine Luxembourg SARL, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.75%, 0.75% Floor)     8.91 %    10/01/2026     1,279,683  
968,206   Verscend Holding Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.11%)     9.15 %             08/27/2025     969,111  
       

 

 

  
          17,654,987  
       

 

 

  

Hotels/Motels/Inns and Casinos - 3.7%

      
300,000   Alterra Mountain Company, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.85%)     9.00 %    05/31/2030     300,000  
771,377   Bally’s Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 0.50% Floor)     8.40 %    10/02/2028     755,336  
269,325   Caesars Entertainment, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.35%, 0.50% Floor)     8.45 %    02/06/2030     269,676  
1,087,370   Fertitta Entertainment LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.00%, 0.50% Floor)     9.15 %    01/29/2029     1,075,251  
404,519   PCI Gaming Authority, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.50%)     7.65 %    05/29/2026     405,314  
1,514,690   Penn National Gaming, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.85%, 0.50% Floor)     8.00 %    05/03/2029     1,511,691  
781,075   Playa Resorts Holding BV, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.25%, 0.50% Floor)     9.32 %    01/05/2029     780,056  
1,099,461   Scientific Games Holdings LP, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.50%, 0.50% Floor)     8.10 %    04/04/2029     1,087,779  
653,400   Scientific Games International, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.10%, 0.50% Floor)     8.16 %    04/16/2029     653,554  
461,775   Stars Group Holdings B.V., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.25%)     7.41 %    07/21/2026     462,297  
       

 

 

  
          7,300,954  
       

 

 

  

Industrial Equipment - 3.8%

      
355,084   American Trailer World Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.85%, 0.75% Floor)     9.00 %    03/03/2028     321,241  
1,440,082   BCPE Empire Holdings, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.75%, 0.50% Floor)     9.84 %    12/11/2028     1,438,512  
533,400   Columbus McKinnon Corporation, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.86%, 0.50% Floor)     7.92 %    05/15/2028     532,733  
674,178   DexKo Global, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.75%, 0.50% Floor)     8.48 %    10/04/2028     645,525  
292,788   Gates Global LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.50%, 0.50% Floor)     8.65 %    11/16/2029     293,123  
999,600   Madison IAQ LLC, Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.25%, 0.50% Floor)     8.30 %    06/21/2028     980,358  
499,171   PECF USS Intermediate Holding Corporation, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.25%, 0.50% Floor)     8.88 %    12/15/2028     411,379  
574,065   Tiger Acquisition LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.35%, 0.50% Floor)     8.50 %    06/01/2028     563,898  
1,227,833   Titan Acquisition Ltd., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.00%)     8.15 %    03/28/2025     1,201,484  
967,575   TK Elevator Midco GMBH, Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.50%, 0.50% Floor)     8.60 %    07/30/2027     961,290  
       

 

 

  
          7,349,543  
       

 

 

  

Insurance - 3.5%

      
630,315   Acrisure LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)     8.65 %    02/16/2027     613,489  
443,250   Acrisure LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%, 0.50% Floor)     9.40 %    02/16/2027     435,309  
245,625   Alliant Holdings Intermediate LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%, 0.50% Floor)     8.63 %             11/05/2027     244,484  
1,194,000   Alliant Holdings Intermediate LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.50%, 0.50% Floor)     8.56 %    11/05/2027     1,188,197  
1,111,513   AmWINS Group, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%, 0.75% Floor)     7.40 %    02/22/2028     1,103,182  
370,313   AssuredPartners, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.50%, 0.50% Floor)     8.65 %    02/12/2027     367,457  
807,457   AssuredPartners, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.61%)     8.77 %    02/12/2027     802,326  
424,248   Asurion LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%)     8.40 %    12/23/2026     409,506  
703,061   Asurion LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%)     8.40 %    07/30/2027     666,481  
135,000   Asurion LLC, Senior Secured Second Lien Term Loan (1 Month Secured Overnight Financing Rate + 5.35%)     10.40 %    01/31/2028     115,383  
500,000   Asurion LLC, Senior Secured Second Lien Term Loan (1 Month Secured Overnight Financing Rate + 5.35%)     10.27 %    01/19/2029     420,715  
245,000   Cross Financial Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%, 0.75% Floor)     9.19 %    09/15/2027     245,000  
215,000   HUB International Ltd., Term Loan (1 Month Secured Overnight Financing Rate, 0.75% Floor)     9.40 % (c)    06/20/2030     215,732  
       

 

 

  
          6,827,261  
       

 

 

  

Leisure - 2.9%

      
831,557   Alterra Mountain Company, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%, 0.50% Floor)     8.65 %    08/17/2028     831,299  
219,820   AMC Entertainment Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)     8.11 %    04/22/2026     172,284  
458,721   Carnival Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.36%, 0.75% Floor)     8.40 %    10/18/2028     455,472  
400,031   ClubCorp Holdings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%)     7.90 %    09/18/2024     384,671  
351,549   Lions Gate Capital Holdings LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.25%)     7.09 %    03/24/2025     350,891  
388,945   Nascar Holdings LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.61%)     7.77 %    10/19/2026     389,948  
933,995   Pug LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)     8.52 %    02/12/2027     835,486  
1,555,150   UFC Holdings LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%, 0.75% Floor)     8.05 %    04/29/2026     1,555,252  
681,142   Viad Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 5.11%, 0.50% Floor)     10.27 %    07/31/2028     664,113  
       

 

 

  
          5,639,416  
       

 

 

  

Media - 6.0%

      
1,180,906   Ascend Learning LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.60%, 0.50% Floor)     8.41 %    12/11/2028     1,113,004  
285,000   Ascend Learning LLC, Senior Secured Second Lien Term Loan (1 Month Secured Overnight Financing Rate + 5.85%, 0.50% Floor)     10.66 %    12/10/2029     244,031  
1,178,310   Cengage Learning, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 4.75%, 1.00% Floor)     9.88 %    07/14/2026     1,157,177  
664,642   Charter Communications Operating LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 1.75%)     6.80 %    02/01/2027     661,455  
652,048   CMG Media Corporation, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.60%)     8.23 %             12/17/2026     585,620  
1,255,000   Delta 2 SARL, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.00%, 0.50% Floor)     8.15 %    01/15/2030     1,256,726  
322,044   Diamond Sports Group LLC, Senior Secured Second Lien Term Loan (1 Month Secured Overnight Financing Rate + 5.50%)     10.50 % (b)    08/24/2026     11,539  
1,045,441   DirectTV Financing LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 5.00%, 0.75% Floor)     10.15 %    08/02/2027     1,024,386  
1,014,854   EW Scripps Company, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.56%, 0.75% Floor)     7.83 %    05/01/2026     998,363  
  Getty Images, Inc., Senior Secured First Lien Term Loan      
16,464   (1 Month Secured Overnight Financing Rate + 4.60%)     9.75 %    02/19/2026     16,484  
528,643   (3 Month Secured Overnight Financing Rate + 4.60%)     9.84 %    02/19/2026     529,304  
995,580   Gray Television, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.61%)     7.77 %    01/02/2026     980,024  
546,864   IHeartCommunications, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.11%)     8.15 %    05/01/2026     475,055  
472,596   NEP Group, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.36%)     8.09 %    10/20/2025     427,140  
573,805   Radiate Holdco LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.25%, 0.75% Floor)     8.27 %    09/25/2026     480,346  
301,027   Sinclair Television Group, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.61%)     7.77 %    09/30/2026     268,666  
207,900   Univision Communications, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.25%, 0.50% Floor)     9.15 %    06/24/2029     207,813  
475,000   Virgin Media Bristol LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)     7.61 %    01/31/2028     471,647  
350,000   Virgin Media Bristol LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)     8.36 %    01/31/2029     348,999  
470,000   Ziggo Financing Partnership, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)     7.61 %    04/28/2028     463,622  
       

 

 

  
          11,721,401  
       

 

 

  

Pharmaceuticals - 1.6%

      
575,000   Catalent Pharma Solutions, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%, 0.50% Floor)     7.06 %    02/22/2028     564,397  
795,000   Grifols Worldwide Operations USA, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.15%)     7.41 %    11/15/2027     783,572  
488,750   Horizon Therapeutics USA, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 1.86%, 0.50% Floor)     6.81 %    03/15/2028     487,922  
1,298,342   Jazz Pharmaceuticals, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.50%, 0.50% Floor)     8.65 %    05/05/2028     1,297,991  
       

 

 

  
          3,133,882  
       

 

 

  

Real Estate - 0.3%

      
512,425   Starwood Property Mortgage LLC., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.25%, 0.50% Floor)     8.40 %    11/18/2027     501,323  
       

 

 

  

Retailers (other than Food/Drug) - 3.5%

      
172,394   EG America LLC, Senior Secured First Lien Delayed-Draw Term Loan (Daily Secured Overnight Financing Rate + 4.36%, 0.50% Floor)     9.41 %    03/31/2026     171,802  
973,692   Great Outdoors Group LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 0.75% Floor)     8.90 %             03/06/2028     967,606  
874,425   Jo-Ann Stores LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.75%, 0.75% Floor)     10.02 %    07/07/2028     459,799  
368,346   Michaels Stores, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.25%, 0.75% Floor)     9.41 %    04/14/2028     327,276  
1,387,657   Petco Health and Wellness Company, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.25%, 0.75% Floor)     8.41 %    03/03/2028     1,379,768  
1,280,769   PetSmart, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.85%, 0.75% Floor)     9.00 %    02/11/2028     1,280,506  
402,949   Pug LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.35%, 0.50% Floor)     9.27 %    02/13/2027     365,677  
372,196   Rent-A-Center, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%, 0.50% Floor)     8.13 %    02/17/2028     372,661  
912,499   Staples, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.00%)     10.30 %    04/16/2026     783,325  
579,675   Victoria’s Secret & Company, Senior secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.36%, 0.50% Floor)     7.98 %    08/02/2028     573,878  
204,836   WWEX UNI TopCo Holdings LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.26%, 0.75% Floor)     9.16 %    07/26/2028     195,064  
       

 

 

  
          6,877,362  
       

 

 

  

Telecommunications - 2.3%

      
326,625   Cablevision Lightpath LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 0.50% Floor)     8.36 %    11/30/2027     315,347  
290,250   Connect US Finco LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%, 1.00% Floor)     8.66 %    12/11/2026     290,431  
829,596   Cyxtera DC Holdings, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.00%, 1.00% Floor)     8.07 % (b)    05/01/2024     422,124  
713,285   Gogo Intermediate Holdings LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.86%, 0.75% Floor)     9.02 %    04/28/2028     713,221  
1,176,998   Intelsat Jackson Holdings S.A., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.50%, 0.50% Floor)     9.44 %    02/01/2029     1,173,737  
485,000   Level 3 Financing, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 1.86%)     7.02 %    03/01/2027     453,022  
451,188   Securus Technologies Holdings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.50%, 1.00% Floor)     9.66 %    11/01/2024     407,071  
374,852   Telesat Canada, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%)     8.03 %    12/07/2026     232,361  
713,773   Zayo Group Holdings, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.11%)     8.15 %    03/09/2027     562,810  
       

 

 

  
          4,570,124  
       

 

 

  

Transportation - 1.2%

      
1,232,983   Kenan Advantage Group, Inc., Senior Secured First Lien Term Loan (6 Month Secured Overnight Financing Rate + 4.18%, 0.75% Floor)     9.48 %    03/24/2026     1,232,434  
437,213   LaserShip, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%, 0.75% Floor)     9.66 %    05/08/2028     362,886  
135,000   LaserShip, Inc., Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 7.50%, 0.75% Floor)     12.66 %    04/30/2029     101,250  
  Uber Technologies Inc, Senior Secured First Lien Term Loan      
207,156   (3 Month Secured Overnight Financing Rate + 2.75%)     8.00 %             03/04/2030     207,403  
484,369   (3 Month Secured Overnight Financing Rate + 2.75%)     8.03 %    03/04/2030     484,945  
       

 

 

  
          2,388,918  
       

 

 

  

Utilities - 2.5%

      
1,620,907   Brookfield WEC Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%, 0.50% Floor)     7.90 %    08/01/2025     1,619,554  
407,273   Calpine Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)     7.16 %    04/06/2026     407,399  
134,750   Calpine Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)     7.15 %    08/12/2026     134,789  
1,008,552   Compass Power Generation LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.36%, 1.00% Floor)     9.52 %    04/16/2029     1,007,685  
317,531   Exgen Renewables LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.76%, 1.00% Floor)     7.24 %    12/15/2027     316,043  
1,449,031   PG&E Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.00%, 0.50% Floor)     7.88 %    06/23/2025     1,450,581  
       

 

 

  
          4,936,051  
       

 

 

  

Total Bank Loans (Cost $182,769,501)

     175,494,210  
     

 

 

  

Foreign Corporate Bonds - 0.3%

      

Retailers (other than Food/Drug) - 0.3%

      
700,000   eG Global Finance PLC     6.75 % (d)    02/07/2025     680,859  
       

 

 

  

Total Foreign Corporate Bonds (Cost $700,000)

         680,859  
     

 

 

  

US Corporate Bonds - 4.3%

      

Commercial Services - 0.4%

      
725,000   Allied Universal Holdco LLC     6.63 % (d)    07/15/2026     688,919  
       

 

 

  

Food Products - 1.0%

      
1,000,000   JBS USA Food Company     5.13 % (d)    02/01/2028     961,018  
1,080,000   US Foods, Inc.     6.25 % (d)    04/15/2025     1,080,529  
       

 

 

  
          2,041,547  
       

 

 

  

Food Service - 0.5%

      
1,000,000   IRB Holding Corporation     7.00 % (d)    06/15/2025     1,006,315  
       

 

 

  

Hotels/Motels/Inns and Casinos - 0.8%

      
1,531,000   Caesars Entertainment, Inc.     6.25 % (d)    07/01/2025     1,525,288  
       

 

 

  

Leisure - 0.6%

      
1,000,000   Carnival Corporation     4.00 % (d)    08/01/2028     887,420  
252,000   Six Flags Theme Parks, Inc.     7.00 % (d)    07/01/2025     253,486  
       

 

 

  
          1,140,906  
       

 

 

  

Media - 0.5%

      
300,000   Univision Communications, Inc.     4.50 % (d)    05/01/2029     258,079  
800,000   Univision Communications, Inc.     7.38 % (d)    06/30/2030     762,414  
       

 

 

  
          1,020,493  
       

 

 

  

Utilities - 0.5%

      
1,000,000   Pacific Gas and Electric Company     4.95 %             06/08/2025     969,775  
       

 

 

  

Total US Corporate Bonds (Cost $8,608,253)

     8,393,243  
     

 

 

  

Common Stocks - 0.0% (f)

      
2,640   Bright Bidco B.V. (a)(e)         1,584  
       

 

 

  

Total Common Stocks (Cost $129,928)

     1,584  
     

 

 

  

Short Term Investments - 6.2%

      
4,068,705   First American Government Obligations Fund - Class U     5.03 % (g)        4,068,705  
4,068,705   JP Morgan U.S. Government Money Market Fund - Institutional Share Class     5.03 % (g)        4,068,705  
4,068,706   Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class     5.03 % (g)        4,068,706  
       

 

 

  

Total Short Term Investments (Cost $12,206,116)

     12,206,116  
     

 

 

  

Total Investments - 100.4% (Cost $204,413,798)

     196,776,012  
Liabilities in Excess of Other Assets - (0.4)%         (837,474 ) 
     

 

 

  

NET ASSETS - 100.0%

       $ 195,938,538  
     

 

 

  

 

  (a)

Value determined using significant unobservable inputs.

 

 

  (b)

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

 

 

  (c)

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.

 

 

  (d)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers.

 

 

  (e)

Non-income producing security

 

 

  (f)

Represents less than 0.05% of net assets

 

 

  (g)

Seven-day yield 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:

 

Bank Loans

     89.6%  

Short Term Investments

     6.2%  

US Corporate Bonds

     4.3%  

Foreign Corporate Bonds

     0.3%  

Common Stocks

     0.0%  (f) 

Other Assets and Liabilities

     (0.4)%  
 

 

 

  
                100.0%  
 

 

 

  

 

Notes to Schedule of Investments

June 30, 2023 (Unaudited)

 

1.  Organization

DoubleLine Funds Trust, a Delaware statutory trust (the “Trust”), is an open-end investment management company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust consists of 19 funds, DoubleLine Total Return Bond Fund, DoubleLine Core Fixed Income Fund, DoubleLine Emerging Markets Fixed Income Fund, DoubleLine Multi-Asset Growth Fund, DoubleLine Low Duration Bond Fund, DoubleLine Floating Rate Fund, DoubleLine Shiller Enhanced CAPE®, DoubleLine Flexible Income Fund, DoubleLine Low Duration Emerging Markets Fixed Income Fund, DoubleLine Selective Credit Fund, DoubleLine Long Duration Total Return Bond Fund, DoubleLine Strategic Commodity Fund, DoubleLine Global Bond Fund, DoubleLine Infrastructure Income Fund, DoubleLine Shiller Enhanced International CAPE®, DoubleLine Real Estate and Income Fund (formerly known as DoubleLine Colony Real Estate and Income Fund), DoubleLine Emerging Markets Local Currency Bond Fund, DoubleLine Income Fund and DoubleLine Multi-Asset Trend Fund (each, a “Fund” and, collectively, the “Funds”).

Each Fund is classified as a diversified fund under the 1940 Act, except the DoubleLine Global Bond Fund and the DoubleLine Emerging Markets Local Currency Bond Fund, which are classified as non-diversified funds. 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 Funds’ investment objectives and dates each share class commenced operations are as follows:

 

        Commencement of Operations  
Fund Name   Investment Objective   I Shares     N Shares     A Shares     R6 Shares  

DoubleLine Total Return Bond Fund

   Maximize total return     4/6/2010       4/6/2010       —         7/31/2019  

DoubleLine Core Fixed Income Fund

   Maximize current income and total return     6/1/2010       6/1/2010       —         7/31/2019  

DoubleLine Emerging Markets Fixed Income Fund

   Seek high total return from current income and capital appreciation     4/6/2010       4/6/2010       —         —    

DoubleLine Multi-Asset Growth Fund (Consolidated)

   Seek long-term capital appreciation     12/20/2010       —         12/20/2010       —    

DoubleLine Low Duration Bond Fund

   Seek current income     9/30/2011       9/30/2011       —         7/31/2019  

DoubleLine Floating Rate Fund

   Seek a high level of current income     2/1/2013       2/1/2013       —         —    

DoubleLine Shiller Enhanced CAPE®

   Seek total return which exceeds the total return of its benchmark index     10/31/2013       10/31/2013       —         7/31/2019  

DoubleLine Flexible Income Fund

   Seek long-term total return while striving to generate current income     4/7/2014       4/7/2014       —         7/31/2019  

DoubleLine Low Duration Emerging Markets Fixed Income Fund

   Seek long-term total return     4/7/2014       4/7/2014       —         —    

DoubleLine Long Duration Total Return Bond Fund

   Seek long-term total return     12/15/2014       12/15/2014       —         —    

DoubleLine Strategic Commodity Fund (Consolidated)

   Seek long-term total return     5/18/2015       5/18/2015       —         —    

DoubleLine Global Bond Fund

   Seek long-term total return     12/17/2015       12/17/2015       —         —    

DoubleLine Infrastructure Income Fund

   Seek long-term total return while striving to generate current income     4/1/2016       4/1/2016       —         —    

DoubleLine Shiller Enhanced International CAPE®

   Seek total return which exceeds the total return of its benchmark index over a full market cycle     12/23/2016       12/23/2016       —         —    

DoubleLine Real Estate and Income Fund

   Seek total return which exceeds the total return of its benchmark index over a full market cycle     12/17/2018       12/17/2018       —         —    

DoubleLine Emerging Markets Local Currency Bond Fund

   Seek high total return from current income and capital appreciation     6/28/2019       6/28/2019       —         —    

DoubleLine Income Fund

   Maximize total return through investment principally in income-producing securities     9/3/2019       9/3/2019       —         —    

DoubleLine Multi-Asset Trend Fund (Consolidated)

   Seek total return (capital appreciation and current income) which exceeds the total return of its benchmark index over a full market cycle     2/26/2021       2/26/2021       —         —    

2.  Significant Accounting Policies

Each 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 Funds. These policies are in conformity with accounting principles generally accepted in the United States of America (“US GAAP”).

A. Security Valuation. The Funds have 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 Funds are 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 evaluations provided by independent pricing services or broker dealer quotations. Depending on the instrument and the terms of the transaction, the value of the derivative instruments can be estimated by a pricing service provider using a series of techniques, such as simulation pricing models. The pricing models use issuer details and other inputs that are observed from actively quoted markets such as indices, spreads, interest rates, curves, dividends and exchange rates. Derivatives that use similar valuation techniques and inputs as described above are normally categorized as Level 2 of the fair value hierarchy.

The Board of Trustees (the “Board”) has adopted a pricing and valuation policy for use by each Fund and its Valuation Designee (as defined below) in calculating each Fund’s NAV. Pursuant to Rule 2a-5 under the 1940 Act, each Fund has designated its primary investment adviser, either DoubleLine Capital LP (“DoubleLine Capital”) or DoubleLine Alternatives LP (“DoubleLine Alternatives”) (each, an “Adviser” and collectively, the “Advisers”), as applicable, as the “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. Each Adviser, as 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, 2023:

 

Category   DoubleLine
Total Return
Bond Fund		     DoubleLine
Core Fixed
Income Fund		     DoubleLine
Emerging
Markets Fixed
Income Fund		     DoubleLine
Multi-Asset
Growth Fund
(Consolidated)		     DoubleLine
Low Duration
Bond Fund		     DoubleLine
Floating
Rate Fund		  

Investments in Securities

            

Level 1

            

Short Term Investments

   $ 743,285,139     $ 70,164,249     $ 409     $ 1,187,640     $ 47,188,971     $ 12,206,116  

Affiliated Mutual Funds

     —         437,786,179       —         3,895,974       —         —    

Warrants

     —         12,821       —         —         —         —    

Exchange Traded Funds

     —         —         —         2,656,181       —         —    

Real Estate Investment Trusts

     —         —         —         370,920       —         —    

Total Level 1

     743,285,139       507,963,249       409       8,110,715       47,188,971       12,206,116  

Level 2

            

US Government and Agency Mortgage Backed Obligations

     16,358,909,639       1,368,227,413       —         1,664,735       182,006,206       —    

Non-Agency Residential Collateralized Mortgage Obligations

     8,593,111,428       802,348,123       —         4,119,736       785,718,277       —    

US Government and Agency Obligations

     2,731,998,533       1,487,527,395       —         —         1,123,285,902       —    

Non-Agency Commercial Mortgage Backed Obligations

     2,422,470,422       376,189,783       —         —         853,581,186       —    

Asset Backed Obligations

     1,407,932,715       254,447,255       —         —         349,440,256       —    

Collateralized Loan Obligations

     1,076,680,500       252,543,724       —         —         991,277,486       —    

US Corporate Bonds

     —         1,096,145,263       —         —         400,904,115       8,393,243  

Foreign Corporate Bonds

     —         414,228,831       358,332,901       —         479,968,999       680,859  

Bank Loans

     —         239,377,235       —         —         244,160,277       175,103,359  

Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations

     —         93,359,483       161,710,642       —         147,740,468       —    

Short Term Investments

     —         79,264,141       —         4,332,909       403,656,258       —    

Municipal Bonds

     —         5,592,029       —         —         —         —    

Escrow Notes

     —         3,187       —         —         —         —    

Total Level 2

     32,591,103,237       6,469,253,862       520,043,543       10,117,380       5,961,739,430       184,177,461  

Level 3

            

Non-Agency Residential Collateralized Mortgage Obligations

     199,376,020       742,273       —         —         —         —    

Asset Backed Obligations

     49,505,611       6,222,149       —         —         24,755,000       —    

Collateralized Loan Obligations

     485,088       691,241       —         76,100       —         —    

Bank Loans

     —         488,086       —         —         —         390,851  

Common Stocks

     —         343,480       —         —         —         1,584  

Rights

     —         18,624       —         —         —         —    

Escrow Notes

     —         —         —         —         —         —    

Foreign Corporate Bonds

     —         —         —         —         —         —    

Total Level 3

     249,366,719       8,505,853       —         76,100       24,755,000       392,435  

Total

   $ 33,583,755,095     $ 6,985,722,964     $   520,043,952     $   18,304,195     $   6,033,683,401     $   196,776,012  

Other Financial Instruments

            

Level 1

            

Futures Contracts

   $ 5,898,959     $ 532,514     $ —       $ (40,078 )    $ —       $ —    

Total Level 1

     5,898,959       532,514       —         (40,078 )      —         —    

Level 2

            

Excess Return Swaps

     —         —         —         862,413       —         —    

Unfunded Loan Commitments

     —         (49,110 )      —         —         —         (30,085 ) 

Total Level 2

     —         (49,110 )      —         862,413       —         (30,085 ) 

Level 3

     —         —         —         —         —         —    

Total

   $ 5,898,959     $ 483,404     $ —       $ 822,335     $ —       $ (30,085 ) 
Category   DoubleLine
Shiller
Enhanced
CAPE®		     DoubleLine
Flexible
Income Fund		     DoubleLine
Low
Duration
Emerging
Markets
Fixed Income
Fund		     DoubleLine
Long
Duration
Total
Return
Bond Fund		     DoubleLine
Strategic
Commodity
Fund
(Consolidated)		     DoubleLine
Global Bond
Fund		  

Investments in Securities

            

Level 1

            

Short Term Investments

   $ 132,400,389     $ 13,914,606     $ 1,205,846     $ 2,138,559     $ 5,147,280     $ 2,671,836  

Warrants

     —         1,445       —         —         —         —    

Total Level 1

     132,400,389       13,916,051       1,205,846       2,138,559       5,147,280       2,671,836  

Level 2

            

Collateralized Loan Obligations

     741,476,270       168,073,281       —         —         —         —    

US Government and Agency Obligations

     714,710,521       19,273,242       —         8,545,031       —         49,111,670  

Non-Agency Commercial Mortgage Backed Obligations

     497,628,997       88,173,507       —         —         —         —    

Non-Agency Residential Collateralized Mortgage Obligations

     475,193,894       151,327,903       —         —         —         —    

Asset Backed Obligations

     288,972,044       39,690,566       —         —         —         —    

US Corporate Bonds

     265,721,495       33,813,045       —         —         —         —    

Bank Loans

     238,058,965       63,700,277       —         —         —         —    

Foreign Corporate Bonds

     222,952,472       53,703,788       133,682,872       —         —         —    

Short Term Investments

     212,480,039       120,151,875       —         —         154,994,653       2,349,983  

US Government and Agency Mortgage Backed Obligations

     107,340,940       79,379,105       —         39,792,261       —         —    

Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations

     35,503,436       20,298,590       39,435,739       —         —         86,292,910  

Escrow Notes

     —         752       —         —         —         —    

Total Level 2

     3,800,039,073       837,585,931       173,118,611       48,337,292       154,994,653       137,754,563  

Level 3

            

Non-Agency Commercial Mortgage Backed Obligations

     5,237,668       1,787,322       —         —         —         —    

Non-Agency Residential Collateralized Mortgage Obligations

     2,724,740       6,927,039       —         —         —         —    

Bank Loans

   $ —       $ 106,723     $ —       $ —       $ —       $ —    

Foreign Corporate Bonds

     —         —         —         —         —         —    

Asset Backed Obligations

     —         4,281,593       —         —         —         —    

Collateralized Loan Obligations

     —         2,979,192       —         —         —         —    

Common Stocks

     —         82,378       —         —         —         —    

Rights

     —         4,464       —         —         —         —    

Escrow Notes

     —         —         —         —         —         —    

Total Level 3

     7,962,408       16,168,711       —         —         —         —    

Total

   $ 3,940,401,870     $ 867,670,693     $ 174,324,457     $ 50,475,851     $ 160,141,933     $ 140,426,399  

Other Financial Instruments

            

Level 1

            

Futures Contracts

   $ —       $ —       $ —       $ 608,744     $ —       $ —    

Total Level 1

     —         —         —         608,744       —         —    

Level 2

            

Excess Return Swaps

     287,764,035       —         —         —         4,299,150       —    

Unfunded Loan Commitments

     —         (12,251 )      —         —         —         —    

Total Level 2

     287,764,035       —         —         —         4,299,150       —    

Level 3

     —         —         —         —         —         —    

Total

   $ 287,764,035     $ (12,251 )    $ —       $ 608,744     $ 4,299,150     $ —    
Category   DoubleLine
Infrastructure
Income Fund		     DoubleLine
Shiller
Enhanced
International
CAPE®		     Doubleline
Real Estate
and Income
Fund		     Doubleline
Emerging
Markets
Local
Currency
Bond Fund		     Doubleline
Income Fund		     DoubleLine
Multi-Asset
Trend Fund
(Consolidated)		  

Investments in Securities

            

Level 1

            

Short Term Investments

   $ 425,186     $ 2,601,552     $ 211,317     $ 88,053     $ 504,091     $ 750,198  

Affiliated Mutual Funds

     —         3,024,971       —         —         —         9,730,063  

Total Level 1

     425,186       5,626,523       211,317       88,053       504,091       10,480,261  

Level 2

            

US Corporate Bonds

     152,481,698       3,634,922       2,724,698       —         —         —    

Asset Backed Obligations

     136,326,006       1,750,290       —         —         1,038,464       —    

Foreign Corporate Bonds

     40,997,472       2,663,843       541,282       2,193,850       —         —    

Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations

     6,662,708       313,995       —         8,243,312       —         —    

Collateralized Loan Obligations

     —         8,740,203       2,272,386       —         12,394,083       —    

US Government and Agency Obligations

     —         8,515,329       2,359,986       —         2,269,912       1,457,085  

Non-Agency Residential Collateralized Mortgage Obligations

     —         6,460,909       —         —         15,319,956       —    

Non-Agency Commercial Mortgage Backed Obligations

     —         6,447,223       2,077,996       —         9,275,627       —    

Short Term Investments

   $ —       $ 5,911,205     $ 877,989     $ —       $ —       $ 986,504  

US Government and Agency Mortgage Backed Obligations

     —         1,100,872       —         —         3,354,102       —    

Total Level 2

     336,467,884       45,538,791       10,854,337       10,437,162       43,652,144       2,443,589  

Level 3

            

Foreign Corporate Bonds

     2,041,447       —         —         —         —         —    

Asset Backed Obligations

     952,148       —         —         —         2,134,102       —    

Total Level 3

     2,993,595       —         —         —         2,134,102       —    

Total

   $ 339,886,665     $ 51,165,314     $ 11,065,654     $ 10,525,215     $ 46,290,337     $ 12,923,850  

Other Financial Instruments

            

Level 1

   $ —       $ —       $ —       $ —       $ —       $ —    

Level 2

            

Excess Return Swaps

     —         1,836,034       (1,712,206 )      —         —         170,726  

Forward Currency Exchange Contracts

     —         870,322       —         —         —         —    

Total Level 2

     —         2,706,356       (1,712,206 )      —         —         170,726  

Level 3

     —         —         —         —         —         —    

Total

   $ —       $ 2,706,356     $ (1,712,206 )    $ —       $ —       $ 170,726  

See the Schedules 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:

 

DoubleLine Flexible
Income Fund		   Fair
Value as
of
March 31,
2023		     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
June 30,
2023		     Net
Change in
Unrealized
Appreciation
(Depreciation)
on securities
held at
June 30,
2023(c)		  

Investments in Securities

                    

Non-Agency Residential Collateralized Mortgage Obligations

   $ 7,119,685     $ 8,898     $ (115,868 )    $ 19,369     $ —       $ (105,045 )    $ —       $ —       $ 6,927,039     $ (115,362 ) 

Asset Backed Obligations

     8,405,530       (445,212 )      (3,274,951 )      —         175,850       (579,624 )      —         —         4,281,593       (3,689,793 ) 

Collateralized Loan Obligations

     1,520,905       —         (74,625 )      201       5,298       —         1,527,413       —         2,979,192       (70,611 ) 

Non-Agency Commercial Mortgage Backed Obligations

     983,389       1,686       34,100       1,807       —         (72,843 )      839,183       —         1,787,322       18,208  

Bank Loans

     107,055       101       (1,259 )      1,158       —         (332 )      —         —         106,723       (1,155 ) 

Common Stocks

     290,300       (32,896 )      9,485       —         —         (184,511 )      —         —         82,378       (36,327 ) 

Rights

     6,138       —         (1,674 )      —         —         —         —         —         4,464       (1,674 ) 

Escrow Notes

     —         —         —         —         —         —         —         —         —         —    

Foreign Corporate Bonds

     —         —         —         —         —         —         —         —         —         —    

Warrants

     —         —         —         —         —         —         —         —         —         —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 18,433,002     $ (467,423 )    $ (3,424,792 )    $ 22,535     $ 181,148     $ (942,355 )    $ 2,366,596     $ —       $ 16,168,711     $ (3,826,103 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
DoubleLine
Income Fund		   Fair
Value as
of
March 31,
2023		     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
June 30,
2023		     Net
Change in
Unrealized
Appreciation
(Depreciation)
on securities
held at
June 30,
2023(c)		  

Investments in Securities

                    

Asset Backed Obligations

   $ 4,079,163     $ (1,926,537 )    $ 1,098,981     $ (164 )    $ 81,573     $ (1,198,914 )    $ —       $ —       $ 2,134,102     $ (741,465 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(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, 2023 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:

 

DoubleLine Flexible Income
Fund		    Fair
Value as
of
June 30,
2023		      Valuation
Techniques		    Unobservable
Input		    Unobservable Input Values
(Weighted Average)(e)		      Impact to valuation from an
increase to input

Non-Agency Residential Collateralized Mortgage Obligations

    $ 6,927,039      Market Comparables    Market Quotes      $90.64 ($90.64)      Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security

Asset Backed Obligations

    $ 4,281,593      Market Comparables    Market Quotes      $12.37 - $87.49 ($60.05)      Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security

Collateralized Loan Obligations

    $ 2,979,192      Market Comparables    Market Quotes      $23.43 - $76.37 ($71.78)      Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security

Non-Agency Commercial Mortgage Backed Obligations

    $ 1,787,322      Market Comparables    Market Quotes      $33.72 -$77.41 ($56.90)      Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security

Bank Loans

    $ 106,723      Market Comparables    Market Quotes      $0.00 - $100.00 ($100.00)      Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security

Common Stocks

    $ 82,378      Market Comparables    Market Quotes      $0.60 - $23.00 ($22.82)      Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security

Rights

    $ 4,464      Market Comparables    Market Quotes      $4.75 - $7.25 ($6.26)      Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security

Escrow Notes

    $ —        Income Approach    Expected Value      $0.00 ($0.00)      Significant changes in the expected value would have resulted in direct changes in the fair value of the security

Foreign Corporate Bonds

    $ —        Market Comparables    EBITDA Multiples      5.5x (5.5x)      Significant changes in the EBITDA multiple would have resulted in direct changes in the fair value of the security

Warrants

    $ —        Intrinsic Value    Underlying Equity Price      $0.00 ($0.00)      Significant changes in the Underlying Equity Price would have resulted in direct changes in the fair value of the security
DoubleLine Income Fund    Fair
Value as
of
June 30,
2023		      Valuation
Techniques		    Unobservable
Input		    Unobservable Input Values
(Weighted Average)(e)		      Impact to valuation from an
increase to input

Asset Backed Obligations

    $ 2,134,102      Market Comparables    Market Quotes      $12.37 - $4,604.87 ($1,793.51)      Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security

 

(e) 

Unobservable inputs were weighted by the relative fair value of the instruments.