DOS

NPORT-EX 2 dbl-confidential.htm NPORT-EX DOS

DoubleLine Opportunistic Credit Fund

Schedule of Investments

December 31, 2021 (Unaudited)


Principal Amount $/Shares	Security Description	Rate			Maturity	Value $
Asset Backed Obligations - 2.5%
1,615,256	Castlelake Aircraft Securitization Trust, Series 2019-1A-C		6.90	% (a)(c)	04/15/2039		1,271,416
1,934,259	Horizon Aircraft Finance Ltd., Series 2018-1-C		6.66	% (a)(c)	12/15/2038		1,530,129
1,833,500	Jimmy Johns Funding LLC, Series 2017-1A-A2II		4.85	% (a)	07/30/2047		1,939,826
20,000	SoFi Professional Loan Program, Series 2018-A-R1		0.00	% (a)(c)(m)	02/25/2042		540,102
5,930	SoFi Professional Loan Program, Series 2018-A-R2		0.00	% (a)(c)(m)	02/25/2042		160,140
1,000,000	Upstart Pass-Through Trust, Series 2021-ST5-CERT		0.00	% (a)(c)(m)	07/20/2027		1,022,962
935,999	Willis Engine Structured Trust, Series 2021-A-C		7.39	% (a)(c)	05/15/2046		923,757

Total Asset Backed Obligations (Cost $7,922,578)							7,388,332


Bank Loans - 8.3%
370,000	AAdvantage Loyalty IP Ltd., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.75%, 0.75% Floor)		5.50	%	04/20/2028		384,040
483,826	Acrisure LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)		3.63	%	02/16/2027		479,229
239,400	Aegion Corporation, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.75%, 0.75% Floor)		5.50	%	05/17/2028		240,796
500,000	Almonde, Inc., Senior Secured Second Lien Term Loan (6 Month LIBOR USD + 7.25%, 1.00% Floor)		8.25	%	06/16/2025		500,057
430,000	American Tire Distributors, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 6.25%, 0.75% Floor)		7.00	%	10/20/2028		433,532
730,000	Applied Systems, Inc., Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 5.50%, 0.75% Floor)		6.25	%	09/19/2025		737,691
500,000	Artera Services LLC, Senior Secured Second Lien Term Loan (3 Month LIBOR USD + 7.25%, 1.00% Floor)		8.25	%	03/06/2026		495,000
230,000	Ascend Learning LLC, Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 5.75%, 0.50% Floor)		6.25	%	12/10/2029		231,437
775,000	Astra Acquisition Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.25%, 0.50% Floor)		5.75	%	10/25/2028		762,732
110,000	Asurion LLC, Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 5.25%)		5.35	%	01/31/2028		110,481
450,000	Asurion LLC, Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 5.25%)		5.35	%	01/19/2029		448,735
360,799	Athenahealth, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)		4.35	%	02/11/2026		361,295
462,675	Atlas Purchaser, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.25%, 0.75% Floor)		6.00	%	05/08/2028		456,892
249,108	Avaya, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)		4.36	%	12/15/2027		250,173
825,000	Aveanna Healthcare LLC, Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 7.00%, 0.50% Floor)		7.50	%	12/10/2029		823,969
436,289	Boxer Parent Company, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.75%)		3.88	%	10/02/2025		434,108
273,709	Brand Industrial Services, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.25%, 1.00% Floor)		5.25	%	06/21/2024		268,387
245,294	Brazos Delaware II LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)		4.10	%	05/21/2025		239,442


Principal Amount $/Shares	Security Description	Rate			Maturity	Value $
608,475	Cengage Learning, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 4.75%, 1.00% Floor)		5.75	%	07/14/2026		610,915
250,000	CICOR International, Inc., Senior Secured First Lien		5.00	% (b)	12/20/2028		248,751
235,800	Connect U.S. Finco LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%, 1.00% Floor)		4.50	%	12/11/2026		236,115
280,000	Curium BidCo SARL, Senior Secured Second Lien Term Loan (3 Month LIBOR USD + 7.75%, 0.75% Floor)		8.50	%	10/27/2028		283,150
200,000	Delta Topco, Inc., Senior Secured Second Lien Term Loan (3 Month LIBOR USD + 7.25%, 0.75% Floor)		8.00	%	12/01/2028		201,937
280,000	DG Investment Intermediate Holdings 2, Inc., Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 6.75%, 0.75% Floor)		7.50	%	03/19/2029		280,700
183,351	DIRECTV Financing LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.00%, 0.75% Floor)		5.75	%	08/02/2027		183,757
63,620	Dynasty Acquisition Company, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)		3.72	%	04/06/2026		62,075
34,204	Dynasty Acquisition Company, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)		3.72	%	04/06/2026		33,373
272,274	EG Group Limited, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%)		4.22	%	02/06/2025		271,613
305,000	Eisner Advisory Group LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.25%, 0.75% Floor)		6.00	%	07/28/2028		305,762
622,307	Endo Luxembourg Finance Company I SARL, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.00%, 0.75% Floor)		5.75	%	03/27/2028		606,868
458,465	EnergySolutions LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.75%, 1.00% Floor)		4.75	%	05/09/2025		458,465
370,000	Flynn Canada Ltd., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%, 0.50% Floor)		5.00	%	07/21/2028		354,275
89,678	Foresight Energy LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 8.00%, 1.50% Floor)		9.50	% (c)	06/30/2027		89,678
154,613	Geon Performance Solutions LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.75%, 0.75% Floor)		5.50	%	08/18/2028		156,159
172,696	Getty Images, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)		4.63	%	02/19/2026		173,164
95,000	GIP II Blue Holding LP, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.50%, 1.00% Floor)		5.50	%	09/29/2028		94,941
74,438	Grab Holdings, Inc., Senior Secured First Lien Term Loan (2 Month LIBOR USD + 4.50%, 1.00% Floor)		5.50	%	01/29/2026		74,841
	Granite US Holdings Corporation, Senior Secured First Lien Term Loan
406,097	(3 Month LIBOR USD + 4.00%)		4.13	%	09/30/2026		406,605
48,812	(3 Month LIBOR USD + 4.00%)		4.22	%	09/30/2026		48,873
328,674	Groupe Solmax, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.75%, 0.75% Floor)		5.50	%	05/29/2028		329,085
533,112	Gulf Finance LLC, Senior Secured First Lien		7.75	% (b)	08/25/2026		499,960
378,000	Hyland Software, Inc., Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 6.25%, 0.75% Floor)		7.00	%	07/07/2025		381,969
124,375	ION Trading Technologies SARL, Senior Secured First Lien Term Loan (6 Month LIBOR USD + 4.75%)		4.97	%	03/31/2028		124,859
79,800	Jo-Ann Stores LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.75%, 0.75% Floor)		5.50	%	07/07/2028		79,127
463,200	Keane Group Holdings LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%, 1.00% Floor)		5.50	%	05/26/2025		460,305
505,000	Kenan Advantage Group, Inc., Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 7.25%, 0.75% Floor)		8.00	%	09/01/2027		504,369


Principal Amount $/Shares	Security Description	Rate			Maturity	Value $
80,922	Lealand Finance Company B.V., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.00%)		1.09	%	06/30/2025		36,550
6,257	Lealand Finance Company B.V., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		3.09	%	06/30/2024		3,723
214,463	Lereta LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.25%, 0.75% Floor)		6.00	%	07/27/2028		214,642
235,000	MedAssets Software Intermediate Holdings, Inc., Senior Secured Second Lien Term Loan		7.25	% (b)	12/17/2029		234,926
202,950	Milano Acquisition Corporation, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%, 0.75% Floor)		4.75	%	10/01/2027		203,736
104,965	Mileage Plus Holdings LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.25%, 1.00% Floor)		6.25	%	06/21/2027		110,975
427,900	Minotaur Acquisition, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.75%)		4.84	%	03/27/2026		426,295
205,000	Mitchell International, Inc., Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 6.50%, 0.50% Floor)		7.00	%	10/15/2029		206,691
157,508	MLN US HoldCo LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)		4.60	%	11/28/2025		152,604
155,000	MLN US HoldCo LLC, Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 8.75%)		8.85	%	11/30/2026		142,116
110,000	NEP Group, Inc., Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 7.00%)		7.10	%	10/19/2026		108,130
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)		12.00	%	03/27/2025		45,780
230,000	OLA Netherlands B.V., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 6.25%, 0.75% Floor)		7.00	%	12/03/2026		232,300
119,400	Oravel Stays Singapore PTE Ltd., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 8.25%, 0.75% Floor)		9.00	%	06/23/2026		124,922
720,000	Pearl Intermediate Parent LLC, Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 6.25%)		6.35	%	02/13/2026		724,054
58,968	Polar US Borrower LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.75%)		4.87	%	10/15/2025		59,079
89,325	Potters Borrower LP, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%, 0.75% Floor)		4.75	%	12/14/2027		89,605
251,331	Prairie ECI Acquiror LP, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.75%)		4.85	%	03/11/2026		243,652
310,000	Pretium PKG Holdings, Inc., Senior Secured Second Lien Term Loan (3 Month LIBOR USD + 6.75%, 0.50% Floor)		7.25	%	09/21/2029		309,806
	Radiology Partners, Inc., Senior Secured First Lien Term Loan
269,200	(1 Month LIBOR USD + 4.25%)		4.35	%	07/09/2025		265,799
230,800	(1 Month LIBOR USD + 4.25%)		4.36	%	07/09/2025		227,883
106,147	Renaissance Holding Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		3.35	%	05/30/2025		105,284
24,880	Rentpath, Inc., Senior Secured First Lien Term Loan (Prime Rate + 3.75%)		7.00	%	04/20/2022		6,344
75,000	Restaurant Technologies, Inc., Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 6.50%)		6.59	%	10/01/2026		74,875
227,525	Riverbed Technology, Inc., Senior Secured First Lien Term Loan (2.00% PIK)		7.00	% (b)	12/07/2026		223,069
77,309	Securus Technologies Holdings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.50%, 1.00% Floor)		5.50	%	11/01/2024		75,376
90,000	Skillsoft Finance II, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.75%, 0.75% Floor)		5.50	%	07/14/2028		90,525
190,000	Sound Inpatient Physicians, Inc., Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 6.75%)		6.85	%	06/26/2026		190,475


Principal Amount $/Shares	Security Description	Rate			Maturity	Value $
125,000	Southern Veterinary Partners LLC, Senior Secured Second Lien Term Loan (6 Month LIBOR USD + 7.75%, 1.00% Floor)		8.75	%	09/22/2028		125,156
535,000	The Edelman Financial Engines Centre LLC, Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 6.75%)		6.85	%	07/20/2026		538,065
185,000	Think & Learn Private Limited, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.50%, 0.75% Floor)		6.25	%	11/24/2026		187,697
235,000	TIBCO Software, Inc., Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 7.25%)		7.35	%	03/03/2028		236,223
61,208	Travel Leaders Group LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)		4.10	%	01/25/2024		56,152
501,634	Travelport Finance (Luxembourg) SARL, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 1.50%, 1.00% Floor)		2.50	%	02/28/2025		517,027
72,703	Travelport Finance (Luxembourg) SARL, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.00%)		5.22	%	05/29/2026		60,743
90,000	UKG, Inc., Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 5.25%, 0.50% Floor)		5.75	%	05/03/2027		90,544
54,346	United Natural Foods, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		3.35	%	10/22/2025		54,429
500,000	Vantage Specialty Chemicals, Inc., Senior Secured Second Lien Term Loan (3 Month LIBOR USD + 8.25%, 1.00% Floor)		9.25	%	10/27/2025		488,020
291,036	Verscend Holding Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)		4.10	%	08/27/2025		291,327
304,238	Viad Corporation, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.00%, 0.50% Floor)		5.50	%	07/31/2028		304,049
160,000	VT Topco, Inc., Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 6.75%, 0.75% Floor)		7.50	%	07/31/2026		160,800
488,750	WaterBridge Midstream Operating LLC, Senior Secured First Lien Term Loan (6 Month LIBOR USD + 5.75%, 1.00% Floor)		6.75	%	06/22/2026		477,448
335,000	WeddingWire, Inc., Senior Secured Second Lien Term Loan (3 Month LIBOR USD + 8.25%)		8.38	%	12/21/2026		331,650
50,000	WWEX UNI TopCo Holdings LLC, Senior Secured Second Lien Term Loan (6 Month LIBOR USD + 7.00%, 0.75% Floor)		7.75	%	07/26/2029		50,219
156,816	Zelis Cost Management Buyer, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)		3.60	%	09/30/2026		155,988

Total Bank Loans (Cost $24,375,250)							24,274,440


Collateralized Loan Obligations - 32.0%
1,000,000	Allegany Park Ltd., Series 2019-1A-E (3 Month LIBOR USD + 6.78%, 6.78% Floor)		6.91	% (a)	01/20/2033		1,000,961
1,000,000	ARES Ltd., Series 2014-1A-SUB		0.00	% (a)(c)(d)	04/17/2026		32,500
1,700,000	Atlas Senior Loan Fund Ltd., Series 2019-14A-D (3 Month LIBOR USD + 3.90%, 3.90% Floor)		4.03	% (a)	07/20/2032		1,665,970
1,000,000	Atrium Corporation, Series 9A-DR (3 Month LIBOR USD + 3.60%)		3.78	% (a)	05/28/2030		999,495
1,000,000	Babson Ltd., Series 2015-2A-DR (3 Month LIBOR USD + 2.95%)		3.08	% (a)	10/20/2030		987,671
1,000,000	Babson Ltd., Series 2017-1A-D (3 Month LIBOR USD + 3.60%)		3.72	% (a)	07/18/2029		1,001,298
500,000	Barings Ltd., Series 2018-3A-D (3 Month LIBOR USD + 2.90%)		3.03	% (a)	07/20/2029		482,228
1,000,000	Barings Ltd., Series 2018-3A-E (3 Month LIBOR USD + 5.75%)		5.88	% (a)	07/20/2029		974,727
2,500,000	Barings Ltd., Series 2019-1A-DR (3 Month LIBOR USD + 3.65%, 3.65% Floor)		3.77	% (a)	04/15/2036		2,508,132
1,500,000	Barings Ltd., Series 2019-1A-ER (3 Month LIBOR USD + 6.86%, 6.86% Floor)		6.98	% (a)	04/15/2036		1,502,681


Principal Amount $/Shares	Security Description	Rate			Maturity	Value $
1,000,000	Barings Ltd., Series 2019-2A-CR (3 Month LIBOR USD + 3.40%, 3.40% Floor)		3.52	% (a)	04/15/2036		1,002,942
5,000,000	Beechwood Park Ltd., Series 2019-1A-D1 (3 Month LIBOR USD + 4.10%, 4.10% Floor)		4.22	% (a)	01/17/2033		5,016,628
2,000,000	Beechwood Park Ltd., Series 2019-1A-E (3 Month LIBOR USD + 7.50%, 7.50% Floor)		7.62	% (a)	01/17/2033		2,003,589
1,000,000	BlueMountain Ltd., Series 2013-2A-DR (3 Month LIBOR USD + 2.90%)		3.03	% (a)	10/22/2030		960,657
1,700,000	Canyon Capital Ltd., Series 2014-1A-CR (3 Month LIBOR USD + 2.75%, 2.75% Floor)		2.88	% (a)	01/30/2031		1,652,069
1,000,000	Canyon Capital Ltd., Series 2017-1A-DR (3 Month LIBOR USD + 3.00%, 3.00% Floor)		3.12	% (a)	07/15/2030		1,001,593
1,000,000	Canyon Capital Ltd., Series 2017-1A-E (3 Month LIBOR USD + 6.25%)		6.37	% (a)	07/15/2030		985,054
1,500,000	Canyon Capital Ltd., Series 2018-1A-E (3 Month LIBOR USD + 5.75%, 5.75% Floor)		5.87	% (a)	07/15/2031		1,432,734
1,550,000	Canyon Capital Ltd., Series 2019-1A-DR (3 Month LIBOR USD + 3.10%, 3.10% Floor)		3.22	% (a)	04/15/2032		1,548,153
1,000,000	Canyon Capital Ltd., Series 2019-1A-ER (3 Month LIBOR USD + 7.15%, 7.15% Floor)		7.27	% (a)	04/15/2032		993,986
1,500,000	Carlyle Global Market Strategies Ltd., Series 2015-5A-DR (3 Month LIBOR USD + 6.70%, 6.70% Floor)		6.83	% (a)	01/20/2032		1,427,479
1,000,000	Carlyle US Ltd., Series 2021-1A-D (3 Month LIBOR USD + 6.00%, 6.00% Floor)		6.12	% (a)	04/15/2034		975,057
2,500,000	Dryden Senior Loan Fund, Series 2014-33A-ER2 (3 Month LIBOR USD + 6.97%, 6.97% Floor)		7.09	% (a)	04/15/2029		2,512,832
1,500,000	Dryden Senior Loan Fund, Series 2015-37A-ER (3 Month LIBOR USD + 5.15%, 5.15% Floor)		5.27	% (a)	01/15/2031		1,432,703
1,200,000	Dryden Senior Loan Fund, Series 2015-38A-ER (3 Month LIBOR USD + 5.60%, 5.60% Floor)		5.72	% (a)	07/15/2030		1,148,029
2,000,000	Dryden Senior Loan Fund, Series 2015-40A-ER (3 Month LIBOR USD + 5.75%, 5.75% Floor)		5.91	% (a)	08/15/2031		1,960,153
1,750,000	Dryden Senior Loan Fund, Series 2016-42A-ER (3 Month LIBOR USD + 5.55%)		5.67	% (a)	07/15/2030		1,678,660
500,000	Dryden Senior Loan Fund, Series 2017-50A-D (3 Month LIBOR USD + 3.25%, 3.25% Floor)		3.37	% (a)	07/15/2030		501,330
2,000,000	Gilbert Park Ltd., Series 2017-1A-E (3 Month LIBOR USD + 6.40%)		6.52	% (a)	10/15/2030		2,001,692
500,000	GoldenTree Loan Management Ltd., Series 2018-3A-D (3 Month LIBOR USD + 2.85%)		2.98	% (a)	04/20/2030		490,733
1,000,000	Greenwood Park Ltd., Series 2018-1A-E (3 Month LIBOR USD + 4.95%)		5.07	% (a)	04/15/2031		959,877
500,000	Halcyon Loan Advisors Funding Ltd., Series 2014-3A-D (3 Month LIBOR USD + 3.65%)		3.78	% (a)	10/22/2025		465,330
1,000,000	Highbridge Loan Management Ltd., Series 2013-2A-CR (3 Month LIBOR USD + 2.90%)		3.03	% (a)	10/20/2029		959,569
1,000,000	HPS Loan Management Ltd., Series 11A-17-E (3 Month LIBOR USD + 6.10%)		6.24	% (a)	05/06/2030		929,461
1,000,000	KVK Ltd., Series 2018-1A-D (3 Month LIBOR USD + 3.00%)		3.16	% (a)	05/20/2029		1,000,447
2,500,000	LCM Ltd., Series 26A-E (3 Month LIBOR USD + 5.30%, 5.30% Floor)		5.43	% (a)	01/20/2031		2,300,044
850,000	Madison Park Funding Ltd., Series 2014-14A-ER (3 Month LIBOR USD + 5.80%, 5.80% Floor)		5.93	% (a)	10/22/2030		823,408


Principal Amount $/Shares	Security Description	Rate			Maturity	Value $
1,500,000	Madison Park Funding Ltd., Series 2016-22A-ER (3 Month LIBOR USD + 6.70%, 6.70% Floor)		6.82	% (a)	01/15/2033		1,479,781
1,000,000	Madison Park Funding Ltd., Series 2019-34A-ER (3 Month LIBOR USD + 6.65%, 6.65% Floor)		6.77	% (a)	04/25/2032		997,555
1,500,000	Magnetite Ltd., Series 2019-24A-D (3 Month LIBOR USD + 3.80%, 3.80% Floor)		3.92	% (a)	01/15/2033		1,502,560
1,000,000	Magnetite Ltd., Series 2019-24A-E (3 Month LIBOR USD + 6.95%, 6.95% Floor)		7.07	% (a)	01/15/2033		1,001,790
1,000,000	Neuberger Berman Loan Advisers Ltd., Series 2017-16SA-ER (3 Month LIBOR USD + 6.25%, 6.25% Floor)		6.37	% (a)	04/15/2034		985,047
1,000,000	Neuberger Berman Loan Advisers Ltd., Series 2017-25A-DR (3 Month LIBOR USD + 2.85%, 2.85% Floor)		2.97	% (a)	10/18/2029		997,132
2,000,000	Neuberger Berman Loan Advisers Ltd., Series 2019-32A-DR (3 Month LIBOR USD + 2.70%, 2.70% Floor)		2.82	% (a)	01/20/2032		1,989,609
2,500,000	Octagon Investment Partners Ltd., Series 2014-1A-CR3 (3 Month LIBOR USD + 2.75%, 2.75% Floor)		2.91	% (a)	02/14/2031		2,473,440
1,000,000	Octagon Investment Partners Ltd., Series 2014-1A-CRR (3 Month LIBOR USD + 1.90%, 1.90% Floor)		2.03	% (a)	01/22/2030		996,311
4,000,000	Octagon Investment Partners Ltd., Series 2014-1A-DRR (3 Month LIBOR USD + 7.00%, 7.00% Floor)		7.16	% (a)	02/14/2031		3,984,782
1,000,000	Octagon Investment Partners Ltd., Series 2016-1A-DR (3 Month LIBOR USD + 2.85%, 2.85% Floor)		2.97	% (a)	07/15/2030		982,050
2,000,000	Octagon Investment Partners Ltd., Series 2016-1A-ER (3 Month LIBOR USD + 7.25%)		7.37	% (a)	01/24/2033		1,994,107
1,000,000	Octagon Investment Partners Ltd., Series 2016-1A-FR (3 Month LIBOR USD + 8.09%, 8.09% Floor)		8.21	% (a)	07/15/2030		935,245
2,000,000	Octagon Investment Partners Ltd., Series 2017-1A-SUB		0.00	% (a)(c)(d)(m)	03/17/2030		1,283,253
1,500,000	Octagon Investment Partners Ltd., Series 2018-1A-D (3 Month LIBOR USD + 5.20%, 5.20% Floor)		5.33	% (a)	01/20/2031		1,413,413
900,000	Octagon Investment Partners Ltd., Series 2018-3A-E (3 Month LIBOR USD + 5.75%, 5.75% Floor)		5.88	% (a)	10/20/2030		884,019
1,000,000	Octagon Investment Partners Ltd., Series 2019-1A-DR (3 Month LIBOR USD + 3.25%, 3.25% Floor)		3.37	% (a)	10/15/2034		991,483
500,000	Octagon Investment Partners Ltd., Series 2019-4A-E (3 Month LIBOR USD + 6.80%, 6.80% Floor)		6.95	% (a)	05/12/2031		495,015
500,000	OHA Credit Funding Ltd., Series 2021-9A-D (3 Month LIBOR USD + 2.95%, 2.95% Floor)		3.13	% (a)	07/19/2035		496,324
500,000	RR Ltd., Series 2017-2A-DR (3 Month LIBOR USD + 5.80%, 5.80% Floor)		5.92	% (a)	04/15/2036		490,795
1,000,000	RR Ltd., Series 2019-6A-DR (3 Month LIBOR USD + 5.85%, 5.85% Floor)		5.97	% (a)	04/15/2036		970,888
1,000,000	RRAM Ltd., Series 2018-4A-C (3 Month LIBOR USD + 2.95%)		3.07	% (a)	04/15/2030		1,000,277
2,000,000	Sound Point Ltd., Series 2014-3RA-C (3 Month LIBOR USD + 2.25%, 2.25% Floor)		2.37	% (a)	10/23/2031		1,989,848
2,000,000	Sound Point Ltd., Series 2019-2A-DR (3 Month LIBOR USD + 3.30%, 3.30% Floor)		3.42	% (a)	07/15/2034		1,988,605
2,000,000	Taconic Park Ltd., Series 2016-1A-CR (3 Month LIBOR USD + 3.00%, 3.00% Floor)		3.13	% (a)	01/20/2029		2,002,571
2,250,000	Trimaran CAVU LLC, Series 2019-1A-D (3 Month LIBOR USD + 4.15%, 4.15% Floor)		4.28	% (a)	07/20/2032		2,239,071
500,000	Trimaran CAVU LLC, Series 2019-2A-C (3 Month LIBOR USD + 4.72%, 4.72% Floor)		4.84	% (a)	11/26/2032		502,597
500,000	Venture Ltd., Series 2017-30A-C (3 Month LIBOR USD + 1.95%)		2.07	% (a)	01/15/2031		496,884


Principal Amount $/Shares	Security Description	Rate			Maturity	Value $
1,000,000	Voya Ltd., Series 2020-1A-DR (3 Month LIBOR USD + 3.10%, 3.10% Floor)		3.22	% (a)	07/16/2034		993,860
2,500,000	Wind River Ltd., Series 2014-2A-ER (3 Month LIBOR USD + 5.75%, 5.75% Floor)		5.87	% (a)	01/15/2031		2,343,678
1,000,000	Wind River Ltd., Series 2014-3A-DR2 (3 Month LIBOR USD + 3.40%, 3.40% Floor)		3.53	% (a)	10/22/2031		987,695
1,000,000	Wind River Ltd., Series 2017-3A-DR (3 Month LIBOR USD + 3.85%, 3.85% Floor)		3.97	% (a)	04/15/2035		1,006,984
1,040,000	Wind River Ltd., Series 2017-4A-D (3 Month LIBOR USD + 2.65%)		2.81	% (a)	11/20/2030		1,019,422
1,000,000	Wind River Ltd., Series 2021-3A-D (3 Month LIBOR USD + 3.35%, 3.35% Floor)		3.46	% (a)	07/20/2033		991,445

Total Collateralized Loan Obligations (Cost $95,747,734)							94,227,408


Foreign Corporate Bonds - 4.1%
200,000	ABM Investama Tbk PT		9.50	% (a)	08/05/2026		191,039
200,000	AES Gener S.A. (5 Year Swap Rate USD + 4.64%)		7.13	%	03/26/2079		207,281
800,000	Banco GNB Sudameris S.A. (5 Year CMT Rate + 6.66%)		7.50	%	04/16/2031		797,124
200,000	Banco Mercantil del Norte S.A. (10 Year CMT Rate + 5.03%)		6.63	% (a)(e)	01/24/2032		199,400
250,000	Braskem Idesa S.A.P.I.		6.99	% (a)	02/20/2032		251,350
350,000	Camposol S.A.		6.00	%	02/03/2027		363,515
300,000	Cia General de Combustibles S.A.		5.50	% (a)	07/23/2026		293,109
250,000	Ecopetrol S.A.		5.88	%	05/28/2045		239,491
50,000	Ecopetrol S.A.		5.88	%	11/02/2051		46,924
100,000	Eldorado Gold Corporation		6.25	% (a)	09/01/2029		101,830
158,480	Empresa Electrica Cochrane SpA		5.50	%	05/14/2027		158,838
250,000	Empresas Publicas de Medellin ESP		4.38	%	02/15/2031		235,415
800,000	Frigorifico Concepcion S.A.		7.70	% (a)	07/21/2028		807,160
200,000	Gran Tierra Energy, Inc.		7.75	%	05/23/2027		181,950
200,000	Grupo Axo SAPI de C.V.		5.75	% (a)	06/08/2026		200,956
1,245,400	Hunt Oil Company of Peru LLC Sucursal Del Peru		6.38	%	06/01/2028		1,260,968
800,000	Indika Energy Capital IV Pte Ltd.		8.25	%	10/22/2025		833,000
200,000	Instituto Costarricense de Electricidad		6.75	% (a)	10/07/2031		202,818
200,000	Jababeka International B.V.		6.50	%	10/05/2023		187,828
800,000	Kosmos Energy Ltd.		7.13	%	04/04/2026		777,968
200,000	Medco Laurel Tree Pte Ltd.		6.95	% (a)	11/12/2028		198,382
300,000	Metinvest B.V.		7.75	%	10/17/2029		297,471
500,000	NGD Holdings B.V.		6.75	%	12/31/2026		458,750
800,000	Petrobras Global Finance B.V.		5.50	%	06/10/2051		743,580
800,000	Petroleos Mexicanos		6.38	%	01/23/2045		696,228
800,000	RKPF Overseas Ltd. (5 Year CMT Rate + 6.00%)		7.75	% (e)	11/18/2024		683,524
800,000	SierraCol Energy Andina LLC		6.00	% (a)	06/15/2028		753,124
50,000	Telecom Argentina S.A.		8.00	%	07/18/2026		47,715
600,000	Theta Capital Pte Ltd.		6.75	%	10/31/2026		604,931

Total Foreign Corporate Bonds (Cost $12,280,635)							12,021,669


Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations - 0.5%
400,000	Brazilian Government International Bond		4.75	%	01/14/2050		356,404
800,000	Colombia Government International Bond		5.00	%	06/15/2045		725,000


Principal Amount $/Shares	Security Description	Rate			Maturity	Value $
250,000	Dominican Republic International Bond		5.30	%	01/21/2041		247,500
200,000	Ukraine Government International Bond		7.25	%	03/15/2033		177,202

Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $1,640,350)							1,506,106


Non-Agency Commercial Mortgage Backed Obligations - 23.9%
2,500,000	Alen Mortgage Trust, Series 2021-ACEN-F (1 Month LIBOR USD + 5.00%, 5.00% Floor)		5.11	% (a)	04/15/2034		2,487,986
2,000,000	AREIT Trust, Series 2019-CRE3-D (Secured Overnight Financing Rate 30 Day Average + 2.76%, 2.65% Floor)		2.81	% (a)	09/14/2036		1,988,148
5,843,520	BANK, Series 2020-BN26-XF		1.50	% (a)(f)	03/15/2063		591,724
1,000,000	Beast Mortgage Trust, Series 2021-1818-G (1 Month LIBOR USD + 6.00%, 6.25% Floor)		6.25	% (a)	03/15/2036		1,005,944
18,138,838	Benchmark Mortgage Trust, Series 2018-B1-XA		0.50	% (d)(f)	01/15/2051		446,112
1,398,000	Benchmark Mortgage Trust, Series 2018-B4-D		2.80	% (a)(d)	07/15/2051		1,274,906
1,012,000	BF Mortgage Trust, Series 2019-NYT-F (1 Month LIBOR USD + 3.00%, 3.00% Floor)		3.11	% (a)	12/15/2035		993,119
850,000	BX Trust, Series 2017-APPL-F (1 Month LIBOR USD + 4.25%, 4.25% Floor)		4.36	% (a)	07/15/2034		851,863
2,125,000	BX Trust, Series 2017-SLCT-F (1 Month LIBOR USD + 4.25%, 4.25% Floor)		4.36	% (a)	07/15/2034		2,137,153
4,200,000	BX Trust, Series 2019-IMC-G (1 Month LIBOR USD + 3.60%, 3.60% Floor)		3.71	% (a)	04/15/2034		4,145,399
1,000,000	BX Trust, Series 2019-OC11-E		4.08	% (a)(d)	12/09/2041		994,776
516,671	Carbon Capital Commercial Mortgage Trust, Series 2019-FL2-B (1 Month LIBOR USD + 2.85%, 2.85% Floor)		2.96	% (a)	10/15/2035		500,322
17,245,926	CD Commercial Mortgage Trust, Series 2017-CD6-XA		0.92	% (d)(f)	11/13/2050		625,596
269,000	Citigroup Commercial Mortgage Trust, Series 2015-GC27-D		4.42	% (a)(d)	02/10/2048		259,613
4,113,186	Citigroup Commercial Mortgage Trust, Series 2015-GC27-XA		1.33	% (d)(f)	02/10/2048		141,649
182,000	Citigroup Commercial Mortgage Trust, Series 2016-GC36-D		2.85	% (a)	02/10/2049		130,575
168,000	Citigroup Commercial Mortgage Trust, Series 2018-TBR-F (1 Month LIBOR USD + 3.65%, 3.65% Floor)		3.76	% (a)	12/15/2036		166,863
27,964,359	Commercial Mortgage Pass-Through Certificates, Series 2013-LC6-XA		1.27	% (d)(f)	01/10/2046		199,579
26,400,000	Commercial Mortgage Pass-Through Certificates, Series 2014-UBS3-XC		1.24	% (a)(d)(f)	06/10/2047		720,416
1,288,300	Commercial Mortgage Pass-Through Certificates, Series 2014-UBS4-F		3.75	% (a)(c)	08/10/2047		377,797
2,313,062	Commercial Mortgage Pass-Through Certificates, Series 2014-UBS4-G		3.75	% (a)(c)	08/10/2047		195,125
5,000	Commercial Mortgage Pass-Through Certificates, Series 2014-UBS4-V		0.00	% (a)(c)(d)	08/10/2047		1
27,394,000	Commercial Mortgage Pass-Through Certificates, Series 2015-CR23-XD		1.05	% (a)(d)(f)	05/10/2048		909,385
5,297,000	Commercial Mortgage Pass-Through Certificates, Series 2015-CR26-XD		1.23	% (a)(d)(f)	10/10/2048		224,140
74,228,265	Commercial Mortgage Pass-Through Certificates, Series 2015-LC21-XA		0.67	% (d)(f)	07/10/2048		1,481,203
885,000	CSAIL Commercial Mortgage Trust, Series 2016-C5-C		4.65	% (d)	11/15/2048		929,877
4,403,110	CSAIL Commercial Mortgage Trust, Series 2016-C6-XA		1.87	% (d)(f)	01/15/2049		295,334
1,000,000	DOLP Trust, Series 2021-NYC-F		3.70	% (a)(d)	05/10/2041		921,585


Principal Amount $/Shares	Security Description	Rate			Maturity	Value $
1,000,000	DOLP Trust, Series 2021-NYC-G		3.70	% (a)(d)	05/10/2041		858,643
600,529	FREMF Mortgage Trust, Series 2015-KF07-B (1 Month LIBOR USD + 4.95%)		5.04	% (a)	02/25/2025		603,354
111,652	FREMF Mortgage Trust, Series 2016-KF22-B (1 Month LIBOR USD + 5.05%, 5.05% Floor)		5.14	% (a)	07/25/2023		112,751
543,955	FREMF Mortgage Trust, Series 2016-KF25-B (1 Month LIBOR USD + 5.00%, 5.00% Floor)		5.09	% (a)	10/25/2023		544,976
2,205,764	FREMF Mortgage Trust, Series 2018-KF56-C (1 Month LIBOR USD + 5.80%, 5.80% Floor)		5.89	% (a)	11/25/2028		2,228,335
1,491,267	FREMF Mortgage Trust, Series 2019-KF71-C (1 Month LIBOR USD + 6.00%, 6.00% Floor)		6.09	% (a)	10/25/2029		1,523,566
3,000,000	Great Wolf Trust, Series 2019-WOLF-F (1 Month LIBOR USD + 3.13%, 3.13% Floor)		3.24	% (a)	12/15/2036		2,824,093
1,000,000	GS Mortgage Securities Corporation Trust, Series 2021-ARDN-G (1 Month LIBOR USD + 5.00%, 5.00% Floor)		5.11	% (a)	11/15/2036		1,003,043
1,000,000	GS Mortgage Securities Corporation, Series 2015-GC28-D		4.32	% (a)(d)	02/10/2048		994,997
79,479,182	GS Mortgage Securities Corporation, Series 2018-GS9-XA		0.43	% (d)(f)	03/10/2051		1,855,545
1,304,000	GS Mortgage Securities Trust, Series 2014-GC26-D		4.51	% (a)(d)	11/10/2047		899,035
1,334,197	HPLY Trust, Series 2019-HIT-G (1 Month LIBOR USD + 3.90%, 3.90% Floor)		4.01	% (a)	11/15/2036		1,304,583
1,153,000	J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2019-MFP-G (1 Month LIBOR USD + 4.05%, 4.05% Floor)		4.16	% (a)	07/15/2036		1,123,291
1,153,000	J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2019-MFP-XG		0.50	% (a)(d)(f)	07/15/2036		4,295
8,211,957	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2012-CBX-XA		0.86	% (d)(f)	06/15/2045		19,651
66,905	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2006-LDP9-AMS		5.34	%	05/15/2047		58,651
2,000,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2011-C3-D		5.52	% (a)(d)	02/15/2046		1,616,425
500,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-MFP-F (1 Month LIBOR USD + 3.00%, 3.00% Floor)		3.11	% (a)	07/15/2036		488,918
8,299,260	JPMBB Commercial Mortgage Securities Trust, Series 2013-C14-XC		0.95	% (a)(d)(f)	08/15/2046		137,759
3,488,650	JPMBB Commercial Mortgage Securities Trust, Series 2014-C19-E		4.00	% (a)(c)(d)	04/15/2047		2,941,472
1,938,200	JPMBB Commercial Mortgage Securities Trust, Series 2014-C19-F		3.75	% (a)(c)(d)	04/15/2047		1,178,823
5,298,968	JPMBB Commercial Mortgage Securities Trust, Series 2014-C19-NR		3.75	% (a)(c)(d)	04/15/2047		645,998
925,000	JPMBB Commercial Mortgage Securities Trust, Series 2014-C23-C		4.48	% (d)	09/15/2047		940,437
2,000,000	JPMBB Commercial Mortgage Securities Trust, Series 2014-C23-D		3.98	% (a)(d)	09/15/2047		1,985,446
3,840,909	JPMBB Commercial Mortgage Securities Trust, Series 2014-C26-XA		0.96	% (d)(f)	01/15/2048		87,150
500,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C27-D		3.81	% (a)(d)	02/15/2048		446,537
180,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C29-C		4.20	% (d)	05/15/2048		174,987
20,920,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C29-XE		0.30	% (a)(d)(f)	05/15/2048		232,890
675,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C32-C		4.65	% (d)	11/15/2048		554,379
16,358,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C32-XD		0.50	% (a)(d)(f)	11/15/2048		263,594
165,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C33-C		4.61	% (d)	12/15/2048		171,217


Principal Amount $/Shares	Security Description	Rate			Maturity	Value $
1,175,000	JPMCC Commercial Mortgage Securities Trust, Series 2018-AON-F		4.61	% (a)(d)	07/05/2031		1,167,127
4,113,537	LSTAR Commercial Mortgage Trust, Series 2016-4-XA		1.77	% (a)(d)(f)	03/10/2049		147,820
1,000,000	LSTAR Commercial Mortgage Trust, Series 2017-5-C		4.87	% (a)(d)	03/10/2050		1,039,596
1,000,000	Med Trust, Series 2021-MDLN-G (1 Month LIBOR USD + 5.25%, 5.25% Floor)		5.36	% (a)	11/15/2038		996,584
500,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C19-C		4.00	%	12/15/2047		515,950
804,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C27-D		3.24	% (a)(d)	12/15/2047		743,376
1,000,000	Morgan Stanley Capital Trust, Series 2012-C4-C		5.41	% (a)(d)	03/15/2045		996,691
1,191,000	Morgan Stanley Capital Trust, Series 2017-ASHF-G (1 Month LIBOR USD + 6.90%, 6.90% Floor)		7.01	% (a)	11/15/2034		1,048,140
999,538	TTAN, Series 2021-MHC-G (1 Month LIBOR USD + 4.20%, 4.20% Floor)		4.31	% (a)	03/15/2038		1,006,207
824,000	UBS Commercial Mortgage Trust, Series 2013-C5-D		4.08	% (a)(d)	03/10/2046		718,537
1,000,000	UBS Commercial Mortgage Trust, Series 2018-C12-C		4.96	% (d)	08/15/2051		1,051,691
1,420,000	UBS-Barclays Commercial Mortgage Trust, Series 2013-C5-C		4.08	% (a)(d)	03/10/2046		1,407,302
971,461	Wachovia Bank Commercial Mortgage Trust, Series 2006-C28-D		5.72	% (d)	10/15/2048		964,418
467,000	Wells Fargo Commercial Mortgage Trust, Series 2012-LC5-E		4.76	% (a)(c)(d)	10/15/2045		471,860
23,293,000	Wells Fargo Commercial Mortgage Trust, Series 2015-C28-XF		1.09	% (a)(d)(f)	05/15/2048		759,575
747,000	Wells Fargo Commercial Mortgage Trust, Series 2015-NXS4-D		3.69	% (d)	12/15/2048		735,852
1,044,000	Wells Fargo Commercial Mortgage Trust, Series 2016-C34-C		5.05	% (d)	06/15/2049		993,447
1,000,000	Wells Fargo Commercial Mortgage Trust, Series 2017-RC1-D		3.25	% (a)	01/15/2060		926,848
53,347,697	Wells Fargo Commercial Mortgage Trust, Series 2018-C43-XA		0.66	% (d)(f)	03/15/2051		1,853,518

Total Non-Agency Commercial Mortgage Backed Obligations (Cost $80,859,620)							70,365,570


Non-Agency Residential Collateralized Mortgage Obligations - 13.2%
1,344,591	Adjustable Rate Mortgage Trust, Series 2006-1-2A1		3.46	% (d)	03/25/2036		928,828
9,816,686	BCAP LLC Trust, Series 2007-AB1-A5		4.77	% (k)	03/25/2037		5,750,191
551,225	BCAP LLC Trust, Series 2010-RR6-6A2		9.30	% (a)(d)	07/26/2037		374,109
1,307,361	Chase Mortgage Finance Trust, Series 2007-S1-A7		6.00	%	02/25/2037		731,499
1,464,572	Chase Mortgage Finance Trust, Series 2007-S3-1A5		6.00	%	05/25/2037		951,877
1,403,609	CHL Mortgage Pass-Through Trust, Series 2007-4-1A35 (-1 x 1 Month LIBOR USD + 6.70%, 6.70% Cap)		6.60	% (f)(g)	05/25/2037		387,839
314,431	Citigroup Mortgage Loan Trust, Inc., Series 2006-8-A4 (-3 x 1 Month LIBOR USD + 19.66%, 19.66% Cap)		19.38	% (a)(g)	10/25/2035		383,034
768,551	Countrywide Alternative Loan Trust, Series 2005-85CB-2A5 (1 Month LIBOR USD + 1.10%, 1.10% Floor, 7.00% Cap)		1.20	%	02/25/2036		649,450
162,306	Countrywide Alternative Loan Trust, Series 2005-85CB-2A6 (-4 x 1 Month LIBOR USD + 21.63%, 21.63% Cap)		21.26	% (g)	02/25/2036		195,751
2,031,679	Credit Suisse First Boston Mortgage Securities Corporation, Series 2005-11-7A1		6.00	%	12/25/2035		1,459,399
3,161,051	Credit Suisse Mortgage Capital Certificates, Series 2006-5-3A3		6.50	%	06/25/2036		986,769
465,051	Credit Suisse Mortgage Capital Certificates, Series 2006-9-2A1		5.50	%	11/25/2036		441,885
201,247	Credit Suisse Mortgage Capital Certificates, Series 2006-9-6A14		6.00	%	11/25/2036		206,035
1,103,232	IndyMac INDX Mortgage Loan Trust, Series 2005-AR23-6A1		2.81	% (d)	11/25/2035		1,084,441
64,169	JP Morgan Alternative Loan Trust, Series 2006-S1-2A5		5.50	%	03/25/2029		58,514
1,203,104	JP Morgan Resecuritization Trust, Series 2011-1-2A10		6.00	% (a)(d)	06/26/2037		1,109,227


Principal Amount $/Shares	Security Description	Rate			Maturity	Value $
271,497	Lehman Mortgage Trust, Series 2007-10-1A1		6.00	%	01/25/2038		265,898
1,312,687	Lehman Mortgage Trust, Series 2007-4-1A3		5.75	%	05/25/2037		949,355
5,800,000	PNMAC GMSR Trust, Series 2018-FT1-A (1 Month LIBOR USD + 2.35%)		2.44	% (a)	04/25/2023		5,795,331
849,153	RBSGC Structured Trust, Series 2008-B-A1		6.00	% (a)	06/25/2037		839,663
711,784	Residential Accredit Loans, Inc., Series 2005-QS14-3A1		6.00	%	09/25/2035		711,598
1,670,177	Residential Accredit Loans, Inc., Series 2006-QS7-A3		6.00	%	06/25/2036		1,621,929
506,088	Residential Accredit Loans, Inc., Series 2007-QS1-1A1		6.00	%	01/25/2037		493,555
805,607	Residential Accredit Loans, Inc., Series 2007-QS6-A1 (1 Month LIBOR USD + 0.33%, 0.33% Floor, 7.00% Cap)		0.43	%	04/25/2037		622,601
852,889	Residential Accredit Loans, Inc., Series 2007-QS6-A102		5.75	%	04/25/2037		837,661
183,521	Residential Accredit Loans, Inc., Series 2007-QS6-A2 (-8 x 1 Month LIBOR USD + 55.58%, 55.58% Cap)		54.73	% (g)	04/25/2037		310,026
1,625,526	Residential Asset Securitization Trust, Series 2006-A6-1A12 (-1 x 1 Month LIBOR USD + 7.10%, 7.10% Cap)		7.00	% (f)(g)	07/25/2036		433,233
1,607,242	Residential Asset Securitization Trust, Series 2006-A6-1A9		6.00	%	07/25/2036		707,995
509,239	Residential Funding Mortgage Securities Trust, Series 2007-S2-A4		6.00	%	02/25/2037		478,283
523,789	Structured Adjustable Rate Mortgage Loan Trust, Series 2006-1-2A2		2.74	% (d)	02/25/2036		502,067
670,578	Velocity Commercial Capital Loan Trust, Series 2018-1-M4		5.01	% (a)	04/25/2048		671,548
514,225	Velocity Commercial Capital Loan Trust, Series 2018-1-M5		6.26	% (a)	04/25/2048		519,156
676,752	Velocity Commercial Capital Loan Trust, Series 2018-1-M6		7.26	% (a)	04/25/2048		690,021
5,000,000	VOLT LLC, Series 2021-NPL3-A2		4.95	% (a)(j)	02/27/2051		4,949,624
3,412,571	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-8-A4		4.19	% (k)	10/25/2036		1,684,747

Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $45,208,590)							38,783,139


US Government and Agency Mortgage Backed Obligations - 23.4%
3,000,000	Federal Home Loan Mortgage Corporation, Series 2020-HQA2-B2 (1 Month LIBOR USD + 7.60%)		7.70	% (a)	03/25/2050		3,159,166
34,187,337	Federal Home Loan Mortgage Corporation, Series 2021-P009-X		1.47	% (d)(f)	01/25/2031		2,449,813
408,244	Federal Home Loan Mortgage Corporation, Series 3211-SI (-4 x 1 Month LIBOR USD + 27.67%, 27.67% Cap)		27.20	% (f)(g)	09/15/2036		350,389
971,755	Federal Home Loan Mortgage Corporation, Series 3236-ES (-1 x 1 Month LIBOR USD + 6.70%, 6.70% Cap)		6.59	% (f)(g)	11/15/2036		167,950
581,922	Federal Home Loan Mortgage Corporation, Series 3256-S (-1 x 1 Month LIBOR USD + 6.69%, 6.69% Cap)		6.58	% (f)(g)	12/15/2036		107,124
333,397	Federal Home Loan Mortgage Corporation, Series 3292-SD (-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)		5.99	% (f)(g)	03/15/2037		47,128
3,740,771	Federal Home Loan Mortgage Corporation, Series 3297-BI (-1 x 1 Month LIBOR USD + 6.76%, 6.76% Cap)		6.65	% (f)(g)	04/15/2037		806,740
2,909,778	Federal Home Loan Mortgage Corporation, Series 3311-BI (-1 x 1 Month LIBOR USD + 6.76%, 6.76% Cap)		6.65	% (f)(g)	05/15/2037		546,305
2,681,657	Federal Home Loan Mortgage Corporation, Series 3311-IA (-1 x 1 Month LIBOR USD + 6.41%, 6.41% Cap)		6.30	% (f)(g)	05/15/2037		509,639
554,849	Federal Home Loan Mortgage Corporation, Series 3314-SH (-1 x 1 Month LIBOR USD + 6.40%, 6.40% Cap)		6.29	% (f)(g)	11/15/2036		95,045
279,145	Federal Home Loan Mortgage Corporation, Series 3330-KS (-1 x 1 Month LIBOR USD + 6.55%, 6.55% Cap)		6.44	% (f)(g)	06/15/2037		47,572
61,711	Federal Home Loan Mortgage Corporation, Series 3339-AI (-1 x 1 Month LIBOR USD + 6.55%, 6.55% Cap)		6.44	% (f)(g)	07/15/2037		6,459


Principal Amount $/Shares	Security Description	Rate			Maturity	Value $
1,868,362	Federal Home Loan Mortgage Corporation, Series 3339-TI (-1 x 1 Month LIBOR USD + 6.14%, 6.14% Cap)		6.03	% (f)(g)	07/15/2037		320,514
834,316	Federal Home Loan Mortgage Corporation, Series 3374-SD (-1 x 1 Month LIBOR USD + 6.45%, 6.45% Cap)		6.34	% (f)(g)	10/15/2037		140,702
146,281	Federal Home Loan Mortgage Corporation, Series 3382-SU (-1 x 1 Month LIBOR USD + 6.30%, 6.30% Cap)		6.19	% (f)(g)	11/15/2037		24,053
3,316,678	Federal Home Loan Mortgage Corporation, Series 3404-SA (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		5.89	% (f)(g)	01/15/2038		591,875
173,639	Federal Home Loan Mortgage Corporation, Series 3423-GS (-1 x 1 Month LIBOR USD + 5.65%, 5.65% Cap)		5.54	% (f)(g)	03/15/2038		20,949
2,284,636	Federal Home Loan Mortgage Corporation, Series 3435-S (-1 x 1 Month LIBOR USD + 5.98%, 5.98% Cap)		5.87	% (f)(g)	04/15/2038		409,961
145,806	Federal Home Loan Mortgage Corporation, Series 3508-PS (-1 x 1 Month LIBOR USD + 6.65%, 6.65% Cap)		6.54	% (f)(g)	02/15/2039		14,896
913,287	Federal Home Loan Mortgage Corporation, Series 3728-SV (-1 x 1 Month LIBOR USD + 4.45%, 4.45% Cap)		4.34	% (f)(g)	09/15/2040		107,455
6,928,375	Federal Home Loan Mortgage Corporation, Series 3736-SN (-1 x 1 Month LIBOR USD + 6.05%, 6.05% Cap)		5.94	% (f)(g)	10/15/2040		1,369,136
2,587,495	Federal Home Loan Mortgage Corporation, Series 3753-SB (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		5.89	% (f)(g)	11/15/2040		471,008
2,943,410	Federal Home Loan Mortgage Corporation, Series 3780-SM (-1 x 1 Month LIBOR USD + 6.50%, 6.50% Cap)		6.39	% (f)(g)	12/15/2040		564,139
996,175	Federal Home Loan Mortgage Corporation, Series 3815-ST (-1 x 1 Month LIBOR USD + 5.85%, 5.85% Cap)		5.74	% (f)(g)	02/15/2041		177,615
1,174,966	Federal Home Loan Mortgage Corporation, Series 3905-SC (-5 x 1 Month LIBOR USD + 22.75%, 22.75% Cap)		22.25	% (g)	08/15/2041		1,928,454
1,160,984	Federal Home Loan Mortgage Corporation, Series 3924-SJ (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		5.89	% (f)(g)	09/15/2041		217,445
2,107,600	Federal Home Loan Mortgage Corporation, Series 3960-ES (-1 x 1 Month LIBOR USD + 5.95%, 5.95% Cap)		5.84	% (f)(g)	11/15/2041		318,122
2,174,058	Federal Home Loan Mortgage Corporation, Series 4291-MS (-1 x 1 Month LIBOR USD + 5.90%, 5.90% Cap)		5.79	% (f)(g)	01/15/2054		390,350
3,558,382	Federal Home Loan Mortgage Corporation, Series 4610-IB		3.00	% (f)	06/15/2041		40,967
14,519,266	Federal Home Loan Mortgage Corporation, Series 5100-DS (-1 x Secured Overnight Financing Rate 30 Day Average + 2.50%, 2.50% Cap)		2.45	% (f)(g)	05/25/2051		765,591
12,590,699	Federal Home Loan Mortgage Corporation, Series 5112-SC (-1 x Secured Overnight Financing Rate 30 Day Average + 2.50%, 2.50% Cap)		2.45	% (f)(g)	06/25/2051		791,781
72,771	Federal National Mortgage Association, Series 2005-72-WS (-1 x 1 Month LIBOR USD + 6.75%, 6.75% Cap)		6.65	% (f)(g)	08/25/2035		9,403
678,534	Federal National Mortgage Association, Series 2005-90-SP (-1 x 1 Month LIBOR USD + 6.75%, 6.75% Cap)		6.65	% (f)(g)	09/25/2035		52,035
367,074	Federal National Mortgage Association, Series 2006-117-SQ (-1 x 1 Month LIBOR USD + 6.55%, 6.55% Cap)		6.45	% (f)(g)	12/25/2036		41,462
179,088	Federal National Mortgage Association, Series 2006-119-HS (-1 x 1 Month LIBOR USD + 6.65%, 6.65% Cap)		6.55	% (f)(g)	12/25/2036		35,353
3,474,727	Federal National Mortgage Association, Series 2006-123-CI (-1 x 1 Month LIBOR USD + 6.74%, 6.74% Cap)		6.64	% (f)(g)	01/25/2037		688,679
1,700,220	Federal National Mortgage Association, Series 2007-15-BI (-1 x 1 Month LIBOR USD + 6.70%, 6.70% Cap)		6.60	% (f)(g)	03/25/2037		325,465
324,114	Federal National Mortgage Association, Series 2007-20-S (-1 x 1 Month LIBOR USD + 6.74%, 6.74% Cap)		6.64	% (f)(g)	03/25/2037		40,722


Principal Amount $/Shares	Security Description	Rate			Maturity	Value $
219,347	Federal National Mortgage Association, Series 2007-21-SD (-1 x 1 Month LIBOR USD + 6.48%, 6.48% Cap)		6.38	% (f)(g)	03/25/2037		38,490
820,978	Federal National Mortgage Association, Series 2007-30-IE (-1 x 1 Month LIBOR USD + 6.74%, 6.74% Cap)		6.64	% (f)(g)	04/25/2037		183,517
1,890,149	Federal National Mortgage Association, Series 2007-32-SA (-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)		6.00	% (f)(g)	04/25/2037		337,852
808,973	Federal National Mortgage Association, Series 2007-40-SA (-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)		6.00	% (f)(g)	05/25/2037		149,449
165,074	Federal National Mortgage Association, Series 2007-48-SE (-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)		6.00	% (f)(g)	05/25/2037		19,697
230,296	Federal National Mortgage Association, Series 2007-64-LI (-1 x 1 Month LIBOR USD + 6.56%, 6.56% Cap)		6.46	% (f)(g)	07/25/2037		41,660
97,312	Federal National Mortgage Association, Series 2007-68-SA (-1 x 1 Month LIBOR USD + 6.65%, 6.65% Cap)		6.55	% (f)(g)	07/25/2037		15,051
4,403,058	Federal National Mortgage Association, Series 2007-75-PI (-1 x 1 Month LIBOR USD + 6.54%, 6.54% Cap)		6.44	% (f)(g)	08/25/2037		861,751
2,457,710	Federal National Mortgage Association, Series 2008-33-SA (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		5.90	% (f)(g)	04/25/2038		415,152
2,120,827	Federal National Mortgage Association, Series 2008-42-SC (-1 x 1 Month LIBOR USD + 5.90%, 5.90% Cap)		5.80	% (f)(g)	05/25/2038		312,743
472,854	Federal National Mortgage Association, Series 2008-5-GS (-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)		6.15	% (f)(g)	02/25/2038		70,746
1,329,873	Federal National Mortgage Association, Series 2008-62-SD (-1 x 1 Month LIBOR USD + 6.05%, 6.05% Cap)		5.95	% (f)(g)	07/25/2038		179,429
751,316	Federal National Mortgage Association, Series 2008-68-SB (-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)		6.00	% (f)(g)	08/25/2038		120,598
127,150	Federal National Mortgage Association, Series 2009-111-SE (-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)		6.15	% (f)(g)	01/25/2040		21,953
729,407	Federal National Mortgage Association, Series 2009-12-CI (-1 x 1 Month LIBOR USD + 6.60%, 6.60% Cap)		6.50	% (f)(g)	03/25/2036		106,436
127,037	Federal National Mortgage Association, Series 2009-47-SA (-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)		6.00	% (f)(g)	07/25/2039		18,509
154,453	Federal National Mortgage Association, Series 2009-48-WS (-1 x 1 Month LIBOR USD + 5.95%, 5.95% Cap)		5.85	% (f)(g)	07/25/2039		22,803
86,718	Federal National Mortgage Association, Series 2009-67-SA (-1 x 1 Month LIBOR USD + 5.15%, 0.25% Floor, 5.15% Cap)		5.05	% (f)(g)	07/25/2037		7,274
341,190	Federal National Mortgage Association, Series 2009-87-SA (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		5.90	% (f)(g)	11/25/2049		62,091
5,613,133	Federal National Mortgage Association, Series 2009-90-QI (-1 x 1 Month LIBOR USD + 6.60%, 6.60% Cap)		6.50	% (f)(g)	08/25/2036		1,018,558
666,431	Federal National Mortgage Association, Series 2009-91-SD (-1 x 1 Month LIBOR USD + 6.15%, 6.15% Cap)		6.05	% (f)(g)	11/25/2039		103,040
121,189	Federal National Mortgage Association, Series 2010-115-SD (-1 x 1 Month LIBOR USD + 6.60%, 6.60% Cap)		6.50	% (f)(g)	11/25/2039		21,168
135,521	Federal National Mortgage Association, Series 2010-11-SC (-1 x 1 Month LIBOR USD + 4.80%, 4.80% Cap)		4.70	% (f)(g)	02/25/2040		13,524
624,089	Federal National Mortgage Association, Series 2010-134-SE (-1 x 1 Month LIBOR USD + 6.65%, 6.65% Cap)		6.55	% (f)(g)	12/25/2025		39,950
4,517,102	Federal National Mortgage Association, Series 2010-142-SC (-1 x 1 Month LIBOR USD + 6.60%, 6.60% Cap)		6.50	% (f)(g)	12/25/2040		950,201
705,201	Federal National Mortgage Association, Series 2010-15-SL (-1 x 1 Month LIBOR USD + 4.95%, 4.95% Cap)		4.85	% (f)(g)	03/25/2040		92,975


Principal Amount $/Shares	Security Description	Rate			Maturity	Value $
166,495	Federal National Mortgage Association, Series 2010-19-SA (-1 x 1 Month LIBOR USD + 5.40%, 5.40% Cap)		5.30	% (f)(g)	03/25/2050		23,215
539,290	Federal National Mortgage Association, Series 2010-31-SB (-1 x 1 Month LIBOR USD + 5.00%, 5.00% Cap)		4.90	% (f)(g)	04/25/2040		69,466
1,014,133	Federal National Mortgage Association, Series 2010-39-SL (-1 x 1 Month LIBOR USD + 5.67%, 5.67% Cap)		5.57	% (f)(g)	05/25/2040		153,324
124,107	Federal National Mortgage Association, Series 2010-8-US (-1 x 1 Month LIBOR USD + 4.80%, 4.80% Cap)		4.70	% (f)(g)	02/25/2040		10,672
165,111	Federal National Mortgage Association, Series 2010-9-GS (-1 x 1 Month LIBOR USD + 4.75%, 4.75% Cap)		4.65	% (f)(g)	02/25/2040		14,793
836,622	Federal National Mortgage Association, Series 2011-114-S (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		5.90	% (f)(g)	09/25/2039		150,301
1,250,386	Federal National Mortgage Association, Series 2011-146-US (-1 x 1 Month LIBOR USD + 7.00%, 7.00% Cap)		6.86	% (g)	01/25/2042		1,371,150
139,956	Federal National Mortgage Association, Series 2011-5-PS (-1 x 1 Month LIBOR USD + 6.40%, 6.40% Cap)		6.30	% (f)(g)	11/25/2040		5,067
192,098	Federal National Mortgage Association, Series 2012-29-SG (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		5.90	% (f)(g)	04/25/2042		26,868
1,947,878	Federal National Mortgage Association, Series 2012-56-SN (-1 x 1 Month LIBOR USD + 6.05%, 6.05% Cap)		5.95	% (f)(g)	06/25/2042		264,648
2,088,749	Federal National Mortgage Association, Series 2012-76-SC (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		5.90	% (f)(g)	07/25/2042		350,165
1,576,485	Federal National Mortgage Association, Series 2013-83-US (-1 x 1 Month LIBOR USD + 5.00%, 5.00% Cap)		4.90	% (g)	08/25/2043		1,524,708
5,327,045	Federal National Mortgage Association, Series 2016-64-SA (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		5.90	% (f)(g)	09/25/2046		1,098,520
16,629,218	Federal National Mortgage Association, Series 2019-M26-X1		0.62	% (d)(f)	03/25/2030		618,372
4,798,401	Federal National Mortgage Association, Series 2020-61-DI		3.00	% (f)	09/25/2060		794,655
16,680,290	Federal National Mortgage Association, Series 2020-M27-X1		0.91	% (d)(f)	03/25/2031		899,229
17,892,561	Federal National Mortgage Association, Series 2021-17-SA (-1 x Secured Overnight Financing Rate 30 Day Average + 2.00%, 2.00% Cap)		1.95	% (f)(g)	04/25/2051		752,996
196,366	Federal National Mortgage Association, Series 374-19		6.50	% (f)	09/25/2036		41,485
521,879	Government National Mortgage Association, Series 2009-104-SD (-1 x 1 Month LIBOR USD + 6.35%, 6.35% Cap)		6.24	% (f)(g)	11/16/2039		82,882
77,589	Government National Mortgage Association, Series 2010-98-IA		5.60	% (d)(f)	03/20/2039		6,475
520,910	Government National Mortgage Association, Series 2011-69-SB (-1 x 1 Month LIBOR USD + 5.35%, 5.35% Cap)		5.25	% (f)(g)	05/20/2041		86,391
856,897	Government National Mortgage Association, Series 2011-71-SG (-1 x 1 Month LIBOR USD + 5.40%, 5.40% Cap)		5.30	% (f)(g)	05/20/2041		124,820
942,950	Government National Mortgage Association, Series 2011-72-AS (-1 x 1 Month LIBOR USD + 5.38%, 5.38% Cap)		5.28	% (f)(g)	05/20/2041		140,230
1,132,125	Government National Mortgage Association, Series 2011-89-SA (-1 x 1 Month LIBOR USD + 5.45%, 5.45% Cap)		5.35	% (f)(g)	06/20/2041		167,190
7,759,289	Government National Mortgage Association, Series 2012-26-SP (-1 x 1 Month LIBOR USD + 6.65%, 6.65% Cap)		6.55	% (f)(g)	02/20/2042		1,697,516
579,664	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		113,072
5,526,991	Government National Mortgage Association, Series 2013-119-TZ		3.00	%	08/20/2043		5,629,390
16,535,823	Government National Mortgage Association, Series 2013-39-HS (-1 x 1 Month LIBOR USD + 4.75%, 4.75% Cap)		4.65	% (f)(g)	03/20/2041		1,985,369
3,472,146	Government National Mortgage Association, Series 2014-39-SK (-1 x 1 Month LIBOR USD + 6.20%, 6.20% Cap)		6.10	% (f)(g)	03/20/2044		654,384


Principal Amount $/Shares	Security Description	Rate			Maturity	Value $
5,684,106	Government National Mortgage Association, Series 2014-59-DS (-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)		6.14	% (f)(g)	04/16/2044		1,067,679
4,260,185	Government National Mortgage Association, Series 2014-63-SD (-1 x 1 Month LIBOR USD + 5.55%, 5.55% Cap)		5.45	% (f)(g)	04/20/2044		879,594
2,447,869	Government National Mortgage Association, Series 2014-69-ST (-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)		5.99	% (f)(g)	12/16/2039		374,961
3,522,092	Government National Mortgage Association, Series 2015-148-BS (-1 x 1 Month LIBOR USD + 5.69%, 5.69% Cap)		5.59	% (f)(g)	10/20/2045		661,380
9,655,110	Government National Mortgage Association, Series 2015-158-SK (-1 x 1 Month LIBOR USD + 6.20%, 6.20% Cap)		6.10	% (f)(g)	11/20/2045		1,984,387
12,927,331	Government National Mortgage Association, Series 2018-111-SA (-1 x 1 Month LIBOR USD + 4.55%, 4.55% Cap)		4.45	% (f)(g)	08/20/2048		1,232,732
33,404,285	Government National Mortgage Association, Series 2018-48-SD (-1 x 1 Month LIBOR USD + 3.90%, 3.90% Cap)		3.80	% (f)(g)	04/20/2048		2,905,698
8,899,312	Government National Mortgage Association, Series 2020-115-SC (-1 x 1 Month LIBOR USD + 4.20%, 4.20% Cap)		4.10	% (f)(g)	08/20/2050		1,082,775
7,926,817	Government National Mortgage Association, Series 2020-129-SE (-1 x 1 Month LIBOR USD + 3.75%, 3.75% Cap)		3.65	% (f)(g)	09/20/2050		745,158
8,001,719	Government National Mortgage Association, Series 2020-138-IL		3.50	% (f)	09/20/2050		923,724
3,758,370	Government National Mortgage Association, Series 2020-187-SB (-1 x 1 Month LIBOR USD + 6.30%, 6.30% Cap)		6.20	% (f)(g)	12/20/2050		773,403
6,331,398	Government National Mortgage Association, Series 2020-196-DI		2.50	% (f)	12/20/2050		874,407
7,881,494	Government National Mortgage Association, Series 2021-107-SA (-1 x 1 Month LIBOR USD + 3.75%, 3.75% Cap)		3.65	% (f)(g)	06/20/2051		983,692
5,586,570	Government National Mortgage Association, Series 2021-125-AS (-1 x Secured Overnight Financing Rate 30 Day Average + 3.25%, 3.25% Cap)		3.20	% (f)(g)	07/20/2051		345,568
7,933,117	Government National Mortgage Association, Series 2021-158-SA (-1 x Secured Overnight Financing Rate 30 Day Average + 3.70%, 3.70% Cap)		3.65	% (f)(g)	09/20/2051		1,067,585
22,614,120	Government National Mortgage Association, Series 2021-221-SC (-1 x Secured Overnight Financing Rate 30 Day Average + 3.80%, 3.80% Cap)		3.75	% (f)(g)	12/20/2051		1,492,107
18,000,000	Government National Mortgage Association, Series 2021-221-SD (-1 x Secured Overnight Financing Rate 30 Day Average + 3.80%, 3.80% Cap)		3.75	% (f)(g)	12/20/2051		1,141,808
9,565,192	Government National Mortgage Association, Series 2021-46-DS (-1 x 1 Month LIBOR USD + 2.80%, 2.80% Cap)		2.70	% (f)(g)	03/20/2051		845,195
6,352,014	Government National Mortgage Association, Series 2021-58-SJ (-1 x 1 Month LIBOR USD + 6.30%, 6.30% Cap)		6.20	% (f)(g)	04/20/2051		1,165,635
45,399,626	Government National Mortgage Association, Series 2021-59-S (-1 x Secured Overnight Financing Rate 30 Day Average + 2.60%, 2.60% Cap)		2.55	% (f)(g)	04/20/2051		2,757,791
19,008,234	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)		2.45	% (f)(g)	04/20/2051		1,143,849
18,984,145	Government National Mortgage Association, Series 2021-78-SC (-1 x Secured Overnight Financing Rate 30 Day Average + 2.60%, 2.60% Cap)		2.55	% (f)(g)	05/20/2051		1,061,274
19,320,920	Government National Mortgage Association, Series 2021-97-SA (-1 x Secured Overnight Financing Rate 30 Day Average + 2.60%, 2.60% Cap)		2.55	% (f)(g)	06/20/2051		1,000,464

Total US Government and Agency Mortgage Backed Obligations (Cost $69,880,976)							68,744,298


Principal Amount $/Shares	Security Description	Rate			Maturity	Value $

US Government and Agency Obligations - 5.5%
17,100,000	United States Treasury Notes		0.38	%	07/31/2027		16,245,668

Total US Government and Agency Obligations (Cost $16,924,202)							16,245,668


Common Stocks - 0.1%
13,001	Foresight Equity (c) (h)						247,540
34,446	McDermott International Ltd. (h)						14,123
4,476	New Constellis Holdings, Inc. (c) (h)						2,238
4,104	Summit Midstream Partners LP (h)						91,109

Total Common Stocks (Cost $421,795)							355,010


Preferred Stocks - 0.0%
2,010	Riverbed Technology, Inc.		1.50	% (c)	11/17/2028		43,115

Total Preferred Stocks (Cost $42,702)							43,115


Short Term Investments - 3.8%
3,768,971	First American Government Obligations Fund - Class U		0.03	% (i)			3,768,971
3,766,568	JP Morgan U.S. Government Money Market Fund - Institutional Share Class		0.03	% (i)			3,766,568
3,766,567	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.03	% (i)			3,766,567

Total Short Term Investments (Cost $11,302,106)							11,302,106


Total Investments - 117.3% (Cost $366,606,538) (l)							345,256,861
Liabilities in Excess of Other Assets - (17.3)%							(50,874,842	)

NET ASSETS - 100.0%						$	294,382,019

(a)

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

(b)

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.

(c)

Value determined using significant unobservable inputs.

(d)

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.

(e)

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

(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)

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.

(k)

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.

(l)

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.

(m)

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.

SECURITY TYPE BREAKDOWN as a % of Net Assets:


Collateralized Loan Obligations	32.0%
Non-Agency Commercial Mortgage Backed Obligations	23.9%
US Government and Agency Mortgage Backed Obligations	23.4%
Non-Agency Residential Collateralized Mortgage Obligations	13.2%
Bank Loans	8.3%
US Government and Agency Obligations	5.5%
Foreign Corporate Bonds	4.1%
Short Term Investments	3.8%
Asset Backed Obligations	2.5%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	0.5%
Common Stocks	0.1%
Preferred Stocks	0.0%	(n)
Other Assets and Liabilities	(17.3)%

	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:


Collateralized Loan Obligations	32.0%
Non-Agency Commercial Mortgage Backed Obligations	23.9%
US Government and Agency Mortgage Backed Obligations	23.4%
Non-Agency Residential Collateralized Mortgage Obligations	13.2%
US Government and Agency Obligations	5.5%
Short Term Investments	3.8%
Energy	2.5%
Asset Backed Obligations	2.5%
Electronics/Electric	1.9%
Healthcare	1.2%
Business Equipment and Services	0.8%
Mining	0.7%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	0.5%
Real Estate	0.5%
Chemicals/Plastics	0.5%
Media	0.5%
Building and Development (including Steel/Metals)	0.4%
Consumer Products	0.4%
Insurance	0.4%
Banking	0.3%
Financial Intermediaries	0.3%
Utilities	0.3%
Telecommunications	0.3%
Industrial Equipment	0.2%
Pharmaceuticals	0.2%
Retailers (other than Food/Drug)	0.2%
Transportation	0.2%
Environmental Control	0.2%
Aerospace & Defense	0.2%
Automotive	0.1%
Leisure	0.1%
Chemical Products	0.1%
Hotels/Motels/Inns and Casinos	0.0%	(n)
Food Service	0.0%	(n)
Food Products	0.0%	(n)
Technology	0.0%	(n)
Commercial Services	0.0%	(n)
Other Assets and Liabilities	(17.3)%

	100.0%

(n)

Represents less than 0.05% of net assets

Notes to Schedule of Investments

December 31, 2021 (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 December 31, 2021:


Category
Investments in Securities
Level 1
Money Market Funds	$	11,302,106
Common Stocks		105,232

Total Level 1		11,407,338
Level 2
Collateralized Loan Obligations		92,911,655
US Government and Agency Mortgage Backed Obligations		68,744,298
Non-Agency Commercial Mortgage Backed Obligations		64,554,494
Non-Agency Residential Collateralized Mortgage Obligations		38,783,139
Bank Loans		24,184,762
US Government and Agency Obligations		16,245,668
Foreign Corporate Bonds		12,021,669
Asset Backed Obligations		1,939,826
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations		1,506,106

Total Level 2		320,891,617
Level 3
Non-Agency Commercial Mortgage Backed Obligations		5,811,076
Asset Backed Obligations		5,448,506
Collateralized Loan Obligations		1,315,753
Common Stocks		249,778
Bank Loans		89,678
Preferred Stocks		43,115

Total Level 3		12,957,906

Total	$	345,256,861

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 12/31/2021		Net Change in Unrealized Appreciation (Depreciation) on securities held at 12/31/2021^(c)
Investments in Securities
Non-Agency Commercial Mortgage Backed Obligations	$	5,696,751	$	—	$	95,519		$	18,806	$	—	$	—		$	—	$	—	$	5,811,076	$	95,519
Asset Backed Obligations		5,908,479		2		(429,402	)		—		59,379		(89,952	)		—		—		5,448,506		(430,567	)
Collateralized Loan Obligations		1,354,392		—		(38,639	)		—		—		—			—		—		1,315,753		(38,639	)
Common Stocks		810,873		363,371		(380,684	)		—		—		(543,782	)		—		—		249,778		(59,420	)
Bank Loans		89,952		100		(893	)		793		—		(274	)		—		—		89,678		(791	)
Preferred Stocks		—		—		413			135		42,567		—			—		—		43,115		—

Total	$	13,860,447	$	363,473	$	(753,686	)	$	19,734	$	101,946	$	(634,008	)	$	—	$	—	$	12,957,906	$	(433,898	)

^(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 December 31, 2021 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
12/31/2021

Valuation
Techniques

Unobservable
Input

Unobservable Input Values

(Weighted Average)^(e)

Impact to valuation from an
increase to input

Non-Agency Commercial Mortgage Backed Obligations

5,811,076

Market Comparables

Yields

12.00% - 20.00%
(13.01%)

Increase in yields would have resulted in the decrease in the fair value of the security.

Asset Backed Obligations

5,448,506

Market Comparables

Market Quotes

$78.71 - $2,700.51
($423.59)